Professional Documents
Culture Documents
That Delivers
A TRAP
FOR A TRADER
OFF DUTY REVIEW
VOL. CCLXIX NO. 63 * * * * * * * * WEEKEND HHHH $4.00
SATURDAY/SUNDAY, MARCH 18 - 19, 2017 WSJ.com
INFAMOUS MURDERER
Paramount Pictures and Sony Pictures Entertainment also face more
flying between Europe and
fundamental questions about how to turn around their businesses
the U.S. West Coast with one-
after years of underinvestment by their parent companies. B4
way fares as low as $149. A1
Goldman’s board cut Percentage of total domestic box office
Blankfein’s pay by 4% and
tied more of it to how the PARAMOUNT SONY
bank does for its investors. B1 ‘In Cold Blood’ killer’s long-lost manuscript raises questions about his motive
7.7% ($877M) 2016 8% ($912M)
Google said it plans to give
BY KEVIN HELLIKER his manuscript years before the celebrated
advertisers more control over 5.9 (675M) 2015 8.4 (966M)
author completed “In Cold Blood.”
where their ads appear on-
KANSAS CITY, Kan.—In the half-century As it turned out, Hickock’s manuscript
line after major clients in the
since Truman Capote published “In Cold failed to find a publisher, then seemingly 9.7 (1.1B) 2014 11.6 (1.3B)
U.K. withdrew their spots. B1
Blood,” investigative journalists and schol- disappeared, rendering it a secret that Mr.
Brazil is investigating ars have documented countless instances of Capote took to his grave.
some of the world’s biggest inaccuracy and fabrication in the so-called Now, the Hickock manuscript has resur- 8.4 (967M) 2013 9.9 (1.1B)
meatpacking companies true-crime book. faced, and it contains an implication that
for allegedly bribing food- But only now is it emerging that Mr. Ca- likely would have infuriated not only Mr.
sanitation inspectors. A8 pote committed an arguably significant act Capote but also the Kansas Bureau of Inves- 8.2 (914M) 2012 16 (1.8B)
of omission: He neglected to mention in his tigation, whose detectives he portrayed so
Apple said it would es- Source: Box Office Mojo THE WALL STREET JOURNAL.
book or anywhere else that one of his pri- heroically in “In Cold Blood.”
tablish two additional re-
mary sources—the killer Richard Hickock— Hickock makes no case for his innocence.
search-and-development
tried turning into a competitor, by writing Far from it, he describes in bone-chilling
centers in China. B3
his own book-length manuscript about the detail how he and Perry Smith drove across
Glencore is reaping re-
wards from a strategy of
withholding zinc from the
market to drive up prices. B1
slaughter of the Clutter family in rural Kan-
sas in 1959.
Mr. Capote’s correspondence from that
time shows that he knew about Hickock’s
the plains of Kansas, parked Hickock’s black
Chevy sedan in the driveway of the Clutter
farm and slipped through an unlocked door
into the family home late in the night be-
New Breed of Airline
The Dow slipped 19.93
points to 20914.62, but
literary effort. And he was worried about
it, especially since the murderer finished
fore Nov. 15, 1959. It describes how they
Please see MEMOIR page A11 Upends World Travel
major indexes posted
BY ROBERT WALL airports on both sides of the
gains for the week. B10
Need Pruning Shears or a Ukulele? Try the Library LONDON—The race to the
ocean.
Last month, Norwegian Air
i i i bottom in trans-Atlantic air- Shuttle ASA said it was expand-
Inside In a push for new patrons, books make room for beach chairs
fares intensified Friday when
the parent company of British
Airways launched a budget ser-
ing service from Europe to in-
clude additional East Coast cit-
ies, with introductory prices of
NOONAN A15 BY LUCETTE LAGNADO in an era where overdue material. vice flying between Europe and as little as $65 one way. All
books aren’t al- Now, patrons can the U.S. West Coast with one- that has added pressure on leg-
Reach Across Librarian Kelly Harris re- ways enough. stuff money into a way tickets as low as $149. acy carriers, some of which
members when prepping for At age 35, Ms. “guilt jar” on the International Consolidated have lowered their own fares.
The Aisle, the summer meant acquiring Harris is hardly circulation desk. Airlines Group SA started sell- Norwegian Air, for instance,
the hottest beach books. an old-timer, Like other librari- ing tickets for the new carrier, is offering no-frills fares this
Mr. President “As long as we had multiple though she feels ans, she also is named Level, on Friday. The spring on select dates between
copies of the big summer like one. Now di- looking beyond launch, which the company had London and New York for about
reads, people came,” Ms. Har- rector of the lending books—far signaled in December, is the lat- $610 round trip. In response,
CONTENTS Sports........................ A12 ris says. Hampton Library, beyond. est move by a large legacy air- British Airways offered a com-
Books.................... C5-10 Style & Fashion D2-3
Business News B3-4 Travel.................... D8-10 Not anymore. she waxes nostal- The Southold line to fend off heightened com- parable $620 fare.
Food......................... D4-5 U.S. News............ A2-5 Last year, the Hampton Li- gic about when Free Library in petition from discount rivals. British Airways parent IAG
Heard on Street...B10 Weather................... A12 brary in Bridgehampton, N.Y., “The Da Vinci Beach chair Southold, N.Y., is Established budget airlines took its fight with the discount-
Obituaries............... A10 Wknd Investor....... B7
Opinion.............. A13-15 World News....... A6-8
where Ms. Harris works, Code” came out in lending fishing like Southwest Airlines Co. in ers one step further late last
started lending beach chairs, 2003. There was a six-month poles and tackle boxes, and has the U.S. and Ryanair Holdings year when it announced its own
as well as sand pails and shov- hold on the blockbuster a telescope aspiring stargazers PLC in Europe for decades have low-cost, long-haul service to
> els. thriller, she says, “and people can borrow. The Ann Arbor provided short-haul service for be based in Barcelona. On Fri-
Across the country, librar- would wait.” District Library in Michigan of- cost-conscious travelers. But in day, IAG said the newly named
ies are lending out things such Those days are over, she fers musical instruments in- recent years, a new breed of Level will offer service to Cali-
as bongo drums, chimney- says, eclipsed by streaming cluding boomwhackers and discounter has started flying fornia, using airports in Los An-
s Copyright 2017 Dow Jones &
cleaning brushes, karaoke ma- media, e-books and express theremins. The Shrewsbury between the two continents, of- geles and Oakland. Among
Company. All Rights Reserved chines and cotton-candy mak- delivery. To get people in the Public Library in Shrewsbury, fering super-cheap long-haul other initial destinations are
ers in a bid to attract patrons door, she eliminated fines on Please see LEND page A10 flights to a growing array of Please see FARES page A8
A2 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Fed Plays Wait-and-See on Growth
BY GREG IP have surged since Mr. Trump $336 billion more than it cuts rector, Mick Mulvaney, said.
Industrial
Output
More of the Same?
The Federal Reserve is a lot
less exuberant than financial
was elected president, and
confidence among both small
and large businesses has
Real GDP growth, annual change*
3%
taxes over the coming decade,
according to the Congressional
Budget Office. To satisfy dissi-
That suggests it could be
years before federal money
flows into infrastructure. If it
Flat in
markets about the economic
outlook, and the reason seems
to be fiscal policy. Investors ex-
soared. Chief executives of the
biggest companies expect
much higher sales, hiring and
2
dent Republican legislators,
the plan may have to be re-
worked to spend even less on
ever flows: Congressional Re-
publicans remain deeply skep-
tical of such spending. Paul
February
pect President Donald Trump capital spending than they did 1 health care. Ryan, speaker of the House of BY JEFFREY SPARSHOTT
and Congress just three months ago. Shares Only once health care is out Representatives, has suggested
ANALYSIS to deliver a of construction companies, for 0 of the way is Washington likely that the federal government WASHINGTON—U.S. indus-
solid boost to example, shot up on Mr. Forecast to turn to tax reform. Gary contribute as little as 2.5% to- trial production was flat in
growth. The Trump’s promise of a $1 tril- –1 Cohn, director of Mr. Trump’s ward a project’s cost. If so, the February, though underlying
Fed is much more agnostic. lion private-public infrastruc- National Economic Council, re- only projects that go forward figures suggest steady eco-
Based on what has come out of ture push. Mr. Trump is target- –2 cently said that tax reform are those that likely would nomic growth amid a pickup in
Washington lately, that agnos- ing growth in excess of 3% if would be revenue-neutral. have anyway, based on private manufacturing and mining ac-
ticism seems justified. all his plans are enacted. –3 That means any cuts to the returns. tivity.
On Wednesday, the Fed Yes, fiscal policy could af- 2007 ’09 ’11 ’13 ’15 ’17 ’19 corporate rate, after positive Even if Mr. Trump fails to Industrial production—a
raised its target range for fect the outlook, Fed Chair- feedback from economic deliver on taxes and infra- measure of output at factories,
*Measured in the fourth quarter of each year
short-term interest rates by a woman Janet Yellen told re- Note: 2017-19 are median projections of
growth, would have to be structure, his business-friendly mines and utilities—was un-
quarter of a percentage point. porters on Wednesday. “If we Federal Open Market Committee members made up through higher taxes stance, including rolling back changed from a month earlier,
Investors hadn’t expected the were to see a major shift in Sources: Commerce Dept.; Federal Reserve or less spending elsewhere. A regulation, would likely justify the Federal Reserve said Fri-
increase until officials signaled [private] spending reflecting (forecasts) lower corporate rate would more investment and growth. day. Output for January de-
it two weeks ago, and many those expectations, that could THE WALL STREET JOURNAL. justify more optimism on in- Repealing Obamacare’s taxes clined a revised 0.1% instead of
assumed that the Fed had very well affect the outlook. vestment and growth, but rev- on investment income and wa- an initially estimated 0.3%
turned more bullish on the I’m not seeing it at this point.” lower adjusted for inflation. enue neutrality makes success tering down its means-tested drop.
economy. Mr. Trump’s budget this (The levels but not the growth more elusive because it means subsidies should at the margin Overall production last
It hasn’t. The median pro- week proposed large increases rates would be higher once ex- that someone has to pay improve incentives to invest month was held in check by
jection of officials’ forecast in spending on defense and tra spending on overseas mili- higher taxes or accept much and work. Still, the benefits warmer-than-usual weather,
this year is for 2.1% growth, homeland security, but also tary operations is included.) less federal spending. For ex- would probably take several which depressed demand at
unchanged from December and largely offset them with pro- While Congress is unlikely to ample, importing industries years to show up. utilities, the Fed said. Else-
right in line with the average posed cuts to a broad array of agree to all of Mr. Trump’s are fighting House Republi- To change the central where, the report was broadly
for the last eight years. It still domestic spending programs. planned cuts, the overall pack- cans’ plan to pay for a corpo- bank’s plans, they would have positive.
expects unemployment to av- If enacted, authorized federal age suggests rumors of the rate rate reduction by taxing to spur a lot more spending “The stagnation in indus-
erage 4.5% over the next three discretionary spending, which death of austerity have been imports. and growth now. And until the trial production in February
years, down a little from 4.7% excludes entitlements such as exaggerated. And what of Mr. Trump’s in- Fed sees signs of that happen- was entirely due to another
currently, and to increase in- Medicare and Social Security, Meanwhile, Republicans’ frastructure push? “We think ing, it will stick to Plan A. weather-related contraction in
terest rates two more times both this fiscal year and next planned replacement for the order is health care, tax utilities output, with activity
this year. would be $1.07 trillion, un- Obamacare would cut federal policy and then infrastruc- The Numbers column in the mining and manufactur-
By contrast, stock markets changed in nominal terms and spending on health care by ture,” Mr. Trump’s budget di- will resume next week. ing sectors continuing to re-
cover strongly,” Andrew
U.S. WATCH
Hunter, U.S. economist at Capi-
Parade Ground: Revelers Celebrate St. Patrick’s Day tal Economics, said in a note to
clients.
Manufacturing output,
DETROIT proved, according to an early which is the biggest compo-
gauge of sentiment. nent of industrial production,
DNA Appears to Tie The University of Michigan climbed 0.5% in February to
Suspect to Murder said its preliminary reading of reach its highest level since
consumer sentiment rose to July 2008.
Detroit officials said DNA evi- 97.6 in March from February’s fi- U.S. factory activity was
dence appears to tie a suspect nal reading of 96.3. It was up stagnant through much of
involved in a gunbattle with po- 7.3% from March 2016. 2016 but appears to have ac-
lice this week to the murder of The recent rise in optimism celerated in recent months.
a Wayne State University officer reflects a turnaround from con- February manufacturing out-
in November. sumers’ attitudes in October, put was up 1.2% from the year-
The shootout on Wednes- when sentiment had matched a earlier month.
day between the 60-year-old sus- two-year low. The index reflect- “This may not be a manu-
pect, Raymond Durham, and po- ing sentiment on current eco- facturing boom, but the sector
lice left two officers injured. They nomic conditions rose 2.7% from is racking up solid growth that
were still hospitalized and im- February to 114.5, the highest is a very welcome change at
proving, police officials said Friday. since November 2000. beleaguered factories,” said
Detroit Police Chief James —Austen Hufford Michael Montgomery, U.S.
Craig said his department received economist at IHS Markit.
confirmation that DNA links Mr. BASEBALL
Durham to the scene of the mur-
der of Wayne State Police Officer New Jersey Allegiance Factory Floor
Collin Rose on Nov. 22. Chief Craig Lies With Yankees U.S. manufacturing production
described Mr. Durham as a “prime rose to the highest level since
suspect” in the murder and said The Garden State’s baseball July 2008
the investigation was continuing. loyalty goes to the Bronx. With-
Mr. Durham had yet to be out a Major League Baseball 120
charged in either shooting inci- team of their own, New Jersey Recession
dent as of Friday, and it wasn’t residents mainly root for the New
clear if he was represented by York Yankees, a Quinnipiac Uni- 110
an attorney. Chief Craig said the versity poll released Friday found.
police hadn’t yet presented evi- The New York Mets ranked
100
JOHN R. EHLKE/ASSOCIATED PRESS
Help Boost Sentiment popularity has slipped since the 2000 ’10
last time Quinnipiac surveyed Notes: Seasonally adjusted; 2012=100
THE LUCK OF THE IRISH: The wearing of the green was on display along the parade route Friday Consumers in March felt bet- New Jersey fans, in 2012. Then, Source: Federal Reserve
as the town of Erin, Wis., marked St. Patrick’s Day. ter about the economy than 51% of respondents picked the THE WALL STREET JOURNAL.
they have in the past 17 years Yankees as their favorite team.
as their personal finances im- —Kate King
U.S. NEWS
50 Fargo, N.D.-Minn. 52
40
30 U.S. 32
20
0
LARGEST DECREASE
Danville, Ill. -10
–10 Youngstown-Warren-
Boardman, Ohio-Pa. -10
Weirton-Steubenville
–20
W. Va. -Ohio -15
1990 ’95 2000 ’05 ’10 ’15
Source: Bureau of Economic Analysis THE WALL STREET JOURNAL. Construction in Sioux Falls, S.D., this month. The city’s unemployment rate, at 2.8%, is among the lowest in the U.S.
WASHINGTON—Supreme
Marines Fight Online
Court nominee Neil Gorsuch, BY BEN KESLING posing these creeps,” he said.
whose confirmation hearing Other social media users
begins Monday, has been un- WASHINGTON—A small have begun to follow his exam-
usually forceful with his con- group of Marines that contends ple by posting names and pho-
cerns that judges allow gov- the official military response to tos of Marines and veterans sus-
ernment agencies too much a nude-photo and cyber-harass- pected of involvement in the
power to make policy, a red ment scandal has been too slow offending online sites.
flag for liberals who worry is pursuing a vigilante-like Gen. Neller was criticized by
that such views could weaken name-and-shame campaign in senators at a hearing last week
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
environmental, labor and hopes of forcing swifter action. for his handling of the situation.
health regulations. Both active duty and veteran But those familiar with the pro-
But in a twist, especially Marines said they have for days cess said Gen. Neller, while an-
for a nominee of President been providing names to inves- gry about the actions of some
Donald Trump, some of Judge tigators, or publishing them on Marines, also is constrained by
Gorsuch’s best-known cases the internet, identifying service military law.
criticizing the power of the members allegedly associated After victims and their allies
administrative state have with websites that have posted bypassed the normal military
come in defense of illegal im- nude photos of female Marines chain of command, the Marine
migrants, a sign that his ap- and harassed other service Corps disavowed the effort.
proach could cut in unpredict- members. “These actions are an indica-
able ideological directions. “Marine leadership hasn’t tion that many Marines, former
The way a government done much of anything the last Marines and individuals who re-
panel treated one illegal immi- six years of this,” Marine vet- spect our organization are in-
grant left such an impression Neil Gorsuch, center, has criticized federal agency power in cases that defended illegal immigrants. eran Shawn Wylde said in an censed by the recent reports of
on Judge Gorsuch that he dis- email to The Wall Street Journal. online misconduct and are mak-
cussed it at length in a speech The case stemmed from a tions inconsistent with those previously entered the U.S. il- Marine Commandant Gen. ing individual efforts to acceler-
in April last year. lawsuit by environmentalists interpretations,” he wrote of legally and were again in the Robert Neller said he first ate justice,” said Maj. Clark Car-
“Just describing what hap- challenging what they saw as the Chevron effect in a second country without permission. learned of widespread sharing penter, a spokesman for the
pened here might be enough industry-friendly pollution immigration case last year. The BIA effectively over- of nude photographs by Marines Marines. “However, we must op-
to make James Madison’s rules from Environmental Pro- In both immigration cases ruled the courts, saying such in January, and then moved to erate within the boundaries of
head spin,” the judge said at tection Agency. The agency at Judge Gorsuch took aim at the immigrants needed to leave shut down the main site in- the law.”
Case Western Reserve Univer- the time was run by Judge BIA for what he saw as play- the U.S. for 10 years before volved and launch an investiga- Mr. Wylde is himself associ-
sity School of Law. He retold Gorsuch’s mother, Anne Gor- ing bait-and-switch with ille- being eligible for resi- tion. Since then the Marine ated with a Facebook site and
the tale of Mexican immigrant such Burford. The EPA won. gal immigrants trying to navi- dency. The BIA then sought to Corps and other branches have webpage that has sometimes
Alfonzo De Niz Robles, who is The Chevron precedent ini- apply that interpretation ret- broadened the investigation. crude content.
married to a U.S. citizen, has tially benefitted Republican roactively. Mr. Wylde, who has a Face- He also has a checkered
four U.S. citizen children, and presidents seeking to lighten Judge Gorsuch, joined by book page with tens of thou- past in the Marines, acknowl-
spent about a decade trying to regulation, but has since
His concerns about two other judges, in both sands of followers, has been edging he defrauded the De-
obtain permission to stay in boosted Obama administration federal agencies stem cases barred that effort. In posting names of people alleg- partment of Veterans Affairs
the U.S., only to run up efforts to use longtime laws to one ruling he explicitly called edly affiliated with controversial of some $100,000. The Justice
against a new policy interpre- support new regulations on is-
from a 33-year-old for reconsideration of the social-media sites, including the Department said he pleaded
tation from the Board of Im- sues like climate change. Supreme Court case. Chevron precedent. group “Marines United,” attract- guilty in 2013 and was sen-
migration Appeals. To Judge Gorusch, who sits His views on the issue ing attention from investigators. tenced to four months in
Judge Gorsuch’s concerns on the Denver-based 10th Cir- make him much the opposite Mr. Wylde said he is acting prison in 2014, something his
about agency power stem cuit Court of Appeals, Chevron of Judge Merrick Garland, now because of a March 10 adversaries on social media
from a pivotal 33-year-old Su- creates problems because it gate seemingly conflicting President Barack Obama’s statement of condemnation highlight in trying to discredit
preme Court decision, Chev- can give agencies room to en- provisions on seeking U.S. res- nominee for the current Su- about the cyber harassment by his efforts.
ron v. Natural Resources De- act policies better left to Con- idency. preme Court vacancy who was Defense Secretary Jim Mattis, a He agreed to pay back the
fense Council. The case gress, without a robust review Some courts had inter- never considered by the Sen- retired Marine general. money, documents show, and
established that courts should by judges. preted the conflict in a way ate. Judge Garland is consid- “Once General Mattis came said his current campaign is a
defer to the judgment of fed- “Courts are not fulfilling that was more favorable to ered particularly deferential out the other day against this form of atonement. “I’m partly
eral agencies when interpret- their duty to interpret the law immigrants, letting them seek to agencies under the Chevron online harassment we took it as doing this as a way to make
ing ambiguous laws. and declare invalid agency ac- legal status even if they had standard. a signal to move forward in ex- up for my past,” he said.
A4 | Saturday/Sunday, March 18 - 19, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.
U.S. NEWS
his policies. She took on a se- The repeal of the 3.8% tax— imposed on top earners’
nior role in the campaign last known as the net investment wages. It includes rent, capital
summer, when Mr. Trump income tax—is the largest tax gains, interest and dividends.
trailed Democratic candidate cut contained in the House Re- The tax, which applies to in-
Hillary Clinton by 16 percent- publican health-care bill. It dividuals with incomes over
age points in a Wall Street would reduce federal revenue $200,000 and married couples
Journal/NBC poll. by $157.6 billion over a decade, with incomes over $250,000,
This week, Ms. Conway was with most of that flowing to took effect in January 2013.
criticized for comments she the top 1% of households. The tax’s structure created a
made in defense of the presi- George Conway with his wife, senior White House adviser Kellyanne Conway, in Washington. Repealing the tax was part gap, one that the Obama ad-
dent’s unsubstantiated of the GOP health agenda long ministration tried but failed to
claims—which he reiterated rulings that blocked Mr. from six Muslim-majority na- tive court rulings. That the before Mr. Trump won the close. Wage earners and inves-
Friday—that he was wire- Trump’s revised executive or- tions, a move the White House new order was also blocked is party’s nomination. tors paid it, but business own-
tapped by his predecessor. A der on immigration. That dis- says would help fight terror. increasing tensions between It is impossible to know ers could avoid the 3.8% tax on
bipartisan statement from the pute could arrive soon at the Among Mr. Conway’s first the White House and the how much Mr. Trump would their profits, as long as they
leaders of the Senate Intelli- Supreme Court. tasks—if confirmed soon by courts, and sets the stage for actually benefit because he were actively involved in their
gence Committee on Thursday Judges in Hawaii and Mary- the Senate—would be to man- appellate proceedings that hasn’t released his tax returns businesses.
said they have seen no evi- land halted Mr. Trump’s latest age the defense of the order. could have even higher stakes and because his financial dis- It is likely Mr. Trump fell
dence for such a claim. effort this week after finding Mr. Trump’s revised travel than the initial round of litiga- closures appear to conflate into that gap before he became
Mr. Conway’s nomination is he likely engaged in religious restrictions made several con- tion a month ago. revenue and income in places. president, assuming that his
set to come as the Justice De- discrimination when he sought cessions from his original Jan. —Shane Harris But a previous Wall Street adjusted gross income was
partment prepares appeals of to bar U.S. entry for people 27 order, in response to nega- contributed to this article Journal review of his financial high enough.
U.S. NEWS
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WORLD NEWS
U.S. Takes Harder Line on North Korea
Threat of pre-emptive
strike sets up clash Figure in Graft Probe
with China as Tillerson Will Be Extradited
was to arrive in Beijing
SEOUL—The daughter of a
BY JONATHAN CHENG central figure in the scandal
that cost South Korea’s presi-
SEOUL—President Donald dent her job and landed the
Trump and his top diplomat de facto leader of the Sam-
hardened the U.S. approach to sung conglomerate in jail
North Korea, ruling out direct faces being sent home from
talks and raising the option of Denmark for arrest.
a pre-emptive strike in state- Chung Yoo-ra’s extradition
ments that set the stage for a was announced Friday by
potential clash with Chinese Danish authorities, who said
leaders this weekend. they would send her back for
The first-strike threat and “prosecution in her home
the U.S. deployment this month country.” Ms. Chung was ar-
of the beginnings of a missile- rested in the Danish city of
defense system in South Korea Aalborg in January.
represent a shift in balance A South Korean court last
that is expected to provoke month extended an arrest war-
Beijing, which is North Korea’s rant for Ms. Chung until 2023.
top ally. She has denied wrongdoing.
Secretary of State Rex Til- South Korea’s semiofficial
lerson, in Seoul on Friday, Yonhap News Agency reported
slammed Beijing for its oppo- that Ms. Chung would appeal
sition to the defense system, the extradition. Her lawyer
More than 100 residents of Oka, a coastal northwestern city, took part Friday in an evacuation drill
that simulated a North Korean missile launch. Pyongyang’s tests have heightened fears of an attack.
WORLD NEWS
JONATHAN ERNST/REUTERS
In dispute is the wording of Mr. Mnuchin, representing stress the close relations be-
a joint statement that the fi- the Trump administration at tween the U.S. and Germany.
nance ministers are scheduled his first G-20 meeting, said “There are a number of is-
to adopt on Saturday and is the administration wants to sues where we will continue to
meant to define the nature of avoid trade wars too, But cooperate very closely,” Ms.
their trade relationships. Washington also seeks to re- Merkel said.
While the so-called communi- balance cross-border flows of She said she would be happy
qué is a symbolic, nonbinding goods, services and capital. if negotiations for a free-trade Chancellor Angela Merkel and President Donald Trump at a news conference in the White House Friday.
act, it has come to embody the Japan, a longtime ally of agreement between the U.S.
balance of power in the global Washington whose trade ties and the EU were resumed. The proposed EU-U.S. trade ers. They sat next to each Trump has been critical of the
tug of war over economic pol- with China have grown expo- “It is, of course, more than deal, the Transatlantic Trade other in separate chairs. Ms. EU and NATO. German offi-
icy. Delegations have argued nentially, was a rare delegate fair that both sides that make and Investment Partnership, Merkel was leaning toward Mr. cials also have been concerned
fiercely over the carefully cali- to back the U.S. position. agreements want to benefit has long been supported by Trump. But he didn’t look at about Mr. Trump’s approach
brated text in the past, but Some officials said they from them,” Ms. Merkel said Ms. Merkel. The talks weren’t her and sat with his hands be- to trade, which favors unilat-
trade has rarely been a focus wouldn’t rule out a postpone- at the news conference. “In finished when former Presi- tween his knees. eral agreements rather than
of those debates. ment of an agreement on this spirit, I would be happy if dent Barack Obama left office. At one point, Ms. Merkel those with multiple nations.
Europe, China and Brazil trade language until G-20 we resumed the negotiations Mr. Trump, who pulled the asked the president if he Ms. Merkel, whose govern-
want the G-20 to preserve cur- leaders meet in July. between the European Union U.S. out of Mr. Obama’s 12-na- wanted to shake hands, as is ment has allowed hundreds of
rent language calling for a re- The Trump administration and the United States of tion Pacific trade agreement, customary in these instances. thousands of refugees and mi-
jection of protectionism “in all argues that the trade surpluses America.” has attacked past U.S. trade Mr. Trump didn’t respond. grants to enter Germany, also
its forms.” They see that for- of China, Germany, South Ko- She noted, however, that policy, and he hasn’t resumed Following the news confer- drew contrasts to Mr. Trump’s
mulation as a way to hem in rea and other countries repre- only the EU—rather than indi- talks with the EU on the TTIP. ence, the two leaders did policy on immigration and for-
the economic nationalism ad- sent an unfair trading system vidual member states such as After their Oval Office shake hands. eign aid.
vocated by Mr. Trump’s that isn’t adequately moni- Germany—was able to negoti- meeting, there appeared to be Mr. Trump and Ms. Merkel —Peter Nicholas
“America First” platform. The tored by the WTO or the IMF. ate trade agreements. tension between the two lead- differ on a host of issues. Mr. contributed to this article.
Moscow claws back market share lost since Crimea annexation “How might politics affect
BY THOMAS GROVE your portfolio in 2017?”
Arms Race
MOSCOW—When Russian Russia is the world’s second-largest arms exporter but is still recovering
officials struck a deal with from a sharp drop in sales after its 2014 annexation of Crimea.
the United Arab Emirates Our annual Capital Markets Forecast explores our
last month to develop a cut- Total arms exports outlook for economies and markets, and provides an
ting-edge combat plane, they $12 billion in-depth look at the themes we see continuing to unfold
sent a clear signal: Moscow 2016
Russian annexation of Crimea
▼
is fighting to win back lost and the potential implications for portfolios.
10 U.S.
market share in arms ex- $9.9B U.S. economy pulling ahead, with risks. We are
ports and courting major 8 optimistic about the prospect of expansion, with the passing
U.S. customers.
Moscow’s foreign arms Russia of the mantle from monetary to fiscal stimulus and President
6
sales plummeted after its $6.4B Tony M. Roth Trump’s growth-stimulating policies. This outlook is
2014 annexation of Crimea 4 M.A., J.D., LL.M. (Tax) tempered, however, by
as Ukraine, which was a ma- DOWNLOAD OUR
Chief Investment Officer, concerns over the likely toll
jor supplier of parts to Rus- 2
sian arms manufacturers, cut WTIA
that reduced tax revenue 2017 CAPITAL
off shipments in protest. 0 Tony brings his extensive MARKETS
But Russian arms exports knowledge and more than
and increased spending FORECAST
rose 16% last year, to $6.4 2000 2010 may have on our already- wilmingtontrust.com/CMF2017
20 years of experience to
billion, according to data Source: Stockholm International Peace Research Institute THE WALL STREET JOURNAL. soaring national debt.
bear on client portfolios
compiled by the Stockholm
International Peace Research portunity—that we no longer Ambassador Carlos Sor- every day. He is responsible “Income inequality”– finding the yield sweet spot.
Institute, or SIPRI, which have—to build their influ- reta, Manila’s ambassador to for strategic direction, Income is a greater portion of total return in this low-
tracks arms sales. Russian ence,” said Remy Nathan, Moscow, said his country’s quality risk management, growth, low-return environment. But there is inequality or
President Vladimir Putin said vice president of interna- military is hemmed in by and comprehensive
last year that customers had tional affairs at the Aero- U.S. export restrictions that unevenness as far as interest-bearing capabilities of stock
investment solutions.
placed orders for $56 billion space Industries Association, stipulate weapons won’t be He is part of a seasoned
dividends and bond coupons. In an effort to find value,
in future deliveries, a record a trade group that repre- used to commit human- we propose bond proxies and alternative investable ideas.
team of professionals who
for Russia. sents U.S. manufacturers. rights violations. “It’s almost
“I think they’re on an up- At the same time, Russia like when you buy the gun exemplify Wilmington Opportunity in emerging markets. Stocks are primed
ward trajectory, and I expect is also moving aggressively there is a string attached to Trust’s 114-year heritage for opportunity in emerging market economies that are
they will improve with time to increase sales to countries it,” he said. “Russia’s strat- of successfully advising moving from “older” industries like mining to newer ones
as they try to reap the gains that traditionally have been egy is very different.” our clients. For access
of the relationships they’re customers in the past, such Russia is also working to such as e-commerce and mobile hardware. This space is a
to knowledgeable
putting in place,” said Doug as Indonesia, which is close fulfill a $3.5 billion arms disparate one, making regional selectivity paramount.
professionals like Tony
Berenson, managing director to reaching a deal with a deal with Egypt that includes For more insights and guidance that seek to
at Washington-based defense Russian state-owned arms jet fighters. The raft of con- and the rest of our team,
industry consultancy Avas- firm to purchase jet fighters. tracts came about as Cairo’s contact Larry Gore at sidestep obstacles and pursue investment opportunities,
cent. Belarus, Iran and Nicaragua ties with Washington cooled 302-651-1665. visit wilmingtontrust.com/CMF2017.
Russia had long been the were among the countries following the 2013 military
world’s second-largest arms that imported more arms coup that brought President FIDUCIARY SERVICES | WEALTH PLANNING | INVESTMENT MANAGEMENT | PRIVATE BANKING
exporter behind the U.S., but from Russia last year than Abdel Fattah Al Sisi, a for-
it had been gaining ground the prior year. mer defense minister, to
and even outsold the U.S. in The Philippines is negoti- power. Officials at the Egyp-
2013 before the drop. ating an agreement that tian Embassy in Moscow
Moscow’s efforts to bounce would allow Manila to im- couldn’t be reached to com-
back have caught the atten- port Russian arms for the ment.
tion of U.S. arms makers, in first time. The deal would be The U.S. has far outsold
part because Russia is dealing striking because the Philip- Russia in Egypt and the This article is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This article
in some cases with countries pines is a former American U.A.E. over the past 10 years, is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of
individual circumstances. If professional advice is needed, the services of your professional advisor should be sought.
such as the U.A.E., Egypt and colony and has a military according to SIPRI. But
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
the Philippines that have long modeled along U.S. lines. Washington has been reluc-
Investments: • Are NOT FDIC-Insured • Have NO Bank Guarantee • May Lose Value
been major buyers of U.S. The talks come as Philip- tant to sell certain military Wilmington Trust Investment Advisors, Inc., a subsidiary of M&T Bank, is a SEC-registered investment advisor providing investment management
weapons, though some have pine President Rodrigo Du- gear, such as Lockheed Mar- services to Wilmington Trust and M&T affiliates and clients.
also purchased arms from terte has strained relations tin Corp.’s radar-evading Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington
Russia as well. with the U.S. through his F-35 Joint Strike Fighter, to Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide various fiduciary and non-
fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional
“If one of our partners abrasive remarks about for- Persian Gulf nations to en- services are offered through Wilmington Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other
like U.A.E.…starts turning on mer President Barack Obama sure that Israel maintains an business and personal banking services and products are offered by M&T Bank, member FDIC.
any given transaction to the and an antidrug campaign edge in the region. ©2017 Wilmington Trust Corporation and its affiliates. All rights reserved.
Russians, that means the that critics say has been rife —Asa Fitch in Dubai
Russians have gained an op- with extrajudicial killings. contributed to this article.
