In the fight for control of the money-losing American Woolen Co. (TIME, Feb. 8), the result seemed certain. Six of the directors, including President Francis W. White, favored a plan to sell off eleven of the company's high-cost northern mills (nine of which have already been closed down) and retire about $20 million of its preferred stock to cut dividend charges. They were opposed by a group of directors including Frederick C. ("Buck") Dumaine, 51, boss of the New Haven railroad. But Dumaine had only five votes on his side. Last week,...
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