Manhattan Co. Check - Very Early 1834-36's dated New York Bank Check - Fantastic

Early Check with vignette of sitting figure. Some mild water stains or left corner tears. Usual of early checks.

The Manhattan Company, established on September 1, 1799, was a banking and holding entity based in New York. In 1955, it merged with Chase National Bank, resulting in the formation of Chase Manhattan Bank. This institution is recognized as the oldest among the predecessors that ultimately contributed to the establishment of the current JPMorgan Chase & Co. Initially, the Manhattan Company was created with the primary aim of providing clean water to Lower Manhattan. However, its true motivation lay in entering the banking sector of New York. At that time, the banking landscape was dominated by Alexander Hamilton's Bank of New York and the New York branch of the First Bank of the United States. In response to Hamilton's opposition to the creation of a new bank and following a yellow fever outbreak in the city, Aaron Burr founded the company.

He successfully obtained banking privileges through a provision in its charter, which permitted the use of surplus capital for banking activities. The company raised $2 million, allocating $100,000 for the construction of a water supply system while directing the remainder towards establishing the bank. Unfortunately, the company struggled to provide adequate water services, utilizing hollowed tree trunks as pipes and digging wells in densely populated areas, which posed risks of contamination from raw sewage. Following several cholera outbreaks, a reliable water system was finally established with the construction of the Croton Aqueduct between 1837 and 1842.

On April 17, 1799, the Manhattan Company established a committee tasked with evaluating the most effective methods for utilizing the Company's capital, subsequently deciding to open a discount and deposit office. The "Bank" of the Manhattan Company commenced operations on September 1, 1799, at a location on 40 Wall Street. The inaugural board of directors included 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. Notable original stockholders comprised Nicholas Fish, John Delafield, John Jacob Astor, Richard Varick, Stephen Van Rensselaer, Rev. John Rodgers, Joshua Sands, Peter Stuyvesant, George Clinton, Israel Disosway, John Slidell, Henry Rutgers, and Daniel Phoenix.

In July 1800, the Bank began distributing dividends, and by 1808, the company divested its waterworks for $1.9 million to the city, fully transitioning to banking operations. Nevertheless, it continued to identify as a water company until as late as 1899.
The Company upheld a Water Committee that annually confirmed, with accuracy, that no requests for water service had been declined, and conducted its meetings with a pitcher of water present to ensure its quality. In 1825, John Gerard Coster was appointed as president of the Company, followed by Maltby Gelston in 1829. Gelston, who had previously served in the New York State Assembly, was the son of Collector David Gelston and the father of Mary Gelston, who married Henry Rogers Winthrop, the father of Buchanan Winthrop.

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