The Washington times., 1923-10-09
BANKER A BULL
{ ON AMERICA,
He SAYS
Walter E FreW, Returning
From Europe, Predicts Great
: Prosperity Here.
By w. S. COUSINS.
Copyright. 1928, by CosmopoIitan



News Service.)
NEW YORK, Oct. 81 become
tmore bullish on America each time
I return from a visit to foreign
shores, - said Walter e. Frew,
president of the Corn Exchange
Bank of New York today, returning
from a short trip to Europe
The whole world, in fact is
publish on America said Frew,
and not so much from a selfish
standpoint, either. The people of
Europe realize that while they are
depressed by their wrangling over
postwar problems, America is en-
joying the fruits of prosperity.
The ,Britisher feels a sense of Sc
curity in the steady advancement
Of American business anG derives
from 1t a certain inspiration which
helps him to solve his own prob
lems-the greatest of which is the
unemployment situation"
French Praised.
The industry and frugality of
the French people were praised by
the banker.
SGT observed no idle people in
France" he declared Everybody
Is busy: in the fields, in the mar
Ret places, in the centers Of in
sdustry. Men and women are cheer
ful as they gather the crops, which
are unusually abundant this year.
I, saw no discrimination against
foreigners in either the city Or the
country districts
Frew regretted the existence CT
FTa1Iff 6pa YiSIn T0rnYea oJQ Yda Syf1inl1
has been flooding the financial dis
trict.s He particularly condemned
what he called the statistical
quacks," who profess to be able TO-
chart the course of business by
means of s'hills and valleys IN
their price charts. The principal
facts to be considered at this time,
according to Frew, in judging the
situation, is that Americans are
al busy, and working men are re-
ceiving better incomes than eve-,
Since no way has yet been devised,
he declared, to prevent men from
spending their money, it will he
logical to look for a continue nee
evidence.
Condemns PeSsimiSm.
ut is great mistake, said
Frew, flor American people to in
dulge in pessimistic forebodings of
future business conditions in this
country. The loss of European
markets~cannot ruin US. Politicians
cannot destroy us, for that would
be pulling the house down OH their
own heads, and they are too shrewd
for that. ] see no reason to eX
pect any adverse business legisla
ton IN the next session of Con-
gress, and / fully believe that hest
fancy ia some departments of do
mestic business based on the as
sumption of political attacks on
business is entirely groundless."
E'rew Is; a warm advocate of the
branch banking system. and said
that its wider adoption would slim
.:I:a.= s-uss-ness instead of depfess-
ing it. Most of the antagonism
to branch banking" he said, lis
based on a Inisapprehension of the
aims and objects of those who are
seeking to extend their business
through these channels. | would
be the last to advocate the broad
extension of the business of a
banking institution over State lines, |
I should never attempt to open a
branch of my bank in Muncie,
Ind. But over a restricted terri
tory, bounded perhaps by the limits
Of the city lines. a central banking
Institution can be of immeasurable
aid and assistance to an outlying
district through the operation of
cts branches
1.-The American people will find
Il more profitable in the long run
to be long of common sense than
10 be either long or short of spec
ulative stocks" Frew said con-
corning the speculative situation.