CHICAGO’S PLIGHT.
EMPTY OOFFERB. LARGE LOAN IMPERATIVE. United Press Assn.—Elec. Tel. Copyright. CHICAGO, June 18. A deputation representing the Citizens' Committee, headed by the Mayof of Chicago, Mr A. J. Cermak, is to wait upon the Federal Reconstruction Finance Corporation at Washington on Tuesday to ask for a loan of possibly more than 130,000,000 dollars (about £26,000,000 calculated at par) to keep the olty solvent and enable It to pay its employees, who now have due to them 36,000,000 dollars (about £7,200,000). Acoountants and auditors are, busy computing the pressing necessities of the local government agencies for the remainder of the year. It is estimated that the essential public Institutions, such as the tuberculosis sanatorium and various hospitals will need 81,000,000 dollars (about £16,200,000) to complete the year’s operations. Mr Cermak informed the City Council to-day that Federal legislation will be sought to enable a loan to be made. “We need immediately 130,000,000 dollars," said the Mayor. "If we cannot borrow the money we are sunk." Speaking at Washington Mr 11. T. Rainey (Democratic representative oi Illinois in the House of Representatives) said Chicago’s hope of obtaining a Federal loan seemed to be hopeless.
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Waikato Times, Volume 111, Issue 18667, 20 June 1932, Page 7
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194CHICAGO’S PLIGHT. Waikato Times, Volume 111, Issue 18667, 20 June 1932, Page 7
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