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Yes, of course, because it made eminent business sense. There are many P and especially G-grade guns produced during that era that exhibit wood quality and figure way above their respective grades. At one time I owned a 20 ga. PHE and a 16 ga. GHE produced at that time and both of them had wood on them that would have done a D-grade proud. You'll recognize them when you see them in correlation to their SN range(s).
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