Show FINANCIAL SITUATION IS GENERALLY J 1 CLEARING 4 Prospects of ot a gradual clearing dearing of ot the tho financial situation are aro In Sis sight according to an nn Interview lew with John J. J Mitchell president of ot the Illinois Trust company published in tho the Boston News Bureau President Mitchell Tho The financial situation Is clearing gradually London la is discounting American Ameri Amerl- can bills bilI against a documentary drafts and andIs andIs nd Is dealing in some of ot our standard stocks like Harriman Pacific Rending Reading and Steel at advanced prices Similar Improvement Improve ment 18 la observed In this countr country I understand understand un un- un- un that a bank hero bero tried to get New Ne York city bonds and tho the best It could do was as on a fi 65 per cent basis basia I- I Everybody understands this thin loan was an emergency loan at an nn abnormal price I making the notes practically commercial paper The public Is becoming accustomed to the new situation and Is getting Its Ils nerve back after the first shock of othe the war If the stock exchange does not open before I January Januar 1 I 1 think the I largo large insurance companies and other financial Institutions I could fairly make out their statements on ona ona onn a n basis of ot the closing prices L There has been some come difference of opinion hero here asto as asto asto to tho the basis of or trading in bonds for cash but the banks generally agree that as they hold the purse purge stringy strings and quote I money of oC necessity at 7 per cent their bond departments should stand pat t with the big biff bond houses If it is decided to have hare a gold pool of or ICES less n. n and 20 or 25 per cent of ot that amount Is to be actually deposited I 1 assume th that t the West will subscribe one half but If It the tho full Cull amount were to tobe tobe tobe be deposited which of ot course has not been considered the West's proportion would have bave to be less There is comparatively com corn little gold or or 01 gold certificates In the interior The burden would fall upon a n few of or the lar larger er banks In each ch of the larger clUes cities Half a dozen banks i in Chicago hol hold 90 per cent of the gold sold supply here Wo We a assumed at first that tho the proPOSed proposed pro pro- posed U syndicate would provide provide pro pro- vide ide New York City's needs but as they have been met 1 I see seo no reason renson why or even is necessary to do the trick I 1 dont don't see ee ec why the government should resort to war nr tax measures when it has Panama bonds In the tho treasury treas treM- ury Iry which were n never ver sold Furthermore wh why tax us and attempt to approprIate appropriate appropriate ap ap- ap- ap for tho the pork pori barrel barrel barrel bar bar- rel That amount has been reduced to but why not wipe It all out River and harbor Improvements can wait walt Commercial money here Is still held at 7 per cent because that It Is the Interest on clearing house certificates but tho the monc money situation Is somewhat easier casler I believe o money will be 6 per cent before It ItIs ItIs itis Is 8 per cent and I do not believe that It will reach 8 S per cent The foreign exchange situation has been greatly relieved cd by largo e. e exports porta of wheat and oats and exports of a fair amount of meats and provisions and now I am told corn coin and some cotton have been worked out for England and parts of the continent |