14705. First National Bank (Saratoga Springs, NY)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
893
Charter Number
893
Start Date
June 25, 1904
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini
Short Digest
ebf46c1653983cf6

Response Measures

Capital injected, Full suspension, Books examined

Description

Multiple articles (June 27, 1904) report a run in Saratoga (begun Saturday, June 25) and that the First National was closed on June 27 by order of the Comptroller at the directors' request to avoid/for inability to meet a run; a receiver was appointed. Stockholders later accepted a 90% assessment and the bank was restored to solvency and resumed business in mid-August 1904 (Aug 18โ€“19). I corrected implied dates (the Saturday before June 27 is Jun 25, 1904) and used newspaper statements about examiner/Comptroller actions as government action causing the suspension.

Events (5)

1. March 14, 1865 Chartered
Source
historical_nic
2. June 25, 1904 Run
Cause
Local Banks
Cause Details
A run began on the Citizens' National (local bank) starting Saturday (June 25) and depositors' withdrawals and fear spread to the First National, precipitating distress.
Measures
Bank directors requested closure; notice posted by Bank Examiner; Comptroller ordered bank closed to avoid/for inability to meet a run; receiver later appointed.
Newspaper Excerpt
A run on the Citizens' National bank began Saturday and continued today; the First National suspended in apprehension of a run
Source
newspapers
3. June 27, 1904 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency at directors' request to avoid/and because it lacked funds to meet the run; National Bank Examiner Josiah Van Vranken appointed receiver.
Newspaper Excerpt
The First National Bank of Saratoga was not opened for business today. It was closed by order of the comptroller of currency at the request of the directors.
Source
newspapers
4. August 6, 1904 Other
Newspaper Excerpt
The stockholders of the First National bank have consented to a 90 per cent assessment ... payable Aug. 6. This was required by the comptroller of the currency in order to reopen the bank, which was recently closed to escape a run.
Source
newspapers
5. August 18, 1904 Reopening
Newspaper Excerpt
The First National bank of Saratoga Springs ... has been restored to solvency and resumed business today as an active national banking association.
Source
newspapers

Newspaper Articles (21)

Article from Santa Fe New Mexican, June 27, 1904

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Article Text

BANK GOES UNDER, First National of Saratoga, Closed By Order of the Comptroller of Currency. Saratoga, N. Y., June 27-The First National Bank of Saratoga, was not opened for business today. It was closed by order of the comptroller of currency at the request of the directors. It owes depositors about $800,000. A run on the Citizens' National Bank begun Saturday and continued today. The run on the Citizens' Bank ended today. The First National Bank suspended in apprehension of a run andon account of lack of funds to meet a run. An officer said he hoped the bank would soon reopen.


Article from Evening Times-Republican, June 27, 1904

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Article Text

Bank of Saratoga Fails. Saratoga, N. Y.-The First National Bank of Saratoga was closed today by order of the comptroller of the currency. According to a recent statement the bank owed depositors $890,000. The run on the Citizens National, which began Saturday was continued today by the small depositors.


Article from Las Vegas Daily Optic, June 27, 1904

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Article Text

FIRST NATIONAL BANK OF SARATOGA CLOSES DOORS SARATOGA, N. Y., June 27 -The First National bank of Saratoga was not opened for business today. It was closed by order of the comptroller of the currency at the request of the directors, It owes depositers about $800,000. A run on the Citizens' National bank which was begun Saturday ended today. The First. National suspended in apprehension of a run and on account of lack of funds to meet the run. An officer said he hoped the bank would soon be reopened.


Article from The Fairmont West Virginian, June 27, 1904

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Article Text

The Run on the Bank. SARATOGA, N. Y., June 27.-The closing of the First National Bank, following the run on the Citizens' National Bank on Saturday did not increase the run on the latter, although the run is still in progress. The Citizens' bank is said now to have plenty of funds to pay all depositors. 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.


