The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-10-31
FINANCE AND TRADE.
pa;n ,,,iI ana Commercial.

Financial and Commercial
The defalcation {if sach it can be
called) of David d. Michasls, The pro-
prietor of daily commercial circu-
lar, was the engrOssing topic of CONVEX
sation in business circles to-day. Mr.
Michael was well knoSh1f business.
circles here, and has for sonle tune past
been operating to greater or less ex-
tent in provisions. He had gained the
of quite number OF our
leading provision men, and until re,
Gently had been prompt in meeting all
engagements. The large decline OF late
in,the prices of pork and lard caused
him serious losses, and to redeem these
he resorted to the issuing OF forged
warehouse receipts on pork and lard.
He gained the confidence of his banker,
and the Manufacturers National loses
$40 900 through his fOrgeries. He OBJ
tanned money from personal friends by
the same means, and it is estimated that
$50, 900 will not pay the liabilities he
has . incurred. 1t is = said, that
Mr.. Michaels has disappeared, and 40 is
Thought he hasgone to Canada-Ghi'
cago RepublieanA u u III z IL
The cotton movements of the week
are reported as follows by the Financial
Chronicle The total receipts at all the
ports are quite liberal, and show a con-
siderable increase on the previous seven
days, the total reaching 32,962 bales,
against 25,O75 bales last week, 1862
bales the previous week, and l2,5O7
bales three weeks since), making the
aggregate receipts since September l,
this year, log, 964 bales, against 110, 1853
bales for the same period in 1866. In
the exports there Is also a further in
crease, the total reaching 6372 bales,
against 1893 bales last week, and 255G
bales the previous week. These ship
ments, were, hewever, all from New
York aud New Orleans. For the cor
responding week in 1866 the shipments
of cotton from all the ports amounted
to 5677 bales The total foreign export
from the United States since September
|, 1867, now reaches IL, 800 bales, against
Sc. $50 bales for the same period last
year, and the stock at all the ports Is at
present l03,65l bales, against 266,354
bales ut the same time in 1866.
The following are the estimates of the
cotton crop for 1867, taken by the Blu,
reau of Statistics. Thereturns are from
4S4 divisions, several divisions yet re-
manning to hear from, and show that
5,067 ,025 acres have been planted in cot
ton, and that the estimated yield Is
l,56S, 357 bales of $50 pounds each, equal
to 1,764,4 bales. of 400 pounds each,
the latter being the weight assumed in
the census of 1860. The yield of 1866
was 3,656,O36 bales of 400 pounds each
The money market is thus described
by the Age of Tuesday: The question
whether we shall have an easy money
market is one which in divers ways in.
terests every merchant and manufactu.
rer, every farmer and mechanic, in fine,
all classes and conditions of men, nc
less than the banker or the capitalist
Ease in money means to the nation at
large material prosperity, and to our
enterprising working citizens remune.
rative employment and steady rewards
for their labor and enterprise. The in
vasion of monetary stringency sweeps
away the accumulated wealth of the
past, and it may require long and pain.
full efforts to recuperate from the shock
L., -, I'D in do.
gree and slight stringency will effect
on q small scale, what n general panic
brings about sn a grander scale, the chief
difference being in their force and
extent. 1t becomes us, therefore,
To look Mt the probable indications
of the movements of money i'll the immc-
diate future. There are forces at work
which ought to produce ease. We have
an abundance of idle capital of our own,
Three years ago it was ample enough to
absorb all our government and other
securities, besides carrying on the bust
ness OF the country. During those
three years our capital has been grow
ing, while no great accessions have been
made to government bonds, railroad
shares, and other negotiable instruments
dealt in at the Stock Exchange, but on
tho contrary, securities amounting to
sou, 900 have been bought and ex.
ported by Foreigners. If il was suffici.
ent then, it must be ample and abun-
dant now, but we have, in addition,
large contributions of loanablc capital
from abroad. So far, therefore, as am.
pie supplies of capital are condition
of an easy money market, there would
seem to he no cloud of doubt hanging
over our immediate future.
FoEEIGS.-The London Economist OF
October ~, remarks on monetary
affairs: .
The unexampled abundance of money
had given rise to some conjectures that
the bank rate might be reduced below
two per cent. The usual weekly court
passed over, however, without the adop-
ton of any measure to that effect. The
payment of the dividends on Govern
ment stock, which commenced yester-
day, and the distribution now taking
place on Overend, Quincy 81 Co.'S estate,
are events calculated to overload the
loan market still more.
uC tuN diSC Oh tuC iuiCISH CACuuuSCS
has promoted the export of bullion to
some extent; and late arrivals have
been taken for the Continent. The
speculative movement that seems to
have sprung up in the corn market may
also serve to'infuence the exchanges to
some additional extent, as the demand
for consumption here and in France is
strong. The failures in Liverpool, re-
sulting from the continued decline in
the value of cotton, tend in another
direction. Raw cotton is now at a
moderate figure, and there seems to be
prospect of a further fall. So soon as
the manufacturers find in the low price
of cotton sufficient temptation to set
their mills at full work, the population
of the northern, counties will readily
improve the situation, and the effects of
the resumption of our cotton trade will
tell upon our whole country. There is
much suspended consumption to be
supplied, and worn ont stock in cotton
goods TO be replaced, in England and
abroad. The cheapness of money will,
for some time, tend to the fac;litatien
of legitimate trade, and, with this basis,
fresh era of prosperity may be looked
for. The only event of the week that
serves to illustrate the want expert
enced of undoubted securities, is the
avidity with which the city st per cent.
loan of 10000 was taken, notwith.