Federal Bankruptcy

This page created 28 Aug 2011

Cobb Gellatty & Co.

Bankruptcy of Cobb Gellatty & Co., a partnership composed of Gideon Dyer Cobb, Jr., son of Gideon Dyer Cobb and Modena Chittenden Clark, and John Gellatty (also spelled Gelletty in the documents). The firm was in business in Dycusburg, Kentucky, before the Civil War, but the firm fell on hard times after the war. The firm and the two partners filed a joint bankruptcy petition on 13 Oct 1871 in the U.S. District Court in Paducah, Kentucky.

The information below was extracted from the case file no. 505, Cobb Gellatty & Co. Bankruptcy, and consists mainly of the schedules filed by the bankrupts. There are extensive documents related to the bankruptcy proceedure which are not included here. The totals and summaries included here do not exist in the original file.

The petition contains separate schedules for the firm and for each of the partners. Only the filings of the firm and Cobb are summarized here; the filings of Gellatty were not examined.

Schedule A – Debts Cobb Gellatty & Co.:

Section A-1 – Preferred debt: none

Section A-2 – Secured Debts: none

Section A-3, Unsecured Debts:

Creditor Residence Occup’n Date Amt Details
John Lowry Fredonia, Caldwell Co. Ky farmer forgotten 5,500 Note
W W Hill Fredonia, Caldwell Co. Ky farmer forgotten about 4,000 Several notes
John T Wyatt Fredonia, Caldwell Co. Ky farmer forgotten about 2,800 Several notes
J B Crider Fredonia, Caldwell Co. Ky farmer forgotten about 2,500 Several notes
Isaac Shelby Dycusburg, Crittenden Co Ky farmer forgotten about 3,300 Several notes
B W Bennett Dycusburg, Crittenden Co Ky farmer forgotten about 600 Note
Mrs. E Brazier Dycusburg, Crittenden Co Ky   forgotten about 500 Note
W B Bennett, admin for J F Bennett, decd Fredonia, Caldwell Co. Ky   forgotten about 3,500 Several notes
Geo H Bugg Fredonia, Caldwell Co. Ky   forgotten about 3,500 Several notes
Jas S Harper Fredonia, Caldwell Co. Ky   forgotten about 550 Note
Jas Dollar Fredonia, Caldwell Co. Ky   forgotten about 150 Note
J B Waddoll Fredonia, Caldwell Co. Ky   forgotten about 150 Note
G W Adamson Fredonia, Caldwell Co. Ky   forgotten about 400 Note
Mrs Adamson Fredonia, Caldwell Co. Ky   forgotten about 150 Note
J H Turly Fredonia, Caldwell Co. Ky   forgotten about 450 Note
E P Evans Dycusburg, Crittenden Co Ky   forgotten about 500 Note
Bank at Nashville, Tennessee (name of bank forgotten, but J W Blue of Marion, Crittenden Co. Ky is her atty)       about 550 Note, acceptance or draft, forgot which
Crutcher & M Creary Louisville, Ky     about 80 Note in suit

Summary:

Total about 26,680

Section A-4, Liabilities that Ought to be Paid by Others: none

Schedule B – Assets of Cobb Gellatty & Co.:

Section B-1 – Lands:

none, but G D Cobb owns several tracts of land as set out in his own personal petition to be adjudged a Bankrupt filed in this cause together with it __ his individual  statement in that matter reference is here made.

Section B-2 – Personal Property:

Part A, Cash: none

Part B, Bills of exchange, notes, etc.: I have notes all in one bundle at home & will hand them over with schedules of same to my assignee about in value: 4,000.00

Section B-3 – Choses in Action

Part A – Debts due petitioner:
            Open accounts on books estimated as worth: 3,000.00

Part B – Stocks: none

Part C – Insurance: none

Part D – Claims: none

Part B-6 – Books:
            Belonging to the firm of Cobb Gallatty & Co & in their possession:
                        Day Book
                        Journal
                        Ledger
                        Cash Book    

            There are also several ware house memorandum books number not remembered of no value

            Notes as herein set out in our possession.

Schedule C – Debts of G. D. Cobb:

Section C-1 – Preferred debt: none

Section C-2 – Secured Debts:
Creditor: Mrs. Mary Darby of Princeton, Caldwell Co. Ky
Description: Two notes about $1920 each due Dec 71 & Dec 72, secured by mortgage on ware house & lot in Dycusburg KY – mortgage of record in Crittenden Co. clerk’s office – the nature of this mortgage is that Dr. W D Kirkpatrick of Fredonia Caldwell Co Ky is my security on the above named notes & said mortgage is made to him to indemnify him as security.

