was good; so that, taking the principal States, we think the yield has been but little, if any, below a fair average. The present high prices, however, would indicate a different result; but we think it will be found that as soon as supplies can be properly equalized, there will be no scarcity, and not only so, but that supplies will be fully equal to the home demand; and from present appearances, there will be no need of a surplus for export. The crops in Great Britain and France never promised better, and while dealers in England predict a farther decline in prices there, the rates current at the last date would not justify the payment of over $5 75 a 86 00 in New York for shipment to Liverpool; while $950 a $10 00 are now being paid in the former for good brands. Should the expectations in England and France with reference to the harvest there be realized, there must either be an entire suspension of exports from this country, or a very large decline in prices on this side. The probability is that there will be a large falling off in the exports, and also a material decline in prices; but in any event, it seems certain that producers will be amply paid. The crop of oats was unusually heavy throughout the country. Barley and rye also yielded well. Of hay the crop was also large. Putting all the crops together, then, the aggregate result is much more satisfactory than last year. With reference to corn, the case is different. For two months past a most severe drouth has been experienced in nearly all the States, which has injured the corn very much. This is said to have been the most severe and general drouth that has been known since the settlement of the Western States. The consequence is, that the prospect for a good corn crop is quite discouraging; but our impression is that matters have been represented in their worst light. The month of May, and the first part of June, were favorable for the growth of the plants, and they had attained to a very considerable size before they were affected by the drouth. We find, therefore, that while some fields will produce little or none, others will yield well. This is true also of different sections. Besides this, the crop in portions of Alabama, Georgia, Texas, and Arkansas, promises well, and in some sections of our Western territories the yield will be large, and in the Middle States, where the prospect is most discouraging, matters have been improved a good deal by recent rains. Another fact to be considered in this connection is, that a greater number of acres were planted this year than last, and therefore, although there may be a falling off in the yield per acre, the deficiency in the aggregate yield will not be in the same proportion. Another fact to be considered is, that there is a larger surplus of old corn than was held at the corresponding date last year. An impartial view of all the facts connected with this important crop, leads to the conclusion that the aggregate yield will certainly not be more than one-third deficient, and this deficiency will be made up in part by economy in home consumption, an excess in the yield of small grain, and a falling off in foreign exports. The crop of late potatoes will undoubtedly be very short, and this will cause an increased consumption of corn and wheat bread. As regards Hogs it is difficult to determine as to the result of the next crop, as the extent of supplies will depend very much upon the prices that will be realized. The number of stock hogs in the country is beyond question large, larger than in any former year, but the high price of corn and the deficiency in the growing crop, it is supposed will cut supplies short. Should prices rule low this would doubtless be the case, but with a fair prospect for realizing $4.50 per 100 lb. net and upwards, we may look for a full crop. Stock hogs rule very low, there is a large crop of mast. and this, with the oats and corn that promise to be on hand, will be sufficient to fat a number of hogs, larger than that packed last season. Nothing therefore but discouraging prospects with reference to prices will be likely to prevent an excess in the hog crop. Within the last two weeks an effort has been made to get up some excitement, and we heard of a few contracts at $4 25, $4 50, and one as high as $5, but there is an apparent determination on the part of packers not to operate in this way, and as yet very little has been done throughout the West in the way of contracting. By way of summing up the facts already presented with reference to the condition of our city, and the western country in a commercial point of view, we will remark, that matters are by no means discouraging. It is true that a system of extravagance has been practiced for two or three years past, which has caused much trouble; but the reverses that have been experienced have served to lead to the correction of abuses, which in due time will insure a more healthy action. The basis of our great interests is still strong. The agricultural interests are in a great degree prosperous. For several successive years, good crops and full prices have been realized, and this season the crops are upon the whole, fair, and the prospect is decidedly favorable for highly remunerative prices. This will insure a fair trade in general merchandise and groceries, and as the occurrences of the past year promise to insure more honorable and legitimate competition, dealers may reasonably look for more satisfactory returns than were yielded by the business of the season just closed. The monetary pressure to which reference has already been made, has operated seriously against new railroad enterprises in the West, and but little progress has therefore been made during the year on most of the projected and progressing roads, diverging from this city. The Cincinnati and Marietta Railroad has progressed with reasonable speed, and the line will be open to Chilicothe in the course of two or three weeks. The Covington and Lexington Railroad has been running since May to Cynthiana, and the track is expected to be completed to Paris in the month of October. This will afford a connection with Lexington, Ky. The work on the southern roads which will eventually connect us with the seaboard is progressing, though not as rapidly as could be desired, owing to the money pressure. The Covington and Lexington Railroad will prove of immense advantage to the trade of our city, and the extension of southern connections will secure still farther advantages, and the work on these roads will be watched with more than ordinary interest by all