- Sam Zemurray
Samuel Zemurray (
January 18 ,1877 -November 30 ,1961 ) was a U.S. businessman. He made his fortune in thebanana trade and founded the Cuyamel Fruit Company, which played a significant and controversial role in the history ofHonduras . Zemurray later became head of theUnited Fruit Company .Zemurray's original name was Schmuel Zmurri. He was born in
Kishinev ,Bessarabia ,Russia (present-dayChişinău , Moldova) to a poorJew ish family that emigrated to America when he was fourteen years old. Zemurray had no formal education. He entered the banana trade inMobile, Alabama in 1895, at the age of eighteen. His early wealth was largely due to a very successful venture inNew Orleans, Louisiana , where he bought the bananas that had ripened in the transport ships and then sold them locally. His success earned him the nickname "Sam the Banana Man." By age twenty-one he had banked $100,000. He later bought a steamship and went toHonduras . In 1910, he bought 5,000 acres (20 km²) of land along theCuyamel River . He later added more land and found himself heavily in debt.Honduras and
Nicaragua at the time were working to reschedule their debts.United States Secretary of State Philander C. Knox was involved in the negotiations, which would have agents ofbankers J.P. Morgan and Company sitting in the countries' customs offices to collect the taxes needed to repay the debt. Zemurray feared that he would be taxed out of business and appealed to Knox for help. Knox spurned him so he returned to New Orleans, where deposed Honduran presidentManuel Bonilla was living. Zemurray smuggled Bonilla back to Honduras and a revolution was fought that led to Bonilla's return to power. Bonilla granted Zemurray land concessions and low taxes that saved his business.In 1930, Zemurray sold his company, Cuyamel Fruit, to the rival
United Fruit Company ofBoston, Massachusetts for $31.5 million in stock and retired. But the company suffered because of mismanagement and theGreat Depression . The stock plunged 90% from when he sold, so Zemurray returned to the business in 1933 by voting out the board of directors. Zemurray reorganized the company, decentralizing decision-making and made the company profitable once more. In 1951, Zemurray authorizedEdward Bernays to launch a propaganda campaign againstJacobo Arbenz , democratically-elected president of Guatemala. [Kinzer (2006)] He retired as president of United Fruit later that year.Zemurray and his family made generous donations to
Tulane University ,Zamorano , and to other philanthropic ventures, including the Zionist movement through his personal acquaintance, beginning in the 1920s, withChaim Weizmann . Zemurray supported PresidentFranklin D. Roosevelt 'sNew Deal policies, helping to draft the Agricultural Adjustment Administration industry codes [http://www.bookrags.com/biography/samuel-zemurray/] , and contributed financially to left-wing causes such as "The Nation " magazine [http://www.unitedfruit.org/zemurray.htm] . He created the Zemurray Foundation in 1951. His former mansion on Audubon Place is now the residence of Tulane's president. His daughter,Doris Zemurray Stone , an archaeologist and ethnographer, served as the director of the National Museum ofCosta Rica and endowed various professorial chairs in U.S. universities.Zemurray died in New Orleans, where he had lived for most of his life.
Notes
References
*The Associated Press. "Samuel Zemurray, 84, Is Dead; Headed United Fruit Company." The New York Times.
December 2 ,1961 .
*Thomas P. McCann. On the Inside. Beverly, Massachusetts: Quinlan Press, 1987.
*Chaim Weizmann (1949). "Trial and Error: The Autobiography of Chaim Weizmann". Jewish Publication Society of America.
*Maggie Heyn Richardson, "Banana Man", "Imagine Louisiana" magazine, summer 2007.
*Stephen Kinzer. Overthrow. New York, NY: Times Books, 2006.External links
* [http://www.unitedfruit.org/zemurray.htm Biography of Samuel Zemurray in the United Fruit Historical Society website by Marcelo Bucheli]
* [http://www.bookrags.com/Sam_Zemurray Zemurray on bookrags.com]
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