6747. Hibernia Bank (New Orleans, LA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
February 5, 1933
Location
New Orleans, Louisiana (29.955, -90.075)

Metadata

Model
gpt-5-mini
Short Digest
e176a461e8e1dda2

Response Measures

None

Description

The articles describe a deposit run on Hibernia Bank in early February 1933 triggered by public criticism/accusations (Rep. Hamilton Fish's remarks about loans and RFC/Union Indemnity connections). The bank received large cash infusions (RFC and private sources), paid withdrawals and continued operations. Later (about a year later, in late 1934) the bank closed and was reorganized/bailed by the RFC, but that closure is discussed separately in 1934 articles and is not presented as a suspension/closure immediately following the 1933 run; therefore the 1933 episode is best classified as run_only. Bank type inferred as state bank (name lacks 'National' and contemporary references call it simply 'Hibernia Bank').

Events (2)
1. February 5, 1933 Run
Cause
Bank Specific Adverse Info
Cause Details
Public accusations and criticism by Rep. Hamilton Fish concerning loans/RFC/Union Indemnity connections to Hibernia's president Rudolph Hecht triggered heavy withdrawals.
Measures
Large cash infusions were brought to the bank (millions in hard cash); RFC and private sources made funds available; depositors were invited to withdraw or assured funds were safe; bank paid all demands and resumed normal banking business.
Newspaper Excerpt
the Hibernia Bank ... started after Rep. Fish ... said the bank was insolvent; millions withdrawn; cash piled in vaults to break run
Source
newspapers
2. November 1, 1934* Other
Newspaper Excerpt
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. (NEA coverage, Nov 1934.)
Source
newspapers

Newspaper Articles (24)
1. February 5, 1933 The Springfield Daily Republican Springfield, MA
Article from The Springfield Daily Republican, February 5, 1933

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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 Says Millions Withdrawn There visible sign of Hibernia bank Mr Hecht that news Mr Fish's criticism of him had caused millions of dollars In New York today, Mr Fish said the Hibernia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 6, 1933 The Tennessean Nashville, TN
Article from The Tennessean, February 6, 1933

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R. C. PROMISES (Continued from First Page) said they had raised required and that positors called telephone responding favorably. The run started after Y.) had S. Hecht, president the last Thursday the House made to the defunct Union Indemnity New leans by the Reconstruction nance Corporation which Hecht is chairman regional late Mr. Hecht no the granting the loans Mr. Fish explanation. All bank were closed in New OrSaturday tion which he issued suddenly mornIng in of the 16th anniversary of the severance diplomatic between the United and officials today admitted the was issued to give prepare meet Hibernia had suffered withdrawals from out-oftown depositors telegraph and rail. Bank said had extent by New Orleans depos- Long Issues Statement Merchants and surprise by Saturday's closing all banks and they difficulty meeting stores, normally cash credit their for the day, and pocketbooks generally were lean over the week-end. Senator Huey P. Long issued the following statement: "After continuous conferences this with nor E. the Federal Reserve New Orleans and conferences over telephone which Black and myself have today with authorities Washington. am assured that whatever assistance financial as may needed or desired the New as and when they may "Everyone satisfied. everything in perfect order. detailed statement from Governor Black and others will probably be issued in the next few hours.'

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

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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 The Miami News Miami, FL
Article from The Miami News, February 6, 1933

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RELIEF GIVEN PRESSED $24,000,000 Additional Piled in New Orleans Vaults NEW ORLEANS Feb. Vaults the Bank Trust stacked with millions cash March from Corp. sources today that break the president, dolph Hecht. said started Friday Park his criticism by Rep. Hamilton ending Fish (Rep., Y.). before the house banking million dollars in hard and greenbacks were stored the vaults against funds already there depositors were invited draw Palm out their they chose but they assured their money just safe it been during the this years existence. All banks open doors hour earlier today invited positors withdraw their money from excited false rumors banking difficulties. removal An hour after he opening, most As banks Burdine they ing Normal banking business after M. reported by all of the banks resigned the line of his hundred was stretched before the window. WRIT The bank paying all demands. There crowd before the other windows and bankers satisfied the part bank the stability of Hibernia bank was voiced by all the other Orleans banks and Gov. Black, of the Federal bank, came New Orleans meeting the emergency. sought Twenty million dollars made available the bank by the Reconstruction Finance Corp. after series started sessions Washington Sunday and Paul $4,000,000 aditional were raised by Hibernia Sen. Huey Long joined in the resulted raising be the $24,000,000.

5. February 6, 1933 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, February 6, 1933

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NEW ORLEANS BANKERS BELIEVE RUN CHECKED NEW Officials Hibernia Bank and announced that directors the Finance in approved loan the provided the bank raised depositors of $10,000 or more agreed freeze percent deposits the corporathey believed meet Rudolph Hecht, president the institution, the Early tonight the said the telephone were responding favorably. Hamilton Fish, Rep Rudolph Hecht, the Thurs. Commitconnection with loans made to Union New the Finance which Mr Hecht the visory Committee. Hecht plained that took granting loans and Mr Fish accepted his All in New Orwhich he issued suddenly memoration the 16th relations the United and Germany. State officials today admitted the proclamation prepare meet the the bernia bank, which had suffered heavy from deposiby and ficials cipated extent by New Ordepositors.

