Commercial Bank (Stockbridge, MI)

Episode Information

Episode UID
856082691296
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
85608269 hash
Start Date
December 3, 1907
Location
Stockbridge, Michigan (42.451, -84.181)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e9e799c783999525

Response Measures

None

Events (2)
1. December 3, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after disclosure of State Treasurer Frank P. Glazier's financial failures and fears his troubles would spark withdrawals.
Newspaper Excerpt
the Commercial bank of Stockbridge, Mich., a private institution of which Glazier is president, today closed its doors.
Source
newspapers
2. December 4, 1907 Receivership
Newspaper Excerpt
Judge Wiest today appointed W. J. Dancer as receiver for the Commercial Bank at Stockbridge, which closed its doors yesterday as the result of the financial difficulties of Frank P. Glazier, state treasurer, who was president of the bank.
Source
newspapers

Newspaper Articles (15)
1. December 3, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 3, 1907

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STATE FUNDS GO Michigan May Lose $600,000 Deposited in Bank of Treasurer Glazier. LATTER FAILS FOR BIG SUM Arrest of Official May Be Made if It Is Shown Public Money Is Involved in Private Affairs, Detroit, Mich., Dec. 3.-As a further result of the financial troubles of State Treasurer Frank P. Glazier of Chelsea which were made public last night, the Commercial bank of Stockbridge, Mich., a private institution of which Glazier is president, today closed its doors. Make No Statement. It was impossible to secure a statement of deposits and resources. It is said, however, the deposits are between $100,000 and $200,000. G. H. Gay, partner with Glazier in the bank, says he closed the doors for fear the news of Glazier's troubles would start a run and that he expects to pay the depositors in full. Fails for Large Amount. Detroit, Mich., Dec. 3.-It is announced that State Treasurer Frank P. president of the Glazier the the Chelsea Grain all of has duce bank Stove Glazier, failed. company, and company, Glazier Chelsea, and Savings Mich., ProHis liabilities are $1,000,000. It is not yet known what the assets are, f but Detroit bankers say they are much less than the liabilities. The creditors probably will realize 25 cents on the : dollar. In order to prevent a run on the bank today, State Banking Commissioner Zimmerman announced that it would not open for business. That the grain company and the stove factory will be involved in the troubles is regarded here as a certainty. Glazier is sick in bed in his home in Chelsea. t State Funds in Peril. The state of Michigan has $584,000 the $3,342,000 state treasury funds in the Chelsea General Bird says of on Attorney deposit bank, that but the istate is protected by the state trease urer's bond of $150,000 and the bank's ibond of $200,000. e State bank examiners are making an n investigation of the books of the ind to determine whether or not r used any of the stitution Glazier state's funds S to carry on his stove company and " other concerns. If it is shown that he did use the money belonging to the state for his e private ventures he will be arrested d on the order of Attorney General Bird. d His Schemes Visionary. SGlazier's failure is due mostly to his 1. visionary schemes for amassing great . the profits of which he estie on while he was mated wealth, paper home placing for many real thousands into a aged persons, a library for his emnployes, a fine summer home, an exof pensive Detroit terrace, a newspaper in plant in Ann Arbor, and other venIn these he expended $335,000 y more 'S came and tures. charitable gave purposes. many thousands Then the for financial stringency and he was pinched for ready money. Financier in Hopeless Case. It has been known for some time Glazier's finances have been hope but he pre lessly that involved, hoped met to here vail upon his creditors, who ayesterday, to extend the time on his obligations This they refused to do Of the sum that he owes, $640,000 is due to Detroit banks. After the creditors' meeting the pres one bank T was due his and ident $150,000 of announced institution tha would be charged to profit and loss Glazier's career has been a spectac in ular one. A year ago was out of the stove with freezing he business charged had a his partner, who alleged each half interest in the business, which started from a small shop and now es

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

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Involves Stockbridge Bank. Detroit, Dec. 3.-As a further result of the financial troubles of State Treasurer Frank P. Glazier, of Chelsea, which were. made public last night, the Commercial bank of Stockbridge, Mich., a private institution, of which Glazier is president, today closed its doors. It is impossible to secure a statement of deposits and resources. It is said, however, that the deposits are between $100,000 and $2,000.000. G. H. Gay, a partner with Glazier in the bank, says it closed its doors for fear news of Glazier's troubles would start a run, and that he expects to pay depositors in full.

3. December 4, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 4, 1907

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RECEIVER FOR PRIVATE BANK. Treasurer Was Michigan's States President of Failed Institution. Lansing, Mich., Dec. 4.-Judge Wiest today appointed W. J. Danier as receiver for the Commercial Bank at Stockbridge, which closed its doors yesterday as the result of the financial difficulties of Frank P. Glazier, state treasurer, who was president of the bank. It is a private institution, and not under the jurisdiction of the state banking department.

