The 82-year-old Stone will be running for his 11th term in the city council after 'a great deal of time contemplating,' according to a statement released by Stone.
"I am in fairly good health for a an of my age even though I do have some minor physical limitations," Stone wrote. "There is absolutely nothing wrong with my mental capacities or abilities."
Stone, who is currently Chicago's vice mayor and the chairman of the building committee, wrote that he wants to continue to serve the city of Chicago because, in part, Mayor Richard M. Daley is not seeking reelection.
"Wise men would probably 'ABANDON SHIP' and live to fight another day," he writes, "but, quite frankly, if we all took that approach Chicago may not have another day."
He said now is not the time for the city to have a new mayor and a new city council. He offered to share his experience in municipal finance with a new mayor.
"A Mayor learning on the job is one thing, but a Mayor AND a City Council learning on the job spells disaster for the City of Chicago," said Stone.
Stone represents the 50th Ward on the far North Side. He is the oldest member of the city council and its only World War II veteran.