Cyrus West Field

Cyrus West Field was an American businessman and financier whose vision and relentless drive were instrumental in the creation of the first durable transatlantic telegraph cable. His efforts connected North America and Europe via instantaneous communication, profoundly accelerating global commerce and diplomacy. Despite facing monumental financial and technical challenges, his work with the Atlantic Telegraph Company culminated in success in 1866, cementing his place in the history of telecommunications. Field's later career was marked by ambitious but less successful ventures in transportation and finance.

Early life and business career

Born in Stockbridge, Massachusetts, he was the youngest son of David Dudley Field I, a prominent Congregational minister. After a brief education, he moved to New York City at age fifteen to work with his brother, David Dudley Field II, a noted legal reformer. Field quickly demonstrated business acumen, founding the paper wholesale firm of Cyrus W. Field & Company, which prospered through trade with New England and the Midwest. His success in the paper industry provided the substantial personal fortune that would later fund his telegraphic ambitions, allowing him to retire from active business by his mid-thirties. During this period, he became acquainted with influential figures in New York finance and industry, connections that proved vital for his future projects.

The Atlantic Telegraph

In 1854, inspired by the success of land-based telegraph lines like those operated by the New York, Newfoundland and London Telegraph Company, Field conceived the idea of a submarine cable across the Atlantic Ocean. He energetically championed the project, securing support from American investors like Peter Cooper and Moses Taylor, as well as British scientists and financiers including John Brett and Lord Kelvin. He helped incorporate the Atlantic Telegraph Company and tirelessly raised capital on both sides of the ocean. The first attempt in 1857, using ships like HMS ''Agamemnon'' and USS ''Niagara'', ended in cable failure, as did a second effort in 1858, though a brief, celebrated connection was made between Queen Victoria and President James Buchanan. After setbacks during the American Civil War, the monumental endeavor finally succeeded in July 1866 when the SS ''Great Eastern'' laid a permanent, working cable, an achievement celebrated from Washington, D.C. to London.

Later ventures and setbacks

Following his telegraph triumph, Field invested in various ambitious but risky enterprises. He was a major promoter and director of the New York City Elevated Railroad Company, aiming to revolutionize urban transit. He also held significant interests in the Wabash, St. Louis and Pacific Railway and invested in early attempts to develop a subway system for Manhattan. His foray into finance included involvement with the Wall Street firm Grant & Ward, which collapsed spectacularly in 1884, nearly erasing his personal fortune. This failure, tied to the Panic of 1884 and the fraud of Ferdinand Ward, forced Field into financial distress during his final years, a stark contrast to his earlier status as a national hero of industry.

Personal life and legacy

In 1840, he married Mary Bryan Stone, with whom he had seven children; the family maintained residences in New York City and at Ardsley-on-Hudson. He was a member of prominent social clubs, including the Union League Club and the Metropolitan Club. For his transatlantic cable work, he received a special gold medal from the United States Congress and was honored by numerous scientific societies. Despite his financial decline, he is remembered as a pivotal figure in the Second Industrial Revolution, whose work directly enabled the global news networks of agencies like Reuters and transformed international relations. His story is a classic tale of Gilded Age ambition, perseverance, and the volatile nature of fortune.

Category:American businesspeople Category:History of telecommunications Category:1819 births Category:1892 deaths