Tesla began construction on Long Island of a wireless world broadcasting tower, with $150,000 capital from the American financier J. Pierpont Morgan. Tesla claimed he secured the loan by assigning 51 percent of his patent rights of telephony and telegraphy to Morgan. He expected to provide worldwide communication and to furnish facilities for sending pictures, messages, weather warnings, and stock reports. The project was abandoned because of a financial panic, labour troubles, and Morgan’s withdrawal of support. It was Tesla’s greatest defeat.
Long Island