A8 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
WORLD WATCH
CARIBBEAN
Brazil Accuses Meatpackers of Paying Bribes
SÃO PAULO—Brazilian au- linked to JBS was also under said participants in the scheme the government didn’t have duced in Brazil is imported by
Nobel-Winning Poet, thorities are investigating investigation. falsified sanitation certifica- enough information yet to say. the U.S. About 37,000 metric
Derek Walcott, Dies some of the world’s biggest JBS, with units on five conti- tions for beef and chicken as Brazil is second only to the tons of fresh beef were imported
meatpacking companies for al- nents, said it and its units “rig- well as for hot dogs, bologna, U.S. in beef and poultry pro- from Brazil in 2016, when the
Derek Walcott, a Nobel-prize legedly bribing food-sanitation idly follow” all regulations re- animal feed and pet food. duction, according to U.S. De- U.S. consumed about 11.7 million
winning poet known for captur- inspectors to approve sales to garding health inspection of its “The crime against the Bra- partment of Agriculture data, metric tons, according to the
ing the essence of his native Ca- domestic and foreign buyers of products and supports all efforts zilian people is grave,” said and is the world’s largest ex- USDA. The U.S. typically imports
ribbean, died on the island of St. meats that might otherwise aimed at punishing violations. Mr. Novacki, adding the Brazil- porter of chicken meat, ship- no chicken and negligible
Lucia. He was 87 years old. have failed to pass muster. BRF said that it meets all reg- ian government was also con- ping more than 4 million met- amounts of pork from Brazil.
The Caribbean’s most interna- ulations and that its products cerned about the impact on ric tons overseas in 2016. A USDA spokeswoman said
tionally famous writer, Mr. Wal- By Rogerio Jelmayer pose no risk to consumers in the country’s image abroad. Brazil’s meat sector relies the agency was in contact with
cott, “poet, playwright, and and Luciana Brazil or abroad. The company “We’re big players in the heavily on exports, shipping 30% Brazilian authorities and was
painter, died peacefully today…at Magalhaes added it was cooperating with world market, and consumers of its poultry meat and about monitoring the situation. Fed-
his home in Cap Estate, Saint authorities on the probe. can seek products from our one-fifth of its beef abroad, es- eral officials have safeguards
Lucia,” according to a statement Among the dozens of firms An Agriculture Ministry of- competitors,” he said. “We’re pecially to China. Any questions in place to protect the U.S.
released by his family. targeted are JBS SA and BRF ficial said the ministry was worried and we’re taking over the safety and quality of food supply through inspec-
The prolific and versatile poet SA, which both have substantial still investigating how much of steps” to maintain confidence Brazilian meat exports could tions of all imports, she said.
received the Nobel Prize in liter- operations outside Brazil. JBS, the affected meat and meat in Brazilian products. give an edge to U.S.-produced “We can ensure the American
ature in 1992. Mr. Walcott, who the world’s leading meatpacking derivatives were exported, When reporters at a press meat in markets where the two food supply is safe,” she said.
was of African, Dutch and Eng- company, owns Swift Foods and noting most of it was probably conference asked repeatedly countries compete, such as Hong —Jeffrey T. Lewis
lish ancestry, said his writing re- a majority share of Pilgrim’s, sold in the Brazilian market. how consumers could avoid Kong, the Middle East and Chile. and Jacob Bunge
flected the “very rich and com- both familiar U.S. brands. BRF is The official, Eumar Novacki, tainted food, Mr. Novacki said Relatively little meat pro- contributed to this article.
plicated experience” of life in the one of the world’s biggest
Caribbean. His dazzling, painterly chicken exporters.
work earned him a reputation as “[The firms under investi-
one of the greatest writers of gation] didn’t care about the
the second half of the 20th cen- quality of the meat or food”
tury. they sold, said a Federal Police
—Associated Press official, Mauricio Moscardi
Grillo. “They didn’t care at all
YEMEN about what they were selling
to consumers.”
Dozens of Refugees Shares of JBS plunged
Are Killed in Attack 10.6% on Friday, and shares of
BRF were down 7.6%. Brazil’s
At least 42 Somali refugees benchmark Ibovespa stocks in-
were killed Friday after a boat car- dex was down 2.4% on the day.
rying them apparently came under The investigation could
attack off Yemen’s coast, accord- threaten a planned initial pub-
ing to the International Organiza- lic offer by JBS for its interna-
tion for Migration. tional operations, and could
The incident occurred at cause problems for a possible
around 3 a.m. local time, accord- sale by BRF of a stake in one
JUAN FORERO/WASHINGTON POST/GETTY IMAGES
BLOOMBERG
FINANCIAL
TIMES
What
Competition?
When it comes to senior executives, WSJ
has 1.5x the reach of Bloomberg, 2x The
New York Times and 6x The Financial Times.
For 30 years running, The Wall Street Journal has been the No. 1 media brand
for reach and influence in American business. According to Erdos & Morgan, our
readers manage $4.6 trillion in expenditures. That’s $2 out of every $3 spent on B2B
purchases. The Wall Street Journal—we mean business.
Source: 2016–2017 Purchase Influence in American Business, Erdos & Morgan. Brand nets reflect net of print average issue audience and past 30 day use of measured digital
platforms; purchasing volumetric reflects aggregate of 47 measured categories.
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ5243
A10 | Saturday/Sunday, March 18 - 19, 2017 * ****** THE WALL STREET JOURNAL.
OBITUARIES
T H O M A S S TA R Z L STEPHEN ROSS
1926 — 2017 1944 — 2017
A
s he completed his medical believe that I was not emotionally gan talking at 5, in complete sen- tors or home buyers) with those
training in the late 1950s, equipped to be a surgeon or to tences, and never looked back. of agents (stockbrokers or real-
Thomas Starzl searched for deal with its brutality,” he wrote. After studying physics at the tors).
a way to make his name in the an- “I did not like doing the one thing California Institute of Technology “He’s probably the most bril-
nals of medicine. In an interview for which I had become uniquely and earning a doctorate in eco- liant financial economist of his
late in his life, he recalled asking qualified.” He also felt it was too nomics at Harvard University, Dr. generation,” said Richard Roll, a
himself: “What’s out there that late to turn back. Ross became one of the most cel- finance professor at Caltech who
needs development but looks im- He obtained federal funding and ebrated financial economists of worked with Dr. Ross.
possible?” pressed on with research at North- the past 50 years, frequently A group of his former students
The choice seemed obvious to western and later the University of rated as a likely Nobel Prize win- raised money a decade ago to cre-
him: transplanting organs. Colorado. In 1963, he made his ner. ate a Stephen A. Ross Prize for
He became the first surgeon to first attempt to replace a human His arbitrage-pricing theory is outstanding financial research.
transplant a human liver success- liver. The 3-year-old child, Bennie a foundation for assessing the Dr. Ross died of a ruptured
fully, in 1967, and went on to do Solis, desperately ill, died during risks and rewards of holding aorta March 3 at his home in Old
hundreds more, in dicey opera- the operation. “The surgeons stocks and other assets. He also Lyme, Conn. He was 73.
tions that could last as long as 20 stayed in the operating room for a came up with ways to value even —James R. Hagerty
hours. Tall, lean and cerebral, he long time…looking at the ground
pioneered drug therapies to fight and saying nothing,” he recalled.
the body’s rejection of foreign tis- Several more liver transplants
sue. Though less famous than son to become a surgeon. failed, and Dr. Starzl paused the D O R I S DA M M
Christiaan Barnard, who in 1967 Latin was his favorite subject in program, pending advances in 1934 — 2017
was the first to transplant a heart, eighth grade, and he was so good at techniques and drugs. His liver
Dr. Starzl was often called the “fa- it his teacher wrongly suspected him transplants resumed in 1967 and
ther of transplantation.”
Yet he was also haunted by the
children who died during or
of cheating, Dr. Starzl recalled in his
1992 memoir, “The Puzzle People.”
results gradually improved.
Feeling a lack of support for his
projects at the University of Colo-
She Built Business on
A Temporary Staffing
shortly after operations, dogged by fter serving in the Navy near rado, he moved to the University
medical turf battles and cautious the end of World War II, he of Pittsburgh at the end of 1980
regulators, and thrust into ethical earned a biology degree at and soon made the city a global
debates over how to allocate or- Westminster College in Fulton, Mo., center of transplant expertise. He
D
gans and whether it was worth do- then won medical degrees at North- talked companies into lending oris Damm, a former moti- eral Electric Co., took out a sec-
ing such costly surgery when many western University. He had four their corporate jets to rush livers vational speaker for ond mortgage on their home.
people couldn’t even get basic care. years of surgical training at Johns to recipients. Weight Watchers, got a job Her ACCU Staffing Services
“Most mortal people would have Hopkins Hospital in Baltimore. In 1990, he had coronary bypass in the 1970s as an account man- now has 13 branch offices and
given up,” said John Fung, who Stung by what he saw as a slight surgery. Worn out by travels and ager and receptionist at a small serves hundreds of companies in
heads the University of Chicago’s from one of his supervisors, he debates, he retired as a surgeon executive-search firm in Cherry New Jersey, Pennsylvania and
Transplantation Institute. moved to the University of Miami but continued researching. Prog- Hill, N.J. At the time, companies Delaware. Mrs. Damm’s insights
Dr. Starzl died March 4 at home medical school for his residency. ress, he said, had vastly exceeded were getting leaner and less will- into the regional economy drew
in Pittsburgh, a week before his During that period, he wrote, “I felt his early dreams. ing to offer long-term employ- the attention of the Federal Re-
91st birthday. His memorial service like a missile looking for a trajec- Was he the father of transplanta- ment. Some told her they didn’t serve Bank of Philadelphia, where
was attended by hundreds of col- tory.” tion? “I didn’t make that claim,” he want her help finding new execu- she served on the board from
leagues, friends and admirers, as In Miami, crime furnished more said in an interview late in his life. tives but needed temporary staff. 2001 to 2007, the last two years
well as his golden retriever, than enough gunshot wounds to With a laugh, he added: “On the So Mrs. Damm quit her job and as chairman. That meant quar-
Chooloo. train a young surgeon. He learned other hand, I haven’t rejected it.” set up a temporary-staffing firm terly trips to Washington for
Thomas Earl Starzl was born the arts of replacing blood vessels. Dr. Starzl is survived by his in 1979 on her kitchen table, with meetings that included Fed Chair-
March 11, 1926, and grew up in Le In his spare time, he experimented wife, Joy Starzl, a son and a grand- one assistant. Soon, she had cli- man Alan Greenspan and later
Mars, Iowa. His father, who wrote on dogs, devised a technique for child. Two other children died be- ents, but was struggling to meet Ben Bernanke.
science fiction as a young man, removing livers and began thinking fore him. her payroll. She had to pay the Mrs. Damm died of respiratory
settled into running a small-town about how to “install” new ones. temps weeks before clients paid failure Feb. 27 at a hospital in
newspaper. His mother had worked As his surgical skills improved, Read a collection of in-depth her. She and her husband, Edward Camden, N.J. She was 82.
as a surgical nurse and wanted her his anxieties about making poten- profiles at WSJ.com/Obituaries Damm, a sales executive for Gen- —James R. Hagerty
LEND
Continued from Page One
Mass., lends pruning shears, a
weed and root remover and
other gardening tools.
In Oregon, Brendan Lax
made YouTube videos hawking
the Hillsboro Public Library’s
borrowable delights. The li-
brary’s offerings include bub-
HILLSBORO PUBLIC LIBRARY
IN DEPTH
wrote to Mr. Capote in May letter, acquired by Gary McA- “there was something fishy
1961 informing him of the voy, a Capote scholar and the about the Clutter case. But he
Hickock-Nations project that author of a coming book wouldn’t say what.” She de-
Mr. Capote made plans to about the Clutter case. scribed the late journalist as a
visit death row, according to Meanwhile, Mr. Capote gregarious raconteur who also
the letter, now in the Capote tried getting his own copy of had a penchant for secrecy.
collection at the New York the Hickock manuscript, ac- In the lengthy section of
Public Library. By then, how- cording to Shirley Wise, then “In Cold Blood” devoted to
ever, he faced an obstacle: A a general assignment reporter the Clutter killers’ five years
few months after Hickock be- at the Wichita Eagle. “Capote on death row, Mr. Capote por-
gan sending his story to Mr. called the Eagle asking for trayed Hickock as a vain hood
Nations, Kansas prison offi- Mack Nations, and I answered who spent his time reading
cials imposed a new ban on the phone,” said Ms. Wise, erotic literature and legal
Truman Capote, author of ‘In Cold Blood,’ shown outside the Clutter visits and correspondence be- who was also Mr. Nations’ manuals on how to seek clem-
home in Holcomb, Kan., in 1967, was given access to the killers tween the media and death- girlfriend back then. “I trans- ency. He never mentioned
during their time on death row. Journalist Mack Nations, right, row inmates. The reason for ferred the call to Mack, and I that Hickock tried publishing
worked on Hickock’s manuscript and tried to have it published. the ban isn’t clear. heard him say, ‘Hell, no!’ his own book about the case.
A12 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
SPORTS
HEARD ON MARCH MADNESS
Weather
STRATEGY
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
BLUNDER OR BRILLIANCE?
d t
Edmonton 10s <0
V
Vancouver 50s 20s 0s
C gary
ary
Calgary 10s
p
Winnipeg
Seattle 30s 20s
l Montreal 30s
Helena Ottawa
P d
Portland Bismarckk
Eugene
Billings 40s A g t
Augusta 40s BY ANDREW BEATON
Boise T t 50s
40s Mpls./St.. Paul
Pau Toronto Albany
A b
bany t
Boston
60s oux FFalls
ll l
Buffalo rtford
Hartford 60s
Milwaukeek Detroit Pierre Sioux
P IN THE FINAL minute of
Cleve d
Cleveland New Yorkk
ew Y 70s
Ch
Chic
Chicago
Reno Salt Lake
lt Lak
Lake Cityy
kee C
Cit Che
h y
Cheyenne Deses Moines
Pittsburgh
Pit b h P hil d lphi
h
Philadelphia
Thursday’s Northwestern-
Omahah 80s
Sacramento 80s 50s Denver 50s
Indianapo
p
Indianapolis
h
Washington on
n D.C.
DC
Vanderbilt thriller, Commo-
90s
San Francisco
70s CColorado Topek
k
Topeka p g d Charleston
Kansas Springfield Charles
h dores guard Matthew
d City h
Richmond d 100+
LLas p
Springs
70s Wichita h
hit St.. Louis
L
Lou LLouisville
Lou Fisher-Davis committed
Ve g
Vegas l i h
Raleigh
Nashville
h ill what is being hailed as a
Los A
Ange l
Angeles 60s Charlotte
Chh
90s Santaa FFe Oklahoma
kl Cityy Memphisphi blunder for the ages.
Ph
Phoenix A b q q
Albuquerque C b
Columbia
San Diego LLittlee Rockk A t
Atlanta Warm Rain But maybe that analysis—
Tuc
Tucson El Paso
Ft. Worth D
Birminghamh based on decades of conven-
Dallas Cold T-storms
JJackson
k
bil
Mobile Jacksonville tional basketball wisdom—is
80s 80s
-0s A ti
Austin
Houston t Stationary completely wrong.
Snow
0s ew Orleans
New l d
Orlando With 17 seconds left, Van-
80s an Antonio
San A Tampa
10s Anchorage
A h g Honolulu
l l Showers Flurries derbilt had taken a one-
Miami
20s 30s 70s point lead. On the ensuing
Ice inbound pass, Fisher-Davis
quickly fouled on purpose— Matthew Fisher-Davis of Vanderbilt was blamed for the loss.
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
seemingly thinking his team
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 57 42 s 75 45 s Frankfurt 56 49 r 59 47 c
trailed by one. Northwestern frequently. They think about get off their average shot to
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice guard Bryant McIntosh hit it a different way: Would end the game, Northwestern
Orlando 79 55 s 80 49 s Geneva 52 44 r 61 40 pc
Today Tomorrow Philadelphia 44 34 sn 46 27 pc Havana 79 64 s 79 61 s both free throws to take the you rather have your of- would have a 49% at win-
City Hi Lo W Hi Lo W Phoenix 95 66 s 95 66 s Hong Kong 73 69 sh 75 68 c
Anchorage 22 10 pc 27 5 pc Pittsburgh 45 33 r 47 29 pc Istanbul 52 47 pc 55 45 sh
lead. Northwestern won the fense, or the other team’s ning, giving Vanderbilt a
Atlanta 67 40 sh 63 41 s Portland, Maine 35 20 s 38 23 c Jakarta 90 75 c 89 76 t game 68-66. “He’s down offense, decide the game? 51% chance, in this back-of-
Austin 83 60 c 82 59 pc Portland, Ore. 53 33 r 57 41 pc Jerusalem 65 48 pc 57 43 pc about it,” Vanderbilt coach This is all based on the the-envelope estimation.
Baltimore 50 34 sh 50 31 pc Sacramento 68 51 c 69 53 c Johannesburg 84 52 s 78 50 pc Bryce Drew said. “He made fact that Vanderbilt was far But what about after the
Boise 68 47 r 60 43 pc St. Louis 57 35 s 61 51 pc London 59 52 sh 59 51 c
Boston 38 30 pc 37 30 sn Salt Lake City 81 54 pc 72 52 c Madrid 71 41 s 74 46 s a mistake.” from a guarantee to win. foul? The game can play out
Burlington 37 17 c 37 18 pc San Francisco 65 53 c 66 53 c Manila 90 76 pc 90 75 s However, the fact is that Northwestern had time to a number of ways, but the
Charlotte 70 37 sh 61 32 pc Santa Fe 76 39 s 78 40 s Melbourne 84 61 s 88 69 s Fisher-Davis, intentionally get a good shot off—one idea is that fouling creates
Chicago 46 29 pc 54 44 s Seattle 50 36 r 51 37 pc Mexico City 73 47 pc 74 45 pc
Cleveland 44 34 sn 44 33 pc Sioux Falls 48 38 s 68 36 s Milan 71 47 pc 72 49 pc or not, may have given his that would likely win it con- various scenarios. Even if
Dallas 82 62 pc 84 63 s Wash., D.C. 54 37 sh 52 35 pc Moscow 47 35 c 47 38 r team a better chance at win- sidering it was a one-point both free throws go down,
Denver 79 49 s 78 46 pc Mumbai 92 78 s 94 78 s ning. And it’s a play that game with little time left. Vanderbilt’s offense still has
Detroit
Honolulu
46 31 sn 47 33 pc
82 69 s 83 72 s
International Paris
Rio de Janeiro
57
81
49 sh
72 t
58 46 c
80 71 t could change basketball if That’s why the numbers a chance to win the game.
Houston 81 59 pc 82 59 pc Today Tomorrow Riyadh 82 65 s 90 62 pc people weren’t so quick to say that if Fisher-Davis To be sure, this relies on
Indianapolis 45 30 c 53 39 pc City Hi Lo W Hi Lo W Rome 62 51 pc 64 48 pc make him a pariah. didn’t foul, the Commodores a simplistic set of assump-
Kansas City 62 43 pc 78 56 pc Amsterdam 54 48 r 55 47 c San Juan 82 72 sh 83 72 sh
Las Vegas 90 63 s 88 65 pc Athens 62 51 s 68 54 pc Seoul 58 32 pc 62 36 s This strategy seems to- had just over a 50% proba- tions—the numbers can go
Little Rock 72 47 pc 73 57 pc Baghdad 82 56 c 70 52 t Shanghai 58 50 c 59 52 c tally insane, and there likely bility to win. Consider that either way, depending on
Los Angeles 75 53 pc 74 54 pc Bangkok 92 78 t 93 80 pc Singapore 87 78 c 88 77 pc isn’t a single NBA or college the Wildcats only needed a the quality of the foul
Miami 77 59 pc 82 62 s Beijing 70 37 s 68 48 pc Sydney 76 73 sh 79 71 sh
Milwaukee 44 30 pc 46 38 s Berlin 46 33 r 49 46 r Taipei 74 67 pc 73 67 sh coach that would try it. two-pointer and they hit shooter and whether a team
Minneapolis 44 31 pc 58 36 pc Brussels 56 50 r 54 48 c Tokyo 55 45 pc 58 46 s Except to the rest of the 49% of their twos this sea- thinks its offense or defense
Nashville 65 34 pc 60 43 s Buenos Aires 73 54 s 74 57 s Toronto 35 26 sf 40 26 pc world, it isn’t so crazy. In- son. They also, conveniently, is better. What’s ultimately
New Orleans 77 60 pc 76 57 pc Dubai 87 75 s 91 77 s Vancouver 48 36 sh 48 35 s
New York City 38 30 sn 40 29 sf Dublin 55 49 sh 55 45 r Warsaw 45 33 r 45 36 pc ternational basketball teams hit 49% of shots in this spe- clear is that this was by no
Oklahoma City 76 59 pc 83 63 s Edinburgh 53 47 sh 53 39 c Zurich 50 46 r 60 41 c try these things far more cific game. So if they could means a fatal blunder.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A13
OPINION
THE WEEKEND INTERVIEW with Thomas Sowell | By Tunku Varadarajan
Creators Syndicate for more than umns in support—because I Dodgers are leading. Joe DiMaggio
25 years, a retirement that sug- thought that this is a moment that comes up with runners on the base,
gested the end of an era. Before might not come again in our life- and he hits a blast, 415 feet to left
that Mr. Sowell, an economist and time, and I mean even the younger field. The Dodgers outfielder
conservative, had written columns people’s lifetime. If we lose it now, catches right up against the 415-
for another news service, Scripps- we may have lost it forever.” foot sign. If that had been a home
Howard, but had quit after an edi- Mr. Sowell has what he calls “my run, that would have put the Yan-
tor changed a line about carbon reservations” about Donald Trump, kees ahead.
monoxide emissions to read as one but he gives the president credit “DiMaggio by this time is round-
for being “the first Republican ing second base. He gives a little
who’s made any serious attempt to kick of the dust and goes on back
The scholar and longtime get the black vote by addressing to enact school choice, Mr. Sowell world, the ones that are lagging in. That was the biggest outburst
columnist discusses his problems that affect most blacks says, “he would have some hope behind are those where their lead- there had been from DiMaggio in
who are trying to do the right of beginning the process of peel- ers always tell the same story: that his career. It wasn’t that violent a
rise from poverty and the thing—such as education, which is ing away black votes from the it’s other people holding you back, kick, just enough to barely raise a
country’s ‘degeneration’ such low-hanging fruit.” Republi- Democrats. It doesn’t have to be a and that therefore you need to little dust. I still remember that
cans have “no reason whatever to majority of the black vote. If stand against those other people self-control all these years later.”
into ‘grievance culture.’ be worried about teachers unions, there’s a narrow race for Con- and resist their culture. But that And Joe Louis? “He was a gen-
because the teachers unions aren’t gress, and you can reduce the culture may be the key to success.” tleman, who carried himself in a
going to vote for them anyway,” he black support for the Democrats Here Mr. Sowell pivots to 18th- certain way that inspired respect.
about “carbon dioxide.” This says. “They’re spending millions of from 90% to 80%, that could be century Scotland and the philoso- I’m not a big fan of the role model
caused an indignant Mr. Sowell to dollars trying to get Democrats the difference.” pher David Hume: “Hume urged thing, but it has its effect.”
H
terminate his contract—perhaps elected.” Scots to learn the English lan- Mr. Sowell recalls a time when
the original source of his fearsome But the good that can be done is ow has America changed guage,” he says. “He didn’t do he was “quite young, maybe 5
reputation among editors. (When I, obvious to Mr. Sowell. “The most over Mr. Sowell’s lifetime? that because his job was that of years old, down in North Carolina.”
as an editor for this page, was successful schools for educating “Oh my God,” he responds, an ethnic leader. He did it because One day, a kid told him that he had
handed a Thomas Sowell piece to black kids have been a few charter “that is truly a depressing subject.” he was an intellectual.” Yet it “some big secret down in his base-
work on back in 2001, my boss schools,” he says. “There are liter- He laments the “huge degenera- helped bring progress to his ment that he wanted to show me. I
whispered to me: “Careful, it’s ally tens of thousands of kids on tion” and what he sees as the homeland. “One of the most mi- said, ‘What’s down there?’ and he
Sowell. Don’t change anything.”) waiting lists for charter schools in spread of “the grievance culture to raculous advances of a people oc- said, ‘Just go down in the base-
Thomas Sowell was born into New York alone. You needed some- low-income whites—and even to curred in Scotland from the 18th ment, you’ll see.’ He had me go
poverty in North Carolina, in 1930. body who was going to fight to places like Great Britain.” century into the 19th,” Mr. Sowell down first—which I shouldn’t have
At age 9, he moved with his mother break through these caps that have An idea has taken root “that says. “A wholly disproportionate done, but I did, and he ran back up-
to Harlem, in New York, to live been put on the number of charter you’re entitled to certain things, share of the leading British think- stairs, closed the door, and locked
with relatives who promised a bet- schools.” that you don’t necessarily have to ers was Scottish. I mean Adam me in that pitch-black basement.”
T
ter life for the boy. There he visited Mr. Sowell has stopped swivel- earn them,” he says. “There’s a be- Smith in economics, Hume in phi-
a library for the first time, and ing in my chair, and he looks lief that something’s wrong if you losophy, Sir Walter Scott in litera- he furious young Tom pushed
though he’s not entirely sure, he straight at me to make his next don’t have what other people ture, James Watt in engineering. and kicked at the door, and
thinks the first books he borrowed point. “You see, in order to get have—that it’s because you’re ‘dis- You can run through the whole forced it open. “I think I was
from this “wondrous” institution these reforms, you would have to advantaged.’ A teenage dropout list. A people who were really far angrier than I ever had been—that
were “The Story of Doctor Dolittle” go against the dogmas not only of mother is told she has a disadvan- behind in one century had sud- I’d ever been before or since. He
and “Alice in Wonderland.” educators, but of the American in- tage. But if you’re going to call the denly come out of nowhere and was standing there and I came at
A family friend called Eddie—a telligentsia in general,” he says. negative consequences of chosen were on the forefront of human him and just hit him as hard as I
boy roughly Mr. Sowell’s age—had “The teachers unions complain that behavior ‘disadvantage,’ the word progress.” could. The punch must have landed
taken it upon himself to help the charter schools really have is corrupt beyond repair and useful Could black Americans one day just right, because he went down
callow little Southerner navigate skimmed off the cream. Of course only for propaganda purposes.” be like the Scots? “They can be,” and out. He was prone on the
his new metropolitan minefields. “I that’s nonsense, because people are Has there been any change for says Mr. Sowell, “and for those ground, limp as a dishrag. and I
was assigned to a junior high chosen by lottery. In another sense, the better? “Oh, yes, yes, yes,” he who haven’t gotten into this corro- was going to hit him again. I could
school in a really very bad part of there’s a point there, because these says. “In fact, for blacks who have sive new culture, they’re already have killed him. But something
Harlem, and Eddie told me, ‘You are the parents who care about education and who have not suc- doing that. But it’s going to be very stopped me, a thought in my head.
don’t have to go there. You can ask what’s going to happen to their cumbed to a new lifestyle—the hard. Both the media and academia “ ‘Joe Louis wouldn’t do that,’ I
to be sent to a different school.’ kids. These people are just desper- grievances, and the coarseness rep- promote the idea that people fall said to myself.”
That’s what he’d done. And then I ate to get into the charter schools. resented by rap music—it’s gotten behind because others are holding
followed him to Stuyvesant”—a se- They don’t want to be raising a tremendously better. What’s dis- them back.” Mr. Varadarajan is a fellow at
lective high school for smart kids. bunch of little thugs.” heartening, though, is that when I ask Mr. Sowell to talk about Stanford University’s Hoover Insti-
“He led me. If you take Eddie out If a Republican could manage you study ethnic groups around the some of the public figures he’s tution.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Tillerson Tells the Korean Truth Fed’s Sole Policy Should Be a Stable Dollar
R
ex Tillerson caused a stir Friday on his Trump Administration, which has to figure out Jason Furman (“What Should the from 2008-2015 in lost income on
first trip to Asia by—are you sitting a way to stop the North’s progress or accept a Fed Do Next? Follow the Leader,” op- their savings accounts, CDs and
ed, March 9) says “the Fed should be bonds. At the same time, it has
down?—telling the truth about North new existential threat to America’s homeland.
judged by its results.” He then says it eroded the value of these savings
Korea and China. The Secre- That’s the story behind Mr. has achieved its mandate of “stable through inflation.
tary of State may be a rookie A warning to China that Tillerson’s language, which prices,” which it defines as “2% infla- In 1966 former Fed Chairman Alan
diplomat, but he can’t do any the U.S. wants action seems aimed at both the tion.” Since when does 2% annual in- Greenspan wrote: “In the absence of
worse on North Korea than his North and its political patrons flation equal stable prices? This the gold standard, there is no way to
recent predecessors in both against a nuclear North. in Beijing. means that the Fed’s goal is for what protect savings from confiscation
political parties have. Mr. Tillerson noted that costs $1 today to cost $1.22 10 years through inflation. There is no safe
“Let me be very clear: The China has been punishing from now, or put another way, for $1 store of value. . . .The financial policy
policy of strategic patience has ended,” Mr. Til- South Korea economically because Seoul is de- today to have the purchasing power of the welfare state requires that
lerson said, referring to the Obama Administra- ploying America’s Thaad missile-defense sys- of 82 cents 10 years from now. This there be no way for the owners of
tion policy of waiting for North Korea to give up tem. “This is not the way for a regional power is not stable prices. wealth to protect themselves.”
The Founding Fathers tried to The Fed’s sole policy should be to
its nuclear ambitions or collapse. A day earlier to help resolve what is a serious threat to every-
keep our currency from being manip- keep the purchasing power of the
he criticized “20 years” of a “failed approach” one,” he said, referring to China. “We instead ulated for political purposes by set- dollar stable, favoring neither infla-
to the North’s nuclear ambitions. urge China to address the threat that makes ting a gold standard. They wanted a tion nor deflation. If it can’t do this,
He’s right about the failure. Going back to Bill Thaad necessary.” fixed value, the way an acre is an it should simply dissolve itself and
Clinton and diplomat Robert Gallucci’s Agreed He added that no U.S. tools are off the table acre, an inch an inch, a pound a suggest we go back on a gold stan-
Framework in 1994, three American administra- to defend itself and its allies—implicitly includ- pound. It took about $20 to purchase dard, because judging by its results
tions have sought to bribe Pyongyang into giving ing military force. And he said that if China can’t one ounce of gold from about 1792 so far, it has failed.
up its nuclear program and coax China to help. stop North Korea, then further nuclearization is until 1913, when the Fed was created. MICHAEL BIRD
They engaged in years of multi-government talks possible in the region. Far from being reckless, In 1913 gold was $20.67 per ounce. St. Anthony, Minn.
and offered cash or other concessions for North this merely recognizes that a Pyongyang regime Now gold is about $1,196 per ounce,
Korean promises that it never fulfilled. which means, relative to gold, the I am delighted to see that Mr. Fur-
with nuclear-tipped missiles may drive the vot-
value of the dollar has decreased man notes that the Fed actually does
President George W. Bush even took North ing public in South Korea and Japan to support 98%. Using the Consumer Price In- have three mandates. The third, of-
Korea off the list of terror-sponsoring states af- their own nuclear deterrent rather than rely as dex, it now takes almost a dollar ten-forgotten one—moderate long-
ter the North tested its first nuclear weapon in they do now on the U.S. ($.98) to purchase what $.04 would term interest rates—has not been
2006. And even as it came to light that Pyong- None of this is cheery stuff, but Mr. Tillerson’s have purchased in 1913. This is not met by the Fed despite Mr. Furman’s
yang had helped Syria build the beginnings of candor is appropriate for the threat and the mo- stable prices. assertions. Moderate means “not ex-
a nuclear program. Bush-era diplomats Condo- ment. He and President Trump are trying to per- Mr. Furman says the Fed “was the treme.” We have had near record low
leezza Rice and Christopher Hill have a lot to an- suade China that the new Administration is seri- first central bank to cut interest long-term rates for nearly a decade
swer for after they persuaded President Bush to ous about stopping the North before it could rates to zero.” Since price controls at the hand of the Fed. Record lows
give up a pressure campaign against the North explode a nuclear weapon over U.S. territory. have, over and over again, proven a is an extreme condition, not moder-
that was showing signs of success. China has ignored U.S. pleas in the past, so the bad idea, why is the Fed controlling ate. Also, the Fed has no right to
interest rates instead of the market? promote any inflation as that is
President Obama tried to coax the North with test will be getting Beijing to believe the new Ad-
The Fed’s policy has dramatically counter to the second mandate of
a similar invitation, but by then the Kim family ministration isn’t bluffing. driven up the prices of stocks and “price stability.” The Fed therefore is
regime had decided to build a nuclear-weapons The White House has several options, such as real estate while it has simultane- out of sync with two of its three
stockpile along with the missiles to deliver them. barring Chinese companies that do business ously cost retirees and poorer peo- mandates.
That’s when Mr. Obama settled on the “strategic with the North from the U.S. financial system ple who don’t invest in stocks or BRUCE JOHNSON
patience” doctrine that has now left the North and shooting down the North’s next missile real estate more than $1 trillion Riverwoods, Ill.
close to achieving the ability to destroy Seoul, launch. The starting point is recognizing that the
Tokyo or Seattle. world needs to change its failed strategy, and
All of this has been dumped in the lap of the good for Mr. Tillerson for saying so.
Missiles Pose Dire Threat to Electricity Grid
Iran’s New Crackdown Arthur Herman is right on when he
describes the threat of North Korea’s
communications, computers, cell
phones, refrigeration, sanitation,
I
missiles and a way to destroy them transportation . . . it would set us
ran will hold another Potemkin election in Mousavi have been under house arrest since (“There’s a Way to Stop a North Ko- back to the year 1910.”
May, and we can already predict the media 2011. Having hinted at freeing them during his rean Missile Attack,” op-ed, March In addition to deploying additional
narrative if one of the so-called hard-liners campaign, Mr. Rouhani has kept mum on their 13). In addition to our deployment of missile defense systems along our
wins the Iranian Presidency. cases since coming to office in the Thaad and Aegis missile defense East Coast and Gulf Coast (we cur-
The blame will lie with the Christians, journalists 2013. systems to protect South Korea and rently have interceptors in Califor-
Trump Administration for Then there is the crack- Japan (along with our troops), he nia), we should reinstate the EMP
failing to show sufficient re-
and opposition leaders down on Christians. The Is- calls for a boost-phase intercept. Commission, which testified to the
spect for “moderate” incum- are the latest targets. lamic Revolutionary Guard However, If North Korea, Iran or House Armed Services Committee
bent Hasan Rouhani. Except other “bad actors” sent a missile about this dire threat and recom-
Corps late last month arrested
armed with a small nuclear device to- mended ways to protect our electric-
Mr. Rouhani’s rule hasn’t been two Iranian Catholics in ward our coast and detonated it many ity grid, among other things. Alas, it
moderate. northwestern Iran and seized their Bibles and miles up in the atmosphere, it would was disbanded in 2009.
