Business: Trouble in New Orleans

"I happen to know a great deal more about branch banking than the Senator from Virginia [Carter Glass] has had a chance to know. . . . The record of the State of Louisiana stands out with practically no such thing as a big bank failure." —Huey Pierce ("Kingfish") Long on the floor of the U. S. Senate.

Day after Huey Long blustered thus last week, not a big Louisiana bank but the $32,000,000 Union Indemnity group of insurance companies tumbled into receivership—biggest crash in New Orleans for nearly 50 years. They...

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