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deposits when they were withdrawn from the second United States Bank by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]