Word: scrip
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...they will be $9,900,000, or half of the road's average earnings available for interest for the eleven years since Federal management. If there should be a surplus after these charges, bondholders will receive higher interest. For the next five years interest will be paid in scrip which will receive 5% interest in cash. Until full interest is paid, a bondholders' committee will manage the road. It was made plain last week that all bondholders must approve of the plan, that recalcitrant holders may not expect special profits such as accrued to the St. Louis Southwestern holdouts...
Cities. Chicago's teachers are desperate. They have received only two months' pay in cash since last April. They are tired of taking scrip, which is worth less than face value. Unless they receive money soon they may walk out. Even so, Chicago's budget troubles may force closing the schools at almost any moment this year...
...employes their mid December wages. Mayor Harry Arista Mackey & staff tried to kite the city's pay checks by postdating them until Jan. 1, when Philadelphia could sell $2,000,000 in bonds to the sinking fund. The kited city checks were to be called "scrip." Banks refused to pour more money down the political sewer. Private banks, like Drexel & Co. (Morgan partnership) would loan nothing until city and county governments were merged, top-heavy governing overhead reduced. In desperation Mayor Mackey's council ordered a raid on the city's sinking fund. The sinking fund...
Gloomily, bitterly, Chicago's 14,000-odd school teachers saw pass last week a sixth pay-day which brought them no money. Total now owed them in salaries since last April is $17,705,000. Many teachers are in dire penury. Some have taken city scrip, which is accepted at par by some merchants, discounted by others. Usurers loan money on the scrip, charge 31% a month interest...
...twelve hours, earn from $2.60 to $4 per day. They live in company-owned shacks, without heat or light. Their rent is $10 per month. The companies charge them $1.50 per ton for fuel coal. They never see any U. S. cash. The companies pay them with company scrip, metal tokens good only at company stores. At these stores a 75? sack of flour costs 90? in scrip. A 30? public cinema costs 45? in scrip. The mine families subsist on potatoes, bread, beans, oleomargarine. Once or twice a week they have sowbelly. Because the companies will not let them...