Cyrus West Field
| Cyrus West Field | |
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c.1870
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| Born |
November 30, 1819 , U.S. |
| Died | July 12, 1892 (aged 72) Irvington, New York, U.S. |
| Occupation | businessman, financier, telecommunications pioneer |
| Spouse(s) | Mary Bryan Stone (m. December 2, 1840) |
| Children | Four sons, three daughters |
| Parent(s) | David Dudley Field, Submit Dickinson (1782-1861) |
| Relatives | Frederick Vanderbilt Field (descendant) |
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Cyrus West Field (November 30, 1819 – July 12, 1892) was an American businessman and financier who, along with other entrepreneurs, created the Atlantic Telegraph Company and laid the first telegraph cable across the Atlantic Ocean in 1858.
Field was born in to Rev. David Dudley Field, a Congregational clergyman, and Submit Dickinson Field, daughter of Revolutionary War Captain Noah Dickinson from Somers, Connecticut. The eighth of ten children, he was the brother of David Dudley Field, Jr., Henry Martyn Field, and Stephen Johnson Field, the 38th United States Supreme Court Justice, among other siblings. When he was 15 years old, Field came to New York City, where he was hired as an errand boy in the A. T. Stewart & Co., a dry goods merchant firm. He entered a business apprenticeship, and earned fifty dollars at his first year as a storeroom clerk; his pay was doubled next year. After three years, he came back to Stockbridge, but returned to New York later in his career. Field married Mary Bryan Stone on December 2, 1840, two days after he turned twenty one, and they had seven children.
Although Field had many available career options, he chose business. At first, he worked for his brothers, David Dudley Field, Jr., and Matthew Dickinson Field. In 1838, he accepted an offer from his brother Matthew to become his assistant in the paper manufacturing venture, the Columbia Mill, in Lee, Massachusetts. In Spring 1840, he went into business by himself, manufacturing paper in Westfield, Massachusetts. The same year, he became a junior partner in the E. Root & Co., a wholesale paper firm based in New York with responsibilities to oversee clients and conduct sales away from New York. After six months, E. Root & Co. failed leaving large debts.citation needed Field negotiated with creditors, dissolved the old firm, and started a new partnership with his brother-in-law, Joseph F. Stone, registered as Cyrus W. Field & Co. He stayed in business and was furnishing supplies for the Northeast mills, such as owned by Crane & Company, and buying the finished product wholesale. Through his hard work and long hours, the young paper merchant was able to repay the settled debts and succeed in business by servicing the burgeoning penny press and the need for stocks and bonds, becoming eventually one of the richest men in New York. In March, 1853, he repaid all previously cancelled due to insolvency of E. Root & Co. debts in full amount with interest, being under no legal obligation to do so. Among the answers received, one particularly stated,
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