8960. 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
f63a360c

Response Measures

None

Description

No run described. Articles report the bank was wrecked by cashier Ralph E. Jossman's pilferings (embezzlement), a receiver was appointed and dividends were declared — indicating permanent failure and receivership rather than reopening.

Events (3)
1. August 29, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Ralph E. Jossman's embezzlement/pilfering estimated at over $100,000 that wrecked 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. The greater portion of outstanding notes held by the bank have been paid.
Source
newspapers
3. February 26, 1914 Receivership
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (4)
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.