7644. Hibernia Bank Trust Company (New Orleans, LA)

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: February 4, 1933
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 052dfdf0

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected

Description

Multiple contemporary reports (Feb 4–7, 1933) describe a run on the Hibernia triggered by Representative Hamilton Fish's public criticism of bank president Rudolph Hecht and alleged RFC loans to Union Indemnity. The bank received large RFC funds/loans and honored withdrawals; there is no indication the Hibernia suspended payments or was closed/placed in receivership in these articles, so this is classified as run_only.

Events (1)

1. February 4, 1933 Run

Cause: Rumor Or Misinformation
Cause Details: Public criticism by Rep. Hamilton Fish before the House Banking Committee alleging Hecht's role in RFC loans to the failed Union Indemnity precipitated withdrawals.
Measures: Reconstruction Finance Corporation advanced about $20–24 million; an RFC loan of $4M approved conditionally with deposit 'freezing' of large accounts; bank invited depositors to draw but had ample funds and honored withdrawals.
Newspaper Excerpt: Hecht ... wired Representative Hamilton Fish ... that the latter's attack ... had caused run his bank and millions of dollars had been withdrawn.
Source: newspapers

Newspaper Articles (10)

1. February 5, 1933 Arizona Daily Star Tucson, AZ

Article from Arizona Daily Star, February 5, 1933

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FISH ACCUSED OF STARTING NEW ORLEANS, Feb. Representative Hamilton Fish, (R., was charged today with starting run the Hibernia Bank Trust company here by Rudolph Hecht, president, through criticlsm of Hecht before the house banking committee connection with Reconstruction Finance corporation loans to the defunct Union Indemnity company of New leans. In of telegrams, expressed the Hibernia Bank Trust company. He added that had flected the that he willing the and not wish to do Hecht injustice. Hecht said that news of Fish's criticism caused dollars to withdrawn. Before banking mittee Fish said demand resignation Hecht from visory committee the Reconstruction Finance demanded investigation Finance loans concerns that

2. February 5, 1933 The Baltimore Sun Baltimore, MD

Article from The Baltimore Sun, February 5, 1933

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The Great Politics By FRANK KENT Does Make Sense Says WASHINGTON, THINGS that are happening these Irreparable Damage our national political stage illogical as to seem unreal. To CITES NEW YORKER'S tempt to them with any rule completely futile. simply LOAN ATTACK cannot be done. The Hibernia As Result, Hecht Declares [By the Associated New Orleans, Feb. 4-Rudolph president the Hibernia Bank Trust Company and chairman the advisory of the Reconstruction Finance Corporation, today wired Representative Hamilton Fish in New York that the latter's attack him before the House Banking Committee had caused run his bank and millions of dollars had been withdrawn. The banks in New Orleans and sections of the State were closed today in response to proclamation issued last night by Allen, declaring today legal holiday the versary of the severance of matic relations Germany. Calls Criticism Unjustified Representative Fish on Thursday criticized loan obtained by the Union IndemCompany New Orleans, which went last month. that the New Yorker said would ask for Mr. Hecht's resignation from the chairmanship the advisory committee, and demanded investigation of all loans concerns later failed. Mr. Hecht wired Mr. Fish that had taken no part the for the loan felt his criticism unjustified. Mr. Fish replied that he would to given him the poration and that nothing he had said reflected on the Hibernia Bank. Damage Irreparable, He Says Mr. Hecht replied follows: "Thank you for your message. fortunately, newspapers all country featured the sensational charges you made against me on front pages. ours is large institution, doing national the diate result was that of lars were from our bank this and started am entirely of my ity clear myself unfair charges which made against personally, but in the meantime unfortunate publicity done irreparable damage my bank and whole community." Denies Reflecting On Bank Dispatches from New York tonight quoted Fish saying he utmost confidence the Hibernia Bank, and nothing said reflected its stability.' his statement continued, "for the people in New Orleans take criticism of Mr. Hecht reflection on the credit his Long Called Into Conference Meantime today the Senatorial probe of the Louisiana election recessed until Monday. his request for the Senate gation until Monday, Huey Long said statement afternoon: called into conference financial matters of State and the members of the investigating committee thought needed more there than the hearing. The nature all the public soon stand. expect to resume the Monday.' The Senator did not elaborate his statement. hearing before the Senatorial allegations fraud the election tive John H. Overton the Senator Edwin Broussard. Senator Long acting Overton's counsel.

