Word: foshay
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Dates: during 1940-1949
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...fine day in the balmy summer of 1929 Secretary of War James William Good, seven Governors, a bevy of Congressmen, some foreign delegates and Sousa's Band turned up in Minneapolis for the dedication of the Foshay Tower-a 32-story skyscraper modeled after the Washington Monument. That was the biggest day in the life of Wilbur Burton Foshay, utilitycoon. Within two months his whole inflated superstructure of utility, finance and real-estate companies collapsed with a $20,000,000 thud. W. B. Foshay went looking...
Last week Utilitarian Foshay was starting on his fourth year as paid secretary of the Salida Chamber of Commerce. The annual membership drive was under way and he was working like a beaver. Back of him were three years of success. Salida was on its way to becoming a ghost town in the early '30s. The Denver & Rio Grande Western took away its shops and offices, two mines closed down, 3,000 citizens moved away. First thing W. B. did was advertise. On the highways he set up strings of hearts bearing the admonition "Follow the Hearts to Salida...
...white-haired, round, short, blue-eyed, the Cap is having the time of his life putting Salida on the map. Grateful to Salida, he has spurned offers to go elsewhere. On the walls of his office (a little red-brick cottage) hang two pictures of the $3,000,000 Foshay Tower. He still keeps the motto which used to hang over his desk when he was a Northwestern reigning utilitycoon: Why worry? It won't last. Nothing does...
...later powers came by narrower squeaks. Ben Cohen's Holding Company Act (after a stormy fight over its famed "death sentence," Section 11) passed the Senate by only one vote. A drastic remedy for bugs like Foshay, plagues like Insull, it aimed to reform the power industry, shift its control from Wall Street back to local managements. But the need for an SEC has never been seriously questioned, was recognized in the Republican platform of 1936. Its powers are really derived from the vast fear and suspicion of Wall Street that exists west of the Hudson. Established, effective, cocksure...