Chelsea Savings Bank (Chelsea, MI)

Episode Information

Episode UID
4332717191296
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
433271719 hash
Start Date
December 2, 1907
Location
Chelsea, Michigan (42.318, -84.021)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a34a7b6ae75840f

Response Measures

None

Description

Closed by the State Banking Commissioner to avert a threatened run after president Frank P. Glazier's failure; a receiver was appointed and dividends were later paid.

Events (3)
1. December 2, 1907 Suspension
Cause
Government Action
Cause Details
State Banking Commissioner Zimmerman ordered the bank not to open to avoid a threatened run following the financial failure of its president, State Treasurer Frank P. Glazier, and large state deposits in the bank.
Newspaper Excerpt
the Chelsea Savings bank ... will not open today. The bank is closed to avoid a threatened run.
Source
newspapers
2. December 3, 1907 Receivership
Newspaper Excerpt
A receiver closed his bank ... A receiver will likely be asked today to take charge of the Glazier Stove company, the Chelsea Grain & Produce company, and all the various industries and properties in which he was the guiding spirit.
Source
newspapers
3. April 1, 1910 Other
Newspaper Excerpt
Bank Creditors to Receive Dividend. ... This amount will be distributed among the creditors of the institution. The state will receive $42,068.20 as its share. This is the fourth dividend paid since the failure of the bank.
Source
newspapers

Newspaper Articles (20)
1. December 3, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 3, 1907

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Article Text

Bink Closed. Detroit, Mich., Dec. 3 -State Banking Commissioner Zimmerman announ ces that the Chelsea, Michigan, savings bank of which State Treasurer Frank P. Glazier is president and which has $684,000 of State funds on deposit, will not open today. The bank is closed to avoid a threatened run. Banks of this city are carrying $668, 000 of the| paper of State Treasurer P. Glszier and his interests, who, it is acnounced, has failed and is involved for nearly $1,000,000. The local banks, however, hold some collateral for the loans and thier loss will not effect the 8 ability of the banks.

2. December 3, 1907 The Lake County Times Hammond, IN
Article from The Lake County Times, December 3, 1907

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Article Text

GLAZIER A BANKRUPT Creator of Chelsea Fails for $1,000,000-Founder of Utopia. Detroit, Mich., Dec. 3.-Michigan's Utopia, Chelsea, has gone to grief. Frank P. Glazier, its creator and a candidate for governor of the state, is a bankrupt. Glazier failed yesterday for at least $1,000,000. Those who have inside information fear the liabilities will run to a much larger sum. The amount of his assets is not known. Those who are hopeful believe his estate will pay 25 cents on the dollar. Besides being a bankrupt, Glazier faces possible arrest and prosecution. He was state treasurer as well as the moving spirit of Chelsea. In one of his institutions, the Chelsea Savings Bank, he had $680,000 of the state's money. If it is found that he used any of that money in his private schemes he will surely be prosecuted. Glazier himself is at his home in Chelsea, sick in bed. The shock of his failure may cost him his life. He didn't believe he could fail, and, figuring out paper profits on his many ventures, considered himself a very wealthy man. His creditors, who meet here today, caused him to suspend. He blames them. If they had trusted him, he says he would have come through the trouble all right. Spends Lavishly to the Last. And while others have known for weeks or months that Glazier was virtually a bankrupt, he continued to play the millionaire-even the multi-milliontire-to the last. He built libraries, homes for the aged, gave to the poor, projected schemes for his own private enjoyment, as though he were dipping money from a golden stream that could never run dry. And when his friends remonstrated with him for his extravagance, his recklessness of expenditure, he showed them a fortune-on paperthat rivaled those of Rockefeller and Harriman. The pitiful thing of the whole business was that he thought he had it. Now all his visions are as dust. A receiver closed his bank, and a state examiner is trying to discover evidence to send Galzier to prison. Receivers will likely be asked today to take charge of the Glazier Stove company, the Chelsea Grain & Produce company, and all the various industries and properties in which he was the guiding spirit.

