It made commerce possible on a vast scale. In addition to transporting western food crops and raw materials to East Coast markets and manufactured goods from East Coast cities to the West Coast, the railroad also facilitated international trade.

How did a railroad eliminate competition in it’s region? By consolidating and driving RR companies out of business using rebates and pools RR barons were able to make huge fortunes.

For one thing, the railroads were enormous consumers of capital goods. The steel, coal, copper, iron, timber, oil and other resources needed to construct and maintain locomotives and railroads themselves was tremendous, and each of these items had to be produced in factories. The railroads drove much of this growth.

An increase in railroad construction between 1860 and 1900 changed the United States, helping make it the industrial nation it is today. The construction of the railroads spawned huge new industries in steel, iron, and coal. No other business so dramatically stimulated and embodied the industrialization process.

For what reasons were farmers angry at railroad companies? Due wages and the abuse/circumstances they were living. In repose to these abuses by the railroads, the Granger laws help establish an important principle, the federal government’s right to regulate private industry to serve the public interest.

Cornelius Vanderbilt

Buffett is the chairman and CEO of Berkshire Hathaway, a multinational conglomerate that acquired Burlington Northern Santa Fe Corp (BNSF) in 2009, which was at the time the billionaire investor’s biggest-ever acquisition ( here ).

$ 31.54

For those willing to endure it, the pay is good. The median Union Pacific employee—a locomotive engineer—made nearly $83,000 in total compensation in 2017, according to a company securities filing. Health-care and retirement benefits, including a pension, are also fairly generous. (See how your pay stacks up.)