On Oct. 17, 1975, New Yorkers learned from the morning papers that the city was more or less finished. The big bill — $453 million that City Hall owed its creditors after years of borrowing — was due at 4 o’clock that afternoon. It depended on the teachers’ union tapping its pension funds to buy bonds from the Municipal Assistance Corporation. Mr. Ravitch had a well-earned reputation as a top-drawer fixer, and the governor was essentially asking him to save New York City. Mr. Ravitch and Mr. Shanker talked all night, but they parted without a resolution.

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Persons: New Yorkers, —, Richard Ravitch, Ravitch, Hugh L, Carey, Al Shanker, Shanker Organizations: City, Municipal Assistance Corporation, Federation of Jewish, New Locations: New, New York City