3. December 3, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 3, 1907

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State Treasurer of Michig Caught in a Million Dollar Financial Crash HIS BANKS CLOSED FOR SAFE Feared That He Used Public For His Private Speculations-Pro ecution May Follow-Wealth Frank P. Glazier Into Politics-Sta Funds in Peril. Detroit, Mich., Dec. 3.-It was nounced yesterday that State Trea urer Frank P. Glazier, president the Glazier Stove company, the sea Savings bank. and the Chels Grain and Produce company, all Chelsea, Mich., had failed. His liabilities are $1,000,000. It not yet known what the assets but Detroit bankers said they much less than the liabilities. creditors probably will realize 25 on the dollar. In order to prevent a run on bank today, State Banking Commi sioner Zimmerman announced that

4. December 4, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, December 4, 1907

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Article Text

BANK NOT OPENED. This Step Was Taken In Order to Protect Depositors. Detroit, Dec. 3.-In order to avoid a threatened run on the bank Monday and afford all depositors and give creditors an equal chance in the settlement of the bank's affairs, State Banking Commissioner Zimmerman announced that the Chelsea Savings bank of Chelsea, Mich, would not open for business Tuesday. The president of the bank is state treasurer Frank P. Glazier who has deposited in the bank approximately $484,000 of the funds of the state is protected by the state treasurer's bonks of $150,000 and the bank's funds of $200,000, so that the state would not suffer any loss unless aset of the bank should fail to pay 50 ceats on the dollar, which is considered altogether improbable. The bank is capitalized for $100,000 and has a surplus of about $100,000. Mr. Glazier is reported to be sick at his home in Chelsea and was not presont at the conferedence.

5. December 4, 1907 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, December 4, 1907

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Article Text

STATE TREASURER OF MICHIGAN OWES MILLION. His Savings Bank, With $684,000 of State Funds on Deposit, Closed to Detroit, Dec. 4.-State Banking Commissioner Zimmerman announces that the Chelsea (Mich.) Savings, bank, of which State Treasurer Frank P. Glazier is president, and which has $684,000 of state funds on deposit, will not open to. day, and will be taken in charge by the banking commissioner. The bank was elosed to avoid a threatened run. Glazier is also president of the Chelsea Stove company, for which a receiver will be appointed. It is estimated his assets will not cover one fourth of the alleged $1,000,000 liabilities. The stove company is capitalized at $600,000 and the bank at $100,000. Many protests have been made by other bankers at the course Glazier was pursuing in depositing the state's moneys. Glazier maintains that the money is safe. Glazier gave a bond of $150,000 as state treasurer, and the Chelsea bank, also is under bond to the state for $200,000. Glazier was one of the leading candidates for the coming gubernatorial election. Gov. Warner says: "It seems probable the difference between the amount of Mr. Glazier's bonds and the amount of state funds on deposit will be more than made up by the amount the state will be entitled to receive on liquidation of we bank."

6. December 6, 1907 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, December 6, 1907

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Article Text

A SAVINGS BANK IN TROUBLE AN INSTITUTION AT CHELSEA, MICH., IS CLOSED. It was a Depository for $684,000 of Michigan's Money and Its Presiident Is State Treasurer. Detroit, Mich.-In order to avoid a threatened run on the bank and to afford all depositors and creditors an equal chance in the settlement of the bank's affairs, State Banking Commissioner Zimmerman on Monday announced that the Chelsea Savings bank would not open for business today. The president of the bank is State Treasurer Frank P. Glazier, who has deposited in the bank approximately $684,000 of the funds of the state of Michigan. Attorney General Bird said last night that the state is protected by the state treasurer's bond of $150,000 and the bank's bond of $200,000, so that the state would not suffer any loss unless the assets of the bank should fail to pay 50 cents on the dollar, which is considered improbable. The announcement that the bank would not open to-day came at the close of a conference here late Monday between Gov. Warner, Banking Commissioner Zimmerman, Attorney General Bird and representatives of five Detroit banking concerns, the People's State savings bank, the Old Detroit national, the First national, the Citizens' Savings bank and the Union Trust Co. The banking commissioner has been closely scrutinizing the affairs of the Chelsea Savings bank for some time in connection with the private business of State Treasurer Glazier and that of the Glazier Stove Co., of Chelsea. The impression was held that if Mr. Glazier could pull these latter interests through the bank would not necessarily fall into difficulty. The five banks above mentioned, however, in the conference decided to petition for a receiver for the Glazier Stove Co. in order to protect $600,000 of paper which they are reported to have been carrying for Mr. Glazier and the Stove company. This action on the part of the banks it was thought would cause a run on Mr. Glazier's bank and the closing of the bank was decided upon by Commissioner Zimmerman in order to protect all interests alike. The bank is capitalized for $100,000, and has a surplus of about $100,000. Mr. Glazier is reported to be sick at his home in Chelsea.

