Hibernia Bank (New Orleans, LA)

Episode Information

Episode UID
3127239091598
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
312723909 hash
Start Date
February 3, 1933
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c9cd73d8cf3871e4

Response Measures

None

Description

The bank experienced a run in Feb 1933 triggered by political comments, followed by a reorganization/closure and reopening involving the RFC later in 1933.

Events (3)
1. February 3, 1933 Run
Cause
Rumor Or Misinformation
Cause Details
Representative Hamilton Fish made a speech in Congress criticizing the bank's president and its connection to the failed Union Indemnity Co.
Random Run
Yes
Random Run Snippet
Fish's criticism caused millions withdrawn; Fish later accepted explanation and expressed confidence.
Measures
Obtained millions in cash from the Reconstruction Finance Corporation and other sources to pay depositors.
Newspaper Excerpt
Hecht said the run on his bank was precipitated by the allegation of Representative Fish
Source
newspapers
2. May 20, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank was reorganized due to heavy indebtedness and its involvement with the failed Union Indemnity Co.
Newspaper Excerpt
About a year later the Hibernia bank closed. RFC bailed it out and reorganized it
Source
newspapers
3. May 22, 1933 Reopening
Newspaper Excerpt
RFC bailed it out and reorganized it, installing an RFC official as president
Source
newspapers

Newspaper Articles (21)
1. February 5, 1933 The Springfield Daily Republican Springfield, MA

Article Text

FISH ACCUSED OF STARTING RUN AT NEW ORLEANS (Continued from First Page) len in of the 16th anthe diplomatic with Germany. Says Millions Withdrawn There visible sign of Hibernia bank Mr Hecht that news Mr Fish's criticism of him had caused millions of dollars In New York today, Mr Fish said the Hibernia nothing said reflected nonsense for the people New Orleans to take ticism of Mr Hecht reflection on the credit his bank," New House banking commitMr Fish resignation Mr Hecht from the adviscommittee corporation, demanded an investigation all loans to that failed. In telegram Mr Fish yester. Mr Hecht said he did not recommend and did on the appliications loans from the Union Indemnity company.

2. February 5, 1933 Asheville Citizen-Times Asheville, NC

Article Text

HOUSE SPEECH IS FOR Rep. Fish Charged With Financial Crisis In New Orleans NEW ORLEANS (UP) following run the Bank tonight proclaimed night by Rudolph president Hibernia bank chairman the regional committee Lies quiet and charged by speech congress Hamilton Fish of Hecht claimed charges done damage financial of the whole Rumors the and Long defending his corruption here first the by to after the reached press There had history and offices closed they Wilson scheduled for request of claimed the not that him office his the Long be located and hearing Late his Members there than the hearing resume the Meantime exchange Fish made the floor of that affairs had into after being granted by the construction be He specifical charged that should resign the of which went into

3. February 6, 1933 Argus-Leader Sioux Falls, SD

Article Text

CASH HALTS BANK RUN THREAT Danger to New Orleans Institu tion Blamed on Fish Talk In Congress New Orleans. Feb. of the Hibernia Bank and company stacked with lions from the Reconstruction nance corporation and other today to break run which bank's president, Rudolf started after Rep. Fish, (Rep., N. In New said last was the bank and liquid. million dollars stored already invited sured them was Confidence in the stability other voiced Governor Black the federal reserve Atlanta. million dollars were Twenty available the and raised by the Hibernia

4. February 6, 1933 Biddeford-Saco Journal Biddeford, ME

Article Text

Many Millions (Continued from Page One) made available to the bank by the Reconstruction Finance Corporation after a series of sessions in Washington Sunday and four million dollars additional were raised by the Hibernia bank. Hecht said the run on his bank was precipitated by the allegation of Representative Fish, Thursday that he had aided the Union Indemnity Co. of New Orleans in obtaining $4,000,000 in loans from the Reconstruction Finance Corporation shortly before it went into the hands of the receiver. Hecht, who is chairman of the regional advisory committee of the corporation, telegraphed Fish that he had neither nor voted on the Union Indemnity applications for loans. Rep. Fish said he accepted Hecht's explanation and that he had the "utmost confidence in the Hibernia bank.

5. February 7, 1933 Times Union Brooklyn, NY

Article Text

NEW ORLEANS BANKS SAF Huey Long Announces Situation Under Control. New Orleans, Feb. Huey Long today the "banking situation is trol" in New The "Kingfish" said he had cured from the Federal Gover: ment pledges to extend sufficie money to insure run on the Continent Trust Long's ments "have made to the Continental much its total deposits. the 000 Hibernia Bank which began Friday Federal totaled less of its total Hecht.

6. November 1, 1934 The Zanesville Signal Zanesville, OH

Article Text

Revue Washington Daily Washington, Nov. effect of the was butter molasses cold pancakes. cakes still cold, The departing bankmingled with many New And the question influential Huey come Bankers' Association. Wise agree Roosevelt least tactical your effect. the bankers did. Little fellows gasped but took when Dutcher President Jackson the Morgan National bank, just Roosevelt's waggle the olive though were bitter because Roosevelt assured them nothing except his desire that lend stopped public butter growing threat central bank which would money and credit, the bigger those who the White their staving off the bank being thwarted, not the Congress, public opinion. Threat Sticks in New Dealers fooling themBut they the bankers must scared still before they depended on to really support reason tail" of Reynolds' speech, wherein suggested consequences government and banks continued antagonistic: poor, whom always have with be The survive least, they but the great between these groups will be ruined. This seeming threat bankers that could battle with governequal up stuck like phant's in many New Askance Leaders But leaders Quarterback Roosevelt's cynihere Huey Long's friend gets this picture, them the Hibernia Bank New Orleans, Banker Smith of St. Louis as second First Vice President Robert the Riggs banks for most high ernment garded and can lobby effectively for bankers. Tom former dealer late the exchange New Deal special Secretary the Treasury Morgenafter he had been soundly padded members the Rayburn Fletcher the he from the treasury Hecht the involving Hibernia and the Indemnity Co. New conHamilton Fish of New York has described 1932 Hecht president bernia bank, director of Union leans RFC advisory which approved or passed on the offered The Union Indemnity promoters Huey's campaign backers extraordinary favors his Union and its affilobtained about between March and August, asked for $970,000 more on Jones, then chairman RFC balked. But who had the room his New Orleans the proposal, Washington and for the With aid of Huey Long and RFC since resigned, Holds the Bag made Dec. charges indebtedness Hecht bank Indemnity falled Jan. and Union Title its affillfailed Jan. holdthe bag for the amount of loan. Demands were out by the big bank panic in March. year later the Hibernia RFC as and Hecht the board. Hecht, vice president was due election the presidency year. began promised fight the opposdecided that, the present popular could afford Hecht dent than messy which might expose lot

