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Oil wells are successfully worked in Ohio, Pennsylvania, Virginia and Canada West. Owing to the quantity of oil obtained during the first months of its discovery in these several localities, and the want of proper facilities for saving it, thousands of barrels of it flowed away and were lost. Now, however, by the side of the wells, immense tanks are sunk, into which the crude petroleum oil flows, or is pumped. After standing in these tanks for several hours or days to settle, and permit the evaporation of much of the naphtha and excess of gas, the oil is drawn off and barrelled.

These wells are generally distant from ten to thirty miles from railways, and, at times, when transportation is scarce and the roads badly out of order, the teamsters obtain four and five dollars per barrel for hauling it to the railways. As many as 5,000 teamsters, in the busy season, are employed in this branch of the business. In many cases the crude oil is sold at the wells for one half to one cent per gallon, the purchaser furnishing barrels, at a cost, oftentimes, of two dollars and over. The hauling to railways and freight to New-York swell the cost of the crude oil, delivered in said city, from twelve to twenty-two cents per gallon.

At this time, the crude sells in New-York market at from twelve to fifteen cents per gallon; the refined, from twenty-five to thirty-five cents. Neither are considered paying or remunerating prices, and many manufactories are idle, and the proprietors are waiting for better prices to rule ere they embark again in its manufacture.

During the season of open navigation, quantities of the crude oil are shipped in tanks erected on board of flat-boats, which are floated down Oil Creek to the Alleghany River, and in a short time are alongside of the docks at Pittsburg. From these flat-boats the oil is pumped into immense tanks, and either barrelled for sale or used for refining purposes. Recent experiments of introducing steam through pipes into and out of these tanks has the effect to expel the naphtha, and precipitate all impurities to the bottom of the tanks, leaving the oil clear, reducing its gravity and adding to its value. This city is probably as well or better situated for the profitable prosecution of the distilling of petroleum oil as any point where this business is carried on. Probably one hundred manufactories are in operation in that city and vicinity.

Railways are largely benefited by the increase in transportation of this new article of commerce. The wants of those interested also require the speedy building of branch railways, to connect the oil regions with existing trunk railways. Immense warehouses and sheds, with acres of yards enclosed, now find constant use of their facilities for the storage and safe keeping of the oil.

Insurance companies have recently met in council, and their committees have had this article under their especial consideration, the result being the withdrawing and sending out of the cities of New-York, Philadelphia and Jersey City of nearly all the stock of crude and much of the refined oil, to be stored elsewhere in the neighboring cities. Receivers and dealers are adjusting their plans so as to accommodate themselves to this new order of things.

Another subject just at this time enters largely into the thoughts of producers and dealers in this article. It is, the proposed tax upon crude

and refined petroleum oils, the former to bear a tax of five, the latter ten cents per gallon. This has called forth such determined opposition, that the bill has been so changed by the House of Representatives as to throw off the entire tax upon the crude, leaving that upon the refined at ten cents per gallon; this to be refunded in the event of exportation.

To give some idea of the yield of petroleum oil, it may be well to state Senator MORRILL'S estimate of the amount of tax accruing if the tax should be five and ten cents, respectively, per year. It would amount to the round sum of $2,500,000.

No article of commerce has, in so short a period of time, ever made such rapid strides into the front ranks of valuable earth products as this. Man has reason to thank his Creator for furnishing this article so abundantly and so cheaply. It is effecting values and changes in many directions. The gas and candle manufacturers, among others, feel its influence sensibly already, and well they may, for its usefulness is daily being developed, and thousands have reason to rejoice in the diffusion of light at greatly reduced figures from those heretofore paid. In Canada gas is being made from this article successfully. Already apparatus has been ordered by large consumers in different parts of the Provinces, and negotiations are on foot for the substitution of the new apparatus for the old coal works. It is proposed in Canada West to lay a five-inch pipe from the oil wells in Lambton County to Port Sarnia, on Lake Huron, in order to convey the oil into tanks by the side of navigation. This will no doubt be done in process of time.

It is shipped largely to England, Scotland, France, Germany and Australia, and is also finding its way to Russia, Sweden, Norway, Italy, South America, the West India Islands and other parts of the world, carrying blessings untold to the peoples of the earth.

A valuable lubricating oil is also found at the localities named, and is largely used for railways and heavy machinery purposes. A president of one of the Ohio railways stated lately to the writer, that his road had saved thousands of dollars during the year 1861 by the use of this lubri

cator.

The export of crude and refined petroleum oils from New-York city, from January 1st, 1861, to April 2d, were 50,004 gallons; for same period in 1862, 1,523,759 gallons. The total exports from New-York, Philadelphia and Boston, first quarter, 1862, were 2,398,506 gallons; value, $946,678.

Manufacturers of patent leather, varnishes, paints, &c., constantly use naphtha, one of the valuable products of this oil, as a substitute for turpentine.

The time is not far distant when the community will require to have every package of oil inspected by competent persons, not alone to tell the quantity of oil in each package, but to test its gravity and freedom from explosion.

