16901. Powers Bank (Rochester, NY)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
April 6, 1866
Location
Rochester, New York (43.155, -77.616)

Metadata

Model
gpt-5-mini
Short Digest
a42015d5

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected

Description

Multiple dispatches (dated April 6–7, 1866) report a run on Powers' banking house that made no impression; the bank remained open, had ample currency (received shipments from New York), and the run subsided. A nearby private banker (A. Karnes/Karns) suspended, which appears to have triggered local panic, but Powers did not suspend. OCR variations of Karnes/Karns/Karnetz noted in sources.

Events (1)
1. April 6, 1866 Run
Cause
Local Banks
Cause Details
Run occurred during a local bank panic after a private banker (A. Karnes/Karns) suspended for want of currency; depositors tested Powers but he had ample funds.
Measures
Kept office open extended hours (until 9pm and reopening at 6am), received large currency shipments from New York (reported ~ $1,000,000 for D. W. Powers), paid out large sums but deposits replenished; accepted deposits from business men.
Newspaper Excerpt
A run has been made all day upon Powers' bank office, but has made no impression.
Source
newspapers

Newspaper Articles (10)
1. April 7, 1866 Baltimore Daily Commercial Baltimore, MD
Article from Baltimore Daily Commercial, April 7, 1866

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Article Text

The Rochester Bank Panic. ROCHESTER, April 6.-The bank panic in this city continues. A. Karns, a private banker, who has not been doing a large business in deposits, suspended to-day for want of currency. His friends are confident that he will soon resume payments again. A run has been made all day upon Powers' bank office, but has made no impression. He has pienty of money, and will keep open until 9 to-night, and open again at 6 o'clock to-morrow morning, in order to satisfy the timid people.

2. April 7, 1866 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, April 7, 1866

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The Rochester Bank Panic. ROCHESTER, N. Y., April 6. The bank panic in this city continues. A. Karnes, a private banker, who was not doing a large business in deposits, suspended to-day, for want of currency. His friends are confident that he will again soon resume payment. A run has been made all day upon Powers' banking office, but made no impression. He has plenty of money and will keep open until nine o'clock to-night, and open again at six o'clock to-morrow morning, to satisfy timid people.

3. April 7, 1866 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, April 7, 1866

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ALBANY, N. Y., April 6.-There is a bank panic at Rochester. A private banker of that city, who was not doing a very large business in deposits, suspended to-day for want of currency.His friends are confident that he will resume soon. A run has been made all day upon Powers' Banking concern, but has made no impression. Good business men deposit with him freely to-day. The panic is regarded as a silly one by even the best informed in money circles.

4. April 7, 1866 Daily Ohio Statesman Columbus, OH
Article from Daily Ohio Statesman, April 7, 1866

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FROM ALBANY The Bank Excitement. ALBANY, N. Y, April 6.- The bank panic at Rochester continues. A. Karnetz, private banker of that city, who was not doing so large a business in deposits, suspended to-day for want of currency. His friends are confident that he will resume soon. A run has been made all day upon Powers' Banking Institution, but has made no impression. He has stacks of money, and will keep open till 9 o'clock to-night and resume at 6to-morrow, to satisfy timid people. Business men deposit with him freely to-day. The panic is regarded as a silly one by men best informed in monetary affairs. A dispatch from Rochester says the American Express Company brought here this morning from New York, over a million and a half in currency, of which about one million was for the banking house of D. W. Powers. The run upon Mr. Powers is subsiding, and his deposits are equal to what is drawn out. It is now thought the bank panic is nearly over here.

5. April 7, 1866 Daily Davenport Democrat Davenport, IA
Article from Daily Davenport Democrat, April 7, 1866

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WS LATE m ALBANY, April 6.-The bank panic at priRochester continues. Mr. A.Kames, a vate banker of that city, who was not doing a large business in deposits, suspended to. day, for want of currency. His friends are confident that he will resume soon. A run has been made all day upon Powers' banking concern, but has made no impression. He has stacks of money and will keep open until 9 o'clock to-night and resume at 6 o'clock to morrow, to satisfy timid people. Good business men deposited freely with him to-day. The panic is regarded as s silly one by men best informed in monetary matters. The bill to incorporate the Niagara Ship Canal Company passed the Legislature by a vote of 85 ayes to 31 nays. 1 he N. Y.C. R. R. Fare Bill passed by a vote of 72 yeas to 48 Days.