6. February 6, 1933 The Journal Meriden, CT
Article from The Journal, February 6, 1933

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adjustments and that there will no such series drastic changes were ordered year the 1931 season, when some lives lost on the football fields. The rules its report to the National Collegiate opposed any radical alterations the code, taking the position the as revised accomplished purpose making the game the players. The report advocate restrictions indiscriminate use of the forward matter probably one the chief items up for discusThe committee likewise will consix changes the rules advocated Football Coaches association. Meeting Saturday, the coaches suggested elimination sideline play; recommended ineligible (tackles, guards, center) shall permitted beyond the line forward pass play until the thrown; suggested that whenever agreement reached teams, be the the two teams, doing with the of judge; that the stricter enforcethe rule against clipping, the from tified when the teams have had and recthat interference not called forward unless there bodily contact. millions from the Reconstruction other Finance break which sources today to president, Rudolf 8. Hecht, started criticism Hamilton Fish, (Rep., before House Banking million dollars the vaults against funds already depositors invited to draw out their money they chose. But their money had been during bank's 62 existence the stability of the Hibernia bank voiced by the other banks Gov. Black, the Federal Reserve Bank New Orleans to aid meeting the emergency Twenty million dollars were made available the bank by the Reconstruction Finance corporation series sessions Washington Sunday four million dollars ditional were raised by the Hibernia Hecht said the his bank precipitated allegation Representative that he aided the Union Indemnity Orleans obtaining $4,000,000 loans from the Reconstruction Finance shortly before went into the hands receiver Hecht. chairman the Regional the telegraphed Mr. Fish he had neither voted the Union Indemnity said he accepted explanation and that had the "utmost confidence" in the

7. March 10, 1933 The Hammond Vindicator Hammond, LA
Article from The Hammond Vindicator, March 10, 1933

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Louisiana Neros Fiddle While Nation's Business Halts two milleniums, has fiddled Rome burned. But the great historian, Tacitus, us that Nero has been defamed. Instead of fiddling, thousands citizens were being burned out house and home, the Emperor Nero threw open the common people the imperial Campus that the might protected and ordered rushed to them they might be fed. By his energetic conduct, Tacitus tells that Nero proved himself not only the friend the lover of his people. That happened Rome nineteen hundred years ago under the reign of an ambitious, revelling, pagan emperor. But what would the Tacitus, say today if he could take look at the wild of High Hat Oscar Allen and his and banking associates in the state of Louisiana. Like every good citizen, he would puppet Huey Long, looked down upon figurehead Louisiana's mansion, staging most tragic onslaught upon the common people that has ever been perpetrated in the history of the state. And that tragedy enacted under mask of gaiety that turns the lurid light of Nero's reign into an incandescent glow that would make the brilliant Mazda blush for shame High Hat Oscar Allen, jokingly called "Governor" of great democratic state the greatest republic that has ever been conceived in the mind of raises the upon the most scandalous official revelry and of the good. Kingfish Huey Long, known home as votestealing, politician, and throughout the clown, buffoon, and sensational blatonist, joins hands with his hat dummy governor to the utter amazement of starving and distressed Louisianians home These and other Louisiana officials who participated in the mad melee of selfish against the many, their true colors. Already had they lost confidence, and now they fail to command the decent respect of the people the state Louisiana. They are little fish in the great sea of democracy. Were only for their actions, they could be and ignored. But, while the good men do often interred with their bones, the evil that they do them. The that Huey Long, through his High Hat Governor, and his banking associates, has done to the people of the state and the nation that must not only the instant but the incessant of lover of the people and the people's rights. Think High Hat Allen holiday the banks of Louisiana the first March, and immediately boarding train for Washington quest the glee an inaugural ball. Think the satin, silk, and velvet dressed ladies of Louisiana's political life mad whirl of intoxicating dance music, bedecked in costly diamonds showered with pricely orchids while those home groaned beneath load of an unexpected bank Think the officialdom of the state of Louisiana bowed down before the of hilarity when Louisiana leading the sad spectacle national crisis. Think of Attorney General Porterie far away from home Louisiana mesh business legal confusion. Think Treasurer engaging Washington celebrations when his duty to look after the state funds at home with banking suspended the people's money tied up. Think of Alice Lee Grosjean, supervisor public accounts, far away from the state with banks closed and public paralyzed. Think of the uniformed staff of "Governor" Hat Allen waltzing the strains of carefree music while children weeped in hunger wailed despair. Think the veterans of the World War depositing from the United on the first March in Louisiana banks to be told on the second of High Hat had issued his banking holiday, that they could nickel against each dollar on the third of the month. And while boys at home were eating doughnuts and coffee because their legitimate money had been tied up by the banks, Louisiana's political ladies, in crying, me around again, Willie," to the uniformed staff of High Hat brigade. Think the school teachers of Louisiana who went without pay because the fraternity shut down on city and state official checks while highest officials thrilled in the vain glory of Washington Think the clamping down of the scanty pittance that is being dispensed by the Welfare enough to feed able bodied man, nothing of his wife and children. Think of that pittance being by the bankers, under the proclamation of dancing High Hat while infants sucked their thumbs older children cried to sleep. New Orleans and Louisiana hungry, but the on. With banking, business, manufacturing, shipping, and commerce in general halted, woe, want, tribulation, anguish yes, nation-wide hell followed the wake of the mad doings of Louisiana bankers and Louisiana Shameful as is, Louisiana must assume the blame for having led the motley parade the crisis. the sad Indemnity failure and Bank by as it tottered to fall-a three-day banking holiday declared by the dancing opening of the New Orleans bank second day of the three-day holiday with bait to the public to start new accounts that would be payable by check in reclosing the banks the third day the three-day holiday because of the national crisis demanding quick action by President Roosevelt and Congress to avert complete collapse of the financial structure of the United States. Remember, had there been no Huey Long, the Wrecker, there would have been Louisiana Highway had there been wrecked Highway Commission, there would have been no Union Indemrity failure fraud; had there been no Union Indemnity failure and Representative Fish of New York could not have hurt the Hibernia Bank accusing Rudolph Hecht of being party this collosal there been the Bank, Uncle could diverted millions the hungry and the footsore; had the not been called in desperation to save the Hibernia Bank, upon there would have been no nation-wide loss of confidence in New Orleans and Louisiana banks caused and prompted the three-day farcical state holiday; had there been no three-day holiday farce, Louisiana have helped stem the tide banking stabilization instead of leading the way for bank closings that led to the national crisis. Radolph Hecht been called the Bad Boy of Bankdom. Together the Wrecker, through their dummy High Hat Oscar, with Huey Long, they forced the nation the brink of mad maelstrom of banking colscript and limited lapse, money, Tacitus, great historian, could today, believing in justice he did, would wish Franklin Roosevelt unlimited power in straightening out the mad muddle. Then he would truthfully proclaim, with his dummy High Hat went dancing while their people "Kingfish suffered the agony of the damned.' the unkindest cut of all is the sad spectacle of Louisiana yet, the deal as was done the early part the week opposing when Huey Long and two his cohorts voted against the measure President Roosevelt full power nation and stem the giving onrushing tide distress suffering. Louisianians should forever cherish in their hearts this of Huey Long. If he has any defenders they should hang their heads in shame.

