Citizens National Bank (Saratoga Springs, NY)

View Charter #2615 on SPMC View balance sheet

Episode Information

Episode UID
261501254
Episode Type
Run Only
Bank Type
national
Bank ID
26150 national
Charter Number
2615
Start Date
June 26, 1904
Location
Saratoga Springs, New York (43.083, -73.785)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f4cf6ee8fe39ba37

Response Measures

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

Events (3)
1. January 12, 1882 Chartered
Source
historical_nic
2. June 26, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals triggered by revelations of losses and alleged irregularities by cashier John H. DeRidder (losses ~ $30,000-$40,000) and his resignation.
Measures
Directors levied/voluntarily subscribed entire capital stock, surety company notified on cashier's bond, cashier resigned and funds recovered; public statements reassuring depositors.
Newspaper Excerpt
The Citizens' National bank, which suffered a heavy run yesterday, is declared to be sound
Source
newspapers
3. November 1, 1915 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (13)
1. June 27, 1904 The St. Louis Republic Saint Louis, MO
Article from The St. Louis Republic, June 27, 1904

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GENERAL DOMESTIC. The Republicans will make every effort to carry Nebraska in the presidential election, fearing that if the Democrats are successful they will send Bryan to the Senate. The National Prohibition Convention meets in Indianapolis Tuesday. Sentiment strongly favors the nomination of General Miles for the presidency. Prince George and Prince Conrad of Ba,varia arrive in Washington. To-day they will lunch with President Roosevelt, Republican aspirants for the presidency want Roosevelt to announce that he will not seek the office in 1908. Friends of former Mayor Reed of Kansas City decide to support Frank P. Walsh for National Democratic Committeeman from Missouri against any candidate Senator Stone may present. Joseph E. Hawley of Pennsylvania says that Mayor George B. McClellan of New York will be nominated by the Democratic National Convention. Small crowds jeer John Alexander Dowie in New York after his return from his tour of the world. The Weather Bureau of Kansas City announces that Tuesday night or Wednesday morning the Kaw River will reach its highest stage since the flood in 1903 Good crop news influences the stock market, and a more hopeful feeling exists in financial circles. The Citizens' National Bank of Saratoga, N. Y., is declared sound and able to withstand a depositors' run now being made.

2. 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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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.

3. June 27, 1904 Evening Times-Republican Marshalltown, IA
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.

4. June 27, 1904 The Fairmont West Virginian Fairmont, WV
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.

5. June 27, 1904 The Daily Tribune Florence, CO
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.

6. June 27, 1904 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 27, 1904

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Two Institutions Involved by a Cashier's Shortage. ONE IS CLOSED TODAY Attempt to Stop Run With Display of Money. Saratoga, N. Y., June 27.-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 the depositors $890,000. Run on Another Bank. The run on the Citizens National which began Saturday was continued today by small depositors. John H. De Ridder, cashier, who resigned on Thursday, and whose bad investments and alleged irregularities have, as officially declared today, caused losses to the bank of from $30,000 to $40,000, already has turned over $18,000 to the bank and also has disposed of his 240 shares of stock to a syndicate. Local stockholders have voluntarily paid 57 per cent of the 100 per cent assessed upon their holdings and the new bank management is confident the remaining 43 per cent will be paid in promptly.

7. June 28, 1904 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, June 28, 1904

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SARATOGA NATIONAL BANK IS CLOSED Former Cashier Has Disappeared and His Friends Express Much Concern. SARATOGA, N. Y., June 27.-The First National Bank of Saratoga was not opened for business to-day. 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. Friends of William Hay Bockes, lately cashier of the First National, are much concerned, as it is said they have not seen anything of him since last Saturday night. The run upon the Citizens' National Bank ceased this afternoon, the depositors being reassured.

8. June 28, 1904 Ottumwa Tri-Weekly Courier Ottumwa, IA
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. -

9. June 28, 1904 New-York Tribune New York, NY
Article from New-York Tribune, June 28, 1904

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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.

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

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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.

