THE FINANCES OF CHICAGO.
Chicago, according to reports from that city, may yet find it- self compelled to call upon its former citizen, Ambassador Dawes, to evolve another " Dawes " plan as a solution, this time for Chicago's own tangled finances. The various governing bodies of the city are heavily in debt, so heavily, indeed, that the word " bankrupt " is freely used to describe the situation. Anticipated revenues for nearly two years in advance are already spent, street cleaning, police, fire and other public services have been cut down, difficulty is being experi- enced in finding money to pay teachers' salaries, and creditors are demanding payment of overdue accounts. Between now and March 1st $27,000,000 will be required to meet the city's needs, and between March 1st and August 1st an additional $80,000,000, and no one is at all sure how the money is to be raised. The city has nearly seventy-three million dollars outstanding in warrants issued in anticipation of taxes, there are unpaid bills amounting to three million dollars, and unpaid judgments against the city totalling about six millions more. Interest rates on recent tax warrant issues are excep- tionally high and the banks are now refusing to take additional tax anticipation warrants. A " rescue committee " of prominent citizens has been formed to try to find a way out of the difficulties, but the city officials so far have refused to have anything to do with the committee. Such, briefly, is the situation for which Ambassador Dawes' financial genius and diplomatic skill are in demand.
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