The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-30
FINANCE AND COMMERCE.
OFFICE OF THE EVENING TELEGRAPH, !
Friday. March 30. 1860.

Stock Market was very dull, The following
sales we're made at the outside Board-Catawissa
preferred at 275@2s the former rate a decline Of
!; Lehigh Valley Railroad at ga; and Philadel
phia and Erie at 2sl, no change. Delaware Diyl.
sion Canal was in demand, with sales at 450l6s,
the latter rate an advance lg.
Oil shares continue very duh, with the excep
ton of Ocean, which sold at 65637, decline of j
The TtusUde Herald MAKES the following
statement in relation TO the recent suspension of
Culver, Penn Cot
''Mr. Culver was largely interested in the
banking business throughout the country; 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 stoCkholder in the First National Bank;
but the latter had overdrawn its account with
Culver, Penn q Co., and is consequently on
perfectly sound and reliable basis. It's re-
sources are ample, and all demands from
deposiiOrs can be promody discharged at the
counter. The Second National Bank had no
business connection with Culver, Penn Il Co.
Ipey had no stock in that instltuuon, which is
probably the only bank IN the oil region outside
of Pithole City and Plumer entirely independent
of the firm. The banks in which the New York
house are comm only reported to be Interested,
aud which, il so, are most likely to be iniu-
riously affected by the failure, are as follows:-
Petroleum Eank, Titusvie; Venango County
Bank Franklin; First National Bank, Cory;
Bank of Lawrence County, Newcastle; Crawford
County Bank, MeadVlle; OIL CIty Bank, Oil
City; First National Bank, Plumer; A. d. Cot
ton q Co., Petroleum Centre. There were
other banks in various parts of the
counuy-one at Bucyrus, Ohio, one or more
in Indiana-in short total of l3, all of which,
we believe, made their deposits with Culver,
Penn & Co., New York. at the time of the
failure of Morris Kelchpm & Co., New York,
Culver, Penn d Co. succeeded 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
Ge affected 1t is impossible to say. All their
currency cannot permanently depreciate, for
they are nearly all National Banks, and hence
secured by tie deposit of bonds in the United
States Treasury. That their depositors must
suffer is inevitable, but it is satisfaction to know
that the First and Second National of Titusville
are entirely unaffected by the crash. We sim
Cerely regret the disaster, not alone on ac-
count of Mr.. Culver, who has been one
OF the most energetic, 'publlcSplrlted,
and successful business men OF the
oil region, but for the temporary COM
mercial arrangement which must naturally en-
sue in the oil producing regions. There is, how
ever, no real cause for distrust and alarm IN this
section. The deposits are large, and are scat
tered all over the country. As regards the con-
dltion OF the First National Bank here, which
rumor has classed with the Culver Banks we
are authorized to say that Mr. Culver owns but
very small amount of its stock; that the bank
had no funds in the hands of Culver, Penn & Co.;
and that all drafts made by this bank upon that
firm have been provided for at another New
1Ork lnSClJullOn ana VIII De promptly palu on
presentation; and finally that all depositors can
have their money on call. The exciting cause
of the failure is to be found IN the magnificent
but astounding scheme ot.building a metrop0li-
tan city-Reno-at point between Franklin
and Oil City, on the Allegheny river"
The New York Tribune this morning says:-
"Money is abundant at soc per cent. and more
inquiry is reported among brokers. The supply
| is still excessive at 6 per cent. In Commercial
paper no change For best, 76D7s is the rate;
@9c. Tor good, and l0@l5 for ordinary. Ster-
ling bills are dull and rather lower. The rates
are:-Bankers' Sterling, 60 days, l064@l07;
Bankers Sterling, three days, 109&; Commercial,
l06@l068; Francs, long date, 5'2S4@5'25. In
Freights, the engagements to Liverpool are GO
tons Wool at 20s.; 500 bales Cotton at 6-l66lSd.;
ii, 900 bush. Corn part at 4d. and per steamer;
1000 bales Cotton at 495d. To Glasgow, l6 tons
WhaleloOts at 22s. Cd; and 5000 bbls. Tar at 3s.
At a recent meeting of the New York Board of
Fire Underwriters, the subject of liking uniform
rates of insurance, after protraeted discussion,
was referred to Committee, who will report
such measures as may be deemed fair for the
preservation OF the companies and protection
sented, all but four voted in favor of an ad-
vance,"
The Cincinnati Commercial says:-
Exchange worked little closer, and bankers,
in some cases, allowed neighbors 75c. per NJ.
premium. Some of the bankers experienced an
enlarged discount demand for money, but
others met with less, so that the general
expression of the market has changed but
little. The supply of currency grows little
more plenty"