Contracted:   in Marian, Crittenden Co. Ky mortgage executed at the time.

Value of securities: the mortgaged property is worth 3,500.00

Amount of debt: about 3,840.00

Section C-3 – Unsecured Debts:

Creditor Residence Occup’n Date Amt Details
John Lowry Fredonia, Caldwell Co. Ky farmer forgotten 2,000.00 Note of hand *
James C Lowry Dycusburg, Crittenden Co Ky farmer forgotten 3,000.00 This is about ballance due on note
Wm McKnight Williams, Christian Co. Ky farmer forgotten 1,8500.00 Two notes about 1600 & 250
Debora & Julia Jarrite Dycusburg, Crittenden Co Ky farmer forgotten 750.00 Two notes, amt of each note forgotten
Mrs Jarritte estate Lyon Co. Ky farmer forgotten 1,200 to 1,400 This is a debt I am security for, on Mrs Mary Shadow__ note & she is insolvent & Thos Johnson of Fredonia is a co security....
John Leach & I H Leach, guardians for W H Heath Princeton, Caldwell Co., Ky farmer forgotten 10,000.00 5000 ___ & 5000 note
N C Gray Eddyville, Lyon Co, Ky farmer forgotten 5,000.00 Two notes 2500 each
J C Cobb Clarksville, Tennessee farmer forgotten 2,500.00 One note of hand
Doc Lowry Fredonia, Caldwell Co. Ky farmer forgotten about 200 Note of hand
A G Wilson Fredonia, Caldwell Co. Ky farmer forgotten about 280 Note of hand
Ephrain Hill Marion, Crittenden Co., Ky farmer forgotten 450 Note of hand
Thos Barr Dycusburg, Crittenden Co Ky farmer forgotten about 250 Note of hand
Mrs. E Webb decd, J P Webb of Littlerock Ark is her administrator     forgotten about 650 Note of hand
Mrs. Sasseen Princeton, Caldwell Co., Ky   forgotten about 550 Note – R L Cobb jointly bound
Jno W Jackson Fredonia, Caldwell Co. Ky   forgotten about 250 Note – G L Cobb jointly bound
Mahlow Lowry Marion, Crittenden Co., Ky farmer forgotten about 50 Balloon note
Jas L Hill Marion, Crittenden Co., Ky farmer forgotten 300 Note of hand

* promissory note

The twenty debts from the Cobb Gellatty & Co Schedule A are also repeated, with a cross reference note.

Summary:

Total about 46,030

Schedule D – Assets of G D Cobb:

Section D-1 – Lands:

Description Encumbrances Other Particulars Est. Value
3650 acres land known as Cobb’ furnace land in Crittenden Co. Ky on Cumberland River near Dycusburg, Ky None except execution from Lyon Circuit Court in favor of J H Leach, guardian for Heath for $5000; levied but not sold The execution of Leach guardian was issued from Lyon Cir Court June term 1871. The land is tolerably improved, and has valuable iron banks & timber on it 18,250.00
1100 acres known as Livingston farm in Crittenden Co on Cumberland River & Livingston Creek. The land I live on. none Well improved, in residence, out building cleared land & fences & a valuable farm 16,500.00
700 acres known as the Lynn place on Livingston Creek in Lyon Co. Ky. Now cultivated by me Only by the Leach execution referred to above This land is tolerably well improved for a farm & residence & is good land 8,400.00
2 lots in Jacobs addition to town of Dycusburg Ky about ¼ acre each none An old building one of them, the other not improved – lots dont join 200.00
Brick ware house & lot in Dycusburg Ky, known as Cobb’s ware house, part of lot no. 1 Mortgaged to Dr W D Kirkpatrick of Fredonia KY to indemnify him as my security to Mrs. Darby on a debt of about $3840 This is a valuable business stand besides a roomy & convenient ware house there is also under same roof a good store room 3,500.00

Summary:

Total 46,850.00

Section D-2 – Personal Property

Part A, Cash: none

Part B, Bills of exchange, notes, etc.