7. December 7, 1907 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, December 7, 1907

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SAVINGS BANK CLOSED State Treasurer Is President and Michigan Has $684,000 on Deposit Therein. ACTION TAKEN TO AVERT A RUN Detroit Banks Interested in the Out. come-Other News of Interest Concerning Affairs in Michigan. Detroit, Dec. 3.-In order to avoid a threatened run on the bank, and to at. ford all depositors and creditors an equal chance in the settlement of the bank's affairs. State Banking Commissioner Zimmerman has announced that the Chelsea Savings bank will not open for business. The president of the bank is State Treasurer Frank P. Glazier, who has deposited in the bank approximately $684,000 of the funds of the state of Michigan. Attorney General Bird said that the state is protected by the state treasurer's bond of $150,000 and the bank's bond of $200,000, so that the state would not suffer any loss unless the assets of the bank should fail to pay 50 cents on the dollar, which is considered altogether improbable. Detroit Bankers Are Interested. The announcement that the bank would not open came at the close of a conference here between Governor Warner, Banking Commissioner Zimmerman, Attorney General Bird and representatives of the State Bank of Michigan, of Grand Rapids, Mich., and of five Detroit banks - the People's State Savings bank. the Old Detroit National, the First National, the Citizens' Savings bank, and the Union Trust company. It is stated that the banking commissioner has been closely scrutinizing the affairs of the Chelsea Savings bank for some time, in connection with the private business of State Treasurer Glazier and that of the Glazier Stove company, of Chelsea. The impression was held that If Glazier could pull these latter interests through the bank would not necessarlly fall into difficulties. Safest Plan Was to Close. The banks above mentioned, however, at the conference announced a decision to petition for a receiver for the Glazier Stove company in order to protect approximately $600, 000 of paper which they are reported to have been carrying for Glazier and the stove company. This action on the part of the banks, it was thought, would cause a run on Glazier's bank, and the closing of the bank was decided upon

8. December 12, 1907 The Greenville Journal Greenville, OH
Article from The Greenville Journal, December 12, 1907

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MICHIGAN BANK IS CLOSED. State Treasurer Glazier's Institution at Chelsea in Trouble. Detroit, Mich.-In order to avoid a threatened run on the bank Tuesday and to afford all depositors and creditors an equal chance in the settlement of "the bank's affairs, State Banking Commissioner Zimmerman Monday announced that the Chelsea Savings bank would not open for business Tuesday. The president of the bank is State Treasurer Frank P. Glazier, who has deposited in the bank approximately $684,000 of the funds of the state of Michigan. Attorney General Bird said Monday night that the state is protected by the state treasurer's bond of $150,000, so that the state would not suffer any loss unless the assets of the bank should fail to pay 50 cents on the dollar, which is considered altogether improbable.

9. January 2, 1908 Audubon Republican Audubon, IA
Article from Audubon Republican, January 2, 1908

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FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 4-First National bank of Scotland, S. D., close by bank examiner. 8-F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, : Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 2-First National bank of Hicksville, O., closed by comptroller of currency. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. 14-Rece vers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 10-H. D. Reynolds' bank of Valdez, Alaska, closed doors. 15-First National bank of Dresden, O., failed. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18 -Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 77-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass, in hands of receiver.