3. February 5, 1933 St. Joseph Gazette St. Joseph, MO

Article from St. Joseph Gazette, February 5, 1933

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TO LAWMAKER Hecht Blames Fish for Withdrawal of Millions by Depositors. NEW ORLEANS, Feb. Representative Hamilton Fish York, was charged today with starting run on the Bank Trust Company here by Rudolph Hecht, president, recent criticism Hecht before the banking committee in connection with Reconstruction Finance Corporation loans the defunct Union IndemCompany of New Orleans. telegrams, expressed confidence Hibernia Bank Trust Comparty. He added that nothing he had reflected bank, he was willing review the indid wish do Hecht injustice. All the banks New Orleans of Louisiclosed today by GovAllen tion of the sixteenth anniversary the severance of diplomatic res lations Germany. There been visible sign Hibernia Bank, Hecht that had caused In York Fish said had the Hibernia Bank and nothing reflected on its sheer for the New Orleans take my criticism Hecht flection the said. Before the house banking mittee Thursday would demand the resignation Hecht from chairmanship the advisory committee the Reconstruction Finance and demanded investigation all Reconstruction Finance Corporation loans to concerns that later telegram Fish yesterday, Hecht said he did not recommend and did tions from the Union Indemnity Company.

4. February 5, 1933 The Springfield Press Springfield, MO

Article from The Springfield Press, February 5, 1933

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Blames Easterner for New Orleans Financial Flurry; Promises Everything to Be 'Ok.' NEW Feb. charge congress by RepresentaHamilton Fish of New Friday that affairs of certain New Orleans financial should be investigated was blamed Saturday night for near panic in banking circles here and run on one bank. series of dramatic conferences combat banking difficulties climaxed Saturday night by Senator Huey (Kingfish) Long's announcement that, "Everything's going all right." Long stepped out of secret conference, one many which local banking officials, Governor Allen and others had participated since Friday to make his announcement. came after Governor Allen had halted banking business in Saturday with unique "Wilson day" holiday proclamation and after that the Hibernia Bank Trust company here suffered run. publicity 'Ham' Fish and his speech almost calamworking things out everything's going be all Long Fish charged congress Friday certain New Orleans financial institutions had gone into receivership after they had been granted Reconstruction Finance corporation loans. He said he also believed that Rudolph Hecht, president the Hibernia bank, should be forced to resign from chairmanship of the regional advisory the Hecht countered with charges that Fish's speech caused the run on the $64,000,000 bank.

5. February 6, 1933 Birmingham Post-Herald Birmingham, AL

Article from Birmingham Post-Herald, February 6, 1933

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READY TO MEET ANY EMERGENCY Run On New Orleans Firm Laid To Assertions Now Withdrawn NEW ORLEANS Feb. R. Black, the Atlanta eral Reserve here investigate run on the Hibernia Bank Trust said Sunday night statement that funds had provided meet all "It to know that the unrest financial careless relative the Hibernia Bank Trust Company has said Mr. Black only have the about this bank withdrawn full and adequate steps have the security the bank's ample funds to meet all possible withdrawals.' Twenty million dollars from the Corporation made available the Hibernia the resentat Orleans satisthat laid down by the been met. session of the corporain Washington late Sunday night, was given the field the loan which would roll millions into vaults of the bank to pay depositors. Officials of the bank expected the representative okeh the loan night funds would be for the opening bank Monday The Orleans Clearing House Association said in statement that "there no occasion for any OrContinued Page Fourth Column

