Alma record. (Alma, Mich.) 1878-1928, 1907-12-04

I
financially.
His creditors have asked that re.
/ ceiver be appointed for The Glazer
Stove company. al Chelsea. of which
glazier is president state Banking
Commissioners zimmerman has taken
charge of the Chelsea Savings bank,
and its doors are closed.
Governor Warner. Attorney General
John c. Bird and Commissioner Zim-
norman came 10 Detroit and confer
red among themselves and with De-
troit financiers as to the best method
of protecting the states interests and
the welfare of the banks and other
creditors involved.
Glazier is sick at his home in Chel-
sea His liabilities are known to be
over a million dollars. Among the
assets is considerable valuable prop
erty. full valuation OF which capnot
be made at this time.
While the Detroit banks are in
volved for over a half million dollars.
the officers say that the amount in
no one instance is sufficiently large TO
affect their banks.
The local bankers and state officials
feel that by continuing the opera
tlon OF the stove plant in the hands
of the receiver they can realize nice
ly on the assets.
State Bank Commissioner thinner
man charges the officers and directors
OF the Chelsea bank with criminal
liability in loaning excessive amounts.
II was within the past ten days that
considerable proportion OF Mr.. Gla-
zier's paper held by Detroit banking
institutions fell due, and It was then
that representatives of the banks
were sent to Chelsea to investigate.
The result OF these Investigations
led the bankers TO the conclusion
that concerted action, to protect all
interested. would be advisable, and
meeting was consequently called and
held in Detroit Monday afternoon. Mr.
Glazier was not present. because Of
Illness. Attorney Orla b. Taylor rep
resenting him.
Detroit Banks Involved.
That Detroit banks are involved to
a very considerable extent appeared
from the schedule of the liabilities OF
both Mr.. Glazier personally and his
Chelsea stove plant The total of
these liabilities is S66O,OO0, divided as
follows:
Peoples State bank 100000 OF
stove company paper, indorsed by
Glazier. and s15OOO0 OF personal LA
bilities, secured by collateral.
First National bank, $4,000 OF stove
company Indebtedness, indorsed by
Glazier, and s5O.OOO personal, secured
by collateral
Old Detroit National bank, 100000
OF stove company liabilities, and $780,
600 Of personal, secured by collateral
Union Trust company, $4,000. Sc
cured by collateral.
Citizens Savings bank, s25,OO0 per-
sonal. secured by collateral, and $15,-
900 of stove company liabilities.
State Bank Of Michigan at Grand
Rapids, $4,000. personal, secured by
collateral
This collateral. IL is presumed, con
!
is capitalized at 100000 OF preferred
stock and $1.OOC,OOO OF common.
AS assets to Offset these liabilities
the stove building and entire plant
are submitted as one item: merchan-
disc. consisting OF raw material and
finished product. 100000. and sS1 900
! in bills receivable. At the meeting
referred to no valuation was placed
in the stove plant. but II is said to be
one OF the most magnificent institu-
tions OF the kind in the country.
Solvent Institution.
That IL would be wise TO continue
the plant in operation was the con
sensus OF opinion, and the suggestion
was therefore made to Attorney Tay-
lor that he advise the directors OF
the company to ask for a receiver.
who will operate the plant in the in.
terests OF all the creditors The bank.
ers regard the stove works as
solvent institution and the prospects
as being bright for a subsequent meet.
ing of its obligations.
The Chelsea Savings bank. with a
capital OF 300. 900. was carrying 1854.
900 Of the states money for its chief
executive. Since assuming the duties
OF state bank examiner. last February.
II. W. zimmerman has examined the
Chelsea bank three times, and has
been quietly endeavoring 10 straight.
en- out its affairs for many months.
Mr. Zimmerman wired his deputy.
William Donovan, at Chesea, 10 close
the bank. This will tie up s611 900 Of
savings deposits and s491 900 CONNER
cial deposits. totaling $1,000 the
condition OF the bank when examined
by Mr.. Zimmerman last Friday.
DO you contemplate removing
Treasurer Glazier from officer" was
asked Governor Warner.
He is a sick man at his home" re-
piled the governor Then the gov
ernor paused, and continued, my
course viii depend on the develop
nents in the next few days-but, then,
he may possibly resign"
The governor figures that the state
will probably come out whole on its
account with the Chelsea bank in this
way:
"The bank has s6Sf,00 OF the state |
money deposited there by Glazior. II
Is conservatively estimated that the
bank Will pay out at least so cents on
the dollar; that would bring s342. goo
The state has bond given by Glazier
A.