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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.Katy Industries became the parent holding company of MKT because the railroad company purchased 80% of the stock of Carroll's American Gage.

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During World War II he was associate director of the Office of Defense Transportation.

After the war he headed the Monon railroad, which was almost bankrupt.

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.

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Challenge A Fortune 500 retailer had been working with B-Stock to sell its returned and excess inventory via a private B2B liquidation marketplace.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.While Carroll was successfully developing American Gage, the MKT railroad was having its share of problems.Several years before the creation of Katy Industries, MKT was on the verge of bankruptcy.Barriger had spent many years around the railroads of the country.

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