who feel a concern in the advancement of our commercial interests. The business on the little Miami and Cincinnati and Hamilton and Dayton Railroads during the year has been most satisfactory, and the Ohio and Mississippi Railroad, since its opening has done a very good business. The two former roads are now among the foremost, both as regards profits and management, in the United States, and the Ohio and Mississippi Railroad when completed will be equally profitable. The operations on these three trunk roads we shall now notice separately. The business on the Little Miami Railroad, in conjunction with the Columbus and Xenia Railroad Co. (these two roads being connected in interest, and running arrangements,) have experienced an improvement in their business, during the past year, as will be seen by the following comparative statement, which refers to the Little Miami Railroad alone; the gross earnings of both roads being fifty per cent more than amounts given below: 1852-3. Passengers. 1852-3. 1852-3. 1853-4. Passengers. 28,777 06 32,725 53 31,992 92 23,494 91 55,487 83 34,916 39 28,791 04 63,707 43 Oct... 33,143 69 27,926 82 61,070 51 34,936 78 28,687 28 63,624 06 Νον... 25,586 51 28,292 27 53,878 78 28,544 76 26,529 24 55,074 00 Dec... 22,831 62 28,739 12 51,570 74 26,624 23 29,197 93 55,822 16 Jan... 23,735 44 26,655 98 50,391 42 20,699 94 24,268 34 44,968 28 Feb..... 22,745 59 21,805 51 44,551 10 22,412 27 29,355 84 51,768 11 March.... 26,982 80 27,098 86 54,081 66 27,336 53 33,818 00 61,154 53 April. 21,416 20 29,999 82 51,416 02 25,603 24 25,278 76 50,882 00 May.. June July 27,629 03 23,093 04 50,722 07 27,878 90 24,148 90 52,027 80 .... 33,106 11 21,107 55 54,218 66 26,248 52 24,745 72 50,994 24 31,184 62 20,382 86 51,567 48 24,077 37 29,252 58 53,329 95 Totals... 329,131 59 299,874 37 629,005 96 332,004 46 385,089 60 667,094 06 The double track is now being laid, in continuation, above Plainville, and will be completed to Foster's Crossings in November or December of 1854, which will materially facilitate the business on the south end of the line. The Cincin nati, Wilmington and Zanesville Railroad connects with this line at Morrow, to which point the second track is expected to be laid in the spring (1855.) The business from this connection adds considerably to the traffic of this road, as it now extends to Lancaster, and it is expected to make its terminus at Zanesville early next year. The Cincinnati and Hillsborough Railroad to Hillsborough, and the Marietta and Cincinnati Railroad which will soon be completed to Chilicothe, and several miles beyond, on its eastern route, both connecting with this road at Loveland, act as important feeders to the line, and will, as they extend, largely augment the business. Improvements are being made on the Columbus and Xenia Railroad near Columbus, in straightening the line, and reducing the grade, looking forward to making a double track to London. Important connections are now about being perfected on the Central Ohio Railroad at Wheeling, so as to make a through line to Baltimore. Other connections are about to be made with the Steubenville and Indiana Railroad at Columbus, which will make a direct and through connection to Philadelphia. The through traffic, added to the local business of these roads, cannot fail to largely augment their earnings. The business of the Cincinnati, Hamilton and Dayton Railroad, continues to meet the full expectations of its original projectors, and the public; each year, since its first opening, shows a large increase of business, and as we predicted in our last annual report, the past year shows the usual increase, notwithstanding the general embarrassment of the country, and the universal prevalence of cholera, has tended to lessen business on railroads generally. The low fare, between Cincinnati and Buffalo, has not interfered with local rates for passengers and freight, but has had the effect to induce a large amount of through travel which would otherwise have taken a different direction to the Lake. The character of the Cincinnati, Dayton, Sandusky and Buffalo line being now well established, are among the best and most comfortable routes to the East, and we presume that after this season, the prices will be advanced to a more paying point. Since our last annual review, a new and very profitable business has opened to this line of road. The completion of the Ohio and Indiana road, from Crest line to Forest, gives a connection with Pittsburgh of unbroken gauge, and large amounts of freight are now daily received and forwarded by this route to and from the eastern cities. The passenger business from the same quarter, is also rapidly increasing, and the route via Pittsburgh bids fair to command a very large share of trade and travel between Cincinnati, Philadelphia, Baltimore and New York. The C. H. and D. Railroad may emphatically be called a trunk road, for there are no less than six roads that must necessarily use it to bring their business to Cincinnati. These roads, now but partially in operation, when completed will extend over 1,100 miles to the north, northeast, and northwest, and they penetrate the most fertile and productive regions to be found in the United States. The cost of the C. II. and D. Railroad per mile, when compared with other Western roads, appears large; but deduct the real estate, equipment supplied to connecting roads, and other valuable property held, and the actual cost of the road proper will be found moderate considering it is the model built road of the West. The road is 60 miles in length, is yet in its beginning, having been opened less than three years; is located in the valley of the great Miami River, which, for population, fertility of soil and productiveness, is not surpassed, if equaled, in the West. The earnings for the two years ending March, 1854, as appears by the last annual report, are as follows: Year 1852-3.. Number of 234,828 342,954 Freight & passengers. The business of the road for the last six months, ending August 1, 1854, as compared with the corresponding six months of last year, shows an increase in the number of passengers of 33,825, and of earnings $33,741 76. Since the last annual review of the Price Current, the work on the Ohio and Mississippi Railroad has been driven forward with the utmost energy. On the 3d of April, the first section extending west from Cincinnati to Cochran, a distance of 26 miles, was opened for passenger-trains, which have been regularly run with the most gratifying results. For the most of this distance the road runs parallel to, and