The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1866-04-03
THE FINANCIAL EXCITEMENT
AT TITUSVILLE.

From the Ttusville (pa.) Herald, March PSI
A considerable local sensation was oc-
casioned last evening by a report that
the well known banking house ofCulver,
Penn & Co., of New York, had sus-.
pended payment. Upon an investiga-
ton of the rumOr, we ascertained that a
private Geographic despatch had been
received from Mr.. Culver to the effect
above stated.
1t was quite natural that some excite
ment should ensue upon the confirIna-
ton of the report, aud inquiries were
everywhere made as to what degree the
Titusville banks would be affected. Mr..
Culver was largely interested in the
banking business throughout the ccun.
try, but not especially so in this city.
The Petroleum Bank, we understand, is
the only institution affected by the
failure here. Mr.. Culver was small
stakeholder in the First NATIONAL Bank,
but the latter had overdrawn its account
with Culver, Penn d Co., and is coEse-
quently on a perfectly sound and relia-
BILE basis. Its resources are ample, aud
all demands from depositors can be
, promptly discharged at the counter.
The Second. National Bank had no
business connection with Culver, Penn
& Co. They had no stock in that inst.
tuition, which Is probably the only bank
in the oil region outside Of PithOle City
and Plumer entirely independent of the
firm.
house is commonly reported to be in
terested, aud which, ii 50, are most
likely to be injuriously affected by the
failure, are as follows:
Petroleum Bank, Titusville; Venango
County Bank, Franklin; First National
Bank, Cory; Bank of Lawrence Coun-
ty, Newcastle; Crawford County Bank
Meadville; Oil City Bank, Oil City;
First National Bauk, Plumer; A, d.
Cotton & Co., Petroleum Centre.
There were other banks in various
parts of the country-One at Bucyrus.
Ohio-one or more in Indiana-in short
a total of thirteen, all of which, We be-
lieye, made their deposits with Culver,
Penn & Co., New York. Az the time
of the failure of Morris Ketchum & Co.,
New York, Culver Penn & Co., sue
ceeded to the distinction of being the
heaviest banking firm in the United
states, and were regarded as the
soundest.
In what degree the issues of the above
banks will be affected it is impossible to
say. All their currency cannot perma-
nently depreciate, for they ale nearly all
national banks, and hence secured by
the deposit of bonds in the United States
Treasury. That their depostors must
uffer is inevitable; but it is satisfac-
ton to know that the First and Second
National of Titusville are entirely UNI
affected by the crash. There is, how
ever, no real cause for distrust and
alarm in this section. The deposits are
large, and are scattered all over the
country.
AS regards the condition of the First
National Bank here, which rumor has
classed with the "Culver banks" we
are authorized to say that Mr.. Culver
owns but a very small amount of it's
stock; that the bank had no funds in the
hands of Culver, Penn Il Co., and that
all drafts made by this bank upon that
firm have been provided for at another
New York institution, and will be
promptly paid on presentation and
finally, that all tiepositors can have
their money on call.
The exciting cause of the failure is to
be found in the magnificent but astound-
ing scheme of building metropolitan
city-RenO-at point between Frank
lin aud Oil City, on the Allegheny river.
The programme of this gigantic enter
prise is best set forth in Mr.. Culvers
words, as taken by our own representa-
tive, who accompanied the capitalists
excursion to Pithole, and reported the
speech delivered by Mr.. Culver, at the
Morey Farm Hotel banquet on the Sd of
October last We copy from the Morn
"a, IF nntnl.r A ns.,s,
elaborate aceount of the excursion,
which cost Mr.. Culver the sum of TWEEN
ty. five thousand dollars.
Mr.. Culver said he dealt in facts and
figures, not rhetoric. He had lived in
these parts for several years, and was
fully impressed with the reliability of
the oil business. He was not an oil man,
though as one deeply interested in its
permanence, il had been a constant snb-
ject of thought with him where the CEN
ire of business would ultimately be. He
predicted that the great town must arise
on the Allegheny, in this prcl fic valley,
and one that was accessible in all direc-
tons. He believed that Reno possessed
the advantages requisite for an import
ant seat for trade and commerce. And
he proposed to organize company in
such way as neither to cheat himself
nor the stockholders. The great COM
plant in the oil regions was the want of
the comforts of life, decent habitations.
good drainage, schools, etc., and men
were unwilling to bring their families
here while such privations were felt.
He thought that town that overcame
these prejudices, and was not liable to
such objections, would invite settle
ment. Then they had vast amount of
oil boring lands, capable of bearing one
thousand wells. Every well which had
been put down, and they were five or
six in number, had proved q paying
well. His plan was to stock the COM
pany at ten millions of dollars, to be