Clipped From Detroit Free Press
Tbo Oils fron & no-) Company Absorbed. Cleveland, .July 13. The Otis Iron & Steel Company, the greatest mnnufacturingcoucern of tbe kind in Cleveland, has been sole to an English syndicate for S5,000,a Segotiations lending up to tlie sale have been going on for several 1110 ,t.is and have just been completed. The -ale was made tbronub Pr, sidont C harles A. Otis and T eusun.-r Thomas Jopling. wbo went to London la-1 February and returned witli repivsentativesof JJnglishcaiiitalisls wbo will float th-- securities of r.Iione-.v company on the Enslisli maik-t. The affairs 01 the compniiv will for the present b" conduct-d by tbo old manngemciit. lhese-unticsol menew compunv wifl co:i-it of S I.oUU.lXM ot 0 per cunt debenture bonds, $l,SU0.n00 of S per cent preiorred shares and ?l.5un,00() common shares. The plant has been employing more than 1,0110 men lor some lime pa t and its usefulness has been widening smeo the erection of the first mikiII 111. it ir.tr house. Its boner plate is required in specili'-atiousovory wnere, and the Loneral lecl oii'put is of the lnghi.'St order. Everything in tbe v, ay of locomotive steel, boiler' plate und ship plute is looked upon as standard.