WSJ
Preparing
For the Next
Pandemic
REVIEW
What’s
News
World-Wide
ew York state recorded
N its highest single-day
death toll from the novel
coronavirus, with New York
City expected to fall short of
medical supplies and per-
sonnel as early as Sunday. A1
 3M pushed back against
Trump’s criticism of its work
to get N95 masks to health-
care workers in the U.S. A1
 The administration will
use a federal stimulus
package to pay hospitals
that treat uninsured people
with the coronavirus. A6
 Trump said late Friday
that he intends to remove
the inspector general for
the U.S. intelligence com-
munity from his post. A3
 The FISA court ordered
the Justice Department to re-
view over two dozen flawed
wiretap applications. A3
 The eurozone survived
its debt crisis, but the
wounds never fully healed
and the pandemic threat-
ens to reopen them. A11
 Pakistani authorities
blocked the release of
prisoners convicted in the
killing of Wall Street Journal
reporter Daniel Pearl. A11
Business & Finance
 U.S. employers shed
more jobs in March than in
any month since the 2007-09
recession, inflicting damage
to the labor market that econ-
omists say dwarfs the most
significant downturns of the
post-World War II era. A1
 The government’s small-
business loan program got off
to a rocky start, with some big
banks saying they weren’t yet
able to process applications. A1
 Several U.S. airlines
applied for government
funds to keep paying
workers, but said they still
needed more cash. B3
 U.S. stocks fell. The
Dow industrials retreated
1.7%. The S&P 500 and
Nasdaq both lost 1.5%. B15
 Walmart’s sales rose
rapidly in stores and online
in recent weeks as shop-
pers stockpiled supplies. B3
 Saudi Arabia and Russia
are pressing the U.S. to co-
ordinate oil output cuts in
a bid to stabilize prices. B15
 Trump promised oil-in-
dustry leaders that the
government would help re-
vive the sector. B15
NOONAN
New York Is the
Epicenter of
The World A17
NOTICE TO READERS
The World Health Organiza-
tion has said it is safe to
handle newspapers during
the coronavirus pandemic.
The Wall Street Journal’s
printing plants and delivery
services, though, are taking
precautions, frequently
cleaning equipment and fa-
cilities while reducing human
contact with the newspaper.
A digital version of the print
edition also can be viewed at
https://www.wsj.com/itp.
CONTENTS
Books..................... C7-12
Capital Account.... A8
Food......................... D8-9
Gear & Gadgets. D12
Heard on Street...B16
Markets.................... B15
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, APRIL 4 - 5, 2020 ~ VOL. CCLXXV NO. 79
Job Losses Swell as Crisis Deepens
STEPHANIE KEITH/GETTY IMAGES
Medical workers load a body into a refrigerated truck outside of Wyckoff Heights Medical Center in Brooklyn, N.Y., on
Friday. The trucks are being used as temporary morgues as the surge in coronavirus cases has overwhelmed the city.
Virus Deaths Soar in New York
THE
CORONAVIRUS
PANDEMIC
Hospitals to be paid to
treat uninsured patients, A6
Anatomy of an outbreak at
JPMorgan, A6
New guidelines are issued
for nursing homes, A10
Where Americans are
staying home, A10
Small Firms
See Hiccups
Applying for
New Loans
The federal government’s
$350 billion small-business
loan program got off to a rocky
start Friday, with some of the
nation’s biggest lenders saying
they weren’t yet able to process
loan applications, discouraging
business owners struggling to
stay afloat.
By Bob Davis,
Ruth Simon
and Peter Rudegeair
“I’ve driven around the Los
Angeles area for three hours
and called several banks,” said
Paulo Amaral, the founder of
Ally Right, an L.A.-based
startup that helps make web-
sites accessible to people with
disabilities. “No luck at all.”
By around 4:30 p.m., at least
9,779 loans worth about $3.2
billion had been approved, ac-
cording to Small Business Ad-
ministration chief Jovita Car-
ranza, who was providing a
running count on Twitter. Mi-
chael Strain, an economist at
the American Enterprise Insti-
tute, calculated that half that
amount would keep around
400,000 employed for the next
Obituaries............... A14
Opinion.............. A15-17 eight weeks.
Sports........................ A13 But with millions of people
Style & Fashion D2-3 losing their jobs weekly, that is
U.S. News............ A2-4
Weather................... A13
“a drop in the bucket,” said
World News.......... A11 Brock Blake, chief executive of
Lendio Inc., a technology firm
that matches lenders with
> small-business borrowers.
Friday was the first day for
the new Paycheck Protection
Program, a part of the $2 tril-
lion rescue package designed to
address the economic fallout of
Please turn to page A9
BY CHARLES PASSY
New York state recorded its
highest single-day death toll
from the novel coronavirus,
and leaders are warning the
worst is yet to come—possibly
as early as Sunday, when New
York City is expected to fall
short of badly needed medical
supplies and clinical personnel.
New York accounts for
nearly 40% of the total cases in
the nation. Gov. Andrew Cuomo
said Friday that the state re-
corded 562 deaths over a 24-
hour period, its highest daily
total since the rise of the new
coronavirus pandemic. In all,
3M Pushes Back on President
BY AUSTEN HUFFORD
AND JOE PALAZZOLO
3M Co. pushed back against
criticism from President Trump
of its work to get N95 masks to
health-care workers in the U.S.,
intensifying conflict between
the administration and U.S.
manufacturers racing to meet
urgent demand for medical
equipment.
Chief Executive Mike Roman
said 3M is raising domestic pro-
duction, importing masks from
its plant in China and taking ac-
tion against price gouging on
masks that medical workers
need to treat patients infected
with the new coronavirus.
There’s No More Sports Betting,
But You Can Wager on ‘Top Chef’
i i
Lack of basketball, baseball prompts
gambling on reality shows, clashing bears
BY ANDREW BEATON
AND JARED DIAMOND
A couple of days a week in
Omaha, Neb., Josh Skou likes to
unwind after work by driving a
few minutes across the Mis-
souri River to Council Bluffs,
Iowa, where he can legally
gamble on sports.
But these are strange, dark
times. Every major league has
shut down in the wake of the
coronavirus pandemic. So Mr.
Skou had to get creative. Flip-
ping through the channels at a
friend’s house recently, before
social distancing took hold,
they landed on “Bears.” Nor-
mally at this time they would
have been obsessively watching
the NCAA basketball tourna-
ment, but they settled for this
2,935 have died statewide from
the illness.
“New York is in crisis,” Mr.
Cuomo said.
Nationally, 7,152 deaths due
to Covid-19, the disease caused
by the virus, had been reported
as of Friday night, according to
Johns Hopkins University. The
official number of known posi-
tive cases in the U.S. surged to
277,953 as the global total ap-
proached 1.1 million.
In New York City, the
mounting death toll is straining
services that cater to the dead
and their grieving families. Cre-
matories are being allowed to
operate 24 hours a day, seven
“We in our company are do-
ing everything we can,” Mr.
Roman said in an interview.
President Trump on Thurs-
day invoked the Defense Produc-
tion Act, which could force 3M
to manufacture as many N95
masks as the Federal Emergency
Management Agency deter-
mines are needed. “We’re not
happy with 3M,” Mr. Trump said
at a briefing on Friday, after a
tweet earlier in the day criticiz-
ing the company.
Mr. Roman in the interview
defended his company’s efforts.
“We are not fighting price
gouging? That’s absurd,” he
said. “We are not doing every-
thing we can to maximize respi-
i
Disney nature documentary
from 2014 that was showing on
Starz. Two of these bears really
did not like each other.
Magnus the bear was pre-
paring to take on a challenger
named Chinook in a prize fight
for the ultimate bear spoils: a
prime spot to hunt salmon.
That’s when Mr. Skou’s friend
looked over and said, “I’ve got
20 bucks on the up-and-comer.”
Mr. Skou studied Magnus, a
powerful Alaskan brown bear,
and liked his chances. He took
the bet.
“They start pushing and
shoving, growling at each
other. Magnus stands there vic-
torious, and I won,” Mr. Skou
said. “It brought back a really
good feeling.”
Please turn to page A2
Homey Recipes
To the Rescue
WSJ.com
days a week, and several said
they are booked up a week or
more in advance. Funeral direc-
tors and cemeteries in the city
are struggling to service the
spiraling number of deaths,
some 1,580 from the virus
through Friday afternoon.
But perhaps the grimmest
reality in New York is that the
disease has hardly peaked, ac-
cording to officials. Mr. Cuomo
said earlier this past week that
the statewide apex might not
be until late April.
As it is, supplies of medical
equipment are already at criti-
cal lows, officials said.
Please turn to page A6
rators in our home country?
Nothing is further from the
truth.”
Health workers across the
country are running short on
N95 masks—so-called because
they block 95% of very small
particles—as well as the
gowns, ventilators and face
shields used to treat the sick-
est patients with Covid-19, the
disease caused by the virus.
Governors, city officials,
health-care executives and dis-
tributors said a lack of federal
government coordination is
making it harder for them to
secure the supplies they need.
In interviews, they described
Please turn to page A10
Kim Jong Un’s
Secret Antagonist
A U.S.-based activist made cracks in the
regime—until mishaps sent group into hiding
BY BRADLEY HOPE, JOHN LYONS
AND ALASTAIR GALE
ROME—One morning in
November 2018, North Ko-
rea’s top diplomat in Italy
left his embassy’s compound
with his wife. He told col-
leagues they were going for
a stroll.
Instead, the couple got
into a car idling nearby and
never returned. Driving the
getaway vehicle that day was
a member of a clandestine
group called Free Joseon,
people familiar with the op-
eration say.
For the past decade,
Southern California-based
OFF DUTY
HHHH $5.00
Employers in March
cut 701,000 workers,
worst month since ’09,
as coronavirus spread
BY ERIC MORATH
AND SARAH CHANEY
U.S. employers shed more
jobs in March than in any
month since the darkest days of
the 2007-09 recession—inflict-
ing damage to the labor market
that economists say dwarfs the
most significant economic
downturns of the post-World
War II era.
Payrolls decreased by
701,000 jobs last month, the
Labor Department said Friday,
as efforts to contain the virus
disrupted the U.S. economy.
Job losses were widespread,
from corner restaurants to
manufacturing plants to inter-
national tourism.
The drop in payrolls was the
largest monthly decline since
March 2009, the worst month
for job losses during the latest
recession.
The unemployment rate for
March rose to 4.4% from 3.5%
in February, the largest one-
month increase in the rate
since January 1975.
Because of the timing of
surveys, Friday’s figures don’t
fully reveal the millions of un-
employment-insurance claims
individuals filed in the last two
weeks of March. Jobs lost in
recent weeks and additional
expected losses this spring
could push the U.S. unemploy-
ment rate to record highs,
with estimates ranging from
around 10% to 16%.
If shutdowns continue, the
April jobs report, due out
May 8, could show the largest
ever one-month decline in the
labor market.
Many of those who lost their
jobs expect it will be a tempo-
rary setback, with businesses
reopening after lockdowns are
lifted. Even so, the employment
collapse is unprecedented.
“There’s no comparison to
this shock,” said Gregory Daco,
chief U.S. economist at fore-
casting firm Oxford Econom-
ics. “The sudden drop in eco-
nomic activity is like what
you’d see in an area after a
natural disaster or a terrorist
attack, but it’s occurring
across the entire country.”
Major stock indexes fell on
Please turn to page A8
 Greg Ip: Pandemic’s uncertain
path poses its own risk, A8
 Exchange: The month that
changed everything, B1
 Several U.S. airlines apply for
government funds, B3
 Trump pledges support for oil
industry, B15
 U.S. stocks cap another week
of declines, B15
 Heard on the Street: Jobs
picture will worsen, B16
Free Joseon, which is dedi-
cated to bringing down the
regime of North Korea’s Kim
Jong Un, has organized de-
fections and escapes from
embassies, obtained govern-
ment documents, and suc-
cessfully rescued the family
of Mr. Kim’s exiled half
brother after his murder in
2017.
The persistent yet little-
known threat has raised
alarms within North Korea,
dealing a blow to the re-
gime’s carefully crafted im-
age of stability. Free Joseon’s
involvement in the defection
of North Korea’s top diplo-
Please turn to page A12
A2 | Saturday/Sunday, April 4 - 5, 2020
THE NUMBERS | By Jo Craven McGinty
How the Census Bureau Fills in the Blanks
Once a de-
cade, the U.S.
Census Bureau
tries to get a
precise head
count of ev-
eryone living in the country.
The numbers are used to
divvy up political power and
divide billions of dollars in
federal money. How much a
state gets will depend on its
population.
The largest receive more
seats in the U.S. House of
Representatives and a bigger
share of spending on educa-
tion, transportation, Medic-
aid, food assistance and doz-
ens of other programs.
B
ut bits of information
get omitted when 140
million households fill
out a questionnaire—even
when the country isn’t in the
middle of a pandemic. The
missing fragments might in-
clude characteristics such as
age, sex or race. In the worst
case, no information is pro-
vided at all.
Rather than ignore the
lapses, the bureau first tries
to retrieve the data by send-
ing out census takers to col-
lect it in person. If that fails,
it fills in gaps with imputa-
tions that infer missing val-
ues from known data points.
SPRING RUSH: The scenic Great Falls, between the towns of Lewiston and Auburn in Maine, roared on Friday morning after the recent rains and snowmelt.
COURTS
Trump Names Pick
For Appellate Court
President Trump is nominat-
ing a 37-year-old judge and for-
mer clerk to Supreme Court Jus-
tice Brett Kavanaugh to a seat
on the powerful U.S. Court of
Appeals for the District of Co-
lumbia Circuit.
Justin Walker of Kentucky has
Sports End,
But Bets
Continue
Continued from Page One
The unprecedented sports
hiatus has left fans longing for
the games they love. Gamblers
have an extra hole to fill. With-
out normal sports to bet on,
they’re desperately searching
for substitutes.
It’s gotten pretty weird. On a
single day last week, American
bettors wagered more than
$100,000 on Russian table ten-
nis matches at William Hill’s
sportsbook, said Nick Bog-
danovich, the bookmaker’s U.S.
director of trading.
Betting sites featuring
sports, scrambling to buoy
their businesses, are offering
bets on everything from the
weather to a proposed Oasis re-
union to benefit the U.K.’s Na-
tional Health Service. People
are laying money on their fa-
vorite TV shows and ones
they’ve never even watched be-
fore. They’re even betting on
videogame simulations of foot-
ball games.
“Even with action on it, it
was still kind of boring to
watch,” said Adam Hayden, a
safety consultant in Kentucky
who successfully bet on the
That’s when things can
get contentious.
Indiana blamed imputa-
tions for the seat it lost to
Florida after the 1980 census
and sued to get the numbers
overturned. Utah lost a seat
to North Carolina after the
2000 census and in a case
that reached the U.S. Su-
preme Court argued that im-
putations, which contributed
to the loss, were prohibited
by the Census Act and the
Constitution.
In each case, the courts
decided the mathematical
modeling was allowed, and
the reapportionments stood.
Historically, when infor-
mation couldn’t be retrieved
from residents of a house-
hold, census takers made do
with material obtained from
proxies, such as neighbors,
landlords or postal workers.
If the missing data couldn’t
be obtained from either the
residents or their proxies, it
was recorded as unknown.
“In 1930, they were still
publishing what was not re-
ported,” said Howard Hogan,
retired chief demographer of
the Census Bureau. “If you
didn’t know your age, the
census would report it in the
last row as unknown.”
That changed in 1940,
when missing data was filled
been on the federal bench less
than six months and is one of the
youngest federal judges in the
country, with deep ties to Senate
Majority Leader Mitch McConnell,
a Kentucky Republican. Sen.
McConnell called Mr. Walker “an
outstanding legal scholar and a
leading light in a new generation
of federal judges.”
Liberal groups were far less
impressed. Christopher Kang,
chief counsel for Demand Jus-
fake Green Bay Packers to beat
the fake Chicago Bears in Mad-
den NFL, the videogame fran-
chise, last month. He wagered
on Bovada, a betting website
that offered bets on the virtual
competition.
“People are at home, they’re
looking for something to do
and there’s no sports on,” said
Anne Juceam, who runs Reality
Fantasy League, a website that
turns TV shows into fantasy
sports competitions. As with
other fantasy leagues, many
groups of friends join and then
bet among themselves.
Ms. Juceam’s website is
surging in popularity, and peo-
ple like Dave Duberstein are the
reason why. A political consul-
tant in Washington, Mr. Duber-
stein has been in the same fan-
tasy baseball league with his
brother since 2006. Now that’s
on hold, and he “needed some
sort of action,” he said.
That’s when a friend called
with an unusual proposition:
fantasy “Top Chef,” the reality
cooking competition show. The
rules for the fantasy version
are simple: you draft the real-
life contestants and receive
points for competitions they
win.
Each player in Mr. Duber-
stein’s league drafted five chefs.
Mr. Duberstein tried to scout
the available options, but
quickly realized that “it’s
tougher to find the peripheral
stats of these chefs” than it is
for baseball players. So he took
U.S. NEWS
U.S. households can respond to the 2020 census online, by mail or
phone through Aug. 14.
Response rate, as of April 2
PERCENTAGE OF HOUSEHOLDS
0%
Wash.
Mont.
Ore.
Idaho
Wyo.
Nev.
Utah
Colo.
Calif.
Ariz. N.M.
Alaska
Hawaii
Source: U.S. Census Bureau
in using a technique devised
by the late industrial quality-
control expert W. Edwards
Deming, who sold the idea as
a cost-cutting measure.
“If they allowed imputa-
tion and substituted a spe-
cific value for a missing
value, they could save a sig-
nificant amount of money on
printing costs because you
wouldn’t have to print un-
known lines,” Dr. Hogan said.
“That’s how it started.”
Every penny counts; this
U.S. WATCH
tice, a liberal activist group that
has opposed most of Trump’s ju-
dicial nominees, called for an in-
vestigation into whether Sen.
McConnell “manufactured” the
vacancy by pressuring Judge
Thomas Griffith to retire.
Mr. Walker drew a “Not Qual-
ified” rating from the American
Bar Association when Mr. Trump
nominated him last year to be a
federal judge in Kentucky.
—Associated Press
a different approach: He went
to the websites of a restaurant
each chef cooks at and made
picks based on which menu he
deemed better.
With the second overall pick,
Mr. Duberstein took Jennifer
Carroll, the executive chef at
Philadelphia’s Spice Finch,
which serves Mediterranean
delicacies like shakshuka and
date-braised lamb shank.
Table stakes
“I remembered her from an-
other season she was on and
thought she was a bad-ass
chef,” Mr. Duberstein said. “I
wanted someone I could root
for.”
Mr. Duberstein and his pals
aren’t oddballs. On Reality Fan-
tasy League, there are triple the
number of users for this season
of “Top Chef” compared with
last year, Ms. Juceam said.
Traditional sportsbooks and
fantasy websites are scraping
to make do. There have been
more than 300,000 entries in
DraftKings pools over the past
30% 35% 40% 50%
N.H.
N.D. Vt.
Minn.
S.D. Wis.
N.Y.
Mich.
Iowa Pa.
Neb. Ohio
Ill. Ind.
W.Va. Va.
Kan. Mo. Ky.
N.C.
Okla. Ark. Tenn.
S.C.
Miss. Ala. Ga.
Texas
La.
Fla.
year’s census will cost an es-
timated $15.6 billion.
There are three scenarios
when information is typically
imputed, Dr. Hogan said.
A census response might
record the number of resi-
dents living at an address
and some but not all of their
characteristics. It might re-
cord the number of residents
living at the address but none
of their characteristics. Or
the bureau might get nothing
at all—not even a head count.
OBITUARY
‘Lean on Me’ Artist
Bill Withers, 81
Bill Withers, who wrote and
sang a string of soulful songs in
the 1970s that have stood the
test of time, including “Lean on
Me,” “Lovely Day” and “Ain’t No
Sunshine,” has died from heart
complications. He was 81.
The three-time Grammy
couple of weeks, where people
have won around $100,000
based on programs like ABC’s
“Shark Tank.” Some places
have begun offering bets based
on the high temperature in
given cities. Sportsbetting.com
has set lines for how many
times President Trump will say
words like “tremendous” in his
daily press briefing.
Michaela Rael couldn’t
watch her beloved Denver Nug-
gets or Colorado Avalanche, so
she tuned in to another popular
program: “Jeopardy!” “I had
never actually watched the
show,” she said.
But she wasn’t just watching
to see if she could beat the ac-
tual contestants. She was com-
peting in a game of her own:
betting $5 to $10 on every epi-
sode with family and friends
who were also sheltering in
place and watching.
Danny Belks was crushed
when the games of his favorite
team, Sheffield Wednesday, in
the second tier of English soc-
cer, were canceled. Mr. Belks is
a frequent sports bettor on soc-
cer and horse racing and in-
sisted on finding an actual
sport for his action. Which is
how a guy in Sheffield, Eng-
land, found himself glued to his
screen watching Russian table
tennis and South African horse
racing.
“I never thought I’d have to
stoop that low,” Mr. Belks said.
“This is what coronavirus has
brought me to.”
* *** THE WALL STREET JOURNAL.
In the first two situations, would have been left out be-
the bureau can impute the cause of the mistakes. In
missing data based on the 1970 and 1980, the propor-
characteristics of the other tion was similar, and in 1990,
household members or it was only about 0.02%.
neighbors. The third sce-
T
nario is more complicated. his year, the bureau
“Then you have to start at faces additional hur-
the bottom,” Dr. Hogan said. dles in trying to count
Maine
“You have to impute the the population. The possibil-
count and then the charac- ity of including a citizenship
teristics.” question raised concerns
Mass. Amy O’Hara, a research that it would discourage im-
R.I. professor at the McCourt migrants from participating.
Conn. School of Public Policy at (The question wasn’t added.)
N.J.
Georgetown University, who And the coronavirus pan-
was formerly chief of the demic has caused the bureau
Del.
center for administrative-re- to temporarily suspend field
Md. cords research and applica- operations and push back
D.C.
tions at the Census Bureau, the response deadline to
described the process like Aug. 14.
this: “If you could look down But this decennial census
from the sky and point to a also has an advantage over
rooftop and say you don’t previous years: For the first
have an answer from that time, the bureau has
one, but you have answers strongly encouraged every-
from all others, you can use one to respond online.
the information from the So far, just over a third of
other units to fill in the the country has complied.
missing information.” The bureau predicts that
In 2000, around 1.2 mil- 60.5% of the population will
lion people, or 0.4% of the self-respond, compared with
population, were added to 63.5% in 2010—and the more
the census through count who do, the better.
imputation. The bureau de- “We hope to limit the
termined most of the miss- amount of follow-up and im-
ing data was caused by pro- putation,” said Virginia Hyer,
cessing errors, and without spokeswoman for the bu-
the corrections, people who reau. “The best response is a
had responded to the census self-response.”
soundtracks of countless engage-
ments, weddings and backyard
parties. They have powerful mel-
odies and perfect grooves melded
with a smooth voice that con-
veys honesty and complex emo-
tions without vocal acrobatics.
“Lean on Me,” a paean to
friendship, was performed at the
inaugurations of both Barack
Obama and Bill Clinton. “Ain’t No
Sunshine” and “Lean on Me” are
among Rolling Stone’s list of the
500 Greatest Songs of All Time.
He was inducted into the
Rock and Roll Hall of Fame in
2015 by Stevie Wonder.
RUSS DILLINGHAM/SUN JOURNAL/ASSOCIATED PRESS
—Associated Press
WISCONSIN
Man Arrested in
Deaths at University
The 18-year-old man arrested
in the slayings of a University of
Wisconsin physician and her
husband is known to the family,
police said Friday.
University of Wisconsin Police
Chief Kristen Roman said that
Khari Sanford has been arrested
Award winner, who withdrew on two counts of party to the
from making music in the crime of first-degree intentional
mid-1980s, died on Monday in Los homicide. The bodies of Dr. Beth
Angeles, the family said. His death Potter, 52, and Robin Carre, 57,
comes as the public has drawn in- were found Tuesday in the uni-
spiration from his music during versity’s arboretum, which is
the coronavirus pandemic, with several miles from the Madison
health-care workers, choirs, artists campus. Mr. Sanford was ar-
and more posting their own rendi- rested Thursday night after in-
tions on “Lean on Me” to help get vestigators worked numerous
through the difficult times. tips from members of the com-
Mr. Withers’s songs during his munity, Chief Roman said.
brief career have become the —Associated Press
CORRECTIONS  AMPLIFICATIONS
N95 masks were loaded
into the New England Patriots’
team plane in Shenzhen,
the coronavirus pandemic led
to widespread closures and
cancellations. For updates to
China, on Wednesday. A photo
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THE WALL STREET JOURNAL.
Trump Set
To Remove
Intelligence
Watchdog
BY WARREN P. STROBEL
AND DUSTIN VOLZ
WASHINGTON—President
Trump late Friday said he in-
tends to remove the inspector
general for the U.S. intelli-
gence community, who last
year called a whistleblower’s
complaint about Mr. Trump’s
dealings with Ukraine credible
and pushed to share it with
Congress.
Mr. Trump’s decision to fire
Michael Atkinson is the latest
in a string of dismissals or fir-
ings of more than a half-dozen
top U.S. intelligence officials,
particularly at the Office of
the Director of National Intel-
ligence.
Several of the actions have
come since Mr. Trump was im-
peached last year by the House
of Representatives and acquit-
ted earlier this year in his im-
peachment trial in the Senate.
“As is the case with regard
to other positions…it is vital
that I have the fullest confi-
dence in the appointees serving
as inspectors general,” the
president said in a letter to
Congress. “That is no longer
the case with regard to this in-
spector general.”
Mr. Atkinson, who was ap-
pointed to his post by Mr.
Michael
Atkinson
became a key
figure in the
impeachment
inquiry last
year.
Trump in 2018, became a key
figure in the impeachment in-
quiry last year when he shep-
herded a whistleblower com-
plaint from a Central
Intelligence Agency officer
about the president’s July call
with his Ukrainian counterpart.
During that call, Mr. Trump
pressed Ukrainian President
Volodymyr Zelensky to investi-
gate former Vice President Joe
Biden, his likely Democratic foe
in the election this fall, and Mr.
Biden’s son for dealings in
Ukraine.
Democrats and whistle-
blower advocates quickly con-
demned Mr. Atkinson’s re-
moval.
“In the midst of a national
emergency, it is unconscionable
that the president is once again
attempting to undermine the
integrity of the intelligence
community by firing yet an-
other intelligence official sim-
ply for doing his job,” said Sen.
Mark Warner (D., Va.), the se-
nior Democrat on the Senate
Intelligence Committee.
The White House didn’t im-
mediately respond to requests
for comment. The Office of the
Director of National Intelli-
gence referred questions to the
White House.
Under law, Mr. Trump is al-
lowed to remove the inspector
general of the intelligence com-
munity 30 days after notifying
the congressional intelligence
committees of his intention and
justification for doing so.
—Catherine Lucey
contributed to this article.
Angelenos Take Mask Advice in Stride DOJ Is Told to Review
BY ALICIA A. CALDWELL
LOS ANGELES—One day af-
ter Los Angeles Mayor Eric
Garcetti became the first
leader of a major U.S. city to
urge residents to wear masks
to help prevent the spread of
the new coronavirus, many
faces went covered.
“I like the bandido chic
look,” said 69-year-old Torie
Osborn, who works for Los
Angeles County Supervisor
Sheila Kuehl.
Ms. Osborn was out for a
morning walk in the coastal
Venice neighborhood in sweat-
pants, a T-shirt, blue latex
gloves and a bright orange
bandanna covering her mouth
and nose.
Mr. Garcetti on Wednesday
donned a black face mask in
his virtual news conference as
an example for residents, urg-
ing them to wear any sort they
can for the sake of their own
health and their neighbors.
“This is how we are going
to be seeing each other,” Mr.
Garcetti said, adding that the
* * * * * * * *
Pandemic Leaves Voters Guessing
The coronavirus pandemic
is hitting Americans at differ-
ent times, as infections rise
and measures restricting per-
sonal and economic activity
vary by state.
By John McCormick,
Scott Calvert
and Tarini Parti
The Wall Street Journal
spoke to residents in three
places across the country
where reporters spent time
earlier this year—Howard
County, Iowa; Philadelphia and
Peach County, Ga.—to find out
how the coronavirus crisis is
affecting their lives, jobs and
political views.
Howard County, Iowa
Life is even quieter than
usual on Elm Street in rural
Cresco, Iowa.
A couple of restaurants are
offering takeout service, but
most everything else is closed
on what is the main street for
commerce. If you need to do
business at the courthouse,
you must call ahead.
Bank lobbies are closed and
special procedures are in place
to wipe down the canisters
that move through air tubes
between the drive-through
lanes and tellers inside, said
Jason Passmore, executive di-
rector of the local chamber of
commerce.
“You could have a bowling
alley in the middle of the
street,” Mr. Passmore said.
The county of 9,200 people
has gained political notoriety
because it voted by more than
20 percentage points for Presi-
dent Obama in 2012 and by
more than 20 percentage
points for President Trump in
2016.
Located near the Minnesota
border in northeast Iowa, it
has yet to record any corona-
virus cases, data from Johns
Hopkins University show.
“I was way confident that
not much was going on with
it,” said Gary Gooder, the pres-
ident of a local manufacturing
company. “Then, I talked to
one of my good friends today,
and he’s kind of freaked out.”
Mr. Gooder said he is con-
cerned about the economy, in-
cluding his manufacturing of
aluminum trailers and related
products. For now, all of his
80 employees are working.
The company has been
deemed as essential because
part of its work is done for
first responders. But he said
he is starting to see orders
canceled, and he worries lay-
offs could come later.
Mr. Gooder, a Republican,
said he thinks his state’s GOP
governor and Mr. Trump have
done a good job of balancing
economics with health. “I
don’t think there is an easy
answer,” he said.
Farmer Brandon Reis’s two
young daughters are home
from school, and his wife is
now working from home. A
planned vacation to Europe
had to be canceled.
Planting season typically
starts for him around the third
week of April, and Mr. Reis
said he thinks he will be in de-
cent shape for supplies and la-
bor. He said he has some con-
cern about getting products
like pesticides made in China.
Mr. Reis, an independent
voter, said he generally has
been pleased with how his lo-
cal and state governments
A masked Rick Seitz wipes down the counter at Lincoln Hardware.
new directive doesn’t replace
the earlier stay-at-home order.
“This is not an excuse to sud-
denly all go out,” he reminded
Angelenos.
Residents were also urged
not to stock up on medical-
grade masks, but instead to
make their own with bandan-
U.S. NEWS
Brandon Reis, an Iowa farmer, at home with his daughters, says federal messaging hasn’t been as consistent as state and local.
More Cases, More Claims
As coronavirus cases have increased, more are filing unemployment claims, with the
highest rates in Pennsylvania, compared to Iowa and Georgia.
Cumulative coronavirus cases
Iowa Pennsylvania
Howard County Philadelphia County
6,000 6,000
4,500 4,500
3,000 3,000
1,500 1,500
0 0
March 14 April March 14 April
Unemployment claims, as a percentage of state labor force
Iowa Pennsylvania
8% 8%
4 4
0 0
March 7 14 21 28 March 7 14 21 28 March 7
Sources: Johns Hopkins University (cases); U.S. Department of Labor (claims)
Philadelphia lawyer Kevin Harden worries about economic fallout.
have handled the crisis, adelphia home with his wife
though he has seen “inconsis- and two daughters, ages 6 and
tencies of advice” at the fed- 8. It has also soured the 49-
eral level. “It feels like the year-old Democrat on Mr.
messaging from the state level Trump. He had been leaning
on down has been pretty con- toward voting for him in No-
sistent and that we shouldn’t vember, after backing Demo-
make a mistake about being crat Hillary Clinton in 2016.
too relaxed about this,” he Now, he said he doesn’t
said. know who will get his vote,
Philadelphia chalking up his uncertainty to
The coronavirus pandemic the economy’s nosedive and
has kept Mike Keenan largely the president’s handling of the
confined to his northeast Phil- crisis.
masked shoppers and employ-
ees. Anyone who didn’t have a
mask going in could buy a 10-
pack of cotton and polyester
face coverings for $20.
Outside the store, Anjoum
Agrama, 25, said she has been
wearing a mask while shop-
ALLISON ZAUCHA FOR THE WALL STREET JOURNAL
ping or in other public spaces
since Monday. Her family, she
said, had encouraged the pro-
tective measure.
“I just didn’t want to acci-
dentally spread it,” Ms.
Agrama said.
At a nearby Lincoln Hard-
ware store, Rick Seitz and Da-
vid Ramsey were taking differ-
ing approaches.
Mr. Seitz, who wiped down
the counter after each sale,
said he started wearing a
mask at work Thursday be-
nas and scarves. cause of the mayor’s directive.
On Friday, the Centers for Mr. Ramsey said he wasn’t
Disease Control and Preven- planning to wear a face cover-
tion also began recommending ing at the store but had a ban-
Americans wear nonmedical danna to cover up when he
masks in public. heads home. The bandanna, he
The Erewhon Organic Gro- joked, would help ensure he
cery and Cafe store in Venice doesn’t get “beat up by the
was bustling Thursday with masked vigilantes.”
Saturday/Sunday, April 4 - 5, 2020 | A3
Georgia
Peach County
6,000
4,500
3,000
1,500
0
March 14 April
Georgia
8%
4 temporarily close her deli.
0 thing to do,” she said.
14 21 28
Officials say the virus has
infected at least 2,100 people
in Philadelphia and led to 17
deaths. Pennsylvania Gov. Tom
Wolf, a Democrat, ordered
“nonlife-sustaining” busi-
nesses to close their physical
locations in mid-March; on
Wednesday, the state issued a
stay-at-home order.
Mr. Keenan panned the
president’s messages about
the crisis. “He was saying, oh,
we’ll be good by Easter. Now
it’s April 30. What’s the plan?
Is there a plan?” he said. He
MICHELLE GUSTAFSON FOR THE WALL STREET JOURNAL
said he is lucky he and his wife
still have jobs, unlike some of
their friends.
In 2016, Mr. Trump won
Pennsylvania, a crucial swing
state. The Democratic nomi-
nee, now likely to be former
Vice President Joe Biden,
would need to rack up enough
votes in this city and other lib-
eral areas to outweigh the
president’s rural support and
flip the state back.
Democrat Kevin Harden, a
34-year-old personal-injury
lawyer who is working from
his dining room in the Mount
Airy neighborhood, said he is
concerned about the impact of
the crisis on his job, with
courts closed and defendants
possibly facing insolvency. He
also fears African-Americans
will be disproportionately
harmed by the slowdown and
the virus, from mom-and-pop
shop owners to jail inmates
awaiting trial for lower-level
offenses.
He said he is doing his best
Wiretap Paperwork
BY DUSTIN VOLZ
WASHINGTON—The secre-
tive federal court responsible
for approving government re-
quests for national security
surveillance ordered the Justice
Department to review more
than two dozen wiretap appli-
cations to determine whether
they were so flawed that ap-
provals to monitor Americans
shouldn’t have been granted.
The order from James Boas-
berg, chief judge of the Foreign
Intelligence Surveillance Court,
followed a Justice Department
watchdog report this week that
found widespread problems
with files associated with sur-
veillance applications that are
intended to verify the accuracy
of wiretap requests made by the
Federal Bureau of Investigation.
Those findings, he said, pro-
vide “further reason for systemic
concern” about FBI handling of
surveillance requests that ex-
tends beyond mistakes previ-
ously identified in the requests
DANIEL ACKER FOR THE WALL STREET JOURNAL
to steer clear of everyone but
his 3-year-old daughter and
the child’s mother. “My daugh-
ter is at the age where she
won’t remember me if I got
sick and passed away,” he said.
“That really breaks me up.”
Peach County, Ga.
Sara Jo McLean, owner of a
small deli in Byron, transi-
tioned last week to takeout-
only to comply with social-dis-
tancing guidelines. She saw
her sales drop by $500 com-
pared with the previous week.
Over the weekend, Ms.
McLean, 79, paid attention to
the news and calculated her
expenses before deciding to
“It seemed like the prudent
Georgia Gov. Brian Kemp, a
Republican, issued a shelter-
in-place order Wednesday af-
ter resisting calls to take ac-
tion for weeks. He previously
closed schools, bars and clubs,
banned gatherings of more
than 10 people and asked
“medically fragile individuals”
to stay indoors.
Across this rural county
that flipped from blue to red
in the 2016 election, Republi-
can and Democratic voters
said in interviews that tempo-
rary economic hardships were
warranted.
“If you don’t protect every-
one, there will be no one
around to worry about the
economy,” said Kattie Kend-
rick, a Democrat and chief ex-
ecutive of a nonprofit in Fort
Valley.
Ms. Kendrick said the crisis
made the need for Democrats
to defeat Mr. Trump more ur-
gent, as those in his party con-
tinue to support him.
Wade Yoder, 50, an at-large
Republican county commis-
sioner who is serving on a lo-
cal task force dealing with the
pandemic, said the country
will need Mr. Trump’s business
and leadership experience in
the private sector to recover
when the outbreak ends.
Mr. Yoder acknowledged,
however, that he has been
frustrated by certain aspects
of the government’s response,
citing what he described as
confusing guidelines on wear-
ing masks. “This virus quite
simply comes from people’s
mouths, and yet they are say-
ing that people shouldn’t wear
face masks,” he said.
to surveil for former Trump
campaign aide Carter Page.
The apparent pattern of
problems “thereby reinforces
the need for the Court to moni-
tor the ongoing efforts of the
FBI and DOJ to ensure that, go-
ing forward, FBI applications
present accurate and complete
facts,” Judge Boasberg said.
The FBI said it had received
the order and reiterated it has
adopted more than 40 “cor-
rected actions” in its methods
for seeking wiretaps under the
Foreign Intelligence Surveil-
lance Act. The actions were
implemented by FBI Director
Chris Wray in December fol-
lowing the release of a previ-
ous audit by Michael Horo-
witz, the Justice Department’s
inspector general, revealing a
litany of errors involving the
surveillance of Mr. Page.
The FBI said it would work
closely with the court and the
Justice Department to “ensure
that our FISA authorities are
exercised responsibly.”
A4 | Saturday/Sunday, April 4 - 5, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

lican senators and other groups,
told clients last week of his
plans to leave politics to start a
new company. The new business,
Blue Flame Medical, advertises
“hard-to-find medical supplies,”
including coronavirus test kits
and respirators.
Governors and public-health
officials at all levels of govern-
POLITICS
race against Gov. Steve Bullock,
was paying Gula to set up sev-
eral fundraising events. Daines’s
campaign didn’t respond to re-
quests to comment.
The Democratic Senate cam-
paign arm moved to capitalize on
Republican senators’ connections
to Gula, accusing him of “profit-
ing off [the] coronavirus crisis.”
Affordable Care Act. on strike, don’t cross the picket PETE BUTTIGIEG’s first
Conservatives, including Mis- line,” Warren wrote to the large month off the campaign trail
sissippi Sen. Roger Wicker, said email list from her now ended hasn’t gone as expected. As the
they were “delighted” with presidential campaign. “Shop coronavirus outbreak gained
Trump’s pick. Majority Leader somewhere else.” steam, he guest-hosted an audi-
Mitch McConnell has made no ence-free episode of “Jimmy
secret of his desire to fill every MEMBERS OF CONGRESS Kimmel Live” in Los Angeles, in-
available open federal court are retreating to self-isolation af- terviewing Star Trek legend Pat-
judgeship with young conserva- ter passing a $2.2 trillion stimu- rick Stewart. A Tuesday discus-
tives while Trump is president; lus package—with the exception sion with the Georgetown

WASHINGTON ment have warned that they

don’t have enough personal pro-
FIGHTS OVER JUDICIAL AP-
he has reportedly urged older
Republican appointees to retire
of those serving in the National
Guard. Democratic Rep. Max
Institute of Politics became a
live stream, with Buttigieg’s dog

WIRE tective equipment like masks to

deal with the crush of coronavi-
rus cases. Blue Flame’s website
Dispatches from the says it has “assembled the larg-
Nation’s Capital est global chain of Covid-19 sup-
plies.” It isn’t known how the ca-
reer political consultant quickly
BY GABRIEL T. RUBIN obtained the critical equipment.
Requests for comment to the
A MAJOR REPUBLICAN company and Gula went unan-
FUNDRAISER says he is leaving swered.
politics to sell coronavirus pro- Gula had several commit-
tective equipment, putting his ments in political fundraising
high-profile political customers in that are now up in the air. Sen.
an awkward spot. Mike Gula, a Steve Daines of Montana, who
top fundraiser for several Repub- faces a competitive re-election
POINTMENTS continue, despite
the virus preventing the Senate
from voting on nominations.
President Trump this week nom-
inated Cory Wilson, a Mississippi
judge and former state represen-
tative, to an appeals court seat.
He was previously nominated to
a federal district court but was
never confirmed. Democrats and
liberal groups such as Planned
Parenthood and the Leadership
Council on Civil and Human
Rights have raised alarms about
his record, including his staunch
opposition to abortion and the
soon rather than wait until after
the November election, in case
Rose is serving as an operations
officer in the Army National
barking loudly in the background.
“I’m not expected to shave as
Trump loses the election or Re- Guard in New York, working on regularly,” he said, sporting a
publicans lose the Senate. coronavirus response. Rep. Tulsi beard and home-buzzed haircut
Gabbard said when she left the that his husband, Chasten, gave
INSTACART AND WHOLE Democratic presidential race last him.
FOODS employees, essential month she was ready to be acti-
workers during the pandemic, vated by the Hawaii National MINOR MEMOS: White
get a boost for their demands Guard, and GOP Rep. Adam Kin- House staffer spotted lugging
for sick leave, hazard pay and zinger, a lieutenant colonel in the paper-towel rolls into the West
protective equipment from top Air National Guard, called on Wing. … At White House briefing,
progressives. Democrats includ- Trump to use Guard troops to Dr. Anthony Fauci demonstrates
ing Sen. Elizabeth Warren, Rep. handle challenges of virus re- how a sneeze could project drop-
Ilhan Omar and Sen. Sherrod sponse. Fifteen members of Con- lets 27 feet away: “That is a
Brown have urged consumers to gress serve in the Guard. very, very robust, vigorous, ah-
support them. “When people are choo sneeze.”

Virus Response Adds to ‘Fog of War’ Delayed

Primaries
BY MICHAEL C. BENDER
AND REBECCA BALLHAUS

WASHINGTON—As the cor-

Disrupt
onavirus pandemic sweeps the
U.S., President Trump has put
the government on what offi-
Budgets
cials describe as a war footing. BY EMILY GLAZER
He has ordered private com-
panies to manufacture supplies, When the Ohio primary was
deployed parts of the military, delayed last month, congres-
restricted travel, led daily pub- sional candidate Kate Schroder
lic briefings and pushed offi- went from primarily focused
cials to deliver relief. on winning her race to scram-
FROM TOP: KEVIN DIETSCH/ZUMA PRESS; STEVE HELBER/ASSOCIATED PRESS

The government’s response bling to make payroll.

has ramped up, even as the Ms. Schroder’s campaign
White House’s own routines quickly pulled down its re-
are disrupted in ways large maining television and digital
and small. About 75% of staff ads, adding more than $10,000
are working from home; some to a bank account that was
of the rest wear masks to running dry.
work. In the Oval Office, where “We suddenly had to fund-
officials usually crowd around raise for payroll and opera-
the Resolute Desk, they now tions because we hadn’t ex-
maintain their social distance. pected to need primary
But some aides and other resources for that,” said Ms.
government officials say the Schroder, a Democrat who also
president’s own actions at serves on the Cincinnati Board
times have exacerbated the in- of Health.
evitable uncertainty and ad More than a dozen states
hoc planning. have delayed nominating con-
Mr. Trump’s freewheeling tests in presidential and
leadership style—which has down-ballot races due to the
been on display in the hurly- President Trump has organized the response through a task force led by Vice President Pence that meets daily in the White House. new coronavirus outbreak, but
burly of Washington politics Ohio’s move in mid-March was
throughout his 38 months in To some White House offi- different problem. “We’ve the most jarring for cam-
office—is being tested at a cials, Mr. Trump is adapting to gone from decisions taking too paigns—the state’s governor
moment of national crisis. a constantly evolving situation long to decisions that aren’t decided to postpone in-person
At several points during the in a crisis with little precedent. baked,” said one administra- voting the night before the
past few weeks, for instance, “The president has shown tion official. scheduled primary date.
Mr. Trump has upended the exactly the kind of flexibility The crisis footing today in That was disruptive to the
administration’s virus re- needed to confront this en- the White House, where the presidential campaigns but
sponse with off-the-cuff re- emy,” said Peter Navarro, the virus dominates operations more so for operations such as
marks and public musings or president’s policy coordinator and discussions like no other Ms. Schroder’s. Many cam-
by pushing to announce initia- for the Defense Production issue since the start of the paigns budget to the primary
tives before they were ready, Act, which allows the govern- Trump presidency, has been since fundraising typically gets
according to aides. ment to compel private indus- three months in the making. easier once a candidate be-
Last Saturday, Mr. Trump try to produce needed sup- Mr. Trump has installed comes the nominee and tends
floated to reporters the idea of plies. “This is war, and we’re Vice President Mike Pence as to receive more help from the
a quarantine for New York, New in the fog of war right now.” the head of response coordina- political party. Campaigns are
Jersey and Connecticut hours In recent weeks, Mr. Trump tion. His takeover brought also allowed to receive only
after talking to Florida’s gover- and his administration have more structure to task-force $2,800 per donor for the pri-
nor, who was concerned about taken dozens of actions to ad- meetings but his team took mary and cannot use general-
vacationers heading south. cision-making process had to take specific companies and dress the crisis, restricting days to catch up on issues. election donations for the nom-
The president’s statements been undertaken by the presi- CEOs to task and often uses travel from hot spots around In mid-March, the dynamics inating contest, according to
caught many of his staff off dent’s policy advisers on that daily briefings, some more than the globe and nonessential shifted again as Mr. Trump’s the Federal Election Commis-
guard, setting off a frenzied question, much less on the two hours long, to spar with movements within North senior adviser and son-in-law, sion. The FEC said campaigns
response and a flurry of news suggestion of Easter, the offi- reporters or showcase CEOs as- America that experts said will Jared Kushner, at the invita- affected by postponements can
coverage. Later the same day, cial said. A spokesman said sisting the government’s re- help slow the spread. His team tion of Mr. Pence’s chief of continue accepting primary
after an outcry from the the president had discussed sponse. He also closely tracks is also responding to the eco- staff, became more involved in contributions until the date of
Northeastern governors and that timeline with some senior the television ratings, repeat- nomic collapse stemming from response planning. Still, other their rescheduled elections.
some of his own advisers, the administration officials. edly noting viewership com- the virus, negotiating three key officials were left out. Ohio state Senate candidate
president ditched the idea. By the end of the week, af- pares favorably to “The Bache- separate relief packages with FEMA Administrator Peter Melissa Ackison, a Republican,
And last week, Mr. Trump ter being persuaded by the ad- Congress while the Federal Re- Gaynor wasn’t invited to join was sharing updates with sup-
spoke to Wall Street moguls ministration’s health experts, serve and Treasury Depart- the task force until mid- porters on Facebook Live as
worried about the president’s Mr. Trump changed course ment have worked in tandem March. the Ohio primary delay was
message that social-distancing and announced the restric-
Some aides say the to make credit available to More recently, the center of announced, knowing her cam-
guidelines might remain in tions would remain in place president’s actions markets and businesses. decision making has shifted paign had drained its account.
place until August. Not long until April 30. He later called Others say that the presi- again, this time away from the “The bank account was as
after, the president changed the Easter date “aspirational.”
at times have stirred dent—and the apparatus he task force and toward smaller close to zero as you could pos-
tack and suggested lifting the Mr. Trump has sought to or- uncertainty. put in place to handle the gov- huddles between the president sibly get,” said Ms. Ackison,
restrictions by Easter, April ganize the government’s pan- ernment’s response—has yet and his advisers, including who co-owns a land surveying
12, to help jump-start the demic response through an in- to find the right balance be- Treasury Secretary Steven business. “I literally had to
economy, noting that the eco- teragency task force that meets tween the urgency of respond- Mnuchin, Mr. Kushner and Mr. start all over again.” She said
nomic impact of the pandemic daily in the White House. lor,” a television show. ing to an unfolding situation Navarro, some officials say. she is now buying ads on
could be worse than the ef- There, too, his preference Administration officials ac- and maintaining the discipline In the past week, Mr. Trump streaming services to reach
fects of the disease itself. for a loose organizational chart knowledge they were slow to of a long-term crisis strategy. has relied heavily for advice and voters who are staying home.
Advisers had huddled to and willingness to intervene take the virus seriously, as After the White House’s ini- participation in White House Some campaigns had time
discuss whether it would make personally has at times galva- testing for the disease proved tial response was hampered by briefings on two doctors: An- to prepare for delays. In Texas,
sense for the president to an- nized action as the threat insufficient. And early on the bureaucratic infighting and thony Fauci, an immunologist the Democratic Senate runoff
nounce a specific date for full mounted. But it has also mud- president repeatedly dismissed poor communications, accord- who is director of the National was delayed from May 26 to
economic activity to resume, dled coordination and messag- the severity of the threat, lik- ing to aides, Mr. Trump has Institute of Allergy and Infec- July 14. Campaigns in other
according to one administra- ing, say some of those involved. ening the new coronavirus to taken more direct control. But tious Diseases; and Deborah Birx, states are still unsure if there
tion official. But no formal de- Mr. Trump has used Twitter the annual flu season. some say that has created a an international health expert. will be delays.

Campaign 2020 Is Morphing, With Unknown Consequences

BY GERALD F. SEIB will try to hold its primary
election on Tuesday, despite
The 2020 presidential the coronavirus disruption.
campaign is being trans- But a series of states have
A clear sign of that effect dency. Democrats also will
came this week, when the play up their argument that
Democratic National Commit- they are the party most
tee delayed the start of its trusted to handle health is-
ERIC BARADAT/AGENCE FRANCE-PRESSE/GETTY IMAGES

formed right before our eyes. opted to delay their voting convention until Aug. 17— sues.
The calendar, pace and until June. more than a month later than Who benefits? Impossible
content of the As a result, a kind of sec- originally planned. to say. Despite Democrats’
 race all have
undergone
ond Super Tuesday—utterly
unplanned—has emerged on
More important, the con-
tent of the race has been up-
jabs, Mr. Trump’s job-ap-
proval rating has gone up
THIS radical shifts June 2, when 10 states will ended. President Trump’s during the crisis. On the
WEEK in the past vote. All told, 14 states plus handling of the coronavirus other hand, Democrats usu-
two weeks be- the District of Columbia now outbreak now figures to be ally are more trusted on
cause of the will vote in June. the centerpiece of the cam- health care. Yet Mr. Biden
coronavirus crisis. The result The changes will delay the paign. The president will, as also will have to push back
will be a shorter and even time when former Vice Presi- he does every day at White on liberals’ desire to use the
more intense general election, dent Joe Biden can formally House briefings, portray crisis to advance their argu-
with consequences both large sew up the Democratic nomi- himself as a decisive leader, ment for a wholesale trans-
and largely unpredictable. nation. That, in turn, will while Democrats will point formation into a government-
The most obvious impact push back the start of the to early missteps as a meta- run health system, which he The Democratic National Convention, to be held at the Fiserv
is on the calendar. Wisconsin general-election campaign. phor for a chaotic presi- considers a bridge too far. Forum in Milwaukee, has been pushed back to mid-August.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | A5

While the
world has all
but stopped
for most of
us, some keep
going. To all
the drivers
who keep
things moving,

thank
you.
A6 | Saturday/Sunday, April 4 - 5, 2020
U.S. to Pay Hospitals to Treat Uninsured
Institutions would be
barred from billing
patients or issuing
unexpected charges
BY STEPHANIE ARMOUR
The Trump administration
will use a federal stimulus
package to pay hospitals that
treat uninsured people with
the new coronavirus as long as
they agree not to bill the pa-
tients or issue unexpected
charges.
The plan, which President
Trump announced Friday,
comes as the White House
faces mounting criticism for
not launching a special enroll-
ment period for people seek-
ing coverage under the Afford-
able Care Act. Congressional
Democrats also were pressur-
ing the administration and in-
surers to waive treatment
Deaths
Jump in
New York
Continued from Page One
New York City Mayor Bill de
Blasio said that Sunday would
be a crucial day in terms of the
shortages. The city needed 3.3
million N95 respirator masks
and 2.1 million surgical masks
by that day, he said.
On Friday, the mayor said
that an additional 15,000 venti-
lators were needed to get
through the crisis in April and
May, with at least 2,500 needed
in the coming week.
“It’s going to be an extraor-
Covid-19 Swept Through JPMorgan’s Trading Floor
BY ROB COPELAND
AND DAVID BENOIT
March 9 was supposed to
be the start of a new routine
for JPMorgan Chase & Co.
employees. With coronavirus
spreading, the bank had told
the staff in its stock-trading
operation to head to three
separate sites around New
York City.
Hours before the workday
began, with global markets
plunging, technology at the
sites wasn’t ready. JPMorgan
top brass reversed the order
and told many traders to re-
port for duty, as usual, to the
firm’s Manhattan headquar-
ters, employees said.
An employee who wasn’t
feeling well came to the office.
JPMorgan traded more shares
that Monday than any day in
the bank’s history. The sick
employee turned out to have
Covid-19, and over the past
three weeks, about 20 employ-
ees on a single floor at the
bank’s headquarters have
tested positive for the virus,
with another 65 quarantined
as a result.
Wall Street is used to mak-
ing tough choices in seconds,
but the coronavirus pandemic
has added a dimension of life
or death. Amid the wildest
trading conditions in more
than a decade, banks are loath
to fully allow the thousands of
traders and salespeople who
keep the markets humming to
work from home. Setups in
home offices lack the multibil-
lion-dollar technology infra-
costs for the growing number
of Americans who are losing
employer-provided health cov-
erage as job losses mount.
Hospitals treating the unin-
sured often bill patients. The
uninsured also may get bills
for care provided by doctors
who aren’t directly employed
by the hospital.
Both would be barred under
the plan, and hospitals would
be reimbursed at current
Medicare rates.
Health and Human Services
Secretary Alex Azar said Fri-
day that providers who get the
funding will be forbidden from
billing the uninsured for the
difference between the money
they get and the costs of
treatment, a practice known as
balance billing.
Hospitals are eager to get
funding and administration of-
ficials are working to deter-
mine how the money will be
divided, according to a person
dinary race against time,” Mr.
de Blasio said.
Just as critical are shortages
of hospital beds, with patients
already being placed in make-
shift intensive-care units.
New York will now use the
Jacob K. Javits Convention
Center in Manhattan as a hos-
pital with 2,500 beds for
Covid-19 patients, given the
rapidly escalating numbers. Ini-
tial plans had called for the
makeshift hospital to serve
non-coronavirus patients, but
President Trump agreed to
change plans after Mr. Cuomo
reached out Thursday, Mr.
Cuomo said.
“It is a big deal for us,” Mr.
Cuomo said Friday.
The governor also said the
state would now require hospi-
tals in areas less affected by
the pandemic to make ventila-
JPMorgan’s coronavirus outbreak has rattled rank-and-file employees. A Chase branch in New York.
structure of the trading floor.
Even slight delays in speed
could cost money.
Wall Street trading has
been deemed an “essential
service” by New York authori-
ties, and though the New York
Stock Exchange has shut its
floor, the major banks con-
tinue to have some employees
report to work.
For JPMorgan, the conse-
quences of keeping employees
in the office have been swift
and painful. The outbreak has
rattled rank-and-file employ-
ees, who said they feel the
bank took a gamble with their
health to protect a prized
business.
Traders and salespeople
said they feel pressure to
come in. Managers, many of
whom have stayed in the of-
THE CORONAVIRUS PANDEMIC
familiar with the planning. It
will go toward revenue assis-
tance, covering the costs of
the uninsured, and the needs
of hospitals.
For example, needs may be
higher for hospitals in
hotspots hard-hit by the pan-
demic.
Hospitals, which typically
bear the brunt of costs for un-
compensated care, have been
bracing for an influx of pa-
tients.
Hospitals of all types pro-
vided more than $38 billion in
uncompensated care in 2017,
according to the American
Hospital Association.
A 1918-like pandemic would
cause U.S. hospitals to absorb
a net loss of $3.9 billion, or an
average $784,592 per hospital,
according to a 2007 report in
the Journal of Health Care Fi-
nance that called on policy
makers to consider contingen-
cies to ensure hospitals don’t
tors available. Mr. Cuomo said
the state wasn’t attempting to
“seize” the machines but sim-
ply redistribute them to ad-
dress a critical situation.
“I’m not going to be in a po-
sition where people are dying
and we have several hundred
[available] ventilators in our
own state somewhere else,” Mr.
Cuomo said.
In addition to the city’s need
for beds and equipment, Mr. de
Blasio stressed that more medi-
cal personnel would be re-
quired to deal with the pan-
demic. He said Friday that an
additional 45,000 were needed,
and he called for the federal
enlistment of private health-
care workers.
Mr. Cuomo called upon the
country to come to New York’s
assistance in any way possible
as the situation worsens. He
fice themselves, have re-
minded staff that their com-
pensation may be tied to their
performance in recent weeks.
On Thursday, head of global
equities Jason Sippel told sub-
ordinates they had a responsi-
bility to come into the office,
according to a person on the
call. “There are risks to per-
sonal health, there are risks to
public health,” Mr. Sippel said.
“We are called upon to bal-
ance.”
A JPMorgan spokesman
said that more than 80% of
the firm’s traders are working
remotely and those in the of-
fice have been spaced more
than 6 feet apart. Employees
deemed at risk of infection
have been sent home. Manag-
ers were instructed to tell em-
ployees they are free to work
* ******* THE WALL STREET JOURNAL.
become insolvent as a result Even though there won’t be
of a severe pandemic. a special enrollment period
Hospital officials have said because of the virus for ACA
they are concerned about the plans, people can still sign up
costs they could incur because for the coverage if they have a
a soaring number of people life-changing circumstance
are losing jobs and employer- such as the loss of job-based
provided health care. health coverage.
About 6.6 million Ameri- Applicants need to furnish
documentation for the cover-
age and possible subsidies to
reduce premiums, however,
Hospitals would be which may pose a barrier to
reimbursed at the some.
People who lose jobs may
current rates for also be eligible for Medicaid, a
Medicare. state-federal program for peo-
ple who are low income and
disabled.
It will play an especially vi-
cans filed last week for unem- tal role in Washington, D.C.,
ployment benefits, a record and 37 states that expanded
for the second week in a row, coverage under the ACA,
and the unemployment rate which makes more people eli-
for March rose to 4.4% from gible for the coverage.
3.5% in February, the largest The Trump administration
one-month increase in the rate has also let states relax cer-
since January 1975. tain requirements, a change
A refrigerator truck was used as a makeshift morgue outside
Brooklyn Hospital Center in New York, left, where a medical
worker carried a stack of white cloths on Friday.
noted how New York has done
the same when other states
have been affected by disasters.
of bodies they would on a typi-
cal day.
“It would be good if every-
“When Florida has a hurri-
cane, what do we do? We get in
the trucks,” Mr. Cuomo said.
one, for the public good, would
explain to families not to go for
a wooden casket,” said Richard
In New York City, some op-
erators of crematories said
they are already working 16-
Moylan, president of Green-
Wood Cemetery, one of four
operators of crematories in the
hour days, processing double, city. Cloth-covered caskets,
sometimes triple, the number made of fiberboard or light
Coronavirus Daily Update
277,953 7,152
As of 10:23 p.m. EDT
April 3 U.S. cases
1,099,389 58,901 226,603
World-wide cases World-wide deaths
Source: Johns Hopkins University Center for Systems Science and Engineering
back positive. Longtime execu-
tive Marc Badrichani broke the
news to a group of fifth floor
traders over the bank’s “hoot
and holler,” an intercom sys-
tem connected to individual
desks. Employees crowded
around to hear the announce-
ment on a handful of speakers,
people present said. Mr. Bad-
richani described the situation
as under control.
JEENAH MOON/BLOOMBERG NEWS
Later, the bank told the rest
of the trading staff on other
floors. The bank followed up
with another memo that week-
end to the whole building,
confirming two cases. People
who worked on the same floor
as a sick colleague would be
informed, the memo said, but
should continue to report to
work.
remotely, the spokesman said. By then, companies that
“We recognize how stress- had been merely advising em-
ful this is for those employees ployees to stay home were
on the front lines who are sup- now making it mandatory.
porting global markets,” a All the while, global mar-
spokesman said. kets were haywire. That
JPMorgan’s coronavirus Thursday, March 12, the S&P
outbreak is concentrated on 500 posted one of its biggest
the fifth floor of the bank’s one-day drops in history. Fri-
Madison Avenue headquarters, day brought one of its largest-
a tight web of desks for those ever gains. JPMorgan’s trading
who buy and sell stocks and volume was hitting records. A
pitch clients on trades. group focused on volatility
It started with a managing trading made about $1.5 bil-
director who came into the of- lion in revenue as of late
fice on March 9. He began to March, employees said.
feel ill as the day progressed, Throughout the week, the
and was coughing at his fifth- bank sent some traders to
floor desk. He stayed home work in other offices in Brook-
the next day and was tested lyn and New Jersey, staggering
for coronavirus. them to keep from overloading
JPMorgan brass kept the its systems. Some were sent to
news tight for a few days. work from home.
That Friday, the test came Several employees who
that should make it easier and
faster for individuals to enroll
in Medicaid.
“We know that hospital re-
sources will be stretched be-
yond capacity as a result of
this epidemic,” Thomas Nick-
els, executive vice president of
the American Hospital Associ-
ation, said in a March 17 letter
to lawmakers.
Lawmakers last week
passed a $2 trillion stimulus
plan, called the Cares Act,
with more than $100 billion
earmarked for hospitals and
community health centers
grappling with Covid-19, the
disease caused by the virus.
Doctors, respiratory thera-
pists and others who may
work at hospitals but aren’t
technically employed by them
are concerned about their cost
of treating uninsured patients,
but they may not be covered
by the administration plan fo-
cused on hospitals.
STEPHANIE KEITH/GETTY IMAGES (2)
wood, burn faster than wooden
caskets, crematory operators
say, making it easier for them
to process more bodies each
day.
”It would be better if every-
body just used a simple card-
board box,” Mr. Moylan said.
—Jimmy Vielkind, Katie
Honan and Paul Berger
contributed to this article.
U.S. deaths
World-wide recoveries
asked to work from home said
they were told that not
enough remote computer
equipment had arrived yet.
Some broke into tears when
told they were expected to re-
port in-person, employees
said.
The bank’s human-re-
sources department put to-
gether a document outlining
when employees could return
to work. Those who tested
positive were told they could
return to the office one week
afterward, so long as symp-
toms had subsided, according
to a copy of the document re-
viewed by The Wall Street
Journal. The policy matched
the recommendations of the
Centers for Disease Control
and Prevention.
“A persistent cough alone
does not mean you must con-
tinue to self-isolate,” the docu-
ment said.
On March 20, Gov. Andrew
Cuomo ordered all nonessen-
tial businesses to close. That
weekend, JPMorgan threw out
its original plans to separate
people and said most would
work from home.
But the trading floor has
remained open, and some
managers continued to press
staff to come in, according to
employees.
On Thursday, Mr. Sippel,
the bank’s global head of equi-
ties, said JPMorgan’s business
would suffer if too many em-
ployees called out. JPMorgan’s
rivals were lagging, he said,
presenting an opportunity for
the bank to win business.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | A7

