Chicago Tribune from Chicago, Illinois • 5

CHICAGO DAILY TRIBUNE: WPnvrcn TrT 1 1923. flOTE HOLDERS OF I THE FARMER'S UPS AND DOWNS VIGOR IS LACKING ii i tCopyrtght: 19C3: By The Chicax Tribune SUGGESTS PLAN TO CUT PRICE OF MILK ON OCT. 1 IN CITY'S MOVES Week -End Offer! TO BUY CAR LINES ELEVATED LINES PROPOSE MERGER Seek to Protect Their 14 Million Securities. Alderman Suggests Fright at Size of Project. Modification of existing contracts to permit a reduction in the price of milk to 12 cents a quart by Oct.

1 will be suggested to milk producers and dealers in a conference this morning by Joseph Rushkewicz, secretary of the council high cost of living committee, and Assistant State's Attorney John Sbarbaro. The contracts, entered into several weeks ago. which forced retail milk prices to 14 cents a quart, do not expire until Jan. 1, the high cost committee was told. i Nearly two hundred grocers and delicatessen shop owners BY OSCAR HEWITT.

"What is the reason for the delay? Is It that they are extremely cautious, or afraid to tac 'NX were enlisted in the 12 cent campaign by Mr. Rushkewicz before the producers and dealers' organizations agreed to debate the necessity for the price Increase. kle a $650,000,000 proposition, or is some adviser holding them back?" asked an alderman yesterday after the council local transportation committee had adjourned ain Ag for more than a ALD. WALLACE. month- IWalinser Photo.) After waiting half an hour nine of the fifteen members appeared, but, as forecast, no representative of the sur face or elevated' lines was present.

AVith no one with whom to negotiate, the committee was about to adjourn BY O. A. MATHER. jLnothcr chapter in the troubled financial history Chicago's transportation service was written yester-(jjy. It consisted of announcement plans for readjustment and reorganisation of the Chicago elevated railroad system.

The plan Is offered by protective committee representing fcoiders of J14.0CO.000 of notes issued in JS14 and which have been in default for several years. The effect of the plan win be to consolidate the four elevated companies jute one corporation. Although the reads have been operated for several years as a unit, they have maintained their separate corporate entities and thir securities have been undisturbed. Will Reduce Capital. The present plan calls for a drastic (Cjjiiij down of capitalization.

The present outstanding debt and securities of the four companies is about $121,895,000. In the new corporation jt is proposed to reduce this total to The property value of the companies as fixed by the Illinois public utilities commission's valuation on June 30, 1919. for rate making purposes is $89,514,933. The proposed reduction In capitalization Is about $34,700,000. This will be accomplished chiefly by the wiping out of the Chicago Elevated Railways preferred and common shares, which at par value amount to about? $40,999,000.

The new corporation will have of common stock, but this will go to holders of other securities of the old company. Equipment Notes Undisturbed. In the proposed reorganization the underlying mortgage bonds and equipment notes of the operating companies, which total $46,704,000, will remain undisturbed. The exchange starts with the Junior securities. It is planned to We offer this fine player outfit at only vated and surface lines lacks vigor or other characteristic which would make the attempt look promising.

This feeling appeared in the face of an official and company attitude more nearly unanimous for municipal ownership than at any time in twenty or more years. Representatives of both the surface and elevated lines have said they are willing to sell," one alderman sized up the situation. The city- council has the Schwartz plan of certificates with which to pay. Mayor Dever has placed himself on record in favor of that plan. "The Democratic leaders have conclusively proven by the vote in the organization if the council, and also on the zoning plan, that they can whip the city council into line for what the mayor desires.

So It is reasonable to suppose the mayor can put over the Schwartz plan if when he wants to. Added to that Is the expiration of the surface lines franchise in 1927. Nobody Hindering or Criticizing. "Nobody, not even a newspaper, is criticizing or otherwise hindering action." Then came his suggestion of caution, fright, cr holding quoted in the first sentence. He went on: In my opinion the people will never vote on a referendum to issuo certificates to buy the lines unless they at the same time are promised large improvements in service.

