James Buchanan Duke
James Buchanan Duke | |
---|---|
Born | Durham, North Carolina, U.S. | December 23, 1856
Died | October 10, 1925 New York City, U.S. | (aged 68)
Resting place | Duke University |
Occupation | Tobacco entrepreneur |
Known for | American Tobacco Company |
Spouses | Lillian Fletcher McCredy
(m. 1904; div. 1906)Nanaline Holt Inman (m. 1907) |
Children | Doris Duke |
Parents |
|
Relatives | Benjamin Newton Duke (brother) Mary Duke Lyons (sister) Brodie Duke (half-brother) |
James Buchanan Duke (December 23, 1856 – October 10, 1925) was an American tobacco and electric power industrialist best known for the introduction of modern cigarette manufacture and marketing,[1] and his involvement with Duke University. He was the founder of the American Tobacco Company in 1890.
Early life
James Buchanan Duke, known by the nickname "Buck", was born on December 23, 1856, near Durham, North Carolina, to tobacco manufacturer, philanthropist, and benefactor of Duke University, Washington Duke (1820–1905), and his second wife, Artelia Roney.[2]
Business career
Duke's father, Washington, had owned a tobacco company that his sons James and Benjamin (1855–1929) took over in the 1880s. In 1885, James Buchanan Duke acquired a license to use the first automated cigarette making machine (invented by James Albert Bonsack), and by 1890, Duke supplied 40 percent of the American cigarette market (then known as pre-rolled tobacco). In that year, Duke consolidated control of his four major competitors under one corporate entity, the American Tobacco Company, which was a monopoly as he controlled over 90 percent of the American cigarette market. His aggressive business tactics in cutting prices paid to tobacco farmers directly led to the Black Patch Tobacco Wars in 1906–1908.
At the start of the 1900s, Duke tried to conquer the British market as he had done the American, eventually forcing the then divided British manufacturers to merge into the Imperial Tobacco Company of Great Britain and Ireland, Ltd (
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 was ordered to be split into four separate companies: American Tobacco Company,
In 1892, the Dukes opened their first textile firm in
Personal life
Duke was married twice, first in 1904 to Lillian Fletcher McCredy (also known as Lillian Nanette Duke). They divorced in 1906 and had no children. In 1907 he married the widow Nanaline Holt Inman, with whom he had his only child, a daughter,
Duke died in New York City on October 10, 1925, and is interred with his father and brother in the Memorial Chapel on the campus of Duke University. He resided at his home, Lynnwood in Charlotte, North Carolina during the last five years of his life.[4] It was listed on the National Register of Historic Places in 1978.[5]
Philanthropy and will
In December 1924, Duke established The Duke Endowment, a $40 million trust fund (equivalent to $711 million in 2023[6]), some of which was to go to Trinity College, which was renamed Duke University in honor of his father. The James B. Duke Library, the main campus library at Furman University, is also named for him because of his philanthropic relationship with the university.[7]
On his death, he left approximately half of his estate to the Duke Endowment, adding another $67 million (equivalent to $1.16 billion in 2023[6]) to the trust fund. In the indenture of trust, Duke specified that he wanted the endowment to support Duke University, Davidson College, Furman University, and Johnson C. Smith University; non-profit hospitals and children's homes in the two Carolinas; and rural Methodist churches in North Carolina, retired pastors, and their surviving families.
Much of the remainder of Duke's approximately $100 million (equivalent to $1.74 billion in 2023[6]) estate went to his daughter Doris Duke, who became "the richest girl in the world".[8] In 1927, Doris sued her mother for control of the family house in Manhattan and won.[9] Doris also successfully sued for control of the Duke Farms estate. Associating Duke Farms with fond memories of her father, Doris Duke made few major changes to the property other than the adaptation of her father's Conservatory to create Display Gardens in his honor.[10] These gardens showcased her father's extensive sculpture collection and were open to the public from 1964 until closed by her foundation trustees in May 2008.[11]
Further reading
- Duke, D.W. (2014). The Duke Legacy. iUniverse. OCLC 875351886.
- Durden, Robert Franklin(2003). Bold Entrepreneur: A Life of James B. Duke. Carolina Academic Press
- Jenkins, John Wilbur (1927). James B. Duke: Master Builder. George H. Doran Company
- Kremer, William (November 13, 2012). "James Buchanan Duke: Father of the modern cigarette", BBC News Magazine
- Rankin, Watson S. James Buchanan Duke (1856-1925); a great pattern of hard work, wisdom, and benevolence (1952) online
- ISBN 0-679-40064-8.
- Winkler, John K. Tobacco tycoon, the story of James Buchanan Duke (1942) online
References
- ^ Kremer, William (November 13, 2012). "James Buchanan Duke: Father of the Modern Cigarette". BBC News. Retrieved November 13, 2012.
- ^ "The Duke Family and its Legacy". Duke Endowment. Archived from the original on May 17, 2008. Retrieved June 2, 2008.
- ^ "History". Duke Farms. Archived from the original on January 11, 2008. Retrieved February 11, 2008.
- ^ Davyd Foard Hood and Joe Mobley (n.d.). "James Buchanan Duke House" (PDF). National Register of Historic Places - Nomination and Inventory. North Carolina State Historic Preservation Office. Retrieved February 1, 2015.
- ^ "National Register Information System". National Register of Historic Places. National Park Service. July 9, 2010.
- ^ a b c 1634–1699: McCusker, J. J. (1997). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States: Addenda et Corrigenda (PDF). American Antiquarian Society. 1700–1799: McCusker, J. J. (1992). How Much Is That in Real Money? A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States (PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Minneapolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
- ^ James Duke Archived March 28, 2018, at the Wayback Machine, Philanthropy Hall of Fame
- ISSN 0362-4331. Retrieved July 29, 2021.
- ISSN 0362-4331. Retrieved July 29, 2021.
- ^ "The Gardens at Duke Farms". Skylands Visitor Guide. Retrieved June 2, 2008.
- ^ "Duke Farms Promotes 'Greener' Future" (Press release). Duke Farms. March 2, 2008. Archived from the original on March 28, 2008. Retrieved April 14, 2008.
it's the final months of the gardens being on display in the greenhouses that have enchanted visitors since 1964