view raw text
VALUE OF RACING ASSOCIATION STOCK Idea Gleaned from Inheritance Tax of Estate of Late P. J. Dwyer laurel Stock High. XEW YORK, X. Y., January 10. Phil J. Britt. one of the executors of the estate of the late Phil J. Dwyer, combined with the Brooklyn Trust Co., has given an idea of the value of racing stock in compiling the value of the estate prior- to paying the inheritance tax. It will be surprising to some folk to learn that notwithstanding the general belief that the late president of the Brooklyn, and Aqueduct tracks was wortli more than n million dollars, his entire holdings did not aniout to half that suni. WJmt is of importune to horsemen, however, is to learn the value of nice tirack stock. This has been supplied- by Phil Britt iii his reiort- to- the- -state by legal demand. Philip J. Dwyer Was one of the largest stockholders in the Brooklyn Jockey Club, holding 995 shares. These shares were appraised at 00 a share, being their par value notwithstanding the Brooklyn race course has not been used for many years. Much of the Brooklyn reserve fund was invested in the Aqueduct stock, and as Aqueduct is a. paying institution it has done much to keep the Brooklyn stock at par. Mr. Dwyers stock in the Metropolitan Jockey Club at Jamaica was appraised at about ten per cent of its face value and the Jamaica bonds at forty per cent of their face value. It must be said in this connection that these bonds only cost forty per cent of their value originally. Stock in the Westchester Racing Association, which holds forth at Belmont Park, is valued at only twenty-five per cent of its parvalue of 00 a share. These facts show that at the present time the Belmont Park stock is not a paying investment. This is no doubt due to the expense in upkeep and the fact that no revenue is forthcoming excepting from the gate and one. or two minor privileges. It is doubtful if Belmont Park ever paid any dividend or ever will under the existing conditions. Compared with the Mexican track at Juarez, Belmont Park is in bad shape, as Mr. Dwyers stock in the Juarez institution is valued at par, yet to the outsider it looks much like dead stock. The richest investment held by Mr. Dwyer was the Laurel paper, which was sold at auction and bought by Congressman George W. Loft at a figure more than double its par value. While the sum paid for Laurel stock appears to be high, those who knew its value were content to lay down and let it go to Congressman Loft after protecting it to slightly over the S200 mark, notwithstanding the Dwyer stock in the organization was practically the balance of power. Attention is drawn to the estimated value of racing properties to enlighten horsemen that all is not sugar that looks like sugar, in connection witli racing organizations. White some are valuable property for the time being, things can happen that practically obliterates them from the map and turns them from a, ,-good Tpaying investment into " real estate scrap. : -
