The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-28
NEW FINANCING Is
S66,OOO,OOO IN DAY
Westinghouse Sells Issue of
S30.000.000 in Bonds to
Banking Group.
DIAMOND MATCH PROJECT
Pennsylvania Ohio Power and
Light and Lukens Steel Put
Out Securities.
DIAMOND MATCH PROJECT

The Westinghouse Electric and Manu-
featuring Company has sold to Kuhn.
Loeb & Co. and the Chase Securities
Corporation. it was announced yester-
day. $4,000, 600 of per cent. gold
bonds due on May 1, 1881, and syn
dictate, being formed in connection with
that purchase. will offer the bonds for
sale at 94A and interest to yield about
tx per cent That financing, however.
was only a portion Of the new develop
ments in financial offerings. which ag-
gregated $55, 00O. 900 for a given twenty
four hour period.
The other announced items were the
sale of s6.000.000 of fifteen year ia
per cent. sinking fund gold debentures
of the Diamond Match Company to Blair
& Co., Inc. and the Illinois Trust and
Savings Bank. Chicago. which. it is ex-
pected, will offer the new debentures
publicly in few days at par the Offer
ing at 961a and interest. of $4,000 900
of Pennsylvania-Ohio Power and Light
Company first and refunding mortgage
twenty year Z u per cent. sinking fund
gold bonds. to yield about 1856 per cent.
by syndicate composed Of Lee, Higgin-
son & Co, Drexel G. Co., the National
City Company, Blair & Co., Inc, Reilly,
Brock & Co.. Bonbright & Co., Inc, and
Graham, Parsons & Co.; the offering at
991s and accrued interest OF $500, 900
of the Lukens Steel first mortgage
twenty year per cent. gold bonds by
White, Weld & Co., West & Co. and the
Commercial Trust Company of Philadel-
phia. and the Offering OF limited
amount Of the new city of Rotterdam
per cent. internal loan by Imbrie &
Co. and Labouchere & Co. of Amster-
dam.
The city of Rotterdam bonds are be-
ing offered at 1915 1000 guilder bond.
and 1t Is pointed out that Dutch eX-
change is at q discount of Is per cent.
Holland, comparatively unaffected by
the war, should be among the first
countries to reflect more favorable
European conditions. In connection
with the Diamond Match issue it was
| pointed out that that company had no
other funded debt and that this financ-
ing Is the first to be done by the COM
pany since 1910. when debentures, sub
sequently retired. were issued
! Proceeds of the Westinghouse financ-
ing are to be used to pay notes payable,
! the purpose being to obtain working
! capital for a fixed period. The bankers
state that that issue will be free of the
| Pennsylvania four mills tax, and the
| company undertakes to pay income
taxes. deductable at the source. not to
exceed per cent. Regarding the West
inghouse financing. G. f. Trip. chair
man of the board. In a letter to the
bankers said in part:
1.-THE large current volume Of the bust
ness of the company Is reflected in the
sales billed which, for six months ended
September 30 amounted to $7s.711 ,675
and which II is believed will for the
| fiscal year to end March 81 exceed the
| sales billed for the previous fiscal year
| The aggregate income of the company
| and OF It's proprietary companies for the
| fiscal year ended March 81 (after de-
auctions for Expectations. Federal and
other taxes, &c.), applicable to interest
| charges. amounted to SIS, S01,164 OF
more than 10b times such charges
which, for that fiscal year, amounted 70
s1.594,S23. Such income for the six
months ended September 80, after like
deductions. amounted to SS,164,s75
| while such charges for that period
amounted tor $751.S52.
"As OF September 80 the current as
sets of the company amounted "a
s12S,630,sS0, while the current indebt-
| edness, consisting mainly OF accounts
payable. not due. advance payments on
| contracts and accruals for interest. Fed
| eral and other taxes, after applying as
| Of said date the proceeds OF the sale OF
the bonds amounted to sS1.112,4s6. The
| only other Indebtedness will be this
issue of $4,000. 900 bonds and s6,S42,-
500, consisting almost entirely of West
inghouse Machine Company first and
refunding mortgage bonds. due 1890
The capital stock OF the company. now
paying per cent. dividends per annum,
amounts to s74.st2,650 par value, hav-
ing market value at present quotations
| In excess of $50. 600. 900"