New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-12

| W. Ell H n Inc ,1n'' NO &c clri.
Il rs we're il pr c.c,.. ard while directors
ne 'ie he o' Io ' G ~g' ', app wording aud
! public cnthu lam v,s succeeded bf an o1nal{ pro
! found reaction. D.>;ri>- and -r.9icipA Prev
u FINANCIAL uIFF UTE.
In December. ls1- The directors reported the tota'
cash capital paid in c3o700o ani TIE MONEY eN-
| pended 1000 win some iia'iit", OUTSTANDING
An appeal TO the Ersr,l Gorc-om"rt for all Wa M
,ful a; frs ath11-h the Government appointed
board Of scientists TO examine INTO. iho subject "t
cable laying. which reported f'orabiy in 17c3 Mean
| while Mr.. Field involved 81 hmncia dihcutles'
He had Invested .s3joO'O Ia tlio cable company his
firm hal los, aiOo0oj In tie cri,, OF I-57. ana the
| paper warehouse brr"cl q ~. cnail"F heivh
loss. lie wa therefore f,rcI .ar baHkripiry, and
made an arrangement with his creditors. which was
acceptable to them. as they wFc con"dch o' Ills III
In lsGl little was done TO further the Atlantic tele-
| graph enterprise although al impetus wa ElV'n 10
| graphic COMMUNICATION between the Atlantic aml
Pacific coasts o th, country. and about ms 'Il a,
Persian tulf In this year Mr. Field suffered severe
blow n the los Of hls moth%r ~ Dcr,e ron N1
Mcclellan plan for land biography and short caoes
| In the south for strategic purposes, which tlf com
nsndcr approved o. but which va, never acted upon;
lie also issued circnsr letter calling The Affection Of
capitalists to the Atlantic telegraph ana on pay L.
1857, read paper before the American ,'e,gHplCai
society on the same subject pointing oat the val,"
cable would have had in the Trent airnlr. In ,ns
| \ letter from secretary seward to Charlie, Franr,e
| Adams then orr Minister. deinit' cfcr To lay
abl" W. received from the firm q Glass Elliot q
solved to incris, the capital by ;Gooooo
DTlen r rc GF dnt Tr r @ st" book on orr
cvIl var to WHICH the lat.cr H'si y l"r ', m'5
President Lincoln and secretary Sow rl IN ~" ,pr,ng
| of 1863 Mr.. Field ADDRESSED IT," N"wfo1 C1nn,%r
| # Commerce. obtaining several sub-crp"rS. III"
| Corn and Stock Exchanges. md tn lu'inc..
mon Of philadelphia Iic~on. Provd nee. inla'o ana
to about 100000. About mi, tim the English com
| MISSION Of >NpcrtS reported faNor'bv. and the a.
rector, Of the company Invited subscriptions Tor stock
and propo ais for manufacturing and laying cable
| acro~s the Atlantic. The contract was AWARDED t"
cable wonld be hid in 1864 Mr. Field sailed for home.
whore he va. prbli,l, thanked hy The American mare
iuc to Fncand in January. 1854. he found hat only
| lan the capital had been raised. lie "ane in c'i1r
| however, with Thomas IRA Soy. wealthy GiWhil-t
and contractor who prom ed 10 BE- oHr OF t'I 20 i'
| IL" mon'v. md from that time progrcs, Va rapid
Ell oft Il CO. were consolidated INTO tn "T''cr1pa
| Construction ard Maintenance COMPANY and tbs
| took the remainder ~ the capital >tpk ~ III" NJ
| lantr Telegraph COMPANY. e315.OOO. wei ~
| eiooooo Of bonds. The thanks Of the company were
| formally presented 10 Mr. Field.
| WORK STARTED Of \ NFw CABLE.
Worl, wa, begun at once upon new cable. with all
| t,o improvements suggested by recent advances in
cicncc weighing 300 pounds 10 the mile against lo7
| mounds IN, weight per mile Of the old cable. Tho
Great Eastern. the largest vessel anont. wac secured
for the purpose Of having the cable and Captain James
! Anderson. Of the Cunard Line, cheagci to command
In the winter u 1904 80 Mr. Fold in this
country and rendered a complimentary dinner hy
| the direct r. ~ the company lie then ATTENDED the
opening Of the Sucz Canal ~ the representative ot the
| Nov Work. Chamber q Commcrc,. ard aHrr we've
DAYS there sailed for London. hearing at Mage, tlr
! Lincoln ON MAY 20 the last foot and inch II the
.,h,o ,,er. t,ri led and acroriiug 10 English custom
| oroth ? lanquci f.llDwcl ON July II the Great
Eastern -tartcd the Irish coast The hor end wa,
taken to ind on Iuiy II and % not N Nacntia. aS
| '.f.f l,ut at Ioilimnmsfuu
| Great IA tern steamed westward. Naturally VT
Field Wa on board eagerly watching The t"'t- 81 Mr.
