Check all the things Fordum just listed,like the lines at the master-they can be swapped around on some masters and there are adapters available to let you put the right lines in the correct ports...I had swapped a Delco master onto my truck that originally came with a Bendix style cylinder and the lines would only screw in if I swapped the one formerly in the rear port to the front one..
I was able to bleed the brakes OK,but all I had for brakes was rears that locked up instantly with a feather touch to the pedal,and the fronts barely did anything...bought two brass adapters at Auto Zone for 1.69 each and put the lines back where they belonged and re-bled the brakes and now they work perfect..
It's possible the master is fine though,maybe your rear shoes still need to be adjusted tighter to the drums,you should turn the star wheel until you can barely turn the drum by hand,then back them off a bit until they barely drag..if there is too much clearance between the drum and shoes you'll have to pump up the pedal more than once before they even touch and it'll be hard to bleed them...
I remember my friend jeep having "Un-bleedable brakes" once after we replaced the front calipers..we were careful to match the old ones up to the originals because we had problems getting the right ones before--we installed them and tried bleeding it for 2 days,pumped a gallon or two of brake fluid thru them..replaced the master cylinder in case we trashed it from pumping so much..no change,all I got was a nice firm pedal after bleeding it--take your foot off it for 5 seconds,and it'd go RIGHT to the floor again..we got pissed,ended up towing it to a brake shop..
The guy took one look at the calipers,and said "huh"..took one off,flipped it over,stuck a 2x4 in between the brake pads,and had his helper pump the pedal...did the same to the over side too...ten minutes and 50 bucks later,the Jeep was driven home with perfect brakes!...ended up we put the left caliper on the right side,as did the previous owner,we copied his mistake!..so the bleeders were facing DOWN instead of UP,and we'd never have succeeded in getting all the air bled out!..
I remeber one other vehicle I helped bleed brakes on drove us batty..spent all day pumping the pedal on a '78 Camaro at my friends shop--all he replaced was a front hose that was all tattered and had fabric showing...had good brakes when it drove in!.
After a good hour of me pumping up the pedal and him opening and closing the bleeders,we were stumped..started blaming parts like the master cyl,etc,but they appeared to be good,and did work fine before we replaced the brake hose...we decided to try bleeding them once more before giving up and pushing it outside so another car could be worked on..and tell the customer to take it to the shop up the street and let them pressure bleed it..
Well,as I was pumping the pedal up,I noticed a weird squeaking-creaking noise...then realized the car was moving slightly side to side as I pumped up the pedal!....then when I finally got a firm pedal and my friend opened the bleeder,I saw the car move sideways back the other way about an inch,and I heard that creaky-squeaky noise again...then I thought of something..while reading a Motors manual troubleshooting chart under "brakes wont apply" I saw "defective or loose wheel bearings" listed..I though WTF,ow can a wheel bearing affect the brakes..
Guess what!..
I got out and grabbed the drivers side at the 6 and 12 o clock position,and pulled and pushed on it--it moved in and out a good half inch!...the frigging outer wheel bearing was TRASHED,and so loose I was surprised the car could even be driven that way!...ten minutes later after replacing the worn bearing and adjusting them properly,the brakes bled in about 30 seconds!...

..sometimes the stupidest things are the problem..