HUGE SUM IN DEFAULT
AMERICAN MUNICIPALITIES BANKRUPTCY ACT SUGGESTED WIGHT TO COMPOSE DEBTS TEMPORARY AID NEEDED (United Press Association —By Electric Telegraph Copyright.) Received 12.30 p.m. to-day. VANCOUVER, Sept. 23. It was stated at a conference of Mayors in Chicago that only two municipalities in the United States have a surplus, these being San Francisco and Rochester (Minnesota). Three thousand municipalities were in default, the sum trailing two billion dollars. A remedy was considered to bo some sort of a municipal bankruptcy act, cities and bondholders being given the right to compose debts. A great majority of the municipalities were sound, but needed temporary help.
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Hawera Star, Volume LIII, 25 September 1933, Page 7
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105HUGE SUM IN DEFAULT Hawera Star, Volume LIII, 25 September 1933, Page 7
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