Witness the latest repression targeting the prayer books. The incident came to light in a create an electromagnetic pulse KARNA SMALL BODMAN
mullahs’ usual suspects. Tehran’s Prosecutor- Fox News report last week. (EMP) that would “fry” all the elec- Former Senior Director
General on Sunday announced it had sentenced It isn’t clear if the two Catholics, a mother tronics on the ground. As the former National Security Council
a couple to death because they had founded a and son, are converts, though that seems likely. head of our Ballistic Missile Defense (Reagan White House)
new “cult.” The announcement was short on de- Historic Christian communities such as Assyri- System told me, “we would have no Naples, Fla.
tails, but the charges could mean anything from ans and Armenians are afforded second-class
running a New Age yoga studio to a political- protection under Iranian law, while apostasy by
discussion club. Muslims is punishable by death. Despite some How Asset Forfeiture Ensnares the Innocent
The authorities have also detained Ehsan early rhetoric about tolerance, Mr. Rouhani has
Dave Erchull is correct that the then “charged” at civil trial with
Mazandarani, a reporter with the reformist been unwilling or unable to improve conditions current use of civil asset forfeiture wrongdoing. And when found liable
newspaper Etemad (“Trust”), according to the for religious minorities. is abhorrent (Letters, March 10). The for wrongdoing, the properties were
New York-based Committee to Protect Journal- There is also the status of some half a dozen abusive misuse of this practice, how- seized. In this way, government pun-
ists. The nature of the charges against Mr. Ma- U.S. and U.K. dual citizens who have been taken ever, is even worse than he realizes. ished distant criminals by at least
zandarani isn’t clear, and his relatives say he hostage by the regime while visiting Iran. These Contrary to Mr. Erchull’s claim stripping them lawfully of these
is on hunger strike in Tehran’s Evin Prison. He include father and son Baquer and Siamak Na- that “the original intent of civil as- properties.
had previously served most of a two-year sen- mazi, both U.S. citizens, and Nazenin Zaghari- set forfeiture was to combat orga- Yet today civil asset forfeiture is
tence on trumped-up security charges. Ratcliffe, a British citizen who is serving a five- nized crime and drug trafficking,” used to seize the properties of per-
Mr. Mazandarani’s detention followed last year sentence on secret charges. the original intent of civil forfeiture sons who are clearly within the ju-
week’s arrest of dissident reporter Hengameh Nearly four decades after it was born, the Is- in fact was to punish only wrongdo- risdiction of domestic courts. The le-
ers who are personally outside of gal fiction that the wrongdoers are
Shahidi, who also faces “national-security” lamic Republic remains an unbending tyranny.
the jurisdiction of the country’s inanimate properties is today used
charges. Ms. Shahidi has been an adviser to Me- The Trump White House shouldn’t spend en- courts. Civil asset forfeiture was simply to save law-enforcement offi-
hdi Karroubi, one of two pro-democracy candi- ergy hunting for moderate negotiating partners originally used only if and when per- cials the trouble of having to win
dates in 2009’s fraudulent election. Mr. Kar- in the Islamist regime because there aren’t any. sons suspected of criminal activities criminal convictions against sus-
roubi and opposition leader Mir Hossein They’re under arrest. could not be arrested and brought to pected flesh-and-blood wrongdoers
trial to face prosecution. Unable to before taking their properties. This
convict faraway suspected criminals, convenience, in turn, encourages
The De Blasio Standard civil forfeiture created the legal fic-
tion that these suspected wrongdo-
law-enforcement agencies to regard
far too many innocent property own-
P
rosecutors on Thursday smoothed New Blasio and his associates—some of whom took ers’ inanimate properties are the ers as suspected wrongdoers.
York Mayor Bill de Blasio’s path to re- leaves of absence from City Hall—devised a “co- wrongdoers. With the inanimate DONALD J. BOUDREAUX
properties (and only these proper- Professor of Economics
election this year by publicly exonerating ordinated campaign plan” that steered dona- ties) being within a domestic court’s George Mason University
him of misconduct. The mayor tions through county commit- jurisdiction, these properties were Fairfax, Va.
is lucky that prosecutors didn’t He gets off the hook for tees to state Senate
apply to him the same stan- behavior progressives candidates. They did this be-
dards that he and his fellow
progressives routinely apply to
cause union contribution lim-
denounce on the right. its for county committees How to Inculcate a Well-Rounded Graduate
conservatives. were 10 times higher than for In response to “The Liberal-Arts “To educate the body to the neglect
Acting U.S. Attorney Joon candidates. ‘Bubble’ Didn’t Always Cause Such of the mind and the soul makes a
Kim said in a statement that federal prosecutors District Attorney Cyrus Vance Jr. explained Trouble” by James Piereson and Na- man beastly. To educate the mind to
won’t bring criminal charges after investigating in a letter that the mayor’s coordinated cam- omi Schaefer Riley (op-ed, March 11): the neglect of body and soul leads to
I would agree that a liberal-arts edu- dead intellectualism. To educate the
the mayor and associates who solicited donations paign “creates an end run” around contribution
cation was never intended to provide soul to the neglect of mind and body
for his 2013 campaign and the now defunct non- limits and appears “contrary to the intent and students with a sheltered general results in fanaticism.”
profit Campaign for One New York. The latter si- spirit of the law.” But the DA could not prove studies degree. True liberal-arts edu- AARON AMMERMAN
phoned contributions from individuals and unions mens rea—a guilty mind—since an election law- cation in our world today should Lexington, Ky.
with business before the city—what liberals call yer had approved the run-around. train students to excel in a specific
“dark money”—into political advocacy. All of this underscores the double standard field while placing an additional em-
One inquiry centered on a deputy city com- of progressives who complain that the Supreme phasis on teaching them how to think Pepper ...
missioner who lifted deed restrictions on a for- Court’s 2010 Citizens United decision has al- critically about the world in which
mer AIDS nursing home, which allowed a com- lowed corporations to skirt contribution limits. they live. The end result is a well-
And Salt
pany with ties to one of Mr. de Blasio’s patrons Also recall how Milwaukee’s District Attorney rounded graduate who is prepared THE WALL STREET JOURNAL
to sell the property to a luxury condo devel- was exalted for harassing Wisconsin Gov. Scott for his or her field of study but who
also has learned the important “soft
oper at a $72 million profit. Mr. Kim said pros- Walker’s supporters based on dubious claims of
skills,” which include being able to
ecutors were unable to prove criminal intent illegal campaign coordination that were never think independently, solve problems,
given the “high burden of proof” and “clarity proven and rejected by the courts. effectively discuss and debate issues
of existing law.” While prosecutors were right to base their and work in a healthy way with oth-
Last year the Supreme Court tossed former judgments on the evidence and law, they vio- ers. Most employers will admit that
Virginia Governor Bob McDonnell’s corruption lated legal decorum with public exonerations these characteristics are lacking in
conviction, holding that the “basic compact un- that will help Mr. de Blasio politically. “Although our current workforce. To quote John
derlying representative government assumes it is rare that we issue a public statement about Wesley Hughes, who was the founder
that public officials will hear from their constit- the status of an investigation, we believe it is ap- of my alma mater Asbury University:
uents and act appropriately on their concerns.” propriate in this case at this time, in order not
Whether or not Mr. de Blasio offered a quid pro to unduly influence the upcoming campaign and Letters intended for publication should
quo under the McDonnell standard, he was will- Mayoral election,” noted Mr. Kim, who seems to be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
ing to give donors the impression that he would have adopted FBI Director Jim Comey’s new or emailed to wsj.ltrs@wsj.com. Please
do what he could to help. standard of disclosure. include your city and state. All letters
The Manhattan District Attorney has also The next time Senator Elizabeth Warren are subject to editing, and unpublished
been investigating allegations that the mayor howls about conservative “shadow groups,” will letters can be neither acknowledged nor
returned.
evaded state contribution limits. In 2014 Mr. de Mr. de Blasio ride to their defense? “I’m the muse of tax loopholes.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | A15
OPINION
A
Really, this week, that’s how it no incentive to bail them out.
ll the emphasis seems to looks to me. But the health-care system, as
be on cutting. We will cut I am among those who think it Ohio Gov. John Kasich has observed,
CPB, NPR, NEA. absurd that Republicans on Capitol is crucial. The Democrats must be in
Why aren’t we talking Hill decided to throw their initial at- on the process to achieve “true and
about growing and build- tention on a hopelessly complex and lasting reform.”
ing and knocking down barriers? convoluted health-care bill, and for No doubt Democrats would clean
Why aren’t we talking about jobs procedural reasons so obscure they up the program along more liberal
and a boom and reforming regula- sound like Stockholm syndrome: “We lines than Republicans, which would
tion and taxes so people can build must pay for the cuts or we blow up please their progressive base. But it
ASSOCIATED PRESS
and invest? in reconciliation.” How can you ex- would also please many in Mr.
Is cutting the absolute No. 1 pri- pect people to follow you when they Trump’s base.
ority right now? In a country that is, can’t even understand the marching If it worked, Mr. Trump would
in Pope Francis’ famous character- orders, or why they should take the crow he’s made the first big biparti-
ization of the modern world, “a field hill? And focusing on the replace- san deal in a generation—it’s a new
hospital after battle”? Is that what ment only highlighted party fissures. Donald Trump and House Minority Leader Nancy Pelosi on Inauguration Day. day. It might help on future biparti-
the Republican party wants to lead The party leadership appears to san efforts, such as infrastructure
with? Why isn’t the priority unleash- have lost control of events. They come to see as an entitlement. Some leadership. That may be changing. spending. And he can make it up to
ing, getting past limits, pushing to- view politics as the art of the possi- look at the country around them and Wednesday night he told Tucker Republicans with conservative regu-
ward dynamism and expansion? ble, which it is, but they have a see crises—in employment, drug Carlson on Fox News that the bill is latory and tax reform.
highly constricted sense of the pos- abuse, family formation, education. “very preliminary” and can be “ne- It would be no scandal if the pres-
sibilities. They put me in mind of the This is no time to make things gotiated” down the road. “We will ident threw in with Democrats and
For health-care reform observation that a great leader has harder for people, even for a while. take care of our people or I’m not moderate Republicans at the expense
more in common with an artist than Some are merely practical: Obama- signing it, OK?” Which is interesting of Republican leadership. He’s al-
to succeed, it requires an economist. Economists drill deep Care helped some of their constitu- because it contradicted Speaker Paul ways been philosophically unreliable,
buy-in and compromise in narrow fields, but the artist’s view ents and jerked others around with Ryan, who said March 6: “It’s not his commitments ever-changeable.
is more expansive; he’s more able to lost coverage and jacked-up deduct- that this is open for negotiation.” Everyone knows this. The American
from both parties. grasp the big picture, and see how it ibles. A fix can’t just spread the mis- The president should confound people hired him knowing it.
is changing. The GOP leadership ery around in a new way. expectations, pivot, and turn to the His supporters would forgive a
needs a greater artistic sense. Maybe So far they’re called moderates. I Democrats for a bipartisan deal. failed attempt to replace ObamaCare
All these old arguments—we have they can put in for a grant from the asked one of these, an officeholder Here is the tradition. If you are along Republican lines. But they
to have them now? Why? Because NEA before it’s too late. who cares about mental-health Franklin Roosevelt in 1935 and you wouldn’t forgive a bad bill that suc-
it’s important for a party to prove it The leadership’s foes on the right needs and the opioid epidemic, if he want to create Social Security—an ceeds.
doesn’t know what time it is? comport themselves like the original was experiencing himself as a popu- act that affects Americans very per- In a telephone interview Mr. Ka-
How about a little prudence and uncompromised men. They are, to list. He said he has in the past been sonally—you get the other party in sich said, “Ronald Reagan made
patience? The priorities should be their credit, almost alone in their called a “positive populist.” which he on it. You need them co-owning it, deals with Tip O’Neill on Social Se-
jobs, growth, social cohesion and an willingness to declare their philo- liked: It suggested a realistic yet invested in it. You want the Ameri- curity.” All the big reforms of the
atmosphere, in Washington, of con- sophical predicates and resultant generous assessment of the actual can people saying, “Congress did past—of welfare, of the Pentagon—
structiveness. We don’t need any policy commitments. But they are lives of his constituents, joined with this,” not “the Democrats did this,” were bipartisan efforts. Progress will
new culture wars—we’ve got enough, supporting players in the drama, “a can-do spirit that we can help because if they say the latter the re- come when both parties end “the
thanks! Is the worst thing that could their numbers are not growing, and each other individually and with the form will always divide. FDR got 81 civil war” over health care. Biparti-
happen in the world right now that a there’s something exhausted about government.” But “negative popu- Republicans to vote for it in the sanship must come back if things are
kid from New Jersey can come into them, too. lism,” carries the connotation of House, and 284 Democrats. The to work.
Manhattan and see an off-Broadway There is a third group emerging darkness and resentment: “Someone same with Medicare in 1965: Lyndon As he spoke I thought: a biparti-
show seeded with a $30,000 grant that doesn’t have a name. They see took something from me.” So he Johnson did all he could to get the san deal on health care would also
from the National Endowment for themselves not as philosophers or sticks with the label Republican. GOP on board. A majority of House be a boost to the national morale. It
the Arts? No, that’s not the worst ideologues but as people who live in President Trump should have Republicans supported it. wouldn’t be about constricting and
thing that could happen! reality. Some are tough-eyed: Ameri- been the leader of this group but Barack Obama, full of himself af- cutting. It would feel expansive, con-
The worst that could happen is cans will never give up what they’ve threw his lot with the congressional ter his 2008 victory and surrounded structive, even hopeful.
Would You Rather See Trump’s Tax Return or Have Saturday Off?
By Amity Shlaes Couzens publicly trashed Mellon’s special Senate committee to investi- how much tax people like Andrew days a week. If the choice was be-
A
argument. “You have produced no ev- gate the Bureau of Internal Revenue, Mellon paid. tween relishing a plutocrat’s embar-
mericans tend to be interested idence that lowering the rate of sur- thereby gaining access to Mellon’s For months the papers entertained rassment and Saturday off, most
in presidential tax returns tax to a minimum of 25 percent will tax history. readers with reports of various workers took the Saturday.
partly because presidents tend increase the income from the surtax,” Mellon then made another rash Americans’ tax bills and guesses at Mellon’s tax touch became so pop-
to be wealthy. But our tradition of Couzens wrote Mellon. There was no decision. He authorized his tax offi- the level of income from which the ular that there was much support
tax privacy shields the returns of evidence, he said elsewhere, that re- cers to scrutinize Couzens’s returns. tax was derived. Film star Charlie when in 1926 he and President Calvin
wealthy Americans from prying eyes. ducing surtaxes on the rich “would be Chaplin had paid $345 in tax, but Coolidge slashed the top income-tax
That wasn’t always the case. In good for the country as a whole.” how much he’d made was a mystery. rate to 25%. The same 1926 legisla-
1924 Congress passed a tax law that The ordinarily sage Mellon made Make the economy roar The wealthy J. Ogden Armour of Ar- tion repealed the Peeping Tom rule—
included what was known as a “Peep- the error of hitting back personally. like it did in the 1920s mour & Co. in Chicago did not appear with surprisingly little notice.
ing Tom” provision. It required that “It is reported in the newspapers that to pay any taxes at all. Why not? Tax cuts did indeed fill the Trea-
the names of all taxpayers, and the all your capital is now in tax-exempt and the issue will go away. Maybe that was a story. But many sury’s coffers, as Mellon supposed
amount of tax they paid, be made securities and I have not seen any de- Americans found themselves a bit they would. And after the rate cuts
public. Unbelievably, the information nial from you,” he wrote to Couzens. embarrassed at this airing of tax the rich bore a greater share of the
was posted on the walls at regional “This means, if it means anything, The move backfired when his investi- laundry. “This is the annual snooping tax burden. The Peeping Tom story
tax offices. that you pay no income tax.” gators discovered that the senator festival under government auspices,” of the 1920s suggests what President
The Peeping Tom provision at first Couzens, no dummy, saw his had overpaid, not underpaid. concluded the New York World. Trump might do today: prioritize tax
grabbed more attention than the rest opening. If Mellon brought up his The 1924 tax deal reflected the The public was less interested in cuts. Presiding over an expanding,
of the 1924 law. But other parts of tax returns, Couzens could bring up Mellon-Couzens feud. The old-time the tax strategies of the rich than productive economy, he may find
the legislation—income-tax rate cuts, Mellon’s. “So long as you have en- Republicans got a rate cut, though they might have been for other rea- that stories about his tax returns no
specifically—ultimately proved more tered into the record of my securi- not as dramatic as the one they sons. The economy expanded dra- longer hold the headlines.
consequential. That has relevance for ties,” he wrote Mellon, “will you sought: The new top rate was 46%. matically during the mid-1920s. Pro-
President Trump’s tax policy. please tell us what your securities The progressives got the Peeping ductivity was so strong that big Miss Shlaes is the author of the bi-
The Peeping Tom story starts in are?” Couzens demanded, and got, a Tom provision—a chance to learn companies let employees work five ography “Coolidge” (Harper, 2013).
1922, when the top income-tax rate
was 58% and income taxes were lev-
ied only on the wealthy. Although
lower than the previous 73% rate, it
was still not generating the kind of
Russia’s Yahoo Hack Shows Risk of Spies Run Amok
revenue lawmakers expected. Many To save Rachel nel and priorities of the intelligence linked to Shaltai-Boltai, a hacker their national security. On the con-
of the wealthiest Americans took to Maddow embar- services are in charge. group that exploits stolen data to trary, their neighbors clamor to be
dumping money into tax-exempt mu- rassment, it should Secret information is the obses- embarrass and blackmail Russian part of NATO. Their grafting leaders
nicipal bonds, a strategy to which the be noted that Don- sion of such states, and of the people politicians and business officials. have led them into four wars, in
progressive wing of the Republican ald Trump was not who staff them. They crave hidden Only one of the four defendants Chechnya, Georgia, Ukraine and
Party did not object. president when the data with which to blackmail, under- named by the Justice Department is Syria. Relations with key trade part-
The progressives believed the so- Russia-sponsored mine or discredit their enemies. Who likely to see a U.S. courtroom: Karim ners like France and Germany have
BUSINESS
lution to the revenue problem was to hack of Yahoo oc- are their enemies? Truth tellers, for- Baratov, a Canadian resident alleg- been consigned to the dumpster.
WORLD
raise rates again, or shame the curred in 2014. eign and domestic, of any kind, in- edly hired by the FSB to crack open, Their economy is weighed down by
By Holman W.
wealthy into paying more tax. The He was president cluding those similarly selfishly mo- looting and corruption. Even as
Jenkins, Jr.
loudest voice among them belonged this week when the tivated. Policy debate barely exists fracking devastates the Kremlin’s
to Michigan Sen. James Couzens, a Justice Department in Russia. For such states, delivering When intelligence agencies conventional oil and gas revenues,
millionaire who had made his money indicted two Russian officials and two adequate results for their peoples, or Russia is cut off by sanctions from
at Ford Motor Co. Russia-backed freelance hackers for even for significant internal constit- use their powers for Western technology to develop its
Treasury Secretary Andrew Mel- these cybercrimes. uencies, is not the priority. Using se- domestic fights and self- own fracking potential.
lon, even wealthier than Couzens, Ms. Maddow, an MSNBC host, cret information—kompromat—to Mr. Trump untweeted himself
had a different plan for increasing would seem to be at high risk of get- wage war on anybody who threatens advancement, look out. back into the world of the credible
revenues. Mellon reasoned that the ting this information backward in their power is the main agenda. this week with his revision of his
government was like a railway owner her urgency to deliver a scoop on That’s the real story of this week’s phone-tapping allegations. When he
and should charge only “what the the evils of Mr. Trump. Justice Department charges in the using the stolen data, a handful of tweeted that President Obama had
traffic will bear.” Lower rates, he What this week’s Yahoo indict- Yahoo attack that violated 500 mil- specific Google and Yahoo accounts tapped his phone lines, he didn’t re-
thought, would bring more business ments really show is the squalor of a lion private accounts. of persons of interest to Russia’s FSB. ally mean President Obama and he
activity, and therefore more revenue. state like Russia’s, where the person- Two of the indictees not only Mr. Baratov, 22, has been easily iden- didn’t mean phone lines—he meant
work for the FSB, the Russian suc- tified by private cybersleuths U.S. spy agencies, in their broad sur-
cessor agency to the Soviet-era KGB, through social media postings show- veillance efforts, taking undue inter-
they work for the division that is ing off his fancy cars and through his est in Trump associates.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY supposed to cooperate with Amer- ownership of websites offering email- We already know as much from
Rupert Murdoch Robert Thomson ica’s FBI on cybercrime investiga- cracking services. His tradecraft, their interception and leak of infor-
Executive Chairman, News Corp Chief Executive Officer, News Corp tions. What’s more, one of these offi- ahem, is apparently low-grade. mation about a phone call between
Gerard Baker William Lewis cials, the former hacker and now Intelligence agencies are neces- former Trump adviser Mike Flynn
Editor in Chief Chief Executive Officer and Publisher Russian major Dmitry Dokuchaev, sary and useful national assets, but and the Russian ambassador. We
Matthew J. Murray DOW JONES MANAGEMENT: was himself arrested recently on we should not kid ourselves about know from the New York Times that
Deputy Editor in Chief Mark Musgrave, Chief People Officer; what the Moscow press calls “trea- the tendencies on display here. Espe- the outgoing Obama administration
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS: Anna Sedgley, Chief Operating Officer & CFO;
son” charges, allegedly for passing cially when intelligence professionals hoped to aid such leakage by making
Michael W. Miller, Senior Deputy; Katie Vanneck-Smith, President information to the CIA. A plausible involve themselves in domestic po- sure any damaging information was
Thorold Barker, Europe; Paul Beckett, OPERATING EXECUTIVES: version, told in the Russian media litical fights, or use their powers to circulated in unusually wide fashion
Washington; Andrew Dowell, Asia; Ramin Beheshti, Product & Technology;
Christine Glancey, Operations;
and by Western cybersecurity ex- pursue narrow bureaucratic or per- among its loyalists in government
Jason P. Conti, General Counsel;
Jennifer J. Hicks, Digital; Frank Filippo, Print Products & Services; perts, is that Maj. Dokuchaev was sonal interests, any similarity to before leaving office.
Neal Lipschutz, Standards; Alex Martin, News; Steve Grycuk, Customer Service; among many criminals working in- James Bond flies out the window. “There are no free passes for for-
Ann Podd, Initiatives; Matthew Rose, Enterprise; Kristin Heitmann, Transformation;
Stephen Wisnefski, Professional News
side Russia’s intelligence bureau- In Russia’s case, we’re talking eign state-sponsored criminal behav-
Nancy McNeill, Advertising & Corporate Sales;
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International cracy. For personal profit, he sold in- about slobs and sociopaths who have ior,” Acting Assistant Attorney Gen-
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: formation to intermediaries that nothing to fear from the law because eral Mary B. McCord said in
Almar Latour, Publisher; found its way to the CIA. they are the law, and thus don’t nec- unveiling this week’s Yahoo-related
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: Also apparently implicated in the essarily invest heavily in finesse, dis- indictments.
Joseph B. Vincent, Operations; Christopher Lloyd, Head; case are various rivalries inside the cretion or good judgment. For the It will inevitably be necessary
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Kremlin intelligence establishment Russian people, turning their state from time to time to test whether
EDITORIAL AND CORPORATE HEADQUARTERS: as well as inside the Russian cyber- over to siloviki, or politicians de- that proposition also applies to do-
1211 Avenue of the Americas, New York, N.Y., 10036 crime underworld with which it scended from the intelligence ser- mestic state-sponsored criminal be-
Telephone 1-800-DOWJONES
overlaps. Maj. Dokuchaev has been vices, has not noticeably improved havior.
A16 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
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© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | B1
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Glencore Masters the Zinc Market and Revival Ensues has “heard from our advertis-
ers and agencies loud and
clear that we can provide sim-
pler, more robust ways to stop
BY SCOTT PATTERSON down production amounting fect,” he said. duction to lift prices. 8% of global mined output, ac- their ads from showing
AND TIMOTHY PUKO to 4% of global production of While the prices of zinc and On the earnings call, Mr. cording to Macquarie, ahead of against controversial content.”
zinc. Prices for the metal have other commodities have been Glasenberg said zinc prices Teck Resources Ltd. (6%) and The company said it has
No one in the world mines climbed 70% since as demand powered by Chinese demand, had fallen so low in 2015 that Vedanta Resources PLC (4%). started reviewing its policies
more zinc than Glencore PLC. has outpaced supply, outper- analysts said zinc’s greater it made more sense to keep it Glencore also controls and “will be making changes
No one in the world trades forming copper (up 15%) and buoyancy was a demonstration in the ground for the long run. about half the world’s trading in the coming weeks to give
more of this essential metal aluminum (up 20%) during a He credited zinc’s price rise of zinc metal and the raw ma- brands more control over
for making steel. And no one broad-based global commodi- with Chinese demand and terial that makes it, excluding where their ads appear across
has gotten richer, taking mines ties rally. “voluntary cutbacks” of supply domestic Chinese production, YouTube and the Google Dis-
out of production and with-
holding refined zinc from the
market to drive prices higher.
Chief Executive Ivan Gla-
Mr. Glasenberg is outspo-
ken about Glencore’s approach
to managing supply and thus
market prices, something that
70%
Zinc’s price rise since 2015 when
like Glencore’s, “one of the
leaders in that area.”
Analysts agreed. The price
rally has “been driven by Glen-
according to Wood Mackenzie
and other analysts, roughly
the same level it last publicly
disclosed in 2011.
play Network.”
The advertising industry is
starting to demand more
transparency and say over
senberg says his company is is typically verboten for min- Glencore said it would trim output core’s decision,” said Vivienne The company began mining placement of their ads after
reaping the rewards of a bold ing executives, who are wary Lloyd, a metals analyst at in- zinc in the 1980s, when the several reports showing big
and risky strategy that helped of complaints about market vestment bank Macquarie firm was run by the late finan- brands being promoted along-
reverse the mining-and-trad- power. Group Ltd. cier Marc Rich. Its acquisition side hateful content and fabri-
ing behemoth’s downward spi- “When we cut back our zinc of one company’s market Glencore has said it can pull of miner Xstrata in 2013 ex- Please see GOOGLE page B2
ral and turn it into a profit- production, we looked at the power that is rare in the com- it off because it combines one panded its production assets
INDEX Insider-Trading Spotlight.... B4
making machine. benefit it had on the rest of modity market. Other miners of the world’s largest mining in a heavily traded metal that Bond Tables................................... B7 Markets Digest............................ B6
Zinc prices jumped 7% on our zinc production,” Mr. Gla- such as Rio Tinto PLC and BHP divisions with a savvy com- is expected to become more Cash Prices..................................... B8 Money Rates................................. B4
the day in October 2015 when senberg said on an earnings Billiton Ltd., which have large modity-trading house. widely used in developing Dividend News............................ B8 Mutual Funds............................... B4
Exchange-Traded Funds...... B4 New Highs & Lows................... B8
the Switzerland-based com- call last month. The result for positions in iron ore, have de- Glencore is the world’s larg- economies such as India and Futures.............................................. B7 Stock Listings............................... B5
pany said it was shutting prices: “A very positive ef- cided against pulling back pro- est zinc miner, accounting for Please see ZINC page B2 Heard on the Street.............. B10 Weekend Investor..................... B7
B2 | Saturday/Sunday, March 18 - 19, 2017 * ***** THE WALL STREET JOURNAL.
A
Aer Lingus.............A1,A8
AirAsia...................A1,A8
Air Canada.............A1,A8
Air France-KLM.....A1,A8
I
International Business
Machines ............. B1,B2
International
Consolidated Airlines
Ryanair Holdings........A1
S
Samsung Electronics..A6
Singapore Airlines A1,A8
AmTrust Shares Slide 19%
Akzo Nobel..................B3 Group ........................ A1
Skadden, Arps, Slate,
Meagher & Flom.......B2
Insurer will restate were “immaterial” errors last surer is controlled by the Kar- AmTrust had overstated prof-
month, saying it would need funkel family, which includes its by setting aside inadequate
American Airlines Group
..........................A1,A8,B3
J Snap...........................B10 three years of earnings more time to file its 10k an- Chief Executive Barry D. Zys- reserves for underwriting
JBS..............................A8 Sony.............................B4
Amgen.......................B10
Johnson & Johnson....B1 Sony Pictures and delay filing annual nual report with the Securities kind. Over the past few years, losses, as filings with regula-
AmTrust Financial Entertainment..........B4 and Exchange Commission. AmTrust has moved from a tors showed “adverse develop-
Services.....................B2
JPMorgan Chase.........B1
Southern ................... B10 report following errors But AmTrust now says it niche insurance firm into one ment” in reserves for several
Apple...........................B1 L Southwest Airlines can’t meet the extended dead- of the country’s largest work- years. Barron’s is owned by
B Lions Gate ............................... A1,B3 BY GEOFFREY ROGOW line of this week and that its ers’ compensation insurers, News Corp, publisher of The
Entertainment..........B4 State Street................B2
Bank of America.........B1 AND MICHAEL RAPOPORT financial results going back to according to SNL Financial LC. Wall Street Journal.
Lucasfilm.....................B4 Swatch Group ........... B10
BHP Billiton................B1 2014 shouldn’t be relied upon. A surge in gross written in- Last month, when AmTrust
BRF..............................A8 M T Shares of AmTrust Finan- AmTrust said it would file its surance premiums and net op- first disclosed accounting er-
C Marvel EntertainmentB4 Teck Resources...........B1 cial Services Inc. fell 19% Fri- report “as soon as practicable.” erating earnings has helped fuel rors, it also took a charge of
Medtronic....................A3 Tortoise Capital
Chainalysis..................B9 day to a 52-week low after the In a statement Friday, a surging stock price. AmTrust $65 million against its fourth-
Chipotle Mexican GrillB3 Metro-Goldwyn-Mayer Advisors....................B9
.....................................B4 Toshiba......................B10
company said it would re- AmTrust said it was “disap- is up 60% over the past five quarter 2016 earnings because
Citigroup......................B1 state its last three years’ pointed” to have a further de- years and has a market capital- of adverse development in re-
Comcast.......................B4 Morgan Stanley..........B1 U
MuleSoft...................B10 worth of earnings and further lay in filing its annual report, ization of over $3 billion. serves on some product lines.
D UBS Group...................B9
delay filing its annual report. but the company reiterated its On Friday, AmTrust fell $4.03 AmTrust said Friday it isn’t
Delta Air Lines A1,A8,B3
N United Continental
Holdings.........A1,A8,B3 The New York property and previous assertions that it re- to close at $17.58. The shares making any further revisions to
Deutsche Lufthansa Nintendo......................B3
Nokia...........................B3 US Airways.................B3 casualty insurance firm said mains “financially strong” and hit a 52-week low of $17.10 dur- reserves and that its insurance
............................... A1,A8
DreamWorks Animation Norwegian Air Shuttle V Thursday there were errors in is “making the necessary im- ing the day and are now down companies’ filings with regula-
.....................................B4 .....................................A1 Vanguard Group..........B2 the timing of when it had re- provements in our finance and 36% so far this year. tors include reserve disclosure
E P Vedanta Resources.....B1 corded some revenue and bo- accounting resources.” Articles published by Bar- and demonstrate that they
Paramount Pictures....B4 Verizon Communications nuses. The firm first said there Founded in 1998, the in- ron’s have questioned whether have adequate reserves.
Elliott Management ... B3
Pershing Square Capital .....................................B3
Eurowings..............A1,A8
Management.............B3 Viacom.........................B4
G Volkswagen.................B3
Pixar Animation Studios
General Electric .......... B4 W
.....................................B4
Glencore ...................... B1
Porsche Automobil Walt Disney................B4
Goldman Sachs Group B1
Holding......................B3 Y
Green Street Advisors
.....................................B7 R Yahoo...........................B3
Griffin Capital.............B7 Rio Tinto ..................... B1 Yext ........................... B10
INDEX TO PEOPLE
A Gorman, James...........B1 P
Ackman, William ........ B3 Gorsky, Alex................B1 Parry, Matt..................B9
Anderson, Caleb..........D6 Greensted, Richard.....B2 Piech, Ferdinand ......... B3
B H R
Bakish, Bob.................B4 Hayek, Nayla.............B10 Rometty, Ginni............B1
Baradaran, Natasha....D7 Hayek, Nick...............B10 Rothman, Tom ............ B4
Bikoff, Sasha .............. D6 Hurley, Patty...............B2 S
Blankfein, Lloyd..........B1 J Sanderse, Menno........B2
ZINC
Moynihan, Brian ......... B1 X
Feinberg, Ken..............B2 Glencore’s zinc strategy has it—to send supply and demand But Wood Mackenzie esti-
Forese, James.............B1 N-O Xu, Lin.........................B1 risks. As prices rise and pro- into a surplus or deficit. mates that about 200,000 tons
Gianopulos, Jim..........B4 Nussbaumer, MichelleD6 Y duction becomes more profit- Mr. Glasenberg said in Feb- of zinc sit unsold there, show-
Glasenberg, Ivan.........B1 Overstreet, Dennis.....D4 Yoshida, Kenichiro......B4 able, other miners are more ruary that Glencore calculated ing that even when zinc is
Continued from the prior page likely to increase output or re- that reducing its zinc produc- produced, Glencore doesn’t
China. Zinc is a key ingredient start idled operations, pump- tion to one million annual tons have to sell it. A Glencore
piled with books by John companies, Citigroup posed porters of terrorist groups, in- Google is planning to ask ad-
Bogle and John Calvin, Mar- unusual challenges including cluding Islamic State and a vi- vertisers and ad agencies what
tin Luther and Martin Luther operations in nearly 100 olent pro-Nazi group, and additional controls they want,
King Jr. Posters advertise countries where local cus- were broadly condemned. but it declined to comment
Q&As he conducted on the toms produce varying stan- Procter & Gamble Co., the further on potential changes.
intersection of faith and work dards of right and wrong. world’s top advertising Havas UK, which spends
with Mr. Bogle, the founder Last month, Citigroup spender, has publicly com- WPP Chief Executive Martin Sorrill said that Google and about $217 million annually on
of Vanguard Group, and for- confirmed that it, along with plained in recent months Facebook must take more responsibility in screening content. digital advertising in the U.K.,
mer pay czar Ken Feinberg. other banks, is being investi- about problems in the digital- said it decided to pull its You-
That wasn’t always his ca- gated over whether it im- ad industry, including ads be- British Advertisers, a British they are appropriate for ad- Tube spending because Google
reer trajectory. As an under- properly hired the adult chil- ing placed next to inappropri- ad-industry trade group, called vertising before placing ads on couldn’t guarantee Havas ads
graduate at Bucknell Univer- dren of foreign officials in ate content. P&G’s marketing on Google to immediately pull them. But those checks can would only run next to appro-
sity, he studied business and Asia, where it can be a com- chief, Marc Pritchard, has from its inventory of ad slots miss many videos because of- priate content.
helped run fraternity parties mon practice but can violate called on advertisers to in- any YouTube videos or web- fensive content can be nu- Martin Sorrell, chief execu-
and a rock-concert commit- U.S. laws. crease pressure on the effec- sites that “it cannot guarantee anced. tive of the world’s largest ad
tee. His career featured The bank has embraced tive digital-ad giants, Google as a safe environment for ad- Google policies prohibit it agency, WPP PLC, said in a
stints at International Busi- Dr. Miller’s idea of three and Facebook Inc., which to- vertising.” The group also from showing ads on a variety statement that Google and
ness Machines Corp., State lenses to apply in ethical de- gether account for roughly pushed Google to study of websites or videos, includ- Facebook must take more re-
Street Corp. and what was cision-making, an approach half of world-wide digital-ad whether it should first review ing those that are porno- sponsibility in screening con-
then Midland Securities in influenced by Plato and Aris- revenues, according to esti- videos before placing ads on graphic, promote illegal be- tent on which they place ads.