While the
world has
all but closed
its doors,
some are still
open. To all
the kitchens
that are
operating,

thank
you.
#OpenForDelivery
A8 | Saturday/Sunday, April 4 - 5, 2020
CAPITAL ACCOUNT | By Greg Ip
Uncertain Path of Virus Poses Its Own Risk
The
monthly jobs
report is usu-
ally a moment
of maximum
economic clar-
ity. It’s a rich and timely
snapshot that calibrates as-
sessments of where the econ-
omy is and where it’s headed.
Not this time. Bad as Fri-
day’s report is—showing
more than 700,000 jobs lost
in March—it shows us condi-
tions before the worst of the
coronavirus-related layoffs
hit. Even Thursday’s jaw-
dropping tally of more than
six million initial claims for
unemployment insurance
filed last week doesn’t tell us
how deep the job loss will be
or how long it will last. It
isn’t just the magnitude of
this shock that is unprece-
dented but the uncertainty
surrounding almost every
Breaking Down the Jobs Report
By Harriet Torry and Anthony DeBarros
U.S. employers cut 701,000 jobs in March and the unemployment rate jumped to 4.4%, its highest level since August 2017, the Labor
Department reported Friday. Economists expect more pain to come in April as many workplaces remain closed due to measures
aimed at stemming the spread of the novel coronavirus. Here are some of the key takeaways from the March report:
Monthy change in nonfarm payrolls

’08
–1 million
UNEMPLOYMENT RATE
The unemployment rate for
March rose to 4.4% from 3.5%
in February, the largest
one-month increase in the
rate since January 1975.
12%
RECESSION
1
8 In the labor
6 In the labor
4 Employed
Seasonally adjusted
2 56
17 ’8 ’ 2
WAGE GROWTH
Average weekly wages ticked slightly
lower—likely because many workers
saw their hours cut, which would lower
weekly totals. Average hourly wages
rose slightly. Economists say wages
tend to lag recessions and recoveries,
and expect the April jobs report to give
a bleaker picture on wages.
Change in average earnings
from a year earlier
6% change
Hourly wages
Weekly wages
Inflation rate
4 15
2 1
 5
Seasonally adjusted. Wage figures
for February and March 2020 are
–2
27 ’1 ’15
Source: Labor Department
Joblessness
Rises Amid
Crisis
Continued from page A1
Friday to end the week with
modest declines after posting
the worst quarter since the fi-
nancial crisis. The Dow Jones
Industrial Average fell 360.91
points, or 1.7%, while the S&P
500 fell 38.25 points, or 1.5%.
In March, more than half of
the jobs lost, 417,000, were at
restaurants and bars, among the
first businesses to close in ef-
forts to contain the pandemic.
The amount offset all the jobs
added in the sector over the
past two years. Hotels and
other tourism and hospitality
businesses cut 42,000 jobs.
Air-transportation jobs rose
slightly. In early March, airlines
facet of it—uncertainty that
is corrosive in its own right.
In normal times, we know
enough about the historical
probabilities of certain
things, whether mortality
rates, recessions or bear
markets, to quantify the risks
around the future. Now we
are struggling not with risk
but what the late economist
Frank Knight defined as un-
certainty: We don’t know
enough about the underlying
nature of our circumstances
to meaningfully measure risk.
Today, there are at least
four distinct sources of un-
certainty: first, the severity
and spread of the pandemic;
second, the breadth and du-
ration of social-distancing
measures; third, the eco-
nomic and financial impact
of those measures; and
fourth, the policy response.
Moreover, they all inter-
’10 ’11
SHARPEST LOSSES BY SECTOR
March's job losses were concentrated in the hospitality
and retail sectors—which include museums, coffee shops,
sporting goods stores and automobile dealerships—as more
Americans stayed home amid the coronavirus pandemic.
Percentage change in jobs, February to March
Sightseeing transportation
Food services
Furniture stores
Mining support
Textile product mills
Sporting goods, books, other stores
Accommodation
Rail transportation
Clothing stores
Heavy/civil engineering construction
’1 ’2 Note: Sectors in the three-digit NAICS code level. Some names simplified.
JOBLESSNESS BY RACE AND GENDER
Unemployment rates trended up for workers of all
races and for both men and women in March. That is a
particularly painful setback for groups that had only
recently begun to see their rates drop to record lows.
Unemployment rate by race/ethnicity
and gender, age 20 and over
Seasonally adjusted
Black Hispanic
2 % Men
preliminary.
 –6
’2 2 ’5 ’1 ’15
sought to avoid job cuts and in-
stead asked employees to take
voluntary leave. Retailers cut
46,000 jobs.
There are signs job losses
are spreading across the econ-
omy. Health-care employment
declined by 43,000, with jobs
lost at dentists and physicians
offices. Some 19,000 day-care
jobs were cut. Employment in
temporary-help services fell by
50,000. Manufacturing em-
ployment was down 18,000.
Employment in construction
decreased by 29,000.
Jennifer Schellenberg, a 32-
year-old bartender at Minneap-
olis punk-rock venue Palmer’s
Bar, lost her job when Minne-
sota authorities shut down res-
taurants on March 17—St. Pat-
rick’s Day.
“Some people were hoping
for one last big payday,” she
said. “But from a public-health
standpoint, it’s not a good idea
to have a party day right before
everything shuts down.” The
$400 a week Ms. Schellenberg
THE CORONAVIRUS PANDEMIC
act. The more infectious the
disease proves to be, the
tougher the social-distancing
measures must be and the
greater the economic fallout
and the more aggressive a
policy response is needed.
Humans hate uncertainty
and gravitate to those with
the most confidence in their
predictions, but these days,
excessive confidence should
be greeted with skepticism.
In a moving blog post, Gor-
don Dougan, a Cambridge
University professor who has
spent his career researching
vaccines and disease, re-
cently wrote: “What is the
value of experts like me? I
likely know more about infec-
tion, epidemics and vaccines
than most. I have studied ep-
idemics across the world. I
have made and designed vac-
cines. Do I know what will
happen next with this epi-
’12 ’13
–3.8%
–3.4
–22
–17
–17
–17
–14
–13
–13
–0.9
White
Women
’2 2 ’5 ’1
is receiving in unemployment
benefits is less than half her
regular pay because much of
her income came from tips.
She said she is moving in
with her sister, a cook at an
assisted-living facility. “Get-
ting sick is not an option in
this house, because that would
put my sister out of a job,
too,” she said.
Joel Begin, a union painter
in New Hampshire, also lost
his job on March 17, when au-
thorities shut down construc-
tion projects. He was able to
apply for unemployment bene-
fits but is struggling to make
ends meet. He said the pay-
ments account for about a
third of his regular income.
Oxford Economics projects
that by May, the U.S. will have
lost 27.9 million jobs and have a
16% unemployment rate, erasing
all the jobs gained since 2010
during the record-setting 113-
month stretch, which ended in
March. That job loss would be
more than double the 8.7 mil-
demic? Which of the experts
are right? The World Health
Organisation (WHO)? The
politicians and their teams of
scientists and modellers? In
reality, we are all trying to
take informed guesses.”
The same goes for the
economists. On Thursday, the
nonpartisan Congressional
Budget Office projected the
unemployment rate would tri-
ple to 12% this quarter and
still stand at 9% by the end of
next year. The CBO devoted
an entire section of the ac-
companying letter to the “ex-
traordinary degree” of uncer-
tainty around its assumptions.
Uncertainty has real-world
consequences. In a study re-
cently published by the Na-
tional Bureau of Economic
Research, Guglielmo Briscese
of the University of Chicago
and three co-authors found
locked-down Italians were
’14 ’15 ’16
LABOR FORCE PARTICIPATION
The share of the population in the
U.S. labor force—those who hold
or are actively seeking
jobs—dropped sharply in March.
The share of the population that
works also took a hit after
trending upward in recent years.
Share of the population that is...
72%
7
68
66
64
force
62
6
58
Seasonally adjusted
21 ’5 ’1 ’15
HIRING HISTORY
The total number of nonfarm payroll
jobs was up 1% in March from a year
earlier because the one month’s losses
were exceeded by the gains over the
prior 11 months. Still that gain marked
a slowdown from the year-over-year
pace in previous months.
Percent change in total nonfarm
jobs from a year earlier
4%
2
 14
–2
Seasonally adjusted.
–4 Figures for February
and March 2020 are
preliminary.
’15 ’2 1 2 21
lion positions cut from payrolls
during the 2007-09 recession
and its aftermath. And those
jobs were lost over 25 months.
The nonpartisan Congres-
sional Budget Office said
Thursday that the unemploy-
ment rate would exceed 10% in
the second quarter. The high-
In March, more than
half of the jobs lost
were at restaurants
and bars.
est monthly unemployment
rate on record, going back to
1948, is 10.8%, set in late 1982.
Laury Hammel said he fur-
loughed 600 employees at six
health clubs in New England
and Utah on March 16.
“It was the darkest day of
my career,” said Mr. Hammel,
chief executive of Longfellow
* ****** THE WALL STREET JOURNAL.
more likely to comply with may at the margin reduce un-
self-isolation instructions if certainty by refining policy
they thought the confine- makers’ and individuals’ un-
ment was short and finite. derstanding of the disease
“To maximize the effective- and its consequences. With
ness of temporary isolation each passing week we know
efforts, authorities must man- more about the virus and the
age public expectations on efficacy of social distancing.
when such measures will be Right now, things are
relaxed or lifted,” they wrote. worsening at an accelerating
Evidence from behavioral rate. Pessimistic as forecast-
economics shows people will ers were in anticipation of
pay more to avoid really bad this week’s job numbers, they
outcomes, such as death or weren’t nearly pessimistic
destitution, even when the enough. But at some point
probability is small. Simi- things will get worse at a de-
larly, the standard formula celerating rate. Rates of in-
for policy makers faced with fection, hospitalization and
such uncertainty is to mini- death will decline followed by
mize the probability of really the economic consequences.
bad outcomes—erring on the When will that happen?
side of tougher health mea- That stocks are still volatile
sures, and more expansive but at a relatively stable level
economic support. in the last two weeks suggests
More bad news on both the investors think that moment
disease and economic disloca- is close. Of course, even that
tion is yet to come. Still, that interpretation is uncertain.
March
jobs report
1
y.
’17 ’18 ’19 ’20
nl
PRIME AGE PARTICIPATION
Labor force participation dropped
sharply in March even for so-called
prime-aged workers—ages 25 to 54—
a group less likely to be out of the labor
force due to retirement or education.
Economists expect this rate to drop
further next month as the coronavirus
–5
pandemic and related lockdowns spread.
Share of the prime-age (25-54 years
old) population that is...
84%
82
force
8
78 Employed
76
–1
74
72
Seasonally adjusted
7
’2 21 ’5 ’1 ’15 ’2
MORE JOB LOSSES EXPECTED
Forecasting firm Oxford Economics
projects that by May, the U.S. will
have lost 27.9 million jobs and have a
16% unemployment rate, erasing all –15
the jobs gained since 2010 during the
record-setting 113-month stretch,
which ended in March.
Total nonfarm payrolls
155 million
15
145
–2
135
Oxford
projects nearly
13
28 million jobs
lost, the bulk
125
coming in April
12
22 ’8 ’1 ’12 ’14 ’16 ’18 ’2
Health Clubs. “I had to shut
down the clubs. It was too
risky for everyone involved.”
Some economists have some-
what more positive—though
still dire—forecasts.
Mr. Hammel closed his busi-
nesses before being mandated
to do so by states, but the lay-
IHS Markit projects 14 mil-
lion jobs will be lost by Decem-
ber. The forecasting firm ex-
offs occurred too late to be re-
flected in Friday’s data.
He said he hopes govern-
pects the unemployment rate
to peak near 10%, or close to
previous records.
ment loans will allow him keep Joel Prakken, IHS Markit’s
up with insurance and mainte- chief U.S. economist, said the
nance payments. Mr. Hammel forecast assumes a pickup in
said he plans to rehire all his hiring among other businesses.
staff when cleared to reopen. “I think there will be more
Other businesses have an- of an offset than some real-
nounced mass layoffs in recent ize,” he said, pointing to hiring
weeks—all too late for the announcements by grocery
March report. stores, online retailers, ware-
Las Vegas casinos shut on houses and pharmacies. Mr.
March 18—and 10% of Nevada’s Prakken projects employment
workforce has since sought un- will return to early 2020 levels
employment assistance. That by fall 2022. Next year, he
same day, Detroit auto makers said, it won’t be unusual for
laid off 150,000 workers. Mar- monthly jobs reports to show
riott International Inc. said 700,000 or more jobs added.
last month that tens of thou- “The recovery will be much
sands of hotel staff would be faster than from past down-
furloughed. Macy’s Inc., Gap turns,” he said.
Inc. and Kohl’s Corp. let work- —Michelle Hackman
ers go this past week. contributed to this article.
THE WALL STREET JOURNAL.
Inspector
General
For Loans
Is Picked
BY ALEX LEARY
President Trump has nomi-
nated a White House lawyer to
serve as an oversight chief for
business loans within the
Treasury Department as part
of the $2.2 trillion coronavirus
economic rescue package
passed by Congress last week.
Mr. Trump on Friday night
nominated Brian D. Miller as
special inspector general for
pandemic recovery. The new
position, the subject of a dis-
agreement between Democrats
and the president, is intended
to watch over how $500 bil-
lion earmarked for loans to
business is spent.
Mr. Miller currently works
as special assistant to the
president and senior associate
counsel in the Office of White
House Counsel. He previously
served as inspector general for
the General Services Adminis-
tration, among other posts, ac-
cording to a White House
statement.
The stimulus bill specified
that the new watchdog, known
as SIGPR, notify lawmakers
immediately if any agency re-
fuses to comply with its infor-
mation requests. That clause
was among the oversight pro-
visions Democrats required as
a condition of their support
for the stimulus package.
In a bill signing statement,
Mr. Trump indicated that
those inspector general re-
ports must first be reviewed
by the White House. He said
the U.S. Constitution gives the
president broad discretion
over how laws are enforced.
Democrats and some Re-
publicans have since pushed
back on the president’s state-
ment. Additionally, House
Speaker Nancy Pelosi said she
is also creating a committee to
oversee the federal response
to the new coronavirus, an ef-
fort to add more supervision
of the trillions of dollars the
government is spending to
combat the economic effects
of the pandemic.
Mr. Miller’s nomination re-
quires Senate confirmation.
—Kate Davidson
contributed to this article.
Benefits
Funding
To Come
Next Week
BY SARAH CHANEY
AND ERIC MORATH
WASHINGTON—Workers
will have to wait a little bit
longer for larger unemploy-
ment-insurance payments
aimed at helping millions of
people who have lost their
jobs during the coronavirus
pandemic.
A senior U.S. Labor Depart-
ment official on Friday said
federal funds promised to
states, which administer job-
less benefits, should be dis-
tributed next week.
Workers over the past two
weeks have filed for unem-
ployment-insurance benefits in
record numbers, and states
have been anticipating funding
and more specific instructions
on how to implement provi-
sions to expand unemploy-
ment benefits included in a $2
trillion federal stimulus pack-
age signed into law last week.
On Monday, Labor Secre-
tary Eugene Scalia said these
funds would be distributed to
states this week, but the fed-
eral government won’t meet
that goal.
The senior Labor Depart-
ment official expects states to
have individual accounts at
the Treasury Department they
can draw upon next week, the
caveat being that states would
need to be ready with the
proper technology to access
and disburse these funds.
Some states would be ready
to release the extra $600 to
individuals within a week or
two after tapping federal
money.
For others, it could take
two to four weeks or even lon-
ger, the Labor Department of-
ficial said.
Pressure has been building
for the government to act
quickly in disbursing these
funds to states.
* * * * * * * *
Homeowners Struggle to Halt Payments
BY ORLA MCCAFFREY
AND ANDREW ACKERMAN
Struggling homeowners are
flooding their mortgage com-
panies with requests for help
as the coronavirus pandemic
wrecks the economy. Many are
having a hard time getting it.
Homeowners say they are
waiting hours on the phone
just to reach a real person.
When they do, some are told
that getting an answer could
take weeks. That is a trouble-
some timeline for the many
borrowers whose mortgage
payments are due in the first
half of April.
“I’m frustrated and scared,”
said Chris Colgan, a real-estate
agent from Northern Virginia.
He said he called his servicer
some 15 times in the past
month.
The $2 trillion stimulus
package is supposed to make
it easier for homeowners to
suspend their monthly pay-
ments and temper a potential
foreclosure crisis. The diffi-
culty in doing so threatens to
squeeze Americans further
just as the pandemic puts mil-
lions of people out of work.
The stimulus legislation that
was signed by President Trump
says homeowners hurt by the
coronavirus or its fallout can
ask their mortgage servicer for
a so-called forbearance, in
which their monthly payments
are interrupted for up to six
months, and can also request
an additional six months.
Borrowers don’t have to
show documented proof that
they have been hurt by the
coronavirus. If the loan is
backed by the government, the
mortgage servicer is generally
supposed to grant the request.
About 70% of U.S. mortgages
are backed or insured by a
federal agency.
Some borrowers fear that
help might not come soon
enough. David Jenkins, a prod-
uct manager for a tech com-
pany, said he asked Fifth Third
Bancorp about a forbearance
last week. His wife’s job teach-
ing Pilates exercises has be-
come less certain, weighing on
the family’s income. The bank
told him that if he qualifies, he
should receive written ap-
proval in the mail.
“Snail mail of forbearance
approval is ridiculous,” Mr.
Jenkins said.
A Fifth Third spokesman
Bumpy
Start for
New Loans
Continued from page A1
the novel coronavirus pan-
demic.
Businesses with 500 employ-
ees or fewer are eligible for the
loans, which have a 1% interest
rate and are designed to keep
employees on the payrolls for
eight weeks, limiting the
mounting ranks of workers ap-
plying for unemployment
checks. If a borrower doesn’t
lay off workers, the govern-
ment plans to forgive the loan,
including interest. Borrowers
may also use the money for
rent and utilities.
Many of the nation’s biggest
banks, including JPMorgan
Chase & Co., Citigroup Inc. and
Wells Fargo & Co., said Friday
morning they weren’t yet ready
to take loan applications. By
Friday afternoon Chase said
borrowers with a business
checking account could start
applying online; but the bank
warned of possible “processing
delays and system failures” due
to high volume and told cus-
tomers that some applications
wouldn’t be approved by the
SBA, given limited funds.
One reason many banks
weren’t ready to process appli-
cations was a delay in getting
final rules about the program
from the Treasury Department
and SBA, as well as uncertainty
about what kinds of documen-
tation would be accepted to
qualify prospective borrowers.
The government didn’t release
final versions of the documents
that must be filed by borrowers
and lenders until Thursday
night.
Bank of America Corp.
started accepting applications
Friday morning and had re-
ceived more than 85,000 for
loans totaling $22.2 billion as
of 5 p.m., a spokeswoman said.
But the bank said it is only con-
sidering customers with both
outstanding loans and deposit
THE CORONAVIRUS PANDEMIC
Some regulators say borrowers should be able to make up payments at the end of their loan. Borrowers say they haven’t been offered that option.
said that any borrower who
“tells one of our customer-ser-
vice representatives that they
have been impacted by the
coronavirus” will be accepted
as eligible for mortgage for-
bearance.
The law says nothing about
when borrowers have to make
up the missed payments, fuel-
ing some of the confusion.
Some borrowers are assuming,
wrongly, that they don’t have
to make up the payments later,
industry officials and regula-
tors say.
Some regulators say bor-
rowers should have the option
to make up the payments at
the end of their loan. Home-
owners say mortgage compa-
nies generally haven’t offered
that option. Instead, many say
they are being told they must
make up their missed pay-
ments in one big lump sum as
soon as the relief period is
over.
“The messaging has not
matched what’s established in
policy yet,” said David Stevens,
a former head of the Federal
Housing Administration, which
mostly insures loans for first-
time home buyers. “The confu-
Many bars and restaurants have closed because of the impact of the coronavirus pandemic.
accounts in order to speed up
the approval process.
“First, we have to focus on
the borrowing clients to make
sure we can take care of them,”
Bank of America CEO Brian
Moynihan said on CNBC. “And
then secondly, the people with
the core relationship that don’t
borrow, we’ll handle them
also.”
Sen. Marco Rubio (R., Fla.),
chairman of the Senate Small
Business Committee, criticized
the bank and said it should re-
ceive all comers. “This money
is 100% guaranteed by fed
govt,” he said in a tweet.
Based on Ms. Carranza’s fig-
ures, the average loan amount
approved was about $325,000.
At that rate, the roughly
$350 billion allotted by Con-
gress would run out after one
million applications are ap-
proved. The government has
said it approves loans on a
first-come, first-served basis.
“If funds run low, there will
be immense political pressure
on Congress for funding to
make sure that people aren’t
shut out because they are at
sion level is extremely high.”
The Department of Housing
and Urban Development
sought to clear up some of the
confusion this week, telling
servicers they can compile the
missed payments into a sec-
ond, interest-free home loan
for the borrower to pay off af-
ter the original mortgage. The
guidelines apply to FHA-in-
sured mortgages, which make
up about 15% of all active
mortgages in the U.S.
The federal regulator for
Fannie Mae and Freddie Mac,
the mortgage finance compa-
nies that back about half of
the U.S. mortgage market, has
instructed servicers to work
with borrowers and to con-
sider letting them tack their
missed payments on to the
end of their loan.
The AT&T store in down-
town Washington, D.C., where
Reggie Matthews works, was
shut down about two weeks
ago. He said United Wholesale
Mortgage, the servicer on his
FHA loan, said that he was eli-
gible for a short-term forbear-
ance but that he couldn’t defer
missed payments by tacking
them on to the end of his loan.
the end of the queue,” said Har-
ris Simmons, CEO of Zions
Bancorp, a big Utah lender.
Treasury Secretary Steven
Mnuchin has said he would ask
Congress for more money if the
Paycheck Protection Program
needs more funding.
About one-fourth of small
businesses have already closed,
according to a survey of 500
firms released Friday by the
U.S. Chamber of Commerce and
MetLife. Another 40% said it is
likely they will have to close at
least temporarily within the
next two weeks.
Questions about the pro-
gram remained even as it got
under way. One issue is
whether the 1% interest rate is
simple interest or compounded
and what banks should do in
case borrowers miss payments,
said Scott Pearson, a financial
services expert at the law firm
of Manatt, Phelps & Phillips.
Also missing was a standard
loan agreement that sets out
the terms of the loan and con-
ditions.
Chris Hurn, chief executive
of Fountainhead Commercial
Saturday/Sunday, April 4 - 5, 2020 | A9
LINDSEY WASSON/REUTERS
Mr. Matthews isn’t sure rower,” said Ted Tozer, a for-
what he will do. He has asked mer head of Ginnie Mae who
United Wholesale Mortgage to is now a senior fellow at the
turn off the autopay feature Milken Institute.
on his loan. The company Adding to the confusion,
didn’t comment. many servicing call centers
Allowing a flood of borrow- have been shut down, meaning
ers to stop their payments customer-service reps are
temporarily could bring about working from home and jug-
a massive cash crunch for gling child-care and technical
mortgage companies, which are difficulties.
generally still on the hook to Mr. Colgan, the Northern
make payments to mortgage Virginia real-estate agent,
investors even if borrowers are started calling his mortgage
in arrears. (Taxpayers, though, company, NewRez LLC, in early
are ultimately on the hook for March. He filled out an online
federally backed loans.) form about three weeks ago ex-
That has proved daunting plaining that his commission-
to the companies, many of based job might be put on hold
which are nonbanks and don’t as potential home buyers stay
have deposits or other busi- out of the market. Someone
ness lines to cushion them. would get back to him within
It is unclear how much three days, the company’s web-
money the companies will site said, but Mr. Colgan said
need, but the industry antici- he never heard from anyone.
pates tens of billions of dol- The Wall Street Journal con-
lars. Ginnie Mae, a govern- tacted NewRez about Mr. Col-
ment agency that backs some gan’s mortgage on Thursday.
$2 trillion of mortgages, an- NewRez called Mr. Colgan later
nounced last week it would that day and offered to sus-
work with nonbank lenders to pend payments for April and
help them stay afloat. May, both to be paid July 1. He
“Until the funding is more has decided to make his pay-
certain…they’re going to tend ment this month, but is unsure
to be less generous to the bor- what he will do after that.
dards for processing the new
SBA loans set by either bank.
Mr. Amaral of Ally Right said
he rose before sunrise to get an
early start applying for a loan
at a local SBA lender listed on
the agency’s website. The
lender closest to his home said
it no longer makes SBA loans,
the second didn’t know any-
thing about the new program
and the third was closed be-
cause of the Covid-19 virus. He
also tried Wells Fargo, where
he has business and personal
banking accounts, but said bank
employees didn’t know about
the program.
A Wells Fargo spokeswoman
said the bank would only ac-
cept applications for the loans
AGENCE FRANCE-PRESSE/GETTY IMAGE
online and that it has signs in
its branches informing custom-
ers of that policy.
Some banks were working to
update their systems to deal
with what they expected to be
an avalanche of loan applica-
tions. Boston-based Eastern
Bank won’t begin processing
applications until next week be-
cause it needs to update its
technology, according to Quincy
Capital, a nonbank lender that Miller, president and vice chair.
specializes in SBA loans, said Mr. Miller said guidance
that as of Friday he was await- came too late from federal
ing guidance from the SBA on agencies to make all the neces-
several issues, including how to sary changes in time to start
submit the forms that both ap- processing loans Friday.
plicants and lenders are re- Live Oak Bancshares, Inc.,
quired to fill. Mr. Hurn said he the largest lender in an SBA
couldn’t begin processing appli- flagship program, said it is
cations without such guidance. working through a pipeline of
The SBA didn’t respond to a over 1,000 loan applications
request for comments on the from its roughly 4,000 existing
complaints. customers. Then, it plans to
Other small-business owners open up the program to busi-
say they are frustrated by poli- nesses near its North Carolina
cies, such as the one outlined headquarters followed by new
by Bank of America, that put customers.
certain customers ahead of oth- The bank submitted its first
ers. Giving those with existing paycheck protection loan appli-
lending relationships priority cation to the administration at
penalizes small businesses that 4 a.m. Friday, said Huntley Gar-
have taken a prudent approach riot, president of the Wilming-
to debt but are still suffering fi- ton, N.C.-based bank. It took
nancially from the pandemic. more than one try.
Jen Storey, co-owner of Re- By Friday afternoon, the
dhill Painting in San Francisco, bank received its first loan au-
has a business-checking ac- thorizations from the SBA, and
count with Bank of America it hoped to get the money out
and a business credit card with to customers either by the end
JPMorgan Chase. She said the of the day or Monday.
eight-person company that she —Amara Omeokwe
and her husband have run since and Yuka Hayashi
2004 doesn’t meet the stan- contributed to this article.
A10 | Saturday/Sunday, April 4 - 5, 2020
Where America Is Staying In
Data collected from mobile phones reveals
how much Americans are complying with
social-distancing instructions and how much
their daily habits have changed. Unacast Inc.,
a company that collects GPS location
information from some 25 million U.S. mobile
devices, provided data on the distance people
travel each day showing how behaviors have
changed over time in every U.S. county.
Change in average travel distance from Feb. 28 to March 28, by county
No change/increase
Change in average travel distance in counties that have confirmed cases of Covid-19
40%
20%
0 0
-20%
-40%
-60%
-80%
-100%
1 2 10
Sources: Unacast (distance); Johns Hopkins University (cases)
Why a Covid-19
Test Result Takes
Two Weeks or More
Maria Estrella has been
waiting for her Covid-19 test
results since March 17. The
South Florida resident began
feeling ill, with a sore throat,
fever and headache, after re-
By Deanna Paul,
Ian Lovett
And Dan Frosch
turning from a trip to north-
ern Italy. When she was tested
at the Mercy Miami Hospital
emergency room, staff said the
results were sent to a private
lab in Georgia and would take
three to six days.
Ms. Estrella’s symptoms
have subsided, and she has re-
turned home, but the uncer-
tainty continues to disrupt her
life. Her husband, who has dis-
played no signs of illness, has
temporarily moved out of
their apartment.
“It’s a very grave situation,”
said the 44-year-old. “There
are thousands of people like
me, without results.”
As tests for Covid-19 be-
come more widely available,
fears of a national shortage of
tests have begun to ease,
though access is still limited in
many areas. The U.S. has com-
pleted more than one million
3M Pushes
Back on
Mask Work
Continued from Page One
cities bidding against cities
and states bidding against
states, and masks flowing to
those who can pay fastest
rather than those most in
need, such as New York City,
which accounts for 22% of the
country’s confirmed coronavi-
rus cases and 24% of coronavi-
rus-related deaths, according
to the Johns Hopkins Corona-
virus Resource Center.
The president similarly crit-
icized General Motors Co. last
month for not working fast
enough to make ventilators.
GM executives were surprised
States that have enacted stay-at-home
orders have generally seen the greatest
reduction in residents’ average daily travel
while the decline in travel distance has been
much more acute in areas that have reported
a high number of cases of Covid-19. Counties
with the largest declines are typically more
urban, with higher incomes, more white-
collar workers and younger populations.
-30% -20%
KEY: In states without stay-at-home measures
In states with stay-at-home measures
A circle’s size is proportionate to the number
of Covid-19 cases per 100,000 population
TRAVELING LESS
Orleans Parish, La.
333 cases per 100,000
20 100 200
Confirmed cases (log scale)
Yan Wu, Patience Haggin and Max Rust/THE WALL STREET JOURNAL
tests as of Wednesday, accord-
ing to data collected by the
Covid Tracking Project, and is
now running an average of
100,000 tests a day. Two
weeks ago, a total of only
100,000 tests had been com-
pleted across the country.
The real number may be
significantly higher, as com-
mercial and hospital-affiliated
labs are only required to re-
port positive tests, except in a
handful of states including
California and Massachusetts.
But the more that tests are
conducted, the more the
mostly private labs that pro-
cess results can become even
more backed up, and the lon-
ger some people have to wait
for results. Many faster sys-
tems can process only one, or
a few, samples at once, in-
creasing overall turnaround
times for results exponentially.
Though there is tremen-
dous variation in processing
times, with some as short as
several hours, extreme cases
like that of Ms. Estrella are in-
creasingly common.
In California, where more
than 90,000 tests have been
conducted, 59,500 of those
had yet to be processed as of
Wednesday, according to the
by the criticism and felt the
company was being unfairly
targeted, people familiar with
their thinking told The Wall
Street Journal. GM emphasized
the extent of its efforts to ad-
ministration officials, a person
familiar with the matter said,
and the president changed his
tone a couple of days later,
saying the auto maker is doing
a “fantastic job.” Mr. Trump in-
voked the DPA against GM last
week.
3M is the primary U.S. pro-
ducer of N95 masks, and health
workers consider its products
the best on the market. Since
cases of the coronavirus began
to proliferate in China in Janu-
ary, 3M has doubled mask pro-
duction to some 100 million
masks a month globally. Mr.
Roman said 3M would be mak-
ing masks in the U.S. at a rate
of 40 million a month within
weeks, up from 35 million a
month currently.
THE CORONAVIRUS PANDEMIC
-10%
5,000
1,000
100
Number of
Covid-19
cases
Westchester Co., N.Y.
813 cases per 100,000
Cook Co., Ill. New York City
50 cases per 353 cases per
100,000 100,000
1k 2k 10k 20k 100k
Test results can take days or weeks. Above, a decontamination zone at a Covid-19 testing facility at Landmark College in Putney, Vt.
state’s Department of Public
Health, with turnaround times
from two hours to two weeks.
Gov. Gavin Newsom attri-
buted California’s delays to an
increased demand for testing,
echoing experts across the
country.
“It’s basic math,” said Dr.
Geoffrey Baird, interim chair
of laboratory medicine at the
University of Washington
School of Medicine. The longer
turnaround, he said, is a result
of having more samples than
capacity to process them.
That is the bulk of the U.S.
capacity to make about 50 mil-
lion N95 masks each month,
according to industry execu-
tives. Other companies includ-
ing Honeywell International
Inc. are also working to raise
output. The Department of
Health and Human Services es-
timated in March that the U.S.
would need about 300 million
N95 masks a month to con-
front a pandemic.
Mr. Roman said invoking the
DPA could compel 3M to bring
masks produced internation-
ally to the U.S. Such action
could face legal challenges in
those countries because they
have export bans. 3M said it
was importing 10 million
masks from its factory in China
to the U.S. at the administra-
tion’s request. But the com-
pany said it would continue to
send less than 10% of the
masks it makes in the U.S. to
Canada and Latin America on
Nursing-Home Guidelines
Beefed Up to Curb Virus
BY ANNA WILDE MATHEWS
AND JON KAMP
Facing an exploding number
of coronavirus cases in nurs-
ing homes, the Trump admin-
istration unveiled new guide-
lines aimed at stemming the
spread, including aggressive
steps to segregate the infected
and constant mask-wearing for
staff members.
The Centers for Medicare
and Medicaid Services’ call for
universal masking of staff and
some other aspects of the new
guidelines go beyond previous
recommendations from the
agency, according to industry
officials and researchers.
Earlier guidance from the
agency didn’t go far enough,
said Kathryn Hyer, a professor
at the University of South
Florida. “They didn’t recog-
nize how susceptible the nurs-
ing-home residents will be.”
The latest guidance comes
as CMS released a detailed ac-
count of what happened dur-
ing a fatal outbreak at the Life
Care Center of Kirkland, near
Seattle. It was the first U.S.
nursing home to become over-
whelmed by coronavirus and
has served as a warning of
just how devastating the virus
can be in a place where some
of the most vulnerable people
are living in close quarters.
Industry officials and out-
side researchers said many
nursing homes lack the equip-
ment and access to testing
needed to implement the
agency’s guidelines. The new
guidance also says nursing-
home staffers should wear full
personal protective equip-
ment, such as gowns, gloves
and medical-grade masks,
when caring for all residents
once coronavirus spread oc-
curs in a facility.
“There’s no way they’ll be
able to support that with the
PPE they have available,” said
More private labs have pro-
vided and processed tests af-
ter getting FDA approval, but
the increased volume hasn’t
always meant quicker results.
Quest Diagnostics, which sells
tests to health-care facilities
and then processes the results,
began processing its tests at a
single lab starting March 9th.
But by March 25, the company
had been inundated with so
many test results that it devel-
oped a backlog of 160,000
tests, it said. Quest has since
expanded testing labs around
humanitarian grounds, unless
compelled to stop by govern-
ment action.
Peter Navarro, a Trump ad-
ministration adviser who is
overseeing DPA implementa-
tion, said the government
didn’t ask 3M to stop exports
to Mexico or Canada.
“3M’s strategy has been to
ignore data requests about
what they produce and where
they produce it and deflect re-
quests for more masks,” he
said.
While 3M has maintained
substantial mask production in
the U.S., other companies
moved output abroad years
ago. U.S. hospitals and suppli-
ers said importing during the
pandemic has been slow and
expensive. Airports are short-
staffed, and some countries
have restricted exports of med-
ical supplies and raw materials
to fight the virus locally.
City officials said regular
* ****** THE WALL STREET JOURNAL.
Morgan Katz, an assistant pro-
fessor at Johns Hopkins Uni-
versity. Also, nursing homes
often aren’t able to get timely
access to testing for residents
who don’t have symptoms of
Covid-19, the disease caused
by the new coronavirus, mak-
ing it difficult to strictly sepa-
rate them, she said. “That’s
great in theory, but they can’t
do that if they don’t have a
sense of who has it.”
CMS Administrator Seema
Verma said the agency is urg-
ing that nursing homes be pri-
oritized for receiving protec-
tive equipment and is allowing
labs to go to nursing homes to
do testing. Many decisions
about testing are made at a lo-
cal level, she said.
There are Covid-19
cases in hundreds of
long-term care
facilities.
As of March 27, there were
Covid-19 cases in more than
400 long-term care facilities,
according to the Centers for
Disease Control and Preven-
tion. The number has almost
certainly grown since then,
and CMS late Thursday said
hundreds of facilities have
seen increased numbers of
cases among residents. People
over 60 are at higher risk of
dying from the disease.
In one nursing home in Car-
roll County, Md., testing has
confirmed 77 residents with
Covid-19, while 18 employees
were also infected, according
to the county. Five residents
have died. An employee of
Pleasant View Nursing Home
said there was no one immedi-
ately available to comment.
At the Life Care Center of
the country, but said its back-
log nationwide remains in the
six figures, at 115,000.
The time to get results var-
ies based on whether patients
are deemed as high need by
their health-care systems.
LabCorp, one of the nation’s
other major private test provid-
ers, said it has about 80,000
pending results in its labs and
the typical wait is 4 to 5 days.
Patients asked to self-moni-
tor at home typically have
mild symptoms and can more
safely wait longer for results,
suppliers, including W.W.
Grainger Inc. and Fastenal Co.,
don’t have enough masks to
meet the massive need for
workers in hospitals, emergency
services and other city jobs.
City officials estimate they
will need 30 million masks ev-
ery four weeks. They have
pleaded with 3M to sell di-
rectly to the city, offering to
send tractor-trailers to 3M
plants to pick up pallets of
masks, said a senior city offi-
cial. 3M declined, the official
said.
3M said it is working with
six large health-care distribu-
tors and FEMA to send prod-
ucts where the need is highest.
“Those are the most efficient,
effective ways to get products
to the health-care workers,”
Mr. Roman said.
In desperation, procurers
for the city and its public hos-
pitals are striking deals with
unfamiliar suppliers. Procurers
Kirkland, an inspection in mid-
March revealed several prob-
lems, according to CMS, in-
cluding failure to have a plan
for when the medical director
was unavailable during a cri-
sis; failure to report the out-
break to authorities fast
enough and failure to provide
quality care to residents dur-
ing an outbreak. Through
Thursday, the Life Care Center
of Kirkland was linked to 40
Covid-19 deaths, according to
local health authorities.
The report describes one
nurse who had concerns about
a cluster of respiratory infec-
tions around Feb. 12, two
weeks before the nursing
home told authorities about
atypical respiratory illnesses
there. The nurse said she
didn’t consider calling because
it was flu season, and resi-
dents there commonly have
pneumonia, the reports said.
The facility was conducting
rapid flu tests at the time that
were coming back negative,
the CMS report said.
CMS has levied a $611,325
fine for the problems found at
the Kirkland nursing home,
which it said could go up or
down depending on how Life
Care responds.
Life Care Centers of Amer-
ica, which owns the nursing
home, didn’t respond to a re-
quest for comment Friday.
Earlier, Life Care spokes-
man Tim Killian had said the
facility “had adequate disaster
plans in place relative to nor-
mal procedures,” but the coro-
navirus was unprecedented.
Life Care thought it was man-
aging a normal flu outbreak
and reported issues to author-
ities when appropriate, but
the facility wasn’t able to test
its residents for coronavirus
until March 5, he said. He said
the facility has already cor-
rected the issues cited by the
regulator.
KRISTOPHER RADDER/ASSOCIATED PRESS
Dr. Baird said. But if someone
with symptoms is admitted to
an emergency room, finding
out if the person is positive or
negative for coronavirus
quickly is vital, as it deter-
mines how much space and
personal protective equipment
must be used for treatment.
Many states, including New
York and New Jersey, which
have the most cases in the na-
tion, still restrict testing to
those who are symptomatic or
gravely ill, and health-care
workers and first responders.
have been inundated by calls
and emails from brokers and
companies promising masks,
some marked up as much as
1,000%, the senior city official
said.
Prices that U.S. government
agencies and public hospitals
are paying for masks have
spiked in recent weeks, accord-
ing to contracting-data pro-
vider GovSpend. N95s are sell-
ing for $3.59 to $6.89 each,
compared with between 86
cents and $1.20 before the cri-
sis.
Mr. Roman said 3M’s autho-
rized distributors weren’t price
gouging. He said resellers were
raising prices on masks they
found sitting on store shelves
or in warehouses. “That inven-
tory has moved and found its
way into resellers.” Mr. Roman
said. “They are doing unethical
things, criminal things.”
—Allison Prang
contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | A11

Pandemic Throws Open Eurozone’s Divide
A lasting economic row is more fragile, such as It-
and political rift looms aly and Spain. Southern euro-
zone nations have less money
unless there is a to prop up their households
strong fiscal response and businesses during the
health emergency, risking
BY MARCUS WALKER greater economic damage and
a weaker recovery afterward.
ROME—The euro survived The gap is leading to clash-
its debt crisis, but the wounds ing proposals for European fi-
never fully healed. The coro- nancial support. Northern of-
navirus is threatening to re- fers of loans with strings
open them. attached strike the south as
Fighting the pandemic is punitive and inadequate.
causing deep plunges in eco- Southern clamor to issue joint
nomic activity around the bonds sound to the north like a
world and pushing up govern- demand to use its credit card.
ment deficits. Stable access to Recriminations in March
borrowing is vital for countries have given way this week to a
that know they will have to greater understanding in
cope with a surge in debt for Northern Europe for the loss
the second time since 2008. caused by the pandemic. Italy
In Europe’s common cur- and Spain have between them
rency zone, that is exposing an suffered at least 25,000 deaths
old gap: between financially from the virus, and their strict
secure northern countries lockdowns are pummeling
such as Germany and the economies that still bear scars
Netherlands, and southern from the last financial crisis.
countries whose ability to bor- “We are with you,” Ger-
WORLD NEWS
many’s mass-circulation Bild
newspaper proclaimed in a
message of sympathy for Italy
on Wednesday.
While France and the Euro-
pean Union’s executive have
tried to offer compromise pro-
posals, the specter of a divided
eurozone remains. Unless the
economic shock of lockdowns is
quickly overcome, Italy and
Spain are in danger of emerging
from the crisis as poorer coun-
tries. A renewed depression in
Southern Europe also would be
bad news for northern nations,
whose industries and banks
profit from the overall health of
the region’s economy.
“The eurozone has a suprana-
tional central bank but national
fiscal authorities. Coordinating
between those two is much
more difficult than in the U.K. or
U.S.,” said Mujtaba Rahman, Eu-
ropean head of political-risk
consulting firm Eurasia Group.
“Eurozone fiscal authorities are
willing to act but some have
Yields on eurozone countries’ enough, say many economists.
10-year government bonds “Leaving it only to the ECB
makes the situation more frag-
ECB announces €750-billion ile,” said Guntram Wolff, direc-
emergency bond-buying program
4%
tor of Bruegel, a nonpartisan
think tank in Brussels. “The
bigger this gets, the more ECB
purchases can become politi-
3 cally contested, and there can
be legal challenges to the ECB
in Germany,” said Mr. Wolff,
2 who is German. “There needs
Greece to be a political acknowledg-
Italy ment that we sit in the same
1 boat. If Italy can’t afford a suf-
Spain ficient fiscal response, it’s not
just a matter for Italy, it’s a
0
France major issue for Germany.”
Netherlands To put emergency deficit
Germany
spending on stronger political
–1
ground and make it work for the
March April eurozone economy as a whole,
Source: Tullett Prebon said Mr. Wolff, Europe needs “a
fiscal vehicle that sits between
more ability to move, others national responses and the ECB.”
less, and that creates problems Italy, Spain, France and sev-
for the whole architecture.” eral other countries want a
Borrowing with European bolder form of burden sharing:
Central Bank help may not be for eurozone nations to bor-
row money jointly and spend it
where it is needed most. That
would mean Italy’s debts rise
by less than the money it re-
ceives. But northern countries
fear it would set a precedent
for a European fiscal union in
which their taxpayers subsi-
dize other nations. That is as
unpalatable in Germany as EU-
imposed austerity is in Italy.
If Europe doesn’t share the
debt burden from this emer-
gency, the ECB may have to buy
up southern countries’ extra
borrowing and sit on it forever.
“The debt would remain in na-
tional statistics, but as long as
the central bank holds it, it
ceases to be of economic signif-
icance,” said Paul De Grauwe,
professor of European political
economy at the London School
of Economics. “There can be is-
sues of inflation when central
banks monetize the debt, but
the problem in Europe now will
be how to stop a spiral of defla-
tion,” he says.

Fears Boost Business Singapore Restrictions Escalate

For the Diaper Lady BY NIHARIKA MANDHANA
AND FELIZ SOLOMON
As the new the plastic waste generated by
coronavirus disposable diapers has grown SINGAPORE—This city-state
forces big her customer base. ordered most workplaces to
changes in This latest surge, however, shut and schools to shift on-
how we is unprecedented. line starting next week, ramp-
work, The Wall Street Jour- The U.K. sharply tightened ing up restrictions as it faces a
nal is looking at how differ- measures to ensure people rise in novel coronavirus cases
ent people are coping with stay home as much as possi- after it beat back the first
the stresses and risks. For ble, sparking a wave of panic- wave of infections.
earlier articles in the series, buying in supermarkets. The number of confirmed in-
visit wsj.com/makingitwork. Some of her longstanding fections in Singapore crossed

HOW HWEE YOUNG/EPA/SHUTTERSTOCK

BY DENISE ROLAND customers are what Ms. Rich- 1,100 Friday, doubling in the
ards calls “hard-core environ- past 10 days. Much of that spike
Wendy Richards picked the mentalists” who only buy dia- came from imported cases as
perfect business for a busy pers that don’t contain students, professionals and
mom when she took over a synthetic or animal-derived travelers overseas returned. In
company called the Nappy Lady fabrics. But her newest pa- recent days, infections transmit-
about a decade ago. Selling trons are just interested in ted locally also began climbing,
cloth diapers to Britain’s most quickly finding alternatives to worrying officials that the con-
ecoconscious parents, her small disposable diapers. tagion could spread uncontrolla-
retail operation filled a niche. “In the last two weeks, I ha- bly among the local population.
In the past three weeks, her ven’t heard any of that,” she Singapore’s announcement Workers in Singapore’s Central Business District. Starting next week, most workplaces will close.
niche has gone mainstream. says, referring to ethical con- signals that even countries that
Moms and dads, spooked by cerns. “No one has given a acted early and whose strate- can remain open. The govern- appropriate seating distances. from the start has been sprawl-
shortages of disposable diapers monkey’s if it’s organic cotton, gies are seen as the best in the ment has advised residents to People could go to offices, ing investigative work to track
at supermarkets, are flocking they just want it to be cheap world might have to turn to go out only if necessary. though the government recom- where among the city’s nearly
to her website and turning the and on their baby’s bottom.” lockdown-like measures as the One of the first countries mended they work from home. six million people the virus is
Nappy Lady into a near round- Ms. Richards already has pandemic grows. Singaporean outside China to report cases of Explaining their new move, spreading.
the-clock operation. torn through much of her nor- officials have warned the crisis the virus in January, Singapore officials said cases in places Health workers and sleuths
“I have been working 15-18 mally well-stocked ware- likely would last through the managed to contain the first such as foreign-worker dormi- trace each individual infection
hour days,” the 40-year-old re- house—where she keeps six to end of the year and perhaps wave of infections that swept tories and a nursing home had to try to find its source, or to
tailer said. “I hate having a eight weeks’ inventory. Re- into 2021, with new waves of through Asia and reached Eu- raised concerns that a single uncover links to other cases.
mother at the end of the plenishing that will be a chal- infection emerging as countries rope. For weeks, case counts infection could turn into a They have identified webs of
phone and can’t help them.” lenge, she says, as many of her tighten and loosen restrictions. went up in small numbers only, massive cluster or more. connections between most of
In the second week of March, suppliers are small. “Looking at the trend, I am and the city-state avoided the “At today’s level of infec- the country’s cases, mapped
her daily revenue more than worried that unless we take fur- kind of explosive growth in in- around churches, bars, old-age
tripled to £19,000 ($23,000). ther steps, things will gradually fections that occurred in parts homes and other spots.
Recently, she has fielded
pleas from desperate mothers
get worse or another big cluster
may push things over the edge,”
of South Korea, Italy and the
U.S. Its containment plan has
After beating back Authorities rely on this
data to attack emerging clus-
who can’t get hold of dispos- Prime Minister Lee Hsien Loong won global praise. an initial wave of the ters to halt the transmission.
able nappies. She has dis-
pensed advice on how to make
said in an address. “We have
decided that instead of tighten-
In recent weeks as coun-
tries ordered lockdowns, in-
virus, there is a new The reason for their recent
alarm: a rise in unlinked cases.
diapers out of burp cloths for ing incrementally over the next cluding Malaysia and India in increase in cases. These are cases where investi-
those caught short. few weeks, we should make a the region, Singapore avoided gators can’t figure out where a
“Back in the day, it was the decisive move now to pre-empt sweeping, drastic measures, sickened person contracted
crunchy hippie,” said Ms. Rich- escalating infections.” opting instead for a series of the infection, nor connect it to
ards, a mother of three. That The effective lockdown will what officials described as tion, our hospitals’ capacity is other cases or clusters. That
trend was changing even before last at least four weeks, brakes to slow the spread. still able to cope with the number is still relatively small,
the pandemic. Interest in cloth through two complete incuba- That included new restrictions cases coming in, but we do not but has grown in recent days.
diapers ticked up in the after- tion cycles of the virus, but on air travel and limits on how want to wait for a situation “This suggests that there
math of the financial crisis as could extend further if the sit- many people could gather in where cases rise sharply and are more people out there who
NAPPY LADY

cost-conscious parents turned uation doesn’t improve. Only one place. we get overwhelmed,” said are infected but who have not
to the reusable alternative. essential businesses and some But restaurants remained Lawrence Wong, the minister been identified,” Mr. Lee said.
More recently, growing con- sectors that are critical to lo- open, with seats and tables for national development. “And they may be passing the
cerns among parents about Wendy Richards cal and global supply chains marked with tape to indicate Core to Singapore’s strategy virus unknowingly to others.”

WORLD WATCH
PAKISTAN POLAND
Order Blocks Release Presidential Election
In Daniel Pearl Killing Could Be Delayed
Pakistani authorities issued an Uncertainty deepened in Po-
emergency order to prevent the land on Friday over how and
release of prisoners who had their when the country can move for-
convictions for kidnapping and kill- ward with a presidential election
ing Wall Street Journal reporter scheduled for May amid the cor-
Daniel Pearl overturned by an ap- onavirus pandemic.
peals court earlier this week. President Andrzej Duda has
The order is intended to keep been leading polls as he vies for a
British national Omar Saeed second five-year term in the vote,
Sheikh, convicted of the 2002 which was initially set for May
murder that same year, and 10. The governing conservative
three Pakistanis convicted as ac- Law and Justice party—which
complices, in jail for three supports Mr. Duda—has been in-
months while prosecutors seek a sisting on going ahead with the
suspension of the appeals court voting, and proposed mail-in vot-
PATRICK SEEGER/ASSOCIATED PRESS

ruling until it is reviewed by the ing for the entire nation as a way
Supreme Court. of sticking to schedule.
Judea Pearl, father of the slain Parliament had been set to
journalist, called the ruling to vote Friday on the idea for postal
overturn the convictions “repre- voting. However, those plans
hensible” in a tweet after the de- were thrown into disarray when
cision. International attention Jaroslaw Gowin, a deputy prime
should be focused on ensuring minister who leads a faction in
the prisoners aren’t released be- the conservative governing coali-
fore the Supreme Court reviews FATAL ACCIDENT: A freight-train driver was killed Friday in Freiburg, Germany, when a bridge’s concrete slab fell on the tracks. tion, said his group refused to ac-
the ruling, he said in an emailed cept any kind of May election.
comment. RUSSIA ate the plane meant to return a Mikhail Mishustin signed a decree takeoff. He said he was traveling He proposed holding the elec-
On Friday, Pakistani Foreign batch of Americans to the U.S. outlining conduct if a state of home to see his father in Mon- tion in two years, a solution that
Minister Shah Mahmood Qureshi Last Flight Before Additional measures are ex- emergency were to be declared. tana who is suffering from would give Mr. Duda a single
said that the court ruling had Air Ban Is Canceled pected to come into force by Aeroflot canceled a flight to stage four cancer. seven-year term that would have
undermined the effort and sacri- midnight on Friday, ending air New York on Friday. A video Russia had previously ended to be his last. The constitution
fices Pakistan has made fighting The last plane out of Moscow traffic in and out of the country from inside the plane was most international air traffic, foresees a maximum of two five-
terrorism, as well as its contri- before a suspension of air traffic completely, a person close to the posted to the Instagram account though some flights were still year terms for a president and it
bution to the peace process next was meant to take hold was can- country’s flagship air carrier said. of ballet dancer Julian Mackay, taking place to repatriate Rus- would have to be changed for his
door in Afghanistan. celed just before take off Friday, The moves tightened movement who said passengers were asked sians and foreigners. proposal to take effect.
—Saeed Shah with passengers forced to evacu- further after Prime Minister to leave the aircraft just before —Thomas Grove —Associated Press
A12 | Saturday/Sunday, April 4 - 5, 2020 * ****** THE WALL STREET JOURNAL.