7. November 1, 1934 The Flint Journal Flint, MI

Article Text

a drink of water daily for a month in each of the four seasons of the year—say the months of November, February, May and August. Or if you prefer take a drop twice a week the year around. We are only just beginning to learn about the metabolism of calcium. There is considerable evidence that ductless gland functions, particularly the parathyroid gland, control or regulate the calcium metabolism, and there is also some evidence that certain vitamins in turn influence the functional activity of ductless glands. It is all pretty complicated, and if I were you I'd just take calcium lactate for a while and get plenty of sunshine and greens and fresh vegetables and see what comes of it. paign backers and received extraordinary favors from his administration. Union Indemnity and its affiliates obtained RFC loans of about $3,000,000 between March and August, 1932, then asked for $970,000 more on the same collateral. Jesse Jones, not then chairman of RFC, balked. But Hecht, who had left the room when his New Orleans RFC committee voted on the proposal, came to Washington and lobbied for the loan. With the aid of Huey Long and RFC Director Harvey Couch, since resigned, it was put through. THE loan was made Dec. 28, 1932, and most of it—according to undenied charges by Fish — was used to pay off heavy indebtedness to the Hecht bank. Union Indemnity failed Jan. 6 and Union Guaranty Title Co., its affiliate, failed Jan. 7. RFC was left holding the bag for an amount estimated to be approximately the amount of that last loan. Demands for investigation were drowned out by the big bank panic in March. About a year later the Hibernia bank closed. RFC bailed it out and reorganized it, installing an RFC official as president and moving Hecht to chairmanship of the board.

8. November 1, 1934 Marshfield News-Herald Marshfield, WI

Article Text

Tactical Win; Fear Revolt Choice of New Leaders Meets No Favor With Recovery Chiefs DUTCHER the bankers' convention pour lot of butter and molasses stack of pancakes. cakes are cold, still The growls departing bankers with the snorts many Dealers. And in the question how influential Huey might become the association. Wise boys agree Roosevelt least victory. "Call your demanded in fect. And bankers did. Little fellows gasped but took when Pres. Jackson Reynolds Morgan National bank just before Roosevelt's speech waggle branch, though many bitter later Roosevelt assured them nothing except his desire that they They stopped their public snipthe and the butter and Almost by growing threat of federal bank which money and bigger those visited the White their hope of off the central bank bethwarted, aided, sassing and prejudiced public opinion. Threat Sticks in Craw DEALERS may be fooling themselves. But they think bankers must be still more before they can depended really support the New Deal. One reason what some call "scorpion's of Reynold's speech, wherein he suggested dire consequences government continued antagonistic: poor, whom always have will much worse rich will survive in comfort, least, they always have, great stratum people between these two will irretrievably ruined." This seeming threat of bankers that could do battle government equal terms and powerful enough gum committed amelioration poverty stuck like elephant's tibula in many New Deal craws. Look Askance Leaders the choice of leadplay Quarterback Roosevelt's team" aroused more cynicism than anything else. Particularly tion Huey Long's into this picture, he them Hecht the Hibernia Bank of New leans president and of banker Tom Smith Louis First Robert Fleming of the Riggs National bank here, which banks for most high government officials, favorably regarded and can lobby effectively the bankers. Tom Smith former dealer municipal bonds tried emasculate stock exchange bill primary Deal winter while serving special assistant the Morgenthau. Soon had been soundly paddled by members of Fletcher committees handling the bill, he resigned from Treasury. Hecht the hero or something episode involving RFC, bernia bank and the defunct UnIndemnity company of Republican Rep. Hamilton Fish New has described "rotten Loan Under 1932 Hecht president of bank, UnIndemnity, New Orleans RFC advisory committee, which approved for passed the offered collateral. The Union promoters reputedly Huey's paign backers ordinary favors from his Union and obtained RFC loans about August, 1932, asked for $970,then chairman RFC, balked. But Hecht, who had left the room when his New voted came to lobbied With the of Huey Long and RFC Couch, since resigned, through. RFC Holds the Bag loan was made 1932, and undenied charges by used to heavy indebtedness the Hecht bank. Union Indemnity failed Jan. Union Guaranty Title company, filiate, failed RFC holding the bag amount timated to the amount that loan. Demands were drowned out by the big bank panic March. About year later the Hibernia bank closed. RFC bailed out reorganized installing an RFC official president Hecht to chairmanship the Hecht, as first vice president due for election the presidency movement began to block collapsed when Hecht promised finish fight and the big boys posing him decided that, in the state of popular opinion, could better afford to have Hecht than might of soiled underwear.

