The San Francisco call., 1904-09-17
A. B. COStigan & Co.
File Bankruptcy
Petition.
Liabilities Are $iSO, 1853 and
the Assets Are
$40,6OS.
Unfortunate Speculation Is Followed
by Threat of Bank and This
Leads to Collapse.

A 3. Costigan & Co, grain and COM
mission merchants, doing business at
215 Battery street, have failed, with ac-
knowIedged liabilities amounting TO
Size, 75s 90. and assets estimated at $4s,-
6o2 so. Yesterday their attorneys. A. r.
Needles and W. d. Grady, fled a petit
tion in bankruptcy in. the United States
District Court for the Northern District
OF California and asked for the appoint
ment OF a receiver. The case will come
up in court to-day before Judge de
Haven.
The members Of the firm Of A. B. Cos
tigsn & Co. are A. B. Costigan and f.
c. Gibbons. The schedules fled yester-
day in court with the petition to be de-
clared bankrupt set forth that the cred
itOrs include relatives, TO whom large
amounts are said TO be due. Z. N Cos
tigan. a relative of A. =. Costigan, Is
creditor 70 the amount OF SAC, ,654 y, and
10 J. n Costigan, another relative, the
sum Of S74S2 0S is owing. 4. c. Evans,
agent for DeWar & Webb of London,
files one claim for S4S23 IS and also one
for Ss58 g. The secured Indebtedness
amounts TO S33 700. The largest amount
secured TO one creditor is Sl4,S00, to the
Farmers Union Milling Company Of
ELOEkAOn. -. .. UduhS u IELdAQlllz
is secured by deed and conveyance IN
the amount Of $1,000 The First Nation
al Bank Of san Francisco holds ware
house receipts for grain in warehouse
10 the amount Of $1,000.
The action Of the firm in taking
bankruptcy proceedings was precipi-
tated by the First National Bank of
san Francisco, which gave notice early
this week that il must have its money
within three days, the alternative being
legal proceedings. It had come to the
knowledge of the bankers that the firm
had been sDeculating in grain on the
wrong side Of the market figuring out
that the price OF wheat would fail The
Price rose. and the result Of this turn
IL the market was disastrous to the
firm.
on the face Of the schedules the ex-
cess Of liabilities above assets is S72.-
153 S6. Outside Of the business of the
house the partners appear to have COM
paratively little property. The real
property OF Costigan is estimated to be
worth $1,000. This includes two ware
houses. one at Sanger and one at ClO-
Wis, also certain lands OF small import
snce in the interior. Gibbons has no
real property.
Only one bank is a creditor, the First
National Bank Of this city The MEM
bcrs Of the firm say that the grain for
which warehouse receipts were issued
10 this bank is actually in warehouses.
The money was loaned by the bank or
these receipts during the present year.
Among the larger creditors are F'yfe.
Manson e. Co. Of Chico. in the amount
o. SAFE; Cutter & Mosely of San Fran
cisco. IN the sum OF S30S3; y. Casey.
$3.50; c. A. Owens Of Fresno, $1,000. and
the American Hop and Barley Com
pany. S5295.
The debts are mainly on grain con
tracts and for money loaned. Among
the smaller creditors. in sums less thar
$1,000 are the Pacific Wood and Coal
Company Of san Diego, $3.50: T. S Will
lisms Of San Francisco. S553; J. s. Ack-
ermaa Of San Diego, $780, and H. p
Lane Of Santa Barbara and the Pacific
Postal Telegraph Company. A meeting
Of creditors may be held in a few days.
csys