18230. Bank of the Chickasaw Nation (Tishomingo, OK)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 26, 1903
Location
Tishomingo, Oklahoma (34.236, -96.679)

Metadata

Model
gpt-5-mini
Short Digest
58db08b6

Response Measures

Full suspension, Books examined

Other: Receiver appointed; safe timelock prevented immediate access; president absconded and safe found with only $50.

Description

Bank at Tishomingo closed its doors in late October 1903; depositors surrounded the building (run/withdrawal pressure), directors applied for a receiver and a receiver was appointed. Safe later opened showing only $50 and the president disappeared and was indicted—indicates permanent failure and receivership. Articles attribute cause to a Wall Street slump but also show evidence of internal theft by president.

Events (4)

1. October 26, 1903 Suspension
Cause
Macro News
Cause Details
Press reports state the slump in Wall Street is believed to have caused the bank to close / suspend operations; bank refused to open for business on Oct. 27 per reporting as well (closure announced Oct. 26–27).
Newspaper Excerpt
The bank of the Chickasaw Nation at Tishomingo ... closed its doors today.
Source
newspapers
2. October 27, 1903 Receivership
Newspaper Excerpt
application was made to Judge Townsend at Tishomingo for a receiver ... Judge Townsend appointed H. E. Foster of this city as receiver for the bank.
Source
newspapers
3. October 27, 1903 Run
Cause
Macro News
Cause Details
New-York Tribune reports the slump in Wall Street is believed to have caused the suspension and depositor agitation
Measures
Directors 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
4. November 4, 1903 Other
Newspaper Excerpt
Upon opening the safe ... receiver Foster found but $50, which was in silver. It is supposed that the president ... disappeared at the time of the failure, took the funds with him.
Source
newspapers

Newspaper Articles (16)

Article from The Saint Paul Globe, October 27, 1903

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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.


Article from New-York Tribune, October 28, 1903

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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.


Article from The Daily Ardmoreite, October 28, 1903

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Article Text

Bank Receiver Appointed. Yesterday application was made to Judge Townsend at Tishomingo for a receiver for the Bank of the Chickasaw Nation, and acting on the application Judge Townsend appointed H. E. Foster of this city as receiver for the bank. Mr. Foster will assume charge of the bank affairs at once and settle up all claims as fast as It is possible to do so.


Article from The Daily Ardmoreite, October 30, 1903

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Article Text

Receiver H. E. Foster, receiver for the Bank of the Chickasaw Nation, returned this afternoon from Tishomingo and stated that he was unable as yet to get into the safe of the Bank or the Chickasaw Nation, as the timelock was still on and the combination would be of no benefit until the time lock run down or quit running.


Article from The Wichita Daily Eagle, November 1, 1903

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Article Text

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.


Article from The Daily Ardmoreite, November 2, 1903

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Article Text

H. E. Foster, receiver for the bank of the Chickasaw Nation. returned to Tishomingo this afternoon and will renew the attempt to open the bank's time-lock safe.


Article from The Wichita Daily Eagle, November 5, 1903

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Article Text

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.


Article from The Indianapolis Journal, November 5, 1903

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Article Text

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.


Article from The Salt Lake Herald, November 5, 1903

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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.


Article from The Saint Paul Globe, November 5, 1903

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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.


Article from The Topeka State Journal, November 5, 1903

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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.


Article from Barton County Democrat, November 6, 1903

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Article Text

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.


Article from The Billings Gazette, November 6, 1903

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Article Text

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.


Article from The Guthrie Daily Leader, December 2, 1903

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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.


Article from The Daily Ardmoreite, March 20, 1904

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Chas. D. Wortham, Receiver. In the case of H. E. Foster, receiver for the Bank of the Chickasaw Nation vs. the Tishomingo Hotel company, which matter was referred to Judge Hinkle, master in chancery, to take testimony. Upon the recommendation of the master the court appointed a receiver for the hotel, naming C. D. Wortham of Ardmore.


Article from The Daily Ardmoreite, May 1, 1904

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RECEIVER FOSTER STILL BUSY. Wants All the Money Due Defunct Bank of Tishomingo. H. E. Foster. receiver for the Bank of the Chickasaw Nation, seems determined to get every cent of money due said bank if such a thing be possible. Yesterday two more suits are file with the clerk of the court against parties for overdrafts and notes. The first one was against W. A. McBride, H. Y. McBride and B. H, Colbert, which was for the collection of a note to the Bank of the Chickasaw Nation in the sum of 1,110.19, made payable to Kirby Purdum, pres. ident of the bank. The note matured November 14, 1903, bearing interest at 8 per cent. Plaintiff further alleges that defendant Colbert endorsed said note, that the note provided that the endorsers waived protest of same; that no part of said note had been paid and that there was now due on it. all told. $1.150. Plaintiff further alleges that on September 15, 1902, defendants W. A. and H. G. McBride, executed a note to Kirby Purdum, president of bank. for $1,221 for 90 days, the same being endorsed by B. H. Colbert, and note and interest now amounts to $1,307.40. The plaintiff further shows to the court that the same defendants did on September 15, 1902, execute another note for $1,047.35 for 90 days and with interest amounts to $1,121.55. H. E. Foster, receiver, vs. A. B. Bullard. Plaintiff alleges that on Oc. tober 24, 1903, defendant was indebted to the Bank of the Chickasaw Nation on an overdraft in the sum of $940.49 and with interest amounts to $988.09.