9. November 1, 1934 The Newark Advocate Newark, OH

Article Text

Washington Letter By RODNEY Advocate Washington Correspondent. Washington, Nov. effect of the bankers' pour butter stack and The cakes still cold. The departing bankers mingled with the snorts the the many influential Huey Long might become in the Wise cal victory off your he demanded And the bankers Little fellows took the cue when President the Morgan First National bank Roosevelt's speech waggle branch, though many Roosevelt nothing his desire that they lend more money. stopped their public sniping at for and Almost by growing threat bank would money credit, bigger those visited White staving central being thwarted. sassing the administration congress. and prejudiced public opinion. New dealers may fooling But the scared be depended on to really support the deal. One reason what some call the "scorpion's suggested government and banks whom much worse The survive least, the great our between these two groups irretrievThis seeming threat of bankers they could government equal and gum poverty like elephant's tibula new craws. But choice team aroused here Particuarly selection Huey Huey gets this gets them Hecht the Hibernia bank Orleans president and of Banker Tom Smith of Louis president First President Robert Fleming of the Riggs National here, banks most favorably regarded lobby effectively for the bankers. Tom Smith former municipal bonds the stock exchange bill-a primary new while serving special assistant to Secretary of the Treasurer Soon after soundly paddled by Fletcher commit. handling the bill, he resigned from the Hecht the hero something of an episode RFC, Hibernia the defunct Indemnity company New Orleansconservative Hamilton of New York has described "rotten mess." In 1932 Hecht president of Hibernia bank. Union Indemnity, chairman the New RFC advisory committee. which approved disapproved applications for loansand passed the offered collateral. The Union Indemnity promoters were reputedly chief campaign backers received traordinary favors his administration. Union Indemnity affiliates obtained loans about March and August, 1932, asked for $970,000 more on the same Jesse Jones, not then chairman of RFC. balked left the room when his New Orleans committee voted the proposal, lobbied for aid Huey Long and Director Harvey Couch, since resigned, was put through The loan made 1932. and most undenied charges by used pay off heavy indebtedness the Hecht bank. Indemnity failed Jan. and Union Guaranty company, its affiliate failed RFC left holding the bag amount estimated approximately the amount of that loan. Demands for investigation drowned out by the big bank panic About the Hibernia bank closed bailed reorganized installing official president and moving Hecht chairmanship board. Hecht, first president was the presidency this year. strong movement to block began collapsed when Hecht promised finish fight and the big boys opposing him decided that, in the present of popular opinion. they could afford Hecht president than convention battle which might expose soiled underwear.

10. November 1, 1934 Evansville Press Evansville, IN

Article Text

Roosevelt's Triumph Over Bankers Dimmed by Their New Leaders President Hecht Linked With New Orleans Loan Episode By RODNEY DUTCHER WASHINGTON, Nov. The effect of the bankers' convention to lot butter and pour molasses on stack of cold and pancakes. The cakes still cold, still sour. The growls departing bankers mingled with the snorts dealers in was the question how influential Huey might become in the American Bankers' AssociaWise agree Roosevelt won least tactical victory off demanded in your And the Little fellows gasped but took when President Jackson the Morgan tional Bank before speech to the branch, were later except desire lend money. They their public snipthe and sent the A1most threat federal central bank which money credit, bigger ing who had visited White their hope staving off central being aided, sassing administration, and prejudiced public opinion. Threat Sticks in Craw New dealers may fooling But they think the bankers scared more before they be depended on really support the Deal. reason what the "scorpion's tail" Reynolds' speech, consequences and banks continued antagonistic whom have poor, much worse The rich will survive least, as they always the great stratum our between these groups irretrievably This threat bankers could battle terms and were up stuck elephant's tibula in many Deal Look Askance at Leaders But the choice of play on Quarterback Roose- velt's team" aroused cynicism than anything Huey picture, of the Hibernia Bank New Orleans presilent Banker Tom Smith St. Louis as second vice president First Vice President Robert Fleming the Riggs National Bank which banks for most officials, ably regarded lobby fectively the bankers. Tom Smith former dealer municipal bonds who tried emasculate Stock Exchange Bill-a primary New Deal winter while assistant Secretary the Soon he soundly paddled by of the Rayburn Fletcher committees handling he resigned from the Treasury. Hecht the hero or something an episode involving bernia Bank the defunct Union Indemnity of New OrHamilton Fish York has described "rotten Loan Under Fire In 1932 Hecht president Hibernia Bank, director chairman RFC mittee, which disapproved for passed the offered collateral. The Union reputedly Huey's chief paign backers received traordinary favors from his ministration. Union affiliates obtained RFC about between March August, 1932, asked more on the same lateral. not then chairman balked. But the RFC voted the came Washington and loan With the Huey Long and RFC Director Harvey Couch, since was put thru. RFC Holds Bag The loan made Dec. by used heavy Union demnity Jan. and Union Title failed left ing bag for mated approximately the amount that last loan. drowned by the big bank About year later the Hibernia closed. bailed reorganized installing an RFC official president and Hecht to chairmanship the first vice president due election presidency this strong movement began block collapsed when Hecht promfinish fight and the big opposing him feared messy convention battle which might

11. November 2, 1934 The Rhinelander Daily News Rhinelander, WI

Article Text

which approved or disapproved plications passed on offered The Union Indemnity promoters reputedly Huey's chief paign backers and received extra ordinary favors from his tration. Union and Its fillates RFC loans of about between March and August, 1932, then asked for 000 more on the same collateral. Jesse Jones. not then chairman balked. But who had left the room when New Orleans RFC committee voted on the proposal, came Washington and lobbled for the the aid of Long and Couch, since resigned. it was put through. RFC Holds the Bag The loan was made Dec. 28, 1932, and most of according denied by Fish used pay off heavy indebtedness to the Hecht bank Union Indemnity falled was left holding the bag an amount estimated approximately the amount of that last Demands for investigation were drowned by the big bank March. About year later the Hibernia Bank closed. RFC balled out and reorganized an RFC official as president and moving Hecht chairmanship of the honrd Hecht, as first vice president B. was due for election to the presidency this strong movement began to block him. collapsed when Hecht promised finish fight and the big boys posing him decided that. the state popular they could better afford to have Hecht president than a tion battle which might expose of solled tress of the McNaughton office. She also taken over the and Mrs. Schroeder remain their resort on Horsehead lake this winter The Beaver Lake school gave program and parthe school last Friday Ing. The children dressed tumes and came masked. Earl Thayer took first prize and Carl Helen visited sister, Mrs. Woodruff Stanley Shaltis made business trip Rhinelander last Saturday. Word has been received that and Arthur Hack of ents boy and and Hack formerly Sugzdnis has gone the state hospital at Madison for medical treatment. He has been in poor health several months.and Mrs. Bumpus and sons. Bernard and Jimmie of Lake Tomahawk visited at the Hollis Thayer home Mrs. Stanley Shaltis are driving to ChiFriday or this week tend the wedding of Frank butt. They will be accompanied Mr. and Bill ruff. Mr. brother Nelmy and Mrs.

