in effect for 108 years, until the abolition of the office in 1907.

[Illustration: SUBSCRIPTIONS OF DIRECTORS
Reproduced from original subscription book]

[Illustration: OATH OF FIRST PRESIDENT]

THE WATER SYSTEM

At the first meeting of the Directors, held at the house of Edward
Barden, Innkeeper, on April 11th, 1799, the following Directors were
present:

DANIEL LUDLOW,
JOHN WATTS,
JOHN B. CHURCH,
BROCKHOLST LIVINGSTON,
WILLIAM LAIGHT,
PASCAL N. SMITH,
SAMUEL OSGOOD,
JOHN STEVENS,
JOHN B. COLES,
JOHN BROOME,
AARON BURR, and
RICHARD HARRISON,
Recorder of the City of New York,
Ex. Officio,

the only absentee being William Edgar.

Daniel Ludlow was chosen President, and the following minute was made:

The principal object of this incorporation being to obtain a
supply of pure and wholesome water for the City of New York.

RESOLVED that Samuel Osgood, John B. Coles and John
Stevens be a committee to report with all convenient speed
the best means to be pursued to obtain such supply.

[Illustration: OLD WOODEN WATER MAINS]

On May 6th, 1799, the water committee was empowered "to contract for as
many pine logs as they may think necessary for pipes and also for boring
the same."

[Illustration: Contemporary Cartoon]

A number of wells were sunk, reservoirs and tanks built, and the
distributing system extended generally through the city south of City
Hall.

About 1836 the system was extended north along Broadway as far as
Bleecker Street, and at that time the company had about twenty-five
miles of mains and supplied 2,000 houses.

[Illustration: MANHATTAN COMPANY RESERVOIR ON CHAMBERS STREET]

While the water was said to be "wholesome," its quality did not give
entire satisfaction, as may be seen from the muddiness of the water in
the glass held by "Pure Manhattan" in the contemporary cartoon
reproduced on the opposite page.

Over one of the earliest wells, at the corner of Reade and Center
Streets, a tank of iron plates was erected. This tank is now inclosed in
an old-fashioned building which is still owned by the Manhattan Company.

The Company continued to operate its water service until about the time
the Croton system was completed in 1842.

[Illustration: OLD WATER GATE DUG UP IN PARK ROW IN 1900]

FOUNDING AND EARLY HISTORY OF THE BANK

On April 17, 1799, a committee of the Directors was appointed

"to consider the most proper means of em