CORPORATIONS: The New Team

Staid Baldwin Locomotive Co. had dozed at the switch. Once it made nearly half of all U.S. locomotives, but in the last five years its share of business has dropped to less than 10%. Unwilling to concede that diesels were revolutionizing the locomotive business (TIME, Dec. 29), Baldwin concentrated on making steam engines while such upstarts as General Motors' Electro-Motive Division grabbed the lion's share of new orders.

Last week, Baldwin Locomotive got a waking & shaking up. The shaker was Westinghouse Electric Co., which bought working control (21%) of Baldwin. Out...

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