Vauclain Vindicated

When newly-elected, oldish President Samuel Matthews Vauclain of Philadelphia's gigantic Baldwin Locomotive Works sent $6,965,000 worth of locomotives on credit in July 1919, to the War-torn infant Republic of Poland, his board of directors thought keen level-headed "Sam" Vauclain had forsaken business for his favorite role of philanthropist. They worried. All Europe was financially unbalanced by post War deflation. Poland was still at desperate grips with the Red Army of new Bolshevik Russia. Furthermore, the Baldwin Locomotive Works was at the dangerous stage of turning from Wartime manufactures, productive of $250,000,000 worth of munitions and locomotives for the Allies, to peace time production for poverty-stricken markets. Answered President Vauclain, "To be a good businessman is to be an optimist. They will pay."

Last week Poland made its final payment of $995,000.

Said Baldwin Treasurer William de Krafft: Each payment of principal and interest has been made on or before the day of its maturity. . . ."