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GONE TO CANADA.Heavy Defalcation of an Insurance Company’s President.George M, Bartholomew; President of the 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 P, Plunkett, the Treasurer of the Union Sxanu-: factoring Company and President of the , Hartfort Silk Company, and the discovery that .he was a defaulter, the most serious rumors concerning the stability of George M. Bartholomew, President of the Charter Oak Life Insurance Company and the Union Manufacturing Company, have been in circulation. He was known to have been a large borrower for yearst but was supposed' to be wortha clean million, and riot likely to suffer for his endorsements of Blunkefctfs-paper for about $40,000, Small creditors attached stocks and bonds in the1 banks, but’ it was thought he would come out all right. Two years ago Cyrus W. Field, of New York; Bartnoloitfew’s brother* 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 a defaulter to the amount of over $125;000. Of this sum $105,U00 is cash, and there are notes for $13,000 and $10,000.. To-day the Charter Oak Life Insurance Company applied for the appointment of a receiver, and Isaac Brook, of Tor-rington, and Edmund A. Steadman, of Hartford were appointed. The Charter Oak has for yeam been weak, but the immediate cause for this application was the sum owed the company by Mr. Bartholomew.The Charter Oak Company is'probably totally wrecked. It has- property valued at: $l,BoO;474, but much, of it is riot productive, and a great deal is considered not worth near the amount paid, for it. Its fine building here is heavily mortgaged.Since Plunkett left, 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 $1,000,-;ooo.Mr. Bartholomew was dfeariosfc secretive man in all his business ma^Hrs. and rione of ,all his'associates ever had., any knowledge of his affairs. It has beeri -a blatter of bank ■ talk for the past twenty ,yeai*s that riobody knew whether be ws worth ,a million dr nothing, but his credit, has always stood high. He lived very plainly, arid made no pretentions of any sort. He has been in business here for fifty years, was one of the city’s most respected citizens, and was connected with its most important business enterprises. He was President of the Holyoke Water Power Company arid of the Union Manufacturing Company, and was interested in other local corporations. He managed the Hartford,. Providence Fishkiil Kailro3d for years very successfully as its trustee before its- consolidation with the Ne'iy York arid New England Kail-road. The city is completely upset by the, revelationsIt has been ascertained that Bartholomew Is in Montreal. The total,amount of his indebtedness is put as high as $1,000,000.
Newspaper Details
Hammond Advertiser
Hammond, New York, US
Thu, Sep 30, 1886
Page 1
Full Page
Clipped by
Don B.
USA 13 Mar 2023
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Hammond Advertiser
