Select documents from Edgar M Gregory's bankruptcy file
from bankruptcy file, Edgar M Gregory, National Archives (Mid Atlantic Region), Record Group 21, US District Court for the Eastern District of Pennsylvania, case #1042, 1869
examination by the assignee, George Tucker Bispham, Esq.
In the District Court of the United States for the Eastern District of Pennsylvania
In the matter of Edgar M. Gregory, Bankrupt.
In Philadelphia in said District on the Ninth day of April AD 1869
Examination by the Assignee, George Tucker Bispham, Esq. The said Bankrupt being duly sworn says.
The firm of Gregory + Burnet was formed about the year 1843 to the best of my recollection. The business was the lumber business and was carried on at Cincinnati. The partners were William Burnet, myself, George [? the name is written over something else, and is hard to read; the initials 'JM' are written in the margin] Dusenberg and William F. Wheeler. I think the first paper of that firm went to protest about December or November 1849. At the time of the failure the firm was composed of myself and W Burnet the others having retired. We bought out Dusenberg + Wheeler about 1845 or 1846. The firm was solvent at the time they retired. We made arrangments by which they withdrew from the firm. We paid them something not much. I don't know whether a balance sheet was made out at the time. We made it out every year. I don't know whether the dissolution was advertised or not. It was publicly known however.
The causes of the failure of that firm were losses of money in stocks and in business by bad debts. We borrowed money at high rates of interest to meet our indorsements and obligations.
We suspended payment in 1849 I think. We immediately however got up again and went untill [sic] 1854 or 1855 and then we broke. General commercial distress was the cause of our ultimate failure, nearly all the banks having suspended payment. We paid small debts and made partial payments of our confidential debts the acceptors of our paper. There was no assignment by Gregory + Burnet for the benefit of their creditors. I surrendered to my creditors all my private property except some household furniture and other small matters.
I was also a member of the firm of Gregory Ingalsbe + Co Bankers in Cincinnati, which was formed about the year 1850 or 1852. The members of that firm were myself and L. D. Ingalsbe.
I can't tell what amount of capital was put into that firm. I went to Cincinnati to get the books of that firm, and made diligent search for them. I went to Staten Island and to New York also in search of them. I could not find them, but ascertained that they were in the possession of L. D. Ingalsbe who was also the bookkeeper of the firm. I understand he is now in California but I expect his return shortly when I expect to be able to get them to the assignee. I have a statement of these books made by Mr Ingalsbe which I believe to be correct and which I will furnish. The firm of Gregory Ingalsbe + Co failed about 1854 or 1855. The cause of the failure was the general commercial distress which I have mentioned. We realized all we could from our assets and paid it to our creditors.
I was also a member of the firm of Gregory + Company which was formed in the year 1860 in Philadelphia for the purpose of carrying on the lumber business. The partners were my daughter Mrs Sarah A Sheldon and myself. I put into the firm $4000 and Mrs Sheldon nothing. The profits were to be divided equally. I suppose our place of business was 924 Richmond St Philadelphia. That firm failed in July 1861. Payment however was suspended some time before that. I expected my daughter would receive money from her husband's estate. That was the reason of her becoming a partner in the business. She never received it and never put any money into that business. I left the books of that firm in the office at the place of business in the safe. I subsequently sold the safe and the books were then left in the care of Uriah Gregory. I have inquired of him and also of Theodore Belding who were subsequently in business at the same place but was unable to obtain any knowledge of them.
The cause of the failure of that firm was the unprofitableness of the business. I left the business to go into the army. I think the business could have been carried on if I had not gone into the U.S. service. That firm owed very little.
My schedules contain all the outstanding liabilities of these three firms. They also contain a statement as far as I have been able to make out of all amounts due to said firms.
I meant to be understood when I said the firm of Gregory + Burnet immediately got up again that we did business again but never fully recovered from the time our paper first went to protest.
Edgar M Gregory
Sworn + Subscribed to this 9th day of April AD 1869, before me J Mason Register in Bankruptcy
USDC No 1042.
In the matter of Edgar M Gregory a Bankrupt
Examination by assignee before Register
Filed with Register April 9. 1869 J Mason Register
Filed May 31 1869