Articles report the Michigan Avenue Trust Co. was closed by state bank examiners after its president Warren C. (or G./Walter in one OCR) Spurgin fled and a large embezzlement/shortage was discovered. A receiver was appointed and the original trust company remained closed; a successor (Equitable Trust Company) later opened on the site. There is mention of large prior withdrawals by some depositors, but no clear contemporaneous depositor 'run' described. Dates corrected/derived from article publication: closure corresponds to Thursday July 21, 1921 (papers dated July 23 refer to closed Thursday).
Events (4)
1.July 21, 1921Suspension
Cause
Government Action
Cause Details
Closed by state bank examiners/state auditor after discovery that the president had fled and a large shortage (embezzlement) was found.
Newspaper Excerpt
the Michigan Avenue Trust Company, which was closed Thursday in the absence of its president, Warren C. Spurgin
Source
newspapers
2.July 23, 1921Other
Newspaper Excerpt
Loss of Michigan Avenue Trust Will Exceed $1,000,000, Estimate. ... missing president of the Michigan Avenue Trust company, estimated the loss will be more than one million dollars. New-York Tribune: forged paper to the amount of $500,000 ... World-wide search was instituted to day for President Walter Spurgin (sic).
Source
newspapers
3.August 1, 1921Receivership
Newspaper Excerpt
Directors of the Michigan Avenue Trust company ... filed a petition in bankruptcy and the federal court appointed Hugh V. Keane as receiver. ... it is believed the bank will be rehabilitated and will pay dollar for dollar. John W. O'Leary, appointed as the bank's receiver today promised quick action in clearing up affairs of the bank . . . will be my desire to make a distribution to depositors at the earliest moment; petition for receiver filed by Attorney General Brundage lists deficits totaling $1,595,495 (filed Aug. 9 report).
Source
newspapers
4.August 17, 1921Other
Newspaper Excerpt
The Equitable Trust company of Chicago, successor to the wrecked Michigan Avenue Trust company, will open its doors for business next Monday.
Source
newspapers
Newspaper Articles (23)
1.July 23, 1921The Topeka State JournalTopeka, KS
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Loss of Michigan Avenue Trust Will Exceed $1,000,000, Estimate. Chicago, July 23.-C. A. Beutel, cashier of the Michigan Avenue Trust company, which was closed by bank commissioners 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 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 will be more than one million dollars.
2.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.
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 24, 1921New-York TribuneNew York, NY
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Looted Bank Said To Have Held Half Million Forgeries f Spurious Papers Disappear From Michigan Av. Trust Co.; World-Wide Search Begins for President Special Dispatch to The Tribune CHICAGO, July 23.-As investigators dig deeper into the affairs of the Michigan Avenue Trust Company it is found that the failure is worse than at first believed. To-day is was discovered that the vaults held what is believed to be forged paper to the amount of $500,000. These are the alleged forged signatures of Iowa and Illinois farmers on securities purporting to belong to them. Singularly enough, all these spurious securities have disappeared. It is now estimated that the total loss will run to $1,000,000 and perhaps $1,500,000. It practically spells ruin for dozens of small concerns and scores of individuals in the district, whose entire capital was swept away in the crash. World-wide search was instituted to day for President Walter Spurgin. The local representative of Lloyds of London, which has offered a reward of $10,000 for the arrest of Spurgin, said to-day: "We are afraid that unless we move rapidly something may make the loss irrevocable. We figure that Spurgin had at least six days' start and that he carried with him not less than $300,000 in cash and negotiatble securities. There are indications that he fled to Mexico." Information came to Lloyds to-day that Spurgin had been seen in Chicago within the last twenty-four hours. Pinkerton detectives were set upon his trail, but bank officials believe he is many miles from the city. Affairs of the bank will be brought to the attention of the grand jury. A reward for the apprehension of the fugitive president also will be offered. Telegrams, with detailed description of Spurgin have been sent to all parts of the world. Mrs. Spurgin, wife of the banker, also is missing and it is believed she is with him. One of the bank officials to-day said that as matters now stand the depositors will not get more than 50 cents on the dollar, and further disclosures may reduce this proportion. It is believed Spurgin sank the bank funds in wildcat oil speculation. He dominated the bank and ran its affairs to suit himself. His assistants and clerks were boys and utterly subservient to his commands.
ASK RECEIVERSKOP Chicago July 27 \ receivership will be asked for the Michigan Avenue Trust company It was annouenced to. day shortly after it became known that the grand jury had returned indic ments against Warren C. Spurgin missing president of the institution A de positors protective committee has been formed and as soon as power of at. torney is obtained from depositors 20tion towards having the bank's affairs administered is it receiver will be taken It is understood
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 28, 1921Judsonia Weekly AdvanceJudsonia, AR
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DOMESTIC. Four stitches were taken in the beating heart of a boy in Brooklyn, N. Y., who had accidentally stabbed himself, and two hours later he asked the attendants at the hospital to permit him to sit up. Plans to regulate airplane flights over St. Louis (Mo.) with the view of protecting citizens against injury through airplane accidents, were announced by Director of Public Welfare Cunliff, following the crash in Forest Park in which two men were injured. Eight masked men waylaid Rev. Phillip S. Irwin, white, archdeacon of the English Episcopal Church and head of the work of that church among South Florida negroes, at the close of his evening services at Miami, Fla., and tarred and feathered him. The Michigan Avenue Trust Company at Chicago was closed by state bank examiners. Half a billion dollars a year in wages is being lost in the building industry through unemployment, declares a report made public at New York by the committee on elimination of waste in industry of the American Engineering Council. Liquor valued at $30,000 was discovered aboard the gasoline yacht Curlew, of New Orleans, which sought refuge in the lee of Beacon Hill, near Port St. oJe, Fla., after damage at sea Port St. Joe, Fla., after damage at sea J. C. Murray, receiver and general manager of the Missouri and North Arkansas Railroad, announced at Harrison, Ark., that steps were being taken to discontinue operation of the railroad at midnight, July 31. The young woman who has been at the Denver City and County Hospital unidentified since July 12, has admitted to Dr. J. R. Leager, acting resident physician, that she was Miss Connie Phillips of Kosston, Tex. The girl said she was kidnaped by a man and a woman "with red hair" from Denton, Texas.
