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Manhattan Company AI simulator
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Manhattan Company AI simulator
(@Manhattan Company_simulator)
Manhattan Company
The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.
The Manhattan Company was formed in 1799 with the ostensible purpose of providing clean water to Lower Manhattan. However, the main interest of the company was not in the supply of water, but rather in becoming a part of the banking industry in New York. At that time, the banking industry was monopolized by Alexander Hamilton's Bank of New York and the New York branch of the First Bank of the United States. "To circumvent the opposition of Hamilton to the establishment of a bank," and following an epidemic of yellow fever in the city, Aaron Burr founded the company and successfully gained banking privileges through a clause in its charter granted to it by the state that allowed it to use surplus capital for banking transactions. The company raised $2 million, used one hundred thousand dollars for building a water supply system, and used the rest to start the bank.
The company apparently did a poor job of supplying water, using hollowed out tree trunks for pipes and digging wells in congested areas where there was the danger of raw sewage mixing with the water. After a multitude of cholera epidemics, a water system was finally established with the construction between 1837 and 1842 of the Croton Aqueduct.
On April 17, 1799, the Manhattan Company appointed a committee "to consider the most proper means of employing the capital of the Company" and elected to open an office of discount and deposit. The "Bank" of the Manhattan Company began business on September 1, 1799, in a house at 40 Wall Street. Its first board of directors members were Daniel Ludlow, John Watts, John Barker Church, Brockholst Livingston, William Edgar, William Laight, Paschal N. Smith, Samuel Osgood, John Stevens, John Broome, John B. Coles, and Aaron Burr. Among its original stockholders were such men as Nicholas Fish, John Delafield, John Jacob Astor, Richard Varick, Stephen Van Rensselaer, John Rodgers, Joshua Sands, Peter Stuyvesant, George Clinton, Israel Disosway, John Slidell, Henry Rutgers, and Daniel Phoenix.
In July 1800, the bank started paying dividends, and in 1808, the company sold its waterworks to the city, pocketing $1.9 million and turning completely to banking. Even so, it identified as a water company as late as 1899. The company maintained a Water Committee which yearly assured, quite truthfully, that no requests for water service had been denied, and moreover conducted its meetings with a pitcher of the water at hand to ensure quality.
In 1825, John Gerard Coster was appointed president of the company. He was succeeded by Maltby Gelston in 1829. Gelston, a former member of the New York State Assembly, was the son of Collector David Gelston and the father of Mary Gelston, who married Henry Rogers Winthrop (father of Buchanan Winthrop).
In 1847, Caleb O. Halsted, a cloth merchant from Elizabeth, New Jersey, was made president of the bank. Halsted succeeded Jonathan Thompson, who had been made president in 1840. Before he was president, Thompson had served nine years as the Collector of the Port of New York having been appointed by President James Monroe and also serving under John Quincy Adams. In 1853, the Manhattan Company became one of the original 52 members of the New York Clearing House Association.
In 1860, the board of directors promoted James M. Morrison as president of the bank to succeed Halsted. Morrison, who had begun working for the bank as the "first teller" in 1840, served as president until ill health forced him to resign in the latter part of 1879. Morrison was succeeded by John S. Harberger, who began working for the bank in 1857 as assistant cashier. Harberger died of malarial fever a year later in October 1880.
Manhattan Company
The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.
The Manhattan Company was formed in 1799 with the ostensible purpose of providing clean water to Lower Manhattan. However, the main interest of the company was not in the supply of water, but rather in becoming a part of the banking industry in New York. At that time, the banking industry was monopolized by Alexander Hamilton's Bank of New York and the New York branch of the First Bank of the United States. "To circumvent the opposition of Hamilton to the establishment of a bank," and following an epidemic of yellow fever in the city, Aaron Burr founded the company and successfully gained banking privileges through a clause in its charter granted to it by the state that allowed it to use surplus capital for banking transactions. The company raised $2 million, used one hundred thousand dollars for building a water supply system, and used the rest to start the bank.
The company apparently did a poor job of supplying water, using hollowed out tree trunks for pipes and digging wells in congested areas where there was the danger of raw sewage mixing with the water. After a multitude of cholera epidemics, a water system was finally established with the construction between 1837 and 1842 of the Croton Aqueduct.
On April 17, 1799, the Manhattan Company appointed a committee "to consider the most proper means of employing the capital of the Company" and elected to open an office of discount and deposit. The "Bank" of the Manhattan Company began business on September 1, 1799, in a house at 40 Wall Street. Its first board of directors members were Daniel Ludlow, John Watts, John Barker Church, Brockholst Livingston, William Edgar, William Laight, Paschal N. Smith, Samuel Osgood, John Stevens, John Broome, John B. Coles, and Aaron Burr. Among its original stockholders were such men as Nicholas Fish, John Delafield, John Jacob Astor, Richard Varick, Stephen Van Rensselaer, John Rodgers, Joshua Sands, Peter Stuyvesant, George Clinton, Israel Disosway, John Slidell, Henry Rutgers, and Daniel Phoenix.
In July 1800, the bank started paying dividends, and in 1808, the company sold its waterworks to the city, pocketing $1.9 million and turning completely to banking. Even so, it identified as a water company as late as 1899. The company maintained a Water Committee which yearly assured, quite truthfully, that no requests for water service had been denied, and moreover conducted its meetings with a pitcher of the water at hand to ensure quality.
In 1825, John Gerard Coster was appointed president of the company. He was succeeded by Maltby Gelston in 1829. Gelston, a former member of the New York State Assembly, was the son of Collector David Gelston and the father of Mary Gelston, who married Henry Rogers Winthrop (father of Buchanan Winthrop).
In 1847, Caleb O. Halsted, a cloth merchant from Elizabeth, New Jersey, was made president of the bank. Halsted succeeded Jonathan Thompson, who had been made president in 1840. Before he was president, Thompson had served nine years as the Collector of the Port of New York having been appointed by President James Monroe and also serving under John Quincy Adams. In 1853, the Manhattan Company became one of the original 52 members of the New York Clearing House Association.
In 1860, the board of directors promoted James M. Morrison as president of the bank to succeed Halsted. Morrison, who had begun working for the bank as the "first teller" in 1840, served as president until ill health forced him to resign in the latter part of 1879. Morrison was succeeded by John S. Harberger, who began working for the bank in 1857 as assistant cashier. Harberger died of malarial fever a year later in October 1880.