R.H. Hooper & Cooper & Company was the name used by two stock traders, Joseph C. Monier and Clifford M. Story, before they were suspended from the New York Cotton Exchange on June 18, 1930.[1] The company was reportedly insolvent by June 18,[2] 1930, announcing its intention to liquidate its debts entirely.[3]
| Industry | financial |
|---|---|
| Founder | Joseph C. Monier Clifford M. Story |
| Defunct | June 18, 1930 |
| Fate | insolvency |
Lawsuit
editR.H. Hooper & Company filed suit against Guaranty Trust Company on July 18, 1932, for damages of $1,549,040. This was because the bank refused to honor three checks it had written. Contrary to initial reports, R.H. Hooper & Company contended it maintained a credit balance with Guaranty Trust totaling $72,000. Monier and Story claimed that their suspension from the cotton exchange was caused by the refusal to recognize the checks.[1]
In May 1936 the United States Supreme Court denied a review of Guaranty Trust of New York, which involved R.H. Hooper & Company. The Supreme Court annulled a decision made by a lower court which ordered to trial an R.H. Hooper & Company damage suit against Guaranty Trust. The bank refused to honor checks in the amount of $43,000. The suit sought $1,500,000, alleging that damages which could not be remedied were caused the business, when Guaranty Trust refused to honor the checks.[4]
References
edit- ^ a b 1,549,040 Damage Sought From Bank, New York Times, July 19, 1932, pg. 31.
- ^ Reinstated on Cotton Exchange, Wall Street Journal, August 16, 1930, pg. 9.
- ^ R.H. Hooper & Co., Wall Street Journal, June 19, 1930, pg. 7.
- ^ Opinions Handed Down By U.S. Supreme Court, Wall Street Journal, May 5, 1936, pg. 5.