What did The History of the Standard Oil Company expose?

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.

Why is the 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 …

Who wrote the history of Standard Oil and what did it expose?

Instantly popular with readers, “The History of the Standard Oil Company” grew to be a 19-part series, published between November 1902 and October 1904. Tarbell wrote a detailed exposé of Rockefeller’s unethical tactics, sympathetically portraying the plight of Pennsylvania’s independent oil workers.

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What was the impact of the Standard Oil Company?

Standard Oil gained a monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, these various companies were combined into the Standard Oil Trust, which would control some 90 percent of the nation’s refineries and pipelines.

What was the significance of Ida Tarbell’s History of the Standard Oil Company?

Tarbell’s study of Standard Oil excoriated Rockefeller and his company and helped spur new legislation and litigation to regulate interstate commerce and counter monopoly. In 1911, the United States Supreme Court broke up the Standard Oil Trust into more than thirty different independent companies.

What 34 companies did Standard Oil break up 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.

Why did Standard Oil breakup?

On May 15, 1911, the Supreme Court ordered the dissolution of Standard Oil Company, ruling it was in violation of the Sherman Antitrust Act. The Ohio businessman John D. Rockefeller entered the oil industry in the 1860s and in 1870, and founded Standard Oil with some other business partners.

How did the Standard Oil Company affect the economy?

Since its inception until the dissolution of the company Standard Oil succeeded in controlling the routes of transportation, primarily the railroads and pipeline. … One thing that these deals did that benefited the economy was that increased efficiency in the railroads as well as the refineries.

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What impact did Rockefeller have on society?

Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Later in life he turned his attention to charity. He made possible the founding of the University of Chicago and endowed major philanthropic institutions.

How did Rockefeller affect the economy?

Rockefeller demanded rebates, or discounted rates, from the railroads. He used all these methods to reduce the price of oil to his consumers. His profits soared and his competitors were crushed one by one. Rockefeller forced smaller companies to surrender their stock to his control.

How was Rockefeller ruined?

I sought for the reason and found that the railroads were in league with the Standard Oil concern at every point, giving it discriminating rates and privileges of all kinds as against myself and all outside competitors.” Source: George Rice, “How I Was Ruined by Rockefeller,” New York World, October 16,1898.

What did Stannard Baker expose?

In 1908 after the 1906 Atlanta Race Riot got him involved, Baker published the book Following the Color Line: An Account of Negro Citizenship in the American Democracy, becoming the first prominent journalist to examine America’s racial divide; it was extremely successful.

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