This extract from the Titanic Disaster hearings, chaired by U.S. Senator William Alden Smith of Michigan, recounts the testimony of Maurice L. Farrell, managing news editor of Dow, Jones & Co., who was responsible for the company's printing telegraph ("ticker") and printed bulletin services based in the financial district of New York City. (The photograph of individuals receiving ticker information about the disaster appeared on page 73 of the 1914 edition of Our Wonder World -- Volume Two: Invention and Industry)
 

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"Titanic" Disaster: Hearing Before a Subcommittee of the Committee on Commerce, 1912, pages 1061-1092.
"TITANIC"  DISASTER.
__________________
THURSDAY,  MAY  9,  1912.

SUBCOMMITTEE  OF  THE  COMMITTEE  ON  COMMERCE,

UNITED  STATES  SENATE,

Washington, D. C.

[Testimony  taken  before  Senator  William  Alden  Smith,  chairman  of  the  subcommittee,  sitting  separately.]
TESTIMONY  OF  MR.  MAURICE  L.  FARRELL.
      The witness was sworn by Senator Smith.
    Senator SMITH. Give your full name to the reporter.
    Mr. FARRELL. Maurice L. Farrell.
    Senator SMITH. Where do you reside?
    Mr. FARRELL. In New York City.
    Senator SMITH. What is your business?
    Mr. FARRELL. I am managing news editor of Dow, Jones & Co.
    Senator SMITH. How old are you?
    Mr. FARRELL. Thirty-five.
    Senator SMITH. How long have you been connected with Dow, Jones & Co.?
    Mr. FARRELL. Since March 1, 1912.
    Senator SMITH. In your capacity as managing editor, what are your duties?
    Mr. FARRELL. I have general supervision of the operations of the news agency and the Wall Street Journal, which we publish.
    Senator SMITH. Your duties throw you in personal contact with your reporters?
    Mr. FARRELL. In direct, personal contact.
    Senator SMITH. And they work under your direction and authority?
    Mr. FARRELL. Exactly. Senator, if I may be permitted to offer a suggestion, I have prepared a brief statement, which, with your permission, I would like to read into the record, and which I think will save time and establish the facts.
    Senator SMITH. I will give you an opportunity to do so, but I want to direct your attention specifically to two things.
    In your bulletin, or ticker original--is that the proper expression?.
    Mr. FARRELL. Yes.
    Senator SMITH. At 9.33 a. m. Monday morning, April 15, you say:

    Mr. Franklin said he had received a brief wireless dispatch from the Olympic, saying she had talked by wireless with the Titanic at 4.24 o'clock this morning. The message gave no further information, Mr. Franklin said.
    The message shows conclusively that the Titanic was still afloat six hours after the reported accident.

    Then you give the names of the officers of the Titanic.
    I desire to ask from whom you obtained that information?
    Mr. FARRELL. I do not find that we published such a statement as that. Senator; at least, not at that time: I have here a full record of the tape from the beginning of business to the end of the day, and that does not appear.
    Senator SMITH. That is what is called Local "A"-2, for identification. Does that help you any?
    Mr. FARRELL. No; it does not.
    Senator SMITH. I will proceed a little further. From your bulletin Local "A"-3, headed "Bulletin," I read as follows:

NEW  YORK,  April 15    .

(Add Titanic)--A dispatch received here from Halifax, N. S., this morning reports that all the passengers of the Titanic had left the steamship after 3.30 o'clock this morning.     (Bulletin will stand.)     CSB.   DR.   9.33 a. m.

    Following that on your original memoranda appears the following:

    Titanic--A dispatch from Halifax reports that all passengers had left the Titanic in boats shortly after 3.30 this morning.

    Have you that?
    Mr. FARRELL. We published that dispatch on our ticker at 8.58 on the morning of April 15. We received it from the Boston News Bureau, our Boston correspondent.
    Senator SMITH. Did you make any attempt to verify that statement at the White Star Line offices or through Mr. Franklin personally?
    Mr. FARRELL. We did.
    Senator SMITH. With what results?
    Mr. FARRELL. Prior to that we had received from the White Star offices a statement somewhat similar.
    Senator SMITH. Have you got it there?
    Mr. FARRELL. I have; and with your permission I will read it.
    Senator SMITH. Please do so.
    Mr. FARRELL. This was published at our tickers at 8.35, or thereabouts. It was obtained by Mr. Gingold, one of our reporters, who is now in London. He went to London on a vacation very shortly after that. I will read the statement as it appeared on our tickers, headed "Titanic." It reads:

    Officers of White Star Line stated at 8 o'clock this morning that passengers on the Titanic were being taken off in boats and that there was no danger of loss of life. The Baltic and the Virginian, they stated, were standing by to assist in the rescue work.

    Senator SMITH. Is that the end of that?
    Mr. FARRELL. Then there are two more items running along on the same story:

    On Titanic there were 300 first class, 320 second class, 800 third class passengers, and a crew of 900 men.
    It is not yet known whether the vessel will be saved. White Star people are in something of a quandary if she should be saved, as it is said there is no dry dock on this side of the Atlantic to take care of her.

    Senator SMITH. From whom was that information received?
    Mr. FARRELL. That was received at the White Star offices from some of the junior officials. Mr. Franklin had not yet arrived at the office.
    Senator SMITH. Can you give me the name of your informant?
    Mr. FARRELL. No, sir; I can not. Let me explain the relation of this. This was early in the morning. The early newspaper accounts had been published. There was a great crowd, and there was great excitement at the White Star offices. Dozens of newspaper men and also the relatives of passengers on the Titanic were all clamoring for information. In response to questions, this was the information given out by some of the representatives of the White Star Line. This particular information was not given by Mr. Franklin.
    Senator SMITH. Did you make any attempt to verify it?
    Mr. FARRELL. Yes; we made every attempt we could.
    Senator SMITH. What did you do?
    Mr. FARRELL. Then, subsequent to that, came the dispatch from Boston which you have just mentioned:

    A dispatch from Halifax reports that all passengers have left the Titanic in boats shortly after 3.30 this morning.

    Senator SMITH. Did you regard that as confirmatory?
    Mr. FARRELL. We did.
    Senator SMITH. Did you talk with Mr. Franklin later in the day about the information you had gotten from his office at the time just referred to?
    Mr. FARRELL. We had reporters at the White Star offices all day long seeking information from Mr. Franklin and other officials, and the bulk of the news we published came from the White Star offices.
    Senator SMITH. Did it come from Mr. Franklin?
    Mr. FARRELL. Most of it from Mr. Franklin; some of it from some of his subordinates.
    Senator SMITH. I call your attention to a bulletin which we will designate as No. 3, 9.43 a. m., April 15 [reading]:

MONTREAL,  April 15    .

The Montreal Star to-day says that an unofficial dispatch from Halifax stated that word had been received there that the Titanic was still afloat and was making her way slowly toward Halifax.

(Bulletin will stand.)

--cp--aa--ck--9.43 a. m.

    Do you know anything about that?
    Mr. FARRELL. No, sir; I do not find such a dispatch in our record here on our ticker tape. If the stenographer will note it, I will subsequently go over the bulletins.
    Senator SMITH. I am quoting from the bulletins.
    Mr. FARRELL. From the bulletins?
    Senator SMITH. Yes. That was from a bulletin. Have you got them numbered?
    Mr. FARRELL. Yes.
    Senator SMITH. What is that one you are looking at?
    Mr. FARRELL. This is No. 20. Is your memorandum numbered?
    Senator SMITH. My memorandum starts with No. 1. What I have just read was from No. 3.
    Mr. FARRELL. We printed nothing about the Titanic on bulletin No. 1. We printed nothing on bulletin No. 3-----
    Senator SMITH. Perhaps you will find under this Montreal date this dispatch which I have just read.
    Mr. FARRELL. No, sir; I do not find that
    Senator SMITH. Do you find at 9.53 a. m. an optimistic statement by Mr. Franklin in which he said, as will be seen on page 2, which I have already quoted:

    The Olympic has just been reported as having been in direct communication by wireless with the Titanic.

    Mr. FARRELL. No; I do not find that either. Senator. Are you sure you have not got our bulletins confused with some one else's.
    Senator SMITH. No; I wanted to know about these two things. I have here your original memorandum, from which I will now read:

    Titanic.--Dispatch from Montreal received by White Star officials says Titanic was afloat at 8.30, and that women and children had not yet been taken off, though lifeboats were ready in case of emergency.
    The steamship is heading in direction of Halifax, from which the Virginian is approaching. It is thought that bulkheads will prevent ship from sinking. Titanic is moving under her own engines.

    This is dated 11.03 a. m., Monday, April 15.
    Mr. FARRELL. I think I recall such a dispatch as that.
    Senator SMITH. This is your original note, I think.
    Mr. FARRELL. That is ours, yes; that is our tape.
    Senator SMITH. I would like to ask where you got that information?
    Mr. FARRELL. I will tell you in just a moment. [After examining papers.] That previous one which you read was as follows:

    White Star officials report Olympic was in communication with Titanic at 8.24 this morning, and Titanic was still afloat.

    I find that on the record here. I received that from the Boston News Service.
    Senator SMITH. Referring to the Montreal dispatch which I just read, where did you get that information?
    Mr. FARRELL (reading):

    Dispatch from Montreal received by White Star officials says Titanic was afloat at 8.30 and that women and children had not yet been taken off, though lifeboats were ready in case of emergency.
    The steamship is heading in direction of Halifax, from which the Virginian is approaching. It is thought that bulkheads will prevent ship from sinking. Titanic is moving under her own engines.

    We received that from Mr. Franklin. Mr. Byrne, one of our reporters got that from Mr. Franklin.
    Senator SMITH. At the time indicated?
    Mr. FARRELL. Approximately; yes. Of course all these were rush stuff. It was telephoned into the office and slapped on the ticker as quickly as possible. We published it about 10.45.
    Senator SMITH. Monday morning?
    Mr. FARRELL. Yes.
    Senator SMITH. April 15?
    Mr. FARRELL. Yes.
    Senator SMITH. I now call your attention to a bulletin of Monday, April 15. I am now reading from your original. It reads as follows:

    10.49 a. m.--Titanic--Montreal.--Wireless message received in 10 o'clock this morning said that two vessels were standing by Titanic and that the big vessel's passengers had been taken off.

