CHICAGO HARD UP.
AN £8,000,000 LOAN.
Financial trouble, resulting from a tax entanglement, has forced the city of Chicago to borrow £8,000,000 to meet its salary and wage demands. The money has been lent by nine Ideal and three New York investment houses, with ' tax anticipation warrants as security. Half the sum will bo used for the municipal and the other half for the school pay-rolls. The terms of the, loan stimulate , that it is limited to meeting the pay-rolls; A revaluation of all real estato was ordered recently by the Stato Tax Commission. Consequently no taxes have been collected or will be received before September 1.
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Bibliographic details
New Zealand Herald, Volume LXVI, Issue 20259, 20 May 1929, Page 12
Word Count
107CHICAGO HARD UP. New Zealand Herald, Volume LXVI, Issue 20259, 20 May 1929, Page 12
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