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. Warner, Mr. Noah & Mr. Pendleton

First $1,000,000 $40,000 $25,000

Second $1,000,0000 50,000 31,250

Each succeeding $1,000,000 60,000 37,500

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