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 Deseret Evening News, June 27, 1904

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Article Text

Saratoga Bank Not Opened. 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. New York, June 27.-The First National bank of Saratoga Springs, 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 Daily Palladium, June 27, 1904

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Article Text

BANK CLOSED. (By Associated Press.) Saratoga, N. Y., June 27.-The First National Bank was closed by order of the Comptroller of the Currency at the request of the directors. The run on the Citizens' National Bank continues


Article from The Times Dispatch, June 28, 1904

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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 Evening Journal, June 28, 1904

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SARATOGA BANK CLOSED. Cashier Disappeared and Is Not to Be Found-Federal Authorities Act. Saratoga, N. Y., June 28.-No trace has been found of William Hay Bockes, former cashier of the First National bank, which has been closed by the comptroller of the currency. He disappeared on Saturday night. Relatives and friends are searching for him. A run on the bank began on Saturday, and the institution was not in condition to meet it. The examiner was instructed to not permit the bank to open Monday morning If there was any indication of a renewal of the run. National Bank Examiner Josiah Van Vranken has been appointed receiver. The bank, a recent statement shows, 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. Following so closely the run on the Citizens' National bank. the suspension has caused a sensation. It had been generally feared there would be a run on the First National, but the notice that the bank had been closed was a complete surprise to the public and caused much conjecture,


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 Grant County Herald, June 29, 1904

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Article Text

New York Bank Closed. Washington, June 28.-The First National bank, of Saratoga Springs, N. ยฅ., has been closed by direction of the acting comptroller of the currency. A run was started on this institution on Saturday and as it was not in a condition to meet its demand liability the examiner was instructed to not permit the bank to reopen if there was any indication of a renewal of the run. National Bank Examiner Josiah Van Vranken, has been appointed receiver.


Article from The Cooperstown Courier, July 7, 1904

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THE NEWS IN BRIEF. For the Week Ending July 1. Clement Scott, the dramatic critic. died in London, after a prolonged ill ness. A cablegram from Manila announces the death there of Archbishop Guidi. Heart failure was the cause of death. In a quarrel between John Wainscott and Channely Cardinal at Madison, Ind. Cardinal shot and instantly killed Wainscott. The forty-third annual convention of the National Education association formally convened at the world's fair grounds at St. Louis. The first national bank of Saratoga Springs, N. Y., was closed by direction of the comptroller of the currency. A run on the institution caused the failure the of vicinity An unusually Belton, heavy Mo., hail and storm Manhatton in Kan., has done much damage to crops and orchards and broken hundreds ol winodw panes. Through the accidental explosion of & rocket at Kiel, Germany, on board the cruiser Juno, one of the English vessels escorting the royal yacht, two of the crew were killed. Prof. W. J. Hussey, of the University of de at Lick has partment California astronomical observatory, just announced his discovery of 100 new double stars. James Dewar, a wealthy Scotchman he likes so has a 700-acre says purchased America he farm well in he North to Carolina, on which proposes reside three months in the year. A locomotive boiler exploded on the Pennsylvania railroad while going up the mountain, 50 yards from Ehrenfeld station, Pa., killing three men. injuring two others, one of them fatally. wind seriously the wheat damaged Heavy rain, crop and in hall the central of Kansas. of portion have been Large fields by wheat flattened out the storm. The harvest was about to begin. John B. Stewart, 53 years of age, was almost husband of his shot and step-daughter, instantly killed Samuel by the 24 of at in as the a Peck, Collinwood, years O., age, result their of home family row. Nine millions of acres of government land in Nebraska have been thrown open to homestead entry Tuesday under the provisions of the Kinkaid law. file by which homesteaders may upon 640 acres. Col. Edward Butler, a prominent St. Louis politician, came into court in answer to a bench warrant charging him with bribing a witness. He was released on a bond of $10,000, with John O'Brien as surety. New York Central locomotive, No. 999, the run the State made Empire famous as express, first engine and to which was exhibited at the Chicago world's fair, is now hauling a milk train in New York state. Frederick Field Bullard, a wellknown organist and musical composer, died in Boston of are known compositions pneumonia. Ferrara" "The His Stein best- and Song," "The Sword of "The Nottingham Hunt." The stockholders of the State National bank of the Euclid of and consolidate Park bank the Cleveland, O., voted to The to iaztion two converns. amounts $2,000,000. combined The capital- deposits aggregate $12,000,000. James Cowan, a Mojave, Cal., miner, charged with the murder of James a who was at on March 19, was of Cummings, Mojave negro, conviced lynched The jury the to the mercy manslaughter. prisoner of recommended the court. T. a young his was shot physician, Dr. Seymour Jarrecki, and killed at home Col. Two shots were in Denver, entering his body fired, one bullet near the heart. Apparently he had been called to the door and assassinated. The murderer escaped. bureau at Washington the estimates The pension that "unknown army" of veterans made eligible for pensiona under the new order of President Roosevelt will not exceed 25,000 men, and of these less than 3,000 have applied for pensions. exthat former presses Judge hope George Gray, of Delaware, President will be nominated for Grover presidency Cleveland by the St. Louis the convention. Next to Cleveland he favors Judge


