The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1866-11-30

| ooAiS' Noe ikS Woo loullI III 4t1ls y hO
Pender, of Manchester. I went tc
to his office one day in London, and
We walked together to the House Of
Commons, and before We got there he
said he would take an equal share
with Mr.. Brassey.
The action of these two gentlemen
was a. turning point in the history oi
our enterprise. For it led shortly
after to union of the we'll known
firm of Glass, Elliott & Co., with the
Gutta Percha Company, making Of
the two one grand concern known as
the =" Telegraph Construction and
Maintenance Company" which in
cluded not only Mr.. Brassey and Mr..
Pender, but other men ofgreat wealth,
such as Mr.. George Elliott and Mr..
Barclay, of London, and Mr.. Henry
Bewlcy, of Dublin and which thus
reinforced with immense capital, took
up the whole enterprise in its strong
arms. Wef, needed, I have said,
G6O0, 900, and with all our efforts in
England and America, we had raised
only G2S5,000. This new company
now came forward and offered to take
the whole remaining G315,0O0-be-
sides 100000 of the bonds, and to
make its own profits contingent on
success! Mr.. Richard A. Glass was
made Managing Director, and gave
energy and vigor to all its depart
ments, being admirably seconded by
the Secretary, Mr.. Shutter. Mr..
Mr.. Glass has been recently knighted
for his services in carrying out the
Atlantic Telegraph-an honor which
lie most justly deserves.
Mr.. Field thus referred to the de-
parture of the Great Eastern, July
18th, 1865, on her memorable voy-
age;
For week all went we'll we had
paid out 1900 miles of cable, and had
only 600 miles farther to 60, when
hauling in the cable to remedy a fault,
it parted and went. to the bottom
That day I can never forget-how
men paced the deck in despair, look
ing out on the broad sea that had
swallowed up their hopes; and then
how the brave Canning for nine days
and nights dragged the-bottom of the
ocean for our lost treasure, and though
he grappled it three times, failed to
bring it to the surface. The story of
that expedition, as written by DR..
Russell, who was on board the Great
Eastern, is one of the most marvel
lous chapters in the whole history of
modern enterprise. We returned to
England defeated, yet full of resolu-
ton to begin the battle anew. Meas
ures were at once taken to make
second cable, and fit out a new expe-
dition, and with that assurance | came
home last autumn.
In December I went back again,
10! all our hopes had sunk to nothing.
The Attorncy-General of England
had given his written opinion that we
had no legal right, without special
act of Parliament (which could not
be obtained under a Year,, to issue
the new u per cent. shares, on which
VIC relied to raise our capital. This
was terrible blow. The works were
at once stopped, and the money which
had been paid in returned to the sub
scribcrs. Such was the state Of things
only ten months ago. [ reached
London on the 24th Of December,
and the>next day was not a "merry
Christmas to me. But twas an mex
pressible comfort to have the counsel
Of such men as Sir Daniel Gooch and
Sir Richard A. Glass, and to hear
stouthcarted MIR. Brassey tell us to
60 ahead, and if need were he would
put down EGO, 900 more. 1t was f.
nally concluded that the best course
was to organize new company, which
should assume the work, and so orig
mated the Anglo-American Telegraph
Company: 1t was formed by ten
gentlemen who met around a table in
London, and put down $4,000
apiece. Ihope the excellent Secreta-
ry of this company, Mr.. Deane, who
CAME with me. across the ocean, will
its history, and tell the world what
life and vigor were in it's Board of
Directors. The great Telegraph Con-
struction and Maintenance Company,
undaunted by the failure of last year,
answered us subscription of $780,
900. Soon after the books were
opened to the public, through the en-
inent banking house Of j. S. Morgan