Overwhelmed by the length and severity of the struggle before them if they insisted on independence, fearful lest the scattered and restless producers could not be held much longer, convinced by their confident arguments that the refiners could keep their promise, the council finally agreed to a plan of union which the Derrick dubbed the “Treaty of Titusville.” A terrible hubbub followed the announcement that a treaty was proposed and would probably be adopted by the association. The same old arguments which had greeted each overture from the refiners were gone over again. It would be a monopoly. The price they offered for crude depended upon their getting an unnaturally high price for refined. The markets of the world would refuse to pay this price when it was discovered that it was kept up by an agreement which was contrary to the laws of supply and demand. And, besides, the parties could not trust each other. “_Timeo Danaos et dona ferentes._” Liberal translation—“Mind your eye when the Cleveland refiners get generous,” cautioned the Derrick. As always, the ghost of the South Improvement Company was between them. On the other hand, it was argued that it was Hobson’s choice, “combine or bust,” there is no other market. We cannot wait for one. We have a million barrels of oil on hand—the refiners will take 15,000 barrels a day for “spot cash.” And after all, concluded the “philosophical,” if you can’t do as well as you want to, do the best you can. [Illustration: JAMES S. TARR Owner of the “Tarr Farm,” one of the richest oil territories on Oil Creek. ] [Illustration: WILLIAM BARNSDALL The second oil well on Oil Creek was put down by Mr. Barnsdall. ] [Illustration: JAMES S. MCCRAY Owner of the McCray Farm near Petroleum Centre. ] [Illustration: WILLIAM A. ABBOTT One of the most prominent of the early oil producers, refiners and pipe-line operators. ]