Pennsylvania Railroad

Roosevelt Signs Elkins Act Prohibiting Railroad Rebates and Price Discrimination

1903-02-19 00:00:00 +0000 UTC | Importance: 7/10

On February 19, 1903, President Theodore Roosevelt signed the Elkins Act, which made it a federal misdemeanor for railroads to grant rebates or preferential rates and held both the carrier and the recipient liable. The Act was sponsored by Senator Stephen B. Elkins of West Virginia and introduced in …

Theodore Roosevelt Senator Stephen B. Elkins Interstate Commerce Commission Pennsylvania Railroad Railroad companies antitrust railroad-regulation progressive-era regulatory-enforcement

J.P. Morgan Yacht Meeting: Ending Railroad Competition Through Financial Coercion

1885-07-01 00:00:00 +0000 UTC | Importance: 7/10

In 1885, J.P. Morgan invited leading railroad executives to a meeting aboard his yacht to address what he perceived as “ruinous competition” in the railroad industry. Morgan used the gathering to convince railroad magnates controlling major lines including the New York Central and …

J.P. Morgan New York Central Railroad Pennsylvania Railroad Railroad Executives price-fixing market-manipulation financial-coercion corporate-consolidation anti-competitive-practices