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* * WEDNESDAY, SEPTEMBER 27, 2017 ~ VOL. XXXV NO. 168 WSJ.com EUROPE EDITION
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What’s
Macron Pushes for a More Unified Europe
Senate Nixes
News Health-Law
Repeal Vote
Business & Finance
quifax said Chairman
E and CEO Richard Smith
will step down as the
credit-reporting firm grap-
ples with the aftershocks
BY KRISTINA PETERSON Sen. Susan Collins (R.,
of its massive hack. A1,A2
AND STEPHANIE ARMOUR Maine) said late Monday she
Britain’s Dyson, known wouldn’t support the Graham-
for its high-end appliances, The U.S. Senate won’t vote Cassidy plan, criticizing what
said it was developing an this week on the latest Repub- she called a rushed process as
electric car to hit the roads lican health bill, multiple GOP well as the plan’s cuts to Med-
by 2020 or 2021. B1 lawmakers and aides said icaid and other concerns.
Tuesday, effectively ending the Sens. Rand Paul (R., Ky.)
A small Uber shareholder
party’s bid to topple the Af- and John McCain (R., Ariz.)
sued the ride-hailing com-
fordable Care Act before a key had already said they would
pany and its former CEO
deadline. oppose the bill. Those three
for allegedly covering up
The move comes after it Republican opponents de-
“illicit business tactics.” B1
became clear Monday that prived sponsors of a majority
Germany’s Siemens the measure wouldn’t attract in the Senate.
agreed to merge its rail enough GOP support. After Some Republicans had
operations with French this coming Saturday, a par- wanted to push ahead with a
train maker Alstom. B1 liamentary vehicle expires vote this week, but others
that would have allowed the were wary of another high-
GE is in danger of los-
measure to pass with a sim- profile defeat after the latest
ing a $2.5 billion contract
ple majority. The health mea- Republican health plan failed
to sell diesel locomotives
sure would then require 60 on a Senate vote in July.
to Indian Railways because
votes to pass, eight more The measure, from Sens.
of a political shake-up. B1
than the number of seats Re- Lindsey Graham of South Car-
The EU has begun an an- publicans control. olina and Bill Cassidy of Loui-
titrust probe into the pro- “We plan to move forward siana, would have knocked
posed merger between Ray- with our next priority” and fo- down central pillars of the
Ban maker Luxottica and cus on a tax measure, Senate ACA, also called Obamacare,
optical-lens firm Essilor. B2 Majority Leader Mitch McCon- and given significant more
nell (R., Ky.) said Tuesday. Please see HEALTH page A6
Axovant said that its
experimental Alzheimer’s
drug failed to meet the
goals of a pivotal trial. B3
Twitter said it would be- GOP Weighs Tax
LUDOVIC MARIN/PRESS POOL
WORLD NEWS
E
ven as President Xi transfers.
CHINA’S WORLD Jinping promises to 500 For China, the message is
By Andrew Browne “push forward market Mr. Trump’s threats won’t be
opening faster,” his “Made 400 backed up with action.
in China 2025” plan has the
F
SHANGHAI—Steve Ban- overt aim of displacing for- 300 rom Washington to
non, the recently departed eign manufacturers in criti- Berlin, the cry has
THOMAS PETER, PRESS POOL
White House chief strategist, cal areas like robotics, medi- Trade gap gone up for “reciproc-
200
asserts that, “We’re at eco- cal equipment and with China ity”—equal market access—
nomic war with China.” driverless vehicles. from Beijing.
100
If that’s the case, Beijing An evolving “social- U.S. exports It’s a beguiling ideal to be
seems supremely confident credit” system will use in- $170 billion sure. But to get there, says
of victory. trusive monitoring and big 0 Scott Kennedy, an expert on
Eight months into a data to ensure all compa- 2003 ’10 ’16 Chinese industrial policy at
Trump presidency, the Chi- nies—Chinese and foreign— Chinese Premier Li Keqiang, right, welcomed U.S. Secretary of Source: U.S. Commerce Department the Center for Strategic and
nese leader- align with five-year plans. Commerce Wilbur Ross in Beijing on Monday. THE WALL STREET JOURNAL. International Studies, would
ship has of- As part of this effort, the require not just long-term
fered a few Communist Party is acceler- China Inc. in mind. Western affirmation that, by and Trump’s chief trade negotia- engagement with China, and
gestures to ating its push to plant cells economies, once optimistic large, it plays by the rules. tor, Robert Lighthizer, says support from the WTO and
placate the in private companies, includ- that WTO membership would Critics say it has gotten ex- he gets “an awful lot of other world bodies, but also
U.S.—lifting a ing multinationals. induce transparency and free- pert at going around them. complaints” from chief exec- close cooperation among
ban on U.S. U.S. and European firms market overhauls in China, So far, the strategy is utives forced to share tech- economies threatened by
beef was one—while press- report they have rarely felt now have no good defense. working. The economy is on nology with joint-venture Chinese protectionism.
ing its advantages on all less welcome. Internet Put crudely, China knows it an upswing, propped up by partners. But those CEOs In other words, the Trump
fronts in its competition blocks make it increasingly can get away with it. debt but also, for now, defy- are reluctant to go public administration would have
with the West for industrial hard for their executives to Consider the remarkably ing conventional theories with their gripes for fear of to inspire a coalition of
dominance. access business information small number of cases that mercantilism will sap retaliation in their most countries that it is now try-
Expect one or two more in the cloud. Even email is brought against China since China’s creative vigor. One in promising market. ing to bully into submission
headline-grabbing conces- difficult. Foreign investment it joined the WTO in 2001, three of the world’s “uni- Meanwhile, China is adept over their trade surpluses
sions; Beijing is gearing up is slowing this year. despite widespread com- corns”—startups worth more at exploiting divisions be- with the U.S. South Korea is
for a splashy announcement This is the behavior of a plaints about forced technol- than $1 billion—is Chinese, tween U.S. interests on either a prime example.
on electric vehicles, which government that senses it ogy transfers, rampant intel- according to McKinsey. side of the China trade: steel Mr. Kennedy is skeptical
may help Tesla. In Beijing has the upper hand. lectual property theft and manufacturers, for example, that it can. The Chinese, he
S
this week, U.S. Commerce What emboldens China? unfair competition from uccess reinforces pred- support tariffs on imports; says, “think they’re in the
Secretary Wilbur Ross said Its sharpest trading practices state firms. The total be- atory habits. China steel users oppose them. driving seat.”
he hoped for “very good de- fall outside the scope of tween 2002 and 2016: just will soon have more What’s the answer for the He predicts a flurry of
liverables,” when Mr. Trump World Trade Organization 38. (During the same period, middle-class consumers U.S.? Mr. Trump has dropped largely symbolic market-
visits in November. rules. The system wasn’t set the U.S. was the target of 73 than the entire U.S. popula- threats to slap tariffs on Chi- opening announcements.
But China flaunts its indif- up with a secretive and cen- complaints.) tion, giving Beijing huge nese exports, wary of a di- “Eventually,” he says, “the
ference to the West’s com- trally directed colossus like China looks at this data as market power. Donald sastrous trade war. The need U.S. will accept tokenism.”
In acting before hearings, both Mr. Smith and directors curity incident. We are work- possibility of compensation Senate Banking Committee.
Equifax’s board had in mind to be taken to task, a person ing intensely to support con- clawbacks. Aside from hearings, Equi-
the experience of former Wells familiar with the matter said. sumers and make the An Equifax spokesman said fax faces other legal issues.
Fargo CEO John Stumpf, the Although Equifax’s chief infor- necessary changes to minimize that certain of Mr. Smith’s pay The company is being investi-
people familiar with the matter mation and security officers the risk that something like awards “are still outstanding,” gated by regulators and faces
said. That executive appeared retired a week after the hack this happens again. and the disposition of those legal action, including civil
almost exactly a year earlier was disclosed, those depar- “Speaking for everyone on awards will await the outcome suits from the Massachusetts
before two congressional com- tures weren’t viewed as signifi- the board, I sincerely apolo- of the investigation. He did Attorney General and the City
mittees to answer for his cant enough, the person added. gize.” He added that the board say that no matter how Mr. Attorney of San Francisco. The
bank’s sales-practices scandal. Mr. Smith, CEO since 2005, has formed a special commit- Richard Smith in 2007. Smith’s departure was charac- breach itself is being probed
Mr. Stumpf was grilled by is being succeeded as chair- tee to focus on “the issues terized the executive wouldn’t by the Federal Bureau of In-
legislators and repeatedly re- man by a current director, arising from the incident and would retire as of Tuesday, “all receive $5.2 million in sever- vestigation.
fused to say whether his posi- Mark Feidler, who will serve to ensure that all appropriate decisions relating to the char- ance he could otherwise have Equifax is also contending
tion or compensation would be as nonexecutive chairman, actions are taken.” acterization” of his departure been entitled to. with investors who have
affected by the bank’s problems. Equifax’s board said. It added This could include further will be deferred until the board Mr. Smith’s 2016 pay pack- shaved about $4.5 billion, or
Both Mr. Stumpf and the bank that Paulino do Rego Barros, action related to Mr. Smith. An completes a review. The agree- age totaled nearly $15 million, about a quarter, from its mar-
were attacked during and after Jr., who was most recently agreement with the departing ment also stated Mr. Smith and he has made about $127 ket value since the breach was
the hearings for what many Equifax’s president for the executive said that while he won’t receive an annual bonus million in combined total com- announced.
pensation since he joined
Equifax as CEO in 2005. THE WALL STREET JOURNAL.
U.N. Says Nearly a Half Million Rohingya Have Fled for Bangladesh No matter how Mr. Smith’s
departure is ultimately charac-
Europe Edition ISSN 0921-99
The News Building, 1 London Bridge Street,
London, SE1 9GF
terized, he is likely to receive
an estimated $18.4 million due Thorold Barker, Editor, Europe
Grainne McCarthy, Senior News Editor, Europe
him under Equifax’s pension Cicely K. Dyson, News Editor, Europe
and retirement plan. Darren Everson, International Editions Editor
Mr. Smith’s compensation is Joseph C. Sternberg, Editorial Page Editor
likely to be a topic of discus-
Anna Foot, Advertising Sales
sion at the coming hearings. Jacky Lo, Circulation Sales
Sen. Elizabeth Warren (D. Andrew Robinson, Communications
Mass.) said in a statement Jonathan Wright,
Tuesday, “It’s not real ac- Global Managing Director & Publisher
countability if the CEO resigns Advertising through Dow Jones Advertising
without giving back a nickel in Sales: Hong Kong: 852-2831 2504; Singapore:
65-6415 4300; Tokyo: 81-3 6269-2701;
Frankfurt: 49 69 29725390; London: 44 207
842 9600; Paris: 33 1 40 17 17 01;
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Registered as a newspaper at the Post Office.
CATHAL MCNAUGHTON/REUTERS
WORLD NEWS
Macron Has Eye on Berlin in Euro Talk
French leader makes asylum—areas where deeper co-
operation could appeal to each
case for eurozone of the German parties now be-
integration as German ginning coalition talks. Mr. Ma-
cron also revived France’s call
coalition talks loom for a financial transaction tax to
fund development aid.
French President Emmanuel He repeated his case for the
Macron set out his vision of a eurozone to have a central bud-
more united Europe in a get, managed by a European fi-
speech aimed at persuading nance minister. “We need much
Germany, where Sunday’s elec- more investment and we need
tion results could reinforce means of stabilization to con-
doubts about deeper integra- front economic shocks,” he said.
tion in the eurozone. Both Ms. Merkel’s conserva-
tives and the FDP have a differ-
By William Horobin ent view of what the eurozone
in Paris and Marcus needs, however. The dominant
Walker in Berlin view in Berlin is that the euro-
zone’s future stability relies on
Mr. Macron repeated his call its member countries reforming
for a common budget for euro their national economies to
WORLD WATCH
Department official, adding
steps the U.S. takes that are re-
versible could prod Moscow.
Among options that U.S. of-
ficials have considered are ISRAEL checkpoint at the settlement of side Jerusalem. Authorities re- symbol of women’s oppression in tions of Sunni Islam, and the
limitations of Russian flights Har Adar, northwest of Jerusa- ported no other injuries. the deeply conservative kingdom. kingdom’s religious establish-
over Alaska and Hawaii, ac- Three Israelis Die in lem on Tuesday morning, drew a —Rory Jones The announcement, made by ment have long exercised exten-
cording to officials with West Bank Shooting pistol and fired at close range, King Salman through a royal de- sive political sway.
knowledge of the matter. police said. Israeli forces shot SAUDI ARABIA cree, says women will be officially But under the leadership of
For their part, Russian offi- A Palestinian gunman killed and killed the Palestinian at- allowed to obtain driving licenses King Salman and his son, Crown
cials say that several countries three members of Israel’s secu- tacker, they added. Riyadh Lifts Its Ban in Saudi Arabia, the only country in Prince Mohammed bin Salman,
that are party to Open Skies— rity forces at a West Bank set- Paramedics pronounced three On Women Driving the world where women weren’t the Saudi monarchy is pushing to
including Canada, Georgia, tlement, police and medics said, dead—one border police officer allowed to drive. The decree will relax social rules as part of an am-
Turkey and the U.S.—have the latest burst of violence in and two security guards—at the Saudi Arabia lifted the ban on go into effect in June. bitious program focused on open-
placed limits on access to their the Israeli-controlled territory. scene and took one person who women driving, removing a re- Saudi Arabia practices one of ing up the oil-dependent economy.
territories under the treaty. The attacker approached a was wounded to a hospital out- striction that had become a the world’s strictest interpreta- —Margherita Stancati
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 www.djreprints.com
A4 | Wednesday, September 27, 2017 HK JP KO ML SI IN UK FR MN PR THE WALL STREET JOURNAL.
WORLD NEWS
U.S. NEWS
Trump Again Criticizes Attorney General
President knocks Jeff fronts, one person said. probe for the Justice Depart-
Other guests at the dinner ment’s appointment of Robert
Sessions and says his included Penny Nance, the Mueller as special counsel in
feud with NFL players chief executive of antiabortion charge of the investigation,
group Concerned Women for which the president has called
‘has really taken off’ America; Ralph Reed, chair- a “witch hunt.” Mr. Mueller’s
man of the Faith & Freedom appointment came days after
BY REBECCA BALLHAUS Coalition; and Leonard Leo, Mr. Trump fired Federal Bu-
executive vice president of the reau of Investigation Director
WASHINGTON—President Federalist Society, who ad- James Comey, who had been
Donald Trump again indicated vised Mr. Trump earlier this heading the probe.
he was dissatisfied with his at- year on selecting a Supreme In July, Mr. Trump criti-
torney general, following com- Court justice. cized his attorney general’s
ments over the summer in Mr. Trump also said his leadership of the FBI, called
which he criticized Jeff Ses- feud with the NFL, some of him “beleaguered” and de-
viser to Donald Trump, told tant and continues to serve as pendently. The U.S. intelli- Donald Trump.”
members of the House Intelli- an informal adviser and confi- gence community later as- The screenshots show Gucci-
gence Committee on Tuesday dant, said in prepared remarks sessed the material released fer 2.0 attempted several other
that he had no involvement in that he resented “any allega- by Guccifer 2.0 had been pil- times to draw Mr. Stone into
what U.S. officials have called a tion that I would collude with fered by Russia. conversation. They appear to
Russian campaign of interfer- the oppressive Russian state to Guccifer 2.0 has denied it show Mr. Stone didn’t answer
ence and disinformation during affect the outcome of the 2016 was working on behalf of Mos- until Sept. 9, 2016, when he re-
the 2016 presidential election. presidential election.” cow, claiming Romanian na- plied to a query asking his opin-
Speaking to reporters after Emerging from the meeting tionality. ion about stolen material con-
his closed-door interview on after several hours of testi- A few days after writing the cerning Democratic voter
Capitol Hill, Mr. Stone said “a mony, Mr. Stone called the article, Mr. Stone sent a pri- turnout. Mr. Stone said he
substantial amount” of the House investigation into Rus- vate Twitter message to the found the material “pretty stan- Roger Stone arriving to appear before a House committee Tuesday.
questioning focused on his in- sian activity during the 2016 Guccifer 2.0 account, saying he dard,” according to his release.
teractions with entities and or- election an “entirely political was “delighted” the entity was Guccifer 2.0’s interactions was in possession of some and leaking information from
ganizations that helped dissem- exercise.” But he had some back on Twitter, according to with U.S. political operatives Democratic emails and was party committees and political
inate stolen emails aimed at praise for committee members the material he released. Twit- have long been of interest to preparing to publish them. strategists; and disseminating
embarrassing the Democratic he faced: “The entire exchange ter had briefly suspended the congressional investigators. A The U.S. intelligence agen- through social media and
Party, including the website was completely professional.” account. Republican political operative cies have concluded the mate- other outlets negative stories
WikiLeaks and a hacker entity In his 47-page written state- “F— the state and their in Florida received 2.5 giga- rial was likely stolen by Russian about Mrs. Clinton and posi-
called Guccifer 2.0. ment, Mr. Stone described his MSM lackeys,” Mr. Stone added, bytes of Democratic Party doc- military intelligence, but many tive ones about the Mr. Trump,
In a lengthy statement re- interactions with Guccifer 2.0 using a common disparaging uments from Guccifer 2.0 and of Mr. Trump’s allies and asso- the report said.
leased before his appearance, as “limited” and “benign,” and term for the mainstream media. posted some of those on a blog ciates, including Mr. Stone, have The Kremlin has denied
Mr. Stone disclosed his corre- he released screenshots of According to Mr. Stone’s re- called HelloFLA.com, The Wall questioned that conclusion. meddling in the election, and
spondence with Guccifer 2.0 what appeared to be messages lease, Guccifer 2.0 responded: Street Journal reported in May. According to a January re- Mr. Trump has said he didn’t
and detailed his interactions exchanged privately on Twitter. “thank u for writing back, and Concerning WikiLeaks, Mr. port from the U.S. intelligence collude with Russia.
with Julian Assange, the They show about a dozen mes- thank u for an article about Stone said his contact with Mr. community, the highest levels The U.S. intelligence report
founder of WikiLeaks. During sages Mr. Stone received from me!!!” The entity then asked if Assange came through an “in- of the Russian government specifically identified Guccifer
the 2016 campaign, both enti- Guccifer 2.0 last August and Mr. Stone found anything in- termediary” he described as a were involved in directing the 2.0 as a channel used by Rus-
ties published stolen emails September, as well as three teresting in the documents journalist, whom he refused to electoral interference to boost sian military intelligence to
from Democratic Party organi- messages he sent in response. posted—a question to which name. Mr. Stone said he Mr. Trump at the expense of distribute damaging informa-
zations, an element of what The material shows the con- Mr. Stone’s release suggests he reached out to the unnamed Mrs. Clinton. Russia’s tactics tion about Democrats.
U.S. intelligence agencies have versation began after Mr. didn’t reply. Several days later, journalist after Mr. Assange included efforts to hack state —Rebecca Ballhaus
described as a Russian effort to Stone wrote an article for the Mr. Stone asked the account to announced publicly that he election systems; infiltrating contributed to this article.
spite the past few months of ing topic among Fed officials. fell to an index level of 119.8 in “Despite the slight downtick
unexpectedly low inflation. Some, such as New York Fed September from a revised in confidence, consumers’ as-
Ms. Yellen said the Fed President William Dudley, ar- 120.4 in August, the Confer- sessment of current conditions
could slow the pace of rate in- gue that the strong economy ence Board said Tuesday. Econ- remains quite favorable and
creases if low inflation per- will soon push up inflation, omists surveyed by The Wall their expectations for the short-
sists and officials conclude it suggesting a need to continue Street Journal had expected a term suggest the economy will
reflects long-term changes in raising interest rates. September reading of 119.3. continue expanding at its cur-
the economy rather than tran- “I expect inflation will rise The latest reading is below rent pace,” Ms. Franco said.
sitory factors. and stabilize around [the March’s level of 124.9—the The view of the current la-
The chairwoman and her Fed’s] 2% objective over the highest level since December bor market also weakened
colleagues have been grap- Fed chief Janet Yellen has been grappling with subdued inflation. medium term,” he said Mon- 2000—but still above readings slightly, with fewer respon-
pling with subdued inflation day. “In response, the Federal recorded this spring, suggest- dents saying jobs are “plenti-
despite a growing economy preferred measure, has under- mulated in the face of such Reserve will likely continue to ing confidence remains high ful,” though fewer also re-
and vigorous labor market. shot the central bank’s 2% tar- significant uncertainties? In remove monetary policy ac- nationally. ported jobs are “hard to get.”
