16933. Citizens' National Bank (Saratoga, NY)

Bank Information

Episode Type
Run Only
Bank Type
national
Start Date
June 26, 1904
Location
Saratoga, New York (43.067, -73.617)

Metadata

Model
gpt-5-mini
Short Digest
5fc10fe3

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Other: Directors raised capital ($100,000) to shore up resources; First National suspended separately by Comptroller to avoid contagion.

Description

Multiple articles report a heavy run on the Citizens' National Bank beginning June 26, 1904; the Citizens' bank was declared sound and prepared to meet obligations and appears not to have suspended. A related institution, the First National Bank of Saratoga, was closed by the comptroller (suspended) on June 27 out of fear of a run triggered by the Citizens' run. Classification focuses on the Citizens' National Bank (the bank in question) which experienced a run but did not suspend.

Events (2)
1. June 26, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Losses by unfortunate investments and alleged irregularities of Cashier John H. DeRidder (resigned) estimated $30,000 to $40,000 prompted depositor withdrawals.
Measures
Directors of the Citizens' National raised $100,000 by voluntary subscription (reported July 1) to bolster resources.
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
2. June 27, 1904 Suspension
Cause
Local Banks
Cause Details
Directors requested closure because fear of contagion/run stemming from the ongoing run on the Citizens' National bank and insufficient funds to meet a potential run.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)
1. June 27, 1904 The Daily Morning Journal and Courier New Haven, CT
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.

2. June 27, 1904 Santa Fe New Mexican Santa Fe., Santa Fe, NM
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.

3. June 27, 1904 Perth Amboy Evening News Perth Amboy, NJ
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.

4. June 27, 1904 Las Vegas Daily Optic Las Vegas, NM
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.

5. June 27, 1904 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 27, 1904

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Article Text

Run on Saratoga Bank. 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.

6. June 27, 1904 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, June 27, 1904

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Article Text

A BANK IS CLOSED. A Considerable Financial Disturbance Exists at Saratoga. 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 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.

7. June 28, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, June 28, 1904

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Article Text

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. -

8. June 28, 1904 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, June 28, 1904

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Article Text

SARATOGA BANK CLOSED. Officers Frightened by Run on Another Institution. Saratoga, N. Y., June 28.-The First National bank of Saratoga has not opened for business. The following notice, signed by J. Van Vranken, note bank examiner, is posted on the door: "At the request of the directors and by order of the comptrollér of the currency this bank is closed." The run which began on the Citizen's National bank last Saturday led many to be dpprehensive of a financial raid by small depositors on the First National bank. The announcement last Saturday in the local newspapers that William H. Bockes, for many years cashier of the First National bank, had been superseded as cashier by ex-Village President Robert F. Milligan, led to many conjectures that added to the local excitement. One of the First National bank directors, on being interrogated in regard to the closing of that institution, said: "We felt that our bank would undoubtedly be compelled to meet a run, and we did not have money enough on hand to meet such a run as the Citizens' National is having now, and, not having sufficient time to procure the needed financial assistance to meet all demands that might be made, we requested the comptroller of the currency, through Bank Examiner Van Vranken, to close our bank and thus avoid the run. The deposits in our bank reach over $700,000. The suspension is but temporary, I hope." The run on the Citizens' National bank has ended.

9. June 28, 1904 The Salt Lake Herald Salt Lake City, UT
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.

10. July 2, 1904 Bisbee Daily Review Bisbee, AZ
Article from Bisbee Daily Review, July 2, 1904

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Article Text

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-