8.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.
9.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.
10.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.
11.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
12.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.
13.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.
14.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.
15.August 2, 1921Omaha Daily BeeOmaha, NE
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Depositors May Get Money From Chicago Bank Receiver Is Named-Directors Held Liable-Missing President High Stepper Around Caberets. Chicago Tribune-Omaha Bee Leased Wire. Chicago, Aug. 1.-Directors of the Michigan Avenue Trust company, the bank wrecked by Warren G. Spurgin, its fugitive president,, today filed a petition in bankruptcy and the federal court appointed Hugh V. Keane as receiver. At the same time the Central Trust company of Illinois was made receiver for the Warren Oil company, one of Spurgin's concerns. Prospects now are bright for the depositors and it is believed the bank will be rehabilitated and will pay dollar 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 bank accepted deposits after it was certain it would fail, the stockholders become liable under this law. It is estimated that it will require $1,500,000 to fill the gap left by Spurgin, but the bank can readily be made a paying institution. Fresh evidence came out today, showing that Spurgin was a high stepper around the north side cabarets. Miss Jeannette Bayer, a dancer at the Marigold Gardens, told how Spurgin had sent her flowers and candy. "He had a thirst for mixed drinks, music, song and dance and was an all around good fellow," said Miss Bayer.
16.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.
18.August 10, 1921New-York TribuneNew York, NY
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CHICAGO. Aug. 9. Doubtful. worthless or missing assets of the Michigan Avenue Trust Company, which was closed by the State Auditor after its president, Warren C. Spurgin, fled from the city, total $1,595,495, according to a petition for a receiver, filed to-day by Attorney General Brundage on behalf of Andrew Russel, State Auditor. Of this deficit only $471,126 is COVered by the capital stock. surplus, undivided profits, stockholders' liability and recovery on the bonds of the missing president, leaving a net deficit of $1,124,369. John W. O'Leary, former president of the Chicago Association of Commerce, was appointed receiver for the bank by Judge Samuel Stough. His bonds were fixed at $500,000
19.August 10, 1921Every Evening, Wilmington Daily CommercialWilmington, DE
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SPURGIN ALSO FACES "SPEAKEASY" CHARGES Chicago Banker Reported Captured in Mexico: His Peculations Exceed $1,000,000. Associated Press to Every Evening. El Paso, Texas, Aug. 10-In a telegram received here today signed by the chief of police of Chihuahua City, denial was made that Warren C. Spurgin is held in jail at that place. The message says the missing Chicago banker is near Chihuahua City, but had not been apprehended. Chicago, Aug. 10.-Warren C. Spurgin, president of the closed Michigan Avenue Trust Company is said to be in the custody of Mexican authorities at.Chihuahua City, Mexico. John W. O'Leary, appointed as the bank's redeiver today promised quick action in clearing up affairs of the bank. "It will be my desire to make a distribution to depositors at the earliest moment, and to follow with other distributions as quickly as sufficient funds accumulate," he said. A deficit of more than one million dollars was left when Spurgin fled more than three weeks ago. Authorities here made arrangements 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. : Every official in Chicago interested in the capture of Spurgin waited impatiently for word today confirming the reports of his arrest. James McShane, assistant State's attorney in charge of the investigation, said today he had wired Eusebio Hermosilla, Chihuahua City chief of police for information, but had received no reply. A Hermosilla was reported to have offered to surrender Spurgin upon a 1 guarantee of $200 expenses. $ "We'd pay five times that much to 1 get him," McShane declared today. 6 -
20.August 11, 1921The Daily ArdmoreiteArdmore, OK
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DEPOSITORS WILL OPEN NEW BANK Chicago, August 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 hesitatney to act before being guaran teed $200 expenses, the Depositors Protective Committee today was planning to open a proposed new bank on the same site. Thomas J. Hay, chairman of the Depositor's 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 at Chihuahua City, Mexico, who is said to know Spurgin's whereabouts and to be waiting a guarantee of $200 expenses to bring him to the border.
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.
NEW TRUST CO. TO OPEN DOORS Is Located on Site Formerly Occupied by Spurgin's Company. Chicago, Aug. 17.-The Equitable Trust company of Chicago, successor to the wrecked- Michigan Avenue Trust company, will open its doors for business next Monday. Its capital will be $250,000 and it will occupy the quarters formerly cupied by the bank of which Warren C. Spurgin, fugitive president, was the head Permission was granted yesterday for the receiver of the wrecked, bank to collect liability for the stockholders to make good the shortage of over a million dollars found when Spurgin fled. Meanwhile the authorities and private detectives are continuing the hunt for Spurgin in Mexico.
23.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.