4. December 4, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 4, 1907

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RECEIVER FOR FAILED BANK Court Takes Charge of Institution at Stockbridge, Mich. Lansing, Mich., Dec. 4.-Judge Wiest today appointed W. J. Dancer receiver for' the Commercial bank of Stockbridge, which closed its doors yesterday as a result of the financial difficulties of Frank P. Glazier, state treasurer, who is president of the bank. It is a private institution and not under the jurisdiction of the state banking department.

5. December 4, 1907 Evening Star Washington, DC
Article from Evening Star, December 4, 1907

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BANK RECEIVER NAMED For Institution at Stockbridge, Mich., Closed Yesterday. DETROIT. Mich., December 4.-In the circuit court at Lansing Judge Weist today appointed W. J. Dancer of Stockbridge, Mich.. receiver for the Commercial Bank of Stockbridge, which closed its doors yesterday morning as a result of the financial difficulties of Frank P. Glazier, state treasurer, who was president of the bank. It is a private institution and not under the jurisdiction of the state banking department. G. H. Gay. cashier and Mr. Glazier's partner in the enterprise, is in Lansing, but his attorney, A. J. Tuttle, had posted on the door of the bank today a statement that Mr. Gay is doing everything he can to protect creditors, and will al-

6. December 5, 1907 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, December 5, 1907

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1907 DECEMBER 1907 Sa. Fr. Th. We. Tu. Mo. Su. 6 5 7 4 3 2 I 13 12 14 II 10 9 8 20 21 19 18 17 16 15 28 27 26 25 24 23 22 31 30 29 SECOND BANK CLOSES. Michigan State Treasurer in Financial Trouble. Detroit, Mich., Dec. 3.-As a further result of the financial troubles of State Treasurer Frank P. Glazier of Chelsea, which were made public after Banking Commissioner Zimmerman had taken charge of the Chelsea (Mich.) Savings bank and a committee of Detroit bankers had decided to no longer carry about $600,000 of paper of Mr. Glazier and his Glazier Stove company of Chelsea, but to apply for a receiver for the institution, the Commercial bank of Stockbridge, Mich., a private institution, of which Mr. Glazier was president, closed its doors. As the bank was a private institution and therefore not under the jurisdiction of the banking commissioner it is impossible to secure a statement of its deposits and resources. It is said, however, that the deposits are between $100,000 and $200,000. G. H. Gay, partner with Mr. Glazier in the bank, says he closed its doors for fear that the news of Mr. Glazier's troubles would start a run and that he expects to pay depositors in full.

7. December 6, 1907 The Worthington Advance Worthington, MN
Article from The Worthington Advance, December 6, 1907

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SECOND BANK CLOSES. Michigan State Treasurer in Financial Trouble. Detroit, Mich., Dec. 3.-As a further result of the financial troubles of State Treasurer Frank P. Glazier of Chelsea, which were made public after Banking Commissioner Zimmerman had taken charge of the Chelsea (Mich.) Savings bank and a committee of Detroit bankers had decided to no longer carry about $600,000 of paper of Mr. Glazier and his Glazier Stove company of Chelsea, but to apply for a receiver for the institution, the Commercial bank of Stockbridge, Mich., a private institution, of which Mr. Glazier was president, closed its doors. As the bank was a private institution and therefore not under the jurisdiction of the banking commissioner it is impossible to secure a statement of its deposits and resources. It is said, however, that the deposits are between $100,000 and $200,000. G. H. Gay, partner with Mr. Glazier in the bank, says he closed its doors for fear that the news of Mr. Glazier's troubles would start a run and that he expects to pay depositors in full.

8. December 7, 1907 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, December 7, 1907

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Judge Appoints Receiver. Detroit, Mich., Dec. 5.-In the circuit court at Lansing, Judge Wiest Wednesday appointed W. J. Dancer of Stockbridge, Mich., receiver for the Commercial bank of Stockbridge, which closed its doors as a result of the financial difficulties of Frank P. Glazier, state treasurer, who was president of the bank.

