The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-10-06
GONE TO CANADA.
Heavy Defalcation of an Insur.
ance COmpany's President.
Causing the Concerns Failure, and
Then Disappearing.

Charter Oak Life Insurance Company, of
Hartford, Conn, is a defaulter in a large
sum, and has fled to Canada. A Hartford
dispatch gives the following particulars:
Since the disappearance of Thomas F.
PlunEett, the Treasurer of the Union Manu-
featuring Company and President of the
Eartfort Six Company, and the dis :overy
that he was defaulter, the most serious ru-
mors concerning the stability of George NJ.
Bartholomew President of the Char
and the Union Manufacturing Com
He was known to have been large borrower
for years, but was supposed to be worth
clean million and not likely to suffer for his
endorsements of Plunkett's paper for about
$4,000. Small creditors attached stocks and
bonds in the banks, but it was thought
he would come out all right.
Two years ago Cyrus w. Field, Of
in-law, came here, and this was supposed to
indicate that Bartholomew would have all
the temporary aid he needed to carry him
through. On Monday Bartholomew left
town, going to Canada, and it is now
learned that he is q defaulter to the amount
of over S1.5,01u. Of this sum SlO5,0uO is
cash. anl there are notes for Sl2,C0J
and $4,000. To-day the Charter Oak Life
Insurance Coml auy applied for the appoint
ment of receiver, and Isaac Brook, of Tor
rington, and Edmund A. Steadman, OF Hart
ford were appointed. the Charter Oak has
for years been weak, hut the immediate
cause for this application was the sum owed
the company by Mr. Bartholomew.
The Charter Oak Company is probably to.
tally wrecked. 1T has property valued at
Sl,S50,474, but much of it is not productive.
and great deal is considered not worth near
the amount paid for it. Its fine building here
is heavily mortgagel
Since Plunkett LETT, the investigation Of
his accounts is said to have showed that
paper on which he and bartholomew had
raised money is out to the amount of 81 ,0oO,-
OUO Bartholomew & Co., brokers, the lead
ing members of the firm being George w.
Bal tholorew, q son of G.. NJ. Bartholo-
new, have been unable to meet
their obligations for the past few days, and
are expected 10 make an assignment. Their
liabilities are rumored to be nearly $780, 600.
There is a large amount of G. NJ Bartholomew's
paper in local banks, but it is believed that
all will be able to stand the loss. The Schuy
Ter Electric Company, it is believed, will be
obliged to suspend. 1t has been carried for
some time by Bartholomew in putting
the expensive plants at Norfolk, Conn.,, and
Richmond, Va 1t is thought. however, that
it can make q showing that will enable it to
ctn inue. The Connecticut River Banking
Company b is large amount of both Bar
tholomew's and Schuyler Electric Light
Comrany's paper, and will be forced to sac.
rifice to tide over, but it is believed to have
anipl. resources to carry it through
Mr.. Bartholomew was most secretlve
man in all his business matters, and none of
all his associates ever had any knowledge of
his affairs. 1t has been a matter OF bank
talk for the past twenty years that nobody
knew whsther he was worth million or
nothing, but his credit has always stood
high. He lived very plainly, and made
in business here for fifty years,
was one of the city S most respected citizens,
and was come ted with its most important
business enterDrises. He was President of
the Ho!yoke Water Power Company and of
the Union Manufacturing Company, and
was interested in other local corporations.
He managed the Hartford, Providence q
Eishkill Railroad for years very success
fully as its trustee before its consolidation
with the New York AMI New England "ail-
road. The city is completely upset 10y thu
revelations, and there are rumors of other
suspensions or failures.
Previous to leaving town Bartholomew
turned over $500, 600 to the funds of the
Hartford Orphan Asylum, of which his wife
was President The funds had been left in
his hands for safe Eeoping.
1t has been ascertained that Bartholomew
is in Montreal Besides being connected
with the corporation already named he was
d rector in the American National Bank, the
Hartford team Boiler Inspection and Insur-
unce Company, and the Orient Fire Insurance
Con,pany He WAS al 20 dire TOR in the In
sane Retreat aud in the Hartford Hospital,
and Treasurer Of the Watkinson Library, OF
which he was one of the trustees. He was
Tice-PresideDt of the State Savings Bank
and a member of tho Corporation Of
Trinity College. He is indebted to the
Holyoke Water Power Company, but
insiders say that the company is
fully protected Among some of the
Silk Conlpany's paper with his endorsement
is $500, ,OOO, and Of the Union Company $780,
900, already known. His own individual
paper is out to an extent not known, and also
The pauer of his son, endorsed by himself.
The Treasurer of the Florida Construction
Company, with which Bartholomew was con-
nected ascertained several days ago that
there had been slight Misrepresentation
of its funds. He was in the city
to-day, and ascertained that the loss
will not exceed $4,000. He says that
Bartholomew services to tho company have
been worth to it more than the amount Of
their loss. Whether certain trusts which
Bartholomew held suffer, and if so to what
extent, is not yet clear.
The total mount of Bartholomews in.
do, ,fnln =. ,,,,fo u : s,rI,