Depositors gathered outside (a run) when the bank failed to open late Oct 1903. Directors applied for a receiver; safe later opened nearly empty and president Kirby Purdom disappeared and was indicted — the bank was placed in receivership and did not resume normal operations (assets sold by receiver in 1908). Initial contemporaneous reports blamed a Wall Street slump for the panic, but subsequent revelations indicate bank-specific malfeasance/insolvency.
Events (4)
1.October 27, 1903Run
Cause
Macro News
Cause Details
Contemporaneous reports attributed heavy withdrawals and failure to open to a slump in Wall Street that prompted depositors to surround the bank
Measures
Directors and stockholders decided to apply for appointment of a receiver; bank did not open for business
Newspaper Excerpt
The depositors surrounded the building until the decision of the stockholders to ask for a Receiver was announced
Source
newspapers
2.October 27, 1903Suspension
Cause
Bank Specific Adverse Info
Cause Details
After closure it was discovered the safe contained only $50; the president disappeared and was later indicted, indicating embezzlement/insolvency led to suspension and receivership
Newspaper Excerpt
The Bank of Chickasaw Nation ... failed to open its doors for business this morning. The officers and stockholders decided to apply to Judge Townsend ... for the appointment of a receiver.
Source
newspapers
3.November 1, 1903Receivership
Newspaper Excerpt
An attempt was made today by the receiver, H. E. Foster, to get into the safe of the bank, but the timelock was set. ... Receiver Foster found but fifty dollars which was in silver. It is supposed that the president ... took the funds with him. Receiver V. E. Foster and his assistants are still at work with the affairs of the defunct bank.
Source
newspapers
4.April 25, 1908Other
Newspaper Excerpt
I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
Source
newspapers
Newspaper Articles (16)
1.October 27, 1903The Saint Paul GlobeSaint Paul, MN
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Article Text
WAIFS OF THE WIRES. NEW YORK, Oct. 26.-The first snow of the season fell in New York, New England and Pennsylvania today. ST. LOUIS, Mo., Oct. 26.-The second annual national encampment of the Servvicemen of the Spanish War began here today and will conclude tomorrow. PERRYVILLE, Ky., Oct. 26.-Robbers ransacked the home of Robert Robinson, a wealthy farmer, near here last night and administered poison to Robinson and his wife. Mrs. Robinson will die, but her husband may recover. ST. LOUIS, Mo., Oct. 26.-The will of the late Archbishop John J. Kain was filed for probate today. It provides that all of the late archbishop's property, both of a personal and real character, shall be turned over to the diocese. ARDMORE, I. T., Oct. 26.-The bank of the Chickasaw Nation at Tishomingo, the designated depository of the Chickasaw Nation, closed its doors today. The capital stock was $50,000. A receiver will be asked for. It is stated that depositors will be paid within thirty days. TOPEKA, Kan., Oct. 26.-The police have been busy in Topeka in the past twenty-four hours. Sixty-five arrests have been made since Saturday. This includes burglars, drunkards and "jointists." The police expect to convict the proprietors of saloons which were raided law. Sunday under the anti-Sabbath tippling HONOLULU, Oct. 26.-The second and last missing boat of the French bark Constable de Richemont was picked up today by an interisland steamer. It contained the boatswain and seven of the crew of the lost vessel. All were alive, though in a starving condition, having been almost entirely without food since their separation from the other boat of survivors on Oct. 14. WASHINGTON, D. C., Oct. 26.-The United States supreme court today ordered a reargument in the case of the United States vs. the California and Oregon Land company, involving the land granted to the state of Oregon in 1864 to aid in the construction of a wagon road from Eugene City across the Cascade mountains to the eastern boundary of the state. The case has been argued twice in the supreme court.
2.October 28, 1903New-York TribuneNew York, NY
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Article Text
CHICKASAW BANK FAILS. The Slump in Wall Street Said to Have Caused the Closing. IBT TELEGRAPH TO THE TRIBUNE.) Guthrie, Okla., Oct. 27.-The Bank of Chickasaw Nation, at Tishomingo, capital $50,000. failed to open its doors for business this morning. The officers and stockholders decided to apply to Judge Townsend at Tishomingo for the appointment of a receiver. The depositors surrounded the building until the decision of the stockholders to ask for a Teceiver was announced The bank was the official depository of the Chickasaw Nation. and several Chickasaws were among the directors. Governor P. S. Mosley and Marshal "Ben" H. Colbert were also directors. The directors say they expect to be able to pay all deposits within the next thirty days. The slump in Wall Street, it is believed, caused the suspension of the bank.
TIME-LOCK WAS SET. I Sensational Developments Expected From Tishominge. Guthrie, O. T., Oct. 31.-A dispatch from Ardmore says sensational developments are expected within the next fortyeight hours in connection with the failure of the Bank of the Chickasaw Nation at Tishomingo, which closed its doors on Monday. Kirby Purdom, president of the institution. has been missing from town since Tuesday. An attempt was made today by the receiver, H. E. Foster, to get into the safe of the bank, but the timelock was set. The safe is supposed to contain quite an amount of money. It has developed that the bank received money last Saturday, but for some reason could not cash checks on that day against its deposits. Ardmore parties lost quite a sum of money, having made deposits Saturday. One of the directors of the bank, B. H. Colbert, is reported to have borrowed a large amount. Colbert is United States marshal of this district. Until Receiver Foster reports the extent of the failure cannot be ascertained, but it is known that it will be heavy. Some of the most prominent Chickasaw Indian officials were connected with the institution and are heavy loosers.
