Word: backlog
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Baldwin Locomotive Works today depends on non-railroad buying for half of its sales in even a good railroad buying year. At present, 80% of Baldwin's unfilled orders come from its hedges against bad locomotive business. Of this, Mid-vale's $18,500,000 backlog adds up to the biggest single lump, 73%. Its presiding genius, handsome, abstemious Dr. Harry L. Frevert, lives from one ballistic test to the next, his only concern the race between armor-piercing shells and shellproof armor...
...even a serious setback to Glenn Martin today. His $10,000.000 plant outside Baltimore had just delivered 117 B10 bombers to The Netherlands, was working on a ten-million dollar order for new gull-winged flying boats for the Navy, 215 of the 167 bombers for France. Altogether his backlog of orders came to $39,500,000 worth of planes. With the new contract, however, the biggest plane manufacturing backlog, $48,000,000, glows in Rival Douglas' fireplace...
...which, like aircraft, averages only $200,000,000 a year of business is getting 20% of its domestic orders from U. S. arms spending and 50% from exports (practically all arms). One of the industry's most promising war babies, Niles-Bement-Pond Co., which has an order backlog of $2,200,000 (big for it but a trifle in the national economy) was meanwhile going in the market for eleven times its 1938 earnings, while investors priced ordinary market leader Chrysler at 16 times 1938 earnings...
Last week, with a $14,000,000 backlog of unfilled orders and enough new contracts in sight to keep his plant running full blast through 1940, Glenn Martin decided he needed more money for working capital and expansion. He will offer to stockholders in the ratio of one new share for each six now held 156,000 shares of Glenn L. Martin Co. common at $20 a share (last week's market price: $33). It will be the first new financing by an important aviation company since Boeing raised $3,789,600 in June 1937. Rearmament-conscious Wall Street...
...have airmail contracts and to manufacture airplanes. North American is the only U. S. concern to have gotten away with this since the act passed (by building military planes exclusively) and the Government has been scowling at the situation. Since North American's manufacturing division has a backlog of $9,300,000 in orders, anticipates many more and made a profit of $460,000 before taxes last year, it obviously is more valuable a property than Eastern and for nearly a year Eastern has been unofficially for sale...