10. January 2, 1908 Belding Banner Belding, MI
Article from Belding Banner, January 2, 1908

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MICHIGAN ITEMS. Isaac and David Levine, two Sault Ste. Marie junk dealers, are under arrest charged with trying to bribe Prosecuting Attorney Holden. The Ann Arbor police rounded up a gang of 17 vags and fed them Christmas dinner in jail, so that the town was practically cleaned up. Thursday morning they got from 1 to 10 days in jail. Because they did not construct the road according to the specifications of the state highway commission, Bay county will not receive the $2,000 bounty it would have received for the work. Joseph Narrowitz, of Muskegon, arrested while digging a grave for himself beside that of his wife, was released. He went back and started another, and will be sent to the Traverse City asylum. As the result of eating infected meat an entire family of six persons, living in Detroit, are suffering from trichina poisoning. Three have required treatment in Grace hospital and one is still in a critical condition. While playing with a rifle, Weston Binder, aged 8, of Rockford, shot his 10-year-old brother William, the bullet entering the left side and coming out the back. The latter walked half a mile to a doctor and will recover. Mrs. Zella C. Rappleye has brought suit for $5,000 against the L. S. & M. S. She sets forth that she went to Dundee on a trip, and while waiting in the station caught cold which made her deaf. She says the station was dark and cold. Isaac Haring, who served throughout the civil war and who was a conspicuous mark for the bullets of sharpshooters because of his great hight, died in Gladstone last week. He was eight feet high, the tallest man in the upper peninsula of Michigan. After celebrating the Christmas at her daughter's in Saginaw, Mrs. Fred. Moore died of heart failure. Mrs. Moore and her husband went home in the evening, and about midnight she was seized with heart disease, dying before a physician could be summoned. Receiver Wedemeyer, of the Chelsea Savings bank, is apparently afraid of a rush on the bank when he opens its doors January 2, for he has issued a statement that the claims of depositors will be honored if filed any time within three months after the opening of the bank. John Orcut, who was granted a divorce last week, by Judge Chester, was married Tuesday evening to Mrs. Ina Young, herself a recent divorcee. This is the third matrimonial venture for each of them. Orcut's two former wives are living and his wife's former husbands are alive. Tom Brown, who was named as CO respondent in the Orcut case, was at the same time married to Mrs. Orcut. In the general "shake-up" each seems to have found his or her affinity and happiness seems to prevail, at least temporarily

11. January 3, 1908 The Montgomery Tribune Montgomery City, MO
Article from The Montgomery Tribune, January 3, 1908

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FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. S-F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $8,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 6-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. 11-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade caned. Oct. 9-Union bank OF Richland, and Bowman bank of Kalamazoo, Mich., both private Institutions, closed doors. Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks. Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. -California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. -Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. as -Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 17-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. -National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

12. January 3, 1908 The Yale Expositor Yale, MI
Article from The Yale Expositor, January 3, 1908

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MICHIGAN ITEMS. Isaac and David Levine, two Sault Ste Marie junk dealers, are under arrest charged with trying to bribe Prosecuting Attorney Holden: The Ann Arbor police rounded up a gang of 17 vags and fed them Christmas dinner in jail, so that the town was practically cleaned up. Thursday morning they got from 1 to 10 days in jail. Because they did not construct the road according to the specifications of the state highway commission, Bay county will not receive the $2,000 bounty it would have received for the work. Joseph Narrowitz, of Muskegon, arrested while digging a grave for himself beside that of his wife, was released. He went back and started another, and will be sent to the Traverse City asylum. As the result of eating infected meat an entire family of six persons, living in Detroit, are suffering from trichina poisoning. Three have required treatment in Grace hospital and one is still in a critical condition. While playing with a rifle, Weston Binder, aged 8, of Rockford, shot his 10-year-old brother William, the bullet entering the left side and coming out the back. The latter walked half a mile to a doctor and will recover. Mrs. Zella C. Rappleye has brought suit for $5,000 against the L. S. & M. S. She sets forth that she went to Dundee on a trip, and while waiting in the station caught cold which made her deaf. She says the station was dark and cold. Isaac Haring, who served throughout the civil war and who was a conspicuous mark for the bullets of sharpshooters because of his great hight, died in Gladstone last week. He was eight feet high. the tallest man in the upper peninsula of Michigan. After celebrating the Christmas at her daughter's in Saginaw, Mrs. Fred. Moore died of heart failure. Mrs. Moore and her husband went home in the evening, and about midnight she was seized with heart disease, dying before a physician could be summoned. Receiver Wedemeyer, of the Chelsea Savings bank, is apparently afraid of a rush on the bank when he opens its doors January 2, for he has issued a statement that the claims of depositors will be honored if filed any time within three months after the opening of the bank. John Orcut, who was granted a divorce last week, by Judge Chester, was married Tuesday evening to Mrs. Ina Young, herself a recent divorcee. This is the third matrimonial venture for each of them. Orcut's two former wives are living and his wife's former husbands are alive. Tom Brown, who was named as co-respondent in the Orcut case, was at the same time married to Mrs. Orcut. In the general "shake-up" each seems to have found his or her affinity and happiness seems to prevail, at least temporarily

