Smyrna times., 1888-08-22
LARGE CITY ESTATES.
PROPERTIES TED UP IN THE HANDS
OF TRUSTEES.

PROPER TIES TED UP IN THE HANDS
OF TRUSTEES.
Tendency of Large Estates in the City of
BostOn-Life and individuality of Prop
orty-Why 1t Is So Frequently Held
Gin Trust.''
The early part of the century, from
1912 down to 1913, was the era when
many of tho later millionaires were either
young men Just beginning at the lower
rounds of fortunes ladder, or had ascend
ed 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 a fair amount of schooling,
such as it was-and it was good and
thorough as far as it went-and q 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 a char
| acter and extent that We're 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-
0us and successful men of affairs came
Piches and possessions of various kinds,
among them being real estate in the best
business and residential sections of the
growing city. Some, 4sOre 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 III those days it
had not become unfashionable to have fam
lilies, and in cases large ones at that.
These children had to be educated in q
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
ell that that often means to the sons of
rich men who have large expectations.
OF course 1t was not alone the sons of
men who had come to Boston to seek q
fortune that filled the colleges. The
early B0stoni0ns were also thrifty and
money making, and raised large families,
and left extensive estates. Many of their
sons. as well as those of the former, in
heritcd enough Of the paternal energy
and ambition to impel them to go into
their fathers counting rooms and be-
come, iii turn, great merchants or man
ufacturers; and it is to the credit O1
some Of these families that even uptC
the present day their representatives, arr
to be found in conspicuous positions
either in trade or in the learned prOfes
|, sions.
, But it often happened that where tn
sons Of wealthy parents settled down t
trade the cranjsOns lid not, and in tim
?, we find old familiar names fading out froI
the activities of our city, to be replace
by new ones. It is, perhaps Il fact tina
the majority of the sons of our wealth
\ people are little heard of after colleg
graduation. Many of them have a dis
taste for trade; many choose profession
where they only lOiter among workers
having no real incentive, lacking amb
:. tion, to work; while others become mel
.o. educated nobodies, with a strong tendenC
of to live extravagantly, and spend all I'll
f money they can command. The fathers
these drones, noting their unwilling
ness or incapacity for business affair
will not leave them the control
property which they do not know how
n manage, and, therefore, in their will
leave their property in the trust of mt
or corporate bodies in whom they ha'
confidence, for the benefit of these heir
with, perhaps, reversion to their childre
The incomes derived support these me
and, if they marry, their families, in gO
style In some cases these legatees, ha
\ ing scholarly or artistic tastes, go abro0
- live and bring up families ct un-Americ
children in England or on the continent
a. of Europe. Cases of this kind are not
frequent.
Then there is the matter of sex
descent, and as daughters constitU
about one-half the total of the children
rich people, their provision is quite
important factor in the creation
trust properties. Daughters of rich m
are much sought after by dashing but {
venturous wife hunters. Experience
control on marriage is to practically q
her fortune to her husband, How
guard this property for her own bene
r. and for that of her children. is the c.
lnpt sideration of the prudent father. In
pity will therefore, he leaves the daughtC
ten share Of his property in trust for her b
y y a. efit or for that of her children, with
best right of reversion to the latter in the evr
of her death, the husband to have no C
troll of the same, and the income to
paid directly to her or to her children
der reversion. But even this care
eads method was found defective. Where
,Iins husband was sunscrupulous and avaricio
same and the reversion to minor children
If abled him to obtain control of the pr
erty as their natural guardian in the ev
of his wife's DEATH cases occurred wh
IN death was hastened by cruelty and
Lii usage on his part. To offset this, {
- siderable proportion of the property
arrh in some cases left so that the wife CO
dispose by will of the same, though
nv otherwise dispose of it during her life
80 There have been cases of trust and {
'Gne, t.t fdence in sons-in-law, where the la
Grid. have nobly carried out the wishes of
lent testatOr; but the temptation for hush
ears, ears, to administer the property Of his wife
sve. his own benefit is often so great as t
AHty. apparently AII1nloblDAGs Alt Gdll UppIA
pres ate the income to his own uses, perl
0on- squander it. and when the time for
rites. return of his accounts to the pro
Soc court arrives he can obtain the neces
,.,-.l vouchers from his wife, though he
5n'"' not have given her per cent. Of the
- come. If she objects, he will say to
ILLS. that he has iost the money in speculai
egsta- and If she does not sign the will he
riniess. be q ruined man and forever disgrace
heap the ewes of tbe world No save him
Dose. I 5to.sgs 4,.-.e .15 -a
lchc, uisBIaCeI lhefelOrei sue ylelus anu
tiOns tho life OF martyr. Cases crop out
ITS Of time to time which show that, no ms
isis's' how carefully the interests of daugl
- may be guarded events viii occul
neutralize the designs and desires Of