The Story of the Atlantic Telegraph

In taking so large a share, it was not his intention to carry this heavy load alone. It was too large a proportion for one man. But he took it for his countrymen. He thought one fourth of the stock should be held in this country, and did not doubt, from the eagerness with which three fourths had been taken in England, that the remainder would be at once subscribed in America. Had he been able, on his return, to attend to his own interests in the matter, this expectation might have been realized; but, as we shall see, hardly did he set foot in New York, before he was obliged to hurry off to Newfoundland on the business of the Company, and when he returned the interest had subsided, so that it required very great exertions, continued through many months, to dispose of twenty-seven shares. Thus he was by far the largest stockholder in England or America--his interest being over seven times that of Mr. Brett, who was the largest next to himself--and being more than double the amount held by all the other American shareholders put together. This was at least giving substantial proof of his own faith in the undertaking. But some may imagine that after all this burden was not so great as it seemed. In many stock companies the custom obtains of assigning to the projectors a certain portion of the stock as a bonus for getting up the company, which amount appears among the subscriptions to swell the capital. It is indeed subscribed, but not paid. So some have asked whether this large subscription of Mr. Field was not in part at least merely nominal? To this we answer, that a consideration was granted to Mr. Field and his associates for their services in getting up the Company, and for their exclusive rights, but this was a contingent interest in the profits of the enterprise, to be allowed only after the cable was laid. So that the whole amount here subscribed was a bona-fide subscription, and paid in solid English gold. We have now before us the receipts of the bankers of the Company for the whole amount, eighty-eight thousand pounds sterling.