AID FOR NEW YORK
BANKERS PREVENT DEFAULT. BIG LOAN FOR ELEVEN DAYS. (UXITED PRESS ASSOCIATION—BY ELECTBIO TELEGRAPH—COPYRIGHT.) (Received January 20th, 7.30 p.m.) NEW YORK. January 19. Wall Street bankers made a lastminute agreement to advance Now York City 12,500,000 dollars of the 32,500,000 dollars required to meet immediate obligations. The loan must be repaid with six per cent, interest in eleven days. The City Treasury is believed to be able to recover the remainder, but it is expected that unless the city authorities are able to negotiate new loans in tho meantime. New York will be virtually without funds after February Ist. [lt was reported in a cablegram published yesterday that the City of New York was faced with default upon notes totalling 58,500,000 dollars.]
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Press, Volume LXVIII, Issue 20450, 21 January 1932, Page 7
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125AID FOR NEW YORK Press, Volume LXVIII, Issue 20450, 21 January 1932, Page 7
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