New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-23
Late Publishers Personal
Services Appraised at
100000 a Year.
HE WAS A GENIUS"
SAYS TIMES" OWNER
The Worlds Universal Pro-
wider of Brains" Says Papers
Business Manager.


The st. Louis ost-Dispatch" The
new report places gross valuation of
S2O'355,9S@ on the real estate and per-
sonal property left by Mr.. Pulitzer. the
net estate being appraised at 1851
545.
The original report filed by Appraiser
berry III the SurrOgatcs' Court was re-
turned TO him by Surrogate Lohalan
Tor rcappraisal. because the Surrc
gate considered the estate as under
valued. The first report Of Mr.. Berry
placed the gross estate at $lS,525, ZIG
and the ret estate at $l6,S43, 4S4.
In his decision rejecting the original
appraisal Surros gate Cohalan said that
the attorney for the State Controller
should have provided evidence SUI
iicient to sustain a finding that would
remove the suggestion that the in
terosts of the State OF New York were
not properly protected"
In making the new appraisal much
expert testimony was introduced re-
garding the value of the personality
and services Of Mr.. Pulitzer to "Thc
World" The witnesses also gave their
views on the value to a newspaper OF
/ an Associated Press franchise, and
while there were some divergent opiu-
ions on this subject, all thc witnesses
agreed that the services of Mr.. Pulitzer
were worth at least 100000 year -
"Thc World" The appraiser fixed the
value OF Mr.. Pulitzer's services at $780,
600 year to each newspaper. Adolph
s. Ochs, owner of "The New YORK
Times" enc of the witnesses, said in
mis- testimony that to some other paper
these same services might have been
worth as much as 100000 in a single
year.
Some Expert Opinions.
Some other expert witnesses wer1
Colonel Henry Watterson, of "Thc
Louisville Courier-J Journal" who eX-
pressed the opinion that James Gordon
Bennett was the first "yellow" jour
nalist in New York; Arthur Brisbane
of "The New York Evening Journal
who said that 81 100000 was too much
for Frank A. Munsey to pay for Tie
New York Press" and that SlOO,OOu
would have been a high price for the
property, including The Associated
Press franchise. Mr.. Munsey testliying
that he did not buy "Thc Press to az
vance the interests OF the ProgressiNc
party, but that he found the change CT
policy as an advocate of the Progress
sives good business, for It meant an Ii
creased circulation.
The chief items of increase in the APP
praisal of the estate were the interests
Of Mr.. Pulitzer in the Press Publishing
Company C"The World"D and the Pu'
liter Publishing Company est. Louis
Post Dispatch"). Mr.. Pulitzer owned A.
$50 shares of the New York corporation
with a par value Of 800 each. The value
of these in the original appraisal was
placed at 1904 30 per share, or totaI
of S3,0l6,455. The new appraisal places
their value at 1904 10 a share, with q
total of S3.267 ,081. The holdings of the
decedent in the st. Louis corporation
. numbered OLGA shares at a par value
of 500. upon which the original APP
praisal places an actual value of Sl21 10
each. or total Of $1,ll5,711 The re-
appraisal places the actual value OF
this stock at S2,677.262. The good will
of the two newspaper properties Is
also set at a higher figure in the
reappraisal The good will Of 1.-The
World" was set forth in the first APP
praisal at 81 100000 and that of "The
Post-Dispatch" at 100000. Mr.. Berry
fixed the good will of "The World
in the new report at SSll, SOP plus
$3.50. 900. being the value placed on two
Associated Press franchises held by
the morning and evening editions Of
"The World" The good will OF "The
PJst-Dispatch" is placed at 81 1854 ITO
to which is also added an Associated
Press franchise at $4,000, The mem.
/ bership in The Associated Press are
/ treated by the appraiser as capital In
vested.
! Tributes TO Late Publisher.
All the witnesses examined in the
proceedings by William l.. Stout, attor
/ ney for the State Controller, paid I
tribute to the genius of Mr.. Pulitzer a,
/ a newspaperman. Don {. Seitz, bust
! ness manager of "The World" wa;
4 asked the question: "In a general way
what were Mr.. Pulitzer's services t.
! that papcr?"
"Mr. Pulitzer was the universal pro
wider for the entire establishment.
might say" replied Mr.. Seitz. "YOl
know he was blind and that narrowed
/ his interest very much and he cOncen
| trated on the paper. The paper was the
{ one thing He ate, slept and liveC
paper and paid an enormous amount o.
attention to it. He did not dictate the
/ business policy. He rarely interveneC
on the business side. His great ser
+ vices were with the brains. He had I
scorn for the business side" As tC
/ libel suits against THE World" Mr.
Seitz said, 81 think we are rather more
completely blessed than the Others
are" but he believed, he said, that the
Hearst papers were very near The
/ World" in this rpGDect
Adolph S. Ochs. regarding the value
/ Of an Associated Press franchise, said;
81 think The World or any news
paper is more valuable by having the
4 Associated Press franchise"
'Nr. Ochs, you are acquainted witt
/ the services which MIR. Pulitzer rendered
to The New York World during hi'
lifetime ?"
MIR. Pulitzer a Genius.
"Mr. Pulitzer was genius, one Of
the ablest men this country has eve
had in journalism, and his success wa'
a personal achievement, and what re
mains of his work. the personal achieve
ment having entered so much in hn
success, it seems to me an element o.
risk to those VINO undertake his work.
Colonel Henry Watterson, on the wit
ness Stanu, reluscu W ann III VI WY
that he was "well known Throughout
the country" He knew Mr. Pulitzer foi
many years. The Southern editor saiC
he knew, Of only one other business
that was as hazardous as the news
paper business, and that was the hote
business.
Where Personality Counts.
"The newspaper" said Colonel Wat
terson, like the hotel, depends abso
lutely upon the individual capacity an(
the aptitude of one single source of III
existence that is the man who con
ducts it. Take an eminent man ava!
- =. .,,,,-,.o. ,,b;,h ba has con