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diff --git a/.gitattributes b/.gitattributes new file mode 100644 index 0000000..6833f05 --- /dev/null +++ b/.gitattributes @@ -0,0 +1,3 @@ +* text=auto +*.txt text +*.md text diff --git a/17374-h.zip b/17374-h.zip Binary files differnew file mode 100644 index 0000000..d9ae1a6 --- /dev/null +++ b/17374-h.zip diff --git a/17374-h/17374-h.htm b/17374-h/17374-h.htm new file mode 100644 index 0000000..1387d02 --- /dev/null +++ b/17374-h/17374-h.htm @@ -0,0 +1,961 @@ +<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN" + "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd"> + +<html xmlns="http://www.w3.org/1999/xhtml"> + <head> + <meta http-equiv="Content-Type" content="text/html;charset=iso-8859-1" /> + <title> + The Project Gutenberg eBook of Bank Of The Manhattan Company, by Anonymous. + </title> + <style type="text/css"> +/*<![CDATA[ XML blockout */ +<!-- + p { margin-top: .75em; + text-align: justify; + margin-bottom: .75em; + } + h1,h2,h3,h4,h5,h6 { + text-align: center; /* all headings centered */ + clear: both; + } + hr { width: 33%; + margin-top: 2em; + margin-bottom: 2em; + margin-left: auto; + margin-right: auto; + clear: both; + } + + a[name] { position:absolute; } + a:link {color:#0000ff; + text-decoration:none} + link {color:#0000ff; + text-decoration:none} + a:visited {color:#0000ff; + text-decoration:none} + a:hover {color:#ff0000} + + table { padding: 1em; text-align: left; margin-left: auto; margin-right: auto;} + .tab1 { width:80%; padding: 1em; font-size:small; text-align: center; margin-left: auto; margin-right: auto;} + .tr {margin-left: 20%; margin-right: 10%; margin-top: 5%; margin-bottom: 5%; padding: 2em; background-color: #f6f2f2; color: black; border: dotted black 1px;} + .tocch { text-align: right; vertical-align: top;} + .tocpg {text-align: right; vertical-align: bottom;} + + + body{margin-left: 10%; + margin-right: 10%; + } + + .pagenum {position: absolute; left: 92%; text-indent: 0; font-weight: normal; color: gray; font-size: 0.7em; text-align: right;} + + + .blockquot{margin-left: 5%; margin-right: 10%;} + + + .center {text-align: center;} + .smcap {font-variant: small-caps;} + .u {text-decoration: underline;} + + .caption {font-weight: bold;} + + .figcenter { margin: auto; text-align: center;} + + .figleft {float: left; clear: left; margin-left: 0; margin-bottom: 1em; margin-top: + 1em; margin-right: 1em; padding: 0; text-align: center;} + + .figright {float: right; clear: right; margin-left: 1em; margin-bottom: 1em; + margin-top: 1em; margin-right: 0; padding: 0; text-align: center;} + + .footnotes { /* only use is for border, background-color of block */ + border-width: medium; border-style: solid; color:#000000; /* comment out if not wanted */ + background-color: #EEE; /* comment out if not wanted */ + padding: 0 1em 1em 1em; /* one way to indent from border */ + } + .footnote {margin-left: 10%; margin-right: 10%; font-size: 0.9em;} + .footnote .label {position: absolute; right: 84%; text-align: right;} + .fnanchor {vertical-align: super; font-size: .8em; text-decoration: none;} + + .img1 { border-color:#000000; border-style:solid; border-width:medium; } + .img2 { border-color:#000000; border-style:solid; border-width:thin; } + p.quotdate { /* date of a letter aligned right */ + text-align: right; + } + p.quotsig { /* author signature at end of letter */ + margin-left: 35%; + text-indent: -4em; /* gimmick to move 2nd line right */} + // --> + /* XML end ]]>*/ + </style> + </head> +<body> + + +<pre> + +The Project Gutenberg EBook of Bank of the Manhattan Company, by Anonymous + +This eBook is for the use of anyone anywhere at no cost and with +almost no restrictions whatsoever. You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: Bank of the Manhattan Company + Chartered 1799: A Progressive Commercial Bank + +Author: Anonymous + +Release Date: December 22, 2005 [EBook #17374] + +Language: English + +Character set encoding: ISO-8859-1 + +*** START OF THIS PROJECT GUTENBERG EBOOK BANK OF THE MANHATTAN COMPANY *** + + + + +Produced by Curtis Weyant, Sankar Viswanathan, and the +Online Distributed Proofreading Team at https://www.pgdp.net +(This file was produced from images generously made +available by Cornell University Digital Collections) + + + + + +Character set for HTML: ISO-8859-1 + + +</pre> + + + + + + + + + + + +<div class="center"><img src="images/image_001.jpg" alt="Cover" width="400" height="579" /></div> + + + + + +<div class="figcenter" style="width: 250px;"> +<img class="img1" src="images/image_002.jpg" width="250" height="543" alt="PRESENT OFFICE OF THE MANHATTAN COMPANY. 