The first action of the Directors after the opening of the Bank was:

RESOLVED, That this Board will hereafter meet twice
a week, to wit, on Mondays and Thursdays of each week, at 11
o'clock.

The policy of semi-weekly meetings still prevails in the Manhattan
Company, and its Board of twelve Directors keeps in close touch with all
its affairs.

[Illustration: MANHATTAN COMPANY CURRENCY]

Two months after the Bank was opened the Directors

RESOLVED, That a committee be appointed to visit
the vaults and examine the cash and look over the effects of
the Manhattan Company deposited therein.

Thus, at the outset, the Manhattan Company required its Directors
periodically to examine its cash and securities, a safeguard which, 106
years later, the State of New York made compulsory for all State banking
institutions.

The Bank of the Manhattan Company was profitable from the start and
commenced paying dividends in July 1800. The total dividends to and
including January, 1913, have aggregated $19,726,000.

[Illustration: FRACTIONAL CURRENCY USED IN UTICA]