Salt Lake Telegram | 1932-01-21 | Page 10 | N. Y. Financial Ills Are Ended

N N. N Y YI FINANCIAL ILLS ARE ABE ENDED NEW YORK Jan 21 W The Ili-The The city of oC New York and bankers have solved the city's financial difficulties tem difficulties tem temporarily l at least least Corporate stock notes to the amount amoun of will be under underwritten itten and Issued by a banking group headed headed head head- ed by J J. P. P Morgan Co Ca and Kuhn the Loeb and company Meanwhile money will be placed Immediately atthe atthe at atthe the city's disposal in order that municipal municipal municipal mu mu- obligations falling due within the next few days can be met The same banking group also agreed to establish a revolving credit fund of to be drawn onby on onby onby by the comptroller whenever needed Thomas H H. Lamont Lament of the Morgan firm said aid th the stock notes probably would be Issued in denominations ranging upward from Another important step toward giving lag ing the city financial relief was the passage b by the New York state legislature legislature legis lature of a bill amending the city charter to permit New York to issue in corporate stock notes of year five duration