Promissory notes all together in my possession at home, but not present which I will deliver to the assignee estimated value: 1,000.00

Part C – Stock in Trade: none

Part D – Household goods and wearing apparel:

2 bureaus $20 & 10$ - wardrobe $30- 4 bedsteads for $25 85.00
3 feather beds for $35 – 4 shuck matresses for $10 45.00
bedding such as quilts, comforts, blankets & sheets for 4 beds 30.00
1 doz cain seat chairs $10 – 2 rocking chair for $4 14.00
1 dining table for $7.50 – two falling leaf tables out of repair for $4 11.50
1 stand table 2$ - 1 wash stand 1.50 – ½ doz com chair 3$ 6.50
1 side board (out of order) $5.00 – 1 safe $4 – cook stove $15 24.00
cooking utensils & kitchen furniture in common use 5$ 5.00
cupboard ware & table furniture for family use (also common) 15$ 15.00
1 dozen silver tea & table spoons – greatly worn 20.00
1 shot gun $10 – wearing apparel for self $75 85.00
household stores such as meat, sugar, coffee & eatables, on hand 40.00
total    381.00

Part E – Books:

Family Bible $7.00 – a small library for family use $10 17.00

Part F – Livestock:

  4 work mules @ 125$ ea – 2 horses for 150$ 650.00  
  1 mare 100$ - 8 head cattle for 100$ - 3 milk caves 20$ ea 160.00  [sic]
  70 head hogs & goats & pigs for $200 200.00  
  total    1,010.00  

Part G – Carriages:

3 waggons for 150$ about 10 plows & cultivators for 50$ 200.00

 

Part H – Farming stock:

one harrow 5$ - 6 hoes $3 – 1 cutting box 5$ - corn sheller 10$ 23.00
1 mower 50$ - 5 axes $4 – ½ doz old single trees 3$ 57.00
1 fifth chain 1$ - 2 log chains for 3$  4.00
total    64.00

Part I – Shipping: none

Part K – Machinery use in business:

1 steam boiler at forge on river bank  100.00

Part L – Other:

none recollected only as named above except  
500 bus corn in crib $200 – 90 acres corn in field worth say $350 550.00
1 lot hay in barn $50, this includes oats on hand  50.00
1 riding saddle (gentlemans) 10$ (including bridle)  10.00
total    610.00

 

Grand total, excluding notes  

2,382.00

Section D-3 – Choses in Action

Part A – Debts due petitioner: none

Part B – Stocks: none

Part C – Insurance:

my life is insured for:   10,000.00  
one half for benefit of my sister Aurelia S. Kirkpatrick  
I also have policy of insurance for on my ware house in Dycucburg Ky  

Part D – Claims: none

Section D-4 – Exempt Property:

Property exempt by state law  
2 beds & bedding & bedsteads including 2 feather beds 40.00
bedding for two beds 15$ –  ½ doz chairs 5$ 20.00
1 dining table $7.50 – safe $4 – cook stove & utensils $15 26.50
shot gun $10 – wearing apparel for self $75 85.00
meat, sugar, coffee & eatables, on hand 40.00
family Bible $7.00 – 2 work mules 250$ 257.00
4 head cattle for meat for self & family }this is to make out meat for  
30 hogs for same purpose                    }family for 1 year 150.00
1 waggon 75$ - 2 plows 10$ - harness on hand 20$ 105.00
500 bus corn in crib $200 – hay & oats now in barn 50$ 250.00
saddle & bridle 10$ - 2 milk cows & calves 40$ 50.00
total    1,023.50

 

  Property claimed as necessary for business & family comfort    
  1 doz chairs & 2 rocking chairs 12$ - 1 stand table 2$ 40.00  
  2 beds & bedding & bedsteads including 2 feather beds 14.00  
  1 wash stand 1.50 – 1 side board $5.00 6.50  
  kitchen furniture & cook ___ 5.00  
  all the cupboard ware & table furniture 15.00  
  2 bureaus & wardrobe 60$ - small family library $10  70.00  
  1 doz old silver spoons (old family relics)   20.00  
  1 harrow 5$ - 6 hoes $3 – 1 cutting box 5$ - 5 axes 4$ 17.00  
  ½ doz old single trees 3$ – 1 fifth chain 1$ - 2 log chains for 3$ 4.00   [sic]
  1 saddle horse 75$   75.00  
  total    266.50  

 

Grand total, excluding duplicates  

1,250.00

Section D-5 – Books:

I have no account books belonging to me personally except small memorandum book – all my personal business transactions are carried on & recorded in the books of Cobb Gallatty & Co. whose petition in bankruptcy is filed with this & here referred to

Deeds to my land here reported are of record in the County where the land lies & the originals are my possession

No deed title bonds or evidence of debts property or assets of value held by others in trust for me

Certification of bankruptcy:

by Charles S Marshall, one of the Registers of the District Court in Bankruptcy, 16 Oct 1871; set first meeting of creditors 22 Nov 1871.

