granting the Company banking privileges. But the necessity for a proper
water system, which could be procured only by the organization of a
responsible company with large capital, carried it through the
Legislature and it received the Governor's signature.

[Illustration: FORM OF EARLY STOCK CERTIFICATE]

The Bill was passed April 2d, 1799, and by April 22d books were opened
for public subscription to the $2,000,000 Capital Stock of the Manhattan
Company, the par value of which was $50. These original books are still
in the possession of the Company, and contain the signatures of many of
the prominent men of the time. By May 15th the entire amount had been
subscribed by several thousand persons--the City of New York having
taken 2,000 of the shares. The Charter provided that the Recorder of the
city should be _ex-officio_ a director of the Company, a provision which
was 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: