Why was History of the Standard Oil Company important?
The History of the Standard Oil Company, originally a serial that ran in McClure’s, is one of the most thorough accounts of the rise of a business monopoly and its use of unfair practices; her reporting contributed to the subsequent breakup of Standard Oil, which was found to be in violation of the Sherman Antitrust …
What was wrong with the Standard Oil Company?
Rockefeller’s Standard Oil Company. One result largely attributable to Tarbell’s work was a Supreme Court decision in 1911 that found Standard Oil in violation of the Sherman Antitrust Act. The Court found that Standard was an illegal monopoly and ordered it broken into 34 separate companies.
What did The History of the Standard Oil Company exposed?
Her best-known work, The History of the Standard Oil Company (1904), exposed the questionable business practices of John D. Rockefeller’s Standard Oil Trust, which had been formed when Rockefeller combined all his corporations in an attempt to reduce competition and control prices in the oil industry.
What companies were Standard Oil broken into?
In 1911, following the Supreme Court ruling, Standard Oil was broken into seven successor companies; Standard Oil of New Jersey, Standard Oil of New York, Standard Oil of California, Standard Oil of Indiana, Standard Oil of Kentucky, The Standard Oil Company (Ohio), and The Ohio Oil Company.
What was John D. Rockefeller worth?
Consequently, Rockefeller became the country’s first billionaire, with a fortune worth nearly 2\% of the national economy. His personal wealth was estimated in 1913 at $900 million, which was almost 3\% of the US GDP of $39.1 billion that year….
| John D. Rockefeller | |
|---|---|
| Relatives | Rockefeller family |
Was the Standard Oil Company a monopoly?
By 1880, Standard Oil owned or controlled 90 percent of the U.S. oil refining business, making it the first great industrial monopoly in the world. Rockefeller and his associates decided to move Standard Oil from Cleveland to New York City and to form a new type of business organization called a “trust.”
Did Ida Tarbell like Rockefeller?
Still a teenager, Ida Tarbell was deeply impressed by Rockefeller’s machinations. “There was born in me a hatred of privilege, privilege of any sort,” she later wrote. There, Tarbell wrote a long and well-received series on Napoleon Bonaparte, which led to an immensely popular 20-part series on Abraham Lincoln.
When was History of the Standard Oil Company published?
1904
The History of the Standard Oil Company/Originally published
Ida M. Tarbell’s The History of the Standard Oil Company was first serialized in McClure’s Magazine starting in 1902 and then published as a best-selling book in 1904.
When was The History of the Standard Oil Company made?
Standard Oil Company was incorporated in Ohio in 1870, but the company’s origins date to 1863, when John D. Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business.
What were the 34 companies that Standard Oil was broken into?
Standard Oil
| Type | Cleveland, Ohio Corporation (1872) Business trust (1882–1892) New Jersey Holding Company (1899–1911) |
|---|---|
| Defunct | After its dissolution in 1911, the original Standard Oil Co. split into Sohio (now part of BP); ESSO (now Exxon); and SOcal (now Chevron) |
| Successor | 34 successor entities |
What type of company was Standard Oil?
Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States.