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By railroad to Cleveland, lake to Dunkirk, and railroad thence to New York,
time six to eight days— Drayage in Cincinnati... Freight to New York .. Insurance on lake.....
$0 25 8 16 0 15
$8 56 Showing a saving of six dollars and ifty-six cents per hogshead in freight and other expenses, and from one to two months in time.
“ The figures which we have set down as the charges from the city include the commission of the forwarding merchants here, so that there cannot be any additional charge to shippers or consignees.
“ Via railroad to the Lake, steamer to Buffalo, canal to New York, expense is as follows, and time eighteen days :Drayage in Cincinnati...
$0 25 Freight to New York
6 90 Insurauce on Lake...
$7 45 Being about one dollar less than by the other Northern route, and seven dollars and sixty-seven cents less than by New Orleans.
“ Via railroad to Cleveland, steam to Ogdensburg, and railroad thence to Boston, the expense is :Drayage in Cincinnati...
$0 26 Freight to Boston.
9 00 Insurance on Lake.
“ The foregoing facts show that, taking Louisville as the starting point for the Southern route, and Cincinnati for the Northern route, the saving in actual expense in favor of the Northern routes is about 50 per cent. In addition to this, we must take into consideration the time occupied on the several routes, and the heavy damages that all tobacco suffers while being transported to the North, or any other point, via New Orleans. This is a point which planters fully understand, as they do also the advantages of the saving in time, and we need not, therefore, dwell upon these features.”
Art. IV.-TRADE AND COMMERCE OF CINCINNATI IN 1852. *
In accordance with a plan we have adopted for a year or two past, we lay before the readers of the Merchants' Magazine a valuable “ Review of the Trade and Commerce of Cincinnati for the year ending August 31st, 1852, as reported to the Cincinnati Chamber of Commerce and published in the Cincinnati Price-Current, by RICHARD SMITH, Superintendent of the Merchants' Exchange." The Chamber of Commerce in Cincinnati deserve the thanks of the commercial and business community throughout the country for their efforts to diffuse correct information touching the trade and Commerce of an important portion of the country, by the employment of a gentlemen every way qualified for the task of exhibiting clear and comprehensive statements of the commercial affairs of the great and growing West. It is a matter of regret that the New York Chamber of Commerce, representing as it does, or should, the great commercial emporium of the nation, has not seen fit to adopt a similar plan.
* For a similar review of the Trade and Commerce of Cincinnati for the year ending August 31st, 1851, see Merchants' Magazine for October, 1851, (vol. XXV., pages 429 to 445.) For statistics of the Trade and Commerce of Cincinnati for 1852, see our department in the present number devoted to " COMMERCIAL STATISTICS."
In our number for October, 1852, we published the annual statement of the “Trade and Commerce of New Orleans" as furnished to our hands by the intelligent editor of the Price-Current of that city. The character of our Journal as a book of reference, gives an historical value to the publication of such articles in the pages of a work like the Merchants' Magazine, the volumes of which are to be found in every judiciously constituted public library in our own country, and in most of the great libraries of Europe.
THE TRADE AND COMMERCE OF CINCINNATI FOR THE COMMERCIAL YEAR ENDING
AUGUST 31st, 1852. In our last annual report we had occasion to notice the general commercial prospects of the country as being highly favorable, and in presenting our annual statement at this time upon the recurrence of a new commercial year, it is gratifying to be able to state that the expectations entertained at the commencement of the season have been realized almost in their fullest extent. This favorable result is to be attributed in a great degree to the abundant crops produced in 1851, and the absence of a falsely based speculative movement in the leadng staple products of the country. The apprehension of a commercial crisis entertained prior to, and at the close of the last commercial year were removed early in the fall by continued heavy and increased receipts of the precious metal from California, and during the last eight months monetary affairs have been unusually easy. Capital in all the Eastern cities has been abundant and cheap. For several months loans were freely made in New York at 34 and 4 per cent per annum. Notwithstanding this abundance of capital, the markets for produce generally maintained a quiet appearance, and breadstuffs throughout ruled low, and for all leading articles the demand was chiefly of a strictly legitimate character, and the value of the several staples, for the most part was regulated by supply, and the regular consumptive demand—thence the present healthy condition of trade.
