Railroads
In 1869, he began working with railroads as a surveyor, and rose through the ranks, learning many aspects of railroad management. He became superintendent of the Long Island Rail Road in 1878 and headed the Baltimore and Ohio Railroad (1887–1888).
In 1889, Spencer left the presidency of the B&O to become a railroad expert working for financier J.P. Morgan of Drexel, Morgan and Company. According to the New York Times, "there was no man in the country so thoroughly qualified on every detail of a railroad from the cost of a car brake to the estimate for a new terminal as Samuel Spencer."
When the bankrupt Richmond and Danville Railroad (R&D) was acquired by Drexel, Morgan and Company in 1894, the new Southern Railway was formed by the financiers from a consolidation of the R&D and the East Tennessee, Virginia and Georgia Railroad.
Tapped to lead the new railroad for Morgan, Spencer became its first president. Under his leadership, the mileage of the Southern Railway doubled, the number of passengers served annually increased to nearly 12 million, and annual earnings increased from $17 million to $54 million. After his death, the Southern grew to became one of the strongest and most profitable in the United States, merging with the also strong and profitable Norfolk and Western Railway in the 1980s to form Norfolk Southern, a Fortune 500 company.
Read more about this topic: Samuel Spencer (Southern Railway)
Famous quotes containing the word railroads:
“Our inventions are wont to be pretty toys, which distract our attention from serious things. They are but improved means to an unimproved end, an end which it was already but too easy to arrive at; as railroads lead to Boston or New York.”
—Henry David Thoreau (1817–1862)
“Shall the railroads govern the country, or shall the people govern the railroads? Shall the interest of railroad kings be chiefly regarded, or shall the interest of the people be paramount?”
—Rutherford Birchard Hayes (1822–1893)
“Indeed, I believe that in the future, when we shall have seized again, as we will seize if we are true to ourselves, our own fair part of commerce upon the sea, and when we shall have again our appropriate share of South American trade, that these railroads from St. Louis, touching deep harbors on the gulf, and communicating there with lines of steamships, shall touch the ports of South America and bring their tribute to you.”
—Benjamin Harrison (1833–1901)