London. totle: Is it right, good and mates from research firm them, rather than automati- havior or incite violence. “They cannot masquerade as
Dr. Miller’s poise im- fitting? Citigroup executives eMarketer. cally placing ads on videos af- Google also allows advertisers technology companies, partic-
pressed colleagues at Mid- composed their own three Advertisers are also con- ter they are uploaded. “Google to exclude their ads from be- ularly when they place adver-
land, which in the early questions: Is it in our clients’ cerned about the accuracy of should ensure that content is ing shown next to certain top- tisements,” he said.
1990s was struggling. “You interest, does it create eco- data fed to them by Google quarantined until properly cat- ics or categories of sites, such In an email to clients Fri-
walk into a room where you nomic value, and is it sys- and Facebook about their ads. egorized,” the group said. as content that is sexual, pro- day, WPP said Google “deploys
would think, ‘Oh God, I can’t temically responsible? The companies say they are L’Oréal and Sainsbury, two fane or discusses tragedies. brand safety technology but it
deal with this guy, he’s im- Citigroup is sharing the auditing their metrics. of the companies whose ads Google said it employs is not infallible.…We have
maculate, he’s tall, he looks idea with employees and On Friday, the British gov- appeared during the videos thousands of people to stop communicated at the highest
like a movie star and had plans to work it into training ernment demanded that supporting terrorist groups, violations of its ad policies. levels with Google and are
this 200-watt smile,’ ” said manuals. It is also posting Google officials provide an didn’t respond to requests for The company said that last working toward a solution in
Richard Greensted, who the questions in its mission explanation soon about how comment. year it removed more than respect of un-curated content,
worked with him at Midland. statement and at its offices it will prevent ads from ap- Google said it already em- 100,000 websites from its ad if there is one.”
“But he was very, very good around the world, including pearing on inappropriate con- ploys software to automati- inventory and blocked ads —Nick Kostov, Jenny Gross
at putting people at ease.” in big letters in the lobby of tent. cally scan YouTube video titles from more than 300 million and Suzanne Vranica
Dr. Miller eventually fired its Manhattan headquarters. The Incorporated Society of and images to decide whether YouTube videos. “However, contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 18 - 19, 2017 | B3
BUSINESS NEWS
To Deepen
Shipments, in millions
2015 2016 Change
Chinese Ties
Huawei s22%
Vivo s97%
Apple t23%
BY TRIPP MICKLE at the China Development Fo-
rum, a gathering of China’s se- Xiaomi t36%
Apple Inc. launched a new nior leadership and global
round in its charm offensive in business executives that be- 0 40 80
China, announcing two addi- gins Saturday. Mr. Cook has Note: 2016 data are preliminary
tional research-and-develop- visited China numerous times, Source: IDC
ment centers ahead of but it will be his first speech Tim Cook, shown last month, is slated to speak to China’s leaders and global business executives. THE WALL STREET JOURNAL.
speeches Chief Executive Tim to the forum, which is hosted
Cook is scheduled to give at a by an arm of the State Council, pearance at what is scheduled Greater China, which includes half the devices’ battery life supported 4.8 million jobs in
major Chinese government China’s cabinet. The guest list to be a closed-door event Taiwan and Hong Kong, fell remained. Apple said a limited China.
conference. of the event, which is held at points up Apple’s balancing 17% in its latest fiscal year to number of phones were af- Longer term, though, Ap-
The new centers, to be set the Diaoyutai State Guest- act in a huge market for its $48.49 billion, as Huawei fected and offered free re- ple’s business is out of step
up in Shanghai and Suzhou, house in Beijing, also includes products; while the company Technologies Co. and other placement batteries for those with the Chinese government’s
bring Apple’s total commit- International Business Ma- champions values at home Chinese companies gained devices. goal to reduce its dependence
ment to R&D facilities in China chines Corp. CEO Ginni Rom- such as individual privacy and share against its iPhone—al- China is a critical manufac- on expensive foreign technol-
to more than 3.5 billion yuan, etty and Johnson & Johnson media accuracy, it must also though Apple said sales stabi- turing hub for Apple—a fact ogy, and facilitate the develop-
or about $500 million, the CEO Alex Gorsky. deal with a Chinese govern- lized in the most recent quar- that triggered criticism during ment of homegrown competi-
company said Friday in an an- The Apple chief is also ment that tightly limits speech ter in mainland China. the election campaign last tors like Huawei, Xiaomi Corp.,
nouncement issued only in slated to make introductory and other individual freedoms. Apple last year was forced year from then-candidate Don- Oppo and Vivo.
Chinese. Apple currently oper- remarks at the event on Mon- Apple confirmed Mr. Cook’s to halt its online music and ald Trump, who said Apple “Apple is annoying to China
ates a center in Beijing and day for a session titled “Secu- scheduled appearances. book services in China because should make more products in because it’s selling phones and
last year committed to open- rity and Governance in Cyber- The company is grappling they violated local media the U.S. The vast majority of sending money back to the
ing another in Shenzhen. space” featuring Xu Lin, who with rising pressure from rules. The company also faced its products sold world-wide United States,” said Roger Kay,
Mr. Cook is expected to as head of China’s Cyberspace homegrown rivals and a string criticism from local consumer are made in China by contract an analyst at Endpoint Tech-
mention those commitments Administration presides over of other setbacks in China, its groups last year amid reports manufacturers such as Fox- nologies Associates Inc. “It’s
in a speech on innovation and the nation’s internet censor- most important market out- that iPhones were spontane- conn Technology Group, and competing with Xiaomi and
corporate social responsibility ship system. Mr. Cook’s ap- side the U.S. Its sales in ously shutting down even as Apple says it has created and Huawei, and that’s an irritant.”
Switch console in the coming the outlook for the coming fis-
fiscal year owing to strong de- cal year when it reports its
mand, people briefed on the latest earnings on April 27.
plans said. The company tends to offer
The move suggests that the conservative forecasts to avoid
Switch, which went on sale the need for downward revi-
globally March 3, is on track sions.
for a debut year similar to Sales of the original Wii
that of Nintendo’s popular Wii console, which hit the market
system a decade ago. If so, it in November 2006, reached 20
would deliver a badly needed million units by the end of
hit for a company whose pre- 2007 after two holiday sea-
vious console, the Wii U, fell sons. Its motion-sensor con-
far short of expectations. Strong demand for the Switch will mean stepped-up production. trollers and fitness board at-
The Switch, a hybrid prod- tracted many first-time
uct designed for use both at now planning to manufacture reached to generate interest console players.
home and on the go, has been 16 million or more Switches, from outside software produc- Sales of the Switch could
scarce in stores since it went up from an initial plan for ers, who in turn can deliver a pick up further when more
on sale. Nintendo hasn’t pro- eight million, said people fresh stream of titles to keep games go on sale. Nintendo
vided any sales figures, but its briefed on the plans. consumers interested in the saved some of its popular
North American unit described Even after accounting for device. franchises for later releases.
the initial momentum as the inventory, that suggests Nin- Nintendo has been fending Among those scheduled for
strongest in the company’s tendo believes it can sell sig- off pressure from some inves- this year are the third-person
history. nificantly more than 10 million tors who say the Kyoto-based shooter game “Splatoon,”
The company’s shares, units during the 12-month pe- company should get out of the planned for summer, and an • Chip big branches up to 5.75" LOWEST
which gained 1.7% in Tokyo on riod, they said, beating expec- console business and focus on action game featuring Mario thick! PRICES
Friday, are up sharply since tations of many analysts. making games using its collec- the plumber for the holiday
• Self-feeding models available. EVER!
March 2, the day before the A Nintendo spokesman de- tion of famous characters. season.
Switch’s launch. clined to comment. Nintendo Chief Executive A game in the “Legend of No more force-feeding! Starting
In the fiscal year starting First-year sales above 10 Tatsumi Kimishima has said Zelda” franchise was already • Powerful engines spin big at just
next month, assemblers under million would clear the thresh- the company would ship two released simultaneously with
contract with Nintendo are old that analysts say must be million units globally this the Switch. fly-wheels (up to 62 lbs.), $
79999
generating massive chipping
PTO
BUSINESS WATCH force!
• Models that shred yard and
MODELS TOO!
shing Square Capital Manage- Ferdinand Piech, whose to oust then-Chief Executive In its rejection, Akzo said
ment LP two seats and grandfather designed the original Martin Winterkorn. PPG’s bid “substantially underval- FREE SHIPPING 6 MONTH TRIAL
announced the appointment of VW Beetle, is in talks with the —William Boston ues” the company. On Friday an
two additional independent direc- remaining heirs to sell most of Akzo spokesman said: “We have SOME LIMITATIONS APPLY
tors. Mr. Ackman disclosed a big his shares that control Volks- AKZO NOBEL firmly rejected the proposal from
stake in Chipotle in September. A wagen AG, the family holding PPG in the interests of all of our Call for FREE DVD and Catalog!
Chipotle representative said the said Friday. Activist Investor stakeholders, including our share-
changes announced Friday “are Mr. Piech, who turns 80 this Gives Sale a Nudge holders, due to a range of sub- TOLL-FREE
the product of individual deci- year, owns about 14.7% of the stantial issues including signifi-
sions and are in no way part of
our agreement” with Pershing
common stock of Porsche Auto-
mobil Holding SE, the family
Activist investor Elliott Man-
agement Corp. owns a stake in
cant timing and delivery risk. We
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877-202-1061
and Mr. Ackman. holding that controls about 52% Akzo Nobel NV and is pushing happen in the future.” DRchipper.com
After years of strong sales of Volkswagen voting stock. the Dutch paint maker to engage —Dana Mattioli
growth, a series of food-borne ill- Mr. Piech’s shares are worth in talks with suitor PPG Indus- and David Benoit
B4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
BUSINESS NEWS
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
20914.62 t 19.93, or 0.10% Trailing P/E ratio * 21.36 18.00 2378.25 t 3.13, or 0.13% Trailing P/E ratio * 24.89 23.61 5901.00 s 0.24, or 0.004% Trailing P/E ratio * 26.02 21.45
High, low, open and close for each P/E estimate * 17.92 16.48 High, low, open and close for each P/E estimate * 18.35 17.05 High, low, open and close for each P/E estimate * 20.32 18.09
trading day of the past three months. Dividend yield 2.33 2.58 trading day of the past three months. Dividend yield 1.97 2.23 trading day of the past three months. Dividend yield 1.12 1.27
All-time high 21115.55, 03/01/17 All-time high: 2395.96, 03/01/17 All-time high: 5904.03, 03/01/17
Session high
DOWN UP 19500 2260 5530
65-day moving average
t
Session low
18500 2180 5310
4.00 Canada dollar .7491 1.3350 –0.7 Czech Rep. koruna .03974 25.163 –2.0
TrustCo Bank 3.99% 4
Chile peso .001510 662.10 Denmark krone .1444 6.9234
–1.1 –2.1
4.00% Albany, NY 518-436-9043 .0003431 2914.25 1.0738 .9313
3.00 0 Colombia peso –2.9 Euro area euro –2.0
t Fidelity Bank Trust 4.00% Ecuador US dollar 1 1 unch Hungary forint .003481 287.29 –2.4
3.00 Friday 2.00 .0524 19.0772 .009206 108.63
t
t Dubuque, IA 800-373-1841 Euro Venezuela b. fuerte .100150 9.9851 –0.1 Russia ruble .01748 57.193 –6.6
1.00 0.00 –12
10-year Treasury Camelot Mortgage Group, Inc. 4.13% Asia-Pacific Sweden krona .1132 8.8351 –3.0
note yield 1 3 6 1 2 3 5 710 30 2016 2017 Switzerland franc 1.0015 .9985 –2.0
Franktown, CO. 303-814-2310 Australian dollar .7705 1.2979 –6.5
0.00 month(s) years Turkey lira .2759 3.6244 2.9
Commercial Bank 4.13% China yuan .1447 6.9093 –0.5
A M J J A S O N D J FM maturity Ukraine hryvnia .0372 26.8645 –0.8
Hong Kong dollar .1288 7.7617 0.1
2016 2017 Thomasville, GA 229-226-3662 UK pound 1.2397 .8066 –0.4
India rupee .01527 65.486 –3.6
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000749 13347 –1.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008874 112.69 –3.7 Bahrain dinar 2.6525 .3770 –0.05
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .003168 315.64 –5.4 Egypt pound .0554 18.0455 –0.5
Federal-funds rate target 0.75-1.00 0.50-.75 0.25 l 1.00 0.75 Corporate Borrowing Rates and Yields Macau pataca .1256 7.9647 0.6 Israel shekel .2750 3.6364 –5.5
Malaysia ringgit .2254 4.4375 –1.1 Kuwait dinar 3.2806 .3048 –0.3
Prime rate* 4.00 3.75 3.50 l 4.00 0.75 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .7018 1.4249 –1.3 Oman sul rial 2.5974 .3850 0.01
Libor, 3-month 1.15 1.12 0.62 l 1.15 0.92 Pakistan rupee .00954 104.800 0.4 Qatar rial .2746 3.642 0.04
Money market, annual yield 0.34 0.29 0.22 l 0.34 -0.06 Treasury, Ryan ALM 1423.175 2.143 2.213 2.237 1.141 –2.104 2.556 Philippines peso .0199 50.186 1.2 Saudi Arabia riyal .2666 3.7504 –0.01
Five-year CD, annual yield 1.27 1.26 1.17 l 1.29 -0.06 10-yr Treasury, Ryan ALM 1686.254 2.500 2.582 2.609 1.366 0.032 2.696 Singapore dollar .7133 1.4020 –3.1 South Africa rand .0786 12.7239 –7.1
30-year mortgage, fixed† 4.24 4.29 3.43 l 4.33 -0.12 South Korea won .0008857 1129.04 –6.5
DJ Corporate n.a. n.a. 3.362 n.a. n.a. n.a. n.a. Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065647 152.33 2.6
15-year mortgage, fixed† 3.40 3.44 2.70 l 3.50 -0.07 Aggregate, Barclays Capital 1879.010 2.700 2.770 2.790 1.820 0.523 2.469 Taiwan dollar .03275 30.533 –5.9 WSJ Dollar Index 90.55 –0.10–0.11 –2.57
Jumbo mortgages, $424,100-plus† 4.81 4.84 4.02 l 4.88 0.37 High Yield 100, Merrill Lynch 2731.193 5.660 5.696 6.975 5.200 12.022 3.045 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.55 3.53 2.97 l 4.03 -0.01
Fixed-Rate MBS, Barclays 1935.940 3.020 3.080 3.120 1.930 –0.189 2.454
New-car loan, 48-month 3.32 3.33 2.87 l 3.38 0.36
HELOC, $30,000 4.88 4.75 4.29 l 4.92 -0.29
Muni Master, Merrill 502.276 2.239 2.256 2.516 1.297 –0.423 2.600 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 763.036 5.770 5.870 6.290 5.134 8.301 6.119 Commodities Friday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg
WSJ
TR/CC CRB Index 0.44 165.22
Crude oil, $ per barrel 48.78 0.03 0.06 54.45 35.70 23.68 -9.20
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and ETFs. Natural gas, $/MMBtu 2.948 0.046 1.59 3.93 1.79 54.59 -20.84
.COM
Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at WSJMarkets.com Gold, $ per troy oz. 1229.80 3.30 0.27 1364.90 1127.80 -1.91 6.94
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | B7
WEEKEND INVESTOR
Dividend Changes
Dividend announcements from March 17.
Amount Payable / Amount Payable / Amount Payable / Amount Payable /
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Increased Guggenheim S&P 500 Fncls RYF 2.0 .1974 Q Mar31 /Mar21 PwrSh Contrarian Opps CNTR 0.2 .01334 Q Mar31 /Mar21 SPDR S&P 600 SCp Gr SLYG 0.6 .32014 Q Mar27 /Mar21
Guggenheim S&P 500 Growth RPG 0.7 .1529 Q Mar31 /Mar21 Pwrsh FTSE Dev Mkt xUS PDN 0.3 .01839 Q Mar31 /Mar21 SPDR S&P 600 Small Cap SLY 1.2 .35371 Q Mar27 /Mar21
Independent Bank INDB 1.9 .32 /.29 Q Apr07 /Mar27 Guggenheim S&P 500 Top 50 XLG 1.9 .7792 Q Mar31 /Mar21 PwrSh FTSE US1500 S-M PRFZ 0.1 .02948 Q Mar31 /Mar21 SPDR S&P Bank KBE 1.0 .10972 Q Mar27 /Mar21
MTGE Investment MTGE 10.7 .45 /.40 Q Apr27 /Mar31 Guggenheim S&P 500Hlthcr RYH 0.4 .157 Q Mar31 /Mar21 PwrSh Intl Div Achievers PID 0.4 .01675 Q Mar31 /Mar21 SPDR S&P Biotech XBI 0.1 .0197 Q Mar27 /Mar21
W. P. Carey Inc. WPC 6.4 .995 /.99 Q Apr17 /Mar31
Guggenheim S&P 500Util RYU 3.3 .69 Q Mar31 /Mar21 PwrSh Russ 1000 Equal Wt EQAL 0.4 .02591 Q Mar31 /Mar21 SPDR S&P Capital Markets KCE 2.8 .32779 Q Mar27 /Mar21
Washington Trust Bancorp WASH 2.9 .38 /.37 Q Apr13 /Apr03 Guggenheim S&P MC 400 EW EWMC 1.3 .1873 Q Mar31 /Mar21 PwrSh S&P 600 Low Vol XSLV 0.4 .04016 Q Mar31 /Mar21 SPDR S&P Dividend SDY 2.0 .43735 Q Mar27 /Mar21
Reduced Guggenheim S&P Midcap 400 RFG 1.1 .3833 Q Mar31 /Mar21 PwrShrs FTSE RAFI ex-U.S. PXF 0.4 .04022 Q Mar31 /Mar21 SPDR S&P Gl Dividend WDIV 1.7 .27336 Q Mar29 /Mar21
New York Mortgage Tr NYMT 12.6 .20 /.24 Q Apr25 /Mar27 Guggenheim S&P Midcap 400 RFV 1.3 .1973 Q Mar31 /Mar21 PwrShrs Glbl Agriculture PAGG 0.4 .02798 Q Mar31 /Mar21 SPDR S&P Hlth Care Svcs XHS 0.1 .02152 Q Mar27 /Mar21
Guggenheim S&P SC 600 EW EWSC 1.2 .1536 Q Mar31 /Mar21 PwrShrs QQQ Tr Series 1 QQQ 0.8 .27415 Q Apr28 /Mar21 SPDR S&P Homebuilders XHB 0.7 .0663 Q Mar27 /Mar21
Initial Guggenheim S&P Scap 600 RZG 0.5 .1309 Q Mar31 /Mar21 PwrShrs Zacks Micro Cap PZI 7.8 .35479 Q Mar31 /Mar21 SPDR S&P Insurance KIE 1.3 .28219 Q Mar27 /Mar21
Morgan Stanley Pfd. K MSpK .30469 Apr17 /Mar31 Guggenheim S&P Smlcp 600 RZV 1.2 .1992 Q Mar31 /Mar21 PwrShs Ex Trd FTSE RAFI PRF 0.3 .07716 Q Mar31 /Mar21 SPDR S&P Intl Div Curr HDWX 2.3 .25097 Q Mar29 /Mar21
Guggenheim S&P500 EW Tech RYT 0.8 .2327 Q Mar31 /Mar21 PwrShs Glbl Lstd Prvt Eq PSP 3.9 .11681 Q Mar31 /Mar21 SPDR S&P Intl Dividend DWX 2.4 .22313 Q Mar29 /Mar21
Funds and investment companies Health Care Sel Sector XLV 1.5 .27384 Q Mar27 /Mar21 PwrShs S&P Intl Dev Hi IDHD 1.9 .12627 Q Mar31 /Mar21 SPDR S&P Intl Energy IPW 3.0 .13455 Q Mar29 /Mar21
BLDRS Asia 50 ADS Index ADRA 0.4 .03136 Q Apr28 /Mar21 Industrial Select Sector XLI 1.8 .2967 Q Mar27 /Mar21 PwrShs SP SmCp Cons Discr PSCD 0.1 .01616 Q Mar31 /Mar21 SPDR S&P Intl Finl IPF 1.3 .06937 Q Mar29 /Mar21
BLDRS Dev Mkts 100 ADS ADRD 2.7 .14331 Q Apr28 /Mar21 iPath GEMS Asia 8 ETN AYT 1.0 .0326 M Mar22 /Mar21 PwrShs WldrHll Prgrs Ergy PUW 0.7 .04609 Q Mar31 /Mar21 SPDR S&P Intl Health Care IRY 3.2 .378 Q Mar29 /Mar21
BLDRS Emerg Mkts 50 ADS ADRE 0.2 .02065 Q Apr28 /Mar21 iPath GEMS Index ETN JEM 4.4 .1059 M Mar22 /Mar21 Real Estate Sector SPDR XLRE 2.5 .19771 Q Mar27 /Mar21 SPDR S&P Intl Industrial IPN 0.2 .01673 Q Mar29 /Mar21
BLDRS Europe 100 ADS ADRU 3.1 .15677 Q Apr28 /Mar21 Matls Select Sector SPDR XLB 1.3 .16403 Q Mar27 /Mar21 Renaissance IPO ETF IPO 0.4 .02173 Q Mar27 /Mar21 SPDR S&P Intl Materials IRV 1.6 .08564 Q Mar29 /Mar21
Cnsmr Staples Sel Sector XLP 2.1 .28985 Q Mar27 /Mar21 OSh FTSE Eur Quality Div OEUH 1.5 .03317 M Mar23 /Mar21 S&P Intl Cons Staples IPS 1.6 .16678 Q Mar29 /Mar21 SPDR S&P Intl Tech IPK 0.1 .00948 Q Mar29 /Mar21
Consumer Disc Sel Sector XLY 1.2 .26054 Q Mar27 /Mar21 PowerSh Dyn Biotech PBE 0.5 .05552 Q Mar31 /Mar21 SPDR Aero & Dfns XAR 0.7 .125 Q Mar27 /Mar21 SPDR S&P Intl Telecomm IST 0.6 .03886 Q Mar29 /Mar21
Energy Select Sector SPDR XLE 2.4 .41902 Q Mar27 /Mar21 PowerSh Dynamic Pharm PJP 0.2 .03683 Q Mar31 /Mar21 SPDR DJ Glbl Real Estate RWO 2.2 .25724 Q Mar29 /Mar21 SPDR S&P Intl Utilities IPU 2.5 .09906 Q Mar29 /Mar21
Fidelity Core Div ETF FDVV 3.6 .244 Q Mar23 /Mar21 PowerSh Dynamic Retail PMR 0.3 .02313 Q Mar31 /Mar21 SPDR DJ Intl Real Estate RWX 5.0 .19844 Q Mar29 /Mar21 SPDR S&P Metals & Mining XME 0.5 .03972 Q Mar27 /Mar21
Fidelity Div Rising Rates FDRR 2.8 .199 Q Mar23 /Mar21 PowerSh FTSE RAFI EM PXH 0.3 .01342 Q Mar31 /Mar21 SPDR DJ REIT RWR 2.6 .60809 Q Mar27 /Mar21 SPDR S&P MidCap 400 ETF MDY 1.0 .82281 Q Apr28 /Mar21
Fidelity Low Vol Factor FDLO 1.6 .107 Q Mar23 /Mar21 PowerSh S&P 500 Hi Beta SPHB 0.5 .04619 Q Mar31 /Mar21 SPDR DJIA Tr DIA 2.3 .40817 M Apr17 /Mar21 SPDR S&P O&G Exp & Prd XOP 0.8 .07387 Q Mar27 /Mar21
Fidelity Momentum Factor FDMO 1.2 .081 Q Mar23 /Mar21 PowerSh WildrHil Clean PBW 1.4 .01339 Q Mar31 /Mar21 SPDR EAFE Fossil Fuel Fr EFAX 1.4 .22603 Q Mar29 /Mar21 SPDR S&P Oil&Gas Equi XES 0.5 .02347 Q Mar27 /Mar21
Fidelity MSCI Con Staples FSTA 2.0 .162 Q Mar23 /Mar21 PowerShares Div Achievers PFM 0.4 .02346 Q Mar31 /Mar21 SPDR EM Fossil Fuel Free EEMX 1.6 .2398 Q Mar29 /Mar21 SPDR S&P Pharmaceuticals XPH 0.3 .02696 Q Mar27 /Mar21
Fidelity MSCI Cons Disc FDIS 1.1 .094 Q Mar23 /Mar21 PowerShares DWA Mom Low DWLV 1.0 .06425 Q Mar31 /Mar21 SPDR Em Mkts Div ETF EDIV 0.7 .05057 Q Mar29 /Mar21 SPDR S&P Regional Bkg KRE 1.2 .17365 Q Mar27 /Mar21
Fidelity MSCI Engy Index FENY 2.5 .121 Q Mar23 /Mar21 PowerShares DWA Utilities PUI 2.6 .17753 Q Mar31 /Mar21 SPDR EURO STOXX 50 FEZ 0.8 .07062 Q Mar29 /Mar21 SPDR S&P Retail XRT 1.0 .10797 Q Mar27 /Mar21
Fidelity MSCI Financials FNCL 1.5 .135 Q Mar23 /Mar21 PowerShares India PIN 1.6 .08825 Q Mar31 /Mar21 SPDR EURO STOXX 50 Curr HFEZ 0.8 .07254 Q Mar29 /Mar21 SPDR S&P Semiconductor XSD 0.6 .09054 Q Mar27 /Mar21
Fidelity MSCI Hlth Care FHLC 1.4 .125 Q Mar23 /Mar21 PowerShares S&P 500 Mom SPMO 0.2 .01507 Q Mar31 /Mar21 SPDR Gender Diversity SHE 1.7 .2729 Q Mar27 /Mar21 SPDR S&P Software & Svcs XSW 0.2 .02607 Q Mar27 /Mar21
Fidelity MSCI Industrials FIDU 1.8 .155 Q Mar23 /Mar21 PowerShares S&P 500 Qual SPHQ 0.3 .02258 Q Mar31 /Mar21 SPDR Global Dow DGT 1.3 .25033 Q Mar27 /Mar21 SPDR S&P Tech Hardware XTH 0.4 .0638 Q Mar27 /Mar21
Fidelity MSCI Info Tech FTEC 1.0 .101 Q Mar23 /Mar21 PowerShares S&P 500 Value SPVU 0.6 .04471 Q Mar31 /Mar21 SPDR Morgan Stanley Tech MTK 0.7 .12149 Q Mar27 /Mar21 SPDR S&P Telecom XTL 1.3 .2272 Q Mar27 /Mar21
Fidelity MSCI Matls Index FMAT 1.7 .133 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDLV 0.6 .04375 Q Mar31 /Mar21 SPDR MSCI USA Strat QUS 1.7 .29829 Q Mar27 /Mar21 SPDR S&P Transportation XTN 0.7 .09394 Q Mar27 /Mar21
Fidelity MSCI Real Est FREL 2.8 .165 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDMO 3.9 .23084 Q Mar31 /Mar21 SPDR Russ 1000 Low Vol ONEV 1.6 .27867 Q Mar27 /Mar21 SPDR SP1500 Momentum Tilt MMTM 1.7 .41722 Q Mar27 /Mar21
Fidelity MSCI Telecom Svs FCOM 2.8 .22 Q Mar23 /Mar21 PowerShares S&P Intl Dev IDHQ 0.5 .02655 Q Mar31 /Mar21 SPDR Russ 1000 Momentum ONEO 1.1 .19629 Q Mar27 /Mar21 SPDR SSGA US LC Low Vol LGLV 1.6 .34208 Q Mar27 /Mar21
Fidelity MSCI Utilities FUTY 2.9 .245 Q Mar23 /Mar21 PowerShs Dev EuroPacific FXEP 0.4 .02383 Q Mar31 /Mar21 SPDR Russ 1000 Yd Focus ONEY 2.5 .44437 Q Mar27 /Mar21 SPDR SSGA US SC Low Vol SMLV 1.5 .35912 Q Mar27 /Mar21
Fidelity Nasdaq Cmp-Trckg ONEQ 0.6 .35 Q Mar23 /Mar21 PowerShs Dynamic LC Val PWV 0.3 .02717 Q Mar31 /Mar21 SPDR Russell 1000 ETF ONEK 1.7 .4672 Q Mar27 /Mar21 SPDR STOXX Europe 50 FEU 3.2 .25923 Q Mar29 /Mar21
Fidelity Quality Factor FQAL 1.2 .084 Q Mar23 /Mar21 PowerShs KBW P&C Ins KBWP 0.4 .06241 Q Mar31 /Mar21 SPDR Russell 2000 ETF TWOK 1.1 .23005 Q Mar27 /Mar21 SPDR Wells Fargo Pfd PSK 3.7 .40 Q Mar27 /Mar21
Fidelity Value Factor ETF FVAL 1.5 .108 Q Mar23 /Mar21 PS FTSE Intl Low Beta Eq IDLB 0.4 .02534 Q Mar31 /Mar21 SPDR Russell 3000 ETF THRK 1.6 .71561 Q Mar27 /Mar21 Technology Sel Sector XLK 1.5 .20524 Q Mar27 /Mar21
Finl Select Sector SPDR XLF 1.4 .0879 Q Mar27 /Mar21 PS KBW Banks KBWB 0.5 .06168 Q Mar31 /Mar21 SPDR S&P 1000 ETF SMD 1.2 .27819 Q Mar27 /Mar21 Utilities Sel Sector SPDR XLU 3.0 .38719 Q Mar27 /Mar21
FTSE RAFI As Pac exJpn PAF 0.9 .12769 Q Mar31 /Mar21 PS KBW Regional Bk KBWR 0.5 .06573 Q Mar31 /Mar21 SPDR S&P 1500 Value Tilt VLU 1.8 .42584 Q Mar27 /Mar21
Guggenheim MSCI EM Equ EWEM 0.7 .0556 Q Mar31 /Mar21 PS Russ 1000 Low Beta Eq USLB 0.3 .02052 Q Mar31 /Mar21 SPDR S&P 400 Mid Cap Gr MDYG 1.0 .3562 Q Mar27 /Mar21 Stocks
Guggenheim S&P 100 EW OEW 1.3 .0968 Q Mar31 /Mar21 PS Russell 2000 EW EQWS 0.2 .02153 Q Mar31 /Mar21 SPDR S&P 400 Mid Cap Val MDYV 1.4 .33261 Q Mar27 /Mar21 Rosetta Genomics ROSG 1:12 /Mar17
Guggenheim S&P 500 RPV 2.1 .3076 Q Mar31 /Mar21 PS Russell 2000 Pure Grw PXSG 0.3 .01969 Q Mar31 /Mar21 SPDR S&P 500 SPY 1.7 1.03312 Q Apr28 /Mar21
Guggenheim S&P 500 Enrgy RYE 2.1 .3076 Q Mar31 /Mar21 Foreign
PS Russell 2000 Pure Val PXSV 0.2 .01651 Q Mar31 /Mar21 SPDR S&P 500 Buyback ETF SPYB 1.4 .1889 Q Mar27 /Mar21
Guggenheim S&P 500 Equal RGI 1.0 .268 Q Mar31 /Mar21 Deutsche Bank DB 1.1 .2024 A May23 /May18
PS Russell MC Pure Growth PXMG 0.5 .04073 Q Mar31 /Mar21 SPDR S&P 500 Fossil Fuel SPYX 1.6 .22922 Q Mar27 /Mar21
Guggenheim S&P 500 EqWt RTM 1.7 .3948 Q Mar31 /Mar21 PS Russell MC Pure Value PXMV 0.2 .01866 Q Mar31 /Mar21 SPDR S&P 500 Growth SPYG 1.4 .39611 Q Mar27 /Mar21
Guggenheim S&P 500 EqWtCn RHS 1.5 .4844 Q Mar31 /Mar21 PS Russell Top 200 Pure G PXLG 0.3 .02857 Q Mar31 /Mar21 SPDR S&P 500 High Div ETF SPYD 3.6 .31759 Q Mar27 /Mar21
Guggenheim S&P 500 EW RSP 1.5 .35 Q Mar31 /Mar21 PS Russell Top 200 Pure V PXLV 0.2 .01403 Q Mar31 /Mar21 SPDR S&P 500 Value SPYV 2.0 .58276 Q Mar27 /Mar21 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Guggenheim S&P 500 EW Con RCD 1.4 .3165 Q Mar31 /Mar21 PS S&P Emg Mkts Low Vol EELV 0.7 .03936 Q Mar31 /Mar21 SPDR S&P 600 SCap Val SLYV 1.8 .5313 Q Mar27 /Mar21 S2:1: stock split and ratio; SO: spin-off.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | B9
MARKETS
Of Bitcoin
are usually revised upward, 90
cheer from demand, or at least which carries significance much, much smaller number at Swiss bank UBS Group AG
the statistics that consistently for prices. 80 of companies,” he said. wrote in a recent report. The
underestimate it. 70 “Our accuracy has improved bank estimates that for 31 of
BY CHAO DENG The International Energy Oil-demand forecasts recently, but there are so the past 35 quarters, IEA data
60
Agency’s annual estimates of Millions of barrels a day many moving parts in the revisions have shown a tighter
BEIJING—China’s central global crude demand have 50 market,” he said. oil market than it initially esti-
Reports from
bank is moving to regulate its been revised up for the past January of 40 On Friday, oil for April de- mated.
domestic bitcoin industry, cir- seven years by an average of each year livery on the New York Mer- UBS believes that demand
culating new guidelines that, if 880,000 barrels a day, accord- 30 cantile Exchange rose less is also harder to pin down be-
enacted, would require ex- ing to a Wall Street Journal Report from 20 than 0.1%, to $48.78 a barrel. cause about half of global oil
changes to verify the identity analysis. March 2017 Brent crude, the global bench- consumption comes from
10
of clients and adhere to bank- Investors and analysts be- mark, also gained less than countries outside the Organi-
ing regulations. lieve that the IEA will have
Note: Compares current-year January 0 0.1%, to $51.76 on ICE Futures zation for Economic Coopera-
demand forecasts against agency's most
The move to regulate bit- also underestimated demand recent estimate for each year (March 2017) 2010 ’11 ’12 ’13 ’14 ’15 ’16 Europe. tion and Development, where
coin exchanges brings assur- this year, suggesting that more Source: International Energy Agency THE WALL STREET JOURNAL. The IEA has already raised statistical gathering isn’t well
ance that Chinese authorities oil is being bought than the its 2017 demand forecast once developed. The U.S., an OECD
will tolerate some level of market currently believes. of 2.3 million barrels a day, ac- market analyst at the IEA, said this year, by 200,000 barrels a member state and the world’s
trading, after months of un- “In recent years, we’ve seen cording to an analysis by The demand is harder to estimate day. But going by past exam- biggest crude consumer, pro-
certainty. A draft of the guide- oil demand being constantly Wall Street Journal. A spokes- than supply. ples—and with an upturn in duces weekly demand esti-
lines also indicates officials revised higher and by the man for the agency said the It involves “billions of con- global growth—the number mates, and they are often later
aim to bring practices in line looks of it this year shouldn’t underestimation is due to lags sumers world-wide and many could still be increased sub- revised.
with how bitcoin is traded in be any different,” said Rob in historical data and the lack
other markets. Thummel, portfolio manager of data from some countries,
The draft states that Chi- at Tortoise Capital Advisors, among other reasons. ADVERTISEMENT
nese bitcoin exchanges would which manages $17 billion in The IEA’s data, though, is
be subject to banking and energy assets. “This is a clear the most closely watched and
anti-money-laundering laws
and be required to collect in-
positive for oil prices.”
