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

old crop :

The

Havana Tobacco.-The transactions in this article have been throughout the year on a large scale, reaching 56,300 bales. quality has only been partially satisfactory, as the greater part of the importations has been of a light and flimsy character, intermixed with a good deal called Havana tobacco, but being intermixed with the growth of other sections put up in Havana style, a good part of which had to be sold in bond at low figures for export. What we chiefly want for our manufacturers is a clean, high-flavored filler; for wrappers we have but little use. The same has been the case with Yara tobacco, which, owing to the troubles in the island, came in but in light supply. To see a bale of genuine Yara is a rare sight; our receipts were mostly Ghiza in Yara style.

We quote as follows:

Manufactured Tobacco.-The business during the year has been checkered; for export the trade was much restricted in consequence of revision of revenue laws, while for home consumption the sales exceeded somewhat those of 1871. No bonded goods being now

on hand, the stock has dwindled down to less than a million pounds of all sorts, held by the several dealers here.

The year closes with a dull market, small stocks, and prices very firm.

REVIEW OF THE PETROLEUM TRADE OF NEW-YORK FOR THE YEAR 1872.

THE following statement exhibits the estimated production of petroleum during the year past:

Stock of refined in New-York, Jan. 1, 1873, (estimated,)... bbls. 50,000

REVIEW OF THE NEW-YORK MARKET FOR 1872.

Petroleum.-The whole variation of the year from the highest to the lowest figure was scarcely over three cents on crude, as will be seen by our tables, and there is little necessity of reviewing the markets in detail. Extraordinary measures have been taken to enhance prices, but as yet, the realization has come short of the anticipation of the movers. Refined has been subject to the same influences, but the variation in value has been even less in proportion than in crude. The past year has been fruitful of schemes to manage and control the trade in this important article of commerce. First the "South

ern Improvement Company" took the field, we believe, in some rail-road interest, and proposed to "do some great thing," but the producers flew to arms, and drove the Southern Improvement Company from the field. The extraordinary means taken to enhance values, above referred to, are briefly these:

In September the producers, finding the market price of oil too low to adequate them for their investments, concluded to forego all income from their property by suspending the production, through pumping, for a period of thirty days. The combination was resisted by some of the small producers, and violent measures were resorted to for the purpose of compelling them to come under the prescribed rule. To this end, well machinery was in some instances burned, steam engines broken and receiving tanks disabled. The production was somewhat reduced by this expedient, and the price improved a little; but it was foreseen that something more was necessary to secure the desired result. Accordingly, an agency was organized in October by the producers, for the purpose of permanently regu

lating the price. To this end a capital of a million dollars was raised by cash subscriptions, or contributions of oil, at $5 per bbl. ; the whole product of the petroleum regions to pass through the hands of the officers of the agency, to be sold by them for not less than $5 per bbl.; returns to be made to the producers of the actual price realized, less the expenses of handling, and interest on the capital stock, which is guaranteed at 12 per cent. per annum. When the market will take all the production, the whole to be sold at $5 per bbl. and upward. When the supply is greater than the demand, so much to be sold as will bring the minimum price, and the rest held in tank until such time as the market will take the full supply. This, briefly, is the plan that has been adopted to force up the price to a more remunerative point. It has been sharply criticized, and the conclusion is that the remedy is not in accordance with enlightened ideas; in fact, the remedy is generally held to be worse than all the temporary evils growing out of over-production. The final and last scheme hit upon to sustain prices at the required level, is an alliance between the agents of the Refiners' and Producers' Associations, formed in the early part of the past month, whereby the refiners stipulated to take 15,000 bbls. per day, or as much more as the market would warrant, for a period of two months, at the minimum price of $4 per bbl. For each advance of one cent per gallon of refined oil in the New-York market an additional 25 cents per bbl. for crude to be paid, until the rate for crude should reach $6 per bbl. in the oil regions, and refined advance to 30 cents per gallon in this market. At the expiration of the first 60 days the daily quantity of crude to be taken, to be determined by a joint committee of the Producers' and Refiners' Associations. Parties not belonging to the associations have the privilege of buying and selling on the same terms as those who are connected with the organizations. Either association have the privilege of terminating the agreement by giving ten days' notice.

In a recent issue we took occasion to remark that "Petroleum is used, not because it is indispensable, but because it is cheap. The world got along without it before its discovery, and though it has become a convenient substitute for other articles, if the price is too high the world will be apt to return to its old methods or find new ones; for there is as yet no trade or article of commerce that has been able to make the world its slave." The success of the combinations we have thus briefly outlined, will of course depend largely upon whether exporters are willing to acquiesce in the advance which these methods of regulating the production would seem to imply. Thus far, they have failed to do so, and the disruption of the combination is pretty generally regarded as only a question of

time.

At the commencement of the year, crude was quoted 13 cents, in bulk, and at the close, 11 cents. The highest quotation of the year was 14 cents, and the lowest, 11 cents. This low figure, which it was declared did not pay the cost of production, was nearly reached in September, and induced the movement referred to above.

Refined was quoted 23 cents at the opening of the year, and nominally 25 @ 27 cents at the close, the higher figure being the combination price. The highest price reached was 27 cents, (under the influence of the combination,) and the lowest 21 the former in November, and the latter in February and April. Naphtha reached its highest point in October, viz., 20 cents, and was lowest in March and April, when it was sold at 10 cents. Our table of quotations shows the course of the market during the year very fully, and need not be followed by remarks in detail, which can only be a summary of the figures quoted. The total shipments from this port, during the year, show a falling off. This may be accounted for by the large stocks held in Europe at the beginning of the year, and the check put upon the export business by the advanced prices brought about by the combination for that purpose. The shipments from other ports are about the same as last year; the whole decrease is nearly 5,000,000 gallons, from New-York.

Naphtha.-The consumption of this article abroad has been large, and prices have advanced accordingly. At one period the London quotation was 9 d., and subsequently rose to 1s. 5d., a much wider range of difference than in any of the other products.

EXPORT OF CRUDE AND REFINED (INCLUDING NAPHTHA, &c,.) FROM NEW-YORK, FOR THE YEARS 1871-1872.