13. January 9, 1908 Cameron County Press Emporium, PA
Article from Cameron County Press, January 9, 1908

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Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. $-F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. II-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. It-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange. I9-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 1-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 1-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking Institutions in New York closed doors. Union Trust Co., of Providence, R. 1., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. -Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. IS Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 3 -National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. Fort Pitt National bank of Pittsburg. closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

14. July 15, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, July 15, 1908

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# GLAZIER SAYS HIS # ASSETS EXCEED # LIABILITIES FORMER, HOWEVER, ACCORDING TO SCHEDULES FILED, CONSIST LARGELY OF WORTHLESS STOCK-BANKS HARD HIT. A most peculiar condition is shown in the schedules in bankruptcy filed Wednesday by Frank P. Glazier, former state treasurer. He lists his property at $1,560,444.37 and his debts at $1,393,600. The bulk of the property, however, in fact all but a very small percentage, consists of stock in the Glazier Stove Co. and the Chelsea Savings bank, both in the hands of receivers and not expected to pay their creditors in full, and in heavily mortgaged property which is listed at very optimistic figures. Glazier takes upon himself, in his schedules, the liability on the many notes given by his wife, son and daughter for money borrowed from the Chelsea Savings bank and elsewhere. The schedules make difficult reading, as his individual borrowings, indorsements of Glazier Stove Works Co. paper and his assuming of liabilities primarily falling upon his family, combine in a most confusing way. The only clear facts that can be deduced are that Glazier borrowed an immense amount in the year preceding his failure. His principal debts are as follows: Chelsea Savings bank, $180,000, secured by mortgage on Ann Arbor office building and Blodgett Terrace, Detroit. People's State bank, $150,000 and $100,000 indorsement of stove company paper, secured by stocks worth $323,450 when put up, but almost valueless now. Old Detroit National bank, $100,000, secured by stove company and Chelsea Savings bank stock. First National bank, $50,000 and $50,000 indorsement on stove company paper, secured by $100,000 of stove company stock. Union Trust Co., $50,000, secured by Glazier Stove Co. and Chelsea Savings bank stock. Citizens' Savings bank, $25,000 and $20,000 indorsement of paper, secured by stock. State bank of Grand Rapids, $20,000. Commercial bank of Stockbridge, $77,600, of which one note for $27,600 is in his wife's name. In addition there are the notes for $126,000 given by Henrietta M., Harold P. and Vera G. Glazier to the Chelsea Savings bank. There is also a note of $200,000 to the Glazier Stove Co. for stock. In estimating his assets, Glazier puts in his real estate at $330,000, his library for $10, his Glazier Stove Co. stock for $1,071,000, his Chelsea Savings bank stock for $120,400, Dexter bank stock, $18,050, miscellaneous stocks, $7,700. He had $13,269.37 in banks on deposit.

