_That whereas_, The party of the first part has entered into certain contracts, viz.: The _first_ with the Pennsylvania Railroad Company; the _second_ with the Erie Railway Company; the _third_ with the Atlantic and Great Western Railway Company; and the _fourth_ with the New York Central and Hudson River Railroad, and the Lake Shore and Michigan Southern Railway Company, which contracts secure certain advantages in relation to the transportation of petroleum and its products, which it is the purpose of the contracting parties to use for the promotion of the common interests of the producers, refiners, and transporters of petroleum. To the end that the said object may be more fully attained the said parties hereto have covenanted and agreed, each with the other, as follows, viz.: I. The party of the first part, that it will appoint five of its members to form, with a like number of the party of the second part, a joint executive committee, who shall choose some competent and discreet person not of their number who shall serve as the chairman and the eleventh member of the joint committee. II. The party of the first part, that it will submit all questions, arising under said railroad contracts, which affect the interests of both producers and refiners, to the decision of the joint committee provided for in Article I of the agreement. III. The party of the second part, that it will appoint five of its members to constitute, with the five members of the party of the first part, the joint executive committee provided for in Article I of this agreement; and will submit to said committee all the questions mentioned in Article II. IV. The said parties mutually, that the decisions of said joint committee on all questions, affecting the joint interests of producers and refiners, which shall be submitted to them, shall be final and conclusive upon both the parties hereto. That upon the questions which shall at all times be held to affect the joint interests of both producers and refiners are the following, viz.: 1st. The rates of transportation of both crude and refined oil. 2nd. The price of crude oil at the wells and in the market. 3rd. The price of refined oil in the market. 4th. The amount of rebate and drawback which from time to time it may be necessary for the interests of the trade to ask from the railroads. V. The said parties mutually, that the joint committee shall meet once a month, and at any intermediate time, or times, at which a meeting shall be called by the chairman, or by any four of its members, to consider such questions as shall affect the joint interests of the parties hereto.