6. April 8, 1866 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, April 8, 1866

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TELEGRAPHIC. C EVENING DISPATCHES. From the Evening Ledger.] WASHINGTON, April -The Senate passed the Civil Rights bill over the President's veto-thirty-three againstfifteen. Loud applause from the galleries. In the House a motion to reconsider the veto rejecting the Bankrupt bill was fixed for Monday. NEW YORK, April 7.-Among losses by the Fulton street fire were George Richmond, $30,000, half insured Sharp, billiard table maker, $25,000, partially insured; Clermont House, total loss. $200,000. The loss by the Barclay street fire is supposed to exceed $300,000. ROCHESTER, N. ¥., April -The bank panie continues. A. Karnen, private banker, has suspended, A run on Power's banking house made no impression. Monied men regard the panic as a silly affair. ALBANY, N. Y., March 7.-The bill passed incorporating the Niagara Ship Canal Company. FOREIGN.-The Paris correspondent of the Journal of Commerce, of March 2d, says reports prevail that Duke de Persigny is attempting to force himself again into office as Minister of the Interior, in order to introduce reactionary measures. The Emperor was very badly received a few nights ago at the Odeon theater, and by a arowd in the streets, which uttered many offensive shouts. Matters look uncomfortable both at home and abroad, and more public uneasiness prevails than for some time past. A Washington special says that Provisional Governor Hamilton is en route to Washington. In reference to Texas matters, it is reported that the secessionists there have seized the entire political control of the State, and are carrying everything with a high hand. The Fenian expedition has sailed from New York, destination unknown. Kingston, Jamaica, advices says that the special commission for the trial of prisoners charged with offenses during the revolt, expects to be closed in a few days. NEW York, April 7.-Two distilleries were seized yesterday for want of proper Government license. The World says on Wednesday evening three hundred and twenty Fenians left for the purpose of attacking the British provinces, in the direction of New Brunswick. If this project should fail, it was intended to make a diversion on Halifax. The reported movement on Bermuda was simply made to bewilder the Colonial authorities. Cotton heavy at 38c.; gold 27 e.; exchange 6}c.

