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What’s Churchgoers Slain in Texas Saudi

Business & Finance
Rein In
he New York Fed’s Dud-
The Elite
T ley is set to announce he
will retire next year, about A sweeping weekend
six months earlier than roundup of more than five
scheduled, adding to a wave dozen princes, ministers and
of turnover among top cen- prominent businessmen in
tral-bank decision makers. A1 Saudi Arabia marks a dramatic
escalation in the crown prince’s
 Amazon is dropping

effort to consolidate power and

prices on goods offered by
accelerate far-reaching change
independent merchants on
in the kingdom.
its site, ratcheting up a price
war with retail giants. A1
By Margherita
 The U.S. is investigating Stancati in Beirut and
Credit Suisse, VTB and Summer Said in Dubai
BNP Paribas for their roles
in selling about $2 billion Saudi officials said the
of debt for Mozambique. B1 crackdown stemmed from a
probe aimed at stamping out
 ADP shareholders will
corruption. It touched some of
decide on Tuesday whether
the most widely known people
to allow hedge-fund man-
in the country, including
ager William Ackman into
Prince al-Waleed bin Talal, an
the company’s boardroom. B1
international tycoon who is
 Several big advertisers one of the richest men in the
are halting business with A vigil was held for victims of Sunday’s mass shooting at a church in a small Texas town. The victims ranged from 5 to 72 years old. world, according to people fa-
Outcome Health after alle- miliar with the matter.
gations some employees of Shooting at a Baptist Frank Pomeroy, according to “This is a crucial turning
the startup misled clients. B1 family members of the vic- point,” said Bruce Riedel, a se-
church in Sutherland tims. Twenty-three people nior scholar at the Brookings
 Sprint and T-Mobile
called off merger talks, de- Springs kills at least were killed at the church, two Institution and a former Cen-
outside and one died en route tral Intelligence Agency offi-
railing a potential deal 26; suspect is dead to the hospital, officials said. cer. “Saudi royal politics have
that many on Wall Street
The pastor’s wife, Sherri gone from consensual to an
had anticipated for years. B3
SUTHERLAND SPRINGS, Pomeroy, said she and her unstable blood sport.”
 United Continental said Texas—A young man clad in husband were out of the state On Sunday, as the kingdom
it is considering replacing black and wearing a ballistic on Sunday and she was work- digested news of the arrests,
older wide-body planes with vest blasted his way into a ing to get back home from another Saudi prince was
new Boeing 767 jets. B3 Baptist church in this south Charlotte, N.C. “Neither of us killed in a helicopter crash
Texas town on Sunday with an have made it back into town near the kingdom’s border
 Oil prices reached their
yet to personally see the dev- Please see SAUDI page A10
highest level in over two years
By Melissa astation,” she said in a text
last week as signs increased
Korn, Alejandro Lazo The First Baptist Church in Sutherland Springs after the shooting. message.
that global growth will con-
tinue to boost demand. B10 and Russell Gold Kelley served in the U.S. Game of Thrones
said, adding that it wasn’t Kelley. He said Kelley lived in Air Force but was court mar-  Detained tycoon has backed
 The SEC recently asked a assault-type rifle, leaving at known whether he died of a the New Braunfels, Texas, area tialed in 2012 and ultimately high-profile firms............. A10
Miami wealth manager about least 26 people dead and 20 self-inflicted gunshot wound northeast of San Antonio. received a “bad conduct dis-  Regional cold war intensifies
its ties to Guggenheim and a others injured. or was shot by someone else. Among those killed were a Please see CHURCH page A4 as ISIS fades...................... A10
firm that purchased a home The gunman fled in a vehi- Wilson County Commissioner woman in the third trimester  Prince Mansour, officials
with Guggenheim’s CEO. B8 cle and died following a pur- Ernest “Skip” Hajek confirmed of her pregnancy and the 14-  Attack stuns a small, killed in copter crash..... A10
suit, law-enforcement officials his identity as Devin Patrick year-old daughter of Pastor reverent community.............. A4
 “Thor: Ragnarok” had a
strong opening, welcome
news for theater owners. B2

World-Wide New York Fed Chief Adds to Wave of Exits

BY MICHAEL S. DERBY monetary and regulatory deci- aim of finding a successor in February, according to a per- are also open, giving the presi-
 A man blasted his way AND NICK TIMIRAOS sion makers and ushering in mid-2018. son familiar with the situation. dent an opportunity to remake
into a Baptist church in new uncertainty about its pol- The decision has been long- Just last month, Fed Vice its policy-making team.
Sutherland Springs, Texas, The president of the Federal icy course. planned and is unrelated to Chairman Stanley Fischer A fourth seat on the board
with an assault-type rifle, Reserve Bank of New York is William Dudley’s announce- President Donald Trump’s an- stepped down and Randal would open if Ms. Yellen de-
leaving at least 26 dead and set to announce he will retire ment could come as soon as nouncement Thursday that he Quarles, Mr. Trump’s first cides to leave after ceding the
20 others injured. The gun- next year, about six months Monday, according to two peo- would nominate central-bank nominee to the Fed’s Washing- helm as chairwoman. She
man fled in a vehicle and died earlier than scheduled, adding ple familiar with the matter. governor Jerome Powell to ton-based board of governors, could stay on as a governor in
following a pursuit. A1, A4 to an unusual wave of turnover The search for his successor succeed Janet Yellen when her took office. Three other seats a term that extends to 2024.
among the central bank’s top will start immediately with the term as chairwoman expires in on the seven-member board Please see FED page A2
 A roundup of princes,
ministers and businessmen
in Saudi Arabia sharply es-
calates the crown prince’s
Amazon Cuts Third-Party Prices In New York, a Marathon Surprise
bid to consolidate power
and accelerate change. A1
BY LAURA STEVENS discounting some items sold was marked down 6% to Flanagan, 36,
 The arrest of Prince al-
by third parties, covering the $19.99, matching the same celebrates after
Waleed hobbles the billion-
aire investor, who has Inc. has qui- cost difference itself to ensure price offered online by retailer winning Sunday’s
backed some of the world’s etly started lowering prices by competitive pricing. Ulta Beauty Inc. Amazon dis- New York City
best-known companies. A10 as much as 9% in recent weeks The new “Discount pro- counted a Risk Legacy board Marathon. She is
 Prince Mansour, who on goods offered by indepen- vided by Amazon” tag allows game sold by VirVentures by the first U.S.

was the former Saudi dent merchants on its website, Amazon to compete more 6% to $43.92, 3 cents less than woman to win
crown prince’s son, and a ratcheting up a price war with fiercely with low-cost rivals at Wal-Mart. the professional
number of government of- other retail giants—and poten- including Wal-Mart Stores Inc. “This item is sold by a race in 40 years.
ficials were reported killed tially straining its relationship and Dollar General Corp. just third-party seller. The dis- Geoffrey
in a helicopter crash. A10 with some sellers. as the all-important holiday count is provided by Amazon,” Kamworor of
Until now, Amazon has gen- season gets under way. Amazon says on listings with Kenya won the
 Commerce’s Ross failed erally controlled prices only On Amazon this week, a the new tag. men’s event. A14
to disclose business connec- on merchandise it sells di- Boots No7 Instant Illusion VirVentures Senior Man-
tions to Putin’s family and rectly to consumers. Now, it is Wrinkle Filler sold by kn9ght Please see PRICES page A8
inner circle on a personal fi-
nancial-disclosure form. A3
The Least Original Name for Your INSIDE
 Trump, in Tokyo dur-

Business Project: ‘Vision 2020’

ing the first leg of his Asia
trip, increased pressure
on Japan for a bilateral

#1 CRM.
i i i
trade agreement. A6
 A Belgian judge ordered Eye doctors see red as dozens of groups
the conditional release of
ousted Catalan leader Puig- steal their slogan; grandiose strategic plans Salesforce ranked #1 for CRM based on IDC 2016
demont and four ex-offi-
cials sought by Spain. A6 Market Share Revenue Worldwide.

 Virginia’s gubernatorial BY MAX COLCHESTER see things clearly, an obvious

AND DANIEL MICHAELS plus for any leader plotting a
election Tuesday could
give Democrats a needed revamp. The European Golf GENDER DIVIDE 18.1%
victory or deliver a demor- In business, few can resist a
grand plan enumerated with
Course Owners Association’s
“Vision2020” addresses the
alizing defeat. A3
the boundless promise of to- challenge of a “new phase of FOR COLLEGE
 A center-right coalition morrow. So 2020 has become negative growth.”
appeared to have edged the biggest number The original vi- 9.4%
out the antiestablishment since Y2K. sionaries are seeing 7.2%
5 Star Movement in re- The U.S. Defense red. In 1999, a group
gional elections in Sicily. A6 Security Cooperation of ophthalmologists
Agency, the Bank of got together to cre-
CONTENTS Markets Digest..... B7 England, Malaysia ate a plan to tackle 2012 2013 2014 2015 2016
Business News.. B2-3 Opinion.............. A15-17
Crossword.............. A14 Sports....................... A14 and the German con- avoidable blindness. Source: IDC Worldwide Semiannual Software Tracker, May 2017
Heard on Street.. B10 Technology............... B4 glomerate Siemens For obvious reasons,
Journal Report.. R1-18 U.S. News......... A2-A4 AG are among the they called it Vision
Life & Arts....... A11-13 Weather Watch.. A14

Markets.............. B8-10 World News... A6,8,10

many with plans 2020. Now, an inter-
dubbed “Vision net search turns up
2020.” The European Vision 2020s for con-
> Union has two pro-
grams with the
Eye chart sulting firm A.T.
Kearney, Wales’s
name. Nigeria’s budget minis- hockey league and a campaign RESTAURANTS,
try went two digits further,
creating a strategy called “Vi-
to achieve “zero food waste to
landfill by 2020.”
s Copyright 2017 Dow Jones & © 2017, inc. All rights reserved. is a registered
Company. All Rights Reserved sion 20:2020.” “You need to type in ‘Vision trademark of, inc., as are other names and marks.

To have 20/20 vision is to Please see VISION page A8 BUSINESS & FINANCE, B1
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
A2 | Monday, November 6, 2017 * *** THE WALL STREET JOURNAL.

THE OUTLOOK | Jacob M. Schlesinger
China-Trade Course Still Taking Shape TUESDAY: Federal Reserve
Chairwoman Janet Yellen speaks
in Washington as she accepts
Donald tougher enforcement. The tentious renegotiations of an award for ethics in govern-
Trump will be Growing Gap president won’t make head- the North American Free ment, marking her first public
joined in Bei- President Donald Trump has so far made renegotiating trade deals lines on that front this week Trade Agreement and the appearance since President Don-
jing this week with Mexico, Canada and South Korea higher priorities than either. He touts his friendly U.S.-Korea Free Trade Agree- ald Trump picked Jerome Powell
by executives confronting China—even though China’s trade surplus is much bigger. relationship with Mr. Xi and ment. With only one con- to serve as the next chairman of
from more isn’t expected to risk that firmed trade agency political the Fed. If he wins Senate con-
than two dozen U.S. compa- $100 billion chemistry. appointee, Robert Lighthizer, firmation, Mr. Powell would take
nies planning to announce Aides are laying ground- the administration can only the helm at the central bank in
trade deals they say would work for sanctions that could do so much. February, when Ms. Yellen’s four-
0 Canada
be worth billions of dollars. be rolled out after his return. The Nafta and Korea fights year term expires.
South Korea
But that alone won’t make Agency studies are exploring have raised tensions with Eurostat releases eurozone
–100 Mexico
it an economic-policy suc- tariffs and quotas on steel, economic allies who might retail sales figures for Septem-
cess. Deals with a confined aluminum, solar panels and otherwise join an effort to ber. In August, retail sales fell
number of companies—in- –200 washing machines—all partly restrain Beijing. The 12-na- 0.5% from July, the second
volving soybeans, airplanes aimed at China—with tion Trans-Pacific Partner- straight month of declines even
and natural gas among other early-2018 deadlines. Mr. ship, a trade deal that Mr. as the eurozone’s economic re-
products—are unlikely to –300 Trump’s trade representa- Trump had spiked, was simi- covery has gathered pace.
dent the U.S. goods trade China tive is building the case that larly aimed at encircling THURSDAY: China’s statistics
deficit with China that Mr. –400 China is guilty of unfair China with a regional bloc bureau releases producer and
Trump has vowed to drain: a trade practices because it governed by American-style consumer-price index readings
1985 ’90 ’95 2000 ’05 ’10 ’15
vat of red ink worth $347 pressures American compa- commercial rules. for October (release time is
billion last year, and on track Source: Commerce Department THE WALL STREET JOURNAL. nies to turn over intellectual Mr. Trump shows no sec- Wednesday evening in the U.S.).
to get even bigger in 2017. property as the price for do- ond thoughts about China’s factory-gate prices rose
Instead, Mr. Trump’s first strategy. broken promises. The July ing business in the world’s TPP. But his aides say his 6.9% on the year to a six-month
trip as president to the coun- Mr. Trump’s early ap- dialogue broke down with no second-largest economy. Asia trip will highlight a high in September, as the econ-
try he has branded “an eco- proach has, in fact, looked a new agreements. No further What remains uncertain is commitment for a U.S.-led omy continued to defy many
nomic enemy” could raise lot like George W. Bush’s and rounds have been scheduled, when, if ever, Mr. Trump will regional economic alliance in economists’ expectations of a
more questions than it an- Barack Obama’s. During Pres- and Mr. Xi is instead tighten- move on any of these items. a different form. That is vital slowdown. Meanwhile, the con-
swers about his plans for ident Xi Jinping’s April U.S. ing the central government’s Internal divisions have for any attempt to pressure sumer-price index’s growth
tackling an issue he placed visit, the two leaders grip on the economy. Mr. stalled action. Beijing, says Scott Kennedy, eased to 1.6%, from an 1.8% in-
prominently on his campaign launched a dialogue similar Trump’s aides say don’t look director of the project on crease in August.

economic agenda. to bilateral cabinet-level for joint market-opening an- r. Trump doesn’t Chinese business and politi- FRIDAY: The University of
Mr. Trump has tried to committees meeting regu- nouncements this week. want to jeopardize cal economy at the Center Michigan releases preliminary
check other items off that larly over the past decade. One senior White House cooperation from Mr. for Strategic and Interna- consumer sentiment data for
list: moving to cut taxes, re- official casts the dialogues as Xi in tackling North Korea’s tional Studies, a think tank. November. Consumer sentiment

write Obamacare, cut regula- he goal: to hash out a Chinese “rope-a-dope” nuclear program. Back home, “If the U.S. does not prior- has soared in recent months,
tion and curb immigration. trade tensions through strategy the Trump adminis- the White House doesn’t itize the challenges with reaching its highest level since
He is overhauling trade deals conversation, and to tration will no longer fall want a trade war jeopardiz- China and more effectively 2004 in October. Recent con-
with other countries—Mex- make regular joint announce- for—forums for offering sur- ing tax cuts by aggravating work with its allies,” says Mr. sumer spending figures indicated
ico, Canada, South Korea— ments of Chinese market- face tweaks staving off pres- free-trade Republican law- Kennedy, “any unilateral ac- that Americans’ rising sentiment
with bilateral trade surpluses opening measures. sure for more systemic makers. tion is likely to leave the is translating into more spend-
much smaller than China’s. The half-dozen China changes. China hasn’t even been U.S., not China, isolated.” ing. Economists surveyed by The
As for China trade, there has pledges unveiled with Trump The pugilistic reference the main focus of Mr. Wall Street Journal expect a
been talk but little action or aides in May were largely re- underscores the Trump ad- Trump’s short-handed trade  Trump presses Japan on consumer sentiment reading of
clarity on administration cycled versions of earlier ministration’s vows for team. They’re deep into con- trade imbalance........................ A6 100.7 for November.

Dudley Was Key to Crisis Response

BY MICHAEL S. DERBY the economy is growing at a facing the Fed over the past powerful regulators dimin-
robust clip, unemployment is decade or so, Mr. Ireland said. ished when then-governor
New York Fed President at a 17-year low and markets Mr. Dudley has also drawn Daniel Tarullo consolidated
William Dudley will leave his are buoyant. praise for working effectively much of those activities under

post next year having played a He will step down, however, with his colleagues, even when the Fed’s Washington-based
central role helping the central having been dogged by criti- they didn’t agree on the right board of governors.
bank respond to the financial cism that the New York Fed, path. The New York Fed faced
crisis, while drawing fire for which supervises some of the Former Philadelphia Fed further trouble when, in 2013,
not doing more to prevent an- country’s biggest financial in- president Charles Plosser was a staff bank examiner said she
other one. stitutions, was a lax regulator a frequent critic of the central had been instructed to go easy
He served as part of the even after the crisis. He re- bank’s easy-money policies, in her oversight of Goldman
Fed’s inner circle of firefight- jected the criticism but over- but he held Mr. Dudley in high Sachs and was fired when she
ers who crafted unprece- saw efforts seeking to improve regard. Mr. Dudley has been “a refused. While her claims were
dented, experimental mone- its performance afterward. The strong contributor to and be- rejected by a court, she re-
It is unclear when Sen. Rand Paul (R., Ky.) will return to work. tary policies to stabilize New York Fed didn’t respond liever in the Fed, and he took leased secretly recorded con-
markets and boost the econ- to requests for comment. very seriously the goals and versations about the matter

Senator Is Recovering omy during a severe economic

downturn and initially sluggish
Boston College economics
professor Peter Ireland said
Mr. Dudley “may not be re-
objectives the Fed had, and al-
ways wanted to do the right
thing,” Mr. Plosser said.
that became a public-relations
problem for the New York Fed.
“I completely stand behind

After Ribs Are Broken He designed and launched

plans to reverse those policies.
And now, as he prepares to an-
membered for one specific
thing or event.” But “he’s been
an important guy behind the
Mr. Dudley’s record on the
regulatory front was more
mixed. The New York Fed saw
the integrity and work of our
supervision staff at the New
York Fed,” Mr. Dudley said in
Associated Press the ground. He had trouble nounce he will retire next year, scenes” for all the big issues its role as one of the most 2014.
breathing because of a rib in-
Sen. Rand Paul was recov- jury, the warrant said.
ering Sunday from five broken
ribs after he was assaulted by
a neighbor who tackled him
from behind at the senator’s
A Warren County official
didn’t immediately respond to
a request for a copy of the ar-
rest warrant. Police arrested
FED Mr. Dudley was long among
the Fed “doves” who sup-
ported holding interest rates
near zero for seven years after
Kentucky home, officials said. 59-year-old Rene Boucher on Continued from Page One the crisis. But he also strongly
Doug Stafford, a senior ad- Saturday and charged him All governors are nomi- supported nudging rates
viser to Mr. Paul, said it is un- with misdemeanor fourth-de- nated by the U.S. president higher over the past two years
clear when the Republican will gree assault with a minor in- and are subject to Senate con- to help keep the expansion on
return to work since he is in jury. Mr. Boucher lives next firmation. The regional Fed an even keel, even though in-
considerable pain and has dif- door to Mr. Paul and his wife, bank presidents are chosen by flation has run below the Fed’s
ficulty getting around, includ- according to Warren County the members of their boards of 2% target in recent months.
ing flying. Mr. Stafford said property records. directors who don’t represent Mr. Dudley has said the Fed

this type of injury is marked Mr. Boucher was released financial institutions regulated should continue gradually lift-
by severe pain that can last from jail Saturday on a $7,500 by the Fed, subject to approval ing borrowing costs to keep
for weeks to months. bond. He has a court date by the governors. price pressures contained and
“This type of injury is scheduled for Thursday. Mr. The New York Fed president prevent asset bubbles from
caused by high velocity severe Boucher didn’t return a phone is traditionally one of the cen- forming.
force,” Mr. Stafford said in an call from the Associated Press tral bank’s most powerful pol- Mr. Dudley also was central
email to the Associated Press. seeking comment. It was un- icy makers. This person serves New York Fed President William Dudley speaks at a 2015 event. in implementing multiple
The Bowling Green Daily clear if he had an attorney. as vice chairman of the rate- bond-buying campaigns. He
News reported that an arrest A spokeswoman for Mr. setting Federal Open Market the economy healed. posts just as the Trump ad- has since been a leading advo-
warrant said Mr. Paul told po- Paul said he was “blindsided” Committee and leads the su- The trio advocated keeping ministration is pushing for de- cate for the slow, passive run-
lice his neighbor came on his by the attack. Police haven't pervision of some of the na- short-term interest rates his- regulation. off of those holdings, which
property and tackled him from said what motivated the at- tion’s biggest financial firms. torically low to encourage hir- Mr. Dudley’s planned depar- began last month.
behind Friday, forcing him to tack. Mr. Dudley, a former Gold- ing and growth, but also has ture marks “further change in The New York Fed has de-
man Sachs chief economist, nudged them gently higher an institution that was already vised new methods of manag-

started at the New York Fed in since late 2015 to prevent the experiencing considerable ing the Fed’s benchmark rate
2007, running the part of the economy from overheating. change,” said Tim Duy, an eco- in an environment in which it
institution that deals directly They also crafted and launched nomics professor at the Uni- maintains much larger liabili-
with financial markets to im- the Fed’s plan to shrink its versity of Oregon. ties. Mr. Dudley has been an
HOUSE OF REPRESENTATIVES the foreign corporation. plement monetary policy. large portfolio of bonds pur- The coming announcement outspoken advocate for main-
Mr. Brady also said that the Many of his predecessors had chased since the crisis to pro- about Mr. Dudley, 64 years old, taining a larger terminal bal-
Republicans Consider panel was reconsidering provi- markets experience. vide extra stimulus. was earlier reported by CNBC. ance sheet, an issue that hasn’t
Changes to Tax Bill sions that affect the life-insur- If that tradition continues, The Fed has penciled in one The New York Fed declined to yet been formally settled by
ance industry, and that he antici- contenders for the job include more interest rate increase comment. the central bank.
House Ways and Means Com- pated changes at some point on Simon Potter, who now runs this year, and more through
mittee Chairman Kevin Brady (R., the treatment of partnerships, the bank’s markets desk, as 2020 if the economy performs
Texas) said the panel was limited liability companies, S Cor- well as D.E. Shaw’s Brian Sack, as expected. The coming THE WALL STREET JOURNAL
weighing changes to a GOP tax porations and other “pass- who held that job before changes in the top three lead- (USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
plan ahead of a committee vote through” entities. Mr. Potter. ership positions, combined
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
that starts Monday. —Siobhan Hughes Some observers close to the with the recent pickup in eco- Published daily except Sundays and general legal holidays.
Republicans on the tax-writ- bank see a chance that its next nomic momentum, raise uncer- Periodicals postage paid at New York, N.Y., and other mailing offices.
ing panel huddled Sunday to dis- PHILADELPHIA president could be a current tainty about the coming pace Postmaster: Send address changes to The Wall Street Journal,
cuss reactions from constituents. Fed official. Dallas Fed leader of rate increases. 200 Burnett Rd., Chicopee, MA 01020.
Mr. Brady said tweaks would Shooting Leaves Robert Kaplan, a former Gold- The three officials also sup- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
be made to a provision that is Teen Dead, Boy Hurt man Sachs top executive, has ported postcrisis measures to the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
designed to prevent large, mostly deep market experience, as strengthen financial regulation Only publication of an advertisement shall constitute final acceptance of the advertiser’s order.
foreign multinational companies A man opened fire on a group does Minneapolis Fed Presi- and will be giving up their top Letters to the Editor: Fax: 212-416-2891; email:
from making payments to sub- of teenagers sitting on a stoop dent Neel Kashkari, who also
sidiaries in order to shift profits of a northern Philadelphia home, worked at Goldman and led NEED ASSISTANCE WITH YOUR SUBSCRIPTION?
to low-tax jurisdictions and ex-
penses to high-tax areas. Phar-
killing a 16-year-old and injuring
a 12-year-old, police said.
some of the government’s fi-
nancial-crisis rescue efforts.
CORRECTIONS  By web:; By email:
By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at
maceutical and auto companies
have complained about a 20%
The suspect, described as in
his early 20s, approached the
Ms. Yellen, Mr. Fischer and
Mr. Dudley worked closely to-
Readers can alert The Wall Street
excise tax House Republicans group and opened fire early Sun- gether in recent years in de- Journal to any errors in news By email:; By phone: 1-800-843-0008
would impose on any such trans- day, then fled, they said. No ar- ciding when and how to begin articles by emailing
actions that aren’t connected rests have been made. gradually reversing the Fed’s or by calling
with a U.S. trade or business of —Associated Press crisis-era stimulus policies as
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THE WALL STREET JOURNAL. * * * * * Monday, November 6, 2017 | A3


Democrats Edgy as Virginia Race Nears

Gubernatorial contest I’m going to do.”
Still, the Gillespie campaign
will be greatest gauge has hit Trumpian themes and
of parties’ strength the president has tweeted sup-
port. Mr. Gillespie is walking a
since Trump’s election tightrope to court both inde-
pendents and Trump voters
BY JANET HOOK who backed his GOP rival,
Corey Stewart, who had nearly
ALEXANDRIA, Va.—Vir- beat him in the primary.
ginia’s gubernatorial election “Ed Gillespie has run a fo-
Tuesday, a contest with broad cused campaign in an environ-
national implications, could ment that many thought
give Democrats a needed vic- would not be friendly to Re-
tory or deliver a demoralizing publicans,” said Jon Thomp-
defeat that could exacerbate son, spokesman for the Repub-
divisions within the party. lican Governors Association.
The election pits Demo- “Republicans across the coun-
cratic Lt. Gov. Ralph Northam try will be looking to Gilles-
against former Republican Na- pie’s campaign for successful
tional Committee chairman Ed lessons on how to navigate
Gillespie in the biggest test of whatever is happening in
strength between the parties Washington.”
since Donald Trump became The state’s legislature is


president. controlled by Republicans, but
Democrats are on edge be- Virginia voted Democratic in
cause the race seems to be the last three presidential
neck-and-neck, despite their elections. The state’s two sen-
considerable advantages in the ators are Democrats. Mr.
Democratic-leaning state. McAuliffe, barred by law from
“The party definitely needs seeking another term, is very
a boost in morale,” said Doug Democratic Lt. Gov. Ralph Northam, above, faces Republican Ed Gillespie on Tuesday in a tightening gubernatorial contest in Virginia. popular.
Deaton, a retired firefighter Both candidates are a mis-
who attended a Northam rally But some Democrats worry was trying to unify Demo- “The Democrats, they love centage points as of Sunday. match with their parties’ as-
here. “I hope the race will be a that Mr. Northam hasn’t crats for the final push, the to have this circular firing Running in a state Mrs. cendant antiestablishment
stepping stone for Democrats pushed the anti-Trump mes- national party erupted in in- squad,” Virginia Gov. Terry Clinton won by five points, Mr. wing. Mr. Gillespie is a former
to replace Donald Trump.” sage hard enough and fear his fighting that opened wounds McAuliffe, who is campaigning Gillespie has been trying to lobbyist and insider in a party
Mr. Northam is trying to low-key style has been no of the 2016 presidential pri- for Mr. Northam, said Friday keep the race from becoming a increasingly dominated by
channel that anti-Trump senti- match for hard-hitting nega- mary. Former interim party on MSNBC. “Let’s focus on referendum on Mr. Trump. outsiders. Mr. Northam, a phy-
ment—at least when he is tive ads from Mr. Gillespie. chairwoman Donna Brazile in winning elections.” “My opponent has spent all sician-turned-politician, has a
campaigning in liberal pre- The closing weeks have a new book made fresh alle- Polls have varied, but for his time talking about President liberal record on most issues,
cincts like northern Virginia. been dominated by immigra- gations that the party appa- weeks most showed a steady Trump, but that’s not what vot- but he is not a hero of pro-
“We are watching a clown tion issues that fire up the ratus was rigged in favor of lead for Mr. Northam. A Real ers are concerned about,” said gressive activists, many of
show in Washington, D.C.,” he GOP base, while splitting Dem- Hillary Clinton against pri- Clear Politics polling average Mr. Gillespie in a phone inter- whom supported his primary
told supporters Thursday at a ocrats. mary rival Vermont Sen. Ber- shows it tightening, with the view from the Shenandoah Val- rival former Rep. Tom Perri-
storefront campaign office. And just as Mr. Northam nie Sanders. Democrat’s edge at 1.9 per- ley. “Voters want to know what ello.

Ross Left Out Connection to Putin Family Squabbles

BY REBECCA BALLHAUS worked with Russia as part of
what the U.S. says was Mos-
Commerce Secretary Wilbur
Ross failed to disclose busi-
ness connections to Russian
cow’s interference in the 2016
Mr. Ross was an economic
President Vladimir Putin’s
family and inner circle on a re-
quired personal financial-dis-
adviser and fundraiser for
Donald Trump during the cam-
closure form earlier this year, Mr. Trump has denied any BY GABRIEL T. RUBIN
according to documents re- collusion with Russia by him
leased over the weekend. or his campaign, and Moscow Donna Brazile, the former
Mr. Ross said earlier this has denied meddling in the Democratic National Committee
year that he would retain stakes election. interim leader, stood by her as-
owned by his private-equity Sen. Richard Blumenthal sertions in a new book that she
firm in a gas-shipping company, (D., Conn.), who serves on the considered replacing Hillary

Navigator Holdings Ltd. He Senate Commerce Committee, Clinton as the party’s nominee
didn’t disclose that the com- said in a tweet Sunday that he late in the 2016 presidential
pany does millions of dollars in felt “misled” by Mr. Ross dur- race, continuing an intraparty
business—$68 million since ing the confirmation process. feud that some of her col-
2014—with a Moscow-based Mr. Ross, a private-equity leagues have deemed an un-
petrochemicals company, Sibur, billionaire, said earlier this helpful distraction.
with close ties to the Kremlin, year that he would sell at least “I was under tremendous
according to analysis by the In- 80 business assets and invest- pressure after Secretary Clin-
ternational Consortium of In- ment funds if confirmed by the ton fainted to have a quote, un-
vestigative Journalists. Wilbur Ross at a January confirmation hearing after he was nominated to be commerce secretary. Senate, but that he would hold quote, plan B,” Ms. Brazile said
Those ties were revealed on to investments in Navigator in a television interview on
this weekend in a trove of in- mea region. The Treasury De- Timchenko, saying the oligarch Commerce Department ethics Holdings and 10 other entities Sunday, adding that she consid-
ternal documents from Ap- partment’s Office of Foreign has limited influence on the officials to ensure the highest that invest in shipping and ered replacing Mrs. Clinton and
pleby, a Bermuda-based law Assets Control called him a company, and it has criticized ethical standards,” the state- real-estate financing, accord- ticket-mate Sen. Tim Kaine
firm that has handled more member of “the Russian leader- the U.S. sanctions. ment said. ing to federal financial-disclo- with Vice President Joe Biden
than 60 offshore holdings for ship’s inner circle” and said Mr. The Commerce Department As commerce secretary, Mr. sure and ethics filings. Mr. and Sen. Cory Booker after her
Mr. Ross’s company. Those Timchenko’s “activities in the released a statement Sunday Ross oversees agencies with Ross hasn’t said why he has party’s nominee fell ill at
documents were leaked to a energy sector have been di- saying Mr. Ross hadn’t been wide powers over trade and held on to those particular as- a Sept. 11 commemoration in
German newspaper and then rectly linked to Putin.” involved in Navigator Hold- the U.S.’s economic relation- sets. New York City.
shared with the journalism Sibur’s largest shareholder, ing’s decision to do business ship with foreign countries. Mr. Ross’s stake in Naviga- Democratic leaders and
consortium, a global network Leonid Mikhelson, runs an en- with Sibur and “has never met His stake in a company with tor Holdings is held through members of the Clinton cam-
of media outlets. ergy company, Novatek, Rus- the Sibur shareholders refer- ties to Russian firms that are four Cayman Islands entities, paign rejected Ms. Brazile’s
Sibur’s owners include Kirill sia’s largest private natural- enced in this story and, until the subject of U.S. sanctions according to ICIJ’s review of claims, noting that she lacked
Shamalov, who is married to gas company, which also has now, did not know of their re- could come under particular the documents. In his disclo- the power to replace a presi-
Mr. Putin’s younger daughter, been sanctioned by the Trea- lationship.” scrutiny as the U.S. has esca- sure form in January, Mr. Ross dential nominee under the
and Gennady Timchenko, a co- sury Department for its ties to The statement added that lated sanctions against Mos- valued his stake in those enti- party’s rules. On Saturday, 120
founder of the Gunvor Group, a Mr. Putin. Mr. Timchenko owns Mr. Ross “recuses himself from cow in recent months. The dis- ties as between at least $2.05 members of the Clinton cam-
Cyprus-registered commodities 23% of the company. matters focused on transoce- closure also comes just after million and $10.1 million, ac- paign signed an open letter
trading firm. Mr. Timchenko Both Gunvor and Mr. Tim- anic shipping vessels, but has the first charges and plea cording to a Journal analysis criticizing Ms. Brazile’s asser-
was among the first Russian chenko have denied any finan- been supportive of the admin- agreement were announced of the filing. Mr. Ross didn’t tions, saying “it is particularly
businessmen to be sanctioned cial connections to the Russian istration’s sanctions against last week by Robert Mueller, disclose his stake in one of the troubling and puzzling that she
by the U.S. following Russia’s president. Novatek has sought Russian and other entities.” the special counsel investigat- four companies on the form would buy into false Russian-
intervention in Ukraine’s Cri- to distance itself from Mr. Mr. Ross “works closely with ing whether Trump associates and didn’t say why. fueled propaganda, spread by
both the Russians and our op-
ponent, about our candidate’s

Beyond Thanksgiving: Cranberry Converts China health.”

Ms. Brazile, responding to
that criticism Sunday on ABC,
said that anyone telling her to
BY JENNIFER LEVITZ in China, toured a cranberry “shut up” could “go to hell.
bog 50 miles from Boston. Booming Berries “I’m going to tell my story,”
CARVER, Mass.—A loyal Wearing waders, she stood Growth in U.S. cranberry exports she added.
sidekick to turkey and stuffing thigh-deep in water packed to the world The back-and-forth between
on the Thanksgiving table, the with the buoyant bright red high-profile Democrats comes
humble cranberry has a new berries her customers crave. Af- Fresh cranberries at a crucial juncture for the
fan base—in China. ter biting into a fresh berry, she Processed/dried cranberries party as it attempts to rebound
Chinese consumers, who grinned. “It’s very brand new to Cranberry juice from the 2016 election.
five years ago barely knew us,” she said. The DNC’s new chairman,
$400 million
what a cranberry was, now Cranberry experts point to a Tom Perez, declined to say on
snack on the dried berries and number of reasons for its sud- NBC that Ms. Brazile had been
toss them into smoothies and den popularity, including the 300
duped by Russian propaganda,

baked goods believing they are appeal of a red fruit in a coun- as alleged by the Clinton cam-
healthful and unique. Their in- try where that color connotes paign. “I don’t know what
creased appetite for Craisins good fortune. In addition, new 200 Donna fell for,” he said. “The
has helped vault China to the e-commerce sites in China charge that Hillary Clinton was
second-largest export market have helped U.S. companies in- somehow incapacitated is quite
for U.S. processed cranberries troduce American staples to 100 frankly ludicrous.”
in 2016, according to the U.S. Chinese shoppers. Mixed nuts Mr. Perez, who took over as
Department of Agriculture, be- are also doing well, said Ms. DNC chairman amid broad re-
hind the Netherlands. Zhang, of Kaola, which offers 0 criminations over how the
That is good news to grow- 5,000 brands from more than party treated the primary race
2011 ’12 ’13 ’14 ’15 ’16
ers in places like Massachu- 80 countries. between Mrs. Clinton and Ver-
setts, one of the nation’s top The U.S. cranberry industry Source: Department of Agriculture mont Sen. Bernie Sanders, said
two cranberry-producing has been looking to boost de- Zhang Lei, of NetEase Kaola, in a Carver, Mass., cranberry bog. THE WALL STREET JOURNAL. that the DNC has work to do to
states, along with Wisconsin. mand to help manage recent regain voters’ trust.
Local bogs now find them- large supplies. U.S. cranberry kets all the more important. port duties for dried cranber- by far the largest category of In her book, Ms. Brazile as-
selves hosting Chinese entre- production in 2017 is expected The international push is ries, according to the USDA. cranberry exports, to China to- serts that the fundraising
preneurs looking for products to be the second-largest in his- working. U.S. cranberry exports Though EU countries still taled $36 million in 2016, up agreement between the DNC
to tout back home. tory, according to federal sta- to other countries totaled $314 buy the most berries, the from $4.6 million in 2012, ac- and Mrs. Clinton’s campaign
On a recent fall day, Zhang tistics. U.S. cranberry con- million in 2016, up 49% from Asian market, led by China, is cording to the USDA. was unfair because it gave her
Lei, chief executive of NetEase sumption is up only slightly, 2012, fueled in part by the Eu- the fastest-growing. U.S. ex- —Kersten Zhang in Beijing too much influence on the
Kaola, an e-commerce company making customers in new mar- ropean Union’s loosening of im- ports of processed cranberries, contributed to this article. party’s infrastructure.
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A4 | Monday, November 6, 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.


Airbnb Lands Victory in San Francisco

Top landlord to begin ant advocates and landlords traditional focus on newer prices.
alike. It has received a simi- buildings owned by large, in- But Airbnb executives argue
allowing its tenants larly contentious reception in stitutional landlords. that allowing tenants to rent
to rent short-term other pricey cities such as New “The partnership really le- their units out on the site
York, Los Angeles and Miami. gitimizes home sharing for a helps make housing more af-
to tourists, others


In the spring, the company community of apartment resi- fordable in costly cities, by en-
settled a lawsuit with the city dents who weren’t really part abling them to generate extra
BY LAURA KUSISTO of San Francisco over a rule of the home-sharing conversa- income.
that imposed fines of $1,000 a tion prior to this,” said Jaja “Your income should not
San Francisco’s largest day for hosts who don’t regis- Jackson, director of global define you as a San Francisco
apartment landlord will begin ter their units with the city. multifamily-housing partner- resident. We want this option
allowing tenants to rent out Under terms of the settlement, ships at Airbnb. to be available to people who
their units on Airbnb Inc., a hosts are to register through Affordable-housing advo- want to live and stay in San
victory for the short-term- Airbnb’s website and it will cates fear that if renters are Francisco,” Mr. Jackson said.
rental website that could pass the information to city of- allowed to sublet their units Veritas has been speaking
prompt an outcry from oppo- ficials. on Airbnb it will boost rents with Airbnb for several years
nents who say the site is help- Veritas’s move to allow tenants to rent units via Airbnb is a win Airbnb has agreed to purge further in the city, where rates but Mr. Au said he was initially
ing drive up housing costs. for the short-term rental website. its site by the beginning of already have risen by 50% hesitant.
Veritas Investments, which next year of listings of units since the recession. Mr. Au said he became more
owns more than 5,000 units in ings, with about 100 units in Yat-Pang Au, chief executive of that aren’t registered. Recent academic research open to allowing Airbnb after
San Francisco, will allow ten- total. Veritas Investments, which is Veritas is the guardian of into rents and home prices in the settlement with the city,
ants to rent their units to tour- “I’m just a fundamental be- based in the city. some of the city’s most politi- the 100 largest metropolitan which helped create legal lim-
ists and other temporary resi- liever that when you have a Airbnb, which was founded cally sensitive housing stock: areas in the U.S. between 2012 its designed to protect tenants.
dents as long as they use the scarce resource, whether it’s in San Francisco in 2008, has older buildings with many and 2016 found that a 10% in- The company also has created
Airbnb platform. housing or parking lots, there’s been in the cross hairs of nu- rent-controlled units. Airbnb crease in Airbnb listings leads a $1 million insurance policy
The company is piloting the got to be a better way to share merous fights over housing officials said this represents a to a 0.39% increase in rents that helps protect landlords
program in five of its build- those scarce resources,” said scarcity, pitting it against ten- new market, distinct from its and a 0.64% increase in home from liability.

