Western Electrician, July 20, 1901, page 38:

    Liquid air seems to have lost much of its power as a drawing-card for the promoters of stock-selling companies. Its flaunting advertisements on the financial pages of the daily papers--O where are they? In their place we see occasionally, at the present time, rather florid prospectuses of wireless-telegraph companies. Wireless telegraphy doubtless has a useful future, although it is developing slowly, when compared with the telephone, to the success of which wireless-telegraph promoters often point. It is to be hoped that wild hints and promises of profits, which are unlikely to be actually achieved, will not prejudice the public against the system itself.

November 16, 1901, page 322:
    SPACE telegraphy continues to show interesting developments. One company that has stock for sale announces that inside of 20 days from November 10th the first land line will be in operation between Washington and Baltimore, and that the line will be quickly extended to New York. Almost at the same time the writer of a thoughtful article in a New York daily cautions investors against the fond hope of large and immediate profits from investments in systems of wireless telegraphy. One sentence--long enough, to be sure--will show the drift of this writer's contention: "It may be said without fear of intelligent contradiction that nothing has yet been developed in connection with the wireless transmission of electrical currents in predetermined directions for the purpose of setting up motion in receivers which may be utilized for the production of intelligible signals or articulate sounds which offers a basis for the capitalization of even a small company organized for the purpose of doing business and earning dividends for its shareholders." This is taking the extreme position, but it is the position on the safe side. Space telegraphy offers a very interesting field for further investigation. But when it is commercially considered, in the sense of transmitting messages for profit, it must be admitted that its field is still so uncertain that investors, remembering the liquid-air fiasco, should relinquish their money only after assuring themselves that display advertisements and glowing prospectuses are based on sound common sense.
    In England reports of progress continue. It is said that 350 miles has already been covered and that Marconi has offered to give a demonstration to the Admiralty of wireless transmission over a distance of 500 miles. This is certainly a long step in advance if the Anglo-Italian inventor can make good his promise. But after all mere distance is not so important, perhaps, as the practicable solving of the problem of non-interference.