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
046a3c0b8e2bd691

Response Measures

None

Description

Closed by state banking commissioner and placed in receiver's hands; later dividends paid by receiver.

Events (3)
1. December 2, 1907 Suspension
Cause
Government Action
Cause Details
State Banking Commissioner Zimmerman ordered the bank closed to avoid a threatened run amid the failure of State Treasurer Frank P. Glazier and because large state funds were on deposit.
Newspaper Excerpt
the Chelsea, Michigan, savings bank ... will not open for business tomorrow and will be taken in charge by the banking commissioner.
Source
newspapers
2. December 5, 1907 Receivership
Newspaper Excerpt
Attorney W. W. Wedemeyer was today appointed receiver for the Chelsea Savings Bank of Chelsea, Mich., which was closed by State Bank Commissioner Zimmerman, as a result of the financial troubles of State Treasurer Glazier, who was its president and a heavy borrower from the Institution.
Source
newspapers
3. May 9, 1908 Other
Newspaper Excerpt
The 30 per cent dividend declared by Receiver Wedemeyer of the failed Chelsea Savings bank ... has been paid. Out of the assets the state treasury received $180,000.
Source
newspapers

Newspaper Articles (21)
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 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

3. December 4, 1907 Daily Arizona Silver Belt Globe, Miami, AZ
Article from Daily Arizona Silver Belt, December 4, 1907

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BANK WITH STATE FUNDS SUSPENDS IN VIRGINIA DETROIT, Mich., December 2.State Banking Commissioner Simmerman today announced that the Chelsea, Mich., Savings bank, of which State Treasurer Frank P. Glacier is president and which has $664,000 of state funds on deposit, will not open for business tomorrow and will be taken in charge by the banking commissioner.

4. 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.

5. December 6, 1907 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, December 6, 1907

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Article Text

LOANS OF DOUBTFUL NATURE Report of Examiner Concerning Michigan Bank. Ann Arbor, Mich., Dec. 6.-State Attorney General Bird and State Banking Commissioner Zimmerman appeared before Judge Kinne in the Washtena circuit court here and made formal application for a receiver for the Chelsea (Mich.) Savings bank, which was ordered closed Monday night by the banking commissioner as a result of the financial difficulties of State Treasurer Frank P. Glazier, who is president of the bank and also a heavy borrower from the institution. Accompanying the application Commissioner Zimmerman filed with the court a report on the condition of the bank, in which he stated that many of the bank's loans are of doubtful value.

6. December 6, 1907 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, December 6, 1907

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RECEIVER IS NAMED FOR SAVINGS BANK Ann Arbor, Mich.. Dec. 5.-Attorney W. W. Wedemeyer was today appoin: ed receiver for the Chelsea Savings Bank of Chelsea. Mich., which was closed by State Bank Commissioner Zimmerman, as a result of the financial troubles of State Treasurer Glazier, who was its president and a heavy borrower from the Institution.

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 11, 1907 Alma Record Alma, MI
Article from Alma Record, December 11, 1907

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Chelsea, Mich., Dec. 11.-Abont 75 creditors of the Chelsea Savings bank held a meeting here and adopted a resolution providing that an outside lawyer be hired to look after their interests in the Glazier financial tangle. They are mostly farmers and depositors in the failed bank. These credItors are not satisfied with the appointment of W. W. Wedemeyer of Ann Arbor as receiver.

9. January 2, 1908 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, January 2, 1908

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$ Westinghouse companies put in a receiver's hands in Pittsburg: Habilities $47,000,000. 24. 3 small banks in New York city suspended. The government deposited a second $25,600,000 in New York banks to restore confidence in the money market. so. Kessler & Co., Wall street bankers, failed owing $1,000,000. DECEMBER 8. Chelsea Savings bank of Chelsea, Mich., closed its doors by order of the state treasurer. 5. The National Bank of Commerce, Kansas City, Mo., closed its doors. 7. The Whitney - Stephenson Co. and Whitney. Stephenson & Co., brokerage firms, failed in Pittsburg, with liabilities estimated at $10,000,000.

10. 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.

11. 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

12. 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.

13. 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

14. 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.

15. January 22, 1908 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, January 22, 1908

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STOVE WORKS TO OPEN Judge Orders Resumption of Plant Closed By Financial Troubles of Michigan's Treasurer. Ann Arbor. Mich., Jan 21.-Circuit Judge Kinne today ordered the Detroit Trust Company, receivers for the Glazier Stove Company, of Cheisea, Mich., to reopen the plant immediately. Frank P. Glazier, state treasurer, who is under charges by Governar Warner, was the head of the institution. which has been closed since Glazier's financial troubles same to a elimax last December, with the closing of the Chessea Savings Bank.

16. January 23, 1908 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, January 23, 1908

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ORDERS PLANT OPENED. Judge Tells Receivers to Start the Wheels. Ann Arbor, Mich., Jan. 22.-Circuit Judge Kinne yesterday ordered the Detroit Trust company, receiver for the Glazier Stove company of Chelsea, Mich., to reopen the plant immediately. Frank P. Glazier, state treasurer, who is under charges by Governor Warner, was head of the institution, which has been closed since Glazier's financial troubles came to a climax last December with the closing of the Chelsea Savings bank.

17. April 18, 1908 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, April 18, 1908

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SUITS ARE BEGUN By Michigan Attorney Against Companies Who Gave Surety for Ex. Treasurer Glazier. - Lansing, Mich., April 17.-Attorney General Baird today began sur against five boding companies that furnished surety for Ex State Treasur er Glazier, who resigned on request of Governor Warner after Glazier's recent failure for upwards of $1,000, 000. The bonding companies gave security for state deposits in the Chelsea Savings Bank of Chelsea which went into the hands of a receiver through Glazier's failure. About $684,000 state funds was on deposit in the closed bank.

18. May 13, 1908 Alma Record Alma, MI
Article from Alma Record, May 13, 1908

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State Gets $180,000 From Bank. Chelsea, Mich., May 9.-The 30 per cent dividend declared by Receiver Wedemeyer of the failed Caelsea Savings bank, of which Frank P. Glazier, ex-state treasurer, was president, has been paid. Out of the assets the state treasury received $180,000.

19. May 14, 1908 Belding Banner Belding, MI
Article from Belding Banner, May 14, 1908

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Pays Chelsea Depositors. W. W. Wedemeyer, as receiver for the Chelsea Savings bank, has declated a 30 per cent. dividend and began paying the claims of depositors.

20. 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

21. October 22, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, October 22, 1908

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CHELSEA BANK'S DEBT IS CUT $326,000 STATE TODAY GETS $70,879 FROM RECEIVER - ZIMMERMANN DENIES THE CHARGES MADE BY HAROLD GLAZIER. LANSING, Mich., Oct. 22.-(Special.)-The state today received $70,879 from the receiver of. the Chelsea Savings bank, on account. Including $50,000 paid by one of the bonding companies, the bank's indebtedness to the state has been reduced $326,000 since its failure. The state's claim was $685,000.