Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1907-12-03
STATE FUNDS co
Michigan May Lose 100000
Oepo sited in Bank of
Treasurer GIazier.
LATTER FAILS FOR BIG SUM
Arrest of Official May Be Made if 1t 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.
1t was impossible to secure a state
ment of deposits and resources. 1t
is said, however, the deposits are be-
tween 100000 and 100000.
G. H. Gay, partner with Glazier in
the bank, says he closed the doors for
fear the news of Glaciers troubles
would start run and that he expects
to pay the depositors in full.
Fails for Large Amount.
Detroit, Mich, Dec. 3.-It is an
nounced that State Treasurer Frank
P. Glazier, president of the Glazier
Stove company, the Glazier Savings
bank and the Chelsea Grain and Pro-
duce company, all of Chelsea, Mich,
has failed.
His liabilities are $1.000,000. 1t is
not yet known what the assets are,
but Detroit bankers say they are much
less than the liabilities. The creditors
probably will realize % cents on the
dollar
In n rnrnvnnt a the
bank today, State Banking Commits
soner Zimmerman announced that ii
would not open for business. That
the grain company and the stove fac
tory will be involved in the troubles
is regarded here as a certainty.
Glazier is sick in bed in his home in
Chelsea.
state Funds in Peril.
The state of Michigan has $5S4,00(
of the $3.342,000 state treasury funds
on deposit in the Chelsea bank, but
Attorney General Bird says that the
state is protected by the state treas
urer's bond of $15O,OOO and the bank:
bond OF 100000.
State bank examiners are making al
Investigation of the books of the in
stitution to determine whether or no
Glazier used any of the states fund:
| to carry on his stove company ant
other concerns.
If it is shown that he did use the
money belonging TO the state for hi!
private ventures he will be arrested
on the order of Attorney General Bird
His Schemes Visionary.
Glaciers failure is due mostly to hi!
visionary schemes for amassing grea
wealth, the profits of which he esti
mated on paper while he was placing
many real thousands into a home 70
aged persons, a library for his EN-
ployes. a fine summer home, an eX
pensive Detroit terrace, a newSpape
plant in Ann Arbor, and other ven
lures. In these he expended 1886, ,00(
and gave many thousands more fo
charitable purposes. Then came tn
financial stringency and he was pinch
ed for ready money.
Financier in Hopeless Case.
1t has been known for some tim
that Glazier's finances have been hope
Ilessly involved, but he hoped to pre-
vail upon his creditors. who met her
yesterday, to extend the time on hi
obligations. This they refused to dt
OF the sum that he owes, s640,000
due to Detroit banks
After the creditors meeting the pre-
lident of one bank announced tha
$150,000 was due his institution an
would be charged to profit and los
Glaciers career has been a specta'
ular one. A year ago he was charge
with freezing out of the stove bushes
his partner. who alleged each had
lhalf interest in the business. whic
lstarted from a small shop and no