8. October 31, 1934 The Evening Standard Uniontown, PA
Article from The Evening Standard, October 31, 1934

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BEHIND THE SCENES Oct. effect of the bankers' convention was to pour lot of butter and molasses on stack of cold and sour pancakes. The cakes are still cold, still 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 American Bankers' Association. Wise boys agree Roosevelt won least tactical victory. "Call your dog!" he demanded in effect. And the bankers dia. Little fellows gasped but took the cue when President Jackson Reynolds the Morgan First National Bank rose just before Roosevelt's speech to waggle the olive branch, though many were bitter later because Roosevelt assured them of nothing except his desire that they lend more money. They stopped their public shiping at the administration and sent for the butter and molasses. Almost panic-stricken by growing threat of federal central bank which would issue money and credit, the bigger those who had visited the White their hope of staving off the central bank was being thwarted, not aided. by sassing the administration. Congress, and a prejudiced public opin- 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 Deal. One reason is what some call the "scorpion's tail" of Reynolds' speech. wherein he suggested dire consequences if government and banks continued antagonistic: "The poor, whom we always have with us, will not be much worse off. The rich will survive in comfort, at least, as they always have, but the great stratum of our people between these two groups will be irretrievably ruined." This seeming threat of bankers that they could do battle with goternment on equal terms and were still powerful enough to gum up an amelioration of stuck like an elephant's tibula in many New Deal craws. Look Askance At Leaders. But the A. B. A. choice of leaders to play on Quarterback Roosevelt's team" aroused more cynicism here than anything else. Particularly selection of Huey Long's gets into this picture, as he gets into them Rudolph Hecht of the Hibernia Bank New Orleans as president and Banker Tom K. Smith of St. Louis as second vice president. First Vice President Robert V. Fleming of the Riggs National Bank here, which banks for most high government officials, is favorably garded and can lobby effectively for the bankers. Tom Smith is former dealer in municipal bonds who tried to emasculate the stock exchange bill-a primary New Deal 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 TreasHecht is the hero or something of an episode involving RFC, Hibernia Bank and the defunct Union Indemnity Co. of New conservative Republican Congressman Hamilton Fish of New York has described as "rotten 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 or disapproved apfor 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 between March and August, 1932, then asked for more on the same collateral Jesse Jones, not then chairman of RFC. balked. But Hecht, who had left the room when nis New Orleans RFC voted on the proposal, came to Washington and lobbied for 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 Dec. 28, 1932, and most of -according to undenied charges by used to pay off heavy indebtedness to the Hecht bank. Union Indemnity failed Jan. and Union Guaranty Title Co., its affiliate, failed Jan. RFC was left holding the bag for the amount 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 of the board. Hecht, as first vice president of A.B.A., was automatically due for election the presidency this year. strong movement began to block him. 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 than messy convention battle which migh expose lot of soiled underwear. (Copyright, 1934, NEA Serv., Inc.)

