Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-01-07
BOLAND AIDED
BY MEN HIGH IN
FINANCE HERE?
Permalife Battery Managers
Flight Forced to Cover
Deal, New Evidence
SEARCH TAGGING OUT

Evidence continues to accumulate to
show that Thomas c. Boland, manager
Of the Permalife Battery Company, who
disappeared with a shortage of more
than 100000, was assisted In the flnan-
cial manipulations that resulted in the
loss of several hundred thousand dollars
to indianapolis people by powerful imam
cial interests in this city.
Whether these interests made it easy
for Boland to obtain large sums Of
money with the knowledge that the
money would be diverted, whether they
were deceived by Boland or were intent
on a transaction for their own benefit,
is a point on which there Is consider
able difference of opinion Investigators
find In the tangled affairs which Bolano
left behind incidents that tend to show
knowledge Of his populations long be-
fore the affairs of the Permalife Company
became involved to a point where Bo-
land was accused of embezzling It's
money.
1t has now become known that certain
persons who held stock in the Permalife
Company became suspicious Of Boland
weeks before he was uncovered. and that
at least one stockholder was bought out
when he threatened to go into court ana
expose the manner In which the Per
maiife affairs were being handled.
It is also known that the credit Of the
men who were induced to support Bo
land in his manipulations was seriously
impaired in the minds OF some Of the Il
nancial agents of the city as long as six
months ago, when ono business man OF
the city was advised by a banker who
has not been In any way connected with
Roland that one Of Boland's victims who
has always borne an excellent financial
reputation was too heavily involved with
Boland to be regarded as good financial
surety on commercial paper ar ono Of the
oitys leading t.anking institutions
OTHER FINASCIERs
PROBABLY KNEW DEAL.
These incidsa ats. which have come to
recollection since Boland was permitted
to escape from Indianapolis after his
indictment by the Marion county grand
fury. all tend to support the theory that
Boland did not deceive all the financial
leaders OF the city, and that he sue
ceeded In carrying on some OF his deals
in spite OF the fact that he was regarded
as unreliable by 6nanclers,
It Is now the expressed opinion OF
number OF persons who have delved into
the Boland affairs that Boland could not
have succeeded in the manipula lions he
carried or here without the support Of
some one person, or persons. who were
anxious to see him succeed through. any
means which he might adopt.
The theory. advanced early in the ex-
pose to the effect that Boland was seek
ing to obtain control of the Permal.fe
company for himself, Is generally beiag
abandoned. II now appears that while
control OF the company was sought,
Boland himself was neither the seeker
nor the party to whom it was sought to
have control revert An indication sf the
identity of the interests that now appear
TO have been bent on seizing control Of
the Permalife comptny through Bolaud
is said to be furnished by the disclosure
of the identity OF the purchaser of half
the interests Of one stockholder who was
bought out in time TO prevent legal pro-
ceedings that would have brought about
the expose OF Boland several weeks prior
to his escape.
This purchaser is said to be the same
party that became interested with Boland
when he first came to Indianapolis from
field in which his previous activities
are now being investigated
According to the report of investiga-
tors BOland received the unsecured hnan-
cial support Of this man shortly after
arriving In Indianapolis end continued to
cial way, but the benefit Of his knowl
edge of the financial sffairs Of the city
throughout the whole time Boland was
in Indianapolis.
COMPANY DEPRIVED
THROUGH MANIPULATION.
According to well-deipcd rumors Ro-
land obtained from this source infor-
nation that enabled him to foa. Sc
curities of the Permslife company in q
manner that deprived the Permalife COM
pany of the benefits of the flotation.
1t is also said that when emergencies
overlook Boland he found in this friend
a source Of ready money that enabled
him to meet crisis after crisis in his
tangled affairs.
Recently it is asserted, there has been
a tremendous influence exerteS by this
man to nullify efforts % Permalife stock
holders who are intent upon locating
Boland and bringing him back to IN
dianapolis to unravel the tangles Of the
Permallfe manipulations.
BoIand was introduced to men who
desired the services Of an accountant oy
this '1ong time friend" He was placed
in close tout.h with men who had money
to invest by this friend His respon
sibiIity and his integrity were vouched
for by this friend, who is in a posi-
tlon that made his recommendations ap
pear above question.
Now it has developed that before
Boiand left indianapolis he took steps
to reward this friend for his services
by the transfer to him individually of a
sum of money said to be sufficient to
protect the friend against all possible
loss and leave a bonus" This transfer
Is alleged to have been the last act of
Boland in the affairs In Indianapolis
which he abandoned so precfpitately.
Since Boland's departure from In
dianapolis there have been special efforts
Continued ON Page EIsven.)