POLITICAL NOTES: Bankrupt Chicago

Chicago's fiscal fix last week began to involve the state of Illinois, which derives 60% of its income from the city. Long-legged Governor Louis Lincoln Emmerson went to Chicago with fire in his eye. His complaint: Cook County owes the state $30,000,000 in back taxes. Illinois defaulted on a $300,000 waterway bond issue due Jan. 1, averted serious trouble only by persuading bondholders not to present their certificates for redemption. The state may _ be' unable to meet soldiers' bonus bond's due Aug. i. or to pay...

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