That has presented officials get for much of the past five my view, it strengthens the commodation gradually.” The small drop in confi- Consumers’ future outlook
with a dilemma. From one years. Although Ms. Yellen case for a gradual pace of ad- Others, such as Charles Ev- dence “is likely to be reversed for the labor market was more
point of view, the weak infla- said she expects inflation to justments,” Ms. Yellen told a ans of the Chicago Fed, see no in the coming months,” said favorable than in August. The
tion readings could be a sign move up gradually to the tar- National Association for Busi- indication that inflation is Michael Pearce, economist at share expecting more jobs in
that interest rates should re- get, she acknowledged the un- ness Economics conference in about to turn higher. Capital Economics. “The fact the months ahead increased to
main lower than anticipated. certainty surrounding that Cleveland. “It would be impru- Speaking in Michigan on that confidence is still close to 19.5% from 16.8%. That
Yet keeping interest rates low prediction. The Fed has raised dent to keep monetary policy Monday, Mr. Evans said he be- a 16-year high even after Char- matches with the unemploy-
for too long could cause infla- rates four times since 2015 on hold until inflation is back lieved weaker inflation re- lottesville, the nuclear threat ment rate trending near a 16-
tion to grow too rapidly and and has penciled in one more to 2%.” flected structural changes in from North Korea, and two year low and job openings at a
inflate new financial bubbles. rate increase this year. Ms. Yellen’s speech boosted the economy, rather than a major hurricanes underlines record high.
Inflation, under the Fed’s “How should policy be for- market expectations of a rate temporary phenomenon. just how resilient the house- —Eric Morath
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A6 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
U.S. NEWS
JOSHUA ROBERTS/REUTERS
Senate Majority Leader Mitch McConnell has seen his favorability made it easy for Mr. Strange’s
Senate Majority Leader drop, even among his own Republican Party members. opponents to portray him as a
Mitch McConnell’s political creature of the McConnell
clout and reputation as a mas- Sen. McConnell favorablilty Net favorablilty* party establishment—a politi-
ter legislative strategist are among all adults among those within own party cal albatross Mr. Strange tried
being put to the test this Negative: 41% Feb. 2017 Sept. 2017
to shed at Friday’s rally with
week, and the Kentucky Re- 40% Mr. Trump when he said he
50
publican is at risk of failing on would “stand up” to Mr. ‘We plan to move forward with our next priority,’ Mr. McConnell says.
both fronts. 30 40 Pelosi (D) McConnell.
HEALTH
His second attempt to pass +23 pct. pts. The stakes for Mr. McCon- concerns with the sustainabil-
30 Schumer (D)
legislation to repeal and re- nell in Alabama reach far be- ity of the market,” she said.
20 +10
place the Affordable Care Act 20 Ryan (R)
yond the potential for an em- Health-care companies also
lacks enough support to pass -26 barrassing loss. A victory by feared chaos if the Graham-
and prospects for reviving the 10 10 Mr. Moore—if he goes on to Continued from Page One Cassidy legislation passed, as
bill before a Sept. 30 legisla- 0
win the general election in control over health care to the states would have had to rush
tive deadline are dim. Positive: 11% McConnell (R) December—will send to the states. It also would have to come up with their own
Meanwhile, Mr. McCon- 0 -10 -23 Senate a new member who brought significant cuts to massive health-coverage re-
nell’s favored candidate to 2007 2010 2015 *Net favorability is positive minus has made a campaign commit- Medicaid. vamps before 2020.
negative feelings for person
succeed Attorney General Jeff Source: WSJ/NBC News telephone polls, most recent of 900
ment to fight the establish- The Congressional Budget The bill also didn’t include
Sessions in an Alabama GOP adults conducted Sept. 14–18; margin of error: +/–3.27 pct. pts. ment when he gets to Wash- Office released a partial analy- one of health insurers’ top pri-
runoff election on Tuesday is THE WALL STREET JOURNAL. ington. sis of the latest GOP bill late orities, the repeal of an ACA
lagging in the polls. The ma- “Roy Moore will make Rand Monday, concluding the num- tax on health plans, while it
jority leader has thrown the the most popular guy in this porters by lambasting Mr. Paul look like a member in ber of people with comprehen- got rid of the ACA’s coverage
full weight of his prestige and country,” Mr. Trump said McConnell and his Washing- good standing of the Republi- sive health coverage would be mandate, which insurers argue
political organization behind Monday in an Alabama radio ton allies. “Mitch McConnell can caucus,”’ said Chris Krue- “reduced by millions.” The is important in prodding
Sen. Luther Strange, who was interview. “They like to label and this permanent political ger, a political analyst at Co- CBO also estimated that by healthier people to sign up for
temporarily appointed to fill him as Mitch’s best friend, class is the most corrupt, in- wen & Co., referring to the 2026, the bill would cut about coverage.
the Sessions seat and is run- and he’s not. He hardly even competent group of individu- Kentucky Republican who of- $1 trillion in Medicaid spend- “It’s time to move on,” said
ning behind evangelical for- knows him. He will be fighting als in this country,” he said. ten parts ways with the GOP ing, resulting in millions of Sister Carol Keehan, president
mer state judge Roy Moore. Mitch.” “You get to show them that leadership. “He’s going to be a people being left out of the and chief executive of the
To make matters worse for Mr. McConnell’s office de- this populist, nationalist, con- flame-throwing problem child program. Catholic Health Association of
the 32-year Senate veteran, clined to comment. servative movement is on the of the first order. With Moore The failure of the Senate the United States, during a call
President Donald Trump—who Indeed, after months of be- rise.” there, you basically have a Republicans’ bill relieves held Tuesday by the American
is also backing Mr. Strange ing berated by Mr. Trump for Shrugging off the fact that one-vote margin.” health companies, but hospi- Hospital Association and other
and the health-care bill—is Congress’s failure to enact his Mr. Trump had endorsed Mr. Mr. Moore wears that de- tals and insurers will quickly industry groups opposed to
poised to cast blame on Mr. agenda, Mr. McConnell has seen Strange, Mr. Bannon said, “A scription like a badge of pivot back to worries about the bill. The Catholic group in-
McConnell for either loss. his unpopularity soar, even vote for Judge Roy Moore is a honor in a campaign that has implementation of the existing cludes more than 2,000 Catho-
Mr. Trump has repeatedly among Republicans. The latest vote for Donald J. Trump.” tried to turn the election law as the crucial open-enroll- lic hospitals and other health-
criticized Mr. McConnell and Wall Street Journal/NBC News Mr. McConnell has strongly into a referendum on Mr. ment season looms. care providers.
other congressional Republi- poll found that 41% have a neg- fought for Mr. Strange McConnell. “It’s a momentary bit of a Health-care industry offi-
cans for failing to pass the ative view of Mr. McConnell, in- throughout the special-elec- “We understand that Lu- relief,” said Gabriela Saenz, a cials remain wary of future at-
health legislation that was the cluding 25% of Republicans. tion contest that began in an ther Strange is desperate to vice president at Christus tempts by Republicans to pass
party’s signature campaign He has been a target of at- August GOP primary that win- win this election for Mitch Health, a hospital system ACA-repeal bills, and of the
promise for the past four elec- tack by Steve Bannon, a for- nowed the field. The winner McConnell,” said Bill Ar- based in Irving, Texas, that likelihood that health care will
tion cycles. mer Trump aide who has of the Moore-Strange runoff mistead, former chairman of opposed the bill. remain an area of sharp parti-
Mr. Trump, who claims Mr. backed Mr. Moore in the Ala- will face Democrat Doug the Alabama Republican Party But hospitals remain wor- san debate.
Strange’s chances have im- bama contest since leaving Jones, a former U.S. Attorney, and chairman of the Moore ried about the stability of the Some Democrats are now
proved since his endorsement, the White House. in a Dec. 12 general election. campaign. “This is all about law’s marketplaces because backing the idea of a govern-
argues that the senator has Speaking at a get-out-the The Senate Leadership Mitch McConnell. Mitch rising premiums or an exodus ment health-care program for
been dragged down by associ- vote rally for Mr. Moore in Al- Fund, a super PAC associated McConnell is desperate to of insurers could leave more all people, long supported by
ation with Mr. McConnell. abama on Monday night, Mr. with Mr. McConnell, has spent have a senator that he can patients uninsured, she said. Sen. Bernie Sanders of Ver-
“Mitch is not, polling-wise, Bannon fired up Moore sup- a record $9 million in support control.” “We absolutely do have mont.
(R., Ky.) and House Speaker call for simplifying the tax willing to negotiate on the top
Paul Ryan (R., Wis.). code, calling the current ver- rate. and for corporations.
It will be difficult to tell sion “too complicated.” The White House and the
who gets the tax cuts under Mr. Trump also said the Treasury Department didn’t
the plan until lawmakers re- proposal would cut taxes for respond to requests to com-
lease a complete tax bill and the middle class and for cor- ment. Rep. Pat Meehan (R., Pa.),
independent analysts examine porations. Mr. Neal said he favored who was at the White House
how the distribution of the tax “If we do this, we will cre- President Donald Trump with members of the House Ways and keeping the top rate at 39.6% meeting, said the gathering
burden differs from today’s ate millions of new jobs for Means Committee at the White House on Tuesday. and wanted to see distribution was important and that there
tax system. our people,” he said. “We will tables, or estimates of how was common ground on look-
That full bill isn’t likely to become a competitive nation and most Democrats have in- nificant changes in the GOP each income group would fare ing for a better tax system.
appear until after Congress again.” sisted that the wealthiest plan because it has many in the plan. But, he said, “We have to be
adopts a budget resolution. Taxes on high-income Americans not got a tax cut. If pieces that benefit high-in- “Concentrated wealth in realistic about what kind of bi-
The budget allows for the Sen- households are one of the core Mr. Trump wants Democratic come households, including a America is an issue that we’ve partisanship we can ultimately
ate to pass the tax bill on a issues that divide the parties votes, that could require sig- lower corporate tax rate, a got to be concerned with,” he expect.”
gees in 2017, responding to gram remains on hold now, William F. Sweeney, the as- In a statement, USC athletic
pressure from a mounting though some are admitted sistant director in charge of director Lynn Swann said he
Syrian refugee crisis. After through waivers or exceptions the FBI’s New York field of- was “shocked” by the develop-
taking office, Mr. Trump low- mandated by the Supreme fice, said the investigation— ments. “We will cooperate
ered the 2017 cap to 50,000 Court. Officials said the ad- which according to the com- fully with the investigation
and sought to suspend refugee ministration doesn’t plan to plaints began in 2015—was and will assist authorities as
admissions altogether for 120 keep the suspension in place ongoing. needed, and if these allega-
days in order to review vet- after the 120-day period ends Auburn has suspended Mr. tions are true, will take the
ting procedures. next month. Person without pay, school needed actions,” he said.
Since 1980, the president —Shane Harris President Steven Leath said on Representatives from Ari-
has had sole authority to set contributed to this article. Twitter. “We are committed to zona and South Carolina The corruption probe names Chuck Person, now an Auburn coach.
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | A7
U.S. NEWS
new power system in the U.S. Congress to take swift action.” potential for chaos, had de-
territory. Puerto Rico’s resident com- ployed agents with fatigues
Heading to Puerto Rico to missioner, Republican Jen- and large guns to escort trucks
assess the damage, Sen. Marco niffer González-Colón, met replenishing automated-teller
Rubio (R., Fla.) ran through with House Speaker Paul Ryan machines with cash.
the island’s immediate chal- (R., Wis.) early Tuesday morn- Lawmakers are starting to
lenges, including power out- ing to outline the area’s dire prepare for the fight over the
ages stemming in part from situation. Mr. Ryan, who on state power company known
widespread damage to trans- Monday said in a statement as Prepa, which is caught up in
A man walked through his hurricane-destroyed home in Aibonito, Puerto Rico, on Monday. mission lines and a dearth of that “the stories and images both questions of short-term
trucks, other equipment and coming out of Puerto Rico are relief and long-term need.
personnel to begin the restora- devastating,” has told her that Without power, the island
Justice Department ter for Disaster Fraud. The A catastrophe-modeling firm tion process. he plans to move a relief pack- can’t manage even basic func-
memo also required each U.S. on Monday estimated that Hur- “These are U.S. citizens and age in October, she said in an tions like directing big ships
Seeks to Combat attorney’s office to designate a ricane Maria, which has left they deserve the same re- interview. into ports. But to set up a reli-
Disaster-Aid Fraud point person for the issue. much of Puerto Rico without sponse as Americans on the “The damage is extensive,” able power system will require
The Center for Disaster power and homes and infra- mainland,” he told reporters she said. “We were thrown expensive modernization, a
Fraud has already received structure destroyed, caused an on a flight to the territory. back 30, 40 years.” subject is likely to spur strong
The Justice Department is “hundreds of complaints” of al- estimated $40 billion to $85 bil- The cost won’t be cheap. Ms. González-Colón said feelings among conservative
directing U.S. attorney’s offices leged fraud in the wake of re- lion in insured losses. U.S. officials say that Puerto that she is waiting for an offi- Republicans worried about fi-
around the country to improve cent hurricanes, Mr. Rosenstein Harvey, which made landfall Rico faces a longer road to re- cial assessment, but that the nancial mismanagement.
efforts to target fraud in the di- wrote. “This issue warrants a in Texas in August, caused covery than any other part of damage from Hurricane Irma “If the system is going to be
saster-relief efforts that arose coordinated, nationwide re- more than $10 billion in insured the U.S. hit by a hurricane, was estimated on a prelimi- rebuilt, I’m sure that many of
after a series of devastating sponse,” the memo added. losses, the firm AIR Worldwide partly because the island na- nary basis at $1 billion, and my colleagues will want to
hurricanes pummeled the U.S. The directive comes as said. That doesn’t include losses tion needs to ship and fly in that Hurricane Maria “hit us know that it is going to be re-
Deputy Attorney General Puerto Rico and states from borne by the National Flood In- equipment and personnel that like 20 to 30 times worse.” built in a responsible way,” Mr.
Rod Rosenstein, in a memo Texas to Florida begin rebuild- surance Program. can simply be trucked in to Based on that formula, she Rubio said. But he also said, “I
dated Sept. 22, directed each ing homes, businesses and in- Hurricane Irma, which states like Florida and Texas. floated a price tag of $20 bil- don’t think Puerto Rico should
office to log and track all disas- frastructure in the wake of Hur- passed through the Caribbean Puerto Rico already faced fi- lion. be punished for it. And ulti-
ter-fraud cases relating to ma- ricanes Maria, Irma and Harvey, before reaching Florida earlier nancial hardship following a In the backdrop is a terri- mately the United States is not
jor national disasters. He asked which left an estimated tens of this month, caused $32 billion yearslong recession and popu- tory that is in near shambles. going to allow a territory to be
the offices to direct all com- billions of dollars in damage in to $50 billion in insured losses lation drain, along with an ag- On Monday, the usually bus- functioning as if it were in the
plaints to an office within the their wake. Billions of dollars in in the U.S. and the Caribbean, ing electricity system. tling area of Old San Juan was early 20th century or late 19th
Justice Department’s criminal federal aid is expected to help AIR said. Gov. Ricardo Rosselló has nearly empty. Cars were lined century without access to
division called the National Cen- in that effort. —Aruna Viswanatha warned that the territory’s 3.4 up for gas, tree limbs lay ev- power because of things that
million residents are facing a erywhere, and roofs and walls have happened in the past.”
U.S. WATCH
BORDER WALL Mesa border crossing, with Ti- previously warned the wall con- LAW ENFORCEMENT ther evidence that the U.S. is Chicago in particular faced an
juana visible over the border in struction could draw protests. experiencing a surge in deadly increase in deadly violence, re-
Building of Prototypes the distance. The San Diego County Board Homicide Rate Rises violence. cording 287 more murders last
Begins in San Diego A total of eight prototypes of Supervisors on Tuesday For a Second Year Attorney General Jeff Ses- year than in 2015. Houston, Den-
will be built along the border passed an emergency ordinance sions last week previewed the ver and San Antonio also saw
Construction began Tuesday here over the next month—four allowing authorities to ban items Violent crime and homicide FBI’s data release in a speech, increases in their violent crime
on prototypes for a new barrier from concrete and four made that could be used as weapons rates rose in the U.S. in 2016 saying it would show that “vio- and homicide rates.
along the U.S. border with Mex- from alternate materials, accord- from protest areas—including for the second consecutive lent crime rose again. Murder Suburban areas recorded a
ico—the most visible step so far ing to federal border officials. bats and pepper spray. Other cit- year, driven in part by a jump in rose. Aggravated assault, rape, slight rise in violent crime and
toward President Donald On Tuesday morning, U.S. ies have made similar moves af- murders in large cities, accord- and robbery rose.” murder rates, while rural areas
Trump’s long-promised border Border Patrol officials blocked ter violent protests. However, ing to national data released Last year, violent crime rose tallied an increase in violent
wall. off the road near the construc- there were no demonstrations Monday by the Federal Bureau nationally by 4.1%, to 386 per crime but held steady in terms
Construction crews and heavy tion zone, allowing only workers near the construction site as of of Investigation. 100,000 residents, and murders of homicides, according to the
equipment moved into the and law enforcement into the Tuesday afternoon. The Trump administration increased by 8.6%, the FBI re- FBI’s Uniform Crime Report.
stretch of border near the Otay area. Homeland Security officials —Alicia A. Caldwell seized on the report as fur- ported. —Del Quentin Wilber
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A8 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
IN DEPTH
lywood Bowl, Post 43 has long there,” says Mr. Rivero, a Navy vets with you-lost-your-war
ties to the entertainment indus- lieutenant commander who scorn—refused to disclose the
try. Clark Gable, Charlton Hes- served in Afghanistan. full membership roster to the
ton, Ronald Reagan and Rudy Membership was limited to Members of American Legion Post 43 in Hollywood, Calif. Movie and TV producers film there. Vietnam vets, he says.
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | A9
LIFE&ARTS
WORK & FAMILY | By Sue Shellenbarger
JON KRAUSE
the ability to collaborate with
them on a company-wide goal of
improving global tax strategy.
When Mr. Ungerleider offered
her the promotion, Ms. Nicholas
says, “it was one of those mo- path forward if you take the loved the mission” of providing People who want to work for a Zelenkofske worked with others.
ments where you pause and the stretch assignments and succeed,” housing, health, career and other leader who nurtures talent should During her performance review,
tummy turns a little bit.” After says Suzanne Bates, a Wellesley, support to veterans, he says. look for executives who spend the CEO asked, “So, what do you
taking about a week to think it Mass., leadership and executive After a few months of managing time with employees and take an like doing?” Ms. Zelenkofske talked
over, she said yes. “You should feel coach whose firm, Bates Communi- VetAdvisor’s revenue and expenses interest in them, asking questions about mentoring employees and
uncomfortable when you take a cations, has worked with execu- from her Ebensburg, Pa., office, and welcoming honest answers, building customer relationships.
new job,” she says, “because the tives at Dow. she realized meeting targets gives says Jessica Bigazzi Foster, a se- Ms. Zelenkofske was surprised
opportunity to grow is so vast.” “You’ve got to be kidding me!” nior partner at the management- when Ms. Partridge offered her a
Spotting untapped potential is was Jennifer Roseman’s response psychology consulting firm RHR job she’d never considered, as
especially important in advancing when her boss Dan Frank, chief International in Chicago. head of “people ops” or human re-
women, who tend not to apply for executive of Three Wire Systems,
Spotting untapped Motivating many, Ms. Foster sources. Ms. Partridge explained
jobs they aren’t already highly a Falls Church, Va., government potential is especially says, is a desire to pay it forward. that she’d still be doing what she
qualified to do. Executive coach contractor, suggested three years When these leaders tell stories enjoyed, but with all 50 of the
Joel Garfinkle of Oakland, Calif., ago that she take over financial
important in advancing about their own careers, “a consis- company’s employees rather than
also sees this tendency in “the in- management of the unit where women. tent theme is that somebody took a smaller team. She promised to
trovert who may be intimidated by she was supervising client-service a chance on them and helped them provide mentors, training and
the extroverts around him or her, staff. Ms. Roseman trained as a make a significant leap—without guidance. Ms. Zelenkofske took the
the talented but shy person who is social worker and had no interest checking all the boxes.” job. In her first nine months, she
afraid of self-promotion, or the in adding profit-and-loss account- her a sense of teamwork and Catherine Zelenkofske was set up two programs for employ-
person of a different race or cul- ing to her role at the unit, VetAd- pride. She has since been pro- thriving as a program manager at ees, one to improve the perfor-
ture who has been taught not to visor, she says. She reluctantly moted to executive vice president. WegoWise Inc., a Boston maker of mance-review process and another
put himself forward.” agreed. Looking back, Ms. Roseman says, software for building owners, to help them with career planning.
Bosses also need to reassure Mr. Frank, a former Navy pilot, “Dan had a knack for understand- when tech entrepreneur Laila Par- “She was a good performer on
employees: “I care about you, I’ll says he trusted Ms. Roseman to ing what I could do—for seeing tridge became the company’s chief her previous job,” Ms. Partridge
support you with mentoring and learn the job and excel at it. “What things in me that I didn’t neces- executive last year. Ms. Partridge says, “but on this one she’s a
coaching, and there’s an exciting I saw in her was somebody who sarily see.” noticed how smoothly Ms. rock star.”
