Show MEXICAN NATIONAL NATION IL L PACKING CO OWNED BY BV ENGLISHMEN fAilS fOR OR NEW YORK YOEK Feb 3 3 The The Mexican 1 National Packing company a New Jersey Jersey Jersey Jer Jer- sey corporation controlled by English investors and and operating slaughter slaughterhouses slaughterhouses slaughterhouses houses and packing houses in Mexico under concessions from the Mexican government failed yesterday with lia lia- liabilities liabilities including stock of Assets were not announced but it i is estimated that they are in excess of the liabilities The company will continue to operate its plants Henry Heny D. D Kavwas Kay was appointed receiver by Judge Judge La Lanning Lanning Lan Lan- ning in the Un d States circuit court courtin in New Jersey this afternoon Cause of Failure The he appointment of a receiver was not brought about by any condition in inthe inthe inthe the live stock market but by the tying up of a p part art of the company's funds I in the United States Bank Banking ng company in Mexico City which suspended re reo re- re Samuel as counsel representing English bankers and other investors in in the property said tonight While we we have no no definite definite figures I showing howing the position between tho the packing pack pack- ing ng ing company and the the- bank at the time of the thEl suspension suspension of the bank we are advised that the packing company had more than gold to its credit inthe in inthe the he United States Banking company at atthe th the rhe time of tle te- te the banks banks bank's suspension n. n Plants Still perating Operating The tl t tying ing up of the packing company's company's company's com com- pany's immediate resources immediate resources and the un un- certainty y as to the possible action that mv might mi ht bo be taken led to the appointment 1 f 1 fa f a receiver to conserve the tho assets unil until un- un tn til il a settled course ourse can be pursued The Che company continues operations and andall andall andall all its plants plante are maintaining their volume and supplying people of Mexico with their meat ineat products It is is not expected that these operations will be interfered with Arrangements were under way Yay in England nd for for tor furnishing the company amount of additional capital capit l at the time of the suspension of the bank These arran arrangements arrangements arrange arrange- e- e ments will proceed without tion Among the concessions held by the company is an exclusive ri right ht to slaughter cattle in Mexico City until 1926 Its share capital is and it h has s a bonded debt secured b by y a amort mort mortgage a e of about and a floating debt of ox of S which however only is due Bonds stocks and debts are held mainly in England The British and Mexican Trust limited of London procured pro cured the receiver as the holder of about of the bonds approximately approximately approximately two-thirds two of the stock and as the tho owner of of floating debt |