CHURCH Victims
Continued from Page One
charge,” according to court
records. He was sentenced to
confinement for 12 months
and a reduction in rank.
Air Force spokeswoman
Ann Stefanek confirmed that
Kelley served in Logistics
Readiness at Holloman Air SUTHERLAND SPRINGS,


Force Base in New Mexico Texas—Most of their names
from 2010 until his discharge aren’t yet publicly known, but
in 2014. the numbers alone are both
Kelley was court-martialed heartbreaking and revealing:
in 2012 for two counts of as- Twenty-six killed and 20
sault on his spouse and on wounded in a mass shooting
their child. He was given a inside a rural Texas church—
bad conduct discharge, con- the youngest victim 5 and the
fined for a year and reduced oldest 72.
to the rank of E-1.
In the Sunday massacre, By Alejandro Lazo ,
Kelley started firing outside Ian Lovett
the church and kept firing as and Erin Ailworth
he entered, said Freeman
Martin, regional director for Among the dead was Anna-
the Texas Department of Pub- belle Pomeroy, the 14-year-old
lic Safety. As he exited, Mr. daughter of the congregation’s
Martin said, a local resident People comfort each other after the mass shooting in Sutherland Springs, Texas, on Sunday. The unincorporated town, about 35 miles pastor, Frank Pomeroy, who
grabbed his own gun and “en- southeast of San Antonio, has a population that is estimated at several hundred residents. had been out of state at the
gaged him.” The resident pur- time of the shooting, according
sued the suspect as he got to his wife, Sherri.
back in his vehicle and drove Shooting Stuns OKLA. ARK. Most of an extended family
away. The vehicle crashed, Valero gas station were feared among the dead,
and the suspect was found
A Small, Reverent Suspect seen before shooting including a pregnant mother.
dead inside. Texas Town Fort Worth Dallas A young man clad in black
The unincorporated town and wearing a ballistic vest
of Sutherland Springs lies In Sutherland Springs, Austin
fired on the small congregation
about 35 miles southeast of Texas, a tiny town that hugs Houston of the First Baptist Church in
San Antonio. Its population Highway 87 southeast of San Sutherland Springs, located
estimate—pegged at several Antonio, a shooting in a Baptist 100 miles 9 about 35 miles southeast of San
d 53
hundred by residents and lo- church left residents in disbelief. oa Antonio.
cal media—isn’t included in “Everyone knows every- R Victims were received at two
r m
the U.S. Census. Agents from one here,” said Chris Taylor, New Braunfels Fa US Level 1 trauma centers in the
the Federal Bureau of Investi- who lives in Sutherland Sutherland -87 San Antonio area and a small,
gation as well as the Bureau Springs and owns a racing- Springs rural hospital in Floresville.
of Alcohol, Firearms, Tobacco fuel business there. “It has
and Explosives flooded the one main cross street. A Seguin
scene Sunday afternoon. flashing light; that’s it. There
“We are dealing with the aren’t even any red lights.” BEXAR The church serves as
largest mass shooting in our Sunday evening, residents GUADALUPE First Baptist Church a focal point for the
state’s history,” Gov. Greg Ab- gathered at a community center San Antonio COUNTY
bott said at a press confer- and waited for news of family,
site of shooting tiny community of
ence in nearby Stockdale Sun- friends and neighbors. Mr. Tay- Sutherland Springs.
day afternoon. “The tragedy is lor said he knew several people Shooter dead in car 4t
worsened by the fact that it who died. Estimates put the near county line hS
took place in a church, a place number of dead at at least 26. t.
WILSON Sutherland
of worship.” The town is unincorporated The University Health Sys-
COUNTY Springs
A spokeswoman for Con- and is home to several hundred Site of shooting tem, which includes the Level
nally Memorial Medical Cen- people, residents said. It is too 1 trauma center at University
ter in Floresville said the hos- small to operate a school, so Hospital in San Antonio, had
Hospital received
pital had received eight children tend to their studies in multiple victims received nine of the wounded,
patients with gunshot nearby Floresville. including four children, a
wounds, with the first patient Yet, despite its size, spokesman for the system said
Sources: Texas Dept. of Public Safety; Google Earth (image)
arriving by ambulance around Sutherland is home to three early Sunday evening. Another
noon local time. churches, Mr. Taylor said.
Deadly Legacy patient was expected to arrive
The rural, 44-bed hospital Beulah Wilson, an officer at A gunman opened fire in a Texas church Sunday, killing multiple victims. by transfer from a rural hospi-
transferred four patients to the Sutherland Springs Histori- A look at past mass shootings in the U.S.: tal, he said. Information on the
University Hospital in San An- cal Museum, has lived in the patients’ conditions wasn’t
1966 FATALITIES 50 1984 1991 1999 2007 2016 2017 2017
tonio because of the severity town since the 1950s. She said available, he said.
Austin, San Ysidro, Killeen, Texas Columbine Virginia Orlando, Las Vegas Sutherland
of their injuries, including one most residents work in San An- 25 The Brooke Army Medical
Texas Calif. 23 High school, Tech Fla. 58 Springs,
patient in critical condition tonio, about 45 minutes away. 16 killed 10 21 Colo. 32 49 Texas
Center, also a Level 1 trauma
who needed to be airlifted, Ms. Wilson said that jobs 13 26* center, received eight patients,
the Connally Memorial had been plentiful in the 1950s, according to a news release.
spokeswoman said Sunday thanks to the dairy industry. “Our thoughts and prayers are
evening. Three patients with But since then, she said, times with the victims and their fami-
gunshot wounds were treated have been hard. “There’s no 1970 1980 1990 2000 2010 lies,” Army Brig. Gen. Jeffrey
at the hospital and released, economy here,” she said. Johnson said in the release.
and one remained in the hos- —Mara Gay *At least 26 dead Extended families—ranging
pital in stable condition. and Jim Oberman Note: Fatalities don’t include shooter. from young children to grand-
The University Health Sys- Source: News reports THE WALL STREET JOURNAL. parents—attended the church,
tem, which includes the Uni- which served as a focal point
versity Hospital in San Anto- ings of its services online. ing but chaos. Nobody knows a gun of his own and headed was six-to-eight-months preg- for the tiny community.
nio, received nine of the Last week, Pastor Pomeroy nothing,” he said. through his neighbor’s yard nant, was shot and killed. He Family and friends searched
wounded, including four chil- urged the congregation to Mr. Moore said he believed toward the church. All told, he said his cousin’s in-laws, Carla for news of the Holcombe fam-
dren, a spokesman for the trust in God’s plan and not try the unincorporated town had said, heard about 100 rounds and Brian Holcombe, also ily Sunday night. Among the
system said Sunday evening. to take too much control of about 400 people, though fired. were shot. Crystal Holcombe’s dead was Crystal Holcombe,
Another patient was expected their own lives. There was no other estimates place it “Once I saw people laying husband, John, survived. who was six to eight months
to arrive by transfer from a talk of politics, and a small higher. out in front of the church, it Mr. Uhlig described the pregnant, said a family member.
rural hospital, he said. Infor- band played songs with lyrics “The whole world as I wasn’t good,” Mr. Kepper said. message of the church as: Her husband, John Hol-
mation on the patients’ condi- like “God is good all the know it has gone nuts,” he He witnessed a neighbor “Come to God and love every- combe, was alive, the family
tions wasn’t available, he said. time.” said of the church shooting engage the church shooter body.” He said there was a member said, but family was
The Brooke Army Medical L.G. Moore, who lives in and the recent terrorist attack with his own firearm. The Thursday night Bible study still searching for news about
Center received eight pa- Sutherland Springs and owns in New York City. “You can’t shooter dropped his weapon with dinner, open to all. “It four of the couple’s children,
tients. “Our thoughts and a recreational vehicle park take your wife or children to a and got into a white SUV. The was, ‘Come on in, have some- Greg Hill, Meghan Hill, Eve-
prayers are with the victims about a quarter of a mile from church without being shot and neighbor jumped into a pickup thing to eat and let’s talk lynn Hill and Emily Hill. The
and their families,” Army the church, said sirens could killed, or ride a bike without truck and drove after him, Mr. about God,’” he said. couple’s son, Phillip Hill, didn’t
Brig. Gen. Jeffrey Johnson be heard through the small being run over by a truck.” Kepper said. President Donald Trump, attend the services Sunday
said in a press release. town, as well as helicopters When Julius Kepper, an Both headed east toward currently overseas, tweeted and was alive, the family
The First Baptist Church is overhead. Army veteran who lives by the the town of Seguin. Mr. Kelley Sunday, “May God be w/ the member said.
a member of the Southern Mr. Moore said his family First Baptist Church of was found not far away, dead people of Sutherland Springs, Karla and Bryan Holcombe,
Baptists of Texas Convention. was safe but that he was still Sutherland Springs, first from a gunshot wound. Texas. The FBI & law enforce- parents to Mr. Holcombe, who
Its weekly attendance aver- waiting to learn the names of heard the commotion he Nick Uhlig, a 34-year-old ment are on the scene. I am also attended services Sunday,
aged about 50, and member- those who had been killed and thought a neighbor doing con- oil-field worker who lives in monitoring the situation from were also feared dead by their
ship was closer to 90, accord- injured. He said the town is struction might be hammering Sutherland Springs, attends Japan.” family.
ing to a spokesman for the very small, leading him to be- on tin. As the bursts contin- the church. He wasn’t at the —Ian Lovett, Michael C. —Jim Oberman, Nour Malas
state group. lieve he probably knows peo- ued, he recognized gunfire. service Sunday but said his Bender and Ben Kesling and Melanie Evans
The church posted record- ple who were hurt. “It’s noth- Mr. Kepper said he grabbed cousin, Crystal Holcombe, who contributed to this article. contributed to this article.
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A6 | Monday, November 6, 2017 * *** THE WALL STREET JOURNAL.

Trump Presses Japan on Trade Imbalance
President seeks press conference with Mr.
Abe. The two leaders were to
bilateral agreement on attend a state banquet in the
first leg of Asia trip, evening.
Ahead of the high-stakes
meets with premier talks, the two world leaders
kept things lighthearted.
BY MICHAEL C. BENDER “Our relationship is really
extraordinary,” Mr. Trump
TOKYO—President Donald said before dinner with Mr.
Trump increased pressure on Abe at Ginza Ukai-tei in To-
Japan for a bilateral trade kyo. “We like each other, and
deal, saying the country has our countries like each other.
been “winning” for decades And I don’t think we’ve ever
and suggesting that negotia- been closer to Japan than we
tions have drawn on for lon- are right now.”
ger than he would like. The president is set to
Trade with Japan is neither leave Tuesday morning for
fair nor open for the U.S., Mr. Seoul, the second of five
Trump said at the U.S. ambas- counties he is scheduled to
sador’s residence in Tokyo on visit on his 10-day swing
Monday. But he added that he through Asia.
was “optimistic about the fu- Mr. Trump will visit China
ture of our economic partner- later in the week. He finishes
ship.” the trip with multinational
“Our trade with Japan is conferences in Vietnam and
not free, and it’s not recipro- the Philippines.
cal, and I know it will be,” Mr. Mr. Trump said he expects
Trump said. “We’ve started to meet with Russian Presi-
the process and it’s gone on dent Vladimir Putin in South-
for a long time. And I know east Asia.
that we will be able to come “It is expected we’ll meet


up with trade deals and trade with Putin, yeah,” Mr. Trump
concepts that are going to be told reporters on Air Force
fair to both countries, and I One before landing in the Jap-
think actually will be better anese capital. “We want Pu-
for both countries.” tin’s help on North Korea, and
The president didn’t say ex- we’ll be meeting with a lot of
actly how he would like to different leaders.”
narrow the trade deficit with During the flight to Tokyo
Japan, which totaled nearly from Honolulu, Mr. Trump
$70 billion last year for goods President Donald Trump, left, and Japanese Prime Minister Shinzo Abe took part in an honor guard ceremony in Tokyo on Monday. said pressure on North Korea
and services, roughly the was his priority, and he also
same as in 2015. Japan Studies at the Council year. rules to benefit drug and tech- bank Group Corp. Chief Execu- wanted to take steps to nar-
“I have to say, for the last on Foreign Relations. On Monday, Mr. Trump said nology companies, while at- tive Masayoshi Son. row U.S. trade deficits in Asia.
many decades, Japan has been “There is some concern a new two-way deal with tempting to establish an eco- U.S. company officials in- U.S. officials will push
winning,“ Mr. Trump said. that the trade issue is going Japan may result in “more nomic bloc to challenge cluded Lockheed Martin Japan to lobby other coun-
”You do know that.” to blow up this good relation- trade than anybody ever China’s influence in the re- Japan Chief Executive Chuck tries to increase pressure on
While Mr. Trump and Japa- ship that Prime Minister Abe thought of under TPP, that I gion. But bipartisan critics of Jones, Eli Lilly Japan Presi- North Korea, a U.S. State De-
nese Prime Minister Shinzo has cultivated with the presi- can tell you.” the pact worried that the deal dent Patrik Jönsson, and Boe- partment official said..
Abe have both spoken of their dent, and a lot of anxiety in- Mr. Trump then quickly would have done little to pro- ing Japan President Brett “Japan is really in lockstep
close relationship—the two side Japan about really what noted that many people in the tect vulnerable U.S. industries Gerry. on this, so what we’ll do is ask
leaders have now golfed to- is it the Trump administration room disagreed with him on or promote job creation. Mr. Trump was scheduled those countries in turn to go
gether in Japan and the U.S., wants to pursue,” she said. that point, adding that “ulti- Japanese business officials to hold a working lunch and a and fan out and start pound-
and have talked more than a Japan was a strong advo- mately I will be proven to be attending Mr. Trump’s meet- meeting with Mr. Abe later ing other countries in tandem
dozen times by phone—trade cate for the Trans-Pacific right.” ing included Mitsubishi UFJ Monday. He was also set to with us so that is going to be
negotiations between the two Partnership, a proposed trade The TPP would have Financial Group Inc. Chief Ex- meet with family members of a lot of what the conversa-
countries could potentially deal linking the U.S. and Asian opened Japanese agricultural ecutive Nobuyuki Hirano, people the Japanese govern- tions with individual leaders
damp that friendship, said nations. Mr. Trump withdrew markets to the U.S. and tight- Honda Motor Co. President ment says were abducted by is going to be focused on,” the
Sheila Smith, senior fellow for the U.S. from the TPP this ened intellectual property Takahiro Hachigo and Soft- North Korea and hold a joint official said.

Germany Strains to Find Best Security Plan Belgium

BY WILLIAM WILKES “As liberals, we defend the
freedom of the citizen,” Frank
BERLIN—Germany’s anti-
terror posture is facing a
shake-up as parties locked in
Elbe, FDP member and former
German ambassador to Japan,
Poland, India and Switzerland,
talks about forming the coun-
try’s next government wrangle
over how to balance a strong
said in an interview in Sep-
tember. But, he added, “an in-
dividual can only enjoy his
state and individual liberties. freedom if he lives in secu- BY VALENTINA POP
Last week’s arrest of a 19- rity.”
year-old Syrian man suspected While the FDP and the con- BRUSSELS—A Belgian judge
of building a remote-controlled servatives see eye-to-eye on ordered the conditional release
bomb in northern Germany was many security issues, the left- of ousted Catalan leader Carles
a stark reminder of how acute a leaning Greens, the third party Puigdemont and four former
threat Germany still faces even at the table, are pushing back. officials sought by Spain.
though it hasn’t had a large- Their negotiators want greater Mr. Puigdemont and his al-
scale attack for almost a year. scrutiny by Parliament of in- lies on Sunday had turned

And last week’s atrocity in telligence agencies and fiercely themselves in to Belgian au-
Manhattan, in which a sus- oppose systematic gathering thorities after Spanish author-
pected Islamist radical mowed of data on German citizens. ities on Friday requested their
down cyclists and pedestrians The Greens also want any extraditions following their
with a rented truck, under- additional spending focused on flight to Brussels last week.
scored the near-impossible task police head counts and cy- The ousted officials and Mr.
authorities face in preventing berdefense. And they staunchly Puigdemont are wanted in
crude yet devastating plots. A police officer guarded the court in Karlsruhe where a Syrian terror suspect was arraigned last week. oppose any increase in federal Spain on charges of rebellion,
Security experts see Ger- intelligence agency powers. sedition and misappropriation
many as particularly exposed began in late October and are Germany’s security and in- veillance, adding it is “only “We’re a long way from of public funds as part of their
because of the departing gov- expected to stretch for weeks. telligence agencies already halfway along the road” to a finding agreement,” Konstan- two-year bid to see Catalonia
ernment’s decision to open the After taking a liberal stance face some of the most severe unified approach to counterter- tin von Notz, a lawmaker for secede from Spain.
country’s doors to nearly two on immigration for years, Mrs. constraints on their preroga- rorism despite the acute threat. the Greens, said last week. The Belgian judge, after
million asylum seekers since Merkel’s conservatives now tives among Western democ- The pro-business Free Dem- Security officials say last holding hearings with Mr.
2015. Since then, security offi- want stricter checks on immi- racies, a legacy of the coun- ocratic Party, once highly sus- week’s arrest should concen- Puigdemont, the other four of-
cials have attributed most ter- gration as well as tougher ter- try’s Communist and Nazi picious of state surveillance of trate minds. The BfV domestic ficials and their lawyers, de-
rorist attacks perpetrated in ror laws and more resources dictatorships. Germany’s 16 citizens, has moderated its intelligence agency said in Oc- cided to release them under
the country to recently arrived for police and justice. The states have their own surveil- stance somewhat after recent tober that the number of po- condition that they don’t leave
migrants. party called during the cam- lance laws, making it difficult terrorist attacks, calling for tential Islamist terrorists in Belgium, the Brussels prosecu-
But how much Berlin can paign for another 15,000 po- for security services to inves- greater powers for federal se- the country had risen to 1,870 tor’s office said. Under the
harden its security stance in lice officers to be hired. tigate terrorist cells operating curity agencies and more po- from 1,600 since January. Fed- conditional release, the five
response to the mounting It also wants to centralize across state borders. lice. But the party could still eral prosecutors estimate their former officials also have to
challenges is in the balance as the work of the domestic in- Raphael Bossong, a security oppose the conservatives’ case load on Islamist terror- reside at a fixed address, at-
the three parties that have telligence agency, which is expert at the German Institute push for more broad-based ism will hit 1,000 this year, up tend court hearings and com-
pledged to try to form a coali- now largely under the author- for International and Security surveillance techniques. The from 250 last year and swelled ply with Belgian authorities’
tion government under Chan- ity of the federal states, to Affairs in Berlin said Germany FDP would also like to make it by the return of German citi- requests, the office said.
cellor Angela Merkel seek to permit better coordination needs to harmonize its security easier for federal agencies to zens from Iraq and Syria as Is- A Belgian court will make
reconcile their views. The talks across government. laws to allow for tighter sur- share information on suspects. lamic State’s empire crumbles. its first decision on the extra-
dition within 15 days. It can be
appealed twice, extending Mr.

Berlusconi Coalition Seen Edging Outsiders in Sicily Vote Puigdemont’s legal battle for as
long as two months. The ruling
of the highest appeal court, the
BY GIOVANNI LEGORANO have elected Nello Musumeci, Mr. Berlusconi’s center-right Cassation Court, will be final.
who is backed by Mr. Ber- alliance and the governing cen- Belgium is one of the few
ROME—A center-right coali- lusconi’s center-right alliance, ter-left Democratic Party. Sun- European Union countries
tion headlined by former Ital- as president of the region. day’s vote is the last important where political-asylum applica-
ian Prime Minister Silvio Ber- According to research insti- electoral test before next tions from other EU nations
lusconi appeared to have edged tute EMG Acqua, between 37% year’s parliamentary elections. aren’t routinely dismissed. Bel-
out the antiestablishment 5 and 40% of the people who cast In Sunday’s election, the cen- gium also has a history of dip-
Star Movement in regional ballots voted for Mr. Musumeci, ter-right coalition—which con- lomatic tension with Spain
elections in Sicily, according to who promised to cut red tape sists mainly of Mr. Berlusconi’s over several rejected extradi-

exit polls, but the solid show- to help Sicilian companies and Forza Italia and the anti-immi- tions of Basque separatists
ing by both groups suggest invest in job centers to help gration Northern League—ran linked to the separatist organi-
they could perform well in na- youths find jobs. The same on a united platform, demon- zation ETA. Mr. Puigdemont’s
tional elections next year. polls showed that Giancarlo strating that they can scoop up lawyer, Paul Bekaert, success-
Sunday’s vote is widely Cancelleri, the 5 Star candidate, votes when they join forces. fully defended Basque clients in
seen as a litmus test for next garnered between 34% and Meanwhile, the 5 Star the mid-1990s and early 2000s.
year’s national elections in It- 37%. The vote count is sched- Movement shook off doubts On Sunday, Belgian interior
aly. Those elections are due by uled to start Monday morning. about its capacity to govern minister Jan Jambon criticized
May but are currently ex- Sunday’s vote effectively that have emerged in the wake the Spanish government for its
pected to be held in March. kicks off an electoral campaign of its management of Rome response to the Catalan crisis
If the final count confirms that is shaping up as a contest since winning its mayoralty and for jailing the former offi-
A woman voted at a polling station in Palermo, Sicily, on Sunday. exit polls, Sicilian voters will among the 5 Star Movement, last year. cials who returned to Barcelona.
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THE WALL STREET JOURNAL. Monday, November 6, 2017 | A7

Export Food,
Not Jobs

Congratulations to the Trump administration and

Agriculture Secretary Sonny Perdue (pictured left,
at last month’s second annual Global Food Forum)
for increasing America’s food exports by 9 percent in
the past 12 months after recent years of decline. This
growth includes beef by 25% and dairy by 16%.

We salute the Trump administration’s constancy of

focus on exports, deregulation and other key drivers of
success for farmers and food processors of America.

Anthony Pratt
Executive Chairman, Pratt Industries

Pratt Industries is one of the largest corrugated box manufacturers in the United States.
Our boxes save money and save the environment.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
A8 | Monday, November 6, 2017 * ***** THE WALL STREET JOURNAL.


Looming Default
May Aid Maduro
BY KEJAL VYAS from renegotiating debt with
AND ANATOLY KURMANAEV the Venezuelan government will
allow Mr. Maduro to rally his
CARACAS—A looming debt Socialist Party supporters and
default for Venezuela, long deflect blame for the country’s
seen as catastrophic for the problems by pinning them on
country’s oil-dependent econ- his ideological rivals in Wash-
omy, may yet provide a vital ington, said analysts at the risk
political boost for embattled consultancy Teneo Intelligence.
President Nicolás Maduro and “Politically, the timing of
help him consolidate power in this is not a coincidence,” said
the near term ahead of two John Polga, professor of Latin
crucial elections, bond inves- America studies at the U.S. Na-
tors and economists said. val Academy in Maryland. “If
Mr. Maduro announced they can use some of the extra
plans on Friday to convene money and nationalist rhetoric
bondholders in Caracas on Nov. to boost approval to 30-35%, all

13 to negotiate a debt restruc- of a sudden, he could win the

turing on the country’s foreign presidential elections,” he said.
debt, estimated at between That may only be a tempo-
$100 billion and $150 billion. rary respite before investors
However, investors said that start targeting Venezuela’s oil
U.S. sanctions that restrict fi- shipments and external assets
nancial institutions from in- seeking compensation. But Mr.
vesting in new debt instru- Maduro has few other options
ments issued by Venezuela’s as he tries to keep alive the
authoritarian government revolutionary movement he
Residents survey their flooded home in the town of Hoi An on Sunday, a day after Typhoon Damrey made landfall in central Vietnam. make a deal unlikely, triggering inherited from the late Hugo
a messy and prolonged default.
VIETNAM damaged the region’s rice fields television said. Both sit along SOMALIA By stopping payments on the
and other crops, while 228 fish- what used to be an important debt, Mr. Maduro could double
Typhoon Leaves ing boats were sunk or dam- supply route used by IS when Some U.S. Staffers the funds he has earmarked for
Venezuela’s president
Dozens Dead aged, the agency said. the group controlled large areas To Leave Country imports next year by holding has announced an
Heavy rains are expected to in Syria and Iraq. back on some $1.7 billion in
A powerful typhoon battering last until Tuesday including in Iraqi forces backed by the The U.S. has ordered all non- bond interest payments due in
effort to negotiate a
Vietnam has killed at least 44 the central resort city of Da U.S.-led coalition drove IS from essential employees of its mis- the remainder of 2017 and debt restructuring.
people and left more than a Nang, just days before the start Qaim and surrounding areas last sion to Somalia to leave the about $9 billion in 2018, ac-
dozen missing as it caused ex- an economic summit attended week, in what coalition officials capital, Mogadishu, because of cording to Eurasia Group, offer-
tensive damage along the south- by the leaders of the U.S., Rus- have said marked the end of the “specific threat information” ing relief—albeit brief—for a
central coast, officials said. sia and China, among others. conventional war against the ex- against them. rapidly collapsing economy Chávez. The International
The missing include nine crew —Associated Press tremist group in Iraq. The order Saturday came a plagued by galloping inflation Monetary Fund expects the
members of cargo ships that Separately, two suicide bomb- day after the U.S. military carried and chronic food shortages. economy to shrink 12% and 6%
were sunk off the coast of the IRAQ ers struck near a Shiite mosque out its first drone strikes against “Maduro is adding up the in 2017 and 2018, respectively,
central province of Binh Dinh, in the oil-rich northern city of Islamic State group-allied fighters numbers for the presidential while inflation tops 1,000%.
the Vietnam Disaster Manage- Prime Minister Visits Kirkuk, killing a civilian, the Inte- in Somalia, saying “several terror- elections next year and is trying U.S. sanctions, rampant cor-
ment Authority said. Freed Border Crossing rior Ministry said. No group im- ists” had been killed in the north- to see how to raise imports,” ruption in Venezuela, the scale
Seventy-four other crew mediately claimed responsibility, ern Puntland region. said Alejandro Grisanti, an of the debt and different types
members had been rescued ear- Iraqi Prime Minister Haider al- but it bore the hallmarks of an The U.S. hasn’t had an em- economist with the Caracas- of bondholders could all come
lier. Abadi raised the Iraqi flag at a IS attack. bassy in Somalia since 1991 and based consultancy Ecoanalítica. together to make for a chaotic
More than 600 houses have border crossing with Syria on Kirkuk is the country’s largest calls security “extremely unsta- A default would give the leftist restructuring or default.
been destroyed and nearly Sunday, days after Iraqi forces contested city, claimed by Arabs, ble.” The U.S. Mission has been leader a six- to nine-month win- “This will be the most cor-
40,000 others damaged as Ty- retook it from the Islamic State Turkmen and Kurds. The bomb- based in neighboring Kenya, and dow to try to ease shortages rupt, chaotic, and messiest de-
phoon Damrey caused wide- group, state television said. ing is the first since Iraqi federal it isn’t clear how many employees that have pushed Venezuela to fault in the history of de-
spread blackouts across the re- Mr. Abadi visited the newly security forces took over the may be in Mogadishu. The U.S. the edge of a humanitarian di- faults,” said Moisés Naím, a
gion, the agency said. liberated town of Qaim and the city from Kurdish region-run mission didn’t immediately re- saster, Mr. Grisanti said. distinguished fellow at the
The typhoon, the second to nearby Husaybah border cross- troops last month. spond to requests to comment. At the same time, U.S. sanc- Carnegie Endowment for Inter-
hit Vietnam in a month, also ing in western Iraq, Al-Iraqiya —Associated Press —Associated Press tions that prohibit bondholders national Peace in Washington.


The unusual move, while Jason Boyce, chief executive sells directly. strategies. Nike Inc. was a
good for consumers, could fur- of home-recreation retailer Sales Surge Over the past few years, holdout until this summer,
ther strain Amazon’s compli-, says he has been Amazon's third-party merchants third-party sales have become when it negotiated stricter
cated relationship with big- selling on Amazon for nearly comprise an increasing portion more dominant on Amazon. controls on counterfeits and
name brands, manufacturers 15 years, and the majority of of overall sales on the site. Third-party merchants are ex- unauthorized sellers in ex-
Continued from Page One
and its own merchants. Sales his more than $20 million in pected to account for roughly change for selling some mer-
ager Amit Sharma said the by independent sellers are a annual sales stem from that $80 billion 70% of the estimated $340.71 chandise on the site.
company currently has two significant area of growth in platform. He isn’t sure billion of merchandise bought As a result, some other
units of the board game for Amazon’s retail business. whether any of his products on Amazon this year, accord- brands have decided to sell on
sale, adding that it appears It also shows how much have been marked down yet, 60 ing to FactSet forecasts. Amazon’s platform as third-
most sellers still haven’t no- Amazon is willing to pay for but said he has signed agree- Third-party goods are typi- party sellers to retain more
ticed the new discounts. The market share, part of its strat- ments with Wal-Mart and cally more profitable for the control over pricing.
practice allows the seller to egy to reinvest profits to ex- other marketplaces to main- 40 Seattle-based company, reduc- The new policy could help
Total gross merchandise
benefit as Amazon competes pand the company. Amazon tain price parity on the same ing inventory risk while in- boost Amazon’s sales. Rosa
for more sales. “We are still last week posted a 34% in- products he is also selling on creasing selection. But it is Ruiz compares prices on her
receiving the same amount of crease in revenue in its most Amazon. 20 unclear how much the new phone during her 40-minute
money,” he adds. recent quarter to $43.74 bil- “At first glance, we thought price cuts, absorbed by Ama- daily commute into New York
Kn9ght didn’t immediately lion, but profit was nearly flat it was great,” he said of the Share from Amazon zon, will eat into its already City, shopping for things such
respond to a request for com- at $256 million. practice. But it would mean retail sales* thin profit margins. as toiletries and ironing
ment. The discounts could be a “violating our seller agree- The surge in those third- boards on Amazon, Wal-Mart
According to pages viewed mixed bag for some sellers. A ment with every other market- 2015 ’16 ’17 party sales, plus Amazon’s ag- and Target Corp. sites. If she
by The Wall Street Journal, lower price on an item that place that we sell on.” *Includes related shipping fees and digital
gressive pricing policies, has doesn’t need it fast, the sale
discounts appeared to be less matches or beats a competitor An Amazon spokeswoman media content, as well as a portion of significantly undermined goes to the lowest bidder—
than 10% and applied to items could help drive more sales at said the discount is a way to Amazon Prime fees brands’ pricing control. which frequently isn’t Ama-
from sellers using Amazon’s no extra cost to the seller. It provide low prices for custom- Sources: the company; FactSet That has caused some zon, she says.
in-house fulfillment option. might deplete inventory unex- ers while sellers receive the THE WALL STREET JOURNAL. brands, including luxury-goods “I’m a bargain shopper,”
The special offer frequently pectedly, though. And the list price. Sellers can also opt maker LVMH Moët Hennessy says the 32-year-old customer-
disappeared within days. It is lower prices could inadver- out. She declined to comment across the board, in part Louis Vuitton SE and outdoor success manager. “Sometimes
unclear how Amazon selects tently violate a merchant’s on how the company is select- through algorithms that apparel company the North there are certain things that I
which prices to lower. Sellers agreement with a brand to ing which items to discount. scrape competitors’ websites Face, to avoid selling directly wouldn’t purchase from [Ama-
said they weren’t notified of keep its products at or above a Amazon for years has been to match or cut prices on mer- to Amazon to help protect zon], but if they do drop the
the change. set minimum advertised price. helping drive prices lower chandise Amazon holds and their pricing and branding prices, I’ll buy them.”

VISION years,” says Christian Purser,

chief executive of the London
office of branding consultants
eye doctors thought “Vision
2020: The Right To Sight” was
a great slogan, recalls Gulla-
palli Nageswara Rao, an Indian
Vision 2020 as part of its Ho-
rizon 2020 scientific-research
The ophthalmologists
Continued from Page One Indeed, several 2020 vi- eye specialist who helped looked on bemusedly. They
2020’ and then the word sions have already come and found the project. The plan, trademarked their tagline in
‘eyes’,” says Sally Crook, a pro- gone. The government of Trin- after all, was to eliminate some countries, but that didn’t
gram manager at the Interna- idad and Tobago abandoned avoidable blindness by 2020. stop people from using abbre-
tional Agency for the Preven- its Vision 2020 in 2010. The “It’s also a very positive mes- viated versions.
tion of Blindness, which American Physical Therapy sage,” he says. “So many other projects
created the project with the Association shelved its Vision Others soon agreed. At have come but in other fields,”
United Nations World Health 2020 following several “Be- least 10 universities and says Sri Lankan eye specialist
Organization nearly two de- yond Vision 2020” forums school districts in the U.S., Ramachandra Pararajasega-
cades ago. Ms. Cook is dis- back in 2013. Canada and the U.K. embraced ram, who also worked on Vi-
mayed by the moniker copy- “Vision 2020 was no longer visions. Competing businesses sion 2020. “There was some
cats. “How much do they know challenging the association to began to out-vision each other. confusion.” But ultimately
about 20/20 vision? Do they be visionary,” says APTA Pres- International Paper and Asia their project has proved suc-
understand what it means?” ident Sharon Dunn. Pulp & Paper both presented cessful, he says.
It means that an eye-test For others, a 2020 vision 2020 visions. So did the pro- Besides, time is now run-
subject can read the same line doesn’t necessarily end in fessional-service consultants ning out for 2020. Its use in
of text at 20 feet as a person 2020. The Bank of England’s EY and Grant Thornton. strategic names is becoming

who has what is considered website explains that its Vi- Even august news organiza- stale, says Bruce Donald, the
normal eyesight. sion 2020 is just the latest leg tions got in on the game. Re- director of an Australian con-
The etymology didn’t stop of a “timeless mission,” main- cently The Wall Street Journal sultancy called 2020 Global—
the U.S. Fish and Wildlife Ser- taining British financial stabil- began a reorganization under which doesn’t advise on any
vice from endorsing “Indian ity, that dates back to 1694. the rubric of “WSJ2020,” hav- 2020 Visions.
Rhino Vision 2020” to protect The 20/20 vision standard ing been scooped by the New New five-year plans are be-
the horned animal, which is derives from the familiar eye York Times’s earlier “Project ing drawn up. “People are al-
famed for being practically chart of stacked letters that 2020” study group. ready looking at 2023,” he says.
blind. (A spokeswoman for the decrease in size as they de- The vision spread world- That is, alas, a less eupho-
service denies it played a role scend, developed by Dutch wide, though feet are a unit of nious number. But forward-
in the project name, pointing ophthalmologist Herman Snel- measure in only a few coun- thinking consultants can start
the finger instead at the “con- len in 1862. A rhino being moved under the program Indian Rhino Vision 2020. tries. Even the bastion of the to ponder 2222. (3030 is a bit
servation community in south The idea of grandiose stra- metric system, the EU, hopped far off.)
Asia.”) tegic plans with catchy names would have to figure out “the Fla., with the theme, “Eye to on the imperial vision band- The ophthalmologists will
Branding experts aren’t im- took hold in the latter half of vision thing.” By then there al- Eye with the Future.” wagon. The European Statisti- also have to look for a re-
pressed with the naming fad. the 20th century. It posed a ready were early rumblings of Ophthalmologists gathering cal System launched its own brand. Work is under way to
“It’s probably not going to be challenge in 1987 for then-Vice a 2020 strategic boom. A Vi- in Switzerland in the late Vision 2020, to ensure it “re- hammer out a successor to Vi-
a vision, because you don’t President George H.W. Bush, sion 2020 community project 1990s didn’t spot the naming mains competitive in the fu- sion 2020, says Ms. Crook.
change your vision every three whose presidential candidacy launched in Marion County, problem on the horizon. The ture.” The EU has a separate “We will need to refocus.”
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THE WALL STREET JOURNAL. Monday, November 6, 2017 | A9

Special Advertising Feature

of Education

Higher education may be at the tipping point, facing challenges such as skyrocketing tuition
costs, attrition and limited job opportunities for graduates. For these reasons, Strayer University,
one of the nation’s largest educational institutions that caters to working adults, is taking a novel
approach to making college education affordable, virtual and more closely aligned with workforce
needs. While Strayer University, an institution that is celebrating its 125th anniversary this year, has
over 70 campuses in the U.S., more than half of its 48,000 students, who are mainly working adults
in their 30s, are taking all of their courses online. Karl McDonnell, chief executive officer of Strayer
Education, provides insight on where higher education is heading and how to better meet the needs
of both students and employers.
What’s “broken” in education Low college completion rates are
today? an ongoing problem. How can
Post-secondary education as it exists that be addressed?
isn’t serving students very well. There In our case, almost two-thirds or
are 42 million college graduates in the more of student attrition happens in
U.S. labor force; half of them are in jobs the first year. If students get to the
that don’t require a four-year degree. second year, their likelihood to gradu-
Probably the biggest indictment is that ate goes up four- or fivefold. What
post-secondary education expenditures we’re trying to do is completely re-
in the U.S. add up to about half a trillion engineer that first-year experience
a year — a similar amount to what com- to be more engaging. We introduced
panies spend on workforce develop- Strayer Studios, an internal filmmak-
ment each year. Companies are invest- ing arm, which turns lessons into a
ing in extensive training because they’re more dynamic experience by using
not satisfied with the caliber of skills documentary-style films. This stemmed
that American students have acquired from the pretty basic idea that online
when they graduate. Students just aren’t education doesn’t need to be boring.
workforce-ready. We thought, ‘Why is it that everybody
is thoroughly engrossed while binge-
What is your perspective on what watching shows on streaming services,
education should be? but no one has ever applied that con-
The average university sees its job as cept to education?’ So far, it’s had an
getting students to graduate. Really, the amazing impact. Karl McDonnell,
job is to engender economic mobility by Strayer’s chief executive officer
improving workplace performance and The cost of education has risen
teaching critical skills, such as thinking dramatically in the last 20 years.
on your feet, having a good work ethic What can institutions do to make What challenges lie ahead for
and engaging and collaborating with education more affordable? education?
customers. People need these skills to In late 2013, we took a huge step. While we all benefit from techno-
earn higher wages and get better jobs Enrollment was declining, and we logical advancement, technology can
in this country. So along with academic were probably guilty of too many destroy jobs faster than it creates them,
skills, we prepare students for the tuition increases. So we did two and the jobs created are completely
workforce. We hire advisors and faculty things. One was to introduce the different than the ones destroyed. So
who help shape the student experience Graduation Fund, which allows stu- how is the U.S. educational system go-
around the hard and soft skills required dents to earn the opportunity to take ing to confront this? Who is going to
to move ahead in work and in life. up to 10 of their final degree classes give 2 million truck drivers the skills to
tuition-free. Every time a student become drone operators or software
How does technology change the completes three courses, the student coders? You’re not going to be able
playing field, and what are the earns one course tuition-free toward to train and retrain a million people in
results so far? the final 10 classes needed for the brick-and-mortar centers no matter
Technology is an enormous enabler, degree. It’s essentially a 25 percent how hard you try. It will have to be
but it isn’t always properly utilized. tuition reduction and an incentive for online — and it will have to include
There’s been rapid advancement in completion. We also lowered overall partnerships with industry.
areas such as analytics and adaptive tuition by 20 percent. Taken together,
learning, while in other areas there’s it was a 40 percent tuition reduc-
been almost no innovation. The plat- tion to receive a degree. To make this
form is basically the same as it was 10 happen, we took about $50 million
years ago. If you were to look at the out of our expenses, closed 20 cam-
online courses offered by most schools, puses, combined some positions and
including top-tier universities, what you did a voluntary severance plan. You
see are videos of offline lectures that have to be willing to believe that you
are shown online. That’s not engaging can do more with less. It was the right
enough to hold the attention of thing to do, and our student body has LEARN MORE:
students today. grown every year since then.
WSJ. Custom Studios is a unit of The Wall Street Journal advertising department.
The Wall Street Journal news organization was not involved in the creation of this content.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
A10 | Monday, November 6, 2017 * *** THE WALL STREET JOURNAL.


