Open main menu
Home
Random
Recent changes
Special pages
Community portal
Preferences
About Wikipedia
Disclaimers
Incubator escapee wiki
Search
User menu
Talk
Dark mode
Contributions
Create account
Log in
Editing
Sam Zemurray
(section)
Warning:
You are not logged in. Your IP address will be publicly visible if you make any edits. If you
log in
or
create an account
, your edits will be attributed to your username, along with other benefits.
Anti-spam check. Do
not
fill this in!
=== Sale of Cuyamel and first retirement === In 1913, Zemurray bought back the portion of his company owned by United Fruit, a transaction that was made possible by increasing [[United States antitrust law|anti-trust]] pressure on United Fruit from the United States government.<ref name=":0" /> Fully in control of the company, he expanded by buying 20 ships by 1915 that were outfitted with refrigerated holds. Cuyamel Fruit began to cultivate crops beyond bananas: [[coconut]]s, [[pineapple]]s, [[palm oil]], [[cattle]], [[lumber]], and [[sugarcane]].<ref name=":0" /> During the 1910's and 1920's, Zemurray continuously conflicted with United Fruit. Their competition over land in Central America included pranks, sabotage, legal challenges, and approached outright violence. In 1928, a Cuyamel Fruit boat was discovered with a cache of weapons aboard. In 1929, the [[United States Department of State]] facilitated discussions between Zemurray and United Fruit to merge their companies and end the conflict, which was endangering American interests abroad.<ref name="Salon">{{cite web|author=Steven Heller|date=March 13, 2012|title=America's Original Fast Food|url=https://www.salon.com/2012/03/14/americas_original_fast_food/|work=[[Salon.com]]}}</ref> A deal was completed in 1929, in which Zemurray sold Cuyamel to United Fruit for $31.5 million in stock, making him one of the richest people in the United States.<ref>{{Cite news|date=1929-11-26|title=CUYAMEL ACCEPTS UNITED FRUIT OFFER|language=en-US|work=The New York Times|url=https://www.nytimes.com/1929/11/26/archives/cuyamel-accepts-united-fruit-offer-holders-vote-for-merger-of.html|access-date=2020-10-18|issn=0362-4331}}</ref> Though Zemurray had prided himself on independence, he sold his company because of increasing pressure from the Department of State and because of the financial insecurity brought on by the [[Great Depression]] in 1929. [[File:StChasZemurry2.jpg|right|thumb|200px|Formerly Zemurray's home, this mansion on [[St. Charles Avenue]] in New Orleans is now the residence for presidents of [[Tulane University]]]] As part of the deal with United Fruit, Zemurray agreed to retire from the banana business entirely, to make sure he would not start a new fruit company and continue to compete with United Fruit. During this two year period, Zemurray remodeled his ornate [[Beaux-Arts architecture|Beaux Arts]] mansion in New Orleans at 2 Audubon Place. He also acquired in 1928 [[Zemurray Gardens Lodge Complex|Houltonwood]], a 25,000-acre plantation located near [[Hammond, Louisiana]], which became a favorite retreat of Zemurray for the rest of his life.<ref>{{cite web|title=Zemurray Gardens|url=https://myhammond.com/tangi/historic/zemurray-gardens/|website=My Hammond / My Ponchatoula|access-date=January 25, 2021}}</ref> United Fruit suffered financially because of mismanagement and the [[Great Depression]], so much so that its stock declined in value by 90% after it acquired Cuyamel.<ref name="BusWk" /> This encouraged Zemurray to return to the banana business by buying a controlling share of United Fruit and voting out the board of directors. Zemurray reorganized the company, decentralized decision-making and made the company profitable once more.
Edit summary
(Briefly describe your changes)
By publishing changes, you agree to the
Terms of Use
, and you irrevocably agree to release your contribution under the
CC BY-SA 4.0 License
and the
GFDL
. You agree that a hyperlink or URL is sufficient attribution under the Creative Commons license.
Cancel
Editing help
(opens in new window)