40-42 , Wall Street. Building erected jointly in 1884 by the Manhattan Company and the Merchants' National Bank." title="PRESENT OFFICE OF THE MANHATTAN COMPANY. 40-42 , Wall Street. Building erected jointly in 1884 by the Manhattan Company and the Merchants' National Bank." /> +</div><p class="center"><span class="caption">PRESENT OFFICE OF THE MANHATTAN COMPANY. <br />40-42 , Wall Street. <br />Building erected jointly in 1884 by the Manhattan Company and the Merchants' National Bank.</span> +</p> + +<p> </p> +<p> </p> +<p> </p> + + + + +<h1>BANK</h1> +<h4>OF THE</h4> +<h1>MANHATTAN COMPANY</h1> +<p> </p> + + + +<p class="center">CHARTERED 1799</p> +<p> </p> +<p> </p> + +<h3>A PROGRESSIVE COMMERCIAL BANK</h3> +<p> </p> +<p> </p> + +<div class="figcenter" style="width: 200px;"> +<img class="img1" src="images/image_003.jpg" width="200" height="237" alt="Chief of the Manhattans" title="Chief of the Manhattans" /> +<span class="caption">Chief of the Manhattans</span> + +</div> +<p> </p> +<p> </p> + + +<h3>40 WALL STREET<br /> +NEW YORK</h3> +<p> </p> +<p> </p> +<p> </p> +<div class="figcenter" style="width: 250px;"> +<img class="img1" src="images/image_004.jpg" width="250" height="164" alt="Common Seal" title="Common Seal" /></div> +<p class="center"><span class="caption">On May 8th, 1799, the Committee of By-Laws reported "that +they had devised a common seal for the Corporation, the description of +which is as follows: + +</span></p> +<p class="center"><span class="caption">"Oceanus, one of the sea Gods, sitting in a reclining posture on a + rising ground pouring water from an urn which forms a river and + terminates in a lake. On the exergue will be inscribed 'Seal of the + Manhattan Company.'"</span></p> +<p><span class='pagenum'><a name="Page_5" id="Page_5">[5]</a></span></p> +<p> </p> +<p> </p> + +<p>There are nine banks now in existence whose history reaches back into +the Eighteenth Century. Of these, two are in Massachusetts, two in +Connecticut, one in Pennsylvania, one in Delaware, one in Maryland and +two in New York.</p> + +<p>Corporate banking in New York began with the organization of the Bank of +New York by Alexander Hamilton in 1784, which received its charter in +1792. For fifteen years this bank, together with the New York branch of +the first Bank of the United States, were the only banks doing business +in either the City or State of New York. With Hamilton and the Federals +in control of the Legislature, new bank charters were unobtainable. This +monopoly of banking facilities in the City and State was of great +strategic value to the political party in control, and naturally aroused +jealousy and resentment among the members of the opposition, whose +leader was Aaron Burr. </p><p><span class='pagenum'><a name="Page_6" id="Page_6">[6]</a></span></p> + +<div class="figcenter" style="width: 400px;"> +<img class="img2" src="images/image_006.jpg" width="400" height="477" alt="EXCERPT FROM CHARTER" title="EXCERPT FROM CHARTER" /> +<span class="caption">EXCERPT FROM CHARTER</span> +</div><p><span class='pagenum'><a name="Page_7" id="Page_7">[7]</a></span></p> + +<p>In 1798 New York City suffered from a severe yellow fever epidemic, +which was attributed to an inadequate and inferior water supply. Upon +the assembling of the Legislature in 1799, an association of +individuals, among whom Aaron Burr was the moving spirit, applied for a +charter for the purpose of "supplying the City of New York with pure and +wholesome water." With a capital of $2,000,000, the project was an +ambitious one for those days, and, as there was considerable uncertainty +about the probable cost of the water system, a clause was inserted in +the charter, permitting the Company to employ all surplus capital in the +purchase of public or other stock or in any other monied transactions or +operations, not inconsistent with the constitution and laws of New York +or of the United States.</p> + +<p>A great effort was made to defeat the charter on account of this clause +granting the Company banking privileges. But the necessity for a proper +water system, which could be procured only by the organization of a +responsible company with large capital, carried it through the<span class='pagenum'><a name="Page_8" id="Page_8">[8]</a></span> +Legislature and it received the Governor's signature.