U.S. oil prices last week fell
is often used by oil analysts in
their own reports.
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
formation to identify custom- 9.1% on data that showed The agency estimates global
ers, according to people famil- American inventories were oil demand based on data and
iar with the matter. They say still rising. statistical models. It then re- TRAVEL
the draft, if implemented, The history of discrepancies vises the statistics in monthly
would require exchanges to in- underscores how oil markets reports as more data become
stall systems for collecting often trade on incomplete available. The Journal com-
! #
and reporting suspicious trad- data. pared the IEA’s predictions for
The demand revisions have annual demand made in Janu-
amounted, on average, to less ary of each of the past seven
than 1% of a giant market in years with latest available es-
The exchanges would which about 97 million barrels timates for those years. Look-
be subject to banking of oil are sold daily. ing at predictions made in
But the difference, if re- March and September over the
and anti-money-
peated this year, is important. seven years painted a similar
laundering laws. The oversupply that has pres- picture of consistent underes-
sured oil prices for almost timates.
three years was estimated at Revisions of oil supply esti-
about 1% to 2% of the market mates are typically much
ing activity to authorities. in 2016. smaller than for demand—and
The people said officials To be sure, the IEA may get are often about correcting
could still revise the guide- its prediction right this year, overestimates for crude pro-
lines, which were passed to and others release demand duction. The IEA’s supply data
exchanges in recent days.
The People’s Bank of China
didn’t respond to a request for
predictions that are used by
investors. Still, there is little
evidence that those other
have been revised down
60,000 barrels a day on aver-
age over the past seven years,
comment. forecasts are more accurate. according to the Journal anal-
Chinese investors have fled The U.S. Energy Information ysis. That means the oversup-
the market since authorities Administration’s forecasts ply usually ends up being
started scrutinizing bitcoin have underestimated con- smaller than initially thought,
trading in the country, sumption over the past seven another positive for those
prompting exchanges to install
trading fees and, in some
years, with the annual figures
being revised up by an average
wanting higher oil prices.
Matt Parry, a senior oil
cases, to suspend withdrawal
of bitcoin from platforms.
The central bank opened up ADVERTISEMENT
investigations in January at
the country’s three largest bit-
coin exchanges, Huobi, OkCoin
Showroom
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MARKETS
U.S. Stocks, Bonds Notch Weekly Gains
Utilities, real-estate
shares lift S&P 500; Call to Yield Fed rate
increase
2%
energy sector recoups Expectations for a steady pace of S&P 500
some week-ago losses real estate
interest-rate increases from the s1.7%
Federal Reserve sparked a rally this
BY CORRIE DRIEBUSCH S&P 500
AND AARON KURILOFF
past week in bonds and stocks known
utilities
for paying relatively hefty dividends, s1.3%
Investors poured money while financial shares slipped.
into government bonds and 1
S&P 500
dividend-paying stocks Friday, telecom
pushing major indexes to PERCENTAGE CHANGE SINCE MARCH 10 s1.3%
weekly gains.
The Dow Jones Industrial
Average slipped 19.93 points,
or 0.1%, to 20914.62 on Friday, S&P 500
while the S&P 500 fell 3.13 s0.2%
points, or 0.1%, to 2378.25, and 0
the Nasdaq Composite added
0.24 point, or less than 0.01%,
to 5901.00. U.S. stocks ended
the week higher, with the Dow
industrials up 0.1% and the
S&P 500 gaining 0.2%. S&P 500
Government bond prices financials
and bond-like stocks got a –1 t0.9%
boost after the Fed signaled Monday Tuesday Wednesday Thursday Friday
that interest rates could stay
low for longer than expected, YIELD ON 10-YEAR TREASURY NOTE PROBABILITY OF FOUR RATE INCREASES IN 2017
even as officials continue to
2.65% 28%
gradually nudge them higher. Fed rate
Utilities stocks in the S&P increase
26
2.60
500 rose 0.6% on Friday, the Friday
best performers in the index, Friday 24 23%
while the real-estate sector, 2.55
2.500% 22
which mainly includes real-es-
tate investment trusts that 2.50
20
distribute most of their in-
come to shareholders, climbed 2.45 18
0.2%. Monday Tuesday Wednesday Thursday Friday March 10 13 14 15 16 17
The two sectors, often con-
sidered bond proxies for their Sources: FactSet (indexes); Thomson Reuters (yield); CME Group (probability) THE WALL STREET JOURNAL.
relatively high dividends,
notched weekly gains of 1.3%
and 1.7%, respectively. The yield on the 10-year raise rates four times in 2017. a barrel. This past week they end-of-day volume as a host of a basket of 16 others, lost 0.1%
This past week marked the U.S. Treasury note declined to That turned out not to be the have gained back 0.6%, after futures and options contracts to end the week 1.3% lower af-
16th-consecutive week of in- 2.500% Friday, according to case. falling more than 9% the prior are set to expire at the close. ter the Fed’s signals led some
flows into exchange-traded Tradeweb, compared with “The language was dovish week because of concerns The quarterly event, known as investors to reduce their dol-
funds that invest primarily in 2.526% on the previous day. enough to give the markets about resilient output from “quadruple witching,” signals lar bets. It was the dollar’s
companies that dole out divi- Yields decline as prices move some comfort that we weren’t the U.S. and uncertainty over the expiration of index futures, largest weekly decline since
dends, according to EPFR higher. going to see a lot more tight- how much the Organization of single-stock futures, index op- July.
Global data through Wednes- Leading up to the central ening,” said Marc Pinto, port- the Petroleum Exporting tions and single-stock options, Stocks in Europe ended the
day. During that time, $6.9 bil- bank meeting, many Fed offi- folio manager at Janus Capital Countries will cut production. and can increase volatility in week higher, with the Stoxx
lion have flowed into these cials spoke about how the case Group. The S&P 500 energy sector the market. Europe 600 rising 1.4%. In
funds. for raising rates had strength- “I think the dividend and ended Friday slightly lower, The dollar slipped Friday, Asia, the Shanghai Composite
The inflows come even as ened due to improving eco- income story does not go away but posted weekly gains of weighed down by investors’ added 0.8% in the past week,
the Federal Reserve has raised nomic data. Their tone with a higher 10-year yield.” 0.3%, a slight bounceback from expectations of a slower pace while the Hang Seng Index
interest rates twice and is on sparked worries among some U.S.-traded crude-oil prices the prior week’s 2.6% loss, its of interest rate increases. The gained 3.1%.
pace to raise rates an addi- investors that the central bank added to weekly gains Friday, worst since September. WSJ Dollar Index, which mea- —Ira Iosebashvili
tional two times in 2017. may be more aggressive and rising less than 0.1% to $48.78 Friday brought a surge of sures the U.S. currency against contributed to this article.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Options for
Toshiba Are
Amgen’s Money-Back Guarantee OVERHEARD
For insurance companies, Trump. than $150 million in cumula- Cost-cutting targets, stra-
Under Pressure
Unappealing drug-stock investors, and the
president, price matters.
Amgen served as a re-
Annual Repatha sales
While Amgen has signed
deals with insurers offering
discounts on Repatha if the
tive drug sales since ap-
proval was received.
Those projections are
tegic reviews: Companies em-
ploy many tactics when re-
sults are poor. Swatch
The blast wave from minder on Friday. New clini- $3.0 billion drug doesn’t perform, the counting on Repatha to gen- Group is trying something a
Toshiba’s nuclear mess could cal data from the biotech gi- drug maker took it a step erate essentially all of Am- bit different: reaching for the
yet be felt across the Pacific. ant show its cholesterol drug 2.0 further by offering its guar- gen’s revenue growth family scrapbook.
Months after unveiling bil- Repatha, when used in com- antee in the company’s through 2022. The Swiss watch-
lions of dollars of write- bination with statins, caused 1.0 press release that an- Sales of Amgen’s current maker’s annual report featured
downs at nuclear subsidiary a 20% reduction in deaths, nounced the data. best-selling product, the photos of the management
Westinghouse Electric, the strokes and heart attacks, The refund offer that the anti-inflammatory drug En- team as children. Board Chair-
0
Japanese conglomerate still compared to traditional sta- company made to insurers brel, are expected to drop woman Nayla Hayek wrote
2015 ’16 ’17 ’18 ’19 ’20 ’21 ’22
hasn’t recovered. Toshiba de- tin therapy. However, the ANALYSTS’ FORECASTS
could make paying for per- 20% over that period as the that her father, Swatch
layed its December-quarter data don’t show a meaning- Source: FactSet formance a more accepted product ages. founder, Nicolas Hayek, was
results for a second time ful reduction in cardiovascu- way to balance drug prices The good news: Amgen fond of encouraging people to
Tuesday, pushing it one step lar mortality rates for pa- before rebates and discounts. with their value. shares trades at less than 14 channel their six-year-old
closer to being delisted from tients on Repatha. A statin, meanwhile, has a For Amgen, even the re- times forward earnings, selves. “At six years old, you
the Tokyo Stock Exchange. The data are strong in an minimal cost. That dynamic fund offer may not bring in- more or less on par with never lose hope,” she wrote.
Toshiba is trying to shore absolute sense, but left in- has weighed on Repatha surers on board given the most of its large biotech and Her brother, CEO Nick
up its memory-chip business vestors disappointed. sales since the drug’s launch drug’s failure to improve in pharma peers. Hayek, is known for bullish
but still needs to ringfence Amgen shares finished in 2015. cardiovascular mortality out- That should keep Friday’s prognoses. He began 2016 by
the fallout from the debacle 6.4% lower on Friday, after To help win over those in- comes, according to analysts slide from turning into a predicting growth of “well
at Westinghouse. It could having rallied by about 23% surers, Amgen made an un- at Robert W. Baird & Co. prolonged slump. over 5%.” Sales ended the
have to take a $6.3 billion this year. usual public offer of refunds As such, Amgen will have However, Friday’s results year down 11% as orders from
write-down due to cost over- Smaller biotechnology if patients on the drug suffer an uphill battle to meet Wall suggest that investors, just Asia stayed weak. Now he is
runs on four new nuclear re- companies developing simi- a heart attack or stroke. Street analysts’ revenue ex- like health plans, are more forecasting growth of 7% to
actors it is building. lar drugs fell as much as That is a sensible step to pectations for the drug. An likely to pay for performance 9% for 2017. He stands a bet-
Toshiba says it could sell 20% Friday. boost sales given Friday’s analysts’ consensus calls for in the future. ter chance of success this
Westinghouse or file for its One reason: Insurers will data and the rising pressure more than $3 billion in an- Until then, Amgen’s sharp time as China’s luxury market
chapter 11 bankruptcy. Nei- weigh the data against Re- that drug makers are feeling nual sales by 2022, accord- rally to start the year is rebounds. The Hayeks needn’t
ther option looks easy. patha’s price. The drug costs on prices from insurers and ing to FactSet. likely to be put on hold. hanker for their salad days.
Finding buyers will be more than $14,500 annually from President Donald Amgen has booked less —Charley Grant
tough. The most obvious can-
didates, Chinese nuclear
companies, will likely be
ruled out for political rea-
sons, and buyers would have
Technology Companies’ IPOs: The Price of a Good Kick
to be comfortable taking on The springtime thaw for uation at or above $1 billion. price of $17 a share, the
unresolved problems. But the tech IPO market may fi- That is about 60% more than stock has been moving in Deal Flow
chapter 11 threatens the first nally be here, but investors those who could boast of mostly one direction—down. Number of technology IPOs on U.S. exchanges
nuclear projects approved in should be cautious before such a “unicorn” designation Snap closed Friday below the
the U.S. for three decades. skating too far out on thin ice. two years ago. Some of these $20 mark, off nearly 19% 70
The U.S. government al- MuleSoft, a maker of will make their exit through from its initial opening price.
60
ready made hefty loan guar- business software, priced its buyouts, but others will need The median price target
antees available to the power initial offering late Thursday to persuade public investors among the 10 analysts cover- 50
companies owning the reac- above its expected range. It that there is still some upside ing the stock so far is $17.
tors. Even if it never has to is the second tech issue of to be had, even given their To be sure, tech investors 40
bail the projects out, West- the year, coming two weeks swelling pre-IPO valuations. have some appetite for risk.
30
inghouse’s withdrawal could after the high-profile debut That still won’t be easy. The Nasdaq Composite is now
leave them more financially of Snapchat parent Snap. Public investors are rightfully averaging around 22 times 20
stretched—and potentially Two other tech companies— reluctant. It is no surprise forward earnings—21% above
more in need of future gov- Okta and Yext—filed their that the number of tech IPOs its five-year average. And, 10
ernment support or tariff in- IPO papers earlier in the week. on U.S. exchanges fell from even with a haircut, Snap has
creases. In Donald Trump’s That could be seen as an 62 in 2014 to 26 last year as a total market value of 0
protectionist-minded U.S., encouraging sign for the private valuations soared. around $24 billion, putting it 2001 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16
that would mean more bad growing number of richly Even for Snap, owning a in the upper half of the S&P Source: Dealogic THE WALL STREET JOURNAL.
headlines for Toshiba, which valued, venture-backed tech widely known mobile app 500. Not bad for a company
counts on North America for companies that will be look- that boasts 158 million daily showing two years of operat- executives with no prior man- ever. Deal-starved tech inves-
nearly a fifth of its sales. ing for an exit at some point. users doesn’t fully convince ing history, an accumulated agement experience. tors may be hungry enough to
Toshiba must regret ever Excluding MuleSoft and Okta, investors of lasting value. deficit of $1.2 billion and vot- But public investors have eat a horse, but that doesn’t
pressing the nuclear button. at least 152 other private Ever since scoring the much- ing power concentrated in the their limits, and the current make all unicorns appetizing.
—Jacky Wong companies are sporting a val- desired “pop” from the IPO hands of two 20-something bull market won’t last for- —Dan Gallagher
The U.S. and the Books on four
U.K. form a faces of Israel: a
natural market. poet, a thinker, a
Their consumers slain statesman
need a trade deal and the language
C3 C5
BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | C1
O
n a mild, damp March afternoon in 2011, Sarah Tighe and her
husband Tom Hayes arrived in the prenatal wing of London’s University
College Hospital. They were there for Ms. Tighe’s 12-week pregnancy
scan. T The pregnancy was off to a difficult start. Ms. Tighe had suffered from
severe morning sickness. Mr. Hayes, a disheveled, mildly autistic 32-year-old
mathematician, hadn’t been helping matters. He didn’t seem
A TRAP
especially concerned with her discomfort. Instead, he was
preoccupied with his favorite British soccer team, Queen’s
FOR A Park Rangers, and his firing months earlier from Citigroup,
which had accused him of trying to manipulate an important
INSIDE
REVIEW
REVIEW
KEVIN LAMARQUE/REUTERS
BRITISH PRIME MINISTER Theresa May and President Donald Trump field questions from reporters during a joint news conference at the White House, Washington, Jan. 27.
turned out, his intervention backfired spectac- “free trade” in the title. Although they had liber-
proach to literature—but the patterns leapt McCarthy went the other way, focusing on male
out. Of all verbs, muttered had the most lop- characters—and using “he” more than “she”—in
sided ratio of being used to describe the ac- each of their combined 24 published novels.
tions of male characters (“he muttered,” “he As the late popular crime novelist P.D.
was muttering,” “he mutters” and so on) ver- chunk of English literature, male characters are female authors didn’t discernibly differ in the James has said, “All fiction is largely autobio-
sus those of female ones (“she muttered” and about twice as likely to grin as female ones. frequency with which they have their charac- graphical, and much autobiography is, of
the like). Meanwhile, murmured came out as Our fictional universe also turns out to con- ters of both genders interrupt. course, fiction.” Looking at diction choices
the third most distinctive verb for female char- tain words that male authors use to describe Similarly, female authors use sob at about across gender may not help us to savor great
acters. In all three categories that I sampled, female characters but which a woman would the same rate for their male and female charac- literature, but it provides a surprising X-ray of
authors of both genders were prone to having rarely use to describe herself or another ters—but male writers hardly ever use it to de- our culture and ourselves. The use of statistics
their women murmur while their men mutter. woman. These words seem to highlight the scribe their own male characters. Male authors offers an unguarded glimpse at how we see
For female characters, the five most dispro- biggest differences in how male and female au- seem, consciously or not, to hold that if “real and describe one another—and how others see
portionately used verbs are shivered, wept, mur- thors view the world. men don’t cry,” then “fictional men don’t sob.” and describe people like us.
mured, screamed and married. For males, the One key word here: interrupted. In each of On the flip side, male authors describe
top five are muttered, grinned, shouted, chuckled our three categories (classics, popular fiction their male and female characters as fearing Mr. Blatt is the author of “Nabokov’s Favor-
and killed. Much of that diction flies close to and literary fiction), male writers are at least at about the same rate—but females writers ite Word Is Mauve: What the Numbers Reveal
stereotype. A few words emerged, in all three 75% more likely to have their female charac- refrain from having their male characters About the Classics, Bestsellers, and Our Own
categories of fiction, as sneakily gendered: In my ters interrupt than their male ones. Meanwhile, fear things. Overall, they are about twice as Writing,” just published by Simon & Schuster.
C4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
REVIEW
WORD ON R&D: DANIEL AKST
THE STREET:
BEN ZIMMER The Foam That
‘Greyball’ Cleans Oil Spills
OIL AND WATER don’t mix, the saying goes,
Takes a Ride but in the event of a big oil spill, they do a
A Non-Perfectionist’s Creed
jecting or excluding someone, in—the technical term is
such as an applicant to an or-
ganization. But the “gray”
“adsorbs”—up to 90
times its weight in oil.
A sponge
suggests that the exclusion is I AM NOT a perfectionist. However, I often you should keep working all the way until Oleo Sponge has per- treated
provisional or temporary, not
as extreme as “blackballing.”
stay up far into the night obsessively work-
ing on something. The task might be my
the deadline. This is the perfectionist’s
point of view, but it’s not mine.
formed not just in the
lab but also in tests at
to be fond
“Blackballing” goes back to mathematical research, practicing the pi- Instead, I optimize the outcome divided the National Oil Spill Re- of oil.
practices by private clubs, at- ano or making another batch of French by my effort. If the manuscript I’m revising sponse Research and Re-
tested as early as the 16th macarons. improves very quickly at the beginning of newable Energy Test Fa-
century, when voting on new Once I stayed up making a transparent my work before I hit diminishing returns, cility in Leonardo, N.J.
members. A vote for a pro- plastic Möbius strip with lines from a Bach then the outcome-to-effort ratio will in- Operated by a contractor for the Interior De-
posed member would be reg- score written on it, for a talk on math and crease to a maximum and start decreasing. partment, the facility’s centerpiece is a huge
istered with a white-colored music. As I made it for the fifth time, I in- That is the point where I should stop. tank filled with 2.6 million gallons of saltwater,
ball deposited in a ballot box. sisted to myself, “I am not a perfectionist. I On the other hand, the outcome-to-effort enabling equipment to be tested on something
A black ball meant a vote just have high minimum standards.” ratio might remain constant from the start like a real-world scale. At the facility, large
against membership. I might seem like a perfectionist, but I and only decrease once I’m far along with segments of foam were used and squeezed out
By the 18th century, the really don’t believe in perfection. I am fre- the work. This means that there is no sin- repeatedly, with no significant degradation.
“black ball” method had quently pleased with my work in a way gle maximum point in my outcome-to-ef- In its ordinary state, a piece of common
spawned a verb. The Oxford that perfectionists are usually not. I set fort ratio, so I invoke the boundary condi- foam will soak up fluid indiscriminately. How
English Dictionary records a standards, but they are achievable. I proof- tion: my minimum acceptable standard. to make it especially attractive to oil? It de-
1765 letter writer in England read closely but accept the fact that some- Having set a minimum standard, I stop pends on a process called “sequential infiltra-
as saying, “I am really sur- thing as long as a book is destined to have when I reach it. Given the constraints, that tion synthesis,” which the Argonne scientists
prised...that so good a man typos in it. I am always happy is my optimal outcome-to- had previously invented for other purposes.
should have been so often with my performance in a talk effort ratio. This is a way of getting inorganic materials
black balled (as they call it)
at Almack’s lately.” (Almack’s
or a concert, even if I make
mistakes. My house is a mess,
How to When I stayed up all
night making a Bach Möbius
such as metal oxides into polymers such as
polyurethane. In this case, the researchers
was a prominent social club especially my desk. optimize the strip, I wasn’t aiming for adapted the technique so they could bind alu-
in London.)
“Blacklist” went through a
But when it’s 3 a.m. and I’m
still changing a comma here
outcome-to- perfection, just for my mini-
mum standard. This involved
minum oxide to the fibers within the foam.
Thus primed, the foam was treated with
similar process, going from a and there on page 214 of a effort ratio. having the right notes, carbon-based chemicals to make it oleophilic,
noun for a list of people sub- manuscript, I do ask myself spaced proportionally to or “oil loving.” Seth Darling, a co-inventor of
ject to a ban to a verb for the what I’m doing. Fortunately, I their note values and posi- the Oleo Sponge, notes that in this second
act of putting someone on have a mathematical answer, tioned so that when I made step, he and his colleagues could also easily
such a list. “Whitelist” was based on optimization. the twist in the Möbius strip, the lines treat the foam with a different chemical to
formed by analogy, for a list As I see it, I am not trying to optimize matched up. make it soak up some other unwanted sub-
of people or things that are the absolute outcome of my effort but I could have achieved a higher outcome- stances, such as heavy metals, pesticide-laden
deemed acceptable. And a rather the ratio of outcome to effort. When to-effort ratio by stopping earlier, but then runoff or waste pharmaceuticals.
“graylist” is somewhere in I was very young, my mother taught me I wouldn’t have satisfied my boundary con- From there, it is just a matter of getting the
between. In computing, about the law of diminishing returns, so I dition. I could have achieved a higher out- sponge into contact with oily water. Surface
“graylisting” refers to a have always known that, after a certain come by working more, but that would spills could be handled by towing a large
method of preventing spam point, putting in more effort is bad value. have meant optimizing the wrong thing— sponge through the spill; once contact is made,
emails by temporarily block- In mathematics, optimization problems the outcome instead of my outcome-to-ef- oil’s property of “cohesion” encourages the
ing suspicious messages. involve a quantity that we are trying to fort ratio. molecules to pull one another in.
“Gray” has been used in make as big (or as small) as possible, sub- Another example is the music salon that For underwater oil, Dr. Darling envisions
other compounds in contrast ject to some constraints, or boundary con- I run. It is very informal, and we don’t re- fishing trawlers dragging net-mounted
with “black” for less-than-ex- ditions. The constraints might be time or hearse at all. We just show up and play, sponges through oily waters. Saturated
treme practices. “Graymail” available resources. and the quality is at least 90% of what we sponges could be hauled aboard and wrung
isn’t as demanding as “black- If we are optimizing outcome alone, the would achieve if we put a 100% effort into out, the oil could be collected, and the process
turning point is where the law of negative rehearsal. It’s an excellent ratio. could be repeated as needed. Depending on
returns kicks in. That’s when the outcome Or consider bowling. My minimum stan- their long-term durability, precautionary ar-
A word going stops improving and actually starts getting dard for bowling is zero, so in fact, my best rays of the sponges might even be used to sur-
back to 16th- worse. At a certain point, making more ed-
its to your manuscript introduces more er-
ratio of outcome to effort is achieved by
not playing at all. If I just watch, my out-
round offshore oil wells as protection against a
spill.
century clubs. rors than it fixes. come is positive and my effort is zero, “Advanced Oil Sorbents Using Sequential In-
If we have a time constraint in the form which makes for an infinite outcome-to-ef- filtration Synthesis,” Edward Barry, Anil U.
of a deadline, we need to ask whether the fort ratio. This is certainly optimal, and Mane, Joseph A. Libera, Jeffrey W. Elam and
turning point arrives before the deadline. If possibly even perfect. Perhaps I am a per- Seth B. Darling, Journal of Materials Chemistry
mail,” and the “gray market” it doesn’t, then to optimize the outcome, fectionist after all. A (Jan. 11)
doesn’t rise to the level of il-
legality of the “black mar-
ket.” A “grayout” is a partial
loss of vision, not as serious
as a “blackout.” PHOTO OF THE WEEK
“Grayballing” as a milder
form of “blackballing” has It’s Not
popped up occasionally even
before the Uber controversy.
Always
On his website Word Spy, Sunny in
Paul McFedries notes a 2015
message on Reddit in which a
Philadelphia
college fraternity member de- A man
scribes a “grayball vote.” And crosses
on Twitter last year, game South Broad
developer Ryan Dancey
wrote, “Today I coined the
Street in
term ‘greyballing,’ the condi- front of
tion between being black- Philadelphia’s
balled and being supported
fully.”
City Hall
Despite being a U.S.-based during a snow
company, Uber uses the typi- storm on
cally British spelling “grey” Tuesday.
in “Greyball.” “Grey” and
“gray” evolved from the same
Old English root, graeg, for a
neutral tone between black
and white. Thanks in part to
the “Fifty Shades of Grey”
book series and movie fran-
chise, grey has been rising in
Answers
To the News Quiz
American usage in recent
on page C13
years. But however you spell
it, Uber’s critics have found 1.B, 2.C, 3.D, 4.D,
“greyballing” ethically shady. 5.C, 6.A, 7.D, 8.C
MATT ROURKE/ASSOCIATED PRESS
IKE VS MCCARTHY C7 | TRAVELS IN A FRENCH KITCHEN C8 | CHARLTON HESTON’S UNDIMMED STAR C9 | BEST SELLERS C10
TIM BOWER
The Language A Modern The Hawk
Of Survival Hebrew Mystic And the Dove
BY BENJAMIN BALINT BY JOSEPH EPSTEIN BY ELLIOTT ABRAMS
THE OTHER DAY, I took some American visitors to the Shrine of IN 1925, at the age of 27, Gershom Scholem wrote from Israel (still MORE THAN TWO DECADES have passed since Yitzhak Rabin
the Book in Jerusalem to see the Dead Sea Scrolls. My guests were British Palestine) to his friend the philosopher Ernst Simon: “I am was shot to death by a right-wing extremist in November 1995, and
struck not so much by the parchments themselves as by the sight now busy writing extremely obscure essays, placing my trust in the in the years since his assassination he has become a potent icon
of a group of Israeli fourth-graders, their noses pressed to the dis- kind of immortality that comes to those who are not read, only for the Israeli peace movement. Rabin’s signing of the Oslo Ac-
play cases, reading aloud from texts that were two millennia old. praised.” This was a joke, of course, but one that turns out to have cords with the Palestine Liberation Organization and his famous
In “The Story of Hebrew,” Lewis Glinert, a professor at Dart- a high truth quotient. Fair to say that Scholem (1897-1982), the au- handshake with Yasser Arafat on the White House lawn in 1993
mouth College, aims to track the fate of the Hebrew language thor of “Major Trends in Jewish Mysticism,” “On the Kabbalah and have made him, as Itamar Rabinovich writes in analogizing Rabin
“from the Israelites to the ancient Rabbis and across two thou- Its Symbolism,” “Sabbatai Sevi: The Mystical Messiah” and other to John F. Kennedy and Abraham Lincoln in the first chapter of his
sand years of nurture, abandonment, and renewal.” The most am- works, owing to the complexity of his arcane subject, has been biography, “the subject of a new mythology.”
bitious attempt since William Chomsky’s groundbreaking 1957 more lauded than read, let alone understood. But this has not got But the truth, as Mr. Rabinovich convincingly argues, is that “it
study, “Hebrew: The Eternal Language,” Mr. Glinert’s biography in the way of his acquiring an international reputation as one of the is wrong to remember and commemorate Rabin as a dovish
of Hebrew succeeds in representing the language not just as a ve- past century’s leading thinkers. leader.” Rabin’s primary concern throughout his life was Israeli se-
hicle of communication but as a crucible of national cohesion. Born among the ill-fated German-Jewish bourgeoisie—his father curity—and throughout his long career in the military he proved
Mr. Glinert’s narrative, related with impressive sweep, begins was a successful printer in Berlin—Scholem sensed early in adoles- himself capable of carrying out extremely tough action.
with the classical Hebrew of cence the implausibility of Born in Jerusalem in
The Story of Hebrew biblical literature. The Bible’s Stranger in a Strange Land anything resembling seri- Yitzhak Rabin: 1922 to parents who had
By Lewis Glinert sublime idiom is marked by sty- By George Prochnik ous assimilation among Soldier, Leader, Statesman emigrated from the Rus-
Princeton, 281 pages, $27.95 listic suppleness and breadth, he Other, 522 pages, $27.95 Germany’s Jews and turned By Itamar Rabinovich sian empire, Rabin joined
says, that could encompass to Zionism as not merely Yale, 272 pages, $25 the pre-independence Jew-
Hayim Nahman Bialik: “narrative, prophecy, law, prov- an alternative but as a way ish security forces in 1941
Poet of Hebrew erbs, philosophy, elegy, ro- of life. As he later told an interviewer who asked what motivated after an interview with a
By Avner Holtzman mance” and much else. The era him to emigrate, he believed that “if there was any prospect of a young officer named Moshe Dayan. During the years until Israel’s
Yale, 250 pages, $25 of biblical Hebrew reaches as far substantive regeneration of Judaism, of Judaism revealing its latent independence in 1948, Rabin rose through the ranks, working first
back as the second millennium potential—this could happen only here, through the Jewish person’s with, and then against, the British who ruled Mandatory Palestine;
before the Christian era, and Mr. reencounter with himself, with his people, with his roots.” he was even jailed by them for five months in 1946.
Glinert suggests that the spoken language survived the Jews’ exile Scholem was not observant in his Judaism and declared that he It was Rabin who, as a senior officer in the new Israeli Defense
to Babylon, their return and their struggles under Roman rule. “never did care for traditional national Jewish theology.” He was Forces in 1948, gave the order (under instructions from Prime Min-
Spoken Hebrew seems to have died with little fanfare around nonetheless unflagging in his belief in God, claiming that he failed ister David Ben-Gurion) to fire on the Altalena, a ship carrying
A.D. 200, more than a century after the destruction of the Temple to understand atheism. Morality without religion behind it seemed arms to the rival militia led by Menachem Begin, in what remains
in Jerusalem. But throughout the diaspora, Jews used written He- one of the most hotly contested incidents in Israeli history. It was
brew to scaffold elaborate edifices of religious and legal interpre- Rabin who signed an order to expel Arab residents from Lydda in
tation. Though stateless, Hebrew would flourish as a written me- Scholem’s scholarship has had an unusual what has become a deeply controversial episode in Israel’s war of
dium of cultural continuity. If the Jews safeguarded Hebrew, it independence. Later, it was Rabin who, as minister of defense, put
was said, the holy tongue safeguarded “the people of the Book.” afterlife—inspiring younger generations down the First Intifada—the violent Palestinian uprising against
The first of these edifices, the Mishnah, was compiled in the yearning for a religious center in their lives. Israeli rule in the West Bank—with considerable force.
second and third centuries. This record of religious teachings and Mr. Rabinovich, the distinguished Israeli scholar and diplomat
laws “created a rich lexical heritage that could be passed on to fu- whom Rabin selected to be Israel’s ambassador to Washington,
ture generations,” Mr. Glinert writes, “and that Hebrew poetry and to him a chimera. He early discovered a predilection for mysticism, served in that post from 1993 to 1996, and was president of Tel
prose would draw upon long after Hebrew had ceased to be a spo- which he made the subject of his life’s work. “If humanity should Aviv University from 1999 to 2007, easily establishes that the
ken language.” The Babylonian Talmud—another great edifice of ever lose the feeling that there is mystery—a secret—in the world, prime minister was a man of great complexity. As a military offi-
interpretation, setting out the authoritative commentary on rab- then it’s all over with us,” he told an interviewer. “But I don’t be- cer, he lacked charisma and was “an excellent number two” and an
lieve we’ll ever come to that.”
