8956. Chelsea Savings Bank (Chelsea, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 2, 1907
Location
Chelsea, Michigan (42.318, -84.021)

Metadata

Model
gpt-5-mini
Short Digest
24999de6

Response Measures

None

Description

State Banking Commissioner Zimmerman announced the Chelsea Savings Bank would not open (Dec 2/3, 1907) to avert a threatened run after the Glazier failure; a receiver (W. W. Wedemeyer) was appointed thereafter and the bank remained in receivership and effectively failed (dividends paid later). Although the closure was initially to avoid a threatened run, there is no report of an actual successful depositor run prior to suspension. OCR minor errors (e.g., dates and amounts) were corrected when obvious.

Events (3)
1. December 2, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closures were taken after discovery of the insolvency/financial crash involving State Treasurer Frank P. Glazier and his private enterprises (Glazier Stove Co.), and because banks planned to petition for a receiver for the stove company, which threatened depositor confidence.
Newspaper Excerpt
State Banking Commissioner Zimmerman has announced that the Chelsea, Mich., savings bank ... will not open for business tomorrow ... To avoid a threatened run on the bank
Source
newspapers
2. December 12, 1907 Receivership
Newspaper Excerpt
Judge Kinne has named W. W. Wedemeyer, of Ann Arbor, receiver for the Chelsea Savings bank, closed with the crash of Frank P. Glazier, banker and state treasurer. Mr. Wedemeyer will proceed to Chelsea to take charge.
Source
newspapers
3. January 2, 1908 Other
Newspaper Excerpt
Receiver Wedemeyer ... issued a statement that the claims of depositors will be honored if filed any time within three months after the opening of the bank. (statement about planned reopening under receiver / honoring claims).
Source
newspapers

Newspaper Articles (21)
1. December 3, 1907 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, December 3, 1907

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Article Text

O d MICHIGAN BANK S. II. e WILL NOT OPEN e, e 1FOR BUSINESS TODAY-STATE BANK COMMISSIONER HAS ANNOUNCED. THE PRIVATE BUSINESS Of State Treasurer Glazier Has Been Scrutinized-Detroit Bankers Asked For a Receiver For Glazier Stove Company. Detroit, Mich., Dec. 2.-State Bank ing Commissioner Zimmerman has announced that the Chelsea, Mich., savings bank. of which State Treas urer Frank P. Glazier is president and which has $684,000 state funds on deposit, will not open for business tomorrow and will be taken in charge by the banking commissioner. Attorney General Bird said tonight 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 fifty cents on the dollar which is considered altogether im probable. The announcement that the bank will not open tomorrow came at the close of a conference here today be^ween Governor Warner, Banking Commissioner Zimmerman. Attorney General Bird and representatives of five Detroit banks. It is stated that the banking comS missioner has been closely serutinizing the affairs of the Chelsea Savings bank for some time in connection with the private business of State Treasurer Glazie, and that of the e Glazier Stove company of Chelsea, h The impression was held that if a Glazier could pull the latter interests n through the bank would not necesarily fall into diffeulties. re The Detroit banks. however, in to. filay's conference, announced the deision to petition for a receiver for ti the stove company in order to protect hi approximately $600,000 paper which via they are reported to have been carrybe ing for Glazier and the stove comth bany. This action on the part of the H banks. it was thought, would cause a lo run on Glazier's bank tomorrow. and ov the closing of the bank wac decided upon. The bank is capitalized at A $100,000. Glazier is reported sick at ba his home in Chelsea. Bu Governor Warner tonight said it wl was probable the "differences be ne tween the amount of Glazier's bonds an and the amount of the state funds on loc deposit with the Chelsea Savings bank would be more than made up by bu the amount the state will be entitled ba to receive on liquidation of the bank: un so. as the matter now looks, the state mi suffers no loss." be The Chelsea Steve Works has issued $500.000 preferred and $1,000. 000 common stock. Its buildings and Fl plant are valued at $300,000 and the schedule of assets submitted today gives bills receivable $51,000. Gross earnings have been averaging $400. 000 a year and the bankers regard the stove plant as a solvent institution.

2. 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.

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

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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.

6. 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

7. December 12, 1907 Belding Banner Belding, MI
Article from Belding Banner, December 12, 1907

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The Glazier Failure. Judge Kinne has named W. W. Wedemeyer, of Ann Arbor, receiver for the Chelsea Savings bank, closed with the crash of Frank P. Glazier, banker and state treasurer. Mr. Wedemeyer will proceed to Chelsea to take charge. The appointment was agreed on after a number of names had been considered and it is mutually satisfactory to State Banking Commissioner Zimmerman, Attorney-General Bird and the Glazier interests. It will be many months before there is any change in the office of the state treasurer. It is certain that Mr. Glazier will not resign, and it is equally certain that he cannot be summarily removed, but that he must have a formal trial. Nearly one-fifth of all the funds belonging to or in the custody of the state and on deposit in banks are in the Chelsea Savings bank, State Treasurer Glazier's own bank, according to the statement of deposits given out from Lansing by Glazier's deputy, John Haarer. To his bank are charged $685,587 of the total of $3,311,926 in bank. The largest deposit outside of Detroit, except in Glazier's own Chelsea bank, is in the State Bank of Michigan of Grand Rapids, which was $265,495. Other Grand Rapids banks have small deposits. The St. Clair Savings bank, of Port Huron, has $134,956 and the Citizens Savings bank, In other of Brown City, $75,000. banks throughout the state the deposits ranged from $2,500 to $50,000.

8. 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.

9. 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

10. 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.

11. 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

12. 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.

13. January 9, 1908 The Mena Weekly Star Mena, AR
Article from The Mena Weekly Star, January 9, 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. -F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 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. -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. 14-Receivers 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. 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. 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 Detition in bankruptcy 25 Six more minor banking Institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 36-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. e-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., 18- of Treasury dered Secretary suspended. Cortelyou orissue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving finanetal 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. 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.

14. January 23, 1908 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 23, 1908

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GLAZIER ATTACKS WARNER. Governor of Michigan Answers Retiring State Treasurer. Detroit, Mich, Jan., 22-The resignation today of state treasurer Frank P Glazier of Chalsea and the appoin ment of former Governor John T. Rich to succeed him, were accompanied by a sensational attack of the retiring state treasurer upon Governor Fred M. Warner. who had demanded Mr. Glazier's resignation. and a reply tonight by the Governor, who denies the charges made. In reply to Mr. Glazier's charges. in his letter of resignation, that the Governor was familiar with the conditions in Mr. Glazier's savings bank at Chelsea, which is now in the hands of a receiver. Governor Warner says that the bank reports received at the executive office do not show who are the borrowers from the bank, or what collateral is furnishel, and that he did not know about cetain heavy loans of the Chèlsea Savings bank to Mr. Glazier and the latter's relatives until informed by Banking Commissioner Zimmerman. Governor Warner, in his statement tonight, attributes Mr. Glazier's attack to the Governor's political opponents and declares that the books of the Chelsea Savings Bank show that Mr. Glazier deposited state funds in that bank late in November "at a time when he absolutely and positively knew that both the bank and he himself were insolvent." When the bank closed it held $684,000 of state funds.

15. 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.

16. 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

17. 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.

18. June 30, 1909 The Detroit Times Detroit, MI
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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.

19. April 1, 1910 The Yale Expositor Yale, MI
Article from The Yale Expositor, April 1, 1910

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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.

20. 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.

21. 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.