</p> + +<div class="figcenter" style="width: 500px;"> +<img class="img2" src="images/image_008.jpg" width="500" height="431" alt="FORM OF EARLY STOCK CERTIFICATE" title="FORM OF EARLY STOCK CERTIFICATE" /> +<span class="caption">FORM OF EARLY STOCK CERTIFICATE</span> +</div> + +<p>The Bill was passed April 2d, 1799, and by April 22d books were opened +for public subscription to the $2,000,000 Capital Stock of the Manhattan +Company, the par value of which was $50. These original books are still +in the possession of the Company, and contain the signatures of many of +the prominent men of the time. By May 15th the entire amount had been +subscribed by several thousand persons—the City of New York having +taken 2,000 of the shares. The Charter provided that the Recorder of the +city should be <i>ex-officio</i> a director of the Company, a provision which +was in effect for 108 years, until the abolition of the office in 1907.</p><p><span class='pagenum'><a name="Page_9" id="Page_9">[9]</a></span></p> + +<div class="figcenter" style="width: 400px;"> +<img class="img2" src="images/image_009.jpg" width="400" height="542" alt="SUBSCRIPTIONS OF DIRECTORS + +Reproduced from original subscription book" title="SUBSCRIPTIONS OF DIRECTORS + +Reproduced from original subscription book" /> +<span class="caption">SUBSCRIPTIONS OF DIRECTORS + +Reproduced from original subscription book</span> +<p> </p> +</div><p><span class='pagenum'><a name="Page_10" id="Page_10">[10]</a></span></p> + +<div class="figcenter" style="width: 500px;"> +<img class="img2" src="images/image_010.jpg" width="500" height="370" alt="OATH OF FIRST PRESIDENT" title="OATH OF FIRST PRESIDENT" /> +<span class="caption">OATH OF FIRST PRESIDENT</span> +</div> + + + + +<hr style="width: 65%;" /> +<p><span class='pagenum'><a name="Page_11" id="Page_11">[11]</a></span></p> +<h2><a name="THE_WATER_SYSTEM" id="THE_WATER_SYSTEM"></a>THE WATER SYSTEM</h2> + +<p>At the first meeting of the Directors, held at the house of Edward +Barden, Innkeeper, on April 11th, 1799, the following Directors were +present:</p> + +<p> +DANIEL LUDLOW,<br /> +JOHN WATTS,<br /> +JOHN B. CHURCH,<br /> +BROCKHOLST LIVINGSTON,<br /> +WILLIAM LAIGHT,<br /> +PASCAL N. SMITH,<br /> +SAMUEL OSGOOD,<br /> +JOHN STEVENS,<br /> +JOHN B. COLES,<br /> +JOHN BROOME,<br /> +AARON BURR, and<br /> +RICHARD HARRISON,<br /> +Recorder of the City of New York,<br /> +Ex. Officio,<br /> +</p> + +<p>the only absentee being William Edgar.</p> + +<p>Daniel Ludlow was chosen President, and the following minute was made:</p> + +<div class="blockquot"><p>The principal object of this incorporation being to obtain a +supply of pure and wholesome water for the City of New York.</p> + +<p><span class="smcap">Resolved</span> that Samuel Osgood, John B. Coles and John +Stevens be a committee to report with all convenient speed +the best means to be pursued to obtain such supply. </p></div> + +<div class="figcenter" style="width: 300px;"> +<img class="img2" src="images/image_011.jpg" width="300" height="98" alt="OLD WOODEN WATER MAINS" title="OLD WOODEN WATER MAINS" /> +<span class="caption">OLD WOODEN WATER MAINS</span> +</div> + +<p>On May 6th, 1799, the water committee was empowered "to contract for as +many pine logs as they may think necessary for pipes and also for boring +the same."</p><p> </p> +<p><span class='pagenum'><a name="Page_12" id="Page_12">[12]</a></span></p> +<div class="figcenter" style="width: 697px;"><a name="cart_1" id="cart_1"></a> +<img class="img2" src="images/image_012.jpg" width="697" height="466" alt=" Contemporary Cartoon" + /></div> + + +<table class="tab1" > + <tr> + <td>Cornelius W. Lawrence<br /> + +Mayor of New York who, after the fire of 1835, advocated developing a +water supply from State rather than local sources. ("State Security")</td> + <td>Robert White<br /> + +Cashier of the Manhattan Company</td> + <td>The Old Watchdog of the Manhattan Company<br /> + +Every morning he would sit on the front stoop, greet each clerk as he +arrived and accompany him to his desk</td> + </tr> +</table> + +<p> </p> +<p><span class='pagenum'><a name="Page_13" id="Page_13">[13]</a></span></p> +<p>A number of wells were sunk, reservoirs and tanks built, and the +distributing system extended generally through the city south of City +Hall.</p> + +<p>About 1836 the system was extended north along Broadway as far as +Bleecker Street, and at that time the company had about twenty-five +miles of mains and supplied 2,000 houses.</p> +<p> </p> +<div class="figcenter" style="width: 500px;"> +<img class="img2" src="images/image_013.jpg" width="500" height="284" alt="MANHATTAN COMPANY RESERVOIR ON CHAMBERS STREET" title="MANHATTAN COMPANY RESERVOIR ON CHAMBERS S" /> +<span class="caption">MANHATTAN COMPANY RESERVOIR ON CHAMBERS STREET</span> +</div> + +<p> </p> +<p>While the water was said to be "wholesome," its quality did not give + entire satisfaction, as may be seen from the muddiness of the water in + the glass held by "Pure Manhattan" in the <a href="#cart_1">contemporary cartoon</a> reproduced on the opposite page.