along the bank of the Ohio River, and in its business was brought in direct competition with old established and well managed steamboat lines, which, with the fact that the terminus of the road is distant more than a mile from the center of business and population of the city, the most extraor dinary results in this section were reached. In the last week prior to the opening of the second section of the road, the number of passengers had reached over 500, and the receipts over $200 per day. Nearly the whole of this amount may be properly termed local travel. On the 1st of July, 1854, a further section of 61 miles was opened--making in all 87 miles of continuous railway-under the auspices of the city authorities and the merchants, who embraced the occasion to entertain the merchants and municipal authorities of the several cities brought by this agency into close connection. By the opening of this section, Cincinnati is brought into close connection with the large and flourishing city of Louisville. The time now occupied between the two cities is six hours. The superior facilities of this route over the old steamboat lines--which ordinarily occupied 15 to 18 hours--from its greater reliability, being exempt from the serious objections of low water, ice, and fog, must in time command a very large proportion of the immense travel passing between the two great cities of the Ohio. The business thus far is much greater than was anticipated. For the past week the number of passengers was 4,836, and the receipts for the same time from passengers amounted to $3,786. Freight trains have just commenced running, the intermediate time having been occupied in delivering lumber for fencing-a contract having been made to fence the entire road in the most substantial manner-telegraph poles, materials for necessary structure, &c. The finances of this company are in a good condition, and the work of construction on the unfinished sections is going on most vigorously. It is confidently expected that the entire line will be completed to St. Louis-from which cars are now running on 60 miles--in one year. We hope, therefore, in our next annual report to have the pleasure of announcing the completion of this much needed and important enterprise. COMMERCE OF THE PORT. The tables published in another part of this number of the Merchants' Magazine exhibit fully the details of the business that comes under this head. The aggregates show a continued and steady increase in our trade. In the total number of steamboat arrivals a slight falling off is shown, but this is owing to the low stage of water in the Ohio River for two months past. During the month of August there were no arrivals from New Orleans-only four from Pittsburgh, eight from St. Louis, one hundred and sev enty-seven from other ports, and the total from all ports one hundred and eightynine. The river between this point and Pittsburgh has been below a navigable stage for a greater length of time the past season than for many years previous. The flat-boat arrivals during the year reached 4,970, of which 2,485 landed at the wharf between Walnut and Plum streets. These boats were laden with wood, pig metals, salt, coal, stone, and various descriptions of produce. The aggregate value of the imports and exports show a large increase over last year. The figures for three years compare as follows: Our figures, as we have elsewhere stated, do not embrace the total imports and exports at the port, as a great deal of produce, merchandise, and manufactures are received and shipped of which no account is taken. The aggregates given above are therefore much below the actual value; but so far as they go they are very nearly correct. We will also remark that goods received here for re-shipment, unless consigned to city merchants, are not included in our tables. We shall now proceed to notice, under respective heads, the course of the market for the articles that enter most extensively into the Commerce of Cincinnati. HOGS AND CATTLE. Towards the close of the summer of 1853, a large speculative movement was observable among the pork dealers, the impression that previously prevailed, that the crop would exceed that of the previous year, having to a very considerable extent given place to one of a directly opposite character. The consequence was, large contracts were made for early delivery. Prices commenced about $4 25 and extended up to $5 25. The bulk of the engagements, however, were made at about $5 per 100 lbs. net. The contracts, however, on the part of our city packers, were not very extensive, as it is estimated that the numbers thus purchased did not exceed 75,000 head. In the interior, however, and at places farther west, the contracts were very heavy. Though the stocks of hog products in the country in the fall were known to be fair, yet the heaviest portion, perhaps, was held in the West and South, and the comparatively meager supplies on the Eastern seaboard induced packers to believe that there would be an early and profitable market for new products. Consequently, arrangements were made for a premature commencement of packing operations. The weather, however, proved unfavorable for this early business, and, in addition to this, navigation was interrupted, so that no advantage really was derived from the early delivery of hogs. For a month or two previous to the commencement of packing operations, prices fluctuated considerably. At one time buyers became anxious to operate at $5 25, and the tendency was strongly towards $6; but a reaction followed, and the market opened easy at $5 about the 7th of November, and prices receded steadily until the 29th of November, when they reached $4, being the lowest point of the season. If we take the range of prices from the time packing operations actually commenced until they closed, there was precisely $1 between the highest and the lowest extremes. In 1852-3 the range was between $5 20 and $7, and in 1851-2, between $4 20 and $5. The following statement, which has been prepared with care, and will be useful for reference, shows the extreme and average prices for the last and previous season. From this it appears the average for the past season was $4 47, against $6 31 for the previous year; $4 70 for 1851-2; $4 00 for 1850-1; and $2 81 for 1849-50. Our figures do not, of course, embrace the purchases made prior to the commencement of packing operations. From this statement it will also appear that the season was more protracted than any we have had for several years, and also that the opening and closing prices were the same. |