Tesla's finances continued to unravel. Investor money on Wall Street was continuing to flow to Marconi's system, which was making regular transmissions, and doing it with equipment far less expensive than the "wireless plant" Tesla was attempting to build. Some in the press began turning against Tesla's project claiming it was a hoaxMalanowski, Gregory, The Race for Wireless, AuthorHouse, page 35 and the fall 1903 "rich man's panic" on Wall Street dried up investment further.Cheney, Margaret, Tesla: Man Out of Time, 2011 – pages 203 – 208Childress, Hatcher Childress, The Fantastic Inventions of Nikola Tesla, 1993 – page 254Burgan, Michael, Nikola Tesla: Physicist, Inventor, Electrical Engineer, 2009. page 75 Some money came from Thomas Fortune Ryan but the funds went towards the debt on the project instead of funding any further construction. Investors seemed to be shying away from putting money into a project that J. P. Morgan had abandoned. Tesla continued to write Morgan trying to get extra funding stating his "knowledge and ability" "if applied effectively would advance the world a century". Morgan would only reply through his secretary saying "it will be impossible for [me/ Morgan] to do anything in the matter".on October 14, 1904 Marc J. Seifer, Nikola Tesla: The Lost Wizard, from: ExtraOrdinary Technology (Volume 4, Issue 1; Jan/Feb/Mar 2006) Tesla's attempts to raise money by getting the US Navy interested in his remote control boat/torpedo and other attempts to commercialize his inventions went nowhere. In May 1905, Tesla's patents on alternating current motors and other methods of power transmission expired, halting royalty payments and causing a further severe reduction of funding to the Wardenclyffe Tower. In an attempt to find alternative funding Tesla advertised the services of the Wardenclyffe facility but he was met with little success.
