Show 11 AM WOOLEN EARNINGS HIGH j 1923 Greatest Peacetime f Year Report Says NEW TEW YORK March l 4 An An increase of t approximately ely in net Income in income in- in come to in 1923 was as rep re ported today by the Am American Woolen com company pan which announced that J the e year h had brought t the largest peacetime peacetime peace peace-I ti time me production broughton on ont record a a. volume ears A Aspe I exceeded exceeded- in only two war years special lal reserve reserve of sufficient suf I to cover V a years year's dividends was s s set aide I out t of 01 the 1923 earnings ln from the years ears heavy heavy- turnover turnover turn turn- J over was watt sufficient to care for all dividend requirements and to provide for for cor further reserve resene against the contingencies con con- conI I that time have proved continually con con I recur In Jn the industry William W W. Wood president of or the company reported to stockholders UIn In this connection he asserted that the result of or efficient large scale production pro- pro was not translated into profits r In la the same manner as in industries which have close control of their raw materials The wool situation last year ear was wag one of ot the most unusual we have ha ex- ex experienced ex ex- Mr Ir Wood said 1 Wool taxes advanced c consistently until April when the turn set In due to apprehension over the stability of ot the then prevailing price levels Buty But y meantime wool consumption remained at uch a high rate that by October supplies had become quite scarce scare anda and anda a a rebound In Iu price t took ok place By the close Glose of the year ear most grades were yvere back tack to or above their April level le a a. fact tact blat has made and continues tomake tomake to tomake I make for hea heavy working capital re requirements re- re The current years rears prospects are aregood good Mr Wood rood asserted and the com company pan has taken precautionary measures in anticipating requirements of ot raw materials to in an extent consistent consistent consistent tent with safety Fn view of ot present wool prices i S. S The directors declared the regul regular r the I quarterly dividend of on common and preferred stocks |