Duke, James Buchanan - Investment & Finance Definition
A pioneer in the tobacco and utilities industry who built American Tobacco Co. and Duke Power & Light Company in North Carolina, now called Duke Energy Corporation. In 1890 he become president of American Tobacco Co., which was made up of the five largest domestic cigarette makers. The Supreme Court disbanded American Tobacco in 1911 on antitrust grounds. The breakup created R.J. Reynolds Tobacco Company, Liggett & Meyers, and P. Lorillard Tobacco Company. He then turned his attention to the utility industry and founded Duke Power Corp. His $100 million bequest created Duke University.