New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-03-13
THE TONTINE BUILDING.

The ToJ;iDe Building mmencsd in l79, BY
an association Of merchants, and completed in or
about 1924, for the purpose OF providing suitable
CONN odation for the common convenience, and as a
center for the daily intercourse OF the antie
muni'y BY the constitution under which such Associ.
alton formed, 2O3 -hsres subscribed for at
$500 per share, severaly depending upon life Sc
lec,ed by each subscriber, who stated, m the memo
rsudum accompanying such subscription the age,
EEK and psrentsge Of the nominee during whose nat
ural existence be was to receive HE equal proper
ton OF the net income of the establishment.
Upor the death Of the nominee, the subscribers
interest cessed and his interest thereby merged in
TIE owners of the surviving nominees The original
sheres were a..gpsble and held personal estate,
ord the whole property was vested in five trustees,
who were to be continued in the manner pointed out
in the constitution, and who were to hold the
same until the number OF such nominees was reduced
to seven when the holders of the shares contingent
upon these surviving nominees became entitled ID
conveyance in fee by trustees OF the entire premises,
to be equally divided between them.
The nominee himself did not necessarily have an
nteres, in the Association; for each subscriber, in
naming some person-gencrally a child-looked to
sueh as had the promise of "length Of days"
The plan Of this Association originated from the
sche me Of Lorenzi Tonti Neapoltan. who intro
duced il into France in 1862 under Louis XIV, and
hence tie word Tontine came TO designate " a loan
"sdyapced by number of associated capitalists for
life annuitiee, with benefit to suryivorship.'
In the erection of this edfce the plan was altered
from the scheme of Tonti. His intent was the esab-
lishment of company who should each contribute
like amount of capital to be loaned to responsible
party at a certain rate of interest," which was to be
divided equally between the members of the same
age; but where there was a diversity Of age, accord
ing 10 fixed ratio the elder received more aud the
Younger lees A the members died Of, the surviv-
ore absorbed their respective interests and when the
Last survivor died, the borrower took the whole
capital.
The above constitution bears date June g. 1894;
but the nominations by the subscribers were not CON-
pleted until March, 1895. The Association in their
preamble, named the building the "Tontine Coffee
House.. and it thereby directed to be kept and
used a. q ootlee-house
I-pon the opening of the " Merchants Exchange
TIE interests Of the shareholders demanding change
in this special appropriation, they applied to the
Court Of Chancery for permission TO let the premises
for general purposes and by its Decree 10 1894 the
above restrictions were removed.
Subsequently, doubts having arisen a. TO the
dity Of the trusts under which the trustees took and
held the property, in consequence of the Revised
Statutes the subject the Legislature n lsl3 passed
IN act confirming the same, and altered the name to
the "Tontine Building and directed that the man
sgement of the affairs of the concern be by the Com
mittee of the Tontine Building, who received beside
their other dutier the income from the establishment
and divided the net proceeds on the second Tuesday
in each month Of May, among the owners Of the
shares depending on the nominees alive on the pre-
yious past day of the sane month.
This Association on the 4th ofJune, 1855, will have
existed sixty -oDe years. In reference to toe success
i've ciminuon of shares by death the interesting fact
is disclosed that the lapse OF shares from year to year
il in proportion with slight variation, TO the relative
number of both males snd females. The existence OF
20 many Of the nominees after such lapse of time is
admitted BY the compiers of annuity tables, here and
abroad. to be very unusual, if not unprecedented.
The nominees selected however, were children of s-
rents in easy circumstances, who were not in general
subjected 10 the exposure and prvations nciden. TO
the masses the average OF whose lives forms the bass
of the usual calculations on this subject.
The folloving Is an extract from an article on the
subiect of this Association published in one OF the
Wall st. papers in ls0l
"Tbere are few, however, whose age links them 70
the OLE en- time when It was tie chiei center Oh sne
commercial interests, who csnnot recall scenes wltn'n
II. ais 'the like whereof ne or shall see again
A nublc meeting convened within its root sent forta
A dec,iop which WAS almost universally respecVed.
As single instance Of this let us turn oack Tor iorIy
yes,s when the habit Of distributing expensive
cs,f % hearers and Others a: ordinary funerals was
en- n,sv,Ient that many poor families were soreiy
ninched 10 provide this necessary marx OF reepoSt
for lep. rted relative. Sons benevoient ndividuas
seeing The evil iofuence Of such fashion, caied
10
IA ot those wbese weight Of character gave force
10 their decisions signed pledge TO ABSTAIN iro Ius
cps,or, OF distributing sces, except 70 tns ssuua,
mjpsters and physicians. IBIS was Tue d1a'u' AuoI
=, inc onprt ssive fashion. In matters OF more vtA
momsnt when great public iuteresfs were al sAAe
go hss gone GU, from the sad Coffee House, wmch,
III recent echo froo Castls-G r6en, has o-en hesrd
,b,oustou the length and breadth OF the iand. some
~ the nobeet charities, too which the woria nss over
Witnessed, received ineir uis' conai"uHoH' o'
mi. time hor ored roof. ~
'a Rnt the bstory Of this organization is highly in.
.rrctye In az ott or point Of view The longevity Oh
the nominees hiss been remsrssole, ~s osneve, 20
yond apy similar experiment of the KIND ever WV
ys,.ed II i. true that the circunstan 'es undes
xhcb their we're selected would nsinr Any iosi
me- 20 expect for them longer average per1od OF e1-
.,epce but this average has been 40 rsr eAendsd -
20 he cutie extraordinary. OF the two hundred and
three handed in about aty-seven years sso sM'y
.,;ll survive OF these the youngest Is ABOUT nisy.
s;oht and the oldeet sevebty pine. This Is ABOUT
one third greater longevity than the average Oh Euro
pean estimates"
The Ton,ne Building" is the only one left stand
ing in wsls.., which was erected during the last
century In ,hi. building died the reno ~ned George
Frederick Cook. that eminent rsyedian who, IN bis
delipeatio1s Of the tragic muse, IN bis day vi" with
out eompestoni surrounded by many OF his eoten-
poraries, patrons Of the house, who continued VITO
him in that last in the drama OF his eventfu me-
Hther men from every section Of the country were
attracted by iss reputation and they regarded VH'