I need an article on the first telegraph cable by Cyrus West Field.
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Cyrus West Field (November 30, 1819 – July 12, 1892) was an American businessman and financier who, along with other entrepreneurs, created the Atlantic Telegraph Company and laid the first telegraph cable across the Atlantic Ocean in 1858.Although Field had many available career options, he chose business. This was a great move for Field. At first, he worked for his brothers, David Dudley Field Jr. and Matthew Dickinson Field.[1] In 1838, he accepted an offer from his brother Matthew to become his assistant in the paper manufacturing venture, the Columbia Mill, in Lee, Massachusetts. In Spring 1840, he went into business by himself, manufacturing paper in Westfield, Massachusetts. The same year, he became a junior partner in the E. Root & Co., a wholesale paper firm based in New York with responsibilities to oversee clients and conduct sales away from New York. After six months, E. Root & Co. failed leaving large debts.[citation needed] Field negotiated with creditors, dissolved the old firm, and started a new partnership with his brother-in-law, Joseph F. Stone, registered as Cyrus W. Field & Co.He stayed in business and was furnishing supplies for the Northeast mills, such as owned by Crane & Company, and buying the finished product wholesale.[3] Through his hard work and long hours, the young paper merchant was able to repay the settled debts and succeed in business by servicing the burgeoning penny press and the need for stocks and bonds, becoming eventually one of the richest men in New York. In March, 1853, he repaid all previously cancelled debt due to insolvency of E. Root & Co. debts in full amount with interest, being under no legal obligation to do so.
During the Panic of 1857, Field's paper business suspended, and Peter Cooper, his neighbor in Gramercy Park, was the only one that kept him from going under.
On August 26, 1858, Field returned to a triumphant homecoming at Great Barrington, Massachusetts, saluting this Massachusetts boy made good. "This has been a great day here," trumpeted The New York Times, "The occasion was the reception of the welcome of Cyrus W. Field, Esq., the world-renowned parent of the Atlantic Telegraph Cable scheme, which has been so successfully completed."[7]
Field's activities brought him into contact with a number of prominent persons on both sides of the Atlantic – including Lord Clarendon and William Ewart Gladstone, the British Finance Minister at the time. Field's communications with Gladstone would become important in the middle of the American Civil War, when three letters he received from Gladstone between November 27, 1862 and December 9, 1862 caused a furor,[8] because Gladstone appeared to express support of the secessionist southern states in forming the Confederate States of America.[9]
In 1866, Field laid a new, more durable trans-Atlantic cable using Brunel's SS Great Eastern. Great Eastern was, at the time, the largest ocean-going ship in the world. His new cable provided almost instant communication across the Atlantic. On his return to Newfoundland, he grappled the cable he had attempted to lay the previous year and made it into a backup wire to the main cable.
In 1867, Field received a gold medal from the U.S. Congress and the grand prize at the International Exposition in Paris for his work on the transatlantic cable.