the naval reserve for 25 years; he was named a lieutenant in the North Carolina Naval Militia, was promoted to commander in 1904, and to captain in 1913. He retired as a rear admiral. Additionally, in 1914 he was appointed by Secretary of the Navy Josephus Daniels to the General Naval Militia Board. At the peak of success, Bradham had authorized Pepsi-Cola franchises in over 24 states; however, on May 31, 1923, Bradham and his Pepsi-Cola Company declared bankruptcy. The major factor for Bradham's business failure was the price of sugar immediately following World War I, when prices went up to 28 cents per pound (it was three cents per pound pre-war), and Bradham had purchased a large amount of sugar at that price but the price of sugar nosedived soon after he purchased it. The assets of his company were sold to the Craven Holding Company for $30,000. After declaring bankruptcy, Bradham returned to operating his drug store. He died on February 19, 1934, at New Bern, Craven County, North Carolina. References External links The Birthplace of Pepsi-Cola New Bern Antique Postcard Slideshow Pepsi website 1867 births 1934 deaths American pharmacists American Presbyterians PepsiCo people Drink company founders University of North Carolina at Chapel Hill alumni People from Duplin County, North Carolina People from New Bern, North Carolina Businesspeople from North Carolina American food company founders American inventors