14701. Citizens National Bank (Saratoga Springs, NY)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
2615
Charter Number
2615
Start Date
June 26, 1904
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini
Short Digest
bb250148b61f5fca

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Description

Multiple articles report a heavy run on the Citizens' National Bank of Saratoga (June 25โ€“27, 1904). Although the run continued for a time, reports state the bank was declared sound, directors raised $100,000 of capital by subscription, the cashier John H. DeRidder resigned and losses of $30,000โ€“$40,000 were disclosed (with surety bond coverage). The First National Bank of Saratoga was closed by the Comptroller on June 27, but that is a separate institution; the Citizens' National is reported as remaining solvent and prepared to meet demands. Thus the episode for Citizens' National is a run without suspension/closure.

Events (3)

1. January 12, 1882 Chartered
Source
historical_nic
2. June 26, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Losses from unfortunate investments and alleged irregularities by cashier John H. DeRidder (resigned), placed at $30,000โ€“$40,000; bond coverage noted.
Measures
Directors raised $100,000 by voluntary subscription to strengthen capital; cashier resigned; American Surety notified on cashier's bond for $20,000.
Newspaper Excerpt
The Citizens' National bank, which suffered a heavy run yesterday, is declared to be sound and fully prepared to meet all obligations
Source
newspapers
3. November 1, 1915 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (12)

Article from The Daily Morning Journal and Courier, June 27, 1904

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Article Text

Bank Declared All Right. Saratoga, N. Y., June 26.-The Citizens' National bank, which suffered a heavy run yesterday, is declared to be sound and fully prepared to meet all obligations should small depositors tomorrow continue their demands. Losses by unfortunate investments and alleged irregularities of Cashier John H. DeRidder, who has resigned, are now placed at from $30,000 to $40.000, The American Surety company of New York is upon DeRidder's bond as cashier to the amount of $20,000, and has been officially notified to meet it.


Article from Perth Amboy Evening News, June 27, 1904

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Article Text

Run on saratoga NEBK. SARATOGA, N. Y., June 27.-The Citizens' National bank, which has suffered a heavy run, is declared to be sound and fully prepared to meet all obligations should small depositors today continue their demands. Losses by unfortunate investments and alleged irregularities of Cashier John H. De Ridder, who has resigned, are now placed at from $30,000 to $40,000.


Article from The Daily Tribune, June 27, 1904

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Article Text

Bank Closed. Saratoga, N. Y., June 27-The Citizens National bank of Saratoga was closed today on orders from the comptroller of the currency. The bank suffered a heavy run Saturday and the run continued this morning when the bank was unable to meet its obligations.


Article from Waterbury Evening Democrat, June 27, 1904

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Article Text

SARATOGA BANK Closed Its Doors To-Day-Run on Citizens' Bank Begun Saturday. Saratoga, N. Y., June 27.-The First National bank of Saratoga was not opened for business to-day. The following notice was posted on the door: "At the request of the directors and by order of the controller of the currency, this bank is closed. . "J. VAN VRANKEN, (Signed) "National Bank Examiner." The run on the Citizens' National bank which was begun Saturday was continued to-day by smaller depositors.


Article from Alexandria Gazette, June 27, 1904

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Article Text

Bank Failure. Saratoga, N. Y., June 27.-The First National Bank of this place closed its doors this morning by order of the Controller of the Currency. The closing of the First National following the run on the Citizens' National on Saturday, did not increase the run on the latter, although the run is in progress. The Citizens' bank is said now to have plenty of funds to pay all depositors.