</p> +<p><span class='pagenum'><a name="Page_14" id="Page_14">[14]</a></span></p> + +<p>Over one of the earliest wells, at the corner of Reade and Center +Streets, a tank of iron plates was erected. This tank is now inclosed in +an old-fashioned building which is still owned by the Manhattan Company.</p> + +<p>The Company continued to operate its water service until about the time +the Croton system was completed in 1842.</p> + +<div class="figcenter" style="width: 300px;"> +<img class="img2" src="images/image_014.jpg" width="300" height="308" alt="OLD WATER GATE DUG UP IN PARK ROW IN 1900" title="OLD WATER GATE DUG UP IN PARK ROW IN 1900" /> +<span class="caption">OLD WATER GATE DUG UP IN PARK ROW IN 1900</span> +</div><p><span class='pagenum'><a name="Page_15" id="Page_15">[15]</a></span></p> + + + +<hr style="width: 65%;" /> +<h2><a name="FOUNDING_AND_EARLY_HISTORY_OF_THE_BANK" id="FOUNDING_AND_EARLY_HISTORY_OF_THE_BANK"></a>FOUNDING AND EARLY HISTORY OF THE BANK</h2> + +<p>On April 17, 1799, a committee of the Directors was appointed</p> + +<div class="blockquot"><p>"to consider the most proper means of employing the capital +of the Company." </p></div> + +<p>The committee reported on June 3, 1799, in favor of opening an office of +discount and deposit, and a house was bought on the site of the present +No. 40 Wall Street, in which, on September 1, 1799, the "Bank" of the +Manhattan Company began business.</p> + +<p>The following is one of the earliest advertisements, reproduced from the +Mercantile Advertiser, October 9, 1799:</p> + +<div class="figcenter" style="width: 500px;"> +<img class="img1" src="images/image_015.jpg" width="500" height="275" alt="Advertisement." title="Advertisement." /> +</div> +<p> </p> +<p> </p> + + +<p><span class='pagenum'><a name="Page_16" id="Page_16">[16]</a></span></p> + +<div class="figcenter" style="width: 500px;"> +<img class="img2" src="images/image_016.jpg" width="500" height="365" alt="WALL STREET IN 1803 + +Present No. 40 Wall Street" title="WALL STREET IN 1803 + +Present No. 40 Wall Street" /> +<span class="caption">WALL STREET IN 1803<br /> + +<span style="font-size:smaller "> Present No. 40 Wall Street</span></span> +</div><p><span class='pagenum'><a name="Page_17" id="Page_17">[17]</a></span></p> +<p> </p> +<p>The first action of the Directors after the opening of the Bank was:</p> + +<div class="blockquot"><p><span class="smcap">Resolved</span>, That this Board will hereafter meet twice +a week, to wit, on Mondays and Thursdays of each week, at 11 +o'clock. </p></div> + +<p>The policy of semi-weekly meetings still prevails in the Manhattan +Company, and its Board of twelve Directors keeps in close touch with all +its affairs.</p> +<p> </p> +<div class="figcenter" style="width: 600px;"> +<img src="images/image_017.jpg" width="600" height="231" alt="Three No 6627 The President and +Directors of the Manhattan Company promise to pay D. W. Cantor +or bearer 3 dollars on demand. New York. Nov 7 1800. Three Dollars. + +MANHATTAN COMPANY CURRENCY" title="" /> +<span class="caption"> +MANHATTAN COMPANY CURRENCY</span> +</div> +<p> </p> +<p>Two months after the Bank was opened the Directors</p> + +<div class="blockquot"><p><span class="smcap">Resolved</span>, That a committee be appointed to visit +the vaults and examine the cash and look over the effects of +the Manhattan Company deposited therein. </p></div> + +<p>Thus, at the outset, the Manhattan Company required its Directors +periodically to examine its cash and securities, a safeguard which, 106 +years later, the State of New York made compulsory for all State banking +institutions.</p><p><span class='pagenum'><a name="Page_18" id="Page_18">[18]</a></span></p> + +<p>The Bank of the Manhattan Company was profitable from the start and +commenced paying dividends in July 1800. The total dividends to and +including January, 1913, have aggregated $19,726,000.