Evening star., 1921-06-04
\. |. DOHERTY TO
ADDRESS BANKERS
Cities Service Corporation
President Accepts Invita- :
tionS of Local Men.
BY I. A. FLEMING.

Henry L. Doherty. president OF
Cities Service Corporation. has ac-
cepted the invitation Of the District
Bankers Association to attend the
convention at White Sulphur and will
be the principal speaker on the .-firsi
session of the convention.
There are few people with as wide
and diversified interests as Mr.. Do.
herty's. scattered as they are all over
the country, in many of the leading
cities. and he should be well qualified
to talk in a most enlightening man.
ner on the business problems of the
day or on any other subject he may
select.
Chairman Watson of the convention
committee has been heretofore disap-
pointed in his efforts to secure promi-
nent speakers by previous engage
ments. and the urgency of the de-
service on the people suggested.
Mr.. Doherty is decidedly anxious to
attend the convention, and, in yield
ing to the invitation of the bankers,
was forced to make changes In his
plans. postponing other engagements.
Summer Holiday.
The local stock exchange was
closed today, the first Saturday Of the
summer adjournment. There will be
no Saturday sessions until OCTOBER l.
Calls for More Millions.
Secretary Mellon this morning
called for the payment on Tuesday
next of s15.150.0O0. evidently being a
little careful of his only remaining
credits with the banks arising from
the sale of Treasury certificates of
May Is.
This fund Is now reduced to about
$50, 300. 900. which will have to last
until the 18th instant, If an extra
certificate issue is to be avoided be-
fore the 18th instant.
While the amount Of the draft is
drawings from the banks is having
a Tightening effect on the money
market
Wall Street Notes.
Banks are said to hold $40, 0,000.o0o
loans on Cuban sugar. 1t Is esti-
mated that there are 1.322.ooo tons of
pared with 661. 900 tons a year ago.
The Credit Mems Association. in con-
Vention assembled, go on record as ex-
pressing decided Improvement in
business conditions.
Union Pacific earned $3.50 a share
on its common stock for the year 1920.
Gross revenues were $209, ,o49, ,510, against
$177.447.69S in 1919. Every item Of
revenue showed an increase, nor was
the net saved at the expense of main
tenance of way or equipment. this being
the exception with other railroads.
Standard Oil dividends for the second
quarter of 1921 total $29, 1873, 1S3. Stand
ard Oil of New Jersey paid SS,35S, 756,
the same amount as for the correnpond-
ing quarter in 1920. STANDARD Oil of
Indiana has just added $40.000.0 900 to
capital stock.
Sears. Roebuck & Co. estimate that
the decline in prices of commodities is
responsible for an apparent loss in sales
OF 25 to 80 per cent.
Lower steel schedules are expected in
July. with probably lower prices for
automobiles.
Greene Cananea Copper Co.
Greene Cananea Copper Company
earned $112 share last year, COM
pared with $2.20 a share in 1919. The
mines were worked on a reduced scale
until January Is of this year, when they
were closed. A certain amount of de-
velopment work will be undertaken and
the property kept in condition against
the time when the market will warrant
resumption Of production.
Last year the company produced a.
6I2,939 pounds of copper. Lis. .617 ounces
OF silver and 10.0S9 ounces of gold.
The company has a metal inventory
at cost of nearly $1,000, ,OOO Cost of
copper production was 16.304 cents a
pound.