English Syndicate In Steel
ENGLISH SYNDICATE IN STEEL. Otis Works, of Cleveland, Osss Into the Ussdi ef a Foreign Corporation, Whose Bonds Will Bo moatod Abroad. Clevklaxp. July 13. The Otis Iron and Steel Company, the greatest manufacturing concern of tbs kind in Cleveland, has been sold to an English syndicate for StOOdXX). Negotiations leading up to tbe sale have been going on for several months, snd have just been completed. The sale was made through President Charles A. Otis and Treasurer Thomas Jopling. who went to London last February and returned with representatives of the Knglish capitalists, who will float the securities of the new company on the En glish market. The affairs of tbe company will for the present be conducted by t he old management. The securities of the new company will consist of Jl.KM.O'JO of 6 per cent, debenture bonds. tl.500.Oj0 of 8 per cent, preferred shares and S1.6OU.000 common shares. Ihe plant lias been employing more than 1 D00 men for some time nsat snH its nffnl- ness has been widening since the erection of the first small melting bouse, its boiler plate is ream red in specifications every- where, and the general steel output is of the highest order. Kvery thing in the way of locomotive steel, boiler-plate and ship-plate is looked upon as staaduru.