I always thought it was centre to centre.
Correct stem length means when you're on the hoods the (handle)bar obscures the (wheel)hub - I'm sure it's on the hoods and not the tops!
Suppose I could always sit on a bike and check as that's how mine were always set up - mind you I was younger then!
Co-founder of a V-CC section, member South Eastern Road Club and owner of - 2005 Bianchi Reparto Corse (modern), 1985 Raleigh SBDU Pro Super, 1984 Raleigh LU Corsa, 1980 Allin Stan Butler Special, 1978 Ron Cooper, 2 x very early Roberts (late 60s/early 70s), 1975 Bill Philbrook tourer, 1966 Raleigh Superbe Roadster, 1964 Allin Stan Butler Special Belgique, 1951 Hobbs of Barbican S/C, 1950 Hobbs of Barbican S/C, 1947 Hetchins Super Special, 1908 Centaur Featherweight. 1988 Specialized Stumpjumper.