A new bank is to be organized at Titusville, Pa., called the "Petroleum Bank," under the free banking act of March, 1861. It is to have a capital of $100,000, in shares of $50 each, with the privilege of increasing the stock to $300,000.

It is estimated, that at this present time ten millions of dollars are invested in producing petroleum oil.

THE SAVINGS BANKS OF NEW-YORK.

COMPARATIVE VIEW OF THE SAVINGS BANKS OF THE CITY AND STATE OF NEW-York, ON THE 1ST JANUARY, 1858-1862.

Of the twenty-two savings banks of this city, the changes between 1st January, 1861, and 1st January, 1862, are shown in the annexed table:

New-York City.

Bank for Savings,..

Seamen's Bank,.

Bowery Savings,.
Greenwich Savings,.
Manhattan Savings,..
Emigrant Industrial,.
Merchants' Clerks,..
Dry Dock Savings,.
East River Savings,....
Broadway Savings,...

Jan. 1861.

Jan. 1858. Jan. 1859. Jan. 1860.
$8,350,546 $8,701,923 $9,544,479 $ 10,062,616

JANUARY, 1862.

No. of DeDeposits. positors.

$8,821,750 .. 47,891

6,765,258.. 7,849,474.. 8,188,715.. 8,922,634.. 8,215,686.. 25,861 6,697,893.. 7,818,143.. 9,578,400.. 10,294,995.. 9,173,083.. 39,601 3,356,111.. 8,528,851.. 8,786,125.. 3,898,339.. 8,402,410.. 15,771 1,878,025.. 1,782,067.. 2,278,609.. 2,794,984.. 2,676,907.. 11,148 1,348,730.. 1,628,754.. 2,120,505.. 2,563,475.. 2,425,170 .. 9,280 1,191,150.. 1,505,889.. 1,826,776.. 2,103,285.. 1,896,247.. 7,786 933,543.. 1,118,876.. 1,527,572.. 1,976,064.. 2,110,890.. 7,295 785,782.. 979,451.. 1,161,234.. 1,068,244.. 5,075 841,346.. 978,478.. 1,102,794.. 1,010,727 8,759 894,898.. 1,086,547.. 1,064,209.. 4,412

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Irving Savings,.....

588,627 ..

719,498..

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New-York City,...

$32,615,182 $36,806,420 843,410,083 $48,988,826 $45,085,025 205,169 Brooklyn Savings,...... 2,194,558.. 2,660,981.. 8,222,726.. 8,681,339.. 3,513,250.. 14,411 769,013.. 1,086,882.. 1,569,551.. 1,905,761.. 1,916,041 .. 10,287 846,635.. 522,850.. 751,819.. 928,958..

Williamsburgh Savings,.
South Brooklyn Savings,

Brooklyn Dime,...
East Brooklyn Savings,.
Kings County Sav. Inst.,

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New-York and Brooklyn, $85,925,883 $41,076,633 $ 49,034,188 $55,780,572 $ 51,861,648 242,945 Interior towns,... 5,497,289.. 7,118,214.. 9,144,027.. 11,669,825..

Total State of New-York,$41,422,672 $48,194,847 $58,178,160 $67,450,397

The deposits and number of accounts open in the cities of New-York and Brooklyn, and in the interior, were as follows on 1st January, 1862 :

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By comparing the returns of January, 1862, with those of January, 1861, it seems that the city deposits (New-York and Brooklyn) were

Dimished,....

And the country increased,.

$ 3,918,924 551,677

Net decrease in the State,.

$ 3,367,247

One new savings bank has been established in the city of New-York and two in Brooklyn during the year 1861.

By an analysis of the returns of the savings banks of this city and of the State, it seems that the aggregate deposits on 1st January, 1862, were $64,083,150, or less than 1st January, 1861, by $3,367,247. gates for seven years past were as follows:

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It appears, therefore, that the deposits of ten of the savings banks of

the city decreased,..

.......

And four in Brooklyn,,.

While the increase in the interior towns was..

Other city savings banks,..

Actual decrease in the State in the year 1861,.

$ 551,677
332,669

$ 6,791,746 6,776,623

$ 15,123

$ 4,236,470 15,123 $ 4,251,593

884,346 $3,367,247

One peculiarity of the returns is, that the average amount due each depositor in the Seamen's Savings Bank is over $318, which exceeds that of any other; the average sum due each depositor in the two cities being $213, and in the interior towns and cities, $212. The disproportion of deposits in this city compared with the country towns, shows the greater concentration and accumulation of labor and capital in the former, viz. :

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These results present curious matter for consideration on the part of political economists. It is correctly observed, we think demonstrably shown, in a recent report, "that the ability of a people to pay taxes is in ratio to the density of their number." As an instance, New-York city, with its population of 813,000, can bear a burden of taxation equal to that of the whole State.

SAVINGS DEPOSITS OF THE INTERIOR CITIES AND TOWNS OF THE STATE OF NEW-YORK, JAN. 1, 1861, AND JAN. 1, 1862.

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