The Palatka daily news. (Palatka, Fla.) 1884-1888, 1886-09-26

He ConicSSes to Taking sos 600
Notes for So, 900 More Discovered
He Resigned on Demand and
Disappeared Indebtedness
May Reach 81 100000.
Hartford, Sept. 90 Since the disap-
pearance of Thomas +. Plunket, the
Treasurer of the Union Manufacturing
Company and President of the Hartford
Silk Company, and the discovery that
he was a defaulter, the most serious ru
mors concerning the stability of George
NJ. Bartholomew, President of the Char
ter Oak Life Insurance Company, have
been in circulation. lie was known to
have been "A large borrower for years, but
was supposed to be worth n clean million
and not likely to suffer for his endorse
mepts of Plunkett's paper for about
$40, 900. Small creditors attached stocks
and bonds IN the banks, but it was
thought he would come out all right.
Two days ago, Cyrus w. Field, of New
York. Bartholomew's brother-in-iaw,
came here, and this was supposed to IN
dictate that Bartholomew would have all
the temporary aid he needed to carry
him through. on Monday Bartholomew
left town, and il is now learned that he
is Il defaulter to the amount of over Sl2J,
900. OF this sum $105, 900 is cash, and
there are notes for S12,000 and 10000.
To-day the Chatter Oak Life Insurance
Company applied for the appointment of
a receiver, and Isaac Brook, of Torring-
ton, and Edmund a. Stedman, of Hart
ford, were appointed. The Charter Oak
has for years been weak, but the imme-
diate cause for this application was the
sum owed the company by Mr.. Bartholo-
NEW.
The fact that he was short in his ac-
counts with the company TO the amount
of SlO5, 900 cash was made known to the
directors by Mr.. Bartholomew himself
on last Saturday, but he said moth
ing about the notes. The directors We're
dumfUuuded, but agreed to give him
time TO make the deficit good. On Mon
day morning they discovered two notes,
one of 81, 900 and the other of 10000,
which Bartholomew had discounted
about two months ago, and used the pro-
ceeds for himself and not for the COM
pany. Then they called him in and
asked him to resign, and he did so. The
same day he left tcwn, and has not been
seen since. lie is supposed to be in
Canada.
The Charter Oak Company is probably
totally wrecked. 1t has property valued
at 81, $50. IA, but much of it is not pro-
ductive, and great deal is considered
Its fine building here is heavily mort
gagged.
Since Plunkett left, the investigation
of his accounts is said TO have showed
that paper Oh which he and Bartholo-
new had raised money Is out the amount
of 81 600, 600. The ruin of the Charter
Oak Company will hardly take with it
any other concerns except those with
which Mr.. Bartholomew was connected.
- -. -.
member of the firm being Geo. w. Bar
a son or q. NJ. Bartholomew,
have been unable to meet their obliga-
tons for the past few days, and are eX-
pected 10 make an assignment to-mor
row. The r lab. tiles are rumored TO be
nearly 100000. There is large
amount of G.. NJ. Bartho,omew's paper
in local banks, but it is believed that all
will be able to stand the loss. The !
Schuyler Electric Light Company, it is !
" Ill be obliged to suspend. IL |
has been carried for some time by Bar
tholomew in putting up expensive plants |
at Norwalk. Conn, and Richmond, Va. |
lie is thought. however, that it can make |
a showing that will enable il to continue. !
The Connecticut River Banking Com !
PAW has a large amount of both Bar |
tholomewS and Schuyler Electric Light /
paper, and will be forced to
sacrifice TO TIDE over, out lt Is believed TO 1
have ample resources to carry it through.
Mr.. Bartholomew was most secretive
man ia all his business matters, and
none of all his associates ever had any
of hI~ affairs. 1t has been
a matter of bank talk for the past twenty
years that nobody knew whether he was
worth million or nothing, but his
credit has always stood high. He lived
very plainly, and made no pretensions
OF any sort. He has been in business
here for fifty years, was one of the city's
most respected citizens, and was con-
nected with iGs most important business
enterprises. At one time he endorsed for
The Char ,er Oak Company to the extent
Of $500. 900 to carry it over a hard place
when no one else was ready to help it.
He was President of the Holyoke Water
Power Company and of the Union Man
featuring Company and was interested
IN other local corporations. He man
lged the Han ford. Providence and Fish
Kill Railroad for years very successfully
Is its trustee before its consolidation
with the New York and New England
Z ailroad. He has been a heavy endorser
or the Hartford Silk Company and the
Union Manufacturing Company and his
liabilities may reach $500, 900. The city
s completely upset by the revelations.