</p> +<p> </p> +<div class="figcenter" style="width: 600px;"> +<img src="images/image_018.jpg" width="600" height="246" alt="Cashier of the Manhattan Branch Bank Utica, +Pay the Bearer +Seventy-Five Cents; +and charge the same in account with the +President & Directors of Oneida Glass Factory. +Utica, June 20, 1815. +Sup't. + + +FRACTIONAL CURRENCY USED IN UTICA" title="" /> +<span class="caption"> +FRACTIONAL CURRENCY USED IN UTICA</span> +</div> +<p> </p> +<p>Although the main office of the Bank has always been at the present No. +40 Wall Street, in the autumn of 1805 all the banks moved temporarily to +the Village of Greenwich to escape the usual autumn fever epidemic. The +Directors then determined to provide a country office for use during the +"sickly season." Many persons offered sites; among them "Mr. Astor +proposed verbally to cede eight lots of ground near Greenwich, being +part of his purchase from Gov. Clinton." Finally land was acquired +between <span class='pagenum'><a name="Page_19" id="Page_19">[19]</a></span>the "Bowery Road" and the East River. From 1809 to 1819 +branches of the Bank were maintained in Utica and Poughkeepsie.</p> + +<p>In 1805 negotiations were consummated for a "union of the capitals and +interests" of the New York State Bank of Albany and the Manhattan +Company. A bill authorizing the consolidation was offered in the +Legislature, but it failed to pass, and the plan was abandoned.</p> + +<p>In 1808 the Legislature, in enacting certain amendments to the Charter +of the Manhattan Company, reserved for the State the right to take 1,000 +shares of its capital stock. This right was exercised and the capital +stock was increased for the purpose from $2,000,000 to $2,050,000. Both +the State and the City of New York are still stockholders, this being +the only bank stock which the State holds.</p> + +<p>In 1833, as shown in the cartoon reproduced on the following page, the +Manhattan Company was one of the banks to receive the Government +deposits when they were withdrawn from the second United States Bank by +President Jackson.</p> +<p> </p> +<p><span class='pagenum'><a name="Page_20" id="Page_20">[20]</a></span></p> + +<div class="figcenter" style="width: 700px;"> +<img class="img2" src="images/image_020.jpg" width="700" height="471" alt="Caricature" + + title="Caricature" /></div> + +<div class="center"><table class="tab1"> + <tr> + <td>(Clay)</td> + <td>(Van Buren)</td> + <td>(Calhoun)</td> + <td>(Biddle)</td> + </tr> +</table> + + + + +THE DOCTORS PUZZLED OR THE DESPERATE CASE OF MOTHER U. S BANK.<br /> + +<span style="font-size:smaller; ">Published and for sale wholesale and retail by A Imbert at his +Caricature Store No 106 Broadway</span> +</div> +<p><span class='pagenum'><a name="Page_21" id="Page_21">[21]</a></span></p> + + + +<hr style="width: 65%;" /> +<h2><a name="PRESENT_ORGANIZATION_AND_POLICY_OF_THE_BANK" id="PRESENT_ORGANIZATION_AND_POLICY_OF_THE_BANK"></a>PRESENT ORGANIZATION AND POLICY OF THE BANK</h2> + +<p>In 1853 the Manhattan Company became one of the original members of the +New York Clearing House Association, and stands, in order of seniority, +No. 2 on its roll.</p> + +<p>From 1853 down to 1880, the Manhattan Company's deposits averaged +between $3,000,000 and $5,000,000. The deposits doubled during the +eighties, again during the nineties, and again in the decade ending +1910. This growth has been made along healthy and normal lines, and not +by absorbing or consolidating with other banking institutions. The fact +that the Manhattan Company is an entirely independent institution has +doubtless assisted its growth in recent years.</p> + +<p>The steady increase in both the deposits and the surplus of the +Manhattan Company is evidence of its vitality, its sound banking +traditions and its ability to keep its methods so modernized as to give +efficient service to its widening circle of clients. To meet both its +own needs and those of its commercial and banking patrons, well organized credit and foreign +exchange departments are maintained.</p> +<p> </p> +<p><span class='pagenum'><a name="Page_22" id="Page_22">[22]</a></span></p> + +<div class="figcenter" style="width: 500px;"> +<img class="img2" src="images/image_022.jpg" width="500" height="400" alt="Building of the Manhattan Company + +WALL STREET IN 1860" title="" /> +<span class="caption"><span style="font-size:smaller ">Building of the Manhattan Company</span><br /> + +WALL STREET IN 1860</span> +<p> </p> +</div><p><span class='pagenum'><a name="Page_23" id="Page_23">[23]</a></span></p> + + + +<p>The Manhattan Company, acting as the reserve agent of many State banks +and trust companies throughout the country, has a substantial volume of +bank deposits. But it was originally established as an "Office of +Discount and Deposit," and is today primarily a commercial bank, seeking +the active accounts of merchants and manufacturers and extending them +accommodation in keeping with their credit and standing, for which the +diversified character of its deposits has always provided ample funds. + +</p> +<hr style="width: 65%;" /> +<div class="figcenter" style="width: 