Business: Woolen's Bonus

Late last year bankers for American Woolen Co. prevailed upon two capable executives to accept high positions in Woolen. They were William Bishop Warner, president of McCall Corp. and now Woolen's chairman, and Lionel ]. Noah, until February executive vice president of Gimbel's department store, now Woolen's president (TIME, Dec. 15).

Last week Woolen's shareholders approved of a bonus plan whereby Messrs. Warner and Noah and Moses Pendleton, general manager, will be amply rewarded should Woolen be put back on the road to profits. For earnings above $2,000,000 the bonuses will come to:

Mr....

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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