Presentation on theme: "By Jimmy Frisbie. Born in Stockbridge, Massachussetts on November 30 th, 1819 One of ten children His father was a Reverend Did not come from a wealthy."— Presentation transcript:
By Jimmy Frisbie
Born in Stockbridge, Massachussetts on November 30 th, 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).
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!
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).
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).
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).
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.
Cyrus Fields 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.
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. (wikispaces.com) The magicians hat represents the corrupt ways robber barons magically gained their wealth. The robber baron throwing dice represents how these men were risk takers.
American Experience: The Great Transatlantic Cable, People & Events, PBS. PBS: Public Broadcasting Service. Web. 02 Feb Cyrus W. Field– Paper Merchant. atlantic-cable.com. Web Cyrus West Field Biography. Biography. Web. 02 Feb Gilded Age Political Cartoons Wikispaces.com.