Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-09-27
PULITZER ESTATE
. SHOWS INCREASE
or TWO MILLION
Total Value Of Late Publishers
Holdings Placed at $751;
637545 in Report Of New
York Official,

New YORK. sept 20 The report OF
the reappralsal Of tho estate OF Joseph
pulitzer. ordered by surrogatc coha-
ian. was submitted yesterday TO the
surrogate's court by Transfer Tax Ap-
praiser Joseph 1, berry.
The report shows tina, the gross
Valuation of the estate has been IN
cfcnsed from sfS.5e6ile 20 S2u,ase,-
$50. aud the net from sic.Sis,fsi 70
S1S.6s7.54s. net increase Of St.1si,-
,oei. The estimated amount Of the to-
tai tax Is <3s5.0ou. Before the first
appraisal saio.ooo was paid into the
state treasury In order TO take adj
vantage OF the per cent rebate. SO
there will be a refund OF approximate
lly $4,000.
I'm order 20 get al the actual value
Of the Associated Press franchise held
by the Press Publishing company tthe
New York world) and the Pulitzer
Publishing companyt the ST Louis
Post Dispatch), and TO estimate the
good will of these two newspapers
owned by MIR. Pulitzer. much testi-
lmony was taken.
After showing that there had been
no change in the appraisal Of the real
estate fixed m the original report nj
s5,e7S. goo. MIR. Berry placed the value
OF 1880 shares Of the Press Publish
ing company stock at ss,26s.oSt. OF
S6sf.1s a share. and the value OF
ia.l64 shares OF the Pulitzer Publish
ing company stock at S2,675,2 6e. OF
sess.15 a share. In thus appraisne
the stock. Mr.. Berry states. he has
added to the appraised value OF the
corporations tangible property a
good will" value consisting OF III,
value OF the Associated Press men,
berships, $4,000. and all other cie-
mcnts OF good will In the original
report the franchises We're not valued
as such.
The appraisal Is arrived al In parl
by taking the average annual earn
ings for four years preceding MIR. Pu-
Iitzer's death as a basis for capitali'
xation.
one hundred and twenty Thousand
dollars is allowed as an expenditure
. for bonuses to employees. The APP
, lpraiscr also considered the restrictions
upon the sale OF the stock OF the Pres
Publishing company inserted by the
dccedent in his will
/, In appraising the values of tn
: Press Publishing company the aver
5 age annual net earnings are set a
s541, 800 These deductions are allow
ed. sixty per cent of increase In tn
r cost Of white paper. $4,000; allow
E ance for decedcnts services, 500,
E Gee, 6 per cent on capital invested
t isi2l.3so. and per cent on value O
: Associated Press franchise, s2S,soa
The total reductions are thus sf6o.
$50. and the average ne, earnings a
Ia basis for 10 per cent capitalization
SSf.1So.
The goodwill. originally appraised
at 100000 is brought down I
: $Sif,S0i. The appraised value Of as
sets over liabilities Is s2.022, 5l4. as Il
the original report. This includes iw
Associated Press bonds Of 81 geo pa
value, and makes the total value, SO.
: so7.s7i gross and ss.es7.esl net.
The appraiser states that the aver
+, age annual net earnings of the Putt
|, ger Publishing company for fou
:, years were st0s.45e The average ne
: earnings. less deductions. are sise,
n All.
: Under the new appraisal the tota
h personal property is valued at SIT,
2 l077.9s5. This. with the real estate
valued at $s.sis, 600, makes the tota
tSeos55,gS5 gross.