| OCR Text |
Show u- 1 FROM CLERK TO PRESIDENT Skyrocket Career of Spurg-in, Spurg-in, Fugitive, Described in Court CHICAGO. July 12. The skyrocket career of Warren C. Spurgln fugitive president of the defunct Mlohlgtn Avenue Truet company, from a small town clcrli to a big i Ity firancle", was describe! in court Tuesday hy George M Reynolds chairman of Mie board of Ihe Continental and Commercial Com-mercial National bonk, an unci: of the missing hanker "The hlngcst damned fool In the world." Mr. Reynolds ald. in describing de-scribing Spurgln in his testimony at the suit of last day depositors of tho cloned bznk to recoer about '500 000 said to have been taken In after Spurgln Spur-gln had fled with ulmost SI, 0 0 0,000 of the bank s cash. With graphic d.UUs of the bank's closing a. year ago Mr. K-.ynolds disclosed dis-closed for the first time conditions In the banning world following the war. During thi; period of flnan- ' clal stress he aid his bank had at one time some $60,000,000 ii outstanding out-standing loans to embarrassed banks. FORMFR ESCAPADE. Mr, Reynolds nald that ho knew bpurgin all or bis life that he was tiiM oldest son of his eldest 6lster, that he was born In Panora. Iowa. 4 6 years ago and that he led tho normal life of a small town boy and young man until 1901 when his connections with a little bank at Guthrie Cnttr v.-ero abruptly ended because of an escapade esca-pade Then followed years of working for a bank at Jamaica. Iowa, real estate dealer in Three River"" Falls Minn , and finally his return to 1'anorn. J where he became head of thu Re- publican executive committee and I pot master. j Mr. Reynolds said that Snurgn j came to Chicago in 1912 and was em-, em-, ployed as assistant cashier of tho I Michigan Avenue Trust company. This was only a clerical position for which he was paid $250 a month. His rice, however was rapid, a loan from Mr. Reynolds enabling him to purchase $10 000 In the bank s tock. Mr Reynolds Rey-nolds Bfild he loaned Spurgln at th!e time between $4,000 and $5,000, th.-remainder th.-remainder being Spurgln "s ' o n money. HAD FINE CHAXCE. Asked whether he was instrumental instrumen-tal In making Spurgln head of the bank. Mr. Reynolds replieJ 'So, sir-I sir-I had nothing to do with It A a matter of fact I did not know about Although his peculations hud been going on for more than a year -ind he had already mulcted $"l,60n.000 from the bank before the directors becazne suspicious and called the matter mat-ter to Mr Reynold's attention, Spurgln Spur-gln maintained to the last day prior to hl flight, the abllitv to look m adversary sciuarely In the eve. "I thought the man w" honest " said Mr. R-ynoIds "He looked me squarely in the face and completely disarmed me. T hoWeved him. If ever a- man had a chance to make a com-Plete com-Plete success and made a complete fool of himself, it was Warren Spurgln |
