Railroad Interests
Through his business contacts, Cheney became interested in the Vermont Central Railroad (later the Central Vermont), the Northern Pacific Railroad, the Atchison, Topeka and Santa Fe Railroad, and the San Diego Land and Town Company. He was also the founder and a director of the Market National Bank of Boston and the American Loan and Trust Company.
He helped finance the Northern Pacific and the Atchison, Topeka and Santa Fe, and had much to do with geeting Wells Fargo's express service on both roads. He was a director of the Santa Fe from 1873 to 1894.
When it became evident the railroad was in dire straits, other directors sold their shares. Cheney, by contrast, refused to take advantage of his inside information and held his shares, suffering a significant personal loss when the railroad went bankrupt in the Panic of 1893 and was reorganized.
Read more about this topic: Benjamin Pierce Cheney
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