12. November 2, 1934 The Ogden Standard-Examiner Ogden, UT

Article Text

Tom Smith is a former dealer in municipal bonds who tried to emasculate the stock exchange bill—a primary New Deal measure—last winter while serving as special assistant to Secretary of the Treasury Morgenthau. Soon after he had been soundly paddled by members of the Rayburn and Fletcher committees handling the bill, he resigned from the treasury. Hecht is the hero or something of an episode involving RFC, Hibernia Bank and the defunct Union Indemnity Co. of New Orleans—which conservative Republican Congressman Hamilton Fish of New York has described as a "rotten mess." LOAN UNDER FIRE In 1932 Hecht was president of Hibernia bank, a director of Union Indemnity, and chairman of the New Orleans RFC advisory committee, which approved or disapproved applications for loans—and passed on the offered collateral. The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and its affiliates obtained RFC loans of about $3,000,000 between March and August, 1932, then asked for $970,000 more on the same collateral. Jesse Jones, not then chairman of RFC, balked. But Hecht, who had left the room when his New Orleans RFC committee voted on the proposal, came to Washington and lobbied for the loan. With the aid of Huey Long and RFC Director Harvey Couch, since resigned, it was put through. RFC HOLDS THE BAG The loan was made December 28, 1932, and most of it—according to undenied charges by Fish—was used to pay off heavy indebtedness to the Hecht bank. Union Indemnity failed Jan. 6 and Union Guaranty Title Co., its affiliate, failed Jan. 7. RFC was left holding the bag for an amount estimated to be approximately the amount of that last loan. Demands for investigation were drowned out by the big bank panic in March. About a year later the Hibernia bank closed. RFC bailed it out and reorganized it, installing an RFC official as president and moving Hecht to chairmanship of the board. Hecht, as first vice president of A.B.A., was automatically due for

13. November 3, 1934 The Salisbury Post Salisbury, NC

Article Text

AFTER New Dealers pate Antipathy To Come RODNEY DUTCHER effect of the banker's convention was to pour lot butter and molasses on stack of cold sour pancakes cakes cold, sour The growls departing bankers mingled with the snorts of many New Dealers. And the question how Huey Long might become the American Bankers' association. Wise boys agree Roosevelt won least victory. "Call off your he demanded in effect And the Little fellows gasped but took the when Jackson Reyof the Morgan First Natoinal nolds just Roosevelt's bank rose waggle the olive branch, speech to though were bitter later many them of cause Roosevelt nothing except his desire that they lend more money their public They the and ing butter by the growing most federal central bank threat of money and credwhich would issue the bigger visited the White those who their hope of stavcentral was being ing off the aided, by sassing congress, and prejudiced public opinion Threat Sticks In New fooling they think the bankers selves But more before they must be scared still depended on to really supcan port the Deal what some call the One reason tail" of Reynolds speech, "scorpion's suggested dire consewherein and banks government quences antagonistic: "The poor continued have with will whom always The rich not much worse at will survive have, the great they always these stratum people will be irretrievably two groups ruined threat of bankers This seeming do battle with that could equal terms on to up an still enough to amestuck like lioration New Deal elephant's tabula in many craws Askance Leaders Looks leaders But Roosevelt's on Quarterback to play aroused more team' else here than cynicism of Particularly into this gets them gets Hibernia Bank Hecht of the president and New Orleans, Smith of Louis Banker Tom second president. as President Robert First Vice National bank of the Riggs Fleming most high which banks here, favorably government lobby effectively regarded and can for the dealer in Smith former Tom tried to emasbonds municipal stock exchange culate New Deal primary while serving special winter the Treasury sistant to Secretary Morgenthau. been soundly he had Soon the Rayburn paddled by handling and he from the the bill, resigned Hect the hero or something episode RFC. bank and the Union Indemnity Co New CongressFish of New York man has described rotten Loan Under Fire In 1932 Hecht was president director of Union Hibernia bank chairman of Orleans RFC commitNew approved disapproved which passed applications offered collateral. the The Union Indemnity promoters Huey's chief camreputedly and received extraorpaign backers from his administradinary and its affilUnion Indemnity tion. loans about obtained RFC March and between asked for $970,then August, collateral. more on the same not then chairman had balked. But Hecht, his New Orleans the when voted the proRFC Washington and posal, came for the loan. Huey Long and the aid of With Couch, since Harvey RFC through. Holds The Bag RFC made Dec The loan was most used by denied indebtedness to off heavy pay Union Indemnity Hect bank the Union Guarand failed January failed its anty Title holding the RFC January for an amount bag of that the amount approximately loan. investigation were for Demands big bank panic drowned out by in the Hibernia later About year out and RFC bailed bank closed. RFC reorganized it. and moving president official the board Hecht president first Hect. due for this year to the presidency election to block movement began strong him. Hecht promised collapsed when big boys fight and him decided posing popular opinion. state present afford have could better than messy president Hecht which might battle soiled underwear 1934, NEA

