40 A SAGA OF THE SEAS 
A depressing blow came to Field at this time. He took his 
family for a visit to Paris, and a favorite sister of his died 
there. Suppressing his sorrow, he now proceeded to promote 
in England a new company to lay the cable and to work in 
conjunction with the American company. Late in 1856, the 
Atlantic Telegraph Company was organized with a capital 
of three hundred fifty thousand pounds, divided into three 
hundred fifty shares of a thousand pounds each. After ad- 
dressing the chambers of commerce in Liverpool and Man- 
chester, Field, accompanied by the helpful Brett, was able 
to arouse the sporting instincts of the British, so that they took 
all except eighty-eight shares. Prominent persons like ‘Thack- 
eray and Lady Byron subscribed; even Glasgow citizens took 
a few shares despite Scottish caution and canniness. 
The eighty-eight shares which Field carried to New York, 
about a quarter of the total, were in his name, but he hoped 
to sell most of them to American investors. The American 
subscriptions were disappointing, however, and Field was 
left as the largest stockholder. It is interesting to note that an 
American residing abroad, George Peabody, the philanthro- 
pist and banker, became a director of the Company, along 
with Professor William Thomson and several Englishmen. 
The company that laid the cable was predominantly British 
although the chief promoter was an American. The firm of 
George Peabody & Company subscribed for ten shares of the 
stock; Brett took twelve and was the second largest owner; 
but Field had over sixty in his name. He arrived in New York 
on Christmas day. Naturally he wished to spend some time 
with his family and try to dispose of part of his stock. Instead, 
he had to hurry off to Newfoundland on the Company’s busi- 
ness, traveling through winter storms and ice. 
The British Government was disposed to be generous in its 
aid to the project. It agreed not only to furnish ships for 
taking soundings and laying the cable, but also, upon the 
completion of the line in good working condition, to pay an 
