The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1888-08-10
LARGE CITY ESTATES.
PROPERTIES TIED UP IN THE HANDS
OF TRUSTEES.


Boston-Life and Individuality of Prop
erty--why IL Is So Frequently Held
"in Trust"
The early part Of the century, from
1879 down to 1S4e, was the era when
many of the later nlilliopaires were either
young men just beginning at the lower
rounds of fortunes ladder, or had ascend
cd the first most difficult steps of the
same, and began to see the prospect of in
dependence within satisfactory reach
Some were of Boston origin, but many of
these men had started out of homes of
large families on some New England hill.
side, or in the small towns where progress
was just beginning to change the primit-
i've order of things to more modern methods
and conditions. Sturdy and rugged, in
ured to hard labor, and early taught
economy in the school of actual expert
ence with fair amount of schooling,
such as II was--and 1t was good and
thorough as far as it went-and light
heart and scanty wardrobe, these boys
went out in the world to seek their fort.
une. Many of them found it In Boston,
where from the humblest capacities they
rose to be heads of mercantile, manu-
featuring and other enterprises of char.
acter and extent that were simply sur
prising. They became simply active
instruments in the development of the
business and resources of the country
when the railway system began to make
available their wonderful extent and
riches.
To this class of adventurous, industri-
Gus and successful men of affairs came
riches and possessions of various kinds,
among them being real estate In the best
business and residential sections of the
growing city. Some, more clear headed
than others, went more largely into the
acquisition of real estate judging that.
with the inevitable large increase in pop
ulation, land must become very valuable.
Events justified their Judgment. Some
of these men returned to their early
homes for wives, but the majority of
them obtained helpmeets from among the
families of their new homes. Children
were born to them, for in those days 1t
had not become questionable to have fam
lilies, and in cases large ones at that.
These children had to be educated in
way superior to that of their parents,
and In the course of this process acquired
new tastes and habits The sons, espe-
cially, must have college course with
all that that often means to the sons of
rich men who have large expectations.
OF course If was not alone the sons of
men who had come to Boston to seel. a
fortune that filed the colleges. The
early Bostonians were also thrifty and
money making, and raised large families,
and left extensive estates Many OF their
sons, Us well us those of the former, in
herited enough of the paternal energy
and ambition to impel them to go into
their fathers counting rooms and be-
come In turn great merchants or man.
ufacturers; and it Is to the credit of
some of these families tbat even nm tn
the present day their REPRESENTATIVES, are
to be found in conspicuous nositions
either in trade or in the learned profes.
sions.
But IL often happened that where the
SONS of wealthy parents settled down To
trade The ornnds6ns did not and in time
we find old familiar names fading out from
the activities or our city, to be replaced
by new ones. II is. perIaps. A fact that
the majority of the sons Of our wealthy
people are little heard of after College
Graduation, MANY of them have a dis.
taste for trade: nauv choose professions
where they only loiter amon1 workers
having no real Incentive. lacking ambi.
tion. To work: while Others become mere
educated uobodies with n strong tendencv
to live extrnyapnntly. and spend ali The
money they can command, The fathers of
these drones. noting their unwilling.
ness or incapacity for business affairs.
will not leave them the control OF
property which they do not know how Ia
manape., and therefore. in their wills.
leave their property in the trust of men
or corpor,,te bodies In whom thew have
confidence. for the benefit of these heirs.
| The incomes derived support these men.
and, If they marry, their families. in good
| style. In some cases these le0atees. 6av.
| ing scholarly OF artistic tastes, 20 abroad
| live and bring M families of un- American
| children in England or on the continent of
| of Europe. Cases of this kind are not In.
| FREQUENT.
Then there Is the matter of sex IN
| descent, and as daughters constitute
| about one. half the total OF the children Of
| rich people. their provision is ouite ar
| important factor In the creation oi
| trust properties. Daughters of rich men
| are much sought after by dashinp but ad.
| yenturous wife hunters Experience has
| shown that TO dover n wife in her own
| control ON marriage is to practically give
| her fortune to her husband. How 10
guard this property for her own benefit
| and for that OF her children, is the con,
! sideration of the prudent father. In bis
| will. therefore, he leaves the daughters
share of MS property In trust for her ben.
eft, or Tor that Of her children, with the
| right of reversion to the latter In the event
| OF her death, the husband to have'no con
troll of the same, and the income to be
paid directly to her or to her children un
| der reyersion. But even this careful
method was found defective. Where the
| husband was unscrupulous and avaricious
and tho reversion TO minor children EN-
abled him to obtain control of the prop
erty as their natural guardian in the event