Petition of Assignee to dispense with advertising except by handbills:

Filed 20 Nov 1872.

Tracts of land in Crittenden & Lyon Counties, surveyed off, to be sold in small parcels. Because of many small parcels and difficulty of correct description, newspaper advertising would be expensive and without benefit, can be better and cheaper advertised by printed handbills posted and circulated through Crittenden Co. and counties adjacent. There is no newspaper printed in Crittenden Co. Asks court to agree.

Report A:

Report of Assignee on Sale of Estate of G. D. Cobb, dated 1 Jan 1873.

After advertising time, place, terms of sale, and particular properties to be sold, did in front of James Clifton’s Store in Dycusburg on 25 Nov 1872 sell at public sale, for one third cash, one third at six months, and one third at twelve months:

Lot #2 – 154 acres, Crittenden Co. to Jas Brasher 623.70
Lot #3 – 116 acres, Crittenden Co. to C A Bennett 939.60
Lot #5 – 134 acres, Crittenden Co. to C H Bennett 1,206.00
Lot #1 – Home place (private) to C H Bennett 600.00
Lot #4 – 394 acres, Crittenden Co. to W B Bennett & J P Moore 2,264.00
Lot #7 – 200 acres, Lyon Co. to S A Cassidy 800.00
Lot #3 – 185 acres, Lyon Co. to S A Cassidy 804.75
Lot #1 – 268 acres Furnace land to S A Cassidy 340.85
Lot #6 – grave yard lot to S A Cassidy 5.50
Lot #2 – 150 acres Furnace land to S A Cassidy 300.00
Lot #14 – 50 acres Furnace land to S A Cassidy 232.50
Lot #5 – 99 acres Furnace land to S A Cassidy 289.00
5 acres known as Clark lot to S A Cassidy 80.00
Lot #2 – 180 acres, Lyon Co. to W E Perkins 1,080.00
Lot #6 – 218 acres Furnace land to W B Bennett 315.00
       acres (private) Claylick Creek land to W B Bennett 2,500.00
Lot #6 – 180 acres Crittenden Co home stead (private) to Wm Bennett 900.00
Lot #7 – 237 acres Crittenden Co Furnace lands to Wm Bennett 200.00
Lot #8 – 258 acres Crittenden Co Furnace lands to J C Campbell 300.25
Lot #9 – 437 acres Crittenden Co Furnace lands to W S Grace 408.00
Lot #11 – 142 acres Crittenden Co Furnace lands to W S Grace 235.50
7 acres regt C A Bennett Crittenden Co old Furnace lands to W S Grace 20.50
Lot #12 – 145 acres Crittenden Co Furnace lands to N F Ramage 239.25
Lot #13 – 125 acres Crittenden Co Furnace lands to W A Brner 250.60
Lot #20 in Dycusburg ___ Jacob Addition to Jas Clifton 50.00
Lot #63 in Dycusburg ___ Jacob Addition to J Ratherford 26.50
Total gross proceeds of sale   14,949.80

The lands were in large individual tracts and were surveyed off into smaller tracts. There was a large attendance of people and bidders at the sale. Handbills were printed and posted in the most public places in Lyon, Crittenden, Christian, McCracken and Caldwell Counties, and at St. Louis, Louisville, Pitsburg, Cincinnati, Evansville and other cities.

Report F:

Report of Assignee on Lien, dated 1 Jul 1873

G D Cobb was the owner of about eleven hundred acres of land, known as the G D Cobb home tract, on which he resided and had resided for years, in Crittenden Co.

Bought from William and John Kelly, on which there was a lien for six hundred dollars and interest at six per cent from 12 May 1870, subject to a credit of one hundred and fifty dollars paid by Cobb 9 May 1870.

Notes assigned to F H Skinner of Eddyville by William & John Kelly. Assignee examined records and finds lien solid and binding; met with Skinner Oct 1872, who agreed land should be sold with lien debt, transferred lien, to be first paid out of proceeds of sale. Proceeds realized largely are the amount of the lien.

Refers to proof of claim probated by Skinner filed 17 Oct 1872; prays for payment of lien claim.

Notes:


 

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