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A Psychic Connection to the Luetgert Factory
In 1925, Edgar Cayce was the psychic adviser of a Chicago businessman, Oscar Gumbinsky.
Gumbinsky was suing Daniel Boone Woolen Mills, the company that owned the former Luetgert factory at 1735 W. Diversey. Meanwhile, Boone Mills was suing Gumbinsky for libel.
The stress of all the litigation was believed to have contributed to Gumbinsky's fatal heart attack in 1925 at the age of 39, something Cayce had supposedly warned him about.
"He was warned of this condition, but like so many of us pressure from other places was so great that he was not able to heed it as he should," Cayce wrote in a letter to another client. "This is purely a case of where a man let conditions worry the life out of him."
The Chicago Tribune reported:
For some months his financial affairs have been in the courts, he having been engaged in a controversy with Joseph Byfield over the Boone Woolen mills, of which he had been president. The woolen mills brought suits against him for $100,000 and for $250,000. He sued Byfield for $2,000,000, alleging libel. He was the promoter of the International Lamp company, but recently lost control of it.
Two days after Gumbinsky died, the Boone Mills company, which was $1.5 million in the red, went into receivership. A February 20, 1925, news article quoted on the Edgar Cayce Readings Web site (possibly from the Chicago Tribune, but the attribution is unclear) describes the firm's financial plight:
RECEIVER FOR BOONE MILLS
Brundage Named as Result of Friendly Action to Save Orders
Former Attorney-General Edward J. Brundage was appointed receiver of the Daniel Boone Woolen Mills today by Federal Judge James H. Wilkerson in a friendly action started by the United States Worsted Sales company.
The petition stated that the Boone firm has an excess of assets over liabilities of more than $1,500,000, but that the company sustained an operating loss of more than $1,000,000 in 1924, and that at present its books show a deficit of $2,678,496. The petition says the company has orders for more than $4,000,000 worth of goods which it will be unable to fill if its creditors tie up its properties.
An answer to the petition of the United States Worsted Mills company was filed by Joseph Byfield, president of the Boone company. He gave his consent to the appointment of a receiver.
The company has its offices at 1735 Diversey Parkway and owns Woolen Mills in Chicago, Rock Island, Moline and East Moline, Ill.; Davenport, Iowa and Balbic, Conn.
Follow the links below to read more about Edgar Cayce and his advice to Gumbinsky.