CHICAGO'S PLIGHT
FEDERAL LOAN SOUGHT TO KEEP CITY SOLVENT (United Press Association —By Electric Telegraph—Copyright! '
CHICAGO. 18th June
A delegation of the citizens’ committee, headed by the Mayor, Mr Cermak, will wait upon the Federal Reconstruction Finance Corporation at Washington next Tuesday to ask for loans to keep tiie city solvent and pay public employees. Accountants and auditors were busy during the week-end computing the amount of “pressing necessities.”
Local government agencies and essen lial public institutions, such as the tub crculosis sanatorium and various otbe hospitals, for the remainder of the -yea are estimated to require 81,000,000 dol lars, the mayor informed the City Ooun cil to-day. They must ask the Fede ral Legislature for an enabling loan “We need immediately 130,000,000 dol lars. If we cannot borrow the money we are sunk.”
WASHINGTON, 18th June
Representative Rainey, Democratic leader in Congress, said that the hope of Chicago obtaining a Federal loan seemed “hopeless.”
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Bibliographic details
Nelson Evening Mail, Volume LXVI, 20 June 1932, Page 5
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155CHICAGO'S PLIGHT Nelson Evening Mail, Volume LXVI, 20 June 1932, Page 5
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