Such a state of affairs could not go on for ever. After many years of conflict the two companies came to a sort of understanding by which they shared the exploitation of oil deposits, and when faced by the hostility of General Carranza's Government they sent a common delegation to the Peace Conference to defend their interests against expropriation by the Mexican Government. In order to centralize its interests, each of the two groups founded, after a time, a company for the exploitation of the concessions granted to it. It was in this way that the _Mexican Eagle_ was created in 1908, to take up a part of the Pearson[19] interests. Its capital, which was originally 30 million Mexican dollars, was increased to 50 millions in 1911, on the acquisition of the Pearson oil properties in the Tehuantepec region. In 1920 it was 86,277,000 Mexican dollars. "An institution is the elongated shadow of a man," said Emerson. This definition applies very well to the _Eagle_, in the success of which the personality of Pearson has been the dominating factor. From the earliest days the difficulties it had to struggle against were considerable. They would have discouraged a man of weaker character and less tenacity. His entire production was destroyed in the disaster at the Dos Bocal well--an enormous gusher which took fire. A fierce price-war was going on at the moment, conducted by Americans with great persistence for many months. Then came the time of unrest and fighting, and of the civil war to drive the British from Mexico. However, the _Eagle_ remains, triumphant, possessing an immense domain of a million hectares in the richest regions, extending along the borders of the Gulf, in the State of Vera Cruz and the isthmus of Tehuantepec. Although it holds in reserve the greater part of this domain, its output exceeds 100,000 barrels a day. One of its wells alone produces in six days as much as the Pechelbronn deposits in Alsace yield to France in a year (60,000 tons), and, according to the estimates of British experts, its oil-field at Naranjos is alone capable of producing before its exhaustion a sum of money equal to the whole of the British national debt. Pearson's war against the _Standard Oil_ was worth while. 1919 The Royal Dutch-Shell Lays Hands upon the Mexican Eagle Towards 1919 the weak spot about the _Mexican Eagle_ was its isolation among organisms so powerful as the two dominating groups of the world, the _Standard Oil_ and the _Royal Dutch-Shell_. Isolated producers sometimes lack markets, especially if by their geographical position they are far from great centres of consumption. This was the case with the _Mexican Eagle_, which, though it remained independent, was nevertheless obliged to submit to the very burdensome competition of the _Standard_ in the sale of its products.