On the evening of July 17, The New York Times announced plans to cut the width of its pages by one and a half inches, or 11 percent. On July 18, New York Times stock dropped from 23.18 cents a share to 22.67 cents--a decline of 2.2 percent. In joint memos announcing the page shrinkage, executive editor Bill Keller and Times president Scott Heekin-Canedy both described the smaller format as “reader-friendly.” Mr. Keller also described it as the emerging “industry norm,” which was true: Whatever readers may or may not think of the floppy (or generous) old broadsheet size, the...