Population and industry began to decline in the 1960s. The Stonewall riots were a series of violent demonstrations by members of the gay community. By the 1970s, the city had gained a reputation as a graffiti-covered, crime-ridden relic of history. In 1975, the city government went bankrupt (ran out of money), and its pleas for financial help were rejected at first. On 30 October 1975, the New York Daily News reported the event with the headline as "Ford to City: Drop Dead". The city received a federal loan and debt restructuring. After the economic downfall and recovery, New York State kept a close watch on New York City's economy.