The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-07

into the ocean with all the most improved machinery,
possesses every prospect of not only being successfully
laid in the first instance but may reasonably be relied
upon continue for many years In efficient state for
the transmission of signals To this testimony Cyrus
Field attributed the successful raising Of the capital
necessary to begin with, since 1t awakened interest
and inspired confidence in the English breast
The company found that tho difficulties Of lay
ing and working a wire had ut oil times been over
rated, and they again resolved to attempt the
work They resolved also that the construction and
laying OF the cable should devolve the party.
Attention had. been directed by their success in
s.ructng and submergng cables to Messrs Glass Elliot
4 Co., of London, and when enough capital had been
secured and paid in the directors applied to them for
their views on the feasibility of the project and bid for
the construction of the cable The following is the bid
of the firm
PROPOSITION OF THE BUILDERS OF THE CABLE.
No 10 CANNON STREET, E. c.. LONDON, Oct TO- 1862.
CYRUS W. FIELD, Esq., Atlantic Telegraph Company
DEAR Sin reply your inquiries beg TO state:-
That perfectly confident that good and dura-
Newfoundland and willing to undertake the contract
upon the following conditions
Frst-That shall be paid each week our actual dis
bursements for labor and material
ScondThat when the cable is laid and In working Or
der shall receive for time services and pront,
twenty per cent on the actual cost OF the line in sares
monthly instaments at the end OF each successive
month whereat the cable shall be found In working
order
We are so confident that this enterprise be
fully carried out that we will make cash subscription
for of EOS 900 sterling In the ordinary capital OF
the company and pay the calls on the same when made
by the company.
You will permit us to suggest that the shore ends Of
the Atlantic should be composed OF very heavy wires as
from our experience the only accidents that have arisen
TO any the cables that have laid have been caused
by ships anchors and Of those laid out OF anchor
age ground have ever cost one shilling for repairs =,
The cable that should suggest for the Atlantic VIII
be an improvement on all those yet manufactured ana
we firmly believe will be imperlshable when once laid
''' '"' GLASS, ELLIOT & co.
The proposition Of Glass, Elliot Co., with those of
other manufacturer was promptly submitted to CON-
mittee composed Of Douglas Cation, VIM Fairbury, Mr.
whitworth, and Professors wheatstone and Thompson
The result was the recommendation the directors to
accept the proposition of Messrs. Glass, Elliot Co.
The bid was therefore accepted Sept 1863 and the
work Immediately oegun by the formation Of the
TELEGRAPH CONSTRUCTION AND MAINTENANCE
COMPANY.
DIRECTORS.
John Fender, Esq, NJ. p, Chairman.
Alexander Henry Campbell, Esq, Vice Chairman.
Richard Atwood Glass, Esq GLASS, Elliot Cob
Managing Director.
Henry Ford Barclay, Esq (Gutta Percha co.,
George Elliot. ESQ. GLASS. Elliot Coy
Alexander Struthers Finay, Esq, b. T.
Daniel Gooch, ESQ, G. L.
Samuel Quincy, Esq, NJ r.
John Smith, Esq. Smith, Fleming h co., p
4he Consolidated Bank London and Manchester.
SOLICITORS.
Messrs BRIGHAM, Dalrymple, Drake & Ward.
hessrs Baxter Rose mo Morton tons 4 Co.
William shutter, Esq.
"a Old Broad street, London.