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With Nixon in ’68


BY PATRICK J. BUCHANAN

gisele bÜndchen

REVIEW WSJ. MAGAZINE


VOL. CCLXXI NO. 81 * * * * * * * * WEEKEND HHHH $5.00
SATURDAY/SUNDAY, APRIL 7 - 8, 2018 WSJ.com

What’s U.S. Blacklists Russian Oligarchs


News Treasury levels tough
sanctions on Putin’s
closest business allies and the
companies they own.
The action is one of the ad-
U.S. elections, cyberattacks on
critical U.S. infrastructure, the
Kremlin’s military intervention
building a better relationship.”
The steps are likely to con-
tribute to an escalation in ten-
Treasury Secretary Steven
Mnuchin said. “Russian oli-
garchs and elites who profit
close allies and the ministration’s toughest puni- in Ukraine and supplying sions between Russia and the from this corrupt system will
World-Wide tive measures against Russia bombs and materiel to the re- West. The blacklisting will no longer be insulated from the
companies they own gime of Syrian President freeze U.S.-based assets of consequences of their govern-
By Ian Talley in Bashar al-Assad. those sanctioned, constrain ment’s destabilizing activities.”
he Treasury levied sanc- The Trump administration “What we would like to see their ability to access Western Russia’s Foreign Ministry, in
T tions against more than
three dozen Russian individ-
levied sanctions Friday against
more than three dozen Russian
Washington and
Thomas Grove in
Moscow
is the totality of the Russian
behavior change,” said White
financing and forbid U.S. busi-
ness transactions with those
a statement, said the latest
U.S. steps will harm U.S.-Rus-
uals and entities in what U.S. individuals and entities, tar- House press secretary Sarah targeted. sian economic cooperation,
officials said was a response geting senior Russian govern- to date. U.S. officials say it is a Huckabee Sanders. “We want “The Russian government adding that no amount of pres-
to Kremlin aggressions. A1 ment officials as well as some response to Russian aggres- to continue having conversa- engages in a range of malign sure will deter Russia from its
of President Vladimir Putin’s sions, including meddling in tions and work forward to activity around the globe,” Please see RUSSIA page A4
 China vowed to retaliate
forcefully if the U.S. imposed
new tariffs and ruled out talks
Index performance
Turbulent Week
Stocks Plummet
WEEKLY CHANGE
while Washington is esca-
lating trade pressure. A1, A9 Dow Jones
Index performance Industrial
 Kelly told Trump that he 2% Average

Amid Escalating
is convinced EPA chief Pruitt
needs to step down after a t0.7%
MONDAY TUESDAY WEDNESDAY
series of negative reports, a S&P 500

.
White House official said. A3 Stocks slide on Spotify debuts Dow swings in a
t1.4%

ly
continued on the New 741-point range,
 Protests turned deadly at
the Israel-Gaza border as
Palestinians burned tires and
some tried to enter Israel
1 concern over
the tech
industry’s
leading players.
York Stock
Exchange, and
its shares
on
surge.
highlighting the
resurgence of
volatility.
Nasdaq
Composite
t2.1%
Trade Tensions
BY MICHAEL WURSTHORN S&P 500’s ninth 1% swing up or
under military gunfire. A7
down in the past 11 trading
 Brazil’s da Silva missed a Growing tensions between days, a sign of stocks’ uneasy
deadline to turn himself in as 0 the U.S. and China exacerbated footing and resurgent volatility.
us l,

he negotiated his surrender investors’ fears of an all-out Investors were already grap-
to begin a 12-year jail term. A6 trade war between the world’s pling with concerns that tech-
al a
e
largest economies, shaving 572 nology stocks won’t generate
 South Korea’s Park was
points off the Dow Jones In- the massive gains of previous
sentenced to 24 years in
dustrial Average on Friday as years and that inflation is ris-
ci on

prison for the ex-leader’s role –1


investors braced for more tur- ing more quickly than expected.
in a corruption scandal. A7
bulence ahead. New data Friday showed that
 The administration is seek- All 11 major sectors of the wages rose last month in line
ing to tighten rules governing S&P 500 index declined as in- with gains of recent years.
immigrants caught crossing vestors broadly sold stocks, But the issue of trade and
er rs

the Mexican border illegally. A3 –2 with the deepest declines how far the Trump administra-
among big industrial manufac- Please see STOCKS page A8
 Federal authorities
turers like Boeing Co. and Cater-
seized Backpage, a website
pillar Inc. that stand to suffer  Beijing pledges to counter
known for its sex ads. A4
m e

THURSDAY FRIDAY from an escalation in protec- newly threatened tariffs..... A9


tionist trade policies.  U.S. looks to aid domestic car
–3 Dow extends Stocks gyrate Friday’s session marked the manufacturing........................... A9
Business & Finance
m rp

winning streak and finish lower


to three sessions, after China vows
 Stocks sank amid fears its longest in a to strike back
of a U.S.-China trade war
and investors braced for –4
month, as trade
concerns ebb.
‘forcefully’ at U.S.
trade measures. The Man Behind
co Fo

more turbulence. The Dow


tumbled 572.46 points, or
2.3%, to 23932.76. The S&P
500 declined 2.2% and the
Source: FactSet THE WALL STREET JOURNAL.
Trump’s China Fight
Job Market Stays Resilient
Nasdaq slid 2.3%. A1
 U.S. payrolls rose again
last month, adding U.S. Trade Rep. Robert Lighthizer argued the
103,000 jobs and extend-
ing the longest continuous
BY ERIC MORATH in March after February’s “The labor market has been time had come for a confrontational approach
outsize increase of 326,000, strong, and my colleagues
expansion on record. A1
WASHINGTON—The U.S. the Labor Department said and I…expect it to remain BY BOB DAVIS charts showing how the trade
 Powell said the Fed will
economy continues to churn Friday. That extended a his- strong.” deficit with Beijing had wid-
stick to its path of gradual
out jobs at a steady pace even toric streak—employers have The Fed is expected to WASHINGTON—President ened.
rate increases to keep the
as financial markets wobble added to payrolls for 90 raise short-term interest Donald Trump’s tough policy U.S. Ambassador to China
n-

U.S. economy growing


over fears that a trade war straight months in the lon- rates at least two more times on China trade took shape in Terry Branstad, linked by
without overheating. A2
between the nation and China gest continuous jobs expan- this year to prevent the econ- a White House meeting last videophone, asked for a
 Facebook said it would could unsettle global growth. sion on record. And it picked omy from overheating. August, and at the center chance to conduct another
soon require an authoriza- Recent tit-for-tat trade up of late: For the first three There were few signs of was an often-overlooked round of talks based on a
no

tion process for ads on hot- measures by the two coun- months of the year, hiring av- such overheating in the latest man. rapport he was developing
button political issues. A1 tries continued on Friday, eraged 202,000 a month, up report. The unemployment Decades of quiet negotia- with the Chinese. He found
with China saying it would from 182,000 a month in rate held at 4.1% for the sixth tions had gotten nowhere, U.S. little support. It was time to
 The administration is
“hit back forcefully” if the 2017. straight month, the lowest Trade Representative Robert act, starting with a formal
pursuing ways to protect do-
U.S. followed through with “Seventeen million jobs level since December 2000. Lighthizer told senior White investigation of China for
mestic vehicle manufacturing
President Donald Trump’s have been created in this ex- A tighter labor market House advisers and cabinet of- unfair trade practices, Mr.
from import competition. A9
tariff threats. The war of pansion, and the monthly should produce better wage ficials gathered in the Roose- Lighthizer argued.
 Amazon is considering words sent stocks tumbling, pace of job growth remains growth as employers compete velt Room. A few days later, Mr. Trump
a plan to use its Alexa vir- but the economy showed un- more than sufficient to em- for scarce workers. While “China is tap, tap, tapping announced an investigation of
tual assistant to make per- derlying signs of near-term ploy new entrants to the la- Please see JOBS page A2 us along,” he said, meaning it alleged Chinese violations of
son-to-person payments. B1 resilience. bor force,” Federal Reserve regularly promised policy U.S. intellectual-property
U.S. nonfarm payrolls rose Chairman Jerome Powell said  Fed will stick to plan for changes but didn’t deliver. He rights—headed by Mr. Lighthi-
 Coinbase approached the
a seasonally adjusted 103,000 in remarks Friday in Chicago. gradual rate increases.......... A2 punctuated his talk with Please see TRADE page A8
SEC about registering the
cryptocurrency firm as a bro-
kerage and trading venue. B1
 Longfin was accused of
I Love My Unique, Personalized Falls From
violating securities laws
and trading in the firm’s
Shirt! Oh, You Have One Too Grace
shares was halted. B10 i i i Brazil’s former
MOHAMMED TALATENE/DPA/ZUMA PRESS

president, Luiz Inácio


Stitch Fix, offering customized fashion, Lula da Silva, far left,

Inside
JEON HEON-KYUN/PRESS POOL/EPA

missed a deadline as
has some seeing double; ‘same exact outfit’ he negotiated his
surrender to begin a
NOONAN A13 BY RAY A. SMITH Running into people wearing 12-year prison term.
the same clothes is a possibility Meanwhile, South
If Adults Won’t When Angela Krile and Julie for anybody who shops big re- Korean ex-President
Theado emerged from their cars tailers. And there are online ser- Park Geun-hye was
Grow Up, in the office parking lot, they vices, such as Trunk Club or sentenced to 24
looked at each other and froze. Rent the Runway, that sell or years in jail. A6, A7
Nobody Will Ms. Krile was wearing a rent fashionable outfits, which
white blouse with a keyhole could also result in two people
CONTENTS
Books.................... C5-10
Business News.. B3,6
Food......................... D7-8
Sports....................... A14
Style & Fashion D2-4
Travel...................... D5-6
U.S. News............ A2-5
neckline and navy piping, and
navy blue pants. So was Ms.
Theado.
“We looked at each other and
showing up at an event in the
same “special” dress. But cus-
tomers say they expect it to
happen less, or not at all, be-
Facebook Sets ‘Issue’ Ads Rule
Heard on Street...B12 Weather................... A14 realized we had on the same ex- cause of the way Stitch Fix touts BY LARA O’REILLY The company announced in In October, Facebook un-
Obituaries............... A10 Wknd Investor....... B5
Opinion............... A11-13 World News.... A6-10
act outfit,” said Ms. Krile, owner the personalization factor. AND JOHN D. MCKINNON blog posts Friday that it plans veiled a similar authorization
of a communications firm in Shoppers fill out detailed to work with third parties to de- requirement for election-related
Sugar Grove, Ohio, where both questionnaires the company Facebook Inc. will soon re- velop a list of key issues, which ads. The latest move will cover
> women work. says allow its stylists and com- quire that advertisers wanting will be updated over time. “issue ads”—those that don’t
The fashion faux pas wasn’t puter algorithms to find perfect to run ads on hot-button politi- Separately Friday, consumer specifically mention a candidate
supposed to happen. Both fashion matches. Then it sends cal issues go through an autho- groups filed a complaint with but weigh in on a divisive issue,
women bought their tops from boxes, or “fixes,” containing five rization process first, a move the Federal Trade Commission including during an election.
s Copyright 2018 Dow Jones &
Stitch Fix, the popular online items that customers have the the social network hopes will saying Facebook violates users’ Such advertisers will be re-
Company. All Rights Reserved clothing service that prides it- option to buy. The company, on prevent the spread of misinfor- privacy rights through its facial- quired to confirm their identi-
self on customer specialization. Please see OUTFIT page A9 mation across its platform. recognition software. Please see ADS page A4
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Saturday/Sunday, April 7 - 8, 2018 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Sticks to Plan for Gradual Rate Hikes
Central-bank Chairman ing. Stocks fell Friday after the torically low rates of unem- strengthens further.”
White House said it was con- ployment,” he said. The number of working-age
Powell wants labor sidering tariffs on an addi- Mr. Williams is set to be- people who are either working
market and inflation tional $100 billion in Chinese come New York Fed president or looking for work is also be-
imports on top of the $50 bil- in June, making him one of low its prerecession levels.
to strengthen further lion already announced. the central bank’s most influ- Roughly 82.2% of those aged
The Fed chief sidestepped a ential policy makers and a key 25 to 54 were in the labor
BY DAVID HARRISON question on trade policy dur- lieutenant of Mr. Powell’s. force in March, about a per-
ing a question-and-answer Many employers complain centage point lower than be-
Federal Reserve Chairman session after his speech. the labor market has grown so fore the recession, according

JOSHUA LOTT/BLOOMBERG NEWS


Jerome Powell said the Fed “Tariffs can push up on tight they have a hard time to the Labor Department.
will stick to its path of gradual prices, but it’s too early to say finding workers, but Mr. Pow- Annual inflation, which
interest-rate increases to keep whether that’s going to be ell questioned the severity of weakened last spring, rose to
the economy growing without something that happens or the labor shortage Friday. 1.8% in February, according to
overheating. not,” he said. Although the unemploy- the Fed’s preferred measure.
Mr. Powell, speaking Friday Mr. Powell said the Fed ment rate has fallen since the Mr. Powell said the economy’s
in Chicago, suggested there was wants to see the labor market recession, he said, other indi- strength should eventually lead
no hurry to pick up the pace of strengthen further and infla- cators, such as moderate wage to stronger inflation. Although
rate increases and described tion to hit its 2% target after Jerome Powell said the Fed’s plan is designed to balance risks. gains and the low share of the link between the labor
the current course as a prudent undershooting it for five years. Americans holding or seeking market and consumer-price in-
one that would balance the cen- Holding inflation to that level needle, he said. Roberto Perli, an economist jobs—the labor-force partici- creases “has weakened,” he
tral bank’s desire to foster an would signal a healthy level of The Fed raised rates by a at Cornerstone Macro, de- pation rate—suggest the labor said, it “still persists, and I be-
economy that is growing at its demand in the economy with- quarter-percentage-point in scribed Mr. Powell’s speech as market could keep improving. lieve it continues to be mean-
full potential against the risk out burdening consumers with March and has penciled in two “classic stay-the-course com- U.S. unemployment held ingful for monetary policy.”
that it could expand too rapidly sharply rising prices. more moves this year, for a to- ments.” steady in March at 4.1%, a 17- The Fed chief said last year’s
and send inflation soaring. The challenge for central tal of three. After raising rates San Francisco Fed President year low, the Labor Depart- inflation decline was caused by
“As long as the economy bankers will be to raise rates once each in 2015 and 2016, it John Williams delivered a sim- ment said Friday morning, be- one-time price drops, such as
continues broadly on its current slowly enough to let the labor raised rates three times in ilar message in a speech later fore Mr. Powell’s speech. for cellphone plans. Once those
path, further gradual increases market improve and inflation 2017 and began shrinking the Friday, though he said raising Average hourly earnings rose effects are no longer reflected
in the federal-funds rate will strengthen, but not so slowly portfolio of assets it accumu- rates three or four times this 2.7% from the previous year. in annual figures, inflation
best promote these goals,” he that they let inflation get out lated to spur the economy af- year “is the right direction” “The absence of a sharper should “move up notably this
said, referring to the Fed’s of control. ter the financial crisis. for policy. acceleration in wages suggests spring,” he said.
benchmark short-term rate. “Our path of gradual rate “The [Fed’s] patient ap- “I am confident that we can that the labor market is not Fed officials in March esti-
Mr. Powell spoke as the increases is intended to bal- proach has paid dividends and carry on the process of gradu- excessively tight,” Mr. Powell mated inflation would reach
Trump administration’s tit- ance these two risks,” Mr. contributed to the strong ally moving interest rates up said. “I will be looking for an 2% by the end of next year.
for-tat trade dispute with Powell said. For now, the Fed economy we have today,” Mr. over the next two years while additional pickup in wage —Michael S. Derby
China appeared to be escalat- has managed to thread that Powell said. seeing solid growth and his- growth as the labor market contributed to this article.

U.S. WATCH
JOBS February, a sign that an un-

.
Wages and Workers usually warm February, fol-

ly
Wages failed to break out in March, despite ...That's at least partially because employers are lowed by a cool start to
the unemployment rate holding at a 17-year low.... drawing in workers from outside the labor force. spring, could be affecting MISSISSIPPI
Continued from Page One monthly numbers.
wages are rising faster than Change from a year earlier in: on Percentage of the population age 25-54 that is Hyland Software in West- Ex-Rep. Mike Espy
Wages* Inflation (CPI) Employed In the labor force (working or
they did earlier in the expan-
looking for work)
lake, Ohio, added 137 workers Joins Senate Race
sion, they remain below long- 6% 84% to its staff of more than
run averages. Average hourly 2,000 in the past year, with- Former Rep. Mike Espy, a
earnings for all private-sector 82 out raising wages much above Democrat who served as secre-
4
us l,

workers rose 2.7% in March 80


the rate of inflation. It has tary of the U.S. Agriculture De-
from a year earlier—in line 2 done so by focusing recruit- partment in the 1990s, said Fri-
al a
e
with annual gains in recent 78 ment on younger workers al- day he would run for the U.S.
months. 0 ready in the region. Senate seat in Mississippi va-
Those raises have been 76 The firm last year hired cated by Republican Thad Co-
ci on

skewing toward managers. –2 74


93% of the more than 100 in- chran, giving his party a rare
The annual growth in wages terns it brought in from local shot at competing in the South.
for nonsupervisors was 2.4%, ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 colleges. CEO Bill Priemer Democrats see an opening in
a pace that has held steady *Average hourly earnings for all private employees Note: Seasonally adjusted said Hyland benefits from be- the deeply conservative state
since December. Hourly wages Source: Labor Department THE WALL STREET JOURNAL. ing an attractive, high-tech because Mr. Cochran’s successor
er rs

haven’t increased at better employer in the Cleveland re- will be chosen in a November
than a 3% annual rate in seeking.” vest in more training for maker of building materials, gion but doesn’t attempt to special election that pits mem-
nearly a decade. The last time A broad measure of unem- workers,” said Susan Helper, added 75 manufacturing compete with salaries offered bers of all parties against each
unemployment was this low, ployment and underemploy- an economist at Case Western workers in the past year and by Silicon Valley firms. other on one ballot.
m e

in late 2000, nonsupervisor ment that includes Americans Reserve University. “We’ve wants to hire 50 more for its “If you’re building your life Mr. Espy served in the U.S.
wages rose 4.3% from the in part-time jobs who want not yet reached the levels of factory labor force of 810, in northeast Ohio, we offer a House from 1987 to 1993, then
prior year. full-time work, in addition to employer desperation we saw Chief Executive Jesse Singh huge amount of opportunity left to serve as then-President
m rp

Employers have been able discouraged individuals who in 2000.” She recalled stories said. He said the company has to grow,” he said. Bill Clinton’s agriculture secre-
to hold wage gains in check in have stopped looking for of hiring agents standing out- been raising wages and hiring Mr. Priemer, who started tary. He was indicted in 1997 on
part because they have ex- work, fell last month. Known side prison gates nearly two more full-time workers rather with the company in the late corruption charges but acquitted
panded the pool of available as the U-6, the rate was 8% in decades ago, waiting for in- than temporary staff. 1990s, said the economy’s on all counts the following year.
labor, drawing in Americans March, which is still higher mates to be released. “Our demand, driven by current growth pace feels —Janet Hook
co Fo

who have been out of the la- than 6.9% in December 2000. Friday’s report showed U.S. remodeling and construc- more sustainable.
bor market. Its elevated level suggests manufacturers added 22,000 tion, continues to be solid,” “I feel like there is more TEXAS
One of them was retired that slack remains in the la- jobs in March. The sector has Mr. Singh said. running room in the economy
Army Col. Stephen Myers, 53 bor market that could prevent added better than 200,000 Employment also grew last in general, and certainly in Allegations Prompt
years old, who joined the ci- wages from breaking out. jobs since March 2017. That is month in mining, including software development,” he GOP Resignation
vilian workforce for the first “You’re really only starting one factor helping draw men oil-related jobs, and health said.
time in three decades this to see employers broaden out back into the workforce. care, but fell at construction — Andrew Tangel Rep. Blake Farenthold re-
year when was hired as a dis- their search and begin to in- AZEK Co., a Skokie, Ill., firms after rising sharply in contributed to this article. signed from Congress on Friday
trict manager by Starbucks amid an investigation into alle-
Corp., overseeing 13 stores in gations of sexual harassment
Washington state. H-1B Visas Don’t supply. The government said lottery, and that’s wrong,” Mr. nology Solutions Corp., Tata and calls to reimburse U.S. tax-
After taking some time off Friday it had begun accepting Trump said in April 2017. “In- Consultancy Services Ltd. and payers for a related settlement.
after his military retirement Fulfill Trump Plan applications on Monday and stead, they should be given to Infosys Ltd. The Texas Republican had said
last June, Mr. Myers was had already received enough to the most skilled and highest- A spokesman for the in December that he wouldn’t
n-

drawn to Starbucks by the meet the 85,000 cap. paid applicants, and they should agency that administers the run for re-election after the
company’s culture, the oppor- WASHINGTON—The govern- Winners again will be cho- never, ever be used to replace program, U.S. Citizenship and House ethics committee launched
tunity to work near his wife’s ment is set to again distribute sen by lottery for applications Americans.” Immigration Services, said it an investigation into sexual ha-
job and extensive training. scarce H-1B visas for high- that are subject to the cap. Outsourcers have been ac- fully supports a Trump execu- rassment allegations against him.
no

“They’ve invested in me skilled foreign workers by lot- Mr. Trump said a year ago cused of replacing American tive order called “Buy American, His announcement Friday, how-
quite a bit,” said the former tery, without the big changes he would change how H-1B vi- workers with foreigners and Hire American” that ordered a ever, wasn’t expected.
battalion commander for a President Donald Trump prom- sas are distributed in a way generally pay far less than high- review of the program. In 2015, Mr. Farenthold drew
field artillery regiment, who ised to enact a year ago. that would have benefited high- tech companies. Average sala- “We have provided policy from a taxpayer fund to settle a
admitted it was tricky to Demand for the visas— tech Silicon Valley companies ries at firms such as Ama- guidance and are working on $84,000 sexual-harassment
master the coffee chain’s “flat which are used by outsourcing and hurt outsourcing firms, in- zon.com Inc., Google, a unit of regulatory reforms to achieve claim against him, court docu-
white” drink during the 12- firms and high-tech Silicon Val- cluding many based in India, Alphabet Inc., and Apple Inc. are the goals associated with re- ments and congressional data
week training program he ley companies, as well as by that have come under scrutiny. tens of thousands of dollars form of H-1B visas,” said Jona- show. He said in December he
completed last week. He many smaller employers—has “Right now, H-1B visas are higher than at outsourcing than Withington. would pay back the $84,000,
added, “The job affords me for years far outstripped the awarded in a totally random firms such as Cognizant Tech- —Laura Meckler but hasn’t yet done so.
the work-life balance I was —Natalie Andrews

Final Day
THE WALL STREET JOURNAL
(USPS 664-880)
CORRECTIONS  AMPLIFICATIONS
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
The U.S. is considering tar- cle Tuesday about the migra-
Editorial and publication headquarters: iffs on an additional $100 bil- tion issue in Hungary’s elec-
1211 Avenue of the Americas,
New York, N.Y. 10036 lion of Chinese goods after a tion.
Published daily except Sundays and general proposal earlier this week of
legal holidays. Periodicals postage paid at tariffs on $50 billion in imports A graphic with a Life &
New York, N.Y., and other mailing offices. from China. In some editions Arts article on Monday about
Postmaster: Friday, a Page One headline prostate cancer showed pros-
Send address changes to The Wall Street
Journal, 200 Burnett Rd., Chicopee, MA 01020.
with an article about U.S.-China tate-cancer cases and deaths
trade incorrectly said $100 bil- per 100,000 men. The graphic
All Advertising published in The Wall Street
Journal is subject to the applicable rate card, lion in added tariffs, and the ar- inadvertently omitted that the
copies of which are available from the ticle incorrectly said the earlier data were per 100,000 men.
Advertising Services Department, Dow Jones proposal was made last week
& Co. Inc., 1211 Avenue of the Americas,
New York, N.Y. 10036. The Journal reserves and was for $50 billion in tar- Tote-bag maker Baggu is
the right not to accept an advertiser’s order. iffs. In some editions Thursday, based in San Francisco and
Only publication of an advertisement shall a Page One article about U.S.- Brooklyn, N.Y. An Off Duty ar-
constitute final acceptance of the
advertiser’s order. China trade also incorrectly ticle on March 31 about alter-
Letters to the Editor: said $50 billion in tariffs. natives to canvas bags incor-
Fax: 212-416-2891; email: wsj.ltrs@wsj.com rectly said Baggu is based in
KPMG LLP was misspelled Los Angeles and New York.
NEED ASSISTANCE WITH as KMPG in two instances in a
YOUR SUBSCRIPTION? Business News article Friday Axel Vervoordt owns an In-
about the audit firm’s relation- dian lingam from the 19th cen-
CARLOS BARRIA/REUTERS

By web: customercenter.wsj.com;
By email: wsjsupport@wsj.com ship with General Electric Co. tury. Based on incorrect infor-
By phone: 1-800-JOURNAL (1-800-568-7625);
Or by live chat at wsj.com/livechat
mation from a member of Mr.
Zoltanne Egressy, a female Vervoordt’s staff, the “Still
REPRINTS & LICENSING Hungarian pensioner and Life” article in the April edi-
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By email: customreprints@dowjones.com
By phone: 1-800-843-0008 to on second reference as Mr. rectly said that the lingam was
HEADING OUT: The White House praised Lt. Gen. H.R. McMaster on Friday, his last day as national Egressy in a World News arti- Japanese in origin.
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THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, April 7 - 8, 2018 | A3

U.S. NEWS

Toll Scofflaws Could Face Felony Charge


Pennsylvania drivers
who cheat turnpike, COMMON TOLL
racking up bills and VIOLATIONS
fees, are targeted u Vehicle uses cashless lane
without E-ZPass transponder
BY SCOTT CALVERT
u Transponder identification
Drivers who routinely don’t fails
pay tolls in Pennsylvania could
be convicted of a felony. u Insufficient funds
The Keystone State’s Turn- in E-ZPass account
pike Commission has begun to
file criminal charges against u Cash customer takes ticket
motorists it deems egregious on entry but exits through
scofflaws. The recent initiative E-ZPass lane
JOHN GREIM//LIGHTROCKET VIA GETTY IMAGES

involves enlisting local prose-


cutors to pursue theft of ser-
vices criminal cases, which filed 13 private criminal com-
reach felony status when the plaints. A judge has approved
sum owed exceeds $2,000. a payment plan in one case,
The state’s top 100 toll and the others are pending,
evaders each have more than Mr. Morrow said.
$21,000 in unpaid tolls and Already the potential for
fees. One driver is accused of criminal prosecution has
racking up more than $90,000 helped spur payments or
in debts since 2012, mostly in agreed-upon payment plans
snowballing fees, by using an expected to bring in more than
E-ZPass-only lane more than Pennsylvania’s top 100 toll evaders each have more than $21,000 in unpaid tolls and fees. One driver’s total is more than $90,000. $120,000, he said.
1,600 times without a valid Among those facing a fel-
transponder, according to a For a car without a transpon- nue for those agencies in 2015, sponded,” he said. top violator allegedly ony charge is Lori Yearick of
criminal complaint. der, a camera photographs the the report said. Florida’s Turnpike Enter- $890,000 in arrears. Mount Joy, Pa.
Pennsylvania is “clearly license plate, and the owner Some agencies, such as the prise in late 2015 launched a For years the Pennsylvania A criminal complaint al-
stepping up the game. I ha- gets a bill in the mail or pays North Texas Tollway Author- program that prevents a plate- Turnpike Commission had leges she incurred 1,645 viola-
ven’t heard of anyone going to online. ity, are entirely cashless. The holder from renewing a Flor- minimal power to pursue tions between early 2012 and
this level before,” said Neil Tolls collected are used to Pennsylvania Turnpike uses a ida license plate until all tolls scofflaws. It could only send March 2017. It says she re-
Gray, government affairs direc- maintain and upgrade the paper ticket system on much are paid. The system credits violation notices and turn an ceived 6,580 notices in that
tor at the International Bridge, roads as well as to pay the of its network, but a plan un- that process with a 15% drop account over to collections. span. Unpaid tolls account for
Tunnel and Turnpike Associa- bonds borrowed to build them. der consideration would con- in unpaid toll revenue from Last year, a new state law al- about $26,000 of her roughly
tion, which represents toll fa- Unpaid tolls cost the Pennsyl- vert the entire network to fiscal 2016 to 2017. lowed officials to suspend $92,000 balance, the com-
cility owners and operators. vania Turnpike about $17 mil- cashless tolling in 2022. The North Texas Tollway Pennsylvania vehicle registra- plaint says, and fees total

.
Though Pennsylvania’s re- lion a year, a fraction of the The industry says cashless Authority in 2016 fully rolled tions for unpaid toll debts. nearly $66,000.

ly
cent tactics stand out, toll $1.1 billion in overall toll reve- tolling reduces congestion be- out an effort aimed at motor- The turnpike commission’s Her lawyer, Edward Spreha
agencies around the U.S. are nue. cause drivers don’t need to ists with at least 100 unpaid chief executive, Mark Comp- Jr., said he is still reviewing
also boosting efforts to ensure The share of toll revenue slow down. tolls in 12 months. ton, wondered if officials could the evidence.
drivers pay. The heightened collected in cash fell to 18% in on But without “a forced mech- Some toll agencies name also use criminal courts, ac- “Certainly if they can prove
focus on collecting unpaid tolls 2015, from 29% in 2010, ac- anism to stop people,” the risk and shame. The Illinois Toll- cording to Ray Morrow, the she in fact did this, we want to
is linked to the move from toll cording to the association’s of toll violations rises, said Pat way publishes a quarterly list turnpike’s chief of compliance. make sure the turnpike is
booths to all-electronic tolling. 2016 survey of three dozen Jones, chief executive of the of “super scofflaws” who owe Mr. Morrow researched state made whole,” he said. “We
In such cashless systems, tran- large U.S. toll agencies. Cash- International Bridge, Tunnel at least $1,000. A recent ver- law and concluded that theft also have to make sure her
us l,

sponders like an E-ZPass de- less transactions accounted for and Turnpike Association. “I sion had 469 names, including of services applied. ability to repay is going to be
vice provide instant payment. more than $11 billion in reve- think the industry has re- many trucking firms, with the So far the commission has taken into consideration.”
al a
e

Chief of Staff Told Trump EPA Chief Pruitt Should Go


ci on

BY PETER NICHOLAS That comment follows re- Paris climate agreement—ad- ing and management at the
marks aboard Air Force One vice the president followed. EPA.
er rs

WA S H I N G T O N — W h i t e on Thursday in which he de- The White House said ear- An EPA spokesman re-
House Chief of Staff John scribed Mr. Pruitt as doing “a lier this week it was conduct- sponded to the report by call-
Kelly told President Donald fantastic job.” He also said Mr. ing a review of Mr. Pruitt’s ac- ing the officials “disgruntled
Trump last week that he is Pruitt is a “fantastic person,” tivities after news reports employees who have either
m e

convinced Environmental Pro- adding that he still has confi- that he had rented accommo- been dismissed or reas-
tection Agency chief Scott dence in the EPA administra- dations in Washington at be- signed.”
Pruitt needs to step down af- tor. low-market rates from the Mr. Pruitt has defended his
m rp

ter a series of negative re- However, the president said family of an energy lobbyist. living arrangements and said
JASON ANDREW FOR THE WALL STREET JOURNAL

ports about his spending hab- he would look into the various Mr. Pruitt also has faced he reversed the pay raises
its and management style, a controversies surrounding Mr. questions over his travel ex- given to two staff members
White House official said Fri- Pruitt. “I have to look at penses, and he had a testy in- once he found out about
day. them,” Mr. Trump said, during terview with Fox News when them. On the travel costs, the
co Fo

Though Mr. Kelly and other a flight home from a public he was pressed over large pay EPA has said Mr. Pruitt’s pro-
White House aides have con- appearance in West Virginia. raises reportedly given to two tective services detail moved
cluded Mr. Pruitt should leave, “I’ll make that determina- EPA employees. him to a higher class due to
the president is not ready to tion.” Inside the White House, security protocols.
fire him, the official said. Mr. An exit by Mr. Pruitt would aides have concluded that Mr. White House officials were
Trump welcomes the deregu- come in the midst of a high- Pruitt’s position is untenable, also upset about reports that
latory measures taken by Mr. level staff shake-up by the with a drumbeat of news re- Mr. Trump phoned Mr. Pruitt
Pruitt and also values him as president. Mr. Trump recently ports raising questions about on Monday night in an effort
a strong advocate for the dismissed his secretary of EPA’s Scott Pruitt has drawn criticism for spending habits. his managerial judgment and to encourage him. Two White
president’s agenda, this per- state and national security ad- spending practices. House officials said it was the
son said. viser, and tapped a new ap- as would be the case for the change, repealed some of for- The New York Times re- EPA, not the White House,
The president, in a tweet pointee for the Central Intelli- EPA administrator. mer President Barack Obama’s ported late Thursday that Mr. that alerted media to the
Friday, said Mr. Pruitt is doing gence Agency. Two of those The EPA declined to com- clean-air and other environ- Pruitt had reassigned or de- calls.
“a great job,” adding that he positions will require Senate ment. Over his first year, Mr. mental policies. He also urged moted several officials who —Rebecca Ballhaus
n-

is “TOTALLY under siege.” approval for their successors, Pruitt, a skeptic of climate Mr. Trump to pull out of the raised concerns about spend- contributed to this article.

New Steps Target Illegal Immigrants


no

BY ALICIA A. CALDWELL

The Trump administration


is seeking to tighten the rules
governing immigrants caught
crossing the Mexican border
illegally and intends to prose-
cute as many such people as
possible.
President Donald Trump
signed a memo Friday order-
ing officials at the depart-
ments of Defense, State,
Homeland Security and Health
and Human Services to pro-
LOREN ELLIOTT/AFP/GETTY IMAGES

vide detailed reports of how


each agency is doing its part
to end policies that limit how
immigration authorities can
quickly deport people.
The Republican president
said he wants details about the
construction of jails, improve-
ments to the system for judg-
ing which immigrants should U.S. Border Patrol agents at work last month along the U.S.-Mexico border near McAllen, Texas.
be allowed to get a full hear-
ing on an asylum claim and a of Justice,” Mr. Sessions said in changes—including vulnerable tober, more than 20,000 fewer
full accounting of military fa- a statement, describing the sit- children fleeing for their people have been caught en-
cilities that could be used to uation at the border as a crisis. lives—there are very real rea- tering the U.S. illegally, com-
house immigrants caught Immigration advocates de- sons to be afraid.” pared with the same period the
crossing the border illegally. cried the move to prosecute The administration’s direc- previous year, according to the
Attorney General Jeff Ses- more people, characterizing it tives came as Defense Secre- U.S. Border Patrol. Overall, ar-
sions said Friday he is ordering as an effort to block people tary Jim Mattis ordered on rests of illegal border crossers
federal prosecutors to charge from their legal right to apply Friday the deployment of up to are at the lowest level since the
and try as many first-time bor- for refuge in the U.S. 4,000 National Guard troops early 1970s. Arrests have been
der crossers as “is practicable.” “Trump has been using the to the border with Mexico. dropping for years due to an
“To those who wish to chal- specter of a migrant invasion In March about 37,000 peo- improved economy in Mexico
lenge the Trump administra- to justify his calls to keep vul- ple were caught crossing the and tighter U.S. border control.
tion’s commitment to public nerable asylum seekers in pro- Mexican border, a substantial Mr. Trump and other mem-
safety, national security and the longed detention,” said Clara increase over the same period bers of his administration have
rule of law, I warn you: illegally Long, a senior researcher at in 2017, a jump that the admin- been criticizing what they call
entering this country will not Human Rights Watch, a non- istration has cited as part of the loopholes in immigration law
be rewarded, but will instead profit advocacy group, in a need for more border security. that allow some immigrants to
be met with the full prosecuto- statement. “For the people im- Still, in the first half of the be released after being caught
rial powers of the Department pacted by his proposed policy budget year that started in Oc- crossing the border illegally.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Saturday/Sunday, April 7 - 8, 2018 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

FBI Seizes Website Known for Sex Ads


Backpage.com has time,“ said Nicole Navas Ox- Trump, a Republican, is ex-
man, a Justice Department pected to sign the bill.
long been criticized by spokeswoman. Its passage marked a rare
police and opponents Backpage has positioned it- political defeat for big tech-
self as a champion of free nology firms, which have be-
of sex trafficking speech. In a federal appeals come a powerful lobbying
decision in 2015, the company force in Washington in recent
BY LALITA CLOZEL won a lawsuit against a sher- years.
iff’s office in Illinois that had Since then, a number of
WASHINGTON—Federal pushed credit-card companies websites have taken down fo-
law-enforcement agencies to drop the website. rums allegedly involved in sex
have seized Backpage.com, a Members of Congress, in- solicitation, including Craigs-
controversial classified-ads cluding Sens. Claire McCaskill list and Reddit. Others, such
website known for its numer- (D., Mo.) and Rob Portman (R., as NightShift and CityVibe,
ous sex-related postings. Ohio), have investigated the have shut down.
“Backpage.com and affili- alleged role of Backpage in the Large companies such as
ated websites have been sex-trafficking system. Alphabet Inc.’s Google long
seized,” said a large notice “This is great news for survi- resisted any change to the im-
plastered on the site. vors, advocates, and law en- munity law, fearing it could
The action was led by the forcement,” said Ms. McCaskill lead to a greater erosion of
Federal Bureau of Investiga- on Friday, adding the action their congressionally granted
tion, U.S. Postal Inspection was “further proof” that the legal protections. Tech advo-
Service and Internal Revenue legislation could help combat cacy groups have supported
Service, and included partici- sex crimes. “State and local law Backpage in some of its legal
pation from state authorities. enforcement need this bill to battles.

REUTERS
Backpage, already the sub- enable them to take swift ac- But a series of political is-
ject of multiple criminal tion against websites that sues, including Russia’s al-
probes, has become a light- U.S. law-enforcement agencies seized the classified-ad website Backpage.com on Friday. knowingly facilitate sex traffick- leged use of online platforms
ning rod for critics of websites ing of children online, and to to meddle in the 2016 presi-
accused of turning a blind eye tives at the company haven’t utives. “Congress has spoken and that case continues. stop the next Backpage long be- dential election, have dimin-
to sex trafficking. been convicted of criminal on this matter and it is for A Justice Department fore another website can claim ished the tech industry’s
It has galvanized lawmakers wrongdoing in the case. Congress, not this court, to re- spokeswoman declined Friday so many innocent victims.” standing in Washington, mak-
to pass a law limiting the im- The case, initially pursued visit,” said the judge, citing a to directly address the seizure. A bipartisan bill passed last ing it easier for lawmakers to
munity of websites for the ac- by California’s former attorney law passed in the early days of Lawyers for Backpage didn’t month, led by Sen. Richard pass the legislation effectively
tions of their users. general, Kamala Harris, who is the internet that granted im- respond to requests for com- Blumenthal (D., Conn.) and Mr. targeting adult-services sites.
Backpage CEO Carl Ferrer now a U.S. senator, suffered a munity to websites from any ment. Portman, would amend the Backpage’s seizure on Fri-
was arrested in 2016 in Texas setback when Sacramento charges related to criminal ac- “This is an ongoing investi- Communications Decency Act day didn’t appear directly
and charged in California with County Superior Court Judge tivity they may facilitate. gation and in order not to of 1996 to roll back immunity linked to the legislation, but
offenses including multiple Michael Bowman dismissed California later filed an- compromise it and future that Congress had conferred instead resulted from a long-
counts of pimping of minors. the charges against Mr. Ferrer other lawsuit on criminal prosecution efforts, I have no on websites for the actions of running investigation by fed-
Mr. Ferrer and other execu- and two other Backpage exec- money-laundering charges, information to provide at this their users. President Donald eral and state authorities.

.
ADS
ly
television and radio stations, ture relies on sophisticated fa-
which must publicly disclose cial-recognition software that
the campaign ads they broad- compares faces in photos with a
cast. on massive database of face tem-
Continued from Page One In a blog post, Facebook plates.
ties and locations with the com- Chief Executive Mark Zucker- According to the complaint,
pany. berg said the company supports Facebook “routinely scans pho-
The change marks the latest the Honest Ads Act, a bill in tos for biometric facial matches
us l,

step in Facebook’s efforts to se- Congress that would require without the consent of the im-
cure its platform after Russian- large digital platforms to keep a age subject.” The company uses
al a
e
backed groups used the social public library of the paid politi- Facebook users’ confirmations
network to sow divisions before cal ads that appear on their to help “advance its facial rec-
and after the 2016 U.S. presi- sites. ognition techniques,” the com-
ci on

dential election, and elsewhere “This will help raise the bar plaint said. It said these prac-
in the world. for all political advertising on- tices are deceptive and ignore
ERIC RISBERG/ASSOCIATED PRESS

A selection of Facebook ads line,” Mr. Zuckerberg said. the explicit preferences of many
released by U.S. lawmakers last Additionally, the company Facebook users.
year showed how Russian- will soon require people who Facebook defended its prac-
er rs

linked operatives used the plat- run Facebook pages with large tices, saying users are able to
form to buy ads to stoke ten- numbers of followers to go decide for themselves whether
sions around issues ranging through an authorization pro- to deploy the technology.
from race to gun rights, as well cess, as it looks to make it “People can choose whether
m e

as ads featuring the presiden- harder for fake accounts to or not to allow this technology
tial candidates. spread divisive content that has Facebook’s facial-recognition software compares faces in photos with a database of face templates. and they can change their mind
Starting this spring, election- the potential to go viral. at any time,” said Rob Sherman,
m rp

related ads will carry a “Politi- Facebook hasn’t disclosed Facebook will let users globally ica, a data-analytics firm that Cambridge Analytica incident, Facebook’s deputy chief privacy
cal Ad” label, alongside infor- the number of followers a page see all the ads a page is run- worked for the 2016 Trump and Mr. Zuckerberg is set to officer. “When someone has
mation on the advertisers who would have in order to trigger ning, following a test in Canada, campaign. testify at two congressional their setting turned off, we
paid for them, the company an authorization request. It also the company said. In a call with reporters on hearings next week. don’t use this technology to
said. In June, Facebook will hasn’t provided details on what In recent weeks, Facebook Wednesday, Mr. Zuckerberg The complaint about Face- identify them in photos.”
co Fo

make public a searchable ar- this verification process will en- has been making a raft of said he had made a “huge mis- book’s facial-recognition soft- The complaint is similar to
chive of the ads carrying that tail. changes to its data-sharing and take” in not focusing more on ware was filed by a coalition of one filed in 2011 that didn’t
label, including information on Facebook said it would hire privacy policies as it works to the potential abuse of users’ consumer organizations led by lead to FTC action.
the amount the advertiser more staff to work on verifying rebuild trust among users and personal information. He also the Electronic Privacy Informa- EPIC President Marc Roten-
spent and the intended target ads and pages and that it is in- regulators. Many of those said he had been “too flip- tion Center. It focuses on a berg pointed to recent changes
audience. vesting in artificial intelligence changes were kick-started fol- pant” in 2016 when he dis- Facebook feature that helps us- in Facebook’s use of facial rec-
Political ads on digital plat- to help uncover advertisers that lowing revelations that per- missed the idea that fake news ers identify people in uploaded ognition, including efforts to
forms aren’t subject to the have skirted the process. sonal details of as many as 87 could influence an election as photos by suggesting the names tag nonusers who appear in
same disclosure requirements Beyond the political-ad spec- million users were improperly “crazy.” of people it recognizes. photos, as one reason for the
as in traditional media, such as trum, beginning this summer obtained by Cambridge Analyt- The FTC is investigating the The “Tag Suggestions” fea- new concern.

RUSSIA House Permanent Select Com-


mittee on Intelligence who has
and its destabilizing behavior.”
By sanctioning Mr. Deripaska
tron of Paul Manafort, Mr.
Trump’s former campaign fi-
was previously barred from
the U.S. for his suspected ties
self of his interest in that and
other assets. Mr. Blavatnik is
n-

been one of the president’s as well as numerous companies nance chairman who worked at to organized crime. Mr. Deri- also a major U.S. political fi-
toughest critics in Congress, associated with him, the Trea- one time for Moscow-backed paska, named in a public U.S. nancier, according to campaign
Continued from Page One praised Friday’s action. But he sury Department appeared to Ukrainian President Viktor Treasury blacklist in January finance data collected by the
course. Moscow, it said, would added that the measures be sending a signal to Russians Yanukovych. as a possible target for sanc- Center for Responsive Politics,
no

respond firmly to the sanc- “would be stronger if accom- who may become ensnared in U.S. officials said Mr. Deri- tions, stepped down as Rusal’s donating largely to Republican
tions. panied by a clear statement the broad investigation into paska had been investigated president in late February. Mr. candidates, but also to some
Among those sanctioned from the president himself Russia’s meddling with the U.S. over allegations of money Deripaska or a representative Democrats.
were tycoons in Mr. Putin’s in- that the U.S. recognizes Rus- elections. Mr. Deripaska is laundering and threatening the for Rusal weren’t available for “This list of 12 companies
ner circle, including the Rus- sia’s attack on our democracy known to have been a key pa- lives of business rivals, and he comment. owned or controlled by the
sian president’s son-in-law, “The consequences are far sanctioned oligarchs should
Kirill Shamalov, and oligarch reaching, it’s a dangerous mo- not be viewed as exhaustive,”
Oleg Deripaska. Share prices Russia in the Crosshairs ment that needs a whole-of- the U.S. Treasury said, indicat-
for two of Mr. Deripaska’s The U.S. blacklisted dozens of senior Russian government officials, businesses and allies of government approach,” said ing the U.S. may penalize firms
companies sanctioned by the Vladimir Putin on Friday, citing what it called the country's meddling in U.S. elections, cyberattacks and Heather Conley, a former dep- and individuals linked to the
U.S. Treasury plummeted after military actions in Ukraine and Syria. uty assistant secretary at the sanctioned entities.
the announcement. United Co. State Department in the Bush Konstantin Kosachev, head
Rusal PLC, one of the world’s The sanctioned, how they are connected and Treasury allegations against them administration who is now a of the Council of the Federa-
largest aluminum producers Companies (12) Oligarchs (7) Senior gov. officials (17) State-owned firms (2) senior vice president at the tion Committee on Foreign Af-
responsible for 7% of global Center for Strategic and Inter- fairs who was added to Trea-
Owner Owned
production, fell more than 10%. national Studies. “We’ve seen sury’s blacklist, said the action
Share prices for EN+ Group, a Government Weapons trading Russian behavior only escalate was “another unjustified, un-
Has been investigated for money official accused company
sanctioned company that owns laundering and accused of GAZ and it’s unclear where we are friendly and meaningless
Group Suleiman of money Rosoboronexport
Rusal and major Russian elec- threatening rivals’ lives and taking we going.” step,” according to state-run
Kerimov laundering
part in extortion and racketeering
tricity and coal assets, fell 20% and tax The appearance of Viktor media RIA-Novosti.
after the news. evasion Vekselberg, founder of the Rostec, the parent company
Friday’s sanctions were Agroholding Oleg EuroSibEnergo Russian management and in- of Russia’s arms-exporting mo-
Deripaska Subsidiary
viewed by many U.S. lawmak- Kuban Russian vestment company Renova nopoly Rosoboronexport,
ers and Western Russia ex- Andrei Financial Corp. Bank Group, also sanctioned Friday, which was also sanctioned,
Skoch (RFC Bank)
perts as a litmus test for the is a surprise to some Kremlin said the measures were an at-
administration’s commitment Basic B-Finance watchers, and it may unsettle tempt to hit the country’s
to punishing Moscow. Several Element Official with some Western officials who arms exports, the second big-
people targeted had connec- EN+ longstanding ties to have ties to the Russian mag- gest in the world. Treasury
Russian Russian organized Andrey Alexey
tions to Mr. Trump’s 2016 Group nate. John Deutch, who served said the company was sanc-
Machines criminal groups, Akimov Dyumin
presidential campaign and to including time spent as director of Central Intelli- tioned for providing military
his cabinet, as well as to offi- leading one such gence in the Clinton adminis- equipment and support for the
United Co. enterprise
cials from previous adminis- RUSAL tration, sits on Renova’s board Syrian government.
trations. The list will mute Mikhail Sergey Oleg of directors, as well as Josef “All these bold words and
Fradkov Fursenko Govorun
some criticism by lawmakers Ackermann, previously chair- accusations are just a pretext
and others who say the White NPV Engineering man of the management board to push Russia out of the
Gazprom Renova Ladoga
House has pulled its punches Burenie
Open Joint
Group Menedzhment of Deutsche Bank. Messrs. global arms market,” Rostec
in challenging Moscow. Stock Vladimir Konstantin Andrey Deutch and Ackermann said in a statement to Russian
Tensions between Russia Kolokoltsev Kosachev Kostin weren’t available to comment. news agencies.
and the West had been build- According to Russia experts, The targeting of key indi-
Vladimir
ing for years, but they esca- Putin’s
Mr. Vekselberg is a partner viduals in Russia’s energy sec-
Igor Vladimir Viktor Kirill Alexei Nikolai
lated to a new level after the son-in-law with Ukrainian-born billionaire tor—the economy’s biggest in-
Rotenberg Bogdanov Vekselberg Shamalov Miller Patrushev
U.K. nerve-agent attack blamed Len Blavatnik, who Mr. dustry—is a warning to
on Moscow and cyberhacks on Mnuchin temporarily part- Moscow that the U.S. could hit
U.S. infrastructure, which U.S. nered with in his Hollywood the country where it is most
Vladislav Evgeniy Alexander Vladimir Timur Alexander Viktor
officials say were orchestrated Reznik Shkolov Torshin Ustinov Valiulin Zharov Zolotov
production and finance firm, vulnerable.
by the Kremlin. Ratpac-Dune. Mr. Mnuchin —Alan Cullison
Rep. Adam Schiff (D., Calif.), told a government ethics office in Washington
the ranking member of the Source: Treasury Department THE WALL STREET JOURNAL. last year he would divest him- contributed to this article.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | A5

U.S. NEWS

For President, the Attacks Trump Web Store


Taxes in 2 States
On Amazon Are Personal
BY PETER NICHOLAS
BY RUTH SIMON

The Trump administration


said it can’t comment on spe-
cific businesses for privacy
reasons.
is pushing for online retailers In recent days, President
Early in President Donald to pay more in state and local Donald Trump has slammed
Trump’s term, when White taxes. One retailer that could online retailer Amazon.com
House officials heard him com- be affected by a stricter tax Inc. for not paying enough in
plain vociferously about Ama- policy: the online store of the taxes to state and local gov-
zon.com Inc., they arranged Trump Organization, which ernments. In a legal brief filed
private briefings in the Oval collects sales tax from con- on March 5, the Trump admin-
Office to make sure that he sumers in only two states. istration urged the Supreme
would talk knowledgeably The TrumpStore.com web- Court to let states require that
about the company. site, which sells $100 polo retailers collect sales taxes
Gary Cohn, his top economic shirts, baseball caps, spa teddy even where they lack a physi-
adviser, and other officials gave bears and other Trump- cal presence. The court will
PowerPoint presentations and branded merchandise, collects hear oral arguments on April
briefing papers they believed sales tax on orders shipped to 17.
debunked his concerns that Am- addresses in Florida and Loui- “States indisputably may
azon was dodging taxes and ex- siana, according to the com- tax sales to state residents by
CHRIS KLEPONIS/DPA/ZUMA PRESS

ploiting the U.S. Postal Service. pany’s website. out-of-state retailers,” the
It made little difference. Mr. The site, which describes it- Trump administration said
Trump persisted in attacks that self as the official retail web- last month in its court filing in
ran counter to the material they site of the Trump Organiza- support of a South Dakota law.
had showed him. “It’s not the tion, doesn’t collect sales Requiring retailers to collect
narrative he wants,” one person taxes from New York resi-
familiar with the matter said of dents. The TrumpStore.com
the briefings. “He clearly didn’t website invites shoppers to
find it persuasive because he “visit our brand new Trump
The president has
keeps saying it’s untrue.” President Donald Trump, left, and Jeff Bezos, right, participated in a forum in Washington last year. Tower flagship retail store” in accused Amazon.com
In the past week, Mr. Trump New York City.
has turned what were sporadic posed editorials or endorse- him his Amazon critique might in November. Meantime, it has The website was registered
of not paying enough
and often private criticisms into ments,” Mr. Ryan said. be “missing the point,” a White had strong growth in package by the Trump Organization, sales tax to states.
a sustained volley of tweets Amazon declined to com- House official said. In response, delivery, the category that which has its headquarters in
against Amazon, often causing ment. But the company says it Mr. Trump has been “digging would account for Amazon and Trump Tower. The website
stock-market fluctuations. collects sales taxes on its own in,” this person said. many other online retailers, contains information about
Fueling Mr. Trump’s ire is inventory in all 45 states that In past briefings, his advisers with revenue growing 11% in the the retail store and the e-com- sales tax only where they have
not so much Amazon, the online have that type of tax and has have told him how Amazon pays same fiscal year to November. merce site, but it is unclear a physical presence “would
giant that is revamping the re- voluntarily started collecting taxes, the person familiar with Mr. Trump’s most recent how ownership of the entities substantially impede state tax
tail industry, but the company’s taxes in some municipalities. the matter said. flurry of tweets targeting Ama- is structured. collection,” it said.

.
Chief Executive Officer Jeff Be- Many small businesses selling zon has coincided with the pub- “Trumpstore.com has al- Mr. Trump handed over

ly
zos, who also owns the Wash- products on Amazon’s site don’t lication of Post stories he dis- ways, and will continue to col- management of the Trump Or-
ington Post, people close to the collect sales taxes outside of the likes—one that documented lect, report, and remit sales ganization, the umbrella com-
White House say. states where they are based.
E-commerce giant’s problems at a White House of- taxes in jurisdictions where it pany operating the family’s
Mr. Trump sees Mr. Bezos’s Still, Mr. Trump stepped up on CEO, who also owns fice that vets political appoin- has an obligation to do so,” a business, to his sons, Eric and
hand in newspaper coverage his attack Thursday, tweeting tees and another that depicted Trump Store spokeswoman Donald Jr., in 2017, but re-
he dislikes and is lashing out about the company and telling
the Washington Post, Mr. Trump acting more inde- said. The spokeswoman and tained ownership of the com-
at Amazon as a proxy, these reporters aboard an Air Force is target of Trump ire. pendently of chief of staff John the chief legal officer for the pany. The family company
people said. One flight home from West Vir- Kelly and other “moderating Trump Organization didn’t re- earns much of its income from
us l,

The White House didn’t re- ginia: “Amazon is just not on an forces.” spond to requests for addi- real-estate holdings and li-
spond to a request for com- even playing field. They have a Privately, Mr. Trump has tional information. censing deals.
al a
e
ment. A Post spokeswoman, tremendous lobbying effort, in The president’s advisers sim- “talked about the fact the Wash- A White House spokes- The Trump Organization
asked for a response, referred to addition to having the Washing- ilarly have presented financial ington Post is solely owned by woman declined to comment, declined to explain why the
quotes from the paper’s leader- ton Post, which is, as far as I’m data that show the Postal Ser- Jeff Bezos and he [Mr. Bezos] is and referred questions to the online store collects taxes in
ci on

ship in a story pub- concerned, another lobbyist.” vice’s financial woes are being using that same entity to take Trump Organization. Louisiana and Florida, but tax
lished Thursday. In that piece, “Look at the sales tax situa- caused by forces other than on the president and the admin- States require a business experts say the company
publisher Frederick J. Ryan Jr. tion,” Mr. Trump added, sug- Amazon: notably that people istration,” said one person who with a physical presence in a would be required to do so if
said that Mr. Bezos has “never gesting the company doesn’t are sending far fewer letters. talks to Mr. Trump regularly. state to collect sales taxes on it has a physical presence in
proposed a story.” pay its fair share of them. The Postal Service has suf- Another person close to the online purchases delivered to those states.
er rs

“Jeff has never intervened in Mr. Trump’s most recent fered a decline in revenue from White House said: “Every time those states. A spokesman for —Richard Rubin
a story. He’s never critiqued a statements prompted aides to first-class mail delivery of about there was a bad story, it [Ama- the New York State Depart- and Michael C. Bender
story. He’s not directed or pro- go back to him this week to tell 7% in the fiscal year that ended zon] would come up.” ment of Taxation and Finance contributed to this article.
m e
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co Fo
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A6 | Saturday/Sunday, April 7 - 8, 2018 * ****** THE WALL STREET JOURNAL.

WORLD NEWS
As Aid Is Turned Away, Venezuelans Die
Regime prohibits
most outside medical Those in Need of
donations, limiting Transplants Wait
lifesaving drugs
Venezuela’s transplant
BY KEJAL VYAS program was suspended in
AND RYAN DUBE mid-2017 because of financial
troubles, leaving 5,000 pa-
CALABOZO, Venezuela—In tients who await new kidneys
Spanish, the name of this town in limbo, advocacy groups
in Venezuela’s scorching cen- said.
tral plains means dungeon. For Without antirejection
Marta Solorzano, the recipient drugs, an organ can deterio-

OSCAR B. CASTILLO/FRACTURES COLLECTIVES FOR THE WALL STREET JOURNAL (3)


of a transplanted kidney, being rate in as little as 48 hours. A
here turned into a death sen- patient rejects a transplanted
tence. organ every two days in Ven-
With Venezuela’s state-run ezuela, according to the Cara-
health-care system in ruins cas-based health-sector
and the country’s economy watchdog Codevida.
collapsing, the government The malnutrition now
last year stopped supplying common in Venezuela means
the pills Ms. Solorzano needed patients also face higher risks
to keep her organ functioning, for organ rejection, said Dr.
her family and her doctor said. Luis Hernández, a nephrolo-
Without the medicine, the gist at University Hospital in
50-year-old former janitor suf- Caracas.
fered chronic fatigue and de- “We have to help the peo-
bilitating pain for months as ple,” said Dr. Hernández, who
her body rejected the kidney, added he has called on the
said her husband, Enzo Array. government to accept inter-
She died on March 4. national aid.
“My world has been taken In January, the Pan Ameri-
away from me,” Mr. Array said can Health Organization said
during a recent visit to her it helped Venezuela purchase
grave, where her name had Enzo Array in the cemetery where his wife is buried, and showing a photo of her, bottom right. Bottom left, Moravia Vicuña. 135,000 pills of the immuno-
been etched with a stick in a suppressive drug tacroli-
layer of cement. “I blame the mus at a discount. But that
government.” covers just one of several

.
The state agency responsi- medications that doctors pre-

ly
ble for providing the drugs scribe to transplant patients,
didn’t respond to a request to activists say.
comment. Last year, PAHO signed an
Venezuelan President Nico- on agreement with Venezuela’s
lás Maduro’s cash-strapped Social Security Institute that
Socialist regime prohibits allows it to purchase immu-
most international humanitar- nosuppressive drugs at a dis-
ian donations—including con- count.
us l,

tributions of lifesaving medi- About 500,000 pills of


cines—except from a few another immunosuppressive
al a
e
remaining allies such as Rus- drug called mycophenolate
sia. The authoritarian leader are expected to be delivered
and his lieutenants have de- in April, said José Moya, a Pe-
ci on

nied the country is in a hu- ruvian doctor who is the


manitarian crisis and they PAHO’s representative in Ven-
consider international aid part ezuela.
of a ploy by the U.S. and polit-
ical rivals to besmirch the gov-
er rs

ernment and open the door to of diphtheria and malaria, dis- tioning of hospitals, [and] it is “We have a scarcity of al- help prevent. There are about recommended.
foreign intervention. eases controlled by most Latin affecting the availability of most 100% of medicines and 3,500 transplant patients— “I’m so worried, I can’t
“No way are we going to al- American nations, have in- medicine.” what is available, people can- most of them kidney recipi- sleep,” said Ms. Vicuña, who
low this right wing to impose creased amid a lack of vacci- In March, the U.S. Treasury not afford,” said Feliciano ents—in Venezuela, according lives in a town not far from
m e

a supposed humanitarian aid nations, the ministry said. sanctioned Carlos Rotondaro, Reyna, head of a Caracas- to health-advocacy groups. Calabozo. “I just want to live,
when our people are already “The situation is compli- former head of the govern- based health-advocacy group, For months, 56-year-old that’s all.”
being tended to by President cated, I think that is a point ment’s Social Security Insti- Solidarity Action, which has Moravia Vicuña has been tak- At a funeral home in a
m rp

Maduro,” Venezuela’s Health that we all agree on due to the tute, which is responsible for tried to open the country to ing just one of the three im- nearby town, Rafael Funes, 48,
Minister Luis López said in social, political and economic providing drugs for chronic ill- international medical aid. “We munosuppressive drugs she was making burial arrange-
December. issues,” said José Moya, a Pe- nesses. The U.S. said mishan- are seeing more and more has been prescribed. Recently, ments for his 40-year-old wife,
Public health has deterio- ruvian doctor who is the rep- dling of health care by him deaths and suffering.” she was down to fewer than 10 Luz Marina Martínez. She
rated sharply in what used to resentative in Venezuela for and others has contributed to Patients with transplants pills. She said she and her went a month without pills for
co Fo

be one of Latin America’s rich- the Pan American Health Or- outbreaks of once-controlled are particularly vulnerable be- older sister, Carmen, pawned her donated kidney, he said.
est nations. Venezuela’s infant ganization, a branch of the diseases like diphtheria and cause of the risk that their their bed and television to pay “It’s just cruelty,” Mr. Funes
mortality rate was higher than World Health Organization. measles. Mr. Rotondaro bodies will reject the new or- for her last pack of pills, said, breaking down in tears.
in Syria in 2016, according to “This has really affected the couldn’t be reached to com- gans, an outcome immune sys- which she is taking only one of —Mayela Armas in Caracas
Health Ministry figures. Cases purchase of supplies, the func- ment. tem-suppressing drugs can the four times a day doctors contributed to this article.

Trump Sparks Backlash in Mexico Brazilian Ex-President


BY JOSÉ DE CÓRDOBA
AND ANTHONY HARRUP
Misses Arrest Deadline
SÃO BERNARDO DO those who arrived at the union
n-

MEXICO CITY—At least for CAMPO, Brazil—The country’s headquarters. “We are in a war.”
a day, U.S. President Donald former president, Luiz Inácio They and other Brazilians
Trump has managed to unite Lula da Silva, missed a dead- who support Mr. da Silva see
Mexico’s fractious politicians. line to turn himself in Friday the court order and last year’s
no

In this case, against him. as he negotiated the terms of conviction against him—part
Mexico’s President Enrique his surrender to begin serving of a broad investigation of
Peña Nieto won widespread ku- a 12-year jail term, a person corruption that has led to the
dos here following a nationally familiar with the talks said. jailing of dozens of public offi-
MEXICAN PRESIDENCY/AGENCE FRANCE-PRESSE/GETTY IMAGES

televised address on Thursday The 72-year-old was ex- cials and businessmen—as a
in which he used uncharacter- pected to spend at least a sec- conspiracy to end his drive to
istically strong language to tell win back the presidency. Polls
Mr. Trump to stop treating By Jeffrey T. Lewis, showed the former president
Mexico like a political punching Luciana Magalhães topped all candidates ahead of
bag, after the U.S. leader spent and Paulo Trevisani the October election.
a week criticizing Mexico over At the union hall, Mr. da
migration and border security ond night in a trade union hall Silva’s supporters formed a
and decided to send National after being ordered on Thurs- human barrier to protect their
Guard troops to the border. day to surrender by 5 p.m. lo- leader through much of Friday.
Mr. Trump’s lashing out at cal time Friday or face arrest. Many wore the red that sym-
the U.S.’s southern neighbor Mr. da Silva was holed up in bolizes the Workers’ Party,
tied in with his frustration the headquarters of a metal- which held power here from
with Congress over funding his workers union hall in this in- 2003 until 2016.
southwest border wall, after a dustrial suburb of São Paulo “The right-wing wants to
recent spending bill funded where he began his rise to na- keep the workers away from
only a slice of the project. Mexican President Enrique Peña Nieto won widespread praise with his address on Thursday. tional prominence as a union power,” said Marcos Ferraz,
“President Trump…if your activist in the 1970s. Both a 58, who was selling $7 red T-
recent statements derive from The positive response gen- with being a constant target have argued that the bilateral polarizing and popular figure, shirts with Mr. da Silva’s im-
a frustration with your domes- erated by the Mexican leader’s for the U.S. president,” said relationship is too important to the man known across Latin age. “There is a prejudice
tic policy or with your laws or tougher language suggests the Andrew Selee, president of the risk with an emotional back- America as Lula had quickly against the working class.”
Congress, talk to them, and not U.S. administration may find a Washington-based Migration lash. Foreign Minister Luis Vid- attracted supporters from his Marco Antonio Silva, 26, a
to Mexicans,” Mr. Peña Nieto less pliant Mexico in the Policy Institute. egaray said in a radio interview Workers’ Party, who gathered law student, said that he
said in the video. “If there is months and years ahead as A day earlier, Mexico’s Sen- Friday that the fight against outside the union hall and joined in to “support and de-
one thing all Mexicans agree, it ate urged Mr. Peña Nieto to organized crime groups that pledged to protect their leader fend democracy.” To him, ar-
is that nothing, or no one, is suspend bilateral cooperation operate in Mexico and the U.S. from the police. resting Mr. da Silva amounts
above our dignity as a nation.” in the fight against illegal mi- is in the interest of Mexico’s The former president’s de- to “an aggression against the
All four leading Mexican
‘Nothing, or no one, gration and organized crime security and depends on bilat- fenders gathered on a narrow, constitution.”
presidential candidates—who is above our dignity until Mr. Trump changes his eral cooperation to be effec- mostly residential street as The case against Mr. da Silva
have spent months in the run- stance toward Mexico. tive. “What we’re not going to Mr. da Silva conferred inside has led to a spectacular fall
up to hotly contested election
as a nation,’ says The Senate request had do is put at risk the security of the six-story building, which from grace for a man who went
in July savaging the president President Peña Nieto. unanimous support from all Mexico and Mexicans,” he said. was draped with banners from fighting a military dicta-
on issues like corruption and political parties, said Laura Ro- But that dynamic could reading “No to Lula’s impris- torship in the early 1980s to
crime—came out with state- jas, a senator from the conser- change with a new leader, es- onment” and “Election with- leading an increasingly powerful
ments against Mr. Trump and vative National Action Party pecially if Andrés Manuel Ló- out Lula is a fraud.” A sound labor movement that brought
offered rare praise for Mr. both nations try to work on is- and head of the Senate Foreign pez Obrador, a leftist national- truck was parked outside, its him to the presidency in 2003.
Peña Nieto. sues ranging from a renegotia- Relations Committee. ist, maintains his big lead and giant loudspeakers blasting Assisted by high commodity
Before the video, Mr. Peña tion of the North American “If there’s no consequence captures the presidency. samba between speeches from prices and demand from
Nieto’s government caught a Free Trade Agreement to to Mr. Trump’s threats, Mexico “Our country, our people are Mr. da Silva’s supporters. China, Brazil under Mr. da
lot of flak from critics who cross-border security, drug won’t be able to force a real not going to be a piñata for Street vendors sold beer, ice Silva maintained a balanced
have accused it of not taking a trafficking and migration. change in his hostile stance,” any foreign government,” he cream and barbecued meat. federal budget while attracting
strong stance against Mr. “I think the tide has shifted said Sen. Rojas, who led the said at a speech to packed “An innocent man does not investment and funding social
Trump’s unending stream of among Mexicans about how Senate’s proposal. crowds in the border city of surrender,” said Ângela Kinzu, programs that helped 30 mil-
insults and attacks. much they are willing to put up But top Mexican officials Laredo on Thursday. 62 years old, who was among lion rise from poverty.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | A7

WORLD NEWS

South Korea’s Former


President Is Sentenced
BY EUN-YOUNG JEONG nessman, was imprisoned last
year for bribery and embezzle-
SEOUL—A court sentenced ment, and released earlier this
former South Korean Presi- year on a suspended sentence.
dent Park Geun-hye to 24 He has appealed his case to
years in prison for her in- the Supreme Court.
volvement in a corruption The scandal that brought
scandal that led to her ouster down Ms. Park focused atten-
from office and ensnared some tion on the country’s tradi-
of the country’s top officials tionally close links between
and business leaders. the government and family-
The ruling on Friday, which run business conglomerates.
included a fine of about $16.8 The court found the former
conservative leader guilty on
nearly all charges, including
Park Geun-hye, bribery, disclosing state se-

MOHAMMED TALATENE/DPA/ZUMA PRESS


66 years old, crets, and abuse of power.
was given a The former president was
24-year prison acquitted on two bribery
term. She is counts related to some of
expected to Samsung’s payments to organ-
appeal. izations controlled by her
friend, Choi Soon-sil.
Ms. Park is expected to ap-
million, fell short of the 30-year peal. She had previously de-
prison term and $110 million nied any wrongdoing. Her law-
fine prosecutors had sought. yers couldn’t be reached to
Still, the sentence handed to comment. In February, Ms. A veiled Palestinian woman stood Friday in front of burning tires in Gaza. Organizers have said the demonstrations will continue until May 15.

Seven Die in Gaza Clashes


Ms. Park, the 66-year-old Park’s longtime confidante Ms.
daughter of South Korea’s lon- Choi, who was alleged to have
gest-serving president, was the colluded with the former pres-
heaviest the courts have meted ident to extract bribes, was
out to any figure in the graft sentenced to 20 years in
affair that shook the country prison. She has appealed.
from late 2016. Ms. Park wasn’t present for Demonstrations at the fence national calls to show restraint. The government of Prime gotiations, Jason Greenblatt,
In a related case, Lee Jae- the verdict, which was tele- dividing the Gaza Strip and Is- Palestinian health authori- Minister Benjamin Netanyahu urged protesters to march
yong, the third-generation vised nationally. She hasn’t rael turned deadly again Fri- ties said at least 26 people have says Islamist movement Hamas, peacefully, abstain from vio-
Samsung heir considered the appeared in court since Octo- day, as Palestinians burned been killed in the past week’s which rules Gaza and is desig- lence and not approach the
country’s most powerful busi- ber. tires that sent up plumes of demonstrations and more than nated a terrorist organization fence.
smoke and some tried to cross 2,000 injured, including by the U.S. and Israel, is using Retired policeman Khames

WORLD WATCH
the border amid Israeli mili- roughly 1,000 from gunfire. the demonstration as a pretext al-Zaem said Palestinians were

.
tary gunfire. The new protests involved to attack Israelis and divert at- “fed up” with an Israeli block-

ly
thousands again but appeared tention from the group’s poor ade of Gaza and no prospects
By Rory Jones in Tel quieter than the week before governance of the strip. for a peace agreement after 70
UNITED KINGDOM LEBANON Aviv and Abu Bakr and Israel appeared to be us- Gaza’s economy is flatlining years of conflict. “To die a
Bashir in Gaza City ing less tear gas to disperse and a dispute between Hamas martyr is much better than
Poisoning Victim’s
Condition Improves
Foreigners Commit
To $11 Billion in Aid
on Seven Gazans died, including
Palestinians, according to peo-
ple at the demonstrations.
and the Palestinian Authority
is exacerbating tensions.
dying in hospital bed,” said
Mr. Zaem, 67 years old.
a 16-year-old, and nearly 300 Palestinian demonstrators The last round of Israeli-Pal- Israel controls access and
Former Russian double agent International donors pledged were injured, Palestinian health are calling for the right to re- estinian peace talks collapsed goods entering the strip to
us l,

Sergei Skripal is no longer in $11 billion in aid to Lebanon on authorities said. The Israeli mil- turn to their ancestors’ vil- in 2014 and Palestinian factions stop Hamas from arming to at-
critical condition after being poi- Friday at a Paris conference, itary said the army responded lages and towns in what is have refused to engage in an tack Israelis. Egypt also shares
al a
e
soned by a nerve agent last aiming to bolster the economy with gunfire and water cannons now Israel, a demand Israeli expected White House peace a border with Gaza and only
month, offering investigators an in a country seen as a bulwark as Palestinians hurled fire- officials reject because they plan as they perceive it will be infrequently opens the cross-
opportunity to shed light on cru- in a volatile region. bombs at soldiers and at- say it would risk the country’s favorable to Israel. ing from the strip into Egyp-
ci on

cial details about the attack. The conference is the second tempted to infiltrate Israel. Jewish majority. Ahead of Friday’s demon- tian territory.
Christine Blanshard, medical of three meant to support Leba- The demonstrations, which Organizers have said the stration, the United Nations Israeli army officials have
director at Salisbury District non as it struggles with a lag- organizers said will continue demonstrations will con- said Israeli forces should show disputed the number of injuries
Hospital, where Mr. Skripal was ging economy and an influx of for weeks, have presented Israel tinue every day until May 15, “maximum restraint” and reported by Gazan authorities
being treated, said the 66-year- refugees from the Syrian war with a new military and politi- known among Palestinians as called on organizers not to put last week and questioned the
er rs

old was responding well to raging next door that is straining cal challenge as it aims to avoid “Nakba Day” or “Day of the women and children in danger. authenticity of videos posted
treatment and improving rapidly. its already weak infrastructure. a mass breach of the fence Catastrophe,” the day after the The White House represen- online that purported to show
—Jenny Gross —Nazih Osseiran while also responding to inter- date of Israel’s 1948 founding. tative to Israeli-Palestinian ne- unarmed protesters being shot.
m e
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A8 | Saturday/Sunday, April 7 - 8, 2018 * ***** THE WALL STREET JOURNAL.

IN DEPTH

STOCKS cil, Treasury Secretary Steven


Mnuchin and White House press
secretary Sarah Huckabee Sand-
ers, tried to allay investors’ con-
Jerome Powell, who reiterated
the central bank’s intent to pro-
ceed with a slow, steady path of
rising interest rates, added Fri-
heavily on major indexes after
their stocks were hurt by stron-
ger bond prices, which rose af-
ter the latest trade salvos.
Continued from Page One cerns about a trade conflict to day that “tariffs can push up Higher bond prices and lower
tion is willing to go with its pro- little avail. prices,” but went on to say that yields tend to narrow the gap
tectionist agenda has become a Mr. Mnuchin, speaking on it is too early to predict what between short- and long-dated
driving force behind the stock CNBC, said it would take time would be the full economic im- Treasury notes and crimp lend-
market’s gyrations for more for the announced and potential pact of a trade war with China. ers’ profits.
than a month. U.S. tariffs to take effect, and The growing uncertainty Shares of Goldman Sachs
Those concerns deepened meanwhile, “we’ll continue to over a trade war and what that Group fell 2.3%, while the KBW
Friday after Chinese Com- have discussions. But there is means for businesses across the Nasdaq Bank Index of large U.S.
merce Ministry spokesman the potential of a trade war.” country prompted the stock lenders slid 2.7%.
Gao Feng acknowledged the market’s most nervous investors The yield on the benchmark
two governments were now in to sell Friday, said Kenny Pol- 10-year U.S. Treasury note fell

572
a battle and described Presi- cari, managing director at bro- to 2.779% from 2.830% on

QILAI SHEN/BLOOMBERG
dent Donald Trump’s consider- ker-dealer O’Neil Securities. Thursday. Yields move in-
ation of penalties on an addi- “It could get uglier over the versely to prices.
tional $100 billion in Chinese weekend, and some are getting Meanwhile, the latest jobs
goods as “extremely wrong.” Number of points the Dow Jones out because it could go either report showed that wages grew
Investors worry the tit-for- Industrial Average fell Friday way,” said Mr. Polcari. as expected from a year earlier,
tat responses between the U.S. He added that trading vol- with average hourly earnings
and China could translate into umes were light, suggesting the Steel wire in Shanghai. China vowed Friday to fight U.S. trade moves. rising 2.7% in March. That
more severe and farther-reach- selling is being driven more by eased worries among some in-
ing sanctions that pressure That last comment appeared smaller traders and investors dropped 0.7%, the S&P 500 fell said Jeff Lancaster, a principal vestors that inflation had been
American companies and raise to send the market sliding. The rather than big money manag- 1.4% and the Nasdaq declined of Bingham Osborn & Scarbor- growing faster than expected
prices for consumers. Dow fell as much as 767 points ers. “If [the administration] 2.1%. The S&P 500 is now off ough, an advisory firm that and that the Fed would hasten
Investors say an escalation in the late afternoon before par- calms the rhetoric down over 2.6% for the year and down 9.3% manages $4.2 billion. its pace of interest-rate hikes to
could crimp the global economic ing its decline to 572.46 points, the weekend, then you’ll likely from its late January peak. Shares of Boeing, which has keep the economy from over-
growth engine that has acted as or 2.3%, to 23932.76. see the market rally right back Investors moved into assets been cited by analysts as a bell- heating.
a key pillar for the latest leg of Ms. Sanders, meanwhile, Monday,” he said. that tend to hold up better dur- wether to gauge investors’ reac- “This should help moderate
the stock-market rally. said later Friday that, “this is The S&P 500 declined 58.37 ing times of uncertainty, with tion to trade-sensitive stocks, investors’ expectations for the
Several Trump administra- something that China has cre- points, or 2.2%, to 2604.47, so-called haven assets such as fell 3.1%. Heavy machinery man- [Federal Reserve] getting ahead
tion officials, including Larry ated and President Trump is while the Nasdaq Composite bonds and gold rising. “There’s ufacturers Caterpillar and Deere of itself,” said Doug Coté, Voya
Kudlow, head of the White trying to fix it.” slid 161.44 points, or 2.3%, to genuine fear that this thing with & Co. dropped 3.5% and 3.9%. Investment Management’s chief
House National Economic Coun- Federal Reserve Chairman 6915.11. For the week, the Dow China is not going to go well,” Financial firms also weighed market strategist.

