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The Lessons Yes,

Of Leonardo Puffer
Coats
By Walter Isaacson
Can Be
Chic
REVIEW OFF DUTY

VOL. CCLXX NO. 77 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, SEPT. 30 - OCT. 1, 2017 WSJ.com
Investors Bet on an Economic Revival Price

What’s Gains in shares of industrial firms and banks have driven the S&P 500 to fresh records, while declining
bond prices have sent Treasury yields to their highest level since July. The action reflects stronger global growth,
along with expectations a tax overhaul will boost corporate profits and U.S. borrowing. Resigns
News Share prices surged after the election, while
Treasury yields rose as bond prices declined
Banks and industrials have rebounded the
past month, while Treasury yields have risen
Performance
since Nov. 8 Amid Jet
World-Wide 30% t t
KBW
Nasdaq Uproar
H HS Secretary Price
resigned over his ex-
tensive use of private-jet
20
Bank Index
BY STEPHANIE ARMOUR
AND MICHELLE HACKMAN
and military flights, end- S&P 500
ing a rocky tenure. A1 industrials WASHINGTON—Health and
10 Human Services Secretary Tom
Republicans are conflicted
S&P 500 Price resigned Friday over his
in how far their tax plan
Bank shares and yields stalled for much of 2017, extensive use of private-jet and
should go in reducing the
reflecting uneven data and Washington gridlock military flights, ending a rocky
amount paid by the rich. A4
0 tenure during which the Trump
Senate Republicans re-
administration failed in its
leased their budget blue-
push to get Congress to repeal
print for fiscal 2018, sig-
2.50% the Affordable Care Act.
naling a shift in focus. A4
President Donald Trump
Google is conducting an had no immediate comment
internal probe to determine following the resignation, but
if Russian-linked entities used
Yield on earlier on Friday he expressed
2.25 the 10-year
its ads to try to manipulate his displeasure with the flights
voters before the election. B1 Treasury and signaled a decision was
imminent.
The White House counsel
“He’s a very fine man,” Mr.
this summer was frustrated 2.00 Trump told reporters. “I was
about the lack of protocols
disappointed because I didn’t
surrounding meetings be-
like it cosmetically or other-
tween Trump and Kushner. A4
wise.”
The State Department is 1.75 2016 2017 In his resignation letter, Dr.
cutting staff from the em- Price referenced his work on
bassy in Havana, as Wash- Sources: FactSet (indexes); Ryan ALM (Treasurys) THE WALL STREET JOURNAL. health care and said: “I regret
ington investigates a myste- that the recent events have
‘Trump Trade’ Rebounds

rious spate of illnesses. A9 created a distraction from
these important objectives.”
Catalan separatists
Dr. Price told Mr. Trump he
vowed to press on with an
was resigning “in order for you
independence referendum
to move forward without fur-
Sunday despite government
BY AKANE OTANI vances—eight—since 1997. The damentals, economic data and proved earnings. ther disruption.”
efforts to block the ballot. A8
blue-chip index is up 13% this policy expectations. Corporate The developments could give Late Friday, the administra-
Iraq imposed a flight ban The “Trump trade” is mak- year. earnings remain strong, and investors fresh reason to be- tion announced a revised travel
on its Kurdish region, retali- ing a comeback, reflecting in- In a throwback to the early some say such results support a lieve stocks trading at or near policy that will require prior
ating against the Kurds’ vote vestors’ renewed belief in the days after President Donald rally regardless of policy records can keep rallying, de- approval by the White House
for secession this week. A7 strength of the U.S. economy Trump was elected, shares of changes. But renewed expecta- spite concerns over pricey valu- chief of staff for travel on non-
and hopes for business-boost- U.S. banks and industrial com- tions that the Federal Reserve ations and rising bond yields. commercial flights.
Business & Finance ing policy from Washington. panies are climbing and small- will continue to raise interest Still, nascent signs of an infla- The controversy over the
U.S. stocks keep chugging capitalization stocks are in re- rates are making bank stocks tion uptick and the outline of flights and sudden departure of
higher. The S&P 500 has risen cord territory, while Treasury more attractive to investors. tax changes are no guarantee Dr. Price come as the Trump ad-
The “Trump trade” is 4% since June 30, notching its bonds and their stock-market And while there is some skepti- Please see TRADE page A5 Please see PRICE page A4
making a comeback, reflect- eighth consecutive quarterly proxies have fallen out of favor. cism that the Republicans’ tax
ing investors’ renewed belief advance. The Dow Jones Indus- The U.S. dollar, beaten down for overhaul plan will pass, the fact President confers with two How to tax the rich is a test
in the strength of the econ- trial Average added 4.9% in the much of 2017, is rebounding. that a proposal was put forth hopefuls for Fed chairman..... A2 for the GOP...................................... A4
omy and fresh hopes for third quarter, posting its lon- Underlying those trades are this week has tantalized inves- Jason Zweig: Stocks won’t Trump-Kushner meetings upset
business-boosting policies. A1 gest streak of quarterly ad- a combination of business fun- tors with the prospect of im- stampede with bulls forever... B1 White House counsel................ A4
Major stock indexes
gained in the third quarter.
Death Stalks Refugees Fleeing Myanmar Army
The Dow rose 23.89 points
to 22405.09 on Friday. B10
U.S. officials voted to
U.S. Drops AIG’s
remove federal oversight of
AIG, one of the most tangi-
ble steps yet in the admin-
istration’s push to re-evalu-
Federal Oversight
BY LESLIE SCISM tal rules, federal approval for
ate financial regulations. A1
AND RYAN TRACY large mergers and placement
Uber’s ousted chief is ap- of government examiners at
pointing two new directors WASHINGTON—U.S. offi- the firm.
to the ride-hailing firm’s cials voted Friday to remove The Financial Stability
FRED DUFOUR/AGENCE FRANCE-PRESSE/GETTY IMAGES
board, a surprise move that federal oversight of American Oversight Council, a group of
would bolster his clout. A1 International Group Inc., an senior financial regulators,
insurance company now about voted 6-3 to rescind the global
Trump’s search for the
half the size it was when it insurer’s designation as a “sys-
next Fed chair ramped up this
was on the brink of collapse temically important financial
week when he interviewed a
and became a poster child of institution,” indicating they no
current and a former central-
the global financial crisis. longer view AIG as a threat to
bank governor for the job. A2
The move is one of the the broader economy.
Proxy-advisory firm ISS most tangible steps yet in the The action came earlier
is recommending P&G Trump administration’s push than many analysts expected.
shareholders put Nelson to re-evaluate financial regula- Although the Trump adminis-
Peltz on the board. B1 tions, which has included a tration has recommended doz-
top-to-bottom review of rules ens of changes to financial
Hudson River Trading
put in place in response to the rules, it has so far taken action
is exploring a deal to buy
JOURNEY’S END: A Rohingya Muslim refugee on Friday mourned beside the bodies of his three children crisis. Friday’s move frees the incrementally, in part because
rival Sun Trading amid low
in Cox’s Bazar district, Bangladesh. At least 500,000 people have fled to Bangladesh from Myanmar. A6 insurance company of stricter of the slow pace of installing
volatility and rising costs. B3
oversight by the federal gov- personnel at key regulators.
Equifax could announce ernment, such as tighter capi- Please see RISK page A2
in coming days that it will
claw back compensation
Gerrymandered Into Bold Eagles: Angry Birds Are
Uber Ex-CEO Names
from some top executives. B3
A Giant Court Fight
Ripping Drones Out of the Sky
Inside Directors in Power Play The tradition of redrawing
voting maps to increase electoral
clout, in often contorted ways,
i i i
NOONAN A13 BY GREG BENSINGER the appointments without con- faces a test at the Supreme Australia’s wedge-tailed eagle uses crack
sulting the rest of the board. Court next week. A10
Partisanship Uber Technologies Inc.’s He was granted control of aerial skills to attack pricey machines
ousted chief executive, Travis three board seats as part of
Is Breaking Kalanick, is appointing two $3.5 billion investment from a BY MIKE CHERNEY above, the eagle
new directors to the ride-hail- Saudi wealth fund in 2016. used its talons to
Both Parties ing firm’s board, a surprise The appointments could SYDNEY—Dan- punch a hole in
move that would bolster his serve as an effort to push back iel Parfitt thought the carbon fiber
clout as the company faces against one of Uber’s largest he’d found the and Kevlar fuse-
CONTENTS Style & Fashion D2-3 several critical decisions in- investors, Benchmark Capital, perfect drone for lage of Mr.
Books.................... C5-16 Technology............... B4
Business News...... B3 Travel...................... D7-8 cluding a possible multibillion- which is suing Mr. Kalanick Louisiana 2rd District a two-day map- Parfitt’s drone,
Food......................... D5-6 U.S. News............ A2-4 dollar investment from Soft- over control of those two (2016) ping job in a re- which lost con-
Heard on Street...B10 Weather................... A14 Bank Group Corp. seats. The venture firm, which mote patch of the Wedge-tailed eagle trol and plum-
Opinion............... A11-13 Wknd Investor....... B5
Sports....................... A14 World News....... A6-9
Mr. Kalanick appointed for- also holds a board seat and led Australian Out- meted to the
mer Xerox Corp. CEO Ursula an investor coup to push Mr. back. The roughly $80,000 ma- ground.
Burns and former CIT Group Kalanick out, has proposed a chine had a wingspan of 7 feet “I had 15 minutes to go on
> Inc. CEO John Thain as the new voting structure for and resembled a stealth my last flight on my last day,
10th and 11th Uber directors, shareholders allowing them to bomber. and one of these wedge-tailed
effective Friday, according to a vote based on the size of their There was just one problem. eagles just dive-bombed the
statement from him to The stake, rather than the current His machine raised the hackles drone and punched it out of the
s Copyright 2017 Dow Jones &
Wall Street Journal. system which rewards the ear- Texas 33rd District of one prominent local resi- sky,” said Mr. Parfitt, who be-
Company. All Rights Reserved The Uber co-founder, who liest investors with greater (2016) dent: a wedge-tailed eagle. lieved the drone was too big for
resigned as CEO in June, made Please see UBER page A8 Swooping down from Please see BIRDS page A9
A2 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * ******* THE WALL STREET JOURNAL.
U.S. NEWS
THE NUMBERS | By Jo Craven McGinty
Building Boom Yields Billion-Dollar Disasters

More than He applies an additional To calculate the adjust- “Subtract the first from
200 cyclones, adjustment to NOAA’s num- ment for economic growth, the second, and this yields
floods, bers using something called each year’s BEA value for the extra damage caused by
droughts and the chained fixed asset index fixed assets is divided by the new construction,” said Mat-
other weather from the Bureau of Economic 1980 value and multiplied by thew Kahn, chairman of the
calamities Analysis to estimate how $1 billion. The results repre- economics department at the
have run up tabs of at least many fewer events would ex- sent the annual figure that is University of Southern Cali-
$1 billion apiece since ceed the billion-dollar the minimum amount of fornia, who reviewed the ap-
the National Oceanic and At- threshold if economic devel- damage needed to be eco- proach.
mospheric Administration opment had held steady at nomically equivalent to $1 That kind of change isn’t
started keeping track in 1980 levels. billion of destruction in 1980. an exaggeration. According
1980—and this year, hurri- By his count, 77 fewer di- “For example, the figure to the U.S. Census Bureau,
canes Harvey, Irma and Ma- sasters would have made the for 2007 is $2.1 billion,” he Miami went from 654,800
ria will join the list. cut. said. “This means any storm housing units in 1979 to 2
But a billion-dollar disas- in 2007 that caused less than million in 2015. Houston
I
ter ain’t what it used to be. t’s a rough measure that $2.1 billion in damage would went from 1.1 million to 2.2
A dollar doesn’t stretch as doesn’t account for loss not have been economically million. And New York City
far as it once did. Building in of life or environmental important enough to make from 4.2 million to 7.4 mil-
coastal areas and other eco- harm. It captures only dam- the billion dollar list using lion. Understanding how eco-
nomic growth have increased ages to fixed assets, and even the 1980 standard.” nomic growth contributes to
the potential for damages. then it uses a national mea- Here’s another way to disaster damages could help
And NOAA’s disaster esti- surement, not a regional ad- think of it: policy makers decide
mates account for only one justment, and it doesn’t ac- whether to strengthen build-
A
of those two factors. count for offsetting ssume all houses in an ing standards, provide more
“NOAA adjusts for infla- measures, such as updated area have the same in- disaster assistance or take
tion, which is wonderful, but building codes that reduce flation-adjusted price other steps.
it doesn’t make an adjust- damages. of, say, $1 million in 2017 “Once we agree on the
ment for the amount of phys- Some experts think even dollars. If disasters of equal true scope of the problem,
ical assets in the country,” more adjustments should be changes in population. to applying the consumer- size and intensity strike the it’s a political question on
said Jay Zagorsky, an econo- made. The calculation “is a Still, it’s an easy way to price index to adjust costs area in 1980 and in 2017, de- what the optimal response
mist at Ohio State University. start, but it doesn’t fully ad- get a sense of how develop- for inflation. stroying 10% of the housing should be,” Dr. Zagorsky
“There are twice as many dress the problems with the ment has contributed to eco- “If the CPI is 100 one year, stock each time, Total Dam- said.
bridges, homes, factories and time series,” said Roger A. nomic losses when the and then it’s 110 in a later age = Number of Houses x NOAA says it will update
cars for a hurricane to de- Pielke Jr., a professor of en- weather turns ugly. year, you know prices went 10% x Price. the billion-dollar disaster list
stroy.” vironmental studies at the “NOAA estimates suggest up 10%,” Dr. Zagorsky said. In 1980, if there were on Oct. 6, when hurricanes
In a way, that observation University of Colorado in the numbers are going up “Without adjusting for infla- 10,000 homes, the loss would Harvey, Irma and Maria will
is a no-brainer, but Dr. Boulder who has studied the very quickly,” Dr. Zagorsky tion, disasters would consis- equal $1 billion. In 2017, if be added. And—for what it’s
Zagorsky came up with a economic damages of hurri- said. “I’m just disagreeing tently look more expensive there were twice as many worth—those disasters will
simple way to estimate the canes and adjusted for addi- with how fast it’s going up.” over time and constantly homes, the loss would equal likely rank among the costli-
effect. tional factors such as His calculation is similar shatter records for damage.” $2 billion. est to hit the U.S.
President Meets With Two Hopefuls for Fed Chairman

BY MICHAEL C. BENDER miliar with the offer. two or three weeks,” he added.
Mr. Powell joined the Fed’s Inflation Gauges Compared with a year earlier, bank officials who expect price White House spokeswoman
WASHINGTON—President board of governors in 2012. He headline prices rose 1.4% and so- and wage pressures to build in Natalie Strom confirmed the
Donald Trump’s search for the was a partner at the Carlyle Send Mixed Signals called core prices were up just response to a tightening labor Warsh meeting occurred, but
next Federal Reserve chair Group, a private-equity firm, 1.3%—well below the Fed’s long- market. Some have blamed one- declined to make any addi-
ramped up this week when he from 1997 to 2005 and a lawyer elusive 2% annual target and off factors, such as a sharp de- tional comment. Mr. Warsh
interviewed a current and a for- and investment banker in New showing little evidence of an in- cline this spring in prices for cell- didn’t immediately return a re-
mer central bank governor for York. He served as an undersec- The Federal Reserve is facing cipient pickup. phone plans, while other policy quest for comment.
the job, and he said Friday he retary and assistant secretary mixed signals on U.S. inflation as The Fed needs to see “some makers have worried that the Mr. Trump told The Wall
would make a decision within for domestic finance at the U.S. it weighs whether to raise short- firming” in the coming months to slump may reflect more funda- Street Journal in July he was
three weeks. Treasury from 1990 to 1993. term interest rates one more stay on track for a rate increase mental forces. considering nominating Ms.
Mr. Trump and Treasury He has emerged as a reliable time in 2017. in December, said Gregory Daco, “My colleagues and I currently Yellen to a second term. She
Secretary Steven Mnuchin met ally of Ms. Yellen’s on monetary The Fed’s preferred price chief U.S. economist at Oxford think that this year’s low inflation met with White House adviser
with Fed governor Jerome Pow- policy, while also calling for gauge, the personal-consump- Economics. is probably temporary, so we con- Ivanka Trump, the president’s
ell on Wednesday and with for- easing some of the bank rules tion expenditures price index, Another gauge of U.S. infla- tinue to anticipate that inflation daughter, in July and had a 15-
mer Fed governor Kevin Warsh put in place following the finan- rose 0.2% in August from a tion, the Labor Department’s con- is likely to stabilize around 2% minute meeting with Mr.
on Thursday to discuss their cial crisis. This puts him largely year earlier, the Commerce De- sumer-price index, showed stron- over the next few years,” Fed Trump in February. She said at
possible nomination to run the in sync with Mr. Trump’s posi- partment said Friday. Excluding ger growth in August. Chairwoman Janet Yellen said a news conference last week
world’s most powerful central tions favoring low interest rates volatile food and energy prices, Price growth has been sub- Tuesday. “But,” she added, “our that she hadn’t met with Mr.
bank, according to administra- and financial deregulation. the index rose a modest 0.1% dued in recent months even with understanding of the forces driv- Trump since then.
tion officials. Mr. Warsh served as Fed for the month, less than econo- the unemployment rate hovering ing inflation is imperfect.” Mr. Trump also expressed in-
Other names said to be in governor from 2006 to 2011, mists had expected. below 4.5%, surprising central- —Ben Leubsdorf terest in nominating Gary Cohn,
contention include current Fed during the financial crisis, and the director of the National
Chairwoman Janet Yellen, was an economic adviser to Economic Council, during his
whose term expires in early President George W. Bush from date Jeb Bush, who was consid- the president name his son-in- mind. But the president has July interview with the Journal.
February, Stanford University 2002 to 2006. He was a mem- ered the front-runner for the law to the central bank’s high- started to interview candidates The Fed declined to com-
economist John Taylor and ber of President Trump’s Stra- nomination before Mr. Trump’s est post, said people familiar in recent days, one White ment on Mr. Powell’s interview
John Allison, the former BB&T tegic and Policy Forum, a group rise surprised the political es- with those conversations. Mr. House official said. and whether Ms. Yellen had
Bank chief executive, accord- of business leaders that dis- tablishment. Lauder declined to comment. Mr. Trump told reporters been interviewed or was
ing to people familiar with the banded in August in protest Mr. Warsh is married to Jane The search for a new Fed Friday, “I’ve had four meetings scheduled to be interviewed
process. Mr. Allison was of- over what they said was Mr. Lauder, granddaughter of cos- chairman has been largely infor Fed chairman,” without for the job. Mr. Powell,
fered a position on the central Trump’s failure to sufficiently metics icon Estée Lauder. His formal until now. Several White specifying whether he saw four through a spokesman, declined
bank’s board of governors ear- condemn racism. He was also father-in-law, businessman House officials had described candidates and without identi- to comment.
lier in Mr. Trump’s tenure, but an economic adviser to 2016 Ronald Lauder, has been push- the short-list of candidates as fying the participants. “I’ll be —David Harrison
turned it down, said people fa- Republican presidential candi- ing the White House to have existing only in Mr. Trump’s making a decision over the next contributed to this article.
RISK AIG’s Path

After a near collapse, AIG has faced a bumpy road in its recovery.
payer bailout less than a de-
cade ago and, without proper
oversight, it will remain a
huge and interconnected com-
Removal of the label leaves
Prudential Financial Inc. as the
sole nonbank firm with the la-
bel, for now. Regulators re-
AIG’s lead regulator will
once again be New York’s De-
partment of Financial Ser-
vices, widely considered one
Continued from Page One $1,000 pany that could bring down scinded it for General Electric of the strictest and most well-
AIG Chief Executive Brian the financial system again,” Co.’s financing arm in June staffed insurance departments
Duperreault said in a state- 900 September 2008 said Sen. Elizabeth Warren (D., 2016. in the country. Superintendent
ment that the council’s “deci- U.S. government seizes Mass.). Another insurer, MetLife Maria T. Vullo said in a state-
control of AIG with
sion reflects the substantial 800 emergency loan AIG fully repaid its bailout Inc., successfully challenged ment that the department
and successful de-risking that by the end of 2012 by selling its designation in federal “will continue to conduct in-
AIG’s employees have achieved August 2009 December 2012 off businesses and other as- court, though the matter was depth and rigorous supervi-
700
since 2008. The company is Robert Benmosche AIG completes sets to roughly halve its size. appealed and is now on hold sion of AIG’s insurance compa-
committed to continued vigi- arrives as AIG’s repayment of its Months later, the oversight while the Treasury Depart- nies to ensure their financial
lant risk management and to 600 turnaround CEO bailout, which council determined stress at ment reviews the designation soundness and compliance
and begins gradual topped $180 billion
working closely with our nu- asset sales
AIG could threaten the econ- process. with law.”
merous regulators to enable a 500 omy and designated it as sys- Some Wall Street analysts
strong AIG to continue to Fall 2015 temically important. It was the think Prudential will be freed
serve our clients.” Activist investors first time the council had used of its label soon. In a state- THE WALL STREET JOURNAL
400
The practical impact of Fri- including Carl Icahn its main Dodd-Frank power. ment Friday, Prudential said it (USPS 664-880)
demand a breakup (Eastern Edition ISSN 0099-9660)
day’s action was limited be- of AIG The label subjected AIG to “will consider our options (Central Edition ISSN 1092-0935)
300
cause many of the rules for in- potentially onerous oversight, while contesting our designa- (Western Edition ISSN 0193-2241)
surance companies have yet to Friday including supervision by the tion through the review pro- Editorial and publication headquarters:
U.S. rescinds 1211 Avenue of the Americas,
be written. 200 Federal Reserve. AIG and other cess. Prudential has long New York, N.Y. 10036
SIFI label
The council applied the la- insurers are primarily regu- maintained that we do not Published daily except Sundays and general
bel to AIG in July 2013 and lated by state insurance de- meet the standard for designa- legal holidays. Periodicals postage paid at
100 New York, N.Y., and other mailing offices.
previously had affirmed its partments. tion.” Regular one-year U.S. subscription rates:
findings annually. This year, 0 Entering 2008, AIG had Analysts said AIG’s share print/digital edition $525.00.
regulators appointed by Presi- $1.048 trillion in assets on its price in recent weeks has re- Postmaster:
2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 Send address changes to The Wall Street
dent Donald Trump reversed books, though their true value flected a high probability that Journal, 200 Burnett Rd., Chicopee, MA 01020.
course, pushed along by new Source: WSJ Market Data Group THE WALL STREET JOURNAL. was unknown at that point. it would get out of the label. All Advertising published in The Wall Street
leaders at AIG who were more Many government and insur- Journal is subject to the applicable rate card,
copies of which are available from the
aggressive about disputing the recused himself. repercussions. It had extensive ance officials expected a liqui-
CORRECTIONS
Advertising Services Department, Dow Jones
systemically important tag. Ms. Yellen declined to com- and complex financial dealings dation. & Co. Inc., 1211 Avenue of the Americas, New
York, N.Y. 10036. The Journal reserves the right
“This action demonstrates ment through a spokesman. with big banks and other fi- As of June 30, 2017, the
AMPLIFICATIONS
not to accept an advertiser’s order. Only
our commitment to act deci- AIG “has changed dramati- nancial firms in the U.S. and company had $499.76 billion publication of an advertisement shall constitute
final acceptance of the advertiser’s order.
sively to remove any designa- cally since the start of the fi- Europe. of total assets. That makes it
Letters to the Editor:
tion if a company does not nancial crisis,” said National Its rescue package, which smaller than other insurers Fax: 212-416-2891; email: wsj.ltrs@wsj.com
pose a threat to financial sta- Credit Union Administration ultimately topped $182 billion, not labeled significantly im- The Department of Com-
bility,” Treasury Secretary Ste- Chairman Mark McWatters, a upset many people, including portant, including Warren Buf- merce ruled in favor of a com- NEED ASSISTANCE WITH
ven Mnuchin said in a state- council member who voted in homeowners who were strug- fett’s Berkshire Hathaway Inc., plaint from Boeing Co. over YOUR SUBSCRIPTION?
ment. favor of removing the label. gling to keep up mortgage which has $666 billion in as- alleged price subsidies for the By web: customercenter.wsj.com;
Two Obama-era appointees, “It’s time to let them go back payments. The missteps that sets. Bombardier Inc. CSeries jet- By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
Fed Chairwoman Janet Yellen to traditional insurance regu- brought AIG to the brink AIG remains one of the liner. A Business News article Or by live chat at wsj.com/livechat
and Roy Woodall, the council’s lators.” played heavily into lawmakers’ world’s biggest sellers of prop- about Bombardier in some edi-
insurance expert, joined four Freeing AIG of the “SIFI” decision to create the new erty-casualty insurance to busi- tions Wednesday incorrectly REPRINTS & LICENSING
Trump appointees in approv- label is steeped in significance. oversight council in the 2010 nesses world-wide and is also a said the International Trade By email: customreprints@dowjones.com
ing the action. Three Obama AIG received one of the gov- Dodd-Frank financial regula- major seller of life insurance Commission made the ruling. By phone: 1-800-843-0008
appointees opposed the move, ernment’s biggest bailouts tory law and give it the au- and retirement-income prod-
and none commented on why. during the crisis as regulators thority to pull in firms such as ucts in the U.S., along with Readers can alert The Wall Street
GOT A TIP FOR US?
Journal to any errors in news articles
Securities and Exchange Com- feared its collapse would have AIG for tougher regulation. home and car insurance to by emailing wsjcontact@wsj.com or SUBMIT IT AT WSJ.COM/TIPS
mission Chairman Jay Clayton far-reaching and unpredictable “AIG got a $180 billion tax- wealthy households. by calling 888-410-2667.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | A3
U.S. NEWS
Disconnected
Cell sites offline in Puerto Rico
Out of Service
100%
Working
Texas Towns Struggle to Rebuild
Harvey leaves
communities without
75
municipal waste
50 services devastated
BY QUINT FORGEY
25
DICKINSON, Texas—For
0 weeks, Austin Lutrick has been
helping neighbors in this Gulf
Sept. 21 Sept. 29 Coast town haul sodden Sheet-
Source: Federal Communications Commission rock, moldy furniture and appli-
THE WALL STREET JOURNAL. ances to curbs, after Hurricane
Harvey’s devastating landfall in
Phone late August.

The house where he
lives, which is elevated 3 feet
Outages above the ground on cinder

blocks, was mostly spared by
the flood, but he was one of the
Hamper lucky few: The flooding in Dick-
QUINT FORGEY/THE WALL STREET JOURNAL (2)

inson was among the worst in
the state, inundating 80% of the
Recovery town, and destroying nearly

half of the homes. Thousands
of locals haven’t yet returned to
BY DREW FITZGERALD their residences.
AND DANIELA HERNANDEZ “We’ve just been working
our asses off,” said Mr. Lutrick,
Most of Puerto Rico re- 22 years old. “They’ve just now
mained cut off from cellphone started picking it up this past
and internet services more week.”
than a week after Hurricane As federal and state agencies
Maria tore through the terri- and nonprofit groups work to Austin Lutrick of Dickinson, Texas, has been working with residents of his town to clean up the devastation left by Hurricane Harvey.
tory, a communications outage rebuild flooded homes and in-
that has hampered other relief frastructure, small towns like tated people get.” staying with friends, relatives ven’t been picked up, which are Transportation has cleared
efforts. Dickinson are facing different The lack of resources—from and strangers. gathering mold and creating roughly 432,000 cubic feet—
According to the Federal challenges from the ones in trash collectors to housing for Mr. Wax said the city was ex- health hazards. eight football fields—of debris
Communications Commission, larger cities. displaced families—is stalling ploring a number of options to Annie Jones, 55, said Mon- from roadways across the state.
89% of Puerto Rico’s cellphone Many trash haulers have efforts to resume regular activi- help families move back, includ- day was the first time she saw More than a dozen lawyers
sites were offline Friday, abandoned this community to ties in towns up and down the ing FEMA trailers and any trucks picking up heavy debris have been trained by the state
mostly because of electricity work in Houston, 30 miles Texas coast. rental properties that may still in her northeast Houston neigh- to assist people in small towns
blackouts across the island. north, where the pay is better. In Rockport, a city of roughly be functioning, but there is no borhood, where trash has accu- who are applying for federal re-
The same high winds that Unlike Houston, Dickinson 10,000 people 170 miles south clear answer yet. mulated in piles as tall as 6 feet. lief, a spokesman for the gover-
ripped down power lines also doesn’t have its own municipal of Houston, elementary school “I have no facilities where I “It smells,” she said. “It’s like nor’s office said.
took out copper and fiber-op- solid waste crew, and relies on is scheduled to resume the first can place displaced people,” he musty, decaying-pond scummy.” Meanwhile, FEMA opened a
tic lines that link cell towers a private waste-services and de- week of October. But the com- said. “I got to find alternative State and federal officials say disaster recovery center in
to the outside world, which bris-removal contractor. munity is facing a housing cri- solutions. That always requires the areas outside Houston ha- Dickinson last week at an old
could make restoring service “That’s our biggest chal- sis, said Mayor C.J. Wax, which support from outside my city. I ven’t been forgotten. bank in the middle of town
especially hard in the days lenge—getting the debris trucks could keep students away from don’t have assets to provide Texas Gov. Greg Abbott in where residents can register for
ahead. in here and keeping them here,” class still longer. housing for 3,500 people.” September extended disaster assistance and ask questions.
About three-quarters of cell said Ron Morales, Dickinson’s Roughly 35% of homes and Small communities aren’t declarations for the 60 coun- “Those smaller communi-
sites were offline in San Juan, emergency management coor- businesses in the community the only ones facing such prob- ties affected by Harvey, ensur- ties are not being overlooked,”
home to about 350,000 of dinator, interim city administra- were destroyed by Harvey, he lems. Despite its greater re- ing those communities will be said Rita Egan, a FEMA
Puerto Rico’s 3.4 million resi- tor and police chief. Speaking of said, and there are no operating sources, Houston residents are eligible for assistance for an- spokeswoman. “We’re trying
dents. Several telecommunica- the debris, he added, “The lon- hotels in Rockport. Many of the also frustrated about piles of other 30 days. to get to all of them as quickly
tions carriers said a shortage ger it sits there, the more irri- town’s residents are scattered, trash on the sidewalks that ha- The Texas Department of as we can.”
of power generators were
complicating efforts to power
the cell towers still able to Dickinson Requests and Gatorade to victims of
broadcast. Hurricane Harvey.
Manpower was another Help From State Damon Brown (pictured
concern for repair workers, In Clearing Debris left), a 43-year-old home re-
many of whom lost their modeler in Dickinson, said he
homes and are “down to their and his family have distributed
socks and shoes,” said Bernard The cost of recovery in bottled water and helped
Borghei, executive vice presi- Dickinson, Texas, could total up transform the local high school
dent of Boca Raton, Fla.-based to eight times the town’s an- into a makeshift emergency
Vertical Bridge LLC, which op- nual budget of $17 million, medical center and shelter.
erates cell towers in Puerto Mayor Julie Masters said. She Mr. Brown’s own property
Rico. is asking the state to provide was knee-deep in water, and
At San Juan’s airport on further assistance with debris he has set up a blue tarp tent
Friday, people waiting to leave removal and to implement pro- in his driveway where he keeps
the island said telecommuni- grams to physically elevate items he salvaged from his ga-
cations were “intermittent” businesses for flood prevention. rage, including the antique cra-
and “fatally bad.” In the small town, which dle he slept in as a child and
Archer Lebrón, a represen- lacks some of the recovery re- photographs of his four sons.
tative for the Puerto Rico sources of bigger cities like Though more resources are
Manufacturers Association, Houston, many locals have trickling into town, Mr. Brown
said it was unacceptable that stepped in to try to provide said recovery is still a far-off
cell service was still down. the services that the govern- concept. “It ain’t going to hap-
“We have a world-class tele- ment, so far, hasn’t, with local pen overnight,” he said.
communications system—sup- churches bringing sandwiches —Quint Forgey
posedly.”
“There’s people dying and
they can’t communicate,” said
Mr. Lebrón, who was headed
to Chicago to meet his par-
ents, who left Puerto Rico ear-
lier in the week.
California Targets Affordable-Housing Shortage
The island’s landline service BY ALEJANDRO LAZO that California Gov. Jerry shovels into the ground. tions have played on the median home price for a sin-
was also largely out, according Brown signed into law Fri- Experts say California’s state’s housing shortage, say- gle-family home was $575,130
to the FCC, with one local in- SAN FRANCISCO—Califor- day to address the state’s high housing costs have ing efforts to improve building in August, while in San Fran-
ternet provider saying all its nia will enact new fees on housing shortage. California crimped economic productiv- safety, increase environmental cisco the median home price
customers were disconnected real-estate transactions and rents and home prices have ity, increased poverty rates, standards and shape neighbor- was $1.38 million, according to
due to power outages. A 911 ask voters to approve a $4 bil- soared, and homeownership increased crowding and hood character has resulted in data from the California Asso-
center on nearby St. Croix in lion bond measure on next has plummeted. lengthened commute times. “a lot of rules.” ciation of Realtors.
the U.S. Virgin Islands was year’s ballot, among other Other measures in the pack- California has long been The slow pace of construc- The median home price for
also offline Friday. measures aimed at creating age include a provision to considered by home builders tion in the city’s major coastal a single-family home in Cali-
A spokeswoman for more affordable housing. streamline housing require- and developers one of the markets—where demand for fornia hit $565,330 in August,
América Móvil SAB subsidiary The bond measure and the ments in cities that aren’t most difficult places to build homes is highest—has led to according to the association’s
Claro, Puerto Rico’s main land- new fees—intended to pay for building to state-mandated because of lengthy and com- prices soaring in recent years, data. That is a 131% increase
line operator, said the com- new affordable-housing units goals, incentives for cities to plicated permit processes. as low inventory has fueled from the bottom, hit in Febru-
pany restored voice, data and and homes for veterans—are plan new neighborhoods and Mr. Brown acknowledged bidding wars. ary 2009, during the depths of
long-distance service to 52 of part of a package of 15 bills prod local governments to get the role local and state regula- In Los Angeles County, the the last housing downturn.
the island’s 78 municipalities.
Its wireless service is also un-
dergoing repairs.
U.S. wireless companies re-
ported delays getting new
equipment to the island be-
Record Fine Set for Undocumented Worker Hires
cause of the damage and logis- BY ALICIA A. CALDWELL ment, or ICE. The details of and civil settlement were the
tical jams at airports and the agreement weren’t made result of a six-year investiga-
docks. A Pennsylvania-based tree- public. tion by ICE’s Homeland Secu-
GREG JENSON/THE CLARION-LEDGER/ASSOCIATED PRESS
An AT&T Inc. spokesman trimming company was or- In a separate civil settle- rity Investigations division.
said the wireless carrier over dered to pay $95 million in the ment, ICE said, the company Since 1986, employers have
the past few days landed four largest fine against a company agreed to pay $15 million re- been required by federal immi-
cargo planes laden with more for hiring thousands of immi- lated to its violation of immigration law to verify an em-
than 50 generators and other grants who didn’t have per- gration law. ployee’s legal right to work in
equipment. Additional equip- mission to work in the U.S., ICE said Asplundh decen- the U.S. They also must main-
ment had to take a multiday according to federal officials. tralized hiring so the com- tain records of each worker’s
trip by sea because of a lack of Asplundh Tree Expert of pany’s senior management employment verification and
runway capacity. Willow Grove, Pa., pleaded could “remain willfully blind” identification documents.
A T-Mobile US Inc. spokes- guilty in federal court in Phil- as lower-level mangers hired ICE routinely audits a busi-
woman said the company sent adelphia on Thursday to ille- and rehired workers they ness’s employment verification
generators and personnel by gally hiring the immigrants. knew weren’t allowed to work records and has levied tens of
air, though planes could land Some of the immigrants were in the U.S. The agency also millions of dollars in fines
only during the day. A Sprint in the U.S. illegally, none had said the lower-level managers since 2007. It is unclear what
Corp. spokeswoman said the authorization to work in the knowingly accepted false or The U.S. says Asplundh decentralized hiring so senior managers the largest fine was before
company sent helicopters to country, according to court fake identification documents. could ‘remain willfully blind’ to hiring of undocumented workers. this week’s against Asplundh.
survey the damage to its cell documents. In a statement posted on However, in 2014, the latest
towers, most of which were A federal judge ordered the the company’s website on ter being told of the federal included reviewing the iden- figures available from the De-
standing and intact. family-owned company to pay Sept. 19, Chairman and CEO investigation in 2015. The tity of every employee using a partment of Homeland Secu-
An FCC spokesman said its $80 million and adhere to an Scott Asplundh said the com- company declined to comment photo ID system based on the rity, the government opened
response team was “packed Administrative Compliance pany, which has more than further on Friday. face-recognition software used 2,022 workplace-enforcement
and ready to go and awaiting Agreement from U.S. Immigra- 30,000 employees, took “im- Policy changes, Mr. As- by ICE. cases and levied fines totaling
FEMA approval to deploy.” tion and Customs Enforce- mediate corrective action” af- plundh said in the statement, The company’s guilty plea more than $16 million.
A4 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ******* THE WALL STREET JOURNAL.
U.S. NEWS
How to Tax the Rich Is a Test for GOP

BY RICHARD RUBIN
GOP Releases with a floor vote expected later cuts that can add up to $1.5 tril-
Republicans, long champi- in October. lion to the federal budget deficit
ons of tax cuts for higher earn- Budget Blueprint “This budget is especially over 10 years. The budget tasks
ers, are conflicted in just how important because it will allow the tax-writing panels with de-
far their latest plan should go us to get to work on our pro- livering tax legislation by Nov.
in reducing the amount paid WASHINGTON—Senate Re- growth, pro-family, pro-jobs tax 13, though there is no penalty
by the rich. publicans released their budget reform plan,” Senate Majority for failing to hit the deadline.
The party’s tax-plan frame- blueprint for fiscal year 2018 Leader Mitch McConnell (R., Democrats criticized Senate
work, unveiled this past week, on Friday, signaling that GOP Ky.) said in a statement. Republicans for being willing to
jettisoned some tax cuts Re- leaders are shifting their focus GOP leaders hope to use a add $1.5 trillion to the federal
publicans have long supported to reducing taxes by $1.5 tril- special process called reconcilia- budget deficit to cut tax rates.
for high-income households, lion over a decade and over- tion, tied to the budget, to pass “The Senate Republican
leaving rates on capital gains hauling the tax code after the tax legislation with just a sim- budget is the clearest sign yet
and dividends untouched. The collapse of their effort to roll ple majority. Under reconcilia- that Republicans are intent on
party also has shown an open- back the Affordable Care Act. tion, Republicans could pass pursuing a tax plan that would
ness to keep the top tax rate The budget resolution for legislation with just 50 votes, blow a huge hole in the deficit
ALEX WONG/GETTY IMAGES
for individuals near its present the year ending September with Vice President Mike Pence and stack up debt, leading to
level of 39.6% and has pro- 2018 serves chiefly as the nec- then providing a tiebreaker. cuts in programs that middle-
posed to cut deductions on essary first step for Republi- The new budget’s most im- class Americans rely on,” Sen-
state and local taxes that could cans to pass a rewrite of the portant component is that it in- ate Minority Leader Chuck
leave some wealthy house- tax code without Democratic structs the Senate Finance and Schumer (D., N.Y.) said in a
holds paying more. President support. The budget document House Ways and Means com- statement.
Donald Trump, for his part, will be debated in the Senate mittees to come up with a —Kristina Peterson
has said the party’s tax plan Rep. Kevin Brady (R., Texas) spoke as House Speaker Paul Ryan Budget Committee next week, package of tax changes and rate and Richard Rubin
wouldn’t benefit the wealthy, looked on this week at the Capitol in Washington.
including himself.
Those moves would all help the plan, including the proof $129,030 in 2018, boosting income thresholds where the rates has the biggest benefit, cut taxes on the wealthy, while
the GOP defend itself against posed repeal of the estate tax, their after-tax incomes by 8.5% tax brackets hit and the size of creating greater incentives for 62% favored higher taxes on
attacks that its tax policy tilts the elimination of the alterna- and lowering the share of U.S. the child tax credit. Under Fri- people to work, save and in- that group. That is a point Mr.
toward the top of the income tive minimum tax and lower taxes they would pay, accord- day’s assumptions, the plan vest. Trump’s speeches reflect.
scale. The problem, so far, is tax rates on corporations and ing to an analysis by the Tax would raise taxes on 12% of “It is the highest rates that The heirs of Mr. Trump,
that core features of the plan businesses that pay taxes Policy Center. Overall, Ameri- households in 2018, with the cause the most damage,” said who says his net worth ex-
do just that. As the party turns through their owners’ individ- cans would get a 2.1% increase biggest concentration of losers Chris Edwards of the libertar- ceeds $10 billion, would bene-
that outline into legislation ual returns. in after-tax income. in the upper middle class. ian Cato Institute. fit from estate-tax repeal. The
over the next few months, it There are benefits for the “The top income groups will Households in the bottom Many economists say there president, as the owner of nu-
will be repeatedly confronted middle class, too, but they are receive the biggest tax cuts,” half of the income scale—who is little link between lower tax merous pass-through busi-
with the challenge of reconcil- less specific and subject to said Eric Toder, co-director of often pay payroll taxes used to rates and economic growth. nesses, would also likely gain
ing Republicans’ desire for rate change. Many households, es- the center. fund Social Security and Medi- The challenge for Republi- from the 25% top rate on those
cuts with their claims about pecially in the upper middle Republicans called the anal- care but little or no income cans is that politically, tax cuts firms, down from 39.6%. Unlike
who should pay less. class, may end up experiencing ysis speculative because it tax—would get average tax at the top are unpopular. In a past presidents, Mr. Trump has
Under the framework, the tax increases. didn’t consider the pieces of cuts under $1,000. Wall Street Journal/NBC News refused to release his tax re-
top 1% of households would The top 1% of households the plan that legislators ha- Republicans argue that cut- poll this month, just 12% of turns, making even a rough
reap significant benefits from would get an average tax cut ven’t written yet, including the ting top marginal income-tax Americans said they wanted to calculation challenging.
Trump-Kushner Meetings Upset White House Counsel

WA S H I N G T O N — W h i t e ing in the West Wing and how and transition, said people fa-
House Counsel Don McGahn the White House’s legal strat- miliar with the matter.
this summer was so frustrated egy has evolved to try to re- Federal investigators are ex-
about the lack of protocols spond to the probe. amining a meeting during the
surrounding meetings between Mr. Mueller is examining transition that included Mr.
President Donald Trump and U.S. intelligence agencies’ find- Kushner and the Russian am-
ings of Russian interference in bassador, and another one that
By Peter Nicholas, the 2016 U.S. presidential elec- he held with the head of a Rus-
Michael C. Bender tion and whether Trump asso- sian-run bank that has faced
and Rebecca Ballhaus ciates colluded in that effort. U.S. sanctions. Mr. Mueller is
Mr. Trump has called the also probing a June 2016
Jared Kushner, his son-in-law probe a “witch hunt,” and both meeting at Trump Tower with
whose activities are under he and Mr. Kushner have said a Russian lawyer tied to the
scrutiny in the Russia probe, they didn’t collude with Rus- Kremlin, which was attended
that West Wing officials ex- sia. Moscow has denied med- by Mr. Kushner and other cam-
pressed concerns the top law- dling in the election. paign aides, said people famil-
yer would quit, according to Some members of Mr. iar with the matter.
people familiar with the con- Trump’s legal team in June The fallout from the probe
versations. concluded Mr. Kushner should continues to reverberate in the
Mr. McGahn expressed con- step down and aired their con- White House. Mr. Trump has
cern that meetings between cerns to the president, The spoken to aides about his con-
Mr. Kushner and Mr. Trump Wall Street Journal has re- cerns over the effect the inves-
POOL/GETTY IMAGES
could be construed by investi- ported. Their concern was that tigation is having on Mr. Kush-
gators as an effort to coordi- if Mr. Kushner were to speak ner; Mr. Trump’s questions
nate their stories, said three to the president or White about Mr. Kushner spring partly
people familiar the matter. House colleagues about the from family considerations, said
Two senior White House of- Russia investigation, Mr. Muel- people familiar with the matter.
ficials—then-Chief of Staff President Trump’s son-in-law, Jared Kushner, shown here in July, is under scrutiny in the Russia probe. ler could seek testimony about Newly installed Chief of
Reince Priebus and former chief what was said. Staff John Kelly has recently
strategist Steve Bannon—urged Mr. McGahn stayed, reas- A White House official said White House and its staff, in- Mr. Kushner’s role has tightened access to the presi-
Mr. McGahn not to resign, ac- sured in part by the White Mr. McGahn “did not consider cluding Jared.” caused particular concern dent, requiring aides, including
cording to people familiar with House’s hiring of a legal team resigning, and he was not con- Mr. McGahn’s concerns among some White House offi- Mr. Kushner, to schedule ap-
the conversations. One person specifically to manage the probe cerned about any one individ- from earlier in the summer il- cials as federal investigators pointments in order to meet
characterized Mr. McGahn’s of Russian meddling in the 2016 ual. He was focused on imple- lustrate the disruption and examine meetings he held with with Mr. Trump.
frustration as, “Fine, you’re not election. Attorney Ty Cobb was menting the proper processes tension that special counsel Russian officials and business- —Brody Mullins
taking my advice? Why stay?” hired to lead that group. and structures to protect the Robert Mueller’s probe is caus- people during the campaign contributed to this article.
WASHINGTON WIRE
PRESIDENT TRUMP AFL-CIO
PRICE was overdue and suggested they
would fight any nominee they
found unacceptable.
“The next HHS secretary
Continued from Page One must follow the law when it
Christians Leaders: Convention Won’t ministration’s efforts to repeal comes to the Affordable Care
Denounce Alt-Right Invite Politicians the ACA are at a standstill. After Act instead of trying to sabotage
another effort to overturn the it,” said Senate Minority Leader
MICHAEL REYNOLD/EPA/SHUTTERSTOCK
Dozens of evangelical Chris- America’s largest federation law failed Tuesday in the Sen- Chuck Schumer (D., N.Y.).
tian leaders have sent an open of labor unions is sending a ate, Republicans now must The revelations had already
letter to President Donald message to Washington politi- choose whether to work with kicked up a political storm, with
Trump, asking him to more cians: You’re not welcome. Democrats on health care, or the House Oversight Committee
clearly denounce the “alt-right The AFL-CIO, which has said continue their efforts to repeal announcing an investigation
movement.” it is seeking more political inde- the ACA. If the administration into the taxpayer-funded travel
Signed by an array of conser- pendence, announced Friday that favors regulations to change the of senior Trump administration
vative Christian pastors, the let- no Washington lawmakers or ACA, those changes would be officials, and several Democratic
ter acknowledges statements members of President Donald spearheaded by HHS. lawmakers calling for the health
Mr. Trump has already made Trump’s administration will be Dr. Price kept a low profile at secretary’s resignation.
condemning white supremacy invited to speak at the federa- times during the long legisla- The exit of HHS Secretary Tom Price, above, comes as Trump Dr. Price’s departure comes
and the Ku Klux Klan. Still, it tion’s once-every-four-year con- tive fight to undo the ACA, as administration efforts to repeal the health law are at a standstill. as other cabinet officials, includ-
says the president should more vention, to be held in St. Louis in such officials as Seema Verma, ing Treasury Secretary Steven
directly condemn the alt-right October. head of the Centers for Medi- ing first-ever requirements on travel and reimburse the gov- Mnuchin, have faced questions
movement, which the letter calls That is a major departure care and Medicaid Services, some state Medicaid programs ernment more than $50,000 for over their travel expenses.
“racist, evil and antithetical to a from past conventions, which sometimes took on a more visi- that may require enrollees to his seat on chartered flights The administration late Fri-
well-ordered, peaceful society.” have featured senators, labor ble role in talking to lawmakers. work to keep or get benefit. since May. “I will take no more day revised its travel policy to
“This movement has escaped secretaries and presidents, in- Some health experts have sug- HHS and CMS were also had private charter flights as secre- require that all travel on gov-
your disapproval,” the letter cluding Barack Obama and Ron- gested Ms. Verma could suc- backed moving away from a tary of HHS,” Dr. Price said. “No ernment-owned, rented, leased
says. “We believe it is important ald Reagan. The AFL-CIO has ceed Dr. Price. central Obama-era push under exceptions.” or chartered planes get prior
for this movement to be ad- typically endorsed Democrats for Other potential candidates the ACA to pay providers based HHS didn’t state the overall approval from the White House
dressed, for at its core it is a president, including Hillary Clin- for the post include former on patient outcomes instead for cost of the flights. chief of staff.
white identity movement and ton last year, even as many Pennsylvania Sen. Rick Santo- each service performed. Republicans praised Dr. Price The memo Friday from Mick
the majority of its members are union members support Republi- rum, former Louisiana Gov. Mr. Trump has asked Don in the wake of his resignation. Mulvaney, director of the Office
white nationalists or white su- cans. Mrs. Clinton won 56% of Bobby Jindal, Veterans Affairs Wright, the department’s acting “He has spent his entire adult of Management and Budget,
premacists.” union members, but that was secretary David Shulkin and assistant secretary of Health, to life fighting for others, first as a came at the direction of Mr.
“Alt-right” is a catchall phrase sharply narrower than Mr. John Fleming, currently HHS’s serve as interim secretary. physician and then as a legisla- Trump, Mr. Mulvaney said.
for far-right groups that em- Obama’s 65% mark four years deputy assistant secretary for Dr. Price’s repeated use of a tor and public servant,” said The memo noted that, with
brace tenets of white supremacy earlier, according to AFL-CIO sur- health technology reform, ac- chartered jet and military air- House Speaker Paul Ryan (R., few exceptions, commercial air-
or reject mainstream conserva- veys. cording to lawmakers, health of- craft raised the ire of Mr. Trump Wis.). “He was a leader in the craft is appropriate. “Put an-
tism. The letter, which was ear- Union President Richard ficials and congressional aides. and other White House officials, House and a superb health sec- other way, just because some-
lier reported by CNN, was Trumka has spoken this year HHS didn’t respond to a re- who felt his actions contradicted retary.” thing is legal doesn’t make it
emailed to the president on Fri- about the need for his organiza- quest for comment. their campaign promise to “Secretary Price’s loss will be right,” the memo said.
day morning, said Keith S. Whit- tion to have political indepen- Dr. Price was a central force “drain the swamp” of Washing- felt,” said Rep. Mark Meadows Before his tenure as secre-
field, dean of graduate studies dence. Mr. Trumka backs Mr. behind administrative steps the ton and save taxpayers money. (R., N.C.), head of a conservative tary, Dr. Price was long a fa-
at Southeastern Baptist Theo- Trump’s effort to renegotiate department has taken to roll Politico reported that Dr. bloc of lawmakers that negoti- miliar Republican face on Cap-
logical Seminary. trade agreements on more fa- back the health law known as Price had chartered at least 24 ated changes to the GOP health- itol Hill. He served in the
A White House spokesman vorable terms to American com- Obamacare. He oversaw a deci- planes to domestic events and care bill with the Trump admin- House of Representatives since
said that the president had panies and workers, but his or- sion to scale back millions of flown on military jets for trips istration. 2005 until taking over at the
made clear that he opposes ha- ganization has opposed the dollars in outreach and advertis- in Europe and Asia, with a total Democrats, however, had helm of HHS.
tred, bigotry and racism in all administration’s tax-overhaul and ing for the ACA’s coming open- price tag exceeding $1 million. united in opposition to Dr. —Eli Stokols and
forms. immigration plans. enrollment period. On Thursday evening, Dr. Price’s Senate confirmation in Louise Radnofsky contributed
—Ian Lovett —Eric Morath HHS and CMS were consider- Price pledged to end private jet February and said the decision to this article.
THE WALL STREET JOURNAL. * * * * * * * * NY Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | A5
OBITUARIES
NICOLAAS BLOEMBERGEN H I C K S WA L D R O N
1920 — 2017 1923 — 2017
Nobelist Won Prize for Executive Oversaw KFC,

Work on Lasers, MRI
Smirnoff, Avon Lady
N
icolaas Bloembergen re- or MRI, scans. He was one of three
called eating boiled tulip scientists who shared the 1981 No-
bulbs to survive during bel Prize in physics.
World War II in his native Nether- He devised a more practical BY JAMES R. HAGERTY time he was given a chance to
lands. He found them bitter and way to make lasers used in sur- dock a ship, he collided with the
A
hard to digest. gery, computer storage, shaping fter earning an engineering pier.
After the war, eager to escape of materials and printing, among degree and serving in the In a 27-year career at GE, he
his ravaged homeland, he applied other applications. His research U.S. Navy during World War moved 17 times and worked his
for graduate school in physics at also led to MRI scans producing II, Hicks Waldron wanted to design way up to group vice president for
three American universities. The crisp images inside the body. jet engines. Instead, his job at consumer products. In 1973, he be-
University of Chicago never re- Dr. Bloembergen grew up near General Electric Co. led him into came president of Heublein Inc.,
plied. The University of California, Utrecht in the Netherlands. His fa- sales and general management. whose brands included Smirnoff,
Berkeley, informed him that it ther was a chemist. In a biograph- With his GE pedigree, he was A1 steak sauce and Kentucky Fried
wasn’t admitting foreign students ical note, Dr. Bloembergen said recruited in the 1970s and 1980s to Chicken. He rose to become CEO of
at the time. Harvard accepted him. his parents lived below their run companies selling brands in- Heublein two years later.
After a 17-day crossing of the means. cluding Smirnoff vodka, Kentucky His first wife, Peg, died of can-
Atlantic on a Liberty cargo ship, As a child, he was initially con- Fried Chicken and Avon cosmetics. cer in 1975. The next year, his
he found his new home in Boston. sidered a slow learner. Relatives When he joined Avon in 1983, teenage son, Ben, died in a car ac-
“I had arrived at the right place dubbed him “Dumb Nick.” The profit was falling as fewer Ameri- cident. Mr. Waldron found himself
at the right time,” he later wrote. nickname was retired when, at can women wanted to sell cosmet- overindulging in alcohol, fatty
As a professor and researcher at age 4, he defeated an uncle at ics door to door. Mr. Hicks pur- foods and cigars. Soon he was di-
Harvard, he helped create much of checkers. sued a diversification started by agnosed with pancreatitis and
the science behind high-tech appa- He died Sept. 5 at his home in his predecessors, buying nursing forced to adopt healthier habits.
ratus now taken for granted, from Tucson, Ariz. He was 97 and had homes and other health-care busi- While recuperating, he had to
optical communications to lasers recently suffered a heart attack. nesses. At first, Wall Street investments or offering quarter- give up his CEO job at Heublein.
and magnetic resonance imaging, —James R. Hagerty cheered, but the acquisitions end discounts “that will steal He earned it back by helping lead a
flopped. By the time Mr. Waldron money out of the next quarter.” turnaround at KFC. Among other
retired at the end of 1988, Avon things, the chain repaired relations
F
D A N I E L YA N K E L O V I C H was reverting to a tight focus on or all his worries, Mr. Wal- with its founder, Harland Sanders,
1924 — 2017 direct sales of lipstick and per- dron retained an optimistic who had likened KFC’s gravy to
fume. nature. Mr. Kleinfield wrote wallpaper paste.
Mr. Waldron died Sept. 22 at that the CEO had an “intoxicating When R.J. Reynolds Industries
Market Researcher home in Naples, Fla. He was 93.

His triumphs and trials as a
chief executive are better docu-
personality and knack for persua-
sion.”
Hicks Benjamin Waldron was
Inc. took over Heublein in 1982,
Mr. Waldron became head of the
combined food and liquor units of
Became Pollster, Writer mented than most because in 1985

he allowed Sonny Kleinfield, a re-
porter at the New York Times, to
born Oct. 31, 1923, in Amsterdam,
N.Y. His father owned a small fac-
tory. Young Hicks was a so-so stu-
that cigarette company. He missed
being a CEO. “Once you get chief
executive in your blood,” he said,
shadow him for 10 months. dent. In his senior year, he fum- “it’s hard to get it out.”
A
s a Harvard University un- Saatchi for $13.5 million in 1984. Mr. Kleinfield’s book, “Staying bled a football in the end zone in So he grabbed the opportunity
dergraduate in the late By then, he had established him- at the Top,” depicts the Avon CEO the final game of the season. “So if to become CEO of Avon in 1983. He
1940s, recently returned self as a public-opinion pollster, as often distracted by minor is- you ask me when did I learn humil- bought companies operating nurs-
from U.S. Army service in Eu- working with publications includ- sues, such as the design of corpo- ity, that was when,” he told Mr. ing homes and providing supplies
rope, Daniel Yankelovich consid- ing the New York Times and Time rate name tags and faulty vacuum- Kleinfield. for people recuperating at home.
ered pursuing an academic career magazine, and as a “public intel- ing of a lobby, as he struggled He attended Green Mountain When results in the health-care
in philosophy. Then he discov- lectual,” as he put it, who eventu- with the bigger picture of a com- College and the University of Mich- units faltered, the company
ered that academic philosophy ally wrote more than a dozen pany that had lost its way. igan before transferring to the Uni- changed course and began selling
had little to say about how peo- books. He worried about some Avon versity of Minnesota and earning those operations. Mr. Waldron
ple should live their lives. He In 1975, he and Cyrus Vance employees’ preference for a his mechanical engineering de- gradually came to see the Avon la-
needed another plan. founded Public Agenda, a policy makeup-free look. “I think some of gree. Before marrying, he had to dies as the company’s best bet. In-
A knack for asking ques- research organization. He later our women could be better adver- borrow from his fiancée to buy her stead of selling everything door to
tions—and listening to the an- provided funding for the Yankel- tisements of our cosmetics busi- a ring. door, they sold more to working
swers—led Mr. Yankelovich to ovich Center for Social Science ness,” he groused. “We’re not run- He played fullback for his uni- women in the office.
what he called his “accidental Research at the University of Cal- ning a steel mill or a bank. We’re versity football teams in both Mr. Waldron is survived by his
profession” of market research. ifornia, San Diego. running a beauty company.” Michigan and Minnesota. While he second wife, the former Evelyn
He later set up his own firm and Mr. Yankelovich died Sept. 22 Anxious about kidnapping risks, was at Michigan, the team lost Rumstay, as well as a daughter
helped companies including Ford at his home in La Jolla, Calif. He he devised a secret code to com- 50-0 to Minnesota. After he trans- from his first marriage and two
Motor Co., General Mills Inc. and was 92. municate with his wife in an emer- ferred to Minnesota, his new team grandchildren.
the brewers of Schlitz beer fig- “It would be a far more conve- gency and advised his daughter was crushed 52-6 by Michigan. He liked golf and the occasional
ure out what people would buy. nient world for journalists if the not to use the family name. “The common denominator was surprise: His wife, Evelyn, some-
He warned clients not to seg- public wasn’t so ornery about He recognized the dangers of a Waldron,” he liked to quip. times arranged vacations and told
ment consumers into rigid types: how it goes about making up its fixation on short-term stock price After he graduated, the Navy him the destination only at the last
A buyer of cheap watches might mind,” he wrote in his 2015 book movements. “I have the sickness,” sent him to Cornell University for minute.
have expensive taste in wine. “Wicked Problems, Workable So- he confessed, adding that it could officer’s training. He served aboard
Mr. Yankelovich’s firm was sold lutions.” lead to “some pretty stupid judg- ships during World War II but was Read a collection of in-depth
to the advertising giant Saatchi & —James R. Hagerty ments,” such as slashing needed never sent into combat. The one profiles at WSJ.com/Obituaries
FROM PAGE ONE
TRADE tember Fed meeting.

That put pressure on govern-
ment bonds, whose fixed re-
turns are worth less in a
Continued from Page One higher-rate environment. The
the bets will pay off. yield on the 10-year Treasury
BRYAN R. SMITH/AGENCE FRANCE-PRESSE/GETTY IMAGES
Such wagers helped drive note, which rises as bond prices

major U.S. stock indexes to re- fall, climbed to 2.328% Friday
cords following the November from 2.122% at the end of Au-
election, but they faltered gust. Shares of utilities compa-
early this year. Uneven eco- nies in the S&P 500, considered
nomic data cast doubt on the bondlike because of their rela-
strength of the U.S. recovery, tively hefty dividends, lost 3%
while congressional gridlock over the same period.
led many investors to down- Meanwhile, the U.S. dollar,
grade expectations for policy which typically rises on pros-
change in Washington. By the pects of higher rates and a
end of the president’s 100th stronger economy, has re-
day in office, the Trump trade bounded, with the WSJ Dollar
looked done, many investors Index—a measure of the U.S.
and analysts said. currency against a basket of 16
“In the last month, the mar- The Russell 2000 small-cap index rose 6.1% in September. others—up 0.7% in September
ket seems to have completely following six consecutive
changed its mind about what’s dustrial stocks also lost some added that they expect inves- months of declines.
going to happen,” said Omar steam in early 2017 following tors to move from emerging- Despite the market’s reversal
Aguilar, chief investment offi- sharp gains after the election. market stocks to U.S. stocks, over the past few weeks, signs
cer for equities at Charles Goldman Sachs Group Inc. from multinational to domestic of skepticism abound. Some say
Schwab Investment Manage- said in a research note Monday companies and from large- to the shift is merely a rotation, a
ment. He said sectors that tend that its economists believe a small-capitalization companies chance for investors to cheaply
to do well in stronger economic tentative Senate budget deal if Congress makes headway on scoop up stocks that had fallen
conditions, like industrial and has increased the likelihood taxes. behind this year, while selling
financial stocks, are poised to that a tax overhaul will be Others attribute the market’s areas of the market in which
outperform. passed by 2018. Every percent- about-face to a consensus that they fear other traders have
Those who are buying stocks age point reduction in the tax the Fed will raise interest rates large and similar positions, pos-
now say a tax cut could prompt rate could boost the per-share once more this year. sibly reducing potential returns.
investors to sell bonds to buy earnings of the S&P 500 by a A measure of U.S. consumer “We’re still in a slow-growth,
other things. dollar, according to Goldman. prices jumped in August at the low-rate and tame-inflation en-
Bank shares have gained due The bank said its basket of fastest pace since January, the vironment,” said Michael
SAVE 20%
to expectations of rising rates, Labor Department said, a re- Arone, chief investment strate-
with the KBW Nasdaq Bank In- port some analysts said should gist at State Street Global Advi-
dex of large U.S. commercial reassure the Fed after a string sors. Mr. Arone said he believes
lenders rising 6.8% in Septem-
‘In the last month, of muted inflation readings. central banks will keep rates on Select
ber compared with the S&P the market seems to In September, a gauge used lower for longer, despite hinting
Shavers with
500’s 1.9% increase. Shares of by central bankers to project otherwise in recent months.
industrial companies in the S&P
have completely where they think interest rates In another sign of wariness, CODE:
changed its mind.’
500 have risen 3.8%. The Rus-
sell 2000 index of small-capital-
will go showed 12 of 16 offi-
cials expected at least one
fund flows show investors are
continuing to pour money into 20YANKEES
ization companies, perceived to
be some of the biggest benefi-
more rate increase this year
and most expect at least three
technology companies, which
are thought by some to offer at Checkout
ciaries of a tax overhaul be- stocks with the highest tax more next year. the best returns in a sluggish
cause of their relatively heavy rates rallied in the two weeks The revelation surprised economic environment.
tax burden, climbed 6.1%. ended Sept. 22 after underper- some investors who thought Mutual funds and exchange-
That follows a period of un- forming the S&P 500 for most the central bank would delay traded funds that invest in
derperformance for the Russell of the year. rate increases. Investors now technology stocks drew in
2000. After rising for 15 consec- J.P. Morgan Chase & Co. an- see a 78% chance of one or about $1 billion of inflows for
utive trading days in November, alysts opined similarly, saying more additional rate increases the week ended Sept. 20, the
notching several highs, the in- in a research note earlier in by the end of the year, accord- second largest inflows for the
dex fell behind the S&P 500 for September that “now is a good ing to federal-funds futures sector on record, according to WWW.AMAZON.COM/GP/ADLP/PANASONICGROOMING
ALL NEW YORK YANKEES TRADEMARKS AND COPYRIGHTS ARE OWNED BY THE NEW YORK
months and is now back at re- time to position for tax re- tracked by CME Group Inc., up data from fund tracker EPFR YANKEES AND USED WITH THE PERMISSION OF THE NEW YORK YANKEES.
cords. The rally in bank and in- form.” The bank’s analysts from about 50% before the Sep- Global.
A6 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * *** THE WALL STREET JOURNAL.
WORLD NEWS
Myanmar Child: ‘A Soldier Cut His Throat’
Rohingya refugees tell
of terror as military
raids villages, forces
thousands to flee
BY SYED ZAIN AL-MAHMOOD
TEKNAF, Bangladesh—
Twelve-year-old Sukhutara
CATHAL MCNAUGHTON/REUTERS; SYED ZAIN AL-MAHMOOD FOR THE WALL STREET JOURNAL (BELOW)
said she watched her family’s
final moments from a hiding
place in the bushes.
She had just finished taking
the cows to pasture that morn-
ing when soldiers in olive-
green uniform stormed her vil-
lage in Myanmar’s Rakhine
state. She said her absence
saved her life.
“The military shot my fa-
ther, and then as he lay on the
ground a soldier cut his
throat,” she said.
In a refugee camp on the
border, Sukhutara, who goes
by one name, sobbed as she
described how troops dragged
her mother and several other
women into a hut. She heard
screams from inside. Then the
soldiers came out and set the
hut ablaze.
In recent weeks, Myanmar’s
army has launched a counter-
insurgency in Rakhine, clear-
ing villages inhabited by the Rohingya refugees from Myanmar arrived on Thursday at a camp in Cox’s Bazar, Bangladesh. Below, 12-year-old Sukhutara recounted the violent killing of her family.
Rohingya Muslim minority and
prompting at least 500,000 do any kind of their accusa- close relatives: her parents,
CHINA
people to flee into Bangladesh, tions,” Col. Phone Tint, Myan- grandparents and four broth-
the United Nations said Thurs- mar’s border affairs minister, ers. Her uncle, Jahur Alam,
BHUTAN
day. The military and army- said in an interview. with whom she now lives in the
backed militias have killed Reports of atrocities have INDIA refugee camp, said there were
about 3,000 people, according pressured Ms. Suu Kyi, who in no militants in Tulatoli when
BANGLA.
to Bangladesh’s government a speech last week defended the army swept in on Aug. 30.
and rights groups. Myanmar’s treatment of Roh- Dhaka “If there were militants in
M YA N M A R
The U.N. Security Council ingya. (BURMA) the village, we would have fled
met Thursday to debate the A spokesman for Ms. Suu as soon as the troops ap-
crisis as a bipartisan group of Kyi said the military had con- Naypyitaw proached,” he said at a camp
senators in Washington urged ducted “clearance operations” RAKHINE in Bangladesh, his arm in a
the Trump administration to in accordance with its code of STATE sling after he was shot. “The
Bay of Bengal
help resolve it. “Despite inter- conduct and rules of engage- military killed the men, raped
Yangon
national condemnation, the ment. Anyone who wished to 200 miles the women, they threw little
Burmese authorities incredibly file a case against the military children into the water.”
continue to deny the atroci- could do so and it would be in- 200 km The numbers of Rohingya
ties,” they said in a letter. vestigated in accordance with THE WALL STREET JOURNAL. pouring into Bangladesh have
Aung San Suu Kyi, who leads the law, he said. overwhelmed aid services.
the government of Buddhist- Sukhutara’s account was cleansing.” “The army didn’t want to be Tulatoli, the village where Bangladesh says the refugees
majority Myanmar, says troops verified by other survivors Close observers of Myan- bogged down in a counterin- Sukhutara lived, was home to won’t be allowed to integrate
have been hunting militants of from her village who spoke to mar say the army’s operation surgency in Rakhine, taking ca- between 4,000 and 5,000 peo- into the community and that
the Arakan Rohingya Salvation The Wall Street Journal. Hu- was modeled on the “Four sualties over a number of ple before the massacre. It was Myanmar must take them back.
Army who attacked police posts man Rights Watch and Am- Cuts” strategy former dictator years,” said Richard Horsey, an victim to among the worst vio- Political analysts and hu-
and an army base Aug. 25. nesty International say there is Gen. Ne Win employed against independent political analyst lence in the military’s cam- man-rights activists say the
Myanmar rejects survivors’ evidence of such atrocities. rebels in the 1970s: targeting in Myanmar. “They were per- paign, with witnesses saying Rohingya face a bleak future in
accounts that the military The United Nations’ human- civilian areas to deny insur- fectly willing to destroy entire that at least several hundred the overcrowded camps where
committed rape, murder, and rights chief has described the gents food, funds, recruits and villages to deny safe haven to people were killed. there will be little prospect for
torched villages. “We did not army’s clearances as “ethnic information. the fighters of ARSA.” Sukhutara said she lost eight employment or education.
Bali Anxiously Watches a Volcano Stampede at Station

BY JON EMONT Kills 22 in Mumbai
Mount Agung, a giant BY CORINNE ABRAMS malls, bars and restaurants.
stratovolcano that dominates AND VIBHUTI AGARWAL As with most of the country,
northern Bali’s landscape, is public infrastructure such as
likely to blow, according to In- MUMBAI—A stampede on a roads, sidewalks and train sta-
donesia’s national volcano pedestrian overpass at a train tions has struggled to keep up
monitor. But nobody knows station in India’s financial cap- with the demand that has
when. ital killed at least 22 people sprouted up in small pockets of
The volcano last erupted in and injured more than 35 oth- new wealth. India’s fast-paced
1963, when local scientists ers Friday. growth in recent years has
lacked the technology to pre- The accident occurred as a brought new jobs and people to
dict volcanic outbursts, killing throng of commuters pushed Mumbai, a megacity of more
more than 1,000 people. This their way through the narrow than 18 million people.
time, Indonesia is using mod- bridge and stairways of an So many people are stuffed
AGOES RUDIANTO/NURPHOTO/ZUMA PRESS
ern seismic and satellite overpass connecting Mumbai’s onto trains in Mumbai that of-
equipment to monitor the busy Parel and Elphinstone ficials coined a term to de-
mountain. Road train stations about scribe the crowds—often at
Even with such technology, 10:45 a.m., railway authorities 2.5 times capacity—that now
volcanologists say it is impos- said. ride at peak hours: superdense
sible to predict exactly when “The stampede occurred crush load. The same over-
the volcano will blow. Mean- due to overcrowding and crowding happens at the sta-
while, the risk of an eruption heavy rainfall,” said Anil Ku- tion platforms and stairwells.
keeps farmers from their fields mar Saxena, spokesman for In- The result is that Mumbai
and threatens to squeeze Bali’s dian Railways, adding that the trains kill thousands of people
tourism industry. panic may have been triggered a year. Hundreds are run down
Indonesia’s national volcano Indonesia’s Mount Agung last erupted in 1963. Scientists fear another eruption may be imminent. after someone yelled that the scrambling across the tracks
monitor has said that an erup- path was falling. or falling off trains and plat-
tion may be imminent but that TV footage showed a tangle forms bursting with people.
the current seismic activity Shaking Up History what is thought to be the larg- that killed nearly 100,000 peo- of fallen victims—piled at least Friday’s accident, however,
could continue for weeks. It is est eruption in human history. ple. Ash from the eruption led to four people deep—stuck on the was a rare example of a mass
difficult to estimate timing, in a gloomy summer in Europe, in- stairs, and people carrying death. Piyush Goyal, India’s
part because modern equip- Samalas, 1257: A volcano spiring Mary Shelley to begin bodies away from the crush. railways minister, tweeted that
ment wasn’t available to mea- Though Agung’s eventual on Lombok island, just east of writing ‘Frankenstein.’ The two stations are among he ordered an inquiry. Mr.
sure the last eruption, so sci- eruption isn’t expected to be Bali, erupted, sending sheets of Mumbai’s busiest. They sit in Goyal took over as railways
entists don’t know how felt much beyond the island, ash as far as Antarctica. The Krakatau, 1883: A massive the middle of one of the most minister in September after a
current activity compares with some Indonesian eruptions have eruption was recently linked to series of eruptions destroyed rapidly developing areas of the series of train derailments led
the lead-up to past eruptions. altered the course of history. widespread famine the follow- the small island of Krakatau city. The neighborhood, once to his predecessor’s departure.
“Managing the crisis at ing year in England. and turned European sunsets defined by abandoned textile Prime Minister Narendra
Agung is a new thing,” said Toba, some 75,000 years bright red for months, lowering mills, has in the past decade Modi has pledged to modernize
Devy Syahbana of Indonesia’s ago: A volcano in North Suma- Tambora, 1815: A volcano global temperatures by more transformed into a business India’s rail network. In Septem-
Center for Volcanology and tra released 2,000-3,000 cubic erupted on the Indonesian island than 2 degrees Fahrenheit the and entertainment hub full of ber, he launched construction
Geological Hazard Mitigation. kilometers of ash into the air, in of Sumbawa, creating a tsunami next year. office towers, condominiums, of India’s first bullet train.
“There was no instrumental
documentation before the
eruption of Agung in 1963.” crater, again implying that like Agung. when an eruption will occur,
When Agung began belch- magma is pushing upward. The most recent official no- even in situations like the cur-
ing steam and sulfuric gas a Meanwhile, tiltmeter data, tice warns that the magnitude rent one, where they believe
week ago, prompting the evac- which measure deformation in of earthquakes beneath the an eruption is likely.
uation of more than 130,000 the volcano’s shape, suggest volcano is increasing and that Because of the uncertainty
Balinese, the island’s volcanol- the mountain is inflating with “the probability of an eruption about timing, some Balinese
ogists had already begun de- magma. As magma and sulfu- is higher than the probability farmers are entering the erup-
tecting tremors beneath the ric gases push toward the of no eruption.” tion zone during the day to
BI XIAOYANG/XINHUA/ZUMA PRESS
base of the volcano. peak, pressure builds, eventu- Independent experts, less tend to their land, according
Recent seismographic mea- ally leading to an explosion. cautious, say that an eruption to Hevy Umbara, a geologist
surements indicate earth- Scientists say an eruption is imminent. “It’s much more volunteering near Mount
quakes are rising closer to the of Agung would lead to pyro- likely to keep going now then Agung to warn locals of the
base of the volcano, suggest- clastic flows that would kill to stop,” said Richard Arculus, dangers of returning to their
ing that red-hot magma is anyone in their path and dev- an emeritus professor of geol- fields. “I worry farmers will
coursing up through the astate farmland, as happened ogy at Australian National become victims,” he said. “We
mountain. Satellite data tell a in 1963. Such flows—made up University. need a solution so that farm-
similar story, showing new of gas, ash and rock—are pro- But scientists say they lack ers don’t enter the danger
thermal areas in the summit duced by composite volcanos the tools to predict precisely zones.” A man injured by the stampede at the Mumbai station Friday.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | A7
WORLD NEWS
WORLD
WATCH
Iraq Imposes Flight Ban After Kurd Vote
Iraq imposed a flight ban TURKEY
on its semiautonomous Kurd-
CANADA ish region on Friday, retaliat- SYRIA IRAN
ing against a landmark refer-
Police Seek Arrest endum this week in which the Mosul
Of Vatican Diplomat Kurds voted overwhelmingly

to secede from the rest of the Hawija Kirkuk
Canadian police issued an ar- country.
rest warrant for a Vatican diplo-
IRAQ
mat who was recently recalled By Isabel Coles in Erbil, Tikrit
from a posting at the Holy See’s Iraq, and Ghassan
U.S. Embassy after allegedly up- Adnan in Baghdad
loading child pornography to a Baghdad
social network while in Canada Prime Minister Haider al- 100 miles
last year. Abadi’s office said the ban was 100 km
Police in Windsor, Ontario, aimed at reimposing federal
THE WALL STREET JOURNAL.
said they have issued a nation- government authority there
wide warrant for the diplomat, after the referendum, not at
OLIVER WEIKEN/DPA/ZUMA PRESS

Msgr. Carlo Alberto Capella, 50. blockading the region. Muslim extremist group.
The Vatican has said Msgr. The Kurdish government re- Up to 85,000 civilians re-
Capella is in Vatican City. He has fused to comply with the ban. mained trapped in Hawija and
submitted to house arrest, ac- But it wasn’t clear what prac- the surrounding area without
cording to a person familiar with tical measures Kurdish offi- access to adequate food,
the situation. cials could take. Baghdad con- drinking water or medicine,
—David George-Cosh trols the airspace around the the Norwegian Refugee Coun-
Kurdish region’s airports and cil said last week.
international airlines already Even if Islamic State loses
ASIA canceled flights to the regional Kurdish soldiers recently outside Hawija, Iraq, one of ISIS’s remaining strongholds in the country. all of its territory, cooperation
capital of Erbil at Baghdad’s between the myriad forces
Trump Plans 12-Day request. The ban doesn’t apply unilaterally from the Kurdish countries to form an indepen- State militants from their two fighting it will be critical as
Trip Through Region to domestic flights. region. The Iraqi parliament dent nation. remaining strongholds in the the militants are expected to
The flight ban is the first on Wednesday authorized Mr. Kurds protested the ban country. The military has algo underground and morph
President Donald Trump will concrete retaliatory measure Abadi to deploy troops to re- outside the Erbil airport Fri- ready retaken more than 100 into a more conventional in-
travel to South Korea, Japan and against the referendum after take disputed territories held day. A day earlier, flights were villages on the approach to surgency.
China in a 12-day swing through Baghdad threatened to isolate by the Kurds. full as people scrambled to get Hawija, Iraq’s military said. Hawija is near the city of
Asia later this year, his first trip and economically cripple the The U.S. also warned the home before the ban started. Islamic State’s only other Kirkuk, which lies at the heart
to the continent as president, Kurdish region in response to referendum was undermining The longstanding dispute major stronghold in the coun- of disputes between the Bagh-
the White House said Friday. what it called a threat the the final stages of Iraq’s war between Kurdish leaders and try is in the western province dad government and the
Mr. Trump and first lady country’s stability. against Islamic State, in which Baghdad over autonomy has of Anbar, where Iraqi forces Kurds. Kurds took full control
Melania Trump will also visit Baghdad’s military also said Kurdish forces have played a heated up as the war against recently began to drive the of oil-rich Kirkuk in 2014,
Vietnam, the Philippines and Ha- on Friday it would take con- primary role. Islamic State enters its final militants out. when Iraqi forces abandoned
waii, the White House said, add- trol of borders with Iran and Monday’s vote didn’t auto- stages in Iraq. “The end of Daesh gangs is their positions there as Is-
ing that Mr. Trump will discuss Turkey that the Kurds cur- matically confer statehood. Iraqi forces began an as- very soon,” Mr. Abadi said in lamic State blitzed through
the North Korean nuclear threat rently control. It has also Kurdish leaders now claim a sault on the city of Hawija in a announcing the start of the of- the country.
and trade. urged other countries not to mandate to start negotiations dawn offensive on Friday, part fensive on Hawija, using an —Ali Nabhan
—Rebecca Ballhaus buy oil produced and exported with Baghdad and neighboring of an effort to rout Islamic Arabic acronym for the Sunni contributed to this article.
MEXICO
Building Practices
Probed After Quake
Bomber Targets Kabul Mosque on Eve of Shiite Holy Day
BY HABIB KHAN TOTAKHIL The Taliban, which has Afghanistan’s Interior Minis- to escalate calls by the coun- 15% of Afghanistan’s over-
Mexico City Mayor Miguel Án- AND CRAIG NELSON waged a 16-year insurgency try, Najib Danish, said the at- try’s minority Shiite commu- whelmingly Sunni population
gel Mancera said local authorities against the central govern- tacker was headed for the nity for more police and army of around 30 million.
are investigating more than 80 KABUL—Just days before ment and its foreign support- crowds flooding from the Hus- protection or, failing that, lead The bombing follows an at-
cases linked to defective con- Afghanistan’s Shiite Muslims ers, denied responsibility for sainia mosque at the end of to the formation of more Shi- tack by militants this week on
struction in collapsed or damaged mark the most important the bombing, which occurred Friday prayers when he was ite militias. Kabul’s international airport,
buildings in the wake of a deadly event on their sect’s religious in the run-up to the commem- stopped at a checkpoint 200 Amid fears the Taliban or an assault the Taliban said had
earthquake on Sept. 19. calendar, a man wearing an oration of Ashura on Sunday. yards away. Blocked from his Islamic State would carry out targeted U.S. Defense Secre-
At least 355 people, including explosives vest blew himself Islamic State, another mili- destination, he triggered his attacks to coincide with Ashura tary Jim Mattis, who was vis-
more than 200 in Mexico City, up near a crowded Shiite tant Sunni fundamentalist vest, Mr. Danish said. observances, authorities or- iting to discuss President Don-
were killed in the quake. Hun- mosque in central Kabul on group operating in Afghanistan, The government of Presi- dered more security around ald Trump’s South Asia
dreds of buildings in the capital Friday, killing at least six peo- didn’t comment on the attack. dent Ashraf Ghani had no im- Shiite neighborhoods and strategy. The Pentagon chief
and nearby states were damaged. ple and wounding 14 others, The carnage could have mediate response to Friday’s mosques across the country. had already departed the air-
—Dudley Althaus Afghan authorities said. been worse. A spokesman for bombing. The attack is likely Shiites represent an estimated port at the time of the attack.
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A8 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * ******* THE WALL STREET JOURNAL.
WORLD NEWS
Strife Looms
Over Catalan
Referendum
BY JEANNETTE NEUMANN
lans backed independence, the
BARCELONA—Catalan sepa- most recent figures available
ratists on Friday vowed to from the region’s survey
press on with an independence agency. Around half then sup-
PAU BARRENA/AGENCE FRANCE-PRESSE/GETTY IMAGES

referendum despite govern- ported holding a referendum,
ment efforts to block the bal- even if Madrid opposed it.
lot, setting the ground for a Some 5.3 million Catalans
potentially chaotic vote on are eligible to vote, regional
Sunday and bringing to a head officials say. But the ballot is
a confrontation that has been likely to lean toward voters
looming for years. willing to defy the govern-
Dreams of independence ment’s blockade. Opponents of
many Catalans have sustained independence have said they
for decades will be tested in would boycott the vote.
the referendum that reflects Mr. Rajoy, head of the con-
the deep fault lines in Spanish servative Popular Party, has
identity and the centrifugal steadfastly repudiated de-
forces still at play in Europe. mands from Catalonia, where
If the fissures widen further he is deeply unpopular. Police try to stop people from occupying a Barcelona school designated as a polling station for a secession vote Madrid has barred.
and tip into mass civil disobe- “That which is not lawful is
dience, they could overwhelm not democratic,” Mr. Rajoy
Prime Minister Mariano Ra- said in September. “We are de- Leader Gambles deep believer in the uniqueness skewed toward pro-indepen- that could lead not only to Cat-
joy’s fragile government and fending a fundamental princi- of Catalonia’s heritage and his- dence supporters willing to alonia failing to achieve inde-
sap confidence in Spain as one ple of our coexistence: the will On Secession Vote tory. He burst onto the national brave police blockades, a vote pendence, but ultimately jeopar-
of Europe’s brightest postcri- to decide the future of our stage last year after pro-inde- for secession is likely. Mr. Puig- dize its prized autonomy.
sis economic stars. country among all of us.” pendence parties won a major- demont has promised to unilat- Spain took control of Cata-
The Spanish government Critics say Mr. Rajoy could Carles Puigdemont was ity of seats in Catalonia’s re- erally declare Catalonia an inde- lonia’s finances in September to
deems Catalonia’s vote illegal have stalled the independence about 20 years old when Span- gional legislature and chose him pendent republic within 48 prevent the government from
because it violates the constitu- movement’s momentum by ish police stopped his car. He ad- as president of the region to hours after the vote. using public funds for the refer-
tion’s promise of “indissoluble making Catalan an official lan- dressed them in Catalan, the break a deadlock among the The president hasn’t endum, and could take further
unity.” It has arrested pro-inde- guage of Spain, not just of Cat- tongue of his home region of groups, even though he was flinched in the face of authori- action to curtail the region’s
pendence leaders, frozen the alonia, for instance, or support- Catalonia and an official language seen as far down in the line of ties’ efforts to stop the ballot- powers if it declares indepen-
ing a way to allow Catalonia to in Spain, so instead of one ticket, succession to lead his party. ing, including threats that Ma- dence.
legally hold a vote. He says the he recalls, they gave him two. He has since then defied drid could remove or jail him. Amid the firestorm he has
secessionists’ determination to “They said to me, ‘If you the Spanish state by pressing “He has talked with his wife help spark, Mr. Puigdemont re-
2,315
Number of polling stations that
hold a referendum has made
talks impossible. There have
been no formal negotiations be-
tween Madrid and Barcelona,
hadn’t spoken Catalan, this
wouldn’t have happened,’ ” Mr.
Puigdemont said.
Now 54, Mr. Puigdemont
toward a vote it has deemed il-
legal and is actively trying to
block. The once-marginal politi-
cal cause he espouses has pro-
and daughters about the possi-
bility of being imprisoned,” said
Carles Porta, a longtime friend.
Critics say Mr. Puigdemont’s
mains staunch in his conviction
that Catalonia’s future is as an
independent republic. “Indepen-
dence motivates me because it
Catalan officials say will be open Catalonia’s capital, since Mr. heads Catalonia’s campaign to pelled Spain into a full-blown push has riven Catalan society allows me to be that which I
Rajoy took power in 2011. break free of Spain. A former institutional and political crisis. and unnecessarily spun the re- am,” he said.
Spanish authorities’ heavy- journalist, Mr. Puigdemont is a Since the ballot will be gion into an institutional crisis —Marina Force
handed tactics are fanning the
regional government’s spend- flames of independence senti-
ing authority, and sent thou- ment, some say. secession on the table for
sands of police officers to the Josep Batet, a 49-year-old years to come, analysts say. Head of the Pack
northeastern region to ensure automotive worker, said the Some Catalans are fed up Catalonia has been an economically strong area when compared with the rest of Spain.
schools and other public places central government’s response with what they see as exagger-
aren’t used as polling stations. reminds him of the crackdown ated claims on the part of sep- GDP per capita in 2016
Catalan officials said voters his region faced under Fran- aratists that the rest of the
would still be able to cast their cisco Franco, Spain’s longtime country disregard their fi- $20,000 $24,000 $28,000 GDP per capita
ballots on Sunday at 2,315 dictator. “I thought it would nances and culture. B ASQU E €30,000
CAN TA B R I A C OU N T RY
polling stations by placing pa- never happen again,” Mr. Batet “I don’t feel oppressed. Cat- Catalonia
AST U R IAS NAVA R R E
per ballots into plastic ballot said. An independent Catalo- alonia is part of a democratic CATA LONIA 25,000
boxes. “Have no doubt there nia “is the only solution I see.” state,” said Carlos Rivadulla, G ALIC IA
are alternatives,” Catalan Vice Even if Spanish authorities an entrepreneur in Barcelona. CAST ILE
President Oriol Junqueras told manage to suppress turnout, “Imagine the congress of Texas AN D LEO N
20,000 Spain
reporters with a sly smile. Catalan separatists could de- saying the American Constitu- LA R I O JA
A RAG ON
The standoff over Catalonia’s clare independence soon after. tion no longer exists in Texas.”
status has moved from the mar- They have threatened to hold Unionists emphasize that M ADR ID 15,000
gins of political debate to cen- a general strike, and hundreds the Spanish kingdom has ex- BA L E A R I C
ISLANDS
ter stage only in recent years. of thousands of protesters isted since the 15th century, 10,000
CASTILLA LA VA L E NC I A
Secession became more alluring could spill out into the streets, but Spain has long struggled EXT R EM ADU RA M AN C HA
to Catalans during Spain’s eco- possibly for days on end. to respond to regionalist de-
nomic downturn, when resent- Spanish officials have said mands coming from some of 5,000
ment over the distribution of they could remove the region’s its 17 autonomous regions. M U RC I A
tax revenue from the wealthy leader and other officials, ef- Franco tried to forge a uni- CA NARY ISLANDS
AN DALUSIA
CUE TA
0
region to poorer areas melded fectively taking control of defied Spanish identity through
M E L I L LA 2007 2010 ’16
with long-held grudges over the cision making in Catalonia. repression, but separatist sen-
place of Catalan language and Elections would likely follow timent has been an Achilles’
culture in Spain. and pro-independence parties heel since the country returned Note: €1 = $1.18
In June, about 35% of Cata- could gain ground—keeping to democracy in the late 1970s. Source: Spain’s National Statistics Institute THE WALL STREET JOURNAL.
After Years of Crises, EU Leaders See Confidence, Unity