6. February 6, 1933 Birmingham Post-Herald Birmingham, AL

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FEATURE Effect Of Reverse Bell Offered In Frocks Of Paris Creation PARIS, Feb. broadest the when Schiaparelli showed slender waisted goemetrisilhouette padded shoulders the the reversed clothes were circus wool caps risto sharp point three inches tapered in from the shoulders the waist line, slightly above the Skirts slender often bias with geometrical seam model beige tray top upstanding edged There were many suits with broad length jackets plain dark eel gray, brilliant Shanghai red. wheat The crepe and devil's silk with frocks of wheat yellow and silk Jersey crepe. stemsilhouette instep length skirts. were fashioned with sweepflounces taffeta Inside weighted hems. causing the BANK READY TO MEET EMERGENCY From Page house should continued the Orleans banks in ulated the Bank for passing and stability the Senator Huey Long also issued for tiddle not bank Orleans slightest danger Hamilton Fish. Reby Rudolph the bernia. run tacking the House the Finance Corporation to the Union Indemnity Company the firm that failed last told The leans from New York "thorough soundness' Hibernia Bank Trust Company Mr. Hecht bechairman the the nance Union Indemnity loans made. Mr. Hecht wired Mr Fish that he the Indemnity applications for willing to accept stateFish told Times All banks in New Orleans which he issued morning the niversary the of diplomatic United States officials Sunday meet Hibernia Bank which had suffered heavy from positors by telegraph mail. Bank officials not been extent by depositors STATION HELD UP tion 400 South Eighteenth held early Sunday by white forced Morris the back the rifled the $30 and DIVORCE RECORD SOUGHT The legal vorce be would reduced from one year hours under by the House of the might "become famous HINKLE DIES the city the death home He among whom Mrs. Greer. and five Two reside Oakland, Calif.: Montana, Terre Haute. one sons and one in Oakland, Calif.

7. February 6, 1933 The Tampa Tribune Tampa, FL

Article from The Tampa Tribune, February 6, 1933

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FUNDS PROVIDED FOR Reserve Governor Says Hibernia Is Safe NEW Feb ated Black of the Atlanta Federal Reserve bank said tonight ample funds had been provided meet all possible withdrawals from the Hibernia Bank Trust company. "It is gratifying to know that the unrest in financial circles caused careless statements relative to the Hibernia Bank Trust company has been fully corrected, said Black. "Not only have the statements about this bank withdrawn but full and adequate steps have been taken to provide, on the security of the bank's assets, ample funds to meet all possible Senator Huey Long, who attended the bankers', conferences, said there "was not possibility anybody losing dime in New Orleans bank.' Very unfortunately for we people of New Orleans who have the safest banks in America, report was made from congress by one member out of 435 members, which reflected on one of New Orleans said Long. almost unbelievable, but mere statement which was not correct at all, everyone in New Orlens knows, caused many banks and institutions outside of New Orleans and Louisiana to become excited, resulting in run one of the New Orleans banks. Quick Action happened to be in New Orleans the day this occurred. And usual, we people of New Orleans who stand all for one and one for were together quicker than takes me tell you the story. The result has been that "the bank which was attacked has been supplied with $25,000,000 in cash above what money has in its vault. If they attack another bank we will put in the same The New Orleans clearing house association issued this statement: glad to able to to the public through prompt and efficient cooperation arrangements been made to stop definitely the threatened run on member bank, resulting from unwise and unfortunate statements. "There is no occasion for any uneasiness concerning the New Orleans clearing house banks and business should be continued in the usual, normal Loan Approved Officials the Hibernia bank announced tonight that directors the Reconstruction Finance corporation in Washington today had approved loan the bank provided the bank raised $4,000,000 and depositors of $10,000 or more agreed leave the institution 50 percent of their deposits until the corporation's repaid. Rudolph Hecht. president of the institution, said started after Representative Hamilton Fish republican, New York, had attacked him last Thursday before the house banking committee connection with loans made to the defunct Union Indemnity company of New Orleans by the Reconstruction Finance corpora-

