Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-02-22
A LOCAL HOLIDAY
Decidedly Worse Than None, So Far
as Business is Concerned.
FORGETFUL MEN PUT In A HOLE.
The Bears Brace Up and Make a Grand Raid
on the Petroleum Market.
STOCKS CLOSE VERY DULL AND WEAK

To-day being legal holiday in Pennsyl-
vania, there will be no business at the banks
and exchanges On this subject promi-
nent banker said yesterday:
II have no objection to legal holidays.
They afford opportunities for needed rest
and social communion, which are at other
times inconvenient or impossible. But to
be effective they should be general-national
instead of State-so that all the people of
the country could enjoy their benefits.
Christmas, New Years, Fourth of July and
Thanksgiving come under this head. They
are general and not local. 1 would not
abolish them if could. Iwould rather en-
large than decrease the number of them:
But it is different with Washington's Birth
day and Good Friday. They are local.
Tomorrow will be legal holiday in Penn.
sylvania, but not in Ohio, New York, West
Virginia or Maryland States that surround US,
and With which we have large business trans
actions"
"Does this work to the disadvantage of busi-
ness?"
Injustice of the Law.
Decidedly SO. The Pennsylvania law strikes
mainly at the banks and other financial institu-
unless they voluntarily close. The drygoods
merchant, the grocer, the butcher, the baker
and others are under no obligation to close up,
and they seldom do so. Frequently their sales
are larger on such holiday as tomorrow
promises to be than on any other day of the
/ year, from the fact that the promised attrac-
tions draw large crowds from the country,
who take advantage of the opportu-
nifty to make needful purchases.
And right here is where the
inconvenience is felt. Many of these dealers
at the close of business find themselves in
possession of large sums of money that they
don't know what to do with. The banks being
closed they can't deposit it, and to keep it
| about them or leave it at home would be
strong temptation to robbers. I know of an
instance that illustrates this point very clearly.
Last year. on the I'D. railroad man found
himself in possession of nearly S. 600. His safe
was a small affair. 1t could have been opened
by an expert burglar in a few minutes. He
knew the banks were closed. The only way
out of the difficulty was to trust to his own un-
safe safe and stay up all night to guard it, re-
inforced by an extra watchman, armed to the
teeth. 1t was no holi day to him"
"Are there other objections to the day from
business point of viewf'
There are. Two years ago man in Butler
county bought farm payment for which was
to be made on the I'D of February, forgetting
that it was legal holiday. The purchaser had
considerable money on deposit in our bank.
He and the seller came to the city on the after
noon of the day the payment was to be made.
Our porter admitted him to the bank, and the
case was stated to me. said: Gentlemen
am sorry can do nothing for you. The money
you want is here but I can't get at it. The law
compels us to close up to-day. The time-lock
is set for o'clock tomorrow, and the safe
can't be opened before that time" They were
compelled to remain in the city until next day
at some expense and considerable loss of time"
An Inter- State Hitch.
Being local, the law may have a bad effect
between citizens of different States-Ohio and
Pennsylvania for instance?"
'Such is frequently the case. For instance
one Ohio merchant buys bill of goods in New
York and for convenience to all parties makes
the note payable in Pittsburg February % not
knowing that the date named is legal holiday
in this State. He comes here at the time ndi-
Gated to find that his note was protested the
day before.
Il could recount other instances of the bad
effects of local holiday law he went on to
say. but the above mentioned cases are suffi-
it from busines point of view. Such laws, to
carry out their full intent and work hardship
to none. should be general"
These expressions of a level-headed financier
add force to the saying that there are always
two ways of looking at things