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For the development of the telegraph enterprise in America no thanks are
due to the wealthy capitalists. As a rule they would not listen to
suggestions of investing their money in what was contemptuously termed
rotten poles and rusty wires. They wanted something more substantial and
conservative as the basis of their investments. An early pioneer and
builder of telegraph lines, whose name is now held in grateful memory
for deeds of philanthropic beneficence visited the city of Chicago in
1847 to solicit subscriptions to the capital stock of a company then
engaged in construction of the first line of telegraph between that
place and the city of Buffalo. He presented a carefully prepared
prospectus showing an estimated earning capacity of the projected line
of one hundred dollars per day. The merits of the contemplated
enterprise were freely canvassed at a meeting of bankers, at which one
of the most prominent declared that any man who ever expected to see one
hundred dollars per day paid for telegraphing west of Buffalo must be
crazy and unworthy of belief.


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