000 the city of New York, unless the j
tax paid in the second half of the year i
la advanced to July 1, will be compelled
to go into the money market in midsum- i
mer and borrow upward of $100,000,000 j
to provide for the current expenses of
the city and county governments, and \
for such purpose to aell its tax exempt
securities at a rate of Intereart that ap
proximates 6 per cent. The effect of
this is not only to impose very heavy
interest charges upon the taxpayers but
of far greater Importance is the absorp
tion of money that would otherwise be
available for mortgage and rebuilding
purposes.
