The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1906-12-13
Tribute to Samuel Spen-
Ger.
Voting Trustees and Board Of d.
rectors in Joint Meeting Adopt
Minutes to Be Printed in Press
Along Route of Southern Rail-
way.

Along Route or o0utnern Nail-
way.
Washington, ID. e., Dec. AT a
Joint meeting of the voting, trustees
and the board Of directors of the
Southern Railway Company held at
it's office in Washington, ID. e., on
Sunday, December, 2nd, 1906, in
mediately after the funeral service OF
Samuel Spencer, late president OF the
company, there was present: Alex
ander B. Andrews, first vice-president,
presiding; J. Pierpont Morgan and
George +. Baker, voting trustees.
and the following directors: Joseph
Bryan, Samuel NJ Inman, Adrain
Iselin, Jr., Edmund ID. Randolph,
James r. Woodward, William W. Fin
lev and Charles Steele.
The following minute was adopted
to be entered on the records and pub
lished at length in the press upon the
lines OF the Southern Railway:
"SamuelSpencer, born in Columbus,
Ga, March 2, 1S47, died Nov. 20,
1906, near Lawyers 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 heart and mind; his al
fectionate and genial disposition; his
loyal and courageous spirit: his un-
firing devotion to duty; his persistent
achievement OF worthy ends; and his
comradeship on the field 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 crOuntry, 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 COM
pany is q matter OF common knOwl-
edge throughout the railroad world;
but the character, the extent, and the
consequence of that service are and
can be appreciated at theirfull worth
only by his associates now gathered
here to attest their high estimate OF
his life and work.
Upon June 18th, 1894, on the COM
pletiOn to the Richmond terminal, a
reorganization conceived by J. Pier
pont Morgan and conducted by his
partner, Charles III. COster, the first
meeting of the Southern Railway
Company was called to order at Rich
mond by Samuel Spencer as presi-
deni In that calender year, the
Southern Railway Company embrac-
ed ,391 miles of road, with 623 To-
comotives and 10, 694 cars, which car
r,in1 1OT QSS naSSanrarS and &
673, $50 tons of freight and earned
f6,643, 29S. In the last fiscal year,
theSouthern Railway system embrac-
ed 1915 miles of road with ,429 To-
comotives and 42,11O cars, which
carried 11,663,55O passengers and
$780, 37 tons of freight, and earn
ed $03,641 ,43S. The number OF en-
ployes had increased from 1918,
June both, 1895, to 81 ,OO3 June 30,
1906. and the wages paid from So
712,796 to $21, 1S9,92O. The full
detail and impressive character OF this
remarkable advent, too extended for
present recital, are exhibited in the
mastery communication which upon
February LIST, 1906, Mr.. Spencer ad
dressed to Messrs. J. P. Morgan &
Co., 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 cautioned posi-
ton of Mr.. Spencer and his support
ers, and this phenomenal enlargement
of the system and it's business was
not made the basis of any increase of
stock or even of any increase in divi-
dends beyond the amount contem-
plated and stated in the plans OF 1898
with reference to the properties orig
inally re-organized Every dollar
that could be borrowed under Presi-
dent Spencer's management, was put
into the property in the effort to en-
able it to meet the every increase in
demands of the vigorous and wonder
full growth of the South and it's in
dustries. The mighty fabric, which
for II years he had been molding,
must continue under others to devel-
OPP and to improve in the service
that 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 presi-
dent. In the height of his usefulness
and his powers he has been called
away, but the inspiration of the shin
ing example and his lofty standards
must ever animate his successors.
ITO many corporations conducting
the commerce of the country as well
as to the Southern Railway, did Mr..
Spencer render invaluable service and
all of them will share in our sense OF
loss and personal grief As their
chosen spokesman in the tremendous
agitation eliminating in the congre-
gational action of 1906, his mastery
OF his subject, his dignity of bearing
and his integrity of character COM
mand the confidence and approval of
the vast interests whose constitution-
al rights it became his duty to assert
and to protect To the great public
not less than to the commercial in
terest did he recognize his obligation.
How we'll he conceived, how admir-
ably he performed that duty, was indi-
Gated in the last OF his public address
.es, his last message to his friends in
the South, delivered at Montgomery,
Ala, on October 25th, 1906, an ad-
dress which deserves wide circulation
and close consideration, not only in
his own Soutl' that he loved so well,
but throughout the whole country
which he had learned to know far
better than most of it's citizens wher.
ever born. His chosen career has
closed but the wisdom and the virtue
that characterized that career will
abide as long as there shall be re
gard for duty bravely done and fol-
high service gallantly rendered.
ITO his family we extend our deep
and most respectful sympathy and
our assurance that for them, as well