Detained Prince Has Backed U.S. Firms

Prince al-Waleed tal raise by the bank during purchase shares in its public of-
Princely Holdings that time. fering, according to a person
gained prominence Billionaire tycoon Prince al-Waleed bin Talal has invested in a In March, Prince al-Waleed familiar with the matter.
after buying shares of bevy of major American companies over the years, including hosted a dinner for Citigroup The prince has also been a
through his investment firm Kingdom Holding: Chief Executive Michael Corbat longtime investor in Rupert
Citigroup predecessor in the Saudi capital, where they Murdoch’s media empire, first
discussed “future plans of the investing in News Corp in 1997
BY ANUPREETA DAS company,” according to King- and eventually becoming the
dom’s website. One month second-largest holder of voting
NEW YORK—The arrest this later, the bank received ap- shares outside of the Murdoch
weekend of billionaire tycoon proval from Saudi Arabia’s reg- family.
Prince al-Waleed bin Talal hob- ulator to operate a capital-mar- He remained a supporter of
bles an investor who has strad- kets business in the kingdom Mr. Murdoch’s, even as News
dled east and west, backing after a long absence. Corp became embroiled in a
some of the world’s best-known The prince’s desert tent in phone hacking scandal in Lon-
companies while also encourag- Riyadh is a regular stop for U.S. don and was subsequently split
ing U.S. business to invest in company executives, investors into two companies—News
the Middle East. and foreign dignitaries. Many Corp and 21st Century Fox—in
The Saudi Arabian prince of these events are documented 2013. Two years later, he sold
was among dozens of people on Kingdom’s website. the bulk of his stake in News
who were arrested as part of a Last month, Goldman Sachs Corp, which owns The Wall
crackdown on corruption in the Photo: Hamad I Mohammed/Reuters Group Inc. Chief Executive Street Journal. He is also no
kingdom, as King Salman and THE WALL STREET JOURNAL. Lloyd Blankfein and other se- longer a major shareholder in
his son Crown Prince Moham- nior bank executives met Prince Fox.
med bin Salman move to con- In a statement posted on the group Inc. More recently, he and that the “matter does not al-Waleed in Riyadh, according In 2010, News Corp paid $70
solidate power. Prince al-Wa- Saudi stock exchange’s website has invested heavily in young affect the day-to-day opera- to the website. Goldman ad- million for a stake in Rotana
leed hasn’t been charged, but on Sunday, Kingdom Holding’s technology companies includ- tions of Four Seasons Hotels vised Kingdom on its deal to Group, a Middle Eastern enter-
could face allegations of money chief executive said the com- ing Twitter Inc. and Lyft Inc. and Resorts.” acquire a stake in Banque Saudi tainment company primarily
laundering and illegal arms pany has received the support One of the prince’s most The prince shot to promi- Fransi from Credit Agricole SA. owned by Prince al-Waleed’s
sales, people familiar with the of the government and would high-profile partnerships is nence in the U.S. in 1991 after In 2015, executives from firm. Since the split, Fox has
matter said. continue to operate “business with Microsoft Corp. co- buying shares of a predecessor Snap Inc. including CEO Evan continued to own a small stake
Representatives for Prince as usual.” founder Bill Gates. The invest- to Citigroup. The deal eventu- Spiegel met with the prince in Rotana.
al-Waleed and his investment Prince al-Waleed has been a ment firms of the two billion- ally made him one of the bank’s about “future potential busi- That year, the prince bought
company, Kingdom Holding Co., familiar figure in Western busi- aires teamed up a decade ago largest individual shareholders. ness cooperation” while the a $500 million stake in GM dur-
didn’t respond to requests to ness and financial circles for to take luxury hotel operator He remained a major backer of disappearing-message app ing the carmaker’s initial public
comment. more than a quarter of a cen- Four Seasons Holdings Inc. pri- Citi as the firm’s shares company was in the midst of a offering.
On Sunday, shares of King- tury, having backed iconic U.S. vate for $3.8 billion. Four Sea- plunged in value during the funding round. However, King- —Keach Hagey, Margherita
dom, which trade on the Saudi companies such as General Mo- sons spokeswoman Sarah Tuite 2008 financial crisis and partic- dom never invested in Snap as Stancati and Maureen Farrell
stock exchange, fell 7.6%. tors Co., Apple Inc. and Citi- said it was “business as usual” ipated in an international capi- a private company and didn’t contributed to this article.

Regional Cold War Intensifies as ISIS Fades Prince,

BY ASA FITCH Officials
DUBAI—A cold war between
Saudi Arabia and Iran, fought
with proxies seeded across the
Are Killed
Middle East, is sharply esca-
lating as the two powers
jockey to shape a regional or-
In Crash
der devoid of Islamic State. BY SUMMER SAID
With the extremist group’s
once-sprawling caliphate Saudi Prince Mansour bin
shrunk to a few towns around Muqrin and a number of gov-
the border between Syria and ernment officials were killed
Iraq, the region is turning its Sunday in a helicopter crash
focus to the long-running Iran- some 70 miles from the king-
Saudi struggle, as each strives dom’s southern border with

to carve out a dominant role war-torn Yemen, Saudi offi-

based on divergent political cials and state television said.
and religious visions. The helicopter went down
Iran is the main Shiite Mus- while the group was touring an
lim power in the Middle East. area near the coast in Asir
Its vision of governance in- province, of which Prince Man-
cludes a blend of a parliamen- sour is governor, according to
tary system overseen by reli- a statement from the interior
gious authority. Saudi Arabia, ministry’s security spokesman.
like other Sunni countries in The cause of the crash wasn’t
the Persian Gulf, has a monar- immediately known. “While re-
chical system. turning in the evening, contact
The latest salvo in the Iran- with the helicopter was
Saudi struggle came on Satur- lost…authorities are currently
day, when Lebanese Prime searching for survivors where
Minister Saad Hariri abruptly the wreckage was found,” the
resigned while in Saudi Arabia. A Yemeni man gestured at the site of an airstrike in San’a on Sunday. Saudi Arabia and Iran are vying for influence in the country. statement said.
As he stepped down, he criti- Eight people died, two
cized Iran and its Lebanese Iranian expansionism more ag- drive. The move effectively In addition to Yemen, Iran vision of Islamic government. Saudi officials said.
proxy, the Shiite militia and gressively. strengthens the crown prince’s and Saudi Arabia are facing off For Iran, a key ambition is Prince Mansour is the son
political group Hezbollah, for “Both sides will go back to hand as he appears prepared in Syria, where Iran supports the establishment of a corri- of Prince Muqrin bin Abdu-
fomenting violence in the re- the Middle East’s great game,” to succeed the king, who is 81. President Bashar al-Assad and dor through Iraq and into laziz, who resigned from his
gion and added that he feared said Cliff Kupchan, the chair- Later Saturday, Saudi forces Saudi Arabia backs Sunni reb- Syria, where its ally Mr. Assad position as Saudi Arabia’s
for his life. Mr. Hariri is Sunni man of the political risk con- intercepted a ballistic missile els trying to oust him. Saudi rules. That corridor, currently crown prince in April 2015 to
Muslim and a close political sultancy Eurasia Group. “The fired by Yemen’s Houthi rebels Arabia also sees an Iranian obstructed by territories con- make room for King Salman’s
ally of Saudi Arabia. Sunni-Shia divide.” just east of Riyadh’s main air- hand in Shiite unrest next door trolled by Islamic State, would son Mohammed bin Salman.
Iran’s foreign ministry Saudi Arabia’s Crown Prince port, according to the official in Bahrain, and in Qatar. Iran open an overland route to It wasn’t immediately clear
spokesman rejected Mr. Har- Mohammed bin Salman, who Saudi Press Agency. Since rejects the notion that it inter- Hezbollah in Lebanon and an whether there was any link be-
iri’s charges and denied inter- has led the kingdom into a 2015, Saudi Arabia has led a feres in Arab countries’ affairs. outlet to the Mediterranean. tween the crash and the Saudi
fering in Lebanese affairs. confrontation with Iran by military coalition trying to de- As the standoff intensifies, “Just the way the European Arabia-led war against Ye-
The clashes between both cutting diplomatic ties and feat the Houthis, a Shiite oil-rich Saudi Arabia and its countries are connected to men’s Houthi rebels, which has
countries and the regional trying to contain it on regional group coalition members see Sunni Muslim allies have used each other, we are establishing raged across the border for
proxies aligned with each are battlefields, meanwhile has as a proxy of Iran. financial muscle and growing such connections too, by land more than two and a half
set to intensify as the immi- been consolidating power. On A person close to the Saudi military clout to woo proxies to and by air, tight connections,” years. Riyadh’s Sunni Muslim
nent defeat of Islamic State Saturday, his father, King Sal- government said the missile their side. Iran, meanwhile, has said Esmail Kosari, an Islamic monarchy views the Houthis
frees Tehran to pursue greater man, removed several princes fired Saturday was of Iranian used arms shipments, training Revolutionary Guard Corps as a proxy of Shiite Iran, its
influence in Iraq and Syria from their posts, ostensibly as origin, while Iran denied any and in some cases direct mili- commander and former mem- main rival for power in the
while Riyadh seeks to counter part of an anticorruption link. tary involvement to spread its ber of the Iranian parliament. Middle East.

SAUDI guests on Saturday. Repeated

calls to the hotel went unan-
swered. Two Saudi officials said
other five-star hotels in Riyadh
on everyone who touched public
money and didn’t protect it or
embezzled it, or abused their
power and influence,” King Sal-
mediately freeze bank ac-
counts, and they have done
that. They can now reach out
to foreign jurisdictions and
Continued from Page One are also being used to host sus- man said in his decree. “This freeze their assets there.”
with war-torn Yemen. It pects in the probe. will be applied on those big and The detentions send a clear
wasn’t immediately clear what Crown Prince Mohammed, small, and we will fear no one.” message that corruption won’t
caused the crash. 32 years old, has risen to a po- The government said any as- be tolerated as the kingdom
The targeting for arrest of sition of almost unrivaled au- sets or property acquired pushes through its economic
high-profile figures represents thority since King Salman as- through corruption will be overhaul, a plan known as Vi-

an escalation of a campaign of sumed the throne in early transferred to the state. sion 2030, said Mohammed Al-
detentions in recent months. It 2015. The octogenarian mon- The government hasn’t yahya, a Saudi political analyst
comes less than five months af- arch is expected to abdicate ei- named the people who were and nonresident fellow at the
ter King Salman installed his ther later this year or early detained. Attorney General Atlantic Council in Washing-
son, Prince Mohammed bin Sal- next year, according to people Sheikh Saud al-Mojeb said ton, D.C.
man, as crown prince and heir close to the royal court. Sunday that the new anticor- “MBS has made it very clear
apparent, sending shock waves According to people familiar ruption agency “has initiated a that he will crack down on cor-
through the kingdom and stir- with the matter, another mem- number of investigations as ruption, and that he is willing to
ring internal opposition. ber of the royal family de- Crown Prince Mohammed bin Salman in Riyadh last month part of the state’s judicial duty do it from the top first,” Mr. Al-
The crown prince has vowed tained was Prince Miteb bin to combat corruption.” yahya said. “The bottom line is
to tackle corruption at the high- Abdullah, a politically influen- the removal of Prince Miteb is a Prince Miteb could face alle- Mr. Mojeb added that “sus- that corruption costs the gov-
est levels as part of the govern- tial son of the late King Abdul- precondition to the king’s abdi- gations of bribery, according to pects are being granted the ernment. We have economic
ment’s plan to overhaul the lah who led the kingdom’s Na- cation in favor of Prince Mo- people familiar with the matter. same rights and treatment as problems. …There is no way you
kingdom’s economy and free tional Guard, one of the three hammed, who is also known as He couldn’t immediately be any other Saudi citizen. A sus- can achieve Vision 2030 with-
Saudi Arabia from its depen- main branches of Saudi Ara- MBS. King Salman on Saturday reached for comment. pect’s position or status does out tackling these issues.”
dence on oil revenues. bia’s security forces. night issued a royal order firing The detentions are overseen not influence the firm and fair The plan is centered on the
At least some of those who Prince Miteb was among sev- Prince Miteb from his cabinet. by a newly established anticor- application of justice.” initial public offering of a piece
were rounded up over the week- eral senior princes who pri- “Prince Miteb was always ruption agency headed by the A lawyer familiar with the in- of the state energy firm, Saudi
end are being held at Riyadh’s vately criticized the unceremo- the prince that needed to be crown prince. The agency, vestigation said that Saudi au- Arabian Oil Co., the largest oil
Ritz Carlton, a luxury hotel that nious removal of Prince sacked before MBS becomes a formed on Saturday by a decree thorities began their probe into producer in the world. The IPO
resembles a royal palace. Just Mohammed bin Nayef as crown king. He was often viewed as a issued by King Salman, has far- alleged corruption two years could generate as much as $100
weeks earlier, the Ritz hosted a prince in June, according to leading contender for the reaching authority in cases of ago and that the Saudi govern- billion, making Saudi Arabia’s
large business conference spon- people close to the royal family. throne and is known to be very suspected corruption involving ment has already frozen assets sovereign-wealth fund the larg-
sored by the crown prince that He was the most senior prince ambitious,” said the senior public funds, including the like bank accounts belonging to est in the world.
drew some of the world’s top in- in a position of authority who Saudi official. “Some arrests, power to issue arrest warrants, the accused. —Shane Harris in
vestors and entrepreneurs to didn’t belong to King Salman’s particularly him, are more of a to impose travel restrictions “They saw money getting in Washington and Maureen
the Saudi capital. branch of the royal family. move to consolidate power and to freeze assets. the wrong bank accounts,” Farrell in New York
The hotel evacuated all One senior Saudi official said rather than to fight corruption.” “Laws will be applied firmly said the lawyer. “They can im- contributed to this article.
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THE WALL STREET JOURNAL. * * NY Monday, November 6, 2017 | A10A


Business Fights
Governor’s Order
On Pay Disclosure
BY MIKE VILENSKY said Zack Hutchins, spokes-
man for the Business Council
Business groups are pushing of New York State, a business-

back on Gov. Andrew Cuomo’s advocacy group.

executive order requiring state Mr. Cuomo first announced
contractors to regularly dis- the plan in January 2017 as
close worker-pay data broken part of a package of measures
down by race and gender. seeking to combat gender in-
The Cuomo administration equities as he sought to tackle
said the order, issued earlier some issues of national con-
this year with the objective of cern. “State government has a
preventing discrimination, is responsibility to…ensure that
moving forward, but it is hav- this pattern of discriminatory
ing discussions with business wage practices is confronted
groups concerned about the and addressed,” he said at the
plan. time.
Mr. Cuomo, a Democrat, has In California, Mr. Brown ve-
intended for the order to take toed a bill pushed by fellow
effect in January 2018. Al- Democrats that would have re-
phonso David, the governor’s quired large employers to pro-
counsel, said that is still the vide gender-related wage in-
plan, but the date could be formation to the state. He

Marathon Is Celebrated—and Safe

pushed back “to get a policy wrote that it was “unclear the
we feel comfortable with.” bill…[would] provide data that
“We’re open to making sure will meaningfully contribute to
it’s not onerous for businesses efforts to close the gender
Security is tightened with salt lined the walkways at while we still get the informa- wage gap.”
Columbus Circle near the finish tion we need,” Mr. David
after attack last week, line, a measure meant to pro- said. “But what we’re doing
and two million people tect pedestrians from those here is making sure men and
The administration
who may try to use a vehicle as women get paid equally, and
turn out to watch race a weapon. we can’t look the other way is having discussions
Spectators along the mara- because a contractor is
BY MARA GAY thon route said they came afraid,” he added.
with business groups
AND SARA GERMANO without reservation. Over his two terms, Mr. over their concerns.
“I trust New York,” Kevin Cuomo has allied with liberal
An estimated two million Creahan, a retired Navy fighter advocates on social issues, but
people came to watch the New pilot from Memphis, Tenn., sought to remain friendly with
York City Marathon on Sunday, said while watching the run- business leaders. During his second term,
by far the largest event in the ners in Central Park. “I trust Critics of the governor’s or- President Barack Obama is-
city since a terrorist attack in New York to safely conduct an der have been encouraged by sued a rule that would have
lower Manhattan last week event of this magnitude. California Gov. Jerry Brown’s required large businesses to
killed eight people and injured They’re professionals. They’ve decision last month to veto a begin collecting and reporting
nearly a dozen more. been doing it so long.” similar measure, saying the data on how much they pay
City Hall’s crowd estimate, Mr. Creahan’s wife, Memphis California bill could “encour- workers of different genders
which was the same as last lawyer Valerie Corder, said she age more litigation than pay and races. President Donald
year’s, indicated the ISIS-in- A helicopter hovered over New York City Marathon runners on the felt safe as well. “I have never equity.” Trump halted the plan in Au-
spired assault on Tuesday failed Verrazano-Narrows Bridge on Sunday. Above, a security check. once felt concerned,” she said. In interviews and letters to gust, saying it could burden
to damp enthusiasm at the Nearby, the men’s basketball the Cuomo administration, employers.
world’s largest marathon, where attacks in Manhattan evoked Kipsang in one of the tightest team at John Jay College stood business groups have said the Kathy Wylde, president of
the spirited spectators cheered difficult memories. finishes in race history, 2:10:53 along the route encouraging information wouldn’t show business-advocacy group the
on some 50,000 runners. “It very much took a toll and to 2:10:55. Lelisa Desisa of Ethi- runners, as is their tradition. why employees are paid their Partnership for New York City,
Shalane Flanagan on Sunday is very personal to me, having opia took third, and Abdi Ab- Their coach, Ryan Hyland, held salaries, such as work experi- said she supports the goal of
became the first American been a part of a terrorist at- dirahman was the top Ameri- a sign that read “Go Strang- ence or expertise, and could Mr. Cuomo’s measure but
woman to win the New York tack. It definitely brought back can man in seventh. ers.” Mr. Hyland said that while create a false impression of added that the stalled federal
City Marathon since Miki Gor- a lot of those emotions and The city added extra secu- last week’s attack was briefly discrimination. The business order “was less cumbersome.”
man in 1977. those feelings from that day, rity measures at the event in on his mind, he never consid- groups also said having to re- She said Mr. Cuomo’s adminis-
“It’s been a tough week for 2013 in Boston,” she said. the wake of the ISIS-inspired ered staying home. port the data several times a tration has been responsive to
New Yorkers, it’s been a tough “What I do know, 100%, is assault on Tuesday, officials “It’s the coolest day in New year would be burdensome for her group’s concerns.
week for our nation, and I just that we are a very resilient na- said. York every year,” he said. “We businesses and could compro- Advocates for women,
thought, what a terrific gift it tion and I don’t know that New York Police Department weren’t going to miss it.” mise confidential information. meanwhile, have lined up be-
would be to make Americans there are a tougher people than tactical teams could be seen Mayor Bill de Blasio said the “We hope the recent action hind Mr. Cuomo’s measure.
smile,” Ms. Flanagan said after New Yorkers,” Ms. Flanagan with long guns and bomb-sniff- large, spirited event filled with in California will prompt New “You can’t fix what you
the race. said. “And marathoners are ing dogs. A maze of metal bar- people from all over the world York state officials to take a can’t see,” said Dina Bakst, co-
Ms. Flanagan, 36 years old, pretty tough, too.” ricades directed spectators was “the worst nightmare” for second look at [the executive president of A Better Balance,
raced in the 2013 Boston Mara- In the men’s division, Geof- through security checkpoints. terrorists. “They can’t change order] and make significant a women’s-advocacy group.
thon, which was disrupted by a frey Kamworor of Kenya nar- Garbage trucks from the city’s our democracy, they can’t adjustments, or better yet, “This is a critical step forward
bombing. She said Tuesday’s rowly beat compatriot Wilson Department of Sanitation filled change our society,” he said. scrap the program entirely,” to fix the wage gap,” she said.

‘Micro-School’ to Shut Down

BY LESLIE BRODY credibly hard and painful The company sent emails
decision for everyone involved.” Thursday night to parents at
Leaders of AltSchool said The small schools serve as the East Village elementary, no-
they are closing three of their laboratories for AltSchool to re- tifying them it would shut down
seven private schools, including fine a platform that organizes and inviting them to send their
an elementary site in Manhat- students’ work and tailors as- 20 children to the two other
tan’s East Village, so they can signments to their individual New York City venues, at Brook-
concentrate on developing their needs, officials say. lyn Heights and Union Square,
software platform for districts Altschool was launched in where tuition costs $37,500 this
to purchase. 2013 in San Francisco. Officials year.
The closures highlight the say they have raised about $175 Mr. Ventilla said the com-
difficulty of navigating the fast- million in venture capital, in- pany decided to close the sites
changing world of education cluding from high-profile that didn’t appear to be sustain-
technology. The decision to shut funders such as Facebook Inc. able long-term. He said that

the East Village “micro-school,” CEO Mark Zuckerberg and Lau- since September, his company
which opened last year, at the rene Powell Jobs, widow of Ap- had found more private and
end of this school year came in ple Inc. co-founder Steve Jobs. public schools interested in buy-
recent weeks: Earlier this fall, AltSchool is part of a “per- ing its platform, and his team
the company was hosting open sonalized learning” movement. could supply their needs faster
houses to attract families to Supporters say it helps children by cutting the number of lab
start its kindergarten through become self-directed and resil- schools it was operating.
fifth grade next September ient, which will help them in a The company is closing one
“We have finite resources,” modern workplace. Critics say school in San Francisco and one
said Max Ventilla, the com- hype about the approach has in Palo Alto as well. Remaining
pany’s founder and chief execu- run ahead of any extensive re- next fall will be two in Califor-
tive. “Closing a school is an in- search showing it works. nia and two in New York City. Students at AltSchool’s elementary school in the East Village. It will close at the end of the school year.

Little Suspense in Mayor’s Race, but Other City Contests Bring the Heat
BY MARA GAY immigrants from the Middle view. He said quality of life has is facing a tough challenge in state constitution.
East live alongside Italians and decreased under Mr. de Blasio. central Queens from Robert Proposal 2 would allow a
New York City voters will
cast their ballots for mayor on
Tuesday, a race with little fan-
fare in which Democrat Bill de
others, producing deep divi-
sions over American politics
from Mr. de Blasio to Presi-
dent Donald Trump.
Seats on New York City Council,
“We’re seeing people urinating
in the streets here,” he said.
Mr. Brannan has said that
while quality of life is an issue,
Holden, a Democrat running
on the Conservative, Republi-
can, Reform and “Dump de
Blasio” ballot lines.
court to remove or reduce the
pension of a public officer who
has been convicted of certain
Blasio is expected to defeat There hasn’t been any pub- all of which are up for a vote he didn’t believe Mr. Quagli- A central issue in Council Proposal 3 would make it
Republican Nicole Malliotakis lic polling in the race. Council- one’s “apocalyptic” view of the District 30 is a homeless shel- easier for localities to use pro-
and several other challengers. man Vincent Gentile, who area would resonate with vot- ter that the de Blasio adminis- tected land in the state’s Ad-
Lower down on the ballot, holds the seat in the 43rd Dis- ers. tration had hoped to put in the irondack and Catskill parks for
other contests could be more trict, can’t seek re-election due has tried to make the race “The way that he talks Maspeth area but scrapped limited kinds of development.
competitive. The City Council’s to term limits. about Mr. Brannan’s ties to Mr. about this district, I don’t amid local opposition. Mr. Turnout is expected to be
51 seats are up for a vote, as Justin Brannan, the Demo- de Blasio, who is a polarizing know why he and his family Holden has worked to tie Ms. low, thanks in part to months
are all five borough-president crat in that race, is a longtime figure in the district. Mr. Bran- would want to live here, much Crowley to the shelter, which of polling showing Mr. de Bla-
seats, two district-attorney po- community activist who nan, 39, worked for the De- less represent the district,” she also has opposed. sio leading Ms. Malliotakis, a
sitions, and the roles of public served for years as an aide to partment of Education under Mr. Brannan said. “I’m not Voters will also have a state assemblywoman, by dou-
advocate and comptroller. Mr. Gentile. He faces stiff com- the mayor, helping implement blind to the fact that some chance to weigh in on several ble digits. A NY1/Baruch Col-
Many eyes are on the battle petition from Republican John the city’s prekindergarten ini- folks are suffering, but I think statewide ballot initiatives. In lege City Poll last week
for an open City Council seat Quaglione, the press secretary tiative. we’ve got a great community.” Proposal 1, voters are being showed Mr. de Blasio with 49%
in the Bay Ridge area of and deputy chief of staff for “He’s a de Blasio appoint- In another competitive City asked to decide whether to of the support of likely voters,
Brooklyn. It is a fast-changing State Sen. Marty Golden. ment,” Mr. Quaglione said of Council race, Councilwoman hold a constitutional conven- compared with Ms. Malliota-
swath of the city where newer Mr. Quaglione, 38 years old, Mr. Brannan in a brief inter- Elizabeth Crowley, a Democrat, tion to amend or rewrite the kis’s 16%.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
A10B | Monday, November 6, 2017 NY * * THE WALL STREET JOURNAL.


Office Landlords Sweeten Deals Nice Enough Just

Isn’t Good Enough
and still water as well as ice
makers. The owners spent an
estimated $140 a square foot,
Five years ago, Manhattan “There are a lot of prebuilts
Owners of Midtown Man- office landlords tended to build and they all look alike,” Mr.
hattan trophy towers have out smaller spaces just nice Brod said. “We specifically set
ramped up the concessions enough to attract tenants. out to build a better product.”
they make to tenants to build Light-wood doors, inexpensive At 601 Lexington Ave., Bos-
out office space, often taking carpeting, dropped ceiling tiles ton Properties Inc. created two
on the con- and maybe a pantry with a mi- prebuilt spaces on the top
PROPERTY struction work crowave usually did the trick. floors, creating large pantries
themselves and Tenants today are expect- with stone counter tops and
incorporating ing more. installing high-end stainless
high-end touches in hopes of At 145 E. 57th St., owners steel appliances as well as
speeding up leasing and keep- ABS Partners Real Estate and marble floors in the reception
ing rents up, according to Benenson Funding Corp. drew area, according to the com-
market reports and real-estate inspiration from luxury residen- pany.
executives. tial condominiums when de- Landlords might be spend-
In the third quarter, the av- signing the prebuilt office ing more now, but they figure
erage tenant improvement al- space on six floors, said John their investment in high-end
lowance offered by landlords Brod, a partner at ABS. prebuilts will give them the
of top-tier Midtown buildings The $20 million improve- flexibility to do shorter leases,
was $87.27 a square foot, al- ment project includes large serving multiple tenants leas-

most triple the $30-a-square- pantry spaces with oversize ing the same space over time,
foot levels logged in 2008, marble islands, Miele brand said Andy Levin, senior vice
just before the commercial convection and microwave ov- president at Boston Properties.
real-estate market crashed, ens, faucets for both sparkling —Keiko Morris
according to real estate ser- The office kitchen at 145 E. 57th St. in Manhattan includes a marble island and high-end appliances.
vices firm JLL. Midtown ask-
ing rents for trophy proper- into an expectation of upscale ers are offering longer free- quarter of 2017, up almost 14% Studley. Landlords have had space more quickly and at a
ties are $107 a square foot finishes such as marble floors rent periods in addition to as- from $151.93 in 2015, accord- to up their game, offering not higher rent, said Andy Levin,
today, below the peak of $111 or counters, and pantries with suming the construction work ing to real estate services firm just prebuilt, ready-to-occupy senior vice president at Bos-
a square foot reached in 2008, top-of-the-line appliances. and costs to create ready-to- Savills Studley. spaces but custom-built ton Properties Inc., which has
according to JLL. “To attract tenants and re- occupy offices as well as cus- In the third quarter, the va- spaces at their expense. long offered prebuilt and cus-
One of the factors driving move the hurdle to relocating, tomized build-outs, brokers cancy rate for Manhattan of- “Now the tenant is saying, tomized office construction as
the tenant allowance increase which is the capital cost to and real-estate executives fice space rose 0.1 percentage ‘I don’t want to fit into your part of its leasing strategy.
is the demand for office space build out space, landlords are said. Rising construction costs point from the previous year prebuilt space, I want you to Many tenants today opt to
between 2,000 and 10,000 continuing to build out also have pushed up the to 10.7%, according to Savills build it to my specifications,’” leave building and upfront
square feet that has already space,” Ms. Wasserberger amounts landlords are spend- Studley. In addition, there is a Mr. Peck said. “So where a costs to building owners.
been built out and is ready for said. ing so they can maintain or large amount of so-called prebuilt space costs $100 a “Tenants prefer to focus on
occupancy, said Cynthia Wass- Landlord concessions at the boost rents, they said. shadow space, or space that square foot, a new building their business and leave the
erberger, a JLL executive top of the office market re- The amount Manhattan will be vacated in 18 months installation can cost landlords building of space and invest-
managing director. flect the broader rise of con- landlords spent on free rent or more by relocating tenants, $150 to $200 a square foot.” ment of capital in that space
For tenants with plenty of cessions across all levels of and tenant allowances rose to said Jeffrey Peck, executive Landlords generally expect to landlords, if they are will-
options, that has translated office buildings. Building own- $173 a square foot in the first managing director at Savills to benefit from leasing the ing to do it,” Mr. Levin said.


CONNECTICUT the contractor was facing law- NEW JERSEY tained an attorney.
suits. Mr. Walker is charged in the
High Court to Weigh The city’s zoning enforcement Stabbing Suspect death of 29-year-old Diana
Right to Put Up Signs officer said the signs violated lo- Charged With Murder Stillwell. She was found July 13
cal regulations and ordered Ms. at the mall in Pemberton
The Connecticut Supreme Arisian to take them down. A man accused in the stab- Township after a pedestrian re-
Court is set to hear arguments When she didn’t comply, the en- bing death of a woman found ported hearing a woman
on whether a homeowner had forcement officer sued. slain behind a store at a vacant scream.
the right to put up signs on her A lower court ruled last year strip mall has been indicted on Prosecutors say the town-

property criticizing a home con- that while the city had authority murder charges. ship resident suffered severe
tractor. to regulate advertising signs, Ms. Frank Walker III also faces lacerations to her upper body
Justices have scheduled a Arisian’s weren’t advertising signs. two weapons counts in the in- and was pronounced dead at
hearing for Tuesday in the case The city is appealing that ruling. dictment handed up by a Burl- the scene. A motive for the at-
of Milford resident Eileen Ari- Ms. Arisian also says the ington County grand jury. The tack hasn’t been disclosed.
sian, who in the fall of 2010 put signs are protected by free 41-year-old Wrightstown man Mr. Walker was arrested
TROUNCED: The Giants fell to 1-7 after being overpowered by up signs saying she didn’t rec- speech rights. remained jailed and it wasn’t about a month after the attack.
the Rams in a 51-17 loss. Above, Sterling Shepard misses a pass. ommend the contractor and that —Associated Press known Sunday if he has re- —Associated Press


Atlantic Theater Company Production, photograph by Ahron R. Foster

WSJ Join us as we welcome back our Masterpiece event series,

with mezzanine and orchestra level seats to Broadway’s hit
musical “The Band’s Visit.” After the play, WSJ Drama Critic

Terry Teachout will take you behind the scenes for a private
discussion with the show’s award-winning director, David
Cromer, and cast members.


‘The Band’s WHEN: DECEMBER 13, 2017



© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6059
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THE WALL STREET JOURNAL. Monday, November 6, 2017 | A11


The Whenever Thanksgiving

More Americans are celebrating Turkey Day earlier than the fourth week of November, citing cheaper travel and lower stress


Thanksgiving meals over by sunset.
Holly Salmons prefers earlier. Five
days earlier.
“There’s less competition for
our time, and flights are cheaper,”
explains Ms. Salmons, chief execu-
tive of the Longwood, Fla.-based
Better Business Bureau of Central
Florida and mother to 4-year-old
Grayson. Thanks to the new date,
Ms. Salmons says she was able to
snag airfare to Knoxville, Tenn.,
for just $211 a person round trip,
including a return from Chatta-
nooga and extra charges for bags
and seat selection.
Thanksgiving, first celebrated in
1789 and falling on the fourth
Thursday in November, is as well-
known for generating travel log-
jams as it is for roasted turkey.
Enticed by cheaper travel, less
competition for days off and
greater availability of family mem-
bers, more Americans are choosing
the early-bird route and celebrat-
ing Thanksgiving some other time.
Supermarket analysts say gro-
cery stores have noticed more
families planning early Thanksgiv-
ings, and are pitching Thanksgiv-
ing-related foods much earlier.
Santa Monica, Calif.-based super-
market analyst Phil Lempert says
as many as 75% of retailers are
marketing Thanksgiving fare right
after Halloween, compared with
less than 5% three years ago.
Some Thanksgiving foods may
even be cheaper. “The price of a
pumpkin pie two days before
Thanksgiving will be higher than
two weeks or a month before,” he
In a recent survey of over 2,000
adults by Pittsburgh-based polling
firm CivicScience, 16% of respon-
dents indicated they are choosing
to celebrate Thanksgiving early gess, says. Ms. Jurgess did most of says she would consider hosting
this year. Another 13% said they her grocery shopping the week be- an early Thanksgiving again in the
would be willing to move Thanks- fore near her home in Tampa, Fla. future.
giving to an earlier date in the fu- Finding a frozen, 15-pound Butter- Some families settle on a fall
ture. Chief executive John Dick ball turkey at the grocery store date when they happen to be in
says more people are willing to was no problem. town at the same time. Stacee Sil-
sacrifice tradition to fit things She made apple pie the night agi, a 37-year-old stay-at-home
more easily into their lives. before and woke up early Saturday mom in Silver Spring, Md., is hav-
The economic incentive to bust ing her brother-in-law, Howie, and
the Thanksgiving-on-Thursday tra- his girlfriend, Emily, over from San
dition can be considerable. The Diego for a week starting on the
busiest and most expensive depar-
A recent survey found 14th. They will pick a day some-
ture day of the Thanksgiving pe- 16% of respondents time that week to share a Thanks-
riod is the day before the holiday. giving meal. “They’ll probably
Round-trip flights for itineraries
indicating plans for an want to go into D.C., and so we’ll
starting on Nov. 22 average $344, early Thanksgiving. work it around the touristy stuff,”
according to Hopper, a mobile app she says.

that predicts and analyzes airfares. Ms. Silagi’s husband, Sandor, is

Traveling sometime the week of a pilot who travels frequently but
Nov. 12 lowers fares an average of morning to prepare the stuffing. will be in town that week. She
26%. Flights the week of Nov. 5 are The turkey went into the oven at feels the actual date doesn’t mat-
34% lower. 8:30 a.m. Then Ms. Jurgess sent ter. “It’s about being with your
Leigh Menninger, a 38-year-old her husband, Todd, to do a grocery family and feeling grateful for
stay-at-home mother in Gaines- run for fresh vegetables—aspara- your lives,” she says.
ville, Fla., realized her family gus, Brussels sprouts and green On actual Thanksgiving, she is
would be in the middle of a cross- beans—and champagne for morn- planning a low-key day with her
country move over Thanksgiving. ing Mimosas. husband and three children Eva, 4,
So she and her two sisters decided Their pleasant realization: The Juniper, 2, and Hazel, 6 months.
the family would celebrate Thanks- last-minute grocery errand was “We’ll just throw some things in
giving on Saturday, Oct. 28, which relatively peaceful. “It wasn’t like the crockpot, go to the park, read
Ms. Menninger marked on her cal- all the marshmallows were gone or books and do art projects,” she
endar as “Fauxgiving.” all the cranberry jelly was gone,” says. While the rest of the world is
Other than the date being a Ms. Jurgess says. “If it had been scrambling, she says, “it’s nice to
month early, the meal was tradi- Thanksgiving Day, they wouldn’t Stephanie and Todd Jurgess, at the back end of the table, celebrated have a holiday where we don’t re-
tional, her sister, Stephanie Jur- have had anything.” Ms. Jurgess Thanksgiving on Oct. 28 at their home in Tampa, Fla. ally have an agenda.”



thors to channel the president’s
voice. Each had their own method
of doing so. “It’s just like, stick out
A fictional memoir written in your mouth as hard as you can,
the voice of Donald J. Trump fea- eyebrow up, masticate—chew the
tures 204 exclamation points, nine person across from you. I’m chew-
uses of “trust me,” five instances ing you,” Mr. Baldwin says, dem-
of “look it up,” 133 cases of “re- onstrating his technique in a re-
ally” (including five “really, really” cent interview.
and two “really, really, really”). Mr. Andersen’s approach was
That’s all in the book, okay? more academic. He pored over un-
(“Okay?” appears rhetorically 14 edited transcripts of Mr. Trump’s
times.) news interviews. “That allowed the
“You Can’t Spell America With- kind of full-on, naked view of how
out Me,” a satire by actor Alec his mind works and how he uses
Baldwin and journalist Kurt Ander- language,” Mr. Andersen says,
sen due out Tuesday, doubles as a comparing his Trump language
dictionary for the commander-in- guide to “those short-form Eng-
chief’s singular brand of language. lish-foreign language dictionaries
Its authors, both Trump critics, that people take on vacation.”
are students of his speech—Mr. Searching a digital copy of the
Baldwin for his impersonations parody yields a linguistic score-
that roast the president on “Satur- card where “fantastic” beats
day Night Live” and Mr. Andersen “amazing,” 72 mentions to 46, but
for the Trump lexicon he compiled “great” trounces both, at 136.
to help create the book. “Tough” bests “strong,” 45 to 32.
The parody, largely written by That’s not counting “toughness,”

Mr. Andersen, required both au- Please see BALDWIN page A12
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A12 | Monday, November 6, 2017 THE WALL STREET JOURNAL.