OPINION
REVIEW & OUTLOOK
For Venezuela’s Sake,
Cuba’s Sonic Attacks Dismantle the OAS
U
.S. Secretary of State Rex Tillerson ing-room table or a car door-handle and
told CBS’s “Face the Nation” recently poisoning pets are a few ways that Castro’s By Benjamin N. Gedan Given the stakes for the OAS and
F
Venezuela, it’s time for a new approach.
that the U.S. is thinking about closing boys have shown hospitality toward Americans
or a moment, all eyes were on the OAS members should immediately dis-
its Embassy in Havana in re- over the years. Embassy per- Organization of American States. solve the organization and replace it
sponse to mysterious acous- How to respond to sonnel engaged on human- The horrors in Venezuela had gal- with a body that assigns Caribbean
tic attacks on U.S. personnel the harm done to 21 rights issues and with dissi- vanized the world’s oldest regional members a single, collective vote. The
that have injured at least 21 dents were among the most body, and hemispheric heavyweights Caribbeans should be encouraged not to
Americans. Americans in Havana. likely targets because the re- sought solutions in its marble halls. boycott the new organization. Though
Here’s a better idea: Keep gime wanted to send a mes- Prodded by a crusading secretary gen- the Caribbean Community secretariat
the Embassy in Havana open sage, Mr. Cason told us. eral, U.S. and Latin American diplomats would cast the sole vote for its mem-
but expel from the U.S. 19 Cubans working at The sonic attacks are different because the urgently debated ways to rescue Vene- bers, Caribbean states would retain all
its embassy in Washington. Since the U.S. al- Americans didn’t know they were being zuela’s crumbling democracy. other membership privileges. The new
ready expelled two Cuban diplomats in August harmed until after the fact. One theory is that Today, it is the OAS that needs rescu- organization could also help with hurri-
ing. The organization failed to address cane relief and preparedness.
in response to the attacks, the new round of one of Cuba’s allies, such as North Korea or
the crisis in Venezuela—in the process, If this measure seems extreme, the al-
expulsions would bring the number of Castro Iran, decided to test a new assault device becoming worse than irrelevant. It is a ternative is more so: The OAS collapses,
personnel asked to leave to the same number from its embassy on the island. Another zombie forum that serves only to sap or at best, slowly fades away. That’s a
of U.S. personnel that have been medically con- theory is that a rogue wing of the regime diplomatic energy. real possibility. The White House is
firmed to have suffered injuries. wants to undermine the U.S. rapprochement. Fortunately, there is still a way to sal- poised to slash U.S. support for the OAS,
The U.S. can tell Cuba that things will return But a regime that specializes in spying on its vage a regional response to the Venezu- which makes up 60% of its budget.
to normal when Raúl Castro explains to the own people isn’t often surprised by local de- ela nightmare: Disband the OAS and re-
U.S. State Department how the Embassy em- velopments. As Mr. Cason puts it, “nothing place it with a body no longer dominated
ployees were harmed. As of now, all we know happens [in Cuba] without the government by small Caribbean countries. Tiny Caribbean states
is that the State Department believes some knowing about it.” For the past two years, Caribbean
governments, in return for Venezuelan have outsize power,
sort of sonic harassment has left them with “a On the odd chance that the attacks aren’t re-
variety of physical symptoms.” gime-approved, a one-party state that learned
assistance, have held the OAS hostage. and many are in thrall
These countries, most of which are less
That’s an understatement. The American from the Soviets certainly has the power to in- populous than Staten Island, N.Y., con- to the Caracas regime.
Foreign Service Association, a union for U.S. vestigate. Yet these incidents began in Novem- trol 14 of the organization’s 34 votes.
diplomats, said earlier this month that it has ber, the U.S. first complained in February and They have wielded their influence to
spoken with 10 of the affected and that “diagno- as recently as August they continued. Not with- thwart all attempts at defending human In another sign that U.S. patience has
ses include mild traumatic brain injury and per- standing Mr. Castro’s bafflement, his govern- rights and democratic institutions. reached its limits, the White House is
manent hearing loss, with such additional ment has done nothing about the attacks. Per- In doing so, Caribbean governments considering destabilizing economic
symptoms as loss of balance, severe headaches, haps Raúl figured he could simply get away with have paralyzed the OAS even as Presi- sanctions on Venezuela’s oil sector. Last
cognitive disruption and brain swelling.” it after he won normal relations with the U.S. dent Nicolás Maduro imprisoned rivals month, President Trump even declined
Mr. Castro says he is shocked to hear this without making any concessions. and usurped the power of the opposi- to rule out a “military option.”
tion-controlled National Assembly, and Many are already looking past the
news and claims he has no idea how it could Mr. Tillerson said “it’s a very serious issue
as Venezuelans suffered food and medi- OAS, the only regional body that in-
have happened. That would be easier to believe with respect to the harm that certain individu- cine shortages. cludes the U.S. On Aug. 8, for example,
if Cuba weren’t a police state with a long re- als have suffered.” Expelling Cuban embassy This pattern predates the Trump ad- OAS fatigue prompted Peru to host for-
cord of harassing U.S. government employees personnel will anger Cuba because it will ministration. Beginning under Presi- eign ministers to discuss Venezuela; it
on the island. weaken its espionage ability here. But the U.S. dent Obama, most Caribbean coun- did not invite U.S. Secretary of State Rex
According to retired ambassador James Ca- has a responsibility to protect its diplomats tries—from Dominica to St. Vincent Tillerson.
son, who ran the U.S. Interests Section in Ha- and a failure to respond will encourage other and the Grenadines—joined Venezuela’s Since last year, governments in this
vana from 2002 to 2005, leaving feces on a din- regimes to do the same. dwindling ideological allies to obstruct hemisphere have been celebrating the
measures addressing the crisis. Worse 15th anniversary of the OAS Inter-
A
OAS action. their governments have an obligation to
s Washington begins to debate tax re- from 49th in the Tax Foundation’s business tax There are exceptions, such as the Ba- promote and defend it.”
form in earnest, states can provide in- climate rankings. hamas, Barbados and Jamaica. But by The charter, approved in 2001 in the
structive policy lessons for better and Republicans financed the tax cuts by elimi- and large, Caribbean solidarity, and Ven- wake of democratic breakdowns in Haiti
sometimes worse—see the fis- nating most business hand- ezuelan bullying, prevailed. and Peru, is considered the greatest OAS
cal crack-ups in Connecticut How business-tax outs along with individual in- No amount of American aid bal- achievement since its birth in 1948.
and Illinois. Michigan, on the reform helped revive come-tax preferences for anced the scales. The U.S. shoveled bil- Though imperfect, it has been applied in
other hand, offers a case public pensions and jobless lions of dollars into Port-au-Prince, for Bolivia, Ecuador, Guatemala, Honduras
study in the pro-growth po- Michigan’s economy. benefits. Credits for children, example, but Haiti still voted with Ven- and Nicaragua. Mr. Maduro has clearly
tential of business tax reform. automobile donations, city in- ezuela at every turn. U.S. investments failed to satisfy its conditions and earned
Former Michigan Demo- to strengthen the Caribbean energy a suspension from the OAS.
come taxes, college tuition
sector were similarly irrelevant to Ca- Sadly, the democratic charter has be-
cratic Gov. Jennifer Granholm was a progres- and charitable contributions were axed. They ribbean leaders. come an empty threat. It could be re-
sive specialist in using the tax code to politi- also reformed state-worker pensions. Nevertheless, diplomats held out vived only by dissolving the OAS and
cally allocate capital, which depressed and After the 2012 midterm elections, Republi- hope that Caribbean governments would building an alternative organization no
distorted business investment. Between 2002 cans passed right-to-work legislation that lets eventually adopt a principled stand. longer controlled by its smallest and
and 2007, Michigan was the only state to expe- workers choose whether to join unions. In 2014 Conditions in Venezuela were deterio- least productive members—one that
rience zero economic growth. state voters approved a ballot measure backed rating quickly, and falling oil prices had would restrict Caribbean members to a
Ms. Granholm’s Republican successor, Rick by the governor to repeal the personal-property lessened the Caribbean reliance on sub- single vote. Those nations deserve noth-
Snyder, recharged growth with tax and regula- tax for small businesses and manufacturers, sidized Venezuelan crude. For the first ing more, and the suffering people of
tory reforms. While Michigan’s GDP has been which was levied on the value of machines and time in a decade, the largest countries Venezuela deserve nothing less.
expanding at roughly the national average since other tangible equipment. in the region, including Argentina and
Brazil, had begun criticizing the erosion Mr. Gedan is a former Venezuela di-
2011, it has led the Great Lakes region. Capital investment and hiring have in-
of Venezuela’s democracy. But nothing rector for the National Security Council
Michigan slipped into recession in 2003 as creased sharply. Two months after Mr. Snyder would loosen Mr. Maduro’s stranglehold and a fellow at the Woodrow Wilson In-
manufacturing contracted, which unions signed the tax reforms, job growth turned posi- on the Caribbean. ternational Center for Scholars.
blamed on China and free-trade agreements. tive. In 2011 Michigan added jobs for the first
But misguided policies were arguably bigger time in six years, and it has since led the Great
contributors to Michigan’s slump. Between Lakes region in manufacturing growth. LETTERS TO THE EDITOR
2002 and 2007, Michigan’s manufacturing Unemployment has fallen below the national
grew at a third of the rate of the Great Lakes average to 3.9% even as the labor-force partici-
region. During this period, motor-vehicle and pation rate has ticked up. The jobless rate is
Maybe the Fed’s Staffers Could Get a 2% Cut
parts manufacturing in Indiana increased five still 5% in Illinois and 5.4% in Ohio, and labor- William M. Isaac and Richard M. Ko- with perfect accuracy, persistently
times as much as in force participation has vacevich (“The Fed Should Stop Worry- low inflation raises the chances of
ing and Learn to Love Low Inflation,” falling into deflation, which the au-
Michigan. And Indi- declined in both states.
ana’s economy is
Comparative Midwest Economics Ohio and Illinois are
op-ed, Sept. 19) are correct in suggest- thors recognize as harmful.
ing the Federal Reserve should stop Even if the Fed has successfully
nearly as dependent Real average annual GDP growth in percent in the six non-right-to-work worrying about getting inflation up to avoided the deflation threat for now,
on vehicle production years before the 2008-2009 recession and six years states with larger indi- its 2% target noting, among other keeping inflation at around 2% when
after a post-recession tax reform
as Michigan’s. vidual and business tax things, that “inflation does not create the economy is growing is insurance
Democrats in Lan- All Industries 2002-2007 2011-2016 burdens. Ohio imposes greater economic growth.” against deflation in a future recession.
sing responded by a gross-receipts tax. However, there are two even The authors also cite low levels of
U.S. 2.7% 2.0% stronger economic reasons the Fed business investment over the past
raising taxes with dis- Liberals may want
pensations for politi- Michigan 0.0 1.9 to credit the auto bail- should stop worrying about inflation. eight years and point to a lack of con-
cally favored constitu- Great Lakes* out, but auto manufac- First, there is no compelling theoreti- fidence in monetary policy as a factor.
1.3 1.4 cal case for any inflation rate other A more likely cause is a lack of confi-
ents. In 2007 Demo- turing isn’t driving
than zero. The idea that the economy dence in growth. Tighter monetary
crats increased the Illinois 1.8 1.0 Michigan’s growth. Be- will do better with “moderate infla- policy would raise borrowing costs
state income tax to Manufacturing 2002-2007 2011-2016 tween 2011 and 2015 tion” is based on conjecture, not and exacerbate rather than relieve
4.35% from 3.9%. They (the last year with strong economic theory. If inflation this problem.
also enacted a new U.S. 4.4% 0.9% available disaggregated reduces output growth even a little, WILLIAM MILES
business tax with a Michigan 0.8 2.1 data), Michigan’s mo- it is very difficult to argue that the Wichita State University
4.95% tax on income, a tor-vehicle and parts best rate of inflation is something Wichita, Kan.
Great Lakes* 2.4 0.8
0.8% gross-receipts production increased other than zero. At the July 1996
tax, plus a 21.99% sur- Illinois 2.7 -0.4 by 2.3%—half as much FOMC meeting, Fed Chairman Alan I was hoping the powers to be had
charge on business tax *Illinois, Indiana, Ohio, Michigan, Wisconsin as in Indiana and the Greenspan stated his preferred rate finally decided to include energy and
liability. of inflation was zero, “if inflation is food in the inflation computations.
Source: Bureau of Economic Analysis THE WALL STREET JOURNAL U.S. During the first
properly measured.” Until these two categories, which are
The three-layered quarter of this year,
Second, it isn’t clear that the Fed- so much a part of the average citi-
business tax replaced a value-added tax, but when car sales stalled, overall manufacturing eral Open Market Committee can do zen’s life and expenditures, are in-
retained its flaws—namely, its pyramid struc- in Michigan still grew by a healthy 7.4%. The much about inflation. There are two cluded, I find discussions or data on
ture and myriad carve-outs. New credits were Mackinac Center notes that fabricated metals theories of inflation. One is that infla- inflation useless.
created for Nascar, car dealers, film-produc- and machinery are doing particularly well, but tion is the consequence of excess KEN FAULHABER
tion companies, large food retailers and ware- growth has been broad-based. Since 2011, pro- growth of the money supply. The Ocala, Fla.
houses. Businesses could even pocket fessional and business services have expanded other is that inflation is the conse-
$100,000 for contributing to zoos. Care to at an annual 3.6% and IT by 2.7%. quence of the gap between actual and Low interest rates means that aver-
sponsor a giraffe? Downtown Detroit is drawing tech firms and potential output. The problem is nei- age consumers get close to zero inter-
None of the tax gimmicks revived growth, young entrepreneurs. Unemployment in the De- ther theory works in practice. Neither est on their savings accounts. One
and Michigan’s economy plunged amid the na- troit metro area has fallen to 3.2% from 11.4% can account for the behavior of infla- might wonder if low interest rates in-
tion over at least the past 50 years. hibit inflation. If interest rates were
tional recession with unemployment hitting six years ago. Businesses in Ann Arbor and
Perhaps Messrs. Isaac and Kovacevich normal for the past 10 years, there
14.9% in June 2009. The auto bailout helped Grand Rapids say they can’t find enough work- should have said the Fed should stop would be considerably more money in
stanch job losses at GM and Chrysler while pen- ers. Perhaps they should try recruiting in Chi- trying to do what it cannot do. savings and retirement accounts to
sion reforms and a two-tier wage scale for new cago or New Haven. DAN THORNTON, PH.D. power consumer spending. This would
workers made Detroit’s auto makers more eco- The left loves to flog the political revolt Valley Park, Mo. increase demand for products, which
nomically competitive. against Kansas Gov. Sam Brownback’s tax cuts, Mr. Thornton is a retired vice presi- can require more workers and higher
By 2011 when Mr. Snyder assumed office, auto which they blame for yawning deficits. But the dent of the Federal Reserve Bank of wages that raise inflation.
manufacturing had rebounded, but other indus- bigger deficit drivers were court-mandated in- St. Louis. RON MINARIK
tries remained limp. Michigan still hadn’t posted creases in school spending and a slump in farm Mystic, Conn.
annual net job growth since 2005. Its 10.9% un- commodity prices. Republicans also erred by The Fed should certainly be vigilant
against inflation. But too-low inflation
employment rate was the fourth highest after retaining major tax breaks and repealing the in- Letters intended for publication should
also imposes costs and dangers. A be addressed to: The Editor, 1211 Avenue
California, Nevada and Rhode Island. come tax for small businesses, which caused lack of inflation means that real-wage of the Americas, New York, NY 10036,
Mr. Snyder’s first major undertaking with his some individuals to change their filing status. cuts in a recession cannot be achieved or emailed to wsj.ltrs@wsj.com. Please
Republican legislature was to replace the cum- Caveat, Senators. through keeping nominal wages con- include your city and state. All letters
bersome state business tax with a 6% corporate While progressives may continue to deny stant, and thus employers are more are subject to editing, and unpublished
tax and trim the individual rate to 4.25%. Michi- that taxes matter, Michigan’s economic come- likely to fire workers. And given that letters can be neither acknowledged nor
returned.
gan’s corporate-tax ranking jumped to seventh back shows otherwise. no central bank can target inflation
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | A11
OPINION
P
regime pathways to missile-delivered gressive Iranian regime should
owerful voices at home nuclear weapons. have a North Korean-style glide
and abroad are pressuring The JCPOA is a prelude to a Mid- path to dozens of nuclear weapons
President Trump to give dle Eastern version of the North Ko- and ICBMs.
his blessing to his prede- rean mess. It gives the clerical re- The Europeans are already re-
cessor’s nuclear agreement gime sunset-expiring restrictions, sponding to Mr. Trump’s threats to
with Iran. Mr. Trump has repeatedly advanced centrifuges, intercontinen- walk away from the deal. French
pledged to renegotiate the deal, tal ballistic missiles, the ability to President Emmanuel Macron has
known as the Joint Comprehensive frustrate U.N. inspectors’ access to said he’s willing to consider supple-
Plan of Action, or scrap it altogether. military sites where Tehran has con- menting the agreement to address
E
has been a rescue of some Spanish died by making the ESM an auto- since they would bear a dispropor- would then be able to help finance
urozone reform is back on the banks, and its total disbursements matic guarantor of all sovereign tionate share of the risks. Con- that public-works spending by of-
agenda. French President Em- so far have been less than €100 bil- debt in the eurozone and requiring versely, more-indebted and riskier fering guarantees for the bond is-
manuel Macron has made lion ($118.86 billion). governments to pay their fair share governments, such as Italy, would sues to pay for it.
greater integration—especially on The ESM represents the outline for this protection. pay more than others. An ESM 2.0 based on risk-shar-
fiscal matters—a cornerstone of his of a form of fiscal cooperation on Governments would start by in- In effect, the ESM would be sell- ing and convergence of sovereign
agenda. And German Chancellor An- which the eurozone could agree. It cluding risk-sharing clauses in new ing to its members a credit-default yield curves and the reboot of pub-
gela Merkel may be in a position to has a maximum lending volume of bond issues, under which the ESM swap on whatever sovereign risk lic fruitful investments with a
take more steps in that direction €500 billion and subscribed capital exceeds the weighted average of all higher degree of flexibility than to-
now that she has won re-election. of €704 billion, of which €80.5 bil- sovereign risk in eurozone bonds. day could be the skeleton of a fu-
But what can or should they do to lion is already paid in; the remain- Leaders can use an existing To preserve the ESM’s investment- ture federal budget that can rely on
strengthen the currency bloc? der is callable shares. grade rating, the maximum ex- the possibility of issuing superna-
Some European leaders talk The ESM is also able to issue su- fund as the basis for the pected loss cannot exceed paid-in tional bonds of the eurozone. Im-
about a much closer fiscal union. pernational bonds, eligible for pur- risk-sharing the eurozone capital. So ESM guarantees would portantly, it would be more flexible
The creation of a European Union chase under the European Central expand to cover all sovereign debt than the German proposal to trans-
finance minister with power to dis- Bank’s asset-purchase program, or needs in order to survive. only gradually as members fulfilled form the ESM into a monetary fund
tribute taxpayer money could serve quantitative easing. Its low leverage their contribution duties. while inserting clauses into new
as a buffer in recessions. Such a and explicit government backing The introduction of risk-sharing bond issues making default or rede-
mechanism, the thinking goes, guarantees a low funding cost. would guarantee that maturing clauses would restore markets’ nomination into a potential local
would reduce the risk that a sover- But the fund is currently too bonds in the new issue would bene- confidence in the resilience of the currency harder.
eign default in one euro country small to rescue a government such fit from the joint liability of all ESM eurozone and fuel the convergence Europe needs to find a way to
would trigger a financial crisis as Italy—the eurozone’s third- member countries. Within eight to of sovereign yield curves, reducing make its unique monetary experi-
somewhere else. largest and highly indebted econ- 10 years, all government bond issues the overall riskiness of eurozone ment—the euro—work better. The
This new model isn’t politically omy, which the German Council of would include such clauses. public debt and aligning the de- important question will be whether
feasible right now. But the EU al- Economic Experts in 2016 called In exchange for this guarantee, fault probabilities for all eurozone Europeans are prepared to move to-
ready possesses an institution that, “too big to save.” countries would be required to members. ward an eventual break-up of the
if reformed appropriately, could The ESM’s existing decision- compensate the ESM by making Meanwhile, ESM reform should euro, which would be driven by
bolster the eurozone’s ability to making process is also too ineffi- cash contributions to ESM capital. be combined with a revision to ex- stringent limits on credit issuance,
prevent sovereign crises. cient for these purposes. Most of The formula for these contributions isting fiscal compact rules that ex- or whether they want to create in-
The European Stability Mecha- the fund’s important decisions must would take into account the net cludes fruitful public-works invest- stitutions such as a new ESM that
nism, or ESM, was established in be made unanimously or, in case of balance of the protection sold by a ments from deficit limits. The can finally allow the euro to work.