In our prospective remarks at the close of the last commercial year we took occasion to express the opinion that the hog crop of 1851-2 would not vary materially in extent from that of the preceding season, and the result proved that we were not very much astray. In a reported crop of equal to 268,000,000 pounds there was a deficiency of 16,000,000. In the same connection we remarked, that with an increase of one-fourth or one-fifth over the crop of 1850–51 the prospects were not unfavorable as regarded prices of the manufactured article, although it was evident hogs would command over $4 50. This opinion was based upon the great deficiency in the stocks of old products; upon this point the course of the market has shown that we were entirely correct. From the commencement of the season prices steadily advanced until they reached an unusually high point; where, with but slight variations, they have been sustained throughout. "It was not expected at the commencement of the year that there would be any considerable foreign demand for bog products. In this respect the trade has resulted as was expected, with the exception of lard, for which there has lately been a very active demand, and the amount exported is considerably in excess of last year's shipments.
With regard to the market for cereal products we remarked that in consequence of two abundant harvests in succession in this country, and an average yield throughout Europe, the tendencies of the trade favored prices very little above, if not below a producing point. Such precisely has been the result of the season's business-prices throughout having averaged but a trifle over $3 00 per barrel for flour-being nearly fifty cents below the average of last season.
Notwithstanding the average supplies of home and continental wheat in the markets of England, the low prices current on this sidė the Atlantic induced a moderate foreign demand for our wheat and flour, and the exports show an increase of about three hundred thousand barrels of the latter, as compared with last year. Of Indian corn, however, the exports to Great Britain and Ireland show a falling off of six hundred thousand bushels. The consumption of this article in England and Ireland increases and diminishes in proportion as the value of flour rises and falls—consequently, while the latter rules low, the foreign demand for the former must be limited.
In this country corn has been relatively dearer than flour, owing to the high price of hogs, and the probability is that the relative value will continue in about the same proportion during the ensuing six months at least.
In accordance with our usual custom we will, before closing this branch of our general remarks, glance briefly at the prospective condition of trade generally, but more especially with reference to the leading Western staples. În
our last annual report we had occasion to notice a large yield of cereal productions in the seasons of 1850 and 1851 which, in the absence of more than a very moderate foreign demand, and with a comparatively low currency in the home markets, has added largely to the surplus stocks in the country. This year the harvests that have been garnered up to this time have been, as regards quantity and quality, fully equal to those of either of the two preceding seasons, and the yield of oats and barley is said to be larger than ever before. It was also believed that wheat would be greatly in excess, but this expectation has been realized in but few localities, owing to the rapid progress of vegetation in the spring and early summer months having made a large quantity of straw. The fields while standing looked well, but the yield was not equal to the appearance. There was, however, a full average crop, which added to the already large stock in the granaries, increases the supplies in the country far beyond what they have ever before been.
a full average stock is held over from last year's crop, but it is quite probable that the growing crop will fall somewhat short of an average yield. The season for planting was cold and wet, and perhaps one-half the ground had to be replanted. Thus the season was two or three weeks later than usual. Then again, before the plants were fairly in tassel a severe drought commenced, which continued in two-thirds of the corn growing sections of the West for fully six weeks, and about three weeks ago the prospects for even half a crop were decidedly unfavorable. Copious and general rains have, however, since materially changed the appearance of the plants, and although the product per acre will be one-fourth below an average, the yield throughout the West will not be this much short, as the increased breadth of land planted will make up in part the deficiency.