TRADE ple message: The U.S. isn’t going


to get “tapped around.”
The U.S. wanted substantial
changes, which included cutting
Continued from Page One the tariff China imposes on auto
zer. It marked the start of the imports from 25% to something
most dramatic and high-risk ef- closer to the U.S. tariff of
fort in decades to force the 2.5%. The U.S. also wanted a
world’s second largest economy $100 billion reduction of its

.
to change its behavior, culminat- $375 billion annual merchandise

ly
ing this week in an order threat- trade deficit with China. To
ening tariffs on $50 billion of punctuate those demands, the
Chinese imports, a move that administration planned to
also had Mr. Lighthizer’s im- on threaten tariffs.
print on it. One more obstacle needed to
After China threatened tariffs be cleared away. President
on an equal amount of imports Trump, frustrated that the steel-
from the U.S., Mr. Trump on tariff matter had been indefi-
us l,

Thursday called that “unfair re- nitely delayed, was sympathetic


taliation” and said he might put to pitches by Messrs. Navarro
al a
e
tariffs on a further $100 billion and Ross that he should finally
of Chinese imports. China’s move on the issue. In early
Commerce Ministry said on Fri- March, Mr. Trump said he
ci on

day Beijing was ready to “hit would impose 25% tariffs on


back forcefully.” steel and 10% tariffs on alumi-
CAROLYN KASTER/ASSOCIATED PRESS

Today, Mr. Lighthizer is ex- num from any exporting nation.


changing letters with China’s se- The international response
nior economic envoy on mea- threatened to drown out the
er rs

sures Beijing could take to head China initiative as U.S. allies


off a trade war. Negotiations are complained they were unfairly
likely to stretch over many targeted.
months—an ambiguity that
m e

could rattle financial markets


and lift prices on goods ear- How to proceed
marked for tariffs. U.S. Trade Representative Robert Lighthizer with President Trump; the aide has had a key role in shaping policy concerning China. On Tuesday evening, March
m rp

“Trump and Lighthizer are 20, senior officials gathered


like-minded,” said William Re- again in the Roosevelt Room to
insch, a former trade official Road to U.S.-China 2000 U.S. grants China normal- and Xi meet at Mar-a-Lago, Growing Imbalance decide how to proceed with the
now at the Center for Strategic ized trade relations. start Comprehensive Economic The U.S. trade deficit with China tariffs scheduled to go into ef-
and International Studies. Standoff on Trade Dialogue. has steadily worsened. fect in three days. Mr. Navarro,
co Fo

“There is a negotiating strategy the trade adviser, argued tariffs


of bullying, intimidation, and 2018 U.S. imposes steel and $400 billion should be imposed across the
threats to soften up [the adver- aluminum tariffs; targets $50 board as the president threat-
sary]. Then, maybe make a billion of Chinese imports for ened, say officials. That would
deal.” tariffs. China threatens tariffs increase U.S. leverage with
Mr. Lighthizer’s brother, Jim on similar amount of U.S. 300 steel-exporting nations, which
Lighthizer, puts it another way. goods. Trump weighs tariffs on could be expected to offer con-
“His approach is direct; he additional $100 billion of goods. cessions to avoid tariffs, he ar-
doesn’t spend a lot of time on gued.
nuance.” Robert Lighthizer de- 2001 China enters the WTO. Mr. Lighthizer, aligned this
200
clined requests for comment. time with Mr. Ross, pressed for
Many U.S. businesses say 1989 Tiananmen Square mas- 2006 The U.S. and China hold an alternative course. Grant
they are fed up with what they sacre; U.S.-Chinese relations first Strategic Economic Dia- nearly all nations except China
view as unfair Chinese subsidies sour. logue (SED). temporary exclusions from the
n-

to local companies, and strong- 100 tariffs, they proposed, according


arm tactics that make them 1992 China under Deng Xiao- 2009 SED talks broadened. to participants, but then limit
hand over technology to Chi- ping recommits to market- their exports through quotas.
ASSOCIATED PRESS (3)

nese partners. Still, they worry based reforms. 2013 Sunnylands summit be- That would make the U.S. seem
no

U.S. threats of tariffs could tween Presidents Barack 0 more reasonable in steel negoti-
backfire and leave them vulner- 1999 U.S. cuts a deal with Obama and Xi Jinping. ations and help form a coalition
1990 2000 ’10
able to retaliation. China to back its entry into the against China.
Early in the Trump adminis- World Trade Organization. 2017 President Donald Trump Source: Commerce Department The group produced a memo
tration, Commerce Secretary THE WALL STREET JOURNAL. in which the different views
Wilbur Ross was expected to were articulated. Mr. Trump
lead China economic policy. His ington worked. By the time he took office in Mr. Lighthizer, 70 years old, fall, after the August Roosevelt backed Mr. Lighthizer’s side.
star dimmed when the president To Mr. Trump, Mr. Lighthizer May, the administration was grew up in the Lake Erie port Room session, Mr. Lighthizer With the steel issue defused,
dismissed an early package of was a kindred spirit on trade— fighting over whether to impose city of Ashtabula, Ohio, which worked to make sure the admin- at least temporarily, Mr. Trump
deals Mr. Ross negotiated with and one who shuns the lime- tariffs on steel and aluminum was battered by imports. He istration was united. Previously, announced on March 22 the U.S.
Beijing as little more than a re- light. The two men, who have a imports globally. China policy sees himself as blue-collar even the U.S. had often balked at con- would threaten tariffs on Chi-
packaging of past offers, say similar chip-on-the-shoulder was on the back burner. though he is a doctor’s son who fronting China out of fear a nese imports. He thanked Mr.
White House officials. “Shut it sense of humor, bonded. Mr. While Mr. Lighthizer believed once raced around West Vir- fight would tank the global Lighthizer for his help and in-
down,” Mr. Trump told Mr. Ross Lighthizer caught rides to his the metal glut was due to Chi- ginia in sports cars and has fi- economy and make China less vited him to say a few words.
in July when he stripped Mr. Florida home on Air Force One. nese excess production, he nancial assets worth between willing to help on national-secu- “This is an extremely impor-
Ross of his China role, according Mr. Trump summons him regu- thought a fight at that point $10 million and $38 million, ac- rity issues. tant action,” Mr. Lighthizer said,
to senior administration offi- larly to the Oval Office to dis- would be self-defeating because cording to government filings. Defense chief Jim Mattis, “very significant and very im-
cials. cuss trade matters, administra- the focus would be on U.S. tar- As with his boss, bluntness is though, backed a tough ap- portant for the future of the
Mr. Ross continues to work tion officials say. iffs, not Chinese trade and in- his calling card. In the proach because he was con- country, really, across indus-
on China issues, including advis- “Lighthizer has everyone’s vestment practices. Assessing mid-1980s, as a U.S. Trade Rep- cerned China was illicitly ob- tries.”
ing Mr. Lighthizer on which im- trust,” said Kevin Hassett, the tariffs on all steel exporters resentative official who negoti- taining U.S. technology and Over coming months, the
ports to target for tariffs, a White House chief economist. would paint the U.S. as a villain ated with Japan, he once grew could gain a military edge, say ability of the U.S. to maintain
Commerce official said. Mr. Lighthizer’s brother instead of China. Mr. Lighthizer so frustrated he took a Japanese people familiar with his think- pressure on China will depend
added: “Bob recognizes there’s worked quietly with Mr. Cohn proposal, turned it into a paper ing. Others in the national-secu- on factors including the reaction
one king and he ain’t it.” and others to get the issue set rity agencies were tired of what of markets, opposition by U.S.
Bridging a divide As an attorney at Skadden, aside in favor of other priorities. they felt were unmet Chinese industries and farmers, and re-
Mr. Lighthizer managed to Arps, Slate, Meagher and Flom U.S. trade representatives of- promises on Korea and other se- taliation by China against U.S.
bridge a trade divide among Mr. LLP, he represented steel-indus- ten regard themselves as law-
Lighthizer is letting curity issues. companies. Chinese leaders say
Trump’s warring factions. try clients who believed they’d yers for U.S. exporters, trying to China know what Mr. Cohn was as fed up with they are confident they would
To so-called nationalists like been hurt by subsidized im- open up new markets. Mr. Light- Beijing as Mr. Lighthizer, say of- prevail in a trade war, say U.S.
trade aide Peter Navarro, who ported Chinese goods. In op-ed hizer saw things differently,
steps it could take to ficials. As a president of Gold- individuals who have met with
was itching to take on China, columns dating to 1997, Mr. viewing big U.S. companies as avert a trade war. man, Mr. Cohn had lobbied to them recently, and chalk up U.S.
Mr. Lighthizer was a China Lighthizer opposed the entry of job outsourcers that sometimes do business unimpeded in China threats to Mr. Trump’s midterm
hawk. Mr. Navarro is mainly an China into the World Trade Or- had to be reined in. and didn’t get the approvals congressional electioneering.
idea man, who has seen his role ganization under the terms be- he sought. Jorge Guajardo, a former
as making sure the White House ing negotiated. airplane and floated it back at At the end of February, China Mexican ambassador to China
carries out the president’s cam- Mr. Lighthizer’s role is a Missile Man the Japanese negotiators as a sent its chief economic envoy, and now a Washington consul-
paign pledge to stop China from change from recent administra- At a September meeting with joke. In Japan, he became Liu He, to Washington to try to tant, has seen up close how Bei-
“ripping us left and right.” Mr. tions where China experts, such about 100 CEOs organized by known as “the missile man.” restart negotiations. He found a jing can pressure companies and
Lighthizer runs a trade agency, as Treasury Secretary Henry the Business Roundtable, he In a Senate hearing last frosty welcome. The Chinese wear down governments. “The
plots strategy and carries it out. Paulson in the George W. Bush said he understood they had to month, when Democratic Sen. embassy had requested 40 visas big question is, ‘Will the U.S.
To so-called globalists such administration, handled the maximize profits, which some- Maria Cantwell of Washington to bring a full entourage. He got blink?’” he said. “Or will they
as former National Economic China economic portfolio. Mr. times meant exporting jobs. said his China plans could hurt just a handful. Mr. Liu also stay the course so China is
Council Director Gary Cohn, Lighthizer is a skilled interna- “My job is different,” he told the U.S. aircraft makers, he dis- couldn’t get any time with Mr. forced to understand there is a
who worried about the impact tional trade litigator, more in group, according to participants. missed her concerns as “non- Trump, instead meeting with new way of doing business.”
of trade fights on markets, Mr. the mold of former U.S. Trade “My job is to represent the sense.” Mr. Lighthizer, Mr. Cohn and —Lingling Wei contributed to
Lighthizer was the skilled attor- Representative Charlene American workers. We’re going As the U.S. moved toward Treasury Secretary Steven this article.
ney who understood how Wash- Barshefsky. to disagree.” confrontation with China last Mnuchin. They delivered a sim-
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, April 7 - 8, 2018 | A9

WORLD NEWS

U.S. Weighs Steps China Set to Counter Tariffs


To Aid Domestic BY LINGLING WEI

BEIJING—China said it

Car Manufacturers would retaliate forcefully if the


U.S. imposed newly threatened
tariffs and ruled out negotia-
tions while Washington is esca-
BY TIMOTHY PUKO hurdles to implementation. EPA lating the pressure on Beijing
officials are working now to over trade.
The Trump administration craft a legal justification, given President Donald Trump
is pursuing ways to protect that any proposal is expected said late Thursday that he was
domestic vehicle manufactur- to draw lawsuits. Some in the considering penalties on an ad-
ing by forcing imported cars administration see the idea as ditional $100 billion in Chinese
to meet stricter environmental too radical, and the consider- goods. Those penalties would
rules, according to senior ad- able legal challenges have al- come on top of proposed tariffs
ministration and industry offi- ready delayed the plan. The on $50 billion in imports from
cials, a move that likely would White House didn’t respond to China that Washington un-
make imports more expensive. a request to comment. veiled last week. The Trump
The cost of meeting the Behind some of the admin- administration aims to rebal-
stiffer import standards istration’s thinking is a recent ance trade that last year fa-

VCG/GETTY IMAGES
would, at least in part, be scandal at Volkswagen AG, vored China by $375 billion.
passed along to U.S. consum- which has 3.5% of the U.S. At a briefing with reporters
ers. This style of “nontariff market. The German auto gi- Friday night, Chinese Com-
barrier”—a protectionist strat- ant admitted to cheating on merce Ministry spokesman Gao
agem the U.S. has long con- meeting standards limiting air Feng called the U.S. move “ex-
demned in other countries—is pollution in vehicles with die- tremely wrong” and acknowl- Beijing said it would respond forcefully to further U.S. tariffs. Above, a cargo ship in Qingdao, China.
sel engines. The EPA is explor- edged the two governments
ing whether that scandal gives were now in a battle. and a former chief economist

3.5%
it legal justification under the “China is fully prepared to Ready to Respond for UBS. And going after Amer-
Clean Air Act to set tougher hit back forcefully and without China said it will retaliate if the U.S. imposes additional tariffs on ican companies, he said, would
rules, though it is also pursu- hesitation,” Mr. Gao said. He $100 billion of goods. further anger the White House
ing other alternatives that said China has put in place “de- and “pretty soon we’re ap-
Subject to new tariffs Newly threatened tariffs Not subject
German auto maker Volkswagen’s would have a broader impact. tailed countermeasures” and proaching meltdown.”
share of the U.S. market “Reports that the president that those measures “don’t ex- Ha Jiming, a former econo-
has requested input from his clude any options.” Mr. Gao Exports to China mist with Goldman Sachs and
cabinet on possible nontariff didn’t elaborate. from U.S. now at China Finance 40 Fo-
barriers for vehicle imports to He denied that Beijing and rum, a Beijing think tank, said
designed to reduce the relative the U.S. is a bad idea and a Washington were engaged in Imports from China Beijing might have few options
cost of cars manufactured in pretext for protectionism,” negotiations and said they ha- to U.S. but to reduce holdings of U.S.
the U.S., the officials said. said John Bozzella, head of ven’t been “for a period of 0 200 400 $600 billion Treasurys. That could raise
President Donald Trump has Washington lobbying group time,” despite remarks by some Note: Based on 2017 trade figures borrowing costs for the U.S.,
asked the Environmental Pro- Global Automakers and spokes- U.S. officials that both sides but other economists have said

.
Sources: U.S. Census Bureau, Peterson Institute for
tection Agency and several man for Here for America, a were trying to resolve the dis- International Economics, China's customs administration THE WALL STREET JOURNAL. it would also increase the value

ly
other agencies, including the coalition of companies includ- pute. “Under such circum- of the yuan, making Chinese
Commerce and Transportation ing Volkswagen, BMW AG and stances, it’s even more unlikely pursues tariffs on an additional ment-backed China Academy of exports less competitive.
departments, to pursue plans to Daimler AG’s Mercedes-Benz. for the two sides to engage in $100 billion in goods, the new International Trade and Eco- Senior Chinese officials have
use such laws as the Clean Air The EPA this week moved to on any kind of negotiations,” Mr. $150 billion total would exceed nomic Cooperation. He pointed offered assurances that Beijing
Act to subject cars made over- ease emissions standards for ve- Gao said. the roughly $130 billion in to the U.S. financial-services will continue to follow market-
seas to strict emissions-stan- hicles sold in the U.S. spanning Beijing’s apparent refusal to goods China imports from the sector as one vulnerability. based principles in managing
dards testing and reviews when all auto makers, so additional negotiate marks a new phase in U.S. That would force Beijing to Beyond the threats of trade its foreign-exchange stockpile.
entering the U.S. The rules strictures for imported cars and weeks of rising tensions during seek other options. penalties, China has actually “China is a responsible investor
us l,

could effectively require more trucks could put those manufac- which China largely reacted Such measures, economists imposed tariffs on $3 billion in global capital markets,” Chi-
expensive technology on some turers at a disadvantage. with measured calm to Trump said, could include stepped-up worth of American farm nese Vice Finance Minister Zhu
al a
e
foreign cars or subject those While the U.S. would like administration moves and kept regulation of American compa- goods and other products, an- Guangyao told reporters
cars to more expensive hurdles. the plan to apply to as many open the door for dialogue. nies operating in China and us- swering similar levies placed Wednesday.
Either option would likely countries as possible, it isn’t Economists said the Trump ing the threat of a trade war to by the U.S. on Chinese steel Mr. Mei, the Chinese re-
ci on

raise the costs for foreign cars clear if it would affect cars administration’s latest action rattle the U.S.’s larger and and aluminum. searcher, said China is consid-
sold in the U.S., making domes- produced in Canada and Mex- could leave the Chinese govern- more important financial mar- “There’s every prospect that ering other options because its
tically produced cars cheaper by ico, because they are member ment facing options beyond kets, compared with China’s U.S. firms could be leaned on, response has to match the
comparison. This effect of rais- countries of the North Ameri- tariffs to retaliate. smaller, less globally connected face additional and aggravating Trump administration’s
ing prices on consumers is com- can Free Trade Agreement. Beijing has responded in ones. regulation, or be sanctioned threats. “This is a bet on whose
er rs

mon to most nontariff barriers. —William Mauldin, Chester kind to the U.S. actions with “China shouldn’t dance to somehow,” said George Mag- stance is tougher,” he said.
The initiative remains in the Dawson and Mike Spector penalties of a similar value. But the U.S.’s tune,” said Mei Xinyu, nus, an associate at the Univer- —Lin Zhu
planning stages and still faces contributed to this article. if the Trump administration a researcher with the govern- sity of Oxford’s China Center contributed to this article.
m e

FROM PAGE ONE


m rp
co Fo
n-
ANGELA KRILE (2)

no

Co-workers Julie Theado (left) and Angela Krile (right) showed up to work in the same outfit.

OUTFIT then wearing. Mr. Barr, a finan-


cial software product manager
from Philadelphia, saw the epi-
sode as a positive. “It was con-
Mr. Colson, of Stitch Fix, con-
cedes that “social pressure
would explain why some people
might get the same thing,” say,
Continued from Page One firmation other guys are buying if a certain style is trending. Us-
its website, says it is “an online the same kind of clothes that I ers of the service can also pro-
styling service that delivers a am, so I can’t be completely go- vide Stitch Fix stylists with Pin-
truly personalized shopping ex- ing down the wrong path updat- terest boards and other social-
perience, just for you.” ing my wardrobe,” he said. media images as guidance.
Ms. Krile and Ms. Theado’s With 2.5 million customers If two clients in the same ZIP
experience isn’t unique. In con- and more than a thousand Code happen to have similar
ference rooms, courtrooms and brands, Stitch Fix says the likeli- style profiles, “there’s nothing
offices, men and women who hood of any two people getting to check to make sure we don’t
use the service say they are see-
ing fashion doppelgängers.
the same “fix”—or set of five
items—is “nearly zero,” accord-
send two people in the same
area the same thing,” he said.
The Brilliance of Burma
Ashley Freligh recalls the day
a co-worker “came waltzing
ing to its chief algorithms offi-
cer, Eric Colson. In 2014, Mr.
That’s partly because “we don’t
want one person to limit the
Pigeon-Blood Burma Ruby Necklace
through,” the Washington, D.C., Colson conducted data analysis next person,” but also because Untreated Burma rubies. Pigeon-blood color. Victorian antique.
commercial real estate office using a mathematical formula “it happens so rarely that we’re
where she worked, wearing the that concluded the probability not concerned about it.” Fifty carats of intense pigeon-blood red Burma rubies are set
same blue-and-white striped, of two sets with the same five When Andrea L. Myers within this hand-crafted Victorian necklace. A truly monumental
sleeveless, V-neck top she had items, “even after a million started a new public-relations assemblage, to find so many Burma rubies, especially untreated
bought from Stitch Fix. Spotting tries” was “extremely small.” job in St. Louis, she wore a fa- gemstones, in a single necklace is nothing short of extraordinary.
the co-worker at the office However, the chance of two vorite shirt that she had bought
kitchen, Ms. Freligh asked if she or more customers getting one from Stitch Fix when she lived These rare jewels are punctuated by 30 carats of vibrant white
used Stitch Fix. “She replied shared item out of five is in Claremore, Okla. She found a diamonds in their hand-crafted gold-over-silver antique setting.
that she received the shirt from “small” versus “extremely co-worker had the same shirt. Circa 1880. 16” length. Carat weights are approximate. #30-7566
there as well.” From that mo- small” for five out of five, the On another occasion, she
ment on, Ms. Freligh devised a company says. wore a different shirt—and a
calendar system to guess when Diana Suber, a lawyer based different co-worker had that
her colleague might wear the in Atlanta, saw two women in one. “Two people on my team
outfit and when she should her office building wearing the said they had the same shirt,”
wear it. same navy dress with lace over- she said. Ms. Myers confirmed
Within days, she noticed an- lay she owned within days of their shirts had also come from
other woman wearing the same one another. “When I saw one Stitch Fix.
top on the subway. woman, you think it might have She says she could under-
The twinning experience isn’t been just a coincidence,” she stand the duplication. “Our
necessarily negative. While on said. “But when I saw two styles are somewhat similar.”
vacation in Billings, Mont., last women, it made me think you’re But her fashion choice made Ms. 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
summer, Stephen Barr recalls either selecting the same dress Myers start questioning
having a beer at a bar when he for multiple people in the same whether her taste was off. Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
spotted a man wearing the same market or we all have the same “They are both younger than Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
patterned, gray button-down, taste. It was just kind of weird.” me,” the 39-year-old says. “I
short-sleeve shirt that he had She decided to never wear the don’t know what that says
bought from Stitch Fix and was dress to work again. about me.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

OBITUARIES
A N N A C H E N N A U LT AMSALE ABERRA
1923 — 2018 1954 — 2018

Bridge Between East, West Exile Opened the Way


For Dressmaker to Stars
Wasn’t Always Appreciated
A
msale Aberra was a foreign When she married Clarence
student studying commer- O’Neill Brown in 1985, she
cial art in Vermont in 1974 couldn’t find a wedding dress in
BY JAMES R. HAGERTY carrier was formed in the when longtime Emperor Haile Se- the simple and elegant style she
mid-1940s by former pilots of the lassie, the leader of her homeland preferred. So she made one for

A
nna Chan and Gen. Claire Flying Tigers, a volunteer squadron of Ethiopia, was toppled from herself. That sparked a decision to
Chennault were an unlikely led by Gen. Chennault.) power. In the ensuing turmoil, her create her own company, known
match. When they met in In her political life, she was a father, a government official, was as Amsale, to design wedding
World War II, she was a fledgling fierce opponent of communism imprisoned. gowns and bridesmaid dresses.
Chinese journalist. He was 30 who called the Mao regime “mas- Cut off from financial support, Her celebrity clients have in-
years older and commander of the ters of Chinese slavery.” Ms. Aberra took on menial jobs. cluded Kim Basinger and Halle
U.S. 14th Air Force helping Chinese In 1968, when he was running One was at a Jack in the Box ham- Berry. The dresses are sold at a
troops fight Japanese invaders. for president, Richard Nixon en- burger stand, where she was company-owned retail store on
She was single. He was married, couraged her to serve as a secret swiftly fired after managers found Madison Avenue in New York and
with eight children back home in channel for communications with she was so shy and soft-spoken at scores of other retailers, in-
the U.S. She noticed his “strong- the government of South Vietnam- that the chefs couldn’t hear the cluding Nordstrom and Neiman
jawed face” and “steady dark ese President Nguyen Van orders she was supposed to shout Marcus.
eyes,” she wrote in a memoir. A Thieu. That led to accusations, to them. Ms. Aberra found other Ms. Aberra died April 1 of uter-
few years later, newly divorced, he backed by wiretap evidence, that jobs and eventually put herself ine cancer at a hospital in New
returned to China and proposed Mr. Nixon used her to encourage through the Fashion Institute of York. She was 64.
marriage. She lent him $500 so he Mr. Thieu to stall on peace talks, Technology in New York. —James R. Hagerty
could afford the $1,500 engage- dimming prospects for a break-
ment ring she had picked out. through that might have helped
He called her “Little One” and Democratic nominee Hubert Hum-
urged her to preserve her slim fig- Chennault. Senators and other im- phrey win the election. JA M ES H O L L A N D
ure. She wrote that their marriage portant people trooped to her Wa- Prof. Forslund said she doubted 1925 — 2017
was full of joy, though she fretted tergate home for parties. Yet she Mrs. Chennault’s intervention
about his chain smoking. When he knew her influence was limited. changed Mr. Thieu. South Vietnam-
died of lung cancer in 1958, Mrs.
Chennault and their two daughters
had to make a new life.
“People who make national pol-
icy are all white men,” she told a
reporter in 1978.
ese leaders, seeing Mr. Nixon as
the candidate who would support
them more firmly, “were already
Chemotherapy Pioneer
She moved to Washington and predisposed to support Nixon and
Lacked Surgical Skill
C
eventually made a living by helping han Hsiang-mei was born she just encouraged them in that
U.S. companies gain access to June 25, 1923, in Beijing, the belief,” Prof. Forslund said.

.
Asian markets. She also wrote second of six daughters, with In 1981, however, she made her

ly
W
more than 40 books and served as no brothers. Her father was an Ox- first trip to China since the 1949 hen the precocious was in its infancy. Little was
an informal intermediary between ford-educated professor of law. Her Chinese takeover and joined Sen. James Holland enrolled known about side effects and
Asian leaders and American politi- mother had been to a French fin- Ted Stevens in a meeting with in Princeton University likely success rates. In the circum-
cians. She raised hundreds of thou- ishing school. Her grandfa-
on Deng Xiaoping. Mrs. Chennault at 16, he was torn between law stances, using chemotherapy
sands of dollars for Republicans. ther Liao Fengshu was a poet and later recalled that the Chinese and medicine. Then, in a biology risked violating the physician’s
She never achieved her aim of China’s general consul in Cuba. leader wanted her, not Mr. Stevens, course, he found himself fasci- oath of “first, do no harm.”
becoming a high-ranking represen- As Japanese troops overran to sit next to him and quipped: nated by wriggling paramecia. That didn’t deter Dr. Holland.
tative of her adopted country. In- China in 1937, her family fled to “There are 100 senators but there That set him on course for Co- “If you do no harm then you do
us l,

stead, she was fobbed off with ap- Hong Kong, where Anna enrolled in is only one Anna Chennault.” lumbia University’s medical no harm to the cancer either,” he
pointments to advisory a Roman Catholic school. After the She is survived by two daugh- school, where he discovered told the New York Times in 1986,
al a
e
committees. President Lyndon Japanese invaded Hong Kong in ters, two grandsons and three sis- something else: He lacked the when he served as chief of oncol-
Johnson once referred to her as a late 1941, she and her sisters ters. She never remarried and kept dexterity for surgery and couldn’t ogy at Mount Sinai Hospital in
“good-looking girl.” Newspapers moved back to the mainland. She a portrait of the general on an ea- tie a knot with one hand. He New York.
ci on

described her as a “Dragon Lady.” earned a university degree and sel near her dinner table. In a 1962 proved far more adept as an on- Dr. Holland died of respiratory
She died March 30 at age 94 in joined a Chinese news agency. memoir, she wrote, “My love for cologist, professor and researcher failure March 22 at his home in
her penthouse home in the Water- After her husband’s death, she him was an unchanging love, high who helped pioneer the use of Scarsdale, N.Y. He was 92. His
gate complex in Washington. worked for a linguistics institute at and deep, free and faithful, strong chemotherapy to treat cancer in wife, Jimmie Holland, specialized
“She knew everybody who mat- Georgetown University and was a as death.” the 1950s and beyond. in psychological treatment for the
er rs

tered,” said Catherine Forslund, a vice president of Flying Tiger Line, When he got his start at Fran- emotional distress of cancer pa-
professor at Rockford University helping the cargo airline secure  Read a collection of in-depth cis Delafield Hospital in New York tients. She died in December.
who wrote a biography of Mrs. landing rights in Asia. (The cargo profiles at WSJ.com/Obituaries in the early 1950s, chemotherapy —James R. Hagerty
m e

WORLD NEWS
m rp

ECB Faces a Test


As Growth Slows
co Fo

BY PAUL HANNON The eurozone’s slowdown


AND TOM FAIRLESS might not be all that sharp.
Most indicators still point to
Growth in the eurozone continuing growth, just at a
economy is slowing down, slower pace, rather than a
complicating the European downturn. Still, it is disap-
Central Bank’s deliberations pointing for a region that is
on how quickly to remove its still healing from the eco-
stimulus measures and start nomic scars of its long finan-
raising interest rates. cial crisis, including still-high
n-

The $10 trillion eurozone unemployment and debts in


economy entered 2018 on a some countries.
ILYAS ISMAIL/AGENCE FRANCE-PRESSE/GETTY IMAGES

high, having chalked up its The latest, unexpected sign


strongest year in a decade in of weakness came from Ger-
no

2017, with growth outpacing many, Europe’s exporting pow-


the U.S. But a series of eco- erhouse. Figures released by
nomic releases in recent weeks the country’s economics min-
have been weaker than ex- istry recorded a 1.6% drop in
pected, suggesting that while industrial output in February
growth will continue in 2018, compared with January. That
it won’t be as strong. was a big surprise, since econ-
Signs of weaker growth omists surveyed last week by
support ECB President Mario The Wall Street Journal were
Draghi’s view that the central expecting an increase of 0.3%.
bank needs to move cautiously Many economists believe
as its phases out its giant the bloc can grow at a steady
bond-buying program. Other rate of just over 1% without Indonesian rescuers on Thursday flanked two men, front-center, who were part of a group of Rohingya lost at sea for nearly three weeks.
ECB officials, notably German overheating. Thus last year’s

Refugees Feared Stranded at Sea


Bundesbank President Jens 2.3% expansion was very
Weidmann, are eager to start strong, and some moderation
raising interest rates soon. this year might be only natural.

BY JON EMONT cording to accounts from sur- launched a campaign that has The UNHCR said in a re-
AND ANITA RACHMAN vivors relayed by the driven some 700,000 Rohingya cent, separate statement that
Gang Violence Is Blamed The United Nations’ refugee
Indonesians, five Rohingya
had earlier died aboard the
across the border to Bangladesh
in response to what the govern-
the number of boats leaving
Myanmar this year has been
For Rise in London Murders agency warned that more
boats carrying Rohingya refu-
vessel and their remains were
pushed overboard.
ment said were terrorist at-
tacks. Some 200,000 Rohingya
small in part because Roh-
ingya are more aware of the
BY JASON DOUGLAS 53 murders in the British capi- gees may be stranded in the The U.N. High Commis- remain in Myanmar, many of danger of making the trip.
tal in the year through April 5, Andaman Sea on the eve of sioner for Refugees said in a them eking out a precarious ex- On Tuesday, a boat carrying
LONDON—A series of stab- 16 more than in the first four the dangerous monsoon sea- statement that it had uncon- istence in camps following ear- 56 Rohingya came ashore
bings has put the number of months of 2017. son, ratcheting up concern for lier rounds of violence. safely in Malaysia, the first
murders in London this year In New York through April the Muslim minority following The seaborne exodus had confirmed boat to have left
on a par with New York, with 1, there were 59 homicides, ac- the Myanmar military’s expul- failed to materialize until this Myanmar for elsewhere in
police and lawmakers blaming cording to New York City Po- sion of hundreds of thousands
The seaborne exodus week, however, but now comes Southeast Asia this year.
the surge on drugs and gang- lice Department figures, 12% from the country. of Rohingya comes as as the monsoon season in the There were no reported casu-
related violence. fewer than during the period a The U.N.’s alarm was Bay of Bengal, accompanied by alties.
The spate has increased year earlier. sounded the same day that an
the monsoon season some of the world’s most fero- There are signs that more
pressure on Prime Minister Violent crime in London has Indonesian search-and-rescue is due to begin. cious cyclones, is due to begin Rohingya may attempt to flee
Theresa May to respond, with historically been much lower mission found a boat with five this month. in the next few weeks before
the issue likely to feature heav- than in New York, which both starving Rohingya on board In 2015, tens of thousands the weather door slams shut.
ily in elections to local govern- have a population of 8.6 mil- off the coast of Aceh province of Rohingya on rickety boats Myanmar regards the Roh-
ment councils in London May 3. lion. In 2017, there were 292 off the northern tip of Suma- firmed reports that several fled Myanmar to Thailand, In- ingya as illegal migrants from
A group of more than 40 murders in New York and 116 tra island, part of the long other boats with more Roh- donesia and Malaysia. Hun- Bangladesh, though many of
opposition lawmakers, many in London, excluding 13 vic- route the Rohingya use to flee ingya aboard were at sea. “We dreds died at sea due to a them have lived in Myanmar
of them representing London tims of terrorist attacks. to Myanmar to other parts of are concerned for their safety combination of lack of sup- for generations. The govern-
constituencies, on Friday Unusually for the U.K., Southeast Asia. and hope that they will be res- plies, stormy seas and unsea- ment denies them citizenship.
wrote to Mrs. May and Home where gun-control laws are The survivors had run out cued,” the statement said. worthy vessels. Since then, a The U.N. has said that the re-
Secretary Amber Rudd urging strict, seven of the dead so far of food and water and had An exodus by sea of Roh- crackdown on human traffick- cent campaign against them
tougher action and more fund- this year were shot. There been adrift for about 20 days ingya has been feared since Au- ing by nations along the route bears the hallmarks of geno-
ing for law enforcement. were only 10 fatal shootings in on a boat lacking a motor, In- gust, when the military in Bud- has largely prevented more cide. Myanmar’s government
Police said there have been all of 2017. donesian authorities said. Ac- dhist-majority Myanmar mass sailings. denies it.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | A11

OPINION
The Dark Side of the Enlightenment
By Yoram Hazony in recent centuries. He offers us no

A
charts describing the breakdown
lot of people are selling of marriage or the increase in out-
Enlightenment these of-wedlock births in “enlightened”
days. After the Brexit societies. Nor is he worried about
vote and the election of the destruction of religion or the
President Trump, David national state. Kant believed that
Brooks published a paean to the both were out of conformity with
“Enlightenment project,” declaring reason, and Mr. Pinker sees no
it under attack and calling on grounds to disagree.
readers to “rise up” and save it. Which brings us to the heart of
Commentary magazine sent me a what’s wrong with the neo-Enlight-
letter asking for a donation to pro- enment movement. Mr. Pinker
vide readers “with the enlighten- praises skepticism as a corner-
ment we all so desperately crave.” stone of the Enlightenment’s “par-
And now there’s Steven Pinker’s adigm of how to achieve reliable
impressive new book, “Enlighten- knowledge.” But the principal fig-
ment Now,” which may be the de- ures of Enlightenment philosophy
finitive statement of the neo-En- weren’t skeptics. Just the oppo-
RYAN INZANA

lightenment movement that is site: Their aim was to create their


fighting the tide of nationalist own system of universal, certain
thinking in America, Britain and truths, and in that pursuit they
beyond. were as rigid as the most dogmatic
Do we all crave enlightenment? the 1600s by those drafting Eng- For Kant, reason is universal, in- modern political theory had a sec- medievals.
I don’t. I like and respect Mr. land’s constitutional documents— fallible and a priori—meaning in- tion called “Critics of the Enlight- Anglo-Scottish conservatives,
Pinker, Mr. Brooks and others in men such as John Selden, Edward dependent of experience. As far as enment.” These figures included from Richard Hooker and Selden to
their camp. But Enlightenment Hyde and Matthew Hale. reason is concerned, there is one more conservative thinkers such Smith and Burke, were after some-
philosophy didn’t achieve a frac- These statesmen and philoso- eternally valid, unassailably cor- as David Hume, Adam Smith and thing very different. They de-
tion of the good they claim, and it phers articulated the principles of rect answer to every question in Edmund Burke. They emphasized fended national and religious cus-
has done much harm. modern Anglo-American constitu- science, morality and politics. Man the unreliability of “abstract rea- tom even as they cultivated a
Boosters of the Enlightenment tionalism centuries before the U.S. is rational only to the extent that soning,” which they believed “moderate skepticism”—a combi-
make an attractive case. Science, was created. Yet they were not En- he recognizes this and spends his could end up justifying virtually nation the English-speaking world
medicine, free political institutions, lightenment men. They were reli- time trying to arrive at that one any idea, no matter how discon- called “common sense.” If old insti-
the market economy—these things gious, English nationalists and po- correct answer. nected from reality, as long as it tutions weren’t in evident need of
have dramatically improved our litical conservatives. They were This astonishing arrogance is sounded self-evidently true to repair, a common-sense view fa-
lives. They are all, Mr. Pinker familiar with the claim that unfet- based on a powerful idea: that someone. vored leaving them unmolested,
writes, the result of “a process set tered reason should remake soci- mathematics can produce univer- One such myth was Locke’s since there was always the risk of
in motion by the Enlightenment in ety, but they rejected it in favor of sal truths by beginning with self- claim that the state was founded making things much worse. But it
developing a traditional constitu- evident premises—or, as Rene Des- on a contract among free and also saw the potential in attempts
tion that had proved itself. When cartes had put it, “clear and equal individuals—a theory the En- to improve mankind’s knowledge,

.
Today’s advocates oversell Washington, Jay, Hamilton and distinct ideas”—and then proceed- lightenment’s critics understood to so long as the weakness and unre-

ly
Madison initiated a national gov- ing by means of infallible deduc- be both historically false and dan- liability of human reason were
the benefits of unfettered ernment for the U.S., they primar- tions to what Kant called “apodic- gerous. While the theory did rela- kept firmly in view. As Newton
reason. They dismiss the ily turned to this conservative tra- tic certainty.” Since this method tively little harm in tradition- wrote in his “Opticks”: “Arguing
dition, adapting it to local
on worked in mathematics, Descartes bound Britain, it led to catastrophe from experiments and observations
contributions of tradition, conditions. had insisted, it could be applied to in Europe. Imported into France by by induction be no demonstration
religion and nationalism Nor is there much truth in the all other disciplines. The idea was Rousseau, it quickly pulled down of general conclusions, yet it is the
assertion that we owe modern sci- subsequently taken up and refined the monarchy and the state, pro- best way of arguing which the na-
to human progress. ence and medicine to Enlighten- by Thomas Hobbes, Baruch Spi- ducing a series of failed constitu- ture of things admits of.”
us l,

I
ment thought. A more serious noza, John Locke and Jean- tions, the Reign of Terror and fi-
claim of origin can be made by the Jacques Rousseau as well as Kant. nally the Napoleonic Wars—all in think of these moderate, skep-
al a
e

T
the late 18th century,” when philos- Renaissance, the period between the name of infallible and universal tical words frequently these
ophers “replaced dogma, tradition the 15th and 17th centuries, partic- his view of “reason”—and of reason. Millions died as Napoleon’s days, as I follow the political
and authority with reason, debate ularly in Italy, Holland and Eng- its power, freed from the armies sought to destroy and re- and cultural transformation of the
ci on

and institutions of truth-seeking.” land. Tradition-bound English shackles of history, tradition build every government in Europe English-speaking world. American
Mr. Brooks concurs, assuring his kings, for example, sponsored and experience—is what Kant in accordance with the one correct and British elites, once committed
readers that “the Enlightenment pathbreaking scientific institutions called “Enlightenment.” It is com- political theory allowed by Enlight- to a blend of tradition and skepti-
project gave us the modern world.” such as the Royal College of Physi- pletely wrong. Human reason is in- enment philosophy. Yet Napoleon cism, now clamor for Enlighten-
So give thanks for “thinkers like cians, founded in 1518. One of its capable of reaching universally was simply trying, in Mr. Brooks’s ment. They insist that they have
er rs

John Locke and Immanuel Kant members, William Harvey, discov- valid, unassailably correct answers phrase, to “think things through attained universal certainties.
who argued that people should ered the circulation of the blood in to the problems of science, moral- from the ground up.” They display contempt worthy of
stop deferring blindly to authority” the early 17th century. The Royal ity and politics by applying the Advocates of the Enlightenment Kant himself toward those who de-
and instead “think things through Society of London for Improving methods of mathematics. tend to skip this part of the story. cline to embrace their dogmas—
m e

from the ground up.” Natural Knowledge, founded in The first warning of this was Mr. Pinker’s 450-page book doesn’t branding them “unenlightened,”
As Mr. Pinker sums it up: “Prog- 1660, was led by such men as Rob- Descartes’s 1644 magnum opus, mention the French Revolution. Mr. “immature,” “illiberal,” “back-
ress is a gift of the ideals of the ert Boyle and Isaac Newton, deci- “The Principles of Philosophy,” Pinker cites Napoleon as an “expo- ward-looking,” “deplorable” and
m rp

Enlightenment, and will continue sive figures in physics and chemis- which claimed to reach a final de- nent of martial glory” but says worse.
to the extent that we rededicate try. Again, these were politically termination of the nature of the nothing about his launching a uni- If these elites still had access to
ourselves to those ideals.” and religiously conservative fig- universe by moving from self-evi- versal war in the name of reason. common sense, they wouldn’t talk
Very little of this is true. Con- ures. They knew the arguments, dent premises through infallible These writers also tend to pass over this way. Enlightenment overcon-
sider the claim that the U.S. Con- later associated with the Enlight- deductions. This voluminous work Karl Marx’s debt to the Enlighten- fidence has gone badly wrong of-
co Fo

stitution was a product of Enlight- enment, for overthrowing political, is so scandalously absurd that no ment. Marx saw himself as promot- ten enough to warrant serious
enment thought, derived by moral and religious tradition, but unabridged English version is in ing universal reason, extending the doubts about claims made in the
throwing out the political tradi- mostly they rejected them. print today. Yet Descartes’s mas- work of the French Revolution by name of reason—just as doubt is
tions of the past and applying un- In short, the principal advances terpiece took Europe by storm and insisting that the workers of the valuable in approaching other sys-
fettered human reason. Disproving that today’s Enlightenment enthu- for decades was the main textbook world stop (again in Mr. Brooks’s tems of dogma. Such doubts
this idea requires only reading ear- siasts want to claim were “set in of the Cartesian school of science. words) “deferring blindly to author- would counsel toleration for dif-
lier writers on the English consti- motion” much earlier. And it isn’t Kant followed this dubious exam- ity.” The “science” Marx developed ferent ways of thinking. National
tution. The widely circulated 15th- at all clear how helpful the En- ple with his “Metaphysical Foun- “from the ground up” killed tens of and religious institutions may not
century treatise “In Praise of the lightenment was once it arrived. dations of Natural Science” (1786), millions in the 20th century. fit with the Enlightenment, but
Laws of England,” written by the What, then, was “the Enlighten- in which he claimed to have de- The Enlightenment also propa- they may have important things to
jurist John Fortescue, clearly ex- ment”? This term was promoted, duced Newton’s laws of motion us- gated the myth that people’s only teach us nonetheless.
plains due process and the theory first and foremost, by the late-18th- ing pure reason, without empirical moral obligations are those they The most important political
now called “checks and balances.” century philosopher Immanuel evidence. freely choose by reasoning. That truth of our generation may be
The English constitution, Fortescue Kant. Mr. Pinker opens his first It was once well understood theory has devastated the family, this: You can’t have both Enlight-
n-

wrote, establishes personal liberty chapter by endorsing Kant’s decla- that much of the modern world’s an institution built on moral obli- enment and skepticism. You have
and economic prosperity by shield- ration that only reason allows hu- success grew out of conservative gations that many people, it turns to choose.
ing the individual and his property man beings to emerge from their traditions that were openly skep- out, won’t choose unless guided by
from the government. The protec- “self-incurred immaturity” by cast- tical of reason. When I was a tradition. Mr. Pinker’s book is Mr. Hazony is author of “The
no

tions that appear in the U.S. Bill of ing aside the “dogmas and formu- graduate student at Rutgers in the filled with charts showing the im- Virtue of Nationalism,” forthcom-
Rights were mostly set down in las” of authority and tradition. 1980s, the introductory course in provement in material conditions ing from Basic.

In Connecticut, Even the Politicians Are Publicly Funded


New Britain, Conn. Though the misdeeds that forced Mr. look at it and go, ‘Well, I could go run politicians from the discipline im- argument is almost impossible with
The debate stage Rowland out of office had little to do for Congress and I’d have to work re- posed by reliance on party organiza- nine participants. Despite Mr. Mal-
Wednesday night with campaign contributions, state ally hard to raise the $2 to $3 million tions for campaign funds. loy’s unpopularity, Democrats can
was packed with no officials wanted to demonstrate that that I would need to be competitive, Is that a good thing? From the late count on strong organizational sup-
fewer than nine Re- they cared about clean government. or I can run for governor and the 1940s through the 1970s, John Moran port from unions this November. The
publicans vying for So they gave Connecticut publicly fi- state will kick in the money for a Bailey, one of the most noted politi- GOP nominee will need a clear and
the party’s guberna- nanced elections. campaign.’ ” cal bosses in the nation, kept tight distinct statewide profile to prevail,
CROSS
COUNTRY torial nomination. For this year’s gubernatorial candi- control of the Connecticut Demo- and so far no one has succeeded in
With the Aug. 14 dates, the offer during the primary is cratic Party’s nominating process. As breaking out.
By Stephen
Eide
primary approach- $1.25 million each. Accessing the Nine Republicans are Joe Lieberman, the state’s future U.S. Unless the party settles soon on a
ing, anxiety is grow- funds requires raising $250,000 in do- senator, wrote in his 1981 political front-runner, Republicans risk at best
ing over the Con- nations that must come mostly from running for governor. history of Connecticut, Bailey “devel- several more months of idle dispute,
necticut GOP’s failure to unite Connecticut residents and cannot ex- Why not, since campaigns oped his power painstakingly and financed by millions in public funds
behind a candidate. ceed $100. It is also necessary to win used it gently to give a majority of that cash-strapped Connecticut can
One reason the campaign trail has access to the primary ballot, either by can get tax money? Connecticut voters the kind of gov- ill afford to spare—and, worse, a
enticed so many pols is that Republi- gaining at least 15% of delegates’ ernment they wanted.” Democratic victory and four more
cans’ chances seem strong. The in- votes at the party conventions in May Republicans here could use the years in the wilderness.
cumbent, Dannel Malloy, isn’t run- or gathering almost 10,000 signatures This year’s election will be the likes of a John Bailey today. Though
ning for re-election, perhaps because from registered party members. Then state’s third gubernatorial contest un- Wednesday’s debate featured substan- Mr. Eide is a senior fellow at the
he is the most unpopular Democratic after the primary, the major-party der the public-financing program, tive issues such as pensions and crim- Manhattan Institute and contributing
governor in America. Connecticut is general-election nominees get an- whose cost has attracted scrutiny inal-justice reform, an informative editor of City Journal.
a deep-blue state, but a union-com- other $6 million each. amid Connecticut’s apparently unend-
missioned poll late last year put Mr. “More competition is good, but at ing fiscal crisis. Last year, lawmakers

Notable & Quotable: Amended


Malloy’s approval even lower than some point you get close enough had to close a $5.1 billion two-year
President Trump’s. GOP representa- where you have to start thinning the shortfall; during the current legisla-
tion in the state Legislature has herd to really serious candidates,” tive session the gap is around $200
surged since Mr. Malloy took office says one veteran GOP operative. In million; and deficit projections for the From an April 5 report by Legal- paragraph describes an “internal GCC
seven years ago. his view, the public-financing pro- two-year budget to be taken up in NewsLine.com: presentation” stating that CO2 emis-
But there may be another reason gram is “giving a false impression 2019 are running in the billions. The sions would double and spark the
the campaign is so crowded: Con- that they have support that they cost of the Citizens’ Election Program, California cities suing ExxonMobil highest rate of global warming in
necticut’s “Citizens’ Election Pro- don’t really have.” counting all state races, could reach and four other big oil and gas com- 10,000 years.
gram,” which provides public funds The availability of public money in $40 million this year. panies have amended their com- The amended version makes it
to candidates for state office. The state races could help explain why, Public financing reflects a shift plaint after a federal judge criticized clear the industry association’s pre-
money won’t be disbursed until after despite the Connecticut GOP’s away from the party-centric political them for portraying an internal sentation summarized the conclu-
the parties’ conventions next month, strength in state offices, Democrats system, where party elders selected memo by an industry association as sions of the IPCC’s Second Assess-
but a promise of public cash lowers dominate the state’s congressional nominees in proverbial “smoke-filled revealing inside information about ment report released in 1995. . . .
the fundraising bar for potential delegation. Republican consultant Liz rooms.” Across the country, changes climate science that turned out to be Plaintiff lawyers are using this and
candidates. Kurantowicz says public financing for like open primaries and campaign merely a summation of findings by other evidence to try and prove that
The program was instituted in the state offices makes it harder to re- contribution limits weakened this the Intergovernmental Panel on Cli- the oil companies knew more about
wake of Gov. John Rowland’s 2004 cruit contenders for the House and system. The Citizens’ Election Pro- mate Change. . . . global warming than they revealed to
resignation for public corruption. Senate: “Some of these candidates gram goes a step further, freeing In the original complaint, the the public.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Punishing America First Friedman vs. Mundell on Monetary Reform

D
onald Trump and his advisers spent pay more for pork because the beans are used Sean Rushton’s “Monetary Reform fixed to gold or a basket requires
much of Friday telling everyone that mainly to feed pigs. But U.S. farmers will suffer Would Rebalance Trade” (op-ed, fiscal-policy coordination among
March 29) could mislead some about countries, a la the euro, and we see
the U.S. is not in a trade war with China, more if Argentine and Brazilian soybean pro-
the role played by the Bretton how that’s working.
but investors weren’t buying ducers snatch American mar- Woods conference, which was held ROBERT BLOHM
it. Equity markets took a major Trump to Iowa: ket share. before the close of World War II, not Toronto
header, falling by more than The financial hit would after World War II as suggested in
2% across the board. Maybe
You’ll have to suffer come at a rough time in the his piece. Mr. Rushton accurately points to
investors are starting to look while I force Xi farm states, which have had to The U.S. dollar was backed by gold the dollar’s status as the pre-emi-
at the damage Mr. Trump may cope with low commodity only for international purposes. It nent global reserve currency, and
do to the Farm Belt states and
Jinping to give in. prices for several years. The led to the preposterous dichotomy how this is at least as large a prob-
to the GOP’s chances of hold- nearby table shows how sev- where U.S. citizens were forbidden to lem for the trade balance as any for-
ing Congress. eral agriculture states under- demand gold for their dollars, but mal trade treaties or practices. How-
Mr. Trump raised the stakes late Thursday in performed in income gains last year. Iowa, foreigners could and did demand ever, his proposed lack of flexibility
gold for theirs. for the dollar’s exchange rate vis-à-
his tariff showdown with Beijing, vowing to im- which Mr. Trump carried by 9.5% in 2016, fin-
This bifurcation between domestic vis other currencies would make the
pose another $100 billion in tariffs on Chinese ished 49th out of 50. As a swing state that Ba- and foreign monetary policy lacked trade deficit larger, not smaller.
goods in light of its “unfair retaliation” after his rack Obama carried twice, Iowa could easily the discipline of a true gold standard The record for fixed exchange
initial $50 billion in tariffs. The latest target list swing back in 2020. that existed before World War I, rates is one of less, not more, fiscal
still hasn’t been drawn up, and the silver-lining Farm-state Republicans are beginning to no- dooming the Bretton Woods agree- discipline and therefore greater, not
crowd is hoping that Mr. Trump was merely tice. “China is guilty of many things, but the ment to failure from the very begin- smaller, trade deficits. While it is not
popping off as part of his negotiating strategy. President has no actual plan to win right now. ning. The Federal Reserve, in cahoots clear exactly why, when countries fix
Maybe that’s right. But then China popped off He’s threatening to light American agriculture with the federal government, sealed their exchange rates they have an
in return, saying it is ready to “forcefully” strike on fire,” said Nebraska Senator Ben Sasse on its fate as it implemented inflation- ability to borrow more. Consider Ar-
back if the new tariffs are imposed. Thursday. “Let’s absolutely take on Chinese bad ary policies throughout the entire gentina in the 1880s. It was on the
That’s the problem with protectionism. The behavior, but with a plan that punishes them in- period when the Bretton Woods gold standard and borrowed exces-
agreement was in force. sively, leading to the Baring crisis of
other side can strike back, and businesses and stead of us. This is the dumbest possible way ERIK D. RANDOLPH 1890. For that matter, Argentina’s
markets don’t know when the politicians will to do this.” Harrisburg, Pa.currency board with the U.S. dollar
decide to stop pounding their chests. Someone in the White House seems to know in the 1990s didn’t instill fiscal disci-
i i i the risks because its press shop spent Friday Mr. Rushton drives home the idea pline sufficient to avoid a debt crisis
We’ve been warning since Mr. Trump first sending out missives telling farmers not to that deficits come as a pair: trade in 2002. Moreover, Greece, on join-
emerged as a candidate that his nationalist eco- worry. Mr. Trump’s $100 billion tariff threat deficit and budget deficit. If your ing the euro—a currency union being
nomics should be taken seriously. This is one on Thursday included that he had told the sec- currency is the global reserve cur- the most rigid form of fixed ex-
policy he seems truly to believe in, he has em- retary of agriculture “to use his broad author- rency, you inevitably fall into the change-rate system possible—went
powered protectionist ity to implement a twin deficits. While unlikely to on a borrowing binge that ended in
advisers, and previous Farm State Struggles plan to protect our prompt immediate global currency disaster.
reform, this does suggest that the Look at Mexico. It had recurring
Congresses have given farmers and agricul-
Percent change in personal income growth in 2017, U.S., in attempting to manage its crises in the 1980s and ’90s when
a President wide lati- ture interests.” aggregate trade deficit, is spinning the peso was pegged to the dollar.
and rank of percent change among the 50 states
tude to act unilaterally. What’s Secretary its wheels. But I would add that Since allowing the peso to float in

.
Trade was always the Percent change State rank
Sonny Perdue going to that doesn’t preclude addressing an- 1995, Mexico has avoided such debt

ly
biggest economic risk do—buy up all the soy- other country’s policy (like China’s crises.
of the Trump Presi- Iowa 0.3% 49 beans China no longer statist mercantilism) that aggra- Given the evidence against fixed
dency, and now we’re Kansas 1 47 buys? Order farmers to vates the deficit(s), albeit enabled exchange-rate regimes, it is little
living through his
on slaughter their pigs to by them. The flip side of Robert wonder that Milton Friedman
Missouri 2.1 38 Mundell’s prescription for an “inter- strongly advocated that currencies
punch-first policy as he produce less pork that
tries to stare down Xi Nebraska 1.4 46 will also be subject to national” currency, and the reason should float, rather than be pegged.
Jinping. Chinese tariffs? why Milton Friedman rejected it as WILLIAM MILES
North Dakota - 0.3 50 not a practical political proposition, Wichita State University
us l,

Mr. Trump doesn’t The basic economic


is that an international currency Wichita, Kan.
even seem to mind if South Dakota 1.4 45 problem with trade
the tariffs do some U.S. 3.1 protectionism is that it
al a
e
economic damage Source: Bureau of Economic Analysis THE WALL STREET JOURNAL is a political interven-
while he’s supposedly tion that distorts mar- ‘Chicken Tax’ Promoted U.S.-Made Pickups
ci on

fixing the U.S. trade deficit. “I’m not saying kets. One political intervention leads to an-
there won’t be a little pain, but the market has other, and the cumulative consequence is I’m a retired general counsel in the when they want to haul something,
gone up 40%, 42%, so we might lose a little bit higher prices, less investment and slower eco- domestic auto industry. Holman Jen- pull something, or go “up north” for
of it. But we’re going to have a much stronger nomic growth. kins is absolutely correct in his analy- a wintry weekend.
country when we’re finished,” the President Mr. Obama spent eight years interfering in sis of the perverse effect of the LOGAN ROBINSON
er rs

“chicken tax” and automotive regula- Bloomfield Hills, Mich.


told a New York radio show on Friday. Nice to the domestic economy for his political pur-
tion of the U.S. industry (“Your
know it will all turn out for the best. poses, and the resulting slow growth was one Pickup Truck Takes You for a Ride,” Mr. Jenkins is, of course, correct
Meanwhile, much of that pain will fall on reason Mr. Trump won. The Republican tax re- Business World, March 31). However, about the effect of the “chicken tax”
American agriculture, not least the Farm Belt form and deregulation have put the economy on
m e

his assertion that “the chicken tax on light truck imports. But he misses
states that Mr. Trump carried in 2016. Appar- a faster growth path, but Mr. Trump’s restric- goes a long way toward explaining a larger point. The tariff has helped
ently he thinks he has them in the bag for 2020 tions on trade, and on immigration amid a labor U.S. pickup truck culture” makes little induce foreign auto makers to build
m rp

as well, though he might want to reconsider if shortage, are threats to that progress. sense. Americans don’t buy pickup assembly lines in the U.S. and Mexico.
the tariff wars continue. China’s trade abuses need to be addressed, trucks and their truck-based SUV Thus, far from limiting competition,
China targeted the $14 billion of U.S. soybean but Mr. Trump’s tariffs first strategy risks pun- cousins because they want to stoke the tariff has increased domestic
exports a year to China, about half of the U.S. ishing America first. He—and we—had better auto makers’ profits, but because competition. Ironically, some foreign
crop, with a 25% tariff. Chinese consumers will hope Mr. Xi is willing to bargain. they actually like them. auto makers are now beneficiaries of
co Fo

While sometimes difficult for big that tariff.


city dwellers to appreciate, pickups According to Edmonds, four of the

A Broken FBI Promise and large SUVs are roomy, capable,


durable and safe. Gas in the U.S. is
top 10 “most American” trucks in
2015 were made by Toyota and Nis-

J
cheap by world standards, and our san. In fact, the Toyota Tundra tied
ust last week, FBI Director Christopher Mr. Nunes notes this is ridiculous, given northern roads are full of potholes with Ford’s iconic F-150 for the top
Wray released a statement saying he was that the document “is not highly classified.” that a truck suspension can take. The spot with 70% of its content sourced
unhappy with how the bureau was re- More to the point, if an Intelligence Commit- improvements in safety tech, like for- in the U.S. or Canada.
sponding to “legitimate con- tee made up of elected repre- ward-collision and blind-spot warn- The economic lesson is simple.
gressional requests” for in- A week after the bureau sentatives of the American ings, are wonderful for stopping you Taxes change behavior. In the long
formation—and promised a from causing an accident, but not so run, trying to protect a sector may
“transparent and responsive”
promised cooperation, people is not qualified to see
such material, no one is. useful when you are the one hit. well invite even more competition.
That’s when you want to sit up high, Next up: Foreign steel producers will
FBI. But already both the FBI it’s back to obstruction. Mr. Nunes says he’s willing
and have some serious sheet-metal open mills in the U.S.
n-

and the Justice Department to go to federal court to en- around you. I occasionally get an eco- EM. PROF. TONY LIMA
are back to their old tricks. force his subpoena. We are critique from my kids about my 17 CSU East Bay
At issue is a memo related to the opening further told that the House leadership sup- year-old Yukon XL Denali, but not Hayward, Calif.
of a counterintelligence investigation into the ports this and other efforts to compel cooper-
no

Trump campaign’s alleged ties with Russia in ation from Justice and the FBI.
2016. Such information is crucial for Congress In a better world Mr. Wray and Mr. Rosen-
to get an accurate picture of how Justice and stein would have worked out a good faith solu-
Abortion Is Not Part of Happy Princesshood
the FBI handled this investigation. House In- tion. In the apparent absence of that good Regarding Faith Moore’s “Planned Questions for Disney and Planned
telligence Chairman Devin Nunes (R., Calif.) faith, we hope Congress is willing to use all Princesshood” (op-ed, April 3): Hav- Parenthood to consider if they want
ing raised two little girls, I have to introduce abortion into the prin-
has written to both Director Wray and Deputy its powers, including contempt and impeach-
watched virtually every Disney prin- cess stories: What circumstance
Attorney General Rod Rosenstein asking for ment if necessary, to persuade Mr. Wray and cess movie over a 10-year-plus span. would account for an unwanted
an unredacted version for all committee mem- Mr. Rosenstein it is in their interests to make My daughters loved them all. pregnancy of this lovely girl that
bers to see. The bureau says it will not provide good on the FBI’s promise of transparency and Here is my observation: The sto- wouldn’t turn the story into an
the material because it is too sensitive. responsiveness. ries are really about the supremacy “adult” drama? Or would the un-
of true love. Despite the circum- wanted child be the love child of
stances, the plot twists and turns, the princess and Prince Charming?
New Jersey’s Business Model these princesses discover that they
are indeed royal and extremely spe-
If the point is to educate children,
the kids will want to know what

H
erewith the latest installment in our individual tax rate to 10.75% from 8.97% on cial. We cheer for them because happened.
continuing coverage of the race to the incomes above $1 million, restructuring they are courageous—but more im- I believe abortions and “happy
portant, because they are lovely, endings” are mutually exclusive—ex-
bottom between two of America’s business taxes to raise more revenue and
loving and lovable. The happy end- cept in the most sophistic adult take
most progressive Democratic raising the sales tax to 7%. ings are sweets for the souls of in- on what is really appealing to chil-
governors—Dannel Malloy of Phil Murphy wants That is essentially the gov- nocent children. dren, or anyone.
Connecticut and just-elected to raise taxes to ernance model Governor JULIA FLOWERS
Phil Murphy of New Jersey. Malloy has used since 2011, Houston
This week Mr. Murphy made offer free tuition. with famously unfortunate Nature Is Red in Tooth and
his bid for the lead in his economic results for Con-
state’s downward cycle. necticut.
Claw Without Any Humans Pepper ...
Governor Murphy has proposed that New New Jersey is already dead last in the Tax Stu Alderman (Letters, March 27)
writes about species other than hu-
And Salt
Jersey provide what has come to be known as Foundation’s 2018 ranking of state overall
“free” community college. It is already “free” business tax climates. It’s 50th in property mans that cannot adapt easily to THE WALL STREET JOURNAL
climate change. While perhaps un-
in New York, Oregon, Rhode Island and Ten- taxes but only 48th in individual taxes. Per-
fortunate, this has been the history
nessee. Attached to Governor Murphy’s free- haps Mr. Murphy can overtake New York and of the earth. Long before there
tuition commitment would be an outlay of $45 California to get to the bottom. were any large human populations,
million in grants, which will come out of the Producing a better-educated workforce is the planet regularly has gone
state’s already stretched budget. a good idea in any state, and Governor Murphy through climate variations and
Governor Murphy argues that this “invest- has more work waiting for him upgrading the most species have died out without
ment” makes sense because a larger pool of poor performance in many of the state’s K-12 human intervention.
community-college graduates will attract en- schools, which have been free for a long time. THOMAS MELZER
trepreneurs and start-ups to New Jersey. But how will he attract start-up companies Mount Pleasant, Wis.
“Community college is a linchpin opportunity and individual entrepreneurs to New Jersey
for us,” he says. Of course making New Jer- with the guarantee of higher taxes? Letters intended for publication should
sey’s community colleges free depends on an- One silver lining: Next door in New York, be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
other linchpin: imposing higher taxes on other Governor Andrew Cuomo’s free tuition plan or emailed to wsj.ltrs@wsj.com. Please
residents of the state to pay for it. for state colleges requires recipients to remain include your city and state. All letters
The budget that Governor Murphy’s sub- in the state for several years or pay back their are subject to editing, and unpublished
mitted last month, a 4.2% spending in- grants. For now, at least New Jersey isn’t seal- letters can be neither acknowledged nor “Can you give us a minute to check
returned.
crease, proposes raising the state’s highest ing the borders for graduates. our GoFundMe campaign?”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | A13

OPINION

If Adults Won’t Grow Up, Nobody Will


maybe especially if—he is obnoxious Chris Hayes, said last week something
in his presentation of his public self. startling, almost revolutionary: “Pri-
He’s a kid. They’re not infrequently vacy to us is a human right.” This was
obnoxious, because they are not stunning because it was the exact op-
DECLARATIONS fully mature. He’s small, you’re big. posite of what Silicon Valley has been
By Peggy Noonan There’s a power imbalance. telling us since social media’s incep-

I
As of this week, it is six months tion, which is: Privacy is dead. Get
want to write about some- since the reckoning that began with over it. Some variation on that state-
thing I think is a problem in the New York Times exposé of Har- ment has been made over and over by
our society, that is in fact at vey Weinstein. One by one they fell, Silicon Valley’s pioneers, and they say
the heart of many of our re- men in media, often journalism, and it blithely, cavalierly, with no appar-
cent scandals, and yet is ob- their stories bear at least in part a ent sense of tragedy.
scure enough that it doesn’t have a general theme. They were mostly Because they don’t do tragedy.
name. It has to do with forgetting great successes, middle-aged, and so They do children’s clothes.
who you are. It has to do with refus- natural leaders of the young. But Perhaps what is happening with
ing to be fully adult and neglecting they treated the young as prey. They Facebook will usher in the first seri-
to take on, each day, the maturity, didn’t respect them, in part because ous rethinking, in terms of the law,
grace and self-discipline that are ex- they didn’t respect themselves. They on what has been lost and gained
pected of adults and part of their didn’t see their true size, their role, since social media began.
CHAD CROWE

job. That job is to pattern adulthood or they ignored it. Congress next week should sur-
for those coming up, who are look- It should not be hard to act as if prise. The public infatuation with big
ing, always, for How To Do It—how you are who you are, yet somehow it tech and Silicon Valley is over and
to be a fully formed man, a fully increasingly appears to be. There is has been over for some time. Con-
grown woman. diminished incentive for people to of the federal government, and sud- as a child, in T-shirts, hoodies and gress should grill Mr. Zuckerberg
act like adults. Everyone wants to be denly the University of Alabama was jeans—soft clothes, the kind 5-year- closely on how he took what people
cool, no one wants to be pretentious. integrated. Even the first students olds favor. In interviews he presents gave him and used it. Many viewers
From Facebook to Harvey No one wants to be grim, unhip, to who went in, all young, acted and an oddly blank look, as if perhaps would greatly enjoy a line of ques-
be passed by in terms of style. presented themselves as adults. Of his audiences will take blankness for tioning along these lines: “Is your
Weinstein, America’s And our culture has always hon- course they won. Who could stop innocence. As has been said here, he product, your service, one without
scandals amount to a ored the young. But it has not al- such people? is like one of those hollow-eyed which we can’t live, like Edison’s
ways honored immaturity. I miss their style and seriousness. busts of forgotten Caesars you see electricity? It seems to me you are a
giant crisis of maturity. I have spent the past few days What we’re stuck with now is Mark in museums. visionary, sir, and we should give
watching old videos of the civil- Zuckerberg’s. But he is no child; he is a giant you your just reward, and make you
rights era, the King era, and there is Facebook’s failings are now fa- bestride the age, a titan, one of the a utility!”
It has to do with not being able to something unexpectedly poignant in mous and so far include but are per- richest men not only in the world Mr. Zuckerberg invited Congress to
fully reckon with your size, not be- them. When you see those involved haps not limited to misusing, sharing but in the history of the world. His regulate him. Wondering why, it has
cause it is small but because it is big. in that momentous time, you notice: and scraping of private user data, power is awesome. occurred to me it’s because he knows
I see more people trembling under They dressed as adults, with dignity. selling space to Russian propagan- His public reputation is now dam- Congress is too stupid to do it effec-
the weight of who they are. They presented themselves with dists in the 2016 campaign, playing aged, and about this he is very con- tively. He buys lobbyists to buy them.
Laura Ingraham got in trouble for self-respect. Those who moved games with political content, starv- cerned. Next week he will appear be- He knows how craven, unserious and
publicly mocking one of the student against segregation and racial indig- ing journalism of ad revenues, in- fore Congress. The Onion recently insecure they are, and would have no
gun-control activists of Parkland, nity went forward in adult attire— creasing polarization, and turning headlined that he was preparing for particular respect for them. Nor would

.
Fla. She’s been unjustly targeted for suits, dresses, coats, ties, hats—as if eager users into the unknowing prod- his questioning by studying up on he have particular reason to.

ly
boycotts, but it’s fair to say she was adulthood were something to which uct. The signal fact of Mr. Zuckerberg the private data of congressmen. I hope they are adults. I hope they
wrong in what she said, and said it to aspire. As if a claiming of just is that he is supremely gifted in one The comic Albert Brooks tweeted: “I don’t showboat or yell but really
because she didn’t remember who rights required a showing of gravity. area—monetizing technical expertise sent Mark Zuckerberg my entire probe, carefully.
she is. She is a successful and vet- Look at the pictures of Martin Lu-
on by marrying it to a canny sense of medical history just to save him More than ever, the adults have to
eran media figure, host of a cable ther King Jr. speaking, the pictures human weakness. Beyond that, what some time.” rise to the fore and set the template
show that bears her name. As such of those marching across the Ed- a shallow and banal figure. He too His current problems may have for what is admirable. If we don’t,
she is a setter of the sound of our mund Pettus bridge, of those in at- appears to have difficulties coming yielded a moment of promise, how- those who follow us will be less ad-
culture as it discusses politics. tendance that day when George Wal- to terms with who he is. Perhaps he ever. Tim Cook of Apple, in an im- mirable even than us, and those af-
us l,

When you’re that person, you don’t lace stood in the schoolhouse door hopes to keep you, too, from coming pressive and sober interview with Re- ter them less admirable still. That
smack around a 17-year-old, even if— and then stepped aside to the force to terms with it, by literally dressing code’s Kara Swisher and MSNBC’s would be a tragedy, wouldn’t it?
al a
e

My Grandfather and the ‘Blue Eyes-Brown Eyes’ Lesson


ci on

By Michael Judge Having seen racism and xenopho- Elliott explained to her students that resignation. But he stood by his American history. “Without Mr.

I
bia in many forms—from the plight the exercise was over, and that what teacher, telling her to continue with Brandmill’s leadership,” she wrote,
’d always known that my grand- of African-Americans under Jim both groups had experienced was “a her lesson—that he, in effect, had “the Blue Eyes-Brown Eyes exercise
er rs

father Dinsmore Brandmill—a Crow, to the murderous anti-Semi- filthy, nasty word called discrimina- her back. A few years later, in a would probably never have happened
World War II veteran, history tism that sparked the Holocaust, to tion,” which means “treating people book about the exercise, she in- even once, and it certainly wouldn’t
teacher and K-12 principal—had de- Japan’s “superior race” justifications a certain way because they are dif- scribed the following: “For Mr. have been allowed to be repeated. . .
voted his life to educating Iowa’s for invading and slaughtering its ferent.” When she asked the children Brandmill, who was the kind of . He was the best Principal I’ve ever
m e

children. But it wasn’t until recently, if that was fair, they shouted in uni- principal all teachers dream of—and had, and one of the few men I’ve
as the 50th anniversary of the assas- son: “No!” They had learned, how- a few lucky ones find.” known whose integrity was without
sination of Martin Luther King Jr. After MLK’s assassination ever briefly, what if felt like to be the The Blue Eyes-Brown Eyes exer- question. Even now, I consider him a
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approached, that I understood the victims of prejudice. cise has since been taught countless hero, a friend, and a Blessing.”
true breadth of his legacy. he stood behind a teacher When news of the eye-color exer- times to children and adults around Dinsmore Brandmill, the son of an
My mother was 8 when her father who gave the world a lesson cise spread, many in the community the world. In 1985 it was the subject orphaned German émigré, was born
shipped out for Okinawa and one of protested. Some had legitimate con- of a PBS “Frontline” episode titled “A on June 7, 1903, in a small Iowa town
the final and bloodiest battles of the about racial prejudice. cerns: that this type of social experi- Class Divided.” If you watch the doc- named for his mother, Elma.
co Fo

Pacific War. More than 12,500 Amer- ment had no place in public schools or umentary closely, you’ll briefly see Throughout her life Elma kept a lock
ican soldiers, sailors and airmen could scar the children emotionally. my grandfather in the first few min- of her son’s hair, which she allowed
were killed there in 12 weeks; an- neighbors—my grandfather under- Other reactions were ugly. Ms. Elliott utes. He’s the elderly gentlemen in to grow to his shoulders when he was
other 36,000 were wounded. Japa- stood the dangers of scapegoating received death threats from around the fedora and winter coat, walking a boy, in a book near her bed. His
nese deaths, including civilians, are whole populations and the impor- the country, and she and her family alongside the yellow school buses eyes, like my son’s, were brown.
estimated near 200,000. tance of reiterating, even when we were called names like “n— lover.” and throngs of happy children.
The Japanese call the battle tetsu fall short, that we are all equal in As the school’s principal, my Ms. Elliott, now in her 80s, re- Mr. Judge, a former Journal dep-
no ame—“rain of steel”—and for God’s eyes. grandfather faced more than a few cently sent my mother a letter uty editorial features editor, teaches
good reason. Japanese forces, in- How do I know that? Because 50 irate parents and school-board praising my grandfather for his at the University of Iowa School of
cluding kamikazes, sank 36 Ameri- years ago this week, the day after Dr. members calling for Ms. Elliott’s courage during a dark time in Journalism and Mass Communication.
can ships and damaged 368 more. King was murdered by a white su-
When the Imperial Army found its premacist in Memphis, Tenn., a
ranks depleted, it turned Okinawan
villagers—nearly all against their
teacher at my grandfather’s school
in Riceville, Iowa, resolved to teach Trump’s Trade Tactic Might Work
n-

will, some as young as 13—into can- her all-white, all-Christian third-


non fodder and suicide bombers. grade students a lesson about big- A game of chicken downtime that could be the differ- down U.S. companies for their trade
Told they’d be brutalized by the con- otry—by having them actually expe- can always end ence between a successful service secrets as a price for getting access to
quering forces, mothers jumped rience it. Her name was Jane Elliott. badly, but why is and a money-losing one. the Chinese consumer.
no

from cliffs with their infants. The lesson came to be known as the U.S. press do- Donald Trump’s rhetoric often China has gotten by with claiming
After Okinawa, my grandfather— “Blue Eyes-Brown Eyes.” ing China’s work fails to notice that trade is a win- it’s a poor, backward country, but
who died in 1988 at 85, his family by Ms. Elliott divided her class by for it? win, but the peanut gallery should such excuses no longer suit its own
his side—was never the same. eye color. She told the children with Right now a bar- not lose sight of the same basic con- idea of itself. Look for a settlement
BUSINESS
Though still a consummate gentle- brown eyes they were naturally su- gaining game is un- text in today’s trade fight: Both sides in which Beijing insists it never en-
WORLD
man and committed educator, he perior while giving them high praise der way that could are putting guns to their own heads gaged in technology theft and now
By Holman W.
was more removed from his sur- and special privileges. She told the leave the world and saying, “Give me what I want or will stop. It will launch new laws and
Jenkins, Jr.
roundings, more stoic about the blue-eyed children they were natu- trading system bet- the idiot gets it.” courts to hear complaints of its for-
world and what he could and could rally inferior, unruly and untrust- ter off, with China Such incentives strongly favor the eign partners. Sure, these reforms
not change in it. My mother remem- worthy, while treating them like sec- cheating less. Not the least benefit, parties reaching a deal and declaring you wouldn’t take to the bank right
bers long rides down country roads, ond-class citizens. The next day, the this would strengthen the political victory for the benefit of the home away. But, long term, China’s interest
holding his hand in silence. roles were reversed. sustainability of trade in the U.S. fans. Both know the U.S.-China trade in profiting from its own intellectual
Neither of them could have known What Ms. Elliott witnessed and other Western nations—an out- relationship is too important not to property should propel it in the right
that a half-century later my mother’s shocked her. “I watched what had come of high strategic value even to put it on a sounder basis. direction.
youngest son—me—would live and been marvelous, cooperative, won- China. Americans, though, have to be
work in Tokyo as a journalist, fall in derful, thoughtful children turn into Both sides are in the crotch-grab- ready to accept some risk if they
love, marry and be blessed with a son nasty, vicious, discriminating little bing phase at the moment. They Americans should not want China to change its behavior.
who is half Japanese. My mother and third-graders, in the space of 15 min- want their threats to be treated as be too quick to sell Danger can always be avoided by
older brother attended the wedding utes,” she later explained. Racism, in credible even if they aren’t. bending over for whatever China
celebration in Japan in 1997, and I other words, was something that So eager are some Americans for a their own side short. wants. Happily, the U.S. economy is
like to think my grandfather would people learned. Donald Trump failure, though, they strong right now, verging on a labor
have, too, if he’d been alive. After two agonizing days, Ms. rush to convince the world that shortage as rising wages can’t lure
Americans can’t tolerate the slightest So the real question is, “Do we the Obama-discouraged back into the
risk of pain or loss in a good cause. have confidence in the wisdom and workforce fast enough.
U.S. soybeans are on China’s target perspicacity of the Chinese and U.S. Stock markets will never be
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY list, but let us calm ourselves. If China administrations?” Mr. Trump is not happy with uncertainty, and you
Rupert Murdoch Robert Thomson buys Brazilian soybeans, the world a child. He has been in negotiations might wish to put your portfolio in a
Executive Chairman, News Corp Chief Executive Officer, News Corp
doesn’t end. Brazil’s customers would all his life. It’s the one skill he medically induced coma for the du-
Gerard Baker William Lewis
Editor in Chief Chief Executive Officer and Publisher
buy U.S. soybeans. The net effect brought to office that can’t be ration. But it pays not to sell Amer-
Matthew J. Murray Karen Miller Pensiero DOW JONES MANAGEMENT:
would be only slightly damaging to all gainsaid. ica short, given its inherent, deeply
Executive Editor Managing Editor Mark Musgrave, Chief People Officer; concerned, except for the rail and What’s more, Mr. Trump is not a rooted strengths. These strengths
Jason Anders, Chief News Editor; Thorold Barker,
Edward Roussel, Chief Innovation Officer; shipping companies that would bene- bridge burner, whatever you think of are admired by others, including
Anna Sedgley, Chief Operating Officer
Europe; Elena Cherney, Coverage Planning; fit from the world opting for second- his Twitter habits. He is always China. They were apparent even on
Andrew Dowell, Asia; Neal Lipschutz, Standards; OPERATING EXECUTIVES: best logistics in getting the global ready to be best friends tomorrow President Obama’s watch, with all its
Meg Marco, Digital Content Strategy; Ramin Beheshti, Product & Technology;
Alex Martin, Writing; Mike Miller, Features & Kenneth Breen, Commercial; soybean crop to market. with whomever he’s at war with to- dreary regulatory and antibusiness
Weekend; Shazna Nessa, Visuals; Jason P. Conti, General Counsel; Ditto Boeing. Its jets are on day. His relationship with the “fail- overkill. His tenure will still be re-
Rajiv Pant, Technology; Ann Podd, News Frank Filippo, Print Products & Services; China’s retaliation list, too, but a re- ing New York Times” is the cogno- membered, if dimly, as the time
Production; Matthew Rose, Enterprise; Steve Grycuk, Customer Service;
Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer; ality check is in order. Boeing and scenti case in point. No news when America’s frackers revolution-
Nikki Waller, Live Journalism; Nancy McNeill, Advertising & Corporate Sales; Airbus have backlogs stretching out organization has been so relentlessly ized the world energy scene.
Stephen Wisnefski, Professional News; Christina Van Tassell, Chief Financial Officer; almost a decade. If a Chinese carrier denounced and yet so relentlessly Mr. Trump is not the idiot his de-
Carla Zanoni, Audience & Analytics Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International cancels a delivery for next year, it courted by Mr. Trump. He can’t give tractors say, and nobody says the
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: can’t just cut the Airbus line, at least up. He is not likely to lead us down Chinese are idiots. The omens are
Almar Latour, Publisher not without paying through the nose a path of permanent hostility with propitious for a major advance in
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head; for another customer’s delivery slot. China (or anybody else) from which trade relations. But the Chinese
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Or it could settle for an older, sec- there is no return. should remember one thing: Mr.
EDITORIAL AND CORPORATE HEADQUARTERS: ondhand aircraft, knowing it would The Chinese deny it but they know Trump is a teetotaler, so the even-
1211 Avenue of the Americas, New York, N.Y., 10036 pay a penalty in fuel efficiency, pas- the U.S. has legitimate gripes, espe- tual congratulatory toasts should be
Telephone 1-800-DOWJONES
senger amenities and maintenance cially with respect to Beijing shaking nonalcoholic.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
THE MASTERS

Augusta National Still Has Bite


This Masters is shaping up as a reminder of just how much of a challenge the course creates for golf’s top players
BY BRIAN COSTA

Augusta, Ga
RORY MCILROY arrived at Augusta National
more than a week before the start of the Mas-
ters. By the time the tournament began
Thursday, he had played 90 practice holes, the
equivalent of five full rounds. In pursuit of the
only major he has never won, McIlroy studied
the course more extensively than ever.
Then he teed off, and it was as if he were
playing somewhere else. The greens were
noticeably faster. The areas around them
were firmer. His caddie, Harry Diamond, es-
timated that the course played at least five
to six shots tougher than it did just a week
earlier.
“That’s Augusta,” McIlroy said. “It’s
amazing what they can do in the space of a
week here.”
Augusta National is mulling whether to
lengthen the course, amid a distance boom
at the top of the sport that is rendering
many classic courses obsolete. But this Mas-
ters is shaping up as a reminder of just how
much of a challenge the club can create sim-
ply by manipulating the land the course al-
ready occupies.
In benign weather, the field scoring aver-
age on Thursday was 1.8 strokes over par. In
windier, though hardly gusty conditions Fri-
day, that figure was more than 2.5 over par
in the late afternoon.