FROM PAGE ONE

rang the doorbell, startling the
Kim’s Free Joseon group inside.
Mr. Hong headed to the
door, where he pretended to
Hidden be a North Korean diplomat.
Greeting the police in Spanish,

Antagonist he assured them everything

was fine. The police decided
not to push the issue at the
door, but remained parked
Continued from Page One outside the embassy. Mr. Hong
mat in Italy, Jo Song Gil, went back inside.
hasn’t been reported before. Free Joseon had isolated

ASSOCIATED PRESS (LEFT); U.S. DEPARTMENT OF JUSTICE/ASSOCIATED PRESS

North Korea has deployed Mr. So, the senior diplomat,
assassins to target members of taken off his handcuffs and re-
the group, according to U.S. moved the bag over his head.
intelligence cited by an Ameri- Members explained that
can judge over the summer. their group was dedicated to
After multiple Free Joseon at- human rights and urged Mr.
tempts to lure away North Ko- So to defect, according to peo-
rean diplomats, those living ple familiar with Free Joseon’s
abroad were given a lecture at account. His wife and son, who
a meeting last summer in also lived in the embassy, were
Pyongyang about loyalty to being held separately from the
the regime, according to two other staff members. If they
people familiar with intelli- left now, the family could
gence about the event. plausibly say they were kid-
The operations of Free Jo- napped, reducing conse-
seon and its founder, a Yale- quences for his relatives back
educated former human-rights home, the Free Joseon mem-
activist named Adrian Hong, bers assured him.
have split North Korea watch- Fearing his safety without a
ers, who argue over whether clear path to asylum, Mr. So
he is a rogue meddler who Above, second from right, Jo Song Gil, who was North Korea’s top diplomat in Italy, pictured in 2018. Below, surveillance video shows refused, according to those
risks doing more harm than Christopher Ahn at Madrid’s North Korean embassy. people familiar. The fact that
good, or an admirable oppo- the police were lurking outside
nent of a harsh regime. public in 2017 after the mur- a Korean American film stu- didn’t help.
Free Joseon and Mr. Hong der of Kim Jong Un’s half dent; and a North Korean de- A person who answered the
have gone mostly quiet since brother, Kim Jong Nam. U.S. fector. Also in the group were intercom at North Korea’s em-
an ambitious operation in officials have blamed the at- at least five men carrying bassy in Madrid declined to
Spain last year went wrong. In tack on North Korea, which it South Korean passports, ac- comment. Mr. So couldn’t be
a cascade of mishaps, mem- denies. cording to Spanish court docu- reached for comment.
bers aborted the mission and Messrs. Hong and Ahn, the ments. A lawyer for Mr. Hong, Lee
made dramatic escapes to the former Marine, raced to Those documents and inter- Wolosky, said in a written
U.S. Macau and escorted Kim Jong views with law-enforcement statement that photographic
Organized resistance to the Nam’s family to Taiwan, where sources laid out a chain of evidence demonstrates Free
regime inside North Korea is agents from a Western intelli- events starting several months Joseon members were invited
almost unheard of. Suspected gence agency helped them before the operation, when the into the embassy. He said em-
dissenters are sent to concen- travel to a third country. group checked into a hotel bassy staff were later inter-
tration camps, often with their A month after the killing of near the embassy to scout out viewed by Spanish authorities
families. In the absence of any Kim Jong Nam, Cheollima Civil the site. in the presence of more senior
internal opposition, North Ko- Defense introduced a website In February 2019, Mr. Hong North Korean officials, making
rean exiles and freelancers like showing a short video of his approached the embassy, their accounts “inherently un-
Free Joseon have stepped in. son, Kim Han Sol. where he identified himself as reliable.”
“Joseon” is the name of an an- The video was interpreted Matthew Chao, a managing Eventually Mr. Hong’s
cient Korean kingdom and is by many North Korea experts partner of a fictitious invest- group gave up on trying to
still used by North Korea to as an effort to show Kim Jong ment fund. Mr. Hong said he convince Mr. So. They re-
refer to itself. This is the full- Un that other family members, would like to speak to So Yun turned him to a conference
est account yet of the group who could potentially head a Suk, the commercial attaché— room where other embassy
and its activities. new government someday, re- the man he’d eventually try to staff were being held.
Mr. Hong, 36, and other mained safe. extract. Free Joseon members ran-
members are in hiding to Over the next year, the Mr. So came to the door, sacked offices looking for use-
avoid arrest and extradition to website boasted of two more where the two men held a ful intelligence. They grabbed
Spain. One associate, a former rescues and encouraged others brief conversation. It’s unclear two pen drives, two laptops, a
Marine named Christopher to ask for the group’s help. what they discussed. cellphone and a hard drive
Ahn, was captured by U.S. Two weeks later, Mr. Hong connected to an internal video
Marshals and is out on bail on returned, and approached the camera.
the condition he doesn’t com- Trouble in Italy North Korean Embassy at More than four hours had
municate with the group. He is When it came to extracting about 5 p.m. passed since the invasion be-
fighting extradition. North Korea’s top diplomat in This time, members of Free gan. At least three police pa-
A spokesman for Free Jo- Italy in 2018, Mr. Hong Joseon were standing out of trol cars were waiting outside.
seon said the group has pro- couldn’t have asked for a bet- sight up the road. They had Mr. Hong’s group found the
vided valuable intelligence to ter setup than the North Ko- ski masks and fake pistols, keys to three embassy vehi-
foreign governments, includ- rean Embassy in Rome. The plus knives, pipes, handcuffs, cles. They drove out the front
ing about North Korea’s nu- compound sits in a posh sub- safe house, according to peo- girl behind. She then asked to duct tape, a collapsible ladder gate and passed the waiting
clear program. It declined to urb where chauffeurs often ple familiar with their moves, return to Pyongyang to be and bags. police who took them for
comment on many specific wait in vehicles, making it and Mr. Hong arranged to de- with her grandparents, the let- The person at the door rec- North Korean diplomats, and
matters related to its activi- easy for a getaway driver to liver them to a Western gov- ter said. ognized Mr. Hong, who got away.
ties, including defections. blend in. ernment as political asylum Mr. Jo was unreachable and claimed to have an appoint- Mr. Hong stayed behind to
A U.S. official said Mr. Hong Getting to Mr. Jo was the seekers. Free Joseon declined to elabo- ment with Mr. So. The man in- ensure no one tipped off po-
has helped hundreds of North hard part. North Korean diplo- News of Mr. Jo’s defection rate on the girl’s situation. vited him inside the embassy lice. Then he and one other
Koreans defect, and added mats are rarely allowed to be leaked out thousands of miles North Korea observers say wall. group member slipped over a
that Free Joseon isn’t funded alone in public, part of a away in South Korea, where it’s possible the Jos purposely Left alone, Mr. Hong back wall, raced across a lot
or directed by the U.S. govern- Pyongyang policy to prevent intelligence sources learned of left their daughter behind, opened the outer gate for his behind the embassy and called
ment. people like Mr. Hong from lur- it through their own channels. given the history of defectors associates, according to inves- an Uber under the alias Os-
ing them to defect or recruit- Then reports emerged that who have made a difficult de- tigators. waldo Trump.
ing them into foreign intelli- Mr. Jo and his wife fled with- cision to leave loved ones be- Brandishing fake guns, they
A tightknit operation gence. out their daughter, who North hind. bound the wrists of the North
Free Joseon’s roots date to Several Italian lawmakers Korean officials have said suf- Other observers say they Koreans and placed bags over Disappeared
the early 2000s, when Mr. and activists said Mr. Jo, who believe it’s more likely the girl their heads. Back in the U.S., according
Hong—raised by Korean Amer- dressed in dark suits and the was left behind as part of A spokesman for Free Jo- to court documents and people
ican missionary parents in “Supreme Leader” pin that some mishap. Once defections seon said the men entered the familiar with events, Mr. Hong
Southern California—was a North Koreans must wear,
‘He was so are under way, they cannot be embassy peacefully and they scheduled a meeting with the
history major at Yale. Inspired launched into a defense of the intrinsically North halted, given the risks the plot placed bags over the heads of Federal Bureau of Investiga-
by a memoir of a North Ko- country at the slightest hint of would be uncovered and ev- the embassy staff for every- tion, where he turned over
rean escapee, Mr. Hong helped criticism.
Korean, we were all eryone involved executed. one’s safety, including Free Jo- material from the embassy, ex-
found a nongovernmental or- “He was so intrinsically shocked.’ Italy’s foreign ministry pro- seon’s. pecting agents to view him as
ganization called Liberty in North Korean, we were all vided no further information While the group subdued an informant working in the
North Korea. shocked” when he defected, other than to confirm the girl staff on the first floor, they national interest.
At the time, North Korean said Osvaldo Napoli, an Italian was sent back. North Korea’s missed one woman on the sec- The FBI decided it was too
refugees were pouring over lawmaker who heads a com- fers from an undisclosed psy- embassy in Rome declined to ond floor. risky to engage with a group
the country’s border with mission on cooperation with chological disorder. The girl comment. Believing the embassy was carrying out such operations
China seeking to escape fam- North Korea and met Mr. Jo had been left behind in the under attack, she had hidden on foreign soil. The agents di-
ine and the country’s brutal multiple times. embassy and was sent back to in her room and then climbed vulged Mr. Hong’s identity to
police state. China sent cap- Mr. Jo was living in Rome Pyongyang. A fake kidnapping out on her terrace and Spanish authorities.
tured refugees back to North with his wife and a daughter, That alarmed some Italian The trouble surrounding jumped. The FBI declined to com-
Korea. Many were tortured or then 17 years old, a sign of officials, given North Korea’s Mr. Jo’s daughter triggered She hit her head, which be- ment.
killed. trust given that some North history of brutal punishments soul-searching within Free Jo- gan to bleed, and injured her Spanish authorities pieced
Mr. Hong said in public Korean officials overseas must on families of suspected politi- seon, according to people fa- leg. She limped through a side together the events and fig-
talks that he organized teams leave loved ones in Pyongyang cal dissidents. miliar with the group’s think- entrance to the street. She ured out the names of other
to develop safe houses for ref- as insurance against defection. After Italian officials pub- ing. hailed a passing motorist who Free Joseon team members.
ugees in China so they could It’s unclear exactly how and licly raised concerns about the For a potential extraction of drove her to a clinic down the Spanish authorities have
reach friendly embassies or when Mr. Hong and Mr. Jo matter, North Korea’s embassy a diplomat and his family in road. charged Mr. Hong and four
countries open to helping met, but a person familiar sent a letter to Mr. Napoli. The Madrid, the group came up Police officers arriving on others with a range of crimes
them. The work was illegal un- with the matter said that Mr. letter said the defections were with the idea of making it look the scene couldn’t understand including breaking and enter-
der Chinese law. Mr. Hong said Hong adopted the pretext of spurred by a “family quarrel” like a kidnapping instead of a what she was saying. Using ing, assault, hostage taking,
his group set up dozens of being a businessman inter- between Mr. Jo and his wife defection, those people said. Google Translate, they realized theft and forgery.
safe houses and aided hun- ested in investing in North Ko- over how to care for their That might just save the man’s she was claiming intruders In April, U.S. Marshals
dreds of successful defections. rea. daughter’s condition. Follow- family from vengeance by the had invaded North Korea’s em- broke down the door in a Los
He eventually broke with After the Jos walked out of ing an intense dispute, the Kim regime, the group rea- bassy nearby. Angeles apartment used by
Liberty in North Korea. Han- the embassy, the Free Joseon pair walked out of the em- soned. More than an hour into the Mr. Hong.
nah Song, the group’s current driver took the couple to a bassy, intentionally leaving the On the team were Mr. Ahn; invasion, three Spanish police He had already gone under-
president, said it no longer ground. The FBI had earlier in-
has any connection to him. formed Free Joseon that it had
Mr. Hong began networking received credible intelligence
to form Free Joseon. Initially of a threat involving North Ko-
called Cheollima Civil Defense, rean assassins against the life
it grew into a tightknit opera- of Mr. Hong and other group
U.S. DEPARTMENT OF JUSTICE/ASSOCIATED PRESS

tion involving scores of peo- members.

ple, according to those famil- Inside the apartment was
iar with the group. Its Mr. Ahn, who was arrested. He
JUNG YEON-JE/AGENCE FRANCE-PRESSE/GETTY IMAGES

members helped identify high- was released on bail in July,

ranking North Koreans who while his lawyers prepare for
might be willing to defect and the extradition trial. His law-
relied on encrypted communi- yers declined to comment.
cations. The others remain at large.
Mr. Hong used multiple A wanted poster published in
phones, carried his electronics April 2019 for Mr. Hong said
in a bag lined with a metallic he was last seen driving a
fabric that blocks digital white 2017 KIA Soul with li-
eavesdropping, and met con- cense plate “ARDENT.”
tacts in corners of obscure ho- Above: Adrian Hong. Left: Kim He hasn’t been seen since.
tel lobbies around the world, Han Sol, son of Kim Jong Nam, —Giovanni Legorano and
those people said. who thanked Mr. Hong for aiding Ethan Millman contributed
Mr. Hong’s project became his escape. to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | A13

SPORTS
Short Season Gives Underdogs a Shot
WSJ Sports simulated the MLB season to figure out how radically a shortened year could change the playoff picture
BY CONRAD DE PEUTER The Chicago White Sox and
AND ANDREW BEATON San Diego Padres are unlikely

M
playoff contenders, but have a
ajor League better chance to make a run in
Baseball’s a shortened season.
season was
supposed to baseball data website. The
start last probability for each game
week. Fans should already was determined by the pro-
be stuffed with $8 hot portion of total team
dogs, $12 beers and jokes strength between the two
about the New York Mets. teams, and the schedule
But Opening Day was post- was determined by taking
poned because of the coro- the expected number of
navirus pandemic, and it games in a shortened sea-
isn’t clear when the season son and randomly sampling
will begin—if it ever does. that many games from a
Still, one thing is certain: full season. Then each sea-
with every day that passes, son was simulated 10,000
the 2020 season gets times, each simulation be-
shorter and shorter. And ginning two weeks after the
while it may be impossible next, and voilà. We could
to know exactly what MLB’s see how often every team
season will look like, it’s made the playoffs.
possible to answer a The simulation’s results
slightly different question: over the 162-game season
How would a shortened fell in line with popular
season affect every team’s predictions. And as the sea-
chances of making the play- son got shorter and shorter,
offs? the results got wackier and
The Wall Street Journal wackier.
ran a program to quantify After two weeks, the
precisely this. From various Dodgers’ playoff chances
starting dates—beginning fell just a smidge from 94%
on March 26, when Opening to 92%. Two weeks after
Day should have been, and that, they were down to
then every two weeks after 91%. By the middle of May,
that all the way until Au- their chances slipped near
gust—we simulated the sea- 85% for the first time and
son 10,000 times for each they continued to tumble
start date. after that. With the season
Tens of thousands of starting in the middle of
simulations showed that, as August, they had fallen to
the season shrinks, the best 66%.
teams like the Los Angeles On the other end of the
Dodgers and New York Yan- spectrum, the helpless and
kees see their chances Every MLB team’s playoff chances based on length of the MLB season of the best teams in base- hapless received glimmers
plummet. Wild-card con- 100% ball. The Baltimore Orioles of hope. The Seattle Mari-
tenders like the St. Louis The Los Angeles Dodgers’ chances are one of the worst teams ners made the playoffs 0%
Cardinals and Tampa Bay of making the playoffs go from in baseball. The idea of the of the time in the 162-game
Rays see their chances 93.5% if the season began on the Orioles finishing the year simulation. But if the sea-
slide. Meanwhile, teams New York Yankees original opening day down to 66% with a better record than son began as late as Au-
that really have no business 80 with an Aug. 13 start date. the Yankees is even more gust? Well, then they’d at
playing playoff baseball in ridiculous than an orange- least have a 5% shot.
CHANCE OF MAKING THE PLAYOFF

a 162-game campaign—such Houston Astros speckled blackbird grinning No team gained as much
as the Chicago White Sox and wearing a baseball cap. ground as the Texas Rang-
and San Diego Padres—sud- But in any individual ers, who saw their playoff
60
denly have a chance. game, or series, pretty chances rise 18 percentage
For example: In 10,000 much anything can happen. points to 23%. The Angels
simulations of a full season, The Orioles can even beat were also big gainers, going
the Los Angeles Dodgers the Yankees. In fact, Balti- from 22% to 37%, and this
made the playoffs in 94% of 40 more began last season by doesn’t even take into ac-
them, more than any other taking two-of-three games count the boost they could
team in baseball. But if the against New York. Over the get later in the season with
season didn’t begin until Los Angeles Angels course of the rest of the Shohei Ohtani’s return to
the end of July, the Dodg- season, though, the Yan- the mound.
20 Toronto Blue Jays
ers still made the playoffs kees won the next 17 games Importantly, though, the
A shorter season benefits the Texas Rangers
the most often, but only more than any other team, increasing their between these two teams original favorites—teams
70% of the time. By con- odds by 18 pct. pts. and won 104 games. The like the Dodgers, Yankees,
trast, the Toronto Blue Jays Orioles won just 53. Astros and Twins—re-
made the playoffs in only 0 Small sample sizes breed mained the favorites. The
2% of the full-season simu- April May June July Aug. randomness. Large ones difference is that they be-
lations, but that number SIMULATED OPENING DAY help eliminate just that. came less prohibitive favor-
MATT YORK/ASSOCIATED PRESS

Source: WSJ modelling of Fangraphs data

leapt to 15% in a season be- And this simulation shows ites. The top teams slunk
ginning late July. how significant the effect down while the bottom
There are a couple of have looked radically differ- nately for the Nationals, Houston Astros to win the could be if and when MLB teams crept up. Everyone
ways of understanding why ent. At the end of May, the the season didn’t end then. World Series. picks back up again. moved toward the middle.
this is true. The first is Washington Nationals were They had the best record in The second way is to In the simulation, the Only one thing stayed in
simply by looking at last 24-33. That was the third the NL over the rest of the take the idea of small sam- strength of each team was each and every iteration:
year. If the season lasted worst record in the Na- season, made the playoffs ple sizes to an extreme. The determined by metrics on The Detroit Tigers still had
only two months, it would tional League. But fortu- and then buzzed past the New York Yankees are one FanGraphs, the popular a 0% of making it.

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d t 30s <0
Gridiron Traditions Are Halted
Vancouver
Vancouver Calgary
C ary
Cal
20s
0s BY LAINE HIGGINS
30s 10s
Winnipeg
ip
Seattle
ttl 20s THE FIRST GAME OF THE
Portla d
Portland 30s 30s 40s 30s 2020 college football season
Helena Montreal
Ottawa
Eugene
g Billings
Bismarckk
Augusta
A g t 40s is still five months away, but
50s the sport is already reeling
30s 40s 50s l /St Paul
Mpls./St. P Toronto
T t Ab y
Albany
t
Boston 50s
i
Boise 30s Pierre
P
k
Milwaukee from the NCAA’s decision to
Sioux
oux FFalls
ll Detroit Buffalo rtford
Hartford 60s
l cancel athletics for the
JOSHUA L. JONES/ASSOCIATED PRESS

40s 40s Cleveland

Cl l d
Cleve ew York
New Y k 70s
Reno lt Lake
Salt L C
City 60s ess Moines
Des i h
Chicago 50s 2019-20 academic year.
50s 40s Ch y
Cheyenne Ph
hil d lphi
Philadelphia 80s
Pittsb gh
Pittsburgh
Sacramento Springfield
p Omaha
h Springtime gridiron tradi-
60s 90s
an Francisco
San i 50s Denver Kansas
C y
City
d p
Indianapolis
Topeka
hington
50s Washington gton D.C.
DC
tions have ground to a halt
Colorado
C d Ch l t
Charleston Richmond
h d 100+
70s 60s Las Springs
p gWichita
hit St.. Louis and the regular hum of the
Ve
Vegas L
Lou ill
Louisville
60s Raleigh
l igh
h
A
Angel
Los Angeles 70s 50s F 50s
Santaa Fe 50s h ill
Nashville recruiting cycle has fallen si-
Ch l tt
Charlotte
70s Albuquerque
Ab q q
phi
Memphis
70s Columbia
C b
lent. These disruptions could
San Diego 80s Phoenix
Ph Oklahoma City
L e Rockk
Little Atl t
Atlanta Warm Rain change where and when pro-
Tucson
Tuc
50s
Birminghamh
80s Ft. Worth Jackson
J ack
Cold
spective athletes choose to
80s T-storms
El Paso
P D
Dallas
Mobile
bil Jacksonville sign, potentially remaking the
20s Austin
A Stationary Snow balance of power in the sport Georgia football’s practice field sits empty in Athens, Ga.
San
n Antonio
A i Newew Orleans l d
Orlando
80s t
Houston Tampa for years to come.
30s Showers Flurries “There’s so much uncer- ing year’s class. competitive advantage and
A h g
Anchorage Honolulu
l Miami
40s tainty still,” said Dave Emer- It’s especially problematic one-upmanship,” said Pac-12
70s Ice ick, Mississippi State’s senior because of changes to the re- commissioner Larry Scott in
associate athletic director for cruiting calendar the NCAA an interview with The Wall
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W football. “We’re kind of taking introduced in recent years. In Street Journal on Monday.
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 50 31 s 59 51 pc Frankfurt 59 39 s 68 42 s it one day at a time.” 2017, it introduced an “early The delay means that foot-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 88 65 s 81 64 pc Geneva 60 39 s 65 40 pc Typically, the spring signing period” that allows ball staffs have effectively
Today Tomorrow Philadelphia 57 45 pc 64 48 c Havana 88 65 s 88 66 s
City Hi Lo W Hi Lo W months are a crucial evalua- top prospects to sign with a lost more than three months
Phoenix 85 59 s 85 57 s Hong Kong 75 66 t 72 65 c
Anchorage 41 35 c 41 26 sf Pittsburgh 62 45 pc 58 38 c Istanbul 53 48 r 51 46 sh tion period in football. Pro- school in December rather of time to forge in-person re-
Atlanta 77 57 pc 79 58 pc Portland, Maine 49 36 pc 48 37 c Jakarta 89 77 t 90 77 t grams hold practices and than February. lationships with recruits.
Austin 59 53 r 68 63 sh Portland, Ore. 53 43 r 60 42 c Jerusalem 76 65 s 77 52 pc stage intrasquad games to But this year, a new NCAA At Ohio State, former head
Baltimore 62 46 pc 67 49 c Sacramento 58 50 r 56 42 r Johannesburg 61 50 sh 71 52 pc
Boise 57 40 c 59 42 c St. Louis 54 44 t 64 53 pc London 59 45 pc 66 51 pc preview their depth charts. rule intended to depressurize coach Urban Meyer signed 21
Boston 44 36 c 50 39 c Salt Lake City 64 46 pc 63 52 c Madrid 66 49 pc 63 53 sh Freshmen who enrolled the recruiting calendar turned players in December in 2017,
Burlington 53 40 pc 56 33 c San Francisco 59 50 r 57 45 r Manila 96 77 s 96 78 s early—a practice that is February into a “dead period” his final year of coaching in
Charlotte 75 48 s 76 53 pc Santa Fe 65 39 s 68 40 s Melbourne 58 47 sh 60 49 sh
Chicago 51 36 sh 53 39 s Seattle 52 41 c 54 40 c Mexico City 77 55 t 80 55 pc strongly encouraged at pow- during which coaches were Columbus.
Cleveland 58 43 pc 50 33 pc Sioux Falls 48 29 s 59 45 pc Milan 66 42 s 66 43 s erhouse programs—can get barred from visiting or initi- In 2018, despite being
Dallas 54 48 t 63 56 c Wash., D.C. 63 48 pc 68 51 c Moscow 47 29 pc 40 25 pc up to speed with the play- ating contact with recruits. named head coach just 15
Denver 59 36 s 69 41 pc Mumbai 92 80 pc 92 79 pc
book far ahead of the season. When the NCAA canceled days earlier, Ryan Day signed
Detroit
Honolulu
58 40 pc 55 33 pc
82 69 sh 81 70 sh
International Paris
Rio de Janeiro
63
80
43 pc
71 s
70 48 pc
79 71 pc But a bigger problem may sports on March 13, it im- 15. Last December he inked 24
Today Tomorrow
Houston 66 58 r 73 66 pc
City Hi Lo W Hi Lo W
Riyadh 91 67 pc 92 73 s be preparing for 2021 and be- posed another dead period players, saying “that’s a full
Indianapolis 64 41 c 58 46 pc Rome 66 43 s 66 44 s
Kansas City 50 35 s 62 54 pc Amsterdam 56 42 pc 67 49 pc San Juan 86 74 pc 83 74 sh
yond. College football coaches until April 15. class right there.” Only one
Las Vegas 77 56 s 76 54 pc Athens 61 54 r 60 50 r Seoul 56 32 s 58 32 s who are paid to be good in a On Wednesday, the NCAA more player joined the roster
Little Rock 65 52 t 71 57 c Baghdad 84 57 pc 87 65 c Shanghai 69 46 pc 59 48 pc recruit’s living room are in- extended the restrictions to on National Signing Day on
Los Angeles 70 58 s 63 55 r Bangkok 99 83 pc 98 82 pc Singapore 89 80 sh 89 79 t
Miami 85 69 s 84 71 pc Beijing 65 37 s 69 43 pc Sydney 80 56 s 75 56 s
definitely barred from living May 31 and left open the pos- Feb. 5, 2020.
Milwaukee 48 33 sh 47 36 s Berlin 52 35 pc 60 43 s Taipei City 68 61 r 68 61 r rooms thanks to the pan- sibility of further extensions. That trend was expected to
Minneapolis 47 30 pc 57 44 pc Brussels 58 40 s 69 49 pc Tokyo 67 52 s 54 46 c demic. They can’t fan out Recruiting for the Class of accelerate across college foot-
Nashville 76 52 pc 76 53 pc Buenos Aires 76 64 s 76 59 pc Toronto 51 38 c 55 31 pc
New Orleans 81 65 c 81 67 c Dubai 93 75 s 91 71 s Vancouver 48 37 c 51 37 pc
across the country to coax 2021 is on indefinite hiatus. ball until the NCAA’s corona-
New York City 56 45 pc 58 46 c Dublin 53 45 pc 58 41 sh Warsaw 51 30 pc 56 35 s verbal commitments out of “This should not be a time virus-related cancellations
Oklahoma City 54 40 s 65 54 c Edinburgh 53 42 pc 63 48 pc Zurich 59 32 s 65 35 pc elite prospects for the follow- when people are focused on materialized.
A14 | Saturday/Sunday, April 4 - 5, 2020
Baseball Fanatic Put
Atlanta in Big Leagues
BY JAMES R. HAGERTY
W
hen William Bartholomay
decided to move the Mil-
waukee Braves baseball
team to Atlanta, Bud Selig, one of
the team’s biggest fans, was furi-
ous. “The anger in Milwaukee was
unbelievable,” Mr. Selig recalled in
an interview.
The bitterness lingered long af-
ter the move to Atlanta was com-
pleted in 1966. Yet a mutual love
of baseball finally reconciled the
two men. Mr. Selig bought the Se-
attle Pilots and moved them to
Milwaukee as the Brewers. He
served as acting commissioner and
then commissioner of Major
League Baseball from 1992 to 2015.
One of his closest friends and ad-
visers turned out to be Mr. Bartho-
lomay.
“ ‘You ought to thank me,’ ” Mr.
Selig recalled Mr. Bartholomay
saying. “ ‘Without me moving the
Braves, you don’t own the Brewers
and you’re not commissioner of
baseball.’ And he was right.”
Mr. Bartholomay died of an in-
fection, unrelated to the novel cor-
onavirus, on March 25. He was 91.
The Braves’ move, bringing MLB
to the Southeast, made Mr. Bar-
tholomay a hero in Atlanta. He
won praise in 1968 for hiring
Satchel Paige as an informal ad-
viser so the legendary pitcher
could qualify for an MLB pension.
He was near home plate to greet
Hank Aaron after the Braves star
hit his 715th career home run, sur-
passing Babe Ruth, in 1974. He met
every baseball commissioner from
Kenesaw Mountain Landis onward.
Selling tickets was another mat-
ter. In 1966, their first season in
Atlanta, the Braves had a total
home attendance of more than 1.5
million. That dwindled over the
next decade, reaching an abysmal
535,000 in 1975, when the Braves
won 67 games and lost 94.
In 1976, Mr. Bartholomay sold
the team to Ted Turner for an es-
   
OBITUARIES
W I L L I A M B A R T H O L O M AY
1928 — 2020
timated $11 million. (Asked a few
months earlier about rumors he
might buy the team, Mr. Turner
said, “Where would I get the
money?”) Mr. Bartholomay re-
mained chairman of the team until
2003. Though he needed a walker,
he visited the Braves at this year’s
spring training a few weeks before
he died.
William Conrad Bartholomay
was born Aug. 11, 1928, and grew
up in the posh Chicago suburb of
Winnetka. His father and paternal
grandfather were insurance bro-
kers.
H
e played baseball and soft-
ball as a boy in Lake Ge-
neva, Wis., where his family
had a summer home.
He saw his first World Series
game in 1938, when the Yankees,
featuring Joe DiMaggio, crushed
the Cubs in four games.
At North Shore Country Day
School in Winnetka, he played for
the baseball team; he later de-
scribed himself as a “very slow,
unexciting” second baseman.
After studying at Oberlin Col-
lege, he returned to Chicago to try
his hand as an entrepreneur. He
founded a chain of toy stores and
D TIME OF
E
IT
invested in a candy company. In
the evening, he attended Lake For-
est College, where he graduated
with a business degree in 1955.
“I was always bugged in those
early years by not having a specific
goal,” he said later. “I dabbled in a
lot of things.”
He settled down at Bartholomay
& Clarkson, the family insurance
brokerage firm, acquired in 1963
by Alexander & Alexander Inc. Mr.
Bartholomay worked for Alexander,
Willis Group and other insurance
brokers during a long insurance
career.
In 1962, after hearing that the
Milwaukee Braves might be for
sale, he made an appointment with
the owner, Louis Perini, and se-
cured an agreement for an investor
group he led to acquire 90% of the
team. Mr. Bartholomay became
chairman.
The Braves had sluggers Hank
Aaron and Eddie Mathews, along
with the veteran pitcher Warren
Spahn, but finished sixth among
the 10 National League teams in
1963 and fifth in 1964, when home
attendance totaled about 911,000,
down from 2.2 million in 1957.
Mr. Bartholomay later told the
Atlanta Journal-Constitution that
geographically the Braves were
boxed in. The two Chicago teams
were only 90 miles south, and the
Minnesota Twins, who made their
debut in 1961, lured fans from
western Wisconsin. Meanwhile, At-
lanta officials were courting him
with promises of a new stadium.
His survivors include a longtime
companion, Bethine Whitney, as
well as five children and numerous
grandchildren and great-grandchil-
dren. His two marriages ended in
divorce.
On his 90th birthday, he was
asked to name the most memora-
ble moment of his life. “I’m still
waiting for it,” he said.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
ADVERTISEMENT
Do-It-Yourself Engineering
Taught by Professor Stephen Ressler
U
* ***
CHLOE AARON
1938 — 2020
Executive Guided
Programming for PBS
C
hloe Aaron was arguably
the most influential woman
in television in the late
1970s, when she served as head
of programming for the Public
Broadcasting Service. She was
certainly one of the few women
in positions of leadership.
As a senior vice president from
1976 to 1980, she promoted pro-
grams including the documentary
“Harlan County USA,” a five-part
presentation of Eugene O’Neill’s
“Mourning Becomes Electra” and
live opera performances.
“We’re blessed with not having
to make money with everything
we put on the air,” she told the
Associated Press in 1978.
Still, she cared about ratings.
“Some people in public television
think the numbers should never
HANS STOLL
1939 — 2020
Professor Explored
Pricing of Risks
F
rom a quiet academic perch
in Nashville, Tenn., Hans
Stoll studied the math un-
derlying transactions made by
frantic traders of futures, options
and stocks in Chicago, New York
and other financial centers.
A German immigrant who was
a longtime professor of finance at
Vanderbilt University, Dr. Stoll
was well known in financial-re-
search circles and often quoted in
The Wall Street Journal and other
publications. He died March 20 at
his home in Nashville. He was 80
and had been under treatment for
Parkinson’s disease.
Dr. Stoll earned his doctoral
degree at the University of Chi-
cago in the mid-1960s when the
school was abuzz with fresh
thinking on how financial risks
THE WALL STREET JOURNAL.
be mentioned. I think that’s an ir-
responsible attitude,” she said. “If
nobody watches it, you’re wasting
people’s money.”
She gave PBS more of a na-
tional identity by persuading in-
dependent-minded local affiliates
to air common programming sev-
eral nights each week.
During a long career, she also
was a magazine writer and pro-
ducer of television programs. In
the 1980s, she secured funding
from the MacArthur Foundation
to provide low-cost videocas-
settes of PBS and BBC classics to
public libraries.
Ms. Aaron died Feb. 29 at her
home in Washington. She was 81
and had been under treatment for
cancer.
—James R. Hagerty
are priced. His professors in-
cluded Milton Friedman, and he
befriended two future winners of
the Nobel Prize in economics, Eu-
gene Fama and Myron Scholes.
He did pioneering work on the
economic factors determining the
gaps between bid- and ask-price
quotes on stock exchanges. Two
important factors, he found, were
trading volume and the costs
borne by market makers while
holding inventories of stocks.
Dr. Stoll also developed an
equation he called put-call parity,
widely used by stock-option mar-
ket makers in hedging risks.
For his 80th birthday, Dr.
Stoll’s family gave him a pinball
machine, celebrating what they
saw as his only youthful vice.
—James R. Hagerty
    

FE
LIM

70%
R

  

off 1. Why DIY Engineering?

2. Exploring the Science of Structure
18
OR

DE L
R BY A P RI 3. Design and Build a Cardboard Tower
4. Bridging with Beams
5. Make a Suspension Bridge
6. Design a Concrete Sailboat
7. Set Sail!
8. Make a Radio-Controlled Blimp
9. Exploring Aerodynamics
10. Build a Model Airplane
11. Take Flight!
12. Build a Model Helicopter
13. This Is Rocket Science
14. Build a Rocket
15. Make an Electric Launch Controller
16. Let’s Do Launch!
17. A Tale of Three Catapults
18. Build a Ballista, Onager, and Trebuchet

A Do-It-Yourselfer’s 19. Design a Hydraulic Arm

20. Make a Water Turbine

Dream Come True 21. Design a Gear Train

22. Make a Mechanical Clock
23. Design a Motor-Powered Crane
The best way to learn science is by doing science. It’s also the most enjoyable. You
24. Creative Design: A Tribute to Rube Goldberg
can confidently tackle a working suspension bridge, airplane, helicopter, catapult,
clock, and other technological wonders, learning key engineering concepts along the
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THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with John Catsimatidis | By Tunku Varadarajan
A Coronavirus Bull Market for Groceries
I
New York
n the days before the Wuhan
coronavirus hit America
hard, widespread alarm en-
sued. This expressed itself
most obviously in the flock-
ing to supermarkets. Shelves were
depleted of their contents, with a
few items—such as hand sanitizer,
disinfectant wipes and Lysol prod-
ucts—becoming prized and scarce.
Of all the things dear to American
civilization, toilet paper became
the leitmotif of the country’s col-
lective panic.
The run on toilet paper makes
grocer John Catsimatidis angry,
even though its recent sales are
bound to have fattened his bottom
line. “There’s a rumor that there
will be a shortage of toilet paper—
and then there is a shortage of toi-
let paper,” he sputters over the
telephone. (This interview was con-
ducted pursuant to social-distanc-
ing best practices.) There is no real
The owner of Manhattan’s
largest supermarket chain
on panic buying, mask-
clad cashiers, and how the
pandemic will permanently
change his business.
shortage of toilet paper, he insists,
describing any passing scarcity as
the result of unhinged demand.
“What do you normally have at
home, maybe four rolls? Now
homes have 12, 24, 36.” As for
Purell, he says, people “normally
don’t have it, or one bottle at home
at best. Now they have one in ev-
ery room.”
New York is the American city
hardest hit by Covid-19, and Mr.
Catsimatidis, 71, is New York’s gro-
cer. He owns one chain of super-
markets, Gristedes, and a control-
ling interest in another, D’Agostino.
With 34 stores in total, his is the
largest supermarket presence in
Manhattan (with a store each, he
insists I note, in Brooklyn and on
Roosevelt Island, which sits in the
East River but is part of the bor-
ough of Manhattan). The Forbes
400 list of wealthiest Americans
reckons his net worth at $3.3 bil-
lion, money made from loo paper
Social Distancing Comes Naturally in South Dakota
Rapid City, S.D.
The prisoners were
panicking in Pierre.
On March 23, an in-
mate at the Pierre
Community Work
Center, South Da-
CROSS
COUNTRY kota’s minimum-se-
curity prison for
By Faith
women, was taken
Bottum
to be tested for
Covid-19. Her fellow
prisoners decided they were
doomed. At 8:43 p.m. they jimmied
open an exterior door, and nine of
them escaped into the night, fleeing
the disease.
The escapees were among the
few Dakotans showing much sign of
concern. Reading about China, New
York and Italy, it’s tempting to be-
lieve the end times have come. Prai-
rie people aren’t so apocalyptic.
In February, government officials
and newspaper columnists were
mulling the possibility of riots and
looting, as though the Great Plains
were about to become the set of
“Mad Max.” A few weeks later and
things have settled. These days the
Rage Against the ‘Bioethicists’ and the Dying of the Light
By Lee Siegel
I
keep thinking of Dylan Thomas:
“Do not go gentle into that good
night. / Rage, rage against the
dying of the light.” What has drawn
this verse up from childhood mem-
ory is the debate, once limited to the
rarefied precincts of bioethical con-
ferences and worst-case-scenario
policy papers, about the rationing
and imposed do-not-resuscitate or-
ders at hospitals overwhelmed by
coronavirus patients.
As a rational member of society, I
understand why such a morally
fraught issue has become a subject
of everyday discussion. Doctors and
nurses are seeing their emergency
rooms and hospitals overcome by
patients with pneumonia. The device
that can keep alive the most criti-
cally ill of these patients is the ven-
tilator, which enables them to
breathe when they cannot. Many of
these hospitals face a shortage of
ventilators. This means that doctors
will have to make agonizing deci-
sions about who gets one.
Not only that, but given the
* * * *
gone gangbusters, real estate and
oil.
“There is no reason to panic
about supplies,” Mr. Catsimatidis
says. “I want people to know that.
Only panic buying causes short-
ages.” Immediately, he texts me a
picture, taken at one of his stores,
of shelves stacked with paper
goods. The virus has doubled his
business. “Before the jump in de-
mand,” he says, “around 200 trucks
unloaded at our stores every day.
Now we’ve got 400 trucks daily.”
In a few days, the local super-
market was transformed from a
mundane place every American
took for granted into a shrine to
human survival. Mr. Catsimatidis
counsels Americans who wish to
KEN FALLIN
stock up to buy “no more than two
to three weeks’ worth of supplies.
Most people have stuff for three
days, in normal times. They don’t
need stuff for two or three
months.”
The grocery industry is one of
the few in America that are hiring
at a time when many businesses are
laying people off. Mr. Catsimatidis
says that he’s hired 100 additional
employees at his stores: “We found
that our loyal staff were working
something like 70 hours per week,
and we had to lighten the load.”
Will he keep them on after the cri-
sis? “It depends on our needs,” he
answers, “and it depends on the
mood of New York’s people.”
An epidemic poses special chal-
lenges to face-to-face retail. “We’ve
put up a visible guard between cus-
tomers and employees at the
checkout,” Mr. Catsimatidis says,
as he texts me a photo of a masked
employee behind a transparent
screen at a register. “And we put
tape on the floor near the checkout
to mark a 6-foot distance for cus-
tomers.” The stores are distribut-
ing masks to employees. “We have
our stores fumigated every night,
and we have our managers moni-
toring the temperature of every
employee before they come in and
log in.” He adds ruefully that
“we’re short thermometers right
now.”
In response to a question about
employee morale, Mr. Catsimatidis
says “we have a few” who are un-
happy, “but not as many as Whole
Foods or Amazon.” It helps that he
gets along with the unions that
represent his employees: “I’m in
mood is surprisingly relaxed. Chalk
it up to a simple fact: South Dakota
has seen few cases of coronavirus.
As of April 3, it had some of the low-
est numbers in the country, with 165
confirmed cases, two deaths, 57 re-
coveries and 4,217 negative tests.
Perhaps something more elemen-
tal explains the lack of alarm. “Mid-
westerners aren’t really panickers,”
says José-Marie Griffiths, president
of Dakota State University. South
Dakota is an agricultural state, a
place where the foundation of local
culture remains the old farms and
ranches. People are taught from an
early age to keep their feelings to
themselves, work hard and expect
that something will go wrong. A
deadly pandemic threatening lives
and livelihoods only confirms every-
body’s worldview. The social expec-
tation is impassivity.
This sangfroid irritates some.
“We’ve been sitting here for two
hours listening to public comments,
and the majority of them were
against taking harsh actions,” com-
plained Rapid City Mayor Steve Al-
lender at a City Council meeting on
shortage of personal protective
equipment, doctors and nurses risk
infection when they intubate a pa-
tient or resuscitate someone having
a heart attack. Even doctors and
nurses who are protected under-
standably fear getting infected and
infecting their families. Some avoid
such a danger by issuing an order
not to resuscitate patients they
deem beyond saving.
To repeat, as a rational member
of society, I understand the cold cal-
culation of letting one person die to
save many and of preserving the in-
dispensable lives of doctors and
nurses.
As a particular human being,
however, I do not have a socially re-
sponsible, rational response. I am a
62-year-old man with two young
children and an asthmatic allergy
that makes me vulnerable to lower
respiratory diseases. I almost died of
pneumonia when I was a child, and
I get bronchitis almost every year.
I am revolted by any doctor who
says that he would, in a split second,
make the decision to refuse to put
me or someone I love on a ventilator
OPINION
business 51 years. We’ve been
unionized 51 years. And we’ve
worked with them 51 years.” Many
of the employees at Gristedes and
D’Agostino have been “very loyal,
working with the company for 10,
20, 30 years.”
Mr. Catsimatidis says the pan-
demic will have a “huge impact”
on how Americans live—and how
they shop. He sees changes in be-
havior unfolding in real time that
he doesn’t think will be reversed
once the coronavirus abates. “You
have the brick-and-mortar stores
like ours, and the internet compa-
nies that deliver, like Instacart.”
People are ordering “the heavy
stuff, the paper goods” online,
and won’t stop. “They’ll rather
have it delivered and pay the ex-
tra dollar than—how do you say
that Jewish word?—schlep it
home themselves.”
W
ith the paper-goods busi-
ness migrating online and
“half of all drugstore space
now used for food,” Mr. Catsima-
tidis says supermarkets like his
may have to repurpose themselves
into “convenience stores where
people come to buy specific food
products.”
Yet the closure of restaurants is
helping the supermarket business.
Dining out is prohibited under
emergency executive orders, and
many eateries have shuttered take-
out and delivery too. This redounds
to the supermarkets’ advantage,
March 22. Nonetheless, Rapid City
did order the closing of some public
businesses, even while Mr. Allender
tried to reassure his constituents
that he was not planning a citywide
shutdown. Sioux Falls, on the other
hand, has prohibited gatherings in
bars, restaurants and city-owned
property.
The pace of life on the
prairie is always slow and
steady, so few are panicking
about the coronavirus.
With well under a million people
spread across 77,000 square miles,
South Dakota was practicing its own
form of social distancing long before
the coronavirus came along. Most of
the state’s current measures are
prophylactic, drawn more from na-
tional and international news than
from anything local. What works in
a big coastal city may not be helpful
in a place like Custer, population
or, despite being fully protected, re-
fuse to resuscitate us.
When I hear talk of shortages and
risk, I respond, emotionally and self-
ishly: “Get some then!” And, “But
you’re a doctor!”
Why are we so eager to
have ‘socially responsible’
conversations about how
to let Covid patients die?
Much of President Trump’s appeal
is that he says—or tweets—thoughts
that more politic figures suppress. I
am no fan of this president, but I
find the calm, decorous debate in
the media over who should be saved
in a hospital—and who should not—
disingenuous in the extreme.
Part of the reason is that none of
these people, despite their politi-
cally correct attitudes, stop to con-
sider the influence that race, class
or sexual identity might have on
such dire decision-making. Just
Saturday/Sunday, April 4 - 5, 2020 | A15
and Mr. Catsimatidis thinks that
may continue after the crisis.
In normal times, “60 cents of ev-
ery food dollar spent in New York
City is spent in restaurants,” he
says. “Let me say that again: 60%
of the food eaten in New York is
made by restaurants. And this is
where the real increase in business
is coming to the supermarkets
right now.” New Yorkers who sel-
dom cooked have had to take to
their kitchens under lockdown.
“Some of them are making good
food at home,” he says. “Really
good food.”
Mr. Catsimatidis thinks the
eclipse of restaurants could have a
profound impact on New Yorkers’
habits. “People are getting used to
staying home, and restaurants
could be hurt by it if we decide we
like eating at home.” The pandemic
could accelerate a similar change in
the entertainment business: “Tell
me, when you go to the movies, do
you know who you’re sitting next
to? No, you don’t. Wouldn’t you
rather stay home and pay Disney
$30 to watch a first-run movie?”
The grocery mogul’s life, it could
be said, is not unlike a movie
script. Born on Nisyros, a tiny
Greek island, he was 6 months old
when his parents migrated to the
U.S. They settled in Harlem, where
he grew up on 135th street. His fa-
ther worked as a busboy. Mr. Catsi-
matidis bought his first grocery
store while he was an undergradu-
ate at New York University. He
2,067. South Dakota’s population
density is around 11 people per
square mile. For comparison, New
York City has more than 26,000 peo-
ple per square mile.
Even in a place where life moves
slower, things are slowing down.
“We are seeing huge increases at
the state level in unemployment,
people that do not have jobs, that
are needing help to pay their bills,”
Gov. Kristi Noem said on Thursday.
Still, the rural Midwest may suffer
less than other regions, with de-
mand for livestock, wheat and corn
likely to remain strong.
It’s no consolation to the busi-
ness owners and workers who are
already suffering to say that things
aren’t as bad as they could be, but
the real effect on the state’s econ-
omy won’t be felt until summer.
Tourism supports roughly 55,000
jobs in South Dakota, and last sum-
mer visitors spent $4.1 billion. Note
that the total state budget in 2019
was only $4.9 billion.
Tourists won’t be coming from
overseas to see Mount Rushmore or
the Badlands this year. Americans
when wokeness might for once pro-
vide an important insight, liberals
given to abstractly musing about
medical rationing pretend that we
live in a just and equal society.
Such “socially responsible” talk
has two effects. One is to confer a
kind of vicarious altruism on the
people who indulge in it. The other
is to normalize a horrifying practice,
one that should not even be consid-
ered except in extremis.
What is curious about the report-
ing on such debates is that it seldom
presents a debate. You usually get a
doctor, or more often a “bioethi-
cist”—an academic who is neither a
physician nor a scientist—comfort-
ably explaining the ins and outs of
allowing a hospital patient—an ines-
timably precious human being—to
die.
What you don’t get is the per-
spective of a doctor who would
rather risk his life than allow a pa-
tient to die. You don’t hear from the
vast majority of doctors and nurses
who don’t consider themselves “he-
roes” for going to work during the
pandemic, because healing people is
dropped out eight credits short of
graduation, and now lives palatially
on Manhattan’s Fifth Avenue, a
man of self-made wealth. In 2016
his native Greece honored him by
putting his likeness on a postage
stamp. A former “Bill Clinton Dem-
ocrat,” he unsuccessfully sought
the 2013 Republican nomination
for mayor of New York. His oppo-
nent went on to lose to Democrat
Bill de Blasio.
How would he handle the crisis
if he were in City Hall? “I’d be sit-
ting down with Donald Trump and
saying, ‘What else can you do for
me? Please. And thank you, sir.’ ”
He contrasts this with the combat-
ive approach Gov. Andrew Cuomo
initially took: “I gave Cuomo some
advice. I said, ‘Donald Trump,
whether you like him or not, is the
president of the United States.
You’ve got to decide. He can move
mountains for you if you’re nice to
him. You don’t want to be nice to
him? You’re not going to get as
many mountains.’ And I think I had
an effect on Cuomo.”
T
he supermarket business,
Mr. Catsimatidis says,
“changes every 10 years or
so.” The food he sells in his stores
today bears little relation to the
stock on display at his first Red
Apple grocery half a century ago.
The most notable change of late
has been in the volume of produce
sold. “Ten years ago,” he says,
“your produce departments did 7%
of store sales and your meat de-
partments 17%. Now they have
flipped. Produce and vegetables
are way up there; meat products
are way down.”
He expects the pandemic will
drive the next great change, a de-
monstrative focus on hygiene.
There will be a next generation of
packaging. “People won’t be touch-
ing the produce so much, or touch-
ing it at all. Everything will be
packaged around human handling.”
Prodding the tomato or sniffing the
melon before you buy may be a
thing of the past. “The mood will
demand that everything be clean,
untouched. I think the people’s
mood will be very important for us,
in everything we do.”
Mr. Varadarajan is executive ed-
itor at Stanford University’s Hoo-
ver Institution.
from other states might not risk vis-
iting either. Hundreds of thousands
could skip the annual Sturgis Motor-
cycle Rally in August, which usually
puts a bulge in state coffers. Busi-
nesses that cater to tourists typi-
cally carry winter losses in anticipa-
tion of summer sales. Their lines of
credit are already stretched as far as
they will go.
For now, at least, South Dakotans
seem to be pressing on in their
usual way. After 150 years, some-
thing of the prairie—the open
spaces, the distant horizons—has
worked its way into the stoic souls
and laconic speech of those who live
here. People here know how to keep
their distance. It comes naturally.
By the end of the week, seven of
the nine women who escaped the
Pierre Community Work Center had
been recaptured. The warden re-
signed, of course. But even at the
women’s prison, life goes on pretty
much as usual.
Ms. Bottum is a civil-engineering
student at the South Dakota School
of Mines.
a sacred obligation that they have
vowed to fulfill every day of their
own inestimably precious lives.
The complacent tossing about of
apocalyptic scenarios in which doc-
tors—or hospital administrators—
allow patients to die is a product of
the liberal media’s view that short-
ages of ventilators and protective
equipment are a catastrophic dys-
function of uncaring or corrupt
politics. In reality, it is the result of
a tragic situation that leaders
failed to foresee, and that society
inevitably will encounter obstacles
in addressing.
The response should be not a ca-
sual conversation about legalizing
forms of euthanasia, but conversa-
tions about America’s technologi-
cal, industrial and economic prow-
ess in solving problems. Rather
than talk about how to let people
die, we should fight, in a spirit of
love and affirmation, against the
horror of a socially decreed dying
of the light.
Mr. Siegel is author, most re-
cently, of “The Draw: A Memoir.”
A16 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Shutdown Crash Arrives Keeping Government From Playing Catch-Up

A
mericans have been understandably fo- 1.1 percentage points to 6.8%, and 1.6 percentage The March 28 Review section in- insurance companies.
cused on the human toll of Covid-19, but points to 6% for Hispanics. These are not people cluded interesting essays from Jeb None of these bills honestly dealt
Bush (“Local Leaders Showing The with the needs of a growing popula-
the damage from the national economic with homes in the Hamptons who appear on
Way Forward”) and Rahm Emanuel tion. For two-and-a-half decades,
shutdown that governments CNBC. (“It’s Time for Washington to Step those of us on the front lines (trying
are imposing to combat the The government anti- Chief White House eco- Up”) pointing in opposite directions to help indigent people get high-qual-
coronavirus will compound the virus strategy is putting nomic adviser Larry Kudlow regarding the usefulness of the federal ity health care) and the leaders of
agony. We don’t mean in stock- spoke to the press Friday and government in times of crisis. safety-net hospitals have been warn-
market points or profits. We millions out of work. was suitably grave. He ex- Mr. Bush points toward governors, ing Washington and those in our state
mean in the human cost of lost plained that this debacle was mayors and assorted local leaders capitals that they were underinvesting
jobs and paychecks, ruined the reason President Trump stepping up, taking charge and striving in the American health system and
businesses, and the psychological toll on Ameri- and Congress had passed the $2.2 trillion relief to solve problems—the more local, the workforce. ICU, ventilator and work-
cans who can least afford it. bill. But he also suggested that the task for the more effective. The ask was less about force shortages have been created by
If that sounds melodramatic, take a spin country was to power through, wait for the so- the federal government stepping in Washington’s failure to be honest with
and taking over and more about Wash- the American people. Unless we have
through Friday’s March jobs report from the Bu- cial-distancing to flatten the infection curve, and
ington staying out of the way or re- honesty from our elected leaders,
reau of Labor Statistics. There’s no redeeming then get back to work with a sharp rebound later moving roadblocks to progress. we’ll never be safe from health-care
news as the economy shed 701,000 jobs. The big- in the year. Mr. Emanuel similarly lists a few ex- disasters.
gest single-month decline during the Great Re- We hope he’s right, or that private innovators amples of local leaders making a posi- HOWARD C. MANDEL, M.D., FACOG
cession was 800,000 in March 2009 near the end come up with a vaccine or treatments to ease tive difference in their communities. Los Angeles
of the downturn. This economic crash is only Covid-19 symptoms. But he may be underesti- Of course, he lists Democrats almost Dr. Mandel is president of the Los
getting started. mating the long-term damage from taking a exclusively. Mr. Emanuel proceeds to Angeles City Health Commission.
The news is all the worse since the state lock- sledgehammer to a modern economy. No amount document the federal government’s
downs and federal social-distancing guidelines of government relief money can make up for all failure to “show up” in one crisis or If it weren’t for the courageous
didn’t begin in earnest until mid-March and of the lost production, bankrupt businesses and another over multiple administrations, leadership of mayors and governors,
and how he and other local leaders such as New York’s Gov. Andrew
later. Economists had predicted a decline of jobs that may never return.
went above and beyond to fill the gap. Cuomo and others who are willing to
100,000 or so jobs. But leisure and hospitality Mr. Trump has put his health experts front and Oddly, he pivots to the traditional lib- tell us the truth, implement sound sci-
employers alone shed 459,000 jobs, which re- center and turned April over to their policies. But eral talking point—we need more fed- entific interventions and assume re-
flects the closure of restaurants, bars and public it’s far from clear that they will give the green light eral assistance in national issues. Why sponsibility for their decisions, we
entertainment. to ease their restrictions in May or even June. It’s would we want help from our friends would be in a much worse place than
The jobless rate jumped 0.9 percentage point increasingly clear that even if the curve flattens in Washington if they are as incompe- we currently are. Mr. Emanuel’s state-
to 4.4%, the biggest jump in a month since Janu- in California or New York, and even with social tent as he has argued? I’ll take Mr. ment that in this crisis “the federal
ary 1975. But that understates the harm because distancing, the coronavirus is persistent enough Bush’s consistent logic over Mr. Eman- government has been caught with its
the civilian labor force shrank by 1.63 million, as to return in some form in the autumn. uel’s disjointed thinking. pants down” is unfortunately accu-
many of the jobless simply stopped looking for There’s no plan we can see at the White House SCOTT ROSNER rate. What makes things worse is how
work. The expectation for April is a loss of per- for reopening anything any time soon—espe- Orange, Calif.politicized and personalized some of
the interactions have been among
haps 10 million jobs and a jobless rate that rises cially after Mr. Trump courted catcalls with his
I find it quite interesting that Mr. those in the federal government who
above 10% as the shutdown strategy extends off-the-cuff desire to see the country back to Emanuel discusses the failure of the need to closely collaborate with the
through the month. If it extends into May, expect normal by Easter (next Sunday). His aspiration federal government, saying that: “For local and state leaders who have been
more carnage and a jobless rate that could reach was understandable, but the country needs a decades, we’ve failed to invest suffi- left having to beg and compete for
heights not seen since the 1930s. careful explanation for this shift after he has ciently in the nation’s public health critically needed resources such as
The tragedy is all the worse because the main spent day after day saying the opposite. He set system” and “too often the federal personal protective equipment, venti-
layoff victims are the low-skilled and blue-collar himself up for a retreat. government simply doesn’t show up.” lators and other medical supplies and
workers who had been gaining the most in the Philanthropist Bill Gates now says the entire He was a senior adviser to President equipment.
last couple of years. February was a bang up country should close down for at least 10 weeks Clinton (1993-98), a major leader in It has been very disheartening to
month, with job gains of 275,000, rising wages, with little recognition of the tradeoffs and eco- the House (2003-09) and a White see some of the expert members of the
buoyant consumer and small-business confi- nomic harm. The media elites all nod in agree- House chief of staff (2009-10). Is this national task force dance around the
his public mea culpa for the lack of facts and what truly needs to be said in
dence, and big companies poised to invest more ment from their home offices. How much of an
ICU beds, ventilators, physicians, order not to offend the president and
with the end of U.S.-China trade tensions. The economy will we have left by then? nurses and respiratory and laboratory his views. There have been numerous
government policy response to the virus has re- No one can say, but the White House is court- technicians in America today? public announcements of questionable
versed it all. ing political trouble if it merely keeps predict- His fingerprints are all over the assertions and what appear to be im-
Tens of millions of white-collar employees— ing the sharp V-shaped recovery of legend. 1997 Balanced Budget Act, the cre- provised comments presented as fact,
including us—can work at home. That’s not true What the country needs, and jobless Americans ation of Medicare’s sustainable growth such as the premature announcement
for most workers in construction (down 29,000 will increasingly demand, is thinking about a rate, the American Recovery and Rein- that the Food and Drug Administration
jobs for the month), retail (-46,000, before more sustainable anti-virus strategy—one that vestment Act of 2009 and the Afford- approved as an effective treatment of
Macy’s furloughed 130,000), and education and saves lives but also includes somehow taking able Care Act: massive pieces of legis- Covid-19 the use of antimalarial drugs
health services (-61,000). The jobless rate for the national economy off the ventilator that lation that balanced the budget and and azithromycin. Leading by example
stimulated the economy on the backs seems to be forgotten as at numerous
those without a high school degree climbed by government has placed it on.
of the health-care system. The BBA ar- press conferences, the president and
tificially limited Medicare growth to his team are gathered close together as

The Navy Captain and the Coronavirus less than medical inflation; the SGR
created cost shifts to the private pur-
they speak of the importance of social
distancing. Actions do speak louder

