The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-12-16
BIG LOSS.
sEng9:ine
Factory
WILL NOT BE HERE.
Chicago Financier's Agent
in Town.

1t is probable that the plant of the
big air motor combine, of which Joseph
Letter, the erstwhile Chicago wheat
financier, is credited with being at the
head, will not be located here, as was
at first reported. There is also a pos
sibility that the Wheelock Engine
Company will remove from this city.
The city in which the plant of the
big combine will undoubtedly be located
is Providence, r. l., where it is planned
to make use of the now deserted plant
of the once prosperous Rhode Island
Locomotive Company The headquar-
tiers and office of me combine will be
in New York city
John G. Massie, treasurer of the Peo-
pies Savings Bank of Providence, paid
a flying visit to this city yesterday. He
held a short conference with A. H.
Hoadley and j. H. Hoadley, vice-presi-
dent and treasurer, respectively, of the
Wheelock Engine Company; E. K. Hill,
general manager of the company, and
Henry King, who is counsel for both
the engine company and the American
Air Power Company, in which the
Messrs. Hoadley and Mr.. Hill are the
only men holding interests in this city.
Mr.. Massie arrived shortly before noon
and left for Providence at 4 40. He was
entertained by Lawyer King at the
Worcester Club, and later taken to the
office OF the Wheelock Engine Com
pany, where the conference took place.
The exact nature of the conference
those present would not divulge but
| the question of greatest Importance
considered was the proposed purchase
of the Rhode Island locomotive works.
These works have lain idle for a long
period and are daily depreciating in
value. The Peoples Savings Bank, of
which Mr.. Massie is treasurer, felt the
failure of the locomotive company per-
haps as keenly as any of that com
pany's creditors, as his bank had
backed the company in large sums.
He is therefore naturally anxious to
see the plant disposed of to a live con-
Germ and placed in operation. The plant
is large ard is said to be admirably
suited to the needs of Letters big COM
bine. The machinery is somewhat out
Of repairs and some of it is rather an
tiquated but as compared with the
cost Of erecting a new building as
might have to be done if the company
had decided to locate here, the cost Of
overhauling and putting in new ma
chinery is believed by the promoters to
be comparatively small.
The object of the negotiations with
Mr. Massie is to come to some under
standing as regards the purchase price
Of the plant A price has been named
by those interested in the sale Of the
property, but just what it is those in
terested will not say.
The assignee of the locomotive com
pany is Mr. Wilson of Providence. and
the former general superintendent Of
the defunct company is Mr. Lythgo
These gentlemen have represented the
company so far in the negotiations
made by the Letter combine
1t is expected that the deal will be
consummated in a short time, and it is
generally conceded that in view of the
circumstances the plant will go at a
sacrifice
Mr.. Massie, when approached upon
the subject yesterday afternoon. was of
the opinion that the price could be ad-
1usted all right and expressed himself
as anxious that the new company
should locate its headquarters in Prov
idence.
Just what effect the location Of the
headquarters of Letters combine in
Providence will have upon the Wheel
ock Engine Company of this city, is
problematical. The relation Of the en-
CINE company to Letters combine is not
generally understood and by many the
two things are supposed to be Identical
That idea is erroneous. General Man
ager Hill, of the engine company, when
seen by Spy reporter yesterday af-
ternoon consented to state the exact
relation of the engine company to the
air motor industry and the Letter com
bine. He stated that there is no or
game connection. The Messrs Hoad-
ley and he, officers in the WheeIock
company, hold interests in the air mo-
tor industry, and by an arrangement
erected some time ago do a good share
Of the air motor work in the engine
company's plant.
That Is the sole and only connection
between the two industries The air
motor industry is controlled in the
United States by the American Air
Power Company, with headquarters in
New York. This company assumed
control of the interests represented in
the system with which the local men
We're connected. and the Hardy system
with works in Rome, New York, about
year ago About the same time. all
interests outside Of this country passed
into the control of the International
Air Power Co, whose headquarters
are also in New York.
1t is consolidation of the interests
represented by these companies which
Mr. Letter is striving to bring about
1t now looks as if there was not the
slightest doubt of his success. In
deed with the European and other out
side interests in the control of the COM
bine which he represents, Mi. Letter
is in position to force the American
Air Power Company to enter the COM
bine, and this is what is now taking
place. Mr.. Letter is abroad at pres
ent, looking after his interests in the
International company and upon his
return to this country, the final touches
Nr~fT tod to