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diff --git a/17374.txt b/17374.txt new file mode 100644 index 0000000..9ef851b --- /dev/null +++ b/17374.txt @@ -0,0 +1,718 @@ +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: 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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