The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-30
coRLIss INTERESTS OBJECT
Delay in Bringing About Consolidation
with international Power Co.


New York. March 29.--The New York
Journal today says: Another delay to
the acquisition of the great engine and
locomotive works of Providence, r. l..
by the International Air Power com
pany. in which Mr.. Croker, Joseph
Letter and many New Workers are in
terested, was encountered yesterday
1t is believed in Providence that the
deal by which the Rhode Island Loco
motive works and the Corliss Steam
Engine works. both of Providence, were
to have passed into the possession of
the International Air Power company,
under consolidation scheme, is about
to fall through and that the foundation
of another syndicate for the pushing of
the air power business may be expect
ed. An injunction suit is expected to
be filed
1t was announced more than a month
ago that the International Air Power
company, in a deal promoted by young
Joe Letter of Chicago, Joseph H.
Hoadley of this city, and Henry w.
King of Worcester, Mass, has secured
control of the Corliss Steam Engine
company. After this it had been au-
thoritatively announced that Joseph
Letter had practically closed a deal
that would transfer to the new COM
pany the plant Of the Rhode Island Lo-
connective works About this time the
stock of the new company went on a
boom in the stock exchange, and it was
announced that instead of combining it
self to the manufacture of air power
motors exclusively the International
Air Power company would engage in
the manufacture Of all sorts of steam
machinery
But the negotiations have progressed
slowly, especially those looking to the
control of the Corliss Steam Engine
company. The name of one very i'm
portant person in the transaction was
not mentioned in the dispatches sent
to this city. This is Col. j. H. Thomp-
son, formerly the head of the Corliss
Steam Engine works, and still largely
enough interested to make trouble He
is not to be the head of the concern
in case the consolidation is effected
hence the hitch.
Within the past As hours prominent
stockholders and officers of the Inter
national Air Power company have
gathered at Providence from this city,
Philadelphia, Chicago and Worcester.
Among the men who have sought
Rhode Island city and made their head
quarters at the Narragansett hotel for
conferences are Joe Letter, Joseph H
Hoadey and Henry W. King. Every
body interested in the final operation of
transferring the big Providence plants
to the International Air Power COM
pany with the exception of Col.
Thompson, met these gentlemen yes
terday afternoon or evening.
Colonel Thompson, representing in
terests in Providence opposed to the
transfer of the Rhode Island and Cor
liss plants to the new corporation. has,
it is said, already instituted proceed
ings to have the Corliss plant at least
kept out Of the hands or the Air Pow
er people unless other arrangements
are reached. There seems to be much
to be settled, all of which may be
brought out II, as is surmised. injunc-
ton proceedings to prevent the trans
fer should be brought tomorrow in the
Rhode Island courts.
In the meantime rumors are rife of
another syndicate to be controlled by
the Thompson faction and to work IN
opposition to the Hoadley- Letter Gro
ker-Knight concern. However. the in
ternational Air Power people have not
been idle through all the trouble they
nave encountered in the endeaVor to
secure the fat Providence properties
which separate, pay a profit of $750,000
year, and consolidated, with increas-
ed facilities. could be made enormously
more profitable
oiliSS MI I1Oduley mas DSel III HfON1-
dence he has been examining the plant
of the big Arlington & Sims Steam
Engine Works, which is second only in
size and Importance to the Corliss
works. This plant has recently been
secured by w. L. Clark, a capitalist,
who is at present in Boston. Mr.
Clark has offered it to the Information
al Air Power people for a fixed sum-
He has asked Mr. Hoadley to look ov-
er the plant and consult with him about
II In this city. 1t would not be surpr1s-
ing il this plant should pass into the
possession of the Hoadley- Knight Lei
ter-Croker, syndicate.
In case the deal for the Corliss works
falls through, 1t will mean much to the
International crowd. The profits of the
concern are 100000 a year, while the
Rhode Island Locomotive Works earns
$3.50, 600 year. Under a consolidation
plan, the international Air Power peo-
pie have figured on greatly increasing
the earnings and profits of the two
plants, and thus strengthening their
power in the air motor field. The alb
sorption of the Arlington & Sims plant
may do away with the necessity of
buylng out the Corlss concern and still
allow of the carrying out of the scheme
10 make Providence the great centre
of the International Air Power Conn
pany's manufacturing plants. with
New York as the distributing centre.