pany, Mr. Raven stated that it would be reorganized under Federal Statute, and with its capitalization of $20,000,000. He hoped to be associated a an executive capacity under the trustee who would be appointed by the US. Court for China. Primarily' 4 realtor, he had confidence in. the Asia Realty Company when reorganized, but declared himself having no intention of re-entering. the banking business. Contrary to a prevailing opinion, Mr. Raven stated emphatically' that' the bank had.
panies, "meaning 'American-Interest Ju the so-called allied com Oriental Finance Corporation, the' Raven Trust Company, and the Asia Realty Company. Further, the bank had_not invested in real state ventures.
The secretary of the Asia Realty Gompany yesterday issued the f0l-lowing statement:—The Asia Realty Company has applied to the US. Court for China for_the appointment, under Section '71. B. of a Trustee with discretionary powers who will supervise the apers tions of the Asia Realty Company in conserving its assets for the benet of "its security holders, fearing the possible sympathetic reaction on ae: count of the voluntary. liquidations of the American Oriental Banking Corporation, the American Oriental Finance Corporation. and the Raven Trust Company. This procedure will allow an orderly retiring of obligations without sacrificing the equities securing debenture holders, other creditors, and the general sharehold. ers.
"it is expected that, upon the trustee's complete disposal of loan certificates as a liability, the powers lof the trustee-witl no longer be required for the continued normal operation of the Company.
The Raven Trust Company was organized in 1914, the bank in 1917, fand the Asia Realty and the Finance: Compeny in 1922. "In the early part! of the last decade, the bank had several branches in outports, all of which were closed with the exception of the Tientsin branch. This (Continued on page 345.)
Text read from the printed page and cleaned; old type leaves the occasional error.