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By 1948 Carroll's holdings had grown large enough that he established American Gage and Machine Company, of which he became sole owner, as a way in which to contain his holdings.During this time Carroll's formula for acquiring companies, as a general rule, was to pay cash.When he left in 1953 Barriger had managed not only to save the railroad from bankruptcy, but to establish a sound financial basis for its future operations.In 1965 Barriger was nearing retirement age at the Pittsburg & Lake Erie Railroad company when he heard that the Katy was in need of talented management.With this purchase, Wallace Carroll became the chairman and majority stock owner of Katy Industries.Carroll's experience with company acquisitions and expansions began in 1940 when he established a gauge business in Illinois.

Several years before the creation of Katy Industries, MKT was on the verge of bankruptcy.Katy Industries, Incorporated was born out of an acquisition of the Missouri-Kansas-Texas railroad (MKT), a financially troubled operation that was in need of a profitable parent company.Wallace Carroll, whose knowledge of railroads dated back to his job as a section hand that helped pay his way through Boston College became acquainted with MKT many years later when he was persuaded that the ailing railroad had some attractive aspects that outweighed its reputation as a money-loser.In March 1965 as a result, only 600 cars were moving on a daily basis.However, by October of 1965, 1000 cars were moving daily.In particular, Carroll was attracted by its New York Stock Exchange listing and the million tax loss it would provide for his own company named American Gage.

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