188 



COMMEECE, 



Notwithstanding the petroleum interest has 

 apparently attracted a very large amount of 

 capital during the past year, still the quantity 

 produced has not much increased. Tor instance 

 the total amount taken for consumption at New 

 York, and exported from New York, Boston, 

 &c., during 1863 and 1864, was as follows : 



Thus there appears no material change. There 



are several reasons for this. In the first place it 

 should be remembered that the increase of capi- 

 tal the past year, actually employed in producing 

 petroleum, is not so great as might be supposed. 

 Many companies have been formed, and of large 

 nominal capital, but very few of them have their 

 stock all taken up, and much of the money that 

 has been paid in has been given to those organiz- 

 ing the companies for the land they have pur- 

 chased, while another large portion of it is paid 

 out in commissions. Besides this, very little 

 of the land upon which the new companies are 

 based has, as yet, been developed. It requires 

 time to accomplish much in that way. The com- 

 ing year, however, must show the effect of these 

 new investments. Thus far, production has not 

 kept pace with the growing demand, and prices, 

 therefore, have ruled high. 



WHOLESALE PRICES OF FOREIGN AND DOMESTIC PRODUCE AT NEW YORK. 

 [The prices are given on January 3d of each of the last six years.] 



