The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1873-06-21
THE STEEL WORKS.!
A Definite Proposition.
TIE Terms Easy, and II i. for Ottawa TO sn,
whether the work shall be commence"
at Once.

In speaking of the proposed Steel Works
ut Ottawa in our last, we stated that Mr., Ash
lev had agreed, on leaving here, to send back
within week or two definite proposition
on the acccptance Of which the erection OF
the works at this city would be Immediately
commenced.
That proposition was received yesterday
and il is in T. form to bind the company II
accepted by our people within reasonable
time. The substance of the proposition the
company make can be stated in few words
They ask that Ottawa shall give the company
10 acres of ground within or adjacent to the
city, convenient to water and railroad
transportation; and that Ottawa shall loan
the company $4,000 for five years, at per
cent. interest, the loan to be paid in install
ments as the works are being erected, the last
instalment of 10 per cent. to be paid after the
works are in operation. The company issue
their bonds with interest coupons attached
for the loan, secured by mortgage on the
land, buildings, works and entire property.
In return, the company agree to commence
work Immediately and to have the works in
running order in one year; the works to be
of sufficient capacity to manufacture from so
to 20 tuns Of steal rails per day, and to give
steady employment to at least 400 men.
The company that makes this proposition
is known az the Mes Silicon Steel Company
and has extensive and profitable works now
10 operation at Elmira, New York, and at
Sandusky, Ohio. There seems to be no
question OF its entire responsibility and its
ability and purpose to fulfill all its engage
ments in good faith.
The question therefore rests with the peo-
pie of Ottawa, shall this proposition be ac-
cepted The question should rather be put
10 this shape: will our people have the
madness and folly not to accept il? We have
in this city say S3000,000 worth of real estate.
An addition OF 10 per cent. TO the value Of
rnis property would be equal to a gain of
double the amount our people are asked to
loaa to the company; and does any one doubt
that the very fact Of commencing work on
The proposed steel works would that instant
add ten per cent to the value of every foot
Of real estate in Ottawa? See what the effect
has been in Joliet, where the people few
gears ago gave a company $4,000 outright
to erect just such works, Says very intel |
/ gent business man writing from that city to
this weeks RepHJltcdH:
IN the year 1870, when the rolling mills
were about ready to commence operations,
Joliet had q population of 1000. Now her
population actually numbers 5000, which is
an increase Of over 100 per cent. in three
ears, The increase in the value of property
aincc that tune has been from 100 to POO per
cent The increase in rents - to 100 per
cent, In the year 1871, 200 new houses were
huilt; in 1872 800 houses, and in the five
months so fan OF 1873 500 houses Within the
last three years more money has been made |
IN Joliet in real estate investments than in |
any other city in Illinois, except Chicago. |
These transactions have not been created by |
speculation, bit by an active and substantial |
GemGd for property by men who buy 1t with |
the intention Of building homes and occupy
my them.
The case is 50 clear q one that il seems
folly to argue it. The long and short of it is,
the sum must be raised, 1t is u case of life
and death-the turning point in one history.
The right step now, and our future perma-
nent prosperity sassured a failure now, and
Ottawa is dead-dcad, and all that will remain |
~ili be to strew ashes on her grave