Return of Doherty

A moonbeam, a birthday, a treasure chest, a skyscraper and a reality engaged Henry Latham Doherty of Cities Service Co. last week.

After six years of "sick-leave" from direct command of Cities Service and Henry L. Doherty & Co., he decided to celebrate his 62nd birthday by returning and becoming again the active executive head of both. Coincidental with his birthday was the opening of his new building in Manhattan, "Sixty Wall Tower" (at No. 70 Pine Street). The building cost $7,500,000, stands on land of the same value. Its 67 stories and 950-ft. height rank it as Manhattan's third tallest. Notable innovation in it are double-deck elevators, one compartment of which stops at even floors, the other at odd floors.

A treasure chest bound in brass was given to Mr. Doherty by a representative of a Dutch bank at a large birthday luncheon in his honor. Hosts included Standard Oil's Walter Clark Teagle, Westinghouse's Andrew Wells Robertson, Consolidated Gas's George Bruce Cortelyou. Speaking on economics, politics, education, Mr. Doherty was applauded when he said: "At the age of 62 I find myself with more plans and ambitions than I had at 22."--

Moonbeams entered the festivities that night. A mirror on the 64th floor and a photoelectric cell were employed to carry Mr. Doherty's voice by moonbeam power to a microphone while he spoke over a nationwide radio hookup, greeting the members of Doherty's Men's Fraternity (employes). More moonbeams were used to close a switch turning on the building's floodlights.

The birthday, the moonbeams, the skyscraper and treasure chest were pleasant things. The reality was not. It was the same reality which has caused many a semi-retired executive to return to his desk, including John North Willys. Errett Lobban Cord, Henry Holiday Timken, Otto Hermann Kahn. It was the reality which has so upset Mr. Doherty's fellow utilitarian, Samuel Insull.

Depression has not been without effect on Cities Service. Earnings for 1931, before depreciation and depletion, were $18.165,000 against $46,423,000. After all charges, a deficit for the common stock resulted. Fixed charges and preferred dividends were just earned and fixed charges alone were covered with only 20% to spare. Last week Cities Service shares sold at $37 against this year's high of $6 7/8. Its 5% bonds were at $32. Mr. Doherty, agreed Wall Street, has hard work ahead of him.

--At 22 Mr. Doherty was general manager for Columbus Gas Co.

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