Operator's Wireless Telegraph and Telephone Hand-Book (industry extract), Victor H. Laughter, 1909, pages 100-101:
At this point it may be pertinent to give a few words concerning the numerous wireless concerns which have been organized in the past with the only end in view of selling stock. While this point has no direct bearing on the subject, but as the development of wireless has been held back by such projects due to a loss of public confidence in general, a few words will clear up the matter to those who are not familiar with the inside details. The names of such concerns are too well known to be given space here. The stock was sold out promiscuously with many claims for quick and large profits. On the awakening the stockholders found that they had only the worthless certificates left. Such methods of course caused the general public to brand wireless telegraphy as simply a stock brokers' harvest, with the result that the legitimate companies were retarded in development owing to their inability to secure capital. However, from the broad strides which are found at present one can realize that the retardation caused by such projects was only momentary, and that wireless telegraphy and other wireless means of communication is now on a solid basis where it can command the respect of the American people. It will only be a matter of time before all the "get rich quick" wireless concerns will be forced out of existence, due to the fact that the investors will demand some proof of the concerns being able to substantiate their claims and show actual operating stations. Among the more prominent investigators, however, no doubt was ever held as to the ultimate success of wireless communication. They have worked quietly along, step by step, and are now in position to realize the fruits of their labor. In face of the fact, however, that many years' research has been given to wireless and many improvements brought out, still the field is unlimited for new and useful inventions and for this reason it offers many opportunities to those who take up the study.