gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
37d31643b274fdfa
Response Measures
None
Description
Bank was closed by examiners after discovery of large shortage attributed to its missing president; receiver subsequently appointed.
Events (2)
1.July 21, 1921Suspension
Cause
Government Action
Cause Details
Closed by bank examiners after discovery of a large shortage in the bank's funds attributed to its missing president.
Newspaper Excerpt
The Michigan Avenue Trust Company Bank, which was closed Thursday in the absence of its president, Warren C. Spurgin
Source
newspapers
2.August 1, 1921Receivership
Newspaper Excerpt
The Federal Court appointed Hugh V. Keane receiver; a receiver was appointed today to take over assets which Spurgin left behind in his flight.
Source
newspapers
Newspaper Articles (22)
1.July 23, 1921Evening StarWashington, DC
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BANK LOSS, $1,000,000. Chicago Trust Company Suffers Through Closing. CHICAGO, Ill., July 23.-The loss to the Michigan Avenue Trust Company Bank, which was closed Thursday in the absence of its president. Warren C. Spurgin, will be more than $1,000,000. and may reach $1.500,000. These figures were given out by George M. Reynolds, chairman of the Continental and Commercial National Bank's board of directors and uncle of Spurgin, who has not been located. No action has been taken against Spurgin. At a meeting of depositors, it was decided to try to save the bank. rather than force it into the hands of a receiver. The bank had close to $4,000.000 in deposits and the auditor has found $214,000 in cash and a quantity of stocks and bonds. The Michigan Avenue Trust had no connection with any other Chicago bank and was not a member of the clearing house association.
2.July 23, 1921Grand Forks HeraldGrand Forks, ND
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LOSS OF $700,000 IN CHICAGO BANK, IT IS BELIEVED Chicago, July 23.-C. A. Beutel. cashier of the Michigan Avenue Trust company, which was closed by bank examiners Thursday, today estimated that there would be a probable loss of $700,000 and that the bank would pay 65 cents on the dollar. A meeting of the stockholders is to be held today, when an effort is to be made to keep the bank out of the's hands of a receiver. George M. Reynolds, chairman of the board of directors of the Continental and Commercial National bank and an uncle of Warren C. Spurgin, missing president of the Michigan Avenue Trust company, estimated the loss would be more than $1,000,000.
3.July 23, 1921Bisbee Daily ReviewBisbee, AZ
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BANK OFFICIAL, MONEY MISSING CHICAGO, July 22.- The loss to the Michigan Avenue Trust Company Bank, which was closed Thursday in the absence of its president, Warren C. Spurgin, will be more than $1,000,000 and may reach $1,500,000. These figures were given out tonight by G. M. Reynolds, chairmán of the Continental and commercial National Bank's board of directors and uncle of Spurgin, who had not been located up to a late hour tonight. No action has been taken against Spurgin and the audit of the bank's books continued today. At a meeting of depositors, it was decided to try to save the bank rather than force it into the hands of a receiver. The bank had close to $4,000,000 in deposits and the auditor has found $214,000 in cash and a quantity of stocks and bonds.
4.July 26, 1921New-York TribuneNew York, NY
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Hunt for Missing Chicago Banker Extends Over U.S. Especial Watch Kepton Canada Ports Following Disappearance of $1,500,000 Special Dispatch to The Tribune CHICAGO, July 25.-Search for Warren C. Spurgin, missing president of the Michigan Avenue Trust Company, to-day extended to all parts of the United States, Canada and Mexico. Especial watch is being kept upon Canadian ports, as there are indications that Spurgin is headed that way. Six depositors of the failed bank today filed a bill in the Superior Court asking the appointment of a receiver. It is directed against Spurgin and all other officers of the institutio.n There were also lively intimations that others beside Spurgin are concerned in the $1,500,000 grab from the funds of the institution. This information came at the same time the bank officials learned of Spurgin's difficulties with a bank at Panora, Iowa, S twenty years ago. At that time Spure gin hastily departed for the Evere glades of Florida and remained until the troubles were adjusted, Three months ago, it is said, Spurgin went d back to his hiding place in Florida and the question now is being asked if he had in mind at that time a repetition of his Iowa experiences. Mrs. Spurgin and her daughter, Vivian, have been traced to Detroit, but police of this city and the detective f agencies do not believe Spurgin himself is within a thousand miles of them, d ct and that he is using them to throw his st pursuers off his trail.