    Mr. FARRELL. That was published on our ticker tape; time, 10.49. We received it from the Laffan News Bureau, New York.
    Senator SMITH. Have you in your bulletin of April 15, at 12.07 p. m., the following:

MONTREAL,  April 15    .

The local office of Horton Davidson, one of the Titanic passengers, has received the following wireless message:     "All passengers are safe and Titanic taken in tow by the Virginian."

    Mr. FARRELL. What time was that, Senator Smith?
    Senator SMITH. 12.07 p. m.
    Mr. FARRELL. No, sir; we have no dispatch on our ticker tape of that character at that time. At 12.12 we published this:

    Wireless says Titanic is under way and proceeding to New York.

    Senator SMITH. From whom did you receive that message?
    Mr. FARRELL. From the Laffan News Bureau. New York.
    Senator SMITH. Have you a complete transcript or copy of news published by your company regarding the Titanic disaster, which you now hold in your hand?
    Mr. FARRELL. Not complete. I have the ticker tape in my hand.
    Senator SMITH. And you have the bulletins?
    Mr. FARRELL. The bulletins we published contained some nonessential statements which did not appear on the ticker, but all of the important items appeared on the ticker.
    Senator SMITH. I would like to have you read into the record that statement, and indicate, with each item of news quoted, the sources of your information.
    Mr. FARRELL. The first item we published was at approximately 8.10 a. m., April 15, as follows:

    At 10.25 Sunday night new White Star Liner Titanic called C. Q. D, and reported having struck an iceberg. Wireless received stated steamship needed immediate assistance as she was sinking at the bow.
    Another message received half hour later reported the women were being put off in lifeboats. Marconi station at Cape Race notified Allan Line steamship Virginian, which immediately headed for the Titanic. At midnight the Virginian was about 170 miles distant from the Titanic and expected to reach that vessel about 10 o'clock this morning. Steamship Baltic is headed toward the disaster, being 200 miles away at midnight.
    Last word received from sinking Titanic was a wireless heard by the Virginian at 12.27. The operator on board the Virginian said these signals were blurred and ended abruptly.
    Among those on board are J. J. Astor, J. Bruce Ismay, Benjamin Guggenheim, George B. Widener, and Isidor Strauss.

    You understand we begin business at 8 o'clock in the morning. This was a brief summary of what appeared in the morning papers, principally taken from the Herald.
    Senator SMITH. Some of that information, however, you obtained direct from the White Star office--that to which I have previously called your attention?
    Mr. FARRELL. I believe that one of our men, about 7.30 in the morning, went to the White Star office and got some information there, but as I recall it, he did not get much additional to what had been published in the morning papers. The Herald, the Times, and some of the other papers had rather complete accounts of it up to that time.
    At 8.25 or thereabouts, in what we call our summary, which consists of the important developments over night, taken from various sources-----
    Senator SMITH. That was on April 15?
    Mr. FARRELL. Yes; we printed this line:

    White Star Liner Titanic, on maiden westward voyage, hit by iceberg and reported to be sinking. Passengers being taken off.

    That was taken from the general news which appeared in the morning papers.
    At 8.35, or approximately that time. April 15, we published the following:

    Officers of White Star Line stated at 8 o'clock this morning that passengers on the Titanic were being taken off in boats and that there was no danger of loss of life. The Baltic and the Virginian they stated were standing by to assist in the rescue work.
    On Titanic there were 300 first class, 320 second class, 800 third class passengers, and a crew of 900 men.
    It is not yet known whether the vessel will be saved. White Star people are in something of a quandary if she should be saved, as it is said there is no dry dock on this side of the Atlantic to take care of her.

    That was obtained by Mr. Gingold, one of our reporters, from the White Star office.
    Senator SMITH. From Mr. Franklin?
    Mr. FARRELL. No; this was not from Mr. Franklin.
    Senator SMITH. From some other of the subordinates?
    Mr. FARRELL. From some of the junior officers or employees. Mr. Franklin had not yet arrived at his office.
    At 8.58, or thereabouts, on April 15, we published the following:

    A dispatch from Halifax reports that all passengers had left the Titanic in boats shortly after 3.20 this morning.

    That was received from the Boston News Bureau, our Boston correspondent.
    At 9.02 a. m., April 15, we published the following:

    An official of White Star Line said: "There is no danger that Titanic will sink. The boat is unsinkable, and nothing but inconvenience will be suffered by the passengers."
    Latest information which has come to White Star office is that the Virginian is due alongside the Titanic at 10 a. m., the Olympic at 3 p. m., and the Baltic at 4 p. m.

    That was obtained from Mr. Franklin by two of our reporters, Mr. Smallwood and Mr. Byrne, who both saw him at the time.
    At 9.22 a. m., or thereabouts, April 15, we published the following:

    Vice President Franklin, of International Mercantile Marine, says, regarding reported accident to Titanic: "It is unbelievable that Titanic could have met with accident without our being notified. We have a wireless from her late Sunday giving her position, and are absolutely satisfied that if she had been in collision with an iceberg we should have heard from her at once. In any event, the ship is unsinkable, and there is absolutely no danger to passengers."

    That was received from Mr. Franklin by Mr. Trebell, one of our reporters.
    At 9.25 a. m., April 15, we published the following:

CAPE  RACE.

Wireless advices from steamship Virginian said last word from wireless telegrapher on Titanic was received at 3.05 o'clock this morning. He said women and children were being taken off in calm sea. It is thought that Titanic wireless has failed, due to some local cause.

    That was received from the Laffan News Bureau, of New York.
    At 9.27 we published the following:

LONDON.

Lloyd's were ne------- reinsuring Titanic cargo for to-day, but demanding premium of 50 per cent.

    That was received from the Laffan News Bureau.
    Senator SMITH. At what hour?
    Mr. FARRELL. We published it at 9.47; so it was a few minutes before that that it came in.
    Senator SMITH. Did you make any attempt to verify the Laffan News Bureau item that an attempt was being made to reinsure the cargo with Lloyd's?
    Mr. FARRELL. No.
    Senator SMITH. Did you send one of your reporters to Lloyd's, after receiving this information, where he had an interview with the representative of that firm?
    Mr. FARRELL. I am not sure but that a reporter may have gone to Lloyd's. Personally I did not send any. but of course the reporter may have gone on his own initiative.
    Senator SMITH. Do you know what he ascertained the fact to be?
    Mr. FARRELL. No; I do not.
    Senator SMITH. Did he ever report to you?
    Mr. FARRELL. Not to my recollection.
    Senator SMITH. I wish you would think rather carefully about this, because I do not want any mistake about it.
    Mr. FARRELL. I do not recollect any reports having been made to me about the result of any investigation.
    Senator SMITH. Or to anyone else in your company or to any other officer of your company?
    Mr. FARRELL. There might have been; but I could not say definitely as to that.
    Senator SMITH. It was the subject of some speculation and conversation in your office, was it not?
    Mr. FARRELL. Yes; it was.
    Senator SMITH. And was regarded as rather an unusual circumstance in connection-----
    Mr. FARRELL. At that time it was not regarded as so unusual, because of our information that the boat was unsinkable; and we believed that she was not going to go down.
    Senator SMITH. Subsequently it became rather important?
    Mr. FARRELL. Subsequently it became very important.
    Senator SMITH. Have you taken any pains to ascertain the truthfulness of that publication?
    Mr. FARRELL. I do not recollect any specific inquiry which we made regarding that.
    Senator SMITH. Did you make any general inquiry of any representative of Lloyd's or the White Star Line regarding it?
    Mr. FARRELL. We made inquiries, as I recall, from the White Star Line.
    Senator SMITH. When?
    Mr. FARRELL. I do not recall whether we published anything about it or not, but the other newspapers had had, as I recall, emphatic statements from the White Star Line that they had made no attempt to reinsure or anything of that sort; and of course it was our custom, where all the other papers had something, to let it go at that.
    Senator SMITH. In Wall Street, where your journal is supposed to reflect the opinion of financiers, that item was calculated to create considerable controversy, was it not?
    Mr. FARRELL. Much controversy subsequently did arise on that item.
    Senator SMITH. Were you criticized or threatened for publishing that reinsurance story?
    Mr. FARRELL. Not to my knowledge. Any criticism of a serious nature certainly would come to my knowledge. I would be the one to whom it should be made.
    Senator SMITH. Have you since been criticized for it?
    Mr. FARRELL. Not directly. We have received no direct criticism. There may have been talk, but no direct criticism has come to my knowledge.
    Senator SMITH. Where is the office of Lloyd's in New York?
    Mr. FARRELL. I really do not know where their agent is in New York.
    Senator SMITH. It is in Wall Street, is it not?
    Mr. FARRELL. Some place in that neighborhood. I do not know where their New York office is.
    Senator SMITH. Where is your own office in New York?
    Mr. FARRELL. At No. 44 Broad Street.
    Senator SMITH. In the center of the financial district?
    Mr. FARRELL. Yes; approximately.
    Senator SMITH. It would have been rather easy to have sent some one to the office of Lloyd's that morning, would it not, to have ascertained that important fact?
    Mr. FARRELL. It would; but that morning we were working under tremendous pressure, and every man we had was bent on getting the news as to what was likely to happen to the Titanic, and at the time we considered the matter of reinsurance a relatively unimportant matter.
    Senator SMITH. That is, you thought at the time that it was a rather desirable hazard?
    Mr. FARRELL. Yes; we thought Lloyd's were willing to gamble on it. They wanted a high premium, but were willing to gamble, nevertheless.
    Senator SMITH. But from your own knowledge, or from any information you have received from your associates in the publication of the Wall Street Journal, you do not know whether this was proposed or consummated or not?
    Mr. FARRELL. I do not; no.
    Senator SMITH. Is there any officer or stockholder of your company who is also a stockholder or officer of the White Star Line?
    Mr. FARRELL. No, sir.
    Senator SMITH. Or of Lloyd's?
    Mr. FARRELL. No.
    Senator SMITH. Or of the Western Union Co., of the Postal Telegraph Co., of the Marconi companies, or the cable companies?
    Mr. FARRELL. I could not say as to that. I know none of them are officers or directors, I believe. Some of them may own 10 or 100 shares of stock in those companies, but not enough to be of any consequence. In ordinary investments a man might own almost anything, probably, but they have no official connection.
    Senator SMITH. Can you give the name of any stockholder-----
    Mr. FARRELL. No; I could not give any names. We have some 70 or 80 or 100 men--I guess, more than that--in our employ, and some of them may have taken some Western Union stock as an investment, or some Postal Telegraph stock or Marconi stock as an investment. That is none of our business. They are private investments.
    Senator SMITH. Proceed with your reading of the messages.
    Mr. FARRELL. At 9.28 a. m., or thereabouts, we published this item.
    Senator SMITH. I am going to assume, Mr. Farrell, that when you state the time as 9.28, or any other time, you are now speaking of the 15th of April?
    Mr. FARRELL. Oh, yes; April 15.
    Senator SMITH. And that when you get beyond the 15th you will indicate that fact?
    Mr. FARRELL. Yes. At 9.28 a. m. on April 15 we published the following:

    Additional passengers on Titanic are Washington Lodge, Henry B. Harris, Col. Washington Roebling, T. Stead, Alfred G. Vanderbilt, J. Stuart White, John B. Thayer, vice president of the Pennsylvania Railroad, and Henry Harper.

