The Bank of the Manhattan Company Story and Legacy

The Bank of the Manhattan Company has a rich history that dates back to 1799, when it was founded to provide a reliable source of clean water to the city of New York.

The bank was established by a special act of the New York State Legislature, which granted it a 20-year charter.

The bank's first president was Alexander Hamilton, who played a crucial role in its formation and early success. He was instrumental in securing the charter and attracting investors to the bank.

One of the bank's most notable features was its innovative approach to banking, which included issuing banknotes that were backed by the value of the bank's assets, rather than gold or silver.

Intriguing read: Stock Quote New York Community 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.

The Bank of the Manhattan Company began business on September 1, 1799, marking the start of its history.

The first action of the Directors after the opening of the Bank was to resolve that the Board would meet twice a week, on Mondays and Thursdays of each week, at 11 o'clock.

Two months after the Bank was opened, the Directors resolved to appoint a committee to visit the vaults and examine the cash and look over the effects of the Manhattan Company deposited therein.

The Bank was profitable from the start and commenced paying dividends in July 1800, with total dividends aggregated to $19,726,000 by January 1913.

In 1805, all the banks moved temporarily to the Village of Greenwich to escape the usual autumn fever epidemic, and the Directors then determined to provide a country office for use during the "sickly season".

Consider reading: Bank of the Manhattan Company Building

The Manhattan Company has a long history of growth and stability, with deposits averaging between $3,000,000 and $5,000,000 from 1853 to 1880.

This steady increase in deposits is a testament to the company's sound banking traditions and modernized methods.

The company's deposits doubled during the eighties, again during the nineties, and again in the decade ending 1910, a remarkable growth that has been achieved without absorbing or consolidating with other banking institutions.

The Manhattan Company's independence has likely contributed to its growth in recent years, allowing it to maintain its unique identity and approach to banking.

The company's surplus has also increased steadily, reflecting its vitality and ability to adapt to changing market conditions.

Well-organized credit and foreign exchange departments are maintained to meet the needs of both the company's patrons and its own business requirements.

Curious to learn more? Check out: U S Bancorp Investments Inc

The Bank of Manhattan Company has a rich history dating back to 1799, when it was established by a special act of the New York State Legislature.

The company was created to improve the city's water supply, and its first president was Alexander Hamilton, the first Secretary of the Treasury.

The Bank of Manhattan Company was granted a 20-year charter, which was later extended to 1832.

The bank's early years were marked by significant growth, with assets increasing from $2 million to $10 million between 1800 and 1810.

Alexander Hamilton played a key role in shaping the bank's early years, and his leadership helped establish the company as a major financial institution in New York City.

The Bank of the Manhattan Company has had a long history of leadership, with many individuals serving as presidents throughout the years. Some notable presidents include Daniel Ludlow, who was the first president in 1799.

Here are some of the presidents of the Manhattan Company, listed in chronological order:

The Bank of the Manhattan Company was established in 1799, and it's interesting to note that it was one of the many American companies established that same year.