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Show Financial camouflage cannot hide the fact that Shears, Sawbuck & Co. earned more money In 1917 than In 1916. the only difference being that in the latter year, according to its annual an-nual report just issued, it had to yield federal Income and excess profits taxes. The net profits last year, the report shows, were $14,119,927, compared com-pared with $16,4SS,B22 In 1916. This looks like a setback but wait. The concern had to pay $3, 977. 398 in the taxes mentioned, which added to the net income, would leave $18,097,325 is the year's earnings, an increase of $1, 60S, 703 compared with the reckoning reck-oning of the previous year. Remember, Remem-ber, this money represents earnings, not volume of business. The volume jf business of this one firm is represented repre-sented by the amount of business ,vhich went to it from local merchants. mer-chants. w. ft a. |