Carlisle and Finch was quick to realize there were several price points for marketing their train line ... small . medium, large ( cheap , mid level , deep pockets) . The commercial pyramid.... sell a lot of the cheap to offer the high end to the few. 1904 C&F introduced their #45 steam engine patterned after the NYC Atlantic ..retailing for $25.00 ( 793.0 in today's money) . In 1909 C&F changed ( cheapened ) the 45 producing the "late" #45.... and dropping the big passenger cars #51 4.
Here we have a circa 1910 late 45 pulling the early big passenger cars ..running on Voltamp 2' track ..80" diameter. The set would / will be happier on the ribbon rail due to the narrow C&F tires. Running on 12 volts for DC originally dry cells would have been used ...today a DC lab generator does great dial voltage and amps . The late #45 was never illustrated in the C&F catalogs as they continued the use the old 45 illustrations...however the late 1911 an after C&F catalogs have a stylized late 45 on the covers .
The C&F #45 's are close to scale for 2" .. please see photo of the engine compared to a Lionel #6 ( offered at the same time selling for $13.25 .about half price of 45 in .."standard gauge" ( 1/8" larger gauge ..but woefully undersized for marketing as a toy )