Businessman Cyrus Field met Frederick Gisborne of the Canadian telegraph, who wanted to put submarine telegraph cable between London and New York via Newfoundland, to shorten communication time by weeks

Field reached out to Samuel Morse, who thought it was possible, and oceanographer Lt Matthew Maury, who’d already studied the possibility and found it probable

Reached out for funding from Peter Cooper, businessman and locomotive manufacturer, who saw mystical power in the project, along with other tycoons

New group acquired the Newfoundland telegraph company from Gisborne and formed a new one, then got very favorable monopoly charter from Newfoundland assembly to begin in 1854

Gutta-percha a rubbery substance used for submarine cabling: moderately flexible and didn’t deteriorate in water

First attempt at laying water cables between Port aux Basques and Cape Breton Island in Canada failed, but landline laid between NYC and Newfoundland (1/3 way)

Needed British capital, so formed British company (limited-liability corporations were a recent development, a lot spawning from the Industrial Revolution)

British government agreed to pay yearly fee plus help with laying cable, so Field established Atlantic Telegraph Company in London in 1856 and sought investors, including Thackeray and Peabody

Pierce signed funding legislation on last day of term, 1857

Plateau along most of ocean route between Newfoundland and Ireland, allowing relatively smooth and unharassed passage of cable

Though new science demanded experimentation, speed and cost triggered fast but faulty delivery

Cable as small as possible to allow faster transmission; final size about index finger width and 2,500 nautical miles

Began in Ireland right after potato famine; seen as hopeful connection to emigrants in America

Cable popped when braked too hard, had to start over

Crash of 1857 after decade of post-gold rush prosperity; Field’s company in rough shape but assuaged creditors with his trustworthiness

Second attempt failed again, causing two board members to resign, but since they had just enough cable for a third try Field went ahead

Iron in the cable armor affected one of the ship’s compass readings; as iron replaced wood on ships compasses had to be protected from ship’s own magnetic field

Third time they finally made it; Queen’s message to president Buchanan the first to go through, but soon line went dead

Fourth attempt began in July 1865, after more fundraising, on the Great Eastern, a massive ship with new paying out system

600 miles outside Newfoundland the cable snapped and dropped; after several failed attempts to grapple-hook it back up they returned to England

Finally on fifth expedition they were able to complete the line after some innovations and lessons learned, and repair the original one as second insurance line

At first exclusive and extortionate prices, as more cables were laid prices dropped and usage exploded over the decades