9. December 19, 1907 Belding Banner Belding, MI
Article from Belding Banner, December 19, 1907

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# GOV. WARNER PERSONALLY DEMANDED Gov. Warner personally demanded the resignation of Frank P. Glazier as state treasurer in the latter's home Wednesday morning, and Mr. Glazier refused point blank to quit the office. The governor pleaded with the financier to withdraw as gracefully as possible for the interests of both himself and the public, but Mr. Glazier insisted that he will remain in office and fight to the utmost all steps to just him. The governor will at once take the necessary legal steps to have Mr. Glazier removed, and the state treasurer will be cited to appear in Lansing and answer the charge against him of "gross neglect of duty" as soon as he is able physically. It is necessary for the governor in taking steps to remove the treasurer to move along a well-defined path. The charges must be formally prepared and submitted and then notice served on Mr. Glazier, who must be given an opportunity to meet them. The governor makes this plain statement: Mr. Glazier declines to resign and I shall at once commence proceedings for his removal, believing the best interests of the state demand such action. Having decided to continue in office, Mr. Glazier will doubtless avail himself of every legal method to defeat my purpose to make a change. I am informed, however, that the procedure in such cases has been well defined in Michigan and I have no doubt of the result. I shall cite Mr. Glazier to appear before me and show cause why he should not be removed and shall set forth the facts as they exist in connection with the state funds. Quoting the very words of the constitution authorizing the executive to remove certain state officers, I believe there was "gross neglect of duty" by the state treasurer. The position of those who advise and sustain, Mr. Glazier in his refusal to resign is absolutely untenable, in my opinion. I shall do what I believe to be my duty in this matter. I had no desire to present this matter to Mr. Glazier while he was physically incapacitated and have waited on that account. I can see no reason why these proceedings should be long drawn out. It shall certainly be my endeavor to bring about a change as soon as possible. The public will be taken into my confidence in all the proceedings relative to Mr. Glazier's removal. I have been acquainted with Mr. Glazier for many years, even before he was a state officer, and always esteemed him highly. The fact that we were personally on good terms will not interfere with my duty now. The state's interests should be protected and the course I have outlined will be followed out. Atty. Gen. Bird will be ready with the papers in the removal proceedings against State Treasurer Glazier this week. The charges will then be signed by Gov. Warner and a date for the hearing set. Until the charges have been submitted to the governor they will not be given out for publication, but it is understood that the attorney-general's department does not propose to have the papers fail for lack of attention. W. J. Dancer, receiver for the Stockbridge Commercial bank, which closed as a result of the failure of Frank P. Glazier, who was a partner, will be able to make a report to the circuit court this week. It is said the bank does not have a piece of poor paper except that which Glazier placed in it, but as Glazier's loans and those of his family are about one-fourth of the deposits of the bank, the assets are expected to shrink considerably. Suit for $3,359.04, alleged to be due for installing a heating and power plant at a cost of $29,489.54, has been started against the Glazier Stove Co., of Chelsea, by the Evans-Almorell Co., of New York. The suit, it is believed, may be the basis of a request for a receiver. Directors of the Glazier Stove Co. held a meeting last week, but declined to tell what action was taken. Glazier is still confined to his house and, under orders from his physician, talks as little of business as possible. W. W. Wedemeyer, receiver for the Chelsea Savings bank, has filed his bonds for half a million dollars. He takes $100,000 out in the Bankers' Surety Co., of Cleveland, $200,000 in the United States Fidelity & Guaranty Co., of Baltimore, and $200,000 in the Title Guaranty Co., of Scranton, Pa.

10. December 20, 1907 The Yale Expositor Yale, MI
Article from The Yale Expositor, December 20, 1907

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The e e who advise and sustain position Mr. of . 1in his refusal to resign is abs 1. untenable, in my opinion. I shall do what I believe to duty in this matter. I had no de present this matter to Mr. ( while he was physically incapa and have waited on that acco e S can see no reason why these pi S Ings should be long drawn « O shall certainly be my endea W bring about a change as soon : a S sible. The public will be take my confidence in all the proce O relative to Mr. Glazier's 1) have been acquainted with Mr. for many years, even before he o state officer, and always esteem k highly. The fact that we we is g sonally on good terms will not e fere with my duty now. The ir interests should be protected a course I have outlined will @ lowed out. ne Atty.-Gen. Bird will be read ot the papers in the removal p 75 ings against State Treasurer this week. The charges will t of ep signed by Gov. Warner and a d s, the hearing set. Until the ( 0: ir have been submitted to the go ls they will not be given out for cation, but it is understood ti 5c od attorney-general's department ht not propose to have the pape 5; for lack of attention. W. J. Dancer, receiver f rt Stockbridge Commercial bank, 0closed as a result of the fail st Frank P. Glazier, who was at @ ner, will be able to make a re rs, the circuit court this week. on, st said the bank does not have : @ of poor paper except that ck Glazier placed in it, but as G as ly loans and those of his fam m, about one-fourth of the depo @ the bank, the assets are exped 50: shrink considerably. Suit for $3,359.04, alleged to @ 50 for installing a heating and plant at a cost of $29,489.54, ha od, started against the Glazier Sto of Chelsea, by the Evans-Almor of New York. The suit, it is be ed. of receiver. may be the basis of a request day Directors of the Glazier Sto to held a meeting last week, b ed, clined to tell what action was elGlazier is still confined to his at eland. under orders from his ph: talks as little of business as p 1 W. W. Wedemeyer, receiver Chelsea Savings bank, has file 90: bonds for half a million dollar takes $100,000 out in the B m28 Surety Co., of Cleveland, $200, me the United States Fidelity & at anty Co., of Baltimore, and $ 40 in the Title Guaranty Co., of ton, Pa. 11. The Republican and Dem a committees will try to arrange ok untary primary to take the p 1

