Professor Morse, in 1843, indicated his conviction that a magnetic current could be conveyed across the Atlantic, and his reply to Mr. Field was now given with increased confidence to the same effect. Thus encouraged, Mr. Field took measures to form a Company to purchase the rights of the Newfoundland Company, and to connect Newfoundland with Ireland by means of a submarine telegraph across the Atlantic. He entered into an agreement with Mr. Gisborne for the purchase of the privileges of the Company for 8000_l._, under certain conditions. Then he put down the names of ten of the principal capitalists in New York, and proceeded to unfold his project to each in succession; and having secured the adhesion of Mr. Cooper, Mr. Taylor, Mr. Roberts, Mr. White, and the advice of his brother, Mr. D. Field, he called a meeting of these gentlemen at his house on 7th March. Similar meetings took place at his residence on 8th, 9th, and 10th, and after full discussion and consideration it was resolved to form “The New York, Newfoundland, and London Telegraph Company,” of which Peter Cooper was President; Moses Taylor, Treasurer; Cyrus Field, C. White, M. O. Roberts, Directors; and D. D. Field, Counsel. Mr. C. Field, his brother, and Mr. White were commissioned to proceed to Newfoundland, to obtain from the Legislature an act of incorporation, and set out for that purpose on March 15th. On their arrival at St. John’s, the Governor convoked the Executive Council. He also sent a special message to the Legislature, then in session, recommending them to pass an act of incorporation, with a guarantee of interest on the Company’s bonds to the amount of 50,000_l._, and to make them a grant of fifty square miles of land on the island of Newfoundland, conditional on the completion of the Telegraph.