.
Some of the images were ghastlier than

ly
the raw numbers. There was Sergio Garcia,
the defending champion, hitting five consec-
utive balls onto the 15th green Thursday,
only to watch each one spin back and roll on
into the water. There was Phil Mickelson on
No. 9 on Friday, hitting from under the Jordan Spieth, above, and Rory McIlroy, left,
trees, then hitting a tree, then duffing a flop during play at Augusta National on Friday.
shot. Tiger Woods was so deep under a clus-
us l,

ter of trees behind the fifth green that he Length off the tee can still help, and in
disappeared, like the ghosts in “Field of that regard, Augusta National isn’t immune
al a
e
Dreams” wading into a cornfield. to the changes impacting the rest of the
It all made for a crowd near the top of sport. The club’s ongoing expansion of its
the leaderboard that left no one asking if geographical footprint, through various land
ci on

Augusta National is still challenging enough purchases over the years, has created op-
for the modern pro. tions for lengthening some holes. The Mas-
“By the end of the week, this will be a ters is played at a current length of 7,435
pretty packed leaderboard, the way the golf yards, which is typically longer than the
course is set up,” Woods said Thursday. British Open and shorter than the U.S. Open.
er rs

“They have it right where they want it. It’s Fred Ridley, the club’s new chairman,
really hard to run away from it, but it’s also mentioned something Bobby Jones, who co-
T-B: BRIAN SNYDER/REUTERS; CHRIS CARLSON/ASSOCIATED PRESS

really easy to lose it out there.” founded the Masters, once said about the
The Saturday forecast called for steady par-5 13th hole.
m e

rain and possible thunderstorms, raising the “He said that the decision to go for the
possibility of sloppier play. In most tourna- green in two should be a momentous one,”
ments, that would at least offer the promise Ridley said. “And I would have to say that our
m rp

of softening the greens, allowing players to observations of these great players hitting
fire more aggressively at flagsticks. But Au- middle and even short irons into that hole
gusta National’s ability to control the condi- isn’t a momentous decision. And so we think
tions is weather-resistant. there is an issue, not only there, but in the
In the early 2000s, it installed a SubAir game generally, that needs to be addressed.”
co Fo

system that sucks the moisture out from un- Whether the remedy takes the form of a
der every green to whatever extent the club reduced-distance ball, a longer course or
desires. It’s like an underground vacuum, both remains to be seen. But at a time when
which can be heard only through small, many courses believe they have no choice
scattered vents away from the greens. but to lengthen, lengthen, lengthen, Augusta
The combination of the inherent tricki- National is showing how its teeth have
ness of Augusta’s greens and the firmness it stood the test of time.
manufactures puts a premium on precision. After finishing at 4 under to grab a share
Even when the wind doesn’t seem strong, if “Some of these holes,” Jordan Spieth said, when you have to land it on tiny little areas, of the clubhouse lead Friday, McIlroy said
it’s swirling unpredictably as it was Friday, “where you’re trying to figure out which di- and three miles an hour one way or the other what any major championship host would
it can wreak havoc with player’s nerves on rection it’s coming from—it’s a beautiful day, actually affects our golf ball significantly, it’s want to hear. “Anything under par today
approach shots. it’s beautiful to play golf in, but out here actually challenging at times.” was pretty good,” he said.
n-

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
SOCCER
<0

MAN CITY’S CONSOLATION


d t
Edmonton
10s
no

V
Vancouver Calgary
0s
10s
Winnipeg
ip
Seattle 20s
Portland
P d 30s
Helena Montreal
Ottawa
Bismarckk 20s 40s
Eugene
Billings Augusta
A t BY JOSHUA ROBINSON
Boise
i Mpls./St.
pls //St
St.. Paul
Pau 50s
30s Toronto
T t A bany
b y
Albany Boston
50s Pierre Sioux
ux Falls
oux Milwaukeek 30s Hartford
tfordd 60s
Detroit
t Buffalo
Cleveland
Cleve
Cl l d
l
40s Newew YYorkk 70s
MANCHESTER CITY thought
60s Reno Chicago
Ch g
Chic
Sacramento
Salt LLake
k City
Cheyenne
Ch
Cheyenn
Des
es Moines
Philadelphia
Ph
Ph
hil d lph
it had the highest-profile
Omaha
h Pittsburgh
Pittsb gh 80s
p gfi ld Indianapolis
Springfield di p week of its season all figured
an Francisco
San Denver Washington
on D.C.
h gton D.C
DC 90s
70s Topeka Kansas Charleston
Ch
Charles
l t out. In the space of six days, it
Colorado
C d City Richmond
h d 100+
Las
L
Vega
Vegas
Springs
p g Wichita
hit St.. Louis
Lou
L LLouisville
Lou ill Raleighh would knock Liverpool out of
Loss A
Angeles
An 80s Santaa FFe 40s
Nashville
h ill Charlotte
Ch
h the Champions League, book
Memphis
phi
Atlanta
A t C b
Columbia
its spot in Europe’s final four,
90s Phoenix A
Albuquerque
b q q Oklahoma
klahoma
homa Cit
Cityy
TIM GOODE/PA WIRE/ZUMA PRESS

San Diego Warm Rain and clinch the Premier League


50s LLittlee Rockk
Tucson Birmingham
h
El P
Paso Ft.. Worth
Wor Dallas
D ll
Cold
title with a win over Man-
Jackson
Jackk T-storms
b
Mobile 70s Jacksonville chester United on Saturday.
10s Austin
A ti
Houston Stationary That was the plan.
Snow
20s 60s New Orleans Orlando
l d
All of it went to pieces in
San
an Antonio
A t Tampa
30s 80s Showers Flurries one disastrous half-hour
A h g
Anchorage Honolulu Miami
80s 70s
40s 70s Wednesday night at Anfield.
Ice By losing the first leg of its
Champions League quarterfi-
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W nal 3-0, City has now scram- Manchester City players react during a 3-0 loss to Liverpool.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 41 25 s 38 26 c Frankfurt 70 45 s 71 47 pc bled what was supposed to
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 86 65 t 77 64 c Geneva 65 47 pc 69 47 pc be one of the most glorious have three days to prepare.” to believe it,” Guardiola said.
Today Tomorrow Philadelphia 46 32 sn 47 32 pc Havana 87 66 pc 88 67 pc
City Hi Lo W Hi Lo W weeks in its history. History suggests that City Still, the whole debacle has
Phoenix 94 72 pc 92 64 s Hong Kong 74 63 c 77 68 pc
Anchorage 46 33 s 46 34 s Pittsburgh 40 22 pc 39 27 pc Istanbul 60 49 pc 59 47 c Which leaves City manager should forget about the put something of a damper
Atlanta 62 36 r 61 47 pc Portland, Maine 47 28 pc 44 25 pc Jakarta 90 76 sh 86 76 sh Pep Guardiola with a dilemma: Champions League now and on what was supposed to be
Austin 58 48 pc 74 60 pc Portland, Ore. 57 48 r 56 41 r Jerusalem 76 54 pc 68 49 s Should he rest key players divert all resources to beat- Manchester City’s procession
Baltimore 44 30 sn 49 32 pc Sacramento 69 45 r 71 47 s Johannesburg 80 56 s 77 56 pc
Boise 64 45 r 57 37 pc St. Louis 43 27 s 41 33 sn London 60 50 sh 58 49 sh against United this weekend ing United on Saturday. to the title. City has just one
Boston 48 33 pc 43 29 pc Salt Lake City 60 43 r 56 42 sh Madrid 55 45 r 59 43 pc to have the freshest possible More than 95% of teams that league defeat all season and
Burlington 41 23 c 38 22 pc San Francisco 64 52 sh 64 51 s Manila 91 77 pc 90 78 pc team against Liverpool next lost the first leg by at least could clinch the title with six
Charlotte 60 33 r 58 41 s Santa Fe 76 51 pc 70 37 s Melbourne 71 53 pc 85 59 pc
Chicago 37 21 s 39 30 pc Seattle 57 47 r 55 42 r Mexico City 79 55 pc 79 55 pc Tuesday? Or does he concede 3-0 in European competition games to spare, a Premier
Cleveland 35 26 s 37 27 pc Sioux Falls 36 23 s 34 22 sn Milan 67 51 pc 65 50 pc that the Champions League have been eliminated. But League record.
Dallas 53 41 c 67 53 pc Wash., D.C. 46 34 r 51 36 s Moscow 43 30 pc 51 39 pc might be a lost cause and Guardiola knows that if any But when the possibility
Denver 59 38 pc 59 33 pc Mumbai 91 81 pc 92 81 pc
double down on sealing the side can pull of the miracle, first emerged of winning its
Detroit
Honolulu
39 23 pc 41 29 pc
79 70 sh 79 70 c
International Paris
Rio de Janeiro
68
84
53 t
72 sh
68 51 sh
84 73 pc Premier League title? it’s his squad of high-fliers, third title in six years
Houston 66 54 c 69 61 pc Today Tomorrow Riyadh 91 68 pc 93 70 pc
City Hi Lo W Hi Lo W Immediately following which has romped through against United, its most
Indianapolis 41 22 pc 44 31 pc Rome 66 49 s 70 53 pc
Kansas City 41 27 s 37 27 c Amsterdam 68 49 pc 69 47 sh San Juan 85 75 pc 85 75 pc Wednesday’s collapse, Guar- English soccer all season. hated foe, the team never
Las Vegas 90 61 c 83 60 s Athens 68 55 t 70 55 pc Seoul 50 36 s 54 39 c diola appeared too shell- It’s not like a comeback is imagined it could be a side-
Little Rock 52 30 i 59 37 pc Baghdad 87 61 pc 89 65 s Shanghai 58 44 s 70 51 s shocked to consider the completely unheard of ei- show to a Champions League
Los Angeles 71 55 c 75 59 s Bangkok 80 70 t 86 73 pc Singapore 89 78 sh 90 78 c
Miami 86 71 pc 87 70 sh Beijing 53 34 pc 66 41 c Sydney 83 68 s 83 67 s question properly. ther. This time last year, disappointment.
Milwaukee 34 21 s 36 29 pc Berlin 64 47 s 67 46 s Taipei City 68 56 r 77 58 s “I believe a lot in my Barcelona recovered from a “We have to do it the
Minneapolis 30 11 s 32 24 sn Brussels 68 51 pc 70 51 sh Tokyo 68 48 pc 61 49 pc team. They’ve shown me lots 4-0 first-leg defeat against hard way,” Man City captain
Nashville 46 29 pc 53 42 pc Buenos Aires 74 58 t 75 63 t Toronto 37 21 pc 36 20 pc
New Orleans 72 49 r 66 61 pc Dubai 95 77 pc 94 77 pc Vancouver 54 44 sh 54 44 c of good things over the sea- Paris Saint-Germain by win- Vincent Kompany said. “Fair
New York City 48 32 sn 47 32 pc Dublin 54 41 sh 54 39 c Warsaw 59 42 s 71 49 s son,” he said. “United is ning 6-1 at home to advance. play to Liverpool tonight,
Oklahoma City 47 31 c 55 37 pc Edinburgh 56 41 c 53 38 c Zurich 70 41 s 70 44 pc coming at home then we “We have the permission but it’s our turn next week.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

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Small Colleges Drop Out of TIAA Amazon


Fee for All
Some groups create
plans with combined
been with TIAA in recent years.
The group expects to save 38%
TIAA has $1 trillion under
management and five million
join the plan, which currently
is available to employees of
Voices
and 52% in fund expenses and
Small institutions have had higher
costs on employee-retirement
accounts with TIAA since its CREF
funds raised fees in 2015 on
retirement-account
assets to lower fees
record-keeping fees, respec-
tively, as a result.
Fourteen small colleges in
customers, most of them
workers at nonprofit organiza-
tions such as universities, re-
search entities and govern-
WAICU, Lawrence University
and Ripon College.
TIAA bid to be the record-
keeper of the new group plan,
Payment
smallest plans.
Previous fees
Current fees
BY GRETCHEN MORGENSON
Virginia also joined a new mul-
tiemployer plan that began op-
erating in November.
ments. It said the 2015 fee
increase on small institutions
would “better reflect the ac-
but Transamerica won the as-
signment, Mr. Wegenke said.
Chad Peterson, a TIAA
Strategy
More than a dozen small Small institutions around tual administrative and distri- spokesman, said of the Wis-
Account size Fees (% of assets) colleges have joined to yank the country started looking for bution expenses across the consin plan: “A multiemployer BY ANNAMARIA ANDRIOTIS
the management of their em- ways to bring down their re- range of clients we serve.” plan approach makes sense for AND LAURA STEVENS
Less than 0.24% ployee retirement accounts tirement-account costs in 2015, Rolf Wegenke, president of some to gain administrative
$20 million 0.35% from TIAA, the largest pro- when TIAA changed the an- the nonprofit Wisconsin Asso- and plan efficiencies but not Amazon.com Inc. is consid-
vider of retirement-plan ser- nual-fee model on its popular ciation of Independent Colleges for others who prefer to create ering whether to use its Alexa
$20 million to 0.24% vices to nonprofit organiza- CREF funds. From a previous and Universities—an organiza- their own plan to best fit their virtual assistant to start a per-
$400 million 0.20% tions, after it raised the fees on flat fee of 0.24% of assets, the tion of 24 private institutions specific campus needs.” son-to-person payments fea-
some of its most popular funds. company started charging in the state that created the Employees at Lawrence Uni- ture, according to people fa-
$400 million 0.24% In Wisconsin, a group of col- 0.35% of assets for institutions new multiemployer plan—said versity in Appleton, Wis., with miliar with its strategy. The
and higher 0.10%
leges in January launched a with less than $20 million un- rising retirement-plan costs $100 million in retirement- move would push the retailing
new plan with the combined re- der management—a nearly played a role in their decision. plan assets, are saving 50% un- giant into new competition
Source: the company tirement-account assets of 50% increase. Plans above that He said more colleges in the der their new program, said with PayPal Holdings Inc.’s
THE WALL STREET JOURNAL. three members, all of which had size saw their costs decline. association are expected to Please see TIAA page B2 Venmo and big banks’ pay-
ments efforts.
The Seattle company, which

.
Food Stamp Cuts Would Hit Grocery Chains
has expanded from online

ly
commerce to cloud computing
to entertainment, is exploring
new ventures and capabilities
BY HEATHER HADDON on that could give it more power
AND JESSE NEWMAN Foodstuff in a payments industry domi-
SNAP participation has declined nated by banks and card net-
The grocery sector is brac- since 2013, weighing on grocers' works such as Visa Inc. and
ing for the possible loss of tens Mastercard Inc.
us l,

results. A large portion of


of billions of dollars in pur- food-stamp purchases are made Among the options being
chases by low-income shoppers at big-box chains like Walmart. evaluated are ways in which
al a
e
using food stamps. consumers could tell Alexa to
The Trump administration Average participation in SNAP* send money to a friend. The
.
is pushing to rein in the budget 50 million people idea is still in the early stages,
ci on

for the food-stamp program by and the voice-activated device


nearly $130 billion over a de- would likely need more infor-
40
cade, representing a 20% re- mation about customers’ bank
duction of its current annual accounts than it has now to
allotment of $63 billion. The 30 execute such money transfers,
er rs

move could constitute one of the people said.


the biggest yearly reductions The review is part of a
in program-sponsored pur- 20 broad effort at the com-
chases for retailers since the pany run by billionaire Jeff
m e

recession. Bezos to expand in banking


This and other proposals 10 and finance. Amazon is work-
from Republicans intend to ing to add other payment op-
m rp

overhaul the nation’s food- 0 tions to Alexa, including al-


stamp program as lawmakers lowing drivers of cars
1970 ’80 ’90 2000 ’10
begin renegotiating the Farm equipped with Alexa to pay for
Bill, a sprawling $900 billion gas at a station via voice, ac-
SNAP spending by type of retailer
ROBERT F. BUKATY/ASSOCIATED PRESS

piece of legislation that allots cording to the people.


52.3% 40.4%
co Fo

about 80% of its funding to nu- Superstores Supermarkets† Amazon is also looking at
trition assistance and is set to ways to enter in-store pay-
expire at the end of September. ments, while talking with big
Some participants may no banks, including JPMorgan
longer receive food stamps if Convenience stores Other Chase & Co., about building a
lawmakers approve stricter 5.6% 1.7% checking-account-like product.
work requirements included in *Data as of March 9, 2018 Mr. Bezos gave employees a
†Includes supermarkets, combination
proposals by Republicans on grocery, large grocery, medium grocery mandate last year to push fi-
the House Agriculture Commit- and small grocery stores nancial services as a key ini-
tee. Source: Department of Agriculture Big retailers notice a bump in sales around the time food-stamp funding is dispersed each month. tiative, according to a person
Please see SNAP page B2 THE WALL STREET JOURNAL. The Trump administration is proposing a food-box-delivery program that would be state-run. Please see PAY page B2

THE INTELLIGENT INVESTOR | By Jason Zweig


Crypto Platform Seeks Licensing
n-

Big Tech Companies BY DAVE MICHAELS “The assets that we do list


no

have all had some amount of

Test Limits of Growth WASHINGTON—Coinbase, a


cryptocurrency firm, has ap-
proached U.S. regulators about
registering as a licensed bro-
regulatory certainty,” Coinbase
President Asiff Hirji said on
CNBC on Thursday. “As soon
as there is more regulatory
The more worsen: Facebook improp- kerage and electronic-trading clarity than there currently is
flippant the erly sharing personal data, venue, a move that comes as you would expect us to start
investing cli- President Donald Trump regulators have waged an ag- listing more assets.”
MICHAEL SHORT/BLOOMBERG NEWS

ché, the more criticizing Amazon, Euro- gressive campaign to super- Companies that operate on-
you should pean regulators investigating vise the fledgling industry. line trading platforms for
question it. potential antitrust violations. The San Francisco-based cryptocurrencies have posi-
Consider “the bigger they Or could this just be a startup, one of the world’s tioned themselves as disrupt-
are, the harder they fall.” stumble? Have big tech com- largest platforms for trading ers of traditional channels for
At their lows this week, panies developed an unstop- bitcoin and other cryptocur- raising capital and exchange
the technology shares that pable business model? rencies, has met with Securi- trading. Trading in bitcoin and
have until recently been the The idea might not be ties and Exchange Commission other virtual currencies that
stock market’s darlings— quite as crazy as it sounds. officials in recent weeks about Coinbase offers, including
Facebook Inc., Amazon.com Charlie Munger, Warren Buf- registering its business with San Francisco-based startup Coinbase is talking with the SEC ether and litecoin, is virtually
Inc., Netflix Inc., Google par- fett’s business partner, rarely the agency, according to peo- about registering as a brokerage and electronic-trading venue. untouched by U.S. market reg-
ent company Alphabet Inc. shows much mercy toward ple familiar with the matter. ulators.
and other giants—had fallen investing beliefs he regards The step would allow Coinbase mit to U.S. oversight, the peo- partner at law firm Polsinelli But the growth of initial
more than 17% since March as foolish. But when he was to expand the group of assets ple said. PC who advises companies in- coin offerings, or ICOs—in
13. Over that period, the S&P asked at the February annual it offers to include digital to- “It’s an early phase where volved with digital currencies. which startups offer investors
500 index fell 8%. meeting for shareholders in kens that the SEC has argued the industry leaders under- “They have to deal with the a token in exchange for an in-
At first, the drop in big his Daily Journal Co. are securities and could put stand they have to live within SEC.” vestment—has added a new
tech stocks seems driven by whether Google, Facebook, pressure on other cryptocur- a highly regulated environ- A Coinbase spokesman de- opportunity that makes it
bad news that is bound to Please see INVEST page B5 rency trading venues to sub- ment,” said Richard Levin, a clined to comment. Please see COIN page B10

WHAT CLOSING BELL?


TD Ameritrade is the first retail brokerage to offer 24-hour trading, 5 days a week,
on select securities. A new kind of trading has arrived.
To learn more about 24-hour trading, visit tdameritrade.com/trade24-5.

All investments involve risk, including risk of loss. TD Ameritrade, Inc., member FINRA/SIPC. © 2018 TD Ameritrade.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, April 7 - 8, 2018 * ***** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Ruling Hits Blue Insurers


BY ANNA WILDE MATHEWS one potential defense for the mately have far-reaching ef- the other by certain Blue in-
AND BRENT KENDALL insurers’ actions, and the law- fects. The Blue Cross and Blue surer customers. The suits al-
suits against the Blue insurers Shield insurers have been at lege that the insurers are ille-
A federal court struck a haven’t yet been certified to the heart of the U.S. health- gally conspiring to divvy up
blow to Blue Cross and Blue proceed as class actions, an is- care system for decades. They markets and avoid competing
Shield insurers in high-stakes sue that could take several collectively cover roughly one against one another, driving
litigation focused on how they more months to resolve. in three Americans, and they up customers’ prices and

SUSAN MONTOYA BRYAN/ASSOCIATED PRESS


work together, finding that Still, “both substantively are often the biggest players pushing down the amounts
some of their practices could and tactically, it’s a very big in states’ individual and small- paid to doctors and other
represent an automatic viola- deal,” Tim Greaney, a professor business insurance markets. health-care providers.
tion of federal antitrust law. at the University of California The Blue Cross Blue Shield The suits name all of
U.S. District Judge R. David Hastings College of the Law, Association licenses the Blue the Blue Cross and Blue
Proctor in Birmingham, Ala., in Shield companies as defen-
a late Thursday ruling, said dants as well as the Blue Cross
challengers to the Blue insurers’ Blue Shield Association.
practices had presented evi-
A judge rejected some of the Blue insurers’ The judge, in his discussion
dence that the Blue insurers central arguments in high-stakes litigation. of possible antitrust violations,
have adopted competitive re- cited a combination of certain
strictions “which, considered of Blue insurer practices, in- It could be harder for the Blue insurers to defend some practices.
together, constitute a per se vi- cluding dividing up markets
olation of the Sherman Act,” said of the ruling. “It’s a pretty brands to the 36 insurers that and certain limits on the insur- sion “is a critical step toward ruling on the most important
the central federal law that bars serious blow to the Blues.” use them. Companies typically ers’ non-Blue business. ultimately resolving this case question of this case,” said Ba-
unlawful restraints of trade. In a statement, Scott Nehs, hold exclusive rights to the The Blue association has and increasing competition in rak D. Richman, a professor
The ruling sets important the general counsel for the Blue Cross and Blue Shield said its licensing deals simply the health-insurance market.” at Duke University School of
legal rules for a future Blue Cross Blue Shield Asso- names within a certain terri- codify longstanding trademark Joe Whatley, a lead attorney Law.
trial. The judge rejected some ciation, said it would appeal tory. Most of the Blue insurers rights and don’t violate the for health-care providers who However, the new ruling also
of the Blue insurers’ central and was “confident that we are nonprofits, often focused law. The association also says sued the Blue insurers, called held some positive aspects for
arguments, and his finding of a will prevail.” He said the on just one state, but the larg- its arrangements increase com- the ruling a “huge victory.” the insurers. The judge ruled
potential “per se,” or inherent, group was “disappointed by est, Anthem Inc., offers Blue- petition by helping the Blue If the Blue insurers lose the that another aspect of the Blue
violation could make it harder the court’s ruling with respect branded plans in 14 states. companies ally together to go case, it could force changes to companies’ cooperation, a pro-
for them to defend some of to certain aspects of the BCBS The Alabama litigation in- up against national insurers. their business practices and ex- gram that involves working to-
their longstanding practices. System,” but he called it “one cludes two major consolidated Lawyer David Boies, who is pose them to considerable civil gether to offer national insur-
The case has a long way to step in a lengthy process.” antitrust lawsuits, one brought representing customer plain- liability and financial damages. ance plans, wasn’t an automatic
go. The judge left open at least The litigation could ulti- by health-care providers and tiffs in the case, said the deci- “This is a fairly definitive antitrust violation.

PAY works or issuers, because


consumers paying
through Amazon accounts are
Continued from the prior page usually doing it with a debit
briefed on the matter. The or credit card. But the com-
company also restructured in- pany can still gain by gather-

.
ternally to add its digital wal- ing more data about con-

ly
let, Amazon Pay, to its team sumer habits and using its
that focuses on Alexa as part size and leverage as a large
of plans to make voice com- retailer to negotiate lower
on mands the next wave of com- fees from the card companies.
merce, according to other If Amazon can move more
people familiar with the com- transactions to its own rails
pany’s plans. or get better deals from card
Last month, Amazon Pay companies, it could save more
us l,

Vice President Patrick Gauth- than an estimated $250 mil-


ier pitched retailers at a con- lion in interchange fees each
al a
e
ference on using Alexa to help year, Bain & Co. consultants
their customers pay. “We re- say.
ally invite all of you Adding person-to-person
ci on

who…want to invent the fu- payments could also build


GENE J. PUSKAR/ASSOCIATED PRESS

ture to actually come and do consumer loyalty around Al-


it with us,” he said. exa, which is locked in a bat-
Adding Amazon isn’t easy tle against Google’s assistant.
for retailers, which have long As a stand-alone, the person-
er rs

viewed the company as to-person payments business


the revenue-sapping rival. has generated far more buzz
Amazon also faces chal- than it has profits for Venmo
lenges on other fronts. Tech- and its big-bank rival, known
m e

nology firms are facing in- as Zelle.


For smaller grocers and convenience stores, potential changes to the program come at a time when they can’t afford to lose sales. creased scrutiny of late over Payments analysts
privacy practices. And Presi- say Amazon’s foundation in
m rp

SNAP profits into e-commerce op-


tions to compete. Deep dis-
counters have fueled price
say how much it collects in
food-stamp spending, but said
it would push lawmakers to
earnings and stock prices in re-
cent years, particularly among
dollar stores, which have been
dent Donald Trump has sin-
gled Amazon out with
tweets in recent days that
retail has helped it make
more progress in payments
than some rivals. “They focus
Continued from the prior page wars, further eroding thin mar- maintain a “robust food-assis- expanding their food offerings. criticized the company’s im- on supporting their core com-
House Republicans say their gins. tance program.” Some food retailers were pact on traditional retail- petence, which is selling
co Fo

plan is aimed at creating op- “It’s well known that the Walmart generates roughly alarmed by a separate proposal ers and questioned whether it stuff,” said Thad Peterson, se-
portunities for low-income food industry operates on a 1% $13 billion in annual sales from by the Trump administration, pays enough in taxes. nior analyst who covers
Americans to acquire the skills profit margin,” said Alex Ba- SNAP transactions, accounting which in February suggested Since starting about two emerging payment technolo-
needed to take part more fully loga, chief executive of the for around 18% of the money shaving about $129 billion in decades ago, Amazon has wo- gies at research firm Aite
in the growing U.S. economy. Pennsylvania Food Merchants spent through the program na- SNAP spending over a decade ven its way into consumers’ Group.
They foresee people leaving Association, which represents tionwide. by shifting food-stamp dollars lives in new ways. Amazon’s In contrast with many ri-
the program as incomes rise, about 3,500 grocery and con- Amazon, seeking to court from benefit cards to a food- push into the once-sleepy vals, Amazon Pay has largely
with its lower costs reflecting venience stores. “There’s no more low-income shoppers, is box-delivery program that business of payments process- focused on online shopping, a
beneficiaries’ improved eco- way to absorb any kind of de- among the retailers participat- would be state-run. ing shows how it has been timesaving proposition for
nomic status. crease in sales. It’s just that ing in a federal pilot to accept More than 16 million house- transformed. consumers who frequently
House Democrats say it simple. It would be devastat- SNAP dollars online, set to be- holds would no longer receive For years, Visa, Mastercard abandon their shopping cart if
could result in the loss of ben- ing.” gin later this year. Representa- all of their benefits on cards and a few others battled for they have to type in credit-
efit eligibility for one million More than 52% of SNAP dol- tives for Amazon, Walmart and but instead get half in the form market share of cards gener- card information.
people and an estimated $20 lars, or $33 billion, were re- Target declined to comment on of cereal, beans, canned fruits ally issued by banks. Now, a Now, Amazon is eyeing
n-

billion reduction in govern- deemed at big-box stores such the potential benefit reduc- and other food purchased by different battle is playing out brick-and-mortar stores,
ment spending over a decade, as Walmart Inc. and Target tions. the government through with technology companies, starting with its recent acqui-
according to aides. House Re- Corp. last year, up from 47% in Some retailers serve regions wholesale channels instead of such as Amazon, Apple Inc. sition of Whole Foods.
publicans dispute the figures, 2015, U.S. Department of Agri- where more than one-third of at supermarkets. and Alphabet Inc.’s Google, As Amazon tries to get
no

saying they don’t reflect the culture data show. shoppers buy groceries with Trade groups representing trying to make payments, in more merchants to add
most recent proposals. Big retailers routinely notice food stamps, said Mr. Baloga of food retailers publicly criti- many cases on mobile devices, its payment option at the
For grocers, convenience a bump in sales around the the Pennsylvania Food Mer- cized any diversion of SNAP easier for consumers while checkout, including online,
stores and other food retailers, time states disperse SNAP chants Association. “We’re not dollars to the food box-pro- adding to their already formi- some have resisted in part
potential changes to the food- money to recipients each selling luxury sedans. We can’t gram. They have been meeting dable revenue streams. due to concerns that the move
stamp program, called the Sup- month. Kroger Co.’s finance just raise prices to cover those with administration officials. It still is early days, as U.S. could remind consumers that
plemental Nutrition Assistance chief, Mike Schlotman, losses,” he said. Mr. Baloga said his organiza- consumers haven’t flocked to they could return to the on-
Program, or SNAP, come at a said, “We know that we’ll have Reductions in SNAP enroll- tion has been actively lobbying mobile wallets yet like users line retail giant’s site to com-
time when they can’t afford to more people in the store, and ment, thanks to an improving Pennsylvania’s congressional in China and other economies plete the purchase.
lose sales. Amazon.com Inc.’s they’re likely to be in the store economy and state-imposed delegation in opposition to the have. Also, Amazon’s initia- —Emily Glazer
Whole Foods acquisition has longer.” A spokeswoman for time limits for benefits in 2016, food-box proposal and will be tives are unlikely to have a and Peter Rudegeair
forced many grocers to sink the grocery chain declined to have weighed on corporate monitoring Farm Bill details. major impact on card net- contributed to this article.

TIAA of lawsuits highlighting outsize


fees in some of these accounts.
The first of these cases to
Continued from the prior page go to trial—a suit brought two
Chris Lee, vice president for fi- years ago by participants in
nance and administration. the New York University re-
The Virginia colleges that tirement plan—is scheduled to
have signed up for their own be heard by a judge later this
multiemployer retirement plan month. Plaintiffs contend NYU
have combined retirement ac- breached its fiduciary duty by
count assets of around $500 having participants pay exces-
million; they include Ferrum sive record-keeping fees to
College, Hollins University and TIAA and Vanguard Group.
Sweet Briar College. An NYU spokesman said the
TIAA was hired as the Vir- suit was baseless.
ginia plan’s record-keeper, but Duke University was also
few of its funds will be among sued for breaching its fiduciary
RAYMOND BOYD/GETTY IMAGES

the investment choices for duty to retirement-plan partici-


participants, said Robert Lam- pants by selecting four record-
beth, president of the Council keepers, adding to costs. Duke
of Independent Colleges of Vir- has said the design and man-
ginia, a group of 28 small col- agement of the plan was proper.
leges that set up the plan. Nei- No trial date has been set.
ther will TIAA be providing In February, Duke said that
investment advice, he said. as of next year, Fidelity Invest-
“We have redefined TIAA’s ments will be the sole record- The Milwaukee School of Engineering. A group of Wisconsin colleges created a multiemployer plan.
role to strictly record-keeping,” keeper of its $4 billion plan,
Mr. Lambeth said. He said his eliminating three other firms: Mr. Peterson, of TIAA, said entrust Vanguard with their The Securities and Ex- “We are conducting a thor-
group had “negotiated fees with TIAA, Vanguard and Valic. Van- the firm is pleased to continue hard-earned retirement savings. change Commission and Com- ough review to ensure our ac-
TIAA that are noticeably below guard funds will still be offered offering the product to Duke The New York attorney gen- modity Futures Trading Com- tions and sales practices are
what the colleges were paying.” to Duke employees, but TIAA’s participants. A Vanguard repre- eral is investigating allegations mission also have interviewed aligned with our mission and
Retirement-plan costs have funds will no longer be in the sentative said the firm was con- made by former employees of former employees who filed values,” said the TIAA’s Mr. Pe-
become a focus at many non- mix, except for its fixed annu- fident that plan sponsors and aggressive sales practices at whistleblower complaints, the terson. “We cooperate fully
profit entities partly because ity, known as TIAA Traditional. participants would continue to TIAA. former employees’ lawyer said. with our regulators.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, April 7 - 8, 2018 | B3

BUSINESS NEWS

Nine West
Files for
Chapter 11
Protection
BY LILLIAN RIZZO
AND SOMA BISWAS

Retailer Nine West Hold-


ings Inc., best known for sell-
ing women’s shoes and acces-
sories, filed for chapter 11
protection with a deal to sell
its Nine West and Bandolino
footwear and handbag busi-
nesses to a licensing firm.
The filing in U.S. Bank-
ruptcy Court in New York
came as Nine West faced debt
maturities and has seen its
revenue dwindle.
Authentic Brands agreed to
pay $200 million for the intel-
lectual property of the Nine
West, Bandolino, and associ-
JOSEPH WHITE/REUTERS

ated brands plus some work-


ing-capital assets, Nine West
Chief Executive Ralph Schipani
said in court papers.
The deal comes after Nine
West, which is owned by pri-
The electric-car maker is working to ramp up production at its assembly plant in Fremont, Calif. The suit involves asbestos-abatement work at the facility. vate-equity firm Sycamore

Tesla Contractor Sues Over Bill


Partners, recently closed its
remaining 71 remaining stores.
Nine West’s sales have
fallen 37% since 2015.
Retailers that seek bank-
ruptcy protection and liqui-
BY TIM HIGGINS tional payment they’re seeking business to win. diation services, goods, materi- cash flow” in the third quarter. date their stores often find a

.
is for work that we did not au- Small companies, however, als, labor, supplies and equip- “As a result, Tesla does not second life through their

ly
A small Tesla Inc. contractor thorize and that clearly was un- can’t always make that bet, or ment from on or about Feb. 19, require an equity or debt raise brand. Aéropostale, Freder-
has sued the electric-car maker necessary. When we asked for aren’t willing to do so, espe- 2017, to present,” the lawsuit this year, apart from standard ick’s, American Apparel, the
claiming it hasn’t been paid for documentation showing that cially if they don’t expect to do said. credit lines,” the company said Limited and others have sold
work at the Fremont, Calif., as- Tesla had authorized this un- on further business with the car A lawyer for Wilmington, Ca- in the quarterly sales report. their brands as part of bank-
sembly plant where Tesla is try- necessary work, they were un- company. lif.-based American Integrated The company finished last ruptcy-run auctions after clos-
ing to ramp up production of able to provide it.” Dennis Virag, a manufactur- Services declined to comment, year with $3.4 billion in cash on ing their stores.
the Model 3 sedan. The claim comes as the auto ing consultant who has worked citing ongoing litigation. hand after its negative cash Sycamore Partners has also
American Integrated Ser- maker faces questions about its in the automotive industry for Production of the Model 3 flow averaged about $1 billion a been an acquirer of bankrupt
us l,

vices Inc. claims Tesla hasn’t cash level while it spends heav- 40 years, said auto makers on began last July and has failed to quarter—a pace analysts have brands, including the Limited
paid $513,473 for work on lead ily to boost production of the the whole try to pay vendors reach multiple milestones set said means the company would and Coldwater Creek.
al a
e
and asbestos abatement work Model 3, a compact sedan that quickly unless there is a dispute by Tesla, including one last need to raise more money this Authentic Brands, backed
under a $3.57 million contract is meant to transform Tesla about the quality or fulfillment quarter to make as many as year unless it significantly by private-equity firm Leonard
signed in January 2016. It filed from a niche player into one of a contract. 2,500 sedans in a single boosts production. Green & Partners, has been ac-
ci on

the lawsuit Tuesday in a Cali- that sells its vehicles to the The California lawsuit claims week. Tesla on Tuesday worked Tesla has more than $10 bil- quisitive, not only among
fornia state court in Oakland. masses. the contractor had an agree- to reassure investors about its lion in debt and its accounts bankrupt brands. In March,
Tesla called the matter “a Large automotive suppliers ment to be paid within 30 days capital needs for the year, say- payable swelled to $2.39 billion Authentic bought Nautica’s
minor commercial dispute.” are generally loath to file claims of receipt of invoices. ing it was on track to reach a at the end of the year from brand from VF Corp.
“We paid AIS for all the work against car makers and will “Tesla purchased furnishing weekly rate of about 5,000 $1.86 billion a year earlier. Nine West, Sycamore and
er rs

we authorized them to do,” a carry unpaid bills while a cus- lead and asbestos abatement, Model 3 cars in about three —Andrew Scurria Authentic Brands didn’t imme-
Tesla spokesman said in a tomer works through problems, demolition and removal and months, laying the ground work and Lisa Schwartz diately respond to requests for
statement Friday. “The addi- betting there will be future other environmental and reme- for “strong positive operating contributed to this article. comment.
m e

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B4 | Saturday/Sunday, April 7 - 8, 2018 * ****** THE WALL STREET JOURNAL.

BUSINESS & TECHNOLOGY

Tests Dash Hopes for Cancer Treatment


Incyte and Merck to a December report by re- combination of epacadostat said Incyte would discuss with
Testing Combos searchers from the Cancer Re- and Keytruda with Keytruda Merck whether to make
drugs in combination Drug companies and researchers are testing cancer immunotherapy search Institute, a nonprofit fo- alone in more than 700 pa- changes to these studies in
show disappointing drugs in combination with other treatments in hundreds of clinical trials. cused on immunotherapy tients with advanced mela- light of the failed melanoma
research. noma. study. Incyte also is testing its
results in clinical trial Combination trials in progress involving...
Some combinations have Merck and Incyte said Fri- drug with Bristol-Myers’s Op-
Merck's Keytruda (pembrolizumab) had positive results in clinical day that the combination didn’t divo to treat certain tumors.
BY PETER LOFTUS 399 trials, including the use of significantly extend progres- Bernstein analyst Tim An-
Keytruda plus chemotherapy in sion-free survival, or the time derson wrote in a note to cli-
Incyte Corp. said its experi- Bristol-Myers's Opdivo (nivolumab) lung-cancer patients, and Bris- from the start of treatment un- ents that the combination of an
mental cancer drug failed in a 340 tol’s Opdivo and Yervoy in mel- til disease progression or IDO-blocking drug with an anti-
closely watched clinical trial anoma. death. The companies said the PD-1 drug is unlikely to work in
AstraZeneca's Imfinzi (durvalumab)
that paired it with Merck & But other combinations have combination was unlikely to other tumor types, since mela-
Co.’s Keytruda, striking a blow 161 disappointed, including a study improve overall survival among noma is considered one of the
to combination therapies and Roche Holding's Tecentriq (atezolizumab) testing two AstraZeneca PLC patients. Researchers stopped more susceptible tumors to im-
sending Incyte and other bio- immunotherapies in lung can- the study based on a recom- mune-boosting treatments.
124 cer. mendation by an independent
tech stocks plummeting Friday. Incyte shares fell 23% to
Incyte’s drug, epacadostat, Pfizer's and Merck KGaA's Bavencio (avelumab) Incyte’s drug, known as an committee monitoring the trial $64.02. Merck shares declined
was previously viewed as one 32 IDO1 inhibitor, is designed to data. 2.2% to $53.36.
of the more promising of the block an enzyme that tumor The result “is obviously dis- Shares of NewLink Genetics
next generation of cancer drugs Others cells exploit to escape destruc- appointing and it has a nega- Corp., which is developing a
designed to work by harnessing 49 tion by the body’s immune sys- tive impact on the probability drug similar to Incyte’s, fell
the patient’s own immune sys- tem. Merck’s Keytruda works in of success of the other studies 43% to $4.20.
tem to destroy tumor cells. Source: Cancer Research Institute THE WALL STREET JOURNAL. a different way, blocking a pro- combining epacadostat” with NewLink said Friday that in
Merck, Bristol-Myers tein called programmed death anti-PD-1 drugs, Incyte Chief light of the Incyte news it will
Squibb Co. and other compa- Merck’s global Keytruda sales pies with other drugs could receptor 1, or PD-1, on immune Executive Herve Hoppenot said conduct a review of its clinical
nies sell older types of immuno- more than doubled to $3.8 bil- further improve patient sur- cells. on a conference call with ana- programs for its IDO inhibitor,
therapies that have improved lion last year. vival. The combination showed lysts. indoximod.
treatment of certain cancers in- But they don’t work for ev- At least 1,100 clinical trials promise in an earlier, smaller Merck and Incyte are testing Shares of Corvus Pharma-
cluding the skin cancer mela- ery patient, so companies have are testing drugs like Keytruda study. Based on those results, the combination in other types ceuticals Inc., which is develop-
noma and lung cancer. The mar- been racing to test whether in combination with other the companies started a bigger of tumors including lung and ing several cancer immunother-
ket for these drugs is booming: combining older immunothera- drugs to treat cancer, according study in 2016 comparing the bladder cancers. Mr. Hoppenot apies, fell 7.2% to $10.12.

NASA, Boeing to Launch Capsule Test-Flight Plan


BY ANDY PASZTOR months conducting experi- routine transportation respon- certification crew rotation
ments and carrying out main- sibilities by the dead- missions.”
NASA and Boeing Co. tenance tasks. line. Maintaining a continuous Boeing was more direct. In
agreed to turn the initial test The agency’s agreement to U.S. presence on the interna- a release, the company said “it

.
flight of the company’s com- use Russian rockets and cap- tional space station is impor- was clear” that “we needed to

ly
mercial crewed capsule into an sules to carry astronauts to tant to NASA. provide NASA with additional
operational mission, one of the international laboratory Even after a successful flexibility to ensure the station
several recent signs officials ends in late 2019. crewed test flight, it could take remains fully staffed and fully
are hedging their bets on when NASA several months or lon-
on operational” until U.S. capsules
U.S. spacecraft will start regu- ger to authorize routine mis- achieve a regular cadence of
larly ferrying astronauts to the sions, according to outside ex- missions.
international space station.
The agency’s deal to perts, agency advisory In February, NASA’s top of-
The disclosure by the Na- use Russian rockets committees and senior NASA ficial in charge of the crewed
us l,

tional Aeronautics and Space officials. The process could exploration programs, William
Administration suggests a pre-
and capsules is set to leave the U.S. scrambling for Gerstenmaier, telegraphed
al a

end in late 2019.


e
viously planned two-person stopgap measures unless alter- such moves were under active
flight, slated for November nate options are put in place consideration but stopped
2018, is now likely to occur in relatively soon. short of announcing a deci-
ci on

2019 or 2020 and would On its website, NASA said it sion.


likely carry one additional That is prompting NASA is updating its existing con- On the web posting, Mr.
crew member along with extra leaders to seek contingency tract with the company and Gerstenmaier said the contract
supplies. Instead of staying for plans to carry American astro- “may evolve flight test strat- modification “provides NASA
two weeks as originally envi- nauts into orbit—and keep egy” for Boeing’s Starliner with additional schedule mar-
er rs

BOEING
sioned, NASA said the ex- them there for extended peri- capsule, in anticipation of vali- gin if needed,” but further
panded crew could stay at the ods—in the event U.S. provid- dating the spacecraft’s safety technical reviews are antici-
station for as long as six ers aren’t ready to assume and authorizing “regular post- pated. An artist’s concept of a Boeing CST-100 Starliner in Earth orbit.
m e

Dick’s CEO Spurs Change


m rp

DEFY In Approach to Gun Sales


Your Age.
co Fo

BY SARA GERMANO sales of assault-style weapons at style weapons, no sales of high-


its flagship Dick’s stores. capacity magazines and an in-
Shortly after a woman With that decision, which was crease in the minimum gun-
opened fire at YouTube head- quickly followed by similar buying age to 21.
quarters in California on Tues- moves from Walmart Inc. and So far, however, the short-
day, executives at Dick’s Sport- Kroger Co., Mr. Stack emerged as term prospects for movement in
ing Goods Inc. in suburban the corporate face of the fight Washington aren’t good, Mr.
Pittsburgh logged on to their for stricter gun controls. Stack said. “I don’t think there’s
internal sales database to In the five weeks since, he going to be real meaningful
search for the attacker’s name. said he has met with families change from what I’ve seen on
“Every time there’s a shoot- of those affected by the Park- the Hill,” he said, declining to
ing, the first thing that we do land shooting, lobbied lawmak- name which members of Con-
is we go through all the records ers in Washington and re- gress he met with.
n-

to find out who the shooter ceived phone calls and emails A spokeswoman for survivors
was, and did they buy the gun from thousands of customers of the Parkland school shooting
from us,” said Dick’s Chief Ex- on all sides of the issue. confirmed he visited with fami-
ecutive Edward Stack. “It really The company said last lies in Florida in recent weeks.
no

puts a pit in our stomach.” month that the decision had Despite its recent moves,
The YouTube shooter hadn’t hurt traffic and retail sales, ex- Dick’s has been subject to criti-
purchased any firearms at acerbating challenges for its cism from advocates of tighter
Dick’s, Mr. Stack said. But a hunting and gun business. gun controls. On Thursday, the
similar search in February after While the company doesn’t world’s largest money manager,
the Parkland, Fla., school shoot- break out firearms sales, its en- BlackRock Inc., said Dick’s was
ing revealed that the alleged tire hunting category made up among the gun-selling retailers
gunman had bought a weapon roughly $1 billion of Dick’s $8.6 that will be ruled out of some of
from the national chain, though billion in revenue last year. its exchange-traded funds.
it wasn’t used in the shooting. Mr. Stack said the private sec- Mr. Stack became president
For Mr. Stack, 63 years old, tor can be a force for change in a and CEO of his father’s then-
the exercise is part of the new debate that so far hasn’t led to two-store business in 1984 and
reality of being in the gun busi- significant legislation. expanded it into a nationwide
ness. It contributed to his deci- “In order to really spur this chain. He remains the control-
sion to tighten Dick’s policy in conversation,” he said, it re- ling shareholder, an ownership

Take Control of Your Health. the wake of the Parkland attack,


which left 17 dead and more than
quires “somebody who under-
stands this.” He believes that
structure that he said gives the
company an advantage when it
a dozen injured. The retailer Dick’s, as a gun seller, can offer comes to taking a social stance.
Feel 10+ years younger with the Cenegenics Elite Health halted sales of any firearms to a distinct perspective. For the latest decision, Mr.
people under 21 at all of its 845 A gun owner himself, Mr. Stack consulted with his top
Program, the Gold Standard in Age Management Medicine. Dick’s and Field & Stream stores, Stack said he wants to see the managers and the board. One
and stopped selling assault-style changes instituted at Dick’s and group he didn’t consult: vendors.
weapons at Field & Stream. The Field & Stream stores become “They’re not terribly happy, and
BENEFITS INCLUDE company had already ended law: an outright ban on assault- I understand that,” he said.
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A Dick’s Sporting Goods store in Danvers, Mass. The retailer’s chief executive has tightened age
restrictions on gun purchases and halted sales of assault-style weapons at Field & Stream stores.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | B5

WEEKEND INVESTOR
TAX REPORT | By Laura Saunders

In Overhaul, Top Earners to Pay Bigger Share


One of the people each. The income in- the Joint Committee on lower earners, or the dou-
least dis- cludes earnings from wages Taxation. Corporate taxes bling of the estate-tax ex- A Bigger Slice
cussed parts and investments plus un- will account for 7% of reve- emption to about $11.2 mil- Americans with lower earnings will pay a smaller share of income tax
of America’s taxed amounts, such as from nue, down from 9% in 2017. lion per person. Neither levy next year, while those with higher earnings will pay a larger share.
income tax is health coverage. These ad- The rest of the total comes is part of the individual in-
Income Share of income tax Share of
how progres- ditions nearly double the in- from excise taxes, estate and come tax.
sive it is, and the tax over- come of people in the lowest gift taxes, and other sources Why are income taxes group 2017 2018 total income
haul didn’t change that fact. tier and add about 20% for such as customs duties. negative for the 77 million 0-20% –2.1% 4.4%
In 2018, top earners will pay those in the highest tier. The Tax Policy Center also households in the bottom Up to $25,000 –2.5 4.4
a higher share of income The results show how offers a closer look at the in- two tiers, which earn 13% of 20-40% –1.1 8.7
taxes. steeply progressive the U.S. come tax for those in the top income? In recent decades, $25,000 to $48,000 –2.0 8.7
The individual income tax income tax remains. For quintile, who earn anywhere Congress has chosen to fun- 5.3 14.2
40-60%
matters—a lot—because it is 2018, households in the top from $150,000 to $100 mil- nel benefits for lower earn- $48,000 to $86,000 4.3 14.2
the largest single source of 20% will have income of lion and up. ers through the income tax
60-80% 14.3 20.8
U.S. revenue. And its share about $150,000 or more and Roughly one million rather than other channels $86,000 to $150,000 13.2 20.7
has risen in recent years. For 52% of total income, about households in the top 1% will such as federal programs.
80-100% 83.6 52.1
2018, it could raise 50% of the same as in 2017. But they pay for 43% of income tax, Some of these, such as the Above $150,000 86.9 52.2
total federal revenue, accord- will pay about 87% of in- up from 38% in 2017. These earned-income tax credit for
ing to estimates from Con- come taxes, up from about filers earn above about the low-income workers, 80-90% 13.4 14.2
$150,000 to $217,000 12.7 14.0
gress’s Joint Committee on 84% last year. $730,000. make cash payments to filers
Taxation, up from about 48% By contrast, the lower According to Roberton who don’t owe income tax. 90-95% 11.2 9.8
last year. 60% of households, who have Williams, an income-tax spe- The tax overhaul further
$217,000 to $310,000 11.2 9.7
So who pays what share income up to about $86,000, cialist with the Tax Policy lowered the share of income 95-99% 21.0 12.9
of this tax? receive about 27% of in- Center, the share of taxes tax for people in these tiers, $310,000 to $730,000 19.6 12.7
Internal Revenue Service come. As a group, this paid by the top 5% in part because it nearly 99-100% 38.0 15.3
data aren’t available until tier will pay no net federal will rise despite the fact that doubled the standard deduc- Above $730,000 43.3 15.9
long after people file, so es- income tax in 2018 vs. 2% of people in it were the largest tion and expanded the tax 99.9-100% 18.9 7.4
timates for 2017 and 2018 it last year. beneficiaries of the over- credit for children under the Above $3.2 million 22.0 7.6
come from the Tax Policy After the income tax, the haul’s tax cut, both in dollars age of 17. Note: Income ranges are rounded. The top 1% includes the top 0.1%.
Center, a nonpartisan re- most important revenue rais- and percentages. People in the lower tiers Source: Tax Policy Center THE WALL STREET JOURNAL.
search group. ers are for social insurance, To be sure, this analysis do owe other federal taxes,
They divided about 175 such as Social Security and doesn’t include the flow- such as for Social Security turns positive. surance levies are included.
million American households Medicare. They will provide through effects of corporate- and Medicare. If these tax The share of tax paid by It drops to about 67% of fed-
into five income about 34% of the total tax tax cuts, which benefit payments are included, their the top 20% of Americans eral taxes from roughly 87%
tiers of roughly 65 million take this year, according to higher earners more than share of federal taxes paid also changes when social-in- of income taxes.

INVEST 31, 2011, its revenue more


than doubled, to $48 billion.
thinks Amazon, along with
some other giants including
the long run,” says Mr. An-
derson, citing research by fi-
their own weight first.
The twin beliefs that high-
scholar David Durand
warned that at ultrahigh

.
Over the next three years, its Chinese firms Alibaba Group nance professor Hendrik fliers must fall to earth and growth rates over long hori-

ly
Continued from page B1 sales nearly doubled again, Holding Ltd. and Tencent Bessembinder of Arizona that underappreciated stocks zons, even slight shortfalls
Apple Inc. and Amazon are to $89 billion. Then, over the Holdings Ltd., “live in a per- State University. That study should rise again are at the lead to enormous differences
overvalued, he said, “I don’t three years ended Dec. 31, manent state of revolution.” shows that the stock mar- heart of value investing. It’s in end results. That makes
know. Next question.” 2017, Amazon’s revenue dou- on ket’s entire return over time conceivable that those prin- the shares of such compa-
Traditionally, the bigger bled yet again, to $178 bil- has come from fewer than ciples may be less relevant nies extraordinarily volatile.

4%
companies have gotten, the lion. 4% of all stocks. today, when powerful tech- With Amazon and Netflix
harder it has become for Investors don’t know ex- Of course, history also nology companies can pul- trading at more than 200
them to keep expanding at actly how to price such rapid suggests that every firm that verize entire industries. times their net profits, and
us l,

the same rate. For today’s growth. Although the cash was expected to dominate in- Nevertheless, as compa- many of the other new tech
leading innovators, however, Amazon generated from op- Share of all stocks that drive definitely—from RCA in the nies grow, “the more scale giants at more than 40 times
al a
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growing might not have to erations increased more than market’s returns over time 1920s to International Busi- you have, the less nimble earnings, they aren’t exempt
mean slowing. Unfettered by 10-fold from 2008 through ness Machines Corp. in the you become,” says John from that iron law.
the costs of raw materials or 2017, the company plowed 1980s to Nokia Corp. in the Linehan, portfolio manager It’s impossible to know for
ci on

the burdens of manufactur- most of it back into expand- 1990s—has ended up slip- of the $22 billion T. Rowe sure whether companies like
ing, distribution and adver- ing the business. So net in- Baillie Gifford, with $290 ping. Price Equity Income Fund. Amazon have broken free
tising, these companies plan come rose only less than billion in assets, had a total And the idea of virtually Despite all the recent growth from the traditional limits to
decades ahead, rather than fivefold, with enormous fluc- of more than $22 billion in limitless growth flies in the of the tech giants, he says, “I growth. Unless you can hold
fixate on hitting Wall tuations along the way. Amazon, Alibaba and Ten- face of much of human expe- don’t think that’s changed.” them for a decade or more,
er rs

Street’s quarterly targets. James Anderson, head of cent as of year-end 2017. rience. Trees can’t grow to In a classic article, as Mr. Anderson likes to, you
Consider Amazon. Over global equities at Baillie Gif- “A small set of superior the sky because they would “Growth Stocks and the St. probably will get shaken out
the three years ended Dec. ford & Co. in Edinburgh, companies drive returns in be bent and crushed under Petersburg Paradox,” finance before you can even find out.
m e
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co Fo
n-
no

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B6 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

BUSINESS NEWS

Bank Battle Tests Kiev’s Resolve CSX


Ukraine’s takeover of
PrivatBank measures
Reports
the state’s will to
challenge its tycoons
Payout
BY JAMES MARSON
AND MAX COLCHESTER
For Late
KIEV—When Ukraine’s fi-
nance minister went to over-
see the nationalization of the
CEO
country’s biggest bank in De- BY THEO FRANCIS
cember 2016, he took with him
a team of bankers—and a se- CSX Corp. disclosed com-
curity detail of special-forces pensation totaling $151 million
operatives. for deceased railroad execu-
That month, PrivatBank tive Hunter Harrison, the big-
was rescued with an injection gest CEO pay package for 2017
of public money that has since reported so far by a large U.S.
grown to around $5 billion. company. But his payout isn’t
But one of the bank’s former what it seems.
controlling shareholders, Ihor About $116 million of his
Kolomoisky, a local metals-to- package—stock options that
media tycoon who once were to vest over four years—
funded a pro-government mili- vanished with Mr. Harrison’s
tia, isn’t letting go without a death on Dec. 16, the company
fight. said in its annual proxy state-
The tug of war over Privat- ment filed with the Securities
Bank is a key test for Ukraine and Exchange Commission.
EFREM LUKATSKY/ASSOCIATED PRESS

as it tries to stabilize its fi- The remaining $35 million


nances and satisfy demands would still leave Mr. Harrison
for reform from the U.S. and with the 10th-highest pay for
Western governments that the year reported thus far by
helped finance the country S&P 500 companies.
amid a Russia-backed insur- Some $29 million of Mr.
gency in its east. Harrison’s remaining compen-
A report commissioned by sation reflects payments CSX
Ukraine’s central bank from agreed to make on behalf of
Kroll, the corporate-investiga- As its rivals shut down, PrivatBank increased deposits to about one-third of Ukraine’s total by the time it was nationalized in 2016. activist investor Mantle Ridge,
tions and risk-consulting firm, which brought the 72-year-old

.
has alleged the former con- the nationalization. Mr. Bo- then we can really say that appointed a regional governor any cash or assets, Finance railroad veteran on board in

ly
trolling shareholders, Mr. Kol- golyubov has filed notice of a Ukraine has changed,” said Ka- and funded a government-con- Ministry and central-bank offi- March as part of a bid to re-
omoisky and another business- claim in a U.K. court seeking teryna Rozhkova, deputy gov- trolled militia. cials said. Instead, they vamp the company despite
man, Gennadiy Bogolyubov, compensation for the alleged ernor of the National Bank of But by 2015 PrivatBank was launched a campaign saying concerns about his health.
secretly and illegally extracted unlawful expropriation. onUkraine. “It’s too conspicuous facing increased scrutiny. The the government unfairly took CSX also reimbursed Man-
funds from PrivatBank to fi- Prosecutors said they are to brush it under the carpet.” NBU said stress tests showed control of PrivatBank. tle Ridge for a $55 million
nance their business interests, examining the allegations of After the 2014 revolution, it was undercapitalized. In December 2017, Privat- payment made to Mr. Harri-
according to Ukrainian offi- fraud leveled by the govern- the central bank set about Regulators said they cut a Bank’s new management filed son before he became CEO.
cials. Messrs. Kolomoisky and ment in Kiev. Meanwhile, cleaning up a banking sector deal with the former control- suit in a U.K. court seeking to That isn’t included in the pay
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Bogolyubov each held about PrivatBank’s new management beset by bad loans and inade- ling shareholders: help re- recover more than $2.5 billion package reported to the SEC.
45% of PrivatBank. last week filed a legal claim quate capital. Backed by the structure the loan book with from the former controlling Counting that sum, Mr. Harri-
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Mr. Kolomoisky and Mr. Bo- seeking $3 billion in damages International Monetary Fund, some of their own assets after shareholders. son’s compensation was more
golyubov said the National from PricewaterhouseCoo- which has lent billions to the nationalization and all al- A summary of Kroll’s report than $90 million last year, or
Bank of Ukraine orchestrated pers’ Cyprus and Ukrainian Ukraine, regulators closed legations of wrongdoing would published in January by the No. 2 among big-company
ci on

the seizure of PrivatBank for units for breach of duties in nearly 80 lenders. As its rivals be forgotten. Mr. Kolomoisky NBU said that PrivatBank had CEOs to date.
political reasons by raising the accounting firm’s auditing shut down, PrivatBank in- and Mr. Bogolyubov signed a been subjected to a “large- In its proxy filing, CSX said
capital requirements and of the bank. PwC’s Ukraine creased its share of the coun- letter agreeing to hand the scale and coordinated fraud.” the 2017 compensation pack-
spreading false rumors about unit said in a statement that it try’s deposits to around one- bank to the Finance Ministry, The report said that 95% of age was unique and necessary
the lender’s health, according would defend its position. third by the time it was according to a copy of the let- borrowing from PrivatBank to secure Mr. Harrison’s
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to their spokesman. Ukrainian government fig- nationalized. ter. Their spokesman declined was to parties related to “proven leadership.”
“Audits by respected inter- ures and Western officials say Mr. Kolomoisky’s clout was to comment on the letter. Messrs. Kolomoisky and Bo- Investors approved the $84
national organizations over the PrivatBank case is a test of also growing. As Russia In 2016, the government golyubov, without stating a million in payments tied to
the past ten years have consis- whether pro-Western Presi- whipped up a separatist insur- started pouring money into time period. A spokesman for Mantle Ridge by a wide mar-
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tently failed to find any evi- dent Petro Poroshenko’s ad- gency in eastern Ukraine in the bank to cover what it has Messrs. Kolomoisky and Bo- gin in a June shareholder
dence of fraud,” the spokes- ministration is willing and spring 2014, Mr. Kolomoisky, said was a $5.5 billion hole in golyubov said the claims “are vote.
man said in a statement. Mr. able to win a battle against whose interests include the its balance sheet. consistent with a long-term A spokesman for CSX de-
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Kolomoisky has launched law- powerful tycoons. country’s main airline and a But the former controlling campaign of public defama- clined to comment beyond de-
suits in Ukraine challenging “If we solve this problem, leading television channel, was shareholders didn’t hand over tion” against the two men. tails disclosed in its proxy.

Contest for Driller Muddies Mexican Reform Europeans


co Fo

BY ROBBIE WHELAN
Over a Barrel
Shop for
MEXICO CITY—A legal bat-
tle over a small oil-drilling
company is testing Mexico’s
The price collapse of Mexico's
benchmark heavy crude oil
prompted state-run Pemex to
U.S. Firms
promises of greater transpar- restructure dozens of drilling BY NINA TRENTMANN
ency and competition made contracts.
five years ago when the coun- European executives are
Mexican crude-oil prices
try opened its oil industry. targeting U.S. companies as a
per barrel, monthly
The company, Oro Negro, brighter economic landscape
filed for bankruptcy protection $120 at home and abroad boosts
n-

in Mexico last year after buyer confidence.


slumping crude prices 100 Lower taxes and favorable
prompted state oil company foreign exchange rates are in-
Petróleos Mexicanos to slash 80 creasingly enticing for
no

the day rates it pays drillers, France’s JCDecaux SA, which


SUSANA GONZALEZ/BLOOMBERG NEWS

and eventually cancel Oro Ne- 60 has looked at U.S. rivals as po-
gro’s contracts. tential acquisition targets for
Now, U.S. shareholders of 40
more than a decade.
closely held Oro Negro accuse “The change in the U.S. tax
Pemex of fraud and discrimina- rate will make it more attrac-
tion in an arbitration com- 20 tive for us to pursue such a
plaint against Mexico under deal,” said finance chief David
the rules of the North Ameri- 0 Bourg.
can Free Trade Agreement. The ’10 ’15 ’18 European companies spent
investors argue Pemex improp- Source: FactSet $47.26 billion on U.S. targets
erly terminated the company’s An Oro Negro drilling rig operated by state oil company Pemex off Mexico’s eastern coast in 2014. THE WALL STREET JOURNAL. since the beginning of the year,
contracts, gave preferential through April 5, according to
treatment to rival drilling firm Mexico’s historic energy over- which is controlled by David more-level playing field, said longstanding ties to the firm, Dealogic. That is the highest
Seamex and conspired with haul, which in 2013 opened the Martínez, a London-based Fred Warren, a 78-year-old said Adrián Lajous, who
holders of Oro Negro bonds to sector to private and foreign Mexican investor who special- California venture capitalist headed the state oil firm from
put the company out of busi- investment. The reform also izes in distressed assets, and who invested $10 million in 1995 to 1999.
ness—allowing bondholders to sought to improve business Seadrill Ltd., an offshore drill- Oro Negro. Oro Negro, on the other
Companies are eager
seize its rigs—and hand its practices and contracting ing giant with offices around Similar arbitration cases hand, he said, “are newcomers buyers thanks to
contracts to its competitor. transparency, said George the world. Seadrill’s chairman have ended in settlements. Last to the industry. They have no
The complaint says that be- Baker, an energy analyst in is Norwegian billionaire John year, Pemex entered into a experience. They thought this
strong cash reserves
cause Pemex is a government Houston. Fredriksen, who is also an Oro $435 million settlement with a was like investing in real es- and favorable rates.
entity, its actions violate Nafta The arbitration case is im- Negro bondholder and has rep- contractor owned by U.S. engi- tate.”
rules guaranteeing equal treat- portant because Pemex’s ser- resentation on the bondholder neering firm KBR Inc. over can- Mr. Gil disputes the charac-
ment for Mexican and U.S. in- vice contracts are still given committee negotiating with celed construction contracts terization, saying that Oro Ne-
vestors and prohibiting the ex- with no public oversight. “Con- Oro Negro. after it notified the Mexican gro hired experienced engi- deal value for this period since
propriation of assets by the flicts only come to light when Oro Negro shareholders say government of its intent to ar- neers and operators from the 2006 and up from $37.59 bil-
state. Oro Negro’s investors someone makes an interna- Mr. Fredriksen, through his po- bitrate. outset of the company. lion worth of deals struck in
seek $700 million in damages tional incident of the matter,” sition on the bondholders com- Contracts reviewed by The Representatives of Seadrill the same period last year.
through a Nafta arbitration Mr. Baker said. mittee, is trying to foreclose on Wall Street Journal show Pe- and of Fintech, Mr. Martínez’s The total number of Euro-
panel. Pemex has faced questions the company’s drilling rigs and mex granted Seamex better company, denied they were in- pean acquisitions of U.S. com-
The company’s bondholders from investors and lawmakers take over its contracts. The ad- terms than it gave Oro Negro volved with any collusion with panies declined to 113 in that
say Oro Negro rejected a re- for years about the transpar- viser to that committee, New for equivalent drilling projects, Pemex over Oro Negro and period of 2018 from 172 in that
structuring proposal that ency of its contracting, and is York-based investment banker including higher service fees, Seamex. They said their con- part of 2017, according to Dea-
would have kept it solvent, and now drawing public scrutiny Paul Leand, sits on Seadrill’s performance bonuses and a tracts are unrelated to Oro Ne- logic, an indication that this
characterize the Nafta com- over a regionwide corruption board. Mr. Fredriksen wasn’t clause that prohibits Pemex gro’s and attributed their rela- year’s deals are often larger.
plaint as a last-ditch attempt scandal involving contracts made available to comment. from unilaterally canceling its tively beneficial financial terms The drop in the U.S. corpo-
by shareholders to salvage granted to Brazilian construc- “Our main competitor is contracts. to industry expertise and good rate tax rate to 21% makes U.S.
some value in the company by tion giant Odebrecht. Pemex also our primary creditor, and A Pemex spokesman said negotiation. Mr. Martinez businesses more alluring to
pressuring Pemex into a settle- declined to comment on the the culprit of our financial dis- the firm didn’t give preferen- wasn’t made available to com- European buyers, as does the
ment. These creditors are su- matter. tress is also responsible for tial treatment to Seamex, and ment. pullback in the U.S. dollar,
ing Oro Negro in a New York Oro Negro is led by Gonzalo providing privileged terms to argued the entire oil-services Bondholders have balked at which is down nearly 15%
federal court to seize control of Gil, a Stanford-trained banker our main competitor,” Mr. Gil industry suffered when oil a proposal from Mr. Gil to con- against the euro since Dec.
its five jackup drilling rigs used and son of former Mexican fi- said. prices fell. Pemex declined to vert their debt to equity. They 2016.
to extract oil in the shallow nance minister Francisco Gil The Nafta arbitration re- comment on the Nafta com- are suing to secure Oro Negro’s European companies are ea-
waters of the Gulf of Mexico. Díaz. quest is meant to send a mes- plaint. rigs as collateral and redeploy ger buyers because of strong
The disputes over Oro Negro Seamex is jointly owned by sage to Pemex about the im- Pemex has “a long tradition” them under new management, cash reserves, the result of
come against the backdrop of Fintech Investments Ltd., portance of offering investors a of favoring contractors with Mr. Leand said. years of conservative spending.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
23932.76 Trailing P/E ratio 25.28 21.07 2604.47 Trailing P/E ratio * 25.04 24.63 6915.11 Trailing P/E ratio * 25.33 26.11 commodities performed around the world for the week.
t 572.46 P/E estimate * 16.34 17.70 t 58.37 P/E estimate * 16.88 18.32 t 161.44 P/E estimate * 19.68 20.35 Stock Currency, Commodity, ETF
Dividend yield 2.23 2.36 Dividend yield 1.96 1.97 or 2.28% Dividend yield 1.06 1.10 Index vs U.S. dollar traded in U.S*
or 2.34% or 2.19%
All-time high:
All-time high Current divisor All-time high Wheat 4.71%
7588.32, 03/12/18
26616.71, 01/26/18 0.14523396877348 2872.87, 01/26/18 IPC All-Share 3.96
FTSE MIB 2.31
65-day moving average 7500 S&P BSE Sensex 2.00
25800 2800
65-day moving average FTSE 100 1.80
25000 2750 7300 CAC-40 1.76
Euro Stoxx 1.64
7100 DAX 1.19
24200 2700
Comex Copper 1.16
Session high 65-day moving average Stoxx Europe 600 1.07
23400 2650 6900
DOWN UP Canada dollar 0.95
t

Session open Close IBEX 35 0.86


22600 2600 6700
Close Open Comex Gold 0.69
t

Comex Silver 0.67


Session low 21800 2550 6500 Nikkei 225 0.53
Bars measure the point change from session's open UK pound 0.51
21000 2500 6300 S&P/ASX 200 0.51
Feb. Mar. Feb. Mar. Feb. Mar. WSJ Dollar Index 0.29
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Indian Rupee 0.25
Corn 0.19
Norwegian Krone 0.17
Major U.S. Stock-Market Indexes Trading Diary -0.07 S&P/TSX Comp
Latest 52-Week % chg Volume, Advancers, Decliners -0.08 iSh 1-3 Treasury
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.09 VangdTotIntlBd
Dow Jones Total volume* 877,578,802 9,720,322 -0.10 S&P 500 Energy
Industrial Average 24434.40 23738.20 23932.76 -572.46 -2.34 26616.71 20404.49 15.9 -3.2 10.2 Adv. volume* 71,033,588 1,931,741 -0.12 S&P 500 Utilities
Transportation Avg 10403.33 10036.54 10146.37 -307.29 -2.94 11373.38 8783.74 11.4 -4.4 5.8 Decl. volume* 799,100,349 7,277,374 -0.16 iSh TIPS Bond
Utility Average 699.09 689.92 691.59 -4.84 -0.69 774.47 647.90 -1.1 -4.4 5.0 Issues traded 3,059 326 -0.18 S&P 500 Telecom Svcs
Advances 627 126
Total Stock Market 27544.18 26823.25 27011.29 -589.75 -2.14 29630.47 24125.20 10.7 -2.4 7.3 -0.18 Sao Paulo Bovespa
Declines 2,315 183
Barron's 400 715.06 694.82 700.91 -15.39 -2.15 757.37 610.89 13.2 -1.4 6.8 -0.21 Chinese Yuan
Unchanged 117 17
-0.22 iShJPMUSEmgBd
Nasdaq Stock Market New highs 31 4
New lows 55 6 -0.26 iSh 7-10 Treasury
Nasdaq Composite 7066.64 6877.76 6915.11 -161.44 -2.28 7588.32 5805.15 17.6 0.2 12.0
Closing tick 201 14 -0.26 VangdTotalBd
Nasdaq 100 6587.36 6402.03 6433.21 -161.62 -2.45 7131.12 5353.59 18.7 0.6 13.9
Closing Arms† 2.58 2.25 -0.27 Indonesian Rupiah
S&P Block trades* 6,240 104 -0.27 iShiBoxx$InvGrdCp
500 Index 2656.88 2586.27 2604.47 -58.37 -2.19 2872.87 2328.95 10.6 -2.6 7.8 Nasdaq NYSE Arca -0.28 S&P 500 Consumer Staples
MidCap 400 1887.90 1840.22 1854.08 -37.24 -1.97 1995.23 1681.04 8.7 -2.4 6.5 Total volume*2,326,712,623 337,552,517 -0.33 Euro area euro
SmallCap 600 951.43 927.14 934.29 -17.18 -1.81 979.57 815.62 12.9 -0.2 8.9 Adv. volume* 695,030,361 74,051,187 -0.35 Australian dollar
Decl. volume*1,611,295,227 262,182,305 -0.36 iShNatlMuniBd

.
Other Indexes Issues traded 3,030 1,356 -0.43 iShiBoxx$HYCp
Russell 2000 1541.07 1502.63 1513.30 -29.63 -1.92 1610.71 1345.24 10.9 -1.4 6.3

ly
Advances 639 323 -0.44 S&P SmallCap 600
NYSE Composite 12552.47 12263.93 12349.11 -222.83 -1.77 13637.02 11324.53 7.9 -3.6 3.8 Declines 2,290 1,019 -0.51 Swiss Franc
Value Line 552.36 538.51 542.22 -10.14 -1.84 589.69 503.24 5.3 -3.6 1.6 Unchanged 101 14 -0.63 Japan yen
NYSE Arca Biotech 4346.39 4224.82 4257.84 -139.70 -3.18 4939.86 3452.82 22.4 0.8 2.7 New highs 40 0
-0.64 S&P 500 Real Estate
NYSE Arca Pharma
KBW Bank
531.16
107.30
517.45
104.03
521.85
105.08
-8.70
-2.91
-1.64
-2.70
on 593.12
116.52
498.46
88.02
2.9
15.6
-4.2
-1.5
-2.9
13.3
New lows
Closing tick
Closing Arms†
56
323
0.65
11
89
1.06
-0.66
-0.66
iSh 20+ Treasury
S&P 500 Consumer Discr
PHLX§ Gold/Silver 82.11 81.33 81.54 0.07 0.09 93.26 76.42 -5.3 -4.4 5.0 Block trades* 14,090 1,374 -0.67 Kospi Composite
us l,

PHLX§ Oil Service 139.50 134.54 136.43 -2.99 -2.14 171.55 117.79 -19.1 -8.8 -12.2 * Primary market NYSE, NYSE American NYSE Arca only.
-0.71 Dow Jones Industrial Average
PHLX§ Semiconductor 1301.68 1260.47 1265.25 -39.99 -3.06 1445.90 960.01 26.6 1.0 22.2 †(TRIN) A comparison of the number of advancing and declining -0.72 S&P 500 Materials
issues with the volume of shares rising and falling. An Mexico peso
al a

Cboe Volatility 23.12 18.60 21.49 2.55 13.46 37.32 9.14 67.0 94.7 13.4 -0.72
e
Arms of less than 1 indicates buying demand; above 1
 Nasdaq PHLX Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure. -0.83 Hang Seng
-0.88 South Korean Won
ci on

-1.05 Soybeans
-1.05 Russell 2000
International Stock Indexes Percentage Gainers... -1.17 Nymex Natural Gas
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.18 South African Rand
-1.19 Shanghai Composite
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World The Global Dow 3002.47 –33.84 –1.11 –2.7 LongFin Cl A LFIN 28.19 9.05 47.28 142.82 4.69 ...
Genprex GNPX 5.45 1.31 31.74 5.89 3.84 ...
-1.31 S&P MidCap 400
DJ Global Index 389.52 –4.52 –1.15 –1.9
Broadwind Energy BWEN 3.03 0.68 28.94 9.80 2.10 -63.2 -1.38 S&P 500
DJ Global ex U.S. 262.92 –0.38 –0.14 –1.4
Marrone Bio Innovations MBII 3.25 0.58 21.72 3.39 0.85 85.7 -1.45 S&P 500 Financials Sector
Americas DJ Americas 625.92 –13.17 –2.06 –2.5 NuCana ADR NCNA 26.23 3.80 16.94 29.75 9.32 ... -1.57 Russian Ruble
m e

Brazil Sao Paulo Bovespa 84820.42 –389.24 –0.46 11.0 -1.68 S&P 500 Health Care
CASI Pharmaceuticals CASI 7.01 0.86 13.98 7.59 0.91 525.9
Canada S&P/TSX Comp 15207.41 –148.64 –0.97 –6.2 -2.04 S&P 500 Industrials
FTD Cos. Inc. FTD 5.10 0.60 13.33 20.73 3.46 -73.2
m rp

Mexico S&P/BMV IPC 47926.11 –25.64 –0.05 –2.9 -2.09 S&P GSCI GFI
GOL Linhas Aereas ADR GOL 14.11 1.62 12.97 14.44 4.13 140.3
Chile Santiago IPSA 4204.04 –17.98 –0.43 –0.2
Pacira Pharmaceuticals PCRX 33.30 3.80 12.88 52.48 26.95 -27.8 -2.10 Nasdaq Composite
EMEA Stoxx Europe 600 374.82 –1.31 –0.35 –3.7 VS 2x VIX Short Term TVIX 10.34 1.04 11.18 47.19 4.66 -72.7 -2.25 Nasdaq 100
Eurozone Euro Stoxx 378.24 –1.89 –0.50 –1.4 NextDecade NEXT 5.79 0.57 10.92 10.99 3.95 -43.3 -2.29 S&P 500 Information Tech
Belgium Bel-20 3870.07 –18.95 –0.49 –2.7 Donegal Group Cl B DGICB 15.55 1.50 10.68 16.25 13.35 -0.9 -2.41 Dow Jones Transportation Average
co Fo

Denmark OMX Copenhagen 885.13 –1.26 –0.140 –4.4 BIO-key International BKYI 2.40 0.22 10.09 3.67 1.20 ... -3.13 Nymex ULSD
France CAC 40 5258.24 –18.43 –0.35 –1.0 Radiant Logistics RLGT 4.04 0.37 10.08 6.65 3.51 -28.4 -3.26 Nymex Rbob Gasoline
Germany DAX 12241.27 –63.92 –0.52 –5.2 Freshpet FRPT 18.05 1.65 10.06 20.85 10.55 63.3 -4.43 Nymex Crude
Israel Tel Aviv 1391.67 … Closed –7.8 -8.95 Lean Hogs
Italy FTSE MIB 22929.87 –39.63 –0.17 4.9 Percentage Losers *Continuous front-month contracts
Netherlands AEX 539.29 –1.20 –0.22 –1.0 Latest Session 52-Week
Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), WSJ Market
Company Symbol Close Net chg % chg High Low % chg
Russia RTS Index 1236.48 –16.99 –1.36 7.1 Data Group (bond ETFs, commodities).
South Africa FTSE/JSE All-Share 55878.81 117.66 0.21 –6.1 NewLink Genetics NLNK 4.20 -3.12 -42.62 20.47 3.95 -74.1 THE WALL STREET JOURNAL
Spain IBEX 35 9682.80 –58.10 –0.60 –3.6 MannKind MNKD 1.79 -0.59 -24.79 6.96 0.67 34.6 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden SX All Share 553.70 –3.84 –0.690 –2.0 Incyte INCY 64.02 -19.05 -22.93 142.45 63.43 -54.3 and commodities at WSJ.com/TrackTheMarkets
Switzerland –7.6
Allena Pharmaceuticals ALNA 12.67 -3.07 -19.50 17.56 6.13 ...
Swiss Market 8671.04 –71.56 –0.82
Innovate Biopharm INNT 27.68 -6.58 -19.21 50.50 3.43 140.7
Turkey BIST 100 114737.54 –210.04 –0.18 –0.5
U.K. FTSE 100 7183.64 –15.86 –0.22 –6.6 Syndax Pharmaceuticals SNDX 10.84 -2.50 -18.74 15.43 7.41 -13.8
Boston Omaha BOMN 22.40 -4.87 -17.86 35.49 12.15 16.4
Speed Read the Markets
n-

U.K. FTSE 250 19530.17 –46.00 –0.23 –5.8


Net Element NETE 7.33 -1.54 -17.36 33.51 2.56 -13.8
Asia-Pacific Luna Innovations LUNA 3.17 -0.60 -15.92 4.00 1.16 82.2
Australia S&P/ASX 200 5788.70 –0.10 –0.002 –4.6 Finjan Holdings FNJN 2.85 -0.53 -15.68 4.06 1.66 57.5
China Shanghai Composite 3131.11 … Closed –5.3 With 30-plus charts and concise analysis,
Check-Cap CHEK 3.59 -0.61 -14.52 27.60 3.58 -86.2
no

Hong Kong Hang Seng 29844.94 326.25 1.11 –0.2


SunRun RUN 8.52 -1.42 -14.29 10.16 4.21 59.6 The Daily Shot morning newsletter delivers an
India S&P BSE Sensex 33626.97 30.17 0.09 –1.3 Nemaura Medical NMRD 3.44 -0.56 -13.88 9.60 2.00 37.8 overview of the trends impacting global markets.
Japan Nikkei Stock Avg 21567.52 –77.90 –0.36 –5.3 InfoSonics IFON 4.62 -0.74 -13.81 26.00 4.49 -63.4
Singapore Straits Times 3442.50 1.08 1.2
Sign up now at WSJ.com/DailyShot
36.85 Akcea Therapeutics AKCA 21.62 -3.11 -12.58 33.99 8.10 ...
South Korea Kospi 2429.58 –7.94 –0.33 –1.5
Taiwan Weighted 10821.53 … Closed 1.7 Most Active Stocks
Thailand SET 1739.92 Closed –0.8 Volume % chg from Latest Session 52-Week
… Company Symbol (000) 65-day avg Close % chg High Low
Sources: SIX Financial Information; WSJ Market Data Group
Neovasc NVCN 357,736 1034.0 0.06 48.66 1.89 0.03
SPDR S&P 500 SPY 151,334 28.1 259.72 -2.23 286.63 232.51 Currencies
Get real-time U.S. stock quotes and track most-active Finl Select Sector SPDR 85,756 35.0 27.17 -2.41

WSJ
XLF 30.33 22.89 U.S.-dollar foreign-exchange rates in late New York trading
stocks, new highs/lows and mutual funds. Plus, VS 2x VIX Short Term TVIX 82,912 98.1 10.34 11.18 47.19 4.66 US$vs, US$vs,
deeper money-flows data and email delivery of key Bank of America BAC 78,127 5.1 29.63 -2.28 33.05 22.07 Fri YTDchg Fri YTDchg
.COM stock-market data. Available free at WSJMarkets.com * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
5,000 shares =Has traded fewer than 65 days Americas Europe
Argentina peso .0496 20.1758 8.5 Czech Rep. koruna .04841 20.656 –2.9
Brazil real .2967 3.3703 1.8 Denmark krone .1649 6.0632 –2.3
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7823 1.2783 1.7 Euro area euro 1.2283 .8142 –2.3

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001653 604.80 –1.7 Hungary forint .003930 254.45 –1.8
U.S. consumer rates notes and bonds major U.S. trading partners
Ecuador US dollar 1 1 unch Iceland krona .010126 98.76 –4.6
Mexico peso .0547 18.2939 –7.0 Norway krone .1277 7.8287 –4.6
A consumer rate against its 5-year CDs Uruguay peso .03531 28.3200 –1.7 Poland zloty .2925 3.4192 –1.7
benchmark over the past year 3.75% 15% Venezuela b. fuerte .00002049600.0001 479504.7 Russia ruble .01721 58.094 0.7
Bankrate.com avg†: 1.67% Euro
s

Asia-Pacific Sweden krona .1192 8.3908 2.5


Barclays 2.75% 3.00 10 Switzerland franc 1.0429 .9589 –1.6
2.00% Friday Australian dollar .7655 1.3063 2.0
Wilmington, DE 888-720-8756 t Turkey lira .2472 4.0453 6.6
2.25 5 China yuan .1586 6.3044 –3.1
Five-year CD yields Goldman Sachs Bank USA 2.75% Ukraine hryvnia .0381 26.2729 –6.6
t Yen Hong Kong dollar .1274 7.8486 0.5
s

