gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
35774aaedae3b57e
Response Measures
None
Description
Closure followed discovery of large embezzlement by the missing president; receiver appointed and successor company later opened.
Events (3)
1.July 22, 1921Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was closed after discovery of a large shortage/embezzlement by its president Warren C. Spurgin (missing).
Newspaper Excerpt
which was closed Thursday in the absence of its president, Warren C. Spurgin
Source
newspapers
2.August 9, 1921Receivership
Newspaper Excerpt
John W. O'Leary .former president of the Chicago Association of Commerce was appointed receiver for the bank by Judge Samuel Stough.
Source
newspapers
3.August 22, 1921Other
Newspaper Excerpt
The Equitable Trust Company of Chicago, successor of the wrecked Michigan Avenue Trust Company, will open next Monday.
Source
newspapers
Newspaper Articles (22)
1.July 23, 1921The Topeka State JournalTopeka, KS
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Article Text
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, 1921Arizona RepublicanPhoenix, AZ
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Article Text
Doors Of Chicago Bank Close With Loss Of $1,000,000 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. chairman 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. 1 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.
3.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.
4.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.
5.July 28, 1921Bisbee Daily ReviewBisbee, AZ
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Missing President Of Michigan Bank Indicted In Chicago 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.
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.
8.July 28, 1921Pueblo ChieftainPueblo, CO
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Article Text
ASK SPURGIN BANKK RECEIVER Chicago, III., July 17.-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.
9.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.
10.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.
11.July 29, 1921The Mankato Free PressMankato, MN
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Article Text
BANKS LOSS $700,000 Michigan Avenue Trust Company Pays 65 Cents on Dollar [Associated Press Dispatch.] Chicago, July 23-C. A. Beutel, cash ier of the Michigan Avenue Trust company, which was closed by bank examiners Thursday, today estimated $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 would be more than $1,000,000.
12.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.
13.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
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 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.
Receiver For Bank Chicago. Aug. 9--Doubtful and worth. less assets of the Michigan Avenue Trust company, which was closed by the state auditor after its president. W. C. Spurgin, fled from the city, total $1,595,495. according to a petition for a receiver. filed today by Attorney General Brundage on behalf of Andrew Russel. state auditor. of this deficit. only $371,176 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.
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.
19.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
20.August 17, 1921Evening StarWashington, DC
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SUCCEEDS WRECKED BANK Equitable Trust of Chicago to Open Doors Monday. CHICAGO. August 17.-The Equitable Trust Company of Chicago, successor of the wrecked Michigan Avenue Trust Company. will open next Monday, it was announced today. The company's capital will be $250.000 and it will occupy the quarters formerly occupied by the bank of which Warren C. Spurgin, fugitive president. was the head. Permission has been granted for the receiver of the wrecked bank to collect liability from the stockholders to make good the shortage more than a million dollars found when Spurgin fled. Meanwhile, the authorities and private detectives are continuing the hunt for Spurgin in Mexico.
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.
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.
