Lives of Poor Boys Who Became FamousBolton, Sarah Knowles
History
Lives of Poor Boys Who Became Famous
Bolton, Sarah Knowles
Biography
The "Tribune," "Express," and some other newspapers gave cordial notices
of the new enterprise, but the "Herald" said plainly that it was opposed
to the telegraph, because now it could beat its rivals by special
couriers; but if the telegraph came into use, then all would have an
equal opportunity to obtain news! During the whole winter Mr. Cornell
labored seemingly to no purpose, to introduce what Morse had so grandly
discovered. A man of less will and less self-reliance would have become
discouraged. He met the fate of all reformers or inventors. Nobody wants
a thing till it is a great success, and then everybody wants it at the
same moment.
Finally, by the hardest struggle, the Magnetic Telegraph Company was
formed for erecting a line between New York, Philadelphia, Baltimore,
and Washington, and Mr. Cornell for superintending it was to receive one
thousand dollars per annum. So earnest was he for the matter that he
subscribed five hundred dollars to the stock of the company, paying for
it out of his meagre salary! Such men,--willing to live on the merest
pittance that a measure of great practical good may succeed,--such men
deserve to win.
The next line was between New York and Albany, and Mr. Cornell, being
the contractor, received his first return for these years of labor six
thousand dollars in profits. The tide had turned; and though afterward
various obstacles had to be met and overcome, the poor mechanic had
started on the high-road to fame and fortune. He next organized the Erie
and Michigan Telegraph Company, supposing that the Western cities thus
benefited would subscribe to the stock; but even in Chicago, which now
pays three thousand dollars daily for telegraphic service, it was
impossible to raise a dollar.
A year later, the New York and Erie telegraph line was constructed
through the southern part of New York State. Mr. Cornell, believing most
heartily in the project, obligated himself heavily, and the result
proved his far-sightedness. But now ruinous competition set in. Those
who had been unwilling to help at first were anxious to share profits.
To save all from bankruptcy in the cutting of rates, Mr. Cornell and a
few others consolidated the various interests in the Western Union
Telegraph Company, now grown so large that it has nearly five hundred
thousand miles of wire, employs twenty thousand persons, sends over
forty-one million messages yearly, and makes over seven and one-half
million dollars profits.
For more than fifteen years he was the largest stockholder in the
company; it was not strange therefore, that middle life found Ezra
Cornell a millionnaire. This was better than making pottery in the
little town of De Ruyter. It had taken work, however, to make this
fortune. While others sauntered and enjoyed life at leisure, he was
working early and late, away from his family most of the time for twelve
years.
Public-domain text, read in full here on John Shaqi.
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