Article from The Ely Miner, July 8, 1904

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A WEEK'S RECORD All the News of the Past Seven Days Condensed. HOME AND FOREIGN ITEMS News of the Industrial Field, Personal and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLD DOMESTIC. Three persons lost their lives and half dozen others were injured as the result of the explosion of a small bundle of fireworks in the storeroom of the Diamond Fireworks company in Philadelphia .Harry Jacobs, Harry Brooker and John Bloom were drowned by the accidental capsizing of a boat in which they were making a fishing trip on the Illinois river, near Morris, Ill. The First national bank of Saratoga Springs, N. Y., was closed by direction of the comptroller of the currency. A run on the institution caused the failure. New York Central locomotive, No. 999 made famous as the first engine to run the Empire State express, and which was exhibited at the Chicago world's fair, is hauling a milk train in New York. John B. Stewart, 53 years of age, was shot and almost instantly killed by the husband of his step-daughter, Samuel Peck, 24 years of age, at their home in Collinwood, O., as the result of a family row. A small blaze which started in a jewelry store resulted in a general conflagration which destroyed the main portion of the town of Sisson, Cal. Loss, $300,000. George Rice, of Ohio, who for 30 years has been fighting the Standard Oil company, filed a suit in the New Jersey court under the federal anti-trust laws, seeking the dissolution of the combine as an illegal corporation. The decision of the supreme court in the Northern Securities case is relied upon in the prosecution Railroads are preparing to make a campaign for a law legalizing pooling of traffic Western roads are seeking a remedy for the alarming number of claims made for losses and damage on account of overs, shorts and bad orders in freight. Frank L. Stewart is held in New York on the charge of stealing $600 worth of jewelry from Henry B. Kingsley of Rutland, Vt. who disappeared from that city last November Customs officers in New York discovered a false bulkhead on the steamer Indrawadi, behind which was hidden $8,000 worth of smuggled goods. The coroner's jury, after investigation of the General Slocum disaster, returned a verdict declaring the immense loss of life due to misconduct on the part of the directing owners of the vessel, charging the captain and chief equipment officer with criminal responsibility, accusing the mate of cowardly conduct and censuring Government Inspector Lundberg. Warrants for the accused men were issued and several arrests made. Helen Keller, the deaf, dumb and blind young woman, received the degree of bachelor of arts, with high honors, at Radcliffe college. Rumor of finding the body of Assistant Secretary of State Loomis' brother near Cherbourg, France, is declared false, and a witness reiterates he saw Loomis land at Plymouth. Syracuse university won the eightoared race in the intercollegiate regatta at Poughkeepsie, with Cornell in second place. Wisconsin finished sixth and last. Charles A. Gutke, member of St. Louis house of delegates' combine, confessed details of boodle transactions. Casualties in various parts of the country cost 18 lives. A 14-year-old colored boy at Lexington, Ky. received 50 lashes in the public square by order of a police judge. Thousands rushed to enter homesteads on a 9,000,000 acre tract of government land in Nebraska. The National Educational association convened in St. Louis, with 30,000 in attendance. Shippers' associations have been organized to fight the "uniform bill of lading" and other disputes with railroads. The weather bureau has issued a report that the corn crop is practically made in many sections. As the result of a rowboat capsizing in the Allegheny river at Pittsburg, Henry Hillston and Earnest Halbey were drowned, and two companions had a narrow escape from a similar fate. Benjamin Rhodes and Wilson Reed, contractors of Springfield, Ill., were killed Tuesday while engaged in sinking a new shaft. The hook on the bucket in which they were being lowered into the shaft broke, letting them fall 90 feet. A heavy wind and hail storm at La Cross, Wis., wrecked a building at the interstate fair grounds and huge trees were uprooted. The damage to crops was heavy. An attempt was made to lynch Charles L. Allison, a well-known citizen and Sunday school worker of South Haven, Mich. who was arrested on the charge of criminally assaulting four-year-old Edith Secor.


