Business: Baldwin's Bad Year

Blunt, two-fisted Samuel Matthews Vauclain has been President of the Baldwin Locomotive Works, with plants at Philadelphia and Eddystone, Pa., since 1919. During the early post-War years his company continued supplying U. S. and foreign railroads at large production and large profit. In 1923 its profits reached the tidy sum of $11,931,521. But in the next year the railroad equipment market throughout the world was beginning to show demoralization. Baldwin's profits for 1924 were only $1,920,026. But stored surplus was $18,367,268. The profit showing was not seriously groaned at.

But last year was...

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