2012 to provide financial assistance emergency, with the approval of country to other participants in the amount of allowable public-works
to distressed countries, and became 85% of the votes cast. Germany, the fund and received from others. spending would be equal to the Mr. Minenna is a doctoral lec-
the primary conduit for EU financ- largest shareholder with a 26.9% Stable governments such as Ger- amount of capital each member turer at the London Graduate
ing during bailouts in Cyprus and stake, holds a veto. many would pay little or no addi- country paid each year for its bond School of Mathematical Finance.
D
trends. Still, that leaves a lot of lee- other researchers using the “close is on its way to $15. A comprehen- minimum wages suggests the moti-
oes the minimum wage destroy way for choice. comparison” method, such as Mi- sive study by academics at the Uni- vations here may be ideological
jobs? The debate over that Researchers who support raising chael Reich at Berkeley, also have versity of Washington estimated that rather than empirical.
question often reduces to duel- the minimum wage often advocate a generally found that a higher mini- the higher minimum “reduced hours The Seattle study won’t settle
ing economic studies. One side cites “close comparison”—using an area mum wage doesn’t cause job losses. worked in low-wage jobs by around the debate—nor should it. It is one
analyses showing that employers re- geographically nearby. The classic Those studies have fed into rosy 9 percent.” Consequently, earnings analysis, and it examines one city’s
spond to a wage floor by cutting in this genre is the 1994 study of policy reports saying that a $15 for these employees dropped “by an experience over a short period. In
hours or jobs. The other side pulls the fast-food industry by David Card minimum wage would help workers average of $125 per month.” my view, more of the evidence, and
out studies saying the minimum wage and Alan Krueger. The minimum with little downside. the best evidence, points to job
is a free lunch for workers. To really wage had been raised in New Jersey Critics say these studies don’t losses from higher minimum wages.
understand what’s going on, you need to $5.05 from $4.25, but had stayed convincingly control for shocks to A recent study used an But additional research will refine
to get under the hood. flat in Pennsylvania. The two econo- the low-skill labor market. Moreover, the academic consensus. The trou-
The main challenge in estimating mists surveyed fast-food restau- comparing across state borders is in- approach favored by ble is that the debate will suffer if
the effects of a rising minimum wage rants on either side of the state bor- herently difficult. Perhaps politicians boosters—yet still showed researchers use their influence to
is identifying a good control group. der and actually found sharp job in one state felt comfortable raising attack results they don’t like, as
Generally economists want to find a gains in New Jersey. the minimum wage because the la- negative effects for workers. seems to be happening with the Se-
set of workers who weren’t subject I’m on record, in a 2000 paper, bor market there was already strong, attle study.
to the policy change, but who other- as arguing that the Card-Krueger while the other state was struggling. There is also a more general les-
In that case, job losses from the What’s especially inconvenient for son for the public. Although politi-
higher minimum wage could be minimum-wage proponents is that cians and the media are right to rely
masked by the broader trend. the Seattle study used a “close com- on research to understand the ef-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Alternative research strategies parison” method similar to the one fects of public policy, it’s important
Rupert Murdoch Robert Thomson do show job losses. Consider a 2014 they have favored for years. The au- to keep a skeptical eye. Research of-
Executive Chairman, News Corp Chief Executive Officer, News Corp study by Jeffrey Clemens and Mi- thors of the study compared workers ten comes from a mix of sources, and
Gerard Baker William Lewis chael Wither on what happened in Seattle with those in other metro- it can be difficult for those reporting
Editor in Chief Chief Executive Officer and Publisher when the federal minimum wage politan areas in Washington, such as on it to separate the wheat from the
Matthew J. Murray DOW JONES MANAGEMENT: was raised to $7.25 from $5.15 in the Olympia, Spokane and Tacoma. chaff. Perhaps it’s even unreasonable
Deputy Editor in Chief Mark Musgrave, Chief People Officer; late 2000s. Rather than crossing a To no one’s surprise, that hasn’t to expect them to do so.
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
border, they compared groups of stopped minimum-wage supporters This problem of research-as-advo-
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President workers within each of the affected from attacking the Seattle research. cacy isn’t confined to one side. There
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: states. The first group included In a June letter to city officials, Mr. is plenty of it on the right and the
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; those who were paid the very low- Reich, the Berkeley professor, wrote left. Yet it would be wrong, too, to
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; est wage, on whom the new mini- that the study “draws only from ar- think that any study from an organi-
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; mum was “binding.” The control eas in Washington State that do not zation with a point of view is flawed
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; group included workers earning at all resemble Seattle.” or biased. The trick is trying to un-
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International slightly above the minimum. The But this gives away the game: Any derstand not only what the research
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: study estimated that the new fed- researchers doing this kind of study says about public policy, but also
Almar Latour, Publisher; eral minimum had eliminated about should explicitly choose control ar- who the messenger is.
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: 800,000 jobs. eas that show similar trends, as did
Joseph B. Vincent, Operations; Christopher Lloyd, Head; The dispute over methodology ex- the University of Washington team. Mr. Neumark is a professor of
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head plains the importance of this sum- More to the point, if the controls for economics and director of the Eco-
EDITORIAL AND CORPORATE HEADQUARTERS: mer’s research on Seattle’s mini- Seattle can’t be trusted, it under- nomic Self-Sufficiency Policy Re-
1211 Avenue of the Americas, New York, N.Y., 10036 mum-wage experiment. The city’s mines the whole idea of “close com- search Institute at the University of
Telephone 1-800-DOWJONES
wage floor, previously about $9.50 parison.” Criticizing the method only California, Irvine.
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A12 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
© 2017 Dow Jones & Co. Inc. All rights reserved. 6DJ5768
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Euro vs. Dollar 1.1772 g 0.66% FTSE 100 7285.74 g 0.21% Gold 1297.00 g 0.75% WTI crude 51.88 g 0.65% German Bund yield 0.410% 10-Year Treasury yield 2.229%
IMAGO/ZUMA PRESS
ances such as vacuum cleaners to recruit engineers.
than two years ago and hair and hand dryers, for Even with a popular brand,
which consumers have paid Dyson will be entering a
BY STU WOO high prices. The company’s crowded field. When Tesla in-
AND WILLIAM BOSTON founder promised to pour £2 troduced its now iconic Model
BY GREG BENSINGER
Alstom, A small shareholder of
A
ABN AMRO Group......B1
Airbnb..........................B9
Alibaba Group........B4,B6
Deutsche Post.............B2
Delphi Automotive. .... B2
Dyson...........................B1
E
M
Metro-Goldwyn-Mayer
.....................................B4
Morgan Stanley..........B6
EU Probes Luxottica Deal
BY EMRE PEKER plier of ophthalmic lenses panies said they will cooperate sess whether the proposed
Alibaba Group Holding Equifax.............A1,A2,B6 N
...................................B10 while Luxottica is the top pro- with EU authorities to demon- merger would lead to higher
Exxon Mobil..............B10 Nestle..........................B1
Allianz ......................... B3 BRUSSELS—The European vider of eyewear both in Eu- strate the “benefits that [the prices or reduced choices for
Alphabet...........B2,B4,B6
F Netflix.........................B6 Union’s antitrust authority rope and across the world, the merger] will bring to custom- opticians and ultimately con-
Facebook................B4,B6 Nordea Bank ............... B1 said Tuesday that it has EU said. ers, consumers and all the sumers,” said European Com-
Amazon.com.....B4,B6,B9
AMC Entertainment Fannie Mae ................. B9 Nordstrom...................B9 started an investigation into The bloc’s competition au- eyewear industry players.” petition Commissioner Mar-
Holdings....................B4 FedEx...........................B9 O-P the proposed merger between thority said it is concerned The companies reiterated grethe Vestager.
Apple......................B4,B6 Fidelis..........................B3 Oliver Wyman.............B1
Ray-Ban maker Luxottica that their combination could their goal to complete their France-based Essilor and
Avalonbay Communities Group SpA and optical-lens result in bundling or tying transaction around year-end, Luxottica of Italy would merge
G Petrobras .................... A3
maker Essilor International practices that harm rivals. adding that authorities in Rus- in a complex share swap,
.....................................B5 Prologis ....................... B9
Axis Capital.................B3
Gazprom....................B10 SA, which would create a “The merged entity may sia, India, Colombia, Japan, which would remove the risk
PS Business Parks......B5
Axovant Sciences ....... B3
General Electric .......... B1 global eyewear colossus. use Luxottica’s powerful Morocco, New Zealand, South of stepping on each other’s
General Motors...........R4 R The deal—announced in brands to convince opticians Africa and South Korea had al- toes as Luxottica expanded
B January and poised to forge a to buy Essilor lenses and ex- ready cleared the deal. into lens manufacturing and
Greenhill......................B6 Roivant Sciences ........ B3
Baidu......................A2,B6 firm with a combined market clude other lens suppliers EU officials have 90 work- Essilor moved into frames.
Green Street Advisors S
Banco Popular Español value of roughly €46.3 billion from the markets,” the EU ing days to reach a decision, The combined companies
.....................................B9
Snap.............................B4
.....................................B1 ($54.5 billion)—threatens to said. which sets a Feb. 12 deadline will dominate the global eye-
I Sompo International .. B3
Banco Santander ........ B1 exclude other lens suppliers In a joint written state- for the review. wear market, putting them far
Barclays.......................B1 Indian Railways .......... B1 Spotify.........................B4 from markets, according to the ment, Essilor and Luxottica The authorities said their ahead of other competitors,
Benchmark Capital ..... B2 Intercontinental State Street................B5 EU’s executive arm, the Euro- said they were confident that investigation “does not pre- such as Johnson & Johnson
BlackRock....................B5 Exchange...................B6 T pean Commission. the review “will be completed judge the outcome.” Inc. and Safilo Group SpA, ac-
BNP Paribas................B1 K Tesla.......................B1,B6 Essilor is the largest sup- in a timely manner.” The com- “We need to carefully as- cording to Euromonitor.
Boeing ......................... B3 Kohl's...........................B2 Third Point..................B1
C Kraft Heinz ................. B1 Toyota Motor..............B2
Cainiao Smart Logistics L Twitter...................B4,B6
Network.............B4,B10 21st Century Fox........B4
Lennar ......................... B9
California Resources...B5 U
London Stock Exchange
CME Group..................B6 Group.........................B6 Uber Technologies ...... B1
Commerzbank ............. B1 L'Oréal.........................B1 Unilever.......................B1
D Luxxotica Group..........B2 Unione di Banche
DCT Industrial Trust...B9 Lyft..............................B2 Italiane......................B1
INDEX TO PEOPLE
A Fehr, Joy......................R2 McDonald, James ....... B6
Agrawala, Banmali ..... B2 Frank, Dan...................A9 McMahan, Robert.......R4
Frankel, Eric................B9 Mieth, Roland.............B7
B
Freitag, Jan.................B9 Moghadam, Hamid ..... B9
Barrowman, Carole.....R4 Fuchs, Kent.................R4 Morton, Donald.........B10
Baty, Phil.....................R1
G O-P
Beckman, John............R3
Bettencourt, Liliane Gass, Michelle.............B2 Oquendo, Christopher.B9
Giglio, Elisabeth ......... R4 Paulson, John..............B9
............................... B1,B3
DYSON
Cropsey, Doug.............B9 L Varga, Tamas............B10 on close cooperation with sup- invested heavily in electric-ve- ing technology into cars, mak-
D Lapin, Lisa...................R3 Welch, Kory.................R3 pliers, many of which have hicle technology in recent ing it easier for new players to
Dorsey, Jack................B4 Lawless, Jonathan......B9 Widodo, Joko..............B7 taken on some of the heavy years. enter the industry. The barrier
DuPont, Joe ................ R2 Loeb, Dan...............B1,B3 Wylin, Shawn..............R4 lifting of electric-car develop- In doing so, they have to entry for electric cars is
E-F M Y-Z Continued from the prior page ment. For example, Robert morphed from mechanical en- also lower because the costs
Eisgruber, Christopher Mansell, Kevin............B2 Young, Michael K........R4 hasn’t decided where to manu- Bosch GmbH, the big German gineering companies that sup- of developing an electric vehi-
............................... R3,R4 Mason, Peter .............. B1 Zuidema, Leah............R4 facture the vehicle. Mr. Dyson supplier, built an electric de- ply individual parts for auto cle are lower than a conven-
said he would spend £1 billion livery van for Deutsche Post, makers into high-tech opera- tional vehicle.
on car development and an ad- Dyson wouldn’t be the first
BUSINESS WATCH
Class-action shareholder come for at least 18 months.
ers there. time employees in Quebec, and take over as chief executive next —Suzanne Kapner
The ride-hailing firm said it some 10,000 drivers have year as it looks to navigate a and Austen Hufford
would halt its service as soon worked shifts for the company difficult retail landscape.
as Oct. 14 unless the Ministry of there. Kevin Mansell, Kohl’s current TOYOTA MOTOR
Transportation reverses a new The threat in Canada CEO and chairman, will retire in
provision that would have driv- comes days after the city of May. Mr. Mansell has spent 35 Hybrid Engines
ers undergo 35 hours of train- London stripped Uber of its years at Kohl’s, including the To Be Made in U.S.
ing, 15 more than previously, to private-car hire license in the past nine as CEO.
match a similar requirement for city, threatening to shut the The company’s board intends Toyota Motor Corp. said
traditional taxi drivers. The Que- company out of its largest Eu- to make one of its current inde- Tuesday it will start production Kohl’s Michelle Gass, in 2012 when she worked for Starbucks.
bec Ministry of Transportation ropean market. London’s top pendent members chairman. of its first American-made elec-
also will require annual car in- transport authority cited Uber’s “We thought we’d be best tric-gas hybrid engines, the lat- falo, W. Va., engine factory that an electric motor, generator and
spections and background approach to driver background served by announcing this to- est in a series of investments by will begin making core electrical power split device—to the U.S.
checks done by police officials. checks and its corporate cul- day,” Mr. Mansell said in an in- foreign auto makers to expand components for hybrid vehicles. The company began making hy-
“We were disappointed that ture for the decision. Uber is terview Tuesday, adding that the operations in the U.S. and elec- The expansion is part of a com- brid versions of its Camry sedan
the government now wants to appealing the decision, rallying move was expected both inter- trify more of their vehicles. mitment made in January by in the U.S. more than a decade
add new rules that rely on old support among customers and nally and externally. The Japanese auto maker Chief Executive Akio Toyoda to ago using domestic gasoline en-
administrative practices,” an preparing to reach a compro- Ms. Gass, 49 years old, joined plans to spend nearly $374 mil- invest $10 billion in the U.S. gines, but the electrical compo-
Uber spokesman said. mise with regulators. Kohl’s in 2013 after serving since lion to upgrade five U.S. plants, Toyota will bring assembly of nents have been imported.
1996 at Starbucks, where her including $115 million at a Buf- hybrid transaxles—made up of —Adrienne Roberts
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | B3
BUSINESS NEWS
Axovant Says Drug Insurers to Finance Jet Orders executive and pressure from
Mr. Loeb.
Since Mark Schneider took
the reins in January, Nestlé has
land, had built up a $2.6 bil- pared with subjects who took iane Bettencourt, heiress to the
lion market cap before an- Aricept alone. But the phase 3 L’Oréal fortune.
nouncing the trial failure. study failed to show a numeri- “The investment is not dilut-
Shares were down 74% at cal improvement and the re- ing anything,” Mr. Schneider
$6.28 on the Nasdaq Stock sults didn’t reach statistical said Tuesday, adding that the
Market late Tuesday. significance for the primary L’Oréal stake has delivered a
Dr. Hung said Axovant will endpoints, Axovant said. 12% annual return on invest-
now focus on other programs The results represented the ment over the 42 years Nestlé
in development, including us- bare outline of how intepir- has held it. “Our approach to
ing intepirdine to treat an- dine performed in the trial. this investment is currently not
other neurodegenerative con- Axovant plans to present the changing.”
dition known as dementia with full results at a medical meet- Third Point declined to com-
Lewy bodies. Axovant expects ing in November. Boeing’s plant in North Charleston, S.C. Only one-quarter of new aircraft are paid for in cash. ment.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B4 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
BY ANNE STEELE “pop music for a cardio work- tion heats up among artificial- familiar with the matter.
out” during a run or “the new intelligence assistants from Steve Boom, Amazon’s vice
Amazon.com Inc. hopes Taylor Swift song” while driv- Alphabet Inc.’s Google and president for music, says he
that the virtual assistant that ing. Apple Inc. offers some Apple, according to people fa- hopes music will be a natural
has made its Echo smart similar functions for Apple miliar with the company’s fit for the voice assistant. “We
speakers a hit will also attract Music, via the iPhone’s Siri thinking. should let people know about
more users to its mobile music voice assistant. Google’s and Apple’s assis- it, but we shouldn’t have to
app. Earlier this year, Alexa sur- tants have more data to learn train them,” he says.
The online retailer said it passed mobile as the No. 1 way from, thanks to their mobile Members of Amazon’s $99-
would launch Alexa on its Am- Amazon Music users listen. phone businesses and usage a-year Prime program can sub-
azon Music streaming apps on Since starting its Prime Music on those devices. Amazon has scribe to Amazon Music Un-
Tuesday, as it seeks to differ- streaming service in 2014, sold an estimated 15 million limited, launched last October,
entiate itself from rivals that Amazon has tried to cater to a Echo speakers, according to for $7.99 a month, though they
have bigger shares of the com- more mainstream audience Consumer Intelligence Re- already get access for no addi-
petitive market. An on-screen than its competitors. Nonethe- search Partners. tional charge to the company’s
button will let Amazon Music less, it remains No. 3 in the Alexa already joined Ama- more limited Prime Music ser-
users access the various Alexa subscription-music market, zon’s main shopping app ear- vice. Amazon Music Unlimited The chain will begin installing the technology at its cinemas.
“play” commands that work behind Spotify and Apple Mu- lier this year. Consumers ap- as a stand-alone service costs
on Echo.
Amazon envisions these ca-
pabilities as being useful for
sic, according to people in the
music industry.
Amazon has been pouring
pear to have been slow to
adopt that function, in part
because it isn’t obvious to the
$9.99 a month, on par with
Apple Music and Spotify’s pre-
mium tier.
Virtual Reality Headed
consumers on the move; for
instance, they can request
more resources into Alexa to
maintain its edge, as competi-
average user that Alexa is in-
tegrated, according to people
—Laura Stevens
contributed to this article. For AMC’s Theaters
BY BEN FRITZ age the locations, while
Facebook Scores in Video Deal With National Football League America’s biggest movie
Dreamscape will provide the
technology and content.
The National Football League theater chain is putting $20 “In our minds this is just
plans to put game highlights million behind a Hollywood like the investment to put in
and recaps on Facebook, as the virtual-reality startup and IMAX [screens] or Dolby
social network works to increase plans to begin installing its [sound systems] or reclining
premium video content for its technology at cinemas starting seats or better food and
“Watch” platform. next year. drink,” Mr. Aron said. “It
While trying to build a video AMC Entertainment Hold- makes our theaters more com-
platform rivaling Alphabet Inc.’s ings Inc. is the lead investor in pelling and attractive.”
YouTube, Facebook Inc. has been a $20 million Series B round The VR locations may be in
paying producers to offset pro- for Dreamscape Immersive, a theater lobbies or auditori-
duction costs, offering to license location-based virtual reality ums, or locations adjacent to
or buy content outright and offer- company backed by Steven cinemas, Mr. Aron said.
ing some a share of revenue gen- Spielberg. Dreamscape, whose execu-
erated from planned video ads. AMC is investing $10 mil- tive team includes experienced
Financial terms of the multi- lion in the round and is giving film and live-event producers
year deal announced Tuesday Dreamscape an additional $10 and a Disney theme-parks de-
weren’t disclosed. NFL highlights million to launch a content-de- signer, is currently building
of all regular-season games, the velopment fund to help create VR experiences tied to major
playoffs and the Super Bowl will VR experiences. movie franchises and sporting
be available to people globally Dreamscape in February events as well as original con-
on Facebook. closed a Series A with $11 mil- cepts.
The NFL’s media division also lion from a group of investors Its first location will be at a
will distribute uniquely packaged that included Time Warner Los Angeles mall run by West-
content for Watch, including NFL Inc., 21st Century Fox Inc., field Corp., a Series A inves-
Turning Point, which documents Metro-Goldwyn-Mayer Inc. tor. It is expected to launch
the drama and strategy on spe- and IMAX Corp. Its technology there in the winter of 2018,
cific games, and Sound FX, is designed to be used outside said Dreamscape’s CEO, Bruce
which provides highlights from the home and allows up to six Vaughn.
in-game, player audio. people to interact in a single Following that and the ini-
The agreement doesn’t in- VR environment. tial AMC installations, Dream-
JENNIFER STEWART/GETTY IMAGES
clude live-streaming games, such AMC plans to install scape’s goal is “rapid global
as Monday night’s contest pit- Dreamscape experiences at six expansion,” Chief Operating
ting the Arizona Cardinals and of its theaters in the U.S. and Officer Aaron Grosky said.
