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A Letter From Dan Strawn Regarding Closing of Bank
To the Depositors of The State National Bank: I feel it my duty to the depositors of The State National Bank of Idabel, Oklahoma, to make a statement to them. I have been reading statements from time to time in the McCurtain Gazette which are very misleading, and I can not conceive in whose mind such ideas originated, among such statements as the following, "that the directors and officers have been struggling for years to keep the bank open," and "that the depositors will not receive 10 per et. through a receivership." First: I will state that it has certainly been no trouble to keep the bank open. It is true that we have had losses in the bank. We have charged off in losses thousands of dollars since the slump in values of 1920. This same thing has happened in every bank as well as every business concern in the entire country. This bank had on deposit in 1925 over Six Hundred and Fifty Thousand dollars, with local loans of One Hundred Forty-Six Thousand Dollars soon thereafter a united slandering program was installed and believe that every man, woman and child in Idabel and possibly in Idabel trade territory has heard some foul mouthed, supposed to be citizen make degrotory remarks as to the stability of The State National Bank. I have been approached many times with evidence which I believe might have convicted, but I always felt that the public would give no credence whatever to remarks eminating from such degenerates. If you will only think for one minute you will remember having heard slanderous remarks about this institution for the past several years but when traced back was found to have been originated by some two or three persons, and I deem it unnecessary to call names as you all know who you have heard make such remarks, but I am forced to say that this talk has brought the lack of confidence which produced the run on the bank and closed it. I am going to state that I don't believe there is a bank in the state of Oklahoma that can keep its doors open with this same bunch on the streets daily pouring out their poison. No need for me to state that confidence is the greatest asset a bank has. Our confidence in the United States Government and its people is what makes Government bonds desirable. Since the requirements for opening the bank are such that we can not meet them, it has become necessary that the bank be liquidated by a receiver. A gentleman by the name of Mr. W. C. Jamison has been appointed receiver and here in charge working for the depositors. No one connected with the State National Bank in any way, or directors or officers believe any such bunk as was printed in the McCurtain Gaeztte as of May 3rd, that is, that the depositors would not receive more than 10 per cent of their money through a receivership. I will state that we believe you will receive in excess of 75 per cent through a receivership. I want to state since I have heard all kinds of talk on the streets, that the bank does not owe one dollar on its building and not one cent of taxes.
Before close this statement, let me say to you good people, the next time you hear these wolves talking about any bank, stop and call them down, we have a law for these fellows and it should be enforced. This talk has closed one bank at least if not more, in Idabel, and if continued can do no one good, it is destructive.
Your friend, D. B. STRAWN.
YOU will read in the Gazette today a statement from D. B. Strawn, President of the State National Bank, which we have no desire to criticise in the least, only in so far as the statement regarding the misstatements of the Gazette. We did not then, nor do we now, desire to mislead or harm any one. The Gazette did not say this bank would only pay 10 per cent. It did say it could be possible it would not pay over 10 per cent after all expenses of liquidation. This was based on past bank failures. The Gazette has had no desire to mislead any one or in any way harm this bank or any other bank. As to street talk, we know nothing about it. But you notice Mr. Strawn tells you some designing influence has been working for several years against his bank to destroy confidence. Then did the Gazette misrepresent it when it said the bank "had struggled against obstacles to keep open We hope the bank pays 100 per cent to every depositor.