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

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# Plan State Bank Move. A movement is on foot to establish a state bank at Stockbridge and a meeting of citizens has thoroughly discussed the matter. It is proposed to organize the new bank with $25,000 capital. The Commercial bank was a private institution and was not examined by any public official. The summary of the resources and liabilities, as given in the report of Receiver Dancer, of the closed Stockbridge bank, follows:

12. January 9, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, January 9, 1908

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GLAZIER PARTNERSHIP DISSOLVED BY COURT LANSING, Mich., Jan. 9.-Circuit Judge Wiest has issued an order dissolving the partnership of Frank P. Glazier and G. H. Gay in the Commercial bank of Stockbridge and appointed W. J. Dancer permanent receiver. There is $30,000 in cash in the bank and part of it will be used to declare the first dividend in about three months to the 450 depositors. They will realize about 40 cents on the dollar. One note was given by Mrs. Glazier for $25,000 and two of $5,000 each by Glazier's son and daughter.

13. January 10, 1908 The Yale Expositor Yale, MI
Article from The Yale Expositor, January 10, 1908

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STATE TREASURER MUST ANSWER CHARGES WILL BE SERVED ON MR. GLAZIER, OR HIS ATTORNEY. THE STATE'S INTEREST Though the Official Is Reported as Very III, the Proceedings for Removal Were Begun This Week. Charges against State Treasurer Glazier will be served upon that official, at his home in Chelsea, some day this week. Personal service will be had if possible, otherwise the formal charges will be served upon his attorney, James S. Gorman. The matter was decided upon Saturday at a conference between Gov. Warner and Atty.-Gen. Bird and Attorney Seward Merriam, of Detroit, who has been retained upon behalf of the state to assist the attorney-general. In addition to the Glazier case the state has a big inerest in the Chelsea Savings bank, and in the event that the bank is not able to pay back the $684,000 of state funds that were deposited in it by Glazier, the surety companies must then be required to make good the amount of Glazier's bond. He gave a bond for $150,000 as state treasurer and, in addition, the state funds in the Chelsea baank are protected by a $200,000 surety bond. Neither the governor nor attorneygeneral have any disposition to take advantage of Mr. Glazier's condition, but sufficient time has now elapsed to make it imperative that steps be taken to protect the interests of the state. Mr. Glazier will be given some ten days more in which to make answer to the charges, which will follow the outline already given. If he then be unable to appear, a reasonable extension will be granted, after which it will be insisted that Glazier make his appearance through his attorney. Those in touch with the situation say that Glazier is a very ill man, and some of his friends entertain doubts of his recovery. However, it is believed that he will be able to confer with his attorney after the charges have been served on him and make answer to them. What answer Glazier will make can only be conjectured, though the intimation has been that he will give an exhaustive summary of his relations as state treasurer. It has also been hinted that Glazier will tender his resignation after having taken advantage of the opportunity to make an explanation, but, of course, no confirmation of this report can be had until some statement is made by Attorney Gorman, who refuses to discuss the case in any way until he has had an opportunity of going over the charges and consulting with his client, as far as the physical condition of the state treasurer will permit. More than one-half the assets of the Stockbridge Commercial bank, according to a report by Receiver-Dancer to the circuit court are of doubtful value. The visible resources of the bank are placed at $272,574.42. of which the receiver considers $126,098 good and the balance doubtful. Most of the doubtful assets are the loans made to Frank P. Glazier and stocks in Glazier enterprises. In an affidavit filed in court Glazier waives all objections to the appointment of a receiver, and the appointment of W. J. Dancer will undoubtedly be made permanent.

14. May 22, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, May 22, 1908

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GLAZIER BANK DIVIDEND. STOCKBRIDGE, Mich., May 22W. J. Dancer, receiver of the Coinmercial Bank of Stockbridge, a Glazier /institution, yesterday began to pay the first dividend of 20 per cent. While it is not definitely known yet, it is believed the bank will ultimately pay 60 per cent.

15. May 23, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, May 23, 1908

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GLAZIER BANK DIVIDEND. STOCKBRIDGE, Mich., May 22.W. J. Dancer, receiver of the Commercial Bank of Stockbridge, a Glazier institution, yesterday began to pay the first dividend of 20 per cent. While it is not definitely known yet, it is believed the bank will ultimately pay 60 per cent.