Bank Awaits Appointment of Liquidator Following a, special meeting of the directors, the Thrifteor Bank closed its we Shanghai offices to business on Saturday, pending the appointment of a liquidator. The following notice eared on the windows of the bra ches, at 100 Kiukiang Road and 774 Avenue Joftre:—
"Notice is hereby given that, in pursuance to the resolution of the directors adopted at a meeting held October 4, 1935, at 11 o'clock pin. the business and operations of the Thriftcor Bank are suspended and will remain closed pending the appointment of a liquidator."
Throughout the day, depositors, mostly Russians, paused outside the two offices to read the announcement and discuss the closure. Similar Scenes occurred at the bank's branches in Harbin and Mallar, It Is understood that approximately $400,000 was withdrawn during a run on the two local offices at the time fof the closing of the American~ Oriental Banking Corporation and allied institutions. This naturally placed the institution under a heavy Strain, The situation is. further clarified in the following official Statement issued on behalf of the bank by Mr. Myron Wiener, a member of the. legal firm of Messrs, Rodger & Com 70 per cent, Refunded economic American-Oriental Banking Corpora tion and other local banks, the amices of the Thrifteor Fefund. about 70 per cent, of its posits, This situation has been ravaged by the strain put on ity Marbin branch due to the departure approximately 25,000 Russians from Harbin after the sale of the CER, "That the condition of the Shar hal branch is very favourable monstrated by the fact that, during the short period of four months, it yas been able to accomplish the usual feat of paying to its depositors about 70 per cent. of the total deposits. Assurance is given by the Bank's officers that the assets of the Shanghai branch are considerably more than the amount of its liability to depositors.
"Liquidation will commence im= mediately and it is hoped that all depositors will be fully re-paid within short. time, Officers of the bank are 8, Kriger, president and manag~ director of the Shanghul offices: and A. A, Petroff and M. V, Ossipoft, directors and managers of the Harbin office Contrary to a widespread belief, based in part on the fact that the Chinese name of the institution contains the designation "American," the bank isnot an American Federal incorporated institution.
Text read from the printed page and cleaned; old type leaves the occasional error.