The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-04-06
THE TONyINE ASSOCIATION.
An old Knicku rbocker Jnstitution vereing
upon Extinction-Eight survivors after
Seventy-fNc Years out of Two Hundred
and Three ORIGINAL Lives.


An old Knichcrbocker Jnstitution versing
upen Extinction-EiRht survivors after
Seventy.dNc Years out of Two Hundred
and Three Original Lives.
The recent death of the Hon. Cuban c. Yer
pianck has broup ut to termination one OF the oldest
Institutions in this city. The Tontno Association,
founded ssven'y.hvo years ago, is now ready to be
wound M, and soon will be counted among the
things Of the past
The principle Of tho Tontine, which takes It's
from Us inventor, Tont, an Italian, who lived
in tho seventeenth century, is this Any number Of
persons join in making an investment Of money,
each putting in equal share and each naming him
self some other person, during whose life his In.
terest in the investment is to endure. Tho income
Of the investment is divided annually but fast
each life ends the interest of tue Of the share
depending q nt life expires, that in tho course
OF time the dividends OF the remaining mem
bers greatly incroafo, and at some period
agreed on tho whole Investment becomes the
property OF those who then remain. Thus
each member Of the Association gets his share Of
the income Of the fund as long the life lasts
which his share depends and II that life outass the
rest he gets back his original investment, with
large addition. or course is taken to select the
best possible lives, and such as have tho greatest
chance OF being longer than the rest.
On this principle there was formed in this city In
1885. Tontino OF o03 shares of $500 each, divided
among prominent citizens ofthat period, who named
as the persons on whom the shares were TO depend
their infant children relatives 10 secure the
longest possible continuance OF their respective In
terests. With the capital OF $4,000 thus raised
was purchased the property on the corner OF Wall
and Pearl streets, now known as the Tontine Build
ing. The name OF the concern was at first I" Tho
Tontine Coffee House." but subsequently IL was
changed to that OF the Tontine Association. A few
years ago the property was leased 10 william II.
Aspinwal Esq, at annual rent OF $1,000
as long az the Association lasted, the building to
belong TO the Association when its affairs were
wound up. The original basis OF the Association
was, that when only seven out OF the 2O3 lives re-
maine Cd the owners Of those seven lives were to
divide the property among them
or these 2O3 lives, only eight now remain, but by
recent agreement bet veen their owners, they are
not to wait till the number Is reduced to seven as
originally intended but divide the property at once
As the property is now worth about asa the value
oil each OF the eight shares Is about $4,000.
The ron OF lives named at the formation OF the
Association Is one exceedingly interesting to the an.
uquarian and historian. As We nave said they
were nearly n the children or relatives Of men well
known IA private or public life at The time they were
selected and perusa Of the list calls up an old
citizen many long forgotten "reminiscences. Among
them we ind such names as Arden Bayard, Buchan-
an,Camman. De Whit, Hoffman, Kembe, King Law
and Nerpanck, with others whose prozenilors at one
time occupied equal nigh social and political sta
tons.
As each shareholder had the right TO nominate any
HE be chose, he could also sell the share and trans
fer i without consulting the nominee. The result
Is that most Of the shares held by other persons
than those on whose lives they rest. One was is
sued TO sea captain who died some years ago, but
II cannot now be ascertaned who Is entitled to II;
and the income has been for several years past paid
In o the New York Trust Company. Whoever the
lucky owner OF IL Is, he will sooner or later come
into possession Of $4,000, the accumulated interest
and UriuCiDal.