S
chasers of health insurance; ARRA had than words. It’s time that the federal
ocial distancing is a luxury you don’t weakness amid a pandemic. Capt. Crozier’s let- massive gifts to Silicon Valley and government becomes a close collabo-
have aboard a nuclear-powered aircraft ter said the U.S. is not at war but that doesn’t hardware manufacturers as well as rating partner and truly supports our
carrier. So a word about Thursday’s fir- mean it isn’t under threat. subsidies to the Medicaid system; and state and local officials in combating
ing of a Navy officer who Then again, there are the ACA financed subsidies to the this deadly pandemic.
showed up in the news asking A sad episode raises questions. What would moti- lower-middle class and expanded JOSEPH A. STANKAITIS, M.D., MPH
for help containing a corona- Medicaid, making massive profits for Honeoye Falls, N.Y.
virus outbreak on his ship,
questions of judgment vate a captain with more than
25 years in the Navy to torch
the USS Theodore Roosevelt. and chain of command. his own career? Anyone who
Many have been quick to reaches such a prestigious
lionize Capt. Brett Crozier as position in the Navy tends to Ration Books From the Shortage of Long Ago
a hero who spoke up in defense of his crew. His be a company man. Mr. Modly says that none Bob Greene’s “Coronavirus and store. After telling her the dollar
March 30 four-page letter, which leaked to the of the more than 100 people on the ship who the Ration Book” (op-ed, March 28) amount, Dad also told her the
press this week, said he urgently needed to off- have tested positive have been hospitalized, about the ration books issued dur- amount of stamps she owed. She
load some 4,000 deployed sailors to quaran- and that his office had already been working ing World War II brought back many was indignant and said that he was
tine in Guam to arrest the virus. It is bracing with Capt. Crozier. memories to me. My father, Joseph supposed to take care of them for
reading. “If we do not act now,” Capt. Crozier But it is tough to square the divergent Scuderi, had an Italian grocery in her. He remained adamant about the
wrote, “we are failing to take care of our most stories between the Navy Secretary in Wash- South Philadelphia. Many of his cus- stamps. This was all carried out in
tomers were immigrants who spoke Italian. She stomped out of the store
trusted asset—our Sailors.” It isn’t clear who ington and the captain leading a warship. Mr.
very little English and found it diffi- and said that she would not come
leaked the letter. Modly in his Thursday press conference said cult to manage the ration books. back. Shortly afterward, the agents
Acting Navy Secretary Thomas Modly said this firing doesn’t mean local commanders They trusted Dad and asked him to left. Dad immediately picked up her
Thursday that he’d relieved Capt. Crozier for shouldn’t speak up about problems, though keep the books and take out what- groceries and ran after her shouting,
showing “extremely poor judgment.” Mr. many will doubtless conclude otherwise ever stamps were needed, though it “Comare! Comare!” His explanation
Modly said the captain sent his letter to 20 from this episode. was illegal to do so. After adding was accepted by her, and this re-
or 30 people over an unclassified channel Videos have surfaced on the internet ap- the purchase price, he would take mained a great story in our family.
and was operating outside normal proce- pearing to show the Roosevelt’s sailors off the correct stamps. I was a teen- DIANNE SCUDERI LORDI
dures in the chain of command. These are se- cheering Capt. Crozier as he departs the ship. ager at the time and it was my job Chesterfield, Mo.
rious, fireable offenses, and Capt. Crozier Most of the rank-and-file seem to see Capt. to add them up and deposit them at
the bank just like money. One day a
could have offered his resignation instead if Crozier as defending their interests at great
he felt he’d exhausted his ability to care personal cost. Navy brass should take this as
salesman came into the store and New Under the Sun? Not
told my father that there were two
properly for his sailors. an indication of dysfunction in the chain of government agents at a neighboring
This Can-Opener Design
More substantively, adversaries are now command, which starts at the top. Why do so grocery. Dad was adding up the gro- Regarding the Gangy can opener,
aware that a U.S. aircraft carrier is said to be many sailors and veterans find it plausible ceries for one of his oldest custom- as the adage goes, “What’s old is new,
in rough shape in the South Pacific. China and that Capt. Crozier was getting the brush off ers when the two agents entered the and what’s new is old” (“Power Tool:
Russia would be delighted to exploit American from his bosses? Open for Business,” Off Duty, March
21): I’ve been carrying a P-38 around
Carrying Social Distancing for 50 years, ever since I was dis-
Britain Falls Out of Love With China To Very Unhelpful Extremes charged from the U.S. Army. Not as
snazzy as the current version, but

W
hat a difference two months make. U.K.
Prime Minister Boris Johnson in late
January riled many Britons and Wash-
ington by allowing Chinese telecom firm Huawei
to supply parts for British communications net-
works. Nine weeks and one global pandemic later,
that deal and many others are in doubt.
British anger at Beijing’s deceitful handling of
the coronavirus outbreak in Wuhan has bubbled
up in recent days. Senior minister Michael Gove
ment won’t be a hard sell to many Conserva-
tives. Mr. Johnson faced a rebellion by 38 of his
own party members in Parliament who recently
voted against his plan to allow Huawei to sell
equipment to Britain.
That deal was supposed to advance the
warmer economic ties with China that were a
central plank of Mr. Johnson’s post-Brexit trade
agenda. Beijing’s dangerous virus cover-up
could scupper those plans by forcing British
Regarding your editorial “Parks just as functional. I opened many a
and Virus Recreation” (March 25): I can of C-rations with mine, and on
am an 86-year-old Californian who occasion, still do.
walks in the park daily. It’s a nice HARVEY LUTSKE
part of the day, plus my cardiolo- Los Angeles
gist insists on it. Since we are all
shut-ins now, I have seen more
families and dog walkers lately in Pepper ...
the park. Everybody says hi, but we
keep our distance. We are friendly,
And Salt
not stupid. THE WALL STREET JOURNAL

on Sunday blamed Beijing for stymieing Britain’s
response to the pandemic: “Some of the report-
ing from China was not clear about the scale, the
nature, the infectiousness of this.”
Foreign Secretary Dominic Raab on Monday
called for a “lessons learned” review in answer
to a reporter’s question about Chinese obstruc-
tionism. These public statements reinforce
press reports over the weekend that govern-
ment officials privately suggest China should
face a “reckoning” after the health emergency
has abated.
Skeptical voices are rising outside the admin-
istration, too. Iain Duncan Smith, a member of
Parliament and former Conservative Party
leader, cited Beijing’s coronavirus cover-up as
the final straw that should prompt Britain to
“rethink” its relationship with China. That argu-
leaders to question whether an authoritarian
China is a trustworthy economic partner.
There’s a lesson for both sides. Britons who
voted for Brexit backed a vision of their coun-
try as a democratic, free-trading beacon for the
rest of the world. There are dangers to deviat-
ing from that path solely for the sake of com-
mercial gain.
As for Beijing, the repression of the Xi Jin-
ping era is not winning China respect abroad.
Instead, that repression and its sour fruits—
whether Uighur detention camps or a clumsy
attempt to diminish or conceal the risks of
what has become a global pandemic—are culti-
vating global distrust of the Communist Party.
The price that the regime pays in lost respect
and economic opportunities may be large and
unpredictable.
Obviously, the bureaucrats think
we don’t have enough smarts to
take care of ourselves. Yesterday
they closed our park. So today I
walked the streets and saw many of
my unhappy neighbors doing the
same. Now when we meet, one
walks on the sidewalk and the other
walks in the street. Ridiculous!
BILL GRAVES
Rancho Palos Verdes, Calif.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished “Just saying, if you can’t trust
letters can be neither acknowledged nor your software upgrades,
returned.
what can you trust?”
THE WALL STREET JOURNAL.
New York Is the Epicenter of the World
DECLARATIONS
By Peggy Noonan
I
New York
asked for the dateline in pride
for my beloved city. For the
third time in 20 years it’s been
the epicenter of a world-class
crisis—9/11, the 2008 financial
crisis and now the 2020 pandemic.
No one asks—not one person has
asked—Why us? We think: Why not
us? Of course us. The city of the sky-
scrapers draws the lightning. There
are 8.6 million of us, we are compact,
draw all the people of the world, and
travel packed close in underground
tubes. Of course we got sick here
first. The crises are the price we pay
for the privilege of living in the most
exciting little landmass on the face of
the Earth.
The hidden gift in this
pandemic is that we learn
how to prepare for the
worse one still to come.
What do we know? That we’ll get
through it. We’ll learn a lot and it
will be hard but we’ll get through,
just like all the last times.
You have seen the pictures of
Manhattan—streets sparse, no traf-
fic. You can hear the red light click.
We feel a little concussed, not by a
blow to the head, which is what daily
life in New York is, but the lack of a
blow to the head. We’re not used to
quiet! Or rather silence interspersed
by sirens.
And so the power of our commu-
nal moment, the phenomenon of
what happens every night now at 7—
people leaning out the windows, on
their balconies, screaming, cheering,
The Coronavirus Pandemic Will Forever Alter the World Order
By Henry A. Kissinger
T
he surreal atmosphere of the
Covid-19 pandemic calls to
mind how I felt as a young
man in the 84th Infantry Division
during the Battle of the Bulge. Now,
as in late 1944, there is a sense of
inchoate danger, aimed not at any
particular person, but striking ran-
domly and with devastation. But
there is an important difference be-
tween that faraway time and ours.
American endurance then was forti-
fied by an ultimate national pur-
pose. Now, in a divided country, ef-
ficient and farsighted government is
necessary to overcome obstacles un-
precedented in magnitude and
global scope. Sustaining the public
trust is crucial to social solidarity,
to the relation of societies with each
other, and to international peace
and stability.
The U.S. must protect its
citizens from disease while
starting the urgent work of
planning for a new epoch.
Nations cohere and flourish on
the belief that their institutions can
foresee calamity, arrest its impact
and restore stability. When the
Covid-19 pandemic is over, many
countries’ institutions will be per-
ceived as having failed. Whether
this judgment is objectively fair is
irrelevant. The reality is the world
will never be the same after the cor-
onavirus. To argue now about the
past only makes it harder to do
what has to be done.
The coronavirus has struck with
unprecedented scale and ferocity. Its
spread is exponential: U.S. cases are
doubling every fifth day. At this
writing, there is no cure. Medical
supplies are insufficient to cope
with the widening waves of cases.
Intensive-care units are on the
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banging pots together and applaud-
ing our health-care workers, the doc-
tors and nurses, orderlies and clean-
ing people who are getting us
through it. The first time I heard it,
early this week, it sounded like kids
after school in a playground. Now it
sounds like Yankee Stadium, like
someone got a hit and you feel some
new kind of roused tenderness.
Here’s who was being cheered:
A nurse in New Jersey, a friend,
sent a series of texts. “Our dead are
multiplying in my hospital. We have
a refrigerated trailer behind the hos-
MIKE SEGAR/REUTERS
pital for the bodies. We went from
one to 3 to 9 in 3 days.”
I asked if she felt safe. “My fellow
nurses, we are terrified. We now say
‘when we get sick’ not if.” They gen-
erally have personal protective gear,
but it’s not always enough. The night
before, a patient walked into the hos-
pital and gave birth 14 minutes later.
“No masks on, doc barely got gloves
on. She is, we hope, negative, but if
positive we were all exposed.”
My friend’s grown son, also a
medical professional, asked her to
get her will and her advance direc-
tive, stating end-of-life decisions, in
order. She did.
I asked where they are. “Oh, it’s
propped on my kitchen table.” So if
things are hurried he can’t miss it.
When we spoke she told me every-
one in her little town decided to get
together on the edge of their prop-
erty last Friday at dusk and wave to
each other. It was nice, everyone
came out, lifted a glass, yelled hellos.
“They applauded me,” she said.
I teased: “Because you’re cute and
sexy.”
“No,” she said, with wonder. “Be-
cause I’m a nurse.”
She had never received applause
for that before.
Our governor is a folk hero. You’re
on the phone, you see the briefing,
you say, “I gotta go, Cuomo’s on.”
Andrew Cuomo has the latest, most
pertinent information and knew a
month ago what a ventilator is. He
verge, and beyond, of being over-
whelmed. Testing is inadequate to
the task of identifying the extent of
infection, much less reversing its
spread. A successful vaccine could
be 12 to 18 months away.
The U.S. administration has done
a solid job in avoiding immediate
catastrophe. The ultimate test will
be whether the virus’s spread can
be arrested and then reversed in a
manner and at a scale that main-
tains public confidence in Ameri-
cans’ ability to govern themselves.
The crisis effort, however vast and
necessary, must not crowd out the
urgent task of launching a parallel
enterprise for the transition to the
post-coronavirus order.
Leaders are dealing with the cri-
sis on a largely national basis, but
the virus’s society-dissolving effects
do not recognize borders. While the
assault on human health will—hope-
fully—be temporary, the political
and economic upheaval it has un-
leashed could last for generations.
No country, not even the U.S., can in
a purely national effort overcome
the virus. Addressing the necessities
of the moment must ultimately be
coupled with a global collaborative
vision and program. If we cannot do
both in tandem, we will face the
worst of each.
Drawing lessons from the devel-
opment of the Marshall Plan and the
Manhattan Project, the U.S. is
obliged to undertake a major effort
in three domains. First, shore up
global resilience to infectious dis-
ease. Triumphs of medical science
like the polio vaccine and the eradi-
cation of smallpox, or the emerging
statistical-technical marvel of medi-
cal diagnosis through artificial intel-
ligence, have lulled us into a dan-
gerous complacency. We need to
develop new techniques and tech-
nologies for infection control and
commensurate vaccines across large
populations. Cities, states and re-
gions must consistently prepare to
protect their people from pandemics
through stockpiling, cooperative
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OPINION
Gov. Andrew Cuomo at New York’s Jacob K. Javits Convention Center March 24.
prioritizes problems, has command
of the subject matter, is human, elo-
quent, tireless.
By rising to the moment he has
become a unifying force.
Looking back maybe we’ll see
some of the nation’s governors the
way we speak of generals at Gettys-
burg—“And then there was Hogan of
Maryland, who wouldn’t budge, and
DeWine comes up the hill with the
Ohio volunteers.”
Senators have never been so use-
less, or governors so valuable. What
a status shift.
Everyone is fascinated that every-
thing is closed but liquor stores re-
main open. This is because there isn’t
a politician in the country stupid
enough to prohibit alcohol in a na-
tional crisis. They may know on some
level that no nation in the history of
the world has closed both its
churches and its liquor stores simul-
taneously and survived. Russia after
the revolution closed the churches
but did its best to keep vodka avail-
able because they wanted everyone
drunk, which is the only way to get
through communism. And how Rus-
sia did get through communism.
But we are outdoing ourselves.
planning and exploration at the
frontiers of science.
Second, strive to heal the
wounds to the world economy.
Global leaders have learned impor-
tant lessons from the 2008 financial
crisis. The current economic crisis
is more complex: The contraction
unleashed by the coronavirus is, in
its speed and global scale, unlike
anything ever known in history. And
necessary public-health measures
such as social distancing and clos-
ing schools and businesses are con-
tributing to the economic pain. Pro-
grams should also seek to
ameliorate the effects of impending
chaos on the world’s most vulnera-
ble populations.
Third, safeguard the principles of
the liberal world order. The found-
ing legend of modern government is
Was Dr. Strangelove an Epidemiologist?
“There is no price
too high to save a
life,” says New
Jersey Gov. Phil
Murphy.
“We will not put
a dollar figure on
BUSINESS
human life,” de-
WORLD
clares New York’s
By Holman W.
Andrew Cuomo.
Jenkins, Jr.
These state-
ments would be in-
sane if anyone considered them se-
riously. Or take an icon of high-
status wisdom, Bill Gates, who calls
for a 10-week national shutdown in
the Washington Post. He does not
offer any cost-benefit analysis but
he knows his audience: “Through
my work with the Gates Foundation,
I’ve spoken with experts and leaders
in Washington and across the coun-
try”—i.e., people like himself.
The problem here is not an in-
ability to think clearly. It’s an un-
willingness to be seen thinking
clearly.
Let’s understand something: The
point of cost-benefit analysis is not
the one that launched a thousand
op-eds, to trade human lives for
mere dollars. Its purpose is to help
us weigh different kinds of harm
against each other so we can
achieve our goals at the least possi-
ble cost.
A voice of realism is UCLA’s Jo-
seph A. Ladapo, perhaps because
he’s a medical doctor who has been
treating Covid-19 patients and has
permission to be realistic. In USA
Today, he writes that we missed any
chance to corral a virus that will
spare most of us but kill thousands.
The shutdowns if prolonged will
only make our situation worse. They
will add mass unemployment, pov-
erty and missed schooling to our
problems.
“The epidemiologic models I’ve
seen indicate that the shutdowns
and school closures will temporarily
slow the virus’ spread, but when
they’re lifted, we will essentially
Saturday/Sunday, April 4 - 5, 2020 | A17
The AP reports alcoholic-beverage
sales rose 55% in the week ending
March 21. Online liquor sales were up
243%. An executive with the Nielsen
market-research firm speculated that
people were stocking up for a pro-
longed stay at home.
Those Zoom meetings are going to
get fabulous.
Everyone is having thoughts about
the meaning and implications of the
pandemic. Here are two.
The first is that America’s immi-
gration struggle will be prompted by
circumstances nearer to resolution.
Public sentiment will back harder
borders and a new path to citizen-
ship for illegal immigrants living
here.
Global pandemics do nothing to en-
courage lax borders. As to illegal im-
migrants, you have seen who’s deliv-
ering the food, stocking the shelves,
running the hospital ward, holding
your hand when you’re on the ventila-
tor. It is the newest Americans, immi-
grants, and some are here illegally.
They worked through an epidemic
and kept America going. Some in the
immigration debate have argued,
“They have to demonstrate they de-
serve citizenship”—they need to pay
a walled city protected by powerful
rulers, sometimes despotic, other
times benevolent, yet always strong
enough to protect the people from
an external enemy. Enlightenment
thinkers reframed this concept, ar-
guing that the purpose of the legiti-
mate state is to provide for the fun-
damental needs of the people:
security, order, economic well-be-
ing, and justice. Individuals cannot
secure these things on their own.
The pandemic has prompted an
anachronism, a revival of the walled
city in an age when prosperity de-
pends on global trade and move-
ment of people.
The world’s democracies need to
defend and sustain their Enlighten-
ment values. A global retreat from
balancing power with legitimacy
will cause the social contract to dis-
emerge right back where we
started. And, by the way, no matter
what, our hospitals will still be
overwhelmed.”
The alternative, contrary to much
lazy thinking, is not the “let it rip”
scenario. Politicians couldn’t man-
date doing nothing if they wanted
to. The American people by now are
fully engaged: They will be wielding
300 million scalpels to cut the most
high-risk interactions out of their
lives, and likely more efficiently
than any one-size cower-in-place or-
der from the feds could achieve.
This is not a libertarian antidote.
The government has a role to play
in making testing universally avail-
able, beefing up hospitals, boosting
supplies of masks and gloves.
A doctor on the frontlines
of the coronavirus crisis
has special permission
to tell the truth.
Readers for weeks have asked if
the virus came from a Wuhan weap-
ons lab, an inquiry now raised in
the Washington Post. My answer: A
bioweapon is unlikely but bat vi-
ruses have been an interest of re-
searchers since the SARS outbreak
in 2003. A careless researcher is
more likely to have been involved in
the jump from bat to human than
somebody who had no reason to be
messing around with bats in the
first place.
There is much that we don’t
know, and much that we know that
probably is wrong, thanks to Chi-
nese dissembling. Fresh reporting
points to renewed shutdowns in cer-
tain Chinese cities and counties, un-
recorded deaths, uncounted infec-
tions, a leaked CIA warning to the
U.S. president that Beijing’s claims
can’t be trusted.
The World Health Organization
punitive fines, jump through hoops.
“They need to earn it.”
Ladies and gentlemen, look
around. They did.
Here is where the debate is going.
When it’s over, if you can show in
any way you worked through the
great pandemic of ’20, you will be
given American citizenship. With a
note printed on top: “With thanks
from a grateful nation.”
Harder borders and compassion-
ate resolution is what this column
has asked for, for almost 20 years.
Good things can come from bad
things.
Second thought. The hidden gift
in this pandemic is that this isn’t
the most terrible one, the next one
or some other one down the road is.
This is the one where we learn how
to handle that coming pandemic. We
are well into the age of global con-
tagions but this is the first time we
fully noticed, stopped short, actu-
ally reordered our country to fight
it.
This is when we learn what
worked, what decision made it better
or worse, what stockpiles are needed,
what can be warehoused, where re-
search dollars must be targeted.
We’re on a shakedown cruise.
Knowledge of how to handle a com-
ing, more difficult pandemic is being
gained now, by all of us.
People have asked about great
speeches for hard moments. There
are many. Here is Elizabeth I at
Tilbury, England, in August 1588. The
very existence of her nation was un-
der challenge; her people needed
faith in their leader. She waded into
a crowd of common people saying
she’d been told not to but she would
never fear them, they were blood of
her blood. Extemporaneously: “I have
the body of a weak and feeble
woman, but I have the heart and
stomach of a king, and of a king of
England, too.”
Always remember who you are.
Never let anything—a germ, an ar-
mada—put you off your game.
integrate both domestically and in-
ternationally. Yet this millennial is-
sue of legitimacy and power cannot
be settled simultaneously with the
effort to overcome the Covid-19
plague. Restraint is necessary on all
sides—in both domestic politics and
international diplomacy. Priorities
must be established.
We went on from the Battle of
the Bulge into a world of growing
prosperity and enhanced human
dignity. Now, we live an epochal pe-
riod. The historic challenge for lead-
ers is to manage the crisis while
building the future. Failure could set
the world on fire.
Mr. Kissinger served as secretary
of state and national security
adviser in the Nixon and Ford
administrations.
may have much to answer for, its
officials having rushed to lend cre-
dence to China’s boast of having
quashed a flu-like disease when it
was already loose in a population of
1.4 billion. “It’s long been thought
that transmission of viruses that
cause influenza-like illnesses can’t
really be stopped,” says the re-
spected medical site StatNews, im-
plying that such “dogma” now can
be discarded.
This may be the miscalculation of
all time, with high consequences for
countries that have taken China as
a model. Far from certain is
whether cooping people up at home
hasn’t just aided the virus to find
its most vulnerable victims. Our
nagging of young people may be ex-
actly wrong according to immunolo-
gists who see only one endgame:
mass exposure and mass immunity
to reduce the virus to a recurrent
nuisance.
Our bodies are home to trillions
more microbes than human cells.
The purity of our essence may not
be protectable.
Donald Trump is mocked for in-
voking the most ancient of medical
advice, “do no harm,” i.e., don’t let
the cure be worse than the disease.
He was right when he called himself
a wartime president, and may have
taken a turn for the worse when he
decided the solution for him politi-
cally and personally is to start talk-
ing about saving lives without re-
gard for the cost to the 71% who
can’t work from home.
I keep thinking of Omar Bradley
before D-Day warning his troops
that pols back home were exagger-
ating potential casualties to ward
off blowback on their own careers—
tommyrot he called it. “Some of you
won’t come back,” he told his men,
“but it’ll be very few.” Many things
are worth doing; many risks are
worth taking, and many are worth
avoiding. It would be great to have
more clear thinking about which is
which in our present crisis.
A18 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

To the drivers, delivery people, and restaurants who continue to serve

communities across the country, we just want to say thank you.

To those who choose not to ride with us right now, thank you for
supporting health-care workers on the front lines just by staying
home and preventing the spread of this virus.

Sounds easy, but we know it’s not.

While you stay home, we’ll help move what matters.

Until that beautiful day when we can all go outside again.

We are doing our small part by giving 10MM free rides and deliveries
to health-care workers, seniors, and people in need.

uber.com/coronavirus
BUSINESS | FINANCE
DJIA 21052.53 g 360.91 1.7%
| TECHNOLOGY |

NASDAQ 7373.08 g 1.5%

MANAGEMENT
EXCHANGE
STOXX 600 309.06 g 1.0%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 12/32 , yield 0.587%
* * * * * * *

OIL $28.34 À $3.02

Saturday/Sunday, April 4 - 5, 2020 | B1
GOLD $1,633.70 À $8.00 EURO $1.0800 YEN 108.52

In the Netherlands, a patient MARCH 6 | Austin’s SXSW

is tested for coronavirus. festival is canceled.

MARCH 3 | The Fed announces an emergency rate cut. MARCH 4 | President Trump meets with airline CEOs.

MARCH 10 | A near-empty Starbucks in Beijing. Workers bottle hand sanitizer as demand surges.

MARCH 17
Goldman Sachs
borrows $1 billion
from the Federal
Reserve.
MARCH 12 | No more NBA
basketball in San Francisco.

MARCH 16
AMC decides to
close 635 U.S. movie
theaters. More than
30,000 showtimes
for the next day
are canceled. MARCH 12 | Broadway
shows are shut down.

MARCH 17 | A closed AMC

THE MONTH
theater in New York.

THAT
CHANGED
MARCH 16 | A view of a
shuttered Disneyland.

EVERYTHING Washington, D.C.,’s Federal Reserve building.

MARCH 19
March began with a booming economy Marriott’s
and ended with giant companies business has now
begging for bailouts. This is how CEOs plunged 75%.
lived through a month that ravaged A restaurant worker with a
to-go order in Georgia.
businesses like nothing before it.

M
MARCH 17 | Shoppers line up outside a Costco in Florida.
ike Wirth was upbeat when he told a roomful
of investors in New York’s St. Regis Hotel on
March 3 he would bump elbows instead of
MARCH 24 shake hands at Chevron Corp.’s annual analyst
Chevron decides meeting. It was two days after New York re-
ported its first confirmed case of Covid-19.
to cut $4 billion Chevron handed out hand sanitizer as swag instead of the
from its budget, travel power adapters and souvenir pieces of shale rock it had
a 20% reduction. in the past. The chief executive assured the room his company
A closed beach in Miami had enough cash to ride out any serious downturn. ‘Covid-19 is like nothing we have ever seen before,’ said
Beach, Fla. Eight days later, on March 11, David MacLennan was at home Marriott CEO Arne Sorenson.
when a text from his sister flashed the name “Rudy Gobert.” It
MARCH 20 | The Canadian took the Cargill Inc. CEO a moment to place him as a basketball MARCH 31 | United cancels
border closed to most traffic. player who had just tested positive for coronavirus. The Na- more than 70% of its flights.
tional Basketball Association was suspending its season.
Mr. MacLennan briefly wondered what ESPN would talk
about without sports. Then his mind turned to the empty
stadiums that serve burgers made from the agriculture gi-
ant’s beef, on buns baked with the wheat that Cargill trades.
“What’s next?” he asked his senior executives in a private
MARCH 17 | Las Vegas Please turn to page B6 Light traffic on New York’s
casinos are ordered closed. FDR Drive

MARCH 28 | An Amazon Social distancing in

worker delivers in Maryland. MARCH 31 Frankfurt.
America’s 500
biggest public
companies are worth
$3 trillion less than
they were at the
start of the month.

MARCH 30 | The USNS Comfort medical ship moves up the Hudson River.

MARCH 16 | Trading on Wall Street is halted immediately after the opening bell.
Peter Tuchman, the trader pictured, later tested positive for coronavirus.

MARCH 27
Macy’s decides to
furlough most of its
125,000 employees.
MARCH 20 | Shelves at a National Guard soldiers
Washington, D.C., market. package food.
ERIC BARADAT/AFP/GETTY IMAGES; UTRECHT ROBIN/ABACA/ZUMA PRESS; MANUEL BALCE CENETA/AP; SERGIO FLORES/REUTERS; EZRA SHAW/GETTY IMAGES; KEVIN FRAYER/GETTY IMAGES; SARAH BLESENER FOR THE WALL STREET JOURNAL; CAYCE CLIFFORD FOR THE WALL STREET JOURNAL; JEFF GRITCHEN/ORANGE COUNTY
REGISTER/ZUMA PRESS; VICTOR J. BLUE/GETTY IMAGES; ANDREW HARRER/BLOOMBERG NEWS; JOE BURBANK/ORLANDO SENTINEL/AP; DUSTIN CHAMBERS FOR THE WALL STREET JOURNAL; EVA MARIE UZCATEGUI/AFP/GETTY IMAGES; SPENCER PLATT/GETTY IMAGES; DAVID BECKER/ZUMA PRESS; LARS HAGBERG/AFP/GETTY IM-
AGES; ANGELA WEISS/AFP/GETTY IMAGES; DAVID J. PHILLIP/AP; JOHANNES EISELE/AFP/GETTY IMAGES; ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL; ODD ANDERSEN/AFP/GETTY IMAGES; MANDEL NGAN/AFP/GETTY IMAGES; ETIENNE LAURENT/EPA/SHUTTERSTOCK; ANGELA WEISS/AFP/GETTY IMAGES