    That was obtained from the passenger list.
    At 10.20, or thereabouts, on April 15, we published the following:

SIASCONSET,  MASS.

Wireless station here early to-day got message from S. S. Olympic stating damage to Titanic was great.

    That was received from the Boston News Bureau.
    Directly afterwards we published the following:
    White Star officials report Olympic was in communication with Titanic at 4.24 this morning, when Titanic was still afloat.

    That also came from the Boston News Bureau.
    At 10.45, or thereabouts, on April 15, we published the following:

    Dispatch from Montreal received by White Star officials says Titanic was afloat at 8.30 and that women and children had not yet been taken off, though lifeboats were ready in case of emergency.
    The steamship is heading in direction of Halifax, from which the Vigrinian is approaching. It is thought that bulkheads will prevent ship from sinking. Titanic is moving under her own engines.

    That was received from Mr. Franklin by Mr. Byrne, one of our reporters.
    At 10.49 or thereabouts, on April 15, we published the following:

MONTREAL.

Wireless message received 10 o'clock this morning said that two vessels were standing by Titanic, and the big vessel's passengers had been taken off.

    That was received from the Laffan News Bureau.
    About 10.53, I should think, we published the following:

    Possibility of losing Titanic is severe blow to International Mercantile Marine. Like its sister ship, the Olympic, the Titanic started in with a run of hard luck. However, this loss will not be shown in forthcoming annual report, to be issued in June, as company's year closed December 31. It is expected that Mercantile Marine will earn about $38,000,000 for year ended December 31 last, a net of about $8,500,000 and final surplus of about $4,500,000. However, it is expected company will write off at least $3,500,000 of this amount for depreciation, leaving about $1,000,000 surplus for year.
    Both the Titanic and Olympic are fully covered by a combination of company and outside insurance.

    Of course, that had no direct bearing on the Titanic.
    Senator SMITH. From whom did you get that information?
    Mr. FARRELL. That was written, I believe, by Mr. Trebell. I do not know where he got that information. Of course, it had nothing to do with the disaster.
    Senator SMITH. I would like, if you could get it, to know the source of that information, whether it was official or was from some other news agency.
    Mr. FARRELL. We did not receive it from any other news agency. This may have been his estimate, you know. Of course, our reporters are supposed to keep very close track of the earnings of these various companies, and frequently they are able of their own knowledge to make an estimate without official information.
    Senator SMITH. Then you think this information was probably put together in your office?
    Mr. FARRELL. Yes; I know it was put together in our office.
    Senator SMITH. In the item which you read just preceding that. I did not catch the expression, "Women and children had not yet been taken off, though lifeboats were ready in case of emergency". Was that in there?
    Mr. FARRELL. That was not on the ticker tape in that message.
    Senator SMITH. It is in your original memorandum.
    Mr. FARRELL. It may be on the bulletin.
    Senator SMITH. It is in your original memorandum.
    Mr. FARRELL. I was looking at the wrong one, I see. Yes: it is here [indicating].
    At 10.55, or thereabouts, on April 15, we published the following:

    A wireless message to White Star Line office states that the Virginian is now alongside the Titanic.

    That was received from the Laffan News Bureau.
    At 11.12 a. m., or thereabouts, on April 15, we published the following:

    A. S. Franklin, of International Mercantile Marine, says:
    "We can not state too strongly our belief that the ship is unsinkable and passengers perfectly safe. The ship is reported to have gone down several feet by the head. This may be due from water filling forward compartments, and ship may go down many feet by the head and still keep afloat for an indefinite period."
    Interruption of wireless communication with the ship, according to company officials, does not indicate danger.

    That was received from Mr. Franklin by Mr. Byrne and Mr. Smallwood, two of our reporters.
    At 11.15 a. m., on April 15, we published the following:

LONDON.

Information given out here states Titanic carried about $5,000,000 in bonds and diamonds.

    That was received from the Laffan News Service.
    At 11.25 a. m., on April 15, we published the following:

    Dispatch received at White Star offices from Capt. Haddock, of steamship Olympic, says that both the Parisian and Carpathia are in attendance on the Titanic. Carpathia has taken off 20 boatloads of passengers. The Baltic is on the scene shortly.

    That was received from Mr. Franklin by Mr. Byrne, one of our reporters, and substantially the same message at practically the same hour was received from Mr. Bottomley, an official of the Marconi Co., by Mr. Smallwood, one of our reporters.
    At 12.12 p. m., or thereabouts, on April 15, we published the following:

    The Sandy Hook marine operator received the following wireless on his machine at 11.36 o'clock this morning:
    "Wireless says Titanic is under way and proceeding to New York."

    That came from the Laffan News Bureau.
    At 3.01 p. m., April 15, we published the following:

    P. A. S. Franklin, vice president International Mercantile Marine, says arrangements have been made with New Haven road to send special train to Halifax to meet passengers of the Titanic. Train will consist of 23 sleepers, 2 diners, and coaches sufficient for 710 people.

    That was received by Mr. Byrne, one of our reporters, from Mr. Franklin.
    Senator SMITH. That was at what hour?
    Mr. FARRELL. One minute past 3 o'clock p. m.
    Senator SMITH. On Monday?
    Mr. FARRELL. April 15; yes.
    Senator SMITH. You say this information came from Mr. Franklin?
    Mr. FARRELL. Yes, sir.
    Senator SMITH. Directly to one of your reporters?
    Mr. FARRELL. Yes.
    Senator SMITH. That would seem to indicate that he had at that time absolute information as to the loss of the Titanic and the survival of only about 700 passengers from the ship's people, passengers and crew?
    Mr. FARRELL. Taken at the face value, the statement would seem to indicate that, but I will explain to you later what the White Star people explained to me the following day.
    Senator SMITH. Let us get this just right. This is a direct statement from Mr. Franklin, on Monday afternoon following the accident, that arrangements had been made for the survivors, indicating that he had some information-----
    Mr. FARRELL. I would not want you to put that in my mouth, Senator, because-----
    Senator SMITH. No; I am just construing this, by way of asking you a question. That would indicate that he had some information upon which he based the necessity for caring for about 700 people. What did you publish after that?
    Mr. FARRELL. About 3.15 p. m. or thereabouts, on April 15, we published the following:

CANSO,  NOVA  SCOTIA.

At 2 o'clock the Titanic, having transferred her passengers to the Parisian and Carpathia, was being towed to Halifax by the Virginian.

