The New York herald., 1866-03-30

opening, to visit it on the reserved day and to attend
the opening ceremonies and the distribution Of prizes
The Financial Excitement 1T Titusvflle.
lFrom the Titusvfiie ira Herald March 2S
a considerable local sensation was occasoned last
evening by report that the well known banking house
Of Culver, Penn Co., Of New York, had suspended
payment Upon an investigation Of the rumor we as
received from Mr. Culver TO tho eject above stated
1t was quite natural that some excitement should
sue upon the confirmation Of the report and inquiries
were everywhere made - 10 what degree the Tusville
banks would be affected Mr. Culver was largely inter
sstsd in the banking business throughout the couHry
We understand Is the only institution affected By the
fsure here NJ Culver ". mall stockholder in tho
% es a,a %
perfectly sound and reliable bsss It's resources arc
ample and al demands from deposloFs can promptly
Tho Second National Bank had no business connection
with Culver Penn Co. They had NO stock In that m
region sds Of P.Sos cy and Pansr entirely nSs
pendent Of the firm
me bank. IN which the New York house j. oom-
most likely 70 b injurously affected BY the suzs arc
N n:- 1onows:-
Fnnkiin; First National Bank, Gerry; SssE II Law.
renee County, Newcastle; Crawford County Bank nead-
y,,ls on city a. Bank o City; First National Bshk,
There were other banks In various parts Of the
t.y-one at Bucyrus, Ohio one or more IN Indiana-in
made their deposits with Culver, Penn 4 Co., No.
York. At the time of the failure Of Morris Ketchum
\ Co, New York, Culver, Penn Co. succeeded to the
distinction OF being the heaviest banking arm IN the
United States, and were regarded - the soundest.
In what degree the issues Of the above banks win be
permanently deprecate for they are nearly ali ma
onal banks and hence secured by the deposit Of bonds
In the United States Treasury. That their dep0sors
must suffer Is inevitable but it is satisfaction I'd
know that the First and Second National Of Tusve are
entirely unaffected by the crash There is however, no
real for distrust and alarm In this section The
deposits are large and scattered all the country
Az regards the condition Of the First National Bank
here, which rumor has cassed with the 'Cuver banks
authorized TO say that Mr.. Culver but very
small amount Of its stock; that the bank had funds
the hands Of Culver Penn Co. and that all drafts
made by this bank upon that firm have been provided
for at another New York institution, and will be prompt
ly paid prescntation and finally that all depositos
The exciting of the failure is to be found in the
magnificent but astounding scheme OF building metro.
City, on the Allegheny river The programme Of this
gigantic enterprise best set forth in Mr. Culvers words
taken by our own representative, who accompanied
the capitalists excursion TO Pthoe, and reported the
speech delivered by Mr. Culver at the Morey Farm Hotel
banquet on the Sd OF October last We copy from the
OF the excursion which cost Mr. Culver the sum
OF twenty Ave thousand dollars.
Mr. Culver said he dealt in facts and figures not rhe-
torc He had lived in these parts for several years. and
fully impressed with the reliability Of the oil bus
ness He was not an oil man. though deeply in
ject Of thought with him where the Of business
would ultimately be. He predicted that great town
On Al II ss sS
that Reno possessed the advantages requisite for an
porant seat for trade and And he proposed
TO organize company In such neither 10 cheat
himself the stocKhoders The great complaint in
the oil regions was the want Of the comforts OF life
srs ~ Oa ,sr &C ana men
He thought that town that overcamc those prcju.
dces and was not liable 70 such objections would invite
settlement Then they had amount Of oil boring
lands, capable of bearing thensand wells Every
in number, had proved paying we'll His plan was to
stock the company at ten millions Of dollars TO be placed
In the hands Of trustees for loan to the United states
government every stockhoder TO have his mopey back
any time II dissatisfied with his Investment without In
terst Twelve directors TO be chosen for the company
taking from each OF the principal cities of the coun
try and president elected at large These directors TO
appoint ten travelling agents who shall also desig-
nate twenty local agents This will give two hum
shares OF the stock, the whole ten millions is
taken He proposed that one thousand wells be put
hundred turned favorabIy and the yield averaged
but two barrels each this would give daily product OF
one thousand barrels, which at six dollars per barrel
year Dcducung $500 900 FOR and expenses would
leave a profit Of 81 900 900 to the stockholders
Mr. Culver's failure will be nowhere more sincerely
depored than In Ttusvile where he had many personal
friends and admirers and had contributed literally OF
his energy and his means TO the development and
OF issue In Titusvillc-the' Petroleum Bank-which
hrst located opposite the United States Hotel
elected 70 Congress from this district in 1894
and took his seat in December last; but his immense
business engagements have prcciuded regular
attendance. he Is the youngest member Of that
body. and Que OF the abiest. No man who
has ever acquired wealth has excited less envy
and has devoted u 10 bcnchccnt objects enjoys
for his social and personal qualities greater esteem In the
community. since his scheme would have proved
practicable and remunerative Its failure h due as much
70 the general prosaon Of business and the depression
OF oil interests To the intrinsic difficulties OF the undcl
taking The public confidence In his personal integrity
factory adjustment OF his aas and his great business
talents and indomabe perseverance, will enable him to
4 commanding in hc rou world.