Powell Bank - Newburg, NY

Episode Information

Episode UID: 4028218290504
Episode Type: Run Only
Bank Type: state
Bank ID: 402821829 hash
Start Date: December 18, 1841
Location: Newburg, New York (41.503, -74.010)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: c542299d37aa05de

Response Measures

None

Description

Article describes an attack on the credit but no suspension or closure is reported; more articles could confirm withdrawals or official actions.

Events (1)

1. December 18, 1841 Run

Cause: Rumor Or Misinformation
Cause Details: An attack on the bank's credit (rumors or adverse reports) prompted public reassurance by the president pledging his estate.
Measures: President pledged his whole estate for redemption of bills and deposits.
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 ... for the redemption of every bill issued by, and for every dollar which is or 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 1/2 a 3/4 premium; Spanish 3 a 4; Five Francs 93 1/2 a 94; American Halves and Gold par; Spanish Doubloons 16 40 a 16 50; Patriot do 16 00 a 16 10. The Havre packet took 100,000 Mexican Dollars, bought some weeks since at 3/4 a 1 per cent. The following are the rates at which one of the large uncurrent money dealers buys the suspended Bank notes: Bank of Olean ..... 50 disc't | Bank of Buffalo .... 20 disc't St. Lawrence ...... 40 " | Commercial do ..... 25 " Clinton Co ........ 20 " | do of Oswego . 25 " Alleghany Co ...... 50 " 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 is 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 season is estimated to be worth upwards of two millions of dollars.