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James Buchanan Duke
Transcript of James Buchanan Duke
+ James and his brother - Benjamin Newton Duke took over their father's tobacco company - Washington Duke in the 1880s.
+ In 1906, the American Tobacco Company was found guilty of antitrust violations, and was ordered to be split into three separate companies: American Tobacco Company, Liggett and Myers, and the P. Lorillard Company.
Kelly / Van Tran
+ James Buchanan Duke (December 23, 1856 – October 10, 1925), people aslo called him Buck, was born near Durham, North Carolina.
+ He was a U.S. tobacco and electric power industrialist best known for the introduction of modern cigarette manufacture and marketing.
+ By 1890, with the first automated cigarette making machine, James supplied 40% of the American cigarette market.
+ Also in that year, he consolidated control of his four major competitors under one corporate entity, the American Tobacco Company, which was a monopoly in the American cigarette market.
+ In 1892, the Dukes opened their first textile firm in Durham, North Carolina, that was run by Benjamin Duke.
+ At the turn of the century, James Duke organized the American Development Company to acquire land and water rights on the Catawba River.
+ In 1904, he established the Catawba Power Company and the following year, James and his brother founded the Southern Power Company which became known as Duke Power, the precursor to the Duke Energy conglomerate.
Philanthropy and will
+ In 1924, he established The Duke Endowment, a $40 million trust fund, some of which was to go to Duke University.
+ On his death, he left approximately half of his huge estate to The Duke Endowment, which gave another $67 million to the trust fund. In the indenture of trust, he also wanted the endowment to support Duke University, Davidson College, Furman University, Johnson C. Smith University; non-profit hospitals and children's homes in the two Carolinas; and rural United Methodist churches in North Carolina, retired pastors, and their surviving families.
+ James's business worth US $140 million at the time of his death.
+ The rest of James' estate went to his 12 years old daughter - Doris Duke.
+ I think except for the way James treated his workers then he is a Captain of Industry because he knew the way how to develop his business without harm or steel from anybody. From only one tobacco company, he had expended into many companies with different branches
- The test of leadership is not to put greatness into humanity, but to elicit it, for the greatness is already there.
- What is right and what is practicable are two different things.
James Duke didn't really care about his workers, like:
+ When the Duke tobacco company adopted the Bonsack machine for rolling cigarettes, workers who had rolled cigarettes by hand were thrown out of work because that replacements made less money.
+ He slashed workers' payrolls to get his railroad through the great depression.