CHICAGO AFFAIRS
BANKS REFUSE TO UNDERWRITE CERTIFICATES, NEW YORK, Jan. 28. Chicago, which was rescued by a seventy-four million dollar subscription of funds by the Strawu Committee (as cabled on February 3rd and 4th last) in order to pay the municipal bill, is again in financial difficulties. The committee is dissatisfied with the taxation system, and to-day intimated that the banks would reiu.se to underwrite any further tax anticipation certificates, without which there will be an immediate shortage of funds, unless the assessment methods are changed. The committee states:—“The local government faces a revenue famine, and, to avert a public disaster, to keep the schools open, and the police, firemen and other necessary officials on their jobs also to restore the credit of the community and save it the disgrace ol bankruptcy, the committee finds that the existing assessing system should he abolished forthwith.’’
In the meantime, the city’s 1931 budget. calling for an expenditure of 276 million dollars, was adopted to-day by the' City Council. “ But where are we going to get the money,” asked President Cermal, of the Finance Committee.
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Hokitika Guardian, 30 January 1931, Page 6
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182CHICAGO AFFAIRS Hokitika Guardian, 30 January 1931, Page 6
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