Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-12-03
State Treasurer Of Michigan
Caught in a Million Dollar
Financial Crash
HIS BANKS CLOSED FOR SAFETY
Feared That He Used Public Funds
For His Private specuations-Pros-
ecution May FoIIow-WeaIth Leads
Frank p. Gazier Into Poiitics-State
Funds in Peril.

Detroit, Mich, Dec BIT was an
nounced yesterday that State Treas
urer Frank P. Glazier, president OF
the Glazier Stove company. the Chel-
sea Savings bank, and the Chelsea
Grain and Produce company, all OF
Chelsea, Mich, had failed.
His liabilities are $1,000,000. 1t is
not yet known what the assets are,
but Detroit bankers said they We're
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 Commits
sioner Zimmerman announced that it
would not open for business. That the
grain company and the stove factory
will be involved in the troubles is re-
garded here as a certainty.
Gls.zier today is sick in bed in his
home, in Chelsea.
The state of Michigan had $6S4,000 of
the S3,342,0 900 state treasury funds on
deposit in the Chelsea bank. but At
torney General Bird said last night
that the state is protected by the state
treasurer's bond of $4,000 and the
banks bond of 100000.
Stnte bank examiners are making an
investigation of the books of the insti-
tuticn to determine whether or not
Glazier used any of the states funds
to carry on his stove company and
othel. concerns.
If 1t is shown that he did use the
money belonging to the state for his
private ventures he will be arrested on
the order of Attorney General Bird.
Glaciers failure is due mostly to his
visionary schemes for amassing great
wealth, the profits of which he esti-
mated on paper while he was placing
aged persons, library for his en-
Iaoyes. fine summer home, an expen-
sive Detroit terrace. a newspaper plant
in Ann ,Arbor. and other ventures. In
these he expended $335.000, and gave
many thousands more for charitable
purposes. Then came the financial
stringency and he was pinched for
ready money.
1t has been known for some time
that Glaciers finances have been hope
less.y involved, but he hoped to pre-
vail upon his creditors, who met here
today, to extend the time on his obli-
cations. This they refused to do. OF
the sum that he owes, 100000 is due
to Detroit banks.
After the creditors meeting the
president of one bank announced that
S15O,0O0 was due his institution and
would be charged to profit and loss.
Glaciers career has been a spec
charged with freezing out of the
stove business his partner, who al
legged each had half interest in the
business. which started from small
shop and now employ 1000 men,
nearly half of the population of Chel-
sea.
AS his wealth grew Glazier dipped
into politics, and soon became one of
the big men in the republican party
in the state. 1t was only a short time
ago that he announced his candidacy
for the governorship.
Many complaints have been made
against Glazier because he kept such
a large amount of state funds at his
bank. A year ago the bank had $780,
OOC of the states money, but in spite
of protests he continued to increase
the state deposits to 100000, which
is the same as the capitalization of the
ilazier has extensive reality hold
ln,ss in Detroit, and 1t is said he owns
hundreds of acres of land bought from
the state at ridiculously low prices
and embraced by drainage and i'm
in Chelsea, of which he was prac-
tically owner, Glazier was a car. He
even had a minister, the Rev. Joseph
Ryerson. who in his sermons at Chel-
sea Methodist Episcopal church, it is
said, devoted most of his time to
praising Frank p, Glazier.