BUT FIFTY DOLLARS. It Is Supposed the President Took Funds With Him. Oklahoma City, O...T., Nov. 4.-Upon opening the safe of the bank of Chickasaw Nation at Tishominga, which closed its doors last week, receiver Foster found but fifty dollars which was in silver. It is supposed that the president, Kirby Purdom, whi disappeared at the time of the failure, took the funds with him. The bank was the official dépository of the Chickasaw nation and had a capital stock of $50,000, with large private deposits. Governor Moseley is one of Lile directors.
5.November 5, 1903The Indianapolis JournalIndianapolis, IN
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Bank Safe Looted. OKLAHOMA CITY, O. T., Nov. 4.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president, Kirby Putidom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw nation and had a capital stock of $50,000, with large private deposits. Governor Moseley is one of the directors.
6.November 5, 1903The Salt Lake HeraldSalt Lake City, UT
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Article Text
LITTLE MONEY LEFT FOR THE DEPOSITORS Oklahoma City, Okla., Nov. 4.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is supposed that President Kirby Pardom, who disappeared. at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw nation and had a capital stock of $50,000, with large private deposits. Governor Moseley is one of the directors.
7.November 5, 1903The Saint Paul GlobeSaint Paul, MN
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Article Text
LEAVES BUT FIFTY DOLLARS IN SILVER President of Chickasaw Nation Bank Disappears With All Funds. OKLAHOMA CITY, Okla., Nov. 4.Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president, Kirby Putidom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw Nation and had a capital stock of $50,000, with large private deposits. Gov. Moseley is one of the directors of the bank.
8.November 5, 1903The Topeka State JournalTopeka, KS
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Article Text
Only $50 in Bank Safe. Oklahoma City, Ok., Nov. 5.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50 which was in silver. It is supposed that the president, Kirby Purdom, who disappeared at the time of the failure, took the funds with him. The bank was the official depository of the Chickasaw nation and had a capital stock of $50,000 with large private deposits. Governor Moseley is one of the directors.
9.November 6, 1903Barton County DemocratGreat Bend, KS
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Bank President Missing. Ardmore, I. T., Nov. 1.-Sensational developments are expected within the next 48 hours in connection with the failure of the bank of the Chickasha nation at Tishomingo, which closed its doors Monday. Kirby Purdom, the president of the institution, has been missing from town since Tuesday. An attempt was made by the receiver yesterday, H. E. Foster, to get into the safe of the bank, but the time lock was set. The safe is supposed to contain quite an amount of money.
Bank President Took the Funds. Oklahoma City, Okla., Nov. 5.-Upon opening the safe of the Bank of Chickasaw Nation at Tishomingo, which closed its doors last week, Receiver Foster found but $50, which was in silver. It is alleged that the president. Kirby Putidom, who disappeared at the time of the failure, took the funds with him.
11.November 17, 1903The Daily ArdmoreiteArdmore, OK
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ABOUT PRIVATE BANKS. Legislation for Protection Needed. Tishomingo Bank an Instance. The failure of the Bank of the Chickasaw Nation at Tishomingo and the disappearance of its cashier, Kirby Purdom, has drawn attention to the inadequate laws for the protection of depositors in private banks in Indian Territory. There is no provision whatever for the examination of private banks in the Indian Territory. They may advertise $100,000 capital without stating whether there has been a cent subscribed or actually paid in. They may operate under the same charter a bank and a sawmill. They may invest their money in lands or leases or any other way their directors may see fit. They do not have to issue statements, and when one is made voluntarily it does not have to be sworn to. In fact, a private bank in the Indian Territory may be run like a country grocery store, in so far the right of the public to pry into its inner workings is concerned. At the Bankers' Association, congress was asked to extend the Oklahoma banking laws over the Indian Territory, so that the interests of the people might be guarded. If congress can't see its way clear to grant any of the other things craved for the protection of the savings of the people.
12.December 2, 1903The Guthrie Daily LeaderGuthrie, OK
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BANK PRESIDENT INDICTED. A Reward of $1,000 Offered for His Apprehension. Ardmore, 1. T., Dec. 2.-It is reported here today that the Uni ed States grand jury has indicted Kirby Purdom the defaulting president of the bank of the Chickasaw nation, who left Tishomingo the day after the bank closed its doors. The direc ors of the institution have offered a reward of $1,000 for his apprehension. All efforts to locate him have proved futile, although a good description of Purdom together with his picture, have been sent broadcast I: was announced the day after the bank failed that deposi tors would be paid within thirty days but it is now believed that depositors will realize lit le, if anything. Re ceiver V. E. Foster and his assistants are still at work with the affairs of the defunct bank. The books were in such a tangled condition that they could gain but li tle from them, and it became necessary to secure the deposit books and certificates of deposi of the depositors for use in the work The receiver refuses to make any statement regarding the ins itution's affairs, and says nothing will be given out until he makes his report to the court, which he hopes to be able to make about December 10.
13.December 22, 1903The Daily ArdmoreiteArdmore, OK
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The Tishomingo Bank. Receiver H. E. Foster sold the fixtures of the defunct Bank of the Chickasaw Nation yesterday. The hignest bidder was C. B. Burrows of Wyoming. The fixtures were appraised at $4,500 and sold for $2,500. Mr. Burrows will open up in the same building a national bank capitalized at $50,000.
14.April 2, 1908The Daily ArdmoreiteArdmore, OK
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Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
15.April 6, 1908The Daily ArdmoreiteArdmore, OK
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Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
16.April 9, 1908The Daily ArdmoreiteArdmore, OK
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Notice. Notice is hereby given that in the Town of Tishomingo on the 25th day of April, 1908, I will proceed to sell the entire assets of the Bank of the Chickasaw Nation. For particulars address me at Ardmore, Oklahoma. H. E. FOSTER, Receiver. 24-1m
