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
$1S,637,545 in Report to
Surrogate.

NEW YORK, Sept. 23.-The report Of
the r,appraisal of the estate of Joseph
Pulitzer. ordered by Surrogate Cohalan,
was submitted yesterday to the Surro-
gates Court by Transfer Tax Appraiser
Joseph l. Berry.
The report shows that the gross
valuation of the estate has been In
creased from s1S526,116 to S2O,355,9S5, and
the net from si6,SiS,isi to siS,6SI5i5 net
increase of sl,T94,O6l. The estimated
amount of the total tax is sS35,O0O. 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 $1,000
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 the 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 27s. 900, Mr.. Berry placed the value of
1920 shares of the Press Publishing Com
pany stock at SO, 267,6S1 or S654.73 share,
and the value of 1854 shares of the
Pulitzer Publishing Company stock at
s2677 ,262, or $292.15 a share. In thus APP
prasng the stock, Mr.. Berry states, he
has added to the appraised value of the
corporations tangible property a good
will value consisting of the value of
the Associated Press memberships,
s4SOO0o, and all other elements of good
will. In the original report the franchises
were not valued as such.
FTNt. 1T ~ ~
taking the average annual earnings for
four years preceding Mr. Pulitzer's death
as 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 decedcnt in his will.
In appraising the value of the Press
Publishing Company the average an
nual net earnings are set at SOIL
These deductions are allowed: Sixty per
cent. of increase in the cost of white
paper, $4,000: allowance for dccodcnt' =
services. 100000; per cent. on capital
invested, $l21. $50. and per cent on value
OF Associated Press franchise. $2S,S The
total reductions are thus si6o15o, and the
average net earnings as a basis for 10
per cent. capitalization, Sl.lSO
The goodwill, originally appraised at
$1,000, OOO, is brought down to $Sl1,So2 The
appraised value Of assets over liabl'irtch
is s2,0225l4, as in the original report This
includes two Associated Press bonds ~
$1,000 par value, and makes the total
value $3,3O767l gross and s3,2670Sl net.
The appraiser states that the average
annual ne. earnings of the Pulitzer Pub
fishing Company for four years were
s4OS 456. The average net earnings, less
deductions. are $l96,ill.
Under the new appraisal the total per-
sonal property is valued at $l7,077, 0S5.
This. with the real estate, valued at
s3,27S 900, makes the total s20,35j, ,9S5 gross.