The Barre daily times. (Barre, Vt.) 1897-1959, 1921-09-23
Bean Is Said to Have Sus-
tanned Heavy Losses
When He Chung Toa
Long to the Ship Build
ing Business and to Re-
coup He Is Alleged To
Have Absorbed Most of
Banks Money

Portland, Me, Sept. 23,-Robert L.
Bean was arraigned in the federal dis
trict court to-day on the charge Of de-
falcation to the amount of S257 900
from the Megunticook National bank
at Camden, of which he was cashier,
under a secret indictment reported by
The grand Jury. Miss Ella M. MacKsy,
bookkeeper in the bank, also was
indicted, the charge against her being
aiding and abctting Bean, She will be
srraigned later.
Bean pleaded not guilty, with the
option of Withdrawing his plea within
90 days, and the case was carried for
ward to the December term. He fur
nished $4,000 bail. He is well known
shipbuilder.
Normal commercial deposits amount
ed to 100000 and savings deposits
100000 These have been adjusted
without loss to depositors, but the cap
ital stock of $4,000 has been wiped
out and the five directors have taken
an assessment of $4,000 each. The bal
ance was advanced by wealthy sum
mer residents along the Camden and
Rockport shores, who took such secur-
ity as Mr.. Bean could give.
The good will and business of the
bank have been sold to the Security
Trust Co. of Rockland, which is contin-
uing the bank as a branch of that in
stitution. The details of Beans ship
building and banking business, which
could not be closed up Immediately,
have been taken over by the Cam
den Securities Co., incorporated and
financed by the visiting capitalists who
came to the rescue.
Cyrus H. X. Curtis, DR.. William
Phelps, T. Charleton Henry Of Phila-
delphia, Chauncey Keep, Chauneey
Borland and H. II. Windsor of Chicago
and Robert Law. ir, of Rockport adj
vanced substantially like sums to al
leviate the trouble.
Bean sustained heavy losses when
ne chung TOO long TO the shipbuilding
business. He resumed building, after
lapse of years, at a period of inha
tion and did not unload when dcaation
set in and gained rapidly.
To recoup and avoid loss, he grad
ually obsorbed the S257 600, it is al
legged from the savings and commercial
departments OF the bank. His invest
ments are represented IN the schooners
K. l.. Bean, four-master launched last
year, and the 7. y. Barnsdoll uncom-
pleted.
Beans Wife SurTenders Her Property.
Mrs. Bean was Frustrated when she
learned of the alleged illegal business
methods. and Joined her husband in
transferring to the syndicate title in
their Joint real estate holdings, her
own property and everything OF value
she owned.
Indications Of irregularities led 10
special eyapination by National Bank
Examiner T. A. Cooper OF Augusta.
after which Bean resigned on Jan. %
Beams Notes Nearly 20 Times Amount
Allowed
II was found that the bank was car
rying Beans notes for $4,000. nearly
20 times the amount the bank was au-
thorized to loan any one borrower.
and that he had managed TO conceal
his transactions from the directors.
his management OF the banks affairs
has management Of the banks affairs
was said to have been meagre.
The adjustment Of the banks busi-
ness was accomplished with the aid
of Daniel G. Mulloney Of Boston. chief
national bank examiner for New Eng
land
Miss Mackay. whose duties also in
cluded those Of assistant cashier. Is al
legged to have admitted that she had
some knowledge Of the transactions.
but her confidence in Bean was un-
shaken and she received no financial
benefit from them
The banks stock was held in small
blocks for the most part. and all was
lost. Dividends had been paid At irreg-
ular intervals bat the hank was re-
varded a. being sound. The directors
were e.. T. Hodgeman. president. ".
r. Rabh. former president a. Y Brown
J. n Chandler and ). u Iasrshan