14. November 3, 1934 Delaware County Daily Times Chester, PA

Article Text

Washington Letter effect of the bankers' convention was to pour lot of and molasses on stack of cold and sour pancakes. The cakes are still cold, still sour. The growls departing bankers mingled with the shorts of many New Dealers. And in the air the question influential Huey Long might become in the American Bankers' Association. Wise boys agree Roosevelt won least tactical victory "Call off your dog!" he demanded in effect. And the bankers Little fellows gasped but took the when President Jackson Reynolds of the Morgan First National Bank rose Just before Roosevelt's speech to waggle olive branch. though many were bitter later cause Roosevelt assured them of nothing except his desire that they lend more money They stopped their public sniping the administration sent the butter and Almost growing threat federal would bigger those who visited White their hope staving off the central bank being thwarted, not aided. by sassing the Conand prejudiced public opin- Threat Craw New Dealers may fooling themthey think bankers must be scared still more before they depended to really supreason some the wherein suggested dire government banks continued poor. always be rich survive comfort. least. they always have, great our people these two will irretrievably ruined. This seeming threat of bankers that they could battle with equal terms enough ration stuck phant's tibula many New Deal Look Askance Leaders But the choice of leaders team" aroused more here than Particularly selection Huey gets into this picture, he them Hecht of the Bank New Orleans and Banker Tom Smith of Louis second Vice President Robert Fleming the Riggs Bank which banks for most high government officials and can lobby effectively Tom Smith former dealer in bonds culate stock exchange primary Deal winter while serving special sistant Secretary the Treasury Soon he had been soundly pacidled the Rayburn and handling the bill, he resigned from the TreasHecht is the hero or something an episode involving the Union demnity Company New which Republican Hamilton has described Loan Under Fire 1932 Hecht was president Hibernia Bank Union Indemnity chairman the which disapproved passed offered Union Indemnity promoters reputedly Huey's paign backers extrafrom his Union about between March 1932 then asked for the Jesse not then chairman of Hecht. the room when his New committee voted the came Washington and Long and Couch, since resigned. put Holds the Bag loan made December most heavy bank. Union failed and Union Guaranty Title affiliate failed holding the bag for an amount estimated the loan. the big bank March Abuot year later the Hibernia Bank RFC installing ficial president and moving Hecht the president for the this began to block collapsed when Hecht promised big posing him decided the they could better afford Hecht president than messy which might expose soiled

15. November 4, 1934 The Selma Times-Journal Selma, AL

Article Text

butter and molasses stack cold sour cakes still still sour The growls departing bankers the snorts many New Dealers. And the question how Huey Long become the American Association. agreed Roosevelt least victory. off demanded in bankers Little fellows gasped but took the when President Jackson Reynolds the Morgan First National Bank just before Roosevelt's speech waggle the olive branch, though many bitter later cause them nothing except his desire that they money. They stopped their sniping the administration and sent for the butter and molasses. Almost growing threat federal central bank which would issue money credit, the bigger those had visited the White their hope staving off the central bank was being thwarted. not aided. by sassing the Conand prejudiced public Threat Sticks Craw New Dealers may be fooling themselves. But they think the bankers scared still more before they can be depended on really support the New Deal. One reason what some call the "scorpion's speech, wherein he suggested consequences government and banks continued antagonistic: pocr, whom always have with us, will much worse off. The rich survive least, they always have, but the great our people these two groups be ruined." This seeming threat of bankers that they could do battle with ernment equal terms and still powerful enough gum to amelioration of stuck like phant's tibula in many New Deal Look Askance Leaders But the choice of leaders play Quarterback Roosevelt's team" aroused cynicism than anything Particularly selection of Huey Long's gets into this picture, he gets them Rudolph Hecht of the Hibernia Bank New Orleans president and Banker Tom Smith of St Louis second vice president. First Vice President Robert Fleming the Riggs National Bank here, which banks for most high government officials, favorably bankers. Tom Smith former municipal bonds emasculate the stock exchange primary Deal winter while serving assistant Secretary the Morgenthau. Soon he had been soundly paddled by the Rayburn handling the resigned from the ury. Hecht the hero something an episode involving RFC. Hibernia Bank and the defunct Union Indemnity Co. New conservative Republican gressman Hamilton Fish York has described Loan Under Fire In 1932 Hecht was president Hibernia Bank, director of Union Orleans RFC advisory committee, which approved disapproved plications for passed the offered collateral. The Union Indemnity reputedly Huey's chief backers and received favors from his tion. Union Indemnity and filiates obtained RFC loans about between March and 1932, then asked for $970,000 more the collateral. Jesse Jones, not then chairman RFC, balked. But Hecht, who the room when his New Orleans RFC voted on the came Washington and lobposal, bied for loan. With of Huey Long RFC Director Harvey Couch, since resigned, was put through. RFC Holds the Bag The made Dec. most denied used off heavy to pay Union Indemnity failed Hecht Jan. Union Guaranty Title affiliate, failed Jan. holding the for amount estimated approximately the amount that last loan. for drowned by the big bank panic March. later the Hibernia About year closed. RFC bailed out Bank RFC and reorganized president moving official Hecht chairmanship the Hecht, first vice president for election the presidency this year. block strong began to collapsed when Hecht promfinish fight and the big decided that, the opposing present popular better afford have they could Hecht president than messy convention battle which might lot of solled underwear.

16. November 4, 1934 The Bradenton Herald Bradenton, FL

Article Text

ROOSEVELT GAINS A POINT BUT REVOLT STILL SIMMERS had left the room when his New Orleans RFC committee voted on the proposal, came to Washington and lobbied for the loan, (Continued from Page 4) With the aid of Huey Long and bill-a primary New Deal meas- RFC Director Harvey Couch, ure-last winter while serving as since resigned, it was put through special assistant to Secretary of the Treasury Morgenthau. RFC Holds the Bag Soon after he had been soundly The loan was made Dec. 28, paddled by members of the Ray- 1932. and most of it-according to burn and Fletcher committees undenied charges by Fish-was handling the bill, he resigned used to pay off heavy indebtedfrom the Treasury. ness to the Hecht bank. Union Indemnity failed Jan. 6 and Union Hecht is the hero or something Guaranty Title its affiliate, of an episode involving RFC. Hifailed Jan 7. RFC was left holdbernia Bank and the defunct ing the bag for an amount estiUnion Indemnity Co. of New Ormated to approximately the leans which conservative Repubamount of that last loan. lican Congressman Hamilton Fish of New York has described as a Demands for investigation were "rotten mess." drowned out by the big bank Loan Under Fire In 1932 Hecht was president of Hibernia Bank, director of Union and chairman of the New Orleans RFC advisory committee, which approved or disapproved applications for loansand passed on the offered collateral The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and its affiliates obtained RFC loans of about $3,000,000 between March and August, 1932, then asked for $970,000 more on the same collateral. Jesse Jones, not then chairman of RFC, balked. But Hecht, who in About a year later the Hibernia Bank closed. RFC bailed it out and reorganized it, installing an RFC official as president and moving Hecht to chairmanship of the board Hecht as first vice president of A. B. A., automatically due for election to the presidency this year. A strong movement began to block him It collapsed when Hecht promised a finish fight and the big boys opposing him decided that in the present state of popular opinion, they could better afford to have Hecht as president than a messy convention battle which might expose a lot of soiled underwear. (Copyright. 1934. NEA Service, Inc.)