BY VALENTINA POP crisis and later, by Russia’s in- had visibly changed even if dif- yond the next few months. prosecutor able to fight ter- recent EU gatherings to think
tervention in Ukraine, terrorist ferent views remained on the There are ideas already in rorism and organized crime. about the future, British Prime
TALLINN, Estonia—The Eu- attacks and the unprecedented bloc’s future. the works, such as an increase Mr. Juncker has proposed Minister Theresa May was in-
ropean Union is officially out wave of migrants and refugees Leaders “were pretty much to the common EU defense scrapping the double-headed vited—and she came, hammer-
of crisis mode, EU leaders from the Middle East who en- all on the same page, so I was budget that countries would leadership of the EU and cre- ing home her promise the U.K.
signaled at a summit in the tered the bloc in 2015. very pleased with the debate,” be able to tap when jointly ating a single EU president will remain a close partner on
Estonian capital on Friday, Last year, the U.K.’s vote to said European Commission purchasing military hardware, while Mr. Macron is talking of security and defense issues.
where they addressed over- leave the bloc and the rise of President Jean-Claude Juncker. harmonizing asylum proce- halving the number of EU Mrs. May abided by sugges-
hauls to reshape the bloc nationalist, anti-EU politi- The re-election of German dures and expanding the EU’s commissioners. tions from Brussels that she
once Britain leaves. cians seemed to leave the EU Chancellor Angela Merkel and border protection force. Leaders agreed in Tallinn to avoid using Thursday’s dinner
Over the past seven years, on the brink. the recent speeches of Mr. There are also more far- hold monthly summits through to push her proposals on
EU leaders have stumbled But at a four-hour dinner on Juncker and French President reaching changes: a eurozone the rest of this year to work Brexit although the British
from emergency summit to Thursday night and discussion Emmanuel Macron setting out budget with its own finance on these ideas. prime minister held a number
emergency summit, initially Friday on fostering the bloc’s post-Brexit visions gave a new minister, a European Monetary Even Brexit didn’t sour the of bilateral meetings on the
caused by the global financial digital innovation, the mood impetus to leaders to think be- Fund for debt crises and a mood in Tallinn. Unlike other sidelines.
FROM PAGE ONE
UBER A SoftBank spokesman de-

clined to comment.
Benchmark, which owns
13% of Uber, has pushed the
cused on business services.
She is a director for American
Express Co., Nestlé SA, Exxon
Mobil Corp. and Datto Inc.
Continued from Page One new voting structure as a Mr. Thain, 62, who helmed
voting power. means to limit Mr. Kalanick’s CIT for five years, was for-
PATRICK T. FALLON/BLOOMBERG NEWS
“I am appointing these grip on the board and em- merly CEO of the New York
seats now in light of a recent power later-state sharehold- Stock Exchange and Merrill
board proposal to dramatically ers, viewing it as a critical Lynch leading up to the lat-
EDUARDO MUNOZ/REUTERS
restructure the board and sig- first step before it weighs the ter’s $50 billion sale to Bank
nificantly alter the company’s SoftBank deal, according to of America Corp. in 2008. At
voting rights,” Mr. Kalanick people familiar with the mat- CIT, he oversaw the $3.4 bil-
said in the statement. “It is ter. Uber’s early investors, in- lion acquisition of OneWest
therefore essential that the cluding Benchmark, First Bank NA’s parent and serves
full board be in place for Round Capital, Menlo Ventures now on the board of the en-
proper deliberation to occur, and Lowercase Capital hold dowment of the Massachusetts
especially with such experi- Uber’s newest directors: Former Xerox CEO Ursula Burns and former CIT Group CEO John Thain. outsize voting power relative Institute of Technology.
enced board members as Ur- to their stakes. The appointments fill out
sula and John.” Uber said in a statement mark didn’t immediately re- ter. SoftBank is seeking to ob- Ms. Burns, 59 years old, the board to 11 seats, leaving
Benchmark sued Mr. Kalan- that the appointments of Ms. spond to a request for com- tain two board seats of its own was CEO of Xerox for seven open the question of where
ick in August to return to Burns and Mr. Thain to the ment. and a 17% to 22% stake years until last year when she Uber will place a new indepen-
board control the two seats he board “came as a complete While Benchmark and Mr. through a tender offer to ex- stepped down. One of the dent chairman. It was man-
oversees and his own, arguing surprise,” adding: “That is Kalanick face off, Uber’s board isting Uber shareholders and most prominent African- dated to do so as part of a re-
he reneged on an agreement precisely why we are working and new chief executive, Dara at least a $1 billion direct in- American businesswomen in port from ex-U.S. Attorney
to relinquish them when he to put in place world-class Khosrowshahi, are weighing vestment, the people said. the U.S., she spent more than General Eric Holder whose law
stepped down in June. Mr. Ka- governance to ensure that we an investment from a consor- But the tender offer would three decades with the com- firm conducted a monthslong
lanick was pushed out by a are building a company every tium led by Japanese tech in- represent a discount of 30% or pany and helped orchestrate probe after a former software
group of investors who backed employee and shareholder can vestor SoftBank that could to- more from Uber’s last valua- its split into two companies engineer accused Uber with al-
a resignation letter for him be proud of.” tal $10 billion, according to tion of almost $70 billion, the earlier this year, resulting in lowing a culture of sexism and
drafted by Benchmark. A representative for Bench- people familiar with the mat- people said. the new Conduent Inc. fo- sexual harassment.
WORLD NEWS
Cuba Health Mystery Leads to U.S. Pullout

Embassy staff is cut to harm,” Secretary of State with Cuba, said the drawdown House on Friday, said, “They
Rex Tillerson said in a state- shows “just how untrust- did some bad things in Cuba.”
as Washington probes ment. worthy and malicious the Cas- The attacks could be the
cluster of illnesses The warning advising tro regime is” and urged the work of hard-line elements of
Americans not to travel to State Department to take fur- the Cuban regime opposed to
ADALBERTO ROQUE/AGENCE FRANCE-PRESSE/GETTY IMAGES

from ‘targeted attacks’ Cuba was issued because offi- ther steps. the rapprochement between
cials said they have no way to Cuba and the U.S. reopened the two countries, said Brian
BY FELICIA SCHWARTZ guarantee travelers’ safety. embassies in each other’s capi- Latell, a retired CIA analyst
“The department doesn’t tals in the summer of 2015 af- who wrote a book about Raúl
WASHINGTON—The State have definitive answers on the ter they had been closed for Castro, Cuba’s president.
Department is cutting more cause or source of the attacks more than 50 years. President “It could be a rogue ele-
than half of its staff from the and is unable to recommend a Barack Obama loosened trade ment in the Cuban intelligence
U.S. Embassy in Havana and means to mitigate exposure,” and travel restrictions as part services,” said Mr. Latell, who
warning Americans against Mr. Tillerson said. of the normalization push, now teaches at Florida Inter-
traveling to Cuba, as Washing- U.S. officials are referring though President Donald national University. “The hard-
ton investigates a mysterious to the illnesses as targeted at- Trump moved earlier this year liners are not happy with
rash of illnesses that has left tacks because all of the Ameri- to tighten them. Raúl’s policy and want to un-
more than 20 diplomats with cans who have been stricken Some career diplomats in dermine the relationship.”
dizziness, concussions, hearing are affiliated with the em- Havana and Washington op- A Cuban American busi-
loss and other symptoms. bassy. A small number of Ca- posed the decision announced nessman with ties with the re-
The embassy cut comes as nadian diplomats have re- The U.S. Embassy in Havana, Cuba, on Friday. At least 21 staff Friday, saying American diplo- gime agreed.
investigators scramble to fig- ported similar symptoms. No members have fallen ill with dizziness and other symptoms. mats take risks all over the “Nothing happens in Cuba
ure out what and who is be- American travelers have been world and want to continue without the intelligence ser-
hind what officials are de- affected, officials said. found. The combination of said the attacks appear aimed their work. vice knowing about it,” he
scribing as “targeted attacks” Cuban officials expressed symptoms makes it unclear at disrupting the effort to nor- “To say, ‘Oh well, let’s just said, adding the incident could
in hotels and residences that dismay over the U.S. decision. that such a device could be the malize ties between the U.S. take the flag down,’ that’s just be tied to a behind-the-scenes
have affected the health of at “We consider that the deci- cause. and Cuba. a recipe for abdicating Amer- struggle over who will succeed
least 21 U.S. government em- sion announced by the Depart- State Department officials “Someone or some govern- ica’s global leadership Mr. Castro if, as he has an-
ployees. The U.S. hasn’t ment of State is hasty and that said that they haven’t ruled ment is trying to reverse that role….That is not a good idea,” nounced, he steps down as
blamed Cuba for the illnesses. it will affect the bilateral rela- out the possible involvement process,” Mr. Leahy said. “We said Ambassador Barbara Ste- head of state in February.
“Until the government of tions,” Josefina Vidal, the gen- of a third country and that should do all that is possible phenson, president of the The health episodes began
Cuba can ensure the safety of eral director for U.S. affairs in Cuba is cooperating in the in- to minimize the effects of American Foreign Service As- late last year, as the Obama
our diplomats in Cuba, our Cuba, said in a statement. vestigation. Cuban officials these protective steps on our sociation, the union that rep- administration was moving to
embassy will be reduced to Some U.S. officials have said earlier this week that diplomacy and on our ability resents foreign-service offi- solidify a normalization of ties.
emergency personnel in order suggested a sonic device might they haven’t identified a to assist Americans in Cuba.” cers. —Aruna Viswanatha
to minimize the number of be responsible for the attacks, source or cause of the attacks. Sen. Tom Cotton (R., Ark.), Mr. Trump, speaking to re- and José de Córdoba
diplomats at risk of exposure but no such device has been Sen. Patrick Leahy (D., Vt.) who opposed normalizing ties porters outside the White contributed to this article.
A Security Puzzle
Rises to the Sky
Above Beijing
BY DOMINIQUE FONG The Beijing party secretary
who approved the tower left
BEIJING—Construction at office in May. In the past few
the top of the tallest building months, government officials
in China’s capital has stalled have started to rethink the top
because of government secu- level, studying whether to put
rity concerns, according to film over the windows, bullet-
people involved in its design proof the glass or remove the
and construction, in a new ex- observation deck altogether,
ample of how China’s passion the people involved said.
for skyscrapers is cooling. The final steel beam was
Government officials have hoisted atop China Zun in Au-
halted work on the planned gust, according to the Beijing
observation deck on China Zun government’s website. In a de-
Tower’s 106th floor because of parture from industry practice,
concerns that visitors would the developer, state-owned
be able to see into the com- banking and investment firm
JASON LEE/REUTERS
pound where Communist Party Citic Group, didn’t have a top-

leaders live and work, accord- ping-out ceremony.
ing to the people involved. The tower’s structure is
The security push goes be- complete. Windows wrap
yond China Zun. The city said around the bottom two-thirds
on Wednesday that it would of the building, but above it is Work on China Zun Tower, seen here rising above Beijing in August, has stalled as officials fret about what can be seen from the top.
limit the height of buildings in bare bones and the building’s
its center—offering no details interior has yet to be fitted out. While China once gushed
but citing the need to “safe- Vincent Tse, a China man- over trophy towers that Party Purges Official erning Politburo—ending the ca- among other wrongdoing, ac-
guard the security of the cen- aging director for WSP Global helped put its fast-growing reer of a party stalwart once cording to the official Xinhua
tral-government environ- Inc., which is in charge of megacities on the world Ahead of Congress seen as a possible successor to News Agency. Mr. Sun’s case
ment.” The plan includes the China Zun’s gut interior, said map—including ones shaped Mr. Xi before being placed un- will be handed over to prosecu-
district where China Zun sits. he couldn’t comment because like eggs, coins and teapots— der probe in mid-July. tors, Xinhua said. He couldn’t
Security measures have in- of a nondisclosure agreement their popularity has waned. BEIJING—China’s Commu- Mr. Sun’s downfall echoes be reached to comment and it
creased in the capital ahead of with Citic. “What they’re go- Mr. Xi in late 2014 issued a nist Party expelled a senior of- the 2012 purge of a predeces- wasn’t clear if he had legal
the Communist Party Congress ing to do at the top, we don’t call to stop the construction of ficial over alleged corruption sor, Bo Xilai, who was Chong- counsel.
that starts Oct. 18, a twice-a- know,” he said. “strange-looking” buildings. and abuses of power just qing’s party chief when he fell “The timing of Sun’s expul-
decade conclave at which Pres- Neither Citic Group nor Bei- China Zun was designed to weeks before a pivotal conclave from grace amid corruption al- sion is meant by Xi to send a
ident Xi Jinping is expected to jing’s city government and look like an ancient wine ves- where President Xi Jinping legations and a murder scandal message, that he won’t trust
consolidate his authority. The planning agency responded to sel, a zun, used in rituals such plans to bolster his authority. involving his wife. and promote any official whose
Congress takes place near the requests to comment. A repre- as honoring the dead and to State media said Friday’s Party investigators accused loyalty to him is in doubt,” said
leadership compound, at the sentative at Beijing Institute symbolize the character’s expulsion of Sun Zhengcai, the Mr. Sun of accepting bribes, Willy Lam, an expert on elite
Great Hall of the People. of Architectural Design said he meaning, “to respect.” It sits 54-year-old former top official misusing his powers to enrich Chinese politics at the Chinese
The 528-meter (1,732-foot), wasn’t able to comment. across from the iconic head- in the megacity of Chongqing, his relatives, laziness and inac- University of Hong Kong.
hourglass-shaped China Zun China Zun can be seen from quarters of state broadcaster was ordered by the party’s gov- tion, and trading power for sex, —Chun Han Wong
Tower was designed by New almost anywhere in Beijing, China Central Television, nick-
York-based Kohn Pedersen including the Forbidden City, a named “Big Pants” for its re-
Fox Associates with a local tourist destination just east of semblance to two entangled developer of the building, about 5 miles from Zhongnan- World Trade Center’s 80th
partner, state-owned Beijing the closed-off government trouser legs. which has had trouble attract- hai. Visitors can enjoy expan- floor. From these two vantage
Institute of Architectural De- compound, Zhongnanhai. Safety has been another ing tenants, warned against sive views of the Beijing city- points, even on a clear day, the
sign (Group) Co. Renderings The complex, whose name concern around skyscrapers. “ghost towers” and an over- scape from some of these grounds of Zhongnanhai are
include an observation deck means “central and southern Last year a glass panel fell off supply of skyscrapers. towers, including the bars on out of view.
with floor-to-ceiling windows seas,” was an imperial garden Shanghai Tower and injured a China Zun sits among a the 65th floor of the Park —Liyan Qi
wrapping the top floor. in ancient times. driver. A few weeks later, the cluster of other tall buildings Hyatt hotel and on the China contributed to this article.
BIRDS “They’re really the kings of

the air in Australia,” said Todd
Katzner, a biologist and eagle
expert at the U.S. Geological
end up in pieces on the
ground,” he said.
In 2015, Andrew Chapman, a
co-owner at Australian UAV, was
garoos off the road. But he was
concerned it would be cumber-
some on the drone and may not
ward off eagles anyway.
Continued from Page One Survey in Boise, Idaho. “There’s mapping a quarry and landfill Instead, Mr. Steven and
a bird to damage. “It ended up nothing out there that can site near Melbourne, and fig- other drone operators make use
being a pile of splinters.” compete with them.” ured it was close enough to the of another weapon: time. The
Weighing up to nine pounds The problem is growing city that an eagle attack was un- eagles are less active in the
with a wingspan that can ap- more acute as Australia makes likely. But when the drone was early morning, because the
proach eight feet, the wedge- a push to become a hot spot for about half a mile away, an eagle thermals—columns of rising
tailed eagle is Australia’s largest drones. One state, Queensland, “materialized out of thin air and air—they use to fly don’t de-
bird of prey. Once vilified for recently hosted the “World of knocked out the drone,” Mr. velop until later in the day after
killing sheep and targeted by Drones Congress” and last year Chapman said. He spent two the sun has warmed the ground.
AUSTRALIAN UAV
bounty hunters, it is now legally gave about $780,000 to Boeing days looking for the machine, In his first 2½ years flying
protected. Though a subspecies Co. for drone testing. Ama- worth about $35,000 at today’s drones at the mine, Mr. Steven
is still endangered in Tasmania, zon.com is expanding in Aus- retail price, and had to ship it to said he lost 12 drones to eagle
it is again dominating the skies tralia and could try using the manufacturer in Switzerland attacks, which cost his em-
across much of the continent. A picture of a wedge-tailed eagle taken by an Australian drone. drones for deliveries, and the for repairs. ployer, South Africa-based Gold
These highly territorial rap- machines are increasingly fa- Mr. Chapman said arming Fields Ltd., some $210,000. Dur-
tors, which eat kangaroos, have throttle to outrun them. eagles. On one occasion, he was vored by big landowners such drones with pepper spray was ing the past year, when he fo-
no interest in yielding their A long-term solution remains forced to evade nine birds all as miners and cattle ranchers. discussed but quickly dis- cused his flying in the morning,
apex-predator status to the in- up in the air. Camouflage tech- gunning for his machine. The eagles will often attack carded, out of concern it could he has lost two—with two more
creasing number of drones fly- niques, like putting fake eyes on The birds are considered big- in male-female pairs, and they harm the birds. “It’s a relief to close calls.
ing around the bush. They’ve the drones, don’t appear to be ger bullies than their more-doc- aren’t always deterred if their be planning for jobs overseas Mr. Parfitt, who began his
even been known to harass the fully effective, and some pilots ile relatives, such as the bald first foray fails. Sometimes because we know the wedgies drone business Aerial Image
occasional human in a hang have even considered arming and golden eagles in the U.S. they will come from behind, at- aren’t there,” he said, using the Works about three years ago,
glider. drones with pepper spray or Wedge-tailed eagles are the un- tack in tandem from above, or local nickname for the bird. remains vigilant. Each of his
Birds all over the world have noise devices to ward off eagles. disputed alpha birds in parts of even stagger their assault. A Rick Steven, a survey super- last three jobs attracted an ea-
attacked drones, but the wedge- They are the “ultimate angry Australia’s interior but it’s not drone operator may evade one intendent at the St. Ives gold gle attack. Other birds will “fly
tailed eagle is particularly ea- birds,” said James Rennie, who entirely clear why they’re so diving eagle with an upward mine in Western Australia, who at the drone and they’ll act in a
ger to engage in dogfights, op- started a drone-mapping and in- unusually aggressive towards climb, but the second eagle can uses drones to survey the pits, very aggressive manner, but
erators say. Some try to evade spection business in Melbourne drones. Scientists say they go then snatch it, Mr. Rennie said. debated using something like a they don’t actually touch you,”
these avian enemies by sending called Australian UAV. He fig- after drones probably because “If you take your eye off that ShuRoo—a device mounted on he said. “I’m not scared of any-
their drones into loops or steep ures that 20% of drone flights in they view them as potential aircraft even for a couple of cars that makes noise, which thing else attacking my drone
climbs, or just mashing the rural areas get attacked by the prey or a new competitor. minutes, the likelihood is it will humans can’t hear, to keep kan- except the wedge-tailed eagle.”
IN DEPTH
Gerrymandering Faces a Reckoning

Contorted voting maps drawn by Republicans and Democrats to cement power might finally have gone too far. The
Supreme Court will hear arguments Tuesday in a case that could force both parties to restrain their partisan motives.
I
2010 party control 61st 62nd 63rd n 2010, a nationwide Re- 2016 party control 66th 62nd 63rd
By Brent Kendall publican wave swept the
and Jess Bravin GOP into the Wisconsin
Graphics by Renée Rigdon, governor’s mansion and leg-
Brian McGill, Max Rust islature, giving the party the 62nd
and Angela Calderon 61st power to redraw the state’s
electoral map for the first
D
63rd
emocrat Cory Mason time in half a century.
won a seat in the Wis- The new District 62 sepa-
consin Assembly by rated Mr. Mason from most 63rd
fewer than 1,000 votes in 2006. of his old constituents in Ra-
District 62 was sand- 62nd cine, Wis., and swept in rural
wiched between one heavily and conservative precincts. 66th
Democratic district and an- How much more Republican or Democratic each precinct is than He was stuck in a red dis-
other that strongly favored Wisconsin (pct. pts.)* trict. To stay in office, Mr.
Republicans. The districts Mason moved to District 66,
are outlined in black in the 15 10 0 10 15 a new island of Democratic *Based on the two-party vote in the 2008 presidential election
map to the right. More Democratic More Republican strength, shown at far right. Source: WSJ analysis of Wisconsin State Legislature and Harvard Election Data Archive data
R
epublicans engineered and Republicans have sought nationally from redistricting Voting for the Wisconsin State Assembly
similar moves across to redraw maps that increase have gone to Republicans
DEMOCRAT REPUBLICAN
Wisconsin, erecting a their party’s electoral clout, due to their election suc- 2008
firewall that helped protect largely by creating a greater cesses in 2010. The rise of 55.6% 44.4%
the GOP’s majority of 60 number of winnable seats. computer-powered voter Vote pct.
seats in the 99-member As- The Supreme Court is in a analysis, which allows elec- 52 46
Seats
sembly. The new lines with- position, if it chooses, to cre- toral maps to be redrawn
stood a shift of more than ate the first nationwide defi- with more precision than 2012
53.2% 46.8%
400,000 votes to Democrats nition of how much partisan- ever, has supercharged both Vote pct.
in the 2012 state elections. ship in redistricting is too parties’ efforts. 39 60
Seats
What happened to Mr. much. The high court has In Wisconsin, nearly two-
Mason is now part of a Su- never found a partisan ger- thirds of state assembly 2016
46.8% 53.2%
preme Court case that will rymander unconstitutional, seats were won by Republi- Vote pct.
decide the future of political partly because the justices cans last year when the 35 64
gerrymandering, a phenome- haven’t been able to agree party won 53% of votes Seats
non with a rich, bipartisan on a method to determine statewide. There was almost
Note: Percentages exclude third-party votes. Percentages don't add up to 100 due to rounding. 2008 Assembly seats include one Libertarian.
tradition. Since the founding what too much looks like. no such gap in 2008, as
of the republic, Democrats Lately, most of the gains these charts show. Source: Wisconsin Elections Commission
I
n November, federal several options and chose How much more Republican or Democratic each precinct is than Maryland (pct. pts.)*
judges in Madison, Wis., the one that was the most
More 2002 party control 6th
ruled the new maps un- partisan. “That’s their pre- Dem.
constitutional and “intended rogative,” Mr. Schimel said.
to burden the representa- “It’s a political process.”
tional rights of Democratic Mr. Schimel says using the 6th
voters…by impeding their challengers’ legal arguments MD.
ability to translate their as a constitutional test na-
votes into legislative seats.” tionwide would invalidate a 15
Wisconsin appealed, and third of the legislative maps DEL.
the Supreme Court is sched- drawn in the past 45 years.
uled to hear arguments in Running alongside the
the case Tuesday. A ruling Wisconsin case is one from
against Wisconsin could lead Maryland involving House 10
W .V A . VA .
to major changes in how po- districts. Two years ago, the
litical maps are drawn, forc- Supreme Court ordered a D.C.
ing both parties to restrain three-judge panel to consider
their partisan motives. Much whether a 2011 redistricting
0
of the impact would be felt drafted by Gov. Martin 2012 party control 6th
in the next round of redis- O’Malley, a Democrat, disen-
tricting after the 2020 cen- franchised Republicans.
sus, a process that will shape The map resulted in Dem-
the balance of power in fed- ocratic majorities in seven of 6th
10 MD.
eral, state and local districts Maryland’s eight congressio-
across the country. nal districts and helped cost
Wisconsin’s Republican at- Republicans one of their two
torney general, Brad House seats. The case is on
DEL.
Schimel, says GOP lawmak- hold until the Supreme Court 15
ers followed traditional prac- decides the Wisconsin case.
tices in producing the cur- Before the redistricting,
rent map, such as making Maryland’s Sixth Congressio- W .V A . VA .
districts compact, tidy and nal District was anchored by
with normal-looking shapes. rural, western Republican D.C.
The November ruling strongholds that, as the top More
Rep.
cited evidence Republican map shows, stretched across
leaders were presented with the West Virginia border. *Based on the two-party vote in the 2008 presidential election Source: WSJ analysis of Wisconsin State Legislature and Harvard Election Data Archive data
T T
he impact was clear in added, “Let me state un- he Supreme Court has dering of a magnitude that is How much more Republican or Democratic each precinct is than
the 2014 election, says equivocally, categorically. I been reluctant to in- qualitatively and quantita- Wisconsin (pct. pts.)*
Sharon Strine, a sev- believe that our whole coun- terfere in the process. tively different from what
enth-generation Wolfsville try needs to develop a better It wasn’t until 1962, faced we have seen in the past.”
15 10 0 10 15
resident and one of the Re- process for congressional re- with districts not revised in Mr. Gaddie was a consultant
More Democratic More Republican
publican plaintiffs. She ran districting.” decades, that the court ruled to Wisconsin Republicans
the campaign of GOP chal- The case against gerry- political maps could be chal- during the redistricting. 2010 district boundaries
lenger Dan Bongino. mandering contends the pro- lenged in court. The court There are two common re-
“We were ahead on elec- cess violates the idea that has struck down maps de- districting strategies. “Pack- City of Eau Claire
tion night, when every pre- voters should get to choose signed to disenfranchise Af- ing” crams the minority
cinct was in except for three their representatives, rather rican-Americans and other party’s voters in one district
precincts in Montgomery than the other way around. minorities, but hasn’t ruled to weaken their influence in 68th
County,” a heavily Demo- Redrawing the lines to maxi- against either party for us- other districts nearby. Parts
cratic suburb of Washington, mize partisan gains, the ar- ing redistricting power to of Eau Claire used to be in
she says. When those votes gument goes, allows parties undermine the other. two competitive districts 67th
were counted, Mr. Bongino to win seats in numbers that In 2004, conservative Su- with a mix of GOP and Dem-
lost by less than 3,000 out of disproportionately reflect preme Court justices came ocratic voters, shown in the
a total of 190,000. their popular support and one vote short of closing the top map on the right.
Ms. Strine says the dis- can turn voters into voice- door to challenges of parti- Since 2011, Eau Claire has
trict’s western end is “just a less minorities. san gerrymandering. The been largely lumped into one
different breed of people” The increasing homogene- pivotal vote belonged to Jus- Assembly district, marked as
from those tacked onto the ity can be seen in the decline tice Anthony Kennedy, who the 91st in the bottom map
district by Mr. O’Malley. of competitive House dis- rejected the claim against and filled with Democrats. 93rd
Mr. O’Malley, who left of- tricts. Such districts are de- Pennsylvania’s congressional All the districts around it are
fice in 2015, said in a deposi- fined in the chart below as map but left open the possi- now Republican.
tion he acted “constitution- “swing seats” that vote bility that voters might bring “Cracking” divides the mi-
ally and legally” under the roughly in line with the U.S. a successful claim someday. nority party’s voters into 2016 district boundaries
system he inherited. Still, he as a whole. Some historians credit the more than one district to di-
first congressional gerry- lute their voting power. In
mandering to Patrick Henry Sheboygan, about 250 miles
200 districts for drawing Virginia’s Fifth from Eau Claire, a new line
Republican 67th
leaning
District in 1788 to hurt along Superior Avenue split
175 James Madison’s election the city into two new dis-
Democratic
68th
chances. Mr. Madison won tricts, held by Republicans.
150 leaning anyway. The term comes Mr. Mason, the Democrat
from a salamander-shaped who moved to stay in office,
125
Massachusetts state Senate says he had trouble working
91st
100
district approved in 1812 by with Republicans to accom-
Gov. Elbridge Gerry. plish much beyond small is-
Political scientists Ber- sues. In 2013, he made a suc-
93rd
75
Swing nard Grofman and Ronald cessful proposal to name the
seat Keith Gaddie told the Su- kringle the official state pas-
50
preme Court in a brief filed try of Wisconsin. After seven
1997 2000 ’05 ’10 ’15 in the Wisconsin case there years in the minority, he de-
Note: Republican and Democratic districts voted at least 5 percentage points more for the is “compelling evidence that cided to run for Racine
party's candidate than the nation overall, based on presidential elections. the 2010 redistricting cycle mayor instead. “I’d like to *Based on the two-party vote in the 2008 presidential election
Source: Cook Political Report yielded partisan gerryman- try governing,” he says. Source: WSJ analysis of Wisconsin State Legislature data
OPINION
THE WEEKEND INTERVIEW with Ryan Zinke | By Kimberley A. Strassel
A Return to the Conservation Ethic

A
Washington lifelong love of the outdoors. In headquarters of the Bureau of
mid legislative failure one corner looms a massive Land Management, the Fish and
and Twitter tumult, stuffed grizzly bear. Two heads, Wildlife Service, and the Bureau
President Trump’s sup- a buffalo and an elk, are of Reclamation to somewhere
porters could be for- mounted over the fireplace. Cow- out West, perhaps Colorado. “I’m
given for thinking he’s boy hats litter the place, and a a military guy, so I’m all about
failed to fulfill his promise of sign behind his desk reads: putting your assets closer to the
bringing radical change to Wash- “Yep.” Mr. Zinke arrived for his fight,” he says with a laugh.
ington. But he also appointed a first day on horseback, insti- Mr. Zinke’s ambitions extend
cabinet full of reform-minded tuted a bring-your-dog-to-work to the daunting challenge of re-
conservatives. Ryan Zinke, the day, installed the arcade game forming the way the entire fed-
former Montana congressman Big Buck Hunter in the cafeteria, eral government manages its
who was confirmed as interior and even personally shoveled property. “We’ve got to start
secretary in March, is getting snow at the Lincoln Memorial. looking at our lands in terms of
high marks for the speed and But he spends much of his time complete watersheds and ecosys-
scope of his overhaul. on the road, exploring federal tems, rather than isolated as-
“My first goal is to restore lands on horseback, in planes sets,” he says. “We need to think
trust with America that we are and on plows. “As Interior Secre- about wildlife corridors, because
in fact using our public lands ‘for tary Swaggers Through Parks, it turns out wildlife doesn’t just
the benefit and the enjoyment of His Staff Rolls Back Regula- stay on federal lands.”
the people’—not for the very few tions,” the New York Times Even when it does, there often
and the elite,” he told me Mon- sniffed in a recent headline. are overlapping jurisdictions. The
day, using language from the Yel- When Mr. Zinke talks policy, management of a single stream
lowstone National Park Protec- he strikes a distinctly populist may involve endangered salmon
tion Act of 1872. The Interior tone. On his first day in office, (overseen by the National Marine
Department oversees 500 million he reversed the Obama adminis- Fisheries Service), trout (Inte-
acres nationwide—more than tration’s last-minute ban on us- rior’s Fish and Wildlife Service),
one-fifth of the country’s land ing lead ammunition and fishing a dam (the Army Corps of Engi-
area—mostly in the West. “We tackle on federal lands, an edict neers), irrigation (Interior’s Bu-
are going to be great stewards of he saw as an assault on hunters reau of Reclamation), and a
these treasures,” Mr. Zinke says, and anglers of ordinary means, nearby forest (the Agriculture De-
“but we are also going to restore who rely on affordable gear. partment’s Forest Service). “We
access to the people and to in- “This was, again, part of a goal can have, and frequently do have,
dustry—and be a partner.” to make hunting and fishing multiple biological opinions that
elite, an experience only for the are irreconcilable,” Mr. Zinke
person who can pay for a guide says. “That’s us mismanaging our
The interior secretary or go a whole week,” Mr. Zinke core mission.”
KEN FALLIN
says. “But it means you limit One of Mr. Zinke’s first trips
wants to restore the vision grandpa, you limit the disabled as secretary was to Yellowstone
of Gifford Pinchot and veteran, you limit the family that National Park. His first stop was
goes out for a day to enjoy our the Roosevelt Arch, whose cor-
use public lands ‘for the public lands.” approach to energy plays, rather Yosemite National Park with the nerstone was laid by Theodore
benefit and enjoyment Similarly, he sees energy de- than subsidizing costly renew- preservationist John Muir: Roosevelt in 1903. It is inscribed
velopment as a basic way for ables. “We are for all-of-the- “They went out on this wonder- with that phrase from the law
of the people.’ public lands to benefit the na- above energy, but the energy it- ful ride, a ride that you could that created the park: “For the
tion. “I never want our children self has to be competitive,” he not even replicate today because Benefit and Enjoyment of the
to have to fight overseas for a says. “It isn’t Interior’s role to of the dead and dying trees.” People.”
The Interior Department has commodity that we have here,” pick and choose winners.” Mr. Zinke has ordered all his As a vision, that’s pure Gif-
positioned itself at the forefront he says, “especially knowing that All this will generate more rev- agencies to put a priority on ac- ford Pinchot, who became the
of Mr. Trump’s energy revival. It we have an energy industry that enue that the federal government tive management against wild- first chief of the U.S. Forest Ser-
is eliminating or preparing to re- is the world standard for safety can use to preserve national trea- fires. “We are spending $2 bil- vice in 1905, during TR’s presi-
verse more than 150 Obama reg- and environmental regulations.” sures for future generations. The lion a year fighting fires, money dency. Pinchot was a founder of
ulations, including those curtail- Cheap American energy, he adds, Obama administration’s crack- that could be going to far better the conservationist movement,
ing coal mining and hydraulic is crucial to lowering U.S. manu- down on energy leases slowed conservation efforts,” he says, an ardent believer in market
fracturing, better known as facturing costs and boosting royalties and left the Interior De- visibly annoyed. forces, and an aggressive propo-
fracking. It has reopened Alaska’s workers’ wages. partment with an $11.5 billion in- Such mismanagement is what nent of controlled but profitable
Cook Inlet for business, made 76 “Access to our public lands frastructure backlog in the na- drives Western frustration, use of natural resources for the
million acres in the Gulf of Mex- has been limited for industry, tional parks alone. In 2008, which threatens to become a benefit of citizens. Today’s envi-
ico available for offshore oil-and- even in areas where it is abso- Mr. Zinke says, the department new Sagebrush Rebellion. “Some ronmental movement—which
gas exploration, and turbo- lutely appropriate,” Mr. Zinke pulled in $18 billion in offshore of the anger is that our grand measures the success of govern-
charged pipeline permitting. says. “It’s called the National Pe- revenue. Last year Interior’s off- bargains have been broken, and ment land management by the
On Mr. Trump’s order, the de- troleum Reserve for a reason.” shore revenues were only $2.6 those bargains said that you had number of acres locked away
partment has reviewed 27 na- The reference is to the 23 million billion. Even with the drop in oil wilderness, but you also have from public use—has largely ex-
tional monuments, which by vir- acres in Alaska that Interior is prices, Mr. Zinke estimates that grazing; you could also hunt and cised Pinchot from history in fa-
tue of that designation can be investigating reopening for drill- had drilling continued apace, In- fish,” Mr. Zinke says. Now West- vor of Muir.
off-limits to development and to ing after Obama-era restrictions. terior would have no mainte- erners “watch these cata- “But here’s the difference,”
activities such as hunting and The department is also working nance backlog today and would strophic fires, and they’ve lost says Mr. Zinke. “TR went on a
fishing. Mr. Zinke has recom- on a new five-year plan for oil- instead be making capital invest- any faith that the federal gov- nice ride with Muir. He hired
mended shrinking at least four of and-gas development in the ments of $3 billion to $4 billion ernment is capable of being a Pinchot. And that’s because Pin-
them, in line with the Antiquities Outer Continental Shelf, 94% of a year. good steward.” chot advocated using science and
U
Act of 1906, which limits the which is currently off-limits to Mr. Zinke believes the only best practices for management.”
T
designations to federal land and energy producers. It is issuing nder Mr. Zinke’s leader- way for Interior to improve its
to the smallest area necessary to coal leases in Wyoming and Utah ship, the department has performance is through a radical he conservation ethic is
protect an actual historical or and streamlining approvals for already held more onshore overhaul. He plans to devolve far where the similarity with
scientific object. the construction of the Berwind lease sales in six months than in more authority and resources to Mr. Zinke ends. Pinchot
“I’m grateful the president had coal mine on the Virginia-West all of last year. From January to front-line park and land manag- was a scion of a wealthy East
the courage to ask the question,” Virginia border. June of 2016, Interior generated ers, allowing them to make deci- Coast family, a Yale Skull and
Mr. Zinke says. His review found “Our regulatory scheme has to just $11.5 million from onshore sions more quickly and effi- Bones man. Mr. Zinke is all
past administrations had scooped be one that holds industry ac- oil and gas. For the same period ciently. “You end up with a park blue-collar Montana—the son of
up private land and relied on bo- countable, but that isn’t arbi- this year, the figure is $146 mil- superintendent of 47 years who a plumber, an Eagle Scout, a
gus historical “objects”—in one trary,” Mr. Zinke says. In the lion. And Mr. Zinke insists he apparently can’t be trusted with college football player, a geolo-
case, a World War II-era test past, “not only has our federal drives a hard bargain. “We have making the grand decision of gist, and the first Navy SEAL
bombing crater—to justify new government been arbitrary, it has a royalty committee that we es- whether and when locals can col- elected to Congress. His broader
designations. “The Antiquities been punitive.” He cites the ex- tablished to make sure the Amer- lect fiddleheads,” a type of fern, political outlook is more liber-
Act has been used not to pro- ample of Shell, which spent $10 ican public is getting value,” he he says. “They’re spending more tarian than that of the progres-
tect, but to prevent public access billion on an Arctic drilling plan says. “If you are doing commer- time behind a desk, less in the sive Pinchot. “I’ve only ever
and to prevent public use,” Mr. “only to be forced into a regula- cial work on our public lands, field, and they are getting micro- thought there are two things
Zinke says. “To make it hard on tory box that almost guarantees the No. 1 stakeholder is the managed.” our government should fund ab-
local cattlemen, who could no failure.” Mr. Zinke is unequivocal: American public, and they need a The federal bureaucracy also solutely: our military and our
longer use machinery to scoop “That’s wrong.” His department is fair return.” makes it hard for on-site staff to parks system,” Mr. Zinke says
out a pond, or on cross-country trying to prove its good faith by Mr. Zinke says his longer-term work with state authorities, In- with a laugh. “The rest is up for
skiers, who can’t have trails clearing backlogged permit appli- goal is to make his department dian tribes, and private land- discussion.”
groomed.” cations and streamlining future a better steward. He brings up owners on solutions that take
Mr. Zinke’s office in Washing- projects. Mr. Zinke is also imple- President Theodore Roosevelt’s account of local needs. Mr. Zinke Ms. Strassel writes the Journal’s
ton is a testament to his own menting a strictly market-based famous 1903 camping trip to is thinking about moving the Potomac Watch column.
Why Housing Is Unaffordable in California

Los Angeles Dallas, so why not move to another health department, fire department codes and energy-efficiency stan- Zoning is generally the biggest
Democrats in Sacra- state? A net 800,000 people did just and planning commission as well as dards can add tens of thousands to obstacle to development in coastal
mento celebrated that between 2005 and 2015, and elected officials. the price of a house—even though areas. In Orange County’s foothills,
earlier this month many of them earned less than Neighbors can delay or block low-flow appliances often cause peo- local residents have protested re-
when they passed a $30,000. projects using the state’s 1970 Envi- ple to use more water. zoning 4.4 acres of barren land to
raft of bills intended The core problem is that over ronmental Quality Act. It isn’t coin- All told, it costs between allow 22 homes to be built on
to redress Califor- the past four decades California cidental that California’s housing $50,000 and $75,000 more to build 10,000-square-foot lots—half the
CROSS
COUNTRY nia’s so-called hous- added only about half as many new prices soared during the 1970s. Get- a home in California than in the size of the current requirement.
ing crisis. Sorry to housing units as it needed to keep ting a building permit in San Fran- rest of the country. Building a low- Opponents accuse developers of be-
By Allysia
spoil the party, but up with population growth, and cisco takes about three times as income housing unit costs ing greedy, but their real gripe is
Finley
their legislation will most of that construction was in- long as in the typical American $332,000—about $80,000 more that subdividing the lots would in-
do little to address land where there is less demand. As metro. than the median home in Dallas or crease the housing stock and
the real problem and could even a result, real-estate prices in Phoenix. thereby diminish the value of their
make things worse for poor and coastal counties have gone through One bill the Legislature passed own homes.
middle-income residents. the roof. What could really help is asks voters to issue $4 billion in California’s housing policies are
Like so many of the state’s prob- California’s Department of Hous- general-obligation bonds to subsi- intrinsically regressive. Limiting
lems, the crisis has political and ing and Community Development deregulation, but residents dize construction of low-income the supply drives up home values
regulatory origins. California’s estimates that home construction aren’t likely to get it from housing. If approved by voters next in well-to-do coastal communities,
housing prices have always been needs to increase 80% to meet de- November it would finance a whop- while pricing everyone else out of
high, but the gap has grown amid mand. Achieving this would require Democratic lawmakers. ping 750 new homes each year. By the market. Households in the low-
an increasing mismatch between bulldozing regulatory barriers, the way, taxpayers are already on est quartile in California spend
supply and demand. Between 1950 which Democratic politicians are the hook for $10.7 billion—$350 about two-thirds of their incomes
and 1970, home prices were about loath to do. There are more-direct costs, too: million in debt service this year— on housing; those in the top
30% above the national average. By The state Legislative Analyst Of- Local governments tack on hefty de- from previous housing bonds. quartile spend just 16%.
1980 that had widened to 80%. In fice notes that in California’s velopment fees, which run about Another bill would require local The conundrum California’s
2015 it was 150%. coastal metros more than two- three to four times as high in Cali- governments that aren’t meeting landed gentry face is they want to
In Silicon Valley the median thirds of cities and counties have fornia as in the rest of the country. state-determined housing targets boost their home values—and at
home costs $1.2 million, about 2.5 policies explicitly aimed at restrict- Politicians often attach conditions to to streamline permitting for low- the same time to have an abun-
times as much as in Seattle. Houses ing housing growth, such as limits projects requiring developers to pay income housing. That could help dant supply of low-wage workers
are less expensive inland—about on density. When a developer wants workers “prevailing wages,” deter- some, but developers still could be to mow their lawns and clean
$350,000 in Riverside and Sacra- to break ground, local governments mined by local unions. This is one forced to pay prevailing wages, their pools too.
mento—but living there often means impose multilayered reviews that reason the cost of construction labor and projects still would have to
a long commute. The weather also can mean getting approval from the in California is about 20% higher comply with building and zoning Ms. Finley is an editorial page
isn’t much better than in Phoenix or municipal building department, than nationwide. Stringent building codes. writer at the Journal.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The GOP’s First Reform Test Older Workers Face Mistaken Discrimination
T
he Republican tax “framework” is at- Chuck Schumer have been on a tour of rhetori- There is no getting around the fact well-paid older employees to retire
tracting the perennial criticism from cal excess about preserving the state and local that people are living longer and are early, creating opportunities for youn-
healthier and therefore can contribute ger employees. Perhaps the authors
the left, but the bigger question is deduction. They fear the wealthy, including
their skills and experience long past should write their congressmen and
whether competing clans on many of their campaign do- the age at which their parents and suggest they make “retiree medical”
the right can hang together to So long to low tax rates nors, would suddenly feel the grandparents left the workforce part of their new health-care plan.
pass reform that grows the if Congress blinks on full pain of what they owe. (“Let’s Agree on An Age to Retire,” KRISTI DINSMORE
economy. The GOP is already That exposure could make Review, Sept. 23). This is a win for Centerville, Ohio
showing cracks on eliminating the state tax deduction. state tax increases more diffi- employers and employees alike. Age-
the state and local tax deduc- cult to pass and blowout discrimination laws aren’t the barrier The authors propose to encourage
tion, but surrendering on this spending less sustainable. to hiring older adults; the barrier is the employment of younger people by
hoary carve-out could dilute the final product Some of Mr. Schumer’s benefactors may de- ageism. Outdated assumptions about implementing mandatory retirement
and compromise its growth impact. camp for Florida, but the hope is that states older workers’ abilities and energy ages. The good professors would be
Republican Rep. Pete King of New York would be forced to confront their spending ad- levels get in the way of hiring, even well advised to consult with their uni-
interviewing, older candidates for versity’s economics department,
tweeted this week that any tax package “must dictions. Call it a last-ditch effort to save New
jobs. The result is that any job search where they would learn that the
retain” the state and local deduction, which al- Jersey. for an individual over 55 takes an av- “lump of labor” theory that forms the
lows filers who itemize to deduct taxes paid to The press has noted that 33 House Republi- erage of 20 weeks longer than for a premise to their argument is widely
lower governments. The GOP framework didn’t cans hail from the top nine states for the deduc- person under 55. And employed older regarded as a fallacy by economists.
single out the state and local deduction for exe- tion as a share of income, but not all of them adults are disproportionately pushed If workers in their 60s are truly
cution, though everyone knows the intention are as parochial as Mr. King. Devin Nunes on out before they are ready to retire. less productive, as the authors sug-
is to eliminate the special treatment and plow the tax-writing Ways and Means Committee The Age Discrimination in Employ- gest, then the answer is simple: adjust
the more than $1.25 trillion savings over 10 represents parts of California’s Central Valley, ment Act is a toothless tiger and their pay and responsibilities as ap-
years into lower rates. where the average deduction is much lower should be strengthened, not further propriate. Let’s focus on policies that
This is good tax policy. The deduction is a than in L.A. or San Francisco. Mr. Nunes’s con- watered down. create jobs, rather than policies that
classic example of a tax preference that adds stituents like taxpayers everywhere would ben- ANN MACDOUGALL trade one worker for another under
New York the dubious assumption that employ-
complexity to the code and subsidizes some efit far more from lower rates and faster eco- ment is a zero-sum game.
Americans at the expense of others. The prime nomic growth. I am in the same age group as our RAYMOND KUBIAK
beneficiaries are folks who live in states with The reality is that Republicans cannot pre- recent presidential candidates, and I Boston
high tax burdens like California, New York and serve the deduction and pass pro-growth re- am fighting to work as an educator,
New Jersey—or, respectively, the 48th, 49th and form that satisfies the arcane procedural re- attorney or at anything else I can find As an older worker who has re-
50th tax climates in the U.S. in the Tax Founda- quirements of Congress. The GOP is looking that uses my skills from those prior cently been hired, I can tell you that
tion rankings. Six states swallow more than half to pay for cuts by streamlining preferences, careers. Please don’t tell me to retire the notion that older workers start at
the cost, and the credit runs the federal fisc $100 and the $1.25 trillion over 10 years from elimi- or threaten me with Social Security a high salary and are guaranteed both
billion a year in lost revenue. nating the state and local deduction would fi- reform. I want to work. continued employment and regular in-
And zoom in closer: The credit tends to bene- nance a more than 10-point cut in the corpo- EILEEN FERRIS creases is nonsense. The market de-
Newington, Conn. termines starting pay, and results de-
fit the wealthiest people living in the most afflu- rate rate.
termine any increases and continued
ent parts of progressive outposts, not least be- No other loophole would save as much As an executive coach, I know doz- employment—as with anyone else.
cause nine in 10 filers earning north of $500,000 money. Killing or capping the mortgage-interest ens of senior-age leaders who could Corporate America has mastered
a year itemize. Some 88% of the benefits flowed deduction would bring in a good haul, but that replace their income were they to re- the art of getting rid of older workers
in 2014 to households earning more than sop to the housing lobby has been classified as tire tomorrow, but who couldn’t af- who aren’t as sharp or don’t justify
$100,000, according to Congress’s Joint Commit- politically untouchable. The GOP will also have ford, or in some cases couldn’t get, in- their pay, no matter what age-discrim-
tee on Taxation. A puny 1% went to filers who to buy off conservative redistributionists like dividual health insurance to “bridge” ination laws there are. I’m not saying
earn less than $50,000, as the Tax Foundation’s Utah Senator Mike Lee, whose King Size child them until they are eligible for Medi- that is right or wrong, it just is.
Jared Walczak noted in a March paper. tax credit could cost another $1 trillion. care. Companies used to offer “retiree KIRK SCHLUP
In New York County, N.Y., home to Manhattan, If the GOP can’t kill the entire state and local medical” that made it possible for Woodbury, Conn.
the average deduction is more than $24,000, ac- deduction, perhaps a compromise is possible.
cording to Tax Foundation county analysis. In Since the deduction so overwhelmingly flows
the Bay Area’s San Mateo County the write-off to the affluent, Republicans could work up a so-
tops $15,000. Yet further inland in California’s lution that produced most of the revenue while Abbas Shows No Sign of Wanting Real Peace
Merced County the average deduction plummets protecting low and middle-income taxpayers on In their op-ed “How Do Palestinians “We welcome every drop of blood
to less than $1,700. Taxpayers in Florida, which some portion of their property taxes. Define ‘Terrorism’?” (Sept. 12), Jona- spilled in Jerusalem. . . . With the help
doesn’t inflict an income tax on residents, can i i i than Schanzer and Grant Rumley call of Allah, every shaheed [martyr] will
take a typically much smaller write-off for their All of this gives the GOP an opening to turn on the Palestinian Authority to define be in heaven, and every wounded will
sales tax payments. the class-war argument in their favor: Since terrorism as a first step toward dis- get his reward.” This was an un-
Mr. King said in his tweet that “hard working when do Mr. Schumer and Elizabeth Warren op- couraging it and comply with the abashed endorsement of terrorism. He
New Yorkers must not be taxed twice,” but state pose raising taxes on the 1%? But more impor- soon-to-be-enacted Taylor Force Act. also dehumanized Jews in his address,
The flaw in their proposal is that it saying that the Temple Mount, the
and federal budgets are distinct. Federal taxes tant, Republicans must eliminate the deduction
presumes “moderate” Palestinian Au- Church of the Holy Sepulcher and “ev-
pay for the military, for example, while state if the party wants to deliver on its stated goals thority President Mahmoud Abbas ac- erything [in Jerusalem] is ours, all
and local taxes finance public education—or in of simplifying the code and unleashing growth. tually wants to rein in terrorism. Yet it ours,” and Jews “have no right to des-
New York and California’s case, teachers unions The alternative is a limp tax cut that doesn’t was Mr. Abbas, himself, who incited ecrate them with their filthy feet and
and public-pension liabilities. lift the economy. The state and local fight is a the current wave of deadly Palestinian we won’t allow them to.”
That’s why Democrats like Minority Leader crucial test of the GOP’s political sincerity. stabbings and car rammings of Israelis, And lest one forget, Mr. Abbas’s his-
Americans and others that included tory of supporting terrorism goes back
the murder of Taylor Force. On Sept. decades.
Paying for Standing Rock 16, 2015, during that year’s Jewish
High Holy Days, Mr. Abbas declared:
STEPHEN A. SILVER
San Francisco
T
he Standing Rock protests ended seven mon law enforcement from 11 states for backup.
months ago, but the saga is far from More than 750 protesters were arrested, and at
over. On Monday North Dakota’s De- least 107 of those charged have pleaded guilty The Truth Is Ever Green, but Not at Evergreen
partment of Emergency Ser- or been found guilty, some on Regarding Jillian Kay Melchior’s and certainly didn’t warrant the com-
vices announced that taxpay- Dakota Access Pipeline multiple counts. “Inside the Madness at Evergreen pletely over-the-top condemnation of
ers will have to pay about $43 protesters cost North Dakota’s state court State” (op-ed, Sept. 22): I’m unable to law school deans supposedly speak-
million in expenses accrued as administrator said the num- understand how our government in- ing in defense of those fragile stu-
the state struggled to respond taxpayers $43 million. ber of criminal cases filed in stitutions became incubators of hate, dents who may have been trauma-
to protesters. Morton County surged by but after reading the commentaries tized by hearing such obviously
Between 8,000 and 10,000 some 14%, at a time when the about Evergreen College and “bour- beneficial advice.
people camped out to protest the Dakota Access clerk of court’s office was already understaffed. geois norms,” I can’t escape that con- In a similar vein, when a respected
Pipeline, many from outside the state. Locals fre- To this date 323 protest-related cases are still clusion. professor questions the value of iden-
When someone speaks the inconve- tity politics, the massive overreaction
quently reported protesters who had trespassed open and pending. The state had to put aside
nient truth that people are generally of the student body and faculty is
on their land or stolen property. At state offices $2.4 million to provide public defenders for more successful if they follow a pat- reminiscent of Mao’s Red Guards.
the phones rang off the hook; throughout the protesters, though not all of that money has tern of education, marry before hav- Those who don’t exactly conform to
233-day protests almost 90,000 people called to been spent. ing children and avoid drugs and the students’ orthodoxy need to be
discuss the pipeline. A large portion of these All of this undermines the Standing Rock crime, one wouldn’t expect it to gen- shamed, vilified and physically
calls were hostile or abusive, and state employ- protesters’ claims that they were “peaceful and erate a hysterical backlash about rac- threatened for daring to speak truth
ees had to listen, screening for threats. prayerful.” The left threatens democracy when ism, bias and white supremacy. These to power. All that’s missing was
The Morton County Sheriff’s Department re- it embraces violence and vandalism, and the markers of success apply universally Mao’s “Little Red Book” being bran-
counted how rioters threw stones, feces and government has to spend money to keep rogues dished by the students. I can only
Molotov cocktails at cops, obstructed roads, set under control. North Dakotans will cover most imagine that the self-loathing ex-
fires and even rode on horseback behind a herd of these costs, but the Department of Justice The Rescue Boat Decision pressed by the white students for
their culture has been inculcated by
of bison, “attempting to stampede them toward also provided the state with a $10 million grant, Wasn’t Mine, but Was Right the schools, and now those teachings
law enforcement.” Protesters significantly out- leaving taxpayers nationwide on the hook for I am the subject of the article “A are coming back in the form of viru-
numbered local authorities, who had to sum- these criminal antics. Doctor’s Hard Decision” (page one, lent hate for any who disagree.
Sept. 16). I fear that readers will mis- GEORGE HARRISON
interpret the moral dilemma we La Selva Beach, Calif.
Trump’s Latest Casualty faced. We didn’t choose to save one
L
life over many. The Golfo Azzurro
oyalty for Donald Trump too often is a And if taking private jets is a firing offense, didn’t leave those refugees to drown Family Has Its Own Tempo
one-way escalator—up but not down— there will soon be many empty first-class seats in an effort to save just one man.
That wouldn’t have been morally de- Regarding the Pepper . . . And Salt
and the latest to discover this is Tom in Washington. A 2013 Government Account- cartoon of Sept. 22: Lethargy may run
fensible. The GPS coordinates of that
Price, who resigned late Fri- ability Office report found
drifting life raft were known to other in some families, but it walks in mine.
day as Health and Human Ser- The President doesn’t that then Attorney General rescue vessels in the vicinity besides BILL DUTCHER
vices Secretary. Mr. Trump like cabinet members Eric Holder and FBI Director ours, vessels equally competent to ef- Norman, Okla.
had all but run him out Friday Robert Mueller used govern- fect rescue.
afternoon by saying “I’m dis- who get bad press. ment jets to take personal Please note that the decision to
appointed in him” and that he trips, which they reimbursed sail north to Lampedusa was taken by Pepper ...
would determine Mr. Price’s at a rate comparable to com- Proactiva’s head of mission, not me.
fate “sometime tonight.” The cabinet member mercial flight prices. It was a carefully considered, profes-
And Salt
took the message and got out before he could Our guess is that Mr. Trump was sore at Mr. sional and in my view utterly proper THE WALL STREET JOURNAL
hear “you’re fired.” Price over the failure of ObamaCare repeal, and decision. The commitment with which
Mr. Price has been taking media heat for fly- he saw the travel flap as an excuse to send him the entire crew of the Golfo Azzurro
accepted the challenge was moving.
ing on private jets, and he surely should have packing. Mr. Price was recommended to Mr.
The questions to consider are:
known better than to give his enemies a sword. Trump as a veteran of the House who could ma- Should our vessel have been on
Yet Mr. Price had said he would reimburse the neuver repeal through Congress. Repeal did standby off the Libyan coast in the
government for the cost of his private air pass the House, only to fail in the Senate. first place? Having stationed our-
travel, cutting a check for nearly $52,000. Mr. Now Mr. Trump will have to find a replace- selves there, should we have taken a
Trump shoved him out the aircraft door any- ment even as HHS faces crucial regulatory de- 20-hour leave of absence to take this
way, saying “I was disappointed because I cisions on ObamaCare. Mr. Price knows the law one bloke up to Lampedusa?
didn’t like it cosmetically or otherwise.” and had invested nine months trying to figure JOHN R. VALLENTINE
Perhaps the President thinks dumping Mr. out the bureaucratic traps. Mr. Trump in par- Sydney
Price will send a populist message, but we ticular will need a nominee who already under-
wonder. Mr. Price is merely a political appe- stands the waiver power that the executive Letters intended for publication should
tizer. His resignation is motivation for the branch has under the Affordable Care Act. be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
swamp denizens to go after others in the Perhaps he can coax former Oklahoma Sena- or emailed to wsj.ltrs@wsj.com. Please
Trump Administration on whatever issue they tor and medical doctor Tom Coburn to take the include your city and state. All letters
can find. Mr. Trump can expect to be answer- job. But if Mr. Trump keeps treating his cabinet are subject to editing, and unpublished
ing questions soon about how this or that cabi- officers like “The Apprentice” cast, he might letters can be neither acknowledged nor “I usually only fist-bump
returned.
net travel differs from Mr. Price’s. find that no one wants to work for him. on the first deal.”
OPINION
Partisanship Is Breaking Both Parties

How they tried to get the bills But that was another world—a
through suggests they are living in a broadly popular president, both par-
© BILL CLARK/CONGRESSIONAL QUARTERLY/NEWSCOM VIA ZUMA PRESS

dream. The dream was that once ties strong, each working, however
they held the House, the Senate and reluctantly, with the other.
DECLARATIONS the White House, they would be able As strange as Mr. Ryan’s enacting
By Peggy Noonan to call the shots, crush the foe, bully of a happy warrior’s joy was the
T
their way through. They thought Democrats’ response. They reverted
he subject is realism. It in- they would finally be able to do what to their own antique playbook, tak-
volves seeing clearly your the Democrats did when President ing potshots, being unserious. The
moment in time and where Obama and the Democratic Congress Republican plan is “a massive wind-
you are within it. We have bullied through Obamacare. fall for the wealthiest Americans,”
a heck of a time with this. That was a mistake. What the Dem- said Minority Leader Chuck
Our dreams, hungers and illusions ocrats did shouldn’t be emulated. Schumer. “It seems that President
get in the way. Sen. John McCain, who basically Trump and Republicans have de-
But I’ve never seen such a lack of killed the two Republican bills, did it signed their plan to be cheered in
reality among our two great political based on a central insight as to the the country clubs and the corporate
parties in Congress. facts of the moment and the issue: boardrooms.” It should be called
Their own survival as parties re- The path to a new health-care law “wealth-fare.” Sen. Bernie Sanders
quires bipartisanship—concrete runs through the Democrats. The said the plan is “morally repugnant
achievements and progress. They path to a bill better than Obama- and bad economic policy.”
have to work together and produce! Care—and it would have to be bad Republicans announce their tax-reform plan, Sept. 27. But the tax code is too big and too
Nobody likes them. The biggest indeed to be worse than Obama- complicated, as Mr. Ryan said. It
“party” in America is those who call Care—runs through the Democrats. architects that it was marketed to be accepted by America. It will have would do the country good to see it
themselves independent. Gallup has Changing one-sixth of the American take advantage of “the stupidity of to be a compromise that comes from improved.
economy cannot be successfully done the American voter,” and the revela- both parties or it will not pass the Both parties are breaking and bro-
without them. The American people tion that the central promise—“If Kimmel test, the nonsensical but ken. They both need a win. They
Republicans fail again will never accept a health-care law you like your doctor you can keep powerful showbiz bar such a bill could recover some of their standing
that is not backed by both parties. your doctor”—was a lie. must now clear. That means it will be with a bipartisan victory. It would
on health care, while That means regular order—hearings, The bill failed on its own terms, more liberal than the Republicans show America the two-party system
Democrats refuse to debate, negotiations—as Mr. McCain and it is still the law of the land. want, and more expensive. itself can win and produce something
has said. When Republicans tried to replace it, The Democrats will be hellish in needed. This would reinforce the po-
get serious about taxes. The Republicans failed because they tried to do just what the Demo- negotiations. They will not call it “re- sition of both parties. It would sug-
they tried to do what Mr. Obama, crats did—hold party-line votes on peal and replace”; they’ll call it “re- gest they’re needed! If they can’t pro-
Speaker Nancy Pelosi and Majority bills that few in the electorate fully pair and reinforce.” They’ll be de- duce something big together, more
the Democrats’ and Republicans’ fa- Leader Harry Reid did, passing understood. The difference is the manding. And this is unjust. They Americans will become certain they
vorability each at about 40%. Both ObamaCare on a party-line vote. But electorate had previously been caused the problem in the first place! are not.
parties are internally riven, warring bills that make great changes in how scalded. They’re not in a trusting They should be feeling chastened; Meanwhile, thousands of K Street
and ideologically divided. Neither is Americans live, such as Social Secu- mood. they should be desperate to create a tax lobbyists will be crawling the
as sure as it’s been in the past of its rity and Medicare, must always have Health care is experienced now as fix. Instead they’ve been amusing halls trying to affect the shape of the
philosophical reason for being. Both broad, two-party support. The Demo- a fully national issue, and there are themselves watching the hapless Re- bill for their clients.
have to prove they have a purpose. crats pushed ObamaCare without signs America is tilting left on it. (A publicans blow it again. They should Everyone is acting as if they don’t
Otherwise they will in time go down, fully understanding what the bill bipartisan health-care bill might help amuse themselves less. know what time it is, or what posi-
and it may not take that long. even contained. “We have to pass the blunt the coming movement for sin- Now the Republicans turn to tax tion they themselves are in.
Both parties go forward as if they bill so that you can find out what is gle payer.) reform. Again they move from a America is in trouble, with huge
are operating in a pre-2016 reality. in it,” said Mrs. Pelosi, mindlessly Democrats have to be part of fix- weakened position. They’re going problems. The people need improve-
But the election, now almost a year and in a way accurately: They were ing ObamaCare. And though they forward without the momentum of ments in health care, in the tax code.
ago, should have changed so many content to let regulators and admin- should be in a weak position, having victory, without the confidence of re- They’re desperate for is a sense that
assumptions. For instance, when the istrators figure out the implications lost the congressional majorities and cently demonstrated skill. As he un- improvement is actually possible.
Republican nominee promised not to of everything. the White House, they’re holding veiled the plan this week, Speaker This is no time for Democrats to
cut entitlements, his crowds—Repub- But fierce pushback followed—the strong cards. The Republicans have Paul Ryan wore a weirdly triumphant be small, tatty and cheap, to do the
licans, Democrats and indepen- tea party uprising grew; the Demo- crashed and burned twice, and smile. “Today,” he said, “we are tak- old class warfare, to issue one-liners
dents—cheered. crats lost the House in 2010. Then there’s no reason to think they’ll ing the next step to liberate Ameri- instead of thoughts. They should
Health-care reform this week went came the failure in 2013 of the web- magically succeed next time. cans from our broken tax code.” He wake up and get serious.
down, again. The Republicans did not site on which the entire program de- Health-care reform will have to compared this moment to 1986, It’s weird to see everyone going
have the votes in the Senate, again. pended, the admission by one of its come from both parties or it will not when Ronald Reagan won tax reform. through the old motions, dream-like.
A Yankee Visits Charlottesville, Where Gen. Lee Is Under Cover

By Allen C. Guelzo Because the Charlottesville Lee went buffs as markers of unit positions room, and Berlin’s Olympic Stadium, to the campus deniers of free-speech:
up in 1924, at the apex of Jim Crow, during the battle. which the Nazis used as a propaganda They understand monuments and
T
Charlottesville, Va. it is easy to suppose that it was de- Image-smashing undoubtedly has theater in 1936, has survived to host speech solely as manifestations of
his city seems to be in mourn- signed to reinforce white supremacy. its satisfactions, but they tend to be the World Cup—all without much power, which only can be confronted
ing. On the campus where But the dedication ceremonies fea- short-lived. Pulling down statues of more notice than the occasional his- and silenced by power.
Thomas Jefferson planted the tured high-school bands, cadets from George III, Stalin and Saddam Hussein torical footnote. On a recent humid evening in Char-
“academical village” that grew up to the Virginia Military Institute, uni- was understandable when done by There have been times and places lottesville, I walked past the Lee
be the University of Virginia, the university faculty and the American Le- those who actually lived through their where monuments really were asser- statue, huddled in its improvised
versity’s statue of Jefferson was gion—not the Ku Klux Klan. outrages. Otherwise, we look with tions of white Southern defiance, like burqa. He fought for a cause that ran-
briefly swathed in black plastic. In One of the dedication speeches shudders on past iconoclasts—the the cemetery obelisk in Colfax, La., cel- kles me to the soles of my abolitionist
nearby Emancipation Park, a 26-foot- celebrated Lee for surrendering at ones who burned the Library of Alex- ebrating the perpetrators of the 1873 boots. But the armies that marched at
high equestrian statue of Robert E. Appomattox and averting “scattered andria, or who smashed religious stat- Colfax Massacre who were “fighting his orders also melted away at his or-
Lee remains swathed in black, mostly guerrilla warfare for many years” and ues during the Protestant Reforma- for white supremacy,” as the monu- ders a long time ago; and the statue is
to prevent defacement. In the wake for pointing Southerners “in the tion—as puritanical idiots. ment proclaims unashamedly. immobilized, solitary, powerless. As
of the Aug. 12 riot between fanatics shadows of the defeat of war” toward David Rieff, in his book “In Praise of But does the Lee monument serve Jefferson once said about the reli-
of the neo-Nazi right and the new “the star of hope with its radiant Forgetting,” suggested that “a decent the same purpose? The answer would gious dissenter, he neither picks my
Red Guards of the Antifa left, an un- promise and prophecy of the tri- measure of communal forgetting” be yes only if we believed that 1865 pocket nor breaks my leg. So with Lee.
easy atmosphere prevails throughout umphs of peace.” Those words came about historical offenses may be “the and 1873 were yesterday, and that ev- I can let him alone.
Charlottesville, as if awaiting, like from the Rev. M. Ashby Jones, a Bap- sine qua non of a peaceful and decent erything about the past is a state-
Pompeii, yet another eruption. tist minister whose opposition to society.” Sometimes the best revenge ment of power (or a clever conceal- Mr. Guelzo is a visiting professor at
lynching made him a target of the is living well. Hitler’s refuge in the ment of power) in the present. This is Princeton’s James Madison Program
Klan. The pedestal read only “Robert Obersalzberg today functions as a tea what links the monument-smashers in American Ideals and Institutions.
Image-smashing Edward Lee,” and the statue itself
was sculpted by Italian-born Leo Len-
undoubtedly has its
satisfactions, but they
telli and cast in Brooklyn, N.Y.
There is a difference between
monuments and memorials. Monu-
Trump Bullies the NFL Because It’s Easy
tend to be short-lived. ments invite us to see exemplars. Me- Many worry that agreeing among themselves to end to fear the police, but the issue is
morials are simply remembrances Donald Trump’s the politicization of the anthem. Let complicated. Reconcile these state-
that something happened in this tweets might in- the anthem go back to being a non- ments: Blacks are nearly three times
As a Yankee I find it a little diffi- place. Often memorials are state- flame the North event. as likely as whites to be killed by
cult to grasp why monuments to Lee ments of mourning, occasionally of Korea conflict. Alas, Sports Illustrated this week police, yet a white homicide victim
are here in the first place. He lost, repentance, but they are not about Maybe his critics supplied a metaphor for the league’s is 2.6 times as likely as a black ho-
and if there is one sin American cul- power or approval. That’s why we should step back hopeless search for the right politi- micide victim to have been killed by
BUSINESS
ture still prefers to bury from sight, don’t take the Donner Party Monu- with renewed ad- cal correctness to make its prob- police.
WORLD
it’s losing. Worse, Lee committed ment in Donner Memorial State Park miration for the lems go away. Its “unity” cover only The explanation: A black person
By Holman W.
treason against the flag and the Con- as an incitement to cannibalism. man and his subtle provoked criticism—for the pres- is so much more likely to be a homi-
Jenkins, Jr.
stitution. And behind that is the ugly The line between memorials and arts. Just notice ence of Mr. Goodell, the absence of cide victim in the U.S.—nearly seven
truth that the Confederate cause was, monuments is not always clear. The how thoroughly his Colin Kaepernick, a dearth of fe- times as likely—that police shoot-
when all the rhetorical chaff is swept Union statuary that populates the tweets have reduced the mighty males, an excess of whites. ings are a smaller proportion of
away, designed to protect chattel Gettysburg battlefield was originally NFL to impotence. Ditto Aaron Rodgers’s invitation black homicides than white
slavery, the singular birth defect of intended as a monument to the righ- Indeed, a bystander wonders to Green Bay fans on Thursday homicides.
the American republic. teousness of the Union cause. At the with what whimsical malice this night to link arms in the stands. It Not that the politics of race rela-
But statues of Lee don’t baffle me dedication of the monument to the aged man-child, blessed with super- fell almost as flat as an Odell Beck- tions is a special competence of the
more than the Whiskey Rebellion 84th Pennsylvania Infantry in 1889, powers, decided the league should ham Jr. end-zone antic. NFL—any more than North Korea
statue in Washington, Pa., or the Dorr the speaker described the Civil War be the newest target to be emascu- Mr. Trump is disdained for low policy or health-care policy, though
Rebellion Museum in Chepachet, R.I., as “the greatest of rebellions against lated and confounded by his 140- cunning, but low cunning beats no players have opinions on these mat-
or the bust of Aaron Burr in the U.S. the grandest of governments.” By the character missiles. cunning. Mr. Trump said nothing at ters too.
Senate Chamber. They all remember middle of the 20th century, visitors Actually one doesn’t wonder: It his Alabama rally or in his tweets The most deadly omen for the
treasons committed in the past, but I were more inclined to regard the was Roger Goodell. Mr. Trump knows about race or police shootings. league, however, the one that should
pass them by with a shrug. Time has monuments as memorials of a great weakness when he smells it. He said only that football players strike fear in Mr. Goodell, owners
rendered them harmless. and tragic sacrifice. Today they are Mr. Trump landed a smart bomb should stand for the anthem, a sen- and players alike, was an article by
Monuments can also be deceptive. mostly used by tourists and history on Tuesday with his tweeted sug- timent widely supported in polls. Roxanne Jones, a founding editor of
gestion that the league should ban First Amendment rights also apply ESPN magazine and former vice
protests during the national an- to the league and team owners. president of the ESPN network. She
them—thereby making it impossible They are under no obligation to declared, “I found a reason to feel
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY for Mr. Goodell to enact such a ban subsidize a platform for player po- good about watching football again,”
Rupert Murdoch Robert Thomson and thus reverse the league’s plum- litical expression. It is not censor- as if the salvation of the game lies
Executive Chairman, News Corp Chief Executive Officer, News Corp met toward the abyss. ship. The NBA requires its players in picking political fights with large
Gerard Baker William Lewis Mr. Goodell could have fairly to stand respectfully for the an- chunks of its fan base.
Editor in Chief Chief Executive Officer and Publisher said, It’s time to get back to foot- them. A mystery without an answer, of
Matthew J. Murray DOW JONES MANAGEMENT: ball. Everyone had their say last Mr. Trump wins this argument course, is how this Trumpian sally
Deputy Editor in Chief Mark Musgrave, Chief People Officer; Sunday. The Cowboys knelt before hands down, which is why critics actually advances any national inter-
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
the anthem and then stood, the resort to attacking straw men. “Yes, est that Mr. Trump was elected to
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President Steelers and Seahawks chose to stay Trump’s True Aim Is to Inflame Ra- advance. A president referring to
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: off the field, etc. cial Tensions,” insists the headline fellow citizens as SOBs in a televised
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; Players have every right to express over an Al Hunt column at speech is also a new low that hope-
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; their opinions in all the venues open Bloomberg. fully won’t soon be surpassed.
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; to them, but not here. This league CNN reporter Coy Wire, himself a Still, with trepidation, the world
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; cannot afford to become an obliga- former NFL player, claimed on-air awaits to see which power or princi-
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International tory weekly stage for the divisive po- (emphasis added): “President pality the colossus of the White
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: litical cause of the moment. Trump urged NFL owners to fire or House Twitter account decides to
Almar Latour, Publisher; A different NFL commissioner, suspend any NFL player who confound and humiliate next. We be-
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: with a less embarrassing history, kneeled during the anthem in pro- gin to feel sorry for Kim Jong Un.
Joseph B. Vincent, Operations; Christopher Lloyd, Head; might have been able to play this test of racial injustice.” i i i
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head role without appearing to truckle to In order to get the better of Don- A version of Wednesday’s column
EDITORIAL AND CORPORATE HEADQUARTERS: the Twitter-bully of the White ald Trump, they must put words in confused Douglas Durst with his
1211 Avenue of the Americas, New York, N.Y., 10036 House. As it is, NFL players would his mouth. brother Robert. Apologies for the
Telephone 1-800-DOWJONES
do the league a favor by informally Black Americans may have reason error.
SPORTS
away from making statements of any sort
that make its fans uncomfortable.
GOLF In this regard, the perpetually-outspoken
Player has always been an outlier. And
Gary Player Is Worried

lately, he said, he fears there is even less
room for individual expression in sports.
“There’s only freedom of speech if it’s po-
litically correct,” he said. “If you say the
wrong thing today, your career is ruined.
About America
The things America stood for when I first
came here are gradually vanishing.”
Player joined the PGA Tour in 1957. He
went on to become an all-time great golfer,
a fitness evangelist and the first truly inter-
national golfer. From his earliest days as a
professional, he traveled the world to play
in tournaments. Now, still constantly on the
move for various business and charitable
ventures, he says he has traveled more
miles than any human in history.
But his life has also been shaped by racial
strife and how he responded to it. When he
was younger, he made statements in support
of the apartheid government in South Af-
rica, which he said were the result of him
being “brainwashed” growing up. He be-
came a target of anti-apartheid demonstra-
tors in the U.S., who frequently heckled him
at tournaments.
At the 1969 PGA Championship, which he
lost by one stroke, he said demonstrators
threw ice in his face and threw a phone
book at him during his backswing.
“These guys haven’t got to deal with a
quarter of what I dealt with,” he said, refer-
ring to today’s athletes.
Player later lobbied the South African gov-
ernment to allow Lee Elder, a black American
golfer, to play in the 1971 South African PGA
Championship, making it the first racially in-
tegrated event in the country’s history. He
visited Nelson Mandela in prison, kissing his
feet upon meeting him, and went on to be-
come a favorite of the iconic leader.
Writing about Player in an essay for Golf
Digest in 2000, Mandela wrote, “Few men in
our country’s history did as much to enact
political changes for the better.”
Player has seen the power of sports to ef-
fect social change, but said protesting dur-
ing any country’s national anthem is mis-
guided at best.
“I am a big believer that you should dem-
onstrate for your causes, but the flag and
At 81 years old, Player has seen the power of sports to effect social change but he believes protests shouldn’t involve the national anthem. the anthem are ours—everybody’s,” Player
said. “Demonstrate against your cause,
against that particular cause. People get
BY BRIAN COSTA
confused—why are they demonstrating?”
That stance was echoed earlier in the
New York week by Davis Love III, an assistant U.S.
“THE REST OF THE WORLD is laughing captain at the Presidents Cup, where the
at you,” Gary Player said, and he was only Americans built an early lead Friday as they
getting started. sought to win for the seventh time in a row.
The nine-time major champion was sitting Love said NFL players chose the wrong time
on a bench at the driving range at Chelsea to protest. “I think President Trump is
Piers, where Manhattan meets the Hudson right,” Love said on Golf Channel, adding
River, late Thursday afternoon. A few hours that anyone who wants to protest can send
earlier, he had sat alongside former presi- a letter to his or her member of Congress.
dents Bill Clinton, George W. Bush and Barack Player said he is most baffled by public
Obama to watch the opening tee shots of the antipathy toward Trump in general.
Presidents Cup. “You have a man who is a duly elected
Now, still playing at 81 years old, he was president of America and I hear a man on
taking a break from hitting balls. But golf television saying we will never recognize
was not foremost on his mind. More than him as president. I can’t comprehend it,”
anything, he wanted to talk about America, Player said. “The lack of respect.”
the closest thing to home for him outside Trump enjoys a closer relationship with
his native South Africa. golf than with any other sport. In addition
“I pass by the great Statue of Liberty in to owning a portfolio of 18 golf clubs, the
a ferry today, and I say, ‘The French gave it president has played casual rounds with
to you for a reason: freedom of speech and prominent golfers including Woods, Rory
respect,’” he said. “And I see that dying. I McIlroy, Ernie Els and Lexi Thompson since
see it dying.” the election. But Player said his message
This was not the kind of conversation was less about politics than about unity.
T-B: JULIAN HERBERT/GALLO IMAGES/GETTY IMAGES; CHRIS CONDON/PGA TOUR/GETTY IMAGES
people in the golf world like to have, at “I hear from people all the time who can’t
least in public. In the wake of President saying anything that could offend anyone. tion—to absolutely no one’s surprise. believe what they see on television,” he
Donald Trump’s spat with the NFL over Tiger Woods said he hoped that “things Their collective decision was so widely said. “They can’t believe that Americans are
demonstrations during the national anthem, can be healed.” When the national anthem expected not because golf is a conservative condemning their own country.” He added,
coupled with his spat with the NBA’s Golden was played Thursday before the start of sport, which it is by and large, but because “Anybody who lives in this country should
State Warriors, most notable golfers avoided competition, the players stood at atten- its leading figures for so long have shied kiss the ground every day.”
Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. NBA
BIG DEAL: WESTBROOK STAYS PUT

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Boise Mpls./St.. Paul
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Houston 90s Stationary Snow
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Orlando
40s New Orleans a five-year, $205 million exten- ria for the handful of star
80s an Antonio
San p
Tampa
30s Honolulu Showers Flurries sion on Friday afternoon that be- players who qualify for the
A h g
Anchorage Miami
50s 90s came the richest deal in NBA history, biggest contracts teams can
70s Ice kept him under contract through 2023 offer. They have to have been
and completed an extraordinary off-sea- in the NBA for a certain
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W son for the Thunder. amount of time. They have to
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 72 59 pc 72 59 t Frankfurt 68 48 t 63 53 pc Westbrook won last year’s MVP award have won the league’s premier
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 86 74 t 84 74 t Geneva 67 47 t 66 52 pc by averaging a triple-double, but that was individual awards. And they
Today Tomorrow Philadelphia 67 52 pc 71 53 s Havana 85 72 t 89 72 t
City Hi Lo W Hi Lo W in part because he needed to average a have to be on the teams
Phoenix 99 72 s 98 70 s Hong Kong 90 83 sh 91 83 t
Anchorage 51 39 pc 52 43 pc Pittsburgh 65 41 s 70 46 s Istanbul 69 62 sh 68 60 t triple-double for Oklahoma City to make that drafted them or traded
Atlanta 81 60 pc 76 59 pc Portland, Maine 58 43 pc 69 48 s Jakarta 90 74 c 90 76 sh the playoffs. Once the Thunder lost in for them early in their ca-
Austin 85 61 pc 88 64 pc Portland, Ore. 64 51 sh 63 47 sh Jerusalem 76 60 s 79 61 s the first round, though, general manager reers—a reward for shrewd
Baltimore 69 48 pc 71 48 s Sacramento 85 57 s 85 57 s Johannesburg 76 55 t 74 55 c
Boise 65 42 sh 57 38 c St. Louis 76 52 s 77 64 s London 63 57 pc 67 55 r Sam Presti got to work upgrading the judgment that incentivizes
Boston 58 48 r 66 49 s Salt Lake City 68 46 pc 59 41 pc Madrid 85 59 pc 82 59 pc roster around Westbrook. He made a the game’s best players to
Burlington 62 36 pc 67 44 s San Francisco 74 57 pc 75 59 s Manila 91 80 t 89 79 t
Charlotte 79 51 s 74 53 s Santa Fe 67 49 c 72 43 pc Melbourne 59 45 pc 61 46 c
stunning deal for George on draft night. stay in their current mar-
Chicago 68 50 s 74 58 s Seattle 62 51 sh 60 48 sh Mexico City 69 57 pc 70 57 pc He pulled off a trade for Anthony last week. kets no matter the size.
Cleveland 66 46 s 74 51 s Sioux Falls 67 56 sh 67 54 t Milan 71 56 pc 68 54 pc And with the upcoming season quickly ap- And the upshot of West-
Dallas 86 63 s 88 68 s Wash., D.C. 71 53 pc 72 55 s Moscow 49 33 c 48 31 pc
Denver 72 47 t 71 40 t Mumbai 91 80 pc 92 80 sh
proaching, Westbrook finally agreed to the brook finally signing it Fri-
Detroit 65 46 s 68 52 s
International Paris 64 53 pc 62 56 r contract extension that eliminated any un- day—which happened to be
Honolulu 87 72 sh 88 74 sh
Today Tomorrow
Rio de Janeiro 79 72 r 87 73 s certainty about his long-term commitment Durant’s birthday—was put
Houston 88 67 pc 90 72 pc Riyadh 101 69 s 103 70 s
Indianapolis 71 48 s 74 56 s City Hi Lo W Hi Lo W Rome 74 58 pc 72 57 sh to the team that drafted him. into context by his town’s
Kansas City 74 57 pc 74 63 pc Amsterdam 61 51 pc 61 56 r San Juan 85 80 sh 89 78 sh But what makes his signing even more mayor. “High-profile mil-
Las Vegas 93 68 s 91 66 s Athens 71 62 pc 71 63 c Seoul 79 59 s 74 59 r remarkable is the person who helped make lennial chooses OKC as
Little Rock 81 57 s 82 66 s Baghdad 106 72 s 98 71 s Shanghai 75 71 r 88 74 r
Los Angeles 84 64 s 80 63 pc Bangkok 88 78 t 90 78 t Singapore 88 78 t 86 78 t it possible: Kevin Durant. home,” Mick Cornett
Miami 89 79 t 89 80 t Beijing 81 61 pc 78 49 c Sydney 75 53 pc 73 55 s Oklahoma City entering this season with wrote in a tweet.
Milwaukee 64 50 s 69 58 s Berlin 68 51 pc 59 51 sh Taipei 94 80 s 97 80 pc George and Anthony while planning for a fu- Westbrook confirmed
Minneapolis 69 54 s 67 55 sh Brussels 59 50 pc 60 55 r Tokyo 76 64 pc 76 68 pc
Nashville 79 54 s 81 57 pc Buenos Aires 72 55 c 63 48 r Toronto 61 42 s 66 50 s ture with Westbrook was all but unthinkable the deal in a statement
New Orleans 90 74 s 86 74 pc Dubai 101 83 s 102 84 s Vancouver 61 48 pc 60 43 pc on the day that Durant left the Thunder last ending with the two words
New York City 66 50 pc 70 54 s Dublin 56 50 pc 64 50 r Warsaw 60 40 pc 60 42 s summer to solidify the Golden State War- that have served as his life’s
Oklahoma City 78 57 pc 78 61 s Edinburgh 58 44 pc 63 48 r Zurich 71 47 t 64 49 pc LAYNE MURDOCH/
riors as the best team in basketball. But NBAE/GETTY IMAGES mantra: “Why not?”
BUSINESS NEWS B3,B4 | WEEKEND INVESTOR B5 | MARKETS B9,B10 | HEARD ON THE STREET B10
TOMOHIRO OHSUMI/BLOOMBERG NEWS

ONLINE AMAZON DELIVERS B3 BITCOIN WIN SOME, LOSE SOME B9
©2017 Dow Jones & Company. All Rights Reserved. * * * * * * * THE WALL STREET JOURNAL. Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | B1
DJIA 22405.09 À 23.89 0.1% NASDAQ 6495.96 À 0.7% STOXX 600 388.16 À 0.5% 10-YR. TREAS. g 6/32 , yield 2.328% OIL $51.67 À $0.11 GOLD $1,281.50 g $4.00 EURO $1.1814 YEN 112.50
Peltz Wins Support in P&G Fight Google

