limited during the first eight months of the year. In September, when it became evident this year's growth would prove an average one, sales to the amount of 7,000 hĥds. were made for export, reducing the stock to about 4,500 hhds., which is held with some firmness, in anticipation of a sufficient demand before the new crop of 1875 reaches market. I estimate the new crop at about 14,000 hhds., and in consequence of the rainy season will be extremely light, both of leaf and texture, and devoid of substance.

Seed Leaf Tobacco. The prevailing general depression of tråde The speculative rise in prices of other sorts had but a very slight effect on this branch of trade, and that but for a short time; the predominating features of the whole season were a limited business, and that only induced by corresponding low prices. The sales for export were not one-half of those of the preceding year, and the demand for consumption was considerably restricted by the general dullness and increased taxation. The decrease of consumption in wrapper leaf may also be traced to the fact, that through the introduction of segar moulds, a saving of 20 to 25 per cent. has been effected. Owing to the high price of low grades of Kentucky, a large quantity of common seed leaf was absorbed for cutting purposes; others, repacked into hogsheads, reappearing in that shape on the markets.

also exerted its influence on this article.

Of the new crop of seed leaf those of Connecticut and Pennsylva nia will furnish a full average, with part of fine quality. Those of this State, Ohio and Wisconsin are small, and of inferior and mixed quality.

'We are again indebted to our neighbors, Messrs. J. S. Gans & SON, for valuable statistics.

TOTAL PURCHASES FOR EXPORT SINCE JANUARY 1ST, 1875.

Crop of 1870 and 1871 to date,..

"

1872 to date,.....

CROP OF 1873 AND 1874.

Cases.

1,673

1,967

Conn.

Wisconsin

and

Mass.

and other Total.
Western.

Cases. 8,036 1,323

To which must be added the estimated crop of 1875,

as follows:

Our quotations, as compared with previous years, are, for the

1874 crop:

Binders and seconds,

9 @15c.

10 @15c.

66 Fine wrappers,

New-York State-Assorted lots,.

Assorted lots,..

@..

18 @30c.

15 @50c.

35 @55c.

7 @20c.

9 @18c.

@ 7 @ 9c.

71@20c.

16 @25c.

15 @25c.

6 @ 7c. 101@13c.

61@ 8c.

61@10c.

81@10tc. 6@ 9c.

Pennsylvania,

Ohio,

Wisconsin,

Havana Tobacco.-The transactions in this article have also been much affected by the unfavorable influences on business in general, but as much by the inferior quality of the crop and comparative high prices. The sales of the year amount to 45,000 bales, against 60,000 bales the previous one; and we close the season with a large accumulation of stock, with but a limited quantity of desirable quality.

The transactions in Yara were, throughout the season, more of a

Manufactured Tobacco.-The business for 1875 was about onethird less than the previous year, caused by the general influences, besides the result of an accumulation from the speculation of last year's increase of tax from 20 to 24 cents per lb., and the high prices paid for the raw material.

The total amount of exports from this port for this year was 6,554,936 pounds, against 8,729,692 pounds for the twelve months ending December 31, 1874.

Prices during the year have kept uniform, and at the close we find stocks much reduced at all points. Desirable grades scarce and firm, whilst ordinary old and new stock, which is coming on the market now, are reduced in values.

The trade is still suffering from the restrictions caused by the abolition of the bonded warehouses; and until these are re-established, but little hope for a healthy and prosperous business can be looked for. The question of tax on this article in Congress will likely cause renewed agitation.

We quote

year.

ANNUAL REVIEW OF THE PETROLEUM TRADE OF NEW-YORK,

FOR THE YEAR 1875.