100px;"> +<img src="images/image_024.jpg" width="100" height="95" alt="" title="" /> +</div> + +<p class="center"> +IRVING PRESS<br /> +<br /> +119 and 121 East Thirty-first Street<br /> +New York<br /> +</p> + + + + + + + +<pre> + + + + + +End of Project Gutenberg's Bank of the Manhattan Company, by Anonymous + +*** END OF THIS PROJECT GUTENBERG EBOOK BANK OF THE MANHATTAN COMPANY *** + +***** This file should be named 17374-h.htm or 17374-h.zip ***** +This and all associated files of various formats will be found in: + https://www.gutenberg.org/1/7/3/7/17374/ + +Produced by Curtis Weyant, Sankar Viswanathan, and the +Online Distributed Proofreading Team at https://www.pgdp.net +(This file was produced from images generously made +available by Cornell University Digital Collections) + + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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You may copy it, give it away or +re-use it under the terms of the Project Gutenberg License included +with this eBook or online at www.gutenberg.org + + +Title: Bank of the Manhattan Company + Chartered 1799: A Progressive Commercial Bank + +Author: Anonymous + +Release Date: December 22, 2005 [EBook #17374] + +Language: English + +Character set encoding: ASCII + +*** START OF THIS PROJECT GUTENBERG EBOOK BANK OF THE MANHATTAN COMPANY *** + + + + +Produced by Curtis Weyant, Sankar Viswanathan, and the +Online Distributed Proofreading Team at https://www.pgdp.net +(This file was produced from images generously made +available by Cornell University Digital Collections) + + + + + + + + + + + Bank of the + Manhattan + Company + + + ORIGIN + HISTORY + PROGRESS + + + + 40 Wall Street + New York + + + [Illustration: PRESENT OFFICE OF THE MANHATTAN COMPANY + 40-42 WALL STREET + Building erected jointly in 1884 by the Manhattan Company and the + Merchants' National Bank] + + + + + + BANK + OF THE + MANHATTAN COMPANY + + + CHARTERED 1799 + + + A PROGRESSIVE COMMERCIAL BANK + + + + + + [Illustration: CHIEF OF THE MANHATTANS] + + + + 40 WALL STREET + NEW YORK + + +[Illustration: Common Seal] + +On May 8th, 1799, the Committee of By-Laws reported "that they had +devised a common seal for the Corporation, the description of which is +as follows: + +"Oceanus, one of the sea Gods, sitting in a reclining posture on a +rising ground pouring water from an urn which forms a river and +terminates in a lake. On the exergue will be inscribed 'Seal of the +Manhattan Company.'" + + +There are nine banks now in existence whose history reaches back into +the Eighteenth Century. Of these, two are in Massachusetts, two in +Connecticut, one in Pennsylvania, one in Delaware, one in Maryland and +two in New York. + +Corporate banking in New York began with the organization of the Bank of +New York by Alexander Hamilton in 1784, which received its charter in +1792. For fifteen years this bank, together with the New York branch of +the first Bank of the United States, were the only banks doing business +in either the City or State of New York. With Hamilton and the Federals +in control of the Legislature, new bank charters were unobtainable. This +monopoly of banking facilities in the City and State was of great +strategic value to the political party in control, and naturally aroused +jealousy and resentment among the members of the opposition, whose +leader was Aaron Burr. + +[Illustration: EXCERPT FROM CHARTER] + +In 1798 New York City suffered from a severe yellow fever epidemic, +which was attributed to an inadequate and inferior water supply. Upon +the assembling of the Legislature in 1799, an association of +individuals, among whom Aaron Burr was the moving spirit, applied for a +charter for the purpose of "supplying the City of New York with pure and +wholesome water." With a capital of $2,000,000, the project was an +ambitious one for those days, and, as there was considerable uncertainty +about the probable cost of the water system, a clause was inserted in +the charter, permitting the Company to employ all surplus capital in the +purchase of public or other stock or in any other monied transactions or +operations, not inconsistent with the constitution and laws of New York +or of the United States. + +A great effort was made to defeat the charter on account of this clause +granting the Company banking privileges. But the necessity for a proper +water system, which could be procured only by the organization of a +responsible company with large capital, carried it through the +Legislature and it received the Governor's signature. + +[Illustration: FORM OF EARLY STOCK CERTIFICATE] + +The Bill was