William H. Woodin

William Hartman Woodin (May 27 1868 – May 3 1934) was an American industrialist who served as the United States Secretary of the Treasury in 1933 under President Franklin Delano Roosevelt. His career spanned several decades in the railroad and manufacturing sectors, and he played a key role in the early actions of Roosevelt’s administration aimed at stabilizing the nation’s financial system during the Great Depression.

Early life and career

Woodin was born on May 27 1868 in Berwick, Pennsylvania, to Clemuel Ricketts “Clement” Woodin. His family had long ties to the railroad industry; his grandfather, also named William Hartman Woodin, was an early partner in Jackson & Woodin Manufacturing Company, a firm that would later become one of the largest builders of railroad cars on the East Coast. The company’s growth under successive generations of the Woodin family set the stage for William’s future leadership roles.

After completing his secondary education, Woodin attended Columbia College School of Mines, graduating in 1890. That same year he married Annie Jessup; the couple would have four children—Mary, Annie Jessup, William Hartman Jr., and Elizabeth Foster—and would reside primarily in New York City throughout their lives.

Woodin’s professional trajectory began with Jackson & Woodin Manufacturing Company, where he worked his way up through management ranks. In 1899, the company merged with twelve others to form American Car and Foundry Company (ACF), a consolidation that positioned ACF as a major player in the railroad equipment industry. Woodin remained with ACF after the merger, eventually rising to the position of president in 1916.

Beyond his executive role at ACF, Woodin served on the boards of several other enterprises. He was chairman of the board for both American Locomotive Company and Railway Steel Spring Company. His directorships extended to Remington Arms Company, Montreal Locomotive Works, and American Ship and Commerce Company. From 1927 until 1932, he also held a director position at the Federal Reserve Bank of New York, placing him within the broader financial regulatory framework of the United States.

In addition to his industrial pursuits, Woodin engaged in cultural activities. In 1930, he collaborated with children’s author Johnny Gruelle on music for the book *Raggedy Ann's Sunny Songs*, and was the namesake for Gruelle’s character Little Wooden Willie. The following year, he composed a march honoring President Roosevelt.

Cabinet tenure

Woodin’s appointment as Secretary of the Treasury came in March 1933 when Franklin Delano Roosevelt assumed the presidency amid the depths of the Great Depression. His nomination was confirmed by the Senate, and he served from March 4 until December 31, 1933. Health concerns limited his ability to serve continuously; for several weeks during 1933, Treasury Under‑Secretary Dean Acheson acted as Secretary.

During Woodin’s brief tenure, the administration undertook decisive measures aimed at restoring confidence in the banking system and reshaping monetary policy. On the day Roosevelt was inaugurated, widespread bank closures threatened depositor security. Woodin coordinated the declaration of a “bank holiday,” suspending all banking operations nationwide until examiners could assess each institution’s solvency. The subsequent issuance of “seals of approval” to sound banks helped re‑establish public trust and laid groundwork for later deposit insurance mechanisms.

Woodin also oversaw the United States’ withdrawal from an international monetary conference in London, a move that signaled a shift away from adherence to the gold standard. In line with this policy change, the Treasury under Woodin’s direction purchased all privately held gold in the country—excluding that used by dentists and jewelers—and raised the dollar’s official price relative to gold. These actions devalued the U.S. currency against gold and were part of a broader strategy to address deflationary pressures. Dean Acheson, who had opposed some of these decisions, eventually resigned from his position in November 1933.

An avid coin collector, Woodin ensured that an exception was maintained for “rare or unusual” coins when the Treasury withdrew gold from private ownership. His personal interest in numismatics intersected with policy considerations during this period.

Beyond monetary policy, Woodin’s tenure coincided with the early stages of several initiatives that would later become central to Roosevelt’s New Deal. While his time in office was brief, he played a pivotal role in setting the administrative and fiscal tone for subsequent reforms aimed at economic recovery.

Legacy

Woodin’s impact on American industrial development and financial policy is reflected in multiple facets of his career. As president of ACF, he guided one of the nation’s largest railroad car manufacturers through a period of significant growth and consolidation. His leadership positions across various transportation and manufacturing firms underscore his influence within those sectors.

In public service, Woodin’s role as Treasury Secretary during a critical juncture in U.S. history positioned him at the heart of decisions that helped stabilize the banking system and reshape monetary policy. The bank holiday he coordinated is often cited as an early example of decisive federal intervention to restore depositor confidence—a precursor to later deposit insurance programs.

Woodin also contributed to higher education governance; from 1930 until his death in 1934, he served as a trustee of Lafayette College, indicating a commitment to academic institutions and civic responsibility.

He passed away on May 3 1934 in New York City and was interred at Pine Grove Cemetery near his birthplace of Berwick. His familial legacy continued through subsequent generations; he is the great‑grandfather of mathematician W. Hugh Woodin.

Overall, William H. Woodin’s career bridged industrial leadership and federal financial stewardship, leaving a lasting imprint on both the manufacturing landscape and the early New Deal era’s approach to economic crisis management.