James Buchanan Duke

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James Buchanan Duke (December 23, 1856 - October 10, 1925) was an American tobacco and electrical industrialist known for his introduction to the manufacture and marketing of modern cigarettes, and his involvement with Duke University.

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James Buchanan Duke, known by the nickname "Buck", was born on December 23, 1856, near Durham, North Carolina, to industrialist and philanthropist Washington Duke (1820-1905) and his second wife, Artelia Roney Duke.

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Business career

The Duke's father, Washington, had a tobacco company whose son James and Benjamin (1855-1929) took over in the 1880s. In 1885, James Buchanan Duke was licensed to use the first automated cigarette maker machine (invented by James Albert Bonsack), and in 1890, Duke supplied 40% of the American cigarette market (later known as pre-rolled tobacco). That year, Duke consolidated control of its four main competitors under one corporate entity, American Tobacco Company, which is a monopoly because it controls more than 90% of the American cigarette market. The business tactics of his robber barons directly led to the Black Patch Tobacco Wars in 1906-1908.

In the early 1900s, Duke tried to conquer the British market as he had done to America, eventually forcing the British manufacturer which was later divided to join the British and Irish Imperial Tobacco Companies (Imperial Tobacco). After two years of intense competition in the United Kingdom, Imperial Tobacco fought into the US market, forcing American Tobacco to seek a settlement. This resulted in an agreement in which American Tobacco controlled American trade, Imperial Tobacco controlled trade in the British territory, and a third cooperative effort named British-American Tobacco Company was established between the two to control the sale of tobacco worldwide. During this time, Duke was repeatedly sued by business partners and shareholders. In 1906, the American Tobacco Company was found guilty of antitrust violations, and ordered to be divided into four separate companies: American Tobacco Company, Liggett and Myers, R.J. Reynolds, and P. Lorillard Company.

In 1892, Dukes opened their first textile company in Durham, North Carolina, run by his brother Benjamin. At the turn of the century, Buck organized the American Development Company to acquire land and water rights in the Catawba River. In 1904, he founded Catawba Power Company and the following year he and his brother set up the Southern Power Company, later to be known as Duke Power, the precursor of the Duke Energy conglomerate. The company supplies power to the Duke textile factory and in two decades, their power facilities have been greatly expanded and they supply electricity to more than 300 cotton factories and other industrial companies. Duke Power established a power grid that supplies cities in the Northern and Southern Piedmont region of Carolina. Lake James, a power plant reservoir in Western North Carolina, was created by the company in 1928 and named in the honor of Duke. Buck Steam Station in Rowan County, North Carolina, built in 1926, also named Duke.

In 1911, the US Supreme Court passed an order to break the monopoly of the American Tobacco Company. The company is then divided into several smaller companies, where only the British-American Tobacco Company remains in control of the Duke. After his death in 1925, there was much controversy, and some historians suspect that some Imperial Tobacco executives were angry at Duke for losing the Tobacco War between the Duke company and Imperial Tobacco.

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Personal life

Duke got married twice, first in 1904 to Lillian Fletcher McCredy. They divorced in 1906 and had no children. In 1907 he married the widow of Nanaline Holt Inman, with whom he had his only child, a daughter, Doris, born November 22, 1912. Doris grew up in Duke Farms located in Hillsborough, New Jersey, where her father worked with landscapers such as James Leal Greenleaf (a member of the Frederick Law Olmsted company), and Horatio Buckenham to convert over 2,000 acres (8a, km ²) from farmland and woodlots to an incredible landscape containing 2 conservatories, 9 lakes, 35 fountains, 45 buildings, countless sculptural pieces, over 2 miles (3 km) from stone walls and over 18 miles (29 km) from the highway.

Duke died in New York City on October 10, 1925, and was buried with his father and brother at the Memorial Chapel on the Duke University campus. She lives in her home, Lynnewood in Charlotte, North Carolina for the last five years of her life. It was listed on the National Register of Historic Places in 1978.

Philanthropy and will

In December 1924, Duke founded The Duke Endowment, a $ 40 million trust fund (equivalent to $ 571,184,466 in 2017), some of which went to Trinity College. The university changed its name to Duke University in honor of his father. James B. Duke's library, the main campus library at Furman University, was also named for him because of his philanthropic relationship with the university.

On his death, he left about half of his large estate to The Duke Endowment, which gave $ 67 million (equivalent to $ 934,948,767 in 2017) to a trust fund. In confidence, Duke mentioned that he wanted support to support Duke University, Davidson College, Furman University, Johnson C. Smith University; non-profit hospitals and children's homes in two Carolinas; and rural Methodist churches in North Carolina, retired pastors, and their surviving relatives.

The rest of Duke's land, estimated at about $ 100 million (equivalent to $ 1,395,445,920 in 2017), went to his twelve-year-old daughter, Doris, making her "the richest girl in the world." Doris sued her mother to dominate Duke Farms plantation and win. Associating Duke Farms with fond memories of his father, Doris Duke made some major changes to this property in addition to the adaptation of his father's Conservatory to create the Display Gardens in his honor. These gardens showcased his vast collection of father statues and opened to the public from 1964 until they were closed by his foundation in May 2008.

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References

James Buchanan Stock Photos & James Buchanan Stock Images - Alamy

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External links

James Buchanan Duke in the Search of the Mausoleum

Source of the article : Wikipedia

James Buchanan Duke

Minggu, 17 Juni 2018