Z7:54\ i>atn«H ^ifitxittx NOV ^- ■•'' GIFT LIBRARY University of California. Class \ ^^ \ IN MEMORIAM SAMUEL SPENCER EXERCISES AT THE UNVEILING OF THE MONUMENT ERECTED BY THE EMPLOYEES OF THE SOUTHERN RAILWAY COMPANY " ATLANTA, GEORGIA MAY TWENTY-FIRST, NINETEEN HUNDRED AND TEN NOV 3 Ibil GIFT A GEORGIAN, A CONFEDERATE SOLDIER, THE FIRST PRESIDENT OF THE SOUTHERN RAILWAY COMPANY. ERECTED BY THE EMPLOYEES OF THAT COMPANY. — From Inscription on Monument. 223771 SAMUEL SPENCER. Samuel Spencer was born March 2, 1847, at Columbus, Georgia, and died November 29, 1906, at Lawyer's, Virginia. He was the only child of Lambert and Vernona (Mitchell) Spencer. His father was the son of Lam- bert Wickes and Anna Spencer. His mother was the daughter of Isaac and Parizade Mitchell. Lambert Wickes Spencer was a son of Richard Spencer, who was a grandson of James Spencer, who emigrated from England in 1670, and settled in Talbot County, Mary- land, and of Martha Wickes, sister of Captain Lam- bert Wickes of the United States Navy. After attending the common schools of Colum- bus until he was fifteen years old Samuel Spencer entered the Georgia Military Institute at Marietta. The following year, though but sixteen years of age, he en- listed in the Confederate service as a private in the " Nelson Rangers," an independent company of cav- alry. His first service with this command was scout and outpost duty before Vicksburg. He subsequently served under General N. B. Forrest, the famous cav- alry commander. He served with General Hood in Atlanta, and during the campaign against Nashville, [5] IN MEMORIAM SAMUEL SPENCER and remained in the service until the surrender of General Johnston's army in April, 1865. As soon as the war was over he again took up his studies, and, entering the junior class in the Univer- sity of Georgia, he graduated from that institution in 1867 with first honors. In the autumn of that year he entered the University of Virginia, where he took a course in Civil Engineering, and graduated in 1869 with the degree of C. E., again at the head of his class. Mr. Spencer began his railway career with the Savannah & Memphis Railroad Company, serving successively as rodman, leveler, transitman, resident engineer, and principal engineer, until July, 1872, when he became clerk to the Superintendent of the New Jersey Southern Railroad at Long Branch. In December, 1872, he went into the transportation department of the Baltimore & Ohio Railroad, with which Company he remained for four years in charge of one of its divisions. For a short time in 1877, he was Superintendent of the Virginia Midland Railroad, and in January, 1878, he became General Superintendent of the Long Island Railroad. In 1879 he returned to the Balti- more & Ohio as Assistant to the President, from which post he was advanced to the offices of Third Vice- President in 1881 ; Second Vice-President in 1882, [6] IN MEMORIAM SAMUKL SPENCKR and First Vice-President in 1884. In December, 1887, he was elected President of the Baltimore & Ohio, and piloted that Company successfully through one of the most trying and difficult periods in its history. In March, 1889, he entered the banking house of Drexel, Morgan & Company (now J. P. Morgan & Company,) as railroad expert and representative of their large railroad interests. In July, 1893, Mr. Spencer was appointed re- ceiver of the Richmond & Danville Railroad Company, and of the East Tennessee, Virginia & Georgia Rail- way Company, and in June, 1894, when the Southern Railway Company was organized to take over the properties of the old Richmond Terminal and East Tennessee, Virginia & Georgia System, he was made its President and served as such until his death. The Southern Railway System, under his administration, was built up from 4,391 miles to 7,515 miles of directly operated lines, and controlled subordinate companies, operated separately, with 2,038 miles of line. At the time of his death Mr. Spencer was at the head of an organization of more than 40,000 men in the employ of the Southern Railway Company alone. He was President of the following railway companies : The Southern Railway Company, Mobile and Ohio Railroad Company, [7] IN MEMORIAM SAMUEL SPENCER Alabama Great Southern Railroad Company, Cincinnati, New Orleans and Texas Pacific Rail- way Company, Georgia Southern and Florida Railway Company, Northern Alabama Railway Company. At that time he was, in addition to the above, a member of the Boards of Directors of the following companies : Alabama Great Southern Railway Company (Lim- ited) England, Central of Georgia Railway Company, Chicago, Milwaukee and Saint Paul Railway Company, Erie Railroad Company, Old Dominion Steamship Company, Richmond, Fredericksburg and Potomac Railroad Company, The Standard Trust Company, of New York, Hanover National Bank, of New York, The Trust Company of America, New York, Western Union Telegraph Company. Mr. Spencer was married on February 6, 1872, to Louisa Vivian, daughter of Henry L. Benning, a Judge of the Supreme Court of Georgia and a Briga- dier General in the Confederate Army, and is survived by his widow and three children, Henry Benning, Ver- nona Mitchell, and Vivian. [8] IN MEMORIAM SAMUEL SPENCER He was a member of the University and Union Clubs, of New York ; the Tuxedo Club ; the Metro- politan Club, of Washington ; the Jekyl Island Club ; the Capital City Club, of Atlanta ; the Queen City Club of Cincinnati, and the Chicago Club. He was also a member of the New York Chamber of Com- merce ; the American Academy of Political Science ; the American Forestry Association; the Metropoli- tan Museum of Art ; the Municipal Art Society and the American Museum of Natural History, of New York ; the New York Zoological Society ; the Associa- tion for the Protection of the Adirondacks, and the American Society of Civil Engineers. Mr. Spencer had rare capacity as an executive officer and organizer. He was an excellent judge of men, and, a tireless and energetic worker himself, he had the faculty of securing the efficient co-operation