Her First Fitness Rule: Keep Moving

‘CBS This Morning’ co-anchor Norah O’Donnell pushes herself for a full 75 minutes in a workout similar to HIIT
near the end of the workout, like
moving from a machine that mim-
ics difficult snow skiing to waving
As co-host of “CBS This Morn- battle ropes.
ing,” Norah O’Donnell wakes up The last moves, like lying on her
well before dawn. She credits her back, hips lifted with a focus on
fitness regimen for giving her the the back of the body, are designed
stamina to make it through work- to fine-tune the target muscles.
days that regularly stretch well Ms. O’Donnell dislikes the slow
into the evening. pace of these “finishers,” and her
The workouts also offer a little tolerance for them depends on the
midday fun, even if the sessions day.
are regularly 75 break-free min- She tries to work out at least
utes. two other times during the week,
The nonstop nature, she says, going on longer runs in Central
keeps her heart rate up and Park or the Capital Crescent Trail
doesn’t allow her focus to shift. in Washington.
Plus, she says, “It also doesn’t al- Or she’ll follow at least 3 miles
low me to think about quitting!” on the treadmill with a collection
The core of Ms. O’Donnell’s reg- of moves Ms. Stokes taught her.
imen: twice-a-week sessions with She recently used time on the
Kira Stokes, creator of full-body treadmill to catch up on “Game of
workouts with circuits that work a Thrones.”
particular muscle group several “Every time there was a battle
different ways. scene I just ramped up,” she says.
It differs from popular high-in- She often plays what she calls
tensity interval training, or HIIT, “cardio tennis” on the weekends,
routines, Ms. Stokes says, because hitting with a ball machine. She
there are no intervals. Each move and her husband golf together
and circuit is designed to flow di- whenever they get the chance.
rectly into the next. Ms. Stokes ei- “We carry the bag and walk,” she
ther explains the next move while says.
Ms. O’Donnell is finishing up the ‘CBS This Morning’ co-anchor Norah O’Donnell’s nonstop 75-minute workout is designed by her longtime trainer Kira
last one or is jumping rope be- Stokes. They incorporate a variety of body-weight exercises, using TRX straps, above. Nearly all of Ms. O’Donnell’s The Diet
tween circuits. exercises include a focus on core strength, even those involving primarily lower body movement. Ms. O’Donnell has the same thing
Ms. O’Donnell, 43, has worked for breakfast every day before her
with Ms. Stokes for more than four show—a nonfat Fage yogurt with
years, and says the all-around fo- flax seeds and blueberries. On a
cus helps her do what she wants five-minute break at 8 a.m., she
to do elsewhere, both in her job has fruit, including green apple
and her life. and banana. When her show ends
It also helps keep her prepared an hour or so later, she might have
for the unexpected, like reporting a small fruit muffin the show
from Houston following Hurricane keeps around. Lunch is usually len-
Harvey. “I can go four days work- til soup or a spinach salad. A re-
ing 16-hour days and stand for six cent dinner she made for her three
hours straight and not come home preteen children included rice,
with a pulled back muscle,” she broccoli, and chicken thighs. Of
says. the thighs, she says, “a little fat in
Sometimes the surprise assign- your life” is a good thing.
ments are more fun than serious. She often has a glass of white
When her producers asked if she wine, but will skip it if she’s overly
could hit balls with pro golfer tired or had a couple of glasses at
Rory McIlroy, she felt confident a work event the night before.
saying yes.
The Gear
The Workout Ms. O’Donnell is also a creature of
Ms. O’Donnell works out with Ms. habit when it comes to her work-
Stokes early afternoons in New out clothes, favoring Lululemon

York. (She splits her time between crop pants and racerback tanks.
there and Washington, D.C.) They She wears Brooks Levitate sneak-
begin with active stretches, like a ers.
yoga-style ballerina pose for bal- Her home gym in Washington
ance. includes a Woodway treadmill,
With bands around her ankles, which she bought used online, and
she does quick in-and-out steps, TRX straps.
keeping her core engaged, a move
that stabilizes her back and helps The Playlist
her maintain good posture, a ca- “I’m very proud of my music
reer necessity. choices,” she says, flipping
She follows with a cardio cir- through different lists she’s cre-
cuit, doing at least two rounds of ated for vacations, the Brooklyn
about five moves, including run- half-marathon and annual running
ning backward, for 60 to 90 sec- lists.
onds each. of a compound strength move, a Ms. O’Donnell might hold TRX other and pull a 15-pound sandbag Her 2017 lists includes “Your
The heart of the workout is four jump-based or power-focused ex- straps while in a squat position through while extending her oppo- Song” by Rita Ora, “24K Magic” by
to six circuits, completed three ercise, a core-focused exercise and and jump to tap her feet or, on all site leg. Bruno Mars, and “Believe” by
times. Each circuit usually consists mobility movement. fours, thread one arm under the She does another cardio burn Mumford and Sons.

in English,” Mr. Andersen wrote in
the email. The president’s refer-
ence to “the cyber” is one that has
gotten media attention, along with
Continued from page A11 “the Latinos,” “the women” and
“tougher” and “toughest.” “Loser” “the gays.”
comes in at 13. Georgetown University linguist
Mr. Andersen’s lexicon, which Jennifer Sclafani, author of the
he didn’t include in the volume, is 2017 book “Talking Donald
a roughly 12-page list of nouns, Trump,” studied the president’s
verbs, adjectives, positive adverbs, speech for two years. She notes
negative adverbs, phrases, con- his preference for “direct, unmiti-
structions and recurring themes
the co-author identified in the
president’s speech.
Mr. Andersen, who is also a
Kurt Andersen noted
novelist, says he was struck by the Mr. Trump’s tendency to
president’s references, especially
earlier on, to his late uncle, a pro-
use ‘the’ ahead of words
fessor at the Massachusetts Insti- that don’t need it.
tute of Technology.
At a July 2015 campaign stop in
Sun City, S.C., Mr. Trump said,
“My uncle was a great professor gated and personal” wording:
and scientist and engineer, Dr. “He speaks about trade deals as

John Trump at MIT. Good genes, ‘horrible.’ ” Journalist Kurt Andersen,

very good genes, OK? Very smart, Attempts to reach a White left, and actor Alec Baldwin,
the Wharton School of Finance, House spokesperson were unsuc- right, wrote the book as a
very good, very smart.” cessful. fictional memoir.
Nuances of the president’s The parody came together
language at times surprised Mr. quickly. Mr. Baldwin called Mr. An-
Andersen. dersen earlier this year with an
“He’s famously full-throttle hy- idea for a Trump book. The two
perbolic, of course, but he occa- public-radio hosts—Mr. Andersen “I’ve been in rooms where the
sionally struggles on the fly to with “Studio 360” and Mr. Baldwin
Baldwin Weighs In on Harvey Weinstein woman talked and we were like,
hedge, to try to stay tethered to with “Here’s the Thing”—decided ‘Yeah, yeah, that’s great, now let the
reality,” he wrote in an email. He to write a comic memoir that In a recent interview, actor Alec sity? I think what enabled this was man do the talking,’ ” he said. “The
cites wiggle language Mr. Trump would include photographs of Mr. Baldwin couldn't avoid the topic en- Harvey was somebody that many shots were always called by a man. I
has used publicly, such as “we Baldwin in character. gulfing Hollywood: the sexual-mis- people, not myself, but many people have been guilty of playing into that,
probably maybe” and, when the The authors do not spare them- conduct scandals involving movie were just itching to bring down.” where women’s opinions and
president was describing when a selves. Writing as Mr. Trump, they mogul Harvey Weinstein and others. A spokeswoman for Mr. Wein- women’s analysis and women’s par-
replacement system would be en- bring up a humiliating public epi- “There was a pool of gas on the stein declined to comment. Mr. ticipation and contributions are
acted after repealing the Afford- sode for Mr. Baldwin, calling him ground,” he says, referring to the Weinstein has denied all allegations slightly less than men’s. I don’t think
able Care Act, the phrase, “most “the hater Alec ‘Phone Message’ frustration and anger among sex- of non-consensual sex, and, when I do that much now, but in the past.”
likely be on the same day or the Baldwin.” ual-harassment victims in the film the scandal broke, issued an apology Mr. Baldwin added: “I don’t have
same week, but probably the same It’s a reference to Mr. Baldwin’s industry. “It’s interesting to me how for past behavior that he said any sexual-assault charges. I have
day, could be the same hour.” tirade on his daughter’s voice the match that was struck was “caused a lot of pain” to colleagues. none of that in my past, that I’m
Another verbal tic: the word mail that exploded in the tabloids struck on Harvey. If Harvey wasn’t Mr. Baldwin, 59, says these sto- clear on. But it doesn’t change the
“the” popping up unexpectedly. “I a decade ago. so unlikable, would it have had the ries have prompted him to examine fact that I need to improve.”
hadn’t realized quite how often he “That was my idea,” Mr. Bald- velocity that it has and the inten- his own past behavior. —Ellen Gamerman
uses the definite article when win says. “Of course Trump would
none is necessary or appropriate say that about me.”
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
THE WALL STREET JOURNAL. Monday, November 6, 2017 | A13


mies to be met. Near the op- split, their brains splattering
posite wall stands Gilad, a re- on him as a child. Somehow,
servist in the Israel Defense too, hearing the ruthless Sal-
Forces; he is Khaled’s enemy, vadoran gangster in the
as Khaled is his. He speaks “flesh,” I felt sympathy for
without a ski mask. In the his wrecked and wracked
adjacent gallery two other childhood. That was the
men are enemies in Congo, point. Mr. Khelifa wants to
where there have been five turn the invisible enemy into
million deaths since 1994. a visible human being. This,
And in a third gallery are he suggests, will lead to feel-
two fearsomely tattooed, ings of empathy. Once you
bare-chested members of ri- really see the enemy, he can
val gangs whose warfare has no longer be an enemy. And
steeped El Salvador in blood, then, why fight? He plans to
achieving what we hear are bring this piece directly into
37 murders a day. war-torn societies.
Who is your enemy? Mr. Alas, empathy has its lim-
Khelifa’s voice asks each. its; for one, it doesn’t en-
Have you ever killed? What courage analysis. How might
is violence? What is peace? one know, for example, that
What gives you joy? Many Khaled’s stated compromise
answers are similar. And with Israel and his insistence
when I have heard them all that the PFLP’s tactics do not
and I walk through an exit constitute “violence” do not
passage, I reach up and re- quite gibe with the group’s
move the enormous headset 2001 murder of an Israeli
that sits over my eyes, along government minister or its
with a large PC backpack. 2014 hacking to death of
The enemies disappear. So Jewish worshippers? Would
do the brightly lighted gal- empathy be the best way for
leries through which I have Israelis to welcome the PFLP
seemingly walked. Now I see and its more powerful allied
a large almost empty space groups? As for the suffering
in the museum. Other figures of Salvadoran gang members,
in virtual-reality gear blindly would empathy lead them to
walk about or peer ahead mitigate their (tactfully un-


into their headgear, presum- described) brutality?
ably seeing what I saw. The questions Mr. Khelifa
Mr. Khelifa, whose father asks are also designed to
was Tunisian and mother minimize distinctions. Nearly
Belgian, is a photojournalist every fighter gets joy from
who spent considerable time his children and wishes there
Combatant Abu Khaled, Palestine, Popular Front for the Liberation of Palestine and Combatant Gilad, Israel, Israeli Defense Forces in war zones. He gave up his were peace. Every conflict is
vocation after having a child, called a “cycle of violence.”
EXHIBITION REVIEW but not, in his account, his History doesn’t matter. Do we

Facing Down Conflict

dream of ending war. This understand Congo any more
project began as a photo ex- from the empathy we feel for
hibition, but after a resi- these two individuals?
dency at MIT beginning in Once history and analysis
2013 it was reconceived with are supplanted by empathy,
D. Fox Harrell, a professor of everything becomes senti-
digital media and AI and di- mental. I understand Mr.
rector of MIT’s Imagination, Khelifa’s desire. It haunts
Can an immersive virtual-reality project engender empathy and end violence? Computation and Expression much journalism: Begin with
Laboratory. The virtual fig- a case history about individ-
tine. His headband bears an heard, but not seen. Khaled technological exploration/so- ures they created are un- ual suffering, thus harnessing
insignia with two rifles answers in Arabic and I hear cial experiment called “The canny, though not yet versa- empathy for a championed
flanking a star—an allusion simultaneous translation. Enemy,” which has already tile enough to react to cause. But here, in this well-
Cambridge, Mass. to the PFLP’s Marxist-Lenin- But this is dialogue with a had some international expo- unscripted questions like Al- packaged presentation of vir-
ABU KHALED’S eyes follow ist roots? He has agreed to 3-D wraith. Though Abu sure and is now at the MIT exa and Cortana. tual reality, empathy actually
me as I approach. He is be interviewed, but I am not Khaled seems to appear in Museum. So vivid is Khaled’s But the technology cre- inspires virtual unreality.
dressed to kill, his face hid- the one asking questions the flesh, he is a digital illu- interactive presence that ated a discomfiting intimacy,
den by a ski mask. He is “at (and they are not questions I sion, created by scanning the when he begins to leave and I leaving me uneasy. Was it The Enemy
ease”—in military fashion— would ask). The questioner actual fighter with multiple suddenly move, he momen- the realism? I had stood MIT Museum, through Dec. 31
and I am wary. He is a is the photographer Karim cameras when Mr. Khelifa in- tarily seems to leap at me; I near a man who described
fighter for the Popular Front Ben Khelifa, who has choreo- terviewed him for this theater jump in alarm. his parent’s gruesome mur- Mr. Rothstein is the
for the Liberation of Pales- graphed this event. He is piece/interactive exhibition/ But there are more ene- der in Congo, their heads Journal’s Critic at Large.

John Tomlinson, Frédéric Antoun,

Christian Van Horn, Audrey Luna,
David Adam Moore, Alice Coote,
Rod Gilfry and Christine Rice



a sly mix of humor and blud- and exceptional nature of the
geoning force. In Act I, the opera singer, Leticia (the re-
formalities of aristocratic life markable Audrey Luna), is ex-
‘THE Exterminating Angel” are musically evoked with pressed through an excruciat-
(2016), which recently had measured rhythms and famil- ingly high tessitura and
its American premiere at the iar forms, like waltzes, but jagged vocal line. As the
Metropolitan Opera, is based they barely hold their own chaos mounts, young lovers,
on the surreal 1962 film by against a vortex of harmonic given sensual presence by
Luis Buñuel, which Thomas and metric uncertainty that tenor David Portillo and so-
Adès’s kaleidoscopic music immediately starts pulling prano Sophie Bevan, sing a
transforms into a scarily them off course. series of increasingly erotic
contemporary comedy, a A striking clock and the and hypnotic duets.
kind of modern “Falstaff” in electronic whoops of the Other singers find great
which the cosmic joke is on ondes Martenot are the more poignancy in the absurdity.
everyone. overt tropes of horror; in the They include the gruff bass
A group of aristocrats at a interlude between Acts I and John Tomlinson as the doctor
fancy post-opera dinner
party find themselves myste-
II, assaultive horns and
pounding drums get louder
who tries to keep order as
the men square off and look Fit for the Tsar
riously unable to leave at the and louder as they repeat a for scapegoats, and the lumi-
end of the evening. Deprived motif. This repetition will in- nous mezzo Alice Coote, as Fabergé Silver Flatware
of the structures and com- fect the characters—the even Leonora, his elderly patient,
forts that sustain their privi- rhythms that once signified who appears to lose her mind Fabergé artistry. Incredible rarity. Flawless design.
leged existence, they quickly civilization morph into obses- in her own hallucinatory aria. This complete 197-piece parcel-gilt silver flatware service
descend into a feral state. sive tics and brute hysteria. Surreal touches of the film for 24 is arguably one of the finest sets of silver Fabergé
In the black-and-white Toward the end, a witchy in- were heightened: Three ever created. Since many Fabergé silver creations were
film, the many characters cantation demanding human sheep arrived, were butch- destroyed during the Russian Revolution, this is truly a
and often deadpan acting sacrifice is sung in tandem ered and devoured—and in
had a distancing effect. In with a snippet of a requiem the opera, Silvia (Sally Mat- remarkable opportunity to own an important treasure by
the opera—its libretto Mass. Mr. Adès’s conducting thews) cradled one of their one of the world’s most legendary craftsmen. Housed in its
adapted from the screenplay welded these elements into a severed heads as she sang a custom-fitted oak chest. Hallmarked Moscow, 1899-1908.
by Tom Cairns, who also di- creepily coherent whole. lullaby to her absent son. 251/4”w x 177/8”d x 131/4”h. #30-6562
rected—there is plenty of And yet, the opera is al- Ms. Bechtler’s ingenious
color, not least from designer most always funny, thanks to set, dominated by an enor-
Hildegard Bechtler’s splendid the streamlined text, vocal mous wooden doorframe,
midcentury haute-couture-in- writing that makes the char- moved so subtly that you
spired evening wear; six of acters distinct, and a virtu- barely registered the changes
the party guests have been oso cast. until they were complete.
eliminated; and the emotions In a brief aria, the counter- Aided by the careful lighting
are—sorry—operatic in a tenor Iestyn Davies, as the of Jon Clark and potent pro-
way that sweeps the audi- petulant Francisco, declares, jections by Tal Yarden, Mr. 630 Royal Street, New Orleans, Louisiana • 888-867-9583 • •
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are all ferrets in a box. women sing of a hallucination
Mr. Adès’s music commu- they all had in the makeshift Ms. Waleson writes about
nicates this breakdown with lavatory. The temperamental opera for the Journal.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
A14 | Monday, November 6, 2017 THE WALL STREET JOURNAL.




Shalane Flanagan at the finish line.


Winning Run
for Flanagan
in New York
Left, Papa John’s founder John Schnatter. Right, New York Giants quarterback Eli Manning reacts during a 51-17 loss to the Los Angeles Rams on Sunday.

NEW YORK—Shalane Flanagan FOOTBALL | By Jason Gay

The NFL’s Pizza War

approached Sunday’s New York
City Marathon as if it would be
her last race. She has an Olympic
silver medal on the track and some
16 U.S. national titles, but the 36-
year-old, on the waning years of
her career, was still searching for
that major marathon title.
“If I need to break a leg in the
A skirmish over food delivery is the latest bizarre twist in a surreal football season
race in order to win,” she said this
week, “I will do anything I can.” Baseball’s packed up Truth: I really don’t need to see That’s probably fair. After all, The aforementioned Rams have
If it sounded desperate, perhaps its cleats and cham- another NFL game this year if it’s a better idea to take your cat a good story to tell, even if Los
it was because so many American pagne goggles, and pizza companies treat us to a to the movies instead of watching Angeles still needs to wake up to
women have been desperate—and now we’re left with weekly Pizza Riot. Thursday Night Football. it.
unsuccessful—to win here for four NFL football, snoring Still, I tried to do my part for And I’d rather come over to Minnesota Vikings are 6-2, with
decades. No U.S. woman had won on the couch—a sketchy cousin the piqued Papa on Sunday, order- your house and rake the leaves a shot of playing the Super Bowl
the New York City Marathon since with a murky future but no plans ing one of his “Works Pizzas” than watch a London game. at home.
Miki Gorman in 1977. to leave until February. which included pepperoni, Cana- I don’t think saturation is en- The Browns had a bye this
Until Sunday. Until Flanagan Even if you’re not watching, dian bacon, sausage, onions, green tirely to blame, however. If the weekend and didn’t lose.
methodically dismantled the over- you know it’s been a bizarro sea- peppers, mushrooms and black ol- games were routinely great, or just (I know you think I’m being ex-
whelming favorite, three-time de- son for the NFL: continued pro- ives. competitive, you wouldn’t have tra snarky this week because Wis-
fending champion Mary Keitany of tests, presidential tweets, boycott I asked them to add sea urchin, much of a problem. But there’s too consin is now 9-0 and the last un-
Kenya over the final Manhattan threats, ratings rockiness, owner- red squirrel, rhinoceros horn, much of the mush: lethargic game defeated team in the Big Ten and
miles, breaking into a grin and ship skirmishes, concussion wor- shredded pages of The Fountain- planning, inept offenses, and a we’re still going to get passed
then tears as she crossed the fin- ries, season-ending injuries to su- head and a jumbo Sugar Daddy, whoolllllle lot of punts. over for a top four playoff slot be-
ish-line tape in 2 hours, 26 min- perstar players, Roger Goodell’s but they were fresh out of those Meanwhile, it feels like there cause all the fancy college football
utes and 53 seconds—no broken spouse schooling media dingbats toppings. are only about six or seven people blowhards think we only play high
leg required. like me on Twitter, and now, natu- It took under 40 minutes to ar- on the planet who can do a better schools and donkey basketball
“I’ve dreamed of a moment like rally… rive, and it cost about $982 less than adequate job of quarterback- teams. To which I say: it is annoy-
this since I was a little girl,” said A PIZZA WAR. than an iPhone X. ing a professional football club. ing, but it’s still early November,
Flanagan, draped in the American Last week, the Papa John’s But no pizza was going to make Tom Brady literally seems to be a and I look forward to stuffing my
flag and wiping away tears. Keit- pizza outfit let the country know it much of a difference this NFL different species, and he’s 92 years sweaty Bucky Badger socks under
any, 35, took silver in 2:27:54 while blamed some of its sales sluggish- weekend. Only two games the en- old. That avocado ice cream must everyone’s nose in January.)
Mamitu Daska of Ethiopia claimed ness on the NFL and the league’s tire week matched up a pair of be a wonder. And the pizza? Yes, my Papa
bronze in 2:28:08. inability to find a resolution to its teams with records over .500. The other day, the Houston Tex- John’s! I live in Brooklyn, which is
Sunday’s win for Flanagan was pregame protest controversy. Two! It was mostly a day of unin- ans lost Deshaun Watson—a rare probably the pizza snob capital of
the first major marathon win by What? It’s strange enough that spired or one-sided mush, like the quarterback sensation, easily the America—there are pizza parlors
an American woman since 2006, the New York Giants are 1-7 and Rams giving the Giants a 51-17 game’s most exciting rookie—to a around here harder to crack than
and the first overall American win half of the league is ignoring Colin wedgie at a soggy MetLife Sta- knee injury in practice. nightclubs, and I almost asked the
since Meb Keflezighi’s men’s title Kaepernick and scouring for quar- dium. It’s as if someone in the NFL delivery guy to deliver the PJ in an
in 2009. Keflezighi, finished his terbacks on Craigslist. This is a problem. Last week, league office is walking under lad- unmarked paper bag—but I’m in
26th and final career marathon Now America isn’t ordering the Journal reported that TV execs ders. the shameless there’s-no-such-
here in 11th place. enough middling chain pizza? think the main reason behind the I don’t want to be a killjoy. thing-as-bad-pizza crowd.
The men’s professional race was It’s an outrage! NFL’s ratings torpor is overexpo- There are definitely some upbeat I’ll get a slice at the airport, a
won by Geoffrey Kamworor of It got even more delicious when sure. They acknowledge that some NFL stories. hospital, or even that gas station
Kenya in one of the closest fin- Papa John’s nemeses started viewers are indeed turning away In Philadelphia—a city well with one slice under a heat lamp
ishes ever. The 24-year-old won mirthfully piling on. Both Pizza because of the player protests— known for its cheery sports opti- that may have been there since the
his first major marathon title in Hut and DiGiorno tweaked PaJo by but the broader belief is that gim- mism—the Eagles are 8-1 and Clash were together.
2:10:53, just two seconds ahead of announcing they haven’t suffered micks like Red Zone, breakfast cruising atop the NFC East. It’s That said, here’s my official,
compatriot Wilson Kipsang and sales losses as a result of the NFL. football from London and Thurs- truly strange, not hearing Eagles one-sentence review:
nearly a minute ahead of bronze Zing! That’s two slices with ex- day Night Football have stretched fans yelling angrily about the Ea- The pizza—and the NFL—have
medalist Lelisa Desisa of Ethiopia. tra cheese! the product thin. gles. some work to do.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 66 Astronaut 28 Just sits around
Shepard 29 Clown around
Vancouver Calgary 13 14 15 16
20s 10s
67 ___ Club (Costco 31 Bargain hunter’s
Winnipeg 17 18 19 competitor) venue
Seattle 20s
P tl d 30s 20 21 22 68 Combo’s 32 Major glitch
10s Montreal 30s
Helena Ottawa performances
40s 23 24 25 26
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Eugene 30s A g t
Augusta Down means in an
Boise A banyy
Albany 50s
Mpls./St.. Paul
Pau T t
Toronto t
27 28 29 30 31 32 1 Jane who was a analogy
Pierre rtford
Hartford 60s
50s 40s Milwaukee k Detroit
t Buffalo
l governess at 36 Colors
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ll New Yorkk
ew Y 70s 33 34 35 36
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Chicago Clevel d
Cleveland Thornfield Hall
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Philadelphia 80s
39 It deals with
Sacramento Indianapolis
di p Pittsburgh 37 38 39 40 2 Close at hand personal demons
40s p g
Denver hington
Washingtongton D.C.
DC 90s 3 Hacker’s feat
an Francisco
i 50s Topeka Kansas Charle
Charleston 41 42 43 44 45 42 Event with lots
C l d
Colorado Cityy h
Richmond d 100+
Wichita St.. Louis
L LLouisville
Lou 4 Pronoun for a to offer
60s Nashville
h l igh
Raleighh 46 47 48 princess
Los A
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Angeles 70s Santata FFe
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Charlotte 43 Gobble (down)
Memph ph
Columbiab 49 50 51 5 The Beatles’ 45 Leb. neighbor
Ph Albuquerque Oklahoma
homa City 70s AAtlanta
San Diego LLittlee Rockk t Warm Rain “Love ___”
80s Tucson Birmingham
gh 52 53 54 55 56 57 58 59 47 Music categories
El P
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J k 6 It might follow 1
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Ft. Worth 80s T-storms
60 61 62
48 Filmdom’s
80s bil
Mobile Jacksonville 7 Ingredient in a Farrow
A ti
Austin Newew Orleans
10s Stationary Snow 63 64 65
Singapore sling
90s Houston
t Orlando
l d 50 Maneuvering
20s 80s an Antonio
San Tampa 8 Winter hanger-on
66 67 68
30s A h g
Anchorage Honolulu
l l Miami Showers Flurries 9 Everlasting
90s 52 March Madness
70s 10 Choppy expanses
40s org.
IN THE DUMPS | By Zhouqin Burnikel 11 First queen of 53 Title above
U.S. Forecasts City Hi
Lo W
Hi Lo W City Hi
Lo W
Hi Lo W
Across 27 •Part of a racy 47 •Morose fellow Great Britain viscount
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Draws to a routine 49 Professional 12 KGB’s country 54 Arm bone
Omaha 46 28 pc 43 21 c Frankfurt 48 33 pc 49 40 r
t...t’storms; r...rain; sf...snow flurries; sn...snow; close 30 Live-streaming pursuit 15 Run ___ (go wild) 56 Picks up the
Orlando 83 65 pc 84 65 pc Geneva 47 36 c 46 36 r
Today Tomorrow Philadelphia 69 45 r 56 45 c Havana 84 65 pc 85 65 pc 5 Trio who frustrations 51 Outrage 19 Puts in the pen check
City Hi Lo W Hi Lo W Phoenix 82 63 pc 81 60 pc Hong Kong 77 72 c 79 72 c traveled to 33 Genesis 52 It’s always free of 21 Broad cove 58 Heavily promote
Anchorage 35 21 s 30 24 s Pittsburgh 58 36 r 50 35 c Istanbul 62 50 pc 62 51 s
Atlanta 78 62 pc 77 62 c Portland, Maine 64 35 r 48 31 pc Jakarta 92 78 sh 90 76 t Bethlehem paradise charge 24 Subway stop: 59 Puts into practice
Austin 84 66 pc 83 53 pc Portland, Ore. 50 34 c 48 38 c Jerusalem 65 51 pc 68 54 s 9 Isaac’s older son 34 Last part of a 55 Busy pro in Apr. Abbr.
Baltimore 69 40 r 54 42 c Sacramento 62 37 pc 63 41 s Johannesburg 88 59 s 90 57 s professor’s 61 Org. that’s the
Boise 43 22 c 44 26 s St. Louis 53 42 c 49 36 c London 51 41 s 53 37 r 13 “That’s right!” 57 Good name for a 26 Instrument subject of “The
Boston 69 43 r 50 41 pc Salt Lake City 51 33 c 46 25 pc Madrid 59 34 s 62 38 s
14 News anchor Hill chef played at luaus Puzzle Palace”
Burlington 61 32 r 43 30 pc San Francisco 62 47 pc 64 49 s Manila 88 78 pc 89 78 s 35 Nantucket, for •State with the
Charlotte 79 58 c 71 55 r Santa Fe 63 40 c 61 34 c Melbourne 61 50 pc 59 48 c 16 Perfect scores one 60 27 Letter opener? 62 “Conan” network
Chicago 44 37 pc 46 27 pc Seattle 44 31 pc 47 37 c Mexico City 80 49 pc 80 48 s for divers largest economy
Cleveland 51 38 c 50 38 pc Sioux Falls 37 22 c 35 20 pc Milan 51 41 r 50 41 r 37 ___ carte in America Previous Puzzle’s Solution
17 Fixed charge
Dallas 85 61 pc 74 45 c Wash., D.C. 71 47 r 55 47 c Moscow 41 32 pc 42 26 c 38 Monica with 62 Arty town of
Denver 54 25 c 35 24 sn Mumbai 96 76 pc 95 77 pc •
18 Wrangler O N U S O V U L E S U F O
nine Grand Slam northern New
International Paris 51 30 s 49 39 pc U R N S R E G E N T E R R
Detroit 49 36 pc 48 29 pc product
Honolulu 87 74 pc 87 74 c Rio de Janeiro 76 68 t 76 67 r wins Mexico
Houston 87 69 pc 85 65 c Today Tomorrow Riyadh 86 58 s 86 58 s 20 An ace pitcher 40 Sci-fi weapon J O N I M I T C H E L L
Indianapolis 52 39 c 49 32 c City Hi Lo W Hi Lo W Rome 62 45 t 60 44 t has a low one 63 River through E R A S E A L I N E B A G
Kansas City 48 31 pc 44 27 c Amsterdam 51 34 s 48 35 pc San Juan 86 77 sh 85 76 sh
41 Hire different Florence N E S T B R U N T B O R N
Las Vegas 72 53 pc 72 51 pc Athens 65 56 s 68 57 pc Seoul 59 47 c 64 50 pc 21 Feathered wrap actors A S H MA C E D V A N N A
64 Like some B O T H S I D E S N OW
Little Rock 69 56 c 65 45 t Baghdad 88 66 pc 91 66 pc Shanghai 74 60 c 74 55 c 22 Less refined 44 Tel. number breakups AMN E S T Y G O R E
Los Angeles 67 57 r 70 57 s Bangkok 80 72 sh 83 75 c Singapore 86 75 c 86 76 c add-on D O O D L E Z A P P E D
Miami 86 72 pc 86 71 s Beijing 62 43 s 67 35 s Sydney 78 57 r 68 59 s 23 Org. with Cubs 65 Navy, e.g., or O L D E R M I N E A L T O
Milwaukee 43 35 pc 43 25 pc Berlin 48 36 pc 48 42 pc Taipei 81 74 r 84 73 pc and Eagles 45 Jewelry box? what the starred
Minneapolis 34 23 sn 34 18 s Brussels 50 31 s 47 35 s Tokyo 67 55 s 68 58 pc 25 Macaulay of 46 Persistently answers can be,
Nashville 70 58 c 66 47 r Buenos Aires 78 60 pc 74 63 c Toronto 47 32 pc 45 30 pc The contest answer is TORNADO. As suggested by
New Orleans 84 65 pc 82 63 s Dubai 95 73 s 93 76 s Vancouver 42 32 s 44 34 c “Home Alone” reject in various ways the answer BOTH SIDES NOW, the contest answer
New York City 69 46 r 54 44 c Dublin 55 41 c 48 36 pc Warsaw 55 44 c 50 39 pc can be found in the letters that are identical on
Solve this puzzle online and discuss it at

Oklahoma City 63 41 pc 54 34 c Edinburgh 53 45 c 49 35 r Zurich 45 38 c 46 35 r both the left and right sides of the grid.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
THE WALL STREET JOURNAL. Monday, November 6, 2017 | A15

The Future Is Dodgeball BOOKSHELF | By Joseph C. Sternberg

The past may

be a Shake-
spearean pro-
and seminars. He said that at
first nothing will make sense
and all these balls will be fly-
the hallways chatting and
who never makes eye contact
to let you into a conversa-
unlocking natural gas and
make a fortune. Same for arti-
ficial intelligence in 1956, e-
It Was All
logue, but the
Ben Rosen,
ing across the room out of
your reach. But eventually
you’ll find yourself in the
middle of the room and balls
tion. Barge in anyway. Re-
member, there are no facts,
only opinions.
Walk up and talk to people.
commerce in 1979 and quan-
tum computing in 1982.
The future doesn’t happen
overnight. You just need to
Greek to Him
chairman of will start hitting you. Then Ask what they do. They’re get inside it and let some of
Compaq Com- you’ll know you’re inside. As there because they want to those balls whizzing by start
Adults in the Room
By Andy
puter Corp. we walked out the door, I re- learn something too. They to hit you. And you’ve got to By Yanis Varoufakis
and an early member thinking, “That’s it? will all ask you what you do this in person. Most issues (Farrar, Straus & Giroux, 550 pages, $28)

investor in Gee, thanks for nothing.” don’t show up online, let
Lotus Development, was the Biggs agreed it was a waste of alone on Facebook or Twitter. n his memoir’s subtitle, Greece’s flamboyant former
semiconductor analyst at time. Turns out it was the To understand what’s It’s tough as a writer to admit finance minister Yanis Varoufakis—think Marxist academic
Morgan Stanley eight years best advice I would ever that subtle nuances some- with an artist wife, a motorcycle and never, ever, a tie—
before me. In the late ’80s an receive. coming, let some of times require face-to-face describes the 2015 Greek financial crisis as “My Battle With
embarrassingly lame online The thing about the future those balls whizzing conversation. the European and American Deep Establishment.” He offers a
service named Prodigy was is that, as William Goldman It doesn’t matter if you’re gripping account of those chaotic days, when the eurozone
state-of-the-art, but I had vi- wrote about screenwriting, by start to hit you. 25, 45 or 65. The industry you appeared as if it might shatter. But there’s less “deep estab-
sions of a multimedia world “Nobody knows anything.” pick to work in has more of a lishment” here than meets the eye. What emerges instead is a
with text, pictures and even- Everyone is an outsider, and say in your success than your story of miscalculations, many of them the author’s own.
tually videos delivered it’s all up for grabs. Someone think. Come up with some- job description. Same for giv- Mr. Varoufakis became a global celebrity as a member of
through vast networks. Crazy, might have an opinion, but thing fast, but don’t be too ing money away. If you want the far-left Syriza party, which came to power in a January
right? I asked Morgan Stan- there are few facts. What you stubborn to change what you to fund Alzheimer’s research, 2015 snap election. By then Greece had already suffered
ley’s uber-strategist, Barton need are your own opinions think as you learn more. Dur- you better find yourself at through two financial crises
Biggs, for advice, and he sug- about where the world is ing the personal-computer era wonky conferences going toe- and the resulting bailouts
gested we have lunch with headed in any given industry: I saw a guy, whom Bill Gates to-toe with doctors. Eventu- offered by the European
Ben Rosen. artificial intelligence, gene ed- had just introduced, standing ally, you’ll know more. Central Bank, the Interna-
I was all of 30 and way out iting, autonomous trucks, ma- by himself after showcasing I met Jeff Bezos at a tech tional Monetary Fund and the
of my league, but we still rine salvage—whatever. the first truly high-resolution conference about a decade other governments of the euro-
trucked over to the Pan Am You need to go to places videogame. I chatted him up ago and mentioned that I had zone (a combination known as
Building for a New York where the future is dis- and he has been a friend for just self-published a book and the troika). Such was the after-
power lunch. I explained this cussed. Every industry has life, showing me not only used his Amazon Advantage math of Athens’s decadeslong
multimedia thing. Mr. Rosen these events. Make the time where technology is headed program to sell it. He pro- inability to balance its budget or
waved his hand and said in to go. And not only to hear but the path it takes. ceeded to grill me like a even publish honest numbers
the nicest way, “I really don’t keynoters billow hot air, but It’s not classic networking steak, asking what was wrong about what the budget was. A
know anything about that.” I for the panel discussions but a network of ideas. The with it and what features he large portion of its deficits had
looked at Biggs, gulped, and where people disagree. The goal is finding a new way to should add. I’m convinced he been financed by French and
asked Mr. Rosen for advice in conversation spills out into think, to filter news over time keeps winning because he en- German banks, but their balance
general. He told me about the hallways between talks. as the future takes shape in joys being hit with dodge- sheets would not have survived a Greek
building his venture-capital There will be all sorts. The fits and starts. It never hap- balls. He famously left New default, so in 2010 a bailout of €110 billion was arranged to
firm and running into inves- smug ponytailed guy who pens in a straight line. Hy- York a retailing outsider with prevent a crisis. But the banks were the big beneficiaries of
tors on Sixth Avenue. talks about his Phish tribute draulic fracturing has been an idea to sell books. Balls the bailout; Greece barely benefited at all. By 2012 another
Then he rambled on about band and insists he knows around and argued about whizzed by until they hit. He €130 billion was needed to bail out the first bailout.
getting in the middle of everything. The woman you since 1947. Anyone had a now has the ultimate inside The bailouts consigned Greece to years of misery. The first
things at events, conferences see at every event but only in chance to study this future of view. one required Athens to cut spending, raise taxes and pay down
its debt. The second was only slightly more forgiving. Both also
demanded economic reforms, such as privatizations and

The Latin Left Hijacks Human Rights deregulation, but the reforms never materialized, so the
economy barely grew. By 2015 Greece’s economy had contracted
roughly 25% from its precrisis level.
An effort by who fought guerrilla terrorism Che Guevara in Bolivia. While to restore the rights of many This set the stage for a young radical, who argued that
the Organiza- and are imprisoned in violation there, he said, he complained Argentines—not only military— Greece could free itself from what Mr. Varoufakis calls
tion of Ameri- of their civil liberties. to the government about its who were rounded up during “Bailoutistan” by forcing creditors to accept a less exacting
can States’ In- She told me in an email that failure to form a “truth com- the hard-left Kirchner govern- deal. In a stunning election victory, 40-year-old Alexis Tsipras
ter-American when her colleague Guillermo mission” to investigate the ments (2003-15) and imprisoned became the country’s prime minister, his Syriza party coming
Commission Fanego rose to speak about the Guevara’s death and had of- without proof of a crime but within two seats of a government majority.
AMERICAS on Human importance of “complete” mem- fered technical assistance from merely because they opposed In Mr. Tsipras and his finance minister, Mr. Varoufakis,
Rights to patch ory—that is, recognizing vic- the commission to do it. the terrorists years ago. frustrated and impoverished Greeks could hardly have picked
By Mary
old political tims on both sides of a con- This was strange coming Ms. Barreto claimed that worse champions. As political outsiders, Syriza should have
hatreds got off flict—he was shouted down. from a human-rights advocate, the Argentines “spoke on the led an effort to tamp down domestic corruption and focus on
to a bad start The Argentine daily La Nación Ms. Werlau noted in her email, same terms as the other par- a fairer distribution of welfare benefits and government
in Montevideo, confirmed that account. In an given that Guevara’s own writ- ticipants,” which is patently wages, reforming Greece’s long-running patronage politics.
Uruguay, two weeks ago. The editorial on Oct. 27 it described ings endorsed “killing, hatred, false because no other partici- Instead, Mr. Varoufakis challenged the troika in a doomed
commission deserves most of the assaults against the Argen- violence, repression, racism and pants were shouted down and renegotiation of the bailout terms, spooking investors, who
the blame. tines as “loud boos, insults, homophobia.” Cuba Archive has expelled. had tentatively started buying Greek bonds again, and Greek
What it calls a “memory, threats and shoving, which gen- documented 98 extrajudicial ex- Ms. Barreto explained the savers, who then started pulling their money out of the banks.
truth and justice” curriculum erated an unfortunate climate of ecutions directly ordered by expulsion on grounds that the Soon ATMs were out of cash, the government’s coffers were
for 2018-19 is an attempt to re- violence and intolerance.” Guevara after Fidel Castro took Argentines had objected to be- empty and Athens was forced to sign a third bailout deal.
call, recognize and record hu- Ms. García told me that the power in 1959. ing segregated into a specially
man-rights violations and rec- moderator, commission execu- designated breakout group.
oncile societies. But what tive secretary Paulo Abrão, This generated “a reaction on Greece’s former finance minister recounts his
transpired in Montevideo dem- was complicit in his silence The Inter-American the part of the participants fight in 2015 against the demands of Berlin,
onstrates how despised truth- during the uproar. Later, she themselves.” The implication
seekers can be among the told me, he announced that the Commission meeting being that the Argentines were Brussels and the European establishment.
Latin American left, which has curriculum will deal only with was about revenge, not proper participants.
hijacked the term “human abuses committed by states. In fact the prearranged
rights” for its own political This, Ms. García noted, is “in not reconciliation. breakout groups had innocuous Mr. Varoufakis insinuates that, while he represented the
purposes. clear contradiction to the pos- nonpolitical titles like “mem- Greek democratic will, the troika was bent on bringing Greece
The event brought some 250 tulates” of the commission. ory politics,” “archives and ac- to its economic knees. “Debt is creditor power,” he writes.
rights advocates together at the Another witness noted that the On Friday consultant Renata cess to information” and “jus- “The Greek Spring challenged the right of creditors and their
Four Points Sheraton hotel for a Venezuelan Marxists were not Barreto Preturlan at the Human tice and the struggle against domestic agents to govern a debtor nation.” As if any
public consultation on the cur- cut off when they accused ci- Rights Commission answered impunity.” Banishing the Ar- creditors wanted to run Greece. This misinterpretation
riculum. That representatives of vilians in their country of hu- my request for comment. She gentines was an act of blatant proved central to Mr. Varoufakis’s undoing.
the Venezuelan Marxist dicta- man-rights crimes. described the Argentines as discrimination. In reality, the creditors faced as many pressures as Mr.
torship were present gives you Moreover, Mr. Abrão did not “representatives and relatives Ms. Barreto closed her re- Varoufakis did. The bailouts represented the sort of delicate
some idea of the leftist tilt. But intervene when a Chilean called of military officials condemned sponse by noting that the com- compromise at which the European Union excels. Northern
there were also six Argentines— for a show of hands to expel the for or accused of human rights mission “is not responsible for European taxpayers showed their solidarity by reluctantly
lawyers and representatives— Argentines from the meeting, violations during the Argentine the attitudes of third parties in opening their wallets, while Athens kept faith by reluctantly
from two human-rights groups which is what transpired. dictatorship.” its activities.” Yet surely it has reforming itself. In 2015 this compromise was in political
dedicated to equality under the Commissioner Paulo Van- This is certainly not an accu- a role in protecting minority danger. The Alternative for Germany, for instance, a vigorous
law and due process. nuchi gave shout-outs to leftist rate description of Ms. García’s viewpoints and defending the new antieuro party, was putting increasing pressure on Ber-
María Elena García is presi- groups, according to partici- group. Its emphasis on “com- rights of all to speak and en- lin to cut weaker members loose.
dent of the Collective for the pant María Werlau, executive plete” memory is a plea to clar- gage in the process. Judging Thus one can imagine the exasperation among eurozone
Defense of the Human Rights of director of the U.S.-based non- ify the country’s history leading from this first meeting, it looks finance ministers when Mr. Varoufakis flounced into their
Persons Deprived of Freedom governmental Cuba Archive. up to and during the military as if its work has already been first summit meeting declaring that, “whether they liked it or
and Access to Justice in Argen- She told me in an email that dictatorship because thousands compromised by the left and not, [they] were obliged to respect the fact that the Greek
tina. The organization works to Mr. Vannuchi also spoke about of victims of guerrilla terror- will turn out to be more about voters had given us a mandate to challenge” the terms of the
secure due process and humani- the honor he felt at attending ism from that period have revenge than reconciliation. bailout. What Mr. Varoufakis doesn’t acknowledge is that the
tarian treatment for Argentines a recent memorial event for been denied justice. It works Write to O’ bailouts had been signed by Greece’s duly elected
representatives. The creditors weren’t about to let the Greeks
simply change their minds.