    That came to us from the Laffan News Bureau.
    Senator SMITH. Of course, Mr. Farrell, you note the inconsistency between that news item and the one that just precedes it?
    Mr. FARRELL. Yes.
    Senator SMITH. If her passengers had been transferred, as that item would seem to suggest, there would be two thousand and odd passengers, while the only provision in the former item was for 700 survivors. Between the time of the publication of that information from Mr. Franklin and the publication of the next item to which you have referred, did you have any personal talk with Mr. Franklin?
    Mr. FARRELL. I did not.
    Senator SMITH. What was the time of that item?
    Mr. FARRELL. 3.15 o'clock.
    Senator SMITH. And that came from the Laffan News Bureau?
    Mr. FARRELL. Yes. That is all we published in our news ticker on April 15 concerning this accident.
    Senator SMITH. Do your bulletins for that day and the days following, up to the time of the arrival of the Carpathia, contain substantially the same information?
    Mr. FARRELL. The bulletins contain substantially the same information.
    Senator SMITH. As that contained on the ticker tape?
    Mr. FARRELL. As that contained on the ticker tape; yes.
    Senator SMITH. Of Monday?
    Mr. FARRELL. Yes.
    Senator SMITH. Do you call that the ticker tape?
    Mr. FARRELL. Yes.
    Senator SMITH. That is the ticker tape of Monday?
    Mr. FARRELL. Yes.
    Senator SMITH. And the same would be reflected in the bulletins of the succeeding days?
    Mr. FARRELL. Only the story was entirely changed on the succeeding days when we got it.
    Senator SMITH. Have you the ticker tape for Tuesday?
    Mr. FARRELL. I have not the ticker tape for Tuesday, Wednesday, or Thursday. It was only by accident I happened to find this, because we ordinarily do not save these at all. I just happened to be able to get this.
    Senator SMITH. Was it you who talked to me over the telephone the other day from your office in New York?
    Mr. FARRELL. Yes; I believe I did.
    Senator SMITH. I particularly wanted the tape, if it could be preserved.
    Mr. FARRELL. Yes; I know, but it had not been preserved.
    Senator SMITH. You have made diligent search for it?
    Mr. FARRELL. Yes; we have made search for it, all over.
    Senator SMITH. You have not been able to find it?
    Mr. FARRELL. We just happened, by accident more than anything else, to find this of April 15. Oh, I beg your pardon. I am wrong about it. I was thinking of Thursday. I have the tape for Tuesday and Wednesday. It was Thursday I could not find.
    Senator SMITH. Let us see what you have for Tuesday and Wednesday. Had we better go through the bulletins for that day. or have you compared them?
    Mr. FARRELL. It is substantially the same stuff. All the important stuff appeared on the ticker also.
    Senator SMITH. Can you let me see the bulletins of Monday?
    Mr. FARRELL. Yes. Of course, we have the full list, and I picked out the particular stuff pertaining to the Titanic.
    Senator SMITH. Let me ask what the effect was, upon the stock of the International Mercantile Marine Co., of the information published in the Wall Street Journal on Monday?
    Mr. FARRELL. As I remember it, the stock declined about two points. I think we have a record of it in the bulletins here. I am quite sure we have.
    Senator SMITH. If you can give that accurately. I would like to have it.
    Mr. FARRELL. I know that from time to time during the day we published it. Here it is: International Mercantile Marine; common 2,100 shares were dealt in; opened at $6 a share. The high was $6; the low was $5.50; the close was $6.
    Senator SMITH. That was on Monday?
    Mr. FARRELL. Yes; there was no net change.
    The preferred opened at 20, rose to 23¹/₈, and closed at 23¹/₈. That was off seven-eighths for the day, net.
    Senator SMITH. What time does that indicate that the exchange opened?
    Mr. FARRELL. Ten o'clock. The movements occurred between 10 a. m. and 3 p. m., so that there was that substantial change in the market value.
    Senator SMITH. I take it from the publication which you manage that you are somewhat familiar with the movements of stocks.
    Mr. FARRELL. Yes, sir.
    Senator SMITH. What, in your opinion, was the effect upon the market value of the stock, both preferred and common, of the International Mercantile Marine Co., of the reports printed in the Wall Street Journal and upon your bulletins and ticker tape that day, giving assurance of the safety of the Titanic?
    Mr. FARRELL. There was, you might say, virtually no market influence, because the trading was very light, and, as I just pointed out, the net change in the trades for the day on the preferred was only seven-eighths down and there was no net change for the common. At one time the preferred was down about three points. It was down about three points from the previous day's close and then recovered. The transactions were comparatively light and it really seemed to have very little market.
    Senator SMITH. Suppose you had printed on that day the information that was obtained that day by Mr. Franklin, of the White Star Co., over the telephone from Montreal at 2.30 o'clock Monday morning, indicating that the Titanic was sinking and had not bolstered up the unfavorable news by the optimistic reports which your ticker and bulletin indicate, what, in your opinion, would have been the effect?
    Mr. FARRELL. Probably about the same, because after the full extent of the case became known the Mercantile Marine market price changed very little.
    Senator SMITH. Of course it was filtered out so slowly that the actual loss of the Titanic was not fully known to the public for two days-----
    Mr. FARRELL. It was known the next day, Tuesday.
    Senator SMITH (continuing). After the accident occurred?
    Mr. FARRELL. Yes.
    Senator SMITH. That would have a tendency to strengthen the market somewhat, would it not?
    Mr. FARRELL. It might have. A sudden and unexpected shock sometimes has more effect on the market than the same shock for which the market has been prepared.
    Senator SMITH. But notwithstanding the belated news, the preferred stock of the International Mercantile Marine Co. went off on Monday about seven points?
    Mr. FARRELL. No.
    Senator SMITH. How much?
    Mr. FARRELL. I think the maximum decline was about three points, all of which, except seven-eighths, had been recovered before the close, as I recall it. Maybe I can give that exactly here.
    Senator SMITH. What I am seeking to show, which of course you can see very readily, is the effect of these false reports that were being constantly sent broadcast, through your paper and your ticker and your bulletins--and not alone by you-----
    Mr. FARRELL. And by others.
    Senator SMITH (continuing). But also by others--on the market for this company's shares. I would like to have you help me as much as you can with any information you have there.
    Mr. FARRELL. The comparatively small trading in the shares showed clearly enough that there was no suppression of news for market purposes. I should judge.
    Senator SMITH. Although it might have operated to affect the market that way? That might, however, have been the effect of the course pursued, whether intentional or otherwise?
    Mr. FARRELL. That might have been the effect on a more active stock than International Mercantile Marine, and one more widely distributed. But, you understand. Mercantile Marine is a very inactive stock.
    Senator SMITH. It is closely held?
    Mr. FARRELL. It is closely held, and never has been widely distributed, so far as I have been able to learn.
    Senator SMITH. I suppose you would like to be understood as saying that the loss of the single ship, quite fully insured, would not necessarily break the price of the stock very much?
    Mr. FARRELL. Exactly; yes. You see, the ship cost about $8,000,000; I believe it was insured for something like $5,000,000 or $6,000,000; and the net loss might be $2,000,000 to $3,000,000, which would not break a company like the International Mercantile Marine Co., or ought not to do so, at any rate.
    Senator SMITH. Have you figured out the real effect on that stock?
    (The witness examined a copy of the Wall Street Journal of April 15, 1912.)
    Mr. FARRELL. I was going over this. If you desire, I can give the trading by hours on the stock exchange, and the prices.
    Senator SMITH. I would like to have it; yes.
    Mr. FARRELL. From 10 to 10.25 a. m. on April 15, 800 shares of Mercantile Marine common were traded in at 6; 200 shares Mercantile preferred at 20, and 100 at 21.
    From 10.25 to 10.55 a. m., 100 shares of Mercantile Marine common were traded in at 6, and 100 at 5³/₄. Of the preferred, 300 changed hands at 21¹/₂, 300 at 21⁵/₈, 300 at 21¹/₂, 500 at 21³/₄, and 100 at 21¹/₂.
    From 10.55 to 11.45 a. m. on April 15, 200 Mercantile Marine common changed hands at 5¹/₂, 200 at 5⁵/₈, and 500 at 5¹/₂. Of the preferred, 200 changed hands at 21¹/₂, 100 at 21³/₄, 100 at 21⁷/₈, and 100 at 22.
    From 11.45 to 12.45 p. m. on April 15, 100 Mercantile Marine common changed hands at 5³/₄, 100 Mercantile Marine preferred at 22¹/₄.
    From 12.45 p. m. to 1.45 p.m. on April 15, 200 Mercantile Marine common sold at 5³/₄; of the preferred, 200 sold at 22, 100 at 22¹/₈, 100 at 22³/₈, 100 at 22¹/₂, and 40 at 22³/₄.
    From 1.45 to 2.15 p. m. 100 Mercantile Marine preferred sold at 22³/₄. That was the only transaction recorded during that time.
    From 2.15 until 2.45 p. m. on April 15, 100 Mercantile Marine common sold at 6, 100 preferred at 22³/₄, 100 at 23, and 100 at 23¹/₈.
    Those were all of the transactions up to within 15 minutes of the close of the market, at 3 o'clock, according to our records.
    The closing price on Mercantile Marine common was at 6; unchanged for the day. Mercantile Marine preferred closed at 23¹/₈; down ⁷/₈ net for the day.
    Senator SMITH. Mr. Farrell, the bulletins which you have handed me are all that contain news items regarding the Titanic, which items appeared on the ticker?
    Mr. FARRELL. I think. Senator, there is one item--one bulletin--which we lost. This item which appears on the ticker, and which has already been incorporated in the record, was on one bulletin which was lost, somehow or other:

    Officers of the White Star Line stated at 8 o'clock this morning that passengers of the Titanic were being taken off in boats and that there was no danger of loss of life. The Baltic and the Virginian, they said, were standing by to assist in the rescue.

    Substantially the same thing was published in the bulletin.
    Senator SMITH. In all other respects these bulletins which you have handed to the committee contain all the information that appeared on the ticker and. I assume, in the Wall Street Journal as well?
    Mr. FARRELL. Yes.
    Senator SMITH. Regarding the Titanic?
    Mr. FARRELL. They contain more than appeared in the Wall Street Journal, because in making up the Wall Street Journal we rewrote the statement, partially, so as to make it more readable.
    Senator SMITH. How about the succeeding days? If you have the ticker tape for Tuesday and Wednesday, I would like that?
    Mr. FARRELL. Yes. Before I go I would like to compare those with the bulletin so as to be positive. They are all numbered, so that I can very easily check up.
    Senator SMITH. All right.
    Mr. FARRELL. This is the ticker tape for Tuesday, April 16. I suppose that I had better give this in chronological order. Since I got your telegram yesterday I have not had time to carefully check up these for Tuesday, but I think I can explain everything.
    Senator SMITH. I will let you go through and check them up, if you prefer, and we will come back at 2 o'clock.
    Mr. FARRELL. There is very little on this which requires investigation.
    Senator SMITH. Very well; proceed.
    Mr. FARRELL. At 8.02 a. m., April 16, we published the following:

    White Star Liner Titanic sank at 2.20 a. m. Monday, five hours after crashing into an iceberg. More than 1,500 persons have been drowned.

    Senator SMITH. This was Tuesday, the 16th of April?
    Mr. FARRELL. This is the 16th, Tuesday. You recollect that the information really came out after 6 o'clock Monday night. [Continuing reading:]

    At 7.30 a. m. this morning an official of the Mercantile Marine stated that company had been receiving names of those saved all night and that so far they had received 200. He stated the captain of Carpathia estimated there were between 800 and 850 persons saved. The names of Mrs. J. J. Astor and maid are among those received, but no mention is made of Col. Astor or J. Archibald Butt.
    Latest message is, Carpathia has 866 passengers aboard. Grave fears for rest of Titanic's passengers.
    First definite message received was from Capt. Haddock, of Olympia which stated: "Carpathia reached Titanic position at daybreak. Found boats and wreckage only. Titanic sank about 2.20 a. m. in 41.46 north. 50.14 west. All her boats accounted for, containing about 675 souls saved, crew and passengers included. Nearly all saved women and children. Leyland liner Californian remained and searching exact position of disaster. Loss likely total 1,800 souls."

    That was a summary gleaned from the morning newspapers which were at hand, and by a reporter who visited the White Star offices that morning; but they had practically nothing more than all the newspapers had at the same time.
    Senator SMITH. So that you based that publication on general information?
    Mr. FARRELL. On general information.
    Senator SMITH. Which the papers had printed?
    Mr. FARRELL. Yes.
    Senator SMITH. In their morning editions?
    Mr. FARRELL. Yes.
    Senator SMITH. And not upon any conversation that you had with any official of the White Star Co.?
    Mr. FARRELL. When our reporters visited the White Star office we got similar information, of course. It was common property at that time.
    About 8.16 a. m. Tuesday. April 16, we published the following:

    It is estimated cost of building and equipping Titanic was between $7,5000,000 and $8,000,000. How much insurance was carried on her has not been officially announced, but is understood to have been about $5,000,000. Her cargo was worth $750,000. Insurance men estimate loss to International Mercantile Marine Co. will be somewhere around $3,000,000.