5.July 26, 1921Every Evening, Wilmington Daily CommercialWilmington, DE
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SEEK MISSING BANKER IN U. S., CANADA, MEXICO Trust Head Said to Have Had Similar Experience Twenty Years Ago. Chicago, July 26. Search for Warren C. Spurgin, missing president of the Michigan Avenue Trust Company, yesterday extended to all parts of the United States, Canada and Mexico. Especial watch is being kept upon Canadian ports, as there are said to be indications that Spurgin is headed that way. Six depositors of the bank yesterday filed a bill in the Superior Court, asking the appointment of a receiver. It is directed against Spurgin and all other officers of the institution. There were also lively intimations that others beside Spurgin are concerned in the $1,500,000 loss from the funds of the institution. This information came at the same time the bank officials learned of Spurgin's difficulties in a bank at Panora, Iowa, 20 years ago. At that time Spurgin, it is said, hastily departed for the Everglades of Florida and remained until the troubles were adjusted. Three months ago, it is said, Spurgin went back to his hiding place in Florida. Mrs. Spurgin and her daughter, Vivian have been traced to Detroit, but police officials and detective agencies do not believe Spurgin himself is within 1,000 miles of them and think at he is using them to throw his pursuers off his track. There is reason to believe that when they went away he went in an opposite direction, perhaps to Colorado or to Northwestern Canada, possibly in the hope of getting a boat to Japan. It is not believed that Mrs. Spurgin or her daughter were aware of the accusations against him. The day before the bank failed, if is said, a box eight feet long and two feet wide was shipped from the bank to a point in Colorado. It is thought this may contain alleged forged papers. Definite Information was obtained yesterday that Spurgin was in Chicago as late as Friday of last week. A man called to the house to assist, so he says, in packing trunks and who knows him well, saw him and talked with him there. The day following the same man says he was informed that there was trouble at the bank and that Spurgin had already left the city, leaving Instructions for his wife and daughter to pack up everything and join him near the Canadian line. A meeting of nearly 500 depositors of the bank was' held Monday and it was said there was a possibility that the institution might recover without loss to the depositors all the alleged shortage.
RECEIVERSHIP TO BE ASKED FOR MICHIGAN AVENUE TRUST FIRM (By The Associated Press.) Chicago, July 27.-A receivership will be asked for the Michigan Avenue Trust company, it was announced today shortly after it became known that the grand jury had returned indictments against Warren C. Spurgin, missing president of the institution. A depositors' protective committee has been formed and when power of attorney is obtained from depositors, action toward having the bank's affairs administered by a receiver will be taken, it is understood.
7.July 29, 1921Palatka Daily NewsPalatka, FL
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Spurgin Faces New Charges of Theft In His Oil Concern (By Associated Press) Chicago, July 28.-Warren C. Spurgin, missing president of the Michigan Avenue Trust Company which was recently closed, following the discovery of a million .dollar shortage, faced new charges today when a receiver was appointed for the Warren Oil Company, of which he is also head. At the hearing stock holders of the oil company accused Spurgin of cheating and defrauding them of large sums of money by nominating a dummy board of directors which issued large amounts of the one million dollar capital stock of the company to themselves without payment for it.
8.July 29, 1921Indiana Daily TimesIndianapolis, IN
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Blonde Without Visible Means of Support Said to Have Fled With Spurgin CHICAGO. Ill., July 29.-A blonde The blonde in the case was traced without visible means of support who through a chauffeur. He instructed the maintains herself in luxury, was reported woman how to drive the machine. He said a man whom he was certain was missing today by authorities trailing Warren C. Spurgin, fleeing president of Spurgin was often in the blonde's company. the Michigan Avenue Trust Company. Detectives were convinced the blonde "She spent money like water," the was a fugitive with Spurgin. chauffeur said. "She often gave me a Witnesses have been found who de$10 bill for nothing at all." clared Spurgin, accompanied by another BLONDE FIRST man and two women drove up to the IN AFFECTIONS. bank at 9 p. m. on July 17. After the Although detectives on Spurgin's trail two men spent nearly an hour in the found it often crossed by women, they bank, they rejoined the two women and drove away. That was the last positive believed the blonde was first in his aftrace of the banker. The man who was fections and that she is with him on in the auto was identified and is misshis flight. ing also. Charges holding him with beFive other women who were his companions at various times were located ing equally responsible with Spurgin for and questioned. looting the bank, may be made. REPORT SHORTAGE Mrs. Spurgin and her daughter, Vivian, APPROXIMATES $1,000,000. were permitted to remain at their home, Auditors. who have been going over after making a complete statement to the concern's books. have completed the police. checking up. They found the shortage The Warren Oil Company. another conwould total approximately $1,000,000. Decern to go down in the bank's crash, is in positors may receive 65 cents on the dolthe hands of a receiver. Spurgin was lar. presidential the company.
