Los Angeles daily herald., 1888-03-03
BONNER's BOYS.
How He Has Provided
for Them.
PROPERTY LATELY DIVIDED.
A Rich Mans Idea of Making
His Sons Energetic and
Independent.

avenue estimated to BE- worth some
where between 81 900 900 and 81 500,
900, to his three sons, was certainly a
rather unique proceeding on the part
of a millionaire. So far as the obser-
vation OF New Yoik has extended,
millionaires are not and have not
been given to this sort OF thing to any
alarming extent. They have usually
held on to their property until they
could have no further use for it them
selves, and Mr.. Bonner's gift to his
sons was not at all in the way of pro-
vision for them. Outside of the fact
that he made over to them some
time ago the very valuable Ledger
property, with the entire business o1
the paper, two OF the boys, who are
married, live in handsome houses oi
their own not very far from the faith
er's residence in Fifty-sixth street,
near Fifth avenue, and all three ol
them were long ago presented with
generous slices of the paternal fortune
in the shape OF Government bonds.
The effect of Mr.. Bonner's action,
which he thoroughly appreciates and
has counted on, is to place his SONS
squarely alongside Of himself before
the world-in short, to put them in a
position which the sons of millionaires
do not usually reach until after the
father has passed away.
The property is very notable piece
of real estate, because it is the only
considerable lot of vacant ground on
Fifth avenue below Fifty-ninth street.
1t comprises the entire block between
Fifty-sixth and Fifty-seventh Streets,
on the east side of the avenue, and
extends for hundred feet or more
down each of these intersecting
streets. Mr.. Bonner purchased the
property somewhere in the sixties for
1922 900, and, with taxes and in
surance, it has cost him, up to the
present time, about $750,000. He
cherished for many years plan
with respect to the property
whereby it would be devoted to some
public use. The nature of this plan
he does not care to divulge, but within
the past year or SO he has, for various
reasons, abandoned it. During the
time that he has held it he has re-
ceived innumerable offers for the
property, the largest of which was
81 OPS 900. His old friend Robert L.
Stewart, the milliona re sugar mer-
chant, was very anxious to buy 100
feet on the avenue at one time,
proposing to build thereon
large and handsome private res
idence. Mr.. Bonner did not care
to sell. He told Mr.. Stewart that he
had had the previous year an offer
for that much OF the property of
$600,O0O. and he had asked a very
dear friends advice in the matter and
had been strongly advised against
selling it. His friend had told him if
he held on for a few years longer he
could get almost any price that he
wanted. That friend, Mr.. Bonner
explained to Mr.. Stewart, was r. l..
Stewart himself, and he still consid-
cred the advice very good advice.
After that Mr.. Stewart did not press
the matter, but built the costly and
superbly appointed home in Fifth
avenue and Sixty-eighth street, where
his widow now resides.
Mr.. Bonner talked very frankly and
Interestingly to representative of
the World in regard to his ideas of
the disposition he believed that mil
lionaires should make of their prop
erty 80 far as their immediate heirs
were concerned.
eyes," he said, "I have thought
over this Question good deal, and
have got pretty well-settled ideas
about it. l remember that it used to
form frequent subject OF conversa-
ton between Mr.. Stewart and myself,
and he used to say over and over
again that he believed in placing his
money during his lifetime SO
that he could see exactly. what
he was doing. 1t was ten
tative process to great extent,
and if he made any mistakes, why, he
could rectify them. OF course you
know Mr.. Stewart had no relatives at
all, and his gifts were altogether to
charities and for public purposts. He
gave away, as far as know, about
800, 900 year. l agreed thoroughly,
however, with Mr.. Stewards views in
this matter, and never could see what
the use was of men holding on to their
property until they had g )tten on the
very brink of the grave. Why, re-
member when Commodore Vanderbilt
was dying that he kept package
of papers under his pillow all the
time, and told his nurse. the one that
was with him SO long time, to give
the package to "Bill" after his death
but not under any circumstances until
that event had occurred. This always
se4 med to me to be a stupid and
wrong-headed proceeding. l do moi
see why the young men of rich
fathers should not be allowed to feel
their responsibilities while they are
young. As boys say, let them feel
their oats.
"The effect of clothing man with
independence and making him direct.
ly responsible to the world cannot be
overestimated. / know that William
HI. Vanderbilt became a different
man entirely after he assumed undi
vided control of the Vanderbilt pro.
perties from what he had been while
he was still under the domination oi
the Commodore and to great extent
dependent on him. l do not mean,
Of course, to say that he assumed
any dctatorial manners, but he be-
came more certain and consistent in
his movements. You could almost
see him break through the chrysalis
which he had inhabited for so many
years.
Something similar to this hap
pened in my own experience. When
| was boy, and before / had started
out for myself, Twas one of the LATEST
human beings that it was possible to
imagine. had healthy and consti-