Article only reports invocation of the sixty-days law with no mention of closure or receivership; reopening is not documented here.
Events (1)
1.September 23, 1873Suspension
Cause Details
Bank invoked the sixty-days law to suspend payments; no unusual rush of depositors reported.
Newspaper Excerpt
The Mutual Savings Bank in Printing House square availed themselves of the sixty days' law and suspended payments.
Source
newspapers
Newspaper Articles (1)
1.September 23, 1873The New York HeraldNew York, NY
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Article Text
The Mutual Savings Bank
The Mutual Savings Bank in Printing House square availed themselves of the sixty days' law and suspended payments. There was no unusual rush of depositors about the building.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.