9.July 29, 1921The Washington HeraldWashington, DC
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FUGITIVE BANKER TRAILED IN SOUTH, PURSUERS CLAIM Spurgin's Arrest Within Twenty-four Hours Thought Certain. CHICAGO July 28. - Warren C. Spurgin, fugitive president of the Michigan Avenue Trust Company. said to be involved in a $1,000,000 shortage. has been located, it was announced today. In a spectacular chage through the South, detectives are less than 100 miles behind him. by This announcement was made W.C. Burns, Chicago representative of Lloyd's, of London, who believes bonded Spurgin for $100,000. He thelmissing banker will be arrested within twenty-four hours. White pursuit is on, Pinkerton operatives are seeking six women who were on friendly terms with the banker. One of the women, according to Mr. Burns, is said to have Tived at the Webster Hotel, in New York. It is alleged Spur- oil ging gave her $10,000 worth of stock and received in return some endearing letters. Trail of Women. Another woman is said to be a pretty blond with a limousine dash- and Pomeranian. A third is a ing brunette divorcee who has fig- life ured prominently in the night of Chicago's North Shore cabarets. have Both these Chicago women fled from their luxurious apartments, bruut detectives know where the nette is and they are going to question her in a day or so. Spurgin was located in a small Southern town by a marshal yestarday. "The marshal recognized him when he received his mail," was Mr. Burns said today. "but afraid to arrest him without a war- We He notified this office. cannot rant. make public the name of the town at this time." & May Involve Others. Funfore persist that a grand jury investigation will involve others beside Spurgin. According to information in the hands of the assistant State attorney. three days before the crash came a number from of large withdrawals were made it is the bank. One of them. charged. was "tipped off" as to the shaky condition of the institution dithe chauffeur of one of the is in rectors. by This depositor. who out the automobile business. drew $16,000. his entire deposit. Another have check for $18.000 is said t been presented the evening before to bank closed. He was asked "wait they until tomorrow morning." Helis still waiting AB row developed today between and directors of the failed bank the directors of the Continental and the Commercial National Bank over of ownership of $250,000 worth Of. leather stored in a warehouse. ficials of the failed bank declare the leather is the property of Spur- the gin and part of the assets of bank. With this additional amount terned in the total shortage may dereduced to $750,000 and the 70 be positors might get as much as or 80 cents on the dollar.