Proxy adviser ISS says
company would gain
Lewis & Co., came out in favor
of Mr. Peltz last week.
owns about 15 million shares
of P&G, or a 0.6% stake, said
current board, which is
stacked with current and for-
derperformance,” the proxy
firm said.
Probes
“There are several signs earlier in September it was
by having activist
investor on its board
that the board could benefit
from additional shareholder
perspective,” ISS wrote in its
backing Mr. Peltz. Five former
board members of H.J. Heinz
Co. wrote a letter to P&G’s
mer leaders of blue-chip com-
panies like American Express
Co., Home Depot Inc., Hewlett-
Packard and Boeing Co.
ISS said the fact that all but
one of P&G’s 10 nonexecutive
directors lacked previous con-
sumer-products experience
Russian
BY SHARON TERLEP
25-page report, which mutual
funds and other institutional
While noting positive re-
sults since Chief Executive Da-
may have contributed to P&G’s
inability to spot key trends. Activity
$3.5B
investors can use to guide vid Taylor took over P&G “Considering Peltz’s extensive
Less than two weeks before their voting. nearly two years ago, ISS background with consumer
the largest proxy vote in his-
tory, activist Nelson Peltz got
a big boost in his high-profile
The two sides have traded
barbs for weeks about
whether Mr. Peltz deserves a Value of Trian Fund’s 1.5% stake
blamed directors for ill-ad-
vised acquisitions and CEO
turnover. It criticized the com-
companies, particularly his di-
rectorships at Heinz and Mon-
delez, many shareholders
On Sites
fight against Procter & Gam- seat on the consumer-products in Procter & Gamble pany for failing to consider might not readily agree with BY JACK NICAS
ble Co. giant’s board. Mr. Peltz’s outside candidates following the board’s dismissiveness of AND ROBERT MCMILLAN
Institutional Shareholder Trian Fund Management is the troubled tenure of Mr. his potential contribution as a
Services Inc., the largest one of P&G’s biggest share- Taylor’s predecessor. director,” ISS said. Google is conducting a
proxy-adviser firm, recom- holders with a 1.5% stake val- board in support of Mr. Peltz, “The board’s handling of P&G has argued that Mr. broad internal investigation to
mended on Friday that P&G ued at $3.5 billion. who won a seat on the CEO succession during the Peltz’s experience with food determine whether Russian-
shareholders put the 75-year- Trian has been amassing ketchup-maker’s board in better part of a decade left a and beverage companies linked entities used its ads or
old investor on the board over support in recent weeks. An- 2006 after a proxy fight. lot to be desired, and sub- doesn’t equate to expertise services to try to manipulate
the company’s protests. An- other top shareholder, Yackt- ISS’s recommendation was jected the company, and with consumer-packaged voters ahead of the U.S. elec-
other proxy adviser, Glass man Asset Management, which largely a criticism of P&G’s shareholders, to years of un- Please see PROCTER page B2 tion, according to a person fa-
miliar with the matter, a move
that comes after Facebook
Inc. and Twitter Inc. said Rus-
sian actors used their sites.
Google, part of Alphabet
Inc., is also talking with con-
gressional officials who are in-
vestigating Russian efforts to
influence the election, and
plans to share its findings
with them once completed,
this person said.
Congressional leaders have
scrutinized Facebook and
Twitter for Russian activity on
their sites—and criticized the
companies for their lack of
disclosure of such information.
Google, pending a potential
meeting with lawmakers, has
said little. Earlier in Septem-
ber, the company said it found
no evidence that it sold elec-
tion-related ads to Russian ac-
tors. But it didn’t say how
deeply it was investigating the
issue, or whether there were
other types of Russian inter-
ference on its platform.
On Friday, the company
said, “We will of course coop-
PETER PARKS/AGENCE FRANCE-PRESSE/GETTY IMAGES
erate with inquiries; we’re

looking into how we can help
with any relevant informa-
tion.”
It is unclear what sort of
activity, if any, happened on
Google’s sites. But Google runs
the world’s largest advertising
business and the largest on-
line-video site, YouTube, mak-
ing it an obvious place for in-
vestigators to look.
Rep. Adam Schiff, the top
Democrat on the House Intelli-
Elon Musk said Friday that SpaceX aims to build the world’s most powerful rocket to carry a reusable manned spacecraft to Mars well ahead of any government timetable. gence Committee, which is in-
vestigating Russian influence
Musk’s Mars Shot: To Red Planet by 2024

on the election, said that law-
makers want to speak to
Google “given their dominant
force online that has an adver-
BY ANDY PASZTOR ambitions for his company, latest plans are built around a By applying technology officials and space aficionados tising component.”
SpaceX, including technical business model he hadn’t pub- from his current boosters and gathered in Adelaide. “We Google sells ads above its
Elon Musk unveiled plans details of capsules larger than licly broached before. vehicles to build much larger, think we have a way to do it.” search results, before YouTube
to build the most powerful superjumbo airliners and the Space Exploration Technol- more-capable versions, Mr. Mr. Musk, who is also the videos and on third-party
rocket ever and use it to kernel of a business plan to ogies Corp., as his company is Musk aims to use cash flow co-founder of Tesla Inc., websites and apps. Google
launch a giant, reusable pay for it, at an international formally called, seeks to create from ongoing operations to fi- stayed away from cost esti- even offers a specific ad tool
manned spacecraft to Mars— astronautics conference in a single fleet of super-power- nance his Mars ambitions. The mates—even though industry for political campaigns that it
potentially in less than a de- Australia on Friday. ful rockets and spacecraft able existing hardware would be officials over the years have says will help advertisers “win
cade—in the billionaire’s most Projecting the first trips to to serve commercial satellite phased out and replaced by questioned some of SpaceX’s the moments that win elec-
aggressive expression yet of Mars in 2022 or 2024—more operators, U.S. government the multipurpose systems. internal revenue and profit tions.” Google’s YouTube site
his vision for privately funded than a decade before the U.S. or customers and Mr. Musk’s own “I think we have figured out projections. The company’s is also one of the world’s larg-
space exploration. any other governments antici- dreams of deep space explora- how to pay for it,” he told the Falcon Heavy is four years late est social-media communities,
Mr. Musk sketched out new pate coming close—Mr. Musk’s tion. crowd of scientists, industry Please see MUSK page B2 with more than 1.5 billion
monthly users.
The site is also a hotbed for
THE INTELLIGENT INVESTOR | By Jason Zweig
Unwanted Diesel Production highly partisan political vid-
eos, including misleading and
false content. And it is a pri-
Stocks Won’t Stampede mary way Russian media with
With the Bulls Forever Vexes Europe’s Oil Refiners direct links to the Russian
government reach viewers,
particularly in the Western
world.
BY CHRISTOPHER ALESSI dle Eastern refiners. Energy Agency. Russian state media RT,
With U.S. Plugging his phone into a Friday, reverberations con- The Volkswagen scandal which a U.S. intelligence re-
stocks hitting modem that dials up a stock- A backlash against die- tinued from the 2015 scandal, sent sales of diesel vehicles port said aimed to meddle in
highs this quotation service, he be- sel sparked mostly by the as Volkswagen said it would plummeting, particularly in the election, has 2.2 million
past week and comes more nervous as the Volkswagen AG emissions take a fresh charge of €2.5 bil- the company’s home country subscribers and 2.1 billion
the calendar day goes on and the Dow scandal has upended Europe’s lion ($2.94 billion) due to of Germany, where politicians views on its English-language
just about to Jones Industrial Average big oil refiners, which invested higher-than-expected costs of threatened to restrict diesel YouTube channel.
flip to October, think 30 falls a record 108.35 points roughly $10 billion in recent fixing cars in the U.S. The cars in some cities. Diesel, Twitter on Thursday sin-
years back with me to Fri- on unprecedented volume of years to equip plants to churn charge brings to nearly $30 which emits nitrogen oxide, is gled out RT as an advertiser
day, Oct. 16, 1987. nearly 339 million shares. out more of the fuel and now billion the total fines, penal- now considered a much more that was part of Russian inter-
The stock market is up The selling is “completely are bracing for plummeting ties and compensation Volks- serious pollutant than it was ference on its site. RT spent
more than 30% for the year. overdone,” he thinks: Stocks demand. wagen has paid since it admit- just a few years ago, when Eu- $274,100 to advertise on Twit-
But traders are jittery: Inter- are bound to bounce back Total SA of France, Repsol ted as many as 11 million of its ropean governments were pro- ter during the campaign, the
est rates are rising, tax rates big on Monday “and then I’ll SA and CEPSA of Spain, and diesel vehicles world-wide moting the fuel as a cleaner company said.
are in flux and the U.S. is get killed” for hanging on to Saras SpA of Italy are plan- contained software that alternative to gasoline. RT couldn’t immediately be
bickering with international the bearish bet. “A feeling of ning to use facilities built to helped the cars appear to “Diesel was the darling and reached, but in a note sent
trade partners and skirmish- panic washed over my entire produce diesel mostly for pas- meet standards for toxic emis- has become the devil,” said earlier Friday, RT’s editor in
ing with Iran. body,” Mr. O’Shaughnessy senger cars to instead provide sions. Dario Scaffardi, executive vice chief, Margarita Simonyan,
James O’Shaughnessy, a says. “I’ve just got to get chemically similar products Oil refiners had pinned president at Saras. said RT had been “spending
young investor in St. Paul, out.” He calls his broker a like container-shipping fuel their hopes on European diesel Total had poured more than money on our advertising
Minn., has made a “five-fig- half-hour before the market and jet fuel. They hope to at as the Continent’s fleet of per- $2.4 billion into diesel-friendly campaigns, just like every me-
ure” bet on stock-index put closes and sells it all. least minimize the latest blow sonal diesel-powered vehicles upgrades at its two largest Eu- dia organization in the world.”
options, a way of profiting That weekend, Mr. to an industry that was al- grew to 45% by 2015, com- ropean refineries. Repsol and The Russian broadcaster has
from a sharp fall in price on O’Shaughnessy feels “greatly ready being squeezed by compared with 2% in the U.S., ac- CEPSA invested $4.76 billion previously disputed the U.S.
a basket of big U.S. stocks. Please see INVEST page B5 petition from Asian and Mid- cording to the International Please see DIESEL page B2 intelligence report.
B2 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * ****** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
Alibaba Group Holding
Goldman Sachs Group
............................... A5,B5
Q
QVT Financial..............B9
DIESEL 9 million barrels a day
Diesel Drive
...................................B10 H R Continued from Page One
Alphabet......................B1
8 Demand for diesel has risen in Europe in recent years, but
HSBC ........................... B9 Repsol..........................B1 and $2.4 billion, respectively, refiners anticipate a drop-off in the wake of the VW
Altaba........................B10
I Roivant Sciences ........ B9 on similar upgrades and mod- 7 emissions scandal. Regional consumption, 2010-16:
Amazon.com.....B3,B4,B5
American International Institutional S ernization projects. Even inde-
Shareholder Services pendent refiners like Saras that 6
Group ........................ A1 Saras ........................... B1
Ant Financial Services .....................................B1 aren’t tied to big oil-explora-
Seligman Investments 5
Group.........................B2 J .....................................B2 tion companies shelled out
Axovant Sciences ....... B9 J.P. Morgan Chase......A5 SoftBank................A1,B9 hundreds of millions of dollars. 4
B K Southeastern Asset Between 2005 and 2017, Eu-
BMW ........................... B2 Management.............B5 ropean refiners invested a to- 3
Kohn Pedersen Fox
Boeing....................A2,B4 Associates................A9 Southern ..................... B4 tal of around $10 billion equip- 2
Bombardier ................. A2 L SpaceX.........................B1 ping their plants to churn out
C Lattice Semiconductor T diesel, a capacity increase of 1
Canyon Bridge Capital .....................................B2 Toshiba........................B4 nearly 60%, according to IHS
Partners....................B2 Total ............................ B1 Markit. 0
M
Chongqing Casin Trian Fund Management The European refining in- 2010 Asia* ’16 Europe North Latin Middle East Russia† Sub-Saharan
Enterprise.................B2 Merck...........................B3
.....................................B1 America America Africa
CME Group..................A5 MoneyGram dustry was already under pres-
Twitter ........................ B1 THE WALL STREET JOURNAL.
International.............B2 sure. Amid greater competition *Includes Pacific islands; †Includes ex-Soviet states in Caspian Sea region Source: Wood Mackenzie
D U
N from Asian and Middle Eastern
Daimler........................B2 Uber Technologies......A1
Netflix.........................B5 refiners, two dozen refineries have announced plans to ban all commercial vehicles are likely such a shift, Mr. Cooper said.
E V closed between 2009 and 2016, gasoline- and diesel-powered to remain diesel-powered in Mr. Scaffardi of Saras said
O
Eli Lilly ........................B4 Valeant Pharmaceuticals leaving the Continent with vehicles after 2040, while the Europe.” his refineries and those of
O'Shaughnessy Asset
F Management.............B5 International...........B10 roughly 105 active refining op- French government recently un- “Refineries that invested in competitors invested heavily
Facebook................B1,B5 P Viking Global Investors erations, according to IHS veiled plans to raise taxes on complexity will have the abil- in “hydrocrackers,” high-tech
G .....................................B9 Markit. More are likely to close diesel by 10% next year. At the ity to modify output toward units that increase the amount
Procter & Gamble.......B1
Glass Lewis.................B1 Prudential Financial ... A2 W in the coming years, said Carlos same time, the Continent’s big heavier distillates [like marine of distillates like diesel or jet
GlaxoSmithKline.........B9 PTC Therapeutics......B10 Wal-Mart Stores.........B4 Navarro, vice president for re- car makers, including VW, BMW and jet fuel]. They are well fuel that can be extracted from
fining development at Compa- AG, Daimler AG and Volvo, are prepared,” said John Cooper, a barrel of crude oil. Even in
nia Espanola de Petroleos SAU, accelerating efforts to manufac- the head of refining industry Asia and the U.S., where gaso-
INDEX TO PEOPLE or CEPSA.
“I see in 20 years less than
ture electric vehicles.
Berta Cabello, head of refin-
group Fuel Europe. Switching
to shipping fuel or jet fuel is
line is more common, refiner-
ies ramped up their ability to
50 [refineries] will be in oper- ery planning and analysis at easier for upgraded refineries produce diesel for commercial
A K-L Pomerleau, Kyle..........B5 ation,” Mr. Navarro said. Repsol, said big companies because they are diesel-related and export purposes, said
Ablin, Jack.................B10 Kalanick, Travis .......... A1 R Europe still remains one of like hers should be able to distillates. Kristine Petrosyan, a senior
Aguilar, Omar ............. A5 Khosrowshahi, Dara...A8 Ramaswamy, Vivek....B9 the world’s biggest consumers shift their production to By pumping out shipping energy analyst at the IEA.
Arone, Michael ........... A5 Lundberg, Jan ............. B4 Ricks, David ................ B4 of diesel. European demand is growth areas like jet fuel, re- fuel, the refiners can take ad- Those investments, Mr.
B-C M S estimated at 6.4 million bar- gardless of the rise of electric vantage of new emissions Scaffardi said, are now the in-
Burns, Ursula..............A1 Mendes, George..........D5 Shah, Aarti..................B4 rels a day this year, over a passenger vehicles. “It’s very curbs that cut the amount of dustry’s greatest challenge.
Cates, Staley...............B5 Musk, Elon..................B1 Skovronsky, Dan.........B4 fifth of global diesel consump- difficult to see commercial sulfur allowed to be used in “I’m not trying to downplay
Crowe, Maria...............B4 O-P Smiley, Joshua............B4 tion, according to the IEA. electric planes,” Ms. Cabello marine fuel starting in 2020. the fact that there are changes
G-H T About 30% of that demand is said. Diesel-related distillates are on the horizon,” he said.
O'Neill, Myles.............B4
Galloway, Scott...........C6 O'Shaughnessy, James Thain, John.................A1 for personal vehicles. A spokeswoman for Total low in sulfur. “There is a strong push
Gold, Daniel.................B9 .....................................B1 W Yet demand is going to be in- said the company didn’t ques- But not all refiners in Eu- against fossil fuels.”
Gregory, Paul .............. B5 Parry, Gavin .............. B10 Wick, Paul...................B2 creasingly hard to sustain. In tion its investments in diesel, rope have invested in the com- —William Boston
Henriques, Diana........B5 Peltz, Nelson...............B1 Wigmore, Barrie.........B5 the U.K. and France, leaders in part because “trucks and plex upgrades needed to make contributed to this article.
MUSK Greater Lift BFR

Lawmaker Takes On
China’s U.S. Deals
Continued from the prior page
and its manned Dragon cap- SpaceX has developed a series Launch date
sule, intended to carry astro- of rockets with reusable Envisioned as
nauts to the international early as 2020
components. The latest,
space station, is even tardier Payload – 150 tons*
and hasn’t yet flown.
referred to as BFR, is designed Robert Pittenger wants to curb investments
Spacecraft, including
Outside experts estimate to carry people to Mars.
cabins, payload bay, here by the economic and military rival
the price tag to reach Mars at separate engines and
$10 billion, raising questions propellant tanks BY KATE O’KEEFFE Ant Financial Services
about the company’s ability to Group would buy Dallas-
generate that level of free cash When a Beijing-backed based payments firm Money-
flow over the next few years. Falcon 9 Falcon Heavy fund tried to buy an Ameri- Gram International Inc. and
SpaceX’s primary business to- First launched Launch date - Behind schedule, can chip firm, Rep. Robert one in which conglomerate
day is lofting satellites for June 2010 slated for later this year Pittenger (R., N.C.) fired off a Chongqing Casin Enterprise
commercial customers and the letter urging the government Group is leading a group
Pentagon. Yet internal com- Payload – 15 tons* Payload – 30 tons* to block it. seeking to buy the Chicago
pany projections from early After lobbyists for a Chi- Stock Exchange. He was one
2016 showed that at best total nese e-commerce giant came of the main opponents of a
launch revenue would continue to the congressman’s office $1.3 billion plan by Chinese-
climbing and still remain be- to get support government-backed Canyon
low $3.3 billion by 2019. Mr. WEEKEND for their affili- Bridge Capital Partners to
Musk’s plans for a multibillion- PROFILE ate’s attempt to take over Portland, Ore.-
dollar satellite operating com- buy a U.S. based Lattice Semiconduc-
pany are at an early stage. money-transfer tor Corp., which was blocked
Mr. Musk didn’t mention the firm, he wrote an op-ed by President Donald Trump
price of a ticket to Mars, either. blasting the deal instead. on national security grounds.
Last year, while discussing a dif- And when a Chinese group Mr. Pittenger, alongside
ferent rocket-spacecraft combi- struck a tiny deal to buy the Senate Majority Whip John
nation, the SpaceX chief said ini- Chicago Stock Exchange, Mr. Cornyn of Texas, is planning
tially a voyage to Mars could Pittenger mounted a broad soon to introduce bipartisan
cost a person roughly $200,000. 70 m effort to block it. legislation to overhaul the
106 m
During his speech Friday, Mr. Through the steady appli- CFIUS national-security re-
Musk said a one-way trip to cation of public and private view process and further in-
Mars would take three to six pressure on his colleagues in crease scrutiny of Chinese in-
months. Independent space sci- Washington and on would-be vestment in the U.S.
entists have estimated it would deal makers, the Texas-born Mario Mancuso, a former
take at least twice that long with Falcon 1 Christian missionary-turned-
current rocket technology, de- businessman-turned-politician
pending on the position of the First launched has become Capitol Hill’s most
planets. September 2008 prominent anti-China voice.
TOM WILLIAMS/CONGRESSIONAL QUARTERLY/ZUMA PRESS
Critics have said Mr. Musk’s Payload – .5 tons* The 69-year-old law-
goals are overly ambitious and maker’s focus is timely. Chi-
have noted SpaceX’s fewer-than- nese investment in the U.S.
planned launches and revenue tripled to a record $46 billion
shortfalls partly due to a pair of in 2016, according to New
accidents. 21.3 m York consultancy Rhodium
On Friday, Mr. Musk acknowl- Group. The figure is still
edged the 2022 target was small compared with invest-
largely “aspirational,” but said ment from places such as the
he was “fairly confident” that by U.K., Canada and Japan, but
2024 SpaceX could fly as many the sharp increase has raised
as four spacecraft, including two concerns in Washington be-
with crews, to the Martian sur- cause China is an economic
face to start building a fuel de- and military rival. The Com-
pot. 1.7 m 3.7 m 12 m 9m mittee on Foreign Investment
The billionaire, who has in the U.S., or CFIUS, which He is wary of challenges to U.S.
shaken up the space business Source: the company *Estimated THE WALL STREET JOURNAL. is made up of Trump cabinet dominance in tech and finance.
and notched several historic officials, reviews deals for
firsts with his reusable rockets, deeper into the solar system. nounced roughly a year ago. It is are now beginning serious de- national-security risks and CFIUS member who now
was poised to counter naysayers The engineering underpin- still slated to carry up to 150 velopment” of the new rocket has held up a number of leads Kirkland & Ellis LLP’s
who have called his grand plan a nings of the latest plan differ tons into low-earth orbit. family and “should start build- China-backed deals. CFIUS practice, says Mr. Pit-
sci-fi dream. from earlier incarnations, in- It would be roughly 10 times ing the first ship” by the sec- Mr. Pittenger says he took tenger’s voice is part of a
His updated vision of a pub- cluding a revised heavy-lift more powerful than the South- ond half of 2018, he said. Un- note of China in the 1970s larger global debate over
lic-private partnership relies less rocket more powerful than the ern California company’s flag- der Mr. Musk’s most optimistic while traveling in Asia with how countries should ap-
on major new federal programs Saturn V that blasted the first ship Falcon 9 rocket and signifi- scenario, the initial launch to Cru—then called the Campus proach Chinese investment.
supporting Mars exploration U.S. astronauts to the moon half cantly more capable than the the international space station Crusade for Christ. In the en- “He’s been vocal, persis-
and more on repurposing a century ago. long-delayed Falcon Heavy de- could come four years later. suing decades, he said, he tent and bipartisan, and all
SpaceX’s own cash flow from SpaceX’s next-generation rivative expected to blast off for Advanced versions of space- watched in dismay as China’s the while has maintained an
commercial ventures. rocket is now expected to be the first time later this year. craft slated to take astronauts rapid increase in trade with earnest, ‘Mr. Smith goes to
Mr. Musk’s comments are somewhat smaller than origi- Unlike previous, more gen- and, later, passengers on voy- the West transformed it from Washington’ quality about
likely to fan a debate over the nally conceived, featuring 31 eral presentations about Mars ages to Mars are expected to a minor player into an eco- him,” Mr. Mancuso said.
role of entrepreneurial initia- methane-fueled engines rather exploration, Mr. Musk set have capacity of roughly 100 nomic and military power- Not everyone sees it that
tives in championing exploration than the 42 Mr. Musk an- some specific milestones. “We people. house, all while Beijing re- way, particularly people who
jected values such as human are losing money because of
rights and religious freedom. the lawmaker’s efforts. After
PROCTER working,” P&G said.

The recommendations of
ISS and Glass Lewis aren’t in-
comment.
Likely working against Trian
is among the most widely held
disrupt the company’s progress.
Trian has said the company
should organize itself into just
“We’ve rebuilt their econ-
omy through our consumption.
And we took a garden snake
Mr. Pittenger’s bipartisan let-
ter blasting the Lattice-Can-
yon Bridge deal, Paul Wick, a
Continued from the prior page surmountable in a proxy fight. stocks, with 2.55 billion shares three business units, down and made it into a boa con- Silicon Valley-based portfolio
goods like paper towels and Both firms sided with Mr. outstanding. An estimated 40% from 10, by combining busi- strictor,” said Mr. Pittenger. manager at Seligman Invest-
razors. Peltz in his failed attempt in of those shares are held by indi- nesses, such as beauty, groom- The congressman says ments, wrote to Mr. Pit-
On Friday, P&G said its case 2015 to win a seat on the Du- vidual retail investors who are ing and health care. The units, Americans need to be wary tenger’s office to say his ac-
against Mr. Peltz is bolstered Pont Co. board. In that con- more likely to favor the com- Trian said, would operate au- of what he characterizes as tions could hurt thousands of
by ISS observations that the test, the three largest share- pany. tonomously and have total Beijing’s systematic efforts to U.S. investors, according to
company has produced posi- holders—Vanguard Group, P&G has rejected Mr. Peltz’s control over sales, marketing, use targeted, state-subsidized correspondence reviewed by
tive results amid efforts to BlackRock Inc. and State attempt to get a board seat, say- manufacturing and other ma- acquisitions to challenge U.S. The Wall Street Journal. He
shrink its product portfolio Street Corp.—voted in favor of ing his ideas are either ill-in- jor functions. dominance in sectors such as added that he thought the
and streamline management. the company. The three firms formed or retreads of work that Shareholders are set to vote technology and finance. lawmaker’s team was “flat-
“Change is not warranted are also the largest holders of is already under way. Its execu- on Oct. 10. Mr. Pittenger is leading out wrong” in its assessment
when a highly engaged board P&G stock. They didn’t re- tives have warned that adding —Joann S. Lublin campaigns to stop a poten- of the deal’s national-secu-
is overseeing a plan that is spond Friday to requests for the outsider to the board could contributed to this article. tial $1.2 billion deal in which rity risks.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | B3
BUSINESS NEWS
Equifax
Board
High-Speed Traders in Deal Talks
Consolidation trend in Sun after the Chicago-based according to Tabb Group LLC. pools,” people close to the firm
Sinking Fast
Weighs continues in a sector
under pressure amid
firm put itself up for sale in re-
cent months, the people said.
No deal has been finalized,
Hudson River and Sun, like
many firms in the secretive in-
dustry, are privately held and
said. One of its most lucrative
strategies involved exploiting
tiny price differences between
High-speed firms' U.S.
stock-trading revenue
Clawbacks rising costs

and it is possible that talks be-
tween the companies could fall
through. Sun Chief Financial Of-
reveal little about their trad-
ing strategies.
Founded in 2002 by five
prices in dark pools and ex-
changes, said one of those peo-
ple, a former executive.
$8 billion
BY ALEXANDER OSIPOVICH ficer Michael Deaton declined to graduates of elite universities Sun was mentioned in a 2014
BY EMILY GLAZER comment. with degrees in mathematics, lawsuit filed against Barclays by 6
AND ANNAMARIA ANDRIOTIS Hudson River Trading LLC, High-frequency trading, or physics and computer science, New York State Attorney General
one of the largest U.S. high- HFT, firms make money by us- Hudson River now has around Eric Schneiderman, who accused
Equifax could announce in speed traders, is exploring a ing computer algorithms to 180 employees globally. the bank of misleading custom- 4
coming days that it will claw deal to buy rival Sun Trading zip in and out of stocks, fu- Sun was founded in 2003 ers about how much “predatory”
back compensation from some LLC, people familiar with the tures and other assets in frac- by Jeff Wigley, a former floor HFT was allowed in its dark
top executives over its massive situation said, as the once-lutions of a second. trader at the Chicago Board pool. An analysis cited in the
2
data breach, a person familiar crative industry is pressured The industry has suffered Options Exchange. The firm lawsuit called Sun’s trading ac-
with the matter said. by low volatility and rising because of a slump in volatil- trades stocks in North Amer- tivity in the pool “very toxic.”
The embattled credit-report- costs. ity, which has fueled a series ica, Europe and Asia, as well Barclays last year admitted
ing company’s board has been in New York-based Hudson of consolidation deals. Reve- as currencies, bonds and fu- wrongdoing and paid $70 mil- 0
discussions about the best ap- River, which has said it trades nues at HFT firms from U.S. tures, according to its website. lion to settle the suit and a par- 2009 ’11 ’13 ’15 ’17*
proach for clawbacks, such as around 5% of U.S. equities vol- equities are projected to be It was among the first HFT allel action by the Securities and *Projected
what time frame to use when ume each day, was among sev- $850 million this year, com- firms to connect to the off-ex- Exchange Commission. Sun Source: Tabb Group estimates
calculating what to include, this eral firms that showed interest pared with $7.2 billion in 2009, change platforms called “dark wasn’t accused of any violation. THE WALL STREET JOURNAL.
person said. For instance, af-
fected executives are likely to
Amazon Gives Whole Foods Sales a Boost

not get paid this year, and Equi-
fax could also claw back money
that hasn’t yet vested from key
executives, this person said.
The board has yet to deter- BY HEATHER HADDON
mine whether other years’ com-
pensation could be affected Amazon.com Inc. has sold
since the breach occurred this about $1.6 million in Whole
year, the person added. Foods beans, breakfast cereal
Equifax didn’t respond to a and other store-brand prod-
request to comment. ucts in the first month since
Potentially affected execu- taking over the organic chain,
tives could include former Chief one of the first infusions of
Executive Richard Smith and Su- cash the e-commerce giant
san Mauldin, the company’s for- has delivered to the natural
mer chief security officer, this grocer through its site.
person said. Mr. Smith this past Amazon completed
week announced he was step- $500,000 in online sales in
ping aside as chairman and CEO; the first week after it started
Ms. Mauldin retired a week after offering Whole Foods’ “365
the company disclosed the data Everyday Value” products, ac-
breach on Sept. 7. cording to the One Click Re-
When announcing Mr. Smith’s tail, an e-commerce data ana-
departure, the company said it lytics firm that focuses on the
had yet to officially characterize site’s transactions. Weekly
his exit and that that would be sales fell to about $300,000
based upon the board’s investi- for the next two weeks after
gation of the breach. Amazon ran low on some
An Equifax spokesman at the products but rebounded in the
time said that certain of Mr. fourth week, the analysis
Smith’s pay awards “are still found.
CARLO ALLEGRI/REUTERS
outstanding,” and the disposi- During the past month, 19%
tion of those awards will await of Whole Food’s sales on Ama-
the outcome of the investiga- zon were of snacks and candy,
tion. That appeared to leave the followed by frozen fruit and
door open for clawbacks. vegetables, One Click found.
Equifax’s disclosure of the Condiments and health and
hack sparked a public and polit- beauty items drew the least A Whole Foods store in New York City. The grocer’s private-label products are finding a new sales outlet through Amazon’s website.
ical uproar since it disclosed vi- share of sales. Deli turkey
tal personal information of po- breast and coconut water year’s monthly average through
tentially 143 million Americans. were the most popular indi- In the Cart July, according to location-
In an opinion-editorial article vidual items. Since its purchase, Whole Foods has sold an estimated $1.6 million in store-brand items on Amazon’s website. based data compiled by the in-
in The Wall Street Journal Whole Foods brand pasta, Market mobile analytics firm.
Thursday, interim Equifax CEO packaged meats and other Sales by week* Top-selling categories by share of sales† Traffic is projected to be 4%
Paulino do Rego Barros apolo- goods already had a loyal fol- below average in September, it
$500,000 Snacks/candy
gized for the hack and said the lowing among customers of found.
company would provide a new the chain’s 470 stores, with Frozen fruit/vegetables “I’ve bought a bit more
service by Jan. 31 that would al- exclusive products accounting 400,000 salmon,” said Howard Levy, a
Beverages
low consumers to lock and unfor 15% of the company’s an- 67-year-old retired financial
lock access to their Equifax nual revenue. Canned goods worker, as he left a Whole
credit reports free of charge for But Amazon gives Whole 300,000 Foods store in Chicago. Mr.
Dairy/eggs
life. Foods products the potential Levy said he is buying more of
Equifax has been trying to for a new mass-market plat- Frozen meals the grocer’s newly discounted
200,000
take steps to contain the crisis, form, providing new revenue Baking/spices fish but still goes to Kroger
especially since Mr. Smith next to the struggling grocer, gro- Co’.s Mariano’s chain in the
week will testify before three cery analysts said. “When 100,000 Condiments/dressing area for many items at less ex-
congressional committees. In they blow it out, it’ll be a Health/personal care pensive prices.
the hearings, Mr. Smith is ex- much bigger number,” said Amazon and Whole Foods
0 Nutrition/wellness
pected to defend Equifax’s secu- Bob Goldin, partner for the executives have said they
rity measures by pointing to its Pentallect Inc. food consul- Sept. 2 9 16 23 0% 5% 10% 15% 20% planned to institute more dis-
IT spending directed at security, tancy. *For weeks ending date shown †For Aug. 28 through Sept. 26. Source: One Click Retail THE WALL STREET JOURNAL. count offers in the months to
which falls “within the range” The sales at present come. The chain had experi-
of other companies’ expendi- amount to a tiny portion of The online private-label stores, trying to undo the the surge subsequently sub- enced more than two years of
tures, this person said. Already, the roughly $8 billion in retail sales are among the changes chain’s “Whole Paycheck” im- sided. It will take additional declining same-store sales—a
some legislators have asked sales Amazon averages a Amazon made after taking age. measures to turn around Whole key retailer metric—prior to
why the company hasn’t clawed month. over Whole Foods on Aug. 28. Third-party data showed an Foods’ two years of steady Amazon’s deal for Whole Foods
back compensation from execu- A Whole Foods spokes- The online retailer also per- increase in traffic as curious sales declines, Mr. Goldin said. in June.
tives. woman declined to comment. manently reduced prices on shoppers flocked to Whole Spurred by Amazon’s entry, Grocers across the country
—Michael Rapoport Amazon didn’t respond to re- eggs, milk, bananas and other Foods stores several days after August traffic at Whole Food are fiercely competing on price
contributed to this article. quests to comment. high-volume items across the price cuts took effect, but stores was up 10% from the to lure shoppers to their stores.
Merck Joins Industry Retreat

The Journal.
From Hepatitis C Competition Anytime, Anywhere.
BY CARA LOMBARDO after lowering its value to treatments. Those sales have
$240 million due to competi- been declining since 2015 be-
Merck & Co. is halting de- tion. cause of pricing pressures.
velopment of new hepatitis C Merck had acquired the AbbVie Inc. in August said Quickly access all of the Journal’s
treatments after reviewing drug-development program it had received Food and Drug need-to-know news, markets data,
their effectiveness and deter- through its purchase of Idenix Administration approval to commentary and analysis when you’re
mining there is already an Pharmaceuticals Inc. for $3.9 sell its next-generation hepati-
abundance of treatments, in- billion in 2014. tis C treatment, Mavyret.
on the go with WSJ Apps.
cluding its own Zepatier drug. Zepatier was approved in The company said up to
The market to treat the liver the U.S. in early 2016 as a 95% of hepatitis C patients
disease afflicting 3.5 million once-daily, single-tablet com- will be eligible for the drug,
Americans has become increas- which at $24,600 for a stan-
ingly competitive, prompting dard course of treatment will
Merck and others to focus their cost less than older drugs
attention elsewhere.
The drugmaker cites from AbbVie, Merck and
Johnson & Johnson’s Jans- an abundance of Gilead.
sen unit earlier in September Analysts at Leerink said
discontinued development of
treatments in pulling Merck’s announcement, com-
its own hepatitis C treatment, the plug on a project. bined with J&J’s plan,
which analysts said had good “changes everything” in terms
but not competitive results. of new treatments for the vi-
The company said it would fo- rus.
cus on hepatitis B treatments, bination of two drugs, grazo- “The commoditization of
an area where there are fewer previr and elbasvir, to treat the category is likely to stop
options. adults with two types of hepa- almost immediately, and Abb-
Merck said Friday it made titis C. Merck said on Friday Vie and Gilead should estab-
its decision after Phase 2 trials that it would study Zepatier, lish some sort of stable
of two combination regimens. which had global sales of $555 duopoly in this still massive
The company recently re- million in 2016, in an effort to disease indication,” Leerink
corded a $2.9 billion impair- bring it to more patients. said in a research note.
ment charge related to re- Gilead Sciences Inc., the In Friday trading, shares of
search and development of market leader in hepatitis C, Merck and AbbVie fell less
uprifosbuvir, the antiviral used derived 40% of revenue in its than 1%, while those of Gilead © 2017 Dow Jones & Co. Inc. All rights reserved. 3DJ4940
in the abandoned regimens, latest quarter from hepatitis C rose less than 1%.
B4 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * ****** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
U.S. Urges Price Shift for Energy

BY TIMOTHY PUKO Cheap natural gas from the
Nuclear
Project
Gains
shale boom has been the pri-
WASHINGTON—The Trump mary culprit, fueling a new gen-
administration is urging inde- eration of much more efficient
Support
pendent energy regulators to competitors to coal and nuclear
change how electricity is plants, according to a study the
priced, proposing new rules department finished last month.
that would bolster revenue for “Distorted price signals…have
coal-fired and nuclear power resulted in undervaluation of BY MIGUEL BUSTILLO
plants. grid reliability and resiliency
The Energy Department is benefits provided by traditional The Trump administra-
mandating that the Federal baseload resources, such as coal tion offered an additional $3.7
Energy Regulatory Commis- and nuclear,” Energy Secretary billion in loan guarantees to a
sion consider new rules that Rick Perry wrote in a letter to nuclear-power-plant project in
would effectively raise power FERC. “As a first step, it is espe- Georgia that is billions over
BRANDEN CAMP/ASSOCIATED PRESS

prices to pay more to plants cially urgent to prevent prema- budget and years behind
considered more resilient. The ture retirements of the resources schedule, raising the total fed-
department suggests nuclear that have these critical attri- eral guarantees to $12 billion.
and coal-fired plants as poten- butes.” Energy Secretary Rick Perry
tial recipients, and charges Intense lobbying efforts from said Friday that it was impor-
FERC with tweaking electricity power companies in financial tant for the U.S. government
markets so they give more of a trouble or faced with closing to support the Alvin W. Vogtle
reward to plants that have at money-losing plants have al- Electric Generating Plant,
least three months of fuel on ready led to changes. which would be the first new
site and can run uninterrupted New proposals seek to help coal-fired and nuclear power plants. A coal-fired facility in Georgia. Two states have passed new nuclear reactors built in the
through extreme weather, di- laws that effectively subsidize country in more than three de-
sasters or other emergencies. spokeswoman said. Any which has been researching the for failing nuclear and coal busi- nuclear power while other states cades.
Nuclear and coal-burning changes made would likely be topic. nesses, and criticized the proposal are considering similar mea- “I believe the future of nu-
technologies are probably the implemented by the grid oper- The move is the administra- for blocking out options like bat- sures and grid operators are clear energy in the United
only ones able to meet the re- ators that run deregulated tion’s latest attempt to support teries and smart-grid technologies pursuing changes to how they States is bright and look for-
quirements, experts said. Un- power markets under FERC’s fossil-fuel businesses. It has that also could increase reliability. set the price of power. ward to expanding American
der the proposal, eligible oversight. worked to roll back or delay rules Nuclear and coal-fired plants The new chairman of FERC, leadership in innovative nu-
plants would get paid enough This type of intervention from its officials say were unwieldy and have become an urgent target Neil Chatterjee, has expressed clear technologies,” Mr. Perry
to cover their costs and a “fair the Energy Department is rare, unfair attempts by the Obama ad- because dozens have closed na- an interest in finding a way to said in a statement, adding
return on equity” whenever according to energy lawyers and ministration to promote renew- tionwide and others are threat- bolster coal and nuclear power that nuclear power was impor-
they run, even though they analysts. It appears the depart- able power. ened. Those plants, often re- plants. FERC recently returned tant to the stability of the na-
sell into competitive markets. ment hasn’t made a similar re- But environmentalists and ferred to as baseload, have been to a quorum of commissioners tion’s power grid.
FERC, which regulates quest since 1979 when, at the other critics see the trend as a po- the country’s primary source of after several months without The Vogtle project involves
wholesale power markets, is height of that decade’s oil crisis, it litical effort to follow up a Trump power for decades, raising ques- one, and several observers ex- adding two new reactors to a
under no obligation to make encouraged FERC to help transi- presidential campaign heavy on tions about how reliably the na- pect this issue to be one of the plant that currently contains
these changes, only to con- tion the country to natural gas promises to the fossil-fuel indus- tion’s grid would function if new commission’s major two older reactors. The costs
sider them. FERC officials are and away from fuel oil, said David try and denials of climate change. those plants shrink to become agenda items in the months to of the expansion have bal-
reviewing the proposal, a Doot, a lawyer at Day Pitney LLP, Some critics claimed it is a bailout only a minor source of power. come. looned to more than $25 bil-
lion, according to Southern
Co., chief owner of the plant.
Wal-Mart The company disclosed the fi-

nancials in August, adding
that the project would likely
Pushes be delayed by at least another

18 months until February
2021.
Jet.com Vogtle’s price tag is set to

be split by Southern, several
regional power companies, and
Strategy Toshiba Corp., whose subsid-

iary, Westinghouse Electric
Co., went bankrupt this year
BY SARAH NASSAUER while building the plant.
It is the only nuclear plant
One year after Wal-Mart under construction in the U.S.,
Stores Inc. bought Jet.com for after Scana Corp. in July
$3.3 billion, shoppers will get a pulled the plug on a similar
better idea of how the retailer project using Westinghouse
aims to use the startup to bat- reactors in South Carolina.
tle Amazon.com Inc. That facility also encountered
Jet plans to start selling ap- delays and cost increases,
parel from niche online sellers which raised its projected
that Wal-Mart has acquired completion costs above $25
over the past year, according to billion.
NATIONAL TRANSPORTATION SAFETY BOARD
people familiar with the matter. Southern’s Georgia Power

It is expected to add clothes Co. subsidiary is set to receive
from ModCloth in coming $1.67 billion of the $3.7 billion
months and Bonobos men’s ap- in additional loan guarantees
parel next year, one person being offered.
said.
Ahead of the winter holi-
days, the website also plans to
introduce a new line of private-
label food and other grocery
Eli Lilly
items.
The moves are part of a
broader effort by Wal-Mart U.S.
The safety of lithium batteries for use in aircraft drew intense scrutiny in the wake of several incidents on board Boeing planes. Reshuffles
Boeing Disputes Battery Testing Top Ranks
e-commerce head Marc Lore to
offer shoppers specialty goods
that can’t be bought elsewhere
and to differentiate Jet from its BY AUSTEN HUFFORD
parent brand. They also shift BY ANDY PASZTOR trollably around the same panel. FAA officials favor battery failure was virtually
Jet, which launched in 2015, time. The FAA reiterated that standards allowing them “to impossible. Based on engi- Eli Lilly & Co. named a new
away from its roots as a dis- Four years after fire-prone stance during last week’s look and analyze the worst neering analyses and limited finance chief and announced a
count retailer. batteries temporarily meeting. case” failure modes that will testing, they concluded the number of other executive
Jet will start selling about grounded Boeing Co.’s 787 But Boeing, along with Eu- produce “the most severe out- chances of such an event were changes, as the drugmaker
60 food and household prod- airliners, the company is ropean plane maker Airbus SE come,” he said during the tantamount to a wing falling contends with layoffs and pat-
ucts over the next two months, clashing with U.S. regulators and two other companies, meeting. off a modern jetliner in mid- ent expirations.
later adding baby, beauty and over how to prevent similar strongly objected to such Some of the participants air—something that has never The company said Friday
pet products that aim to give hazards in the future. tests as excessive, unneces- opposing Boeing’s arguments happened. that Joshua Smiley would be
shoppers a more-premium op- Building for many months, sary and scientifically flawed. contend a more conservative But once Dreamliners en- its next CFO, promoting an in-
tion than Wal-Mart’s existing the dispute erupted last week Boeing engineers advo- approach is required because tered service, the safety and sider into the role. Mr. Smiley,
store-brand selection, one of in Washington during a public cated for alternative testing battery technology is still reliability of their lithium bat- who has been with the com-
these people said. The items meeting of the policy-making procedures that simultane- evolving. Embracing the com- teries, used for backup power, pany for more than 20 years,
will use shipping-friendly pack- committee of the Federal Avi- ously heat up or overcharge pany’s position “would cer- proved to be much different. was previously treasurer and
aging, not packaging designed ation Administration’s top separate pairs of cells, which tainly represent a step back- They experienced two major senior vice president of fi-
for products sold primarily technical advisory group, they argued would produce ward” for safety, one Boeing fire or smoke events in nance. He will begin his new
from store shelves. known as RTCA. It highlights more realistic battery reac- critic said. roughly 55,000 flight hours, role Jan. 1. The Indianapolis
A spokeswoman for Jet con- nagging questions about the tions. Boeing contends that The RTCA committee, prompting the FAA in January drugmaker said in June that
firmed that a line of private- safety of ubiquitous lithium safety measures should be which recommends safety 2013 to take the highly un- longtime CFO Derica Rice
brand products called Uniquely power cells and engineering based on accurately replicat- standards for FAA adoption, usual step of temporarily would retire at the end of the
J would be released, designed arguments over the best way ing and therefore understand- deferred final action and will grounding the entire fleet. year after more than a decade
with the “metro millennial con- to protect aircraft from asso- ing the spread of internal fail- attempt to find consensus in The planes resumed opera- in the position.
sumer” in mind. The items will ciated fire dangers. ures. coming weeks. But both sides tions four months later after The company also ap-
include coffee, olive oil, laundry The dispute threatens to appear dug in and, according Boeing and the FAA agreed on pointed new senior leaders
detergent and paper towels, hold back more-advanced re- to committee members, there a retrofit that surrounded the overseeing science and tech-
she said. chargeable lithium batteries, hasn’t been noticeable prog- batteries with a rugged metal, nology and manufacturing op-
The Hoboken, N.J., unit is which on top of supplying
The aircraft maker ress over the past few fireproof container. But U.S. erations who will report to
also developing a bed-in-a-box backup power in big jets contends that new months. accident investigators criti- Chief Executive David Ricks.
brand, said another person fa- could be used in various other The row “is particularly cized the FAA for years of Dr. Dan Skovronsky has
miliar with the plans, similar to aircraft to help start engines
standards under perplexing because there are testing and certification been promoted to senior vice
the compressed mattresses or for different applications. review are excessive. battery manufacturers on lapses, including undue reli- president for science and tech-
touted by a growing group of Lithium batteries are lighter, both sides of the issue,” said ance on Boeing and its indus- nology and president of Lilly
startups. The mattresses are more potent and generally re- Robert Grove, who also spoke trial partners. Research Labs. Myles O’Neill is
mainly sold online and shipped quire less maintenance than at the meeting as a represen- The National Transporta- becoming senior vice presi-
to consumer’s homes. the traditional power sources James Russell, a Boeing tative of avionics supplier tion Safety Board also called dent and president of manu-
As Jet embraces private and they replace, but they also are battery expert who spoke at Garmin Ltd. on the FAA to look to inde- facturing operations. The ap-
specialty brands, it has pulled more flammable and prone to last Thursday’s session, said Following the meeting, an pendent battery experts in de- pointments follow the
back on some costly experi- internal short-circuits. that for next-generation bat- Airbus spokesman didn’t have veloping new safety stan- retirements of Maria Crowe,
ments, like delivering fresh The FAA wants the new- tery systems, it no longer any comment. dards. president of manufacturing
food to homes generation batteries to be would be “feasible to test all In the past, officials of the Mr. Volchansky indicated operations, and science and
Wal-Mart said Wednesday it tested to ensure they will re- the cells at once.” European plane maker have that embracing a common technology leader Dr. Jan Lun-
would expand its baby brand main safe even under the When the alternative test- butted heads with FAA deci- testing standard was essential dberg.
Parent’s Choice, adding bed- most extreme overheating ing procedures, backed by sion makers about certifica- to comply with some out- This past month, the com-
ding, baby food and a stainless- conditions. Airbus, Bombardier Inc. and tion requirements for batter- standing safety-board recom- pany said it would cut roughly
steel sippy cup. The agency years ago con- Total SA’s battery-maker unit ies installed on some Airbus mendations. 8% of its global workforce, cit-
Amazon is boosting its pri- cluded that the only foolproof Saft Groupe, were released A350 jetliners. George Ligler, an industry ing the need to lower costs
vate-brand selection as well. way to demonstrate that last week and presented to The squabble over testing consultant and longtime and raise investment ahead of
After it acquired Whole Foods, smoke, flames and explosive the RTCA committee, the FAA partly reflects the troubled member of the policy commit- patent expirations.
it quickly added the grocer’s gases won’t escape from lith- refused to go along. history of lithium batteries tee, said at the meeting: “I Messrs. Smiley, Skovronsky
store brand, 365, to its online ium batteries is to replicate a “We would still like to have initially installed on Boeing’s have never seen us approve a and O’Neill, as well as Aarti
offerings. worst-case scenario, with the a standard, just not this one,” 787 Dreamliners. At the out- document that either Boeing Shah, Eli Lilly’s chief informa-
—Telis Demos temperature of every cell in- said Lou Volchansky, the set, the FAA and Boeing de- wouldn’t support, or the FAA tion officer, will join the com-
contributed to this article. side a battery rising uncon- agency’s representative to the termined that a catastrophic wouldn’t support.” pany’s executive committee.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | B5
WEEKEND INVESTOR
TAX REPORT | By Laura Saunders
A Taxing Question About Medical Deduction

More than costs are tax-deductible. Trump’s plan, questions Above the threshold, how- Kyle Pomerleau, an econo- home applicable to medical
nine million Hearing of the potential about health care were ever, a wide variety of out- mist with the Tax Founda- care could be deductible in
Americans de- change “was a real body prominent. of-pocket costs is deductible, tion, a think tank, says that 2017 even if the person
ducted blow,” said Mr. Gregory, who Removing the deduc- including many that may not in addition to practical con- doesn’t enter until 2018.
roughly $87 communicates via email be- tion wouldn’t raise as much be covered by insurance. siderations, lawmakers must This is a complex topic
billion in cause he can no longer revenue as ending deduc- These include nursing-home consider whether it’s appro- and taxpayers who want to
medical expenses on tax re- speak. tions for state and local costs, insurance premiums priate to use the tax code to take such write-offs should
turns in 2015, according to Both the tax framework taxes, which are also on the paid with after-tax dollars, deliver health-care benefits. seek professional advice.
the latest Internal Revenue proposed by Mr. Trump and endangered list. Some 45 prostheses, eyeglasses, and A spokeswoman for the In the meantime, expect
Service data. its predecessor, issued in million filers deducted more even a wig, if needed after American Health Care Asso- many Americans to lobby for
If President Donald April, call for ending all chemotherapy, among oth- ciation, a trade group repre- the benefit to remain.
Trump’s proposed tax itemized deductions on ers. (For details, see IRS senting long-term care pro- Among them is Rod Bean,
changes become law, that Schedule A other than those publication 502.) viders, says it is still a retired aerospace engineer
write-off could be repealed. for mortgage interest and
Some 45 million filers The upshot is that taxpay- “studying the implications of living in Orange County, Ca-
One of those using the charitable donations. That deducted more than ers who do qualify for medi- the proposal.” lif., who says the deduction
write-off is Paul Gregory, a puts medical-expense write- cal deductions are often fac- For those who are worried enables him to “barely af-
57-year-old resident of offs in lawmakers’
$550 billion in these ing serious and costly health the deduction may end, tax ford” the nearly $40,000
Plano, Texas, who was diag- crosshairs. levies in 2015. issues requiring services or specialists caution against cost of a group home for his
nosed with amyotrophic lat- For many Americans treatments not covered by prepaying 2018 medical ex- 70-year-old wife, who has
eral sclerosis five years ago. weighing Mr. Trump’s efforts insurance. penses this year to take a early-onset dementia.
Mr. Gregory says that de- to simplify the tax code, Often they aren’t eligible deduction. He is astonished that law-
spite having insurance, he is broaden the tax base and than $550 billion in these for Medicaid. The IRS could disallow makers are thinking of end-
spending $130,000 a year lower rates, the idea of end- levies in 2015. It’s too early to know such write-offs entirely in- ing the write-off, given the
out of pocket for round-the- ing medical deductions has That’s because write-offs what will happen in the end stead of postponing them. large and expanding segment
clock care, which has con- created the largest emo- for medical expenses have a to the medical expenses de- Courts have sided with the of the population that’s ag-
sumed all of his retirement tional reaction. high hurdle. In 2017, taxpay- duction. Moreover, even if IRS on this issue. ing.
savings and a large part of Not surprisingly, when ers can deduct only unreim- it’s removed, sick Americans There is an exception. Un- “These expenses aren’t a
his wife’s. The Wall Street Journal bursed expenses that exceed could benefit from other der current law, the part of choice, like taking out a
One cushion to the finan- asked readers to send us 10% of their adjusted gross changes such as lower tax the entrance fee to a “life- mortgage or giving to char-
cial blow has been that these their questions about Mr. income. rates. care” facility or retirement ity,” he said.
INVEST more than 5,000 points off

the Dow in a day.
You can’t survive a market
market’s P/E at its highest
level since the end of 1961.
His emotional reaction,
large positions in the hottest
stocks of the past few
years—the so-called FANGs,
Continued from page B1 crash if you think it can’t however, was dead wrong. or Facebook Inc., Ama-
relieved,” as if “I had just happen. And something like Had Mr. O’Shaughnessy held zon.com Inc., Netflix Inc.
dodged being hit by a bul- Oct. 19, 1987, will happen his ground for one more day, and the parent company of
let.” All the negative talk again. In fact, it already has: he would have made roughly Google—should consider
among investors has con- On May 6, 2010, many stocks 10 times his money, he re- trimming their positions,
vinced him that stocks will dropped 60% or more in a calls. however. In 1987, as in 1929,
have a “relief rally” on Mon- flash, although they bounced Ms. Henriques attributes the stocks that had previ-
day; by selling his puts, he right back. On Aug. 24, 2015, the crash of 1987 to ineffec- ously gone up the most
has surely averted a huge the Dow fell more than 1,000 tual regulation and break- tended to fall the furthest.
loss. points, or 7%, in six minutes, downs in the complex me- Above all, says Staley
Then comes Monday. In before closing down nearly chanics of trading. But no Cates, vice chairman of
New York, the Dow drops 4% for the day. Between the one knows for sure what Southeastern Asset Man-
208 points in the first 90 market’s peak in October caused it or the far more agement Inc. in Memphis,
minutes, triggering a wave of 2007 and its bottom on devastating crash of 1929 ei- Tenn., “don’t be afraid to
selling by institutional inves- March 9, 2009, the S&P 500 ther, says financial historian hold cash.” On Oct. 19, 1987,
tors using a technique called fell 55%, even after counting and retired Goldman Sachs he and his young colleagues
CHRISTOPHE VORLET
portfolio insurance to mini- reinvested dividends. Group Inc. partner Barrie clustered around a Quotron
mize losses. Futures traders Ms. Henriques’s book, and Wigmore. machine putting in buy or-
in Chicago, who would nor- the story Mr. O’Shaughnessy History does offer a few ders as they watched the
mally buy, step back, expect- told me, are a reminder that clear lessons. Stocks have market crash, “and the ulti-
ing a further fall. “human nature can’t be re- been overvalued, by long- mate comfort we had that
By day’s end, the Dow has pealed,” as she says. “Histor- term standards, for most of day was holding 25% to 30%
fallen 23%, “the worst day in ical amnesia leaves us manages nearly $6 billion at stock market was over- the past three decades. So, of our portfolios in cash.”
Wall Street history,” as jour- doomed to repeat our past O’Shaughnessy Asset Man- valued. Between September on average, you were more Without it, “we couldn’t
nalist Diana Henriques calls disasters, and the only anti- agement LLC in Stamford, 1986 and the end of August likely to have missed consis- have bought stocks,” he says.
Oct. 19, 1987, in her excellent dote is to remember accu- Conn. Even though he based 1987, stocks had gone from tent gains than to have Having the cash to buy when
new book, “A First-Class Ca- rately what happened.” it on factors he no longer be- trading at 16 times earnings dodged a crash if you got out others are selling is the sur-
tastrophe.” An equivalent Take it from Mr. lieves in, his original analy- to a price/earnings ratio of of the market entirely. est source of courage in a
drop in 2017 would hack O’Shaughnessy, who today sis was absolutely right: The 21.4, a 33% rise that put the Investors today who hold crash.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
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AlphaCloneAltAlpha ALFA 41.64 0.7 iShCoreS&PMdCp IJH 179.36 0.1 ProShUltS&P500 UPRO 116.68 1.0 FrankShtDurUSGovt FTSD 96.20 -0.1 CavcoIndustries CVCO 150.00 -0.6 InteractiveBrkrs IBKR 45.08 0.5 RushEnt B RUSHB 44.31 -0.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ArrowQVMEquityFact QVM 26.31 0.3 iShCoreS&PSmCpETF IJR 74.31 0.3 RenaissanceIPOETF IPO 26.60 0.8 GraniteGold BAR 128.21 -0.3 CenterStateBank CSFL 27.02 0.3 Investar ISTR 24.15 0.8 RushEnt A RUSHA 47.00 -1.1
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in BarcETNFIEnhEur50 FEEU 129.22 1.2 iShS&PTotlUSStkMkt ITOT 57.68 0.3 SPDRMSCICAStrat QCAN 59.91 0.2 ProShShtFinls SEF 12.38 -0.2 ChemungFinl CHMG 47.49 3.7 iShFallAngelsUSDBd FALN 27.81 0.2 S&T Bancorp STBA 39.94 0.3
the latest session. % CHG-Daily percentage change from the previous trading session. BarclaysETN FI Enh FLEU 154.90 1.2 iShCurHdgMSCIEAFE HSCZ 29.75 0.7 SPDRMSCIDEStrat QDEU 63.24 1.6 ProShShortHY SJB 23.08 ... CoBizFin COBZ 19.82 1.7 iShMSCIEAFESC SCZ 62.00 0.8 SITO Mobile SITO 7.40 10.9
S&PVEQTOR VQT 150.21 0.3 iShUSFinlServices IYG 120.09 0.4 SPDRMSCIJapanStrat QJPN 74.65 0.6 ProShShtMC400 MYY 11.89 -0.2 CogentComm CCOI 50.25 -2.3 iShMSCIEuropeSmCp IEUS 56.36 0.7 SMART Global SGH 27.08 19.0
Barrons400ETF BFOR 39.75 0.5 iShUS Finls IYF 112.15 0.3 SPDRMSCIUSAStrat QUS 72.33 0.4 ProShShtRus2000 RWM 43.63 -0.3 Cohu COHU 23.88 1.1 iShMSCIGlbImpact MPCT 57.92 0.8 SS&C Tech SSNC 40.53 0.7
Friday, September 29. 2017 BluStrTABIGIIsrael ITEQ 31.57 0.3 iShEdgeMSCIIntlMom IMTM 30.14 0.5 SPDRMSCIWorldStrat QWLD 72.25 0.4 ProShShrtS&P500 SH 32.14 -0.3 ColumbusMcKinn CMCO 38.04 0.8 iShMSCINZCapped ENZL 48.00 -0.1 SafetyInsurance SAFT 76.65 -0.3
52-Wk % 52-Wk % 52-Wk % CambriaShareholder SYLD 35.56 0.2 iShEdgeMSCIMultif ACWF 29.06 0.9 SPDRRussell2000ETF TWOK 87.83 ... ProShUltVIXST UVXY 20.50 -4.0 CommunityBkrs ESXB 9.25 1.1 iShS&PSC600Growth IJT 164.66 0.5 Saia SAIA 62.80 1.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ColumbiaSustGlb ESGW 30.14 0.3 iShEdgeMSCIMultInt INTF 28.06 0.4 SPDRRussell3000ETF THRK 187.90 0.5 ProShShtMC400 SMDD 12.38 -0.6 Conn's CONN 28.50 9.7 Itron ITRI 77.65 0.4 SangamoTherap SGMO 15.30 4.5
CS FI LC Grwth FLGE 197.12 1.3 iShEdgeMSCIMlIntSC ISCF 31.04 -0.1 SPDRRuss1000Mom ONEO 72.41 0.7 ProShShtRus2000 SRTY 35.83 -0.8 CovenantTranspt CVTI 29.58 7.8 JohnsonOutdoors JOUT 73.69 5.8 ScientificGames SGMS 46.25 1.7
GardnerDenver GDI 27.65 0.7 RYBEducation RYB 28.50 14.2
DeutscheXMSCIAWxUS DBAW 27.15 0.6 iShEdgeMSCIMultUSA LRGF 29.97 0.1 SPDR S&P500MidGr MDYG 147.71 0.2 ProShUltProShS&P SPXU 13.78 -1.1 CreditAcceptance CACC 284.75 0.4 KALU 104.02 0.2 SIGI 54.05 0.7
NYSE highs - 205 GenAmInv GAM 36.02
GeneralMotorsWt19 GM/WS/B 22.74
0.8
-0.9
Raytheon
Rockwell
RTN
ROK
186.70
179.50
1.4
0.5
DeutschexRuss1000 DEUS 30.22 0.3 iShEdgeMSCIUSASC SMLF 38.28 -0.1 SPDRS&P600SmallCap SLY 130.41 0.1 ProShrUltShFTSEEur EPV 32.30 -1.8 Crocs CROX 9.85 1.5
KaiserAlum
KellyServices A KELYA 25.48 -1.2
SelectiveIns
Silicom SILC 59.43 0.4
AdamsDivEquityFd ADX 15.25 0.4 DeutscheXRuss2000 DESC 33.59 0.4 iShEuropeETF IEV 46.94 0.8 SPDR S&P600SCpGr SLYG 228.42 0.3 ProShrUSFnl SKF 23.98 -0.6 DavisFinl DFNL 22.63 0.4 KinsaleCapital KNSL 47.78 -3.9 SodaStream SODA 66.55 1.4
GeorgiaPwrNt77 GPJA 25.19 ... Rogers ROG 133.85 1.3
AerCap AER 51.27 0.9 DiamondHillVal DHVW 29.90 0.5 iShIntRtHdgCorpBd LQDH 96.19 0.1 SPDR S&P600SCapVal SLYV 126.50 0.1 ProShrUlShtRus TWM 18.64 -0.4 DavisUSEquity DUSA 21.97 0.2 KitePharma KITE 179.87 ... SoMO Bancorp SMBC 37.26 1.5
GlMedREIT PfdA GMREpA 25.10 0.9 Rollins ROL 46.22 0.8
AffiliatedMgrs AMG 191.98 0.2 DirexAllCapIns KNOW 41.59 0.4 iShJPX-Nikkei400 JPXN 60.47 ... SPDRS&PCapitalMkts KCE 52.45 0.5 ProShUltShtS&P500 SDS 46.63 -0.7 DigitalTurbine APPS 1.53 3.4 KuraOncology KURA 15.30 3.5 SparkTherap ONCE 91.00 -0.1
Graco GGG 124.86 0.2 RoyalBkCanada RY 77.78 0.2
AlamoGroup ALG 107.75 0.3 DirexESTOXX50Bl3x EUXL 29.92 3.4 iShMSCIAllPeruCap EPU 38.95 0.3 SPDRS&P500Fossil SPYX 60.93 0.3 ProShrUSSemi SSG 12.90 -1.7 Diodes DIOD 29.97 1.4 LHC Group LHCG 71.63 0.9 SpectrumPharm SPPI 14.09 4.3
GrayTelevision GTN 15.75 2.6 RoyceGlbValueTr RGT 10.35 1.2
AlbanyIntl AIN 57.95 -0.3 DirexFTSEEurBull3x EURL 36.77 2.5 iShMSCICanadaETF EWC 29.04 ... SPDRS&P1000ETF SMD 95.81 0.7 ProShsVIXSTFut VIXY 32.47 -1.9 E*TRADE ETFC 43.67 0.9 LKQ LKQ 36.05 0.7 SprottFocus FUND 7.75 0.5
GreenDot GDOT 50.25 -0.4 RoyceMicroCap RMT 9.42 1.3
Albemarle ALB 137.48 3.0 DirexFinlBull3 FAS 55.99 1.0 iShMSCIGermanyETF EWG 32.45 1.3 SPDRS&PSft&Svs XSW 65.75 0.5 VirtusEnhShrtUS VESH 24.22 -0.8 EagleBancorp EGBN 68.10 1.0 LPL Financial LPLA 52.27 ... StarsGroup TSG 20.50 2.1
GpoSupervielle SUPV 24.82 5.7 RoyceValue RVT 15.80 0.8
Alere ALR 50.99 0.5 DirexHmbldrBull3 NAIL 56.35 3.1 iShMSCIIrelandCap EIRL 46.38 1.2 SPDRS&PTransport XTN 60.21 0.5 Ebix EBIX 65.40 1.1 LRAD LRAD 2.25 ... StateBankFin STBZ 28.85 0.4
SafeBulkersPfdC SBpC 22.48 -0.8
Allegion ALLE 86.89 0.8
HFF
Haemonetic
HF
HAE
39.76
44.97
-0.1
3.7 SelectMedical SEM 19.60 1.9
DirexMcBull3 MIDU
DirexS&P500Bl3 SPXL
40.53
38.30
0.4
0.9
iShMSCIJapanSC SCJ
iShMSCIKLD400Soc DSI
74.18
92.90
0.4
0.3
SPDRGenderDivers SHE
SchwabFundIntLrgCo FNDF
69.83
29.89
0.2
0.5
NYSE American highs - 5 ElbitSystems ESLT
EldoradoResorts ERI
147.32
25.98
0.3
0.8
LakelandFin
LamResearch LRCX
LKFN 49.22
185.23
0.4
1.8
SunHydraulics SNHY
TD Ameritrade AMTD
54.54 -0.2
49.24 -0.2
AllianzGIEqtyConv NIE 20.80 0.2 HollyFrontier HFC 36.46 -0.1 SensataTech ST 48.52 1.3
DirexS&PBiotechBl3 LABU 85.76 2.4 iShMSCISwedenETF EWD 35.89 0.8 SchwabFundIntlSmCo FNDC 34.89 0.5 AbrdFstIsrael ISL 20.95 0.9 ElectroScientific ESIO 14.26 ... LandstarSystem LSTR 100.00 0.6 TDH PETZ 16.80 33.2
AllyFinancial ALLY 24.32 1.5 HomeDepot HD 163.61 0.7 SherwinWilliams SHW 363.98 0.3
DirexS&P500Bl1.25 LLSP 33.42 0.4 iShMSCIUSAEqWeight EUSA 52.47 0.4 SchwabFundUSBrd FNDB 35.06 0.2 ConTomka CTO 61.58 -0.3 ElectrumSpec ELEC 10.25 0.7 LayneChristensen LAYN 12.63 1.4 TRowePrice TROW 91.19 0.6
AlpineTotDynDiv AOD 9.02 0.3 40.01 2.4 SiteOneLandscape SITE 58.12 1.2
DR Horton DHI DirexSemiBl3 SOXL 115.53 2.5 iShMSCIWorldETF URTH 84.20 0.4 ParPacific PARR 21.94 1.4 EnantaPharma ENTA 47.00 1.6 199.26 -0.8
AmEqtyLf AEL 29.43 -0.7 SchwabFundUSLrgCo FNDX 35.16 0.2 Littelfuse LFUS TexasInstruments TXN 89.89 ...
HubSpot HUBS 84.15 2.6 SourceCap SOR 41.24 0.5 RingEnergy REI 14.67 1.6
AmericanExpress AXP 90.77 0.4 DirexSCBull2 SMLL 47.99 0.6 iShMorningstarMC JKG 174.83 0.4 SchwabFundUSSmCo FNDA 36.30 0.3 EncoreCapital ECPG 44.95 -0.1 LivaNova LIVN 70.50 0.9 TriCoBancshares TCBK 41.03 1.1
HuntingtonIngalls HII 227.03 1.5 SpecialOpFd SPE 15.88 1.3 StoneEnergyWt SGY/WS 5.57 -4.5
Amphenol APH 84.87 2.9 DirexSCBull3 TNA 65.30 0.6 iShMornMCGrowth JKH 189.67 0.6 SchwabUS BrdMkt SCHB 60.91 0.3 Entegris ENTG 29.00 1.6 LoncarCancerETF CNCR 27.12 0.3 TriumphBancorp TBK 32.60 0.6
ICE ICE 68.88 0.2 Steris STE 88.43 0.8
AnnalyCapPfdF NLYpF 25.73 0.7 DirexTransportBl3 TPOR 31.29 0.8 iShMorningstarSC JKJ 166.77 0.2 SchwabUS LC SCHX 60.04 0.3 ePlus PLUS 93.95 -0.6 LoralSpace LORL 49.55 0.8 TwoRiverBancorp TRCB 20.01 -0.2
ArcosDorados ARCO 10.35 3.1
JapanSmlCap JOF
JohnBeanTech JBT 101.40
12.58 1.1
0.9
SuncorEnergy SU
SutherlandNts23 SLDA
35.16
25.92
0.6
...
ETF Exposure TETF 17.44 0.7 iShMornSCGrowth JKK 169.67 0.3 SchwabUS LC Val SCHV 51.82 0.2 NYSE American lows - 6 Exactech EXAC 33.65 0.9 MAM Software MAMS 7.85 5.6 2U TWOU 56.12 2.6
AvenueIncmCrStrat ACP 14.90 -0.1 ETRACS2xLevxEn LMLP 16.05 2.7 iShRussell1000ETF IWB 139.96 0.3 SchwabUS MC SCHM 50.13 0.3 GEE Group JOB 2.81 ... ExpeditorsIntl EXPD 60.30 0.4 MCBCHoldings MCFT 20.87 -0.2 USA Tech USAT 6.30 0.8
KAR Auction KAR 47.95 1.5 SynovusFin SNV 46.42 1.1
BRT Apartments BRT 11.01 3.5 EthoClimateLeader ETHO 32.23 0.3 iShRussell2000Gwth IWO 179.07 0.4 SchwabUS SC SCHA 67.49 0.2 JRjr33 JRJR 0.31 -5.6 ExtremeNetworks EXTR 12.14 0.4 MMACapitalMgmt MMAC 25.05 0.4 USA Truck USAK 14.10 9.3
KB Home KBH 24.61 8.6 TCF Fin PfdC TCFpD 25.54 0.6
BancoMacro BMA 117.71 4.1 FIEnhancedEur50ETN FIEU 133.41 1.3 iShRussell2000ETF IWM 148.43 0.2 SPDR EurSTOXX FEZ 41.31 1.1 KelsoTechs KIQ 0.37 -1.8 FSB Bancorp FSBC 16.72 3.4 MagellanHealth MGLN 86.73 0.7 US Lime&Min USLM 85.08 0.6
KKR Pfd B KKRpB 27.24 0.7 TeekayOffshrPfB TOOpB 24.48 2.5
BancorpSouth BXS 32.70 -0.8 FIEnhEurope50ETN FIEE 173.66 2.5 iShRussell2000Val IWN 124.45 ... SPDR S&PMdCpTr MDY 327.06 0.1 NanoViricides NNVC 0.94 -2.6 Fauquier FBSS 20.18 7.3 MalibuBoats MBUU 31.94 0.2 UltraClean UCTT 30.92 1.0
KKR KKR 20.43 1.7 Telaria TLRA 4.43 4.3
BankofButterfield NTB 36.70 0.6 FidelityDivRising FDRR 29.08 0.1 iShRussell3000ETF IWV 149.33 0.3 SPDR S&P 500 SPY 251.32 0.4 TakungArt TKAT 2.15 -12.7 FidelityNasdComp ONEQ 255.25 0.6 Marriott MAR 111.32 0.2 UnivStainless USAP 21.30 1.1
KKR IncomeOpps KIO 18.06 -0.4 Teradyne TER 37.47 0.6
BaringsGlbShtDurHY BGH 20.65 ... FidelityMSCIFinls FNCL 38.07 0.3 iShMicro-CapETF IWC 94.71 0.4 SPDR S&P Biotch XBI 86.69 0.8 TanRoyExplr TRX 0.32 -5.8 FinTechAcqnII FNTE 11.76 -0.4 MartenTransport MRTN 21.15 5.9 UnivestPA UVSP 32.35 -0.6
Kadant KAI 99.58 1.0 Terex TEX 45.10 0.3
BeazerHomes BZH 18.75 1.7 FidelityMSCIIndls FIDU 36.57 0.2 iShRussellMid-Cap IWR 197.32 0.4 SPDR S&P Div SDY 91.52 ... FirstBancorpNC FBNC 34.85 0.5 McGrathRentCorp MGRC 44.30 -0.6 ValideaMktLeg VALX 28.25 0.5
Kaman KAMN 56.38 2.0 ThorIndustries THO 127.12 2.3
BerkshireHills BHLB
BlkRkCapEnIncoFd CII
39.00
15.63
1.7
0.7
Kemper KMPR 53.05 0.3 TierReit
Toll Bros
TIER
TOL
19.50
41.60
-0.7
1.2
FidelityMSCIMatls FMAT
FidelityQualFactor FQAL
33.05
29.90
0.1
0.3
iShS&PMC400Growth IJK
iShGloblFinancials IXG
202.73
66.74
0.2
0.5
SPDR S&P Home XHB
SPDR STOXX Eu50 FEU
39.92
35.62
0.6
0.9
Nasdaq highs - 283 FirstMidILBcsh FMBH
FirstSouthBancorp FSBK
38.76
18.60
1.4
1.1
MercurySystems MRCY
MicronTech MU
52.00
39.36
2.2
3.6
VangdRuss1000 VONE
VangdRuss3000 VTHR
115.42 0.4
115.73 0.4
KimcoRealtyPfdL KIMpL 25.00 0.7 FidelityValFactor FVAL 30.37 ... iShGloblIndustrial EXI 88.93 0.3 UBS FIEnhLCGrw FBGX 196.10 1.2 AGNC InvPfdC AGNCN 25.94 1.4 FT CloudComp SKYY 41.90 0.6 ModernMediaUn MMDMU 12.50 8.5 VangdRuss2000 VTWO 119.11 0.2
BlckRkEnDivTr BDJ 9.08 0.3 TopBuild BLD 65.44 1.3
Koppers KOP 46.55 0.4 FinSelSectorSPDR XLF 25.86 0.5 iShS&PMC400Value IJJ 153.00 0.1 171.53 0.4 FT DorseyDyn5 FVC 24.39 0.5 NICE NICE 83.95 1.5
BlackRock BLK 448.53 0.2 VanEckEnvironSvcs EVX 89.00 -1.4 ASML ASML VangdRuss2000Grw VTWG 129.89 0.5
Kraton KRA 40.75 9.4 Torchmark TMK 80.30 0.4
BlkRkDurInco Tr BLW 16.16 0.2 FT ConsDscAlpDx FXD 38.49 0.2 iShS&PSC600Value IJS 148.63 0.1 VanEckFallAnglHYBd ANGL 30.36 0.2 AbeonaTherapWt ABEOW 13.80 5.6 FT DorseyFoc5 FV 26.19 0.6 NXP Semi NXPI 113.40 0.2 VangdRuss2000Val VTWV 107.94 ...
KronosWorldwide KRO 23.12 -1.2 TransportadGas TGS 20.57 2.3
BlkRkMultiIT BIT 18.77 -0.1 FT DJ Internet FDN 102.43 0.8 iShDowJonesUS IYY 126.03 0.4 VanEckGaming BJK 42.75 1.5 AbeonaTherap ABEO 18.90 0.6 FT LC CoreAlpha FEX 54.90 0.5 Nathan's NATH 75.40 -0.1 VSInverseVIXSTerm XIV 97.84 1.8
Lear LEA 174.66 -0.5 Trex TREX 90.09 0.9
BorgWarner BWA 51.55 1.9 EqCompassRiskMgr ERM 21.12 0.2 iShRussellMCGrowth IWP 113.28 0.5 VanEckNatRscs HAP 35.55 0.6 Abiomed ABMD 171.00 3.9 FT LC GrwthAlpha FTC 57.52 0.8 NationalCommerce NCOM 43.80 -0.2 Vericel VCEL 6.30 7.1
LibertyAllStar USA 6.06 0.5 Tri-Continental TY 25.60 0.4
BrightHorizons BFAM 86.30 0.5 FT DJ SelMicro FDM 46.45 -0.1 iShUSBrokerDealers IAI 57.31 0.4 VanEckOilRefin CRAK 27.08 -0.2 AdvAcceltrApp AAAP 67.95 3.9 FT LC US Equity RNLC 20.49 0.4 NatlWesternLife NWLI 352.03 0.1 VeriSign VRSN 106.81 0.7
LibertyASGFd ASG 5.24 1.6 TrinityIndustries TRN 32.30 2.3
Brink's BCO 84.40 1.7 FT FinlsAlpDx FXO 29.71 0.4 HancockMultFinls JHMF 34.40 0.5 VanEckRussia RSX 22.34 1.0 AeroVironment AVAV 54.70 0.9 FT MC CoreAlpha FNX 62.01 0.1 Neogen NEOG 77.64 0.5 Vicor VICR 23.75 0.2
LionsGate B LGF/B 31.88 1.8 TwoHarborsPfdB TWOpB 26.15 0.6
Bristol-Myers BMY 63.75 1.2 FT IndlsAlpDx FXR 37.17 0.3 HancockLC JHML 32.83 0.3 VanEckSemiconduc SMH 93.39 0.9 Agilysys AGYS 12.14 -0.3 FT MC GrwthAlpha FNY 36.62 0.3 Neurocrine NBIX 61.51 3.2 VicShUSDiscEnhVol CSF 43.70 0.1
LionsGate A LGF/A 33.49 2.1 UMHPropPfdC UMHpC 26.75 0.5
BrookfieldMgt BAM 41.57 1.4 FT Long/Short FTLS 37.16 0.6 HancockMatls JHMA 33.07 1.3 VangdExtMkt VXF 107.27 0.3 AirTransportSvcs ATSG 25.91 -2.2 FT MC US Equity RNMC 20.54 0.7 NY MtgPfdC NYMTO 25.56 1.4 VicShUS500EnhVol CFO 45.61 0.3
LithiaMotors LAD 120.48 1.4 Unifi UFI 36.10 -0.6
CRH CRH 38.06 1.6 FT MatAlpDX FXZ 40.42 ... HancockMC JHMM 32.29 0.4 VangdSC Val VBR 128.00 ... AkebiaTherap AKBA 19.73 2.4 FT MC ValAlpha FNK 34.59 -0.2 NuCana NCNA 19.95 13.7 VicShUS500Vol CFA 45.66 0.3
MGIC Investment MTG 12.65 -0.2 UnitedRentals URI 139.98 0.6
CSS Industries CSS 29.43 -0.5 FT TechAlphaDEX FXL 47.98 0.7 HancockTech JHMT 38.40 0.6 VangdSC Grwth VBK 152.70 0.4 AllscriptsHlthcr MDRX 14.45 -0.1 FT MCGrAlpDX FAD 61.73 0.4 OSI Systems OSIS 92.34 0.7 VicShUSSCVolWtd CSA 44.78 ...
MSCI MSCI 118.59 -0.1 ValeroEnergy VLO 77.77 0.2
CVR Energy CVI 26.35 -0.4 FT USEquityOpp FPX 63.87 0.5 JPM DivRetIntl JPIH 29.26 0.7 VangdFinls VFH 65.47 0.3 AlnylamPharm ALNY 119.02 -0.7 FT MuCValAlpha FAB 53.84 0.1 OakValleyBncp OVLY 16.97 -0.8 VidentCoreUSEquity VUSE 31.27 0.4
MagnaIntl MGA 53.74 0.4 VersumMaterials VSM 39.19 0.8
CallawayGolf ELY 14.49 1.8 FlexShMDevMktxUS TLTD 67.01 0.2 JPM DivRetUS Eq JPUS 67.30 0.3 VangdMC VO 147.05 0.4 AltraIndlMotion AIMC 48.95 -1.0 FT NasdSemicon FTXL 28.30 0.7 OldDomFreight ODFL 110.45 1.3 VikingTherap VKTX 1.99 6.1
Manitowoc MTW 9.14 0.2 Viad VVI 61.65 -0.7
CampingWorld CWH 41.27 2.5 FlexMrnUSMktFtrTlt TILT 105.72 0.4 JPM Div US SC JPSE 28.68 0.3 VangdMCGrowth VOT 121.79 0.5 Appian APPN 28.65 13.5 FT RBA AmerInd AIRR 26.16 -0.2 Old2ndBcp OSBC 13.50 1.9 VikingTheraWt VKTXW 0.73 15.0
Manpower MAN 120.90 -1.8 VirtusGlbMulti VGI 18.25 -0.3
CantelMedical CMD 94.57 3.5 FlexShQualDivDef QDEF 41.55 0.1 MadronaDomestic FWDD 50.46 0.3 VangdMC Val VOE 105.71 0.3 AppliedMaterials AMAT 52.28 2.9 FT SC CoreAlpha FYX 59.07 0.2 Ollie'sBargain OLLI 46.70 1.3 VoyagerTherap VYGR 22.28 5.4
Materion MTRN 43.43 0.8 Vishay VSH 18.85 0.5
CarMax KMX 76.40 -0.2 FlexShQualDivDyn QDYN 41.64 0.1 MadronaIntl FWDI 30.25 1.0 VangdS&PMC400 IVOO 121.06 0.1 AssemblyBiosci ASMB 35.13 4.2 FT SC GrwthAlpha FYC 41.21 0.5 ON Semi ON 18.49 0.7 WPCS Intl WPCS 1.95 21.5
Medifast MED 60.18 -0.4 VishayPrecision VPG 24.45 1.5
CarpenterTech CRS 48.19 1.4 FlexShQualityDiv QDF 42.44 0.1 MeidellTactical MATH 32.13 0.8 VangdS&P400Grwth IVOG 125.68 0.3 AtlAcquisitionWt ATACR 0.55 16.8 FT SC US Equity RNSC 20.96 0.7 Overstock OSTK 32.25 2.1 WernerEnterprises WERN 36.60 1.7
MeritageHomes MTH 44.90 2.0 VoceraComm VCRA 31.82 -0.7
Carters CRI 99.36 0.6 GlbX ChinaEner CHIE 11.51 1.1 OppenheimerLgCpRev RWL 47.95 0.3 VangdS&P400Val IVOV 117.46 ... AtlanticAcqnUn ATACU 10.28 0.5 FT TotalUSMkt TUSA 31.11 0.5 PCSB Fin PCSB 19.20 -0.4 WisdTrJapanHdgSC DXJS 42.71 0.7
MillerHowardHiIncm HIE 14.17 2.0 VoyaGlbAdvantage IGA 11.52 0.6
CatchMarkTimber CTT 12.81 -0.5 GlbX GuruIndex GURU 28.25 0.3 PIMCOEnhShMaturity MINT 101.83 ... VangdS&P600 VIOO 135.79 0.2 AtlanticCoastFin ACFC 8.89 -0.2 Fiserv FISV 129.61 0.6 PacificContinent PCBK 27.50 -1.1 WisdTrUSQltyDiv DGRW 38.16 0.3
MiXTelematics MIXT 10.04 -0.2 VoyaGlbEquityDiv IGD 8.14 0.7
Caterpillar CAT 125.55 -0.4 GlbXMSCIPortugal PGAL 12.53 0.9 PIMCO DynMultIn MFDX 25.78 0.5 VangdS&P600Grwth VIOG 140.97 0.4 aTyrPharma LIFE 5.35 6.3 FiveBelow FIVE 55.58 0.4 PacificMercBncp PMBC 9.40 -1.1 WynnResorts WYNN 150.15 3.1
MyersIndustries MYE 21.30 2.9 Watsco WSO 161.86 0.4
ChimeraFixFltPfdB CIMpB 26.47 1.8 GlbXSciBetaEurope SCID 28.38 1.2 PwrShCleantch PZD 41.31 0.4 VangdS&P600Val VIOV 128.07 0.3 AveXis AVXS 101.67 4.9 FlexSTOXXGlbESGImp ESGG 90.11 0.4 PennantParkCap PFLT 14.48 0.6 Xilinx XLNX 70.93 0.9
MyovantSciences MYOV 15.74 2.1 Welbilt WBT 23.46 -0.2
CityOfficeREIT CIO 13.81 0.1 GlbXSciBetaUS SCIU 29.57 0.5 PwrShDynBldg&Con PKB 31.38 0.4 VangdSC VB 141.49 0.2 AxcelisTechs ACLS 27.40 4.2 FormFactor FORM 16.95 2.4 PwrShBuybackAch PKW 55.63 0.3 YY YY 89.37 1.1
NVR NVR 2891.43 -0.6 Westwood WHG 68.48 0.3
Comerica CMA 76.76 1.0 GSAccessHYCorpBd GHYB 50.13 0.2 PwrShDynMkt PWC 90.92 0.3 VangdTotalStk VTI 129.56 0.3 AxoGen AXGN 19.45 1.8 ForwardAir FWRD 57.68 0.7 PwrShDWANasdMom DWAQ 98.17 1.0 ZionsBancorpWt ZIONZ 11.95 1.8
NatlRetailPropPfdF NNNpF 25.10 1.0 Winnebago WGO 45.90 0.6
ComericaWt CMA/WS 47.01 1.8 GSActiveBetaJapan GSJY 31.32 0.2 PwrShDynSemicon PSI 49.49 0.9 VirtusLifeSciBio BBC 29.17 0.9 BGC Partners BGCP 14.50 5.6 FosterLB FSTR 23.25 -0.2 PwrShDWASCMom DWAS 47.46 0.4 ZionsBancorpWt ZIONW 15.50 2.1
NavistarIntl NAV 44.68 -0.7 WolverineWwide WWW 29.20 -0.1
DE InvDivInco DDF 10.76 0.7 GS Active US SC GSSC 42.15 0.3 PwrShDynSoftware PSJ 61.93 0.6 WBITacticalLCY WBIG 23.73 0.2 BOK Fin BOKF 90.69 0.2 FoxFactory FOXF 43.55 ... PwrShDWATactical DWTR 27.15 0.4 Zogenix ZGNX 37.55 172.2
Navistar pfD NAVpD 15.00 9.7 Workiva WK 21.05 -0.2
DeutscheHiIncmOpps DHG 15.19 0.2 GuggBS2027CorpBd BSCR 20.00 0.2 PwrShFTSE US1000 PRF 107.17 0.2 WilshireMicroCap WMCR 33.88 0.7 Baidu BIDU 248.00 2.7 FulingGlobal FORK 6.00 0.9 PwrShDynFinl PFI 33.05 0.5
WW Ent WWE 23.57 2.1
DigitalRealtyPfdJ DLRpJ
Dividend&IncomeFd DNI
25.09
12.87
0.6
0.5
NewAmFd
NewGermanyFund GF
HYB 9.98
18.59
0.4
1.6 XPO Logistics XPO 68.15 2.3
GuggDefEqty DEF
GuggS&P500EW RSP
44.14
95.55
0.3
0.3
PwrShDynLC Grwth PWB
PwrShDevMkt xUS PXF
38.98
44.17
0.5
0.7
WisdTrGlbXMexico XMX
WisdTrJpnCapGds DXJC
28.22
26.57
0.7
0.6
BankMutual
Banner
BKMU
BANR
10.25
61.50
0.5
1.4
GeneralFin9%PfdC GFNCP
GermanAmerBncp GABC
100.23
38.40
1.4
-0.7
PwrShDynHlthcr PTH
PwrShDynIndls PRN
67.72
58.11
1.0
0.3
Nasdaq lows - 21
DollarGeneral DG 81.30 1.3 NortelInversora NTL 39.85 4.7 GuggS&P500EWFin RYF 41.37 0.4 PwrShRussMC EW EQWM 45.41 0.7 BYBK 11.50 0.9 GlacierBancorp GBCI 38.18 1.1 PwrShDynTech PTF 50.59 1.5 AkersBiosciences AKER 0.70 -5.4
DominionDiamond DDC 14.21 ... NorthropGrumman NOC 287.81 1.1 NYSE lows - 12 GuggS&P500EWIndl RGI 112.30 0.6 PwrShRuss1000EqWt EQAL 29.55 0.3
WisdTrJapanSC DFJ
WisdTrUSEarn500 EPS
75.05
87.07
0.4
0.3
BayBancorp
BeiGene BGNE 103.80 6.2 GladstonePfd2024 GLADN 25.73 1.0 PwrShUS1500 PRFZ 125.54 0.3 CafePress PRSS 1.68 -3.7
DominionEnerMid DM 34.85 -0.3 NuvEMDebt2022 JEMD 10.07 0.2 AmCampus ACC 43.98 -0.7 GuggS&P500EWMat RTM 103.90 0.1 PwrShRussTop200 EQWL 49.97 0.3 WisdTrUSLCValueFd EZY 75.91 0.6 BelFuse A BELFA 28.12 0.7 GlbXConsciousCos KRMA 18.21 0.4 PwrShGlbWater PIO 24.90 1.3 Cardtronics CATM 22.83 -3.4
EPAM Systems EPAM 88.18 3.0 NuvTaxAdvTR JTA 13.72 2.2 AquaVenture WAAS 13.45 -0.7 GuggS&P500EWTech RYT 135.05 0.6 PwrShRuss2000EW EQWS 42.30 0.2 WisdTrUSMCDivFd DON 100.00 0.2 BldrsDev100 ADRD 22.85 0.6 GovtPropNts2046 GOVNI 26.33 1.7 PwrShS&P SC CD PSCD 56.39 1.0 Cherokee CHKE 2.75 -5.2
EastmanChem EMN 90.97 0.6 NuvTaxAdDivGr JTD 16.89 1.0 AvonProducts AVP 2.29 -2.5 GuggS&P500PureGr RPG 100.05 0.7 PwrShRuss2000Grw PXSG 30.86 0.4 WisdTrUSMCEarn EZM 37.32 0.3 BldrsEur100 ADRU 22.40 0.3 GrandCanyonEduc LOPE 91.12 2.0 PwrShS&P SC ConStp PSCC 72.33 0.4 DifferentialBrds DFBG 1.30 ...
EmergentBiosol EBS 40.60 1.5 OasisMidstream OMP 17.07 -0.2 BrookdaleSrLiving BKD 10.57 -2.0 GuggS&P400PrGrwth RFG 144.52 0.3 PwrShS&P500EnhVal SPVU 32.76 0.1 WisdTrUSSCEarn EES 35.07 0.1 BlueBird BLBD 20.75 3.8 GreeneCnty GCBC 30.45 -0.7 PwrShS&P ScHealth PSCH 92.83 0.9 DigitalAlly DGLY 2.15 -7.7
EmpresaDisCom EDN 40.48 3.7 OmnovaSol OMN 11.15 8.4 CONE Midstream CNNX 15.82 -4.9 GuggS&P600PrGrwth RZG 110.19 0.6 PwrShS&P500xRate XRLV 31.68 0.3 WisdTrUSTotalDivFd DTD 87.76 0.1 bluebirdbio BLUE 143.50 -2.7 GpoFinGalicia GGAL 52.40 1.8 PwrShS&P SmInds PSCI 61.13 0.1 GP Invts GPIA 8.88 -4.4
EnelGenChile EOCC 26.36 2.3 Oshkosh OSK 83.49 -0.2 CheetahMobile CMCM 8.38 -4.4 GuggInsider NFO 59.13 0.5 PwrShS&P500HiBeta SPHB 39.47 0.4 WisdTrUSTotalEarn EXT 89.44 0.4 BlueprintMed BPMC 71.67 1.8 HVBancorp HVBC 14.97 0.4 PwrShS&P InfTech PSCT 79.24 0.4 JaguarHealth JAGX 0.17 -50.2
EnPro NPO 81.32 0.1 Owens-Illinois OI 25.25 -0.2 CobaltIntlEner CIE 1.42 -4.7 GuggMC Core CZA 62.89 0.3 PwrShS&P600LowVol XSLV 46.09 ... Brooks Auto BRKS 30.42 1.0 HalozymeTherap HALO 17.62 -0.2 PreferredBankLA PFBC 60.99 0.2 LeadingBrands LBIX 0.74 -3.8
FederalSignal FSS
FedEx FDX
21.40
226.34
0.7
0.6
PGT Innovations PGTI
PNC Fin
14.98
PNC 135.73
0.7
0.2
GabelliMultPfdE GGTpE
Kellogg K
24.86
62.11
0.2
-0.7
GuggRayJamesSB1 RYJ
GuggS&PMC400EW EWMC
41.50
61.48
0.3
0.6
ProShHdgReplic HDG
ProShShtVIXST SVXY
44.80
93.98
0.4
1.8
NYSE Arca lows - 28 BuildersFirstSrc BLDR
CBOE Holdings CBOE
18.08
108.26
1.7
0.3
HamiltonLane HLNE
HeartlandExp HTLD
26.92
25.22
2.1
7.7
Presbia LENS
PrincipalPriceSet PSET
4.99
30.14
7.9
0.8
MartinMidstream MMLP
OnconovaTherap ONTX
15.55 -3.1
1.46 -3.4
Ferro FOE 22.30 0.5 PNC Fin Wt PNC/WS 68.32 0.5 LSC Comm LKSD 15.05 -7.1 GuggS&PSC600EW EWSC 52.55 0.4 ProShUltFTSEEurope UPV 56.50 2.4 iPathS&P500VIXST VXX 39.10 -1.8 CDW CDW 66.80 -0.3 Helios&Matheson HMNY 14.17 16.7 PrincipalShrhldrYd PY 30.38 1.5 OxbridgeRe OXBR 3.75 -10.3
FirstAmerFin FAF 49.99 0.6 PSBusParksPfdX PSBpX 25.31 0.5 RiteAid RAD 1.93 -3.4 GuggS&PSpinOff CSD 50.73 0.5 ProShrUltraFnl UYG 112.95 0.5 DirexFinlBear3 FAZ 14.55 -1.0 CME Group CME 136.26 -0.1 HorizDAXGermany DAX 30.80 1.0 PrincipalUSSCIndex PSC 30.26 0.5 RitterPharm RTTR 0.34 -29.3
FirstRepBank FRC 104.99 0.8 PembinaPipeline PBA 35.59 -1.2 Scana SCG 48.32 -4.9 GuggUltraShrtDur GSY 50.38 ... ProShrUMdCp400 MVV 110.28 0.2 DirexMcBear3 MIDZ 16.13 -0.7 CRA Intl CRAI 41.79 ... JBHunt JBHT 111.60 2.0 ProfireEnergy PFIE 2.02 2.6 TOP Ships TOPS 0.29 -5.7
FirstCash FCFS 63.60 -0.5 Praxair PX 141.88 -0.9 HartfordMultiGlbSC ROGS 30.40 0.5 ProShrUltraRus UWM 67.06 0.4 DirexRussiaBr3 RUSS 22.94 -3.0 CaesarsAcqn CACQ 21.65 1.7 Hurco HURC 41.95 0.8 PrudentialBancorp PBIP 18.96 -0.9 TremontMortgage TRMT 16.12 2.5
Fortive
FortBrandsHome FBHS
FTV 71.07
67.77
1.2
...
ProtoLabs PRLB 80.40
PublicStoragePfdG PSApG 25.31
1.8
0.6
NYSE Arca highs - 249 HartfordMultiUSEqu ROUS
HullTacticalUS HTUS
28.76
27.55
0.6
0.2
ProShrUltraS&P SSO
ProShrUlSemi USD
96.80
101.59
0.7
1.9
DirexS&P500Br3 SPXS
DirexS&PBiotechBr3 LABD
36.28
4.58
-1.0
-2.7
CalamosStratTot CSQ
CalAmp CAMP
12.17
23.36
0.1
10.1
ID Systems
II-VI
IDSY
IIVI
7.56
41.43
1.5
-0.4
PumaBiotech PBYI
QuinStreet QNST
120.85
8.00
2.1
-3.9
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
11.27 -3.7
16.52 -2.0
GP Strategies GPX 31.05 0.5 PulteGroup PHM 27.51 1.3 ARKGenomicRev ARKG 26.25 0.7 IQ50%HdgFTSEEur HFXE 19.97 0.6 ProShrUlSmC600 SAA 93.27 1.3 DirexS&P500Br1 SPDN 32.62 -0.3 CarlylePfdA TCGP 25.58 0.9 IQ Chaikin US SC CSML 27.05 0.4 RBC Bearings ROLL 127.67 0.5 WMIH WMIH 0.90 -9.5
GabelliDividend GDV 22.50 0.2 Q2Holdings QTWO 41.80 1.6 ARKIndlInnovation ARKQ 31.85 1.1 IQHedgeEventDriven QED 21.19 0.1 ProShUltraProFin FINU 84.02 0.7 DirexSemiBear3 SOXS 21.02 -2.4 CarolinaFinancial CARO 35.93 1.6 IXYS IXYS 23.95 -0.2 RF Industries RFIL 2.45 4.0 Windstream WIN 1.73 -2.7
GabelliEquity GAB 6.52 0.2 QuanexBldg NX 23.00 1.1 AdvShCornerSC SCAP 34.13 1.2 InspireGlblHope BLES 27.42 1.0 ProShUltMC400 UMDD 97.94 0.5 DirexScBear3 TZA 13.56 -0.6 CasellaWaste CWST 19.13 -0.2 IZEA IZEA 7.63 15.1 Retrophin RTRX 25.44 0.6 XeneticBiosci XBIO 2.00 -5.2
GabelliGlbSmall&MC GGZ 13.25 0.6 RPC RES 25.00 0.9 AdvShWilshireBuybk TTFS 67.95 0.5 iShCoreMSCIEurope IEUR 49.70 0.8 ProShUltRus2000 URTY 76.60 0.6 DirexTechBear3 TECS 8.92 -2.0 CathayGenBncp CATY 40.89 ... Immunomedics IMMU 14.19 1.9 Roku ROKU 29.80 12.9 YogaWorks YOGA 2.65 -2.1
Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from September 29. ChnStrGbInc INB 8.5 .069 M Nov30 /Nov15 CohnStrsPfdInco RNP 7.0 .124 M Dec29 /Dec20 SPDR MFS Sys Growth Equ SYG 0.8 .15748 Q Oct12 /Oct02
ChnStrGbInc INB 8.5 .069 M Dec29 /Dec20 CohSteer Opprtnty Fd FOF 7.9 .087 M Oct31 /Oct18 SPDR MFS Sys Value Equity SYV 1.6 .25271 Q Oct12 /Oct02
Amount Payable / Cohen & Steers Dur Pfd LDP 7.0 .156 M Oct31 /Oct18 CohSteer Opprtnty Fd FOF 7.9 .087 M Nov30 /Nov15
Company Symbol Yld % New/Old Frq Record SPDR SSgA Glbl Allocation GAL 1.3 .12039 Q Oct12 /Oct02
Cohen & Steers Dur Pfd LDP 7.0 .156 M Nov30 /Nov15 CohSteer Opprtnty Fd FOF 7.9 .087 M Dec29 /Dec20
Cohen & Steers Dur Pfd SPDR SSgA Incm Allocation INKM 2.4 .20015 Q Oct12 /Oct02
Increased LDP 7.0 .156 M Dec29 /Dec20 Dreyfus Hi Yd Strat Fd DHF 8.0 .0235 M Oct26 /Oct12
Cohen & Steers Infr Fd UTF 7.0 .134 M Oct31 /Oct18 Dreyfus Municipal Income DMF 5.4 .041 M Oct31 /Oct13 SPDR SSgA Multi-Asset RR RLY 0.8 .05323 Q Oct12 /Oct02
Bank of South Carolina BKSC 3.1 .15 /.14 Q Oct31 /Oct10 Vanguard Tax-Exempt Bd VTEB 2.0 .086 M Oct05 /Oct03
Cohen & Steers Infr Fd UTF 7.0 .134 M Nov30 /Nov15 Dreyfus Strat Muni Bond DSM 5.9 .0415 M Oct31 /Oct13
Lockheed Martin LMT 2.6 2.00 /1.82 Q Dec29 /Dec01
Cohen & Steers Infr Fd UTF 7.0 .134 M Dec29 /Dec20 Dreyfus Strategic Munis LEO 5.9 .043 M Oct31 /Oct13
Cohen & Steers Qual Inc 7.6 .08 M Oct31 /Oct18 Franklin Liberty Invt Grd 3.1 .06381 M Oct05 /Oct02 Foreign
Reduced RQI FLCO
Pacific Coast Oil Trust ROYT 0.9 .0012 /.00931 M Oct19 /Oct09 Cohen & Steers Qual Inc RQI 7.6 .08 M Nov30 /Nov15 Franklin Short Dur US FTSD 1.9 .156 M Oct05 /Oct02 Accenture Cl A ACN 2.0 1.33 SA Nov15 /Oct19
Cohen & Steers Qual Inc RQI 7.6 .08 M Dec29 /Dec20 Janus S/MC Growth Alpha JSMD 0.3 .02895 Q Oct05 /Oct02 AXIS Capital Holdings AXS 2.7 .38 Q Oct16 /Oct09
Initial Cohen & Steers TR RFI 7.7 .08 M Oct31 /Oct18 Janus SC Growth Alpha JSML 0.5 .04556 Q Oct05 /Oct02 AXIS Capital Pfd. D AXSpD 5.5 .34375 Q Dec01 /Nov15
Franklin Liberty Mun Bd FLMB .00126 Oct05 /Oct02 Cohen & Steers TR RFI 7.7 .08 M Nov30 /Nov15 Janus SG Gl Qual Incm SGQI 4.6 .3267 Q Oct05 /Oct02 Banco Bilbao Vizcaya ADR BBVA 4.8 .10613 Q Oct25 /Oct09
Cohen & Steers TR RFI 7.7 .08 M Dec29 /Dec20 Janus Velocity Tail LC TRSK 1.2 .09004 Q Oct05 /Oct02 DHX Media Var Voting DHXM 1.5 .01617 Q Oct25 /Oct13
Funds and investment companies Cohen & Strs Sel Prf Inco PSF 7.3 .172 M Oct31 /Oct18 Janus Velocity Vol Hdg LC SPXH 1.2 .10219 Q Oct05 /Oct02
C&S MLP Incm & Engy Opp MIE 8.9 .077 M Oct31 /Oct18 Cohen & Strs Sel Prf Inco PSF 7.3 .172 M Nov30 /Nov15 Long-Term Care ETF OLD 2.5 .15856 Q Oct05 /Oct02 Hollysys Automation Techs HOLI 0.6 .12 A Nov06 /Oct16
C&S MLP Incm & Engy Opp MIE 8.9 .077 M Nov30 /Nov15 Cohen & Strs Sel Prf Inco PSF 7.3 .172 M Dec29 /Dec20 Obesity ETF SLIM 0.6 .03873 Q Oct05 /Oct02
C&S MLP Incm & Engy Opp MIE 8.9 .077 M Dec29 /Dec20 CohnStrsPfdInco RNP 7.0 .124 M Oct31 /Oct18 Organics ETF ORG 1.0 .07684 Q Oct05 /Oct02 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
ChnStrGbInc INB 8.5 .069 M Oct31 /Oct18 CohnStrsPfdInco RNP 7.0 .124 M Nov30 /Nov15 SPDR MFS Sys Core Equity SYE 1.2 .21509 Q Oct12 /Oct02 S2:1: stock split and ratio; SO: spin-off.
B6 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * *** THE WALL STREET JOURNAL.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
22405.09 s 23.89, or 0.11% Trailing P/E ratio 20.61 20.30 2519.36 s 9.30, or 0.37% Trailing P/E ratio 24.22 24.45 6495.96 s 42.51, or 0.66% Trailing P/E ratio * 25.69 24.32
High, low, open and close for each P/E estimate * 18.89 17.66 High, low, open and close for each P/E estimate * 19.19 18.52 High, low, open and close for each P/E estimate * 21.32 20.18
trading day of the past three months. Dividend yield 2.28 2.56 trading day of the past three months. Dividend yield 1.98 2.13 trading day of the past three months. Dividend yield 1.10 1.20
All-time high 22412.59, 09/20/17 All-time high: 2519.36, 09/29/17 All-time high: 6495.96, 09/29/17
Current divisor 0.14523396877348

