Biography
Dillon was born in Northampton, Fulton County, New York. His father, Timothy, was a farmer.
He began his career in the industry working as a water boy on the Mohawk and Hudson Railroad, one of America's earliest railroads, for its construction from Albany to Schenectady, New York.
In 1840 he went into business for himself, forming his own construction company, and obtaining the construction contract for the Boston and Albany Railroad. Dillon married Hannah Smith of Amherst, Massachusetts, in 1841. The couple would have two daughters, Cora A. and Julia E. ("Julie"). Cora married Dr. Peter B. Wyckoff in 1875. Julia married Gilman Smith Moulton on March 1, 1894.
He was actively involved in the construction of numerous roads, his largest being the Union Pacific Railroad, with which he became actively involved in 1865 through an equity exchange with the Crédit Mobilier of America corporation.
Crédit Mobilier of America was a company setup by the Union Pacific to defraud United States taxpayers in the construction of the First Transcontinental Railroad. The result was the Crédit Mobilier of America scandal which exposed an over-invoicing and a stock & bond share pricing scheme, whereby Union Pacific officers and directors, including Dillon, profited by manipulating the share price of Crédit Mobilier of America's stock shares and bonds, padding invoices to the U.S. Government, and bribing congressmen with shares in Crédit Mobilier of America, cash and other perks.
As one of the principal contractors for the Union Pacific, Dillon's vast experience in the construction of railroads proved invaluable. He took part in the laying of the last rail of the First Transcontinental Railroad in 1869, receiving one of the ceremonial silver spikes used to complete the project.
Following 1870, Dillon was primarily known as a financier, becoming involved with Jay Gould in numerous ventures as well as serving on the board of directors of the Western Union Telegraph Company.
He finally served as President of the Union Pacific Railroad from 1874 to 1884, and again from 1890 until his death in 1892.
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