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In general, pooling agreements were likely to break down, although a southern pool organized by Albert Fink on a very extensive scale lasted for many years and was thought to have had a vital influence in eliminating rate-wars. Their efficacy depended mainly on good faith, and good faith was a rarity among railroad officials in the seventies and eighties.
Exciting as all this was, however, the desire for adventure was not as powerful as the desire for profits, and cut-throat competition in industry led as naturally to combination, as rate-wars on the railroads led to pooling agreements.
There were "rate-wars," "cut-rate sales," secret intrigues, and rebates; and there were subterranean passages some, indeed, scarcely under the surface to council chambers, executive mansions, and Congress. There were extreme fluctuations of industry; prosperity was either at a very high level or depression at a very low one.
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