22400 2525 6500
22000 2500 6400
21600 2475 6300
Session high
21200 2450 65-day moving average 6200
DOWN UP
t
Session open Close
Close Open 20800 65-day moving average 2425 6100

t
65-day moving average

Session low
20400 2400 6000
Bars measure the point change from session's open

20000 2375 5900
June July Aug. Sept. June July Aug. Sept. June July Aug. Sept.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 935,650,395 9,680,086
Industrial Average 22405.63 22332.96 22405.09 23.89 0.11 22412.59 17888.28 22.4 13.4 9.5 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 515,415,954 5,708,924
Transportation Avg 9934.81 9891.32 9914.35 27.53 0.28 9914.35 7967.02 22.7 9.6 5.3 Most-active issues in late trading Decl. volume* 405,151,617 3,608,613
Utility Average 725.88 720.43 723.60 -0.19 -0.03 754.80 625.44 8.3 9.7 9.5 Volume After Hours Issues traded 3,069 334
Company Symbol (000) Last Net chg % chg High Low Advances 1,784 150
Total Stock Market 26148.62 26041.31 26148.54 89.99 0.35 26148.54 21514.15 16.4 12.3 8.4
SPDR S&P 500 SPY 24,568.5 251.35 0.12 0.05 252.22 250.36 Declines 1,160 163
Barron's 400 679.01 675.77 678.27 2.50 0.37 678.27 521.59 23.1 12.7 9.1
iShares MSCI Emg Markets EEM 10,022.4 44.81 … unch. 44.87 44.64 Unchanged 125 21
Nasdaq Stock Market Sterling Bancorp STL 9,782.6 24.65 … unch. 24.70 24.60 New highs 205 5
Nasdaq Composite 6497.98 6454.86 6495.96 42.51 0.66 6495.96 5046.37 22.3 20.7 13.0 Oil States Intl OIS 3,897.1 25.35 … unch. 25.35 25.33 New lows 12 6
Nasdaq 100 5980.22 5930.82 46.23 6004.38 4660.46 22.9 Closing tick 139 75
5979.30 0.78 22.6 13.9 Cnsmr Staples Sel Sector XLP 3,820.3 54.04 0.06 0.11 54.09 53.95
Closing Arms† 1.16 0.66
Six Flags Entertainment SIX 3,297.3 60.93 -0.01 -0.02 60.94 60.88
Standard & Poor's Block trades* 7,147 119
iShares Russell 2000 ETF IWM 3,114.4 148.18 … unch. 148.25 147.87
500 Index 2519.44 2507.99 2519.36 9.30 0.37 2519.36 2085.18 16.2 12.5 8.4 Nasdaq NYSE Arca
iShares MSCI EAFE ETF EFA 2,858.8 68.48 … unch. 68.49 68.42
MidCap 400 1799.04 1792.71 1795.94 2.31 0.13 1795.94 1476.68 15.7 8.2 9.1 Total volume*1,948,821,701 220,203,056
SmallCap 600 905.51 900.96 903.98 2.03 0.23 903.98 703.64 19.4 7.9 12.0 Percentage gainers… Adv. volume*1,352,354,874 149,621,496
Decl. volume* 546,573,932 63,525,123
Other Indexes Trinity Industries TRN 159.9 34.75 2.85 8.93 35.70 31.18
Issues traded 3,061 1,268
Russell 2000 1493.56 1488.80 1490.86 2.08 0.14 1490.86 1156.89 19.1 9.9 10.1 AcelRx Pharmaceuticals ACRX 33.0 4.90 0.30 6.41 4.90 4.70
Advances 1,675 934
NYSE Composite 12209.45 12172.12 12209.16 29.85 0.25 12209.15 10289.35 13.9 10.4 4.3 iShares MSCI China ETF MCHI 7.3 66.87 3.78 5.99 66.87 62.92 Declines 1,235 310
Value Line 539.96 538.17 539.31 1.14 0.21 539.31 455.65 11.5 6.5 3.8 Extraction Oil Gas XOG 18.5 16.15 0.76 4.94 16.15 15.34 Unchanged 151 24
NYSE Arca Biotech 4207.64 4154.83 4203.32 21.52 0.51 4232.90 2834.14 24.7 36.7 10.3
Viking Therapeutics VKTX 9.7 2.00 0.09 4.71 2.00 1.91 New highs 283 249
New lows 21 28
NYSE Arca Pharma 544.91 541.21 544.89 2.66 0.49 549.20 463.78 6.6 13.2 0.6 ...And losers
Closing tick 256 86
KBW Bank 99.60 98.55 99.26 0.58 0.59 99.33 70.61 40.1 8.1 11.4 Tonix Pharmaceuticals TNXP 5.5 4.30 -0.26 -5.70 4.50 4.30 Closing Arms† 0.55 1.32
PHLX§ Gold/Silver 85.77 84.64 84.65 -1.04 -1.21 96.72 73.03 -9.9 7.3 0.7 Celldex Therapeutics CLDX 5.5 2.76 -0.10 -3.50 2.89 2.76 Block trades* 7,332 1,331
PHLX§ Oil Service 142.35 140.30 142.17 0.61 0.43 192.66 117.79 -13.1 -22.6 -19.3 Vail Resorts MTN 26.3 221.69 -6.43 -2.82 228.15 221.69 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1172.89 1160.39 1171.74 10.04 0.86 1171.74 802.88 40.2 29.3 22.1 Ryanair Holdings ADR RYAAY 18.8 102.63 -2.79 -2.65 105.42 102.63 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 9.83 9.36 -0.04 -0.42 22.51 9.36 -28.4 -32.3 -15.9 issues with the volume of shares rising and falling. An
9.51 Atlassian Cl A TEAM 9.4 34.49 -0.66 -1.88 35.15 34.49 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2907.67 11.83 0.41 14.9 Zogenix ZGNX 35.05 22.18 172.23 37.55 7.50 206.6 ITUS ITUS 2.63 -0.87 -24.86 6.82 0.60 -32.4
DJ Global Index 376.53 1.67 0.45 15.5 Capricor Therapeutics CAPR 3.03 0.83 37.50 3.99 0.63 -6.6 Ominto OMNT 4.50 -1.32 -22.68 23.05 2.57 38.0
DJ Global ex U.S. 254.05 1.37 0.54 18.7 TDH Holdings PETZ 16.80 4.19 33.23 16.80 6.02 ... Nightstar Therap ADR NITE 19.20 -4.80 -20.00 24.94 14.00 ...
Americas DJ Americas 608.28 2.10 0.35 12.6 Acer Therapeutics ACER 18.67 3.97 27.01 45.36 5.18 -43.1 Nature's Sunshine NATR 10.15 -1.75 -14.71 16.45 8.40 -36.6
Brazil Sao Paulo Bovespa 74293.51 726.26 0.99 23.4 Veritone VERI 45.45 8.57 23.24 74.92 7.76 ... W&T Offshore WTI 3.05 -0.45 -12.86 3.69 1.31 73.3
Canada S&P/TSX Comp 15634.94 16.69 0.11 2.3 SMART Global Holdings SGH 26.78 4.28 19.02 27.08 11.50 ... Synlogic SYBX 19.02 -2.78 -12.74 23.00 7.84 37.9
Mexico S&P/BMV IPC 50346.06 209.06 0.42 10.3 Chanticleer Holdings HOTR 2.61 0.41 18.77 9.00 1.90 -52.5 Takung Art TKAT 2.30 -0.33 -12.66 10.50 2.15 -65.5
Chile Santiago IPSA 4055.19 24.65 0.61 25.8 Helios Matheson Analy HMNY 12.69 1.82 16.74 14.17 2.20 55.9 Zynerba Pharmaceuticals ZYNE 8.36 -1.08 -11.44 25.95 5.42 -35.9
0.47 Comtech TeleComm CMTL 20.53 2.92 16.58 21.40 9.52 60.3 Revlon Cl A REV 24.55 -2.95 -10.73 37.43 15.60 -33.3
EMEA Stoxx Europe 600 388.16 1.80 7.4
0.67 Aehr Test Systems AEHR 4.09 0.57 16.19 6.10 2.15 27.4 Oxbridge Re Holdings OXBR 3.90 -0.45 -10.34 6.90 3.75 -22.0
Eurozone Euro Stoxx 388.99 2.60 11.1
Belgium Bel-20 4017.75 16.44 0.41 11.4 IZEA IZEA 7.10 0.93 15.07 7.63 1.37 21.0 EnviroStar EVI 27.65 -3.15 -10.23 36.00 6.66 239.7
France CAC 40 5329.81 36.04 0.68 9.6 PTC Therapeutics PTCT 20.01 2.55 14.60 22.00 4.03 42.8 GW Pharmaceuticals ADR GWPH 101.49 -10.78 -9.60 137.88 92.65 -23.5
Germany DAX 12828.86 124.21 0.98 11.7 RYB Education ADR RYB 28.50 3.55 14.23 28.50 24.00 ... Pingtan Marine Enterprise PME 2.88 -0.29 -9.15 5.18 0.84 166.7
Israel Tel Aviv 1421.04 … Closed –3.4 Ryerson Holding RYI 10.85 1.35 14.21 16.85 7.65 -3.9 Alliance MMA AMMA 2.20 -0.20 -8.49 5.47 0.85 ...
0.48 18.0 NuCana ADR NCNA 18.37 2.22 13.75 19.95 15.00 ... IamGold IAG 6.10 -0.56 -8.41 7.25 3.14 50.6
Italy FTSE MIB 22696.32 108.65
Netherlands AEX 537.06 3.67 0.69 11.2
Russia RTS Index 1136.75 11.19 0.99 –1.4 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10381.50 53.00 0.51 11.0
0.84 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 585.67 4.91 9.6 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9157.46 45.30 0.50 11.4
Bank of America BAC 62,367 -7.7 25.34 -0.43 25.80 15.17 Bay Bancorp BYBK 2,273 7724 11.35 0.89 11.50 5.20
U.K. FTSE 100 7372.76 49.94 0.68 3.2
SPDR S&P 500 SPY 60,702 -1.7 251.23 0.35 251.32 208.38 Zogenix ZGNX 29,106 5642 35.05 172.23 37.55 7.50
Asia-Pacific iShares MSCI Emg Markets EEM 60,522 24.9 44.81 1.15 45.96 33.94 WisdomTree Emerg CurrencyCEW 203 3046 18.97 0.08 19.39 17.22
Australia S&P/ASX 200 5681.60 11.20 0.20 0.3 Rite Aid RAD 55,065 69.2 1.96 -3.45 8.77 1.93 SPDR Bloomberg 1-10Y TIPS TIPX 409 2188 19.53 -0.18 20.17 19.21
China Shanghai Composite 3348.94 9.30 0.28 7.9 Micron Technology MU 45,833 55.5 39.33 3.61 39.36 16.17 Astoria Financial AF 14,208 2187 21.50 -0.60 21.90 14.11
Hong Kong Hang Seng 27554.30 132.70 0.48 25.2 Oracle ORCL 44,492 250.3 48.35 0.56 53.14 37.62 Sterling Bancorp STL 26,589 2077 24.65 -0.60 25.85 16.75
India S&P BSE Sensex 31283.72 1.24 0.004 17.5 Roku Cl A ROKU 43,770 122.9 26.54 12.94 29.80 14.00 PS DB Opt Yd Div Cmdty PDBC 3,751 1920 16.85 -0.35 18.45 14.95
Japan Nikkei Stock Avg 20356.28 –6.83 –0.03 6.5 PwrShrs QQQ Tr Series 1 QQQ 40,731 17.0 145.45 0.72 146.59 113.45 ProShares Inflation Exp RINF 628 1858 27.08 -0.62 29.80 26.66
Singapore Straits Times 3219.91 –7.23 –0.22 11.8 Finl Select Sector SPDR XLF 40,114 -25.9 25.86 0.47 25.86 19.11 PS Variable Rate Inv Grd VRIG 506 1445 25.22 0.08 25.35 24.97
South Korea Kospi 2394.47 21.33 0.90 18.2 BlackBerry BBRY 37,580 675.8 11.18 6.78 11.74 6.65 Exa Corp. EXA 1,745 1415 24.18 0.00 24.42 12.34
Taiwan Weighted 10329.94 33.49 0.33 11.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days
CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency in US$
Fri YTDchg
per US$ (%) Country/currency in US$
Fri YTDchg
per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03000 33.330 –6.9
A consumer rate against its Money market accounts Vietnam dong .00004399 22730 –0.2
3.75% Argentina peso .0578 17.3130 9.1
benchmark over the past year 10% Brazil real .3162 3.1627 –2.8 Europe
Bankrate.com avg†: 0.27% WSJ Dollar index
3.00 s Canada dollar .8019 1.2471 –7.2 Czech Rep. koruna .04546 21.999 –14.4
Ally Bank 1.20% 5
Chile peso .001562 640.10 –4.4 Denmark krone .1588 6.2984 –10.9
Federal-funds 0.90% Midvale, UT 877-247-2559 .0003405 2936.90 –2.2 1.1814 .8465 –11.0
t
target rate 2.25 0 Colombia peso Euro area euro

Barclays 1.20% Euro
s Ecuador US dollar 1 1 unch Hungary forint .003789 263.94 –10.3
Friday
t
0.60 1.50 Yen Mexico peso .0548 18.2542 –12.0 Iceland krona .009425 106.10 –6.1
Wilmington, DE 888-720-8756 –5 s
Peru new sol .3063 3.265 –2.6 Norway krone .1256 7.9635 –7.9
0.30 Capital One 360 1.20% 0.75 –10 Uruguay peso .03427 29.1800 –0.6 Poland zloty .2739 3.6505 –12.8
t
One year ago
t
Glen Allen, VA 877-464-0333 Venezuela b. fuerte .098465 10.1559 1.6 Russia ruble .01738 57.548 –6.1
Money market 0.00 0.00 –15
Goldman Sachs Bank USA 1.20% Asia-Pacific Sweden krona .1228 8.1465 –10.5
account yields 1 3 6 1 2 3 5 710 30 Switzerland franc 1.0331 .9680 –5.0
New York, NY 855-730-7283 2016 2017 Australian dollar .7833 1.2767 –8.1
–0.30 month(s) years Turkey lira .2806 3.5637 1.1
American Express Bank, FSB 1.25% China yuan .1507 6.6366 –4.4
O N D J FMAM J J A S maturity Ukraine hryvnia .0376 26.5875 –1.8
Hong Kong dollar .1280 7.8114 0.7
2016 2017 New York, NY 866-215-8754 UK pound 1.3399 .7463 –7.9
India rupee .01532 65.285 –3.9
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000742 13472 –0.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008889 112.50 –3.9 Bahrain dinar 2.6514 .3772 ...
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002939 340.30 2.0 Egypt pound .0567 17.6425 –2.7
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1243 8.0443 1.6 Israel shekel .2830 3.5335 –8.2
Malaysia ringgit .2368 4.2225 –5.9 Kuwait dinar 3.3110 .3020 –1.2
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7210 1.3870 –4.0 Oman sul rial 2.5968 .3851 0.03
Libor, 3-month 1.33 1.33 0.85 l 1.34 1.10 Pakistan rupee .00949 105.410 1.0 Qatar rial .2691 3.716 2.1
Money market, annual yield 0.27 0.29 0.26 l 0.36 -0.15 Treasury, Ryan ALM 1459.707 2.062 2.009 2.237 1.360 –2.644 2.425 Philippines peso .0197 50.888 2.6 Saudi Arabia riyal .2667 3.7502 –0.01
Five-year CD, annual yield 1.44 1.43 1.19 l 1.47 -0.04 10-yr Treasury, Ryan ALM 1733.460 2.328 2.262 2.609 1.605 0.268 2.417 Singapore dollar .7366 1.3576 –6.2 South Africa rand .0738 13.5566 –1.0
30-year mortgage, fixed† 3.90 3.87 3.46 l 4.33 -0.34 South Korea won .0008731 1145.30 –5.2
DJ Corporate n.a. n.a. 2.992 n.a. n.a. n.a. n.a. Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065325 153.08 3.1
15-year mortgage, fixed† 3.16 3.12 2.72 l 3.50 -0.21 Aggregate, Barclays Capital 1938.340 2.550 2.530 2.790 1.960 –0.168 2.682 Taiwan dollar .03297 30.330 –6.5 WSJ Dollar Index 86.30 0.03 0.03 –7.14
Jumbo mortgages, $424,100-plus† 4.41 4.36 4.22 l 4.88 -0.20 High Yield 100, Merrill Lynch n.a. n.a. 5.077 n.a. n.a. n.a. n.a. Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.41 3.37 3.13 l 4.03 -0.36
Fixed-Rate MBS, Barclays 1986.550 2.800 2.790 3.120 2.060 0.225 2.432
New-car loan, 48-month 3.05 3.06 2.85 l 3.36 -0.17
HELOC, $30,000 4.74 4.76 4.57 l 5.22 0.35
Muni Master, Merrill n.a. n.a. 1.834 n.a. n.a. n.a. n.a. COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 5.400 n.a. n.a. n.a. n.a. Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg
DJ Commodity 585.74 -0.84 -0.14 591.05 527.06 10.06 3.26

Get real-time U.S. stock quotes and track most-active Track the Markets 183.09 0.05 195.14 -1.73 -4.89
WSJ
TR/CC CRB Index 0.10 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 51.67 0.11 0.21 54.45 42.53 7.11 -3.82
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 3.007 -0.010 -0.33 3.93 2.56 3.48 -19.25
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1281.50 -4.00 -0.31 1346.00 1127.80 -2.42 11.43
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | B7
BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM -2.18 46.17 36.74 JohnsonControls JCI 2.5 dd 40.29 0.23 10.82 44.34 30.66 SchwabC SCHW 0.7 29 43.74 0.11 s 26.70 66.80 43.64 CDW CDW 1.0 25 66.00 -0.22
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 22.23 134.76 86.62 JonesLangLaSalle JLL 0.6 19 123.50 -0.74 1.87 99.91 81.48 ScottsMiracleGro SMG 2.2 26 97.34 -0.03 3.88 81.16 63.41 CH Robinson CHRW 2.4 22 76.10 0.62
The list comprises the 1,000 largest companies based on market capitalization. -1.52 30.96 22.41 JuniperNetworks JNPR 1.4 16 27.83 0.12 -5.78 50.62 41.22 SealedAir SEE 1.5 22 42.72 -0.22 s 17.62 136.26 98.95 CME Group CME 1.9 28 135.68 -0.18
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading s 12.01 47.95 38.16 KAR Auction KAR 2.7 29 47.74 0.72 13.40 120.17 92.95 SempraEnergy SRE 2.9 17 114.13 -0.45 51.02 55.48 30.01 CSX CSX 1.5 28 54.26 0.57
volume. 38.93 54.36 34.01 KB Fin KB ... 8 49.03 0.71 s 23.41 48.52 35.10 SensataTech ST ... 29 48.07 0.61 56.50 39.49 24.15 CadenceDesign CDNS ... 45 39.47 0.47
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was s 32.10 20.43 13.57 KKR KKR 3.3 8 20.33 0.34 21.48 35.89 24.90 ServiceCorp SCI 1.7 19 34.50 -0.05 54.75 24.70 14.35 Carlyle CG 7.1 18 23.60 0.20
$2 or higher. -1.56 18.82 13.43 KT KT ... 11 13.87 -0.23 24.05 48.48 32.41 ServiceMaster SERV ... 28 46.73 -0.53 25.98 146.13 96.93 Celgene CELG ... 45 145.82 3.06
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 28.08 109.13 79.05 KSCitySouthern KSU 1.3 22 108.68 0.49 58.10 118.64 72.80 ServiceNow NOW ... dd 117.53 0.88 50.56 72.27 47.01 Cerner CERN ... 36 71.32 0.54
s-New 52-week high. standards vj-In bankruptcy or receivership or t-15.38 78.37 62.11 Kellogg K 3.5 28 62.37 -0.44 14.71 23.31 19.02 ShawComm B SJR 3.9 29 23.01 -0.08 26.22 408.83 241.50 CharterComms CHTR ...105 363.42 2.47
t-New 52-week low. lf-Late filing being reorganized under the 3.01 19.53 12.00 KeyCorp KEY 2.0 19 18.82 0.16 s 33.23 363.98 239.48 SherwinWilliams SHW 0.9 30 358.04 1.00 35.00 116.63 74.34 CheckPointSftw CHKP ... 25 114.02 1.65
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 13.92 43.15 30.93 KeysightTechs KEYS ... 31 41.66 0.29 17.69 48.98 35.64 ShinhanFin SHG ... 8 44.30 0.37 129.21 126.29 41.69 ChinaLodging HTHT ... 64 118.82 -1.42
four quarters. requirements. assumed by such companies. -2.87 78.33 65.77 KilroyRealty KRC 2.4 51 71.12 1.04 171.73 123.94 37.74 Shopify SHOP ... dd 116.49 0.04 1.08 81.98 68.11 CincinnatiFin CINF 2.6 22 76.57 -0.81
FD-First day of trading. t-NYSE bankruptcy 3.12 136.21 111.30 KimberlyClark KMB 3.3 20 117.68 0.72 -9.38 209.89 150.15 SimonProperty SPG 4.5 30 161.01 -0.58 24.85 145.00 102.07 Cintas CTAS 0.9 30 144.28 1.51
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and -22.30 29.63 17.02 KimcoRealty KIM 5.5102 19.55 0.07 25.51 59.72 43.66 SmithAO AOS 0.9 30 59.43 0.53 11.28 34.60 29.12 CiscoSystems CSCO 3.4 18 33.63 0.28
changes in the closing prices from 4 p.m. the previous day. -7.39 23.36 18.23 KinderMorgan KMI 2.6 62 19.18 -0.13 21.01 37.22 26.96 Smith&Nephew SNN 1.4 20 36.40 0.40 8.02 87.99 64.79 CitrixSystems CTXS ... 26 76.82 0.12
YTD 52-Week Yld Net 22.81 44.45 26.68 Knight-Swift KNX ... 43 41.55 0.89 -18.06 143.68 103.50 Smucker SJM 3.0 22 104.93 -0.19 73.34 115.35 49.68 Cognex CGNX 0.3 51 110.28 0.27
Friday, September 29, 2017
% Chg Hi Lo Stock Sym % PE Last Chg -7.55 59.67 35.16 Kohl's KSS 4.8 12 45.65 -0.29 -40.60 29.44 11.28 Snap SNAP ... dd 14.54 0.09 29.47 73.00 45.44 CognizantTech CTSH 0.8 23 72.54 0.40
YTD 52-Week Yld Net 34.77 42.09 28.19 KoninklijkePhil PHG 2.2 24 41.20 0.86 -13.00 181.73 140.83 SnapOn SNA 1.9 15 149.01 1.62 71.18 281.00 100.01 Coherent COHR ... 35 235.17 -3.83
% Chg Hi Lo Stock Sym % PE Last Chg 9.91 141.76 111.24 Clorox CLX 2.5 25 131.91 1.88 -9.31 24.89 16.53 KoreaElcPwr KEP ... 6 16.76 0.03 94.28 63.80 26.18 SOQUIMICH SQM 1.4 42 55.66 0.37 11.46 42.18 30.02 Comcast A CMCSA 1.6 19 38.48 0.66
15.02 48.85 34.07 Coach COH 3.4 19 40.28 0.16 -41.87 36.44 19.89 Kroger KR 2.5 12 20.06 -0.20 33.21 41.65 27.72 Sony SNE ... 40 37.34 0.62 -0.07 60.61 45.37 CommerceBcshrs CBSH 1.6 21 57.77 0.36
NYSE 8.56 46.98 39.88 Coca-Cola KO 3.3 47 45.01 0.10 24.89 63.43 47.08 Kyocera KYO ... 21 62.17 0.71 -0.10 52.38 46.20 Southern SO 4.7 76 49.14 0.20 -10.73 42.75 29.57 CommScope COMM ... 27 33.21 0.59
32.55 44.75 30.55 Coca-Cola Euro CCE 2.4 26 41.62 0.06 61.98 15.06 8.06 LATAMAirlines LTM 0.5 dd 13.25 0.05 24.48 42.00 25.79 SoCopper SCCO 1.4 31 39.76 0.14 24.06 34.85 25.37 Copart CPRT ... 21 34.37 0.08
17.47 25.83 20.26 ABB ABB 3.1 23 24.75 0.07 21.39 91.84 59.44 Coca-Cola Femsa KOF 2.3 23 77.13 0.84
1.24 40.72 26.46 AECOM ACM ... 22 36.81 -0.20 -36.80 75.50 35.00 L Brands LB 5.8 12 41.61 -0.93 12.32 64.39 36.91 SouthwestAirlines LUV 0.9 17 55.98 -0.19 42.32 287.96 179.22 CoStarGroup CSGP ... 90 268.25 2.15
11.32 77.27 63.43 Colgate-Palmolive CL 2.2 27 72.85 -0.30 4.44 17.05 11.26 LG Display LPL ... 5 13.42 0.04 -3.18 47.48 40.19 SpectraEnerPtrs SEP 6.4 16 44.38 0.53 2.61 183.18 142.11 Costco COST 1.2 28 164.29 0.39
-5.16 13.01 10.60 AES AES 4.4 dd 11.02 -0.06 -15.82 16.09 12.37 ColonyNorthStar CLNS 8.6 97 12.56 0.01
16.94 84.51 66.50 Aflac AFL 2.1 12 81.39 -0.91 6.44 48.94 30.90 LINE LN ... 65 36.20 0.28 -13.41 146.09 102.27 SpectrumBrands SPB 1.6 22 105.92 0.86 31.85 60.65 39.71 Ctrip.com CTRP ...184 52.74 -0.08
s 11.97 76.76 46.59 Comerica CMA 1.6 19 76.26 0.74 23.88 191.25 132.38 L3 Tech LLL 1.6 21 188.43 0.55 33.20 79.29 43.94 SpiritAeroSys SPR 0.5 28 77.72 0.12 -6.39 66.50 52.09 DISH Network DISH ... 25 54.23 1.22
27.50 74.40 48.11 AGCO AGCO 0.8 32 73.77 0.29 20.51 11.33 7.75 SABESP SBS ... 9 10.46 0.20
-7.90 43.03 35.10 AT&T T 5.0 18 39.17 0.13 17.60 164.22 119.51 LabCpAm LH ... 21 150.97 1.22 -7.60 9.65 5.83 Sprint S ... dd 7.78 0.03 3.60 65.68 52.53 DentsplySirona XRAY 0.6 dd 59.81 0.58
-14.69 41.68 32.16 ConagraBrands CAG 2.5 24 33.74 -0.21 23.88 49.94 28.75 LambWeston LW 1.6 21 46.89 0.31 111.37 29.00 10.88 Square SQ ... dd 28.81 0.32 -3.07 114.00 82.77 DiamondbackEner FANG ... 29 97.96 0.82
38.92 54.80 37.38 AbbottLabs ABT 2.0 74 53.36 -0.28 -0.66 147.55 106.73 ConchoRscs CXO ... 32 131.72 -0.13
41.90 90.95 55.06 AbbVie ABBV 2.9 22 88.86 -0.10 20.13 66.22 51.35 LasVegasSands LVS 4.6 25 64.16 0.52 31.63 152.43 111.89 StanleyBlackDck SWK 1.7 19 150.97 1.45 -22.33 30.25 20.14 DiscoveryComm A DISCA ... 11 21.29 -0.10
-0.18 53.17 40.37 ConocoPhillips COP 2.1 dd 50.05 0.05 10.05 48.86 33.48 Lazard LAZ 3.6 13 45.22 0.29 -1.05 23.01 21.11 StarwoodProp STWD 8.8 12 21.72 ... -24.35 29.18 19.36 DiscoveryComm C DISCK ... 11 20.26 0.02
15.32 138.70 112.31 Accenture ACN 2.0 25 135.07 -1.25 9.50 86.16 68.76 ConEd ED 3.4 20 80.68 -0.03
-25.81 267.08 153.28 AcuityBrands AYI 0.3 24 171.28 3.15 s 30.75 174.66 110.77 Lear LEA 1.2 11 173.08 -0.81 22.93 96.39 68.16 StateStreet STT 1.8 18 95.54 0.15 12.49 91.41 65.63 DollarTree DLTR ... 22 86.82 1.14
30.10 205.12 144.00 ConstBrands A STZ 1.0 28 199.45 0.15 -2.35 54.97 43.16 Leggett&Platt LEG 3.0 19 47.73 -0.06 10.14 20.42 15.58 Statoil STO ... dd 20.09 -0.02 s 25.86 43.67 27.34 E*TRADE ETFC ... 20 43.61 0.41
43.33 86.42 39.66 Adient ADNT 1.3 dd 83.99 -0.11 -25.09 60.30 29.08 ContinentalRscs CLR ... dd 38.61 -0.24
-41.34 177.83 82.21 AdvanceAuto AAP 0.2 20 99.20 -0.30 15.80 59.65 40.96 Leidos LDOS 2.2 26 59.22 0.31 s 31.18 88.43 63.80 Steris STE 1.4 63 88.40 0.74 17.61 60.42 36.07 EastWestBancorp EWBC 1.3 17 59.78 0.57
35.55 256.39 158.73 Cooper COO 0.0 34 237.11 5.51 22.99 55.75 39.68 Lennar A LEN 0.3 15 52.80 0.57 71.10 19.90 7.81 STMicroelec STM 1.2 39 19.42 0.19 29.54 38.87 27.28 eBay EBAY ... 6 38.46 0.73
22.62 6.70 4.89 AdvSemiEngg ASX 3.7 14 6.18 0.13 23.28 32.17 22.23 Corning GLW 2.1 13 29.92 -0.03
4.70 6.06 3.80 Aegon AEG 5.3 16 5.79 -0.06 30.67 47.45 32.09 Lennar B LEN/B 0.4 13 45.08 0.48 18.54 148.84 106.48 Stryker SYK 1.2 32 142.02 1.80 s 44.35 147.32 94.66 ElbitSystems ESLT ... 26 147.08 0.43
-9.72 25.34 15.83 Coty COTY 3.0 dd 16.53 0.38 16.84 192.58 140.97 LennoxIntl LII 1.1 26 178.97 3.05 0.92 8.30 6.39 SumitomoMits SMFG ... 8 7.71 0.02 49.90 122.79 73.74 ElectronicArts EA ... 32 118.06 1.45
s 22.83 51.27 37.83 AerCap AER ... 9 51.11 0.46 29.87 213.82 144.23 Credicorp BAP 1.8 15 205.02 1.06
28.22 164.52 104.59 Aetna AET 1.3 35 159.01 1.71 8.60 27.34 17.87 LeucadiaNatl LUK 1.6 15 25.25 0.14 11.84 91.87 69.90 SunCommunities SUI 3.1122 85.68 0.21 24.87 475.28 314.55 Equinix EQIX 1.8166 446.30 4.58
10.41 16.17 12.34 CreditSuisse CS 4.5 dd 15.80 0.08 -5.45 64.61 44.01 Level3Comm LVLT ... 30 53.29 -0.41 3.67 40.57 32.03 SunLifeFinancial SLF 3.5 13 39.82 -0.07 -1.37 7.47 4.83 Ericsson ERIC 1.9 dd 5.75 0.01
s 30.65 191.98 130.48 AffiliatedMgrs AMG 0.4 21 189.83 0.44 -4.50 28.30 18.50 CrestwoodEquity CEQP 9.8 dd 24.40 -0.10 3.95 43.70 36.22 LibertyProperty LPT 3.9 18 41.06 -0.09 s 7.16 35.16 27.30 SuncorEnergy SU 2.9 28 35.03 0.22 62.51 29.50 10.04 Exelixis EXEL ...128 24.23 ...
40.91 66.45 42.92 AgilentTechs A 0.8 33 64.20 0.22 15.22 108.88 79.38 CrownCastle CCI 3.8 80 99.98 -0.56
7.64 56.08 35.05 AgnicoEagle AEM 0.9 41 45.21 -0.40 16.30 86.72 64.18 EliLilly LLY 2.4 37 85.54 0.54 8.97 61.69 43.13 SunTrustBanks STI 2.7 16 59.77 0.47 27.07 161.00 111.88 Expedia EXPE 0.8 68 143.94 1.10
13.60 61.39 51.57 CrownHoldings CCK ... 17 59.72 -0.47 10.88 75.78 45.94 LincolnNational LNC 1.6 11 73.48 0.15 -14.39 38.05 26.01 SynchronyFin SYF 1.9 12 31.05 -0.14 s 13.03 60.30 47.23 ExpeditorsIntl EXPD 1.4 26 59.86 0.23
6.62 111.88 87.78 Agrium AGU 3.3 26 107.21 -0.69 7.58 99.20 69.63 Cullen/Frost CFR 2.4 19 94.92 0.14
5.15 152.26 129.00 AirProducts APD 2.5 29 151.22 -0.12 s 24.35 33.49 24.27 LionsGate A LGF/A ... 51 33.45 0.70 16.46 93.61 74.52 Syngenta SYT ... 41 92.06 0.01 -7.95 77.50 57.80 ExpressScripts ESRX ... 11 63.32 0.25
22.95 170.68 121.22 Cummins CMI 2.6 19 168.03 -0.30 s 29.54 31.88 22.50 LionsGate B LGF/B ... 37 31.79 0.57 -2.56 57.07 47.15 Sysco SYY 2.4 26 53.95 -0.10 -16.69 149.50 114.45 F5Networks FFIV ... 20 120.56 -0.87
-14.04 101.43 65.29 AlaskaAir ALK 1.6 12 76.27 0.40 8.98 113.71 89.66 DTE Energy DTE 3.1 18 107.36 -0.30
s 58.35 137.48 76.32 Albemarle ALB 0.9 32 136.31 3.99 63.72 43.85 26.41 LiveNationEnt LYV ... dd 43.55 0.39 188.33 34.69 11.02 TAL Education TAL ...142 33.71 0.10 48.52 175.49 113.55 Facebook FB ... 39 170.87 2.14
24.05 86.29 64.06 DXC Tech DXC 0.8 dd 85.88 1.09 18.06 3.87 2.56 LloydsBanking LYG 2.9 27 3.66 ... 19.89 85.20 60.59 TE Connectivity TEL 1.9 18 83.06 0.43 -2.98 52.74 37.70 Fastenal FAST 2.8 25 45.58 -0.15
66.03 47.95 20.00 Alcoa AA ... dd 46.62 0.54 10.20 88.62 75.71 Danaher DHR 0.7 27 85.78 0.74
7.05 123.89 101.51 AlexandriaRealEst ARE 2.9298 118.97 1.49 24.15 311.36 228.50 LockheedMartin LMT 2.6 24 310.29 1.16 12.94 36.94 30.31 Telus TU 4.3 23 35.97 -0.25 3.74 28.97 19.57 FifthThirdBncp FITB 2.3 14 27.98 0.39
8.33 95.22 60.16 Darden DRI 3.2 20 78.78 -0.18 2.20 49.58 40.61 Loews L 0.5 14 47.86 0.02 28.07 32.83 18.73 Ternium TX 3.2 8 30.93 0.45 s 21.34 129.61 92.81 Fiserv FISV ... 32 128.96 0.75
96.69 180.87 86.01 Alibaba BABA ... 60 172.71 2.47 -7.49 70.16 54.50 DaVita DVA ... 9 59.39 0.92
-8.90 667.19 510.52 Alleghany Y ... 18 554.01 4.74 12.40 86.25 64.87 Lowe's LOW 2.1 23 79.94 0.49 54.92 19.20 11.17 TIM Part TSU ... 32 18.28 -0.10 15.31 17.76 13.34 Flex FLEX ... 26 16.57 -0.16
21.88 132.50 84.18 Deere DE 1.9 21 125.59 1.93 15.47 100.69 76.71 LyondellBasell LYB 3.6 11 99.05 -0.73 -1.86 80.92 66.66 TJX TJX 1.7 21 73.73 -0.22 18.99 41.56 28.50 Fortinet FTNT ... 97 35.84 -0.07
s 35.11 86.89 61.47 Allegion ALLE 0.7 33 86.47 0.71 40.46 77.69 46.63 DellTechnologies DVMT ... dd 77.21 0.06
-2.41 256.80 184.50 Allergan AGN 1.4 7 204.95 0.87 2.95 173.72 112.25 M&T Bank MTB 1.9 19 161.04 1.82 77.67 76.30 41.41 TableauSoftware DATA ... dd 74.89 0.32 20.48 39.32 29.32 Gaming&Leisure GLPI 6.8 21 36.89 0.43
46.10 104.09 60.50 DelphiAutomotive DLPH 1.2 21 98.40 0.66 13.04 34.65 25.15 MGM Resorts MGM 1.4 19 32.59 0.25 30.61 38.43 28.34 TaiwanSemi TSM 3.1 17 37.55 0.50 11.30 55.74 46.80 Garmin GRMN 3.8 15 53.97 -0.07
-3.04 266.25 197.69 AllianceData ADS 0.9 25 221.55 0.94 -1.97 55.75 37.91 DeltaAir DAL 2.5 10 48.22 -0.09
3.62 26.15 20.40 AllianceBernstein AB 8.1 11 24.30 -0.05 1.13 39.43 30.09 MPLX MPLX 6.4 42 35.01 0.12 -15.64 61.83 40.25 TargaResources TRGP 7.7 dd 47.30 -0.21 0.56 22.12 16.06 Gentex GNTX 2.0 16 19.80 -0.03
6.93 19.48 10.77 DeutscheBank DB 1.2 dd 17.28 0.30 s 48.39 118.59 76.52 MSCI MSCI 1.3 38 116.90 -0.07 -18.30 79.33 48.56 Target TGT 4.2 12 59.01 0.10 13.14 86.27 63.76 GileadSciences GILD 2.6 9 81.02 0.11
9.71 43.69 34.88 AlliantEnergy LNT 3.0 24 41.57 -0.13 -19.62 50.69 28.79 DevonEnergy DVN 0.7 8 36.71 0.12
24.00 95.25 66.55 Allstate ALL 1.6 14 91.91 0.62 -22.40 81.49 52.12 Macerich MAC 5.2 62 54.97 -0.31 -9.07 42.53 28.96 TataMotors TTM 0.0 17 31.27 0.74 7.71 37.20 26.82 Goodyear GT 1.2 7 33.25 0.19
27.12 137.59 99.46 Diageo DEO 3.1 25 132.13 0.49 -11.65 85.45 71.23 MacquarieInfr MIC 7.6 34 72.18 -0.14 -21.42 37.09 25.17 TechnipFMC FTI ... ... 27.92 0.08 36.22 22.82 14.27 Grifols GRFS 1.5 ... 21.89 0.07
s 27.55 24.32 16.68 AllyFinancial ALLY 2.0 12 24.26 0.37 20.43 127.23 85.63 DigitalRealty DLR 3.1 47 118.33 2.17
-16.51 35.29 26.11 AlticeUSA ATUS ... ... 27.31 0.31 -39.07 45.41 19.32 Macy's M 6.9 10 21.82 -0.20 5.29 33.76 14.56 TeckRscsB TECK 0.8 8 21.09 -0.28 -15.15 44.73 28.97 HD Supply HDS ... 11 36.07 -0.06
-10.56 74.33 53.91 DiscoverFinSvcs DFS 2.2 11 64.48 0.12 -6.04 81.77 63.92 MagellanMid MMP 5.0 19 71.06 0.50 69.73 32.12 17.04 TelecomArgentina TEO 1.5 16 30.84 0.32 25.56 116.20 76.14 Hasbro HAS 2.3 21 97.67 0.66
-6.21 77.79 60.01 Altria MO 4.2 8 63.42 -0.77 -5.42 116.10 90.31 Disney DIS 1.6 17 98.57 0.52
117.14 23.46 9.14 AlumofChina ACH ... 87 22.17 1.10 s 23.00 53.74 36.77 MagnaIntl MGA 2.1 10 53.38 0.21 5.74 10.53 7.10 TelecomItalia TI 2.8 ... 9.40 -0.04 8.09 93.50 73.11 HenrySchein HSIC ... 24 81.99 1.13
27.28 59.79 44.98 DolbyLab DLB 1.0 29 57.52 -0.17 s 32.58 120.90 70.58 Manpower MAN 1.6 18 117.82 -2.11 2.88 8.45 5.85 TelecomItalia A TI/A 4.1 ... 7.50 ... -8.55 46.80 35.15 Hologic HOLX ... 14 36.69 0.04
34.22 6.86 4.70 Ambev ABEV ... 28 6.59 0.03 s 9.42 81.30 65.97 DollarGeneral DG 1.3 18 81.05 1.03
10.26 60.91 46.84 Ameren AEE 3.0 20 57.84 -0.52 13.86 20.84 13.97 ManulifeFin MFC 3.2 15 20.29 0.01 29.41 161.58 101.90 TeledyneTech TDY ... 29 159.18 -0.30 s 14.43 111.60 76.20 JBHunt JBHT 0.8 29 111.08 2.18
0.44 81.65 69.51 DominionEner D 3.9 22 76.93 -0.10 -21.66 19.28 10.55 MarathonOil MRO 1.5 dd 13.56 0.03 50.15 243.85 136.53 Teleflex TFX 0.6 46 241.97 1.48 5.60 14.74 9.57 HuntingtonBcshs HBAN 2.3 20 13.96 0.09
41.21 19.05 11.02 AmericaMovil AMX 1.9 24 17.75 -0.03 24.69 221.58 149.67 Domino's DPZ 0.9 40 198.55 1.51
44.31 18.89 10.83 AmericaMovil A AMOV 1.9 24 17.75 0.06 11.38 56.81 39.52 MarathonPetrol MPC 2.9 33 56.08 0.61 18.39 16.85 11.95 TelefonicaBras VIV ... 23 15.84 0.11 81.48 119.53 60.39 IAC/InterActive IAC ... 44 117.58 -0.06
9.17 48.91 35.85 Donaldson DCI 1.6 26 45.94 -0.07 18.07 1086.68 811.05 Markel MKL ... 37 1067.98 -2.57 17.28 11.64 8.15 Telefonica TEF 4.1 18 10.79 ... 32.59 173.01 102.45 IdexxLab IDXX ... 53 155.49 1.12
t-11.29 52.53 43.98 AmCampus ACC 4.0 90 44.15 -0.31 7.82 40.79 33.78 DouglasEmmett DEI 2.3 67 39.42 0.19
11.56 74.59 57.89 AEP AEP 3.4 60 70.24 -0.26 24.00 84.32 62.33 Marsh&McLennan MMC 1.8 23 83.81 0.15 17.63 36.19 27.17 TelekmIndonesia TLK 2.1 17 34.30 -0.45 24.48 48.53 34.13 IHSMarkit INFO ... 46 44.08 -0.05
21.97 92.74 65.50 Dover DOV 2.1 23 91.39 -0.12 -6.91 244.32 167.06 MartinMarietta MLM 0.9 30 206.23 1.23 -20.72 37.21 26.48 Tenaris TS 4.0112 28.31 -0.01 87.48 187.98 81.00 IPG Photonics IPGP ... 31 185.06 1.38
s 22.11 90.77 59.50 AmericanExpress AXP 1.5 18 90.46 0.32 3.05 70.70 64.01 DowDuPont DWDP ... 32 69.23 0.17
17.40 105.58 73.38 AmericanFin AFG 1.2 12 103.45 -0.46 23.37 39.37 29.38 Masco MAS 1.1 24 39.01 0.23 s 46.81 37.47 20.22 Teradyne TER 0.8 19 37.29 0.23 -7.96 64.46 45.18 IcahnEnterprises IEP 10.9 7 54.86 -0.28
-2.43 99.47 81.05 DrPepperSnap DPS 2.6 21 88.47 0.11 36.76 143.59 99.51 Mastercard MA 0.6 35 141.20 1.00 -51.45 46.76 15.22 TevaPharm TEVA 1.9 dd 17.60 0.44 51.44 117.53 73.76 Icon ICLR ... 23 113.88 2.17
3.48 23.98 19.62 AmerHomes4Rent AMH 0.9 dd 21.71 -0.05 -21.20 50.10 29.83 DrReddy'sLab RDY 0.9 35 35.68 -0.24
-6.00 67.47 57.35 AIG AIG 2.1 dd 61.39 0.42 9.98 106.50 88.64 McCormick MKC 1.8 28 102.64 0.99 10.96 54.07 37.19 Textron TXT 0.1 16 53.88 0.30 55.58 214.34 119.37 Illumina ILMN ... 39 199.20 0.20
8.12 88.40 72.34 DukeEnergy DUK 4.2 25 83.92 -0.34 10.25 106.58 89.14 McCormickVtg MKC/V 1.8 28 102.64 0.87 34.09 194.30 139.07 ThermoFisherSci TMO 0.3 33 189.20 2.75 16.43 153.15 83.01 Incyte INCY ... dd 116.74 3.60
29.33 148.71 99.72 AmerTowerREIT AMT 1.9 66 136.68 0.58 8.51 30.14 22.96 DukeRealty DRE 2.6 31 28.82 -0.13
11.82 83.14 69.41 AmerWaterWorks AWK 2.1 31 80.91 -0.20 28.72 161.72 110.33 McDonalds MCD 2.6 26 156.68 -0.81 4.80 48.57 39.23 ThomsonReuters TRI 3.0 34 45.88 0.25 4.99 38.45 33.23 Intel INTC 2.9 15 38.08 0.25
2.57 34.62 26.15 ENI E 5.8 78 33.07 0.22 9.37 169.29 114.53 McKesson MCK 0.9 7 153.61 -0.11 s 25.85 127.12 74.00 ThorIndustries THO 1.0 18 125.91 2.84 s 23.36 45.08 31.96 InteractiveBrkrs IBKR 0.9 44 45.04 0.21
-6.22 50.00 42.00 Amerigas APU 8.5128 44.94 0.49 -4.31 109.37 81.99 EOG Rscs EOG 0.7 dd 96.74 -0.08
33.87 149.99 86.25 Ameriprise AMP 2.2 17 148.51 0.76 9.18 89.72 69.35 Medtronic MDT 2.4 26 77.77 0.06 17.54 214.65 163.85 3M MMM 2.2 24 209.90 0.35 24.02 146.72 103.22 Intuit INTU 1.1 38 142.14 -0.17
-0.24 75.74 49.63 EQT EQT 0.22175 65.24 0.18 8.77 66.80 58.29 Merck MRK 2.9 35 64.03 -0.26 18.53 97.29 70.86 Tiffany TIF 2.2 25 91.78 0.84 64.92 1054.77 610.71 IntuitiveSurgical ISRG ... 50 1045.88 20.00
5.83 97.85 68.38 AmerisourceBrgn ABC 1.8 22 82.75 1.76 -2.23 82.99 69.20 EQT Midstream EQM 5.0 15 74.97 1.21
35.88 66.70 43.98 Ametek AME 0.5 29 66.04 0.49 8.18 52.23 39.02 MetLife MET 2.7577 51.95 0.63 6.13 103.42 78.32 TimeWarner TWX 1.6 19 102.45 0.21 6.00 60.01 24.58 IonisPharma IONS ...241 50.70 -1.91
s 20.32 90.97 62.70 EastmanChem EMN 2.3 14 90.49 0.53 s 33.77 41.60 26.65 Toll Bros TOL 0.8 15 41.47 0.49 50.16 48.99 23.38 JD.com JD ... dd 38.20 -0.45
s 25.95 84.87 62.63 Amphenol APH 0.9 28 84.64 2.36 49.60 636.54 395.61 MettlerToledo MTD ... 39 626.16 1.68
14.46 81.63 59.07 Eaton ETN 2.0 18 76.79 0.70 11.33 52.67 32.38 MichaelKors KORS ... 15 47.85 0.14 s 8.58 80.30 62.86 Torchmark TMK 0.7 17 80.09 0.35 15.78 109.67 79.00 JackHenry JKHY 1.2 33 102.79 0.17
-29.94 73.33 39.96 AnadarkoPetrol APC 0.4 dd 48.85 -0.03 17.88 50.10 34.44 EatonVance EV 2.3 21 49.37 -0.20
17.95 105.63 75.11 Andeavor ANDV 2.3 37 103.15 0.67 9.15 110.95 85.04 MidAmApt MAA 3.3 48 106.88 0.89 10.92 73.86 46.09 Toro TTC 1.1 26 62.06 0.19 34.14 163.75 95.80 JazzPharma JAZZ ... 23 146.25 -1.88
9.72 134.89 110.65 Ecolab ECL 1.2 29 128.61 -0.66 4.55 7.01 4.83 MitsubishiUFJ MTU ... 9 6.44 0.02 14.05 56.85 43.31 TorontoDomBk TD 3.4 14 56.27 -0.19 -17.35 24.13 16.85 JetBlue JBLU ... 9 18.53 0.02
13.14 131.91 98.28 AB InBev BUD 3.7 60 119.30 0.30 4.86 10.36 7.65 Ecopetrol EC ... 22 9.49 -0.03
22.27 12.73 9.83 AnnalyCap NLY 9.8 4 12.19 -0.05 -1.11 3.87 3.17 MizuhoFin MFG ... 8 3.55 ... 5.00 55.04 45.05 Total TOT 5.5 18 53.52 0.10 34.72 109.59 68.63 KLA Tencor KLAC 2.2 18 106.00 1.08
7.20 82.82 67.44 EdisonInt EIX 2.8 18 77.17 -0.40 14.60 11.59 7.09 MobileTeleSys MBT 6.8 12 10.44 -0.14 33.59 70.62 46.22 TotalSystem TSS 0.8 32 65.50 0.47 s301.00 179.87 39.82 KitePharma KITE ... dd 179.81 0.08
2.10 35.74 25.86 AnteroMidstream AM 4.1 21 31.53 0.42 16.66 121.75 81.12 EdwardsLife EW ... 33 109.31 0.44
-15.86 28.30 18.23 AnteroResources AR ...398 19.90 0.01 23.95 259.91 175.52 MohawkIndustries MHK ... 19 247.51 -0.57 1.68 123.18 103.62 ToyotaMotor TM ... 10 119.17 -0.43 -11.19 97.77 77.40 KraftHeinz KHC 3.2 25 77.55 -0.42
12.72 64.36 49.22 EmersonElectric EMR 3.1 30 62.84 -0.02 -16.10 112.19 80.92 MolsonCoors B TAP 2.0 8 81.64 0.29 9.48 51.85 42.69 TransCanada TRP 4.0 58 49.43 -0.15 s 17.42 36.05 27.85 LKQ LKQ ... 22 35.99 0.24
32.07 198.98 114.85 Anthem ANTM 1.5 18 189.88 0.10 -37.28 26.36 13.87 EnbridgeEnPtrs EEP 8.8 dd 15.98 0.24
31.00 147.66 107.19 Aon AON 1.0 37 146.10 -0.85 13.89 120.38 97.35 Monsanto MON 1.8 26 119.82 0.16 2.69 295.00 203.72 TransDigm TDG ... 28 255.65 2.10 s 75.01 185.23 93.42 LamResearch LRCX 1.0 20 185.04 3.22
-0.66 45.09 37.37 Enbridge ENB 4.7 41 41.84 0.31 52.80 49.46 28.92 TransUnion TRU ... 41 47.26 -0.41 1.92 79.09 58.68 LamarAdvertising LAMR 4.8 22 68.53 0.54
-27.84 69.00 38.14 Apache APA 2.2 dd 45.80 ... 47.67 139.94 93.51 Moody's MCO 1.1 57 139.21 0.60
0.34 13.85 8.01 Encana ECA 0.5 14 11.78 0.02 0.08 130.37 103.45 Travelers TRV 2.4 12 122.52 -0.28 29.98 104.35 61.69 LibertyBroadbandA LBRDA ...554 94.18 0.70
-3.50 46.96 39.66 ApartmtInv AIV 3.3243 43.86 0.02 14.01 48.90 30.96 MorganStanley MS 2.1 14 48.17 0.02
24.48 10.80 7.67 EnelAmericas ENIA 3.5 29 10.22 0.07 27.83 9.69 6.35 TurkcellIletism TKC ... 16 8.82 0.18 28.66 104.66 63.64 LibertyBroadbandC LBRDK ...561 95.30 0.79
55.48 31.69 17.38 ApolloGlobalMgmt APO 6.9 12 30.10 -0.29 -26.39 34.36 19.23 Mosaic MOS 2.8 52 21.59 0.29
31.87 6.07 4.25 EnelChile ENIC ... 10 6.00 -0.01 -4.02 3.80 2.44 TurquoiseHill TRQ ... 52 3.10 -0.04 10.85 37.69 28.17 LibertyGlobal A LBTYA ... 38 33.91 0.74
10.49 34.66 28.03 AquaAmerica WTR 2.5 25 33.19 -0.06 s 35.60 26.36 18.35 EnelGenChile EOCC 7.3 11 26.36 2.39 93.75 71.24 MotorolaSolutions MSI 2.2 22 84.87 1.18
0.60 3.50 25.25 14.12 Twitter TWTR ... dd 16.87 0.02 10.10 37.00 27.36 LibertyGlobal C LBTYK ... 37 32.70 0.65
13.69 41.72 32.73 Aramark ARMK 1.0 30 40.61 0.16 108.73 26.25 9.84 NRG Energy NRG 0.5 dd 25.59 0.69
-9.99 20.05 13.77 EnergyTrfrEquity ETE 6.6 22 17.38 -0.03 22.10 182.49 139.61 TylerTech TYL ... 58 174.32 0.94 8.20 28.68 19.10 LibertyLiLAC A LILA ... 27 23.76 0.45
17.63 28.11 17.85 ArcelorMittal MT ... 4 25.76 0.28 0.18 25.43 21.96 NTTDoCoMo DCM ... 14 22.79 0.02
-23.86 28.61 17.85 EnergyTransfer ETP 12.0 10 18.29 -0.21 s 71.06 2891.43 1478.04 NVR 14.22 75.55 55.72 TysonFoods TSN 1.3 15 70.45 5.00 10.06 28.99 19.33 LibertyLiLAC C LILAK ... 26 23.30 0.41
-6.88 47.88 40.22 ArcherDaniels ADM 3.0 18 42.51 -0.24 -9.01 19.59 14.43 EnLinkMidPtrs ENLK 9.3 dd 16.76
NVR ... 23 2855.00 -18.37
0.33 -1.45 78.46 60.08 NationalGrid NGG 6.0 14 62.71 -0.08 9.44 18.31 13.21 UBS Group UBS 3.5 16 17.15 0.17 17.97 26.00 17.24 LibertyQVC A QVCA ... 9 23.57 0.20
34.20 30.69 16.75 Arconic ARNC 1.0 dd 24.88 -1.14 3.93 80.61 66.71 Entergy ETR 4.6 dd 76.36 0.02
95.94 193.24 78.82 AristaNetworks ANET ... 49 189.61 2.06 -4.57 43.63 29.90 NatlOilwell NOV 0.6 dd 35.73 0.20 4.25 40.71 32.79 UDR UDR 3.3109 38.03 -0.02 56.09 62.41 36.54 LibertyVenturesA LVNTA ... 19 57.55 0.60
-3.59 30.25 24.01 EnterpriseProd EPD 6.4 21 26.07 -0.05 1.69 52.00 41.79 UGI UGI 2.1 21 46.86 -0.28 16.40 38.60 26.95 LibertyFormOne A FWONA ... ... 36.49 -0.01
12.78 84.53 58.52 ArrowElec ARW ... 15 80.41 -0.09 -10.35 147.02 89.59 Equifax EFX 1.5 22 105.99 -0.38 -5.75 51.84 36.45 NatlRetailProp NNN 4.6 36 41.66 -0.16
24.01 35.60 25.55 AstraZeneca AZN 2.7 24 33.88 0.40 109.64 94.30 37.16 NewOrientalEduc EDU ... 52 88.26 0.53 -2.84 30.73 22.19 US Foods USFD ... 20 26.70 -0.11 21.58 39.68 26.44 LibertyFormOne C FWONK ... ... 38.09 0.06
18.00 90.80 65.87 EquityLife ELS 2.3 42 85.08 0.75 14.85 25.09 18.38 UltraparPart UGP 2.3 29 23.82 0.19 23.82 26.52 16.52 LibertyBraves A BATRA ... dd 25.37 -0.09
12.19 55.10 43.25 Athene ATH ... 9 53.84 -0.17 2.44 68.83 58.28 EquityResdntl EQR 3.1 58 65.93 0.09 -18.98 17.68 11.67 NY CmntyBcp NYCB 5.3 14 12.89 0.02
13.07 89.00 68.51 AtmosEnergy ATO 2.1 23 83.84 -0.46 -4.43 55.08 40.88 NewellBrands NWL 2.2 17 42.67 0.72 -43.27 39.20 15.92 UnderArmour A UAA ... 34 16.48 0.02 22.73 26.20 16.18 LibertyBraves C BATRK ... dd 25.27 -0.15
9.26 270.04 200.01 EssexProp ESS 2.8 33 254.03 0.98 -40.33 34.29 14.80 UnderArmour C UA ... 31 15.02 -0.05 21.38 46.43 31.83 LibertySirius A LSXMA ... 31 41.90 0.37
137.66 67.69 22.07 Autohome ATHM ... 39 60.08 -0.89 40.99 110.99 75.30 EsteeLauder EL 1.3 32 107.84 1.49 -26.74 50.00 24.41 NewfieldExpln NFX ... 19 29.67 0.12
9.24 127.72 93.31 Autoliv ALV 1.9 20 123.60 0.17 10.10 39.87 30.19 NewmontMining NEM 0.8166 37.51 -0.11 43.79 60.90 38.41 Unilever UN 2.8 27 59.04 0.70 23.44 46.24 31.34 LibertySirius C LSXMK ... 31 41.87 0.41
5.54 277.17 183.04 EverestRe RE 2.2 8 228.39 5.51 42.41 59.68 38.58 Unilever UL 2.9 26 57.96 0.65 19.58 97.97 59.27 LincolnElectric LECO 1.5 26 91.68 -0.12
-24.65 813.70 491.13 AutoZone AZO ... 13 595.11 7.82 9.43 64.19 50.56 EversourceEner ES 3.1 20 60.44 22.68 151.60 110.49 NextEraEnergy NEE 2.7 17 146.55 -0.44
-0.13 11.85 116.93 87.06 UnionPacific UNP 2.1 21 115.97 ... 47.19 40.82 21.14 LogitechIntl LOGI 1.7 29 36.46 0.02
0.72 199.52 158.32 Avalonbay AVB 3.2 25 178.42 -0.18 6.14 38.78 29.82 Exelon EXC 3.5 20 37.67 0.27 -1.19 54.99 36.96 NielsenHoldings NLSN 3.3 30 41.45 0.18
25.18 49.04 35.42 Avangrid AGR 3.6 22 47.42 0.23 2.01 60.53 49.01 Nike NKE 1.4 22 51.85 -0.78 -16.47 83.04 51.34 UnitedContinental UAL ... 8 60.88 -0.28 13.98 123.95 86.22 LogMeIn LOGM 0.9 dd 110.05 2.75
3.47 83.23 68.09 ExtraSpaceSt EXR 3.9 28 79.92 0.84 42.86 2.73 1.74 UnitedMicro UMC 3.3 21 2.50 -0.01 -4.22 72.70 47.26 lululemon LULU ... 30 62.25 1.98
40.05 100.10 68.55 AveryDennison AVY 1.8 23 98.34 -1.59 -9.17 93.22 76.05 ExxonMobil XOM 3.8 30 81.98 -0.21 15.58 27.29 21.17 NiSource NI 2.7 30 25.59 0.09
6.32 34.10 24.27 AxaltaCoating AXTA ... dd 28.92 -0.01 -25.49 42.03 22.98 NobleEnergy NBL 1.4 dd 28.36 0.05 4.75 120.44 102.12 UPS B UPS 2.8 30 120.09 0.48 25.59 211.06 145.10 MarketAxess MKTX 0.7 48 184.51 1.60
57.90 93.44 45.77 FMC FMC 0.7271 89.31 1.35 s 31.41 139.98 70.58 UnitedRentals URI ... 20 138.74 0.77 s 33.36 111.32 65.91 Marriott MAR 1.2 38 110.26 0.26
-0.17 49.88 37.34 BB&T BBT 2.8 18 46.94 0.64 10.21 184.20 150.95 FactSet FDS 1.2 28 180.11 1.03 24.32 6.65 4.04 Nokia NOK 3.2 dd 5.98 0.08
8.30 48.27 41.83 BCE BCE 4.9 19 46.83 -0.09 -5.59 6.80 4.29 NomuraHoldings NMR ... 9 5.57 0.02 4.32 56.61 42.37 US Bancorp USB 2.2 16 53.59 0.11 29.06 18.67 12.30 MarvellTech MRVL 1.3 42 17.90 -0.07
-12.60 156.59 120.50 FederalRealty FRT 3.2 40 124.21 -0.24 -22.27 41.83 16.16 US Steel X 0.8160 25.66 0.22 35.61 24.40 15.08 MatchGroup MTCH ... 32 23.19 -0.21
13.28 44.62 33.31 BHPBilliton BHP 4.2 18 40.53 0.04 s 21.15 226.34 168.00 FedEx FDX 0.9 21 225.58 1.32 -1.63 62.82 39.53 Nordstrom JWN 3.1 22 47.15 -0.25
12.68 39.12 28.73 BHPBilliton BBL 4.9 16 35.45 0.05 22.37 133.81 89.95 NorfolkSouthern NSC 1.8 21 132.24 -0.55 5.89 124.79 97.62 UnitedTech UTX 2.4 18 116.08 0.24 23.70 49.70 37.25 MaximIntProducts MXIM 3.0 24 47.71 0.05
90.02 118.10 50.39 Ferrari RACE ... 40 110.48 0.45 22.38 200.76 133.03 UnitedHealth UNH 1.5 23 195.85 -0.25 51.70 24.51 14.88 MelcoResorts MLCO ... 47 24.12 0.66
2.81 38.68 32.53 BP BP 6.2 35 38.43 0.01 96.38 18.10 6.14 FiatChrysler FCAU ... 9 17.91 0.32 s 23.71 287.81 210.60 NorthropGrumman NOC 1.4 22 287.72 3.10
-2.37 18.12 10.60 BRF BRFS ... dd 14.41 0.12 17.86 86.90 66.93 Novartis NVS 3.2 31 85.85 1.10 4.29 129.74 99.72 UniversalHealthB UHS 0.4 15 110.94 1.21 65.83 297.95 148.98 MercadoLibre MELI 0.2 79 258.93 -3.06
40.89 14.17 6.94 FibriaCelulose FBR ...1830 13.54 0.03 16.39 51.50 34.69 UnumGroup UNM 1.8 12 51.13 0.04 39.95 91.83 57.52 MicrochipTech MCHP 1.6 48 89.78 0.64
-16.46 25.58 18.06 BT Group BT 7.1 19 19.24 0.01 39.75 49.37 31.64 FidelityNatlFin FNF 2.1 22 47.46 0.42 34.27 49.45 30.89 NovoNordisk NVO 1.0 21 48.15 0.08
41.11 57.45 36.16 BWX Tech BWXT 0.8 30 56.02 -0.04 -5.85 68.00 45.30 Nucor NUE 2.7 16 56.04 0.55 -2.01 10.41 7.44 VEREIT VER 6.6 dd 8.29 -0.03 s 79.43 39.36 16.17 MicronTech MU ... 9 39.33 1.37
25.18 17.90 11.00 FNFV Group FNFV ... 8 17.15 -0.40 19.16 64.51 48.05 VF VFC 2.6 24 63.57 0.07 -4.61 57.97 37.11 Microsemi MSCC ... 49 51.48 0.47
-1.69 40.82 32.43 BakerHughes BHGE 1.9 dd 36.62 -0.41 23.47 93.73 73.25 FidelityNtlInfo FIS 1.2 47 93.39 0.05 -18.49 55.64 37.30 NuSTAREnergy NS 10.8 56 40.59 0.35
10.03 43.06 35.65 Ball BLL 1.0 81 41.30 -0.12 7.71 37.41 29.57 OGE Energy OGE 3.7 19 36.03 -0.15 34.89 106.83 75.17 Visa V 0.6 40 105.24 0.66 19.87 75.97 56.31 Microsoft MSFT 2.3 28 74.49 0.62
125.50 68.85 27.58 58.com WUBA ...136 63.14 0.92 41.42 232.71 151.59 VailResorts MTN 1.8 50 228.12 -0.50 150.87 108.45 Middleby MIDD ... 24 128.17 0.36
31.76 9.35 5.79 BancoBilbaoViz BBVA 4.8 14 8.92 0.11 -3.48 59.47 45.41 ONEOK OKE 5.4 35 55.41 -0.01 6.33
27.13 19.20 12.74 FirstData FDC ... 31 18.04 0.16 32.15 11.71 5.38 Vale VALE 5.6 14 10.07 0.13 70.51 46.69 16.73 Momo MOMO ... 31 31.34 -1.10
32.85 93.66 64.05 BancodeChile BCH 2.8 18 91.17 0.18 s 13.37 104.99 72.40 FirstRepBank FRC 0.7 25 104.46 0.82 -9.86 75.60 57.20 OccidentalPetrol OXY 4.8494 64.21 -0.76
s 82.36 117.71 61.12 BancoMacro BMA 0.6 16 117.35 4.58 -2.72 4.62 2.15 Och-Ziff OZM 2.5 24 3.22 0.14 s 12.60 77.77 51.55 ValeroEnergy VLO 3.6 19 76.93 0.19 -8.28 47.23 40.04 Mondelez MDLZ 2.2 36 40.66 0.14
-0.45 34.83 27.93 FirstEnergy FE 4.7 dd 30.83 0.76 18.20 73.14 54.38 Vantiv VNTV ... 55 70.47 -0.49 24.61 57.25 40.64 MonsterBeverage MNST ... 42 55.25 -0.23
35.85 30.63 20.22 BcoSantChile BSAC 3.5 18 29.71 0.02 9.36 176.42 121.52 FleetCorTech FLT ... 31 154.77 0.07 33.74 34.85 19.62 Olin OLN 2.3137 34.25 -0.28
33.98 6.99 4.23 BancoSantander SAN 4.1 14 6.94 0.03 2.08 36.21 28.11 OmegaHealthcare OHI 8.0 18 31.91 -0.02 25.86 107.87 75.94 VarianMed VAR ... 33 100.06 0.33 -17.77 45.87 29.39 Mylan MYL ... 26 31.37 0.51
-19.84 58.37 37.04 Fluor FLR 2.0 53 42.10 -0.04 55.88 20.92 10.30 Vedanta VEDL 11.3 20 19.36 0.20 s 15.39 113.40 95.88 NXP Semi NXPI ... 25 113.09 0.22
24.84 48.74 31.98 BanColombia CIB 2.9 11 45.79 0.11 25.35 103.82 73.45 FomentoEconMex FMX 1.4 31 95.53 -0.48 -12.97 89.66 71.63 Omnicom OMC 3.0 15 74.07 -0.17
14.66 25.80 15.17 BankofAmerica BAC 1.9 15 25.34 -0.11 25.75 53.14 37.62 Oracle ORCL 1.6 21 48.35 0.27 38.60 68.07 36.55 VeevaSystems VEEV ... 68 56.41 0.04 15.57 78.31 63.30 Nasdaq NDAQ 2.0 61 77.57 -0.06
-1.32 13.27 10.47 FordMotor F 5.0 13 11.97 0.01 4.17 72.98 56.20 Ventas VTR 4.8 39 65.13 -0.28 142.85 129.82 42.07 NationalBeverage FIZZ ... 50 124.05 1.25
5.27 78.00 62.32 BankofMontreal BMO 3.8 13 75.71 0.11 22.41 26.30 17.79 ForestCIty A FCE/A 2.2 dd 25.51 0.13 8.45 17.63 13.98 Orange ORAN 5.5 88 16.42 0.06
11.90 54.59 38.68 BankNY Mellon BK 1.8 16 53.02 0.01 51.78 133.39 71.52 OrbitalATK OA 1.0 28 133.16 0.36 -7.29 54.83 42.80 Verizon VZ 4.8 13 49.49 0.08 24.07 45.24 30.36 NetApp NTAP 1.8 21 43.76 -0.08
15.84 37.67 29.14 Fortis FTS 3.6 21 35.77 -0.12 20.58 25.24 13.50 VistraEnergy VST ... 0 18.69 0.04 22.51 337.55 211.11 Netease NTES 1.3 18 263.81 6.46
15.39 64.93 51.21 BkNovaScotia BNS 3.9 13 64.25 -0.12 s 32.00 71.07 46.81 Fortive FTV 0.4 28 70.79 0.87 4.00 84.07 68.43 Orix IX ... 8 80.94 0.35
-5.91 12.05 8.02 Barclays BCS 2.1 dd 10.35 0.01 s 27.75 83.49 52.00 Oshkosh OSK 1.0 25 82.54 -0.14 38.69 112.00 72.05 VMware VMW ... 34 109.19 -0.01 46.49 191.50 96.79 Netflix NFLX ...221 181.35 0.65
s 25.76 67.77 52.05 FortBrandsHome FBHS 1.1 24 67.23 -0.03
42.66 324.58 203.63 Bard CR BCR 0.3 42 320.50 1.12 50.02 78.31 46.45 OwensCorning OC 1.0 22 77.35 0.40 -8.85 90.29 69.78 VornadoRealty VNO 3.1 17 76.88 -0.42 15.71 14.68 10.99 NewsCorp A NWSA 1.5 dd 13.26 ...
29.65 85.03 53.31 Franco-Nevada FNV 1.2101 77.48 -1.14 1.71 42.96 28.26 VoyaFinancial VOYA 0.1 dd 39.89 0.12 15.68 15.22 11.25 NewsCorp B NWS 1.5 dd 13.65 ...
0.69 20.78 13.80 BarrickGold ABX 0.7 8 16.09 -0.11 12.46 47.65 33.02 FranklinRscs BEN 1.8 15 44.51 -0.04 12.05 71.57 57.60 PG&E PCG 3.1 17 68.09 0.04
41.52 64.75 43.13 BaxterIntl BAX 1.0 38 62.75 0.41 15.86 38.54 25.50 PLDT PHI 5.9 14 31.92 0.91 -4.43 138.18 105.71 VulcanMaterials VMC 0.8 39 119.60 0.48 5.76 131.49 95.35 Nordson NDSN 1.0 24 118.50 -0.47
6.44 17.06 9.24 Freeport-McMoRan FCX ... 20 14.04 -0.38 39.43 152.61 96.10 WABCO WBC ... 25 148.00 0.34 3.23 99.30 66.83 NorthernTrust NTRS 1.8 21 91.93 ...
18.36 206.63 161.29 BectonDickinson BDX 1.5 56 195.95 2.35 15.83 50.22 38.05 FreseniusMed FMS 1.1 23 48.89 0.29 s 15.23 135.73 87.34 PNC Fin PNC 2.2 17 134.77 0.31
0.35 73.17 55.55 Berkley WRB 0.8 14 66.74 0.01 32.06 77.76 49.37 POSCO PKX ... 14 69.40 0.06 7.04 67.20 53.66 WEC Energy WEC 3.3 21 62.78 -0.38 27.09 61.48 35.21 NorwegianCruise NCLH ... 18 54.05 0.40
-16.85 27.96 20.31 GGP GGP 4.2 18 20.77 -0.51
12.54 275945 213030 BerkHathwy A BRK/A ... 21 274740 -30.00 14.67 113.67 89.64 PPG Ind PPG 1.7 48 108.66 -0.19 14.05 70.38 55.77 W.P.Carey WPC 6.0 32 67.39 -0.16 67.48 191.20 63.70 NVIDIA NVDA 0.3 51 178.77 3.09
18.46 61.87 47.16 Gallagher AJG 2.5 25 61.55 0.04
12.48 184.00 141.92 BerkHathwy B BRK/B ... 21 183.32 0.11 11.45 40.20 32.08 PPL PPL 4.2 16 37.95 -0.23 -8.76 93.81 69.20 Wabtec WAB 0.6 27 75.75 0.01 -22.64 286.57 169.43 OReillyAuto ORLY ... 19 215.37 0.09
31.60 30.74 21.02 Gap GPS 3.1 14 29.53 0.01 s 28.35 110.45 67.60 OldDomFreight ODFL 0.4 29 110.11
16.25 58.95 42.46 BerryGlobal BERY ... 24 56.65 0.39 39.69 130.75 84.53 PVH PVH 0.1 24 126.06 0.54 13.05 81.99 65.28 Wal-Mart WMT 2.6 19 78.14 -0.81 1.36
23.09 130.02 84.54 Gartner IT ...226 124.41 1.04 s 44.75 18.48 10.74 ON Semi
33.49 63.32 37.10 BestBuy BBY 2.4 15 56.96 0.13 35.20 119.43 78.03 PackagingCpAm PKG 2.2 22 114.68 -0.93 33.53 70.72 47.81 WasteConnections WCN 0.7 59 69.96 -0.06 ON ... 27 18.47 0.13
19.07 207.60 148.76 GeneralDynamics GD 1.6 21 205.58 0.55
21.91 242.79 154.89 Bio-RadLab A BIO ...444 222.22 -0.16 15.23 165.69 107.31 PaloAltoNtwks PANW ... dd 144.10 3.41 10.38 78.82 61.08 WasteMgt WM 2.2 27 78.27 -0.14 4.48 35.21 29.30 OpenText OTEX 1.6 8 32.29 0.43
-23.48 32.38 23.58 GeneralElec GE 4.0 28 24.18 -0.06
13.89 45.25 34.00 BlackKnightFin BKFS ... 69 43.05 -0.55 -7.83 33.40 24.65 ParkHotels PK 6.2 2 27.56 -0.03 33.58 190.39 133.35 Waters WAT ... 27 179.52 0.74 21.63 60.22 43.01 PTC PTC ... dd 56.28 0.25
-16.21 64.18 50.40 GeneralMills GIS 3.8 19 51.76 -0.50 s 8.74 161.86 128.60 Watsco
s 17.49 448.53 336.84 BlackRock BLK 2.2 21 447.09 0.98 25.01 177.61 118.77 ParkerHannifin PH 1.5 24 175.02 -0.80 WSO 3.1 30 161.07 0.59 13.21 73.29 53.38 Paccar PCAR 1.4 19 72.34 -0.03
15.90 40.69 30.21 GeneralMotors GM 3.8 6 40.38 -0.20
23.46 35.09 23.33 BlackstoneGroup BX 6.5 15 33.37 0.04 -25.26 39.82 22.98 ParsleyEnergy PE ...239 26.34 0.07 92.30 84.19 27.60 Wayfair W ... dd 67.40 -3.07 -7.22 57.53 41.10 PacWestBancorp PACW 4.0 17 50.51 -0.04
0.12 100.90 79.86 GenuineParts GPC 2.8 21 95.65 0.46
15.18 31.80 19.85 BlockHR HRB 3.6 14 26.48 -0.76 -18.52 10.37 7.04 Pearson PSO 1.7 dd 8.14 0.06 25.28 184.88 113.34 WellCareHealth WCG ... 30 171.74 0.83 -1.51 63.03 52.78 Paychex PAYX 3.3 27 59.96 -0.30
9.24 4.39 2.60 Gerdau GGB 0.7 dd 3.43 0.05
-15.32 18.95 14.40 BoardwalkPipe BWP 2.7 13 14.70 0.10 s 12.07 35.59 27.44 PembinaPipeline PBA 4.7 36 35.10 -0.42 0.07 59.99 43.55 WellsFargo WFC 2.8 14 55.15 0.90 62.22 65.24 38.06 PayPal PYPL ... 51 64.03 0.10
23.30 31.87 23.55 Gildan GIL 1.2 19 31.28 0.15
63.29 259.30 130.74 Boeing BA 2.2 22 254.21 -0.06 21.21 69.03 53.80 Pentair PNR 2.0 30 67.96 0.79 5.01 78.17 59.39 Welltower HCN 5.0 49 70.28 -0.30 -6.30 20.13 15.28 People'sUtdFin PBCT 3.8 20 18.14 0.17
5.43 44.53 37.20 GlaxoSmithKline GSK 4.9 41 40.60 0.22
s 29.89 51.55 33.09 BorgWarner BWA 1.1 58 51.23 0.94 6.50 119.39 98.50 PepsiCo PEP 2.9 24 111.43 -0.21 13.47 99.91 70.17 WestPharmSvcs WST 0.6 41 96.26 -0.05 49.61 29.86 17.15 PilgrimPride PPC ... 14 28.41 ...
36.91 98.14 64.63 GlobalPayments GPN 0.0 ... 95.03 1.09
-2.31 140.13 113.69 BostonProperties BXP 2.4 42 122.88 0.11 24.49 45.37 31.63 GoDaddy GDDY ...276 43.51 0.22 32.25 70.16 45.35 PerkinElmer PKI 0.4 41 68.97 0.63 -11.98 57.50 49.20 WestarEnergy WR 3.2 21 49.60 -0.26 24.88 2067.99 1422.19 Priceline PCLN ... 39 1830.82 19.13
34.86 29.40 19.67 BostonScientific BSX ... 50 29.17 0.43 -4.71 17.87 11.91 Goldcorp GG 0.6 24 12.96 0.20 1.71 97.17 63.68 Perrigo PRGO 0.8 dd 84.65 1.45 -2.76 47.82 38.71 WesternGasEquity WGP 5.1 25 41.18 -0.06 8.26 35.26 24.86 Qiagen QGEN ... 96 31.50 0.06
26.07 28.78 14.88 Braskem BAK 2.9 56 26.74 0.21 -0.94 255.15 157.80 GoldmanSachs GS 1.3 12 237.19 1.72 -13.01 81.80 60.69 PetroChina PTR 3.2 41 64.11 1.31 -12.73 67.44 48.04 WesternGasPtrs WES 6.9 33 51.28 0.38 34.04 79.34 48.28 Qorvo QRVO ... dd 70.68 0.48
s 9.07 63.75 46.01 Bristol-Myers BMY 2.4 23 63.74 0.73 s 48.86 124.86 69.33 Graco GGG 1.2 82 123.69 0.25 -0.69 12.55 7.61 PetroleoBrasil PBR ... dd 10.04 0.02 -11.60 22.70 18.39 WesternUnion WU 3.6 49 19.20 0.14 -20.49 71.62 48.92 Qualcomm QCOM 4.4 20 51.84 0.09
10.85 73.41 52.71 BritishAmTob BTI 2.4 11 62.45 -0.05 -22.60 262.71 155.00 Grainger GWW 2.8 21 179.75 -0.33 9.65 11.77 6.96 PetroleoBrasilA PBR/A ... dd 9.66 0.06 48.40 84.58 48.92 WestlakeChem WLK 1.0 24 83.09 -0.46 27.93 108.29 67.54 RandgoldRscs GOLD 1.0 33 97.66 -0.82
-23.01 28.45 17.35 BrixmorProp BRX 5.5 19 18.80 -0.11 10.79 31.69 25.85 GreatPlainsEner GXP 3.6 29 30.30 -0.08 9.91 36.21 29.83 Pfizer PFE 3.6 26 35.70 0.10 7.41 27.05 22.17 WestpacBanking WBK 5.5 15 25.22 -0.07 21.80 543.55 325.35 RegenPharm REGN ... 45 447.12 12.01
21.90 82.02 59.86 BroadridgeFinl BR 1.8 30 80.82 0.20 24.25 119.87 72.52 GpoAeroportuar PAC 3.1 24 102.53 21.34 123.55 86.78 PhilipMorris PM 3.9 25 111.01 -0.79 11.74 60.36 43.79 WestRock WRK 2.8 35 56.73 -0.05 -1.57 69.81 52.85 RossStores ROST 1.0 21 64.57 -0.23
-0.06 13.09 35.50 28.58 Weyerhaeuser WY 3.6 28 34.03 0.02 35.82 94.39 60.21 RoyalGold RGLD 1.1 55 86.04 -0.42
s 25.11 41.56 32.04 BrookfieldMgt BAM 1.4 32 41.30 0.59 32.62 229.44 131.72 GpoAeroportSur ASR ... 26 190.82 0.07 6.02 92.19 75.14 Phillips66 PSX 3.1 27 91.61 -0.18
28.89 44.91 30.76 BrookfieldInfr BIP 4.0 92 43.14 0.19 12.97 9.38 7.18 GpoAvalAcciones AVAL 4.5 14 8.97 0.03 6.96 66.67 46.36 PinnacleFoods PF 2.3 37 57.17 0.06 -1.19 28.29 16.94 WheatonPrecMetals WPM 2.1 29 19.09 -0.15 26.62 122.67 67.56 Ryanair RYAAY ... 16 105.42 3.83
7.42 48.97 36.05 Brown&Brown BRO 1.1 26 48.19 -0.11 40.33 10.82 6.73 GpFinSantandMex BSMX 1.7 15 10.09 8.37 90.92 70.86 PinnacleWest PNW 3.1 19 84.56 -0.35 1.47 202.99 145.91 Whirlpool WHR 2.4 18 184.44 0.87 35.40 154.71 102.29 SBA Comm SBAC ...480 144.05 0.29
0.08 -3.63 32.69 27.35 Williams WMB 4.0 49 30.01 0.01 23.70 61.71 43.54 SEI Investments SEIC 0.9 28 61.06 -0.45
20.41 60.28 45.17 Brown-Forman A BF/A 1.3 31 55.69 -0.07 18.09 27.37 19.69 GrupoTelevisa TV 0.4 65 24.67 0.20 -18.07 199.83 125.46 PioneerNatRscs PXD 0.1151 147.54 -0.01
20.88 59.71 43.72 Brown-Forman B BF/B 1.3 30 54.30 -0.11 57.83 81.46 49.18 GuidewireSoftware GWRE ...278 77.86 0.79 -34.38 33.95 18.82 PlainsAllAmPipe PAA 10.4 16 21.19 -0.01 2.29 42.32 32.93 WilliamsPartners WPZ 6.2 23 38.90 0.10 104.38 118.85 55.79 Sina SINA ... 38 114.65 1.19
-13.85 73.01 54.33 BuckeyePtrs BPL 8.9 16 57.00 1.14 7.52 91.03 67.00 HCA Healthcare HCA ... 11 79.59 0.49 -36.94 36.59 19.60 PlainsGP PAGP 10.1 dd 21.87 0.04 17.36 6.40 4.50 Wipro WIT 0.5 34 5.68 0.04 s 40.38 40.53 28.43 SS&C Tech SSNC 0.7 43 40.15 0.29
-3.85 83.75 58.19 Bunge BG 2.6 21 69.46 -0.08 -6.36 35.60 27.47 HCP HCP 5.3 19 27.83 -0.02 26.99 108.45 73.07 PolarisIndustries PII 2.2 44 104.63 0.26 45.69 53.50 30.18 WooriBank WF 2.7 8 46.62 0.43 8.99 198.83 107.14 SVB Fin SIVB ... 23 187.09 0.50
12.64 104.07 68.94 BurlingtonStores BURL ... 26 95.46 0.46 58.82 100.26 59.00 HDFC Bank HDB 0.5 ... 96.37 1.04 9.80 89.04 68.76 PostHoldings POST ... dd 88.27 1.23 38.03 106.50 62.60 Wyndham WYN 2.2 20 105.41 0.16 20.34 88.45 60.63 ScrippsNetworks SNI 1.4 18 85.89 0.09
43.02 25.72 14.08 CBD Pao CBD 0.1143 23.67 0.12 34.50 20.12 13.77 HP HPQ 2.7 14 19.96 -0.01 6.36 20.27 15.72 Potash POT 2.1 33 19.24 -0.14 s 57.04 68.15 31.68 XPO Logistics XPO ... 78 67.78 1.52 -13.10 50.96 30.60 Seagate STX 7.6 13 33.17 0.19
20.29 38.99 25.40 CBRE Group CBG ... 18 37.88 0.01 22.97 50.86 36.79 HSBC HSBC 2.0 68 49.41 0.19 s 19.24 141.88 114.43 Praxair PX 2.3 26 139.74 -1.32 16.27 50.56 38.00 XcelEnergy XEL 3.0 21 47.32 -0.05 3.11 75.36 45.31 SeattleGenetics SGEN ... dd 54.41 0.45
-9.85 71.07 54.85 CBS A CBS/A 1.2177 58.43 0.93 -14.90 58.78 38.18 Halliburton HAL 1.6 dd 46.03 0.20 11.20 67.73 50.67 PrincipalFin PFG 2.9 15 64.34 0.34 -4.67 40.80 25.84 Xerox XRX 3.0 dd 33.29 -0.57 -10.12 198.58 139.36 Shire SHPG 0.2 73 153.14 1.59
-8.83 70.09 54.11 CBS B CBS 1.2176 58.00 1.08 14.23 27.07 18.91 Hanesbrands HBI 2.4 16 24.64 0.15 8.21 94.67 81.18 Procter&Gamble PG 3.0 25 90.98 0.09 26.47 64.80 45.60 Xylem XYL 1.1 41 62.63 0.18 -14.75 164.23 113.53 SignatureBank SBNY ... 20 128.04 1.35
11.69 37.17 22.00 CF Industries CF 3.4 dd 35.16 0.32 -17.36 63.40 45.53 HarleyDavidson HOG 3.0 14 48.21 -0.94 36.39 49.01 30.62 Progressive PGR 1.4 21 48.42 0.36 35.03 26.48 15.00 YPF YPF 1.0 dd 22.28 0.31 24.04 5.89 4.05 SiriusXM SIRI 0.7 34 5.52 0.08
8.00 53.65 45.73 CGI Group GIB ... 19 51.87 0.22 28.51 132.00 88.89 Harris HRS 1.7 29 131.68 0.73 20.21 65.49 45.93 Prologis PLD 2.8 29 63.46 -0.09 16.23 78.14 59.57 YumBrands YUM 1.6 20 73.61 0.11 36.49 112.11 71.65 Skyworks SWKS 1.3 20 101.90 0.66
14.93 50.40 35.14 CIT Group CIT 1.2 dd 49.05 0.29 16.33 57.16 42.30 HartfordFinl HIG 1.7 31 55.43 0.31 2.17 115.26 80.44 PrudentialFin PRU 2.8 12 106.32 0.32 53.02 42.12 23.79 YumChina YUMC ... ... 39.97 0.07 29.87 69.61 50.64 Splunk SPLK ... dd 66.43 -0.64
11.29 49.11 38.78 CMS Energy CMS 2.9 23 46.32 -0.03 2.37 33.36 26.34 HealthcareAmer HTA 4.1142 29.80 0.30 20.41 49.67 32.52 Prudential PUK 1.6 18 47.91 -0.07 16.32 18.45 11.14 ZTO Express ZTO ... 32 14.04 0.03 -3.26 64.87 50.84 Starbucks SBUX 1.9 27 53.71 -0.79
21.08 53.67 33.97 CNA Fin CNA 2.4 12 50.25 0.25 45.51 91.32 52.56 Heico HEI 0.2 44 89.81 0.17 5.40 47.47 39.28 PublicServiceEnt PEG 3.7 52 46.25 0.17 4.75 35.65 29.30 ZayoGroup ZAYO ...101 34.42 0.30 -3.12 40.17 23.34 SteelDynamics STLD 1.8 16 34.47 -0.11
4.63 138.36 108.05 CNOOC CEO 3.9 16 129.70 3.13 40.28 77.25 46.66 Heico A HEI/A 0.2 37 76.20 0.95 -4.26 232.21 192.15 PublicStorage PSA 3.7 30 213.99 1.24 13.46 133.49 95.63 ZimmerBiomet ZBH 0.8 34 117.09 1.43 -7.04 88.00 68.62 Stericycle SRCL ... dd 71.62 -0.10
11.43 17.69 13.27 CPFLEnergia CPL 1.6 38 17.16 0.14 -32.67 85.78 42.16 Helmerich&Payne HP 5.4 dd 52.11 -0.30 s 48.69 27.51 17.69 PulteGroup PHM 1.3 15 27.33 0.36 19.11 65.83 46.86 Zoetis ZTS 0.7 36 63.76 0.44 37.34 34.20 22.76 Symantec SYMC 0.9 dd 32.81 -0.26
s 10.12 38.06 31.55 CRH CRH 1.2 22 37.86 0.58 40.90 74.49 47.62 Herbalife HLF 1.8 14 67.83 -0.03 7.23 38.82 27.29 QuantaServices PWR ... 21 37.37 -0.15 36.82 81.57 56.03 Synopsys SNPS ... 38 80.53 0.65
3.05 89.91 69.30 CVS Health CVS 2.5 16 81.32 0.06 5.55 116.49 94.03 Hershey HSY 2.4 35 109.17 1.35 1.89 112.97 79.12 QuestDiag DGX 1.9 19 93.64 1.68
NASDAQ s 11.93 49.24 33.26 TD Ameritrade AMTD 1.5 30 48.80 -0.08
14.51 27.14 20.02 CabotOil COG 0.7 dd 26.75 -0.07 -24.72 65.56 37.25 Hess HES 2.1 dd 46.89 0.35 25.01 99.95 70.10 QuintilesIMS Q ...130 95.07 0.11 19.58 22.34 17.30 AGNC Invt AGNC 10.0 4 21.68 0.04 -4.00 192.94 96.52 TESARO TSRO ... dd 129.10 5.39
8.78 96.39 75.36 CamdenProperty CPT 3.3 20 91.45 -0.08 9.29 15.12 12.27 HewlettPackard HPE 1.8210 14.71 0.14 27.27 21.70 14.92 RELX RENX 1.5 27 21.33 0.17 32.70 132.74 82.28 Ansys ANSS ... 39 122.73 1.10 7.22 68.88 44.91 T-MobileUS TMUS ... 27 61.66 -0.26
-22.57 64.23 44.99 CampbellSoup CPB 3.0 16 46.82 -0.23 24.45 69.74 44.73 Hilton 24.37 22.60 16.19 RELX RELX 1.3 28 22.35 0.15 s 52.58 171.53 98.71 ASML ASML 0.8 ... 171.20 0.71 s 20.45 91.19 62.97 TRowePrice TROW 2.5 16 90.65 0.52
HLT 0.9606 69.45 0.09
7.25 92.22 72.62 CIBC CM 4.7 11 87.52 -0.19 s 9.80 36.46 22.63 HollyFrontier HFC 3.7 46 35.97 -0.02 -4.63 56.48 46.25 RPM RPM 2.3 39 51.34 0.06 s 49.63 171.00 95.14 Abiomed ABMD ...100 168.60 6.26 107.41 103.73 41.70 TakeTwoSoftware TTWO ... 68 102.23 1.34
22.92 84.48 61.72 CanNtlRlwy CNI 1.6 23 82.85 -0.25 s 21.99 163.61 119.20 HomeDepot HD 2.2 24 163.56 1.20 -2.25 114.00 66.06 RalphLauren RL 2.3 dd 88.29 -0.57 78.65 66.58 35.12 ActivisionBliz ATVI 0.5146 64.51 0.97 59.62 389.61 178.19 Tesla TSLA ... dd 341.10 1.50
5.05 35.28 27.52 CanNaturalRes CNQ 2.6 33 33.49 -0.61 1.27 32.17 27.05 HondaMotor HMC ... 9 29.56 -0.13 21.74 85.97 56.61 RaymondJames RJF 1.0 20 84.33 -0.02 44.91 157.89 98.00 AdobeSystems ADBE ... 47 149.18 2.35 s 22.85 89.89 66.80 TexasInstruments TXN 2.8 23 89.64 -0.01
17.69 169.58 139.29 CanPacRlwy CP 1.1 20 168.03 -0.31 22.35 142.06 105.25 Honeywell HON 1.9 22 141.74 1.16 s 31.39 186.70 132.89 Raytheon RTN 1.7 26 186.58 2.56 -26.93 71.64 44.65 AkamaiTech AKAM ... 28 48.72 1.04 -16.51 78.25 49.87 TractorSupply TSCO 1.7 19 63.29 0.18
21.96 35.91 27.76 Canon CAJ 4.1 21 34.32 0.13 -7.67 38.84 30.50 HormelFoods HRL 2.1 20 32.14 0.43 -0.50 68.34 52.72 RealtyIncome O 4.4 49 57.19 -0.42 14.66 149.34 96.18 AlexionPharm ALXN ... 61 140.29 1.95 30.18 40.30 25.30 Trimble TRMB ... 57 39.25 -0.17
-2.96 96.92 70.50 CapitalOne COF 1.9 12 84.66 0.54 s 46.10 40.01 26.69 DR Horton DHI 1.0 15 39.93 0.95 59.05 113.73 68.54 RedHat RHT ... 67 110.86 1.27 93.77 190.04 83.27 AlignTech ALGN ... 64 186.27 3.23 -12.59 66.13 35.34 TripAdvisor TRIP ... 61 40.53 0.07
-7.02 84.88 62.70 CardinalHealth CAH 2.8 17 66.92 0.41 -1.86 20.21 14.69 HostHotels HST 4.3 23 18.49 ... -10.02 78.49 58.63 RegencyCtrs REG 3.4246 62.04 -0.10 -8.53 63.40 41.93 Alkermes ALKS ... dd 50.84 -0.98 -5.92 32.60 24.04 21stCenturyFoxA FOXA 1.4 17 26.38 -0.18
-9.07 116.40 92.09 Carlisle CSL 1.5 28 100.29 -0.23 -6.22 31.85 23.70 HuanengPower HNP 6.9 12 24.42 -0.06 6.06 16.03 9.66 RegionsFin RF 2.4 16 15.23 0.19 s213.81 119.02 31.38 AlnylamPharm ALNY ... dd 117.49 -0.78 -5.36 31.94 24.41 21stCenturyFoxB FOX 1.4 16 25.79 -0.22
s 17.74 76.40 47.50 CarMax KMX ... 21 75.81 -0.12 -0.58 125.93 101.15 Hubbell HUBB 2.4 22 116.02 0.16 10.89 141.89 106.12 ReinsuranceGrp RGA 1.4 12 139.53 -0.42 22.87 1008.61 743.59 Alphabet A GOOGL ... 35 973.72 8.91 -11.33 314.86 204.01 UltaBeauty ULTA ... 30 226.06 -0.83
24.03 69.89 45.92 Carnival CCL 2.5 18 64.57 0.20 19.41 259.76 163.50 Humana HUM 0.7 20 243.63 0.88 -4.24 88.58 65.10 RelianceSteel RS 2.4 17 76.17 -0.09 24.27 988.25 727.54 Alphabet C GOOG ... 35 959.11 9.61 128.86 145.30 47.88 UniversalDisplay OLED 0.1 74 128.85 1.00
25.96 70.56 46.07 Carnival CUK 2.5 17 64.48 0.12 s 22.94 227.03 146.52 HuntingtonIngalls HII 1.1 18 226.44 3.38 15.79 67.18 49.18 RepublicServices RSG 2.1 34 66.06 0.06 71.30 67.61 38.24 Altaba AABA ... dd 66.24 0.66 8.57 4.50 3.12 VEON VEON 2.6 4 4.18 0.08
s 34.47 125.55 80.33 Caterpillar CAT 2.5831 124.71 -0.52 43.71 28.67 15.38 Huntsman HUN 1.8 16 27.42 0.06 24.03 81.87 56.59 ResMed RMD 1.8 32 76.96 0.85 28.20 1083.31 710.10 Amazon.com AMZN ...244 961.35 4.95 s 39.86 106.81 74.46 VeriSign VRSN ... 29 106.39 0.77
32.42 104.75 63.02 Celanese A CE 1.8 18 104.27 -0.07 11.82 62.08 47.96 HyattHotels H ... 31 61.79 0.19 34.03 65.92 42.34 RestaurantBrands QSR 1.3 44 63.88 ... 10.42 67.98 54.91 Amdocs DOX 1.4 22 64.32 0.15 2.49 88.17 75.60 VeriskAnalytics VRSK ... 31 83.19 0.79
17.60 10.37 6.91 Cemex CX ... 12 9.08 0.07 25.71 9.85 6.42 ICICI Bank IBN 0.9 18 8.56 0.05 35.55 29.55 18.30 RiceEnergy RICE ... dd 28.94 0.09 1.44 398.94 307.80 Amerco UHAL ... 19 374.90 6.34 106.38 167.85 71.46 VertxPharm VRTX ...148 152.04 2.42
-33.77 16.82 6.76 CenovusEnergy CVE 1.6 6 10.02 -0.12 30.64 18.94 11.99 ING Groep ING 3.1 14 18.42 0.12 22.70 49.89 31.24 RioTinto RIO 4.7 14 47.19 0.24 1.71 54.48 35.86 AmericanAirlines AAL 0.8 12 47.49 ... -4.68 49.00 36.25 Viacom A VIA 2.2 10 36.70 -0.05
71.24 98.72 50.00 Centene CNC ... 21 96.77 0.93 15.49 36.84 27.46 Invesco IVZ 3.3 16 35.04 0.76 3.20 50.98 34.42 RobertHalf RHI 1.9 20 50.34 -0.07 27.52 191.10 133.64 Amgen AMGN 2.5 17 186.45 0.99 -20.68 46.72 26.65 Viacom B VIAB 2.9 8 27.84 -0.01
18.55 30.45 21.83 CenterPointEner CNP 3.7 21 29.21 0.06 34.88 124.53 82.05 IDEX IEX 1.2 33 121.47 -0.84 s 32.60 179.50 114.46 Rockwell ROK 1.7 29 178.21 0.94 18.66 90.49 59.54 AnalogDevices ADI 2.1 41 86.17 0.53 16.50 30.39 24.17 Vodafone VOD 8.2 dd 28.46 0.40
-9.62 7.70 3.49 CentraisElBras EBR ... 3 6.20 0.10 20.82 150.29 111.50 IllinoisToolWks ITW 2.1 24 147.96 0.76 40.91 135.31 78.54 RockwellCollins COL 1.0 26 130.71 0.60 33.07 164.94 104.08 Apple AAPL 1.6 18 154.12 0.84 -16.14 119.12 89.40 WPP WPPGY 3.1 11 92.80 0.72
-20.52 33.45 18.17 CenturyLink CTL 11.4 27 18.90 -0.31 -1.62 16.71 13.42 Infosys INFY 3.1 15 14.59 0.32 33.59 53.55 37.03 RogersComm B RCI 2.9 34 51.54 -0.06 s 61.42 52.28 27.56 AppliedMaterials AMAT 0.8 18 52.09 1.47 -6.69 88.00 75.18 WalgreensBoots WBA 2.1 19 77.22 -0.30
129.11 52.15 14.41 Chemours CC 0.2 34 50.61 0.20 18.83 94.39 63.87 Ingersoll-Rand IR 2.0 22 89.17 0.99 s 36.59 46.22 28.00 Rollins ROL 1.0 56 46.14 0.37 14.15 99.47 76.47 ArchCapital ACGL ... 18 98.50 -0.46 143.69 108.30 40.12 Weibo WB ...116 98.94 0.85
-0.17 119.00 99.61 Chevron CVX 3.7 38 117.50 -0.12 -3.46 137.62 113.07 Ingredion INGR 2.0 18 120.64 0.44 32.95 247.54 167.50 RoperTech ROP 0.6 36 243.40 1.69 45.97 39.25 23.80 Atlassian TEAM ... dd 35.15 0.66 27.15 95.77 52.10 WesternDigital WDC 2.3 68 86.40 -0.31
9.35 30.90 21.38 ChinaEastrnAir CEA ... 10 24.44 -0.25 s 21.77 68.88 52.27 ICE ICE 1.2 25 68.70 0.16 s 14.24 77.78 60.92 RoyalBkCanada RY 3.7 14 77.35 0.17 51.68 119.73 67.15 Autodesk ADSK ... dd 112.26 0.81 26.13 156.14 112.76 WillisTwrsWatson WLTW 1.4 44 154.23 -1.30
16.94 16.61 12.16 ChinaLifeIns LFC 1.2 29 15.05 0.14 14.23 57.80 39.82 InterContinentl IHG ... 25 52.89 -0.06 31.65 7.37 4.18 RoyalBkScotland RBS ... dd 7.28 0.03 6.36 121.77 85.48 ADP ADP 2.1 28 109.32 0.30 59.46 111.45 65.79 Workday WDAY ... ... 105.39 3.54
-3.55 63.26 50.45 ChinaMobile CHL 4.1 13 50.57 -0.01 -12.60 182.79 139.13 IBM IBM 4.1 12 145.08 -0.58 44.49 125.00 67.53 RoyalCaribbean RCL 2.0 17 118.54 0.33 s 7.27 90.69 66.92 BOK Fin BOKF 2.0 19 89.08 0.15 s 72.14 150.15 82.51 WynnResorts WYNN 1.3 56 148.92 4.54
6.67 84.88 67.82 ChinaPetrol SNP 4.0 11 75.76 1.49 21.28 145.89 113.16 IntlFlavors IFF 1.9 29 142.91 0.31 11.40 60.66 48.07 RoyalDutchA RDS/A 6.2 32 60.58 0.21 s 50.65 248.00 159.54 Baidu BIDU ... 45 247.69 6.41 s 17.33 70.93 48.75 Xilinx XLNX 2.0 30 70.83 0.64
33.68 43.35 25.60 ChinaSoAirlines ZNH 2.1 10 34.37 -0.01 7.09 58.95 43.55 IntlPaper IP 3.3 29 56.82 -0.05 7.88 62.61 50.94 RoyalDutchB RDS/B 6.0 33 62.54 0.08 -8.63 56.86 35.53 BankofOzarks OZRK 1.5 17 48.05 0.44 63.69 33.68 17.28 Yandex YNDX ... 81 32.95 0.58
10.82 53.61 45.58 ChinaTelecom CHA 2.6 16 51.12 0.18 -11.19 25.71 19.57 Interpublic IPG 3.5 15 20.79 0.12 26.87 110.67 80.93 SAP SAP 1.3 35 109.65 0.85 19.87 330.00 244.28 Biogen BIIB ... 21 313.12 3.12 26.61 109.89 62.91 ZebraTech ZBRA ... dd 108.58 -0.46
21.47 16.55 10.84 ChinaUnicom CHU 1.9139 14.03 0.13 13.25 23.56 19.80 InvitationHomes INVH 1.4 ... 22.65 0.22 45.35 158.35 107.21 S&P Global SPGI 1.0 18 156.31 0.78 12.35 100.51 78.42 BioMarinPharm BMRN ... dd 93.07 0.10 10.15 50.91 31.17 Zillow A ZG ... dd 40.15 0.72
-18.42 499.00 295.11 Chipotle CMG ... 65 307.83 -8.70 19.77 40.64 30.75 IronMountain IRM 5.7 54 38.90 0.12 10.51 64.80 48.82 SINOPECShanghai SHI 6.1 7 59.82 0.29 20.15 64.41 40.00 Bioverativ BIVV ... 14 57.07 0.32 10.26 51.23 31.22 Zillow C Z ... dd 40.21 0.59
7.89 150.28 121.48 Chubb CB 2.0 13 142.55 0.36 8.03 4.95 3.52 IsraelChemicals ICL ... dd 4.44 ... 17.66 28.13 20.44 SK Telecom SKM ... 9 24.59 -0.10 17.93 28.96 21.51 BlueBuffaloPet BUFF ... 40 28.35 -0.20 9.62 48.33 30.07 ZionsBancorp ZION 1.0 19 47.18 0.24
8.11 36.37 31.28 ChunghwaTelecom CHT 4.8 22 34.11 0.27 33.27 14.12 9.10 ItauUnibanco ITUB 0.4 12 13.70 0.20 -5.79 115.34 93.90 SLGreenRealty SLG 3.1106 101.32 1.34 s122.61 143.50 37.05 bluebirdbio BLUE ... dd 137.35 -3.80 NYSE AMER
9.64 54.18 42.55 Church&Dwight CHD 1.6 29 48.45 0.33 10.68 95.88 66.08 JPMorganChase JPM 2.3 14 95.51 0.13 36.46 98.22 66.43 Salesforce.com CRM ... dd 93.42 0.82 -13.14 75.00 52.75 BrighthouseFin BHF ... ... 60.80 0.37
40.15 188.36 115.03 Cigna CI 0.0 22 186.94 -0.06 2.23 63.42 49.16 JacobsEngineering JEC 1.0 31 58.27 0.10 23.12 50.65 36.81 Sanofi SNY 3.3 13 49.79 0.39 37.21 259.36 160.62 Broadcom AVGO 1.7237 242.54 -0.40 8.71 51.41 35.07 CheniereEnergy LNG ... dd 45.04 0.38
-16.36 146.96 89.49 CimarexEnergy XEC 0.3 39 113.67 -0.58 -11.57 17.28 13.55 JamesHardie JHX 4.0 25 14.06 -0.05 -3.71 32.40 24.91 Sasol SSL 4.4 12 27.53 -0.06 5.07 36.54 30.01 CA CA 3.1 19 33.38 0.37 ... 33.47 25.97 CheniereEnerPtrs CQP 5.9 dd 28.82 1.24
22.40 72.97 46.06 Citigroup C 1.8 15 72.74 0.09 13.86 36.25 30.24 JanusHenderson JHG ...263 34.84 0.48 t-33.83 74.99 48.32 Scana SCG 5.1 11 48.49 -2.50 s 45.66 108.26 61.58 CBOE Holdings CBOE 1.0 59 107.63 0.31 12.11 27.45 19.00 CheniereEnHldgs CQH 0.3314 25.08 0.51
6.29 39.75 24.12 CitizensFin CFG 1.9 16 37.87 0.80 12.85 137.08 109.32 J&J JNJ 2.6 22 130.01 0.54 -16.90 87.84 62.56 Schlumberger SLB 2.9537 69.76 0.60 5.70 67.49 53.46 CDK Global CDK 0.9 32 63.09 -0.44 -8.11 36.85 27.59 ImperialOil IMO 1.6 13 31.94 0.15
B8 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 NY * *** THE WALL STREET JOURNAL.
MUTUAL FUNDS
ADVERTISEMENT Net YTD Net YTD Net YTD
Explanatory Notes Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret
Data provided by
Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least
$500 million each. NAV is net asset value. Percentage performance figures are total returns,
assuming reinvestment of all distributions and after subtracting annual expenses. Figures don’t
CapApp
EqInc
EqIndex
Growth
29.35 +0.08
34.20 +0.13
67.64 +0.25
67.10 +0.39
12.1
10.2
14.0
26.0
InfProAd
IntlGrAdml
ITBondAdml 11.44
25.68
92.57
ITIGradeAdml 9.82
-0.07
+0.74
-0.02
-0.01
1.7
37.5
3.8
4.0
TgtRe2015
TgtRe2020
TgtRe2025
TgtRe2030
15.75 +0.03
31.19 +0.08
18.25 +0.05
32.93 +0.11
8.5
10.4
11.6
12.8
reflect sales charges (“loads”) or redemption fees. NET CHG is change in NAV from previous HelSci 74.36 +0.61 25.9 LTGradeAdml 10.57 +0.03 8.4 TgtRe2035 20.20 +0.08 13.9
trading day. YTD%RET is year-to-date return. 3-YR%RET is trailing three-year return annualized. InstlCapG 37.56 +0.24 28.5 MidCpAdml 182.08 +0.79 12.9 TgtRe2040 34.73 +0.13 15.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlStk 18.93 +0.11 23.8 MuHYAdml 11.37 ... 6.3 TgtRe2045 21.80 +0.09 15.4
FERRARI CHEVROLET apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- IntlValEq 15.26 +0.10 19.1 MuIntAdml 14.19 -0.01 4.3 TgtRe2050 35.07 +0.14 15.4
MCapGro 90.11 +0.34 19.6 MuLTAdml 11.65 ... 5.1 TgtRetInc 13.46 +0.01 6.3
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MCapVal 30.85 +0.07 6.2 TotIntBdIxInv 10.89 ... 1.2
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MuLtdAdml 10.99 ... 2.6
Large Stock of N Horiz 54.43 +0.37 25.7 MuShtAdml 15.80 -0.01 1.4 WellsI 26.66 +0.03 6.9

