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Description: Center of Interest - American Gallery Watches Its Financial Struggles To Pay Its DebtsDate: January 26 1930
Newspaper published in: Huntsville, AL
Page/Column: Page 10, Column 3
CENTER OF INTEREST
American Gallery Watches Its Financial Struggles To Pay Its Debts
By RODERICK M. GRANT
Associated Press Staff Writer
CHICAGO, Jan. 25 (AP) – A gallery of four million citizens concerned but unalarmed, stands watching its financial champion.
The second city of America, with all of its nine billion dollars annual trade, is empty of pocket.
The curtain was down today on the municipal fiscal stage but already the gallery has seen a mayor spanked by a recalcitrant city council.
It has seen the mayor turtle upon a state tax commission with vilification for its “reform” and hold delayed assessments that have cut off Cook county’s income these 20 months, responsible.
And at last it has seen a champion rise outside the embattled walls of the city hall square with a plan and the money to back it.
In the background of the scene are 40,000 city employees, county and school board, unpaid since January 1.
Silas H. Strawn, head of a self-constituted citizens’ relief committee has come forward and the champion bearing in one had a $20,000,000 pledge and in the other a string tied to the money. The conditions virtually hold the disbursement of the funds under the management of the unofficial citizens’ committee.
It was conceded that $20,000,000 will not go far toward the liquidation of the unpaid governmental bills.
The amount will equal approximately a month’s payroll. But with the committee’s aid the city apparently can not induce the banks to buy any further tax anticipation notes to convert the 1930 taxes, due next year into ready cash.