Dow Jones' senior management got off lightly at last week's Painewebber Media Forum in New York.

In a moving A Tale of Two Cities speech, chairman Peter Kann got the Dow Jones Markets situation (It was the worst of times, blah, blah, blah.) out of the way early on, then moved right along to talk about what a bumper year the Journal had (It was the best of times, blah, blah, blah.).

It was interesting to hear the logic behind the scaleback straight from the horse's mouth, though. (Rumors of 700

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