An EU Plan to Invade U.S. Markets But the Greeks could have always changed their minds—they
could have left the euro. Mr. Varoufakis says that although a so-
called Grexit would have been disastrous for Greece and the
By J. Christopher One proposal would em- grocery stores, the cost of regulation of American finan- eurozone, his party had to be prepared to leave the euro if
Giancarlo power ESMA to demand on- home heating, and mortgage cial companies, it would set a negotiations failed. Contrary to Syriza’s reputation for reckless-

site inspections of U.S. busi- interest rates. Farmers and dangerous precedent—poten- ness at the time, Mr. Varoufakis did an impressive amount of
here’s been much worry nesses such as the Chicago ranchers could experience tially opening the door to all planning for Grexit. He devised a clever mechanism for a paral-
about the impact of Mercantile Exchange without cost increases to manage the manner of other interference. lel digital currency to temporarily replace the euro, pending the
Brexit on British and informing its primary regula- risks of their businesses from The European Union favors a reintroduction of the drachma, on the theory that only a
European banking and capital tor, the U.S. Commodity Fu- unpredictable weather to fluc- highly prescriptive and rules- credible threat could draw creditors to the negotiating table.
markets. It may seem that tures Trading Commission. tuating prices in livestock based approach to financial But for all his financial acumen, Mr. Varoufakis was—and,
U.S. markets are protected feed. Without firm, exact and market supervision in contrast to judge by his memoir, remains—a political naif. Not even
from that uncertainty, but clear limits on their applica- to the U.S. principles-based the threat of Grexit could have upset the creditors’ consen-
they aren’t. If the European In response to Brexit, tion to American businesses, approach. sus. And as much as the Greeks hated the bailouts, they, too,
Union mishandles Britain’s Brussels looks to these European proposals Undoubtedly Brexit raises concluded that they would be worse off leaving the euro.
exit, the consequences for could dry up the capital nec- challenging issues for the That’s worth remembering when it comes to Mr. Tsipras.
U.S. businesses and consum- expand its reach. essary for growth and job EU’s regulation of its finan- Mr. Varoufakis saves his most bitter criticism for his former
ers could be serious. creation. cial markets. Here in Amer- boss, who, he says, abandoned their plan to proceed with
Brexit will put London’s fi- The CFTC, of which I am ica we have seen how bur- Grexit if necessary. Mr. Tsipras, he writes, was prone to
nancial markets outside the Another proposal would en- chairman, is focused on en- densome economic “frivolity” and a selfish “intense desire to prove to a sceptical
European regulatory um- able the ECB to impose addi- suring that American finan- regulation has thwarted the world that he was no shooting star.” That’s one read. Another
brella. As a result, the Euro- tional regulations on those cial markets thrive and are revival of broad-based pros- is that the prime minister eventually bowed to the reality
pean Commission has pro- same U.S. businesses—again well-regulated. That cannot perity. The American people that Greeks wanted the euro.
posed authorizing regulation without informing or consult- be done if the EU second- have rejected that approach In the end, Mr. Varoufakis resigned, and Mr. Tsipras caved.
of financial entities outside ing the CFTC. guesses American markets and demanded that financial A third bailout agreement was scraped together, offering €86
the EU by the European Cen- Such overlapping and unco- and how businesses operate— markets contribute to eco- billion for the same economically illogical conditions. Today
tral Bank and the European ordinated regulation by the EU taking partial control of the nomic recovery. The last Syriza clings to power, a dysfunctional shadow of its former
Securities and Markets Au- would be disruptive, expensive American economy, or worse, thing Americans want is to self, and Greeks, who have already lost nearly a decade to
thority, the EU’s markets and detrimental to the U.S. letting the Europeans call the have overseas regulators im- their crisis, face losing another decade or more.
watchdog. The proposal trading markets and economy. plays. The solution to slug- pose European costs and reg- A better deal for Greece may exist, but Mr. Varoufakis was
would reach far beyond Lon- Imagine a football game with gish growth and stagnant ulatory burdens on the never the one to propose it. Even in his own book he appears
don. It would subject key U.S. two quarterbacks on the field wages is vibrant global mar- American economy. as a hapless academic cursed by prodigious knowledge and
financial institutions to Euro- vying for control of the ball. kets for investment, not unco- limited wisdom. No wonder it all went so terribly wrong.
pean law and regulation— These proposals have the ordinated and overlapping Mr. Giancarlo is chairman
even when they serve U.S. potential to affect the avail- regulation. of the Commodity Futures Mr. Sternberg is a member of the Journal editorial board
customers. ability of food in American If the U.S. accepts European Trading Commission. based in London.
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Tax Rate Cleanup in Aisle Two Are We Coming at Opioids the Wrong Way?

ou know Republicans are intellectually no big deal because these taxpayers can afford Regarding your editorial “The Opi- job,” as if they are not already strug-
confused when they send out press re- it. They’re also claiming this is kosher because oid Puzzle” (Oct. 27): The innovation gling under current mandates, which
that is most needed to help end have been made ever-more stringent
leases defending a top marginal in- the 1986 Reagan reform also had a bubble rate
deaths from opioid drug use is de- for patients and practitioners alike.
come-tax rate of nearly 50%. of 33% in addition to a top rate criminalization of drug use. The con- CARRIE COX
Yet that’s what they were up The Senate needs to of 28%. But a bubble rate of tinuing “war on drugs” is a war on Lexington, Ky.
to this weekend as they tried kill the House GOP’s 33% is a lot lower than 50%, our entire society. We turn addicts
to justify their bubble bracket which was the top rate before into criminals who steal from us, If we are serious about pursuing
tax rate of 45.6% after our stealth tax surcharge. Reagan’s 1986 reform. spread hepatitis and HIV infections, innovative approaches to drug abuse,
criticism on Saturday. And as we wrote at the fill up our jails and die at ever-in- we first have to acknowledge the
We called it a stealth tax time (“Gephardt Soap Bub- creasing rates. failure of our punitive, moralistic
rate because it’s buried in the fine print of the ble,” Sept. 25, 1989), Reagan’s bubble rate was Illegal drug abuse also fuels ter- war on drugs and adopt, as some Eu-
Ways and Means proposal. It also isn’t part of also a mistake. It greased the skids for raising rorism and violence around the ropean countries have, the practical,
the tax simplification story Republicans are the top marginal rate to 31% from 28% as part world through drug cartels and open-minded, nondogmatic mind-set
opiate production in China and Af- that is the prerequisite to any form
selling by publicly claiming the House reform of George H.W. Bush’s tax increase in 1990.
ghanistan. of innovation.
shrinks the individual code to four rates from Democrats argued then that the wealthiest In countries like the Netherlands, MICHAEL R. UTH
seven. But caught out by our reporting, they are shouldn’t pay a lower marginal rate than the Switzerland and Portugal, drug use is
now denying that the fifth rate is stealthy while merely affluent, and the bipartisan deal was the treated as a social problem not a The first issue is the readily avail-
defending it as good policy. 31% top rate for everyone. criminal problem, and drug abuse, able (and cheap) supply of illegal fen-
The 45.6% is a bubble rate because it applies If the Kevin Brady-Paul Ryan 45.6% bubble criminality and drug-overdose deaths tanyl and other narcotics on the
to tax-filing couples who make between $1.2 bracket becomes law, this will soon become the have all decreased. street.
million and $1.6 million (above $1 million for new top rate for everybody—perhaps when THOMAS EINSTEIN The second issue is the lack of
single filers). The surcharge is intended to claw Nancy Pelosi is Speaker after 2018. Santa Monica, Calif. drug-treatment facilities. I am a
back any benefit these filers get from the new The other Republican defense is that this practicing pain physician with sev-
The only “puzzle” that I see is eral patients who need comprehen-
12% income bracket that applies to income of bubble surcharge raises some $50 billion over
why—with mounting evidence sive drug rehab. The drug-rehab fa-
less than $90,000 for couples ($45,000 for sin- 10 years to pay for pro-growth tax cuts else- around its efficacy—cannabis is cilities are few and far between,
gle filers). where. But these rate increases never raise never mentioned as part of the solu- frequently full and have significant
Republicans apparently think it’s unfair for what they claim because people change their tion to the opioid epidemic. Despite restrictions for admission, including
people to pay the same rate on the same dollar behavior. The political truth is that the esti- proven cost savings in the hundreds financial coverage and lack of coex-
of income. So their surcharge applies the 39.6% mated surcharge revenue is really going to fi- of millions of dollars for Medicare isting medical conditions.
rate to those first dollars of income for those nance the huge increase in the family tax credit Part D in states that allow medicinal Many who are given naloxone are
more affluent taxpayers, which adds about six- that costs $640 billion over 10 years. This fam- cannabis, a 25% reduction in over- repeat offenders and get no treat-
percentage-points to the top rate and gets to ily credit will also be refundable over time, doses in the same states and over ment after being rescued from an
the 45.6% bubble rate. which means it will be paid as a welfare check 97% of patients stating that they overdose. I believe that if someone
Add that to the 3.8% ObamaCare surcharge to people who don’t pay taxes. were able to decrease their opioid receives naloxone once, he or she
use, the word “cannabis” is missing should be required to receive inpa-
that Republicans are keeping as part of tax re- In other words, Republicans are embracing
from the lexicon of the president and tient narcotic rehab therapy—hard to
form, and these taxpayers would now have a top higher tax rates a la Democrats to redistribute most major news outlets. do if those facilities don’t exist or
marginal rate of 49.4%. Add state and local the money to non-taxpayers a la Democrats. Re- PERRY SOLOMON, M.D. won’t accept patients.
taxes, which would no longer be deductible mind us again why college-educated suburban- San Francisco We need to prescribe narcotics
against federal taxes (a policy we support), and ites who are successful in business or the pro- less and stop Medicare’s increasing
these mostly Republican voters would in many fessions and are unenthralled with Donald Lost in all this are the poor, pow- restrictions on interventional pain
states pay a marginal rate (on the next dollar of Trump should vote Republican? erless and often older pain patients treatment (read nonnarcotic). But
income) close to 60% and an effective rate (total The best solution would be for Ways and whose lives are made more func- let’s not forget the patients with
share of income) higher than they do now. Keep Means to clean up this surcharge mess when it tional and tolerable with the moni- chronic pain who may be hurt in this
in mind this is Republican tax policy. marks up the bill this week. Failing that, we tored law-abiding use of opioid medi- war on narcotics.
It’s no surprise, then, that Republicans are need a cleanup in aisle two, which is the Senate cation. In reality, many live in fear of JAMES TOBIN, M.D.
being cast off to “get clean and get a Madbury, N.H.
resorting to Democratic arguments that this is Finance Committee.

The Saudi Cauldron It Hasn’t Gone as Balfour Imagined It Would

uthoritarian governments tend to be All the more so given that Iran will try to ex- The Balfour Declaration didn’t clear that a Palestinian state in the
most vulnerable when they are trying ploit any instability. That’s the message sent by stop Arabs from living in Israel with West Bank will not end the conflict.
to change, so the weekend events in the resignation of Lebanon’s Prime Minister equal rights, and today Israel has a If there are apologies due, it is
Saudi Arabia are worth watch- Saad Hariri Saturday on a trip population of at least 20% Arab citi- from Palestinian leaders to their fol-
ing for more than the usual Weekend events show to Saudi Arabia. He said he zens with full religious and other lowers for rejecting every peace
rights (“100 Years After Balfour, Dec- deal, inciting violence, for corruption
royal family Kremlinology. the Middle East feared an assassination plot
larations of Division,” Review, Oct. and backward-looking policies that
They reflect the drive for and he blamed Iran for caus- 28). It isn’t the Jews’ fault that the are the primary reasons for Palestin-
Saudi reform and the contest conflicts to come. ing “devastation and chaos.” Arab world couldn’t tolerate that ian victimhood. It is high time to
between the Saudis and Iran Iran and its Hezbollah militia small Jewish presence. At least as hold them accountable and stop re-
for regional influence. in Lebanon blamed the Saudis many Jews fled from Arab countries warding their intransigence with
Saudi authorities made a wave of arrests Sat- and U.S., and the resignation ends the alliance as the number of Arabs who fled sympathy.
urday, including members of the royal family between the Sunni Muslim Mr. Hariri and the when the state of Israel was created, DORON LUBINSKY
and cabinet members. The targets include Prince Shiite Hezbollah. Israel welcomed the resigna- but instead of helping and integrat- Atlanta
al-Waleed bin Talal, a billionaire investor in Ap- tion, and one reading is that this will open the ing the Palestinian Arabs, as Israel
ple and Twitter and once a major investor in the way for Israel or Saudi Arabia to attack Hezbol- did with all the Jews who went to Is-
Journal’s parent company, News Corp. lah to reduce its growing influence in Syria and rael, the Arab countries have kept The Mueller Tax Indictment
the Palestinians as bitter pawns and
The arrests are being advertised as part of the Levant.
limited their rights.
May Yield More Information
an anti-corruption campaign endorsed by Meanwhile, the Saudis shot down a missile If Palestinian Arab leaders really Regarding your editorial “The
Crown Prince Mohammed bin Salman, who is aimed at Riyadh that was fired from Yemen by wanted to help their people, they Manafort Indictment” (Oct. 31): You
trying to consolidate power as the heir appar- Houthi rebels allied with Iran. The missile launch would stop playing the victim card should have started and ended with
ent to his father, King Salman. The Crown shows the Houthis are far from defeated in their for so many years and so many mil- noting that Americans deserve to
Prince has been making enemies among royals war with a Saudi-led coalition in Yemen. lions of dollars later. Israel has been know what the Russians did and
no longer in favor and the arrests are a sign that Behind all this is the effort by Iran, backed willing to cooperate with its neigh- how, and that our leaders will take
he is brooking little dissent as he tries to reform by Russia, to exploit the opening created by the bors for peaceful coexistence, but immediate steps to see it doesn’t
the Kingdom’s economy and even some of its fall of Islamic State to dominate the region. Is- the Arab world has chosen to con- happen again. You know what the
social mores. While the U.S. has a stake in the rael and Saudi Arabia can’t let that happen, and tinue treating the Palestinian Arabs goal of the investigation is.
Kingdom’s successful evolution, the arrests are with the U.S. seemingly on the sidelines, expect as homeless victims rather than George Papadopoulos’s plea re-
move on and work toward a peace- veals that the Russians were offer-
a sign that the transition will be rocky. more conflict to come.
ful Palestinian state living alongside ing him dirt on Hillary Clinton
Israel. weeks before the Democratic Na-

Tax Reform and ObamaCare SARA MILLER

Queens, N.Y.
tional Committee email leaks. Did
the Russians hack the DNC? Was

that the dirt they were offering
epublicans are looking under every seat the Trump Administration withdrew. If anyone deserves an apology him? Was that the dirt they were
cushion to finance tax cuts and the po- We think CBO has long overestimated the over the Balfour Declaration, it isn’t offering Donald Trump Jr. when he
litical bribes that Members of Congress power of the individual mandate in driving cov- the Arabs but the Jews. If anyone set up the meeting with the Russian
are demanding for their votes. erage. And its faulty estimates should apologize over events since, attorney, Paul Manafort and Jared
One surprising potential “pay How killing the hurt the GOP during the it is Palestinian leaders to their fol- Kushner?
lowers, not Britain or Israel. The Mr. Manafort may know, and the
for,” believe it or not, would individual mandate ObamaCare repeal debate by
Arab world received more than four- pressure of this indictment will
be repealing ObamaCare’s in- overestimating the number fifths of the land promised to the help him remember. We know from
dividual mandate. can finance rate cuts. who would lose coverage. But Jews under the Balfour Declaration his tax-fraud indictment that he is
The IRS administers the now those estimates can help in the form of Jordan, the West Bank dishonest, cunning and devious.
mandate, which ObamaCare the GOP in the tax debate be- and Gaza. The Arab world rejected a Had he not joined President
euphemistically dubbed an “individual respon- cause CBO says an end to the mandate will two-state solution in 1948 and in- Trump’s campaign, he would have
sibility payment.” But Chief Justice John Rob- mean fewer Americans would sign up for insur- vaded Israel, promising to annihilate most likely gotten away with evad-
erts called it a tax to declare it constitutional, ance and subsidies. the Jews. It is much of the Arab ing millions in taxes. We Americans
so a policy and fiscal nexus exists. The fear is that this would complicate the world that continues to reject a per- deserve to know what he knows
ObamaCare requires individuals without political task of passing tax reform by combin- manent Israel behind any boundar- about what his clients in Russia
health coverage to pay the greater of 2.5% of ing it with the ill-fated ObamaCare repeal de- ies. Why do they deserve an apology were doing to interfere in our 2016
for rejecting coexistence and perpet- election. Without the tax-fraud in-
their household income (above the $10,350 fil- bate. But in this case the GOP would not be
uating the refugee issue? dictment, he would never tell us.
ing threshold for single adults in 2016) or $695. changing Medicaid or cutting spending. It Palestinian leaders have rejected Now maybe he will.
The tax is regressive in that about 96% of pay- would be changing no rules or mandates other every peace deal and continue to in- JERRY D. PALMER
ers were households earning less than than the individual purchase requirement and doctrinate for endless conflict. Their San Diego
$100,000. Most high earners are covered by em- tax, which are among the least popular parts obsession with dismantling Israel far
ployer plans or Medicare. of the law. Republicans would merely be saying exceeds their desire for statehood,
While the penalty raised $3 billion in reve- that they would no longer fine Americans for and Mahmoud Abbas has made it Pepper ...
nue in 2015, Arkansas Senator Tom Cotton refusing to buy a product they don’t like or And Salt
points out that abolishing the mandate would can’t afford.
actually be a revenue gusher under the Con- Killing the mandate now would also make

gressional Budget Office’s scoring rules. Last it easier to revisit health reform next year.
No employees or former employees
December CBO projected that repealing the With the mandate already gone, CBO would al-
of Crowley Maritime Corp. pleaded
mandate would save $416 billion over 10 years most certainly find that there would be fewer guilty, were convicted or went to prison
because fewer people would sign up for Medic- uninsured under any new reform the GOP in connection with the company’s 2012
aid or receive subsidies on the exchanges. would propose. plea deal with the U.S. government for
Fewer workers might also enroll in employer- As for financing tax reform, Republicans price-fixing. An Oct. 31 letter to the edi-
sponsored plans, which could result in more have to consider the alternatives. The House tor, “The Jones Act Has Enabled Price
taxable compensation. bill doesn’t repeal the mandate and thus has Fixing in Recent Past,” mistakenly im-
CBO estimated in July that a combined re- to include “pay fors” that are either bad pol- plied that some executives had gone to
peal of the employer and individual mandates icy (see the stealth tax rate above) or that prison.
would yield $275 billion in savings. The agency face political resistance (ending the adoption
didn’t break down its score or explain its analy- tax credit). Letters intended for publication should
sis. A future score might project greater sav- In a Senate with only 52 Republicans, count- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
ings—Mr. Cotton estimates around $300 bil- ing votes is paramount, but ending the hated or emailed to Please
lion—since next year’s average premium tax individual ObamaCare mandate looks like a include your city and state. All letters
credit has ballooned by 45%. That’s because in- winner politically and as fiscal and health pol- are subject to editing, and unpublished “Here are my notes on collateralized
surers jacked up prices on benchmark silver icy. Why not combine health-reform progress letters can be neither acknowledged nor debt obligation. Make me sound like
plans to make up for cost-sharing subsidies that with a way to finance tax reform? I know what I’m talking about.”
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THE WALL STREET JOURNAL. Monday, November 6, 2017 | A17


Corporate Tax Reform Is the Key to Growth

By Martin Feldstein That boost in future gross domestic repatriated with no further tax.

product outweighs the adverse effect What about tax reform’s effect on
he debate over tax reform of the $1.5 trillion increase in the na- the budget deficit and the national
is focusing on all the tional debt. The government’s interest debt? I have long been a deficit hawk.
wrong things: the personal cost on the extra debt will be substan- It is troubling that America’s ratio of
rates and the deduction for tially less than $100 billion a year, and debt to GDP has more than doubled
state and local taxes. What the potential rise in the annual trade in the past 10 years and is projected
will truly matter for the economy is deficit will be less than 0.5% of GDP. to increase from 77% today to 91% in
corporate tax reform, which will lead The $500 billion gain in total in- a decade, even with no legislated
to a major increase in capital spend- come is the right measure for evalu- changes in taxes or spending. An ex-
ing by companies. That in turn will ating the tax reform. It’s wrong to fo- tra $1.5 trillion of debt will raise that
raise productivity and real wages. cus on the resulting change in the ratio to 96%. But I believe the advan-
rate of economic growth, as some tages of the corporate tax reform
critics have done. Even though an an- outweigh the adverse effects of the
It could increase the U.S. nual gain of $500 billion by 2027 relatively small debt increase.
translates to a substantial $3,500 in The challenge for the Congress af-
capital stock by $5 trillion income per household, the implied in- ter the next election will be to start re-
and cause a $500 billion crease in the growth rate is surpris- versing the rise in the debt. The debt-

ingly small. Since GDP is projected to to-GDP ratio, which was 35% as
rise in annual income. be $30 trillion in 2027, a $500 billion recently as 2007, is heading to more
increase represents a gain of 1.7%, or than 100%. But cutting future annual
just 0.17% per year over the decade. deficits from the projected 5% of GDP
These gains start small but will The most important reform is to to 3% would reverse that trend, caus-
grow year after year as capital flows cut the corporate tax rate from 35%— low-productivity uses in agriculture companies bring back cash from for- ing the ratio to head back toward
to corporate investment in the U.S. the highest among major industrial and housing to corporate investments eign subsidiaries as it is earned. about 60%. That would be a useful
from the rest of the world and from nations—to 20%. This will increase that can create good jobs and raise In addition, tax reform will help next step toward a fiscally responsible
other parts of the U.S. economy. Al- corporate capital directly by reducing real wages. This will be reinforced by bring home some of the $2.6 trillion condition for the U.S. economy. But the
though it is hard to judge how much the tax burden. Cutting the corporate reforms that induce American corpo- that U.S. companies already hold first step is to put tax reform into law.
the U.S. capital stock will grow, a rea- rate to 20% would raise retained earn- rations to bring back profits earned abroad because of today’s unfavorable
sonable estimate is that tax reform ings by about $2 trillion over 10 years. by their foreign subsidiaries. Under taxation of repatriated profits. The Mr. Feldstein, chairman of the
will raise the U.S. capital stock by $5 The lower tax rate will also induce the proposed reform the U.S. will fol- GOP plan includes a one-time moder- Council of Economic Advisers under
trillion within a decade, causing an- foreign companies to shift some of low the practice of nearly all other ate mandatory “deemed repatriation” President Reagan, is a professor at
nual national income to rise by $500 their production to America. And countries in adopting a “territorial” tax on those profits accumulated Harvard and a member of the Jour-
billion—equal to $3,500 a household. capital within the U.S. will move from tax system. This will make American overseas, after which the funds can be nal’s board of contributors.

Trump Brings a New Seriousness With Him to Asia

By Kenneth R. Weinstein done the job by laying down a clear Increased cooperation from Bei- rea, the White House sees the longer- gone unappreciated in Hanoi. In the

marker of what war will cost Pyong- jing isn’t the product of any newly term challenge posed by China’s rise. Philippines, President Rodrigo Duterte
onald Trump’s 12-day trip to yang: everything. benevolent view of America. On the Here the key is America’s alliances in appears to respect Mr. Trump, in con-
Asia—on Monday he will be in Previous presidents’ policies to- contrary, pressure from the U.S. has the Pacific—another central element trast to his disparagement of Presi-
Japan, followed by stops in ward North Korea were naive in the helped to cause the turnaround. The of the presidential tour. Mr. Trump’s dent Obama.
South Korea, China, Vietnam and the extreme. Neither the Agreed Frame- Chinese have heard Mr. Trump’s closest friendship with any foreign Both countries, though, pose
Philippines—is the longest presiden- work in 1994 nor the “six party sharp criticisms of their trade and leader is the one he has quietly culti- problems: Vietnam remains under
tial visit to the region in a genera- talks” last decade prevented Pyong- currency policies. But despite his vated with Japanese Prime Minister the unflinching control of its Com-
tion. That’s no accident: Although yang from getting nuclear weapons. Shinzo Abe. The two speak almost munist Party, and Mr. Duterte has
many in Washington see only Mr. Mr. Trump rightly believes rushing weekly. Mr. Trump has made clear earned condemnation for his govern-
Trump’s disruption, Asian leaders into new negotiations would further At least when it comes that a strong Japan improves re- ment’s extrajudicial killing of drug
know his administration has brought enable North Korean deception and gional stability, and Mr. Abe contin- traffickers. Mr. Trump should speak
a new seriousness and a nuanced stalling, while the regime would con- to security policy, the ues to increase military spending sig- up on these matters but probably
agenda to Pacific policy. tinue to develop a nuclear-armed president has his nificantly. won’t. Nevertheless, his administra-
The immediate problem is North missile capable of hitting the U.S. Mr. Trump’s personal relations tion is right in seeing Vietnam and
Korea’s nuclear adventurism. The Negotiating holds the most promise priorities straight. with South Korea’s recently elected the Philippines (a treaty ally) as es-
broader challenge is China’s growing when it is done from a position of left-wing president, Moon Jae-in, sential to containing China.
power and ambition. The overarching American strength. have been far rockier. Mr. Moon’s The wild card on this trip is trade.
goal is managing Asia policy in a way The White House rightly believes previous threats, the administration preference for dealing with Pyong- To the disappointment of Japan and
that enhances the security and pros- that the best chance of shifting Mr. so far hasn’t labeled China a cur- yang is dialogue. But he has overrid- Vietnam especially, Mr. Trump with-
perity of the U.S. and its allies. Kim’s course is with pressure from rency manipulator. “Why would I call den—however reluctantly—the wishes drew the U.S. from the Trans-Pacific
The Trump administration begins the Chinese. Although Mr. Trump of- China a currency manipulator when of his political base to say that the Partnership, an 11-nation trade deal
with a hardheaded view of deter- ten invoked China as a nemesis dur- they are working with us on the U.S. remains central to South Korea’s negotiated under President Obama.
rence. Mr. Trump has rattled some ing the presidential campaign, he has North Korean problem?” Mr. Trump security. Mr. Moon understands that Then in April he called the 2012 Ko-
Americans with his threat “to to- since dealt deftly, winning unexpected cagily tweeted in April. “We will see extends well beyond threats from its rea-U.S. Free Trade Agreement “a
tally destroy North Korea” in “fire Chinese support for a Security Coun- what happens!” When Mr. Trump immediate neighbor. horrible deal.” But at least when it
and fury” if it attacks the U.S. or an cil resolution this past September im- stops in Beijing on Wednesday, ex- Vietnam wants assurances from Mr. comes to security policy, the presi-
ally. But there is no ambiguity in posing stiff sanctions on Pyongyang. pect blunt talk urging specific prom- Trump that the U.S. will not tolerate dent has his priorities straight.
the message this sends Kim Jong Far from having a rancorous relation- ises from China to further tighten Chinese hegemony in the South China
Un. To whatever extent North Korea ship, Mr. Trump has reached out reg- the screws on North Korea. Sea. The increased tempo of American Mr. Weinstein is president and
can be deterred, Mr. Trump has ularly to President Xi Jinping. Beyond cooperation on North Ko- patrols through those waters has not CEO of the Hudson Institute.

Is Roger Goodell Deliberately Pushing the NFL Leftward?

By Jason Whitlock should,” Mr. Jones said. “But that’s and documentaries that marketed about police brutality is ‘what real the article was an anecdote about the

not the case. It’s just timing. When the sport as patriotic and militaris- locker room talk is.’ ” owner of the Houston Texans, Bob
he critics of National Football you have to account is when you’re tic. Sabol’s NFL Films made football But Messrs. Goodell and Lockhart McNair, complaining to fellow own-
League commissioner Roger either getting hired or you’re getting feel more American than baseball. have made bigger gaffes. In mid-Oc- ers, Mr. Goodell and a handful of NFL
Goodell are only getting extended or you’re getting a raise or His work was so critical to the tober, Mr. Goodell and Seattle Sea- executives that “we can’t have the in-
louder. Last week Papa John’s Pizza are you getting a bonus.” league’s wild growth that in 2011 he hawks wide receiver Doug Baldwin mates running the prison.” Texans
CEO John Schnatter assailed Mr. In other words, the time for ac- was inducted into the Pro Football wrote a letter to the Senate “to offer players took offense and staged an
Goodell for bungling the national an- tion has arrived—and Mr. Goodell Hall of Fame. The same honor had the National Football League’s full anthem protest before their Oct. 29
them protests. “The NFL has hurt us has a lot to account for. Concern been bestowed on Rozelle in 1985, game against the Seahawks.
by not resolving the current debacle over head injuries has eroded foot- while he was still commissioner. Mr. McNair apologized but said he
to the players’ and owners’ satisfac- ball’s public support. Mr. Goodell’s By contrast, a year ago Mr. Good- A year ago he hired a was misunderstood. “I was referring
tion,” said Mr. Schnatter, whose handling of player discipline, partic- ell hired a Democratic political to the relationship between the league
company is a high-profile sponsor. ularly the 2014 Ray Rice domestic- strategist, Joe Lockhart, as the Democratic operative, office and team owners,” he said in a
“Leadership starts at the top, and violence case and the 2015 New Eng- NFL’s executive vice president of Joe Lockhart, as his written statement, “and how they
this is poor leadership. . . . This land Patriots “Deflategate” scandal, communications. Mr. Lockhart, best have been making significant strategic
should’ve been nipped in the bud a damaged the NFL’s image. Now un- known as President Clinton’s press top communication exec. decisions affecting our league without
year and a half ago.” ending national-anthem protests secretary for two years, also adequate input from ownership over
Meanwhile, the owner of the Dal- have frustrated the league’s conser- worked for Jimmy Carter, Walter the past few years.”
las Cowboys, Jerry Jones, is trying vative fans, made it a target for Mondale, Michael Dukakis and John support for the Sentencing Reform Messrs. Goodell and Lockhart are
to block an extension of Mr. Good- President Trump, and contributed to Kerry. Last week the New York and Corrections Act of 2017.” Mr. damaging the league’s longstanding
ell’s contract. The commissioner’s sliding TV ratings. Times credited him with crafting Goodell is paid $44 million a year to and highly profitable brand. Neither
current deal expires at the end of It makes sense to blame ineffec- the NFL’s message on the anthem represent the views of the NFL’s one seems likely to join Pete Rozelle
the 2018 season. NFL insiders origi- tive leadership. But what if the prob- controversy. owners, not players or himself. and Ed Sabol in the hall of fame. The
nally expected the deal to be ex- lem is effective leadership? Football Mr. Lockhart is an aggressive me- An ESPN story in late October question is how long the owners will
tended this past summer. Mr. Jones, is headed exactly where Mr. Goodell dia manipulator. The Times reported about the anthem protests portrayed continue to allow the pair to reshape
who owns more than 100 Papa has steered it—to the left. The NFL that several NFL owners were both- Mr. Goodell as supporting players’ the NFL.
John’s franchises in Texas, has re- has long been a combatant in Amer- ered by a snide comment Mr. Lock- desire to use the NFL as a platform
portedly been rallying support ica’s larger culture war. But Mr. hart made about Mr. Trump: “Lock- to address whatever social issues Mr. Whitlock is a co-host of
among fellow owners to oust Mr. Goodell—whose father, Charles, was hart told reporters that talking they deem important. Buried deep in “Speak for Yourself” on Fox Sports 1.
Goodell. a liberal antiwar Republican senator
Asked Friday about Mr. Schnat- in the late 1960s—was always an odd
ter’s rebuke of the commissioner, Mr.
Jones hailed the pizza tycoon as a
“great American.” Speaking on a ra-
choice to run it.
Remember that the NFL was culti-
vated into prominence by Pete Ro-
In Defense of Broccoli
dio show Tuesday, he was even more zelle, a pro-war conservative. In the By George Ball with vitamins: A cup of cooked Broc- I can prove beyond a reasonable

explicit about Mr. Goodell: “I know a 1960s, Rozelle hired a World War II coli provides more vitamin C than an doubt that my client possesses the
lot of people, a lot of fans, don’t think veteran-turned-filmmaker, Ed Sabol, our Honor, I’d like to make orange. That same cup supplies 10% most sublime vegetable flavor avail-
we make him as accountable as we to produce highlights, commercials some preliminary remarks to of daily minerals. Add metabolism- able to the human palate.
provide context and perspec- and enzyme-boosting folic acid and Broccoli has been capriciously de-
tive on the case before the court. As calcium pectate and the cancer- famed and disparaged by influential
a third generation seedsman, I have fighting antioxidants beta carotene, figures in all walks of life, from
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY agreed to pro bono representation of carotene and sulphoraphane. Broc- nighttime talk-show hosts to Su-
Rupert Murdoch Robert Thomson Broccoli, the most maligned vegeta- coli nips disease in the bud. My cli- preme Court justices. Nearly three
Executive Chairman, News Corp Chief Executive Officer, News Corp ble of all time. ent contains healthful fiber, cell- decades ago, President George H.W.
Gerard Baker William Lewis I shall prove that my client is the building protein and eye-protecting Bush declared that he did not like
Editor in Chief Chief Executive Officer and Publisher vegetable that can save mankind. I lutein. my client. His remark was an unfor-
Matthew J. Murray DOW JONES MANAGEMENT: shall demonstrate Broccoli to be the Your Honor, my client is as close tunate result of the commercial pro-
Deputy Editor in Chief Mark Musgrave, Chief People Officer; most succulent, tasty, and life-en- to perfection as a vegetable can be. duction of Broccoli: picked unripe—
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
hancing of all vegetables. Not to eat Broccoli should be a thus deficient of flavors and
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President Can you eat Pea’s stringy vine, crime. healthful compounds—and shipped
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: Corn’s cob, Bean’s coarse stalk, or Why, then, is savory, succulent, thousands of miles to languish for
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; Melon’s spiny leaf? Only Broccoli al- creamy-textured Broccoli on trial? weeks on produce counters.
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; lows you to eat the entire plant: as- For being too healthy? Too tasty? Therefore, I ask the court to dis-
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; paragus-like stalks, savory green Too easy to grow in all 50 states? miss this case, and invite you, the
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; leaves and delicately sweet, nutty- No: my client is accused of being court, the plaintiff, and the People,
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International flavored flower buds. My client rep- “too bitter.” to lunch in my garden. Justice will
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: resents the pinnacle of vegetable I offer two defenses: First, this be served—steamed and drizzled
Almar Latour, Publisher; sophistication. apotheosis of subtle flavors and with melted butter and freshly
Suzi Watford, Marketing and Circulation; Professional Information Business: Do not overlook Broccoli’s promo- powerfully healthful properties squeezed lemon juice.
Joseph B. Vincent, Operations; Christopher Lloyd, Head; tion and protection of human health. needs to be grown to full ripeness.
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head No plant possesses more antioxi- Second, it must be transported from Mr. Ball is chairman and CEO of
EDITORIAL AND CORPORATE HEADQUARTERS: dants, beneficial enzyme-stimulating farms or home gardens to the W. Atlee Burpee Co. and a past pres-
1211 Avenue of the Americas, New York, N.Y., 10036 compounds, and metabolism-enhanc- kitchen quickly, and then steamed, ident of the American Horticultural
Telephone 1-800-DOWJONES
ing fiber, than my client. It abounds sautéed, grilled or stir-fried. Thereby Society.
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A18 | Monday, November 6, 2017 THE WALL STREET JOURNAL.

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November 3-19, 2017

Cedar Lake
547 West 26th Street
Chelsea, New York

Book your visit at

Walk-ins welcome
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© 2017 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Monday, November 6, 2017 | B1

Last Week: S&P 2587.84 À 0.26% S&P FIN g 0.11% S&P IT À 1.84% DJ TRANS g 1.78% WSJ $ IDX À 0.20% LIBOR 3M 1.392 NIKKEI 22539.12 À 2.41% See more at

U.S. ProbesMozambiqueDebt Sale

The U.S. Justice Depart- Group and French bank BNP corruption and raise the pos- on wealth management. undisclosed loans were nego-
Cut in Half
Ackman's Pershing Square has
shed assets, owing to slumping
performance and client departures.
ment and Federal Bureau of Paribas SA are focuses of the sibility of criminal prosecu- When informed of the in- tiated. It is important for Mo- $20 billion
Investigation are investigating U.S. probes, the people said. tion. vestigations by the Journal, zambique’s leadership to learn
The FBI is looking into Credit Suisse has been try- Alex Vines, head of U.K. inter- from past mistakes and will
By Matt Wirz whether the banks facilitated ing to rehabilitate its interna- national-policy think tank have international implica- 15
and Rebecca Davis corruption by enabling Mo- tional image for more than a tions.”
O’Brien zambican officials to take year and recently restructured Spokeswomen for Credit

in New York money raised in the debt the investment banking unit Suisse, VTB and BNP declined
and Jenny Strasburg sales, the people said. that handled the Mozambican to comment. Two Mozambi-
in London Financial regulators in the deals. can government spokesmen
U.S., the U.K. and Switzerland Credit Suisse CEO Tidjane didn’t reply to requests for
three international banks for began probes into potential Thiam has been pushing to Amount of debt sold for comment. 5
their roles in selling about $2 securities-law violations by change the bank’s culture of Mozambique The FBI began looking into
billion of debt for Mozam- the banks last year, after The risk taking for several years the soured bonds around June
bique, opening a new phase in Wall Street Journal reported with some success—the bank 2016, when a small team of
the global inquiry into the the existence of irregularities settled a longstanding lawsuit agents visited Maputo, the
bond deals, people familiar in the Mozambican transac- from the financial crisis in Chatham House’s Africa divi- capital of Mozambique, ac- 2014 ’15 ’16 ’17
with the matter said. tions. The newer U.S. inqui- 2016 and reported a sharp sion, said they were “an im- cording to people familiar Source: Pershing Square
Swiss lender Credit Suisse ries widen the scope of the rise in third quarter profit portant step toward greater with the situation. The securi- THE WALL STREET JOURNAL.
Group AG, Russian bank VTB probes to include potential this year as it focused more transparency on how these Please see BANKS page B2

For ADP,

Automatic Data Processing

Inc. has spent the past several
years trying to modernize its
business. On Tuesday, share-
holders will decide whether
those moves are enough or if
they want to allow one of Wall
Street’s most powerful and po-
larizing investors into the
Famed hedge-fund manager
William Ackman is seeking a
seat for himself and two others

on ADP’s 10-person board, say-

ing it has fallen behind hot tech-
nology companies that have
made its human-resources in-
dustry user-friendly.
Tuesday’s vote is the first
Researchers test a drone time Mr. Ackman has had to
at Northern Star Resources’ woo investor votes since his bad
Jundee gold mine bet on Valeant Pharmaceuti-
in Western Australia. cals International Inc. caused
billions of dollars in losses at his
hedge fund more than two years

Drones Become Mining’s Flight to Safety

ago. A win—or even a close
vote—for Mr. Ackman could be a
reprieve and show that big in-
vestors believe he can help im-
Fully autonomous devices use lasers to explore dangerous caves, reducing costs and human risks prove companies. A bad loss
could raise questions about his
BY MIKE CHERNEY tonomous cars, they would Star’s Jundee gold mine in downturn in commodity and insurance, and mining Mr. Ackman and his Pershing
create three-dimensional Western Australia, is part of prices. companies regularly fly them Square Capital Management
JUNDEE, Australia—Hun- maps more detailed than a broader effort by the Automation can “save to get aerial views of their have underperformed for nearly
dreds of feet underground what is available now, help- global mining industry to lives, and also save time and facilities. But taking the ma- three years, largely because of a
here, scientists are experi- ing miners excavate more embrace automation, which save money,” said Mehmet chines underground repre- $4 billion loss on Valeant. Its
menting with a technology gold and other commodities is driving down costs and Kizil, associate professor and sents a new frontier, and one main fund has lost 24% since
that could transform how that might otherwise be improving safety. mining-engineering program fraught with risk. 2014, compared with a 33%
mining companies dig out missed. It also might lead to fewer leader at the University of Pitch-dark cavities can climb in the S&P 500. The fund
rocks in dangerous, pitch- “It’s very sci-fi,” said jobs. Companies from South Queensland in Australia. conceal dangers, such as fall- is roughly flat this year through
black caves: fully autono- Zachary McLeay, a produc- Africa to Australia are al- “The industry’s made a big ing rocks, with the potential October, while the S&P 500 is up
mous drones. tion engineer for Australian ready using technology such jump in adopting this tech- to destroy drones that cost 17%, including dividends.
The drones would fly gold producer Northern Star as driverless trucks, mecha- nology because the biggest tens of thousand of dollars Mr. Ackman points instead to
without any pilot assistance Resources Ltd., after seeing nized drilling and extra-long cost in mining is labor.” apiece. Adding to the chal- his long-term track record, say-
into areas too risky for hu- a drone fly into a dark cav- conveyor belts to improve Drones have become a lenge, a drone flying under- ing Pershing Square has re-
man miners. Using a rotating ern during a recent test. productivity as they look to popular cost-saving measure ground can’t use satellite- turned more than 500% since its
laser similar to those on au- The trial, at Northern rebound from the recent in sectors as diverse as retail Please see MINE page B4 Please see ADP page B2

Big Advertisers Drop INSIDE KEYWORDS | By Christopher Mims

Once-Hot Startup
BY SUZANNE VRANICA third-party audit of previously
Apps Feed Virtual Restaurants
AND ROLFE WINKLER enacted campaigns in 2016 and If you have
2017.” Omnicom Media Group ever ordered a
Several major advertisers directed some $20 million in burrito or a
are halting their business with advertising to Outcome this Hawaiian
Outcome Health following al- year, according to a person fa- poke bowl
legations that some employees miliar with the matter. through a
of the prominent Chicago Several other ad compa- food-delivery app, you may
startup misled clients. nies—Interpublic Group of have been the patron of a
Outcome Health streams
“point of care” advertising to
Cos., Havas SA and Publicis
Groupe SA—are putting deals
BOEING IS SET virtual restaurant.
No, you don’t need to put
screens and tablets that it with Outcome on hold or rec- TO TAKE UP on a VR headset to experience
places in doctors’ offices. One ommending that clients do so
OLD AIRLINER one, and the food is quite

of Outcome’s largest custom- until Outcome provides verifi- real. What makes these new
ers, Bristol-Myers Squibb Co., cation of ad performance num- restaurants virtual is that you
said it has opted not to renew bers, according to people fa- AEROSPACE, B3 only find them online.
an ad agreement for 2018. Bris- miliar with the agencies’ plans. Tucked inside industrial
tol-Myers had been expected to Interpublic’s Healix Global parks, commissary kitchens
pay Outcome roughly $20 mil- health-care media agency isn’t and refitted basements in cit- The Star prepares pizza for delivery by DoorDash in San Jose, Calif.
lion this year, according to planning to renew ad deals ies like New York, Chicago
people familiar with the deal. with Outcome for 2018 unless and San Jose, Calif., these years toward something de- kitchens throughout New
“We have decided not to Outcome assures it that there restaurants have no dining cidedly more techy. By adopt- York City, Todd Millman, its
continue our agreement with are no improprieties, a person room, no wait staff, no take- ing a “launch, experiment and co-founder, says. There might
Outcome Health moving for- familiar with the matter said. out window and no signage. iterate” approach, these vir- be up to 10 different “restau-
ward, and into 2018,” a Bristol- Healix clients spend several (They still have to pass in- tual restaurants resemble rants” In a single kitchen.
Myers spokeswoman said, de- million dollars a year with spections from health boards, scrappy internet startups Though they appear on Grub-
clining to comment on the Outcome, the person said. Ha- though.) Many don’t take or- (only, when they say “apps,” hub as separate establish-
reason or on how much money vas and Publicis have recom- ders over the phone and are they often mean appetizers). ments, each with a distinct
the company has paid Outcome. mended to some clients that accessible only through on- By far the biggest company cuisine, all the food might be
At least one major ad com-
pany, Omnicom Group Inc.,
they reconsider their 2018
spending until a third-party
INSURERS WILL line services like Grubhub,
DoorDash or Postmates.
in the app-driven food-on-de-
mand space is Grubhub. It is
prepared in the same kitchen
by the same staff.
has suspended advertising with verification of Outcome’s ser- PUT OUT YOUR Virtual restaurants, with so invested in virtual restau- Consolidated kitchens in-
Outcome. A spokeswoman for
Omnicom’s media group said it
vices is conducted, people fa-
miliar with the matter said.
HOUSE FIRE their low overhead, are allow-
ing restaurateurs to shift away
rants that two years ago it
lent one of its own customers,
crease efficiency. “Most of
our employees don’t move
won’t resume spending with In all, such moves could from the capital-intensive Green Summit Group, $1 mil- very much,” Mr. Millman
Outcome until the company deny Outcome tens of millions FINANCE, B9 model that kills 60% of new lion to expand. Green Summit, says, explaining that each
“conducts a full campaign-level, Please see ADS page B4 restaurants in their first five which launched in 2013, has Please see MIMS page B4
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
B2 | Monday, November 6, 2017 * *** THE WALL STREET JOURNAL.


