The Portland daily press., 1893-06-21

He Came to Portland and Wrote His
Confession - His Stealings Aggregate
S1S,50O-The Bank Is All Right,
Especial to the Press.l es
ELLSWORTH, June 20.-The old, old
story of small speculations, growing
larger and larger, and then one final
effort to recover all and the subsequent
ruin. has again been exemplifed, this
time in eastern Maine, where a brilliant
young man, standing high in the commu-
nifty, with the brightest prospects before
him, has yielded to temptation and now
stands with the open door of the
state prison staring him in the face.
Mr.. Fred L. Kent has been the cashier
of the First National Bank of Ellsworth
ever since the bank was organized, in
December, 1887. He has always been re-
garded as an exemplary young man and
counted as his friends all his acquaint-
ances. The story of his fall is the same
old one and dates back almost to his
commencement with the bank. His
stealings were small at first and he had
no trouble in concealing them. They
finally became so large that he deter
mined to make big stake to recover all.
He made up his mind to this course the
flrst OF the year and has used the funds
IN large amounts since that time. He
speculated in stocks and losing once tried
again and again, with the same result,
until he saw ruin staring him in the face.
On Wednesday of last week, the bank
examiner made the usual examination of
the bank. He found everything appar-
emily all right. But. Kent knew that
there was sad deficiency in the funds
called for in other banks by his state
ment. His books had been
Falsifed From Beginning to End.
His principal scheme was with the
accounts with banks in other cities that
were the correspondents of his bank
and his entries showed a balance
far greater than was the actual
cash in those banks. His work
was done largely with the National
Bank of the Republic of New York and
the Freeman's National Bank of Boston.
He knew that when the bank examiner
compared the accounts with those of
the other banks his detection was GER
tain, SO on last Thursday he secured per-
mission from the directors to be absent
until Sunday. and left to make visit to
Boston. On Monday the director re-
ceived letter from him confessing his
crime and saying that he would return
and do all in his power to straighten out
the accounts. The directors wired him
to return, and he came to Ellsworth this
afternoon. He was at the
Preble House in Portland at the
time he wrote his confession.
and was intending to give himself up
there to the United States marshal. He
did not, however, but returned to Ellis
worth and proceeded directly to his
home where he now remains, not under
arrest, but under the watchfr1l eve of the
officers of the law, who will see that he
does not make his escape.
The total amount of the defalcation is.
to be exact, $1S,500, of which $500 he
obtained by manipulating the accounts
with other banks, and the other 5000
with various securities. He was not ex-
travagant in his habits and lived ecomi-
cally. He had salary of $500 per year
which had been increased from $1,000
the first of this year. He
Was Fond of Playing Poker,
but those of his intimate friends who
are competent to judge say that his loss
es in that way would not have affected
him. Kent is about 50 years of age. Is
married but has no children. The stand
ing of the bank will in nowise be affect.
ed by the steal. 1t has capital stock of
$4,000, surplus of $4,000 and undivid-
ed profits of $4,000. Kent had bonds for
$4,000 for which the Guarantee Com
pany of North America, was the surety.
This will reduce the amount of the banks
loss for $500. There will be nothing
recovered of the lost money for
it has all gone in speculation.
There is no fear of run on the bank.
Senator Hale and other staunch friends
of the directors stand ready to advance
ane amount in case there should be an
unusual call. Hon. Andrew Wiswell is
the president of the bank and the direc-
tors are among the leading business men
of Ellsworth. The feeling here is one of
great sorrow for the SHINING man and if
money could get him out of his difficulty
the whole amount of his defalcation
would be made up inside of two hours
and gladly too. Business goes on as
usual at the bank, Mr.. Henry w. Cush-
man acting as cashier.