SHORTAGE OF FUNDS
AMERICAN MUNICIPALITIES. THREE THOUSAND IN DEFAULT. (United Press Assn.—Telegraph Copyright.) Vancouver, September 23. It was stated at the conference of mayors in Chicago that only two municipalities in the United States have a surplus, San Francisco and Rochester (Minnesota). Three thousand are in default, their liabilities totalling two billion dollars. The remedy is considered to be 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 they need temporary help.
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Bibliographic details
Southland Times, Issue 22130, 26 September 1933, Page 7
Word Count
88SHORTAGE OF FUNDS Southland Times, Issue 22130, 26 September 1933, Page 7
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