File:History and reminiscences of lower Wall Street and vicinity (1914) (14743103816).jpg

Identifier: historyreminisce00wake (find matches)
Title: History and reminiscences of lower Wall Street and vicinity
Year: 1914 (1910s)
Authors: Wakeman, Abram
Subjects: Coffee industry
Publisher: New York : Spice Mill
Contributing Library: The Library of Congress
Digitizing Sponsor: The Library of Congress

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-vors absorbed their respective interests, and when thelast surviving members died, the borrower took the wholecapital. But in the plan of this Tontine Association, the own-ers of the seven surviving shares, depending upon a likenumber of lives, take the whole property in equal pro-portion to their surviving nominees; and, in this case,149 of the nominees are now dead, who representedcorresponding interests upon their selection representedby, and depending upon, a like number of lives which,in May, 1885, were reduced to 51. The above constitution bears date on the 4th of June,1794, but the nominations by the subscribers were notwholly completed until March, 1795. The Association, in their preamble, named the buildingthe Tontine Coffee House, and it was thereby directedto be kept and used as a coffee house. But in the openingof the exchange a little higher up in Wall street, the in-terests of the shareholders demanding a change in thisspecial appropriation, they applied to the Court of
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G &uO U o (A ^ O DC 0 U V o 2 ** T- ■c *; ^ bo c CO o CO ^ History of Tontine Association 57 Chancery for permission to let the premises for generalpurposes, and by its decree in 1834 the above restrictionswere removed. Subsequently doubts having arisen respecting thevalidity of the trusts under which the trustees took andheld the property, in consequence of the Revised Statueson the subject, the Legislature, in 1843, passed an actconfirming the same, and altered the name to the Ton-tine Building, and directed that the management of theaffairs of the concern be by, The Committee of the Ton-tine Building, who receive, besides their other duties, theincome of the establishment, and divide the net proceedson the second Tuesday of each month of May among theowners of the shares, depending on the nominees aliveon the previous first day of the same month. The Association, on the 4th of June, 1885, will haveexisted 91 years. In examining the statistics in refer-ence to the successive d

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