The San Francisco call., 1910-02-03
CORPORATIONS
LIABILITIES
$37,OOO,O
Great Packing Company With
Plants in Mexico
Fails
Assets Are Believed to Be Suf=
ficient to Meet All OBJ
legations

NEW YORK, Feb. 2.-The Mexican
National Packing company. New Jer-
sey corporation controlled by English
investors, and operating slaughter
houses and packing houses in, Mexico
under concessions from the Mexican
government, failed today with iiabiIi-
ties, including stock, of s57.000,0o0.
Assets were not announced. but it is
estimated that they are in excess of
the liabilities. The company Will con-
tinue to operate it's plants. Henry
de Kay was appointed receiver by
Judge Lanning in the United States
circuit court in New Jersey this after
noon.
C0MPANY'S FUNDS TIED UP
The appointment of a receiver was
not brought about by any condition IN
The livestock market, but by the tying
up Of part Of the company's funds IN
the United States Banking company IN
Mexico City, which suspended recently.
Samuel Untermyer. as counsel repre-
senung English bankers and other in
E-estors IN the property, said tonight:
While we have not definite flgures
showing the position between the pack
OF the suspension Of the bank, we are
advised that the packing company had
more than S500,000 gold 10 its credit
in the United States Banking company
at the time OF the banks suspension.
The tying up Of the packing COM
pany's immediate resources and the un-
certainty as TO the possible action that
might be taken led to the appointment
Of a receiver to conserve the assets
until q settled course can be pursued
The company continues operations, and
al its plants are maintaining their
volume and supplying people Of Mex
leo with their meat products. II is not
expected that these operations viii be
interfered with. Arrangements were
under way in England for furnishing
the company with a large amount Of
additional capital al the time Of the
suspension Of the bank These ar
engagements viii proceed without in
terruption."
HAS EXCLUSIVE CONCESSION
Among the concessions held by the
company is an exclusive right to
slaughter cattle in Mexico City until
1925. It's share capital is $22, 500, 600,
snd il has q bonded debt secured by a
mortgage Of about s12,500,00o, and a
floating debt Of 100000, of which,
however, only 100000 is due
Bonds, stock and debts are held main
iy in England. The British and Mex
loan Trust, Limited, of London, pro-
cured the receiver as e the holder of
about $6,0e0.000 OF the bonds, approx
mately twO-thirds OF the stock, and as
the owner OF 100000 Of floating debt.
Liabilities Total S7,O0O,0OO
BOSTON. Feb. 2.-The liabilities Of
Fisk & Robinson. bankers of New York,
Boston, Chicago and Worcester, who
failed yesterday, amount to nearly
s7.000.oOo. Manager w. A. Tracy of
the Boston Office today issued the fol-
lowing statement Of the firms condi-
tiOn as ascertained Friday:
Assets-Cash, s61.915; loans receiv-
accounts receivable. 1925 25O: furniture
and fixtures, 0,00o; total S6,s47, ,967.
I4abihties-Loans payable, s5,27e.-
$40; deposits, sI,212.34e; accounts pay
assets, sl12.643
Total ss.s47 ss7.
Market Feels Failure
NEW YORK. Feb. 2.-The suspen-
sion Of Fisk & Robinson, a bond and
banking house, whose failure came
yesterday when an involuntary petition
IN bankruptcy was fled, was announced
At the opening of the stock exchange
today.
As a result OF the unexpected news
after the close OF yesterdays business
on the exchange, the market today
opened with declines running from sub
stantial fractions to point or so. with a
considerable volume of liquidation by
spectators who had not recovered
from nervousness caused by the mar
ket break Of a couple of weeks ago
The failure was due to the shrink
age IN the market value of certain
bonds which the firm had underwrftteu.
That caused the banks which had
loaned money on the securities to de-
mand additional collateral, which the
nrm was unable TO supply.
The receiver estimates that-the So
cured obligations Of the firm will
amount to about $4,000, GOO and the un-
secured obligations to more than
81 900 900.
Investigators Make Report
NEW YORK, Feb. 2.-The GOVERNING
committee Of the stock exchange will
today receive the report of the com
mittee appointed to investigate fha
failure of Lathrop. Haskins & 90
which resulted in the collapse Of tbe
columbus and HoclxEro coo1