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James Buchanan Duke

James 101

Karina Rowell

on 22 February 2011

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Transcript of James Buchanan Duke

James Buchanan Duke James who?
Born on December 23, 1856 in Durham, North Carolina. Died October 10, 1925. Lived for 69 years. Having their farm torn apart by troops during the civil war, his family started over with a few mules and some coins. Struck by luck, they discovered a small load of tobacco that escaped capture by the Union forces. This is what triggered their rise to wealth. This supply sold so quickly that the Dukes began the production and distribution of tobacco on a large scale. By 1872 his family was selling 125,000 pounds of tobacco annually. In 1881, they started manufacturing cigarettes, and business was booming. Three years later, with James now in control, the company moved its offices to New Jersey to enjoy their relaxed laws and take advantage of their untouched market. In this way he would be considered a "robber baron". As their corporation became international, James was using rebates, discrimmination, secret service, market-dominating tactics, and price manipulations to create the "tabacco war", or lack thereof as he completely dominated the market. Of course he did not want the government to be involved at all because they would limit his expanding empire by forbidding him to use the deceitful tactics that got him so far ahead in the first place, and by creating more of an equal playing field not in his favour. By 1904 Duke's American Tobacco Company controlled 90 percent of the national market and at least 50 percent of foreign trade. With a capitilization of over 500 million, the Duke was so powerful that when the Supreme court ordered that the monopoly dissolved, it had little effect on the company's prosperity. Despite the governments attempts to put some restraints on him, it failed because they were to late in trying to contain this robber baron. Duke became interested in the potential of electrical power. In 1905 he founded the Power and Light Company. Within 25 years this his company was supplying electricity to more than 300 cotton mills and various other factories, electric lines, cities, and towns. He became a fierce competitor for more than one sector. Duke gave large amounts of money to hospitals and churches. He donated more than $60 million to create a new campus for Trinity College, which was characterized by large buildings of Gothic design. The school was renamed after him. "Sympathetic to the downtrodden, the Dukes, individually and collectively, gave to a number of causes." In addition, he designed an annual income to be distributed to non-profit hospitals and child care institutions for blacks and whites. One of the largest foundations in the US, the Duke Endowment, founded by James, has now distributed more than one billion dollars to its beneficiaries. The Beginning of Life Family He was married twice. To Lillian Fletcher McCredy from 1904 to 1906, they had no children. Then he married the widow Nanaline Holt Inman, who he had his only daughter, Doris, with. James was the most member successful of the family. However, his brother Benjamin N. Duke was the main connection between the Duke family and Duke university. Rise Of The Empire
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