Salt Lake Telegram | 1929-08-11 | Page 5 | Failure to Sell Road Debenture Hits New Mexico

fAIlURE ROAD DEBENTURE E IS NEW NE MEXICO State Faces Financial Cri Crisis S sis lis as Res Result of Non Non- S action S 'S SANTA NTA YEt ItE KEN N. N M. M u lO AP New V e Mexico r x eo faced faced th of a II financial stringency t today ay when tho highway way commission commis sion slon failed to find a a a. buyer for Ul OOOO orth 1 of oC highway depart depart- debentures d S Ten Ton o'clock this morning marked the expiration of ot the thc tl time no limit for tor receipts of or bids bids bids' on tho Only one one d bId was received d and It was was wan rejected because the tho firm m I wanted to t take ll o only ly at 5 per cent and war wanted ted an nn option on 01 the thc re remainder rc- rc of oC the within ninety days l i he e bid was from Crom a Chicago Chicago Chicago Chica Chica- go firm S 1 F of ot this liIs debenture letting Jetting affects th the entire state tate The state board of finance has been borrowing borrowing borrow borrow- J ing g from th road rond funds funds' to keep state departments running until r taxes tire are paid and the highway d department t needs the d tale sale alet to to k keep ep up up loans loans' to tl the e state te and nd to lo continue its road program 5 The Thc highway Commission was In session this afternoon to determine What hat its Us' next a action would be Members embers of ot the thc commission blamed what they called a a. money stringency g gency brought about by tho the federal feder feder- fed rat r- r al at reserve b bank stem In its efforts ef efforts erfort er- er forts fort to curb speculation In stocks as t s. s the he r reason ns n for the failure of oi the tho th debentures to attract bids S This has has' been U tiO o first th that t Yew e v Mexico highway debentures have failed to receive at least two n L bids on on Jottings s.