We study link capacity allocation for a finite buffer system to transmit multimedia traffic. The queueing process is simulated with real video traffic. Two key concepts are eplored in this study. First, the link capacity requirement at each node is essentially captured by its low-frequency input traffic (filtered at a properly selected cut-off frequency). Second, the low-frequency traffic stays intact as it travels through a finite-buffer system without significant loss. Hence, one may overlook the queueing process at each node for network-wide traffic flow in the low-frequency band. We propose a simple, effective method for link capacity allocation and network control using on-line observation of traffic flow in the low-frequency band. The study explores a new direction for measurement-based traffic control in high-speed networks.