15707. Culver, Penn & Co. (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: March 27, 1866
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 195cd9d3

Response Measures

Full suspension

Description

Contemporary articles (Mar 27–31, 1866) report large withdrawals and a suspension of payments on March 27, 1866; circular states suspension resulted from a very sudden and unexpected withdrawal of a large amount of our balances and inability to convert assets. Later court filings (July 17, 1866) show assignees/receivers appointed and litigation over administration of the insolvent estate, indicating the suspension led to permanent closure/receivership. Some later accounts claim rumors exacerbated withdrawals, but primary causation appears tied to speculative losses and withdrawal of balances tied to oil-region ventures.

Events (3)

1. March 27, 1866 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals precipitated by the firm's heavy speculative investments in oil-region ventures (Reno enterprise) and inability to liquidate assets.
Measures: Remittances deposited to customers' credit with the Third National Bank; protection of outstanding drafts to extent of such deposits (per circular).
Newspaper Excerpt: Owing to a very sudden and unexpected withdrawal of a large amount of our balances, and an inability to convert a portion of our assets in time to meet the emergency, our house is compelled to suspend temporarily.
Source: newspapers

2. March 27, 1866 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Temporary suspension announced after sudden withdrawals and inability to convert assets; tied to heavy speculative losses in oil and railroad enterprises.
Newspaper Excerpt: the banking firm of Culver, Penn & Co., of Nos. 19 and 21 Nassau street, announced that payments were temporarily suspended.
Source: newspapers

3. July 17, 1866 Receivership

Newspaper Excerpt: In the matter of the application of the First National Bank of Meadville, for the removal of Samuel F. Howard and William Brough from the office of assignees of the estate of Culver, Penn & Co. ... Four months had elapsed since the failure of the concern ... nothing had yet been done by the assignees toward paying off the creditors.
Source: newspapers

Newspaper Articles (14)

1. March 28, 1866 Cleveland Daily Leader Cleveland, OH

Article from Cleveland Daily Leader, March 28, 1866

Click image to open full size in new tab

Article Text

# FINANCIAL & COMMERCIAL. TUESDAY EVENING, March 27, 1866. A good deal of feeling in monetary circles was caused this afternoon by the announcement, in a dispatch from New York to Mr. A. S. Gorham, Cashier of the Commercial National Bank, that the banking firm of Culver, Penn & Co. had suspended. In view of the high position occupied by this house, they being universally regarded as among the safest and most substantial of the banking firms of the country, this news necessarily occasioned very great astonishment, while their well-known extensive business connections in the West, and more particularly in the Pennsylvania oil country, created lively apprehensions as to the general results of their failure. Our readers are familiar with the extensive operations of the leading member of this firm, Mr. C. V. Culver, in the oil regions during the past year, he being the originator and chief mover in the Reno enterprise, and to these ventures, doubtless, are to be attributed, in great part at least, the failure of the firm. The Reno project was of the broadest speculative character, depending entirely for success upon a continuance of the oil excitement, and the effort to force success, in the face of a declining interest in the oil trade and the withdrawal of capital from that country, has involved an enormous expenditure without any return, present or prospective, and this outlay has doubtless been chiefly borne by the suspended firm. What the amount of the firm's liabilities is, has not transpired; our special dispatches to-night state they are not heavy. Of the extent of their business connections in this city, we are not now able to speak knowingly, though it is believed to be very light. The danger to local interests is that they will drag down with them the banks in the Oil Regions with which they are more or less largely identified, to the damage of the business community there, with whom our merchants have a large trade, and probably outstanding accounts. Further developments in connection with this most unexpected occurrence will be anxiously awaited by the business community. We can report no change in local money matters. The market is quiet, the demand for money being quite moderate, and continues close. Eastern Exchange works close and stringent, the demand exceeding the receipts. Rates are steady at par buying and 1-10 premium selling. Gold was somewhat excited in New York to-day, and a further advance was realized, the market closing at 128¼. If the representations of our dispatches are correct, the movement is purely speculative, and not to be relied upon longer than will be necessary to settle the heavy "shorts." There is apparently no intrinsic strength to the market, and the maintenance of the advance beyond a day or two is doubtful. Government securities continue firm, and Seven-thirties and Ten-forties were again better to-day. Prices of coin and governments in this market to-day are reported as follows by E, J. Farmer & Co., Bankers:

2. March 29, 1866 The Elk Advocate Ridgway, PA

Article from The Elk Advocate, March 29, 1866

Click image to open full size in new tab

Article Text

The banking house of Culver, Penn & Co. New York, hasfailed. They were largely interested in the oil regions, and their suspension will virtually cause a panic in that country. It is already rumored that several of the banks in Crawford and Venango counties have failed.

