The Manhattan Company is a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form Chase Manhattan Bank. This is the earliest of its predecessor institutions that eventually formed JPMorgan Chase & amp; Together.
Video The Manhattan Company
History
The Manhattan Company was formed in 1799 with the real purpose of providing clean water to Lower Manhattan. However, the company's primary interest is not in water supply, but rather to be part of the banking industry in New York. At that time, the banking industry was monopolized by Alexander Hamilton Bank of New York and the New Bank of the United States in New York. After the epidemic of yellow fever in the city, Aaron Burr founded the company and succeeded in obtaining the banking privilege through a clause in his charter granted to him by a state that enabled him to use surplus capital for banking transactions. The company raised 2 million dollars, used a hundred thousand dollars to build a water supply system, and used the rest to start the bank. The company appears to be doing poor water supply work, using a tree trunk that punctures for pipes and digs wells in densely populated areas where there is a danger of mixing waste with water. After many cholera epidemics, the water system was finally established with construction between 1837 and 1842 from the Croton Water Channel.
On April 17, 1799, the Manhattan Company appointed a committee "to consider the most appropriate way to use the Company's capital" and was chosen to open a discount office and deposit. "Bank" The Manhattan Company started business on September 1, 1799, in a house on 40 Wall Street. In 1808, the company sold its water equipment, pocketed 1.9 million dollars, to the city and switched fully to banking. Nevertheless, the company was identified as a water company by the end of 1899. The Company has a Water Committee that every year assures, quite frankly, that there is no demand for rejected water services, and moreover holds a meeting with a jug of water at hand. to ensure quality. It is unclear whether anyone at this meeting really feels the water.
The bank began paying dividends in July 1800, and in 1853, the Manhattan Company became one of 52 members of the original New York Clearing Association. In 1923, he moved his headquarters briefly to the Prudence Building and then in 1929 built what was briefly the tallest building in the world at 40 Wall Street at the Gallatin Bank Building site. The 1929 merger led Paul Warburg as its chairman. The Bank merged with Chase National Bank in 1955 to become Chase Manhattan. In 1996, Chase Manhattan was acquired by Chemical Bank, which retained Chase's name, to form what later became the largest holding company of banks in the United States. In December 2000, the bank acquired J.P. Morgan & amp; Co. to form JPMorgan Chase & amp; Together.
Maps The Manhattan Company
See also
- Gallatin Bank Building
Footnote
Further reading
- Brian Phillips Murphy, Building a State Empire: Political Economy in the Early Republic. Philadelphia, PA: University of Pennsylvania Press, 2015.
External links
- Bank of the Manhattan Company in Project Gutenberg
- JPMorgan Chase History
- National Information Center
Source of the article : Wikipedia
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