The New York herald., 1922-11-15
c. E. MITCHELL FINDS
EUROPE FRIGHTENING
President of National City
Bank Says Pessimism Is
Not Justified.
CALLS WAR TALK BUNK
Thinks Reparations Settle
ment Will Help I'm
ravel Snarls.
INDUSTRY MORE ACTIVE
Reports on Return Here Great
Productive Progress Over
Last Year.
INDUSTRY MORE ACTIVE

Charles ID. Mitchell. president of
tho National City Bank OF New York,
who returned yesterday by the White
Star liner Majestic, after a month In
Europe working like a dog" az he
expressed 1t, brought a moro roseate
impression Of European conditions,
commercial and financial,> than the
usual returning business man. He
shocked the pessimists by declaring
emphatically that all talk Of war in
Europe being Imminent" was simply
bunk
He has been travelling in Belgium.
France, Germany, the Scandinavian
countries and Great Britain and has
been in touch with financial and busi-
ness experts who have recently been
sizing up things in Russia. Turkey
and the Balkan States. He has seen
European financial leaders, and bases
his observations on what he learned
from them and other sources. He
said:
Little Unemployment.
In spite of the superficial evidence
to the contrary, Europe unquestionably
mado progress since was there a
year ago. Sources OF production have
opened up and industry Is universally
moro active. The attitude OF labor is
moro cooperative. Comparatively little
unemployment exists. Internal and ex-
ternal trade as we'll is better. Generally
speaking. tho harvests have been fair
to good. and the population, some few
sections excepted, are not in want.
Most countries are pers.sting In
their attempts to crowd out the goods
OF other nations by the setting up OF
tariff barriers, hoping to foster new
production within their own boundaries
that will make them to larger extent
self-containod But everywhere one
sees these attempts being frustrated by
4 growing recognition that prosperity
in any country Is dependent upon tho
movement of the exportable surplus
and that tho wants OF the people can
not be eatisfied If the doors are closed
against exports.
international division of Iabor-by
which mean a condition where every
nation is producing essentially that for
which IL is particularly fitted by local
conditions of soil, climate, labor and
natural resources. and exchanging such
products for tho goods OF other ma
tions similarly produced-is essential In
world prosperity even as individual d.
vision OF labor has been found essen
tial In the economic development OF
every people since time immemorial
Through pocketbook reasoning high
prohibitivo tariffs are certain to break
down ultimately, and in the United
states as elsewhere In the world.
Sources of Industry Intact.
European troubles as they exist to-
day are not the result of any collapse or
productive sources. They are the result
OF national enmity and greed reflecting
itself largely in the pickering OF politi-
clans and the inability of diplomatists
to meet on common ground. Interna-
tional debts, reparations. currency infla-
tions and the absence of equilibrium in
budgets are all questions which comprise
footballs of politics In every country IN
Europe, but they are all 80 interrelated
that would look TO see settlement OF
one question, and especially that OF rep
arations, have a potent settling influ-
ence on all others and quickly bring an
unraveling of the snarls.
$50 long as the sources OF production
and industry are intact and active,
pessimism that carries one In prognosti-
cation to the use of such terms as rev.
olution' and chaos is not justified. The
political disagreements prevailing In
Europe to-day are ydiscouraging, but
they will not endure The worse they
become the greater tlfe reaction of the
people toward a common sense view OF
things. and thus the more It becomes
politically expedicnt for those In control
N reach agreement Tshere NAV he
more dark hours. but Europe Ia Rssur-
edly making progress on tho road that
leads to eunshine."