The Birmingham age-herald., 1905-02-24

of some day seeing this great work accomplished When, in connection with my associates, 1 succeeded in inducing Joseph H. Hoadley to undertake this work, appreciating as l did Mr. Hoad- iey's financial strength and that of the people with him for the development or this undertaking, I realized also that we would in addition secure the benent' which is of almost equal importance, of the genius MT. Hoadley shows in me chanical developments, it being acknow- ledged that he has no superior If any equal as a mechanical engineer in this country. Only today the final test of the Hoadley- Knight internal combustion en- zine, at the Corliss Engine works at Providence, owned by the International Power company, of which MT. Hoadley Is president, demonstrated that he and Walter Knight. formerly of the General Electric company have revolutionized the world in power by virtually cutting the cost of power in half
 Perfect Combustion Engine.
 'Those who have taken the care to in- vestigate MT. Hoadley's characteristics and ability as a mechanical genius, as well as a fnancer, will not be surprised to learn that he has now fully demon- strated that the perfected internal com bustion engine, on which he and Mir Knight have long been working, marks one of the greatest epochs in the world s industrial history. They will also become impressed with the fact that his disposi- tion is to build and develop, which is plainly shown in all of the industrial plants with which he Is interested or which he controls. The history of the American Locomotive company, the Cor liss Engine Works, at Providence; the Greene-Wheelock Engine company of Worcester; the Amoskeag Fire Engine company of Manchester, N. H., and the American Ordnance company demon- strates this fact, and indicates of what infinite value to Alabama and to the whole south will be the identification of Mir Hoadley and his associates in Its de- velopment.
 Will csend s3o,ooo,000.
 Tn addition to the money required for the purchase of the properties, at least $50, ,0O0 900 more is to be provided for the building of new furnaces and steel plants and other enterprises which rebound to every interest in the community in which the money will be disbursed. One of the foremost bankers of the country, heavily interested as director and investor in southern railroad securities, expressed a few days ago to me his belief that the carrying out of this plan by MT. Hoad- ley and his associates would double the tonnage of the entire Alabama district within five years. As this tonnage now reaches in coal and iron about 2O,0OO'0OO tons a year, the importance of doubling it can be recognized by every one inter ested as an investor in southern railroad securities.
 "I am glad to say that in consultation with leading banking interests here and elsewhere, as well as international bank ing houses. I have found the heartiest support recognizing that this is by far the most important undertaking which has been brought about In this country since the organization of the United States Steel corporation. and comparable with that in it's influence upon the de- velopment upon sound business basis of the iron and steel interests of the south"