, 1866-03-31
THE OIL BANKERS.
Particulars OF the Suspension Of
Culver, Penn l. Co.
The OIL and Banking Relations OF thr
Fallen HouAc-Tbtrtecn Banks In
volvcd-1he Penn Scheme=Pcf1onue
Of The PF1nc1PAl.

LIE VII ANU 11AHAtAN xHG4h0AR0B OF thC
FaIteD House-Tbtrtecn Banks lp-
volvcd-1he Penn Scheme=Pcrsonue
ofthe Principal.
iefom the Huntsville Herald, Isl
A considerable local sensation was occs-
stoned last evening by q report that,the veI1-
known banking house Of Culver, Penn & Co.
Of New York, had suspended payment. o..
on an investigation Of the rumor, We ascT-
tsiued that private telegraphic- despatcl,
feet above stated.
1t was quite natural that some excitement
shuuld ensuc upon the confirmation Of thu -
port. and inquiries were everywhere made as
10 what degree the Titusyil1c banks would be
affected. Mr.. Culver was largely Interested
Try, but not especially SO In this city,, The
Petroleum Bank, ne understand, Is the: only
Institution Affected By the failure here. III.
CIEet>Was small stakeholder in the Ftrst
National Bank, but the latter had oye1draTn
It's account with Culver, Penn & Co., and is
consequently on perfectly sound and reliable
batls- Its resources are ample, and ali de-
minds from depositors can be promptly dis
Charged at the counter.
The second National Bank had NO business
connection with Culver, Penn d Co. They
had no stock in that Institution, which, Is
probably the only bank in the oil region ont
side Of Pithole City and 'Plumer entirely ID?
The banks in which the New York house
are commonly reported to be interested, and
which, Il SO, are most likely TO be iuturionsly
affected by the failure, ate as tolloWs;
Petroleum Bunk, Ntusvlllo Venango Coun-
ty Bank, Franklin; First National Bank,
Cory; Bank ot Lawrence County, Nowcas-
tle; Crawford County Bank, Aeadville; OIL
City. Bank, on City; First National Bank,
Phner; a. D. Cotton 4 Co., Petroleum
Centre.
There were other banks in various parts Of
the country-oue at Bucyrus, Ohio, ono or
more In 1ndiana-in short total Of thirteen,
all Of which we believe, made their deposits
time Of the failure Of Morris Ketchum & Co.,
New York, Culver, Penn i Co., succeeded to
the distinction Of being the heaviest banking
t'fm tnthe United States, and were regarded
Is the soundest-
In What degree the issues OF the above banks
will be a1ccted 1t Is impossible to say. All
Their currency cannot permanently depre-
and hence secured BY the deposit Of bonds in
the United States Treasury Tint their de-
posEors must snf1er Is inevitable, bnt It Is q
satisfaction to know that the First and Sec
ond National oi Iitusyille arc entirely uuaf:
fccttd By the crash.
We sincerely regret the disaster, not alone
on account OF Mr.. Culver, who has been one
OF the most energetic, publicspifited and
successful business men Of the oil region, but
for The temporary commercial arrangement
which must naturally ensue In the oil pro-
duciig region. There is, however, no real
cauae for distrust and alarm In thf3 section.
The deposits are large, and are scattered all
ovci the country.
As regards the condition Of the First Ma
tfonal Bank here, which rumor has chased
wilL the "Cu1ver Banks," VIC arc authorized
to ssy that Mr.. Culver owns bnt y very small
amo1nt Of Its stock; that the bank had no
funds In the hands Of Culver, Penn d Co.,
TINT firm hare been provided for at another
New York Institution, and wilt be promptly
paid on presentation and finally, that all de-
posllors can have their money on call.
The exciting cause Of the failure IS to be
found In the magnificent, aud astounding
at 3 point between franklin and Oil City,
on the Allegheny river, The programme Of
this gigantic enterprise Is best set forth io
Mr. culver's words, as taken BY pur own rep
rescntattye, Who accompanied the capltallsts'
excursion to Pithole and reported the speech
delivered by Mr. Culver at the Motey Firm
as M sven n y og M = rad ~ e5fD6s II oetoesi @
4th, containing m elaborate account of the
excursion, which cost Mr.. Culver the SUM Of
so5.OO0
..lia sa1d they had vast amount Of oll-bozirs
esy veil which Ind been put Do N, and they were
hyt or sax In number, had proved aging we'll.