price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not N Inc 9.51 ... 3.5 PrmcpAdml r 131.45 +0.87 20.8 Welltn 42.09 +0.11 9.8
tracked. NS-Fund didn’t exist at start of period.
New Suburbans and Tahoes OverS SF r
R2020
11.18 +0.08
22.91 +0.07
23.3
12.2
REITAdml r 117.74 +0.16 3.5 WndsrII
VANGUARD INDEX FDS
38.38 +0.13 10.3
SmCapAdml 67.70 +0.15 10.6
R2025 17.63 +0.06 13.7 500 232.57 +0.87 14.1
3% over invoice. Friday, September 29, 2017 R2030 25.92 +0.11 15.0
STBondAdml 10.46
STIGradeAdml 10.69
...
-0.01
1.5
2.2 ExtndIstPl 200.51 +0.49 12.7

Will arrange delivery. Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD R2035
NAV Chg % Ret R2040
18.92 +0.08
27.15 +0.13
16.1
17.0
TotBdAdml 10.78 -0.01 3.1 SmValAdml
TotBd2
54.89 +0.03
10.75 ...
6.9
3.1
TotIntBdIdxAdm 21.77 ... 1.2
Contact Bryan at American Century Inv Federated Instl CapApInst
Value 37.75 +0.21
72.17 +0.59 27.4 PRIMECAP Odyssey Fds
12.2 TotIntlAdmIdx r 29.38 +0.18 21.6 TotIntl 17.57 +0.11 21.6

TotSt 63.03 +0.21 13.9
bryan.matthews@columbiachev.com Ultra NA ... NA StraValDivIS 6.42 ... 11.6 IntlInst r 70.25 +0.64 20.3 Growth r 34.64 +0.24 20.9
TotStAdml 63.05 +0.22 13.9
VANGUARD INSTL FDS

American Funds Cl A Fidelity Harding Loevner TxMIn r 13.93 +0.07 21.0
Principal Investors
ValAdml 38.95 +0.09 9.5
BalInst 33.58 +0.06 9.5

AmcpA p 30.90 +0.10 15.1 500IdxInst 88.52 +0.33 14.2 IntlEq NA ... NA DivIntlInst NA ... NA DevMktsIndInst 13.95 +0.07 21.1
LUXURY AMutlA p 40.66 +0.09 12.0 500IdxInstPrem 88.52 +0.33 14.2 Invesco Funds A WdsrllAdml 68.11 +0.22 10.3
DevMktsInxInst 21.81 +0.12

BalA p 27.00 +0.05 10.5 500IdxPrem 88.52 +0.33 14.2 EqIncA 11.22 +0.03
Prudential Cl Z & I
7.4 TRBdZ WellsIAdml 64.57 +0.06 6.9
21.1

14.53 +0.01 5.4 ExtndInst 81.25 +0.20 12.7
BondA p 12.97 -0.01 3.3 ExtMktIdxPrem r 61.85 +0.16 12.7 John Hancock Class 1 Schwab Funds WelltnAdml 72.68 +0.18 9.8 GrwthInst 68.34 +0.36 20.3

CapIBA p 62.74 +0.15 11.5 IntlIdxPrem r 42.56 +0.21 20.6 LSBalncd 15.76 ... 11.6 S&P Sel WndsrAdml 77.57 +0.39 13.0 InPrSeIn

Buy or Lease CapWGrA
EupacA p
51.22 +0.30
55.46 +0.38
18.7
25.5
TMktIdxF r
TMktIdxPrem
73.22 +0.26
73.20 +0.25
14.0
13.9
LSGwth 16.84 +0.07
John Hancock Instl
14.6 TIAA/CREF Funds
EqIdxInst
39.31 +0.14
18.90 +0.07
14.2
VANGUARD FDS
13.9 DivdGro 26.07 +0.02 13.0
InstIdx
InstPlus
10.46 -0.03
229.46 +0.86
229.47 +0.85
1.7
14.2
14.2
FdInvA p 61.81 +0.27 15.7 USBdIdxInstPrem 11.63 ... 3.1 DispValMCI 23.62 +0.08 10.0 IntlEqIdxInst 19.99 +0.12 20.8 HlthCare r 213.82 +1.57 19.0 InstTStPlus 56.56 +0.20 13.9
! "# !$% &'(
&', -./-. 0.
)!*$+
)12*+ for Less GwthA p
HI TrA p
ICAA p
49.60 +0.23
10.48 ...
40.39 +0.09
18.0
6.3
12.8
USBdIdxPrem 11.63
Fidelity Advisor I
NwInsghtI
...
32.14 +0.20
3.1
20.4
JPMorgan Funds
MdCpVal L
JPMorgan I Class
NA ...
Tweedy Browne Fds
NA GblValue 28.10 +0.16
INSTTRF2020 22.23
12.2 INSTTRF2025 22.46
INSTTRF2030 22.61
+0.06
+0.07
+0.07
10.4
11.7
12.8
MidCpInst 40.22 +0.17
MidCpIstPl 198.37 +0.86
12.9
12.9
,%
& *. )0($+ Nationwide delivery. VANGUARD ADMIRAL SmCapInst 67.70 +0.15 10.6
IncoA p 23.23 +0.06 9.6 Fidelity Freedom CoreBond NA ... NA 500Adml 232.57 +0.86 14.2 INSTTRF2035 22.78 +0.09 13.9 STIGradeInst 10.69 -0.01 2.2
,$ #
3/- )(2%+ We offer all current makes & models - N PerA p 43.54 +0.29 23.2 FF2020 16.50 +0.05 11.8 JPMorgan R Class BalAdml 33.58 +0.07 9.6 INSTTRF2040 22.93 +0.09 15.0 TotBdInst 10.78 -0.01 3.1
,! $*$
/- )02+ NEcoA p 45.78 +0.24 27.3 FF2025 14.26 +0.04 12.6 CoreBond NA ... NA CAITAdml 11.82 ... 4.6 INSTTRF2045 23.05 +0.09 15.4 TotBdInst2 10.75 ... 3.2
22 ($$

-./- )02+ for less. Call 7 days. Trades accepted. NwWrldA 64.65 +0.54 25.7 FF2030 17.82 +0.07 14.8 Lazard Instl CapOpAdml r 151.28 +0.75 21.8 IntlVal 38.73 +0.26 22.0 TotBdInstPl 10.78 -0.01 3.1
SmCpA p 55.60 +0.26 20.9 Fidelity Invest EmgMktEq 19.13 +0.16 20.5 EMAdmr 36.09 +0.33 23.6 LifeCon 19.66 +0.04 8.2 TotIntBdIdxInst 32.66 -0.01 1.3
%( --$0
3/-. )(2+

* 0
/-. !,,
45
877.989.1500 TxExA p
WshA p
Baird Funds
12.99 ...
44.53 +0.16
4.3
12.9
Balanc
BluCh
Contra
24.57 +0.05
83.82 +0.55
121.20 +0.84
12.4
27.0
23.9
Loomis Sayles Fds
LSBondI
Lord Abbett A
14.28 ...
EqIncAdml
7.4 ExtndAdml
74.69 +0.15
81.25 +0.19
GNMAAdml 10.53 -0.01
11.4 LifeGro
12.7 LifeMod
1.9 PrmcpCor
32.55
26.55
26.33
+0.12
+0.08
+0.13
13.9
11.0
18.7
TotIntlInstIdx r 117.49 +0.74
TotItlInstPlId r 117.51 +0.74
TotStInst 63.06 +0.21
21.6
21.6
13.9
* 0 3/' 64 #55 www.LEASEFAX.com AggBdInst
CorBdInst
10.90
11.25
...
...
3.7
4.1
ContraK
CpInc r
121.19 +0.84
10.24 +0.01
24.0
9.6
ShtDurIncmA p
Lord Abbett F
NA ... NA GrwthAdml 68.34 +0.36
HlthCareAdml r 90.20 +0.66
20.3 SelValu r
19.0 STAR
32.65
26.78
+0.09
+0.10
13.4
13.9
ValueInst
Western Asset
38.95 +0.09 9.5
1 0 -./-. *. )0%$+ BlackRock Funds A DivIntl 40.68 +0.22 22.2 ShtDurIncm NA ... NA HYCorAdml r 5.99 +0.01 7.0 STIGrade 10.69 -0.01 2.1 CorePlusBdI NA ... NA
$0 -./-. 0. )0*2+ GlblAlloc p 20.12 +0.05 10.7 GroCo 175.00 +1.11 27.9 Metropolitan West
$
/-. 1. )2$+ BlackRock Funds Inst GrowCoK 174.94 +1.10 28.0 TotRetBd NA ... NA
EqtyDivd InvGB
Borrowing Benchmarks | WSJ.com/bonds
22.72 +0.10 10.8 7.94 ... 3.5 TotRetBdI NA ... NA
$ -/- (. )22+ GlblAlloc 20.24 +0.05 10.9 InvGrBd 11.31 ... 3.8 TRBdPlan NA ... NA
SHOW
! -./-. . 76 HiYldBd 7.85 +0.01 7.2 LowP r 51.86 +0.11 13.2 MFS Funds Class I
&', -./-. 0. )12*+ StratIncOpptyIns 9.97 +0.01 4.0 LowPriStkK r 51.81 +0.11 13.2 ValueI 40.19 +0.08 12.2 Money Rates September 29, 2017
,! $*$
/- )02+ Bridge Builder Trust MagIn 102.13 +0.55 18.4 MFS Funds Instl
CoreBond 10.20 ... 3.6 OTC 104.16 +0.90 30.7 IntlEq 24.94 +0.12 23.1 Key annual interest rates paid to borrow or lend money in U.S. and

Del Invest Instl Puritn 23.19 +0.10 13.5 Mutual Series
ROOM
*
3/-. . )(12+ Value 20.95 +0.08 7.8 SrsEmrgMkt 20.60 +0.20 31.2 GlbDiscA 32.63 +0.15 8.5
international markets. Rates below are a guide to general levels but
*
-./-. )($%+ Dimensional Fds SrsGroCoRetail 17.16 +0.10 28.4 GlbDiscz 33.30 +0.16 8.7 don’t always represent actual transactions.
5GlbFxdInc 11.01 -0.01 2.1 SrsIntlGrw 15.89 +0.08 24.1 Oakmark Funds Invest
* 3/' 45 EmgMktVa 29.28 +0.27 24.0 SrsIntlVal 10.77 +0.06 17.6 EqtyInc r 33.41 +0.03 9.8
1 &/' (. )012+ EmMktCorEq 21.69 +0.22 26.8 TotalBond 10.71 -0.01 3.8 Oakmark 82.85 +0.28 14.3
Inflation Week —52-WEEK—
IntlCoreEq 14.01 +0.07 22.3 Fidelity Selects OakmrkInt NA ... NA Aug. index Chg From (%) Latest ago High Low

$ 3/-./-. (. )0!!+ ADVERTISE TODAY IntlVal
IntSmCo
19.59 +0.11
21.19 ...
19.6
23.4
Biotech r 232.77 +2.14
First Eagle Funds
33.7 Old Westbury Fds
LrgCpStr 14.61 +0.05 13.9
level July '17 Aug. '16 Britain 0.25 0.25 0.25 0.25
! "# &'( 3 )!*$+ IntSmVa 23.31 +0.13 23.3 GlbA 59.66 +0.13 10.0 Oppenheimer Y Australia 1.50 1.50 1.50 1.50
US CoreEq1 21.54 +0.07 13.1 FPA Funds DevMktY NA ... NA U.S. consumer price index
! -./-. !. )02+
(
8/
. )02+ US CoreEq2 20.52 +0.07 11.5 FPACres 34.58 +0.07 7.3 IntGrowY 42.45 +0.26 22.4 All items 245.519 0.30 1.9 Secondary market
US Small 36.11 +0.04 7.4 FrankTemp/Frank Adv Parnassus Fds
(
-/- 0. )0(2+ (800) 366-3975 IncomeAdv 2.37 ... 7.7
Core 252.460 0.21 1.7
US SmCpVal 38.70 +0.01 4.0 ParnEqFd 43.05 +0.03 10.5 Fannie Mae
FrankTemp/Franklin A
sales.showroom US TgdVal
USLgVa
24.98 +0.03
38.29 +0.15
4.9
10.7 CA TF A p 7.46 ... 4.7
PIMCO Fds Instl
AllAsset NA ... NA International rates 30-year mortgage yields
* /-. #55 @wsj.com Dodge & Cox Fed TF A p 11.99 ... 2.7 TotRt 10.32 -0.02 5.0 30 days 3.429 3.418 3.865 2.849
1
/.- . )2$+ Balanced 108.75 +0.31 8.7 IncomeA p 2.39 ... 7.5 PIMCO Funds A Week 52-Week
$ 3/' *. )12+ GblStock 13.99 +0.08 17.5 RisDv A p NA ... NA IncomeFd NA ... NA Latest ago High Low 60 days 3.455 3.446 3.899 2.877
Income 13.81 ... 3.9 FrankTemp/Franklin C PIMCO Funds D
$ 3/' 0. )%!+
$ /- 1. )1$+ For more information visit: Intl Stk
Stock
46.66 +0.31
200.52 +0.96
22.5
11.9
Income C t
FrankTemp/Temp A
2.42 ... 7.5 IncomeFd
PIMCO Funds Instl
NA ... NA Prime rates Notes on data:
U.S. prime rate is the base rate on corporate
! &/- . )$2+ wsj.com/classifieds DoubleLine Funds GlBond A p 12.27 +0.04 4.4 IncomeFd NA ... NA U.S. 4.25 4.25 4.25 3.50 loans posted by at least 70% of the 10 largest
( . 3/. - $. )(2+ TotRetBdI NA ... NA Growth A p 26.94 +0.15 14.3 PIMCO Funds P Canada 3.20 3.20 3.20 2.70 U.S. banks, and is effective June 15, 2017. Other
TotRetBdN NA ... NA FrankTemp/Temp Adv IncomeP NA ... NA
0 &/. - 0. )(2+ GlBondAdv p 12.22 +0.03 4.5 Japan 1.475 1.475 1.475 1.475 prime rates aren’t directly comparable; lending
Edgewood Growth Instituti Price Funds practices vary widely by location. Complete
0 -./-. . )(2+ EdgewoodGrInst 28.82 +0.18 29.8 Harbor Funds BlChip 92.66 +0.65 27.6
Policy Rates Money Rates table appears Monday through

Friday.
,%
3/' . )!2+ Euro zone 0.00 0.00 0.00 0.00
Sources: Bureau of Labor Statistics; SIX Financial
Switzerland 0.50 0.50 0.50 0.50
,*
3/3 0.
,1
3/' 0.
)2+
)02+ Exchange-Traded Portfolios | WSJ.com/ETFresearch Information
,1 -./' . )!+

,(
3/-. (. )%2+
Largest 100 exchange-traded funds, latest session Cash Prices Friday, September 29, 2017
Friday, September 29, 2017
ETF
Closing Chg YTD
Symbol Price (%) (%)
These prices reflect buying and selling of a variety of actual or “physical”
%2 &' /3 0,. )22+ Closing Chg YTD commodities in the marketplace—separate from the futures price on an
ETF Symbol Price (%) (%) iShS&P500ValueETF IVE 107.91 0.21 6.4
AlerianMLPETF AMLP 11.22 0.18 –11.0
iShUSPfdStk PFF 38.81 0.03 4.3 exchange, which reflects what the commodity might be worth in future
( #
9 :
&'! )02+ iShTIPSBondETF TIP 113.58 –0.22 0.4
CnsmrDiscSelSector XLY 90.08 0.38 10.7
iSh1-3YTreasuryBd SHY 84.45 –0.02 ... months.
0 ;3 6 !. )%2+ CnsStapleSelSector XLP 53.98 –0.07 4.4
iSh7-10YTreasuryBd IEF 106.52 –0.12 1.6 Friday Friday
,* # -2 9 $ . )%$+ DBGoldDoubleLgETN DGP 25.12 –1.53 24.9
iSh20+YTreasuryBd TLT 124.76 0.22 4.7 Wool,64s,staple,Terr del-u,w n.a.
DBGoldDoubleShrt DZZ 5.54 0.69 –19.2
2 #/'#/9
&' )%2+ DeutscheXMSCIEAFE DBEF 31.03 0.49 10.6
iShRussellMCGrowth IWP 113.19 0.45 16.2 Energy
PIMCOEnhShMaturity MINT 101.80 –0.01 0.5 Grains and Feeds
%2 #/'#/9
&' )0*$+ EnSelectSectorSPDR XLE 68.48 –0.01 –9.1 PwrShQQQ 1 QQQ 145.45 0.72 22.8 Propane,tet,Mont Belvieu-g 0.9246
%$ - 1
)02+ FinSelSectorSPDR XLF 25.86 0.47 11.2 PwrShS&P500LoVol SPLV 45.79 0.26 10.1
GuggS&P500EW RSP 95.54 0.35 10.3 Butane,normal,Mont Belvieu-g 1.0651 Barley,top-quality Mnpls-u 4.70
PwrShSrLoanPtf BKLN 23.16 0.09 –0.9
HealthCareSelSect XLV 81.73 0.59 18.6 SPDRBloomBarcHYBd JNK 37.32 0.08 2.4 NaturalGas,HenryHub-i 2.890 Bran,wheat middlings, KC-u n.a.

IndSelSectorSPDR XLI 71.00 0.30 14.1 NaturalGas,TranscoZone3-i 2.800 Corn,No. 2 yellow,Cent IL-bp,u 3.1900
SPDR Gold GLD 121.58 –0.52 10.9
iShIntermCredBd CIU 110.16 –0.02 1.8
iSh1-3YCreditBond CSJ 105.35 –0.02 0.4
SchwabIntEquity SCHF 33.47 0.63 20.9 NaturalGas,TranscoZone6NY-i 1.520 Corn gluten feed,Midwest-u,w 81.5
SchwabUS BrdMkt SCHB 60.91 0.35 12.4
474.5
!" iSh3-7YTreasuryBd IEI 123.51 –0.15 0.8 SchwabUS LC SCHX 60.04 0.33 12.7
NaturalGas,PanhandleEast-i 2.410 Corn gluten meal,Midwest-u,w
!##$
% iShCoreMSCIEAFEETF IEFA 64.17 0.55 19.7 SPDR DJIA Tr DIA 223.82 0.10 13.3 NaturalGas,Opal-i 2.380 Cottonseed meal-u,w 225
iShCoreMSCIEmgMk IEMG 54.02 1.20 27.3 Hominy feed,Cent IL-u,w 88
iShCoreMSCITotInt IXUS 60.98 0.69 20.8
SPDR S&PMdCpTr MDY 326.33 0.11 8.2 NaturalGas,MarcellusNE PA-i 0.730
SPDR S&P 500 SPY 251.23 0.35 12.4 NaturalGas,HaynesvilleN.LA-i 2.740 Meat-bonemeal,50% pro Mnpls-u,w 280

iShCoreS&P500ETF IVV 252.93 0.37 12.4 SPDR S&P Div SDY 91.33 ... 6.7
iShCoreS&PMdCp IJH 178.90 0.06 8.2 TechSelectSector XLK 59.10 0.68 22.2 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.250 Oats,No.2 milling,Mnpls-u 2.9725
iShCoreS&PSmCpETF IJR 74.22 0.31 7.9 UtilitiesSelSector XLU 53.05 –0.08 9.2 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Rice, 5% Broken White, Thailand-l,w 380.00
iShS&PTotlUSStkMkt ITOT 57.63 0.28 12.4 VanEckGoldMiner GDX 22.96 –0.86 9.8 Rice, Long Grain Milled, No. 2 AR-u,w 23.75
iShCoreUSAggBd AGG 109.59 –0.08 1.4 VangdInfoTech VGT 151.99 0.63 25.1 Metals Sorghum,(Milo) No.2 Gulf-u 7.8175
iShSelectDividend DVY 93.65 –0.15 5.7 VangdSC Val VBR 127.79 0.05 5.6
iShEdgeMSCIMinEAFE EFAV 71.06 0.44 16.1 VangdDivApp VIG 94.79 0.18 11.3 Gold, per troy oz SoybeanMeal,Cent IL,rail,ton48%-u 316.80
LEGALNOTICES iShEdgeMSCIMinUSA
iShGoldTr
USMV
IAU
50.34
12.31
0.30 11.3
–0.40 11.1
0.09
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
43.41
43.57
0.58
1.02
18.8
21.8
Engelhard industrial
Engelhard fabricated
1289.84
1386.58
Soybeans,No.1 yllw IL-bp,u
Wheat,Spring14%-pro Mnpls-u
9.2650
7.1375
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sales.legalnotices@wsj.com iShMBSETF MBB 107.10 –0.07 0.7 VangdHlthCr VHT 152.28 0.55 20.1 LBMA Gold Price AM *1284.30 Wheat,No.1soft white,Portld,OR-u 5.3013
iShMSCIACWIETF ACWI 68.82 0.56 16.3 VangdHiDiv VYM 81.07 0.14 7.0
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© 2017 Dow Jones & Company, Inc. iShMSCI EAFE EFA 68.48 0.59 18.6 VangdIntermBd BIV 84.66 –0.09 1.9 LBMA Gold Price PM *1283.35 Food
All Rights Reserved. All Rights Reserved. iShMSCIEAFESC SCZ 62.00 0.78 24.4 VangdIntrCorpBd VCIT 88.01 –0.03 2.7 Krugerrand,wholesale-e 1333.70
iShMSCIEmgMarkets EEM 44.81 1.15 28.0 VangdLC VV 115.40 0.33 12.7 Maple Leaf-e 1346.52 Beef,carcass equiv. index
iShMSCIEurozoneETF EZU 43.32 0.98 25.2 VangdMC VO 147.00 0.41 11.7
iShMSCIJapanETF EWJ 55.71 0.02 14.0 VangdMC Val VOE 105.64 0.28 8.7
American Eagle-e 1346.52 choice 1-3,600-900 lbs.-u 172.23
iShNasdaqBiotech IBB 333.59 0.92 25.7 VangdREIT VNQ 83.09 0.21 0.7 Mexican peso-e 1554.19 select 1-3,600-900 lbs.-u 165.66
iShNatlMuniBdETF MUB 110.87 –0.01 2.5 VangdS&P500 VOO 230.76 0.36 12.4 Austria crown-e 1260.01 Broilers,dressed 'A'-u n.a.
iShRussell1000Gwth IWF 125.06 0.44 19.2 VangdST Bond BSV 79.82 –0.10 0.5 Austria phil-e 1346.52
iShRussell1000ETF IWB 139.88 0.34 12.4 VangdSTCpBd VCSH 80.13 –0.05 1.0 Broilers, National comp wghtd-u,w 0.8640
iShRussell1000Val IWD 118.51 0.15 5.8 VangdSC VB 141.32 0.24 9.6 Silver, troy oz. Butter,AA Chicago 2.3150
iShRussell2000Gwth IWO 178.96 0.36 16.3 VangdTotalBd BND 81.96 0.01 1.4 Engelhard industrial 16.8000
iShRussell2000ETF IWM 148.18 0.24 9.9 VangdTotIntlBd BNDX 54.59 0.09 0.6 Cheddar cheese,bbl,Chicago 169.25
iShRussell2000Val 0.02
Engelhard fabricated 20.1600
IWN 124.12 4.4 VangdTotIntlStk VXUS 54.73 0.57 19.3 Cheddar cheese,blk,Chicago 173.50
iShRussell3000ETF IWV 149.28 0.35 12.3 VangdTotalStk VTI 129.52 0.33 12.3 Handy & Harman base 16.7650
iShRussellMid-Cap IWR 197.15 0.36 10.2 VangdTotlWrld VT 70.72 0.55 15.9 Handy & Harman fabricated 20.9560 Milk,Nonfat dry,Chicago lb. 82.75
iShRussellMCValue IWS 84.93 0.22 5.6 VangdValue VTV 99.82 0.18 7.3 LBMA spot price £12.5962 Cocoa,Ivory Coast-w n.a.
ADVERTISEMENT iShS&PMC400Growth IJK 202.36 0.24 11.1 WisdTrEuropeHdg HEDJ 64.70 0.65 12.7 (U.S.$ equivalent) 16.8600
iShS&P500Growth IVW 143.42 0.48 17.8 WisdTrJapanHdg DXJ 54.70 –0.15 10.4
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Other metals
LBMA Platinum Price PM
Platinum,Engelhard industrial
*918.0
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1.2250
14.65
n.a.
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Palladium,Engelhard industrial 939.0 Hogs,Iowa-So. Minnesota-u 54.26
COMMERCIAL PROPERTIES Legal Notices

Palladium,Engelhard fabricated
Aluminum, LME, $ per metric ton
Copper,Comex spot
1039.0
*2102.5
2.9375
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
0.9813
0.9106
108.00
Iron Ore, 62% Fe CFR China-s 61.5 Steers,feeder,Okla. City-u,w 157.00
Shredded Scrap, US Midwest-s,w 316

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Fibers and Textiles
617 Fats and Oils
Corn oil,crude wet/dry mill-u,w 35.5400

Grease,choice white,Chicago-h 0.3000
Burlap,10-oz,40-inch NY yd-n,w 0.6150 Lard,Chicago-u n.a.

Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
0.6845
*78.80
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
0.3120
0.3250
!" Hides,hvy native steers piece fob-u n.a. Tallow,edible,Chicago-u n.a.

0 /0- 1, * *' KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks;
G=ICE; H=Hurley Brokerage; I=Natural Gas Intelligence;
/- 1, *& *'
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index;
2
0- 3*') T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 9/28
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( 7&"55"* All Rights Reserved.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | B9
FINANCE & MARKETS
Axovant Woes Ripple to Wall Street HSBC Is

Slapped
Some big hedge funds times its Roivant investment Yale Law School while still tion of the roughly $25 billion
Drug Fail
see the value of their
investments sink after
even after the plunge in Axo-
vant’s stock price. That’s be-
cause of the valuation implied
Axovant's shares lost more than
70% in a day, a setback for some
working at QVT, founded Axo-
vant as a subsidiary of
Roivant. Axovant went public
firm’s portfolio. Its flagship
hedge fund, which lost 4% last
year, gained 10% this year
With Big
drug trial goes south
by a $1.1 billion August financ-
ing round for Roivant led by
SoftBank Group Corp.’s Vision
large hedge funds.
$30
in 2015.
Axovant was formed around
intepirdine, which Axovant
through August, according to a
person familiar with the fund.
Roivant comprises a more
Fine by Fed
BY JULIET CHUNG Fund. bought from GlaxoSmithKline meaningful investment for BY MARGOT PATRICK
But Tuesday’s disclosure of 25 PLC for $5 million in 2014. QVT, whose assets under man- AND RYAN TRACY
A sudden collapse in Axo- the failed trial of the drug Axovant said this past week agement have fallen to $1.8
vant Sciences Ltd.’s stock known as intepirdine and the 20 that it would now focus on billion at the end of August The Federal Reserve fined
price after the company’s Alz- plunge in Axovant’s share other programs in develop- from more than $12 billion in HSBC Holdings PLC $175 mil-
15
heimer’s drug failed a pivotal price mark a setback for the ment, including using intepir- early 2008, according to peo- lion for failing to adequately
clinical trial has stung some firms. They could also lead to dine to treat another neurode- ple familiar with the firm. supervise its foreign-ex-
10
big-name Wall Street inves- a lower valuation price for generative condition known as Gains of billions of dollars on change trading business and
tors. Roivant than if the trial had dementia with Lewy bodies. profitable bets against sub- said activities by two senior
5
New York hedge-fund firms succeeded. Axovant expects those trial re- prime mortgages that paid off traders now being prosecuted
QVT Financial LP and Viking Several Roivant investors sults by the end of the year. in 2006 and 2007 helped fuel are examples of the lack of
0
Global Investors both in- described their stake as a bet SoftBank doesn’t plan to the rise to QVT’s peak size in oversight.
vested in private biotechnol- on a diversified platform of M T W T F mark down the value of its 2008. Mark Johnson, HSBC’s for-
ogy company Roivant Sci- drugs rather than a wager on Source: WSJ Market Data Group Roivant stake, according to Roivant’s Mr. Ramaswamy, mer global head of foreign-
ences Ltd., Axovant’s biggest just the success of intepirdine. THE WALL STREET JOURNAL. people familiar with the firm, 32 years old, said he hoped exchange cash trading, is on
shareholder. Roivant’s Axovant Roivant has a portfolio of 16 because it had applied a dis- Roivant would have successes trial in New York for alleg-
stake of 75 million shares lost drugs across both private and ployee Vivek Ramaswamy. counted valuation in the first with drugs in its pipeline in edly trading ahead of a $3.5
more than $1.3 billion on pa- public biopharmaceutical com- While working at QVT as a place. One person said the the future but expected addi- billion currency transaction
per in a day, plunging more panies. Roivant investors could biotech investor in 2014, Mr. lower valuation was partly due tional failures, a sign the com- for a client. Mr. Johnson de-
than 70% from its value a day also profit from a possible ini- Ramaswamy approached Mr. to the high probability of in- pany was taking enough risk nies the charges. His lawyer
earlier. The loss had pared tial public offering of Roivant Gold with the idea of creating tepirdine’s failure given high in R&D. “If I feel like I failed didn’t return a call.
slightly as of Axovant’s Friday down the road, said people fa- a biotech company to acquire failure rates in general for ex- anyone this week it wasn’t the The Fed said the bank’s de-
closing price of $6.88 miliar with the matter. and develop drugs that were perimental Alzheimer’s drugs. investors in Axovant and ficient policies and proce-
QVT and Viking still have QVT is a multistrategy being discarded by pharma- Viking invested in Roivant Roivant. It’s the patients who dures allowed Mr. Johnson
made significant paper profits hedge-fund firm founded by ceutical companies. That com- in December 2015, according didn’t get this medication,” he and another senior trader,
on Roivant, said people famil- Daniel Gold in 2003. It is the pany became Roivant. to securities filings. Its invest- said. Stuart Scott, to misuse infor-
iar with the firms, with QVT biggest backer of Roivant, Mr. Ramaswamy, who at- ment is spread over several —Charley Grant mation “in a manner that
still making more than 10 founded by former QVT em- tended and graduated from funds and constitutes a frac- contributed to this article. benefited them and their
trading desk” to the detri-
ment of the client. Mr. Scott
Bitcoin Wins in Japan, Loses in South Korea

has also been charged and is
contesting extradition from
the U.K. to stand trial. He de-
nies the charges.
BY PAUL VIGNA tors in September that ICOs In 2011, HSBC client Cairn
AND GREGOR STUART HUNTER Bitcoin Gets Rushed in South Korea are “very high-risk, specula- Energy PLC hired the bank to
The Korean won became the third-most popular national currency for bitcoin tive investments” and vulnera- convert proceeds from the
Two leading Asian nations trading during the summer, as measured by market share. ble to fraud. sale of an Indian subsidiary
took contrasting measures re- Japan, too, has had a rocky into sterling. Prosecutors al-
lated to cryptocurrencies Fri- 100% history with bitcoin. The first
day, with Japan giving ex- major bitcoin exchange, Mt.
changes the green light to 90 Gox, was located in Tokyo. It
operate just as South Korea Japanese yen collapsed and declared bank-
The $175 million
added its weight to a recent
80
ruptcy amid scandal in early penalty is for a lack
global regulatory crackdown. 2014, and authorities are still
Japan’s Financial Services dealing with the fallout. In
of oversight on
Agency handed out its first li- 70 2016, the FSA began planning currency traders.
censes for digital-currency ex- a set of laws for digital cur-
changes, allowing them to op- 60 rencies.
erate legally in the country The law went into effect on
and further solidifying the April 1, and exchanges were al- lege Messrs. Johnson and
50
upstart currency’s status in lowed to operate without a li- Scott bought pounds first for
the world’s third-largest U.S. dollar cense until Oct. 1. HSBC’s own accounts, driving
economy. 40 The rules require exchanges up the price. The bank made
BitFlyer, the largest digital- to maintain minimum capital- about $8 million from the
currency exchange in Japan 30 reserve requirements, segre- trades, prosecutors say.
and one of the largest in the gate customer accounts, and The Fed said the British
world, was among the 11 ex- employ anti-money-laundering bank “failed to detect and ad-
changes receiving a license, as 20 and know-your-customer prac- dress its traders misusing
was a smaller exchange called Korean won tices. confidential customer infor-
Quoine. Of the 11, nine were 10 While there is a small appli- mation, as well as using elec-
existing and two were new, Euro cation fee, the equivalent of tronic chat rooms to commu-
while an additional 17 opera- Chinese yuan about $2,000, bitFlyer CEO nicate with competitors
0
tors are under examination, Yuzo Kano estimated it would about their trading posi-
the agency said. Jan Feb. March April May June July Aug. Sept. cost about $1 million for a tions.”
“It has been a long and Source: CryptoCompare THE WALL STREET JOURNAL. company to be fully compliant An HSBC spokesman said
challenging process, but we with the regulations. the bank was pleased to have
are excited and truly grateful,” jing’s regulatory crackdown ing cryptocurrencies. In addi- past week it had established a BitFlyer is the largest bit- resolved the matter with the
said Quoine Chief Executive and fueled a year-long rally. tion to ICOs, the regulator said cyber unit to target internet- coin exchange in the world Fed and declined to comment
Mike Kayamori. The price of bitcoin de- it would ban coin margin related misconduct, including ranked by volume, with 29% on Mr. Johnson’s trial. The
Japan has emerged this clined 25% after the Chinese transactions—buying virtual violations of market rules in- of all bitcoin trading, and the bank isn’t named as a party
year as the largest market for clampdown but recently currencies with borrowed volving ICOs and distributed- third-largest cryptocurrency in the action against Messrs.
bitcoin trading, at the same traded at $4,160. money. ledger technology, also known exchange globally, according Johnson and Scott in New
time that China has clamped South Korea, meantime, The penalties for illegal as a blockchain, which under- to the research site Coinhills. York.
down on its bitcoin industry. said it would step up inspec- acts will be “stern,” it said. pins cryptocurrencies. The exchange is also ex- The fine comes after other
Roughly 50% of all bitcoin vol- tions of virtual-currency ex- “South Korea is following China banned fundraising panding overseas. BitFlyer regulators also levied penal-
ume is via the bitcoin/yen changes and join other leading China, the U.S. and Singapore through ICOs in September as opened up an office in San ties and ordered remedial ac-
trading pair. A year ago, yuan/ economies in banning so- to tighten regulations on ICOs part of a wider crackdown on Francisco this summer, and tion at HSBC over activities
bitcoin trading made up about called initial coin offerings. and shares the view of other bitcoin trading. Financial regu- has already applied for and rein the same period from 2008
93% of all bitcoin trading. Initial coin offerings—the countries about the risks asso- lators in Hong Kong and Sing- ceived money-transmitter li- to 2013 that the Fed studied.
The emergence of Japan as sale of bitcoin-like “tokens” to ciated with trading virtual apore have said in recent censes from 38 U.S. states, Mr. But none had explicitly sin-
a major trading center led fund new businesses—have currencies,” the regulator said. months that they would regu- Kano said. The firm expects to gled out the behavior of
some Chinese bitcoin traders come under intense scrutiny “The FSC is concerned that late ICOs like any other fund- have its U.S. exchange operat- Messrs. Johnson and Scott.
to shift their investing activi- this year from regulators ICOs would lead to fraudulent raising, citing fraud concerns ing by the end of the year, and Banks collectively have
ties to Tokyo and, to a lesser world-wide who see cyberse- transactions and is concerned as well as the risk of money is planning to open up an ex- paid billions of dollars in
extent, South Korea. Their curity and fraud risks in the about the market becoming laundering and terrorist fi- change for European traders penalties since a global regu-
emergence as important mar- red-hot market. Korea’s Finan- overheated.” nancing. as well. latory probe into foreign-ex-
kets for cryptocurrencies cial Services Commission cited The U.S. Securities and Ex- The U.K.’s Financial Con- —Kosaku Narioka change market activities
helped bitcoin shrug off Bei- a rise in criminal cases involv- change Commission said this duct Authority warned inves- contributed to this article. started in 2013.
Treasury Dollar’s Six-Month

Yield Up in Losing Streak Ends
September BY CHELSEY DULANEY Investors also digested re-
BY GUNJAN BANERJI ports Friday that the Trump
The dollar wavered Friday administration is ramping up
U.S. government bonds but rounded out September the search process for a new
weakened Friday as investors with its first monthly gain in Federal Reserve chairman.
responded to strong economic seven months. The Wall Street Journal re-
data and the prospect of new The WSJ ported that President Donald
ANDREW HARRER/BLOOMBERG NEWS
Federal Reserve leadership. CURRENCIES Dollar Index, Trump and Treasury Secretary
The yield on which mea- Steven Mnuchin have met with
CREDIT the benchmark sures the U.S.
MARKETS 10-year Treasury currency against 16 others,
0.7%
note rose to rose less than 0.1% Friday to
2.328% from 86.30. It gained 0.7% in Sep-
2.309% Thursday and 2.122% tember, snapping a six-month
at the end of August, capping losing streak.
its biggest one-month gain The dollar has risen in re- The dollar’s gain in September,
since November. Yields rise as Part of the Federal Reserve building. The president interviewed two men about the top Fed job. cent weeks as investors grow based on the WSJ Dollar Index
bond prices fall. more optimistic about the
Yields gained after data mer Federal Reserve Gov. have helped buoy yields this penditures, a measure of spend- prospect for U.S. interest-rate
showed the Chicago purchasing Kevin Warsh on Thursday to past week. While the plan has ing on everything from food to increases and tax cuts that
manager index hit its highest discuss his potential nomina- skeptics, an overhaul could medical expenses, rose 0.1% in some expect to boost the U.S. Fed governor Jerome Powell
level in three months, a sign of tion as the next Fed chairman. boost growth and inflation and August from July, according to economy. and former Fed governor
optimism among companies Investors may perceive Mr. increase the size of the budget the Commerce Department. Ad- Investors are now pricing in Kevin Warsh.
about business conditions. Warsh as more inclined to deficit, all of which could have justed for inflation, consumer a 78% chance that the Federal Mr. Warsh is seen by some
That number “caught inves- raise interest rates than other a negative impact on bond spending fell 0.1% in August Reserve raises interest rates on Wall Street as “hawkish,”
tors by surprise,” said Jeff candidates, analysts said. prices, some analysts said. from the prior month, the first again this year, according to or more willing to tighten
MacDonald, head of fixed-in- Mr. Trump and the Treasury Still, signs of weak inflation decline since January. CME Group data. That is up monetary policy, said Vassili
come strategies at Fiduciary secretary also interviewed Fed persist. Early Friday, yields on “This morning’s inflation re- from 34% a month ago. Serebriakov, a currency strate-
Trust Company International. governor Jerome Powell on 10-year Treasurys briefly port reminds the market that Expectations that U.S. inter- gist at Crédit Agricole. “Mar-
Yields extended gains after Wednesday. dipped after new data showed we still have a pretty muted est rates will rise help support kets are reacting to the possi-
reports that President Donald Signs of progress by Repub- that consumer spending was inflation environment that the dollar by making U.S. as- bility of having someone in the
Trump and Treasury Secretary licans in Congress toward a soft in August. continues to disappoint inves- sets more attractive to yield- Fed chair who is more hawkish
Steven Mnuchin met with for- broad overhaul of the tax code Personal-consumption ex- tors,” Mr. MacDonald said. seeking investors. than Janet Yellen,” he said.
B10 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * *** THE WALL STREET JOURNAL.
MARKETS
S&P 500 Rises 4% in Quarter to a Record
BY RIVA GOLD
AND CORRIE DRIEBUSCH
Eight Straight Quarterly Gains
U.S. stocks kept rising over the past three months, as solid earnings and economic
The S&P 500 finished Sep- data supported shares despite concerns about U.S. tensions with North Korea.
tember much like it spent the
past three months—quietly Dow Jones Industrial Average quarterly performance Technology stocks posted another strong quarter, while
grinding higher. energy and financials picked up pace in September.
Solid earnings and eco-
nomic data helped support 8% 10% S&P 500 sector performance
major indexes this past sum- 6 8
Information technology
mer, with trading largely re- Energy
maining 4 6 Financials
FRIDAY’S calm de-
2 4
MARKETS spite dis-
ruptive 0 2
hurricanes
and threats between the U.S. –2 0
and North Korea.
–4 –2
The S&P 500 rose 4% to
fresh records in the quarter, –6 –4
but the index’s average daily
move during the period was –8 –6
0.3%, the lowest since 1968. 2015 2016 2017 July August September
The S&P 500 rose 9.30
points, or 0.4%, Friday to U.S. stock-trading volume posted By one measure, the S&P 500’s moves in the Wall Street's ‘fear gauge’ notched its third
2519.36, a record, while the its slowest quarter in three years*. third quarter were the smallest on record†. straight quarterly decline.
Nasdaq Composite added 42.51
10 billion shares traded, daily average 6% 40%
points, or 0.7%, to a record
6495.96 as technology stocks CBOE Volatility Index,
extended this year’s gains. The 8 5 quarterly performance
Dow Jones Industrial Average 20
gained 23.89 points, or 0.1%,
to 22405.09. 6 4
Friday’s moves leave the 0
Dow industrials up 4.9% since 4 2
the end of June, its eighth
consecutive quarterly advance. –20
“The path of least resis- 2 1
tance seems to be higher for
stocks,” said Jack Ablin, chief 0 0 –40
investment officer at BMO Pri-
vate Bank. 2015 ’16 ’17 1975 ’80 ’90 2000 ’10 2015 2016 2017
Some of the biggest gainers *Includes NYSE, Nasdaq, NYSE American and NYSE Arca volumes
in the past three months were †Trading range is calculated by subtracting the intraday low from the high and making that a percentage of the previous day’s close. Available data go back to 1975.
THE WALL STREET JOURNAL.
energy companies, boosted by Sources: FactSet (DJIA, sector performance, VIX); WSJ Market Data Group (volume); Thomson Reuters (moves)
the rising price of oil. U.S.-
traded crude is up 12% since should climb,” Mr. Ablin said. The Stoxx Europe 600 data on Friday showed. ally in September, with the and Hong Kong logged their
the end of June—to $51.67 a “Investors are relatively san- climbed 3.8% in September Key indexes in the Asia-Pa- Nikkei Stock Average notching first monthly declines of 2017,
barrel—lifted by unexpectedly guine with fundamentals and and ended the quarter 2.3% cific region finished the quar- its best month of 2017, up with Taiwan shares hit by re-
strong demand and signs of appear to be brushing off the higher, as solid earnings ter higher, with solid earnings 3.6%. cent worry about tech de-
slowing production. Energy big doom and gloom.” growth and a buoyant global and broadly positive risk sen- Strength in Asian equity mand, especially for Apple’s
companies in the S&P 500 fin- October brings the next test economy have drawn in inves- timent continuing to outweigh markets will likely continue iPhone.
ished the quarter up 6%. of these fundamentals, when tors. the region’s geopolitical con- through the fourth quarter as Australia’s S&P/ASX 200 re-
All but one of the 11 sectors corporations report their most Businesses and households cerns, in particular the escala- “there is still massive liquidity corded its worst run in six
in the S&P 500 ended the recent quarterly results. While across the eurozone were tion of tensions between in the markets” and “most of years by falling for a fifth
quarter higher. Consumer-sta- they might show a modest more upbeat about their pros- North Korea and the U.S. the major global economies straight month. After banks
ples stocks finished in the red. slowdown in earnings growth, pects than at any time in more The Shanghai Composite In- are still in a stimulus phase,” fell in August, a sharp retreat
“The fundamentals are the fact that Republicans are than a decade during Septem- dex gained 4.9% during the said Gavin Parry, managing di- in iron-ore prices the past sev-
good, we’re seeing economic moving forward with tax cuts ber, data from the European quarter—its best since 2015— rector of Parry International eral weeks has pressured Aus-
expansion in virtually every could offer a boost to the Commission showed Thursday, while Hong Kong’s Hang Seng Trading in Hong Kong. tralian mining stocks.
country, and as long as we just economy and stock market, while the German unemploy- added 6.9% over the period. But some markets have —Lucy Craymer
continue steady, markets some investors said. ment rate fell to a record low, Japan led the way region- paused more recently. Taiwan contributed to this article.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Vista Is Foggy, Investors See Sun OVERHEARD More Debt

To judge from the stock sive than growth stocks, So, you’re saying there’s
Isn’t Answer
market, investors think the
economy is about to take
off. They better hope they
Small Time
Monthly stock index performance
but tend to do well when
the economy accelerates,
and earnings and sales
a chance?
PTC Therapeutics got
some bad news on Thurs-
At Valeant
are right. 8% growth are easier to come day. A Food and Drug Ad- Valeant Pharmaceuticals
The third quarter comes S&P Smallcap 600 by. ministration advisory com- International is considering
to a close on Saturday, and 6 What might be driving mittee voted, 10-1, that a new round of borrowing.
S&P 500
to judge from the reports the optimism? One possibil- Translarna, the biotech That is one reason investors
that have been released so 4 ity is that economic im- company’s experimental should consider cashing in
far, it was a less-than-stel- provement overseas might drug to treat Duchenne after the stock’s big rally.
2
lar period for the economy. begin to bolster growth muscular dystrophy, needs The drugmaker has done a
In the latest sign of slowing here. Another is that the more data to show its effi- good job cleaning up after
0
growth, the Commerce De- Trump administration’s cacy before the drug can be its drug-pricing scandals and
partment on Friday re- lighter touch on regulation approved. debt-fueled share collapse. A
–2
ported that consumer could boost economic per- That means the FDA is round of asset sales has
spending rose by just 0.1% formance. Then, there is en- likely to reject the drug- chipped away at the long-
–4
in August from July and thusiasm over some sort of maker’s application by term debt burden.
slipped 0.1% adjusting for J F M A M J J A S tax overhaul getting passed the Oct. 24 deadline. On Friday, Valeant said
inflation. Earnings esti- Source: FactSet THE WALL STREET JOURNAL. and stimulating growth. That ordinarily would be that its deal to sell its iNova
mates, meanwhile, have Under normal circum- a problem for investors, but business unit for $930 mil-
hooked lower due to the ef- To surmise from the re- stocks, with the S&P value stances, it would take just a its shares ripped 15% lion has closed successfully.
fects of hurricanes Harvey cent performance of stocks, index up 3% versus 0.9% for month or two to see if the higher on Friday. Valeant says it is on track to
and Irma. many investors expect growth. market is right. But recov- One possible explanation meet or possibly exceed its
With little September something more from the The small-cap and value ery efforts from the hurri- for the stock’s surprise goal to pay down $5 billion
data available, it is hard to economy. In addition to be- outperformance are the canes should boost growth rally: The FDA panelists had in debt by February.
know how much gross doing an unusually quiet pe- sort of thing one would ex- at least through early next the option to vote that the That has uncorked a siz-
mestic product slowed. In riod for markets, Septem- pect to see when investors year. A tax revamp won’t be data showed Translarna is able rally. Shares are up
any case, most economists ber was, for just the second think that U.S. growth is quick and its true impact, ineffective. more than 60% from a nadir
reckon that any hurricane time this year, a better going to improve. Small-cap rather than any boost it No panel member voted in April. Still, the necessary
effects will be transitory, month for small-cap stocks stocks tend to be far more gives to sentiment, won’t for that option. That might slimming down could hurt
and that despite its recent than for large-cap ones, domestically focused than be known for months. leave the door open for a stockholders.
choppiness—up at just a with the S&P 500 small-cap large-caps, which often do a The time lag gives more positive result. Adjusted earnings before
1.2% annual pace in the index rising 7.6% versus the substantial share of their space for confidence and A second, more likely ex- interest, taxes, depreciation
first quarter, then 3.1% in S&P 500’s 1.8% gain. It was business overseas, where complacency to build. When planation: It’s a bull market and amortization—what
the second—GDP will keep also a better month for growth has been improving. reality hits, watch out. for stocks. Valeant will use to pay down
trending at about 2%. value stocks than growth Value stocks are less expen- —Justin Lahart its debt—declined 14% in the
first six months of the year.
More asset sales will depress
Why Merger Bankers Are Rooting for a Tax Overhaul that figure further, which
means less money available
for stockholders. Valeant still
Every deal banker has a to come up with a plan for visory firm Alvarez & strong negative for private- had more than $27 billion in
pile of pitches that were re- its equity stakes in Alibaba Marsal. Catalyst Needed equity deals, which are fre- long-term debt at the end of
jected by clients who said Group Holding and Yahoo He says examples include M&A deal volume targeting quently financed through the second quarter.
the tax bill made them too Japan. The most simple solu- Hewlett-Packard’s split into U.S. companies debt. The outline released Debt could still increase,
costly. tion, an outright sale of two companies in 2015, and this past week said merely despite the focus on delever-
Bankers will start dusting those stakes back to the two General Electric’s spinoff of $2.0 trillion that the deduction would be aging. Valeant filed for per-
off those pitches if the Asian companies, was off the credit-card issuer Synchrony 1.5 limited, without further de- mission with a Canadian reg-
Trump tax plan’s lower cor- table because it would trig- Financial in 2014. tails. ulator to issue up to $1.5
porate rate becomes law. ger a big tax bill. Those as- The most likely candidates 1.0 M&A deals targeting U.S. billion in bonds this
Currently, when compa- sets now sit in a rump entity for fast-pitching bankers are 0.5 companies are down 15% this week. That might be used to
nies sell units, they pay the called Altaba, which is wait- the large number of under- year, according to Dealogic refinance existing debt, but
35% corporate tax rate on ing to see how the potential performing units sitting 0 data, partly due to uncer- private debt placements typ-
the sale’s profits. This cre- tax bill will change its cir- within conglomerates that 2009 ’11 ’13 ’15 ’17* tainty over future tax rules. ically require higher interest
ates a strong disincentive to cumstances. the owners would be think- *Year to date Just getting clarity on the rates than debt sold through
dispose of assets in this way, Besides this, there were ing more seriously about Source: Dealogic changes could prompt a the public markets.
pushing companies to opt many spinoffs in recent selling if the tax penalty near-term rebound. But Memories are short when
for tax-free spinoffs instead. years that could easily have were lower, according to one also hurt deal making that overhauls that significantly stocks are rallying. No one
The most notorious recent been sales if corporate taxes M&A banker. requires a lot of borrowing. lowered corporate tax rates should forget how much
example has been the state were lower, says Ernie Perez, The tax plan, which could Details on this part of the would support deal activity money was lost by Valeant’s
of Yahoo’s Asian assets. The head of the tax practice at eliminate the tax deduction plan are still vague but if for years to come. investors.
company struggled for years M&A and restructuring ad- for interest payments, could they stick, it would be a —Aaron Back —Charley Grant
At 53, Laird Fathers and sons,

Hamilton catches a Brooklyn saga,
a new wave with an empire’s food:
a movie on his a special look
no-limits style at fall books
C17 C5-C16
BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | C1
THE LESSONS OF
LEONARDO
History’s most creative genius was not superhuman, writes Walter Isaacson,
and following his methods can bring great intellectual rewards to anyone.
A
ROUND THE TIME that he reached the unnerving takes in arithmetic. He had a deep feel for geometry but was not adroit
milestone of turning 30, Leonardo da Vinci wrote a letter at using equations to codify nature’s laws. He left many artistic projects
to the ruler of Milan listing the reasons why he should be unfinished and pages of brilliant treatises unpublished. He was also prone
given a job. In 10 carefully numbered paragraphs, he to fantasy, envisioning flying machines that never flew and tanks that
touted his engineering skills, including his ability to design never rolled.
bridges, waterways, cannons and armored vehicles. Only To some extent, these tendencies were failings. Vision without execution
at the end, as an afterthought, did he add that he was also is hallucination. But Leonardo’s ability to blur the line between reality and
an artist. “Likewise in painting, I can do everything possible,” he wrote. imagination, just like his sfumato technique for blurring the lines of a paint-
Yes, he could. He would go on to create the two most famous paintings in ing, was a key to his creativity. He envisioned what innovators would invent
history, the “Mona Lisa” and “The Last Supper.” But in his own mind, he was centuries later, and by refusing to churn out works
just as much a man of science and engineering, pursuing studies of anatomy, that he had not perfected, he sealed his reputation
flying machines, fossils, birds, optics, geology and weaponry. His ability to Be curious, as a genius rather than a master craftsman.
combine art and science—made iconic by “Vitruvian Man,” his drawing of a
perfectly proportioned man (possibly a self-portrait) spread-eagled inside a
observe We will never be able to match Leonardo’s tal-
ents, but we can try to cultivate, in ourselves and
circle and square—is why so many consider him history’s most creative genius. attentively in our children, the skills that he used to put
Fortunately for us, Leonardo was also a very human genius. He was not
the recipient of supernatural intellect in the manner of, for example, New-
and indulge imagination to productive use. All of us have
something to learn from him about how to lead
ton or Einstein, whose minds had such unfathomable processing power fantasy. a more creative and intellectually satisfying life.
that we can merely marvel at them. His genius came from being wildly Please turn to the next page
imaginative, quirkily curious and willfully observant. It was a product of
his own will and effort, which makes his example more inspiring for us This essay is adapted from Mr. Isaacson’s new biography, “Leonardo da
mere mortals and also more possible to emulate. Vinci,” which will be published in October by Simon & Schuster. His
ILLUSTRATION BY DOUG CHAYKA
More than 7,000 pages of Leonardo’s notebooks still exist, and there previous books include “Steve Jobs,” “Einstein: His Life and Universe”
we find plenty of evidence that he was not superhuman. He made mis- and “Benjamin Franklin: An American Life.”
INSIDE
ASK ARIELY
When disappointment brews:
A behavioral economist on
controlling beer expectations.
C18
ESSAY BOOKS ESSAY ESSAY

Why is marriage in swift A new ‘quasibiography’ Gerald F. Seib on how A brain surgeon takes stock of
retreat for the young? Blame seeks to defame and debunk to escape from conventional his profession’s heights—
birth control and pornography. Freud and his work. wisdom in Washington. and his own mistakes.
C3 C7 C4 C3
C2 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * *** THE WALL STREET JOURNAL.
REVIEW
For the Creative Genius in All of Us

Continued from the prior page devilish young boyfriend, birds, flying machines, theater props, blood
valves, weapons, riddles, to-do lists and studies for paintings. The
Be curious about everything. cross-disciplinary brilliance whirls across every page, providing a de-
Leonardo’s most distinctive trait was his passionate, playful and lightful display of a mind dancing with nature.
occasionally obsessive curiosity. He made lists in his notebooks of Paper is a wonderful technology for the storage and retrieval of
hundreds of subjects, both marvelous and mundane, that he wanted observations. Five hundred years later, many of Leonardo’s notebooks
to explore, from what causes people to yawn to methods for squaring are still around to astonish and inspire us. Fifty years from now, our
a circle. He instructed himself to investigate the placenta of a calf, the own notebooks, if we work up the initiative to start keeping them,
jaw of a crocodile, the muscles of the human face, the glow of the can be around to astonish and inspire our grandchildren, long after
new moon and the edges of shadows. our tweets and Facebook posts have been forgotten.
Some of his curiosity involved phenomena so commonplace that
we rarely pause to wonder about them. “Why is the fish in the water Indulge fantasy.
swifter than the bird in the air when it ought to be the contrary, since Leonardo’s primary activity for much of his career was conjuring
the water is heavier and thicker than the air?” up pageants, performances and plays for his aristocratic patrons. Just
Best of all are the questions that seem completely random. “De- as he blurred the boundaries between art and science, he blurred the
MIND & MATTER: scribe the tongue of the woodpecker,” he instructed himself on one
notebook list. It isn’t something that Leonardo needed to figure out
line between reality and fantasy. He could envision birds in flight but
also angels; lions roaring but also dragons.
ALISON GOPNIK in order to paint a picture or to understand the flight of birds. He His designs for the stage taught him the tricks of accelerated per-
simply wanted to know. He never outgrew the child’s need not just spective, illusory depth and theatrical gesture—and he deployed this
The Potential of
to admire the beauty of a blue sky but to ask why it is that color. knowledge to create “The Last Supper,” one of history’s most dramatic
Nor was Leonardo’s curiosity constrained by the distinctions we paintings. For his theatrical productions, he devised ingenious props
Young Intellect,
make today among different disciplines and fields. His mind wan- and mechanisms, some of which he later replicated for the real world.
dered merrily across the arts, sciences, engineering and humanities. Many people have seen the famous drawings of his aerial
Rich or Poor
His knowledge of how light strikes the retina informed the perspec- screw contraption, and some think it was a design for a real heli-
tive in “The Last Supper,” and a page of his anatomical drawings de- copter. I suspect that it was a piece of fantasy for the theater, in-
picting the dissection of lips is topped by the first sketch of the Mona tended to propel people’s imaginations rather than their bodies.
INEQUALITY starts early. In Lisa’s smile. He knew that art was a science and that science was an But eventually it led Leonardo to apply himself to designing hu-
2015, 23% of American chil- art. Whether drawing a fetus in the womb or the swirls of a deluge, man-powered flying machines—work that inspired engineers for
dren under 3 grew up in pov- he blurred the distinction between the two. the next five centuries.
erty, according to the Census Some people are geniuses in a particular arena, such as Mozart in Leonardo was a grown-up who never stopped indulging in the
Bureau. By the time children music or Euler in math, but Leonardo’s passion was to know every- sort of fantasy and speculation that we now associate with child-
reach first grade, there are al- thing there was to know about everything that could be known. This hood. There’s a lesson for us in that, amid all the practical demands
ready big gaps, based on parents’ income, in gave him a profound feel for nature’s crosscurrents and a reverence of our modern lives. We, too, can try to imagine, as he did, how to
academic skills like reading and writing. The for the harmony of its patterns. In his notebooks, he would record divert a river, or build a human-powered flying machine, or square
comparisons look even starker when you curls of hair, eddies of water and whirls of air, along with some stabs a circle using only a ruler and a compass. We are unlikely to solve
contrast middle-class U.S. children and chil- at the math that might underlie such spirals. these problems, but even by failing in the attempt we can stretch
dren in developing countries like Peru. There have been many insatiable polymaths, and even the Renais- our imaginations.
Can schooling reverse these gaps, or are sance produced other Renaissance Men. But none painted the “Mona Today we live in a world that encourages specialization,
they doomed to grow as the children get Lisa,” or did so while at the same time producing unsurpassed ana- whether we are students, scholars, workers or professionals. We
older? Scientists like me usually study pre- tomical drawings based on multiple dissections, coming up with also tend to exalt training in technology and engineering, believ-
schoolers in venues like university pre- schemes to divert rivers, explaining the reflection of light from the ing that the jobs of the future will go to those who can code and
schools and science museums. The children Earth to the moon, designing musical instruments, choreographing build rather than those who can be creative.
are mostly privileged, with parents who have pageants, using fossils to dispute the biblical account of the deluge— But the true innovators tend to be those like Leonardo who make
given them every advantage and are increas- and then drawing the deluge. no distinction between the beauties of the arts and the beauties of the
ingly set on giving instruction to even the sciences. When Einstein was stymied in his pursuit of the field equa-
youngest children. So how can we reliably Observe attentively. tions for general relativity, he would often pull out his violin and play
test whether certain skills are the birthright His curiosity was aided by the sharpness of his eye, which fo- Mozart. The music, he
of all children, rich or poor? cused on things that the rest of us barely notice. One night he said, helped to connect
My psychology lab at the University of saw lightning flash behind some buildings and for that instant him to the harmonies of
California, Berkeley has been trying to pro- they looked smaller, so he launched a series of experiments to our cosmos. At the end of
vide at least partial answers, and my col- verify that objects look smaller when surrounded by light. When many of his product pre-
leagues and I published some of the results he saw four-winged dragonflies hovering over a moat, he ob- sentations, Steve Jobs
in the Aug. 23 edition of the journal Child served exactly how their wing pairs alternated in motion. Water would display a slide that
Development. Our earlier research has found flowing into a bowl? He studied how the eddies formed, and showed the intersection
that young children are remarkably good at then wondered why. of streets labeled “Liberal
learning. For example, they can figure out In his notebooks, Leo- Arts” and “Technology.”
cause-and-effect relationships, one of the nardo set out his simple He knew that at such
foundations of scientific thinking. method for truly observ- crossroads lay creativity.
How can we ask 4-year-olds about cause ing a scene: Look sepa- There is a flip side
and effect? We use what we call “the blicket rately at each detail. He for those of us who love
detector”—a machine that lights up when compared it to looking the arts and humani-
you put some combinations of different- at the page of a book. It ties. Like Leonardo, we
shaped blocks on it but not others. The sub- was meaningless when must be able to see and
jects themselves don’t handle the blocks or taken in as a whole and embrace the beauty of a
the machine; an experimenter demonstrates had to be examined word mathematical equation
it for them, using combinations of one and by word. “If you wish to or a scientific theory.
two blocks. have a sound knowledge Cultural critics who
In the training phase of the experiment, of the forms of objects,” complain that today’s
some of the young children saw a machine he advised, “begin with students fail to learn
that worked in a straightforward way—some the details of them, and LEONARDO DA VINCI, left, began Shakespeare or civics or
individual blocks made it go, and others do not go on to the sec- his lifelong practice of keeping history should not be
didn’t. The rest of the children observed a ond step until you have notebooks in the early 1480s. complacent about their
machine that worked in a more unusual the first well fixed in Above, diagrams from his notebook. own cluelessness when
way—only a combination of two specific memory.” it comes to, say, what a
blocks made it go. We also used the demon- Leonardo knew that transistor does or how
stration to train two groups of adults. true observation requires He never a circuit processes logical sequences.
Could the participants, children and
adults alike, use the training data to figure
not only the discipline of looking very closely at something but also
the patience to process observations and patterns. While painting
outgrew the All of these topics are valuable and
enriching, especially when we can
out how a new set of blocks worked? The “The Last Supper,” he would sometimes stare at the work for an child’s need connect them to one another.
very young children did. If the training
blocks worked the unusual way, they thought
hour, finally make one small stroke, and then leave. He told the
duke of Milan that creativity requires time and patience. “Men of
to ask The best reason to learn from Leo-
nardo, however, is not to get a better
that the new blocks would also work that lofty genius sometimes accomplish the most when they work why the sky job but to live a better life. Having
way, and they used that assumption to deter-
mine which spe-
least,” he explained, “for their minds are occupied with their ideas
and the perfection of their conceptions, to which they afterwards
is blue. immersed myself in his world for sev-
eral years, I have resolved to be more
cific blocks give form.” observant of phenomena that I used
A ‘blicket caused the ma- Most of us don’t need to be encouraged to procrastinate. We to ignore. When I see sunlight hitting
detector’ chine to light up. do it naturally. But procrastinating like Leonardo requires work: drapes, I push myself to pause and
But most of the It involves gathering all the possible facts and ideas, and only af- look at the way the shadows caress the folds. I notice how the
gauges a adults didn’t get ter that allowing the various ingredients to simmer. glint of a lustrous spot on a shiny surface moves when I tilt my
key element it—they stuck As the offspring of a long line of notaries, Leonardo knew that head. When I can’t understand a math concept, I do the best I
in scientific with the obvious
idea that only
skillful observation was aided by the act of recording it. In the
early 1480s, shortly after his arrival in Milan, he began his life-
can to visualize it.
The rewards have a very real human dimension as well. At a
thinking. one block was long practice of keeping notebooks. supper with a group of compelling guests, I now try to study the
needed to make Fortunately, he could not afford to waste paper, so he crammed ev- relationship of their motions to their emotions, as if having to
the machine run. ery inch of his pages with miscellaneous drawings and looking-glass capture them on a canvas. And when I see the hint of a smile
In the Child jottings that seem random but provide intimations of his mental come across the lips of an acquaintance, I try for a moment, as
Development study of 290 children, we set leaps. The jumble might include math calculations, sketches of his Leonardo would, to fathom her inner mysteries.
out to see what less-privileged children
would do. We tested 4-year-old Americans in
preschools for low-income children run by
the federal Head Start program, which also
focuses on health, nutrition and parent in-
ILLUSTRATION BY DOUG CHAYKA; CULTURE CLUB/GETTY IMAGES (PORTRAIT); SSPL/GETTY IMAGES (DRAWING)
volvement. These children did worse than

middle-class children on vocabulary tests
and “executive function”—the ability to plan
and focus. But the poorer children were just
as good as their wealthier counterparts at
finding the creative answer to the cause-and
effect problems.
Then, in Peru, we studied 4-year-olds in
schools serving families who mostly have
come from the countryside and settled in the
outskirts of Lima, and who have average
earnings of less than $12,000 a year. These
children also did surprisingly well. They
solved even the most difficult tasks as well
as the middle-class U.S. children (and did
better than adults in Peru or the U.S.).
Though the children we tested weren’t
from wealthy families, their parents did care
enough to get them into preschool. We
didn’t look at how children with less social
support would do. But the results suggest
that you don’t need middle-class enrichment
TOMASZ WALENTA
to be smart. All children may be born with

the ability to think like creative scientists.
We need to make sure that those abilities
are nurtured, not neglected.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | C3
REVIEW
the Austin Institute for the Study of

