Word: herbermann
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Died. Henry Herbermann, 57, beclouded shipping magnate; suddenly, of a heart attack; in Washington. A onetime railroad laborer, Herbermann bought American Export Lines (without ships) for a song, 18 freighters from the Shipping Board for less than the Board spent to put them in shape. Two years ago the Senate discovered that although the line had received nearly $27,000,000 in Federal benefits and subsidies, it still owed the Government $8,000,000, was in bad shape. Herbermann was unceremoniously demoted from president to vice president (TIME, March 12, 1934 et ante...
Last year the committee found that American Export Line had bought $40,000,000 worth of Government ships for $1,000,000, had received $4,289,000 in subsidies in three years for carrying only a comparative handful of mail, had paid its then President Henry Herbermann over $1,000,000 in salary and expense allowances during the same period (TIME, Oct. 9; March 12). The committee also looked into Dollar Line, found that it had received $14,000,000 in subsidies during four years, had paid its vice president, Robert Stanley Dollar, no less than $635,000 in commissions...
...every horse a sugar lump. On a tremendous trailer attached to the team was a submarine which had just been hoisted out of the Hudson River. The man turned and walked down the street, the 34 horses following him. Thus, while thousands jam-packed the sidewalks, did Truckman Henry Herbermann haul the German U-boat C-5 to Central Park to be used as a speaker's rostrum for the second Liberty Loan drive...
...Henry Herbermann did not remain a truckman for long. For some $60.000 he bought and became president of Export Steamship Corp., which operates between New York and the Mediterranean. When after the War the Federal Government set out to restore the U. S. merchant marine to its oldtime glory by means of mail subsidies and cheap construction loans, Exporter Herbermann got the first mail contract. His subsequent activities were aired last year before the Senate committee investigating air and ocean mail contracts. Discoveries: 1) the Shipping Board spent $1,825,000 to repair 18 ships which it sold bolt...
Last week Henry Herbermann was unceremoniously ousted from the presidency of his company. The Shipping Board's credit expert, appointed to investigate lines in debt to the Government, had decided that Export needed a thorough shakeup. Summoned was brusque William Hugh Coverdale, financial engineer, president of Canada Steamship Lines, to take the presidency of Export. Exporter Herbermann was made vice president, will cooperate with the new management in paying off the loans he contracted...