Powell Bank - Newburg, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: December 18, 1841
Location: Newburg, New York (42.693, -78.120)

Metadata

Model: gpt-5-mini
Short Digest: 4212f9d9

Response Measures

None

Other: Article describes an 'attack on the credit' of the Powell Bank and the president personally pledging his estate to redeem bills and deposits; no explicit run or suspension is reported.

Description

Article (New-York Tribune, 1841-12-18) reports an attack on the bank's credit; president pledged his entire estate to redeem notes and deposits. No suspension, closure, or reopening is mentioned — consistent with a run/credit scare only.

Events (1)

1. December 18, 1841 Run

Cause: Rumor Or Misinformation
Cause Details: Newspaper describes an attack on the bank's credit (a confidence/credit scare) prompting the president to pledge his estate to redeem notes and deposits.
Measures: President publicly pledged his whole estate (real and personal) to redeem every bill issued and every dollar deposited.
Newspaper Excerpt: An attack having been made on the credit of the Powell Bank of Newburg, Mr. Powell the President has stated ... he pledges his whole estate, real and personal, for the redemption of every bill issued by, and for every dollar which ... may be deposited in, that institution.
Source: newspapers

Newspaper Articles (1)

1. December 18, 1841 New-York Tribune New York, NY

Article from New-York Tribune, December 18, 1841

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Article Text

Mexican Dollars a & premium; Spanish 3 a 4; Five France 931 a 24, American Halves and Gold p r Spanish Doubloons 16 40 a 10 50; Patriot do 16.00 a 16 10. The Havre packet took 100,000 Mexican Dollars, bought some weeks since at it a I per cent. The following are the rates at which one of the large uncurrent money dealers buy: the suspended Bank notes: Bank of Olean 50 disc't Bank of Buffalo 20 discit .. 40 St. Lawrence Commercial do 20 " Cliston Co do of Oswego 25 50 " Alleghany Co U. S. Bank notes are rather worse to-day, some buyers offering only 45. An attack having been made on the credit of the Powell Bank of Newburg, Mr. Powell the President has stated in the Newburg Telegraph that he pledges his whole estate, real and personal, for the redemption of every bill issued by, and for every dollar which 18 or may be deposited in, that institution. He was the getter up of it, and is a large stockholder: and his pride is interested in sustaining it. The Flour and Wheat shipped from Michigan this seasou 15 estimated to be worth upwards of two millions of dollars.