manded its dissolution. The persistent
attempts of the Standard to disregard this order increased its
reputation for lawlessness. Finally, in 1899, after Ohio had brought
another action, the trust was dissolved. The Standard interests now
reorganized all their holdings under the name of the Standard Oil
Company of New Jersey. Again, in 1911, the United States Supreme Court
declared this combination a violation of the Sherman Anti-Trust Act,
and ordered its dissolution. By this time the Standard capitalists had
learned the value of public opinion as a corporate asset, and made no
attempt to evade the order of the court. The Standard Oil Company of New
Jersey proceeded to apportion among its stockholders the stock which it
held in thirty-seven other companies--refineries, pipe lines, producing
companies, marketing companies, and the like. Chief Justice White, in
rendering his decision, specifically ordered that, in dissolving their
combination, the Standard should make no agreement, contractual or
implied, which was intended still to retain their properties in one
ownership. As less than a dozen men owned a majority interest in the
Standard Oil Company of New Jersey, these same men naturally continued
to own a majority interest in the subsidiary companies. Though the
immediate effect of this famous decision therefore was not to cause a
separation in fact, this does not signify that, as time goes on, such a
real dissolution will not take place. It is not unlikely that, in a few
years, the transfers of the stock by inheritance or sale will weaken the
consolidated interest to a point where the companies that made up the
Standard Company will be distinct and competitive.

This is more likely to be the case since, long before the decision of
1911, the Standard Oil Company had ceased to be a monopoly. In the
early nineties there came to the front in the oil regions a man whose
organizing ability and indomitable will suggested the Standard Oil
leaders themselves. This man's soul burned with an intense hatred of the
Rockefeller group, and this sentiment, as much as his love of success,
inspired all his efforts. There is nothing finer in American business
history than the fifteen years' battle which Lewis Emery, Jr., fought
against the greatest financial power of the day. In 1901 this long
struggle met with complete success. Its monuments were the two great
trunk pipe lines which Emery had built from the Pennsylvania regions
to Ma