First National Bank of Saratoga

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Start Date: December 14, 1878
Location: Saratoga, New York (43.067, -73.617)

Metadata

Model: gpt-5-mini
Short Digest: 668f3e61

Response Measures

Full suspension

Description

Multiple articles (Dec 14-21, 1878) report a two-days' run on the First National Bank of Saratoga precipitated by losses/defalcation involving County Treasurer Wright; the bank then suspended. No article reports a reopening or final closure/receivership, so outcome is uncertain.

Events (2)

1. December 14, 1878 Run

Cause: Bank Specific Adverse Info
Cause Details: Run precipitated by (reported) defalcation and flight of County Treasurer Wright; rumors of losses from his defalcation triggered withdrawals.
Measures: Bank suspended operations following the run.
Newspaper Excerpt: The First National Bank of Saratoga, although it claims to be solvent, suspended after a two days' run on it, caused, it is said, by rumored losses by the defalcation and flight of County Treasurer Wright, with whom the bank had dealings.
Source: newspapers

2. December 14, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended following the run tied to reported defalcation by County Treasurer Wright.
Newspaper Excerpt: The First National Bank of Saratoga, N. Y., suspended.
Source: newspapers

Newspaper Articles (4)

1. December 14, 1878 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, December 14, 1878

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Article Text

CONDENSED TELEGRAMS. The first national bank of Saratoga, N. Y., suspended. The crisis in the Italian cabinet not yet settled. The ministry of new South Wales has resigned. Spain proposes retiring d number of 'my officers on half pay. John Ruskin, the artist, will decline reelection to the Ilade professorship of fine art in Oxford university. The pension. bill appropriates $29,366,000. Admiral Jaurez is appointed ambassador from France to Spain. Russia will leave 50,000 men in Bulgaria, and concentrate the remainder of its army at Adrianople until a definite treaty with Turkey is arranged. Lieut. James H. Holbert, U. S. A., and author of several beautiful poems, died last Sunday night at Freeport, Ills., in his thirty-ninth year, of consumption. DATE

2. December 15, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, December 15, 1878

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Article Text

Suspension of Saratora Banks. ALBANY. N. Y., Dec. 14.-The 1 First National Bank of Saratoga, although it claims to be solvent. suspended after a two days' run on it, caused, it is said, by rumored losses by the defalcation and flight of County Treasurer Wright, with whom the bank had dealings. The Commercial Bank, of the same place, has also suspended,

3. December 19, 1878 Weekly Chillicothe Crisis Chillicothe, MO

Article from Weekly Chillicothe Crisis, December 19, 1878

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Article Text

THE WOMAN WINS. A one hundred mile walking match for $400, between Miss Mary Marshall, of Chicago, and Dan Carroll, of Warren, Pa., was won by the former at Jamestown, N. Y., she being one lap ahead, having held that position since the fifty-third mile. A BIG BUSINESS. The records of the Toledo Produce Exchange show that during the past season just closed 225,000 barrels of flour, 11,000,000 bushels of wheat, 6,500,000 bushels of corn, and 245,000 bushels of oats were shipped from this port. PRIZE FIGHT. All the arrangements are made for a prize fight for the middle weight championship of America and a purse of $2,000. between McClellan and Donovan, the fight to take place January 23, at San Francisco. SARATOGA BEND. The First National bank of Saratoga suspended owing to a run growing out of the defalcation of County Treasurer Wright. A run was then precipitated on the Commercial bank, and its doors closed. DIPHTHERIA. Diphtheria in a very malignant form is prevailing in the vicinity of Springfield, III. Several fatal cases have been reported within the past twenty-four hours. IN THE ICEBERGS. A ship, supposed to belong to the Swedish polar expedition. was seen by whalers just returned from the arctic region, blocked in ice near East cape. PENSION FORGERY. John 0 "Connor, of Cincinnati, has been sentenced to prison for forging certain pension papers. He must pay the costs of prosecution. SITE SELECTED. The commission to select a site for the new Na servatory has reported in favor of Geo rgetown Heights.

4. December 21, 1878 Salt River Herald Phoenix, AZ

Article from Salt River Herald, December 21, 1878

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Article Text

LATE TELEGRAPHIC ITEMS, The Electoral bill passed the senate: ayes, 35; noes, 26. The condition of Gov. Hampton, of South Carolina, is very critical. The first National bank of Saratoga, N. Y., has suspended. A defalcation is the cause. It is stated that the Sioux Indians, under Sitting Bull, are making preperations for another outbreak. A Boston dispatch of the 13th says: The Denver & Rio Grande R. R. passed into the hands of the Atchison, Topeka & Santa Fe R. R. The Grand Duchess of Hesse Darmstadt, Princess Alice of England, died on the 14th inst, of diphtheria. The Grand Duchess was the third child, and second duughter of Queen Victoria. From Washington we learn that Liet house committee on appropriations have agreed to recommend an appropriation of $650,000 for the expense of a fast mail service. The committee also completed the Indian appropriation bill. It appropriated $700,000 less than the existing law. Dispatches from Missouri, Iowa and Kansas report the heaviest snow storm for years. Railroads are generally obstructed, and some of them are obliged to suspend running of trains. The Mississippi river at Rock Island is closed, and people cross on the ice. The Missouri river is fuli of floating ice, and its closing is looked for soon. $ The new bill for the re-organization of the army provides that General oflicers shall be reduced to six, namely: Two Major Generals and four Brigaf dier Generals for permenent organization, instead of eleven as at present -the reduction to take place by causualities. Also, that the present organ$ ization shall consist of not more than 25,000 men, exclusive of signal soldiers. At Washington, on the 14th inst, a bill of complaint was filed against the Texas Pacific Railroad Co., in the supreme court, by Pierre Fayolle and thirty-nine others, all citizens of France, except Mr. Hyde of Vermont, e in which, in behalf of themselves and r of other owners of land-grant bonds of the Memphis, El Paso, and the Pacific R. R. Company. They pray [that the Texas and Pacific Railroad Co, be t restrained from the transfer or sale of its stock or other property; and say they are interested to the amount of about $300,000, but have received no dividend or payment thereon.