Article from Ottumwa Tri-Weekly Courier, June 28, 1904

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PLANS FOR BUILDING NEW LINE PROGRESSING BANK IS CLOSED. A. A. McGARRY, OF INDIANOLA Institution at Saratoga, N. Y., Owes BUYS LAND FOR THE Its Depositors Almost $1,000,000. RIGHT-OF-WAY. Saratoga, N. Y., June 27. - The First National bank of Saratoga, TO TAP RICH COUNTRY was closed today by order of the comptroller of the currency. According to a recent statement the bank owed its depositors $890,Proposed Chicago, Ottumwa & West 000. A run on the Citizens' Naern Railroad Will Run Through tional bank, which began Saturday, Territory That Lacks Lines Now was continued today by the small Will Be of Benefit to Many Peopla depositors. -


Article from New-York Tribune, June 28, 1904

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Article Text

BANK CLOSED; EX-CASHIER MISSING. First National, of Saratoga, Now in Trouble -The Citizens' On Its Feet Again. Saratoga, N. Y., June 27.-The First National Bank was closed to-day on the order of the Controller of the Currency and at the request of the directors. Soon after news of the bank's trouble spread It became known that the friends of William Hay Bockes, lately cashier of the First National, were much worried about him, as they had not seen anything of him since last Saturday night. A search made by his relatives and friends revealed no trace of him. The run which began on the Citizens' National Bank here last Saturday, but which ended to-day, led to the fear of similar demand on the First National Bank. The announcement on Saturday that Mr. Bockes, for many years cashier of the First National Bank. had been superseded by ex-Village President Robert F. Milligan gave rise to many conjectures that added to the local excitement. A director of the First National explained that the bank's officers, feeling certain of a run on the bank to-day, due to the timidity of depositors following the Citizens' National incident. and not having time to obtain the necessary financial assistance to meet the expected drain, decided to close the doors. The last report of the First National Bank. on June 9, 1904, showed that its capital was $125,000. surplus $90,680 and deposits of $764,320. Bank Examiner Josiah Van Vranken. who is in charge of the bank, expects to resume business in the very near future. The directors of the Citizens' National Bank have issued a statement that at a meeting of the directors the entire amount of capital stock was raised by voluntary subscription, thus giving the bank further available funds of $100,000. This will place the institution on a sound financial basis. The statement says that Edward L. Ridgeley, of New-York, and Judge Oldham, of Washington, representing the Controller of the Currency, have fully sanctioned the action of the bank directors, and are confident that the losses have been COVered. The statement adds that the loans of the former cashier. John H. De Ridder, who resigned last Thursday. are to be immediately paid by friends, one-half of the amount having been raised to-day, 80 that no loss is expected from that source.


Article from The Times Dispatch, June 28, 1904

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Article Text

Bank Closed. (By Associated Press.) SARATOGA, N. Y.. June 27.-The First National Bank, of Saratoga was not opened for business to-day. A notice signed by National Bank Examiner Van Vranken, and posted on the dpor, stated that at the request of the directors and by order of the Comptroller of the Currency, the bank was closed. A run on the Citizens National Bank, which was begun Saturday, was continued to-day by the smaller depositors. It came to an end at 11 o'clock. One of the First National Bank directors said the bank was closed to avoid a run, and was expected to be temporarily,


Article from The Salt Lake Herald, June 28, 1904

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Article Text

BANK FORCED TO CLOSE. Saratoga, N. Y., June 27.-The First National bank of Saratoga was not opened for business today. A notice signed by Bank Examiner Van Vranken and posted on the door, stated that at the request of the directors and by order of the controller of the currency, the bank was closed. A run on the Citizens' National bank, which was begun Saturday, was continued today by the smaller depositors. Friends of Williams Hay Bockes, late cashier, are much concerned as it is said they have not seen anything of him since last Saturday night. Search for the missing man was made today, but no trace of him was found. The bank, according to a recent statement, owed depositors $890,000. Its paid up capital was $125,000, and it had among its assets $1,018,000 in loans, discounts, stocks and securities, and $100,000 in cash and exchanges.


