The Story of the Atlantic Telegraph

This was putting strong arms to the wheel. A few days after, a combination was formed to carry on the whole business of making Submarine Telegraphs, by a union of the Gutta-Percha Company with the firm of Glass, Elliot & Co., the principal manufacturers of sea cables, making one grand concern, to be called The Telegraph Construction and Maintenance Company. These two great capitalists entered into the new organization, of which Mr. Pender was made Chairman. The Gutta-Percha Company brought in still further strength to the joint enterprise, in the person of Mr. Willoughby Smith, their electrician, and of Mr. John Chatterton, the inventor of the insulating material known as Chatterton's Compound. The union of all these men made a combination of practical skill and financial ability, such as could be found in few companies in England or in the world. Mr. R. A. Glass was chosen Managing Director--a gentleman who seemed born to be a manager, such power had he of gathering about him talent in every department and combining all into one organization. Reenforced by such powerful aid, the new Company now came forward, and offered at one stroke to take all the remaining stock of the Company. This was more than half the whole capital. As yet, of the L600,000 required, but L285,000 had been subscribed. Now this princely Company offered to take the balance themselves--L315,000. They did more, they took L100,000 of bonds; and so by one dead lift these stalwart Englishmen took the whole enterprise on their broad shoulders. From that hour the problem was solved. Thus after a dead lock of six months the wheels were unloosed, and the gigantic machinery began to revolve.