Dallas Cowboys, right. U.K. over the next 18 months, Dreamscape previously said
In April, the league and Ama- with more to follow if the ini- it is building VR experiences
zon.com Inc. reached a deal to tial half-dozen are successful, that will last about 10 minutes
stream 10 Thursday night said the cinema chain’s chief and cost $1 million each to
games. executive, Adam Aron. AMC produce. Tickets are expected
—Austen Hufford staff will sell tickets and man- to cost between $15 and $20.
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | B4A
WE SEE ALPHA
IN THE PRIME TIME
OF URBANISATION.
*Alpha indicates the performance, positive or negative, of an investment when compared against an appropriate standard, typically a group of investments
known as a market index.
Your capital is at risk and the value of investments can go down as well as up.
1
Fuller, B./Romer, P., “Urbanization as Opportunity,” 6 February 2014. 2 Data as of 31 March 2017.
Issued in the United Kingdom by PGIM Limited, authorised and regulated by the Financial Conduct Authority. PGIM is a trading name of PGIM Inc., the principal asset management business of
Prudential Financial, Inc. (‘PFI’), and its global subsidiaries. PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom. The PGIM
logo and the Rock design are service marks of PFI and its related entities, registered in many jurisdictions worldwide. © 2017 Prudential Financial, Inc. and its related entities. URB-XUK
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B4B | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
Heard on
the Street
Sign up at WSJ.com/Heard
© 2017 Dow Jones & Co. Inc. All rights reserved. 6DJ5765
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | B5
MANAGEMENT
of chief executives of S&P 500 tracks stock performance plus their CEO’s outside director- Miles D. White, head of Ab-
One-year return
companies for The Wall Street reinvested dividends—of 8.2% ships, according to Spencer bott Laboratories, is typical. He
Journal by research firm Equilar, at the 37 companies with CEOs Stuart, an executive-recruit- has run the global health-care 8.2%
may intensify concerns about who serve on multiple boards, ment firm. The most common company since 1999 and earned
14.4%
“overboarding.” Critics con- compared with a total return maximum is two outside seats. $20.3 million in 2016. He is a
tend that executives on numer- of more than 15% for chief ex- Based on Equilar’s analysis, board member at McDonald’s Three-year return
ous boards are too busy to ad- ecutives with a single or zero some boards now may Corp. and Caterpillar Inc. Last Abbott’s Miles D. White is on
equately oversee management. outside directorship. It was “tighten restrictions a little bit year, Mr. White presided over McDonald’s, Caterpillar boards. 10.2%
Chief executives with at 14.4% for all S&P 500 firms. more,’’ predicted Patrick Abbott’s total return of nega- 10.4%
least two outside directorships Equilar uncovered smaller McGurn, special counsel at In- tive 12.2%, lower than any spokesman noted, “the value
earned a median compensa- differences for three-year total stitutional Shareholder Ser- other current CEO tracked by of one Abbott share bought Note: For period ending fiscal year 2016
tion of $13.6 million for lead- shareholder return. The study vices, a proxy-advisory firm. Equilar with several outside di- when Mr. White became CEO Source: Equilar Inc.
ing their employer in 2016, covered 349 companies with Highly regarded chief exec- rectorships. However, as a has since quadrupled.” THE WALL STREET JOURNAL.
© 2017 Dow Jones & Co. Inc. All rights reserved. 6DJ5549
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B6 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
SEC Gets
Flak
Greenhill Makes Play for Survival
Robert Greenhill, CEO
the rankings and all but disap- boutique, is up 61% since its business in the firm’s early $60 million, twice what ana- Goldman plans this week to
pearing from marquee deals. 2014 initial public offering. years have gone quiet as key lysts expect Greenhill to earn start marketing the loan,
Greenhill ranks 49th among Both have benefited from a contacts retire. this year. which is expected to carry a
global merger advisers this growing preference among The job of finding the firm’s Top executives had fiercely below-investment-grade credit
year, down from 16th in 2012, corporate clients for less con- mojo falls to Mr. Bok, a former guarded the payout. Mr. Bok, rating, according to people fa-
according to data provider De- flicted advice. lawyer who trained under Mr. who received $1.4 million in miliar with the matter. With
alogic. Greenhill, though, has Greenhill at Morgan Stanley. dividends last year, more than the spike Tuesday, Greenhill
“They’ve had no momentum missed out, showing the chal- Mr. Bok has brushed off twice his $600,000 salary, said shares were approaching the
for some time,” said Steven lenge in building a firm that concerns in recent months, in 2011 that “you’d have to wa- $17-a-share buyback level an-
Chubak, an analyst at Nomura. can outlast star founders—es- noting that investment bank- terboard me” before he’d con- nounced Monday. Analysts ex-
The latest financial moves pecially when his name is on ing can be lumpy and blaming sider cutting it. pect the price to move higher
“buy some time,” he added, the door. Advisory revenue has a slowdown in Europe, On Monday, he said inves- as investors cover previous
SEC Chairman Jay Clayton but change little if revenue lurched sideways since 2010, where Greenhill once gener- tors were no longer giving the “short” bets that the stock
doesn’t pick up. even as the firm has added ated about half its revenue. firm credit for the payout, would decline.
Sherrod Brown (D., Ohio) was
even more critical of Mr. Clay-
not forthcoming?” them new incentives to coop- perception of whether they’ll priority,” said Aitan Goelman, proach, Mr. McDonald said the
The corporate-filing system erate with probes. be treated fairly,” Mr. Mr. McDonald’s predecessor as policy change “should not be
that was breached, known as James McDonald, the Com- McDonald said, according to the CFTC’s director of enforce- interpreted as giving a pass to
Edgar, is the SEC’s cornerstone modity Futures Trading Com- his prepared remarks. ment who is now a partner at companies or individuals.”
system for storing and dissemi- mission’s enforcement director, The emphasis on rewarding Washington law firm Zucker- To qualify for the incentives
nating earnings announcements announced the strategy during cooperation was already evi- man Spaeder. “I actually don’t that accompany self-reporting,
and other news that often a speech at New York Univer- dent toward the end of the think that it’s that big of a the company must voluntarily
moves stock prices. Edgar sity on Monday. Though the Obama administration. In Jan- change substantively.” report wrongdoing to the
stands for Electronic Data Gath- agency already has incentives uary, the CFTC adopted a set The CFTC’s move comes as CFTC, and not be under the
ering, Analysis, and Retrieval to encourage firms to cooperate of policies for nonprosecution Trump regulatory appointees The regulator will reduce threat of investigation. The
System. with investigations, the new agreements to clarify what take a more industry-friendly penalties in some cases. disclosure of wrongdoing must
The SEC has invested tens of framework says that penalties type of cooperation from indi- approach. Mr. Trump has ap- also be explicit and not
millions of dollars in recent will be reduced by a “substan- viduals and companies the reg- pointed several top regulators carlo, the CFTC chairman, who “tucked away in the depths of
years to upgrade Edgar, which tial” amount in cases where the ulator could reward as part of with Wall Street pedigrees, in- has said he wants to simplify some compliance report,” Mr.
was introduced in the early firm fully cooperates. an enforcement investigation. cluding J. Christopher Gian- existing rules and reassess McDonald added.
1990s to equalize access to in-
FINANCE WATCH
formation between Wall Street
and Main Street.
Mr. Clayton, a former Wall
Street lawyer who kept a low A Way to Magnify
Tech-Stock Bets
profile in the private sector, BANK OF AMERICA HURRICANE MARIA mate is higher than for Hurri-
faced a series of tough ques- cane Harvey, which made land-
tions over the SEC’s cybersecu- Merchant-Services Insured Loss Is Seen fall in Texas in August, and
rity, including the agency’s Venture Cuts Staff At Up to $85 Million Hurricane Irma, which passed
plans for a massive database through the Caribbean before
that will keep track of billions BY ALEXANDER OSIPOVICH ticker “FNG” that aims to Bank of America Corp.’s mer- Hurricane Maria caused an reaching Florida this month.
of daily trades and orders in track the FANG stocks and chant-services joint-venture has estimated $40 billion to $85 bil- Harvey caused more than $10
U.S. stock and option markets. There will soon be a new, their close relatives in the laid off about 10% of its staff, lion in insured losses, mostly in billion in insured losses, AIR said,
Mr. Clayton, a former part- riskier way to trade one of the tech and new-media sectors. according to a person familiar Puerto Rico, the catastrophe- not including losses borne by
ner at Sullivan & Cromwell LLP, buzziest acronyms in the Investors also can get expo- with the matter. modeling firm AIR Worldwide the National Flood Insurance
took office calling for deregula- world of technology stocks. sure to the FANG bunch by Bank of America Merchant said. Program, which provides most
tory measures to make it easier Intercontinental Exchange simply buying shares in the Services let go about 250 em- Maria was the worst storm residential flood insurance. Irma
for companies to go public. Inc., the parent company of four companies directly, but ployees last week, the person to hit Puerto Rico since 1928. caused $32 billion to $50 billion
“Companies should be pro- the New York Stock Exchange, ICE’s new contract would be said. The business, operated in More than 85% of the insured in insured losses in the U.S. and
viding sooner disclosure about said Tuesday it will launch a the first futures contract tied conjunction with First Data Corp. loss took place there, AIR said the Caribbean, according to AIR.
intrusions that may affect futures contract based on its to the FANG concept, accord- since 2009, earlier this year em- on Monday. The preliminary esti- —Nicole Friedman
shareholder investment deci- new NYSE FANG+ Index. ing to an ICE spokesman. ployed about 2,200 people.
sions,” Mr. Clayton said. “Across The term “FANG” refers to Ready to jump in? Think On Sept. 20, “we announced
the landscape of our markets, the quartet of Facebook Inc., carefully. By buying equity fu- to employees a restructuring de-
there should be better disclo- Amazon.com Inc., Netflix Inc., tures contracts instead of signed to accelerate our busi-
sure as to the cyberrisks we and Google, whose parent ETFs, traders can leverage ness strategy and better meet
CHRISTOPHER DILTS/BLOOMBERG NEWS
face.” company is Alphabet Inc. their bets in a bid to magnify merchants’ evolving expectations
The SEC chairman disclosed gains when the underlying in this increasingly digital era,” a
the Edgar breach last week in a shares rise. Doing so also can firm spokesman said. The unit is
single paragraph within a five- amplify losses if the shares trying to bolster the digital ser-
page statement on the agency’s
A new futures drop—and traders can even vices it provides to merchants
approach to cybersecurity. Fac- contract highlights find themselves in the hole, either through its own technol-
ing stern questions from Mr. owing more cash than they ogy or partnerships.
Brown about the Equifax breach
ICE’s effort to hang put down in the first place. Merchant services involves
and whether shareholders were on to retail traders. The launch shows ICE’s ef- helping businesses handle debit-
told soon enough after the com- fort to hang on to retail trad- and credit-card transactions.
pany knew, Mr. Clayton said he ers even as its rival, CME —Rachel Louise Ensign Bank of America operates the business with First Data Corp.
decided to disclose the SEC’s Group Inc., has been making
own breach as soon as he had ICE’s contract will be a bit inroads in that market.
enough information to accu-
rately inform market partici-
broader than that.
It also will include Apple
CME recently has run tele-
vision commercials touting fu-
Advertisement INTERNATIONAL INVESTMENT FUNDS
pants and investors. He said the Inc.—often bundled together tures for day traders, and in
SEC has hired outside consul- with the FANG foursome—as July, it began listing futures [ Search by company, category or country at europe.WSJ.com/funds ]
tants to test the vulnerability of well as Alibaba Group Hold- based on the Russell 2000 in-
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try to test and probe,” Mr. Clay- ing on Nov. 8, ICE said in a Group’s FTSE Russell unit.
ton said. “We are under con- statement. For the 10 years before Data as shown is for information purposes only. No offer is being made by
Morningstar, Ltd. or this publication. Funds shown aren’t registered with the
For information about listing your funds,
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B8 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
MARKETS DIGEST
Nikkei 225 Index STOXX 600 Index S&P 500 Index Data as of 4 p.m. New York time
Last Year ago
20330.19 t 67.39, or 0.33% Year-to-date s 6.36% 384.03 s 0.13, or 0.03% Year-to-date s 6.26% 2496.84 s 0.18, or 0.01% Trailing P/E ratio 24.25 24.81
High, low, open and close for each 52-wk high/low 20397.58 16251.54 High, low, open and close for each 52-wk high/low 396.45 328.80 High, low, open and close for each P/E estimate * 19.14 18.43
trading day of the past three months. All-time high 38915.87 12/29/89 trading day of the past three months. All-time high 414.06 4/15/15 trading day of the past three months. Dividend yield 1.99 2.13
All-time high: 2508.24, 09/20/17
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
International Stock Indexes Data as of 4 p.m. New York time Global government bonds
Latest 52-Week Range YTD Latest, month-ago and year-ago yields and spreads over or under U.S. Treasurys on benchmark two-year
Region/Country Index Close NetChg % chg Low Close High % chg and 10-year government bonds around the world. Data as of 3 p.m. ET
World The Global Dow 2891.73 –8.10 –0.28 2386.93 • 2910.53 14.4 Country/ Spread Over Treasurys, in basis points Yield
MSCI EAFE 1958.95 –11.27 –0.57 1614.17 • 1981.49 14.1 Coupon Maturity, in years Yield Latest Previous Month Ago Year ago Previous Month ago Year ago
MSCI EM USD 1079.89 –8.37 –0.77 838.96 • 1112.92 36.0 2.750 Australia 2 1.957 51.7 54.4 50.2 86.8 1.971 1.840 1.606
2.750 10 2.781 54.9 58.7 48.9 39.8 2.807 2.657 1.980
Americas DJ Americas 603.19 –0.19 –0.03 503.44 • 606.05 11.6
3.000 Belgium 2 -198.8 -190.4 -135.8 -0.552 -0.566 -0.621
-0.548 -197.9
Brazil Sao Paulo Bovespa 74500.62 57.15 0.08 56828.56 • 76419.58 23.7
0.800 10 0.696 -153.6 -152.2 -147.2 -146.1 0.698 0.695 0.122
Canada S&P/TSX Comp 15479.01 –37.22 –0.24 14468.03 • 15943.09 1.3
0.000 France 2 -0.513 -195.3 -194.0 -183.6 -134.7 -0.513 -0.499 -0.609
Mexico IPC All-Share 50356.00 –12.17 –0.02 43998.98 • 51772.37 10.3
1.000 10 0.705 -152.6 -152.1 -147.3 -139.2 0.699 0.694 0.190
Chile Santiago IPSA 3996.11 1.81 0.05 3120.87 • 4023.41 24.0
0.000 Germany 2 -0.715 -215.4 -213.3 -206.7 -141.3 -0.706 -0.730 -0.675
U.S. DJIA 22284.32 –11.77 –0.05 17883.56 • 22419.51 12.8
0.500 10 0.410 -182.1 -181.7 -178.9 -169.6 0.403 0.379 -0.114
Nasdaq Composite 6380.16 9.57 0.15 5034.41 • 6477.77 18.5
0.050 Italy 2 -0.107 -154.6 -153.4 -136.4 -86.1 -0.107 -0.026 -0.124
S&P 500 2496.84 0.18 0.01 2083.79 • 2508.85 11.5
2.200 10 2.115 -11.7 -11.5 -6.8 -39.2 2.105 2.099 1.190
CBOE Volatility 10.12 –0.09 –0.88 8.84 • 23.01 –27.9
0.100 Japan 2 -0.136 -157.6 -156.4 -149.6 -96.1 -0.137 -0.159 -0.224
EMEA Stoxx Europe 600 384.03 0.13 0.03 328.80 • 396.45 6.3 0.100 10 0.030 -220.2 -219.6 -215.4 -164.1 0.024 0.014 -0.058
Stoxx Europe 50 3142.25 5.57 0.18 2720.66 • 3279.71 4.4 4.000 Netherlands 2 -0.709 -214.8 -213.0 -202.2 -138.4 -0.703 -0.684 -0.646
Austria ATX 3291.55 –9.56 –0.29 2357.57 • 3312.67 25.7 0.750 10 0.534 -169.7 -169.5 -165.2 -157.6 0.525 0.516 0.006
Belgium Bel-20 3968.48 5.28 0.13 3384.68 • 4055.96 10.0 4.750 Portugal 2 -0.076 -151.6 -149.6 -135.0 -31.1 -0.069 -0.012 0.427
France CAC 40 5268.76 1.63 0.03 4342.64 • 5442.10 8.4 4.125 10 2.391 15.9 21.1 67.6 178.0 2.431 2.843 3.362
Germany DAX 12605.20 10.39 0.08 10174.92 • 12951.54 9.8 2.750 Spain 2 -0.308 -174.8 -174.4 -168.5 -93.5 -0.317 -0.348 -0.198
Greece ATG 740.37 –2.12 –0.29 559.92 • 859.78 15.0 1.450 10 1.605 -62.7 -60.5 -56.8 -66.1 1.615 1.600 0.921
Hungary BUX 37319.24 –788.63 –2.07 27466.59 • 38554.44 16.6 4.250 Sweden 2 -0.687 -212.6 -212.5 -200.9 -140.8 -0.698 -0.671 -0.670
Israel Tel Aviv 1418.20 1.00 0.07 1346.71 • 1490.23 –3.6 1.000 10 0.645 -158.7 -159.6 -156.2 -140.4 0.624 0.606 0.178
Italy FTSE MIB 22430.65 41.08 0.18 15923.11 • 22613.48 16.6 1.750 U.K. 2 0.447 -99.3 -99.3 -115.8 -66.3 0.435 0.179 0.074
Netherlands AEX 528.50 0.72 0.14 436.28 • 537.84 9.4 4.250 10 1.333 -89.9 -88.4 -111.4 -98.6 1.336 1.054 0.597
Poland WIG 63700.76 –195.08 –0.31 46674.28 • 65611.21 23.1 1.250 U.S. 2 1.440 ... ... ... ... 1.427 1.338 0.738
Russia RTS Index 1127.26 –3.28 –0.29 956.36 • 1196.99 –2.2 2.250 10 2.232 ... ... ... ... 2.220 2.168 1.582
Spain IBEX 35 10189.60 –26.90 –0.26 8512.40 • 11184.40 9.0
Sweden SX All Share 576.03 1.21 0.21 489.12 • 598.42 7.8 Commodities Prices of futures contracts with the most open interest 3:30 p.m. New York time
Switzerland Swiss Market 9113.65 –26.82 –0.29 7585.56 • 9198.45 10.9 EXCHANGE LEGEND: CBOT: Chicago Board of Trade; CME: Chicago Mercantile Exchange; ICE-US: ICE Futures U.S.; MDEX: Bursa Malaysia
South Africa Johannesburg All Share 55070.38 –769.35 –1.38 48935.90 • 56896.89 8.7 Derivatives Berhad; TCE: Tokyo Commodity Exchange; COMEX: Commodity Exchange; LME: London Metal Exchange;
NYMEX: New York Mercantile Exchange; ICE-EU: ICE Futures Europe. *Data as of 9/25/2017
Turkey BIST 100 103929.33 1659.16 1.62 71792.96 • 110530.75 33.0
One-Day Change Year Year
U.K. FTSE 100 7285.74 –15.55 –0.21 6676.56 • 7598.99 2.0 Commodity Exchange Last price Net Percentage high low
Warehouse
Rents Get
Online Boost
Rise of e-commerce tive for the tenant and reduce
transportation and labor
gives landlords more costs. But they also are scarce,
pricing power as prompting some landlords to
get creative.
demand climbs Prologis, a San Francisco-
based REIT, purchased the old
BY ESTHER FUNG ABC Carpet building in the
Bronx this year to convert to
The growth of online shop- warehouse space. It expects to
segment into home purchases. “We’ve had bad experiences to continuously rent out a
Such programs come with when home sellers get in- room in their home on
the risk, however, that the in- volved in mortgages, particu- Airbnb for one to three years.
centive drives up the price of larly innovative mortgages,” One other perk for borrow-
new homes. said Dan Immergluck, a pro- ers: Student-loan debt can’t be
“Obviously there’s a benefit A unit of home builder Lennar will pay up to $13,000 of a buyer’s student-loan debt. fessor at the Urban Studies In- discharged in bankruptcy, so
to bringing more people into stitute at Georgia State Uni- getting rid of it early is prefer-
the home buying market. Jeri Coate are planning to use it was kind of a rough decision who take out large loans and versity, who studies the able to paying it back slowly.