9. November 1, 1934 The Zanesville Signal Zanesville, OH
Article from The Zanesville Signal, November 1, 1934

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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

10. November 1, 1934 Marshfield News-Herald Marshfield, WI
Article from Marshfield News-Herald, November 1, 1934

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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.

11. November 1, 1934 The Newark Advocate Newark, OH
Article from The Newark Advocate, November 1, 1934

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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.

12. November 1, 1934 Public Opinion Chambersburg, PA
Article from Public Opinion, November 1, 1934

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WASHINGTON LETTER By RODDEY DUTCHER, NEA Service Writer (Copyright, 1934. NEA Service, Inc.) WASHINGTON, Nov. fect of the bankers' convention was to pour lot of butter and molassstack of cold and sour pancakes. The cakes are still cold, still sour. The growls of departing bankers mingled with the snorts many New Dealers. And in the air was the question how Huey Long might become in the American Bankers' Association. Wise boys agree Roosevelt won least tactical victory. "Call off your dog!" he demanded in fect. 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 were bitter later because Roosevelt assured them of nothing except his desire that they lend more money. They stopped their public snipping the Administration and sent for the butter and molasses. A1most panic-stricken by growing threat federal central bank which would issue money and credit, the bigger ing those who had visited the White their hope of staving off the central bank was being thwarted. aided, by sassing the Congress, and prejudiced public opinion. New Dealers may fooling themselves. But they think the bankers must be scared still more before they can be depended on to the New Deal. One reason what some call the "scorpion's tail" of Reynolds' speech, wherein he suggested dire government and banks continued antagonistic: poor, whom always have with will not be much worse The rich will survive in comfort, at least, they always have, but the great stratum of our people between these two groups will be retrievably 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 amelioration of poverty stuck like an elephant's tibula in many New Deal craws. But the choice of leadto play on Quarterback Roosevelt's team' aroused cynicism here than anything else. Partciularly selection of Huey Long's gets into this picture, as he gets into them Rudolph Hecht of the Hibernia Bank of New Orleans as president and of Banker Tom Smith of St. Louis second vice president. First Vice President Robert Fleming of the Riggs National Bank here, which banks for most high government officials, favorregarded and can lobby fectively for the bankers. Tom Smith former dealer in municipal bonds who tried to emasculate stock exchange primary New Deal measwinter while serving special to Secretary of the Treasury Morgenthau. Soon after he had been soundly paddled by members of the Rayburn Fletcher committees handling the bill, he resigned from the Treasury. Hecht the hero or something an episode involving RFC. bernia Bank and the defunct Union Indemnity Co. of New Orconservative Republican Congressman Hamilton Fish of New York has described as "rotten In 1932 Hecht was president of Hibernia Bank, director of Union Indemnity, and chairman the New Orleans RFC advisory committee, which approved or disapproved applications for loans-and passed the offered collateral. The Union Indemnity promoters were reputedly Huey's chief campaign backers and received traordinary favors from his ministration. Union and its affiliates RFC loans of about $3,000,000 between March and August, 1932, then asked for $970,000 more on the same collateral. Jesses Jones, not then chairman RFC, balked. But Hecht, who had left the room when his New Orleans RFC committee voted 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 to undenied charges by Fish-was used to pay off heavy indebtedness to the Hecht bank. Union Indemnity failJan. and Union Guaranty tle Co., its affiliate, failed Jan 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 out and reorganized it, installing an RFC official as president and moving Hecht to chairmanship of the Hecht, first vice president due for election to the presidency this year. A strong movement began to block him. 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 than messy battle which might expose lot of soiled underwear.

