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The Manhattan Company was incorporated on April 2, 1799 to supply water to New York City with the right to use its surplus for money transactions not in violation of law. Aaron Burr was the principal organizer. Its capital was a maximum of $2,000,000 divided into shares of $50 each. Because there were no laws regulating banking it immediately became a banking competitor to the Bank of New York, deliberately bypassing the water supply enterprise. An illustration of one of the many early 19th century issues is set out below.
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