The richness of Scholem’s thought, its sometimes paradoxical
Bialik’s verses were emblazoned on banners, nature and his impressive erudition combined to give his writing Rabin wanted a deal with Syria over the Golan
moral authority. During the great controversy in the early 1960s
set to music, memorized by schoolchildren. about Hannah Arendt’s account of the Adolf Eichmann trial, “Eich- Heights, but faced with the futility of dealing
They were a rousing call to self-defense. mann in Jerusalem,” Scholem crushed the book by accusing its au- with Assad, he chose to go the Oslo route.
thor, formerly his friend, of a want of “tact of the heart,” a want of
love for the Jewish people, and of hatred of Zionism.”
binic law—expanded Hebrew’s expressive possibilities by inflecting As a professor at Hebrew University, Scholem had many brilliant “unusually efficient staff officer” rather than a bold commander.
Hebrew with Aramaic, the lingua franca of the ancient Near East. students but no true disciples. No one has had the combination of He was “unusually shy and introverted, awkward with unfamiliar
In the ensuing centuries those who standardized Hebrew’s wide learning and deep culture required to carry on his scholarship. people,”—hardly the makings of a successful politician.
grammatical architecture and honed its philological precision saw Since his death , Scholem’s reputation has grown greater. Cynthia How, then, was he twice elected the country’s leader? Here, luck
the language not just as a precious possession in itself but also Ozick, George Steiner and Harold Bloom have written about him took center stage. Rabin had been chief of staff during Israel’s
as a fulcrum of Jewish life. “It must constantly be on our lips,” the and his work in the most elevated language. His friendship with smashingly successful Six Day War of 1967. After serving as ambas-
Egyptian-born linguist and sage Saadiah Gaon wrote in the year Walter Benjamin, who was five years older than Scholem and at sador in Washington from 1968 to March 1973, he returned home—
902, “for it affords us an understanding of the Divine Law.” one point a strong influence upon him, further heightened Scho- and, when Israel was attacked by Egypt and Syria in October of
While Hebrew commingled with Arabic in Islamic Spain, it pre- lem’s aura. “His work on Jewish mysticism, messianism, and sectar- that year, he held no government or military position. Though Is-
served a separate reservoir of expression in the realms of law and ianism, spanning now half a century,” wrote Robert Alter in Com- rael recovered from the surprise attack and went on to victory, the
liturgy. During the golden age of Hebrew literature, roughly the mentary in 1973, “constitutes . . . one of the major achievements of shock of the war and very large losses discredited those who had
10th to the 13th centuries, Andalusian poets like Judah Halevi and the historical imagination in our time.” been in power. Rabin was remembered for the 1967 triumph and
Solomon ibn Gabirol wielded a Hebrew of astonishing allusive Little wonder that the figure of Gershom Scholem has inspired “untarnished by the October setback,” as Mr. Rabinovich puts it.
density in order to blur the lines between sacred and sensual. younger generations, especially among those yearning to find a reli- So the Labor Party chose him as its candidate in April 1974, ahead
In a pair of chapters on the neglected story of how Hebrew gious center in their lives. Enter George Prochnik, born in 1961, the of Shimon Peres, after Golda Meir resigned as prime minister.
figured in the Christian imagination, Mr. Glinert tells how Chris- author of “The Impossible Exile: Stefan Zweig at the End of the Rabin’s first tenure as prime minister, from 1974 to 1977, was
tians learned Hebrew both to access “hebraica veritas,” or He- World” (2014) and himself something of a specialist in exile. “When not a great success and, as Mr. Rabinovich writes, it “ended in dis-
brew truth, and to monitor the Jews in their midst “with the goal I moved to Jerusalem, at the age of twenty-seven, in the summer grace” over an illegal bank account belonging to his wife and his
of mastering the mischief and the falsehoods of the Jews,” as a of 1988,” he writes, “I brought with me an old, battered paperback unseemly acceptance of various fees while serving as ambassador
14th-century writer put it. Martin Luther’s call for “sola scrip- edition of Scholem’s On the Kabbalah and Its Symbolism. . . . I was to the U.S. His second term as prime minister, from July 1992 to
tura,” or “only the Scriptures,” led Protestants back to the origi- one of those for whom Scholem loomed as a kind of prophet. I his murder on Nov. 4, 1995, was far more consequential: This was
nal texts of the Hebrew Bible. In the 15th to 17th centuries, Chris- found in his work if not faith, yet something closer to revelation when he signed the Oslo Accords. Under the Accords, Israel recog-
tian Hebraists—including Johannes Reuchlin in Germany, Guil- than anything I could discover in normative Judaism.” nized the PLO as the sole voice of the Palestinian people, allowed
laume Postel in France, and John Selden in Britain—put Hebrew The son of a mixed marriage, George Prochnik found no succor Arafat to return from exile in Tunis and began negotiations on a
at the center of Western humanism. in traditional Jewish religious practice—“I hated praying,” he Palestinian “entity” that would eventually become a state.
Please turn to page C7 Please turn to page C6 Please turn to page C6
C6 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
BOOKS
‘Time is the longest distance between two places.’ —Tennessee Williams
Yitzhak
Getting On the Grid Rabin
diplomatic delegates from 25 coun-
Zero Degrees tries met in the Diplomatic Hall of the Continued from page C5
By Charles W.J. Withers State Department and ratified in prin- The mystery of Rabin is why, given
Harvard, 321 pages, $29.95 ciple the choice of Greenwich. It was his decades of staunch defense of Is-
only a recommendation, but it proved raeli security, he agreed to the Oslo
BY ROBERT P. CREASE to be the key episode in consolidating Accords and, more, why he actively
a world-wide consensus. sought a deal with Hafez al-Assad to
Several colorful protagonists ani- give the Golan Heights back to Syria.
IN FEBRUARY 1894, a French anar- mate Mr. Withers’s tale, among them Rabin had pledged to the Israeli
chist named Martial Bourdin planned the deaf scientist and educator Fred- public that he would do neither. As
a terrorist attack on the Royal Obser- erick Barnard, namesake of Barnard early as 1977, writes Mr. Rabinovich,
vatory in Greenwich, England, the site College; Charles Daly, president of the he had told President Carter that he
used to establish the prime meridian, American Geographical Society; and desired no negotiations with the PLO,
the benchmark for world-wide geo- Charles Piazzi Smyth, darling of the no Palestinian state and no negotia-
graphical coordinates. Bourdin’s exact xenophobic anti-reform movement. tions with Syria. In a 1989 speech, he
motives for this crazy act were un- But Mr. Withers’s telling focuses less called for negotiating with local Pales-
known; he died after his bomb prema- on people than on arguments and the tinian leaders rather than the PLO,
turely exploded. But the episode in- text of resolutions. and reiterated his opposition to the
spired Joseph Conrad’s novel “The In that respect, “Zero Degrees” is establishment of a Palestinian state
Secret Agent” (1907), whose protago- not a popular science book. Its dry between Israel and Jordan. During his
nist plans to attack the observatory and frequently repetitious account is election campaign in 1992, he came
and prime meridian as the emblem of in stylistic contrast to, say, Dava So- out against giving back the Golan.
international cooperation and the bel’s much-celebrated “Longitude” So what happened? According to
power and authority of science. (1995), about clockmaker John Harri- Mr. Rabinovich, the pivot point was
In “Zero Degrees,” Charles W.J. son, whom Ms. Sobel breathlessly the outbreak of the First Intifada in
Withers, a professor of historical ge- calls a “lone genius who solved the 1987. Rabin was defense minister then,
ography at the University of Edin- greatest scientific problem of his and the Palestinian terror campaign
burgh and the Geographer Royal for time,” namely, how mariners could led to “a radical change” in his “out-
Scotland, tells how the observatory calibrate Greenwich time. The truth, look and policy.” Mr. Rabinovich does
became that emblem. The story in- Mr. Withers notes, is “more compli- not really explain why—nor, more
volved scientists and politicians set- cated,” for the background to that strikingly, did Rabin explain it to Is-
GETTY IMAGES
ting aside national, ideological and achievement included geographers, raelis at the time, nor in 1993 during
even religious differences to reach an scientists, instruments and observato- his secret negotiations with Assad (via
agreement for the global good. ries to set up the problem and draw the U.S.), nor when he permitted his
The prime meridian is a baseline up an outline of a solution. A more party rival Shimon Peres to open se-
used in the grid system of longitude tions highlighted the need for a com- iest but most passionately advanced popularly oriented treatment (like cret talks with the PLO in Oslo.
and latitude by which map makers, mon world-wide system to fix precise candidates was the Great Pyramid of this review) would have begun with Rabin, writes Mr. Rabinovich, “re-
mariners, astronomers and the Global geographical locations and standard- Giza. This was the favorite of a popu- mention of the terrorist attack on mained ambivalent about making a
Positioning System “read” locations ize time. National scientific academies list movement in the U.S. that used Greenwich rather than burying it in deal with the PLO” and had actually
on the globe and fix exact time. Lati- and observatories linked by tele- over-the-top rhetoric, conspiracy theo- the book’s last few pages as part of an ordered Peres in writing to stop the
tude, the north-south position in this graphic networks now provided the account of the Washington confer- Oslo talks at one point. But he under-
grid, has a natural zero point in the expertise and technology to make si- ence’s “afterlife.” estimated both Peres’s determination
equator. But no such natural zero multaneous time determinations, The story that unfolds in “Zero and Arafat’s desperation. By 1993,
point exists for longitude, or the east- prompting astronomers, navigators Candidates for the prime Degrees” is about more than the sci- “he could make a significant move on
west position, so humans have had to and international merchants to lobby meridian included Paris, entific development that is its osten- one track of the peace process; he
take matters into their own hands. for a common zero longitude point. sible subject. It is about how an in- preferred it to be the Syrian-Leba-
Ptolemy and many other ancient The French wanted Paris, the the manger at Bethlehem ternational community of scientists nese track,” Mr. Rabinovich says. But
geographers thought an obvious zero Swedes Uppsala, the British some- and the Great Pyramid of and politicians managed to set aside faced with the likely futility of nego-
point was the Canary Islands, which place in London—St. Paul’s Cathedral differences to reach agreement. It tiations with Assad, he chose to go
they regarded as the western end of was a popular choice. In the United Giza. Greenwich won. shows just how slow and difficult the Oslo route.
the world. Some later geographers States, the possibilities included Phil- this can be in the face of resistance But again, why did Rabin feel he
hoped that the agonic line—where adelphia, New York, Washington, D.C., posed by ideologies, shortsighted in- had to abandon years of pledges and
the North Pole and the magnetic pole and even New Orleans, whose advan- ries, fabricated “facts,” xenophobia and terests and jingoistic nationalism. Fi- accept such concessions? No doubt he
line up so that a compass points true tage was that it was almost exactly 90 assertions of American superiority to nally, it shows how international co- felt some American pressure to make
north—might do. But the Canary Is- degrees away from the Greenwich Ob- promote the Pyramid—which, after all, operation can harness the power and peace. No doubt he worried about his
lands turned out not to be the servatory, which was being used by appears on every U.S. dollar bill—as authority of science to benefit hu- own political fate; “his coalition was
world’s end, while the agonic line, British astronomers, making the math the standard for all measurement sys- man life all over the globe. The mod- fraying,” the author writes, with the
which passes through parts of North easy. Many politicians wanted to tems. Other Americans criticized the ern world couldn’t exist without such right-wing religious Shas Party threat-
and South America, is not straight place the prime meridian in the mid- “pomp and vanity” of insisting on an agreements. But it is virtually impos- ening to leave the coalition. No doubt
and moves over time. Without a nat- dle of an ocean so as not to divide or American prime meridian, pointing to sible to imagine modern politicians he felt pressured by his rivalry with
ural zero point, geographers and as- favor particular countries. Strong ar- the “useful pride” that would be with the integrity and courage to Peres, which is a key theme of this
tronomers often set the prime me- guments existed for placing it instead gained by the United States participat- make them, which gives Mr. With- book: Their “relationship was poison-
ridian at convenient landmarks in at an observatory, to facilitate time ing in an honest international effort. ers’s account its poignancy. ous from the outset,” Mr. Rabinovich
their home country. determinations. “Zero Degrees” culminates in a recounts, and Rabin’s 1979 memoir
By the 19th century, however, rail- Proposals with religious overtones conference that took place in Wash- Mr. Crease is co-author, with had included a “bitter tirade” against
way collisions, maritime accidents included the manger at Bethlehem and ington, D.C., in October and November Alfred Scharff Goldhaber, of Peres, whom he memorably called “an
and growing international collabora- the city of Jerusalem. One of the wack- of 1884, at which 40 scientific and “The Quantum Moment.” indefatigable intriguer.” But stopping
Peres at Oslo would have created an
explosion within the Labor Party and
BOOKS
‘May we never confuse honest dissent with disloyal subversion.’ —Dwight D. Eisenhower
BOOKS
‘His early dreams of good outstripp’d the truth, / And troubled manhood follow’d baffled youth.’ —Lord Byron
Uneasy Lies
Rebirth of the Campus Novel
AT AN ELITE New
The Head
England liberal arts JOHN SCALZI’S
college, students novel “The Collaps-
have occupied the ing Empire” (Tor,
quad, pitching tents 336 pages, $25.99)
and raising banners is the start of a new
in protest of the administration. The series, following his
source of their anger is the college’s successful “Old Man’s War” se-
decision to deny tenure to a popular quence. It has a “Dune”-style sce-
African-American anthropology pro- nario: an interstellar empire, calling
fessor. Because the tenure process is itself the Interdependency, with
confidential, the college’s president power shared among noble houses,
cannot discuss the reasons for the de- trader guilds and a state church. The
cision, and in the absence of an expla- balance among them is held by an
nation, the protest movement has emperor, or to use Mr. Scalzi’s gen-
leapt to a damning accusation of rac- der-neutral neologism, “emperox.”
ism. When a slur is discovered painted The threat to the situation comes
on a student building, the crisis comes from a shift in the “Flow,” a physical
to national attention. Supporters on peculiarity that provides shortcuts
the left call the president “a despotic through Einsteinian space. There are
figurehead,” while critics on the right only a limited number of the latter,
suspect radical students of having and they link up at Hub, the center of
manufactured the vandalism and place imperial power. Soon interstellar
the blame for the unrest on the col- travel will become impossible again.
lege’s “famously permissive mores.” Without it, most human habitats will
GETTY IMAGES
fruit) from Guadeloupe; mussels with happy to tackle. They are more time, not less). And also blessed with an unemployment
chiles, lime, lemongrass and coconut clearly written and capable she passes along a tip rate of more than 25% (almost 50% for
from Vietnam; mussels with masala (a of yielding delicious re- from a Vietnamese chef those between the ages of 15 and 24)
spice mixture) from Pondicherry; sults—especially if you that putting salt in frying and that about a fifth of the popula-
moules au combava (kaffir lime) from bring a little common sense oil will make it splash tion lives below the poverty line?
La Réunion; and moules au cidre (with into the kitchen about ex- less. But salt in cooking Cookbooks don’t have to be—and
cider) from Normandy. A lover of actly how long to sear the FIN DINING Blaff de Poisson, a fish soup from Guadeloupe. oil increases the oxidation probably shouldn’t be—political. But
these meaty bivalves might well find steaks for entrecôte à l’an- of fatty acids, lowering they shouldn’t be tone-deaf either.
“Provence to Pondicherry” worth hav- choïade or to sauté the onions with might have stressed that the squid has the oil’s smoke point and potentially
ing for these recipes alone. spices for cari de thon au combava to cook very quickly (30 or 40 seconds lending it off flavors. Finally, the Mr. Andrews is editorial director
But the collection includes much (she doesn’t tell you). is ideal) to remain tender. And I’m grammar police might point out that of TheDailyMeal.com. His latest
more than these creatures. There are The gigot d’agneau aux anchois, a definitely adding to my repertoire a “Far Away,” rather than “Faraway” book is “The British Table: A New
recipes for emblematic dishes from classic Provençal preparation of leg of wonderful rice preparation from would be better in the book’s title. Look at the Traditional Cooking
Provence and Normandy—regions lamb stuffed and rubbed with a paste Pondicherry—the bulk of this chapter Ms. Kiros has published nine pre- of England, Scotland, and Wales”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C9
BOOKS
‘Fate is a rat.’ —Leo Durocher
in 1947. He was the manager of the and, yes, finishing last in 1966 with ing one from Supreme Court Justice
1951 New York Giants when Bobby the Cubs. His 2,008 victories place Frank Murphy, who happened to be a
Thomson hit the “shot heard round him 10th on the all-time list. friend of the commissioner’s. Leo the
the world” against Ralph Branca to BANTAM Leo Durocher as manger of the Dodgers, 1942. Many of his own players hated Lip insisted on his innocence—but
win the National League pennant him, too. His 1943 Dodger team mu- Chandler suspended him for the 1947
against his old team, and he was the and Fred Allen radio shows, then se- why so many people could respect tinied on him. His Cubs clubhouse season, and Durocher carried the
skipper in the first game of the 1954 gued into television with guest shots Durocher’s baseball genius and still was a war zone. He called one star stain for the rest of his life.
World Series against the Cleveland with Mr. Ed, the talking horse, and hate his guts. For younger baseball pitcher, Fergie Jenkins, “a quitter” His romantic life was equally
Indians when Willie Mays made his the Munsters. fans unacquainted with Durocher, and another, Ken Holtzman, “a kike” messy. Married four times, he was
back-turned catch off Vic Wertz 450 A brawler, vicious bench jockey, think Billy Martin on steroids. and “a gutless Jew.” He once pro- sued for alienation of affection by a
feet from the plate at the Polo umpire baiter and compulsive gam- Like Martin—who as a player was voked fan favorite Ron Santo into jealous husband. Toward the end, he
Grounds. His career finally began to bler, Durocher was such a regular in banished to Kansas City by one Yan- trying to choke the life out of him had a 26-year-old blond dancer for
unravel in 1969 when his Chicago baseball’s hall of infamy that he kee owner and hired and fired as a and relentlessly demeaned “Mr. a girlfriend and, Mr. Dickson re-
Cubs, ahead by nine games in mid-Au- wasn’t named to the Hall of Fame in manager five times by another—Duro- Cub,” Ernie Banks. ports, was treated to a penile im-
gust, epically choked in the stretch Cooperstown until 1994, three years cher was a skinny, working-class sand- He had lobbied for Jackie Robinson plant by Sinatra.
and lost their bid for the pennant to after he died. lot kid who bit and scratched his way to be promoted to the Dodgers but All of this contributed to the leg-
the “Miracle” Mets. Leo the Lip published two autobi- to the major leagues. He grew up in feuded with him as a player and long end that Mr. Dickson has so adroitly
Stars like Babe Ruth had appeared ographies and has been the subject of Springfield, Mass., the child of French- afterward. But he was gentle with researched, annotated and de-
in occasional movies, but Durocher, other books and countless magazine Canadian immigrants. (The name was Willie Mays, who joined the Giants as bunked. The authenticated Durocher
always dapper and reeking of cologne, pieces. Now he’s getting the kind of often pronounced “Doo-row-shay” but a 20-year-old in 1951 and went 1- turns out to be even more fascinat-
had a decadeslong parallel life in biographical treatment usually re- got Anglicized into Rocky.) for-26 (.038) in his first weeks. Stone- ing—and impressive, in a way—than
show business. He married a gorgeous served for movie idols and successful He was, by all accounts, a brilliant ham fired the Lip at the end of the the mythical one.
movie star, Laraine Day, and palled pols. Strenuously researched and fielder, routinely turning plays that 1955 season. During the last game of
around with Frank Sinatra, George studded with footnotes, Paul Dick- dazzled fans and other players. At bat, the year, Mr. Dickson writes, Durocher Mr. Kosner is the author of “It’s
Raft and Danny Kaye. In wartime, he son’s “Leo Durocher: Baseball’s Prodi- he was a banjo hitter. Babe Ruth called pulled Mays into the tunnel behind News to Me,” a memoir of his
flew tens of thousands of miles on gal Son” is an unflinching portrait of him “The All-American Out” and said the dugout. “He placed both hands on career as the editor of Newsweek,
tours entertaining the troops. He a brilliant bastard. Mr. Dickson gives that he would hit .400 as a switch-hit- his shoulders and said: ‘I want to tell New York, Esquire and the New
turned up regularly on the Jack Benny the devil his due and leaves no doubt ter—.200 as a lefty, .200 as a righty. you something. You know I love you, York Daily News.
Brando, Montgomery Clift and James Heston’s dignified de- and lobbied President Ronald mount, a studio he had worked at
Dean were the rage. meanor and his loping, big cat Reagan to preserve funding for since 1950, when he got lost. Soon af-
Left to his own devices, or those of walk gave him the majestic the National Endowment for terward, he was diagnosed with de-
an unimaginative director, Heston was presence of a born movie star, YOUNG GENT Heston ca. 1955. the Arts (in both his liberal and mentia. Typically, his concern was for
a stand-and-deliver actor, with a habit but it’s possible he was not a conservative periods, Heston others. “I have lived the life of two
of grinding his teeth to indicate either born actor. Certainly, he wasn’t a born Apes” (1968). Not all great or even believed in the value of government people,” he told his family. “I’m sorry
passion or intent. “The Pigeon That athlete. “He tended to be clumsy, noth- good films, but all united by Heston’s support for the arts.) He never took a for you, for what you’re going to have
Took Rome,” (1962) his sole attempt at ing came naturally to him,” Joe Canutt, determination to tell epic stories. dime for his activities with the NRA to experience.” He died six years later,
romantic comedy, is thankfully forgot- who helped teach Heston to handle the The star frequently used his box-of- because he believed he was fighting a gentleman to the last.
ten. But Marc Eliot’s biography, “Charl- horses and chariot for “Ben-Hur,” tells fice power to enable artists to make for principle.
ton Heston: Hollywood’s Last Icon” is Mr. Eliot. “We spent hours, days, their pictures. Not only did Heston The blowback within Hollywood Mr. Eyman’s 15th book about the
a welcome event if only because it re- weeks working the clumsiness out . . . suggest that Orson Welles direct over Heston’s alliance with the NRA movies, “Hank and Jim,” is due out
stores a sense of balance, offering He was one of the hardest-working, “Touch of Evil,” he kept insisting on it was considerable. He told the head of in October. He teaches film history at
some overdue appreciation to an actor most conscientious actors I ever until Universal capitulated, in spite of the AFI, Jean Firstenberg that if she the University of Miami.
C10 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
BOOKS
‘What’s the use of remembering anything? If it was unpleasant it was unpleasant and if it was pleasant it’s over.’ —Elaine Dundy
Rachel Cooke
on novels about single women
ing,” like “masterpiece,” is an over-
The Odd Women used word in the context of literary
By George Gissing (1893) fandom, but I don’t exaggerate
here: “The Rector’s Daughter” could
1
VIRGINIA AND ALICE Madden, tear that particular muscle clean in
impoverished by the death of two. Mary lives in a crumbling rec-
their father, are growing old to- tory with her aging fusspot father,
gether in a genteel boardinghouse, Canon Jocelyn. Having nursed her
NANCY PAULSON
a fate their sister Monica has been invalid sister until her death, she
spared thanks only to a loveless has given up on love, marriage, the
marriage. Increasingly desperate, dream of a home of her own. But
they exist on mashed potatoes and then a Mr. Herbert arrives, for
milk. But then they renew their as- whom she conceives a passion. How
sociation with their childhood will she endure this ultimately ill- MS. COOKE is the author of ‘Her
‘THERE WAS once and just deserts in “The Elephant’s most fashionable or most read of happiness so abruptly left off. wide-eyed, strangely perceptive. But
an age when love Garden” (Boxer, 32 pages, $16.95) Victorian novelists. But I defy any- it’s Dundy’s girl you’d want for a
was honorable. Or so written and illustrated (more sparely one not to fall in love with fiery, pal. An aspiring actress, she is liv-
I’ve heard,” writes than usual) by Jane Ray. Jasmine flinty Rhoda, a straight-backed girl All Passion Spent ing in Paris on her Uncle Roger’s
M.T. Anderson in a grows the most delicious apricots, who works for a living and believes By Vita Sackville-West (1931) shilling—he understands her “predi-
thrilling graphic- kiwis and kumquats of anyone in her that women should be educated, lection for being continually on the
3
novel chivalric tale, “Yvain: The small village, “but every night, that they might be self-supporting. NEWLY WIDOWED at the age wing”—where she spends her time
Knight of the Lion” (Candlewick, something was eating the very best Will her example enable the Mad- of 88, Lady Slane does some- falling in and out of love and wor-
144 pages, $19.99), adapted from a fruit,” we read. One night, the girl dens to escape their prison? Or is thing unpredictable. Her rying about her wardrobe. (As she
story composed by Chrétien de hides behind a lotus tree to watch Rhoda, having fallen unexpectedly adult children, “black ravens” with glumly notes, she has three looks:
Troyes more than 800 years ago. It for the perpetrator and—crash! “An in love with her dogged suitor, Eve- staid views and pompous manners, Bar Girl, Tyrolean Peasant, Dreaded
follows a glory-seeking knight of King elephant fell from the sky!” The rard Barfoot, about to bow out of assume that their gracious, sub- Librarian.) No one reads “The Dud
Arthur’s court, Yvain, whose exploits magical creature agrees to show Jas- the struggle herself? This a grand missive mother, an appendage to Avocado” for its plot, which is non-
both exalt and debase him and whose mine his own garden, where the page-turner about self-esteem: how their politician father all her life, existent. People read it because
actions dramatically alter the lives of fruits are inedible, being huge jew- it is won, and how easily it is lost. will now spend her time shuttling they, too, once woke up in the
two women, Laudine and Lunette. els. We see the pair flying through among them. But to their horror, wrong bed with a headache, panda
Through pages crowded with Andrea the starry sky, the girl holding fast she has other plans. The family eyes and only unsuitable shoes in
Offermann’s detailed illustrations— to the elephant’s tail. When Jasmine The Rector’s Daughter home is sold, and she retires to a which to trudge home. It is, in other
splashed with the blood of men, returns home with a ruby the size of By F.M. Mayor (1924) miniature house in Hampstead, words, a tonic.
horses, ogres and dragons—we a melon, however, word sneaks out, where she intends to enjoy life not
2
plunge into a realm of violence and and soon all the villagers are THE NAME Flora Macdonald with her offspring but with those
courtly love governed by a harrowing clamoring for a ride in this rueful Mayor (1872-1932) isn’t well she has chosen: her French maid, Foreign Affairs
code of honor. At turns elegant, star- picture book for 3- to 7-year-olds. known today. But Mayor’s ad- Genoux; her estate agent, Mr. By Alison Lurie (1984)
tling and ironic, this turbulent adven- mirers once included E.M. Forster Bucktrout; her carpenter, Mr. Gos-
5
ture makes a superb introduction to and Rebecca West; her masterpiece, heron; and an eccentric millionaire A SUCKER FOR campus nov-
medieval ideas and storytelling for A story of ogres, dragons, “The Rector’s Daughter,” was pub- who loved her when she was a girl, els, I’ve always adored this
readers ages 12 and older. lished by Leonard and Virginia Mr. FitzGeorge. Sackville-West’s tale of academic life on both
A masked miscreant makes may- King Arthur and courtly Woolf. Her novels chronicle lives charming, witty novel is deter- sides of the Atlantic. But as the
hem in Bill Richardson’s rhyming tale love; and a resourceful like her own: the wasted and fre- minedly feminist, its principal in- years go by, I admire it ever more.
“The Alphabet Thief” (Ground- quently lonely existence of Edward- fluence being “A Room of One’s What a singular heroine Alison Lu-
wood, 40 pages, $16.95), a small child stalls before bed. ian spinsters in the years before Own” by her friend and lover Vir- rie gives us in Vinnie Miner. A pro-
and hilarious picture book for chil- and after World War I. “Heartbreak- ginia Woolf. But its message comes fessor who specializes in children’s
dren ages 5-9. “The Alphabet thief wrapped in a bewitching gentle- literature, at 54 she is “old, small,
was daring and smart. / When the Rachel Isadora situates a familiar ness. Lady Slane’s late-life rebel- plain, and unmarried—the sort of
night was silent and black, / She bedtime stalling routine on the lion is touchingly modest and all person that no one ever notices.”
stole all the letters, she gathered African veldt in a gorgeous picture the more powerful for being so. Well, almost no one. On a flight to
them up / And took them away in book for 3- to 5-year-olds, “I Just London, she meets a loudmouth
her sack,” it begins as Roxanna Want to Say Good Night” (Nancy from Tulsa, Chuck Mumpson; to
Bikadoroff’s pictures show the Paulsen, 32 pages, $17.99). As the The Dud Avocado shut him up, she gives him “Little
pointy-toed bandit sprinting away setting sun casts the huts and acacia By Elaine Dundy (1958) Lord Fauntleroy” to read. Un-
with a bulging bag over her shoulder. trees of a village in rich shades of daunted, he tracks her down in Lon-
4
Havoc ensues as people and objects orange, rose and violet (see above), HOW DOES A WRITER find don, and to her astonishment they
transform with each purloined letter. little Lala, her hair standing out her voice? Elaine Dundy cred- strike up a passionate friendship.
When the Alphabet Thief steals all of from her head in little braids, finds ited the English novelist Meanwhile, her colleague Fred
the D’s, for instance, “every beard one reason after another to post- Henry Green with the discovery of Turner, also in London and es-
was a bear. / Cows found the dairy pone the inevitable. “Come, Lala,” hers. At their lunches in postwar tranged from his wife, has taken up
was suddenly airy, / And drains her mother calls, and the child re- London, wanting nothing more than with a beautiful actress. What part
turned to rains everywhere.” Pictures plies, “I just want to say good night to make him laugh, she gamely will Vinnie play in Fred’s tangled
and verses seem to tumble over one to the cat.” Lala must say good night played the screwball. Having found romantic web? Will her relationship
another as hoboes become oboes, to a bird, a goat, a monkey, the her comical alter ego, she then cre- with Chuck last? Suffice it to say,
skunks become suns, and twine turns chickens, the ants, her dog and even ated Sally Jay Gorce, the lovable, Ms. Lurie’s plan for Vinnie does not
to wine—until a child intercepts the a rock—at which point Mama speaks disorganized heroine of her best- involve the arrival in her bathroom
GETTY IMAGES
snoozing thief (her head encircled by sharply—before coming inside. In a selling first novel. Gorce was born of an unfamiliar toothbrush. But
Z’s) and saves the day. charming coda, the girl says good the same year as Capote’s Holly Go- she has loved, and been loved, and
Vivid collages create a sumptuous night one last time: to her book, lightly, and they have a lot in com- will henceforth see the world with
setting for an Indian fable of greed “Goodnight Moon.” STILL LIFE Vita Sackville-West, 1916. mon: Both are witty, tenacious, new and perhaps brighter eyes.
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
Lost City of the Monkey God 1 – Unshakeable 1 2 Silence Fallen 1 New The Shack 1 1 Unshakeable 1 1
Douglas Preston/Grand Central Publishing Tony Robbins/Simon & Schuster Patricia Briggs/Penguin Publishing Group William P. Young/Windblown Media Tony Robbins/Simon & Schuster
Hillbilly Elegy 2 3 Portraits of Courage 2 1 The Shack 2 1 Silence Fallen 2 New Strengths Finder 2.0 2 2
J.D. Vance/HarperCollins Publishers George W. Bush/Crown Publishing Group (NY) William P. Young/Windblown Media Patricia Briggs/Ace Books Tom Rath/Gallup Press
Sickened 3 – The Legend of Zelda 3 – Dangerous Games 3 New Dangerous Games 3 New Emotional Intelligence 2.0 3 5
Julie Gregory/Random House Publishing Group Piggyback/Piggyback Danielle Steel/Random House Publishing Group Danielle Steel/Delacorte Press Travis Bradberry & Jean Greaves/Talentsmart
Ripper 4 1 Hidden Figures 4 3 The Billionaire Takes All 4 New A Man Called Ove 4 4 AgeProof 4 3
Patricia Cornwell/Thomas & Mercer Margot Lee Shetterly/William Morrow & Company J. S. Scott/Montlake Romance Fredrik Backman/Washington Square Press Jean Chatzky&Michael F. Roizen /Grand Central Life & Style
100 Days of Real Food 5 – Hillbilly Elegy 5 4 The Secret Wife 5 7 Green Eggs and Ham 5 2 Total Money Makeover 5 7
Lisa Leake/HarperCollins Publishers J.D. Vance/Harper Gill Paul/HarperCollins Publishers Dr. Seuss/Random House Children’s Books Dave Ramsey/Thomas Nelson
Clementine 6 – Milk And Honey 6 6 Cross the Line 6 – Brighter Than the Sun 6 New The Five Dysfunctions of a Team 6 4
Sonia Purnell/Penguin Publishing Group Rupi Kaur/Andrews McMeel Publishing James Patterson/Little, Brown and Company Maya Banks/Berkley Books Patrick M. Lencioni/Jossey-Bass
Nudge 7 – The Zookeeper’s Wife 7 – The Pillars of the Earth 7 – Big Little Lies 7 9 No Limits 7 New
RichardH.Thaler&CassR.Sunstein/PenguinPublishingGroup Diane Ackerman/W. W. Norton & Company Ken Follett/Penguin Publishing Group Liane Moriarty/Berkley Books John C. Maxwell/Center Street
Catch Me If You Can 8 – Killing the Rising Sun 8 7 Brighter Than the Sun 8 New A Dog’s Purpose 8 3 Extreme Ownership 8 8
Frank W. Abagnale & Stan Redding/Crown/Archetype Bill O’Reilly & Martin Dugard/Henry Holt & Company Maya Banks/Penguin Publishing Group W. Bruce Cameron/Forge Jocko Willink & Leif Babin/St. Martin’s Press
Authentic Mexican 9 2 You Are Here 9 New The Ship of Brides: A Novel 9 – One Fish Two Fish Red Fish Blue Fish 9 5 The Energy Bus 9 9
Rick Bayless/HarperCollins Publishers Jenny Lawson/Flatiron Books Jojo Moyes/Penguin Publishing Group Dr. Seuss/Random House Children’s Books Jon Gordon/John Wiley & Sons
The $100 Startup 10 – Lost City of the Monkey God 10 – Blush for Me: A Fusion Novel 10 – The Obsession 10 New Together is Better 10 10
Chris Guillebeau/The Crown Publishing Group Douglas Preston/Grand Central Publishing Kristen Proby/HarperCollins Publishers Nora Roberts/Berkley Books Simon Sinek/Portfolio
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C11
REVIEW
Adam Weinberg
works would have been relevant no
matter what administration it is,”
he says. As he sees it, the art in the
show raises questions such as,
“What does democracy mean now?
