Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1914-09-23
PULITZER ESTATE
SHOWS INCREASE
OF TWO MILLION
Total Value of Late Pub
lisher's Holding Placed at
$lS,637,545 in Report to
Surrogate.

NEW YORK, Sept. 23-The report Of
the reappraisal of the estate of Joseph
Pulitzer, ordered by Surrogate Cohalan,
was submitted yesterday to the surro-
gates Court by Transfer Tax Appraiser
Joseph |. Berry.
The report shows that the gross
valuation of the estate has been In
creased from slS,5261t6 to s2O,S559S5, and
the net from Sl6,Si3,iSi TO IS,6SI545, net
increase Of Sl79i.O6i The estimated
amount of the total tax is $3S5,OOO. Before
the first appraisal $4,000 was paid into
the State Treasury in order to take ad-
vantage of the . per cent, rebate, so there
will be a refund of approximately $4,000.
In order to get at the actual value OF
the Associated Press franchises held by
the Press Publishing Company (the New
York World and the Pulitzer Publishing
Company Cthe st. Louis Post-Dispatch).
and to estimate the good will of these two
newspapers. owned by Mr.. Pulitzer, much
testimony was taken
After showing that there had been no
change in the appraisal OF the real
estate fixed In the original report at
s3,27SOOO, MIR. Berry placed the value of
1890 shares OF the Press Publishing Com
pany stock at So 267, 6S1, or S654.73 a share,
and the value of 1854 shares OF the
Pulitzer Publishing Company stock at
G.677 262. or s292.15 a share. In thus APP
praising the stock, MIR. Berry states, he
has added to the appraised value of the
corporations tangible property good
will' value consisting of the value of
the Associated Press memberships,
$4,000, and all other elements of good
will. In the original report the franchises
were not valued as such.
The appraisal is arrived at In part by
taking the average annual earnings for
four years preceding Mr.. Pulitzer's death
as a basis for capitalization
One hundred and twenty thousand dol
lars is allowed as an expenditure for
bonuses to employees. The appraiser also
considered the restrictions upon the sale
of the stock of the Press Publishing Com
pany inserted by the decedent In his Will.
In appraising the value of the Press
Publishing Company the average an
nual net earnings are set at SOIL, $50.
These deductions are allowed: Sixty per
cent. of increase in the cost of white
paper, $4,000: allowance for decedentS
services, 100000 6 per cent. on capital
invested, s12l,S5O and per cent. on value
of Associated Press franchise, s2S.SO0. The
total reductions are thus S46o,l5o. and the
average net earnings as a basis for 10
per cent. capitalization SH,1SO.
The goodwill, originally appraised at
1,OOO, 900, Is brought down to SSll,S02. The
appraised value of assets over liabilities
is s2.O22514. as in the original report. This
includes two Associated Press bonds uf
$1,000 par value, and makes the total
value $3,3O7671 gross and s3267.0S1 net.
The appraiser states that the average
annual net earnings OF the Pulitzer Pub
fishing Company for four years We're
$40S,456 The average net earnings, less
deductions, are sl964l1.
Under the new appraisal the total per-
sonal property is valued at S17.077 ,9S5
This, with the real estate, valued at
So, 27S 900, makes the total $40, 1856, ,9s5 gross.