1.50 1.50 UK pound 1.4089 .7098 –4.1


New York, NY 855-730-7283 0 India rupee .01540 64.920 1.6
t Indonesia rupiah .0000725 13785 2.2 Middle East/Africa
1.00 Popular Direct 2.75% 0.75 –5 Japan yen .009353 106.92 –5.1 Bahrain dinar 2.6522 .3770 –0.02
t
New York, NY 800-274-5696 One year ago s
Federal-funds WSJ Dollar index Kazakhstan tenge .003127 319.76 –3.9 Egypt pound .0566 17.6825 –0.5
0.50 0.00 –10
target rate Third Federal Savings and Loan 2.75% Macau pataca .1234 8.1044 0.7 Israel shekel .2832 3.5316 1.5
Cleveland, OH 888-274-7952 1 3 6 1 2 3 5 710 30 2017 2018 Malaysia ringgit .2584 3.8700 –4.7 Kuwait dinar 3.3322 .3001 –0.4
0.00 month(s) years New Zealand dollar .7270 1.3755 –2.4 Oman sul rial 2.5974 .3850 0.01
M J J A S O N D J FMA First Internet Bank of Indiana 2.78%
maturity Pakistan rupee .00866 115.500 4.4 Qatar rial .2751 3.635 –0.4
2017 2018 Indianapolis, IN 888-873-3424 Philippines peso .0192 52.044 4.2 Saudi Arabia riyal .2666 3.7503 ...
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Singapore dollar .7601 1.3156 –1.6 South Africa rand .0831 12.0325 –2.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009339 1070.73 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0064329 155.45 1.3 Close Net Chg % Chg YTD%Chg
Taiwan dollar .03410 29.324 –1.2 WSJ Dollar Index 83.99 –0.18–0.21 –2.31
Federal-funds rate target 1.50-1.75 1.50-1.75 0.75 l 1.50 1.50 Yield (%) 52-Week Total Return (%)
Thailand baht .03198 31.270 –4.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Sources: Tullett Prebon, WSJ Market Data Group
Prime rate* 4.75 4.75 4.00 l 4.75 1.50 Vietnam dong .00004385 22803 0.4
Libor, 3-month 2.34 2.31 1.15 l 2.34 2.06 Treasury, Ryan ALM 1437.774 2.631 2.604 2.736 1.818 0.056 0.145
Money market, annual yield 0.35 0.35 0.25 l 0.36 -0.07 10-yr Treasury, Ryan ALM 1684.871 2.779 2.741 2.943 2.058 –1.315 –0.672
Five-year CD, annual yield 1.67 1.66 1.29 l 1.67 0.18 DJ Corporate 373.342 3.681 3.703 3.814 2.879 2.245 2.074 Commodities
30-year mortgage, fixed† 4.43 4.40 3.73 l 4.49 0.65 Aggregate, Barclays Capital 1915.230 3.140 3.120 3.230 2.380 0.819 1.116 Friday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.87 3.85 2.99 l 3.95 0.82 High Yield 100, Merrill Lynch n.a. n.a. 6.265 n.a. n.a. n.a. n.a.
Jumbo mortgages, $424,100-plus† 4.70 4.66 4.21 l 4.96 0.65 DJ Commodity 626.43 -1.63 -0.26 645.87 532.01 9.86 0.17
Fixed-Rate MBS, Barclays 1964.720 3.340 3.300 3.410 2.660 0.444 1.075
Five-year adj mortgage (ARM)† 4.31 4.13 3.20 l 4.50 1.05 TR/CC CRB Index 192.25 -1.56 -0.80 200.52 166.50 2.75 -0.83
Muni Master, Merrill n.a. n.a. 2.491 n.a. n.a. n.a. n.a.
New-car loan, 48-month 3.73 3.67 2.85 l 3.73 0.78 Crude oil, $ per barrel 62.06 -1.48 -2.33 66.14 42.53 18.80 2.71
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 796.328 5.972 6.006 6.104 5.279 3.199 5.219 Natural gas, $/MMBtu 2.701 0.026 0.97 3.63 2.55 -17.17 -8.53
banks.† Excludes closing costs.
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 Gold, $ per troy oz. 1331.90 7.60 0.57 1362.40 1208.60 6.19 1.96
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Wheat (CBT)-5,000 bu.; cents per bu. June 97.6800 97.6900 97.6600 97.6800 .0050 1,790,594 Euro (CME)-€125,000; $ per €
May 461.50 472.75 459.25 472.25 7.50 199,208 Dec 97.4700 97.5150 97.4650 97.5050 .0350 2,067,478 April 1.2256 1.2297 1.2227 1.2292 .0048 1,808
Contract Open
July 477.00 489.00 475.50 488.50 7.25 150,859 Dec'19 97.1550 97.2200 97.1500 97.2100 .0600 2,190,119 June 1.2303 1.2354 1.2277 1.2349 .0048 484,224
Open High hi lo Low Settle Chg interest
Wheat (KC)-5,000 bu.; cents per bu.
Copper-High (CMX)-25,000 lbs.; $ per lb.
April 3.0510 3.0545 3.0350 3.0540 –0.0155 1,399
May 496.50 507.25 491.25 506.75 8.25 99,703 Currency Futures Index Futures
July 515.00 525.75 509.00 525.50 9.00 96,196
May 3.0685 3.0685 3.0245 3.0585 –0.0160 131,576 Wheat (MPLS)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Mini DJ Industrial Average (CBT)-$5 x index
Gold (CMX)-100 troy oz.; $ per troy oz. May 589.75 608.25 585.00 607.25 17.50 29,532 April .9341 .9363 .9315 .9364 .0051 777 June 24483 24506 23700 23926 –542 97,088
April 1326.50 1333.00 1319.00 1331.90 7.60 1,635 July 601.00 617.50 595.50 617.00 15.75 16,771 June .9379 .9408 .9348 .9401 .0051 153,045 Sept 24390 24522 23730 23955 –541 2,227
June 1329.70 1339.10 1322.60 1336.10 7.60 369,625 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index
Aug 1336.20 1345.00 1328.90 1342.30 7.60 52,674 April 136.900 137.150 134.550 135.325 –2.150 7,091 April .7830 .7858 .7824 .7827 –.0014 234 June 2657.60 2657.60 2584.50 2605.70 –56.10 62,483
Oct 1341.20 1349.50 1338.00 1348.50 7.70 7,029 May 137.075 137.750 134.975 135.625 –2.425 20,911 June .7853 .7867 .7826 .7836 –.0015 120,083 Mini S&P 500 (CME)-$50 x index
Dec 1349.70 1357.50 1343.80 1355.00 7.70 48,750 Cattle-Live (CME)-40,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ June 2663.00 2664.00 2584.50 2605.75 –56.00 2,914,793
Dec'19 1394.00 1394.20 1393.60 1394.80 7.80 3,446 April 114.000 114.150 111.950 112.225 –2.075 28,387 April 1.4022 1.4100 1.3993 1.4090 .0083 858 Sept 2666.25 2667.50 2588.25 2610.00 –56.00 81,064
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 104.150 104.375 102.050 102.325 –2.725 159,510 June 1.4048 1.4146 1.4024 1.4126 .0082 167,997 Mini S&P Midcap 400 (CME)-$100 x index
June 902.75 909.35 t 890.85 895.15 –4.95 21,123 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF June 1892.60 1893.30 1839.50 1854.10 –38.60 76,846
Sept 894.30 905.95 t 889.80 892.30 –4.30 2,287 April 52.650 52.700 52.050 52.125 –.325 16,403 June 1.0452 1.0500 1.0422 1.0491 .0050 49,856 Mini Nasdaq 100 (CME)-$20 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. June 73.300 73.750 72.350 73.275 –.550 101,812 Australian Dollar (CME)-AUD 100,000; $ per AUD June 6608.0 6611.3 6408.5 6454.8 –145.5 238,723
April 907.50 907.50 t 905.50 912.00 2.20 22 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. April .7683 .7693 .7666 .7669 –.0013 1,021 Sept 6633.8 6639.0 6437.0 6481.5 –146.0 10,360
July 915.70 920.60 t 910.30 917.50 2.20 72,894 May 538.50 540.40 s 530.00 536.20 –.20 5,178 May .7693 .7699 .7660 .7670 –.0013 327 Mini Russell 2000 (ICE-US)-$100 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 525.00 527.70 s 517.30 523.20 –1.60 1,241 June .7669 .7700 .7658 .7670 –.0013 106,480 June 1533.50 1545.70 1502.50 1515.70 –28.30 8,257
April 16.300 16.320 16.285 16.332 0.012 336 Milk (CME)-200,000 lbs., cents per lb. July .7677 .7694 .7668 .7672 –.0013 255 Mini Russell 1000 (ICE-US)-$100 x index
May 16.355 16.475 16.240 16.362 0.007 151,047 April 14.35 14.49 14.35 14.41 .03 3,551 Sept .7678 .7700 .7665 .7674 –.0013 736 June 1449.10 1449.10 1436.40 1446.10 –30.60 57
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 14.57 14.76 s 14.55 14.70 .12 3,567 Dec .7679 .7679 .7678 .7681 –.0013 386 U.S. Dollar Index (ICE-US)-$1,000 x index
May 63.72 63.79 61.81 62.06 –1.48 436,292 Cocoa (ICE-US)-10 metric tons; $ per ton. Mexican Peso (CME)-MXN 500,000; $ per MXN June 90.07 90.30 89.75 89.78 –.37 29,790
June 63.70 63.77 61.86 62.10 –1.44 372,698 May 2,508 2,516 2,440 2,453 –55 79,333 June .05435 .05441 .05392 .05398 –.00045 216,129 Sept 89.66 89.78 89.33 89.36 –.36 967
July 63.50 63.56 61.73 61.96 –1.38 171,831 July 2,542 2,551 2,494 2,498 –41 88,280 Sept .05337 .05352 .05322 .05323 –.00045 544
Sept 62.62 62.70 61.05 61.26 –1.30 190,542 Source: SIX Financial Information
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec 61.06 61.43 59.91 60.14 –1.15 256,338 May 117.60 118.05 116.80 117.45 –.10 120,674
Dec'19 56.85 57.13 55.95
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
56.14 –0.99 141,483 July 119.55 119.95
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
118.80 119.40 –.15 78,286 Bonds | WSJ.com/bonds
May 1.9850 1.9911 1.9482 1.9578 –.0187 131,366 May 12.36 12.42 12.28 12.34 –.01 366,246
June 1.9819 1.9879 1.9456
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.9544 –.0198 89,181 July 12.48 12.49 12.35 12.38 –.09 287,242 Global Government Bonds: Mapping Yields
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
May 1.9890 1.9902 1.9383 1.9547 –.0269 137,992 May 24.81 24.85 24.62 24.62 .12 772
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
June 1.9929 1.9942 1.9430 1.9585 –.0272 86,565
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
July 24.93 24.93 24.92 25.08 .15 2,763 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 2.681 2.717 2.675 2.701 .026 393,203 May 82.00 83.46 81.80 82.54 –.03 92,038 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
June 2.735 2.768 2.729 2.747 .018 119,711 July 81.89 83.04 81.44 82.18 .03 83,438 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
July 2.797 2.829 2.790 2.804 .013 172,603 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2.250 U.S. 2 2.262 t l 2.307 2.258 1.242
Sept 2.804 2.838 2.804 2.816 .013 114,772
Oct 2.816 2.850 2.816 2.829 .012 129,246
May 137.25 138.50 136.15 137.45 –.30 8,785 2.750 10 2.778 t l 2.831 2.890 2.341
July 138.70 139.25 137.40 138.45 –.30 3,171
Jan'19 3.075 3.101 3.075 3.088 .013 74,471 4.500 Australia 2 2.039 t l 2.053 2.020 1.689 -22.3 -25.4 44.7
Interest Rate Futures 2.250 10 2.668 t l 2.676 2.803 2.587 -11.0 -15.6 24.6
Agriculture Futures
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 -0.506 t l -0.483 -0.469 -0.487 -276.8 -279.0 -172.9
Corn (CBT)-5,000 bu.; cents per bu. June 144-280 146-040 144-260 146-010 1-04.0 767,085
May 382.00 390.00 382.00 388.50 –1.00 524,291 0.750 10 0.732 t l 0.755 0.928 0.902 -204.6 -207.6 -143.9
Sept 144-100 145-050 144-070 145-050 1-04.0 93
July 392.00 398.50 390.75 397.00 –1.25 558,984 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.590 t l -0.583 -0.612 -0.786 -285.2 -289.0 -202.8
Oats (CBT)-5,000 bu.; cents per bu. June 120-180 121-020 120-175 121-005 14.5 3,443,868
May 231.00 234.50 230.25 233.25 .50 4,148 0.500 10 0.500 t l 0.526 0.677 0.265 -227.8 -230.5 -207.7
Sept 120-150 120-245 120-145 120-240 15.0 1,607
July 240.25 241.75 237.75 241.00 .50 2,086 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.050 Italy 2 -0.319 t l -0.317 -0.193 -0.075 -262.4 -131.7
-258.1
Soybeans (CBT)-5,000 bu.; cents per bu. June 114-047 114-140 114-042 114-125 8.0 3,410,704
May 1003.00 1037.25 1003.00 1033.75 2.50 296,811 2.000 10 1.784 s l 1.778 2.000 2.098 -99.5 -105.4 -24.4
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
July 1022.00 1048.00 1014.00 1044.75 2.75 301,784 June 106-080 106-110 106-077 106-105 2.5 1,936,917 0.100 Japan 2 -0.145 t l -0.132 -0.169 -0.203 -240.7 -243.8 -144.5
Soybean Meal (CBT)-100 tons; $ per ton. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 379.00 387.30 375.50 386.30 2.70 165,339 0.100 10 0.041 t l 0.042 0.057 0.061 -273.7 -278.9 -228.0
April 98.315 98.318 98.315 98.318 … 353,949
July 382.50 391.00 379.00 390.10 3.10 150,457 Jan'19 97.845 97.895 97.845 97.885 .040 315,078 1.400 Spain 2 -0.339 t l -0.335 -0.359 -0.207 -260.1 -264.2 -144.9
Soybean Oil (CBT)-60,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
May 31.63 31.77 31.46 31.53 –.25 197,450 1.400 10 1.220 s l 1.217 1.405 1.623 -155.8 -161.5 -71.8
June 94.125 94.734 94.125 94.703 .500 29,365

.
July 31.90 32.04 31.73 31.81 –.24 154,239 1 Month Libor (CME)-$3,000,000; pts of 100% 2.000 U.K. 2 0.862 t l 0.878 0.701 0.143 -140.0 -142.8 -110.0
Rough Rice (CBT)-2,000 cwt.; $ per cwt. April ... ... ... 98.1025 … 4,094

ly
May 1236.00 1250.50 1233.00 1249.50 10.50 5,157 Eurodollar (CME)-$1,000,000; pts of 100% 4.250 10 1.396 t l 1.419 1.522 1.105 -138.3 -141.2 -123.7
July 1255.50 1255.50 1255.50 1259.50 9.50 1,861 April 97.6875 97.6875 t 97.6625 97.6700 –.0125 291,489 Source: Tullett Prebon

Corporate Debt
Exchange-Traded Portfolios | WSJ.com/ETFresearch
on Closing Chg YTD
in that same company’s share price.
Investment-grade spreads that tightened the most…
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Spread*, in basis points Stock Performance
iShRussell3000 IWV –2.13
us l,

Closing Chg YTD 154.19 –2.5


Friday, April 6, 2018 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
ETF Symbol Price (%) (%) iShRussellMid-Cap IWR 203.16 –2.10 –2.4
Closing Chg YTD
ETF Symbol Price (%) (%) iShEdgeMSCIMinUSA USMV 51.49 –1.72 –2.4 iShRussellMCValue IWS 85.45 –1.97 –4.2 Citigroup C 5.900 Feb. 15, ’49 203 –19 n.a. 68.60 –2.31
–1.92
al a

iShS&PMC400Growth IJK 215.11 –0.3


AlerianMLPETF –1.48 –13.3 iShEdgeMSCIUSAMom MTUM 103.12 –2.62 –0.0 Barclays BACR 6.625 Sept. 15, ’49 154 –16 n.a. ... ...
e
AMLP 9.35
iShFloatingRateBd FLOT 50.89 ... 0.1 iShS&P500Growth IVW 152.38 –2.37 –0.3
CnsmrDiscSelSector XLY 100.68 –2.13 2.0
iShS&P500Value IVE 108.22 –2.00 –5.3 Sherwin–Williams SHW 2.750 June 1, ’22 73 –16 86 385.71 –2.80
CnsStapleSelSector XLP 52.42 –1.02 –7.9 iShGoldTr IAU 12.81 0.55 2.4
Assurant AIZ 4.900 March 27, ’28 170 –13 n.a. 89.54 –2.46
ci on

iShiBoxx$InvGrCpBd LQD 117.07 0.30 –3.7 iShUSPfdStk PFF 37.20 –0.11 –2.3
EnSelectSectorSPDR XLE 67.35 –1.81 –6.8
iShiBoxx$HYCpBd HYG 85.27 –0.22 –2.3 iShShortTreaBd SHV 110.27 ... 0.0
FinSelSectorSPDR XLF 27.17 –2.41 –2.7 Dow Chemical DWDP 7.375 Nov. 1, ’29 126 –13 133 63.71 –2.64
iShJPMUSDEmgBd EMB 112.57 0.15 –3.0 iShTIPSBondETF TIP 112.87 0.40 –1.1
GuggS&P500EW RSP 98.14 –2.11 –2.9
iShMBSETF MBB 104.39 0.10 –2.1 iSh1-3YTreasuryBd SHY 83.49 0.08 –0.4 Intesa Sanpaolo Spa ISPIM 3.125 July 14, ’22 120 –13 n.a. ... ...
HealthCareSelSect XLV 79.88 –2.41 –3.4
iShMSCI ACWI ACWI 70.82 –1.67 –1.8 iSh7-10YTreasuryBd IEF 102.92 0.44 –2.5 Biogen BIIB 5.200 Sept. 15, ’45 147 –12 n.a. 257.65 –2.77
IndSelSectorSPDR XLI 72.77 –2.77 –3.8
–1.50 iShRussellMCGrowth IWP 120.27 –2.34 –0.3
iShIntermCredBd CIU 106.99 0.20 –2.0
iShMSCIBrazil EWZ 43.42 7.3 Suncor Energy SUCN 6.800 May 15, ’38 133 –11 n.a. ... ...
iShMSCI EAFE EFA 69.40 –0.66 –1.3 PIMCOEnhShMaturity MINT 101.47 0.03 –0.1
er rs

iSh1-3YCreditBond CSJ 103.83 0.07 –0.7


iSh3-7YTreasuryBd IEI 120.43 0.26 –1.4
iShMSCI EAFE SC SCZ 64.72 –0.52 0.3 PwrShQQQ 1 QQQ 156.63 –2.50
–0.04
0.6
…And spreads that widened the most
iShMSCIEmgMarkets EEM 47.08 –1.96 –0.1 PwrShSrLoanPtf BKLN 23.10 0.3
iShCoreMSCIEAFE IEFA 65.44 –0.77 –1.0
iShMSCIEurozone EZU 43.50 –0.32 0.3 SPDR BlmBarcHYBd JNK 35.74 –0.17 –2.7 Campbell Soup CPB 4.150 March 15, ’28 141 24 149 43.73 0.57
iShCoreMSCIEmgMk IEMG 57.02 –1.83 0.2
iShMSCIJapan EWJ 59.62 –1.57 –0.5 SPDR Gold GLD 126.39 0.47 2.2
iShCoreMSCITotInt IXUS 62.46 –1.03 –1.0 Citigroup C 5.950 Jan. 30, ’49 219 23 n.a. 68.60 –2.31
iShNasdaqBiotech IBB 101.03 –3.01 –5.4 SchwabIntEquity SCHF 33.49 –0.86 –1.7
5.750 Aug. 15, ’53 180 14 n.a. 95.90 –1.27
m e

iShCoreS&P500 IVV 261.57 –2.21 –2.7 iShNatlMuniBd MUB 108.54 0.20 –2.0 SchwabUS BrdMkt SCHB 62.96 –2.11 –2.4
Allstate ALL
iShCoreS&P MC IJH 185.01 –1.99 –2.5 iShRussell1000Gwth IWF 133.94 –2.29 –0.5 Bank of America BAC 3.950 April 21, ’25 129 12 138 29.63 –2.28
SchwabUS Div SCHD 48.36 –2.01 –5.5
iShCoreS&P SC IJR 76.76 –1.80 –0.1 iShRussell1000 IWB 144.79 –2.13 –2.6 SchwabUS LC SCHX 62.20 –2.17 –2.5
Drawbridge Special Opportunities Fund DRAWBR 5.000 Aug. 1, ’21 225 12 n.a. ... ...
m rp

iShS&PTotlUSStkMkt ITOT 59.62 –2.12 –2.5 iShRussell1000Val IWD 118.50 –2.04 –4.7 SPDR DJIA Tr DIA 239.13 –2.36 –3.3
iShCoreUSAggBd AGG 106.91 0.22 –2.2 iShRussell2000Gwth IWO 187.98 –1.97 0.7 SPDR S&PMdCpTr MDY 337.03 –1.95 –2.4 Williams WMB 4.550 June 24, ’24 190 12 n.a. 24.38 –1.69
iShSelectDividend DVY 94.70 –1.60 –3.9 iShRussell2000 IWM 150.36 –1.99 –1.4 SPDR S&P 500 SPY 259.72 –2.23 –2.7 Northern Trust NTRS 4.600 Oct. 1, ’49 179 10 n.a. 101.17 –3.15
iShEdgeMSCIMinEAFE EFAV 73.47 –0.47 0.7 iShRussell2000Val IWN 121.41 –1.77 –3.5 SPDR S&P Div SDY 90.58 –1.68 –4.1
TechSelectSector XLK 64.05 –2.45 0.2 High-yield issues with the biggest price increases…
UtilitiesSelSector XLU 50.42 –0.79 –4.3
Bond Price as % of face value Stock Performance
Borrowing Benchmarks | WSJ.com/bonds VanEckGoldMiner GDX 22.07 0.46 –5.0
co Fo

Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
VangdInfoTech VGT 167.20 –2.42 1.5

Money Rates April 6, 2018 VangdSC Val


VangdSC Grwth
VBR
VBK
128.24
160.96
–1.84
–2.04
–3.4
0.1
Albertsons ALBLLC 6.625 June 15, ’24 92.875 2.60 90.125 ... ...
Westpac Banking WSTP 5.000 Sept. 21, ’49 95.115 2.42 92.375 ... ...
VangdDivApp VIG 99.60 –2.19 –2.4
Key annual interest rates paid to borrow or lend money in U.S. and Talen Energy Supply TLN 6.500 June 1, ’25 69.750 1.75 70.500 ... ...
VangdFTSEDevMk VEA 44.00 –0.81 –1.9
international markets. Rates below are a guide to general levels but VangdFTSE EM VWO 46.16 –1.77 0.5 CBL & Associates CBL 5.950 Dec. 15, ’26 85.650 1.53 n.a. 4.40 –0.90
don’t always represent actual transactions. VangdFTSE Europe VGK 58.25 –0.33 –1.5
Weatherford International WFT 5.950 April 15, ’42 69.500 1.38 68.000 2.35 –2.89
VangdFinls VFH 68.45 –2.31 –2.3
Week —52-WEEK— CHS/Community Health Systems CYH 7.125 July 15, ’20 83.250 1.25 81.750 … …
Inflation Latest ago High Low
VangdFTSEAWxUS VEU 53.88 –1.01 –1.5

Feb. index Chg From (%) VangdGrowth VUG 139.41 –2.30 –0.9 New Albertsons NEWALB 7.750 June 15, ’26 87.250 1.25 n.a. ... ...
level Jan. '18 Feb. '17 Britain 0.50 0.50 0.50 0.25 VangdHlthCr VHT 150.21 –2.44 –2.5 Monitronics International MONINT 9.125 April 1, ’20 76.750 1.13 77.000 ... ...
Australia 1.50 1.50 1.50 1.50 VangdHiDiv VYM 81.58 –2.01 –4.7
U.S. consumer price index
Secondary market
VangdIntermBd BIV 81.58 0.27 –2.7 …And with the biggest price decreases
All items 248.991 0.45 2.2 VangdIntrCorpBd VCIT 84.57 0.24 –3.2
Core 255.783 0.45 1.8 Fannie Mae VangdLC VV 119.50 –2.17 –2.5 Ultra Resources UPL 7.125 April 15, ’25 76.000 –2.00 82.000 3.48 –7.45
VangdMC VO 151.76 –2.15 –2.0 Genworth Financial GNW 7.700 June 15, ’20 98.500 –1.35 n.a. 2.75 –1.08
30-year mortgage yields
n-

International rates VangdMC Val VOE 108.37 –1.96 –2.9


30 days 4.039 4.012 4.109 3.253 VangdRealEst VNQ 75.27 –0.75 –9.3
Freedom Mortgage FREMOR 8.250 April 15, ’25 100.280 –1.35 n.a. ... ...
Week 52-Week 60 days 4.066 4.041 4.139 3.281 EP Energy EPENEG 9.375 May 1, ’24 69.250 –1.13 71.375 ... ...
VangdS&P500 VOO 238.62 –2.20 –2.7
Latest ago High Low Notes on data:
VangdST Bond BSV 78.36 0.17 –0.9
U.S. prime rate is the base rate on corporate Salem Media SALM 6.750 June 1, ’24 95.500 –1.00 n.a. 3.35 ...
Prime rates VangdSTCpBd VCSH 78.36 0.09 –1.2
loans posted by at least 70% of the 10 largest 4.500 Sept. 15, ’23 96.875 –1.00 n.a. ... ...
no

VangdSC VB 144.99 –1.93 –1.9


IHO Verwaltungs Gmbh SHAEFF
U.S. 4.75 4.75 4.75 4.00 U.S. banks, and is effective March 22, 2018.
Other prime rates aren’t directly comparable; VangdTotalBd BND 79.72 0.25 –2.3 Tesla TSLA 5.300 Aug. 15, ’25 89.000 –1.00 87.500 299.30 –2.10
Canada 3.45 3.45 3.45 2.70 lending practices vary widely by location.
Japan 1.475 1.475 1.475 1.475 Complete Money Rates table appears Monday
VangdTotIntlBd BNDX 54.68 0.22 0.6 Intelsat Jackson Holdings INTEL 5.500 Aug. 1, ’23 82.000 –0.81 81.000 ... ...
through Friday. VangdTotIntlStk VXUS 56.06 –1.04 –1.3
Policy Rates Sources: Bureau of Labor Statistics; SIX Financial VangdTotalStk VTI 133.87 –2.10 –2.5 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Euro zone 0.00 0.00 0.00 0.00 Information VangdTotlWrld VT 72.71 –1.61 –2.1 Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Switzerland 0.50 0.50 0.50 0.50 VangdValue VTV 102.05 –2.07 –4.0

Mutual Funds Data provided by


Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
First Eagle Funds TotRetBdI 10.45 +0.03 -1.4 R2025 NA ... NA MuShtAdml 15.69 ... 0.2 LifeGro 33.20 -0.43 -1.4 DevMktsIndInst 14.16 -0.10 -1.5
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of at least GlbA 57.96 -0.65 -1.9 TRBdPlan 9.84 +0.03 -1.3 R2030 NA ... NA PrmcpAdml r 132.62 -3.06 -0.7 LifeMod 26.82 -0.24 -1.2 DevMktsInxInst 22.13 -0.16 -1.5
$500 million each.
FPA Funds MFS Funds Class I R2035 NA ... NA RealEstatAdml 106.63 -0.80 -8.4 PrmcpCor 26.30 -0.60 -2.2 ExtndInst 83.57 -1.61 -1.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s FPACres 34.11 -0.41 -1.7 ValueI 39.03 -0.76 -4.0 R2040 NA ... NA SmCapAdml 69.49 -1.37 -1.5 SelValu r 29.53 -0.56 -5.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- GrwthInst 71.76 -1.69 -0.6
FrankTemp/Frank Adv MFS Funds Instl Value 36.06 -0.75 -3.4 STBondAdml 10.28 +0.01 -0.5 STAR 26.53 -0.26 -1.0
InPrSeIn 10.31 +0.04 -0.8
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes STIGrade 10.51 +0.01 -0.5
IncomeAdv 2.25 -0.02 -3.0 IntlEq 25.10 -0.16 -1.4 PRIMECAP Odyssey Fds STIGradeAdml 10.51 +0.01 -0.5
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete InstIdx 237.38 -5.31 -2.1
FrankTemp/Franklin A Mutual Series AggGrowth r 47.30 -1.34 6.7 TotBdAdml 10.51 +0.03 -1.5 TgtRe2015 15.18 -0.09 -1.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not InstPlus 237.39 -5.32 -2.1
tracked. NS-Fund didn’t exist at start of period. CA TF A p 7.28 ... -1.7 GlbDiscA 30.94 -0.38 -2.7 Growth r 38.69 -1.01 3.9 TotIntBdIdxAdm 21.83 +0.02 0.9
TgtRe2020 31.03 -0.25 -1.1
IncomeA p 2.27 -0.02 -3.0 TotIntlAdmIdx r 30.11 -0.27 -1.1 TgtRe2025 18.27 -0.17 -1.2 InstTStPlus 57.93 -1.26 -1.9
Principal Investors
Friday, April 6, 2018
RisDv A p 58.49 -1.37 -4.1 O DivIntlInst 13.69 -0.13 -1.5 TotStAdml 65.16 -1.43 -1.9 TgtRe2030 33.19 -0.37 -1.3 MidCpInst 41.53 -0.92 -1.5
FrankTemp/Franklin C TxMIn r 14.14 -0.10 -1.5
TgtRe2035 20.40 -0.26 -1.4 MidCpIstPl 204.82 -4.52 -1.5
Net YTD Net YTD Net YTD Oakmark Funds Invest Prudential Cl Z & I
Income C t 2.30 -0.02 -3.1 TgtRe2040 35.26 -0.49 -1.4 SmCapInst 69.49 -1.37 -1.5
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret EqtyInc r NA ... NA TRBdZ NA ... NA ValAdml 39.81 -0.84 -3.3
FrankTemp/Temp A TgtRe2045 22.16 -0.33 -1.5
ExtMktIdxPrem r 61.37 Oakmark NA ... NA WdsrllAdml 64.73 -1.26 -3.6 SmCapIstPl 200.59 -3.95 -1.5
A D
-1.17 -1.1 GlBond A p 12.00 -0.09 1.6
OakmrkInt NA ... NA S WellsIAdml 63.12 -0.27 -2.7
TgtRe2050 35.66 -0.52 -1.5
STIGradeInst 10.51 +0.01 -0.5
IntlIdxPrem r 42.64 -0.30 -1.3 Growth A p 26.45 -0.22 -3.0 TgtRetInc 13.40 -0.05 -0.8
American Century Inv Dimensional Fds SAIUSLgCpIndxFd 13.98 -0.32 -2.1 Old Westbury Fds Schwab Funds WelltnAdml 70.32 -0.78 -2.5 TotBdInst 10.51 +0.03 -1.5
FrankTemp/Temp Adv TotIntBdIxInv 10.92 +0.01 0.9
Ultra 44.06 -1.07 1.5 5GlbFxdInc 10.83 +0.01 -0.4 TMktIdxF r 74.90 -1.64 -1.9 GlBondAdv p 11.95 -0.09 1.6
LrgCpStr 14.28 -0.22 -1.2 S&P Sel 40.32 -0.90 -2.1 WndsrAdml 77.51 -1.63 -1.9
WellsI 26.06 -0.11 -2.7 TotBdInst2 10.48 +0.03 -1.6
American Funds Cl A Oppenheimer Y VANGUARD FDS
EmgMktVa 31.61 -0.37 1.2 TMktIdxPrem 74.89 -1.64 -1.9 Welltn 40.72 -0.45 -2.6 TotBdInstPl 10.51 +0.03 -1.5
AmcpA p 31.92 -0.68 1.4
EmMktCorEq 23.34 -0.31 0.5 USBdIdxInstPrem 11.34 +0.04 -1.5 H DevMktY 44.00 -0.69 2.5 T DivdGro 25.85 -0.51 -1.5 WndsrII 36.48 -0.70 -3.6 TotIntBdIdxInst 32.76 +0.03 0.9
AMutlA p 39.27 -0.71 -3.3
IntlCoreEq 14.33 -0.09 -1.4 Fidelity Advisor I Harbor Funds IntGrowY 43.33 -0.19 -0.7 TIAA/CREF Funds HlthCare r 195.80 -4.41 -2.3 VANGUARD INDEX FDS
BalA p 26.60 -0.27 -1.7
TotIntlInstIdx r 120.41 -1.08 -1.1
IntlVal 20.13 -0.16 -1.6 NwInsghtI 31.64 -0.68 0.9 CapApInst 70.93 -1.81 2.1 EqIdxInst 19.26 -0.42 -2.0 INSTTRF2020 22.28 -0.17 -1.1 500 240.51 -5.39 -2.1
BondA p 12.64 +0.04 -1.4
IntSmCo 21.10 -0.09 -0.8 Fidelity Freedom IntlInst r 67.09 -0.44 -0.6 P IntlEqIdxInst 19.95 -0.13 -1.1 INSTTRF2025 22.58 -0.22 -1.2 ExtndIstPl 206.25 -3.95 -1.1
TotItlInstPlId r 120.43 -1.08 -1.1
CapIBA p 60.38 -0.44 -3.1 FF2020 16.41 -0.13 -1.0 Harding Loevner INSTTRF2030 22.82 -0.25 -1.3 SmValAdml TotStInst 65.18 -1.42 -1.9
IntSmVa 22.38 -0.10 -2.6 Parnassus Fds Tweedy Browne Fds 55.10 -1.06 -3.0
CapWGrA 50.64 -0.67 -0.5 FF2025 14.25 -0.13 -1.0 IntlEq NA ... NA ParnEqFd 41.98 -0.85 -1.3 GblValue 28.08 -0.06 -1.4 INSTTRF2035 23.06 -0.28 -1.3 TotBd2 10.48 +0.03 -1.6 ValueInst 39.81 -0.84 -3.3
US CoreEq1 22.32 -0.50 -1.8
EupacA p 56.32 -0.52 0.2 FF2030 17.86 -0.20 -1.1 INSTTRF2040 23.29 -0.32 -1.4 TotIntl
FdInvA p 61.01 -1.20 -1.7
US CoreEq2 21.04 -0.46 -2.3 I PIMCO Fds Instl
V INSTTRF2045 23.45 -0.34 -1.5 TotSt
18.00 -0.16 -1.1
W
US Small 35.14 -0.67 -2.1 Freedom2020 K 16.39 -0.13 -1.0 AllAsset NA ... NA 65.14 -1.42 -2.0
GwthA p 50.16 -1.06 1.3 Invesco Funds A IntlVal 39.32 -0.35 -1.4 VANGUARD INSTL FDS Western Asset
US SmCpVal 36.87 -0.74 -2.8
Freedom2025 K 14.23 -0.13 -1.0 TotRt NA ... NA VANGUARD ADMIRAL
HI TrA p 10.20 -0.01 -0.2 EqIncA 10.63 -0.15 -2.7
-1.7 CorePlusBdI NA ... NA
US TgdVal 24.14 -0.53 -2.9
Freedom2030 K 17.84 -0.20 -1.1 PIMCO Funds A 500Adml 240.51 -5.39 -2.1 LifeCon 19.68 -0.10 -1.1 BalInst 33.97 -0.40
ICAA p 39.22 -0.73 -2.5
USLgVa 37.57 -0.84 -3.5
Freedom2035 K 15.04 -0.21 -1.1 J IncomeFd NA ... NA BalAdml 33.96 -0.40 -1.7
IncoA p 22.67 -0.22 -2.3 Freedom2040 K 10.56 -0.15 -1.2
Dodge & Cox John Hancock Class 1 PIMCO Funds Instl CAITAdml 11.57 ... -1.1
N PerA p 43.53 -0.77 0.9 Fidelity Invest LSBalncd 15.01 -0.14 -0.9 IncomeFd NA ... NA CapOpAdml r 151.65 -3.62 -1.3
NEcoA p
NwWrldA
46.11
67.12
-0.91
-0.80
3.3
0.3
Balanced
GblStock
102.86
13.39
-1.19
-0.18
-2.3
-3.4
Balanc
BluCh
23.51
88.96
-0.38
-2.07
-0.6
1.4
LSGwth 15.93 -0.20 -0.9 PIMCO Funds P EMAdmr 38.39 -0.55 0.7 Dividend Changes
Income 13.52 +0.03 -0.8 John Hancock Instl IncomeP NA ... NA EqIncAdml 74.84 -1.42 -3.5
SmCpA p 56.13 -0.66 0.6
Intl Stk 45.06 -0.41 -2.7
Contra 122.40 -2.84 1.5 DispValMCI 22.82 -0.54 -2.1 Price Funds ExplrAdml 90.73 -1.89 2.6 Dividend announcements from April 6.
TxExA p 12.80 +0.01 -1.1 ContraK 122.36 -2.83 1.5 JPMorgan Funds
Stock 194.49 -3.93 -3.1 BlChip 99.67 -2.55 3.5 ExtndAdml 83.58 -1.60 -1.1 Amount Payable /
WshA p 44.39 -0.90 -2.3 CpInc r 10.10 -0.05 -1.0 MdCpVal L 39.09 -0.80 -3.0 CapApp
DoubleLine Funds 28.20 -0.36 -0.3 GNMAAdml 10.27 +0.02 -1.1 Company Symbol Yld % New/Old Frq Record
DivIntl 39.08 -0.34 -2.3 JPMorgan R Class
B TotRetBdI NA ... NA GroCo 182.88 -4.37 2.4 CoreBond 11.37 +0.03 -1.2
EqInc 32.19 -0.63 -3.1 GrwthAdml 71.76 -1.69 -0.6
Increased
Baird Funds EqIndex 69.89 -1.57 -2.2 HlthCareAdml r 82.57 -1.86 -2.3
GrowCoK 182.89 -4.38 2.4
AggBdInst 10.64 +0.04 -1.5
E InvGB 7.76 +0.02 -1.4 L Growth 63.87 -1.58 1.9 HYCorAdml r 5.77 ... -1.2
Sabine Royalty Tr UBI SBR 7.8 .2793 /.21068 M Apr30 /Apr16
STRATS Sers 2006-1 P&amp;G GJR 2.9 .0522 /.04439 M Apr16 /Apr13
CorBdInst 10.98 +0.03 -1.5 Edgewood Growth Instituti InvGrBd 11.02 +0.04 -1.3 Lazard Instl HelSci 68.87 -1.90 -2.1 InfProAd 25.30 +0.09 -0.9
BlackRock Funds A EdgewoodGrInst 30.74 -0.77 4.0 LowP r 53.72 -0.71 -1.5 EmgMktEq 20.09 -0.32 0.3 InstlCapG 38.05 -0.93 3.1 IntlGrAdml 97.19 -1.25 1.7 Foreign
GlblAlloc p 19.47 -0.15 -1.2 MagIn 104.49 -2.38 -0.1 Lord Abbett A IntlStk 18.55 -0.19 -0.6 ITBondAdml 11.06 +0.04 -1.9 Deutsche Bank DB 1.0 .13556 A May29 /
BlackRock Funds Inst
F OTC 111.17 -2.67 1.2 ShtDurIncmA p 4.21 +0.01 ... IntlValEq 14.88 -0.09 -1.6 ITIGradeAdml 9.50 +0.03 -1.8 Teekay LNG Ptnrs un TGP 3.1 .14 Q May11 /May04
EqtyDivd 22.49 ... -1.2 Federated Instl Puritn 23.11 -0.42 -1.0 Lord Abbett F MCapGro 88.27 -1.91 1.4 LTGradeAdml 10.03 +0.08 -4.5 Teekay Offshore Ptrs TOO 1.6 .01 Q May11 /May04
GlblAlloc 19.59 -0.15 -1.1 StraValDivIS 5.75 -0.04 -5.7 SrsEmrgMkt 21.53 -0.36 0.6 ShtDurIncm 4.20 ... -0.2 MCapVal 29.94 -0.49 -1.5 MidCpAdml 188.00 -4.15 -1.5 Teekay Offshore Ptrs Pfd TOOpA 8.8 .4531 Q May15 /May08
HiYldBd 7.65 -0.01 -0.5 Fidelity SrsGroCoRetail 17.08 -0.41 2.7 N Horiz 54.70 -1.00 4.1 MuHYAdml 11.21 +0.01 -1.0
StratIncOpptyIns 9.91 -0.01 0.4 500IdxInst 90.99 -2.54 -2.1 SrsIntlGrw 15.94 -0.20 -1.3
M N Inc 9.29 +0.03 -1.4 MuIntAdml 13.86 +0.01 -1.2
Bridge Builder Trust 500IdxInstPrem 90.99 -2.54 -2.1 SrsIntlVal 10.50 -0.08 -1.8 Metropolitan West OverS SF r 11.23 -0.08 -0.7 MuLTAdml 11.40 +0.01 -1.4 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
CoreBond NA ... NA 500IdxPrem 90.99 -2.54 -2.1 TotalBond 10.45 +0.03 -1.1 TotRetBd 10.45 +0.03 -1.4 R2020 NA ... NA MuLtdAdml 10.81 ... -0.3 spin-off.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | B9

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. 24.35 55.34 35.44 Fortinet FTNT ...320 54.33 -0.26 2.44 229.84 171.45 MarketAxess MKTX 0.8 53 206.68 -1.76 -16.12 23.44 18.50 ShawComm B SJR 5.0 23 19.15 -0.28
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX -8.04 38.24 31.41 Fortis FTS 4.0 19 33.72 0.12 -3.54 149.21 90.00 Marriott MAR 1.0 36 130.93 -3.51 -5.93 435.15 308.30 SherwinWilliams SHW 0.9 21 385.71 -11.11
BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 3.28 80.31 59.88 Fortive FTV 0.4 25 74.72 -2.70 -0.82 86.54 71.79 Marsh&McLen MMC 1.9 28 80.72 -1.42 -9.61 50.37 40.02 ShinhanFin SHG ... 4 41.94 -0.33
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -14.20 73.62 56.59 FortBrandsHome FBHS 1.4 19 58.72 -1.23 -8.51 244.32 191.09 MartinMarietta MLM 0.9 18 202.22 -5.83 1.04 192.15 123.73 Shire SHPG ... 11 156.74 0.31
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -15.18 86.06 64.90 Franco-Nevada FNV 1.4 65 67.81 0.19 -4.47 25.18 14.58 MarvellTech MRVL 1.2 24 20.51 -0.62 16.26 154.82 67.45 Shopify SHOP ... dd 117.42 -2.72
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -23.33 47.65 32.91 FranklinRscs BEN 2.8 28 33.22 -0.83 -8.53 46.45 33.05 Masco MAS 1.0 24 40.19 -0.74 -0.90 161.92 116.68 SignatureBank SBNY ... 19 136.02 -4.13
-8.60 20.25 11.05 FreeportMcM FCX ... 14 17.33 -0.78 12.12 183.73 111.01 Mastercard MA 0.6 46 169.70 -5.85 -10.27 176.17 147.28 SimonProperty SPG 5.1 25 154.10 -1.45
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -4.02 57.94 41.55 FreseniusMed FMS 1.1 22 50.44 -0.31 34.49 47.10 16.54 MatchGroup MTCH ... 35 42.11 -0.66 16.79 6.62 4.73 SiriusXM SIRI 0.7 48 6.26 -0.05
s-New 52-week high. standards vj-In bankruptcy or receivership or 8.66 74.94 43.35 MaximIntProducts MXIM 3.0 43 56.81 -1.05 6.40 42.73 22.64 SkechersUSA SKX ... 35 40.26 -0.76
t-New 52-week low. lf-Late filing being reorganized under the GHI 2.25 111.46 90.25 McCormick MKC 2.0 17 104.20 -0.58 0.64 117.65 93.05 Skyworks SWKS 1.3 22 95.56 -3.24
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 4.12 112.92 90.60 McCormickVtg MKC.V 2.0 17 104.64 -1.86 3.08 68.39 49.48 SmithAO AOS 1.1 37 63.17 -1.81
-13.42 24.37 18.83 GGP GGP 4.3 30 20.25 -0.24
four quarters. requirements. assumed by such companies. -6.32 178.70 129.52 McDonalds MCD 2.5 25 161.25 -2.70 6.97 40.43 30.98 Smith&Nephew SNN 2.4 21 37.45 -0.07
6.02 72.77 54.50 Gallagher AJG 2.4 26 67.09 -1.34
FD-First day of trading. t-NYSE bankruptcy -10.41 178.86 133.82 McKesson MCK 1.0 6 139.71 -2.90 -0.24 134.12 99.56 Smucker SJM 2.5 11 123.94 -0.06
-8.86 39.32 32.51 Gaming&Leisure GLPI 7.5 19 33.72 0.04
-3.85 89.72 76.41 Medtronic MDT 2.4 38 77.64 -2.06 -2.46 23.57 11.28 Snap SNAP ... dd 14.25 -0.14
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -9.45 35.68 21.02 Gap GPS 3.1 14 30.84 -1.17
-2.31 30.49 19.29 MelcoResorts MLCO 1.9 40 28.37 -0.45 -16.26 185.47 140.83 SnapOn SNA 2.2 15 145.96 -3.65
-12.08 38.00 19.91 GardnerDenver GDI ... dd 29.83 -0.98
8.86 417.91 214.00 MercadoLibre MELI 0.21070 342.54 -9.42 -13.47 64.20 32.38 SOQUIMICH SQM 1.7 31 51.37 -0.29
-1.93 65.96 48.50 Garmin GRMN 3.5 16 58.42 -1.23
Friday, April 6, 2018 YTD 52-Week Yld Net -5.17 66.41 52.83 Merck MRK 3.6 62 53.36 -1.17 7.76 53.91 31.32 Sony SNE ... 13 48.44 -0.71
-5.57 142.16 108.44 Gartner IT ...3876 116.29 -2.47
% Chg Hi Lo Stock Sym % PE Last Chg -10.46 55.91 43.38 MetLife MET 3.5 12 45.27 -0.76 -6.86 53.51 42.38 Southern SO 5.2 53 44.79 -0.22
-8.36 11.00 9.01 Gazit-Globe GZT ... 4 9.65 -0.41
YTD 52-Week Yld Net 6.04 230.00 185.64 GeneralDynamics GD 1.7 23 215.74 -5.48
-10.37 697.26 472.44 MettlerToledo MTD ... 39 555.26 -22.41 15.32 56.66 32.63 SoCopper SCCO 2.2 58 54.72 -1.37
% Chg Hi Lo Stock Sym % PE Last Chg -9.10 59.14 40.99 CampbellSoup CPB 3.2 13 43.73 0.25 3.03 69.95 32.38 MichaelKors KORS ... 19 64.86 -1.16 -15.52 66.98 49.76 SouthwestAir LUV 0.9 10 55.29 -1.57
-10.41 100.01 77.20 CIBC CM 4.9 10 87.27 -1.30 -25.16 30.54 12.73 GeneralElec GE 3.7 dd 13.06 -0.37
-53.41 36.21 12.67 MicroFocus MFGP ... 24 15.65 0.40 -16.79 46.47 32.12 SpectraEnerPtrs SEP 9.0 42 32.90 -0.50
ABC -10.33 85.73 70.59 CanNtlRlwy CNI 2.0 21 73.98 -0.67 -23.31 60.69 43.84 GeneralMills GIS 4.3 12 45.47 0.04
-1.83 101.48 71.40 MicrochipTech MCHP 1.7 89 86.27 -3.35 -12.94 146.09 89.36 SpectrumBrands SPB 1.7 15 97.86 -1.44
-7.56 37.63 27.52 CanNaturalRes CNQ 3.2 21 33.02 -0.78 -8.08 46.76 31.92 GeneralMotors GM 4.0 dd 37.68 -0.32
17.85 63.42 26.36 MicronTech MU ... 6 48.46 -1.38 -7.66 105.20 51.85 SpiritAeroSys SPR 0.5 27 80.57 -3.42
-16.78 28.67 21.92 ABB ABB 3.7 22 22.32 -0.37 -5.26 188.80 149.64 CanPacRlwy CP 1.0 14 173.14 -3.56 -1.26 34.79 23.34 Genpact G 0.8 23 31.34 -0.87
23.29 67.52 46.09 Microsemi MSCC ... 37 63.68 -0.98 17.65 112.66 54.17 Splunk SPLK ... dd 97.46 -1.99
... 13.02 7.36 ADT ADT ... ... 8.75 -0.06 -5.03 40.67 30.79 Canon CAJ 4.0 18 35.52 -0.96 s 13.03 24.08 16.59 Gentex GNTX 1.9 17 23.68 -0.26
5.48 97.24 64.85 Microsoft MSFT 1.9 62 90.23 -2.15 ... 169.00 135.51 Spotify SPOT ... ... 147.92 3.93
5.45 12.05 9.87 AES AES 4.6 dd 11.42 -0.08 -4.88 106.50 76.05 CapitalOne COF 1.7 27 94.72 -2.80 -6.05 107.75 79.86 GenuineParts GPC 3.2 21 89.26 -1.40
-8.53 110.95 85.16 MidAmApt MAA 4.0 32 91.98 -0.46 -12.56 9.22 4.81 Sprint S ... 3 5.15 -0.02
-1.18 45.88 36.32 Aflac AFL 4.8 7 43.37 -0.33 1.83 82.80 54.66 CardinalHealth CAH 3.0 11 62.39 -1.45 27.15 5.32 2.60 Gerdau GGB 0.8 dd 4.73 -0.12
-8.43 142.00 107.53 Middleby MIDD ... 24 123.57 -1.24 32.30 58.46 16.66 Square SQ ... dd 45.87 -2.15
-6.14 22.34 17.84 AGNC Invt AGNC 11.4 10 18.95 0.10 -13.49 119.21 92.09 Carlisle CSL 1.5 17 98.32 -5.07 -9.81 34.19 26.28 Gildan GIL 1.5 18 29.13 -0.36
-11.28 8.11 5.94 MitsubishiUFJ MUFG ... 10 6.45 -0.16 -11.80 176.62 130.04 StanleyBlackDck SWK 1.7 19 149.67 -4.62
27.34 15.77 10.24 ANGI Homesvcs ANGI ... dd 13.32 -0.30 -11.57 25.90 15.70 Carlyle CG 6.5 8 20.25 -0.65 2.47 89.54 63.76 GileadSciences GILD 3.1 21 73.41 -1.41
-2.47 4.00 3.37 MizuhoFin MFG ... 9 3.55 -0.05 1.58 64.87 52.58 Starbucks SBUX 2.1 19 58.34 -0.80
4.01 171.92 104.65 Ansys ANSS ... 51 153.51 -4.28 -5.97 77.64 55.05 CarMax KMX ... 17 60.30 -1.94 12.57 44.53 34.52 GSK GSK 6.4 51 39.93 0.07
7.95 12.80 7.76 MobileTeleSys MBT 6.5 11 11.00 -0.44 -0.12 114.27 76.95 StateStreet STT 1.7 19 97.49 -3.08
11.97 216.00 126.03 ASML ASML 0.9 ... 194.63 -4.05 -2.80 72.70 57.39 Carnival CCL 2.8 18 64.51 -1.00 8.51 118.94 76.47 GlobalPayments GPN 0.0 36 108.77 -2.60
-14.43 286.85 223.99 MohawkInds MHK ... 18 236.08 -3.42 s 13.31 24.55 16.18 Statoil STO 3.6 18 24.27 -0.18
-8.36 40.86 32.55 AT&T T 5.6 7 35.63 -0.51 -2.31 72.29 56.79 Carnival CUK 2.8 18 64.75 -0.85 19.05 64.49 36.02 GoDaddy GDDY ...157 59.86 -1.07
-7.13 96.00 78.00 MolsonCoors A TAP.A 2.1 12 78.00 ... 0.81 50.70 32.15 SteelDynamics STLD 1.7 13 43.48 -2.06
0.88 64.60 42.31 AbbottLabs ABT 1.9214 57.57 -2.29 -9.26 173.24 92.98 Caterpillar CAT 2.2114 142.99 -5.14 10.02 15.63 11.64 Goldcorp GG 0.6 18 14.05 0.03
-10.86 97.50 72.07 MolsonCoors B TAP 2.2 11 73.16 -0.72 -3.94 25.30 14.07 STMicroelec STM 1.1 23 20.98 -0.34
-7.17 125.86 63.12 AbbVie ABBV 4.3 27 89.78 -2.43 -12.24 138.54 80.00 CboeGlobalMkts CBOE 1.0 31 109.34 -2.26 -1.88 275.31 209.62 GoldmanSachs GS 1.2 29 249.97 -5.84
-17.02 36.74 25.88 Goodyear GT 2.1 20 26.81 -0.93 48.69 46.69 22.49 Momo MOMO ... 24 36.40 -0.67 0.21 170.00 129.82 Stryker SYK 1.2 58 155.17 -4.90
52.72 304.28 117.36 Abiomed ABMD ...145 286.22 -5.91 -6.69 114.00 83.34 Celanese A CE 1.8 16 99.92 -2.39
-0.29 49.69 30.80 Graco GGG 1.2 31 45.09 -1.12 -3.08 47.23 39.19 Mondelez MDLZ 2.1 22 41.48 -0.72 -4.72 9.67 6.93 SumitomoMits SMFG ... 8 8.28 -0.12
-3.73 165.58 114.82 Accenture ACN 1.8 26 147.38 -4.19 -16.68 147.17 84.25 Celgene CELG ... 24 86.95 -1.89
21.34 298.14 155.00 Grainger GWW 1.8 29 286.67 -7.10 0.92 124.20 114.19 Monsanto MON 1.8 22 117.86 -0.19 -1.79 96.08 80.12 SunComms SUI 3.1107 91.12 -0.13
1.96 79.63 48.41 ActivisionBliz ATVI 0.5146 64.56 -1.97 -8.40 10.37 6.43 Cemex CX ... 13 6.87 -0.01
-3.85 34.72 27.60 GreatPlainsEner GXP 3.5 dd 31.00 -0.18 -11.63 70.22 44.35 MonsterBev MNST ... 39 55.93 -1.48 -2.25 44.50 32.22 SunLifeFinancial SLF 3.6 15 40.33 -0.64
-18.78 86.42 57.40 Adient ADNT 1.7 11 63.92 -0.36 2.52 11.52 6.76 CenovusEnergy CVE 1.7 5 9.36 -0.13
-11.78 25.18 18.79 Grifols GRFS 2.1 22 20.22 -0.26 7.71 171.68 111.94 Moody's MCO 1.1 31 158.99 -3.24 -1.66 38.39 27.96 SuncorEnergy SU 3.2 17 36.11 -0.05
24.75 231.34 128.21 AdobeSystems ADBE ... 58 218.61 -4.93 6.10 112.42 70.04 Centene CNC ... 23 107.03 -1.92
35.22 112.41 33.06 GrubHub GRUB ... 87 97.09 -3.09 1.09 59.38 40.43 MorganStanley MS 1.9 17 53.04 -1.82 2.15 73.37 51.96 SunTrustBanks STI 2.4 15 65.98 -2.56
12.26 151.72 78.81 AdvanceAuto AAP 0.2 17 111.91 -4.48 -5.18 30.45 25.84 CenterPointEner CNP 4.1 7 26.89 -0.40
1.24 119.87 87.66 GpoAeroportuar PAC 2.9 23 104.03 0.17 -5.61 29.20 19.23 Mosaic MOS 0.4 dd 24.22 -0.97 -7.34 34.20 24.93 Symantec SYMC 1.2 17 26.00 -0.15
-6.52 15.65 9.04 AdvMicroDevices AMD ...320 9.61 -0.41 7.02 7.86 3.49 CentraisElBras EBR ... dd 6.10 -0.58
2.82 9.51 7.76 GpoAvalAcc AVAL 4.0 14 8.74 ... 15.10 110.29 79.63 MotorolaSol MSI 2.0 dd 103.98 -2.71 -12.43 40.59 26.01 SynchronyFin SYF 1.8 14 33.81 -0.99
8.80 7.52 5.86 AdvSemiEngg ASX 3.2 16 7.05 -0.06 3.18 27.61 13.16 CenturyLink CTL 12.6 10 17.21 -0.15
0.93 73.45 36.09 GpoFinGalicia GGAL 0.0 18 66.46 0.17 89.21 44.58 19.40 MuleSoft MULE ... dd 44.01 -0.25 -4.52 94.80 70.55 Synopsys SNPS ...301 81.39 -1.57
7.78 7.03 4.73 Aegon AEG 5.1 8 6.79 ... -16.28 73.86 55.29 Cerner CERN ... 22 56.42 -1.70
-2.73 27.37 14.20 GrupoTelevisa TV 0.5 47 18.16 0.63 -6.59 47.82 29.39 Mylan MYL ... 31 39.52 -0.93 2.15 53.14 39.07 SynovusFin SNV 2.0 23 48.97 -1.57
-2.24 55.66 42.35 AerCap AER ... 9 51.43 -1.05 -7.53 408.83 298.67 CharterComms CHTR ... 9 310.67 -6.35
8.96 92.65 58.25 Guidewire GWRE ... dd 80.91 -0.34 5.20 31.14 14.52 NRG Energy NRG 0.4 dd 29.96 -0.35 -1.66 64.27 48.85 Sysco SYY 2.4 27 59.72 -0.59
-5.55 194.40 127.86 Aetna AET 1.2 30 170.38 -0.33 -4.88 119.20 95.03 CheckPoint CHKP ... 20 98.56 -1.79
9.56 106.84 71.18 HCA Healthcare HCA 1.5 16 96.24 -2.00 9.80 26.32 22.58 NTTDoCoMo DCM ... 15 26.10 -0.17
-14.04 217.00 148.81 AffiliatedMgrs AMG 0.7 15 176.44 -5.57
-4.96 75.00 52.31 AgilentTechs A 0.9108 63.65 -2.03
-2.76 58.08 34.70 Chemours CC 1.4 12 48.68
0.97 60.22 40.36 CheniereEnergy LNG ... dd 54.36
-1.40
-1.85 -11.04 33.67 21.48 HCP HCP 6.4 27 23.20 0.04 -11.01 3700.00 2028.99 NVR NVR ... 25 3122.00 -63.22 TUV
-2.91 110.77 75.77 HDFC Bank HDB 0.5 ... 98.71 -1.91 -2.87 125.93 103.16 NXP Semi NXPI ... 18 113.73 -1.05
-7.86 51.86 37.35 AgnicoEagle AEM 1.0 41 42.55 0.51 -0.81 33.47 26.41 CheniereEnerPtrs CQP 6.8 dd 29.40 -0.32 17.54 41.75 16.75 TAL Education TAL ...124 34.92 -0.35
-4.95 42.25 28.97 HD Supply HDS ... dd 38.05 -0.70 10.89 87.00 65.98 Nasdaq NDAQ 2.1 20 85.20 -1.11
-2.51 175.17 134.17 AirProducts APD 2.8 34 159.96 -4.15 -1.16 29.73 24.03 CheniereEnHldgs CQH 7.5 54 27.37 -0.43 12.60 63.01 36.12 TD Ameritrade AMTD 1.5 33 57.57 -1.59
-1.09 24.75 17.10 HP HPQ 2.7 9 20.78 -0.77 -1.28 75.24 51.44 NationalGrid NGG 3.5 12 58.06 -0.16
6.61 78.28 44.65 AkamaiTech AKAM ... 55 69.34 -2.95 -8.33 133.88 102.55 Chevron CVX 3.9 24 114.76 -2.53 0.92 108.23 71.93 TE Connectivity TEL 1.7 28 95.91 -2.88
-8.66 55.89 39.63 HSBC HSBC 8.9 19 47.17 -0.57 15.16 53.57 31.78 NatlInstruments NATI 1.9123 47.94 -1.08
-17.33 95.75 57.60 AlaskaAir ALK 2.1 7 60.77 -1.34 -1.16 45.33 24.44 ChinaEastrnAir CEA ... 11 35.72 -0.63 -7.02 38.50 32.56 Telus TU 4.6 19 35.21 -0.22
-3.83 57.86 38.18 Halliburton HAL 1.5 dd 47.00 -0.68 2.69 39.44 29.90 NatlOilwell NOV 0.5 dd 36.99 -0.24
-28.22 144.99 86.75 Albemarle ALB 1.5 21 91.80 -3.97 t -13.20 17.85 13.48 ChinaLifeIns LFC 1.3 16 13.55 -0.25 8.42 39.48 22.78 Ternium TX 3.2 8 34.25 -0.37
-9.71 25.73 17.94 Hanesbrands HBI 3.2126 18.88 -0.34 -8.74 45.63 36.25 NatlRetailProp NNN 4.8 33 39.36 -0.16
-10.80 57.50 29.55 Alcoa AA ... 42 48.05 0.44 -10.17 166.19 57.89 ChinaLodging HTHT ... 51 129.74 -2.59 11.29 22.73 13.63 TIM Part TSU ... 27 21.49 -0.29
-17.08 62.95 41.33 HarleyDavidson HOG 3.5 14 42.19 -0.42 57.18 111.36 17.33 NektarTherap NKTR ... dd 93.87 -7.57
-6.52 134.37 111.59 AlexandriaRlEst ARE 2.9 78 122.07 -1.10 -9.70 56.93 44.55 ChinaMobile CHL 4.4 11 45.64 0.14 9.13 85.21 66.44 TJX TJX 1.9 21 83.44 -1.52
13.69 164.69 106.18 Harris HRS 1.4 38 161.04 -3.29 14.08 65.58 37.43 NetApp NTAP 1.3 dd 63.11 0.21
-8.65 149.34 96.18 AlexionPharm ALXN ... 56 109.24 -0.07 s 24.07 92.60 69.60 ChinaPetrol SNP 11.2 15 91.03 -0.58 -6.08 68.88 54.60 T-MobileUS TMUS ... 11 59.65 -0.16
-9.17 59.20 46.69 HartfordFinl HIG 2.0182 51.12 -1.08 -20.96 377.64 253.20 Netease NTES 0.6 23 272.74 -5.33
-2.85 206.20 106.76 Alibaba BABA ... 44 167.52 -5.05 -2.78 70.52 32.50 ChinaSoAirlines ZNH 1.5 11 50.38 -0.93 -0.52 120.07 67.62 TRowePrice TROW 2.7 17 104.38 -3.15
-7.11 116.20 83.40 Hasbro HAS 3.0 27 84.43 -0.97 50.47 333.98 138.66 Netflix NFLX ...231 288.85 -5.12
10.37 287.32 113.40 AlignTech ALGN ... 86 245.23 -10.12 -7.10 53.77 41.28 ChinaTelecom CHA 3.0 13 44.10 -0.41 13.28 87.60 50.29 TableauSftwr DATA ... dd 78.39 -1.98
12.98 75.55 45.50 Heico A HEI.A 0.2 37 71.45 -1.70 -0.95 92.98 39.50 Neurocrine NBIX ... dd 76.85 -3.06
-22.93 71.22 41.15 Alkermes ALKS ... dd 42.18 -0.51 -6.06 16.55 11.87 ChinaUnicom CHU 0.6126 12.71 0.06 6.99 46.57 31.49 TaiwanSemi TSM 2.7 19 42.42 -0.90
15.61 91.34 53.85 Heico HEI 0.2 45 87.26 -2.02 -5.62 108.40 58.47 NewOrientalEduc EDU ... 49 88.72 -0.25
-0.68 639.42 521.07 Alleghany Y ...111 592.02 -16.08 10.05 499.00 247.51 Chipotle CMG ... 52 318.07 -9.64 -13.80 129.25 57.36 TakeTwoSoftware TTWO ... 58 94.63 -4.00
1.25 75.02 42.16 Helm&Payne HP 4.3 18 65.45 -1.98 -3.53 14.53 11.67 NY CmntyBcp NYCB 5.4 14 12.56 -0.33
6.52 89.81 74.40 Allegion ALLE 1.0 30 84.75 -1.19 -8.21 157.50 131.14 Chubb CB 2.1 16 134.13 -1.64 18.63 54.26 38.47 Tapestry TPR 2.6 47 52.47 -1.53
-4.44 93.50 62.56 HenrySchein HSIC ... 25 66.78 -1.04 -16.54 55.08 23.85 NewellBrands NWL 3.6 5 25.79 -0.43
-1.26 256.80 142.81 Allergan AGN 1.8 dd 161.52 -3.61 8.83 39.06 33.00 ChunghwaTel CHT 4.2 24 38.57 -0.23 -7.17 60.06 39.59 TargaResources TRGP 8.1 dd 44.95 -0.27
s 45.45 101.59 57.42 Herbalife HLF 1.2 41 98.50 -0.89 4.72 42.04 31.42 NewmontMin NEM 1.4 dd 39.29 0.02
-18.83 278.33 203.66 AllianceData ADS 1.1 15 205.75 -4.18 -1.34 54.18 43.21 Church&Dwight CHD 1.8 17 49.50 -0.36 10.79 78.70 48.56 Target TGT 3.4 14 72.29 -0.15
-12.92 116.49 95.21 Hershey HSY 2.7 27 98.85 -0.85 -4.82 17.70 12.60 NewsCorp B NWS 1.3 dd 15.80 -0.20
-3.73 45.55 36.84 AlliantEnergy LNT 3.3 21 41.02 -0.31 -17.37 227.13 149.10 Cigna CI 0.0 19 167.82 -1.21 -17.33 37.62 24.85 TataMotors TTM 0.1 11 27.34 -0.28
7.63 55.48 37.25 Hess HES 2.0 dd 51.09 -1.45 -4.38 17.29 12.19 NewsCorp A NWSA 1.3 dd 15.50 -0.25
-8.41 105.36 79.09 Allstate ALL 1.9 11 95.90 -1.23 -25.86 130.16 87.98 CimarexEnergy XEC 0.7 17 90.46 -3.49 -7.86 35.00 24.53 TechnipFMC FTI 1.8 45 28.85 -0.99
16.30 19.48 12.70 HewlettPackard HPE 2.7 18 16.70 -0.50 4.20 164.71 128.31 NextEraEnergy NEE 2.7 14 162.75 -1.25
-8.71 31.29 18.11 AllyFinancial ALLY 2.0 13 26.62 -0.59 -2.63 81.98 68.49 CincinnatiFin CINF 2.9 12 73.00 -1.35 0.08 30.80 14.56 TeckRscsB TECK 0.6 8 26.19 -0.42
4.25 69.52 49.20 Hexcel HXL 0.8 21 64.48 -1.40 7.99 70.25 50.35 Nike NKE 1.2 64 67.55 -2.04
-25.16 153.99 47.16 AlnylamPharm ALNY ... dd 95.08 -1.36 7.00 178.34 119.54 Cintas CTAS 1.0 27 166.74 -4.96 -15.48 40.19 21.92 TelecomArgentina TEO 2.5 13 30.96 0.44
-2.94 88.11 55.91 Hilton HLT 0.8 20 77.51 -1.53 -5.53 27.76 22.44 NiSource NI 3.2 62 24.25 -0.18
-4.12 1198.00 834.60 Alphabet A GOOGL ... 56 1009.95 -22.69 6.34 46.16 30.36 CiscoSystems CSCO 3.2 dd 40.73 -1.09 22.25 10.83 7.57 TelecomItalia TI 2.5 ... 10.55 0.61
2.03 53.21 23.46 HollyFrontier HFC 2.5 12 52.26 -0.23 0.41 35.74 22.98 NobleEnergy NBL 1.4 dd 29.26 -1.07
-3.76 1186.89 817.02 Alphabet C GOOG ... 56 1007.04 -20.77 -7.81 80.70 57.55 Citigroup C 1.9 dd 68.60 -1.62 s 26.63 9.24 6.27 TelecomItalia A TI.A 3.4 ... 9.13 0.54
-14.78 46.80 35.33 Hologic HOLX ... 10 36.43 -1.02 15.67 6.65 4.51 Nokia NOK 4.4 dd 5.39 -0.02
-3.29 80.56 45.96 Altaba AABA ... 3 67.55 -1.83 -1.19 48.23 31.51 CitizensFin CFG 2.1 13 41.48 -1.54 2.44 201.40 121.58 TeledyneTech TDY ... 30 185.57 -4.89
-7.96 207.60 144.25 HomeDepot HD 2.4 24 174.45 -4.68 -1.20 6.83 5.28 NomuraHoldings NMR ... 9 5.75 -0.10
-12.86 35.29 17.58 AlticeUSA ATUS ... 9 18.50 -0.21 4.30 96.96 73.33 CitrixSystems CTXS ... dd 91.78 -0.93 -0.86 288.78 191.40 Teleflex TFX 0.6 76 246.68 -5.38
0.44 37.29 27.05 HondaMotor HMC ... 7 34.23 -0.65 -10.26 151.84 107.16 Nordson NDSN 0.9 22 131.38 -5.13
-10.59 77.79 59.07 Altria MO 4.4 12 63.85 -0.69 -13.60 150.40 123.64 Clorox CLX 3.0 21 128.51 -1.74 1.62 17.33 13.06 TelefonicaBras VIV ... 17 15.07 -0.23
-6.92 165.13 122.40 Honeywell HON 2.1 69 142.74 -3.66 1.37 54.00 37.79 Nordstrom JWN 3.1 19 48.03 -2.04
-23.87 23.54 11.01 AlumofChina ACH ... 40 13.65 -0.21 -4.27 48.62 42.19 Coca-Cola KO 3.6163 43.92 -0.48 2.07 11.64 8.99 Telefonica TEF 4.8 14 9.88 -0.06
-4.01 38.00 29.75 HormelFoods HRL 2.1 21 34.93 -0.18 -10.72 157.15 111.07 NorfolkSouthern NSC 2.2 7 129.36 -4.34
20.16 1617.54 884.49 Amazon.com AMZN ...229 1405.23 -46.52 4.72 44.75 36.17 Coca-Cola Euro CCE 3.1 30 41.73 0.03 -17.66 36.19 25.96 TelekmIndonesia TLK 2.8 16 26.53 -0.24
-11.20 53.32 31.98 DR Horton DHI 1.1 17 45.35 -1.21 1.28 110.81 84.93 NorthernTrust NTRS 1.7 21 101.17 -3.29
6.19 7.43 5.30 Ambev ABEV ... 47 6.86 -0.30 -5.04 91.84 63.90 Coca-Cola Femsa KOF 2.8 dd 66.11 -0.39 9.23 37.56 25.91 Tenaris TS 1.5 40 34.80 -0.80
-7.05 21.53 17.26 HostHotels HST 4.3 25 18.45 -0.19 14.60 360.88 237.39 NorthropGrum NOC 1.3 31 351.72 -8.31
0.17 71.72 60.30 Amdocs DOX 1.5 21 65.59 -1.32 -19.41 72.99 39.73 Cognex CGNX 0.4 50 49.29 -1.05 1.93 50.68 29.68 Teradyne TER 0.8 34 42.68 -1.19
-8.50 400.99 326.30 Amerco UHAL ... 9 345.80 -12.09 4.06 140.38 114.28 HowardHughes HHC ... 35 136.60 -2.37 -0.08 61.18 51.30 NorwegCruise NCLH ... 16 53.21 -1.18
11.33 85.10 57.50 CognizantTech CTSH 1.0 31 79.07 -1.85 -3.87 389.61 244.59 Tesla TSLA ... dd 299.30 -6.42
-3.15 64.89 51.89 Ameren AEE 3.2 26 57.13 -0.31 2.48 31.85 23.64 HuanengPower HNP 6.5 36 25.62 -0.72 -4.48 94.19 72.67 Novartis NVS 3.7 25 80.20 -0.86
-5.05 77.91 67.86 ColgatePalm CL 2.3 31 71.64 -0.17 -10.92 33.82 10.85 TevaPharm TEVA 2.0 dd 16.88 -0.34
13.35 19.76 14.22 AmericaMovil AMX 1.6 46 19.44 -0.01 -13.26 149.03 109.31 Hubbell HUBB 2.6 27 117.39 -2.61 -9.50 58.37 35.10 NovoNordisk NVO 1.7 21 48.57 -0.25
-14.81 44.00 32.74 Comcast A CMCSA 2.2 7 34.12 -0.48 -4.77 120.75 75.92 TexasInstruments TXN 2.5 28 99.46 -2.78
13.55 19.61 14.10 AmericaMovil A AMOV 1.6 45 19.31 -0.13 14.37 293.35 209.91 Humana HUM 0.7 17 283.73 -3.56 -4.55 70.48 51.67 Nucor NUE 2.5 15 60.69 -2.41
9.34 102.66 64.04 Comerica CMA 1.3 23 94.92 -3.02 2.26 62.19 45.00 Textron TXT 0.1 51 57.87 -1.71
41.27 55.25 14.38 Nutanix

.
-3.34 59.08 41.28 AmerAirlines AAL 0.8 13 50.29 -1.85 -4.39 126.49 83.35 JBHunt JBHT 0.9 18 109.93 -3.87 NTNX ... dd 49.84 -1.97
5.57 61.88 49.43 CommerceBcshrs CBSH 1.6 20 58.95 -1.41 8.26 226.44 151.74 ThermoFisherSci TMO 0.3 37 205.56 -6.30
-6.85 78.07 63.32 AEP AEP 3.6 18 68.53 -0.41 ... 16.60 12.14 HuntingtonBcshs HBAN 3.0 15 14.56 -0.51 ... 56.18 40.41 Nutrien NTR 3.6 ... 44.95 -1.15
2.91 42.75 30.95 CommScope COMM ... 40 38.93 -0.86 -8.99 48.61 38.22 ThomsonReuters TRI 3.5 20 39.67 -0.20
10.72 254.50 95.49 NVIDIA NVDA 0.3 44 214.25 -7.13

ly
-7.45 102.39 75.51 AmerExpress AXP 1.5 32 91.91 -2.29 -3.92 11.96 8.15 SABESP SBS ... 9 10.04 -0.24 8.74 276.69 183.42 HuntingIngalls HII 1.1 25 256.31 -4.68 -25.05 161.48 87.96 ThorIndustries THO 1.3 14 112.97 -2.23
1.04 121.69 93.25 AmericanFin AFG 1.3 21 109.67 -2.03 -14.90 36.09 23.12 Huntsman HUN 2.3 11 28.33 -1.00 -9.82 259.77 188.62 3M MMM 2.6 27 212.25 -6.42
-10.04 67.30 52.42 AIG AIG 2.4 dd 53.60 -0.95
-2.47 41.03 32.16 ConagraBrands CAG 2.3 17 36.74
-11.04 162.91 106.73 ConchoRscs CXO ... 21 133.63
-0.07
-6.02 1.86 83.02 52.72 HyattHotels H ... 38 74.91 -2.25 OPQ -8.05 111.44 84.15 Tiffany TIF 2.1 32 95.58 -2.54
-0.36 155.28 121.57 AmerTowerREIT AMT 2.1 53 142.16 -1.92 7.96 61.31 42.27 ConocoPhillips COP 1.9 dd 59.26 -1.20 22.86 166.64 74.05 IAC/InterActive IAC ... 48 150.23 -3.13 -1.64 37.32 29.59 OGE Energy OGE 4.1 10 32.37 -0.48 4.43 103.90 85.88 TimeWarner TWX 1.7 14 95.52 -0.87
-10.46 92.37 74.63 AmerWaterWorks AWK 2.0 35 81.92 -0.19 -7.52 89.70 73.73 ConEd ED 3.6 16 78.56 -0.33 -13.46 11.26 7.48 ICICI Bank IBN 0.9 20 8.42 -0.13 6.06 61.36 47.14 ONEOK OKE 5.4 43 56.69 -0.75 -10.06 52.73 35.07 Toll Bros TOL 1.0 12 43.19 -1.43
-16.62 183.90 118.84 Ameriprise AMP 2.3 15 141.31 -4.66 ... 230.55 170.08 ConstBrands B STZ.B 1.2 23 227.50
on -1.50 18.66 207.14 146.09 IdexxLab IDXX ... 63 185.56 -5.32 -1.39 279.23 169.43 OReillyAuto ORLY ... 19 237.19 -6.68 -8.52 93.59 73.99 Torchmark TMK 0.8 7 82.98 -1.98
-6.98 106.27 71.90 AmerisourceBrgn ABC 1.8 18 85.41 -1.97 -0.60 231.83 168.44 ConstBrands A STZ 1.3 22 227.19 -2.74 6.47 50.00 41.43 IHSMarkit INFO ... 33 48.07 -0.64 -8.32 78.09 57.20 OccidentalPetrol OXY 4.6 39 67.53 -0.24 -7.24 73.86 58.39 Toro TTC 1.3 27 60.51 -1.66
1.48 79.32 53.19 Ametek AME 0.8 25 73.54 -2.87 11.23 61.67 29.08 ContinentalRscs CLR ... 28 58.92 -1.81 -8.99 20.58 14.55 ING Groep ING 6.4 12 16.80 -0.15 7.06 152.50 80.56 OldDomFreight ODFL 0.4 25 140.84 -4.20 -4.63 61.06 45.18 TorontoDomBk TD 3.8 13 55.87 -0.78
-3.31 201.23 152.16 Amgen AMGN 3.1 65 168.14 -3.86 0.05 260.26 194.55 Cooper COO 0.0 63 217.98 -5.57 -15.98 38.43 30.02 Invesco IVZ 3.8 11 30.70 -1.08 -0.33 22.34 17.91 OldRepublic ORI 3.7 11 21.31 -0.32 s 7.47 59.95 48.15 Total TOT 5.1 17 59.41 -0.29
-5.96 93.62 68.56 Amphenol APH 0.9 40 82.57 -2.20 14.98 51.77 28.89 Copart CPRT ... 35 49.66 -1.09 3.89 264.11 116.82 IPG Photonics IPGP ... 35 222.47 -6.52 -1.50 86.71 65.32 Omnicom OMC 3.3 15 71.74 -0.76 6.18 90.74 51.88 TotalSystem TSS 0.6 27 83.98 -2.88
9.73 63.55 39.96 AnadarkoPetrol APC 1.7 dd 58.86 -1.25 t -17.01 35.10 26.30 Corning GLW 2.7 dd 26.55 -0.91 -3.12 110.67 78.09 IQVIA IQV ... 16 94.85 -2.15 11.84 27.10 13.65 ON Semi ON ... 13 23.42 -0.80 -1.42 140.99 103.62 ToyotaMotor TM ... 9 125.37 -2.03
-0.81 98.38 74.65 AnalogDevices ADI 2.2 42 88.31 -2.63 18.30 378.57 201.43 CoStar CSGP ... 97 351.28 -4.01 -20.35 64.68 42.48 IRSA Prop IRCP 5.5 12 45.00 -0.66 -4.23 40.31 30.88 OpenText OTEX 1.5 48 34.16 -0.20 -20.13 82.68 49.87 TractorSupply TSCO 1.8 18 59.70 -1.66
-6.51 121.71 75.11 Andeavor ANDV 2.2 11 106.90 -0.86 -1.16 199.88 150.00 Costco COST 1.1 27 183.96 -2.29 13.30 62.79 47.06 IcahnEnterprises IEP 11.7 4 60.05 -0.79 -5.18 53.48 43.60 Oracle ORCL 1.7 55 44.83 -1.13 -14.74 51.85 39.16 TransCanada TRP 5.3 16 41.47 -0.52
us l,

-2.77 55.78 42.17 AndeavorLog ANDX 8.9 20 44.91 -0.79 -8.04 21.68 14.24 Coty COTY 2.7 dd 18.29 -0.16 -0.69 124.65 76.45 Icon ICLR ... 22 111.38 -0.77 -1.49 18.57 14.94 Orange ORAN 3.4 24 17.14 -0.04 11.56 321.38 224.29 TransDigm TDG ... 25 306.36 -4.58
-3.24 126.50 101.21 AB InBev BUD 3.5 27 107.94 -2.10 13.14 239.04 150.71 Credicorp BAP 2.1 15 234.68 -2.44 5.15 150.72 91.60 IDEX IEX 1.1 32 138.77 -3.86 0.89 134.59 93.50 OrbitalATK OA 1.0 25 132.67 -0.24 2.22 61.42 37.84 TransUnion TRU ... 24 56.18 -0.89
-11.86 12.73 10.00 AnnalyCap NLY 11.5 8 10.48 0.06 -2.23 377.82 185.52 CreditAcceptance CACC ... 13 316.26 -10.56 -8.54 179.07 130.17 IllinoisToolWks ITW 2.0 31 152.60 -6.12 1.66 100.03 74.90 Orix IX ... 8 86.19 -1.81 1.19 150.55 113.76 Travelers TRV 2.1 19 137.25 -2.04
5.84 23.56 16.31 AnteroResources AR ... 10 20.11 -0.16 -9.47 19.98 13.28 CreditSuisse CS 4.4 dd 16.16 -0.33 4.43 256.64 167.98 Illumina ILMN ... 46 228.17 -8.20 -16.36 100.26 61.74 Oshkosh OSK 1.3 18 76.02 -3.03 -15.48 45.70 30.45 Trimble TRMB ... 73 34.35 -1.39
al a

-0.10 267.95 164.65 Anthem ANTM 1.3 16 224.78 -5.95 -10.48 32.81 25.91 ImperialOil IMO 1.9 62 27.92 -0.58
e
-2.70 114.97 93.14 CrownCastle CCI 3.9106 108.01 -1.79 -12.02 96.52 59.26 OwensCorning OC 1.0 32 80.89 -0.65 16.51 50.95 29.50 TripAdvisor TRIP ... dd 40.15 -1.22
3.13 152.78 118.10 Aon AON 1.0 ... 138.20 -1.97 -13.32 62.27 48.27 CrownHoldings CCK ... 21 48.76 -1.44 t -32.40 142.45 63.43 Incyte INCY ... dd 64.02 -19.05 -1.92 71.57 37.30 PG&E PCG ... 14 43.97 -0.06 -10.78 11.29 7.79 TurkcellIletism TKC 1.4 15 9.10 -0.28
-9.19 54.64 33.60 Apache APA 2.6 11 38.34 -0.41 1.59 60.65 42.65 Ctrip.com CTRP ... 78 44.80 -1.07 7.83 18.71 13.88 Infosys INFY 2.3 16 17.49 -0.38 -5.35 38.54 26.97 PLDT PHI 3.8 23 28.47 -0.18 -14.29 3.59 2.44 TurquoiseHill TRQ ... 33 2.94 -0.08
-6.04 46.72 37.97 ApartmtInv AIV 3.7893 41.07 -0.19 10.59 111.10 81.09 Cullen/Frost CFR 2.2 19 104.67 -3.04 -6.73 97.67 81.25 Ingersoll-Rand IR 2.2 16 83.19 -2.68 2.54 163.59 115.45 PNC Fin PNC 2.0 14 147.95 -4.81 3.36 39.13 24.81 21stCenturyFoxA FOXA 1.0 17 35.69 -0.67
ci on

-11.50 37.35 24.83 ApolloGlbMgmt APO 8.9 10 29.62 -0.59 -10.61 194.18 143.83 Cummins CMI 2.7 27 157.90 -4.52 -9.23 146.28 113.42 Ingredion INGR 1.9 18 126.89 -1.68 -4.51 93.12 56.48 POSCO PKX ... ... 74.61 -2.19 3.58 38.56 24.30 21stCenturyFoxB FOX 1.0 17 35.34 -0.66
-0.50 183.50 140.06 Apple AAPL 1.5 17 168.38 -4.42 10.17 140.07 82.77 CurtissWright CW 0.4 28 134.24 -4.69 5.70 53.78 33.23 Intel INTC 2.5 25 48.79 -1.59 -6.36 122.07 100.45 PPG Ind PPG 1.6 17 109.39 -2.28 17.03 36.80 14.12 Twitter TWTR ... dd 28.10 -0.54
2.39 62.40 37.41 ApplMaterials AMAT 1.5 20 52.34 -1.95 6.89 18.87 12.50 CypressSemi CY 2.7 dd 16.29 -0.39 16.72 74.11 33.01 InteractiveBrkrs IBKR 0.6 64 69.11 -1.59 -9.76 40.20 27.08 PPL PPL 5.9 17 27.93 -0.07 16.72 214.33 152.76 TylerTech TYL ... 50 206.66 -2.14
-1.19 96.91 61.53 Aptiv APTV 1.0 17 83.82 -2.08 0.09 76.30 57.91 ICE ICE 1.4 17 70.62 -1.91 26.61 81.72 51.02 PTC PTC ...308 76.94 -1.80 -13.52 84.65 57.20 TysonFoods TSN 1.7 9 70.11 -0.86
-14.12 39.55 31.18 AquaAmerica WTR 2.4 25 33.69 -0.28 DEF -5.27 69.23 49.03 InterContinentl IHG 2.4 20 60.16 -0.64 14.23 160.22 96.85 PVH PVH 0.1 23 156.73 -2.78 -7.07 20.89 15.10 UBS Group UBS 4.0 59 17.09 -0.22
-9.80 46.09 36.06 Aramark ARMK 1.1 18 38.55 -0.89 -1.86 172.93 139.13 IBM IBM 4.0 25 150.57 -3.46 -6.78 79.69 61.93 Paccar PCAR 1.5 14 66.26 -2.08 -7.29 40.71 32.88 UDR UDR 3.6129 35.71 ...
-3.81 37.50 19.59 ArcelorMittal MT ... 5 31.08 -1.09 -19.35 66.50 36.00 DISH Network DISH ... 9 38.51 -0.95 -11.32 157.40 128.42 IntlFlavors IFF 2.0 36 135.33 -2.95 -8.64 131.13 89.73 PackagingCpAm PKG 2.3 16 110.14 -3.02 -5.75 52.00 42.51 UGI UGI 2.3 14 44.25 -0.36
-5.91 102.60 83.16 ArchCapital ACGL ... 21 85.41 -0.99 -4.93 116.74 97.66 DTE Energy DTE 3.4 16 104.06 -0.57 -9.96 66.94 49.60 IntlPaper IP 3.6 10 52.17 -1.26 -5.34 54.86 43.08 PacWestBancorp PACW 4.2 16 47.71 -1.52 3.95 35.10 25.43 US Foods USFD ... 17 33.19 -0.31
10.60 45.91 38.59 ArcherDaniels ADM 3.0 16 44.33 -0.10 5.12 107.85 73.51 DXC Tech DXC 0.7 33 99.76 -2.37 14.83 26.01 18.30 Interpublic IPG 3.6 16 23.15 -0.14 ... 39.97 26.78 PagSeguroDig PAGS ... ... 35.71 -1.84 -6.89 314.86 187.96 UltaBeauty ULTA ... 23 208.26 1.34
4.14 104.82 78.97 Danaher DHR 0.7 27 96.66 -2.56 6.27 179.30 115.62 Intuit
er rs

