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.