New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-02
AFTER ElGHTY-sIx YEARS.
WINDING up rHE roNrlNE.

ECMDER OF T0NTINE NOMINEES TO BE REDUCED
TO sEvEN-NR. AsPINwALL's INVESTMENT.
The Tontine Building at Wall and Water-sts- is
Announced to be sold next week under an order
from the Supreme Court in the partition suit begun
by the owners some years ago. With the completion
OF this sale the old TOntine enterprise which
originated nearly a century ago will be
wound up, and this circumstance recalls the
singular story connected with tho place that
was so long noted in New-York City as the Tontine
Coffee House. The story if it could be written in
fu would be found to be very interesting and even
important. chapter In the history of the city,
for 1t enters into the annals of its mer-
camille, social and art life in a marked degree.
Tho origin of the old coffee house. once the centre of
downtown activity, presents q picture of profess
siona and mercantile life in strong contrast with
the customs which now prevail in the same
circles. The coffee house at the beginning of
this century filled the place now occupied
by two very distinct institutOnsthe business ex-
change and the club. The old KnickeIbocker mer-
chants were not so wholly engrossed in their bust
ness pursuits their descendants of to-day and
as consequence, they devoted more time to the
amenities of life. They were accustomed to meet
in the middle of the day. and their ale and wine
and coffee talk about political and social happenings,
the meeting places being the coffee and chop houses,
mod lied somewhat after the English houses which
figure so extensively in English literature One
can imagine how, with the growth Of the restless,
aggressive spirit which is now the chief character
istc of the business world. the old easygong social
spirit was gradually displaced until the meetings
became hurried gatherings of business men, who
met, discussed prices, bought sold and rushed off
to their warehouses and offices. The new desire
for great possessions, and it left little room for
the old methods and deliberate customs
For sonic time before the 1890 the princinal
meeting place of tho merchants in Broad-st.,
below Pearl. 1t a diapidsted old building, and
was voted unsuitable for the purpose long time
before 1t was vacated This was done when tho
Tontine Coffee House was built The Tontine was
undoubtedly the outcome of good deal of agitation,
for on no other ground can the choice of the plan
finally adopted be explained. The club spirit and
personal interest had also much to do with it, and
there is old citizen still living whose remnls-
eences the Tontine Coffee House IS vastly moro
house OF s6cal entertainment than mercantile eX-
change. Sometime about 1890 number of prom
inent merchants met Comfort Sands was the lead
ing spirit in the movem mt and john Jacob Aston
was also identified with III and perfected plan for
a new house better suited to their wants.
Tie Leading idea of the scheme was Dor
rowed from that which a Neop Titan, LO-
renzO Toni, introduced in Europe about
the middle of the seventeenth century, whence its
name of rontme. The TOntne plan was popular
means of Investment IN Europ, during the last
tuy. but fol- sOne reason, probably because of Its
ai ty to betting on the lives Of human beings, 1t
was not common IN tins cOuutry. This time, how
ever, it adopted The association of merchants
purchased lot of ground at Wall and Watersts,
one hundred feet square. placed the title t. five
trustees chosen iron their number. and in 1892 be-
gan tue erection of the Tontlne Coffee House. The
7S7 which hnu been raised nv the la
of shares al 5000 each.
DETAILS OF TIE PLAN.
On June 4, 1894. the Subscribers entered into the
arrangement w.,ica is to be wound up 'Xt week.
They signed ali agreement, the general features of
winch were as follows: The land having been
bought and the house bnilt and furnished, the
whole property was divided into 203 shares. TIE
profits each of these shares to 90 to the
owner owners during the natural life IF per-
son who was named and described in the
agreement opposite the name of the original snb
scrlber. Nest of the subscribers (who also aD-
pended their avOcatir ns suchas merchant" 'coun-
seor-at-law,"" mariner" gentleman y contented
themselves with SIMPLE record of the name,
parentage aye date of birth Of their nominees,
opposite their names some precise. and
adopsed formula beginning "B ank risks his
share the life of etc." which may have looked too
Inu IA like gambling record 10 SUIT some tastes.
White the nominee lived the share which he or she
represented was to be considered personal prop
erty, and to be negotiable and transferable like
other certificates Of stock. On the death OF nomi-
nee, however. the share which depended ON bis or
her life ceased st, and tine prOfs 1t accrued
thereaftr to the shareholders whose nominees were
living. The annual division of the profits was to
take place the LIST day of May in each year until
the number of nominees was reduced by death TO
seven; when the whole property was TO vest
in the persons then holding the shares standing in
the names or these surviving nominees. The title
of the property was to be in five trustees as joint
tenants who were to execute deed of trust to tue
association and hold the fee of the property until
their number WAS reduced by death TO less tnan
three, when they were TO call meeting of the
shareholders in the Coffee House. and transfer the
fee to another board of five trustees elected at tue
meeting. who were. in turn to execute a deed of
trust as their predecessors had done. 1t stipu-
lated that the property should be used as a coffee
house until the winding of the concern by the
death Of all the nominees except seven, and its
management placed in o committee of five
shareholders. to be elected every year.
few Of The subscribers risked their shares on their
own lives but the lives Of their children or
grandchildren. The average age of the nominees at
the time the agreement was signed tits execution
was not completed until March. 1881
was between Ave and ten years, JnOugn one oil Tie
subscribers, whose nominee lived TO win share of
the property for the present holders, chose Lad of
sixteen years of age. 1t is not likely that any of
the subscribers imagined how long 1t would take
for the plan to work ont, or none would have
been rash enough to venture their interest their
own lives. Beside. it turned out, the result was
Que that ast0nlshed the cOmpers of annuity tables,
though Frederic DE Pey sier President OF the HIS
t0rica Soc ETY., rs SAID to have made calculation as
long ago as 1889, when niney-three Of the nomi-
nees were living, which fixed 1874 as the year when
the surviving nOInn might make personal applI
cation of the fauiliar pom, "We are Seven Tuis
calculation came within four yeats or The real result.
USES OF THE OLD BUILDING.