17. November 5, 1934 The Peninsula Times Tribune Palo Alto, CA

Article Text

Recommendations The legislative and bonding proposals on tomorrow's ballot have been summarized, explained and discussed in Times editorials in previous issues. For the benefit of those readers who look to the newspaper for guidance in the matter, the recommendations to voters on these propositions are printed tonight in form that will be handy to clip and carry to the polls: Welfare Proposition Bond Act of 1933. Recommendation, Vote YES. Proposition 2-Intoxicating Liquor. Recommendation, Vote NO. Proposition of Judges. YES. Proposition General. Vote Proposition Comment Evidence. Recommendation, Vote YES. Proposition Guilty Before Recommendation, Vote Civil Service. Proposition YES. Proposition Convention. Recommendation, Vote for the Proposition RecProposition and Budgets. NO. Proposition State Board of Education Elective. RecommendaVote NO. Proposition Rates. Recommendation, Vote NO. Proposition Option. Recommendation, Vote NO. Proposition Superior Court Judges. Recommendation, Vote YES. Proposition Court Judicial Election Districts. Recommendation, Vote YES. Proposition Courts. Recommendation. Vote NO. Proposition Act. Recommendation. Vote NO. Proposition Resources. Recommendation, Vote NO. Proposition Indebtedness. Recommendation, Vote NO. Proposition Ownership by Cities. Recommendation, Vote YES. Proposition Domain. Recommendation, Vote YES. Proposition Agreements by Political Subdivisions. Recommendation, Vote YES. Proposition 23-Unemployment Relief Bonds. Recommendation, Vote NO. County Hospital Bonds (Santa Clara ballot county Vote YES. County Building Bonds Mateo ballot county Vote YES. prosperity to the people. A MerriamHatfield victory by landslide would provide the greatest conceivable couragement to capital to pour itself into the channels of activity where would do the most good and distribute its benefits most widely. Vote and urge your friends to do likewise. WASHINGTON Wins Tactical Triumph Over Bankers, but Revolt SimChoice of New Leaders Meets No Favor With Recovery Chiefs President Hecht Linked With New Orleans Loan Episode. By RODNEY DUTCHER Times Washington Nov. effect of the bankers' tion was to pour lot butter and on stack of cold and sour pancakes. cakes are still cold, still sour. The growls departing bankers mingled with the snorts of many And the air the question how influential Long might become in the Bankers' Association. Wise boys agree that Roosevelt at least tactical victory. your he demanded in And the bankers did. Little fellows gasped but took the when President Jackson Reynolds of the Morgan First National Bank rose just before Roosevelt's speech to waggle olive though many were bitter later cause Roosevelt assured them of nothing except his desire that they lend more money. They stopped their public sniping administration sent for the butter molasses. Almost panic-stricken growing threat federal central bank which would money and credit, the bigger those who had robust age and community, insisted when voter asked him whether believed in God. But the Merriam appeal has lighter clergyman, the Reverend Rourke, touching tribute to Mr. Merriam's church attendance, refreshing naivete, "When (Mr. Merriam) absent understood that out of There sentence which makes doubtful whether the tock major in English. But the prize must given real estate agent to the high credit of the established journals, regardless party lines, that they united man in stamping out Sinclairism Doubtless excitement that led this eloquent realtor classify journal biped. Another fearsome picture what "Sinclairism" would mean signed by an individual with the surprisingly apt name Bogy. To complete the picture, glance inside the office disclosed only two men, who were smoking cigars lounge chairs and listen"Amcs Andy." The crudity the Merriam peal leaves one pessimistic about the achievements our educationinstitutions. Doubtless the fears inspired artificially about Communism which led Avery Howe to Mr. Darcy from speakChanning School. Mr. ing Howe's explanation reassurand the eyes of many us he fails clear himself of the charge being reactionary The Communist party insignificant numbers and the in freedom speech should same given to other parties. not speech but acts that are and from the point dangerous, view of acts the American Legion much greater danger to the constitution than the insignificant Communist party. Moreover, must confess being little by Mr. Howe's statemystified the school board "stand ment that the broad ground that an upon which cannot subscribe ganization form government cannot our school buildings which are that form of governpart find just difficult think of building part of the think of government newspaper on two legs. visited the White their off the central bank was being thwarted, not aided, by sassing the gress, prejudiced public opinion. Threat Sticks in Craw New Dealers may fooling themselves. But they think the bankers must scared still more before they can depended to on really support the New Deal. One reason what some call the "scorpion speech, wherein he suggested dire consequences government banks continued antagonistic: poor, whom always with much worse The rich survive comfort. least, they always have, but the great stratum these two groups will be irretrievably ruined.' This seeming threat of bankers that they could do battle govequal terms and still powerful enough gum administration lioration stuck elephant's tibula in many New Deal craws. Look Askance Leaders But the choice leaders play Quarterback Roosevelt's team" aroused more cynicism than anything Particularly Huey Long's gets into this picture, them Rudolph Hecht of the Hibernia Bank Orleans president Banker Tom Smith of Louis president. First Robert Fleming of the Riggs National Bank here, which banks for most high officials, favorregarded and can lobby effectively the Tom Smith former dealer in bonds tried culate the stock exchange primary New Deal last winter serving special sistant to Secretary of the Treasury Soon after he had been soundly paddled of the Rayburn and handling the bill, he resigned from the treasury. Hecht the hero something of episode RFC. HiberBank and defunct Union Indemnity Co. of New which Hamilton Fish of New York has described "rotten Loan Under Fire In 1932 Hecht president of Hibernia Bank, director of Union Indemnity, and chairman the New Orleans RFC advisory committee, which disapproved for passed offered collateral. The Union Indemnity promoters reputedly Huey's chief campaign backers received extraordinary favors from his administration. Union its affiliates RFC loans about March and August, 1932. then asked for $970.the collateral. Jones, chairman RFC. balked. who had left the room when his New Orleans RFC voted the came Washington lobbied for the loan. With the aid of Huey Long and RFC Director Couch, since resigned, through. RFC Holds the Bag The made December 1932, most of by Fish used pay off heavy indebtedness the Hecht bank. Union Indemnity failed January and Union Title Its affiliate. RFC the bag for an amount ing the mated loan. amount for drowned out by the big bank panic in March. later the Hibernia About year bailed out Bank RFC installing official and chairmanship of the Hecht board. as first vice president due election the presidency strong began to block collapsed when Hecht ised finish fight and the big decided the opposing present state popular opinion, better afford have they Hecht president than battle which might pose of soiled (Copyright, NEA Service,