We’re trying to design some- the program to virtually elimi- to make considering our status don’t finish their degrees than housing market, mortgage fi- But Mr. Lawless cautioned
thing here that supports af- nate their student debt. The with bills and all,” Mr. Oqu- there is for those with debt nance and foreclosures. Mr. that efforts to make credit
fordability and creates that couple, who are in their endo said. who earn a degree. Immergluck said if the pro- more easily available to mil-
path to homeownership,” said mid-30s, wanted a bigger The couple are now in the Housing observers say that gram drives up home prices, lennials could end up exacer-
Doug Cropsey, a senior vice house but were reluctant to process of closing on a Lennar at minimum Lennar’s program buyers without student loans bating the shortage of homes
president at Eagle. take on more debt. Ms. Coate, home in the city of La Marque, could help eliminate the sig- will end up sharing the burden if Fannie and others also can’t
Eagle will make a payment who works in a notary’s office, Texas, about 50 miles south of nificant psychological barriers with those who do. come up with more ways to
to a buyer’s student loans of still had outstanding student Houston, with two more bed- that many feel to buying a Mortgage-finance company give builders incentives to
as much as 3% of the purchase loans from training she had rooms than they had before. home and taking on hundreds Fannie Mae has agreed to build more starter homes.
price, up to $13,000. The con- done to be a medical adminis- The evidence is mixed as to of thousands of dollars of back the loans and will moni- “As we pivot to next year, I
tribution doesn’t directly in- trative assistant and the cou- whether student debt is acting more debt if they are already tor the program to ensure that think the thing that the indus-
crease the purchase price of ple had other unpaid bills as as a meaningful barrier to deep in the hole after college. the value of student-loan pay- try needs to be careful about
the home or add to the bal- well. homeownership. Most re- A study released Tuesday ment isn’t included in apprais- is we can’t increase access and
ance of the loan. “We needed to get some- search suggests there is a by NeighborWorks America, a als of the home, which in turn demand without increasing
Christopher Oquendo and thing bigger and upgrade but much higher barrier for people nonprofit that helps promote can help drive up values. supply,” he said.
may not be known for days dado Vanderbilt hotels in San tion is likely to be delayed be-
and the recovery period could Juan. The La Concha is being cause laborers will likely fix
take months, if not years. used by Federal Emergency existing hotels before building
Tourism, the lifeblood of the Management Agency employ- new ones.
Puerto Rico lodging business, ees and other rescue officials, In other areas hit by hurri-
is likely to be moribund for according to a spokeswoman canes, hotels that survived or
the indefinite future. At this for Mr. Paulson. The Vander- were able to reopen quickly
point, officials don’t know how bilt sheltered guests in a bun- saw higher occupancy rates. In
long it will take to restore ker, she said in an email. the Houston area, which was
electricity to the island. “Both hotels weathered the hammered by Hurricane Har-
But that doesn’t mean the storm very well, with minor vey late August, occupancy
hotel investments can’t be sal- water damage which is cur- was 87.8% in the week that
vaged. Much will depend on rently being fixed,” she said. ended Sept. 16, compared with
insurance. Business policies “The hotels are open to all 61.2% at the same time last Workers clear debris from the Condado Palm hotel in San Juan following Hurricane Maria.
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B10 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
MARKETS
Oil in Bull Territory as OPEC Efforts Gain
U.S. crude prices have On the Mend Morton, senior vice president
at Herbert J. Sims & Co., who
rebounded on growing U.S. crude climbed back into a bull market after stockpiles fell and speculators maintained bullish bets on prices. oversees an energy trading
confidence that glut of desk. “Those bears who are
$125 a barrel entrenched remain en-
fuel will be reduced trenched—they’re not con-
vinced this is over.”
BY ALISON SIDER 100 OPEC’s continued coopera-
AND CHRISTOPHER ALESSI tion is still far from assured.
The group hasn’t committed to
U.S. oil prices returned to extending its production cuts
75
bull-market territory this week past March of next year.
while the global benchmark hit And U.S. producers are once
a two-year high, as investors again likely to lock in higher
gained faith that OPEC will 50 prices for their future output—
successfully shrink a global something that has capped pre-
supply glut. vious rallies and worked against
A drumbeat of bullish data 25 OPEC’s efforts, said Michael
in September, including the In- Tran, director of energy strat-
ternational Energy Agency’s egy at RBC Capital Markets.
upward revision to its demand 0 BEAR MARKETS BULL MARKETS
outlook, has lifted prices. In-
vestors have become more con- 2014 ’15 ’16 ’17
fident that the Organization of
Investors ‘started to
the Petroleum Exporting Coun- U.S. crude-oil inventories Crude-oil net bullish positions, weekly get convinced that
tries will continue cutting pro-
duction and that its efforts are
600 million barrels 500,000 contracts the rebalancing is
helping bring oil’s supply and actually happening.’
demand into balance. 500
“It looks as though the mar- 400,000
ket started to get convinced
that the rebalancing is actually 400 OPEC and 10 producers out-
happening,” Tamas Varga, an 300,000 side the cartel, including Russia,
analyst at PVM Oil Associates first agreed in late 2016 to cap
Ltd. said in a note Monday. 300 their production at around 1.8
U.S. crude prices settled million barrels a day lower than
200,000
Monday 23% above this year’s peak October 2016 levels. The
200
low of $42.53 a barrel on June deal was extended in May
21, marking the sixth bull mar- through March 2018. In recent
ket for crude in four years and 100,000 weeks, a number of signatories
100
the first since February. to the deal have indicated a
A bull market is typically willingness to hold back produc-
defined as a gain of 20% or 0 0 tion potentially through 2018.
more from a recent trough, 2014 ’15 ’16 ’17 2014 ’15 ’16 ’17
The group is trying to re-
while a bear market is a de- strain output from Nigeria and
cline of 20% or more from a Note: A bull market is generally defined as a rise of 20% or more from a previous low. Libya, members that were ini-
recent peak. Sources: WSJ Market Data Group (crude-oil futures); Energy Information Administration (crude-oil inventories); CFTC (net bullish positions) THE WALL STREET JOURNAL. tially left out of the deal be-
West Texas Intermediate, the cause their oil industries were
U.S. benchmark, rose $1.56, or dence referendum played a above $50 a barrel would only In a sign that prices could rel they reached in February. crippled by civil unrest that
3.1%, to $52.22 a barrel Monday role in boosting prices Mon- spur U.S. shale producers to continue to recover, Brent Some hedge funds and was expected to tamp down
on the New York Mercantile Ex- day, analysts said. Prices rose start pumping out more crude. crude has shifted into a mar- other speculative investors are production there.
change, its highest settlement after Turkish President Recep But recently, investors have ket structure in which future clinging to bearish bets on U.S. “Undeniably now, we’re re-
since April. The price slipped to Tayyip Erdogan made a veiled been encouraged by signs that prices are lower than near- crude. Earlier this year, their ally seeing the fruits of OPEC’s
$51.88 on Tuesday. threat to close the pipeline shale activity is starting to term prices—an indication bullish bets outnumbered labor,” Mr. Tran said. “But the
Brent, the global benchmark that allows Kurdish oil to level off and that stockpiles that supplies are tight and it bearish ones by more than 11 key question is how much fur-
rose $2.16, or 3.8% to $59.02 a reach the global market. are falling around the world. isn’t profitable to sock away to 1, data from the Commodity ther can you go? This has given
barrel Monday, its highest set- Oil tumbled into a bear Global demand has also more oil in storage. Futures Trading Commission producers a key point to hedge.
tlement since July 3, 2015, and market in June as market par- been strong. The IEA earlier U.S. oil has also rebounded show. That has shifted to less That could be troublesome;
its largest daily gain since De- ticipants became skeptical of this month raised its forecast as U.S. refineries come back than 3 to 1, according to the we’ve seen this movie before.”
cember. It pulled back to $58.44 OPEC’s ability to bolster oil for demand growth this year online in the wake of Hurri- most recent data. —Stephanie Yang
on Tuesday. prices. Traders and investors and now expects an increase of cane Harvey. Prices still remain “The short sellers haven’t and Benoit Faucon
Iraqi Kurdistan’s indepen- were also wary that any rise 1.6 million barrels a day. below the high of $54.45 a bar- capitulated yet,” said Donald contributed to this article.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Watch Out for Tax Reductions’ Unintended Consequences as an associate has helped
Alibaba record higher profit
margins than conventional e-
What a tax cut could give tight and the Federal Re- The current economic ex- the picture for the stock commerce rivals.
the economy, the Federal Re- serve is pushing the other pansion has been marked by There and Back Again market. But Alibaba needs to en-
serve could take away. way. disappointing growth, but The U.S. unemployment rate Earnings, particularly at sure goods are getting into
Republican leaders on Tax cuts rarely come even so, the unemployment domestically focused compa- the hands of customers
Wednesday are expected to when the economy could re- rate has fallen to 4.4% from 10% nies, would certainly benefit faster. Its recent push into
release a tax plan that would ally use them. The so-called a 2009 peak of 10%. That in- 8 from a lower corporate rate, groceries will make timely
lower tax rates on individu- Kennedy tax cuts, for exam- dicates there is little slack 6
while multinationals would and reliable deliveries even
als and corporations and al- ple, were aimed at bolster- left in the economy. If the do better on the repatriation more important.
low companies to repatriate ing an economy weakened tax cut boosts growth and 4 front. Still, consolidating Cai-
earnings held overseas at a by the 1960-61 recession. drives up wages, the result- 2 Lower individual tax rates, niao’s results will drag on
low rate. But by the time they took ing inflation could prompt particularly those aimed at earnings, as Alibaba will
0
Under a deal Senate Re- effect in 1962 and 1964 the the Fed to raise rates at a the middle class, should in- shift from recognizing less
publicans reached last week, economy was well on the faster pace. 2007 ’10 crease sales at consumer- than half of its losses to rec-
the overhaul may reduce tax road to recovery. Of course, if a tax cut Source: Labor Department facing companies. ognizing the whole lot. And
revenue by as much $1.5 tril- So the economy got a makes the economy more THE WALL STREET JOURNAL. But interest rates would Cainiao has been a consis-
lion. booster shot it didn’t need, productive—one of its pro- likely head higher as the Fed tent loser, last year dropping
The tax plan will likely and the tax cuts, along with ponents’ aims—it would help for the fiscal spending plans took a more hawkish turn, 2.2 billion yuan ($332 mil-
change and may not pass the increased spending from the economy grow more that would be under discus- hurting many of the compa- lion)—equal to around 6% of
Congress. But if a significant President Lyndon Johnson’s quickly without overheating. sion in the alternative uni- nies that would benefit from Alibaba’s net income.
tax cut becomes law, it Great Society programs and The problem is that the verse where Hillary Clinton a tax cut. Consumers want better
would juice the economy at a the escalating war in Viet- pickup in growth would won the presidential elec- Investors could struggle and faster deliveries. Alibaba
time when the economic ex- nam, created an excess of likely come before productiv- tion. to find places to put their is starting to count, and ac-
pansion is more than eight demand pushing inflation ity gains kicked in. The extra heat tax cuts windfall to work. count for, the cost of that.
years old, the jobs market is higher. The same could be said would throw off complicates —Justin Lahart —Jacky Wong
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JOURNAL REPORT
© 2017 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | R1
Forty percent of each school’s overall score versity of California, Los Angeles, came in at schools still serve their 9. Princeton University others, are earning less
comes from student outcomes, including a No. 25, between the University of Notre Dame students well. There were than they otherwise
10.Cornell University
measure of graduate salaries, 30% from the and Pomona College. The University of Michi- 27 public institutions in might have if not for
school’s academic resources, 20% from how gan reached No. 27, while the University of the top 100 in terms of Source: Wall Street Journal/Times Higher their educational choices,
well it engages its students and 10% from the North Carolina-Chapel Hill rounded out the top student outcomes. Education College Rankings the data show.
diversity of its students and staff. three public universities at No. 33. On the THE WALL STREET JOURNAL. “Ranking colleges by
The rankings reveal the might of the Ivy other end of the spectrum, 80 of the 100 low- Earning power alumni earnings penalizes
League as well as some hidden gems. Who est-ranked schools overall were public institu- The WSJ/THE rankings colleges for alums who
knew that—based on students’ views on in- tions. determine student outcomes in part by using choose public service, the arts, nonprofits, ed-
ternships—students at Endicott College in Bev- “The fact that there are only two publics in data like family income and SAT scores to pre- ucation, social science and graduate school,”
erly, Mass., feel more prepared to enter the the top 30 is part of the narrative that there is dict how much money a student would earn 10 says Hampshire spokesman John Courtman-
world of work than their peers at MIT? a crisis in public higher education,” says Phil years after he or she enters school. The rank- che. It also discounts “the value of young en-
The rankings also show that those schools Baty, Times Higher Education rankings editor. ings then compare those earnings to the actual trepreneurs who take risks early in their ca-
at the top boast a range of solid scores. Har- “We are seeing some real challenges in terms salary of graduates. Only the salaries of stu- Please turn to the next page
INSIDE
What Our Rankings Emphasize The Biggest Surprises Schools That Focus on
—and Why Smaller schools outdid top schools Internships
How students fare after graduation in some ranking categories The colleges that students feel do
carries the most weight R3 best at providing career prepara-
R2 tion through internships
Challenged in the Classroom— R4
What Counts in the End and Out
Where schools rank on graduation School size and prestige don’t de- The Rankings
rates, income and other outcomes termine how engaged students feel How 500 U.S. colleges stack up
R2 R4 R5-10
When It Comes to Diversity, Inspired by Their Peers State Schools Do Well Despite
Public Schools Reign Students at these colleges said Budget Cuts
Urban state schools attract racially their experiences were strongly California boasts four campuses
and financially diverse students shaped by others among the top 10 public colleges
R2 R4 R10
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R2 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
BEHIND THE RANKINGS stratification, many say there could dents. THE WALL STREET JOURNAL.
be long-term societal value in forc- La Sierra didn’t crack the top
For a complete explanation of the ing those individuals to interact. 900 on outcomes, which measure
methodology for the Wall Street Nine of the top 11 schools in things like earnings, loan defaults provide more robust advising ser-
Journal/Times Higher Education terms of environment in this year’s and graduation rates. Federal data vices, she says.
College Rankings, go to rankings are in California or Flor- show that fewer than half of its Meanwhile, Cal State Northridge
http://on.wsj.com/college-ranking- ida; eight are public institutions. full-time students graduate in six was No. 547 on outcomes, while the
methodology. Two schools from the City Univer- years or less. University of California, Irvine, tied
sity of New York, Baruch College Dr. Fehr says a number of stu- for third in environment, was No.
The Journal Report welcomes your and City College, are in that top dents transfer out before gradua- 203 on outcomes.
comments—by mail, fax or email. Letters echelon. Ten campuses from the tion to pursue health-sciences de-
should be addressed to Lawrence Rout, REPRINTS California State University system grees at other schools, which Battling perceptions
The Wall Street Journal, 4300 Route 1 To repurpose this logo and made the top 27 on environment. depresses La Sierra’s published The wealthiest schools, as mea-
North, South Brunswick, N.J. 08852. The content, visit wsj.com/college graduation rate. The school has sured by the WSJ/THE resource
fax number is 609-520-7256, and the rankingsreprint for more Outcomes lag behind been using money from a federal ranking, often have less diverse
email address is reports@wsj.com.
information. La Sierra University in Riverside, grant to offer academic bridge pro- student bodies—though they are
Calif., topped the diversity list grams to incoming students and Please turn to the next page
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | R3
Diversity
Continued from the prior page
The Rankings’ Biggest Surprises
trying to change that.
Thirty institutions banded to-
Smaller schools excelled in some areas where the top schools lagged behind
gether earlier this year to promote
the American Talent Initiative, a col-
BY TAWNELL D. HOBBS
laborative effort to expand access for
low-income students. The program
has since expanded to include more MANY FAMILIAR NAMES ended up
than 80 schools, including public at the top of the Wall Street Jour-
flagships, Ivy League institutions and nal/Times Higher Education College
elite liberal-arts schools such as Wil- Rankings, but some smaller schools
liams College and Swarthmore Col- outdid their better-known rivals in
lege. But many still have a long way areas that might seem critical to
to go. some students shopping for a place
Stanford, No. 3 in the overall to spend the next four years.
ranking and No. 15 for resources, and The top schools in our rank-
a member of the American Talent ings—Harvard University, Columbia
Initiative, came in at 54th on envi- University, the Massachusetts Insti-
ronment. And New York University, tute of Technology, Stanford Uni-
also a member, came in at No. 29 versity and Duke University—all did
overall and No. 42 on resources. It extremely well in the two areas that
landed at No. 71 on environment. carry the most weight in the rank-
“We are continually battling per- ings: student outcomes and aca-
ceptions among the nation’s bright- demic resources. Those areas con-
W E D N E S D AY, D E C E M B E R 1 3 , N E W Y O R K C I T Y
Join WSJ Pro journalists and cybersecurity experts for an exclusive event on cyber risks. Tailored to
the needs of senior managers, the Cybersecurity Executive Forum will help you navigate the ever-
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SPEAKERS INCLUDE
AUSTIN LINDEMULDER
That’s why the Wall Street Jour- sure. The list is topped by institu- 3. Brigham Young University,
nal/Times Higher Education College tions with religious affiliations, but Provo
Rankings assign 20% of a school’s to- that’s where any pattern ends.
Cedarville University
tal score to engagement, as mea- Dordt College in Sioux Center,
sured by the breadth of academic Iowa, leads the pack for engagement. Texas A&M University,
options it offers and student insights Most of the roughly 1,440 students Dordt College engineering majors designed this bridge in Liberia. College Station
on things such as whether they feel at the Reformed Christian school
challenged in the classroom and live on campus, and are encouraged in Provo, Utah, and Cedarville Uni- No. 9 overall, tied with many other 6.Baylor University
would recommend the school. to bring classroom lessons off-cam- versity in Ohio, with undergraduate schools for 533rd on engagement. Brown University
What happens inside classrooms pus. For example, last year a group populations ranging from about A representative from Harvard
and libraries—how inspired students of senior engineering majors de- 3,300 to 43,000, all tied for third. didn’t respond to a request for com- 8.Auburn University
feel by their peers and professors, if signed and constructed a bridge for “We realize we are a research co- ment. A Princeton spokesman re- Bradley University
they have opportunities to think a Liberian farming community. lossus. But we work very hard never ferred to President Christopher Eis-
critically—matters in the intellectual “It’s not just about getting ready. to lose the focus on students,” says gruber’s opening speech for new California Baptist University
maturation of young adults. Real life is right now,” says associate Texas A&M President Michael K. students earlier this month, in which California Polytechnic State
“A great university should be edu- provost Leah Zuidema of the Young. He cited a recent push for all he highlighted the value of having University, San Luis Obispo
cating students. They should be pre- school’s interest in hands-on instruc- students to have at least two “high students engage with faculty.
pared with life skills, but not neces- tion. impact” or “transformational” learn- “I urge you to seek out…faculty Concordia College
sarily just skills for their first job,” Dordt holds a speaker series the ing experiences by graduation, which members, hear what they have to at Moorhead
says University of Florida President first Monday of every month, with can include research projects with say, and learn from them. Keep in Harding University
Kent Fuchs. (That school came in at topics like reconciling science and faculty and study abroad. mind, however, that what they offer
Oral Roberts University
No. 91 on engagement, tied with faith or race and politics in America. The goal, says Mr. Young, is to en- are not authoritative pronounce-
Pennsylvania State University, Drexel “You can’t separate the curricular sure that “students are not simply ments but arguments backed up by University of Southern
University, Syracuse University and from the co-curricular,” says Dean of passive receptacles of information.” reasons. It is your responsibility to California
many others.) Students Robert Taylor, referring to Some of the nation’s most elite assess their views for yourselves,” Washington University
The engagement ranking is de- the optional extra lectures. institutions fell flat on student en- Mr. Eisgruber said in the address. in St. Louis
rived mainly from survey responses Texas Christian University, affil- gagement, a reminder that just be-
from current college and university iated with the Disciples of Christ, cause a school has superstar faculty Ms. Korn is a staff reporter for Source: Wall Street Journal/Times Higher
students, comprising a total of more came in at No. 2. and smart students doesn’t mean The Wall Street Journal in New Education College Rankings
than 209,000 responses received in Texas A&M University in College theyinteract in meaningful ways. York. She can be reached at THE WALL STREET JOURNAL.
the past two years. A minimum of 50 Station, Brigham Young University Harvard and Princeton, No. 1 and melissa.korn@wsj.com
ENDICOTT COLLEGE
Students ranked Endicott College No. 2 for internships that prepare them for their careers.