These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

Active Weighting

Activision Blizzard....B10
AI Powered Equity ETF
Federated Total Return
Bond Fund...............R15
PayPal Holdings..........R1
Pernod Ricard..............R9
Pershing Square Capital
Point Bridge Capital.R10
Disney’s TV Plan in Focus
BY BEN FRITZ growth engine to albatross, in pany can execute effectively. lies that don’t want to pay big
...................................R13 Fidelity Low-Priced Point Bridge GOP Stock
Stock Fund................R8 Tracker ETF.............R10 part because of the rise of Shares of Disney have fallen cable bills.
Airbus..........................B3 Franklin Resources ..... B9 Postmates...................B1 Investors’ biggest question streaming giants such as Net- 8% since then. The centerpiece will be all
Alphabet......................B9 G
Publicis Groupe...........B1 about the future of Walt Dis- flix and Inc. To power its streaming am- of the movies Disney’s studio R ney Co. continues to be Profit in Disney’s television bitions, Disney bought major- produces, including sequels to
General Motors.........B10
.................... A1,B2,B3,R8 Global X Lithium & RavenPack International whether and how it will turn unit, its largest, is down 11% ity control of the technology “Star Wars” and “Toy Story,”
American Airlines Group Battery Tech ETF ..... R6 S.L............................R13 around its so far this year. Television company BamTech for $2.58 which will be available six to
.....................................B3 GrubHub......................B1 Remy Cointreau..........R9 THE WEEK struggling tele- generated $6.1 billion of profit billion. nine months after they make
American International Guggenheim Partners.B8 Renaissance AHEAD vision business. in the first nine months of their debuts in theaters. “It’s a
Group.........................B9 Technologies...........R13 Chief Execu- Disney’s fiscal year, 48% of the content investment that ulti-

Apple......................B9,R8 Republican Policies Fund
Havas...........................B1 tive Robert company’s total. In 2014, it mately we believe will provide
A.T. Kearney................A1 ...................................R10
Automatic Data HCA Healthcare........R10 Royal Dutch Shell.....B10 Iger’s answer, new streaming was 56%. In 2012, it was 66%. more revenue for the company
Processing.................B1 HealthSouth................R8 services aimed directly at con- “The fact that the TV eco- than it did in the previous
B Honda Motor...............A6 sumers, will likely be a pri- system is facing challenges model,” Mr. Mayer said.
Siemens ...................... A1
I mary focus of the company’s has made us shift our focus Disney’s profit from TV in first Currently, Disney sells so-
Bank of America.........B9 SoftBank Group..........B3
BNP Paribas................B1 Imax.............................B2 Spirited Funds/ETFMG earnings report Thursday. pretty dramatically,” said nine months of the fiscal year called pay-TV rights for its
Boeing ......................... B3 Interbrand...................A8 Whiskey & Spirits ETF His decision to launch an Kevin Mayer, Disney’s chief movies to Netflix for more
Bridgewater Associates Interpublic Group........B1 .....................................R9 entertainment-streaming ser- strategy officer. “We see these than $300 million a year, ac-
...................................R13 J Sprint .......................... B3 vice in 2019 will mark a revo- streaming efforts as a way to cording to people with knowl-
Bristol-Myers Squibb . B1 John Hancock Bond
Square.........................R1 lution in the way the media capture new revenues and Disney is also preparing to edge of the arrangement.
C Fund ........................ R15 State Street................B9 company makes and spends profits.” launch an online ESPN offer- Including planned original
Casino Guichard- L T money and in its relationship Despite Disney’s impressive ing next year that will stream movies and TV series, Disney
Perrachon..................B3 LendEDU......................R1 TD Ameritrade Holding with consumers. Instead of li- growth in film, theme parks over 10,000 sporting events, will invest $1.8 billion on its
.....................................B9 censing all the content it pro- and consumer products, the including early matches in streaming service between
CoreCivic....................R10 T-Mobile US................B3 duces to other distributors, be company’s stock has fallen 17% Grand Slam tennis tourna- 2019 and 2021, research firm
Creative Artists Agency Media Rights Capital..B3 T. Rowe Price..............R1 they movie theaters, cable sys- in the past two years, largely ments and professional base- MoffettNathanson estimated.
.....................................B3 Microsoft ............... B9,R8 Twitter ........................ B4
Monster Beverage......R8 tems or online hubs like Net- over anxiety about the future ball, hockey and soccer games. That is on top of what Disney
Credit Suisse Group U flix Inc., Disney will start sell- of television. Because those aren’t shown on paid for BamTech.
............................. B1,R13 Morgan Stanley..........B9
Ulta Beauty.................A1 ing the content it produces Mr. Iger laid out plans for TV, however, the service is ex- Disney has yet to set a price
Muddy Waters............B3
D United Continental directly to consumers, with no the streaming service in Au- pected to be complementary for its service and is consider-
N Holdings....................B3
Delaware Diversified intermediaries. gust to try to allay Wall to cable subscriptions. ing whether to give cable sub-
Income Fund...........R15 Netflix....................B2,B3 U.S. Tax Reform Fund
Neuberger Berman...R16 ...................................R10 The move is necessary, in- Street’s concerns. But his an- The entertainment offering, scribers a discount, said peo-
Delta Air Lines ........... B3
Neuberger Berman US V siders say, because Disney’s nouncement raised new wor- however, could prove an at- ple with knowledge of the
Democratic Policies
Fund ........................ R10 Eqty Idx PutWrite TV business has turned from ries about whether the com- tractive alternative for fami- matter.
Valeant Pharmaceuticals
Deutsche Telekom......B3 Strategy Fund;Inst.R16
Diageo ......................... R9 Northern Star
Vanguard Group..........R9
DipJar..........................R1 VTB Bank....................B1
Dollar General.............A1 O
DoorDash.....................B1 Omnicom Group..........B1
Wal-Mart Stores........A1
E Outcome Health..........B1
Walt Disney................B2
Electronic Arts..........B10 P Wavelength Interest
Eli Lilly........................A6 Paulie Gee's................R2 Rate Neutral Fund..R13

A Gottfried, Daniel.........R5 McNally, Robert........B10
Ackman, William ........ B1 Grantham, Jeremy Moloney, Martin.........R9
Amador, Art..............R13 ............................. R8,R10 N
Andrews, Paul.............R9 Greene, Howard........R15
Neumann, Spencer ... B10
Au, Yat-Pang...............A4 Grohowski, Leo.........B10
Nikolaev, Kiril ............. R9
Benz, Christine...........R5 Harper, Shaun.............R2
O'Donnell, Norah......A12
Blancato, Phil..............R8 Haviland, Dave............R5
Office, Jeremy S.......R11
Bolton, David..............R9 Herndon-Brown,


Shereem....................R2 Olmsted, Jennifer.......R2
Braun, Nick................R14
Hill, Joanne...............R16 P
Brisard, Jean-Charles.B3
Broad, Nick..................R1 I Powell, Brian...............R2
C Iger, Robert.................B2 R
Carella, Joe ................. R2 J Ramos, Rachel............R6
Celenza, Matthew .... R11 Jackson, Jaja .............. A4 Rhind, Will................R16
Chan, Kam Fong..........R6 Jacobs, Jay..................R6 S
Childs, Donna............R14 Jalinski, Josh............R16 Sharp, Adam...............B4
Citron, Danielle...........B4 K Son, Masayoshi .......... B3
Claure, Marcelo...........B3 Kollo, Michael...........R13 Spacey, Kevin..............B3 The strong opening of ‘Thor: Ragnarok’ was welcome news for theater owners, who have weathered several box-office flops this year.
Cliburn, Gretchen........R6 Kostin, David ............ B10 Spada, Gina M..........R14

‘Thor’ Movie Flexes Its Muscles

Cohen, Douglas...........R5 Kotlikoff, Laurence J..R2 Stammers, Bob.........R16
Cohen, Lara.................B4 Koutsoftas, Nick.......B10 Stevens, Greg ........... R16
D Kramer, Doug............R16 Sussman, Everett.....R14
Donaldson, Charlie......R2 Kwok, Renée.............R11 T
Dorsey, Jack................B4 L Thomas, Jason..........B10
BY ERICH SCHWARTZEL appealing to fans of various
E Lambert, Hal.............R10 Tillinghast, Joel..........R8
characters and story lines.
Early, Roger A...........R15 Landis, Mark.............R13 V “Thor: Ragnarok” thun- “Introducing characters like
Estimated Box-Office Figures, Through Sunday
Ellenberger, Donald..R15 Legere, John................B3 SALES, IN MILLIONS
Van Sciver, Jay...........R6 dered into theaters with a the Incredible Hulk creates
Lowlicht, Marc............R5
Ellis, Jenna..................B4 W
M $121 million opening this this feeling that [the movie] is FILM DISTRIBUTOR WEEKEND* CUMULATIVE % CHANGE
F Walker, Beth...............R6 weekend, breathing some life bigger,” said Dave Hollis, Dis-
Mandelker, Lawrence D. 1. Thor: Ragnarok Disney $121 $121 --
Flynn, Kathryn............R6
Walter, Mark...............B8 into a box-office market reel- ney’s distribution chief.
Fox, Rick......................B4 Welka, Tiffany..........R11 ing from its worst October in It has also helped Marvel 2. A Bad Moms STX $17 $21.6 --
Marsh, Terry ............... R6
G Wittenberg, Steve....R14 a decade. avoid the sequel fatigue that Christmas Entertainment
Masucci, Sam..............R9
Garber, Mela.............R11 Mayer, Kevin...............B2 Y “Ragnarok,” now the 17th has led to disappointing open- 3. Jigsaw Lions Gate $6.7 $28.8 -60
Goodman, Steven RoyR2 Maz, Liliana ................ R1 Young, Roger...............R1 consecutive movie from Walt ings in other franchise titles
4. Boo 2! A Madea Lions Gate $4.7 $43 -54
Disney Co.’s Marvel Studios this year. The studio’s “Guard-
to open at No. 1, has grossed ians of the Galaxy” sequel this

ADP Lewis & Co., supported all three $427 million globally, led by a summer also outperformed its 5. Geostorm Warner Bros. $3 $28.8 -49
of his nominees. $55.6 million debut in China. original installment. *Friday, Saturday and Sunday Source: comScore
“This was a company that got “Ragnarok” is the third The gross of “Ragnarok”
no attention from its investors Thor movie since the original benefited from playing on
Continued from the prior page or the public,” Mr. Ackman said opened in 2011, and its open- higher-priced IMAX Corp. ner 2049” and “Geostorm.” a $21.6 million debut since
January 2004 start, compared in an interview. “As a result of ing this weekend is 41% higher screens, which have contrib- Several high-profile releases opening Wednesday.
with the S&P 500’s roughly our research and the proxy cam- than the 2013 debut of the se- uted $34 million to the movie’s will follow “Ragnarok” and help That is a decent opening,
200%. paign, the shareholders and the ries’ second installment, global tally. recover some of the losses, in- given the movie’s modest $28
The outcome of shareholder company have a much better “Thor: The Dark World.” The “Ragnarok” opening is cluding “Justice League” later million budget, but indicates
fights typically hinges on the understanding of the massive Chris Hemsworth reprises welcome news for theater this month and “Star Wars: The the movie won’t be the mon-
specific idea on the table rather opportunity to be unlocked and his role as the God of Thunder owners, who have weathered Last Jedi” in December. eymaker that the original
than an activist’s past perfor- that is inherently a good thing.” in the movie, which also fea- several flops this year and The weekend’s other new was. Last year’s “Bad Moms,”
mance. But Mr. Ackman’s coun- ADP, based in Roseland, N.J., tures Marvel characters Doc- went into the weekend with an release, “A Bad Moms Christ- starring Mila Kunis and Kath-
terpart, ADP Chief Executive has a stock-market value of tor Strange and the Incredible annual box office down 5% mas” from STX Entertainment, ryn Hahn as mothers who try
Carlos Rodriguez, has sought to about $51 billion, but it isn’t Hulk. That interweaving of compared with last year. also was a sequel, but it didn’t to shake up their domestic
pressure him by hammering his used to a spotlight. It helps a characters is a central compo- Last month was the lowest- match its predecessor’s per- life, was a breakout hit and
performance. wide range of companies handle nent of Marvel’s strategy, grossing October since 2007, formance. The comedy fell a ultimately collected $113 mil-
Mr. Rodriguez said he is al- repetitive HR functions like pay- which draws in moviegoers by due to misfires like “Blade Run- bit short of expectations with lion.
ready transforming ADP’s tech- roll and timekeeping, and ADP
nology, and the company’s says one in every six U.S. work-
shares have outpaced returns of
the S&P 500 since he became
CEO in November 2011, perfor-
mance that typically makes for a
ers benefits from its services.
Still, it historically operated be-
hind the scenes, dealing with
corporate executives, not indi-
BANKS when the lender began discus-
sions with defense contractor
Iskandar Safa, who negotiated
a deal to supply Mozambique
The aid freeze prompted a
currency crisis and worsened
food shortages in Mozam-
bique, which ranks 181st out
delivered,” a Privinvest
spokesman said. He also said
the goods and services pro-
vided weren’t military in na-
difficult activist target. vidual employees. Continued from the prior page with military and surveillance of 188 countries on the United ture and declined to comment
The tension between Persh- Mr. Ackman argues ADP has ties-fraud unit of the FBI’s equipment through his com- Nations’ Human Development on the Justice Department
ing Square and ADP is high- fumbled its industry-leading size New York field office has been pany Privinvest Group. Mr. Index, a statistic including life and FBI inquiries.
lighted by an opinion of the big- and position. Today, HR func- investigating whether the Safa asked Credit Suisse to expectancy and education. Revelations of the debts
gest proxy adviser, Institutional tions are moving into the hands banks facilitated improper help Mozambique borrow The IMF commissioned in- and the allegedly missing cash
Shareholders Services Inc. ISS of individual employees, driven payments to senior Mozambi- money to pay for the con- vestigations firm Kroll to au- have sparked anger in Mo-
said ADP’s board needs change by software-focused firms like can officials, a person familiar tracts. dit the deals, and Kroll found zambique at the government
and that Mr. Ackman is a strong Workday Inc. and Ultimate Soft- with the matter said. From 2013 to 2014, the the prices of equipment to be and at the banks it hired.
candidate to improve perfor- ware Group Inc. The activist Attorneys from the Justice Swiss bank, VTB and BNP provided by Privinvest ex- “Clearly there was nothing
mance—but it stopped short of says ADP is insular, stifles inno- Department’s Washington, raised $2 billion in bonds and ceeded what they should have to do with borrowing money—
recommending that sharehold- vation and relies too heavily on D.C., division specializing in loans for companies owned by cost by about $700 million, at least the traditional way of
ers vote for him because he people while software-heavy money laundering and asset Mozambique’s Defense Minis- while an additional $500 mil- borrowing money—for devel-
might introduce too much risk firms run lower-cost models. recovery met this summer try, which contracted to buy lion of the loan proceeds was opment,” said Adriano Nu-
to the company. Both sides criti- Mr. Ackman also said the with investors who had been equipment and services from vunga, program director for
cized ISS’s opinion. ISS said it company could boost its operat- sold the Mozambican bonds Privinvest. About $1.2 billion Mozambique’s Center for Pub-
stands by the report. ing margins significantly more and requested they provide all of the debt wasn’t publicly lic Integrity, a watchdog
Several large shareholders, than it plans to, though both documents and communica- disclosed and, in an unusual
The FBI has been group, speaking at a confer-
including one of ADP’s 10 big- sides have alleged that the other tions from the banks, accord- twist, proceeds from the deals investigating whether ence at Johns Hopkins Univer-
gest, said they would support manipulates numbers. ing to the people familiar with went straight from the banks sity in March. “This, for us, is
the company in the vote, citing Mr. Rodriguez acknowledges the matter. to Privinvest rather than go-
the banks facilitated clearly an international cor-
Mr. Rodriguez’s track record. margins and technology need to Justice officials also have ing first to the state-owned improper payments. ruption scandal.”
Still, some of those investors be- improve. But he said moving at met with Credit Suisse and companies that borrowed the The Justice Department is
lieve there is room to improve too fast a pace risks destabiliz- VTB bankers and lawyers money, people involved in the also looking at whether the
and expressed hope Mr. Ack- ing the business. based in London, where the transactions said. banks helped Mozambican of-
man’s presence would pressure ADP says Pershing Square’s deals were originated, to dis- After the Journal reported unaccounted for. ficials borrow more debt than
management. suggestion to increase margins cuss the transactions and fol- on the deals in 2016, donors “It is our view that, had the nation’s economy could
One institutional investor would introduce risk for bigger low-up dealings with inves- including the International Kroll assessed the pricing of reasonably repay, said one of
supporting Mr. Ackman told The customers by pushing them tors and Mozambique, the Monetary Fund suspended the projects properly, using the people familiar with the
Wall Street Journal it believes too fast, and since such clients people familiar with the mat- hundreds of millions of dol- the correct assumptions and matter.
more urgency is needed to com- only change providers roughly ter said. lars in direct aid to the coun- methodology, they would have —Matina Stevis-Gridneff and
bat technology-heavy rivals. An- every 20 years, the pace needs Credit Suisse became in- try, citing concerns about how found no discrepancy between Aruna Viswanatha
other proxy solicitor, Glass to be careful. volved in the deals in 2012, the money had been spent. the contract prices and value contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
THE WALL STREET JOURNAL. * * * * Monday, November 6, 2017 | B3


He Posed
As Journal
Boeing Is Set to Take Up Old Jet
United considers 767s
Up and Away
Reporter, as plane maker looks
to restart production
Number of 767 passenger jets in
operation by airline*

Got Caught of a passenger version

Delta Air Lines 79

Late last month, Carson United Continental Hold- Latam Airlines 41

Block, the founder of short ings Inc. said it is considering
Japan Airlines 32
seller Muddy Waters LLC, ac- replacing older wide-body
cepted an invitation from a man planes with new Boeing Co. All Nippon 25


identifying himself as a reporter 767 jets, in what would be a
for The Wall Street Journal. surprising revival of fortune American 24
They were to meet at a chic for the 35-year-old aircraft.
Condor 16
Manhattan hotel and discuss Boeing stopped making the
Mr. Block’s short selling of the passenger version of the twin- British Airways 10
stock of a French supermarket aisle plane three years ago but
chain, according to Mr. Block. recently increased production Air Canada 9
The man who showed up of models converted for use as *For 767-300 and -400 passenger jets.
wasn’t a Journal reporter. Accord- military refueling tankers and Source: the companies
ing to video footage of the en- freighters. Now the aerospace A 767 fuselage under construction in 2012. Boeing wants to meet emerging demand from airlines. THE WALL STREET JOURNAL.
counter reviewed by The Wall giant is looking at ways to re-
Street Journal and two people start production of a passenger cade, according to the people The airline has been assessing course of discussions asked declined to comment.
who know him, it was Jean- 767 to meet emerging demand familiar with Boeing’s plans. options for replacing the for information about several Boeing has 101 outstanding
Charles Brisard, a well-known cor- from airlines seeking to replace Boeing recently established a planes, which are close to 20 wide-body aircraft, including orders for the military and
porate security and intelligence aging jets in the next several program office for its proposed years old on average. Analysts the 767,” a United spokes- cargo versions of the plane
consultant who lives in Switzer- years, according to people fa- new midsize airplane—dubbed had expected United, which woman said. and recently raised annual
land and France. Mr. Brisard also miliar with Boeing’s plans. the 797 by some in the indus- operated the first 767 in 1982, Boeing has delivered more output to 30 767s to meet or-
has regularly worked for Groupe The focus is on reviving the try—but hasn’t definitively de- to select either new Boeing than 700 passenger versions ders from the Air Force and
Casino, the French supermarket 767-300ER, the most popular cided to build the plane. 787 jets or Airbus A330s to of the jet since the plane was FedEx Corp.
targeted by Muddy Waters’s short version of the jet family, which Boeing declined to com- replace them. New 767s would introduced. Other big opera- Inc. has con-
selling, the two people said. can seat about 200 passen- ment on customer discussions. be less expensive. tors include Delta Air Lines tracted two cargo carriers to
The hotel rendezvous offers gers. This would also help sat- Chicago-based United oper- “We have not recently Inc. and American Airlines fly converted 767s for its
a peek into the sometimes isfy demand before the com- ates 51 of the current 767 pas- asked for an offer for any par- Group Inc. Delta, which has 82 Prime Air unit.
cloak-and-dagger world of a pany launches a twin-aisle jet senger jets on trans-Atlantic ticular wide-body aircraft type 767s, said it wasn’t thinking of —Susan Carey
small but influential circle of in the middle of the next de- routes and to South America. but have in the ordinary adding new 767s. American contributed to this article.
short sellers and the compa-
nies they target. The encoun-

Sprint’s Desire for Control Sank T-Mobile Deal

ter was described in a lawsuit
filed on Oct. 31 in New York by
Mr. Block, but Mr. Brisard’s in-
volvement and his alleged
links to Casino haven’t previ- During months of merger October. The transaction that
ously been reported. talks with T-Mobile US Inc., was being contemplated was Final Decision Came
When first contacted by a re- Sprint Corp. Chairman an all-stock merger that would
porter about the hotel meeting, Masayoshi Son sought a way have given Deutsche Telekom After a Dinner Failed
Mr. Brisard said: “I am a stranger to merge the two wireless ri- control over the combined To Resolve Issues
to these facts. I have absolutely vals without really having to company and made T-Mobile
no idea what you’re talking hand over the keys. Chief Executive John Legere MARK KAUZLARICH/BLOOMBERG NEWS
about,” adding that he had never the new firm’s head, the peo- When Sprint Chairman
worked for Casino. Ten minutes By Ryan Knutson, ple said. Beyond having a Masayoshi Son recently called
later, Mr. Brisard called back to Drew FitzGerald voice as a major shareholder, Tim Höttges, chief executive
say he had been “confused” dur- and Dana Mattioli Mr. Son wouldn’t be able to of Deutsche Telekom, to let
ing the initial call and that he dictate the combined com- him know he wanted to scrap
had “no comment” on whether There was discussion over pany’s direction. the deal, Mr. Höttges asked
he appeared in the video or had inserting a provision to buy In recent weeks, disagree- for a few more days, people
ever worked for the retailer. the combined company back ments over Sprint’s valuation familiar with the matter said.
On the phone, Mr. Brisard de- after two years, two people fa- also came to a head, the peo- T-Mobile’s board met in New
scribed himself as an “interna- miliar with the matter said. ple familiar with the matter SoftBank chief Masayoshi Son had long sought a T-Mobile deal. York on Wednesday and its
tional investigator.” His résumé, They explored giving the Japa- said. Deal makers with Sprint bankers scrambled to put to-
which is posted on his business nese billionaire the right to in- were under the impression an company’s reported results. why sit in limbo and see gether a better offer.
website, lists a “business intelli- crease his stake over time. He exchange ratio for Sprint’s Whether regulators would Sprint go downward?” one of After the board meeting, T-
gence” stint at media conglomer- was offered the role of co- shares had been agreed to approve the deal was also a ma- the people said. Mobile’s Mr. Legere spoke with
ate Vivendi SA as well as work for chairman. weeks earlier. But, as Sprint’s jor concern for SoftBank, the While significant progress Sprint’s chief executive, Mar-
the French government, but has In the end, nothing worked. stock price began to slide, T- people said. U.S. regulators had had been made on many issues celo Claure. Mr. Legere made it
no mention of work for Casino. In a joint statement Saturday, Mobile began discussing a expressed opposition to the during months of talks, valua- clear T-Mobile didn’t want the
When asked for comment the companies called off the lower valuation, they said. same combination under the tion and control always lin- deal to die, two of the people
for this article, a spokes- merger for good. Then, at an Oct. 27 board Obama administration and had gered in the background, said said. The executives agreed to
woman for Casino denied any The abrupt turn of events meeting in Tokyo, executives at also blocked AT&T Inc.’s at- one person close to the deal. meet and talk things over. The
involvement. She said the derailed a deal that many on SoftBank started questioning tempt to buy T-Mobile in 2011, “The synergies that this deal meeting took place over dinner
company has “never acted in Wall Street have anticipated the fundamental logic of the arguing that reducing the mar- offered were bigger than the at Mr. Son’s expansive home in
an inappropriate manner” or for years, and that Mr. Son has deal, the people said. Mr. Son ket from four to three competi- deal. Bigger than the market Tokyo, three of the people said.
“authorized anyone to act in long desired. Before Mr. Son’s believes wireless connectivity is tors would harm consumers. cap of Sprint,” the person In attendance were Mr. Hött-
an inappropriate manner.” SoftBank Group Corp. ac- central to major businesses of Even with a pro-business said. “The synergies were ges, Mr. Legere, Mr. Claure and
Mr. Block’s Muddy Waters quired control of Sprint for the future, including robots and Trump administration, Sprint massive, and that’s what keeps Mr. Son, along with their advis-
borrows shares and then sells $22 billion in 2013, he also millions of devices. Sprint, wasn’t sure the Justice De- everybody going.” ers. T-Mobile offered a more
them with the aim of repur- held talks with Deutsche therefore, is a strategically crit- partment would approve the Combined, Sprint and T-Mo- attractive exchange ratio,
chasing them later at a lower Telekom AG about striking a ical asset, they argued, so why merger. The SoftBank board bile would still trail Verizon meaning it would have required
price. To that end, the Califor- three-way deal with its U.S. give up control at all? didn’t want to leave Sprint in Communications Inc. and AT&T fewer Sprint shares to obtain a
nia firm publishes critical re- subsidiary, T-Mobile. When For Deutsche Telekom, con- limbo, the people said, while by monthly subscribers. But the larger ownership stake, the
search about the company that failed, he tried to merge trol was also a requirement. T- antitrust regulators reviewed combination could yield billions people said.
whose shares it is trading and the companies again in 2014, Mobile is much larger than the process for a year—a time of dollars in savings by sharing Mr. Son couldn’t be
profits if the price declines. only to back down in the face Sprint, and Deutsche Telekom during which Sprint customers management, stores, wireless swayed. Within hours, the ex-
Mr. Block said he suspected of opposition from regulators. would have to control the and employees might leave. spectrum and network equip- ecutives were on planes,
the individual who met him at The latest round of deal combined company to include “The probability of ap- ment, analysts at New Street headed home.
the hotel of impersonating the talks began to unravel in late the U.S. results in the German proval by the DOJ was low, so Research estimated.
Journal reporter. Shortly after
the meeting began, Mr. Block
whipped out his cellphone and Legal Notice
began to film the encounter.
“I’d like to know who you really
are,” Mr. Block said, according If You Owned a U.S. Dollar LIBOR-Based
to the video of the encounter. Instrument Between August 2007 and May 2010

Admitting he didn’t work for

the Journal, the impostor said: You May Be Eligible for a Payment from
“I wanted to meet you. There is
no other way to meet you.”
a $130 Million Settlement
Shortly after, Mr. Block filed There is a Settlement with Citibank that impacts What does the Settlement provide?
a lawsuit in New York trying to individuals and institutions that entered into over- The Settlement will create a $130 million Settlement
compel Google’s parent, Alpha- the-counter financial derivative and non-derivative Fund that will be used to pay eligible Class Members
bet Inc., to turn over informa- instruments directly with Citibank, Barclays, or a who submit valid claims. Additionally, Citibank
tion related to the identity of
Non-Settling Defendant that received payments will cooperate with the Plaintiffs in their ongoing
the suspected impostor. The litigation against the Non-Settling Defendants.
tied to U.S. Dollar LIBOR. Citibank, Barclays,
person had used Gmail in ex- Kevin Spacey faces accusations of sexual assault and harassment.
and the Non-Settling Defendants (Credit Suisse,
changes with Muddy Waters How can I get a payment?
Bank of America, JPMorgan, HSBC, Lloyds,
claiming to be William Horobin,
a reporter in the Journal’s Paris
bureau, according to the lawsuit.
A Muddy Waters spokes-
Netflix, Producer WestLB, UBS, RBS, Deutsche Bank, Rabobank,
Norinchukin, Bank of Tokyo-Mitsubishi UFJ,
HBOS, SocGen, and RBC) are U.S. Dollar LIBOR
You must submit a Proof of Claim to get a payment.
You can submit a Proof of Claim online or by mail.
The deadline to submit a Proof of Claim is March
29, 2018. You are entitled to receive a payment if
man said Mr. Block filed the
suit to establish that the im-
postor was sent by Casino.
Break With Spacey Panel Banks. The instruments include certain
interest rate swaps, forward rate agreements,
asset swaps, collateralized debt obligations, credit
default swaps, inflation swaps, total return swaps,
you have a qualifying transaction with Citibank,
Barclays or a Non-Settling Defendant. At this
time, it is unknown how much each Class Member
“Casino already suffered who submits a valid claim will receive.
many calumnious accusations BY JOE FLINT In a statement Friday, Net- options, and floating rate notes.
from this company in the past,” flix said it won’t “be involved What are my rights?
the Casino spokeswoman said. Netflix Inc. and “House of with any further production of The litigation claims that the banks manipulated Even if you do nothing, you will lose your right
“We believe these alleged suspi- Cards” producer Media Rights ‘House of Cards’ that includes the U.S. Dollar LIBOR rate during the financial to sue Citibank for the alleged conduct and will
cions would just be another at- Capital have cut ties with actor Kevin Spacey.” crisis, artificially lowering the rate for their own be bound by the Court’s decisions concerning the
tempt to destabilize the group Kevin Spacey after sexual-as- Netflix said it would work profit, which resulted in purchasers receiving less Settlement. This Settlement will not result in a
and we vehemently refute and sault and harassment accusa- with Media Rights Capital to interest payments for their U.S. Dollar LIBOR- release of your claims against any Non-Settling
deny any such allegations.” tions were made against him, as “evaluate our path forward as based instruments from the banks as they should Defendant, and the litigation against Non-Settling
The Mr. Horobin who is a the companies investigate his al- it relates to the show.” Netflix have. Plaintiffs assert antitrust, breach of contract, Defendants is ongoing. If you want to keep your
Journal reporter declined to com- leged misconduct, reassure staff halted production of the show and unjust enrichment claims. Citibank denies all right to sue Citibank, you must exclude yourself
ment. A spokeswoman for Dow and determine whether produc- last week and MRC suspended claims of wrongdoing. from the Settlement Class by January 2, 2018. If
Jones & Co., publisher of the tion of the show can resume. Mr. Spacey. you stay in the Settlement Class, you may object to
Journal, said: “I can confirm that Mr. Spacey last week was Netflix is also canceling a Am I included? the Settlement by January 2, 2018.
The Wall Street Journal reporter accused by actor Anthony movie it was making with You are included in the Settlement if you
Rapp in a BuzzFeed article of Mr. Spacey that was in post- The Court will hold a hearing on January 23, 2018
with this name has made no in- (individual or entity): Directly purchased to consider whether to approve the Settlement and
quiries” with Muddy Waters. making an unwanted sexual production. Mr. Spacey has certain U.S. Dollar LIBOR-based instruments approve Class Counsel’s request of attorneys’
In the lawsuit, Muddy Waters advance in 1986. A subsequent also been dropped by Cre- from Citibank, Barclays, or any Non-Settling fees of up to one-third of the Settlement Fund,
said it contacted the Journal’s CNN article said people con- ative Artists Agency and his Defendant (or their subsidiaries or affiliates) in plus reimbursement of costs and expenses. You
Mr. Horobin in February and es- nected to the show said Mr. publicist. the United States; and owned the instruments at or your own lawyer may appear and speak at the
tablished that he hadn’t been Spacey created a “toxic” work Mr. Spacey couldn’t be any time between August 2007 and May 2010. hearing at your own expense.
communicating with the firm. environment on “House of reached for comment. Neither
A spokesman for Muddy Cards,” the political drama he Mr. Spacey’s lawyer nor his
Waters said the firm no longer stars in, through a pattern of manager responded to re- 1-888-568-7640
has a short position on Casino. sexual harassment. quests for comment.
B4 | Monday, November 6, 2017 THE WALL STREET JOURNAL.


At Twitter, Trump Is Star and Headache happening again.” donated about $122,612 di- spheres,” said Mr. Sharp, now nearly 9 million new monthly Trump did this summer—
Brief deactivation
Inside Twitter, the brief de- rectly to “Hillary for America.” a technology consultant. users to the site. sometimes violates Twitter’s
of president’s account activation elicited celebration This disconnect between “Social media platforms Early Friday, Mr. Trump ad- rules. Twitter also considers
sparks jokes and vow or amusement even in the up- Twitter’s employees and the and shareable networks have dressed the controversy in a the newsworthiness of a tweet
per ranks. A couple of hours company’s most closely continued to show an implicit tweet. “My Twitter account when deciding whether to take
it won’t happen again after the deactivation of Mr. watched user has fueled ten- liberal bias,” said Jenna Ellis, was taken down for 11 minutes action.
Trump’s account, Twitter Chief sion within the company. One a fellow at the Centennial In- “The public’s interest is to
BY NATALIE ANDREWS Executive Jack Dorsey liked a former employee said that de- stitute, a conservative think hear the president speak,” says
AND GEORGIA WELLS tweet with an image of his face leting Mr. Trump’s account tank at Colorado Christian Danielle Citron, a professor at
superimposed on celebrity was a “running joke” among University.
President’s use of the University of Maryland
The deactivation of Presi- painter Bob Ross standing be- employees about things they A Twitter representative Twitter as a primary School of Law who studies on-
dent Donald Trump’s Twitter fore a canvas depicting Mr. wanted to do on their last day. declined to comment. line harassment. She has ad-
account by a rogue employee Trump’s deactivated account. Lara Cohen, Twitter’s former Further complicating Twit-
communication tool vised Twitter since 2009 and
was the most public sign yet “There are no mistakes, only head of entertainment and tal- ter’s relationship with the has helped the site. is a member of Twitter’s Trust
that Twitter’s greatest star can happy little accidents!” the ent partnerships, retweeted a president is that Mr. Trump’s and Safety Council. “The
also cause the company great caption said. post about the rogue employee use of Twitter as a primary tweets can be costly, inciting
headaches. A spokesman for Twitter that said, “Not all heroes wear communication tool has helped racism and distrust and worse,
Twitter blamed the inci- declined to comment. capes.” the social network, tech ana- by a rogue employee. I guess but they still are the words of
dent—which took Mr. Trump’s Like many tech companies, Former Twitter executive lysts say, as it attempts to re- the word must finally be get- our president.”
@realdonaldtrump account Twitter’s workforce is young Adam Sharp said Silicon Valley ignite user growth. Twitter’s ting out—and having an im- The president has said in
offline for 11 minutes late and concentrated in the left- tech companies haven’t done a user growth has largely stalled pact.” the past that he believes Twit-
Thursday—on actions taken by leaning Bay Area. Employees good job recruiting conserva- over the past two years; dur- Critics of the president say ter is the best way for him to
a customer-support employee of Twitter donated $4,060 to tives. “The underrepresenta- ing the first quarter, Mr. that his use of the platform— connect directly with his sup-
on his or her last day of work. Mr. Trump’s campaign from tion there is as least as pro- Trump added 8.9 million fol- such as by threatening to at- porters. He has bragged about
Twitter said it was taking 2015 to 2016. During the same nounced as the more talked lowers among Twitter users. In tack North Korea if the coun- his follower count in media in-
measures “to prevent this from period, about 100 employees about gender and race the same period, Twitter drew try acts “unwisely,” as Mr. terviews.