Family and Culture—asked respon-
dents when they first had sex in their
current or most recent relationship.
After six months of dating? After two?
The most common experience—re-
ported by 32% of men under 40—was
having sex with their current partner
before the relationship had begun.
This is sooner than most women we
interviewed would prefer.
The birth-control pill is not the
only sexual technology that has al-
tered expectations. Online porn has
made sexual experience more widely
and easily available too. A laptop
never says no, and for many men,
virtual women are now genuine com-
petition for real partners. In the
same survey, 46% of men (and 16% of
women) under 40 reported watching
pornography at some point in the
past week—and 27% in the past day.
Many young men and women still
aspire to marriage as it has long been
conventionally understood—faithful,
enduring, focused on raising children.
But they no longer seem to think that
this aspiration requires their discern-
ment, prudence or self-control.
When I asked Kristin, a 29-year-old
from Austin, whether men should
make sacrifices to get sex, she offered
a confusing prescription: “Yes. Some-
times. Not always. I mean, I don’t
think it should necessarily be given
out by women, but I do think it’s OK if
a woman does just give it out. Just not
all the time.”
Kristin rightly wants the men
JULIETTE BORDA
whom she dates to treat her well and

to respect her interests, but the
choices that she and other women
have made unwittingly teach the men
in their lives that such behavior is no-
ble and nice but not required in order
Cheap Sex and the

want to fall in love and to sleep with them. They are hoping to find
have children, when their good men without supporting the sexual norms
independence becomes less that would actually make men better.
valuable to them. They are For many men, the transition away from a
waiting longer, however, mercenary attitude toward relationships can
Decline of Marriage
which is why the median be difficult. The psychologist and relationship
age at marriage for Ameri- specialist Scott Stanley of the University of
can men has risen steadily Denver sees visible daily sacrifices, such as
and is now approaching 30. accepting inconveniences in order to see a
My own research points woman, as the way that men typically show
When women don’t insist on and countless other men.
Marriage in the U.S. is in open retreat. As
to a more straightforward and primal explana-
tion for the slowed pace toward marriage: For
their developing commitment. It signals the
expectation of a future together. Such small
waiting, men behave badly recently as 2000, married 25- to 34-year-olds American men, sex has become rather cheap. As instances of self-sacrificing love may sound
outnumbered their never-married peers by a compared to the past, many women today ex- simple, but they are less likely to develop
margin of 55% to 34%, according to the U.S. pect little in return for sex, in terms of time, at- when past and present relationships are
BY MARK REGNERUS
Census Bureau. By 2015, the most recent year tention, commitment or fidelity. Men, in turn, founded on the expectation of cheap sex.
for which data are available, those estimates do not feel compelled to supply these goods as Young people in the U.S. continue to marry,
KEVIN, A 24-YEAR-OLD recent college gradu- had almost reversed, with never-marrieds they once did. It is the new sexual norm for even if later in life, but the number of those
ate from Denver, wants to get married someday outnumbering marrieds by 53% to 40%. Young Americans, men and women alike, of every age. who never marry is poised to increase. In a
and is “almost 100% positive” that he will. But Americans have quickly be- This transformation was 2015 article in the journal Demography, Steven
not soon, he says, “because I am not done being come wary of marriage. driven in part by birth con- Ruggles of the University of Minnesota pre-
stupid yet. I still want to go out and have sex Many economists and soci- The big trol. Its widespread adoption dicted that a third of Americans now in their
with a million girls.” He believes that he’s fig- ologists argue that this flight changes: birth by women in recent decades 20s will never wed, well above the historical
ured out how to do that: from marriage is about men’s not only boosted their educa- norm of just below 10%.
“Girls are easier to mislead than guys just by low wages. If they were control and tional and economic fortunes Most young Americans still seek the many
lying or just not really caring. If you know what higher, the argument goes, online porn. but also reduced their depen- personal and social benefits that come from
girls want, then you know you should not give young men would have the dence on men. As the risk of marriage, even as the dynamics of today’s mat-
that to them until the proper time. If you do confidence to marry. But re- pregnancy radically declined, ing market conspire against them. It turns out
that strategically, then you can really have any- cent research doesn’t support sex shed many of the social that a world in which it is possible to satisfy
thing you want…whether it’s a relationship, sex this view. A May 2017 study from the National and personal costs that once encouraged our sexual desires much more immediately car-
or whatever. You have the control.” Bureau of Economic Research, focusing on re- women to wait. ries with it a number of unhappy and unin-
Kevin (not his real name) was one of 100 gions enriched by the fracking boom, found that These forces have been at work for more tended consequences.
men and women, from a cross-section of Ameri- increased wages in those places did nothing to than a half-century, since the birth-control pill
can communities, that my team and I inter- boost marriage rates. was invented in 1960, but it seems that our
viewed five years ago as we sought to under- Another hypothesis blames the decline of norms and narratives about sexual relationships Dr. Regnerus is an associate professor of soci-
stand how adults in their 20s and early 30s marriage on men’s fear of commitment. have finally caught up with the technology. Data ology at the University of Texas at Austin. This
think about their relationships. He sounds like Maybe they just perceive marriage as a bad collected in 2014 for the “Relationships in essay is adapted from his new book, “Cheap
a jerk. But it’s hard to convince him that his deal. But most men, including cads such as America” project—a national survey of over Sex: The Transformation of Men, Marriage and
strategy won’t work—because it has, for him Kevin, still expect to marry. They eventually 15,000 adults, ages 18 to 60, that I oversaw for Monogamy” (Oxford University Press).
THE CONSCIENCE OF A BRAIN SURGEON

BY HENRY MARSH surgery if one suffers from low self-esteem.
Teamwork doesn’t—and to some extent
I FELL IN LOVE with neurosurgery at first sight, shouldn’t—come naturally to surgeons.
almost 40 years ago, when I first saw an aneu- It is also dangerously easy to become cor-
rysm operation. rupted by your patients’ gratitude, which can of-
Aneurysms are fragile blowouts only a few ten verge on adulation (although it is, of course,
millimeters wide, growing off the major cerebral grounded in fear). You can be rude with pa-
arteries. They can rupture without warning, tients, but if their operation goes well, they will
causing death or a major stroke. The surgeon still think you are wonderful. And if the patient
puts a microscopic clip across the aneurysm to “does badly,” we have many ways of exculpating
prevent such a rupture. But if the surgeon ourselves. We can blame the pathology, the
bursts the aneurysm while trying to clip it—a anesthetist, the equipment or the postoperative
small but very real risk—the patient can die or care, all of which lets us continue to see our-
suffer a catastrophic stroke, causing the very selves as the infallible, Godlike creature that our
harm that you are trying to prevent. The opera- poor, frightened patients want us to be.
tion combined exquisitely difficult, microscopic As the French surgeon René Leriche put it, all
surgery with all the excitement of bomb-dis- surgeons carry within themselves an inner ceme-
posal work, without any risk to the surgeon. tery containing the headstones of the patients
A career in neurosurgery appealed to my who came to harm at our hands. The triumphs
GETTY IMAGES
competitive, alpha-male nature, as well as to my are triumphant only because disasters also occur.
deep intellectual fascination with the brain. Complacency, I have learned, is the worst of
What could be more glorious than being a brain all surgical sins. All doctors face the central
surgeon? I signed up for the specialty more or challenge of balancing professional detachment
less the next day. with painful compassion. You can care too much
Now, facing retirement, I am still in love with personality—our very being. than the probable risks of operating. My worst for your patients and become overwhelmed—be-
neurosurgery, but my view of it has changed The difficulty of neurosurgery lies not so mistakes—the times patients came to harm at cause however skillful and diligent you are,
profoundly. I soon came to understand that much in the operating as in the decision-making. my hands—have almost always stemmed from some of your patients will suffer and die.
brain surgery is very crude relative to the mi- Surgeons must balance the risks and benefits of bad decision-making on my part. But if you fail to suffer with them to at least
croscopic intricacy of the brain. Our main tool is surgery against the risks and benefits of not op- Other people are always better at seeing our some extent, you will have lost not only your
a small sucker, two millimeters in diameter, 50 erating. These are probabilities, not certainties, blunders than we are. Only toward the end of humanity but also your drive to do better. I still
times as large as the average brain cell—a low- and they are easy to misjudge. my career did I fully grasp the importance of love the struggle to find this balance—and to
tech device in the face of such complexity. Overtreatment is a major problem in modern having good colleagues willing and able to criti- justify the respect and confidence that our pa-
Worse, the brain has only a limited capacity medicine, especially in the U.S. The patient may cize me. tients have little choice but to place in us.
to recover; it doesn’t heal like bone, muscle or be perfectly well after an operation that was ac- In a safe surgical department, the senior sur-
other tissues. So brain surgery is particularly tually a mistake—one in which a less biased or geons get on well and don’t feel threatened by Dr. Marsh is the author, most recently, of
dangerous, risking not only death, paralysis or emotional assessment would have shown that each other. This often doesn’t happen. Surgical “Admissions: Life as a Brain Surgeon,” which
blindness but also changes to our intellect and the probable risks of not operating were less egos are large. One cannot carry out high-risk will be published by St. Martin’s on Oct. 3.
REVIEW
WORD ON
HOW TO THE STREET:
BEN ZIMMER
BREAK FREE
FROM THE ‘Hail Mary,’
Groupthink From Pigskin
To Politics
Of Washington
THE LATEST ATTEMPT by Senate
Republicans to overturn the Af-
fordable Care Act was always a bit
of a long shot. Before it was pulled
from consideration by the Senate
GOP leadership earlier this week,
In the age of Trump, the Graham-Cassidy bill was fre-
quently described in media ac-
conventional wisdom has led so counts as a “Hail Mary,” borrowing
many to get so much so wrong a familiar phrase from football.
From the football field to the
Senate chamber, the phrase de-
scribes a desperate maneuver
when no other options are avail-
able. One Republican source told
CNN last Saturday that “even a
‘Hail Mary’ might be too generous
to describe the odds at the mo-
ment.”
How did “Hail Mary” become
the go-to sports metaphor for a
last-minute bid to beat the odds
and scratch out a victory? Football
fans know the “Hail Mary play” as
a long pass attempt made as a fi-
nal play by a trailing team. Occa-
sionally the play succeeds, as
when the Florida Gators pulled off
a Hail Mary earlier this month to
send the Tennessee Volunteers
packing.
As the name of a devotional
prayer, “Hail Mary” dates back to
the 14th century in English, a
ASSOCIATED PRESS
translation from the Latin “Ave

Maria,” the first two words in a
petition directed at the Virgin
Mary. For Catholics, reciting the
Hail Mary is a key element of Ro-
IN 1987, President Ronald Reagan defied Beltway conventional wisdom by urging Soviet leader Mikhail Gorbachev to tear down the Berlin Wall. sary prayers.
A 1922 game between Notre
firsthand. Mr. Gates was a career analyst at the
Intrigued, Mr. Gates drew him into the debate— Dame and Georgia Tech brought
BY GERALD F. SEIB
Central Intelligence Agency who became the di-
and the outsider turned out to be much closer the phrase into football usage. One
rector of central intelligence and then secretary
to the mark than the experts. of Notre Dame’s feared “Four
IN FEBRUARY 2016, some nine months before of defense for Presidents George W. Bush and
In a similar vein, Mr. Emanuel says that he Horsemen,” Jim Crowley, later re-
the presidential election that upended American Barack Obama. As an intelligence leader, he
has formed a “kitchen cabinet” of people out- counted how a Presbyterian player,
politics, Rahm Emanuel called it. says, he was wary of insular analyses that
side his own staff to offer ideas and advice. One Noble Kizer, rallied his Catholic
The Chicago mayor and former White seemed safe but could miss unexpected out-
of them is former Education Secretary Arne teammates by having them say a
House chief of staff predicted over the phone comes because all the smart people had told one
Duncan, who inspired Mr. Emanuel’s program to Hail Mary. Following a prayer in
to me that Donald Trump would not only win another it couldn’t happen. “The irony,” he says,
provide free community college education to the huddle, they scored a touch-
the Republican nomination but also beat Hil- “is that where it bites you most frequently is
graduates of Chicago public high schools who down. Then another Hail Mary led
lary Clinton in the fall. I promptly relayed our when you’re dealing with experts.”
maintain a B average. to another touchdown. After the
exchange to a colleague by email. “With this For example, he says, the CIA’s top Iran ana-
It can also help to give yourself time and game, Crowley recalled, Kizer mar-
blue-collar, screw-you appeal he has,” my lyst in the late 1970s had handled the portfolio
space to challenge preconceived notions. Mat- veled that the Hail Mary was “the
email recounted Mr. Emanuel as saying, “why for 20 years and spoke Farsi. But when the 1979
thew Slaughter, dean of the Tuck School of best play we’ve got.”
should anybody assume that Rust Belt states Iranian Revolution came, “he totally missed it,”
Business at Dartmouth College, says that he But it was Dallas Cowboys quar-
like Pennsylvania, Ohio, Wisconsin and Michi- Mr. Gates says. advises business leaders to build regular re- terback Roger Staubach, half a
gan are safe for Hillary?” One of the Demo- So what’s the best way to escape from the in-
flection time into their calendars to force century later, who popularized the
cratic Party’s wiliest pols, Mr. Emanuel themselves to think about unconven- “Hail Mary play.” That phrase was
didn’t just nail the outcome; he even tional solutions. first attached to Mr. Staubach in
got the specific states right. Be ready for some discomfort. Coun- December 1971, when his erstwhile
Did I believe him? No. tering the conventional wisdom can feel coach at the Naval Academy,
Why? At least in part because the lonely. “You don’t want to be the kid sit- Wayne Hardin, shared the story of
Washington consensus said that a ting by himself in the lunch room who is a miraculous scrambling pass in a
Trump presidency simply couldn’t hap- trying to be different,” says John Murray, game against Michigan. “Let’s call
pen. My resistance to Mr. Emanuel’s who was a top aide to former House Re- it my Hail Mary play,” Mr.
views was a perfect example of the per- publican Leader Eric Cantor. Staubach told his coach afterward.
ils of being trapped in conventional The discomfort can extend to entire Four years later, after a dra-
wisdom, which has, in the past few organizations. Robert Kimmitt, a West matic playoff game between the
years, driven so many to get so much Point graduate who became a U.S. Army Cowboys and the Minnesota Vi-
CLIFF OWEN/ASSOCIATED PRESS
so wrong. general and later deputy treasury secre- kings, Mr. Staubach revived the ex-
Conventional wisdom emerges with tary under President George W. Bush, pression to describe his game-win-
particular ease in Washington—a small, notes that after Vietnam, the Army ning touchdown pass, a long bomb
one-industry city in which politicians, forced itself through a painful, system-
journalists, analysts and lobbyists atic study to re-examine its practices. “A
spend a great deal of time talking to bunch of young colonels who fought in A Cowboys-
one another. “A lot of people in this
town spend a lot of time thinking about
Vietnam basically just took the Army
down to its basest point and asked the
Vikings game
what other people in this town think,” CHICAGO Mayor Rahm Emanuel predicted Trump’s win. tough questions,” he says. One of the to remember.
says Jeff Weaver, who ran Sen. Bernie study’s conclusions: The predilection for
Sanders’s decidedly unconventional 2016 Dem- fluence of conventional wisdom? Here are four “trying to achieve consensus in the analysis and
ocratic presidential campaign. “Anybody who pieces of advice I’ve gleaned. reporting of intelligence information must be
has a contrary idea runs the risk of being ridi- Get out of your bubble. In 1987, President avoided at all cost; divergent opinions and con- to wide receiver Drew Pearson. “I
culed by others in the commentator commu- Ronald Reagan defied the Kremlin—and Wash- flicting analyses should be tolerated, listened to, guess you’d call it a Hail Mary
nity.” ington conventional wisdom—by going to the and even encouraged.” pass,” he said. “You throw it up
If ever there were a time to be skeptical that Berlin Wall and declaring to his Soviet counter- Show some humility. We can all do better in and pray he catches it.”
something is true just because “everybody” part, “Mr. Gorbachev, tear down this wall.” The asking questions and actually listening to the That stupendous play solidified
says so, it is the era of Trump, where past line shocked the capital’s foreign-policy estab- answers. That’s especially important in Wash- “Hail Mary” in football circles, and
practice rather emphatically doesn’t guarantee lishment, which feared that the Soviets would ington, where impressing others with how much soon it was being used more gen-
future performance. I know whereof I speak: react badly and that West Berlin would be roiled you know sometimes gets in the way of finding erally for desperate acts with lim-
As a Washington columnist, I am a longtime by new tension. Neither turned out to be true, out what they know. ited chances of success—including
purveyor of conventional wisdom. Sometimes, and the wall would come down in just over two Public-opinion polling, which has been ma- political acts. When Democrats in
I suppose, I help to create it. years. ligned in recent years, remains a crucial tool Congress were maneuvering
I’m certainly always swimming Peter Robinson, then a ju- in gauging feelings outside the D.C. bubble. against President Ronald Reagan’s
in it. And struggling against its Get out of nior White House speechwriter, Focus groups—in-depth discussions with plan to send a military-aid package
tide is uncomfortable.
The CW has gotten plenty
your bubble, composed the famous line. How small groups of voters—are even more valu-
could he dare such a thing, able. But there is no substitute for person-to-
to the Nicaraguan Contras in 1987,
Rep. David Obey (D-Wis.) was
wrong in recent years. The con- and show knowing that his elders and person listening. quoted as saying, “You want one
sensus held that Mr. Sanders some betters would consider it too Consider two small examples from 2016. last play, even if it’s a ‘Hail Mary’
could never get traction because provocative? “I did original re- Early in the campaign, I went to a New Hamp- on either side.” And when Sen.
he was an old, rumpled socialist humility. porting,” he says. “I had gone shire town-hall meeting with New Jersey Gov. Bob Dole, trailing President Bill
who couldn’t possibly raise to the wall. Above all, I had sat Chris Christie, then a top Republican presi- Clinton in the 1996 presidential
enough money from small dona- down in West Berlin with a dential contender. I expected to hear about race, unveiled a major tax-cut
tions to mount a national cam- bunch of West Berliners. I the issues then fixating Washington—includ- plan, Mr. Clinton’s strategist Dick
paign. The same sachems—myself included— asked them, ‘I’ve been told you’ve gotten used ing the Iran nuclear deal and gay marriage— Morris characterized the move as
were sure that Mr. Trump’s candidacy had been to the wall. Is that true?’ It wasn’t…I like to but was stunned that the first two questions “a Hail Mary pass,” adding, “like
killed off when he sneered at the heroism of think I got out of the Washington bubble.” were about opioid abuse. A question that most Hail Marys, it was inter-
Sen. John McCain, a prisoner of war in Vietnam. Build a system for hearing different views. wasn’t even on the CW’s radar screen was a cepted and run back for long yard-
Then the CW was certain that the “Access Holly- The intelligence community, Mr. Gates says, burning issue in a key state. age.”
wood” tape of Mr. Trump bragging about grop- uses a technique called competitive analysis, Then, late in the campaign, I happened to Whether it’s on the gridiron or
ing women would bring his run to an end. It was which directs “a group to go off and challenge take a cab in Washington driven by an African on Capitol Hill, one thing is clear:
similarly sure that Mrs. Clinton’s advisers were the conventional wisdom.” immigrant with a thick accent, who had a It’s dangerous to count on divine
safe in presuming that Democratic voters flirt- For example, Mr. Gates remembers a debate “Make America Great Again” sticker on the intervention.
ing with third-party candidates would “come within the CIA in the 1980s over how much of center of his dashboard. I asked: Aren’t you
home” to her in the end—and that the alarms the Soviet Union’s gross domestic product went scared by Trump’s harsh words on immigra- Answers
sounded by Mrs. Clinton’s team about Russian to military spending. The CIA’s in-house experts, tion? That rhetoric, the driver replied, was di- To the News Quiz on page C19
interference in the election were exaggerated. he recalls, thought the share was about 15%. But rected toward others, not himself. He was vot-
Wrong on all counts. outside the CIA, a Russian émigré was arguing ing Trump. I was amused. I should have been 1.A, 2.B, 3.C, 4.D, 5.B, 6.C,
Robert Gates has seen the risks of groupthink that the correct figure was several times higher. listening more closely. 7.A, 8.C
CASSANDRE MONTORIOL
AUTUMN BOOKS
‘The only way of discovering the limits of the possible is to venture a little way past them into the impossible.’ —Arthur C. Clarke
The Four Horsemen of Big Tech

The Four
By Scott Galloway
Portfolio, 310 pages, $28
BY RANDALL STROSS
TECH IS THE business story of our

time. Apple is the most valuable
company based in the United States.
Google’s parent, Alphabet, is the
second most valuable, and Facebook
and Amazon are fourth and fifth,
respectively.
But tech is not merely a business
story. As more and more of life has
become digital, the giants in tech
have become a political story, too,
wielding power that our regulatory
apparatus, assembled in an earlier
era, is ill-suited to oversee. In 2006,
when the first, second, fourth and
fifth places in the most-valuable list
were occupied by ExxonMobil, GE,
Citigroup and Bank of America, none
of these companies’ products or ser-
GETTY IMAGES
vices had been used by a foreign

power to disseminate misinformation
in the preceding presidential election.
A spate of recent books—including LIGHTING UP THE SKY Apple’s flagship store in Shanghai, China, with the Oriental Pearl Tower and the Bank of China Tower visible to the left and right.
Jonathan Taplin’s “Move Fast and
Break Things” and Franklin Foer’s increased more than $250 billion in ment to your husband, who then procreate aggressively, the caveman his “theft” claim, an article published
“World Without Mind,” both pub- the past 31/2 years, thanks to a turn- moves into the house next door and in us hungers for that Rolex, or Lam- in the New Yorker in 2011, but that
lished earlier this year—have called around led by Satya Nadella, its CEO. starts—” and here he uses a well- borghini—or Apple. And the caveman, article, in fact, is devoted to showing
attention to the dark side of tech’s Amazon is the first company that known slang verb for intercourse. thinking with his genitals, will sacri- that the story is a myth. Five pages
ascendancy. Scott Galloway’s “The Mr. Galloway profiles. He covers its What may be the perfectly piquant fice a lot (pay an irrational price) for later, in the same context, he cites the
Four: The Hidden DNA of Amazon, Ap- shrewd storytelling, which has per- phrase for David Mamet on stage does the chance to impress.” There are article again.
ple, Facebook, and Google” sits apart. suaded its shareholders to be eternally not play so well on the printed page. many such references to hunter-gath- When Mr. Galloway completes his
Mr. Galloway is an experienced en- patient; its investment in offline Less coarsely, Mr. Galloway puts erers and to genitals—and one refer- survey of the Four Horseman, he
trepreneur and a clinical professor of stores, allowing it to provide multi- his understanding of retail to good ence in particular, to Tiger Woods’s, throws in a chapter of career advice
marketing at NYU’s Stern School of channel distribution; and its nascent use in his treatment of Apple. He that is so offensive that upon reading for young adults that is filled with
Business. He is not unaware of the dis- deployment of voice-ordering via Al- shows the brilliance of Steve Jobs’s it one rubs one’s eyes in disbelief. bromides such as go to college, get to
turbing power of big tech and is con- exa, a service that may well move cus- decision to vertically integrate the When Mr. Galloway takes up Alpha- a city and promote your personal
cerned about the small number of tomers from rival-branded merchan- company in the form of stores, a deci- bet, he is interested only in the Google brand (or, as Mr. Galloway puts it,
employees that these companies need dise to Amazon-branded products. He sion that did not look brilliant at the division, but his ability to say much “Pimp Your Career”). He urges read-
to achieve their outsize valuations. But also ticks off its accumulation of artifi- time. Mr. Galloway calls our attention about Google, or Facebook, is limited ers to exercise regularly and stay fit:
he is mostly concerned with telling cial-intelligence expertise; its build-out to the way Apple prepared for the by the absence of physical stores in “Walking into any conference room
compact stories about how “the Four of warehouses that are within 20 miles their histories. “The Four” is limited in and feeling that . . . you could kill and
Horsemen,” as he calls them—Apple, of 45% of the U.S. population; and its another way as well: It is based almost eat the others gives you an edge and
Alphabet, Facebook and Amazon—be- acquisition of Whole Foods’ 460 entirely on accounts written not by confidence (note: don’t do this).” The
came so successful. He emphasizes the stores. At the time the book went to Amazon, Apple, principals in the companies but by connection between this tidbit of
way they have built their brands and press, Amazon was America’s fourth Facebook and Google— reporters. Near-complete reliance on advice and big tech is not made clear.
the way we consumers are complicit most valuable company (today it is secondary sources is forgivable, but Mr. Galloway occasionally offers
in their acquiring unbounded power, fifth), but Mr. Galloway predicts that it and how they got that way. misreading them is not. offhand remarks about similarities
having willingly invited them “into the will pass the others and become the Mr. Galloway refers to “the most among the companies he discusses,
most intimate areas of our lives.” first company to achieve a market cap- famous ‘theft’ in tech history,” the but his separate accounts of each
In the book’s introduction, Mr. italization of $1 trillion. move, recruiting to its board in 1999— visit that Steve Jobs made to Xerox’s bring out doubts that they should be
Galloway makes much of the rapid As Amazon continues to expand its two years before it opened its first research lab in Palo Alto, Calif., in thought of as a cohesive group. There
increase in the market capitalization scope, many industry sectors will be store—Mickey Drexler, the man who 1979. It was during this visit that Jobs are the two behemoths in advertising,
of the four companies, noting that negatively affected. Mr. Galloway had made Gap Inc. the outstanding saw a personal computer with a Google and Facebook, which are in
their aggregate value rose in just four chooses the transitive verb “molest” retail story of the 1980s. Having its graphical interface, windows and direct competition with each other;
years—from early 2013 to early 2017— to describe how Amazon will act on own stores—and thus the power to mouse—the essential things that, there is the luxury-goods company,
by approximately $1.3 trillion, which is the retail ecosystem. This word choice insert itself on Fifth Avenue and the once glimpsed, supposedly made the Apple; and there is the everything
equivalent to the GDP of Russia. brings out a problem that shows up Champs-Élysées among Vuitton, Cart- Macintosh possible. But many other store of Amazon. The categories com-
If market cap is the starting point, early in the book: discordant language. ier and Hermès—established Apple as lab visitors saw these things, too. At pete only along some edges. Referring
however, it would make more sense to Amazon’s assets are described in one a luxury brand. The company’s envi- the time, they were merely proofs-of- to the Four Horsemen provides the
speak of “the Five” and include Mi- place with a term composed of a vul- ably high margins come from what concept. Much invention and prob- frisson of the biblical prophecy, but it
crosoft. But at a conference in 2011, gar word for excrement and “loads.” Mr. Galloway describes as a unique lem-solving had to follow to make the would be better to speak—more accu-
Eric Schmidt, then Google’s chief ex- When Marc Lore, the founder of the e- combination: “the premium-priced concepts into a commercial product. rately if not as apocalyptically—of the
ecutive, wrote Microsoft out of the commerce company Quidsi, left Ama- product, and the low-cost producer.” The “theft” myth was debunked Two and the One and the One.
picture by speaking of “the Gang of zon two years after joining it (as part The transformation of Apple into a long ago. A full chapter was devoted to
Four.” Mr. Galloway accepts this num- of Amazon’s $545 million acquisition luxury brand is a good story. But Mr. dismantling it in a book published in Mr. Stross is a professor of business
ber, omitting the fully paid-up mem- of Quidsi), he turned around and Galloway often mixes the insightful 1993: “Steve Jobs and the NeXT Big at San José State University and the
ber of big tech that just happens to be started Jet.com. Of the move, Mr. Gal- with the ridiculous, sketching a Thing.” (I can recall this only because author of “A Practical Education:
the third most valuable company in loway writes: “This must have felt like cartoonish version of evolutionary I am the book’s author.) Mr. Galloway Why Liberal Arts Majors Make
America. Microsoft’s market cap has a half-a-billion-dollar divorce settle- psychology: “Since men are wired to cites a more recent source to back up Great Employees.”
POLITICS: BARTON SWAIM
Memoirs of an ‘Obamabot’
THERE’S NOTHING and political arrangements by upset- feel all the characters in your story “Most of my proudest achievements Mr. Litt writes insightfully about
quite so humorless ting settled ways of thinking. Early were basically decent, competent and in life still fell under the category of the craft of speechwriting. Politicians
as scholarly treat- seasons of “The Simpsons,” he shows, basically admirable people. ‘overcomplicated pranks.’ ” and CEOs, he observes—correctly in
ments of humor. Sig- place ordinary people in a dull town Instead of ridiculing his boss or Mr. Litt is at his best chronicling my experience—are always looking
mund Freud’s expla- within freakishly improbable circum- his colleagues, he mostly ridicules the ludicrous mayhem of campaign for a speechwriter who’ll find their
nations of humor are stances and so create a kind of absur- himself—and that’s where he scores life (he worked on the 2012 campaign, “voice.” His response: “Martin Luther
engaging in their way, and Francis dist satire of American life. Mr. Holm some laughs. Mr. Litt was still in col- too). He recalls a woman he met while King had a voice. John F. Kennedy had
Hutcheson had a point when he argued similarly sets about theorizing how lege when Barack Obama first ran canvassing for votes in Ohio who said a voice. With all due respect, you
that laughter arises mainly from the all sorts of “humorous texts” in for president. In an instant, he be- flatly she wasn’t going to vote. He probably don’t.”
juxtaposition of incongruous ideas. But popular culture—“Sein- tried to convince her of The author seems to realize that
it’s hard to talk about “humor” in the feld,” “The Office,” “The the election’s impor- his admiration for Mr. Obama de-
abstract without seeming to miss the Daily Show,” “Veep,” tance, but to no avail. prives his book of some of the satiri-
point. In “Humour as Politics” (Pal- “Borat”—achieve come- “In the movie version cal fun and narrative tension it
grave, 223 pages, $99.99) Nicholas dic success by flouting of my life, this was the might otherwise have, and he tries
expectations and turn- moment when she to solve the problem by recounting
ing tacit social conven- raced to her polling his disgust with the candidate after
David Litt faces a problem: tions upside down. place,” he writes. But the first presidential debate of 2012,
One thing is clear “in the my-life version when Mr. Obama, clearly unpre-
Political humor works best from Mr. Holm’s analy- of my life,” she chased pared, was trounced by Mitt Rom-
when it ridicules the sis: Political humor him off her porch. ney. “My days in Obamaworld
works best when it’s Another scene has weren’t finished,” he writes. “But my
powerful and influential. subversive, or when it the author trying to days as an Obamabot were done.”
ridicules the powerful take the advice of a That’s about all the displeasure with
and influential. That’s a campaign pollster who’d his boss he can muster, and to my
Holm, a lecturer in media studies at challenge for David concluded that Mr. mind it’s not enough.
Massey University, New Zealand, Litt, whose memoir Obama’s remark about I wondered, too, why Mr. Litt felt
GETTY IMAGES
attempts to elucidate the political im- “Thanks, Obama: My the economy working it necessary in a memoir as funny as
plications of contemporary comedy, Hopey, Changey White “not from the top down this one to put off half the audience
and his discussions are about as en- House Years” (Ecco, but from the middle out by taking gratuitous shots at conser-
tertaining as you’d expect: Not at all. 310 pages, $27.99) re- TV STARS Fallon, Questlove and Obama ‘Slow Jam the News.’ and the bottom up” res- vatives. Why say, for instance, that
His point is valid, though. “Like counts the author’s onated with voters. “under Ronald Reagan, conservative
any other cultural object,” he explains time as one of Barack Obama’s came an “Obamabot.” After working Campaign workers were supposed to theory held that handouts for the
in the introduction, “humorous texts speechwriters. I say it’s a challenge on the 2008 campaign and then use this improbable line while canvass- rich were good for everyone”? The
carry within them certain sets of em- because, although Mr. Litt has a ter- landing a wretched job for a public ing. “Imagine going to a cocktail party remark isn’t funny and strikes an un-
bedded ideological assumptions that rific comedic touch—he wrote lots of relations firm he calls Crisis Hut full of strangers. Now imagine being generous note. Or perhaps I just
potentially play a role in the trans- Mr. Obama’s wittiest lines—his admi- (not its real name, I think), he some- told that, in every conversation, you’re think it’s unfunny and ungenerous
mission and construction of socially ration for his old boss is largely undi- how was given a chance to write expected to say that Shake Shack owes because I’m conservative and Mr.
shared systems of interpretation.” minished and he still has high regard speeches for Mr. Obama’s adviser, its success less to savvy marketing Litt isn’t—a sad reminder that, in a
That’s an academic’s way of saying for his former colleagues. It’s tough to Valerie Jarrett. “I was twenty-four than to its proprietary blend of meats. contest between politics and humor,
that comedy often threatens social make your readers laugh when you years old,” he explains humbly. It’s weird.” politics often wins.
AUTUMN BOOKS
‘However far human beings may reach with their knowledge . . . in the end they carry away nothing but their own biography.’ —Friedrich Nietzsche
Why the Freud Wars Will Never End

yearnings with scientific ambitions.
Freud Psychoanalysis claimed to reduce
By Frederick Crews human behavior to a system. In doing
Metropolitan, 746 pages, $40 so, it provided answers to ethical and
metaphysical questions that people
BY ADAM KIRSCH had traditionally looked to religion to
answer. How should we live? Why is
there so much unhappiness in the
IN 1930, Sigmund Freud published world? Psychoanalysis promised a
“Civilization and Its Discontents,” a theory of human suffering and a
short book in which he brought the remedy for it, all at the same time.
insights of psychoanalysis to bear on For generations, countless people
the problems of modern Western cul- spent countless hours—and dollars—
ture. The core of Freud’s argument, pursuing Freudian analysis because of
here and throughout his work, is that that promise. Mr. Crews, like other
“the intention that man should be scholars before him, shows that from
‘happy’ is not included in the plan of the beginning the talking cure was an
‘Creation.’ ” There is, he writes, a per-
manent opposition between the plea-
sure principle—the infantile force in us Freud’s claims may seem
that seeks the satisfaction of desires—
and the conditions of our bodily and unscientific or absurd, but
social existence, which make satisfac- we still inhabit the mental
tion difficult to achieve. This conflict is
never resolved but is alleviated by the universe that he created.
growth of the reality principle—a
mature adaptation to the world as it is,
which allows us to take satisfaction in illusion, if not an actual lie: Freud
avoiding suffering rather than experi- claimed results with his hysterics and
encing full happiness. neurotics that he did not achieve and
Freud believed this process takes made sweeping generalizations based
place in the life of every individual and on a handful of cases. His eagerness to
is mirrored in the development of civi- leap to a marvelous conclusion meant
lization, which he presents as an effort that he could never frame the kind of
of sublimation—the “renunciation of step-by-step investigation that results
instinct” in favor of higher values such in real scientific discovery.
as art, religion and ethics. But it is Freud was, then, a false prophet—
BRIDGEMAN IMAGES
possible, Freud concludes, that this re- which is perhaps implicit in the very
nunciation is too high a price to pay; definition of a prophet. But like other
civilization may turn out to be “a state exploded belief systems, psychoanaly-
of affairs which the individual will be sis is so deeply embedded in our cul-
unable to tolerate.” And history would tural self-understanding that it may be
justify his pessimism. As Freud wrote, impossible to think our way entirely
fascism was on the march in Europe, biography, “Freud: The Making of an It is precisely because Freud was a placing faith as the most powerful and free of it. Unconscious motivation, sex-
promising an orgiastic release of all Illusion.” It has been some three de- kind of prophet that he was so hostile authoritative form of knowledge. It ual repression, “Freudian slips,” dream
the violent, irrational instincts civiliza- cades since critics began a sustained to all forms of traditional religion, was able to answer ancient mysteries, analysis, the family romance—not all
tion had worked so hard to repress. assault on the reputation of Freud, which he argued in “The Future of an such as the origin of man, and to these ideas were original to Freud but
If Freud’s account of how human pointing out the many grave defects in Illusion” were relics of infantile fear transform time and space, with inven- all come down to us bearing his ac-
beings feel, suffer and grow, and his his clinical practice, his professional and worship of the father. If there is tions like the railroad and the tele- cent. He is one of those thinkers who
analysis of culture and ethics, still feel ethics and his theoretical speculations. one constant in Freud’s intellectual graph. “No, our science is no illusion,” cannot be ignored, only argued with
intuitively convincing, that is because Freud bullied his patients into accept- life, it is his adamant opposition to Freud wrote. “But an illusion it would and about—which suggests that the
we still inhabit the mental universe ing his wild interpretations of their religion, especially the Judaism that be to suppose that what science can- Freud wars may be with us to stay.
that he created. It is even possible to dreams and experiences. The patients was his family’s tradition. This is not not give us we can get elsewhere,” by
argue that the course of Western civili- he wrote about in his case studies— surprising: Freud trained as a medical which he meant from religion. Mr. Kirsch is the author of “The
zation since the 1960s has been an ex- Dora, the Wolf Man, Little Hans—were man in the second half of the 19th Ironically, what gave Freudianism People and the Books: 18 Classics of
periment in Freudian de-sublimation, not actually cured by his interventions. century, a time when science was re- such appeal was its fusion of religious Jewish Literature.”
in loosening bonds—especially sexual He treated the psychoanalytic move-
ones—that had become intolerably ment more like a religious cult than a
strict. As W.H. Auden put it in the scientific endeavor, choosing favorites,
elegy he composed after Freud’s death expelling dissidents and assiduously
in 1939, “to us he is no more a person burnishing his own reputation by re-
/ now but a whole climate of opinion.” writing history when it suited him.
Yet in the same poem, Auden also The appearance of Mr. Crews’s
acknowledged that “often he was book, which focuses on the early part
wrong and, at times, absurd”: The of Freud’s career before he became
strange thing about Freud is that the world famous, has renewed all these
absurdity is often inextricable from the charges in the press. Mr. Crews is
wisdom. Take, for instance, the pas- trained as a literary critic, not a psy-
sages in “Civilization and Its Discon- chologist, yet in the course of a
tents” in which he offers an explana- decades-long obsession with Freud, he
tion for how human beings came to has made himself an expert in every-
master fire, the “quite extraordinary thing related to his quarry, from the
and unexampled achievement” that history of neurology to the side effects
was the origin of civilization itself. “It of cocaine. The Javert of psychoanaly-
is as though,” Freud writes, “primal sis, Mr. Crews aims not just to debunk
man had the habit, when he came in Freud, but to defame him, to banish
contact with fire, of satisfying an him from serious consideration for-
infantile desire connected with it, by ever. The index entries under “Freud,
putting it out with a stream of his Sigmund” give a sense of the book’s
urine.” This instinct was rooted in sex- tenor: “abandoned by patients; alcohol,
ual desire, since the “tongues of flame” recourse to; bribery on behalf of;
were symbolic phalluses, so that uri- impotence of; vindictiveness of” and
nating on them was “a homosexual more. Yet Mr. Crews’s quest remains
competition.” The first man to “damp self-contradictory, for you can’t de-
down the fire of his own sexual excita- stroy a thinker’s legacy by attacking
tion” and resist the impulse to urinate him; only oblivion can do that, and
was the first to carry off the fire and criticism is the opposite of forgetting.
use it for his own purposes. “This Reading this book, you can’t help feel-
great cultural conquest,” Freud con-
cludes, “was thus the reward for his
renunciation of instinct.”
ing that Freud must be important
indeed to inspire such anger and
warrant such effort.
Audiobooks Make
What are we to think when a sage
comes up with such a bizarre theory?
First, note that it is not really a theory
Mr. Crews’s full-spectrum attack
has the unintended effect of undermin-
ing Mr. Crews’s valid insights into the
Great Running Partners
at all, in the sense of a scientific deep flaws of Freud’s thinking. It
hypothesis, because it can neither be would be enough to prove Freud was
verified nor falsified by any imaginable not a scientist, and that psychoanaly-
evidence. If anything, it is a myth, a sis is not a science—claims that are
just-so story about prehistory. More, it now widely accepted. But when Mr.
is a tendentious myth, one that fits too Crews adds that he was a liar and
neatly into Freud’s ideas about the link thief, or speculates that he practiced
between renunciation and civilization incest with his sister and adultery with
and rests on assumptions about his sister-in-law, the reader starts to
human psychology that are, to put it lose faith in his impartiality.
mildly, counterintuitive—above all, the The Freud wars have always been
belief that every human action and as much about Freud as an individual
motive can be traced back to sexuality. as about his ideas. Indeed, Freud
But if that same assumption lies at remains inseparable from his work in
the root of Freudian psychoanalysis, a way that already marks it as some-
does that mean that psychoanalysis, thing other than science. The law of
too, is a myth? Do Freudian concepts gravity doesn’t stand or fall on the Visit TryAudiobooks.com/WSJruns
like the superego and the id, the death character of Isaac Newton; if you
drive and the pleasure principle, the found evidence that Albert Einstein for a FREE audiobook download.
dream as a wish-fulfillment, rest on was a kleptomaniac, E=mc2 would still
any firmer evidentiary basis than hold true. But when critics of Freud
Freud’s idea about urinating on fire? denounce him as an incompetent doc-
Was Freud, in short, a doctor and a tor, a thief of other people’s ideas or
scientist, as he claimed to be and as an adulterer, they mean to strike at the
his patients and disciples believed, or credibility of Freudian ideas as well.
was he a storyteller, an imaginative Freud is more like a philosopher or a
thinker, or—if you prefer—a fantasist? prophet than a scientist; to accept his
This is the main issue at stake in premises involves submission to his
the continuing series of scholarly personal authority. He resembles Karl Also available in hardcover and eBook formats.
debates known as the Freud wars, Marx more than, say, Charles Darwin,
which have flared up again with the to name two figures who dominated
publication of Frederick Crews’s quasi- the intellectual world of his youth.
AUTUMN BOOKS
‘Anyone who has the power to make you believe absurdities has the power to make you commit injustices.’ —Voltaire
Command and Control

Mr. Blum initially found Sommer’s
Ranger Games willingness to take responsibility for
By Ben Blum his part in the robbery “immensely
Doubleday, 412 pages, $28.95 refreshing.” Sommer also wanted to
talk about something they had in
BY NANCY ROMMELMANN common—that he was pursuing an
advanced degree in mathematics.
The connection was uncanny, as was
AT 5:16 P.M. on Aug. 7, 2006, four his apparent self-awareness.
young men wearing face masks and “I am just so convinced of my
carrying AK-47 assault rifles run rightness,” he told Mr. Blum, “every-
from a Bank of America branch in body goes along.”
Tacoma, Wash. The branch is less A voluble correspondent, Sommer
than 10 miles from Joint Base Lewis- portrayed himself as a leader. He
McChord, and the men have just car- didn’t detail the promises and intim-
ried out a “takeover robbery,” com- idations he used to corner four
mandeering the bank like an enemy lonely young men into becoming
target. Now they run toward a silver bank robbers, details of which Mr.
Audi driven by a 19-year-old wearing Blum fills in through intimate inter-
board shorts and flip-flops. The men views with others. For someone
pile in. Three of the five men are constitutionally attuned to facts, Mr.
dropped at the movies; the other Blum proves remarkably empathetic,
two head to the Army base. Less offering heartbreaking portraits of
than 48 hours later, the driver is some of the people whose lives
taken into custody by the FBI near Sommer helped to derail.
his father’s home outside of Denver. Mr. Blum reveals Sommer as a
His name is Alex Blum, and he is the textbook psychopath whose lifelong
first cousin of “Ranger Games” au- delight is to manipulate the fate of
thor Ben Blum. others. As Alex told Sommer in a
“The disaster of Alex’s imprison- letter: “I dreamed of being a Ranger
ment exerted a tremendous tribal since I was 5 and you took it away.”
gravity,” writes Mr. Blum. Why did Mr. Blum uncovers the seeds of de-
GETTY IMAGES
Alex, a heretofore “squeaky-clean, struction that Sommer planted: for

patriotic, rule-respecting kid,” rob a instance, the “puzzlingly amateurish”
bank within months of achieving his fact that the license plate of the get-
dream of becoming an Army Ranger? GROUNDWORK Prospective Army Rangers undergoing training at Fort Benning, Ga. away car was left uncovered. The ve-
What part did his inbred allegiance— hicle was registered to Alex’s father,
to family, to country, to being a becomes consumed with analyzing baffled by actual human beings, Years into writing the story, Mr. who had found Sommer trustworthy
member of a team—play in his deci- how what happened to Alex hap- utterly confident in my ability to Blum started to suspect that Alex enough, not least because “the
sion to drive the getaway car? Mr. pened. model them algorithmically,” would was hiding something. hockey relationship’s a deep bond,”
Blum sifts through the reasons and Alex’s father, Norm, was convinced allow him to distinguish fact from The robber who drove back to to lend him money. But Sommer
excuses offered by family, lawyers, that his son was brainwashed during fiction when others could not. base with Alex is named Specialist never played competitive hockey.
the press, the robbers and Alex him- Ranger training. It’s a theory that Mr. Blum chronicles the cost of Luke Elliott Sommer, a 20-year-old Mr. Blum’s enchantment with
self. The result is saga and social sci- Alex, being held at SeaTac Federal clinging to untenable truths. Norm’s combat veteran who brought into the Sommer was broken “not because of
ence both, a riveting exploration of Detention Center, ferociously re- insistence on seeing Alex as a victim barracks “a thrilling after-scent of his criminal record, but because of
the codes of conduct by which men jected, insisting for months that the turned the uncle he has known as “a Iraqi dust and blood.” Sommer the way he did math.” Overconfi-
are meant to comport themselves, robbery was some sort of military ex- looming grin machine” into a broken bonded with Alex over playing dent, or perhaps having tired of with
the lengths to which we go to forge ercise. Persuaded at last that the rob- man on the verge of bankruptcy. An hockey. He watched heist movies with toying with Mr. Blum, Sommer
identity, and how far the stories we bery was real, he wrote a 23,000- Alex and joked about how they could claimed to have found a new way to
tell can be stretched before they be- word essay detailing the training that work a better plan. He had Alex drive solve “one of the most famous open
come prisons of our own making. Rangers undergo: “profound and ac- Weeks from becoming him to Starbucks and the Bank of questions in mathematics.” The solu-
Alex and Mr. Blum’s fathers are cumulating sleep deprivation, getting America. To impress Sommer with tion was instantly preposterous to
two of four brothers who decamped smoked, getting tricked, getting in- an Army Ranger, the his “tactical acuity,” Alex sketched on Mr. Blum, who nevertheless allows
from the East Coast to Colorado in sulted, getting threatened, weeping, author’s cousin took part a napkin how a Ranger team might Sommer to keep talking, “as if he
the 1970s, going from “ski bumming, puking, getting smoked for weeping take down the bank. Alex did not thought he could talk his way out of
low-level pot smoking” to successful and puking”; the days-long outdoor in a clumsy bank robbery realize that he was the figurative frog the laws of mathematics them-
careers in real estate. Blum men golf, drills where recruits put Tabasco with fellow soldiers. in slowly boiling water, being tender- selves.” If Mr. Blum begins as the
climb and roast huge hanks of meat. sauce in their eyes to stay awake; ized by Sommer’s attentiveness and odd piece in the family puzzle, his
They tell and retell the heroics of becoming so frozen that the only the “near-poetic facility with wild precise, exhaustive and sympathetic
their late father, who landed on Nor- warmth they experienced was “when American media complex that sees tales [that] had earned him the nick- work proves both deeply salutary
mandy just after D-Day. These tales we would urinate on each other.” redemption as a commodity swept name ‘B.S. Elliott.’ ” and in step with the logistician’s
are part of what inspire Alex to join “If we weren’t brainwashed the the Blum clan into an appearance on After his arrest, Sommer for a mind.
the military. He grows up a star Rangers wouldn’t exist,” he wrote. “I the “Dr. Phil” show. (“Here was this time charmed the press, convincing As for Sommer, while he may
hockey player with a “goofball cha- was unable to think or question. I thing that took up years of our them that robbing the bank was “a have received the longest sen-
risma,” a kid who works harder than was a model Ranger.” family’s life,” Mr. Blum’s father says, platform to publicize war crimes he tence—24 years—the psychopath
anyone on the ice and drives his After reading Alex’s manuscript, “and it was just five minutes be- had witnessed in Afghanistan and finds opportunity wherever he finds
dad’s ride-on lawn mower to high- Mr. Blum “began wondering if I tween deodorant commercials.”) Iraq.” Or maybe, as he told Alex, the the vulnerable. In prison, he cur-
school graduation. might be of use to Alex and the Living in his father’s basement money they stole was meant to fight rently leads a small church.
Mr. Blum was the family outsider. family.” Undergoing a concurrent under house arrest, Alex responded the Hell’s Angels. Or maybe, as Som-
A math prodigy, by age 13 he was crisis—he had ditched his Ph.D.—Mr. by turning into a sullen, hard-drink- mer wrote to Alex’s father in an Ms. Rommelmann’s latest book
taking classes at the University of Blum didn’t at the outset know that ing creep. He didn’t want to be email, “You honestly believe that “To the Bridge,” an investigation
Colorado. Studying for a Ph.D. in his usefulness would occupy the coddled. He wanted to be a hard-ass, your son . . . never dreamed of being into a maternal filicide in Port-
computer science at Berkeley at the better part of a decade or that a dis- his sense of identity still bound up involved in this? He helped me plan land, Ore., will be published next
time of his cousin’s arrest, Mr. Blum position that renders him “utterly in being a Ranger. it Norm.” year.
Murder by Numbers
which includes lynchings and execu- rampage—sending the reader across The authors “feel certain” that The in with a Mr. and Mrs. Coe of Center-
The Man From the Train tions of those wrongly accused of the the Midwest, the Pacific Northwest Man From the Train committed 14 of ville, Ohio, for instance, they write:
By Bill James & Rachel McCarthy James crimes, goes on for more than 450 and the South and even to eastern the crimes, which accounts for 59 mur- “We might say they coe-habited with
Scribner, 464 pages, $30 gory pages, which may be justified by Canada—in an attempt to determine ders. They are a further 70% certain them; it’s a very dark story, and we’re
historiological necessity. The two whether the guilty party was in fact that he committed seven additional desperate for relief.” When the Pfan-
BY PETER DUFFY writers have identified, they tell us, The Man From the Train, who is not crimes (30 murders), 40% certain that schmidt family is killed in rural
“perhaps the most despicable criminal given a name until the big reveal in he was responsible for eight crimes (27 Illinois, the authors write that “the
in American history.” Chapter 40. murders) and 10% certain that he com- Schmidt hit the Pfan.”
BILL JAMES STUMBLED upon the Mr. James is a data guy, a believer They theorize that he was a wood- mitted a final nine crimes (37 mur- Despite these occasional lapses in
idea for his latest book while studying in the explanatory power of raw cutter employed seasonally in logging ders). The Jameses make a plausible judgment, this is an impressive work,
a string of murders that occurred near numbers over gut instincts. Once a camps. He would find a home within case that they have identified the mass an open-eyed investigative inquiry
railroad lines in the Midwest in 1911 lonely voice howling in the mimeo- walking distance of a rail line, pick up murderer, a German immigrant who wrapped within a cultural history of
and 1912. The most famous was the graphed pages of his self-published rural America at the turn of the 20th
slaying of six members of the Moore “Bill James Baseball Abstract,” he is century. We learn about the shock-
family, along with two young house- now an honored member of the estab- ingly amateurish level of police work
guests, in Villisca, Iowa, which is still lishment, a senior adviser for baseball in the days when unlicensed private
remembered today in the Hawkeye operations with the Boston Red Sox. detectives, often charlatans, would
State. The eight victims were struck arrive in town and assume control of
repeatedly in the head with the blunt investigations. We are offered chilling
side of an ax. Has baseball’s statistics examples of how African-Americans in
Mr. James, the famously idiosyn- the South were lynched for the flimsi-
cratic interpreter of baseball statis- guru uncovered ‘the most est of reasons, e.g., that they were in
tics, had a hunch that the Midwest despicable criminal in the area where a crime was commit-
killings were part of a much larger ted. In Texas, “the murders were
pattern and suspected that there were American history’? immediately blamed not on ‘Negroes,’
others in the series “that the contem- but on ‘Mexicans,’ ” the Jameses write
porary authorities never linked to the of a 1908 case in Watauga.
GETTY IMAGES
same criminal.” He recruited his But he is also an obsessive student In its peculiar way, the book winds
daughter, Rachel McCarthy James, as of true crime. In 2011, he published up being a celebration of the forgotten
a research assistant to help him scour “Popular Crime: Reflections on the corners of America, a paean to the poor
the databases of small-town newspa- Celebration of Violence,” offering his folks who lived out by the railroad
pers. Soon she became his co-author. distinctive take on the most notorious an ax on or near the property, and may have returned home to commit tracks. “If you read about a crime in a
The result is a painstakingly factual cases in American history. Since this break in through a back window after one final atrocity. He was a short, stout small town, you will encounter fre-
account of dozens upon dozens of is Bill James, he came up with a midnight. He would attack the family laborer with greasy hair, described by quently the comment that these people
gruesome murders, the first commit- numerical system to determine the while they slept, always using the an acquaintance as “cranky.” lived in the kind of quiet place where
ted in 1898 in Brookfield, Mass., and guilt of the accused, with zero repre- blunt—never the sharp—edge of the It is not easy to read about these nothing very interesting ever hap-
the last in 1922 in Hinterkaifeck, senting innocence and 100 pointing to ax. He would then linger, moving the murders—among the dead is a day-old pened,” the authors write. “This is a de-
Germany. The victims all lived not far guilt beyond a reasonable doubt. dead bodies around and paying infant—and the authors sometimes spicable thing to say. It is a form of big-
from railroad tracks, which left them Bruno Richard Hauptmann, who was “special attention” to the corpses of stray from good taste. Despite insist- otry directed at the past, and bigotry
vulnerable to a peripatetic serial killer executed in the Lindbergh baby case, prepubescent females in a way that ing that they will not describe The directed at people who live in small
who would hop off the train, invade a broke the scale with a 213. Lizzie would cause authorities to describe Man From the Train with a “cutesy towns—and worse yet, it’s ignorant.”
home—often at random—and use an Borden, the most prominent of Ameri- him as a “moral pervert.” He would nickname”—“Billy the Ax Man,” for in-
ax to kill multiple members of the can ax murderers, earned a 20. leave the ax behind after washing it in stance—the Jameses can’t refrain Mr. Duffy is the author of “Double
same family. In the new book, the Jameses give a bucket of water. Sometimes he from their own occasional cutesiness. Agent” and “The Killing of Major
The relentless catalog of atrocities, tick-tock accounts of each homicidal would set the house on fire. Of a newly married couple who move Denis Mahon.”
AUTUMN BOOKS
‘The bourgeois stands, a hungry cur, / a question mark, a question begged, / behind him crouches the old world— / a mongrel, tail between its legs.’ —Alexander Blok
The Road to Red October

BY ANDREW STUTTAFORD
‘FEW APOCALYPTIC millenarians live

to see the promised apocalypse, let
alone the millennium,” writes Yuri
Slezkine in “The House of Govern-
ment” (Princeton, 1,104 pages,
$39.95), a brilliant retelling of, mainly,
the first two decades of the Soviet era
in a sprawling saga centered around a
famous and infamous Moscow apart-
ment building created for the new
elite. The Bolsheviks were a millenar-
ian sect if ever there was one, as Mr.
Slezkine, a professor at the University
of California, Berkeley, demonstrates.
And, even if the millennium proved
elusive, they were able to set off an
apocalypse in Petrograd, then Russia’s
capital, almost exactly a century ago.
That old-time millenarian ardor
smolders away in “October” (Verso,
369 pages, $26.95), China Miéville’s
history of what he calls the “ultimately
inspiring” Russian Revolution: “This
was Russia’s revolution,” he writes,
“but it belonged and belongs to others,
too. It could be ours. If its sentences
are still unfinished, it is up to us to fin-
ish them.” It is? After the hecatombs
created in communism’s name, such a
call to arms is evidence of a faith un-
GETTY IMAGES
troubled when prophecy fails again

and again.
Mr. Miéville is a respected Britain-
based writer of science fiction but also PANIC IN PETROGRAD Bolsheviks demonstrating against the provisional government flee from machine guns in July 1917. At that time, ’Lenin’s group was
a man of the far left, and “October” is not directly aiming at the seizure of power,’ one observer wrote. But it was ‘ready to seize it in favorable circumstances, which it was taking steps to create.’
deftly written but so skewed that the
book risks tipping over into alternative storm-chasers, struggling to keep order” poised to step in when the nessed by Petrograd’s expatriate com- taking of the Winter Palace on the eve-
history. “I am partisan,” writes Mr. pace with events they could not yet moment came. In October, it did. munity, which was itself threatened by ning of the 25th. Somerset Maugham
Miéville, a confession that comes as no control. The successive iterations of Contrary to those who assert that the lawlessness Mr. Hasegawa chroni- makes a rather less-expected appear-
surprise; but “I have striven to be fair,” the provisional government, the best the workers and peasants lacked an cles. A lively if sporadically florid book ance with a short story from “Ashen-
which does. Mr. Miéville’s narrative is known of which was led by the charis- agenda of their own, Ms. Engelstein (“Petrograd was a brooding, belea- den,” a volume of tales based on his
at times—how to put this—selective. matic if not particularly effective believes they genuinely wanted social guered city that last desperate winter experiences as a British spy. It’s good
On occasion, he’s careless with facts, Alexander Kerensky, were actually revolution—though not a Bolshevik before the revolution broke”), Ms. enough, if not up to the standard set
not least when it concerns the Bolshe- caught up in the storm. dictatorship. But only the Bolsheviks Rappaport’s account works well as an by three sentences from the book’s
viks’ January 1918 suppression of the They failed to feed the cities. They were able “to create the architecture introduction to a complicated year, but preface: “In 1917 I went to Russia. I
Constituent Assembly (Russia’s last could not satisfy the demand by work- needed to run the successor to the is most valuable for its record of the was sent to prevent the Bolshevik Rev-
democratically elected “parliament” ers and peasants (and the soldiers autocratic state and transform the impressions of those who lived olution and to keep Russia in the war.
until the Yeltsin years): It is misleading recruited from those classes) for a excitement of liberty into a new kind through it. Many of these were rela- The reader will know that my efforts
to maintain that its membership was system—collectivist and profoundly of discipline and power.” The result tively privileged (“the servants are be- did not meet with success.”
“chosen” before the Bolshevik coup. antihierarchical—very different from was totalitarian rule, in which the only ginning to get stuck up with this new- Finally, “1917: Stories and Poems
That “October” is written from a the liberal order they had in mind. “excitement” was the manipulated born freedom”), but their observations From the Russian Revolution” (Push-
sympathetic perspective is an unset- They could—and should—have ended fervor of a cult on the march. (“I see Russia going to hell, as a coun- kin Press, 236 pages, $14.95) is an an-
tling reminder of the persistence of Russia’s unpopular, perilous participa- thology of literary responses to Bunin’s
ideas—with roots long predating tion in World War I, but didn’t. Mean- “damn year.” Neatly chosen by Boris
Marx—which can never safely be con- while, democratic principles and a Liberty seemed possible after the czar fell in February, Dralyuk, with room for the familiar
signed (to appropriate Trotsky’s justified fear of both ends of the politi- (such as Boris Pasternak) and those
words) to the dustbin of history. Nev- cal spectrum kept Kerensky from but eight months later the Bolsheviks seized power. known less well (the sardonic Nade-
ertheless this book is worth reading gambling on a more authoritarian turn zhda Lokhvitskaya, who wrote as
for its emphasis on the bitter debates until it was too late. Teffi), the volume is reasonably well
within Russia’s revolutionary left over It was a while before the Bolsheviks “Crime and Punishment in the try never went before”) have aged balanced between the October revolu-
how to take advantage of the opportu- could take the helm. April, June and Russian Revolution: Mob Justice and rather better than those of the enthu- tion’s supporters and those appalled
nity it had been given by the fall of the July all saw eruptions of popular dis- Police in Petrograd” (Harvard, 351 siasts who welcomed October’s false by it. Vladimir Mayakovsky catches the
czar—and by the fragility of the re- content, which Ms. Engelstein main- pages, $29.95) is an innovative study dawn. Rhapsodizing over workers ral- millenarian mood (“We’ll cleanse all
gime that replaced him in early 1917. tains were beyond “the capacity of any that’s about more than its title would lying at the Bolshevik headquarters, the cities . . . with a flood even greater
When the year began, Nicholas II political leadership to contain or suggest. Tsuyoshi Hasegawa, formerly American journalist and fellow traveler than Noah’s”) while in “The Twelve”
was clinging to his throne, Lenin was direct.” The philosopher Fedor Stepun a professor at the University of Cali- Albert Rhys Williams wrote that they Alexander Blok opts for a warmer
an exile in Zurich and the Bolsheviks observed that Lenin’s post-exile fornia, Santa Barbara, shows how the were “dynamos of energy; sleepless, purge: “We’ll . . . set the world on
were just one faction in a fissiparous speeches were merely “sails to catch social breakdown that followed the tireless, nerveless miracles of men.” fire . . . give us Your blessing, Lord!”
revolutionary underground. Less than the crazed winds of the revolution.” February Revolution triggered a surge Visiting the same place a few weeks History made fools of the cheer-
12 months later, they were running the The Bolsheviks, writes Ms. Engelstein, in crime that the provisional govern- later, a less easily impressed French- leaders of revolution, but the words of
country—or enough of it to count. The were “on the margins of political life ment could not reverse. It may be too woman saw “dead, doctrinaire eyes.” those who opposed it still haunt. Anna
czar was overthrown in a revolution in [but] . . . the margins were a good much to argue, as Mr. Hasegawa does, Despite its title, the worthwhile Akhmatova resolves to stay with her
February (dates given are according to place to be.” Amid mounting disorder, that “the Bolsheviks rode a crime wave “Revolution! Writings From Russia, “nation, suicidal” and does so, her
the Julian calendar then used in Rus- “those at the center of authority, tenu- to power,” but the chaos did make it 1917” (Pegasus, 364 pages, $27.95) great chronicling of Stalinist terror
sia). Food shortages, wider economic ous as it was, were in the process of easier for them to exploit the growing features surprisingly little from the still to come. Marina Tsvetaeva writes
difficulties and general war weariness exhausting their political credit.” vacuum in authority. The provisional revolutionary year itself—editor Pete of the wine flowing down “every gut-
(World War I had entered its fourth According to the Menshevik Nikolai government faded from shadow to Ayrton includes nothing, say, from ter” and a “Tsar’s statue—razed, black
year) had all reinforced the feeling Sukhanov (the somewhat more moder- ghost, essentially finished off in late Nikolai Sukhanov or from the diaries night in its place.” Zinaida Gippius
shared by many Russians—even some ate Mensheviks and Lenin’s Bolsheviks October by the capture of a few build- of the novelist Ivan Bunin, a harsh mourns the death of long longed-for
among the ruling elite—that Romanov had split in 1903), “Lenin’s group was ings, a coup at first barely noticed by critic of Bolshevism. This is only partly liberty: “The Bride appeared. And then
absolutism had had its day. not directly aiming at the seizure of many in an exhausted Petrograd. compensated for by Leon Trotsky’s the soldiers / drove bayonets through
There was a wide agreement that power [in June 1917] but . . . was ready Russia’s new Bolshevik rulers initially vivid report of October 24, the “decid- both her eyes . . . The royal axe and
the monarchy should go, but no con- to seize it in favorable circumstances, did not bother too much about crime, ing night” of the Bolshevik coup—com- noose were cleaner / than these apes’
sensus about what should come next. which it was taking steps to create.” until devastating alcohol-fueled may- plete with the complaint, as revealing bloodied hands . . . Can’t live like this!
The new liberal “provisional govern- Ms. Engelstein explains how the Bol- hem forced their hand, “inadvertently as it was dishonest, that “the Revolu- Can’t live like this!” Both Gippius and
ment” had emerged out of a Duma sheviks built their base, patiently gath- provoking,” claims Mr. Hasegawa, “the tion is still too trusting, too generous, Tsvetaeva went into exile. Tsvetaeva
committee during the crisis. Lacking ering support among the military and establishment of a new kind of police optimistic and light-hearted.” The next later returned to her homeland. She
much democratic legitimacy, it was in factories. They then mobilized this state”—one, I suspect, that was al- morning Lenin announced that the hanged herself in 1941.
well-intentioned, weak and well- “relatively disciplined mass” in a man- ready on the way. provisional government was no more.
named. A caretaker more naive than ner designed to increase disorder and Helen Rappaport’s “Caught in the The inevitable extract from John Mr. Stuttaford, who writes fre-
negligent, it threw open the door, but topple the flailing provisional govern- Revolution” (St. Martin’s, 430 pages, Reed’s “Ten Days That Shook the quently for the Journal, works in the
(to borrow a phrase from Engels), the ment while acting as a “force for $27.99) is an account of 1917 as wit- World” is a gung-ho depiction of the international financial markets.
hangman stood waiting outside. Dark
forces poured through, including
Lenin, who returned from Zurich in Proletarians, Painters and Propagandists | New books about Soviet art
April, with assistance from Germany.
Russians, Lenin conceded, now en-
joyed “a maximum of legally recog- THE POET Vladimir Kirillov vowed to expression, documenting theater
nized rights,” but he claimed this was ‘burn up Raphael for our Tomorrow’s productions, posters, periodicals and
a capitalist con. Bolshevism was re- sake’ but didn’t say what would come other ephemera as well as painting,
quired, whether the masses realized it next. The Bolsheviks’ was a supremely photography and design. The works
or not. That, eventually, was what the didactic revolution, intended to produce are often of remarkable quality, rais-
second, October, revolution gave them. a new kind of man. Artists were ready ing uncomfortable questions about
The excellent “Russia in Flames: to help out. Even before the revolution, how we are to regard great art that
War, Revolution, Civil War 1914- painters such as Kazimir Malevich had was the accomplice of totalitarianism.
1921” (Oxford, 823 pages, $39.95), by taken abstraction to new extremes, The earlier part of ‘Moscow
Yale’s Laura Engelstein, is a consider- pursuing what he called the ‘zero of Vanguard Art: 1922-1992’ (Yale,
ably more objective account than Mr. form’—a rejection of everything that 278 pages, $55) highlights the
Miéville’s. It covers not just the two had gone before and a timely anticipa- debate between those who pushed
revolutions and their prelude, but also tion, it might be thought, of the Bol- art’s frontiers forward toward Utopia
the civil war that ensued—a civil war shevik ‘year zero’ that lay just ahead. and those who believed that the
that the Bolsheviks, Ms. Englestein ‘Revolution: Russian Art masses needed something more
NE BOLTAI! COLLECTION
argues, did what they could to foment. 1917-1932’ (Royal Academy easily understood. Stalin, no Utopian,
Lenin calculated that a great sorting, a Publications, 320 pages, $65) is a took the latter side, to the delight of
“process of clarification,” as she terms beautifully illustrated account of art artists such as Evgeny Katsman:
it, would leave the Bolsheviks alone on that followed upon, but was ultimately After a meeting in 1933 to discuss
top. The war turned out to be more discarded by, the revolution. It closes this controversy with the Soviet
terrible than even Lenin envisaged, but with a 1932 exhibition commemorating VANGUARD El Lissitzky’s ‘Beat the Whites With the Red Wedge’ (1919). leader, Katsman rhapsodized in his
he was proved right in the end. the artists of the new order’s first 15 diary over Stalin’s ‘sweet face’—a
Lenin often was, but one interest- years, a swan song for an avant-garde While “Revolution” focuses on paint- the Test’ (Art Institute of Chicago, vision that only a Socialist Realist
ing aspect of Ms. Engelstein’s discus- rapidly being eclipsed by the inspiring ing, the lavishly produced ‘Revoliutsiia! 324 pages, $65) takes a broader could see.
sion of 1917 itself is the degree to banality of Socialist Realism. Demonstratsiia! Soviet Art Put to approach with regard to types of artistic —A.S.
which she depicts the Bolsheviks as
AUTUMN BOOKS
‘It is our utopias that make the world tolerable to us: the cities and mansions that people dream of are those in which they finally live.’ —Lewis Mumford
A Carolina Xanadu
bilt (who later married Sen. Peter
The Last Castle Goelet Gerry, the great-grandson of
By Denise Kiernan James Madison’s vice president) cut
Touchstone, 388 pages, $28 back on expenses, sold most of the
estate’s forests to the U.S. govern-
BY STUART FERGUSON ment, helped the locals by means of
charity and kept watch over Cornelia,
who was artistic and probably really
BILTMORE HOUSE is a stupendous didn’t much like being a Vanderbilt.
sight, its towers and parapets rising Ms. Kiernan makes it clear that Edith
above a river valley outside the town was a steadying influence during the
of Asheville, in the high altitudes of years of her daughter’s minority.
western North Carolina. Its 250 As for Cornelia, the “hillbilly heir-
rooms include a Louis XV suite deco- ess,” as the papers had it, she eventu-
rated with velvet and damask wall ally married the British diplomat
coverings and a library filled with John Francis Amherst Cecil, grandson
10,000 books. Just inside the build- of the Marquess of Exeter and a
ing’s front door is a cantilevered direct descendant of William Cecil,
staircase that spirals around a 1,700- Elizabeth I’s adviser. After two sons,
pound, triple-decker chandelier. In a the marriage soured—Cornelia Cecil
second-floor hall hang two Sargent was a free spirit—and the couple
portraits. The dining room is vast, divorced. She set up a charity so that
featuring a table that seats 64. The she could give anonymously to causes
loggia at the rear of the house, she believed in, such as research into
which itself opens off a tapestry gal- mental illness. It was while dining
lery, presents a breathtaking vista: out with Edward Adamson, an inno-
acres of lawn and forest, with moun- vator in the field of art therapy, that
tains in the distance and, nearby, Cornelia noticed their handsome
GETTY IMAGES
grounds and gardens designed by waiter. “I want to marry him,” she

Frederick Law Olmsted. As dwellings announced. Reader, she did: William
go, Biltmore House is not a bad place Goodsir was 46; Cornelia, 72. They
to hang one’s hat. CONSPICUOUS CONSTRUCTION The eastern facade of Biltmore House. were very happy together.
As we learn in “The Last Castle,” Cornelia’s younger son, William
Denise Kiernan’s affectionate por- town to escape the heat and sickness Netherlands from which the Vander- as well as his friends.” As Ms. Kier- Cecil, now owns Biltmore (though his
trait of Biltmore and its sometimes of their plantations. But the area bilts hailed (or thought they did); nan puts it: “George’s general own son runs it). As it happens, I met
turbulent history, the man who only started to take off when post- “more” referred to the moor-like absence from the dating scene . . . him years ago. The forthright CEO
brought this pile into being, and who war Yankees decided that Asheville grounds on which the mansion is led most to believe that his interests received me in his office and pro-
claimed it as a part-time home, was was a winter resort. Vanderbilt and sited. The lack of a storied history to did not lie at the foot of an altar.” ceeded to tell me how hard it was to
George Washington Vanderbilt his mother came down from New infuse the place with character may In fact, Ms. Kiernan says, he make a go of Biltmore. At least that’s
(1862-1914), the “poorest” of the York for their health in 1888 and be one reason why Biltmore feels didn’t “strike out for himself” in what I think he said: His upper-crust
Vanderbilts, having inherited in 1885 George, who decided that he must like a hotel more than a home. The search of a wife. His sisters netted drawl was so rich and unfamiliar that
just a fraction ($5 million) of his have a house there, started buying absence of a titled pedigree would her, engaging a traveling companion I was always two paragraphs behind
father William Henry Vanderbilt’s up parcels of land. be remedied by George’s daughter. to bring George and Edith together him in comprehension.
$200 million fortune. He hired the architect Richard Cornelia, his only child, was born during a trans-Atlantic crossing. As a callow youth, I thought: “I
Much of Ms. Kiernan’s narrative, Morris Hunt—whose credits would in 1900. It is amazing, in a way, that Vanderbilt needed a chatelaine, and should have such problems.” But it is
naturally, focuses on George Vander- include the Metropolitan Museum of she existed at all. To judge by the Edith needed financial security. true that running a place like Bilt-
bilt and his pursuit of an extravagant Art in New York and “The Breakers” Edith was an orphan, and so her more as a tourist destination is
dream: to own a country estate wor- in Newport, R.I.—to design his house brother, Daniel LeRoy Dresser, gave every bit as demanding as running it
thy of Gilded Age royalty. But the and Olmsted to lay out its gardens. her away at the wedding. He later as a household must have been for
book also shows how, after his death, Vanderbilt didn’t mean to build the In pursuit of a prodigal “developed a craze for great riches,” Edith and her prodigal husband.
his widow managed both to keep largest residence in the United dream—an estate worthy as the Chicago Tribune wrote, but in Even Colonial Williamsburg (founded
Biltmore going (if on a reduced States, Ms. Kiernan says. Hunt sim- their pursuit twice went bankrupt. by the Rockefellers) is hurting these
scale) and to raise their intelligent if ply ran away with the project. of Gilded Age royalty. After the second reversal, Ms. Kiernan days. Biltmore currently hosts 1.4
fun-loving daughter. Ms. Kiernan’s Even so, Vanderbilt was not tells us, he blew his brains out in the million visitors a year—and contin-
research is prodigious. Among much thinking small: He had imagined library at his old fraternity at Colum- ues to give a big boost to western
else, she tells us who stayed at Bilt- something along the lines of an Eng- testimony of friends and family bia University. Edith Dresser’s sister North Carolina’s economy.
more as lucky house guests, what lish country manor, with plenty of members, George Vanderbilt, though Natalie did rather better, marrying Henry James, writing during a
they ate, which phonograph records hunting, fishing and riding, not to shy, took a warm interest in other John Nicholas Brown, of the Rhode 1905 visit, said that Biltmore was a
they played, and what mischief they mention acres of cropland and hun- people. But he didn’t seem to be Island Browns, who was probably “colossal heartbreaking house . . .
got up to. In short, she brings the dreds of retainers. He didn’t achieve even room-temperature interested much richer than George Vanderbilt. based on a fundamental ignorance of
place to life. And she doesn’t leave all that he desired. Almost as soon when it came to romance. Still, Edith had done well for her- comfort and wondrous deludedness.”
out the juicy bits from the family his- as the chateau was built, Vanderbilt When George and Edith Stuyve- self—she oversaw not only Biltmore No doubt it has always been a place
tory: adultery, bankruptcy, suicide. realized that his dream was too sant Dresser became engaged in but a Fifth Avenue mansion in New easier to wonder at than reside in.
George Vanderbilt moved into his expensive; many projects were left 1898—she was a direct descendant York and a summer “cottage” in Bar “The Last Castle,” with its engaging
French-style chateau in 1895 and, by undone, and pockets of the sur- of the governor of New Amsterdam Harbor, Maine—and her attachment narrative and array of detail, allows
doing so, completed not only a rounding wilderness started to be but without the funds one might to George appears to have been us to pay a visit without discomfort
mighty construction project—it took sold. Still, enough of the original assume from such a bloodline—soci- steady and affectionate, if not roiled and with all the pleasure of a stroll
1,000 men six years to build the grounds remain as part of Biltmore’s ety was stunned. George Vanderbilt by passion. through one of American history’s
house—but also a geographical sta- grandeur as to suggest, even today, was considered to be, at age 35, a George Vanderbilt died unexpect- more stately pleasure domes.
tus shift, putting Asheville, N.C., on a demesne with a castle at its center. confirmed bachelor. The local Ashe- edly in 1914, of complications from
the map. Yes, antebellum families As for the name: It was chosen ville Citizen wrote that “for him to an appendectomy. By then, at Bilt- Mr. Ferguson is director of
from Georgia and South Carolina and not, as the English prefer, strike out for himself in the matri- more, retrenchment was the order of research at the Cramer-Krasselt
spent summers near the mountain inherited. Bildt is the city in the monial field amazes his own family the day. The widowed Mrs. Vander- advertising agency in Chicago.
Gentlemen of the Resistance

emergence of fascism: One strength the socialist deputy Giacomo Mat- made a daring escape to Paris. Nello, “complaining that Mozart’s ‘Seraglio’
A Bold and Dangerous Family of Ms. Moorehead’s book is that it teotti. Seconded by like-minded meanwhile, pursued a quieter path as had too many notes,” when that infa-
By Caroline Moorehead offers a neat capsule history of Italy friends, and mentored by the cele- an academic historian until his own, mous critique was leveled by Joseph II
Harper, 432 pages, $27.99 in the first half of the century, par- brated historian Gaetano Salvemini, more muted, antifascism cost him his more than a century earlier.
ticularly Mussolini’s rise to power. they debated politics, founded under- job and landed him in the same penal Perhaps more than anything, what
BY MARK POLIZZOTTI She is especially good at conveying ground newspapers, wrote polemical colony. The fact that both men had weakens this account is that it fails to
the atmosphere of Florence, where articles. With Amelia’s encouragement, married and sired multiple children, make a convincing argument for the
the fascist movement gained trac- they fancied themselves “Mazzini whom their wives were left to raise effectiveness of the Rossellis’ “fight
SOME WOUNDS never heal, and tion, and the blend of intimidation, alone while they were out swash- against fascism,” as the subtitle puts
among the most purulent is the legacy inertia, fractured opposition and buckling, does not seem to have been it. Their example certainly helped
of World War II. Fascism, the dark populist resentment that offered it an impediment. inspire hope in dark times, and dissent
hole at its center, offered our enlight- such fertile ground. Along the way, Indeed, one problem with “A Bold against tyranny is laudable in and of
ened modern times a front-row view she reminds us that Mussolini was at and Dangerous Family” is that its he- itself. But despite the real atrocities
of the depths to which we could sink. first dismissed by many pundits as a roes don’t often seem as admirable or they sought to combat, there is an
No wonder we still yearn for tales of self-destructive “clown” and that as capable as we might expect. Apart oddly make-believe quality to the two
ordinary heroism, of David-like opposi- from their chronic obliviousness to the brothers’ resistance. Of Carlo’s first
tion to the Goliaths of despotism and welfare of their nearest and dearest— stay in prison, Ms. Moorehead writes
mass delusion. Caroline Moorehead’s The Rossellis published Carlo never seems to have considered, that he “remained determinedly cheer-
“A Bold and Dangerous Family” pur- for instance, that his escape from Lip- ful” and “exuberant,” keeping the
ports to be such a narrative. The story antifascist broadsides, ari would entail the retaliatory arrest other prisoners’ spirits up by organiz-
of Amelia Rosselli and her sons Carlo funded insurgents—and of his wife—there is their exasperating ing pillow fights—rebellion as summer
and Nello, it recounts the antifascist capacity to trust all the wrong people. camp. More often than not, their re-
activities of one Italian clan that re- ran afoul of Mussolini. Carlo in particular seems to have been sponse to increasingly violent coercion
fused to give in to the ambient fever. guileless to a fault, letting one exposed was to start yet another underground
Amelia Pincherle was the daughter informant go home on condition that newspaper.
of a prominent family of Sephardic even some of the century’s more he return the next day (he didn’t) and Where “A Bold and Dangerous
Jews. Born in Venice in 1870, she was “progressive” minds, including Win- entrusting another associate with the Family” does hit home is in its ines-
a woman of lively intelligence, who at ston Churchill and George Bernard group’s top-secret messaging system, capable parallels to our current situa-
CAROLINE MOOREHEAD
the age of 22 married a feckless Shaw, publicly boosted the fascist which was then brought straight to tion. Ms. Moorehead never makes the
composer-hopeful named Joe Rosselli. program well into the 1930s. She also police headquarters. Heedless to the point explicitly, and she doesn’t have
The marriage dissolved after a decade, debunks some of the more persistent last of their friends’ warnings, in June to. Descriptions of Mussolini’s “glaring
by which time Amelia had borne three canards that have clung to Il Duce’s 1937 the two brothers walked unsus- looks,” or characterizations of him as
sons—the eldest, Aldo, would die in legend, such as his supposed elimina- pecting into a roadside ambush. “strutting and boastful,” a rabble-
World War I—moved with them to tion of poverty and unemployment AGITATORS Nello and Carlo Rosselli. Another problem is in the narrative rousing orator intolerant of opposi-
Florence and embarked on a success- (he merely censored mention of itself. Ms. Moorehead has a novelistic tion, with an asinine pout and a pen-
ful career as a playwright. (Literature them) or of the Mafia (they started heroes,” in reference to the 19th- feel for setting and character, but she chant for alternative facts, have an all-
ran in the family: Amelia’s nephew operating in secret). As for the pro- century Italian nationalist—indepen- often stumbles on the biographer’s pit- too-familiar ring to them. Reading
Alberto Moravia later became a world- verbial trains running on time, it dent of the left but sharing its desire fall of not being able to separate the these pages, I couldn’t help wondering
renowned novelist.) Her relationship depended where you were heading: to bring Mussolini down. relevant detail from the factoid. what histories our descendants will
with her sons, documented in copious Many citizens were not allowed to Of the two, Carlo was by far the (Charles Kaiser’s 2015 “The Cost of write 80 years from now, and what
exchanges of letters, combined unfor- leave the country, and dissidents had more active. He gave speeches, Courage,” about a French family’s renew wounds they will need to heal.
giving discipline and devotion that little freedom of movement at all. published broadsides and financed sistance to the Occupation, shows how
bordered on amorous passion. Carlo and Nello Rosselli were insurgent activities, such as dropping you can do much more in half the Mr. Polizzotti’s new book,
The public backdrop to this pri- among those dissidents as of the protest leaflets from airplanes. length.) There are also sloppy mis- “Sympathy for the Traitor: A
vate family drama was the chaotic mid-1920s, their conviction galvanized Arrested and sent to the penal island takes: Presenting Vienna in the 1890s, Translation Manifesto,” will be
aftermath of World War I and the by the fascists’ assassination in 1924 of of Lipari, off the Sicilian coast, he she mentions Emperor Franz Joseph published next spring.
AUTUMN BOOKS
‘A cheese may disappoint. It may be dull, it may be naive, it may be oversophisticated. Yet it remains cheese, milk’s leap toward immortality.’ —Clifton Fadiman
Blessed Are the Cheesemakers

Reinventing the Wheel
By Bronwen Percival & Francis Percival
California, 294 pages, $29.95
The Book of Cheese

