Impact

The impact the transatlantic cable had was drastic, instead of information taking a week to arrive by ship, (or getting lost at sea) important information was transmitted within the day it was sent. The Cable re-built the way U.S. industries functioned; the biggest industry affected was the raw cotton export. Almost all of the cotton was sent to U.S. ports to be sent to Europe, then Europe would spin the cotton into clothes in return. Before the Transatlantic Cable, there was a lag between the different pricings in the two countries, leading the shipments to be delayed. Thanks to the Transatlantic Cable, this issue disappeared, and in fact sped up the process in general. 

Before the Transatlantic Cable existed, if you lived in America, you would not hear much about events happening in Europe and Great Britain unless they were major. Even if you were fortunate enough to hear about exciting events, you would be hearing about them days after they had occurred. The Wall Street and The London were the main news sources for America and Great Britain at the time, and once the Cable joined the two countries, the two newspapers could suddenly work together. Semi-important events that were taking place in Britain could now be heard by the American public, and same for American events.