3. March 29, 1866 The New York Herald New York, NY

Article from The New York Herald, March 29, 1866

Click image to open full size in new tab

Article Text

T H E N EWS. CONGRESS. The Senate adjourned yesterday morning without transacting any business in consequence of the death of Senator Foot. In the House Mr. Wilson reported back a bill requirgermy officers in possession of moneys collected for the support of refugees and freedmen to account for such sums to the United States Treasurer. The bill was passed. A bill was passed amending the Internal Rever nue act so as to postpone the collection of the income tax for two months, in order to allow the Committee on Ways and Means to report a bill modilying the income tax in time to affect the present year's incomes. The Bankrupt law was the special order of yeeterday, and was debated with much spirit, but finally postpoued after a failure to pass it. Other unimportant or merely local bills were variously disposed of. No action was of course had yesterday by the Senate on the Civil Rights bill vote. Further action has been postponed until Monday next. It is generally conceded at Washington that the Senate will pass the bill over the veto; but that it will be lost in the House. THE LEGISLATURE. Bills extending the fire limits of Brooklyn and changing the grade of streets of New York, west of Eleventh avenue, were introduced in the Senate. The bills incorporating the Young Men's Christian Association and granting authority for the construction of basins in the Twelfth ward. Brooklyn, were passed in the same body. A substitute for the bill providing that all regularly established transportation lines leasing piers and warves may erect sheds and temporary structures for merchandise was adopted, and then the bill was laid on the table. During the evening session of the Senate several bills of local importance were ordered to a third reading. The New York city fax levy was reported and made the special order for Tuesday evening next. In the Assembly the bill incorporating the Underground Railway Company was considered in Committee of the Whole, advanced to a third reading and adopted by a vote of ninety-six to thirteen. During the evening session the Annual Supply bill was considered. EUROPE. One of our Paris correspondents supplies us with a copy of an important secret convention recently concluded between the ministers of Maximilian and Napoleon. This document shows in a startling light the abject dependence of Maximilian I on his imperial patron, and proves that Mexico is in reality governed from Paris, almost as much so as if it were openly declared to be a French colony. Our correspondent is of opinion that some decided action on the part of the United States will be necessary to keep the French Emperor to his promise of withdrawing the French troops from Mexico. Sir Hugh Rose, the military dictator of Ireland, had issued a general order declaring that the British army is free from any taint of Fentanism, which has only manifested itself among the paid agents of the Brotherhood At the same time he warns the soldiers to be on their guard against the "infamous designs" of the Fenians THE CITY. The suspension of payments by the banking firm of Culver, Penn & Co. still creates some excitement in financial circles. It is hoped that the suspension will be but temporary. In any event, the assets of the firm are reported largely to exceed its liabilities. The President and Directors of the Brevoort Fire Insurance Company have decided to wind up the affairs of that corporation, reinsuring all outstanding risks in the Metropolitan Insurance Company, and dividing the assets among the stockholders. This course was rendered necessary in consequence of the competision among insurance companies, rendering it impossible to conduct business without a drain upon the capital of the company. The cash capital of the Brevoort Insurance Company was one hundred and fifty thousand dollars, and of this amount about seventy-five per cent will be paid back to the stockholders. The case of the government against the steamship Meteor came up again yesterday before Judge Betts, in the United States District Court, and after some argument between counsel on both sides it was adjourned to Friday to enable the District Attorney to procure from Washington evidence touching the official positions held by Dr. Stephen Rogers and Signor Vicuna Mackenna under the government of Chile. The report will be found in our Supplement In the Supreme Court, Circuit, Part before Judge James Mr. Alexander T. Stewart yesterday brought an notion against James Hackett for the recovery of one shousand dollars. It appeared that defendant had been in plaintiff's employment as porter, and wirlie so emplayed is was alleged that he had been taken to the police station and there confessed to an officer that be and during neveral months stolen goods out of the plain W 5 store to the value of one thousand dollars.