By Liz Thorpe
Flatiron, 406 pages, $40
BY STEVEN JENKINS
A COUPLE OF new cheese books are

out, and both deserve your attention,
whether you consider yourself well
versed or in need of an education. Liz
Thorpe’s “The Book of Cheese” is an
“essential guide to discovering
cheeses you’ll love,” an illustrated
tour through 10 broad types of
ELLEN SILVERMAN
cheese, grouped by flavor. It’s a very

personal presentation of seemingly
everything that Ms. Thorpe has
learned in a two-decade career as a
cheesemonger. Bronwen and Francis NUTTY BY NATURE A selection of Cheddars and related varieties from ‘The Book of Cheese.’
Percival’s “Reinventing the Wheel” is
a detailed account of the history and scientists found, the microbial eco- cheese have been traced to cheeses break even? Well, it would appear, cal classifications are deeply prob-
practice of cheesemaking, as well as system fostered in the wooden buck- made from pasteurized milk than they have taken my advice. I can think lematic. I myself have found that
the threat posed by “industrial mono- ets by raw milk is so vigorous that it from raw, not to mention the fact that of no superlative American cheese there are exceptions to almost every
culture.” It shows where we ought to “actively resisted” contamination. raw-milk cheese has often been that costs less than anything similar cheese rule. And that being said, or-
be as a cheese-loving society, as well I reveled in the account of the wrongfully blamed. from Europe. And it’s clear from the ganizing by country, milk types and
as where we were before industrial- Percivals sitting down with “Andre,” And then, huzzah, there’s the point Percivals’ book that American cheese- style doesn’t take into account one’s
ization took over and, thank heaven, the all-powerful cheese buyer for an I myself have been trying to make for making artisans are confronted by personal preferences. Her gateways
how a new generation of cheesemak- unmentioned country’s major super- 30 years: “We wince when we observe production costs that are far higher are specific: mozzarella, Brie, Ha-
ing artisans have asserted themselves market chain. During a tasting and pregnant women refusing (dry, aged, than those facing their European varti, Taleggio, Manchego, Cheddar,
on a mission to make “real” cheese. discussion of various Cheddars (that acidic) raw-milk Cheddar but tucking counterparts. Swiss, Parmesan, blue and “misfits.”
Not since Harold McGee’s monu- is, cheddar from the village of Ched- into (high-moisture, low-acid) pas- In the end, they write, “there is no For each one she suggests two or
mental “On Food and Cooking” dar—actually, Cheddar’s district, teurized Gorgonzola.” The latter is a value to be gained from cheese made three dozen similar varieties, ranked
(1984) and Sandor Katz’s masterly Somerset, England) and cheddars much friendlier environment for on a small scale taking its aesthetic by availability and flavor intensity.
“The Art of Fermentation” (2012) (cheddar-style cheese from every- pathogens. Here my beloved Savoyard cues from the products of creeping in- Cheddar, for example, leads to other
have I enjoyed and learned so much where other than Somerset), we Reblochon also receives its due. Made dustrialization: ‘Farmhouse’ needs to “firm, chunky, and crumbly” speci-
as I did from the Percivals’ book. learn how a certain starter bacteria from raw Montbéliarde cow’s milk, it mean something, and to do that it mens, such as Lincolnshire Poacher,
Bronwen Percival, the daughter of a is shamelessly employed by several has a deer’s antler-velvet rind and a needs to venerate a different—and an unpasteurized cow’s-milk cheese
central California dairying family and notable and talented cheesemakers potentially changing—range of flavors with a “serious beefy quality.”
the cheese buyer at Neal’s Yard Dairy in order to effect a swoony-sweet, and textures. . . . If it is a story that Ms. Thorpe’s book also features
in London, and her British husband, caramel-like flavor that obscures the Two indispensable guides we are buying, then it should be a starburst wheels reflecting her own
Francis, an accomplished wine and real Cheddar nuances, in the cheese story that we can taste. And if we spectrum analyses of flavors and
food writer, have written a marvel- equivalent to over-oaked Chardon- to today’s great cheeses value these environmental and farm- aromas, which I found indecipherable.
ous book, dense with data yet never nay wines. The three tasters finish and the new generation of ing decisions, these are the attributes But the book’s pairings, informational
a slog. It’s also curiously incidental with two blues: a massive-seller, the that we need to value. This is the sidebars, sections of “My Picks” and
about cheese. It covers breeds of cat- industrial superstar German Cambo- artisans who create them. ‘best’ taste for now. It is the moral vertical tastings are effective, though
tle (fascinating), farming (harsh but zola, and the primitive, atavistic dimension of flavor.” Truer words I could do without the breezy hipster
glorious), and the nature of milk and Bleu de Termignon from a remote were never spoken. jargon: “That’s when I first got down
microbes (again, fascinating), but part of the French Savoie Alps. Obvi- pudding-soft, bone-colored interior, “The Book of Cheese” is Liz with mascarpone”; “Eat on.” Ms.
only rather cursorily runs up against ously the former is a cheese that de- and we learn why it has been regu- Thorpe’s manifesto. She opines that Thorpe is too good a writer to need
the occasional cheese. That may serves scorn from cheese snobs such lated out of export existence for no each cheese need not be immersed in stuff like this.
sound like ill-spirited criticism, but as the Percivals (and myself). But good reason. a copper vat of noisome detail. In- There are numerous cheeses in
it’s not what I intend. Throughout the Percivals are too honest to re- The main point that the Percivals stead, cheese should be approached, “The Book of Cheese” that I’d never
the authors do manage to sidle up to flexively celebrate artisanal cheese: make is that real cheese is getting and above all enjoyed, through a few heard of, many made in the U.S. I fear
various noble or once-noble cheeses, “In comparison the Bleu de Termi- harder and harder to find, not just be- key “gateways.” This book is a fine there are lots of cheese counters and
via clear and surprising angles, such gnon is wild and feral and feels sav- cause so many cheesemakers have guide to expanding your repertoire. It experienced cheesemongers across
as the use of wooden tools like the agely out of control. It is not a given up due to infuriating and is a bit heavy to carry to the market America that simply will not have
curd-holding gerles used to make cheese that is trying to be pleasant, wrong-headed overregulation but also with you, so you might want to take a heard of them either. But we will be
Salers in the Auvergne region of preferring aggressive volume of fla- because there are massive quantities shopping list instead. Or a shopping richer for having been alerted to
France and the nature of “good” bac- vor, but the ammoniated aromatics of imitative industrial cheeses that cart. Or a handtruck. them by Liz Thorpe, whose vast
teria, milk’s natural flavor-inducing give it too much of the character of are cheap, omnipresent and well- Throughout her career at Mur- knowledge and experience and zeal
microbes, whose elimination by pas- a latrine. . . . This is not the flagship marketed. Not to mention: Have you ray’s Cheese in New York, Ms. are impressive.
teurization encourages the prolifera- that we want.” looked at the prices of American arti- Thorpe confesses, the organization
tion of “bad” bacteria. The gerles, Their discussion of the raw milk or sanal cheeses lately? How many times of cheeses, the assignment to a Mr. Jenkins, formerly the master
the Percivals note, “are used for pasteurized conundrum should be re- have I encouraged American cheese- defined style, class and recipe of cheesemonger at Fairway Market
years on end without ever seeing a quired reading. Though rare to begin makers to charge a price for their each and every cheese have been a in New York, is the author of
cleaning chemical.” In fact, French with, far more cases of infected cheeses that allows them to at least struggle. I don’t disagree that typi- “Cheese Primer.”
Setting a Table for the World

served to naval seamen in 1545, for Chinese is hyperbole. The Africa that politics that follow from imperialism, admittedly speculative estimates sug-
The Taste of Empire example, allows her to explain how the Europeans encountered was not a are likely to draw their own conclu- gest, doubled from about one billion
By Lizzie Collingham Newfoundland fisheries laid the backward place that they could read- sions. Perhaps they will pick up on to two billion between 1650 and 1810
Basic, 367 pages, $32 groundwork for the spice trade. The ily control. If some indigenous popu- her brief hint in the final chapter that and then doubled again by the out-
supper of balls of corn mush that a lations, such as the Canadian First a dedication to the idea of transferra- break of World War II.
BY RACHEL LAUDAN South Carolina family dipped in a Nations, had their rations shamelessly ble, individual property rights pro- Producing ever increasing amounts
stew of sorrel and watercress sauce in manipulated, others, such as the New duced a geographically and racially of food was a global challenge. The
the 1730s leads into an analysis of Zealand Maoris, were quite capable of divided world. In the temperate areas, Dutch, the French, the Americans, the
‘OH, WHERE ARE you going to, all rice planters’ dependence on the tech- resisting abject subjugation. Above a largely white population remained Russians, the Germans and the Japa-
you Big Steamers?” asked Rudyard nical know-how as well as the labor of all, the limited and imperfect infor- socially unequal as plentiful, inexpen- nese, like the British, all tried to ac-
Kipling, chronicler of the British Em- enslaved workers brought from West mation that merchants, diplomats and sive industrial food kept the poor quire new lands to farm and new
pire, in 1911 in a poem designed to Africa. The tea, or just hot water, the military, as well as housewives from revolution. In tropical areas, a sources of imported food. Without the
teach English schoolchildren their his- sipped from cups, glasses or elegantly and indentured laborers, had about population consisting predominantly products of the grasslands and the
tory. The answer came immediately. sculpted coconut shells by mission- tropics, without the intensification
The merchant vessels were “going to aries and locals at the conclusion of farming that followed land own-
fetch you your bread and your butter of a feast on the Polynesian island ership, without Kipling’s merchant
/ Your beef, pork and mutton, eggs, of Raiatea in 1822 provides a start- fleets and railroads, malnutrition
apples and cheese!” The entwined his- ing point for an exposition of the and famines from food shortages
tories of food and British imperialism part played by sugar, tea and other would have been the order of the
foodstuffs in creating consumer so- day. Instead, unsteadily and often
cieties. The establishment of first inequitably and with some tragic
The British need to move plum pudding and then turkey failures, the food supply kept up. By
curry as quintessentially Christmas the 20th century diets were becom-
food around the empire dishes in 20th-century Britain ing more varied and nutritious. The
helped shape the eating points to the fact that national mechanization of agriculture and
dishes in general reflect imperial the industrialization of food pro-
habits of the modern age. and global histories, not local cessing freed an increasing propor-
BRIDGEMAN IMAGES
ingredients and techniques. These tion of the population from drudg-

and 16 other carefully chosen ery, bit by bit and again unsteadily,
so obvious to Kipling have been vignettes, spread over the 450 leading to today’s more egalitarian
strangely overlooked in the decades years of empire and across all the societies. Whether, with population
of research since. In “The Taste of inhabited continents, bring imme- still rising, with food systems in
Empire,” Lizzie Collingham puts that diacy to what might otherwise be a BULLY FOR BEEF A poster promoting foodstuffs imported from Britain’s colonies. flux, diets can continue to improve
neglect to rights, showing in a tour de sprawling tale. in tandem with increasing political
force of synthesis that food was one In each episode Ms. Collingham farming, processing, markets and of people of color supplied the tem- access remains an open question.
of the driving forces of empire and offers readers considered judgments nutrition led to unintended conse- perate areas with tropical foodstuffs The British Empire’s days and its
helped form the eating habits of the about the intentions of the actors and quences, such as the “hidden malnu- as ecosystems were destroyed and outsize influence on food politics,
entire modern world. the social consequences. British de- trition that was to plague” Africa for traditional diets abandoned. though, have been over for more than
Ms. Collingham, the author of ear- mand for wheat did lead to famines in centuries after the introduction of It is possible, however, to see food half a century. Ms. Collingham’s great
lier histories of curry and of food in India, she avers. “Cheapskate” British maize during the slave trade. and empire in the past couple of achievement is to take its food history
World War II, uses a series of meals colonists pushed the same meager About an overall accounting of the centuries in a more positive light out of the realm of cozy nostalgia and
as springboards for short chapters on industrial ration on the Kikuyu of British Empire’s food record, Ms. than Ms. Collingham. The population show it for the potent economic and
their political, social and economic East Africa and other indigenous peo- Collingham is more reticent, perhaps of the English-speaking world in- political force it was.
context and consequences, each one a ples as on their own working class. rightly so given the huge span of time creased 16-fold between 1790 and
little gem of condensation of reams of The British were ruthless in imposing and space she covers. Readers, how- 1930, from 12 million to 200 million. Ms. Laudan is the author of
academic prose. A meal of flaky their trading system on China, but to ever, faced with swirling current Although high, this growth rate was “Cuisine and Empire: Cooking in
boiled salt cod washed down by beer say that they inflicted opium on the debates about food and the identity not unique. The global population, World History.”
AUTUMN BOOKS
‘Yesterday’s gone on down the river and you can’t get it back.’ —Larry McMurtry
MYSTERIES: TOM NOLAN
In the Ruins of Cattle Kingdom Memory

Gid. The third section is Johnny’s
Thalia: A Texas Trilogy and brings us up to 1962. The three
By Larry McMurtry
Liveright, 722 pages, $29.95
are now in their 60s and are adapt-
ing poorly to the new world. They
are all three inept behind the wheel
Full
BY GREGORY CURTIS of a car.
Mr. McMurtry is completely in VARG VEUM, the
touch with these characters, their down-on-his-luck
LARRY MCMURTRY was only 25 lives and their voices. He shows private investigator
when, in 1961, he published “Horse- them working almost constantly, in Norwegian author
man, Pass By.” In a stroke of luck and he knows their work in detail. Gunnar Staalesen’s
impossible in today’s Hollywood, He knows the heft of a sack of feed. long-running series,
this slender first novel by a then He knows what pipes and parts are seems like a refugee from the past. At
unknown writer was bought by a needed to fix a windmill and what nearly 60, the aging sleuth borrows
major director (Martin Ritt) and, tools are needed to assemble them. his professional pose from Humphrey
renamed “Hud,” was filmed with a And Gid and Johnny—competent, Bogart and knows only the bare
major star (Paul Newman) in the persevering and prevailing—are the necessities about computers. In
title role. The result was a fine, kind of men who have continued to “Wolves in the Dark” (Orenda, 305
enduring movie that won three inspire Mr. McMurtry’s best fiction. pages, $14.95), the latest addition to
Oscars. It’s easy to see in Gid the outlines Mr. Staalesen’s saga, Veum is ill-
But neither this sudden success of Woodrow Call in “Lonesome prepared to defend himself against
nor the intoxicating excitement of Dove” and in Johnny those of Call’s the unexpected police claim, backed
Hollywood affected Mr. McMurtry friend Gus McCrae. by hard-drive evidence, that he has
much. From the start he was deter- Upon completing “Leaving Chey- trafficked in child pornography.
mined to produce a large body of enne” Mr. McMurtry was confident Held without bail, the narrator-
work and was impatient with dis- enough to abandon first-person protagonist observes: “I was alone in
tractions. He stayed in Houston, narration and to write in third. He a hotel room I hadn’t booked, but
where he had come to attend gradu- set “The Last Picture Show” in the someone had reserved for me any-
ate school at Rice University, and world that was left after the ranch- way.” Not to worry, his lawyer semi-
EVERETT COLLECTION
disciplined himself to write five ing of myth and of hard work had reassures him: “If we stick to the
pages a day, a pace he has main- died away. There are no cowboys truth, in principle nothing can go
tained all his working life. His sec- here, except on the movie screen, wrong.” In the meantime, he instructs
ond novel, “Leaving Cheyenne,” no horses and no cattle, except one Veum to rack his alcohol-damaged
appeared in 1963. Three years later, blind heifer who is rudely abused memory for anyone who hates him
when “The Last Picture Show” was LONE STAR Paul Newman as Larry McMurtry’s selfish anti-hero Hud Bannon. by a gang of teenagers. But what is enough to destroy him.
published, he was teaching at Rice, here in abundance is Mr. Mc-
where I had the good fortune to be observing Mr. McMurtry’s gathering a cowhand who is Gideon’s best Murtry’s understanding of the
one of his students. He read the power as a novelist. friend; and Molly Taylor, the woman minds and feelings of his charac- An aging Norwegian
final pages of “Picture Show” to us “Horseman, Pass By” is narrated, they both love and who loves them. ters. He is seldom given credit for
in class shortly after he wrote them. lyrically, by Lonnie Bannon. He is To enjoy this novel it’s necessary to this, but I believe it is his greatest detective is framed by
That book too, thanks to Peter just out of school and living in a suspend disbelief: Can two men strength as a novelist. In his most digital evidence—but who
Bogdanovich and his wife at the ranch house with his grandfather remain friends for 50 years while powerful scenes—especially en-
time, Polly Platt, became an endur- Homer Bannon, his step-grand- continuing to love the same woman counters between Ruth Popper, the wants to destroy him?
ing movie. mother and her son, Hud, who is as she openly goes back and forth wife of the Thalia football coach,
These three novels are all set in several years older than Lonnie. A between them? It seems more likely and Sonny Crawford, the high
Thalia, the name Mr. McMurtry black cook and housekeeper, that each man would come to hate school student at the center of the There’s no shortage of suspects
gave to his fictionalized North Halmea, lives in a shack near the the other—and the woman, too. But novel—the intensity builds not so from the past few years, during which
Texas hometown of Archer City. house. Homer Bannon personifies checking skepticism brings an much through events as through grief over the death of a loved one
Each is now over 50 years old, and the nobility of the ranching tradi- immense reward, as “Leaving Mr. McMurtry’s preternaturally pre- and “insane drinking binges” hin-
Liveright has had the happy idea of tion. He’s a good man, but he fool- Cheyenne” is a subtle and affecting cise rendering of what each charac- dered Veum’s detective work. In flash-
collecting them in one hardcover ishly buys some infected cattle that novel. ter is experiencing. Thoughts and backs, he recalls some less-than-
volume called “Thalia: A Texas Tril- are mingled with his herd. When There are three parts. The first, feelings culminate in actions or stellar career performances, including
ogy.” It’s good to see them all the infection is discovered, he must set in the early 1920s, is narrated spoken words that then ripple out- his surveillance of a businessman’s
together, though I wish Liveright destroy the entire herd to prevent by Gideon, a young man working on ward, provoking new joys, fears, wife for infidelity. She ended up tell-
had taken more care with the texts. an epidemic. Hud, who is greedy his father’s small ranch. He and hesitancies, hopes, longings. When ing Veum it was her husband who
Annoying typos abound. and unprincipled, schemes to get Johnny are in a rivalry over Molly Sonny hurts Ruth by ignoring her, was being unfaithful. Soon after, she
These three early efforts are the ranch away from Homer, not the reader feels her hurt, for Mr. killed herself, an act that the husband
hardly a trilogy in the usual sense. because he wants to be a cowboy McMurtry has conveyed her accu- blamed on Veum. Then there was the
While set in the same place and but because he hopes to find oil on Larry McMurtry’s first mulating damaged feelings one at a nameless man who paid Veum to help
time, they do not interlock. In the land. Lonnie is a fine observer time, each more deeply than the deliver him from blackmailers, into
“Horseman” and “Picture Show,” of Hud’s and Homer’s characters, three novels are set in the last. whose decadent milieu the private
the principal characters attend the and of the look and feel of the same fictional Texas town, Mr. McMurtry returned to Thalia eye descended and there suffered
same tiny high school circa 1954. It prairie from the porch of his grand- 21 years later in “Texasville” (1987), bodily harm. His anonymous client
seems impossible they’ve never father’s ranch house. But he is also where the rancher’s way and again in “Duane’s Depressed” never contacted him again.
met. Thalia itself remains the same so passive that you want to shake of life is withering away. (1999), “When the Light Goes” Though hinting at possible ene-
locale across all three books—a him—especially when he can’t bring (2007) and “Rhino Ranch” (2009). mies out to do him harm, Veum’s
small, isolated, empty place where himself to intervene as he watches Of these, I much prefer “Duane’s memories will not be enough to save
the epic life of horsemen and cattle Hud rape Halmea. The movie did and yet are close enough for Gid to Depressed.” Duane Moore is Sonny him, he realizes. So when a dangerous
has mostly withered away. There right to shift the focus from Lonnie give Johnny an expensive saddle as Crawford’s great friend in “Picture chance for him to take control of his
were nine cattlemen in Mr. Mc- to Hud. Hud is still despicable, but a present. The second part, set Show.” Now he’s in his 60s and Mr. fate presents itself, he seizes it.
Murtry’s family, spread out across as portrayed by Newman he is more more than 20 years later, is Molly’s. McMurtry shows him facing his age Mr. Staalesen’s latest—ably trans-
North Texas and the Panhandle. He nuanced and interesting than the She has had a son by Gid and and the complications in his life lated by Don Bartlett—employs Chan-
was born in 1936, and so growing monster in the novel. another by Johnny, and both are with the psychological sureness dleresque similes with a Nordic twist:
up witnessed the last years of the “Leaving Cheyenne” is an artistic serving in World War II. Gid has that we can see developing, fasci- He “took out a tissue and started to
cowboy’s world. These novels are step forward. It gives us characters made an unfortunate marriage and natingly, across the 700 pages of clean his glasses as if that would help
three independent attempts to who live as cowboys, and the reader been forced by his wife to move off “Thalia.” him to see backwards in time.”
portray that world and what was feels more for them than for the the ranch and into town. He has “Wolves in the Dark” may yield a few
left in the wake of its passing. Each stiff symbol of rectitude that was shrewdly bought land that neigh- Mr. Curtis, a former editor of shocking coincidences too many to be
one is better than the last—consid- Homer Bannon. There are three bors his ranch, runs his ranches Texas Monthly magazine, is the entirely credible, but in this case the
erably better. Among the many narrators—Gideon Fry, the son of a well, and is becoming rich. Johnny author, most recently, of the non- journey seems more important than
pleasures in reading “Thalia” is longtime rancher; Johnny McCloud, is happy working as a cowboy for fiction work “The Cave Painters.” its destination.
A Provocateur in Exile
Picquart, an officer in military intelli- ment he went into exile in England. Dreyfus would discredit the army and visit, though never at the same time.
The Disappearance gence; his investigation exposed the It is this English exile that is the thereby weaken France. Nor does he He wrote to both women regularly, and
of Émile Zola real culprit, at great cost to himself. focus of Michael Rosen’s “The Disap- acknowledge that the publication of much of the second half of Mr. Rosen’s
By Michael Rosen The other hero was Émile Zola, the pearance of Émile Zola.” Mr. Rosen “J’Accuse” further polarized opinion. book consists of his letters to Jeanne
Pegasus, 302 pages, $27.95 great French novelist. is best-known as an English writer of One senator, August Scheurer- in particular. They show him to have
In May 1896, Zola had published an highly regarded novels for children Kestner, who had been working for a been a fond and fussy father, if not
BY ALLAN MASSIE article in Le Figaro condemning anti- and adolescents; he is also a poet and review of Dreyfus’s case, thought the always a wise one: He told Jeanne to
Semitism. Roughly 18 months article “a mistake . . . the time tell Jacques, who was only 7, that his
later, as the Dreyfus Affair intensi- [when] stupidities began.” parents would love him more if he
IN 1894, Capt. Alfred Dreyfus, an fied, he published an inflamma- This bias doesn’t diminish the worked harder at school.
officer in the French War Ministry’s tory article headlined “J’Accuse” interest of Mr. Rosen’s book, which, Eventually, Dreyfus returned from
bureau of statistics (a threadbare in the newspaper L’Aurore. It was given the bitter passions aroused Devil’s Island, and Zola was able to
cover for military intelligence), was addressed to the president of the by the Affair, is oddly charming. end his 11-month exile. The Affair
convicted of spying for Germany, republic, Félix Faure; it exposed Zola had already visited London wasn’t quite ended. Dreyfus was again
expelled from the army and impris- the real spy, charged the army once, in 1893, as a guest of the found guilty, in 1899, but “with exten-
oned on Devil’s Island, in French command with perversion of jus- Institute of Journalists, where “he uating circumstances,” an absurd
tice, named the senior officers was . . . greeted and saluted as an verdict, and Zola was displeased
responsible, and told Faure that international hero.” But now, five when Dreyfus accepted a pardon. Zola
After ‘J’Accuse,’ Zola the Dreyfus Affair would leave “an years later, he was a refugee, un- continued to divide his time between
indelible stain on your presi- able to speak English, arriving, as Alexandrine and Jeanne—he
was threatened with dency.” Zola conceded that he was he later wrote, “with my nightshirt addressed both of them as “wife.” He
imprisonment. He left leaving himself open to the charge in a newspaper,” and keeping a low died in 1902, at age 62, of carbon-
of libel, “a punishable offense.” profile. He stayed first in a London monoxide poisoning in his Paris
Paris for London instead. This was brave, and it was suburb and then for several months apartment. A chimney was blocked.
rash. Zola was a popular novelist, in the Queen’s Hotel near the Crys- The Dreyfus Affair and Zola’s part
BRIDGEMAN IMAGES
but many thought him a scandal- tal Palace south of the Thames. in it retain their fascination. Mr.
Guiana. Dreyfus was innocent, a ous and indecent one. Moreover, There was much to displease him: Rosen’s chronicle addresses them from
victim of anti-Semitism. The real spy his private life was not respect- The food especially was detestable, an interesting angle. The book reads
was another officer in the depart- able. He still lived with his wife, for the English, he thought, didn’t easily and enjoyably and pays proper
ment, but it became imperative for Alexandrine, but his mistress, know how to cook either meat or tribute to Zola’s pertinacity and
the Army Command and for leading Jeanne (formerly his wife’s maid), ‘I ACCUSE!’ Last known portrait of Zola, 1902. vegetables. Still, he amused himself decency. One might add a grisly foot-
figures in French politics and society lived nearby, with their two bicycling and taking photographs. note. Late in Hitler’s war, Mr. Rosen’s
to insist that Dreyfus, an Alsatian children, Denis and Jacques. Now he journalist—and a Francophile. His Apart from his anxiety about the great-uncle, he tells us, was on the
Jew, was the guilty man. had challenged the state, and with coverage of the Dreyfus Affair itself is progress of the Dreyfus Affair and the same train to Auschwitz as Dreyfus’s
There were two heroes among some reluctance the state responded. conscientious but scarcely impartial. uncertainty of when it would be safe granddaughter.
those who insisted on Dreyfus’s inno- He was charged with libel and There is no recognition of the to return to France, Zola worried
cence, apart from the stoical captain sentenced to a fine and a year’s earnestness of the anti-Dreyfusards, about his family. Alexandrine and Mr. Massie’s most recent book is
himself. The first was Col. Georges imprisonment. To escape this punish- who believed that the defenders of Jeanne, with the children, were able to the novel “End Games in Bordeaux.”
AUTUMN BOOKS
‘Errors, like straws, upon the surface flow; / He who would search for pearls, must dive below.’ —John Dryden
FICTION CHRONICLE: SAM SACKS
Full Fathom Five

LATELY the literary motion, and it takes “Manhattan
novel has gotten Beach” a long time to get them run-
stuck with a reputa- ning at full clip. The absence of any
tion as the killjoy overriding vision tells in the novel’s
roommate in the dawdling middle sections. In places
house of fiction. Ro- Ms. Egan re-creates archetypal mob-
mances are fun and unpretentious; ster myths, reveling in all the usual
mysteries have a sexy aura of intrigue gangland hokum: gats in ankle hol-
and know how to tell a good story; sters, slipped mickeys, cement shoes.
fantasies are the resident eccentrics; But elsewhere she tries to give an ac-
young adult novels are those friends curate historical representation of the
who will cry alongside you during Naval Yard during World War II, lead-
cheesy movies. But when people find ing to information overloads like the
themselves alone in a room with liter- price and contents of a boxed lunch at
ary fiction they get uncomfortable. the canteen or the constituent parts of
They feel that the conversation is a midcentury diving suit.
about to become dour and censorious. The prose is at loggerheads with it-
They feel a harangue coming on. self in the same way. Damon Runyon-
The reputation isn’t totally war-
ranted, of course, but it isn’t totally
unwarranted either. There’s little
doubt that the creative writing pro- The protean novelist
grams from which most literary novels Jennifer Egan tries her
emerge put more importance on the
first half of the Horatian injunction to hand at a popular potboiler.
instruct and delight. Serious books
tend to proclaim their seriousness by
being, strenuously, about serious inspired slang (“these dames looked
things, be it illness or child abuse or more than capable of packing a re-
racial inequality or suburban dysfunc- volver”) sits awkwardly with SAT
tion. In critical forums, novels get vocab words like “invoke” and “as-
bonus points if they’re topical and suage.” In “The Keep,” a character who
improving. Reviewers praise them by has defined himself by his daring fash-
calling them “necessary reading” with- ion choices reflects that “lately the
out saying what they’re necessary for. styles had started to feel like disguises,
For being considered a good person, distractions [he] could move around
one surmises. behind without being seen.” The lon-
Less common, and for that reason ger “Manhattan Beach” idles, the more
valuable, are novelists whose books you suspect that Ms. Egan is present-
avoid the gravitational pull of about- ing you the costume changes instead
ness. These are the shape-shifters, the of the actual show.
writers who are more interested in Fortunately, the novel’s exciting
the effect of the disguise than the ending helps to compensate for its
power of the message. In the U.S. this longueurs. It makes sense that Ms.
GETTY IMAGES
group includes Jonathan Lethem, Ann Egan, with her attraction to the unfath-
Patchett and the endlessly surprising omable, finds her groove when her
Percival Everett. But the most cele- story takes to the sea. Eddie’s ship is
brated is Jennifer Egan, who contin- torpedoed by a U-boat and the sus-
ues a string of wildly various and tended as an addendum to that book is triad of main characters consists of brick sent an ominous ripple through penseful pages dramatizing his trials
imaginative books with “Manhattan the 2012 short story “Black Box,” a Eddie Kerrigan, a bagman for a penny- her belly. There was dynamism in this on the open ocean are almost worth
Beach” (Scribner, 438 pages, $28), a futuristic spy thriller first published as ante racketeer; his charismatic daugh- new foreboding, a stinging vitality, as the book’s price tag on their own.
young woman’s coming-of-age tale a thread of tweets. ter Anna; and Dexter Styles, a dapper if she’d wakened from drugged sleep.” Having finally proven her worth to
joined with a New York gangster noir It’s not that these books don’t have nightclub owner and a big cheese in a Anna seeks out the underworld in two her chauvinistic diving instructors,
and joined again with a World War II ideas in them. “A Visit From the Goon major crime syndicate. In a prologue ways—first by becoming the lone Anna comes into her own when she
nautical adventure. Squad,” which explores the damage set during the Depression, Eddie takes female diver in a civilian crew trained begins to spend much of her days un-
Ms. Egan is no stranger to the wrought by time and aging, is the easi- a job as one of Dexter’s underlings. But to repair damaged ships. And second, der water. In one fine scene she’s
unorthodox mash-up. “Look at Me” est to boil down to a thesis statement, when the book telescopes ahead to after meeting him at a nightclub, by tasked with inspecting the jammed
(2001), centering on a fashion model which may be why it was her biggest 1942 Eddie has vanished, leaving Anna giving Dexter Styles a false name and propellers of the battleship USS South
whose face is reconstructed after a car success, winning the Pulitzer Prize. to provide for her mother and disabled having an affair with him. Dakota. As she submerges she runs her
crash, begins as a satire of the preda- But mostly Ms. Egan deals less in sister by working as a welder at The plot moves along gradually in- hand along its hull. “The ship felt alert,
tory modeling industry but veers into banner-headline themes than occult Brooklyn’s Naval Yard. tersecting lines. As Anna is drawn into alive. It exuded a hum that traveled
an eerie fantasia about domestic affinities. She has a fascination with Most people think of Anna as a re- Dexter’s “shadow world,” Dexter has through her fingers up her arm: the vi-
terrorism. “The Keep” (2006) is a disappearances and doublings, with sponsible daughter, yet she secretly an attack of conscience and tries to bration of thousands of souls teeming
novel-within-a-novel set in a partially hidden identities and what a character longs for the danger and excitement turn his crime organization into a legal within. Like a skyscraper turned on its
restored medieval castle that owes as in “Look at Me” calls “the relationship she glimpses in Ellery Queen detective enterprise, crossing some powerful side.” These are the moments that Ms.
much to Dungeons & Dragons as to between interior and exterior”—sub- novels. “Now her own life seemed to people in the process. Then Eddie re- Egan produces at her best, when she
Gothic mysteries. “A Visit From the jects so evanescent that they raise have tipped into the world of those appears, as if from the ether. He’s now captures the wonder and strangeness
Goon Squad” (2010) is a linked story more questions than they answer. mysteries,” Ms. Egan writes, laying on a third mate in the Merchant Marines of existence without demystifying it.
collection that tracks the diverging Such questions arise again in “Man- the cinematic flair. “The long Novem- whose voyages take him into the thick The thrill of her novels is in the dive to
fortunes of a music impresario and his hattan Beach,” though the novel starts ber shadows leaned suggestively, and of the sea war. places unknown, not in anything she
friends and hangers-on. Possibly in- as a standard-issue crime story. Its the sheen of streetlight on Naval Yard These are a lot of stories to set in brings back to the surface.
A Father, a Son and an Epic Journey

way sequentially through the text of His book provides a refresher fessor-narrator, is the book’s central cranky, gruff auditor on the periphery.
An Odyssey the “Odyssey,” but he also tells a course for people who remember character. A man of science with a As it turns out, the kids love Jay. A
By Daniel Mendelsohn larger, personal story—of his family— Homer from school. (They will chuckle strong sense of right and wrong, sensi- series of post-semester letters reveals
Knopf, 306 pages, $26.95 slant. At the conclusion of Homer’s when they read, at the book’s start, tive to an unfair universe always out to the truth: The youngsters found him
epic, Odysseus restores order in Ithaca; that Mendelsohn senior, like Odysseus, get the little guy, he is stubborn, some- “happy and humorous.” He brightened
BY WILLARD SPIEGELMAN civic and domestic harmony prevail. has constructed a special bed.) It also times brusque, ill-mannered and badly the class. He was “honest, engaged,
Mr. Mendelsohn’s book closes on notes encourages novices to open the book dressed. He has lived with “devotion to and thoughtful.” Mr. Mendelsohn says
of sadness and triumph. We some- for the first time. Along the way, Mr. precision and logic” and a “loathing of he always thought of himself as a
DANIEL MENDELSOHN’S “An Odys- times experience happy endings, in life Mendelsohn gives lessons in Greek anything irrational.” He was a curious, “pedagogical Odysseus,” but in the
sey” is, by turns, a family memoir, a and art, with both smiles and tears. culture and language, and he deftly bookish and, in spite of siblings, lonely end, “I’d turned out to be the Cyclops.”
brilliant piece of literary criticism, a Both odysseys focus on quests, rec- incorporates his students’ comments child. He turned down the chance to go Jay had “been applying himself in
pedagogue’s diary and an addition to ognitions, homecomings. Telemachus and responses into his reports from to Bronx Science and, later, West Point, ways I hadn’t dreamed of, and I hadn’t
the recent genre of books that show was a baby when his warrior father the field. Just when you think the for reasons revealed to his son only seen a thing.”
how reading (here insert: Auden, Aus- left home for Troy 20 years earlier. He students are uniformly obdurate or later. While working for Grumman, the After the class, Daniel and Jay take
ten, Montaigne, Proust, George Eliot has never known him. Mr. Mendelsohn infantile, one of them comes up with a defense contractor (where, Daniel their Homeric cruise. On shipboard,
or, in this case, Homer) can change has known his father all his life, or so brilliant idea, and even the less cogent learns, his field was “Uncertainty”), he Jay radiates the same unexpected
your life. Nonfiction, it is also a Bil- he thinks. By the end of his story— remarks have their uses. could have earned a doctorate, but did charm that had captivated the Bard
dungsroman, a narrative of education. students. Over after-dinner drinks, he
Most of all, it is a love story. sings selections from the golden age of
Like Homer, Mr. Mendelsohn—an A seminar on Homer’s the American songbook, delighting his
accomplished classicist, cultural critic fellow passengers. He also guides his
and translator—knows how to tell a ‘Odyssey’ is audited by fearful, claustrophobic son, gripped by
tale circuitously. At his book’s center a very special student. “clammy terror,” into what may have
are Mr. Mendelsohn’s two loves. The been the cave of the nymph Calypso.
first is the “Odyssey.” In the spring So the son, too, succeeds. Afterward,
2011 term, Mr. Mendelsohn is offering which includes revelations from family But the heart of the book is fathers not. He can be a know-it-all. In class he Jay praises him publicly: “You did
it to a seminar of undergraduates at and friends, and a post-semester Medi- and sons: sons looking for fathers, interrupts, to say that Odysseus is no good, Dan.” And along the way, Jay
Bard College (what better place for terranean cruise with his father, trac- doubting them and then understanding ideal figure: “He’s not a hero because admits that Homer’s poem feels more
reading our first “bard?”). The second ing Odysseus’s path—he has given his them; fathers challenging, and also he cries . . . because he cheats on his real than the actual places. The man of
is his father, Jay (always “Daddy”), readers and himself a more compli- rooting for, their sons. This is no ste- wife . . . because he gets help from the fact and reason is giving in to the
who has devoted his professional life cated picture of the man with whom reotypical Freudian-Oedipal model of gods.” The son is skeptical, even mysteries of poetry.
to science, technology and hard facts, he began. The book asks, at least battle and destruction. Affection exists embarrassed, but patient. When, for banal reasons, the cruise
and who at the age of 81 decides to re- implicitly, on every page: How can you at every turn. Mr. Mendelsohn proves Daniel knows only part of his ship is unable to reach Ithaca, Jay
familiarize himself with a world he really know anyone else? the truth of clichés: “like father, like father’s story. What child ever sees a acknowledges that the journey is as
more or less abandoned in high school. The undergraduates, too, learn son”; the inadequacies of sons, the parent as well as the parent sees the important as the arrival, that the idea
The plot is easy: The father an- about life and literature. Maybe Mr. power of fathers; the second genera- child? A truth everywhere acknowl- of homecoming is better than the fact.
nounces he wants to attend the son’s Mendelsohn recorded his classroom tion’s repetitions of or improvements edged in Mr. Mendelsohn’s odyssey is Like Homer, Mr. Mendelsohn makes us
class. Many sorts of education ensue, seminars (at one point he refers to a on the first; rebellion as imitation. He that everyone has a story, just as every grateful for journeys, and the compan-
with surprising revelations. Different taped interview with a family friend) reels us in with a storyteller’s stron- hero has a flaw, and that everyone ions—especially our families—who
paths are followed, none directly. Les- or took notes. Even if he just invented gest gifts: passion, clarity and a sense needs stories to get through life. We accompany us along our individual and
BRIDGEMAN IMAGES
sons are learned. Homer’s Odysseus, his students and their words, it hardly of timing. He knows when to drive a all must confront the past to under- collective paths.
the “man of many turns,” takes 10 matters. He seems like the professor narrative forward and when to hold stand the present, and to get to the
years to come home to Ithaca from the every college kid dreams about: back. Digressions are not digressions. future. Mr. Spiegelman’s books include the
Trojan War. With his gallant band of learned, sympathetic, encouraging and Jay Mendelsohn makes for a sur- The teacher wonders how his regu- essay collections “Seven Pleasures”
students, Mr. Mendelsohn makes his challenging in equal measure. prising hero. He, not his son the pro- lar students are responding to the and “Senior Moments.”
AUTUMN BOOKS
‘The present is the future of the past.’ —John Updike
Yesterday’s World of Tomorrow

acid in batteries accounts for its
Clockwork Futures ubiquity in laboratories and why
By Brandy Schillace vitriol (essentially sulfuric acid) be-
Pegasus, 300 pages, $28.95 came weaponized in both fiction and
fact. While pulp melodramas would
BY JAMES KAKALIOS often dangle a hero above a bubbling
cauldron of acid, Ms. Schillace
profiles real-life serial killers H.H.
‘STEAMPUNK’—A TERM coined in Holmes and John George Haigh, who
the 1980s, refers to a genre of sci- employed the corrosive liquid for
ence fiction, a style of costuming and corpse removal. Ms. Schillace re-
a vision of the future dominated by minds us that the steam age “was
the science of the 19th century. It also an age of soot, ash and disaster.”
conjures a world whose sky is filled She provides a clear-eyed examina-
with zeppelins and other machines tion of the dangerous and inhumane
jammed with a Rube Goldberg-like working conditions of the time that
assembly of brass gearworks, a world motivated the work of Marx and
populated with scientist-adventurers Engels. “For all the brilliant leaps of
wearing long coats, top hats and rac- imagination . . . the New Epoch set
ing goggles. Think of the 2009 “Sher- the stage for class contest” and
lock Holmes” film starring Robert planted the seeds of social strife.
Downey Jr., 2011’s “Hugo” directed A theme of “Clockwork Futures” is
by Martin Scorsese, or such classics that “resistance to change is built
of the 1950s and ’60s as “The Time into our very genes. But, then again,
Machine,” “20,000 Leagues Under so is the desire for the new.” In her
the Sea” and the television series clear and cogent accounts of Charles
“The Wild Wild West.” Babbage and Ada Lovelace’s differ-
What is it about this vision of ence engine (the prototype of a pro-
retro-futurism that has such a hold on grammable computer) and of the
our imagination? In “Clockwork work of electronics pioneer Nikola
ULI STAIGER
Futures: The Science of Steampunk Tesla, Ms. Schillace addresses why

and the Reinvention of the Modern some innovations catch on immedi-
World,” Brandy Schillace, a senior ately while others must wait, some-
research associate for the Dittrick FLIGHT OF FANCY The visual culture of Steampunk, an aesthetic born of nostalgia for analog technologies and the times very long. She illustrates this
Museum of Medical History in Cleve- bittersweet romance of ‘progress,’ is celebrated in ‘Steampunk: The Art of Retro-Futurism’ (Cypi Press, 189 pages, through the U.S. naval vessel USS
land, recounts the fascinating history $39.95), edited by the staff of Dopress Books. From Uli Staiger’s airships ferrying cities through the sky (above) to James Wampanoag, commissioned in 1868
of the real scientists and inventors Ng’s motorized sedan chairs, the artworks showcased here ask, ‘Could tech have turned out any other way?’ with a unique design and propelled
who laid the foundations for our by steam, though still possessing a
modern-day technology (such as Edi- want to stare into the void and de- induced to jump when connected to Volta endeavored to remove the frog mast and sail. The Wampanoag was
son, Tesla and Volta), along with such spair—they wanted to hurl thunder- an electric charge. But was the leg from the circuit completely, and “swift, steady, efficient and easy to
fictional practitioners as Dr. Victor bolts at it.” They brought light to the muscle and nerve acting as a passive replaced it with a stack of alternat- steer,” far superior to the other ships
Frankenstein and Sherlock Holmes. In world and transformed society at all element in a circuit, or was there ing layers of metal and a weak acid. in the fleet. Yet the naval officers
a way, the book stands as a compan- levels. This device, termed a Voltaic pile, could not recommend that the
ion to Richard Holmes’s popular Though the genre of steampunk could generate a continuous electric Wampanoag be scrapped fast
history “The Age of Wonder” (2008), celebrates steam-driven machinery, Steampunk celebrates a current without frictional charging enough, as they did not know what
a rich account of the scientists and the history of the underlying science or any biological “vital fluid.” In to do with it, following the conclu-
poets of the 18th century. “Clockwork had to do with the discovery of elec- machine aesthetic, but the addressing the question raised in sion of the Civil War.
Futures” extends this narrative tricity and magnetism. Ms. Schillace age’s true wonders were Shelley’s “Frankenstein”—whether When an invention is ahead of its
through the 19th century, where the begins with the fictional Dr. Franken- life was driven by electricity—Volta time, it is really us that it is ahead
Age of Enlightenment led to the Age stein, who harnesses lightning for advances in electricity. had invented the battery. Less than a of. As Ms. Schillace emphasizes, the
of Engineering and Machinery. the power to create life. It was decade later, Humphry Davy would future cannot come until we are
One definition of Steampunk, as known at the time of Mary Shelley’s use Volta’s batteries to power an arc ready for it, as “we can’t want a
Ms. Schillace notes, is “a tension be- novel that man-made electricity some vital fluid that retained its mo- lamp, creating an intense, white and thing we haven’t a need for; the
tween past and future, anachronistic (generated by frictional processes tive force in the dismembered frog? steady light that dazzled the British smart phone could never have come
in its technology and magical in its and stored in Leyden jars) could This question drove the experi- Royal Society. before the internet.”
whirring gears and golden ma- cause involuntary muscle movement. ments of Alessandro Volta, whose “Clockwork Futures” is a bit slow
chines.” The genre aims to recapture The nature of “animal electricity” careful studies demonstrated that at the start, but entertaining and Mr. Kakalios is the Taylor
the spirit of discovery from two cen- fueled an intense scientific rivalry the electric current was not coming illuminating once it picks up steam Distinguished Professor in Physics
turies ago and invokes an age when near the start of the 19th century, from the frog itself, but from the (sorry). Along the way it answers at the University of Minnesota
“explorers and experimenters led when Luigi Galvani demonstrated metal electrodes attached to the some questions that I never thought and the author, most recently, of
risky, adventurous lives. They didn’t that dissected frog’s legs could be ends of the nerves. To prove this, to ask. For example, the reliance on “The Physics of Everyday Things.”
SCIENCE FICTION: TOM SHIPPEY
Writing the Future by Gaslight

H.G. WELLS’S 1897 all New York as well as London. In when sci-fi really took off. But were Other writers, however, latched “The Hall Bedroom” (1903) is a
“The War of the Mr. Baxter’s story Wells’s characters there no forerunners, no hints of on to ideas capable of a great deal of portal-story, with people disappear-
Worlds” must be the are back, but now have names and what was just about to come? Mi- development. The unknown Alice W. ing into some other dimension. So
most influential sci- personalities. They include the nar- chael Sims’s anthology “Frankenstein Fuller, possibly a pseudonym, was what happens to them there, the
fi story ever written, rator, Walter Jenkins, who is being Dreams” (Bloomsbury, 387 pages, well ahead of Isaac Asimov in her reader asks. Fit out an expedition!
provoking many ad- treated in Berlin for shell shock; the $22) brings the issue into focus. android story “A Wife Manufactured Have something come back the other
aptations, revisions and sequels, artilleryman, Bert Cook, who has be- It contains 20 items. Ten are by to Order” (1895), and Edward Page way! Ambrose Bierce’s similar
starting with the 1898 “Earth’s re- come a hero, literary lion and (even- familiar names—Edgar Allan Poe and Mitchell opened several avenues vignettes of mysterious disappear-
venge” story by Garrett P. Serviss, tually) Martian collaborator; and Mary Shelley, Jules Verne and E. with “The Senator’s Daughter” ances have inspired famous sci-fi
“Edison’s Conquest of Mars.” Yet most of all Julie Elphinstone, Wells’s Nesbit—five of which are excerpts (1879)—a war between China and stories, but he himself got no further
great as it is, Wells’s story is full of slender lady with the revolver, now from novels, like Wells’s “Moreau” America, won by China, restrictions than the “curious facts” level.
gaps. Why weren’t the technologi- a war correspondent. and Robert Louis Stevenson’s “Jekyll on interracial marriage, an American One other thing that stands out is
cally advanced Martians prepared What is the Martians’ plan? To es- and Hyde.” The remaining 10 are bride frozen until she reaches the re- the “science-induced anxiety,” in Mr.
for Earth bacteria? Why did they tablish perimeters, and within them Sims’s words, that seems to mark
only hit England? What was their to reshape Earth and humanity. the era. Mr. Sims includes excerpts
long-term plan? Most of all, couldn’t Spread Martian vegetation, to suck from a Thomas Hardy novel, which
Earth have made a better fight of it? oxygen out of the air. Start selective has nothing to do with sci-fi at all—
Thinking novelistically rather breeding of humans so they will be- except to reveal the shock created
than science-fictionally, why was it come as docile as battery chickens, to for a sheltered English lady as she
so short of characters? We have the starts to realize the vast scope of the
narrator and his brother, his wife universe, her view opened up by an
and cousin, the visionary but ineffec- A sequel to H.G. Wells’s ordinary telescope.
tive artilleryman—all nameless—and Similarly, far and away the best
the two Elphinstone ladies rescued ‘War of the Worlds’ and story in the collection is Rudyard
by the brother, one of them only a a collection of Victorian Kipling’s “Wireless” (published in
cipher. In his ambitious, far more de- Scribner’s Magazine in 1902). An en-
veloped sequel, “The Massacre of science-fiction stories. thusiast in an English coastal town
Mankind” (Crown, 486 pages, $27), is trying to get his homemade radio
Stephen Baxter has set himself to to work, and picking up transmis-
“write into the gaps” and produce be farmed for blood rather than sions from warships in the Channel,
Wells for the 21st century. hunted one at a time. Sci-fi authors garbled voices out of the air. His
In his story, it is 1920, two de- have written often about the idea of assistant, meanwhile, is serving in
cades on from the first failed inva- “terraforming” Mars. Did we never their shop next door, coughing in the
GETTY IMAGES
sion, with Mars and Earth once think that two can play at that game? bitter cold, and longing hopelessly
again in perihelic opposition. World Most of all, though, the novel is a after a young woman who calls in.
War I has taken place, but with Brit- shootout between the heat-rays and The shop is a pharmacy, the
ain still recovering from the Mar- the fighting machines on the Martian STATE OF THE ART A Victorian-era water-pumping station in London. cough is fatal tuberculosis, the
tians and unable to join in, Kaiser side, and the 1920s-plus technology young woman’s name is Fanny
Wilhelm has won. France is occu- of Earth—Edisonian flux-bombs and short stories published in magazines quired age-limit. The same author Brand, and what the dying man
pied, and Britain has become a mili- the Kaiser’s Gotha bombers. Mr. Bax- like the Strand and Atlantic Monthly, provides a back-in-time story, and keeps coming out with, under the
tarized state. ter develops brilliantly the possibili- by authors now forgotten, or known Grant Allen’s “Thames Valley Catas- influence of the drug he’s been
War has moreover accelerated ties open to both sides. It’s alien in- only to a few specialist researchers. trophe” (1897) starts off the disaster given, are fragments of Keats’s erotic
technological development, as it did vasion juiced up by alternate history, One thing the collection shows genre with a tale of “fissure erup- poem “The Eve of St. Agnes.” Some-
in real life, so that this time Earth with real people as well, as com- clearly is that there was no shortage tion,” based on discoveries in Ameri- how, he’s “tuned” to Keats, dead of
has Zeppelins and airplanes to fight plexly unpredictable as Bert Cook, as of sci-fi ideas back in the earlier 19th can geology. TB 80 years before. Spooky? No
with, and “landships,” or tanks feistily daring as Julie Elphinstone. century. Some of them turned out to Ideas, though, are not enough. It’s spookier than those voices coming
(which Wells predicted in 1903). Nor is it just Earth and Mars. be nonstarters in fiction and reality an old sci-fi adage that anyone could out of the void, carried by “Hertzian
Martian technology has been scav- There are other planets in the solar both. We soon discovered that no im- think up the automobile, but to make waves.” What else might we be able
enged as well, for nuclear power- system, and the Martians’ problem proved telescopes would detect “Man- a story you have to foresee gridlocks to “tune in” to?
sources, aluminum smelters and of global cooling remains, for them, Bats on the Moon,” as Richard Adams as well. The idea has to be taken to We are much harder to shock
heat-ray-resistant hull-metal. even after their defeat. From sci-fi’s Locke proposed in a hoax published a second or third stage, and this is these days. But it was the shock
But the Martians have also up- Valhalla, the shade of Wells must be by the New York Sun in 1835. Nor are what is usually missing here. Several effect of thoughts like Kipling’s that
rated their efforts, coming this time applauding. Perhaps with just a there giant jellyfish up in the strato- of Mr. Sims’s examples read like created the audience for sci-fi. And
immunized against bacteria, in thou- touch of envy: Now, why didn’t I sphere, creating the “Horror of the reports, not stories, and once the what with wormholes and quantum
sands instead of tens, and aiming at think of that . . . ? Heights” described by Arthur Conan “Gosh, wow” effect has gone, there’s physics, the universe has gotten only
all major population centers, most of The 1890s may have been the time Doyle some 50 years later. little else. Mary E. Wilkins Freeman’s a great deal spookier.
AUTUMN BOOKS
‘Never marry a man you wouldn’t want to be divorced from.’ —Nora Ephron
Twentieth-Century Woman
I’ll Have What She’s Having
By Erin Carlson
Hachette, 341 pages, $27
BY JEANINE BASINGER
THE TITLE OF Erin Carlson’s “I’ll

Have What She’s Having: How Nora
Ephron’s Three Iconic Films Saved the
Romantic Comedy” inspires a ques-
tion. If Ephron saved the romantic
comedy, where did she put it? Once a
lively staple among Hollywood genres,
the form is now sadly known as “rom-
com,” an odious term that reveals
how diminished such movies have be-
come. In the old days, when censor-
ship restricted the romantic couple
(no sex, please!) writers created imag-
inative plots that sizzled with the
delicious frisson of desire coming up
against sexual impossibility. As a
screenwriter Nora Ephron’s accom-
plishment—a major 1990s innova-
tion—was to reinstate the fun by find-
ing clever reasons why a modern
couple wouldn’t immediately go to
bed together. They were friends, not
lovers (1989’s “When Harry Met
Sally,” which she wrote but didn’t
direct). They had never met and lived
on opposite sides of the country
PHOTOFEST
(1993’s “Sleepless in Seattle”). They

were corresponding anonymously
through email, but turned out to be
business enemies (1998’s “You’ve Got CROSSTALK Billy Crystal, Bruno Kirby, Carrie Fisher and Meg Ryan in ‘When Harry Met Sally,’ written by Nora Ephron and directed by Rob Reiner.
Mail,” a remake of an Ernst Lubitsch
film in which James Stewart and self with large groups of loyal and man”). The author has flashes of hu- out-thought obstructionists and mas- successful dinner party: brilliant cast-
Margaret Sullavan were feuding co- devoted friends, collecting comments mor worthy of her subject, nailing tered the art of collaboration. ing, attention to detail, great catering
workers but secret pen pals). from those who knew her is an appro- 2003’s “Love Actually” as “your ex- “I’ll Have What She’s Having” has (she was a famous cook), perfect
To make the “then and now” point priate way to find out about her and boyfriend’s favorite romcom.” But one major problem: As a film histo- background music and the orchestra-
regarding sex, Ms. Carlson seized a her work. The deepest insights in the she drifts into cultural punditry, rian, Ms. Carlson is just plain wrong. tion of terrific conversation. Anyone
famous line from “When Harry Met book come from these sources, but mentioning social conservatism, the She claims that, except for Rosalind who thinks that demeans her should
Sally” as a provocative title. (It’s a Ms. Carlson tells a full, gossipy Cold War, feminism, the “pro-family” Russell in the 1940 version of “His try doing it.
safe bet everyone remembers the re- “behind the scenes” tale of Ephron’s movement and the trauma of AIDS— Girl Friday” (in a role originally writ- Two quotes Ms. Carlson provides
sponse to Meg Ryan’s faked orgasm in stylish and witty world of film. all on the same page. ten for a man), “only male characters shed serious light on Ephron. One is
a New York deli.) Ms. Carlson gives The author writes like a hyped-up Ms. Carlson slings a few zingers. played by Cary Grant and Jimmy from the writer herself, a woman who
credit for the fake orgasm idea to di- Hedda Hopper, describing Ephron in She describes the young Ephron as a Stewart were written as rascally re- kept her fatal illness secret and who,
rector Rob Reiner and actress Dani woman who “cultivated a cutthroat, porters.” Forget James Cagney, Lee near the end of her life (on June 26,
Minnick; to Mr. Reiner’s mother, the suffer-no-fools writing persona that Tracy, Clark Gable and those guys. 2012), said her play “Lucky Guy” was
actress who spoke the line; to Billy Nora Ephron’s films are skewered subjects.” She mentions a What happened to Bette Davis in about “somebody who has more luck
Crystal, who actually wrote it; and to “grudge” Delia held about her sister “Front Page Woman”? Barbara Stanw- than talent . . . and I know something
Ms. Ryan, whose acting inspired it. like great dinner parties, not helping after their father’s death yck in “Meet John Doe”? Jean Arthur about that.” The other is from her
Ephron is rewarded only with giving filled with brilliant people in 1992 and hints at false values in “Mr. Deeds Goes to Town”? And, son, writer Jacob Bernstein: “My
it her approval. learned as a Beverly Hills child of for that matter, the entire nine-film mom was kind and she was gener-
As a writer, Ms. Carlson is a and terrific conversation. screenwriting parents. She came of Torchy Blane series? Ms. Carlson ous. . . . She was also stern and unfail-
hunter-gatherer. The book was origi- age, Ms. Carlson writes, “in a town ranks Ephron as “an icon in the same ingly honest. . . . It is very powerful to
nally a 2015 Vanity Fair oral-history where looks—the right look—meant big league as . . . romcom pioneers be someone who’s both loved and
project, and she has amassed quotes bloggish terms as “a proto-Taylor absolutely everything.” Woody Allen, Preston Sturges and feared.” These words combine to
from diligent, wide-ranging research Swift” who “channeled heartbreak Nora Ephron was someone special. Ernst Lubitsch.” This is preposterous, mark Ephron out as a 20th-century
and from her own personal interviews into pop art.” (Ephron more likely My personal experience with her was and I can’t help but think Ephron woman educated by 19th-century atti-
with Ms. Ryan, Ephron’s sister Delia, thought of herself as a proto-Audrey always delightful. She was fun and would think so, too. tudes who defined herself on 21st-
Mr. Reiner and others. Tom Hanks Hepburn.) Ms. Carlson’s breezy, funny, a lady in the best sense of that Ephron deserves respect, but her century terms. It would be great to
provides insight into Ephron’s style of readable prose is full of insider term. She was also smart, talented movies are variations of the rom-com, read about that woman, who’s more
work by saying, “I think Nora trusted terms (“showmance,” an on-set ro- and deviously clever. She made things not revolutions. She wasn’t a director than the sum of three rom-coms.
Meg and me to get to where we mance between two stars) and pitch- work for herself in a movie-making with a personal visual style; she was
needed to be by way of the short- worthy descriptions (Harry and Sally world where it could be a challenge to a writer with ideas, a sense of her Ms. Basinger is the author of “I Do
hand . . . she developed with the two are “Alvy Singer and Annie be a woman and certainly a woman own era and the ability to organize a and I Don’t: A History of Marriage
of us.” Since Ephron surrounded her- Hall . . . with brushes of Ingmar Berg- director. She outmaneuvered enemies, movie shoot the way she would a in the Movies.”
CHILDREN’S BOOKS: MEGHAN COX GURDON
Pick Yourself Up, Dust Yourself Off

IT’S ALMOST a rule legendary site of King Arthur’s castle, mates. With three legs, rather than “Alfie” (Abrams, 40 pages, $17.95), a learn that he has an excellent reason
in children’s books and not by accident: One of Ms. the customary four, “Trio didn’t feel tale of friendship that may give a for leaving—and, in his languid way,
that a fictional Bartók’s writerly conceits is that all different. He could pounce. He could pang to almost anyone who has ever for returning. The real Alfie appar-
orphanage must her nicest characters know and love sneak. He could jump, whoops, well lost interest in a pet turtle—which is ently still trundles around Ms.
have a mellifluous the Arthurian stories. Some of them sort of!” In linocut illustrations to say, to almost anyone who has ever Heder’s childhood home. In an
name: Miss Pere- even sit at round tables. daubed with watercolor, we see the owned a pet turtle. author’s note, she writes: “The lucky
grine’s Home for Peculiar Children, Arthur takes refuge for a time with gray, green-eyed kitten skidding back- In Thyra Heder’s lovely story with thing about turtles is their lifespan is
for instance (in the 2011 novel by a gang of thieves and pickpockets, like ward after a failed leap. watercolor illustrations, we meet long enough for you to fall back in
Ransom Riggs), the Buffalo Asylum a groundling Oliver Twist, and when Trio is undaunted, however. He Nia, a little girl who gets to bring love with them.”
for Young Ladies (in a 2016 Kather- he’s pressed into committing bur- keeps trying, and his athletic experi- Alfie home on her birthday. “The Dan Santat reveals the full and
ine Marsh book) and now Miss glary, he stumbles on a terrible plot: mentation even extends to imitating lady at the store said he looked thrilling story of the most famous
Carbunkle’s Home for Wayward and Miss Carbunkle has a get-rich-quick the chickens that live in the garage he about six too,” Nia tells us. “We were egg in literature in “After the Fall”
Misbegotten Creatures. This last scheme involving the mechanical bee- and his siblings call home. He gives six, together.” (Roaring Brook, 40 pages, $17.99), a
belongs to the gloomy cruciform res- tles that will expunge all lovely picture book for children 4-8. In this
idence that Mira Bartók invents in sounds and all memory of music from telling, narrated by Humpty Dumpty
her debut fictional work for children, the world. “No more arias or water- himself, all the king’s men have
“The Wonderling” (Candlewick, falls or waltzes, no mouse hornpipes managed to put him back together
450 pages, $21.99). after his great fall: We see him
Its proprietress, Miss Carbunkle, is leaving “King’s County Hospital” in a
every bit as unpleasant as her sur- A traumatized egg, shirt and tie, bandaged and a little
name suggests: With a towering cracked.
orange wig and a heart withered a neglected turtle, a three- Alas, the trauma has left Humpty
from decades of jealousy, she legged cat—and a foxlike afraid of heights. Now he sleeps on
enslaves the orphans in her charge, the floor rather than at the top of his
forcing them to work long hours fellow with an ear for music. bunk bed. He can’t even bring himself
manufacturing curious electromag- to climb a ladder at the supermarket
netic beetles. to reach the garish deliciousness high
Such a theatrical villain requires, and reels or music of snow,” we read. in the cereal aisle: In a hilarious and
of course, a resilient and virtuous “And certainly no lullabies.” poignant illustration (see left), the
ROARING BROOK
hero, and in this beguiling tale of How this destruction will happen boxes at the top have names such as
destiny fulfilled our champion is is a little hazy—Miss Carbunkle is “Free Toy” and “Sugar Frosted
Arthur, a gentle, foxlike 11-year-old— trying to raise capital in order to Sugar” and glow with color, whereas
with his fellow inmates, he is a distribute the beetles free, at first, the boxes near our dejected friend
hybrid creature, or “groundling”— to generate demand—but the threat are gray and dreary (“Sad Clown”
who has one ear, no childhood mem- is sufficiently awful that Arthur himself dust baths, eats insects At first, Nia includes Alfie in her and “Bland”). Humpty yearns to make
ories, and a deep yearning for beauty resolves to return and thwart her (“yuck!”) and, after many false starts, games, makes him gifts and tells him his way to the top of his wall again:
and music. When his tiny friend designs. Small sepia-colored illustra- manages to ensconce himself in a jokes that he doesn’t seem to get. “I really missed the birds and being
Trinket devises a scheme for their tions throughout add elegance to hen’s nest. It is there, in the cozy “After a while, I kind of forgot about high above the city. But I could never
escape from the orphanage, Arthur this dramatic adventure for children warmth, that something happens—or Alfie,” she confesses. “He didn’t do do it . . . because I knew that
embarks on a quest through a wild ages 8-13. perhaps we should say someone much.” Then, on the morning of her accidents can happen.” Mr. Santat
wood and into the stygian corridors Like Arthur the Wonderling, born happens—to give Trio a fluffy seventh birthday, Nia discovers that gives full weight to the power of fear,
of a subterranean city to solve the with just one ear, the feline lead of companion with a conspicuous differ- Alfie’s tank is empty. Two bleak, which can daunt anyone who has
mystery of his origins. Andrea Wisnewski’s picture book ence of her own in this amiable tale colorless pages convey the child’s woe been injured, before showing Humpty
Arthur knows only that he was “Trio” (Godine, 40 pages, $17.95) for 2- to 6-year-olds. and emptiness. Dumpty’s eventual triumph with an
born on a street called Tintagel, has come into the world with a con- The character of Trio is based on a But in truth this is Alfie’s story, inventive ending that is nothing short
which shares its name with the spicuous difference from his litter real animal. So is the doughty hero of and in the pictures that follow we of exhilarating.
AUTUMN BOOKS
‘No adultery is bloodless.’ —Natalia Ginzburg
Beautiful Losers FIVE BEST: A PERSONAL CHOICE
The Chicago Cubs

By Rich Cohen
Eddie Waitkus, the real-life inspiration
for Bernard Malamud’s “The Natural.”
Mr. Cohen never goes into detail on
Anka Muhlstein
Farrar, Straus & Giroux, 273 pages, $26 these stories, so if you’ve heard them on adultery
before, you won’t find much new—
BY WILL LEITCH though I’d never heard the one about
how the Cubs were almost called the couples, one American, one English,
“Spuds.” Still, his light and funny A Handful of Dust meet in a spa in Germany and enjoy
I’LL ADMIT: I was expecting Cubs fans descriptions give a lot of pleasure. By Evelyn Waugh (1934) what seems to be a perfect friend-
would turn out to be jerks, and not Even if the book doesn’t cover new ship. But happy times are wrecked
1
just because I’m a Cardinals fan. After ground, you’ll have a fine time letting THE IDEA FOR this novel came by the death of Florence, the Ameri-
all, Red Sox Nation—the last baseball Mr. Cohen drive you through well- to Evelyn Waugh after a trip in can wife. It’s left to the surviving
fanbase to have waited nearly 100 known territory. the wilds of British Guiana, and characters—Dowell, the widower,
years between championships—swiftly When he at last drifts toward the eventually, as he describes it, it led and the other couple, Leonora and
became absurdly arrogant and de- modern day and the Cubs’ resurgence him to “a study of other sorts of Edward—to make sense of the
manding, waving World Series pen- under Mr. Epstein, the author hits the savages at home and the civilized endlessly complicated past. Dowell
nants in everyone else’s faces. Let’s be key point: The Cubs weren’t bad for all man’s helpless plight among them.” reluctantly confronts the fact that
honest: Winning a World Series turned those years because they were cursed The civilized man in “A Handful of his wife had been having an affair
Red Sox fans into Yankee fans. or doomed. The Cubs were bad be- Dust” is Tony Last, an English coun- with Edward for nine years. Adul-
That didn’t happen to Cubs fans cause so many owners had the same try gentleman who, above all, loves tery is tricky to maintain secretly for MS. MUHLSTEIN is the author of ‘The
after the team went all the way in his Gothic house, Sunday sermons, so long. Who was complicit? Who Pen and the Brush: How Passion for Art
2016. They’ve been . . . pretty appre- and fox hunting. His wife, Brenda, rebuffed whom? Is Edward “a raging Shaped 19th-Century French Novels.’
ciative of the whole thing. Within min- Win or lose, the Cubs had on the other hand, has in her bore- stallion”? Is Dowell “no better than
utes of their Game 7 victory in Cleve- dom taken a lover. Buoyed by her a eunuch”? The tangled themes of Mme de Rênal, a provincial aristo-
land last year, Cubs fans began writing always been beloved. friends and the pleasure of discuss- sex, money and honor deepen the crat, and the teenage tutor of her
names on the stadium wall at Wave- And this became the main ing the subject over the phone, she confusion. “I don’t know. . . . It is all children, Julien Sorel, the son of a
land Ave: names of loved ones who finally asks for a divorce, and her a darkness,” Dowell admits. In turn, brutal peasant. The seduction is a
died before they got to see their reason they never won. helpless husband agrees. But when Edward, incapable of surmounting dare that Julien sets for himself—
beloved Cubbies win it all. That my- Brenda proves greedy, Tony decides what Ford calls the “abominable in- such an unimaginable endeavor
god-it-finally-happened attitude hasn’t to divorce her without settlement of terests of sex,” decides to put an end that to succeed would be proof of
changed much since. The Cubs had a attitude as Phil Wrigley, the owner any kind, and goes off to Brazil. to his life. His parting words to his heroic nature. Mme de Rênal,
somewhat disappointing 2017 regular from 1932 to 1977: Don’t worry about She’s then swiftly abandoned by her Dowell are: “So long, old man, I used to the indifferent ways of her
season, but the wailing you’d have trying too hard to field a good team, lover, reluctant to marry a woman must have a bit of rest, you know.” husband, discovers pleasure in the
heard if the 2016 series turned out dif- because as long as that stadium is gor- who is “not provided for” and also arms of the inexperienced youth.
ferently hasn’t been there. After 108 geous and that ivy is growing on the by her friends. “It might occur [to Immediately, guilt follows. “Sud-
years, Cubs fans finally made it to the walls, fans will flock to Wrigley Field. them] to sock a girl a meal once in a The Golden Bowl denly, a word frightened her:
mountaintop, and they’ve been happy The Cubs’ charm became part of what way,” she thinks wistfully. She does By Henry James (1904) adulteress. . . . She had tasted, that
to stay up there, enjoying the view. was holding them back: The comfort of bounce back and marries Tony’s evening, a brand-new happiness;
3
Rich Cohen’s affable “The Chicago knowing they would be a part of your best friend, while he ends up AMERIGO, A CHARMING now she found herself plunged, all
Cubs: Story of a Curse” helps explain life win or lose was the primary reason trapped by a madman in the jungle. Roman prince of slender of a sudden, into atrocious
why Cubs fans are different from Red the Cubs never won. “Hard cheese on Tony,” conclude his means, and his former lover misery.” The young man leaves
Sox fans. Cubs fans went Mr. Epstein, who broke pals. For Waugh, civil society is Charlotte, an impoverished young and embarks on a brilliant career
through the pain every through with the Red doomed in this glittering world soon American woman, each attempt to that will be cut short through the
year just like Red Sox, brought an East to be shattered by war. solve their financial plights by get- actions of Mme de Rênal’s confes-
Sox fans did—and Coast impatience ting married. Amerigo marries sor. It isn’t a jealous husband who
for a lot longer, to Chicago and Charlotte’s friend Maggie, while provokes the drama but the
actually—but changed the The Good Soldier Charlotte marries Maggie’s wealthy church. Julien’s wild ambition, his
the pain team’s trajec- By Ford Madox Ford (1915) father. Prudently Amerigo and political leanings, threaten the
wasn’t the tory with the Charlotte keep their past affair order of post-Napoleonic society.
2
constant simplest THE REMARKABLE interplay secret—but can’t resist resuming it His amazing worldly success has
irritant it plan of all: between the characters here is after their respective weddings. to be curtailed, and it will be, in
was for Red Have a plan so subtle that every reading of Maggie, however, realizes the the most harrowing way.
Sox fans, to win. By the novel uncovers a new layer of truth—that “they went about
partly because the time Mr. understanding. What happened? together . . . and I don’t mean only
the Cubs never Cohen gets to Will we ever know? Two wealthy before—I mean after.” The tale has Like Death
got particularly Game 7, we have the feel of a devilish chess game. By Guy de Maupassant (1889)
close to winning a become his faith- Maggie lets her husband know he is
5
series. For Cubs fans, ful, loyal and easy discovered but leaves her father and IN THIS short novel, Any de
losing was a divine provi- companions. That game Charlotte in the dark. To protect her Guilleroy, the wife of a politi-
dence that everyone accepted, needs little embellishment, but marriage, she arranges for them to cian, asks Olivier Bertin to
a sign that even if life has suffering, Mr. Cohen makes us feel its drama go back to the States while she do her portrait. The inevitable
that doesn’t mean it’s not worth living. nonetheless. His happiness ends up remains in London, sacrificing the happens during her sittings and
Mr. Cohen documents Cubs fans being our happiness. intense relation she has with her leads to a long attachment. Very
clinging to talismans—the book opens I’m not sure we really needed an- father. The question remains: Who soon, Olivier is considered a
with Cubs president Theo Epstein, other book about the Cubs’ champion- is managing whom? “Maggie,” member of the family, loved by the
before an playoff game, encouraging ship—several authors beat Mr. Cohen James writes, “had so shuffled away wife, appreciated by the busy
Mr. Cohen to grasp a Cubs hat for to the punch—but this book is a pleas- every link between consequence and husband and adopted by their
luck—and joking about the curse ant reminder of what made last Octo- cause, that the intention remained, daughter. There’s the rub. Olivier
placed on the team by a disgruntled ber so exciting even for those who’ve like some famous poetic line in a falls in love with the girl. Her
goat owner. We hear laments about never set foot in Wrigley’s Friendly dead language, subject to varieties mother realizes it before anyone
near-misses—the Bartmans and the Confines. You can give it to the Cubs of interpretation.” else, and she doesn’t conceal her
Leon Durhams—but rarely detect any fans in your life, though they may still heartbreak. “It shouldn’t end like
anger. Mr. Cohen lays it all out in a be grinning and dancing around too this,” she tells Olivier. But Olivier,
The Red and the Black
BRIDGEMAN IMAGES
breezy, just-sort-of-cruising-by insta- much to find time to read it. aware that his love for the girl is
history of the franchise, starting with By Stendhal (1830) hopeless, hurls himself in front of
its previous championship in 1908. Mr. Leitch is a senior writer for a carriage. As he lies dying, Any
GETTY IMAGES
4
Much of this is familiar, stories of Sports On Earth, a contributing THIS IS THE STORY of an rushes to his side. For a last
Three Finger Brown and Grover Cleve- editor at New York magazine and improbable adultery commit- moment, they feel the force of old
land Alexander and the poor, doomed the founder of Deadspin. BEDFELLOWS From a 1480 book. ted by the very respectable passion restored.
Best-Selling Books | Week Ended Sept. 24

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AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
What Happened 1 1 Principles: Life and Work 6 New To Be Where You Are 1 New Dog Man: A Tale of Two Kitties 6 5 representing about 85% of the nation’s book sales.
Hillary Rodham Clinton/Simon & Schuster Ray Dalio/Simon & Schuster Jan Karon/G.P. Putnam’s Sons Dav Pilkey/Graphix Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
Killing England 2 New The Autobiography of Gucci Mane 7 New Haunted 2 New TheGirlWhoTakesanEyefor anEye 7 2 retailers, and food stores. E-book data providers
Bill O’Reilly & Martin Dugard/Henry Holt & Company Gucci Mane with Neil Martinez-Belkin/Simon & Schuster J. Patterson & J. O. Born/Little, Brown and Company David Lagercrantz/Knopf Publishing Group include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
The TB12 Method 3 New Unbelievable: My Front-Row Seat 8 3 A Column of Fire 3 1 A Legacy of Spies 8 9 fiction and nonfiction lists in all formats
Tom Brady/Simon & Schuster Katy Tur/Dey Street Books Ken Follett/Viking John le Carré/Viking include adult, young adult, and juvenile
titles; the business list includes only
Braving the Wilderness 4 2 The Subtle Art of Not Giving A F*ck 9 7 The Cuban Affair: A Novel 4 New Enemy of the State 9 7 adult titles. The combined lists track
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The Paradigm 5 New Anxious for Nothing 10 4 Wonder 5 4 The Romanov Ransom 10 6 to Peter.Saenger@wsj.com.
Jonathan Cahn/Frontline Max Lucado/Thomas Nelson R. J. Palacio/Alfred A. Knopf Books For Young Readers Clive Cussler/G.P. Putnam’s Sons
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Killing England 1 New What Happened 1 1 The Cuban Affair: A Novel 1 New The Cuban Affair: A Novel 1 New Principles: Life and Work 1 New
Bill O’Reilly & Martin Dugard/Henry Holt & Company, Inc. Hillary Rodham Clinton/Simon & Schuster Nelson DeMille/Simon & Schuster Nelson DeMille/Simon & Schuster Ray Dalio/Simon & Schuster
What Happened 2 1 Killing England 2 New Haunted 2 New Haunted 2 New Strengths Finder 2.0 2 2
Hillary Rodham Clinton/Simon & Schuster Bill O’Reilly & Martin Dugard/Henry Holt & Company J. Patterson & J. O. Born/Little, Brown and Company J. Patterson & J. O. Born/Little, Brown and Company Tom Rath/Gallup Press
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Ray Dalio/Simon & Schuster Tom Brady/Simon & Schuster Lee Child/Random House Publishing Group Stephen King/Scribner Book Company Kurt Andersen/Random House
Unbelievable: My Front-Row Seat 4 2 Principles: Life and Work 4 New It 4 4 To Be Where You Are 4 New Finish: Give Yourself the Gift of Done 4 1
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Ashlee Vance/Ecco Brené Brown/Random House Ken Follett/Penguin Publishing Group Ken Follett/Viking Chris Guillebeau/Crown Business
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The Paradigm 7 New Unbelievable: My Front-Row Seat 7 3 To Be Where You Are 7 New A Legacy of Spies 7 10 The Five Dysfunctions of a Team 7 4
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Madeleine Albright/HarperCollins Publishers Gabbie Hanna/Atria Books Penelope Ward &Vi Keeland /Penelope Ward Vince Flynn & Kyle Mills /Atria Books Dave Ramsey/Thomas Nelson
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Real Food/Fake Food 10 — The Autobiography of Gucci Mane 10 New Fool Me Once 10 New Dog Man: A Tale of Two Kitties 10 – Extreme Ownership 10 7
Larry Olmsted/Algonquin Books of Chapel Hill Gucci Mane with Neil Martinez-Belkin/Simon & Schuster Catherine Bybee/Montlake Romance Dav Pilkey/Scholastic Books Jocko Willink & Leif Babin/St. Martin’s Press
REVIEW
‘I think I kind
of became
fear-tolerant.’
By age 16, he had dropped out

of school to work in construction
and try modeling. A year later, a
Men’s Vogue photographer saw
him on the beach and got him a
modeling contract in Life Maga-
zine with actress and model
Brooke Shields.
Although he loved surfing, he
shunned surf competitions. (He was
able to get sponsorships for his
daring big-wave feats.) He dabbled
in acting, including work as Kevin
Costner’s body double in “Water-
world” (1995), but didn’t want to
confine himself to that either.
Mr. Hamilton considers himself a
contrarian and likes to quote Henry
David Thoreau’s maxim: “Disobedi-
ence is the true foundation of lib-
erty. The obedient must be slaves.”
Later in our conversation, talking
about people’s tendency to discour-
age new ideas, he quotes Ralph
Waldo Emerson, who said, “Blame
is safer than praise.” I ask him if he
reads a lot. “No, I don’t read really
that much,” he says. “I listen. I
think I just I retain stuff.”
He was always most excited
about trying new stunts in the wa-
ter—another topic that makes him
philosophical. “The ocean is so
honest,” he says earnestly.
“There’s no discrimination in the
ocean, and there are no referees.
It’s just pure and reliable.”
Mr. Hamilton and Ms. Reece split
their time between Kauai, Hawaii,
and Malibu, Calif. Two daughters,
ages 9 and 13, live at home with
them while a third, Mr. Hamilton’s
from a previous marriage, is finish-
ing college. Mr. Hamilton and Ms.
Reece run a three-day sports pro-
gram and retreat called XPT to-
gether in places like Kauai and
Montauk, N.Y. Preventing injury is
high on their list of fitness priori-
ties. Last year, on the same day and
at the same hospital, she had knee-
replacement surgery while he had
MATT FURMAN FOR THE WALL STREET JOURNAL
his hip reconstructed because of ex-

cessive wear and tear.
Outside of athletics, Mr. Hamil-
ton designs a line of clothing and
has a line called Laird Superfood,
which includes “performance mush-
room blend powder” and dairy-free
coffee creamers with coconut milk
powder and sea algae.
Mr. Hamilton is working on
some inventions, too, such as a
GolfBoard, an electric scooter for
riding around a course. He came
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE up with the idea after a
friend—84-year-old Don Wildman,
Laird Hamilton
founder of the company that be-
At 53, the extreme surfer came Bally Total Fitness—wanted
to play golf with him and agreed
is still making waves to let Mr. Hamilton ride his elec-
tric scooter as they played. Mr.
LAIRD HAMILTON can’t escape his can talk in peace. Just as he’s It looks like a glamorous life: him up and picked on him, espe- Hamilton found it to be so much
fans. It’s a warm summer day on shutting the door, a woman spots The movie shows him tanned and cially because he was one of the fun that he started working on
Long Island in New York, and he him and shouts, “Laird!” He waves. buff, riding massive waves and do- few white children at his school. creating one that he could sell.
has just finished conducting an Mr. Hamilton, 53, made his ing underwater workouts, and fea- Mr. Hamilton acted up at school, He still spends about five hours
awards ceremony for a stand-up name as an extreme surfer, often tures interviews with his equally at times throwing chairs out the a day in the water and likes to ex-
paddleboard race with his wife, taking on waves more than 80 feet tall and buff wife. window and writing obscenities on periment with new water sports,
the professional volleyball player high. He was one of the pioneers The film also goes into his diffi- the chalkboard (and then eating the such as bodysurfing underwater,
Gabrielle Reece. The 6-foot-2 of tow-in surfing, in which surfers cult childhood. The son of a single bar of soap his teacher told him to like a dolphin. He says people ask
surfer, with a mop of bright blond are pulled on a rope by jet ski or mother, Mr. Hamilton spent a lot of wash his mouth out with). him whether he has a “fear de-
hair, is hard to miss. As he tries to helicopter into the path of a huge time alone at the beach as a child But he loved surfing. Ms. Reece fect.” “I’ve been scared so much,
make his way out of the tent, peo- wave that they couldn’t otherwise in Hawaii. (His mother later mar- says that Mr. Hamilton has told her, so often at such a young age that I
ple keep stopping him to ask if reach. Now he is the subject of a ried famed surfboard maker Bill “Going to sleep and dreaming, I’d think I kind of became fear-toler-
they can take a picture with him. documentary, “Take Every Wave,” Hamilton, whom Laird had met on always wished I would wake up ant,” he says. Eventually, he adds,
He gets into the back seat of a released Sept. 29 in theaters and the beach and brought home.) He brown,” so that he could be like the getting scared “made me feel re-
friend’s unlocked Jeep so that we on demand. says that other children often beat Hawaiians who created surfing. ally alive.”
MOVING TARGETS: JOE QUEENAN

Coming Soon: Happy Endings for Every Tale
THIS WEEK, the Journal wrote downbeat and sometimes dysto- there is absolutely nothing wrong forget-me-nots and toys—like a
about an Indian accountant who
has built a vast media empire by
pian nursery rhymes? Why can’t
the same concept be applied to
In the new with being a hound dog. Being a
hound dog completes you. Anyway,
joyous, Mycenaean-era piñata. At
the Metropolitan Opera, Violetta in
producing kid-friendly videos that songs aimed at adults? version, things I love you just the way you are. “La Traviata” will figure out the
rework popular nursery rhymes.
In one video, Jack and Jill get a
In other words, following Paul
McCartney’s advice, is there any
turn out OK for Suspecting that other cultural
institutions would take notice of
source of her hacking cough, stop
smoking and get a flu shot.
pep talk about resilience and haul reason we can’t take a sad song Humpty Dumpty. the upbeat-nursery-rhyme phe- Hollywood is making the biggest
themselves right back up that hill and make it better? Sad songs, nomenon, I did a quite extensive changes: Being hanged, drawn and
to fetch a pail of water. In another, like nursery rhymes, often make survey of my contacts in publish- quartered will turn out to be noth-
“Little Miss Muffet” becomes a no sense. Sad songs, Elton, re- ing, theater and Hollywood to see ing more than a bad dream for
heartwarming tale about female ally don’t say so much. Why if a trend is developing. It is. Braveheart after a questionable
empowerment as the spunky hero- would anyone see a red door “Another Tale of Two Cities,” dish of haggis. And in the next in-
ine rebuffs the spider’s attempt to and want to paint it black? to be released this fall, brings stallment of the popular John Wick
steal her lunch: Sorry, buster. No What do you mean, nothing Dickens up-to-date by taking series, high-priced hit man Keanu
curds, no whey. And Humpty compares 2 U? I can think the rough edges off the vil- Reeves gets himself the cutest
Dumpty pays a visit to the doctor, of all kinds of things 2X as lains of the French Revolution. puppy ever, goes back on his meds
heals and picks up as before— good as U. Repentant at last, Madame and stops murdering everyone up
though, chastened by his experi- Taking dour songs and Defarge is seen knitting ador- and down the Eastern Seaboard.
ence, he stops perching on walls. transforming them into some- able little booties for Jacobin new- Finally, fairy tales are getting a
B.M. Krishnan, the accountant, thing joyous and life-affirming borns, while Robespierre, instead makeover: Rumpelstiltskin is now
has an army of artists and content- might be just the sort of pick- of sending aristocrats to the guillo- an avuncular old coot anyone
reconfiguration specialists churn- me-up that our troubled society tine, merely sentences them to would be glad to have for a land-
ing out the upbeat videos, which needs. I see a good moon a-ris- timeouts in the Naughty Corner. lord, and Maleficent from “Sleep-
NISHANT CHOKSI
have grabbed billions of views on ing; I see fun times on the way. Classics publishers have ing Beauty” turns out to be a mis-
YouTube. The obvious question: Is She’s gone, but who cares, she equally high hopes for a cheerier understood sweetheart.
there any reason his approach was a man-eater anyway. True, you version of Homer, featuring a Tro- Actually, I think somebody al-
should be limited to sprucing up ain’t nothin’ but a hound dog, but jan Horse filled with lollipops and ready tried that.
REVIEW
EXHIBIT
SKY HIGH
In his latest book, “Escape” (Abrams,
$45), photographer Gray Malin turned his
lens to places that “relax the mind and
help us unwind,” from parks to ski slopes
to beaches. Over the course of a few
years, he shot 22 destinations in 11 coun-
tries, often taking a birds-eye view while
hanging out of a helicopter door. The pro-
cess wasn’t exactly a vacation. “It’s sweat,
tears, a lot of jet lag and a lot of agony,”
he says. “But we all could use a little bit
of an escape.” —Alexandra Wolfe
KENSINGTON PALACE GARDENS, LONDON. Mr. Malin found oases even in big cities. ‘These shared spaces can transform even the busiest of cities into calm and tranquil places of escape,’ he writes.
THE REEF, BORA BORA. Mr. Malin writes that he likes photographing islands because PALM TREE BEACH, KAUAI. ‘The lush green grass, white sand and crystal blue water is
‘that physical break from a larger body of land provides an added mental break.’ a perfect combination for a great photograph, or a day at the beach,’ says Mr. Malin.
© 2017 GRAY MALIN
PLAYLIST: ALICE MCDERMOTT ASK ARIELY: DAN ARIELY
Courage From ‘Cats’ Deflated Expectations

A Broadway song helps a young writer
decide to skip law school
Dear Dan, Dear Dan,
Alice McDermott, 64, is a novelist rise / I must think of a new life / I’m a fan of craft beers, and when I hear about an I’ve set myself a weekly budget of $500, which should
and winner of the American Book And I mustn’t give in / when the exciting new one, I’ll get a case or two and invite cover groceries, lunch, coffee and nights out. I used
Award and National Book Award. dawn comes.” some fellow aficionados to share the experience. to put everything on my credit card and try to keep
A three-time Pulitzer Prize finalist, My parents didn’t really under- But as we crack open the new beer and sample it, track of my spending in my head, but I inevitably
she is the author of eight novels, stand the whole writing-literary- I almost always find myself disappointed. Why wound up spending more. To fight this credit-card
including her latest, “The Ninth novels thing. I think they hoped I’d does this happen so much? —Ben temptation, I started taking out $500 in cash every
Hour” (Farrar, Straus and Giroux). soon be ready for law school, Friday and spending
She spoke with Marc Myers. teachers college or motherhood. Your latest beer may only that. This strategy
Over that summer, the lyric line just not be that good, leaves me more aware of
I published my first novel in the haunted me so much that I wrote but I think something my outlays—but I’m still
spring of 1982. Though “A Biga- it in a notebook along with the else is probably going running out of cash by
mist’s Daughter” received some pros and cons of going to law on here: Your height- Thursday. What else can
nice, prominent reviews, it wasn’t school. Deep down, I was deter- ened expectations are I do? —George
a big seller. My husband mined to be a writer. working against you.
and I were still broke, liv- I kept working on my Raised hopes can influ- Your dedication is im-
ing in the suburbs of New ‘And I second novel, “That ence the way that we pressive. Having a bud-
York. “MEMORY” from
“Cats” helped me push
mustn’t Night,” which eventually
was published in 1987. It
experience something,
for good or ill, depend-
get for discretionary
spending isn’t easy, but
forward as a novelist. give in.’ sold well, and from then ing on the gap between it is the first important
In the summer of ’82, on, my career picked up. expectation and reality. step toward better fi-
my parents rented a house I did go to see “Cats” Imagine, for exam- nances. It’s also good
in East Hampton, N.Y. The with friends in the ple, that the new beer that you’re managing
house allowed my husband, who mid-1980s, but “Memory” didn’t you just bought mea- your weekly budget
was then a postdoctoral fellow at have the same emotional impact sures an objective without credit cards,
Albert Einstein College of Medi- on me during the show. The the- eight on a beer con- which are designed to
cine, and me to enjoy a string of ater wasn’t as intimate as the noisseur’s 10-point make it hard for us to
cheap weekends. Huntting Inn. Or maybe it was the scale. It’s a good beer, remember how much
In the evenings, we went to the lousy seats. but not an amazing we’ve spent.
Huntting Inn and nursed one. With that in mind,
a beer or two. “Cats” If you had been let me suggest two
MATT CHASE
hadn’t opened yet on hoping that your new things. First, instead of
Broadway, but the Lon- brew would be a nine, your expectations can “pull using cash, switch to a prepaid debit card that
don production had, and up” the way that you experience the beer, making you load with $500 a week. With cash, you tend
Chris, the bar’s piano it taste as if it really is a nine. Your heightened to estimate how much is left just by looking at
player, sang “Memory” at expectations would heighten your experience. the piles of bills you have; the debit card can tell
least once every set. On the other hand, if you were expecting a 10 you after each transaction exactly how much is
I was pretty glum as you raised your glass, the gap between the left in your weekly budget.
about my prospects of beer’s objective eight-point quality and your 10- Second, start your budget week on Monday, not
making a living as a nov- point expectations will be too large to bridge—so on Friday. With your current method, you’re giv-
elist. Every time Chris large, in fact, that you’ll be disappointed relative ing yourself the largest amount of money to start
got to the line, “I must to your expectations and feel like you’re drinking the most tempting part of the week—the week-
think of a new life,” I a mere seven. end—which leaves you more likely to overspend.
imagined that Chris and All of this means that the trick to happiness If you start your budget week on Monday, you’ll
everyone else there was (with beer as with much else in life) is to tame be more likely to try to save some cash to have a
looking at me with your expectations. Maybe try telling yourself that fun weekend.
pained sympathy. your latest brew is unlikely to
In all fairness, the bal- Have a be a 10, or remind yourself that Dear Dan,
EVERETT COLLECTION
lad was musically pleas- dilemma the odds that your next beer What is the most effective pickup line?—Janet
ant. It was still new then, for Dan? will be spectacular are very
before the song became low—and then be ready to en- A good pickup line should show some interest but
associated with an actor
Email joy it if that first quaff sur- not too much, and it should put the burden of proof
in a cat costume: “I AskAriely passes your less-than-great ex- on the other person. I’d suggest trying, “You don’t
must wait for the sun- ELAINE PAIGE in 'Cats,' 1981. @wsj.com. pectations. seem like my style, but you intrigue me.”
PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
1. Former judge Roy Moore D. An anonymous Saudi Museum of
won the Republican nomina- messaging app, embraced by Geometry puzzles are always a hit Mathematics
tion for a U.S. Senate seat U.S. teens with the math team, so the coach poses
from Alabama over a rival these triangular teasers.
backed by President Donald
Trump. Who was that? 5. Next year, Michelle Gass
will become the new CEO of
A. Luther Strange which major retailer?
B. Richard Baffling
C. Wendell Oddy A. Brooks Brothers
D. Gwendolyn Eerie B. Kohl’s Ten From Two
C. Wanamaker’s The coach shows the
D. Macy’s figure at right
2. Chester A. Arthur, the to the team,
subject of a new which demonstrates
biography, 6. Sonic, the fast-food chain,
how to draw a
became announced some bad news for
president customers. What was it?
straight line through a
after his pentagram to form seven
prede- A. The chain is going non-overlapping triangles,
cessor’s vegan. as indicated by the dots.
assassi- B. The bacon quintuple The team’s challenge:
nation. cheeseburger was banned by Draw two straight lines
Who was the FDA. through a pentagram to
killed? C. Hackers stole credit-card produce 10 non-
data. overlapping triangles.
A. William McKinley D. Prices are going up.
B. James Garfield ILLUSTRATION BY LUCI GUTIÉRREZ
C. John Garfield
D. Benjamin Harrison 7. Which anti-immigration
party took 13% of the German Triangular Boundary
vote, enough to gain a place in The coach then shows the team
3. The SEC is investigating Parliament? the diagram at right and asks:
whether PepsiCo fired former
What is the maximum area of a
general counsel Maura Smith A. Alternative for Germany
B. Germany First
rectangle contained entirely within a
for her handling of an internal
probe into potential C. Homeland for Germans triangle with sides of 9, 10 and 17?
wrongdoing at a Russian firm D. Pirate Party Germany
it acquired. What’s it called?
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org
A. Guccifer 2.0 8. Farmers in Vermont have

