(Trieste Publishing has a massive catalogue of classic boo...)
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Financier Industrialist lawyer philanthropist
Charles Anderson Dana was born April 25, 1881 in the Gramercy Park neighborhood of New York City. He was the son of Charles A. Dana, a banker, and Laura Parkin. Scion of an old New England family, his forebears included author Richard H. Dana (Two Years Before the Mast) and Charles A. Dana, Abraham Lincoln's assistant secretary of war and longtime editor of the New York Tribune.
Dana received his Bachelor of Arts from Columbia University in 1902 and his law degree from Columbia in 1904.
During college, Dana joined Squadron A, the famous silk-stocking New York City National Guard cavalry unit. He began work as a lawyer for the Pennsylvania Railroad before becoming an assistant prosecutor for New York County (Manhattan). In 1907, Dana gained national attention for his part in the prosecution of Harry Thaw for the murder of Stanford White, the world-famous architect.
In 1908 Dana secured the Republican nomination for the New York State Assembly's 27th district and won three consecutive elections. He angered suffragettes by opposing revision of the New York State constitution to allow women to vote. He left Albany in 1914.
In the same year, Dana entered the business world when investment brokers at Spencer Trask and Company alerted him to the potential of the struggling Spicer Manufacturing Company. Spicer made drive shafts and universal joints for trucks and automobiles. Clarence Spicer was a superior mechanic but was unsuccessful as an industrial executive. Dana refinanced Spicer in return for a controlling interest in the company. He took over as president in 1916 and later became chief executive officer. He made the company a leading automotive parts concern even while he maintained a busy law practice for several years.
During World War I, the company made drive shafts for thousands of army trucks. After the war, Dana began to expand the product line and to acquire new companies. Demand for parts grew rapidly in the 1920's as car production more than doubled in the decade. Dana bought Chadwick Engine Works in Pottstown, Pennsylvania, to expand production of universal joints. Then he added Parish Pressed Steel Company of Reading, Pennsylvania, for automobile and truck frames. Two axle manufacturers were acquired in the early 1920's. His last acquisition of the decade was Hayes Wheels and Forgings, Limited, of Ontario, Canada, then the world's largest manufacturer of automobile wheels.
As automobile production shifted toward Detroit, Dana engineered the move of the Spicer corporation westward to Toledo, Ohio. Despite the Great Depression, Spicer's sales rose from $3. 5 million in 1930 to $19 million in 1940. Before World War II, Spicer went international with sales to English manufacturers and other firms on the Continent.
During World War II, Spicer quintupled production for the war effort, and every one of Dana's plants flew the coveted Army-Navy "E" Award for excellent production of war materials. In 1946 Spicer was officially renamed the Dana Corporation in honor of its dynamic chief executive. In 1948, Dana was elected chairman of the board and turned the presidency over to a younger man. To ensure that Washington would not waste his money, the industrial entrepreneur set up the Dana Foundation in 1950 to continue his philanthropic work in cooperation with local interests.
Then in 1956, he began to endow liberal arts colleges. He donated entire buildings to Bucknell, Colgate, Dartmouth, Dickenson, and many small institutions in the South. He said that he favored small colleges over larger ones because he preferred the intimacy, companionship, and collegiality that these schools provided to the impersonal bureaucratic structure of large universities. His favorite tactic was to offer institutions a challenge grant--one-third to two-thirds of the money needed to finance a capital project. Thus inspired, schools almost always found donors willing to make up the difference. His maxim was "I'll do it if you will. "
During his life, Dana served as officer or director of twenty companies, including Fisk Rubber, Manufacturers Trust, and the Curtiss-Wright Corporation. He retired from active business in 1967, remaining as honorary chairman of the board of Dana Corporation for the rest of his life. He spent his last years raising Shropshire and Merino sheep on his estate in Connecticut. He died in Wilton, Connecticut
Dana founded the Dana Corporation and the Dana Foundation, which focused on higher education at first, later shifting to scientific research on human health. The foundation's support for the Sydney Farber Cancer Institute resulted in it being renamed the Dana-Farber Cancer Institute in 1983. Dana was inducted into the Automotive Hall of Fame in 1978.
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Dana was a member of the New York State Assembly (New York Co. , 27th D. ) in 1910 and 1912. Dana allied himself with Governor Charles Evans Hughes and Theodore Roosevelt, eventually managing one of Roosevelt's campaigns.
Quotations: "I found myself with all this money. If you wait until you're dead, it often doesn't get used the way you want it to. "
Dana was an unconventional executive. He kept his "office" in his wallet and conducted business on trains, automobiles, and lake steamers. He once purchased a manufacturing plant for $3 million by writing a contract in the margin of a newspaper page. Although he was somewhat authoritarian, he learned to negotiate with organized labor and even sent coal and hot coffee out to his workers while they walked a picket line in subzero weather.
Dana married Agnes Ladson, and together they had four children. They divorced in 1938, and he married Eleanor Naylor in 1940.