13. November 1, 1934 The Huntsville Times Huntsville, AL
Article from The Huntsville Times, November 1, 1934

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New Deal WASHINGTON RODNEY DUTCHER Nov. fect of the butter and stack of cold and sour pancakes. The cakes are still cold, still sour. The ers mingled with the snorts many New Dealers. And in the the question how influential Huey Long might become in the American Bankers' Association. Wise boys agree Roosevelt least tactical victory. "Call your he demanded in effect. 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 waggle the olive branch, though many were bitter later because Roosevelt sured them of nothing except desire that they lend more money. They stopped their public snipthe administration and sent for the butter and Almost panic-stricken by growing threat federal central bank which would issue money and dit, the bigger fellows including those who visited the White their hope of staving off bank was being not aided, by sassing Congress, and prejudiced public opinion. Threat Sticks In Craw dealers may fooling themselves. But they think the bankers must be scared still more before they can be depended on really support the New Deal. One reason what some call the "scorpion's Reynolds' speech, wherein suggested consequences government banks continued antagonistic: poor, whom always have will not be worse off. The rich will survive in least, they always the great stratum of people tween two groups will be retrievably This seeming threat of bankers that they could do battle with ernment on equal terms and powerful enough gum administration amelioration poverty stuck elephant's tibula in many New Deal craws. backers and received ordinary favors from his adminiUnion Indemnity and affiliates obtained RFC loans about $3,000,000 between March and August, 1932, then asked for $970,000 more the same Jesse Jones, not then chairman balked. But Hecht, who had left the room when his New Orleans RFC committee voted the proposal, came Washington lobbied for the loan. With the aid of Huey Long and RFC Director Harvey Couch, since resigned, through. RFC Holds The Big The loan made Dec. 1932, of denied charges used heavy Hecht bank. Union Indemnity failJan. Union Guaranty its affiliate. failed Jan. RFC left holding the bag for amount estimated mately the amount of that last loan. Demands for Investigation were by the big bank panic March. About year later, the Hibernia Bank closed. RFC bailed out and reorganized it, installing an RFC official as moving Hecht chairmanship of the board. Hecht, first vice president automatically due for election the presidency this strong began to block him. collapsed when Hecht promised finish fight and the big boys opposing him decided that, the sent of popular opinion, could better afford to have Hecht president than measy battle which might expose lot underwear. Look Askance At Leaders But the choice play Quarterback velt's team" aroused cynicism than anything else. Particularly selection of Long's gets into picture, he gets them Rudolph Hecht of the Hibernia Bank New Orleans president Banker Tom Smith of Louis vice president. First President Robert Fleming of the Riggs National Bank which banks for most government officials. favorregarded and can lobby fectively the bankers. former dealer municipal bonds who tried emasculate the stock exchange primary New Deal winter while serving special sistant to Secretary of the Treasury Morgenthau. Soon after he had been soundly paddled members of the by Fletcher handling the bill. he resigned from Treasury Hecht the hero something episode bernia and the defunct Union Indemnity Co. of New OrleansHamilton Fish York has described "rotten mess." MEXICAN DAM BURSTS Loan Under Fire least persons perish. Hecht president today, many houses were deHibernia Bank, director of Union stroyed and flooded chairman the the bursting recently Orleans RFC commit- constructed which disapproved Mining Smelting Co. passed collateral. The United States maintains Union promoters and reputedly Huey's chief foreign countries. consulates

14. November 1, 1934 Evansville Press Evansville, IN
Article from Evansville Press, November 1, 1934

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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

15. November 2, 1934 Johnson City Press Johnson City, TN
Article from Johnson City Press, November 2, 1934

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BEHIND THE RODNEY bankers' convention the butter and molasses of cold and sour cakes. still cold, still The cakes The departing mingled with the bankers And in the New influenthe question Long might become Huey American Bankers associathe boys Roosevelt tactical demanded your And the bankers fellows gasped took Little when President Jackson Reynolds the Morgan National bank just before Roosevelt's speech waggle the branch, though many later because Roosevelt them nothing except his that they lend money They their public the and sent the butter molasses. by threat of federal central would money the bigger those visited the their hope staving off the central bank being thwarted, not aided, sassing conand prejudiced public opinion Threat Sticks in Craw New Dealers fooling themselves. But they think bankers must be still more before they .can be depended on really support the New Deal. reason what some the "scorpion's Reynolds' speech, wherein suggested dire consequences government continued antagonistic: poor, always have us, will not much The will survive fort, least, they always the great stratum between these two groups irretrievably ruined. This seeming threat of bankers that they could battle on equal terms still enough administration committed amelioration poverty stuck like elephant's tibula in many New Deal Look Askance Leaders But the choice leadplay Roosearoused cynicism anything Particularly Huey Long's this picture, he them Hecht the Hibernia bank New Orleans president and Banker Tom Smith Louis as second vice president First Vice President Robert Fleming Riggs National bank here, which banks for most favorregarded can lobby effor the Tom Smith former dealer municipal bonds who tried emasculate the exchange New Deal measwinter serving special Secretary Soon after he had soundly paddled members of the Ray. Fletcher handling the bill, he resigned from Hecht the hero something an RFC. bernia bank the defunct Union Indemnity Co. of New leans which publican of York has described "rotten Loan Under Fire In 1932 Hecht president of director of Indemnity, chairman of the New Orleans RFC advisory mittee, which disapproved passed the offered collateral The Union Indemnity reputedly Huey's chief campaign backers and received traordinary favors from his administration. Union affiliates obtained RFC loans $3,000,000 between March and August, 1932, then asked for $970,000 more on the Jones, then chairman RFC balked. But Hecht, left the when his New Orleans RFC voted on the came Washington for the loan. the aid of Long and RFC Director Harvey Couch, since put through RFC the The loan was made 1932, and most by used off the Hecht Union demnity failed Jan. and Guaranty Title affiliate, failed RFC left holding the bag for an amount mated the amount of that last Demands for were drowned by the big bank panic March About year later the Hibernia closed. RFC bailed reorganized installing an president Hecht to chairmanship of the Hecht, as first vice president for election presidency this strong movement began block him. collapsed Hecht promfinish opposing decided that, the present state of popular opinion, they could better afford have president than messy convention battle which might expose lot of soiled underwear. NEA Service Inc.) Average speeds of for passenger 34.2 for buses to prevail Connecticut highways through survey begun last which more than 45,000 vehicles