Article from The News & Observer, June 29, 1904

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FIRST NATIONAL CLOSED. This Follows a Run on the Citizens National at Saratoga. (By the Associated Press.) Saratoga, N. Y., June 27.-The First National Bank of Saratoga was not opened for business today. A notice signed by National Bank Examiner Van Vranken and posted on the door stated that at the request of directors and by order of the comptroller of the Currency the bank was closed. A run on the Citizens National Bank, which was begun Saturday, was continued today by the smaller depositors. It came to an end at 11 o'clock. The run which began on the Citizens National Bank last Saturday led many to be apprehensive of a financial raid by small depositors on the First National Bank. The announcement last Saturday in the local newspapers that Wm. H. Bockes, for many years cashier of the First National Bank, had been superseded as cashier


Article from Bisbee Daily Review, July 2, 1904

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Cashier Saratoga Bank, Why, He Sure "Got His" I AN HONEST MAN COULD LIKELY NOT HAVE GOTTEN A "FIVE'R" ON HIS SOUL, BUT THE CASHIER GOT ALL HE NEEDED. Saratoga, N. Y,, July 1:-The First National Bank of Saratoga was closed today by National Bank Examiner Van Vranken on orders from the comptroller of the currency. Friends of William Hay Bockes, until Saturday cashler of the bank, are much concerned, as it is said they have not seen anything of him since last Saturday night. Search for the missing man was made today, but no trace of him was found. A run which began on the Citizens' National Bank last Saturday and was ended today led many to be apprehensive of a financial raid on the First National. The announcement Saturday that Mr. Bockes had been superseded as cashier by ex-Village President Robert F. Milligan, added to the anxiety. One of the First National Bank direclors today said: "We felt that our bank would undoubtedly be compelled to meet a run. We did not have money enough on hand to meet such a run as the Citizens' National had, and not having sufficient time to procure the needed financial assistance, we requested the comproller of the currency to close our bank and thus avoid the run. The suspension is but temporary, I hope." The directors of the Citizens' Na. tional have raised $100,000 by volun-


Article from The Pioneer Express, July 15, 1904

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Domestic. William T. Cobb, of Rockland was nominated for governor of Maine by the republican state convention. Peter Maher was knocked out in one minute and forty-seven seconds by Jack Williams of Kansas City at the Manhattan club in Philadelphia. The men were to have fought six rounds. The twenty-fifth annual meeting of the International Hahnemannian association, with a membership of over 200 homeopathic physicians, in this courtry and Canada, was held at Rochester, N. Y. Kinzie Smith, a farmer who lived northwest of Pittsburg, Kan., died of hydrophobla, the result of a wolf's bite on April 10. The wolf was stealing a chicken and Smith attempted to drive him away. P. H. Ravlin, a stationary engineer of Chicago, declaring that he had been induced by a collection agency to assign his salary for ten years, has ap pealed to the circuit court for relief. He owed $86. The total attendance at the world's fair for the past week, as officially an. nounced, was 540,485, an increase of over 67,000 over the previous week and 402,777 over the total attendance for the first week. The board of trustees of the village of North Fond du Lac has adopted a resolution to call for a special election on an issue of $10,000 in bonds for a public gasoline lighting plant. There will be much opposition. An appeal for aid was issued by the officers of the United Mineworkers at Trinidad, Colo., and generally distributed throughout the city and county. It will also be sent to all the cities throughout the East and West. The apostolic delegate at Washing ton has received a brief from Rome erecting the diocese of Great Falls, Mont., and appointing the Rev. M. Lenihan, a priest of the archdiocese of Dubuque, Iowa, the first bishop of the new see. William J. Donahue, after a fall from near the middle of the Brooklyn bridge in New York, swam almost to shore where he was picked up by a ferryboat. Donahue was one of a gang of painters at work on the bridge. He was not seriously injured by the fall. The First National bank of Saratoga, N. Y., has been closed. It owes depositors $890,000 and has among its assets $1,118,000 in loans, discounts, stocks, securities and cash. W. H. Bockes, the cashier of the bank, is missing A run was started on the Citizens Na tional, but ended a short time later. Settlement will be made, the entire amount of capital stock having been $ privately subscribed. This action is fully authorized by the controller. ) Much interest is taken in the dect sion of the state forestry board to se lect 20,000 acres of federal lands in the i / vicinity of Ely for forestry reserve purposes. Gen. C. C. Andrews, executive agent of the forestry board, says e that two-thirds of the tract is covered ; with small timber, and the other third 1 will in a short time be planted with seedling trees by the board. The tract includes several lakes which are well B suited to be stocked with fish, and the land can be stocked with deer and practically all kinds of wild game.