INSIDE
SALES SURGE WHAT TO DO TAX BREAKS HIDDEN HEROES ‘PEAK FEAR’ CRUDE CALCULUS
Internal documents show a Tips for surviving in a Working remotely can In this pandemic, Stocks fall as unemployment Will the U.S. cooperate with
drastic shift in shopping by bear market can come provide tax benefits...for it’s the deputies we need, shoots higher. ‘Some of the Saudi Arabia and Russia
Walmart customers. from some unlikely places. employers, not employees. not the alphas. worst data is yet to come.’ to cut oil production?
B3 B5 B5 B10 B15 B15
B2 | Saturday/Sunday, April 4 - 5, 2020
JOHNSON & JOHNSON
 A Covid-19 vaccine from
Johnson & Johnson could be
JNJ ready in early 2021. The
drugmaker, one of many com-
8% panies at work on a cure,
said Monday that human tri-
als would begin by September. J&J
could get approval under an emergency-
use authorization to make the vaccine
widely available early next year, and the
company said the vaccine, if successful,
would be affordable and would be sold
on a not-for-profit basis. It would try to
scale its global manufacturing capabili-
ties to make more than 1 billion doses
of a Covid-19 vaccine by the end of next
year. J&J shares gained 8% Monday.
WALMART INC.
 The country’s largest private
employer is taking steps to
WMT limit workers’ exposure to
coronavirus. Walmart said
1.4% Tuesday that it will start tak-
ing temperatures of U.S. store
workers at the start of each shift and
offering masks for employees who wish
to wear them. Workers with a tempera-
ture of 100 degrees or higher will be
sent home with pay and will be unable
to return until fever-free for three days.
Walmart has also been closing its U.S.
locations overnight to allow for cleaning,
installing sneeze guards at registers and
promoting social distancing with signs.
Walmart shares lost 1.4% Tuesday.
The Race to Find the Backup CEO
Top executives are deciding who will run the show if they fall ill, and urging subordinates to do the same
I
t’s a question that the head of
every business is grappling
with right now: What happens
if I become too sick to work?
As the coronavirus pan-
demic spreads, management
teams are fortifying their succes-
sion plans and reviewing backup
operating procedures for when top
executives or other critical employ-
ees fall ill.
Some businesses are including
more people on projects to dupli-
cate decision making, or insisting
that technical staffers document
their work in greater detail so oth-
ers can help, if necessary. A few
companies have told top execu-
tives to take it easy, in hopes the
downtime will bolster their im-
mune systems.
Jay Fulcher, the chief executive
of the human-resources technology
company Zenefits, convened 10 of
his top executives for a manage-
ment meeting in late February,
SÉBASTIEN THIBAULT
where he asked them a personal
question: What would happen if
you got sick? He wanted to know
departments would continue to
function if the people running them
needed to care for themselves or a
loved one.
“It’s not a comfortable conversa-
tion,” Mr. Fulcher said, but they all
arrived at a backup plan. Should he
need time away, Mr. Fulcher said
the company’s senior vice president
of business operations, Issac
Vaughn, would become acting CEO.
“We’ve got a plan.”
A number of top executives have
already contracted the coronavirus,
including the CEOs of Madison
Square Garden Co., real-estate firm
Vereit Inc. and the British telecom
giant BT Group PLC. At NBCUniver-
sal, CEO Jeff Shell sent an email to
staff late last month to tell them he
had tested positive, but would con-
tinue managing the company. “Al-
though the virus has been tough to
cope with, I have managed to work
remotely in LA and am improving
every day,” he wrote.
Three weeks ago, Cedric Fran-
cois, chief executive of Apellis
Pharmaceuticals Inc., a $2 billion
biotech company, had a low-grade
fever, felt lethargic and had lost
his sense of smell. Dr. Francois, 47,
tested positive for the coronavi-
rus, but felt well enough to con-
tinue running his 250-person com-
pany remotely, holding daily
management calls. About a week
after symptoms appeared, his con-
dition worsened and Dr. Francois
found himself short of breath.
Though he never went to the hos-
pital over the 2½ weeks that his
symptoms persisted, Dr. Francois
says he needed to care for himself,
and Apellis’s chief financial officer
and others stepped up to fill in
some of his duties.
“I had to drop everything,” he
said in an interview, noting he is
now fully recovered. “I haven’t even
gone back to all the emails that I
missed back then, so I’m sure there
are a lot of people upset with me.
But I’m very fortunate to have an
unbelievable executive committee.”
To stay transparent while sick,
Dr. Francois recorded a video mes-
sage to employees and provided
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF RETAIL STOCKS THIS PAST WEEK
Source: FactSet
5%
0 0.7% meet high volumes of orders,
–5
–10
–15
–20
–25
–30
–35
Mon. Tues. Wed.
MACY’S INC.
 It was a painful week for employees of some of
America’s biggest retailers as tens of thousands of
M workers learned their paychecks would soon end.
2.9% Macy’s said Monday that it will furlough the
majority of its 125,000-person workforce, and rival Gap Inc.
is furloughing the majority of store workers in the U.S. and
Canada. Both will keep paying benefits. Macy’s shares fell
2.9% Monday.
BY CHIP CUTTER
frequent updates on his condition
and the state of the company. “Peo-
ple knew what was going on with
the company, with myself,” he said.
The virus has forced many exec-
utives to confront personal chal-
lenges while guiding their organiza-
tions. Glenn D. Fogel, chief
executive of Booking Holdings Inc.,
last week developed a fever and a
headache, while his wife and chil-
dren showed hallmark symptoms
such as shortness of breath and a
loss of smell. They drove to a test-
ing site in a physician’s parking lot
in Scarsdale, N.Y., to get their noses
swabbed. Nearly all tested positive,
including Mr. Fogel.
His case was so mild that he
didn’t ever have a cough, allowing
‘You just don’t know
who’s going to become
ill....I want to make sure
that we’re not scrambling.’
him to work 18-hour days to man-
age the Norwalk, Conn.-based on-
line travel company that has
roughly 27,000 employees and op-
erates Booking.com, Priceline and
OpenTable. The virus has made
him all the more insistent about
comprehensive succession plan-
ning. He asked his team last week
to identify potential replacements
for staffers several levels down the
corporate ladder.
“You just don’t know who’s go-
ing to become ill,” Mr. Fogel says.
“I want to make sure that we’re not
scrambling if somebody calls HR
and says, ‘Hi, I’m in the hospital.’ ”
Some public companies are add-
ing language to securities filings,
noting corporate risks that could
arise if executives fall ill and dis-
rupt operations. Altria Group Inc.
had to name Billy Gifford, chief fi-
nancial officer, as interim CEO of
THE SCORE
L Brands
Macy’s
Gap
Thurs. Fri.
the tobacco giant on March 19 after
the company’s top executive tested
positive. Mr. Gifford and other
members of the leadership team
went into quarantine because
they’d had contact with their boss,
CEO Howard Willard.
Many companies, particularly
public ones, have robust succes-
sion plans in place, but “it’s not
just an envelope in a drawer any-
more,” says Jane Stevenson, vice
chairwoman of board and CEO ser-
vices at executive-recruitment firm
Korn Ferry. Some companies are
trying to ensure leaders stay
healthy by telling them to take
time for themselves and get
enough sleep to help bolster their
immune systems, she added.
At IAC/InterActive Corp., parent
company of websites such as Vi-
meo and Dotdash, executives
maintain a document noting who
could step into a role within 24
hours, said Chief Executive Joey
Levin. If there is not a clear suc-
cessor, the company notes who
could take over on a temporary
basis, or who may be “one to two
positions away from being ready
to fill in that role,” he said.
While public companies need to
disclose to shareholders if a top ex-
ecutive tests positive for the coro-
navirus, whether a company names
a replacement can depend on how
sick someone becomes, says
Charles Elson, director of the Wein-
berg Center for Corporate Gover-
nance at the University of Dela-
ware. “If they become ill, the
question is: Can they continue to
function in their present roles?”
Mr. Elson says.
After James K. Saccaro, chief fi-
nancial officer of giant health-prod-
ucts company Baxter International
Inc., tested positive for the corona-
virus in late March, the company
said he would continue his duties
from home. If his condition changes
and he needs to take a medical
leave of absence, the company said
* ***
AMAZON.COM INC.
 The country’s escalating pub-
lic-health crisis has tested
AMZN America’s e-commerce giant.
As Amazon has struggled to
the strain showed in short-
ages, delays and worker unrest, includ-
ing some walkouts, no-shows and
Covid-related sickness. At times Ama-
zon has had to operate warehouses
with half the typical number of work-
ers, The Wall Street Journal reported
Tuesday. The crisis is strengthening
some of its other businesses as em-
ployees work remotely and customers
stream content on Amazon Prime. Am-
azon shares fell 0.7% Tuesday.
WHITING PETROLEUM CORP.
 U.S. shale driller Whiting Pe-
troleum filed for bankruptcy
WLL protection Wednesday, be-
coming the first sizable
45% fracking company to succumb
to the crash in oil prices. The
coronavirus pandemic has sapped oil
demand at the same time Saudi Arabia
is pressing a price war against Russia.
Meanwhile, many U.S. oil drillers face
pressure to meet hefty debt obligations.
A number of oil-and-gas companies
have either warned they may not stay
current on their debts or hired restruc-
turing advisers to negotiate with credi-
tors. Whiting shares plummeted 45%
Wednesday.
in a regulatory filing that it has a
potential replacement picked out to
temporarily assume Mr. Saccaro’s
responsibilities, though it did not
name the person. Baxter also said
an unidentified board member con-
tracted the virus and was recover-
ing in the hospital, and noted Chief
Executive José E. Almeida had
tested negative.
Plenty of CEOs say they are plan-
ning ahead. Beth Cross, chief execu-
tive of boot maker Ariat Interna-
tional, based near San Francisco,
says the roughly dozen employees
on her senior leadership team meet
for a minimum of two hours daily
via video conference, ensuring no
group makes decisions in isolation.
Some leaders have been with the
company for more than 15 years,
and Ms. Cross says the company
has built a culture with a “bias to-
wards listening.” That means execu-
tives can quickly step into each
other’s roles, if needed, to ensure
the company continues functioning.
“People can back each other up and
help,” she says.
The Framingham, Mass., safety
technology company Rave Mobile
Safety says it has been bolstering
its business-continuity plans for
years following events such as su-
perstorm Sandy. CEO Todd Piett
says he has pushed the company
to refashion its structure so many
decisions do not flow through
him. He worries more about the
company’s technical teams, where
employees may have specialized
expertise. He’s encouraging team
members to carefully document
their processes, and to include
colleagues on Zoom calls or in
Slack message threads, so “every-
one understands what’s happen-
ing,” he says.
“I’m pretty confident I could dis-
appear and things would keep on
chugging.”
—Jennifer Maloney, Joe Flint
and Patrick Thomas
contributed to this article.
THE WALL STREET JOURNAL.
3M CO.
 3M said it can’t make N95
masks fast enough to keep
MMM up with requests for the pro-
tective gear. Its chief execu-
3% tive told The Wall Street
Journal that demand “exceeds
our production capacity,” despite dou-
bling production in recent months. 3M
also faces new pressure from President
Trump, who on Thursday required 3M to
prioritize respirator orders from the Fed-
eral Emergency Management Agency.
3M said it would work with the U.S. on
those orders but said it had refused a
Trump administration request to stop
exporting some of its U.S.-made masks.
3M shares lost 3% Friday.
ALPHABET INC.
 Alphabet’s Google is your
new social-distancing monitor.
GOOG The search giant said it will
help public-health officials
2.2% use its vast storage of data
to track people’s movements
amid the coronavirus pandemic. The
initiative, introduced by the company
late Thursday, uses a portion of the
information it has collected on users to
show which locales are abiding by
social-distancing measures. The
“mobility reports” will be posted publicly
and reveal where people are flowing
into shops, pharmacies and parks.
Alphabet shares fell 2.2% Friday.
—Francesca Fontana
Shoppers
Avoid Store
Payment
Screens
BY ANNAMARIA ANDRIOTIS
As the new coronavirus spreads,
people are worried that signing
payment screens at store check-
outs could make them sick. Ac-
cording to the card networks, they
shouldn’t have to sign anyway.
Major card networks including
Visa Inc., Mastercard Inc.,
American Express Co. and Dis-
cover Financial Services
stopped requiring signatures on
almost all card purchases, no
matter the dollar amount, over
the past couple of years. Many
stores and card companies don’t
even check the signatures.
There are two main reasons
for the disconnect: Some stores
actually do want signatures,
viewing them as a way to im-
prove security. And many stores
just haven’t updated their pay-
ment terminals to remove the
signature prompt.
Mastercard last week sent a
letter to banks that help process
payments, asking them to remind
merchants that the network no
longer requires signatures. “As
the Covid-19 situation continues
to evolve, public health officials
have advised that it’s imperative
that we all do our best to reduce
physical contact with people or
potentially contaminated sur-
faces,” the company wrote.
Card networks like Mastercard
are in charge of the rails that card
payments run on. Banks issue
cards and some of them also help
process payments on behalf of
merchants, which pay fees to card
issuers, networks and acquirers.
The networks and stores used
to be strict about making people
sign for credit-card purchases,
but the signatures became less
important over time.
Some networks stopped re-
quiring them for small purchases.
Over the past couple of years,
they stopped requiring them for
almost all purchases.
The companies say signatures
are no longer needed because
card technology to catch fraud
has improved, in particular the
chip cards that have largely re-
placed magnetic stripe cards over
the past few years.
There are exceptions where
the networks still want signa-
tures. For example, Visa says it
requires a signature if the mer-
chant doesn’t accept chip cards.
The National Retail Federation
said its survey last year found
that about two-thirds of U.S. re-
tailers expected to remove the
signature requirement by the end
of 2020 or already had.
Cecilia Quick isn’t normally a
germaphobe, but recently she re-
fused to sign the checkout termi-
nal at a computer repair store.
“I was like ‘OK, this manicured
hand is not touching that,’ ” said
the 60-year-old retired attorney
in San Jose, Calif.
She told a clerk that she
wouldn’t sign until the screen
was wiped down. He brought
back a bottle of Windex from the
store’s bathroom and wiped the
screen.
THE WALL STREET JOURNAL.
Airlines
Apply for
Aid, Call
View Dire
BY ALISON SIDER
AND DOUG CAMERON
Several U.S. airlines on Fri-
day applied for government
funds to keep paying workers,
but said they still needed
more cash as they face a cri-
sis that doesn’t look likely to
abate soon.
Major airlines including
American Airlines Group Inc.,
Delta Air Lines Inc., United
Airlines Holdings Inc., Jet-
Blue Airways Corp. and
Southwest Airlines Co. sub-
mitted applications for the
government grants authorized
under the $2 trillion stimulus
package passed last week.
Smaller carriers and discount
airlines also applied.
However, carriers cautioned
on Friday that the government
help won’t be enough to see
them through what several
have described as the most se-
rious crisis they have faced.
The carriers that applied
for the grants didn’t detail the
terms they proposed. The
Treasury Department had en-
couraged airlines to apply by
Friday for the best chance at
securing funding quickly. It
will continue accepting appli-
cations until April 27.
Demand for travel has all
but evaporated as the new
coronavirus has spread and
governments have restricted
international travel and urged
people to stay home.
Delta Chief Executive Ed
Bastian wrote in a message to
employees Friday: “We know
we still haven’t seen the bot-
tom.”
Delta said it is burning
through $60 million cash a day
and projected the government
funds would only last until
June without other spending
Carriers said they
will still need more
cash as they face a
deepening crisis.
cuts. It has asked employees to
take unpaid leaves and said
some 30,000 have volunteered.
The airline expects second-
quarter revenue to be down
90% from a year ago.
JetBlue said workers will
likely see smaller paychecks as
the funds, which are tied to
last year’s staffing levels,
won’t fully cover what its em-
ployees are used to earning
when the airline is flying a full
schedule. The airline said it is
in talks with the government
and private lenders.
“We are leaving no stone
unturned,” CEO Robin Hayes
told employees Friday. “The
good news is this law keeps
paychecks coming and it buys
us time.”
United said it plans to cut
80% of its capacity for this
month and to make even
larger capacity cuts in May.
The airline estimated that it
lost $100 million in revenue a
day in March.
Airlines and their labor
unions had lobbied for that
package to include $25 billion
in direct grants they could use
to continue paying staff. The
funds come with strings at-
tached, including a promise
not to conduct involuntary lay-
offs or furloughs until October.
The law also allows the
government to ask for equity,
stock warrants, or other finan-
cial instruments in exchange
for the grants. Some carriers
have been asking Treasury
Secretary Steven Mnuchin to
go easy on requests for equity
stakes, fearing shareholder di-
lution, people familiar with
the talks have said.
Union leaders, including
heads of major flight attendant
unions and three former lead-
ers of the Air Line Pilots Asso-
ciation, have said the govern-
ment could put jobs at risk if it
insists on terms that the air-
lines won’t accept. The stimu-
lus package also set aside an-
other $25 billion for loans to
passenger airlines, as well as
additional funds for cargo car-
riers and airline contractors.
Airline shares have tumbled
in recent weeks. American’s
shares closed at a low Friday,
and lost most of the gains
they made since the stimulus
package was announced last
week.
* * * * * * * *
Stockpiling Boosts Sales for Walmart
BY SARAH NASSAUER
Walmart Inc. sales rose rap-
idly in stores and online in re-
cent weeks as shoppers, wor-
ried about the spread of
coronavirus, rushed to stockpile
water, face masks and canned
goods before shifting their fo-
cus to necessities for a pro-
longed stretch at home.
Walmart sales from its over
4,700 U.S. stores increased
nearly 20% over the past four
weeks compared with the
year-earlier period, according
to documents viewed by The
Wall Street Journal.
Sales on Walmart.com rose
over 30% over the past eight
weeks. Downloads of Wal-
mart’s online grocery mobile
app skyrocketed.
U.S. retailers that have re-
mained open because they sell
products such as food and
household goods have seen
sales of certain products rise
rapidly as nervous shoppers
stock up on paper goods, food
and other items. Walmart is
the biggest, with $341 billion
in U.S. annual sales.
The rush has challenged re-
tail supply chains and online lo-
gistics and, in some cases, has
pressured profits as sales of
higher-margin products fall.
Target Corp. said last
month comparable sales, those
from stores and digital chan-
nels operating for at least 12
months, were up more than
20% in the almost four weeks
China’s Luckin Accounting Issues Revealed
BY QUENTIN WEBB
AND JOANNE CHIU
Accounting firm Ernst &
Young said it uncovered the
problems at China’s Luckin
Coffee Inc., which hammered
the stock price of the upstart
challenger to Starbucks Corp.
in the country and cast doubt
over a large part of its sales
last year.
Luckin’s Nasdaq-listed
shares fell more than 75%
Thursday after it said an inter-
nal investigation indicated its
chief operating officer and
others had fabricated much of
its reported revenue in 2019.
While auditing Luckin’s fi-
nancials for 2019, the account-
ing firm said it found some
“management personnel en-
gaged in fabricated transac-
tions which led to the inflation
of the Company’s income, costs
and expenses” from the second
quarter to the fourth quarter.
“Based on such findings, EY
made a report to the company’s
Audit Committee,” Ernst &
TV Stations See Audiences Spike as Advertisers Drop
BY LILLIAN RIZZO
Local television stations are
experiencing a rare surge in
viewership as more Americans
tune in for coronavirus updates.
But the stations are unlikely to
benefit financially because of a
cutback in advertising spend-
ing.
“We have more viewers than
ever, but advertisers are unfor-
tunately stuck in the same eco-
nomic boat as many of us,” said
Patrick McCreery, president of
the local media group of Mere-
dith Corp., which owns 17 TV
stations.
Local broadcast journalists
are producing segments from
their homes and on the street,
as they are considered essential
workers. Many viewers are
leaning on local TV news for
constant updates in their com-
munities.
By mid-March, Meredith’s af-
ternoon and evening news
viewership had risen by up to
30% since the beginning of the
month. Nexstar Media Group
Inc., which owns 196 stations in
114 U.S. markets, experienced
ratings jumps of at least 35%
during that stretch.
Sinclair Broadcast Group
Inc., which has 191 TV stations
in 89 markets, declined to pro-
vide its overall TV audience
numbers but said viewership
for its ad-supported streaming
service STIRR nearly doubled in
recent weeks. Scott Livingston,
Sinclair’s senior vice president
of news, said the initial spike in
news viewership was in Seattle,
the first location of the corona-
virus outbreak in the U.S.
Spikes in local-TV viewer-
ship aren’t unusual when a spe-
cific market gets hit by a major
disaster, such as Louisiana in
the aftermath of Hurricane Ka-
trina in 2005, Nexstar Chief Ex-
BUSINESS & FINANCE NEWS
People line up at a Walmart store in Uniondale, N.Y. The retailer saw an increase of nearly 20% in store sales in the past four weeks.
through March 25, compared
with the period last year. But
the sales surge came from food
and household goods, while
higher-margin apparel sales
fell, leading Target to with-
draw its financial guidance for
the quarter and full year.
Panic buying appeared to be
slowing over the past week.
Overall consumer goods sales
rose 21.5% for the week ended
March 28, compared with the
same week in 2019, according
to Nielsen. That is elevated, but
Young said in an emailed state-
ment Friday. It said that
prompted Luckin’s board to
start an internal investigation.
Ernst & Young Hua Ming
LLP is the entity in China that
audits Luckin. EY is the term
for the global umbrella organi-
zation to which it and affiliates
such as Ernst & Young LLP in
the U.S. belong.
EY, which has audited Luckin
since the coffee group’s found-
ing in 2017, said it wouldn’t
comment further, citing client
confidentiality.
In three years Luckin, one of
a string of aggressive Chinese
startups, has risen to challenge
Starbucks as China’s largest
coffee chain. Its listing prospec-
tus highlighted how it was “dis-
rupting the status quo of the
traditional coffee shop model”
with mobile apps and pickup-
only stores.
Since May 2019 the company
and some of its early backers
have raised nearly $1.8 billion
through an initial public offer-
ing, a convertible bond sale,
Dave Mazza, chief meteorologist for WCMH in Columbus, Ohio, delivers a forecast from his basement.
ecutive Perry Sook said. What’s
different this time, he said, is
that the coronavirus pandemic
“is a disaster that’s playing out
across the entire nation.”
Local broadcasts aren’t the
only news stations experiencing
surges in audience. Daytime ca-
ble news viewership for chan-
nels including CNN, Fox News,
MSNBC and Fox Business more
than quadrupled from a year
earlier, according to measure-
ment firm Samba TV.
Charter Communications
Inc.’s local Spectrum News, of-
fered to traditional pay-TV sub-
scribers, experienced a 71% in-
crease in household viewership
in mid-March compared with
prior weeks.
The rise in viewership comes
as companies pull back on ad-
vertising spending.
“It’s a tale of two cities,” said
Kyle Evans, a media analyst at
Stephens Inc. “On one side your
viewership has been teleported
back to the 1950s, when people
down from a 67.9% sales spike
for the week ended March 21.
The Walmart documents
showed how the country’s larg-
est retailer has experienced a
rapid shift in shopping behavior
as the novel coronavirus spread
through the country. They also
suggest how Walmart aims to
capitalize on those changes.
A spokesman for Walmart
had no comment.
As the coronavirus first
emerged in the U.S., customers
started “proactive health-
The Chinese rival to Starbucks said officials fabricated transactions.
and a follow-on stock sale.
On Thursday, Luckin said the
investigation suggested its op-
erating chief and some of his
reports had engaged in miscon-
duct, including fabricating
transactions, which inflated
both sales and expenses.
Based on previously re-
Average local-news viewership, in thousands
2019 2020
 thousand  4
March
4-10
March
11-17
March
18-24
Note: Average live viewership among people 18 and older in 25 top U.S. markets
Source: Nielsen, TVB
crowded around their TV at
home and watched the news.
On the other side, advertising is
dropping off and not matching
those viewership numbers.”
Advertising is often among
the first things cut by compa-
nies looking to preserve cash in
times of crisis. Ad-buying giant
Saturday/Sunday, April 4 - 5, 2020 | B3
minded buying,” such as hand
sanitizers, the document said.
Then they started to prioritize
products essential to virus con-
tainment, like face masks, be-
fore moving on to “pantry
preparation.” In this phase,
more flocked to stores.
Then shoppers prepared for
life mostly at home, starting
what Walmart dubbed “quaran-
tine living preparation.” In this
period, shoppers favored online
shopping and the supply chain
strained, the document said.
ported results and company
forecasts for the fourth quar-
ter, the 2.2 billion yuan ($310
million) of sales affected
would represent nearly half of
net revenue in that period.
The stock’s sharp decline was
a victory for short sellers, who
had bet against the company.
6
Magna Global last week slashed
its U.S. advertising forecast be-
cause of the coronavirus pan-
demic, whose impact it likened
to “a combination of the Great
Recession and 9/11.”
The coronavirus outbreak’s
impact on sporting events also
affected local channels. The
AL BELLO/GETTY IMAGES
Shoppers stocked up on more
food and household and per-
sonal-care items.
The next phase, what Wal-
mart called “restricted living,”
means shoppers are preparing
to home-school and work from
home. Customers will severely
restrict store visits and favor
online shopping, the document
said. This phase is favoring
sales of iPads, routers, board
games, home exercise equip-
ment and home cooking sup-
plies such as small appliances.
Matthew Unterman, a direc-
tor at S3 Partners, a New
York-based financial data pro-
vider, said there had been ele-
vated demand from hedge
funds to sell Luckin’s stock
short ever since the IPO.
Mr. Unterman said recent
short interest was equivalent to
YAN CONG FOR THE WALL STREET JOURNAL
a very high 35% of Luckin’s U.S.
securities. He said those inves-
tors likely made $686.7 million
in gains on paper Thursday.
In early February, high pro-
file short-selling firm Muddy
Waters LLC endorsed an anony-
mous report that attacked
Luckin’s financials, governance
and business model.
Luckin said the report was
false and misleading.
Beijing-based private-equity
firm Centurium Capital, an early
investor in Luckin, said Friday it
supported the decisions and ac-
tions of the board, and the in-
vestigation that was being pur-
sued to protect shareholders.
 Heard on the Street: An
unfiltered view............ B16
canceled NCAA basketball tour-
nament led to advertising can-
cellations at CBS network affili-
ates. The Tokyo Olympics,
which would provide a boost in
advertising revenue, according
to the local TV broadcasters’
public filings, have been post-
poned until 2021.
Local TV broadcasters say
the automobile industry makes
up a key portion of advertising
revenue, but auto sales are
dropping. Political advertising
is another large contributor to
local TV stations’ revenue, and
the postponement of many pri-
maries because of the virus
means that advertising revenue
CRYSTAL MAZZA
is likely to be pushed to later in
the year, company executives
said.
Local TV broadcasters de-
clined to disclose the extent of
the advertising hit. Meredith’s
Mr. McCreery said the company
has been in contact with adver-
tisers.
8 “Net-net, there is a decline in
advertising, and more cancella-
s7.5% tions than new orders,” said
Kevin Latek, executive vice
president at Gray Television
Inc., which owns and operates
TV stations in 93 markets.
s21% However, he said, there have
been some new advertisers tak-
ing advantage of the rise in
viewership.
Advertising accounted for
s57% between 31% and 46% of total
local TV revenue at Nexstar,
Gray, Meredith and Sinclair for
calendar year 2019, according
to an analysis of the companies’
financial statements. Much of
the broadcast stations’ revenue
comes from fees paid by pay-TV
distributors in return for carry-
ing their channels, known as re-
transmission-consent fees.
These are often lucrative fee
deals that have increased in re-
cent years.
B4 | Saturday/Sunday, April 4 - 5, 2020
Robots Go Where Humans Fear to Tread
A robotic army is being deployed in the virus fight to radiate surfaces, sanitize floors, scan for fevers and enforce mask-wearing
All over the world,
hundreds of engi-
neers, scientists and
software developers
are at work building a
robotic army with a
bold mission: to help
prevent the spread of coronavirus.
There are robots bedecked with
lamps that bathe surfaces in radia-
tion, robots with enough autonomy
to safely coexist with humans while
sanitizing floors 24/7, robots that
can scan for fevers and enforce
mask-wearing, even robots that
spew antimicrobial gas in outdoor
spaces. (That approach, scientists
say, is probably futile.)
Importantly, many of these ro-
bots are already being used to enter
environments before humans do, al-
lowing them to prevent infection
not only of patients and medical
personnel, but potentially also
front-line cleaning staff.
At Cincinnati/Northern Kentucky
International Airport, known as
CVG, passengers are sparse, but an
autonomous robot has been patrol-
ling terminals all day since the start
of 2020. The Avidbots Neo weighs
1,050 pounds when fully loaded but,
because of AI and a bank of cam-
eras and other sensors, can safely
operate around humans.
Brian Cobb, the airport’s chief in-
novation officer, says the Neo is ca-
pable of disinfecting and not merely
cleaning, since it can dispense a so-
lution of germ-killing fluid from one
tank and suck it up into a second
one, to be disposed of later.
Other robots that were never in-
tended for disinfection with chemi-
cals have been pressed into service.
As soon as it became clear an out-
break was brewing in Wuhan,
UBTech Robotics, based in Shen-
zhen, China, began a crash R&D
program to modify some of its ex-
isting robots to battle coronavirus.
On one, the Atris outdoor security
robot, engineers attached a system
to spray disinfectant in public
places. This has become a common
anti-coronavirus practice in China,
but scientists say there’s little evi-
dence it does anything, and can
even be dangerous, since it involves
filling the air with a dilute solution
of lung-irritating bleach.
Lethal Light
Another approach to disinfecting
with robot that, by contrast, is
backed by decades of research, is
the use of high-intensity UV light in
indoor spaces, says Benjamin Tan-
ner, chief executive of Austin,
Texas-based Microchem Laboratory,
which tests antimicrobial technolo-
gies for registration with the Envi-
ronmental Protection Agency.
For years, hospitals have used
high-frequency UVC light, a kind of
UV light that is dangerous to hu-
mans and lethal to microbes, to
sanitize rooms. No one can be in
the room when it’s in use. Depend-
ing on the power of the bulb, a
cluster of UVC-emitting lamps
wheeled into a room can do the job
in anywhere from 10 minutes to an
hour. These systems have the ad-
vantage of reaching many surfaces
that cleaning staff tend to forget,
says Dr. Tanner.
UVC light also has a particular
talent for killing airborne microbes.
This could be especially important
for the current pandemic if it turns
out that, as many scientists suspect,
a major way coronavirus is trans-
mitted might be when people
breathe in particles wafting about
indoor spaces.
KEYWORDS | CHRISTOPHER MIMS
Avidbots Neo robots have been cleaning the Cincinnati/Northern Kentucky airport since the start of the year.
One disadvantage of using light
is that it requires a human to enter
the room—between cycles, of
course—to move the UVC-emitting
tubes from one position to another,
so all surfaces in a room receive the
maximum dosage of radiation. A
handful of companies are trying to
address this issue by using these
lights, in a way safe for humans, on
top of autonomous robots that can
rove about public spaces, shining
their baleful glow all over every-
thing, destroying viruses, bacteria
and fungi alike.
One such company, UVD Robots,
launched in Denmark in 2014 and
started selling its robots in 2018. It
now sells robots in nearly 50 coun-
tries. Since February, hospitals in
hot spots in China have been using
its technology. Demand for the com-
pany’s UVC-disinfecting robots has
exploded since December, putting
the company on track
to deliver two to
three times as many
robots as it had origi-
nally projected in
2020, says CEO Per
Juul Nielsen.
These robots
aren’t complicated by
the standards of au-
tonomous vehicles,
but they are able to
move through hospi-
tals and clean rooms
with minimal human
oversight. This has
allowed hospitals—
and increasingly,
other facilities like
warehouses, prisons
and offices—to disin-
fect more often than
they would with hu-
mans, sometimes as
frequently as every
few hours.
First to Enter
A new protocol for the age of coro-
navirus being used by some cus-
tomers of UVD Robots involves
sending their robot into rooms after right now. As startups, the compa-
coronavirus-positive patients have
exited but before anyone else has
entered. By conducting a prelimi-
nary sterilization before the room is range, not the thousands or tens of
cleaned, it’s operating in a manner
not so different from robots that
have in the past entered wrecked
EXCHANGE
A Cruzr, above, flags people with a fever or no mask. Below, a Youibot robot in China.
nuclear-power plants and other
hazardous environments.
Mr. Nielsen isn’t the only innova- poorly maintained reserve of emer-
tor shipping to eager customers
nies I talked to won’t disclose exact sonal protective equipment, it’s
quantities, but the numbers remain
small, in the dozens or hundreds
thousands they might be able to
ship if they were already producing
at scale.
* ***
Nor is it clear how robust this
market will be. Like America’s
gency ventilators or woefully insuf- preparedness.
ficient stockpile of masks and per-
possible that once the threat has
passed, demand for these technolo-
gies will decline precipitously.
Jenny Lee, a 15-year veteran of
venture-capital firm GGV Capital
and an investor in Avidbots, says
THE WALL STREET JOURNAL.
FROM TOP: UVD ROBOTS; CINCINNATI/NORTHERN KENTUCKY INTERNATIONAL AIRPORT; UBTECH; YOUIBOT
A UV-light robot
disinfects an ICU.
that coronavirus has put a spotlight
on robotics and automation in gen-
eral. Many robotics companies in
China, for example, quickly adapted
general-purpose autonomous ro-
bots, typically used to patrol offices
or move goods indoors, to do things
like roam hospitals with sensors to
detect people’s temperature, or to
carry UV lamps.
Is Your Mask On?
In addition to its disinfectant-spray-
ing robot, UBTech outfitted two
other models of its enterprise ro-
bots, the Cruzr and Aimbot, with
thermal cameras to “see” if some-
one is running a fever. They also
have object-recognition algorithms
that allow them to determine
whether a person is wearing a
mask. Deployed in hospitals, they’re
able to navigate the halls autono-
mously, reminding people to wear
masks and flagging people who
might be sick. The Cruzr model also
has the ability to act as a concierge,
giving incoming patients a two-way
video connection to a remote doc-
tor who might conduct their initial
intake assessment.
One challenge for
the new market for
“clean tech” is that
all these robots
might not prove to
be cost effective
compared with solu-
tions that aren’t as
fancy. Cleaning hard
surfaces where vi-
ruses spread, like
door handles and el-
evator buttons, still
requires a level of
dexterity and ma-
neuverability that
only humans pos-
sess. But Ms. Lee is
hopeful that compa-
nies will continue to
work on robots with
smaller form factors
and more autonomy.
Another concern
is that a great deal
of research on the
effectiveness of all
of these technolo-
gies remains to be conducted. UV-
light systems, in particular, vary a
great deal in how effective they are
and are lightly regulated, says Mi-
crochem Laboratory’s Dr. Tanner.
“There are manufacturers who have
done no testing of their own, and
it’s a little bit of buyer beware on
the UV market,” he adds. Some
firms have used research to show
their systems are very effective, not
just at killing germs but actually re-
ducing infection rates in hospitals.
At Microchem Laboratory, which
evaluates a whole host of antimi-
crobial technologies, from disinfec-
tants to UV lights, Dr. Tanner is
now receiving 15 to 20 inquiries a
day from existing and new custom-
ers that have technology they want
his lab to evaluate. Before coronavi-
rus, he got only one or two inqui-
ries a day.
John Rhee, general manager of
UBTech Robotics North America, is
betting that the extent of the coro-
navirus pandemic has woken up the
world to the need for long-term
“We talk about flattening the
curve, but the need to be vigilant
and have increased monitoring and
have measures in place to decrease
transmission are things that organi-
zations both public and private will
have to take seriously for a very
long time,” he says.
THE WALL STREET JOURNAL.
Is a Tax Break Hiding in Your Home Office?
Millions who now work remotely can’t deduct the expenses of a new computer or ergonomic chair. But their companies can.
If you’re one of
millions of Ameri-
cans who are now
working from home
instead of the office
because of the coro-
navirus pandemic,
count yourself lucky: You aren’t
sick and you have a job.
Still, both you and your em-
ployer may be wondering whether
your remote work qualifies for any
tax breaks. Have you bought a
desk, a better chair or new com-
puter equipment? Can you take a
tax deduction on those improve-
ments, as well as the increased
utility costs needed to power a
new home-office set up?
The short answer is no, the em-
ployee can’t take these deduc-
tions—but the employer often
can. As part of the 2017 tax over-
haul, Congress nearly doubled the
standard deduction and repealed
some specific write-offs on Sched-
ule A. One was a partial deduction
for unreimbursed employee ex-
penses such as a home office or
union dues.
But employers can claim these
deductions, based on reimburse-
ments to the worker. The good
news for workers is that the
breaks can help employees with a
range of pandemic expenses and
the payments don’t count as com-
pensation, either for income or
FICA taxes.
The rules are confusing, how-
ever. “Even in normal times, em-
ployers often misunderstand tax
rules for benefits. Now there’s
more to know,” says Veena Murthy,
who leads the compensation and
benefits tax practice at Crowe LLP.
A simple way for many employ-
ers to help employees who have
costs from working at home due to
the pandemic is to reimburse them
under Section 139 of the federal tax
code. This law passed in the wake
of the 9/11 terrorist attacks and al-
lows reimbursements or payments
for “reasonable and necessary per-
sonal, family, living or funeral ex-
penses” due to an eligible disaster.
Note that this law allows de-
ductions for payments of “reason-
able” expenses. That seems in-
tended to be more generous than
“ordinary” expenses, the term
elsewhere in the law, says Ms.
Murthy. It could include, say, full
reimbursement of expenses for
child care as well as for a com-
puter or additional utility costs.
Under Section 139, disaster pay-
ments can be tax-free to workers
Investors can sur-
vive a bear market
the same way hikers
survive an encounter
with a bear: Remain
calm and don’t make
sudden moves.
With some modifications, the Na-
tional Park Service’s advisory on
how to behave if you come across a
bear in the wild, available at
www.nps.gov/subjects/bears/
safety.htm, is a surprisingly useful
guide for investors as well.
“Make yourselves look as large
as possible,” advises the park ser-
vice. Do that in a bear market by
remembering that we all hold an
implicit position in bonds, making
our portfolios much bigger than we
normally realize—and our exposure
‘Keep an eye on the
bear…Do NOT run, but
if the bear follows, stop
and hold your ground.’
to stocks proportionately smaller
than we usually believe.
Let’s say you and your spouse
are 45 years old and expect to earn
$2,000 apiece in monthly Social Se-
curity benefits.
OpenSocialSecurity.com, an ex-
cellent online tool designed by ac-
countant Mike Piper, adjusts your
expected Social Security payments
for the delay until you receive
them. The $2,000 a month that you
and your spouse will each receive in
the future has a present value of
$772,235, according to OpenSocial-
Security.com.
That’s roughly what it would
cost an insurance company to pro-
vide each of you with a guaran-
teed, inflation-adjusted $2,000
monthly payment for the rest of
your lives (assuming you file for
retirement benefits at age 70 and
your spouse at 62).
So your expected Social Security
payments are like a giant phantom
annuity—a bundle of inflation-ad-
justed bonds you don’t own but
* * * *
TAX REPORT | LAURA SAUNDERS
and deductible by the company.
Shareholders who are also employ-
ees of an S or C Corporation can
qualify for them as well. Directors
and partners may be eligible for
these payments, although the law
isn’t clear.
Unusually for the tax code, Sec-
tion 139 cuts red tape. Payments
don’t have to be included on a
worker’s W-2 tax form, and the
company doesn’t have to document
actual expenses as long as the pay-
ments are expected to be close to
them. Complex employee-benefits
rules about which workers get
what benefits don’t apply, either.
Until this past week, the main
caveat for employers hoping to
use Section 139 was that, for tech-
nical legal reasons, it might not
apply to payments or reimburse-
THE INTELLIGENT INVESTOR | JASON ZWEIG
How to Survive a Bear Market
Take it from the Park Service: Remain calm. Get big. Move sideways, slowly.
whose income you have the right to
receive. The same is true—usually
without the ability to keep pace
with inflation—if you are fortunate
enough to have a defined-benefit
pension plan.
Social Security, or the company
providing your pension, could fail.
But, if it doesn’t, putting the value
of those phantom bonds on your
mental balance sheet will remind
you that your total portfolio is big-
ger than you thought and less ex-
posed to stocks than it seems.
Other advice from the park ser-
vice also applies to bear markets:
“If the bear is stationary, move
away slowly and sideways; this al-
EXCHANGE
Employers should know
the IRS ‘could come
knocking when this is
over. Be prepared.’
ments due to coronavirus ex-
penses. However, on March 31, the
Internal Revenue Service appeared
to affirm that Section 139 can ap-
ply to coronavirus payments in its
guidance on payroll tax credits.
The statement was included as
part of an answer to question No.
58 in a list of frequently asked
questions posted online.
Specialists hope the IRS will is-
sue definitive guidance affirming
lows you to keep an eye on the bear
and avoid tripping…Do NOT run,
but if the bear follows, stop and
hold your ground.”
To move sideways, you can take
three steps after consulting your
accountant or financial adviser.
First, harvest tax losses. Sell
stocks, funds or other investments
whose market price has fallen be-
low what you paid. Think of the
resulting difference not as a loss,
but as an asset. That’s because
you can generally use it to offset
capital gains now or into the in-
definite future, or to deduct up to
$3,000 of it against your ordinary
income annually.
Saturday/Sunday, April 4 - 5, 2020 | B5
this position soon.
“It would allow employers to
help employees with coronavirus
expenses immediately. Until then,
companies will proceed with cau-
tion,” says Susan Mehlman, who
specializes in compensation and
benefits with Moss Adams in Seat-
tle, an early virus hot spot.
An IRS spokesman said the
agency is reviewing this issue,
along with many others related to
the coronavirus.
The other major caveat for em-
ployers who want to use Section
139 to benefit workers is to be
careful and deliberate in how they
apply it.
As with other provisions on
tax-free reimbursements, no dou-
ble-dipping is allowed. So if some
of an employee’s child-care ex-
ALEX NABAUM
You can immediately put the sale
proceeds into a similar, but not
identical, investment. (A simple ex-
ample: Switch from an index fund
tracking the S&P 500 to a total
stock-market index fund.) That way,
you keep your investment plan in-
tact, but Uncle Sam eats some of
your loss.
Second, consider converting a
traditional Individual Retirement
Account to a Roth IRA. The amount
you convert will be added to your
taxable income this year, but the
market decline has almost certainly
reduced that. Under current law,
unlike in a traditional IRA, with-
drawals from the Roth will typically
KIERSTEN ESSENPREIS
penses are covered by another tax
break, a qualified payment under
Section 139 would need to be for
expenses above that, says Gerard
Schreiber, an accountant in New
Orleans who specializes in disas-
ter-related tax issues.
Ms. Murthy recommends that
employers who use Section 139 to
help employees with coronavirus
expenses have a written policy or
program. It should define, among
other things, the specific time
period for which the benefits can
be provided; who is eligible for
payments; what costs are eligible
for reimbursement; and up to
what maximum.
She adds, “Employers should
avoid an ‘anything goes’ mentality,
because the IRS could come knock-
ing when this is over. Be prepared.”
be tax-free down the road.
Third, “sell your dogs,” urges fi-
nancial adviser Allan Roth of
Wealth Logic LLC in Colorado
Springs, Colo. The market plunge
has likely reduced or erased the
embedded gains you had on your
less-attractive investments, mean-
ing you now could sell them with-
out incurring a big tax bill.
The same logic applies to con-
centrated positions—a big chunk
of shares you inherited, or stock in
the company or industry where
you work—that you’ve been locked
into by a reluctance to pay capital-
gains taxes.
You should feel “less unwilling-
ness to unwind them now that the
market is down,” says Maria Bruno,
head of U.S. wealth-planning re-
search at Vanguard Group. “You can
clean it up and improve the diversi-
fication of your portfolio.”
To ensure you’ll follow through
on these actions, turn social dis-
tancing into an asset, too. Now
that you have spare time on your
hands, tell your family or friends
out loud (virtually if need be)
about your portfolio cleanup plan
and set a date for it within the
next few days. Ask them to hold
you to it. That follows another of
the National Park Service’s guide-
lines: “Continue to talk to the bear
in low tones; this will help you
stay calmer, and it won’t be
threatening to the bear.”
When you do make your trades,
enter them after market hours, so
momentary price swings won’t
sway your resolve.
A final thought from the park
service: “Hike and travel in
groups…because of their cumula-
tive size, groups are also intimi-
dating to bears.”
No, you can’t scare away a bear
market just by grouping with other
investors. What you can do, though,
is lower your anxiety by tuning out
toxic influences urging you to trade,
time the market and make sudden
shifts in strategy. Screen out com-
mentators and analysts who can’t
think beyond this week’s headlines,
and seek out investors who focus
on the long term.
 B6 | Saturday/Sunday, April 4 - 5, 2020
For Business,
A Sudden
New Reality
Continued from page B1
group chat.
By March 27, a new reality was
gripping the nation. Macy’s Inc.
boss Jeff Gennette had kept all
125,000 employees on the payroll
since the company had closed its
stores but couldn’t do it any longer.
Nobody was shopping, and it
was unclear if they would come
back when stores reopened. Mr.
Gennette had already suspended
Macy’s dividend and borrowed
$1.5 billion from its banks. Now
he decided to furlough most of
his workers. “What if every store
is closed through May?” Mr. Gen-
nette worried.
It was a month unlike anything
American business has experi-
enced. The U.S. entered March still
riding an 11-year economic expan-
sion. Unemployment was at 3.5%, a
50-year low. The Dow Jones Indus-
trial Average had recently been
flirting with 30000. The biggest
worry for many companies was
finding workers to fill positions.
By the end of the month, 10
million had lost their jobs. The
Dow was at 21917. Airlines were on
the verge of bankruptcy. Other
icons of American commerce were
shutting down, seeking govern-
ment aid, shedding staff and won-
dering whether their businesses
even made sense anymore. Count-
less small enterprises failed.
As of Friday, about 6,900
Americans were dead of
Covid-19, the respiratory disease
caused by the virus, with the toll
expected to increase exponen-
tially in coming weeks.
The speed of the spread and
the depth of the impact caught
corporate leaders off guard.
Macy’s stores and McDonald’s
dining rooms were locked. Malls
and movie theaters went dark.
Disney World closed, as did De-
troit’s auto factories. Professional
sports were suspended. The
Olympics were postponed.
Before the month was out, Mar-
riott International Inc. stopped
paying tens of thousands of people.
General Electric Co. cut staff. Ford
Motor Co. suspended its dividend.
Amazon.com Inc. and Walmart Inc.
struggled to keep stocked and
staffed. Goldman Sachs Group Inc.
borrowed from the Federal Re-
serve’s rainy day fund.
“Just never seen anything, re-
motely, like how fast it turned,”
said Scott Kirby, the president and
soon-to-be CEO of United Airlines.
Some routines may not return,
which means some giants won’t
FROM TOP: OLIVER BUNIC/BLOOMBERG NEWS; ASHLEY LANDIS/THE DALLAS MORNING NEWS/AP; DAVID BECKER/AP; CEOS FROM TOP: CHRISTOPHER GOODNEY/BLOOMBERG NEWS(2); F. CARTER SMITH/BLOOMBERG NEWS; SHANNON STAPLETON/REUTERS
survive. People stopped dining
out or going to the movies. Will
they return? Corporate workers
left their headquarters, and fami-
lies abandoned cities. When will
people feel it’s safe again to fly
or go out for a beer?
America’s 500 biggest public
companies were worth $3 trillion
less at the end of the month than
they were at the beginning.
During the month the heads of
This article was written by Liz
Hoffman and Marcelo Prince.
It was reported by Liz Hoffman,
Justin Baer, David Benoit, Jacob
Bunge, Ben Eisen, Melanie Evans,
Annie Gasparro, Heather Haddon,
Suzanne Kapner, Jennifer
Maloney, Christopher M.
Matthews, Dana Mattioli, Sarah
Nassauer, Alexander Osipovich,
Preetika Rana, Katherine Sayre,
Erich Schwartzel, Leslie Scism,
Deepa Seetharaman, Alison Sider,
Sharon Terlep, Andrew Tangel,
Suzanne Vranica and Paul Ziobro,
with research by Inti Pacheco,
Angela Calderon, Thomas Gryta
and James R. Hagerty and
graphics by Kara Dapena.
MARCH 18 | A security guard on patrol outside the shuttered MGM Grand hotel and casino in Las Vegas.
America’s biggest companies felt
constantly in the dark. Many
sought out hospital CEOs, gov-
ernment officials or health ex-
perts to find out what they knew.
Pfizer Inc.’s CEO Albert Bourla
choked up when he pushed his
scientists to have a vaccine by the
fall. Hedge-fund billionaire Bill
Ackman raced to get cash from
the bank. Michael Corbat bought
extra routers to run his global
bank, Citigroup Inc., from home.
The first U.S. death came on
the last day of February. A man
in his 50s died in Washington
state, where a nursing home
had become the virus’s first U.S.
hot zone. A few days earlier, of-
ficials had warned of a wider
outbreak and limited flights to
and from China and Italy.
The White House projected
confidence in the U.S. response.
“The risk is low,” said Robert
Redfield, director of the Centers
for Disease Control and Preven-
tion. “We need to get on with
our normal lives.”
SUNDAY, MARCH 1
Starbucks Corp. told its U.S.
baristas to start regularly sani-
tizing door handles, chairs, ta-
bles and coffee bars.
The coffee giant had seen the
effects of the virus first hand in
China, where the outbreak had
forced it to close about half of
its 4,300 cafes in mid-January.
Rough numbers drawn up by
CEO Kevin Johnson and his fi-
nance chief were grim.
While driving over one of Seat-
tle’s skybridges to work on Jan.
21, Mr. Johnson heard the morn-
ing news report of the first con-
firmed case of the novel coronavi-
rus in the U.S. “Here we go,” he
said to himself.
MONDAY, MARCH 2
Like Starbucks, IMAX Corp. has
significant operations in China
and had spent the past month
watching the virus escalate to
the point of closing theaters,
including 702 of its signature
big screens.
With the virus spreading in the
U.S., CEO Richard Gelfond tapped
acquaintances to connect with ex-
10.45 million
Americans filed
for unemployment
in March
perts, including a former CDC of-
ficial. He called Samuel Stanley,
the president of Michigan State
University and a biomedical re-
searcher whom Mr. Gelfond knew
from his work with Stony Brook
University, his alma mater.
The conversations left him
convinced that the number of
cases in the U.S. was likely to sky-
rocket, especially as he learned
how little testing had been done.
The pressure on theaters to close
would rise and IMAX would have
a sequel to China on its hands,
this time in the world’s No. 1 box-
office market.
His company had $100 million
in cash, but that wouldn’t last
long if the lights went out in its
theaters. He borrowed the com-
pany’s entire $300 million credit
line and started scrimping where
he could. “Cancel anything you
can get your money back on,” Mr.
Gelfond told his team.
Chevron’s jet ferried Mr. Wirth
to New York, where he and his
wife took their daughter’s college
roommate to dinner at Gramercy
Tavern. It was still full.
Citigroup opened a backup
office in Rutherford, N.J., across
a swamp from the New York Gi-
ants’ football stadium. The goal
was to spread out staff and have
a backup in case of an outbreak
EXCHANGE
MARCH 2 | A thermal scan of arriving passengers at the Belgrade airport, part of an effort to spot sick flyers.
on the main trading floor in
Manhattan. It started moving
traders slowly, in case it over-
loaded the system.
How many are sick? How
many dead? An operations tech-
nocrat, Citigroup boss Mr. Cor-
bat focused on the stats. He ran
a global bank with operations in
160 countries, including places
where the virus had already
been spreading fast.
“You can’t go where it is.
You’ll already be two weeks be-
hind,” Mr. Corbat told his lieu-
tenants in a meeting. “Project
where it’s going.”
David Calhoun and his peers
at Boeing Co. held the first of
what became routine internal
calls about preparing for the cor-
onavirus crisis. The CEO said the
company should expect a sharp
decline in air-travel demand.
Boeing’s medical staff had
flagged reports about the new
virus in China in early January.
Discussions touched on po-
tential layoffs. Mr. Calhoun said
Boeing needed to be careful,
telling colleagues, “We cannot
recover from this if we don’t
have the people we need to
build these airplanes.”
TUESDAY, MARCH 3
FedEx Corp. executives gathered
to review the fiscal quarter that
had ended over the weekend.
They had 14 days to decide what
to tell Wall Street.
The Federal Reserve had sur-
prised markets that day with an
emergency half-point rate cut—
the central bank’s first rate
change in between scheduled
policy meetings since the 2008
financial crisis.
FedEx had already seen the vi-
rus tear across China, where it
had 900 employees on lockdown
in the city of Wuhan, and seen
the early signs of the carnage in
Italy. The company was disinfect-
ing cockpits and providing pro-
tective equipment to mechanics.
Data coming into the com-
pany’s computer systems from
around the globe were con-
founding. “The lights are flash-
ing red,” said CEO Fred Smith,
“We can’t forecast this.”
Mindy Grossman flew to Den-
ver to attend the final leg of
Oprah Winfrey’s sold-out “2020
Vision” tour, a concert-like pep
rally hosted by her company,
WW International Inc., better
* ******
known as Weight Watchers.
At a board meeting in Denver
a few days before the event,
concerns about the coronavirus
were growing. Ms. Grossman,
Ms. Winfrey and the rest of the
WW board discussed having
more hand sanitizer at the
venue and steps they could take
to protect the roughly 12,000
people who would attend.
WEDNESDAY, MARCH 4
United Airlines said it would cut
flying by 20% internationally
and 10% in the U.S. Over the
next few days the airline lined
up $2 billion in new debt and
slashed spending by $2.5 billion.
Mr. Kirby had been in China
in January, and had shaken
hands and taken selfies with
employees at another event. He
had gotten sick, a rarity, and
wondered at one point if he had
contracted Covid-19.
In February, a surge of infec-
tions in northern Italy had left
Milan under quarantine and
convinced Mr. Kirby that the vi-
rus would tear through the rest
of the world.
“It’s too late to put the genie in
the bottle and stop it,” he told his
team in late February. “We’re go-
ing to have dramatically fewer
people flying if that’s true.” He re-
alized United needed to cut costs
and raise capital, and that the in-
dustry couldn’t avoid mass fur-
loughs without government aid.
Dara Khosrowshahi took the
stage at a Morgan Stanley con-
ference in San Francisco and
struck a different tone. The
Uber Technologies Inc. chief
had made a tall promise in Feb-
ruary, vowing that the money-
losing company would turn a
profit by the end of 2020.
Coronavirus won’t change
that, he told the crowd. After
all, the hardest hit countries at
the time—China, South Korea
and Iran—made for less than 1%
of Uber’s rides bookings.
SATURDAY, MARCH 7
Chevron’s Mr. Wirth watched
with worry one of the first shots
fired in an oil price war between
Saudi Arabia and Russia. The
monthly crude oil prices being of-
fered by Saudi Arabia were $6 to
$8 per barrel below U.S. prices.
The message was clear: Saudi
Arabia was opening a spigot of
cheap oil in a bid for market
share. Mr. Wirth’s industry
faced a dual disaster of falling
demand and increasing supply.
“We’re in an entirely differ-
ent world,” he thought as he
boarded Chevron’s jet the next
day for a flight back to his San
Ramon, Calif., headquarters.
SUNDAY, MARCH 8
Randall Stephenson, the chief of
AT&T Inc., was talking with a
half-dozen fellow CEOs at a con-
ference hotel in Georgia. What
are we dealing with right now?
What are we facing? Robert
Bradway, the CEO of drugmaker
Amgen Inc., told them about a
phone call he’d gotten from a
contact in China. He walked the
group through the numbers.
“Holy cow,” Mr. Stephenson
said. That night he told his fi-
nance chief to activate the “black
swan” plan that AT&T breaks out
when wildfires or earthquakes
disrupt its business. It hadn’t
modeled for a pandemic.
MONDAY, MARCH 9
Oil prices fell 24%, their worst
day since the Gulf War in 1991.
THE WALL STREET JOURNAL.
DAVID CALHOUN
BOEING
“We cannot recover from this if
we don’t have the people we
need to build these airplanes.”
RICHARD GELFOND
IMAX
“Cancel anything you can get
your money back on.”
MIKE WIRTH
CHEVRON
“If you have bad news,
don’t beat around the bush.”
MICHAEL CORBAT
CITIGROUP
“You can’t go where it is. You’ll
already be two weeks behind.
Project where it’s going.”
Mr. Wirth convened his closest
advisers with a message: “We’re
going to have to make some
fundamental changes.”
The Chevron team analyzed
how bad things could get. What if
oil storage fills up? What if the
market is oversupplied by 20 mil-
lion barrels a day? How would
Chevron move equipment and
personnel if travel restrictions
tightened? How could the com-
pany protect workers on week-
slong shifts in remote locations?
TUESDAY, MARCH 10
Bill Hornbuckle was in MGM
Resorts International’s corporate
offices in the Bellagio resort on
the Las Vegas Strip, when the in-
terim CEO got an unscheduled
visit. A staffer who handles crisis
management told him a New
York woman who had stayed the
previous weekend at the com-
pany’s Mirage casino tested posi-
tive for coronavirus.
The guest had been a speaker
at a “Women of Power Summit.”
Among the people she’d been in
contact with were MGM employ-
ees who attended the conference.
Las Vegas was still in busi-
ness. The prior Saturday night,
5,000 people went to a Bruno
Mars concert at an MGM venue
and 15,000 watched an Ultimate
Fighting Championship event at
THE WALL STREET JOURNAL.
the company’s T-Mobile Arena.
“I was somewhat shocked by
the level of activity,” Mr. Horn-
buckle said. “You wouldn’t have
known anything was going on at
that end of the Strip.”
Later that day, more bad news
arrived. A man who worked at a
horse track in Yonkers, N.Y.,
where MGM operates the Empire
City Casino, had died after being
diagnosed with Covid-19.
“We’re going to have to close,”
Mr. Hornbuckle went home think-
ing. If that happened, 60,000 peo-
ple would be out of work.
Shoppers in a Tacoma, Wash.,
mall heard an announcement at 6
p.m. over the public address sys-
tem. The Macy’s store was closing
early. Managers and store associ-
ates escorted customers out.
A Macy’s employee had
tested positive for coronavirus.
The employee had not been at
work for seven days. The store
was deep cleaned and disin-
fected overnight.
It reopened at 11 a.m. the next
day, an hour later than normal.
Macy’s repeated this process at
roughly a dozen of its more than
800 stores around the country
over the next week. The retailer
fielded calls from state and local
officials either suggesting or
mandating its stores close.
Macy’s principal concern at a
board meeting in late February
had been the disruption to its
supply chain in China. “The im-
pact of the virus on our busi-
ness could be 10 times what we
had initially expected,” thought
Mr. Gennette, the CEO.
WEDNESDAY, MARCH 11
The CEOs of seven banks gath-
ered at the White House guard
station a little after 2 p.m. Mr.
Trump wanted to discuss their
ability to keep lending. Charlie
Scharf had been in charge at
Wells Fargo & Co. just six
months and had spent most of
it trying to clean up a fake-ac-
counts scandal that had dogged
the bank for three years.
Mr. Scharf is a trustee at
Johns Hopkins University, his
alma mater, and the week before
had spoken with the head of its
medical school, Dr. Paul Rothman.
Even as U.S. government officials
were playing down the risk of a
pandemic, Johns Hopkins’s mod-
els were bleak.
“This is going to be serious,”
Mr. Scharf told top lieutenants
the week before, ordering them
to start preparing Wells Fargo,
with its 260,000 employees and
$2 trillion of assets.
At the White House, the door
to the Roosevelt Room swung
open and CEOs of the country’s
biggest hospital systems filed
out. Dr. Rothman and Mr. Scharf
exchanged nods.
Hospital executives had urged
the administration to prioritize
their patients for coronavirus
testing. Doctors and nurses were
burning through dwindling stock
of protective masks and gowns,
the executives said. Faster test re-
sults would rule out some pa-
tients and preserve critical gear.
1/3
Fraction of its
retail stores
AT&T decided to
keep open
******* Saturday/Sunday, April 4 - 5, 2020 | B7
EXCHANGE
Sam Hazen, the CEO of HCA
Healthcare Inc., warned hospi-
tals would be hard-hit finan-
out with an illness, had tested
positive for Covid-19.
American professional sports
He urged companies in his in-
vestment portfolio, which include
Hilton Worldwide Holdings Inc.
MGM closed its
cially, too. Revenue from elec-
tive patients would fall at
hospitals just as they increased
had a patient zero. The players
were yanked off the court and
would not return. “Take your
casinos in 24 hours
and its hotels in
and real-estate developer Howard
Hughes Corp., to tap bank loans
and build cash piles. Mr. Ackman
spending to prepare for criti-
cally ill coronavirus patients.
In Chicago, executives of CME
time in leaving the arena to-
night, and do so in an orderly
fashion,” a voice boomed on the
48 hours. did the same himself, calling a
JPMorgan branch in New York
City to withdraw cash.
Group Inc. met in a conference arena’s public-address system. Kraft Heinz Co. told retailers it
room overlooking the city’s “Thank you for coming out to- was limiting orders to full pallets
river. The agenda: What should night. We are all safe.” on certain products. Grocery
they do about the futures ex- The shutdown of the NBA sea- moving.” chains couldn’t order 1.5 pallets
change’s trading floor? Even son—and an Instagram post The rest of the professional of macaroni-and-cheese boxes
though markets were now hours later from actor Tom Hanks leagues followed the NBA. Soon anymore. They would need to or-
mostly digital, hundreds of trad- broadcasting that he and his wife, the NCAA basketball tourna- der two. That helped the plants
ers were still gathering a few Rita Wilson, were sick—shocked ment was canceled. Disney said and warehouses pack and send
blocks away in CME’s pits, hag- many Americans who had viewed it would close all its parks. off pallets faster.
gling over commodities like the virus as a distant threat. Mr. Ackman, the hedge-fund Kraft Heinz added third shifts
wheat and cattle. TV network executives began manager, was in the middle of at many factories and limited the
The symbol of a bygone age working to assess the giant fi- the biggest trade of his life. That variety of Oscar Mayer lunch
of American capitalism was also nancial impact of losing the morning he told his traders to meats and other foods to maxi-
a potential cesspool. The World NBA—and how to fill their air- unwind a bet he had made mize its production. “We are
Health Organization had earlier waves with other programming. against the market. The bearish changing the rules by the min-
that day declared the spread of ESPN would consider: Could trade, made near the peak of the ute,” thought Miguel Patricio, the
the virus a pandemic. they get the rights to air Wres- market in February, was worth CEO of Kraft Heinz.
Close it down, CEO Terrence tleMania from World Wrestling more than $2 billion as stocks Authorities recommended lim-
Duffy said. Mr. Duffy, a former Entertainment Inc.? What collapsed. He wanted it sold. iting groups to fewer than 250
hog-futures trader, had been fol- about a seven-hour marathon The billionaire investor, who people. Adam Aron, chief execu-
lowing news of the virus closely, of NFL game footage featuring runs Pershing Square Capital tive of AMC Entertainment Hold-
and not just because of his job: Tom Brady? Management, had been nervous ings Inc., decided his auditoriums
In 2017, he had suffered a col- since early January. He had would cap capacity at 50% even if
lapsed lung, and he was at high THURSDAY, MARCH 12 been scouring reports out of they sat fewer than 500 people.
risk from Covid-19. Sean Connolly, the CEO of food China and became alarmed AMC rewrote its ticketing soft-
CME said the floor would maker Conagra Brands Inc., saw when it was confirmed the then- ware so moviegoers received a
shut down after two more days panic buying take off. unnamed virus could pass be- “Sold Out” message when that
of trading, becoming the first The hoarding started with dry tween people and live for days threshold was hit.
major U.S. exchange to take goods like Chef Boyardee pastas on surfaces. Doug McMillon was in a meet-
such a step. Mr. Duffy told floor and Hunt’s canned tomatoes, but He told employees to roll ing in Walmart’s Bentonville,
traders complaining about lost quickly extended to his company’s down the window when they Ark., headquarters when he got a
profits, “We can do all the deep- Healthy Choice frozen entrees took cabs. He worried about his call from the White House. The
cleaning we want, but if some- and Birds Eye frozen vegetables. mother and father, a lung can- Walmart CEO stepped out of the
one brings the virus in five min- “It just skyrocketed,” Mr. cer survivor, who moved into room to return the call.
utes later, it’s irrelevant.” Connolly said. “You name it, it’s his penthouse off Central Park. Jared Kushner said the White
That evening, he flipped on House wanted Walmart to marshal
the television to watch Mr. its resources, along with other re-
Trump’s televised address from tailers, to help build a broader
the Oval Office. The president Covid-19 testing network. The
said he was banning travel from spread of the virus was stretching
most of Europe. “This is not a fi- the government’s ability to test pa-
nancial crisis,” Mr. Trump said. tients. Retailers like Walmart had
“This is just a temporary moment thousands of pharmacists who
in time that we will overcome as might be able to administer tests
a nation, and as a world.” in their parking lots.
The president finished speak- The next day, Mr. McMillon
ing at 9:12 p.m. ET. Twenty five flew to Washington for a tele-
minutes later, the National Bas- vised press briefing in the Rose
ketball Association announced Garden, along with other retail
its plans to suspend play. CEOs and members of the presi-
Just before the game be- dent’s coronavirus task force.
tween the Utah Jazz and Okla- Mr. Trump declared a national
homa City Thunder was set to emergency, opening access to as
tip off, Thunder executive Don- much as $50 billion in financial
nie Strack dashed onto the assistance for states, localities
court toward the officials and and territories. “No resource will
shared disturbing news: Mr. be spared,” the president said.
Gobert, the Jazz center who was MARCH 11 | A court is disassembled after the NBA suspends the season. Please turn to page B8
Reality Sets In New York has 615
confirmed cases
As the number of Alaska Maine
as of March 15
coronavirus infections
surged in March, states
rushed to close Vt. N.H. Mass.
businesses and schools
and to implement
Wash
Wash. Idaho Mont. N.D. Minn. Wis. Mich.
Mic N.Y.
N Y Conn.
nn R.I.
stay-at-home orders.
Confirmed Covid-19 Ore. Utah Wyo. S.D. Iowa Ill.
lll Ind. Ohio Pa.
a N
N.J.
cases in the U.S.
New York’s cases
As of March 15 increase to 75,833
Cal
Calif.
Ca Nev. Colo. Neb. Mo. Ky. W.Va. Va. Md. Del.
by March 31
As of March 31
30,000
Ariz. N.M. Kan. Ark. Tenn. N.C. S.C. D.C.
10,000
Okla. La.
a Miss. Ala. Ga.
a
500 Note: U.S. territories and some
other locations not shown
Hawaii Texas
exas Fla
Fla.
Fl
Schools closed statewide
As of March 15 As of March 20 As of March 25 As of March 31
Washington and New Mexico By the end of March,
are the first states to close only Iowa and Nebraska
schools on March 13 schools remain open
Nonessential services closed statewide*
As of March 15 As of March 20 As of March 25 As of March 31
Minnesota is first state By the end of March,
to close nonessential 36 states and D.C. close
services on March 17 nonessential services
Statewide stay-at-home order
As of March 15 As of March 20 As of March 25 As of March 31
California is first state By the end of March,
to issue stay-at-home 32 states and D.C. have
order on March 19 stay-at-home orders
*Minnesota, Oregon and Wyoming orders didn't explicitly say ‘all nonessential services’ but listed similar places other states mention in their nonessential lists
Sources: Johns Hopkins Center for Systems Science and Engineering (cases); University of Washington’s Institute for Health Metrics and Evaluation, news reports and state executive orders (schools, services, stay-at-home)
B8 | Saturday/Sunday, April 4 - 5, 2020
March 4
+$1.459 trillion
+6.0%
$1 trillion
March 2
Continued from page B7
The president called the Wal-
mart CEO to the lectern.
It was “an out-of-body experi-
ence,” Mr. McMillon told col-
leagues afterward of speaking to
the nation. At the end of brief re-
marks, the CEO turned to walk
away but Mr. Trump reached out
for a handshake.
The CDC had urged people for
days to avoiding touching, at the
risk of spreading germs. If the
president wants to shake hands,
you shake hands, Mr. McMillon
thought. Chiding messages
streamed into the CEO’s phone.
In the pocket of his suit jacket
was a miniature bottle of Purell.
FRIDAY, MARCH 13
In New York, Wall Street veteran
Joe Amato woke up at 3 a.m. to
check on Asian markets and
never made it back to bed.
The president of Neuberger
Berman Group LLC, a money
manager with $350 billion in as-
sets, had gone to sleep unsure
where Wall Street was headed.
The day before not only stock in-
dexes close 10% lower but also
Treasury yields rise—two contra-
dictory moves that spooked him.
Futures were down early Fri-
day morning but not by as much
as feared. He thought the market
might be snapping back. Traffic
was light heading in to the firm’s
Midtown office before sunrise.
One of his senior managers noted
his cab driver told him he’d been
his first fare in three hours.
The virus had begun to disrupt
daily life far from Sixth Avenue,
where Neuberger employees typi-
cally elbow through crowds of
Broadway-goers.
Cities were closing schools.
Across the nation, lines snaked out
the door for stores that sell gro-
ceries and other home supplies.
Smart & Final Stores Inc.’s pre-
vious daily sales record was the
day before Thanksgiving 2018.
That day, the food retailer dou-
bled it. CEO Dave Hirz sent any
available employee from its Los
Angeles headquarters—those not
mired in supply-chain hell—to re-
stock shelves and help scrub
down stores.
Mr. Hirz would soon put in or-
ders for plexiglass screens to
protect cashiers from customers
and vice versa.
In his office, Mr. Amato and
his colleagues watched the stock
market turn abruptly during the
Rose Garden briefing. The Dow
gained 9.4% that day. Neuberger
decided it still needed to keep
some staff in the office to moni-
tor the swings.
The market gyrations of the
week reminded Mr. Amato of the
panic he felt in 2008, when he
was a senior executive at Lehman
Brothers. There was one excep-
tion: People weren’t worrying
about dying in the 2008 crisis.
SATURDAY, MARCH 14
The world’s biggest retailer, with
more than two million workers
and $500 billion in global revenue,
had dealt with hurricanes and
floods. This was different. It was
the entire system under stress.
John Furner, CEO of Walmart
U.S., reviewed the inventory com-
ing in the door versus sales going
out. His team discussed closing
down some stores to direct sup-
plies to bigger locations.
They decided to keep all sto-
ries open but close them at
night—many are normally open
24 hours—to disinfect and re-
stock shelves. The next week,
Walmart said it needed to hire
150,000 temporary workers to
keep up with the demand.
Ms. Grossman, the WW CEO,
called her executives to discuss
the changes they needed to make.
WW was closing all 3,000 studios,
the storefronts where members
had gathered for decades to weigh
in and share their progress.
She spent five hours on a con-
ference call working out how to
create virtual studios and train
12,000 coaches to use streaming
technologies. “We were not going
to leave these people without sup-
port,” she said.
Ms. Grossman was in Florida
for her granddaughter Hannah’s
Walmart said it
needed to hire
150,000 temporary
workers to keep up
with the demand
baby naming ceremony.
She missed much of it,
locked in the nursery on
the phone.
SUNDAY, MARCH 15
MGM’s board met via confer-
ence call. Officials in some
states had begun ordering casi-
nos to close, but no such order
had been handed down yet in
Nevada. Crowds still wandered
the Strip that weekend.
Mr. Hornbuckle presented a
plan to close down in 72 hours.
The board pressed him to move
faster. They settled on closing
casinos in 24 hours and the ho-
tels in 48. They’d been through
this before—shutting Mandalay
Bay after the Oct. 1, 2017, shoot-
ing and closing Mississippi
properties in Hurricane Ka-
trina—but never at this scale.
On a conference call with Mr.
Trump, White House officials
and food industry executives,
Cargill’s Mr. MacLennan urged
the USDA to ensure there would
be enough inspectors for meat
plants to continue operating.
Around that time, Cargill re-
corded the first Covid-19 case
among its employees.
Adrenaline kept Mr. MacLen-
nan going. Hearing radio reports
about orders to close restaurants,
he wondered whether people
would ever pack them again.
Scenes of students partying on
Florida beaches over spring break
seemed weirdly out of place.
“It was like one domino after
another fell,” he said.
To clear his head, Mr. Mac-
Lennan went running in his
neighborhood and rode a Pelo-
ton cycle. His family instituted a
new dinnertime rule: No
Covid-19 discussions. “The boss
can’t have a bad day,” he said.
MONDAY, MARCH 16
The online orders were pouring
in, ballooning to 10-times peak
volumes at Rite Aid Corp.’s e-
commerce warehouses.
“Tens of thousands of dollars
in one order, buying up every-
thing,” said Heyward Donigan,
the drugstore chain’s CEO. She
had been on the job less than
seven months. Ramping up on-
line sales was on her to-do list.
But not like this.
Rite Aid’s online team set quo-
tas on high-demand items like
toilet paper and hand sanitizer.
“We want everyone to have the
opportunity to get at least some-
thing,” Ms. Donigan thought.
At 7 a.m., AMC said it would
cap attendance in its theaters at
50 people. Mr. Aron had learned
about the revised government
guidelines, down from 250 peo-
ple, the night before. Within
hours there was a new recom-
mendation from health officials:
Limit gatherings to 10 people.
Mr. Aron saw little choice.
AMC’s 635 U.S. locations wouldn’t
open as of Tuesday. More than
30,000 showtimes scheduled for
that day were canceled.
“How can you be socially re-
sponsible and stay open?” Mr.
Aron asked himself.
By the next day, the three
largest theater chains—AMC,
Regal Entertainment and Cine-
mark—had closed operations.
The stock market was tank-
ing, but John Schlifske, CEO of
one of the largest insurance
companies in America, North-
western Mutual Life Insurance
Co., wasn’t alarmed.
A 32-year veteran of the com-
pany, he had worked since Janu-
ary on a plan to stash away
cash in the insurer’s $250 bil-
lion investment portfolio— and
scoop up bargains in the down-
draft he saw as inevitable.
Only a small fraction of
Northwestern Mutual’s money is
in the stock market in normal
times. Most is in ultrasafe
bonds, whose interest goes to
pay out insurance claims. By the
end of the week, the firm had
added more than $1 billion
worth of stocks and high-yield
bonds. The buying binge steered
clear of hospitality companies
he figured would be hardest-hit
by the virus.
Over the occasional bark
from his German shepherd and
interruption from one of his
EXCHANGE
Economic Shutdown
Companies faced a financial reckoning in March.
By the end of the month, America’s 500 biggest public companies
were worth $3 trillion less than they were at the start.
S&P 500 market capitalization, change from February
four teenagers, Mr. Schlifske
took calls from financial advis-
ers looking for guidance to reas-
sure any panicky clients.
“We’re buying right now,” he
told them. “Our company is 160
years old. We’ve seen pandem-
ics. We’ve seen depressions.”
TUESDAY, MARCH 17
David Solomon, the chief of
Goldman Sachs, had become his
own barista. He used to swing
by the Starbucks near his
bank’s downtown Manhattan
headquarters, but now he was
$1 billion in cash
amount held by
real-estate
developer Howard
Hughes Corp.
making his preferred drink at
his SoHo apartment.
The Wall Street veteran took
four shots of decaf espresso and
almond milk, over ice, and
poured it into a Yeti supercool-
ing mug. He dialed his chief fi-
nancial officer, Stephen Scherr.
“Do it,” he said. Borrow $1 bil-
lion from the federal government.
Goldman and seven other big
banks had decided to take the
plunge together, borrowing
from the Fed’s “discount win-
dow”—an emergency fund that
was last used at size during the
2008 crisis. None needed the
money, but they might before
this was over. By doing it now,
they would rid the exercise
of stigma.
A few hours later, the money
landed at Goldman’s account at
the New York Fed.
FedEx executives gathered in a
war room in a four-story Mem-
phis office building, each sitting 6
feet away from the next.
After markets closed, finance
chief Alan Graf told investors
FedEx was withdrawing its finan-
cial forecasts, the first time in the
company’s 50-year history. It was
MARCH 27 | Macy’s board met by phone to discuss employee furloughs. It employed roughly 125,000.
* ******
–5
March 23
-$5.934 trillion
-24.2%
a move that dozens of other ma-
jor companies from Ford to Dom-
ino’s Pizza Inc. would soon make.
The next evening, the head
of human resources called Mr.
Smith, the CEO, at his home
with the news he knew was
coming: An employee in that
building had tested positive
for Covid-19. Mr. Smith ordered
all employees to work from
home, and commissioned a
thorough cleaning. He was back
in the office on Sunday for a
TV interview.
Running out of financing op-
tions, Boeing turned to the fed-
eral government to ask for tax-
payer help. The plane maker
had already drawn down a
$13.8 billion loan. It wanted at
least $60 billion for itself, its
suppliers and the broader aero-
space sector.
The request emerged from
discussions top Boeing leaders
had with Trump administration
officials as plans for a stimulus
package took shape. It spurred
MARCH 17 | Wall Street banks borrow from the Fed’s ‘discount window.’
THE WALL STREET JOURNAL.
0
–1
–2
–3
March 31
–4 -$3.059 trillion
-12.5%
Source: FactSet
the resignation of director Nikki
Haley, surprising senior com-
pany leaders.
WEDNESDAY, MARCH 18
Mr. Stephenson was scanning a
list of AT&T’s retail stores, try-
ing to figure out which to close.
Some had to stay open; AT&T
runs a network that gives prior-
ity access to first responders—
and they needed cellphones.
“Nobody should have to
drive more than 30 minutes to
get to us” he told his No. 2,
John Stankey. They cross-refer-
enced locations and population
data and figured they could
make do with about one-third
of stores open. They closed the
rest and ordered more hand
sanitizer for ones staying open.
That night Mr. Stephenson
toggled between CNN, which he
owns, and “The West Wing,”
which he’d been bingeing in his
scarce downtime.
Mr. Amato, Neuberger’s presi-
dent, was one of only a handful
of employees in the investment
firm’s Manhattan headquarters.
He spent it watching the market
tumble again.
Mr. Amato recorded a video
for his own employees, sharing
the firm’s money managers’
views on the markets and the
economy. He took a car back to
his New Jersey home for a quiet
THE WALL STREET JOURNAL.
dinner with his family. It was
his 58th birthday.
THURSDAY, MARCH 19
Arne Sorenson was near tears
as he shared the news with em-
ployees. It was the first time
many of them had seen their
boss since he had started treat-
ment for pancreatic cancer in
2019. He was bald and gaunt.
His shirt gaped at the collar.
“I have never had a more dif-
ficult moment than this one,”
the CEO of Marriott, the world’s
biggest hotel operator, said in a
video to his staff.
Marriott’s business had fallen
75%, a plunge steeper than the
post-Sept. 11 period and finan-
cial crisis combined. The com-
pany would be furloughing
nearly all its workers.
The sudden evaporation of
travel wiped out in a matter of
weeks all the profits many hotel
companies piled up. On March
19, the U.S. warned Americans
against all international travel.
Marriott executives were scram-
bling to close down hotels and
cut as many costs as possible.
“Covid-19 is like nothing we
have ever seen before,” Mr. So-
renson told his staff. “For a com-
pany that is 92 years old, that has
borne witness to the Great De-
pression, World War II and many
other economic and global crises,
that’s saying something.”
Pfizer researchers dialed in
from their workstations, de-
marcated by fresh circles of
yellow paint on the floor. “I
want a vaccine in six months,”
Mr. Bourla, the CEO, told them.
Even if the virus quieted over
the summer, it would likely be
back in the fall. Oct. 1 was their
deadline for a process that usu-
ally takes years.
The 58-year-old tried to de-
liver the same rallying cry in
person at a Massachusetts plant
that churns out Pfizer’s blood-
clotting drugs. The plant man-
ager told him he was nonessen-
tial and deactivated his pass.
Mr. Bourla sent a video mes-
sage instead and gave them a
week to come up with a plan to
manufacture hundreds of mil-
lions of doses. “If not us,” he
said, “Who?”
Directors at tobacco giant Al-
tria Group Inc. dialed in by
phone in the afternoon to learn
the latest: Altria’s chairman and
CEO, Howard Willard, had
tested positive for the coronavi-
rus. The 56-year-old wasn’t well
enough to be on the call.
Billy Gifford, Altria’s finance
chief, would take the reins tem-
porarily. As a 26-year veteran of
the company, he knew the busi-
ness and had been part of the
board’s succession planning be-
fore the crisis.
He would be working from
quarantine, because Mr. Gifford,
like other members of the leader-
ship team, had come in contact
with his boss before they had all
begun to work from home.
There was more: Mr. Gifford
told the board that two employ-
ees from Altria’s cigarette busi-
ness had tested positive. The
factory where Marlboros are
made would shut for two weeks.
The company had a two-month
inventory of cigarettes on hand.
FRIDAY, MARCH 20
Baristas at Starbucks flooded
online chat forums, sharing con-
cerns about still having to serve
the public as the virus spread.
Thousands signed an online pe-
tition for the company to close
its stores, and threatened a
*******
MARCH 30 | Shoppers in Los Angeles cleared the aisles of toilet paper while their state remained under a stay-at-home order.
Grim Toll
Countrywide shutdowns pushed
jobless claims to records in March.
Weekly new jobless claims in the U.S.,
seasonally adjusted
WEEK ENDING
Jan. 4 Feb. 1
Note: March 22-28 figure is preliminary
Source: Labor Department
walkout the following Monday.
Around 4 p.m. in Seattle, the
company said it would close
nearly all of its company-owned
U.S. cafes, keeping its drive-
thrus open and switching to de-
livery. It promised to pay baris-
tas for 30 days whether they
showed up for work or not.
Mr. Johnson, the CEO, said
the actions weren’t prompted by
the boycott threats by employ-
ees, nor was he aware of them
at the time. “There was a real-
ization that this would come at
a cost, but it was based on prin-
ciple,” he said.
The next morning, he woke
up at 5 a.m. to meditate, wor-
ried that employees wouldn’t
show up in sufficient numbers.
A few hours later, one of his
lieutenants texted: Of the stores
that the company determined
could safely open, 95% did.
Lineage Logistics, America’s
biggest cold storage company,
moved its U.S. warehouses from
two breaks per shift to six to
thin out break rooms.
Masking-tape X’s on the floor
ensured social distancing. Any
violation of the 6-feet rule
would be entered into Lineage’s
safety log as a “near miss,” the
same designation required by
federal workplace-safety regula-
tions when a forklift barely
avoids hitting someone.
Greg Lehmkuhl, Lineage’s
CEO, knew enough to take the vi-
rus seriously. He had gotten sick
48 hours after returning from a
trip to Amsterdam in Febru-
ary. The 47-year-old sweated
through towels at night and di-
aled into a Feb. 25 board meet-
ing shivering in front of the fire-
place in his Detroit home.
His wife made him nachos,
slathered with hot sauce that he
couldn’t taste, a side effect of
Covid-19. There were no tests,
but he assumed he was infected.
In California, Mr. Hirz, the
Smart & Final grocery-chain CEO,
replaced the copy in the weekly
flier. Instead of price specials, he
placed help-wanted ads. He told
his store managers they could
hire on the spot, skipping back-
ground and drug checks.
SUNDAY, MARCH 22
Uber bookings plunged as the
month progressed. The com-
pany’s thousands of gig workers
demanded broader employment
protections. Uber had agreed on
March 6 to compensate drivers
infected or quarantined with up
to two weeks of missed pay. Ri-
val Lyft Inc. followed.
Mr. Khosrowshahi spent the
weekend calling more than a
dozen congressmen appealing
that his drivers be covered for
assistance under the stimulus
package. It culminated in a let-
ter to the president.
MONDAY, MARCH 23
Mr. Ackman, the hedge-fund
manager, phoned into a board
EXCHANGE
March 1–28
10.45 million claims 7 million
6
5 tions from the illness.
4 TUESDAY, MARCH 24
3 decamped to his home. Until
2
1 own technology in order: His son
0
March 7
JEFF GENNETTE
MACY’S
“The impact of the virus
on our business could be
10 times what we had
initially expected.”
MINDY GROSSMAN
WW INTERNATIONAL INC.
“We were not going to leave these
people without support.”
ARNE SORENSON
MARRIOTT
“I have never had a more
difficult moment than this one.”
ALBERT BOURLA
PFIZER
“I want a vaccine in six months.”
meeting of Howard Hughes, the
real-estate developer where he
is chairman. A month earlier, he
had told the company’s manage-
ment to model out what would
happen if they had to close their
Houston hotels and the South
Street Seaport restaurant and
bar area in New York City; both
had now happened.
The models showed the com-
pany could run dangerously low
on money by the end of the year.
Mr. Ackman agreed to invest
$500 million. By week’s end,
bankers wrangled another $100
million from outside investors.
Howard Hughes had more than $1
billion of cash to see it through.
Boeing said it would suspend
Seattle-area plane production
for two weeks. As the month
dragged on, more and more
Saturday/Sunday, April 4 - 5, 2020 | B9
Boeing employees tested posi-
tive for Covid-19, many of them
at its Everett, Wash., factory.
Several hundred wound up in
quarantine. One factory worker
died from suspected complica-
Mr. Corbat, the Citigroup chief,
then, he had stayed put in the
company’s nearly deserted head-
quarters. He first had to get his
and daughter-in-law were staying
at the home, and bandwidth was
running low. He ordered more
routers and deputized his son,
Brian, as tech support.
After weeks of war gaming, Mr.
Wirth had made his decision.
Chevron would ax $4 billion from
its budget, a 20% reduction, stop
buying back its shares and reduce
oil production in its U.S. shale
fields. Layoffs loomed.
He announced the decision in
a video to his 45,000 employees
that day, remembering the ad-
vice of past Chevron leaders to
constantly communicate. “If you
have bad news, don’t beat
around the bush,” he thought.
WEDNESDAY, MARCH 25
“There aren’t enough products to
go around,” said Dan Florness,
chief executive of Fastenal Co., a
distributor of industrial equip-
ment including mission-critical
items such as safety goggles, res-
pirators and gloves.
He decided to cut off some of
the company’s longtime manufac-
turing and construction custom-
ers on safety-related items to fo-
cus on supplying health-care
companies and first responders.
Some customers complained.
“I’m worried about our econ-
omy, the safety of our society,” he
said. “I’m worried about my 90-
year-old mom and my family.”
FRIDAY, MARCH 27
Mr. Trump signed a $2 trillion
rescue plan, the largest relief
package in U.S. history. It ex-
tended aid to millions of Ameri-
cans through direct payments
and expanded unemployment
benefits. It also provided loans
and grants to small and big
businesses, including belea-
guered hospitals and airlines.
The surging number of coro-
navirus infections left hospitals
short on masks for health care
workers and ventilators for
patients. Mr. Trump ordered
General Motors Co. to produce
ventilators.
MONDAY, MARCH 30
Gap Inc. and Kohl’s Corp. followed
Macy’s in saying they would fur-
lough the majority of their em-
ployees and extend store closures.
The Macy’s board had met by
phone on Friday, March 27. Ex-
ecutives felt the stimulus pack-
age’s aid to unemployed work-
ers combined with Macy’s
decision to continue paying
health benefits would provide a
cushion for employees.
Mr. Gennette, the CEO, had
originally hoped stores would
reopen by April 1. As the virus
spread, it became clear that
wasn’t going to happen.
They also looked at what
happened in countries that had
started to recover such as China
and South Korea. Rather than a
burst of pent-up demand, shop-
pers were coming back slowly.
Mr. Gennette realized that when
stores reopened, they might
come back with lower sales.
Macy’s moves helped it cut
its cash burn rate by half. Mr.
Gennette and his team turned to
seeking rent relief from land-
lords and refinancing debt.
“What we are doing in a day
are decisions that used to take us
weeks,” the CEO said. “It’s com-
ing at us so fast.”
Goldman’s Mr. Solomon watched
from the 41st floor as the U.S. Navy
hospital ship Comfort floated into
New York harbor. “Here comes the
cavalry,” he said to no one, and
snapped a photo.
TUESDAY, MARCH 31
United canceled more than 70% of
its flights on the last day of the
month, and those that did take off
were just 15% full on average. The
airline carried 30,000 passengers
that day, compared with the
roughly 600,000 it would typically
fly at this time of year.
Mr. Kirby was starting at around
4:30 a.m. and going for runs. With
the airline’s Chicago office closed,
he was spending most of his day
on the phone walking around his
Dallas neighborhood on call after
call. He logged about 25,000 steps
a day. “I spend the whole time try-
ing to figure out how to keep my
phone charged,” he said.
Mr. Hirz, the grocery CEO, was
relieved to see canned vegetables
on the shelves. Strolling around
one of his stores in Montebello, Ca-
lif., it was the first time that aisle
was fully stocked in weeks. The
only worry sign was a shortage of
10-pound bags of potatoes.
At the other end of the food-
supply chain, Conagra raised its
revenue forecasts. Initially, execu-
FROM TOP: LUCY NICHOLSON/REUTERS; LUCAS JACKSON/REUTERS; TANNEN MAURY/EPA/SHUTTERSTOCK; CEOS FROM TOP: JEENAH MOON/BLOOMBERG NEWS; EVAN AGOSTINI/INVISION/AP; KEVIN DIETSCH/UPI/BLOOMBERG NEWS; DREW ANGERER/GETTY IMAGES
tives thought the spike in demand
would last for a week or two, and
50%
Rise in food maker
Conagra’s retail sales
and shipments in
the four weeks that
ended March 22
then shoppers would have hoarded
enough to fill their pantries and
freezers. That didn’t happen.
Conagra’s factories were run-
ning seven days a week. Because
people have been stuck at home,
they were going through the food
they bought and going back to
the store to stock up on more. In
the four weeks that ended March
22, Conagra’s retail sales and
shipments each rose about 50%.
How long will it last? “It’s just
not possible to predict,” Mr. Con-
nolly said.
Uber anticipates an 80% year-
over-year decline in its rides
business for as long as the pan-
demic goes on. The company is
encouraging its drivers to be-
come food-delivery carriers. Mr.
Khosrowshahi is also calling
other CEOs to ask if they can hire
them. “March has been a blur,”
he said.
At Citigroup, Mr. Corbat’s
dashboard, which spits out up-to-
the-minute stats on the bank’s
global empire, showed a splin-
tered organization.
The headquarters building,
which typically hosts 12,800 peo-
ple, had just 400 in it. Half came
from cleaning, security and oper-
ations. Instead, 120,000 people
were logged in remotely.
New York City was now the
epicenter of the outbreak in the
U.S. It ended the month with
more than 40,000 confirmed
Covid-19 cases.
That evening, in the final
hours of March, Mr. Trump held
a press conference and promised
“we will prevail, we will win.”
He added: “This could be a hell
of a bad two weeks. This is going
to be a very bad two, and maybe
even three weeks. This is going
to be three weeks like we haven’t
seen before.”
 B10 | Saturday/Sunday, April 4 - 5, 2020
THE CAPTAIN CLASS | SAM WALKER
In This Crisis, the Deputies
Are the Heroes We Need
The leaders stepping up are the ones standing to the side of the lectern
The tidy wool
blazer she wore to
her first briefing on
Jan. 20 was long
gone, replaced by a
low-maintenance
medical jacket. She’d
clearly stopped tending to her
hair, which grew increasingly un-
ruly and noticeably grayer. News
reports said she rarely slept and
refused to leave the office.
By the middle of February, it
was plainly obvious that Jung
Eun-kyeong, the director of South
Korea’s Centers for Disease Con-
trol and Prevention, had put her
commitment to protecting the
public ahead of her own well-be-
ing. People who didn’t know her
name three weeks earlier posted
their concerns on social media.
President Moon Jae-in issued a
statement, saying he hoped she
could maintain her strength.
The only thing nobody thought
she should do was stop.
As the novel coronavirus con-
tinues to spread around the world,
a funny thing is happening. The
leaders who have distinguished
themselves under pressure are
rarely the bold, charismatic, im-
pulsive, self-regarding, politically
calculating alphas we’ve elected.
The real heroes have been, for lack
of a better term, career deputies.
Exhibit A is Dr. Jung, a soft-
spoken 50-something former
small-town physician who has
hosted daily briefings while also
playing a key role in managing her
nation’s so far wildly successful
pandemic response.
In simpler times, her thin-framed
glasses and lack of expressiveness,
and the neatly organized binder she
likes to read from, would suggest
that she’s nothing more than an in-
terchangeable bureaucrat.
To the jittery Korean public,
however, her consistent blend of
straight talk, informed analysis
and stoical calm have become a
powerful, inspirational narcotic.
At the height of the panic, when
Dr. Jung flatly stated that the vi-
rus “will not overtake Korea,” peo-
ple instinctively trusted her. They
believed it was true because they
knew she believed it.
By March 12, the government’s
aggressive testing program, imple-
mented without severe lockdowns,
had pushed new infections below
the number of recoveries. Social-
media posts declared Dr. Jung a
“warrior” and a “hero.”
A similar story is playing out in
the U.K. where Jenny Harries, a
little-known 61-year-old deputy
chief medical officer, has been
hosting the daily briefings since
her boss developed coronavirus
symptoms.
A lifelong public-health admin-
istrator who helped navigate the
Ebola outbreak, Dr. Harries has
won raves for her clear, sensible,
Business leaders
live by the calendar,
attaching forecasts,
projects and goals to
a specific date or pe-
riod of time. No one
knows when state-is-
sued mandates to stay at home
will lift, and that renders a calen-
dar about as useful in 2020 as an
eight-track player. It is like stum-
bling around in the dark.
As quarterly earnings confer-
ence calls take place in the coming
weeks, expect to hear a lot of “we
don’t know,” “it’s hard to say,” and
“I wish I had a crystal ball.” These
terms aren’t typical for the man-
aging class.
“CEOs are wired to take action,”
Jerry Colonna, a former venture
capitalist who now counsels top
executives, told me this week. “It’s
really hard when they don’t really
know what action to take. It’s like
taking a bucket to extinguish a fire
and not knowing if the bucket is
full of water or confetti.”
Bahram Akradi, the Iranian-
born founder of the Life Time Inc.
health-club chain, is one of those
CEOs looking for water in the
bucket. I’ve talked with Mr.
Akradi often in recent weeks
about how his company is navi-
gating the crisis.
The answer: It isn’t pretty. Rev-
enue has all but dried up, nearly
$1 billion in new developments
are on ice. “These are the facts,”
DOUG CHAYKA
he told me during a Wednesday
FaceTime session from his Chan-
hassen, Minn., office. “Empty
EXCHANGE
empathetic and disarming ap-
proach to answering questions.
Even when her views seem con-
trarian, she avoids defensiveness
and cites research and science.
Some Britons have suggested
she’d make an excellent prime
minister, but Dr. Harries waves off
the recognition. “I’m just on a
day-to-day basis getting on with
my job,” she told an interviewer.
Kenya’s unlikely coronavirus
hero is Health Minister Mutahi
Kagwe, a businessman with an
M.B.A. who had washed out of
elective office. In politics, Mr.
Kagwe was seen as a technocrat;
too ordinary and emotionally dis-
tant. In his coronavirus briefings,
these traits became assets.
Mr. Kagwe projects calm, em-
phasizes evidence and urges Ken-
yans to face facts, a style one sen- Last but not least, there’s An-
ator described as “a breath of thony Fauci, the longtime director
fresh air.” In a recent social-media of the National Institute of Allergy
poll, Mr. Kagwe’s crisis leadership and Infectious Diseases in the U.S.
was rated 8 out of 10. and a member of the White House
As of March 29, Taiwan had response team. Dr. Fauci has been
limited the number of confirmed widely praised for his deep exper-
coronavirus cases to fewer than tise and for speaking truth without
partisanship or blame, and also for
his selflessness, work ethic and
When the threat is dire, upbeat composure.
These examples point to one
we just want to see that underlying theme. In a crisis, no-
somebody smart is in body cares how big your personal-
ity is. The leaders we crave are
charge and working hard. the ones who show up every day,
never seem to think of themselves
and, above all, seem to know what
300. The hero of the hour is Chen they’re talking about.
Chien-jen, a Johns Hopkins- The obvious question is this: If
trained epidemiologist and former these deputies are such capable
health minister who happens to be leaders, why are they deputies?
the sitting vice president. While Last month, I wrote about one
the health-data integration effort possible explanation. While all
he launched after the SARS out- leaders are judged by how well
break has worked brilliantly so they respond to a crisis, the true
far, the famously modest Vice mark of greatness is what a leader
President Chen isn’t looking to does between emergencies. The
capitalize on his popularity. He best ones work behind the scenes
plans to step down to pursue med- to prevent the next crisis. When
ical research. they succeed, however, they liter-
ON BUSINESS | JOHN D. STOLL
Hoping to Survive Their Trial by Fire
Facing the unknowns of a global pandemic, CEOs are grappling with
the toughest calls of their careers
due this month
should be deferred
to May.
Topping the list
of concerns Mr.
Akradi can control:
the 38,000 people on
his payroll. He likens
Life Time to a boat
in troubled waters.
“We are in a big,
massive storm,” he
told employees
March 25. “We have
no idea how long the
storm is, or how bad
it’s going to get.
What I’m trying to
do is make sure I
keep everybody on
this ship staying in-
parking lots are a fact.” tact and alive. That’s all.”
Like many honchos I talk to, Mr. Eight days before, when he
Akradi would like political leaders closed more than 150 clubs in 30
to set a firm date to reopen busi- states, he recorded a video mes-
nesses and end rigid sheltering sage telling employees Life Time
rules—even if that date is several could weather a two-week shut-
weeks in the future. He also wants down without breaking much of a
everyone’s bills across the country sweat. After that, he’d have to
to be postponed in April. For in- get creative.
stance, mortgages or car payments Last week came another video
* ******
ally have nothing to show for it.
They don’t seem bold. They seem
like drab worriers.
The bigger problem, I’d argue,
is that too many talented leader-
ship candidates are reluctant to
step forward. Case in point: One
of America’s most beloved presi-
dents, Dwight Eisenhower, had to
be cajoled into running.
Researchers haven’t found any
evidence that people with a burn-
ing desire to lead make better
leaders, but they’re far more likely
to acquire power.
Deborah Gruenfeld, a professor
at Stanford’s business school and
author of a new book, “Acting with
Power” (full disclosure: My wife is
her agent), has spent 25 years
studying the psychology of power.
She divides leaders into two
camps: those who pursue author-
ity to serve themselves and those
who see it as a means to serve
others. In many cases, candidates
with a “service” mind-set are un-
comfortable promoting their can-
didacies, while those who seek
power for personal gratification
love nothing more.
in which he had to explain why
roughly 36,000, or about 90%, of
employees were going on furlough.
The move included a commitment
to pay 100% of affected workers’
insurance premiums.
This isn’t how he wants it.
“They’ve been with me 28 years,
busting their rear ends.” Now he’s
encouraging them to buy only the
basics and try, if necessary, to ne-
gotiate favorable terms with po-
tential creditors.
Mr. Akradi, 58, cut jobs before,
during the financial crisis when a
slowdown in discretionary income
slammed several industries, in-
cluding fitness. How much worse
is it this time? “It is not even in
the same orbit.”
The day after my last chat with
Mr. Akradi, I talked by phone with
ZipRecruiter Inc. founder and CEO
Ian Siegel as he kept an eye on
two children at his home in South-
ern California. Mr. Siegel had just
finished a roller coaster of a
month that included laying off or
indefinitely furloughing 500 peo-
ple, roughly a third of the staff.
Job seekers use ZipRecruiter to
THE WALL STREET JOURNAL.
SIMON MAINA/AFP/GETTY IMAGES; YONHAP/EPA/SHUTTERSTOCK; JULIAN SIMMONDS/POOL/AFP/GETTY IMAGES
South Korea’s Jung Eun-kyeong,
above; Kenyan Health Minister
Mutahi Kagwe, top left; and below,
the U.K. deputy chief medical
officer, Jenny Harries, next to
Prime Minister Boris Johnson.
In an ongoing and unpublished
study, Dr. Gruenfeld and two col-
leagues have made some surprising
discoveries. Most of the highly am-
bitious people they’ve tested say
they would like to be seen as quali-
fied for top leadership roles, but
aren’t automatically inclined to
take them. In fact, more than half
say they would prefer being No. 2
to being No. 1.
A smaller percentage say they
might even leave money on the ta-
ble to occupy the second rank.
“What’s normal and healthy is that
people don’t want to be first all the
time,” Dr. Gruenfeld says.
In a genuine crisis, when the
threat is dire and facts and solu-
tions are unclear, people don’t care
if you think you’re a leader, or
whether you look the part. We just
want to turn on the TV and see
that somebody smart is in charge,
working hard and keeping both
eyes on the ball.
While no nation, including hers,
is out of the woods yet, I don’t
think we’ll ever see Dr. Jung take a
victory lap. She doesn’t like to dis-
cuss herself, avoids social media
and had politely declined interview
requests (including mine).
During one recent briefing, she
received a rare personal question. A
reporter asked her how much sleep
she was currently getting per night.
“More than one hour,” she said,
before moving on.
Mr. Walker, a former reporter and
editor at The Wall Street Journal,
is the author of “The Captain
Class: A New Theory of
Leadership” (Random House).
search and apply for jobs posted
by companies on its website. Not
all hiring has stopped, but listings
rapidly declined starting March 10.
He had to decide whether the
abrupt decline was a “shock to the
system or the new normal.” With-
out an accurate compass, he de-
cided to plan for the worst-case
scenario. He intentionally cut to
the bone.
Mr. Siegel, 46, and his manage-
ment team took about a week to
figure out what to do. Keeping 700
employees would be manageable
considering the company’s liquid-
ity and revenue levels. It likely
gives ZipRecruiter enough head
count to pivot back to growth if
there is a sharp boost in hiring at
the end of this crisis.
The process was gut wrenching;
“definitely the hardest decision
I’ve had to make.”
Here’s an important thing Mr.
Siegel takes away from this pro-
cess: A red-hot startup like the de-
cade-old ZipRecruiter can be so-
bered at a moment’s notice. The
steps he took last month were
“humbling.”
These CEOs believe they will
emerge and their businesses will
eventually resemble what they
looked like a month ago. Mr.
Akradi says CEOs like him are as
crafty as they are tenacious.
“I’m never going to be faster
than the bear,” Mr. Akradi told me.
“I just have to be faster than a lot
of other folks.”
Good advice, but outrunning the
other guy just got a lot harder to do.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, April 4 - 5, 2020 | B11

