By Jimmy Frisbie
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Born in Stockbridge, Massachussetts on
November 30th, 1819
One of ten children
His father was a Reverend
Did not come from a wealthy family
When he was 16, he was apprenticed to New
York City Dry Goods (PBS: Public Broadcasting
Service).
Quickly rose in salaries… he went from
earning 50$, to 100$, to 300$ dollars in
three years (atlantic-cable.com).
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After his apprenticeship, he became a paper wholesaler at E.
Root and Company.
Located in Lee, Massachusetts
Quickly rose in salaries… he went from earning 50$, to 100$, to
300$ dollars in three years.
However, the business quickly went under.
Cyrus Field, without obligation, took on all the debt of the
company.
After working at E. Root and Company, he formed a mercantile
firm with his brother-in-law (Biography.yourdictionary.com).
He paid of all debts of the company, and his wealth was valued
at $250,000 dollars.
This was a significant amount of money for his time, but his
millionaire status would come from his Transatlantic Cable!
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He quickly got tired of the paper business
Field got into the telegraph business
Traveled all over America and Europe to gain
support for his Transatlantic Cable (Especially
New York and England)
Received financial help from New York (Cable
Cabinet) and London Capitalists
Also received help from Charles Bright, a British
engineer, and William Thornson, who invented
the reflecting galvanometer and siphon recorder
These instruments recorded the messages in ink
once they were received
(Biography.yourdictionary.com).
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It took Cyrus Field a total of 5 tries to lay the
cable
However, he never got dejected
Field was well organized and practical in his
business. (atlantic-cable.com)
Finally, in 1866, he laid 1,852 miles of cable
and connected America to Europe! (The
original intent was Newfoundland to Nova
Scotia (biography.yourdictionary.com).
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Although he did receive help from the
government, he was not corrupt when dealing
with his transatlantic cable.
When he assumed debts of E. Roots and
Company, he showed that he was willing to
work the right way.
However, he was not much of a philanthropist
because he lost his wealth (PBS: Public
Broadcasting Service).
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After laying the cable, he began to invest in
western railroads. He also positioned his son
in a New York brokerage house, which
financially guaranteed Field profits, showing
that his later years involved slight corruption.
He over speculated on wheat and invested too
heavily into Manhattan Elevated Railroad.
In 1887, the market collapsed, his son went
bankrupt, and Field lost much of his fortune
(biography.yourdictionary.com).
Died on July 12, 1892 in New York City.
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Cyrus Field’s epitaph says “Cyrus West Field,
to whose courage, energy, and perseverance,
the world owes the Atlantic telegraph” (PBS:
Public Broadcasting Service)
Field was a captain of industry. He excelled
in his field, but did not create a monopoly or
obtain his money in a corrupt way! However,
he is grouped with all the other robber
barons (see political cartoon) because of his
wealth and capitalistic methods.
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This shows the captains
of industry and robber
barons controlling the
entire country. The
man with the long pole
to the other island
represents Field. It
shows that they all
have divided up the
country (look at the
knives) and are hurting
the working class.
Field is grouped with
these men because of
his wealth and his
ownership of multiple
railroads.
The magician’s hat represents
the corrupt ways robber barons
“magically” gained their wealth.
The robber baron throwing dice
represents how these men were
risk takers.
(wikispaces.com)
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“American Experience: The Great Transatlantic Cable,
People & Events, PBS.” PBS: Public Broadcasting
Service. Web. 02 Feb. 2012.
<http://www.pbs.org/wgbh/amex/cable/
peopleevents/p_maury.html>
“Cyrus W. Field– Paper Merchant.” atlantic-cable.com.
Web.
2010. <http://atlanticcable.com/Field/papermerchant.htm>
“Cyrus West Field Biography.” Biography. Web. 02 Feb. 2012
<http://biography.yourdictionary.com/cyrus- west-field>
“Gilded Age Political Cartoons” Wikispaces.com.
<http://www.bing.com/images/search?q=Frederi
ck+Burr+Opper+vanderbilt+political+cartoon+ra
ilroad+&view=detail&id=BDAADA215198F0EE046
A08DDE3D93CAA6EC3FEEE&first=0&FORM=IDFRI
R>