7. April 9, 1866 New Orleans Daily Crescent New Orleans, LA
Article from New Orleans Daily Crescent, April 9, 1866

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TELEGRAPHIC DISPATCHES. THE LATE FIRE AT ST. LOUIS MISSING PACIFIC STEAMER QUARTERMASTER'S TRIAL FIXED Bangor, Me., Salutes Civil Rights Bill OGAZON AND JUAREZ GENERAL NEWS-MARKETS River Intelligence, Etc., Etc., Etc. is y [Associated Press Dispatches.] it ST. LOUIS, April 8.-The total loss by the V. steamers and cargoes by the fire yesterday morn88 ing amounts to $500,000, $400,000 of which is n. covered by insurance. 1, A special says the fire began ou the Nevada, e about the deck stove, and the Nashville, Waua nita, Armadillo, Mexico, Turner, Tracey and Dolm sen, narrowly escaped. eCHICAGO, April 8. Flour firm. Wheat active at es $1 272. Corn steady at 47c. Oats 27c. Pork n $24 50. Lard 18c. Live hogs dull at $9 50. te SAN FRANCISCO, April 7. Some anxiety is felt e at the non-arrival of the steamer Ajax, from Hok nolulu, now six days overdue. of PITTSBURG, April 8.-River 9 feet 2 inches and 1- rising. iCINCINNATI, April 8.-A special says the steamer e St. Nicholas was sold yesterday to Capt. Reno and n other parties for $75,000. She is intended for the In Baton Rouge and New Orleans trade. WASHINGTON, April 6.-The trial of Henry Brus mer, involving frauds in the quartermaster's deof partment, is fixed for Wednesday. 2 BANGOR, ME., April 7-A national salute of of bells was rung in honor of the Senate's passage of s the civil rights bill. e SAN FRANCISCO, April 7.-The Liberal Mexican h consul contradicts the report that Gen. Ogazon has d proclaimed himself President of the republic of e Mexico, and confirms the report that he sanctioned d the decree of the 8th of November, extending d Juarez's term of office. o RICHMOND, April8.-The French company has m formally signified its acceptance of the charter of g the Virginia Canal Company. or [From Yesterday's Papers.] e WASHINGTON, April -The Senate has passed k the civil rights bill over the President's veto by y 33 against 15. There was applause from the galleries. n. In the House a motion to reconsider the vote re8, jecting the bankrupt bill is fixed for Monday. p. ROCHESTER, N. Y., April 7.-The bank panic as continues. A. Karmen, private banker. has susis pended. A run on Powers' banking house made no impression. Moneyed men regard the panic as he a silly affair. et ALBANY, New York, April 7.-A bill has passed re the legislature incorporating the Niagara Ship Canal Company. be NEW YORK, April -The Paris correspondent rs of the Journal of Commerce, writing under date c. of March 2. says reports prevail that Dake de eir Persigny is attempting to force himself again into office as minister of the interior, in order to intronp duce reactionary measures. The Emperor was very badly received a few ht nights ago at the Oden Theater, and by the crowd in the streets, which uttered many offensive ied shouts. Matters look uncomfortable both at home vas and abroad, and more public uneasiness prevails an than for some time past. The Fenian expedition has sail from New York, illy but its destination is unknown. llly Kingston, Jamaica. advicessay the special commission for the trial of the prisoners charged and with offenses during the revolt, expects to close in a few days. he The World says on Wednesday evening a number of Fenians left for the purpose of attacking om the British provinces in the direction of New Brunswick. If this project should fail it was by intended to make a diversion on Halifax. ly The reported movement on Bermuda was simply al. made to bewilder the Colonian authorities. WASHINGTON, April The Washington Intelinligencer says Capt. Raphael Semmes has been re ng leased under his original parole. r The House was in Committee of the Whole on the President's annual message. 66 NEW YORK, April The upper House of the et Provincial Parliament of New Brunswick, yesterday adopted resolutions urging confederation according to the Quebec scheme. of Cotton closed dull and heavy at 39c.; Sterling alt Exchange. 100g Gold, 127 ST. Louis, April 7.-A most disastrous fire took H. place this morning, which destroyed completely the steamers Fanny Ogden, Nevada, Alexander, Majors and Effie Deans. Fortunately, there were ed, no lives lost. The origin of the fire is unknown. lisCorn. Flour and Wheat heavy and unchanged. Coru56@65c. Oats heavy at 29c. Other articles unchanged. W. LOUISVILLE, April 7.-James S. Lithgow was of elected mayor of this city by 1800 majority.

8. April 9, 1866 Daily Davenport Democrat Davenport, IA
Article from Daily Davenport Democrat, April 9, 1866

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The Bank Panic. ROCHESTER, N. Y., April 4.-The Bank panic is over. The run upon Powers' Bank has ceased. He paid out $80,000, and took in from depositors $40,000. He received $10,000 in currency from New York this morning. Mr. Karnes has resumed business, the assistance tendered him having enabled him to go ou as before, and to meet all demands, which he now proposes to do. The assignees of Ward & Bro., are preparing to pay a percentage to depositors and will continue to do so till all the effect: are disposed of. They hope to pay nearly if not quite the full amount due.

9. April 9, 1866 Chicago Tribune Chicago, IL
Article from Chicago Tribune, April 9, 1866

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Chamber of Com.. old 881/2 -The Buffalo Express of yesterday contains the following: "The bank panic at Rochester continnes. A Karner, a povate banker of that city. who was not doing a large business in deposits. enspended today for want of currency. His menda are confident be will resume soon. A run has been made all day upon Powers' banking concern, but has made no impression. He has stacks of money, and will keep open until 9 o'clock to night, and resume at 6 to-morrow to satisfy timld people. Good business men deposit with bim freely to-day. The pante is IV garded as a billy one by men best informed in monetary affairs." This afternoon private derpatches were received from Rocheeter, stating that the panic had subsided, and that both the bankers referred to above were able to meet all demands on them. -The official statement of Secretary McColloch gives the National Debt on the 1st insr. at $2.827, 793, 896.00-a decrease or $75,063 on the statement made on March 1. Below we give our ;uual comparative table showing the progrees of the debt since the breaking out or the rebellion: ca Inte eno

