New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-22
AppraiSaI of Late FinanCier'S
Personality as an Asset to
Determine Amount of
Transfer Tax.
GUESSES AT ART DISPOSAL
Museums of Art and Natural
History Both Plan Memo
rials to Benefactor,
but Definite Details
Are Lacking.

What was the value Of J. Pierpont
Nlorgan's pc Sonality 10 the banking
bouso Of J. p. Morgan 4 Co.? How
much was the good will worth, in dol
lars and cents, which Mr.. Morgan left
to his partners by the association of
his name with the firm? Those ere
pcrhaps the most difficult questions
which viii have to bc determined hy
the state appraisers in making the dp-
praissl Of the value of the Morgan cs-
tate for the purpose Of levyinS no
state transfer and inheritance tax. The
work Of the appraisers is expected to
begin the latter part of this week.
The value of tie good will of Mr..
Morgan's name to the banking busl-
ness is a taxable asset under his cs
tate. and its determination will be an
involved and a delicate matter. II
places the executors, three of whom are
his son. ]. p. Morgan. jr.. and his two
sons-in-law. Herbert l.. Satterlec and
William p. Hamilton. IN peculiar no
Sition. Naturally the executors Vii
not desire TO limit the value Of the
Morgan name, either through senu-
ment or in consideration Of the future
business interests Of ;hc firm. while At
the same time the higher the value ot
the good will is placed the more it viii
cost the estate in taxes.
In the preliminary schedules required
10 be filed for the purposes of the
transfer tax. of an estimated valuation
Of all the asset of the estate 10y the
executors. provision is made for the w.
cital Of capital employed. gross profits.
expenses and net profits of his busi-
ness for at least three years prior II
the decedent's death. and any other
facts pertaining to such business rs
may be pertinent to a fair and just Gp-
praisal Of the dcccdcnt's interest in the
business ana the good viii thereof.
Several Million. Probably.
Judging from the value of the good
will asset in other large estates. such
rs that Of Joseph Pulitzer. former
owner OF The World" and 1sadore
Straus. who was lost ON the Titanic
0hc appraisal of the latter estate is
yet 10 be announced. Thomas T.. Rush.
counsel for the state Transfer Tax
Department said yesterday that the
same item in Mr.. Morgan's estate vas
likely to amount 20 several million dol
lars.
SuppOsing the estimate OF the value
of MIR. MOrgan's name as an asset 10
The firms business-and his person
ality and name in the Morgan firms
business in acknowledged 10 have been
peculiarly valuablc-should amount 10
Nl0UvDCOo. which is perhaps too high
20 figure, that would require tax Of
approximately $4OO.OOO on the item Of
eood will alone. The transfer tax rate
is per cent mp TO 10000 with tho
first 5000 exempt. per cent up to
N2o0V1o. , per cent up to S1.oOo0OO
and per cent on anything over
S1G0O.O0O
The schedules Of the estate. as es-
umated 10y the executors, will probably
be filed within the next few days. 1t
10 customary for the petition for d
formal appraisal 10 be made with the
Ming Of these schedules. which become
public records as soon as they are filed.
Ine Surrogate appoints the appraisers
from the eight men employed in that
capacity 10y the state Controller. They