The work would contribute to the dissolution of the Standard Oil monopoly and helped usher in the Hepburn Act of 1906, the Mann-Elkins Act, the creation of the Federal Trade Commission (FTC) and the Clayton Antitrust Act. Tarbell also wrote several biographies over the course of her career which spanned 64 years.
What was the impact of Ida Tarbell’s History of the Standard Oil Company?
The McClure’s magazine journalist was an investigative reporting pioneer; Tarbell exposed unfair practices of the Standard Oil Company , leading to a U.S. Supreme Court decision to break its monopoly.
What was a result of Ida Tarbell’s book The History of the 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.
Why was Standard Oil bad?
The popular explanation of this case is that Standard Oil monopolized the oil industry, destroyed rivals through the use of predatory price-cutting , raised prices to consumers and was punished by the Supreme Court for these proven transgressions.
Why was the Standard Oil Company bad?
The Department of Justice filed a federal antitrust lawsuit against Standard in 1909, contending that the company restrained trade through its preferential deals with railroads , its control of pipelines and by engaging in unfair practices like price-cutting to drive smaller competitors out of business.
Who broke up Standard Oil?
Standard Oil broke up in 1911 as a result of a lawsuit brought against it by the U.S. government in 1906 under the Sherman Antitrust Act of 1890.
How did Ida Tarbell help the progressive era?
Ida Tarbell helped pioneer investigative journalism when she wrote a series of magazine articles about John D. Rockefeller and his Standard Oil Trust . She and other jour- nalists, who were called “muckrakers,” aided Progressive Movement reform efforts.
How was the Standard Oil Company corrupt?
The serialized work known as, “The History of the Standard Oil Company,” first published in 1904 was one of the leading factors in the busting of the oil monopoly when it was finally found to be violating the Sherman Anti-Trust Act in 1911 .
What companies did Standard Oil breakup 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.
How did the Standard Oil Company affect the economy?
Another way how Standard Oil benefited the economy was with its practice of being highly efficient . ... Even after the company was broken apart in 1911, Standard Oil continued to ascribe to this level of efficiency, resulting in what was known as “cracking” crude oil, which resulted in a much higher yield of gasoline.
Why did John Rockefeller start Standard Oil?
In 1870, he established Standard Oil, which by the early 1880s controlled some 90 percent of U.S. refineries and pipelines. Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors in order to gain a monopoly in the industry.
Why was it called Standard Oil?
The Standard Oil Trust was formed in 1863 by John D. Rockefeller. He built up the company through 1868 to become the largest oil refinery firm in the world. In 1870, the company was renamed Standard Oil Company, after which Rockefeller decided to buy up all the other competition and form them into one large company .
What is Standard Oil worth today?
If Standard Oil existed today in its single trust format, it would have been worth over $1 trillion making it the richest company in the world alongside Apple. And, John D. Rockefeller, if he were around today, would have had a net worth of around $400 billion, making him the richest man in the world.
How did John D. Rockefeller treat his employees?
Rockefeller always treated his employees with fairness and generosity . He believed in paying his employees fairly for their hard work and often handed out bonuses on top of their regular salaries. Rockefeller was America’s first billionaire.
How did John D. Rockefeller spend his money?
After retiring from the Standard Oil Company, he donated more than half a billion dollars to educational institutions, religious and scientific causes . The Rockefeller Foundation, founded in 1913, is even today focused on “promoting the well-being of mankind throughout the world.”
Why was Rockefeller seen as a robber baron?
In order to achieve that, he reduced his cost . Once he reduced it, he was able to drive other companies out of business. So, as his company expanded, it made it easier for him to drive out all of his competitors out of the race. Rockefeller created a monopoly, making him a robber baron.