OVERALL
SCORE RIGHT PRIVATE
(Out of a OUTCOME RESOURCES ENGAGEMENT ENVIRONMENT CHOICE DEFAULT OR
RANK COLLEGE CITY / STATE possible 100) (Out of 40) (Out of 30) (Out of 20) (Out of 10) (Out of 10) SALARY RATE PUBLIC
1 Harvard University Cambridge, MA 91.9 39.5 29.8 15.6 7.0 9.09 91,000 0.9 Private
2 Columbia University New York, NY 90.6 39.0 27.0 16.7 7.8 8.06 74,000 1.4 Private
3 Massachusetts Institute of Technology Cambridge, MA 90.4 38.2 29.2 15.8 7.2 9.11 90,000 1.1 Private
3 Stanford University Stanford, CA 90.4 38.9 26.2 17.4 7.9 8.96 83,000 0.8 Private
5 Duke University Durham, NC 90.2 39.5 26.7 17.2 6.8 9.19 77,000 0.4 Private
6 Yale University New Haven, CT 90.0 39.3 26.8 16.9 7.2 8.74 70,000 0.6 Private
7 California Institute of Technology Pasadena, CA 89.8 38.8 30.0 14.6 6.4 8.35 76,000 1.9 Private
8 University of Pennsylvania Philadelphia, PA 89.6 38.4 27.0 17.3 6.9 7.99 79,000 1.5 Private
9 Princeton University Princeton, NJ 89.5 39.1 28.1 15.6 6.8 8.66 76,000 1.0 Private
10 Cornell University Ithaca, NY 88.9 38.1 26.8 17.5 6.6 8.73 72,000 0.7 Private
11 Brown University Providence, RI 87.5 36.1 26.8 17.7 7.0 9.17 60,000 1.7 Private
11 University of Chicago Chicago, IL 87.5 38.2 26.9 15.5 6.8 8.60 63,000 1.0 Private
11 Washington University in St Louis Saint Louis, MO 87.5 37.6 26.2 17.6 6.2 8.65 63,000 0.8 Private
14 Rice University Houston, TX 87.4 36.3 27.2 17.1 6.8 8.59 62,000 0.4 Private
15 Northwestern University Evanston, IL 87.3 36.6 27.2 17.2 6.2 8.38 64,000 1.3 Private
15 University of Southern California Los Angeles, CA 87.3 36.5 25.4 17.6 7.7 8.75 67,000 1.8 Private
17 Dartmouth College Hanover, NH 86.8 37.0 26.6 17.3 5.9 9.05 67,000 0.9 Private
17 Johns Hopkins University Baltimore, MD 86.8 37.7 25.7 16.2 7.1 8.49 68,000 1.1 Private
19 Emory University Atlanta, GA 86.4 36.2 26.0 16.6 7.6 7.92 59,000 1.5 Private
20 Carnegie Mellon University Pittsburgh, PA 86.1 36.8 25.4 17.3 6.7 7.99 74,000 0.6 Private
21 Vanderbilt University Nashville, TN 85.3 37.4 25.5 17.4 5.0 8.91 61,000 1.2 Private
22 Williams College Williamstown, MA 85.0 38.2 24.5 15.8 6.6 8.24 56,000 1.8 Private
23 Amherst College Amherst, MA 84.4 37.5 24.1 15.4 7.4 7.97 57,000 2.4 Private
24 University of Notre Dame Notre Dame, IN 83.1 37.0 24.4 17.1 4.6 8.68 70,000 0.4 Private
25 University of California, Los Angeles Los Angeles, CA 82.2 36.7 19.8 16.9 8.8 8.83 59,000 2.0 Public
26 Pomona College Claremont, CA 82.1 33.1 24.9 16.3 7.8 8.63 52,000 1.8 Private
27 University of Michigan-Ann Arbor Ann Arbor, MI 81.8 37.6 21.0 17.3 6.0 8.75 58,000 1.3 Public
28 Wellesley College Wellesley, MA 81.1 33.0 24.3 16.6 7.1 8.59 57,000 1.8 Private
29 New York University New York, NY 81.0 32.8 23.4 17.1 7.7 8.58 59,000 1.9 Private
30 Swarthmore College Swarthmore, PA 80.9 32.2 24.2 17.3 7.2 7.76 49,000 0.0 Private
31 Georgetown University Washington, DC 80.8 35.3 23.1 16.1 6.3 8.61 84,000 0.8 Private
32 Tufts University Medford, MA 80.6 32.5 25.8 16.4 5.9 8.03 66,000 1.0 Private
33 University of North Carolina at Chapel Hill Chapel Hill, NC 80.2 37.6 20.7 16.5 5.3 8.25 51.000 1.5 Public
34 Case Western Reserve University Cleveland, OH 79.6 32.6 24.2 16.5 6.3 7.97 68,000 1.2 Private
35 Claremont McKenna College Claremont, CA 79.5 31.3 24.8 16.7 6.7 7.98 65,000 0.0 Private
36 Middlebury College Middlebury, VT 79.0 33.9 23.7 16.5 4.8 7.98 54,000 1.5 Private
37 Smith College Northampton, MA 78.9 31.5 23.7 16.9 6.9 8.05 44,000 0.9 Private
38 Carleton College Northfield, MN 78.6 32.6 23.3 16.8 6.0 8.18 48,000 1.0 Private
39 Bowdoin College Brunswick, ME 78.4 33.1 23.7 16.8 4.8 9.02 55,000 1.3 Private
40 Boston University Boston, MA 78.2 33.6 21.3 16.9 6.4 7.72 60,000 1.5 Private
40 University of California, Berkeley Berkeley, CA 78.2 34.6 18.6 16.6 8.4 8.36 62,000 2.0 Public
42 Haverford College Haverford, PA 78.0 32.0 24.5 16.0 5.6 8.28 56,000 3.3 Private
43 Purdue University West Lafayette West Lafayette, IN 77.1 34.0 20.2 17.1 5.7 8.09 53,000 2.8 Public
44 University of Miami Coral Gables, FL 77.0 30.5 21.7 17.2 7.7 7.60 53,000 2.0 Private
45 Wesleyan University Middletown, CT 76.9 30.5 23.8 16.0 6.5 8.48 50,000 1.6 Private
46 University of California, Davis Davis, CA 76.8 33.2 18.1 17.0 8.4 8.28 57,000 2.6 Public
47 University of California, San Diego La Jolla, CA 76.1 34.1 17.8 15.5 8.7 7.27 59,000 2.0 Public
48 University of Illinois at Urbana-Champaign Champaign, IL 75.8 35.9 15.5 17.1 7.4 8.42 57000 1.8 Public
49 Bryn Mawr College Bryn Mawr, PA 75.5 28.3 24.2 15.6 7.3 8.20 52,000 1.7 Private
50 Lehigh University Bethlehem, PA 75.4 29.5 23.5 16.9 5.5 8.20 77,000 1.0 Private
51 University of Rochester Rochester, NY 74.6 28.0 24.2 16.5 5.8 7.80 56,000 1.2 Private
52 Wake Forest University Winston-Salem, NC 74.5 30.8 23.0 16.1 4.5 8.65 60,000 1.2 Private
53 Georgia Institute of Technology Atlanta, GA 74.2 35.8 15.6 15.6 7.1 8.82 74,000 2.1 Public
54 Davidson College Davidson, NC 74.0 31.4 22.2 15.7 4.7 8.54 55,000 2.3 Private
55 Colgate University Hamilton, NY 73.9 29.2 23.4 15.9 5.3 7.65 61,000 1.0 Private
56 University of Texas at Austin Austin, TX 73.8 33.2 16.5 17.4 6.6 8.99 53,000 3.3 Public
56 University of Virginia Charlottesville, VA 73.8 35.1 17.7 16.0 5.0 8.64 59,000 0.9 Public
58 University of Florida Gainesville, FL 73.6 35.5 14.8 17.0 6.4 8.39 51,000 2.1 Public
59 Bucknell University Lewisburg, PA 73.3 30.2 22.6 16.7 3.7 8.21 69,000 2.2 Private
60 Boston College Chestnut Hill, MA 73.1 34.8 18.0 15.7 4.7 7.38 67,000 1.2 Private
61 Hamilton College Clinton, NY 73.0 29.0 23.0 16.6 4.4 8.47 56,000 0.5 Private
61 University of Richmond University of Richmond, VA 73.0 27.4 23.4 17.1 5.0 8.51 60,000 2.1 Private
63 Oberlin College Oberlin, OH 72.9 29.3 23.0 15.7 4.9 8.37 39,000 1.4 Private
64 George Washington University Washington, DC 72.7 29.3 21.0 16.1 6.4 7.34 65,000 1.4 Private
65 Colby College Waterville, ME 72.4 28.9 22.4 16.1 5.0 7.84 53,000 2.6 Private
66 Bates College Lewiston, ME 72.2 28.8 22.6 16.1 4.7 7.89 53,000 2.3 Private
66 Northeastern University Boston, MA 72.2 30.1 18.7 17.4 6.0 8.60 61,000 1.9 Private
66 Vassar College Poughkeepsie, NY 72.2 26.2 23.4 16.0 6.6 8.12 48,000 0.3 Private
69 Ohio State University Columbus, OH 72.1 33.5 16.2 17.2 5.3 8.46 43,000 5.0 Public
70 Lafayette College Easton, PA 72.0 29.9 22.6 15.8 3.7 8.22 69,000 0.9 Private
71 Tulane University New Orleans, LA 71.8 25.8 24.6 16.8 4.6 8.61 53,000 5.1 Private
71 University of Wisconsin-Madison Madison, WI 71.8 34.4 15.9 17.2 4.2 8.66 51,000 1.2 Public
73 Washington and Lee University Lexington, VA 71.4 29.5 23.6 15.6 2.6 8.40 75,000 1.1 Private
74 Barnard College New York, NY 71.3 27.5 20.8 16.1 6.9 8.13 57,000 0.7 Private
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R6 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
1. DUKE UNIVERSITY
Durham, N.C.
UNDERGRADUATE STUDENTS: 8,137
TUITION AND FEES: $49,241
ROOM AND BOARD: $14,032
122 University of Minnesota Twin Cities Minneapolis, MN 66.0 28.4 15.5 17.0 5.1 8.39 48,000 2.2 Public
123 Babson College Wellesley, MA 65.8 28.7 15.7 15.2 6.2 8.17 86,000 0.5 Private
123 Virginia Polytechnic Institute and State University Blacksburg, VA 65.8 29.9 14 17.3 4.6 9.09 58,000 1.7 Public
125 Illinois Institute of Technology Chicago, IL 65.7 26.2 17.4 14.1 8.0 6.85 69,000 2.1 Private
125 Pennsylvania State University University Park, PA 65.7 25.4 17.9 17.0 5.4 8.86 48,000 4.9 Public
127 Seattle University Seattle, WA 65.6 23.5 18.5 16.4 7.3 7.70 56,000 1.7 Private
128 Allegheny College Meadville, PA 65.5 24.9 20.6 15.5 4.4 7.72 49,000 2.8 Private
128 Loyola Marymount University Los Angeles, CA 65.5 22.2 19.3 16.7 7.4 8.65 55,000 1.7 Private
130 Furman University Greenville, SC 65.4 26.2 20.4 16.2 2.7 7.97 47,000 3.1 Private
130 Reed College Portland, OR 65.4 23.0 23.0 14.2 5.2 8.14 36,000 3.3 Private
130 Rochester Institute of Technology Rochester, NY 65.4 25.2 18.0 17.0 5.2 8.16 58,000 3.1 Private
130 Stevens Institute of Technology Hoboken, NJ 65.4 26.3 19.8 14.4 4.9 7.75 83,000 1.5 Private
134 ArtCenter College of Design Pasadena, CA 65.2 24.1 18.7 14.9 7.5 8.97 54,000 4.0 Private
134 Creighton University Omaha, NE 65.2 23.9 21.2 16.7 3.5 8.50 57,000 1.4 Private
136 Willamette University Salem, OR 65.1 23.9 19.6 15.5 6.1 7.83 49,000 1.8 Private
137 North Carolina State University at Raleigh Raleigh, NC 65.0 28.0 15.6 17.0 4.4 8.36 48,000 2.8 Public
138 Indiana University Bloomington Bloomington, IN 64.9 28.6 14.1 17.2 5.0 8.53 45,000 3.1 Public
139 University of California, Irvine Irvine, CA 64.8 23.5 15.8 16.3 9.1 8.08 55,000 2.1 Public
140 Hobart and William Smith Colleges Geneva, NY 64.7 25.3 20.5 15.2 3.7 6.88 49,000 1.9 Private
141 Arizona State University Tempe, AZ 64.4 25.7 14.0 16.7 7.9 8.10 45,000 7.0 Public
141 Illinois Wesleyan University Bloomington, IL 64.4 25.7 19.5 15.6 3.6 8.08 54,000 1.0 Private
143 Ohio Northern University Ada, OH 64.3 24.9 19.1 17.5 2.8 8.63 56,000 1.9 Private
143 Skidmore College Saratoga Springs, NY 64.3 21.4 22.9 15.3 4.7 7.86 43,000 2.0 Private
145 Elon University Elon, NC 64.2 25.4 18.6 17.3 2.9 7.74 46,000 1.3 Private
145 University of Iowa Iowa City, IA 64.2 26.5 15.9 16.9 4.9 8.71 49,000 2.8 Public
147 Rutgers University-New Brunswick New Brunswick, NJ 64.1 25.8 14.9 16.0 7.4 7.80 55,000 3.4 Public
147 Stony Brook University Stony Brook, NY 64.1 24.6 16.2 15.3 8.1 7.19 55,000 3.3 Public
149 University of Delaware Newark, DE 64.0 27.1 15.8 16.7 4.4 7.93 55,000 2.0 Public
150 Centre College Danville, KY 63.9 25.9 20.2 15.5 2.3 8.27 44,000 1.9 Private
150 Gustavus Adolphus College Saint Peter, MN 63.9 25.7 19.0 16.0 3.3 7.05 50,000 0.5 Private
152 Clarkson University Potsdam, NY 63.8 27.2 17.9 14.6 4.2 7.35 68,000 1.8 Private
153 Kalamazoo College Kalamazoo, MI 63.6 26.5 16.5 15.0 5.6 8.15 51,000 0.0 Private
153 St Olaf College Northfield, MN 63.6 24.9 19.2 16.0 3.6 8.55 45,000 0.7 Private
155 University of Massachusetts Amherst Amherst, MA 63.4 27.9 14.6 16.3 4.7 8.22 49,000 3.1 Public
155 Michigan Technological University Houghton, MI 63.4 25.5 17.4 16.6 3.8 9.28 61,000 2.0 Public
155 Pepperdine University Malibu, CA 63.4 25.1 15.4 16.2 6.7 8.01 60,000 1.9 Private
158 Marquette University Milwaukee, WI 63.2 26.8 15.4 17.1 3.9 8.16 56,000 1.2 Private
158 Stonehill College Easton, MA 63.2 27.5 17.5 16.2 2.0 7.98 59,000 0.9 Private
160 St Lawrence University Canton, NY 63.1 23.5 20.0 15.9 3.7 8.55 46,000 2.5 Private
160 Temple University Philadelphia, PA 63.1 23.5 15.4 17.1 7.0 8.29 47,000 4.5 Public
162 University of Puget Sound Tacoma, WA 62.9 24.5 19.6 16.0 2.8 7.47 50,000 1.8 Private
162 Rhodes College Memphis, TN 62.9 24.1 20.4 15.4 3.0 7.73 51,000 2.1 Private
164 Bradley University Peoria, IL 62.8 24.2 17.3 17.6 3.8 8.20 52,000 3.3 Private
164 University of San Diego San Diego, CA 62.8 25.8 14.9 15.6 6.6 7.67 57,000 2.3 Private
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | R7
1. DORDT COLLEGE
Sioux Center, Iowa
UNDERGRADUATE STUDENTS: 1,437
TUITION AND FEES: $28,280
ROOM AND BOARD: $8,350
213 Florida Institute of Technology Melbourne, FL 60.1 15.7 21.2 15.7 7.5 8.08 54,000 11.0 Private
214 Fairfield University Fairfield, CT 60.0 25.4 16.2 16.0 2.4 8.13 69,000 1.6 Private
214 University of Scranton Scranton, PA 60.0 23.8 17.5 16.8 1.8 7.20 56,000 3.2 Private
216 Cornell College Mount Vernon, IA 59.9 22.4 17.7 15.9 3.9 8.70 41,000 2.3 Private
216 Lake Forest College Lake Forest, IL 59.9 22.6 15.8 15.1 6.5 8.03 48,000 4.1 Private
218 Saint John's University Collegeville, MN 59.8 26.8 15.9 14.5 2.7 7.61 56,000 0.9 Private
218 University of the Sciences Philadelphia, PA 59.8 18.5 21.9 13.9 5.5 7.57 91,000 2.9 Private
220 Mercer University Macon, GA 59.7 19.2 16.7 16.9 6.9 8.25 47,000 4.4 Private
220 Otis College of Art and Design Los Angeles, CA 59.7 19.4 18.0 14.5 7.8 7.45 44,000 3.4 Private
220 University of San Francisco San Francisco, CA 59.7 20.7 14.8 15.7 8.4 7.31 61,000 2.4 Private
220 Xavier University Cincinnati, OH 59.7 21.8 16.7 17.3 3.9 7.90 48,000 3.1 Private
224 University of Dayton Dayton, OH 59.6 24.4 14.1 17.2 3.8 8.68 51,000 2.2 Private
224 St Mary's College of Maryland St. Mary's City, MD 59.6 21.3 19.0 15.2 4.1 8.56 48,000 3.1 Public
226 Saint Anselm College Manchester, NH 59.5 25.9 16.9 15.3 1.4 7.81 54,000 1.1 Private
226 Samford University Birmingham, AL 59.5 21.5 18.5 17.2 2.3 8.71 46,000 2.1 Private
228 California Polytechnic State University, San Luis Obispo San Luis Obispo, CA 59.4 28.5 8.4 17.6 5.0 9.00 61000 1.8 Public
228 Washington State University Pullman, WA 59.4 22.8 13.2 17.2 6.3 8.07 47,000 3.3 Public
230 Manhattan College Riverdale, NY 59.3 24.0 15.3 15.3 4.8 7.68 63,000 2.9 Private
230 Marietta College Marietta, OH 59.3 21.0 18.9 15.9 3.5 7.71 41,000 4.9 Private
230 College of Saint Benedict Saint Joseph, MN 59.3 25.3 15.5 15.8 2.8 7.81 47,000 0.9 Private
233 Gonzaga University Spokane, WA 59.1 23.3 16.6 16.3 2.9 9.14 53,000 1.1 Private
233 Lewis & Clark College Portland, OR 59.1 21.5 18.2 14.8 4.7 7.47 42,000 1.6 Private
233 The College of New Jersey Ewing, NJ 59.1 24.6 13.2 16.3 5.0 8.87 56,000 1.5 Public
233 Widener University Chester, PA 59.1 20.7 17.6 16.1 4.8 7.74 52,000 3.9 Private
237 Wheaton College (Illinois) Wheaton, IL 59.0 22.7 17.1 15.9 3.3 7.93 43,000 0.4 Private
238 Austin College Sherman, TX 58.8 22.2 16.3 15.4 4.8 7.96 48,000 5.4 Private
239 Clark University Worcester, MA 58.7 18.7 18.6 15.2 6.1 7.64 43,000 1.7 Private
239 Providence College Providence, RI 58.7 24.7 15.2 16.4 2.3 7.39 59,000 2.9 Private
241 University of Colorado Denver Denver, CO 58.6 20.2 17.3 14.7 6.4 7.71 66,000 3.3 Public
241 Hope College Holland, MI 58.6 22.7 15.9 17.2 2.8 8.51 43,000 2.1 Private
243 Elizabethtown College Elizabethtown, PA 58.5 22.2 17.8 15.7 2.7 8.05 48,000 2.2 Private
243 Hanover College Hanover, IN 58.5 21.2 18.4 15.7 3.1 8.39 43,000 4.3 Private
243 Luther College Decorah, IA 58.5 22.2 17.9 15.8 2.5 8.17 42,000 1.2 Private
246 Augustana College (Illinois) Rock Island, IL 58.4 23.5 14.7 16.9 3.3 8.22 49,000 3.0 Private
247 Albion College Albion, MI 58.3 20.0 19.3 16.7 2.3 7.55 45,000 3.6 Private
247 University of Vermont Burlington, VT 58.3 22.5 16.7 16.6 2.5 7.11 44,000 3.0 Public
249 Duquesne University Pittsburgh, PA 58.2 24.2 15.4 16.4 2.2 7.17 54,000 2.6 Private
249 Westminster College (Pennsylvania) New Wilmington, PA 58.2 23.8 16.9 16.1 1.5 7.51 44,000 2.7 Private
251 Dominican University of California San Rafael, CA 58.0 18.0 19.2 14.7 6.2 7.25 52,000 4.3 Private
251 Rollins College Winter Park, FL 58.0 18.0 18.7 16.0 5.3 8.79 42,000 3.9 Private
253 Earlham College Richmond, IN 57.8 13.8 22.2 15.3 6.5 8.24 33,000 3.4 Private
253 Embry-Riddle Aeronautical University, Prescott Prescott, AZ 57.8 24.1 13.0 15.3 5.4 8.57 61,000 4.9 Private
255 Florida State University Tallahassee, FL 57.7 25.8 9.4 16.8 5.7 8.38 44,000 4.4 Public
255 University of Oklahoma Norman, OK 57.7 22.2 12.9 16.6 6.0 7.90 47,000 4.6 Public