    That information I received myself from one of the officials of the White Star Line, whose name I do not now recall. That has not much direct bearing.
    Senator SMITH. I would like very much if we could identify the source of this information which came from the White Star. If you can think of the name of the man, I wish you would give it.
    Mr. FARRELL. I can easily find out who the man was. Of course, ours being a financial publication, the financial end was what we were primarily interested in, after the humanitarian end, and some of the morning papers had vague inferences as to the loss, and desiring to get something more definite, I myself went down to the White Star Line, early that morning, somewhere around 8 o'clock, or shortly thereafter, to see Mr. Franklin, but he was engaged in a conference at that time. I wanted to inquire concerning two particulars, first, as to the value of the vessel, and, second, as to the insurance; and another point I wanted to inquire about was as to why the information subsequently proved to be false had been given out at the White Star offices all day Monday, and on what authority he based that information. We will come to that later. I was referred at that time to the head of the insurance department, I believe, for this estimate on the cost of the Titanic and the amount of the insurance.
    Senator SMITH. Who was he, do you recall?
    Mr. FARRELL. I do not recall his name, but I can find out his name and let you know.
    Senator SMITH. I wish you would do so.
    Mr. FARRELL. I will make a note of that.
    Senator SMITH. And also please let me have the names of the other persons you talked with.
    Mr. FARRELL. Yes, sir. I did not know, until I got your telegram yesterday, that you would want to go over the news of Tuesday, Wednesday, and Thursday, so that I have not identified that in so close detail as I did that of Monday. Of course it is really less important, anyhow.
    About 8.28 o'clock a. m., on the 16th of April, we published in the course of our regular news summary of the morning events this item concerning the Titanic:

    Net money loss to International Mercantile Marine from sinking of Titanic estimated. $3,000,000. About 1.350 lives lost; around 900 saved.

    That was based on general information which at that time had become public.
    Senator SMITH. That was on Tuesday, the 16th?
    Mr. FARRELL. That was on Tuesday, the 16th.
    Senator SMITH. At what hour?
    Mr. FARRELL. About 8.30 a. m. About 8.45 we published the following:

    White Star Line has received wireless advices so far telling that the following passengers on Titanic were saved.

    Then follows a partial list of those who were saved.
    At 8.57 a. m. we published this:

    Among those passengers who have not yet been heard from are Col. John Jacob Astor, Isador Straus, George D. Widener, Maj. Archibald Butt, Benjamin Guggenheim. Charles M. Hayes, Francis D. Millett, Henry B. Harris, William T. Stead, John B. Thayer, and W. A. Roebling, 2d. Although early reports were that J. Bruce Ismay. president of International Mercantile Marine, had been saved, definite news has not yet been received confirming it.

    We took the list of those who we knew were aboard or had been booked to sail, and those reported to have been saved, and these persons had not yet been reported.
    Senator SMITH. That was the only source of your information?
    Mr. FARRELL. Yes. Of course Wall Street was very much interested in the fate of all those men, so that we singled those out. About 9.20 a. m., April 16, we published the following:

    Cunard Line people say the Carpathia is expected at New York late Thursday or Friday morning.

    That was received from the Cunard Line offices by one of our reporters; I think from Mr. Stead. I am not sure about that, but it was from one of the Cunard people down there.
    About 9.25 a. m. we published this:

JOHN  B.  THAYER  AMONGST  SURVIVORS.

PHILADELPHIA.

Wireless dispatch just received by family of John B. Thayer, vice president Pennsylvania Railroad, states Mr. Thayer, Mrs. Thayer, and their son were saved, and are on board the Carpathia.

    I suppose that came from the Philadelphia News Bureau, our Philadelphia correspondent. I am not positive on that.
    Senator SMITH. Do you know from whom it came?
    Mr. FARRELL. I do not know. I am not positive. As I told you before, I have not had time to take up these sources of information for Tuesday and Wednesday.
    About 9.30 a. m. on Tuesday we published this:

    Titanic's lifeboat equipment, it is said, consisted of 16 lifeboats and 4 collapsible rafts, which could take care of but one out of every three aboard. Officials of bureau of inspection of steam vessels say that it is customary for vessels to carry sufficient life-saving apparatus for but one-third of its complement and passenger list.

    Senator SMITH. Where did you get that information?
    Mr. FARRELL. I do not know exactly where we got this, but it is a compilation which anyone in the office might have made, having no direct bearing on the disaster itself, and I rather think that it was prepared in the office.
    Then, about 9.40 a. m., we published this:

    Police reserves have been called to handle the crowd which filled White Star Line offices.

    Of course that was from some of our reporters down at the White Star offices.
    At 9.42 a. m. we published this:

    All securities on the Titanic addressed to Wall Street and transfer offices of various American railroads and other corporations were necessarily insured. In order to effect this insurance in London a list must be made out, and this is certified by the notary public before the American consul. It is necessary, therefore, to secure a duplicate of this in order to obtain from companies concerned a reissue of securities. A bond must be filed for twice the amount involved, and there is the usual and legal delay for public notice by advertising in newspapers before new securities can be issued.
    Proof of loss must be submitted and actual sinking of the Titanic is not necessarily conclusive. Registered mail from the steamer Oregon was picked up several days afterwards, and it is quite conceivable that responsible officers of the Titanic, knowing that vessel was sinking, endeavored to save the registered packages.

    That was simply written up by one of our men who knew the usual procedure in such cases.
    Senator SMITH. Without any definite information?
    Mr. FARRELL. Well, except his general knowledge of the procedure in such cases.
    About 9.56 a. m. we published this:

    White Star officials this morning say first news they had directly yesterday was received after 6 p. m. They gave out to all inquirers the indirect information they had received in newspaper reports from various quarters and unofficial wireless despatches said to have been received at Montreal, Halifax, and other places.
    The news men took these reports from White Star office and believed them to be official, and White Star officials believed them to be authentic, although not directly received.

    I got that message out from the White Star offices, as I mentioned a while ago. I went down there to find out why they had given out these dispatches and published them, which had subsequently proven to be false. I went to see Mr. Franklin, but he was held up in a conference, and I wanted to get at some one in authority as soon as I could, so that I was turned over to one of his assistants, and I asked him, "How is it that these dispatches were given? This information came from your office yesterday." I said, Did you receive that news? "He said," No; the first definite news we received was after 6 o'clock last night, and directly after that we called up the newspapers and gave it out." I said. "Well, our reporters were down here yesterday at the White Star Line offices all day." He said, "Well, that was not official. We had received that information from various sources, and we just gave it out."
    Senator SMITH. You are now giving the conversation you had with him?
    Mr. FARRELL. Yes; that is approximately it.
    Senator SMITH. And when you say "6 o'clock" you mean 6 o'clock? you do not mean-----
    Mr. FARRELL. To be exact, I think he said around 6.30.
    Senator SMITH. Around 6.30?
    Mr. FARRELL. Yes. As I remember, he first said after 6 o'clock, and then I said "What time is it?" He then said that it was around 6.30.
    Senator SMITH. So that that declaration stands?
    Mr. FARRELL. Yes.
    Senator SMITH. Of course, the importance of that declaration lies in the fact that at 7.51 that night a telegram was sent by the White Star office to Representative Hughes of West Virginia that everybody was saved. That is the reason why I was so anxious to have you fix the hour.
    Mr. FARRELL. Yes. I guess it has been pretty definitely established that they actually did receive the news between 6.20 and 6.30 Monday night.
    Senator SMITH. This information that you give is direct and positive?
    Mr. FARRELL. Yes.
    Senator SMITH. All right.
    Mr. FARRELL. About 10.20 a. m. on Tuesday we published this:

    The Marconi office at 27 William Street received word from Cape Race station that communication has been had with the Virginian. They do not think that any of Titanic's passengers are aboard. Station at Sable Island has been in communication with Parisian and she has no passengers aboard.

    That was received from the Marconi office by one of our reporters whom I sent over there. I do not remember just which one it was, now.
    Senator SMITH. This was after 10 o'clock a. m.?
    Mr. FARRELL. It was approximately 10.20 a. m. I should say; some place around there.
    We also at that same time published the following:

CAPE  RACE.

Early to-day a wireless was picked up from steamship Olympic, which confirmed the report that steamer Carpathia with 866 survivors of Titanic, mostly women and children, is being rushed to New York. The message ends as follows:     "Grave fears are felt for safely of balance of passengers and crew."

    I do not identify, for the moment, where that one came from. That is one that I did not have an opportunity to investigate thoroughly. It is innocuous, anyhow.
    About 10.30 a. m. on Tuesday we published the following:

    Following are among names of second-class passengers reported saved.

    Then follows another partial list from the list which the White Star office was receiving from the Cunard office.
    Also we published the following:

    Up to 10.30 members of the Astor family had received no word from Col. John Jacob Astor. The Guggenheim family was likewise without news from Benjamin Guggenheim.

    At 10.40 a. m. we published this:

    Cunard Line received following wireless from captain of Carpathia: "Am proceeding New York, unless otherwise ordered, after having consulted with Mr. Ismay and considering circumstances. With so much ice about, consider New York best. Large number of icebergs and 20 miles field ice."
    Message is broken here.
    Another message says: "Titanic struck iceberg Monday, 3 a. m. 41.46 north. 50.14 west. Carpathia picked up many passengers in boats. Will wire further particulars. Proceeding back to New York.

    Senator SMITH. What is the hour of that first message?
    Mr. FARRELL. From the item's time, I should say it was about 10.37 or 10.38.
    Senator SMITH. From whom was that received?
    Mr. FARRELL. The first one was received from the Cunard Line. I had two or three reporters down there all day.
    Senator SMITH. And the second one was received from whom?
    Mr. FARRELL. I think it likely that the second one came from the same place, but I am not positive of that. There may be something on it here to show.
    At 10.35 a.m., under the heading "Market," we published the following:

    Mercantile Marine 4¹/₂s, 65³/₈; off 2³/₈. Mercantile Marine 5s, off 1¹/₈; preferred, 20³/₄, off 2³/₈.

    So that, you see, the following morning, when the news of the disaster did come out, the bonds broke a little over two points; the 4^s and the stock was off a little over two points.
    Senator SMITH. It does not say what the change was in the common stock.
    Mr. FARRELL. No; there was probably no trading in the common stock. However, I can give you the prices on that also for the day.
    About 10.50, April 16, we published the following:

    Officials of Anchor Line dispatched a marconigram to steamship Californian Monday night ordering her to stand by on scene of Titanic disaster until relieved to pick up any survivors who have not already been rescued.