With regard to the crop of hogs we cannot speak with as much certainty as of the supply of grains. But from all the information in our possession, and we have endeavored to inform ourselves pretty fully, we have arrived at the conclusion that there will be an increase in number and weight, as compared with last season, that will in products be equal to fifteen or twenty-five per cent of last year's crop. There are no dealers, so far as we are advised, who anticipate a supply smaller than that of last year, while the majority, , perhaps, predi. cate their transactions upon an increase, The low prices that were obtained for hogs for some seasons prior to 1850-51, and the relatively higher value of corn in the same seasons, induced farmers to reduce their stock of hogs, and thus a rapid decline has been experienced in the crop until the stock of provisions has been reduced very low, and the value of hoge greatly enhanced. Now the inducements to increase the supply of hogs, and to make those on hand as heavy as possible are much stronger than those which induced an opposite course. But it is not believed to be possible for supplies to be increased much, if any, beyond the per centage mentioned above. Beyond this season, however, dealers look for a rapid increase until an over-production will cause a change in the trade similar to that which has led to the present comparative scarcity and high prices.
Of beef cattle there is in the Western country, unquestionably, a great scarcity,
and the packing business of the ensuing season will fall at least one-third or one-fourth short of last year's business, and in this section of country it is supposed the supply will not be much more than equal to the demand for local consumption. In the Western States the constant tide of emigration to California has greatly reduced the supply, and in every section of Illinois and Iowa steers are extremely scarce, and unusually dear.
From the statement presented above it appears that the supply of wheat in the West at this time is unusually large, and that with a favorable fall for the maturing of the grain there will be a full average supply of corn. What then are the prospects as regards prices? Unless a very large foreign demand is experienced during the season for wheat and flour, prices in the home markets must rule low-certainly not above—but perhaps below the average of the past
The prospects for such a demand are not certainly favorable. Within the last few weeks prices have advanced in England in consequence of the reappearance of the potato rot, and unfavorable weather for harvesting and orders have been sent to this country from both France and England, but these orders were sent, principally, when flour in New York was below $4 for good brands-a price that would not justify $3 in this market. Since then flour has advanced, and freights have also improved, in consequence of which the demand has fallen off. At the last date from Europe the trade was in a state of suspense--the weather was at the time unfavorable, and the potato rot was prevailing in some districts, but nothing definite was known. "A few weeks, however, will determine this whole matter, and it is useless, therefore, to speculate upon it. We repeat, however, that the prospects do not favor any better prices than were obtained last year. Corn will, doubtless, rule relatively higher than wheat, owing to the high price of hogs, and it is not likely that the foreign exports will be much, if any, greater than last season.
Early in the summer contracts were made for hogs as low as $4 75, but very little was done below $5 00, and, two or three weeks since, when it was expected there would be a very short crop of corn, some contracts were made as high as $5 50, and considerable was done at $5 25. At this time, however, the
eeling is decidedly less favorable to sellers, and it would be difficult to effect sales at over $5, although at this price there are not many persons willing to sell. From the condition of the market, and all attending circumstances, it is evident that prices will open at or over $5 per 100 lbs. net, and unless the crop should prove much larger than is anticipated, the business will justify the figure we have named. As we have already stated, the stocks of hog products have been for several years steadily diminishing, and this season there will be very little old stuff in any of the markets of the country, when the new product begins to go forward.
The market for beef cattle will be influenced by the price of hogs, and it is evident that very full rates will be realized from the commencement of the
As the agricultural interests underlie every branch of trade, we are enabled, knowing the present condition of the former, to form a pretty correct opinion as to the prospects of business generally, during the ensuing year. Although breadstuffs do not, nor are not likely to command high prices, yet the supply is so large, that even at low rates, the aggregate receipts therefor will be heavy, while the consuming classes will be supplied with cheap food. Then the price of hogs and cattle is fully 50 per cent above the average value, in ordinary seasons, and the increased income from this source will make up fully whatever may be deficient in other branches. Upon the whole, therefore, the farming interests are in a healthy condition. The effect of this will be experienced in trade, and already it is beginning to be felt. The country merchants are discharging their liabilities very well this season-much better than for several years past. This results from the payment of long-deferred debts by consumers, whereby the country merchant is able, in time, to remove his liabilities. This condition of things will open the way for an increased consumption of groceries, hardware, dry goods, etc., and in these departments a large business may, therefore, be expected.