Article from The L'anse Sentinel, July 9, 1904

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A WEEK'S RECORD All the News of the Past Seven Days Condensed. HOME AND FOREIGN ITEMS News of the Industrial Field, Personal and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLD DOMESTIC. Three personslo their lives and a half dozen others were injured as the result of the explosion of a small bundle of fireworks in the storeroom of the Diamond Fireworks company, in Philadelphia. Harry Jacobs, Harry Brooker and John Bloom were drowned by the accidental capsizing of a boat in which they were making a fishing trip on the Illinois river, near Morris, III. The First national bank of Saratoga Springs, N. Y., was closed by direction of the comptroller of the currency. A run on the institution caused the failure. New York Central locomotive, No. 999. made famous as the first engine to run the Empire State express, and which was exhibited at the Chicago world's fair, is hauling a milk train in New York. John B. Stewart, 53 years of age, was shot and almost instantly killed by the husband of his step-daughter, Samuel Peck, 24 years of age, at their home in Collinwood, O., as the result of a family row. A small blaze which started in a jewelry store resulted in a general conflagration which destroyed the main portion of the town of Sisson, Cal. Loss, $300,000. George Rice, of Ohio, who for 30 years has been fighting the Standard Oil company, filed a suit in the New Jersey court under the federal anti-trust laws, seeking the dissolution of the combine as an illegal corporation. The decision of the supreme court in the Northern Securities case is relied upon in the prosecution. Railroads are preparing to make a campaign for a law legalizing pooling of traffic. Western roads are seeking a remedy for the alarming number of claims made for losses and damage on account of overs, shorts and bad orders in freight. Frank L. Stewart is held in New York on the charge of stealing $600 worth of jewelry from Henry B. Kingsley, of Rutland. Vt., who disappeared from that city last November. Customs officers in New York discovered a false bulkhead on the steamer Indrawadi, behind which was hidden $8,000 worth of smuggled goods. The coroner's jury, after investigation of the General Slocum disaster, returned a verdict declaring the immense loss of life due to misconduct on the part of the directing owners of the vessel, charging the captain and chief equipment officer with criminal responsibility, accusing the mate of cowardly conduct and censuring Government Inspector Lundberg. Warrants for the accused men were issued and several arrests made. Helen Keller, the deaf, dumb and blind young woman, received the degree of bachelor of arts, with high honors, at Radcliffe college. Rumor of finding the body of Assistant Secretary of State Loomis' brother near Cherbourg, France, is declared false, and a witness reiterates he saw Loomis land at Plymouth. Syracuse university won the eightoared race in the intercollegiate regatta at Poughkeepsie, with Cornell in second place. Wisconsin finished sixth and last. Charles A. Gutke, member of St. Louis house of delegates' combine, confessed details of boodle transactions. Casualties in various parts of the country cost 18 lives. A 14-year-old colored boy at Lexington, Ky., received 50 lashes in the public square by order of a police judge. Thousands rushed to enter homesteads on a 9,000,000 acre tract of government land in Nebraska. The National Educational association convened in St. Louis, with 30,000 in attendance. Shippers' associations have been organized to fight the "uniform bill of lading" and other disputes with railroads. The weather bureau has issued a report that the corn crop is practically made in many sections. As the result of a rowboat capsizing in the Allegheny river at Pittsburg, Henry Hillston and Earnest Halbey were drowned, and two companions had a narrow escape from a similar fate. Benjamin Rhodes and Wilson Reed, contractors of Springfield, III., were killed Tuesday while engaged in sinking a new shaft. The hook on the bucket in which they were being lowered into the shaft broke, letting them fall 90 feet. A heavy wind and hall storm at La Cross, Wis., wrecked a building at the interstate fair grounds and huge trees were uprooted. The damage to crops was heavy. An attempt was made to lynch Charles L Allison, a well-known citizen and Sunday school worker of South Haven, Mich, who was arrested on the charge of criminally assaulting four-year-old Mdith Secor.