passed April 2d, 1799, and by April 22d books were opened +for public subscription to the $2,000,000 Capital Stock of the Manhattan +Company, the par value of which was $50. These original books are still +in the possession of the Company, and contain the signatures of many of +the prominent men of the time. By May 15th the entire amount had been +subscribed by several thousand persons--the City of New York having +taken 2,000 of the shares. The Charter provided that the Recorder of the +city should be _ex-officio_ a director of the Company, a provision which +was in effect for 108 years, until the abolition of the office in 1907. + +[Illustration: SUBSCRIPTIONS OF DIRECTORS +Reproduced from original subscription book] + +[Illustration: OATH OF FIRST PRESIDENT] + + + + +THE WATER SYSTEM + +At the first meeting of the Directors, held at the house of Edward +Barden, Innkeeper, on April 11th, 1799, the following Directors were +present: + +DANIEL LUDLOW, +JOHN WATTS, +JOHN B. CHURCH, +BROCKHOLST LIVINGSTON, +WILLIAM LAIGHT, +PASCAL N. SMITH, +SAMUEL OSGOOD, +JOHN STEVENS, +JOHN B. COLES, +JOHN BROOME, +AARON BURR, and +RICHARD HARRISON, +Recorder of the City of New York, +Ex. Officio, + +the only absentee being William Edgar. + +Daniel Ludlow was chosen President, and the following minute was made: + + The principal object of this incorporation being to obtain a + supply of pure and wholesome water for the City of New York. + + RESOLVED that Samuel Osgood, John B. Coles and John + Stevens be a committee to report with all convenient speed + the best means to be pursued to obtain such supply. + +[Illustration: OLD WOODEN WATER MAINS] + +On May 6th, 1799, the water committee was empowered "to contract for as +many pine logs as they may think necessary for pipes and also for boring +the same." + +[Illustration: Contemporary Cartoon] + +A number of wells were sunk, reservoirs and tanks built, and the +distributing system extended generally through the city south of City +Hall. + +About 1836 the system was extended north along Broadway as far as +Bleecker Street, and at that time the company had about twenty-five +miles of mains and supplied 2,000 houses. + +[Illustration: MANHATTAN COMPANY RESERVOIR ON CHAMBERS STREET] + +While the water was said to be "wholesome," its quality did not give +entire satisfaction, as may be seen from the muddiness of the water in +the glass held by "Pure Manhattan" in the contemporary cartoon +reproduced on the opposite page. + +Over one of the earliest wells, at the corner of Reade and Center +Streets, a tank of iron plates was erected. This tank is now inclosed in +an old-fashioned building which is still owned by the Manhattan Company. + +The Company continued to operate its water service until about the time +the Croton system was completed in 1842. + +[Illustration: OLD WATER GATE DUG UP IN PARK ROW IN 1900] + + + + +FOUNDING AND EARLY HISTORY OF THE BANK + +On April 17, 1799, a committee of the Directors was appointed + + "to consider the most proper means of employing the capital + of the Company." + +The committee reported on June 3, 1799, in favor of opening an office of +discount and deposit, and a house was bought on the site of the present +No. 40 Wall Street, in which, on September 1, 1799, the "Bank" of the +Manhattan Company began business. + +The following is one of the earliest advertisements, reproduced from the +Mercantile Advertiser, October 9, 1799: + + MANHATTAN COMPANY. + + The Office of Discount and Deposit will open for the + transaction of business, for the present, at 10 o'clock in + the forenoon, and continue open until 3 o'clock in the + afternoon, when the business of the day will be closed. + + HENRY REMSEN, Cashier. + + September 24. + +[Illustration: WALL STREET IN 1803 +Present No. 40 Wall Street] + +The first action of the Directors after the opening of the Bank was: + + RESOLVED, That this Board will hereafter meet twice + a week, to wit, on Mondays and Thursdays of each week, at 11 + o'clock. + +The policy of semi-weekly meetings still prevails in the Manhattan +Company, and its Board of twelve Directors keeps in close touch with all +its affairs. + +[Illustration: MANHATTAN COMPANY CURRENCY] + +Two months after the Bank was opened the Directors + + RESOLVED, That a committee be appointed to visit + the vaults and examine the cash and look over the effects of + the Manhattan Company deposited therein. + +Thus, at the outset, the Manhattan Company required its Directors +periodically to examine its cash and securities, a safeguard which, 106 +years later, the State of New York made compulsory for all