Ogden Evening Standard | 1913-04-26 | Page 6 | Bailey is Involved

I BAILEY IS . INVOLVED St. Louis, Mo.. April 25. The name of former Senator Joseph W. Bailey of Texas was brouRht Into the proceedings pro-ceedings In ihe suit of the National Bank of Commerre of St louis to re cover $1,500,000 worth of stock in tho Nashville Terminal Rallwa) compnn.. here today. A statement ma made that without the knowledge of the bank direr tors the stork whs taken out of the bank and sent to Senator Bailey Bailey, the statement continued, placed the stock in the Standard Trust company of New York, vrtaere II remained re-mained three years Then it drawn out by the Tennessee Con-i struetion company and turned over to , Henry Clay Pierce of St. Louis. Stock Was to Secure Loan. The statement was made by George Lockett Edwards, attorney for the bank, at the hearing: before Hugo Mueneh. special commissioner to take testimony in the suit The terminal stork, said Attorney Edwards, was taken by the Tennessee Construction company as security for ( the building of the terminals, and in 1904 vvas pledged b tho construction company as security for a loan froftf the National Bank of Commerce I In the suit it is charged that lO.Oitii shares of 'he stork were withdrawn from the bank by Pierce or his agents while the loan was still unpaid The suit Is to recover this stock or Its equivalent, $1,00.000. Henry Clay Pierce testified that he had become involved to the extent of nearly $7,000,000 through mlspl u ed confidence in the late J C Van Blar-com, Blar-com, former president of the bank. i oo