What is freedom now? What is
The Whitney director ing connected to the world.” and racism. Artist Henry Taylor’s Occupy Museums, incorporates freedom of speech now?”
He is continuing that quest to large-scale painting “The Times pieces by artists in debt as a com- Going forward, Mr. Weinberg
on his museum’s connect to the world with the re- Thay Aint a Changing, Fast ment on the financial strains faced says that he hopes to attract youn-
sincere new show turn of the renowned (and often Enough!” (2017) depicts a scene by many in their profession. ger visitors. The new location has
controversial) Whitney Biennial— from real life: Philando Castile lying It’s not an easy time to run a helped keep visitors there longer—
ADAM WEINBERG’S new light- the first in the museum’s current back in a car after he was fatally museum. New York’s Metropolitan not just because of the art. With
filled office at the Whitney Museum 220,000-square-foot space, designed shot by a police officer in a St. Paul, Museum of Art had a deficit of $15 terraces on every floor, “people
of American Art, with panoramic by Renzo Piano, where it moved in Minn., suburb last year. million last year; its director, spend a lot of time outside, do their
views overlooking the Hudson River, May 2015. This year’s exhibit fea- Mr. Weinberg says that many of Thomas Campbell, stepped down in email, take a break, or go to a lec-
is a lot airier than his old one up- tures 63 artists, down from 103 in the artists tackled their subjects in February. President Donald Trump ture, casually,” he says.
town. At the museum’s previous the last biennial, which took place an earnest, straightforward way. “A just proposed slashing the funding And while he hopes to increase
home—an austere, Brutalist build- in 2014. (The museum pushed back lot of the artists in the biennial are of the National Endowment for the the museum’s exposure, he has no
ing designed by Marcel Breuer—his the biennial a year because of its not that interested in irony,” he Arts—a source of funding for many desire to increase its global foot-
office window used to face a brown- move.) Thanks in part to the larger says. “There is an overwhelming museums, including a number of print. “Real estate costs a lot of
stone across the street. “The old space, each artist has more work on sense of sincerity,” he adds, and a Whitney exhibits over the past 50 money and takes a huge amount of
Whitney is a great piece of architec- display than in previous shows. sense “that irony is an overused years. And rising prices for contem- time…and it’s enough to keep up
ture, but it’s like a fortress,” says Much of the artwork is political, trope right now.” Another work, porary art have made it harder for the infrastructure of one big build-
the museum director. “This museum commenting on issues like immigra- “Stress, Fear, and Anxiety Bundle” museums to buy works. “There are ing,” he says. “It’s like owning a
building is very much about art be- tion, diversity, wealth inequality (2015) by the collective known as more people interested in contem- house—it never ends.”
age when snow shovels never fried maple syrup for weeks. window, gleefully eyeing the People like this should be forced
broke and ice picks never became And that was in July.” phalanxes of hapless tykes to engage in community snow ser-
blunt—unlike the cheap trash sold We face other perils. It is who would die for a cup of vice by spending every other win-
today. And they love to bitterly sometimes said that Eskimos hot milk? ter in Buffalo. That’d teach them to
complain about Mr. Weatherman’s have 264 words for snow, Snow brings out the worst in keep their mouths shut.
C12 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
REVIEW
EXHIBIT
‘We Build,’
circa 1930
This propa-
ganda poster
aimed to show
the U.S.S.R.’s
industrial
strength.
‘Photomontage,’
circa 1924
Artist Valentina Kulag-
ina made this litho-
graph, a montage of
pictures of Lenin, the
year he died.
Krasnaya Niva
magazine, 1930
This cover illus-
trated the idea of
new housing de-
Soviet
TO MARK THE 100TH anniversary of the Russian Revolu- signs for commu-
nal living in Mos-
tion, the new exhibit “Imagine Moscow” at London’s Design cow. Some
Museum showcases propaganda, artwork and unrealized ar-
Dreams
proponents called
chitectural designs from the Soviet Union during the 1920s for abolishing the
and ’30s. The never-built projects include a series of canti- family structure in
levered buildings billed as “horizontal skyscrapers,” plans favor of grouping
children together
for group living and a mausoleum for Vladimir Lenin that would have been the world’s tallest to be raised col-
building at the time. “They were celebrating a glorious future that would never come to pass,” lectively.
says curator Eszter Steierhoffer. The exhibit runs through June 4. —Alexandra Wolfe
NE BOLTAI! COLLECTION
summer, Kathy saw me off at colleagues distinguish between happiness and mean- I suspect your husband overestimates the sentimen-
the airport. She was so tear- ing. They see the first as satisfying our needs and tal value of the words printed on the card, not realiz-
ful, it was heartbreaking. wishes in the here-and-now, the latter as thinking be- ing that they sound generic to you. Don’t judge him
Down in Fort Lauderdale, yond the present to express our deepest values and too harshly for this. Instead, buy one of those mag-
I didn’t know a soul. I was sense of self. Their research found, unsurprisingly, netic poetry sets and let him practice expressing
homesick for Kathy and my that pursuing meaning is often associated with in- himself on the fridge. Small steps.
late sister. In October of ’71, creased stress and anxiety.
Nilsson’s cover of “Without So be it. Simply pursuing the first type of happi- Have a dilemma for Dan?
You,” by Badfinger’s Pete HARRY NILSSON in December 1971. ness isn’t the way to live; we should aim to bring Email AskAriely@wsj.com.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | C13
PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the
National
Museum of
1. Seema Verma won Senate lean, finely textured beef). What This week, Coach Newton Mathematics
confirmation—for what position? company makes the stuff? shares a couple of puzzles
about adventures in buying and
A. Surgeon general A. Chevron selling, courtesy of Alex Bellos, author
B. Chief of the Centers for B. Hormel Foods of “Can You Solve My Problems?
Medicare and Medicaid Services C. Beef Products Inc. Ingenious, Perplexing, and Totally
C. Director of the D. Sioux Falls Slime Co. Satisfying Math and Logic Puzzles.”
Centers for
Disease
Control and 6. Intel will pay $15 billion for
Prevention Mobileye. It’s developing what
D. Head business?
of the
Veterans A. Camera technology for
Administration self-driving cars
B. Camera technology for
Seven Eleven
health sys- A girl walks into a branch
tem next-generation eyeglasses
C. Equipment and supplies
Wing Nuts of a familiar chain of
At an exotic bird convenience stores. She
for opthalmologists market sale, buys four different items;
2. New York’s attorney general D. Smartphone-based ostriches are $10 their prices are in dollars
said that former Exxon Mobil security systems each, emus are $5 and a whole number of
CEO Rex Tillerson (now secre- each and puffins cents. The shopkeeper asks
tary of state) used an email alias go for $0.50. You hzer for $7.11. “Weird!” she
to discuss climate change. What 7. Which of these is true of the cannot buy any says. “I know,” replies the
was it allegedly? U.S. health-care system? fractional birds. shopkeeper. “All I did
How many was multiply the four
A. Earl Wells A. We spend more as a ostriches, emus prices (expressed in
B. Rex Harrison percentage of GDP than and puffins can dollars) together.” The girl
C. Wayne Tracker comparable countries. be bought with is now confused: “Shouldn’t
D. Bruce Wayne B. We are less healthy than $100 to make you have added them up,
comparable countries. 100 birds in all? and not multiplied them?”
C. We die younger than people she asks. “We can add
in most comparable countries. them up if you insist,”
3. Hudson’s Bay Co. is in talks to
D. All of the above retorts the shopkeeper,
acquire which retailer? For previous
weeks’
“but the answer will be
puzzles, and exactly the same.”
A. Wal-Mart What are the four
8. Refrigerators are getting to discuss
B. Home Depot strategies different prices?
C. Saks Fifth Avenue smarter. According to LG with other
D. Neiman Marcus Electronics, how many times solvers, go to
does an American household of WSJ.com/puzzle.
four open the fridge daily? ILLUSTRATION BY LUCI GUTIÉRREZ
4. A Bay Area startup said it
created the first chicken strips
grown from self-reproducing
A. 5 to 10
B. 10 to 15
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org
A. Angel Feathers C
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specification of a creature’s goals, the very idea of
B. Tomorrow’s Protein PUZZLES T
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C. Meat Cute H AM C I D E R S E E R MA D N E S S
from agreeing with the cognitive scientist Zenon
MO T O R T I D A L C E Y
D. Memphis Meats Varsity Math T R E E M E N I N A T U B S C R A T C H Pylyshyn that rocks are smarter than cats because
Raymond’s pigpen held R I E N T A C K C A C T I N E R O
rocks have the sense to go away when you kick them.”
A P L OM B A E S S L E D S R U G
at least 17 yellow pigs in P A S T O R R A U L S O R E L I N E S A. Sestina; B. Platelet; C. Iowa caucuses; D. New
T R I S H P O R A N N A N
last week’s Polychromatic
5. A judge cleared the way for a S A V I N G K I T P E R K T I D B I T Guinea; E. Keystone Kops; F. Egregious; G. Recitative;
Pigs, and in Guest Gifts, A T E S A O N E E V A S N O O T Y
H. Hen and chickens; I. Outrigger; J. “What on
lawsuit against ABC News for its Raymond distributed
G O E S D R O L L O J A I U L E E
A P R I C O T S O C K A B S O R B E R S earth?”; K. Tiffany lamp; L. Helen of Troy;
coverage of “pink slime” (aka seven doubloons, which MO O S T O L E D U V E T
S I P P I N G L A N E P U P I L UMA M. Escutcheon; N. Misgivings; O. Ivory Coast;
the guests earned on A T A L L O A R A R I L N I S S A N P. Nightmare; Q. “Down the hatch!”; R. Wait list;
F A D E S O U T T R I L L S E E K E R S
To see answers, please the fourth morning after E L M U R G E R E D O A K V I R G O S. Observer; T. Rat-tail; U. Kenny Chesney;
turn to page C4. their arrival. R Y E P E E R A R E T H A E P S O N V. Schmoozefest
31 32 33 34 35
42 Mandlikova with
four Grand Slam
C C
titles
36 37 38 39 40
43 Creepy movie D D
41 42 43 44 45 46 47 48 villains
49 50 51 52 53
44 Gather in E E
46 Makeup bag
54 55 56 57 58 fixture F F
59 60 61 62 63 64 47 Slaughter with
65 66 67 68 69
2,383 hits
48 Statistician’s
G G
stuff
70 71 72 73 74 75 76 77
51 Name on many H H
78 79 80 81 82 cans
83 84 85 86 52 Home port of the I I
USS Niagara
87 88 89 90 91
55 ___ Loa J J
92 93 94 57 Acts like a bear
95 96 97 98 99 100 101 102 103
58 ___ Scott v.
Sandford
K K
104 105 106 107 108 109 60 MIT Sloan
degrees L L
110 111 112 113
62 Skating great
114 115 116 117 Midori Rows Garden | by Patrick Berry
118 119 120 121 66 “Stop right Answers fit into this flower garden F Traveled by “shank’s mare” Computer that’s essential to a
there!” in two ways. Row answers read (2 wds.) network
67 They point the horizontally from the lettered Three’s company, e.g.? (2 wds.) In more pain
Room Service | by Zhouqin Burnikel way markers; each Row contains two G Promissory notes that fund, and Captor’s demand
Across 49 Sites of some 85 Esther of “Good Down 69 Park with a large consecutive answers reading left are later paid off by, municipal Think highly of
wasps’ nests Times” caribou herd to right (except Rows A and L,
1 Cosmopolitan 1 Nada projects (2 wds.) Like some curtains hung in
garnish 50 Deserves 86 Sandbox toys 70 Popular which contain one answer reading
2 Register, to Brits smoothie seed Athlete nickname that became a doorways
5 Seventh 51 Dopey picture 87 On the line across the nine protruding spaces). sneaker brand (2 wds.)
3 Cathedral 71 Hot place for Pointed the finger at
incarnation of 53 Alec’s former 90 Spare room? feature Blooms are six-letter answers that
hops H Stylish, in Strasbourg (3 wds.) Medium Blooms
Vishnu co-star 92 “Divergent” 4 Mammoth part
fill the shaded and unshaded
9 Holiday visitor heroine 73 Mystery finds hexagons, reading either clockwise Touch off a quarrel, slangily Pocketful in a nursery rhyme
54 Indigo-yielding 5 Cook’s gizmo
with a famous plant 75 “So true!” or counterclockwise. Bloom clues (2 wds.) Prog-rock band ___ Tull
93 Sports stick that
lap 6 Subject of some 76 Storybook story are divided into three lists: Light, I Oscar-winning actor who
55 Filing jobs, for gives a game its Trumpet look-alike
14 Land divided into youth sports narrated the 2005
short name 77 “Be careful!” Medium and Dark. Answers to Went from presto to largo
three parts, per fraud documentary “March of the
56 Powder room? 94 Canton east of 79 Real stinker Light clues should be placed in The Pequod hunted them
Caesar the Canton of 7 Gal with a gat Penguins” (2 wds.)
59 “Buyer be 81 Vulcan, e.g. hexagons with white centers;
18 Contribution of Bern 8 Folk singer Tick or mite, for instance Bill ___, Joe Friday’s “Dragnet”
where?” indicator 85 Pigeon hangout Medium answers belong in the
ideas 95 Initial phases Guthrie partner
61 Zen garden 86 Tattoo spots hexagons with gray centers; and J What gold-plating typically
20 1974 role for 98 “Such a pity!” 9 Chapel in the Dark answers belong in hexagons Abandon on an island
swimmer prevents
Marty Apostolic Palace 88 Galleria contents Magical mixture
63 Tight type 99 Filing target in with black centers. All three Bloom Intense phobic reactions (2 wds.)
21 Trap during 10 Sign of stress 89 It might catch a Ricky Martin’s former boy band
64 Antibullying ad, 55-Across lists are in random order, so you K Took care of (2 wds.)
a blizzard, 11 Moves toward buss at a stadium Hut near a pool
briefly 101 Org. on must use the Row answers to Inflatable garments worn by
perhaps 12 Very little 90 Not generic
65 Tribal mouthwash figure out where to plant each Lacrosse equipment
22 “Render ___ bottles 91 Cunning astronauts (2 wds.)
proscription 13 Former colleague Bloom. Resigned remark (2 wds.)
Caesar...” of Clarence and deception L Barrier that might inconvenience
66 Completely 104 Press room? A river might run through it
23 Bar room? Elena 93 Split asunder a canoeist (2 wds.)
lost it 108 Andrew Sullivan, Ill-fated son of Daedalus
25 Hardly sufficient notably 14 Florida or 95 Haggis ingredient Rows Light Blooms
68 It might be Dark Blooms
26 Cave, buried by a 110 Hightail it Louisiana 96 Nabisco wafer A Common vehicle on New York Uncle ___ (“The Addams Family”
sometimes reporter 15 Diarist Nin 97 Stout vessel City streets (2 wds.) character Sparta’s enemy in the
111 Band-Aid
27 Fozzie Bear 70 Lower in the competitor 16 City east of 98 Meadow B Complaint that men aren’t Mythical youth slain by a boar Peloponnesian War
chapeau country Syracuse measure Word before mound or ground
112 Board room? gallant anymore (3 wds.) Solid form of carbon dioxide
28 Drawing room? 72 Dried pepper 17 O’Toole’s co-star 100 Westminster, e.g. Far-off friend, perhaps (2 wds.)
114 Rude Sacha Heavy cuff (2 wds.)
31 Encouragement used in mole Baron Cohen in “Man of La 101 Quick on one’s Some posthumous donations
for the matador C Prefix for a number (2 wds.) Smiling, perhaps
sauce persona Mancha” feet
English queen who had four Unconcerned with right and Pinpoint
32 Towel 74 Celestial sphere 115 Advil alternative 19 They’re often 102 Search deeply
embroidery husbands, including Henry VIII wrong Hypothetical missing link (Hyph.)
75 Rigatoni 116 Loser-friendly seen with tails 103 Pont Van Gogh
34 Season tally (2 wds.) ___ room (room in the game Cars that seat four or more
preference 117 Soothing stuff 24 The girl from locale
35 Rogue company uncle? D Sardonic way of saying “I’m not of Clue) Vacuum cleaner, to Brits
78 Cutting room? 118 Lana of 105 Kirk’s helmsman
36 D.C. fundraiser 29 Branch wannabes 106 Fashion monthly surprised” (4 wds.) Library cubicle “As you wish” (3 wds.)
80 Staples boxful Smallville
37 225-yr.-old 30 Pike, e.g. Cassidy who’s the hero of Cheesed off Tie on
82 Org. known for 119 Reflected 107 Destroy
moneymaker its brackets deeply 33 Lazy lady? financially
Clarence E. Mulford’s novels
Get the solutions to this week’s Journal Weekend Puzzles in next
s
40 Handy weapon? 83 “There ___ there 120 Reason to go 36 Saffron-seasoned 109 MIT Sloan E Unenforced by any others,
41 Play room? there” green? dish admission test as rules (Hyph.) Saturday’s Wall Street Journal. Solve crosswords and acrostics
45 Smelled the 84 Dubai’s setting: 121 They’re fired at 38 Cry heard at 113 “Teen Mom” Poisonous plant whose name online, get pointers on solving cryptic puzzles and discuss all of the
roses, e.g. Abbr. fans in stadiums home network means “beautiful woman” puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
REVIEW
MASTERPIECE: ‘ARRANGEMENT IN GRAY AND
BLACK NO. 1’ (1871), BY JAMES MCNEILL WHISTLER
UNSENTIMENTAL
FAMILY AFFAIR
BY MARY TOMPKINS LEWIS As recorded in Anna’s letters,
when she grew fatigued standing
IN LOOKING at modern por- in front of his easel, the painter
traits, it is easy to fall prey to invited her to sit before him.
the familiar. The enduring like- The foggy, London-gray walls
nesses and mythic personas we and glossy black dado of Whis-
recognize so readily can blind us tler’s second-floor studio, which
to the beauty of the painted im- was hung with the artist’s
age as a purely aesthetic state- framed engravings, provided a
ment—an arrangement of forms muted, grid-like screen against
and colors—and the artistry of which the painter captures his
its maker. James McNeill Whis- subject’s delicate silhouette. A
tler (1834-1903), an expatriate decorative, charcoal-toned tex-
artist of America’s Gilded Age, tile hanging at left, flecked with
was acutely aware of this di- tiny silver stripes and abstract
lemma in portrait painting, and touches of gunmetal pigment,
strove to underscore the aes- mitigates the painting’s rigid ge-
thetic choices that shaped his ometry, which extends to the
own. The elusive title of his most squares of the carpet below.
famous canvas, “Arrangement in Likewise, the wooden footrest
Grey and Black No. 1 (Portrait of and slats and spindles of a sim-
the Artist’s Mother),” employed ple chair that frame the figure
musical terminology to empha- on either side are offset by the
size its abstract pictorial harmo- sweeping skirt of the widow’s
FROM TOP: THE LEIDEN COLLECTION, NEW YORK; CHRISTIE’S IMAGES LIMITED 2017
nies rather than its fidelity to mourning dress and the gentle
nature. But history and popular curvature of her shoulders. Only
culture had other plans for the the pink of her cheeks and
painting. Despite its long tenure weathered hands and the golden
in French national collections, glint of a ring assuage Whistler’s
“Whistler’s Mother” (as it is sober palette. Like the painting’s
commonly known) is one of the shadowed and cropped composi-
most iconic works in the Ameri- tion, its color echoes the new
can canon, a painting that is, aesthetic of photography.
paradoxically, instantly identifi- Part of the enchantment of
able and surprisingly little Whistler’s magisterial canvas is
known. Currently due to the utter im-
on an extended, in-
ternational tour,
Chaste materiality of his
technique, which
this great American American created diaphanous,
icon can be seen at character tonal passages that
the Art Institute of suspend his subject
Chicago through meets in a stilled, dream-
May 21. subtle like world of per-
Whistler’s bois-
terous early career
refinement. fect equilibrium.
The artist, defying JAN LIEVENS’S
(his feuds and not only the tactile ‘Boy in a Cape
friendship with Os- tendencies of con- and Turban’
car Wilde were legendary) made temporary French painting but ICONS: COLLECTOR’S EYE (around 1631).
him an unlikely candidate for the corporeality of his medium
authorship of the sedate, Victo- and genre, diluted his pigments
A PRIVATE
rian-era portrait that would with linseed oil to make his fa-
come to define his legacy. mous “sauce,” a hallmark of his
Thrown out of West Point for mature style. Ethereal veils of
abysmal grades and unruly be- paint that were washed, rubbed
COLLECTION FOR
havior, he worked briefly as a and wiped across Whistler’s can-
mapmaker and engraver for U.S. vas seep into its finely woven
government surveys before sail- texture, dissolving many of its
THE PUBLIC
ing to Europe to study painting hard edges into ephemeral
at the age of 21, never to return. mists. Though at odds with her
In France, he met the great Real- icy austerity, the delicacy of the
ist artists Gustave Courbet and subject’s exquisitely rendered
Edouard Manet and, though set- profile is matched by the filmy
tling in London, took part in the transparency of her cap, the
Parisian avant-garde scene. His hanging, ribboned lappets and A couple lends out their hoard of Rembrandts and more to museums
stunningly modern “The White lacy cuffs, and the finesse of the
Girl” (1862), an unsentimental, painter’s all but invisible touch. BY J.S. MARCUS said, “Tom, it’s a Rembrandt, it’s a
monochromatic portrait of his Whistler’s refusal to senti- lion, and it’s beautiful. If it’s not for
mistress (later rechristened mentalize a subject traditionally FOR NEW YORK ASSET MANAGER Thomas S. you, then who is it for?”
“Symphony in White, No. 1”), inscribed with familial emotion Kaplan and his wife, Daphne Recanati Kaplan, a Luck is a very important part of
marked by a flattened format made his painting ripe for popu- painting is often something to hang on someone the business I am in—mining and
and decorative patterning like lar and cultural exploitation—it else’s walls—those of museums. The couple has energy. The odds of being able to
those found in Japanese prints, has become an emblem of assembled a collection of some 250 works by make a mineral discovery are 1,000
announced the artist’s retreat staunch American Protestant- Golden Age Dutch artists, includ- to 1 against you. But ultimately, I
from the Realist camp and shift ism, of stalwart patriotic values, ing 13 Rembrandts, that ri- think that luck itself is not such a
to an increasingly abstract style. of even a stern and particularly vals the holdings of many major museums. They are as great factor in art collecting. Having
It would cement Whistler’s place Puritanical brand of mother- interested in distributing as collecting. the right relationships is what’s im-
as a proponent of “art for art’s hood. When acquired by the The Kaplans, who divide their time between New portant. And hav-
sake.” French state in 1891, however York and Paris, began their Dutch art collection in A 1946 lounge chair ing the right ethi-
In London, where he began to (the artist accepted a reduced 2003 and not long after started to circulate the works from Casa M-1, Turin, cal reputation is
produce nuanced, tonal land- price given the sale’s prestige), anonymously to dozens of museums. They call their by Carlo Mollino. important. People
scapes—including his signatory the painting was praised not for holdings “The Leiden Collection,” after Rembrandt’s need to know that
nocturnes—Whistler struggled to its chaste American character Dutch birthplace, and they have followed the arc of the you will be discreet,
adapt his new aesthetic to por- and conception but for some- artist’s career by collecting a wide range of his pupils and that a handshake is
traiture. The endless hours of thing we have lost sight of: its followers—such as Gerrit Dou, a creator of refined genre a handshake—that
posing he inflicted on sitters left subtle and abiding refinement. paintings, and Jan Lievens, Rembrandt’s Leiden colleague. you’re fair. That’s
many of them exhausted and their In his “Arrangement in Gray and One rarity is “Hagar and the Angel,” one of only 13 surviv- not a function of
likenesses unfinished. In the sum- Black No.1,” Whistler had ren- ing paintings by Rembrandt pupil Carel Fabritius, whose luck. The part
mer of 1871, however, the artist dered the familiar not strange, 1654 painting “The Goldfinch” inspired Donna Tartt’s about having
turned to a compliant subject but beautiful. 2013 novel of the same name. “Hagar” is the only Fabri- enough capi-
then very close at hand, his aged, tius painting in private hands. tal may very
widowed mother, Anna McNeill In the past few months, the Kaplans have put high-resolution much be a func-
Whistler, who had moved from Ms. Lewis teaches art history reproductions of much of their entire collection online along with essays tion of luck, but
America into her son’s bachelor at Trinity College, Hartford, by leading authorities on Dutch art. At the Louvre in Paris, 32 Kaplan- the way capital is deployed is
flat in London some years before. Conn. owned works are on display in “Masterpieces From the Leiden Collection: more a function of character.
The Age of Rembrandt,” while six works are on view at the Sterling and We had this sense that there
Francine Clark Institute in Williamstown, Mass. The Kaplans also collect was something socially useful in
20th-century modernist designers, including furniture by Italy’s Carlo taking these paintings from the pri-
Mollino (1905–1973). Below, an edited interview with Mr. Kaplan, 54. vate domain and putting them back
into the public domain.
I first discovered Rembrandt when I was 6 years We live with our design collection, which my wife
old. My mother took me to the Metropolitan Museum began more than 20 years ago, when modernist de-
in New York, and it was love at first sight. All I wanted sign was just becoming interesting. That was her pas-
to do was go back every weekend and see Rembrandt. sion, and she got me into it. Eventually, I was the one
She tried to diversify my intellectual portfolio with who took it to another level of insanity.
modern art, but I shook my head, After acquiring an artwork, we
crossed my arms and said, “Mommy, don’t celebrate. But there have been
take me back to the Wembwandt.” I ‘Take me some moments that were truly exqui-
was missing my two front teeth.
Our preference has always been to
back to the site, like when we bought “Boy in a
Cape and Turban” by Jan Lievens in
Wembwandt.’
© RMN-GRAND PALAIS / ART RESOURCE, NY
EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, March 18 - 19, 2017 | D1
Kids’ Style:
The New Order
PHOTO ILLUSTRATION BY F. MARTIN RAMIN/THE WALL STREET JOURNAL, GROOMING BY GREGG HUBBARD/BERNSTEIN & ANDRIULLI, MODELS: SOPHIE & BEAUMONT/GENERATION MODELS (CHILDREN); MIKEY BURTON (LOGO)
Finding uniquely stylish clothes for your offspring used to take forever. But these next-generation,
one-stop-shopping websites are turning the chore into child’s play
had to be a better way. “You’re used to shopping for its curated mix of brands and Net-a-Porter for
BY KARI MOLVAR
for everything in your life with so many conve- its user-friendly luxury experience.
S
niences, but then you enter the children’s cloth- This is the future of kids’ style shopping—on-
YLVANA WARD-DURRETT remembers ing market and you’re back to 1991,” said Ms. line resources aimed at taking the stress and
the late nights well: The former direc- Mendoza Roccia. time commitment out of finding design-con-
tor of special projects for Vogue and And so the pair teamed up to create Maison- scious clothing at reasonable prices.
mother of two (with one currently on ette, an online marketplace which launched this Rockets of Awesome, launched last summer
the way) would find herself hunched week. The site pulls together a carefully edited by Rachel Blumenthal, wife of Warby Parker co-
over her laptop, hunting for kids clothing into the assortment of kids clothing, accessories and dé- founder Neil Blumenthal, serves a similar mar-
wee hours, the only spare time she had. “I would cor from a global network of boutiques and ket. “Parents today are really busy. Kids have
have no less than 25 browser tabs open,” she brands. You can find embroidered cotton rompers this recurring need—they’re outgrowing their
said. “You have the mass e-tailers for basics, but from Acorn Toy Shop in Brooklyn, N.Y., striped clothes and staining shirts so you’re replacing
for more special and higher quality pieces that chino trousers from cult-favorite Spanish brand their wardrobes every season,” said Ms. Blumen-
will last more than two wears, I’d have to scour Bobo Choses or Oeuf’s mod birch twin bunk-beds. thal, who was formerly the CEO and founder of
the internet for small, indie boutiques.” After she Maisonette, which features merchandise for new- Cricket’s Circle, a website for new and expectant
vented to fellow Vogue alum Luisana Mendoza borns up to 12-year-olds, is a mashup of Farfetch mothers. Rockets uses a quiz—paired with a
Roccia, a mom of three, the pair realized there with its direct link to boutiques, Moda Operandi Please turn to page D2
SHOP IN THE NAME OF LOVE Updating little ones’ wardrobes is becoming as easy as ABC. From left: Misha + Puff T-shirt, $58, maisonette.com; Right: Apolina
dress, $70, and similar style Golden Goose Deluxe Brand Children’s shoes, $270, maisonette.com; Sunglasses, $10, oldnavy.com; Uncle Goose blocks, $50, and
Ostheimer Hippo Set, $44, used throughout, acorntoyshop.com. Fashion editor: Mallory Schlau
[ INSIDE ]
WE MUST
INCREASE OUR
BUSTS
Why statuary
in décor is
chic again D6
Continued from page D1 head,” which the company can use ity is good and the price point is
data-driven algorithm—to divine to further tailor your deliveries. reasonable,” she said. Still she
the fashion tastes of your children Existing fashion retailers are also supplements by browsing small
(sizes 2 to 14) and then sends a expanding into children’s clothes, Brooklyn boutiques like Acorn Toy
handpicked box of 8 to 12 items for which isn’t a surprise considering Shop—and scoring deals at Bon-
them to try on. You only keep and sales reached $31 billion in the U.S. point’s biannual sample sale in
pay for what you like. It sends last year, according to a report from Manhattan.
boxes four times a year, at the start market research firm Euromonitor. The new services are aiming at
of each new season. Last spring, Farfetch, the e-com- parents like stylist Marina Muñoz
Though Ms. Blumenthal de- merce site that pulls inventory from who have a magpie approach. Ms.
scribes the company not as an ap- an international mix of high-end Muñoz buys Burt’s Bees Baby ba-
parel brand but rather “a data sci- boutiques and brands, added chil- sics on Amazon, an occasional
ence and technology service that dren’s clothes. The response was piece from J. Crew and unique
immediate, said Candice Fragis, di- pieces from brands like Bobo Cho-
rector of buying and merchandising. ses and Nico Nico at Brooklyn bou-
‘My husband and I would Its children’s selection favors high- tique Sweet William. She’s lament-
end designers whose clothing par- ing, however, that Sweet William is
hit the mall while the ents may well wear themselves. closing its east coast outpost.
kids stayed with the Moncler, Burberry and Stella McCa- (There is another in Los Angeles.)
rtney are top sellers, and Kenzo’s “There won’t be a store with this
grandparents. It was a animal-embroidered sweatshirts fly curated, good selection,” she said.
whole-day affair.’ off the site, along with anything Ms. Muñoz might find what she’s
worn by royals (see: Prince George, looking for at equally chic shops
Princess Charlotte) and other tiny represented on Maisonette, such as:
influencers (North West). Nashville, Tenn.’s Arcade Kids; Tiny,
delivers a dynamic retail experi- Julia Sloan, a beauty executive whose brick-and-mortar store is in
ence,” the clothes—designed by an based in Brooklyn, N.Y., used to do Charlotte, N.C.; or even Manhattan
in-house team of alums from J. a grand children’s-clothes shop- shop Yoya.
Crew, Ralph Lauren and Gap—have ping spree once a year while visit- In the meantime, these new
plenty of charm and just enough so- ing her parents in upstate New shopping solutions are already
phistication. The signature item is a York. “I’d take inventory and my evolving. Rockets of Awesome re-
silver bomber jacket (printed with husband and I would hit the mall cently launched activewear and is
“Rockets of Awesome” on the back) while the kids stayed with the considering brick-and-mortar
that kids can customize with grandparents,” she said. “It was a shops. Maisonette has collabora-
patches and pins. Parents can also whole-day affair.” tions and exclusive merchandise,
write in special requests, such as Ms. Sloan now relies on Rockets as well as a back-to-school pop-up
“my son only likes dinosaur prints” to outfit her three children, a 20- BLOCK PARTY Through edited and easily accessible merchandise, what shop, in the works. As for its co-
or “my daughter won’t wear any- month-old girl and 4-year-old was once a chore may be less laborious, leaving more time for play. Louis founder, Ms. Ward-Durrett? She’s
thing she has to pull over her twins, a boy and a girl. “The qual- Louise Top and pant set, $138, maisonette.com still not getting much sleep.