10. April 12, 1866 American Citizen Canton, MS
Article from American Citizen, April 12, 1866

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$2 las TELEGR APHIC. 12 WASHINGTON. April 7.-The Senate the W passed the Civil Rights bill over fro has President's veto by 33 against 15. There was applause from the galleries. en C In the House a motion to reconsider is du the vote rejecting the Bankrupt bill fixed for Monday. no NEW YORK, April -Among the loss~ P by the Fulton street fire were . Geo. table es Richmod, $30,009 Sharp, Billiard Tomaker, $25,000-partially insured. tal loss, $200,000. 4 The loss by the Barclay street fire, it is supposed, will exceed $300,000. Rochester,l N. Y., April 7.-The bank T panic continues. A. Karmen, private on banker, has suspended. A run imit Power's banking house, made no the pression. Moneyed men regard panic as a silly affair. ALBANY, N. Y., April 7.-A bill has the passed the Legislature incorporating st Niagara Ship Canal Company. NEW YORK, April 7.-The Paris cor respondent of the Journal of Commerce, writing under date of March 2, says reports prevail that Duke de Persigny into is attempting to force himself again order office as Minister of the Interior, in he to introduce reactionary measures. The Emperor was very badly received W the Odeon Theatre, and by the crowd offensiat in the streets, which uttered many to sive shouts. Matters look uncomfortable nd in both at home and abroad, and more public time al uneasiness prevails than for some ate past. NEW YORK, April 7.-The Fenian expe on dition has sailed from New York, but its His destination is unknown. bey urKingston, Jamaiea, advices say the Je Special Commission for the trial of those ng charged with offenses during the revolt as expects to close in a few days. inNEW York, April Two distilleries nal were seized yesterday for want of proper yed Government license. pa , as The World says on Wednesday eve on a number of Fenians left for the ning purpose of attacking the British province If alti in the direction of New Brunswick. have this project should fail it was intended to uth. make diversion on Halifax. and The reperted movement on Bermud Colo was simply made to bewilder the sive nial authorities. of it NEW YORK, April_7 - Cotton heavy hope 28c. Gold 127g Sterling exchange the and 1061 WASHINGTON, April 7.--The Washing man Intelligencer says Capt. Raphae rest. Sammes ton has been released under hi those original parole. spies, The House was in Committee of th such nkee. Whole the President's annual message New YORK, April 7.--The upp ox. House of the Provincial Parliament pleas New Brunswick yesterday adopted res Louis lutions urging confederation according ded the Quebec scheme. e preST Louis, April 7.- \ most disastrou his took place this morning, which them completely the steamers nce to fire stroyed Majors, Fan Ogden, Nevada, Alexander a K. Effie Deans. Fortunately, there were lives lost. The origin of the fire unknown. ay,2d New YORK, April 7 - -Cotton clos distinto dull and heavy at 39c. Flour du d Cem Sugar quiet at 113c. Molasses known Mess pork very dull. Sterling exchan he ac196}. Gold 127). Sr, LOUIS, April -Corn, flour zen in to say, wheatheavy and unchanged. Coro 56 65 c. Oats heavy at 89c. Other cles unchanged. makes or he LOUISVILLE, April James S. L r. one gow was elected Mayor of this city 1,800 majority. d and was a CIRCINNATI. April -Flour unch lov ed. and his Wheat advanced 5c. Corn ad won WASHINGTON, April 9. The galle of b knew the House were crowded to good utmost capacity. The civil rights or, and was taken up for action at a quarter one. reposes p Heav WASHINGTON, April 9.-House of Iowa, took the floor and demanded the ep few Wilson, remarks previous bill; P; tion concerning the civil rights e of the House was ordered a motio vife and lay the bill on the table was negative heartfelt 37 to 121. Two motions to adj dness.were voted down, when the civil bill passed the House, Mr. Boutwell's resolution of in D was adopted, whether Jefferson Ls.-We Jacob Thompson, C. C. Clay, Be D. Mills, Tucker, Geo. N. Saunders, W. Texas, rebels and traitors agains Snyder, of the Mr. Mills Government and others, United States, Pre involved in the murder of illing his or ted with Lincoln, attempting the whether assassi Seward, or uld shoot are of treason of them Secretary guilty again continued. United States. next day Sundar's WASHINGTON, April 5.-The