15. August 25, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, August 25, 1908

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the unsafe condition of the Glazier bank. Yet you allowed It to run with the amount of state money constantly increasing. until Dec. 2. 1907, when Glazier failed. instead of closing It when it became known It was being run openly and flagrantly in violation of the law. "It would appeal to the erage citizen that because of Glazier's gifts to you and because of the state deposit in your Detroit bank. you were, during 1907. giving him what is known In cities as 'protection.' Calls Them Partners. "So I come back to your claim that ex-Treasurer Glazier has entered into a political partnership which for the above reasons are opposed to your nomination for third term, and I repeat that I am opposed to your nomination, and I say that he is not my partner; he is your partner and I cannot, without protest, consent to be made partner of such a firm. "Now that your partner, Glazier, has turned state's evidence, you are trying to foist him upon respectable citizens who oppose your political ambitions, and you gloat in your published statement. that the grand jury have indicted your partner, and that Indge Wiest will see that there is no unnecessary delay in bringing him to trial. You know, sir, that some of the best lawyers in the state hold that under the counts in the indictment, you yourself are equally guilty with Glazier. Who will bring you to trial? "I must refer to the political partnership which leads you to write letters on March 5 and 7, 1906. to Glazier, wherein you asked him to deposit state money (in all $215,000) in certain banks. Where you say in your letter Such deposits will help us all.' These are letters which Glazier published when you claimed you had made no such requests. after one of them was dated within two months of his failure. "Ex-Gov. Rich. in his report as state treasurer. dated July 1. 1908, states that but one of the surety companies who stood back of the Chelsea Savings bank has paid up and that the other surety companies, covering $150.000, refuse to pay. so that the outcome to the state is still undetermined. He recommended in his report that the k amount of state money deposited in any bank should not exceed 25 per cent of its capital and surplus. Under this rule your Detroit bank would have received a deposit of $40,000 instead of $250,000. "Imagine, If you can, Gov. Hughes, of New York; Gov Johnson, of Minne sota, or ex-Gov. Rich, of Michigan, speculating with state money In the manner you and your partners have been speculating in the funds of Michigan. "President Roosevelt has won the confidence and gratitude of the nation by outting his foot down on graft. "Gov. Hughes drew the attention of his state and the nation when he uncovered the grafting inside of the great insurance companies where the men who managed them loaned money to themselves and friends. You know what has happened to those grafters. "Finally and again I decline to take over your cast-on partner and Insist that he remain with you until the books

16. May 21, 1909 The True Northerner Paw Paw, MI
Article from The True Northerner, May 21, 1909

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# M. J. CAVANAUGH APPOINTED Clerk of U. S. Circuit Court. Leading Attorney and Prominent Throughout the State. M. J. Cavanaugh of Ann Arbor, brother of our townsman T. J. Cavanaugh, has been appointed clerk of the U. S. circuit court for the eastern district of Michigan to succeed Walter S. Harsha, retired. The position is a responsible and lucrative one, and Mr. Cavanaugh is to be congratulated on the appointment. He is one of the leading attorneys of the state and was the recent candidate of the democratic party for justice of the supreme court, a member of the constitutional convention, receiver for the insolvent Chelsea savings bank and attorney for the Detroit United Railways. There were numerous applicants for the position and his selection speaks well of his ability and standing in the state.

17. June 30, 1909 The Detroit Times Detroit, MI
Article from The Detroit Times, June 30, 1909

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Grant J. Brown Resigns. Grant J. Brown, one of the bank examiners under State Banking Commissioner Zimmerman, has resigned to accept a position as cashier of the new Industrial Savings bank, of Flint, Mich. Mr. Brown's home is in Flushing, where he was assistant cashier of the People's State bank for several years. Commissioner Zimmerman has appointed Dr. John May, of Lansing, to succeed Mr. Brown, the change to take effect July 1. Dr. May has had wide experience in banking matters. For some time he has been assisting Receiver Wedemeyer in winding up the affairs of the Chelsea Savings bank, which went under in the Glazier failure.

18. April 1, 1910 The Yale Expositor Yale, MI
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# Bank Creditors to Receive Dividend. State Treasurer Martindale, who acts as custodian for the funds of the receiver of the defunct Chelsea Savings bank, turned over $76.947.69 to W. W. Wedemeyer, the receiver. This amount will be distributed among the creditors of the institution. The state will receive $42,068.20 as its share. This is the fourth dividend paid since the failure of the bank. The total amount yet due the state is $192.907.24. but the Federal Union Bonding Co. owes the state $47,500 and the official bond of the Title & Guarantee Surety Co., for $150,000, is yet unpaid. Secretary Carton, of the public domain commission, has received orders for 200,000 trees which were offered for sale a few days ago. Secretary Carton believes that by the way orders are pouring in the supply will soon be exhausted. Circuit Judge North, of Battle Creek, has decided to investigate the charges made by Frank Cowles, of Tekonsha, against Prosecuting Attorney H. W. Cavanaugh, that Cavanaugh had been guilty "of conduct not becoming his position," and therefore should be disbarred from office, and he appointed a committee to investigate the matter at once. Despondent over ill-health, Ward Voorman, of Jonesville, took his life by shooting himself through the right temple. He left a letter for his wife which cited his motive. Voorman was 60 years old and had suffered from asthma for several months.

