Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-12-22
special Correspondence OF the Cleveland LEADERl
Prominent Hen of the OIL Regions.
HON. C. V. CULVER.


Some six years ago, party of excur-
sionists left the city of Erie upon a clear
December morning, to celebrate the open
ing of the Western division of the Sun
bury & Erie Railroad, now known as the
Philadelphia s. Erie. Included in the
party were railroad and bank officials,
judges, merchants, and newspaper repre-
sentatives from Philadelphia, Buffalo,
Cleveland, and other cities interested in
the progress of the railway communica-
ton between Philadelphia and the Lske
shore. AS we passed over the sixty-six
miles between Erie and Warren, the then
terminus of the Road, gentleman con-
nectsd with it pointed out the places of
interest upon the route. Among these
were the stations of "Corry" and 'Irvine."
"These," said the guide, are stopping
places for those who come here to enjoy
splendid hunting or fishing, and it is from
here that one starts to visit the oil springs
which have been found near Titusville, q
little town down on Oil Creek, some twen-
ty-hve miles from Cory" Pursuing in
quiry about this oil, we learned that it had
been known to the residents of the region
for many years, but had never bean pro-
duced in large quantities until Eastern
men of enterprise had taken hold of it, and
were then engaged in hanlins it 20 tho
above stations for shipment. This was
the beginning of the development Of the
product which has, in so short a space of
time, by gigantic strides, taken position
among the leading articles of the commerce
of the world, and which has dethroned
King Cotton and placed King Petroleum
upon his throne as the chief article Of
American export at this day.
So rapid has been the advance of the
oil trade that Its extent is by no means
realized by those who are away from its
immediate influence. We who are in the
center, or on the outskirts of the "Oil Re-
gion," can take daily note of the extension
over the whole country of the I" oil fever"
Whereas a year ago we saw only Phila-
delphis, New York and Pittsburgh parties
buying and selling, we are now each day
seeing new faces upon our highways, and
new residences are booked at our hotels.
The Great West is just waking up to the
fact that the East is gettins too large 8
monopoly of what Is equally open to capi-
tai and energy from all sections OF the
land, and 50 it comes to pass that Oleve-
land and Detroit, Chicago and Milwaukee
st. Louis and st. Paul are all represented
Supon the Greek" to-day.
It is clesr that in all this assembling Of
men of capital and shrswdness there
must be some rare and marked characters,
men deserving a national reputation for
the brains to conceive and the vigor to
execute great projects for the general
good. One of these men is Hon. @. v.
Culver, whom the people of this Congress
sional District have chosen TO represent
them in the House of Representatives,
and your readers will be interested in q
brief review of what this one man has
done to facilitate the application of capital
to the development of the Oil Regions
Mr.. Culver was first identified with the
oil interests, II believe) as part owner of
some wells upon the Clapp farm, early in
1861, he being at that time connected with
the Citizens Bank at Logan, Ohio. Gifted
with clear, far-seeing mind, he saw the
opening which this region presented, and
acted upon it at once. In May Of the
above year, he came to MeadVille and pur-
chased the charter of the Bank of Crawford
County, which was at that time in bad re-
pute. He redeemed the old issue of notes
and established the bank upon 30 sound q
basis, that it is to-day one Of the most re-
liable banks in the State. Seeing that for
the development Of the oil regions q large
amount Of capital was needed and could
be used probably, he conceived the grand
financial scheme, which he is now about
completing, of organizing chain of offices
and banks throughout the oil districts. He
first opened an Office of discount and
deposit st Franklin, in May, 1861, and ex-
tended all the facilities to oil men that lay
in his power, ever pursuing that liberal
and upright course that speedily gained
the esteem and confidence Of the business
community. This course so enlarged his
business that it was soon necessary to extend
his operations. Accordingly, il October,
1861, he organized the Vensngo Bank at
Franklin, the advent of which was soon
followed by that of the Petroleum Bank
at TitusVille. He then opened an office
of deposit and discount at Oil City and
rendered great assistance IN developing
the vast resources Of the region which has
its outlet at that place The demand for
money increasing, he turned that office int
the First National bank of Oil CITY, which
went into operation in January 1854. In
the mean time, to accommodate eastern
capitalists who had invested in the oil
region, he had established an office at 81
South Sd street, Philadelphia, under the
name of Culver, Brook & Co., and at I9
Nassau street, New York, under the
style Of Culver, Penn s 90. Although
these offices facilitated the business of his
country banks, they were not enough, and
accordingly, in the spring of 1864 he organ
ICED the Third National Bank of New
York. With all these banks, he was not
able to do the busines which crowded upon
HIM, and (after increasing the capital of
the VenaDgo and Petroleum Banks to
100000 each he put into successful oper-
alton the Oil City Bank, whose notes are