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Show J& jZ7 j& j7 ' j& jg? jg? SAYS EUROPEAN TRIP-FIRST TRIP-FIRST DUTY TO NATION &r 7 & &r 7Bi,8BIiiik Swill 1 1 . , III III 11 mm (JIB Surprise Is Sprung in Merchants Bank Case When Notice of Big Suits Is Given in Court TWENTY-SEVEN officers, stockholders and directors of the defunct Merchants bank are liable for prosecution for alleged responsibility in causing I the Insolvency of the Institution. 'They were named In a petition to Judge Bramel of the Third district court today to allow attorneys for Ktephen H. Lynch, receiver of the bunk, to file two fmpor'.in aulln age Inst the twenty-seven The petition was made by Frank Holman, attorney for the receiver. I:pon evidence laid before the court permission wss granted to file' the suits. One action will he to recover from each officer, stockholder and director of the Institution 1 1ft on each share of stock held by him at the time the Institution was closed. LIKE A BOMBSHELL. The other action, which ts regarded ss a high explosive bomb hurled inta the ranks of the directorate, is to recover more than 1700.000, allesed to have been extracted by the officera, stockholders and dt motors from the aaaets of the bank nearly four years ago and contrary to laws govern in a; banking and financial Institutions.. Before the suits could be filed permission per-mission first hsd to be granted he the court, as the property Involved Is In the hands of a receiver. However, How-ever, the allegations that will be mad In the complaint were set before the J court by Attorney Holman and on the r strength of these the permission for 5 the filing of the actions was given. A feature of the art Ion In court to- I day, which presents an important ctt- max to the Investigation of the defunct Institution, is the fact that the statute j of limitations would have entered into -the case by Wednesday and afforded f immunity for all the defendants named. ' This applies only to the action to recover the $700,000 alleged to have , been extracted from the bank's assets four years a so. The time would have expired at noon Wednesday, when ac- tlon to recover the money would have, been Invalidated by the atatute of Urn- -nations. MANY ARE NAMED. Those mentioned In the petition t the court and who in be made defendants de-fendants In the two actions, which must be filed within a period of ten days are: H. V lark. W. Mom. .( son, Richard Morris. C P. Overfield. V. A. KweC H. -. KU wards, John Pingree. iSolon Splro, O. P. Soul. Mo ' roni Helner. A. B. A p person. J. H. ? I Kardley, James V. Burton, James- F r Peterson. M. O. Packard, J. H. La veil. ! A. H. tlodbe, Preston J. Cannon. A. O. ' Jweobaeh. i;eorge K. Koed. H. Blnnardj 1 (Continued on page 4. f 4 ' MEN HIGH IN FINANCE (Continued "1 jPngJL K W. Price. M. P. Browning. Charlei K. Kaiser. John Watson. U K. Kccles, 1'ercy W. Lewis as guardian for Frances Fran-ces V. Lewis, a minor, und Mercy VV TuttV, the latter being the administrator adminis-trator for the estate of O. K. Trtttle. deceased. STOCKHOLDERS LIABLE. t'nder the laws of I'tah. a stockholder. stock-holder. offtesV or director of a banw Is liable for twice the amount of money the stock, he holds represents, in case the institution is sued or becomes insolvent. in-solvent. It is upon this point of law that one of the actions will be based. The other complaint will allege that each of the . aforementioned persona was equally responsible for the extraction extrac-tion of the alleged $7UO,0'H of the bank's assets. 1 Hy the court's permission to file the ! suits todav the statute of limitation i that would hav entered Into the case was invalidated, providing the actions are filed, within ten days. |