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...tower was the Foshay Tower in Minneapolis. Modelled after the Washington Monument, its 32 stories rise 447 ft. 3 in. above street level from a larger square base two stories in height. Last August when Secretary of War James William Good helped dedicate it, it was ecstatically dubbed the "Washington Monument of the Northwest...

Author: /time Magazine | Title: Business: Foshay's Fall | 11/11/1929 | See Source »

...short, plump, roundfaced, grey-haired, swift-speeched, handshaking Wilbur Burton Foshay, whose custom it has always been to give weekly dinners to his Minneapolis employes...

Author: /time Magazine | Title: Business: Foshay's Fall | 11/11/1929 | See Source »

...fall included himself, the W. B. Foshay Co. (holding company for public utilities, commercial and industrial enterprises), the Public Utilities Consolidated Corp. (subsidiary operating utilities), the Foshay Building Corp. (real estate). The value of the three companies was estimated at $20,000,000. But their liabilities last week were put at $12,500,000 and they went into the hands of a receiver (Minneapolis Merchant-Banker Joseph Chapman...

Author: /time Magazine | Title: Business: Foshay's Fall | 11/11/1929 | See Source »

...Foshay, born in Ossining, N. Y., started out to be an artist. But his father's business failure put an end to his art courses at Columbia University.* For four years he worked with the New York Central Railroad Co., later he joined Electric Bond & Share Co. His career, however, did not start until the day he walked into Minneapolis, independent, 36, with little money but a shrewd knowledge and liking of public utilities. His plan: to own and operate public utilities. His method of finance: selling Foshay securities to the public. Within one year he owned public utilities...

Author: /time Magazine | Title: Business: Foshay's Fall | 11/11/1929 | See Source »

When General Lafayette romantically left France to help liberate the American colonies he brought with him a young man, Joseph Fouche, whose father was chief of police under Napoleon. The descendant of that young man is the Wilbur Burton Foshay who last week calmly agreed to the receivership of all his properties...

Author: /time Magazine | Title: Business: Foshay's Fall | 11/11/1929 | See Source »

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