4. March 29, 1866 The New York Herald New York, NY

Click image to open full size in new tab

Article Text

SUSPENSION OF CULVER, PENS & co. Explanatory Circular to their Business Connections-The Suspension to be Temporary Only. &c. As stated in yesterday's HERALD, on Tuesday the banking firm of Culver, Penn & Co., of Nos. 19 and 21 Nassau street, announced that payments were temporarily suspended. The news caused some gossip in financial circles in this city, but failed to cause any observable commotion in the local business community. It is hoped that the firm will shortly be able to resume active operations, and, in any event, the parties holding outstanding drafts have but little cause to doubt that the assets of the banking house are fully equal to its liabilities. The following circular has been issued and sent to the persons interested:, OFFICE OF CULVER, PENN & Co., Nos. 19 AND 21 NASHAU STREET, N. Y., March 27, 1866. 1 DEAR Sin-Owing to a very sudden and unexpected withdrawal of a large amount of our balances, and an Inability to convert a portion of our assets in time to meet the emergency, our house is compelled to suspend temporarily. As soon 38 we can realize on some of our investments we hope to be able to resume, and as our assets are largely in excess of our liabilities, we confidently expect to be able to pay in full after a short time. In the meanwhile all remittances received from you will be deposited to your credit with the Third National Bank, and it will protect your outstanding drafts on us to the extent of such deposits. We hope you will not be seriously inconvenienced by being unable for a time to use the amount of your balance with us. With the deepest regret for the necessity of this communication, we are, yours truly, CULVER, PENN & CO. Mesars Culver, Petiti &Co. were connected with many of the leading financial institutions throughout the country, and it is feared that even if the suspension of payment by the firm be temporary these Institutions will be greatly injured. At a late hour yesterday after DOOU 14 was rumored on Wall street that four national banks located in the oil regions and having had large dealings with the New York banking house had HUSpended operations. This report created some excite. ment, though it could not be traced to its origin.

5. March 29, 1866 Rutland Weekly Herald Rutland, VT

Article from Rutland Weekly Herald, March 29, 1866

Click image to open full size in new tab

Article Text

LATEST NEWS. . BY TELEGRAPH. suspension of a Banking House. NEW YORK, March 27. The suspension of the banking house of Culver, Penn & Co. is announced. Liabilities and assets are very large, and it is supposed the latter will cover the former.

6. March 30, 1866 Chicago Tribune Chicago, IL

Article from Chicago Tribune, March 30, 1866

Click image to open full size in new tab

Article Text

Suspension of a Well-Known Banking Firm. [From the New York World, 28.] The firm of Culver, Penn & Co., of 19 and 21 Nassau street, suspended yesterday afternoon. C. y. Culver, the senior member of the firm, is the Representative in Congress for the XX. or Petroleum District of Pennsylvania. Several months ago Mr. Culver conducted an excursion of capitalists through the oil regions, and at Repo announced his intention to build a rallroad from Reno to Pithole City, and of having it in operation by the first of the year; but instead of thus early commencing to realize upon his road, it is yet unfinIsbed, and has absorbed and locked up his capital to such an extent as to precipitate the calamity that has fallen upon the firm of which he is the head. Mr Culver is largely connected with many banks in the oil regions, but whether they will be compelled to suspend or not is at present unknown. The resources of the house are said to be considerable, the railroad itself is by competent judges regarded as fully worth all the capital Invested in it, and it is hoped that Mr. Culver will extricate himself from his embarrassments without causing any other loss to his creditors than that caused by delay.

