The Birmingham age-herald., 1913-07-01

stock exchange speculation. to set apart
absolutely and as gift a substantial
sum, the possession Of which was Sc
curely placed in the hands of members
Of the family, who were dependent.
There is no doubt of the accuracy of
the traditional story that the late Adj
olson Cammack, who IN his day was
CONSPICUOUS, even notorious, as an OPP
orator on the Short or bear side
of the stock market, having gained in
one deal several millions at once made
over to Mrs. Cammack s1,000C00, impos-
ing upon her single obigation-namely
that no matter how earnestly he might
at some future time plead with her to
lend him portion or all of this money.
she would not pay heed to this appeal
She gave the promise, and there came
time when she found it necessary to
remind Mr.. Cammack that she had made
that promise absolutely, and that she
would in obedience to the request he
made at the time of the gift. be faithful
to It, When Mr.. Cammack died his
estate was fu1nd to be of a compara-
lively small amount but the handsome
gift he had made to his wife provided
for her abundantly. James r. Keene
made in the heyday or one of the hey
days. of his success. similar provisions.
A Question of Good Will
Some months may. pass before an Of
ficial appraisal of the estate of the late
J. p. Morgan Is made, and the delay
may in part, be caused by the difficulty
of estimating fairly what the money
value Of the good will established by his
name and his traditional influence is.
In the case of Mr.. Mills well as
in those of several other men of large
wealth, who have died in the past two
or three years, the question of good will
is not raised. since there was confessedly
none by which an appreciation could be
made But Mr. Morgan beaueathed his
name to the banking house which he es-
tablished, and there is unquestioned good
will, and it may be good will of great
taxable value, in that name
This is not exceptional At least five
of the great retail department businesses
of New York city are carried under
corporate names which represent moth
Ing but good will. This good will has
been SO valuable that it has proved
source of handsome income to the heirs
of those who established these houses
Frank A. Munsey has testified that
in his opinion the good will which is
one of the great assets of the World
newspaper is worth at least $4,000, 900.
Others have fixed the taxable value of
that good will at half that amount. Mr..
Munsey did not SO testify, but he is
known to nave based his Judgment in
part upon his belief that the late Joseph
Pulizer paid relatively more for the good
will of the World newspapef-whlch was
about Its only asset when he bought that
newspaper from Jay Gould-then the
good will of today is worth
even though 1t be fixed at s1o000,O00. Mr..
Pulitzer is understood to have paid Jay
Gould $150,000 for the World newspaper
property. When that payment was made,
the visible plant probably could not have
b. en- inventoried at much over $4,000. Mr..
fuiitzer's payment was, therefore. chiefly
for good will. Measured by that stand
ard Mr.. Munsey was confident that the
good will of the World newspaper prop
erty would be inventoried now if it were
fixed at $10,o00000.