16. November 2, 1934 Bristol Herald Courier Bristol, TN
Article from Bristol Herald Courier, November 2, 1934

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Bankers' Convention Poured Butter and Molasses on Sour, Sold Pancakes; Roosevelt Won Tactical Victory; Huey Long's Friend in the Limelight By RODNEY DUTCHER WASHINGTON, Nov. effect of the bankers' convention was to pour lot of butter and molasses on stack of cold and pancakes. The cakes are still cold, still sour. The growls of departing bankers mingled with the snorts many new dealers. And the was the question how influenHuey Long might become in the American Bankers' AssociaWise boys agree Roosevelt least tactical victory. your demanded in effect. And the bankers did. Little fellows gasped but took cue when President Jackson Reynolds of the Morgan First National Bank rose just before speech to waggle the olive branch, though many bitter later because Roosevelt sured them nothing except his desire that they lend more They stopped their public administration and sent the butter and molasses. Almost by growing threat federal central bank which would issue money credit, the bigger ing thse had visited the White their hope staving off the central bank being thwarted, not aided, by sassing the Congress, and prejudiced public opinion. New dealers may be fooling themselves. But they think the bankers must scared still more before they can be depended on really support the new deal. One reason what call the of Reynolds' speech, wherein he suggested consequences government antagonistic: poor, whom always have with will not be much worse off. rich will survive in comfort, least, they always have, the great stratum of our people between these two groups irretrievably ruined. This seeming threat of bankers that they could do battle with government on equal terms and still powerful enough an administration committed amelioration of poverty stuck like an elephant's tibula in many new deal But the choice leadplay Quarterback Roosevelt's team' aroused cynicism here than anything else. Particularly selection of Huey Long's into this picture, he gets them Hecht of the Hibernia Bank of New OrBanker Tom Smith of Louis ond First Vice President Robert Fleming the Riggs National Bank here, which banks for most high government officials, orably regarded and can lobby effectively for the bankers Tom Smith former dealer municipal bonds who tried emasculate the stock exchange primary new deal measure winter while serving assistant to Secretary Treasury Morgenthau. Soon after he had been soundly members of the paddled by burn Fletcher committees handling the bill, he resigned from Hecht the hero or something an episode involving RFC, Bank and the defunct bernia Union Indemnity Co. of New RepubHamilton Fish lican New York has described "rotten In 1932 Hecht was president Hibernia Bank, director Union Indemnity, and chairman the New Orleans RFC advisory which approved and passed on the offered The Union Indemnity's promotreputedly Huey's chief were backers and received campaign favors from his Union Indemnity and affiliates obtained RFC of about between March and August, 1932, then asked for $970,000 more on the same lateral. Jesse Jones, not then chairman RFC, balked But Hecht, had left the room when his New Orleans RFC committee voted the proposal, came to Washington and lobbied for the loan. With the aid of Huey Long and RFC Director Harvey Couch, since through. The loan made Dec. 1932, and most of undenied charges by used off heavy indebtedto pay Hecht bank. Union ness Indemnity failed Jan. and Union Guaranty Title its affiliate, failed Jan. RFC was left holding the bag for an amount mated to the amount of that last loan. for were drowned out by the big bank panic March. About later the Hibernia Bank closed. RFC bailed out reorganized it, installing RFC official president moving Hecht chairmanship of the board. Hecht, as first vice president of was automatically due for election to the presidency this strong movement began year. block him. collapsed when Hecht promised finish fight opposing him decided that, the present state of popular they could better afford opinion, have Hecht president than messy convention battle which might of soiled underexpose wear. (Copyright, 1934, NEA Service)

17. November 3, 1934 The Anniston Star Anniston, AL
Article from The Anniston Star, November 3, 1934

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BY RODNEY DUTCHER Nov fect of the bankers convention to pour of butter and stack of cold and sour pancakes. The cakes are still still sour. The growls departing bankers mingling with the shorts of many New Dealers. And in the was the question how influential Huey Long might become the American Bankers Association. Wise boys agree Roosevelt won least victory. Call off your 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 speech to waggle the olive branch though were bitter later cause Roosevelt assured nothing except his desire that they lend more They stopped their public sniping the and sent for the butter and molasses Almost by growing threat federal bank which would money and the bigger those who had visited the White their hope of staving off the tral bank was being thwarted, not aided. by sassing the Congress and prejudiced public opinion. New Dealers may be fooling selves, But they think the bankers must be scared still more before they can be on to really support the New Deal One reason is what some call the wherein he suggested dire consequences government and banks continued antagonistic: always have with will be much worse off The rich will survive in comfort at least, they always but the great straum our people these two groups will be irretrievably ruined. This seeming threat of bankers that they could do battle with ernment on equal terms and still powerful enough to gum an administration committed amelioration of poverty stuck like an elephants' tibula in many New Deal craws. But the A.B.A. choice of leaders to play on Quarterback Roosevelt team" aroused cynicism here than anything else Particularly selection Huey Long's gets into this picture, as he gets into them Rudolph Hecht of the Hibernia Bank New president and of Banker Tom Smith St. Louis second vice president. First Vice President Robert Fleming of the Riggs National Bank which banks for most high government officials, is favorably and can lobby effectively the Tom Smith former dealer municipal bonds who tried emasculate stock exchange primary New Deal winter while special sistant to Secretary of the Treasury Morgenthau. Soon he had been soundly paddled by members of the Rayburn and Fletcher committees handling the he resigned from Treasury. Hecht the hero something episode involving RFC. HiBank and the defunct Union Company of New conservative RepubliCongressman Hamilton Fish of York has described ten mess. In 1932 Hecht of director of Union and chairman of the New Orleans RFC advisory committee which approved disapproved applications for passed the collateral. The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and obtained RFC loans about between March and then asked for more the same collateral. Jesse not then chairman RFC. balked But had left the room when New Orleans committee voted on the came to Washington and lobbied for the With the aid of Huey Long and RFC Director Harvey Couch, since it was through. The loan made December and most of to by used pay off heavy Hecht Union Indemnity failed and Union GuarTitle affiliate. anty RFC was left failed January holding the bag for an amount to approximately the timated amount of that last loan. Demands for investigation were drowned out by the big bank panic March About later the Hibernia year Bank closed RFC bailed out and installing an official president Hecht to chairmanship of the board Hecht. first vice president was automatically due for election the presidency this year began block strong collapsed when Hecht promised finish fight the big boys him decided that, the opposing present state popular they could better afford to have Hecht as president than convention battle which might pose lot soiled Copyright 1934, NEA

