Word: railroads
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Dates: during 1930-1939
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...life. Pressmen who followed him around the long loop from Quebec to Halifax were struck by the added poise and self-confidence that George drew from the ordeal. Filled with new pride in their King & Queen, Britons were preparing to give them a monster welcome-with millions lining the railroad right-of-way to London -calculated to top anything the Yankees did for their sovereigns...
...Baldwin stockholders can count on Midvale to keep their company from bogging down in depression, they cannot count on Midvale to do more than help Baldwin break even on its huge capacities (as it is barely doing now). Prosperity for Baldwin still depends on when U. S. railroad buying will come back...
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...
...until railroads have money to invest they refuse to make money either for themselves or Baldwin by borrowing to buy new equipment. Should the New Deal, however, decide to fight Recession II by priming heavy industry instead of consumer purchasing power, it is likely to choose railroad equipment (either forming a corporation to rent equipment to tho roads or guaranteeing loans enabling them to buy it) as one of the surest, quickest ways to gain its end. The figure New Dealers like to quote as a "minimum" of new locomotives needed to modernize the U. S. rolling power plant...
...year on total business of $33,000,000). If he does, U. S. Naval expansion should soon increase Baldwin's non-locomotive business enough to put the company in the black. If Baldwin then got another $30,000,000 of locomotive business, and $5-10,000,000 of railroad accessory business, thanks to the Government, it would owe the New Deal a handsome bow indeed. Instead of a $1,032,000 loss (1938) it might one of these years turn up with better than $5,000,000 profit...