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
21052.53 Trailing P/E ratio 16.39 18.43 2488.65 Trailing P/E ratio * 19.49 21.72 7373.08 Trailing P/E ratio *† 23.15 23.25 commodities performed around the world for the week.
t 360.91 P/E estimate * 15.40 16.26 t 38.25 P/E estimate * 16.10 17.32 t 114.23 P/E estimate *† 21.15 21.55
Stock Currency, Commodity, Exchange-
Dividend yield 3.12 2.19 Dividend yield * 2.42 1.94 or 1.53% Dividend yield *† 1.15 1.05
or 1.69% or 1.51% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Nymex crude 31.75%
9817.18, 02/19/20
29551.42, 02/12/20 0.14579812049809 3386.15, 02/19/20 Nymex RBOB gasoline 12.71
S&P 500 Energy 5.38
30000 3500 10500 S&P/ASX 200 4.65
65-day moving average S&P 500 Consumer Staples 3.46
27500 65-day moving average 3250 9750 Russian ruble 2.74
65-day moving average WSJ Dollar Index 2.04
9000 S&P 500 Health Care 2.04
25000 3000
S&P/TSX Comp 1.97
Session high Comex copper 1.63
22500 2750 8250
DOWN UP iSh TIPS Bond 0.90
t

Session open Close iSh 7-10 Treasury 0.79

20000 2500 7500 Comex gold 0.54
Close Open
t

iSh 20+ Treasury 0.48

Session low 17500 2250 6750 Kospi Composite 0.45
Bars measure the point change from session's open Nymex ULSD 0.20
15000 2000 6000 Chinese yuan 0.06
Feb. Mar. Feb. Mar. Feb. Mar. -0.03 iSh 1-3 Treasury
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index -0.12 VangdTotalBd
-0.28 Comex silver
-0.30 Shanghai Composite
Major U.S. Stock-Market Indexes Trading Diary -0.51 VangdTotIntlBd
Latest 52-Week % chg Volume, Advancers, Decliners -0.53 Japanese yen
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.59 Stoxx Europe 600
Dow Jones Total volume*1,434,417,794 20,331,846 -0.79 Nasdaq 100
Industrial Average 21447.81 20863.09 21052.53 -360.91 -1.69 29551.42 18591.93 -20.3 -26.2 0.6 Adv. volume* 492,285,511 12,673,195 -0.83 Bloomberg Commodity Index
Transportation Avg 7488.40 7229.00 7305.31 -140.40 -1.89 11304.97 6703.63 -31.9 -33.0 -7.0 Decl. volume* 933,460,418 6,809,028 -1.06 Hang Seng
Utility Average 730.67 700.07 706.01 -23.35 -3.20 960.89 610.89 -9.5 -19.7 0.4 Issues traded 3,031 269 -1.09 iShiBoxx$InvGrdCp
Total Stock Market 25384.94 24574.28 24860.74 -426.22 -1.69 34631.28 22462.76 -16.6 -24.7 0.6 Advances 632 85 -1.11 Norwegian krone
Barron's 400 513.26 493.49 500.47 -11.68 746.64 455.11 -29.6 -31.7 -7.0 Declines 2,340 175 -1.11 DAX
-2.28
Unchanged 59 9 -1.24 Indian rupee
Nasdaq Stock Market New highs 2 0 -1.42 S&P 500 Telecom Svcs
Nasdaq Composite 7518.72 7288.11 7373.08 -114.23 -1.53 9817.18 6860.67 -7.1 -17.8 7.7 New lows 180 12 -1.45 UK pound
Nasdaq 100 7673.49 7439.78 7528.11 -107.55 -1.41 9718.73 6978.02 -0.7 -13.8 11.5 Closing Arms† 0.54 0.23 -1.56 Canada dollar
Block trades* 6,349 131 -1.72 FTSE 100
S&P
Nasdaq NYSE Arca
-1.72 Nasdaq Composite
500 Index 2538.18 2459.96 2488.65 -38.25 -1.51 3386.15 2237.40 -14.0 -23.0 1.8
-1.80 Indonesian rupiah
MidCap 400 1379.09 1322.75 1337.95 -37.40 -2.72 2106.12 1218.55 -31.3 -35.1 -7.8 Total volume*3,294,476,843 423,233,452
-1.92 South Korean won
SmallCap 600 645.26 610.39 622.35 -22.94 -3.55 1041.03 595.67 -35.6 -39.1 -9.1 Adv. volume*1,030,105,687 147,779,417
-1.98 S&P 500 Information Tech
Decl. volume*2,238,024,089 275,389,449
Other Indexes -2.00 iShJPMUSEmgBd
Issues traded 3,319 1,531
Russell 2000 1082.90 1035.39 1052.05 -33.76 -3.11 1705.22 991.16 -33.5 -36.9 -8.4 -2.08 S&P 500
Advances 868 293
NYSE Composite 10075.91 9774.24 9880.63 -181.74 -1.81 14183.20 8777.38 -23.6 -29.0 -4.8 -2.14 IPC All-Share
Declines 2,368 1,230
Value Line 337.19 322.58 -8.10 -2.41 562.05 305.71 -40.6 -14.0
-2.22 Euro Stoxx
328.00 -40.2 Unchanged 83 8
-2.61 FTSE MIB
NYSE Arca Biotech 4480.99 4370.02 4410.88 -56.00 -1.25 5313.05 3855.67 -16.2 -13.0 7.8 New highs 5 1
-2.64 Swiss franc
NYSE Arca Pharma 584.79 574.77 581.22 1.02 0.18 670.32 494.36 -2.6 -11.1 4.5 New lows 193 17
-2.68 Australian dollar
KBW Bank 62.70 59.42 60.19 -2.14 -3.44 114.12 56.19 -38.4 -46.9 -13.1 Closing Arms† 0.80 0.39
-2.70 Dow Jones Industrial Average
PHLX§ Gold/Silver 87.31 83.81 84.36 -0.14 -0.16 111.51 66.14 9.8 -21.1 -0.4 Block trades* 16,287 2,348
-2.90 IBEX 35
PHLX§ Oil Service 25.84 23.51 24.06 -0.71 -2.87 102.39 21.47 -75.8 -69.3 -47.7 * Primary market NYSE, NYSE American NYSE Arca only. -2.99 Nymex natural gas
PHLX§ Semiconductor 1487.17 1425.09 1443.04 -31.57 -2.14 1979.50 1286.84 -2.3 -22.0 12.8 †(TRIN) A comparison of the number of advancing and declining
-3.04 Euro area euro
issues with the volume of shares rising and falling. An
Cboe Volatility 52.29 46.74 46.80 -4.11 -8.07 82.69 11.54 265.1 239.6 55.8 -3.09 Soybeans
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -3.15 iShNatlMuniBd
-3.75 S&P 500 Materials
-3.85 Wheat
International Stock Indexes Percentage Gainers... -4.41 Corn
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -4.48 S&P 500 Industrials
-4.52 iShiBoxx$HYCp
World The Global Dow 2364.37 –35.58 –1.48 –27.3 Biosig Technologies BSGM 5.14 1.53 42.38 9.97 2.36 -15.7
Super League Gaming SLGG 2.94 0.87 42.03 9.29 1.30 -57.3
-4.53 CAC-40
DJ Global Index 323.22 –4.72 –1.44 –25.5
PS Ult Bloomberg Crude UCO 2.96 0.71 31.56 26.20 1.43 -87.6 -4.69 S&P 500 Consumer Discr
DJ Global ex U.S. 192.07 –2.35 –1.21 –27.1
Cancer Genetics CGIX 3.16 0.75 31.12 9.88 1.92 -59.5 -5.12 Dow Jones Transportation Average
Americas DJ Americas 570.02 –9.67 –1.67 –25.1 Arconic ARNC 8.06 1.85 29.79 15.00 5.80 ... -5.30 Sao Paulo Bovespa
Brazil Sao Paulo Bovespa 69537.56 –2715.90 –3.76 –39.9 -5.97 S&P MidCap 400
Zentalis Pharmaceuticals ZNTL 23.20 5.20 28.89 27.00 18.00 ...
Canada S&P/TSX Comp 12938.30 –159.54 –1.22 –24.2 -6.15 S&P 500 Real Estate
Carrier Global CARR 16.92 3.64 27.41 17.25 11.50 ...
Mexico S&P/BMV IPC 33075.41 –515.21 –1.53 –24.0 -6.37 Mexico peso
Fortress Transportation FTAI 8.91 1.78 24.96 21.73 3.69 -47.8
Chile Santiago IPSA 2591.80 76.90 3.06 –22.3
Annovis Bio ANVS 3.07 0.57 22.80 10.61 2.42 ... -6.78 S&P 500 Financials
EMEA Stoxx Europe 600 309.06 –3.02 –0.97 –25.7 Sorrento Therapeutics SRNE 2.48 0.46 22.77 5.09 1.39 -42.3 -7.06 Russell 2000
Eurozone Euro Stoxx 290.42 –3.33 –1.13 –28.1 CNX Resources CNX 6.93 1.25 22.01 11.04 4.26 -36.2 -7.10 S&P SmallCap 600
Belgium Bel-20 2857.05 –38.35 –1.32 –27.8 InflaRx IFRX 5.66 0.95 20.17 53.10 2.17 -86.5 -7.11 S&P 500 Utilities
Denmark OMX Copenhagen 20 1082.55 17.72 1.66 –4.7 Montage Resources MR 2.94 0.49 20.00 14.50 1.99 -79.0 -7.45 South African rand
France CAC 40 4154.58 –66.38 –1.57 –30.5 ADMA Biologics ADMA 3.09 0.50 19.31 5.48 1.45 -39.2 -7.46 S&P BSE Sensex
Germany DAX 9525.77 –45.05 –0.47 –28.1 OFS Credit OCCI 6.80 1.08 18.88 19.00 4.90 -63.1 -8.09 Nikkei 225
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Italy FTSE MIB 16384.35 –449.68 –2.67 –30.3
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Australia S&P/ASX 200 5067.50 –86.80 –1.68 –24.2 Ladder Capital Cl A LADR 3.39 -1.18 -25.82 18.97 2.65 -80.2
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U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004244 23565 1.7
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Argentina peso .0154 64.9125 8.4 Europe

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1869 5.3512 33.1 Czech Rep. koruna .03889 25.714 13.4
U.S. consumer rates notes and bonds major U.S. trading partners
Canada dollar .7044 1.4197 9.3 Denmark krone .1447 6.9119 3.7
Chile peso .001155 866.10 17.2 Euro area euro 1.0800 .9260 3.8
A consumer rate against its 5-year CDs Colombiapeso .000248 4029.00 22.8 Hungary forint .002959 337.99 14.5
3.00%
benchmark over the past year One year ago 8%
Ecuador US dollar 1 1 unch Iceland krona .006946 143.96 18.9
Bankrate.com avg†: 0.90% t 2.50 Mexico peso .0400 24.9837 32.0 Norway krone .0943 10.6046 20.8
First Internet Bank of Indiana 1.71% 2.00 Yen Uruguay peso .02272 44.0200 18.5 Poland zloty .2356 4.2452 11.9
2.00% Indianapolis, IN 888-873-3424 4 s
Asia-Pacific Russia ruble .01305 76.643 23.5
1.50 Sweden krona .0981 10.1911 8.8
Barclays 1.85% Tradeweb ICE Friday Close 1.00 0
Australian dollar .5996 1.6678 17.0
Switzerland franc 1.0240 .9766 0.9
t 1.50 China yuan .1410 7.0923 1.9
Wilmington, DE 888-710-8756 t Turkey lira .1485 6.7324 13.2
Five-year CD yields 0.50 Hong Kong dollar .1290 7.7528 –0.5
Ukraine hryvnia .0365 27.4231
Goldman Sachs Bank USA 1.90% –4 s 15.8
1.00 s India rupee .01309 76.420 7.1
0.00 WSJ Dollar index Euro UK pound 1.2266 .8153 8.1
New York, NY 855-730-7283 Indonesia rupiah .0000609 16425 18.3
Federal-funds 0.50 –0.50 Japan yen .009215 108.52 –0.1 Middle East/Africa
2.00% –8
t

target rate American Express National Bank

1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002249 444.67 16.5 Bahrain dinar 2.6528 .3770 –0.02
New York, NY 866-805-8663 2019 2020 Macau pataca .1252 7.9870 –0.4 Egypt pound .0635 15.7603 –1.8
0.00 month(s) years
AM J J A S O N D J FMA Discover Bank 2.10% Malaysia ringgit .2294 4.3585 6.6 Israel shekel .2750 3.6366 5.3
maturity New Zealand dollar .5868 1.7042 14.7 Kuwait dinar 3.2199 .3106 2.5
2019 2020 Santa Barbara, CA 800-347-7000
Pakistan rupee .00598 167.250 7.9 Oman sul rial 2.5981 .3849 –0.03
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0196 50.900 Qatar rial .2749 3.638 –0.1
0.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .6948 1.4392 6.9 Saudi Arabia riyal .2658 3.7622 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008087 1236.61 7.1 South Africa rand .0525 19.0490 36.1
Sri Lanka rupee .0052488 190.52 5.1
Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03306 30.250 1.1
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03029 33.010 10.9 WSJ Dollar Index 95.08 0.67 0.71 6.16
Libor, 3-month 1.39 1.45 0.74 l 2.60 0.24
U.S. Treasury, Barclays 2482.960 0.530 0.610 2.530 0.530 14.70 5.99 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.32 0.35 0.32 l 0.78 ...
0.90 0.90 l -0.39 U.S. Treasury Long, Barclays 5000.170 1.160 1.290 2.940 0.980 39.07 14.25
Five-year CD, annual yield
30-year mortgage, fixed† 3.87
0.93
3.84 3.52 l
2.02
4.34 -0.26 Aggregate, Barclays 2201.100 1.580 1.610 3.060 1.320 9.72 4.82
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.29 3.32 2.95 l 3.73 -0.03
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2210.230 1.320 1.120 3.250 0.930 7.50 4.00
Jumbo mortgages, $510,400-plus† 3.98 3.90 3.54 l 4.71 -0.72 DJ Commodity 480.15 9.14 1.94 647.86 451.81 -24.06 -25.25
High Yield 100, ICE BofA 2706.500 9.059 8.613 10.740 4.516 –10.239 –0.582
Five-year adj mortgage (ARM)† 3.31 3.53 3.29 l 4.78 -0.08 TR/CC CRB Index 127.96 3.12 2.50 189.66 118.50 -31.82 -31.13
New-car loan, 48-month 4.36 4.40 4.36 l 4.81 1.00 Muni Master, ICE BofA 556.630 2.048 1.687 3.441 0.959 2.864 3.208 Crude oil, $ per barrel 28.34 3.02 11.93 66.30 20.09 -55.07 -53.59
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 6.519 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 1.621 0.069 4.45 2.862 1.552 -39.15 -25.95
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1633.70 8.00 0.49 1674.50 1269.30 26.60 7.52
B12 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures June 1.672 1.777 1.651 1.738 .066 102,623 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 99.6650 99.6700 99.6350 99.6550 –.0100 1,084,790
July 1.847 1.968 1.825 1.919 .072 131,296 April 41.825 t 40.200
42.500 40.225 –4.475 19,405
Contract Open
Sept 1.951 2.058 1.939 2.020 .068 101,445 June 48.900 t 48.325
49.375 48.325 –4.500 78,977 Currency Futures
Open High hi lo Low Settle Chg interest
Oct 2.020 2.110 2.010 2.091 .068 103,689 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan'21 2.752 2.800 s 2.749 2.796 .041 67,759 May 260.60 265.60 255.50 264.00 –.10 1,366
Japanese Yen (CME)-¥12,500,000; $ per 100¥
April 2.2225 2.2230 2.2050 2.2100 –0.0230 2,371 April .9243 .9275 .9204 .9238 –.0036 978
July 281.80 285.00 280.20 282.10 –4.50 899
May 2.2205 2.2315 2.1705 2.1925 –0.0260 86,554 June .9291 .9298 .9219 .9255 –.0039 121,560
Gold (CMX)-100 troy oz.; $ per troy oz.
Agriculture Futures Milk (CME)-200,000 lbs., cents per lb.
April 14.27 14.27 t 14.05 14.07 –.20 2,955
Canadian Dollar (CME)-CAD 100,000; $ per CAD
April 1624.50 1636.00 1619.00 1633.70 8.00 4,087 Corn (CBT)-5,000 bu.; cents per bu. April .7077 .7094 .7034 .7066 .0018 1,374
June 13.50 13.65 13.06 13.13 –.47 3,945
June 1635.30 1652.80 1624.40 1645.70 8.00 359,745 May 334.50 t 328.00
338.50 330.75 –2.75 435,662 June .7082 .7101 .7037 .7071 .0017 108,930
1635.00 1652.60 1624.30 1645.50 7.80 55,514 339.25 t 334.00
343.50 336.75 –1.75 405,587
Cocoa (ICE-US)-10 metric tons; $ per ton.
Aug July
May 2,269 2,299 2,243 2,264 –21 54,692
British Pound (CME)-£62,500; $ per £
Oct 1633.00 1649.60 1629.30 1646.60 7.80 12,140 Oats (CBT)-5,000 bu.; cents per bu. April 1.2386 1.2401 1.2208 1.2274 –.0121 1,227
Dec 1639.00 1651.50 1625.30 1646.50 7.60 39,944 July 2,273 2,289 2,246 2,260 –18 60,372
May 264.50 277.50 263.00 272.75 8.25 2,146 June 1.2408 1.2412 1.2213 1.2282 –.0122 160,702
Feb'21 1633.80 1649.50 1633.80 1647.10 7.40 9,772 263.00 272.00 260.25 268.25 5.25 1,086
Coffee (ICE-US)-37,500 lbs.; cents per lb.
July
May 118.55 119.20 114.30 114.90 –4.45 60,554
Swiss Franc (CME)-CHF 125,000; $ per CHF
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. June 1.0290 1.0304 1.0236 1.0272 –.0030 29,495
April ... ... ... 2134.50 –15.70 4 July 119.40 120.50 115.85 116.50 –4.20 53,759
May 859.75 864.50 850.50 854.25 –4.50 247,927 Sept 1.0326 1.0336 1.0277 1.0306 –.0030 65
June 2130.00 2187.00 2048.30 2106.00 –15.70 6,642 864.75 870.00 856.50 859.50 –4.50 196,979
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
July
May 10.28 10.67 10.24 10.31 .02 299,275
Australian Dollar (CME)-AUD 100,000; $ per AUD
Sept 2128.10 2146.10 2050.00 2094.10 –15.10 615 Soybean Meal (CBT)-100 tons; $ per ton. April .6060 .6073 .5983 .6000 –.0047 769
Platinum (NYM)-50 troy oz.; $ per troy oz. July 10.32 10.67 10.28 10.33 .01 257,382
May 309.00 310.50 299.20 303.20 –5.90 123,814 June .6064 .6077 .5983 .6002 –.0047 127,204
April 721.80 722.00 721.80 714.10 –11.90 10 307.90 309.40 301.20 303.30 –4.50 99,708
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July
May 26.35 26.35 26.35 26.35 .10 261
Mexican Peso (CME)-MXN 500,000; $ per MXN
July 730.90 731.00 710.80 718.10 –11.90 49,333
Soybean Oil (CBT)-60,000 lbs.; cents per lb. April .04058 .04112 .03996 .04027 –.00083 40
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 26.25 26.62 26.13 26.43 .19 139,445
July 26.30 26.30 26.30 26.30 … 2,886
June .04057 .04084 .03941 .03985 –.00084 99,761
April 14.590 14.590 14.550 14.436 –0.160 61
26.59 26.97 26.50 26.75 .16 109,919
Cotton (ICE-US)-50,000 lbs.; cents per lb.
May 14.630 14.750 14.440 14.494 –0.160 77,779
July
May 49.97 51.14 49.67 50.98 .99 72,356
Euro (CME)-€125,000; $ per €
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Rough Rice (CBT)-2,000 cwt.; $ per cwt. April 1.0852 1.0860 1.0777 1.0814 –.0038 4,110
July 49.80 51.15 49.47 50.98 1.22 55,911
May 1430.00 1468.00 s 1425.50 1455.00 30.50 6,366 June 1.0881 1.0884 1.0796 1.0834 –.0039 540,136
May 24.81 29.13 23.52 28.34 3.02 634,727 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
July 1416.00 1444.50 t 1413.00 1439.00 26.00 2,412
June 27.34 31.62 26.53 30.90 2.85 304,146 May 114.50 115.00 110.75 112.50 –3.50 5,346
July 28.91 33.00 28.48 32.33 2.41 195,754
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
July 115.00 115.00 112.00 114.00 –2.45 4,637
Aug 30.15 33.66 29.60 33.00 2.09 99,667 May 541.75 556.50 541.50 549.25 7.50 131,975
July 538.00 550.75 538.00 545.00 6.25 107,326
Mini DJ Industrial Average (CBT)-$5 x index
Sept 30.77 34.08 30.25 33.37 1.87 129,628 Interest Rate Futures June 21272 21352 20740 20957 –316 55,110
Dec 32.32 34.85 31.77 34.16 1.11 251,515 Wheat (KC)-5,000 bu.; cents per bu.
Sept 21050 21294 20696 20905 –317 165
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 464.00 477.75 463.75 472.00 8.00 91,057 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
May .9969 1.1104 .9880 1.0706 .0755 98,497 July 471.25 484.25 471.00 478.50 7.25 74,167 June 226-200 229-090 226-100 228-080 2-08.0 1,055,563
June 2509.40 2526.00 2475.10 2482.70 –33.70 79,625
June 1.0200 1.1332 1.0117 1.0946 .0742 50,115 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept … … … 2479.40 –33.70 11
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 110.125 115.975 t 106.550 108.250 –2.425 3,196 June 181-230 182-310 181-140 182-180 1-01.0 1,003,139 Mini S&P 500 (CME)-$50 x index
May .6586 .7600 .6347 .6916 .0288 115,106 May 110.650 116.200 t 106.150 108.100 –3.550 14,619 Sept 180-070 181-060 180-010 181-020 1-01.0 131 June 2513.75 2529.50 2449.00 2482.75 –33.75 3,502,138
June .7183 .8154 .6964 .7523 .0287 62,408 Cattle-Live (CME)-40,000 lbs.; cents per lb. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 2509.00 2525.50 2446.50 2479.50 –33.50 22,791
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 91.050 95.250 t 88.325 88.325 –4.500 20,487 June 139-005 139-110 138-285 139-045 8.0 3,266,404 Mini S&P Midcap 400 (CME)-$100 x index
May 1.551 1.659 1.530 1.621 .069 354,873 June 82.400 87.400 t 78.825 80.850 –2.225 123,684 Sept 138-315 138-170 138-165 138-245 8.0 67 June 1365.60 1376.60 1316.40 1330.20 –39.30 82,130
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 1434.70 1378.70 1328.20 1337.20 –41.80 1
June 125-100 125-165 125-080 125-132 3.2 3,765,674 Mini Nasdaq 100 (CME)-$20 x index
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June 110-060 110-074 110-047 110-066 0.2 2,708,511
June
Sept
7623.00
7620.00
7660.25
7657.00
7423.50
7426.00
7522.75 –104.50 188,791
7522.25 –104.25 1,294
Portfolios Money Rates April 3, 2020
Sept 110-109 110-106 110-089
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
110-107 1.2 74 Mini Russell 2000 (CME)-$50 x index
June 1079.20 1084.60 1029.70 1053.00 –28.70 565,958
April 99.9325 99.9450 s 99.9300 99.9425 .0125 220,691 Sept 1076.00 1081.00 1030.40 1051.60 –29.10 44
Largest 100 exchange-traded funds, Key annual interest rates paid to borrow or lend money in U.S. and May 99.9250 99.9300 99.9200 99.9250 .0050 247,014 Mini Russell 1000 (CME)-$50 x index
latest session 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% June 1355.20 1380.90 1339.30 1353.80 –22.20 8,397
international markets. Rates below are a guide to general levels but June 106-020 106-085 105-220 106-025 16.0 64,526 U.S. Dollar Index (ICE-US)-$1,000 x index
Friday, April 3, 2020 don’t always represent actual transactions. Eurodollar (CME)-$1,000,000; pts of 100% June 100.31 100.97 100.24 100.68 .41 28,402
Closing Chg YTD April 98.8575 98.8750 98.7275 98.7300 –.0975 649,063 Sept 100.34 100.99 100.32 100.68 .41 561
Week —52-WEEK—
ETF Symbol Price (%) (%) Inflation Latest ago High Low June 99.5150 99.5200 99.4650 99.4850 –.0250 1,625,477
CnsmrDiscSelSector XLY 92.41 –1.74 –26.3 Feb. index Chg From (%) Sept 99.6550 99.6600 99.6150 99.6300 –.0250 1,499,007 Source: FactSet
CnsStapleSelSector XLP 55.35 0.78 –12.1 level Jan. '20 Feb. '19 Switzerland 0.50 0.50 0.50 0.50
FinSelSectorSPDR XLF 19.64 –2.00 –36.2 Britain 0.10 0.10 0.75 0.10
FT ValDivFd FVD 26.27 –2.16 –27.1 U.S. consumer price index 0.25 0.25 1.50 0.25
Bonds | WSJ.com/bonds
Australia
HealthCareSelSect XLV 86.78 –0.90 –14.8 0.27 2.3
All items 258.678
InvscQQQI QQQ 183.37 –1.42 –13.8
Core 267.268 0.48 2.4 Secondary market
InvscS&P500EW
InvscS&P500LowVol
RSP
SPLV
79.83
44.63
–1.61
–1.98
–31.0
–23.5 Fannie Mae Global Government Bonds: Mapping Yields
iSh3-7YTreasuryBd IEI 133.21 0.02 5.9 International rates 30-year mortgage yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
iShCoreDivGrowth DGRO 31.52 –1.62 –25.1
Week 52-Week 30 days 2.433 2.413 3.857 2.281
iShCoreMSCIEAFE IEFA 47.43 –2.21 –27.3 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
iShCoreMSCIEM IEMG 39.41 –1.77 –26.7
Latest ago High Low 60 days 2.480 2.476 3.884 2.341
44.84 –27.6 Notes on data: Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
iShCoreMSCITotInt IXUS –2.25
Prime rates U.S. prime rate is the base rate on corporate Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
iShCoreS&P500 IVV 249.02 –1.41 –23.0
iShCoreS&P MC IJH 133.18 –2.70 –35.3 U.S. 3.25 3.25 5.50 3.25 loans posted by at least 70% of the 10 largest 0.375 U.S. 2 0.193 t l 0.233 0.697 2.339
U.S. banks, and is effective March 16, 2020.
iShCoreS&P SC IJR 50.99 –3.65 –39.2 Canada 2.45 2.95 3.95 2.45 Other prime rates aren’t directly comparable; 1.500 10 0.592 t l 0.595 0.997 2.521
iShS&PTotlUSStkMkt ITOT 54.67 –1.87 –24.8 Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShCoreUSAggBd AGG 114.98 0.07 2.3
2.000 Australia 2 0.214 t l 0.222 0.473 1.469 2.1 -1.2 -87.0
Complete Money Rates table appears Monday
iShSelectDividend DVY 69.37 –2.35 –34.3 Policy Rates through Friday. 2.500 10 0.765 t l 0.768 0.800 1.851 17.3 17.3 -67.1
iShEdgeMSCIMinEAFE EFAV 59.52 –1.84 –20.1 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet 0.000 France 2 -0.493 s l -0.515 -0.748 -0.507 -68.6 -74.8 -284.6
iShEdgeMSCIMinUSA USMV 52.35 –1.41 –20.2
iShEdgeMSCIUSAMom MTUM 101.08 –1.78 –19.5 0.000 10 0.078 s l 0.046 -0.335 0.393 -51.4 -54.9 -212.8
iShEdgeMSCIUSAQual QUAL 78.26 –1.55 –22.5
0.000 Germany 2 -0.671 t l -0.655 -0.816 -0.581 -86.4 -88.8 -292.0
iShFloatingRateBd
iShGoldTr
FLOT
IAU
49.00
15.53
0.29
0.71
–3.8
7.1
A Week in the Life of the DJIA 0.000 10 -0.439 t l -0.435 -0.625 0.011 -103.0 -103.0 -251.1
iShiBoxx$InvGrCpBd LQD 121.10 –0.52 –5.4
iShiBoxx$HYCpBd HYG 73.55 –2.14 –16.4
A look at how the Dow Jones Industrial Average component stocks 1.200 Italy 2 0.436 s l 0.341 -0.109 0.514 24.3 10.7 -182.5
54.40 –0.27 –6.2 did in the past week and how much each moved the index. The DJIA 1.350 10 1.531 s 1.483 0.986 2.545 88.8 2.4
iShIntermCorpBd IGIB l 94.0
iShJPMUSDEmgBd EMB 95.60 –0.18 –16.6 lost 584.25 points, or 2.70%, on the week. A $1 change in the price of
iShMBSETF MBB 110.08 –0.07 1.9 any DJIA stock = 6.86-point change in the average. To date, a $1,000 0.100 Japan 2 -0.132 s l -0.134 -0.244 -0.155 -32.5 -36.8 -249.4
iShMSCI ACWI ACWI 59.99 –1.49 –24.3
investment on Dec. 31 in each current DJIA stock component would 0.100 10 -0.009 s l -0.011 -0.111 -0.050 -60.0 -60.6 -257.2
iShMSCI EAFE EFA 50.90 –2.28 –26.7
iShMSCI EAFE SC SCZ 42.06 –3.20 –32.5
have returned $22,738, or a loss of 24.21%, on the $30,000 0.400 Spain 2 -0.131 t l -0.123 -0.444 -0.278 -32.5 -35.6 -261.7
iShMSCIEmgMarkets EEM 33.13 –1.90 –26.2 investment, including reinvested dividends. 0.500 10 0.727 s l 0.721 0.197 1.140 13.5 12.6 -138.2
iShMSCIJapan EWJ 46.57 –2.25 –21.4
iShNatlMuniBd MUB 109.93 –0.13 –3.5 The Week’s Action 0.500 U.K. 2 0.090 t l 0.111 0.227 0.739 -10.4 -12.2 -160.0
iShPfd&Incm 30.01 –0.92 –20.2
Pct Stock price Point chg $1,000 Invested(year-end '19)
PFF
chg (%) change in average* Company Symbol Close $1,000 4.750 10 0.313 t l 0.331 0.391 1.098 -27.9 -26.4 -142.4
iShRussell1000Gwth IWF 144.59 –1.55 –17.8
iShRussell1000 IWB 135.96 –1.55 –23.8 9.20 6.33 42.85 Chevron CVX $75.11 $631 Source: Tullett Prebon
iShRussell1000Val IWD 95.25 –1.61 –30.2 9.03 9.90 67.21 Walmart WMT 119.48 1,010
iShRussell2000
iShRussell3000
IWM
IWV
104.62
141.84
–2.83
–1.61
–36.9
–24.7
8.94 11.01 74.75 Johnson & Johnson JNJ 134.17 926 Corporate Debt
iShRussellMid-Cap IWR 40.64 –2.03 –31.8 8.87 2.74 18.64 Pfizer PFE 33.64 867 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShRussellMCValue IWS 59.90 –2.17 –36.8 8.75 9.23 62.44 Caterpillar CAT 114.67 782 that same company’s share price.
iShS&P500Growth IVW 159.02 –1.45 –17.9
iShS&P500Value IVE 92.74 –1.52 –28.7 6.30 4.52 30.61 Merck MRK 76.25 845 Investment-grade spreads that tightened the most…
iShShortCpBd IGSB 52.01 –0.06 –3.0 6.12 2.26 15.24 Exxon Mobil XOM 39.21 570 Spread*, in basis points Stock Performance
iShShortTreaBd SHV 110.88 –0.04 0.4 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
4.46 4.91 33.35 Procter & Gamble PG 115.08 927
iShTIPSBondETF TIP 121.33 0.88 4.1
iSh1-3YTreasuryBd SHY 86.62 –0.02 2.4 3.66 1.93 13.05 Verizon VZ 54.70 900 Enable Midstream Partners ENBL 3.900 May 15, ’24 1567 –54 n.a. 2.67 3.49
iSh7-10YTreasuryBd IEF 121.94 0.07 10.6 3.36 1.76 11.92 Intel INTC 54.13 909 Cimarex Energy XEC 3.900 May 15, ’27 865 –50 990 16.89 3.18
iSh20+YTreasuryBd TLT 168.50 0.24 24.4 BP Capital Markets America BPLN 3.790 Feb. 6, ’24 255 –48 n.a. ... ...
iShRussellMCGrowth IWP 115.17 –1.82 –24.5 2.76 4.13 27.90 Microsoft MSFT 153.83 978
HSBC USA … 3.500 June 23, ’24 231 –48 302 … …
iShUSTreasuryBdETF GOVT 28.14 0.14 8.5 2.38 1.02 6.91 Coca-Cola KO 43.83 799
JPM UltShtIncm JPST 49.68 0.12 –1.5
0.62 0.24 1.57 Cisco Systems CSCO 39.06 828 Canadian Natural Resources CNQCN 4.950 June 1, ’47 557 –42 573 ... ...
PIMCOEnhShMaturity MINT 99.41 0.29 –2.1 Virginia Electric And Power … 8.875 Nov. 15, ’38 299 –42 n.a. … …
SPDR BlmBarcHYBd JNK 90.54 –1.96 –17.3 0.41 0.55 3.41 3M MMM 133.79 765
FedEx FDX 3.200 Feb. 1, ’25 306 –41 274 109.22 –6.36
SPDRBloomBar1-3MTB BIL 91.55 –0.03 0.1 –1.56 –1.69 –11.74 IBM IBM 106.34 802
SPDR Gold GLD 152.65 0.49 6.8 Bank of Nova Scotia BNS 2.000 Nov. 15, ’22 146 –37 260 38.60 –0.62
SchwabIntEquity SCHF 24.62 –2.11 –26.8 –2.07 –0.59 –4.01 Dow DOW 27.97 520
SchwabUS AggrBd SCHZ 54.53 0.33 2.1 –2.24 –3.68 –25.05 McDonald’s MCD 160.33 817 …And spreads that widened the most
SchwabUS BrdMkt SCHB 57.93 –1.58 –24.6
–2.56 –6.33 –43.20 Apple AAPL 241.41 824 BMW US Capital BMW 3.450 April 12, ’23 500 177 434 ... ...
SchwabUS Div SCHD 44.30 –1.07 –23.5
SchwabUS LC SCHX 58.83 –1.51 –23.4 –2.61 –2.52 –17.33 Walt Disney DIS 93.88 649 Truist Financial TFC 4.800 Sept. 1, ’49 938 112 771 27.21 –4.46
SchwabUS LC Grw SCHG 76.11 –1.55 –18.1 –5.25 –4.37 –29.74 Nike NKE 78.86 781 Regency Centers REG 3.750 June 15, ’24 486 90 n.a. 32.27 –2.80
Schwab US TIPs SCHP 58.92 0.75 4.0 General Motors GM 5.200 April 1, ’45 704 85 608 18.04 –0.82
SPDR DJIA Tr DIA 210.60 –1.57 –26.1 –5.35 –12.96 –88.74 UnitedHealth Group UNH 229.49 784
SPDR S&PMdCpTr MDY 243.09 –2.69 –35.2 –6.01 –9.71 –66.28 Visa V 151.85 809 FedEx FDX 3.100 Aug. 5, ’29 345 68 266 109.22 –6.36
SPDR S&P 500 SPY 248.19 –1.45 –22.9 –6.06 –6.06 –41.35 Travelers TRV 93.89 690 Williams WMB 4.550 June 24, ’24 548 56 740 13.65 –5.08
SPDR S&P Div SDY 76.17 –2.07 –29.2 Capital One Financial COF 3.750 July 28, ’26 485 55 n.a. 42.27 –3.78
TechSelectSector XLK 77.12 –1.54 –15.9
–6.22 –11.85 –80.57 Home Depot HD 178.70 824
Service Properties Trust SVC 5.000 Aug. 15, ’22 2139 55 n.a. 4.68 1.96
UtilitiesSelSector XLU 51.79 –3.57 –19.9 –7.21 –11.41 –77.61 Goldman Sachs GS 146.93 643
VanEckGoldMiner
VangdInfoTech
GDX
VGT
24.95
202.51
–0.36
–1.61
–14.8
–17.3
–7.45 –3.28 –22.21 Walgreens WBA 40.72 697 High-yield issues with the biggest price increases…
VangdSC Val VBR 81.16 –3.29 –40.8 –7.77 –7.08 –48.28 JPMorgan Chase JPM 84.05 613 Bond Price as % of face value Stock Performance
139.78 –2.25 –29.7 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
VangdSC Grwth VBK –12.86 –7.37 –81.04 Raytheon Technologies RTX 49.93 568
VangdDivApp VIG 100.52 –1.35 –19.4
–17.05 –15.13 –102.85 American Express AXP 73.60 597 Western Midstream Operating … 4.650 July 1, ’26 66.000 8.00 53.822 … …
VangdFTSEDevMk VEA 31.83 –1.97 –27.8
VangdFTSE EM VWO 32.67 –1.92 –26.5 –23.14 –37.48 –254.10 Boeing BA 124.52 385 WPX Energy WPX 5.250 Oct. 15, ’27 65.750 6.50 54.875 3.78 8.31
VangdFTSE Europe VGK 41.29 –2.09 –29.5 Carrizo Oil & Gas, Inc. … 8.250 July 15, ’25 10.500 5.00 18.500 ... ...
VangdFTSEAWxUS VEU 39.37 –1.97 –26.8 *Based on Composite price. DJIA is calculated on primary-market price. Kosmos Energy KOS 7.125 April 4, ’26 60.500 4.50 57.000 0.90 9.08
VangdGrowth VUG 150.40 –1.27 –17.4 Source: Dow Jones Market Data; FactSet.
VangdHlthCr VHT 162.13 –1.12 –15.4
Continental Resources CLR 5.000 Sept. 15, ’22 68.000 4.00 63.500 9.08 8.87
VangdHiDiv VYM 69.03 –1.44 –26.3 EQT EQT 4.875 Nov. 15, ’21 86.000 4.00 81.000 8.77 11.15
VangdIntermBd
VangdIntrCorpBd
BIV
VCIT
89.07
86.24
–0.02
–0.27
2.1
–5.6
Dividend Changes …And with the biggest price decreases
VangdLC VV 114.04 –1.48 –22.9
VangdMC VO 124.34 –1.86 –30.2
Dividend announcements from April 3. National CineMedia NATCIN 5.750 Aug. 15, ’26 48.790 –10.21 n.a. ... ...
VangdMBS VMBS 54.50 0.13 2.5 Amount Payable / Hertz … 6.000 Jan. 15, ’28 37.010 –9.93 55.000 … …
VangdRealEst VNQ 64.53 –1.45 –30.5 Company Symbol Yld % New/Old Frq Record Denbury Resources DNR 9.000 May 15, ’21 20.000 –9.38 30.000 0.23 3.86
VangdS&P500ETF VOO 228.02 –1.48 –22.9 QEP Resources QEP 5.250 May 1, ’23 33.790 –9.21 39.750 0.36 23.58
VangdST Bond BSV 81.78 –0.23 1.5
Reduced
VangdSTCpBd VCSH 78.35 –0.29 –3.3 Diversified Healthcare Tr DHC 26.2 .01 /.15 Q May21 /Apr13 Beazer Homes USA BZH 7.250 Oct. 15, ’29 64.000 –9.00 78.250 4.90 –2.20
VangdSC VB 106.26 –2.68 –35.8 Murphy Oil MUR 16.8 .125 /.25 Q Jun01 /May18 Intelsat Jackson Holdings INTEL 5.500 Aug. 1, ’23 49.250 –7.75 66.500 ... ...
85.96 –0.05 2.5
Popular Cap Tr II 6.125% BPOPM 7.0 .1276 /.127604 M May01 /Apr15
VangdTotalBd BND American Airlines AAL 5.000 June 1, ’22 67.000 –7.00 81.500 9.39 –6.66
VangdTotIntlBd BNDX 56.15 –0.20 –0.8 Foreign Frontier Communications FTR 8.500 April 1, ’26 82.510 –6.99 92.938 0.35 –2.78
VangdTotIntlStk VXUS 40.43 –2.08 –27.4 Grupo Aval Acciones ADR AVAL 8.0 .02917 M Apr16 /Apr13
VangdTotalStk VTI 123.38 –1.70 –24.6 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
VangdTotlWrld VT 60.19 –1.75 –25.7 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Note: Data are for the most active issue of bonds with maturities of two years or more
VangdValue VTV 86.11 –1.52 –28.2 spin-off. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CumulusMedia CMLS 3.23 -24.5 GCPAppliedTechs GCP 14.24 -12.4 IMPAC Mortgage IMH 1.59 -18.4 MatinasBioPharma MTNB 0.51 -3.1 PacificMercBncp PMBC 3.25 -12.5 RegionalMgmt RM 10.42 -13.4 TCG BDC CGBD 4.30 -7.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE CustomersBancorp CUBI 8.59 -11.6 GFLEnvironmental GFL 11.92 -3.7 iHeartMedia IHRT 4.31 -11.5 MaysJW MAYS 22.00 -4.3 PanhandleOil&Gas PHX 3.19 -0.3 Regis RGS 4.22 1.5 TFS Fin TFSL 12.65 -7.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Daktronics DAKT 4.10 -4.1 GFL Env Un GFLU 37.92 -3.9 Immunomedics IMMU 8.80 -11.7 MedalistDivREIT MDRR 1.28 -5.2 ParkNational PRK 70.33 -3.5 ReliantBancorp RBNC 9.45 -2.6 TIM Part TSU 11.31 -3.2
in the latest session. % CHG-Daily percentage change from the previous trading session. DeltaApparel DLA 7.53 -5.8 GalileoAcqnWt GLEO.WS 0.20 ... IndepRealty IRT 6.86 -10.0 Medallia MDLA 16.04 -2.4 PatriotNatBncp PNBK 3.83 -27.6 RepublicFirstBncp FRBK 1.86 -7.4 TPG RE Fin TRTX 2.45 -31.0
DieboldNixdorf DBD 2.80 2.9 GameStop GME 2.57 -1.8 Infr&EnerAltern IEA 1.70 -3.4 MedallionFin MFIN 1.39 -11.8 Patterson PDCO 12.93 -6.2 ResearchFrontiers REFR 1.66 -10.1 Talend TLND 18.30 -1.4
Dillard's DDS 22.50 -6.9 Gannett GCI 0.72 -15.5 Inpixon INPX 1.04 -6.2 MediWound MDWD 1.44 -2.3 PattersonUTIEn PTEN 1.61 -9.6 ResideoTech REZI 3.72 -4.8 TataMotors TTM 3.92 -1.0
Friday, April 3, 2020 DormanProducts DORM 44.49 -4.7 GenesisHealthcare GEN 0.65 -6.5 InspiredEnt INSE 2.32 -5.7 MelcoResorts MLCO 10.81 -5.2 PaycomSoftware PAYC 163.42 -9.0 Revlon REV 8.68 -1.6 Tecogen TGEN 0.90 2.0
52-Wk % 52-Wk % 52-Wk % DropCar DCAR 0.37 -3.9 Globant GLOB 70.83 -7.8 Intellicheck IDN 1.91 -21.9 MercantileBank MBWM 18.64 -5.2 PenneyJC JCP 0.26 -8.8 RiverviewFinl RIVE 4.00 -26.6 TectonicFinPfdB TECTP 7.25 -2.4
DunxinFinl DXF 0.42 -16.5 Gogo GOGO 1.50 4.8 Intelsat I 1.04 -10.2 Merus MRUS 10.28 -4.5 PensareAcqnUn WRLSU 5.09 -51.7 RoadrunnerTrans RRTS 2.32 5.2 Tenneco TEN 2.21 -21.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PensareAcqn WRLS 2.10 -47.1 TetraTech TTI 0.26 2.2
ECMOHO MOHO 5.41 -2.8 GolubCapital GBDC 9.08 0.7 InvescoMtg IVR 1.82 -24.1 MesaAir MESA 2.05 -15.5 RoyalBkScotland RBS 2.45 -4.6
ArcosDorados ARCO 2.96 -0.3 CamdenNational CAC 27.73 -4.3 ENDRA LifeSci NDRA 0.60 3.3 GoodTimesRest GTIM 0.45 -8.4 InvRlEst IRET 43.58 -6.9 MetaFinancial CASH 14.62 -12.3 People'sUtdFin PBCT 9.37 -6.7 RubiconProject RUBI 4.09 -11.7 TherapixBiosci TRPX 0.25 -6.9
Highs AscenaRetail ASNA
Atento ATTO
0.91 -11.7
0.87 -9.1
CapitalSrLiving CSU
CapitalaFinance CPTA
0.45 -8.9
2.50 -10.9
EastWestBncp EWBC
Eastern EML
22.55 -6.0
16.75 -7.4
GrafIndlWt
GranayMontero GRAM
GRAF.WS 0.05 -25.2
1.34 -4.8
Iridex
ItauUnibanco ITUB
IRIX 1.22 -3.4
3.76 -4.9
ModineMfg
MoneyGram
MOD
MGI
2.84 -5.7
1.15 -0.8
PeoplesFinSvcs PFIS
PerformantFin PFMT
30.35 -7.4
0.65 -8.7
RyderSystem R
RyersonHolding RYI
22.62 -4.5
4.00 -5.4
Tilly's
TimkenSteel
TLYS
TMST
3.46 -0.6
2.78 -9.9
AdaptHealth AHCO 18.22 -1.9 AvalonHoldings AWX 1.18 -3.3 Cars.com CARS 3.25 0.3 Electro-Sensors ELSE 2.61 -8.7 GreatAjax AJX 3.96 1.4 J.Jill JILL 0.31 -24.4 Monro MNRO 37.09 -6.3 Perma-PipeIntl PPIH 5.69 -0.3 SellasLifeSci SLS 1.46 1.3 TortoiseAcqnWt SHLL.WS 0.15 9.9
FortySeven FTSV 95.47 ... Axogen AXGN 7.56 -7.1 Cato CATO 8.52 -4.3 ElevateCredit ELVT 0.89 0.9 GreatWesternBncp GWB 16.66 -9.7 JMU MFH 0.50 -1.5 MotorcarParts MPAA 10.43 -2.2 Phunware PHUN 0.54 -8.1 SallyBeauty SBH 6.28 -2.6 TownSports CLUB 0.39 -10.7
I-Mab IMAB 15.80 ... BGC Partners BGCP 2.07 -0.9 CedarRealty CDR 0.53 -21.8 ElmiraSvgsBank ESBK 11.01 -0.3 Greenbrier GBX 12.89 -19.2 KAR Auction KAR 9.41 -13.1 MrCooper COOP 4.31 -20.1 PioneerBancorp PBFS 8.77 -4.4 SandRidgeEnergy SD 0.72 -3.4 TrecoraResources TREC 4.23 -9.1
PetMedExpress PETS 29.90 -2.8 BG Staffing BGSF 5.69 -7.7 Celcuity CELC 5.14 11.2 EloxxPharm ELOX 1.44 -1.9 GreenSky GSKY 3.05 -11.7 KewauneeSci KEQU 7.00 1.1 MuscleMaker GRIL 1.42 -4.8 PioneerPwrSols PPSI 1.00 10.3 ScrippsEW SSP 5.36 -15.2 Trevena TRVN 0.47 -5.6
RMGAcqn RMG 10.50 0.9 BRP Group BRP 8.35 -4.7 CenturyAluminum CENX 2.91 -8.2 EmeraldHldg EEX 1.58 -22.7 GrindrodShipping GRIN 2.03 -13.3 KiteRealty KRG 6.87 -5.1 NCS Multistage NCSM 0.31 -30.0 PitneyBowes PBI 1.67 -1.1 SecooHolding SECO 2.70 -4.9 TrinityIndustries TRN 14.53 -8.6
WeisMarkets WMK 44.74 2.7 BancCalifornia BANC 6.44 -8.5 Chemours CC 7.02 -3.3 38.01 -4.3 82.08 -6.8 10.89 -1.7 1.35 -4.0 PitneyBowesNt43 PBIpB 8.02 ... 0.51 -4.5 trivago TRVG 1.30 -0.7
EncoreWire WIRE GpoAeroportSur ASR Kohl's KSS NN NNBR Senseonics SENS
ZentalisPharm ZNTL 27.00 28.9 BancSanBrasil BSBR 4.39 -7.6 CherryHillMtg CHMI 2.76 -29.0 PlayaHotels PLYA 1.30 -10.5 Tronox TROX 3.97 3.6
EnergizerPfd. ENRpA 61.60 -3.0 GrupoSimec SIM 6.17 -5.6 KontoorBrands KTB 12.91 -11.4 NaborsIndsPfdA NBRpA 2.90 -3.1 SensientTech SXT 38.24 -4.2
2.67 -6.5 0.93 -4.9 Polaris PII 37.35 -12.8 TrueCar TRUE 1.98 -1.4
BcoSantMex BSMX Chico'sFas CHS Energous WATT 0.61 -7.5 GrupoTelevisa TV 4.65 -6.9 Koppers KOP 8.25 -11.5 NanoDimension NNDM 0.51 -10.0 ServiceCorp SCI 34.37 -8.1
Lows BankFinancial BFIN 6.91 -5.6 Cimpress CMPR 40.80 -2.3 Entercom ETM 0.82 -36.2 GuarFedBcsh GFED 12.70 -1.5 LCI Inds LCII 55.29 -6.9 Neovasc NVCN 1.24 -4.5
Precipio
PrecisionBio
PRPO
DTIL
0.57 -5.1
4.60 -15.9
SharpSpring SHSP 4.50 -11.7
TwinDisc
TwoHarbors
TWIN
TWO
5.00 -10.2
2.25 -28.2
AG Mortgage PfdC MITTpC 2.12 -10.6 Barnes&NobleEduc BNED 1.11 -5.0 CitiTrends CTRN 6.70 -4.2 Entravision EVC 1.45 -14.8 Guidewire GWRE 71.64 ... LGI Homes LGIH 33.00 -2.4 NescoWt NSCO.WS 0.10 -37.3 SiebertFin SIEB 5.33 -3.8
PrefApartment APTS 5.27 -6.1 USWellServicesA USWS 0.25 -13.4
AG Mortgage MITT 1.46 -10.4 BayCom BCML 10.65 -4.3 CtznCmntyBcp CZWI 5.26 -1.6 Envestnet ENV 45.53 -2.9 GulfIslandFab GIFI 2.70 -2.8 LSB Inds LXU 1.40 -9.5 NE Realty NEN 41.08 -4.4 SignatureBank SBNY 68.98 -2.4
ProQR Therap PRQR 4.46 -10.0 UnderArmour A UAA 7.39 5.5
AG Mortgage PfdB MITTpB 2.36 -13.2 BedBath BBBY 3.43 10.7 ClipperRealty CLPR 4.39 -2.2 Escalade ESCA 4.69 -12.8 HF Foods HFFG 6.05 -9.8 Lands'End LE 4.05 -7.6 NewResidInvt NRZ 2.91 -21.8 SleepNumber SNBR 15.27 -10.9
ProspectCapital PSEC 3.68 -6.1 UnionAcqnIIWt LATNW 0.13 -5.1
AG Mortgage PfdA MITTpA 2.55 -21.8 Big5SportingGds BGFV 0.65 -1.7 Coca-Cola Femsa KOF 37.73 -2.2 EthanAllen ETH 8.38 -3.5 HLAcquisitionsRt HCCHR 0.02 100.0 Lazydays LAZY 1.55 -13.8 NY CmntyBcp NYCB 8.19 -2.6 3.70 -6.9 SmileDirectClub SDC 3.64 -4.2 12.60 0.9
Puxin NEW UnitedBancshares UBOH
AHBeloA AHC 1.31 0.7 BiglariA BH.A 250.50 0.7 ColonyCapPfdG CLNYpG 9.80 -3.0 Eventbrite EB 5.71 -1.5 HTG Molecular HTGM 0.27 -0.3 LeeEnterprises LEE 0.75 -5.1 NewparkResources NR 0.65 -3.8 PzenaInvtMgmt PZN 3.46 0.8 SoftwareAcqnWt SAQNW 0.50 -9.1 UrbanOutfitters URBN 12.28 -2.4
ALJ Regional ALJJ 0.35 -14.9 Biofrontera BFRA 5.92 -16.4 CommVehicle CVGI 1.24 -4.3 Exagen XGN 11.40 0.5 HalladorEnergy HNRG 0.75 -8.0 LendingClub LC 6.77 -1.1 Noodles NDLS 3.14 -0.3 QCR Holdings QCRH 22.39 -3.6 SonnetBio SONN 4.62 -15.6 VelocityFinl VEL 2.24 -31.4
AMC Networks AMCX 19.62 -7.7 BiomXUn PHGE.U 6.58 -8.9 CompassMnlInt CMP 34.39 -3.1 ExantasCapPfdC XANpC 2.10 -27.5 Hanesbrands HBI 6.96 -1.1 LendingTree TREE 135.72 -8.3 Nordstrom JWN 12.27 -1.0 QuadGraphics QUAD 2.00 ... SoundFinBancorp SFBC 17.11 -18.0 VeraBradley VRA 3.12 -2.1
AcadiaRealty AKR 10.05 ... BlueBird BLBD 8.40 -6.0 ConcretePumping BBCP 1.93 ... ExantasCap XAN 0.95 -34.2 HarteHanks HHS 1.10 0.9 LeviStrauss LEVI 9.09 -5.6 NorthAmConstr NOA 4.36 -5.3 Qualstar QBAK 1.95 -17.9 SouthPlainsFin SPFI 12.00 -4.6 VinceHolding VNCE 3.16 1.2
Adecoagro AGRO 3.31 1.4 BlueLinx BXC 3.61 -3.6 Volaris VLRS 2.94 3.2 Exterran EXTN 3.24 -17.2 HavertyFurn HVT 9.81 -7.3 LibertyGlobal C LBTYK 14.36 -2.6 OPKO Health OPK 1.12 0.9 QuestDiag DGX 73.02 -5.3 SouthState SSB 50.29 -7.0 WabashNational WNC 6.26 -8.2
Akorn AKRX 0.18 -5.5 BluerockResREIT BRG 3.79 -15.6 CoreMoldingTech CMT 1.04 -4.1 FederalRealty FRT 64.68 -0.9 HelixEnergy HLX 0.99 -15.3 LifetimeBrands LCUT 3.26 -19.3 OcwenFinancial OCN 0.28 -18.4 QuorumHealth QHC 0.22 -24.5 StageStores SSI 0.27 -6.4 Walker&Dunlop WD 24.55 -20.0
AllegianceBcshs ABTX 21.26 -5.8 BridgeBancorp BDGE 17.71 -6.8 CorpAmAirports CAAP 1.61 -6.1 Ferro FOE 7.52 -5.4 HemisphereMedia HMTV 8.00 -0.7 Linx LINX 2.93 -5.0 1895Bancorp BCOW 7.43 -3.2 RPTRealty RPT 4.62 -1.0 Startek SRT 2.92 -1.0 WashingtonPrime WPG 0.56 4.1
AmericaMovil A AMOV 10.45 ... BrixmorProp BRX 7.51 3.3 Corts JCPen JBS JBN 1.45 -7.1 FirstHawaiian FHB 14.19 -4.4 HennessyCapWt HCACW 0.17 -11.1 LloydsBanking LYG 1.28 -5.8 OneConnectFinTech OCFT 9.16 -3.3 RTI Surgical RTIX 1.46 -3.9 SteelConnect STCN 0.66 -1.9 Watford WTRE 11.91 -8.6
AmericaMovil AMX 10.69 -4.6 BrookfieldDTLAPf DTLAp 9.50 -3.5 Corts JC KTP KTP 1.64 -6.1 FirstNWBncp FNWB 8.77 -7.7 HinghamSvg HIFS 125.55 0.3 MDC Partners MDCA 1.01 -3.6 Opera OPRA 4.60 1.2 RadianGroup RDN 9.53 -15.6 SteelPartners SPLP 4.63 -4.5 WesternAssetMort WMC 1.37 -12.1
AmerAirlines AAL 9.09 -6.7 BrookfieldProp BPY 7.10 -3.7 Corvel CRVL 48.76 -4.9 Flexsteel FLXS 9.44 -7.3 HomeFedBncpLA HFBL 20.00 -9.2 Macerich MAC 4.81 0.8 OpesAcqnWt OPESW 0.02 ... RalphLauren RL 59.82 -7.5 StoneCo STNE 17.72 -10.4 WhitestoneREIT WSR 4.91 -10.7
AmerEagle AEO 6.62 -0.6 Build-A-Bear BBW 1.01 -15.0 Covanta CVA 7.00 -15.6 FdnBuilding FBM 7.99 -11.3 HookerFurniture HOFT 12.30 -11.1 MagyarBancorp MGYR 8.53 -8.3 OrrstownFinSvcs ORRF 11.43 -1.9 RaveRestaurant RAVE 0.52 -10.9 StoneMor STON 0.70 -22.1 WolverineWwide WWW 12.19 -5.6
AmNtlBcsh AMNB 20.15 -8.7 CBL AssocPfdE CBLpE 0.47 -0.4 CovenantTranspt CVTI 6.54 -8.7 FourSeasonsEduc FEDU 1.07 6.2 HoughtonMifflin HMHC 1.30 -10.1 MalibuBoats MBUU 18.02 -3.5 OspreyTechWt SFTW.WS 0.55 -11.8 RayonierAdvMatls RYAM 0.90 -0.8 Stoneridge SRI 13.87 -6.8 WorldAcceptance WRLD 43.16 -7.7
AmericanNatlIns ANAT 63.93 -6.6 CNB FinPA CCNE 15.31 -4.5 Covia CVIA 0.40 -17.9 Francesca's FRAN 1.70 -5.5 HuitaoTech HHT 0.36 -6.8 MalvernBancorp MLVF 11.00 -5.2 OttawaBncp OTTW 9.66 -5.8 ReadyCapNts081523 RCA 9.50 -21.1 Strats Allst GJT GJT 17.54 -0.6 YRC Worldwide YRCW 1.31 -6.8
AmplitudeHlthWt AMHCW 0.45 -18.2 CVR Energy CVI 13.81 -2.0 Crawford A CRD.A 5.75 -2.5 frontdoor FTDR 30.06 -5.4 HuizeHolding HUIZ 6.30 -9.2 MarroneBioInnova MBII 0.63 -8.9 PDLCommBncp PDLB 7.76 -11.1 RedLionHotels RLH 1.21 -0.8 SummitWireless WISA 0.22 -11.9 Yext YEXT 8.56 -2.9
Amrep AXR 4.19 0.2 CadenceBancorp CADE 4.63 -15.9 Crawford B CRD.B 5.29 4.6 FultonFin FULT 9.83 -7.0 HuntingtonBcshs HBAN 6.82 -7.3 MasoniteIntl DOOR 34.88 -1.7 PGT Innovations PGTI 6.88 -3.2 RedwoodTrust RWT 2.14 -14.7 SundialGrowers SNDL 0.47 -4.5 YoungevityIntl YGYI 0.61 -12.0
ArborRealtyPfdC ABRpC 10.00 -3.7 CambridgeBncp CATC 44.93 -3.1 Culp CULP 5.87 7.9 Funko FNKO 3.12 -9.9 HyreCar HYRE 0.88 -17.5 MasterCraftBoat MCFT 4.90 -5.5 PRA Group PRAA 19.40 -12.0 RegencyCtrs REG 31.80 -2.8 Synalloy SYNL 7.50 -6.1 ZionsBancorpWt ZIONW 0.13 -19.6
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | B13