19. May 6, 1910 The Owosso Times Owosso, MI
Article from The Owosso Times, May 6, 1910

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Capitol News and Political Notes. Lansing, Mich., May 5. -Next year promises to be the biggest in the history of the Jackson bindery twine plant. It is believed that nearly double the twine will be sell that was during the past year as contracts already made are better than anticipated and reach almost as much as was sold all last year. Not only is Michigan buying the twine but several other states have fallen into line. An effort is being made to have C. L. Glasgow, chairman of the Michigan Railway Commission, enter the race for congressional honors against Congressman E. L. Hamilton in the fourth congressional district. Dr. F. W. Shumway, of the state board of health, will appeal to the authorities at Washington for aid in taking care of the Jensen leprosy case in the upper peninsula. Dr. Shumway will personally go north to investigate the case. Dame Rumor was very busy about Lansing hotels during the meeting of the State League of Republican Clubs. It seems quite probable that there will be a quartet of candidates for lieutenant governor. Besides Hon. Colon C. Lillie and Senator Dickinson, State Treasurer Sleeper and Hon. Robert S. Babcock of Manistee, were mentioned for lieutenant governor. Mr. Babcock was a member of the constitutional convention and should he decide to become a candidate would probably divide with Mr. Lillie the support of their former colleagues. Mr. Sleeper has many friends all over Michigan and is especially popular throughout the strong republican counties comprising the 7th district of Michigan. He has had experience as a state senator and would make an ideal presiding officer over that body. His promotion would bring a contest on for state treasurer but prospective candidates for that place will await further developments before making any arrangements to assume charge of the state fnuds. The time has come when the statement can be made that the state will not lose one dollar through the failure of the Chelsea Savings bank. When the bank failed the amount held belonging to the state was $685,587.79. Of this amount $497,680.55 has been paid, leaving a balance due of $187,907.24. As security for this amount there remains due on bonds held by the state $192,000 not including the bond given by Metropolitan Surety company that failed recently. If this company or the receiver of the bank make no further payments the entire amount due would be collected from the bonding companies. It is expected that the bank creditors will receive seventy or eighty cents on the dollar. While neither Burrows or Townsend were in attendance at the Zack Chandler banquet held here last week, both men were well represented by men interested in their candidacy and considerable quiet work was done. Both camps were very confident of victory.

20. April 20, 1911 Belding Banner Belding, MI
Article from Belding Banner, April 20, 1911

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Within the last year 20 Ohio families have settled in Shiawassee county. An operation will be performed to remove pressure from the brain of 10-year-old Clarence Slicker, of Muskegon, which physicians believe has made him a thief and stunted both his mental and physical growth. His mother accidentally dropped a piece of wood on his head when he was an infant. A man, giving the name of R. C. Platter, who said he was from Fort Worth, Texas, was identified in Battle Creek by Joseph A. Whitaker as a man who had defrauded several eastern food manufacturing firms out of sums of money ranging from $150 to $900 with bad checks. He will be taken back east for trial. The convention of the Swedish Mission churches in lower Michigan will be held in Cadillac May 26. The convention will be in charge of E. G. Hjerpo, who is head of the Swedish Mission Covenant. In an opinion handed down by Judge Wiest, in the suit of the Title Guarantee & Surety Co. against the state of Michigan, William Wedemeyer, receiver of the Chelsea Savings bank, and the several other surety companies on the bonds of Frank P. Glazier, ex-state treasurer, to which the surety companies entered demurrers, the court overruled the demurrers.