Waldo Waterman was the first to convert a French Salmson Z-9 engines to air cooling. According to Waldo Waterman's book "Waldo", these engines were available for $90 each. Waldo Waterman converted one of the Z-9s to air cooling by cutting off the water jacket and brazing on copper fins. The Salmson Z-9 was a left hand tuning engine. Waldo used a prop off of a Curtiss HS-1L on this engine. He expected to sale these engines for about $1000. This is to be compared to the cost of a new Wright, which were $5000 and up. Only one of these engines were built. Menasco also converted these engines to air cooling.
The following photos are from the book Waldo Pioneer Aviator by Waldo Dean Waterman and Jack Carpenter.