BOSTON.

It was announced here at White Star Line local office that a wireless had been received from St. Johns, New Brunswick, stating steamship Virginian is making for that port. It is thought she may have some survivors of Titanic on board.

    At the same time a despatch from Southampton was published, as follows:

SOUTHAMPTON.

It is officially announced Lord and Lady Duff-Gordon were traveling on steamship Titanic incognito as Mr. and Mrs. Morgan.

    I have not ascertained definitely where those did come from.
    Then at 10.55 a. m. on Tuesday we published an additional list of passengers received from the offices.
    At 11.07. approximately, April 16, we published this:

    Montreal office of Allan Line received a wireless from the Virginian that she and the Parisian reached scene of collision too late to save any passengers and that former boat resumed her course to Liverpool.

    I have not any note on that, as to where it came from. I have not identified the source of that message.
    At about 11.17 a. m. on Tuesday we published an additional list of passengers saved.
    At about 11.32 a. m. we published this:

    Representatives of White Star Line discredit the rumor that there was large amount of securities on board Titanic running up to several millions. When boat sailed the White Star people received no word that any securities were aboard, as they usually do when any considerable quantity of stocks or bonds were shipped on one of their boats.

    One of our reporters got that from the White Star office.
    Senator SMITH. Do you know the name of his informant?
    Mr. FARRELL. No, I do not. About 11 o'clock Tuesday morning, or I should say about 11.40 a. m., we published this:

    White Star Line received message saying Charles M. Hayes, president Grand Trunk Railway, is among survivors.

    I remember that distinctly, because I handled it myself. We were, of course, trying to find out, as to all these prominent men, whether they were saved or not, and I asked one of the men to call up the Grand Trunk offices in New York, and the Grand Trunk offices said that they had received word from the White Star Line saying that it had advices saying that Mr. Hayes was among the survivors, which subsequently proved false. He was not.
    Senator SMITH. Did you seek to verify that item from any White Star official?
    Mr. FARRELL. We did later, but not at that time.
    Senator SMITH. Before its publication?
    Mr. FARRELL. No. The Grand Trunk office told us they had received word from the White Star Line, that the White Star had received advices that Mr. Hayes was saved. Our experience has been that in matters of that sort the railroad officials are usually to be relied upon.
    About 11.48 a. m., I should say, on April 16, we published this:

    White Star officials say that 318 out of 350 first-class passengers on Titanic have been accounted for.

    That came from the White Star office.
    About l2.25 p. m., April 16, we published this:

    According to officials of Cunard Line there is no ground for fear that Carpathia is overloaded because of having picked up 800 Titanic passengers, as vessel can accommodate nearly 2,500 persons, or several hundred more than are now on board.

    We got that by inquiry at the Cunard Line, because a rumor had got afloat that the Carpathia might founder on account of her heavy load.
    About 12.30 p. m., April 16, we published this:

    Vice President Franklin, of International Mercantile Marine, says that White Star Line is holding no information back. Olympic is now standing off Cape Race and is relaying names of passengers on Carpathia to Cape Race.

    With regard to that statement, in newspaper circles early that morning, there was a general feeling that all the news had not been allowed to get out, and some of the reporters down there went so far us to make it pretty plain to Mr. Franklin that they suspected he was holding something back, and that was the statement he made. Of course, there was a large gathering of reporters there, and this charge was made. I do not know just the details, and I am giving the report of one of my reporters who sent it to me. but he was asked rather pointedly, and he declared positively that he was holding no information back, and he said that he would show them the original dispatch from Capt. Haddock. Then the reporters went out, and he called them back, and did show them the original dispatch from Capt. Haddock, which conformed with the statement which he had given out regarding it.
    Senator SMITH. Did you have any personal conversation with him about the matter that day?
    Mr. FARRELL. No; I did not. About 1.20 p. m., April 16, we published a general story on the International Mercantile Marine Co. Do you want that read into the record?
    Senator SMITH. What does that refer to?
    Mr. FARRELL. It reads as follows:
MERCANTILE  MARINE  CO.
    International Marine Steamship Co. was one of Morgan's promotions of 10 years ago, following in wake of United States Steel Corporation. Steel came out in April, 1901. and the steamship company in October, 1902.
    The big billion dollar corporation floated successfully in Wall Street, but International Mercantile Marine, which performs relatively greater public service for relatively less cost, has never really floated. Insurance companies and other underwriters had to hold their bonds, which represented real value, and they have always sold on this side of the water for far less than replacement value of the property, to say nothing of good will.
    On the other side of the water the capture of White Star Line by American bankers aroused storm of indignation in England, and caused heavy subsidies for Cunard Steamship Co. and rivalry of building of big ships. In a few years all steamship companies suffered an era of low rates and reduced or suspended dividends.
    Recently tonnage rates over the world have been much higher, and prosperity and dividends and increased surpluses were in sight.
    The record of International Marine seems to be thus far the poverty of low ocean rates or on high ocean rates steamship disaster.
    It was figured that company could charge off for 1911 $3,500,000 and raise its surplus account by about a million. The Titanic disaster, with net loss above all insurance of $2.000,000, will set back the surplus to a deficit, but not as far back as deficit of $1,297,354 at the close of 1909.

    Senator SMITH. From whom did you receive that information?
    Mr. FARRELL. That was written by a man who regularly looks after the International Marine Co. I suppose most of it was matter of record.
    Senator SMITH. In your office?
    Mr. FARRELL. Yes; in the statistical books--the Financial Chronicle and others in our office, and it was simply a bringing together of matters of record.
    About 1.54 p. m., April 16, we published this:

    No word has been received as to the fate of Edgar J. Meyer, vice president Braden Copper Co., who was on the Titanic. He is a brother of Eugene Meyer, jr., of firm of Eugene Meyer, Jr., & Co. Nor has anything been heard as yet from Bradley Cumings, of Stock Exchange firm Cumings & Marckwald, or from Benjamin Guggenheim, president International Steam Pump Co.

    That information was received by our reporters from Eugene Meyer, jr., brother of Edgar J. Meyer, and from some of the Guggenheim family, and from some of the Turnings family.
    About 2.07 p. m., April 16, we published this:

    Officials of Cunard Line have sent about a dozen messages to Capt. Rostron of the Carpathia, but have been unable to secure any answers, and do not know whether or not the wireless operators have been able to reach the vessel.
    It is understood that when Carpathia arrives here Thursday night customs regulations will be waived and ship will not be boarded until a binding is made at the New York pier.

    That came from the Cunard offices. Everybody was wondering why they could not get more information about it.
    Senator SMITH. I am glad to have that item appear in the record.
    Mr. FARRELL. About 2.20 p. m., April 16, we published this:

    Although White Star Line has received wireless advices that 318 out of the 350 first-cabin passengers have been saved, the names of only 181 of these have so far been received. The identity of the others is still unknown. The names of 111 second-class passengers have been reported.

    That was based on information we got from the White Star offices.
    There is an apparent conflict there. We received advices through the White Star Line that 318 of the first-cabin passengers had been saved, but only 181 names were reported. I made inquiries to find out why the rest of them were not reported, and finally they answered that their names had not been received. It occurred to me that possibly only 181 had been saved, inasmuch as we had only that many names.
    At 2.26 p. m. we published the following from Washington:

WASHINGTON.

Expressing his horror at reports of Titanic disaster, Chairman Alexander, of House Committee on Merchant Marine, said that if it was shown there were not more than enough lifeboats aboard the ship than to save one-third of passengers immediate steps would he taken to close American ports to all vessels which did not carry sufficient life-saving apparatus to save all on board.     Regarding report that wireless communication with the wrecked vessel and ships which went to her rescue was interrupted by amateurs, Mr. Alexander said a bill would shortly be reported from his committee to regulate radio communication and prevent such interference in future.

That we got from the Washington correspondent.
    About 2.55 p. m., on April 16, we published the following:

    The Lapland, of Red Star Line, sailing Saturday, will take first and second cabin passengers booked for the Titanic. She will call at Plymouth and Cherbourg and go on to Antwerp.

