The History of the Standard Oil Company

The History of the Standard Oil Company

Author	Ida M. Tarbell
Language	English
Subject	Standard Oil Company
Published	1904 McClure, Phillips and Co.
Publication place	United States
Media type	Print
OCLC	12591113
LC Class	04035331

The History of the Standard Oil Companyis a 1904 book by journalistIda Tarbell.It is an exposé about theStandard OilCompany, run at the time by oil tycoonJohn D. Rockefeller,the richest figure in American history. Originallyserializedin nineteen parts inMcClure'smagazine, the book is a seminal example ofmuckraking,and inspired many other journalists to write abouttrusts,large businesses that (in the absence of strongantitrustlaws in the 19th century) attempted to gainmonopoliesin various industries.

The History of the Standard Oil Companyis credited with hastening the breakup of Standard Oil, which came about in 1911, when theSupreme Court of the United Statesfound the company to be violating theSherman Antitrust Act.The subsequent decisionsplintered the company into 34 "baby Standards." The value of Rockefeller's shares rose after the breakup as the new companies had a positive development on the stock exchange.

The original book was a two-volume hardcover set. An abridged paperback edition was released later.

Context

The inspiration behindThe History of Standard Oil Companywas largely fueled by Ida Tarbell's childhood experiences. Her father, Franklin Tarbell, worked for Standard Oil and lived through what Ida called "hate, suspicion, and fear that engulfed the community." As a direct witness to the schemes andhorizontal integrationof John D. Rockefeller and his associates, Tarbell began building the foundations ofThe History of the Standard Oil Companyearly with growing senses of interest and discontent.

After her education and to accumulate writing experience, Tarbell began working atMcClure'sMagazine, where she wrote several successful series on historical figures. After this initial success, her shift turned to John D. Rockefeller. She began by interviewingHenry H. Rogers,one of her father's fellow independents who became one of Rockefeller's colleagues, as well as others close to the inner workings of Standard Oil, that included one of the founders, Frank Barstow, as well. Eventually, Tarbell uncovered a crucial piece of evidence proving that Standard Oil was rigging railroad prices and preying on its competition.

Reactions and legacy

Public outcry erupted at the conclusion of Tarbell's 19-part exposure of Standard Oil published inMcClure's,eventually resulting in the expedited breakup of Standard Oil in 1911.Journalists, politicians, and citizens alike celebrated the accomplishments of Tarbell – a woman "outside" the inner workings of business and without significant money or influence. These reactions are immortalized in political cartoons utilizing imagery of Rockefeller's hidden agendas being demolished by investigative journalism and muckraking.

Several journal and newspaper reviewers addressedThe History of Standard Oil Companyby praising its calmness in the face of hatred, focus on facts, and genuine exposure of the effects that greed can have on businessmen seeking success. A 1904 editorial review fromThe New York Timesrelayed the highlights of the volumes to the public, noting the diplomatic tendencies of Tarbell within her work – still widely respectful of the achievements of John D. Rockefeller but critical of Standard Oil's business strategies that were unfair and of questionable legality.One review from theEconomic Journalfixated on the monumental nature of Tarbell's work, stating that "it is difficult to write about Miss Tarbell's remarkable achievement without using language approaching the edge of hyperbole. So careful is she in her facts, so sane in her judgements, that she seems to have reached the high-water mark of industrial history."

Though Standard Oil Company accrued more cumulative value after it was broken up, the exposure of what Tarbell described as immoral and illegal business became a striking symbol of the power of the press. As such,The History of Standard Oil Companyharbors great significance as a standard-bearer of modern investigative journalism.

In 1999 a jury under the aegis of the New York University's journalism department selectedThe History of the Standard Oil Companyas the fifth best work of journalism in the United States in the 20th Century.In his 2008 bookTaking on the Trust: The Epic Battle of Ida Tarbell and John D. Rockefeller,Steve Weinberg described the exposure of Standard Oil as "arguably the greatest work of investigative journalism ever written".

In a 2010 column, libertarian-conservative economistThomas Sowellcriticized Tarbell for what he characterized ascherry pickingwhich data to include in her book: "One of the crucial facts left out of Ida Tarbell's book was that Rockefeller's improvements in the oil industry brought down the price of oil to a fraction of what it had been before.[...] Would the public have been better off if older and more costly methods of producing, processing and shipping oil had continued to be used, leading to prices far higher than necessary?"

External links

• Media related toThe History of the Standard Oil Company(book)at Wikimedia Commons
• The full text ofThe History of the Standard Oil Companyat Wikisource
• Complete textat theInternet Archive
• American Experience | The Rockefellers | Special Features | A Journalistic Masterpiece
• The History of Standard Oilpublic domain audiobook atLibriVox