18. November 3, 1934 Fremont Tribune Fremont, NE
Article from Fremont Tribune, November 3, 1934

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DAILY WASHINGTON LETTER RODNEY DUTCHER effect the bankers' was of butter and cold and sour The cakes are still cold, still sour. The growls departing ers mingled with the shorts many new And the air was the question how influential Huey Long might become the Bankers' association Wise boys agree Roosevelt won least tactical Victory "Call he demanded in effect the bankers Little fellows gasped but took the cue when President Jackson Reynolds of the Morgan First National bank rose just before Roosevelt's speech to the olive branch, though many were bitter later because Roosevelt them of nothing except his desire that they lend more money They stopped their public sniping the administration and sent for butter and molasses Almost by growing threat federal bank which would issue money and credit, the bigger those who had visited the White House realized their off the central bank was being not aided, by sassing the adminisand prejudiced public Threat Sticks in Craw New dealers may be fooling themselves. But they think the bankers must be scared still more before they can depended on to really support the new One reason what some call the 'scorpion's of Reynolds speech, wherein he suggested dire consequences government and banks continued antagonistic: "The poor whom always have with will not much worse off. The rich will survive at least, they always but the great stratum our people between these two groups will be irretrievably ruined This seeming threat of bankers that they could do battle with gov. ernment on equal terms and were still powerful enough gum up administration to amelioration poverty stuck like an ele. phant's tibula in many new deal Look Askance at Leaders the choice of leaders play on Quarterback Roosevelt's team aroused more cynicism here than anything else Particularly selection Long's gets into this picture, as he gets into them Rudolph Hecht of the Hibernia bank of New Orleans president of Banker Tom K. Smith of Louis second vice president First Vice President 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 bonds who tried emas. culate the stock exchange primary new deal winter while serving special assistant to Secretary the Treasury Soon after he had been soundly paddled by members of the Rayburn and Fletcher handling the bill, he resigned from the Hecht the hero or something an episode involving RFC, Hibernia bank and the defunct UniIndemnity Co., of New Orleans on conservative Republican Congressman Hamilton Fish of New York has described mess. Loan Under Fire In 1932 Hecht president of Hibernia bank, director Union Indemnity and chairman the Orleans RFC advisory committee which approved disapproved applications for loansand passed on the offered collater- The Union Indemnity promoters were reputedly Huey's chief campaign backers and received extraordinary favors from his administration. Union Indemnity and affiliates obtained RFC loans about $3,000,000 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 Washington and 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 six undenied charges used not to pay off heavy indebtedness to the Hecht bank. Union Indemnity failed January and Union Guarsort anty Title failed lective January RFC was left holding worst, the bag for amount estimated approximately the amount of that last Demands for investigation were drowned out by the big bank panic in March About year later the Hibernia tank closed. RFC bailed out and installing an RFC as president and moving "My to chairmanship of the you Hecht. as first vice president of was automatically due for election to the presidency this year strong movement began to block him. in It 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 tender. Hecht president than messy which might expose lot of solled underwear

19. November 3, 1934 Delaware County Daily Times Chester, PA
Article from Delaware County Daily Times, November 3, 1934

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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