.nn. Mr. Var'y and Ir bcNanty; me electricians
| compan, Mr. Field was the ony American In tho
| ncot When seventy three miles ont leak was ais
covered t.c Great Eastern turned about. picked mp
| aftcrvnrd discovered h. have been done purposcy
on The s1th another fault was detected and the cable
wa. picked mp until after han Il day the ~Eo wa
locaied. cut ont and the cable -INc"d en- ic 81 st
| fonrd driven through 1t. rhi- aftorward aSccr
tnircd to have been donc h' man hired h' n ,m
| gust , when within coo miles Of Merchandising. an
| other flaw discovered. and WIKI attempting 10
pl-k M the cable breeze caused the Great Eastern ~
drn over il and the chatting caused II to hr'ak 5n
this disaster failed TO ovcrwhcim those - board IN"
| spot was marked and Mir. Canning resolved H. grPpt
for The cable Thr- times the cable was g1ppI,i
and lifted hundreds Of faihoms, but owing 10 me break
.uccc ffll and ~ the board had b,~'n
exhausted the Grat Eastern put back TO England
PUBIC CONFIDENCE REVIVED
nnt mi, attempt 50 nearly successful. had revived
public confidence. To avoid legal difficulties n new
| company the Nuglo. American Telegraph was organized
| through Mr. Fields efforts with capital 81 cGOo.ooo.
which contracted with the Atlantic Company 10 mann
incturc and Iay down cable In the summer Il l-d6.
| and nm agreement was signed by Mr.. Field in behalf
| ~ the latter company. The Telegraph Construction
Company subscribed 500 900. and ten gentlemen with
| Mr. Fiedf Mr.. Brasscy and Mr. Gooch ut the head,
subscribed cIOuO cnch before the books were publicly
| ms with others f.cW.Ith and In fourteen
days after opening the hooks the remainder o the stock
was subscribed for The Manufacture of another cable
WAS begun ut once, ard the machinery for PAVING ont.
hosting graphing and testing the cable was improved
| were taken ON hoard the Great Eastern. which had
been thoroughly ovcrlnulcd Ia May. 100 The william
| Cory laid The shore end nj Nalcntla on July q ON
July ~ the Grent Eastern started again on her West
ward course, In company with the Terrible. Midway and
Albany. This cubl. laid thirty miles T. the south
| Of the other. that there could be- no danger Of
disturbing the new In graphing for The GA ON INC
which caused anxiety but after the vessel lay to for
time the cablc was cleared DAYS Of ,uCrcSNiml
cciyed from ENGLAND chiefly I'm Tgarl to The Ausiro-
| P1lS,i,n war then at It's height. Then the fogs irr
rounding Newfoundland were encountered. ON July
- the Great Eastern reached the halbor Of Heart
| Content Mr. Field immediately went a,hor with me
| view II tclcgaphng to ST. Johns 10 hire II vessel To
| i-.pa.r the cnbe between CAPE Ray and cape Nnlh.
| which had been broken. owing 10 thls bwak Mr.
The cable was not received in New York until the 18th
But steamers were secured and in few days ths break
between the Queen and The President while the latter
with Secretary seward and hnndmds of others sent
| messages OF cOngrltulatOn ~ Mr. Field.
The Great Eastern then went back TO gapplc for
| the cable host in the preceding year After three
| weeks Of increasing toll. during which the cable was
aqslln ard again grapped and even lifted into sight. IT
was secured The test. wntched breathleSsiv by Mr
Field and the Others showed II o be in perfect o1dcr
II Spliccd. and saturday, September = the
second cable safely brought to shore. After thr.
teen years OF struggle. watching and toll Mr. Field III
succeeded I'm his enterprise. and England and America
were bound together by the electric cord.
MANY TOKENS OF ArPRECTATTON.
OF the nnmberlcSs tokens Of appreciation that Mr..
| Field received perhaps the noteworthy a
| banquet by the Ncw-Yorl Chamber ~ Commerce on
| November 10 1900. and by the American Chamber Of
Commerce Of Liverpool. reception rendered by Amcri
.ILa I...t- IL d. IL =asS