The Providence news. (Providence [R.I.]) 1891-1906, 1899-01-07
Auto-Tmcks, Locomotives and Engines viii
Be Built at the Plant.
COMPANY HAS 100000 CAPITAL
Interview With Mr.. HoadIey He Says SO 600
Trucks Will Be Required al New York and
About 10000 at London.

After much talk and more or less long
drawn out negotiations, the deal by
which the Letter syndicate becomes the
owner of the Rhode Island Locomotive
Works was brought TO a close late yes
terday afternoon, the transaction being
made between John c. Massie, repre-
senting the Peoples Savings bank Of
this city and Joseph ii. Hoadley of
New York who represents Joseph
Letter of Chicago. The price paid for
the property is not given out by those
concerned i'm the deal bat il is said
that excellent terms were MACS on both
sides.
Mr.. Hoadley was seen at the Nara
gansett hotel this morning. and he con-
firmed the story that the Letter syn
dicate had secured the Rhode Island
Locomotive Works property and would
as soon as possible begin work. The
works will be operated by the lnterna-
tional Air Power company. the syndi-
cate controlled by Joseph Letter and
the Rothschilds of Europe. The newly
acquired plant will be used. said Mr..
Hoadley in the manufacture of appli-
auces for the New York Auto Truck
company now installing trucks for
operation i'm New York. and horseless
trucks to be operated by compressed
air.
1t is the intention of the new COM
pany, according to Mr.. Hoadley, TO con-
tinue the manufacture of steam loco
motives at the new works, and add an
extensive equipment To the present
plant for building steam locomotives.
Compressed air locomotives, for use on
suburban railways at present operated
by steam. viii also be manufactured
here. as will compre ssed air locomo-
tives for coal mine haulage. The COM
pany controls the building Of the
Greene Whelock engine and Will manu-
facture at the newly acquired plant
these engines for the European and
Canadian trade, and will also do i'm
this city all the work on these before
done i'm Europe and Canada.
All the foundry work now done at
Worcester will be transferred here, and
this branch of the industry will prob
ably Ee inaugurated Immediately. The
works i'm their entirety W3ll be opened
as soon as possible, and IL is anticipated
that 1900 hands will be kept busy night
and lay after the works are in running
order Mr.. Hoadley stated that the
Letter syndicate will not join the loco
motive power trust, but VIII fight II.
expecting to make it's plant here large
enough To defy opposition.
The International Air Power conf
pany has a capital of $1,000, 600 and is
incorporated under the laws of New
Jersey II has absorbed the American
nf
ter and has secured all Of the Hoadley-
Knight compressed air patents in Eu-
rope Among the stockholders In the
company are the Cramps OF Philadol-
phia Joseph Letter of Chicago, Elkins-
Widener- Dolan syndicate OF Philadel-
phia, Edgar X Hill of Worcester, the
Writings of Whitinsville, Mass. the La
Salles of Whitinsville, the Hoadiey
BROTHERS, w. II. Knight, chief engineer
of the International Air Power Co.:
II. w King of Worcester. George IA.
Graham. district attorney. Philadel-
phia: Louis Nixon. owner OF the Cres-
cent ship yards and designer Of many
of the steel clads i'm the United states
navy,
The new corporation controls the
| American rights of the Hoadley- Knight
compressed air system. who secured the
patents at a cost. IL is stated. of $1,000
600 The stockholders in the American
Air Power company include I'm their
number Joseph Letter William G.
whitney, Thomas =. Ryan. A. a. Nc
Leod, II. III. Nreeland. president of the
Metropolitan Street Railway company:
A. H. Paget. Col. A. w. Soaper G. T..
Huntington. Gov. Flower. W. y. Flaglcr
OF STANDARD oil fame; Elkins- Widcner-
Dolan syndicate and others. Mr. Letter
will go 60 Europe i'm February to make
I final arrangements with the London
Trucking company To supply them from
the Providence works.
According TO the estimates made by
Mr.. Hosdley IL Is figured that In
| Greater New York alone 10000 trucks
| will he required representing an out
| lay of 800. 900 OO0 as the trucks TO be
| furnished with the compressor equip
ment will cost $1,000 each. 1t is esti-
mated that London will need 10000 Of
these trucks. anG provision viii also be
! made FOR the manufacture OF the me-
1 chanism that will be required FOR the
| operation Of coupes and carriages fitted
/ with the compressed air equipment.
In speaking of tn" negotiations. Mr.
/ Hoadley said that the credit FOR their
| succersful termination was que 20 Mr..
! Geores H. Wilson and Mr.. John g..
Massie. MIR Wilson Will remain az the
/ financial man Of the company at the
works. while George ~. Graham of
| Philadelphia and Henry w. King of
! Worcester will be- the legal advisers of