The sun. [volume] (New York [N.Y.]) 1833-1916, 1912-11-22
APPRA|SES PULITZER
ESTATE At S18,525,116
Joseph 1. Berry Gives Value OF
His Three Newspapers
as 81. 1872. 2.172.
MELVILLE STONE WITNESS
Testifics Owners Death De-
prived Papers Of Services
Worth 100000 a Year.

sonal property ia 3is,5?5.1l6 and the net
value Of the estate, which il exclusive
OF debts. funeral expenses, administrative
expenses and executors commissions,
is SIC. SAB. Asa His 1890 shares OF stock
in the Press Publishing Company. pub
lishers OF the World and Evening World,
are appraised at SsO4 share. or s3,0l8.455.
His 8.l8i shares of stock in the Pulitzer
Publishing Company of St, Louis are
appraised at Si.li5.7i7. The par value
of both stocks i. 500 share.
The values placed on the stocks in tho
two publishing companies 10y Joseph |.
Berry. the appraiser. are based largely
upon the testimony of Melville j.. Stone
as to the value to the newspapers of the
services Of Mr.. Pulitzer and the dscrease
IN value Of the properties due to his death,
He said Mr. Pulitzer services were din
cult to -stimnt. in dollars and cents.
but that SlOo. 900 year would have been
small pay for the services Mr.. Pulitzer
gave
The Newspaper business is an exceed
inRly hazardous business compared with
any other form of investment said Mr.
stone The supreme hazard in "A news
paper business is in having an intelligent.
head in which the public will have conf
dence There is burning illustration
Of this In the case OF the " orld. The prop
erty WAS owned originally by Jay Gould,
and because it WAS owned by him and
because he could not with all his other
Investments arouse confidence in il he was
slad to sell it AT very great loss to Mr.
Pulitzer.
Il undertake to say thai there is no
question in my mind while ! do not
wish to indulge in any personal discussion
i have not any doubt that il Mr.. John ID.
Rockefeller should buy the " ord to day
he could destroy its value in thirty days.
That is not a reflection on MIR. Rocke-
feller, but he has other interests which
are large"
In fixing the value Of stock in the Press
Publishing Company at the time OF
Mr.. Pulitzer,a1sath on October 20. 1911,
the appraiser was aided by figures sub
mitted by n H. Botsford. auditor Of
the company. az to the gross revenues,
thltUStt anu uSt l'i'libe III tiiC 'oN'
years preceding the date Of MIR. Pllitzer's
death. For 1908 the gross revenue was
S5.567 .67p: the expenses. &5.o4olss; depre-
citation and bad debts. Sl93 sos and the
net profits. s3S3.G73. In 1909 the gross
revenue was IS, 500 500 and the net profit
S8so, ,sgi. In 1910 the revenue was 80. 2Ss s57
and the net profit S7o237.. while in 1911
the revenue was 50. 49,, 1877 and the net
profit s5S2 $50. The net profit during the
four years was g.. PSI, ,32l.
The auditor reported that during the
years named bonuses OF $4,000 were
paid. and during three Of those years
Mr.. Pulitzer paid them out Of his own
funds. The total he paid was Sl05, 600.
Florence d. White. financial manager
of the company. said in an affidavit that
enormous expenditures are at all times
necessary. -even when there is no COM
pensatory increase in revenue and when
increased circulation owing to public
interest which must be satisfied actually
means increased losses. The year 1898
may be cited. After long and IN
interrupted series of highly profitable
years the great expense OF reporting the
spanish American war and great demand
for news attendant thereon caused a
deficit Of $4,000"
Mr.. White said that at the time Of Mr..
Pulitzer's death sevcntythree libel ac-
tions were pending against the company.
and the amounts paid out in verdicts and
settlements Of libel in four years were as
follows. 1908. 500. .73S; 1900. S'90s7; 1910,
$40. $50. and 1911. Sll4.l05.
Mr.. White also said that shortly after
Mr.. Pulitzers death a new contract for
the purchase of print paper had to be
made and under this contract the cost
of the paper il increased between $3.50 900
and s4OO, 900 a year
In the formal report of the appraiser
Mr.. Pulitzer's real estate is appraised at
81, 27s .OOa made up of he following prop
critics: Pulitzer Buildng. 81 ooO,Oo; |
and Park row and and 3 Ann street,
$3.50, 600; II Par, row and !, and II Ann
street, 3SOO,OOO: East Seventy-third
street, $3.50 600, and i88 East seventy
third street, $3.50, ,0o0.
The personal property, appraised al
st5,2a7,Ii6, includes as one of the largest
items 81 900, 900 Of Panama Canal bonds,
appraised at 81 l,Ol5,O0O. The other larger
items are: 5000 shares IackawRnna
Railroad stock, sl.Gl7 $40: 1000 shares
Jersey Central stock, Sl,1ss,58O and
5000 shares Louisville and Nashville
stock, .272, 500.
The other large items on the list Of
personal properly are:
Cash in bank, sl55,ls5; household ef-
fects, paintings and silverware, ss5 % ;
yacht Liberty, 500 900; 500 shares Ameri-
can Exchange Bank, 3ic5, 900; 800 shares
Minneapolis, st. Paul and Sault st. Marie,
$3.50, 400; 500 shares General Electric,
3736, 900: q, 900 shares Westinghouse Com
pany. slS8, 600; 1000 shares Chicago and
Northwestern. S2ss, 900; 1850 shares Della
ware, LackawGnna and Western Coal
Company. $is0, 1926 5000 shares Missouri
Pacific, S12l, 800; 1000 shares American
Locomotive, stOs 900; 1000 shares Union
Pacific, Sl0I 600; 5000 shares Illinois Cen
trai Stl2,6OO: 1900 shares Baltimore and
Ohio preferred. sl75, ,Ooo: 5000 shares Balti-
more and Ohio common, S2ss. .75O son,
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