BANKERS FORCE TAMMANY

Poverty Bay Herald, Volume LIX, Issue 17956, 7 December 1932, Page 3

BANKERS FORCE TAMMANY

NEW YORK BUDGET CUT POSSIBLE SAVING- OF £22,000,000 NEW YORK, Oct. 18. Following nn ultimatum by New York bankers that, cither economies must be made in tho city budget or no more loans would he granted, the Tammany administration has been forced to yield. Air Charles Berry, the Tammany Comptroller of Ncnv York, who had formerly been responsible for 'defeating the economy plans of Mr James Walker’s successor, the ncring-Mayor, Mr McKee, submitted plans to effect savings of froth £13,000,000 to £22,000,000. Mr -McKee’s recentlydefeated proposal was- • for ' huts amounting to £18,000,000. New York Municipality has, since the refusal of the hankers to grant more unconditional loans, been facing bnnkri'tptcy. The City Treasury is almost empty. Of 1 lie £50,000,000 latcIv raised by the former loans only a little over £ 1,000,000 remains. The salaries of municipal employees amount to ■ £5,200,000 monthly. No further tax receipts fall due until the end of December,