The New York herald., 1921-07-28
BANKERS SHORTAGE |
IS PUT AT $1,500,0O0|
Two Indictments Returned
Against Missing Head Of
Chicago Institution.
CASE AMAZES POLICE
Huge Sums in Securities
and Cash Reported Taken
in Taxicab.
DEAD, MEMS NAMES USED
Wife and Daughter of Warren
Spurgin Held in Custody Of
States Attorney.
DEAD, MEMS NAMES USED

Special Despatch to THE New YORK HERALD.
CHICAGO, July 27.-Two indictments
were returned to-day against Warren
c. Spurgin. missing president of the
wrecked Michigan Avenue Trust Com
pany, whose shortage, officials say,
will amount to s1.500,000 or more. The
indictments charge embezzlement and
the operation of confidence game.
More indictments are expected later.
Spurgin's bonds were fixed at 100000.
That persons closely associated with
the affairs of the wrecked bank knew
Spurgin, its president, had looted It
was the statement made to-day by the
wife Of one Of the former directors.
Her name, for obvious reasons, Is with
held for the present.
This Information came to her from
her husband, who withdrew as a d.
rector three weeks before the crash
came. Among the charges made by this
woman are:
That there Is more than $4,000 worth
Of liquor stored in some of the vaults
from which the hundreds of thousands
OF dollars are missing. The liquor. she
declared, Is there If it has not been re-
moved in the last few days. 1t was
stored in the bank when Spurgin bought
out saloon just before prohibition
went into effect.
Developments Amaze Police.
That her husband refused to act as a
director when Spurgin refused to per-
NIT his (the director's) private auditor
to make an examination of the books
after he had promised to do So
New developments In the case astound
the police. These details are vouched for
by the authorities:
Cash--a taxi load OF 1t.
An audacity that made possible the
theft Of nearly $1.000.000 in q period Of
ten days.
Dead men invoked as a battalion Of
defence by a man who knew his finances
we're tottering-these elements combined
to give the thrill to the hitherto un-
published chapters of Spurgins defal-
cations, as they were dictated to-day
TO the police.
Mrs. Spurgin and her daughter.
Vivian, remained In the custody Of the
States attorney. Inquisitors attempted
in vain to extract from them some hint
Of the missing bankers whereabouts.
1t was between July ] and July 10
that Spurgin removed s965.000 In securi-
Ties IrOfn tne DdEhs dCCOTuiIB "
nation obtained by officials conducting
the investigation into his affairs.
Big Haul Before Leaving.
They also say that just before his
fight he rode to the bank in taxicab.
He walked into the building and in view
Of dozens of employees carried out 0
great quantity of cash, in gold and cur
rency loaded 1t into the taxicab and
drove away This was MS exit frcm
Oh .spo finance--a fadeout mo~e mclo-
dramatic T. an any other in recent police
history.
The greatest sum taken. 1t is said, at
any single time was Oh July 10, when
s7s5O00 worth of securities and cash
we're removed. Two days before AN au-
tomobiie man whose showroom IS near
the bank came into the institution to
make deposit. He saw taxicab being
loaded with money The loading of the
cab Is regarded AZ unusual, because
when money Is taken from banks of the
city in large quantities armored cars are
generally used. The bank depositor said
to the teller, What are you doing. empty
ing the bank?" little thinking that the
process OF "emptying" the bank was al
ready under way.
the vaults or converted into cash and
held to his account were replaced with
mortgages to which the names of Iowa
farmers, long dead, had been affixed. 1t
was discovered by investigators to-day.