7877. Clarkston State Bank (Clarkston, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 29, 1913
Location
Clarkston, Michigan (42.736, -83.419)

Metadata

Model
gpt-5-mini
Short Digest
0453e00090993c45

Response Measures

None

Description

Articles report the Clarkston State Bank as 'wrecked' by pilfering/embezzlement by cashier Ralph E. Jossman and refer to the institution as defunct with a receiver (Receiver E. E. Webster). There is no mention of a depositor run or a temporary suspension/reopening — the bank was placed in receivership and dividends were paid, consistent with permanent closure due to bank-specific adverse information (embezzlement). Dates taken from article publication dates and in-text references.

Events (4)
1. August 29, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Embezzlement/pilfering by cashier Ralph E. Jossman (estimated over $100,000) and bad investments in Mexican land blamed for wrecking the bank.
Newspaper Excerpt
The Mexican war and the consequent depreciation in value of lands in which he had invested the bank's money, are blamed by Cashier Ralph E. Jossman, of the Clarkston State bank, for the wrecking of that institution. Jossman's pilferings from the bank are now estimated at more than $100,000.
Source
newspapers
2. October 10, 1913 Receivership
Newspaper Excerpt
A ten per cent dividend to the depositors will be declared by the receivers of the defunct Clarkston State bank, according to an announcement made by Receiver Webster. The payment will be made later in the fall.
Source
newspapers
3. February 26, 1914 Other
Newspaper Excerpt
Receiver E. E. Webster says it will be 20 per cent and amount to $44,000. The first dividend of the defunct Clarkston State bank, it is expected, will be declared before the last of the month.
Source
newspapers
4. October 7, 1915 Other
Newspaper Excerpt
Receivers of the defunct Clarkston bank have been awarded a verdict of $10,000 against Harrison Walters and Joseph Jossman, bondsmen, and Ralph Jossman, cashier.
Source
newspapers

Newspaper Articles (6)
1. August 29, 1913 The Detroit Times Detroit, MI
Article from The Detroit Times, August 29, 1913

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Article Text

BLAMES WAR FOR BANK FAILURE Cashier Jossman Says Hostilities Depreciated Value of His Mexican Investments PONTIAC, Mich., Aug. 29.-The Mexican war and the consequent depreciation in value of lands in which he had invested the bank's money, are blamed by Cashier Ralph E. Jossman, of the Clarkston State bank, for the wrecking of that institution. Jossman's pilferings from the bank are now estimated at more than $100,000. Joesman says he bought land in Mexico at $1 per acre and could have sold it for $5 had the country remained peaceful. Feling against Jossman is running high in Clarkston, and Sheriff Oliver has announced that all who are allowed to see him will be searched for weapons. The directors are still undecided as to what charge to make against him. Overdrafts on the bank totaling $20,000 are charged against Detroit people. Clyde Morrison, now in the real estate busines in Detroit, and formerly assistant cashier in the bank, had an overdraft of $7,400, which was secured in small sums of $50 to $100, according to Prosecutor Doty. The Deer Lake Inn Co., owned by Samuel Jossman, brother of the cashier and Messrs. Bell and Clark of Detroit, ha danoverdraft of $12,500. Two widows, depositors in the banks, lost their husband's life insurance, all the resources which they possesed, and many other people lost their entire savings in the crash.

2. October 10, 1913 The Detroit Times Detroit, MI
Article from The Detroit Times, October 10, 1913

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Article Text

# Michigan News Notes KALAMAZOO-John Hydorn, of this city, will be the first man admitted to the Kalamazoo State hospital to receive treatment for drunkenness. His admission to the state hospital for the disease permissible under a newly created state law. Hydorn will be taken to the asylum today where an effort will be made to cure him of the drink habit, termed by Dr. A. I. Noble of the asylum, as one of the greatest causes of insanity. PETOSKEY-Jake Zucher, a G. R. & I. brakeman, beat off two highway-men, who attempted to hold him up, by repeated blows with his unlighted switchman's lantern. PONTIAC-A ten per cent dividend to the depositors will be declared by the receivers of the defunct Clarkston State bank, according to an announcement made by Receiver Webster. The payment will be made later in the fall. The greater portion of outstanding notes held by the bank have been paid. BATTLE CREEK-Five hours be-

3. February 28, 1914 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, February 28, 1914

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Article Text

DIVIDEND WILL BE $44,000 Clarkston Bank Receiver Expects to Announce It in Few Days. Pontiac, Mich., Feb. 26.-The first dividend of the defunct Clarkston State bank, it is expected, will be declared before the last of the month. Receiver E. E. Webster says it will be 20 per cent and amount to $44,000.

