The dissolved sugar trust immediately reorganized into one gigantic corporation under a New Jersey charter. The oil trust followed a different plan. Mr. Rockefeller and his associates, having secured control of the more important refineries that had composed the old monopoly, carried on the oil business down to 1899 very much as a single organization would have conducted it. In that year the refineries were merged into a single large corporation, the Standard Oil Company of New Jersey. Both reorganized concerns (the old oil and sugar trusts) succeeded so well as to cause other enterprisers to investigate the advantages of combining their respective lines. By 1898, it has been estimated by a good authority, eighty so-called trusts, with an aggregate capitalization of $1,000,000,000, had been formed. During the next six years the movement went rapidly forward. At the beginning of the year 1904 the number of trusts exceeded 300, and their combined capital stock exceeded $5,000,000,000. By far the largest was the United States Steel Corporation, which boasted a capitalization in excess of $1,400,000,000. In time, as we might suspect, practically every productive industry in the country was combined. The effect on investments was important. Capitalists and bankers, even the most conservative among them, came to feel that the risks involved in trust investments were negligible. Small investors caught the feeling. The result was a rush to buy stocks and bonds. The failure of the ship-building trust, however, awakened the investing public to the realization that the risk attached to the purchase of stocks and bonds of industrial trusts was greater than they had anticipated.