MINE drone with assistance from a

pilot to build a preliminary
map. Using the initial data,
Continued from page B1
navigation systems, such as
they can then program the
drone to fly autonomously to
certain locations.
GPS, like it could on the sur-
Scientists and mining en-
But the ultimate goal is a
fully autonomous drone that
can simply be taken under-
Tries Hand
gineers say drones could be
deployed to investigate large
underground caverns after
MIKE CHERNEY/THE WALL STREET JOURNAL ground and turned on, and
then fly away to map a tun-
nel or cavern. Such drones
At Esports
they are blasted open by ex- could be tested in the next BY SARAH E. NEEDLEMAN
plosives. The rock blasted few months.
out of these caverns is One of the riskier test As a three-time National
trucked to the surface, flights Mr. Hrabar and his Basketball Association cham-
where it is crushed and gold colleagues attempted at pion and actor, Rick Fox is
is extracted. Jundee was an autonomous used to fans asking him about
Currently, surveyors must flight in a roughly 180-foot- his years with the Los Angeles
use a laser-mapping device tall cavern, the largest that Lakers or his stint on HBO’s
attached to a boom, and had been blasted at the “Oz.” What he is still getting
stick it as far into the cavern A drone at the Jundee mine, which is expected to produce over $300 million in gold this fiscal year. mine. used to: Fans who want to
as possible. But a laser at- “This is the moment of know about his pro videogame
tached to a fixed point can’t could also collect maps of than $300 million in gold an underground cavern truth,” said Farid Kendoul, squad.
capture everything, and it is older sections of mines, this fiscal year, so even a where the pilot couldn’t see another scientist on the In esports, fans watch vid-
too dangerous for human making it easier to restart small improvement in effi- it. But that means the pilot team, just before the flight. eogame players compete with
surveyors to go inside for a mining in those areas if com- ciency is “a massive amount also couldn’t intervene if The drone, whizzing on its high-end gear, matching jer-
closer look. modity prices rise. of money,” Mr. Valiukas said. something went wrong. six rotors, disappeared into seys and other traditional
With a better map from a In general, mining compa- In September, a team of “It’s a pretty big step for the cave. It returned a few sports hallmarks. Most watch
drone, miners could get a nies assume they can get researchers from Data61, us and it shows that this is minutes later, though a hard- on free live-streaming plat-
clearer picture of how much 95% of the ore from under- part of the Australian gov- feasible,” said Stefan Hrabar, ware glitch required the pi- forms like Twitch, though
rock they have blasted out, ground using current meth- ernment-funded Common- the Brisbane, Australia-based lot to help land the machine. some buy tickets to live
modify their blasting tech- ods, said Brad Valiukas, tech- wealth Scientific and Indus- scientist who led the team. Mr. Kendoul clapped his events.
nique if they aren’t getting nical-services manager at trial Research Organisation, More work still needs to hands in the poorly lighted Echo Fox’s profile is getting
enough, and better plan the Northern Star. Jundee alone demonstrated at Jundee that be done. Right now, re- tunnel. another lift from an alignment
next cavern to blast. Drones is expected to produce more a drone could fly by itself in searchers first must fly the “It came back,” he said. with Major League Baseball.
Last month, the New York Yan-
kees signed a partnership

ADS decisions based on the sub-

stantial, verified data they are
currently receiving.”
vertisers at the meeting called
for more transparency, these
people said.
agreement with Vision Es-
ports, an investment vehicle
run by the private-equity firm

Mr. Goldin added that Out- Christine Franklin, execu- Mr. Fox co-founded.
Continued from page B1 come has signed deals for mil- tive director of the Point of The Yankees partnership is
of dollars in potential revenue lions of dollars in new adver- Care Communication Council, part of a $25 million to $30
next year. During its recent tising from pharmaceutical said the purpose of the meet- million funding round, ex-
fundraising, Outcome esti- companies as well as medical ing was to present work from pected to close in coming
mated 2016 revenue of about device and lifestyle companies. the group’s standards commit- weeks, that will make Vision
$130 million, according to a Last month, the Journal re- tee, including proposed audit- Esports the largest share-
company presentation to in- ported allegations by advertis- ing standards. holder in Echo Fox, a person
vestors that was reviewed by ers and former employees that In July, Outcome hired me- familiar with the matter said.
The Wall Street Journal. some Outcome employees had dia-audit firm BPA Worldwide, Echo Fox and the Yankees de-
David Goldin, an Outcome misled customers by charging which verified the size of Out- clined to comment on the ex-
Health spokesman, said in re- them for ads on more screens come’s network and its system act size of the Yankees’ partic-
sponse to inquiries from the than the startup had installed. Outcome Health streams ads to screens in doctors’ offices. for delivering ads. Richard Mur- ipation.
Journal, “Outcome Health is Outcome offered free advertis- phy, BPA’s senior vice president Mr. Fox’s third act, as a vid-
actively leading the point-of- ing worth tens of millions of Webb “to review allegations At a Sept. 13 meeting in of auditing, said his firm has re- eogame team owner, comes as
care industry in creating de- dollars this year to make up for about certain employees’ con- New York sponsored by the viewed about a dozen Outcome the esports industry is grow-
pendable delivery and mea- shortfalls, the Journal reported. duct” that were raised inter- Point of Care Communication ad campaigns to date and plans ing rapidly. Some 191 million
surement systems through An Outcome spokesman, nally and by the Journal. Mr. Council, some big pharmaceu- to audit more this quarter. “In people world-wide are ex-
transparent third-party valida- Lanny Davis, told the Journal Davis said Outcome “has al- tical advertisers raised ques- reviewing those campaigns, we pected to watch an esports
tion, and we very much appre- last month that Outcome had ways upheld the highest ethi- tions about point-of-care ad have [seen] some under-deliv- contest at least once a month
ciate the overwhelming sup- put three employees on paid cal standards” and has ad- companies’ claims about ad ery and some over-delivery, in 2017, more than double the
port from the vast majority of leave and hired the law firm of opted new policies to comply performance, people who at- which is typical of digital media 2012 number, according to re-
our customers who are making former U.S. attorney Dan with customer contracts. tended the meeting said. Ad- campaigns,” he said in an email. search firm Newzoo BV.


Legal Notices MIMS U.S. retail sales at restaurants have surpassed sales at grocery stores.
To advertise: 800-366-3975 or Continued from page B1 Restaurants and bars Grocery stores
person is devoted to a spe-
cific set of tasks. At the end $60 billion
CLASS ACTIONS of the preparation process,
runners assemble and bag 50
the meals.


  In San Jose, Grubhub com-
   petitor DoorDash has built
#  ()*(+,+-*./-+%0
   !"# $" !! ' out its own kitchen space. 30

%!  '
There is one tenant so far, a
# ' pizzeria called the Star. 20
 !  '
 !# ' (More are on the way, Door-
Dash says.) To save on rent, 10
&& 1  
 DoorDash built the facility in
 )  %      %
2  &%  
 34&% 5' 
   &1 6 a disused portion of the 0
6-*7  8 %  9 6-*( 

1     1    :"#! !  ""  ! ! !!# #!",!
"! " ! "!" #!",! 
 " !!  "; Santa Clara County Fair- 2000 ’10
< =   0" 7* 6-*/ ! 9)-- $ = " ! "= %# 0 $! ! !!# #!",! 0; ! ! ! !!# #!",!
" ! "!" #!",! 
 " > #   $# " ; ? ! !!#
"!# *7-*
"!"$ 7
 " 9(.*6 " ! :":#  !"$;) 3*' <!" ! :":# #!!$! # #! "!  ! !:!  !!$! ! ;#! 7- One month in, the Star’s
6-*@ 34!:!5'  ! =+,:! ,! 34!;!5' " A*9--------  ,# # = ::" = !
"! # " B#! "#= 
C!D 36' <!"   0;$!  ""  #$## <! %"B, # = !" = !
"! #$##; ! !;! <! :"B,D savings have been notable,
37' <!" ! %  ,! # " "#=  C!  # = ::"D  3(' <!" ! ::,!  
# " ! :$!
 !!"#E #  F:##   %! E# F:##  ,,! <! !# !;! # = ::"
says Ben Seabury, chief oper- partners can operate without ing for below-market rates.
 1  %
2  &%  
   &1 6 6-*7  8 %  9 6-*( 
 ating officer of the 1100 having to secure their own Both kitchen space startup
1  8  &1   
 1   &   8     ! ",  ! !,  %, 
%":# !!$! 
## ,! 34!,5'   ,:  ! %" 
$  # "$ 34%" 
$  #5'  $ =! ,:# Group, which owns the virtual kitchen space. Foodworks and Green Sum-
= <"!; !  
$# $#!"!" ,G 8" ?
 %  F (-(-7* # 1 (-677+(-7* "  ! !"!
! <<<$:"#,"!#!;!,$
restaurant. Typically, 30 cents Virtual restaurants tap mit Group specialize in snap-
## &$="  "" ! #"  ! #!"=!  ! ! !!$!   $#! #=$!  %" 
$  # = of every dollar that comes into into a larger trend: Ameri- ping up kitchens on the
$ 3
        ' " #=$!! ,!",          #!=#; !!  " !! ! ","
1" " ! #=$! " %" 
$  # = 0" 66 6-*/ < #=B,! " ,$ ! :##= "B,!  $ :",  "$ ",;
one of his restaurants goes to cans’ increasing aversion to cheap. The same trend is
  ! ","  ,,! <! ! #!!$!  !# !;!   "  &$="  !
##   ! "C#! F,#  < = = labor, says Mr. Seabury. But cooking for themselves. For driving surviving establish-
= ! #!!$!   B;$!  "# !"  ! !;! ,; =! ! $! ! ! 0;$! <!" " !  #=$!  %" 

$  # without waiters, bartenders the first time ever in 2016, ments trying to figure out
 F, "# "$ !
##  $#! #=$!  <"!! "C#! " F,#  ,,", <! ! #!",!# #! "!  ! !, and dishwashers, that cost is Americans spent more at eat- how to increase their busi-
#, !! ! #   
          &$="#  !
## <  ! "C#! F,# "$ !
## < = = = !
#!!$! !"  ! !;!   !  ! #=$!  !$ %" 
$  # just 10 cents on the dollar— ing and drinking establish- ness through delivery.
 =B,! ! ! #!!$! ! %  ,!  #!!$! :",# " !   F:# ::,! $#! = #=$!! ! ! and even less when demand is ments than on groceries, ac- A Chicago restaurant

"!  ,,", <! ! #!",!# #! "!  ! !,            =B,! =! # <! ! = ;= "  :$! "$
! #!!$!  $#! #! #=$!  %" 
$  # "  < ! ",  :$! "$ ! #!!$! high. cording to U.S. Census data. group, Lettuce Entertain You

     C#!# Postmates, another popu- The food-delivery market is a Enterprises, launched a vir-
=! ! #!!$!  $ ,!,! 
# ! ! <; "##)
 8 & lar on-demand delivery small slice of that sector: It is tual restaurant after three of
?   %
startup, is pursuing a similar only $30 billion in 2017, but its chefs realized they had
.HH #! "< ! *9-- strategy, a company spokes- Morgan Stanley estimates it unused kitchen space at one
woman says. In September, it could balloon to $220 billion of their sushi restaurants.
) ,!=" ** 6-*@ 1   
  opened a commissary within a few years. The group had leads on high-


kitchen in Los Angeles A nationwide oversupply quality tuna, and the result
   where, in exchange for pay- of restaurants and the subse- was the ASAP Poke virtual
ing a higher commission, quent shakeout has kitchen restaurant, which delivers
Postmates’ virtual-restaurant space in some locations go- poke bowls.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
THE WALL STREET JOURNAL. NY Monday, November 6, 2017 | B5

Listed are the 300 largest closed-end funds as 52 wk 52 wk 52 wk Prem12 Mo Prem12 Mo
measured by assets. Prem Ttl Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld
Closed-end funds sell a limited number of shares and Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
invest the proceeds in securities. Unlike open-end PIMCO Corporate & Incm PTY NA 16.88 NA 10.3 Nuveen CA Quality Muni NAC NA 14.53 NA 5.5
funds, closed-ends generally do not buy their shares Gabelli Dividend & Incm GDV 24.03 22.60 -6.0 33.5 Clearbridge Engy MLP Opp EMO 11.16 NA -0.0 MS China a Shr Fd CAF 27.91 23.90 -14.4 32.5 PIMCO Corporate & Incm PCN NA 17.09 NA 10.4 Nuveen MD Qual Muni NMY NA 12.69 NA 5.0
back from investors who wish to cash in their holdings.
Instead, fund shares trade on a stock exchange.
Gabelli Equity Trust GAB 6.41 6.02 -6.1 28.9 Clearbridge Engy MLP TR CTR 11.75 NA 8.4 MS Emerging Fund MSF 19.83 17.45 -12.0 27.4 PIMCO HiInco PHK NA 7.83 NA 13.1 Nuveen MI Qual Muni NUM NA 13.41 NA 4.8
a-The NAV and market price are ex dividend. b-The Genl American Investors GAM 42.42 36.29 -14.5 28.5 Cohen & Steers Infr Fd UTF 25.55 23.09 -9.6 30.9 MS India Invest IIF 40.82 36.20 -11.3 37.3 PIMCO Inco Str Fd PFL NA 12.03 NA 8.9 Nuveen NJ Qual Muni NXJ NA 13.74 NA 5.2
NAV is fully diluted. c-NAV is as of Thursday’s close. d- Guggenheim Enh Fd GPM 8.83 8.63 -2.3 30.9 C&S MLP Incm & Engy Opp MIE 10.48 9.70 -7.4 12.2 New Germany Fund GF 21.19 19.08 -10.0 51.5 PIMCO Incm Strategy Fd II PFN NA 10.71 NA 8.9 Nuveen NY AMT-Free NRK NA 12.98 NA 4.9
NAV is as of Wednesday’s close. e-NAV assumes rights
offering is fully subscribed. f-Rights offering in process. HnckJohn TxAdv HTD 26.15 25.79 -1.4 22.5 Cohen & Steers Qual Inc RQI 13.54 12.55 -7.3 17.9 Swiss Helvetia Fund SWZ 13.84 12.56 -9.2 22.7 Putnam Mas Inco PIM 5.03 4.77 -5.2 6.5 Nuveen NY Qual Muni NAN NA 13.85 NA 5.1
g-Rights offering announced. h-Lipper data has been Liberty All-Star Equity USA 6.80 6.18 -9.1 38.3 CohnStrsPfdInco RNP 22.83 21.18 -7.2 25.6 Templeton Dragon TDF 21.65 NA 39.1 Putnam Premier Income Tr PPT 5.58 5.38 -3.6 5.8 Nuveen OH Qual Muni NUO NA 14.82 NA 4.7
adjusted for rights offering. j-Rights offering has Royce Micro-Cap RMT 10.42 9.34 -10.4 40.2 Cohen & Steers TR RFI 13.40 12.64 -5.7 16.4 Nuveen PA Qual Muni NQP NA 13.43 NA 5.2
expired, but Lipper data not yet adjusted. l-NAV as of Templeton Emerging EMF 17.15 NA 44.8 Wells Fargo Multi-Sector ERC NA 13.03 NA 9.4
previous day. o-Tender offer in process. v-NAV is Royce Value Trust RVT 17.52 16.03 -8.5 47.6 CLSeligmn Prem Tech Gr Fd STK 22.65 23.66 +4.5 55.3 Virtus Total Return Fund ZF 12.64 NA 25.3 World Income Funds Nuveen VA Qual Muni NPV NA 13.07 NA 4.3
converted at the commercial Rand rate. w-Convertible Source Capital SOR 45.23 40.87 -9.6 20.5 Duff & Phelps DNP 9.98 11.29 +13.2 23.3 Voya Infr Indls & Matls IDE 16.72 16.17 -3.3 43.5 Abeerden Asia-Pacific FAX 5.45 5.02 -7.9 8.3 PIMCO California Muni PCQ NA 17.18 NA 5.3
Note-NAV (not market) conversion value. y-NAV and PIMCO California Mun II PCK NA 10.08 NA 5.6
market price are in Canadian dollars. NA signifies that Tri-Continental TY 29.26 26.14 -10.7 32.1 Duff&PhelpsGblUtilIncFd DPG 15.85 NA 16.5 Wells Fargo Gl Div Opp EOD 6.24 NA 29.7 Etn Vnc Short Dur Fd EVG 15.33 14.14 -7.8 6.9
the information is not available or not applicable. NS Specialized Equity Funds Eaton Vance Eqty Inco Fd EOI 14.67 14.38 -2.0 33.5 Legg Mason BW Glbl Incm BWG NA 13.04 NA 8.3 52 wk
Prem12 Mo
signifies fund not in existence of entire period. Adams Natural Rscs Fd PEO 23.04 19.77 -14.2 11.0 Eaton Vance Eqty Inco II EOS 15.46 15.08 -2.5 26.9 Fund (SYM) NAV Close /Disc Yld MS EmMktDomDebt EDD 8.67 7.73 -10.8 8.4 Prem Ttl
12 month yield is computed by dividing income Fund (SYM) NAV Close /Disc Ret
dividends paid (during the previous twelve months for AllnzGI NFJ Div Interest NFJ 14.72 13.41 -8.9 22.5 EtnVncRskMngd ETJ 9.96 9.16 -8.0 15.6 PIMCO Dynamic Credit PCI NA 22.76 NA 11.4
Etn Vnc Tax Mgd Buy-Write ETB 16.27 16.58 +1.9 14.0 U.S. Mortgage Bond Funds
periods ending at month-end or during the previous AlpnGlblPrProp AWP 7.21 6.46 -10.4 38.6 PIMCODynamicIncomeFund PDI NA 30.20 NA 13.5 General Equity Funds
fifty-two weeks for periods ending at any time other Eaton Vance BuyWrite Opp ETV 14.87 15.11 +1.6 17.5 BlackRock Income Trust BKT 6.66 6.28 -5.7 5.1
ASA Gold & Prec Metals ASA 12.79 11.30 -11.6 -20.3 PIMCO Income Opportunity PKO NA 26.14 NA 9.9 Specialized Equity Funds
than month-end) by the latest month-end market price
Eaton Vance Tax-Mng Div ETY 12.06 11.73 -2.7 29.6 Nuveen Mtg Opp Term Fd JLS 25.84 NA 5.2 Griffin Inst Access RE:L NA NA NA NS
adjusted for capital gains distributions. BlkRk Enh Cap Inco CII 16.74 15.96 -4.7 35.2 PIMCO Strat Income Fund RCS NA 9.19 NA 9.7
EatonVanceTax-MngdOpp ETW 11.52 11.87 +3.0 27.8 Investment Grade Bond Funds Griffin Inst Access RE:M NA NA NA NS
Source: Lipper BlkRk Engy Res Tr BGR 15.19 13.77 -9.3 10.2 Templeton Emerging TEI NA 11.55 NA 4.5
EtnVncTxMngGlDvEqInc EXG 9.40 9.32 -0.9 31.3 Blackrock Core Bond Tr BHK 14.93 14.19 -5.0 5.5 NexPointRlEstStrat;A 20.00 NA NA 9.1
Friday, November 3, 2017 BlackRock Enh Eq Div Tr BDJ 9.80 9.23 -5.8 32.8 Templeton Global GIM NA 6.65 NA 6.1
Fiduciary/Clymr Opp Fd FMO 12.19 12.12 -0.6 -5.8 BlkRk Credit Alloc Incm BTZ 14.91 13.43 -9.9 6.3 NexPointRlEstStrat;C 19.95 NA NA 8.3
52 wk BlackRock Enh Gl Div Tr BOE 14.32 13.57 -5.2 29.0 Wstrn Asset Emerg Mkts EMD NA 15.50 NA 7.5
Prem Ttl FT Energy Inc & Growth Fd FEN 22.98 22.86 -0.5 6.7 John Hancock Income Secs JHS 15.60 14.89 -4.6 5.4 NexPointRlEstStrat;Z 19.95 NA NA 9.4
BlkRk Intl Grwth&Inco BGY 7.00 6.64 -5.1 30.7 Wstrn Asset Gl Def Opp Fd GDO NA 18.30 NA 7.5
Fund (SYM) NAV Close /Disc Ret FstTrEnhEqtIncFd FFA 16.40 15.62 -4.8 33.3 MFS Inc Tr MIN 4.46 4.23 -5.2 9.2 Resource RE Div Inc:A 10.04 NA NA 6.7
BlkRk Health Sci BME 35.37 36.10 +2.1 27.2 National Muni Bond Funds
First Tr Engy Infr Fd FIF 18.72 18.39 -1.8 15.2 WstAstClymr InfLnkd Fd WIW NA 11.28 NA 3.6 Resource RE Div Inc:C 10.03 NA NA 5.9
General Equity Funds BlackRck Rscs Comm Str Tr BCX 10.21 9.04 -11.5 24.7 AllianceBrnstn NtlMun AFB 14.93 13.57 -9.1 4.6
First Tr MLP & Engy Incm FEI 14.27 14.28 +0.1 6.6 WstAssetClymr InflLnk Sec WIA NA 11.53 NA 3.3 Resource RE Div Inc:D 10.19 NA NA 6.1
Adams Divers Equity Fd ADX 18.24 15.71 -13.9 35.0 BlackRock Science & Tech BST 27.82 26.57 -4.5 52.4 Blackrock Invest BKN 15.89 14.58 -8.2 5.3
Gabelli Hlthcr & Well GRX 11.09 9.65 -13.0 11.5 Loan Participation Funds Resource RE Div Inc:I 10.47 NA NA 6.7
Boulder Growth & Income BIF 12.44 10.63 -14.5 37.8 BlackRock Utility & Infr BUI 21.27 20.86 -1.9 27.1 BlackRockMun2030Target BTT 24.12 22.39 -7.2 4.1 Resource RE Div Inc:L 10.04 NA NA NS
Gabelli Utility Tr GUT 5.50 7.08 +28.7 21.0 Apollo Sr Fltg Rate Fd AFT 18.07 16.51 -8.6 7.4
Central Securities CET 32.36 26.79 -17.2 35.5 CBREClarionGlblRlEstIncm IGR 8.76 7.79 -11.1 14.1 BlackRock Municipal Trust BFK 14.46 14.12 -2.4 5.7 Resource RE Div Inc:T 10.01 NA NA 5.8
GAMCOGlblGoldNatRscs&Inc GGN 5.39 5.47 +1.5 4.1 BlkRk Debt Strat Fd DSU 12.79 11.69 -8.6 6.9
CohSteer Opprtnty Fd FOF 13.78 13.14 -4.6 27.2 Central Fund of Canada CEF 13.13 NA -5.8 BlackRockMuni BLE 15.05 14.33 -4.8 6.1 Resource RE Div Inc:U 10.05 NA NA 6.7
GoldmanSachsMLPIncOpp GMZ 8.57 NA 6.3 BlackRock FR Incm Strat FRA 15.01 14.13 -5.9 5.6
Cornerstone Strategic CLM 13.58 15.03 +10.7 26.0 ClearBridge Amer Engy CBA 7.94 NA 7.5 BlackRockMuni Tr BYM 15.20 14.30 -5.9 5.3 Resource RE Div Inc:W 10.19 NA NA 6.5
Goldman Sachs MLPEnergy GER 6.10 NA 4.5 Blkrk FltRt InTr BGT 14.49 14.12 -2.6 5.3
EtnVnc TaxAdvDiv EVT 23.17 22.59 -2.5 31.3 ClearBridge Engy MLP Fd CEM 13.49 NA 0.7 BlkRk MuniAssets Fd MUA 14.16 14.96 +5.6 4.6 SharesPost 100 26.19 NA NA -3.0
John Hancock Finl Opps Fd BTO 36.68 37.54 +2.3 40.0 BlackstoneGSO Strat Cred BGB NA 15.78 NA 8.4
Blackstone GSO Sr Float BSL NA 17.10 NA 6.7 BlkRk Munienhanced MEN 11.94 11.85 -0.8 5.7 Tot Inc+ RE:L NA NA NA NS
Macquarie Glbl Infrstrctr MGU 28.09 24.93 -11.2 37.9 BlkRk MuniHldgs Inv MFL 14.74 15.04 +2.0 5.7 USQ Core Real Estate:I USQIX 25.13 NA NA NS
NeubergerBermanMLPIncm NML 9.65 8.69 -9.9 11.2 Eagle Point Credit ECC NA 19.08 NA 8.3
A Week in the Life of the DJIA Neubrgr Brm Rl Est Sec Fd NRO 5.80 5.50 -5.2 17.3 Eaton Vance FR Incm Tr EFT 15.55 14.36 -7.7 5.7 BlkRk MuniHldgs Qlty II MUE 14.08 13.70 -2.7 5.6
BlkRk MuniVest MVF 9.65 9.71 +0.6 5.8
USQ Core Real Estate:IS USQSX 25.13 NA NA NS
Versus Cap MMgr RE Inc:F 27.46 NA NA 6.0
Nuveen Dow 30 Dynamic DIAX 17.73 NA 37.0 EatonVnc SrFltRate EFR 15.21 14.41 -5.3 6.0 Versus Cap MMgr RE Inc:I 27.52 NA NA 6.3
A look at how the Dow Jones Industrial Average component stocks Eaton Vance Sr Incm Tr EVF 7.18 6.50 -9.5 5.6 BlkRk MuniVest II MVT 15.27 15.33 +0.4 5.9
Nuveen Core Eq Alpha JCE 15.82 NA 34.5 Versus Capital Real Asst VCRRX 25.05 NA NA NS
did in the past week and how much each moved the index. The DJIA First Trust Sr FR Fd II FCT 14.08 12.99 -7.7 6.1 BlkRk MuniYield MYD 14.87 14.25 -4.2 6.0
Nuveen Diversified Div JDD 12.76 NA 28.9 Wildermuth Endwmnt Str 12.84 NA NA 14.2
FT Sr Floating Rate 2022 FIV 9.74 9.50 -2.5 NS BlkRk MuniYld Quality MQY 15.83 15.30 -3.3 5.6
gained 105.00 points, or 0.45%, on the week. A $1 change in the price Nuveen Engy MLP Fd JMF 10.76 NA -0.8
BlkRk MuniYld Qlty II MQT 13.90 12.95 -6.8 5.6
Wildermuth Endwmnt S:C 12.67 NA NA 13.4
NuvNASDAQ100DynOver QQQX 23.83 NA 43.0 Invesco Credit Opps Fund VTA 13.07 11.61 -11.2 7.1 Wildermuth Endwmnt S:I 12.89 NA NA NS
of any DJIA stock = 6.89-point change in the average. To date, a Invesco Senior Income Tr VVR 4.88 4.39 -10.0 6.0 BlRkMunyldQltyIII MYI 14.46 14.17 -2.0 5.8
Nuveen Real Est Incm Fd JRS 11.01 NA 20.4 Income Preferred Stock Funds
$1,000 investment on Dec. 31 in each current DJIA stock component NuvS&P500DynOverwrite SPXX 16.22 NA 31.8 Nuveen Credit Strt Inc Fd JQC NA 8.25 NA 7.4 Deutsche Mun Income Tr KTF 12.65 11.89 -6.0 6.6 MultiStrat Gro & Inc:A 15.28 NA NA 5.4
would have returned $35,835, or a gain of 19.45%, on the $30,000 NuvFloatRteInco Fd JFR NA 11.48 NA 6.9 Dreyfus Mun Bd Infr Fd DMB 14.22 12.96 -8.9 4.9 MultiStrat Gro & Inc:C 14.96 NA NA 4.6
NuveenS&P500Buy-Write BXMX 14.14 NA 25.0
Nuv Float Rte Opp Fd JRO NA 11.35 NA 7.3 Dreyfus Strat Muni Bond DSM 8.39 8.42 +0.4 5.9 MultiStrat Gro & Inc:I 15.47 NA NA 5.6
investment, including reinvested dividends. Reaves Utility Fund UTG 33.08 31.00 -6.3 17.4
Dreyfus Strategic Munis LEO 8.61 8.66 +0.6 5.9
Tekla Hlthcr Investors HQH 24.31 23.50 -3.3 25.3 Nuveen Senior Income Fund NSL NA 6.74 NA 6.9 MultiStrat Gro & Inc:L 15.06 NA NA 4.8
The Week’s Action Pioneer Floating Rate Tr PHD 12.48 11.77 -5.7 6.0 Eaton Vance Mun Bd Fd EIM 13.72 12.47 -9.1 5.0 The Relative Value:CIA VFLEX 25.37 NA NA NS
Tekla Healthcare Opps Fd THQ 19.11 17.45 -8.7 26.3
Pct Stock price Point chg $1,000 Invested(year-end '16) Voya Prime Rate Trust PPR 5.67 5.10 -10.1 6.0 Eaton Vance Mun Income EVN 13.42 12.48 -7.0 5.4 Convertible Sec's. Funds
Tekla Life Sciences HQL 20.29 20.31 +0.1 35.7
chg (%) change in average* Company Symbol Close $1,000 High Yield Bond Funds EV National Municipal Opp EOT 21.94 22.00 +0.3 4.7 Calmos Dyn Conv and Inc CCD 21.05 20.66 -1.9 20.9
Tekla World Hlthcr Fd THW 14.67 14.07 -4.1 19.7
5.80 9.45 65.07 Apple AAPL $172.50 $1,508 AllianceBernstein Glbl AWF 13.91 12.84 -7.7 6.7 Invesco Adv Mun Incm II VKI 12.18 11.26 -7.6 5.8 World Equity Funds
Tortoise Energy TYG 26.02 NA -0.5 BMO LGM Front ME 10.24 NA NA 14.8
Barings Glbl Short Dur HY BGH 21.20 20.56 -3.0 8.9 Invesco Mun Incm Opps Tr OIA 7.60 7.90 +3.9 5.2
4.37 1.94 13.36 Intel INTC 46.34 1,306 Tortoise MLP Fund NTG 16.91 NA 2.5 CalamosGlbTotRet CGO 13.48 14.15 +5.0 24.8
Voya Gl Equity Div IGD 8.15 8.00 -1.8 32.2 BlackRock Corp Hi Yd Fd HYT 12.34 11.14 -9.7 7.9 Invesco Mun Opportunity VMO 13.55 12.50 -7.7 6.1
2.06 5.29 36.42 Boeing BA 261.75 1,719 BlackRockDurInco Tr BLW 17.14 16.16 -5.7 7.8 Invesco Municipal Trust VKQ 13.54 12.34 -8.9 5.9 Prem12 Mo
Income Preferred Stock Funds Fund (SYM) NAV Close /Disc Yld
1.97 3.26 22.45 McDonald’s MCD 168.65 1,413 Calamos Strat Fd CSQ 12.80 12.38 -3.3 42.5 Brookfield Real Assets RA 25.28 24.09 -4.7 NS Invesco Qlty Mun Inco IQI 13.67 12.45 -8.9 5.5
1.72 2.26 15.56 TRV 133.32 Credit Suisse High Yld DHY 2.80 2.84 +1.4 9.4 Invesco Inv Grade Muni VGM 14.04 13.08 -6.8 5.8 U.S. Mortgage Bond Funds
Travelers 1,108 Cohen & Steers Dur Pfd LDP 27.55 26.72 -3.0 19.8
Cohen & Strs Sel Prf Inco PSF 28.13 28.20 +0.2 15.7 DoubleLine Incm Solutions DSL NA 20.81 NA 8.6 Invesco Value Mun Incm Tr IIM 16.31 14.73 -9.7 5.0 Vertical Capital Income 12.57 NA NA 3.2
1.71 1.51 10.40 Wal-Mart Stores WMT 89.68 1,324 FT Interm Duration Pfd FPF 25.13 24.38 -3.0 18.8 Dreyfus Hi Yd Strat Fd DHF 3.58 3.46 -3.4 8.8 MainStay DefinedTerm MMD NA 19.28 NA 5.6 Loan Participation Funds
1.68 2.00 13.77 United Technologies UTX 121.07 1,124 Flaherty & Crumrine Dyn DFP 26.46 26.08 -1.4 17.4 Fst Tr Hi Inc Lg/Shrt Fd FSD 18.12 16.76 -7.5 8.3 MFS Munl Inco MFM 7.38 6.90 -6.5 5.5 504 Fund 9.77 NA NA 3.7
Guggenheim Strat Opps Fd GOF 19.81 21.41 +8.1 10.2 Nuveen AMT-Free Quality NEA NA 13.70 NA 5.4 FedProj&TrFinanceTender 10.06 NA NA NS
1.50 1.65 11.36 Visa V 111.36 1,435 Flaherty & Crumrine Pfd FFC 20.44 20.90 +2.3 13.9
Ivy High Income Opps Fund IVH 16.24 15.51 -4.5 9.4 Nuveen AMT-Free Mun NVG NA 15.23 NA 5.7 Invesco Sr Loan A 6.67 NA NA 4.2
John Hancock Pfd Income HPI 21.32 21.66 +1.6 15.3
1.28 1.45 9.98 Chevron CVX 114.99 1,007 Neuberger Berman HYS NHS 13.41 12.06 -10.1 7.4 Nuveen Mun Credit Incm Fd NZF NA 15.04 NA 5.9 Invesco Sr Loan B 6.67 NA NA 4.2
John Hancock Pfd II HPF 21.09 21.42 +1.6 12.4 Invesco Sr Loan C 6.68 NA NA 3.5
1.11 2.69 18.52 Goldman Sachs GS 244.40 1,030 John Hancock Pfd Inc III HPS 18.82 18.26 -3.0 12.0 NexPoint Credit Strat Fd NHF 25.34 23.88 -5.8 10.1 Nuveen Enhncd Mun Val Fd NEV NA 14.40 NA 5.7
Nuveen Intermed Dur Mun NID NA 13.02 NA 4.9 Invesco Sr Loan IB 6.67 NA NA 4.4
JHancock Pr Div PDT 15.84 16.93 +6.9 29.5 Nuveen Credit Opps 2022 JCO NA 10.01 NA NS
0.67 0.64 4.41 American Express AXP 96.43 1,323 NuveenMuniIncoOpp Fd NMZ NA 13.61 NA 6.0 Invesco Sr Loan IC 6.67 NA NA 4.3
LMP Cap & Inco Fd SCD 14.08 NA 26.0 Nuveen Gl Hi Incm Fd JGH NA 17.09 NA 8.2 Invesco Sr Loan Y 6.67 NA NA 4.4
0.39 0.33 2.27 Microsoft MSFT 84.14 1,377 Nuveen Pfd & Incm Opps Fd JPC 10.50 NA 19.9 Nuveen High Incm Dec18 JHA NA 9.99 NA 5.2 Nuveen Muni Value Fund NUV NA 10.17 NA 3.8
RiverNorth MP Lending RMPLX 25.05 NA NA 6.6
0.34 0.33 2.27 Walt Disney DIS 98.64 954 Nuveen Pfd & Incm Secs Fd JPS 10.33 NA 20.6 Nuveen High Incm Dec19 JHD NA 10.09 NA 5.8 Nuveen Qual Mun Incm Fd NAD NA 13.96 NA 5.6 Sierra Total Return:T SRNTX 25.13 NA NA NS
Nuveen Preferred & Incm JPI 25.46 NA 15.3 Nuveen Hi Incm Nov 2021 JHB NA 10.12 NA 5.9 Nuveen Sel Tax Free NXP NA 14.67 NA 3.7 Voya Senior Income:A 12.54 NA NA 5.3
0.13 0.27 1.86 UnitedHealth Group UNH 212.87 1,346 Nuveen Sel TF NXQ NA 14.06 NA 3.6
TCW Strategic Income Fund TSI 5.62 NA 12.2 Pioneer High Income Trust PHT 10.87 10.00 -8.0 8.2 Voya Senior Income:C 12.52 NA NA 4.8
0.12 0.04 0.28 Cisco Systems CSCO 34.47 1,181 Virtus Global Dividend ZTR 13.43 NA 36.4 Prud Gl Shrt Dur Hi Yd GHY 16.50 14.68 -11.0 7.8 PIMCO MuniFd PMF NA 13.14 NA 5.9 Voya Senior Income:I 12.50 NA NA 5.6
Convertible Sec's. Funds Prudentl Sh Dur Hi Yd Fd ISD 16.68 15.07 -9.7 7.7 Pimco Muni Inc II PML NA 13.17 NA 5.9 Voya Senior Income:W 12.55 NA NA 5.6
–0.14 –0.05 –0.34 Pfizer PFE 35.55 1,127 PIMCO Muni Inc III PMX NA 11.71 NA 5.9
AdvntClymrFd AVK 17.60 16.04 -8.9 30.0 Wells Fargo Incm Opps Fd EAD NA 8.51 NA 8.7 High Yield Bond Funds
–0.22 –0.10 –0.69 Coca-Cola KO 45.97 1,137 AllianzGI Conv & Incm NCV 6.65 7.10 +6.8 30.0 Wstrn Asset Glbl Hi Inco EHI NA 10.17 NA 8.7 Pioneer Mun Hi Inc Adv Tr MAV 11.92 11.26 -5.5 5.3 Griffin Inst Access Cd:A NA NA NA NS
–0.35 –0.36 –2.48 J.P. Morgan Chase JPM 101.41 1,202 AllianzGI Conv & Incm II NCZ 5.96 6.25 +4.9 30.3 Wstrn Asset High Inco II HIX NA 7.09 NA 8.7 Pioneer Mun Hi Incm Tr MHI 12.81 11.66 -9.0 5.1 Griffin Inst Access Cd:C NA NA NA NS
–0.45 –0.25 –1.72 Nike NKE 55.71 1,107 AllianzGI Div Incm ACV 22.73 22.29 -1.9 43.3 Wstrn Asset Opp Fd HIO NA 5.07 NA 7.2 Putnam Tr PMM 7.97 7.45 -6.5 5.4 Griffin Inst Access Cd:F NA NA NA NS
AllianzGI Equity & Conv NIE 22.92 20.76 -9.4 28.1 West Asst HY Def Opp Fd HYI NA 15.41 NA 7.8 PutnamMuniOpportunities PMO 13.35 12.49 -6.4 5.2 Griffin Inst Access Cd:I NA NA NA NS
–0.53 –0.46 –3.17 Procter & Gamble PG 86.58 1,062 Calamos Conv Hi Inco Fd CHY 11.96 11.99 +0.3 32.4 Other Domestic Taxable Bond Funds Wstrn Asset Mngd Muni MMU NA 13.99 NA 5.4 Griffin Inst Access Cd:L NA NA NA NS
11.35 11.65 +2.6 35.3 Apollo Tactical Incm Fd AIF 17.51 16.09 -8.1 8.8 WesternAssetMunTrFund MTT NA 21.85 NA 4.9 PIMCO Flexible Cr I;Inst NA NA NA NS
–0.63 –0.53 –3.65 Exxon Mobil XOM 83.18 948 Calamos CHI
World Equity Funds Ares Dynamic Credit Alloc ARDC NA 16.31 NA 6.9 Single State Muni Bond PionrILSInterval 9.62 NA NA 10.5
–0.86 –1.18 –8.12 Caterpillar CAT 136.63 1,517 Barings Corp Investors MCI NA 15.74 NA 3.7 BlackRock CA Municipal Tr BFZ 15.27 14.29 -6.4 5.1 WA Middle Mkt Dbt 752.69 NA NA 11.2
Alpine Tot Dyn Div AOD 9.94 9.07 -8.8 39.0
–1.07 –2.52 –17.35 3M MMM 232.22 1,324 BlackRock Multi-Sector IT BIT 20.08 18.43 -8.2 9.5 BlkRk MuniHldgs CA Qlty MUC 15.48 14.71 -5.0 5.0 WA Middle Mkt Inc WMF777.56 NA NA 11.2
Cdn Genl Inv CGI 31.80 22.90 -28.0 33.8
BlackRock Taxable Mun Bd BBN 23.77 23.40 -1.6 6.8 Blkrck MunHl NJ Qlty MUJ 15.64 14.33 -8.4 5.6 Other Domestic Taxable Bond Funds
–1.20 –1.70 –11.71 Johnson & Johnson JNJ 140.08 1,240 China Fund CHN 23.45 21.33 -9.0 38.7
Capstone Church Capital 11.43 NA NA 1.5
Clough Global Opp Fd GLO 12.17 11.54 -5.2 44.2 Doubleline Oppor Credit DBL 21.96 22.96 +4.6 8.7 BlRk MuHldg NY Qlty MHN 14.85 13.74 -7.5 5.0
–1.37 –2.10 –14.46 IBM IBM 151.58 939 CION Ares Dvsfd Crdt;A NA NA NA NS
EtnVncTxAdvGblDiv ETG 18.26 17.24 -5.6 36.3 Duff & Phelps Utl & Cp Bd DUC 9.75 9.15 -6.2 6.5 BlkRk MuniYld CA Fd MYC 15.55 15.22 -2.1 5.1
CION Ares Dvsfd Crdt;C NA NA NA NS
–1.76 –2.95 –20.31 Home Depot HD 164.39 1,248 EatonVance TxAdv Opport ETO 24.66 24.76 +0.4 35.8 EtnVncLtdFd EVV 15.16 13.91 -8.2 7.1 BlkRk MuniYld CA Quality MCA 15.70 14.92 -5.0 5.1
CION Ares Dvsfd Crdt;I NA NA NA NS
–1.90 –1.38 –9.50 DWDP 71.16 First Trust Dynamic Eur FDEU 19.40 18.85 -2.8 37.6 Franklin Ltd Duration IT FTF NA 11.91 NA 11.4 BlkRk MuniYld MI Qlty MIY 15.43 14.01 -9.2 5.5
DowDuPont 1,270 CNR Select Strategies 7.87 NA NA NS
Gabelli Glbl Multimedia GGT 9.10 8.79 -3.4 34.9 GuggenheimTaxableMuni GBAB 23.44 22.44 -4.3 6.8 BlRk Muyld NY Qlty MYN 14.23 12.98 -8.8 5.0 GL Beyond Income 3.68 NA NA NE
–2.97 –1.45 –9.98 Verizon VZ 47.42 932 GDL Fund GDL 11.65 10.08 -13.5 13.7 Invesco High Incm 2023 IHIT 10.11 10.10 -0.1 NS Eaton Vance CA Mun Bd EVM 12.39 11.79 -4.8 4.9 Palmer Square Opp Income NA NA NA 5.0
–3.13 –0.65 –4.48 General Electric GE 20.14 654 India Fund IFN 31.80 28.37 -10.8 28.6 John Hancock Investors JHI 18.79 17.88 -4.8 7.2 Invesco CA Value Mun Incm VCV 13.47 12.82 -4.8 5.0 Resource Credit Inc:A 11.15 NA NA 6.4
–3.74 –2.18 –15.01 Merck MRK 56.06 973 Japan Sml Cap JOF 14.57 13.13 -9.9 33.8 KKR Income Opps Fund KIO NA 16.45 NA 9.4 Invesco PA Value Mun Incm VPV 14.04 12.05 -14.2 5.1 Resource Credit Inc:C 11.27 NA NA 5.7
Korea Fund KF 49.74 44.39 -10.8 37.5 MFS Charter MCR 9.34 8.55 -8.5 8.7 Invesco Inv Grade NY Muni VTN 14.62 13.61 -6.9 5.0 Resource Credit Inc:I 11.18 NA NA 6.7
*Based on Composite price. DJIA is calculated on primary-market price. Mexico Fund MXF 15.79 NA 1.1 MFS Multimkt MMT 6.68 6.14 -8.1 8.7 Nuveen CA AMT-Free Qual NKX NA 15.45 NA 5.0 Resource Credit Inc:L 11.14 NA NA NS
Source: WSJ Market Data Group; FactSet. Morgan-Stanley Asia-Pac APF 20.49 18.13 -11.5 29.6 Nuveen Build Am Bd Fd NBB NA 21.65 NA 5.7 Nuveen CA Muni Value NCA NA 10.47 NA 3.9 Resource Credit Inc:W 11.15 NA NA 6.3

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THE WALL STREET JOURNAL. Monday, November 6, 2017 | B7

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8
Last Year ago Last Year ago
23539.19 s 105.00, or 0.45% last week Trailing P/E ratio 21.28 19.56 2587.84 s 6.77, or 0.26% last week Trailing P/E ratio 24.33 23.02 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 19.35 16.91 High, low, open and close for each of P/E estimate * 19.39 17.78
the past 52 weeks Dividend yield 2.18 2.66 the past 52 weeks Dividend yield 1.92 2.20 IPOs in the U.S. Market
All-time high 23539.19, 11/03/17 All-time high: 2587.84, 11/03/17
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.14523396877348 Rule 144a market; deal amounts are for the U.S. market only
23000 2575
Symbol/ Pricing
Expected primary Shares Range($)
22000 2500 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
65-day moving average 65-day moving average 11/6 10/31 Meridian Bank 2.2 17.00/ Sandler O'Neill & Prtnrs
Full-service bank. Nq 19.00
21000 2425
11/7 10/13 CBTX CBTX 2.4 24.00/ Stephens, Stifel
Bank. Nq 26.00
20000 2350 11/7 10/13 Fireman IFRX 6.7 14.00/ JPM, Leerink Prtnrs,
Clinical-stage Nq 16.00 BMO Cptl Mkts
Week's high biopharmaceutical co.
19000 2275 11/7 10/13 Four Seasons Education (Cayman) FEDU 5.1 9.00/ MS, Citi,
Provider of after school N 11.00 China

Monday's open Friday's close math education. Renaissance

200-day moving average Prtnrs
Friday's close Monday's open 18000 2200

200-day moving average 11/7 10/4 Metropolitan Bank Holding MCB 3.1 31.00/ JPM, Stifel
Bank holding company. N 34.00
Week's low 17000 2125 11/8 10/13 Apellis Pharmaceuticals APLS 10.7 13.00/ Citi, JPM, Evercore
Bars measure the point change from Monday's open Pharmaceutical company Nq 15.00
developing treatments for
acute & chronic
16000 2050 indications.
11/8 10/13 Sogou SOGO 45.0 11.00/ JPM, Credit Suisse,
Primary Software company N 13.00 GS, China Int'l
NYSE weekly volume, in billions of shares market Composite developing an internet

Financial Flashback search engine.

