Business & Finance: Hoxsey on Holding Companies

In fine fettle last week was Senator Burton Kendall Wheeler, acrid chairman of the Senate committee investigating railroad finance. Fortnight ago the Senator unearthed amid the yellowing records of the Van Sweringen empire and the dust bins of Guaranty Co. history one gem of purest ray serene. This was a memorandum written in 1930 by John Minor Botts Hoxsey, listing expert of the New York Stock Exchange, warning that "public protest" would follow the multiplication of such corporations as the Van Sweringen holding companies, for which Guaranty Co. underwrote and the Stock Exchange approved an ill-fated $30,000,000 bond issue that year...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!