Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-03
WOOL MAGNATE OUT
Of HUGE INDUSTRY
Woods Death Not Felt To-
day in Textile CirCIeS-0nCe
Outstanding Figure.
BY j. G. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The star
NEW YORK, February 3.-The
wool market, the textile markets and
the stock market were unaffected to-
day by the tragic death in Florida of
William NJ. Wood. former head of the
American Wooden Co. That could not
have been the case two years ago,
when he was the outstanding figure
in the wooden industry Of the world.
1t Is strange coincident that Mr..
WOODS death occurred the day after
the formal opening of the 1925 Fall
lines of the American Wooden Co. The
prices named, according to textile
men. were such as to insure heavy
production throughout the coming
months and gave stimulus to
textile industry and improved the out
look for the wool growers. especially
those of Utah and the inter-Mountain
States, the output from which has
been partly absorbed by the big COM
pany.
Left Company in 1924.
Mr.. Wood resigned from the presi-
dency of the company in December,
1874. The exact cause Of his action
was never made public, although i'll
health undoubtedly was one reason.
he was credited with having built up
the concern into a position where 1t
was dominant factor in it's line.
The company, which was incor-
porated in 1899, under his direction,
and which absorbed many plants in
the textile trade, now has a capitaliZa-
ton of $50 100000 outstanding and
operates over 60 mills and employees
roughly about 10000 workers.
Earned 44.S9 on Common.
During the war years, beginning
with 1916, operations were highly
profitable, and in 1919 earnings on the
common stock rose to "A SO per cent.
There was a surplus in each year up
to 1920. Then in 1924 came Il severe
depression in the textile industry.
Dividend payments on the common
stock of American Wooden We're sus-
pended. Earnings statements for that
year showed a deficit before dividends
Of $6,S44 APO and after preferred divi-
dends Of 11,969S3 The profit ana
loss surplus Of the company declined
from $33,396,72o on January /. 1924.
to s22, 121,356 on January l, 1925.
Early in 1924 Mr.. Wood assured the
workers their wages would not be cut,
although other textile mills were put.
ting reductions into effect. He kept
his word up to the time Of his resig-
nuation, December 80, 1924. In July.
1925, with the company under new
management, wages We're cut 10 per
cent.
Drew Bitter Criticism.
Starting life as he did as a poor
Portuguese immigrant boy, Mr.. Wood
whose father changed his name from
| Jacintho soon after his arrival IN
America. had a keen sympathy for
his workmen. This manifested itself
| in his sponsorship of the model village
| which the company built at Shaw,
sheen, Mass.
Mr.. Wood moved the executive Of.
| fees of the American Wooden Co. from
Boston to Shawsheen village, and this
| was resented not only by executives
| but by buyers who took the American
| Co.'S products and who were forced 10
journey to the village to do business
The employees Of the company were
not pleased either. It was freely re-
ported that they resented the paternal.
istic attitude of the Wood administra
ton and far preferred living where
they were absolutely free to do as they
saw fit outside OF working hours.
His friends say that the failure Of
this betterment scheme was q bitter
blow to Mr.. Wood and contributed to
the loss of his health. A good portion
of the departments have now been
| moved back to Boston.