MUNICIPAL DEFAULTS
THOUSANDS* IN AMERICA : HUGE AGGEEGATE DEBT. VANCOUVER, September. 23. It was stated at a conference of mayors at Chicago that: only two municipalities in the United States have a surplus—San Francisco and Rochester (Minnesota). Three thousand are in default, totalling 2,000,000,000. dollars. The remedy is considered to he some sort of Municipal Bankruptcy Act, the cities and the bondholders being -given the right to compose, their debts. The great majority are sound, but need temporary help.
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Otago Daily Times, Issue 22068, 26 September 1933, Page 7
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78MUNICIPAL DEFAULTS Otago Daily Times, Issue 22068, 26 September 1933, Page 7
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