20. November 3, 1934 Shamokin News-Dispatch Shamokin, PA
Article from Shamokin News-Dispatch, November 3, 1934

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The in Washington RODNEY DUTCHER Washington Correspondent effect of the bankers' convention pour lot of butter and molasses on stack cold and sour The cakes are still cold still sour The growls of departing bankers mingled with the snorts of many New Dealers And in the air the question how influential Huey Long might become in the American Bankers' As- Wise boys agree Roosevelt won least tactical victory. "Call off your he demanded in effect. And the bankers did. Dutcher Little fellows gasped but took the cue when President Jackson Reynolds of the Morgan First National Bank before Roosevelt's speech to waggle the olive branch the many bitter later because Roosevelt assured them of nothing except his desire that they lend money. They stopped their public sniping the administration and sent for the butter and molasses. Almost panicstricken growing threat federal central which would issue money and credit. the bigger those who had visited the White their hope staving off the central bank was being thwarted. not aided, sassing the administration congress, and prejudiced public opinion. 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 Deal One reason what some call the "scorpion's of Reynolds' speech, wherein suggested dire consequences government and banks continued antagonistic: "The poor, whom always have with us, will not be much off. The rich will survive in comfort, least, they have, but the great stratum of our people tween 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 administration committed amelioration of poverty stuck like an elephant's tibula many New Look Askance Leaders the choice leaders to on Quarterback team" aroused more cynicism here than anything Particularly selection of Huey Long's into this picture, he them Hecht of the Hibernia Bank of New Orleans as president and of Banker Tom Smith Louis second vice president. First Vice President Robert Fleming of the Riggs National Bank here, which banks for most high government officials, favorably regarded and can lobby effectively for the bankers. Tom Smith former dealer in municipal bonds who tried to emasculate the stock exchange primary New Deal winter while serving 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 or something of an episode involving RFC Hibernia Bank and the defunct Union Indemnity Company of New conservative Republican Congressman Hamilton Fish of New York has described "rotten Loan Under Fire In 1932 Hecht was president of Hibernia Bank, rector Union Indemnity. and chairman of the New Orleans RFC committee, which approved disapproved 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 between March and August 1932, then asked for $970,000 more the same collateral. Jesse Jones not then chairman of RFC. balked But Hecht. who had the room when New Orleans RFC committee voted on the proposal, came to Washington and for the loan. Wtih the aid of Huey Long and RFC Director Harvey Couch, since resigned. thru Holds the Bag The loan was made December and most of it-according to undenied charges by used to pay off indebtedness to the Hecht bank. Union Indemnity failed January and Union Guaranty Company, affiliate, failed January RFC left holding the bag for an amount estimated to be approximately the amount of that Demands for investigation were drowned out by the big bank panic in About year later the Hibernia Bank closed. RFC bailed out and reorganized installing an RFC official president and moving Hecht to chairmanship of the board. Hecht, as first vice president of was automatically for election to the presidency this year. strong movement began to block him. 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 have Hecht president than messy convention battle which might expose lot of soiled underwear.

21. November 4, 1934 The Bradenton Herald Bradenton, FL
Article from The Bradenton Herald, November 4, 1934

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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.)

22. November 5, 1934 The Peninsula Times Tribune Palo Alto, CA
Article from The Peninsula Times Tribune, November 5, 1934

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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,

23. November 12, 1934 The Whittier News Whittier, CA
Article from The Whittier News, November 12, 1934

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By NEA Service Writer effect of bankers' convention was pour lot of butter and molasses on stack of gold and sour pancakes. The cakes are still cold, sour. The growls 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 Roosevelt agree won least tactical victory. "Call off your dog!" he demanded in effect. And the bankers Little fellows but took the gasped cue when President Jackson Reynolds of the Morgan First National Bank rose just before Roosevelt's speech to waggle the olive branch, though many were bitter later cause Roosevelt assured them of nothing except his desire that they lend more money They stopped public sniping the administration and sent for the butter and Almost growing threat federal bank which would issue money and credit, the bigger those who had visited the White their hope of staving off the central bank was being thwarted. not aided. by sassing the administration, Congress and prejudiced public opinThreat 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 Deal. One reason some call the of Reynolds speech, wherein he suggested dire consequences government and banks continued antagonistic: "The poor, whom we always have with us, will not be much worse off. The rich will survive in comfort, at least, they always have, but the great stratum of our people between these two groups will be irretrievably ruined." This seeming threat of bankers that they could do battle with ernment on equal terms and were still powerful enough to gum up an administration committed to amelioration of poverty stuck like an elephant's tibula in many New Deal craws. Look Askance at Leaders But the choice of leaders to play on Quarterback Roosevelt's team" aroused more cynicism here than anything else. Particularly selection of Huey Long's gets into this he gets into them Hecht of the Hibernia Bank New Orleans president and Banker Tom Smith of St. Louis as second vice president. First Vice President Robert Fleming of the Riggs National Bank here, which banks for most high government officials. favorably regarded and can lobby effectively Tom Smith former dealer in bonds who tried to emasculate the stock exchange primary New winter while serving special sistant 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 Treas- Hecht is the hero or something an episode RFC. Hibernia Bank and the defunct Union Indemnity Company of New OrRepublican Hamilton Fish New York has described "rotten Loan Under Fire In 1932 Hecht was president of Hibernia Bank, director of Union Indemnity, and chairman of the New RFC advisory committee, which or 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 of about 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 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, put through. Holds the Bag The loan was made December 28, 1932. most of it-according undenied charges by used pay off heavy indebtedness to the Hecht bank. Union Indemnity failed January and Union Guaranty Title Company, its affiliate. failed January RFC was left holding the bag for an amount timated 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 out and reorganized it, an RFC official president and moving Hecht to of the board. Hecht, as first vice president automatically due for election the presidency this year. strong movement began to block him. collapsed when Hecht promised finish fight and the big boys posing 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.

24. November 12, 1934 The Whittier News Whittier, CA
Article from The Whittier News, November 12, 1934

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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.