Omaha daily bee., 1902-02-27
CASH FOR SCHOOL TEACHERS
First National Bank Will Take Up Warrants
for February.
TEMPORARY PAY OFFICE IN CITY HALL
All Employees Expected to FAN In Line
with Boards Plan to Save Two
Pea Cent on Its
Paper.

The top floor Of the city hall next Tues
day afternoon will look like a department
store during a mill-end sale, as 400 school
ma'ams will form in line there to get their
pay for February The balcony overlook
ing the court is narrow and, as the teach
ers all have sore arms as the result Of vac
cination, there must be no crowding, so
the assembly hall and the room in which
the Board Of Education meets will be
thrown open to accommodate the overflow.
Meanwhile a corps of clerks will be kept
busy in the secretary's office making out
warrants and three deft-ingered tellers
from the First National bank will hustle
to convert them into cash as fast as they
are presented.
This innovation is the result Of the re-
cent arrangement between the Board Of
Education and the clearing house whereby
the various banks of the city will take up
the boards z per cent warrants and give
q rebate of 2 per cent, and also Of the or
der forbidding principals to permit rep
resentatives of brokerage firms or others
TO visit the schools for the purpose Of buy.
Eng warrants.
THE plan is a little inconvenient from
the standpoint Of the teacher and janitor,"
esid a member of the board, but since it
means u bdNiuB VI q per CtuI IL "a
/ guess they'll lake kindly to it. All teach
ers have been instructed to come UP here
Just as soon as their schoors are out Tues
day afternoon, and there'll probably be
quite a crush.
Expect Teachers TO Cash In.
"of course there's nothing to prevent the
teachers holding their warrants, as some Of
them have in the past, in order to get the z
per cent interest, nor is there any rule re-
straining them from selling their warrants
to personal friends, which has been a much
more common practice, but the board In
future expects them to refrain from both.
When we pay a teacher $40 a month for her
services we expect her to accept that $40 in
full payment, and not try to speculate on
any interest there may be on the warrants,
nor to permit her friends to speculate. We
expect her to come up here, accept her war
rant and cash 1t in with the bank tellers at
its face value. When she does this the
board makes the difference between Z per
cent and 5 per cent interest on her paper.
"I noticed an account in one of the local
newspapers not long ago in which 1t was
said that the teachers had been in the
habit of discounting their warrants; this is
not true. In all my experience I never
knew Of but two teachers warrants to be
sold for less than their face value, and
these were the result of a mistake. An
attempt was made once by a brokerage
firm to shave the warrants, but It was
nipped in the bud and was never re-
peated."
According to arrangement between the
various banks of the city, each bank will
buy the warrants for a given month, and
then the interest accruing will be divided
equally among them. They will buy in
this order: February, First National bank;
March, Omaha National bank; April. Ne
braska National bank; May, Merchants
National bank; June, United States Ma
tional bank; July, Commercial National
bank; August, Union National bank. This
Is the order in which they stand In the
Omaha clearing house. The September
warrants will be purchased by the First
National bank, when the list will be gone
through in the foregoing order Of success
sion.