The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-10
NEW VALUE OF $225
ON B. ALTMAN STOCK
Reappraisal Affects About $500
Shares Out Of Total
of 10000.
ESTATE TO PAY THE TAX

This rsepprslsal OF the estate OF Benja-
min Altman. which Surrogate Fowler or
dered because he was not satisfied with
the valuation OF slej a share for stock
In the corporation os u. Altman Co.
was filed Yesterday by Appraiser John V.
Cogyey. The new APPRAISAL fixes the
value Of the stock II sc:5 a share. hut
the figures on which the estimate was
made were not attached 20 the papers or
made public because IN. appraisal affected
only about $500 shares out OF total OF
80 600
a. the rate al which the shares were
appraised the value OF the Altman cor
pcration. capitalized az $4,000. ooo. would
reach the total of s6.T5o.ooo, In addition
10 which the corporation receives the fol-
lowing:
Interest IN block bounded by East
Thirty-four,h and East Thirty-ffth
streets. Fifth and Madison avenues. 80
I6S.3s2: interes, in property In blocl;
between East Thlrty-slxth and East
Thirty-seventh streets, saas33, and uneN
pended balance OF bonds OF r. Altman &
Co. S2.6,7.osi. These bonds were par;
or an issue OF ss,0o0.0oo issued to tho
partners OF ;hs old Arm Of r. Altman e.
60. in exchange for the ssets OF the firm.
Accordingly IL the entire stock were ap-
praised at se25 a share tho stock OF the
corporation. with the real estate and the
bonds would be worth more than 5000
900. Al that rate also the 1926 shares
Of stock beoueathed 20 the Altman Foun.
dalton for the benefit Of the EMPLOYEES
would be worth sa+a6.s50.
stipulation by Attorneys.
The attorneys Tor the estate contended
that the valua ion Of SEES was too high.
ana in conserving 10 the figure fixed by
the appraiser they made this stipulation
The executors are willing to accept
this valuation OF sees a share as the value
of the portion OF stock bequeathed to the
employees They think. however that tho
valuation is too high end would not ac-
quiesce in 1t and do not acquescc in Il
except for The purpose OF this appraisal
Of the comparatively sinai! number o.
shares bequeathed TO these people who are
connected with the business"
A. the time Of Mr.. Aitman's death
large block of stock In the company
was held by Michael Frledsam. now pres
ldert' OF y. Altman & Co.. and other
shares were owned outright by others
connected with the business Surrogate
Fowler already has ruled tina, tho stock
In the corporation left TO the founda ton
is not taxable. so the only real purpose
OF the appraisal was 10 fiN the value OF
stoEk lett 10 certain employees amount
ing in all TO only about $500 shares
Under the Altman will the bene.ic. aries
OF this stock are expected 10 sell the stool;
20 the company ~ 1928 a share AZ their
death and II they leave the employ OF
the corporation they must also sell a.
N25. For this reason the appraiser nxed
direct tax on an outright interest o.
only S2j on each share and life interest
in 800 additional. which IL the amount
Of Increased valuation fxed by the APP
praiser. The Altman corporation paws
a ta:. on the remainder interest in 500
on each share. since the corporation will
eventually buy this stock
Estate 10 Pay TaI.
The appraisal Of the stock left 20 each
beneficiary, in the case OF Mr.. Friedsam
including other requests besides stock. IL
As follows: Michael Friedssm. 400 shares.
total. s2IS,4a2; Frank l.. Nugen,. 80
shares. fl2s,4o5, Milton NJ Klein. 600
shares i109S:. James II. THOMPSON.
400 shares. s,i.26s: Alfred r. Boehm,
400 sltares i'0.tts: William Scherer,
3ll.3sl. and F!avus J. Parry, SASS
The difference between the hgure, for the
Ferry and Scherer stock is due TO tn.
difference in the value OF the life interest
OF the two bSneflclaries. Perry being
younger than Scherer.