20 The Wall Street Journal, November 6, 1991 11/9 10/13 Bandwidth
4.0 20.00/ MS, KeyBanc,
22.00 RW Baird & Co,
10 communications platform. Canaccord
Several financial institutions, jolted by the furor around Genuity, JMP
0 the confirmation of Associate Supreme Court Justice Secs
N D J F M A M J J A S O Clarence Thomas, have issued gender-sensitive decrees. 11/9 10/13 PPDAI Group PPDF 85.0 16.00/ Credit Suisse, Citi
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. Financial software N 19.00
company operating an
online consumer finance
Major U.S. Stock-Market Indexes Nasdaq Composite
11/9 10/16 Workspace Property Trust WSPT 39.0 12.00/ GS, JPM, BofA ML,
Latest Week 52-Week % chg s 63.17, or 0.94% Real estate investment N 15.00 KeyBanc,
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. trust. Barclays, Citi,
Dow Jones
last week BMO Cptl Mkts,
Capital One Fin,
JMP Secs
Industrial Average 23557.06 23327.87 23539.19 105.00 0.45 17888.28 l 23539.19 31.6 19.1 10.7
Transportation Avg 9902.69 9679.28 9755.00 -176.65 -1.78 8075.14 l 10038.13 20.8 7.9 3.6
6765 Lockup Expirations
Utility Average 755.71 746.54 753.43 1.81 0.24 625.44 l 754.8 15.3 14.2 7.8
Total Stock Market 26825.82 26581.63 26789.00 45.04 0.17 21514.15 l 26789 24.5 15.1 8.5
Below, companies whose officers and other insiders will become eligible
686.22 -0.77 l 6710 to sell shares in their newly public companies for the first time. Such
Barron's 400 694.25 682.97 -5.35 523.22 691.56 31.2 14.1 8.6
sales can move the stock’s price.
Nasdaq Stock Market
6655 Lockup Offer Offer amt Through Lockup
Nasdaq Composite 6765.14 6677.15 6764.44 63.17 0.94 5046.37 l 6764.44 34.0 25.7 13.4 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision
Nasdaq 100 6297.62 6194.58 6295.58 82.11 1.32 4660.46 l 6295.58 35.1 29.4 14.7 Nov. 7 May 11, ’17 Gardner Denver Holdings GDI 20.00 949.9 42.9 180 days
6600 May 11, ’17 Solaris Oilfield Infrastructure SOI 12.00 121.2 33.0 180 days
Standard & Poor's 27 30 31 1 2 3
500 Index 2588.42 2566.17 2587.84 6.77 0.26 2085.18 l 2587.84 24.1 15.6 8.6 October May 11, ’17 Veritone VERI 15.00 37.5 130.1 180 days
MidCap 400 1845.02 1821.55 1835.98 -3.14 -0.17 1478.83 l 1839.12 24.2 10.6 8.9 DJ US TSM Nov. 8 May 12, ’17 ASV Holdings ASV 7.00 30.6 14.3 180 days
SmallCap 600 917.65 899.11 900.88 -15.55 -1.70 707.17 l 918.72 27.4 7.5 9.9 s 45.04, or 0.17% Nov. 12 May 16, ’17 G1 Therapeutics GTHX 15.00 116.7 56.0 180 days
Sources: Dealogic; WSJ Market Data Group
Other Indexes last week
Russell 2000 1512.40 1484.82 1494.91 -13.41 -0.89 1163.44 l 1512.09 28.5 10.2 8.5 Other Stock Offerings
NYSE Composite 12414.60 12308.84 12373.06 6.63 0.05 10289.35 l 12430.52 20.3 11.9 4.6 Secondaries and follow-ons expected this week in the U.S. market
Value Line 545.11 538.52 540.13 -3.33 -0.61 456.36 l 545.98 18.4 6.7 3.1 26860
NYSE Arca Biotech 4214.82 4068.86 4207.22 91.07 2.21 2887.17 l 4304.77 45.7 36.8 7.8 Primary Amount Friday’s
Expected Issuer/Business exchange ($mil.) price ($) Bookrunner(s)
NYSE Arca Pharma 538.63 532.25 537.12 -0.37 -0.07 463.78 l 560.52 15.0 11.5 0.4 26740 Nov. 6 ProPetro Holding PUMP 156.5 15.84 GS
KBW Bank 102.56 100.81 102.13 -0.10 -0.10 73.36 l 102.31 39.2 11.3 12.2 Oil & Gas N
PHLX§ Gold/Silver 82.80 80.01 80.72 -0.84 -1.03 73.03 l 96.72 -9.4 2.4 6.5
26620 Nov. 7 AMERI Holdings AMRH 10.0 n.a. Northland Secs
PHLX§ Oil Service 136.65 128.34 134.88 6.56 5.12 117.79 l 192.66 -10.0 -26.6 -17.7 Technology Nq
PHLX§ Semiconductor 1300.02 1258.91 1299.97 36.42 2.88 802.88 l 1299.97 61.9 43.4 26.3
CBOE Volatility 10.89 8.99 9.14 -0.66 -6.73 9.14 l 22.51 -59.4 -34.9 -14.7 26500 Off the Shelf
27 30 31 1 2 3
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group October “Shelf registrations” allow a company to prepare a stock or bond for
sale, without selling the whole issue at once. Corporations sell as
conditions become favorable. Here are the shelf sales, or takedowns,
International Stock Indexes CommoditiesandCurrencies over the last week:
Takedown date/ Deal value Registration
Latest Week 52-Week Range YTD Last Week YTD Issuer/Industry Registration date ($ mil.) (mil.) Bookrunner(s)
Region/Country Index Close % chg Low Close High % chg Close Net chg %Chg % chg
Intellia Therapeutics Nov. 1 $150.0 $250.0 Credit Suisse, Jefferies,
World The Global Dow 2976.28 0.55 2390.11 • 2981.65 17.6 DJ Commodity 606.51 7.73 1.29 6.92 Healthcare June 5,317 Leerink Prtnrs
DJ Global Index 385.82 0.66 311.55 • 385.82 18.3
TR/CC CRB Index 189.38 2.49 1.33 -1.63 Assembly Biosciences Nov. 1 $60.2 $150.0 Jefferies, W. Blair LLC
DJ Global ex U.S. 260.04 1.09 206.73 • 260.28 21.5
Crude oil, $ per barrel 55.64 1.74 3.23 3.57 Healthcare Dec. 30,315
Americas DJ Americas 621.85 0.21 503.67 • 621.85 15.1
Natural gas, $/MMBtu 2.984 0.02 0.67 -19.87 Constellium Oct. 31 $316.3 ... Credit Suisse, DB, BofA ML,
Brazil Sao Paulo Bovespa 73915.43 –2.71 57110.99 • 76989.79 22.7
Gold, $ per troy oz. 1266.50 -1.70 -0.13 10.13 Metal & Steel Oct. 30,317 BNP Paribas, GS, JPM
Canada S&P/TSX Comp 16020.16 0.42 14509.25 • 16029.33 4.8
Mexico S&P/BMV IPC 48534.84 –1.37 44364.17 • 51713.38 6.3 U.S. Dollar Index 94.92 0.001 0.001 -7.14 TransUnion
Professional Services
Oct. 30
Sept. 8,316
$394.5 ... MS, GS
Chile Santiago IPSA 4162.76 –0.58 3137.71 • 4255.93 29.2 WSJ Dollar Index 87.96 0.17 0.20 -5.36
EMEA Stoxx Europe 600 396.06 0.67 328.80 • 396.77 9.6 Euro, per dollar 0.8614 unch. unch. -9.39 Corporate Office Properties TrustOct. 30
Real Estate/Property April 12,316
$285.2 ... WFS, BofA ML, JPM
Stoxx Europe 50 3237.05 0.85 2730.05 • 3276.11 7.5 Yen, per dollar 114.06 0.39 0.34 -2.52
Eurozone Euro Stoxx 400.01 1.07 317.93 • 400.44 14.2 U.K. pound, in dollars 1.31 -0.0052 -0.40 5.91 Pluristem Therapeutics Oct. 30 $15.0 $200.0 Leader Underwriters
Euro Stoxx 50 3689.96 1.03 2954.53 • 3697.40 12.1 52-Week
Healthcare June 23,317
Austria ATX 3410.25 –0.15 2412.85 • 3445.23 30.2 Low Close(l) High % Chg
Belgium Bel-20 4112.55 0.50 3426.21 • 4116.50 14.0
DJ Commodity 527.06 606.51 15.07
France CAC 40 5517.97 0.43 4377.46 • 5517.97 13.5
Public and Private Borrowing
Germany DAX 13478.86 1.98 10259.13 • 13478.86 17.4 TR/CC CRB Index 166.50 l 195.14
Greece Athex Composite 763.56 3.29 573.92 • 858.08 18.6 Crude oil, $ per barrel 42.53 l 55.64 26.25
Israel Tel Aviv 1427.62 –0.73 1363.50 • 1478.96 –2.9 Natural gas, $/MMBtu 2.56 l 3.93 7.84 Monday, November 6 Tuesday, November 7
Italy FTSE MIB 23014.13 1.54 16217 • 23046 19.6 Gold, $ per troy oz. 1127.80 l 1346.00 -2.82 Auction of 13 week bill; Auction of 4 week bill;
Netherlands AEX 555.15 1.04 440.51 • 555.15 14.9 announced on November 2; settles on November 9announced on November 6; settles on November 9
Portugal PSI 20 5368.64 –0.74 4370.84 • 5475.67 14.7 U.S. Dollar Index 91.35 l 103.25 -2.04
Auction of 26 week bill; Auction of 52 week bill;
Russia RTS Index 1109.38 –0.83 960.32 • 1195.61 –3.7 WSJ Dollar Index 84.49 l 93.56 0.48
announced on November 2; settles on November 9announced on November 2; settles on November 9
South Africa FTSE/JSE All-Share 59638.21 1.57 48935.90 • 59638.21 17.7 Euro, per dollar 0.83 l 0.96 -4.04
Spain IBEX 35 10357.80 1.57 8607.1 • 11135.4 10.8
Yen, per dollar 103.11 l 118.18 10.62
Tuesday, November 7 Wednesday, November 8
Sweden SX All Share 600.20 0.82 496.66 • 600.20 12.3
l 4.44
Auction of 3 year note; Auction of 10 year note;
Switzerland Swiss Market 9322.05 1.51 7593.20 • 9322.05 13.4 U.K. pound, in dollars 1.20 1.36
announced on November 1; settles on November 15announced on November 1; settles on November 15
U.K. FTSE 100 7560.35 0.74 6693.26 • 7560.35 5.8 Thursday, November 9
Asia-Pacific Real-time U.S. stock

Auction of 30 year bond;
Australia S&P/ASX 200 5959.90 0.96 5156.6 • 5959.9 5.2 quotes are available on
announced on November 1; settles on November 15
China Shanghai Composite 3371.74 –1.32 3052.79 • 3416.81 8.6 Track most-
Hong Kong Hang Seng 28603.61 0.58 21574.76 • 28711.76 30.0 .COM active stocks, new
Public and Municipal Finance
India S&P BSE Sensex 33685.56 1.59 25765.14 • 33685.56 26.5 highs/lows, mutual
Deals of $ 150 million or more expected this week
Japan Nikkei Stock Avg 22539.12 2.41 16251.54 • 22539.12 17.9 funds and ETFs.
Final Total Rating Bookrunner/
Malaysia FTSE Bursa Malaysia KLCI 1740.93 –0.30 1616.64 • 1792.35 6.0 Plus, get deeper money-flows data and Sale maturity Issuer ($mil.) Fitch Moody’s S&P Bond Counsel(s)
Singapore Straits Times 3382.31 –0.12 2787.27 • 3391.61 17.4 email delivery of key stock-market
South Korea Kospi 2557.97 2.46 1958.38 • 2557.97 26.2 data. Nov. 7 prelim. Massa- 200.0 N.R. N.R. N.R. Barclays/—
Taiwan Weighted 10800.77 0.86 8931.03 • 10806.36 16.7
All are available free at

Source: SIX Financial Information;WSJ Market Data Group Nov. 7 prelim. San Diego 204.5 N.R. N.R. N.R. J P Morgan
Assoc of Securities
Governments LLC/—
Consumer Rates and Returns to Investor Benchmark Yields and Rates
Nov. 8 Jan. 1, 2031 Pennsylvania 974.0 N.R. N.R. N.R. Preliminary/
U.S. consumer rates Selected rates Treasury yield curve Forex Race Dinsmore & Shohl/
A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Turner Law PC
benchmark over the past year notes and bonds major U.S. trading partners avg†: 1.47% Nov. 8 Oct. 1, 2047 Washoe- SD 252.2 N.R. N.R. N.R. Preliminary/
Barclays 2.35% 3.75% 10% Sherman & Howard
Five-year CD yields 1.50%
t Wilmington, DE 888-720-8756
3.00 WSJ Dollar index
EverBank 2.35% 5 s Nov. 10 prelim. California 225.0 N.R. N.R. N.R. M. Stanley/—
1.00 s
Jacksonville, FL 855-228-6755 2.25 0 Euro
Nov. 10 prelim. California 150.0 N.R. N.R. N.R. Wells Fargo
0.50 Home Savings Bank 2.35% Friday

1.50 Educational & Co/—
Federal-funds Salt Lake City, UT 801-487-0811 –5
Facs Auth
target rate 0.00 Synchrony Bank 2.35% 0.75 –10

Morristown, NJ 800-903-8154 One year ago s Yen Nov. 10 prelim. Fontana 206.0 N.R. N.R. N.R. Stifel
–0.50 0.00 –15 Redevelopment Nicolaus/—
N D J F MAM J J A S O N Goldman Sachs Bank USA 2.40% 1 3 6 1 2 3 5 710 30 2017 Agency
2017 New York, NY 855-730-7283 month(s) years
3-yr chg maturity Nov. 10 prelim. Harris Flood 198.0 N.R. N.R. N.R. Citi/—
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Control Dt

Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00

Prime rate* 4.25 4.25 3.50 l 4.25 1.00
Corporate Borrowing Rates and Yields Nov. 10 prelim. Harris Co-
246.0 N.R. N.R. N.R. Citi/—

Libor, 3-month 1.39 1.38 0.88 l 1.39 1.16 Spread +/- Treasurys,
Yield (%) in basis pts, 52-wk Range Total Return
Money market, annual yield 0.33 0.32 0.26 l 0.36 -0.09 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Nov. 10 prelim. Los Angeles 300.0 N.R. N.R. N.R. Citi/—
Five-year CD, annual yield 1.47 1.47 1.19 l 1.47 -0.06 Comm College Dt
10-yr Treasury, Ryan ALM 2.343 2.426 -2.82 1.95
30-year mortgage, fixed† 3.92 3.99 3.61 l 4.33 -0.15
DJ Corporate 3.059 3.067 2.86 3.99 Nov. 10 prelim. Triborough 500.0 N.R. N.R. N.R. Siebert
15-year mortgage, fixed† 3.24 3.28 2.85 l 3.50 0.01
Aggregate, Barclays Capital 2.600 2.640 37 35 47 1.01 2.48 Bridge & Brandford
Jumbo mortgages, $424,100-plus† 4.29 4.36 4.23 l 4.88 -0.03 Tunnel Auth Shank & Co/—
High Yield 100, Merrill Lynch 5.240 5.172 324 307 490 9.129 4.134
Five-year adj mortgage (ARM)† 3.46 3.52 3.13 l 4.03 -0.31
Fixed-Rate MBS, Barclays 2.840 2.910 23 11 34 0.59 2.17
New-car loan, 48-month 3.01 3.02 2.85 l 3.36 -0.23 Nov. 10 prelim. Univ of Texas 300.0 N.R. N.R. N.R. J P Morgan
Muni Master, Merrill 1.984 1.977 9 -4 18 1.763 2.704
HELOC, $30,000 5.19 5.19 4.57 l 5.30 0.74 Sys Bd of Securities 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 5.532 5.496 317 303 407 5.641 5.420 Regents LLC/—
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Source:Thomson Reuters/Ipreo
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or
B8 | Monday, November 6, 2017 THE WALL STREET JOURNAL.

Global Government Bonds: Mapping Yields

SEC Quizzes Miami Firm Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Coupon (%) Maturity, in years
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest Prev Year ago
BY JUSTIN BAER 2009. Mr. Walter sat on its odic review,” it said.
1.500 U.S. 2 1.621 s l 1.616 1.475 0.810
AND MARGOT PATRICK board until 2013. GPLA is now It isn’t known whether the 2.250 10 2.343 t l 2.349 2.321 1.814
owned by London-based LJ visit from U.S. regulators was
2.750 Australia 2 1.779 t l 1.827 1.967 1.641 15.9 21.1 83.1
U.S. securities regulators Partnership. related to a continuing SEC ex-
2.750 10 2.581 t l 2.664 2.852 2.310 23.8 31.5 49.6
recently asked a Miami During the SEC visit, ac- amination of Guggenheim
wealth manager about its ties cording to these people, regu- Partners, which manages more 0.000 France 2 -0.591 t l -0.590 -0.491 -0.594 -221.1 -220.6 -140.4
to both Guggenheim Part- lators queried GPLA about than $295 billion for insurance 2.750 10 0.617 t l 0.629 0.753 0.469 -172.5 -172.0 -134.6
ners LLC and a company that connections to Guggenheim companies, pension funds and 0.000 Germany 2 -0.754 t l -0.743 -0.701 -0.626 -237.5 -235.9 -143.6
purchased an oceanfront and ABS Capital Co. LLC, the other clients. A former 0.500 10 0.365 t l 0.376 0.464 0.157 -197.8 -197.3 -165.7
home with Guggenheim Chief Miami investment firm that Guggenheim employee has 0.050 Italy 2 -0.211 s l -0.212 -0.114 -0.009 -183.2 -182.8 -81.8
Executive Mark Walter, ac- joined with Mr. Walter to buy filed a complaint with the SEC 2.050 10 1.794 t l 1.804 2.162 1.637 -54.9 -54.5 -17.8
cording to people familiar an $85 million Malibu, Calif., over the handling of certain 0.100 Japan 2 -0.161 l -0.161 -0.113 -0.252 -178.1 -177.7 -106.2
with the matter. mansion last May from film transactions by the company, 0.100 10 0.053 l 0.053 0.076 -0.058 -229.0 -229.6 -187.3
The questions came during mogul David Geffen. ABS is according to documents re- 2.750 Spain 2 -0.363 s l -0.374 -0.287 -0.199 -198.4 -199.0 -100.9
an appearance late last month owned by Messrs. Stalman and viewed by The Wall Street
1.450 10 1.470 t l 1.483 1.710 1.239 -87.3 -86.6 -57.6
by the Securities and Ex- Ball and has offices in the Journal.
1.750 U.K. 2 0.448 s l 0.407 0.442 0.190 -117.3 -121.0 -61.9
change Commission to the Mi- same building as GPLA. The SEC declined to com-
ami offices of Guggenheim The visit was unannounced, ment about the visit. 4.250 10 1.267 s l 1.265 1.355 1.098 -107.5 -108.4 -71.6
Partners Latin America Inc., these people said. LJ in a A Guggenheim Partners Source: Tullett Prebon
these people said. statement said the SEC visit spokesman declined to com- Corporate Debt
GPLA was formed by Pablo was a periodic review. “We ment and referred questions in that same company’s share price.
Stalman and Juan Ball, who cannot comment on questions to GPLA. ABS said no one at
built the business within posed by the SEC but they its company has been con- Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Guggenheim Partners before cover a broad range of topics tacted by the SEC or any other Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
buying parts of it starting in as would be expected in a peri- regulator. Teva TEVA 6.150 Feb. 1, ’36 368 –18 n.a. … …
Commonwealth Bank of Australia CBAAU 2.050 Sept. 18, ’20 34 –13 n.a. ... ...
Fifth Third Bancorp* FITB 4.900 Sept. 30, ’49 87 –12 94 29.12 –0.48
Insider-Trading Spotlight Scripps Networks Interactive SNI 2.800 June 15, ’20 77 –10 74 79.61 –1.68
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys Becton Dickinson And Co BDX 2.675 Dec. 15, ’19 56 –8 56 224.41 0.17
new information about the prospects of a company. Insiders are required to report large trades to the SEC Capital One Financial COF 3.300 Oct. 30, ’24 92 –8 n.a. 91.60 –0.92
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Societe Generale S.A. SOCGEN 4.250 April 14, ’25 144 –8 146 ... ...
Thomson Financial on November 3, and year-to-date stock performance of the company Standard Chartered STANLN 5.200 Jan. 26, ’24 135 –8 n.a. ... ...
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner …And spreads that widened the most
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: VMware VMW 2.300 Aug. 21, ’20 65 27 65 117.94 –0.81
unknown VP: vice president Excludes pure options transactions Delphi Automotive DLPH 3.150 Nov. 19, ’20 56 25 n.a. 96.89 –2.44
Biggest weekly individual trades General Electric GE 5.550 May 4, ’20 56 24 n.a. 20.14 1.00
Based on reports filed with regulators this past week Teva Pharmaceutical Fin IV TEVA 2.250 March 18, ’20 225 22 140 … …
Becton Dickinson And Co BDX 3.125 Nov. 8, ’21 73 19 53 224.41 0.17
No. of shrs in Price range ($) $ Value
Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Pitney Bowes PBI 3.625 Sept. 15, ’20 282 19 n.a. 11.25 0.54
Xerox XRX 4.500 May 15, ’21 120 19 n.a. 29.06 –1.42
Buyers Qualcomm* QCOM 3.000 May 20, ’22 69 16 44 61.81 12.71
Oct. 27 Immune Design IMDZ P. Svennilson DOI 2,681 4.10 10,992 4.15 -24.5 High-yield issues with the biggest price increases…
Oct. 31-Nov. 2Lands' End LE E. Lampert BI 295 10.81-10.97 3,212 11.30 -25.4 Bond Price as % of face value Stock Performance
Oct. 25-27 Xencor XNCR J. Stafford BI 150 19.70-20.01 2,971 20.21 -23.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Oct. 31-Nov. 2 J. Stafford BI 50 19.11-19.81 979 Jones Energy Holdings JONE 6.750 April 1, ’22 80.875 3.13 75.500 1.36 7.94
Oct. 31 Omega Healthcare Investors OHI B. Korman D 100 28.24 2,824 28.39 -9.2 Global A&T Electronics GATSP 10.000 Feb. 1, ’19 87.000 2.75 n.a. ... ...
Oct. 27 Allegiant Travel ALGT J. Redmond P 11 138.28 1,521 132.25 -20.5 American Axle And Manufacturing AXL 6.500 April 1, ’27 104.250 2.13 102.500 18.94 5.11
Oct. 26 Walgreens Boots Alliance WBA J. Lederer D 20 67.00 1,340 66.87 -19.2 California Resources CRC 8.000 Dec. 15, ’22 69.625 2.06 65.250 12.04 4.51
Oct. 30 Charter Communications CHTR C. Winfrey CFO 3 323.61 1,003 335.43 16.5 Sanchez Energy SN 6.125 Jan. 15, ’23 86.500 1.75 83.500 4.63 6.68
Sprint Capital S 8.750 March 15, ’32 122.500 1.38 125.250 … …
Oct. 27 Sunesis Pharmaceuticals SNSS D. Misfeldt DI 400 2.00 800 3.00 -17.1
Kindred Healthcare KND 8.750 Jan. 15, ’23 97.750 1.00 98.900 5.90 –5.60
Oct. 25 Lockheed Martin LMT D. Akerson D 3 311.97-313.93 780 309.99 24.0 Bombardier BBDBCN 6.000 Oct. 15, ’22 99.125 0.78 99.065 ... ...
Oct. 27 Mid-America Apartment Communities MAA W. Sanders D 7* 100.07-100.17 701 103.39 5.6
Nov. 1 Education Realty Trust EDR R. Churchey CEO 20 35.01 700 35.68 -15.7 …And with the biggest price decreases
Oct. 25 TriplePoint Venture Growth TPVG S. Srivastava P 44 13.65 605 13.72 16.5 Revlon Consumer Products REV 6.250 Aug. 1, ’24 66.500 –7.38 74.311 … …
Oct. 25 J. Labe CEO 22 13.65 302 PetSmart PETM 7.125 March 15, ’23 72.000 –2.63 78.500 ... ...
Oct. 31 Integra LifeSciences Holdings IART B. Hill D 11 46.66 502 48.05 12.0 Frontier Communications FTR 11.000 Sept. 15, ’25 78.188 –2.31 84.750 7.41 –19.28
Oct. 31 Express Scripts Holding ESRX T. Wentworth CEO 8 61.13 489 60.54 -12.0
CenturyLink CTL 7.600 Sept. 15, ’39 87.625 –2.13 92.250 16.37 –6.24
Oct. 25-27 Cloudera CLDR M. Cole DI 30 14.80-15.39 452 15.71 -13.2 Teamhealth Holdings TMH 6.375 Feb. 1, ’25 85.250 –2.00 92.125 ... ...
Oct. 30-31 M. Cole DI 20 15.11-15.39 305 Concordia International CXRCN 9.500 Oct. 21, ’22 9.250 –1.75 12.500 ... ...
TreeHouse Foods THS 6.000 Feb. 15, ’24 104.000 –1.75 n.a. 42.16 –2.02
Sellers Pioneer Energy Services PES 6.125 March 15, ’22 83.250 –1.50 85.500 2.15 2.38
Oct. 30-31 Facebook FB J. Koum DI 2,600 180.08-180.09 468,227 178.92 55.5 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Oct. 17-27 REV Group REVG D. Cusumano D 10859* 26.09 283,331 25.61 2.4 Note: Data are for the most active issue of bonds with maturities of two years or more
Oct. 17-27 K. Marvin D 10859* 26.09 283,331 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Oct. 31 Loews L J. Tisch PI 1,395 48.40 67,515 49.61 5.9
Oct. 30-31 Restaurant Brands International QSR D. Schwartz CEO 709 64.49-64.56 45,697 65.66 37.8 Borrowing Benchmarks |
Oct. 26-30 Texas Instruments TXN R. Templeton CEO 450 96.16-97.11 43,430 97.98 34.3
Oct. 26-27
Oct. 27
B. Crutcher
S. Anderson
Money Rates November 3, 2017
Oct. 30-31 Twitter TWTR E. Williams D 2000* 20.72-21.53 42,121 19.90 22.1 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Oct. 30 Camping World Holdings CWH M. Lemonis CEOI 700 40.50 28,350 42.70 31.0 guide to general levels but don’t always represent actual transactions.
Oct. 25-27 Exelon M. Shattuck CB 567 40.05-40.27 22,751 40.94 15.4 Week —52-WEEK— Week —52-WEEK—
EXC Inflation Latest ago High Low Latest ago High Low
Oct. 30 Intel INTC S. Smith O 472 44.19-44.47 20,889 46.34 27.8 Sept. index Chg From (%)
level Aug. '17 Sept. '16 Treasury bill auction Six month 1.59017 1.57267 1.59017 1.24267
Oct. 30-Nov. 1Huntsman HUN J. Huntsman H 600* 31.58-32.32 19,031 31.72 66.2 One year 1.86289 1.84789 1.86317 1.55622
Oct. 30 J. Esplin O 429 31.54 13,515 4 weeks 1.020 1.005 1.300 0.240
U.S. consumer price index 13 weeks 1.130 1.105 1.180 0.350 Euro Libor
Oct. 30-31 Amphenol APH R. Norwitt CEO 220 85.89-86.36 18,942 87.33 30.0
All items 246.819 0.53 2.2 26 weeks 1.260 1.245 1.260 0.500 One month -0.400 -0.401 -0.376 -0.405
Oct. 31 ServiceNow NOW F. Slootman D 150 125.28-126.36 18,893 124.91 68.0 Core 252.941 0.19 1.7 Three month -0.378 -0.379 -0.322 -0.381
Oct. 31 Expedia EXPE V. Kaufman OD 120 122.02-124.84 14,788 123.05 8.6 Secondary market Six month -0.316 -0.322 -0.212 -0.322
International rates One year -0.234 -0.232 -0.075 -0.234
Nov. 1 Dollar Tree DLTR M. Brock CBI 150 90.77-91.67 13,669 93.75 21.5 Fannie Mae
Week 52-Week 30-year mortgage yields Euro interbank offered rate (Euribor)
* Half the transactions were indirect **Two day transaction Latest High Low
p - Pink Sheets 30 days 3.462 3.554 3.865 3.032 One month -0.372 -0.372 -0.366 -0.375
Prime rates 60 days 3.483 3.587 3.899 3.063 Three month -0.329 -0.331 -0.311 -0.332
Buying and selling by sector Six month -0.276 -0.275 -0.210 -0.276
U.S. 4.25 4.25 4.25 3.50 Other short-term rates -0.184 -0.069 -0.191
Based on actual transaction dates in reports received this past week One year -0.191
Canada 3.20 3.20 3.20 2.70 Value 52-Week
Japan 1.475 1.475 1.475 1.475 Week 52-Week Latest Traded High Low
Sector Buying Selling Sector Buying Selling Latest ago high low
Policy Rates DTCC GCF Repo Index
Basic Industries 125,825 60,691,080 Finance 5,741,805 118,470,483 Call money
Euro zone 0.00 0.00 0.00 0.00 Treasury 1.196 29.600 1.366 0.244
Business services 0 12,604,367 Health care 2,489,487 92,703,898 Switzerland 0.50 0.50 0.50 0.50 3.00 3.00 3.00 2.25 MBS 1.201 115.280 1.506 0.257
Capital goods 0 0 Industrial 780,059 73,789,458 Britain 0.50 0.25 0.50 0.25 Open Implied
Consumer durables 0 36,596,616 Media 0 17,730,845 Australia 1.50 1.50 1.50 1.50 Commercial paper (AA financial) Settle Change Interest Rate
90 days 1.31 1.31 1.31 0.62
Consumer nondurables 224,515 33,718,737 Technology 464,492 264,983,511 Overnight repurchase DTCC GCF Repo Index Futures
Consumer services 1,604,915 54,013,813 Transportation 1,521,081 21,009,894 U.S. 1.21 1.11 1.38 0.15 Libor Treasury Nov 98.840 unch. 8062 1.160
Energy 391,578 4,818,707 Utilities 0 44,396,353 One month 1.24322 1.24233 1.24333 0.53533 Treasury Dec 98.700 -0.005 2038 1.300
U.S. government rates Three month 1.39194 1.38009 1.39194 0.88233 Treasury Jan 98.605 -0.005 450 1.395
Sources: Thomson Financial; WSJ Market Data Group Discount
1.75 1.75 1.75 1.00 Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
Cash Prices | Friday, November 03, 2017 Federal funds and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Effective rate 1.1800 1.1700 1.2000 0.3500
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— High 1.3125 1.3125 1.3125 0.5625
Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Low 1.0500 1.0000 1.1600 0.2500 DTCC GCF Repo Index are traded on NYSE Liffe US.
months. Bid 1.1600 1.1600 1.1700 0.3000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
Friday Friday Friday Offer 1.1800 1.1700 1.1900 0.3200 General Electric Capital Corp.; Tullett Prebon Information, Ltd.
Engelhard fabricated 20.6400 Corn gluten meal,Midwest-u,w 473.0
Energy Handy & Harman base 16.8300 Cottonseed meal-u,w 230
21.0380 88
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
Handy & Harman fabricated
LBMA spot price £13.0500
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w 220 Dividend Changes
NaturalGas,HenryHub-i 2.740 (U.S.$ equivalent) 17.0850 Oats,No.2 milling,Mnpls-u 2.9300
NaturalGas,TranscoZone3-i 2.730 Coins,wholesale $1,000 face-a 12900 Rice, 5% Broken White, Thailand-l,w 370.00 Dividend announcements from November 3.
NaturalGas,TranscoZone6NY-i 1.490 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Amount Payable / Amount Payable /
NaturalGas,PanhandleEast-i 2.490 LBMA Platinum Price PM *931.0 Sorghum,(Milo) No.2 Gulf-u 7.6913 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
NaturalGas,Opal-i 2.620 Platinum,Engelhard industrial 930.0 SoybeanMeal,Cent IL,rail,ton48%-u 309.90 PIMCO Global StocksPLUS PGP 10.8 .14668 M Dec01 /Nov13
NaturalGas,MarcellusNE PA-i 0.750 Platinum,Engelhard fabricated 1030.0 Soybeans,No.1 yllw IL-bp,u 9.3500 Increased
PIMCO HiInco PHK 12.4 .0807 M Dec01 /Nov13
NaturalGas,HaynesvilleN.LA-i 2.680 Palladium,Engelhard industrial 1005.0 Wheat,Spring14%-pro Mnpls-u 7.5725 Artesian Resources Cl A ARTNA 2.3 .2352 /.2317 Q Nov22 /Nov13
PIMCO Incm Strategy Fd II PFN 9.0 .08 M Dec01 /Nov13
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 57.850 Palladium,Engelhard fabricated 1105.0 Wheat,No.2 soft red,St.Louis-bp,u 4.3350 Cedar Fair Dep Rec FUN 5.4 .89 /.855 Q Dec15 /Dec04
PIMCO Inco Str Fd PFL 9.0 .09 M Dec01 /Nov13
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Aluminum, LME, $ per metric ton *2152.0 Wheat - Hard - KC (USDA) $ per bu-u 3.6925 Cogent Communications CCOI 4.5 .48 /.46 Q Dec04 /Nov17
Wheat,No.1soft white,Portld,OR-u 5.2750 Community Healthcare Tr CHCT 5.7 .395 /.3925 Q Dec01 /Nov17 PIMCO Income Opportunity PKO 8.7 .19 M Dec01 /Nov13
Copper,Comex spot 3.1105
Metals Iron Ore, 62% Fe CFR China-s 59.4 DCT Industrial Trust DCT 2.4 .36 /.31 Q Jan04 /Dec22 Pimco Muni Inc II PML 5.9 .065 M Dec01 /Nov13

Gold, per troy oz Shredded Scrap, US Midwest-s,w 286 Food Entercom Commun ETM 3.4 .09 /.075 Q Dec15 /Nov28 PIMCO Muni Inc III PMX 5.7 .05575 M Dec01 /Nov13
Enviva Partners 8.4 .615 /.57 Nov29 /Nov15 PIMCO MuniFd PMF 5.4 .05967 M Dec01 /Nov13
Engelhard industrial 1280.82 Steel, HRC USA, FOB Midwest Mill-s 620 Beef,carcass equiv. index EVA Q
j2 Global JCOM 2.1 .395 /.385 Q Dec05 /Nov17 PIMCO NY Muni PNF 5.3 .057 M Dec01 /Nov13
Engelhard fabricated 1376.88 Fibers and Textiles choice 1-3,600-900 lbs.-u 187.76 PIMCO NY Muni II PNI 5.0 .05069 M Dec01 /Nov13
Handy & Harman base 1267.20 select 1-3,600-900 lbs.-u 174.78 Kennedy-Wilson Holdings KW 3.9 .19 /.17 Q Jan04 /Dec29
Motorola Solutions MSI 2.2 .52 /.47 Q Jan12 /Dec15 PIMCO NY Muni III PYN 5.1 .04225 M Dec01 /Nov13
Handy & Harman fabricated 1406.59 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Broilers, National comp wghtd-u,w 0.8635
NRG Yield Cl A NYLD.A 6.1 .288 /.28 Q Dec15 /Dec01 PIMCO Strat Income Fund RCS 9.4 .072 M Dec01 /Nov13
LBMA Gold Price AM *1276.40 Cotton,1 1/16 std lw-mdMphs-u 0.6797 Butter,AA Chicago 2.2325
NRG Yield Cl C NYLD 6.0 .288 /.28 Q Dec15 /Dec01 WstAssetClymr InflLnk Sec WIA 3.6 .0345 M Nov30 /Nov15
LBMA Gold Price PM *1279.20 Cotlook 'A' Index-t *79.00 Cheddar cheese,bbl,Chicago 171.50
171.50 PBF Logistics PBFX 9.4 .48 /.47 Q Nov29 /Nov13 WstAstClymr InfLnkd Fd WIW 3.8 .036 M Nov30 /Nov15
Krugerrand,wholesale-e 1319.34 Hides,hvy native steers piece fob-u 68.500 Cheddar cheese,blk,Chicago
Maple Leaf-e 1332.03 Wool,64s,staple,Terr del-u,w n.a. Milk,Nonfat dry,Chicago lb. 72.00 Sabra Healthcare REIT SBRA 10.8 .5201 /.35989 Q Nov30 /Nov15
STAG Industrial STAG 5.0 .1183 /.1175 M Feb15 /Jan31
American Eagle-e 1332.03 Cocoa,Ivory Coast-w n.a.
Mexican peso-e 1537.55
Grains and Feeds Coffee,Brazilian,Comp 1.2562 Vectren Corp VVC 2.7 .45 /.42 Q Dec01 /Nov15 Landmark Bancorp LARK 2.6 5.00% Dec15 /Dec01
Austria crown-e 1246.48 Barley,top-quality Mnpls-u n.a. Coffee,Colombian, NY 1.4537 Reduced Foreign
Austria phil-e 1332.03 Bran,wheat middlings, KC-u 74 Eggs,large white,Chicago-u 0.8950 Bank of Butterfield NTB 3.5 .32 Q Nov27 /Nov13
Flour,hard winter KC 15.60 CBL & Assocs Properties CBL 13.5 .20 /.265 Q Jan16 /Dec29
Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 3.1500 Terra Nitrogen TNH 6.2 1.36 /1.60 Q Nov29 /Nov15 BCE Inc BCE 4.7 .56057 Q Jan15 /Dec15
Engelhard industrial 17.2000 Corn gluten feed,Midwest-u,w 93.2 Hams,17-20 lbs,Mid-US fob-u 0.77 BT Group ADR BT 3.8 .31678 SA Feb12 /Dec29
Hogs,Iowa-So. Minnesota-u 66.61 Funds and investment companies Canadian Natural Res CNQ 2.4 .21485 Q Jan01 /Dec12
Pork bellies,12-14 lb MidUS-u n.a. Advnt Clymr Enh Grth LCM 9.8 .21 Q Nov30 /Nov15 Cenovus Energy CVE 1.5 .03896 Q Dec29 /Dec15
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