Therefore I see no chance of getting a test of the validity of the certificates until we have worked out a physical plan forecasting improvements in service, forecasting improvements in service. Special Week-End Offer The above outfit, exactly as sketched, only $485. Terms as low at. $10 monthly. The bench, lamp, cabinet and rolls are free.

Limited number of outfits at this low price. Open evenings during this sale. when Aid. Wallace 44th asked: "We propose to purchase Jie elevated and surface properties with the certificates described in the Schwartz plan and before they can" be there must be a supreme court decision on their validity. Why can't we btart a test of the validity of these certificates now?" Way to Start Test.

William H. Sexton, special counsel, said that was a sensible way. to proceed and suggested that the method tj test the certificates was to pass an ordinance, get it approved by a refer-tndum, then proceed to print the certificates and at this point the validity of the certificates could be gotten Into court. The committee finally decided to have Chairman Schwartz 4th and the three lawyers, after conferring with the transportation interests, recommend a plan of procedure a basis of negotiations." If they can obtain such a plan a meeting of the committee is to be called after Aug. 20.

Before the meeting adjourned Aid. Fick 20th asked Chairman Schwartz regarding the policy of the administration. Do they want to negotiate with the companies or press the forfeiture proceedings started by the last administration? he asked. If the administration is going to fight the companies and we, at the same time, are attempting to negotiate with the companies, how far are we going to get?" asked Aid. Byrne 15th.

I think that the administration's policy was given plainly in the mayor's message, which advised us to negotiate with the companies," replied Aid. Schwartz. There was a feeling among the aldermen that the effort to buy the eie- be disposed of by the reorganization committee- for the purposes of the re Rolls Lamp Bench FIFTY POLICE SHIFTED IN NEW ORDER BY CHIEF One lieutenant, nine sergeants, and of handiomc Choice organization." The elevated railroads of Chicago are owned by the Northwestern Elevated Railroad company, the Metropolitan West Side Elevated Railway company, Cabinet One hundred roll capacity player roll cabinet. Very latest ty'ie. Many new finishes in mahogany and Cabinet finished to match Player.

Large library ew Q. R. S. pla yer roll mi your own setec-t i n. Choao can be mad from large stock of saw word rolls.

Floor lamps in many beantifut color. Choice of shades and stands. These lamps should not be confused with those of-ered with cheap player outiits. duet player bench to match rlyer. Beautifully designed and very a antially constructed.

A high gTade bench in every respect. forty patrolmen were transferred to different stations by an order issued by Chief Collins last night. Lieut. Joseph J. Duback was transferred from Deering to South "Wabash Tells of Tracing Crime by Culprit's Handwriting Tracing crime through handwriting was explained to the Rotary club at its weekly meeting in the Hotel Sherman yesterday by Jay Fordyce Wood, handwriting expert and examiner of disputed documents.

Mr. Wood told how John Magnuson was convicted of murder at Wisconsin Rapids, last fall after the addres he had printed on a bomb had been traced. Personality and character are also shown in handwriting, Mr. Wood said. Even the cleverest forger cannot wholly rule out' his own personality, it is said.

BURGLARS LOOT TWO OFFICES. lootTed, two offices in a buildinr at J05 West Lake street, rifled the sates, and earned away the contents, it was reported to the police yesterday. The amount of loot wm not learned The sergeants shifted are: Walter LUZER ua.uLt.pT err. Madame Bourskaya, Opera Star, Gets "First Papers" Mme. Ina Bourskaya, opera singer, applied for citizenship papers in the federal building yesterday.

She gave her age as 34 years and her residence as 642 South Linden avenue. Highland Park. Mme. Bourskaya was born in Russia and came to America in 1921. Witold Bourskaya, her husband, is in Russia.

I want to become a good American citizen," she said. 329 South Wabash loilow tne unaenymg securities witn $1,600,000 of first lien and refunding mortgage bonds, $18,563,000 of adjustment debenture bonds, and $20,329,500 common stock. Holders of Chicago Elevated railways secured gold notes as extended to July 1, 1919, will receive for each. $1,000 note $100 In first lien 6 per cent bonds, $1,170 in adjustment debentures, and $350 in common stock. The first lien bonds are due in 1953 and the debentures in 1963.