PHOTO ILLUSTRATION: F. MARTIN RAMIN/THE WALL STREET JOURNAL, GROOMING BY GREGG HUBBARD/BERNSTEIN & ANDRIULLI, MODEL: ROHAN (CHILD), MIKEY BURTON (LOGO); STYLING BY ANNE CARDENAS (CLOTHING)
BARNEYS.COM
NE W YORK B E V E R LY H I L L S SAN FRANCISCO
F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D3
S
selling Americana-influenced wares
OAP MADE FROM beer. like Tellason denim and Topo De-
Deodorant that smells signs backpacks. Since it added skin
like bourbon. Shave care late in its first year, sales of
cream named after a these products have increased more
sherpa. All of these in- than 150% annually; and in the first
delicate products come to us months of 2017, they’re already up
thanks to skin-care companies, 265% from the same period last
launched over the past few years, year. You won’t find a Clinique or
that are marketing strenuously— Dove product in the mix, though.
some would say, overcompensat- Huckberry stocks rugged-sounding
ingly—to men. brands like Duke Cannon Supply
As anyone who remembers the Co., Juniper Ridge and Oars + Alps.
musky scent of Lucky Tiger after- While each has its own ethos and
shave can attest, aggressively witty slogan, Huckberry co-founder
THE MANLY HIPSTER THE BURLY BARTENDER THE STAR ATHLETE THE CHIC OUTDOORSMAN THE FORMER FRAT BOY
Portland General Store Olivina Men Oars + Alps Tenzing Duke Cannon Supply Co.
Back story Back story Olivina Back story Founders Back story The year- Back story To ad-
Lisa and Troy has made olive- and Mia Duchnowski and old brand was estab- dress the gap in the
Brodar launched hempseed-oil prod- Laura Cox mined their lished to provide a market between Axe
women’s beauty ucts since 2002. But interest in exercise and natural-ingredients al- and $90 eye
products on Etsy after noticing that Ms. Duchnowski’s MIT ternative: “We were creams, co-founders
in 2007. Two few men’s brands degree to create prod- frustrated with the Sam Swartz and
years later, the use these natural in- ucts that are particu- chemical-laden prod- Anthony Albanese
Portland, Me., gredients, CEO Jo- larly suitable after a ucts on the market,” created an afford-
couple turned their focus to men. seph Moore shifted hard workout. said co-founder John able and slightly
Olivina toward XY- Crescenti. grown-up take on
Macho factor Medium. The font and chromosome clients Macho factor Name dude-friendly skin care.
“General Store” moniker feel rooted in 18 months ago. aside, rather low. The Macho factor Me-
menswear’s late-aughts Americana re- restrained logo and chilly blue hue are dium. The beige tube could be a lady’s Macho factor Sky high. Beer is a
vival with its Paul Bunyan overtones. Macho factor Medium-high. Mr. more Herman Miller than he-man. product. But the line is named after driving inspiration. A hulking typeface
Moore drew inspiration from craft Tenzing Norgay, a sherpa who helped and in-your-face graphic design
Natural habitat In the bathroom of a cocktails, so Olivina’s natty labels look Natural habitat On a granite coun- Sir Edmund Hillary climb Everest. makes reading the labels like being
home with a decorative ax. straight from the liquor cabinet. tertop in a spartan Soho loft next to hollered at by a shirtless undergrad.
a Braun razor. Natural habitat Anywhere a finicky
Ideal spokesman Johnny Depp— Natural habitat As close to your bar significant other might be irked by the Natural habitat A Big Ten school but
bearded and bespectacled—with an cart as possible. Ideal spokesman David Beckham— presence of a neon bottle of Axe. Or in off-campus housing.
environmentalist bent. The range is active with neat, no-frills style. atop a log.
mostly vegan and not animal-tested. Ideal spokesman Sam Elliott—a Ideal spokesman Ashton Kutcher, al-
classic with a touch of whiskey. And the products? The line so far Ideal spokesman Tom Hiddleston— ways a dude at heart.
And the products? Like the stock of consists of three items: a TSA- politely stylish, earnestly masculine.
an old-time apothecary: beard oil, And the products? Cocktail refer- friendly solid face wash bar, alumi- And the products? The star is the
beeswax pomade and a gritty bar of ences aside, items like the all-natural num-free deodorant and a facial And the products? There are two Big Ass Beer Soap (pictured, $10,
pumice soap. A warning: The fra- Bourbon Cedar deodorant (pictured, moisturizer/eye cream (pictured, moisturizers, two shaving creams and dukecannon.com). It’s over double the
grances, like that of the Wood hand $10, olivinamen.com) are a non- $18, oarsandalps.com), which has a a pre-shave oil. The Sage Mint mois- size of an average bar, and the scent
cream (pictured, $14, portlandgeneral- greasy, environmentally friendly alter- nice, rich consistency. More products turizer (pictured, $20, tenzingskin- is more oatmeal than lager—which,
store.com) can be overpowering. native to drugstore brands. are in the works. care.com) was tingly and refreshing. trust us, is a good thing.
D4 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
use of the ingredients available to them black lentils will be delicious. braised lentils makes this winter
at any given moment. Right now they Simple as it is, the dish is designed to salad a satisfying main course.
have lots of fennel on hand. “If it’s get maximum impact from each element.
young, crunchy and sweet, we slice it “When you’re doing a salad like this,
thinly and serve it raw with wonderful where you have a warm element layered
olive oil,” Ms. Shadbolt said. with a cold one, the flavor of the olive oil
The Chefs That’s what they’ve done for their final really blooms,” Ms. de Boer said.
Clare de Boer and Slow Food Fast contribution, in which Shop for fennel bulbs that are heavy
Jess Shadbolt lightly dressed slivers of fennel and earthy for their size, firm and aromatic. If you
braised lentils mingle on a pillow of fresh end up with fennel that’s a bit woody,
Their Restaurant ricotta. Marinated anchovies and chopped sprinkle on some lemon juice once it’s
King, in Manhattan parsley add punch. sliced to soften it. Otherwise, a drizzle
“We use Castelluccio lentils from a little of good olive oil is the only dressing
What They Are town in Umbria,” said Ms. de Boer. “It’s this salad needs. —Kitty Greenwald
Known For
Bringing their TOTAL TIME: 20 minutes SERVES: 4
subtle, deceptively
simple style of 4 olive-oil-packed 2 cups green or black black pepper
continental cooking anchovies, drained lentils 2 medium heads fennel,
and warm hospital- 4 tablespoons olive oil, 1 head garlic, halved halved lengthwise
ity to New York, by plus more to drizzle crosswise 2 cups fresh ricotta
way of London. Pinch of red chili flakes 2 sprigs fresh sage 2 tablespoons chopped
Zest and juice of 1/2 lemon Sea salt and freshly ground parsley
1. Arrange anchovies on a shallow plate, driz- lentils and season with salt, pepper and a
zle with olive oil and season with pepper, chili drizzle of olive oil.
flakes and lemon zest. 3. Slice fennel into very thin slivers. If fennel is
2. Place lentils in a heavy, medium pot with woody, sprinkle with lemon juice to soften.
both garlic-head halves and sage. Cover lentils Season with 2 tablespoons olive oil and salt
with 2 inches water and add 2 tablespoons ol- and pepper to taste.
ive oil. Set pot over high heat and bring to a 4. Place ½ cup ricotta on each plate. Season
boil. Reduce heat to medium and simmer len- cheese with salt and arrange dressed fennel
tils until tender but still whole, about 20 min- on top. Spoon lentils generously over fennel.
utes. If necessary, add extra water to keep len- Top with marinated anchovies, an extra drizzle
tils submerged throughout cooking. Strain of olive oil and chopped parsley.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D5
Emiko Davies
from top: Ms. Davies in her Tuscan
kitchen; handwritten labels keep
ingredients in order; acquacotta in
progress; airy open shelving.
culinary approach: Less gadgetry, more lard I like to drink: what Marco picks.
S
He loves exploring natural wines.
ETTLING INTO a kitchen of her own recently was a big deal for We recently fell for one from Giglio
Emiko Davies. “My daughter just turned 4, and since she was Island in the middle of the Tuscan
born we’ve moved house—and city, and country—six times,” Sea. The winery, Vigneto Altura,
the food writer and illustrator said. Ms. Davies grew up rather makes this wonderful orange wine
peripatetically herself, in Australia and China. Today you’ll find called Ansonaco from vines that are
her in Italy because her husband, Marco Lami, a sommelier, was homesick. probably 200 years old.
For this art-school graduate, it wasn’t much of a leap from the studio
to the kitchen. “What I love about darkroom photography or restoration or For breakfast I eat: not at all like
baking is the process, from start to finish,” she said. She has applied her an Italian. Here they have cookies and
process, quite rigorously, to Italian cuisine in two cookbooks: last year’s cake. I just can’t do it. A soft-boiled
“Florentine” and now “Acquacotta,” published this week, on the culinary egg with little toast fingers to dip:
traditions of a little-known coastal pocket of Tuscany. That’s our favorite. My mother-in-law
A few months ago, Ms. Davies and her family moved out of her mother- thinks we’re very strange.
in-law’s apartment in Florence and into a place in the hills above the city.
Thanks to all the previous relocating, she’d learned to live with limited The most important
cooking equipment—a boon in her current kitchen. “It was obviously de- piece of kitchen wis-
signed by someone who didn’t cook,” she said of the tiny space, since recon- dom I ever received
figured in a way “that was reasonable and fit with us. We made it our own.” came from: Elizabeth
David, in an article she
wrote in the 1980s,
The first thing people notice about An ingredient I’m ex- about how gadgets
my kitchen is: its small size. The cited about right now are useless. Any time
main counter is 6½ feet long—the is: bottarga [cured mullet I consider buying anything
length of the room. When we moved roe] from Orbetello. They do for the kitchen I ask myself,
in, it had a sink that took up the it a little differently there than in Can I do it with my hands? If the
whole of the counter, which was ab- Sardinia: less cured, a bit softer. Grate answer is yes, I know I don’t need it.
surd. So we shortened the sink but it over spaghetti and it’s instant flavor. —Edited from an interview
kept it 1½-size since we don’t have by Charlotte Druckman
a dishwasher. Putting in a kitchen I’m also excited about: carciofini—
island doubled the counter space. baby artichokes in season in early
spring. You keep them whole, and you
We have no room for: drawers or don’t need to pull out the choke. In
cupboards or a pantry. So we have Tuscany they do them sott’olio, under
open shelving. I keep jars on the oil. Pickle them in wine and vinegar,
shelves, and pots and pans beneath then dry them and pack them in jars
the island and on a trolley. Instagram with olive oil. They have such a short
was extremely helpful. We could ask, season: Blink, go to the market on the
Where do you put things when you wrong day, and you miss them.
don’t have drawers? People had lots
of advice. The most underrated ingredient is:
My cooking mentor was: Pellegrino My favorite pans are: my terracotta lard. It sounds like such a dirty word.
One gadget I could use is: a wireless Artusi. When I started thinking I ones, a Tuscan saucepan with a long But it’s used in a lot of traditional Tus-
hand blender. That’s about as technical wanted to write about food, I sat down handle and a deep pot with a lid, from can recipes. It gives bread an amazing
as I’ll get, I think. There is one outlet in and read his cookbook [“The Science Puglia. You can start on the stove and crust, and a really delicious smell.
the kitchen, by the fridge. My daughter of Cooking and the Art of Eating finish in the oven. I’m convinced the
loves smoothies, and right now I have Well”]. It was written in 1891, and a terracotta gives flavor. I use it for beans A go-to meal for me is: acquacotta,
to make them on the floor because the lot of the classic Tuscan or Florentine and for meat stews, like a pot roast a vegetable soup with eggs cooked
cord doesn’t stretch farther. recipes are still done the same way. done with a whole liter of red wine. into it. It’s basically my dream. I can
Acquacotta Maremmana
You can prepare this soup in advance, right up to the point when you add the eggs. Keep it in the refrigerator overnight or freeze it for
later use. Reheat it with a splash of water and, once it’s simmering, crack the eggs in. TOTAL TIME: 11/4 hours SERVES: 4
3 tablespoons extra-virgin 4 eggs add white wine. Simmer until re- into pan. Poach until whites are
olive oil 4 slices stale Tuscan bread or duced slightly, 4 minutes. Add cooked and yolks are still runny,
FRANCESCO LASTRUCCI FOR THE WALL STREET JOURNAL
4 medium yellow onions, crusty white loaf, toasted tomatoes and their juice to pan 3-6 minutes. Remove from heat.
thinly sliced ½ cup grated Parmesan or and use a wooden spoon to 4. To serve, place a toasted
½ celery stalk, finely chopped pecorino cheese crush. Add another pinch of salt bread slice in bottom of each
Salt and chilies. Add stock and bring bowl. Carefully transfer poached
½ cup dry white wine 1. Heat olive oil in a Dutch oven to a simmer. Reduce heat to low. eggs to tops of bread slices.
1 (28-ounce) can whole, over low heat. Add onions, celery Simmer gently, stirring occasion- Pour soup over to cover and
peeled tomatoes and a good pinch of salt. Cook, ally, until soup reduces to a thick soak bread. Sprinkle with grated
1 fresh red chili, finely stirring occasionally, until vegeta- consistency, with enough liquid cheese. Let sit a minute or two
chopped, or dried chili bles are tender, about 15 minutes. remaining to poach the eggs in, to allow bread to absorb liquid
flakes to taste If onions start to stick to pan, about 45 minutes. If too thick, —Adapted from “Aquacotta”
2 cups vegetable stock or wa- add a splash of water to pan. add stock as necessary. by Emiko Davies
ter, plus more as needed 2. Increase heat to medium and 3. Crack eggs, one at a time, (Hardie Grant, March 2017)
D6 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
T
Porcelain Figure Heads,
HE OTHER DAY—in $4,475 for pair,
what passes for water- highstyledeco.com
cooler talk here at The
Wall Street Journal—
we took an informal
poll about a controversial decorat-
ing choice that’s nevertheless Judy
gaining prevalence: busts. Do the Bust Statue,
stone-faced characters have any $129,
place in contemporary interior de- cb2.com
sign, or more to the point, Would
you put one in your own home?
Except for a few creative types
here, the reactions went something
like this: “They’re pretentious.”
“Annoyingly academic.” “Kind of
creepy.” Yet busts continue to
show up in professionally pulled-
together homes, even if some de-
signers remain slightly ambivalent.
“In the ’80s, when I started, every-
one was using busts, and it became
a cliché,” said New York designer Cubist
Matthew Smyth. “They felt grandi- Bust from
ose. But lately I’ve begun to appre- Ro Gallery,
ciate them more, for my home $15,000,
and for clients’.” 1stdibs.com
Even mass-market design retailer
CB2 sees a place for them, intro-
ducing a traditional form in modern
black resin. More typically, busts
can be found in antique stores and
on auction sites and 1stdibs.com.
For some decorators, the come-
back has reawakened an apprecia-
tion of what was good about
sculpted portraiture in the first Turkish
place. A third dimension, for exam- Bust from
ple. Most people overlook depth Artedeco,
when they decorate, said New York $2,800,
designer Drew McGukin: “Flat 1stdibs.com
walls, flat paint, flat basic fabrics,
flat art on walls, flat-screen TVs.”
And busts in particular have the
benefit of being compact. “They’re
easy to place in rooms, since unlike
larger sculptures, they fit on tables
and bases,” said New York-based
designer Thomas Jayne. HEAD MASTERY A well-contextualized bust in the London home of retail design consultant Richard Moore,
Part of busts’ appeal for design- featured in ‘Simple Homes,’ by Mark and Sally Bailey (Ryland Peters & Small)
ers is exactly what spooks many
homeowners: the way they stare Indeed, busts needn’t be serious. signer Jennifer Jean Morris by her Tom Stringer sometimes integrates
you down. “A bust’s effect really A plaster bust by New York artist grandmother. “Busts in Western statuary more subtly and casually,
depends on its expression, whether Stephen Antonson portrays a he- interior design are stereotypically which mutes the pretension factor.
it’s whimsical or provocative, coy roic-looking young man taking a about a male Anglo-Western his- “I tuck them in bookshelves for Ernst Fuchs
or stern, said Caleb Anderson of very realistic pie to the face. Said tory,” said Ms. Morris. “This one a charming historical element, or Bust from
New York design firm Drake/Ander- New York designer Jesse Carrier tells a different story.” layer them on consoles,” he said. the Grinard
son. “Whenever you look at them, The standard, stoically neoclas- “A bust becomes the focal point, Collection,
you feel their emotion, too. It’s one sical, white marble bust adds a tra- so make sure that it’s the only $1,500,
of the reasons I love using busts, ditional touch to a modern room, opulent piece in the mix,” advised 1stdibs.com
they’re like another personality in ‘Whenever you look noted Dallas designer Michelle Natalie Shirinian, founder of NES
the room.” at them, you feel Nussbaumer, but it poses the Creative, a New York-based creative
“They’re part of the party,” con- greatest decorating challenge. How agency. “Have a balance of books
curred New York designer Sasha their emotion, too.’ to shake the inherent fustiness? and personal objects and flowers
Bikoff. “My dogs think a bust I have After all, in most of our encounters to make the space feel like a home
by the stairs is a real person, and with such busts, they’re rather dry: and not a museum,” she added.
one client’s cat loves to hang out of his clients, “They fell in love pedantic in universities, purely ed- Living with a humanoid piece
with a female bust on the piano.” with the artist’s playful, tongue-in- ucational in public libraries and of art might seem more like adopt-
San Francisco designer Suzanne cheek interpretation. It may not be imposing at memorial sites. ing than decorating, but like the
DEBI TRELOAR (INTERIOR)
Tucker said she was “utterly en- considered ‘high art,’ but it’s beau- Designers such as Mr. Anderson former, it has multiple rewards.
chanted” by a the facial expression tifully crafted and delivers comedic embrace sharp juxtapositions “Busts are captivating,” Mr. Ander-
of a 1950s bust she found in Paris relief at the same time.” of new and old: “I like the eclectic son said. “People want to know
that was crowned and encrusted Another subversion of the clas- contrast of a classical bust with whom they’re looking at—is it a
with coral and seashells. “She’s less sic: a depiction of an African contemporary artwork and furni- character, a famous person, a regu- Paul Bellardo Bust from Caribe
formal with a ‘come hither’ look.” woman, passed to New York de- ture,” he said. Chicago designer lar person. What’s their story?” Casual Shop, $975, etsy.com
FLOWER SCHOOL
F. MARTIN RAMIN/THE WALL STREET JOURNAL (PILLOW, WALLPAPER); PAMONO & DAGMAR DESIGN (CHAIR)
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 18 - 19, 2017 | D9
O
were featured as frisky cubs “Killing giraffe was a specialty
UR JEEP’S CB in the 2015 documentary of the Musketeers’ mother.” I
radio was “Vanishing Kings.” Of the cringed at the thought of gen-
abuzz with four that have survived since tle giraffe—themselves an en-
static-choked the filming, none had been dangered species—being torn
voices franti- spotted in camp since their apart by lions. Elias chuckled.
cally shouting directions to mother died, in 2014. “Many of my colleagues don’t
the lions’ location. Just as my Northwest Namibia hasn’t want to see a giraffe killed ei-
private guide, Elias, and I always been home to the ther,” he said. “But killing is
crested a ridge in Namibia’s species. After decades’ of part of life here. Either gi-
1,110-acre Palmwag Conces- absence, the prides only raffes die or lions do.”
sion in the Namib Desert, a recently found their way Travelers squeamish about
man chimed in on channel back to these deserts from being in such a hostile habi-
two to report that a few lions tat have little to fear at Ho-
were spotted “near the origi- anib Skeleton Coast Camp,
nal junction road by the old where spacious, luxury tents
bridge.” Elias spun the vehi- ‘Killing is part of life cosset visitors. Meals include
cle and barreled over the here. Either giraffes grilled game meats and beef
scrubby dunes. (this is cattle country, after
The directions, given by die or lions do.’ all), excellent South African
Dr. Flip Stander, were inten- wines and homemade dough- ARID ELEGANCE The clean, modern accommodations at Namibia’s Hoanib Skeleton Coast Camp.
tionally vague. As director nuts. Beyond food and shel-
of Desert Lion Conservation, other parts of Namibia, an ter, however, you’ll find lim- hardships of ranchers who
he knows that poachers, effort to limit their exposure ited creature comforts. Forget kill them, acknowledging THE LOWDOWN // TRACKING DESERT
big-game hunters and farm- to humans, primarily cattle about Wi-Fi. Hot running wa- the complexities of life in LIONS IN NAMIBIA
ers out to protect their live- farmers who will readily kill ter is dependent on solar the desert.
stock might intercept the any predator that threatens panels, but I never lacked a Another component of Getting There Direct flights to Windhoek, Namibia’s capital,
signal and reach the lions their stocks. hot shower during my stay. Hoanib: Dr. Stander’s Desert depart from Amsterdam, Munich, Frankfurt, Cape Town, Johan-
before us. Although I’d The lions are somehow Guides at Hoanib are by Lion Conservation, an unaffil- nesburg and Doha, Qatar. From Windhoek, take a 2-hour char-
only settled into Namibia’s adapting to this undulating far the savviest I’ve encoun- iated nonprofit agency that ter flight to Hoanib that stops in Doro Nawas. (Charter flights
Hoanib Skeleton Coast Camp landscape, where tempera- tered in the roughly dozen has been studying lions for from $200, geoex.com.)
earlier that morning, my tures reach the triple digits, safari camps I’ve visited. two decades. The hybrid re-
search for the elusive desert- no rain falls for months at Like most guides there, search station/luxury camp Staying There Hoanib Skeleton Coast Camp, opened in 2014,
adapted lion was already off a time, and sandstorms Elias knows every mammal, tends to draw unusually eru- is a luxury camp with cool, spacious tents. Lion- and elephant-
to a roaring start. the size of mountains roll bird, insect and plant species dite travelers. During meal- research stations are located on site. (From $430 a night, includ-
Elias and I were seeking uneventfully across the around us. He also speaks times, I chatted with orni- ing game drives and meals, wilderness-safaris.com.) Those seek-
specific lions: males known arid terrain. frankly about lions and the thologists from Australia, ing a posh spot to stay in-between the long-haul flights can
lepidopterists from England bunk down at the newly opened Otjimbondona, an hour south-
and marine biologists from east of Windhoek. Four stylish villas, each with its own plunge
California. On these safaris, pool, overlook a network of walking trails snaking through the
you’re unlikely to find first- camelthorn trees and rusty red Kalahari sands (from $335 a
timers blinding the animals night, including meals, otjimbondona.com).
MEET THE with camera flashes.
The next morning, Elias Eating There Meals are included at Hoanib Skeleton Coast
LOCALS and I drove about 35 miles
west to a large seal colony on
Camp (there are no restaurants within a 200-mile radius), but
your visit to Windhoek is incomplete without stopping for a
the Skeleton Coast. The closer drink at Joe’s Beerhouse, a Germanic beer garden where pilots
A guide to game all we got to the ocean, the softer and guides meet for wild game like oryx, springbok and grass-
along the food chain in the landscape became, until fed Namibian beef (joesbeerhouse.com).
eventually the crimson rocky
the Namib Desert
landscapes yielded to wispy,
golden ripples of sand dune. Some agencies, game re- here will stop at nothing to
The coast itself, however, ri- serves and cash-strapped na- protect their herds.” Conser-
Namibian Giraffe vals the desert for harsh deso- tions resist a universal ban, vationists are trying to con-
Also known as Angolan gi- Hartmann’s lation, with nothing but sand however, because of the vince them to let the lions be.
raffe, this subspecies of Mountain Zebra meeting the frigid Atlantic for profit that trophy hunting One of the cats let out a
Southern giraffe is found in This buff-colored subspe- hundreds of miles. generates. But as locals will yawn, revealing formidable
northern Namibia. It’s marked cies of mountain zebra “We’re hoping that once tell you, that money often chompers that could crush
with a white ear patch, and its has a solid-white belly (no the young pride smell the stays in the hands of the rich, our bones in seconds. “You
spotting extends to the legs stripes). A nimble climber, seals, they’ll migrate to the seldom making its way to the can see why it’s not so easy,”
but not the face. it thrives in steep moun- coast and stop attacking cat- communities that need it. Elias joked, then turned seri-
tainous terrain and arid tle,” said Elias, eyeballing a On my final day, after a few ous: “How can we tell Maasai
conditions. colony of about 1,000 seals hours searching in vain for li- Warriors [in Kenya] and
on the shore. “The wind di- ons, the lodge’s melodic dis- these local cattle farmers not
rections haven’t changed yet, patcher, a woman named to kill the lions when rich
so for now, the young pride Beauty, cooed on the radio, Americans come over and
of lions don’t know that food asking if Elias and I wanted to pay millions of dollars to do
is here.” Once I caught a return to camp for rooibos it?” (Indeed, a few months
whiff of the foul smelling ani- tea. We did. But just then, we later, all three of the lions be-
mals, I found it hard to imag- spotted three of the Muske- fore us would be dead, poi-
ine anything would want to teers. Elias cut the engine and soned by cattle farmers.)
eat them. Elias laughed. “A we rolled under an acacia tree In the distance, I spotted a
few guests have vomited toward the lions, until we lone ostrich bobbing toward
from the smell,” he said. were practically within pet- us, unaware of the hunger on
Desert-Adapted Elephant While India’s Gir Forest ting distance. As the song of a this side of the dune. And
Although not a separate species, Namibia’s desert- still has a small population of mountain wheatear pierced across the thick, hot, blurry
adapted elephants have lower body mass and propor- wild lions, Africa has the the cool morning air, the lions desert haze, a mother and
tionally longer legs and larger feet, which allows them world’s largest by far. Else- looked at us, their molten, baby giraffe moved into the
to cross miles of sand dunes to reach water. where, entire populations vermilion eyes locking onto bronze mountains with the
have been hunted down. In ours with a ferociousness that speed of prey who can sense
Oryx
December 2015, the U.S. Fish few live to tell about. their impending death. Three
Also known as the
and Wildlife listed lions as a An instant later, they ap- days ago, when fellow guests
gemsbok, this large
Southwest threatened species, thereby peared unfazed by our imper- told me about seeing the
muscular antelope
African Lion protecting them under the tinent proximity. Tongues fell mother and calf narrowly
with unmistakable
This subspecies Endangered Species Act and out of their giant panting escape the lions, I was
black and white facial
roams in small prides. preventing American hunters mouths, and half-smiles troubled by the giraffes’ near-
markings is native to
Its coloration varies from returning with trophy washed across their faces. death experience. But survey-
arid Southern Africa
from blonde to ver- animals. Another campaign, “Their father swam across ing this landscape, I realized
and is admired for its
milion, reddish to supported by several Africa the Kunene River to Angola there is no black and white
long elegant horns.
rusty brown. Its un- conservation groups, aims to and was killed by farmers,” when it comes to survival
derparts are typically make lions a World Heritage Elias whispered to me, hold- here. These big cats may be
light, its tail tuft black Animal and thereby ban lion ing his gaze on the brothers. the kings of the desert, but
hunting globally. “The cattle farmers around they are its underdogs, too.
D10 | Saturday/Sunday, March 18 - 19, 2017 * *** THE WALL STREET JOURNAL.
My Kind of
Chinatown
Despite its sleazy past, Honolulu’s
historic district has emerged as a cool
zone. Here, the top spots to hit
ELYSE BUTLER FOR THE WALL STREET JOURNAL; ILLUSTRATION BY TONWEN JONES
BY MARTHA CHENG
S
OME THINK Honolulu, Hawaii’s most populous city,
has little to offer visitors beyond high-rise hotels
and chain restaurants with sticky laminated menus.
Those critics clearly haven’t strolled through Chi-
natown lately. Just 3 miles from Waikiki Beach, the
designated historic neighborhood—and new magnet for the is-
land’s cool kids—consists of a curious mix of turn-of-the-cen-
tury architecture styles. Romanesque Revival buildings con-
structed of lava-rock mingle with Italianate structures with
pagoda roofs and a throng of red-brick edifices (a rarity in Ha-
waii) built just after a widespread fire in 1900. While the
buildings might not be new, many of the occupants are.
In years past, tourists—at least the wholesome variety—
gave Chinatown a wide berth. Despite serving as a longtime
hub for various Asian communities, the neighborhood has
struggled to shake a seedy reputation that dates back to its
mid-1800s inception, when it indulged the vices of whalers
and sailors who swept in from the Honolulu Harbor. A century ISLAND OF PLENTY From
later, a large military population on the Hawaiian Islands dur- top: the Roberta Oaks
ing World War II renewed the appetite for fast women, booze boutique; Korean fried chicken
and gambling. The strip clubs and bars endured long after the sliders at Fête; the 1922
war ended. But the late ’80s to the early aughts brought ef- Hawaii Theatre, restored in
forts to revive the hood: Maunakea Marketplace was built, a 2004, still stages plays and
bazaar full of Chinese, Filipino, and Southeast Asian food ven- concerts and screens films.
dors. A handful of new restaurants, bars and galleries fol-
lowed, but at night, the same gritty Chinatown, where few
rental cars dared to tread, held sway.
These days, even the locals have a tough time keeping up
with all the changes. New owners are taking over nondescript
spaces and tearing down the stained drop ceilings to create
tall, airy spaces; ripping up the worn linoleum and smoothing
the concrete floors underneath. They’re also expanding the
area’s offerings, peddling everything from moules frites (at the
bistro Grondin) to Italian linen dresses (at Echo & Atlas), as
well as sophisticated Hawaiian wares. Here, a guide to China-
town’s biggest draws, at least for now.
3
11 13
14
12 7
10 4
6 1
5 2
8 9
BY JOSHUA FRUHLINGER
REPLICATING movie-theater
surround-sound in your home—
the kind that makes you feel like
you’re inside the action—has tradi-
tionally required more speakers
than most people feel comfortable
scattering around their living
room. Once, five speakers did the
trick. Then seven were de rigueur.
Before long, the count reached
nine. Would it ever end?
Dolby’s latest flagship surround-
sound format—called Atmos—adds
more detail and overhead sounds,
making you feel like you’re inside
the action while halting the glutton-
ous trend toward ever more speak-
ers. Atmos allows moviemakers to
“position” sound effects anywhere
above or around you—using either
seven speakers or a soundbar.
Not all movies are released with
an Atmos soundtrack, but a grow-
ing number are. Beyond thundering
action films, you’ll also find less
bombastic fare, like “Age of Ada-
line,” “Beauty and the Beast” and
even “Fifty Shades Darker.”
To experience this all-around
sound, you’ll need a few pieces of
equipment: a Blu-ray player (even
an old one will do), Blu-ray discs
that have a Dolby Atmos sound-
track (see dolby.com for a list of
available movies) and, of course,
speakers or a soundbar like the
ones below. Here are a few of the
RYAN GARCIA
easiest-to-implement ways to bring
the movie theater home.
Soundbars // The Path of soundbars (like the Samsung For Building a New System
Least Resistance model shown at right), but it clev- HTD Versa Speakers
Soundbars pack a strip of speakers erly employs 46 densely packed Setting up a true seven-speaker
into a single compact unit that speakers to replicate the tradi- Atmos system doesn’t have to
can sit discreetly under your TV. tional seven dispersed speakers cost a small fortune. The budget-
Because they offer less separation of a usual Atmos system. conscious should check out the
among the various channels than The magic of the YSP-5600 is Versa series of home-theater
stand-alone speakers do, they how it bounces sounds off your more ex- speakers from HTD, a company
sound less spacious, to use audio- walls and ceilings, delaying the pansive sound than that sells directly to consumers
geek lingo. But you’ll find them audio by milliseconds to make it the Yamaha soundbar. The through its website (not through
much easier to install. Not only will seem as though sounds are com- trade-off? You’ll have to place stores). Although modestly
a soundbar skirt the need to wire ing from behind, above or to the more speakers around the room. priced, the relatively thin, wall- For Upgrading a Surround System
speakers all over your room, many side of you. To make sure each Thankfully, both of the rear-sur- mounted Versa speakers are top- Pioneer SP-T22A-LR
Atmos-compatible soundbars in- of the YSP-5600’s speakers fires round speakers and the subwoofer notch both in If you already have a 5-speaker
clude a built-in decoder, which at exactly the right time, you’ll communicate wirelessly with terms of sound (or more) surround-sound set,
means you won’t require an A/V have to run a simple calibration the soundbar to streamline the in- quality and build. upgrading to Atmos is especially
receiver. Simply connect the sound- procedure: Place an included mi- stallation process. Only a power The $350 HTS1 easy and inexpensive. All you
bar directly to your Blu-ray player crophone near where you’ll be sit- cord is required for each speaker. (shown) can be need is an Atmos-compatible
and TV and you’re done. ting, and the soundbar figures out $1,299, samsung.com used for front- A/V receiver and two additional
Just keep in mind that soundbars how much delay is required from channel and cen- “presence speakers,” which can
work best in small, relatively square each speaker so that sounds reach ter-channel speak- be placed on top of your front-
or rectangular rooms; the surround- your ears in time. The result is Separate Speakers // Big ers, while the $129 channel speakers (bookshelf or
sound effect gets muddled in large surprisingly convincing for such Commitment, Big Sound SB1 can serve as tower models) or mounted on
or irregularly shaped spaces (like an easy-to-install single-speaker For the most theater-like experience the four surround the wall beside you.
a living room with an adjacent open system. $1,599, usa.yamaha.com in your home, a system with sepa- speakers. By add- The Pioneer SP-T22A-LR is
kitchen, for example). Here are two rate speakers is the way to go. Yes, ing the 80-LP sub- what’s known as a “reflecting
standout options: For More Immersion you’ll have to place seven speakers woofer, you can height presence speaker.” It’s an-
Samsung HW-K950 around your room (there are no fully create a complete gled to aim sound at the ceiling,
This system falls in between a wireless Atmos systems out yet), 7-speaker Atmos so audio bounces back toward you
lone soundbar and a multi-speaker but because five of those speakers system for about to create an overhead effect—
setup. It includes a soundbar as can be near the TV, this process isn’t $1,520. HTD offers without your having to mount
well as two wireless rear-surround as cumbersome as it sounds. With a 30-day money- speakers up high. The SP-T22A-LR
For the Fewest Wires speakers and a subwoofer. Because the options below, you’ll also need back guarantee and will cover may be small and unobtrusive,
Yamaha YSP-5600 you can place those rear surround an Atmos-compatible A/V receiver, nearly all of the shipping costs of but it delivers a surprising punch.
At 43-inches-wide-by-8.5-inches- speakers far apart from each like the relatively inexpensive Onkyo these speakers both ways if you’re It’s also very affordable. $199 for
tall, the YSP-5600 dwarfs typical other, the rig produces an even TX-NR656, which costs $350. not satisfied. htd.com a pair, pioneerelectronics.com
MY TECH ESSENTIALS