Business & Finance: Baldwin Bonds & Brady

On the New York Curb Exchange one afternoon last week the 6% bonds of Baldwin Locomotive Works closed at 185. On the face of it, this was odd, for less than two years ago Baldwin went into a voluntary 77B reorganization on the ground that it could not pay its debts. Moreover, it was still in reorganization. Nevertheless, next day Baldwin bonds skyrocketed 45 points to a new high of 230.

To a host of informed speculators, this gyration was no mystery but a great relief, because the man who sent the bonds soaring...

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