7. March 31, 1866 Daily Richmond Whig Richmond, VA

Article from Daily Richmond Whig, March 31, 1866

Click image to open full size in new tab

Article Text

A Sensation in Oil--Failure of Banks. PHILADELPHIA, March 29.-There is quite a flutter amongst the oil companies, caused by the failure of several banks at Titusville, Oil City, and Franklin, where many Philadelphia companies had their funds deposited. The Pittsburg Dispatch of to-day says a number of banks have suspended in consequence of the failure of the banking house of Culver, Penn & Co., of New York city. "This firm," says the Dispacth, "were heavy speculators and dealers in oil territories in the Venango regions. The Oil City Bank, which suspended yesterday, was principally owned by them. and had a large circulation in Pittsburg. Yesterday the banks of Oil City, Crawford county, Titusville and Venango county were thrown out by our bankers, and we would advise all our readers to refuse them until such time as further particulars are received." HARRISBURG, March 28.-It is officially stated at the Auditor-General's office here that every dollar of the circulating notes of the Venango bank and Petroleum Bank is secured by United States seven-thirty bonds, deposited in that office in pursuance of the provisions of the free banking law of the State.

8. March 31, 1866 Chicago Tribune Chicago, IL

Article from Chicago Tribune, March 31, 1866

Click image to open full size in new tab

Article Text

THE OIL BANKERS. Particulars of the Suspension of Culver, Penn & Co. The OII and Banking B Intious of the Hones rteen Fallen Banks volved a he Penn Schen the Principal of From the Huntsville Herald 23.] considerable local sensati was signed last evening by a report that.1 we king of Calv er. Penn of New York bad suspended yment the rumor we of that tsined private despate been received from Mr. Culver to the ef stated wasquite nl that some should upon the ensue of the and made be to Titusville degree what banks would Culver as largely the in banking counbut not in this city Petroleum Bank We stand. the affected by the was small der in the First latter ational Bank its account Co.. and Penn Culver, consequently a perfect basis. Its are imple, and all de minds depositors can be promptly discharges at The Second National Bank had no busi less with connection Cu Penn ver, Co had in that tock which is that tition, the ly bank the region side of Pithole ity and Plumer entirely in firm the dependent the banks in which the New York house reported int and erested. be which, most likel Injuriously affected by the failure etroleum Bank, CounTitusville National ty Bank, Franklin: First Bank. County Lawrence Bank of Crawford County Bank, on on Bank, Bank Phimer A. D. Cotton & Co., Petroleum Centre. There were other banks in various parts of the at Bud Ohio, one more in Indiana- short total of thirteen all which we beh made the with Co. the Culver, Penn York. failure of Morris Culver Cultro Penn distinct the heaviest being bankh tion of firm in-the United States. and were regarde SA as the sound dest th issues of the above banks will be about possible All say their depre clate for they are nearly all National Banks in hence by of the bonds deposit secured in benco the United States That their Inev suffer must poskors know the that First and of Titusy lle are entirely unal fected the res rely regret the disaster. not alone on account of Mr. Cn' who has been of the most energetic spirited and all the of men region, the for commercial temporary oil the ensue which in must There ducing for distrust and alarm in this section are large, and are scattered all over country regards the con dition of the First Na. which has rumor tional here, Bank classed we Banks with authorized Culver are to lly that Culver wns ery small amount of its stock hat the bank had funds the hande Culver Penn & Co., all drafts made by this bank have been another that firm and Insti Yor promp paid on preser and that all de positors can have their The ing cause of the failure is to be maeni found astounding and dffecut, scheme of building m tan polut between Fran and ou Alleg hany on the river. gigantic enterprise best set forth in Mr. Culver's words taken by our capitalists the resentative. who excursion to Pithole and reported ted the speech delivered by Mr. Culver Morey Farm Morey Hotel on the 3d of October last The of Herald 08 given In cla the an which cost Mr. Culver the sum of aid they had vast amount oil-bories one thousand one been had cry DED prover in number the placed in the time ... back We money clues from the clues each principal ten local designate each and each rells put 102 500 the If only the .000 an per $1,800,000 E1 Mr. Culver's failure will he nowhere more deplored than In Titusville. there be had many personal admirers and bad so liberally of and and the perity the town. He establishe first Issue TII In Petrole first the located which States Hotel on Spring treat in the 1861 from this distric 1864. and his seat in en but hense imn December his last, business att have celuded gageme regular member that youngest He the of uc who the man body, and one of wealth cited has has less and hat devoted to more for and enjoys personal qualities greater esteem in the nunity. [From the Cincinnat Gasette, 20th. E We suppose the failure of Culver. Penn one of the Co makes most giganti that will y, flated since the days the celebrated the stock that probable In has been Company The Cleveland Leader. referring to the failure, says good deal of feeling in monetary circl ment despatch from York to Mr the of tional Bank, that the banking firm Culy Penn. Co.. had the view susp position ccupied by this they universally regarde among the safest most substantial of the firms news necessarily this country, while casioned very great well known extensive business more particular and West. the Pennsylvania oll entry, created results the of their failure. Our familiar with be leading mem ber this firm. Mr. v Culver, the oil during the past year he being the chief and mover iginator otless, ven these and are least the in to great firm Reno of project was speculative broadest for pending success all of exciteme the and the effort to force capital that from of Involved has without return or ture, any outlay and this has borne sus chiefly amount the firm's liabilities has de our Dr the not heavy. this their business counce spea are to though belie to interest danger The local is th with drag them more region the to the damage Identified largely there with and probabl merchants have large rade Furth develop most ection this conn with occurrence will be anxiously awaited by the The Civil Rights RU Record of the Passage Final and Voter The final vote in the Senate on the 2d of February, 1866, follows THAS. Anthony Ramse Dixop. Fe-tenden, Liarris Backalew. Riddle McDong Norton Gathric The following is the vote In the House of Represents es on the 15th of March, ISGG and upon the bill as amended by that body YEAS. Grim Myere, Allison. Harding, III., Hart, Orth,