10.July 29, 1921New-York TribuneNew York, NY
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Missing President Of Chicago Bank Found in South Others Besides Spurgin May Be Accused of Wrecking the Institution; Women in Case Are Discovered Special Dispatch to The Tribune CHICAGO, July 28.-Warren G. Spurgin, missing president of the Michigan Avenue Trust Company, has been found, according to a statement made to-night by W. C. Bruns, acting manager of Toplis & Harding, Chicago agents for Lloyds. He would not say where the absconding president was other than he was in a Southern city. His arrest is expected within twentyfour hours. Rumors persist that a grand jury investigation will involve others besides Spurgin, who is accused of wrecking the trust company and with the embezzlement of $1,500.000 of the depositors' funds. The States Attorney's office has received so many "tips" to this effect that it is planned to make a thorough investigation. It is said that certain depositors had received a hint in ample time to permit them to withdraw their funds. According to information in the hands of the Assistant State's Attorney three days before the crash came a number of large withdrawals were made from the bank. One of these, it is charged, was tipped off as to the shaky condition of the institution by the chauffeur of one of the Cirectors. This depositor, who is in the automobile business, drew out $16,000, his entire deposit. Another check for $18,000 is said to have been presented the evening before the bank closed. The depositor was asked to "wait until tomorrow morning." He is still waiting. Three women who figured in the "other life" of Spurgin have been discovered by Bruns, who is investigating the case for Lloyds. One of them, a New York woman, is alleged to have received $10,000 in the stock of a producing oil company in exchange for a series of endearing letters. The others are Chicago women, one of whom, a
11.July 30, 1921Arizona RepublicanPhoenix, AZ
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Missing President Of Chicago Bank Is Near Mexico, Belief [Republican A. P. Leased Wire] CHICAGO. July -Warren C. Spurgin, missing president of the Michigan Avenue Trust company, who is being sought in connection with a $1,000,000 shortage in the bank accounts, is now 'near the Mexican border which he is seeking to cross, according to James E. McShane, assistant state's attorney. Three Chicago detectives were detailed today to pursue Spurgin and it was declared that his arrest was expected shortly. Reports that he had boarded a yacht near Mobile, Ala., and now was in the Gulf of Mexico, were denied. It was authoritatively stated that he had been traced toward the Mexican line through information supplied by a woman. A receiver was appointed today to take over assets which Spurgin left behind in his flight.
12.July 30, 1921Bisbee Daily ReviewBisbee, AZ
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EXPECT ARREST OF BANKER SOON Warren C. Spurgin Believed to be Near Border; Three Detectives Trail Him CHICAGO, July 29. - Warren C. Spurgin, missing president of the Michigan Avenue Trust company, who is being sought in connection with a $1,000,000 shortage in the banks accounts, is now near the Mexican border which he is seeking to cross, according to James E. McShane, assistant state's attorney. Three Chicago detectives were detailed today to pursue Spurgin and it was declared that his arrest was expected shortly. Reports that he had boarded a yacht near Mobile, Ala., and now was in the Gulf of Mexico, were denied. It was authoritatively stated that he had been traced toward the Mexico line through information supplied by a woman. A receiver was appointed today to take over assets which Spurgin left behind in his flight.
13.July 30, 1921The New York HeraldNew York, NY
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WOMAN IS SOUGHT IN CASE OF SPURGIN Detectives Assert She Can Give Clue to Whereabouts of Missing Banker. Special Despatch to THE NEW YORK HERALD. CHICAGO, July 29.-While detectives were searching to-day for another woman in the case of Warren C. Spurgin, missing head of the Michigan Avenue Trust Company Bank, believed located and near capture in the neighborhood of Mobile, two of the bank directors, warned by reports that some of Spurgin's assets were in danger of seizure, made a quick move to prevent any further forays upon them. E. F. McDonald, Jr., and James J. Kelly, directors, after conference with the depositors' committee. filed a petition in the Circuit Court for a receiver for the affairs of Spurgin. Just prior to the court move Mrs. Mary McHugh of the Webster Hotel, New York, walked into the State's Attorney's office and told of her dealings with Spurgin. Mrs. McHugh was questioned by Assistant State's Attorney E. Hodges. She denied a report that she had received $10,000 worth of stock as a gift from the fugitive banker and declared that her only dealings with Spurgin were along business lines. She said that she bought $1,000 worth of oil stocks from Spurgin, and that he paid her dividends, increasing them from 8 to 10 per cent. She was accompanied by her husband, Charles McHugh, fornierly part owner of the Lexington Hotel. Mr. and Mrs. McHugh told the prosecutor they were on their way from California to their home in New York and decided to visit the State's Attorney's office after reading an account that Spurgin had made a present of $10,000 worth of stock to her. "Nine years ago my husband was a depositor in Spurgin's bank," Mrs. McHugh said. "Later my husband borrowed $5,000 from Spurgin. I bought the oil stock from Spurgin and at one time received a dividend of 16 per cent. On advice of my husband, I wrote one letterd to Spurgin in Chicago, thanking him-for the dividend." Mrs. McHugh is 60, has been married thirty-three years and is a grandmother. Mr. Hodges said he was satisfied with her statement. She and her husband were not detained.