THE production of the oil fields, the past year, has been fully 2,000,000 bbls. less than that of 1874, and smaller than the previous Whether this reduction is owing to a natural falling off and exhaustion of the supply territory, or the result of management on the part of producers, or both, we cannot declare with certainty; but we are of the opinion that the production will never again equal that of the past. The low price that has ruled for a long time, and the ruin which has followed to many who had invested their capital in oil lands and oil production, would seem to be a sufficient reason why the out-turn should be diminished, assuming these premises to be correct. Many efforts have been made to curtail the supply, and bring about a reaction in values, and these have possibly had some effect; but in the very nature of things, it would seem that the production must, sooner or later, be diminished by the exhaustion of these subterranean "rivers of oil." The declaration of holy writ, that cr unto the place whence the rivers come, thither they return again," we fear will not be found to apply to these. It may be, however, that when these are exhausted, other sources of supply will be opened, and the great reservoir, held in the hollow of the Almighty hand, be found equal to the wants of generations yet unborn. Prices the past year have been uniformly low, and the markets nearly every where depressed. At this writing there is considerable agitation on the subject of high prices of gas, and in many quarters petroleum has been substituted, without any loss of illumination, and a great saving of expense. Should this movement grow to any considerable extent, it may become an important factor in the determination of future values. The exports from New-York and from the United States are smaller than in 1874, but the stocks held over in Europe were large, and the supply has been ample throughout, though the remaining stocks in Europe, at the close of 1875, are materially less than at the close of 1874.

Crude-At the beginning of the year, was offered sparingly, and there were also reports of a decreased production, which tended to strengthen the market. As high as 6 cents bulk was paid the first week, which was an advance on the closing prices of 1874. This brought business to a stand, and led to a short pause, and a reaction to 6 cents after the middle of the month. At the close,

however, prices had worked up again to 6 cents, being higher relatively than refined.

February. The Creek markets tending upward, and being responded to here, exporters declined to enter the market, prices

having risen to 6 @ 7 cents; the foreign markets not responding, but speculators buying freely, the upward movement continued, till 8 cents was reached, the second week of the month. Here there was a sharp reaction to 62 cents, which, however, was only temporary, and a part of the decline was soon regained, 7 @ 7 cents being again obtained, fluctuating somewhat, but closing at 77 @ 8 cents, the advance being chiefly ascribed to the cessation of drilling new wells.

March.-Prices, with a dull market, early fell to 7 cents, but recovered the second week to 74 @ 7, though this was not maintained, and the month closed at 7@74 cents. It was stated as the opinion of those who were well informed, that the stocks in the oil region, about the Sth of the month, were not less than 5,000,000 bbls., against 3,000,000 same time 1874, the shipments from the region since the first of January having been light.

April.-The market was dull for the first two weeks of the month, and sales were made down to 64 cents, when there was an improved demand, and the price rallied to 7 @ 7 cents, which, however, was succeeded by another fall, the month closing nominally at 6 @6 spot, and 63 @ 6 May delivery.

May opened dull at the above prices, and fell to 6 @ 63 cents by the end of the third week. Toward the close, the market became excited, there being a large demand for refined, to cover maturing contracts, resulting in very heavy sales, and an improvement of nearly 1 cent on crude, 7 cents being paid in some cases. The extraordinary demand for refined having been met, crude again declined to 6 @ 62 cents, at which the month closed.

June. The first few days of the month the price fell to 64 cents, advanced to 6 thereafter, but this checked the demand, and prices gradually declined to 6 @ 6 the third week, and 5 @ 6 at the close, shipping order being quoted 84 @ 9 at the same time.

July. The decline was constant till the fourth week, when the price was nominally 5 cents in bulk and 8 shipping order. Now there was a rally to 5 @ 5 and 83 @ 9 respectively, the month closing at 54 in bulk.

August opened a little easier in bulk, but strong at 9 cents, shipping order, varying a little in favor of sellers as the month wore on, say 54 @53 bulk, and 9 @ 9 shipping order, falling one-eighth thereafter, but closing at 5g for bulk, and about 8 @ 9 for shipping order.

September.-A falling off in the production, an advance on the Creek, with higher rail-road freights, contributed to favor sellers, and prices improved steadily to the last week of the month, when sales were made at 64 @ 73 for spot and October, and held at 11 @ 11 shipping order, for September and October. Before the end of the month, however, prices were a little softer, say 64 cents for bulk, and 103 @ 11 shipping order.

October. The course of prices was rather irregular, selling as low as 64 and as high as 7 cents for bulk, and about 4 cents more for shipping order, the month closing quiet at 64 @ 63 bulk, and 10 @ 10 shipping order.