It's psn WIS 10 stock ihe company Al Ten millions
loan 10 'he Upifed sta,es Government, every stock
holder TO have hts money back ri any time, II dis
ea'fsfed With Lila investment. without int=rest-
ipg one fnom each Of The principal clues Il the
cou01rJ. End a President elected at large. These
n'Iee.on 70 appoint ten travelling agents. wh9
I'd i saeh Ell
OF tho atock. the whole ten millions ia taken. Ho
prrpoted that 1,O0 well. BE- pntdown on 'hetr Ter
roS b. ID s ge Il aa 20 sut Sss
Iels, which al 70 pr barrel eould gre IN income
q e rcsa ssas9sfi IL
profit Of s., 300 0O0 % Tho stockholders.''
Mr. Cu1ver's failure will be nowhere more
sincerely dcplored than In Titusvi1le, where
be had many personal friends and admirers,
md his means to the dcvclopment and pros
pcrity Of the town. He established the frst
bank of Issue in Tftusville-the Petroleum
Bonk-whlch was first located opposite the
United States Hotel On Spring street, in the
spring Of 1861. He was elected to Congress
December last, but his immense business en-
gaEcments have prccludcd regular attend
ance. He IS the youngest member Of that
body, and one OF the ab1cst. No man who
has ever acquired wealth has excited less en-
VI, and hat devoted It to more benehcent OBJ
jecte. or enjoys for his social and personal
qualities greater esteem in the community.
[From The Cincinnati Gazette, soth.l
We suppose the failure OF Culver, Penn tE
Co., makes hole In one OF the most gigantic
bubbles, We will say, that has ever been In.
Sea bubble. 1t is probable that stock IN the
Reno Oh Company has been extensively sold.
The Cleveland Leader, referring to The tnllure,
says;'
A good deal Of feeling In monetary circles
was caused this afternoon by the announce
s. GEham, Cashier Of the Commercial Ma.
tional Bank, that the banking firm Of Culver,
Penn & Co., had suspended. In View Of the
high position occupied by this house, they be-
ing universally regarded as among the safest
and most substantial Of the banking firms
caslo1ed very great astonishment, while their
well known extensive business connections
In the West, and more particularly
In the Pennsylvania oil country, created
lively apprehension us to the general results
of their failure. Our readers are familiar with
the extensive operations Of the leading mem
Der Of this firm, atr. c. V. Culver, in the oil
iginator and chief mover in tue Reno enter
prise, ind these ventures, doubtless, are to be
attributed, in great part, at least to the fail-
ure Of the firm. The Reno project WAS ofthe
broadest speculative character, de-
pending entirely for success upon q
and the effort to force y. success il th:s
face Of declining Interest in tho oil trade,
aud the withdrawal of capital from that
country. has Involved IN enormous expendi-
ture, without any return, present or pros
pectise. and this outlay has doubtless heen
chiefly borne By the suspended firm. What
transpred; our special dispatches tonight
state they arc not heavy. Of the extent Of
their business connections In this city
wc nre not now able to speak know
ipgly; though It is believed to be very
light; The danger to local interests is that
they will dug down with them the banks IN
less lnrgely identified to the damage of the
business community there with whom our
merchants have largo trndc aud probably
outstanding accounts Further develop
ments In connection with this most Iueypect-
cd occurrence will be anxiously awaited by
the business community.
The CIvil Rights nlil-Kecord OF the
Votes and Final Passage.
The final rote in the Senate On the Cd Of
February, 1866, is as follows:
YKAS,
Anthony, Henderson, RomscT,
Brown, Howard, Sherman,
Chandler, Howe, SPsaFnc,
Clark kirkwood, Stewart,
Conrcse, Lane. Ind, SUMNER.
tnsin, Lane, Ran, Trnmbnu,
Dixon, Morgan, Wa1e,
Fc-tendsn, Morrill,, WiTleY,
Foot. Nyc, Williams,
foeitr, Poland, Wilson.
unrri., Pomeroy, Yates-33.
MATS.
Bnckalew, Hendricks, Riddle,
Gowap. McDonpnl1, Saulshnry,
Davis. Ncsm,ih, Stockton
Guthrie, Norton, Van 1Vink1e-12
The following is the vote In the House Of
Representatives on the 18th OF March, 1866,
md upon the bill rs amended by that body:
YEAS.
Alley, C'rinnell, Mycn,
Allison, HartjDg, H., Newell,
Amts, Hart, ONe1l,
Anderson. Hsyea, QFth.