of his subordinates. He was a man of the highest integrity and was noted for consistent honesty of pur- pose and fair dealing. He was uniformly just and gen- erous in his dealings with his subordinates and always had their fullest confidence and their highest respect. With his friends he was jovial and companionable and won their affection. As a writer and public speaker Mr. Spencer ranked high. His addresses on public questions, and more particularly on the relations of the railways to the pub- [9] IN MEMORIAM SAMUEL SPENCER lie, were admirable examples of clear thinking and sound reasoning, and stamped him as an economic statesman of high order. A Joint Meeting of the Voting Trustees and the Board of Directors of the Southern Railway Company was held at its office in Washington, D. C, on Sunday, December 2nd, 1906, immediately after the funeral service of Samuel Spencer, late President of the Com- pany, Alexander B. Andrews, First Vice-President, presiding. Upon motion of Mr. J. Pierpont Morgan, the fol- lowing minute was adopted, and was ordered to be entered on the records and published at length in the press upon the lines of the Southern Railway : Samuel Spencer, bom in Columbus, Georgia, March 2nd, 1847, died November 29th, 1906, near Lawyer's Station, Virginia, upon the railroad of the Southern Railway Company of which he was the first and only President. The personal qualities of Mr. Spencer, his integrity in hezirt and mind, his affectionate and genial disposition, his loyal and courageous spirit, his untiring devotion to duty, his persistent achievement of worthy ends and his comradeship on the fields of battle, of affairs, and of manly sport, combined to establish him in the loving regard of hosts of friends in every section of his country, and nowhere more securely than in the affection of his fellow workers in the service of the Southern Railway Company. The importance of his service to this Company is matter of common knowledge throughout the railroad world, but the character, the extent, and the consequence of that service are and can be appreciated at their full worth only by his associates now gathered here to attest their regard for him, and to record their high estimate of his life and work. Upon June 18th, 1894, on the completion of the Richmond Terminal Reorganization conceived by J. Pierpont Morgan, and conducted by his part- ner, Charles H. Coster, the first meeting of the Southern Railway Company was called to order at Richmond by Samuel Spencer as President. [10] IN MF.MORIAM SAMUEL SPENCER In the first fiscal year the Southern Railway System embraced 4,391 miles of road, with 623 locomotives and 19,694 cars, which carried 3,427, 858 passengers, and 6,675,750 tons of freight and earned $17,114,791. In the last fiscal year the Southern Railway System embraced 7,515 miles of road, with 1,429 locomotives and 50,119 cars, which carried 11,663,550 passengers, 27,339,377 tons of freight and earned $53,641, 438. The number of employees had increased from 16,718, June 30, 1895, to 37.003, June 30, 1906, and the wages paid from $6,712,796 to $21,198,020. The full details and the impressive character of this remarkable advcmce, too extended for present recital, are exhibited in the masterly communication which, upon February 1st, 1906, Mr. Spencer addressed to the Voting Trustees as the basis of the Development and General Mortgage. In this progress every step had been initiated and conducted by Mr. Spencer with the cordial concurrence of the Voting Trustees and the Board of Directors ; and it is significant of the conservative and cautious disposition of Mr. Spencer and his supporters that this phenominal enlarge- ment of the System and its business was not made the bcisis of any incre2ise of stock, or even of any increase of dividends beyond the amount contemplat- ed and stated in the Plan of 1893 with reference to the properties originally reorganized. Every dollar that could be borrowed under President Spen- cer's management was put into the property in the effort to enable it to meet the ever increasing demands of the vigorous and wonderful growth of the South and its industries. The mighty fabric which for twelve years he has been moulding must continue under others to develop, and to improve in the service that it shall render to the public, but never can it cease to bear the impress, or to reveal the continuing impulse of the master mind of its first President. In the height of his usefulness and his powers he has been called away, but the inspiration of his shining example and his lofty standards must ever animate his successors. To many other corporations conducting the commerce of the country, as well as to the Southern Railway, did Mr. Spencer render invaluable ser- vice, and all of them will share in our sense of loss and personal grief. As their chosen spokesman in the tremendous agitation culminating in the Con- gressional action of 1906, his mastery of his subject, his dignity of bearing and his integrity of character commanded the confidence and approval of the vast interests whose constitutional rights it became his duty to assert and to protect. To the great public not less than to the commercial interests did he rec- ognize his obligation. How well he conceived, how admirably he performed that duty, was indicated in the last of his public addresses, his last message [11] IN MEMORIAM SAMUEL SPENCER to his friends in the South, delivered at Montgomery, Alabama, on October 25th, 1906; an address which deserves wide circulation and close consider- ation, not only in his own South that he loved so well, but throughout the whole country which he had learned to know far better than most of its citi- zens wherever bom. His chosen career has closed, but the wisdom and the virtues that char- acterized that career will abide as long as there shall be a regard for duty bravely done and for high service gallantly rendered. To his family we extend our deep and most respectful sympathy, and our assurance that for them, as well as for his associates, honor