Possessive of toys and bones, dominent behavior

Question
I recently acquired dog number 3 to our household. It took some time for the three dogs to adjust to each other.  Bongo (the new dog) is a young dog with a dominant, in your face type personality. I do not know his exact age, because he was a stray that I rescued off a  busy intersection about 2 months ago.  My older male dog quickly made it clear that this was his home and he was to be left alone.  My 21/2 year old female dog has a very submissive personality and the two instantly became friends.  

I quickly realized that Bongo still has a lot of puppy energy in him and has a great need to chew.  I began to teach him that he needed to remain calm while in the house.  I did this by providing him with a variety of toys and bones to chew on, first on leash, then off.  And redirecting him when necessary.  He quickly picked up on what I expected of him.  He now lays calmly at my feet when he is in the house and chews his bones, provided I've given him enough exercise before hand.  

The problem is that despite the fact that I have provided an abundance of toys, he is possessive of all the toys and bones.  He will take the toys away from my female.  If I make him lye down beside me with another toy, he will intimidate her from a distance with an intense stare, which will cause her to put down the toy and leave the room.  

If it is my older male who is near one of the toys, Bongo will attempt to run in and claim the toy.  Usually, before he gets there however, my older dog will growl.  Bongo will immediately lay down, but continue to stare intensely at the toy.  My older dog could care less about the toy and just finds Bongo to be a nuisance.  Eventually, annoyed, he will move to another spot.  Bongo will then run in and claim the toy. Bongo is not possessive of food or toys with humans, just with other dogs.  Is there anything I can do to deter this behavior?  

I am also afraid that some day soon, he is going to get in a serious fight with my older dog.  He keeps testing his limits around him. So far, he has ended up backing down. (I have been around to intervene before it escalated into a fight.)  But it greatly concerns me, because he is always the aggressor. He initiates it with an intense stare.  His tail which is usually curved loosely over his back straightens out and the hairs on his back will be raised.  He looks like he is ready to attack.   I have been around dogs my whole life, but this is the first time that I have owned two dogs with dominant type personalities at the same time.

Answer
You do a great job of describing what Bongo "looks like" and you can, of course, use that to redirect him. I would separate the dogs for times to enjoy treats or toys. Don't leave them around to be a "bone of contention" Do some obedience training with Bongo. He should have a great recall and "leave it", and I'd do "Nothing in Life is Free" http://k9deb.com/nilif.htm so he understands that things aren't "his" to guard. I would not punish him for the behavior (frequently dogs think that the other dog is getting them in trouble, rather than that their behavior is being punished). It's fairly normal behavior, just redirect it, don't make a big deal about it and manage the situation so there is nothing to contend over. I also probably wouldn't leave the dogs unsupervised together. Sandy Case BFA MEd CPDT www.positivelycanine.com