New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-22
PULITZER
ESTATE At S1S,525,116
Deductions of All Kinds Leave
S16,e43,484 as Net Value of
"WorId" Editors Fortune.
"A NEWSPAPER GENIUS"
Melville Stone Pays Tribute to
Personality, and Talks OF
Supreme Wizard" in
Newspaper Business.

The transfer tax appraisal OF the estate
OF Joseph Pulitzer, owner OF Tho Ne"
York world" and 1.-The St Louis Post
Dispatch" who died October ~ lSll' was
filed In the Surrogate's Court yesterday
by Appraiser Joseph I. Berry, ana places
the gross value OF the real estate ana
personal property left by Mr.. pulitzer al
SIS, 81, 116.
Reductions for funeral expenses, ad-
ministration expenses, debts and eXecu-
tors commissions reduce the estate 10
net value of SIG, S43. asa. Mr.. Pulitzer held
$50 shares of the stock OF the Press PUB
fishing Company C'New York WorldD,
valued at 100 par. and quoted az o0i.oo'
with an aggregate value of S,ole'4oo' lie
held e.l6i shares OF the Pulitzer Publish
ing Company est Louis Post-Dispatch d
par at 100 and valued at lilo and aggre-
eating 81. 1871.
But aside from the interesting details
of the estate furnished by the hgures
compiled by the appraiser and the large
and diversified holdings Of Mr.. Pulltzer
as shown by the appraisal itself, the ex-
pert testimony given at the hearings held
to determine the value Of the newspaper
property Is no less interesting.
Much OF this testimony, given by Mel
Vile +. Stone, general manager OF Inc
Associated Press, shows the value OF
personality at the head OF q large news
paper. Mr.. Stone said II was difhcult 70
estimate the value Of Mr. Pulitzer's ser
vices to his newspapers In dollars and
cents, and that 10000 year would nave
been small pay for Mr.. Pulitzer. MI
Stone said when Mr.. Pulitzer died ne left
his papers hike a ship at sea without
rudder." At another point he said: inc
newspaper business is an exceedingly haz-
ardous business compared with any other
form Of investment"
THE supreme hazard In a newspaper
business is in having an intelligent head.
in which the public Will have confidence.
There is a burning Illustration Of this in
the case OF The World The property
was owned originally by Jay Gould and
because Il was owned by him and be-
cause he could not with all his invest
ments arouse public confidence In 1t, he
was glad TO sell It at a very great loss to
Mr.. Pulitzer.
II undertake 10 say that there is no
question in my mind. while do not wish
10 indulge In any personal discussion.
have not any doubt that II John d..
Rockefeller should buy The World to-
day he would destroy It's value In thirty
days. This is not a reflection on Mr.
Rockefeller, but he has other interests
which are large.
Mr.. Pulitzer was a newspaper genius.
I do not know OF any one superior 10
him" Mr.. Stone testified. THE future OF
The World in the hands OF even his
son would be problematical In the hands
Of n board of trustees. such as he (Mr.
Pulitzer has appointed, 1t would be. 1t
seems TO me- a very serious problem
II cannot imagine a worse condition or
controlling a paper than through a board
OF trustees. There is abundant reason Tor
that. A newspaper represents an opinion
or view OF every conceivable happening
i'm tho world. When you pass that control
over TO a board OF trustees OF varied In
terests and varied views, you come very
near plunging the administration into
chaos"
r.. fttdINl nus u goAiAt shdh hV hoy .
$1,000 a year whose services are not
worth as much as Mr.. Pulitzers." Mr.
Stone added IL don't think that anybody
would be justified in paying 10000 TO any
man as manager OF a newspaper, and
should think that would be small pay for
Mr.. Pulitzer"
He agreed with General Charles II. Tay-
~ IA
Globe" another expert witness, that the
stock OF the Press Publishing Company
had no good Will value for the general
investor, but only for a newspaper man
or some one who wanted IT for political
purposes.
The appraiser found the good will value
Of THE World" TO be 100000 and that
OF "The Post-Dispatch" 20 be $500Oo0. In
fixing the value OF the stock OF the Press
Publishing Company at the time OF Mr..
PulitzeTs death the appraiser was aided
by figures submitted by the auditor OF
the company as to the gross revenues, ex-
penses and net profits for the four years
preceding the death OF Mr.. Pulitzer.
In 1908 the gross revenues were S,56L67e.
expenses 5000 1875, depreciation and bad
debts si93, sos, and the net profits S3S673.
In 1909 the gross revenues were '5,6Oo''
eco, net profits S662,S9l; 1910. revenues S.
2Ss, s57, net profits s7O2S7i. and In 1911 the
revenues were $685., 1877 and the net profits
s552.SS3. The net profits for the four years
amounted to s2.25l,S2.
One Of the large individual holdings or
Mr. Pulitzer was 81. 600, 900 worth of United
States bonds issued for the construction
OF the Panama Canal. These bonds. ma
turing I'm 1861, carry premium OF lfs and
are 3 per cent bonds. The actual value
is 310l5.0O.
Other large holdings were 5000 shares
Illinois Central Railroad. tl2,50; 1000
shares Central Railroad OF New Jersey
n.lss. $50; 5000 shares Louisville q Nash
Vile Railroad, ;727.5oO; 5000 shares Cen
eral Electric Company, s7SS.OW; e'oo
shares Delaware, Lackawanna West
ern Railroad, ;1,67,s7o, and 1900 shares
American Locomotive Company, S4OS.oo'
The real estate of Mr.. Pulitzer was es-
tmated as follows: No. IS to e3 Park
Row and No. to ~ Frankfort street
pulitzer Building), 100000; Nos and
park Row and No. / and Ann street,
$3.50 1000; No. II Park Row and Nos. 7, 8
and IL Ann street. $4,000; No. East
I'D street. Mr.. Pulitzers home, ssS0,Co.
ord No 1ee East 73d street, $6S,O00