Show OIL MAGNATE LOSES THROUGH MISPLACED TRUST Henry Clay Pierce on Witness Stand Tells How He Was Victimized T. T LOUIS April 25 Henry 26 Henry Clay ST. ST Pierce X chairman of ot tho board of ot directors of or tho the Pierce Waters Oil company company company com com- pany met toda today the tho chargo that ho had converted to hl his own use uso shares In tho Nashville Nash Terminal company company company com com- pany which had l been placed In the National National Na Na- Honal Bank of ot Commerce of ot St. St Louis as security for tor a a. loan with the coun- coun ter tor that he had been tho tiro hc victim of ot misplaced confidence to tho the extent of ot Tho The statement of ot was mado during tho the taking of ot depositions In tho the suit filed b by the tho National Bank ut of Commerce to recover roco tho the shares from Pierce or their mone money equivalent Mr 1 Pierce told of ot tho formation of ot tho the syndicate to promote tho the Tennessee Tonnes Tonnes- see Central railway a a. syndicate to which Pierce William II Ir Thompson president of or tho the Bank of ot Commerce and J. J C. C Van Blarcom vice Ico president and later president were tho the princIpal principal principal pal subscribers Both Doth Thompson an anVan and Van Blarcom arc aro dead Pierce detailed his hla losses through ml misplaced placed confidence as follows Securities loaned b by Mr Ir Pierce to Van Blarcom on which the tho latter mado made loans which Pierce had to pay Loan Lonn from tho the Mississippi Valley Trust company of or St. St Louis made mado by Jy Van Blarcom but to which PIrco's name was signed as guarantor by Pierce Piercen son law Eben Richards This loan Pierce testified ho had to pa pay name signed by his son-in- son law without Pierces Pierce's knowledge to a guarantee to buy bonds of ot the Tennessee Tennes Tennes- see Central railroad to tho the extent of or Advances by Pierce to pa pay the tits expenses ex- ex expenses expenses ex ex- of ot the railroad after the tho syndicate syndicate syndi syndi- cate cato collapsed These ad advances advances nd- nd vances ances resulted from tho signing of ot name lama to a guarantee to bu buy tho the bond bondi Stock Turned Over Oer to Halley Bailer Mr Pierce further testified that t ho he understood that the Nashville Terminal shares which 1 the tho National Bank Danl of ot Commerce now seeks Socks to recover re recover re- re cover er were turned over to former Senator fion- fion ator Joseph W. W Balle Bailey of ot Texas as as assignee assignee assignee as- as signee of the Tennessee Construction company after atter the loan for which It had been pledged as security was paid The Tho bank now claims that tho the loan was not paid and that the securities wore were taken out of ot the tho bank by Van Blarcom Blar Blar- com Tho The Tennesse Construction company company company com com- pany was waa the tho concern that promoted the Tennessee Central railway and tho rho Nashville Terminal rail railway wa Senator Dalley Batley sold over of or tho the property of ot tho construction I company compan said sail Mr r Pierce and It was my understanding that from tho the sale of ot these theBo properties tho loan lonn at the National National Na Nn- Bank of ot Commerce was paid and that the stock then went to Dall Bally y as us assignee for the construction company compan The stock later was pledged etI to the Trust company of ot New York b by Senator Bailey Balle and remained thero there for three years ears It finally was delivered ered ored to Eben Richards on m my order after tho the trust company compan had notified me that It had no further claim to It The Tho stock Is In my possession or In Inthe inthe the tho possession of or my agents although I have never seen it Il |