-17.28 31.17 21.75 Arconic ARNC 1.1 dd 22.54 -0.54 INTU 0.9 46 167.68 -4.15 33.74 197.20 107.37 PaloAltoNtwks PANW ... dd 193.84 -2.56 9.56 257.93 181.59 UltSoftware ULTI ...498 239.09 -4.58
9.82 311.67 130.09 AristaNetworks ANET ... 48 258.72 -4.02 -9.54 100.11 76.27 Darden DRI 2.9 20 86.86 0.19 8.66 452.00 251.13 IntuitiveSurgical ISRG ... 70 396.55 -9.57 -16.10 212.80 151.17 ParkerHannifin PH 1.6 26 167.44 -4.74 -10.12 26.48 20.23 UltraparPart UGP 2.7 23 20.43 -0.30
-9.48 87.26 69.67 ArrowElec ARW ... 16 72.79 -3.32 -12.76 80.71 52.51 DaVita DVA ... 18 63.03 -1.16 -4.16 24.30 20.25 InvitatHomes INVH 1.9 dd 22.59 -0.05 -8.46 32.90 21.12 ParsleyEnergy PE ... 60 26.95 -0.81 17.67 23.46 11.40 UnderArmour A UAA ... dd 16.98 -0.49
2.07 36.70 28.43 AstraZeneca AZN 5.4 30 35.42 0.07 -7.10 175.26 107.04 Deere DE 1.7 33 145.39 -5.95 ... 18.52 15.30 iQIYI IQ ... ... 16.02 -0.02 -10.81 73.10 54.20 Paychex PAYX 3.3 24 60.72 -1.42 10.74 21.80 10.36 UnderArmour C UA ... dd 14.75 -0.44
4.31 158.66 95.01 AthenaHealth ATHN ...106 138.78 -5.61 -12.29 92.40 59.92 DellTechs DVMT ... dd 71.29 -1.52 -11.13 41.53 30.78 IronMountain IRM 7.0 49 33.53 -0.24 33.42 115.48 57.24 PaycomSoftware PAYC ... 95 107.18 -1.42 1.74 61.62 50.11 Unilever UN ... 23 57.30 -0.15
-8.04 55.22 45.15 Athene ATH ... 7 47.55 -0.40 -5.27 60.79 43.81 DeltaAir DAL 2.3 11 53.05 -1.16 3.96 4.95 3.85 IsraelChemicals ICL ... 4 4.20 -0.03 0.33 86.32 42.06 PayPal PYPL ... 50 73.86 -3.09 1.90 60.13 49.74 Unilever UL 3.2 23 56.39 -0.07
19.93 62.25 30.83 Atlassian TEAM ... dd 54.59 -1.38 -25.54 68.98 48.25 DentsplySirona XRAY 0.7 dd 49.02 -1.07 16.77 16.98 10.02 ItauUnibanco ITUB 0.4 14 15.18 -0.11 5.50 10.80 7.62 Pearson PSO 3.2 16 10.36 0.06 -2.85 143.05 101.06 UnionPacific UNP 2.2 10 130.28 -2.82
-27.12 20.23 13.52 DeutscheBank DB 1.0 dd 13.87 -0.45
m e

-2.03 93.56 76.46 AtmosEnergy ATO 2.3 16 84.15 -0.38 -15.62 36.99 29.28 PembinaPipeline PBA 5.5 22 30.53 -0.31 1.82 83.04 56.51 UnitedContinental UAL ... 10 68.63 -2.06
19.96 141.26 83.55 Autodesk ADSK ... dd 125.75 -2.27 -24.03 45.16 28.79 DevonEnergy DVN 1.0 12 31.45 -0.84 JKL -3.60 74.84 59.13 Pentair PNR 2.1 26 68.08 -2.37 7.11 2.73 1.89 UnitedMicro UMC 3.2 21 2.56 -0.02
36.40 92.65 28.63 Autohome ATHM ... ... 88.21 0.73 22.23 81.91 42.62 DexCom DXCM ... dd 70.15 -2.13 -1.66 20.26 15.96 People'sUtdFin PBCT 3.8 19 18.39 -0.42 -11.60 135.53 101.45 UPS B UPS 3.5 19 105.33 -1.85
-4.70 147.62 113.67 Diageo DEO 2.0 21 139.17 -0.52 -5.29 50.68 31.57 JD.com JD ... dd 39.23 -0.96
15.38 152.57 96.08 Autoliv ALV 1.7 30 146.63 -1.42 2.01 119.33 81.64 JPMorganChase JPM 2.1 17 109.09 -2.79 -8.86 122.51 105.94 PepsiCo PEP 2.9 32 109.30 -1.27 0.13 190.74 100.62 UnitedRentals URI ... 11 172.14 -5.80
-2.98 125.24 95.50 ADP ADP 2.2 30 113.70 -3.81 -7.63 134.60 82.77 DiamondbkEner FANG ... 23 116.62 -7.79
m rp

1.21 127.31 91.50 JackHenry JKHY 1.3 27 118.38 -2.01 0.11 84.49 56.21 PerkinElmer PKI 0.4 68 73.20 -2.70 -6.16 58.50 49.03 US Bancorp USB 2.4 14 50.28 -0.80
-12.79 797.89 491.13 AutoZone AZO ... 13 620.36 -17.02 -8.43 127.23 96.56 DigitalRealty DLR 3.9103 104.30 -0.91 -5.93 95.93 63.68 Perrigo PRGO 0.9 98 81.99 -1.73 -1.99 47.64 18.55 US Steel X 0.6 16 34.49 -2.12
-8.55 81.93 57.50 DiscoverFinSvcs DFS 2.0 13 70.34 -1.79 -12.05 72.18 49.31 JacobsEngg JEC 1.0 30 58.01 -1.86
-6.96 199.52 152.65 Avalonbay AVB 3.5 26 166.00 -0.23 -2.21 18.79 13.55 JamesHardie JHX 1.2 30 17.22 -0.28 -2.99 82.33 60.69 PetroChina PTR 1.2 36 67.85 -1.65 -3.77 139.24 109.10 UnitedTech UTX 2.3 22 122.76 -3.00
0.77 53.46 42.85 Avangrid AGR 3.4 41 50.97 -0.23 1.07 30.25 15.99 DiscoveryA DISCA ... dd 22.62 -0.01 35.28 14.93 7.61 PetroleoBrasil PBR ... dd 13.92 -0.06 1.59 250.79 164.60 UnitedHealth UNH 1.3 21 223.96 -5.11
-2.08 29.18 14.99 DiscoveryC DISCK ... dd 20.73 ... -17.25 41.64 30.24 JanusHenderson JHG 4.0 10 31.66 -0.54
-10.15 123.67 79.13 AveryDennison AVY 1.7 33 103.20 -2.87 11.33 163.75 128.58 JazzPharma JAZZ ... 19 149.91 -2.70 28.48 13.92 6.96 PetroleoBrasilA PBR.A ... dd 12.63 -0.01 4.54 128.15 95.26 UniversalHealthB UHS 0.3 15 118.50 -3.17
0.34 38.20 27.77 AxaltaCoating AXTA ...250 32.47 0.74 -6.66 116.10 96.20 Disney DIS 1.7 14 100.35 -1.76 -2.90 39.43 31.67 Pfizer PFE 3.9 10 35.17 -0.56 -15.12 58.73 43.55 UnumGroup UNM 2.0 11 46.59 -1.36
1.63 74.29 48.00 DolbyLab DLB 1.0100 63.01 -1.59 -10.70 24.13 18.05 JetBlue JBLU ... 6 19.95 -0.69
2.82 56.31 41.17 BB&T BBT 2.6 19 51.12 -1.77 -8.32 148.32 120.95 J&J JNJ 2.6328 128.10 -2.61 -4.38 123.55 95.51 PhilipMorris PM 4.2 26 101.02 -0.68 -12.07 8.94 6.62 VEREIT VER 8.0 dd 6.85 -0.09
-11.00 49.06 42.01 BCE BCE 5.7 18 42.73 -0.39 2.11 105.82 65.97 DollarGeneral DG 1.2 17 94.97 -1.43 -4.13 107.47 75.14 Phillips66 PSX 2.9 10 96.97 -0.80 3.12 84.38 51.22 VF VFC 2.4 47 76.31 -1.18
-8.00 116.65 65.63 DollarTree DLTR ... 14 98.72 -0.28 t -11.73 44.37 33.43 JohnsonControls JCI 3.1 21 33.64 -0.96
-5.11 50.79 33.37 BHPBilliton BHP 5.0 25 43.64 -0.84 15.05 178.75 103.58 JonesLang JLL 0.4 31 171.34 -2.84 -23.63 38.39 20.28 PilgrimPride PPC ... 9 23.72 0.24 -10.83 22.99 17.86 VICI Prop VICI ... 96 18.28 0.10
-3.13 45.43 28.73 BHPBilliton BBL 5.6 22 39.04 -0.54 t -18.31 85.30 66.10 DominionEner D 5.0 13 66.22 -1.12 -8.37 66.67 52.25 PinnacleFoods PF 2.4 12 54.49 0.41 3.23 126.88 88.13 Visa V 0.7 40 117.70 -3.49
-15.47 30.96 23.68 JuniperNetworks JNPR 3.0 31 24.09 -0.26
co Fo

6.94 107.00 74.48 BOK Fin BOKF 1.8 19 98.73 -1.73 22.49 236.93 166.74 Domino's DPZ 1.0 40 231.46 -4.33 -6.37 92.48 73.81 PinnacleWest PNW 3.5 18 79.75 -0.55 5.37 237.77 186.44 VailResorts MTN 2.6 28 223.87 -5.04
-10.26 52.20 42.59 Donaldson DCI 1.6 43 43.93 -0.87 6.12 56.75 40.27 KAR Auction KAR 2.6 20 53.60 -1.30
-0.64 44.62 33.83 BP BP 5.7 40 41.76 -0.16 -6.96 63.96 41.10 KB Fin KB ... 7 54.44 -1.33 -2.73 192.93 125.46 PioneerNatRscs PXD 0.2 35 168.13 -4.30 3.52 14.67 7.47 Vale VALE ... 12 12.66 -0.29
-9.11 21.16 15.41 BT Group BT 4.1 15 16.56 0.13 -12.81 41.59 34.72 DouglasEmmett DEI 2.8 62 35.80 -0.35 11.34 31.42 18.38 PlainsAllAmPipe PAA 5.2 24 22.98 -0.18 3.56 99.95 60.69 ValeroEnergy VLO 3.4 10 95.18 -0.68
-7.72 109.06 76.47 Dover DOV 2.0 18 93.19 -4.50 -4.99 24.50 16.77 KKR KKR 3.4 10 20.01 -0.32
6.78 67.69 45.79 BWX Tech BWXT 1.0 44 64.59 -0.64 -0.95 123.96 87.93 KLA Tencor KLAC 2.3 25 104.07 -4.64 5.83 31.77 18.98 PlainsGP PAGP 5.2 dd 23.23 -0.02 5.84 130.29 87.49 VarianMed VAR ... 95 117.64 -2.83
-6.14 274.97 171.17 Baidu BIDU ... 28 219.82 -5.75 -10.54 77.08 61.27 DowDuPont DWDP 2.4 41 63.71 -1.73 -3.80 137.66 77.91 PolarisIndustries PII 2.0 44 119.28 0.68 -16.66 21.99 13.78 Vedanta VEDL ... 13 17.36 -0.63
22.19 126.65 83.23 DrPepperSnap DPS 2.0 20 118.60 -0.05 -11.08 18.82 12.70 KT KT ... 16 13.88 -0.08
-6.51 40.82 25.53 BakerHughes BHGE 2.4 dd 29.58 -0.13 3.10 114.85 86.14 KSCitySouthern KSU 1.3 12 108.48 -3.74 12.70 150.26 97.25 Pool POOL 1.0 32 146.12 -1.51 28.29 78.28 50.09 VeevaSystems VEEV ... 76 70.92 -1.90
3.73 43.24 35.60 Ball BLL 1.0 35 39.26 -1.02 ... 34.37 27.75 DropBox DBX ... ... 30.24 -0.30 -7.43 166.95 117.40 Praxair PX 2.3 33 143.18 -3.53 -15.98 72.36 47.80 Ventas VTR 6.3 28 50.42 0.38
-7.07 91.80 72.93 DukeEnergy DUK 4.6 18 78.16 -0.44 -5.50 74.28 58.76 Kellogg K 3.4 18 64.24 -0.32
-9.06 9.54 7.22 BancoBilbaoViz BBVA 9.7 13 7.73 ... -5.35 22.40 16.28 KeyCorp KEY 2.2 17 19.09 -0.65 -15.52 75.58 57.62 PrincipalFin PFG 3.4 8 59.61 -1.70 2.84 127.24 87.02 VeriSign VRSN ... 32 117.69 -1.53
3.32 106.50 70.14 BancodeChile BCH 3.1 19 99.73 -0.77 -5.62 30.14 24.30 DukeRealty DRE 3.1 34 25.68 -0.29 -14.64 94.67 75.81 Procter&Gamble PG 3.5 21 78.43 -0.37 8.47 106.07 75.60 VeriskAnalytics VRSK ... 32 104.13 -1.32
9.88 37.48 29.44 ENI E ... 17 36.47 -0.02 21.56 55.21 35.05 KeysightTechs KEYS ...108 50.57 -1.48
-6.45 136.10 82.68 BancoMacro BMA 0.7 13 108.40 -1.59 -6.91 77.70 62.91 KilroyRealty KRC 2.4 46 69.49 -0.79 6.61 62.74 38.61 Progressive PGR 1.9 22 60.04 -1.21 -10.30 54.77 42.80 Verizon VZ 5.0 6 47.48 -0.76
8.28 34.98 23.16 BcoSantChile BSAC 3.1 18 33.86 -0.27 -5.54 119.00 81.99 EOG Rscs EOG 0.7 23 101.93 -2.45 -5.07 67.53 52.98 Prologis PLD 3.1 20 61.24 -0.52 2.93 178.25 111.32 VertxPharm VRTX ...148 154.25 -3.41
3.33 125.88 73.86 EPAM Systems EPAM ... 85 111.01 -2.68 -10.00 134.29 104.58 KimberlyClark KMB 3.7 17 108.60 -0.81
1.50 10.82 6.67 BcoSantMex BSMX ... 11 7.42 -0.05 -21.05 23.03 13.69 KimcoRealty KIM 7.8 29 14.33 -0.33 31.96 123.87 70.30 Proofpoint PFPT ... dd 117.19 -1.91 1.72 47.75 28.20 Viacom A VIA 2.3 7 35.50 0.20
-0.31 7.57 5.74 BancoSantander SAN 4.6 13 6.52 -0.08 -17.60 67.84 43.70 EQT EQT 0.3 7 46.90 -1.84 -11.00 127.14 97.88 PrudentialFin PRU 3.5 6 102.33 -2.58 0.29 45.59 22.13 Viacom B VIAB 2.6 6 30.90 0.13
11.44 58.49 33.06 E*TRADE ETFC ... 26 55.24 -1.60 -16.05 21.85 14.69 KinderMorgan KMI 3.31517 15.17 -0.33
17.42 48.74 36.38 BanColombia CIB 3.1 13 46.57 -0.19 -0.25 51.94 27.61 Knight-Swift KNX 0.6 16 43.61 -1.57 -2.11 55.36 41.12 Prudential PUK 3.6 21 49.71 -0.54 42.49 19.14 7.79 Vipshop VIPS ... 35 16.70 0.26
0.37 33.05 22.07 BankofAmerica BAC 1.6 19 29.63 -0.69 -0.69 69.25 48.76 EastWestBncp EWBC 1.3 17 60.41 -1.65 -2.72 53.28 41.67 PublicServiceEnt PEG 3.6 16 50.10 -0.63 s 95.08 36.60 13.10 VirtuFinancial VIRT 2.7162 35.70 -0.45
11.02 112.45 76.11 EastmanChem EMN 2.2 10 102.85 -2.47 18.02 69.48 35.16 Kohl's KSS 3.8 12 64.00 -2.91
-5.69 84.71 66.75 BankofMontreal BMO 3.9 14 75.47 -0.67 1.46 42.35 31.40 KoninklijkePhil PHG 2.6 19 38.35 -0.24 -4.65 232.21 180.48 PublicStorage PSA 4.0 30 199.28 -2.08 7.42 21.43 14.50 VistraEnergy VST ... dd 19.68 -0.54
-6.52 58.99 45.88 BankNY Mellon BK 1.9 13 50.35 -1.38 -3.85 89.85 69.82 Eaton ETN 2.0 11 75.97 -3.28 -9.68 35.21 21.41 PulteGroup PHM 1.2 21 30.03 -0.78 -5.32 165.00 85.45 VMware VMW ... 88 118.65 -3.16
-3.62 60.95 42.20 EatonVance EV 2.3 22 54.35 -1.51 -9.54 20.38 14.12 KoreaElcPwr KEP ... 19 16.02 -0.23
-6.48 66.78 53.86 BkNovaScotia BNS 4.3 11 60.35 -0.64 -22.15 93.88 59.48 KraftHeinz KHC 4.1 7 60.54 -0.77 0.97 36.34 27.74 Qiagen QGEN ...201 31.23 -0.78 -9.66 32.75 25.54 Vodafone VOD 4.2 dd 28.82 0.04
-3.36 53.70 40.15 BankofOzarks OZRK 1.7 14 46.82 -1.76 3.58 46.99 31.89 eBay EBAY ... dd 39.09 -0.94 4.68 86.84 62.68 Qorvo QRVO ...349 69.72 -1.69 -14.63 83.52 64.13 VornadoRealty VNO 3.8 80 66.74 -1.03
s 4.17 141.99 124.46 Ecolab ECL 1.2 27 139.78 -1.47 -13.41 31.45 19.69 Kroger KR 2.1 11 23.77 -0.04
9.17 12.47 9.29 Barclays BCS 1.9 dd 11.90 -0.13 -16.07 71.92 53.79 Kyocera KYO ... 18 54.98 -1.73 -17.03 69.28 48.92 Qualcomm QCOM 4.3 dd 53.12 -1.92 0.10 54.87 33.53 VoyaFinancial VOYA 0.1 dd 49.52 -1.20
-12.30 20.36 11.07 BarrickGold ABX 0.9 10 12.69 0.12 32.33 20.55 8.61 Ecopetrol EC ... 18 19.36 -0.32 -1.16 112.97 90.10 QuestDiag DGX 2.1 18 97.35 -2.48 -11.54 141.20 109.96 VulcanMatls VMC 1.0 25 113.56 -3.43
0.22 83.38 57.63 EdisonInt EIX 3.8 37 63.38 -0.28 12.45 17.39 10.53 LATAMAirlines LTM 0.4 58 15.63 0.02
-1.16 72.58 52.27 BaxterIntl BAX 1.0 50 63.89 -1.63 -36.57 63.10 35.00 L Brands LB 6.3 11 38.20 -0.53
0.67 248.39 175.66 BectonDicknsn BDX 1.4165 215.50 -4.63 22.00 143.22 92.90 EdwardsLife EW ... 51 137.51 -3.40 RS WXYZ
t -17.66 17.05 11.28 LG Display LPL ... 5 11.33 -0.27
n-

68.32 182.79 34.36 BeiGene BGNE ... dd 164.48 0.13 12.66 131.13 88.07 ElectronicArts EA ... 37 118.36 -2.87
-4.85 74.45 56.77 EmersonElec EMR 2.9 27 66.31 -2.10 -3.03 47.81 32.69 LINE LN ...136 39.75 0.10 -8.19 23.30 18.52 RELX RENX 3.7 26 21.18 0.02 -10.02 162.20 111.68 WABCO WBC ... 17 129.12 -3.84
0.77 74.43 62.00 Berkley WRB 0.8 17 72.20 -1.13 -6.12 43.86 27.85 LKQ LKQ ... 22 38.18 -0.55
-1.38 217.62 160.93 BerkHathwy B BRK.B ... 11 195.49 -5.36 -28.96 19.58 9.05 EnbridgeEnPtrs EEP 14.3 19 9.81 -0.18 -9.32 24.03 19.73 RELX RELX 3.6 27 21.49 -0.05 -5.10 70.09 58.92 WEC Energy WEC 3.5 17 63.04 -0.33
-20.15 42.92 29.54 Enbridge ENB 6.8 24 31.23 -0.26 5.02 218.71 159.43 L3 Tech LLL 1.5 24 207.78 -5.29 -10.15 56.69 46.36 RPM RPM 2.7 18 47.10 -1.62 8.53 163.25 97.26 WEX WEX ... 41 153.27 -5.76
0.30 326350 242180 BerkHathwy A BRK.A ... 11 298500 -3250.00 1.34 181.72 134.19 LabCpAm LH ... 13 161.65 -3.41
-7.87 61.71 47.49 BerryGlobal BERY ... 16 54.05 -1.13 -18.08 14.31 8.01 Encana ECA 0.5 13 10.92 -0.20 1.94 47.17 28.76 RSP Permian RSPP ... 28 41.47 -2.11 -9.55 72.41 59.23 W.P.Carey WPC 6.5 37 62.32 -0.10
3.57 234.88 124.91 LamResearch LRCX 1.0 21 190.65 -4.37 7.79 119.33 66.06 RalphLauren RL 1.8 dd 111.77 -2.62 -10.40 113.51 76.68 WPP WPP 6.3 9 81.14 1.48
2.95 78.59 47.68 BestBuy BBY 2.6 22 70.49 -1.63 16.54 59.70 42.21 EncompassHealth EHC 1.7 21 57.58 -1.42
-13.93 79.17 61.36 LamarAdv LAMR 5.7 20 63.90 -0.54 -19.38 108.29 77.70 RandgoldRscs GOLD 2.5 27 79.73 0.82 -1.56 93.81 69.20 Wabtec WAB 0.6 29 80.16 -1.30
2.28 279.59 199.94 Bio-RadLab A BIO ... 64 244.10 -3.37 6.18 12.11 9.07 EnelAmericas ENIA 0.8 19 11.86 0.08
9.44 62.84 40.75 LambWeston LW 1.2 29 61.78 0.31
no

-19.12 370.57 244.28 Biogen BIIB ... 22 257.65 -7.33 9.33 6.55 5.03 EnelChile ENIC 2.0 11 6.21 -0.08 -5.02 99.26 71.35 RaymondJames RJF 1.2 21 84.82 -3.55 -12.60 87.79 61.73 WalgreensBoots WBA 2.5 16 63.47 -1.18
-0.39 79.84 55.18 LasVegasSands LVS 4.3 20 69.22 -1.89 14.94 222.82 150.72 Raytheon RTN 1.6 31 215.91 -3.48 -12.21 109.98 71.80 Walmart WMT 2.4 27 86.69 -1.12
t -14.76 100.51 75.81 BioMarinPharm BMRN ... dd 76.01 -2.69 -8.73 29.41 21.65 EnelGenChile EOCC 2.0 10 24.56 -0.03
-0.38 60.00 40.50 Lazard LAZ 13.1 28 52.30 -0.88 -8.66 62.31 47.25 RealtyIncome O 5.1 47 52.08 -0.29 2.00 74.59 58.33 WasteConnections WCN 0.8 33 72.36 -0.39
8.04 53.00 41.10 BlackKnight BKI ... 32 47.70 -1.05 6.29 63.81 46.16 Energen EGN ... 20 61.19 -1.70
7.10 202.42 132.01 Lear LEA 1.5 10 189.21 -4.15 24.20 167.36 84.16 RedHat RHT ...107 149.17 -1.90 -2.42 89.73 70.08 WasteMgt WM 2.2 19 84.21 -1.81
-8.77 14.55 7.51 BlackBerry BB ... 11 10.19 -0.28 -17.79 19.55 12.80 EnergyTransferEq ETE 8.6 17 14.19 -0.18
-7.96 54.97 41.25 Leggett&Platt LEG 3.3 21 43.93 -1.06 -15.15 70.64 54.87 RegencyCtrs REG 3.8 83 58.70 -0.97 0.87 220.20 154.36 Waters WAT ...1026 194.88 -6.82
1.21 594.52 375.51 BlackRock BLK 2.2 17 519.92 -18.48 -7.70 24.64 15.06 EnergyTransfer ETP 13.7 7 16.54 -0.21
0.45 70.11 49.91 Leidos LDOS 2.0 27 64.86 -1.62 -14.99 543.55 313.53 RegenPharm REGN ... 31 319.61 -8.98 s 9.32 189.72 134.08 Watsco
-3.15 37.52 28.85 Blackstone BX 11.0 14 31.01 -0.29 -2.96 87.95 71.95 Entergy ETR 4.5 35 78.98 -0.78 WSO 3.1 33 185.88 -3.37
-2.62 72.17 48.50 Lennar A LEN 0.3 18 61.58 -2.42 5.50 20.21 13.00 RegionsFin RF 2.0 18 18.23 -0.61 -16.98 100.14 41.59 Wayfair W ... dd 66.64 -1.48
21.74 40.15 21.51 BlueBuffaloPet BUFF ... 41 39.92 -0.01 -8.64 29.51 23.10 EnterpriseProd EPD 7.0 19 24.22 -0.20
-3.75 58.65 40.49 Lennar B LEN.B 0.3 15 49.74 -2.06 -4.17 165.12 121.92 ReinsGrp RGA 1.3 5 149.42 -3.04 9.80 142.12 48.82 Weibo WB ... 72 113.60 -2.53
-8.65 236.17 74.45 bluebirdbio BLUE ... dd 162.70 -7.45 -0.29 147.02 89.59 Equifax EFX 1.3 24 117.58 -2.04
-4.01 223.05 160.18 LennoxIntl LII 1.0 28 199.90 -5.23 -3.22 95.97 68.46 RelianceSteel RS 2.4 10 83.03 -3.54 -5.03 221.75 142.53 WellCareHealth WCG ... 23 191.00 -5.29
10.58 371.60 175.47 Boeing BA 2.1 24 326.12 -10.28 -10.19 495.35 370.79 Equinix EQIX 2.2136 407.04 -6.55
t -17.82 28.30 21.61 LeucadiaNatl LUK 1.8 50 21.77 -0.71 -13.91 66.31 49.27 WellsFargo
17.01 2228.99 1630.56 BookingHldgs BKNG ... 44 2033.41 -57.68 -2.28 91.94 78.85 EquityLife ELS 2.5 40 86.99 0.06 -1.12 69.40 60.26 RepublicSvcs RSG 2.1 18 66.85 -1.27 WFC 3.0 13 52.23 -1.03
-3.14 104.35 80.39 LibertyBroadbandA LBRDA ... 7 82.38 -1.18 10.54 104.78 67.04 ResMed RMD 1.5 47 93.62 -1.59 -13.74 78.17 51.63 Welltower WELL 6.3168 55.01 0.28
0.35 58.22 37.54 BorgWarner BWA 1.3 25 51.27 -1.20 -1.13 70.45 54.97 EquityResdntl EQR 3.4 55 63.05 -0.24
-3.22 104.66 80.41 LibertyBroadbandC LBRDK ... 7 82.42 -1.29 -8.98 68.89 54.00 RestaurantBrands QSR 3.2 35 55.96 -0.63 -15.56 103.36 77.97 WestPharmSvcs WST 0.7 42 83.32 -1.70
-6.98 137.35 111.57 BostonProps BXP 2.6 41 120.96 -1.31 -7.04 7.47 5.52 Ericsson ERIC 2.0 dd 6.21 -0.02
-10.31 37.86 27.36 LibertyGlobal C LBTYK ... dd 30.35 -0.90 -4.50 59.25 37.66 RioTinto RIO -2.88 57.32 47.06 WestarEnergy WR 3.1 23 51.28 -0.73
10.33 29.93 24.31 BostonSci BSX ...391 27.35 -0.74 0.42 270.04 214.03 EssexProp ESS 3.1 37 242.38 0.88 7.1 10 50.55 -0.97
s 18.08 153.14 83.67 EsteeLauder -12.50 39.73 28.17 LibertyGlobal A LBTYA ... dd 31.36 -0.87 2.90 60.59 42.92 RobertHalf RHI 2.0 25 57.15 -2.08 -1.13 62.49 44.64 WestAllianceBcp WAL ... 18 55.98 -2.00
4.95 33.73 17.44 Braskem BAK 2.7 ... 27.56 -0.51 EL 1.0 52 150.25 -1.23
2.13 29.11 20.56 LibertyQVC A QRTEA ... 6 24.94 -0.63 -13.95 210.72 148.31 Rockwell ROK 10.36 106.96 76.59 WesternDigital WDC 2.3 73 87.77 -2.76
2.23 105.04 70.79 BrightHorizons BFAM ... 37 96.10 -3.00 14.91 277.17 208.81 EverestRe RE 2.0 23 254.25 -2.14 2.0 59 168.96 -5.97
-12.88 41.14 28.37 LibertyFormOne C FWONK ... 32 29.76 -0.43 -1.27 139.63 96.13 RockwellCollins COL -12.38 46.83 31.83 WesternGasEquity WGP 6.7 19 32.56 -0.53
-14.32 75.00 49.05 BrighthouseFin BHF ... dd 50.24 -1.68 -5.59 66.15 55.93 EversourceEner ES 3.4 19 59.65 -0.36 1.0 25 133.90 -1.41
-13.23 39.37 27.22 LibertyFormOne A FWONA ... 30 28.39 -0.52 -10.19 54.95 43.11 RogersComm B RCI -11.69 61.78 40.44 WesternGasPtrs WES 8.7 29 42.47 -0.53
-0.65 70.05 51.56 Bristol-Myers BMY 2.6103 60.88 -1.43 -30.62 32.50 18.03 Exelixis EXEL ... 43 21.09 -1.01 3.4 18 45.74 -0.53
2.49 26.52 21.35 LibertyBraves A BATRA ...377 22.60 -0.43 7.97 53.00 36.13 Rollins ROL -1.89 22.21 18.38 WesternUnion WU 4.1 dd 18.65 -0.43
-10.03 73.41 53.38 BritishAmTob BTI 4.5 1 60.27 0.20 -1.98 42.67 33.30 Exelon EXC 3.6 10 38.63 -0.37 1.1 61 50.24 -1.05
2.48 26.20 21.53 LibertyBraves C BATRK ...380 22.77 -0.46 0.62 121.30 59.58 WestlakeChem WLK
-10.91 285.68 208.46 Broadcom AVGO ... 13 228.87 -7.44 -10.20 161.00 98.52 Expedia EXPE 1.1 45 107.55 -2.56 3.41 292.97 204.77 RoperTech ROP 0.6 29 267.84 -7.30 0.8 11 107.19 -3.44
3.43 46.43 36.33 LibertySirius A LSXMA ... 12 41.02 -0.16 -9.02 26.72 21.73 WestpacBanking WBK
17.63 110.05 66.49 BroadridgeFinl BR 1.4 34 106.55 -2.46 -4.79 67.63 51.96 ExpeditorsIntl EXPD 1.4 23 61.59 -1.86 -3.49 85.66 52.85 RossStores ROST 1.2 22 77.45 -2.32 6.5 13 22.18 -0.19
2.98 46.24 36.11 LibertySirius C LSXMK ... 12 40.84 -0.17 -0.89 71.55 49.23 WestRock
-11.46 44.33 36.07 BrookfieldMgt BAM 1.6 29 38.55 -0.61 -9.06 85.07 55.80 ExpressScripts ESRX ... 9 67.88 -1.30 -6.59 87.10 66.66 RoyalBkCanada RY 3.9 13 76.27 -0.85 WRK 2.7 9 62.65 -1.80
-8.86 45.40 37.77 LibertyProperty LPT 4.1 22 39.20 -0.29
-7.16 46.88 37.54 BrookfieldInfr BIP 4.5 dd 41.60 -0.37 -0.72 88.56 71.34 ExtraSpaceSt EXR 3.6 23 86.82 -0.96 -3.01 8.74 5.66 RoyalBkScotland RBS ... 47 7.41 -0.05 0.62 37.89 30.95 Weyerhaeuser WY 3.6 46 35.48 -0.26
-9.01 89.09 73.69 EliLilly LLY 2.9 dd 76.85 -1.77
-2.49 26.93 20.66 Brown&Brown BRO 2.4 18 25.09 -0.37 -10.49 89.30 72.16 ExxonMobil XOM 4.1 16 74.87 -1.15 -3.73 135.65 93.86 RoyalCaribbean RCL 2.1 15 114.83 -2.99 -6.91 22.72 18.32 WheatonPrecMet WPM 1.7158 20.60 0.17
-3.84 101.34 81.85 LincolnElectric LECO 1.8 24 88.06 -3.06
-0.94 56.81 36.33 Brown-Forman B BF.B 1.2 35 54.42 -0.87 7.23 153.91 114.63 F5Networks FFIV ... 22 140.71 -2.53 -1.36 72.43 51.08 RoyalDutchA RDS.A 5.7 21 65.80 -0.33 -11.93 202.99 145.59 Whirlpool WHR 3.0 33 148.52 -4.09
-10.03 86.68 62.67 LincolnNational LNC 1.9 7 69.16 -2.18 t -20.04 33.67 24.00 Williams
6.43 56.10 34.34 Brown-Forman A BF.A 1.2 27 53.20 -0.95 -17.46 98.70 69.93 FMC FMC 0.8 20 78.13 -1.41 -1.51 74.60 53.10 RoyalDutchB RDS.B 5.6 21 67.26 -0.52 WMB 5.6 9 24.38 -0.42
-11.32 49.11 30.50 LiveNationEnt LYV ... dd 37.75 -1.22
-24.74 69.95 35.24 BuckeyePtrs BPL 13.5 11 37.29 -0.56 -10.91 195.32 138.81 Facebook FB ... 29 157.20 -2.14 17.34 127.61 84.75 Ryanair RYAAY ... 18 122.26 -1.19 -13.43 44.06 32.74 WilliamsPartners WPZ 7.1 36 33.57 -0.65
1.07 4.21 3.15 LloydsBanking LYG 6.0 17 3.79 0.01
12.69 83.75 63.87 Bunge BG 2.4 85 75.59 0.45 0.46 217.36 155.09 FactSet FDS 1.2 31 193.65 -3.10 -6.23 116.90 96.04 SAP SAP 1.3 27 105.36 -0.08 -3.01 165.00 125.66 WillisTowers WLTW 1.6 35 146.15 -2.35
4.24 363.00 266.01 LockheedMartin LMT 2.4 49 334.66 -11.99
11.31 138.45 79.07 BurlingtonStrs BURL ... 25 136.94 -0.19 -1.90 58.73 39.79 Fastenal FAST 2.8 27 53.65 -1.94 10.58 197.76 128.26 S&P Global SPGI 1.1 32 187.32 -2.42 -5.30 6.40 4.75 Wipro WIT 0.6 22 5.18 -0.05
-1.30 53.59 45.01 Loews L 0.5 14 49.38 -1.13
-0.30 37.25 30.45 CA CA 3.1 33 33.18 -0.73 -12.82 138.12 106.41 FederalRealty FRT 3.5 40 115.78 -2.50 3.90 177.67 119.53 SBA Comm SBAC ...197 169.73 -1.96 -13.90 53.50 35.93 WooriBank WF 3.3 7 38.48 -0.97
6.66 43.54 30.64 LogitechIntl LOGI 1.8 30 35.88 -0.33
-14.34 25.90 18.26 CBD Pao CBD ... 24 20.19 -0.22 -6.11 274.66 182.89 FedEx FDX 0.9 14 234.29 -6.78 1.28 78.35 49.45 SEI Investments SEIC 0.8 29 72.78 -1.85 20.48 140.00 80.76 Workday WDAY ... dd 122.58 -3.42
-0.52 134.80 98.95 LogMeIn LOGM 1.1 64 113.90 -0.25
7.90 48.39 32.46 CBRE Group CBRE ... 23 46.73 -1.06 15.18 131.20 69.59 Ferrari RACE ... 38 120.75 -0.59 -3.62 124.60 63.05 Sina SINA ... 46 96.68 -2.63 8.55 85.53 59.10 Worldpay WP ...101 79.84 -1.82
-5.06 108.98 70.76 Lowe's LOW 1.9 22 88.24 -0.51
-10.44 69.31 49.24 CBS B CBS 1.4 47 52.84 -0.04 25.06 24.95 9.56 FiatChrysler FCAU ... 9 22.31 -0.27 9.32 64.43 50.67 SINOPEC SHI 7.6 7 62.31 0.31 -4.82 127.96 83.80 Wyndham WYN 2.4 13 110.28 -3.16
14.02 91.44 47.26 lululemon LULU ... 47 89.61 -1.66
-11.12 70.00 49.33 CBS A CBS.A 1.4 47 53.13 -0.01 34.29 22.05 8.70 FibriaCelulose FBR ... 32 19.74 0.18 -13.76 28.97 23.01 SK Telecom SKM ... 7 24.07 -0.15 5.87 203.63 112.91 WynnResorts WYNN 1.1 25 178.49 -2.75
-8.64 121.95 78.01 LyondellBasell LYB 4.0 8 100.79 -4.06
-10.93 76.04 59.33 CDK Global CDK 0.9 28 63.49 -0.80 -1.83 42.52 27.52 FidNatlFin FNF 3.1 16 38.52 -0.44 -6.35 109.95 89.46 SLGreenRealty SLG 3.4107 94.52 -1.48 5.07 106.20 44.85 XPO Logistics XPO ... 40 96.23 -2.41
-2.22 76.73 55.80 CDW CDW 1.2 20 67.95 -1.77 1.53 103.65 79.43 FidNatlInfo FIS 1.3 24 95.53 -1.93 19.37 53.99 34.75 SS&C Tech SSNC 0.6 31 48.32 0.15 -5.49 52.22 41.51 XcelEnergy XEL 3.3 20 45.47 -0.22
-13.42 45.00 25.04 CF Industries CF 3.3 24 36.83 -1.75 2.97 34.57 23.20 FifthThirdBncp FITB 2.0 11 31.24 -1.09
MN 0.98 271.79 159.44 SVB Fin SIVB ... 26 236.06 -6.22 -4.01 37.42 26.64 Xerox XRX 3.6 47 27.98 -0.30
5.63 59.89 46.40 CGI Group GIB ... 21 57.39 -0.51 7.55 87.65 34.84 58.com WUBA ... 60 76.97 -1.19 6.26 197.37 141.12 M&T Bank MTB 1.7 21 181.69 -4.87 -14.20 195.97 59.57 SageTherap SAGE ... dd 141.32 -6.08 -1.66 78.02 54.99 Xilinx XLNX 2.1 35 66.30 -4.40
1.56 100.18 63.41 CH Robinson CHRW 2.0 25 90.48 -2.81 0.71 62.71 37.80 FirstAmerFin FAF 2.7 15 56.44 -1.31 2.22 38.41 27.01 MGM Resorts MGM 1.4 10 34.13 -1.44 13.57 128.87 83.00 Salesforce.com CRM ...683 116.10 -2.94 10.56 79.83 48.81 Xylem XYL 1.1 41 75.40 -2.20
3.76 56.14 42.50 CIT Group CIT 1.3 30 51.08 -1.58 -7.42 19.23 14.67 FirstData FDC ... 10 15.47 -0.35 16.83 128.28 64.75 MKS Instrum MKSI 0.7 18 110.40 -3.10 -6.63 50.65 38.14 Sanofi SNY 4.6 24 40.15 -0.07 -7.77 26.70 18.41 YPF YPF 0.9 12 21.13 -0.25
8.36 171.71 114.82 CME Group CME 1.8 13 158.26 -4.73 -7.10 20.86 15.84 FirstHorizonNatl FHN 2.6 27 18.57 -0.63 -8.91 39.38 30.88 MPLX MPLX 7.5 22 32.31 -0.73 -14.98 19.02 11.12 SantanderCons SC 1.3 5 15.83 -0.54 -13.21 142.97 42.90 YY YY ... 16 98.12 -4.37
-4.19 50.85 40.48 CMS Energy CMS 3.2 28 45.32 -0.24 3.68 105.52 84.56 FirstRepBank FRC 0.8 21 89.83 -1.98 13.84 159.98 95.01 MSCI MSCI 1.1 43 144.05 -2.46 1.26 38.75 26.92 Sasol SSL 2.4 16 34.64 0.48 20.27 44.49 21.40 Yandex YNDX ... ... 39.39 -0.74
-8.67 55.62 43.15 CNA Fin CNA 2.5 15 48.45 -1.12 3.23 76.61 26.41 FirstSolar FSLR ... dd 69.70 -1.94 -12.68 69.73 52.12 Macerich MAC 5.2 79 57.35 -1.05 -4.50 80.89 61.02 Schlumberger SLB 3.1 dd 64.36 -1.41 3.49 86.93 63.54 YumBrands YUM 1.7 22 84.46 -1.55
-0.55 166.23 108.05 CNOOC CEO 5.4 18 142.77 -1.07 11.69 35.22 27.93 FirstEnergy FE 4.2 dd 34.20 -0.15 18.30 31.04 17.41 Macy's M 5.1 6 29.80 -1.13 -2.45 58.11 37.16 SchwabC SCHW 0.8 31 50.11 -2.24 -3.67 48.75 30.67 YumChina YUMC 1.0 38 38.55 -1.45
26.43 17.69 10.63 CPFLEnergia CPL 1.9 28 14.54 -0.04 6.52 74.45 57.56 Fiserv FISV ... 24 69.84 -1.40 16.25 254.50 189.96 MadisonSquGarden MSG ... 77 245.12 0.34 35.33 61.19 30.60 Seagate STX 4.5 26 56.62 -1.63 -5.99 18.08 11.92 ZTO Express ZTO ... 29 14.90 -0.25
-5.93 39.32 32.47 CRH CRH 3.5 13 33.95 -0.34 2.03 213.74 121.52 FleetCorTech FLT ... 25 196.34 -3.87 -14.97 78.00 54.82 MagellanMid MMP 6.1 16 60.32 -0.02 -14.06 49.94 40.76 SealedAir SEE 1.5 52 42.37 -1.01 -1.41 37.95 29.73 ZayoGroup ZAYO ...107 36.28 -0.17
-1.20 60.04 46.04 CSX CSX 1.6 9 54.35 -1.25 -11.12 19.71 14.70 Flex FLEX ... 16 15.99 -0.40 3.37 59.99 39.50 MagnaIntl MGA 2.3 10 58.58 -0.53 -6.41 71.31 45.31 SeattleGenetics SGEN ... dd 50.07 -1.80 30.48 148.71 86.82 ZebraTech ZBRA ...435 135.44 -3.74
-12.58 84.00 60.14 CVS Health CVS 3.2 10 63.38 -1.28 7.66 52.88 33.95 FlirSystems FLIR 1.3 64 50.19 -1.09 -12.16 136.93 97.15 Manpower MAN 1.7 14 110.78 -4.98 -26.64 9.14 4.49 SemicondctrMfg SMI ... 33 6.28 -0.33 29.23 59.73 33.62 Zillow A ZG ... dd 52.65 -0.32
-18.99 29.57 21.40 CabotOil COG 1.0105 23.17 -0.77 2.49 51.92 37.51 Flowserve FLS 1.82159 43.18 -1.63 -12.70 22.16 16.62 ManulifeFin MFC 3.9 25 18.21 -0.40 3.94 122.97 100.63 SempraEnergy SRE 3.2111 111.13 -0.40 28.74 59.99 33.77 Zillow C Z ... dd 52.68 -0.26
-14.16 46.00 30.92 CadenceDesign CDNS ... 49 35.90 -1.08 9.82 62.09 37.04 Fluor FLR 1.5 42 56.72 -1.82 -4.08 19.52 10.55 MarathonOil MRO 1.2 dd 16.24 -0.56 1.02 40.28 30.39 ServiceCorp SCI 1.8 13 37.70 -0.45 t -12.84 133.49 104.28 ZimmerBiomet ZBH 0.9 12 105.18 -3.17
-13.04 14.50 9.45 CaesarsEnt CZR ... dd 11.00 -0.50 -0.09 103.82 84.32 FomentoEconMex FMX 1.6 30 93.82 -1.55 9.81 74.92 47.78 MarathonPetrol MPC 2.5 11 72.45 -0.96 -0.88 55.36 36.34 ServiceMaster SERV ... 13 50.82 -0.79 1.20 57.29 38.43 ZionsBancorp ZION 1.6 20 51.44 -1.45
-7.79 96.39 78.19 CamdenProperty CPT 3.6 40 84.89 -0.14 -10.49 13.48 10.14 FordMotor F 5.4 6 11.18 -0.17 0.79 1194.98 936.95 Markel MKL ... 45 1148.16 -13.07 24.96 176.56 84.03 ServiceNow NOW ... dd 162.94 -2.83 12.40 85.73 52.36 Zoetis ZTS 0.6 46 80.97 -2.55

New Highs and Lows | WSJ.com/newhighs Stock


52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
NII Holdings NIHD 2.61 6.6 TexasRoadhouse TXRH 61.74 0.4 CalitheraBiosci CALA 5.35 -6.8 FlexSolInt FSI 1.33 ... Luxoft LXFT 39.03 -2.9 ShellMidstream SHLX 19.42 -0.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American NatlEnerSvs NESR 10.03 ... Total TOT 59.95 -0.5 CelldexTherap CLDX 1.98 -3.9 GEE Group JOB 2.24 -4.8 McDermottIntl MDR 5.38 -4.6 SolGelTech SLGL 8.99 3.3
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest NewYork NWY 4.03 2.6 TownSports CLUB 8.50 1.8 ChickenSoupEntA CSSE 6.26 -3.9 GabelliUtilityRt GUTr 0.07 -1.8 MelintaTherap MLNT 6.65 -2.8 SpragueRscs SRLP 22.85 -2.5
session. % CHG-Daily percentage change from the previous trading session. NewaterTech NEWA 25.00 -0.9 VirtuFinancial VIRT 36.60 -1.2 ChinaLifeIns LFC 13.49 -1.8 GenieEnergy GNE 3.86 0.5 NN NNBR 21.40 -2.4 SteadyMed STDY 2.80 -1.8
NexeoSolutions NXEO 11.00 0.2 Watsco WSO 189.72 -1.8 CitigrpCapXIIIPf CpN 25.06 -0.5 GovtPropIncoTr GOV 12.25 -1.6 NabrivaTherap NBRV 4.39 -2.0 StellarBiotech SBOT 0.70 -5.1
NexeoSolutionsWt NXEOW 0.89 3.0 WellesleyBancorp WEBK 31.25 2.0 Cloudera CLDR 12.90 -5.3 GrayTelevision GTN 11.65 -0.4 NaviosMaritimeMid NAP 3.30 -8.3 Synnex SNX 94.33 -2.6
Friday, April 6, 2018
NextEraEnergyUn NEEpQ 73.03 1.1 Coherent COHR 172.81 -1.5 GrayTelevision A GTN.A 10.10 -3.8 NewYorkMtgPfdD NYMTN 22.93 -0.5 TC PipeLines TCP 30.60 -3.5

Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
NuSkinEnts NUS
OpesAcquisition OPES
75.82
9.88
-2.6
1.9
Lows Colfax
Collplant
CFX
CLGN
30.09 -4.8 GreentreeHospital
5.22 -19.7 Hawkins
GHG 12.26 0.9 NewLinkGenetics NLNK 3.95 -42.6 TakungArt
TechData
TKAT
TECD
1.88 -1.5
76.89 -1.9
HWKN 31.80 -1.8 NightstarTherap NITE 10.01 -1.6
PJT Partners PJT 54.01 -1.3 ABMIndustries ABM 32.34 -2.7 CompassPfdA CODIpA 21.86 -0.7 TeekayLNG PfdA TGPpA 24.26 -0.4
CentralGarden CENT 43.30 -1.0 Genprex GNPX 5.89 31.7 AEGONNotes AEK 25.50 ... CompassPfd HeartlandExp HTLD 17.51 -2.0 Orbcomm ORBC 8.63 -4.0
PRGXGlobal PRGX 9.90 -0.5 CODIpB 22.75 -1.0 TelInstrElec TIK 2.06 -2.2
Highs CharterFin
ChinaPetrol
CHFN
SNP
22.15
92.60
-1.7
-0.6
Gentex
Guess
GNTX
GES
24.08 -1.1
23.20 -0.6
PalatinTech PTN 1.30 2.5 AllianceResource ARLP 16.75 -0.6 ConatusPharm CNAT 3.85 -2.2
Hersha Pfd E
Huami
HTpE
HMI
22.66
9.58
-0.7
-2.6
OnconovaTherap ONTX
OneStopSystems OSS
0.78
4.10
-9.5
1.7
TransWorldEnt TWMC 0.95 -7.7
PerryEllis PERY 28.00 -0.6 Altimmune ALT 0.88 -2.3 Corning GLW 26.31 -3.3 USA Tech Pfd USATP 20.75 -5.0
Abercrombie&Fitch ANF 27.54 2.5 CitiTrends CTRN 32.30 0.6 HailiangEduc HLG 78.23 -1.2 HudbayMineralsWt HBM.WS 0.04 -4.1 OpesAcqnWt OPESW 0.33 -5.0
PhibroAnimal PAHC 41.65 2.5 AmShrHosp AMS 2.34 -5.9 CrossTimbers CRT 14.01 -0.6 US Concrete USCR 58.15 -2.8
AllstatePfdG ALLpG 25.23 ... ColliersIntl CIGI 71.40 -1.7 Herbalife HLF 101.59 -0.9 Incyte INCY 63.43 -22.9 OriginAgritech SEED 0.64 -1.0
PriceSmart PSMT 93.55 5.5 AnteroMidstream AM 24.32 -2.8 DDR PfdJ DDRpJ 22.69 -0.6 UltraPetroleum UPL 3.40 -7.4
AtHomeGroup HOME 35.60 -1.0 IFON 4.49 -13.8 OrionEnergySys OESX 0.70 -4.2
ColumbiaSportswr COLM 80.22 -1.2 HoustonWire HWCC 7.90 1.9 QuorumHealth QHC 9.95 0.5 ApricusBiosci APRI 0.36 -0.8 DDR PfdK DDRpK 22.02 -0.2 InfoSonics ValmontInds VMI 137.90 -3.2
BGStaffing BGSF 19.70 -0.9 IMTE 3.00 -3.2 PKD 0.52 -3.8
DelekUS DK 43.42 -1.3 ICF Intl ICFI 65.40 -1.4 RBB Bancorp RBB 28.00 0.4 ArcusBiosci RCUS 14.14 -4.7 Dermira DERM 6.98 -6.3 IntegratedMedia ParkerDrilling VascularBiogenics VBLT 2.00 1.2
BloominBrands BLMN 25.00 -0.4 Denny's DENN 16.37 0.4 Independence IHC 37.00 0.6 RayonierAdvMatls RYAM 22.23 -1.6 AstaFunding ASFI 3.35 -2.9 DigitalRealtyPfdC DLRpC 26.07 -0.2 InternetGold IGLD 4.67 -1.7 PurpleInnovation PRPL 7.88 -6.0 ViveveMedical VIVE 3.12 -3.0
BrookfieldBusPtr BBU 41.42 -1.2 Ecolab ECL 141.99 -1.0 KBLMergerIV KBLMU 10.45 0.4 RockyBrands RCKY 22.80 1.3 BRF BRFS 6.35 0.6 DominionEnerUn DCUD 45.80 -0.7 Iteris ITI 4.09 -9.5 Qudian QD 10.91 -5.0 VornadoPfdM VNOpM 22.57 -0.4
CASI Pharm CASI 7.59 14.0 EsteeLauder EL 153.14 -0.8 MagellanHealth MGLN 110.10 -2.4 Senseonics SENS 3.75 5.7 BioMarinPharm BMRN 75.81 -3.4 DominionEner D 66.10 -1.7 JohnsonControls JCI 33.43 -2.8 RangerEnergySvcs RNGR 6.90 -3.4 vTvTherap VTVT 3.35 -7.3
CaledoniaMining CMCL 8.30 -1.0 FennecPharm FENC 14.34 8.0 ManhattanBridge LOAN 7.40 2.8 Statoil STO 24.55 -0.7 BlinkCharging BLNK 2.15 -9.6 DominionEnerMid DM 14.65 -2.6 LG Display LPL 11.28 -2.3 ReinsuranceGrpDeb RZB 25.90 -0.4 WRBerkleyDeb58 WRBpE 24.34 -0.1
Caleres CAL 36.00 -1.7 51job JOBS 89.59 -0.6 MarroneBioInnova MBII 3.39 21.7 TailoredBrands TLRD 28.79 0.3 BlinkChargingWt BLNKW 0.35 -23.1 Echelon ELON 4.10 -3.8 LejuHoldings LEJU 1.05 -1.8 resTORbio TORC 8.26 -11.3 Williams WMB 24.00 -1.7
CallawayGolf ELY 17.24 -0.9 GDL Fd PfdC GDLpC 50.95 0.4 Medifast MED 98.51 0.6 TechTarget TTGT 20.49 -3.1 BlueknightEnPtrsA BKEPP 7.10 -0.5 EthanAllen ETH 22.00 -1.9 LeucadiaNatl LUK 21.61 -3.2 RexEnergy REXX 0.70 -6.3 YogaWorks YOGA 2.04 -5.6
CareDx CDNA 8.71 0.7 GOL Linhas GOL 14.44 13.0 MyersIndustries MYE 24.15 0.4 TelecomItalia A TI.A 9.24 6.3 CMSEnerDeb78 CMSA 24.62 ... Evolus EOLS 7.53 -6.5 LifewayFoods LWAY 5.76 -4.8 SCYNEXIS SCYX 1.26 -3.8 ZimmerBiomet ZBH 104.28 -2.9
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Longfin Accused of Securities Violations


Trading in shares of sory services” related to the
IPO. In a recent interview with
cryptocurrency firm The Journal, Mr. Altahawi sug-
is halted as the SEC gested that he hasn’t sold his
shares even though their lockup
questions stock sales expired in March. “I’m not re-
ally a seller…I might sell a small
BY AARON BACK amount,” he said.
AND JEAN EAGLESHAM Messrs. Meenavalli and Alt-
ahawi didn’t reply to requests
The wild ride of cryptocur- for comment on Friday. Mr.
rency company Longfin Corp. Meenavalli earlier told The
came to an abrupt standstill on Journal he rejects any sugges-
Friday, when its shares were tion of financial misconduct.
halted and the Securities and The Longfin prospectus
Exchange Commission accused doesn’t mention Messrs. Penu-
the company and its chief exec- marthi or Mr. Tammineedi. But
utive of violating securities Mr. Tammineedi was a director
laws. of Stampede Capital, a company
Longfin was listed on Nasdaq based in Hyderabad, India, that
in December under post-finan- was founded by Mr. Meenavalli
cial-crisis rules that made it and owns 37% of Longfin
easier for small companies to do shares. Mr. Tammineedi re-
initial public offerings. Within signed as a Stampede Capital
days, the shares soared 13-fold, director, effective Feb. 14, ac-
valuing the company at $5.5 bil- cording to a Stampede Capital
lion. The SEC alleges that Long- statement. Neither man could
fin’s chief executive and associ- be reached for comment.
ates effectively sold shares after Despite disclosure of the SEC

NASDAQ
the stock soared, in violation of investigation, Longfin shares
securities rules, and it obtained soared in recent days, until be-
a court order to freeze $27 mil- The firm made its Nasdaq debut in December. The SEC alleges shares were illegally sold and moved to freeze $27 million in proceeds. ing halted Friday.
lion of the proceeds. Short sellers had bet heavily
Longfin shares have been on nesses in its financial controls. Meenavalli, had the company is- legally sold large blocks of ers when the Journal visited. against Longfin shares and Mr.
a roller coaster, surging after A review of the company’s secu- sue more than two million shares, even though the shares Mr. Meenavalli, an Indian entre- Meenavalli had criticized them.
the company said it acquired a rities filings, detailed in a Wall shares to Andy Altahawi, who is weren’t registered for sale. In preneur, previously told the The shares are down 60% from
cryptocurrency company and Street Journal article on Mon- described in filings as an ad- its complaint, the SEC didn’t say Journal he is based out of their closing high in late March,
subsequently falling 85% over day, found failures to disclose viser to Longfin, and tens of exactly when the shares were Dubai. The bulk of the com- but up more than 460% from
six days following its removal important information and mis- thousands of shares to two sold, but that the sale occurred pany’s revenue comes from a the IPO price.
from the Russell 2000 small-cap statements of facts. other individuals, Dorababu when the stock price was Singapore-based subsidiary, ac- The stock’s rebound this
index. Its shares rose 185% in Nasdaq said Friday it was Penumarthi and Suresh Tam- “highly elevated.” The SEC said cording to its filings. week began around the time
the last three days of this week, halting Longfin shares until the mineedi. The SEC, in its civil ac- it has obtained a court order to Mr. Altahawi was listed on that CNBC said Mr. Meenavalli

.
including a 47% rise on Friday company satisfied its request tion, alleges that Messrs. Penu- freeze $27 million of proceeds Longin’s website as a director would appear for an interview.

ly
before they were halted. At the for unspecified additional infor- marthi and Tammineedi were from those sales to prevent the until September, but he later During that Wednesday inter-
time of the trading halt, Long- mation. acting as “nominees” for Mr. funds from being transferred told The Journal that was un- view, Mr. Meenavalli said Long-
fin’s market valuation stood at Longfin said in a statement Meenavalli, or holding shares on out of the country. true. According to the com- fin is profitable after stripping
$2.1 billion. that it would cooperate with on his behalf. According to its filings, Long- pany’s pre-IPO prospectus, he out shareholder compensation
On Monday, the company Nasdaq and the SEC. After the company’s share fin is based out of a shared of- was issued just over two million expenses and he plans to ex-
disclosed an SEC probe while The SEC on Friday said Long- price rose sharply, the SEC al- fice space in Manhattan that shares in exchange for “legal pand the company’s U.S. opera-
also reporting material weak- fin’s founder and CEO, Venkat leges, these three individuals il- had three desks and no comput- and business development advi- tions.
us l,

Advising Firms, Watching Politics COIN regulates. Many broker-deal-


al a
e
ers operate licensed electronic
trading systems, which are al-
ternatives to exchanges that
ci on

BY DANIEL KRUGER sor and former vice chairman Continued from page B1 face less extensive regulation.
of the Federal Reserve. Still, the step would expose
A decade after the financial The former attorney general harder for platforms to con- Coinbase to a new type of reg-
crisis, The Wall Street Journal has said the view that he went tinue shunning regulation. SEC ulatory risk. The SEC can ex-
has checked in on dozens of the easy on banks is “misplaced.” Chairman Jay Clayton has said amine broker-dealers for com-
er rs

bankers, government officials, At a Democratic Platform that most tokens issued pliance with the extensive
chief executives, hedge-fund Drafting Committee hearing in through ICOs are securities, array of rules that brokers
managers and others who left June 2016, he said, “we had in meaning they can only be face. SEC examiners could
a mark on that period to find some cases statutory and traded legally on a licensed ex- comb through the company’s
m e

out what they are doing now. sometimes factual inabilities change or electronic trading trading records, the systems
Today, we spotlight former At- to bring the cases we wanted venue. Businesses raised $4 its uses to protect customers
torney General Eric Holder and to bring.” billion during the first quarter from cybersecurity threats, as
m rp

former Treasury Secretary Mr. Holder, who also served through ICOs, more than half well as its policies for defend-
Timothy Geithner. as deputy attorney general un- of the $6.5 billion raised in ing against insider trading and
Eric Holder has gone from der President Bill Clinton, ICOs for all of 2017, according market manipulation.
KEVIN LAMARQUE/REUTERS

serving as the nation’s top maintains a toehold in politics. to Token Report. Coinbase faced manipula-
prosecutor to being one of the He heads the National Demo- The SEC has issued subpoe- tion-related allegations last
co Fo

business world’s leading advis- cratic Redistricting Committee, nas or requests for informa- year after the price of a bit-
ers. where he is pushing states to tion to dozens of companies coin offshoot called Bitcoin
He was sworn in as U.S. at- redraw legislative district that conducted ICOs, accord- Cash climbed in value before
torney general in February maps that the group says have ing to people familiar with the the platform began facilitating
2009 as policy makers were been used to help protect Re- matter, as the regulator tries trades in the alternative cur-
straining to support financial Former Attorney General Eric Holder is at a Washington law firm. publican majorities. to sort out which deals evaded rency. The company said it
markets after the collapse of He has criticized President securities laws and which to- would investigate the matter.
Lehman Brothers a few months ternal corporate investigations. Mr. Holder declined a re- Donald Trump’s administra- kens may have a valid excuse As a broker, Coinbase’s
earlier. The 67-year-old attorney re- quest for an interview. tion, saying that the presi- from regulation. platform would only be al-
Under his leadership, the cently took on the case of ride- He has recused himself from dent’s broadsides against the The threat of a regulatory lowed to offer tokens that
Justice Department negotiated hailing company Uber Tech- working on matters that were Justice Department and the enforcement action has scared comply with securities laws.
several billion-dollar settle- nologies Inc., which had been the subject of Justice Depart- Federal Bureau of Investigation Coinbase and some other bit- That would mean token issu-
ments for fraud tied to the dogged by allegations of gen- ment litigation during his time undermine the credibility of coin-related firms from listing ers would have to register
mortgage market. But Mr. der bias and sexual harass- in office. But he still gets law-enforcement agents. new tokens. But Coinbase said their sale with the SEC, pro-
n-

Holder has faced criticism for ment. Mr. Holder’s team in blamed for not prosecuting Mr. Holder hasn’t said in March that it planned to viding investors with an exten-
not prosecuting anyone on June 2017 recommended that any individuals from compa- whether he plans to seek of- support tokens in the future, sive set of financial disclo-
Wall Street for their roles in the company reduce founder nies at the heart of the finan- fice. although it declined to dis- sures. Token issuers can avoid
the financial crisis. Travis Kalanick’s leadership cial crisis. “I think I’ll make a decision close which assets it might those disclosures if they limit
no

He stepped down in 2015 to role and that it make execu- “A lot of Americans felt by the end of the year about add. The company has already the sale to institutions and
return to Covington & Burling tives more accountable for fix- they were screwed, and all the whether there is another chap- launched a service for storing millionaires.
LLP, a Washington law firm ing problems. Mr. Kalanick fat cats that got them into the ter in my government service,” customer assets. At least one other firm in-
known for representing bank- stepped down as chief execu- situation got off scot-free,” he told reporters at a Christian Coinbase, whose backers in- volved with virtual currency
ing clients, where Mr. Holder is tive later that year under pres- said Alan Blinder, a Princeton Science Monitor breakfast in clude venture-capital firms trading has registered with
part of a unit charged with in- sure from Uber shareholders. University economics profes- February. Greylock Partners and An- the SEC as a brokerage firm.
dreessen Horowitz, could seek Templum LLC operates a li-
a license from the SEC as an censed brokerage firm and al-

From U.S. Treasury to Private Equity


exchange, but registering as a ternative trading system and
broker-dealer is viewed as a plans to offer startups a plat-
less cumbersome step that form for selling regulated to-
would allow the company to kens as well as a market for
BY RYAN DEZEMBER the firm doesn’t discuss the move into markets the SEC trading them.
particulars of his days. Gener-
Since helping steer the U.S. ally, she said, Mr. Geithner
through the global financial strategizes with the firm’s co- India Is Latest enact restrictions on trading
crisis, former Treasury Secre- chief executives, meets with and fundraising.
tary Timothy Geithner has investors and, sometimes, To Enact Limits As regulators encroach
been cashing in. gets involved with particular more on the asset class, they
He signed a book deal and investments, usually in Asia are testing what many con-
HARUYOSHI YAMAGUCHI/BLOOMBERG NEWS

hit the six-figure-speech lec- or involving financial firms. A The regulatory clampdown sider its main appeal: the per-
ture circuit. He so impressed Warburg spokesman added on cryptocurrencies is gaining ceived lack of government and
one audience, at Warburg Pin- that Mr. Geithner also lec- momentum around the world, central bank involvement.
cus LLC’s annual meeting, that tures at the Yale School of adding pressure to asset val- That’s one of several reasons
the Manhattan investment Management. ues as governments intensify the prices of bitcoin and other
firm hired him as its president. Mr. Geithner refers to him- efforts to rein in speculative digital currencies have slumped
In March 2014, he started self as a “backstage guy” in trading and criminal activity. in 2018.
at the firm known for staking his 580-page memoir, “Stress The latest country to take Late Friday, bitcoin was
oil explorers and multibillion- Test: Reflections on Financial action is India, which this past trading at $6,602.93, according
dollar buyouts of retailer Nei- Crises.” He found the spot- week vowed to prevent banks to research site CoinDesk. It
man Marcus and eye-health light glaring and felt he some- and financial institutions from has lost half its value since
company Bausch & Lomb. He Timothy Geithner has become president of Warburg Pincus. times struggled to articulate engaging in cryptocurrencies. surging over 1,300% in last
wasn’t the first former Trea- his rescue plan. Regulated firms “shall not deal year’s frenzied cryptocurrency
sury secretary to go from years later when financial used TurboTax to prepare his “I’d somehow managed to with or provide services to any mania, peaking near $20,000
Washington to Wall Street. markets began to implode returns. convince the public we’d be individual or business entities in December.
Unlike predecessors, however, and he was tapped, in the When he joined Warburg, overly generous to Wall Street dealing with or settling” digital India’s central bank said the
his arrival wasn’t a homecom- middle of the maelstrom, by New York state records show, while convincing the markets currencies and should exit any currencies’ underlying block-
ing. He had never worked for President-elect Barack Obama he had to borrow the cash that we wouldn’t be generous existing relationships within chain technology made it diffi-
a financial firm or a bank. to see through the financial the firm requires its execu- enough,” he wrote of his first three months, the Reserve cult to protect consumers from
Mr. Geithner was a civil system’s rescue as Treasury tives to invest in its private- speech as Treasury secretary. Bank of India said. scams and to prevent money
servant who had climbed the secretary. equity funds. So-called skin-in- Some—by no means all—of Indian authorities stopped laundering. The central bank is
technocratic career ladder His confirmation hearing the-game can amount to the anger over bank bailouts short of a total ban on digital also exploring issuing its own
one financial crisis after an- revealed him to be very dif- millions of dollars up front but could have been soothed had currencies. But the clampdown digital currency as part of its
other—Mexico, Asia, Russia— ferent from the banking ti- can return staggering wealth he better explained his unpop- on banks is another blow to efforts toward financial inclu-
until he became head of the tans who typically held the over time. ular but necessary decisions, the market, which has already sion.
Federal Reserve Bank of New post, never mind his boyish Mr. Geithner, 56 years old, he wrote: “We did save the seen regulators in the U.S., —Steven Russolillo
York in 2003. looks: He was well-off enough declined to comment, and a economy, but we lost the Japan, South Korea and China and Gregor Stuart Hunter
He was still there four to afford household help, yet Warburg spokeswoman said country doing it.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | B11

MARKETS

Trade Sets Markets’ Tone


BY SAM GOLDFARB
Trade-Off
U.S. government bonds Treasury yields and the dollar fell Friday amid escalating trade tensions.
strengthened Friday as a
fresh round of tariff threats Yield on 10-year Treasury note WSJ Dollar Index
from the U.S. and China sent 2.84% 84.3
investors back to the safety
of government debt and away
from stocks.
The yield on the bench- 2.82 84.2
mark 10-year U.S. Treasury
CHINA STRINGER NETWORK/REUTERS

note settled at 2.779%, com-


pared with 2.830% Thursday. 2.80 84.1
Yields, which fall when bond
prices rise, slipped overnight
after President
FRIDAY’S 2.78 84.0
Donald Trump
MARKETS on Thursday said
he was consider-
ing tariffs on an 2.76 One-minute intervals 83.9 One-minute intervals
China’s big firms are driving earnings growth. An Alibaba concept seafood store in Hangzhou. additional $100 billion in im-
ports from China. That 3 a.m. 6 9 noon 3 3 a.m. 6 9 noon 3

In China, Profits Swell


prompted a Chinese official to Sources: FactSet (yield); WSJ Market Data Group (index) THE WALL STREET JOURNAL.
say that the country was “pre-
pared to hit back forcefully Nasdaq Composite lost 161.44 duce a uptick in inflation—a
and without hesitation.” points, or 2.3%, to 6915.11. main threat to government
BY KENAN MACHADO dex, far exceeding the 19% in- will be enforced. But China’s The official, Commerce The major U.S. stock indexes bonds because it erodes the
crease in the broader MSCI planned 25% tariffs on se- Ministry spokesman Gao have fallen in three of the purchasing power of their
Profits at China’s largest Emerging Markets Index. lected U.S. goods would hurt Feng, also denied that Beijing past four weeks. fixed returns.
publicly listed companies last Numerous industrial sectors 2.7% of the Asian country’s to- and Washington were en- For the week, the Dow fell In a speech Friday, Federal
year increased at their fastest were emerging from low or tal imports, Morgan Stanley gaged in any negotiations—a 0.7%, the S&P 500 shed 1.4% Reserve Chairman Jerome
clip since 2010, but the out- even negative profits in 2016, said in a recent note. rebuttal to remarks by some and the Nasdaq lost 2.1%. Powell reiterated his message
look for 2018 isn’t so bright. hence an elevated jump the Wendy Liu, Nomura’s head U.S. officials that had helped The WSJ Dollar Index, that the central bank wants
Earnings per share of com- following year, said Mixo Das, of China equity research, said ease concerns of investors which measures the U.S. cur- to see the labor market
panies in the MSCI China In- Asia portfolio strategist at J.P. she expects earnings at Chi- earlier in the week. rency against a basket of 16 strengthen further and let in-
dex—which includes 152 large- Morgan. nese internet firms to rise 16% Renewed worries about a others, fell 0.2% Friday. The flation reach its 2% target
and midcap stocks mostly Large state-owned enter- in 2018 after expanding the trade war sapped investors’ dollar was down 0.4% against without allowing prices to
listed in China, Hong Kong and prises benefited from Beijing’s previous year. Profits of hard- appetite for riskier assets, the Japanese yen to ¥106.92. rise so quickly that it would
the U.S.—likely increased campaign to tackle excessive ware technology firms could causing stocks to sink while The U.S. dollar has fallen require more drastic inter-
about 26% in 2017, according capacity and curb supply in slow to 20% after surging 121% Treasurys rallied. The major for five straight quarters and vention from the Fed.
to research from Nomura. sectors like coal and steel last in 2017. stock indexes finished lower is down 7.6% over the past 12 Bets that inflation will rise
The main drivers were big year, said Jacky Zhang, an an- “There will likely be a mod- for the week and broke the months, as expectations of have helped lift Treasury
tech companies like Alibaba alyst at BOC International in eration in top-line growth Dow Jones Industrial Aver- accelerating growth and yields this year, though the 10-

.
Group Holding Ltd. and Ten- Shanghai. from 2017’s high base,” she age’s three-day winning tightening monetary policy year yield is down from the

ly
cent Holdings Ltd., whose For 2018, prospects aren’t said, noting that investments streak, its longest in more abroad have pushed investors peak it reached in February.
profits surged, as well as en- looking so robust. and expenses in tech are likely than a month. out of the currency. While Treasurys have ben-
ergy, industrial and real-estate China’s crackdown on spec- to increase. The selloff in stocks Friday Friday’s mixed jobs report efited from trade jitters, ana-
companies that benefited from ulative investing, off-balance- Beijing’s efforts to cut debt
on was broad as all 11 major sec- provided another reason to lysts have noted that the re-
higher oil and property prices. sheet lending and its cam- in the economy have forced tors of the S&P 500 declined, buy bonds. While average sponse could easily have been
The country’s top banks also paign to reduce leverage in the some ailing or heavily in- with the deepest drops hourly earnings for private- greater given the volatility of
did better thanks to strong in- financial system could damp debted firms out of the mar- among companies that stand sector workers rose at the ex- the stock market and the po-
terest-income growth. Some profit margins and growth op- ket, helping rivals gain market to suffer from an escalation pected rate, the U.S. added tential for a trade conflict to
us l,

companies haven’t reported portunities for some compa- share and pricing power, Ms. in protectionist trade poli- just 103,000 jobs in March, create economic headwinds.
yet. nies. Liu said. Overall, she expects cies, such as big industrial below the 178,000 gain antici- “There are still the con-
al a
e
China’s economy expanded A possible trade war be- growth in earnings per share manufacturers like Boeing pated by economists polled by cerns about what’s going on
6.9% last year, in line with the tween the U.S. and China, at companies in the MSCI and Caterpillar. The Wall Street Journal and a with the trade situation, but
previous two years but down meanwhile, has weighed on China Index to slow to 15% in On Friday, the Dow indus- slowdown from February. even that is being taken with a
ci on

from a more than 10% increase stocks in recent weeks. It is 2018 and 16% next year. trials fell 572.46 points, or Bond investors have bit more grain of salt these
in 2010. Last year’s profit too soon to gauge the impact —Stella Yifan Xie 2.3%, to 23932.76. The S&P watched jobs data closely re- days,” said John Canavan,
gains helped power a 37% in- on corporate earnings, as it re- and Gregor Stuart Hunter 500 slid 58.37 points, or cently for signs that a tight- market analyst at Stone &
crease in the MSCI China In- mains unclear which tariffs contributed to this article. 2.2%, to 2604.47, and the ening labor market could pro- McCarthy Research Associates.
er rs

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among steelmakers in India, low—after Cyclone Iris inter- tration data. at $3600 per ton.
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Oil prices fell, capping their
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

MARKETS
Reason for Optimism: Bearish Investors
BY RIVA GOLD Market participants have become more cautious in recent weeks, with funds dialing down expected return was 10% for
the year, and people mocked
holdings in stocks and sending equity-market valuations back to their lowest since 2016.
Investor sentiment has me for being overly cautious,”
quickly shifted from extremely AAII Sentiment Survey* he said.
optimistic to outright bear- “Expectations have tem-
60%
ish—an encouraging contrar- pered a bit,” Mr. Keon said.
ian signal for those market Many investors think the
50
participants who have long caution is warranted, given
worried that Wall Street was rising interest rates, increas-
overly bullish. 40 Bearish ing concerns about a possible
As concerns about trade Bullish trade war between the U.S.
and technology stocks heat up, 30 and China and mounting pres-
investors are at their most Neutral sure on the technology sector.
pessimistic in more than seven 20 But some view the shift in
months, according to the investors’ mood as a reassur-
American Association of Indi- 10 ing sign about the health of
vidual Investors’ most re- the market.
cent weekly sentiment survey, 0 “With investor optimism
which measures participants’ April ’17 May June July August Sept. Oct. Nov. Dec. Jan. ’18 Feb. March April lower now, it should be easier
outlook for the stock market for equity markets to make
over the next six months. In NAAIM Exposure Index† Forward one-year price/earnings ratio CBOE Volatility Index further gains from here if
January, survey participants 120 19 35
global growth remains
were at their most bullish healthy,” said Mike Bell, global
since late 2010. 110 S&P 500 30 market strategist at J.P. Mor-
18
The swift turnaround comes gan Asset Management.
as investors pull money out of 100 25 The firm is maintaining its
17
equity funds, stock-market sizable allocation to U.S. and
valuations drop and an in- 90 Nikkei 20 emerging-market equities de-
16 Stock
creasing number of put op- spite the recent downturn. The
80 Average 15
tions are taken out on the S&P exuberance is gone, and stocks
500 to protect against declines 15 have gotten cheaper, Mr. Bell
70 10
relative to call options that said.
60 14 Stoxx Europe 600 5 Equity valuations remain
bet on gains. Meanwhile, the
Cboe Volatility Index, known elevated compared with their
as Wall Street’s “fear gauge,” 50 13 0 historical averages, but they
is up 95% for the year so far. 2017 ’18 2017 ’18 2017 ’18 have come down.
“There’s more of an ex- *Data represent expected direction of the stock market over the next six months. The forward price/earnings
treme fear reaction now,” said †Active money managers' average exposure to U.S. equities ratio of the S&P 500 has fallen
Edmund Shing, global head of Sources: American Association of Individual Investors (sentiment survey); National Association to 16.5—its lowest since No-
equity derivative strategy at of Active Investment Managers (exposure index); FactSet (P/E ratios, volatility index) THE WALL STREET JOURNAL. vember 2016—from as high as

.
BNP Paribas. “As a contrarian 18.6 in late January.

ly
indicator, that makes me actu- rate-earnings expectations and options markets. and an average of roughly 63 downturn,” he added. The Stoxx Europe 600 and
ally bullish,” he said. have climbed, share buybacks Investors have redeemed a since mid-2006. It was as high Still, the moves mark a Japan’s Nikkei Stock Average
Investors often worry most have risen and the economy net $25 billion from the popu- as 121 in December. sharp turnaround from the are also trading around their
when everybody else in the has continued to grow. on lar SPDR S&P 500 exchange- To be sure, some metrics mood in late 2017 and most of lowest forward P/E ratios
market gets very bullish, with Mr. Shing said signals from traded fund so far this year, continue to suggest that sen- January, when investors since 2016.
many analysts noting that options markets, equity flows according to FactSet. More timent is far from extremely poured record amounts of “You’ve seen a correction
Wall Street optimism has of- and sentiment gauges are col- broadly, U.S. equity funds bearish. money into equity funds and that has taken valuations back
ten reached its highs right be- lectively the most downbeat overall haven’t had net retail Options and derivatives on the amount of cash squirreled to less stretched levels and
us l,

fore big market falls. he has seen since shortly be- inflows for any week since the S&P 500 currently show away by institutional fund taken sentiment back to less
When the mood among in- fore the U.S. presidential elec- 2017, according to fund-tracker that investors expect more managers reached five-year stretched levels,” said John
al a
e
vestors sours, many market tion in November 2016. U.S. re- EPFR Global. volatility ahead, but not nec- lows, according to Bank of Stopford, head of multiasset
participants think that it indi- tail investors appear to be the Meanwhile, the National essarily a huge decline for the America Merrill Lynch’s income at Investec Asset Man-
cates selling pressure is bot- biggest sellers of stocks, while Association of Active Invest- index, said Randy Frederick, monthly survey. agement.
ci on

toming out and that more institutional fund managers ment Managers Exposure In- vice president of trading and Ed Keon, chief investment After an unusual period of
money could enter the market, have largely bought more pro- dex, which tracks active derivatives at the Schwab Cen- strategist at investment firm extreme bullishness, the mar-
providing the potential for tection against further falls or money managers’ average ex- ter for Financial Research. QMA, recalls speaking at an ket mentality is now back to
gains as long as the economy shifted some money out of eq- posure to U.S. equity markets, “I’d expect the put-call ratio investor conference in Janu- “climbing a wall of worry,” he
remains on track. uities and into short-term fell to 55.57 this past week, [on the S&P 500] to be a lot ary, when the market was al- said, a supportive factor in his
er rs

The S&P 500 is down 2.6% debt, he added, based on his down from an average of 71 in higher than it is now if there ready up 7% for 2018. “I re- belief that stocks have more
so far this year, even as corpo- analysis of fund redemptions the first quarter of the year were concern of a much bigger member saying the S&P 500 room to climb.