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -2.48 25.08 17.42 FlowersFoods FLO 3.6 27 21.20 -0.03 -28.28 119.88 74.33 Marsh&McLen MMC 2.3 23 79.90 -2.85 -10.70 51.84 37.62 Sanofi SNY 2.7 27 44.83 1.32
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -39.19 100.35 56.54 FomentoEconMex FMX 2.6 16 57.47 -1.01 -39.38 281.82 135.08 MartinMarietta MLM 1.3 17 169.51 -10.84 -49.21 27.75 9.74 SantanderCons SC 7.4 4 11.87 -0.96
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -54.41 10.56 3.96 FordMotor F 0.0145 4.24 -0.12 -15.55 28.86 16.45 MarvellTech MRVL 1.1 10 22.43 -0.22 -27.45 158.80 72.05 SareptaTherap SRPT ... dd 93.62 -2.36
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -4.98 121.82 68.87 Fortinet FTNT ... 54 101.44 0.52 -32.47 50.06 27.04 Masco MAS 1.7 15 32.41 -0.60 -64.45 48.88 11.87 Schlumberger SLB 14.0 dd 14.29 0.41
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -13.15 44.72 28.59 Fortis FTS 4.0 13 36.06 -0.32 15.22 187.85 118.93 Masimo MASI ... 53 182.12 -1.70 -29.35 51.65 28.00 SchwabC SCHW 2.1 13 33.60 -0.79
-28.94 89.48 37.31 Fortive FTV 0.5 28 54.28 -1.72 -20.62 347.25 199.99 Mastercard MA 0.7 30 237.03 -1.85 -18.06 96.80 45.45 ScienceApplicat SAIC 2.1 19 71.30 -2.47
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -45.79 73.28 33.90 FortBrandsHome FBHS 2.7 12 35.42 -3.04 -22.42 95.32 44.74 MatchGroup MTCH ... 35 63.70 1.51 -5.75 125.69 76.50 ScottsMiracleGro SMG 2.3 12 100.07 -3.35
s 142.47 95.47 5.53 FortySeven FTSV ... dd 95.46 0.03 -20.92 65.73 41.93 MaximIntProducts MXIM 3.9 17 48.64 0.88 4.67 52.77 21.90 Sea SE ... dd 42.10 -2.48
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -39.84 39.73 19.81 FoxA FOXA 2.1 8 22.30 -0.37 -15.15 174.09 113.12 McCormickVtg MKC.V 1.7 28 145.15 0.15 -23.09 64.17 39.02 Seagate STX 5.7 7 45.76 -1.82
s-New 52-week high. standards vj-In bankruptcy or receivership or -40.69 38.91 19.13 FoxB FOX 2.1 8 21.59 -0.25 -13.46 174.58 112.22 McCormick MKC 1.7 28 146.88 1.67 1.97 124.32 62.90 SeattleGenetics SGEN ... dd 116.51 -2.16
t-New 52-week low. lf-Late filing being reorganized under the 4.50 122.65 69.16 Franco-Nevada FNV 0.9 59 107.95 0.06 -18.87 221.93 124.23 McDonalds MCD 3.1 20 160.33 -1.17 -31.16 161.87 88.00 SempraEnergy SRE 4.0 15 104.28 -1.98
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -39.92 35.82 15.29 FranklinRscs BEN 6.9 6 15.61 -0.45 -9.28 172.18 111.71 McKesson MCK 1.3 dd 125.49 -3.71 -48.23 54.72 18.25 SensataTechs ST ... 16 27.89 -0.13
four quarters. requirements. assumed by such companies. -51.83 14.68 4.82 FreeportMcM FCX 0.0 dd 6.32 -0.07 -31.79 24.29 12.35 MedicalProp MPW 7.5 17 14.40 -0.63 t -24.59 52.89 34.37 ServiceCorp SCI 2.2 17 34.71 -3.04
-12.38 42.75 29.17 FreseniusMed FMS 1.4 14 32.27 -0.06 -23.96 122.15 72.13 Medtronic MDT 2.5 22 86.27 0.12 -11.60 362.95 213.99 ServiceNow NOW ... 79 249.57 -9.43
FD-First day of trading. t-NYSE bankruptcy t -54.49 26.97 10.81 MelcoResorts MLCO 5.7 14 11.00 -0.60 -23.02 21.06 12.20 ShawComm B SJR 5.8 15 15.62 -0.20
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. GHI 1.36 123.79 96.18 MellanoxTech MLNX ... 33 118.77 -1.11 -28.02 599.95 325.43 SherwinWilliams SHW 1.3 26 420.03 -16.88
-20.54 756.48 422.22 MercadoLibre MELI ... dd 454.47 -8.40 -43.18 40.59 17.09 ShinhanFin SHG 4.9 2 21.63 -0.51
-28.23 79.06 26.51 GCI LibertyA GLIBA ... 3 50.85 -1.29 -16.16 92.64 65.25 Merck MRK 3.2 20 76.25 -0.62 -10.04 593.89 194.89 Shopify SHOP ... dd 357.65 11.35
Friday, April 3, 2020 YTD 52-Week Yld Net -0.74 65.34 30.90 GDS Holdings GDS ... dd 51.20 -5.85 -1.06 89.44 52.24 MercurySystems MRCY ... 58 68.38 -0.65 t -47.29 148.64 68.98 SignatureBank SBNY 3.1 7 72.01 -1.79
% Chg Hi Lo Stock Sym % PE Last Chg t ... 17.95 11.92 GFLEnvironmental GFL ... dd 12.65 -0.49 -45.62 53.28 22.85 MetLife MET 6.3 5 27.72 -0.33 -68.64 186.40 42.25 SimonProperty SPG 17.9 7 46.72 2.71
YTD 52-Week Yld Net 50.64 46.40 8.53 GSXTechedu GSX ...1036 32.93 -6.05 -20.51 873.51 579.40 MettlerToledo MTD ... 28 630.58 -24.99 -37.34 7.40 4.11 SiriusXM SIRI 1.2 22 4.48 -0.27
% Chg Hi Lo Stock Sym % PE Last Chg -30.28 169.86 98.25 Carlisle CSL 1.8 14 112.83 -5.19 -8.01 274.03 110.92 Galapagos GLPG ... 38 190.27 0.26 -38.85 112.47 53.15 MicrochipTech MCHP 2.3 25 64.04 -0.94 -33.57 128.48 66.29 Skyworks SWKS 2.2 17 80.30 -3.07
-38.00 34.98 15.21 Carlyle CG 5.9 7 19.89 -0.30 -19.92 109.46 65.09 Gallagher AJG 2.4 22 76.26 -2.50 -23.35 61.19 31.13 MicronTech MU ... 20 41.22 0.13 7.92 42.00 15.10 SlackTech WORK ... dd 24.26 ...
ABC -44.56 103.18 37.59 CarMax
-83.30 56.04 7.80 Carnival
KMX ... 9 48.60
CCL 23.6 3 8.49
-1.60
0.52
-47.06 50.99 13.04 Gaming&Leisure GLPI 12.3 13 22.79
-26.65 105.58 61.04 Garmin GRMN 3.2 14 71.56
-1.74
-1.90
-2.45 190.70 118.58 Microsoft MSFT 1.3 27 153.83 -1.43 -12.29 55.79 30.91 Smartsheet SMAR ... dd 39.40 0.06
-28.48 148.88 82.00 MidAmApt MAA 4.2 31 94.31 0.06 -24.71 56.66 33.80 SmithAO AOS 2.7 16 35.87 -0.07
-31.63 25.30 14.71 ABB ABB 7.7 24 16.47 -0.41 ... 17.25 11.50 CarrierGlobal CARR ... ... 16.92 3.64 -40.42 171.78 76.91 Gartner IT ... 36 91.82 -2.28 -35.73 5.54 3.32 MitsubishiUFJ MUFG 5.1 8 3.49 -0.11 -29.29 52.26 26.07 Smith&Nephew SNN 2.1 25 33.99 -0.11
-4.72 53.70 21.56 ACADIA Pharm ACAD ... dd 40.76 -0.92 -24.17 181.99 114.01 CaseysGenStores CASY 1.1 20 120.57 -5.48 -15.84 118.86 52.70 Generac GNRC ... 21 84.66 -1.82 -30.10 3.20 1.96 MizuhoFin MFG 4.9 32 2.16 -0.08 7.87 128.43 91.88 Smucker SJM 3.1 21 112.33 2.07
-39.28 52.40 21.76 AECOM ACM ... dd 26.19 -1.34 -13.09 68.78 31.04 Catalent CTLT ... 58 48.93 -1.01 -28.73 193.76 100.55 GeneralDynamics GD 3.5 10 125.68 -2.24 -24.83 11.00 6.20 MobileTeleSys MBT 9.5 8 7.63 0.05 -32.27 19.75 7.89 Snap SNAP ... dd 11.06 -0.21
-38.49 21.23 8.11 AES AES 4.7 27 12.24 -0.80 -22.35 150.55 87.50 Caterpillar CAT 3.6 11 114.67 -2.07 -39.70 13.26 5.90 GeneralElec GE 0.6 91 6.73 -0.17 78.12 36.00 11.54 Moderna MRNA ... dd 34.84 1.64 -43.61 174.00 90.72 SnapOn SNA 4.5 8 95.52 -5.26
-38.73 57.18 23.07 Aflac AFL 3.5 7 32.41 0.58 -45.50 128.88 52.70 Celanese CE 3.7 10 67.10 -1.50 5.88 60.00 46.59 GeneralMills GIS 3.5 16 56.71 1.83 -54.53 156.60 56.62 MohawkInds MHK ... 6 62.01 -2.85 -21.67 143.73 40.08 SolarEdgeTech SEDG ... 26 74.48 -2.49
-46.21 19.65 6.25 AGNC Invt AGNC 20.2 8 9.51 -0.29 -13.15 68.64 41.62 Centene CNC ... 17 54.60 -1.76 -50.71 41.90 14.32 GeneralMotors GM 8.4 4 18.04 -0.15 -2.62 159.00 102.85 MolinaHealthcare MOH ... 12 132.13 -1.35 -22.80 21.66 11.50 SolarWinds SWI ...242 14.32 -1.41
-15.19 299.06 174.25 Ansys ANSS ... 42 218.30 2.10 -50.72 31.17 11.58 CenterPointEner CNP 8.6 10 13.44 -0.69 -9.45 25.42 16.24 Genmab GMAB ... 55 20.22 -0.08 -23.91 64.32 34.01 MolsonCoorsB TAP 5.6 37 41.01 1.01 -28.00 66.57 37.30 SonocoProducts SON 3.9 15 44.44 -1.42
-35.61 5.70 3.17 ASETech ASX 3.0 14 3.58 ... -55.69 11.69 2.96 CentraisElBras EBR ... 1 4.13 -0.23 -37.87 45.20 19.41 Genpact G 1.5 17 26.20 -0.88 -7.79 59.96 41.19 Mondelez MDLZ 2.2 19 50.79 0.41 -15.47 73.86 42.96 Sony SNE 0.5 12 57.48 -1.43
-17.34 319.22 186.31 ASML ASML 0.9 41 244.61 -2.67 -31.04 15.30 8.16 CenturyLink CTL 11.0 dd 9.11 0.31 -28.74 31.27 19.48 Gentex GNTX 2.3 13 20.65 -0.36 -8.46 184.78 93.81 MongoDB MDB ... dd 120.47 -4.61 -21.08 71.10 41.96 Southern SO 4.9 11 50.27 -2.13
-29.73 39.70 26.08 AT&T T 7.6 14 27.46 -1.30 -42.24 79.11 38.40 CeridianHCM CDAY ... 74 39.21 -4.07 -45.16 115.20 49.68 GenuineParts GPC 5.4 14 58.26 -3.14 -13.82 193.10 114.84 MonolithicPower MPWR 1.3 65 153.42 -4.10 -36.91 44.82 23.43 SoCopper SCCO 6.0 14 26.80 -0.54
-8.53 92.45 61.61 AbbottLabs ABT 1.8 39 79.45 0.01 -15.15 80.90 53.08 Cerner CERN 1.2 38 62.27 0.31 20.36 85.97 60.89 GileadSciences GILD 3.5 19 78.21 1.23 -14.68 70.52 50.06 MonsterBev MNST ... 27 54.22 -0.84 -43.42 58.83 29.15 SouthwestAir LUV 2.4 7 30.54 -0.96
-17.13 97.86 62.55 AbbVie ABBV 6.4 14 73.37 -1.76 -22.20 179.38 95.58 CharlesRiverLabs CRL ... 23 118.84 -2.74 -20.96 48.25 31.43 GSK GSK 5.4 16 37.14 -0.56 -12.06 287.25 164.19 Moody's MCO 1.1 28 208.79 2.07 -31.80 176.31 93.92 Splunk SPLK ... dd 102.14 -3.14
-17.11 288.09 119.01 Abiomed ABMD ... 27 141.40 -1.88 -10.57 546.54 344.99 CharterComms CHTR ... 58 433.80 -1.86 -30.82 209.62 105.54 GlobalPayments GPN 0.6 54 126.30 -4.39 -33.78 57.57 27.20 MorganStanley MS 4.1 7 33.85 -0.05 -18.34 161.38 109.18 Spotify SPOT ... dd 122.12 0.21
52.36 97.56 37.01 AcceleronPharma XLRN ... dd 80.78 -2.82 -11.40 132.75 80.06 CheckPoint CHKP ... 18 98.31 -0.43 -39.26 111.43 56.74 GlobeLife GL 1.2 9 63.93 -3.03 -26.91 166.59 102.59 Morningstar MORN 1.1 31 110.60 -1.90 -30.12 87.25 32.33 Square SQ ... 57 43.72 -2.16
-27.74 216.39 137.15 Accenture ACN 2.1 20 152.15 -4.12 -9.65 48.22 25.89 Chegg CHGG ... dd 34.25 0.29 -32.39 60.15 33.41 GlobusMedical GMED ... 26 39.81 -0.66 -21.42 187.49 120.77 MotorolaSol MSI 2.0 26 126.62 -3.78 -42.52 173.67 70.00 StanleyBlackDck SWK 2.9 15 95.27 -0.42
0.94 64.53 41.84 ActivisionBliz ATVI 0.7 31 59.98 -0.80 -5.22 513.75 313.49 Chemed CHE 0.3 31 416.31 -11.41 -23.34 82.30 40.25 GoDaddy GDDY ... 69 52.07 -4.17 -31.64 28.45 12.75 Mylan MYL ...501 13.74 -0.18 -28.29 99.72 50.02 Starbucks SBUX 2.6 21 63.05 -1.95
-10.98 386.75 255.13 Adobe ADBE ... 44 293.61 -10.35 -47.27 70.49 27.06 CheniereEnergy LNG ... 16 32.20 -1.72 -21.06 7.90 3.57 GoldFields GFI 1.5 27 5.21 0.09 -7.79 183.42 110.59 NICE NICE ... 50 143.06 -1.06 -28.67 26.64 11.88 StarsGroup TSG ... 84 18.61 -0.39
-47.15 182.56 71.33 AdvanceAuto AAP 1.2 12 84.65 -3.76 -30.80 49.30 17.75 CheniereEnerPtrs CQP 8.9 12 27.55 -0.44 -36.10 250.46 130.85 GoldmanSachs GS 3.4 7 146.93 -3.00 -34.06 42.80 19.54 NRG Energy NRG 4.6 2 26.21 -1.58 -34.06 85.89 42.10 StateStreet STT 4.0 9 52.16 -0.26
-7.13 59.27 26.03 AdvMicroDevices AMD ...144 42.59 -1.90 -37.67 127.34 51.60 Chevron CVX 6.9 50 75.11 -1.01 -12.37 56.98 38.43 Graco GGG 1.5 23 45.57 -0.90 -37.95 4071.13 2043.01 NVR NVR ... 11 2362.94 -7.03 -38.37 35.90 14.98 SteelDynamics STLD 4.8 7 20.98 -0.31
-50.11 5.30 1.80 Aegon AEG 12.8 ... 2.26 -0.03 15.07 41.34 20.62 Chewy CHWY ... dd 33.37 -1.69 -29.47 346.60 200.61 Grainger GWW 2.4 16 238.76 -0.93 -40.48 139.59 58.41 NXP Semi NXPI 2.0 89 75.75 -2.03 -33.11 67.94 38.45 Stericycle SRCL ... dd 42.68 -2.15
-17.45 90.64 61.13 AgilentTechs A 1.0 29 70.42 -1.87 -13.22 119.44 88.00 ChinaBiologic CBPO ... 28 101.00 -1.20 -17.65 25.73 13.40 Grifols GRFS 1.5 19 19.18 -0.61 -11.09 120.23 71.66 Nasdaq NDAQ 2.0 21 95.22 1.26 -8.99 168.98 105.69 Steris STE 1.1 30 138.72 -0.83
-27.50 64.88 31.00 AgnicoEagle AEM 1.8 23 44.67 1.04 -39.09 39.97 15.80 ChinaEastrnAir CEA ... 25 16.67 -0.44 -22.59 112.22 55.90 GuardantHealth GH ... dd 60.49 -4.63 -18.27 69.08 44.29 NationalGrid NGG 6.0 19 51.22 -3.05 -28.58 31.98 14.67 STMicroelec STM 1.1 17 19.22 -0.77
-20.59 257.01 167.43 AirProducts APD 2.9 22 186.60 -7.90 -30.15 14.70 8.27 ChinaLifeIns LFC 0.9 8 9.66 -0.06 t -32.59 124.16 71.64 Guidewire GWRE ... dd 74.00 0.02 -21.97 48.22 20.42 NatlInstruments NATI 3.1 27 33.04 0.14 t -55.33 46.69 17.72 StoneCo STNE ... 25 17.82 -2.06
10.40 103.34 73.19 AkamaiTech AKAM ... 33 95.36 2.24 -7.48 50.92 30.12 ChinaMobile CHL 4.8 10 39.11 1.05 -44.64 151.97 58.38 HCA Healthcare HCA 2.1 8 81.83 -2.07 -60.68 29.37 8.00 NatlOilwell NOV 2.0 dd 9.85 -0.21 -29.47 226.30 124.54 Stryker SYK 1.6 27 148.07 -1.51
-27.85 99.40 48.89 Albemarle ALB 2.9 11 52.70 -0.96 -14.33 81.23 41.31 ChinaPetrol SNP 9.7 9 51.53 -0.88 -45.42 65.89 29.50 HDFC Bank HDB 0.9 17 34.59 -2.98 -50.65 59.26 24.04 NatlRetailProp NNN 7.8 17 26.46 -0.86 -37.52 7.56 4.49 SumitomoMits SMFG 6.1 5 4.63 -0.10
-11.60 65.37 39.37 Alcon ALC ... dd 50.01 0.48 -38.54 49.45 18.45 ChinaSoAirlines ZNH 1.5 31 20.65 -0.43 -36.15 47.13 21.69 HD Supply HDS ... 10 25.68 -0.53 ... 23.90 7.93 Natura&Co NTCO ... 97 8.76 -0.28 -28.88 173.98 95.34 SunComms SUI 3.0 59 106.75 -5.21
-19.55 175.74 109.22 AlexandriaRlEst ARE 3.2 42 129.99 -1.39 -21.36 55.55 26.66 ChinaTelecom CHA 4.4878 32.39 1.32 -29.54 23.93 12.54 HP HPQ 4.9 7 14.48 -1.01 -40.02 78.35 34.66 NetApp NTAP 5.1 9 37.34 -2.19 -34.17 50.13 24.37 SunLifeFinancial SLF 5.5 9 30.00 -0.86
-16.99 141.86 72.67 AlexionPharm ALXN ... 8 89.77 -0.58 -33.65 13.28 5.08 ChinaUnicom CHU 2.9 12 6.21 0.31 -37.76 44.93 23.95 HSBC HSBC 10.4 17 24.33 -0.20 5.99 361.00 209.01 Netease NTES 2.1 14 325.00 -6.12 -50.49 34.56 9.61 SuncorEnergy SU 8.1 12 16.24 -0.61
-11.78 231.14 147.95 Alibaba BABA ... 20 187.11 -1.79 -27.01 940.28 415.00 Chipotle CMG ... 49 611.01 -19.15 -14.36 140.36 63.41 Haemonetic HAE ... 64 98.40 -1.40 11.80 393.52 252.28 Netflix NFLX ... 88 361.76 -8.32 -25.00 11.85 4.43 Suzano SUZ 1.4 dd 7.38 -0.18
-44.74 334.64 127.88 AlignTech ALGN ... 28 154.20 2.13 -33.95 167.74 87.35 Chubb CB 2.9 11 102.82 -3.11 -68.90 32.30 4.25 Halliburton HAL 9.5 dd 7.61 0.09 -20.20 119.65 71.85 Neurocrine NBIX ...260 85.78 -0.53 -63.20 38.18 12.15 SynchronyFin SYF 6.6 2 13.25 -1.06
-37.47 847.95 426.87 Alleghany Y 0.0 8 500.01 -29.94 -3.74 37.57 33.61 ChunghwaTel CHT 3.1256 35.52 -0.11 -47.10 62.75 19.04 HartfordFinl HIG 4.0 6 32.15 -1.12 -12.16 142.38 80.18 NewOrientalEduc EDU ... 42 106.51 -1.40 -10.52 166.87 104.90 Synopsys SNPS ... 40 124.55 -4.10
-32.52 139.24 77.37 Allegion ALLE 1.5 20 84.04 -0.38 -3.82 80.99 47.98 Church&Dwight CHD 1.4 28 67.65 1.38 -36.62 126.87 41.33 Hasbro HAS 4.1 17 66.94 -3.49 t -31.20 13.79 8.19 NY CmntyBcp NYCB 8.2 11 8.27 -0.22 -53.82 85.98 26.00 Sysco SYY 4.6 11 39.50 -1.79
-8.09 202.22 114.27 Allergan AGN 1.7 dd 175.71 -1.83 -5.50 46.78 30.58 Ciena CIEN ... 22 40.34 -0.28 -14.64 55.15 33.51 HawaiianElec HE 3.3 20 40.00 -1.24 -11.00 40.22 26.13 NYTimes A NYT 0.8 34 28.63 -0.31
-17.49 60.28 37.66 AlliantEnergy
-23.56 125.92 64.13 Allstate
LNT 3.4 19 45.15 -1.77
ALL 2.5 6 85.96 0.17
-19.88 224.64 118.50 Cigna
-32.45 118.19 65.69 CincinnatiFin
CI 0.0 12 163.84
CINF 3.4 6 71.03
-4.97
-1.89
-27.54 34.22 20.61 HealthcareAmer HTA 5.7153 21.94
-41.14 37.93 18.63 HealthpeakProp PEAK 7.3223 20.29
-0.82
-0.12
-37.62 20.99 10.44 NewellBrands NWL 7.7 49 11.99 -0.08 TUV
-20.00 505.16 304.65 NewMarket NEU 2.0 17 389.24 -7.76
-60.80 35.42 10.22 AllyFinancial ALLY 6.3 3 11.98 -0.97 -38.97 304.81 154.33 Cintas CTAS 1.6 19 164.23 -0.96 -40.36 147.93 52.01 Heico HEI 0.2 25 68.08 -2.61 8.52 52.49 29.77 Newmont NEM 1.2 14 47.15 -1.08 5.08 59.76 30.78 TAL Education TAL ...286 50.65 -0.03
-8.12 134.51 65.81 AlnylamPharm ALNY ... dd 105.82 1.61 -18.56 58.26 32.40 CiscoSystems CSCO 3.7 15 39.06 -0.74 -31.78 113.69 51.78 Heico A HEI.A 0.2 23 61.08 -2.61 -43.21 15.36 7.88 NewsCorp B NWS 2.4 dd 8.24 0.07 -19.60 57.92 32.37 TC Energy TRP 5.7 13 42.86 0.65
-18.42 1530.74 1008.87 Alphabet A GOOGL ... 22 1092.70 -24.33 -53.07 83.11 32.00 Citigroup C 5.4 5 37.49 -1.74 -30.53 73.99 41.85 HenrySchein HSIC ... 14 46.35 -2.09 -42.15 15.07 7.90 NewsCorp A NWSA 2.4 dd 8.18 -0.02 -29.96 54.57 27.70 TD Ameritrade AMTD 3.6 10 34.81 -0.77
-17.89 1532.11 1013.54 Alphabet C GOOG ... 22 1097.88 -22.96 -58.29 41.29 14.12 CitizensFin CFG 8.4 4 16.94 -0.48 -38.37 54.99 20.73 Herbalife HLF ... 13 29.38 1.04 -8.47 283.35 174.80 NextEraEnergy NEE 2.5 29 221.64 -4.81 -38.76 101.00 48.62 TE Connectivity TEL 3.1 13 58.69 -0.30
-18.32 160.11 75.17 Alteryx AYX ...214 81.74 -1.76 27.44 146.40 90.28 CitrixSystems CTXS 1.0 28 141.33 -1.19 -4.91 162.20 109.88 Hershey HSY 2.2 26 139.77 4.04 -40.05 27.28 11.62 NielsenHoldings NLSN 2.0 dd 12.17 -0.14 -18.51 20.91 13.54 Telus TU 5.6 7 15.78 -0.08
-19.86 31.78 15.96 AlticeUSA ATUS ...103 21.91 -0.38 22.92 23.66 12.70 ClarivateAnaly CCC ... dd 20.65 -0.48 -49.83 74.11 26.06 Hess HES 3.0 dd 33.52 -1.78 -22.16 105.62 60.00 Nike NKE 1.2 29 78.86 -1.28 t -35.16 22.47 12.65 TFS Fin TFSL 8.8 42 12.76 -1.02
-25.05 57.11 30.95 Altria MO 9.0 dd 37.41 1.19 15.63 214.26 144.12 Clorox CLX 2.4 28 177.54 -2.16 -41.36 17.59 7.43 HewlettPackard HPE 5.2 10 9.30 -0.08 -19.22 30.67 19.56 NiSource NI 3.7 25 22.49 -1.00 t -39.35 20.32 11.31 TIM Part TSU 3.3 6 11.59 -0.38
3.18 2185.95 1626.03 Amazon.com AMZN ... 83 1906.59 -12.24 41.15 26.28 14.50 Cloudflare NET ... dd 24.08 1.02 -7.51 117.10 72.29 Hill-Rom HRC 0.8 47 105.00 -2.83 -19.95 5.96 2.34 Nokia NOK 5.8 dd 2.97 -0.07 -32.92 64.95 32.72 TJX TJX 2.2 15 40.96 -2.83
-53.22 5.45 2.00 Ambev ABEV ... 12 2.18 -0.13 -20.81 60.13 36.27 Coca-Cola KO 3.7 21 43.83 -0.12 -49.56 115.48 44.30 Hilton HLT 1.1 18 55.94 -1.92 -15.33 23.06 14.08 NomadFoods NOMD ... 21 18.94 -0.14 4.54 101.35 63.50 T-MobileUS TMUS ... 20 81.98 -2.43
-27.68 11.77 5.80 Amcor AMCR 6.0 25 7.84 -0.34 -27.20 58.94 28.35 Coca-Cola Euro CCEP 3.7 14 37.04 -0.38 -37.14 55.25 26.49 Hologic HOLX ... 36 32.82 -1.24 -26.55 5.41 3.05 NomuraHoldings NMR 3.8 5 3.79 -0.12 -21.87 139.81 82.51 TRowePrice TROW 3.8 11 95.19 -1.95
-24.80 77.29 44.05 Amdocs DOX 2.4 15 54.29 -0.37 31.26 87.61 53.24 CogentComm CCOI 2.9106 86.38 2.74 -18.17 247.36 140.63 HomeDepot HD 3.4 17 178.70 -2.61 -21.75 180.28 96.45 Nordson NDSN 1.2 22 127.43 -0.47 -19.00 60.64 37.18 TaiwanSemi TSM 2.6 22 47.06 -1.07
5.84 202.76 106.65 Amedisys AMED ... 46 176.66 -2.27 -27.66 59.14 35.20 Cognex CGNX 0.5 35 40.54 -1.23 -29.85 29.44 19.38 HondaMotor HMC 4.4 8 19.86 -1.02 -26.69 219.88 112.62 NorfolkSouthern NSC 2.6 14 142.32 -1.40 -3.22 135.70 87.97 TakeTwoSoftware TTWO ... 40 118.49 -1.02
-33.22 426.50 222.34 Amerco UHAL 0.0 15 250.97 -12.33 -30.02 74.78 40.01 CognizantTech CTSH 2.0 13 43.40 -0.89 -27.99 184.06 101.08 Honeywell HON 2.8 15 127.45 -5.36 -27.49 110.48 60.67 NorthernTrust NTRS 3.6 12 77.03 0.11 -26.05 20.93 12.43 TakedaPharm TAK 4.4 dd 14.59 -0.14
-10.48 87.66 58.74 Ameren AEE 2.9 21 68.75 -2.92 -1.77 77.41 58.49 ColgatePalm CL 2.6 25 67.62 -0.55 -13.34 39.10 22.69 HorizonTherap HZNP ... 12 31.37 -0.48 -8.83 385.00 263.31 NorthropGrum NOC 1.7 24 313.61 -0.68 2.92 91.65 43.69 TandemDiabetes TNDM ... dd 61.35 -2.92
t -32.38 18.04 10.69 AmericaMovil AMX 3.4 12 10.82 -0.52 -34.60 109.44 51.82 ColumbiaSportswr COLM 1.6 14 65.52 -0.36 7.25 51.53 37.00 HormelFoods HRL 1.9 27 48.38 0.80 -28.33 28.70 15.12 NortonLifeLock NLOK 2.7 3 18.29 -0.18 -27.80 130.24 70.03 Target TGT 2.9 15 92.57 -1.79
t -67.26 35.24 9.09 AmerAirlines AAL 4.3 2 9.39 -0.67 -24.51 47.74 31.70 Comcast A CMCSA 2.7 12 33.95 -0.42 -39.07 62.54 25.51 DR Horton DHI 2.2 7 32.14 -0.46 -11.67 99.84 69.18 Novartis NVS 2.4 17 83.64 0.04 -7.53 151.47 80.20 TechData TECD ... 13 132.78 1.25
-23.29 104.97 65.14 AEP AEP 3.9 19 72.50 -4.29 -61.90 80.62 24.28 Comerica CMA 9.9 3 27.34 -0.45 -51.16 19.99 7.86 HostHotels HST 8.8 7 9.06 -0.49 3.39 64.82 46.47 NovoNordisk NVO 1.5 24 59.84 0.53 -59.07 25.75 5.60 TeckRscsB TECK 2.1 18 7.11 -0.16
-40.88 138.13 67.00 AmerExpress AXP 2.3 9 73.60 -3.06 -28.07 71.92 45.51 CommerceBcshrs CBSH 2.2 14 48.87 -2.71 -49.88 27.87 9.25 HowmetAerospace HWM 0.6 12 12.54 0.04 -24.84 98.84 41.51 Novocure NVCR ... dd 63.34 -2.94 86.59 176.40 48.57 TeladocHealth TDOC ... dd 156.21 -3.11
-41.55 115.03 44.01 AmericanFin AFG 2.8 7 64.09 -2.26 -57.87 15.40 5.54 SABESP SBS ... 6 6.34 -0.37 -32.80 25.84 11.69 HuanengPower HNP 3.8 10 13.50 -0.28 -11.44 23.58 12.98 NuanceComms NUAN ... 33 15.79 -0.53 -16.68 398.99 195.34 TeledyneTech TDY ... 27 288.73 -3.74
-21.25 29.89 17.50 AmHomes4Rent AMH 1.0 72 20.64 -0.57 -8.85 35.59 22.83 ConagraBrands CAG 2.7 20 31.21 1.28 -28.70 45.04 25.01 Huazhu HTHT ... 33 28.57 -0.60 -36.66 61.17 27.52 Nucor NUE 4.5 9 35.65 -0.29 -21.80 398.65 221.27 Teleflex TFX 0.5 30 294.37 -0.93
-60.14 58.66 16.07 AIG AIG 6.3 5 20.46 -0.79 -45.44 124.53 33.13 ConchoRscs CXO 1.7 dd 47.78 1.10 -27.07 155.00 85.62 Hubbell HUBB 3.4 15 107.80 -4.79 -31.87 55.34 23.85 Nutrien NTR 5.5 19 32.64 -0.16 -12.07 10.46 6.15 Ericsson ERIC 0.6106 7.72 -0.21
-3.05 258.62 174.32 AmerTowerREIT AMT 1.8 53 222.80 2.05 -49.39 68.22 20.84 ConocoPhillips COP 5.1 5 32.91 -0.95 -28.54 207.98 90.83 HubSpot HUBS ... dd 113.26 -3.60 3.66 316.32 132.60 NVIDIA NVDA 0.3 54 243.91 -11.56 -33.59 14.68 9.00 TelefonicaBras VIV 6.4 13 9.51 -0.39
-7.76 141.70 92.00 AmerWaterWorks AWK 1.8 33 113.32 -4.32 -13.89 95.10 62.03 ConEd ED 3.9 19 77.90 -1.03 -20.43 385.00 208.25 Humana HUM 0.9 15 291.63 -8.48 -36.59 8.55 3.75 Telefonica TEF 7.8 21 4.42 -0.09
-4.54 40.42 23.30 AmericoldRealty COLD 2.5141 33.47 0.05
-45.78 180.85 80.01 Ameriprise AMP 4.3 6 90.32 -3.73
-30.35 214.48 104.28 ConstBrands A STZ 2.3 33 132.17
-12.95 365.68 236.68 Cooper COO 0.0 31 279.68
0.95
-4.15
-23.14 122.29 75.29 JBHunt JBHT 1.2 19 89.76
t -54.71 15.63 6.82 HuntingtonBcshs HBAN 8.8 5 6.83
-1.12
-0.54
OPQ -32.46 31.48 16.06 TelekmIndonesia TLK 3.3 13 19.25
-23.03 108.36 45.11 10xGenomics TXG ... dd 58.69
-0.03
-1.05
-4.33 97.50 70.55 AmerisourceBrgn ABC 2.1 26 81.34 -2.55 -32.04 104.88 55.69 Copart CPRT ... 20 61.80 -2.61 -27.84 279.71 147.14 HuntingIngalls HII 2.3 14 181.04 0.40 -40.23 46.43 23.00 OGE Energy OGE 5.8 12 26.58 -2.54 -45.14 30.32 9.10 Tenaris TS 4.3 9 12.42 0.03
-28.52 102.31 54.82 Ametek AME 1.0 19 71.29 0.20 -0.48 123.69 90.07 Coresite COR 4.4 54 111.58 -3.22 -55.50 94.98 24.02 HyattHotels H 2.0 5 39.92 -0.23 -16.71 96.97 63.67 ONE Gas OGS 2.8 22 77.93 -1.02 -9.45 18.66 9.22 TencentMusic TME ... 31 10.63 -0.38
-14.79 244.99 166.30 Amgen AMGN 3.1 16 205.41 -3.47 -38.47 35.34 17.44 Corning GLW 4.9 18 17.91 -0.79 -32.08 278.85 124.60 IAC/InterActive IAC ... 38 169.19 -0.58 -71.40 78.48 12.16 ONEOK OKE 17.3 7 21.64 0.01 -22.48 81.57 40.92 Teradyne TER 0.8 20 52.86 -0.57
-36.78 110.24 63.05 Amphenol APH 1.5 18 68.42 -0.34 -23.48 32.78 20.38 Corteva CTVA 2.3 dd 22.62 0.38 -52.09 15.42 6.86 ICICI Bank IBN 0.4 18 7.23 -0.64 -32.60 454.31 251.51 OReillyAuto ORLY ... 17 295.38 -8.11 14.74 968.99 176.99 Tesla TSLA ... dd 480.01 25.54
-27.16 127.30 79.08 AnalogDevices ADI 2.9 27 86.56 -1.14 -11.96 746.70 473.91 CoStar CSGP ... 61 526.75 -10.95 9.49 259.72 148.89 ICU Medical ICUI ... 44 204.87 0.04 -68.45 68.83 9.00 OccidentalPetrol OXY 24.3 dd 13.00 0.23 -16.55 99.34 59.34 TetraTech TTEK 0.8 24 71.90 1.23
-44.73 63.71 26.04 Anaplan PLAN ... dd 28.96 0.76 -1.79 325.26 233.05 Costco COST 0.9 34 288.65 -2.83 -19.97 114.01 69.05 IDACORP IDA 3.1 19 85.47 -2.63 3.09 142.98 84.40 Okta OKTA ... dd 118.94 2.95 -14.29 15.72 6.07 TevaPharm TEVA ... dd 8.40 0.28
-20.37 23.85 11.29 AngloGoldAsh AU 0.6 35 17.79 0.07 -13.70 178.00 87.31 CoupaSoftware COUP ... dd 126.22 -6.48 -10.18 296.25 168.65 IdexxLab IDXX ... 48 234.55 -5.15 -3.17 151.47 87.25 OldDomFreight ODFL 0.5 16 122.51 -1.70 -22.07 135.70 93.09 TexasInstruments TXN 3.6 19 99.98 -2.04
-47.03 102.70 32.58 AB InBev BUD 3.4 12 43.46 -0.51 -33.69 42.99 21.15 CousinsProperties CUZ 4.4 99 27.32 -0.48 -18.27 81.65 44.81 IHS Markit INFO 1.1 28 61.58 0.95 -37.37 24.10 11.88 OldRepublic ORI 6.0 4 14.01 -0.44 -44.28 58.00 20.26 Textron TXT 0.3 7 24.85 0.35
-57.32 10.50 3.51 AnnalyCap NLY 24.9 dd 4.02 -0.54 -39.22 246.37 118.00 Credicorp BAP 0.0 8 129.55 -7.09 -59.09 13.72 4.52 ING Groep ING 12.5 3 4.93 -0.17 -43.09 45.22 13.33 OmegaHealthcare OHI 11.1 16 24.10 -0.07 -13.13 342.26 250.21 ThermoFisherSci TMO 0.3 31 282.21 -5.34
-32.69 312.48 171.03 Anthem ANTM 1.9 11 203.30 -8.09 -51.21 509.99 199.00 CreditAcceptance CACC ... 6 215.83 -20.92 -29.11 182.17 98.04 IPG Photonics IPGP ... 31 102.74 -0.18 -38.79 85.05 46.37 Omnicom OMC 5.2 8 49.59 -2.52 -7.47 82.50 52.23 ThomsonReuters TRI 2.3 21 66.25 -0.48
-26.00 238.19 143.93 Aon AON 1.1 24 154.14 -3.12 -42.45 14.12 6.47 CreditSuisse CS ... 6 7.74 -0.15 -33.52 169.14 81.79 IQVIA IQV ...108 102.72 -2.06 -55.13 25.92 8.17 ON Semi ON ... 22 10.94 -0.33 -24.16 219.75 114.04 3M MMM 4.4 17 133.79 -4.12
-40.68 55.68 24.53 ApartmtInv AIV 5.4 10 30.64 -0.58 15.94 101.88 31.95 CrowdStrike CRWD ... dd 57.82 1.13 -39.75 75.56 35.41 ITT ITT 1.5 12 44.53 -0.12 t -1.69 16.60 9.16 OneConnectFinTech OCFT ... dd 9.86 -0.34 -4.02 134.42 78.60 Tiffany TIF 1.8 29 128.28 -1.49
-33.10 52.67 19.46 ApolloGlbMgmt APO 7.4 9 31.92 0.95 2.44 168.75 114.18 CrownCastle CCI 3.3 74 145.62 -0.75 -26.31 79.37 34.00 IcahnEnterprises IEP 17.7 dd 45.32 -2.62 -22.85 47.84 29.11 OpenText OTEX 2.1 28 34.00 -0.51 -21.54 84.26 52.07 Toro TTC 1.6 24 62.51 -1.05
-17.79 327.85 170.27 Apple AAPL 1.3 19 241.41 -3.52 -27.41 80.56 42.97 CrownHoldings CCK ... 14 52.66 -2.34 -24.02 178.99 104.28 Icon ICLR ... 19 130.86 1.07 -6.76 60.50 39.71 Oracle ORCL 1.9 16 49.40 -0.40 -29.73 59.55 33.74 TorontoDomBk TD 6.0 8 39.44 -0.75
-30.73 69.44 36.64 ApplMaterials AMAT 2.1 14 42.28 -0.96 -21.12 36.32 19.61 CubeSmart CUBE 5.3 28 24.83 -0.44 -19.47 178.14 104.56 IDEX IEX 1.4 25 138.51 2.13 -18.16 16.80 9.93 Orange ORAN 5.2 14 11.94 -0.10 -35.50 57.99 22.13 Total TOT ... 8 35.67 -4.05
-18.53 126.19 79.84 Aptargroup ATR 1.5 26 94.19 -1.96 -26.09 186.72 101.03 Cummins CMI 4.0 9 132.27 -0.49 -21.83 190.85 115.94 IllinoisToolWks ITW 3.0 18 140.41 -1.19 -35.40 89.21 52.65 Orix IX 5.9 5 53.88 -0.05 -18.17 145.41 108.01 ToyotaMotor TM 3.1 7 115.00 -2.82
-54.42 99.04 29.22 Aptiv APTV 2.0 11 43.29 -2.30 -0.09 23.58 14.91 CypressSemi CY 1.9225 23.31 ... -20.57 380.76 196.78 Illumina ILMN ... 39 263.50 -9.49 -34.41 95.62 46.72 Oshkosh OSK 1.9 8 62.08 -1.80 -14.92 114.25 63.89 TractorSupply TSCO 1.8 17 79.50 -4.65
-60.83 47.22 9.65 Aramark ARMK 2.6 13 17.00 -0.95 -5.47 79.73 43.72 CyrusOne CONE 3.2158 61.85 0.02 -54.67 30.38 7.04 ImperialOil IMO 5.2 6 12.00 -0.25 -46.28 68.72 28.56 OwensCorning OC 2.7 9 34.98 -1.75 -38.26 323.78 136.00 TradeDesk TTD ... 71 160.39 -4.39
-52.00 24.20 6.64 ArcelorMittal MT 2.0 4 8.42 -0.21 -10.00 96.79 62.48 Incyte INCY ... 38 78.59 1.52 -27.05 25.19 3.55 PG&E PCG ... dd 7.93 -0.35 -1.96 53.35 33.23 Tradeweb TW 0.7 63 45.44 -0.25
-42.62 48.32 22.54 ArchCapital ACGL ... 6 24.61 -1.71 DEF -26.74 12.08 6.76 Infosys INFY 3.2 14 7.56 -0.35 7.95 25.72 15.91 PLDT PHI 7.1 11 21.58 0.17 -22.39 118.10 70.00 TraneTech TT 2.6 14 80.03 -2.83
-25.24 47.20 28.92 ArcherDaniels ADM 4.2 14 34.65 0.32 -35.96 38.96 17.01 IngersollRand IR ... 31 23.49 0.45 -46.63 161.79 79.41 PNC Fin PNC 5.4 7 85.19 -5.54 -51.73 673.51 200.06 TransDigm TDG 0.0 21 270.31 -14.16
-17.70 169.50 103.75 arGEN-X ARGX ... dd 132.11 -1.20 -46.49 44.48 17.09 DISH Network DISH ... 7 18.98 0.02 -18.01 99.51 59.11 Ingredion INGR 3.3 12 76.21 -0.89 -38.25 61.22 26.27 POSCO PKX 3.3 13 31.26 -0.69 -31.02 101.16 52.50 TransUnion TRU 0.5 33 59.05 -2.80
-4.31 331.27 156.63 AristaNetworks ANET ... 18 194.64 0.54 -32.91 135.67 71.21 DTE Energy DTE 4.6 14 87.13 -2.04 -3.67 219.85 80.43 Insulet PODD ...885 164.92 -2.12 ... 33.23 10.61 PPD PPD ... ... 16.79 0.02 -31.44 155.09 76.99 Travelers TRV 3.5 9 93.89 -3.30
-40.19 86.62 39.25 ArrowElec ARW ... dd 50.68 -0.48 -11.94 169.19 119.60 Danaher DHR 0.5 39 135.15 -1.28 -9.56 69.29 42.86 Intel INTC 2.4 11 54.13 -0.22 -39.75 134.36 69.77 PPG Ind PPG 2.5 15 80.43 -0.30 -24.71 111.85 56.22 Trex TREX ... 27 67.67 -8.18
-19.49 145.59 90.06 AscendisPharma ASND ... dd 112.00 1.13 -58.28 128.41 26.15 Darden DRI 0.0 9 45.48 1.17 -12.49 101.93 63.51 ICE ICE 1.5 24 80.99 -0.15 -39.33 36.83 18.12 PPL PPL 7.6 9 21.77 -1.20 -31.73 46.67 20.01 Trimble TRMB ... 14 28.46 -1.43
-26.57 142.89 73.07 AspenTech AZPN ... 25 88.80 -0.58 -8.18 50.12 27.55 Datadog DDOG ... dd 34.69 0.09 -49.99 71.02 25.39 InterContinentl IHG 1.1 16 34.34 -2.79 -34.36 113.10 58.67 PRA HealthSci PRAH ... 20 72.96 -3.29 -34.38 46.50 20.10 Trip.com TCOM ... 14 22.01 -0.35
-24.66 142.61 76.27 Assurant AIZ 2.6 18 98.75 -1.31 -12.67 90.15 43.40 DaVita DVA ... 12 65.52 -4.78 -20.67 158.75 90.56 IBM IBM 6.1 10 106.34 -3.66 -26.56 102.47 43.90 PTC PTC ... dd 55.00 0.12 -51.69 56.92 24.01 TruistFinl TFC 6.6 7 27.21 -1.27
-11.83 51.55 36.15 AstraZeneca AZN 3.1 85 43.96 0.20 -21.78 181.99 106.14 Deere DE 2.2 13 135.52 -3.86 -23.35 152.95 92.14 IntlFlavors IFF 3.0 25 98.90 -0.28 -22.11 83.41 49.11 Paccar PCAR 2.1 9 61.61 0.74 -19.48 6.31 4.36 TurkcellIletism TKC 5.5 9 4.67 -0.01
-54.35 50.43 13.37 Athene ATH ... 2 21.47 -0.81 -29.09 70.55 25.51 DellTechC DELL ... 6 36.44 -0.70 -36.22 47.96 26.38 IntlPaper IP 7.0 10 29.37 -1.11 -28.11 114.78 71.05 PackagingCpAm PKG 3.9 11 80.51 -3.45 -17.90 151.00 68.06 Twilio TWLO ... dd 80.69 -2.63
7.99 156.12 100.25 Atlassian TEAM ... dd 129.96 0.95 -61.56 63.44 19.10 DeltaAir DAL 7.2 3 22.48 -0.20 -41.21 25.20 11.63 Interpublic IPG 7.5 8 13.58 -0.79 -49.30 53.43 13.58 PagSeguroDig PAGS ... 16 17.32 -1.58 -27.96 45.85 20.00 Twitter TWTR ... 12 23.09 0.07
-15.82 121.08 77.92 AtmosEnergy ATO 2.4 21 94.16 -3.21 -37.36 60.87 31.57 DentsplySirona XRAY 1.1 30 35.45 -2.02 -16.62 306.89 187.68 Intuit INTU 1.0 35 218.39 -6.83 -29.66 251.10 125.47 PaloAltoNtwks PANW ... dd 162.66 -2.88 -5.07 340.80 205.90 TylerTech TYL ... 78 284.82 4.48
-24.23 211.58 125.38 Autodesk ADSK ...144 139.00 1.95 -24.16 11.16 4.99 DeutscheBank DB 2.1 dd 5.90 -0.12 -21.77 619.00 360.50 IntuitiveSurgical ISRG ... 40 462.47 -5.25 -43.73 215.94 93.00 ParkerHannifin PH 3.0 11 115.81 -3.03 -40.88 94.24 42.57 TysonFoods TSN 3.1 10 53.82 -0.33
-12.11 117.99 59.54 Autohome ATHM 1.1 18 70.32 -1.04 19.21 306.71 107.44 DexCom DXCM ...241 260.75 -5.63 -35.37 32.70 15.64 InvitatHomes INVH 3.1213 19.37 -1.08 -29.99 90.53 47.87 Paychex PAYX 4.2 19 59.55 -1.48 -29.73 13.55 7.48 UBS Group UBS 8.3 8 8.84 -0.16
-24.59 182.32 103.11 ADP ADP 2.8 23 128.57 -2.98 -28.01 176.22 100.52 Diageo DEO 2.9 19 121.24 -2.45 -19.70 86.58 39.32 IonisPharma IONS ... 24 48.51 -0.50 t -37.68 342.00 163.42 PaycomSoftware PAYC ... 53 165.01 -16.25 -32.29 51.25 29.20 UDR UDR 4.6 50 31.62 -0.33
-33.64 1274.41 684.91 AutoZone AZO ... 12 790.56 -4.09 -65.98 114.14 14.55 DiamondbkEner FANG 4.7 23 31.59 2.54 -19.19 27.50 15.12 iQIYI IQ ... dd 17.06 -0.84 -38.74 150.73 66.98 Paylocity PCTY ... 71 74.02 -5.88 -44.64 55.17 21.75 UGI UGI 5.1 12 25.00 -1.14
-13.13 96.96 53.92 Avalara AVLR ... dd 63.63 -1.94 13.99 143.61 105.00 DigitalRealty DLR 3.3 58 136.49 1.48 -30.78 36.65 21.00 IronMountain IRM 11.2 24 22.06 0.54 -14.59 124.45 82.07 PayPal PYPL ... 45 92.39 -1.13 -23.27 47.08 13.71 Uber UBER ... dd 22.82 -0.86
-36.95 229.40 118.17 Avalonbay AVB 4.8 23 132.22 -3.12 -66.36 92.98 23.25 DiscoverFinSvcs DFS 6.2 3 28.53 -2.46 t -57.38 10.01 3.76 ItauUnibanco ITUB 3.5 6 3.90 -0.20 -29.18 11.51 5.20 Pearson PSO 4.2 14 5.97 -0.62 -25.64 199.91 107.22 Ubiquiti UI 0.9 28 140.53 0.96
-22.03 57.24 35.62 Avangrid AGR 4.4 18 39.89 -2.54 -43.92 33.66 17.12 DiscoveryA DISCA ... 6 18.36 -0.32 -23.41 103.13 38.01 Pegasystems PEGA 0.2 dd 61.00 -4.17 -38.08 368.83 124.05 UltaBeauty ULTA ... 13 156.74 -4.61
-32.89 19.59 6.66 Avantor AVTR ... dd 12.18 -0.18
-28.44 141.09 76.96 AveryDennison AVY 2.5 26 93.61 -2.29
-44.77 31.20 15.43 DiscoveryC
-35.09 153.41 79.07 Disney
DISCK ... 6 16.84
DIS 1.9 15 93.88
-0.23
-3.09 JKL 1.23 37.02 17.70 Peloton PTON ... dd 28.75
-53.02 40.65 10.58 PembinaPipeline PBA 10.9 9 17.41
2.01
-0.56
-16.99 63.62 42.00 Unilever
-12.89 64.84 44.06 Unilever
UN 3.3 20 47.70
UL 3.6 21 49.80
-0.83
-0.97
-48.98 32.20 12.92 AxaltaCoating AXTA ... 15 15.51 -0.87 6.60 98.38 43.13 DocuSign DOCU ... dd 79.00 -5.04 -29.33 43.21 21.88 JBG SMITH Prop JBGS 3.2 58 28.19 -0.84 -38.15 47.43 22.01 Pentair PNR 2.7 14 28.37 0.63 -23.35 188.96 105.08 UnionPacific UNP 2.8 17 138.57 -3.23
-12.77 49.58 31.66 BCE BCE 6.2 16 40.43 0.02 -24.64 73.20 44.68 DolbyLab DLB 1.7 26 51.85 -1.13 13.23 45.34 25.48 JD.com JD ... 33 39.89 -0.19 -3.72 194.93 121.80 Penumbra PEN ...118 158.16 -3.67 -74.02 96.03 17.80 UnitedAirlines UAL ... 2 22.89 -0.54
-33.12 59.02 29.78 BHP Group BHP 7.8 10 36.59 -1.31 3.99 167.44 116.15 DollarGeneral DG 0.9 24 162.20 2.50 -39.71 141.10 76.91 JPMorganChase JPM 4.3 8 84.05 -2.56 t -43.73 17.66 9.37 People'sUtdFin PBCT 7.5 7 9.51 -0.68 -20.52 2.85 1.86 UnitedMicro UMC 3.0 17 2.13 -0.07
-36.06 51.87 23.64 BHP Group BBL 9.5 8 30.06 -1.04 -25.32 119.71 60.20 DollarTree DLTR ... 20 70.24 -0.22 7.24 174.93 123.64 JackHenry JKHY 1.1 43 156.21 5.05 -8.84 147.20 101.42 PepsiCo PEP 3.1 24 124.59 0.73 -23.12 125.31 82.00 UPS B UPS 4.5 18 90.00 -3.04
-34.50 45.38 15.51 BP BP 10.1 21 24.72 -1.31 -16.02 90.89 57.79 DominionEner D 5.4 44 69.55 -1.51 -12.09 104.00 59.29 JacobsEngg J 1.0 dd 78.97 -2.21 -26.67 103.00 62.91 PerkinElmer PKI 0.4 35 71.20 -1.11 -45.39 170.04 58.85 UnitedRentals URI ... 6 91.07 -5.09
-18.52 70.57 40.40 BWX Tech BWXT 1.5 20 50.58 0.35 11.73 381.86 220.90 Domino's DPZ 1.0 34 328.23 -5.22 -42.06 22.13 8.98 JamesHardie JHX 3.0 21 11.38 -0.77 -14.13 63.86 40.01 Perrigo PRGO 2.0 41 44.36 1.56 -47.39 61.11 28.59 US Bancorp USB 5.4 8 31.19 -1.48
-23.10 186.22 82.00 Baidu BIDU ...114 97.20 -2.39 -37.97 58.32 31.08 Donaldson DCI 2.4 18 35.74 -1.55 -33.84 154.24 86.88 JazzPharma JAZZ ... 11 98.76 -0.77 -24.54 67.75 27.74 PetroChina PTR 4.5 32 37.98 -2.64 5.29 121.11 74.31 UnitedTherap UTHR ... dd 92.74 -0.79
-59.42 27.27 9.12 BakerHughes BKR 6.9 48 10.40 0.04 -37.13 45.59 23.16 DouglasEmmett DEI 4.1 13 27.60 -0.32 -8.02 154.50 109.16 J&J JNJ 2.8 24 134.17 1.02 -63.86 17.17 4.01 PetroleoBrasil PBR 4.9 4 5.76 -0.05 -21.94 306.71 187.72 UnitedHealth UNH 1.9 16 229.49 -10.95
-3.87 82.82 51.26 Ball BLL 1.0 37 62.17 -2.39 -32.88 120.26 62.95 Dover DOV 2.5 17 77.36 -3.24 -37.44 44.82 22.77 JohnsonControls JCI 4.1 65 25.47 -0.58 -61.19 15.66 4.16 PetroleoBrasilA PBR.A 6.4 4 5.79 -0.07 -42.59 230.32 105.11 UnivDisplay OLED 0.5 41 118.31 -4.34
-47.49 6.44 2.80 BancoBilbaoViz BBVA 7.8 4 2.93 0.08 -48.89 59.05 21.95 Dow DOW 10.0 dd 27.97 -0.06 -50.34 178.55 78.29 JonesLang JLL 1.0 8 86.45 -5.67 -14.14 44.56 27.88 Pfizer PFE 4.5 12 33.64 0.77 -40.49 157.79 65.20 UniversalHealthB UHS 0.9 9 85.38 -3.33
-62.45 9.48 3.08 BancoBradesco BBDO 5.2 5 3.26 -0.19 1.40 46.19 33.33 DrReddy'sLab RDY 0.6 29 41.15 0.69 -18.35 28.77 15.20 JuniperNetworks JNPR 4.0 20 20.11 0.45 -13.67 90.17 56.01 PhilipMorris PM 6.4 16 73.46 -0.88 -56.71 10.18 3.56 VEREIT VER 13.8 dd 4.00 -0.15
-16.87 30.30 12.50 BancodeChile BCH 2.91045 17.45 0.08 0.28 26.20 14.55 Dropbox DBX ... dd 17.96 -0.27 -39.86 42.90 20.93 KB Fin KB 5.5 4 24.88 -0.64 -53.67 119.92 40.04 Phillips66 PSX 7.0 8 51.62 -0.10 -50.95 100.25 45.07 VF VFC 3.9 15 48.88 -0.24
t -63.15 12.85 4.39 BancSanBrasil BSBR 14.0 8 4.47 -0.37 -16.65 103.79 62.13 DukeEnergy DUK 5.0 15 76.02 -3.37 -23.83 34.14 15.55 KKR KKR 2.3 6 22.22 0.26 -46.17 33.67 15.75 PilgrimPride PPC ... 10 17.61 -0.10 -46.07 28.75 9.85 VICI Prop VICI 8.6 11 13.78 -1.05
-28.26 31.26 11.43 BcoSantChile BSAC 5.0 33 16.55 0.04 -14.65 38.88 25.19 DukeRealty DRE 3.2 25 29.59 -0.44 -28.19 184.50 101.34 KLA KLAC 2.7 18 127.94 -4.50 -2.43 45.25 18.46 Pinduoduo PDD ... dd 36.90 0.62 -45.07 255.37 125.00 VailResorts MTN 5.3 18 131.73 -7.63
-46.14 5.25 2.04 BancoSantander SAN 11.4 6 2.23 -0.06 -39.34 84.73 38.51 Dunkin' DNKN 3.5 16 45.82 -2.73 -31.21 12.78 6.66 KT KT 5.0 8 7.98 0.13 -24.17 105.51 60.05 PinnacleWest PNW 4.6 14 68.19 -3.58 -42.58 14.19 6.49 Vale VALE ... dd 7.58 -0.57
-43.13 35.72 17.95 BankofAmerica BAC 3.6 7 20.03 -0.54 -50.36 83.72 28.33 DuPont DD 3.8 48 31.87 -0.64 -19.69 178.59 92.86 KSCitySouthern KSU 1.3 23 123.00 2.00 -25.86 36.83 10.10 Pinterest PINS ... dd 13.82 0.12 -56.92 101.99 31.00 ValeroEnergy VLO 9.7 7 40.34 -1.16
-38.88 79.93 38.31 BankofMontreal BMO 6.7 7 47.37 -0.57 -18.38 37.06 17.05 Dynatrace DT ... dd 20.65 -0.73 -8.07 71.05 51.34 Kellogg K 3.6 23 63.58 2.26 -50.66 178.22 48.62 PioneerNatRscs PXD 2.9 17 74.68 -0.47 -32.15 150.06 89.62 VarianMed VAR ... 30 96.35 -1.27
-32.94 53.60 26.40 BankNY Mellon BK 3.7 7 33.75 0.11 -34.69 36.06 12.10 ENI E 6.6204 20.22 -1.35 -15.74 91.97 53.81 Kemper KMPR 1.8 8 65.30 -3.79 -71.78 25.26 3.00 PlainsAllAmPipe PAA 27.7 2 5.19 -0.01 6.72 176.90 118.11 VeevaSystems VEEV ... 79 150.11 -6.05
-31.67 58.22 31.94 BkNovaScotia BNS 7.2 8 38.60 -0.24 -52.38 107.89 27.00 EOG Rscs EOG 3.8 8 39.89 1.59 -17.79 32.00 18.98 KeurigDrPepper KDP 2.5 27 23.80 -0.06 -16.06 238.23 159.71 Pool POOL 1.2 28 178.27 -14.85 -61.00 75.40 13.35 Ventas VTR 14.1 19 22.52 -0.49
-59.14 10.22 3.41 Barclays BCS 10.7 ... 3.89 -0.12 -23.85 248.27 151.97 EPAM Systems EPAM ... 36 161.57 -10.45 -55.19 20.52 7.45 KeyCorp KEY 8.2 6 9.07 -0.41 -16.99 63.08 37.83 PortlandGenElec POR 3.3 19 46.31 -2.17 -5.18 221.78 148.77 VeriSign VRSN ... 35 182.69 0.89
7.32 22.57 11.65 BarrickGold GOLD 1.4 9 19.95 0.10 -24.42 57.30 25.76 E*TRADE ETFC 1.6 9 34.29 0.04 -19.59 110.00 71.03 KeysightTechs KEYS ... 24 82.52 -1.23 -21.07 113.73 68.97 PostHoldings POST ... 64 86.11 0.54 -5.15 171.73 116.61 VeriskAnalytics VRSK 0.8 52 141.65 -1.34
-55.51 31.97 11.15 BauschHealth BHC ... dd 13.31 -0.27 -43.11 86.18 34.44 EastmanChem EMN 5.9 8 45.09 -0.29 -30.39 88.99 45.96 KilroyRealty KRC 3.3 32 58.40 -1.18 -51.98 60.81 23.31 PrincipalFin PFG 8.5 5 26.41 -0.19 -10.91 62.22 48.84 Verizon VZ 4.5 12 54.70 -0.55
-2.63 95.00 69.10 BaxterIntl BAX 1.1 41 81.42 -0.80 -24.78 105.78 56.41 Eaton ETN 4.1 14 71.25 -2.34 -5.55 149.23 110.66 KimberlyClark KMB 3.3 21 129.92 0.64 -7.86 128.09 94.34 Procter&Gamble PG 2.6 68 115.08 0.68 8.84 249.85 163.68 VertxPharm VRTX ... 53 238.31 -3.85
-16.63 286.72 197.75 BectonDicknsn BDX 1.4 83 226.73 -6.55 -18.55 42.00 26.02 eBay EBAY 2.2 14 29.41 0.22 -36.66 22.58 9.42 KinderMorgan KMI 7.5 14 13.41 -0.04 4.90 84.96 62.18 Progressive PGR 0.5 11 75.94 -0.62 -63.98 53.68 13.12 ViacomCBS A VIACA 5.9 3 16.16 -0.70
-15.55 210.35 113.01 BeiGene BGNE ... dd 139.98 3.62 -23.70 211.24 124.60 Ecolab ECL 1.3 28 147.26 -4.90 2.53 6.27 2.72 KinrossGold KGC ... 8 4.86 0.02 -17.44 99.79 59.82 Prologis PLD 3.2 30 73.59 -1.92 -70.38 53.71 10.10 ViacomCBS B VIAC 7.7 2 12.43 -0.33
-28.39 79.92 43.05 Berkley WRB 0.9 14 49.48 -1.20 -44.09 21.99 6.28 Ecopetrol EC 8.6 6 11.16 0.92 -25.12 51.08 18.02 KirklandLakeGold KL 1.5 12 33.00 1.48 -14.72 133.58 83.81 Proofpoint PFPT ... dd 97.89 -3.66 -0.42 17.84 6.17 Vipshop VIPS ... 17 14.11 -0.93
-21.26 231.61 159.50 BerkHathwy B BRK.B ... 5 178.34 -1.39 -34.54 78.93 43.63 EdisonInt EIX 5.2 13 49.36 -2.17 -17.66 40.46 27.03 Knight-Swift KNX 1.1 16 29.51 -1.37 -37.64 75.22 42.02 ProsperityBcshs PB 4.1 10 44.83 -2.18 -19.19 214.17 133.93 Visa V 0.8 28 151.85 -5.54
-21.09 347400 239440 BerkHathwy A BRK.A ... 5 267954 -3521.00 -18.95 247.64 154.52 EdwardsLife EW ... 38 189.07 4.21 -20.72 50.78 30.50 KoninklijkePhil PHG 2.1 25 38.69 -0.51 -50.83 106.39 38.62 PrudentialFin PRU 9.5 5 46.09 -0.54 -31.14 27.96 11.30 VistraEnergy VST 3.4 9 15.83 -0.15
-32.09 59.16 25.00 BerryGlobal BERY ... 12 32.25 -1.54 -31.44 35.46 15.17 ElancoAnimal ELAN ...109 20.19 -0.58 -35.67 12.92 6.28 KoreaElcPwr KEP ... dd 7.61 -0.23 -40.72 46.50 15.68 Prudential PUK 4.1 7 22.58 -0.21 -22.94 206.80 86.00 VMware VMW ... 8 116.97 -1.23
-39.09 91.99 48.10 BestBuy BBY 4.1 9 53.48 0.72 -26.30 104.10 39.01 Elastic ESTC ... dd 47.39 -1.20 -21.20 33.78 19.99 KraftHeinz KHC 6.3 16 25.32 0.68 -24.88 63.88 34.75 PublicServiceEnt PEG 4.4 13 44.36 -0.92 -29.95 21.72 11.46 Vodafone VOD 6.9 dd 13.54 -0.07
29.48 29.28 13.23 Bilibili BILI ... dd 24.11 -0.31 -22.24 167.75 110.00 ElbitSystems ESLT 1.5 23 120.57 -0.81 11.38 36.84 20.70 Kroger KR 2.0 16 32.29 0.69 -8.87 266.76 155.37 PublicStorage PSA 4.1 27 194.08 1.21 -52.05 70.45 27.64 VornadoRealty VNO 8.3 2 31.89 0.53
-15.09 223.29 155.17 Bio-Techne TECH 0.7 38 186.39 -4.43 -4.35 114.13 85.69 ElectronicArts EA ... 11 102.83 0.54 -10.90 159.48 98.41 LHC Group LHCG ... 40 122.74 -5.82 -51.24 47.37 17.12 PulteGroup PHM 2.5 5 18.92 -0.87 -39.37 63.81 29.75 VoyaFinancial VOYA 1.6 7 36.97 -0.52
-1.15 413.02 281.66 Bio-RadLab A BIO ... 6 365.78 5.04 -40.05 78.38 37.75 EmersonElec EMR 4.4 13 45.72 -2.01 -2.82 51.97 27.04 Line LN ... dd 47.63 -0.42 19.14 43.16 25.04 Qiagen QGEN ... dd 40.27 0.17 -31.10 152.49 65.56 VulcanMatls VMC 1.4 21 99.21 -8.09
-1.24 403.83 287.85 Bio-RadLab B BIO.B ... 6 365.00 20.30 -29.72 43.15 22.57 Enbridge ENB ... 14 27.95 0.46 -51.40 36.63 13.31 LKQ LKQ ... 10 17.35 -1.16 -36.81 122.37 58.52 Qorvo QRVO ... 26 73.44 -3.22
1.27 374.99 215.78 Biogen BIIB ... 10 300.51 -3.96
-0.40 97.10 62.88 BioMarinPharm BMRN ... dd 84.21 -1.85
-13.27 83.30 48.01 EncompassHealth EHC 1.9 17 60.08
-37.89 11.21 5.21 EnelAmericas ENIA 5.6 13 6.82
-2.01
1.03
-47.26 99.60 32.01 LPL Financial
-9.79 230.99 142.01 L3HarrisTech
LPLA 2.1 7 48.65
LHX 1.9 23 178.50
-2.74
-5.02
-26.07 96.17 55.78 Qualcomm QCOM 3.8 19 65.23 -2.79 WXYZ
-24.93 44.09 23.77 QuantaServices PWR 0.7 11 30.56 -0.21
55.70 105.00 12.53 BioNTech BNTX ... dd 52.75 -4.16 -25.68 5.29 2.95 EnelChile ENIC 4.8 16 3.53 0.09 -33.02 196.36 98.02 LabCpAm LH ... 14 113.31 -2.70 t -31.32 118.58 73.02 QuestDiag DGX 3.1 12 73.34 -4.11 -1.13 136.17 117.20 WABCO WBC ... 28 133.97 -0.84
-25.68 87.12 48.07 BlackHills BKH 3.7 18 58.37 -2.71 -57.37 15.87 3.75 EnergyTransfer ET 22.3 4 5.47 0.25 -25.39 344.32 171.04 LamResearch LRCX 2.1 16 218.15 -2.42 26.62 106.56 52.49 Quidel QDEL ... 55 95.00 -0.07 -7.57 109.53 68.01 WEC Energy WEC 3.0 24 85.25 -2.76
-10.28 76.44 50.01 BlackKnight BKI ... 71 57.85 -1.65 -15.93 59.05 33.75 Entegris ENTG 0.8 23 42.11 0.08 -57.35 96.82 30.89 LamarAdv LAMR 10.5 10 38.07 -1.60 -55.20 236.51 71.12 WEX WEX ... 42 93.83 -1.49
-16.84 576.81 323.98 BlackRock
-25.38 64.97 33.00 Blackstone
BLK 3.5 15 418.07 -8.46
BX 4.7 14 41.74 0.55
-30.40 135.55 75.19 Entergy ETR 4.5 13 83.38
-48.76 30.86 10.27 EnterpriseProd EPD 12.3 7 14.43
-4.82
0.02
-41.65 96.32 39.06 LambWeston LW 1.8 15 50.20
-45.08 74.29 33.30 LasVegasSands LVS 8.3 11 37.92
0.32
-2.35
RS -37.21 93.62 38.62 W.P.Carey
-58.05 70.80 27.18 WPP
WPC 8.3 28 50.26
WPP 12.9 11 29.49
-4.30
-2.00
-61.78 398.66 89.00 Boeing BA 6.6 dd 124.52 1.25 -23.91 164.77 103.01 Equifax EFX 1.5 dd 106.62 -2.69 -47.10 159.14 63.20 Lear LEA 0.0 6 72.58 0.36 -17.93 27.25 16.81 RELX RELX 2.8 21 20.74 0.30 -43.37 81.75 35.07 Wabtec WAB 1.1 26 44.06 0.22
-40.08 2094.00 1107.29 BookingHldgs BKNG ... 11 1230.68 -29.32 7.02 657.00 440.72 Equinix EQIX 1.7104 624.69 -1.46 36.68 50.70 29.11 LeggMason LM 3.3 19 49.08 0.13 -7.69 99.93 66.02 RLI RLI 1.1 20 83.10 -2.52 -30.94 64.50 39.41 WalgreensBoots WBA 4.5 10 40.72 0.40
-1.50 82.00 54.37 BoozAllen BAH 1.5 23 70.06 -0.42 -35.36 23.97 8.41 Equinor EQNR 6.5 23 12.87 -0.83 -10.16 125.84 63.63 Leidos LDOS 1.5 19 87.94 -0.69 -25.82 77.47 42.85 RPM RPM 2.5 22 56.94 -0.93 0.54 128.08 98.15 Walmart WMT 1.8 23 119.48 0.83
-50.92 46.60 17.00 BorgWarner BWA 3.2 6 21.29 -0.99 -47.46 27.30 9.89 Equitable EQH 4.6 dd 13.02 -0.37 -40.15 71.38 25.42 Lennar A LEN 1.5 5 33.39 -0.03 t -47.96 133.63 59.82 RalphLauren RL 4.5 7 61.00 -4.97 -17.08 105.17 70.87 WasteConnections WCN 1.0 35 75.28 -1.10
-5.40 444.64 258.34 BostonBeer SAM ... 39 357.44 -6.39 -1.58 34.95 27.62 EquityCommnwlth EQC 0.0 8 32.31 0.31 -44.07 56.32 18.87 Lennar B LEN.B 2.0 4 25.00 -0.23 -35.69 102.45 54.21 RaymondJames RJF 2.6 8 57.53 -2.45 -21.88 126.79 85.34 WasteMgt WM 2.4 23 89.02 -2.12
-39.76 147.83 77.21 BostonProps BXP 4.7 25 83.04 0.35 -25.60 77.55 41.97 EquityLife ELS 2.6 34 52.37 -0.18 -29.93 298.49 163.40 LennoxIntl LII 1.8 16 170.96 -5.97 -43.47 93.45 40.71 RaytheonTech RTX 5.9 8 49.93 -0.80 -22.99 254.96 154.39 Waters WAT ... 21 179.94 -6.09
-31.07 46.62 24.10 BostonSci BSX ... 9 31.17 0.12 -32.95 89.55 49.62 EquityResdntl EQR 4.4 21 54.26 -0.31 t -50.70 24.50 9.09 LeviStrauss LEVI 4.8 10 9.51 -0.56 -7.03 65.92 36.91 RealPage RP ... 83 49.97 -1.41 -18.22 186.87 132.97 Watsco WSO 4.3 23 147.32 -10.86
-39.38 176.98 64.23 BrightHorizons BFAM ... 30 91.10 -4.92 -1.12 270.23 130.20 ErieIndemnity A ERIE 2.4 27 164.14 3.68 -16.49 138.47 80.14 LibertyBroadbandA LBRDA ...163 104.02 -2.22 -40.79 84.92 38.00 RealtyIncome O 6.4 31 43.60 -2.02 -43.97 166.40 21.70 Wayfair W ... dd 50.63 3.39
-13.49 68.34 42.48 Bristol-Myers BMY 3.2 25 55.53 0.32 -17.98 54.52 30.40 EssentialUtil WTRG 2.4 38 38.50 -1.60 -13.80 140.00 86.20 LibertyBroadbandC LBRDK ...170 108.40 -2.14 -36.97 257.96 70.00 ReataPharm RETA ... dd 128.86 -6.51 -30.96 72.78 29.50 Weibo WB ... 15 32.00 -0.33
-14.72 45.64 27.32 BritishAmTob BTI 7.4 11 36.21 -0.69 -36.56 334.17 175.81 EssexProp ESS 4.4 29 190.86 -3.61 t -31.91 27.84 14.36 LibertyGlobal C LBTYK ... dd 14.84 -0.40 t -48.85 70.26 31.80 RegencyCtrs REG 7.4 23 32.27 -0.93 -51.25 54.75 25.11 WellsFargo WFC 7.8 7 26.23 -0.99
-25.87 331.58 155.67 Broadcom AVGO 5.5 39 234.26 -2.80 -25.40 220.42 137.01 EsteeLauder EL 1.2 30 154.08 4.87 -30.52 28.62 15.23 LibertyGlobal A LBTYA ... dd 15.80 -0.39 31.38 518.00 271.37 RegenPharm REGN ... 27 493.32 -5.43 -54.44 93.17 24.27 Welltower WELL 9.3 31 37.26 -1.53
-25.21 136.99 81.90 BroadridgeFinl BR 2.3 26 92.39 0.29 -13.88 71.80 29.95 Etsy ETSY ... 51 38.15 3.35 -52.42 48.95 18.31 LibertyFormOne C FWONK ... dd 21.87 -2.67 -52.97 17.54 6.94 RegionsFin RF 7.7 5 8.07 -0.32 0.68 176.66 109.88 WestPharmSvcs WST 0.4 47 151.35 -4.33
-24.90 45.61 21.57 BrookfieldMgt BAM 1.7 11 28.94 -0.02 -53.83 171.25 61.27 EuronetWorldwide EEFT ... 12 72.75 -4.58 -52.92 46.52 16.87 LibertyFormOne A FWONA ... dd 20.61 -2.60 -51.86 169.26 55.39 ReinsGrp RGA 3.6 6 78.49 -2.99 -39.80 72.00 27.40 WesternDigital WDC 5.2 dd 38.21 -0.19
-21.42 50.74 23.22 BrookfieldInfr BIP 6.12902 35.40 -1.18 -35.70 294.31 168.16 EverestRe RE 3.5 7 178.02 -9.65 -43.94 51.11 22.54 LibertySirius A LSXMA ... 18 27.10 -3.10 -33.40 122.17 70.57 RelianceSteel RS 3.1 8 79.76 -3.77 -33.83 28.45 17.39 WesternUnion WU 5.1 7 17.72 -0.13
-15.37 48.69 29.62 Brown&Brown BRO 1.0 24 33.41 -1.45 -20.42 76.57 42.01 Evergy EVRG 3.9 18 51.80 -1.68 -43.39 51.36 23.01 LibertySirius C LSXMK ... 18 27.25 -2.77 -27.77 202.68 113.27 RenaissanceRe RNR 1.0 9 141.59 -5.39 -49.94 78.08 28.99 WestlakeChem WLK 3.0 11 35.12 -0.08
-15.64 68.15 41.03 Brown-Forman A BF.A 1.3 30 52.95 1.01 -11.77 99.42 60.69 EversourceEner ES 3.0 27 75.06 -4.23 -17.02 119.61 67.31 LifeStorage LSI 4.8 16 89.85 -2.22 6.17 109.94 52.87 Repligen RGEN ...224 98.21 1.26 -44.88 20.56 7.98 WestpacBanking WBK 12.7 7 9.36 -0.48
-17.99 72.85 44.68 Brown-Forman B BF.B 1.3 31 55.44 0.80 -39.72 123.99 35.25 ExactSciences EXAS ... dd 55.75 -1.85 6.26 147.87 101.36 EliLilly LLY 2.1 28 139.66 -2.52 -19.08 100.91 65.37 RepublicSvcs RSG 2.2 22 72.53 -2.70 -40.15 44.39 21.50 WestRock WRK 7.2 8 25.68 -1.11
-33.92 54.49 30.78 Bruker BRKR 0.5 27 33.68 0.07 -6.24 24.73 13.67 Exelixis EXEL ... 16 16.52 -0.13 -31.44 98.32 59.30 LincolnElectric LECO 3.0 14 66.32 -0.09 -1.29 177.99 96.81 ResMed RMD 1.0 49 152.97 2.84 -49.21 31.58 13.10 Weyerhaeuser WY 8.9 dd 15.34 -0.50
-35.41 59.65 29.00 Bunge BG 5.4 dd 37.17 -1.91 -28.16 51.18 29.28 Exelon EXC 4.7 11 32.75 -1.93 -60.24 67.52 16.11 LincolnNational LNC 6.8 5 23.46 -0.07 -47.83 79.46 25.08 RestaurantBrands QSR 6.3 14 33.27 -1.54 -6.49 34.00 18.66 WheatonPrecMet WPM 1.4145 27.82 -0.61
-38.36 250.89 105.67 BurlingtonStrs BURL ... 20 140.56 -4.88 -54.96 144.00 40.76 Expedia EXPE 2.8 13 48.71 0.85 -23.85 227.85 146.71 Linde LIN 2.4 39 162.13 -1.96 -20.91 53.48 31.79 RexfordIndlRealty REXR 2.4 77 36.12 -0.86 -43.98 163.64 64.00 Whirlpool WHR 5.8 4 82.64 1.01
-19.61 288.59 156.15 CACI Intl CACI ... 19 200.97 -5.42 -14.00 81.64 52.55 ExpeditorsIntl EXPD 1.5 20 67.10 -0.60 -53.03 76.60 21.70 LiveNationEnt LYV ... dd 33.57 -0.38 ... 31.99 21.61 ReynoldsCnsmr REYN 2.0 24 29.99 0.78 -42.45 29.28 8.41 Williams WMB 11.7 20 13.65 -0.73
-42.08 64.75 29.17 CBRE Group CBRE ... 9 35.50 -1.17 -8.99 124.45 72.70 ExtraSpaceSt EXR 3.7 30 96.13 0.17 t -61.03 3.58 1.28 LloydsBanking LYG 4.3 7 1.29 -0.08 32.66 256.60 101.33 RingCentral RNG ... dd 223.76 3.73 -22.21 220.97 143.34 WillisTowers WLTW 1.7 20 157.09 -1.32
-39.17 146.09 73.39 CDW CDW 1.7 17 86.89 -1.08 -43.81 83.49 30.11 ExxonMobil XOM 8.9 12 39.21 -1.19 -9.99 442.53 266.11 LockheedMartin LMT 2.7 16 350.50 -3.46 -24.12 64.02 35.35 RioTinto RIO 8.5 9 45.04 -0.97 -22.13 4.62 2.52 Wipro WIT 0.5 12 2.92 -0.10
-46.02 55.15 19.73 CF Industries CF 4.7 12 25.77 0.07 -23.17 168.94 79.78 F5Networks FFIV ... 16 107.30 0.18 -37.70 56.88 28.52 Loews L 0.8 11 32.70 -0.48 -18.49 45.16 25.92 RitchieBros RBA 2.3 26 35.01 0.09 -22.95 156.40 76.81 Wix.com WIX ... dd 94.29 0.44
-36.06 87.12 46.32 CGI GIB ... 16 53.52 -0.67 -28.99 108.77 56.77 FMC FMC 2.5 19 70.88 -3.30 -8.65 48.83 31.37 LogitechIntl LOGI 1.7 26 43.08 0.39 -39.87 69.08 32.38 RobertHalf RHI 3.6 10 37.97 0.14 -40.35 38.81 15.54 WooriFin WF 0.0 3 18.05 -0.11
-12.85 91.97 56.94 CH Robinson CHRW 3.0 16 68.15 -0.77 10.46 135.51 76.15 FTI Consulting FCN ... 21 122.24 1.71 -3.23 86.63 62.02 LogMeIn LOGM 1.6 dd 82.97 -0.49 -27.58 209.60 115.38 Rockwell ROK 2.8 19 146.78 -2.93 -29.41 226.83 107.75 Workday WDAY ... dd 116.08 -6.29
-13.44 225.36 131.80 CME Group CME 2.0 29 173.74 5.17 -24.88 224.20 137.10 Facebook FB ... 24 154.18 -4.01 -31.36 126.73 60.00 Lowe's LOW 2.7 15 82.20 -0.66 -16.97 54.82 32.20 RogersComm B RCI 3.4 14 41.24 -0.11 -65.08 153.41 35.84 WynnResorts WYNN 8.2 42 48.50 -4.17
-13.19 69.17 46.03 CMS Energy CMS 3.0 23 54.55 -2.31 -5.66 310.25 195.22 FactSet FDS 1.1 27 253.11 -9.20 -21.76 266.20 128.84 lululemon LULU ... 37 181.25 -4.24 -39.16 176.55 55.02 Roku ROKU ... dd 81.46 -1.07 -54.15 43.52 15.50 XP XP ... 36 17.66 0.46
-38.32 51.30 26.52 CNA Fin CNA 5.4 8 27.64 -0.18 -29.58 436.69 177.65 FairIsaac FICO ... 39 263.85 -19.07 -15.69 93.23 40.28 Lumentum LITE ... dd 66.86 -3.30 8.72 43.91 30.72 Rollins ROL 1.3 58 36.05 0.37 -44.43 100.18 38.47 XPO Logistics XPO ... 12 44.29 -2.57
-49.82 11.99 5.06 CNH Indl CNHI 0.0 5 5.52 -0.25 -17.51 39.30 26.71 Fastenal FAST 3.3 22 30.48 -0.17 -48.86 76.10 14.56 Lyft LYFT ... dd 22.00 -0.45 -15.40 395.00 240.00 RoperTech ROP 0.7 18 299.68 -5.39 -8.87 72.14 46.58 XcelEnergy XEL 3.0 22 57.86 -2.56
-32.68 193.66 81.11 CNOOC CEO 8.0 6 112.21 -1.99 t -48.88 141.35 64.68 FederalRealty FRT 6.4 14 65.81 -0.59 -51.21 98.91 33.71 LyondellBasell LYB 9.1 5 46.10 0.18 -35.79 124.16 56.30 RossStores ROST 1.5 16 74.75 -4.65 -54.16 39.47 15.01 Xerox XRX 5.9 5 16.90 -1.58
-35.85 40.88 17.73 CRH CRH 3.5 11 25.87 -0.38 -27.77 199.32 88.69 FedEx FDX 2.4 7 109.22 -7.42 -26.81 82.74 49.55 RoyalBkCanada RY 5.5 9 57.97 -1.02 -19.12 141.60 67.68 Xilinx XLNX 1.9 23 79.08 -0.07
-21.55 80.73 46.81 CSX
-25.00 77.03 51.72 CVS Health
CSX 1.8 14 56.77 -0.09
CVS 3.6 11 55.72 0.31
-18.55 180.95 127.73 Ferrari
-54.32 16.69 6.00 FiatChrysler
RACE 0.9 32 134.83
FCAU ... 3 6.71
-7.02
-0.10
MN t -61.65 7.05 2.45 RoyalBkScotland RBS 1.6 4 2.47
-81.73 135.31 19.25 RoyalCaribbean RCL 12.8 3 24.39
-0.12
-0.43
-23.21 89.34 54.62 Xylem
-25.55 48.95 27.93 Yandex
XYL 1.7 27 60.50
YNDX ... 55 32.38
-2.90
-0.23
3.22 1830.50 995.66 CableOne CABO 0.6 49 1536.38 -68.66 -48.73 49.28 19.00 FidNatlFin FNF 5.7 6 23.25 -0.77 -46.00 174.93 87.64 M&T Bank MTB 4.8 7 91.67 -4.07 -38.56 66.48 21.25 RoyalDutchA RDS.A 8.8 9 36.24 -2.72 -37.16 119.72 54.95 YumBrands YUM 3.0 15 63.30 -2.75
-0.34 27.64 13.06 CabotOil COG 2.3 11 17.35 0.65 -17.16 158.21 91.68 FidNatlInfo FIS 1.2120 115.22 -1.89 -31.98 32.22 15.00 MDU Rscs MDU 4.1 12 20.21 -0.59 -42.55 67.45 19.19 RoyalDutchB RDS.B 10.9 9 34.45 -2.27 -14.00 50.74 38.33 YumChina YUMC 1.2 22 41.29 -0.71
-7.83 80.40 51.39 CadenceDesign CDNS ... 18 63.93 -2.00 -56.28 31.64 11.10 FifthThirdBncp FITB 8.0 4 13.44 -0.84 -68.20 34.63 5.90 MGM Resorts MGM 5.7 3 10.58 -0.93 -23.52 138.78 59.78 RoyalGold RGLD 1.2 37 93.50 0.72 15.29 28.06 17.12 ZTO Express ZTO 0.0 26 26.92 -0.43
-53.82 14.73 3.22 CaesarsEnt CZR ... dd 6.28 -0.18 -21.27 72.90 37.92 58.com WUBA ... 6 50.96 -1.80 -31.84 122.30 66.87 MKS Instrum MKSI 1.1 29 74.98 -2.82 -42.79 96.79 44.44 Ryanair RYAAY ... 10 50.12 -0.08 23.95 63.95 23.41 ZaiLab ZLAB ... dd 51.55 0.06
-32.19 120.73 62.48 CamdenProperty CPT 4.6 32 71.95 -0.36 -23.53 97.08 53.94 51job JOBS ... 59 64.92 -1.52 -53.77 33.16 6.87 MPLX MPLX 22.9 10 11.77 -0.01 -21.49 140.67 90.89 SAP SAP 1.2 34 105.19 0.20 -30.28 260.40 150.06 ZebraTech ZBRA ... 18 178.08 3.84
0.22 57.54 35.27 CampbellSoup CPB 2.8 30 49.53 2.08 -31.74 66.78 29.36 FirstAmerFin FAF 4.4 6 39.81 -1.25 4.81 335.43 205.06 MSCI MSCI 1.0 41 270.61 -16.38 -12.54 312.94 186.06 S&P Global SPGI 1.1 28 238.80 -2.54 -24.52 94.89 50.23 Zendesk ZEN ... dd 57.84 -1.10
-34.33 87.62 46.45 CIBC CM 8.0 6 54.64 -1.03 -25.97 46.12 25.89 FirstIndRlty FR 3.3 16 30.73 -0.33 -29.68 316.39 182.47 MadisonSquGarden MSG ... dd 206.86 0.69 9.88 309.85 193.91 SBA Comm SBAC 0.7206 264.80 -10.14 -34.02 66.68 20.04 Zillow C Z ... dd 30.31 0.18
-15.89 96.53 65.13 CanNtlRlwy CNI 2.3 17 76.08 -0.57 -30.37 122.34 70.06 FirstRepBank FRC 0.9 16 81.78 -2.18 -43.36 67.75 22.02 MagellanMid MMP 11.4 8 35.61 0.24 -32.68 69.61 35.41 SEI Investments SEIC 1.6 14 44.08 -1.50 -35.33 66.96 18.65 Zillow A ZG ... dd 29.58 0.48
-58.92 32.79 6.71 CanNaturalRes CNQ 8.5 4 13.29 -0.68 -21.91 52.52 32.00 FirstEnergy FE 4.1 24 37.95 -2.05 -46.54 57.09 22.75 MagnaIntl MGA 5.5 5 29.32 -0.28 -20.62 51.01 21.25 SINOPEC SHI 13.3816 24.25 -1.19 -38.53 161.11 74.37 ZimmerBiomet ZBH 1.0 17 92.01 -0.70
-16.52 275.13 173.26 CanPacRlwy CP 1.2 16 212.83 -1.95 -25.46 125.05 73.50 Fiserv FISV ... 48 86.19 -2.56 -44.11 21.23 8.62 ManulifeFin MFC 6.8 5 11.34 -0.23 -28.39 25.16 14.07 SK Telecom SKM 4.7 14 16.55 0.09 -52.47 52.48 23.58 ZionsBancorp ZION 5.5 6 24.68 -0.71
-27.06 30.12 19.13 Canon CAJ 6.3 14 19.95 -0.34 12.69 81.73 46.09 Five9 FIVN ... dd 73.90 -1.66 -66.71 69.65 15.26 MarathonPetrol MPC 11.6 5 20.06 -1.16 -32.31 67.73 29.51 SS&C Tech SSNC 1.2 25 41.56 0.60 -13.40 146.26 90.14 Zoetis ZTS 0.7 37 114.61 -1.42
-37.17 52.74 9.00 CanopyGrowth CGC ... dd 13.25 -0.55 -35.78 329.85 168.51 FleetCorTech FLT ... 19 184.78 3.26 -24.13 1347.64 710.52 Markel MKL ... 7 867.30 -42.05 -60.85 40.96 13.00 StoreCapital STOR 9.6 12 14.58 -0.98 88.42 164.94 59.94 ZoomVideo ZM ...1579 128.20 6.27
-58.93 107.59 38.00 CapitalOne COF 3.8 4 42.27 -1.66 -40.41 14.00 5.36 Flex FLEX ... dd 7.52 -0.41 2.15 421.45 248.28 MarketAxess MKTX 0.6 72 387.27 39.98 -44.49 270.95 127.39 SVB Fin SIVB ... 6 139.34 -3.61 36.34 89.54 35.00 Zscaler ZS ... dd 63.40 2.22
-7.85 60.69 39.05 CardinalHealth CAH 4.1 dd 46.61 0.19 -40.29 59.44 23.85 FlirSystems FLIR 2.2 25 31.09 -1.50 -60.99 153.39 46.56 Marriott MAR 0.0 16 59.08 -3.92 -17.42 195.72 115.29 Salesforce.com CRM ...653 134.31 -0.01 8.50 7.42 5.22 Zynga ZNGA ...196 6.64 -0.04

