New-York tribune., 1920-03-09
TIFFANY &CO!
FIFTH AVENUE ( &37nSrREEr
PEARLS DIAMONDS JEWELRY
SILYERWARE STATIONERY

wrong, but those sent out by news
paper services also were incorrect
"As this statement contained the in
timation that The Associated Press, in
common with other news associations.
had made the same error that was
made by the Dow-Jones Ticker Service,
The Associated Press asked the Dow
Jones Company to make a correction.
The Dow-J Jones Company specifically
refused to do so. and therefore The
Associated Press takes this means of
presenting the facts"
Two Services Correct
- A dispatch received last night from
The Tribunes Washington Bureau
stated that The Associated Press and
the International News Service were
correct in their first bulletins. The
first announcements Of the United
Press, the Central News and Dow,
Jones & Co. were wrong.
The first bulletin of the United Press
was sent at 1854 p. M, it was said, and
the correction at 1915 p. M. The first
bulletin of Dow, Jones & Co. was sent,
it was said about 1910 p. m. The cor
rection appeared to have been sent
about 1850 p. m. 1t was added that
as Dow, Jones & Co. got the United
Press service it could have sent out
correction about six minutes after re-
ceiving the erroneous bulletin from its
Washington service.
Joseph eastman, managing editor of
"The Wall Street Journal" declared
last night that not much more than six
minutes had elapsed between the first
bulletin which Dow, Jones & Co. sent
out and the correction. He did not
have the memorandum of the exact
time at hand, he said, but the incorrect
bulletin of "The Wall Street Journals"
Washington bureau which Dow, Jones
e. Co. sent out was the first flash"
received on the decision in the financial
district, and the correction, based on
second bulletin sent by the Wash
ington bureau Of "The Wall Street
Journal" followed in less than ten
minutes and was the first correct bull
letin concerning the decision to be sent
out, according to Mr.. eastman. 1t was
and Central News had corrected their
bulletins and before the first bulletins
of The Associated Press and lnterna
tional News Service-which were cor
rect-were received.
Rail Shares Escape Break
During the greater part Of the time
in which exciting scenes were being
witnessed in the industrial market, rail-
road shares were neglected. Late in
the afternoon, however, came another
Supreme Court decision which was in
terpreted quite as favorably for the
railroads as the tax decision had been
for the industrials. This was the one
upholding the railroads in their con-
tenton that the Interstate Commerce
Commission should, in fixing the valua-
ton of the lines, accept the present
value of rights of way and terminals
instead of origina. cost.
This ruling, it was believed in Wall
Street, will make an enormous differ
ence in the returns to the railroads
under the new transportation act. The
law provides that the commission must
fix rates so as to return 51a per cent on
the aggregate property value of the
roads in the several groups. At the
high prices prevailing, property values
are vastly greater than original costs
in most if not all cases.
AS soon as the decision reached the
Street, railroad stocks were bought
quite as eagerly as the industrials had
been, with the result that prices ad-
vanced sharply. Gains of from two to
nearly four points were registered by
practically all the active railroad
issues.