Inaugurated in 1901, the race is named for the village of Saranac in Clinton County, New York in the Adirondack Mountains. Due to a legislated ban on parimutuel betting, all New York State racetracks ceased operations in 1911 and 1912. Cancellation of the race occurred again from 1943 to 1947 as a result of World War II. When it returned in 1948, the race was shifted to the now defunct Jamaica Racetrack until 1956 when it was moved to Aqueduct Racetrack where it was held from 1957-1961, 1963-1967, 1972-1974, and in 1976.