HEARD ON THE STREET


m e
m rp

Email: heard@wsj.com FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

Deal or Not, NXP Worth the Risk


co Fo

Jobs Take a Gut Punch


Chip giant Qualcomm’s
$44 billion acquisition of Bargaining Chip
in light of this week’s escala-
tion of tensions over tech-
And Trade Is a Culprit
NXP Semiconductors may Enterprise value to Ebitda* nology sharing and trade, There are good reasons to stock market could make ex-
have become collateral dam- the risks of the Qualcomm brush off the weak March ecutives, who have been
age in the trade spat be- 16 times bid collapsing may be priced jobs number. It was payback struggling to hire in a tight
Deal with
tween the U.S. and China. If Qualcomm Increased offer in. from a rousing February, the job market, a bit nervous. It
14
the current tensions blow NXP now trades at weather was miserable and wasn’t too long ago that ex-
over, however, NXP share- 12 roughly 12 times earnings economists have been way ecutives were too worried
holders stand to make a dou- before interest, taxes, depre- too optimistic about the about weak economic growth
ble-digit-percentage return. 10 ciation and amortization, March figures in recent to hire more than absolutely
n-

Qualcomm has obtained compared with 11 times for years. necessary. Deutsche Bank
eight out of nine necessary 8 Infineon Technologies, the Investors can be some- economist Torsten Slok says
NXP
antitrust approvals for the Infineon second-largest player in car what comforted by those ex- nervousness about trade was
deal, which was first an- 6 chips. Arguably the market planations. But they jarring to executives because
no

nounced in October 2016; leader deserves a premium; shouldn’t ignore two other of the strong, pro-business
only China’s blessing re- 4 it traded at one in the past. possible reasons why the sentiment that prevailed un-
mains. This has been delayed 2013 ’14 ’15 ’16 ’17 ’18 If the deal breaks down economy created just til early this year.
for unclear reasons. NXP *Earnings before interest, taxes, depreciation and amortization Qualcomm will need to pay 103,000 jobs, down from a The evidence for that is
shares are now trading Source: FactSet THE WALL STREET JOURNAL. NXP a breakup fee valued at revised 326,000 in February most clear in employment by
roughly 10% below the roughly $5 a share. and the second-lowest figure goods producers, which was
higher price Qualcomm of- Broadcom’s $120 billion thirds of the company’s reve- It is easy to see how of the past 12 months. up just 15,000—compared
fered in February. takeover proposal this year. nue comes from the country. China might use its ability to President Donald Trump with a gain of 106,000 in
NXP is the world leader in The White House’s deci- Car chips are likely also of block Qualcomm’s bid for began his trade tirade right February—largely because of
automotive microchips, a sion to block the Broadcom strategic importance to NXP as a bargaining chip. at the start of March with a 15,000-job decline in con-
field expected to expand rap- bid on national security China. This gives it a reason But even if it did, the down- tweets about putting tariffs struction hiring. It is no co-
idly. This is the attraction grounds could make it hard to find ways to promote its side for NXP stock looks lim- on steel and aluminum, incidence that builders use
for Qualcomm, which is un- for Qualcomm to propose own chip industry as part of ited. This could be a bet on which he quickly followed lots of aluminum and steel,
der pressure to revive remedies in China that in- any package of remedies. an easing of trade tensions with an announcement about though they also were hit by
growth. It needs the deal all volve sharing technology or If investors’ concerns are worth taking. the penalties. That set off a weather. While goods pro-
the more for having rebutted selling assets. Almost two- understandable, particularly —Stephen Wilmot month of dueling threats and ducers are a smaller part of
actual tariffs that has only the economy than the ser-
gotten more heated. vice sector, they had been

Commodities Flash a Warning Sign Mr. Trump’s first actions


sent stocks tumbling, setting
up March to be a volatile
and down month for the
big drivers of job growth in
recent months after choppy
gains last year. It is just one
month of data from a miser-
This week’s headlines have year, while Caixin’s alterna- Aluminum prices are down market and leading to the able month, weatherwise,
all been about trade wars, Stuttering tive index has also trended over 10%, and iron ore is off first quarterly decline in but the overlap with the
real or imagined. But the re- Manufacturing purchasing sideways since then. nearly 9%. nine quarters. start of a possible trade war
sponse from economists has managers indexes What’s new is that other Their weakness is particu- The combination of a may not be a coincidence.
been largely sanguine: Global major indexes are now fol- larly striking given that the trade dispute and a volatile —Ken Brown
growth itself appears to be 65 U.S. lowing suit. dollar has continued to slide
holding up well. Eurozone Markit’s eurozone PMI is over the period, which usu-
60
But is it really? Commod-
ity markets, and global in- 55
Japan
China (Caixin) down four points since De-
cember, although it remains
ally helps commodities.
Some of that weakness is
OVERHEARD
dustry, are starting to send 50 comfortably above the 50- likely related to rising trade
some worrying signals. point mark separating expan- tensions and rebounding Chi- President Donald Trump, U.S. food and beverages rose
While manufacturing in 45 sion from contraction. Japa- nese production. who has said that ending the by $5.26 billion. The added cal-
most big economies is still 2015 ’16 ’17 ’18 nese and Korean PMIs have But the fact that the sell- North American Free Trade ories could lead to a weight
expanding, the pace of those Note: Over 50 indicates expansion on the month also nudged lower. off is so broad-based, and Agreement will make all three gain of 4 to 20 pounds for a
gains has slowed noticeably Sources: Thomson Reuters; CEIC Even in the U.S., strong started around the time signatories “stronger and bet- man over the age of 40, the
in recent months. Meanwhile, headline numbers have global PMIs began peaking, ter,” just got some surprising researchers said.
key industrial commodities be close to—peaking. masked slowing growth in suggests slowing industrial backup from an academic One U.S. proposal in renego-
like copper and aluminum Slowing momentum in new orders since the fourth growth is the main culprit. study. tiating Nafta would have been
also started selling off in late China has been evident for quarter of 2017, along with a Investors hoping comfort- A study published in the to ban “front-of-pack” nutrition
2017, well before trade wor- months. A modest bounce af- rebound in inventories. ing tales of a synchronized American Journal of Preventive labels in Canada spelling out
ries started spooking mar- ter February’s Lunar New Although oil has held up global uptick will protect Medicine asserted that joining calorie counts and the like. The
kets. Year notwithstanding, relatively well on the back of their portfolios from severe the agreement coincided with U.S. has dubbed the labels
The implication: The China’s official manufactur- rising geopolitical concerns, damage even if trade ten- a rise in the caloric intake of “protectionist.”
strong global manufacturing ing purchasing managers in- copper and coal prices have sions keep rising should Canadians from 1989 to 2006. Canada rejected the pro-
rebound evident since late dex appears to have peaked shed over 5% since late De- think again. During those years, imports of posal.
2016 may have already—or in the third quarter of last cember. —Nathaniel Taplin
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Hapless cutie or The womanly art


scary, macho of having an
bear? The real opinion: a lively
panda story is not cultural history
black and white of 10 thinkers
C4 C9

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© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, April 7 - 8, 2018 | C1

CLOCKWISE FROM TOP: HULTON ARCHIVE/GETTY IMAGES; BETTMANN ARCHIVE/GETTY IMAGES(2); BOB DAUGHERTY/ASSOCIATED PRESS
.
ly
on
REPUBLICAN NOMINEE Richard Nixon, above, campaigning in Denver. Below, left to right: Lyndon Johnson readies his speech declaring that he won’t seek reelection; Chicago police crack down on
protesters outside the Democratic National Convention; Robert Kennedy campaigns in Portland, Ore., weeks before his assassination. Bottom: A captured Viet Cong fighter during the Tet Offensive.
us l,
al a
e
ci on
er rs
m e
m rp

With Nixon in ’68


co Fo

Fifty years ago, American politics was upended by war, protest, assassination and riot, creating cultural
divides that are still with us today. It was the year the country came apart, writes Patrick J. Buchanan.

O
n the night of Jan. 31, 1968, as would do to Romney, Nixon told me, “Let ’em chew on him
tens of thousands of Viet Cong for a little while.”
guerrillas attacked the major cities Nixon’s instincts proved right. Romney was unprepared.
of South Vietnam, in violation of a On pre-campaign swings in 1967 he bickered with the
n-

Lunar New Year truce, Richard press, and that August he made a fatal blunder. Explaining
Nixon was flying secretly to Bos- on a TV show why he was changing his position on the
ton. At 29, and Nixon’s longest- war, Romney said that on a previous visit to Vietnam, “I
serving aide, I was with him. Ad- just had the greatest brainwashing anybody can get” from
no

vance man Nick Ruwe met us at Logan Airport and drove U.S. generals and diplomats.
us to a motel in Nashua, N.H., where Nixon had been pre- The ridicule and mockery were ceaseless and universal.
registered as “Benjamin Chapman.” The next day, only Sen. Eugene McCarthy said that, in Romney’s case, a full
hours before the deadline, Nixon filed in Concord to enter brainwashing was unneeded, as “a light rinse would have
the state’s Republican primary, just six weeks away. sufficed.” Romney plummeted in the polls, never to recover.
On Feb. 2, the New York Times story “Nixon Announces As Romney spun his wheels in New Hampshire, Nixon
for Presidency” was dwarfed by a giant headline: “Street ignored his calls to debate, declining even to mention his
Clashes Go On in Vietnam; Foe Still Holds Parts of Cities; name. Our polls showed us heading for a 5-1 landslide that
Johnson Pledges Never to Yield.” Dominating the page would erase the “loser” image that had clung to Nixon
was the photograph of a captured Viet Cong, hands tied, since his loss to JFK in 1960 and his defeat in the Califor-
being executed on a Saigon street by South Vietnam’s na- nia governor’s race in 1962.
tional police chief, firing a bullet into his head from inches With humiliation ahead, Romney abruptly ended his
away. Eddie Adams’s photo would win the Pulitzer Prize. candidacy on Feb. 28, 1968, robbing Nixon of his triumph.
CORBIS/GETTY IMAGES

America’s most divisive year since the Civil War had What historians call “crazy March” now began. In the
begun. Democratic primary in New Hampshire, Sen. McCarthy,
Nixon’s lone opponent for the Republican nomination running an antiwar protest campaign, got 42% of the vote.
was George Romney, three-term governor of Michigan and Please turn to the next page
a legend at American Motors, where he had promoted the
Nash Rambler. Romney had led in the polls in December
Mr. Buchanan, a former presidential candidate, served
1966 and seemed the clear favorite, but by now he was not. 1946, Nixon had declared a moratorium on politics and as an aide to Richard Nixon from January 1966 to
After campaigning in 35 states in 1966, leading the GOP dropped out of sight. Is it wise, I asked him, to cede Rom- August 1974. His books “The Greatest Comeback” and
to its greatest off-year victory in congressional races since ney such a tremendous head start? Sensing what the press “Nixon’s White House Wars” describe those years.

INSIDE

MIND & MATTER


New research reveals the
messages in smiles. Some aren’t
friendly, says Susan Pinker.
C3

ESSAY WEEKEND CONFIDENTIAL BOOKS HISTORICALLY SPEAKING


Small business doesn’t deserve Chef David Chang on blended How the oil-rich de Menils Blossoms and bloodshed:
government support. It’s time cuisines, his Netflix show and turned Houston into a Amanda Foreman on spring
for a size-neutral approach. a quest for the perfect taco. world capital of art. as the season of war.
C3 C11 C5 C12
GLOBE PHOTOS/ZUMA PRESS (SONTAG)
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C2 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

The Year America Came Apart


The weeklong rampage feat that night. gates cursed one another on the floor as their
caused a backlash across A week later, I was awakened at 3 a.m. by partisans brawled with police in the streets.
Middle America, and Wal- Jeff Bell, a young aide at Nixon’s campaign of- I came back from Chicago and told Nixon
lace’s poll numbers fice. Bobby had been shot in a Los Angeles ho- that we should side with Daley and the cops.
vaulted. Support for tel kitchen after winning the California pri- Nixon’s first campaign stop that fall was a mo-
Nixon, who went to At- mary. Vice President Hubert Humphrey, the torcade through downtown Chicago, where
lanta for King’s funeral, favorite after LBJ stood down, was now as- huge crowds cheered him.
sank. sured of the nomination. The Gallup poll in September had Nixon at
As the race riots The surging antiwar movement was demor- 43, Humphrey at 28, Wallace at 21. At every
COURTESY NIXON PRESIDENTIAL LIBRARY

burned out, the worst alized, bitter and angry. Humphrey was seen as campaign stop, Humphrey was shouted down
campus riot of the decade a Johnson lackey who would continue the war. with chants of “Dump the Hump!”, until he
erupted. At my alma Then, just days after Bobby was came close to breaking down,
mater, Columbia Univer- buried beside JFK at Arlington, denouncing his tormentors as
sity, student radicals oc- Earl Warren resigned as chief The Cold War “fascists.”
cupied Low Library and justice, and LBJ named his old consensus Desperate, Humphrey rolled
Hamilton Hall. They ran- crony Justice Abe Fortas to re-
sacked professors’ offices place him. All three wanted to
since 1948 the dice on Sept. 30 and
pledged to halt all U.S. bombing
and took a dean hostage. prevent a President Nixon from was no more. of North Vietnam. The impact
After a week, the NYPD, naming the next chief justice. was immediate. The heckling
THE AUTHOR flies with candidate Nixon during the presidential with clubs and sweeping Senate Republicans aborted the and abuse subsided. He began a
campaign in September 1968. arrests, recaptured the insiders’ deal and rejected For- steady ascent in the polls. His
university. Nixon declared tas. The Supreme Court wars that would en- optimism returned, and he staged one of the
Continued from the prior page the uprising “the first major skirmish in a rev- dure into the 21st century had begun. great comebacks in presidential politics.
Lyndon Johnson won with 49%, though his olutionary struggle to seize the universities of One week before the Democratic convention Then he caught a break. On Oct. 3, Wallace
name was not on the ballot. Inexplicably, the this country and transform them into sanctu- in Chicago, the Soviet Union sent hundreds of introduced his running mate, Gen. Curtis
president of the United States had run as a aries for radicals and vehicles for revolution- Warsaw Pact tanks and 250,000 troops into LeMay, who had led the firebombing of Tokyo
write-in candidate. ary political and social goals.” Czechoslovakia to crush the Prague Spring. As and who told a stunned press that we Ameri-
Half the McCarthy voters were later identi- Rockefeller denounced Nixon, reversed him- with the seizure of the Pueblo, President John- cans have “a phobia about nuclear weapons.”
fied as pro-war but fed up with LBJ’s indeci- self and entered the race. But polls showed son, with a half million U.S. troops now in To achieve victory in Vietnam, LeMay said, “I
sive leadership. In January, North Korean com- that America’s patience with radicalism was Vietnam, did nothing. would use anything…including nuclear weap-
mandos had assaulted the Blue House in Seoul exhausted. The country was with the cops The stage was set for an explosive Demo- ons.” Wallace’s voters began to abandon him
and come close to assassinating President Park wielding the clubs. Nixon had captured the cratic convention in Chicago. I asked Nixon to and move back home to the Democratic Party.
Chung-hee, and the U.S. spy ship Pueblo had law-and-order issue. When the Kerner Com- send me. He agreed. Our listening post was on The election ended in a virtual tie, with
been hijacked and its crew taken hostage by mission, set up to study the causes of the the 19th floor of the “Comrade Hilton.” I was both candidates receiving roughly 43% of the
North Korean gunboats. Johnson had done popular vote. But Nixon had won in the
nothing. electoral college and was now president-
The press read into the McCarthy vote elect of the United States.
a repudiation of the war, and Johnson was What had 1968 wrought?

.
now wounded. On March 16, Sen. Robert The American establishment, “the best

ly
Kennedy leapt into the race. Speaking a and the brightest,” had been broken on
week later in Los Angeles, he stuck the the wheel of Vietnam. Liberal elites would
knife deep into his old antagonist, accus- move to ally themselves with the antiwar
ing President Johnson of “calling upon the on left and to denounce as “Nixon’s war” the
darker impulses of the American spirit.” cause into which they themselves had led
On March 21, Gov. Nelson Rockefeller of the country.
New York stunned the political world by The Cold War consensus that had ex-
us l,

declaring that he would not challenge isted from the Berlin blockade of 1948
Nixon. The anticipated battle inside the through the Cuban missile crisis was no
Republican Party seemed suddenly settled, more. The Democratic candidate in 1972
al a
e
just as a three-sided war broke out inside would run on the slogan “Come home,
the Democratic Party. Alabama’s Gov. America!” Foreign policy leadership
ci on

George Wallace had announced he would passed from the party of Truman and Ken-
run as a third-party candidate in the fall, nedy to the party of Nixon and Reagan. Af-
while Kennedy and McCarthy battled for ter 1968, the word “victory” was rarely
the nomination as they assaulted their heard. The goal now in Vietnam was
own president. “peace with honor” or “an end to the war.”
er rs

The Tet Offensive proved a strategic di- Massive civil disobedience and violent
ASSOCIATED PRESS

saster for the Viet Cong, who suffered protests would become the new normal.
tens of thousands of dead. But U.S. media Failed and frustrated extremists would
portrayed Tet as an American defeat. On turn to bombings and terrorism. Nixon
m e

“The CBS Evening News,” Walter Cronkite and Vice President Spiro Agnew would use
declared Vietnam a “stalemate.” A DIVIDED Democratic convention nominated Hubert Humphrey, who hadn’t run in the primaries. the radical left and its media enablers as
m rp

Nixon moved to update his position. As foils to drive a wedge right through FDR’s
his writers Ray Price, Dick Whalen and I ar- weeklong Newark and Detroit riots in the alone in the suite one night when Norman Democratic coalition, with Nixon calling out
gued in front of him at his Fifth Avenue apart- “long hot summer” of 1967, blamed “white rac- Mailer walked in with the light-heavyweight his “Great Silent Majority” and Agnew tabling
ment in New York on March 30, we got a call ism,” Nixon dismissed the report by saying it champion Jose Torres. As we talked, a commo- the issue of press power and media bias.
from our media folks: LBJ had asked to speak blamed everyone for the riots but the rioters tion erupted outside. A phalanx of cops had Nixon would be re-elected in 1972 in a 49-
co Fo

in prime time that Sunday night. Nixon can- themselves. marched up Balbo Drive to Michigan Avenue state landslide. In four of the five presidential
celed his prepared speech and, leaving for a As the Democratic showdown approached in and halted. Suddenly, the cops took off into elections after 1968, Nixon’s new majority
Wisconsin event, told me to be at the private the Oregon primary, the media zeroed in on Grant Park, clubbing the radicals and dragging would crush the Democratic Party. By 1970, six
terminal at La Guardia Sunday to brief him on the revelation that, as attorney general, Ken- them to patrol wagons. Mailer and I saw it all years after Goldwater’s defeat, twice as many
LBJ’s address to the nation. nedy had authorized J. Edgar Hoover to wire- from our 19th-floor window. On and on it Americans would call themselves conservatives
As Johnson was announcing that he would tap the now-martyred Martin Luther King Jr. went, as Torres cursed the cops and I stayed as liberals.
not run, Nixon’s private jet was landing. I The explosive charge led to Kennedy’s defeat mute. I had been down there at night among As the political wars of 1968 turned Ameri-
reached the airplane door ahead of the press by McCarthy on May 28. the protesters, who were as ugly a crowd as I can politics upside down, a cultural war had
and told him what LBJ had said. Nixon stepped I was at Portland’s Benson Hotel that night had seen in the Vietnam era. broken out as well. Moral and social issues—
out into the cameras to declare 1968 “the year with Nixon, who had won 70% of the primary When Humphrey left Chicago, the Demo- abortion, affirmative action, busing, crime,
of the dropout.” vote, crushing both Rockefeller and Reagan. cratic coalition that had given LBJ a historic drugs, feminism, gay rights—would tear apart
Four days later, the nation was stunned Later in the evening, I was standing in front of landslide in 1964 was shattered. Wallace families, communities and the entire nation.
again. Martin Luther King, Jr., in Memphis to the hotel when Bobby Kennedy arrived to con- seemed certain to shear off the electoral votes The culture wars had begun.
n-

support a strike by garbage workers, had been cede defeat in the first loss by a Kennedy since of the Deep South. The McCarthy-Kennedy We are another country now, another peo-
assassinated on a motel balcony. A hundred JFK entered politics in 1946. Though Bobby wing was enraged over how Mayor Richard Da- ple. The unity we knew in the Eisenhower-Ken-
U.S. cities exploded in rioting, looting and ar- had a reputation for being ruthless, he could ley’s cops had beaten the protesters. The nation nedy era is gone. 1968 was the great divide.
son. The National Guard was out everywhere. not have been more gracious in conceding de- had seen a convention where Democratic dele- 1968 was the turning point.
no

WHEN WOMEN’S EMPOWERMENT WORE A GO-GO SKIRT


self and the other go-go dancers—a “Go-go dancing initially allowed young
BY MARC MYERS
fringed top and mini skirt with white pat- women to rebel against the repressive ‘bad
ent-leather boots. girl–good girl’ double standard of the
FIFTY YEARS AGO, between the Beatles’ ar- Within days, the club was jammed. 1950s,” said historian Stephanie Coontz, the
rival in New York in 1964 and the coalescing of Dancing couples moved independently of author of books on women of the era. “They
the women’s liberation movement in 1968, go-go each other, blending elements of the frug, could dance exuberantly and show off their
dancing transfixed the nation, influencing mu- the watusi, the skate, the boogaloo and sexuality without having to ‘put out.’”
sic, television, fashion and advertising. Unlike other seductive freestyle dances. By 1967, go-go dancers became a way for
Beatlemania, which captivated screaming ado- “Discotheque dancing freed women to TV variety shows to lure male viewers. But
lescents, the go-go craze was driven by young dance on their own without following a the women were increasingly objectified.
JULIAN WASSER/THE LIFE IMAGES COLLECTION/GETTY IMAGES

adults who liked to dance and male lead—or worrying White-booted dancers were routinely paro-
were old enough to drink. about wandering hands,” died as dim and used as sexist punch lines
The go-go trend dates back A craze that said Gloria Steinem, the by male hosts
to Paris in 1963, when Elmer degenerated feminist writer and co- Finally, in 1968, the go-go craze fizzled.
Valentine, a Los Angeles restau- founder of Ms. magazine. The Vietnam War had drained clubs of
rant owner, visited a Left Bank into a sexist “You could dance and ex- draft-age men, and many young women be-
discotheque. Once back in L.A., punch line. press yourself, without car- gan to think differently about themselves
he sold his eatery and used the ing about who was leading and their roles and rights. Go-go dancing
proceeds to lease and renovate or who was watching— lost much of its original allure as it was ab-
space on the Sunset Strip. He which was empowering.” sorbed by commercial culture.
named the club after the Paris nightspot— At the Whisky, go-go dancing not only But the go-go look didn’t fade with the
Whisky à Go Go. It opened on Jan. 15, 1964. leveled the sexual playing field but tilted fad. In the early ’70s, miniskirts and white
To attract a young crowd, Valentine immedi- it slightly in women’s favor. Women could boots became de rigueur for young flight at-
ately signed the soulful rock singer Johnny Riv- dance alone or with female friends. tendants employed by airlines such as
ers to a year-long performance contract. He Word traveled fast. By the spring of Southwest and PSA.
also had a female DJ spin records between Riv- 1964, the club had become a full-blown DANCING at L.A.’s Whisky à Go Go, Sept. 1964. “I remember flying National in the early
ers’s live sets to provide continuous music and scene, with young movie stars and re- ’70s when they had that horrible ad cam-
keep couples dancing and in the club. cording artists mingling with models and danc- ens of recording artists released singles with paign where flight attendants wore buttons that
His first DJ was the club’s cigarette girl, ers. Even the Beatles showed up that August. thrusting go-go beats. In 1965, these included featured their first names followed by ‘Fly Me,’”
Patty Brockhurst. One night, after she put on a Before long, the paparazzi turned the the Miracles’ “Going to a Go Go,” the Rolling said Ms. Steinem. “One day, I boarded a flight
record in the glass DJ booth, Ms. Brockhurst Whisky into an epicenter of cool. That fall, the Stones’ “Get Off of My Cloud” and Martha and saw an attendant wearing a button that
began to dance provocatively in place. Club-go- go-go concept was copied by dance clubs Reeves and the Vandellas’ “Nowhere to Run.” said, “I’m Mary. Fly Yourself.’ I thought,
ers below watched in awe. across the country. Then the jukebox industry That same year, go-go dancing leap-frogged ‘Hmmm, maybe we’re getting somewhere.’ ”
The dancing DJ was such a hit that Valen- took notice and in 1965 introduced machines from the discotheque to the first Beatles con-
tine hired additional women to dance in glass with more powerful speakers, marketing them cert at Shea Stadium and to TV shows such as Mr. Myers, a frequent arts and culture con-
booths above the dance floor. One of the danc- to smaller clubs that didn’t have room for DJs. “Shindig!,” “Hullabaloo” and “Hollywood a Go- tributor to the Journal, is the author of
ers, Joanie Labine, designed an outfit for her- As clubs and go-go jukeboxes caught on, doz- Go.” “Anatomy of a Song” (Grove).
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | C3

REVIEW
As a result, firms lation. And requiring small firms not
with fewer than 11 to discriminate on the basis of age,
employees are exempt gender, race or religion imposes no
from most workplace special regulatory burden.
safety requirements. Some regulations do, in fact, cre-
The Family and Medi- ate a competitive disadvantage for
cal Leave Act does not small firms. But why shouldn’t big
apply to small firms, firms enjoy lower costs from econo-
and many civil rights mies of scale in complying with reg-
laws contain exemp- ulations? If small businesses cannot
tions for small firms. handle the costs of regulation—or
A firm with fewer any other business cost for that mat-
than 20 employees ter—they must choose between
can legally discrimi- growing to a more efficient size or
nate against workers losing market share.
on the basis of age; if Government at every level can
it has fewer than 15 certainly do more to eliminate un-
employees, it can dis- necessary regulations and to stream-
criminate against line those regulations that serve cru-
qualified individuals cial public ends. But such reforms
with disabilities. Only should benefit all businesses, regard-
federal contractors less of size.
with 50 or more work- Don’t all the breaks for small busi-
ers are required to nesses at least help “the little guy”?
use affirmative action No, in fact, they go mostly to the
plans when hiring. wealthy. In 2016, according to the
The tax code also nonpartisan Tax Policy Center, the
lavishes benefits on top 1% of pass-through businesses
small firms. Profits earned 50.8% of the income for such
from publicly traded firms. A mere 13.4% of all pass-
companies (most of through income went to the bottom
which are large) are 60%. A 2015 study by the Federal Re-
typically taxed twice, serve Bank of New York concluded,
once at the corporate “More wealthy individuals are small-
level and again when business owners than poor individu-
shareholders accrue als. The subsidy on small-business
capital gains or divi- ownership just transfers resources to
dends. By contrast, the wealthy from the poor.”
pass-through firms Beyond the injustice of it, small-
such as sole propri- business favoritism reverberates
etorships, partner- throughout the economy, slowing
ships and LLCs—the growth in two ways. First, subsidies
lion’s share of which and other size-based industrial poli-

.
are small—are taxed cies slow productivity growth by en-
RYAN GARCIA

ly
only once, on the own- abling less efficient small firms to
ers’ incomes. gain more market share than would
In addition, many otherwise be the case. Second, dis-
on tax incentives either criminatory policies provide an in-

Stop Propping Up
apply only to small centive for small firms to remain
firms or are more generous for small small. Why add five more workers
firms, including (at least before re- when doing so would subject you to
us l,

cent tax-reform legislation) the abil- a host of new regulations and restrict
ity to expense investments in new your access to government handouts?

Small Business
equipment, exemptions from imputed Today, with the U.S. economy fac-
al a
e
interest obligations, completed-con- ing intense global economic competi-
tract rules, expensing of agricultural tion and suffering from stagnant pro-
ci on

costs and a host of others. ductivity and sluggish wage growth,


To give small businesses a leg up, we can no longer afford the luxury of
federal agencies are required to buy tilting the economic playing field to-
goods and services from them even ward small business owners. To end
Government aid for firms with few employees has long enjoyed when their prices are higher. Federal the misallocation of resources caused
er rs

bipartisan support, but it’s bad economics and bad policy agencies also provide a variety of by small-business cronyism, public
special subsidies to small firms. policy should be guided by the prin-
BY ROBERT D. ATKINSON smaller share of net new jobs. itive or undercapitalized, were being Small firms get discounts when buy- ciple of size neutrality. Policymakers
AND MICHAEL LIND After World War II, as big firms called startups. A new biotech com- ing rights to use the radio spectrum should repeal virtually all special
m e

emerged in industry after industry pany was a startup, but so was a and pay lower patent fees. And they preferences for small business in the
(hotels, banks, restaurants, retail), new three-person lawn-mowing get cut-rate financing, too. In 2016, tax code and in government procure-
m rp

IN OUR AGE of political polarization, small firms began to cast themselves business. Only child-labor laws pre- the SBA supported loans to small ment policy and eliminate targeted
the right, left and center agree on as victims and to ask public officials vented lemonade stands from being businesses across the nation: $105 subsidies, regulatory exemptions and
one thing: Big business is wicked, and for relief. In 1953, Congress estab- classified as startups, too. million for car dealers, $118 million exemptions from civil rights laws.
small business is noble. President lished the Small Business Adminis- A 2010 study pub- for residential building Will size-neutral policies result
Donald Trump has declared: “We’re tration to “aid, counsel, assist and lished by the National construction, $312 mil- in fewer small businesses? In cases
It’s time to
co Fo

going to create an environment for protect, insofar as is possible, the in- Bureau of Economic lion for liquor stores, where small firms can’t live without
small business like we haven’t had in
many, many decades!” His enthusi-
terests of small business concerns.”
But fairness was a relatively weak
Research showed, how-
ever, that it is the age
get rid of $742 million for gas
stations and $760 mil-
special treatment, we hope so. Con-
sumer demand suggests that a simi-
asm echoes his predecessor, Presi- reed on which to build an elabo- of a firm, not its size, privileges lion for dentists. lar number of jobs is likely to be
dent Barack Obama, who claimed that
“small businesses are the backbone of
rately discriminatory economic pol-
icy. What was needed was a positive
that matters for job
creation. Just as chil-
based on a Advocates for small
businesses often argue
created in the same sectors by
fewer but larger and more produc-
our economy and the cornerstones of rationale for giving preferential dren grow faster than firm’s size. that such firms de- tive firms.
America’s promise.” Indeed, politi- treatment to small businesses. adults, young firms serve special breaks Heaping praise on small business
cians and pundits of every stripe ar- Job creation became the new grow faster than ma- because it is harder for may garner applause from the pea-
gue that we can solve a host of prob- banner. Economist David Birch of ture ones. them to bear the costs nut gallery, but showering privi-
lems, from creating jobs to boosting the Massachusetts Institute of Tech- Over the decades, lawmakers of complying with government regu- leges on firms because of their size
productivity to unleashing innova- nology claimed in the late 1970s— have conferred an array of valuable lation. After all, every firm must de- is bad economics and bad policy.
tion, with hefty doses of the same inaccurately, as it turned out—that benefits and exemptions on small vote time and resources to filling out
n-

miracle cure: aid to small business. small businesses were the jobs en- firms. In the years since the SBA’s a given form, and big firms have the Mr. Atkinson is the president of the
But this alleged miracle cure is re- gine of the economy, which allowed founding, Congress has passed at advantage of spreading those costs Information Technology and Inno-
ally snake oil. That is because, com- advocates to argue that aid to small least 68 pieces of legislation explic- over a larger business. There’s some vation Foundation. Mr. Lind is a
pared to large firms, small firms pay businesses was a driver of economic itly favoring small business, includ- validity to this point. visiting professor at the University
no

lower wages and provide fewer bene- growth. This narrative was rein- ing the Small Business Prepayment But most special favors for small of Texas Johnson School of Public
fits, injure and lay off their workers forced by the wave of startups in Penalty Relief Act of 1994, the Small businesses—lower tax rates, tax in- Affairs. This essay is adapted from
more frequently, spend less to protect the tech sector in the 1980s and Business Job Protection Act of 1996 centives, direct subsidies, cheap fi- their new book, “Big Is Beautiful:
the environment, are less productive 1990s. By 2000, all new businesses, and the SEC Small Business Advo- nancing—have nothing to do with Debunking the Myth of Small Busi-
and less innovative, and create a no matter how technologically prim- cate Act of 2016. their difficulty in coping with regu- ness,” published by the MIT Press.

MIND & MATTER: SUSAN PINKER

A Smile’s Many Messages—Some Unfriendly


SMILE while your heart is breaking, impacts on people’s bodies,” said undergraduate students delivered impact of these three types of smiles.” These new results are in
put on a happy face, say cheese. Jared D. Martin, a doctoral student three spontaneous speeches about smiles by continuously monitoring line with a 2017 German study
We’re so used to smiling on de- who led the study in the lab of themselves, each to an audience of the speaker’s heart rate and period- showing that people with more-
mand that to do otherwise can University of Wisconsin psychol- one. The listener smiled away on ically assessing his salivary levels of variable heart rates are much better
seem antisocial. Even going through ogy professor Paula Niedenthal, Skype while they were talking. cortisol, a hormone often used as at reading others’ mental states in
the motions of a smile, scientists working in collaboration with Eva That listener was suppos- a marker of stress. their facial expressions—what psy-
have found, can make us feel happy. Gilboa-Schechtman of Israel’s Bar- edly chosen randomly but The researchers found chologists call mind-reading.
But smiles take many forms, and Ilan University. Along with poker in reality was a plant that there was eight times The current study tells us that
not all of them sound a players, psychologists trained to smile in one of as much cortisol in the sa- the people with higher heart-rate
single, upbeat note. Ac- have long known that three ways during the other’s liva of students facing a domi- variability are not only more
cording to recent re- Signs of our facial expressions short spiels: to nance smile as stressed out by dominance but
search, smiles are more affiliation, can betray our emo- signal re- in those fac- also more comforted by affiliative
like Morse code, si- tions. But no one has ward, affili- ing affilia- smiles. “They’re more attuned,”
lently broadcasting dis- reward or demonstrated exactly ation or tive smiles said Mr. Martin.
tinct, nuanced mes- dominance. how this works, Mr. dominance. and 16 times The study was on the small
sages. A smile might be Martin said. The domi- as much as in side, the subjects restricted to
signaling “Do that To explore whether nance smile is those facing men, and each student received
again” (reward), “I certain types of smiles mildly lopsided, with reward smiles. just one type of smile, so the ex-
want to get along with you” (affilia- provoke distinct physiological re- closed lips and one or There were also in- perimenters couldn’t compare how
tion) or “I’m No. 1 around here” sponses, Mr. Martin’s team set up both eyes squeezed triguing differences in a particular student would re-
(dominance). Most of us receive an experiment based on public shut, whereas reward how people reacted to spond to different expressions.
these nonverbal signals loud and speaking. Research shows that most smiles show upturned the different smiles. But the study helps us to under-
clear; they register in the chemical people would rather get zapped lips exposing a row of “Your heart doesn’t stand the arcane signals exchanged
cocktail infusing our saliva and the with an electric shock than give a teeth and crinkled eyes. beat like a metro- by our intensely social species. The
TOMASZ WALENTA

thrum of our heartbeat, says a five-minute speech about them- Affiliation smiles feature pursed nome,” Mr. Martin said, and “people sense of how others view us is read
study published last month in the selves. It’s a handy way to examine lips, the whites of the eyes and with higher variability in their rest- not just by the head but by the hor-
journal Scientific Reports. how our bodies register stress. So raised eyebrows. ing heart rate had more extreme mones coursing through our bodies
“Different smiles have different in this experiment, 90 healthy male The research team measured the cortisol responses to dominance and the rhythm of our hearts.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C4 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

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WORD ON
THE STREET:
BEN ZIMMER
‘Caravan’
Rides Into
Border Battle
EARLIER THIS WEEK, President
Donald Trump took to Twitter to
lash out about U.S.-Mexican bor-
der security, warning ominously
that “caravans” were coming. He
was alluding to media reports of a
large group of mostly Honduran
migrants who were making their
way across Mexico, some with the
goal of continuing on to the U.S.
This “caravan” was actually an
annual protest march organized by
the advocacy group Pueblos Sin
Fronteras (People Without Fron-
tiers), seeking to draw attention to
the plight of Central American
asylum seekers. The caravan be-
gan to disband on Thursday, with
migrants dispersing into smaller
groups and seeking permission to
stay in Mexico.
This is only the latest twist on
THOMAS MARENT / MINDEN PICTURES

a peripatetic word that has trav-


eled through many lands and lan-
guages. “Caravan” ultimately goes
back to a Persian word, “karvan,”
for a group of travelers banding
together for a desert journey, typi-
cally using camels for transporta-
tion. (While some etymologists re-
late it to “karabhah,” a Sanskrit

.
PANDAS ARE NOT the hippie vegetarians of the ursine kingdom, as we tend to think of them. Like most bears, they are opportunistic omnivores. name for a camel, the word likely

ly
goes back to an Indo-European
root, “ker-,” meaning “army.”)

THE UN-CUDDLY TRUTH ABOUT on Bronx Zoo’s “breeding pair,” which arrived to
much fanfare in 1941. Pan-dee and Pan-dah
Resting places along a caravan
route were known as “caravanse-
were not a little boy and girl but two females. rais.”

Panda Lives
In the days before genetic testing, sexing pan- From Persian the word passed
das proved to be a notoriously difficult art, into Arabic, and it then moved
us l,

since the panda penis is virtually indistin- into medieval Latin at the time of
guishable from female genitalia. the Crusades. Scribes used the
Breeding animals in captivity is rarely easy. word when recording an attack on
al a
e
A concrete enclosure is not a sexy place for a a Muslim caravan by the crusader
wild creature. As with most animals, the desire Raynald of Châtillon in 1187,
ci on

In their shrinking natural habitat, the bears are tough, of pandas to procreate is stimulated by a com-
plex set of cues—the animal equivalent of a nice
breaking a fragile truce with the
sultan Saladin. (The 2005 film
sexually potent survivors, not the hapless glass of wine and a bit of Barry White. In zoos, “Kingdom of Heaven” dramatized
bunglers we have created as zoo attractions two pandas are expected to mate in isolation.
But pandas are anything but loners when it
From camels
er rs

BY LUCY COOKE able big round head, evolved to force their comes to sex in their natural habitat.
way through bamboo’s tough sheath; the
strength of their bite is somewhere between
Pandas occupy territories of up to 4 square
miles, and they sniff out sexual opportunities
to pilgrims to
THE PANDA is often considered a joke of a that of a lion and a jaguar. In 2008, a tourist by leaving scented status updates advertising protesters
m e

bear. “Pandas are bad at sex and picky about required 45 stitches to her hand after trying to their identity, sex, age and fertility on specially
food,” jeered the Economist in 2014. “These pet a panda at a sanctuary near Xian in China. designated trees—the panda equivalent of Tin-
m rp

genetic misfits might have died out long ago, An elderly Chinese man whose leg was ravaged der. When a female comes into season, she rubs
had they not been so adorable.” Without our by a wild panda near the Baishuijiang National her scent on one of these communal message the caravan raid.)
help, so the narrative goes, pandas surely Nature Reserve in 2014 was hospitalized for boards, attracting males who then compete for “Caravan” entered English via
would have joined the dinosaurs and the dodo more than 50 days. her affections in a sort of urinary Olympics. Fe- French and Italian in the late 16th
on evolution’s scrap heap. male pandas prefer the males that century. The poet Willam Warner,
co Fo

Or would they? leave their scent marks the highest up in verse detailing the journeys to
The image of the pathetic panda— a tree. Scientists have described Russia by the explorer Anthony
a benign, bungling creature who males adopting various athletic Jenkinson, wrote of “merchants
needs human help to survive—is a poses—“squat,” “legcock” and, most traveling by caravan, that is, great
very modern myth, conjured more remarkably, “handstand”—in order to droves of laden camels.” The word
from human desires than from bio- squirt their pee as high as possible. got applied to various traveling
logical facts. The panda is, in fact, a The winning male celebrates his groups such as pilgrims, and John
splendid survivor. It has been around victory by having sex over 40 times Milton even extended it into the
for some 18 million years (three in a single afternoon. Panda sex itself animal world in “Paradise Lost,”
times longer than we hominins) and is a rough-and-tumble affair with describing birds that “set forth
is perfectly adapted to its admittedly plenty of biting and barking. Male their aery caravan, high over
eccentric lifestyle. pandas are incredibly potent: The se- seas.”
The real panda is a secret stud, men of the giant panda contains 10 On the American frontier, “cara-
n-

with a taste for flesh and a fearsome to 100 times more sperm than a hu- van” came to be used for groups
bite, at least in its natural habitat. But man male. The female’s short fertil- traveling with their pack animals
that habitat is withering thanks to ity window—under two days each or wagons, often in a single-file
human encroachment. Once a wide year—may even be an evolutionary procession. The word also moved
no

JAVIER SORIANO/AFP/GETTY IMAGES

swath of southeast China and border- adaptation to control population in another direction as a name for
ing nations, panda country is now a size, precisely because male pandas a type of horse-drawn carriage
patchy strip, mostly through the for- are so accomplished at procreating. that allowed people to travel to-
ests of just two mountain ranges. In recent years, the Chinese have gether—a means of transportation
The most recent Chinese census achieved a high success rate in eventually shortened to “van.”
of wild pandas, conducted in 2015, breeding pandas in captivity, primar- More recently, “caravan”—along
put the total number at 1,864—up ily through artificial insemination. with its Spanish equivalent “cara-
by a few hundred from previous These “panda mills” are no conserva- vana”—has been pressed into ser-
counts and enough to officially tion success story, however. The vice in Latin American countries,
downgrade the animal from “endan- THREE-MONTH-OLD Xing Bao is displayed at Madrid’s zoo black-and-white balls of fluff might particularly Mexico, to describe a
gered” to “vulnerable”—a move crit- in 2013. look like pandas, but raised as they kind of moving protest. In 2011,
icized by many respected panda are in a man-made environment, for instance, a group known as the
conservationists who don’t believe the opti- We like to think of pandas as the hippie they don’t grow up to behave like pandas. In Caravan of Central American
mistic figures. Meanwhile, the captive panda vegetarians of the ursine kingdom. But like 2007, a young male named Xiang Xiang, Chi- Mothers toured Mexico to bring
population has more than doubled since 2005 most bears, they are opportunistic omnivores. nese for “lucky,” became the first captive-bred attention to migrants who had dis-
to over 500 in 20 countries. Our image of The panda dines almost exclusively on bam- panda to be released in his natural habitat. He appeared making their way to the
pandas has been formed primarily by these boo, but it hasn’t lost its taste for flesh. When was savaged to death by wild pandas. U.S. from Nicaragua, Honduras, El
zoo ambassadors, which have become a car- the eminent field biologist George Schaller Though the captive panda population is Salvador and Guatemala. Along
toon of our own creation. studied pandas in the wild booming, their natural habitat is under severe with searching for lost relatives,
We have misunderstood in the 1980s, he found that pressure. China has set aside 67 panda reserves, the group demanded action by the
pandas in large part because For our brain’s the best way to attract them but commercial logging, tourism and agricul- Mexican government to protect
they are so ridiculously cute.
Humans are preprogrammed
reward center, was to bait their traps with
goat meat. I’ve seen footage
ture continue in these “protected” areas. A 2017
study found that, despite conservation efforts,
migrants from kidnapping and
other crimes.
to want to nurture anything baby pandas of a wild panda chowing panda habitat covered less area and was more Pueblos Sin Fronteras has like-
with baby-like features— are basically down on a dead deer. fragmented in 2013 than in 1988, when the spe- wise used the caravan model of
namely, a big bulging fore- “Panda eats Bambi” is de- cies was first listed as endangered. Current protest for several years to shine a
head, large, low-set eyes and cuteness crack. cidedly not a Disney feature. populations are divided into 30 isolated groups, spotlight on migrants fleeing op-
round cheeks. It’s a neuro- It is the giant panda’s with 18 of them comprising less than 10 individ- pression from Central America,
chemical insurance policy to sexual appetite that is the uals and facing a high risk of extinction. but their cause went largely unno-
ensure that we take good most misconstrued, thanks The real threat to pandas isn’t their incom- ticed in the U.S. before media ac-
care of our unusually vulnerable offspring. to the parade of pandas parachuted into for- petence but our mythology. We have bought counts of this year’s caravan in
With their unique markings and decidedly eign zoos over the last half-century. There, into the narrative that the only way to save BuzzFeed and elsewhere. Now that
humanlike way of sitting and eating, pandas thanks to us, they’ve acted out a sexual farce them is for humans to take control. Instead the word “caravan” has entered
could have been genetically engineered as the worthy of a 1970s sitcom. the reverse is true: We need to let the pandas Mr. Trump’s tweets, it promises to
perfect trigger for this nurturing instinct. They The first pandas landed in the U.S. just be- take care of themselves, something they can be a contentious term in debates
set off our brain’s reward center, the same part fore World War II. First came a roly-poly baby only do if we leave them with enough forest to about cracking down on illegal im-
that responds to sex and drugs. Baby pandas named Su-Lin, meaning “a little bit of some- live their secretly sexy lives. migration.
are basically cuteness crack. thing cute,” then Mei-Mei, her “little sister,”
The problem with the cuddliness of pandas and finally a potential beau named Mei Lan. This essay is adapted from Ms. Cooke’s new
is that it inclines us to infantilize them and to But the pitter patter of tiny panda feet was book, “The Truth About Animals: Stoned
Answers
to the News Quiz on page C13:
forget that they are bears—which can be dan- not forthcoming, which was hardly surprising, Sloths, Lovelorn Hippos and Other Tales
gerous. The powerful muscles in the panda’s given that all three were male, the zoologists from the Wild Side of Wildlife,” which will 1.C, 2.A, 3.B, 4.D, 5.C, 6.B, 7.B,
cheeks, which ironically give the bear its lov- later discovered. A similar fate befell the be published on April 17 by Basic Books. 8.D
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T.E. LAWRENCE & HIS ALLIES C6 | SCIENCE, FAITH & ALAN LIGHTMAN C7 | SOME ‘SHARP’ WOMEN C9 | BEST SELLERS C10

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BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, April 7 - 8, 2018 | C5

American Medicis
A married team of aristocratic French immigrants turned Houston into a world capital of art
Double Vision
By William Middleton
Knopf, 760 pages, $40

BY MERYLE SECREST

WEALTH AND NOBILITY, appealing


though they may be, are seldom con-
ducive to family unity. There are few
husband-and-wife teams in the arts
among the very rich, and even fewer
with aristocratic European back-
grounds, who can lay claim to as
many accomplishments as Dominique
and Jean de Menil. In “Double
Vision,” a scrupulously detailed and
admiring biography, William Middle-
ton chronicles the achievements of
this couple whose mission in life was
to share their passion for art. Their
joint view was that “the gifted artists
are the great benefactors of the
world.”
After emigrating to the U.S. in the
1940s, the de Menils spent their lives
nurturing artists and building an

.
immense collection of works, then a

ly
museum in which to house them, then

MARC RIBOUD/MAGNUM PHOTOS


university departments that would
foster a love of art, while making it
their business to build relationships on
between artists and dealers, curators
and museum directors. They were
seen everywhere, in New York, Lon-
us l,

don and Paris, as well as in their


adopted city of Houston. Wherever
and in whatever form the avant-garde TO THE LEFT Dominique de Menil watching workers install Barnett Newman’s painting ‘Now II’ (1967) at the Menil Collection, 1986.
al a
e
chose to appear, the de Menils fol-
lowed, from French Impressionism In the years around World War I, returning to the château, it was get- ted Catholics. They were also in finan- sailles one evening in 1930 and were
ci on

and Cubism to Abstract Expression- Dominique’s father was experimenting ting dark. Conrad lashed Dominique cial difficulties as a result of the at once attracted, Mr. Middleton tells
ism to Pop Art and Minimalism. Their in the exciting new world of electricity to the front bumper with a lantern to depreciation of the franc that fol- us; it was a “coup de foudre.” She
benign enthusiasms were always and came up with a brand-new ap- light the way ahead. lowed World War I. Mr. Middleton ob- found his looks, his strength of per-
tempered by what the composer plication for it. Why not use electricity The Schlumbergers were commit- serves that within the French bour- sonality and “sheer panache” irre-
Morton Feldman called Jean de to detect minerals underground, spe- ted Protestants in a Catholic country. geoisie daughters without dowries sistible. He felt the same about this
er rs

Menil’s “gentle radar for the unusual. cifically formations associated with serious-minded girl with blond hair
A crazy idea, a beautiful idea, an oil? He rigged up a homemade detec- and vivid blue eyes. They took long
irreverent or a religious idea, as long tor, testing it with the large copper The de Menils’ collecting was fueled by proceeds from drives around Paris and whispered in
as it had some ‘guts and personality’ baignoire in which Dominique was the back seat while her 18-year-old
m e

behind it, got immediate attention.” bathed, and went to work. His achieve- the oil business that Dominique’s father founded and sister acted as their chauffeur, or they
They were, as Mr. Middleton states, ment would revolutionize the world’s John joined. It was John who coined the company wrote each other long, frank letters
m rp

“avatars” looking for innovation, if oil industry and, incidentally, make about their inner thoughts.
not a social metamorphosis. Perhaps him and his heirs very, very rich. slogan: ‘Wherever the drill goes, Schlumberger goes.’ That summer they met again for
a personal one, as well. As for his daughter, two anecdotes mountain climbing in Chamonix, join-
Dominique de Menil was born in illustrate her fearless, try-anything ing a party of friends and relatives.
Paris in 1908. Her parents, Conrad attitude toward life and the leading The de Menils, whose military heri- could not marry and impoverished Dominique arrived first. The day she
co Fo

and Louise Schlumberger, owned a role she was destined to play. The tage stretched back to Napoleon, were families lost social status along with knew Jean was due to arrive she
château, the Val-Richer, in the rolling first finds her on a beach with some equally distinguished members of the their bank accounts. Jean’s sisters had spent the afternoon looking for him in
Normandy countryside, and there she playmates. Presumably they were all haute bourgeoisie. Dominique’s future to go to work in a factory. He, at least, the town without success. In the early
grew up. One ancestor was François getting bored; at any rate, Dominique husband, Jean, who inherited the title was hired as a clerk in a bank and evening she decided to take a hike
Guizot, a politician, prime minister, was dared to eat the little sand hop- of baron, was the sixth of eight chil- became known, if not for sartorial across the Mer de Glace, a famous
historian and author. After being pers skittering across the beach dren of Col. Georges Menu de Menil flamboyance, at least for correctness. glacier. But the light was failing, the
swept from power in the revolution of everywhere. She calmly popped them and his wife, Madeleine. The family No one ever saw Jean de Menil with- safe path was becoming hard to find
1848, Guizot became even more fa- into her mouth: “They tasted like lived on the étage noble (second out a well-tailored jacket and pants, and she was beginning to panic when
mous as a writer and lecturer on grasshoppers,” she recalled. Another floor) of an 18th-century mansion in let alone a tie. she suddenly saw him coming from
French history who taught Alexis de anecdote concerns the family car, the rue de Vaugirard in Paris. The dif- Jean de Menil and Dominique the opposite direction, looking for
Tocqueville. which had no headlights. One evening, ference was that they were commit- Schlumberger met at a ball in Ver- Please turn to page C7
n-

The Cherokee vs. the Cherokee


no

the Cherokee experience to the expe- the English established Jamestown. on Mountaintops) and John Ross. apart was the one that confronted
Blood Moon rience of all Americans of the era, in And when the Cherokee reached their Each was of mixed ancestry, with The every Indian tribe sooner or later:
By John Sedgwick that everyone had to adjust to chang- new home, they took the land from its Ridge looking more like his Cherokee retreat in the face of white pressure,
Simon & Schuster, 487 pages, $30 ing times. But the Cherokee were dif- occupants by the same means Ameri- father than his Scots grandfather, and or fight to the bitter end?
ferent in one crucial respect, he says. can whites would employ against Ross resembling the seven of his eight Mr. Sedgwick’s account is filled
BY H.W. BRANDS “The Cherokee were not emigrants; them: force. The clash between the great-grandparents who were white. with riveting, often gory details. He
they had been here all along.” Cherokee and the Scots-Irish who The Ridge never learned to speak describes a showdown between The
No, they hadn’t; and yes, they formed the cutting edge of white fluent English; Ross never mastered Ridge and an early rival for leadership
A FIRST LESSON of history, for any- were. The Cherokee were an offshoot settlement in the 18th and 19th centu- Cherokee. For decades the two battled named Doublehead. “With a roar,
one paying serious attention, is that ries was basically another round of Doublehead closed on The Ridge, and
history is more complicated than you the tribal fighting that has marked wrapped his meaty arms around him.
think. This is true almost regardless human history from its start. And it He pushed him backward onto the
of how complicated you think it is; it’s was characterized by the complica- floor, reaching with his good hand for
more complicated than that. Casual tions exhibited in all such clashes. an eye to puncture, or flesh to claw,
visitors to the past often pose bi- When Indians and whites went to lifting his knee into The Ridge hoping
nary questions: Was the Civil War war, only rarely did whites fight ex- to jam it into a soft place. Double-
about slavery or states’ rights? clusively on one side and Indians on head smeared The Ridge every-
Was the New Deal a good deal the other. The French and Indian where with his hot blood.” At the
or a bad deal? Was Richard critical moment an ally of The
Nixon a conservative or a lib- Ridge came to his rescue. “Saun-
eral? Such questions aren’t One man fought to ders tossed his gun aside, drew
worthless as discussion-pro- back his tomahawk, and crashed
vokers, but the correct answer save the tribe’s lands. it down on Doublehead’s fore-
is always both. And when of- His rival felt they head. The blow struck straight
fered more than two choices, up from his nose, and split the
the honest student of history had to sell them in skull down the middle, releasing
responds: All of the above. order to save the tribe. a torrent of blood.”
The history of relations be- The harrowing parts of the
tween the indigenous peoples story add not simply drama but
JOHN NEAGLE PHILBROOK/MUSEUM OF ART; GETTY IMAGES

of North America and inter- War wasn’t the French against the insight into the self-righteous atti-
lopers from Europe is more com- Indians; it was the French and their tudes both sides brought to their
plicated than you think, as John Indian allies against the British and struggle for the land. The Cherokee,
Sedgwick demonstrates in his en- Americans and their Indian allies. This like other Indian tribes, understand-
grossing book on the Cherokee, mixing of sides would prove the rule. ably felt ill-used by the whites. The
“Blood Moon.” Actually, it’s more George Custer counted Crows and federal and state governments bribed
complicated than he thinks, or at Arikaras as allies when he fought the Indian leaders to sign treaties surren-
least than he portrays it to be. This Sioux in the last major campaign of dering tribal lands, despite knowing
isn’t his fault; a story has to start John Ross the American West. The Ridge that the chiefs in question couldn’t
somewhere, and it can’t move for- In the case of the Cherokee, it was bind whole tribes, given the dis-
ward without omitting many details. of the Iroquois people; they had mi- often difficult to tell who was white whites, collaborated with whites and persed nature of tribal governance.
But even posing the conflict in terms grated to what would become the and who Indian. Mr. Sedgwick deftly eventually fought against each other When the Indians resisted, they were
of indigenous peoples and interlopers American Southeast from a region hangs his tale on two remarkable in- for the future of the Cherokee nation. often slaughtered.
oversimplifies. Mr. Sedgwick likens farther north, not arriving until after dividuals: The Ridge (He Who Walks The question that finally drove them Please turn to page C6
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C6 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘Do not try to do too much with your own hands. Better the Arabs do it tolerably than that you do it perfectly. It is their war, and you are to help them. ’ —T.E. Lawrence

Picking Sides in the Middle East


down the families of some of his sub-
Behind the Lawrence Legend jects, most notably of Lt. Gray, a ci-
By Philip Walker pher officer. Gray’s daughter gave the
Oxford, 284 pages, $34.95 author access to a cache of docu-
ments, as well as to Arab robes and a
BY ANTHONY SATTIN Turkish pistol given to her father by
Lawrence. She also supplied a quan-
tity of photographs from the revolt,
ON JUNE 10, 1916, a 62-year-old Arab many reproduced here for the first
by the name of Hussein bin Ali leaned time and providing rare glimpses
out of a window in his palace at from the sidelines.
Mecca and fired a round from his It is unfortunate that the author
rifle. With Turkish forces occupying devotes time and words trying to re-
what is now Syria, Lebanon, Jordan, duce Lawrence’s stature. Lawrence
Iraq, Israel, Palestine and the whole stands out for several reasons. He
of the Arabian peninsula, shooting was unlike most British, American or
into the air might have seemed futile.
But Hussein was the head of the Ha-
shemite clan, keeper of Islam’s holy British support for the
places and a man with good claim to
the title of caliph, leader of Muslims. Arab Revolt included
His shot launched the Arab Revolt cash, advice, soldiers and
against Turkish occupation, as well as
a debate among historians and ob- £14,000 worth of camels.
servers of the Arab world that con-
tinues to this day.
The revolt—the uprising of tribes French officers active in Arabia at
on the Arabian peninsula against that time for he had already spent
Ottoman occupation—would lead, four years working as an archaeolo-
with outside help and a hoard of gist on what is now the Turkish-
British gold, to the reshaping of the Syrian border, had traveled widely on
Middle East. It would also redefine foot through the Levant and had
relations between Arabs and the acquired a deep understanding and
British and French, in part because, affection for the people of the region
unknown to the Arabs who thought and their way of life.
they were fighting for their indepen- While Col. Wilson in Jeddah ob-

.
dence, the latter two had reached a jected to the idea of wearing an Arab

ly
secret agreement for the postwar headdress, Lawrence wore his full
division of the Turkish provinces. robes with some pride, even during
The centenary of the outbreak, in the postwar conference. Lawrence
2016, was marked by the publication on spoke Arabic (although, it seems, not
of a number of books with an image brilliantly), understood tribal men-
of T.E. Lawrence on the cover, usually tality and felt more of a kinship with
in native robes, often riding a camel. Arabs than he did with many West-
us l,

The reason is obvious: Of all the char- erners. On occasions Mr. Walker ques-
acters who took part in the revolt, tions the accuracy of “Seven Pillars,”
only “Lawrence of Arabia” now has as if he did not know that it was cre-
al a
e
any name recognition outside of ated mostly from memory and written
specialist circles, although in the Arab at great speed by a man who was
ci on

world Hussein’s son Faisal, later king suffering from a severe case of what
COURTESY OF ANTHEA GRAY

of Iraq, is still revered. we know as post traumatic stress


But we live in an age of revision in disorder. Lawrence was a “master of
which many assumptions behind the half-truths, denigration by inference
history that we were taught and told and omission,” he stresses, and the
er rs

from school onward are being chal- book “has sometimes given rise to
lenged or overturned. Lawrence has confusion and red herrings—
not escaped this trend. Among recent Lawrence’s favourite fish.” In “Seven
books, Scott Anderson’s “Lawrence in END OF THE BEGINNING A photo by Lt. Lionel Gray of Arabs in Jeddah celebrating with a captured Ottoman flag, 1918. Pillars,” Lawrence claims the credit
m e

Arabia” puts Lawrence’s story into for identifying Emir Faisal as the
the context of other agents—German, was very little British, French or Armoured Car Company and the 10- the western region of the Arabian future leader of the revolt, but Mr.
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American and Zionist—who were American involvement in the cam- pounder Talbot Battery. peninsula known as the Hejaz. Col. Walker rightly finds this doubtful. In-
active at the same time in the Hejaz. paign beyond Lawrence going native. Mr. Walker has taken for his sub- John Bassett, Col. Hugh Pearson and stead he suggests that Capt. Norman
In “Faisal I of Iraq,” Ali Allawi uses But this was obviously not the case. ject the exploits and opinions of some Lt. Lionel Gray all served with Wilson Bray identified Faisal as a likely
Arab and Turkish sources to tell the Lawrence’s own published account, of the less known British servicemen and fulfilled crucial duties. leader in October 1916, but he fails to
king’s story from the “other” (i.e., the extraordinarily passionate and involved in launching and sustaining These and most of the other char- mention that Bray’s superior, Col.
co Fo

Arab) side and the result is indeed a evocative “Seven Pillars of Wisdom” the Arab Revolt. They include Capt. acters here have appeared in histo- Wilson, had expressed this opinion in
“reassessment”: In Mr. Allawi’s tell- (1926), names hundreds of colleagues Thomas Goodchild, an “amiable” vet- ries and biographies of the period, August of that year.
ing, neither Lawrence nor his Euro- who fought alongside the Arabs or erinary officer tasked with acquiring including Jeremy Wilson’s 1989 In the end, “Behind the Lawrence
pean colleagues had much influence provided logistical support. They herds of camels, which he procured, authorized biography of Lawrence. Legend” doesn’t quite set the record
over the man or the revolt. ranged from the eccentric diplomat Mr. Walker writes, with “£14,000 in But Mr. Walker, a British retired straight about the Arab Revolt. What
Philip Walker’s first book, “Behind Ronald Storrs, “the most brilliant gold and silver coins.” This purchase archaeologist, is right in claiming its fine and complex narrative does do
the Lawrence Legend,” promises a Englishman in the Near East,” and was necessary in part to provide that most have fallen through the is provide a more richly detailed and
“fresh interpretation” on the Arab the traditionalist Col. Cyril Wilson, a transport for the Imperial Camel cracks and he does a good job at nuanced background than we have had
Revolt, one that will “set the record leader “of the honest, downright Corps, who used them to advance on bringing them back toward the light, till now to the unfolding of one of the
straight.” If your understanding of Englishmen,” to 40 others who Jerusalem but also to keep them providing focus and detail, the latter most colorful theaters of World War I.
the uprising goes no further than “could each tell a like tale.” Law- away from the Turks. Four of Mr. being the result of extensive research
David Lean’s classic movie “Lawrence rence’s version of the tale also lists Walker’s subjects were based in the in libraries on several continents and Mr. Sattin is the author of “The
of Arabia,” you might think there those who served with the Hejaz Red Sea port of Jeddah (Jidda), in over many years. He has also tracked Young T.E. Lawrence.”
n-

The Cherokee Nation’s Fateful Choice


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Continued from page C5 tensified the pressure on the tribe dra- never for a moment been arrested, The cost of holding proved impos- and urging his people to give up their
The whites, for their part, deemed matically. “Once the gold appeared,” and one by one have many powerful sibly high. Jackson had retired to the home. Upon affixing his mark to a
the Indians a mortal threat. Andrew Mr. Sedgwick writes, “the Cherokee tribes disappeared from the earth,” Hermitage by the time the U.S. Army treaty ceding Cherokee land, he pre-
Jackson, a large figure in Mr. Sedg- hills of northern Georgia no longer be- Jackson said. “To save him from this compelled all the Cherokee to leave. dicted, “I have signed my death war-
wick’s story, launched his first impor- longed to the Cherokee; they belonged alternative, or perhaps utter annihila- The removal, along what came to be rant.” His prophecy proved true when
tant Indian campaign following the to just about anyone with a shovel. No tion, the general government kindly called the Trail of Tears, was a hu- followers of Ross, judging him a traitor
massacre of 500 men, women and chil- law, no religion, no morality could ever offers him a new home, and proposes manitarian disaster. Today it would to the Cherokee nation, murdered him.
dren by Creek Indians at Fort Mims hold back gold fever.” Neighboring to pay the whole expense of his re- be labeled ethnic cleansing. Of 15,000 The Cherokee troubles didn’t end
near Mobile, Ala. Jackson’s reprisal Cherokee who embarked on the with the forced march west. Mr. Sedg-
culminated in the Battle of Horseshoe winter journey, some 4,000 died of wick carries his story through the
Bend, in which The Ridge and a band disease, exposure and starvation. Civil War, which again split the tribe,
of Cherokees fought alongside Jackson It was a tragic story that reflects with some members fighting on the
and helped turn the Tallapoosa River badly on what Americans like to side of the Confederacy and others
red with the blood of the Creeks. think their country stands for. Yet it’s fighting for the Union. The Recon-
Despite the complications of the difficult, given the imbalance in num- struction era brought its own set of
history he recounts, a single sentence bers and the temper of the times, to problems. Nor did the Cherokee story
in Mr. Sedgwick’s book summarizes devise a credible scenario that turns end even then. History doesn’t stop; it
the intractable dynamic underlying the out much differently. Andrew Jack- simply adds layers of complexity. The
struggle over the Cherokee lands. “The son was a hard man—the Indians divided, decimated Cherokee sur-
SMITHSONIAN AMERICAN ART MUSEUM

population”—of the Cherokee—“had called him Sharp Knife—and many prised nearly everyone, except per-
increased only slightly to just under modern Cherokee understandably haps the ghosts of The Ridge and
14,000,” Mr. Sedgwick writes of an liken him to Hitler. But he—and The Andrew Jackson, by making a 20th-
1826 census, “and they were sur- Ridge—were probably right in saying century comeback in their new home.
rounded by well over 1 million whites.” that the only hope for Cherokee sur- Today the Cherokee Nation com-
The fate of the Cherokee was the vival was for them to get out of the prises more than a quarter-million
unavoidable result of this imbalance of way of the juggernaut. citizens, of whom about half live
numbers. Even with the best of inten- For Jackson the reward was en- under tribal jurisdiction. Credit their
tions, the government of the whites hanced popularity. A few reformist resilience, credit belated guilt on the
could not have kept the Cherokee on MEETING John Mix Stanley’s painting of the 1843 International Indian Council. types, who generally lived far from part of whites, credit the creative
their land. At times government did the frontier, wanted the government tension embodied in the struggle be-
take the side of Indians. But it was whites had previously coveted Chero- moval and settlement.” Yet the presi- to protect the Cherokee in place, but tween John Ross and The Ridge—but
never successful for long. Britain’s 1763 kee land; now they simply took it. dent made clear that the move wasn’t most Americans thought Jackson was a 10-fold increase in numbers is no
ban on western settlement was meant The U.S. government abetted the optional. The Cherokee had to go. doing the right thing in compelling small thing. Mr. Sedgwick’s subtitle
to preserve Indian lands; instead it taking. In 1830 Congress approved The law split the Cherokee. One their removal. He remained hugely calls the Cherokee story an “American
helped trigger the American Revolu- and President Andrew Jackson signed party followed The Ridge, who reluc- popular far into the 20th century, a Epic,” and indeed it is.
tion. President Ulysses Grant’s attempt the Indian Removal Act. Jackson cast tantly agreed with Jackson that stay- patron saint of the Democratic Party,
to safeguard Sioux rights to the Black the measure as an exercise in liber- ing in Georgia risked the annihilation honored with the party’s other demi- Mr. Brands teaches history at the
Hills of South Dakota failed after the ality. “Humanity has often wept over of the tribe, and this group sought the god, Thomas Jefferson, in annual University of Texas at Austin. His
discovery of gold there. the fate of the aborigines of this best terms in bowing to the govern- Jefferson-Jackson Day dinners. next book, “Heirs of the Founders,”
Gold was what doomed the Chero- country, and philanthropy has been ment’s mandate. The other party fol- The Ridge encountered a different on Henry Clay, John Calhoun and
kee in their homeland, as well. The long busily employed in devising lowed John Ross and determined to fate. He understood he was taking his Daniel Webster, will be published
1828 discovery of gold in Georgia in- means to avert it, but its progress has hold the land, no matter the cost. life in his hands by defying John Ross in November.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | C7

BOOKS
‘La science qui rapproche l’homme de Dieu.’ (‘Science brings men nearer to God.’) —Louis Pasteur

A Longing for Truth and Meaning


Searching for Stars
on an Island in Maine
By Alan Lightman
Pantheon, 226 pages, $24.95

BY ALAN HIRSHFELD

FROM THE ASTRONOMER’S per-


spective, to look outward is to look
inward. The lines of sight into space,
taken together, converge back onto
oneself, creating an inescapable im-
pression of centeredness. No wonder
the prospect of a star-studded sky
elicits a sense of connection with the
universe, weaving one’s conscious-
ness into the cosmic matrix. Some
astronomers report a rush of spiri-
tual feeling that conjures planes of
existence distinct from the material
world. Perhaps the most solemn
facet of the glittering celestial vault,
besides its looming presence, is its
utter silence: The soundless austerity
of the cosmos calls forth our prehis-
toric forebears, who confronted the
starry realm with incomprehension,
if not fear. Surely some primeval part
of our brain is instinctively attuned
to the inspirational allure of the
night sky.
At a higher level, we humans ex-
perience the natural world through
sensory blinders, our faculties

.
adapted to survival, not scientific de-

ly
tection. Yet the technology of recent
decades has endowed us with the
means to envision pseudo-images
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and mathematical constructs of phe- on


nomena beyond naked perception:
atomic nuclei, stellar infernos, con-
tours of space-time. Nor are we con-
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strained by the metronomic passage music on this island. The waves roll- bolic features—period. “Stars” opens vated for decades. Mr. Lightman’s diminishment of self than at pin-
of time; we can jump into the long- ing into the shore make cascades of with Galileo’s assertion, inspired by cognitive turmoil is summed up in a pointing the moment it is extin-
ago cauldron of the Big Bang or wit- sound, sometimes regular rhythms his observations of sunspots, that reflection on the death of his par- guished. Contemplating his own end,
al a
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ness the future incineration of our and sometimes duples and triples stars are material bodies, proceeds ents, in which he reluctantly accepts he takes solace in knowing that some
planet by the red-giant sun. While and offbeat syncopations—all set to the principle of conservation of the “impossible truth” that they no of the atoms he has shed might
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“seeing” the unseeable, free of physi- against the arpeggios and glissandos energy, and closes with the observa- longer exist. “I wish I believed,” he linger on Pole Island for a thousand
cal or temporal limits, has revealed of the birds.” tion that our bodies’ atoms are the adds poignantly. years.
much about the workings of the uni- Each twig, ant hill or rounded detritus of stellar explosions. By con- Thus, according to Mr. Lightman,
verse, it leaves plenty of room, even stone—as well as the starry back- trast, “Ants” is a philosophical medi- a precipice looms for each of us: an
among scientists, to ponder some of drop of the book’s title—serves as tation on temporality versus perma- An astrophysicist tries to eventual plunge into nonexistence.
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the core mysteries of human exis- muse for Mr. Lightman’s speculations nence, while “Laws” lays out the A depressing prospect, for sure, yet
tence: Why are we here? What, if about the physical and metaphysical essential difference between the pro- reconcile his work as a the inevitable judgment of those for
anything, is the meaning of exis- realms. The elegant and evocative visionality of science and the perma- scientist with his thirst for whom religious or spiritual alterna-
tence? Is there a God? Is there life prose draws in the reader, and I felt nence of core religious beliefs. tives carry no resonance. We can
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after death? Whence consciousness? as if I were strolling alongside the Viewing the world through the spiritual transcendence. await that reckoning gripped with
In a delightful collection of essays author while he thought aloud. In- scientist’s lens, Mr. Lightman re- fear, bemoaning the unfairness of it
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titled “Searching for Stars on an deed, it was a challenge to keep pace, minds us that the universe is made all—or we can embrace whatever
Island in Maine,” MIT astrophysicist as I repeatedly wandered off into of tangible bits of matter and energy, Mr. Lightman explores the dimly time we have left and gaze with
Alan Lightman, the author of the reveries triggered by the narrative. all governed by a set of fundamental lit landscape of human conscious- gratitude at the splendid starscape
best-selling novel “Einstein’s Here is a book in which even a physical laws. Whatever aspects of ness, motivated in part by his own above. For us, the wisest course of
Dreams” (1992), examines his own colonoscopy becomes grist for the nature have escaped detection or ex- family’s experience with dementia. action—indeed the only course of
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conflicted views on life, death and philosophical mill: “I am just mate- planation, he adds, will be revealed “Self,” he writes, “is the name we action—was sung memorably by
the nature of reality and tries to rial stuff,” Mr. Lightman informs us (eventually) through experiment and give to the mental sensation of cer- Peggy Lee back in 1969: “If that’s all
reconcile the primacy of his inner, as a videocam spelunks through his observation. In keeping with his tain electrical and chemical flows in there is my friends, then let’s keep
evidence-driven scientist with his innards, but he hedges: “I know this “Central Doctrine of Science,” he es- our neurons.” Might cessation of dancing.”
longing for spiritual transcendence. intellectually, yet I recoil from the chews unprovable hypotheses, most these neurochemical currents—es-
We follow Mr. Lightman on his per- idea.” The coverage of scientific ver- significantly the existence of God and sentially, the erasure of self—some- Mr. Hirshfeld, a professor of physics
ambulations about tiny Pole Island, a sus speculative subjects varies from the afterlife. Yet the expansive feel- day provide a biochemical marker of at UMass Dartmouth, is the author
meditative oasis a million miles from essay to essay. The chapter titled ings aroused by his island wander- the onset of death, so defined? Mr. of “Starlight Detectives: How Astron-
the hurly-burly of daily life. “If one “Hummingbird” details the creatures’ ings continually sow dissonant seeds Lightman admits that, at present, we omers, Inventors, and Eccentrics
listens,” he tells us, “there’s always wondrous aerodynamic and meta- in the scientific furrows he has culti- are better at gauging the gradual Discovered the Modern Universe.”

The Medicis of Modern Art


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Continued from page C5 a boat from Bilbao, Spain, met John great epiphany to the de Menils. “Life Robert Rauschenberg’s “Crucifixion The de Menils—who bought “Mon-
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her. They felt fated to spend their in Cuba after a 14-month separation, flows from [artists’] souls, from their and Reflection,” composed entirely of tagne,” their first Cézanne, on Father
lives together. and arrived in New York in 1941. “I hearts, from their fingers,” Dominique rectangles in shades of gray. Even Couturier’s advice in 1944—looked
But there were obstacles. First, have been seduced by New York,” she said. “They invite us to celebrate life their friends, who marveled at their and looked and bought and bought,
there was a malicious letter, appar- wrote to her mother. “Expecting to and to meditate on the mystery of the eclectic tastes, were surprised to see assembling a collection ranging from
ently designed to ruin the love affair. have a feeling of being overwhelmed, world, on the mystery of God. the ease with which they viewed Paleolithic bone carvings, Cycladic
It was discredited but not before I have been surprised to find a city . . . They bring us back to the essen- Andy Warhol’s entourage. Of Domi- idols, Byzantine relics and African
Dominique’s parents had forbidden that is so inviting.” tial.” Father Couturier, who was al- nique, the art historian John Richard- totems to masterpieces by Picasso,
her to see him. Then there was the son remarked: “She was pretty Braque, Magritte, Ernst, Calder,
matter of their religious differences. unshockable. . . . Which comes as Rothko, Rauschenberg, Warhol and
It took some time to hammer out an something of a surprise that someone many more, some 17,000 paintings,
agreement that allowed each of them so restrained, so delicate in many sculptures, prints, drawings, photo-
to retain their affiliations and their ways, could take the Warhol Fac- graphs and books. “The new, the mod-
future children to decide for them- tory . . . at its worst, with junkies all ern, without the old,” Dominique said,
selves. The marriage took place a year over the place and people in drag and “is like a child without a family, with-
later, in 1931. The stage was set for God knows what going on.” out a tradition, or a man without
Jean to join the Schlumberger enter- Dominique, with her liberal politi- memory.” Some of these works they
prise, or Société de Prospection Élec- cal interests, was as openhanded a donated to institutions, including the
trique, Procédés Schlumberger, where hostess as she was a collector, enter- Centre Pompidou, in Paris, the Mu-
HICKEY-ROBERTSON/COURTESY OF MENIL ARCHIVES

his talents were found to be exactly taining nonstop in their curious seum of Modern Art, in New York, and
suited to his new role as a prospector ranch-style house in Houston (home the Museum of Fine Arts, Houston.
for oil. He “even coined the company of Schlumberger’s U.S. headquarters), The rest are now housed in their light-
slogan,” Mr. Middleton notes: “Wher- designed for them by Philip Johnson. filled museum in Houston, designed
ever the drill goes, Schlumberger Its interiors were the work of by Renzo Piano and opened in 1987.
goes.” His charm, talent and tact had Charles James, the singular couturier After her husband’s death, Domi-
found an appreciative response in his whom she patronized at this stage. nique worked even harder and was
father-in-law; Jean was, Dominique Their guests included writers, com- still engaged in the pursuit of the in-
said, the son that her father, who had posers and filmmakers such as Susan effable for the next 20 years. She had
only daughters, never had. Dominique Sontag, Norman Mailer, Philip Glass a strong hand in planning and install-
and Jean’s marriage produced five and Michelangelo Antonioni, as well ing exhibitions drawn from their col-
children (some of whom became art as the artists Magritte, Duchamp and lection, as well as in designing the
patrons in their own right) and lasted A HOME FOR MASTERPIECES The Menil Collection in Houston. Max Ernst. At one dinner party in Houston museum, always “rigorously
until his death in 1973. Houston attended by Antonioni, a involved in every detail,” Mr. Middle-
As World War II began, Jean de The experience of life in a great ready in New York, became their con- drunken neighbor kept addressing a ton writes. To determine the ideal
Menil (who became “John” and metropolis was a revelation to them stant guide and interpreter, even for fellow guest who had campaigned for height for the building’s roofline, she
dropped his baronial title) was travel- both. It opened new possibilities and, artists they disliked. The latter, how- desegregation as a “n— lover.” An- walked the site with a balloon on a
ing constantly for the company in most of all, inflamed their dormant ever, were very few. other guest brusquely told him to string. Before she, too, died, in 1997,
Europe, the Middle East, South Amer- love of art. This interest had begun in As this wonderfully illustrated nar- stop, at which point the offender Dominique said of her late husband:
ica and the U.S., primarily to Houston Paris when they had met Marie-Alain rative records, the de Menils main- hauled off and knocked him out of “He leaves me with a mission that I
and New York. Dominique remained Couturier, a well-born Dominican tained their benevolent willingness to his chair. The evening threatened to must complete.” Complete it she did.
with the children in France until the priest who was the editor of a small suspend disbelief, whether buying become a free-for-all but was saved
Nazis took over in 1940. magazine, L’Art Sacré, that sought to René Magritte’s famous cityscape by John in the nick of time. The Ms. Secrest, recipient of the
Since John could not enter France, reconnect artists with the church. raining identical little men in black drunken neighbor stormed out. No National Humanities Medal, is the
Dominique and the children had to Father Couturier’s belief in art as an overcoats and bowler hats, or an Afri- doubt Dominique took it in her author of many biographies in the
leave somehow. They took passage on expression of the ineffable was the can sculpture from the Congo, or stride. fields of art, architecture and music.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘It is difficult to write a paradiso when all the superficial indications are that you ought to write an apocalypse.’ —Ezra Pound

MYSTERIES: TOM NOLAN

Naples Painted Black Surviving


Neapolitan Chronicles
By Anna Maria Ortese
New Vessel, 192 pages, $16.95
A Trifecta
BY BEN DOWNING Of Traumas
BOSTON’S KATE
DON’T MESS WITH Naples. The in- Wolfe, the 32-year-
vestigative journalist Roberto Saviano old child psychia-
learned that lesson in 2006, when his trist at the center of
organized-crime éxposé “Gomorrah” Alice Blanchard’s
got him targeted by the Camorra and terrifying thriller
taken into police protection, where he “A Breath After Drowning” (Titan,
remains to this day. A previous writer 441 pages, $14.95), endured a grim
who portrayed the city unfavorably childhood. Her mother was commit-
and then paid for it was Anna Maria ted to an asylum when Kate was 10—
Ortese. In 1953, the 39-year-old Ortese, and later committed suicide. Kate’s
a native Roman who had spent much younger sister was kidnapped and
of her life in Naples, published a murdered in a horrific way. Her
mixed-genre book (three short stories, father retreated into solitude soon
two pieces of reportage) that enraged after.
GETTY IMAGES

many locals, particularly among the But Kate survived her “trifecta of
intelligentsia. Such was the reaction traumas” to devote her adult life to
that Ortese, feeling ostracized, left a career helping young people nego-
Naples for good. tiate similar crises—in part as a way
Sixty-five years later, the book has (One sentence runs, in its entirety: warm-up for “The Silence of Reason,” everyone else. When she says a writer of assuaging the guilt she still feels
finally been translated into English, “Life . . . it was a strange thing, life.”) a ghastly series of articles that make “dictated in a voice that was incredibly for having left her sister alone the
under the title “Neapolitan Chroni- Then there are Ortese’s physical de- up half the book. For 90 interminable cold, mechanical, monotonous, yet night she was abducted. It is all the
cles.” Why now? Clearly it has some- scriptions. One character has “a small pages, Ortese attempts to expose a transparently still full of hate and more distressing, then, when an
thing to do with the best-selling novel- green face,” another a “putrid-yellow group of writers and editors who pain,” her words fit a certain someone emotionally vulnerable teenage pa-
ist Elena Ferrante, who praised the face,” a third an “ugly smiling face,” a once worked with her at Sud, a Nea- to a T. In her preface, she concedes tient hangs herself as soon as Kate
book in her collection “Frantumaglia.” fourth a “horrible body” and a “waxy politan literary magazine, as pathetic, that she attributed her own “horror” prepares to leave on a long-deferred
(Ms. Ferrante’s English translator, Ann smiling face” that later becomes a insecure, mean-spirited narcissists. and “authentic neurosis” (as opposed vacation.
Goldstein, co-translated “Neapolitan “horrible, crimson-colored face.” So they may have been, but I to inauthentic neurosis?) to Naples, “None of this was your fault,” her
Chronicles” with Jenny McPhee.) Not If you sense humorless misanthropy wouldn’t take her word for it. Her de- and expresses regret. Then, in the next old mentor tells her. “Sometimes

.
that she’s alone in thinking it special. here, you’re exactly right. In a preface paragraph, she refers to herself as “the the darkness takes over.” In this

ly
The book, Ortese’s third, won a major written for a later edition, Ortese person accused of having invented a case, the darkness won’t let go. At
prize and kick-started her career; recalls that her book was “judged to Ortese was shattered by terrible neurosis for the city.” Her her patient’s funeral, Kate encoun-
according to New Vessel Press, her be ‘anti-Naples,’ ” but really it’s anti- prickly self-contradiction says it all. ters Palmer Dyson, a retired police
American publisher, she became “one people. Her disdain and revulsion are
on the ‘horror’ of life. Naples What makes “Neapolitan Chroni- detective from her hometown back
of the most celebrated and original triggered by individuals and whole was the scrim on which cles” a truly bad book isn’t its mis- in New Hampshire. Palmer shares
Italian writers of the 20th century.” populations alike. In her story “The anthropy—hatred for the species can his doubts that the man convicted
Though Ms. Ferrante’s enthusiasm Gold of Forcella,” she characterizes the she projected her despair. be magic in the right hands—but its of killing Kate’s sister—and soon to
us l,

made me a bit wary—while admiring residents of a neighborhood (a real tediousness and immaturity. In her be executed—is actually guilty. Af-
her intelligence, I’m not a fan—I was one) as “a race devoid of all logic and apparent wish to shock, her uncon- ter meeting the condemned man,
curious to read “Neapolitan Chroni- reason.” “Humankind,” she continues, scriptions are suspiciously similar. scious projection of feelings onto Kate begins to have doubts of her
al a
e
cles.” The furious local response sug- “was now a shadow of itself, weak, Over and over, she describes her sub- others, her tendency to, as the Ital- own. It could be that the real killer
gested that Ortese had nailed an un- neurotic, resigned to fear and impu- jects as “cold,” “indifferent” and full ians say, “see everything black” is still at large.
ci on

pleasant truth or two, and I assumed dent joy. . . . In this dark pit only the of “rage,” “fury,” “malice” and “hos- (vedere tutto nero), her limited,
that the book would evoke the distinc- fire of sexuality burned bright under tility,” which they hide—though not hyperbolic, cliché-ridden means of
tive atmosphere of postwar Naples; at an eerie black sky.” from her!—behind fake smiles. She expression and love of words like A damaged woman takes
a minimum, I expected to find it vivid Ludicrous in fiction, this kind of habitually compares them to children “putrid,” Ortese is a fundamentally
and revealing. language is inconceivable in journal- (“Once again, like a stubborn child, he adolescent writer. No wonder she on a cold case—the
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How wrong I was. Though it has ism. Ortese, however, saw no problem blew his nose, in order not to answer dismissed her peers and rivals as abduction and murder
patches of satisfactory writing, “Nea- with it. In “The Involuntary City,” an me”) and deems them mentally and juvenile.
politan Chronicles” is a shallow, obtuse, article about a notoriously squalid morally defective: One is “incapable After finishing “Neapolitan Chron- of her younger sister.
insufferable book, its faults so glaring building crammed with desperately of conceiving the word death,” an- icles,” I found myself thinking of two
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and pervasive that I fail to understand poor tenants, Ortese describes an other lacks “the courage . . . to think books that actually deserve their
how anyone can overlook them. elderly woman as “completely clear and logical thoughts.” acclaim, Carlo Levi’s “Christ Stopped With the ex-cop’s guidance, Kate
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These flaws first become prominent bloated, like a dying bird,” and “only Interspersed with these put-downs at Eboli” (1945) and Norman Lewis’s is soon acting like a detective in her
in “Family Interior,” the book’s second an enormous flea.” Another woman is are risible, often mystifying passages “Naples ’44” (1978). Both authors own right: poring through old police
story. Anastasia, a 40-ish spinster who “bloated, horrendous, the fruit . . . of in which Ortese pontificates on class, washed up briefly in southern Italy files, considering alternative sce-
supports her whole family, briefly in- profoundly defective creatures.” politics and the afflictions of Naples (Levi was exiled by the fascists, narios and using her psychiatric
dulges a romantic fantasy before re- When ground-floor tenants react and southern Italy. In the Mezzo- Lewis was an intelligence officer with training to deduce the identity of
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signing herself to loneliness and self- mutedly to a child’s death, Ortese giorno, she discloses, “a secret minis- the Allies) and wrote about it with someone Palmer is convinced is an
sacrifice. The problem isn’t Ortese’s declares: “Down there no possibility try exists for the defense of nature insight, affection, pity, humor and undetected serial killer.
well-worn theme but her ham-fisted of emotion survived. There was dark- from reason.” As for the Neapolitan harrowing precision. Ortese spent Bizarre coincidences and shocking
handling of it. Devoid of nuance and ness, and nothing else.” Not only does bourgeoisie, it has “renounced the decades there and seemingly learned revelations concerning former neigh-
often hackneyed, her language is also she sound like a eugenicist, she re- ability to see the common people as nothing. The book that resulted, os- bors and Kate’s own family mem-
numbingly repetitive. On page 37, we peatedly credits herself with the god- living beings” and is incapable of “be- tensibly a panorama of the material bers, as well as the murder of the
learn that Anastasia’s “life had been like power to read hearts and minds. lieving that humankind [is] different and spiritual poverty of Naples, is mother of another one of her pa-
nothing but servitude and sleep”; on “Behind that deplorable forehead, a from nature.” Maybe it was brain- really about little more than her own tients, cause Kate to question her
page 44, that her aunt “had to resign measure of hope existed,” she writes washed by the secret ministry? destitution. own hard-earned sanity. But she’ll
herself . . . to a servile and silent life”; of the “bloated, horrendous” woman. The irony is that Ortese, who need all her wits about her, and then
on page 50, that her mother “led a She can tell just by looking. claims to see what others don’t, is so Mr. Downing is the author of some, to eventually do battle with
servile life.” “Life,” in fact, is used doz- For all their venom and contempt, blind to her own flaws and prejudices “Queen Bee of Tuscany: The one of the most memorable genre
ens of times, almost always tritely. these three pieces are merely a that she unwittingly ascribes them to Redoubtable Janet Ross.” villains since Hannibal Lecter.
n-

FICTION CHRONICLE: SAM SACKS


no

A Moonshine-Lit Kentucky Noir


EARLY IN Chris Of- the visit from the state official, whose marries, the sisters begin to vacation ably of novels like Deborah Levy’s to Paris. Her agitation grows from the
futt’s novel “Country heavy-handed interference triggers a either in San Diego or on an island off “Swimming Home” and Emma Cline’s memory of her behavior in Germany
Dark” (Grove, 231 domino run of murders. British Columbia with their newly “The Girls,” where a hazy, swollen with a would-be lover, a gloomy pia-
pages, $24), his first The rumblings of Southern Gothic minted stepbrothers, Kenneth and summer ambience is sliced through by nist obsessed with the modernist Aus-
work of fiction in horror are audible in the distance of Patrick, California boys with golden the razor-wire of menace and illicit trian composer Arnold Schoenberg
nearly two decades, “Country Dark,” but Mr. Offutt is such tans and “eyes glimmering blue like arousal. Ms. Robertson’s writing is (whose little-known painting gives the
a white-collar social services officer a measured and unexcitable stylist the sun on oiled nickels.” Joan and compact, barbed and often startling. novel its title). Instead of acting cool
visiting a family in the backwoods of that the story never wallows in the Kenneth, the oldest and most attrac- She has a flair for finding a perfectly and sophisticated our narrator prat-
eastern Kentucky thinks about the grotesque. Tucker lashes out only tive, pair off and eventually marry. In apt yet wholly unexpected verb for tled like a flibbertigibbet. “I’d blitzed
way of life hidden down those rutted when he feels cornered—the novel the shadow of their shining siblings, each moment. We see “bricks fleeced the pianist with a blizzard of shame-
dirt roads. “Something existed in the builds to a superbly orchestrated Willa and Patrick forge a relationship with algae” and birds’ eggs “mur- less data,” she thinks in dismay, and in
hills he didn’t want to disturb. It showdown with the double-crossing both more secretive and more un- mured with black splashes.” We hear the 90-minute span of the flight she
scared him and the fear made him bootlegger—yet his standout quality is settlingly transgressive. the “chortle” of a coffeepot and the compulsively cycles through the dis-
angry. He wondered what kind of his loyalty to Rhonda throughout sur- sound of Joan’s feet cussions, themes and misunderstand-
people lived here.” passing hardship, as though “the two as they “kiss down ings of their awkward tête-à-têtes.
You expect descriptions like this to the hall.” The morning Stream-of-consciousness novels
be accompanied by eerie banjo pluck- sun “roasted higher in reproduce the motions of the mind by
ing from “Deliverance.” But Mr. Offutt Chris Offutt’s latest the sky”; a dancing funneling discrete time periods into a
impressively inhabits this impover- couple’s “hips jan- single narrative flow. The narrator’s
ished, fiercely private world without is a backcountry tragedy gled”; as he pretends impressions on the plane close over
condescension or romance, fashioning that moves fluidly to sleep, Patrick’s her memories of her coffee dates
a lean, atmospheric story that moves “eyeballs hummed be- with the pianist, which further enfold
fluidly between the extremes of vio- between violence and love. neath his lids.” her apprehension of his ideas about
lence and love. “A breeze wafted Schoenberg and other Nazi-era art-
GETTY IMAGES

The book begins in 1954, following over us,” Willa re- ists who placed the integrity of their
a decorated Air Force veteran called of them were a single tree split by members, “rustling private visions over “collective mor-
Tucker, who returns to Kentucky from weather.” That image—natural, under- the ivy on the fence so als.” Her thoughts are spiraling and
Korea at the age of 18 (having lied stated yet profound—exemplifies Mr. the vines looked alive, recursive, returning again and again
about his age to enlist), hardened to Offutt’s fine homage to a pocket of the Sadism is the unwritten word at the sucking termites from the wood.” Her to the same moments but presenting
granite by his combat behind the lines. country that’s as beautiful as it is heart of “Demi-Gods.” Patrick, the sort uncanny recall, disturbing all the them with slight variations, a bor-
Tucker marries a teenage girl named prone to tragedy. of boy who sets fire to moths and senses and making the past seem more rowing from Schoenberg’s theory of
Rhonda, gets a job running moonshine Eliza Robertson’s coming-of-age decapitates small animals, finds in vivid than the present, makes this one atonal development.
for the local bootlegger and tries to novel “Demi-Gods” (Bloomsbury, Willa a captive partner for sexual of the most memorable first novels That sounds fussy and intimidating,
stay as far out of sight of civilization 230 pages, $26) takes place mostly in experimentation. Their summer inter- I’ve read in 2018. but “Blue Self-Portrait” wraps its diffi-
as possible. But as Mr. Offutt writes, the 1950s, and like “Country Dark” it ludes are few but formative and they “A plane is no place for screaming,” culties in mercurial humor and word-
trouble seems to come his way “like generates some of its friction by chaf- lend an almost hyper-real clarity to the nameless narrator of Noémi Le- play, gamely translated from the French
sideways wind in winter.” Inexplicably, ing against the postwar decade’s Willa’s recollections as she narrates febvre’s “Blue Self-Portrait” (Transit, by Sophie Lewis. It’s inviting enough to
Rhonda gives birth to a sequence of reputation for innocence. When Joan from the distance of middle age. 143 pages, $15.95) reminds herself as read and re-read, and dense enough to
mentally disabled children, prompting and Willa’s dissipated mother re- “Demi-Gods” reminded me favor- she takes the short flight from Berlin provoke different responses each time.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | C9

BOOKS
‘The most courageous act is still to think for yourself. Aloud.’ —Coco Chanel

The Womanly Art of Having an Opinion


Sharp
By Michelle Dean
Grove, 362 pages, $26

BY MAUREEN CORRIGAN

SOME YEARS AGO, I introduced a


new course at my university. It was
called “Public Intellectuals in Amer-
ica” and it attracted a small band of
students, fit though few, to read the
likes of Edmund Wilson, Dwight
Macdonald, James Baldwin, Susan
Sontag and Christopher Hitchens.
After teaching the course for several
semesters, I remember remarking to
a colleague about its unusually
sparse enrollment. “Change the
title,” she urged. “The word ‘intellec-
tuals’ is intimidating.” I took her
advice and redubbed the course
“Writing to Be Heard.” Enrollment
that year shot up and has remained
consistently high ever since.
Even smart, college-educated
Americans are leery of intellectuals.
We have a long tradition in this
country of prizing doers over think-
ers, dismissing intellectuals as “in-
effectuals” and pretentious egg-
SEAN MCCABE

heads. Consequently, the suspicion


Michelle Dean must allay in “Sharp,”
her cultural history of ten women
who “talk[ed] about thinking, in OUTSPOKEN Clockwise from upper left: Hurston, Adler, West, Arendt, McCarthy, Malcolm, Didion, Parker and Sontag.