18. November 6, 1934 The Great Falls Leader Great Falls, MT

Article Text

More About NEW DEAL (Continued From Page One) here, wihch banks for most high government officials, is favorably regarded and can lobby effectively for the bankers. Tom Smith is a former dealer in municipal bonds who tried to emasculate the stock exchange bill-a primary new deal measure-last winter while serving as special assistant to Secretary of the Treasury Morgenthau. Soon after he had been soundly paddled by members of the Rayburn and Fletcher committees handling the bill, he resigned from the treasury. Hecht the hero something of an episode involving RFC, Hibernia bank and the defunct Union Indemnity company of New Orleans conservative Congressman Hamilton Fish of New York has described as "rotten mess." Loan Under Fire In 1932 Hecht was president of Hibernia bank, director of Union Indemnity chairman of the New Orleans RFC advisory committee, which or applications for passed on the offered collateral. The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and its affiliates obtained RFC loans of about $3,000,000 between March and August, 1932, then asked for $970,000 more on the same collateral. Jesse Jones, not then chairman of RFC, balked. But Hecht, who had left the room when his New Orleans RFC voted on the proposal, came to Washington and lobbied for the loan. With the aid of Huey Long and RFC Harvey Couch, since resigned, it was put through. RFC Holds the Bag The loan was made Dec. 28, 1932, and most of it-according to undenied charges by Fish-was used to pay off heavy indebtedness to the Hecht bank. Union Indemnity failed Jan. 6 and Union Guaranty Title company, its affiliate, failed Jan. RFC was left holding the bag for an estimated to be ly the amount of that last loan. Demands for were drowned out by the big bank panic in March. About year later the Hibernia bank closed. RFC bailed it out and reorganized it, installing an RFC official president and moving Hecht to chairmanship of the board. Hecht, first vice president of A. B. was automatically due for election to the presidency this year. strong movement began to block It collapsed when Hecht promised finish fight and the big boys opposing him decided that, in the present state of popular opinion, they could better afford to have Hecht as president battle which might expose lot of underwear. votes to Ledoux, democrat, and one for Governor Winant. ARKANSAS CITY, Kan., Nov. returns in the balloting on repeal of constitutional prohibition in Kansas gave 65 votes against to 51 for repeal. CHARLESTON, W. Va., Nov. 6.-(A) -Meager and reports the early vote for United States senator gave 753 for Rush D. Holt, democrat, and 527 for H. D. Hatfield, republican. In Clarksburg (Harrison county) precinct at noon counters votes had been cast for Hatfield and 54 for MASHPEE Mass., Nov. town Mashpee Cape Cod, which cast 73 votes for the candidate for in 1932 to 50 for his opponent, today switched to the column casting 81 votes for James M. Curley for governor as against 64 for the republican nominee, Gasper G. Bacon. POINT AUX BARQUES, Mich. Nov. first precinct in Michigan to tabulate its vote today corded two to one victory for publicans. Senator Arthur H. Vandenberg, republican, received 12 votes to five for Frank A. Picard, democrat. Frank D. Fitzgerald, republican, received 12 votes for governor to five for Arthur J. Lacy, democrat,

19. November 7, 1934 The Bee Danville, VA

Article Text

Jesse Jones, not then chairman of RFC. balked. But Hecht who had left the room when his New Orleans RFC committee voted on the proposal, came to Washington and lobbied for the loan With the aid of Huey Long and RFC Director Harvey Couch since resigned, it was put through. RFC Holds the Bag The loan was made December 28, 1932, and most of it-according to undenied charges by Fish-was used to pay off heavy indebtedness to the Hecht bank Union Indemnity failed January and Union Guaranty Title company, its affiliate, failed January 7. RFC was left holding the bag for an amount estimated to be approximately the amount of that last loan. Demands for investigation were drowned out by the big bank panic in March. About year later the Hibernia bank closed. RFC bailed it out and reorganized it. installing an RFC official as president and moving Hecht to chairmanship of the board Hecht, as first vice-president of A. B A., was automatically due for election to the presidency this year A strong movement began to block him. It collapsed when Hecht promised a finish fight and the big boys opposing him decided that in the present state of popular opinion they could better afford to have Hecht as president than messy convention battle which might expose a lot of soiled underwear (Copyright, 1934.) Fossils of swimming serpents, from 30 to 60 feet in length, have been unearthed as far inland as Kansas