    That does not amount to much.
    Senator SMITH. Where did that come from?
    Mr. FARRELL. It probably came from the Red Star Line in a notice they had sent out. It is inconsequential, anyway.
    That is all of Tuesday's record.
    Senator SMITH. Mr. Farrell, will you check up Wednesday's tape and bulletin and come in again at 4 o'clock this afternoon?
    Mr. FARRELL. Yes, sir. I can not do very much checking up. other than what I have already done on Tuesday's and Wednesday's tapes and bulletins, because I would have to have my whole staff around to identify the different items.
    Senator SMITH. You will go as far as you can?
    Mr. FARRELL. Certainly.
    Senator SMITH. I want it all, so far as possible, and I want to go as far as I can with you at this time.
    Mr. FARRELL. Yes, sir.
    Senator SMITH. We will take a recess until 4 o'clock this afternoon.
    At 1.05 o'clock p. m. a recess was taken until 4 o'clock p. m.
AFTER  RECESS.
TESTIMONY  OF  MR.  MAURICE  L.  FARRELL--Continued.
    Senator SMITH. When we took the recess you had just finished with Tuesday's ticket tape.
    Mr. FARRELL. Yes, sir.
    Senator SMITH. Have you Wednesday's tape there?
    Mr. FARRELL. Yes; I have.
    Senator SMITH. Will you kindly state anything on Wednesday's tape that relates to the Titanic disaster?
    Mr. FARRELL. If I may, I would like to make a statement before we proceed.
    There seems to be in some of the accounts in the newspapers a misapprehension of some of my testimony this morning on one point regarding the arrangements made by Mr. Franklin for a special train on the New Haven road accommodating practically 700 passengers. I notice that apparently by one correspondent that was interpreted as my saying that would indicate that he had information-----
    Senator SMITH (interposing). I think you qualified it.
    Mr. FARRELL. Yes; I did; but if I may add--of course you want the facts--what simply is a matter of opinion. I do not think that construction is necessarily justified.
    Senator SMITH. We will let it stand for what it is worth. The statement of yours was specific, and I understood you to give nothing except the facts that you could testify to. As to its bearing upon any other phase of the inquiry, I did not understand you to express an opinion.
    Mr. FARRELL. No; I did not intend to, and I do not believe I did.
    Senator SMITH. I might have said to you that on its face it would look as though they had information, and you replied, "Yes, that might be so"; but that would not necessarily indicate your opinion.
    Mr. FARRELL. I would not wish to stand on the record as being put in that position.
    Senator SMITH. You do not want the record to show that you have construed it at all?
    Mr. FARRELL. Exactly.
    Senator SMITH. I think I understand your attitude.
    Mr. FARRELL. If I was called upon for any construction, I would say that did not necessarily mean that; but the first thought was to rush a special train up there, probably such train having capacity for 700, and probably subsequently to make arrangements for other special trains if they were desired.
    Senator SMITH. I did not understand you to construe that statement, and I think the record is just as you wish to have it.
    Mr. FARRELL. I think it is.
    There is also another point. There also seems to be an idea that it was brought out in the testimony here this morning, that the publications of Dow, Jones & Co. were calculated to bolster up the market for International Mercantile Marine. Nothing of that sort was done.
    Senator SMITH. Your statement does not show that at all.
    Mr. FARRELL. In fact, some of the evidence introduced from our bulletin ticker commented that it would be a heavy loss to the International Mercantile Marine.
    Senator SMITH. You have stated your position frankly and very plainly, and we will let the record stand just as it is.
    On Wednesday, if you have your ticker-tape references to the Titanic disaster. I would like to have you give them.
    Mr. FARRELL. This is the ticker tape for Wednesday, April 17.
    Senator SMITH. You understand, we are not prosecuting anybody. We are just searching for truth.
    Mr. FARRELL. Yes; I understand. You are after facts, of course.
    Senator SMITH. Sometimes it seems a little hard to get at the truth, but I have not seen any attempt on your part to hold anything back.
    Mr. FARRELL. I have no desire to do so. I am quite as much interested in solving this mystery as anybody else is.
    I mentioned this morning a statement which I had prepared.
    Senator SMITH. Do you want that to appear in the record?
    Mr. FARRELL. If you please. It is something in the nature of opinion, but I think probably offers some explanation of the persistent circulation of erroneous reports.
    Senator SMITH. We will let that follow the detailed report in chronological order.
    Mr. FARRELL. The first item published on Wednesday, April 17, was at 5 a. m., and reads as follows:

    The overnight news concerning the Titanic reveals little which was not published by Dow, Jones & Co. yesterday. No word has yet been heard from Col. John Jacob Astor, Isador Straus, Maj. Archibald W. Butt, George D. Widener, Harry Widener, Benjamin Guggenheim, Edgar I. Meyer, Frank D. Millet, W. T. Stead, Washington A. Roebling, or John B. Cumings of stock-exchange firm of Cumings & Marckwald, and Jacques Futrelle the author, and Henry B. Harris the theatrical man.

    That was simply a brief summary for the information of our readers of the situation as it stood at 8 o'clock Wednesday morning.
    About 8.25 a. m. on April 17 we published the following:

    White Star Line this morning reported following additional survivors from the Titanic.

    We then gave the names of the additional survivors.
    At 8.30 a. m. we published a brief line saying:

    Titanic's dead, total, 1,342; first item published on Wednesday, April survivors number 868 aboard Carpathia, due New York late Thursday or Friday morning.

    That was simply a summary of the general information up to that time.
    Senator SMITH. From whom did you get that information?
    Mr. FARRELL. From the morning newspapers, mostly. We just began business at that time, at 8 o'clock in the morning.
    About 8.35 a. m. we published the following:

    Doubts have arisen as to fate of Charles M. Hays, president Grand Trunk Railway, who yesterday was reported to have been saved. White Star Line this morning states that it has received no message concerning him.

    We got that from the White Star Line. Mr. Smallwood, one of our reporters, got that.
    Senator SMITH. As you look at those bulletins I wish you would lay them to one side.
    Mr. FARRELL. I will do so.
    At 8.49 a. m., on April 17, we published the following:

    Captain of Leyland Line freighter Etonian, which was not equipped with wireless and which docked in North River last night, reports that he passed along route taken by Titanic and that number of fishing boats were in vicinity of the disaster at the time. He says he thinks many of the passengers if they secured life preservers may have been rescued by crews of fishing vessels.
    Number known to have been rescued remains at 868, all on Carpathia.

    I do not think that was published on the bulletin.
    Senator SMITH. From whom was that information obtained?
    Mr. FARRELL. It was a summary from some of the morning papers, as I remember it.
    About 8.52 we published this:

    Steamship Carpathia reestablished wireless communication with Cape Race at 7 o'clock this morning, and White Star Line is now receiving supplementary list of survivors.

    That came from one of our reporters at the White Star Line office.
    Senator SMITH. Did that go on the bulletin?
    Mr. FARRELL. I do not see it on the bulletin. I may come to it later if it is on there.
    At 9 a. m., on April 17, we published the following:

    Names of passengers not on sailling list of Titanic, but reported saved by Carpathia.

    Then follows a list of such passengers. That was obtained by Mr. Smallwood, one of our reporters.
    Senator SMITH. Do you know from whom it was obtained?
    Mr. FARRELL. Presumably from the White Star Line. I do not have it marked here.
    At 9.25 a. m., on April 17, we published the following:

    Cunard Line received following wireless message from the Carpathia via Halifax: "Carpathia was 596 miles from Ambrose light at 11 p. m. Tuesday All well."

    That was received at the Cunard Line office by Mr. Plummer, one of our reporters.
    Senator SMITH. Was that bulletined?
    Mr. FARRELL. Yes.
    About 9.52 a. m. we published this:

    Carpathia 596 miles from New York Tuesday at 11 p. m. Should arrive about 9 o'clock Thursday night.

    That was secured by Mr. Smallwood.
    Senator SMITH. From whom?
    Mr. FARRELL. At the Cunard Line office.
About 10.30 a. m., on April 17, we published this:

    Agent Sumner, of Cunard Lines, says:
    "We are making every effort to find out why there was nearly 24 hours delay in getting wireless messages from the Carpathia. Only three have been received so far. The first received was the second one started at 7.55 a. m. Monday from Capt. Rostron of Carpathia, announcing about 800 aboard and proceeding to New York. This was not received until Tuesday. The first one sent Monday a. m. was received as the second Marconigram and announced sinking of Titanic. The third wireless was received to-day. It was a two-coded word, started at 11 Tuesday night and received this morning, saying all were well, and 596 miles east of Ambrose Light."

    That, I think, was obtained by Mr. Plummer from Agent Sumner of the Cunard Line.
    About 10.35 a. m. we published the following:

    At 11 p. m. Sunday wireless operator of steamship Cincinnati, of Hamburg-American Line, which arrived in port to-day, got the C. Q. D. and S. O. S. from Titanic calling "In great danger, rush, rush," giving latitude and longitude. Operator of Cincinnati had been talking with Sable Island. 400 miles away, and told Sable Island operator to stop while he was talking with Titanic. While he was still in communication, the Olympic cut in and answered same call. The Olympic sent out message to Cincinnati, saying she was much closer and was going to relief of Titanic.

    Senator SMITH. From whom did that information come?
    Mr. FARRELL. I have not that noted, and I do not know where that did come from. Presumably one of our reporters, who was on the ship news end of it, got it. I did not consider it very important.
    Along about 11.30 a. m. we published this:

    Among the callers at White Star office to-day were Henry W. Taft, De. Witt Seligman, and Mrs. Benjamin Guggenheim.

    That came from our reporter who was covering the White Star office.
    About 11.45 a. m. we published this:

    Cunard Line officials say that reason details of disaster are not forthcoming from the Carpathia is due to the weak wireless aboard that boat.

    That was obtained by Mr. Plummer at the Cunard office.
    About 11.47 a. m. this was published:

    Vice President Franklin, of the International Mercantile Marine, said:
    "I have heard nothing from the Carpathia since 9 a. m. yesterday. I think Marconi instrument on Carpathia is absolutely overtaxed. This probably explains reason we have had no messages. I expect Carpathia to dock early Friday morning. White Star Line has wired to Newport, asking them to try to act some news from the Salem."
    When asked what the White Star Line would do in future to safeguard lives of passengers in way of lifeboats, he said:
    "We assure you, White Star Line will do everything in our power to avoid similar disaster. Company has always endeavored to do everything for safety and comfort of its passengers."

    That was obtained from Mr. Franklin by Mr. Byrne, one of our reporters.
    Senator SMITH. Was that bulletined?
    Mr. FARRELL. Yes.
    About 1.20 p. m. on April 17 we published this:

    Cunard Line has given out copy of Marconi message received from Winfield Thompson, of Boston Globe, who is passenger on steamship Franconia, saying:
    "Steamer Franconia established communication with Carpathia at 6.10 a. m. New York time. Latter was then 498 miles east of Ambrose Channel. In no need of assistance, steaming 13 knots. Expect to reach New York 8 Thursday evening. Has total of 705 survivors abuard. Franconia is relaying personal messages from Carpathia to Sable Island."

    That was obtained by Mr. Plummer, one of our reporters, from the Cunard Line office.
    At 1.18 we published a Washington dispatch referring to the action of the House Committee on Merchant Marine. That is not germane. however.
    About 1/23 p. m. we published this:

LONDON.

Following up demand of the Times that Central News produce originals of wireless messages to effect that all passengers had been placed on board steamship Parisian and that Titanic was being towed by steamship Virginian, Col. Yate, Unionist member of House of Commons, has given notice that he will ask postmaster general if his attention has been called to said message and whether original of it could be traced.

