Other People's Money, and How the Bankers Use It

by Louis Dembitz Brandeis

TELEGRAPH

The story of the telegraph is similar. The money for developing Morse’s invention was supplied by his partner and co-worker, Alfred Vail. The initial line (from Washington to Baltimore) was built with an appropriation of $30,000 made by Congress in 1843. Sixty-six years later J. P. Morgan & Co. became bankers for the Western Union through financing its purchase by the American Telephone & Telegraph Company.