The sun., 1918-08-11
AMERICA AFTER THE WAR.
Industry VIM BE Richly Rewarded In
Our Glorious Land.

To THE EpiroR OF the SUN--Str. Amer
leans. periodically bearing present war
burden. should be heartened by the fol-
lowing information, not based on per-
sonal opinion. but coming from reliable
business and financial sources
Our nation after the war seems likely
to enter the most prosperous period OF
its history.
In gross value of goods annually ex-
ported, geographical extent OF foreign
territory served. variety Of goods man
ufsctured for sale abroad.
Our pre-war competitors will for years
be handicapped by home conditions.
Our bankers. insurance companies and
shipping concerns will be able to coop
crate with our manufa cturers and ex-
porters much more extensively and in
diligently because Of new mutual un-
derstandinss developed through recent
war conditions, Our exporters will md
specially valuable fields In foreign mar
kets served before the war by Germany.
We have even learned during the war
to manufacture classes OF goods, dyes
fertilizers. &C, previously almost exclu-
sively manufactured and exported by
Germany. Our greatest competitor in
foreign markets for the first few years
after the war WIN undoubtedly be Japan.
which will DO only lightly war burdened.
Americas after war agricultural de-
velopment will be equally extensive.
Our foodstufrs will be sought by most
OF Europe Our pre-war farm labor prob
Il. x.stli ~ nd nf n.
ing soldiers preferrins to continue a
healthy. physically active. outdoor life.
Our vast stretches Of hitherto little de-
veloped farm land will be made highly
productive by these mems modernized
methods and ambitious energy.
Burdensome after war taxes should
not be feared. Americas leading busi-
ness executives. whose great corpora
tions are to-day paying large share
Of present war costs. do not fear over
severe after war taxation. While after
war taxes will be heavy, they will con-
stantly grow lighter. Most OF the other
great nations will be suffering from
still heavier taxes without possessing
the compensations Of our almost limit
less and wholly unimpaired natural re-
sources.
Fear OF wide after war unemploy-
ment through our returning armies and
European immigration Is also ground
less. Bringing back our millions Of SOL
diers will be two year process, allow
ing ample time for economic absorption.
Business and agricultural openings will
be numerous Many women will prefer
ali ri In which fhAv
now temporarily substituting. Instead
Of a large European immigration after
the war. experts expect that there will
be a large emigration Of our foreign
born workers to their homelands.
Increased understanding and coopera
ton between capital and labor will also
undoubtedly assist our prosperity after
the war Many large labor employing
corporations will undoubtedly adopt
profit sharing. Welfare work by en-
ployers among employees will also
greatly increase.
Stock market fluctuations Immediately
after tho war should not be taken as
an index OF our prosperity. Many pre-
war standard stocks may depreciate
after peace has been declared. particu-
larly IL the coming Of peace Is discounted
by greatly increased values. but strong
bonds like Government Issues, on the
other hand. will probably rise. Govern
ment financing Of American business.
since 1t Is only q war measure. will
probably cease when peace comes. But
our antitrust laws will likely be amend
ed TO permit American business to re-
duee production costs by giving capital
greater freedom.
WILLIAM r. JOYCE,
President National Surety Company.
NEW York, August 10.