9. April 5, 1866 The New York Herald New York, NY

Article from The New York Herald, April 5, 1866

Click image to open full size in new tab

Article Text

The value of the exports, exclusive of specie, from the port of New York to foreign ports for the week ending April was $3,953,456. The Hudson River Railroad will pay, 14th instant, a semi annual dividend of five per cent, less tax. The failure of Culver, Penn & Co., bankers of this city, has affected the credit of some of the Western Peunsyl vania banks, particularly those located in the oil regions. Among them are the Crawford County National Bank at Meadville, which has a paid up capital of $300,000 and $100,000 in bonds deposited with the Treasurer of the United States as security for a national circulation, but It has as yet received none of its bills. It has notes issued as a State bank out, however, to the extent of $352,000. The Venango County National Bank of Franklin has a capital of $300,000 and $100,000 in bonds deposited, upon which it has received $85,000 of national currency, and it also has $108,000 of its old State Issues outstanding. The Petroleum Bank of Titusville had taken steps to organize as a national bank, but it had never deposited any bonds or received a certificate of authority to do business as such. It has a capital of $100,000 and about $80,000 circulation. The National Bank of Lawrence county. at Newcastle, has a capital of $150,000 and about $100,000 of its old notes out. The Oil City Bank has a capital of $100,000, with nearly Its full quota of national notes. The State notes of the above banks have been thrown out in some quarters, but the national circulation is of course undisturbed. The suspension of James H. Clapp & Co., bankers, to Boston, is announced. They had dipped too deep in petroleum. The total value of Imports at Boston for the week end ing March 30 was $1,634,575, against $686,319 during the corresponding week in 1865. Total since January 1 $10,161,307. Average amount per week $781,639. The proposed lease of the Delaware Division Canal is for ninety-nine years, at eight per cent per annum on the stock, free of all tax. The city of Newark, N. J., bonds, authorized to be sold by the Council, have been negotiated at ninety-five cents on the dollar. The following is a statement of deposita and colonage at the ment of the United States, Philadelphia, during the month of March, 1866:Value Gold deposits $984,984 Silver deposits and purchases 24,924

10. April 5, 1866 Bradford Reporter Towanda, PA

Article from Bradford Reporter, April 5, 1866

Click image to open full size in new tab

Article Text

CAUTION- -The firm of CULVER, PENN & Co., of New York, suspended on Wednesday. It issaid their asserts will pay their liabilities. They are connected, more or less, with a number of banking institutions in this State, and the following banks are reported as failed, viz: Pithole Bank, Lawrence Co. Bank, Oil City Bank, Petroleum Bank, Crawford County Bank, Tioga County Bank, and Venango County Bank. The notes of the Venango Bank and the Petroleum Bank are countersigned by the Auditor General of the Stateand are a legal tender for State taxes. There need be no great acrifice on them, and others may yet have their redit established.