    We received that, I believe, from the Laffan News Bureau.
    Senator SMITH. That former dispatch which you read, which said 705 aboard, seems to harmonize quite closely with the special train provision.
    Mr. FARRELL. Of course. I am not competent to testify on that.
    Senator SMITH. They were providing for 710 on that train. Those items which you have just read are supposed to cover all the information that went to your subscribers over the tape ticker?
    Mr. FARRELL. Yes, sir.
    Senator SMITH. Was there any information given to your customers in any other manner than by the tape ticker or the bulletin service or the Wall Street Journal?
    Mr. FARRELL. No, sir; except possibly a customer would call up during the day and say, "What is the latest news," or, "What do you hear," and we would simply tell him over the telephone what were the latest advices.
    Senator SMITH. I notice items of news appear occasionally on the ticker tape that are not included in the bulletin. What is the occasion of that?
    Mr. FARRELL. Sometimes it is by accident. At other times an item will go out on the tape, and before it gets printed on the bulletin we will receive additional information which will embody the previous item.
    Senator SMITH. Is the ticker tape supposed to be more authentic, and in a sense confidential to your subscribers, than the bulletin?
    Mr. FARRELL. No, sir; they are both the same in that respect, only from the tape ticker our subscribers get the news quicker. That is practically instantaneous. The bulletins, of course, have to be set up in the printing department and printed and then carried around by boys.
    Senator SMITH. They have practically the same information?
    Mr. FARRELL. Usually the same information, except that on the ticker tape the information is condensed.
    Senator SMITH. That is, it is edited when it reaches the bulletin, and it comes in its original form when it comes on the ticker?
    Mr. FARRELL. No; it is the reverse. Of course, the matter is edited for both.
    Senator SMITH. Yes.
    Mr. FARRELL. But you understand that the ticker can not carry all the stuff which we publish in the bulletins, so that we take the meat of the stuff we publish in the bulletins and put it on the ticker, eliminating all superfluous words and everything of that sort.
    Senator SMITH. All of the information that is contained on the ticker tape and in the bulletins is reflected in the Wall Street Journal?
    Mr. FARRELL. So far as possible. Of course, like every other newspaper we are frequently heavily overset, and there is not room enough in the Journal to cover all we publish in the bulletin. That sometimes occurs.
    Senator SMITH. Items appearing in the Wall Street Journal are not necessarily the exact items that appear either upon the ticker tape or in the bulletins?
    Mr. FARRELL. Usually they are. Sometimes they are revised for the Wall Street Journal, which goes to press, the afternoon edition, shortly after 3 o'clock. Sometimes they have to be revised, because, you see, an item which went out in the present tense at 9 or 10 o'clock in the morning would be in the past tense at the time for the afternoon paper.
    Senator SMITH. Stock quotations are supposed to be exactly the same in all three of these publications?
    Mr. FARRELL. Yes; allowing, of course, for typographical errors, which are corrected as much as possible.
    Senator SMITH. But events that happen during the day sometimes appear in one a little more fully than in the other?
    Mr. FARRELL. On the bulletins they usually appear more fully than on the ticker.
    Senator SMITH. Have you here the bulletins which correspond with the items you have just read into the record?
    Mr. FARRELL. I find one here which I think would be of interest which I do not think appeared on the tape. It is headed, "Those false reports." It reads:

    Uncle of Phillips, wireless operator of Titanic, solved one of the mysterious wireless messages that at first gave hope vessel was saved. He acknowledges that he sent the following messages from London to Mr. and Mr. Phillips, Godalming, Surrey, England, parents of the wireless operator, to reassure them: Making slowly for Halifax: practically unsinkable: don't worry."

    Senator SMITH. From whom did you obtain that information?
    Mr. FARRELL. From the Laffan News Bureau.
    Senator SMITH. Mr. Farrell, do you know of any news item or information possessed by you or your company or by any of its officers or agents that was attempted to be suppressed?
    Mr. FARRELL. No, sir; I do not.
    Senator SMITH. Do you wish to be understood as saying that no pressure of any kind or character was brought to bear upon you?
    Mr. FARRELL. Oh, absolutely none.
    Senator SMITH. For the purpose of suppressing news concerning this matter?
    Mr. FARRELL. Absolutely none whatever. It would not have been tolerated if there had been; and there really was no pressure. There was not a suggestion of that sort.
    Senator SMITH. All that you printed on the tape or in the bulletins or the paper you have given here?
    Mr. FARRELL. Yes, sir. There may have been one or two further unimportant items, but all of the important items, so far as I have been able to find them, I have submitted here.
    Senator SMITH. And these exhibits you leave with the committee?
    Mr. FARRELL. Yes.
    Senator SMITH. Have you at any time had any talk with any officer or agent of the White Star Line or of the International Mercantile Marine Co. concerning what was to be said by you regarding this matter at the hearing?
    Mr. FARRELL. None whatever. In fact, none of them knew that I was to appear here. I said nothing to them.
    Senator SMITH. And you have given the committee the sources of all your information, so far as you know them?
    Mr. FARRELL. To the best of my knowledge and belief, so far as I have been able to ascertain.
    Senator SMITH. So far as you have been able to do so?
    Mr. FARRELL. Yes, sir.
    Senator SMITH. You spoke of one of the reporters, who turned in several important items of news in connection with this matter, who is now on the ocean or in England?
    Mr. FARRELL. Yes, sir.
    Senator SMITH. When did he go?
    Mr. FARRELL. I do not recall the exact date, but his trip had been arranged some time before this occurred.
    Senator SMITH. On what boat did he sail?
    Mr. FARRELL. I can not tell you that, either. If you wish to know, I can find out.
    Senator SMITH. Can you not think of it?
    Mr. FARRELL. No; I do not remember.
    Senator SMITH. What day did he go?
    Mr. FARRELL. I do not remember the date. It is a matter of record in our office. I could find out, if that would interest you.
    Senator SMITH. Did he return with any of the White Star officials or officers?
    Mr. FARRELL. No; he has not yet returned.
    Senator SMITH. I mean did he go over with any of those officials?
    Mr. FARRELL. No, sir.
    Senator SMITH. And he is still over there?
    Mr. FARRELL. He is still there.
    Senator SMITH. On matters of his own and not on any business connected with this affair?
    Mr. FARRELL. No; nothing at all. He had made arrangements some months before to take this trip--for some business matter of a personal nature--and I remember it very distinctly because he had made the arrangement before I became managing editor.
    Senator SMITH. What is his name?
    Mr. FARRELL. Oliver Gingold.
    Senator SMITH. This summary which you have handed to the committee you desire to appear as a part of your testimony?
    Mr. FARRELL. I would like to have it appear if you have no objection. While, as I say, it contains a good deal that is matter of opinion, it seems to me it helps a good deal to explain how some of these things got so badly twisted.
    The summary referred to, submitted by Mr. Farrell, will be found appended to this day's hearing.
    Senator SMITH. I think I asked you if you knew any person connected with your company in any capacity whatsoever who was interested in the International Mercantile Marine Co. or any of its constituent companies?
    Mr. FARRELL. Yes.
    Senator SMITH. And you said no; not so far as you knew?
    Mr. FARRELL. Not so far as I know, and if there were they would have had nothing to do with any news we published, because I was responsible for that and I am not a stockholder in any one of them--in the Western Union, in the Postal Telegraph, or the Marconi. We simply published the news that we got from various sources which we supposed we had reason to rely on.
    Senator SMITH. Do you obtain any information for your company directly through the wireless telegraph companies?
    Mr. FARRELL. No; we do not. We obtain none directly.
    Senator SMITH. And you did not in this instance?
    Mr. FARRELL. No, sir; except one message which one of our reporters got from the Marconi Co., and that was direct.
    Senator SMITH. Do you know of any attempt that was made by anyone connected with the White Star Co. to influence the publications in your paper?
    Mr. FARRELL. I know very positively that no such attempt was made by anyone. I am absolutely certain of it.
    Senator SMITH. You refer particularly in your testimony to the Boston News Bureau?
    Mr. FARRELL. Yes.
    Senator SMITH. Do you know what composes the Boston News Bureau?
    Mr. FARRELL. The Boston News Bureau is a news agency for the dissemination of financial news, operating in Boston. It is somewhat similar to Dow, Jones & Co., in New York. They publish bulletins during the day and publish the paper known as the Boston News Bureau.
    Senator SMITH. Are the interests of the two, of your company and of that company, identical?
    Mr. FARRELL. They are allied.
    Senator SMITH. They are allied. Do the same people own both?
    Mr. FARRELL. Substantially.
    Senator SMITH. Is there any understanding or relationship between your company and the Laffan News Agency?
    Mr. FARRELL. None; except that we receive their service.
    Senator SMITH. You are subscribers?
    Mr. FARRELL. We are subscribers to their service; that is all.
    Senator SMITH. But you do not own any of their stock?
    Mr. FARRELL. No.
    Senator SMITH. What is the Laffan News Agency?
    Mr. FARRELL. It is a press association which was organized a good many years ago by the New York Sun.
    Senator SMITH. By Mr. Laffan himself, or did they adopt his name as a compliment to him?
    Mr. FARRELL. I do not know whether it was organized during Mr. Laffan's regime on the Sun or before that. I rather think it was while he was proprietor. It derived its name from him, anyway.
    Senator SMITH. And their function is to supply news to their subscribers?
    Mr. FARRELL. Yes.
    Senator SMITH. The Boston News Bureau seems to have supplied your company with information from Montreal--with news from Montreal?
    Mr. FARRELL. Yes.
    Senator SMITH. Have they any special facilities for getting Montreal news?
    Mr. FARRELL. I do not know much about the organization of the Boston News Bureau, because I have been with Dow, Jones & Co. only about two months, so that I do not know their special connections.
    Senator SMITH. Have you any news agency at Montreal?
    Mr. FARRELL. We have not. Dow, Jones & Co. have not.
    Senator SMITH. Has the Boston News Bureau?
    Mr. FARRELL. Do you mean, have they a regular news agency, the same as in New York and Boston?
    Senator SMITH. Yes.
    Mr. FARRELL. No; not so far as I know. Of course I am not in a position to give positive testimony with reference to the Boston News Bureau.
    Senator SMITH. So the information you get from Montreal is such information as goes out generally?
    Mr. FARRELL. I should assume so.
    Senator SMITH. And not through direct correspondents of your own?
    Mr. FARRELL. They may have a correspondent in Montreal. I do not know as to that.
    Senator SMITH. You say that they may have?
    Mr. FARRELL. They may have.
    Senator SMITH. Who are the officers of Dow, Jones & Co.?
    Mr. FARRELL. C. W. Barron is president, Hugh Bancroft is secretary, and Joseph Cashman is treasurer.
    Senator SMITH. Have you given to the committee all the information in your possession which will tend to throw any light upon the Titanic disaster, and the events subsequent thereto?
    Mr. FARRELL. I have.
    Senator SMITH. I am very much obliged to you.
    Witness excused.

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• United States Early Radio History > The Electric Telegraph > News and Entertainment Distribution