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
$l8,637,545 in Report to
Surrogate.

NEW YORK, Sept. 2S-The report Of
the rcappraisal of the estate of Joseph
Pulitzer, ordered by Surrogate Cohalan
was submitted yesterday to the Surro-
gates Court by Transfer Tax Appraiser
Joseph 1. Berry.
The report shows that the gross
valuation Of the estate has been in
creased from sls,52e, lie to s2o,S55,9S5, and
the net from s1e,S43,4Si to s1S,637,545, a net
increase of Sl,79i,O61 The estimated
amount of the total tax Is 1886, 900 Before
the first appraisal $4,000 was paid into
the State Treasury in order to take ad-
vantage of the 6 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 dhe st. Louis Post Dispatch),
and to estimate the good will of these two
newspapers, owned by Mr.. Pulitzer, much
testimony was taken.S
After showing that there had been no
change in the appraisal of the real
estate fixed in the original report at
S327s,000 Mr. Berry placed the value of
1890 shares of the Press Publishing Com
pany stock at s3,2S7.6s1 or S65i.73 a share,
and the value of 9164 shares of the
Pulitzer Publishing Company stock at
f2677,262, or s292.15 a share. In thus ap-
praising 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,
siSO.000. and all other elements of good
will. In the original report the franchises
were not valued as such.
...-..I l.. - lN,.
taking the average annual earnings for
four years preceding Mr.. Pulitzer's death
as n 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 Sjil 80.
These deductions are allowed: Sixty per
cent. of increase in the cost of white
paper, $4,000; allowance for dccedent'S
services, 100000; per cent on capital
invested, s12l. $50, and per cent. on value
of Associated Press franchise, S2SSO0. The
total reductions are thus siso,15o and the
average net earnings as a basis for 10
per cent. capitalization, SSl.lSO.
The goodwill, originally appraised NJ
S1,0o0oOO, is brought down to sS11 ,s02. The
appraised value of assets over liub!r r".
is s2,022,5li, as in the original report. This
includes two Associated Press bonds ut
$1,000 par value, and makes the total
value s3,S07,61 gross and s3,267,0Sl net.
The appraiser states that the average
annual net earnings OF the Pulitzer Pub
fishing Company for four years were
$i0S,466 The average net earnings, less
deductions. are sl96,4l1
Under the new appraisal the total per-
sonal property is valued at $1T,O179S5.
This, with the real estate, valued at
SO, 27S, 900, makes the total $40, 800 9S5 gross.