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title: 'The Day book. (Chicago, Ill.) 1911-1917, July 20, 1915, LAST EDITION, Image 3',
meta: 'News about Chronicling America - RSS Feed',
Image provided by: University of Illinois at Urbana-Champaign Library, Urbana, IL
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FORGAN GETS A LAUGH ON HIMSELF HERE
ARE LATEST MOVES IN PHONE DEAL
And Forgan had to take a laugh
Latest moves before council gas-oil 1
committee, where billion-dollar Bell
phone trust wants to grab Automatic
system away from people of Chicago:
gk Banker Dave Forgan says he thinks
ity has no right to take the property
and "all business men of any conse
quence" are against forfeiture.
Aid. Alex McCormick makes claim J
that bankers and business men
against -forfeiture are mostly those
who have peddled stock and bonds
Walter L. Wisher, counsel for
Mayor Thompson, -says if better pub
lie service will result then city ought
to take the Automatic system by for
feiture. Aid John C. Kennedy reads Tribune
news story of 1904, showing crooked
ness in council proceedings on tunnel
and phone deal, resulting in indict
ments of phone company president
and three public officials.
State utilities commission is nof
aaginst inter-oennecting phone sys.
terns, according to letter from com
mission read by Att'y Foster for the
Banker Dave Forgan went out of
council gas-oil committee today a lit
tle mussed up. Aldermen and law
yers didn't let him get away with all
he wanted. '
"I am representing the-straight and
honorable business men of "Chicago,
all the bankers and business men of
any consequence," said Forgan. "It
is unfair of the city of Chicago to
snatch away this property from the
widows and orphans who have in
vested in it"
Att'y Foster The widow of Mr.
Edward Harriman (deceased railroad
multi-millionaire) is one of the heavy
bondholders of the Automatic, is she
Foster Well, you would hardly
call her a poor widow, would you?.
for himself along with everybody else.
Foster If a debtor of a bank re-.
fuses to pay, you take his collateral
and knock it down to the highest bid
der, don't you? In other words, you
enforce forfeiture against the people
who don't keep their promises to
Forgan1 Bankers always exercise
leniency. When we seize collateral
and sell it we make payment to the
debtor of all that remains above the
Aid. McCormick Is it not true that
at least 75 per cent of the banks and
business men who signed the peti
tion against forfeiture are connected
with the Continental & Commercial
and the Central Trust banks?
Forgan Protest was made by aS
McCdrmick Which banks sold the
30 million of bonds?
' Forgan The banks did not handle
the sale of bonds. That was con
ducted almost .entirely by a man
If Mf M M
"John, that suit you bought teat
month looks 'rusty already."
"Well, the salesman sak1t would
wear like iron.' "