14.August 1, 1921East Oregonian : E.OPendleton, OR
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DESPITE DEFALCATION BANK WILL PAY OUT CHICAGO, Aug. 1.-(U. P.)-Depositors of the defunct Michigan Avenue Trust Company will not lose a cent, the directors of the bank told the states attorney's office. The shortage caused by Spurgin, the absconding president, missing for 11 days, will probably total a million and a half. The directors are financially able to keep the bank running, the states attorney declared. The directors willingness to shoulder the shortage will probably save them from indictment.
15.August 2, 1921Atlanta Tri-Weekly JournalAtlanta, GA
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Spurgin's Depositors Will Not Lose Cent CHICAGO, Aug. 1.-Depositors of the Michigan Avenue Trust company, will not lose a cent. Directors of the bank, which was looted by President Warren Spurgin, who has been missing eleven days. gave this information to the state's attorney's office today. The shortage of Spurgin, for whom it world-wide search is being made, may run as high as $1,500,000. directors said. but they are financially able to keep the bank runuing.
16.August 2, 1921New-York TribuneNew York, NY
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Spurgin's Directors Liable Bank in Liquidation, Depositors May Get Their Money Special Dispatch to The Tribune CHICAGO, Aug. 1.-Directors of the Michigan Avenue Trust Company, the bank wrecked by Warren G. Spurgin, its fugitive president, to-day filed a petition in bankruptcy. The Federal Court appointed Hugh V. Keane receiver. At the same time the Central Trust Company of Illinois was made receiver for the Warren Oil Company, one of Spurgin's concerns. It is believed now that the bank will be rehabilitated and pay doller for dollar. The Illinois laws hold that directors and stockholders of a bank should keep themselves informed as to its operations and that they are responsible at all times for the acts of its officials. Inasmuch as the institution accepted deposits after it was certain it would fail the stockholders become liable. It is estimated that $1,500,000 will be required to fill the gap left by Spurgin.
17.August 2, 1921Omaha Daily BeeOmaha, NE
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Trail of Banker Shifts to Mexico Missing Chicagoan Believed To Be In Mexico-Depositors Await Report. Chicago, Aug. 1.-State bank examiners who have been going over the jumbled affairs of the Michigan Avenue Trust company will make a report today to the receiver appointed by Judge Brothers. Depositors are anxiously awaiting this report which will give them some definite idea of how much they can salvage out of the wreck left by Warrcn G. Spurgin, the fugitive president of the institution. Intimations have been given that the bank may be able to pay 60 to 80 cents on the dollar and there remains hopes that one of the strong financial institutions will take it over and rehabilitate it. Detectives on the trail of Spurgin reiterate their belief that they will soon close in on him. Yesterday they asserted that he had been seen in Detroit last Wednesday, endeavoring to slip into Canada. but today it was said he was headed for Mexico and if he can cross the border he will be practically safe from extradition. Through his connection with the Eurades mine at Ouray, Colo., Spurgin came into possession of a card from the Mexican government that would pass him across the border without the formality of passports or reporting to the authorities.
18.August 5, 1921Clearwater RepublicanOrofino, ID
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Heat Causes Death of Five. NEW YORK.-Five persons succumbed to the heat and a score of others were prostrated July 29. Presbyterians Gain 55,456. NEW YORK.-The Presbyterian church in this country gained 55,456 communicants last year and now has a membership of 1,692,558. Killed by Rejected Suitor. PORTLAND, Ore.-Mrs. Anna Baird age 30, was shot and killed at her hotel here by a man said to be George Crowl. who then shot and killed him. self. Sees Hard Winter Ahead. NEW YORK.-Commander Evangeline Booth, head of the Salvation Army in the United States, says the country is facing the worst winter, industrially, it has known in 15 years. Pay "Rainmaker" $8,000. MEDICINE HAT, Alta.-It was announced here that "Rainmaker" C. M. Hatfield had won his contract with the local association. four and onequarter inches of rain having fallen between May 1 and July 31. Tram Cable Brok , , Six Dead. GRAND JUNCTION, Colo.-Six men were killed and six others injured, three seriously, whe na tramway car cable slipped out of the swivel at the Schuyler Doyle company's plant, the car plunging to the floor of the gulch. 2,000 feet below. Spurgin Faces New Charge. CHICAGO. - Warren C. Spurgin, missing president of the Michigan Avenue Trust company which was recently closed following the discovery of a $1,000,000 shortage, faces new charges now a receiver has been appointed for the Warren Oil company, of which he also was head.
