Financiers who ordinarily would be eager to grasp an opportunity of this kind now have no faith in the commercial prospects of wireless, as certain stock companies have not used the proceeds from the sale of stock in the development of their business.
The officers and directors of telegraph and cable companies have also done a great deal to bring about the present conditions, by making statements which they knew to be wrong; but no doubt they felt they were justified in thus protecting their own interests. This is decidedly a very poor policy on their part, as they could greatly increase the value and earning power of their stock by utilizing wireless telegraphy in connection with their present service. However, their continued antagonism is only tending to force the wireless companies to take the initiative in establishing a service that will prove a powerful and successful competitor. The telegraph and cable companies should bear in mind the opposition with which the efforts of Morse and Field were met in the early days of the arts of land-wire and cable telegraphy.
24. The Present State of the Art
