The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-11-10

through the lower courts to the
Supreme Court. Perfect was de-
Tended by the best lawyers, who
sought vainly to find technical fault
with the verdict. The Supreme
Court confirmed the verdict Of the
Circuit Court.
Use of the influence Of the power
full State Republican committee,
Walb's orders to the secretary Of the
committee, the appeal to Joe Hut
zell, political factor at Ft. Wayne.
to influence Michael Foley, member
of the prison board and member OF
the same church to which Hutzell
belongs, all are revealed in the re-
port which Fenton made to his
superior.
Close to Family
The Walb had been in close con-
tact with relatives and the family OF
Perfect, to whom the stock in his
construction company had been
sold, also is revealed in Fenton's
letter.
What happened between July II,
the date of the letter and Aug. 5,
the date Of the parole, is not known.
The prison board met the latter
part Of July. At its meeting in
May, the members of the prison
board, which started TO function as
pardon board under a new law in
May, had refused to grant clemency
But the board members voted for
mercy. They did more. They went
to the Governor and saw him sign
the release Of Perfect from prison.
Influence is Evident
What Walb did, If anything. after
the survey made for INN by Fenton,
who frankly gave his size-up of the
members and especially Of Foley, is
not yet disclosed.
That some influence changed the
minds of the various board mem
bers in this notorious case is evi-
dent from the record.
In discussing the affairs Of the
construction company, which spe-
cializes in ditch and drain work,
Schortemeier said:
"The regular semi-annual finar-
cial statement of the company was
filed in this Office July 1. 1927, and
at that time affairs we're reported
in excellent shape.
along about oct. /, heard
rumors regarding the LAGRANGE
bank, of which Walb had been vice.
president, and after comforting with
the State Banking Examiners Of
flee I sent Securities Commissioner
Wallace Weatherholt to LAGRANGE
to investigate these stories.
Stock Sale Halted
"What was learned there and by
Chief Securities Examiner Earl Co.
BILE at 'the Ft. Wayne banks that
held much of the Walb paper,
where Mr.. Walb did business, re-
suited in an order revoking the COM
pany's license to sell stock. We
were told, however. that no stock
had been sold since July S.
80 far as our Office is concerned,
we could do nothing but grant per-
mission on sworn facts presented TO
us. There never was any political
significance in the affair"
Organized several years ago, the
Walb Construction Company voted
to increase its capital stock from
$3.50 900 to $5oo0o0 on March 20.
1925. The report showed that at
that time Walb personally held 469
of the 500 shares issued.
The increase in stock was TO con-
sist Of preferred shares to pay 7 per
cent annual interest and not to sell
for less than IS per cent OF the
face value.
According to records on file In the
office of the securities commission,
official permission for sale was
granted March 81, 1927.
Attaches Of the securities COM
mission Office stated that records
disclosed that $4,000 Of the pre-
ferred stock had been sold when
the order to stop was issued, Oct 10,
1927.
No complete list Of persons pur-
chasing the stock could be obtained.
The First National Bank at La
arrange, of which Walb had been an
officer, recently was closed by ma
tional bank examiner, caused, 1t
was said, by run on the bank.