Business: Engine-Makers

The railroad equipment industry is living in present poverty but great expectations. During 1923 and 1924 the railroads of the country spent in the neighborhood of $2,000,000,000 for equipment and maintenance, and engine builders prospered exceedingly. This year the roads had about all the equipment they needed, and consequently curtailed their purchases sharply. Both Baldwin and American Locomotive clearly saw this move coming and declared fat dividends for 1925 a year in advance. Both companies now present the unusual spectacle of paying stockholders heavily while current earnings are very poor.

Nevertheless, the locomotive...

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