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R8 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
303 Hampshire College Amherst, MA 55.1 13.6 19.9 16.3 5.3 7.92 32,000 3.6 Private
305 Lebanon Valley College Annville, PA 54.9 20.9 16.6 15.3 2.2 8.21 46,000 3.2 Private
306 Auburn University Auburn, AL 54.8 21.1 13.0 17.6 3.1 8.91 46,000 4.3 Public
306 Baldwin Wallace University Berea, OH 54.8 20.8 13.6 17.2 3.2 7.99 44,000 4.1 Private
306 CUNY Hunter College New York, NY 54.8 18.3 13.5 14.6 8.4 6.59 45,000 3.9 Public
306 Point Loma Nazarene University San Diego, CA 54.8 21.6 11.0 17.4 4.9 9.10 49,000 2.3 Private
310 University of Hartford West Hartford, CT 54.7 15.6 18.5 15.7 4.9 7.15 46,000 4.2 Private
310 Kettering University Flint, MI 54.7 19.8 14.8 14.8 5.2 8.24 76,000 1.9 Private
312 Miami University Oxford, OH 54.6 20.9 11.4 17.5 4.7 8.22 46,000 9.3 Public
312 Saint Michael's College Colchester, VT 54.6 21.9 14.9 15.8 2.0 8.52 46,000 3.0 Private
312 Taylor University Upland, IN 54.6 18.7 15.7 17.5 2.7 8.62 38,000 2.0 Private
312 The University of Tennessee-Knoxville Knoxville, TN 54.6 20.2 14.0 16.6 3.8 8.29 42,000 4.8 Public
312 University of Utah Salt Lake City, UT 54.6 19.0 13.5 17.1 4.9 8.36 49,000 3.4 Public
312 University of Washington-Tacoma Tacoma, WA 54.6 15.5 16.1 15.4 7.6 7.76 53,000 2.6 Public
312 College for Creative Studies Detroit, MI 54.6 18.6 16.2 15.0 4.9 8.07 40,000 5.6 Private
319 Colorado State University-Fort Collins Fort Collins, CO 54.5 20.9 12.7 17.0 3.9 8.45 44,000 2.5 Public
319 University of Hawai-i at M-noa Honolulu, HI 54.5 11.2 19.9 15.6 7.8 7.70 44,000 4.3 Public
319 Pacific University Forest Grove, OR 54.5 14.0 18.8 15.8 5.9 8.00 42,000 1.8 Private
322 Bellarmine University Louisville, KY 54.3 20.0 16.0 16.2 2.1 8.59 46,000 4.4 Private
322 Hampden-Sydney College Hampden-Sydney, VA 54.3 17.9 19.4 15.4 1.7 8.18 50,000 3.9 Private
322 Pace University-New York New York, NY 54.3 19.3 11.7 15.9 7.4 6.50 58,000 4.3 Private
322 Rowan University Glassboro, NJ 54.3 20.3 12.7 15.8 5.6 8.61 49,000 4.4 Public
322 Saint Joseph's University Philadelphia, PA 54.3 20.9 13.1 16.8 3.4 8.33 58,000 3.2 Private
322 William Jewell College Liberty, MO 54.3 18.0 17.5 16.3 2.4 8.65 41,000 4.6 Private
328 University of Cincinnati-Uptown Cincinnati, OH 54.2 19.5 12.5 17.3 4.8 8.36 39,000 7.6 Public
328 University of Mississippi University, MS 54.2 19.0 14.3 16.5 4.5 8.79 41,000 7.6 Public
330 Illinois College Jacksonville, IL 54.0 16.7 18.2 14.9 4.1 7.74 38,000 4.0 Private
330 University of Missouri-Columbia Columbia, MO 54.0 22.8 11.2 16.1 4.0 7.45 46,000 4.4 Public
330 University of Nevada, Reno Reno, NV 54.0 19.0 12.3 16.5 6.3 8.13 45,000 5.2 Public
330 Saint Francis University Loretto, PA 54.0 22.9 12.4 16.8 1.9 8.49 47,000 4.7 Private
334 Cedar Crest College Allentown, PA 53.9 17.0 14.8 17.3 4.9 8.48 46,000 4.3 Private
335 Andrews University Berrien Springs, MI 53.8 10.9 18.7 16.1 8.0 7.85 35,000 4.1 Private
335 Nazareth College Rochester, NY 53.8 15.6 18.1 16.7 3.3 7.78 44,000 2.5 Private
335 Nova Southeastern University Fort Lauderdale, FL 53.8 14.9 14.9 16.0 8.0 7.69 46,000 3.1 Private
338 CUNY Brooklyn College Brooklyn, NY 53.7 20.4 9.8 15.5 8.0 7.46 44,000 4.4 Public
338 Southern Illinois University Carbondale Carbondale, IL 53.7 14.3 15.9 16.4 7.0 7.84 41,000 8.7 Public
340 Saint Vincent College Latrobe, PA 53.6 22.1 13.7 16.0 1.8 8.13 45,000 3.0 Private
340 Stetson University DeLand, FL 53.6 15.2 17.2 15.6 5.5 7.71 42,000 3.7 Private
340 Tuskegee University Tuskegee, AL 53.6 15.7 17.4 15.0 5.6 7.73 37,000 12.0 Private
343 University of New England Biddeford, ME 53.5 21.5 15.5 14.9 1.5 6.91 45,000 2.6 Private
343 University of Redlands Redlands, CA 53.5 21.2 10.7 15.8 5.8 8.08 53,000 2.7 Private
345 Brigham Young University-Hawaii Laie, HI 53.4 19.9 9.6 16.5 7.5 9.39 40,000 5.7 Private
346 Carroll College Helena, MT 53.3 22.1 13.4 16.3 1.4 8.14 45,000 2.1 Private
346 Queens University of Charlotte Charlotte, NC 53.3 15.7 17.2 15.6 4.9 7.27 38,000 5.9 Private
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THE WALL STREET JOURNAL. Wednesday, September 27, 2017 | R9
3. BRIGHAM YOUNG
2. LANCASTER BIBLE COLLEGE UNIVERSITY, HAWAII
Lancaster, Pa. Laie, Hawaii
UNDERGRADUATE STUDENTS: 1,171 UNDERGRADUATE STUDENTS: 2,927
TUITION AND FEES: $19,660 TUITION AND FEES: $5,100
ROOM AND BOARD: $8,350 ROOM AND BOARD: $5,802
395 Central College Pella, IA 51.6 18.3 15.7 15.5 2.2 8.91 42,000 2.5 Private
396 Chatham University Pittsburgh, PA 51.5 11.6 19.9 15.0 4.9 8.02 34,000 2.3 Private
396 University of Dallas Irving, TX 51.5 16.4 16.3 15.2 3.6 8.72 45,000 1.6 Private
396 Wittenberg University Springfield, OH 51.5 18.4 14.4 15.9 2.8 7.99 42,000 3.9 Private
399 Hiram College Hiram, OH 51.4 14.9 16.6 15.5 4.4 7.10 38,000 8.0 Private
399 John Brown University Siloam Springs, AR 51.4 22.0 9.5 16.7 3.2 9.29 46,000 3.9 Private
401 Capital University Columbus, OH 51.3 17.4 14.2 16.6 3.1 8.01 41,000 4.7 Private
401 College of Idaho Caldwell, ID 51.3 15.8 15.1 16.0 4.5 8.33 38,000 3.8 Private
401 University of Missouri-Kansas City Kansas City, MO 51.3 13.8 16.3 14.8 6.4 7.57 43,000 7.7 Public
401 New York Institute of Technology Old Westbury, NY 51.3 14.4 14.7 13.8 8.4 6.36 50,000 6.3 Private
401 Otterbein University Westerville, OH 51.3 15.8 16.4 16.6 2.5 7.81 41,000 5.5 Private
406 University of Louisville Louisville, KY 51.2 12.2 18.8 15.2 5.1 7.87 38,000 7.3 Public
406 University of Michigan-Dearborn Dearborn, MI 51.2 17.4 11.3 15.7 6.8 8.12 46,000 4.6 Public
406 Virginia Commonwealth University Richmond, VA 51.2 15.0 13.5 15.7 6.9 7.71 42,000 3.6 Public
409 James Madison University Harrisonburg, VA 51.1 23.4 8.6 16.3 2.9 9.02 53,000 2.1 Public
409 Montclair State University Montclair, NJ 51.1 21.3 7.0 15.3 7.4 7.02 48,000 3.3 Public
409 Roanoke College Salem, VA 51.1 17.7 15.3 15.8 2.4 8.12 43,000 5.2 Private
409 The College of St Scholastica Duluth, MN 51.1 21.9 10.7 15.9 2.7 8.06 49,000 3.4 Private
413 Gordon College Wenham, MA 50.9 19.3 12.3 15.4 3.9 8.03 41,000 2.2 Private
413 Norwich University Northfield, VT 50.9 18.5 15.1 14.5 2.7 8.39 46,000 3.9 Private
413 Oklahoma State University Stillwater, OK 50.9 20.0 8.8 16.7 5.4 7.73 44,000 5.3 Public
416 St Joseph's College-New York Brooklyn, NY 50.8 19.6 11.8 15.0 4.4 7.94 52,000 3.4 Private
417 Berry College Mount Berry, GA 50.7 14.2 18.7 16.1 1.7 8.64 38,000 3.4 Private
417 Doane College-Crete Crete, NE 50.7 15.8 17.1 15.7 2.1 8.55 43,000 4.2 Private
417 Franklin College Franklin, IN 50.7 16.7 15.0 16.4 2.6 8.56 41,000 5.6 Private
417 Gannon University Erie, PA 50.7 18.2 13.1 16.0 3.5 8.13 46,000 5.7 Private
417 Lycoming College Williamsport, PA 50.7 19.1 12.8 15.6 3.2 7.98 43,000 4.2 Private
417 Marist College Poughkeepsie, NY 50.7 21.6 10.2 15.6 3.3 7.50 54,000 2.6 Private
417 St Edward's University Austin, TX 50.7 14.5 12.5 17.3 6.4 8.30 44,000 5.9 Private
424 SUNY New Paltz New Paltz, NY 50.6 18.5 10.6 15.6 5.9 8.04 45,000 3.6 Public
424 Salve Regina University Newport, RI 50.6 21.8 11.7 15.3 1.8 7.72 49,000 1.5 Private
424 Seattle Pacific University Seattle, WA 50.6 17.5 11.3 16.5 5.2 7.22 44,000 2.6 Private
424 Wagner College Staten Island, NY 50.6 19.4 13.1 14.2 3.9 7.04 54,000 2.8 Private
424 Wilkes University Wilkes-Barre, PA 50.6 18.6 12.1 15.0 4.8 7.41 50,000 4.8 Private
429 Eastern Mennonite University Harrisonburg, VA 50.5 14.8 16.9 15.7 3.1 7.90 38,000 2.9 Private
429 LIU Post Brookville, NY 50.5 16.7 11.7 15.8 6.2 7.22 45,000 5.9 Private
429 Monmouth College Monmouth, IL 50.5 15.2 16.5 14.5 4.4 7.38 40,000 8.7 Private
429 St Ambrose University Davenport, IA 50.5 15.6 14.9 17.4 2.6 8.57 45,000 4.3 Private
429 St John's University-New York Queens, NY 50.5 18.6 9.7 15.1 7.1 6.62 53,000 4.7 Private
434 Le Moyne College Syracuse, NY 50.4 20.0 12.4 15.0 3.0 7.55 49,000 4.2 Private
434 Stockton University Galloway, NJ 50.4 22.9 7.3 14.4 5.7 7.39 47,000 5.3 Public
434 Trinity Christian College Palos Heights, IL 50.4 16.7 13.4 16.0 4.3 7.97 42,000 4.0 Private
437 University of Arkansas Fayetteville, AR 50.3 20.2 9.3 16.5 4.3 8.33 44,000 6.6 Public
437 California Lutheran University Thousand Oaks, CA 50.3 19.1 9.8 15.6 5.8 8.23 52,000 2.6 Private
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R10 | Wednesday, September 27, 2017 THE WALL STREET JOURNAL.
OVERALL
SCORE RIGHT PRIVATE
(Out of a OUTCOME RESOURCES ENGAGEMENT ENVIRONMENT CHOICE DEFAULT OR
RANK COLLEGE CITY / STATE possible 100) (Out of 40) (Out of 30) (Out of 20) (Out of 10) (Out of 10) SALARY RATE PUBLIC
437 East Carolina University Greenville, NC 50.3 17.8 10.7 16.9 5.0 8.08 39,000 5.2 Public
437 Emerson College Boston, MA 50.3 19.6 11.6 14.2 4.9 7.87 45,000 1.9 Private
437 Lincoln Memorial University Harrogate, TN 50.3 15.5 16.5 15.0 3.3 8.26 37,000 4.0 Private
437 University of South Florida Tampa, FL 50.3 18.3 8.0 16.4 7.6 7.98 41,000 5.2 Public
443 University of Indianapolis Indianapolis, IN 50.1 14.6 14.4 16.7 4.3 7.78 42,000 6.7 Private
443 Louisiana State University Baton Rouge, LA 50.1 18.7 10.5 16.3 4.6 8.20 46,000 5.0 Public
443 Loyola University New Orleans New Orleans, LA 50.1 9.9 17.3 17.0 5.9 8.52 42,000 5.6 Private
443 University of New Hampshire Durham, NH 50.1 21.1 9.8 16.5 2.7 8.53 47,000 2.1 Public
447 Eastern Illinois University Charleston, IL 50.0 14.5 14.8 16.0 4.8 8.04 41,000 4.8 Public
447 Millikin University Decatur, IL 50.0 15.4 15.1 16.1 3.3 8.24 42,000 6.8 Private
449 Southern Nazarene University Bethany, OK 49.9 18.6 10.8 16.0 4.5 8.36 46,000 6.7 Private
449 Whitworth University Spokane, WA 49.9 16.3 14.1 16.7 2.8 8.87 41,000 1.9 Private
451 Misericordia University Dallas, PA 49.8 20.2 12.4 15.2 1.9 8.13 48,000 5.9 Private
451 Nebraska Wesleyan University Lincoln, NE 49.8 19.5 12.1 16.5 1.8 8.24 45,000 2.2 Private
453 Gwynedd Mercy University Gwynedd Valley, PA 49.7 19.1 12.2 14.3 4.1 7.82 52,000 5.3 Private
453 Martin Luther College New Ulm, MN 49.7 21.1 12.4 15.0 1.3 8.83 40,000 0.6 Private
455 University of Alabama in Huntsville Huntsville, AL 49.6 14.7 13.5 15.7 5.7 8.65 46,000 5.3 Public
455 McDaniel College Westminster, MD 49.6 17.5 14.1 14.8 3.3 8.25 46,000 2.5 Private
455 Randolph-Macon College Ashland, VA 49.6 15.7 16.4 14.9 2.6 7.22 45,000 4.4 Private
458 Hamline University Saint Paul, MN 49.5 19.1 11.3 15.3 3.8 7.24 47,000 2.8 Private
458 University of New Mexico Albuquerque, NM 49.5 14.0 12.3 15.6 7.6 7.08 35,000 12.7 Public
460 Clarke University Dubuque, IA 49.4 15.5 16.7 15.3 1.9 7.60 41,000 3.3 Private
460 Maryland Institute College of Art Baltimore, MD 49.4 13.5 15.8 14.6 5.5 7.20 32,000 3.9 Private
460 University of Massachusetts Boston Boston, MA 49.4 14.7 11.9 14.2 8.6 6.52 46,000 5.4 Public
460 University of Texas at Dallas Richardson, TX 49.4 17.2 9.9 14.9 7.4 7.23 50,000 4.7 Public
464 University of Alabama Tuscaloosa, AL 49.3 18.0 11.0 16.3 3.9 8.79 42,000 5.2 Public
464 Christian Brothers University Memphis, TN 49.3 16.9 10.3 16.3 5.7 7.72 46,000 7.2 Private
464 Hastings College Hastings, NE 49.3 16.3 14.9 16.1 1.9 7.66 41,000 4.8 Private
467 University of Nebraska-Lincoln Lincoln, NE 49.2 17.9 10.4 16.5 4.4 7.17 44,000 2.7 Public
468 Fairleigh Dickinson University Teaneck, NJ 49.1 12.3 15.3 14.3 7.2 7.32 47,000 5.0 Private
468 Maryville University Saint Louis, MO 49.1 20.1 8.4 16.8 3.8 8.15 45,000 4.4 Private
470 The University of the Arts Philadelphia, PA 49.0 11.5 17.3 15.1 5.2 7.99 30,000 8.4 Private
470 California State University, Chico Chico, CA 49.0 21.9 3.8 16.7 6.6 8.05 45,000 3.9 Public
470 Western Illinois University Macomb, IL 49.0 13.0 13.7 16.4 5.9 7.82 41,000 7.1 Public
473 California State University, Long Beach Long Beach, CA 48.9 19.2 4.1 16.8 8.8 8.01 47,000 3.5 Public
473 Eastern Nazarene College Quincy, MA 48.9 18.8 9.1 14.5 6.4 6.63 45,000 6.2 Private
473 University of Toledo Toledo, OH 48.9 14.3 12.3 16.5 5.8 7.54 40,000 9.9 Public
476 Arcadia University Glenside, PA 48.8 13.9 13.6 16.2 5.1 7.63 43,000 3.5 Private
476 Marymount University Arlington, VA 48.8 16.8 11.0 14.7 6.3 7.22 50,000 2.8 Private
476 University of Minnesota Morris Morris, MN 48.8 16.0 12.8 14.6 5.5 7.11 39,000 6.3 Public
476 Morehouse College Atlanta, GA 48.8 13.3 14.4 15.2 5.8 8.37 41,000 16.2 Private
476 Salem College Winston-Salem, NC 48.8 14.7 13.7 14.5 5.9 6.54 33,000 5.1 Private
476 Truman State University Kirksville, MO 48.8 20.8 9.6 15.6 2.8 7.92 43,000 3.1 Public
482 University of Central Florida Orlando, FL 48.7 19.7 5.6 16.6 6.8 8.22 43,000 4.8 Public
482 University of Charleston Charleston, WV 48.7 19.6 10.6 14.4 4.2 6.07 42,000 10.7 Private
484 Chestnut Hill College Philadelphia, PA 48.5 13.5 14.4 14.8 5.8 5.67 41,000 7.9 Private
484 High Point University High Point, NC 48.5 17.0 13.4 15.9 2.1 7.93 37,000 5.6 Private
484 Massachusetts College of Art and Design Boston, MA 48.5 14.4 16.4 13.9 3.8 7.80 34,000 4.5 Public
484 Oglethorpe University Atlanta, GA 48.5 16.8 10.7 14.6 6.4 7.38 44,000 8.5 Private
484 Walla Walla University College Place, WA 48.5 17.6 12.0 15.4 3.5 8.49 46,000 4.3 Private
489 Belmont University Nashville, TN 48.4 16.4 12.8 16.9 2.3 8.59 40,000 2.1 Private
489 Birmingham-Southern College Birmingham, AL 48.4 15.3 15.3 15.8 2.0 8.06 43,000 3.0 Private
489 California State Polytechnic University, Pomona Pomona, CA 48.4 20.1 4.3 15.5 8.5 7.77 51,000 2.9 Public
489 Mount St Mary's University Emmitsburg, MD 48.4 17.9 11.7 15.7 3.2 8.67 50,000 2.5 Private
489 Ohio University Athens, OH 48.4 15.8 11.1 17.3 4.1 8.13 40,000 8.8 Public
489 Shenandoah University Winchester, VA 48.4 9.9 18.4 15.6 4.5 8.15 40,000 3.4 Private
495 Ouachita Baptist University Arkadelphia, AR 48.3 15.6 14.1 16.8 1.8 8.97 37,000 7.8 Private
495 St Bonaventure University Saint Bonaventure, NY 48.3 14.9 15.7 15.0 2.6 7.76 45,000 4.5 Private
495 St Mary's University San Antonio, TX 48.3 10.8 14.7 16.1 6.7 7.93 46,000 6.0 Private
495 Texas Tech University Lubbock, TX 48.3 18.5 7.2 16.8 5.8 8.65 47,000 5.5 Public
495 Wentworth Institute of Technology Boston, MA 48.3 20.7 8.5 14.4 4.7 7.55 56,000 2.5 Private
500 University of Alaska Fairbanks Fairbanks, AK 48.2 8.5 19.2 14.1 6.4 6.52 37,000 12.1 Public
500 Alfred University Alfred, NY 48.2 13.7 15.6 15.4 3.6 7.80 42,000 6.0 Private
500 Augsburg College Minneapolis, MN 48.2 11.7 14.5 17.1 4.9 7.43 45,000 5.3 Private
500 California State University, Fresno Fresno, CA 48.2 18.8 4.9 16.0 8.5 7.74 43,000 4.9 Public
500 Huntington University Huntington, IN 48.2 14.7 15.2 16.3 2.0 8.40 35,000 1.2 Private
500 Indiana University-Purdue University Indianapolis Indianapolis, IN 48.2 12.1 13.5 16.6 6.0 7.41 40,000 5.5 Public
500 Meredith College Raleigh, NC 48.2 15.5 12.5 16.6 3.6 8.06 38,000 4.8 Private
500 SUNY Cortland Cortland, NY 48.2 19.2 9.7 16.3 3.0 8.36 45,000 2.6 Public
500 Saint Xavier University Chicago, IL 48.2 14.8 11.0 15.9 6.4 7.44 44,000 4.3 Private
Note: The sum of individual scores for outcomes, resources, engagement and environment for a school may not equal the school’s total score.