19.August 5, 1921Charlevoix County HeraldEast Jordan, MI
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BANKER'S DUAL LIFE DISCLOSED AGENTS LOCATE WOMEN ALLEGED TO HAVE BEEN AS. SOCIATES OF SPURGIN. DEPOSITORS WERE "TIPPED OFF" Grand Jury Investigation Likely to Name Others In Wrecking of Trust Company. Chicago.-Three women who fig. ured in "the other life" of Warren G. Spurgin, fugitive president of the Michigan Avenue Trust company, who is charged with embezzlement of $1,500,000 of depositors' funds, have been located by W. C. Burns, who is investigating the case for Lloyds of London. One of them, a New York woman, is alleged to have received $10,000 in the stock of a producing oil company, in exchange for a series of endearing letters. The others are Chicago women, one of whom, a brunette, figured with Spurgin in the wild night life of the north side. The other, a blonde, without any visible means of support, lived at a fashionable south side hotel, maintained a costly limousine, a Pomeranian dog and other appurtenances supposed to indicate the possession of abundant wealth. This woman disappeared immediately following the bank crash, but is believed to be in hiding somewhere in Chicago. Rumors persist that a grand jury investigation will involve others beside Spurgin, in the wrecking of the trust company. The state attorney's office has received so many "tips" to this effect that it is planned to make a thorough investigation. It is said that certain depositors had been given a hint in ample time to permit them to withdraw their funds. According to information in the hands of the assistant state's attorney, three days before the crash came, a number of large withdrawals were made from the bank. One of them it is charged, was "tipped off" as to the shaky condition of the institution by the chauffeur of one of the directors. This depositor who is in the automobile business, drew out $16,000, his entire deposit. Another check for $18,000 is said to have been presented the evening before the bank closed. He was asked to "wait until tomorrow morning." He is still waiting. Spurgin's wife and daughter, it is believed, have told all they know of the case. They have been released from custody but are under surveillance of a police woman.
SPURGIN CAPTURED. Missing Chicago Banker Reported in Custody of Mexican Officials. Chicago, Aug. 10. - With Warren C. Spurgin, president of the closed Michigan Avenue Trust Co., said to be in the custody of Mexican authorities at Chihuahua City, Mex., John W. O'Leary, appointed as the bank's receiver today promised quick action in clearing up affairs of the bank. A deficit of more than one million dollars was left when Spurgin fled more than three weeka ago. Authorities here made arrangement: today to have Spurgin returned here as soon as possible to face charges in connection with the bank's failure and also for alleged violation of the prohibition laws more than $10,000 worth of liquor, said to belong to him having been found in the vaults of the bank.
New Bank On Site Of Spurgin's Trust Company To Be Opened Chicago, Aug. 11.-With the affairs of the Michigan Avenue Trust company in the hands of a receiver and the capture of its missing president, Warren C. Spurgin apparently depending on a Mexican police chief's hesitancy to act before being guaranteed $200 expenses, the Depositors Protective committee was today planning to open a proposed new bank on the same site. Thomas J. Hay, chairman of the depositors' committee, stated he expected to have the new stock underwritten within a week. In the meantime, local authorities were making every effort to get into communication with and get action from the police chief of Chihuahua City, Mexico, who is said to know Spurgin's whereabouts, and to be awaiting a guarantee of $200 expenses to bring him to the border.
22.July 15, 1923Evening StarWashington, DC
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FUGITIVE BANK HEAD MAY BE RETURNED Spurgin, Practically Penniless in Mexico, Likely to Be Brought to Chicago. By the Associated Press. CHICAGO, July 14.-Warren C. Spurgin, former president of the Michigan Trust Company, who has been a fugitive since the bank's collapse in 1921, is in Mexico, virtually without funds and ill, and his friends may surrender him to Chicago officials. according to the Chicago Journal today, which makes the statement on the authority of John S. Lord, an officer of the company which bonded the officers of the bank for $100,000. John W. O'Leary, receiver for the bank, also confirms the facts, according to the Journal.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
