Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-29
'THEOPINIONS DIFFER.
How Lawrence Bank DepOsitOrs Spent
Money at Christmas.
NOT DISCOURAGED BY THE LOSSES
Some Claim Business Was Injured by thu
Failure of the Bank.
DEpRnssION 40 CONE 4 YEAR HENCE


Six weeks have elapsed since the Law
renee Bank closed its door and nailed up
notice to the effect that the bank had sus-
pended payment, which was equivalent to
failure of an institution which held within
its Golfers the hard Learned money o. the
industrious class. 1t was difficult to gauge
the amount of distress the failure would
work in the neighborhood at the time the
bank stopped payment People who had
money deposited in the vaults were in an
excited state, and their opinions, which
often found way to the public ear. were e1-
aggerated and highly colored.
Since the bank closed the festive season
has come and gone, and if there is time
when people are disposed to unloosen their
purse strings il is at Christmas time. There
il mysterious something which makes peo-
pie hospitAble, and they spend money with
out stringency.
Yesterday a DISPATCH reporter. visited q
number of storekeepers to learn TO what ex-
tent their trade had been injured this Christ
mas through the Lawrence Bank failure.
There was diversity OF opinion among the
store people as to the damage done to trade.
Some thought that trade had been materially
affected, while others believed that business
had not been Influenced by the failure.
Among the responsible business men seen to
obtain their opinion was Senator Upperman,
who said:
"Christmas in LawrencevIlle has been
about the same this year as in other years.
1 could not see any great depression among
the people. The stores were as full OF goods
as ever, and people crowded in them to
make their purchases.
AFTER TWELVE MONTHS.
st believe that the failure of the bank
will not affect the district for twelve months.
| 1t is similar to panic. In 1873 and during
| the riots Pittsburg did not feel the injury to
| trade for a year. It will be the same out
here; things will run smoothly for year.
| After IL months is over people will begin to
feel the want of money, and then the neigh
bo5hood and business will suffer.
| Mr.. William Eichenlaubt said: "Yes, the
| failure has injuled our Christmas trade. 1t
| has not damaged the trade, however, to the
| extent that was first supposed. We have
/ not done so much business during the
| Christmas week as we did in former years.
l think that every business man In the Fif-
teenth and Sixteenth wards will indorse my
| opinion by saying that the failure played
| havoc with trade.
ST have not seen much distress, however,
around the neighborhood; nor has any news
come to nv ears of any unusual suffering
i caused by the banks failure. We expect to
see some injury in the district. Possibly
| some of the small storekeepers will have to
go under. Now many of them are putting
forth every energy to keep their heads above
water. These small storekeepers will ulti-
| mately go under. This will be the only in
| Jury to trade"
Mr.. 2. Wainwright said: ''The beer
business always fourishes in spite of bank
failures, or prohibition fights. This Christ
| mas has been excellent, and our future out
look is bright The only trouble in the
beer business is that people want too much
beer. There is little depression caused by
the banks failure in Lawrenceville, but not
much. The worst feature of the banks sus-
pension has passed, and believe the dis
trict will Immediately recover. |"
4 / - THE TOY TRADE BOOMING.
Mr.. NJ. H. Hager, toy merchant, said:
"a booming business was done in toys this
year. During Christmas week more TOYS
were sold than IN any previous year. In
deed, in our own store we are entirely
cleared out Such rush for toys never was
seen before. I do not think the bank
checked tie fun or money spending in Law
renceville one iota. Indeed, believe the
| failure OF the OAnk naQ an opposite euect
Jacob Dietz, prominent grocer. said:
'"The Lawrence Bank has somewhat affected
our business this year. We attribute, how
ever, the shortage in our trade for the past
month to the mills in the districtworking
on single turn. Not one-halt of the men
find employment They must live, so it is
necessary for them to practice economy.
do not suppose the banks failure will
| greatly damage trade in the future. The
1 depositors generally were working men, and
they are able to turn their hand again to
the plow and earn more money. In few
cases possibly the stoppage of the bank will
| cause distress, but only small percentage
| of the deDositors will be affected by it."
Mr.. Thomas McCafrey said "What!
Why, sir, the failure of the bank is God
send to the real estate business. If had
| not lost any money in the bank should
| look into the future smiling. People who
save up few hundred dollars will be loath
! to put it into another bank. They will in
| vest it in real estate, and consequently our
business has received boom. Ever since
the banks failure have been doing big
business, and 1 expect that I, together with
other real estate men, will doa greater
business in the coming year than ever be-
fore. The outlook is Unprecedented, and
am thankful for il"