Word: hechts
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...Hamilton Fish Jr., pursuing his demands for an investigation of all companies that failed subsequent to R. F. C. support, asked for a probe of the Union Indemnity situation. Declaring it "a rotten mess that should and must have full publicity," Congressman Fish also demanded the resignation of President Hecht as chairman of the New Orleans R. F. C. advisory committee. Rudolf Hecht, he charged, had known all along that Union Indemnity was tottering, and as a director he had seen to it that part of the $4,000,000 R. F. C. aid was promptly used...
...Orleans newspapers for days & days did not carry a line on the Union Indemnity crash after their first brief inside-page stories. When they received Washington dispatches on Congressman Fish's charges last week they killed them, ostrich-wise, at President Hecht's urgent request. Of course the news went out to newspapers in the North. Hibernia Bank & Trust, doing a nation-wide business, began to suffer heavy out-of-town withdrawals, and the news seeped through New Orleans' financial district. President Hecht wired complete refutation of the charges and Congressman Fish offered to review the facts...
Leading New Orleans bankers and State officials went into an all-night huddle. President Hecht, a swart, smallish man with glistening black hair and a thick cropped mustache, was in a tight fix. For years he fought branchbanking as "financial feudalism" and ''economic vassalage." Last autumn when he was elected second vice president of the American Bankers Association, thus assuring him of the presidency in 1935, he ate his words and said: "We cannot stem the tide of economic events." A Bavarian from Ansbach, he learned banking in Chicago, went to the Hibernia 26 years...
...Rudolf Hecht's side last week rallied Huey Long and his puppet Governor Oscar Kelly Allen. It was Huey Long, in New Orleans to fight a Senate investigation of his political steamroller, who ordered a public holiday on Saturday to give the Hibernia a 48-hour breathing spell over the weekend. But no one at the Friday night conference could recall any historic event that occurred on Feb. 4. Routed from his bed, the city librarian ploughed through volumes of histories. Hours later he reported: "Nothing ever happened in this world on Feb. 4." His thanks was a blast...
...Long announced: "I am not a betting man but I am willing to bet no person loses a thin dime. . . . Watch for Monday. All will be happy." On Monday all banks opened for business one hour earlier than usual. The Hibernia ran a full-page advertisement (from which President Hecht's name was omitted), offering to pay each & every depositor on demand. New Orleans returned to its preparations for Mardi Gras...