.
public,” is that she’s going to lead

ly
readers on a dutiful plod through the How easy it would be to assemble blandly capacious phrase, “write “one off” cultural phenoms, is how this book and is in many ways its
brain folds of, among others, Re- a coffee table compendium of such unforgettably,” mean? important not only “tony” outlets presiding deity, Ms. Dean observes,
becca West, Hannah Arendt, Renata dazzlingly awkward moments in Even more potentially controver- like the New Yorker and Partisan Re- “This was her gift: to shave complex
Adler, Joan Didion, Janet Malcolm American intellectual history.
on sial is Ms. Dean’s acknowledgment view were to giving these women a emotions down to a witticism that
and the aforementioned Sontag. The In “Sharp,” however, Ms. Dean that her chosen subjects don’t con- perch but also women’s magazines hints at bitterness without wearing
danger, of course, is that in the has pulled off a much rarer stitute “a perfect demographic sam- such as McCall’s, Vogue and Made- it on the surface.” Reflecting on
effort to “sell” these thinkers to a achievement: She’s written an ple. These women came from similar moiselle. Also striking is the many Mary McCarthy, who famously wrote
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wider audience, Ms. Dean might err entertaining and erudite cultural backgrounds: white, and often Jew- ways their paths intersected: Mary in “Memories of a Catholic Girlhood”
on the side of peppiness, going light history of selected female thinkers ish, and middle-class.” There’s good McCarthy became Hannah Arendt’s about being orphaned when her par-
on analysis in favor of anecdote. who “came up in a world that was reason for that exclusivity. As Ms. ents died in the 1918 flu epidemic,
al a
e
After all, there are so many stories not eager to hear women’s opinions Dean reminds readers in a very brief Ms. Dean says: “What McCarthy got
to tell, so much bad behavior on the about anything.” Indeed, Ms. Dean chapter partly devoted to Zora Female thinkers who came in exchange for that lost other exis-
ci on

part of these otherwise brainy herself performs the work of a pub- Neale Hurston: “The intellectual tence was the inquisitive detachment
women and their male contempo- lic intellectual by doing justice to situation in the America of her time, up in a world that was that became known as characteristic
raries to revel in, and so many zing- the substance of her subjects’ work, and for many years after, was a very not eager to hear women’s for her writing.”
ers to quote. while also conveying—through her white background. . . . Black writers There’s so much more to savor,
Take, for instance, critic Lionel own wit and lively opinions—why were not invited to contribute to the ideas about anything. ruminate on, learn from and, cer-
er rs

Abel calling Hannah Arendt “Hannah their work matters. This is a book New Republic, or the New Yorker. tainly, argue with in this splendid
Arrogant” behind her back and Del- designed to stir up discussion and Making a living solely as a literary book. “Sharp” embodies the work of
more Schwartz dissing her as “that dissension in its readers, beginning journalist would have been impos- literary executor; Renata Adler (who its subjects and manages the diffi-
Weimar Republic flapper.” Consider on the very first page of its preface, sible for her.” was at one time engaged to McCar- cult intellectual and narrative feat of
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Pauline Kael’s backhanded compli- where Ms. Dean states the criteria But let’s leave off gnawing on thy’s son) attacked Pauline Kael in linking a bunch of disparate women
ment about Joan Didion’s writing: that guided her selection process: these questions of methodology and, the pages of the New York Review of writers, not via their topical inter-
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“The smoke of creation rises from “I gathered the women in this book instead, acknowledge the intellectual Books; Kael, in turn, was antagonis- ests, but by their sensibility: that of
those dry-ice sentences.” Or, mull under the sign of a compliment and, yes, even inspirational bounty tic to Sontag in the introduction of writers, with one foot in the main-
over the very first conversation that every one of them received in that “Sharp” offers its readers. Along her surprise best seller “I Lost It at stream of the American intellectual
between a young Sontag and the their lives: they were called sharp. with incisive readings of their most the Movies.” Ms. Dean also explores culture that men made, and one foot
venerable Mary McCarthy at a party The precise nature of their gifts emblematic work, Ms. Dean skillfully the seeming paradox that some of outside, sometimes by their own
co Fo

at Robert Lowell’s home in 1964. varied, but they had in common the encapsulates each of these women’s these extraordinary women did not decision, and sometimes not. And
McCarthy remarked to Sontag that it ability to write unforgettably.” One life stories, focusing on their mostly call themselves “feminists,” and she each one of them, in this wonderful
was clear she wasn’t from New York. can already anticipate the roundabout and bumpy paths to a explores the reasons why even those telling, is very much an intellectual
Sontag recalled that she said: objections sure to erupt in book public career. (“Late bloomers” Pau- who were more comfortable with the and a writer to be heard.
“No, actually I’m not. Although clubs and seminar rooms across the line Kael and Janet Malcolm didn’t label “wavered.”
I’ve always wanted to live here. . . . land. Why does Mary McCarthy come to prominence until their 40s.) Ms. Dean is especially “sharp” Ms. Corrigan, who teaches literature
But how did you know?” deserve a chapter and not Lillian What becomes evident as Ms. Dean herself when it comes to nailing her at Georgetown University, is the
“Because you smile too much,” Hellman? Rebecca West, but not considers these female thinkers col- subjects’ distinctive gifts as writers. book critic for the NPR program
McCarthy said. Gertrude Stein? What does that lectively, instead of viewing them as About Dorothy Parker, who kicks off “Fresh Air.”

CHILDREN’S BOOKS: MEGHAN COX GURDON


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The Many-Storied Past


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‘ALL ARTEFACTS, in which we adapt,” Mr. Fagan writes feels a new sense of connection. She have a really long life.” Thistle seeds, dent, Elliot, go on a field trip run by
however humble, in this learned and lively account. is named for her grandmother, Sofia, it seems, augur peace and plenty. Professor Fauna, a teacher who
have a story to tell,” “And every year, new discoveries who loved books and flowers (“I love In dainty ink-and-watercolor illus- wears a unicorn insignia and has a
Brian Fagan writes and technical advances make it books and flowers,” Alma realizes); trations, we see the festive prepara- voice “like someone had put rocks in
in the opening pages easier to peer over the shoulders of for her artist grandfather, José (“I tions. Invitations go out by “mail a blender.” Fauna leads his students
of “A Little History ancient people—almost, sometimes, draw a lot, too!”); and for her great- snail” (literally, a snail toting a sack into the New Jersey pine barrens, a
of Archaeology” (Yale, 277 pages, to talk to them.” aunt Pura, who “believed that the of letters). Hazel and her father dry wasteland with a fascinating his-
$25), an engaging tour through a Like artifacts, the names that par- spirits of our ancestors are always make dandelion kimchi and fiddle- tory where, in short order, Uchenna
discipline that, for all the antiquity ents give children often have stories with us, watching over us.” Touching head soup. Hazel and Twig’s mother and Elliot encounter a tiny blue
of its subject matter, has been to tell. In “Alma and How She Got on cultural themes central to the puts out flowing pink traditional winged beast that the world believes
around for a surprisingly short time. Her Name” (Candlewick, 32 pages, recent Pixar movie “Coco,” this is a dresses, called hanboks, for the to be mythological.
Archaeologists have been digging $15.99), author and illustrator Juana tender outing for children ages 4-8. mouse-girls to wear. Gentle and joy- It’s a fun, fast read marred, unfor-
into the earth to learn about past Martinez-Neal draws on her own girl- When Korean babies reach their ful, the story is a celebration of tunately, by political cheap shots that
human societies for only about the hood perplexity with what, she detract from the freshness of the
last 250 years, and, as readers ages confesses, “I thought was the most project. The villains of the piece are
13 and older will learn, many explor- two white billionaire industrialists,
ers in the early days were adven- the Schmoke Brothers (get it?), who
turers who inadvertently damaged A child’s history of operate under the motto “Making the
as much as they discovered. World the Way We Want It to Be.”
In short chapters packed with archaeology leads a pack And out of the blue—presumably to
YALE UNIVERSITY PRESS

color and context, alongside occa- of books about ancient scratch a political itch—a venerable
sional illustrations (see right), Mr. old woman in the barrens, whose
Fagan takes us to celebrated sites in customs all the world over. heritage, we’re told, is black, Irish,
Egypt, Syria, Cambodia, China and French, Jewish and Lenni-Lenape
Crete but also to fascinating and Indian, lectures the visiting school-
less widely known archaeological old-fashioned, harsh, ugly, and way- children about early American hypo-
marvels, such as Doggerland, where too-Spanish name”—Juana Carlota crites. “You had all these rich men,
a 9,000-year-old Ice Age fishing Martinez Pizarro—“in all of Lima, first birthdays, tradition calls for a Korean customs even as, for many Washington and Jefferson and all,
culture now lies beneath the North Peru, where I grew up!” Like Ms. Mar- fortune-telling ceremony known as readers ages 3-7, it will also serve as running up and down the East Coast,
Sea (on what was once marshland), tinez-Neal, little Alma cannot under- the doljabi. This happy occasion finds an introduction. saying they were fighting for a place
or Must Farm, a 3,000-year-old stand why she is burdened with such a woodland setting in “Hazel & Writer Adam Gidwitz and illustra- where people could live free,” when
Bronze Age village that, thanks to a an impossibly long name as “Alma Twig: The Birthday Fortune” (Can- tor Hatem Aly, fresh from “The of course not everyone could. “The
covering of silt, is perfectly pre- Sofia Esperanza José Pura Candela.” dlewick, 40 pages, $15.99), a picture Inquisitor’s Tale,” their 2017 New- Founding Fathers thought they were
served. Mr. Fagan calls it “Britain’s In soft graphite and colored- book by Brenna Burns Yu about a bery Honor-winning collaboration, inventing America,” the woman con-
Pompeii.” pencil illustrations, we see the little mouse family’s upcoming celebration. have turned their talents to “The tinues. “But we were the ones invent-
A field of study that began with girl in her rose-striped playsuit com- It is almost Twig’s first birthday, and Unicorn Rescue Society,” a new ing America. And you know what
pickaxes and shovels now compasses plaining to her father. “Let me tell it falls to her big sister, Hazel, to ex- series for readers ages 7-10 about a America looks like? It looks like me.”
sophisticated drones and aerial laser you the story of your name,” he says, plain all: “We’ll put out lots of things, cadre of eccentrics dedicated to pro- In these politicized times, kids aren’t
scanning, giving us thrilling pulling out a photo album. “Then like a lute and a ball of yarn and tecting exotic creatures of myth and even allowed to enjoy a page-turner
glimpses of ancient wonders yet to you decide if it fits.” Every piece of some toasted thistle seeds. Then legend. In the first volume, “The about freaky teachers and magical
be fully revealed. “Archaeology helps Alma’s name, she discovers, comes you’ll go pick one—only one, OK? If Creature of the Pines” (Dutton, 163 creatures without being made to
explain why we are similar and why to her from someone in her family, you pick the lute it means you’ll be a pages, $14.99), a fearless girl, swallow a dose of ideological cod
we are different. It explains the ways and, as she and her father talk, Alma musician, and the yarn means you’ll Uchenna, and a diffident new stu- liver oil. It’s so tedious.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C10 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘Music straitjackets a poem and prevents it from breathing on its own, whereas it liberates a lyric. Poetry doesn’t need music; lyrics do.’ —Stephen Sondheim

Maps With Gaps FIVE BEST: A PERSONAL CHOICE

1810 in the Arctic Ocean by a Russian


The Phantom Atlas
By Edward Brooke-Hitching
Chronicle, 256 pages, $29.95
geographer, spurred later expeditions,
all in vain, before being omitted from
maps beginning in 1937. Possibly it
Todd S. Purdum
had sunk, a common calamity for on songs of the American century
BY A. ROGER EKIRCH shoals saturated by permafrost in
northern latitudes.
No less baffling was the fate of brisk minibiographies of their
IN THE SPIRIT of modern treasure Mayda, an island in the North Atlantic Finishing the Hat: subjects, sprinkled with dry wit.
hunters in quest of lost shipwrecks, that cartographers officially expunged Collected Lyrics (1954-1981) When Dorothy Fields’s actor-
early explorers scoured the seas for after it had appeared on maps for By Stephen Sondheim (2010) producer father told her that
islands and continents born of leg- more than five centuries. Yet in 1948, “ladies don’t write lyrics,” she

1
end, delusion and deception. Maps in the reputed vicinity of Mayda, THE REIGNING MASTER of countered: “I’m not a lady, I’m
and navigation charts afforded their where ocean depths reached 2,400 the theater song reflects on your daughter.” The entry on
only guidance, and many are color- fathoms, the captain of a freighter the ingredients of his art and Sammy Cahn, one of Hollywood’s
fully reproduced in Edward Brooke- noticed a seeming change in the sea’s offers provocative critiques of his most commercially successful

JEFFREY MACMILLAN
Hitching’s “The Phantom Atlas: The color and took a sonar reading that canonical colleagues. He is wordsmiths, notes that he had a
Greatest Myths, Lies and Blunders on revealed a depth of only 20 fathoms surprisingly tough on icons, from “generous opinion of himself, but
Maps.” The author details over 50 and a submerged land mass 28 miles Ira Gershwin to Lorenz Hart and he was clear-sighted as well,” once
instances of fake cartography, includ- Noël Coward, but reserves special answering an interviewer who
ing their reputed coordinates: from scorn for Alan Jay Lerner. “It’s asked which came first, the words
the Strait of Anian to the Phantom Islands that never existed hard to comment on or even write or the music: “I’ll tell you which— MR. PURDUM’S latest book is
Lands of Zeno. about Alan Jay Lerner because his the money!” ‘Something Wonderful: Rodgers and
As Mr. Brooke-Hitching describes, inspired adventurers to work is so professional and Hammerstein’s Broadway Revolution.’
honest mistakes, grounded in religious undertake quixotic trips uninteresting when compared to
dogma and classical mythology, were that of the other major theater The House “I’m Still Here” without feeling the
often to blame for inaccuracies. (Plato with tragic consequences. lyricists,” Mr. Sondheim writes. That George Built hair go up on your neck. “This one
was among the first to record the His bêtes noires include near By Wilfrid Sheed (2007) was definitely a keeper,” Mr.
myth of the Island of Atlantis, whose rhymes: “Claiming that true rhyme Chapin writes. “Little did I or any

3
destruction, he wrote, had left a “shoal in diameter—the victim, speculates is the enemy of substance is the WILFRID SHEED, a British- of us know then that it would
of mud” that rendered the sea “im- Mr. Brooke-Hitching, of “some act of sustaining excuse of lyricists who born critic and novelist, become one of Sondheim’s most
passable and impenetrable.”) But navi- geologic violence centuries ago.” are unable to rhyme well with any offers informed, insouciant performed songs, and one whose
gators were also fooled by optical illu- It would be wrong to dismiss “The consistency.” His own credo: takes on the top songwriters of sentiments, first typed that day by
sions arising from mirages, icebergs Phantom Atlas” as an exotic side-show. “Content Dictates Form, Less Is the 20th-century era when good a twenty-year-old gofer, would
and low-lying clouds dubbed “Dutch Cartographic errors sowed real anxiety More, God Is in the Details—all in music was popular and popular continue to have resonance for
Capes.” In the meantime the persis- and confusion among mariners. They the service of Clarity, without music was good, leavened by his years to come.”
tence of fictitious claims led influenced shipping routes and in- which nothing else matters.” personal acquaintance with some
innumerable generations of spired adventurers to undertake of the greats. He assesses the
Easy to Remember

.
mariners astray. Remarkably, quixotic expeditions, occasion- alchemy of Irving Berlin, noting
Reading Lyrics

ly
not until 2012, after first being ally with tragic consequences. that the composer himself was By William Zinsser (2000)
“sighted” by a whaling ship in “These phantoms,” the au- By Robert Gottlieb and Robert reluctant to probe too deeply into

5
the late 1800s, was thor tartly observes, “were Kimball (2000) the inner workings of his music. A DISTINGUISHED CRITIC
Sandy Island in the considered a plague on
on “The same goes for his lyrics,” and teacher of writing,

2
Coral Sea “un- navigational charts.” HERE IS a delightfully Sheed writes, “which seem not so William Zinsser was a
discovered” by an And there have idiosyncratic, opinionated much brilliant as inevitable. . . . lifelong fan of the American
Australian team of been geopolitical catalog of the best lyrics of ‘Everybody’s doing it,’ but of Songbook, and his survey of the
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marine scientists. reverberations. Just popular songs from 1900 to 1975, course they are. It says so in the genre is a loving tribute,
In time, with nine years ago, in stretching from George M. Cohan tune.” Sheed notes that composers punctuated with reproductions
the proliferation of the Gulf of Mexico, a to Fred Ebb and Dave Frishberg. as diverse as Richard Rodgers, from his own collection of vintage
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printing in the 1500s, controversy was finally Robert Gottlieb, the veteran book George Gershwin and Cy Coleman sheet-music covers. The book is
the publication of sala- resolved over the reputed and magazine editor, and Robert remarked, in one way or another, largely a composer-by-composer
ci on

cious tales turned a ready island of Bermeja, a Mexi- Kimball, the eminent musical- that they had more songs in their tour through the best of Tin Pan
profit. Besides gold, silver and can possession originally re- theater scholar, cull the cream of heads than they could ever write Alley, Broadway and Hollywood,
precious gems, far-off lands corded in 1539 on a Spanish map. the lyricist’s art, from “Give My down. “So perhaps,” Sheed writes, but Zinsser is especially acute in
were said to contain all manner of Locating the tiny island promised to Regards to Broadway” to “Peel Me “songwriting can best be defined describing the form and mechanics
forbidding creatures—demons, Patago- dramatically extend Mexico’s nautical a Grape.” The authors provide as the wonderful ability to go in of popular song. “Because
er rs

nian giants and human-shaped fruit. sovereignty to include precious oil there and get them.” traditional western music is
As Jonathan Swift mocked: “So geog- rights in the Gulf. Despite a last-ditch mathematical in its notation, it
raphers in Afric-maps / With savage- effort, neither aircraft nor a Mexican insists on order,” he writes, “which
pictures fill their gaps.” Few scribes research vessel succeeded in finding Everything Was Possible means, among other things, even
m e

were as infamous as the 18th-century Bermeja. Diehard believers, ceding no By Ted Chapin (2003) numbers. A 31-bar song would
French impostor, George Psalmanazar, ground, cited global warming or the leave us vaguely uneasy. So would
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4
who claimed to be a native of the possibility of an undersea earth- AS A COLLEGE STUDENT, a 7-bar opening statement; our
primitive island of Formosa, brought quake—thin satisfaction at best. Be- Ted Chapin, the longtime metabolism has been conditioned
against his will to Europe by a Jesuit cause billions of barrels of oil were at head of the Rodgers & to need the full eight.” The miracle
priest. Years after the appearance in stake, the CIA was also blamed for the Hammerstein Organization, had a of this rigid construction, Zinsser
1704 of his adventures, a spurious island’s destruction. worm’s eye view at the creation of notes, is that “thousands of
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publication featuring no shortage of “The Phantom Atlas” will prove re- what was arguably the last musical popular songs have been written,
gruesome tales, he remained a celeb- warding for armchair adventurers and of the Golden Age. He was an their composers limited to 32 bars
rity. When asked why he had be- nautical historians. For more intrepid assistant on the Boston tryout of and only 12 notes.” Now and then,
friended the scoundrel, Samuel John- souls, it affords an indispensable guide “Follies” and kept a faithful diary he acknowledges, “a song comes
son avowed, “I should as soon have to legendary sites or, just possibly, re- that 32 years later would become along that reminds us of some
thought of contradicting a bishop.” mote realms waiting to be reclaimed. what surely ranks as the best-ever other song. But the remarkable
Contrary to the author’s assertion Don’t forget to bring a camera. account of the blood, sweat and thing is how often we’re not
that the book’s lands and waterways tears that go into putting on a reminded of some other song. The
PHOTOFEST

“are all entirely fictitious,” he allows, Mr. Ekirch, a professor at Virginia Broadway show. It’s impossible to great composers never run out of
CHRONICLE BOOKS

in a few instances, for the possible Tech, is the author of “American read Mr. Chapin’s account of ways to put the notes together in a
impact of seismic shocks, volcanic Sanctuary: Mutiny, Martyrdom, typing up an original and nine pattern that makes us say, ‘Isn’t
eruptions and catastrophic erosion. and National Identity in the Age BROADWAY BABY The original 1971 carbon copies of Stephen that wonderful! I’ve never heard
Sannikov Island, “discovered” around of Revolution.” production won seven Tony awards. Sondheim’s first manuscript for anything like that before.’ ”
n-

Best-Selling Books | Week Ended April 1


no

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology


TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
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.,
12 Rules for Life 1 3 This Is Me: Loving the Person 6 New Dog Man and Cat Kid (Dog Man 4) 1 2 Mother Bruce 6 4 representing about 85% of the nation’s book sales.
Jordan B. Peterson/Random House Canada Chrissy Metz/Dey Street Books Dav Pilkey/Graphix Ryan T. Higgins/Disney-Hyperion Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
Embraced: 100 Devotions to Know 2 New Dear Madam President 7 New Red Alert: An NYPD Red Mystery 2 New The Getaway (DWK #12) 7 — retailers, and food stores. E-book data providers
Lysa TerKeurst/Thomas Nelson Jennifer Palmieri /Grand Central Publishing James Patterson & Marshall Karp/Little, Brown & Company Jeff Kinney/Amulet Books include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
Secret Empires 3 1 World of Warcraft Chronicle Vol. 3 8 New The Disappeared 3 New Green Eggs and Ham 8 3 fiction and nonfiction lists in all formats
Peter Schweizer/Harper Blizzard Entertainment/Dark Horse Books C. J. Box/G.P. Putnam’s Sons Dr. Seuss/Random House Books for Young Readers include adult, young adult, and juvenile
titles; the business list includes only
Russian Roulette: The Inside Story 4 2 StrengthsFinder 2.0 9 10 Pete the Cat: Big Easter Adventure 4 8 Accidental Heroes 9 1 adult titles. The combined lists track
Michael Isikoff & David Corn /Twelve Tom Rath/Gallup Press James Dean/HarperTorch Danielle Steel/Delacorte Press sales by title across all print and e-book
formats; audio books are excluded. Refer questions
The Subtle Art of Not Giving a F*ck 5 6 The Story of Jesus 10 — God Gave Us Easter 5 7 Last Week Tonight with John Oliver 10 New to Peter.Saenger@wsj.com.
Mark Manson/HarperOne Jane Werner Watson/Golden Books Lisa Tawn Bergren/Waterbrook Press Jill Twiss/Chronicle Books

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

All-American Murder 1 — 12 Rules for Life 1 4 Red Alert: An NYPD Red Mystery 1 New Red Alert: An NYPD Red Mystery 1 New StrengthsFinder 2.0 1 1
James Patterson & Alex Abramovich/Little, Brown & Co. Jordan B. Peterson/Random House Canada James Patterson & Marshall Karp/Little, Brown & Company James Patterson & Marshall Karp/Little, Brown & Company Tom Rath/Gallup Press
12 Rules for Life 2 8 The Easter Story 2 — The Disappeared 2 New A Wrinkle in Time 2 1 Emotional Intelligence 2.0 2 2
Jordan B. Peterson/Random House Canada Patricia A. Pingry/Worthy Publishing C. J. Box/Penguin Publishing Group Madeleine L’Engle/Square Fish Travis Bradberry & Jean Greaves/TalentSmart
Tiger Woods 3 New Last Week Tonight with John Oliver 3 3 Shock Wave 3 — The Disappeared 3 New Principles: Life and Work 3 6
Jeff Benedict & Armen Keteyian/Simon & Schuster Jill Twiss/Chronicle Books Clive Cussler/Little, Brown Book Group C. J. Box/G.P. Putnam’s Sons Ray Dalio/Simon & Schuster
Walking with God… 4 — Secret Empires 4 1 Savage Prince 4 New Ready Player One 4 8 Extreme Ownership 4 4
Timothy Keller/Penguin Publishing Group Peter Schweizer/Harper Meghan March/Meghan March Ernest Cline/Broadway Books Jocko Willink/St. Martin’s Press
Easy 5-Ingredient Healthy Cookbook 5 New Baby Touch and Feel: Animals 5 — The Return of Rafe Mackade 5 — Dog Man and Cat Kid (Dog Man 4) 5 — Total Money Makeover 5 7
Toby Amidor, MS, RD, CDN/Callisto Media Inc. DK/DK Publishing Nora Roberts/Silhouette Dav Pilkey/Graphix Dave Ramsey/Thomas Nelson
Dear Madam President 6 New Russian Roulette: The Inside Story 6 2 The Great Alone 6 5 The Great Alone 6 5 The Five Dysfunctions of a Team 6 9
Jennifer Palmieri/Grand Central Publishing Michael Isikoff & David Corn /Twelve Kristin Hannah/St. Martin’s Press Kristin Hannah/St. Martin’s Press Patrick Lencioni/Jossey-Bass
Secret Lives of the First Ladies 7 — Embraced: 100 Devotions 7 New Ready Player One 7 — Twice Bitten: An Argeneau Novel 7 New The Energy Bus 7 —
Cormac O’Brien/Quirk Publishing Lysa TerKeurst/Thomas Nelson Ernest Cline/Crown/Archetype Lynsay Sands/Avon Books Jon Gordon/Wiley
Flags of Our Fathers 8 — The Subtle Art of Not Giving a F*ck 8 7 Twice Bitten: An Argeneau Novel 8 New Accidental Heroes 8 2 Crushing It! 8 8
J. Bradley & R. Powers/Random House Publishing Group Mark Manson/HarperOne Lynsay Sands/HarperCollins Publishers Danielle Steel/Delacorte Press Gary Vaynerchuk/HarperBusiness
The Year of Less 9 — A Brief History of Time 9 — River’s End 9 — Simon vs. the Homo Sapiens 9 9 Don’t Bullsh*t Yourself! 9 5
Cait Flanders/Hay House, Inc. Stephen Hawking/Bantam Nora Roberts/Penguin Publishing Group Becky Albertalli/Balzer & Bray/HarperTeen Jon Taffer/Portfolio
Educated 10 7 Dear Madam President 10 New Hot and Badgered 10 New Camino Island 10 7 Skin in the Game 10 —
Tara Westover/Random House Publishing Group Jennifer Palmieri/Grand Central Publishing Shelly Laurenston/Kensington John Grisham/Dell Nassim Nicholas Taleb/Random House
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | C11

REVIEW
AUSTIN HARGRAVE FOR THE WALL STREET JOURNAL

.
ly
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
on
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David Chang
al a

The chef on his Netflix show, mash-up


e

cuisines and the stress of expansion


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LAST YEAR, chef David Chang restaurants around the world, as a strong personal resonance. The sional, but he didn’t enjoy the New York Times food critic Pete
went on a global “taco crawl” to well as six locations of the fast-ca- son of Korean immigrants, he grew sport. Unsure of a career, he spent Wells was headlined: “David
more than a dozen places around sual chain Fuku and 13 Milk Bar up outside of Washington, D.C., in two years after college teaching Chang’s Magic Shows a Little
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the world as part of his new docu- dessert stores. He’s still expanding suburban Virginia. His mother made English in Japan, where he fell in Wear.”
mentary series, “Ugly Delicious,” his restaurant empire, which offers fried rice and chicken soup and his love with the local ramen shops. He Mr. Chang responded to the re-
which is currently streaming on indulgent, sometimes oddball dishes grandmother would make Korean kept copious notes of what he saw view in a New Yorker profile of Mr.
Netflix. He and his cast sampled the such as kimchi bacon burgers and dumplings, he remembers. His fa- there, right down to the flavorings Wells, saying, “He’s being a [exple-
m e

Mexican staple everywhere from his much-imitated barbecued pork- ther used to take him to local pho in the first slurp of soup. tive] bully.” These days, Mr. Chang
the Yucatán to Copenhagen. belly buns. The chef and his restau- and ramen spots, where Mr. Chang When he returned to the U.S., he thinks that customer reviews on
m rp

One of his favorite tacos came rants have won five James Beard would watch in wonder as the chefs took a desk job in finance—and services such as Yelp carry just as
from a food truck in L.A. It featured Awards, and one of the New York worked the dough and pulled it into hated it. He quit after six months much weight as the opinions of pro-
ingredients usually associated with locations, Momofuku Ko, has car- and enrolled at the French Culinary fessional critics.
the Middle East—shawarma (meat ried two Michelin stars since 2009. Institute (now the International Cu- Mr. Chang has experienced some
sliced from a turning spit) and a “I think Momofuku has always
’Every type linary Center) in New York, with failures as his business has ex-
co Fo

thick, pitalike flour tortilla. In the tried to be a merger of things that stints afterward at high-end restau- panded. Last year, he attempted to
show, he traced the history of these don’t always go together,” Mr. of food came rants in the city such as Craft and launch his own meal-preparation
“Arab tacos” back to the city of
Puebla, about 80 miles southeast of
Chang says. As for his show, “when
you say the word ‘ugly delicious’ it
from somewhere Café Boulud.
When he finally decided to strike
and delivery service, and a few
years before that he invested in an-
Mexico City. There, Mr. Chang made sense.” Many of his favorite else,’ he says. out on his own, it was to embrace other. Both have since closed. Mr.
learned, immigrants from the Mid- dishes, such as curries and noodles, the Asian food of his childhood: “I Chang has said that delivery ser-
dle East helped to create the tacos look ugly, he says. think part of it is accepting being vices were difficult to get right.
decades ago. The show’s eight thematic epi- me.” He now appreciates his own But the chef is still creating new
He came across plenty of other sodes range from fried chicken to long strands. “That’s how my dad culture more, he says, partly be- concepts for restaurants and figur-
cross-cultural connections in ex- pizza to barbecue. The series asks expressed love to me, by going out cause he “ran away from it to begin ing out where to start them. Major-
ploring other iconic dishes for the why some cultures and not others to eat,” he says. with.” domo, which opened earlier this
show. In Houston, he tasted Viet- readily assimilate new foods and His parents were in the restau- In 2004, Mr. Chang started Mo- year in L.A., offers creative takes on
Cajun crawfish, a combination of a dishes from afar. An area’s tradition rant business for a time, but their mofuku Noodle Bar as a casual ra- basics and recently included short
n-

New Orleans Creole dish with Viet- and its immigration history are ma- two establishments served Ameri- men spot. In six months, once he ribs with beef rice and shiso rice
namese seasoning. In Italy, he noted jor factors, Mr. Chang discovered. can fare— salads, soups and steaks. adjusted the menu to his liking, paper, and macaroni and chickpeas
how much tortellini look like won- New Orleans, he found, was hesi- Mr. Chang never thought he would lines started forming out the door. with black pepper.
tons. “Every type of food came from tant to accept new flavors and ex- grow up to be a chef. “I knew res- His restaurant empire has expanded Mr. Chang remains committed to
no

somewhere else,” he says. “There’s perimentation, in part thanks to a taurants were in my dad’s blood,” relentlessly since then. experimenting and expanding. “It’s
nothing that just sprouted from proud Creole culinary past. Hous- he says. “I didn’t understand until Critics heaped praise on Mr. this giant thing, and I don’t know
someone’s head.” ton, on the other hand, embraced later that it could be a profession.” Chang’s early restaurants but have how it grows, but I’m sure it’s going
Mr. Chang, 40, is best known for waves of immigrants and their Mr. Chang was a champion golfer not been as enthusiastic about one to grow.” But he worries, too: “Ev-
founding the Momofuku Group, cooking techniques. in high school, and his father recent venture. A 2016 review of his ery day feels like it’s all going to
with over a dozen Asian-inspired For Mr. Chang, such stories have wanted him to try being a profes- new Italian-inflected restaurant by end simultaneously.”

MOVING TARGETS: JOE QUEENAN


My $100 Million Problem With the IRS
I WAS hoping that the big tax re- This created huge problems a ing penalty. So I rushed down to whittle down my 2018 income so
form just signed into law would couple of years ago when I unex- the local Quik Mart to get two that I pay less than $100 million in
bring some fast relief by simplify- pectedly won $365 million playing An extra $45 money orders, one for taxes.
ing this year’s forms as well. But
nope, the same old problems are
fantasy-league badminton and
found myself owing more than
million in $98,999,999.21, the other for
$1,000,000.79. But the Quik Mart
I’ve started out by giving away
$350 million to charities: the Red
rearing their ugly head. $100 million in estimated taxes. I income here, an guy told me that he couldn’t print Cross, Doctors Without Borders,
What annoys me most is that grudgingly sent in the check for extra $72 a money order that large. the New York Jets. Then I plan to
the IRS will still not accept checks $100 million, not knowing the new “Why not?” I demanded. “We write off $35 million in tips be-
of more than $100 million in pay- policy. The check got sent back to
million there. only get $1.25 for each money or- cause I always get my Porsche va-
ment for taxes. Form 1040 ES/V me, and I had to write two new der, no matter the size,” he replied. leted. And I’m giving back the $39
OCR, the one that self-employed checks and pay a substantial “So there’s just no mileage in it for million I won when I picked Michi-
individuals fill out, warns taxpay- penalty for filing estimated us. Tell you what I can do; I’ll print gan to get to the Final Four. I’m
ers not to send in a check of $100 taxes late. up a hundred money orders for a also refusing the $234 million in
million or more. This is probably I swore that I wouldn’t let million bucks apiece. That way I royalties I earned off my last book,
because IRS pocket calculators that happen to me again. But can make a few clams off the “Aw, Shucks: Why Cornfields Still
don’t go that high. So if you owe when I unloaded my mint con- deal.” Matter.”
more than $100 million in taxes, dition set of Iron Butterfly LP’s on I wrote the guy a check for $100 In all likelihood, that still won’t
the IRS says to send in two or eBay, it brought in hundreds of million, covering the service do the trick. So OK, I’ll bite the
more checks, each for less than millions of dollars in unanticipated charge with cash. But two of the bullet and send in two checks for
$100 million. Otherwise they’re go- income and once again that put me money orders got lost in the mail, $50 million next year. But I’m not
ing to return your check uncashed. over the $100 million threshold. I and once again I got hammered happy about it. With as many
Like a lot of self-employed peo- didn’t realize this until 10 minutes with late filing fees. problems as this society has, you’d
ple, I lose track of my income. I before last year’s filing deadline. So here I am again, facing the think the IRS would be tickled pink
NISHANT CHOKSI

earn an extra $45 million here, an Unfortunately, I only had one same IRS policy. They still won’t to get a check for $100 million ev-
extra $72 million there, but I for- check left in my checkbook, which take a check for $100 million. Next ery year. Not these guys. And then
get to write it down. Then, come meant that I was again going to year, I don’t want to go through they wonder why everybody hates
Tax Day: kerpowee!! get clobbered with a huge late-fil- this again. The only solution is to them.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C12 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
HISTORICALLY SPEAKING:
AMANDA FOREMAN

THE BATTLES
GIJSBERT HANEKROOT/GETTY IMAGES

OF SPRINGTIME
‘WHEN BIRDS do fight the Ammonites
sing, hey ding a ding, “in the spring of the
ding; Sweet lovers year, when kings nor-
LOU REED performing in love the spring,” mally go out to war.”
Amsterdam in May 1974. wrote Shakespeare. It was no coincidence
But the season has a darker side that the Romans named
PLAYLIST: as well. As we’re now reminded
each year when the Taliban antici-
the month of March af-
ter Mars, the god of
MARTHA GRIMES pate the warm weather by an- war but also the guard-
nouncing their latest spring offen- ian of agriculture. As
sive in Afghanistan, military the saying goes, “An
An Adult commanders and strategists have
always loved the season, too.
army fights on its stom-
ach.” For ancient Greek

Education The World War I poet Wilfred


Owen highlighted the irony of
historians, the rhythm
of war rarely changed:

In Rock this juxtaposition—the budding


of new life alongside the massa-
cre of those in life’s prime—in
Discussion took place in
the winter, action began
in spring. When they
A veteran crime novelist his famous “Spring Offensive”: referred to a population
“Marvelling they stood, and “waiting for spring,” it
became infatuated THOMAS FUCHS
watched the long grass swirled / was usually literary
with a Lou Reed song, By the May breeze”—right before shorthand for a people living in fully implement his ideas. This nal spring campaign was also his
‘Caroline Says II’ their deaths. fear of the next attack. The mili- revolution in military affairs fell boldest. Despite severe shortages
The pairing of rebirth with vio- tary campaigns of Alexander the instead to Frederick the Great, of money and troops, Napoleon
Martha Grimes, 86, lent death has an ancient history. Great (356-323 B.C.) into the Bal- king of Prussia (1712-1786), who came within a hair’s breadth of
is the author of In the 19th century, the anthropol- kans, Persia and India began with turned military life into a respect- victory at the Battle of Waterloo
more than 30 crime ogist James George Frazer identi- a spring offensive. able upper-class career choice and on June 18, 1815.

.
novels and the re- fied the concept of the “dying and In succeeding centuries, the the Prussian army into a mobile, The most famous spring cam-

ly
cipient of the 2012 rising god” as one of seasonal rhythms of flexible and efficient machine. paign of the early 20th century—
Mystery Writers of America’s the earliest corner- Europe, which were Frederick believed that a suc- Germany’s 1918 offensive in
Grand Master Award. She is stones of religious be- very different from cessful army attacks first and World War I, originated by Gen.
the author of “The Knowledge” lief. For new life to ap-
on Modern those of warmer hard, a lesson absorbed by Napo- Erich Ludendorff—reveals its lim-
(Atlantic Monthly Press). She pear in springtime, spring climes, brought about leon a half century later. This itations as a strategy. If the
spoke with Marc Myers. there had to be a death
or sacrifice in winter.
assaults a new calendar of war-
fare. Europe’s reliance
meant that the spring season,
which had become the season for
knockout blow doesn’t happen,
what next?
are meant
us l,

Growing up, I knew zilch about Similar sacrifice-and-re- on the autumn harvest drilling and training in prepara- At the end of 1917, the German
rock ’n’ roll. When rock be-
came popular in the mid-1950s,
juvenation myths can be
found among the Su-
to rout an ended the ancient
marriage of spring and
tion for summer campaigning, be-
came a fighting season again.
high command had decided that
the army needed a spring offen-
al a

enemy
e
I was already in my early 20s. merians, Egyptians, Ca- warfare. Conscripts But the modern iteration of sive to revive morale. Ludendorff
Les Paul and Mary Ford were naanites and Greeks. quickly. were unwilling to the spring offensive is different thought that only an attack in the
ci on

about it for me. Mediterranean and abandon their farms from its ancient forebear. Its pur- Napoleonic mode would work:
My first exposure to rock Near Eastern cultures and fight in the pose isn’t to feed an army but to “The army pined for the offen-
came as a parent. In the 1970s, saw spring in this dual months between plant- incapacitate enemies before they sive...It alone is decisive,” he
I heard it coming through the perspective for practi- ing and harvesting. have the chance to strike. The wrote. He was convinced that all
walls of my son Kent’s bed- cal reasons as well. The agricul- This seasonal difficulty would strategy is a risky gambler’s he had to do was “blow a hole in
er rs

room in Silver Spring, Md. Ev- tural calendar revolved around not be addressed until Sweden’s throw, relying on timing and psy- the middle” of the enemy’s front
ery so often, I’d tell him to wet winters, cool springs and King Gustavus Adolphus chology as much as on strength and “the rest will follow of its
turn it down. What made me very hot summers when almost (1594-1632), a great military in- and numbers. own accord.” When Ludendorff’s
curious was Kent’s fascination nothing grew except olives and novator, developed principles for For Napoleon, the spring offen- first spring offensive stalled after
m e

with the Grateful Dead. It was figs. Harvest time for essential the first modern army. According sive played to his strength in be- 15 days, he quickly launched four
intense and lasted for so long. cereal crops such as wheat and to the British historian Basil Lid- ing able to combine speed, troop more. Lacking any other objective
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He used to follow them from barley took place in the spring. dell Hart, Gustavus made the cru- concentration and offensive ac- than the attack itself, all failed,
concert to concert. I wasn’t The months of May and June, cial shift from short-term con- tion in a single, decisive blow. leaving Germany bankrupt and
worried, just intrigued. therefore, were perfect for scripts, drawn away from Throughout his career he relied crippled by July.
In the 1980s, while writing armies to invade, because they agricultural labor, to a standing on the spring offensive, beginning In this century, the Taliban
my mystery “The Old Silent,” could live off the land. The Bible force of professional, trained sol- with his first military campaign in have found their own brutal way
co Fo

I needed rock songs for one of says of King David, who lived diers on duty all year round, re- Italy (1796-7), in which the French to renew the ancient tradition—
my characters. So I went out around 1,000 B.C., that he sent gardless of the seasons. defeated the more-numerous and with the blossoms come the
and bought a bunch of guitar Joab and the Israelite army to Gustavus died before he could better-supplied Austrians. His fi- bombs and the bloodshed. .
magazines. That’s where I dis-
covered Lou Reed. The more I
listened to Reed’s music, the
more he captivated me. His
songs seemed drug-addled
and lethargic, as if delivered
in slow motion. But within
that sleepwalking feel, there
was marvelous poetic play.
n-

A sleepwalking
feel, but marvel-
no

ous poetic play.

At some point, I became fix-


ated on Reed’s “CAROLINE
SAYS II,” from his 1973 “Ber-
lin” album. His Caroline char-
acter was a mystery.
The ballad opens with
Reed’s relaxed acoustic guitar.
Then his vocal begins: “Caro-
line says / as she gets up off
the floor / Why is it that you
BENJAMIN RASMUSSEN FOR THE WALL STREET JOURNAL

beat me / it isn’t any fun / Car-


oline says / as she makes up
her eyes / You ought to learn
more about yourself / think
more than just I.”
Starting a song with an
abused woman getting up off
the floor was startling. So
much was left to the listener’s
imagination: Who beat Caro-
line? Why was she trying so
rationally to help her attacker
resolve his emotional prob-
lems? Was her attacker still in
the room?
At one point during my
The DIY MEET MISTY, a robot
that users are meant to
be able to program and
which it was based).
Beta testers are working with the handmade
Misty I Developer Edition, which was made available

Robot
Reed exploration, my son,
Kent, stood in the rain for an re-program without any to them in March for $1,499, to teach it activities
hour to buy us tickets to see expertise. The 14-inch that range from following people around offering

Assistant
Reed in concert. All of those machine runs on a simple schedule reminders to acting in a robot version of a
questions I used to ask Kent software language similar to those used to teach soap opera. It’s not clear yet what skills a mass-mar-
about why he found the Dead computer coding to children. It is the first offering ket version would have—or not have. But later this
so captivating—and here I from Misty Robotics, spun off last year from year the company plans to release factory-made
was excited at a Lou Reed Sphero, maker of the toy version of the Star Wars Misty II, pictured above, to consumers; no price has
concert. robot BB-8 (and of previous robotic rolling balls on been announced. —Leigh Kamping-Carder
I finally realized that you
can’t explain how you feel
about rock. It just sort of takes
you over. Oficial Sponsor of The Wall Street Journal’s The Future of Everything
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal
VARSITY MATH Provided by the National Museum of Mathematics

1. Winnie Madikizela-Mandela,  A. Tax evaders in Italy,


who fought for Spain and Greece Two puzzles with numbers are
the rights of  B. The global auto industry on the coach’s workout for today.
black  C. Some big American tech
South companies
Africans,  D. Giant pharmaceutical
died at firms
81. Where
was she
born? 6. Villanova beat Michigan
to win the men’s NCAA
 A. Brandfort basketball tournament.
 B. Bityi Who starred for the Maximization
 C. Bizana winning Wildcats? Use the digits 1, 2, 3 and 4 once and only
 D. Boipatong once to make a mathematical expression.
 A. Donte Moncrief You may use +, -, ×, ÷, exponents, decimal
 B. Donte DiVincenzo points and parentheses. No roots, factorials,
2. Three U.S. senators want  C. Dante Alighieri repeating decimals or other mathematical
to know why the price of a  D. Danté Exum functions are permitted.
40-year-old cancer drug has What is the largest mathematical
risen 1,400%. Which drug do expression possible using these rules?
they mean? 7. In China, Alibaba is LUCI GUTIÉRREZ
disrupting auto retailing
 A. Lomustine with what new technique?
 B. Lomacil For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.
 C. Lanarex  A. Honesty
 D. Langoustine  B. Car vending machines
 C. Home delivery of vehi-
cles ordered online Multiplication 1 2 4 8
3. What could be the next big  D. Do-it-yourself assembly Table
thing in animal husbandry? Each digit in the 1 31 71 51 29
multiplication table at
 A. Multilingual roosters 8. Cereal makers are right represents a digit 2 71 4 30 76
 B. Smart collars for cows abandoning the low-sugar other than itself.
 C. Online mating approach to get sweet again. Create a new table 4 51 30 67 15
 D. Divorce Which of these is an actual with correct digits.
new offering?
8 29 76 15 28

.
4. As a challenge, young  A. Chocolate Peanut Butter

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people are sleeping someplace Cheerios
+
FROM TOP: CHRISTOPHER FURLONG/GETTY IMAGES; ISTOCK

offbeat (and uncomfortable).  B. Lucky Charms Frosted Learn more about the National Museum of Mathematics (MoMath) at momath.org
Where? Flakes
 C. Cinnamon Toast Crunch on
 A. Classrooms shredded wheat SOLUTIONS TO Way to Go! Spell Weaving
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T R O I K A S M O U S S E N E T T O N

turn to page C4. WSJ.com/puzzle. S E N D E R E G R E T S A D H E R E D


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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk


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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 40 Rick’s love in 1 L2 W3 U4 T5 D 6 P7 O8 B9 F 10 R 11 H 12 V 13 Q 14 S 15 N 16 E 17 I 18 J 19 T 20 K
“Casablanca”
17 18 19 20 21 21 C 22 U 23 P 24 G 25 F 26 A 27 Q 28 W 29 S 30 B 31 E 32 L 33 D 34 M 35 N 36 K 37 I 38 V 39 H
41 Neighborhood
22 23 24 25 between 40 L 41 G 42 D 43 Q 44 A 45 M 46 J 47 U 48 T 49 O 50 E 51 S 52 H 53 I 54 R 55 D 56 C 57 B 58 F 59 L
Broadway and
26 27 28 29 the Bowery
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60 S 61 T 62 N 63 U 64 R 65 A 66 W 67 B 68 Q 69 M 70 P 71 D 72 L 73 N 74 R 75 H 76 F 77 V 78 T
30 31 32 33 42 Travel kit gizmo
79 S 80 U 81 P 82 I 83 C 84 B 85 L 86 J 87 A 88 W 89 D 90 M 91 K 92 H 93 N 94 Q 95 F 96 P 97 A 98 S 99 R
34 35 36 37 38
43 Peer of the
theater 100 B 101 W 102 D 103 U 104 L 105 V 106 M 107 H 108 O 109 T 110 K 111 S 112 I 113 A 114 F 115 Q 116 E 117 U 118 B 119 C 120 W
39 40 41 42 43 44 45 46 47 48 45 Spot for a thumb
49 50 51 52 53 54
drive 121 H 122 D 123 N 124 J 125 V 126 F 127 M 128 I 129 Q 130 P 131 T 132 H 133 G 134 J 135 U 136 C 137 O 138 S

46 Creative Christian 139 L 140 K 141 N 142 G 143 M 144 D 145 H 146 R 147 T 148 J 149 W 150 C 151 B 152 U 153 Q 154 S 155 E 156 K 157 L 158 N 159 F
55 56 57 58 59
47 Tyrol’s setting
160 T 161 H 162 J 163 R 164 W 165 B 166 N 167 U 168 G 169 C 170 O 171 A 172 F 173 T 174 U 175 D 176 L 177 B 178 E
60 61 62 63 48 Fit nicely
64 65 66 67 51 High-elev. spots 179 P 180 F 181 H 182 G 183 I 184 S 185 M 186 J 187 R 188 B 189 K 190 V 191 W 192 U 193 C 194 Q 195 D 196 N 197 I 198 O 199 T
53 Rose garden pest
68 69 70 71 72 73 74 75 76 200 J 201 C 202W 203 R 204 V 205 F 206 I 207 D 208 O 209 A 210 H 211 B 212 E 213 T 214 S 215 U 216 Q 217 N
54 Fiber source
77 78 79 80 57 1980s First
81 82 83 84 85
Family Acrostic | by Mike Shenk
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59 Least appropriate
86 87 88 89 90 for the
To solve, write the answers to the clues on the L. Not properly ____ ____ ____ ____ ____ ____ ____ ____
59 32 40 176 139 85 1 104
numbered dashes. Then transfer each letter to the aligned; unbalanced;
youngsters
91 92 93 94 95 correspondingly numbered square in the grid to spell broken (3 wds.) ____ ____
61 Role for 157 72
96 97 98 99 100 101 102 103 104 105 106 Hitchcock a quotation reading from left to right. Black squares
no

62 Lennon’s love
separate words in the quotation. Work back and
107 108 109 110 M. Volcanic glass used ____ ____ ____ ____ ____ ____ ____ ____
forth between the word list and the grid to complete by the Aztecs and 90 69 106 45 34 127 185 143
64 Balkan Wars
111 112 113 114 the puzzle. When you’re finished, the initial letters of Mayas for blades
participant
the answers in the word list will spell the author’s
115 116 117 118 65 Old atlas abbr.
name and the source of the quotation. N. NBA’s Rookie of the ____ ____ ____ ____ ____ ____ ____ ____
67 Didn’t own, Year in 2008 and 15 217 35 141 166 123 196 93
119 120 121 122
maybe A. Sweaters and the ____ ____ ____ ____ ____ ____ ____ ____
MVP in 2014 ____ ____ ____
113 171 209 87 97 26 44 65
68 IRS IDs like (2 wds.) 158 62 73
Chewing the Scenery | by Pancho Harrison 69 Mimicked
B. Clifford Odets play ____ ____ ____ ____ ____ ____ ____ ____
O. Rich ring-shaped
Across 50 Bundle of 84 Few and far Down 70 Scientific truths
set in the Bronx 118 30 151 177 57 211 8 84
____ ____ ____ ____ ____ ____ ____
49 7 198 170 208 137 108
energy between 72 Dictators rely on cake usually soaked
1 Ring award 1 Belle’s love (3 wds.) ____ ____ ____ ____
in rum
5 Act the itinerant 52 Alexander Calder 86 Radical 1960s 2 “Oklahoma!” them 100 165 67 188
creation org. aunt 73 Sharpen
9 Fat unit P. Material carried to ____ ____ ____ ____ ____ ____ ____
55 “Off the Court” 87 Org. 3 City of northern 74 Bring in C. Outset; beginning ____ ____ ____ ____ ____ ____ ____ ____ ____ improve stability 179 23 81 96 70 6 130
13 Bloke autobiographer 119 136 193 83 169 150 201 56 21
89 The actor in the France 75 Brownish purple point
17 “On the wartime drama
56 Chimp’s 4 Jell 76 Lets go Q. Madonna album ____ ____ ____ ____ ____ ____ ____ ____
Waterfront” had a lot of ___ D. Comprehensive 115 27 194 13 94 216 153 68
cousin ____ ____ ____ ____ ____ ____ ____ ____ awarded Best Pop
director Kazan 5 Badger 78 Accolades 207 122 89 5 71 33 175 195
58 The actors in 91 “___ live and persistently Vocal Album at the ____ ____
18 Between jobs breathe!” 79 Bolshevik’s foe ____ ____ ____ ____ 1999 Grammys 129 43
the fast-moving 42 144 55 102
19 Postsurgical 6 Unmatched 80 Yarn for (3 wds.)
drama used ___ 93 Tough question
program, briefly 7 Make straight youngsters
60 Chinese path 95 Gas leak
21 Bow on screen 8 ___ Park 83 Justice Fortas E. Instrument for ____ ____ ____ ____ ____ ____ ____ R. Prominent in an ____ ____ ____ ____ ____ ____ ____ ____ ____
61 Moved with indicator Klaus Thunemann 155 116 178 16 31 50 212 203 64 146 74 163 10 99 54 187
22 The mischievous (Edison base) 85 Fodder crop unwelcome way
stealth 96 The actors or Judith LeClair
actor winked at 9 Alum 88 Feeder visitor
62 Ready for portraying pro S. Unexpected and ____ ____ ____ ____ ____ ____ ____ ____
the audience and 10 Encino neighbor
drawing athletes made 90 Powell’s frequent F. Symbolist painter ____ ____ ____ ____ ____ ____ ____ ____ often unfortunate 29 60 111 138 214 14 79 51
delivered an ___
up the ___ 11 Yellowfin tuna co-star born in a town 180 9 126 205 58 172 159 95
development
25 Levels 63 Tyrannical ____ ____ ____
100 Wee north of Oslo 98 154 184
64 Occupied, as 12 Wild hurry 91 It comes from ____ ____ ____ (3 wds.)
26 Greek goddess the heart (2 wds.) 76 114 25
a desk 103 Contending 13 Surgery aids
of the moon
107 Grinning 14 Brownish green 92 Yarn T. Dealers in men’s ____ ____ ____ ____ ____ ____ ____ ____
27 Move smoothly 65 Young ___ G. Setting for the ____ ____ ____ ____ ____ ____ clothing and 147 61 173 199 48 109 19 78
(tots) measure? 15 Fight site 94 They may use 24 41 182 133 142 168
28 Colonel’s charge pilots annual Henley accessories ____ ____ ____ ____
66 Secretary of 108 Genesis 16 Wan Royal Regatta 131 160 4 213
30 Lock 96 Theater fixtures
state between 110 President, at 20 English network,
31 Shortly, to Madeleine and times 97 Trendy diet
Shakespeare informally, with H. Product that its ____ ____ ____ ____ ____ ____ ____ ____ U. 1982 #1 hit duet by ____ ____ ____ ____ ____ ____ ____ ____
Condoleezza 111 Writer Horatio “the” 98 Instrument for creator originally 39 121 11 107 52 210 92 145
Paul McCartney and 167 152 103 135 215 192 3 63
32 The actor 68 “The Crucible” the Masses packaged in ____ ____ ____ ____ Stevie Wonder ____ ____ ____ ____ ____
starred as twins 112 The actor 21 Bellowed 161 75 181 132 80 117 47 174 22
setting portraying a 99 Fosdick’s creator discarded cologne (3 wds.)
in the ___ 23 It’s often bottles (2 wds.)
71 Painter’s base lowly GI made underfoot 101 Abounds
34 Frosty coating coat a ___ V. Contemptible ____ ____ ____ ____ ____ ____ ____
36 Loses it 24 Energy drink 102 Pricey I. Pistols, carbines ____ ____ ____ ____ ____ ____ ____ ____ ____ person; stoolie 12 125 105 204 38 190 77
73 Overstimulated 115 Visibly upset additive 104 Rival of ancient 128 206 17 82 112 53 197 183 37
38 Paid spots and rifles, e.g. (2 wds.)
74 Emissions- 116 Sticks 29 “It’d be my Persia (2 wds.)
39 The semiretired monitoring org. 117 Nothing more pleasure!” 105 Spots for W. Women’s garment ____ ____ ____ ____ ____ ____ ____ ____
actor was than 149 88 66 202 101 191 28 2
77 The actors 31 1998 Tony- mufflers J. British rocker ____ ____ ____ ____ ____ ____ ____ ____ ____ styled after a men’s
appearing on 162 148 46 124 200 86 18 134 186
his ___ with insignificant 118 Reminiscent of winning comedy 106 Hail whose 2014 garment ____ ____
164 120
roles complained 119 Maker of 33 Choose not to autobiography was
44 Sound right 109 Boss Tweed
about their ___ titled “Dancing Get the solutions to this week’s Journal Weekend
s

after a knockout Xperia participate mocker


79 Sorority letter smartphones With Myself”
punch 35 Classify 110 Powerful engine (2 wds.) Puzzles in next Saturday’s Wall Street Journal.
46 Flow stopper 80 Imitation 120 Setting setting 37 Code-cracking 113 Prez after Harry Solve crosswords and acrostics online, get pointers
49 Forgoes a 81 Recent arrival 121 Reach across org. 114 Piece-keeping K. Attracts, as ____ ____ ____ ____ ____ ____ ____ on solving cryptic puzzles and discuss all of the
140 189 156 91 110 36 20
ceremony 82 Clears 122 Rising setting 39 Exploit org. customers (2 wds.) puzzles online at WSJ.com/Puzzles.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

REVIEW

‘COUNTRY DANCE’ fan,


left, made in Germany
around 1760. Below, an
ivory-and-silk fan based
on a painting from about
1730 by Nicolas Lancret.

ICONS

When Fans Were in the Air


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In two 18th-century exhibitions, images of celebrity, myth and mourning; beckoning and bashing Casanova
on
BY J.S. MARCUS The de Young’s Laura Camerlengo, associate court, dancing in a forest setting for a group tress, claimed that he had given up a career in
curator of costume and textile arts, says we of elegantly dressed admirers. Later, the motif the church after making love to two teenage
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should think of fans as “luxurious necessities,” appeared on an ivory-and-silk fan, on view in sisters and went on to become a soldier, a law-
FANS ARE GETTING their day in the sun. often created out of semiprecious materials the de Young’s current rotation. yer’s assistant, a financier, a gambler and, of
At the de Young Museum, part of the Fine and signaling the status and tastes of their Similarly, the décor on a fan in the show’s course, an inveterate lover. The show conjures
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Arts Museums of San Francisco, “Fans of the owners. Early in the 17th century, Italy was the second rotation comes from “The Marriage of up his era, crisscrossing Europe with objects
Eighteenth Century” showcases 34 rare pieces center of fan-making, she says. By Bacchus and Ariadne,” a high-ba- like an English card table and a French tricorn
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from such places as France and Italy, fashioned 1700 France had taken the lead, roque painting by the Italian Guido hat trimmed with ostrich feathers.
out of everything from ivory and mother-of- and then Protestants escaping Signals of Reni. Only a fragment survives of The fans, on loan from Boston’s Museum of
pearl to silk and paper.
At the nearby Legion of Honor Museum, the
French intolerance spread the art
to England and elsewhere. A sin-
owners’ the painting, which illustrates the
union of the god of wine and the
Fine Arts, aren’t just for show. Fans, as the ac-
counts of Casanova and others made clear, got
de Young’s sister institution, more fans of the gle fan, she adds, could involve status and princess who helped the Greek right to the heart of the language of love, says
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era unfold in a show that uses Giacomo Casa-


nova, the Venetian rake and raconteur, as a
dozens of craftspeople—including
highly skilled artists who often
taste. hero Theseus escape the Minotaur.
But admirers of Reni can consult
Ms. Camerlengo. In his memoirs, Casanova
says women used fans to beckon to him or oth-
tour guide through the 18th century. His mem- decorated fans for specific uses. the hand fan to find out what the erwise draw his attention, she adds. Once, a
oirs of more than a million words give readers Ms. Camerlengo cites a colorful original might have looked like. woman even struck the author with her fan—
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the lowdown on the high life of the time. The 1773 French calendar fan illustrating ecclesias- As for the Casanova exhibition, it creates because he had failed to recognize her from a
museum evokes Casanova’s era through rococo tical events that would remind its owner of the whole scenes, combining a full range of fine and previous encounter.
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paintings and refined objects like porcelain dates of holidays, like Pentecost, that varied decorative arts with mannequins wearing period
soup tureens and agate snuff boxes. from year to year. clothing. Among the highlights of the
“Casanova: The Seduction of Europe” runs An English mourning fan, made of white pa- 200-item show is the reunion of
through May 28, then travels to Boston’s Mu- per and illustrated with black ink, was meant six related mythological paint-
seum of Fine Arts from July 8 through Oct. 8. to express sorrow for someone who has died. ings by François Boucher, a
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The de Young fan display, shown in two rota- On one side, the piece, created between 1760 rococo painter who
tions with the second beginning later this year, and 1770, “shows a young man taking leave of made them for a Pari-
runs through next spring. a young woman,” says Ms. Camerlengo, but sian mansion. The
“Now we see fans as an outdated acces- “flip it over, and there are two little graves show has gathered
sory,” says Max Hollein, director and CEO of marked with crosses.” the paintings, lent
San Francisco’s Fine Arts Museums, but back Fan painters also used pictures on canvas from museums in
in the 18th century “they were objects of artis- by well-known artists as sources, says Ms. Ca- Los Angeles and
tic excellence and vitality.” He adds that the merlengo. For example, around 1730, French Fort Worth, to display
arts of the 18th century were “intertwined”— painter Nicolas Lancret, a follower of Antoine them together, as originally
with a painter of porcelain often having the Watteau, had depicted Marie-Anne de Cupis de intended.
same status as a painter of canvas. Camargo, a celebrated ballerina at the French Casanova, the son of a Venetian ac-

FINE ARTS MUSEUMS OF SAN FRANCISCO (2)


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MASTERPIECE: ‘2001: A SPACE ODYSSEY’ (1968), BY STANLEY KUBRICK


no

AT 50, A QUIET FILM STILL MAKES A BIG BANG


BY BRIAN P. KELLY an allegedly infallible AI named HAL, seems to much of his material that at the screening, close void. We still hold our breath as HAL quietly
be making errors in his calculations. When the to tears, the writer left at intermission. A simi- takes over one of the ship’s pods, creeps up on
astronauts decide to disconnect him, HAL goes lar fate befell composer Alex North. Kubrick an astronaut performing a spacewalk, and uses
IN 1968, America had its eyes turned to the on a rampage, exterminating all of the crew but hired him to write an original score for the film, it to send him silently hurtling to his death.
stars, but its extraterrestrial gaze had as much one, Dave, who manages to give the computer- then replaced it entirely in postproduction. With the film’s soupçon of sound, we’re com-
to do with earthbound worries as excitement ized killer a digital lobotomy. We can be grateful that Kubrick’s vision for pelled to grab onto any noise we can and hold
about interplanetary exploration. Fears about Finally, as Dave approaches the signal’s coor- the movie, what he described as “a nonverbal tight. This may be why Kubrick’s pairings of im-
the Bomb had led to the signing of the Outer dinates, he’s pulled into a cosmological mael- experience,” survived. For all that’s come since ages and sound registered so powerfully in the
Space Treaty the previous year, in which the strom, zooming through space and time collective imagination, and continue to
U.S. and U.S.S.R. agreed not to put weapons of in a surreal, kaleidoscopic sequence. He do so. It’s impossible to watch a sunrise
mass destruction into orbit. Looking to the fu- suddenly finds himself in an ornate and not hear Richard Strauss’s “Also
ture, President John F. Kennedy’s goal, set ear- room, and sees himself quickly age. At sprach Zarathustra.” And who can sepa-
lier in the decade, of landing a man on the moon the foot of his deathbed, another mono- rate Johann Strauss II’s “Blue Danube”
seemed within reach. lith looms over his decrepit body, and he from a gently pirouetting space station?
It was into this age of concern about mutu- is transformed into a fetus in an amni- This cinematic take on the silence be-
ally assured destruction and exhilaration at the otic sac, hovering over the Earth with tween the notes also gives us plenty of
prospect of the “giant leap for mankind” that his eyes wide open. time to think about the movie’s slippery
Stanley Kubrick’s “2001: A Space Odyssey” was It was a minor miracle such an odd meanings, and the film’s openness to in-
released. Now a cornerstone of film even got made. terpretation means our discussions
cinema, the film’s place in his- With a minimum of di- about “2001” will never end. Theories
tory was far from certain. At The movie is alogue—the first line abound about every aspect of the movie:
its premiere in April, walkouts just as radical doesn’t come until 25 Is it a Nietzschean allegory? Are the for-
GETTY IMAGES

were plentiful and leading crit- minutes in, and the midable monoliths purely technological?
ics like Pauline Kael disdainful. today as when it 2½-hour film has less What are we to make of the floating
Kubrick’s film is a medita- opened in 1968. than 40 minutes of ac- “Starchild” at the movie’s conclusion?
tion on man’s enlightenment in tual dialogue—and A SCENE from ‘2001: A Space Odyssey’ There’s no straightforward answer to
four movements. In the distant confounding meaning, any questions one might have—Kubrick was
past, a troop of hominids en- “2001” was unlike anything “2001,” the experience of watching it is still insistent about the ambiguity: “I intended the
counters a mysterious monolith and realizes seen before. MGM was betting big on an un- startling because it is a largely silent one. The film to be an intensely subjective experience
that the bones littering its habitat are more than proven genre. Way behind schedule and over movie’s long stretches without speaking seem that reaches the viewer at an inner level of con-
refuse, they’re tools—or weapons. They go to a budget, the expansive production seemed less just as radical today as they did 50 years ago. sciousness.”
watering hole and attack another group with like a film shoot and more like an actual space Even more so now that we’ve been conditioned Unsurprising, then, that “2001” was panned
their newfound technology. Victorious, the hom- mission. to expect sci-fi to be full of fast talkers, laser by some of its day’s biggest names. Lucky for us
inids’ leader tosses his primitive club into the Kubrick wasn’t easy to work with, either. He barrages and theater-shaking explosions. that when watching this moonshot of filmmak-
air and it transforms into a satellite. wrote “2001” with sci-fi paragon Arthur C. The lack of sound makes us acutely aware of ing, audiences were able to appreciate the si-
In the second act, a scientist makes his way Clarke, but the mercurial director was dissatis- the crushing isolation that would be endured on lence despite the critical noise.
to a moon base to investigate a recent discov- fied with the collaboration and approached au- a 400-million-mile trip to Jupiter. And more
ery: another monolith. This time, the slab emits thors like J.G. Ballard to replace his co-writer. than a decade before Ridley Scott told us that Mr. Kelly is the Journal’s associate Arts in Re-
a signal pointing to Jupiter. In the next section, While Clarke was never dropped, many of his “in space, no one can hear you scream,” Kubrick view editor. Follow him on Twitter
a group journeys toward the planet. Their guide, contributions were: In the end, Kubrick cut so terrified us with the imposing silence of the @bpkelly89.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Lettie Teague The pink badge


on the shadowy of courage:
world of wine Menswear’s
fraud gutsy new hue
D7 D3

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, April 7 - 8, 2018 | D1

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BEN GILES

Farm-and-Table
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Sourcing local produce is one thing. Now, restaurant chefs are taking ‘farm-to-table’ to a new level—
overseeing the growing themselves and plotting menus by the quirks of the agricultural cycle
no

blossoms, which he could pick by the basketful more tightly with the agricultural underpinnings
BY ELIZABETH G. DUNN
and candy. He noticed that squirrels raided the of their cuisine. Call it farm-to-table 2.0.

I
ripe nuts from a couple of walnut trees but left “It’s been a way to bring greater depth to my
T BEGAN for Matthew Accarrino, the chef the green ones, so he harvested them green and food, to establish rhythms and customs that have
at SPQR in San Francisco, when he grew made his own version of the Italian liqueur no- some sort of meaning,” Mr. Accarrino said of his
weary of sifting through farmers’ markets, cino. Mr. Accarrino also asked Mr. Jacobsen to try relationship with the farm. Sustainably farmed
vying with other chefs for the same car- cultivating uncommon items, from finger limes operations like Mr. Jacobsen’s often employ a
rots and tomatoes. Truly unusual produce, (no luck) to habenada peppers (couldn’t use them “cover crop” to restore nitrogen to the soil be-
he realized, wasn’t sold this way—it wouldn’t fast enough). tween plantings; Mr. Accarrino and Mr. Jacobsen
make financial sense for a farmer. So he started It’s one thing for a restaurant to slap some lo- have devised an edible mix of arugulas, mustard
ordering and buying directly from farms, but he cally grown kale on the menu and call itself farm- greens, pea shoots and bell beans that can be
struggled to come up with crops to request. Then, to-table, or to refuse to serve strawberries in win- clipped and served at SPQR. One day, Mr. Jacob-
in 2011, he got to know a regular diner at SPQR ter as a nod to seasonality; it’s quite another to sen walked into the restaurant with loads of wild
named Peter Jacobsen, who owned a small farm shape the menu according to the quirks and vicis- fennel, marjoram and dill—“Literally, garbage
in Yountville, Calif. situdes of an actual farm. But that is precisely bags full,” said Mr. Accarrino—that had been
Regular trips to the farm began to shape Mr. what chefs like Mr. Accarrino have begun doing, ripped out to make way for planting. The chef
Accarrino’s menu. He found an old crab-apple tree establishing their own farms or forming long- hung it all to dry and used it as the basis for a
that yielded mediocre fruits but “transcendent” term partnerships with existing ones to connect Please turn to page D8

[ INSIDE ]

ISLANDS THAT SHOULD PEACE, LOVE AND SCREAMING A SPRING DENIM PRIMER HIGHER TENTS OF PURPOSE
BE DESERTED White-water rafting on the Ganges—where Our A-Z guide to Up your camping game with shelters that
A new plan for America’s kitchens D10 the Beatles once sought enlightenment D5 the blues D4 rise from the roof of your car D11
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

STYLE & FASHION


FASHION WITH A PAST NANCY MACDONELL A NEW MONTHLY COLUMN

Department Stores: Is the Party Over Forever?


