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 Marcus Hook, near Philadelphia, one for
pumping refined and one for pumping crude. The Pure Oil Company,
Emery's creation, has survived all its trials and has done an
excellent business. And meanwhile other independents sprang up
with the discovery of oil in other parts of the country. This
discovery first astonished the Standard Oil men themselves; when
someone suggested to Archbold, thirty-five years ago, that the
midcontinent field probably contained large oil supplies, he
laughed, and said that he would drink all the oil ever discovered
outside of Pennsylvania. In these days a haunting fear pursued
the oil men that the Pennsylvania field would be exhausted and
that their business would be ended. This fear, as developments