11. May 15, 1866 The Daily Gate City Keokuk, IA

Article from The Daily Gate City, May 15, 1866

Click image to open full size in new tab

Article Text

Loss BY THE FAILURE OF CULVER, PENN &'Co. It has been ascertained that the Government will lose between $200.000 and $300.000 by the failure of Culver, Penn & Co., the New York bankers. Their failure it will be recollected, caused the breaking and suspension of several N2 tional Banks in the Pennsylvania oil regions.

12. July 18, 1866 The New York Herald New York, NY

Article from The New York Herald, July 18, 1866

Click image to open full size in new tab

Article Text

The Affairs of Cniver Pamn & Co. MOTION FOR THE REMOVAL OF THE ASSIGNEES. SUPERMENT COURT-CHAMBERS. Before Judge Clerke. JULY 17.-In the matter of the application of the First National Bank of Meadville, for the removal of Samuel F. Howard and William Brough from the office of assignees of the estate of Culver, Penn a Co.-This was a motion for the removal of the assignees of the estate of Culver, Penm & Co., bankers of this city, on the ground that the assignees had failed to qualify in neglecting to file an in. ventory as required by the statute. The counsel for the bank stated that the First National Bank of Meadville was a preferred creditor of Culver, Penn & Co. to the amount of over $11,000. Four months had elapsed since the failure of the concern in question and nothing had yet been done by the assignees toward paying off the creditors. He claimed that the assignees were incompetent or un. willing to go on with the task imposed upon them, and urged the appointment of some other persons in their acead. The motion was opposed by three different counsel, representing numerous preferred creditors of Culver, Penn & Co., who stated that the interests of the Insel vents were so vast and widespread that It was impossible for the assignees, in the pecultar condition of affairs, to expedite matters. As for Mr. Howard, that gentleman would gladly be removed from the onerous task he had undertaken, and they were willing that some one should be appointed in his place: but in the case of Mr. Brough, creditors interested to the extent of six hundred and thirty thousand dollars were anxious that be should be retained on account of his well known ability as wall BR his intimate knowledge of the affairs of the insolvents. If the cours should think proper to remove the assignees and appoint a receiver they were desirous that Mr. Brough should be appointed to that office, for they felt certain that it would be to the interest of all parties to have him retained. He could give bonds in proportion to the amount of the assets, which were very small, compared with the liabilities, and If the assets at any time increased they were willing that his bonds should be increased also. Nothing could be fairer or more desirable for the interests of the creditors. In reply the counsel for the bank said he was opposed to the appointment of Mr. Brough as a receiver. If he falled to do anything as an assignee, he would not be any more successful as a receiver. He hoped the Court would refer the case, so that some new appointments could be made. Judge Clerke said he would look over the papers and give his decision in the course of a few days.

13. August 1, 1866 Edgefield Advertiser Edgefield, SC

Article from Edgefield Advertiser, August 1, 1866

Click image to open full size in new tab

Article Text

M. S. Thomson, M. D., Sec'ry. The ups and downs of politicians and speculators are not a little remarkable. A few months ago, Charles V. Colver was at the head of one of the most successful banking houses at New York (Culver, Penn & Co.), and was establishing banks, building railroads, founding towns, and endowing churches and colleges in the oil regions of Pennsylvania. He was elected to Congress from the Twen tieth Pennsylvania district, though he offered the convention that nominated him $20,000 for party purposes if they would leave him to his business. But just then he was prosperous, rising and popular, and it is in the genius of American politics to elevate such men to public offices. A few weeks ago the dullness of the oil trade and the extent of his business ventures and speculations necessitated the suspension of Mr. Cnlver's firm, and now he has gone to jail to await trial on the charge of fraudulently obtaining from the office of the Auditor General of Pennsylvania the bonds of the Petroleum and Venango Banks.

