Mr. Field was about to continue his efforts to procure additional names, when Mr. Cooper proposed that the five gentlemen already pledged to the scheme should undertake its entire cost without waiting for the other four. The proposition was agreed to, and it was decided to take the necessary steps to procure a charter for their company from the Legislature of Newfoundland. Mr. Field consented to undertake this, and at once set off for St. John's, accompanied by his brother, Mr. David Dudley Field, who was made the legal adviser of the company. At St. John's they were greatly aided by Mr. Archibald, then the Attorney-General of the Colony, and afterward the British Consul at New York, and by the Governor of Newfoundland. They succeeded in obtaining a charter from the Legislature under the name of the "New York, Newfoundland, and London Telegraph Company," with liberal grants in land and money. This accomplished, they assumed and paid the liabilities of the old Telegraph Company which had been brought to Mr. Field's notice by Mr. Gisborne, and thus removed the last difficulty in their way. This much accomplished, Mr. Field hastened back to New York, and on the 6th of May, 1854, the Company was formally organized at the residence of Mr. David Dudley Field. Messrs. Cooper, Taylor, Field, Roberts, and White were the first directors. Mr. Cooper, was made President of the Company, Mr. White, Vice-President, and Mr. Taylor Secretary. A capital of one million and a half of dollars was subscribed on the spot, Mr. Field contributing about two hundred thousand dollars in cash.