The Medina sentinel. [volume] (Medina, Ohio) 1888-1961, 1917-09-21
Prosperity Seen
After The War

Frequently we used to hear the ex-
preston II am a bull on America
Now we do not seem to hear this 50
often but a little investigation will
make it evident that never before
was one so justified in being a ram
pant bull on America and American
securities.
We are getting the news today in
the making, small piece at a time
and it seems as though many of us
have overlooked the sum total Of
happenings Of the past three years.
We follow the daily reports, one day
we are jubilant over important hap
penings, the next day we are s'blue"
over the turn of events. Now it
seems to us important to view the
results of the past three years as q
whole.
No one can help but be staggered
by the stupendous conflict into which
we have been forced and the loss Of
life and suffering which it entails.
We have lived in a land where JUS
tice rules and where the poor, the
meek and the lowly had been pro-
tected in a manner that the world
had never seen. Suddenly three years
ago, we discovered that one man had
quietly and persistently, using every
development of science and brains,
constructed the most powerful ma
chine the world ever saw with one
object, namely to make force and
might dominant. How we were drawn
into this conflict is well known and
understood.
What is worth considering at this
time is just where the United States
stands and what its future position
will be.
Up to 1914 we were a debtor ma
ton. It was estimated at the start
Of the war we owed about $6,00O,-
100000 upon which we were paying
interest. To this was added freight
rates to foreign-owned steamship
companies and the expenses Of Am
ericans travelling in Europe. In the
past three years, America has pur-
chased from Europe securities rum
ming up into billions, has loaned
So, ,750, 100000 upon foreign issues,
and the United States has now loaned
$4,000, 100000 to its allies. Upon
these interest will have to be paid to
the United States and in the ship
building program, the United States
will undoubtedly provide facilities for
our own exports and travel. Never
in history has there been such a
change in conditions. Think of it,
three years ago we owed $4,000, ,0O0,-
900, today Europe practically owes us
that much. To accomplish this, the
wealth of this country in oil, coal,
etc., has hardly been scratched ano
our ability to produce crops has been
increased.
After the War, we cannot help but
enter into a period Of greater wealth
and income than any country ever
possessed. We cannot help but have
more money for investment and that
money will be clamoring for invest
ment. The surplus funds which you
have will have to compete with the
surplus funds of your neighbor for a
profitable investment and the old law
of supply and demand will operate
and surely make interest rates rea-
sonable, if not low. If the United
States does owe few billion dollars,
remember it owes it only to its own
people.
With these day to day changes, it
is difficult at present to convince
many investors that they should in
vest their funds and the result Is
that people are Withholding funds fol
investment and. under these condi-
tions, the present situation is entirely
reasonable, that the biggest market
for securities is either for short time
bonds or for ones that offer an op-
portunity for large profits. No one
can tell just what may happen in the
financial realm rs lorg IS the wa