Holders of notes not extended will receive the same amount of bonds and debentures but no common stock. Holders of Chicago Elevated railways ten year 6 per cent due July 1, 1924. will receive $70 in com-man stock for each $100 of debentures. Must Deposit Securities. For these security-holders participation in the reorganization plan is conditioned on the deposit of their securities with the National City bank ot New Tork and the Continental and Commercial Trust and Savings bank of Chicago.

"No provision is made under the plan for any of the shares, preferred or common, of Chicago Elevated railways," the announcement states, "or for holders of the notes or of the debentures who do not participate In the plan. Any securities which would be deliverable under the plan to such had they participated, may "9 Jr the South Side Elevated Railroad company, and the Chicago and Oak Park Elevated Railroad company, now in the hands of a receiver. properties of the four companies are operated under single management as a unified system. The entire capital stocks of the three first named companies, sometimes called the subsidiary companies," are owned by the Chicago Eie-vated railways collateral trust. The noteholders' protective committee was formed in 1919, consisting of Charles E.

Mitchell, George M. Reynolds, John H. Mason, and R. Floyd Clinch. Neighbors' Complaint of Noisy Party Dismissed Charges of disorderly' conduct against Louis I.

Fisher, 1524 'Birch-wood avenue, were dismissed yesterday by Judge Joseph LaEuy. It had been alleged that a. noisy all night party had taken place in Fisher's home. Fisher said a group of high school students had given a surprise party for his wife's sister at his home that night and he and his wife had left the house. Healy, from Brighton Park to Stockyards; Joseph L.

Graham, from Hyde Park to Burnside; John M. Leonard, from Englewood to Burnside; John J. Hardy, from Rogers Park to Town Hall; Frank Aldenhoevel, from Hyde Park td Englewood; John Creacy, from South Chicago to Woodlawn; John E. White, from South Chicago to Wood-lawn; Robert Foster, from South, Clark street to Stockyards; Clarence N. Kelly, from the detective bureau to Grand Crossing.

Sergt. Kelly has for years been on the switchboard at the detective bureau. Band to Give Concert in Grant Park Tonight The Chicago band, under the direction of William Weil, will give the second of "its free weekly concerts in Grant park tonight. The concerts will be given each Wednesday night until Aug. 29.

HE More fine spits, Oriental Rug Importers Three Hundred ORIENTAL RUGS Size 3ix5 Feet, Some Longer rich: silk linin no gs9 Excellent qualities, and colof ings from Persia, but a good number from Asia Minor, will' be placed on sale at the unquestionably low -rice of This offering constitutes a rare sale event. We also, have in stock hundreds of large and smaller size rugs to choose from. Wabash Av. Alexander H. Revell Co.

Adam. St. 111 You'll be proud to wear them any time; anywhere. We're proud to be able to off er such high quality, such beautiful fabrics, at such low prices. There are hundreds of these fine suits here now; all the newest styles; most attractive patterns; sizes to fit every figure.

These values stand out like the great tower above our store, Foreman's sir-so lfcw ln TvTELACHRINO cigarettes embody an unusual selection of the rarest and most delicate of Turkish tobaccos obtainable only by Melachrino, and shared by no other cigarette in the world ORIGINAL Sciiultetfiy Scientifically, mechanically, artistically correct glasses at Seven-Fifty. MEIACHRINO BUILDING I Exact" diagnosis of your sight needs by skilled specialists. Your prescription ground in the finest toric lenses by our trusted opticians. Complete glasses with frames that conform becomingly with your features. You can pay more if you wish finer frames.

Other lenses, frames and complete glasses from $3 to $60 CHICAGO TEMPLE A A WAS "The One Cigarette Sold the World Over" Pi Have Your Eyes Examined Let our registered optometrist tell you if glasses are necessary, or if changes should be made in those you are now wearing. Con suit them without charge or 1 ti 1 7 W. Madison ,108 N. State n1 JHoot of ttw 'Store Floor "-rt Butldinc Subscribe for THE TRIBUNE 7 E. JMeVirfcrr BuiWin 118 S.

Dearborn Stor Flaw -f th Wwtffitatur BuHdln Adams Opn UntO Ery Nlht mt 17 W. Madiaon St. Only torn Floor of Us.