or--to use railroad nomenclature--differential rates were subsequently granted by pools to such roads as, on account of some disadvantage, could not compete with other members of the pool on equal terms. Thus the longest route was usually permitted to charge the lowest, and the shortest route the highest rate. This practice is in conformity with the principle of charging whatever the traffic will bear, but it is certainly devoid of every consideration of justice and equity. If the longer line can afford to carry freight at rates lower than schedule prices, no further proof is needed under ordinary circumstances that the regular schedule rates of the shorter line are exorbitant. The concession of differential rates settled, at least temporarily, the difficulties that had arisen out of the east-bound traffic of the trunk lines. This arrangement did not, however, in any way affect the traffic moving in the opposite direction. The volume of west-bound freight is very much larger at New York than at any other of the Atlantic ports. In order to get its share of the business, each trunk line maintained an office in New York. These offices eagerly solicited business for their respective roads, and the freights which they received for transportation to the West would be forwarded either directly or by a circuitous route; but, the longer the route, the lower as a rule was the compensation asked for the service. Under these circumstances competition was brisk, and the profits realized were far from satisfying the cupidity of the competing lines. It was apparent to their managers that the competition in the west-bound traffic was similar to that formerly existing between Chicago and Mississippi and Missouri River points, which had promptly yielded to pools. The temporary adjustment of the more perplexing questions which had arisen out of the east-bound traffic now paved the way for a pooling arrangement for the west-bound freight. The Southern Pool, under the management of Albert Fink, had long attracted the attention of the trunk line managers. Its system of dividing the traffic, of reporting to a central office and of hearing and deciding complaints had enabled it to exert an almost absolute control over its members, to compel them to make honest returns and to prevent rupture and rebellion. It was believed that a pool of the trunk lines could not be effective or permanent unless organized upon the Southern basis and presided over by a trunk expert. Accordingly, when in 1877 an agreement for the pooling of the west-bound traffic was reached by the trunk lines, Mr. Fink was tendered the position of pool commissioner. Under the agreement reached the total tonnage of the west-bound business was divided in such a way that the Erie and New York Central roads each received 33 per cent., the Pennsylvania 25 per cent., and the Baltimore and Ohio 9 per cent. of it. If any road received more freight than was allotted to it by the pool, it delivered such surplus