Word: hibernia
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Dates: during 1930-1939
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...Bernstorff his walking papers was officially observed. Though no "proper ceremonies" were held anywhere in Louisiana, the proclamation closed every bank in New Orleans, brought business to a standstill.* And it thereby stopped (as it was intended it should) a run on New Orleans' $65,000,000 Hibernia Bank & Trust Co.-third largest bank in the city. To New Orleans it was the fantastic second act of a drama that opened last month with the crash of the big Union Indemnity Insurance group (TIME, Jan. 16), closely associated with President Rudolf S. Hecht of the Hibernia and Senator Huey...
...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 to pay off bank loans from his Hibernia Bank & Trust...
...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. Shot back President Hecht: "Thank you for your message...
...hereafter brokerage houses should not be allowed to run investment trusts. Although a new management-which includes Matthew Chauncey Brush, president of American International Corp.; William Frye Cutler, vice president of American Brake Shoe & Foundry Co.; Clarence Dauphinot, president of Frederick H. Hatch & Co.; Philip De Ronde, president of Hibernia Trust Co.; George Kenan Morrow, chairman of Gold Dust Corp.-has taken hold of Prince & Whitely Trading Corp., the situation indicates that this form of financing will continue to decline in popularity...