State banking +institutions. + +The Bank of the Manhattan Company was profitable from the start and +commenced paying dividends in July 1800. The total dividends to and +including January, 1913, have aggregated $19,726,000. + +[Illustration: FRACTIONAL CURRENCY USED IN UTICA] + +Although the main office of the Bank has always been at the present No. +40 Wall Street, in the autumn of 1805 all the banks moved temporarily to +the Village of Greenwich to escape the usual autumn fever epidemic. The +Directors then determined to provide a country office for use during the +"sickly season." Many persons offered sites; among them "Mr. Astor +proposed verbally to cede eight lots of ground near Greenwich, being +part of his purchase from Gov. Clinton." Finally land was acquired +between the "Bowery Road" and the East River. From 1809 to 1819 +branches of the Bank were maintained in Utica and Poughkeepsie. + +In 1805 negotiations were consummated for a "union of the capitals and +interests" of the New York State Bank of Albany and the Manhattan +Company. A bill authorizing the consolidation was offered in the +Legislature, but it failed to pass, and the plan was abandoned. + +In 1808 the Legislature, in enacting certain amendments to the Charter +of the Manhattan Company, reserved for the State the right to take 1,000 +shares of its capital stock. This right was exercised and the capital +stock was increased for the purpose from $2,000,000 to $2,050,000. Both +the State and the City of New York are still stockholders, this being +the only bank stock which the State holds. + +In 1833, as shown in the cartoon reproduced on the following page, the +Manhattan Company was one of the banks to receive the Government +deposits when they were withdrawn from the second United States Bank by +President Jackson. + +[Illustration: Published and for sale wholesale and retail by A Imbert +at his Caricature Store No 106 Broadway] + + + + +PRESENT ORGANIZATION AND POLICY OF THE BANK + +In 1853 the Manhattan Company became one of the original members of the +New York Clearing House Association, and stands, in order of seniority, +No. 2 on its roll. + +From 1853 down to 1880, the Manhattan Company's deposits averaged +between $3,000,000 and $5,000,000. The deposits doubled during the +eighties, again during the nineties, and again in the decade ending +1910. This growth has been made along healthy and normal lines, and not +by absorbing or consolidating with other banking institutions. The fact +that the Manhattan Company is an entirely independent institution has +doubtless assisted its growth in recent years. + +The steady increase in both the deposits and the surplus of the +Manhattan Company is evidence of its vitality, its sound banking +traditions and its ability to keep its methods so modernized as to give +efficient service to its widening circle of clients. To meet both its +own needs and those of its commercial and banking patrons, well +organized credit and foreign exchange departments are maintained. + +[Illustration: Building of the Manhattan Company +WALL STREET IN 1860] + +The Manhattan Company, acting as the reserve agent of many State banks +and trust companies throughout the country, has a substantial volume of +bank deposits. But it was originally established as an "Office of +Discount and Deposit," and is today primarily a commercial bank, seeking +the active accounts of merchants and manufacturers and extending them +accommodation in keeping with their credit and standing, for which the +diversified character of its deposits has always provided ample funds. + + +IRVING PRESS +119 and 121 East Thirty-first Street +New York + + + + + + +End of Project Gutenberg's Bank of the Manhattan Company, by Anonymous + +*** END OF THIS PROJECT GUTENBERG EBOOK BANK OF THE MANHATTAN COMPANY *** + +***** This file should be named 17374.txt or 17374.zip ***** +This and all associated files of various formats will be found in: + https://www.gutenberg.org/1/7/3/7/17374/ + +Produced by Curtis Weyant, Sankar Viswanathan, and the +Online Distributed Proofreading Team at https://www.pgdp.net +(This file was produced from images generously made +available by Cornell University Digital Collections) + + +Updated editions will replace the previous one--the old editions +will be renamed. + +Creating the works from public domain print editions means that no +one owns a United States copyright in these works, so the Foundation +(and you!) can copy and distribute it in the United States without +permission and without paying copyright royalties. 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