In 1856 a steamer amply provided for the purpose was chartered, by which after lading the cable it was easily and successfully submerged without a hitch.
The line was now finished. Although it had to wait during many years for the completion of the great work for which it was a link, it ultimately showed the wisdom of its construction and became of much value to its projectors; it had cost so far $1,000,000.
On the formation of the Atlantic Telegraph Company, the charter of the New York, Newfoundland and London Telegraph Company, conferring the exclusive right for fifty years to land cables on the Island of Newfoundland, was made over to the new Company.
In 1855 Chandler White died; on his death, Wilson G. Hunt, a name well-known among merchant princes of New York, took his place as director, and gave the company during its existence the benefit of his able counsel and active and intelligent support. Mr. Cyrus W. Field was at the same time elected vice-president and Robt. W. Lowder, secretary.
In 1857 the first attempt was made to lay a cable across the Atlantic, the length of which was 2,500 miles. After paying out 255 miles the cable broke, and the work was given up for that year.
In 1858 another attempt was made, the British naval ship “Agamemnon” and the United States frigate “Niagara,” each carrying one-half of the cable, proceeded to mid-ocean, spliced the ends, and going in opposite directions reached Newfoundland and Ireland the same day, August 5, after each having successfully accomplished the submergence. There was great rejoicing on both sides of the Atlantic over the event, but disappointment soon followed. On the 1st of September, the cable ceased working and the project for a time was abandoned. Seven years after another attempt was made, a new cable had been prepared and stowed in the hold of the “Great Eastern.” The big ship, lightly carrying her great burden, steamed out to sea paying out the cable as she proceeded. Half the Atlantic was passed over in safety when the cable broke and the “Great Eastern” returned to her moorings. Such, however, had been the indications of success in laying the cable in 1865, that in 1866 the Anglo-American Telegraph Company was organized with a new capital, and the “Great Eastern” once more started across the deep, when the great work was at last accomplished. Universal joy followed the announcement that the cable was successfully laid, not only so, but the lost cable of the previous year was, to the general wonder, found, picked up and spliced and continued to the American shore.
The cable was thrown open for public traffic August 26, 1866. A large and remunerative business followed, which has continued unbroken ever since.
There are now fourteen cables spanning the bed of the Atlantic between Europe and America, the total length of these being 40,000 miles.
In the present year (1902) the total length of submarine cables in the world is about 200,000 miles, all but 20,000 of which are owned by commercial concerns and the remainder by different Governments.
The amount of capital invested in cables is estimated at about $210,000,000.