4. March 7, 1914 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, March 7, 1914

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Article Text

# Dividend Will Be $44,000. PONTIAC, MICH. - The first dividend of the defunct Clarkston State bank, it is expected, will be declared before the last of the month. Receiver E. E. Webster says it will be 20 per cent and 'amount to $44,000.

5. October 7, 1915 The Yale Expositor Yale, MI
Article from The Yale Expositor, October 7, 1915

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Article Text

# MICHIGAN NEWS BRIEFS Michael Praila, a Grand Trunk brakeman, was crushed to death while coupling cars near Vickeryville. Gust Peterson, 20 years old, employed in a sawmill at South Leroy, fell on a big saw and his body was cut in two. Negotiations have been completed for the removal of the Standard Foundry Manufacturing Co. of Alma to Saginaw. W. J. Heacock, aged 18, Grand Trunk telegraph operator at Morice, was killed by a train while waiting for another to pass. The Ravenna Improvement association has been formed for the purpose of incorporating that village. C. E. Alberts is president. Mrs. Louis Rogers, aged 50, was burned to death in her home near empire when a gasoline stove exploded and destroyed the house. Contract for ornamental street lighting worth $10,000, to run 10 years, has been awarded Consumers' Power Co., by the Saginaw council. At a special meeting the school district at Clio voted to bond for $15,000 for extensive repairs and additions to the present school building. A church is soon to be erected in Albion by the Seventh Day Adventists, representatives of which are holding weekly evangelistic meetings in the G. A. R. hall. J. Frank Quinn, of the staff of the Grand Rapids association of commerce has been elected secretary of the newly organized chamber of commerce at St. Joseph. Receivers of the defunct Clarkston bank have been awarded a verdict of $10,000 against Harrison Walters and Joseph Jossman, bondsmen, and Ralph Jossman, cashier. Struck by a Grand Rapids & Indiana railway passenger train while walking north on the railroad tracks. Matthew Patterson, 58 years old, of Ada, was instantly killed Tuesday. Suit has been brought against the Tabernacle committee at Pontiac for the payment of claims for lumber used in the construction of a temporary building for revival services. While walking on the Michigan Central tracks near Parma, Mrs. William Campbell was struck by a fast passenger train and instantly killed. She was 55 years old and a husband and son survive her. An organization has been formed for the erection of a general hospital in Bay City. A campaign is to be started to raise a fund of $50,000 by popular subscription. Henry B. Smith is president; Homer E. Buck, vice-president; David Miller, treasurer, and A. H. Gansser, secretary. Hog cholera has been discovered in six herds in Bengal township, Clinton county. H. H. Halladay, president of the state live stock sanitary commission, has been in St. Johns investigating the cases. A number of hogs died during the last week. Farmers fear that the disease will spread. Erwin McConnell, 29 years old, at his father's farm in Lakefield, called Saginaw police department on the telephone and asked that his wife be sent to his father's home as "something was going to happen." He then blew his head off with a shotgun. He was dead when his wife arrived. Lafer Brothers, of Detroit, dealers in dairy products, have started suit in circuit court at Adrian for $25,000 against James Helme of Adrian, state dairy and food commissioner. The plaintiffs allege that Mr. Helme made improper charges against their methods of offering dairy goods for sale. Boy Scouts reduced loss from forest fires from $4,000,000 in 1911 to $23,000 in 1913, J. H. McGillivary, of the state game and forestry commission, told Huron county sportsmen at a conservation meeting at Sebewaing Tuesday evening. Value of birds as insect destroyers was also discussed. Mrs. Lucy L. Kaiser, 90 years old, died at Traverse City, Friday. At the outbreak of the civil war she offered her services as nurse and served nearly four years. She nursed the wounded at Shilon, the siege of Vicksburg and many other great battles, and was personally acquainted with General Grant. Fred Elliott, of Hickory Corners, a prominent road builder of Barry county, has started throughout the townships a movement which will result in requesting the supervisors at their coming session to submit to the voters at the spring election the proposition of placing the county under the county roads system. A cablegram received at Albion Saturday stated that Rev. Dennis Clancy, aged 51 years, died near Roorkee, India, September 28. Rev. Clancy, who was the son of Rey Jacob Clancy of

