The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-05-23
MANHATTANS TANK SAFE.
HOW COULD THE CoMPANr RUN 4
BANk WITHOUTA WITER WORkS2

kin, street widening Comes within an Ace OF
STAYING In the wntcry source OF y wall
street Institutiou'a Perpetual Charter 60 Do
About Anything It Likes That's LAWFUL.
The widening OF Elm street will come within
an ace of hitting the famous charter tank OF tho
Manhattan Company, which owns the Bank of
the Manhattan Company at 40 Wall street.
The Manhattan Company, rs old New Workers
know. was organized in 1899, in opposition to
the Bank OF New York. The Bank OF New York
then had been In operation some fifteen years
without n rival, had had many dealings with
the Government, and was tho most formidable
institution OF the day. The Manhattan Company
was a project of Aaron Burr and the securing OF
the charter for the banking part of its business
was duo to tho craft OF that gentleman. The
Legislature would not grant n charter for an
opposition bank, but New York city wanted n
water supply. Burr concealed his real obicct
and drew up a charter for a company the osten-
siblo purpose of which was to furnish to tho city
OF New York an adequate supply OF pure water.
1t didn't say where the water was to be obtained.
but all the time the charter was under discuss
sion IL was the understanding that pipes were to
be laid from the Bronx River. Tho eighth
clause OF this charter to supply New York with
water read
And be it further enacted that 1t shall and
may be lawful for the said company to employ
all such surplus capital as may belong or accrue
to the said company in the purchase of public or
other stock, or in any other moneyed transactions
or operations not inconsistent with the Consti-
| tuition and the laws of this State, or OF the
United States, for the sole benefit Of the said
company"
The authorized capital OF the company was
g., 900. 900. Digging wells and laying water
mains was cheap in those days, and it didn'b
take a great deal of the company's capital to
start all the water works that the company pro-
posed TO start. Instead of going to tho Bronx.
the company sunk a large well at what Is now
| thickly populated part OF the city, and pumped
water into a reservoir in Chambers street.
From there the water was distributed through
The bank was ores,nizod quicker than the
from the Legislature was perpetual. but as only
the surplus capital over and above that, required
to operate the water works could DO used.
water works. The city, bought water from the
company for about thirty years. 1t hasn,e
pany's charter going the water works had to DO
maintained.
building which stands at Duane, Reade, and Gen.
tire streets, The building is occupied by several
than twothirds OF 1t is taken up BY a huge tank
forty feet, in diameter. This tank and a little
engine; which len Pnnp = a ,6 Slm Hn,nr Wor stream az tS or
Manhattan Company. The engine works four
teen and fifteen hours a day, and when the water
In the tank gets 20 n certain height it runs on
| into a ~cistern. The building is three stories high
I and the tank stops at the level of the third floor.
As originally planned Elm street was to con-
tinue on it's present line to chambers street. Buu
II that plan had been followed, to widen 1t would
have necessitated the destruction of the eSpen-
sive building put up a year or so ago by the Edi-
son Electric Company. So the line was changed,
srd ii is to meet Centre street at the junction OF
Centre, Reade, and Duane. To get 1t through
there II is necessary to chop off a great big piece
OF the building in which the Manhattan Compa-
ny's water works are. The tenants Of the build
ing have been in n state OF mind ever since the
new line was decided upon over what was to
happen. to the tank, II that was in:erfered
with. OF course the whole building would have
to go. The Street Improvement engineers have
had their men at the building several times. and
they have made all sorts of measurements. most
OF which have contemplated the cutting Off Of n
slice OF the tank about two feet wide.
A Sun reporter looked up all the maps yester-
day. There are three or four of them, but only
one official one. The unofficial ones run the new
street line right through the northeastern side
of the tank. The official one puts 1t about n foot
or a little less away from the tank. 1t would
appear that IL this line is followed the Manhat-
tan Company's charter is safe.
The tank is built OF stone and brick half way
up. and the rest of the distance is iron. It's y
nightly homely water tank and the water in 10
doesn't smell Just exactly right. OF course.
when the street is widened. a new wall will
have to be built around the tank for the sake OF
appearances. and 1t will be mighty close squeeE-
ing TO get one in the little space left between the
tank itself and the new line OF the street.