“My dear Sir,—I wrote you by last mail, since when all continues favorable, and I expect, long ere you receive this, messages will be regularly sent through the cable. Many things remain to be done, and there is a great want of efficient, practical workingmen, as you know, in the board, but Lampson still keeps at it, and all will, I hope, come right in the end.
“I have a letter from Mr. Peabody, who says: ‘I sincerely congratulate all parties interested in the great project, and very particularly our friends Lampson and Field. In the accomplishment of his grand object I can only compare the feelings of the latter to Columbus in the discovery of the new world.’
“I hope the reaction from the desponding state in which we parted will not be too great for your health, and now I beg of you not to forget our conversation when last here.
“The market for shares is weaker; several have been on the market. I sold one for you at £900, but could not go on. To-day they have sold at £840 to £850, and later they were firmer at £875; but seeing how the market was I withdrew and would not offer at any price. If I am able to go on at £900 or more I shall feel it for your interest to do so to a moderate extent, for I feel that you should embrace the opportunity to reduce your interest, which is too large. I still hope to sail on the 21st, but it must depend upon Mr. Peabody’s health.
“Most truly,
“J. S. Morgan.”
Ariel.
“London, 10th August, 1858.
“Cyrus W. Field, Esq., New York,
“Dear Sir,—We beg to advise by the present the sale of three of your Atlantic Telegraph Company shares, viz., two at £350 each prior to the successful laying of the cable, and one subsequent thereto at £900, less brokerage. The first cash 3d August, and the remaining two cash 13th inst., which please note.