The Worcester spy., 1899-01-07
Especial Dispatch to the Spy.

kopeCldl DlSpaICn TO the Spy.l
Providence, r.. l., Jan. 6.--Another
Important step was completed today in
the development of the compressed air
motor. when representatives of the
Letter -Bothschild syndicate purchased
the Rhode Island locomotive works.
This deal has been in prospect for
six months or more, and it's compile
ton was in no small degree due to the
pereistency and sagacity of Henry w.
King, oil Rice, King & Rice, the Wor-
option on the property. much as he had
on the American Wheelock Engine
Company.
The negotiations were conducted
through Mr.. King. by Joseph II. Hoas.
ley. president of the international Ar
Motor Company, and Of the New York
Auto Truck Company, on the one side,
and George II. Wilson, treasurer or the
Rhode Island locomotive works. Presi-
dent John c. Massie of the Providence
Peoples Savings Bank, and Frank A.
Sayles Of PaWtucket, who represented
the locomotive works, bondholders. Mr..
Rice Is authority for saying that the
transfer of property has been made,
and Mr.. Hoadley says: They have got
our money"
The price paid for the works is not
made public but Mr.. Hoadley says: 1t
represents an investment of about $3,-
000,0 900. The Rhode Island works We're
capitalized at 100000.
The Providence property purchased
includes 100000 square feet of land and
II buildings, constituting a manufac-
turing plant capable Of turning out $50
locomotives per annum. In good busl-
ness times, from 400 to 1900 men are
employed, and the new owners expect
TO run the works to their utmost ca
paeity.
1t should be understood, once for all,
that the Providence plant Is TO be oper-
ated in addition to the Worcester plant,
but upon an entirely different and dis
tinct line of work. The Providence
plant is to be used primarily for the
manufacture Of trucks and locomotives,
especially for Europe and the Orient,
where important contracts have al
ready been placed. The Providencs
plant will begin operations as soon as
possible.
The American Wheelock Engine
Company, on the other hand, viii make
stationary engines, air compressors
and auto-trucks. From now on, the
business will increase, and Mr.. Hcad-
ley says the company could not leave
Worcester for five years even II 1t de-
sired to. The enlargement of the plant
is inevitable, but Mr.. Hoadley is MAX
ing no promises as to when the exten-
sion will be made. There is work
enough ahead to keep the concern busy
for at least five years.
Though this Providence purchase was
made by the so-called Letter -Roths-
child syndicate, that bowy was acting
for a new International Air Power
Company which will absorb the Rhode
Island Works, the Wheelock Engine Co.
and the old International Air Power
Co. 1t will control all the compressed
air motor patents throughout tho
world, save in North and South Amer
lea. The rights for the American con-
tinents are controlled by the sa-called
Henry M. Whitney syndicate, which js
tantamount to the American Air Mo-
tor Company. The stockholders in both
the American and the international
companies. however, arr often tha
same men, Joseph Letter, Mr.. Hoadley
and A. A. Mcleod holding important
interests.
The list Of stockholders in the new
international company includes the
Cramps, the Philadelphia shipbuilders
the Mkins, Weldener & Dolan syndi-
cate Of Philadelphia; Joseph Letter of
Chicago and his European hackers
Joseph H. Hoadley Of New York; w.
H. knight, formerly chief engineer of
the General Electric Company, who is
to serve the compressed air company In
similar capacity; exDtstrict Attorney
George Graham Of Philadelphia, who
with Henry w. King Of Worcester, is
counsel for the company; E. X. Hill Of
the Wheelock Engine Company; Josiah
Lasell and G. NJ. Within of Whitinsville
and others.
This company Is to be incorporated
next Monday, under New Jersey laws.
with a capital Of 81 600, 900 the same as
the American company. The stocehold-
ers viii organize in New York next
Wednesday or Thursday. The capital
is fully subscribed.
Next month Joseph Letter Is going to
London, probably with Mr.. T. X. Hill
Of Worcester, to forward the organiza-
ton of business in Europe. An auto
truck company is to be formed in Lon
don, on the model Of that already
started in New York. The cities of con-
tinental Europe will follow in order
Mr.. Letters sister Mary married Baron
CurZou Of Kedleston, the new viceroy
Of India, and II may be readily imag-
ined that this distinguished connection
will give Mr.. Letter the entree to cir
cles of wealth as well as of nobility in
Europe.
But good business start has already
been made abroad. Thirteen large con-
tracts have been made In Japan, ag-
gregating 100000 in ALL and providing
for the equipment of several street rail-
ways, and one steam railroad. In an
twelve locomotives are ordered for ex-
port.
AS for the compressed air locomotive,