11. June 30, 1904 The Monticellonian Monticello, AR
Article from The Monticellonian, June 30, 1904

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OTHERWISE UNNOTICED Archbishop Guidi, apostolic delegate to the Philippines, died of heart failure in Manila. Small crowds greeted John Alexander Dowie in New York after his return from his tour of the world. Republican aspirants for the presidency want Roo-evelt to announce that he will not seek the office in 1908. Dowie, in a New York speech, asserted that King Edward is a wicked man, but said that he loved President Roosevelt. John T. Milbank, banker, of Chillicothe, Mo., played sleuth and caused arrest of an alleged pickpocket at St. Louis. The Citizens' national bank of Saratoga, N. Y., is declared sound and able to withstand a depositors' run now being made. The Texas' exhibit at the World's fair may be withdrawn because of a lack of funds with which to continue its maintenance. E.E. Murphy and John F. Donovan have been added to the list of reading clerks for the democratic national convention at St. Louis. The National prohibition convention meets in Indianapolis, Tuesday. Sentiment strongly favors the nomination of Gen. Miles for the presidency. A Chicago woman, driven to despair by the insanity of her husband, ill health and poverty, killed her three children and herself by asphyxiation. The weather bureau of Kansas City announces that, Tuesday night or Wednesday morning, the Kaw river will reach its highest stage since the flood in 1903. Teachers are arriving in St. Louis to attend the annual convention of the National Educational association, which will continue in session throughout the week. Lightning killed two persons at Argenta, Ark., and the heavy rains are damaging crops and delaying traffic in Kansas and Oklahoma. Kansas rivers are again flooded. Joseph E. Hawley, of Pernsylvania, is of the opinion that Mayor George B. McClellan of New York will be nominated by the Democratic national convention. The Russian minister of the interior declares that Finland was not to blame for assassination of Bobrikoff and wants closer ties between the two countries. After burying her husband, Senora Manuel Cervera, widow of the bullfighter killed by E. Carleton Bass, the American matador, has returned to St. Louis and set out to harass her husband's slayer. A coroner's jury returned a verdict of felonious homicide at an inquest over the body of Arthur Swift, shot and killed by Arthur Dorey at an amusement resort, in St. Louis, Saturday night. Dorey was held

12. July 15, 1904 The Pioneer Express Pembina, ND
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.

13. March 12, 1908 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 12, 1908

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FINANCIAL BILL HOTLY DENOUNCED Senator Clarke of Arkansas Hits Several Fierce Blows ALDRICH ATTEMPTS REPLY Investigation of Causes of the Panic Is Demanded by Senator Clarke, Who Also Denounces New York Stock Exchange. Washington, March 11.-Senator Clarke of Arkansas denounced the pending currency bill in a speech in the Senate today, declaring that no currency legislation should be enacted until an investigation is held as to the causes of the panic. "No such legislation is necessary now, said Mr. Clarke. "It is not only not necesI sary, but it may become dangerous. am not disposed to tolerate the idea of giving any support to the committee bill, nor the substitute proposed by the minority members of the Senate." If emergency currency is to be provided, Mr. Clarke said, the benefits should be extended all persons whose legitimate business demands cause them to need it. Mr. Clarke denounced the operations of stock exchanges and said the American people would not be satisfied with the proposed currency legislation without a complete knowledge of causes of the panic. "The time has arrived," he said, "when the affairs of the New .York stock exchange and other stock exchanges must be looked into." Mr. Clarke's reference to the stoppage of the payments by the New York banks called Mr. Aldrich to his feet with the remark that he did not believe the people would permit that course again to be pursued. "I trust the senator from Rhode Island as a historian," retorted Mr. Clarke, "but I do not trust him as a prophet." Mr. Clarke expressed the opinion that the majority would not pass the bill allowing the emergency circulation to be retired without limitation. Mr. Clarke said he would not only require a restriction of reserves, but he would deny to a national bank the right to pay interest on checking accounts. Senator Nelson suggested that the national banks should pay interest on the $250,000,000 of government deposits. Mr. Aldrich said that five years ago he had introduced a bill providing for the payment of interest on such deposits at the rate of 1 1/2 per cent, but, he added, senators had opposed that bill on the ground that it changed the nature of the loan. Former Senator Spooner and the late Senator Morgan, he said, opposed the bill. If that objection could be overcome he declared his willingness to again bring in such a measure. He did not know any reason unless it should be a legal one, of the kind suggested, why interest should not be charged on these deposits. Mr. Culberson, he said, had introduced a bill to require payment of interest on government deposits and it was now before the committee on finance. Mr. Bailey spoke at some length suggesting that the main purpose of his substitute was to favor the principle of government money instead of bank money He explained that he had provided for a distribution of the emergency currency in accordance with population, although he realized that business necessity was a greater measure of the amount they should have. But it was not possible to make sure of the business needs of the several sections and it was a simple matter to ascertain the population. An extended argument was made by Mr. Newlands of Nevada in favor of his view that the sending of a check from one state to another makes the business of banking interstate commerce.