Wide was the wonder throughout the land last week as Chicago, the Second City, floundered deeper into its spectacular mire of public debt. Rarely before has a full-grown municipality made such a financial exhibition of itself. There was no money in the City Treasury, none in Cook County Treasury, none in the School Board Treasury. The 23 park boards were penniless, the largest, South Park, abandoning its preparations for the Centennial Fair until it could sell a bond issue. The credit of city and county...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!