The Story of the Atlantic Telegraph

The terms being settled, it remained only to raise the capital. The Telegraph Construction and Maintenance Company led off with a subscription of L100,000. This was followed by the names of ten gentlemen, who put down L10,000 apiece. Of these Mr. Gooch declared his willingness to increase his subscription of L10,000 to L20,000, while Mr. Brassey would put down L60,000, if it were needed. Mr. Henry Bewley, of Dublin also, who was already a large owner of the Atlantic stock, declared his readiness to add L20,000 more. But this was not necessary: and so they all stood at L10,000. The names of these ten subscribers deserve to be given, as showing who stood forward to save the cause in this crisis of its fate. They were: Henry Ford Barclay, Henry Bewley, Thomas Brassey, A. H. Campbell, M.P., George Elliot, Cyrus W. Field, Richard Atwood Glass, Daniel Gooch, M.P., John Pender, M.P., and John Smith. There were four subscriptions of L5,000: by Thomas Bolton and Sons, James Horsfall, A Friend of Mr. Daniel Gooch, M.P., and John and Edwin Wright; one of L2,500 by John Wilkes and Sons; three of L2,000 by C. M. Lampson, J. Morison, and Ebenezer Pike; and two of L1,000 by Edward Cropper, and Joseph Robinson,--making in all L230,500. These were all private subscriptions made before even the prospectus was issued, or the books opened to the public. After such a manifestation of confidence, the whole capital was secured within fourteen days. This was a great triumph, especially at a time of general depression in commercial affairs in England.