IN HIS DEFINITIVE 1883 novel of
department-store life, “The Ladies’
Paradise,” about a Second Empire
grand magasin, Émile Zola listed
the enticements invented by man-
agement to lure customers, among
them a velvet-lined elevator, a read-
ing room and a free buffet of fruit
syrups and biscuits. Zola based his
fictional emporium on Le Bon Mar-
ché in Paris, one of many depart-
ment stores that sprang up in Euro-
pean and North American cities in
the mid-19th century as a result of
the middle-class expansion, rapid
urbanization and the dazzling new
concept of leisure time.
The department store offered an
opportunity for middle-class women
to socialize in public at a time when
such options were very limited. To
further entice them, just as Zola de-
scribed, stores devised all sorts of
diversions, from the first elevator in
New York City—installed in Haugh-
wout’s Emporium in 1857—to the
flamingos that wandered the roof-
top garden of Big Biba in London in
the late 1960s.
I was reminded of these long-lost
flourishes when I read that the Sel-
fridges & Co. Oxford Street store

VICTORIA TENTLER-KRYLOV
.
had recently set up a boxing ring in

ly
its basement, part of “Lamyland,” a
collaboration with fashion eccentric
Michèle Lamy. In offering shoppers
a chance to don gloves and step on
into the ring, Selfridges was doing
what Zola’s store and its real-world
counterparts have always done: Despite Selfridges’s attempt to ful things, to feel a connection to to Squirrel nuts. “Online is effi- energized and excited.”
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framing shopping as entertainment. lure customers from the comfort of others. In the 1970s, Bloomingdale’s cient,” Ms. Fargo said, “but nothing In Zola’s novel, the department
This effort may be too late. Given their homes, buying a sweater on was considered a New York City at- can replace touching things, looking store triumphs over the smaller
the ease of e-commerce, shopping as your laptop is infinitely easier than traction on par with the Metropoli- in people’s faces. Sensuality—that’s stores it has displaced, a victory of
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social entertainment is ending, and traipsing to a store and searching tan Museum of Art, which, accord- what we can offer people.” progress over tradition. Today, it’s
with it, it seems, the department nine floors. But online shopping is ing to Robert Hendrickson, author Nordstrom executives appeared the department stores that repre-
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store itself. Lord & Taylor’s Fifth Av- also lonelier, less fun, and for any- of “The Grand Emporiums,” was to be thinking along similar lines in sent tradition. Whether they will
enue flagship in New York will be- one who stares at a screen all day, Bloomie’s only real competition 2013 when they hired Olivia Kim, once again prove their adaptabil-
come the corporate headquarters for suspiciously like work; It’s conve- when it came to meeting a possible formerly of New York-based Open- ity—as they did in the 1960s when,
WeWork, the thriving purveyor of nience at the cost of pleasure. romantic partner. in response to the boutique move-
shared workplaces. If Lord & Taylor Going to a department store To watch the customers cluster- ment, they opened in-store bou-
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represents an outdated way to spend might seem like simply shopping, ing around the makeup counters in tiques of their own—will depend
leisure time, WeWork epitomizes but it’s also a chance to practice the idealized version of B. Altman, To entice people, stores not just on their ability to change
the modern idea of work as life. civil behavior, to appreciate beauti- the grand New York City Depart- devised diversions, like but on customers’ willingness to be-
ment store, in the Amazon series lieve in the importance of pleasure
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“The Marvelous Mrs. Maisel,” is to the flamingos that and discovery over convenience.
feel a little wistful for the days wandered the rooftop of The one area of retail where this
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when shopping was an occasion. “It seems to be the case is the drop,
was a club experience,” said Phyllis Big Biba in the 1960s. the process by which brands release
Magidson, the curator of costumes new merchandise as a “spontane-
at the Museum of the City of New ous” event, declining to march in
York, who remembers being wel- ing Ceremony, to make the store lockstep with fashion’s rigid sea-
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comed by Henri Bendel’s doorman, more relevant to younger custom- sonal schedule. The streetwear
Buster—“he knew everyone’s ers. As Nordstrom’s vice president brand Supreme is well-known for
name”—even as a teenager, when of creative projects, Ms. Kim has convincing customers to show up in
she and her friends had no money initiated a series of pop-up bou- person and queue, usually outside,
and went for the “sheer pleasure of tiques and brought in buzzy, Insta- for a chance to acquire the latest
browsing.” gram-friendly designers like Marine limited-edition merchandise. They
Last spring, inspired by memo- Serre and Jacquemus. But her come not just to shop, but to min-
ries of the excitement of shopping proudest achievement, she said, is gle and talk—proof that shopping
in New York in the 1980s, Bergdorf seeing Nordstrom used as a hang- can be about more than acquiring
Goodman’s fashion director Linda out space by customers: “Not ev- stuff. As Harry Gordon Selfridge,
Fargo opened Linda’s at BG, an in- erything needs to be transactional. founder of Selfridges, once said, “a
store boutique stocked with her I’m more interested in that they’ve store should be a social center.”
SHOW PONIES A 1940s in-store fashion show at Bergdorf Goodman picks in everything from high heels learned something, that they feel Department stores are taking note.
n-

A ROBE,
no

INDEPENDENT, ADVENTUROUS,
WHEREVER
GRACIOUS AND GLORIOUS. YOU ROAM
JUST LIKE YOU. WITH THE NEW vogue for
kimono-esque wraps that
are designed to be worn out-
side, the seductive silk robe
has officially slinked out of
the boudoir and onto the
street. Beyoncé, naturally
ahead of the pajama game,
wore a floor-length floral
Gucci robe courtside at last
year’s NBA All-Star Game.
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (ROBES); GETTY IMAGES (TORDINI)

And it-girl-types like Veron-


ika Heilbrunner have ad-
opted robes as the go-to
layer over jeans, replacing
the somewhat lackluster
leather motorcycle jacket.
Those who are more ac-
countant-off-duty than
model-off-duty might partic- WRAP PARTY From left:
ularly welcome this it-piece’s Forte Forte Coat, $950,
voluminous sleeves. If you’re hampdenclothing.com;
looking for an elegant way Elizabeth and James Jacket,
to cover your arms, the $495, net-a-porter.com; Dries
street kimono does just that Van Noten Robe, $1,420,
less boringly than the alter- barneys.com; Giorgia Tordini
natives. “A lot of women of Attico wears a robe of her
don’t like to show their arms own design in Paris
so it’s something fun to
throw over a sleeveless prisingly democratic to in- poses a lightweight silk ver- Golden Goose sneakers.”
dress that’s not a cardigan dulgently haute. Mary-Kate sion with boldly patterned With a piece like this
or a jacket or pashmina,” and Ashley Olsen’s accessi- sleeves. Even fancy robes whose style quotient relies
said Stacy Smallwood, bly priced line Elizabeth and can be dressed down. Ac- on the textile, go for a sub-
owner of Hampden Clothing, James offers youthful, vin- cording to Ms. Smallwood, stantial silk in a rich print.
a Charleston, S.C.-based bou- tage-inspired robes, while “My more fashion-forward Flimsy peignoirs belong in
tique. master Belgian designer customers want to wear it the bedroom.
Options range from sur- Dries Van Noten poshly pro- with jeans, a T-shirt and —Rebecca Malinsky
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | D3

STYLE & FASHION

Gritty in Pink
Wilder Roses

Why stop at the safe pastel button-down? Gutsy men are thinking pinker

BY MAX LAKIN

P
INK MAY be one of the
biggest colors in mens-
wear at the moment,
but brands still treat it Todd Snyder & Champion Jacket,
like a dirty word. Todd $328, toddsnyder.com
Snyder’s elevated sweat separates
come in “rose quartz.” Steven Alan
makes Japanese cotton T-shirts in
“putty.” The Gap offers chinos in
“dusty mauve.” Officine Générale
sent a shirt down its spring run-
way that is being marketed as
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI (JACKET, CARDIGAN); GETTY IMAGES (CELEBRITIES); ILLUSTRATION BY SEAN MCCABE

“faded rose.” Theory is selling a


fleece hoodie in “galah,” which, as
any amateur birder knows, is a
pinky-gray-breasted cockatoo na-
tive to Australia.
No matter what you call the
color or how persistently it infil-
trates fashion, it remains a hard sell
for certain men. While most women Sweater, $335, amiparis.com
can comfortably think pink, as the
1957 musical “Funny Face” urges in
song, guys tend to feel more like
Steve Buscemi in “Reservoir Dogs,”
protesting, “Why am I Mr. Pink?”
Still, our notion of pink as a fem-
inine color is a fairly recent con-
struct. Throughout the Victorian
era, pink and blue were inter-
changeable nursery colors, and a

.
1918 article in Earnshaw’s Infants’

ly
Department, a clothing trade publi-
cation, advised, “Pink, being a more
decided and stronger color, is more BLUSHING BROS From left: Idris Elba, Wes Anderson, Donald Glover, Armie Hammer, Pharrell Williams,
suitable for the boy.” Dev Patel, Rafael Nadal and Russell Westbrook
on Cardigan, $20, uniqlo.com
Today, bold guys are reclaiming
the color’s more gender-neutral design director for Nike Court, put then they go out into the world and with navy or slate wool pants. who spends time on Instagram—
roots. Across pop culture, men like it, “We talked a lot about driving they get compliments and they’re Combining the color with black feels more grounded in the natural-
us l,

John Legend and Wes Anderson are energy through confidence in pink.” like, ‘What else you got?’” Recently can read ’80s New Wave. “There is ism of the American Southwest than
going beyond the classic pink ox- Men who subvert pink’s gen- Mr. Glover rose to the rosé chal- nothing cooler than a pink hoodie the high-octane neon of “Miami
ford shirt—a Brooks Brothers staple dered stereotype appear assured lenge by successfully wearing a under a topcoat, worn with sneak- Vice.” But whatever shade you go
al a
e
since the early 1900s and a ubiqui- because they’re going against the sweater the color of poached ers,” suggested designer Todd Sny- for, and whatever stigma-deflecting
tously safe way for men to wear the grain. Stylist Ilaria Urbinati, who shrimp on “The Late Show with der (who said he pairs his with a name it’s been given, studies have
ci on

color—to flaunt pieces from bright dresses men including Dwayne Stephen Colbert,” with maroon camel coat). Don’t go monochro- shown that pink stimulates a mood-
pink ties to full pink suits. At this Johnson and Donald Glover, said, “I pants, no less. matic: Wearing one pink piece at a lifting response. Robert Green, a
year’s Australian Open, athletes in- think it takes a really masculine guy For men who are ready to take time avoids an unfortunate allover Chicago product designer who fa-
cluding Rafael Nadal wore hot pink to wear pink.” Ms. Urbinati’s clients a chance on pink (or “gypsum” or bubble-gum look. vors pink shirts, counts himself as a
Nike gear designed to project ag- feed off the rewards of taking the “roseate spoonbill”), Ms. Urbinati The most current shade—soft beneficiary. “It’s fresh,” he said. “It’s
er rs

gression. As Sam Shipley, apparel risk: “I push them into things, but counsels putting a blush sweater “millennial” pink, familiar to anyone a happy color. It’s positive.”
m e

TOE THE RETRO LINE


m rp

INQUIRIES
FINE JEWELRY +1 (212) 461 6526
As orthopedic as your old New Balances but cooler, these ‘70s-inspired Tuesday April 17 allaire.heisig@bonhams.com
sneakers can comfort pavement-plagued feet New York
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F. MARTIN RAMIN/THE WALL STREET JOURNAL (SNEAKERS ); GETTY IMAGES

n-
no

‘THREE’S COMPANY’
Modern versions of shoes you could have spotted
on the ‘70s sitcom. From left: Spalwart Sneakers,
$300, doverstreetmarket.com; Pronto Sneakers, $199,
greats.com; Techno Sneakers, $310, A.P.C. 212-966-9685.

WHEN JEAN TOUITOU, these throwbacks offer a


founder and creative direc- stylish step up from your
tor of clean-cut Parisian old clunky running shoes.
clothing line A.P.C., attended Which is not to say these
the Élysée Palace at the in- shoes are blah. Like a run-
vitation of French president ner’s vest, the laces on
Emmanuel Macron, he wore A.P.C.’s sneakers are high-
sneakers. Most of us would lighted by reflective mate-
reflexively lace on dressier rial. Brooklyn-label Greats
footwear for such an occa- added pops of mustard and
sion, but Mr. Touitou went navy blue to its sizably
with his everyday look. “I soled sneaker, and Spal-
don’t see myself in formal wart’s shoes elevate a famil-
shoes anymore,” he said. iar nylon and suede compo-
“Even if I have something sition with a tasteful color
very formal on I will wear a scheme of grays.
neutral sneaker.” Unsurpris- British runner Brendan When Tyler Haney, the
ingly, when launching his Foster conquers a 1980 founder of easygoing active
brand’s first sneaker line race in streamlined gear. brand Outdoor Voices, first
this spring, he chose just saw Spalwarts on a pass-
such a neutral shoe as its these trainers occupy an erby in Paris a few years
signature style: understated aesthetically pleasing mid- ago, it was the waffle-tread
in gray and white, minimal dle ground. Employing ’70s- sole that first drew her in.
and retro-looking. inspired details like mesh The eagle-eyed Ms. Haney
Uncomplicated sneakers panels, sturdy tread soles liked that the sneaker “felt
like A.P.C.’s new model are and tapered toes, the shoes a little bit nostalgic,” and
causing a quiet riot in the hark back to the trainers was a “recreational shoe” International Auctioneers and Appraisers – bonhams.com/jewelry
sneaker world. Somewhere that jogging enthusiasts re- not solely for athletics: “It
between puritanically plain lied on back then, without doesn’t scream or shout, ‘I © 2018 Bonhams & Butterfields Auctioneers Corp. All rights reserved.
Principal Auctioneer: Matthew Girling, NYC License No. 1236798-DCA
Adidas Stan Smiths and looking cloyingly retro. Ren- am just for running.’”
fussy neon Nike Flyknits, dered in neutral palettes, —Jacob Gallagher
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

A B C D
is for Acid Wash is for Blouse is for Culotte is for Dress
An ’80s favorite gets a Chambray tops are a Ease and comfort is the Button-front please:
2018 upgrade with a spring wardrobe staple. name of the game Few pieces are easier to
skinny silhouette in a For a rakish vibe, try a when it comes to chic throw on and go.
pinkish hue. Ignore ta- version that ties in front culottes. Rachel Wear yours on its own
boos and pair these and, for good measure, Comey’s version is the or partially unbuttoned
with a match-y pink make it striped. jean that launched a over a simple top and a
silk blouse. Citizens of Humanity thousand imitators. Cu- pair of lighter-wash
La Vie Jeans, $250, Blouse, $268, lottes, $345, jeans. Dress, $298,
rebeccataylor.com shopbop.com rachelcomey.com levi.com

E F G H
is for Embroidery is for Faded is for Girlie is for High-Waisted
Denim shoes have been When it comes to art- While borrowed-from- There’s something es-
scoring style points for fully faded jeans, the the-boys denim is al- pecially flattering about
seasons, but exquisite key is finding a pair that ways a strong look, a good pair of high-
stitching takes this looks naturally worn, when you want some- waisted skinny jeans,
pair of Palm Beach- not beaten up by a ma- thing a bit flirtier there’s and this interpretation
inflected slides into a chine—and the Row has no better answer than a from Khaite is the
league of their own. it down to a science. dainty prairie skirt that height of that particular
Sandals, $395, Jeans, $550, The Row, moves with you. Skirt, fashion. Jeans, $340,
isatapia.com 212-755-2017 $98, madewell.com khaite.com

I J K L
is for Industry Favorite is for Jacket is for Kick Flare is for Legendary
Brock Collection’s When it comes to find- The slightest crop at We all know that noth-
Wright jean has become ing your dream jean the hem is all that’s ing comes between
the insiders’ go-to for a jacket, the consensus needed to make flares Brooke Shields and her
reason: The this season is that it feel current. Look for Calvins, and this pair
designers spent years should be slightly over- something that hits just features the icon’s im-
developing a cut that size, all the better to above the ankle and get age in lieu of a belt
looks good on pretty layer. Saint Laurent by ready to kick up your loop. Calvin Klein
much everybody. Jeans, Anthony Vaccarello heels. Jeans, $290, 205W39NYC Jeans,
$475, barneys.com Jacket, $890, ysl.com proenzaschouler.com $495, calvinklein.us

.
ly
M N

Blue Notes
is for Mini Skirt
The dark wash is key to
on is for New Designer
Launching this season,
elevating the look of L.A. brand Slvrlake is
us l,

this clean and polished one of our favorite de-


little number. velopments in denim
Skirt, $209, Don’t limit yourself to winter’s janky jeans. Branch out right now. Jeans, $280
al a
e
frame-store.com intermixonline.com
with our A-to-Z guide to spring denim
ci on

O BY CHRISTINE WHITNEY
great jeans in her wardrobe,” said Brock P
Collection’s co-creative director Laura

T
is for Overalls Vassar. It bears repeating. is for Patchwork
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Updated with a slim- O ANYONE WHO thinks Indeed, the workaday textile has be- Junya Watanabe, the
mer bib, those denim denim is merely basic, we come a go-anywhere hero. Wear jeans undisputed master of
Gap overalls you lived challenge you to watch with your favorite T-shirt for a casual patchworking, lets loose
in throughout the ‘90s Marilyn Monroe shimmy in weekend or doll them up, as Ms. Vassar with lace. Jeans, $1,865,
m e

are back, amazingly. high-waisted indigo in the suggests, with a peplum jacket. Added Comme des Garçons,
Overalls, $70, gap.com 1961 film “The Misfits.” Or to Google stylist Danielle Nachmani: “I most often 212-604-9200
m rp

“Jane Birkin jeans Cannes.” Or to con- style my denim with a plain white tee or
sider the masterful denim patchworking button down—I’m a big fan of keeping

Q R
of Japanese designer Junya Watanabe. things simple and classic.”
Denim, that universally loved casual Not a jeans person? There’s still
staple, is experiencing a golden age plenty of denim to be had in the form of
co Fo

is for Quilted thanks to relaxed workplace dress codes, jackets, chambray shirts, dresses and is for Retro
For the woman whose myriad brands dedicated to the fabric and even accessories. “What makes denim so The mommish ‘90s fit
vast denim collection is designers who know that women need great is that it pretty much matches ev- has returned: This pair
missing only a sculp- pieces that can be dressed up or down erything,” Ms. Nachmani said. To wit, would earn the approval
tural statement piece. depending on one’s mood or the occasion. we’ve found 26 variations on the theme of Rachel from
Bag, $5,800, Chanel, “It’s crucial for every woman to have to satisfy every whim. “Friends.” Jeans, $295,
212-355-5050 goldsigndenim.com

S T U V
is for Shorts is for Two-Toned is for Utilitarian is for Vest
n-

No, jean shorts aren’t Desperately seeking The workman pant gets A perfect foil for the
just for the music festi- statement jeans this a high-fashion yet still sweet floral dresses
val set, especially when spring? Look no further amply pocketed upgrade that sing “spring,” a
they come in tailored, than this bleach-dipped in M.i.h Jeans’s luxuri- denim vest is an easy
no

urbane iterations like pair, which will turn ous fabrication. A way to update the
this contrast-stitched heads on the street frayed hem adds a chic items already on heavy
Chloé pair. Shorts, while still looking clean- note of carelessness. rotation in your ward-
$795, cut. Jeans, $285, Jeans, $280, robe. Raey Vest, $212,
matchesfashion.com dereklam.com mih-jeans.com matchesfashion.com

W X Y Z
is for Western is for XL is for Yellowish White is for Zipper
Asymmetrically pointed Sometimes, bigger re- Rich cream is the new In lieu of your standard
pockets and pearlized ally is better. Case in white—and not so asso- zipper-at-the-hem fare,
snap buttons are cow- point: these drawstring, ciated with vicious try a pair that uses the
girl-cute signatures. paper-bag-waisted “Housewives”—so swap closure as a decorative
Rag & Bone’s version denim pants, which will out your optic brights detail at the waist, like
feels discreet, not give any ensemble volu- for a toned-down take this zippy example from
costume-y. minous drama. on the non-color. Alexander Wang.
Shirt, $350, Jeans, $825, Stella Mc- Jeans, $248, Jeans, $295,
rag-bone.com Cartney, 212-255-1556 jbrandjeans.com alexanderwang.com

DENIM DUOS // ALTHOUGH THE CANADIAN TUXEDO GETS A BAD RAP, THESE COMBOS OF THE A-Z PIECES ABOVE PAIR SURPRISINGLY WELL

K+Q D+Y B+S I+W J+P


Just like While the con- All outfits involv- The trick to pull- One of the many
Grandma said, cept of a dress ing denim shorts ing off a true Ca- benefits of quilt-
don’t neglect to over pants may need not evoke nadian tuxedo ing-inspired
match your conjure uncom- Britney Spears in without looking patchwork pants
handbag to your fortable memo- a gas station like you belong in like these is that
outfit. In this ries of your parking lot. This the Canadian their wackiness
case: A cute college-era riot- nipped-waist boonies? Choose facilitates mixing
cropped jean grrrl band, this chambray blouse well-cut, high- and matching.
brings out the button-up smock and tailored quality denim We’d add this
blue in your layers elegantly shorts look is pieces that coor- slouchy denim
snazzy patchy over off-white- more Audrey dinate while con- jacket and
purse. cuffed jeans. than Britney. trasting slightly. stand tall.

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JILL TELESNICKI; ILLUSTRATIONS BY LAUREN TAMAKI
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THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, April 7 - 8, 2018 | D4A

LO O K I N G F O R WA R D
TO SUITING YOU.

.
ly
on
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ci on
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m e
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co Fo
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MEN’S STORE NYC

235 W 57 TH STRE E T 4.1 2.1 8


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D4B | Saturday/Sunday, April 7 - 8, 2018 NY * *** THE WALL STREET JOURNAL.

Our trucks get


more smileage.

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ly
Help us feed NYC at
on
CityHarvest.org
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | D5

ADVENTURE & TRAVEL


BY PATRICK SCOTT
Picture Yourself in a
S Raft on a River
WEPT overboard
by the churning
rapids of the Gan-
ges River, our raft-
ing mate struggled
in his life jacket and helmet to
get back to our boat, terror
flashing in his eyes. I sat clos-
The Beatles sought spiritual enlightenment in Rishikesh,
est to his flailing hands and a mountain town on the banks of the Ganges. These days, it’s
the rest of the rafting group
shouted for me to get a hold a whitewater-rafting hub, offering more physical highs
of him.
Just moments before, the
scene had been anything but
frantic. We’d all been drifting
in the raft in calm emerald-
colored water in the foothills
of the Himalayas. On one
bank of the river was a long
beach of beige stones leading
to a pink Hindu temple, and
on the other were mossy
boulders and towering slabs
of rust-colored rock. All
around us were lush peaks
rising from the river valley.
As we heard the sound of
water rushing down into our
first major rapid of the day,
adrenaline kicked in. “Let’s
pull forward, guys,” shouted
the river guide from the back
of the raft. The seven of us
stabbed our paddles into the have been commodified, with a night, you get three deli-
waves, exhilarated. entrancing but chaotic re- cious buffet meals and a
The thrill of riding white- sults. Lining the switchback choice of two activities such
water rapids on one of the lanes, shops and lean-to stalls as rafting, kayaking or hiking.
world’s legendary rivers, and overflow with tunics, incense, I rafted on two of the three

FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL; MAP BY JASON LEE
.
taking a plunge in its sacred boiling pots of milky tea and days of my stay, starting with

ly
waters, draws around 50,000 statues of Hindu gods. The a 7.5-mile paddle with a group
rafters to the mountain town town’s two suspension of young technology workers
of Rishikesh during the pad- bridges, wide enough for a who were staying at the hotel
dling season, which runs Sep- few people, are clogged with on on a retreat. After a tranquil
tember to June. Think of the Indians in saris, Westerners start, the seven of us were
Ganges, and images of a dark in harem pants, honking mo- swept into a rapid known as
soup of industrial and human torbikes, dung-dropping cows Three Blind Mice. It was like a
us l,

waste, and the funeral fires on and mooching monkeys. washing machine, tall waves
the banks of Varanasi, come to For adventure travelers, it’s rising up, curling back. The
mind. But as it passes through difficult to know which rafting raft buckled into them as the
al a
e
business to choose. Tourism bracing water washed over us.
officials have licensed about Soon, we were slamming
ci on

250 of them. Most offer half- into even bigger waves, at


We were swept into day paddles down river, but least 10-feet high, and Anupam
a rapid known as the you can also book overnight Dubey took his detour into the
camping and rafting trips, as water. We couldn’t spot him at
Three Blind Mice. well as multiday excursions. first, because he was under the
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According to longtime rafting boat. And then he surfaced, a CURRENT AFFAIRS From top: Rafting the Ganges just below Trayambakeshwar Temple in
operators, the vast majority of few feet away. I grabbed his Rishikesh; a white-water excursion with seasoned outfitter Aquaterra Adventures.
Rishikesh, the river is still tourists on the river are In- hand and, remembering our
close to its glacial source, rela- dian, rafting for the first time briefing, latched onto his life
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tively clear and stunningly and not strong swimmers. The jacket lapels, dragging him
green. It is wide with long sec- combination of their inexperi- into the raft on top of me.
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tions of flat but swift-moving ence and the power of the “It was scary,” Mr. Dubey,
water interrupted by a handful river can be deadly. In the last 27, who works in sales for a
of class 3 rapids—sometimes five years, the local media has mobile payments company in
strong enough to flip an eight- reported five rafting deaths, Delhi, told me later. “One mo-
person raft. and while I was there, a ment I’m paddling and an-
co Fo

Not shy of self-promotion, woman died after her group’s other moment, ‘Oh, this boat
Rishikesh, a town of about raft capsized. Veteran guides is going around my head.’”
100,000 people a six-hour say that about half of the op- The second day was a lon-
drive north from Delhi, bills erators are not properly ger ride, 16 miles, with three
itself as the yoga capital of trained or equipped. It’s wise other passengers—a husband
the world and the rafting cap- to choose a company with sea- and wife and a college stu-
ital of India. It’s also popular soned guides and safety kay- dent, all from Mumbai. After
with Hindu pilgrims, drawn to aks that accompany the rafts we successfully navigated
its sacred shrines, and Beat- and can quickly reach cast- Three Blind Mice, our guide
les’ worshipers—the Fab Four aways. asked if we wanted to hop out
arrived in 1968 and spent sev- With recommendations in our life jackets. He assured
eral weeks at one of the hill- from an Indian white-water us it was safe, and I leaned
side meditation retreats. rafting association and several back and splashed in, not no-
n-

In the decades since, ram- guides, I selected Aquaterra ticing the chill of the 65-de-
pant construction of yoga and Adventures. The owners have gree water. I bobbed down-
meditation ashrams, guest- been rafting since the 1990s stream feet first, enthralled
houses and hotels, cafes and and run an elegant hotel by the forested hills. A glim-
no

shops, and headquarters for called Atali Ganga, a 35-min- mering sandy beach on the
rafting and trekking compa- ute drive from Rishikesh, shore seemingly zipped by.
nies has cluttered the hills. tucked in a peaceful, forested For many Indians, the dip
Spirituality and the Ganges mountainside. For about $200 is divine in another way. Hin-
dus believe that the goddess
Ganga descended to earth in
THE LOWDOWN // RAFTING IN RISHIKESH, INDIA the form of the river. Bathing
in her is said to wash away
Getting There Land in tages with floor-to-ceiling sins, and if your cremated re-
New Delhi and hire a car Dehradun windows. From about mains are scattered into the
for the 6-hour drive Rishikesh $200 a night, atali- water, it’s believed your soul
Haridwar
north to Rishikesh. ganga.com. can be freed from the cycle
The travel service In- INDIA of reincarnation. The river
Ganges

dia Package Tour Rafting There Trip carries thousands of years


NEW DELHI
charges about $125 prices range from a
INDIA
of prayers, meditation and
Rive
r

one way for up to three half-day paddle for liberation, according to Hin-
people. indiapackagetour.in. about $20, to an overnight dus, and its inner vibration is
camping and rafting package for the cosmic sound of the uni-
Staying There Yoga and medi- about $45, to multiple-day jour- verse, Om.
tation ashrams like Parmarth Ni- neys for several hundred dollars. “Ganga maiya ki jai” or
ketan or Rishikesh Yog Peeth, Long-established companies with “Glory to mother Ganga”
rent rooms with vegetarian meals expert white-water guides include cheered the raft-full of Indi-
included, but without TVs or car- Red Chilli Adventure, redchilliad- ans as we paddled by, shaking
pets, for about $20. par- venture.com; Aquaterra Adven- off the chill of our swim.
marth.org, rishikeshyogpeeth.com. tures, aquaterra.in; Snow Leopard Over the course of the day,
Among the higher-end hotels Adventures, snowleopardadven- our raft was sometimes the
overlooking the Ganges, Atali tures.com; and Himalayan River only boat on a bend of the
Ganga offers 22 handsome cot- Runners, hrrindia.com. river; other times, it was one
of half a dozen floating down-
stream. Toward the end of
the run, a flotilla of rafts had
put in and paddlers waited in
line to jump 20 feet from a
shelf of rock into the water.
The couple from Mumbai,
Rahul and Meenal Vaidya,
knew about the risks, but he
was keen on rafting for the
first time, and she was re-
turning for a second white-
water ride. “It’s a place where
you actually go very close to
nature,” Meenal said. “A good
PORTAGE PERK A stay at Atali Ganga includes a rafting trip. place to look into yourself.”
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Downtown’s
Upswing
After a post-9/11 building spree,
New York’s Financial District is flush with

DAVID CHOW FOR THE WALL STREET JOURNAL; ILLUSTRATION BY JAMES GULLIVER HANCOCK
new diversions. Here, a walking guide

BY CHRISTIAN L. WRIGHT

O
LD NEW YORK is the city’s newest hotbed.
South of Chambers Street and the urban grid,
the streets of Lower Manhattan wiggle and
bend, packed with glistening skyscrapers, a mix
of office workers (from Wall Street and the re-
cent influx of media and tech companies), a well-clad local
stroller brigade and an international flow of tourists. Here you
can have a historically significant beer at Fraunces Tavern,
where George Washington said goodbye to his Continental
Army officers in 1783. Or if you favor a more futuristic atmo-
sphere, enter the Fulton Center, a dazzlingly modern transit
hub, born out of the 1889 limestone Corbin Building, that con-
nects nearly all subway lines. Beyond Wall Street’s metal mas-
cots, Charging Bull and Fearless Girl, there’s enough public art
to make an open-air museum—Louise Nevelson’s great steel
“Shadows and Flags” on Maiden Lane, Jeff Koons’ “Balloon WHEELS OF FORTUNE If you tire of strolling through the financial district, the city’s bike-loan program lets you change up your view.
Flower (Red)” at 7 World Trade Center and Jean DuBuffet’s
“Group of Four Trees” at 28 Liberty Street. Once a ghost town
after dark, Lower Manhattan has also become an unlikely food
destination. Restaurant titans Danny Meyer, David Chang and
Nobu Matsuhisa have all established footholds, with more big
names in the pipeline. Read on for a guide to the hood’s new-
est draws and oldest landmarks.

.
ly
on
us l,

LIGHT AND SHADOW


al a
e
Above: a corner of the Dead
Rabbit bar. Below: architect
ci on

Santiago Calatrava’s Oculus, a


modern riff on the cathedral.

ACCOUNTING FOR TASTE Steak and frites at Augustine.


er rs

STAY and local whippersnappers plot-


THE BEEKMAN ting ways to disrupt industry.
Completed in 1883—the same The simple menu features
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year as the Brooklyn Bridge, a modern-day comfort food: from


stone’s throw to the north—this avocado toast with poached
m rp

American Queen Anne behe- egg to a green bowl with kale,


moth was one of the city’s first quinoa and hummus. 15 Cliff
skyscrapers yet was all but dere- St., holeinthewallnyc.com
lict by the end of the 20th cen-
tury. Reimagined as a hotel by DEAD RABBIT
co Fo

Martin Brudnizki, a lauded inte- Housed in a landmark, circa-1858


rior designer, the Beekman now building, this watering hole is ac-
anchors the new downtown tually three in one. On the
scene. Set between the two pe- ground floor is the Taproom, a
rennially packed restaurants, the classic Irish pub with sawdust
bar under the nine-story atrium underfoot; on the second floor is gold. 33 Liberty St., newy-
is standing-room-only in the the Occasional, a snug moody orkfed.org. Lately a magnet for
evening. Guest rooms have high boîte that can be reserved for fans of the Broadway smash,
ceilings, vintage furnishings and private affairs; and upstairs, the Hamilton’s grave can be found in
original artwork chosen to reflect Parlor, a skinny and ambitious the Trinity Church cemetery. 75
the building’s history. From cocktail bar. 30 Water St., dead- Broadway. All are open to the
about $285 a night, thebeek- rabbitnyc.com public; check hours for Federal
man.com acres of breads and olives, kitch- NEXT CENTURY Memorial is now surrounded by Hall and reserve in advance for
n-

BLUE RIBBON FEDERAL enwares and books by the ge- A high-fashion boutique in the a shopping mecca. Even if you’re the bank.
MR. C SEAPORT GRILL lato station, three restaurants northwestern corner of Century not planning to spend a dime,
Fourth-generation hoteliers Ig- A chic dining room with a small, (sit by the window at Osteria 21, the discount department you may want to gawk at the CITY HALL PARK
nazio and Maggio Cipriani took sexy, partitioned-off bar, the res- della Pace for a bird’s-eye view store, it’s prime off-price hunting Westfield Mall’s centerpiece, A little oasis of green with
no

over a historic redbrick corner taurant hides in the shadow of of the skyline), and a roster of ground for funkier pieces from Santiago Calatrava’s white Ocu- benches, gas lamps and a
building, an erstwhile Best West- the Federal Reserve. You can events such as child-friendly designer labels (Alaia, Celine, lus, which looks like the skeleton fountain in the middle, this
ern, and renovated it into their spend your personal fortune on pasta-making classes. 101 Liberty Jeremy Scott), vintage Helmut of a giant bird about to take small park lies at the doorstep
first New York City hotel, slated 50 grams of Siberian caviar St., eataly.com Lang jeans, Balenciaga hand- flight. It holds two levels of of the Woolworth Building. In
to open in June. Joining an out- ($125). Or instead, sit at the bar, bags and Ferragamo wallets, shops and leads via under- the 1600s, it was a communal
post of the Milanese design em- have the perfectly modest 6- PASANELLA & SON plus mini collections from up- ground passageways to the Ful- pasture for livestock; now
porium 10 Corso Como and a ounce bar burger on its buttery VINTNERS and-coming names. 21 Dey St., ton Center transit hub and an- sculptures pop up on the grass
fish-centric food market by bun ($18), and take advantage Waiting for you inside this vast c21stores.com other higher-end mall, Brookfield in revolving Public Art Fund ex-
Jean-Georges Vongerichten in of the well-crafted wine list. It’s shop—with a tasting room that Place, with a fancy food court hibitions. Enter via iron gate at
the rapidly revitalizing waterfront not show-offy but full of un- opens into a garden in back—are NORTHERN GRADE and French-style market. 185 Park Place and Broadway.
district, Mr. C Seaport adds to usual values. 84 William St., blu- more than 400 wines, eclectic This raw, whitewashed space is Greenwich St., westfield.com; 230
the European glamour quotient. eribbonrestaurants.com spirits (like Don Amado mescal a marketplace for unique prod- Vesey St., brookfieldplaceny.com ONE WORLD
It will offer 66 teak and polished from Oaxaca) and a vintage Fiat ucts—from cable knit throws to OBSERVATORY
concrete guest rooms, six suites SHOP 500 with a picnic hamper in the stripy T-shirts—all made in the THE SPA AT FOUR The trip to the top of the Free-
with terraces that catch the EATALY back seat. The 1839 building is U.S. 117 Beekman St., northern- SEASONS NEW YORK dom Tower—at 1776 feet, the
breeze off the East River, a pale Like a newfangled Italian village steeped in history, too: You can grade.com DOWNTOWN tallest building in the U. S.—
pink restaurant called Bellini on the third floor of a commer- see the waterline from the flood- Tucked into a slender tower takes less than a minute in a
(naturally) and a bar that lets cial tower, this 48,000 square- ing of Hurricane Sandy on the THE WESTFIELD AND housing 189 guest rooms and surround-sound elevator with a
crowds spill out onto cobble- foot food emporium has garlic store’s exposed brick walls. 115 BROOKFIELD MALLS 157 condo units, the Four Sea- film documenting the city’s his-
stoned Front Street. From $689 and fennel opposite a wine bar, South St., pasanellaandson.com Rather oddly, the sobering 9/11 sons’ all-beige spa is a snazzy tory projected all around. But
a night, mrcseaport.com spot for a pedicure or an “In- that’s nothing compared with
tense Glow” body treatment the unobstructed 360 degree
EAT & DRINK that combines massage with views at the top. Tickets from
AUGUSTINE glycolic acid. The spa packs a $26. 280 Fulton St., oneworldob-
The seventh in Keith McNally’s 75-foot heated lap pool and a servatory.com
empire of atmospheric restau- gym in with the seven treatment
rants, this brasserie inside the rooms and, rare in these parts, a PROMENADE AT PIER 17
Beekman hotel has the floral sun-deck. Open to the public, Leave time to walk around the
painted tiles, big tarnished mir- except the pool and gym. 27 southern tip of Manhattan,
rors and honey glow of a Pari- Barclay St., fourseasons.com from Pier 17 along the East
sian period drama. The menu River promenade past the heli-
hits notes old and new—from SEE port and Staten Island Ferry to
the pressed juices at breakfast EARLY AMERICAN Battery Park—with its commu-
to the late-night steak frites— HISTORY nity gardens, Sea Glass Carou-
and the bar has a continental Built in 1700, the original Federal sel and fishermen tossing their
air: It’s always cocktail hour Hall was the site of George lines into the harbor. The
somewhere. 5 Beekman St., au- Washington’s inauguration and is promenade continues after Pier
gustineny.com now a museum cater-cornered A and parallels the Hudson
to the New York Stock Ex- River, through the suburban
HOLE IN THE WALL change. 26 Wall St., nps.gov; the enclave of Battery Park City,
Go to this neighborly Australian Federal Reserve, the central bank from which you can cut back
cafe for breakfast when the conceived by Alexander Hamil- again, across the West Side
wooden-topped tables fill up ton, the first U.S. Secretary of Highway, to the falling waters
with travelers studying apps DRIVEN TO DRINK A vintage Fiat 500 among the vintages at Pasanella & Son Vintners. Treasury, contains a vault full of of the 9/11 Memorial.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | D7

EATING & DRINKING


ON WINE LETTIE TEAGUE

What It Takes to Out-Sleuth Wine Fraud


The first in a two-part series on trade, but the wine world has yet to
wine fraud. embrace such a safeguard.
A FEW WEEKS AGO the French po- For the meantime, Ms. Downey
lice discovered a cache of fake offered advice and provided coun-
Côtes du Rhône wine so large it terfeit-detection tools for seminar
would have equaled 15% of the out- participants, including a jeweler’s
put of the entire appellation over loupe, a measuring tape, a UV light
almost two and a half years—had it and UV-visible pens. She outlined
been real. It was bulk stuff of no her authentication process, which
particular distinction, and the CEO begins with careful scrutiny of the
of the company was charged with wine bottle—the loupe proved
fraud. This was just the latest in a handy here—notably the label, the
long series of such discoveries in paper it’s printed on and the print-
recent years, and further proof that ing method and ink, as well as
counterfeiters target cheap wines other components such as the cap-
just as readily as grand crus. As sule and the cork. Ultra-white pa-
Maureen Downey, a San Francisco- per, detectable under UV light,
based expert on wine fraud, ob- wasn’t in commercial use until the
served, “Fake wine hits the entire 1960s. With the aid of a microscope,
gamut of wine.” one could detect if the paper was
Eager to know what a wine recycled, which would mean the
drinker can do to protect herself wine couldn’t have been produced
and avoid possibly lining the pock- before the 1980s, when recycled pa-
ets of counterfeiters, I attended a per was introduced for labels.
wine fraud and authentication semi- “Authenticating a wine is like au-
nar last month run by Ms. Downey thenticating a work of art,” said Ms.
at the Four Seasons Hotel San Fran- Downey. She instructed participants
cisco. Attended by wine profession- to go slowly and to “look at the
als and passionate amateurs, the whole thing” first before zooming
two-day session cost $5,000 per in on details. We split into groups
person. It was the first such semi- and pored over the fake bottles Ms.
nar Ms. Downey, proprietor of Chai Downey had assembled, as well as

.
Consulting, a wine collection man- the bottles participants had brought

ly
agement company, has held in the along.
U.S. (She has held several such sem- We checked the labels’ paper
inars in Hong Kong and London.) with pens to ensure it wasn’t the

KEVIN WHIPPLE
Some participants brought along on modern recycled stuff not in use at
bottles of their own for authentica- the time of the purported vintage.
tion. Susan Lin, a Master of Wine We also checked the printing and
candidate and business develop- saw that some letters were slightly
us l,

ment manager of the Belmont Wine off—a possible counterfeit clue. Af-
Exchange in Hayward, Calif., pre- his creations are still in circula- The forum topic Mr. Cornwell the company if they believe they ter close scrutiny of her bottles of
sented bottles from great produc- tion; she estimated that they could created in February 2012, titled bought counterfeit wine.) Chave Hermitage and Domaine Pon-
al a
e
ers: Chave Hermitage and Domaine sell for at least $550 million. Mr. “Rudy Kurniawan & the Global Wine Ms. Downey believes much more sot Chapelle-Chambertin, Ms. Lin
Ponsot Chapelle-Chambertin. She Ponsot also believes Rudy fakes Auction Fraud,” remains active to fake wine is made in Europe than in was relieved to receive confirma-
ci on

thought the wines were real, but are still out there. “I think that this day. A staggering 169 pages the U.S. “There are at least five tion that they were indeed real.
she wanted to be certain. people will try to sell them,” he long as of this writing, it features counterfeit wine rings in Europe,” As I was writing this column,
The name Domaine Ponsot will said in a recent phone call. For his photographs of fake bottles and she said. Though quite a few high- news of another large-scale wine-
ring a bell with those who follow part, Mr. Ponsot—whose new win- auction results posted by Mr. Corn- profile seizures of counterfeit Châ- fraud story broke. The Bordeaux
wine-fraud news. In a story made ery, called Laurent Ponsot, will de- well and others, as well as general teau Pétrus and Domaine de la Ro- négociant Grands Vins de Gironde
er rs

famous by the documentary “Sour wine-counterfeiting news. manée-Conti (DRC) have been made was accused of faking the equiva-
Grapes” and the book “In Vino Du- Mr. Cornwell believes the wine in France in recent years, the sen- lent of almost 70,000 cases of
plicitas,” the domaine’s proprietor, auction houses have largely tences have been so light they wine over several years, “recreat-
Laurent Ponsot, attended a 2008 ‘Authenticating a wine “cleaned up their act” in the decade hardly seem like a deterrent at all. ing” cheap wines as Bordeaux; just
m e

wine auction in New York where is like authenticating since he began his crusade. Jamie A Russian counterfeiter got a mere this week the company was fined
fake bottles of Ponsot wines were Ritchie, worldwide head of So- two-year jail term in France in 2017 200,000 euros by a criminal court
a work of art.’
m rp

offered for sale. The consignor was theby’s Wine, agreed that the origin for selling 400 bottles of fake DRC, in Bordeaux. When I mentioned
Rudy Kurniawan, a high-profile col- of wines offered at auction today but the sentence was suspended the case to Ms. Downey, she
lector from California. receives far greater scrutiny. “Peo- and he went free. praised the French police and said
An investigation into Mr. but its first wines in the fall— ple are willing to pay much higher Ms. Downey pointed out that she believed the increased atten-
Kurniawan’s dealings culminated in added that he’s made sure his prices for collections with great some European wineries, including tion to counterfeit fine wine had
co Fo

a search of his Arcadia, Calif., home, wines are “protected” from coun- provenance,” he said. Domaine de la Romanée-Conti, are resulted in an increased number of
which turned out to be filled with terfeiting. Counterfeit wines are sold at working to combat fraud. She out- arrests related to the counterfeit-
tools of wine fakery: counterfeit la- Los Angeles-based attorney Don many other places besides auction lined a few of the methods some of ing of all kinds of wines.
bels, blank corks and empty bottles Cornwell has been keeping track of houses, Ms. Downey cautioned. them have adopted, including invisi- Above all, she emphasized that
to be filled. Mr. Kurniawan went on counterfeiters and counterfeit wines “eBay has had a huge problem with ble ink, holograms and serial num- wine fraud isn’t a victimless crime.
trial in New York for counterfeiting for over a decade—a hobby sparked people selling fakes,” she said, cit- bers on labels, as well as embossing “It affects people who work very
and was convicted in 2014. He was by his outrage over all the fakes he ing some “very obvious” bottles of directly on the bottles and proof hard to make good wine, who are
ordered to pay $28.4 million in res- found in the market. Mr. Cornwell fake Château Pétrus she found on tags hung around the necks. “I proud of their wines and their ap-
titution to seven of his victims and teamed up with Ms. Downey and the site. (Ryan Moore, eBay’s direc- don’t believe in a single-solution pellation,” she said. “It ruins their
to forfeit $20 million in property, New York wine merchant Geoffrey tor of global corporate affairs and answer to fraud,” she said. Her fa- reputation and it destroys all their
and is serving a 10-year sentence in Troy to investigate the bottles he communications, said that the com- vored form of protection: a registry hard work.” With the right tools
a federal prison. suspected were fake and began pany conducted an initial review of where collectors could provide in- and a gimlet eye, she believes, we
On the day of our seminar, Ms. posting his findings on Wineber- Château Pétrus bottles purchased formation about wines and their can all play a part in protecting
n-

Downey noted that though hun- serkers, a chat forum favored by on eBay and did not come across histories, which could then be ac- that work.
dreds of “Rudy” bottles were ulti- passionate oenophiles and serious any counterfeit claims. Mr. Moore cessed by other collectors. A similar
mately destroyed, many more of collectors. also noted that buyers may notify system is used in the diamond  Email Lettie at wine@wsj.com.
no

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES


KATE SEARS FOR THE WALL STREET JOURNAL, FOOD STYLING BY CAITLIN HAUGHT BROWN, PROP STYLING BY SUZIE MYERS; ILLUSTRATION BY MICHAEL HOEWELER

Catfish Tagine With Chermoula


UPON MOVING to Savannah, Ga., to open fillets on a bed of stewed peppers. Cher-
the Grey, chef Mashama Bailey had to hit moula, a paste of herbs, cumin and pa-
the ground running. “The first year, I prika, does double duty as marinade for
missed all the seasons,” she said. Eventu- the fish and condiment to serve with it.
ally, though, her cooking fell in step with The catfish steams gently as its drip-
local rhythms, and this dish was born. pings mingle with the vegetables to make
“We get peppers from spring through a flavorful stew that regulars at the Grey
September, and catfish is super available have come to look forward to at this time
and sustainable down here,” Ms. Bailey of year. “People have started asking about
said. She decided the way to make the this dish again,” said Ms. Bailey. “We’ll be
The Chef most of both was in a North African-style putting it back on the menu soon.”
Mashama Bailey tagine. The recipe calls for cooking catfish —Kitty Greenwald

Her Restaurant TOTAL TIME: 40 minutes SERVES: 4


The Grey, in
Savannah, Ga. 1 red bell pepper, halved 1 serrano pepper, sliced
lengthwise, cored and stemmed and seeded 2 cloves garlic
What’s She’s seeded 1 carrot, grated 1 tablespoon cumin
Known For 1/
2 cup plus 2 tablespoons 2 green bell peppers, 11/2 tablespoons sweet
Carrying the legacy olive oil and more for julienned paprika
of the great broiling peppers 2 yellow or orange 1/
2 cup flat-leaf parsley

Southern cook Edna 4 catfish fillets peppers, julienned 1/


2 cup cilantro

Lewis into the Kosher salt 1 yellow onion, thinly Juice of 1 lemon
21st century, with
a focus on regional 1. Set broiler to high. Rub red bell pepper with pers soften fully, about 20 minutes.
ingredients. oil and set under broiler, cut-side down. Broil 3. Meanwhile, make chermoula: In clean bowl
Elevating comfort until charred in spots, 5-7 minutes. Meanwhile, of food processor, combine garlic, cumin, pa-
food in a way season fish with salt and refrigerate. prika, parsley and cilantro. Pulse to finely
that remains rooted 2. Preheat oven to 375 degrees. Scrape any chop. Transfer to a bowl, stir in remaining olive
in tradition. loose, charred skin from red pepper and place oil, and season with salt and lemon juice.
in a food processor. Add serrano and pulse to 4. Spread half the chermoula over fish. Place
a smooth paste. Swirl 1/4 cup oil into a large, fish on sautéed peppers in pan and cover with
lidded pan and set over medium heat. Stir in lid. Transfer to oven and cook until fish is
pepper paste, grated carrot, julienned peppers, opaque and flaky, about 10 minutes. Serve ZIP IT UP Like a pesto or a salsa verde, chermoula is a zesty paste of herbs
and onions. Season with salt. Sauté until pep- tagine with reserved sauce on the side. and spices that makes a delicious marinade and sauce for fish.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

WHAT COMES AFTER ‘FARM-TO-TABLE’?


Continued from page D1
ground herb mixture he dubbed “lasagnette GREEN ACRES A field of kale at
spice,” now a staple seasoning in his pantry. Epiphany Farms in Central Illinois.
A shift this fundamental—from simply This farm’s crops supply and inspire
sourcing locally to becoming the source— the menus at four partner
takes time. Perhaps the godfather of this restaurants.
next-level locavorism is chef Dan Barber.
Since 2004, he’s been cooking food raised in
the fields around his Pocantico Hills, N.Y., res-
taurant, Blue Hill at Stone Barns. Melissa
Kelly, another pioneer, built farming into her
restaurant’s business model when she opened
Primo restaurant on the Maine coast in 2000.
Since 2013, Joshua Skenes has grown the
lion’s share of the produce and meat used at
his three-Michelin-starred San Francisco res-
taurant, Saison, on farmland in Marin County,
where he can control everything from the
seed stock through the handling at harvest.
When a restaurant takes responsibility for
growing ingredients, it provides diners an ex-
tra measure of confidence in their provenance
at a time when local-sourcing claims are in-
creasingly in doubt and the descriptor “farm-
to-table” has become so overused as to be al-
most meaningless. (See, for example, the 2016
investigation by Laura Reiley in the Tampa
Bay Times revealing widespread fraud in res-
taurants’ claims to buying local.) But the
value of growing your own goes well beyond
ensuring truth in advertising. It guarantees
the restaurant a supply of ingredients that
are unique, in type or quality, compared with
what is commercially available. And it trans-
forms the restaurant from an on-demand
buyer of ingredients to a vehicle for support-
ing, and showcasing, the whole ecology of a
sustainable farm—not just peak-season toma-
toes and rib-eye steaks but forgotten and

.
beautiful foodstuffs, from cover crops to wild

ly
herbs to underutilized, tasty cuts of meat.
Before opening Woods Hill Table in Con- FARM FRESH // RESTAURANTS
cord, Mass., restaurateur Kristin Canty was THAT GROW THEIR OWN
adamant about serving meat raised to rigor- on
ous environmental and ethical standards, but Maine
she couldn’t find enough being produced in
New England. So she purchased land in New PRIMO
us l,

Hampshire and hired a farmer. At the restau- 2 Main St., Rockland, primorestaurant.com
rant, chef Charlie Foster uses every part of the The restaurant is surrounded by a 5-acre farm
animals they raise; beef tartare, Bolognese boasting two greenhouses, roaming
al a
e
sauce and charcuterie are some of the ways pigs, and chickens raised and slaughtered
Mr. Foster works his way through entire pigs on-property.
ci on

and cows. “That structure, though it may seem The dish Olive oil confit pork shoulder from
limiting, is actually extremely liberating be- Primo Farm pigs, with wild dandelion and mus-
cause there’s a larger purpose to why I’m serv- tard greens and a preserved farm egg grated
ing what I’m serving,” he said. To make even on top.
better use of all the “off cuts” and trim, Ms.
er rs

Canty and Mr. Foster recently opened a Mexi- WALKERS MAINE


can restaurant called Adelita, where these fla- 1273 U.S. Route 1, Cape Neddick, walkers-
vorful bits come tucked inside tacos. maine.com
Justin and Danielle Walker cultivate their 12-acre
m e

backyard, grazing 30 milking goats and foraging


ingredients like wild peas and blueberries.
The rewards are in superior
m rp

The dish The restaurant’s sourdough focaccia,


control and freshness, and being made using goat’s whey leftover from cheese
making.
so intimately involved.
Massachusetts
co Fo

In 2009, Ken Myszka, Nanam Yoon Myszka WOODS HILL TABLE


and Stu Hummel started farm/restaurant hy- 24 Commonwealth Ave. West, Concord, wood-
brid Epiphany Farms in Mr. Myszka’s home- shilltable.com
town of Bloomington, Ill. Amid large-scale Kristen Canty produces all the meat used here,
commodity farms and a density of fast-food and at sister restaurant Adelita, to impeccable
chains, with a shortage of local farms that fit organic standards at Woods Hill Farm in New HAUTE AGRARIAN Salad of
their vision of sustainability, they took mat- Hampshire. organic roasted beets tahini, sorrel,
ters into their own hands. Now they have four The dish On the brunch menu, fried Woods sumac-spiced pine nuts and quinoa
restaurants that draw from the farm’s bounty. Hill Farm chicken leg served with a long-fer- with Champagne vinaigrette at
Mr. Myszka spends a lot of time training mented sourdough waffle, jam from local Woods Hill Table in Concord, Mass.
cooks to work with the wonky specimens or- peaches and syrup tapped from Woods Hill
ganic methods tend to yield. “We’re taught as Farm maples.
n-

cooks that we can always order something


exactly to spec. Then you start farming and New York
you realize that the vast majority of cucum-
bers are not straight, and a lot of them have BLENHEIM
no

pest damage,” Mr. Myszka said. “Now I know 283 W. 12th St., Manhattan, blenheimhill.com
that you can work around all that.” Morten Sohlberg and Min Ye grow fruits and
It’s a common misconception—one that vegetables and raise heirloom sheep, pigs and
provoked plenty of wry laughter from the res- poultry three hours north of New York City at
taurant owners I spoke with—that producing Blenheim Hill Farm.
your own ingredients might cut costs. The The dish The restaurant’s green salad is made
hefty startup investment and years it takes to from a dozen varieties of greens, grown to-
build up to maximum efficiency mean that a gether hydroponically and clipped to form an
WHITE LOFT STUDIO (SALAD); EVA KOLENKO (WAGYU)

do-it-yourself approach is often more expen- instant salad mix.


sive than conventional buying options. But
many chefs believe that as their operations BLUE HILL
mature, the costs will come down to rival 75 Washington Place, Manhattan, and 630 Bed-
farmers’ market prices. Even Ms. Kelly, who ford Rd., Pocantico Hills, bluehillfarm.com
has 18 years under her belt at Primo, thinks The restaurants draw from both the Stone
her food cost works out to about what she Barns Center for Food and Agriculture and Blue
would pay small local purveyors to do it for Hill Farm, Dan and David Barber’s family farm in
her. The rewards are in the superior control Massachusetts. THE LOCAVORE’S DILEMMA From left:
and freshness, and the pleasure of being so The dish Blue Hill Farm supplies the restaurants Wagyu beef cooked over eucalyptus with
intimately involved. with beef from retired dairy cows that have been chestnut purée and greens at Single Thread
Even for chefs unable to go whole-hog (so 100% grass fed for nearly a decade, which Mr. in Healdsburg, Calif.; honey meringue at
to speak) into farming, small-scale efforts can Barber describes as offering “a taste experience Blenheim in New York City.
have an outsize influence. Danielle and Justin that’s transcendent.”
Walker opened Walkers Maine last month in cuts from the farm’s pigs each day, allowing the the restaurant a wide range of esoterica, from
Cape Neddick, south of Portland. They grow Kentucky restaurant to utilize every bit of the beast. green walnuts to quinoa leaves.
fruits and vegetables organically on their The dish Peach-leaf gelato, with a flavor like
nearby 15-acre farmstead, which has been in PROOF ON MAIN California marzipan, made by infusing cream with leaves of
Ms. Walker’s family for six generations. 702 W. Main St., Louisville, proofonmain.com peaches from Mr. Jacobsen’s heirloom orchard.
Though it barely makes a dent in their overall Steve Wilson and Laura Lee Brown own both QUINCE
purchasing, the farm shapes their cooking in Proof on Main and Woodland Farm, which pro- 470 Pacific Ave., San Francisco, quincerestau- SAISON
fundamental ways. The Walkers keep a herd vides the restaurant with whole heritage pigs, rant.com 178 Townsend St., San Francisco, saisonsf.com
of goats to clear and fertilize fields, and the grass-fed bison, hen eggs and dozens of variet- “It’s like a springboard for the cuisine here,” chef The restaurant owns 90 acres in Marin County,
milk they produce has led to a proliferation of ies of fruits and vegetables. Michael Tusk said of his exclusive partnership with which provide ingredients from wild boar to edible
fresh cheeses and ice creams on the menu. The dish Bison heart pastrami, house-cured in Peter Martinelli’s Fresh Run Farm, which cultivates flowers. “Our entire menu is built around the idea
Wild cranberries contribute to cocktails and sorghum brine for two weeks. the likes of white asparagus and Malabar spinach of 100% utilization,” said chef Joshua Skenes.
preserves. Mr. Walker said that running the on 20 acres across the Golden Gate Bridge for use The dish Beets roasted three days over fire, then
farm helps him understand the right ques- Illinois at Quince and sister restaurant Cotogna. grilled and basted with butter from Saison’s cows.
tions to ask his suppliers. Ms. Walker, who The dish Freshly-dug La Ratte potatoes served
does the bulk of the farm work and is the res- EPIPHANY FARMS RESTAURANT alongside crumbled brioche “soil” and a poached SINGLE THREAD
taurant’s general manager, takes every oppor- 220 E. Front St., Bloomington, epiphanyfarms.com local oyster, the shells of which are used to for- 131 North St., Healdsburg, singlethreadfarms.com
tunity to transmit to guests her enthusiasm The company’s own sustainable farm supplies tify Fresh Run Farm’s potato fields. Husband and wife Kyle and Katina Connaughton
for farming. “Even if it’s just talking about my its four restaurants with over 500 varieties of farm 5 acres on the Russian River, specializing in
early morning hour in the garden, they may vegetables plus eggs, chickens, pork and SPQR heirloom vegetables rarely seen outside Japan.
adopt that,” Ms. Walker said. “The romanti- mushrooms. 1911 Filmore St., San Francisco, spqrsf.com The dish The tasting menu starts with a dozen
cism of the whole process is contagious.” The dish The “pork feature,” offering different Peter Jacobsen’s Yountville smallholding provides different bites—a snapshot of the day’s harvest.
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, April 7 - 8, 2018 | D9

DESIGN & DECORATING


The State of
PAST FORWARD Designer
Kathryn Scott, whose Brooklyn
living room appears in her new

The Secretary
book, ’Creating Beauty: Interiors’
(Rizzoli), said secretaries pull her
into a time ‘when life was slower.’

A casualty of everyday antiques’ fall from


hipness, the compact desk is regaining relevance

usually enclosed by glass doors, can


BY CATHERINE ROMANO
house books or display anything

T
from pottery to Matchbox cars. Ra-
HE SECRETARY desk chel Cannon, a designer in Baton
has waited patiently for Rouge, La., recently tucked one in a
us to notice its clever stair landing to create a miniature
beauty again. Once ren- home office. Kari McIntosh, a de-
dered obsolete by the signer in San Mateo, Calif., used a
space demands of hulking desktop contemporary West Elm model in a
computers and printers, the quaintly nursery-cum-office in her own two-
compact desks with enclosed stor- bedroom apartment.
age were stockpiled in attics and Slots, shelves and drawers (and
used-furniture store rooms. But the secret compartments, if you’re
stars have aligned to bring these al- lucky) store vestiges of pre-digital
most-antiques back to relevance. life such as staplers and pens, and,
brilliantly, the desk fronts close up,
“hiding contents elegantly,” said
New York designer Phillip Thomas,
‘Perfect for laptops, these who placed a 1950 green-blue lac-
vintage pieces are more quered French number in a corner
surrounded by floor-to-ceiling glass
modern than a large desk.’ windows. Mr. Thomas favors antique
and 20th-century versions, he said.

WILLIAM ABRANOWICZ (ROOM)


“I am drawn to their history, the fine
“These vintage pieces are more materials and the craftsmanship.”
modern than a desk these days,” That 20th-century pieces are still
said Los Angeles architect Raun around testifies to their quality,
Thorp. As more people store docu- said Anna Brockway, co-founder of

.
ments on a cloud and reduce their vintage site Chairish, which was

ly
computer hardware to a laptop, big hosting 110 secretaries for $1,000 or
working surfaces have become the less in early April. “They’re a great
relics. “Secretaries are like a tiny example of a category of brown fur-
multiuse building in a room,” said niture becoming relevant again,”
on
Ms. Thorp, who noted that their she said, referring to the traditional
height can bring an unexpected dy- wood furniture of the 20th and late Antique Early 20th Reproduction
namism to a room. 19th century that has fallen out of Philadelphia Century 19th Century
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The modest scale of most vintage fashion. “When a piece is the right Empire Secretary, French Iron
models, neither very deep or wide, choice and you match it with acces- Quervelle $395, Secretary,
makes them especially versatile. sible pricing, it becomes a hit.” Carved chairish.com $1,850,
al a
e
Richmond, Va., designer Janie Mol- Beyond practicalities, secretary Flame rh.com
ster said of the chinoiserie-style desks can charm. “They seem to Mahogany
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piece she bought in her 20s, “I have embrace you a little,” said retired Secretary,
used it in a bedroom, dining room, businessman George Entin, whose $2,450,
living room, kitchen and currently Atlanta designer Melanie Millner 1stdibs.com
my foyer.” The secretary’s lower found an 18th-century mahogany
drawers can store linens, photo al- beauty, now in his study. “You sort
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bums or clothes; shelves above, of fall in love with them.”


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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING


A MATTER OF LIFE AND DÉCOR MICHELLE SLATALLA A NEW MONTHLY COLUMN

The Day I Defied the Kitchen-Island Mafia


A THOUSAND YEARS from now,
archaeologists sifting through the
rubble will be able to identify
early 21st-century homes by their
kitchens. The kitchen island will be
as recognizable an artifact as the
Doric column. But they won’t find
one in my kitchen in Mill Valley,
California.
When I remodeled recently, I
wanted an airy kitchen with white-
tiled walls, a big window over the
sink and a human-scale table, the
kind where my grandmother sat
when she chopped onions and
where families gathered conviv-
ially—before the whole world
turned into something that looks
like a sports bar. But little did I
know that dark forces would try to
persuade me to incorporate a hulk-
ing Brutalist monolith designed to
house a second sink and a spare
dishwasher no one needs.
“Where’s the island?” my hus-
band asked, poring over the blue-
prints at a meeting with the archi-
tect. “Where will we put the
Cuisinart, the KitchenAid—my im-
mersion blender, for God’s sake?”
He turned accusingly to the ar-
chitect, Mark Fischbach.

KATIE CAREY
“All my clients are asking for is-
lands,” Mr. Fischbach said, tossing

.
the live grenade back to me.

ly
“We’ll have plenty of storage
without an island,” I said, putting their knees against an island. gathering momentum in the 1980s, gamansion movement,” said Dallas these days, architects and design-
my finger on the spot where a wall Drop-in guests can be more easily is the latest in a long list of design architect Bob Borson. As walls ers say. “There’s a casual aspect to
of cabinets would go. put to work at an elevation where
on fads to hit the kitchen during its started to disappear and “open” the island, but there’s a more re-
“What about undercounter wine their feet don’t dangle and lose transition from scullery to show- kitchens began to bleed into living laxed and intimate air to meals
storage?” my husband asked. “A circulation. And cooks of an aver- room. The idea of the kitchen as a rooms, Mr. Borson’s clients started shared at the table,” said Steven
separate freezer drawer? A trash age height (like, say, me), get more designed space dates to the intro- asking for islands to delineate Gdula, author of “The Warmest
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compactor?” leverage rolling out dough on a duction in 1898 of the Hoosier cab- spaces. “I am trying to remember Room in the House: How the
“A trash compactor?” I replied. 30-inch-high table than on a 36- inet, which with its clever cubbies the last time I did a kitchen that Kitchen Became the Heart of the
“Where do you come up with these inch-high island. and work top was marketed as the didn’t have an island—and I can’t Twentieth-Century American
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things?” Sadly, I know I am in the minor- think of one,” he said. Home” (Bloomsbury).
Kitchens have gotten too com- ity (for now) on this design issue. Islands are so ubiquitous that In the end, our architect brokered
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plicated—and the island isn’t help- Among renovating homeowners, a they are rewriting the rules of a settlement in the Kitchen War: My
ing. In simpler, less cluttered built-in island is the most sought- I wanted a human-scale kitchen design. “We used to design husband got a dedicated nook for his
times, kitchens had a cutting after kitchen feature after pantry table, the kind that around the three points on a work cappuccino maker and coffee-bean
board, a knife, some onions—and a cabinets, according to a 2017 Houzz triangle—the refrigerator, stove grinder. And I got my table—sans is-
table where you could sit and chop kitchen-trends survey of 2,707 peo- my grandmother and sink,” said Elle H-Millard, a land. With a reclaimed elm tabletop,
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them before tossing them into a ple. Demand is so high that celeb- sat at when she Pennsylvania-based kitchen de- its distressed look is impervious to
pan with a little butter. This gave rity chefs are jumping into the signer and a trends specialist for stains, spills and the occasional
Americans everything we needed game. Rachael Ray, Paula Deen and chopped onions. the National Kitchen and Bath As- scorch mark. And the table’s metal
to fill the house with a lovely Trisha Yearwood all have furniture sociation. But these days she’s de- frame has wheels, tempting us to
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smell to reassure everyone that collections that include free-stand- signing more kitchens in which all wheel it outdoors, where we eat on
dinner was pending. ing islands which, like higher-end first all-in-one cook’s prep space. the appliances are built into an is- the patio in nice weather. We can
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The kitchen has evolved from a versions of the IKEA cart, are de- Between then and now, checkered land: “With an undercounter re- seat eight comfortably in caned
humble household room to become signed to add instant storage. “Ra- linoleum floors, chrome dinette frigerator, a cooktop, and a sink, wooden chairs—and 12 when we
the main public space in the chael Ray’s island has functional sets, and massive hanging pot you can place the three points in a bring up from the basement a fold-
house. I love that about the features such as a well on the work racks all had their moment. linear path instead of a triangle. ing extension my husband built. If
kitchen. But I don’t see how hav- surface, so you can scrape bits and Decades of affluence and an in- An island lets you work in a very we need it, we drag in the piano
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ing a monstrous, multipurpose, pieces into it,” said Patricia Bowl- crease in the average American small footprint.” bench for two people to share.
built-in storage bin makes it a bet- ing, a spokeswoman for the Ameri- home’s size (which grew to 2,466 Not everybody considers a din-
ter family, entertainment or work can Home Furnishings Association square feet in 2017) have created a ing table a dinosaur, however. In a  Ms. Slatalla is an editor for Re-
area. The kids are better off doing in High Point, N.C. fertile environment for the kitchen big kitchen, homeowners want modelista, which, like The Wall Street
homework at a table than banging The island trend, which started island. “It grew along with the me- both an island and a dining table Journal, is owned by News Corp.

THE MEDIATOR
Solution 1

Can East and West Coexist? Hang a simple, Asian-in-


n-

flected light. This lantern’s


Asian feel, said Mia Jung, di-
rector of interiors for bicoastal
firm Ike Kligerman Barkley, links it to the
no

The Challenge An antique Chinese chair must settle in with a brand Qing-dynasty bamboo seat, while its
simplicity speaks to the bookshelves’
new Scandinavian bookshelf. Three designers broker a stylistic peace minimalism. The solid banana-fiber
shade, laid over copper wire, contrasts
nicely with the airy bookshelf and the
chair back’s open fretwork. Pinch Soren
 HAY Ypperlig Shelf Unit by Lamp, $2,150, thefutureperfect.com
IKEA, $110, ikea.com

Solution 2
 Chinese Bamboo Chinoiserie
Armchair from Erin Lane Estate, Couple the pair’s colors
$750, 1stdibs.com in a rug. The rust
shades in this Oushak
carpet agree with the arm-
chair’s similarly hued frame, said
Newton, Mass., designer Erin Gates,
while the rug’s worn areas sync with
the grays and creams of the IKEA
piece. The vintage carpet provides vi-
sual warmth as well and, if laid under
the seat and shelf, would physically
unite the two pieces. $1,410 for 4’5”
by 7’7”, oldnewhouse.com

Solution 3

Plop down a classic


but modern planter.
Fauzia Khanani of New
York’s Studio Fōr se-
lected a hand-painted porcelain
“fishbowl” to be used as a planter.
Its traditional Chinese shape and
geometric pattern jibe with the an-
tique armchair; its high-contrast
color scheme reads contemporary,
like the shelving. Hand-Painted Por-
celain Fishbowl, $439, houzz.com
—Kelly Michèle Guerotto
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 7 - 8, 2018 | D11

GEAR & GADGETS

JAMES GILLEARD
.
Elevated Adventures
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on
Roadtrippers are camping out on car rooftops to avoid critters, range more widely and slightly heighten the breathtaking views
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ventures in vans retrofitted as liv- ground. They don’t offer much gerly joined the game, releasing a confined to paved roads as you are
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BY BRIGID MANDER
e
ing spaces), and a renewed interest more than sleeping space, but they model of its own after assessing in an RV. These tents go wherever
in small travel-trailers among free free up the area near the vehicle the potential market. nimble cars can: bumping up dirt
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THE GREAT AMERICAN road trip spirits who seek unconventional for setting up chairs, building a These rooftop tents offer a de- roads in U.S. National Forests or ex-
still embodies that freedom so vacations. campfire and the occasional Three gree of convenience for millenni- ploring hard-to-access mountain
deeply rooted in our culture: unin- Roof tents come in two catego- Dog Night singalong. als who are looking to execute passes, lakes and trailheads. The
hibited, spontaneous, indepen- ries. Soft shells are akin to your Though roof tents are still a easy weekend getaways without roof-level offers just enough eleva-
dent—until you have to sleep, that basic forest-floor tent but are typi- fledgling market compared to RVs investing in gas guzzlers or buy- tion from dirt and critters to calm
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is. Various options exist for road- cally crafted with tougher fabrics, or traditional tents, U.S. sales in- ing trailers that require storage most nervous campers in need of a
side snoozing, from cookie-cutter like ripstop canvas. Hard-shell creased fivefold in 2017, according and maintenance, said Andrew restful night.
motels to lumbering RVs. Lately, dwellings, on the other hand, cost to NPD Group, a market research Pasquella, a representative for Snug and protected in your perch
however, more travelers are em- more but feature sturdier, aerody- firm that recently began tracking Front Runner Outfitters. Most on the roof, you can enjoy nature
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bracing an old-school solution namic casings you can open more the category. Antonio Martins, ex- weekend explorers can install from a new vantage point. The
with a twist: perching tents atop easily and quickly with help from port sales manager of Portugal- these tents on their current cars. scenery is surprisingly different just
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of vehicles instead of pitching hydraulic struts. based James Baroud, said popular- Beyond their ease of use, rooftop 6 feet extra off the ground. And
them deep in the woods. Most rooftop tents come with ity of its tents is booming in the tents have another key advantage: when the adventure is over, the tent
Spending the night on the roof folding access ladders and foam states and in Europe, where Ger- They let you access territory no- can simply be unmoored from the
of the car isn’t quite as precarious mattresses, which crucially elevate man motorists have become the where near the beaten path. On a vehicle’s roof rack and propped
as it sounds. Years of engineering the comfort level compared to the brand’s largest customer base. In whim you can pack the car, grab a against a garage wall until the next
co Fo

have refined these tents, originally bumpy slumber of sleeping on the 2017, roof-rack giant Yakima ea- map and head out without being time nature calls.
made for overlanding expeditions
in South Africa and Australia. The
mini pop-up sleeping quarters are GIMME SHELTER // FOUR ROOFTOP TENTS THAT RISE TO THE OCCASION
specifically designed to sit steadily
on platforms anchored to the vehi- Tepui White Yakima Skyrise Front Runner James Baroud
cle’s roof rack. Stowed, the tents Lightning Designed for weekend Feather-Lite Evasion
collapse into slim cases about 8 Tepui developed their road trippers and vaca- Made from heavy-duty Designed for hard-core
inches high, like a cargo box. But newly released hardshell tioners with small cars, ripstop canvas, the overlanders (who want
when intrepid roadtrippers call it a roof tent specifically for the nylon Skyrise most Feather-Lite is crafted to relative luxury), the Por-
day, they simply park, unlatch the action-sports enthusi- closely resembles a tradi- hold up in hostile condi- tuguese-made Evasion
tent, prop it up and climb in for asts looking to create a tional ground tent. Once tions. Campers can add won’t seem like overkill
the night, much easier than pre- homebase for their ad- you reach your destina- a drop-down annex that for casual campers. Us-
n-

paring a campsite. ventures. The two-per- tion, it flips open and forms a second room on ing hydraulic struts, its fi-
Over the last five years, a num- son White Lightning sets up in minutes, and the ground. The main berglass shell opens in
ber of factors have led to rooftop tent can support a roof the Yakima rack system tent opens easily in one 30 seconds. A 360-win-
tents’ rise in popularity in the U.S. rack to securely fasten makes for quick installa- motion and is about 8 dow offers panoramic
no

These include the tiny-house craze, gear like bikes, kayaks or tion and removal from inches high when views; the XXL size
the #vanlife movement (social me- surfboards on top of the roofs in the off-season. closed. From $1,307, sleeps three. From
dia users who document their ad- shell. $3,800, tepui.com From $1,099, yakima.com frontrunneroutfitters.com $3,800, jamesbaroud.com POP-UP SLEEPER Front Runner’s Feather-Lite.

CARDBOARD, YES. BORING, NO


Nintendo LABO rethinks how people interact with videogames,
and what happens with toys when the fun is over
INVESTIGATE THE ATTIC of most creation blinks to life, presenting a
videogame enthusiasts and you’ll suite of minigames to play.
find a battalion of plastic guitars, Construct the fishing rod, for ex-
guns, steering wheels and rack- ample, and you’ll be able to unspool
ets—peripherals once designed to a bright orange line into a digital
close the distance between an ac- sea, jostling the bait as you waggle
tivity and its digital representa- your creation to reel in a fish
tion—now collecting dust. (caught specimens are kept in a vir-
But with LABO, Nintendo has re- tual tank). Simple tunes can be
imagined the videogame accessory played on the piano, whose card-
for a craft-minded, environmen- board keys press with a pleasing
tally conscious generation. De- clunk, while a multitrack recorder
signed to house the Switch, the allows you to build up a song.
Japanese brand’s hit game system, It’s clear from the design, which
each kit of perforated cardboard makes use of arcane functions hid-
sheets—recycled in part—can be den in the Switch (e.g., an infrared
constructed much like IKEA furni- camera built into the right control-
ture, and decorated with pens and ler), that LABO has always been
stickers before, once its life ends, part of the master plan at Nintendo.
it’s recycled again. The late Gumpei Yokoi, inventor
With each kit, follow instructions of the Game Boy, once explained
displayed on the Switch to perform his design philosophy as “lateral
the sequence of pops, folds and thinking with withered technol-
slottings necessary to build a re- ogy”—the repurposing of anachro-
mote-control car, fishing rod, set of nistic materials in unusual, de-
handlebars, a doll’s house or a mini- lightful ways. It’s a legacy upheld
piano. Once the structure is com- by LABO, a series of craft projects
plete, you typically insert the that reward creativity in kind.
Switch (which looks a little like an From $70, labo.nintendo.com
iPad) and its controllers, and your —Simon Parkin
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D12 | Saturday/Sunday, April 7 - 8, 2018 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS


FOUND IN TRANSLATION
Kia hired some of the best
European automakers to help
craft the new Stinger GT2.

RUMBLE SEAT: DAN NEIL

.
ly
2018 Kia Stinger GT2: A Bid for Respect
on
us l,

THE 2018 KIA STINGER was in de- Kia, your slip is showing. $31,900 (2.0L) to $51,400 (GT2 dialed in to the chassis. The GT2 gear changes and revving arpeg-
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velopment almost seven years. In Does it matter? Strictly speak- with all-wheel drive), plus $900 feels a tiny bit soft at the edges, to gios take you to the quarter-mile
that time thousands of product de- ing, no. It’s not like anyone is go- destination. me. Nor is it exactly light—3,829 stripe in about 13 seconds. The
ci on

signers, engineers and suppliers ing to walk away from the 167-mph So are we to expect Kia to take pounds in test trim. It exhibits powertrain engineers also did
must have sat in mock-ups, proto- Stinger GT peeved about the hub on the Germans at their own game? more transient body roll than I right by the engine sound: The 3.3-
types and pre-builds of the rakish cover. And there is always tape. Yeah, no. South Korea’s second-larg- prefer in my look-at-me man toys. liter turbo engine puts out a nice
fastback sedan, the South Korean But insofar as the Stinger was est carmaker, behind corporate The electric power steering is low burble, surprisingly resonant
company’s new halo car and perfor- built to make you forget previous partner Hyundai, is a master of very quick—2.2 turns, lock to lock, for a turbo engine, that rises to a
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mance flagship. But nobody saw it. Kias, and largely does, the steering mass-market, value-priced automo- just the way I like it—but doesn’t heated warble at 6,000 rpm.
At some point Kia board mem- wheel only reminds you. biles. The company’s offerings dom- have a lot of road feel in it. The Kia’s sport-sedan bananas are
bers must have trooped down to Some housekeeping: The Stinger inated J.D. Power’s 2017 U.S. Initial big Brembo brakes are strong and still a little green: Around-town
the design center in Namyang for is officially a midsize hatchback Quality Study, for example. sure if a bit touchy at first. and at part-throttle, the eight-
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a formal signoff. Still not a word. sedan, with four doors and a rear But in all that success the Kia The Stinger will stand up. Zero- speed transmission has moments
Now a Stinger—a GT2 version liftgate. But this is a fairly big car: brand has become a bit shopworn, to 60 mph sprints pass in less than of dithering delay (the mapping is
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deluxe ($50,100, as tested), with a 190.2 inches long over a 114.4-inch typecast as down-market and ge- 5 seconds—Kia says 4.7 seconds much better in Sport mode). The
throat-singing V6, rear-wheel drive, wheelbase, 60% of overall length. neric. Kia needed some heat in the but Car and Driver wrung a 4.4 car could use some stiffer springs.
adaptive suspension, brakes for It’s also low (55.1 inches at the britches. Enter the Stinger. out of it—and if you keep standing But, man oh man, the price is
days—is sitting in front of my roof). These louche proportions The Stinger is certainly the best on the gas, a quick succession of hard to beat. Where’s that tape?
house, giving local dads the vapors. disguise an unexpected usefulness: German car ever to come out of
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The want is strong. The first time 23.3 cubic feet of cargo room and South Korea. The pedigree starts
Kia tried to bootstrap itself into the a spacious rear cabin. with Kia chief design officer Peter
premium/entry luxury space was in Schreyer, formerly of Audi. Kia Eu-
2012, with the K900 sedan. But it ropean design chief Gregory Guil-
presented as overstuffed and cut- laume, based in Frankfurt, penned
rate, a large sedan with unsexy, The brand has become the exterior. The chassis tuning
front-drive proportions. typecast as down-market and dynamics fell to Albert Bier-
It’s a mistake the Stinger doesn’t mann, the former director of
make. It is extra rear-drive looking, and generic. Kia needed BMW’s M performance division,
with the front wheels thrust into some heat in the britches. who was poached/joined the com-
the nose of the car (a long axle-to- pany in late 2014.
dash) and rears slung under a fast- Enter the Stinger. Here and there, the Teutonic in-
back hatch. This car practically gy- fluence reaches comic proportions.
n-

rates its hips at you. The rear hatch and taillamp as-
And still, when I sit in the Our GT2 test car squatted on semblies are frankly derivative of
driver’s seat, my eye is irresistibly 19-inch alloys wrapped in 40-se- the Audi Sportback. The flash of
drawn to this one, centrally lo- ries summer Michelins. Bang. brightwork at the doors’ leading
no

cated blemish, as if it were a The bones are in the right place: edges is very like a BMW. The 2018 Kia Stinger GT2
blackhead on a co-worker’s nose. a longitudinally mounted front en- Kia’s cabin design is a pastiche of
It’s the steering wheel hub gine, rear-wheel drive, near 50/50 the Mercedes-Benz, with three
cover. Not even the rim, which is weight distribution, front strut and eyeball air outlets, tablet-style Price as Tested $50,100 Length/Width/Height/Wheelbase
flat-bottomed and wrapped in rear multilink suspension. Under center screen, and banded alumi- Powertrain Turbocharged, direct-in- 190.2/73.6/55.1/114.4
stitched and perforated leather; that wealth of hood is either a tur- num switches. Talk about great jected 3.3-liter DOHC V6; eight- 0-60 mph 4.7 seconds
but the hard, plasticy hub cover, bocharged 2.0-liter 255 hp four or minds thinking alike. speed automatic transmission with Top Speed 167 mph (electronically
under which resides the driver air 3.3-liter 365-hp V6; an eight-speed It drives pretty Germanically manual-shift mode; rear-wheel drive limited)
bag. Against the backdrop of transmission with paddle shifters; too. Herr Biermann’s elastomeric with limited-slip differential EPA Fuel Economy 19/25/21 mpg,
Nappa leather seats, lustrous alu- and rear-wheel drive. Torque vec- choices have yielded a firmly Power/Torque 365 hp at 6,000 city/highway/combined
minum trim and soft-touch materi- toring all-wheel drive is a $2,200 sprung sport sedan, but it’s no rpm/376 lb-ft at 1,500-4,500 rpm Cargo Capacity 23.3/40.9 cubic
als, the wheel hub feels like an option with either engine. There track-day monster. There is a Curb Weight 3,829 pounds feet, rear seatback up/folded
overturned Tupperware bowl. Mr. are five trim levels, priced from thoughtful amount of ride comfort

TYPEWRITERS HAVE main- Qwerkywriter S, a modern key- knobs, which on a typewriter


TECH NOSTALGIA tained a devoted following de- board designed to look, sound, adjust the paper’s position, con-
spite their obsolescence, and and feel like a classic typewriter. trol volume (right) and double
you need only use one once to As far as gimmicks go, it’s a as a mouse scroll (left). The re-
KEYS TO THE PAST understand why. It’s not just the
appeal of machinery in our digi-
charming one. The Querky-
writer’s loud clacking, created by
turn lever operates as an alter-
native “enter” key. A slot where
tal times but a suspicion that mechanical switches under its paper might traditionally go
The new Querkywriter S keyboard reproduces the clatter of a classic only the old-fashioned, the by- chrome-rimmed keys, adds a works as a tablet stand.
gone, the traditional can coax sense of consequence to typing You can see hints of creator
typewriter—making you feel like a high-tech Hemingway
genius from the back corners of that’s missing when I use Brian Min’s old Olympia type-
our brains. It’s the same reason stealthily silent computer key- writer in the design. Mr. Min
people still drive stick. boards. The words matter more. said he wanted it to be some-
“Americans were pioneers in I think of Sean Connery in thing “you fall in love with,
the typewriter’s development,” “Finding Forrester” encouraging rather than something that just
said Helmut Schulze, owner of a young timid writer: “Punch serves a function.” If the notion
Rees Electronics, one of the last the keys, for God’s sake!” The of making your screen time feel
stores in Los Angeles that still sturdy Qwerkywriter can cer- a bit anachronistic—a bit “All
F. MARTIN RAMIN/ THE WALL STREET JOURNAL

sells and repairs vintage ma- tainly take it, and its hefty, alu- the President’s Men”—appeals,
chines. “Today, and in the past minum chassis keeps it from this will scratch that itch. If you
two years especially, you see sliding around. You’d think you find that notion “silly,” as Mr.
NOW many people with an interest in were using a typewriter if not Schulze does, the Querkywriter
typewriters. My youngest cus- for computer-specific keys and will never win you over.
THEN tomer is five years old.” the fact that it’s connected, ei- After clacking several thou-
Still, conveniences like inter- ther by Bluetooth or USB, to a sand words out, I’m content
With its knobs and return lever, net access and the ability to edit brightly glowing screen. with what it brings to my work-
the Qwerkywriter S echoes this on-the-fly are tough to leave Classic typewriter accoutre- space, though it hasn’t unlocked
1920s Remington Portable 2. behind. An appealing synthesis ments are cleverly repurposed any secret genius. Yet. $299,
of old and new: the polished for computer use: The scroll qwerkywriter.com —JF Sargent

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