Charles Vernon Culver
Encyclopedia
Charles Vernon Culver was a Republican
member of the U.S. House of Representatives from Pennsylvania
.
. He received a liberal preparatory schooling and attended the Ohio Wesleyan University
in Delaware, Ohio
. He moved to Pennsylvania
and settled in Reno, Pennsylvania and engaged in mercantile pursuits. He also became interested in the development of oil in Venango County, Pennsylvania
, and the establishment of national banks in thirteen cities throughout the East.
He was elected as a Republican to the Thirty-ninth
Congress. He was not a candidate for renomination in 1866
. While a member of Congress, he became bankrupt and was imprisoned in 1866 but was eventually acquitted after a long trial. He resumed operations in the oil business, with headquarters in Franklin, Pennsylvania. He died while on a business trip in Philadelphia in 1909. He was interred in Franklin Cemetery in Franklin, Pennsylvania.
by investing some bank money in oil. He took that money and began buying up banks throughout the oil region. He bought land two miles below Oil City, Pennsylvania
where he established the town of Reno and The Reno Oil and Land Company and starting selling stock in what appears to have been a basic pyramid scheme.
Culver also attempted to establish the Reno-Pithole railroad, to run between Reno and Pithole, Pennsylvania, the leading oil boom town at the time. Culver was not one for half measures—to run the railroad he hired Ambrose Burnside
, and to hook investors, he brought deep-pocketed men of wealth from all over the country to tour his as-yet-non-existent oil fields.
Ultimately Culver's plan collapsed and he was pursued by creditors and courts up and down the oil region. The collapse of his banks triggered a financial panic throughout the oil region that drove many oilmen out of the business and created chaos that set the stage for men like John D. Rockefeller
to move in.
A more complete and colorful account of Culver's career can be found in the book The Great Oildorado by Hildegarde Dolson.
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
member of the U.S. House of Representatives from Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
.
Early life
Charles V. Culver was born in Logan, OhioLogan, Ohio
As of the census of 2000, there were 6,704 people, 2,790 households, and 1,768 families residing in the city. The population density was 2,175.2 people per square mile . There were 2,948 housing units at an average density of 956.5 per square mile...
. He received a liberal preparatory schooling and attended the Ohio Wesleyan University
Ohio Wesleyan University
Ohio Wesleyan University is a private liberal arts college in Delaware, Ohio, United States. It was founded in 1842 by Methodist leaders and Central Ohio residents as a nonsectarian institution, and is a member of the Ohio Five — a consortium of Ohio liberal arts colleges...
in Delaware, Ohio
Delaware, Ohio
The City of Delaware is a city in and the county seat of Delaware County in the United States state of Ohio. Delaware was founded in 1808 and was incorporated in 1816. It is located near the center of Ohio, is about north of Columbus, and is part of the Columbus, Ohio Metropolitan Area...
. He moved to Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
and settled in Reno, Pennsylvania and engaged in mercantile pursuits. He also became interested in the development of oil in Venango County, Pennsylvania
Venango County, Pennsylvania
Venango County is a county located in the U.S. state of Pennsylvania. As of the 2010 census, the population was 54,984. Its county seat is Franklin.-History:Venango County was created on March 12, 1800 from parts of Allegheny and Lycoming Counties...
, and the establishment of national banks in thirteen cities throughout the East.
He was elected as a Republican to the Thirty-ninth
39th United States Congress
The Thirty-ninth United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from March 4, 1865 to March 4, 1867, during the first month of...
Congress. He was not a candidate for renomination in 1866
United States House election, 1866
Elections to the United States House of Representatives were held in 1866 to elect Representatives to the 40th United States Congress.The elections occurred just one year after the American Civil War ended at Appomattox, in which the Union defeated the Confederacy....
. While a member of Congress, he became bankrupt and was imprisoned in 1866 but was eventually acquitted after a long trial. He resumed operations in the oil business, with headquarters in Franklin, Pennsylvania. He died while on a business trip in Philadelphia in 1909. He was interred in Franklin Cemetery in Franklin, Pennsylvania.
Culver and the Great Bank Scandal
Culver had made a small profit in Logan, OhioLogan, Ohio
As of the census of 2000, there were 6,704 people, 2,790 households, and 1,768 families residing in the city. The population density was 2,175.2 people per square mile . There were 2,948 housing units at an average density of 956.5 per square mile...
by investing some bank money in oil. He took that money and began buying up banks throughout the oil region. He bought land two miles below Oil City, Pennsylvania
Oil City, Pennsylvania
Oil City is a city in Venango County, Pennsylvania that is known in the initial exploration and development of the petroleum industry. After the first oil wells were drilled nearby in the 1850s, Oil City became central in the petroleum industry while hosting headquarters for the Pennzoil, Quaker...
where he established the town of Reno and The Reno Oil and Land Company and starting selling stock in what appears to have been a basic pyramid scheme.
Culver also attempted to establish the Reno-Pithole railroad, to run between Reno and Pithole, Pennsylvania, the leading oil boom town at the time. Culver was not one for half measures—to run the railroad he hired Ambrose Burnside
Ambrose Burnside
Ambrose Everett Burnside was an American soldier, railroad executive, inventor, industrialist, and politician from Rhode Island, serving as governor and a U.S. Senator...
, and to hook investors, he brought deep-pocketed men of wealth from all over the country to tour his as-yet-non-existent oil fields.
Ultimately Culver's plan collapsed and he was pursued by creditors and courts up and down the oil region. The collapse of his banks triggered a financial panic throughout the oil region that drove many oilmen out of the business and created chaos that set the stage for men like John D. Rockefeller
John D. Rockefeller
John Davison Rockefeller was an American oil industrialist, investor, and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of...
to move in.
A more complete and colorful account of Culver's career can be found in the book The Great Oildorado by Hildegarde Dolson.