8. February 6, 1933 The Austin American Austin, TX

Article from The Austin American, February 6, 1933

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Loan Okehed For New Orleans Bank Provision for 'Freezing' Of Deposits Made NEW Feb. 5.-Officials of the Hibernia Bank Trust company announced Sunday that directors of the Reconstruction F1nance corporation had approved loan to the bank provided the bank raised and more agreed to "freeze" per cent of their de. the loan Bank officials said they believed meet Rudolph Hecht president, said run on they the $4,000,000 required Mr. Hecht said started Rep. had criticized before the mittee in connection with loans the corporation Union Indemnity Orleans went into receivership Convinced of 'Soundness' Fish informed the by that soundness" the Hibernia Bank Trust Fish had Hecht cause the Orleans banker chairman the regional advisory committee of the at the time Union made. Hecht informed Fish that he had the Union Indemnity applications for willing his state. ment Fish told the Times

9. February 6, 1933 The Sentinel Winston-Salem, NC

Article from The Sentinel, February 6, 1933

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Kingfish Claims Credit For Saving Big New Orleans Bank New Louisiana's Senator Huey today covered himself with glory Hizernia Bank Trust Company general run the Finance pledged loan the expected said the 'buttermilk' on He paced floor of his Hotel MIGHTY GOOD THING people of Orleans that in a mighty good thing for win the peoan made primary in he claims cheated. but turned that he did the people big that saved the can finish that election conThe contest he spoke is being heard by Senate session Long worked indefatigably since Friday the informed there quiet run on the bank, by charges made by Hamilton Fish of New claimed Hecht be from his office chairman of the regional because he in the defunct failed recently after receiving $970,000 loan the HURT BANK claimed Fish's statement had in the that financial terests withdrawn several mildeposits Friday that the damage been the banking structure of the whole Long sprang action He financial K. irst to legal for enabling the banks to Monday There began hurried bankers, arrived here from ver the the leader dashed his flying in always Once the street on sumof Hibernia who sat room ing the the R. an adjoining room poring over the bank's Late last night the tension ing declaring there "enough government money the Hibernia now to pay off without the Other from the FedReserve Bank he New Orleans and several other financial PERSISTENT New York his demand for R. he afraid he might Thursday that Rudelph president the Trust of resign of the of the R. F. because loans to were to the Union Indemnity and Union Title Co. of New Orleans which He demanded the loans His on Hecht led unrest New that Fish flecting on the of Hecht's Fish expressed confidence the Hibernia RUN CONTINUES Hibernia Bank Trust its hours ahead and gan immediately honor accept By more than 300 lined through the their the safety and orderly throughthe the Whitney National the Whitney Trust Comactivity was All banks opened as Fred the Hibernia but one that the bank open until his money has not close at the of his money has that The New Orleans House Association the rules for the opening and closing of member today H. mansaid all had to and close late today The crowd the Hibernia increased steadily By several persons in Queues of formed before Steady in and out of the The crowd appeared almost It raining Prominent business gathered in groups about the main Many of the crowd curiosity

10. February 7, 1933 The Daily Inter Lake Kalispell, MT

Article from The Daily Inter Lake, February 7, 1933

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NEW ORLEANS BANK IS PREPARED TO STOP RUN (By Associated Press) New Orleans. Feb. the Hibernia Bank Trust company stacked with millions from the Finance Corporation, and other yesterday to break which the bank's president, Rudolf S. Hecht, said started after Representative Hamilton Fish, Republican. New York, criticized him before the House Banking committee. In New York, Fish said Sunday night he was confident the bank "sound and liquid." Twenty-four million dollars in cash were stored in the vaults, beside funds already there, and positors were invited to draw their money if they chose, but officials assured them it was safe. Twenty million dollars were made available Sunday by the R. F. C. and four million dollars additional were raised by the Hibernia bank. Hecht said run was precipi tated by the allegation of Representative Fish Thursday that Hecht had aided the Union Indemnity company of New Orleans in obtaining $4,000,000 in loans from the R. shortly before it went into the hands of receiver. Hecht, who is chairman of the regional advisory committee of the R. C., telegraphed Fish that he had neither recommended nor voted on the Union Indemnity applications for loans. Fish said be cepted Hecht's explanation.