LATE MAIL NEWS.

Hokitika Guardian, 6 May 1920, Page 4

LATE MAIL NEWS.

FORTUNES MADE AN I) LOST,

NEW YORK, March 9,

Fortunes were made and lost amid wild scenes in Wall-street yesterday after a false ' interpretation of the Supreme Court’s decision regarding the taxability of stock dividends. The financial community had waited anxiously for six months for the decision of the highest tribunal’s test case to determine the validity of the tax. Brokers were aware that if the dividends were taxable, a large share of' the earnings of many industrial corporations must revert to the Government in taxes. But should the court have decided other, wise many stocks would be worth much more than present prices. For that reason many corporations announced their intention of issuing large dividends if a favourable decision came. The Supreme Court was convened at Washington yesterday at noon. Representatives of two news services, one financial and supplying the stock tape machines of practically every broker’s office, the other a Press service, misunderstood the text and flashed bulletins that the court had ruled that stock dividends were income and taxable when in fact the decision was the reverse and will mean a loss to the .Government of approximately £20,000,000. immediately prices began to crumble, issues pouring in upon the Exchange. Such stocks as General Motors, Crucible Steel, and American Locomotive dropped sto 10 points. Orders to sell “short” (without cover) deluged the stock jobbers. But soon the news tape machine service discovered the error and corrected the report, when stocks directly affected by the decision began to soar, General Motors going up 40 points and others making corresponding advances. It became a question then for those who had s.old “short,” not of covering, but of getting stock, at any figure.

SPURNED LOYEIt’S SHOTS.

LONDON, March 10

The village of Wickham Skeith, Suffolk, was the scene on Tuesday night of a love drama which ended in the death of the spurned lover and in serious injury to two women.

A bricklayer named Allred John Youngman while working at Sherwood farm became enamoured of Miss Reeve, aged 16, the daughter of the occupant, who is bailiff to Mr F. G. Ford, J.P. For a time Youngman, who belonged to Needham Market, lived in the village, but he left the place a fortnight ago, much to the relief of the Reeve family, by whom his attentions were not welcomed. On Tuesday night, however, he reappeared at the farmhouse, and, when ordered away by Mr Reeve, whipped out a revolver.

The door was locked against him and the Reeve family sat down to tea. Suddenly a shot was fired through the window and the family immediately took cover. More shots were fired in quick succession through the windows and doors, and Mrs Reeve and her daughter were both wounded. The family then barricaded themselves in a bedroom, and later Youngman waa heard moving about the house, liav_ ing broken in. Mr Reeve who had got hold of a sporting gun, opened the bedroom door to fire at the intruder. Before he could take aim Youngman fired but missed Mr Reeve. For over twelve hours, and until the farm w.orkmon arrived at 6 a.m. yesterday, Youngman kept the Reeve family confined to the bedroom.. Through the window Mr Reeve shouted to the workmen for help. The police and a doctor were brought, and Youngman was found dead in the dining-room with half his face blown away.

Mrs Reeve, who was seriously wounded, was with her daughter, who was only slightly hurt, taken to Ipswiolr Hospital, where it was stated last night that both had undergone operations and were progrcssiving favourably.