NEW YORK CITY: Saved Again From the Jaws of Default

Saved Again From the Jaws of Default

All day long in drab Room 830 of New York City's Municipal Building, they gathered last week—the affluent and the needy, the young and the old. They had two things in common: all clutched yellow receipts, and all were frightfully worried that New York would not have the money to redeem the maturing city securities that they held. A Long Island couple needed their $5,000 to pay for a child's education. A messenger waited patiently to cash in $15 million in notes held by the...