14. February 21, 1867 The Ebensburg Alleghanian Ebensburg, PA

Article from The Ebensburg Alleghanian, February 21, 1867

Click image to open full size in new tab

Article Text

# The Culver Case---Interesting History. A correspondent of the New York Tribune, writing from Franklin, gives the following interesting statement of the causes which culminated in the failure of the firm of Culver, Penn & Co., and which led to the prosecution of Mr. Culver on charges of a criminal nature. We quote: The history of Mr. Culver in his connection with this region for the last six years, of his unparalleled success and of his failure, is the history of the rise, decline and fall of the empire of Petroleum. Suffice it to say that in 1861 Mr. Culver opened a banking office in this town on a small capital, and subsequently others at various points in this region, all of which, very soon, from the exigencies of business, became incorporate banks, under what was known as the Free Banking Law, he retaining the general financial management, and dispensing Presidencies and Directorships as Andrew II. dispenses Consulates and Collectorship of Customs, and probably with quite as large a sense of the "eternal fitness of things." Of these, the Venango bank at Franklin, and the Petroleum bank at Titusville, had a circulation, the former of $600,000, the latter of $900,000, secured by the deposit of a like amount of Government bonds with the Auditor General at Harrisburg. And when Congress passed an act forbidding a re-issue of the notes of State banks after July 1, 1866, these banks about to become National banks, it became necessary to retire their circulation, and to do this gradually was a measure of prudence. Mr. Culver accordingly made arrangements with a National bank at Pittsburg in May, 1865, for the redemption and cancellation of the notes, the funds required to be drawn from Culver, Penn & Co., (the New York branch), and the respective banks certified by drafts on them, which, when forwarded to. Culver, Penn & Co., were charged to those banks. The Government bonds released by the return of the cancelled circulation were to be sent to Culver, Penn & Co., and placed to the credit of the banks. In the meantime, in the year 1864 and 1865, the oil fever had reached its crisis; and speculation rushed on to the confines of madness. This state of things inevitably led to accommodation loans, from the various banking institutions under Mr. Culver's control, secured in the usual manner; and when, in March, 1865, the terrible flood destroyed property in the valleys of this region to the value of millions of dollars, followed immediately by the close of the war, and the consequent check of all speculation, by these combined causes the firm of Culver, Penn & Co., lost very heavily. Shortly prior to this time, the firm became largely interested in an enterprise called the Reno Oil and Land Company, with the object of making Reno the depot for the oil-producing districts; and when the oil business had somewhat recuperated, a railroad was built to carry the purpose into effect, in the face of a determined opposition from rival interests, which made it necessary, at a heavy expense, to choose a circuitous route, and overcome serious engineering difficulties. By the energy and tact of Mr. Culver, however, two rival railroad companies were consolidated with this, under his control, in the winter of 1865-6; and nothing was required but a final meeting, which was appointed for March 29, 1866, to approve the consolidation. In a few days, as he alleges, he would be entitled to receive a large sum, sufficient to meet all his immediate liabilities, in the form of the first mortgage bonds of the consolidated road; but he claims that unscrupulous men, opposed to this project, created a run upon the New York house at this critical period by malicious rumors that it had failed, or was about to fail; and burdened beyond their capacity to bear, on the 27th of March they failed with liabilities estimated at $5,000,000. The consequence was, of course, the failure of the consolidation, and therefore, of the Reno enterprise, to which all Mr. Culver's energies had been lent, and that with which we are more immediately interested-the closing of all the banks which had been controlled by Mr. Culver-among them the Venango National Bank, whose capital, as I have shown above, had passed into his hands during the progress of the retirement of its circulation. Mr. Culver was soon after arrested at the instance of Mr. Hoge, Vice President and Director of the Venango Bank (a member of the Pennsylvania Senate), on a charge of conspiracy to defraud Messrs. Myers and Kinear, the latter the President and both Directors of the bank joining in the charge-all three having made private loans to Mr. Culver to further his railroad enterprise. This arrest was followed by others, on the same charge, but bail to a very large amount was obtained and he was discharged. He was also arrested on a charge of obtaining the bonds deposited at Harrisburg under false pretences; and after giving the required bail was immediately re-arrested upon the