Before closing these general remarks we will devote a short space to a notice of the railroad interests of Cincinnati.
In our last annual report we noticed that the Cincinnati, Hamilton and Dayton Railroad was nearly completed, and that roads connecting therewith and ex. tending into Indiana were also progressing rapidly. The former road was opened to Dayton in the month of September last for passengers, and in November it commenced carrying freight. The number of passengers carried over the road, earnings, etc., for nine months, ending June 30th, were as follows:1852.
Total. Ten days in September .. 2,916 $2,502 80
$14 45 $2,517 25 October... 18,1861 16,306 76
532 08 16,838 84 November.
13,7164 11,832 51 $315 97 262 75 12,441 23 December.
14,493 11,445 45 4,771 78 116 72 16,333 95 January,..
11,401 8,736 95 5,921 36 87 14 14,715 46 February
12,3111 9,893 15 4,241 95 135 40 14,270 50 March 16,2651 13,557 53 6,357 10 152 66
20,067 29 April.
17,058 14,314 72 5,865 26 301 30 20,481 28 May..
18,0967 15,386 61 8,133 62 180 92 23,701 15 June
19,3894 16,315 16 8,394 31 104 55 24,814 02 Total......... 143,8141 120,291 64 44,031 35 1,887 97
166,210 96 Since the first of July the road from Hamilton to Eaton has been opened, and also the road from Dayton to Greenville, both of which are doing a large local business. Another link of the Eaton road, extending from Eaton to Richmond, will be completed the ensuing fall, and the Greenville road will be extended and connected at Union with the Indianapolis and Belfontaine Railroad on the 1st of December next, thus making a continuous route from this city to Indianapolis, which will be run in nine hours. The road from Dayton to Troy, in Miami County, will be completed within six months. The stock of the Cincinnati and Dayton road sold early in the season as low as 80; but the rapid increase in the business of road soon enhanced its value, and it is now worth, in this market, 97 a 98. The company declared a cash dividend of 4 per cent, out of the earnings of the road up to the 1st of July. This is the only instance recorded in the history of Western railroads of a company declaring a cash dividend out of the earnings of the first nine months of its existence.
The Little Miami Railroad has continued to do a large freight and passenger business, and its earnings are immensely large. In June a semi-annual dividend of five dollars per share, payable half in cash and half in stock was declared. This stock advanced 110, and it is now worth 108, or $54 per share of fifty dollars. As this was the first road from this city, its history is well calculated to show the progress of business, and the rapid advances which have been made within a few years. For such a sketch we have not room here, but one fact connected with the matter is worthy of notice. Soon after the first links of the road were opened several parties who had subscribed to the stock of the company became anxious to realize, and it was freely offered at $12 50 on the share; and in one instance that we heard of, it sold as low as seven dollars. Now the same stock is more saleable at fifty-four dollars than it was then at the extremely low price mentioned.
The Ohio and Mississippi Railroad is making satisfactory progress, and since our last report has been placed under contract for its entire length, 335 miles. Messrs. H. C. Seymour & Co., the contractors for the road, have sublet that portion of the line extending from this city to its intersection with the Jeffersonville Railroad in Indiana, and also the Western Division extending through the State of Illinois from Vincennes to the Mississippi River opposite St. Louis. Engineering parties in large force are preparing the remainder of the line, (about 120 miles,) which will, doubtless, be sublet in a few weeks. Already the laborers are at work at various points in the three States, and additional grading forces are daily being added to those already on the ground. New vigor has been imparted to the enterprise, and with the present prospect it is confidently antici