1) Don't insert "echo Hello" into init.d files
You can change their format by doing so.
2) Check if the file has executable bits set
ls -l /etc/init.d/network
Mine returns this
-rwxr-xr-x 1 root root 5107 Oct 22 09:53 /etc/rc.d/network
(it's a different distro, not RedHat). Little 'x's in the permission string mean the file is executable.
If yours is not executable, run
chmod u+x /etc/init.d/network