Article from Evening Journal, August 2, 1904

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Stockholders to Pay Big Assessment. Saratoga, N. Y., Aug. 2.-The stockholders of the First National bank have consented to a 90 per cent assessment on the par value of the stock, payable Aug. 6. This was required by the comptroller of the currency in order to reopen the bank, which was recently closed to escape a run.


Article from The Barre Daily Times, August 3, 1904

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Stockholders to Pay Big Assessment. Saratogn, N. Y., Aug. 3.-The stockholders of the First National bank have consented to a 90 per cent assessment on the par value of the stock, payable Aug, 6. This was required by the comptroller of the currency in order to reopen the bank, which was recently closed to escape a run.


Article from The Providence News, August 18, 1904

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FIRST NATIONAL BANK OF SARATOGA AGAIN SOLVENT. Washington. Aug. 18.-The First National bank of Saratoga Springs, N. Y., placed in the hands of a receiver on June 27, 1904. has been restored to solvency and resumed business today as an active national banking association.


Article from Alexandria Gazette, August 18, 1904

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From Washington. [Cor:espondence of the Alexandria Gazette.] Washington, D. C., Aug. 18. The First National Bank of Saratoga, New York, which suspended payment and was placed in the hands of a receiver on June 27 has been restored to solvency and resumed business today as an active national banking association. Minister Griscom at Tokio, cables the State Department the official information that the Russian commander yesterday rejected Japanese summons to surrender Port Arthur and also the Japanese offer for the removal of noncombatants. The Panama National Assembly has prepared its diplomatic roll and fixed the salaries of the gentlemen who will carry on negotiations for the new republic with foreign nations. The envoy extraordinary to the United States is to receive $8,000 a year; the minister resident, $6,000; the charge d' affairs, $5,000; secretary of legation, $4,000; and so on down the list to the lowest notch, that of vice consul, who will receive $1,600 a year. Mrs. Mary C. Wise was today appointed postmaster at Springvale, Fairfax county, Va., vice George W. Wise, deceased. Large numbers of people left here today to witness the firemen's parade in Alexandria.


Article from Daily Kennebec Journal, August 19, 1904

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The First National Bank of Saratoga Springs, N. Y., which suspended payment and was placed in the hands of a receiver on June 27, 1904. has been restored to solvency and resumed business, Thursday, as an active national banking association.


Article from Waterbury Evening Democrat, August 19, 1904

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Saratoga Bank Reopens. SARATOGA, N. Y., Aug. 19.-The First National bank, which on June 27 was closed by order of the comptroller of the currency to avoid an anticipated run, has resumed business.


Article from The Bennington Evening Banner, August 19, 1904

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Saratoga Bank Reopens. SARATOGA, N. Y., Aug. 19.-The First National bank, which on June 27 was closed by order of the comptroller of the currency to avoid an anticipated run, has resumed business.