Show 6 IJ A AIN 1 I rIN TO Of E D Orr All tho the indictments against Pingree Ford and Hays were dismissed on motion of the district district district dis dis- dis- dis attorney this afternoon C COINCIDENT COINCIDENT with the filing filings s of a petition before Judge W. W v. v II 11 Bramel in the Third district district district dis dis- court today praying for forI I dismissal of civil action against twenty-nine twenty defendants in connection with the tho closing dosing of ot the Merchants bank It was Intimated that criminal actions instituted against John Pingree PinI Pingree Pin Pin- gree gre George George- Ford For 1 and L. L J J. J Hays I officers of ot tho the bank would be dropped I A motion calling for Cor the dismissal of such actions will probably be presented presented presented pre pre- by the district attorney before Judge Harold M. M Stephens late lato this afternoon It Is understood that trat such I motion was contemplated to be bo presented presented pre pre- this morning but bul on account pre pre-I I of or the hearing of or the case of ot Dennis Terrill charged with shooting Ray RayC C Cowan wan before Judge Stephens delay was occasioned I CIVIL ACTION DROPPED In the civil actions Judge Bramel accepted the petition and will enter I an order calling for tho the dismissal of ot the action against twenty-nine twenty de del de- de l In regard to the criminal actions against Pingree Ford and Hays it is understood that the motion to be presented presented pre pre- is based largely large on the recommendation recommendation recommendation of ot the depositors depositors' committee that all proceedings s end in view of or the payment of ot about 90 cents on the dollar as a result of ot the settlements reached reache 1 and the dismissal of ot the civil suits INDICTED IN 1918 Criminal indictments of ot Pi Pingree Ford and Hays Has were returned December December Decem Decem- ber her 18 1918 by a special grand rand jUr Jury I called catletT to Investigate the failure of the Merchants bank and tho the three men I Continued on page pace 6 I SUIT t Y T AGAINST rP It I Continued from page pace 1 J tar Yore were formally placed under ar nr- nr rest reL The The report r port of ot the findings of of- of the tho jury after five weeks devoted to Investigating U the affairs of ot the bank contained contained con con- fourteen joint and separate in In- In LI Separate indictments of ot embezzlement nt were made against Pin Pin- grec ree Ford and Hays and separate In Indictments In- In of oC knowingly making a n false fabe entry in the books of oC a a. corporation worn wern returned a against Pingree 1 and nJ Ford who also were Indicted on the tho charge of nI making and declaring all ait 1 unlawful dividend A joint Indictment was returned the three men inca of knowingly making a false entry in a n. book hook or record rec roe ord rd or OJ statement o of a corporation and sh six Indictments wr rere returned jointly against and Ford ord of ot recel receiving deposits in an Insolvent bank knowing such bank is IR insolvent STATEMENT TATEM ENT BY ElY JURORS I Included in th the report leport was the following following fol Col- fol- fol ColI I lowing statement signed b by the Jurors We find tind that under tho the administration tion of ot John ln as ns president and G Georgo J R J. JFord Ford as secretary secreta the af affairs nC- nC I fairs t Q of the Merchants bank have been i conducted even more mOIe discreditably than I durin during during- Mr It Clarks Clark's regime Loans Loang which were regarded re SUB as 11 doubtful on January 2 n 1911 the date Mr oIl Pingree became president nt of ot the tho Merchants Merchant tank bank havo have been materially In Increased from time to time until at this date the lo jell on such uch loans are gr greatly atly In n excess of ot o what they would have hare been had they tey been closed out nt ot th the date of ot Mr 11 Clarks Clark's retirement New loans I have havo h been licen m marie made to parties unworthy of ot credit with Insufficient or no I It ity ExcessIve and disastrous loann Ioan have been bun made to corporations corporations' in iii which Pingree and Ford were interested personally Corporations ha have Vel been financed from tIe the bank hanI funds fund's without security the tho bank hay hav- tar nc to stand the loss should tho the venture not prove Officials of ot th the bank have havo been permitted to borrow large Jarge sums from tho the bank hank without he ne ii I loans being as ns required by law Officials of or the bank have been permitted per per- per 1 milled to use tho the funds of the bank bank without paying any interest and ond misleading statements have hav been mado made by the tho bank official to the tin bank commissioner of or this state relative rela rela- tive to tho the financial condition of ot the th Merchants bank Tho The executive committee com com- do not appear to have exercised I wiy ny discretion in dell deliberating upon I Ithe I th the loans made b by thu bank I Tho ho ho defendants elected to have hav separate sep sep- arate ruto trials The Tho trial pf pt wa was alt wason t ton on nn the indictment charging ns- ns the receipt t I of deposits knowing the bank to be in In- In I solvent The Tho jury In this case caso IJO wa was di divided dl- dl vided and for more than a n. year ear tb the S I status of or the case caso has remained unchanged un un- changed I. 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