The cable, under this French concession,
was landed in the month of July, 1869, and has been an efficient and
valuable agent of communication between this country and the other
continent. It soon passed under the control, however, of those who
had the management of the cable connecting Great Britain with this
continent, and thus whatever benefit to the public might have ensued
from competition between the two lines was lost, leaving only the
greater facilities of an additional line and the additional security in
case of accident to one of them. But these increased facilities and this
additional security, together with the control of the combined capital
of the two companies, gave also greater power to prevent the future
construction of other lines and to limit the control of telegraphic
communication between the two continents to those possessing the lines
already laid. Within a few months past a cable has been laid, known as
the United States Direct Cable Company, connecting the United States
directly with Great Britain. As soon as this cable was reported to be
laid and in working order the rates of the then existing consolidated
companies were greatly reduced. Soon, however, a break was announced in
this new cable, and immediately the rates of the other line, which had
been reduced, were again raised.
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