B. Dann-Bill-Wimm discovered that milkweed, a
SOLUTIONS TO LAST WEEK’S PUZZLES
C. Wimm-Bill-Dann hated nuisance, can be a cash
D. Winn-Dixie crop—for what purpose? Acrostic Unnewsworthy Varsity Math
y
(Jane) Austen, “Northanger Abbey”—“It is only H E H H E H S M E A T L E S S I S A T
A. Producing dairy-free milk a...book...in which the greatest powers of the mind A T E A L O T A G R E E D T O P U R E The Simple Multiple
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new mothers knowledge of human nature, the happiest
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GETTY IMAGES (2)
C L A P O S E T E A R I N T O C C S
for older women who hope to H O H U M A T M S P I E S O S O O N For previous
A. Authorship; B. Union Pacific; C. Shel Silverstein; A C E A E R I E P E P S I K E N Y A
conceive D. “Twelfth Night”; E. Euripides; F. Neck of the R OMA N T I C D A T E S R I S E F O R weeks’ puzzles,
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Sahara desert palm extract A L T R U I S T A U X R OW E strategies with
J. Tinsmith; K. “Heaven Can Wait”; L. Arsenal; G E N E R A L O R D E R S D A V I N C I other solvers, go to
E N O S N I N E H O L E S T E N C I L
M. Nevil Shute; N. Get out of Dodge; O. “Eight Days L A S S S T E M L E S S L E D G E R S WSJ.com/puzzle.
To see answers, please a Week”; P. Rodomontade; Q. Antithesis; R. Bellows;
turn to page C4. S. Bethlehem; T. Earthier; U. “You Go to My Head”
THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 50 One ___ (long
19 20 21 22
odds) 1
51 Pumice, once
23 24 25 26 52 Tire shop work 2
27 28 29 30 54 Take advance 3
orders for
31 32 33
57 1972 Derby 4
34 35 36 37 38 39 40 41 42 winner ___ Ridge
60 The Trojans of 5
43 44 45 46 47
the NCAA
48 49 50 51 52 53 54
6
61 Science fiction
55 56 57 58 author Frederik 7
64 Setting filler
59 60 61 62 63 64 65
65 Bit of geometry
8
66 67 68 69 homework
9
70 71 72 73 74 75 76
67 Many flower girls
68 Pran who was the 10
77 78 79 80 81 82 subject of “The
83 84 85 86 87 88 Killing Fields” 11
69 Hoodwink, 12
89 90 91 92 93 perhaps
94 95 96 97 98 99 100 70 Vacation 13
destination
101 102 103 104
71 Familiar redhead 14
105 106 107 108 109 110 111 112 since the 1910s
74 Popeye’s nemesis
15
113 114 115 116
117 118 119 120

75 Singer- Suggestion Boxes | by Patrick Berry
songwriter Mann
121 122 123 124 76 “I call ’em like Each Row of the grid contains a 6 • Fashion designer Wang Boxes
I ___” series of answers placed end to • Duck:drake::goose:___ • Nervously excited (8)
end, clued in order. Answers to
Pick-Me-Ups | by Alan Arbesfeld 77 Was familiar with
clues in the Boxes list must be
• Theodore Roosevelt’s First • Amy Adams role of 2013 and
79 Injure severely Lady 2016 (4,4)
Across 48 Hodgepodge 94 Steakhouse? 8 By ___ (narrowly)
80 Beat in a
packed into rectangular containers
7 • Helen Mirren’s title
shared by Tandy before entering. Letters in a given • Like cast iron (8)
1 Burrito garnish 98 “The Odyssey,” 9 Pinch pennies Nathan’s contest
and Chastain? Box should be packed left-to-right • Undercard listing • Hold back (8)
6 Attend without e.g. 10 Wearer of a red A
53 Pro athlete’s 81 Bad thing to and top-to-bottom, as • Street sign’s spot
invitation 101 Deli jarful • Strictly hush-hush (3-6)
no-no 11 Carpenter’s be up S A M shown in the SAMPLE.
102 Bear groove 8 • Oversee • “Year of the Cat” singer (2,7)
11 Holder of files
55 Frequently 84 Audrey Tautou P L E Box clues are ordered by
title role • “The Seagull” author
15 Bank 104 It may be 12 Bygone • Wasn’t conspicuous (7,2)
56 Second track on between here Monopoly token 85 Concluding parts S A length (shown in Chekhov • Clam diggers frequent them (9)
19 Letter on a
tablet, e.g.
the “Beatles ’65” and there 13 “Casablanca” 87 With it M P parentheses after each • “Fancy ___!”
album clue) but otherwise • Plant that’s a national symbol
20 Pike’s kin 105 Thwart pianist 88 “8 Mile” rapper
L E randomly, so you must 9 • Reached (2 wds.)
58 Licentious sort of Bangladesh (5,4)
107 Book page size 14 Rid of grime use the Row answers to determine • Excite, as interest
21 Vanishing sea 59 Entrepreneur’s 91 Skid row woe • Nonhuman construction
of Asia creation 109 Caffeine-free soft 15 Hardly peppy where each Box belongs. The 21 • Villainous organization in
95 Having a lip project (6,3)
22 “The ___ Gave drink 16 Fence-straddler’s Boxes will almost fill the grid; the the G.I. Joe universe
62 Egg head? 96 Clicking counter • Decides it’s too late to go
My Heart To” 113 Admonition to a problem remaining letters will spell a 10 • Candy maker who once
63 Symbols of naughty granny? 97 Copenhagen home, say (5,4)
(Aaliyah hit)
squalor 17 Kylo Ren’s mother suggestion seen on boxes. worked for Hershey
attraction • Film that “The Usual Suspects”
23 Students going 115 “It’s easy, pal, just
for a degree in
66 Tell-all about keep track of the
18 Grandstand 99 Reports on Rows • “___ la vie”
borrowed its title from (10)
philandering section • Get-together to raise the
riot control? shell with the 100 Study that 1 • Behind • What hardworking urbanites
physicists? pea,” perhaps? 24 Like grams and frequently spirits?
25 Motto of indoor • Sheepcote sound may get tired of (3,3,4)
70 Respiratory liters includes poli sci
stadium 117 It may be • Suggestion 11 • Military training group • Hefty offering? (7,3)
airways 26 Resolves he will 103 “No man is an
advocates? dominant • Sped along
72 Rightmost 29 Refused island, entire of 2 • Castaway’s home • To a thorough degree (6,3,3)
27 Agitated 118 Prohibition fans • Muscle ___, Alabama
numeral on itself” writer • Baroque composer buried • Affliction also known as
28 Squelches 119 Forearm bones 32 Rapace of 2012’s
some clocks 105 Two steps above at Westminster Abbey 12 • Thirty Years’ War sword
“Prometheus” tinea pedis (8,4)
30 Show one’s face 73 When they divide 120 Downtime, so to Cpl. • Waters of music • National park scenery
speak 33 DDE defeated • Fourth of July picnic staple
31 Pec pic they multiply 106 What you used • Crock-Pot concoction
him twice 3 • Made a touchdown (4,2,3,3)
32 Home of a lion 77 Shakespearean 121 Handle the bar to be 13 • Cutting edge
34 Senseis’ • Eats by candlelight, say • Without any help (6-6)
of Greek myth actor Edmund 122 Spicy selfie 107 It features rock
workplaces • Perfectly acceptable • Surprising plot development
78 Throat-soothing bands • Retail establishment with no
33 Madcap 123 Long campaign 35 Beginning of a • Independently
quaff 108 Much- 4 • Profit (2 wds.) new stock? (7,5)
34 Portrayer of 124 Hawk’s descent Tony Bennett 14 • Money lost in a fold?
82 Stan’s sidekick autographed • Ignite and launch, as • 1993 film starring Clint
Hughes, Hoover Down classic
medical item pyrotechnics (2 wds.) • Small-minded
and Gatsby 83 Plagues 36 Pelota basket Eastwood as a Secret Service
1 Highway hauler • Most resentful
38 British-American 86 Went on a 37 Hoppy pub quaff
109 Manuscript 5 • Wall Street pessimist agent (2,3,4,2,4)
coin? waterslide? 2 “Right on, enclosure, for • Bowl beside a toilet 15 • Provide the food • Red-haired actress who’s a
brother!” 39 Eggy quaffs short
43 World Cup cry 89 Ticker tape • ___ State (New York • Key computer in a network seven-time Tony nominee
letters? 3 Chorus bit 40 Scuzzball 110 Tijuana tot
44 Popular player nickname) • Sahara rarity (10,6)
since 2001 90 Succeeded 4 Time out? 41 Drawback 111 Edit menu choice
46 County on the 92 Provo’s northern 5 Pub fixture 42 Barely beat 112 Cop’s collar Get the solutions to this week’s Journal Weekend Puzzles in next
s
English Channel neighbor 6 Persian weapon 45 Trade show 114 Is for two Saturday’s Wall Street Journal. Solve crosswords and acrostics
47 Vicious on 93 Course 7 Colonial rule until presentations people?
online, get pointers on solving cryptic puzzles and discuss all of the
stage requirement 1947 49 Sunday deliveries 116 Shtick bit puzzles online at WSJ.com/Puzzles.
REVIEW
MASTERPIECE: ‘RÉPONS’ (‘RESPONSE’)
(1981), BY PIERRE BOULEZ
COMPOSING
ORGANIZED
DELIRIUM
BY STUART ISACOFF
IN THE EARLY ’90S, the composer, conductor and modernist

crusader Pierre Boulez, whose hallmark work, “Répons,” will
be performed at New York’s Park Avenue Armory on Oct. 6
and 7, was giving a Carnegie Hall workshop for young conduc-
tors. At one point an apprehensive participant was leading
the orchestra through the beginning of a contemporary
piece—the kind of rhythmically complex, texturally intricate
music that was Mr. Boulez’s stock in trade—and though the
student was giving it his all, it just wasn’t working.
The young man’s hands, arms and shoulders meticulously
delineated the work’s every musical detail, offering the play-
ers a perfect roadmap to follow, yet the sound of the orches-
tra was stiff and aimless. “You can’t do that to the musicians,”
admonished Mr. Boulez, before explaining that by subdividing
every difficult rhythm and micromanaging each element in
the score, he had succeeded only in creating excessive tension
in the performers. Then Mr. Boulez raised his own arm in a
single sweeping gesture and the ensemble suddenly came to
life, the music opening up like a blossoming flower.
Despite his reputation for mathematical precision and for-
mal rigor, the French master was avowing the primacy of
sonic beauty. It shouldn’t have been a great surprise: Much
of his original music traffics in such contrasts, reconciling the
twin poles of strict organization and spontaneous play, or the
impulse to spin logical structures with the visceral pleasure
of basking in instrumental color.
No Boulez work demonstrates this philosophical friction
more than “Répons” (“Response”), a 1981 composition (later
revised) for six pitched-percussion soloists, an ensemble of
strings and winds, and live electronics, lasting 45 minutes. As
M+ SIGG COLLECTION, HONG KONG (2)
the title suggests, the piece is based on the idea of call and
response, though the organizing principles are intricate; and
their set formulations are complicated further as the sounds
are digitally manipulated in real time. Some of the perceived
“responses” occur between the acoustic tones and their elec-
tronic reflections.
The Ensemble Intercontemporain, a group founded by Mr.
Boulez and now conducted by composer Matthias Pintscher,
will be performing the work in what
BREAKING DOWN A MYTH: Wang Guangyi’s ‘Mao Zedong: Red Grid No. 2,’ 1988 Mr. Pintscher describes as the ideal Using
venue for it. The Armory’s 55,000-
square-foot Wade Thompson Drill physical
ICONS space to
Chinese Art,
Hall, with its 80-foot-high barrel-
vaulted ceiling, brings to mind other
sites historically associated with an- hear anew.
tiphonal works, like St. Mark’s Cathe-
dral in Venice, where Baroque com-
In Your Face
poser Giovanni Gabrieli placed singers in opposing choir lofts
across the church’s expanse to take advantage of such special
effects as sound delay and echo. Mr. Boulez also had a partic-
ular spatial configuration in mind when he composed
“Répons”: The ensemble is surrounded by the audience, which
is in turn encircled by the soloists, as well as by speakers is-
From post-Tiananmen era, satire and provocations suing streams of amplified sound waves that are projected
throughout the hall.
that stirred protests—in the U.S. The challenge of fashioning these elements into a cohesive
whole was carried out through experimentation at IRCAM, the
BY SUSAN DELSON acter ‘gu’”—which suggests, among other things, chaos. government-funded French laboratory, founded at Mr. Bou-
In post-Tiananmen China, some artists produced works lez’s behest in 1977, dedicated to the development of interac-
AN EXPANSE of blowtorched plastic resembling human or- that analyzed bureaucratic power structures or pointed up tions between musicians and technology. Like the piece’s care-
gans. A well-known image from the 1989 crackdown in Bei- their absurdities. The New Measurement Group in Beijing, for fully calculated pitches and rhythms, the electronic
jing’s Tiananmen Square, with the figures of two wounded instance, carried out a series of exercises done as mathemati- enhancements of “Répons” are integral to the composition’s
students replaced, for no obvious reason, by emperor pen- cally defined, gridlike works on paper. Following the group’s structure.
guins. Men standing in their underwear amid the bloody car- self-imposed rules, these works were supposedly designed to There is an intense emotional force driving this music, ex-
casses of a butcher-shop workroom. eliminate the individual from the art-making process. Other plains Mr. Pintscher. “At the same time,” he says, “there is a
“Art and China After 1989: Theater of the World” is not a artists focused on the rapid urbanization and pervasive con- strong consciousness, even an obsession, about the construc-
soothing show. And that, one might say, is the point. sumerism that followed Deng Xiaoping’s economic liberaliza- tion. Some composers may use high-tech effects arbitrarily,
Opening Oct. 6 at New York’s Solomon R. Guggenheim Mu- tions of 1992. Still other artists became expatriates. as if adding nail polish, but in this case they are formed in a
seum, the exhibition explores a side of contemporary Chinese At the Guggenheim, flashes of poetry and acerbic humor perfect synergy, varied as a result of the particular attacks of
art not often seen in U.S. museums—“rambunctious, gritty, are on display throughout. “Sewing” (1997), a dreamlike in- each player, depending on how that player feels in the mo-
messy stuff,” as lead curator Alex- stallation by Lin Tianmiao—one of ment. It makes the whole process human.” Boulez’s instru-
andra Munroe describes it. Span- the few women artists active in mental choices are also shaped with scientific precision, using
ning from 1989 to 2008—in effect, China during these decades—fea- a “scale of resonance” based on how long each can naturally
from the Tiananmen crackdown on tures a foot-operated sewing ma- sustain a tone after a note is struck.
dissent to the Beijing Olympics— chine, meticulously wrapped in un- At the Armory, “Répons” will be performed twice at each
the work is undeniably provocative: dyed cotton thread, on which the concert, with audience members encouraged to change seats
Before the opening, several pieces video projection of a woman’s at the intermission. That way, if someone is close to the
involving animals raised such an hands endlessly feeds fabric toward glockenspiel at one sitting, he or she can choose to be near
outcry that the museum removed a phantom needle. By contrast, a piano at the next. The lighting will be changed as well.
them. Even so, the show’s nearly Zheng Guogu’s performance work How does the music sound? Boulez’s writing is virtuosic
150 works offer a bracingly fresh “Visual Art, Add Oil! March For- and dazzling, at times, a maelstrom of “organized delirium,”
perspective on China during this ward!” (1999/2005)—its title a sly in the composer’s phrase. When the six soloists enter, the ef-
era—and place Chinese artists not wink at the slogans of Mao’s era— fect is luminous and explosive. Bursts of energy alternate with
at the exotic fringes but at the cen- involved coating toy tanks in a tra- penetrating silence; abrupt transitions lead from moments of
ter of the burgeoning global art cir- ditional egg-and-flour batter and calm to improvisatory-sounding flurries of fast notes, which
cuit of the time. deep-frying them as if they were then freeze into resonant clouds. These conflicts and contra-
The exhibition’s six segments shrimp. Eight are on view. dictions form the aesthetic essence of the work.
spiral up the Guggenheim’s rotunda Even with the entire museum “How do we know when to move on?” asks Mr. Pintscher,
ramps, beginning with what is lit- AI WEIWEI satirized consumer culture with rotunda and two tower galleries at who must in fact tell the musicians when to start and stop.
erally a hole in the ground. Sunk ‘Han Dynasty Urn With Coca-Cola Logo,’ 1993. their disposal, the curators found By way of answering, he offers an insight. “Search for that
into the floor of the rotunda, the that they could not fit everything moment when the sound actually fades. Follow the decay of
video monitor in Wang Gongxin’s just-completed “Sky of Bei- in. Some artworks were simply too big. So Ms. Munroe, Mr. the resonance to its end, and it becomes extremely intimate.
jing—Digging a Hole in New York” displays recorded footage Tinari and the exhibition’s third curator—Hou Hanru of That is what the piece is about.”
of the sky over the Chinese capital. It’s the counterpart to Maxxi, the National Museum of 21st Century Arts, Rome—
“Sky of Brooklyn—Digging a Hole in Beijing” (1995), an in- found smaller-scale alternatives. They chose, for example, Wu
stallation that Mr. Wang made more than two decades ago, Shanzhuan’s “Today No Water” (1986–96), which Ms. Munroe Mr. Isacoff’s latest book is “When the World Stopped to
after several years in the U.S. Both works are a playful riff on describes as “437 pages of sarcastic commentary on the state Listen: Van Cliburn’s Cold War Triumph and Its After-
the idea of “digging a hole to China.” of Chinese bureaucracy.” math” (Knopf).
A large gallery off the first ramp was intended to display The exhibition’s final section is studded with work by art-
the caged environments of Huang Yong Ping’s “Theater of the world luminaries Cai Guo-Qiang and Ai Weiwei, who is also
World” (1993)—the exhibition’s signature work—and a com- co-curator of the documentary film series accompanying the
panion piece. Mr. Huang’s “Theater of the World” casts live show. The closing section poses the question “Whose Uto-
leopard geckos, Italian wall lizards, hissing cockroaches, goli- pia?” and includes a presentation of Mr. Ai’s performance
ath beetles and other mutual predators in a Darwinian fight piece “Fairytale” (2007)—in which he brought 1,001 ordinary
to the finish. The work was among those dropped from the Chinese citizens to Kassel, Germany, as part of a big art exhi-
show after protests by animal-rights groups and others, with bition. The exhibition will showcase a feature-length video,
much of the outrage centering on a video of pit bulls forcibly wallpaper portraits of participants and 32 pieces of luggage
restrained from fighting each other. custom-made for the trip.
To many critics, the brutal reality in the piece by Mr. Although the Guggenheim exhibition stops at 2008—
Huang reflects the shattering disillusionment that followed with the Olympics, the financial crisis and the dawn of so-
the bloody Tiananmen crackdown of 1989 and the horror that cial media—few of its artists have so much as paused for
“this very utopian, liberal push for new freedoms and new breath. Of the 71 in the exhibition, 67 are living, and about
CHRISTOPHER SERRA
ideas could end in such an awful way,” said co-curator Philip 40 of them, said Ms. Munroe, will be at the opening next
Tinari of the Ullens Center for Contemporary Art in Beijing. week. “They’re very current in the contemporary Chinese
In the early 1990s, Mr. Huang, now 63, reflected on the work: art world and internationally,” she said. Despite the history
“Is the ‘Theater of the World’ an insect zoo?” he wrote. “Or, they have lived through, or perhaps because of it, “these
rather, a modern representation of the ancient Chinese char- are very active artists.”
When the moon The superior

hits the sky like subcompact?
a big glass of Dan Neil on the
wine, that’s a 2018 Toyota
pizza pairing C-HR
D6 D10
EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | D1
Get Down
Tonight
This winter, the dowdy, downy
puffer goes glam enough to
take on the town. Practicality
and warmth, meet chic
ANDY RYAN FOR THE WALL STREET JOURNAL, HAIR BY BRITT WHITE, MAKEUP BY JOSEPH CARRILLO, MODEL: BRYNN BONNER/RED MODEL MANAGEMENT
READY FOR
ITS CLOSE-UP
Jacket, $5,930,
Dress, $1,200, and
Necklace, $555,
Miu Miu, 212-641-2980;
Earrings, $60,000,
Fred Leighton,
212-288-1872;
Blanket, $8,000,
pologeorgis.com;
Unattributed Chair,
$3,500, High Style
Deco, 212-647-0035.
Fashion Editor:
Rebecca Malinsky
insulated tube with arms. The move away from that Take Sacai’s dressy parka, a texture-rich mashup of
BY ALEV AKTAR
generic puffer, universally prized for its lightweight nubby wool and neat nylon trim—stylish for day but
T
warmth yet pitied for its deeply unsexy style, is wel- glam enough for a night out. “The idea was to hybrid-
HE HUMBLE DOWN coat has gone haute. come. “Puffer coats used to be all about function and ize a ski jacket and elegant tweed jacket into one that
Goosed by the demand for warmth and less about fashion, but brands like Balenciaga, Vete- could be worn while you ski and also in the city,” said
comfort from women unwilling to suffer ments, Public School, and Moncler have changed that,” Tokyo-based Sacai designer Chitose Abe in an email.
for fashion, designers have reinvented the said Tracy Margolies, chief merchant at Saks Fifth Av- In a similar vein, Thom Browne’s sunny yellow
cold-weather staple with the same glamor- enue. “They are offering us versions that are more de- puffer vest features haberdashery details: double-
ous intent they use for a silky blouse or drop-dead eve- signed, well-tailored and novel when rendered in the breasted buttons and a natty notched collar with con-
ning gown. There’s been a shift away from cloth and fur colors and fabrics of the season.” trast trim. “I wanted to work in the same way I do
coats, as evidenced by the fall collections: These new Indeed, the pleasingly plump new puffers have shed when making a traditional tailored piece of clothing,”
femme-fatale puffers have been lavished with luxurious that serial conformity and shapelessness that made said Mr. Browne, who also designs the Moncler
touches, from fluffy fur collars to arty prints, that make anyone wearing one resemble a vertical sleeping bag. Gamme Bleu premium down line for men.
them as sophisticated as any Chanel jacket. Many of the newest iterations are seamed to accentu- Miu Miu founder Miuccia Prada, meanwhile, fes-
For years women have resigned themselves to ate the body, providing a womanly shapeliness in tooned her sporty ski coats with lavish fox-fur collars,
wearing the drab commuter coat with its stodgy sil- place of utilitarian boxiness. These coats stand out in a look other designers are echoing with both faux and
houette and unflattering channel stitching—a sort of the crowd instead of blending into it. Please turn to page D2
[ INSIDE ]
MANORS, MANORS! FOREVER YOUR GRILL

With great politesse, these British estates This seductive Portuguese method will
are letting tourists spend the night D8 have you sizzling outside long into fall D5
HIGH-TECH TASTINESS DESIGN THAT WILL SIT

The secret to precision food preparation? WELL WITH YOU
Induction cooktops D9 Highlights from the London fair D4
D2 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 * *** THE WALL STREET JOURNAL.
STYLE & FASHION
THE CHIC PUFFER COMETH
Boss Tweed
BOW DOWN Jacket, $5,000, Instead of the predictable parka silhouette, Sacai de-
Chanel, 212-355-5050; Dress, $595, signer Chitose Abe adapted a blouson shape for her
nililotan.com; Earrings, $80,000, sophisticated wool tweed and alpaca puffer. Sacai
ANDY RYAN FOR THE WALL STREET JOURNAL, HAIR BY BRITT WHITE, MAKEUP BY JOSEPH CARRILLO, MODEL: BRYNN BONNER/RED MODEL MANAGEMENT (MODEL); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (PUFFERS)
Stephen Russell, 212-570-6900 Coat, $3,120, Dover Street Market, 646-837-7750

Continued from page D1

real pelts. “These updated styles
with fur elements add novelty,” said Satin Wrapper Navy Zeal
Mario Grauso, president of the tony “Hip-length puffers are trending slightly better Sure, it’s cropped but this polyfilled puffer provides
Canadian department store chain than longer versions,” said Saks Fifth Avenue’s insulation and warmth. “Pair it with a pencil skirt
Holt Renfrew. If you’re willing to Tracy Margolies. Jil Sander Coat, $4,190, Totokaelo and knee-high boots,” says AYR’s Jac Cameron.
pay more for outerwear that isn’t a New York, 206-623-3582 Snowdrift Jacket, $395, ayr.com
cookie-cutter basic, you might rel-
ish such flourishes. Mr. Grauso said 6 ALTERNATIVES
his customers also gravitate to un- TO THE SAD PUFFER
expected color options and fabrics.
Want more than a cookie-

cutter basic? You might
relish such flourishes.

Affordably priced brands from

Zara to Theory are playing with

proportions and finishes to prettify

their puffers. Designers of the new
coats are also trying to make them
more flattering to steer clear of any
Stay Puft Marshmallow Man conno-
tations. “Not looking bulky is defi-
nitely a consideration,” according to
Jac Cameron, co-founder and cre-
ative director of AYR, a New York-
based line.
For AYR’s hip-length polyfill Bohemian Toile Trimly Tailored
puffer cut from a soft, yet sturdy Belgian designer Dries Van Noten collaged arty This dapper, double-breasted puffer vest comes from
Japanese navy satin, for example, prints—a landscape toile and bold geometrics—for designer Thom Browne, who reinvented another tai-
Ms. Cameron added a funnel collar this notched-collar puffer. Dries Van Noten Coat, lored look—the tuxedo—as a puffer, complete with
that “draws the eye up,” to put less $2,450, bergdorfgoodman.com tails. Coat, $4,200, Thom Browne, 212-633-1197
emphasis on the body. (It’s an at-
tractive option, too, for women Little Pink Riding Hood
prone to neck shivers.) A slimmer This sweet rosy puffer from Moncler, the Italian brand
sleeve, she said, contributes to the known for its down-filled jackets, will assuredly keep
overall impression of sleekness. you toasty in any deep freeze. Nerium Jacket, $1,810,
Of course, down coats were in- Moncler, 646-350-3620
vented to satisfy necessity, not van-
ity. The fluffy plumage beneath a
waterfowl’s feathers boasts the best Fashion from the Extreme,” an ex- By the aughts, the winter work- Hoody is an alternative to down New Paltz, N.Y., wore fur coats, but
warmth-to-weight ratio of any fill, hibit at the Museum at FIT that horse had gone so mainstream it with its PlumaFill synthetic insula- she hasn’t retrieved them from stor-
making it ideal for subzero climes. runs through Jan. 6. Designer became mundane. Innovation ar- tion. “Lightweight down outerwear age since converting to puffers back
One of the first known puffers Demna Gvasalia’s supersize cherry rived in the form of cropped, light- has evolved into an everyday item,” in 2010. Patagonia’s Fiona is “my fa-
was developed by Eddie Bauer in red down jacket from his 2016 weight “down sweaters,” packed says Lee Turlington, chief product vorite coat of all time,” said Ms.
1936, after he nearly died of hypo- Balenciaga debut is also on display.) with a less-is-more down known as officer at Canada Goose. Schanberg. Yet she is thrilled with
thermia on a fishing trip. The in- The puffer didn’t leave the moun- “high-loft.” Soon, Uniqlo’s Ultra While this kind of puffer, no longer the idea of glamorous puffers, since
trepid manufacturer went on to tain for midtown until American de- Light Down jackets—gorgeously as stylish as it once seemed, may suf- the “older ones made you look like
outfit the first Americans to sum- signer Norma Kamali created her hued and under $80—were roosting fice for those in warm regions, longer the Michelin Man.”
mit Mount Everest in 1963. (Eddie sleeping bag coat in 1973. Suddenly, everywhere. Canada Goose’s Hy- ones are needed for chillier climes. As for her furs? “Obsolete,” she
Bauer’s original jacket can be seen stylishly swaddled women were out Bridge Lite styles weigh under a For some 20 years, Jane Freiman said. “Bury me in my fur coat. It’s
in the unflashy flesh in “Expedition: in force in full, padded coverage. pound; Patagonia’s Micro Puff Schanberg, a home-design blogger in not good for anything else.”
BARNEYS.COM
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | D3
STYLE & FASHION
Meek Clothes Shall Not Inherit the Earth

Don’t be an enemy of the statement piece: Wear fall’s attention-getting styles at any level of loudness you desire
BY JACOB GALLAGHER
S
OME CLOTHES are like
periods: neat punctua-
tion marks that take an
outfit no further than ex-
pected. Other clothes are
exclamation points: amped-up
touches that elevate your look into
something more remarkable, less
routine. This fall, menswear is full
of the latter: high-impact pieces
that telegraph that you’re not an
undistinguished part of the wood-
work, that you’re stylish enough to
give them a shot. “It’s about em-
bracing the bold and saying ‘Yep,
I’m going big,’” said Mr. Porter’s
U.S. editor Dan Rookwood, who is
involved in packaging the product
assortment for the shopping site.
Big is what sells these days. So
much shopping is done online and, as
men scroll through pages of options,
clothes that just timidly whisper
“Psst, over here” are less likely to
make guys stop and buy. That might
explain why designer Jonathan An-
derson saw fit to create a rainbow-
hued shearling dreamcoat at Loewe,
It’s easy to add personal

panache in a small,
medium or large way.
or Thom Browne to whip up cardi-

gans colorblocked in red, white and
blue. The antithesis of timid, Ales-
sandro Michele at Gucci appliques
hats, tops and jeans with motifs like
bats, cats, bugs and wolves that
make Ralph Lauren’s polo pony seem
like a meek flea.
Still, making an impact as you
step through the door is one thing;
repelling people with an eight-
color hissing-cat sweater a la Gu-
cci is quite another. “It’s a delicate
balance to do [a statement piece]
in a way that doesn’t scream,” said TALKING POINTS From left: Gosha
New York stylist Julie Ragolia. Rubchinskiy Scarf, $100, Dover Street
Luckily, with so many eye-popping Market, 646-837-7750; MP Massimo
menswear styles to choose from, Piombo Coat, $1,255, farfetch.com;
PING ZHU
you can easily add personal pa- Sweater, $2,270, Prada, 212-664-0010
nache in small, medium or large
doses. “Everyone is homing in on
what his ‘signature’ is,” Ms. Rago- LEVEL 1 LEVEL 2 LEVEL 3
lia added. “I don’t know if it’s A STANDOUT SCARF A SINGULAR COAT A GO-FOR-IT SWEATER
about grabbing attention or more Searching for a slice but not the whole pie? Forget With overcoats, the sedate look can look dated. Fearless dressers can go further. Still, when wear-
about having a strong identity.” about those trying-way-too-hard designer ensem- Trade a stiff chesterfield for a louche, unlined top- ing a sweater as unfettered as this (a much bigger
One way to achieve balance: Stick bles that mash up tie-dye swirls with Victorian em- coat such as this one from Milanese label MP commitment than the Massimo coat), restrain
to pieces that amplify classic mens- broidery. The real world—aka your friends and Massimo Piombo. The “statement” here comes not yourself. “Just have one statement piece as the
wear patterns, such as the large- loved ones—wouldn’t tolerate that kind of runway only from the oversized herringbone pattern but focal piece,” explained Mr. Rookwood. This nicely
scale herringbone of MP Massimo extravagance without mocking you. Instead, con- from the drapey, commanding silhouette. It’s a noticeable crewneck from Prada has a can’t-miss
Piombo’s topcoat (center right). sider a statement you can make with impunity, like forceful look but not one that’s so extreme you’ll diamond quilted pattern on the front. “If you
Stella McCartney blew up a picnic this two-in-one scarf from wry Russian skatewear feel conspicuous in it. Initially, you’ll probably want pair it with other stuff that’s fighting for attention,
plaid for a coat and Dries Van Noten label Gosha Rubchinskiy. One half is conservative to wear a coat like this with solid-colored support- the overall effect can really be difficult to look at
adapted a Fair Isle pattern on a bell- wool tartan, the other is chartreuse green embla- ing pieces. With time, you might find that “the because the eye doesn’t know where to go,” he
shaped sweater. zoned with the sort of ’90s soccer logo that is en- statement” isn’t so tough to pull off: “Suddenly said. Other great alternatives can be found this
Here, three levels of commitment: joying a nostalgia-fueled renaissance. Should your you’re like ‘Wait a minute, I can wear it with stripes season from designers such as RRL, Dries Van
a low-risk scarf, a bolder topper and wild streak fade at any point in the day, wind the and plaids or something colorful,’” said Ms. Rago- Noten and Sacai. Frame such high-profile knits
a sweater that you need to have con- side with modest plaid on it discreetly over the lia, “where once upon a time you thought you’d with black trousers and sturdy lace-up boots.
siderable moxy to pull off. acid-green logo’d one. only wear it with something dark.” Done, not overdone.
ITALY 1927
FURLA.COM
5th AVENUE & 51st STREET, NEW YORK

212 572 9945
DESIGN & DECORATING

Plank Goodness
One part wing chair, one
part Donald Judd sculp-
ture, Sue Skeen’s settle
bench in oak, ash or Doug-
las fir stylishly updates a
classic old-English form
with the addition of puz-
zle-like arms and rounded
feet. Sue Skeen Plank Set-
tle Bench by the New
Craftsmen, from $7,240,
thenewcraftsmen.com
Frond Ambition
Inspired by the branching patterns
of ferns and palms, Irish designer
Ciara O’Neill crafted a pendant light
of textured book cloth and corru-
gated polypropylene—strong, heat-
resistent and fully recyclable—that
has a distinctly Scandinavian mien.
Frond Pendant Light, from $380,
Ciara O’Neill, 44-77-5609-2568
Coffee Mates
Whether you drip or filter, this heavyweight coffee
mill in solid copper or brass will let you hand-prep
The Top 10
your coffee beans in style. Cyprus-born, Britain-
based designer Michael Anastassiades streamlined
the nearly foot-tall totemic form by developing it
with an internal ratio cylinder, not a handle; the
fourth-generation workshop of Carl Auböck in Vi-
enna produced it to exacting standards. Coffee
Brit List
Grinder, about $2,000, sigmarlondon.com
Salt Right
South African designer Christopher Jenner’s sculptural
salt cellar has a softly curving crystal bowl and a
pukka-wood top that opens with the pull of a finger to
reveal a spade-shaped silver spoon—and plenty of room
The standout pieces from the for the white stuff. Christopher Jenner Salt Cellar by
E&Co Ltd, $600, Elkington & Co., 44-114-286-0504
2017 London Design Festival
BY SARAH MEDFORD missable ways. Shanghai-based

Stellar Works dyed its bent-
T
wood chairs with indigo; Almira
HE BRITISH capital Sadar put Slovenian crochet
provided an un- needles to work on extra-nub-
characteristically bly baskets and throws; and
sunny backdrop for Provençal Cecile Daladier
last week’s 15th an- scarred the surfaces of her
nual London Design Festival, flower pots with dried herbs—
the citywide event highlighting harvested just outside her stu- Tile for the Camera
handsome innovations and dio door—to create ghostly, This playful, Instagrammable take on traditional geometric
fresh-to-market ideas. Stealing otherworldly works of art. In cement tile is scored on its aquamarine surface with a
the foreground this year was an all, the offerings felt more like classic cube pattern, then hand-glazed to black out ran-
unusually strong cast of global joyous passion projects than dom facets of the design—resulting in a crazy-quilt effect.
creators who infiltrated the commercial endeavors. Here, Creatively position the squares to bring it out. Huguet
U.K. talent show in myriad, un- our nods for best in show. Mallorca Rialto Cement Tile from Remedios Collection,
about $160 per square yard, info@huguetmallorca.com
Napper’s Delight Turned Corners

Checking the boxes for both “stylish” Aluminum sheet metal, sim-
and “comfortable,” Space Copenha- ply folded, results in a work
gen’s roomy oak lounge chair has an table with the grace and
airy, not bulky, presence thanks to its logic of a paper airplane. In-
spindle back and slender, patinated- dian designer Ajay Shah fid-
brass arm rails. The well-positioned dled for three years before
neck cushion makes it a sleeper hit, hitting on this form, which
too. Space Copenhagen Gleda Chair, Sweeping Statement is now produced in a Mum-
$4,169, benchmarkfurniture.com British woodworker Geoffrey Fisher makes manly-looking brushes bai workshop in five colors.
from coppiced English ash (trees that are cut back to encourage for- Ajay Shah The Table That
est growth). Hand-carved and fetchingly bristled in polyester, the Almost Wasn’t by Rubber-
brushes whisk away dust, pet hair and other small annoyances. band, about $2,235, rubber-
Hand Brush, $45, Geoffrey Fisher, 888-266-1737 bandproducts.com
Squishful Thinking Trunk Show

For a line of stoneware In this linen fabric, pale
plates and cups, stripes alternate with
composites of ran- greenery that evokes the
domly mixed colored trimmed trunks of palm
clays are molded trees. Ideal for floor-length
under pressure to curtains, covering a blousy
turn out squiggly sofa or upholstering the
patterned, one-of-a- walls of a bedroom you
kind tableware. might laze about in on a
Splatware Plate by languid Sunday afternoon.
Granby Workshop and As- Palmetto Linen, about $233
semble, about $43, kick- per yard, Tissus d’Helene
starter.com Ltd., 44-20-7352-9977
EVOLUTION
CARRY ON
DRINKING
A staple of midcentury American entertaining,
the glass caddy gets a makeover
worthy of contemporary cocktail culture
THEN One byproduct of the post-WWII exo- ing tray when she could cruise around the NOW While the caddies of the past could the aged-brass caddy with his partner, glass
dus from cities: Style-cramping apartments room with a secure and chic cocktail caddy?” be gaudy, today’s superior cocktail ingredi- designer Felicia Ferrone. “This was a techni-
yielded to comparatively sprawling ranch The saucy servers added a layer of theater to ents and small-batch craftsmanship warrant cal element so when you lift it up, the bars
homes, giving more people freedom to enter- the drinking ritual and frequently outshone glassware that lets you see the drink support the glasses and make it nearly im-
tain guests. “The American housewife, who the spirits. Frosted glasses and 22-karat gold clearly, and an inconspicuous caddy to hold possible to knock [a drink] over.” The four
had been a wife, mom and housekeeper, now motifs conveyed status; more-casual glass- it in place. The Rare Whiskey Presenter Set scotch glasses subtly taper at top, allowing
had the additional responsibility of hostess,” ware involved Blendo, a dip-dye technique fittingly fetishizes and protects your tipple. imbibers to focus on the aroma first and
said New York-based event designer Bronson whose pigment faded near the vessels’ rims, “The base is made from seven cross pieces the flavor second. Rare Whiskey Presenter
van Wyck. “Why should she risk embarrass- which were finished in gold. Midcentury of solid brass,” says Christopher Gentner, a Set, $460, shophorne.com
ment and stack a bunch of drinks on a teeter- Drink Caddy, $36, chairish.com Chicago-based metal smith who designed —Miranda Agee
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, Sept. 30 - Oct. 1, 2017 | D5
EATING & DRINKING

Portugal’s Way With Fire
This vibrant grilling
tradition perfectly
bridges the transition
from summer to fall
BY MATTHEW KRONSBERG
W
HEN CHEF
George Mendes
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA
was five, he had
his first food
epiphany, on a
trip from his Connecticut home to
his parents’ native Portugal. He
and his mother attended a festival
on one of the feast days that dot
the summer calendar. “I remember
open grills of chickens and sau-
sages and bifanas,” he said, refer-
ring to the pork-cutlet sandwiches
as ubiquitous in Portugal as burg- BRUSH
ers are in the U.S. WITH GREATNESS
“My mom lost me,” said Mr. Basting with piri-piri
Mendes. “Apparently, I got a hold hot sauce, whiskey,
of a plate of sardines, took off and brandy and butter gives
sat on a tree stump off on the this chicken crisp
side, eating them. The combina- skin and robust
tion of the charred skin, lemon flavor.
and oily fish was kind of an awak-
ening for me.”
Portuguese grilling has that ef-
fect on people. It had that effect
on me (at a considerably more ad-
vanced age) on a recent trip to
Portugal; it fires up diners at Lu-
pulo, Mr. Mendes’s Manhattan res-
taurant inspired by the cervejarias on the grill. Sagres beer, codfish salad and a
(breweries) of Lisbon; and it can When I visited the Portuguese plate of sardines. Plump, rich and Piri Piri Chicken
do the same in a backyard most city of Matosinhos, just north of well charred, the sardines needed Piri piri sauce can be found at many supermarkets or online at zinger-
anywhere. Porto, the town’s portside restau- only a generous squeeze of lemon mans.com. Find directions for how to spatchcock a chicken at wsj.com/food.
“We’re not like the Argentini- rants were thronged with families and a drizzle of olive oil. TOTAL TIME 11/2 hours SERVES 4-6
ans that cook big pieces of red from around the region, drawn in Satisfying as this was, it was
meat all the time,” said José by displays of the local catch on not my only lunch that day. On the 1 stick unsalted butter 1 tablespoon brandy
Avillez, Portugal’s best known ice, waiting to be cooked on curb- drive back to Lisbon from Matos- 1 tablespoon finely minced garlic 1 tablespoon whiskey
chef, whose 10 restaurants include side grills. inhos, I turned off the highway to- 2 teaspoons of chicken base, 4 Cornish game hens or 2 small
four in the emporium-like Bairro I saw no special equipment ward the coast and the city of such as Better Than Boullion chickens, spatchcocked
do Avillez. “We’re more in the being used, no equivalent to Aveiro. At O Telheiro, a rustic res- ½ cup of piri piri sauce Coarse sea salt
chicken business and the seafood Argentina’s parrillas. And no fla- taurant just across from the city’s 1 cup white wine
business, in terms of cooking with vor-defining wood like hickory or glass-walled fish market, I found a
fire.” Radically simple and given post oak smoldering away; seem- seat on one of the heavy wood 1. In a small saucepan 3. Light a grill. 10 min- Continue cooking, un-
to bold, hearty dishes, this style ingly every grill in Portugal had stools at the bar. It was the end of over medium heat, melt utes before grilling, covered, until a meat
of grilling is particularly well a sack of Cuban lump charcoal service and the restaurant was al- butter. Add garlic and sprinkle poultry on thermometer inserted
suited to this time of year, when beneath it. most empty. The chef, Licinio sauté 1 minute. Stir in both sides with coarse into thickest part of
a chill is creeping into the air but It was grilling more or less as Simões, was at the grill. I sat at chicken base and piri sea salt. Place birds on breast reads 160 de-
you’re not nearly ready to give up you know it, but somehow better. the bar and ordered the octopus. piri, increase heat to grill, skin-side down, grees, 5 minutes. For
On a side street, the smell of When Mr. Simões brought it to medium-high and bring and brush with sauce. Cornish hens, total
smoke led me to peek into a hol- me, he stuck around to talk for a to a boil. Add wine, Cover grill and cook 5 cooking time should be
lowed out, roofless rowhouse. In- few minutes, about the 15 years he brandy and whiskey minutes, then flip birds about 25 minutes; for
side the ruin, two cooks worked spent cooking in the U.S., starting and simmer to cook off and baste again. Cover chickens, 30-35 min-
at rusted iron grills tending sil- with a stint in Newark, N.J., whose alcohol, 3-4 minutes. grill and cook, basting utes. Finish by flipping
very fresh sardines flecked with Ironbound district is one of this 2. Pour sauce into a every 5 minutes, for 15 skin-side down and
coarse salt, whole sole, dorade country’s most venerable Portu- large bowl and whisk minutes. Flip chickens, cooking to crisp skin, 2
and cuttlefish the size of small guese neighborhoods. He asked if I vigorously until sauce is baste again and cook, minutes.
footballs. A silver-haired man in a wanted to stay while he made a at room temperature uncovered, 5 minutes. —Adapted from Licinio
pink polo shirt would walk in pe- between-shifts meal for the staff— and butter is emulsi- Flip chickens skin-side Simões of O Telheiro,
riodically and issue orders, then his take on what is perhaps Portu- fied, about 10 minutes. up and baste again. Aveiro, Portugal
collect plates of cooked fish, gal’s most famous grilled dish, piri
which he carried across the street piri chicken.
to patrons of Restaurante Teresa. The dish gets its name from the white wine, brandy and whiskey, me a chicken thigh, hot off the
After a few minutes of watch- small, red and fiery piri piri pep- all emulsified with a generous grill. “I hope it’s ok for you.” It
ing the cooks work, I followed pers that go into the basting amount of butter. was more than ok. I wanted to go
Find a recipe for grilled bifana him, took a table in the restau- sauce. Mr. Simões’s version bol- “It’s too spicy to go on our find a tree stump and be by myself
sandwiches at WSJ.com/food. rant and ordered an imperial of sters a hot sauce base with garlic, menu here,” he said as he handed for a while.
FINALLY, JEANS THAT FIT

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EATING & DRINKING

ON WINE LETTIE TEAGUE
The Best Pizza Wine? Not the One You Think

FOR ALL THE YEARS I’ve spent ($17) was quite flexible and pairable
consuming pizza and wine, I’ve thanks to a lively acidity and bright
rarely pondered what combination berry fruit. An earthy 2015 Produt-
works best. A pizza wine was what- tori di Barbaresco Langhe Nebbiolo
ever bottle I happened to have on ($17) proved a perfect match to the
hand. And yet with so many serious mushroom pizza, though it was
pizza joints popping up around the pretty flat with the Sicilian and the
country in recent years, I wondered pepperoni. Like the Tempranillo, it
if pizza and wine pairing warranted was much better by itself, as was a
a second look. Barbaresco from the same winery,
Of course “pizza” can mean many the 2013 Produttori del Barbaresco
things: white or red, Sicilian- or Chi- Barbaresco ($33) that I’d splurged
cago-style, not to mention all the on to see if a more complex wine
possible toppings. How could the might be an even better fit with the
same wine that goes with a mush- pizza. It was not, but it was quite
room pizza pair with, say, a clam delicious, with soft tannins and opu-
pie? Yet when I talked to food and lent aromas of dark fruit and earth.
SARAH FERONE; F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLES)

wine professionals as well as pas- Pizza was no friend to our Italian
sionate pizza amateurs, only one red sparkling, the snappy and dry
said he chose his wine according to 2015 Zanasi Lambrusco “La Grasp-
type of pie. The thinking more often arossa” ($13); it pretty much killed
factored in season and mood, or the the fruit in the wine and made it
price of the pizza. (The cheaper the taste tinny. But the Lucien Albrecht
pizza, the cheaper the wine.) And Crémant d’Alsace, a rosé sparkling
the choice was invariably red. wine from France, proved a surprise
Glenn Vogt, managing partner winner. It had fruit but also acidity
and owner of RiverMarket Bar and and beerlike bubbles, though the
Kitchen, a restaurant with its own cultural purists discounted it be-
wood-fired pizza oven in Tarrytown, cause it came from France.
N.Y., bases his choice on geography. Also surprisingly, the white wines
“I’ve always fallen back on the idea were a success, almost regardless of
that you drink wines of place,” he grape or origin or even type of
said. Since pizza originated in Na- pizza. “This Gavi can go in all kinds
ples, Italy, Mr. Vogt often opts to of directions,” my friend Jane said
drink a (red) wine from the same of the 2016 Il Poggio di Gavi ($16),
region (Campania). That means “a thing,” said Sara Sparks, sales man- possible pizza wines to taste, I in- interesting” for pizza. The 2015 La full bodied but marked by a firm
great Aglianico,” though he’s also a ager of Astor Wines & Spirits in cluded an equal number of whites Posta Pizzella Malbec ($15) from minerality. Aromatic, luscious but
fan of Chianti with pizza. Then New York. Ms. Sparks added that and reds. For reasons both budget- Mendoza, Argentina, was too jammy well balanced, the 2016 Terredora di
again, he also drinks white Bur- choosing beer is often an act of self- ary and cultural, I focused specifi- and sweet, notwithstanding the ser- Paolo Falanghina ($16) from Campa-
gundy with pizza, but not because defense. “A lot of pizza places have cally on Italian wines, though I also endipity of the Pizzella name. nia proved Mr. Vogt’s point regard-
of a particular pairing philosophy. “I bad wine lists,” she said. When Ma- included a sparkling rosé from Though produced by two of my ing wines from the region where
just love white Burgundy,” he said. rio Carlino, proprietor of Divina Ris- France because I happened to have favorite Chianti producers, the two pizza was born. And the 2016 Te-
Kyle Kelly, wine director of Al it on hand, as well as a Tempranillo Chiantis were a surprisingly poor nuta delle Terre Nere Etna Bianco
Forno in Providence, R.I., famed for and a Malbec, at the behest of a match. The 2015 Fattoria di Fèlsina ($22), a field blend from Sicily, had
its pizza, is also a fan of Chianti as a wine store salesman who insisted Berardenga Chianti Classico ($17) a pleasing minerality that was a
pairing, but chooses the “straight- Surprisingly, the white they were “perfect pizza wines.” and the 2015 Castello di Volpaia brisk counterpart to all the cheese.
forward, traditional” kind, not a Chi- wines were a success, I found friends willing to eat lots Chianti Classico ($17) turned out to Based on our findings, might piz-
anti with any additional Cabernet or of pizzas and taste multiple wines be too high in acidity and lacking in zeria owners be compelled to re-
Syrah. For Marc Malnati, proprietor almost regardless of over the course of a week. We had fruit to withstand the acidity of the write their wine lists to include
of famed Chicago deep-dish chain grape or origin, or even mushroom and pepperoni, sausage tomato sauce. The 2014 Arnaldo- more Gavis, Falanghinas or even Pi-
Lou Malnati’s Pizzeria, the wine of and Sicilian, white and red pies—a Caprai Montefalco Rosso, a Sangio- not Grigios? Probably not. Diners
choice is Cabernet Sauvignon, espe- type of pizza. different mix each night—but each vese-Sagrantino-Merlot blend from seem to be as set in their ways
cially Caymus Vineyards Cabernet. time we had a pizza margarita on Umbria, proved a much better when it comes to what they drink
Isn’t that a rather rich wine? I hand as the “control pie.” match because it was more juicy with pizza as they are on matters
asked. “I think the sweetness can torante in Caldwell, N.J., owned a The Tempranillo and the Malbec and bright, and at $20 a bottle also such as thin crust vs. thick. As my
offset the acidity of the tomatoes,” pizzeria for 10 years, he drank beer the salesman noted as prime pizza fit my pizza price model. friend Rich said, “I drink red wine
Mr. Malnati replied. with his pizza. But recently he partners were among the first wines The two Dolcettos we tried were with pizza because I like red wine.”
Some wine professionals admit- switched to wine because beer is we tasted. Although everyone loved largely forgettable—a bit too simple Should he wish to expand his op-
ted they don’t drink wine with pizza “too filling.” Now he favors a “crispy the rich and concentrated 2014 Pes- and light—though a few other Pied- tions, he can consult the list below.
at all. “Since I work in wine, I drink white” from Italy with pizza. quera Ribera del Duero Tinto ($33), mont wines worked quite well. The
beer with pizza. It’s a relaxation When I put together a group of we agreed it was too complex, “too 2015 Vietti Tre Vigne Barbera d’Alba Email Lettie at wine@wsj.com.
OENOFILE // WINES THAT MAKE EXCELLENT PIE PAIRINGS
2016 Tenuta delle 2016 Il Poggio 2014 Arnaldo-Caprai 2015 Produttori 2016 Mastroberar-
Terre Nere Etna Bi- di Gavi $16 Montefalco $20 di Barbaresco dino Lacryma
anco $22 This vibrant white The bright and juicy Langhe Nebbiolo $17 Christi del Vesuvio
An old-vine field blend from the Cortese character of this lively Aromas of red fruit Bianco $16
of various Sicilian white grape is made in the red Sangiovese-domi- and earth and a soft, For those who think
grapes made by Etna Rovereto zone of the nant blend from su- approachable character the wine should match
maestro Marco de Gra- Piedmont. Round, me- perstar Umbrian pro- plus lively acidity make the food’s place of ori-
zia, the Etna Bianco is a dium-bodied, it seems ducer Arnaldo-Caprai this basic Nebbiolo gin, this earthy, me-
perfect bianco pizza to gain in richness makes it ideal for just from the famed Bar- dium-bodied white with
partner—though it does with pizza. Particularly about any type of pie, baresco cooperative in a mineral edge from a
pretty well by a pizza good with a mush- especially a classic Piedmont a dynamic venerable Campania
rosso as well. room-sausage pie. pizza margarita. pizza match. producer fits the bill.
SLOW FOOD FAST: SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
Roast Lamb With Farro Salad and Eggplant

WHEN CHEF Julia Sullivan moved home This recipe, Ms. Sullivan’s final Slow
to Nashville after eight years in New Food Fast contribution, shows her light
York City, the local food scene was touch and propensity to please. A me-
booming. “There were lots of new restau- dium-rare rack of lamb is cut into easy-
rants in warehouses with exposed bricks eating chops. An herby farro-cucumber
and beams and poured cement,” she said. salad anchors the plate. And roasted egg-
“We wanted something different.” Six plant dolloped with spiced yogurt makes a
months ago, she and her business part- luscious, smoky side. The dish is refresh-
ner, Allie Poindexter, opened Henrietta ing but also hearty enough to satisfy
KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY NIDIA CUEVA
Red in a bright, white space with a Southern appetites. “We are in Nashville,”
The Chef wood-burning oven, cozy banquettes and Ms. Sullivan said. “This is our answer to
Julia Sullivan a marble bar. steak and potatoes.” —Kitty Greenwald
Her Restaurant TOTAL TIME: 40 minutes SERVES: 4

Henrietta Red in
Nashville, Tenn. 1 rack of lamb (about 3 1 tablespoon red-wine Greek yogurt
pounds) with 12-15 vinegar 2 teaspoons cumin seeds,
What She’s chops ½ tablespoon light brown toasted and ground
Known For Kosher salt and freshly sugar 3 cups cooked farro
Cooking that’s at ground black pepper 2 medium eggplants, cut 3 cups sliced cucumbers
once modern and 4 garlic cloves, minced into 1-inch dice ¼ cup mint leaves,
cozy. A way with Zest and juice of 2 lemons 3 tablespoons extra-virgin roughly torn
shellfish, from raw 3 tablespoons Dijon olive oil ¼ cup dill, roughly
to roasted. Fresh, mustard 1 cup labneh or whole chopped
bright dishes
suffused with the 1. Preheat oven to 450 degrees. Season lamb medium roasting tray and add a splash of wa-
flavor of wood fire. liberally with salt and pepper. In a small bowl, ter to wet pan’s base. Bake eggplant until
whisk half the garlic together with lemon zest, brown and completely soft, about 20 minutes.
mustard, vinegar and brown sugar until sugar 3. In a medium bowl whisk yogurt together
dissolves. Coat lamb with marinade and shake with 1 tablespoon olive oil, cumin and remain-
off excess. Place lamb in a roasting pan and ing garlic. Season with salt. Toss farro, cu-
roast on oven’s center rack until medium-rare, cumber, mint, dill and lemon juice together in
or a meat thermometer inserted at thickest a large bowl. Season with salt.
point reads 125 degrees, 25 minutes. Let meat 4. Slice rack of lamb into chops. Divide farro
rest at least 10 minutes before carving. among 4 plates or spread over a platter. Ar-
2. Meanwhile, toss eggplant with salt and 2 range chops over farro. Serve eggplant along- TASTE MAKERS Handfuls of mint and dill freshen the farro-cucumber
tablespoons olive oil. Spread eggplant out on a side lamb with a dollop of yogurt on top. salad, and a generous dash of cumin warms up the garlicky yogurt sauce.
ADVENTURE & TRAVEL

DAY TRIPPER
Where the Wind Blows You

Make Chicago your base for day trips to a Midwest hinterland of natural
wonders, regional cultures and historic resort towns
Saugatuck, Mich.
A welcoming beach town on
the shore of Lake Michigan
A two-hour, 15-minute drive
from Chicago
Best for Chowhounds, hikers,

beachcombers and arts patrons
Claim to fame This mid-19th
century lumber town straddling
the Kalamazoo River boomed af-
ter the 1871 Great Chicago Fire.
As industry declined in the early
LUCY HEWETT FOR THE WALL STREET JOURNAL; ILLUSTRATIONS BY JOÃO FAZENDA
20th century, artists from the
Chicago Art Institute colonized
beaches and waterfront houses,
and by midcentury Saugatuck
and its sister town of Douglas
had become a pioneering Mid-
west LGBTQ- and biker-friendly
resort destination. Families and
couples come for weekly con-
certs by local bands in Wicks
Park and the slew of fine arts
galleries and restaurants.
Don’t miss You can climb (or
just admire) 200-foot-tall sand
dunes after a strenuous hike Saugatuck Dunes
through Saugatuck Dunes State State Park, a 2½
Park, a 10-minute drive from drive from
town. People who’d rather not Chicago.
get sand in their shoes can take
a 40-minute tour aboard open,
elongated dune buggies (saug- views of Saugatuck and Lake Antique Pavilion, where recent at the 104-year-old Saugatuck for breakfast, lunch and dinner, industry 880 Holland St.; the-
atuckduneride.com). Or take an Michigan. A mile hike from the finds included rare Pyrex sets Drug Store, where a time-cap- serves fried chicken with honey southernermi.com).
1838 chain ferry across the Kala- lookout through forest and down and a vintage condom dispenser sule soda fountain offers root butter, shrimp and grits, and Overnighting Redone in 2016,
mazoo River and walk three to fragile grasses takes you to (saugatuckantiquepavilion.com). beer floats and 24 flavors of more dishes inspired by the cui- Hotel Saugatuck, in a converted
blocks to the base of Mount Oval Beach, an all-seasons Lake Don’t bother Skip Kilwin’s Ice soft serve (201 Butler St.). sine of Appalachian folks who 19th-century lumber mill, offers
Baldhead, then climb 282 Michigan gem. On a cloudy day, Cream, which has branches in Lunch break The Southerner, migrated north in the 1950s 18 spiffy rooms (from $239 a
wooden steps up the slope for treasure hunt at the Saugatuck Chicago, and get your sugar fix overlooking the river and open seeking jobs in Michigan’s auto night, thehotelsaugatuck.com).
Oak Park, Ill.

The Frank Lloyd A 115-year-old village and Chicago satellite best known for its architectural patrimony
Wright home in A 25-minute train ride on the CTA Green Line from downtown Chicago
Oak Park, Ill.
Best for Non-drivers, Frank Lake St., oprfhistory.org). passed.
Lloyd Wright and Ernest Hem- Don’t miss Frank Lloyd Wright Lunch stop In warm weather,
ingway pilgrims and curators of Trust offers guided Oak Park grab a spot on the patio at
small-town novelty items tours of varying length. Most vis- Maya Del Sol, where locals
Claim to Fame Oak Park’s itors opt for the guided home and gather for good margaritas and
eclectic buildings include the studio visit plus self-guided audio fish tacos (144 South Oak Park
childhood residence, now a mu- walk past other Wright-designed Ave., mayadelsol.com
seum, of Ernest Hemingway homes. Leave time for Wright’s Souvenirs Shop for hard-to-find
(200 N. Oak Park Ave., eh- Unity Temple of 1905-1908, re- French soaps, hand cream and
fop.org), and the residence and opened in June after an extensive kitchen textiles at Careful Peach
studio of Frank Lloyd Wright, restoration, which you can tour (1024 North Blvd., careful-
who lived here from 1899 to with a docent or contemplate peach.com) and for the kind of
1909 and built or renovated 25 while attending a Sunday morn- gag gifts that tweens especially
local structures reflecting the ing Unitarian service. appreciate at Pumpkin Moon
evolution of the Prairie School Don’t bother Pleasant Home, a (1028 North Blvd., pumpkin-
style. Also here is the newly mansion designed by Wright moon.net).
opened Oak Park River Forest contemporary George Maher has Overnighting The elegantly
Museum, which has more Hem- a lovely, Instagrammable garden old-fashioned Carleton of Oak
ingway memorabilia, housed in a that’s free to the public, but the Park opened in 1928 (from $172
rehabbed 1898 firehouse (129 home’s interior can easily be by- a night, carletonhotel.com)
Shipshewana, Ind.
A tiny Amish and Mennonite market town
A two-hour drive from Chicago
Best for Cultural anthropolo- seum of Amish and Mennonite

gists and donut lovers seeking a culture. Docents elucidate, at
rural change of scene length, the Anabaptist journey
Claim to Fame Shipshewana, from persecution to prosperity.
pop. 700, remains an important Interactive exhibits inside the
market town for Amish and Men- community-raised barn include a
nonite farmers. With a thriving replica of a European torture
tour-bus zone of quilt shops, chamber and a tornado simula-
bakeries, guided carriage rides tor (510 S. Van Buren St., men-
and all-you-can-eat Dutch-Ger- nohof.org).
man buffets, Shipshewana can Don’t bother The Wednesday
seem like a theme park. But the flea market, touted as “the larg-
rows of horse buggies hitched at est in the Midwest,” largely trades
the local bulk foods store, as well in knockoffs and junky kitchen-
as the weekly cattle, horse and ware. Avoid visiting on Sundays;
art auctions at the 1922 Shipshe- most places are closed.
wana Trading Place, showcase Lunch stop The 5/20 Country
the authentic local culture. Watch Kitchen serves hulking roast-
out for teenage Amish speed de- beef sandwiches, but you’re re-
mons driving open pony carts. ally there for the peanut-butter
Don’t miss First, fuel up with pie (7995 W. US Highway 20)
coffee and cinnamon-caramel Overnighting The four quilt-
donuts at Rise’n Roll Bakery in decorated guest rooms at
nearby Middlebury (1065 N 1150 Bright Morning Star b&b over-
W., risenroll.com). Then head to look family farms (from $110 a
Shipshewana‘s Menno-Hof mu- night, brightmorningstarbb.com).
A horse-drawn carriage just

outside Shipshewana.
ADVENTURE & TRAVEL
Leisure Class
A few of the grand estates on England’s Norfolk coast are field-testing new
ways to lure visitors, from glamping sites to amply inviting restaurants
ANDY SEWELL FOR THE WALL STREET JOURNAL; MAP ILLUSTRATION BY JASON LEE
MANOR REBORN The 18th-century Holkham
Estate now encompasses two cafes,
a gift shop and several accommodations
including a gastropub with rooms.
home is a necessary evil. “In a few

BY KATE MAXWELL
years there’ll probably be nine fami-
I
lies here [at Wiveton Hall],” he said,
T was early on a summer mournfully. “It’ll be like Dr. Zhivago.”
morning in the walled gar- For now, Mr. MacCarthy’s new status
den at Wiveton Hall, a Jaco- as a reality TV star is helping to keep
bean estate on a marshy the wolves from the door. Last year,
stretch of the north Norfolk he, along with assorted staff and his
coast, and Desmond MacCarthy was 102-year-old mother, Chloe, who still
worrying about his salad leaves. Al- lives on the estate, became the sub-
ready nudging 90 degrees, the mer- ject of the BBC’s “Normal for Nor-
cury was breaking English records, folk” series about the family’s efforts
and Mr. MacCarthy, Wiveton’s to maintain Wiveton Hall.
owner, feared that his leaves, des- A few miles up the coast,
tined for the estate cafe, would wilt. Holkham Hall is a stately home on
You can bet the 17th-century another scale, and it, too, is in the
merchant who built Wiveton Hall, a midst of a diversification drive. An
Dutch-gabled manor home whose 18th-century Palladian estate,
flint-stone coat sparkles in the sun- Holkham encompasses 25,000 acres
light, didn’t concern himself with of land, 100 times that of Wiveton
such fripperies as vegetable hus- Hall, but tourism overtook farming
bandry. But up and down England, in the revenue stakes long ago. I ESTATE OF PLAY Clockwise from
the custodians of ancient houses, half-expected a giraffe or elephant top left: Norfolk’s Gunton Arms pub,
the agricultural estates of which to emerge from the sweeping, sa- on an 18th-century deer park;
were either sold off centuries ago, vannah-like parkland (instead, herds Desmond MacCarthy, a gentleman
or whose output no longer covers of fallow deer roamed). Elsewhere farmer-cum-innkeeper; Wells-next-
their staggering maintenance costs, are swaths of woodland, grand the-Sea, part of the Holkham estate.
are being forced to come up with fountains, soaring statues and orna-
creative ways to keep the tiles on mental lakes. Built by the 1st Earl of livestock breeding and agricultural
the roof. Wiveton Hall’s crayon-col- Leicester in the mid-18th century, pioneered by the 1st Earl of Leices-
ored cafe—which serves slender as- Holkham Hall continues to be home ter opened this year. Stable blocks
paragus with fried eggs on sour- to the Leicester family and is open have been reimagined as co-working
dough for breakfast; succulent crab- three days a week between April spaces as well as a studio for Lon-
and-mayonnaise sandwiches at and October; visitors can tour the don jeweler Monica Vinader; her
lunch, and is invariably full to its grounds daily. You can peer inside gold pendants hang in the gift shop.
turquoise rafters—is one. the original, soaring kitchen, where All these efforts combine to ap-
A perpetual headache for their copper pots gleam on the shelves; peal to the increasingly sophisti-
highborn owners, this financial marvel at the collection of manu- cated visitors who “want an experi-
struggle is a boon for travelers, who ence that’s a bit more than an egg-
are being given ever more access to and-cress sandwich made by the Georgian cottages surrounding a vil- that read “Good shots never grow
sprawling stately piles—of which farmer’s wife,” said David Horton- lage green, we bought potted up, they just pick up less birds.” A
there is an abundance on Norfolk’s We tiptoed around the Fawkes, Holkham’s estate manager. shrimp and dressed crab from a large jigsaw puzzle lay half-finished
so-called Royal Coast, a three-hour ballroom, careful not to Still, Holkham’s greatest asset re- fishmonger whose accent could pass on a side-table. The Queen, we were
drive northeast of London. Des- mains its coastal nature reserve, a for an earl’s, and picnicked beside told, is an enthusiastic puzzler, and
mond MacCarthy’s program of “ag- wake the guests above. 4-mile, white-sand beach backed by the ice-cream-colored huts of Wells- encourages the staff to participate,
ricultural diversification,” as the dunes and pine forest planted by the next-the-Sea, another wide, sandy but woe betide anyone who gets a
practice is known, is extensive. As 3rd Earl of Leicester in the 19th cen- beach on the Holkham estate. piece wrong.
well as the cafe, there are pick- scripts that predate the Magna tury. The beach spans such a width I don’t think the Queen lies An Englishman’s home is his cas-
your-own strawberries and accom- Carta and poke around the Long Li- that you can feel, at low-tide, as if awake at night worrying whether tle—so goes the adage. At Sandring-
modation in chocolate-box cottages brary, where the current Earl of you’re crossing the desert, and stroll the gardener has remembered to ham, it’s the other way around: Gilt
and a field of fully furnished bell- Leicester, Thomas Coke, likes to for an hour before reaching the wa- water the vegetables at her Norfolk and crystal chandeliers notwith-
tents. My family and I glamped for work on his laptop opposite a lion ter’s edge. estate, Sandringham. Still she, too, standing, this royal retreat feels like
two nights, roasting marshmallows mosaic dating from the 2nd century On a sunny Friday evening, locals throws open its grand doors to visi- a home. But if I were the Queen, I’d
over our fire pit, while a barn owl B.C., a souvenir from an ancestor’s and their Labradors and Londoners tors between April and November, break with protocol, flip the calen-
glided overhead and a hedgehog European tour. like my family and me crammed the before traveling there herself for dar and decree that summers and
thumped through the undergrowth. Since my last visit to the honey- picnic tables outside Holkham’s pub- the Christmas holidays. I had ex- autumns, rather than winters, be
Mr. MacCarthy’s latest initiative is stone Holkham estate, over a decade with-rooms, the handsome, brick- pected the ground-floor rooms to spent at Sandringham. Swallows ca-
a maize maze, which his son, Ed- ago, a number of follies and cot- and-flint Victoria Inn. The cooks which visitors are admitted to be reening over the marshes; beaches
mund, had been tasked with scyth- tages have been turned into elegant source the menu almost entirely lobotomized of personal details; in- flecked with pastel huts and crab
ing. In Wiveton Hall’s West Wing, accommodation for visitors. We from the estate: top scorers were stead, Sandringham offers an oddly shacks; the evening light gilding ev-
which offers accommodations in stayed in the Ancient House, its the Holkham beef burgers and the intimate look at royal life (we were erything and everyone—it’s not
four of its bedrooms, Desmond and I many ornate chimneys rising from a chargrilled bacon I ate at breakfast assured that, except for the carpets, hard to see why Desmond MacCa-
tiptoed around the ground floor, pre- crenulate roof. Its Beach Café has the next morning. There’s stiff com- the rooms are unchanged when the rthy, the Earl of Leicester and the
viously a ballroom, hoping not to been given a Scandi-style makeover, petition for food in these parts. A Queen stays). In the sitting room, other titled homeowners of north
wake the guests above. For Mr. Mac- while a Field-to-Fork exhibit explor- 15-minute drive away, in Burnham we spotted a needlepoint cushion, Norfolk cling so keenly to their
Carthy, letting out portions of his ing the 18th-century innovations in Market, a collection of ivy-clad given to the Duke of Edinburgh, money-pit piles.
THE LOWDOWN // STATELY HOME-HOPPING ON ENGLAND’S NORTH NORFOLK COAST
Getting There There are no direct trains, ENGLAND has a bold interior with mainly British
Detail
so rent a car. You’ll need one to explore Wells-next- fabrics and wallpapers. Rooms are avail-
Holkham the-Sea London
north Norfolk. It will take you around Hall Wiveton
able on a B&B basis, or you can rent the
three hours to drive from Heathrow—take Burnham Hall whole house (from about $140, stayat-
the M25, A11 and A1065. Market NORTH Felbrigg
Hall
thewhitehouse.co.uk).
NORFOLK
Houghton
Blickling
Staying There Wiveton Hall’s West Sandringham Hall
Hall Touring There If you haven’t had your fill
Wing sleeps nine people and is available ENGLAND after Wiveton Hall, Holkham Hall and
to rent by the week; its three cottages Sandringham, consider three more stately
accommodate between four and six (from about $685, wiv- historic homes to visit in north Norfolk. For starters, Houghton
etonhall.co.uk). A short walk from the cafe, six bell-tents Hall, another Palladian home, was built for Britain’s first prime
have stoves and double beds with crisp white sheets, and minister, Sir Robert Walpole. Dating back to the 17th-century,
share an immaculate shower block (about $185 per night, Felbrigg Hall encompasses a stunning walled garden and 520
two-night minimum, ambersbelltents.co.uk). The 20 rooms at acres of parkland to explore. And redbrick Blickling Hall lies on
Holkhom’s Victoria Inn sport an elegant country look (from the ruins of Anne Boleyn’s birthplace; her headless ghost is
about $240, holkham.co.uk). Each of Holkham’s four historic said to appear on each anniversary of her beheading (May 19).
lodges, deep within the estate, sleeps two (from $120, mini-
mum two nights, barefootretreats.co.uk). Just opened near For restaurant recommendations in north Norfolk,
WING MAN One of the four guest rooms in Wiveton Hall’s West Wing. Burnham Market, the 12-room White House on Sussex Farm see wsj.com/travel
GEAR & GADGETS

Like a pro coach, he appears on
video in the Hestan Cue app to guide
you step by step through the recipes
he created for the cooker. Tapping
“Next” tells the burner to adjust its
temperature as needed. Along the
way, you pick up skills, from dicing
onions to deveining shrimp.
Induction requires pans to con-
tain a certain amount of steel or
iron. I found that nearly all pans
from brands like All-Clad, Le Creuset
and Lodge are induction-friendly.
The Hestan Cue comes with a pan
you must use for its recipes, but the
burner can be used with other pans
when it’s not in smart mode.
I’ve made jam before,

but there was always
guesswork. No more.
The Paragon comes with two

easy-to-use thermometers, a mat on
which pans sit (to measure pan tem-
perature) and a probe to put in wa-
MIKE LEMANSKI
ter or oil, or to stick inside a piece of

meat (to gauge internal tempera-
ture). The versatility allows for per-
fecting your own beloved recipes,
from fondue to Belgian frites.
Hot or Not? Ask These Cooktops

Temperature control also makes
it easier to bring little sous chefs
into your kitchen. A few weekends
ago, my 9-year-old daughter not
only mixed the batter but cooked 12
golden, crispy-on-the-outside, fluffy-
on-the-inside pancakes without my
Bye-bye ‘Medium High.’ A new breed of smart burners can heat a pan to a precise temperature help. I would never have left her un-
attended at the gas burner. She got
confidence and I was amazed.
FirstBuild’s Paragon and the Control As an experienced home cook, I The Hestan Cue takes an active If you know your stovetop and
BY WILSON ROTHMAN
Freak from Breville’s PolyScience di- am used to winging it and having approach to culinary education. Its cook favorites over and over, you
I
vision—recently got smart. Though my food turn out OK. But I’ve found test kitchen is run by Philip Tessier, don’t need an app or LCD display
WAS ONLY about halfway differing in approaches, each pro- that these smarter cooktops allow previously the executive sous chef at giving you thermal readings, or tell-
through the jam session vides accuracy that lets you confi- me more freedom and control. They French Laundry, Thomas Keller’s ing you when to flip your protein.
when the adrenaline kicked dently sear steak, melt chocolate, fry stoke my creativity and teach me Napa Valley restaurant, and cur- But do ask yourself why, in an age of
in. The molten strawberries eggplant or achieve perfect brown new things. They help novices be- rently the head coach of the U.S. smartphones and talking speakers,
were bubbling like cartoon butter sauce whether you’re using come self-assured and enthusiasts team that just won gold in the are we still dealing with vague rec-
lava, sometimes spattering my fran- their recipes or your own. level up. World Cup of cooking, Bocuse d’Or. ipe instructions like “medium high”?
tically revolving arm with a brief
sting. I looked down at my
phone…four and a half minutes to BRAINY ASSISTANTS // THREE INDUCTION COOKERS TO CONSIDER—WHETHER YOU’RE A NOVICE OR A KNOW-IT-ALL
go. Four and a half minutes?! At 310
degrees?! Stirring constantly?!
An eternity later, my phone
dinged, and the app, whose recipe I
was using, said I could stop. I sur-
vived unscarred and, for my trou-
bles, wound up with a jar of perfect
strawberry jam.
I’ve made jam before, plenty of
times, but there was always guess-
work: Recipes tell you to cook over FOR BEGINNERS FOR ENTHUSIASTS FOR PROFESSIONALS
low heat, turn your burner up to FirstBuild Paragon Hestan Cue Breville/PolyScience Control Freak
high heat, etc., but how do they Built by GE Appliances’ start-up-minded FirstBuild Precision comes from an included frying pan with an The commercial-grade Control Freak has a thermome-
know what stovetop I have? Does it team, the Paragon burner has a silicone mat to mea- integrated thermometer. The app walks you through ter in its cooking surface, and can generate heat up to
make a difference that I have gas in- sure pan temperature. It also has a probe, to use in- many recipes, from crispy-skin salmon to savory 482 degrees. It’s a bigger, heavier piece of equipment,
stead of electric? If not, why not? stead of the mat, to ensure exact internal temperature. crepes. Without the app and special pan, you can still and all the controls appear on its own color LCD dis-
This time, my instructions were Its app offers basic time/temperature recipes for com- set a power level, with 10 increments from low to high. play screen, rather than in an app.
calibrated to ingredients, time—and mon foods like steak, vegetables and pancakes, but Pros The in-app, video-enhanced recipes make this a Pros This heavy-duty workhorse is fast and powerful.
exact temperature—because I was you can cook whatever you want. great asset. Compact yet powerful, the burner also When cooking at high heat, it’s great to be able to set
using an induction cooktop with an Pros Because of the mat, you can use any induction- works without the bells and whistles. Hestan is team- pan temperature and also track the internal tempera-
app that knows how hot the pan is. friendly pan in your kitchen. The probe lets you maining up with ChefSteps to incorporate the Joule sous- ture of your food with the included probe. Controlling
Induction burners, which heat tain water at a certain temperature, so you can do vide cooker for two-step recipes—first bringing a steak everything through the screen means less chance of
pans using an electromagnetic field, sous-vide cooking at low temperatures. to the perfect temperature, then searing it on the Cue. your phone being spattered with grease.
have been around a long time. I’ve Cons Unfortunately you have to choose between us- Cons To use any of the step-by-step recipes, you need Cons Because it’s a professional tool, there’s not a lot
kept one next to my gas range for ing the mat and the probe. The cooktop’s relatively low to use the included pan—which isn’t big enough for of hand-holding. You won’t find recipes, let alone step-
years, mostly for rapidly boiling wa- power means it takes longer to boil water, and the two rib-eyes or eight strips of bacon. (You also can’t by-step videos. And if that high price tag is a concern,
ter or reducing wine or stock. But maximum temperature for precision control is 375 de- use the pan elsewhere.) Hestan says it will launch a Breville says it will introduce a consumer version in
some new models—the Hestan Cue, grees. $300, firstbuild.com larger chef’s pot in October. $500, hestancue.com 2018. $1,800, polyscienceculinary.com
MY TECH ESSENTIALS
MATT LEVATICH
The CEO of Harley-Davidson on his
therapeutic lawn tractor, preferred ear
gear and favorite teleprompter app
My corkscrew is a hand-me-down
from my great-grandfather. After
World War II, my father and his fam-
About a year ago, I took up bicycle riding ily emigrated from Slovakia to Ger-
because my right knee protested wildly many to the United States. Either my father or
about running and playing hockey. I ride my grandfather, I’m not sure which, brought
a Trek Emonda S 6 bike. It’s a well- this corkscrew as part of the family objects
made machine. I just enjoy the ride. It’s they could keep. A corkscrew is an awesome
my other two-wheeled existence. tool because it’s a simple machine. Mine has
sentimental value.
Sennheiser audio equipment, in my opinion, has the best sound

quality and reproduction, which is what I want when I listen to I recently bought a Garmin Edge 520 bike com-
music. I want to hear it all. My Sennheiser PXC-550 head- puter. I pair it with a heart rate monitor that I
phones are Bluetooth enabled with a bit of noise canceling. wear and a speed sensor and cadence sensors Starts October 5.
on the bike. The computer tells me how my Stop by today for the best selection.
heart is doing, how fast I’m going, and my pedal
rate per minute. It also gives me a sense of how I
I’m very protective of my ears when I ride motorcycles. I invested in a pair of compare against myself day-to-day and within
Racing Electronics Custom Racing Earmolds. They have a snug fit and the world of cyclists. It helps me get more out of
cancel a lot of harsh noise, but you can still hear fire engines and cars. my ride.
I give a lot of speeches and I have this I cut my grass and clear my driveway of snow
cool teleprompter app on my iPad with a John Deere X729 tractor (similar
MATT LEVATICH (CORKSCREW)
called PromptSmart. It’s listening to model shown). It’s a four-wheel steering

my voice and scrolling as I talk. If it falls chassis, so when I’m cutting the grass I can
behind I can swipe it to get to where I easily get around the trees. I also have a THE BEST IN MODERN DESIGN
need to be. If I go off-script and ram- snow blower for it. Being in the yard is a WWW.DWR.COM | 1.800.944.2233 | DWR STUDIOS
ble, it stops and waits for me to get therapeutic activity. I don’t have to hire a © 2017 Design Within Reach, Inc.
back to my script. I love it. landscaper or a therapist! —Edited from an

interview by Chris Kornelis
D10 | Saturday/Sunday, Sept. 30 - Oct. 1, 2017 NY * *** THE WALL STREET JOURNAL.
GEAR & GADGETS

RUMBLE SEAT DAN NEIL
2018 Toyota C-HR: Time to Think Little Picture

WHEN IT COMES to cross-
overs, one pill makes you DRESSED TO THE NINES The
larger and the other makes petite 2018 Toyota C-HR XLE
you small. Premium is an aggressively
This short pants is the designed giant among cute-utes in
new Toyota C-HR, which the subcompact showdown.
qualifies as a subcompact
crossover. Its overall length
is about a foot less than its
famous sibling, the RAV4,
and it’s a half-foot lower at
the roof, on very nearly the
same wheelbase (103.9
inches). The C-HR’s primary
target is Honda’s best-sell-
ing H-RV, which is an abso-
lute stone-cold value, as
the Toyota people know
well.
Toyota says that “C-HR”
stands for Coupe High-
Rider, which henceforth will
be my porn name.
Based on the company’s
universal small-car guts
(the Toyota New Global Ar-
chitecture) and assembled
in Arifiye, Turkey, the CH-R
joins a Hobbit knife-fight
already in progress, among
wee trucklets Mazda CX-3,
Honda HR-V, Nissan Juke,
Chevy Trax, Kia Sportage
and Subaru XV Crosstrek.
So much adorable blood on
the floor.
The C-HR is not the fast-
est, most useful or stron-
gest in this swelling fleet.
To call it peppy is to damn
it with fair praise. The C-
TOYOTA
HR’s particular charm is
charm itself—the tartness,
the cheek, the amplitude of
attitude flickering across built in Turkey. assistance; automatic high ter—it kind of perfects the kinds of people and a wide ness to walk up and say,
its small surface. There are other costs. beams; and all-speed dy- design, graphically—you range of ages. And I’m “Hey feller, wanted to tell
You want to see a car The extra-fast roofline con- namic radar cruise control. will have to scratch up an- standing there, like, really? you, that is one stupid-
vanish before your eyes? stricts rearward visibility, Toyota claims the C-HR is other $500 for the “R- It doesn’t look like it’s hav- looking car! Have a nice
Park a Trax next to a C-HR. so a backup camera with the only minnow in the Code” package. Money well ing an allergic reaction to night.”
Poof goes the Chevy. LCD display in the rearview pond to the latter system. robbed, in my view. you? Still, the C-HR kept ring-
According to Toyota, the mirror is standard equip- Under the exhibitionist Part of this job is judg- I’m, yes, allowing for ing up second looks. Inter-
C-HR’s design inspiration ment. Cargo capacity is un- body work resides a mild- ing the vox pop, and the cognitive and behavioral bi- esting.
was the phrase “distinctive surprisingly dinky: 19 cubic mannered Toyota widget: a polling on the C-HR has ases—the shock of the new; When is less more?
diamond.” Uh-huh. “The feet behind the second row- naturally aspirated 2.0-liter been wildly positive. All people’s general unwilling- When it’s adorable.
iconic gemstone evokes uni- seats. four with supersmart valve-
versal notions of luxury, at- ware (144 hp and 139
tractiveness, sophistication, pound feet) winding up a
and strength.” Talk to me, CVT transmission and
Harry Winston. What’s notable is front-wheel drive. With
In any event, Toyota that the C-HR’s 0-60 mph acceleration of
went to ridiculous lengths around 9 seconds, the C-HR
(and costs, I bet) to wring elaborate tooling has no problem keeping up
this subtly faceted shape didn’t push up the with city traffic, as long as
out of a mass-production that city isn’t Los Angeles.
environment. Observe the car’s U.S. retail price. The C-HR blithely plagia-
fineness of the body-panel rizes the Nissan Juke
stampings, the barely-there (2011), whose pioneering
light lines that chase them-
selves across the fuselage.
This styling requires all the
The roofline also collides
with the upsweeping belt-
line at the top of the rear
weirdness and indifference
to utility helped spawn all
these small fry in the first
I M P O RTA N T
body panels, each with doors, where the door han- place. But whereas the
deep curving drafts and fin-
icky lines, to be in perfect
dles are cleverly concealed.
All in all it’s a dramatic
feisty Juke rewards driver
engagement, the C-HR is
J E W E L RY
registration, even the gas- way to obliterate rear-side fairly withholding. The e-
cap hatch. visibility. Meanwhile, look- assisted, speed-variable
It’s sometimes said that ing out from the rear seats steering is serviceable but AUCTION
good design costs nothing. is like peeking out a storm numb as a well-digger’s
Wednesday, October 18 at 10am
Yeah, no. Look at those drain. This is just another bum. The independent sus-
bulging two-piece taillight way this car lives on Rue pension is firm rather than
assemblies. How much does Sans Famille. taut, favoring ride quality L O C AT I O N
a railcar of those cost, I If the C-HR has limited over sporty handling. The
wonder? What’s notable to sightlines, it’s bristling 18-inch alloy wheels bran- Doyle, 175 East 87 Street
me is that the C-HR’s elab- with other faculties. Toy- dished at the four corners New York, NY 10128
orate tooling didn’t push up ota’s Safety Sense P pack- are there mostly for rea-
the retail price in the U.S. age includes a pre-collision sons of awesomeness.
The C-HR starts at $22,500 system with pedestrian de- And it remains a mystery EXHIBITION
in XLE trim or $24,350 in tection, forward collision to me how to love a car Sat, Oct 14, 10am – 5pm
well-furnished XLE Pre- warning and automatic with a continuously vari-
mium. This is hell of a lot emergency braking; rear able transmission. Toyota Sun, Oct 15, 12pm – 5pm
of car-craft for that price. backup camera; lane-depar- says their system has Mon, Oct 16, 10am – 5pm
Perhaps that’s why they are ture alert and lane-keeping evolved to increase respon-
siveness and reduce noise
Tues, Oct 17, 10am – 2pm
and engine droning. Yes,
but. The fuel-saving algo-
C O N TA C T
rithms built into the engine
control would very much Ann Lange
prefer my acceleration Jewelry@Doyle.com
curves were shallower. The
logic not-so-subtly inter- 212-427-4141 ext 221
venes to soften throttle re- View and bid at Doyle.com
sponse, which only tends to
draw out the now-quieter
drone. Oy. Diamond Ring, Ap. 6.41 cts.,
The ruby-red test car, in With GIA report, F color, VS2 clarity.
XLE Premium trim, was
Est: $80,000-120,000
shrewdly appointed for the
demographic: a 7-inch Sapphire and Diamond Ring,
touch screen hosts audio
functions including wireless Ap. 13.71 cts. Est: $80,000-120,000
2018 TOYOTA C-HR XLE PREMIUM music streaming from de-
vices to appeal to con- Diamond Ring, Ap. 5.01 cts.,
nected millennials. Lots of With GIA report, D color, VVS2 clarity.
Base price $24, 350 6,100 rpm/139 lb-ft at ports and plugs. Projector- Est: $125,000-175,000
Price as tested $26,794 3,900 rpm beam headlamps blaze from
Powertrain Front-transverse Length/height/width/ the squinty front light as-
mounted, naturally aspirated wheelbase 171.2/61.6/ semblies. These have Auto
2.0-liter DOHC inline four 70.7/103.9 inches on/off. Dual-zone climate
with variable-valve timing; Curb weight 3,300 pounds control, remote-keyless en-
continuously variable trans- EPA fuel economy try, the aforementioned 18- DOYLE.COM
mission with simulated six- 27/31/29 mpg, city/highway/ inch wheels round out the Principal Auctioneer: Rodney J. Lang No. 0777006
speed sequential-shift mode; combined niceties.
front-wheel drive. Cargo capacity 19 cubic Alas, if you want the
Power/torque 144 hp at feet (behind 2nd row) snappy white roof like the
one on our ruby-red tes-

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