The story is frequently told that when Morgan found out from Tesla that the true purpose of the Wardenclyffe transmitter was to provide free electricity to the world, he abruptly pulled the funding. That's not completely accurate. The economic conditions were recessionary at the time and the stock market had taken a considerable dip that year. Morgan wasn't interested in risking any more capital in perilous times on a project he couldn't fully fathom and wasn't completely convinced of. Tesla held land ownership of the Wardenclyffe site and tower, but no further work was done after 1910. In 1914, Tesla was deeply in debt and signed over the deed of Wardenclyffe Station to pay off years of back rent due to the owners of the New Yorker Hotel where he was living (he occupied two penthouse suites in the hotel). In 1917, the hotel owners had the tower demolished and its parts sold for salvage. Despite the loss of Wardenclyffe, Tesla continued to refine his understanding of Radiant Energy and miniaturize the equipment needed to produce it. He eventually was able to reduce the equipment down to the size of a suit case.
http://www.rense.com/general11/tesla.htm
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