6. October 14, 1915 The Yale Expositor Yale, MI
Article from The Yale Expositor, October 14, 1915

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Article Text

MICHIGAN NEWS BRIEFS Jewish residents of Port Huron have raised a large sum of money to help Jews of Europe made homeless by the war. The body of a woman, believed to be from the steamer Price, which went down November 9, 1913, was found on the beach near Lexington. Hillsdale college is making preparation for a triangular debate with Hope and Kalamazoo, a debate with Albion and debate with Ypsilanti. Dr. James A. Humphreys, of Lansing has been convited of violating the local option law by giving prescriptions for liquor not for medical use. Farmington will spend $12,000 for a new school. This was decided, 63 to 6, at an election Monday. The building is expected to be completed by February 1. Edwin P. Lavin, formerly of Grand Rapids, was killed by a train near Bridgeman. It is supposed the victim was riding the "blind baggage" and fell off. The county road commissioners will recommend to the board of supervisors at the October session that bonds be issued for the building of good roads. J. Frank Quinn, of the staff of the Grand Rapids association of commerce has been elected secretary of the newly organized chamber of commerce at St. Joseph. Receivers of the defunct Clarkston bank have been awarded a verdict of $10,000 against Harrison Walters and Joseph Jossman, bondsmen, and Ralph Jossman, cashier. Bonds of $25,000 were voted for a new high school building at Rochester Friday night; 82 votes were cast, of which 80 were "yes" and 2 blank. It is expected to lay the foundation before winter sets in. The Saranac postoffice was robbed Thursday night and nearly $500 in money and stamps taken. Neighbors heard two explosions but thought they were automobile tires. Tools were used from a nearby blacksmith shop. Ewen C. Nichols, formerly of the staff of a Port Huron newspaper, has enlisted with the Canadian contingent and started for the front. His wife, a Port Huron girl, will remain with relatives here while Nichols is on the firing line. While driving a rock well on the farm of William Moss in Essex township, Clinton county, workmen discovered a six-foot vein of coal. The coal is down 220 feet and is covered with 75 feet of shale. Plans are being made for developing the coal. An organization has been formed for the erection of a general hospital in Bay City. A campaign is to be started to raise a fund of $50,000 by popular subscription. Henry B. Smith is president; Homer E. Buck, vicepresident; David Miller, treasurer, and A. H. Gansser, secretary. Lafer Brothers, of Detroit, dealers in dairy products, have started suit in circuit court at Adrian for $25,000 against James Helme of Adrian, state dairy and food commissioner. The plaintiffs allege that Mr. Helme made improper charges against their methods of offering dairy goods for sale. The spread of hog cholera in Clinton county is causing considerable alarm among the farmers. As a pre. cautionary measure, George W. Dunphy, state veterinarian, has ordered a quarantine placed on all dogs in two townships. The official believes that the dogs are spreading the disease. Representatives of a hundred banks in group four of the Michigan Bankers' association were addressed at Grand Haven Wednesday by President W. C. Morrill, of Big Rapids. Day spent in outdoor sports, yacht cruises and luncheons. A banquet and a business session were held in the evening. Mrs. Lucy L. Kaiser, 90 years old, died at Traverse City, Friday. At the outbreak of the civil war she offered her services as nurse and served nearly four years. She nursed the wounded at Shilon, the siege of Vicksburg and many other great battles, and was personally acquainted with General Grant. Vice-President Kelley, of the Grand Trunk railway Friday inspected property at Port Huron recently acquired by the railroad on which to build freight and passenger car repair shops. He told the business men who accompanied him that $200,000 would be spent at Port Huron and the work would start at once. A plan to create a number of scholarships for M. A. C. has been promulgated by the Shiawassee county giange as a part of its plan to stimuin agricult education