20. November 8, 1934 The Portsmouth Star Portsmouth, VA

Article Text

Washington Letter BY RODNEY DUTCHER Portsmouth Star Washington respondent Nov. fect of the bankers' convention lot butter and pour lasses stack of cold and pancakes. The cakes are cold, still sour growls departing bankers mingled with the snorts many Dealers. And the question how influential Huey Long might become in the AmerBankers' Association. Wise boys agree Roosevelt least tactical victory. he demanded in effect. And the bankers Little fellows gasped but took President Jackson the Morgan First National Bank rose just before Roosevelt's speech waggle the many bitter branch, though because Roosevelt assured nothing except his desire them they lend more money. They stopped their public snipthe administration and the butter and most by federal central bank threat which credit, bigger -including those visited the White House had -realized their hope staving central bank being thwartnot aided. sassing the Congerss and diced pubilic. Threat Sticks In Craw Dealers may be fooling New But they think the bankers must be still before they can on really the Deal. support call the One reason "scorpion's tall" speech, he suggested dire consequences government banks continued antagonistic: whom we always have poor, be much worse off. will survive comfort. have, but great stratum of tween these groups will be ruined. seeming threat of bankers This that could battle with equal terms and were still powerful enough committed amelioration poverty stuck tibula in many New Deal elephant's craws. Askance at Leaders the choice of leadBut play on Quarterback Roosevelt's team" aroused cynicism than anything selection of Huey into this Long's gets Rudolph Hecht the Hibernia Bank New Orleans as president and of Banker Tom K. Smith of Louis vice president. First Vice President Robert Fleming the Riggs National Bank here. which banks for most government officials. favorregarded and can lobby effectively for the Tom Smith former dealer municipal bonds tried the stock exchange primary Deal winter serving to Secretary of the Treasury Morgenthau. Soon after had been soundly paddled members of the Ray and Fletcher handling the bill, he resigned Treasury. Hecht the hero or something RFC. Bank and the Indemnity Orleanswhich conservative Republican Congressman Hamilton Fish York has described "rotten Loan Under Fire Hecht was president Hibernia Bank. director of and chairman of New advisory committtee, which disapproved applications for passed offered collateral. The Union Indemnity promoters reputedly Huey's chief backers and received paign ordinary favors from his adminisUnion Indemnity and affilates obtained RFC loans August, 1932, then asked for 000 more the same collateral. Jesse Jones. not then chairman balked. But had left room when his Orleans RFC committee voted the came Washington lobbied for loan. With the aid Huey Long and RFC since resigned, it was put through. Holds the Bag The loan was made Dec. 1932. most used indebtedness the bank. Union Indemnity failUnion Guaranty Title failed Jan. left holding the bag for amount estimated the amount of that last Demands for investigation were by the big bank panic March. year later the Hibernia RFC balled out reorganized an RFC president moving Hecht chairmanship Hecht, as first vice president due the presidency this strong began to block collapsed when Hecht promfinish and the big opposing him decided that, the state popular opinion. could better afford have Hecht president than messy convention battle which might of solled underwear.

21. November 12, 1934 The Whittier News Whittier, CA

Article Text

By NEA Service Writer effect of convention was to pour of butter and molasses on stack gold and sour pancakes. The cakes still cold, sour. The growls of departing bankers mingled with the snorts of many New Dealers. And in the air was the question how influential Huey Long might become in the AmeriBankers' Wise boys agree Roosevelt won least tactical victory. "Call off dog!" he demanded in effect. And the bankers did. Little fellows gasped but took the cue when President Jackson Reynolds of the Morgan First National Bank rose just before Roosevelt's speech to waggle the olive branch though many bitter later cause Roosevelt assured them of nothing except his desire that they lend more They stopped their public sniping at the and sent for the butter and Almost molasses by growing threat federal central bank which would issue money and credit the bigger those who visited the White their hope of staving off the central bank was being thwarted, not aided. by sassing the administration Congress and prejudiced public opinion. Threat Sticks in Craw New Dealers may be fooling themselves. But they think the bankers must be scared still more before they can be depended on to really support the New One is some call the "scorpion's of Reynolds speech, wherein he suggested dire consequences if government and banks continued antagonistic: poor, whom we always have with us, will be much worse off The rich survive in comfort, at they have, but the great stratum of people between these two groups will be irretrievably ruined.' This seeming threat of bankers that they could do battle with government on equal terms and were still powerful enough to gum up an administration committed amelioration of poverty stuck like an elephant's tibula in many New Deal Look Askance at Leaders But the choice of leaders to play on Quarterback team' aroused more cynicism here than anything else. Particularly of Huey Long's gets into this he gets into Hecht of the Hibernia Bank New president Banker Tom K. Smith of St. Louis vice president. First Vice President Robert Fleming the Riggs National Bank here, which banks for most high government officials. is favorably regarded and can lobby effectively Tom Smith former dealer in municipal bonds who tried to emasculate the stock exchange primary New Deal winter while serving special assistant Secretary of the Treasury Morgenthau. Soon after he had been soundly paddled by members of the Rayburn and Fletcher committees handling the bill, he resigned from the TreasHecht is the hero or something an episode involving RFC. Hibernia and the defunct Union Indemnity Company of New Orleans-which conservative Republican Congressman Hamilton Fish of New York has described "rotten mess." Loan Under Fire In 1932 Hecht was president of Hibernia Bank, director of Union Indemnity, and chairman of the New Orleans RFC advisory committee, which approved disapproved for passed the offered collateral. The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and its affiliates obtained RFC loans about between March and August, 1932 then asked for $970,000 more on the same collateral. Jesse Jones, not then chairman RFC. balked. But Hecht, who had left the room when his New Orleans RFC committee voted on the proposal. came to Washington and lobbied for the loan With the aid of Huey Long and RFC Director Harvey Couch, since resigned, it was put through. Holds the Bag The loan was made December 28, 1932. most of it-according to undenied charges by used to pay off heavy indebtedness to the Hecht bank Union Indemnity failed January and Union Guaranty Title Company, affiliate, failed January RFC was left holding the bag for an amount estimated to approximately the amount of last Demands for investigation were drowned out by the bank panic in March. About year later the Hibernia Bank closed. RFC bailed out and reorganized it, installing RFC official as president and moving Hecht to chairmanship the board as first vice president of was automatically due for election to the presidency this year strong movement began to block collapsed when Hecht promised finish fight and the big boys opposing him decided that in the present state popular opinion, they could better afford to have Hecht as president than messy convention battle which might expose lot of soiled underwear.