, 1873-11-17

Another Transatlantic Ltnk--Tho
Wire to. He Completed Noxt Kny--
aBOO,OOO Pstid AM--A History Of the
Enterprise. g
fro,t The Se,o York Times.
Within tho pagt few days it has become dof.
ntc1y known in thiB city that tho much aikod-of
American Atlantic Cable Telegraph Company
had rocontly, met with such nuccoas that tue
longer bo a mattor Of doubt. Tho hintoty OF
tho Company il very eyentful one. It was or
ganizod in 1867, under tho laws Of the State OF
Now York, aud by virtue Of an aet Of congross
passed during that year. It was tho intention Of
tho original projectors to proceed at ouco with
tho construction Of the limo, afd for that pur-
poso many influential and woathy capitalists signi-
fod thoir intonton Of lborally subscribing. At
tho outBot, however, many difficulties were mot
with. Tho severest Of these waB the opposition
of thon existing telegraph and cable companies.
On account Of such opposition, and by roason Of
the influence Of those companies, tho partien, in
obliged to change tho fold of operations from
thia country to England But even thore,
as is alleged, they found tho opposition and In
auence Of those opposed to tho now undertake
put tho stock on tho London Exchange, az every
largo bankor in that city had boon SO influenced
as to believe the proposition to establish tho new
cable was nothing moro than scheme which
frauding those who should be 80 fool
hardy AZ. to tako stock. Finding them
eelycs 'baf1led in England, the agent and
projectors Of the new plan wont to Holland, and
commercial centres to negotiate their paper, but
everywhere they encountered failure. III every
direction thoy wero met with tue reply: The
existing lines arc sufficient; it "oul bo folly to
establish new oneah
In thoso unsuccessful efforts number Of
years wero spent and upward OF sl0o,00 OK
pended. such Was tito condition OF tho Com
pany when, about year ego, the want OF new
prominent capitalists took Tho matter in hand,
hold several meetings with tho object OF ascer-
tainiug tho views Of tho business: public on tho
subject, and Of discovering the exact amount OF
patronage which might DO expected IN n the event event
Of tleao meetings was the incorporation OF
"Tho Direct United statoa Cable Com pany-
Limited"
sn stsss m nses Tsos Gn sss
to effect d landlngof tho cable IN England Z"
Company was thought Of. Investigations fol-
lowed. # was found that the Act Of congress
a is eabs sabe Or CO! eabss on tho Xsno & the
Unisol Btates, for twcnty years." Upon the
discovery Of this important fact, tho managers
of the English company a. ouco put themaelvo9
In communication with tho American organ
ization, And an agreement Sns entered into
between. them, by whleh they became
identified, although eaoh retained tts orig.
| New York, WAS madc joint agent OF both
companies, and it was arranged TINT
tho capital Of tho Company be 81 300, 600 digi1-
ed Into 81, 600 shares Of 920 each, and that in
caso the Company should increase it's capital BY
tho iBaue Of new ahnroe, such sharcs might bc
issued upon any terms. ID to preference or other
wise, 'that might 10 determined by the meeting
sanotlonlng tho increase.
with Moasrs. blemans Brothers, tho telegraph
engineers OF London, England, and Berlin, Cor
many. for tho construction OF Gable 8, ,oo0 nass-
lsst-nles es a h !s9gt ag ina ThS ns 0il aosaas sSa
tho payment for tho manufacture,
laying and landing Of tue cable. and its main
tenauce in good order. for thirty days aftor lay.
ing, Tho contract also Bots forth that the last
two installmenta Of tho contract price DO paid a.
200, upon tho cable boing completely laid it
good working order, and tho other, amounting
to eat 900, after tue cable has boon subsequent
ons 10 hs Company The e prea o
cable Ia now bclng rapidly pushed forward I'M
dor the superyisioSna Of tho oontractos. II III
pounds OF gutta.porcha to lho nautical milo
Thia will make it tile heaviest cabo iu oxiatence
Moro than one-halt Of tie new cable has al
roady boon constructed, and the Directors state
be enabled to ful0ll their contract, aud TINT tht
whole wire will DO finished, coed on ship-hoard
and ready for laying OIL tue lot Of ne1t May.
Tho new cablo iB to bo laid from tho wos
pooted that reinforcing station will bs estab
lahel on Newfoundland, or aone place lu tllt
vicinity; but thls has not yet boon fully dotor
Mr. Mr. William O. stoadard tho seorotary of til,
! considerably more thnn ODo-half OF til