Baldwin had been forced by hard financial times to take on a series of partners between 1839 and 1846, and the firm's name changed repeatedly as a result. It was known as Baldwin, Vail & Hufty (1839-1842); Baldwin & Whitney (1842-1845); M. W. Baldwin (1846-1853); and M. W. Baldwin & Co. (1854-1866). After Baldwin's death in 1866 the firm was known as M. Baird & Co. (1867-1873); Burnham, Parry, Williams & Co. (1873-1890); Burnham, Williams & Co. (1891-1909); it was finally incorporated as the Baldwin Locomotive Works in 1909.
As well as the 2-4-2T tank Lyn for the L&B, the Baldwin works built two 2-6-2T Prairie tank engines for Victorian Railways (VR) in 1898. They were used as a trial on the new 2 ft 6 in (762 mm) narrow gauge railways. Fifteen more NA class locomotives were built by VR. Unfortunately only six have survived and both of the original Baldwin engines were among those scrapped.
The company's phenomenal growth ended with in the mid-1920s as the U.S. railroad industry began its long decline. Despite various mergers and acquisitions--and an increased attention to the development of diesel engines--a slow but sure decline set in. Baldwin declared bankruptcy in 1935. World War Two brought a temporary respite, but after the war the steam locomotive was obsolete and orders rapidly diminished. The Westinghouse Corporation bought Baldwin in 1948 but was unable to turn the company around. In 1950 the Lima-Hamilton Corporation and Baldwin merged but in 1956 the last of some 70,541 locomotives was produced.
Sources: History of the Baldwin Locomotive Works, 1831-1902, (1902); A Short History of American Locomotive Builders in the Steam Era, John H. White, (1982).