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
US TgdVal 12.81 -0.45-44.4 Balanc 20.33 -0.39-16.9 Guggenheim Funds Tru TotalReturnBond NA ... NA TSM Sel r NA ... NA TxMCapAdml126.71 -2.10-23.2 WndsrII 26.73 ...-26.6
NOTICE TO READERS USLgVa 25.08 -0.44-34.7 BluCh 87.75 -1.42-18.5 TotRtnBdFdClInst 27.85 +0.04 3.3 PIMCO Fds Instl TIAA/CREF Funds TxMIn r 10.46 ...-25.7 VANGUARD INDEX FDS
Due to extreme market activity and delayed reporting of closing prices Dodge & Cox Contra 11.28 -0.18-17.2 Harbor Funds AllAsset NA ... NA BdIdxInst 11.41 ... 3.4 USGroAdml 94.38 ...-15.3 MdCpVlAdml 39.22 -0.99-36.0
Balanced 76.37 -0.77-23.4 ContraK 11.29 -0.19-17.2 CapApInst 63.36 -0.92-16.4 TotRt 10.54 ... NA VANGUARD ADMIRAL ValAdml 33.61 -0.54-27.5 SmValAdml 34.92 -1.15-40.5
from the sources, some NAVs may reflect previous day’s trading.
Income 13.77 ... -0.9 CpInc r 8.06 -0.08-20.6 Harding Loevner PIMCO Funds A 500Adml 229.78 -3.50-22.6 WdsrllAdml 47.42 ...-26.6 TotBd2 11.29 ... 3.2
Up-to-date mutual-fund data can be found online at WSJMarkets.com. IntlEq 18.53 -0.30 NA IncomeFd BalAdml
Intl Stk 28.55 -0.82-34.5 GroCo 17.96 -0.26-15.9 10.88 -0.03 NA 33.54 -0.34-13.8 WellsIAdml 60.17 -0.33 -8.3 TotIntl 13.26 ...-25.6
Stock 128.99 -1.88-32.1 GrowCoK 17.99 -0.26-15.9 Invesco Funds A PIMCO Funds I2 CAITAdml 11.77 +0.07 -2.1 WelltnAdml 62.66 -0.63-15.7 TotSt 60.03 -1.02-24.3
DoubleLine Funds InvGrBd 11.54 ... 0.5 EqIncA 7.93 -0.09-22.5 Income 10.88 -0.03 NA CapOpAdml r120.65 ...-23.5 WndsrAdml 49.89 ...-31.0 VANGUARD INSTL FDS
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Invesco Funds Y EMAdmr 27.81 ...-24.6 BalInst 33.55 -0.34-13.8
CoreFxdIncmI NA ... NA LowP r 33.83 -0.75-32.4 PIMCO Funds Instl VANGUARD FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI NA ... NA Magin 8.44 -0.14-17.3 DevMktY 34.15 -0.63-25.1 IncomeFd 10.88 -0.03 NA EqIncAdml 59.90 ...-24.0 DivdGro 24.80 ...-18.8 DevMktsIndInst 10.47 ...-25.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, JPMorgan I Class ExplrAdml 67.66 ...-30.4 DevMktsInxInst 16.37 ...-25.7
Edgewood Growth Instituti OTC 10.58 -0.14-17.3 Price Funds INSTTRF2020 21.30 ...-11.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 32.77 -0.43-14.9 CoreBond 12.05 ... 2.6 ExtndAdml 63.31 -1.76-33.7 ExtndInst 63.31 -1.76-33.6
Puritn 19.62 -0.26-13.4 BlChip 102.38 -1.96-17.7 INSTTRF2025 21.25 ...-14.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EqInc 14.18 -0.20-26.6 GNMAAdml 10.83 ... 3.3 GrwthInst 77.34 -1.15-17.4
Fidelity SrsEmrgMkt 15.15 -0.24-26.6 DivGro 41.64 -0.72 NA INSTTRF2030 21.10 ...-16.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; JPMorgan R Class GrwthAdml 77.34 -1.15-17.4 InPrSeIn 10.95 +0.06 3.9
500IdxInstPrem 86.75 -1.32-22.6 SrsGlobal 9.71 -0.19-26.3 EqInc 21.76 -0.42 NA INSTTRF2035 20.93 ...-17.9
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. CoreBond 12.06 -0.01 2.5 HlthCareAdml r 74.61 ...-12.6 InstIdx 222.05 -3.37-22.6
Contrafund K6 11.97 -0.20-17.3 SrsGroCoRetail 14.96 -0.21-15.7 EqIndex 66.11 -1.01-22.6 INSTTRF2040 20.76 ...-19.8
CorePlusBd 8.43 -0.01 0.5 HYCorAdml r 5.17 -0.03-12.1 InstPlus 222.05 -3.38-22.6
ExtMktIdxInstPre 43.15 -1.21-33.7 SrsIntlGrw 13.94 -0.23-20.4 Lord Abbett A Growth 59.10 -1.13-19.4 INSTTRF2045 20.55 ...-21.5
Friday, April 3, 2020 IntlIdxInstPrem 31.66 -0.67-26.3 InfProAd 26.87 +0.13 3.9 InstTStPlus 51.37 -0.87-24.3
SrsIntlVal 6.79 -0.20-31.4 ShtDurIncmA p 3.95 ... -5.4 HelSci 68.20 -1.13 NA INSTTRF2050 20.58 ...-21.5
Net YTD Net YTD IntlGrAdml 84.62 ...-17.7 MidCpInst 33.99 -0.68-29.9
Net YTD MidCpInxInstPrem 16.20 -0.35-31.4 TotalBond 10.77 -0.01 -0.6 Lord Abbett F InstlCapG 35.86 -0.65-18.6 IntlVal 27.09 ...-27.8
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ITBondAdml 12.09 -0.01 3.0 MidCpIstPl 167.65 -3.32-29.9
SAIUSLgCpIndxFd 13.37 -0.21-22.7 Fidelity SAI ShtDurIncm 3.95 ... -5.4 IntlStk 14.04 -0.25-24.7 LifeCon 19.11 ... -8.7
ITIGradeAdml 9.84 -0.01 -0.8 RealEstaInstl 14.17 -0.22-29.9
American Century Inv NwWrldA 52.97 -0.87-24.9 CorePlusBond 10.07 ... -0.2 SeriesOverseas 8.26 -0.12-23.4 TotalBd 10.29 -0.01 -1.3 Lord Abbett I MidCap 69.92 -1.12-26.7 LifeGro 29.25 ...-19.1
LTGradeAdml 10.96 -0.03 1.6 SmCapInst 50.99 -1.44-35.5
Ultra 42.95 -0.77-17.7 SmCpA p 42.97 -0.89-27.0 Intl Eq 8.95 -0.19-25.4 SmCpIdxInstPrem 13.32 -0.42-36.7 U.S.TreBdIdx 10.95 +0.01 9.0 ShtDurInc p 3.95 ... -5.4 N Inc 9.36 +0.01 NA LifeMod 24.82 ...-14.0
MidCpAdml 153.89 -3.04-29.9 STIGradeInst 10.51 ... -1.4
American Funds Cl A TxExA p 12.85 +0.08 -3.0 Del Invest Instl TMktIdxInstPrem 68.51 -1.17-24.4 First Eagle Funds Metropolitan West NHoriz 49.05 -1.21 NA MuHYAdml 10.99 +0.06 -5.6 PrmcpCor 20.86 ...-25.3 STIPSIxins 24.73 +0.04 0.1
AmcpA p 26.76 -0.35-20.3 WshA p 36.47 -0.41-23.8 Value 15.91 -0.13-28.5 USBdIdxInstPrem 12.28 ... 3.8 GlbA 45.93 -0.51-20.7 TotRetBd 11.13 +0.01 2.3 OverS SF r 8.06 -0.20 NA MuIntAdml 14.08 +0.09 -2.1 STAR 23.34 ...-14.6 TotBdInst 11.37 ... 3.6
AMutlA p 34.69 -0.30-19.8 Baird Funds Dimensional Fds Fidelity Advisor I FPA Funds TotRetBdI 11.13 +0.01 2.4 R2020 NA ... NA TgtRe2015 13.96 ... -8.0
MuLTAdml 11.47 +0.08 -2.9 TotBdInst2 11.29 ... 3.2
BalA p 24.63 -0.18-13.2 AggBdInst 11.36 +0.01 1.9 5GlbFxdInc 10.75 ... 0.2 NwInsghtI 25.72 -0.46-21.4 FPACres 25.62 -0.41 NA TRBdPlan 10.47 +0.01 2.4 R2025 NA ... NA MuLtdAdml 10.91 +0.04 -1.1 TgtRe2020 28.74 ...-11.7 TotBdInstPl 11.37 ... 3.6
BondA p 13.55 +0.03 4.1 CorBdInst 11.53 +0.01 0.4 DFARlEst 29.03 -0.40-28.7 Fidelity Freedom Franklin A1 MFS Funds Class I R2030 NA ... NA MuShtAdml 15.72 +0.02 -0.4 TgtRe2025 17.05 ...-14.1 TotIntBdIdxInst 33.95 -0.02 0.3
CapIBA p 52.02 -0.54-17.0 BlackRock Funds EmgMktVa 19.33 -0.24-32.6 FF2020 13.94 -0.11-14.0 CA TF A1 p 7.30 +0.05 -3.9 ValueI 32.60 -0.59-26.6 R2035 NA ... NA PrmcpAdml r111.88 ...-22.4 TgtRe2030 30.61 ...-16.0 TotIntlInstIdx r 88.66 ...-25.6
CapWGrA 40.09 -0.56-22.9 HiYldBd Inst 6.45 -0.06-15.0 EmMktCorEq 15.26 -0.24-29.7 FF2025 12.07 -0.10-15.7 IncomeA1 p 1.88 -0.02-18.5 MFS Funds Instl R2040 NA ... NA RealEstatAdml 91.56 -1.40-29.9 TgtRe2035 18.49 ...-17.9 TotItlInstPlId r 88.68 ...-25.6
EupacA p 41.25 -0.69-25.9 BlackRock Funds A IntlCoreEq 9.51 -0.23-31.0 FF2030 14.58 -0.16-18.2 FrankTemp/Frank Adv IntlEq 21.32 -0.35-23.5 Value 26.75 -0.57-29.5 SmCapAdml 50.99 -1.45-35.5 TgtRe2040 31.40 ...-19.8 TotStInst 60.06 -1.01-24.3
FdInvA p 46.93 -0.73-24.0 GlblAlloc p 16.60 ...-13.6 IntSmCo 12.51 -0.33-33.8 Freedom2020 K 13.93 -0.10-14.0 IncomeAdv 1.86 -0.02-18.7 Nuveen Cl I PRIMECAP Odyssey Fds SmGthAdml 49.19 -1.18-29.5 TgtRe2045 19.39 ...-21.5 ValueInst 33.61 -0.54-27.5
GwthA p 41.67 -0.56-18.5 BlackRock Funds Inst IntSmVa 12.16 -0.32-37.2 Freedom2025 K 12.05 -0.11-15.7 FrankTemp/Franklin A HYMunBd NA ... NA AggGrowth r 32.75 -0.48-27.1 STBondAdml 10.75 ... 2.2 TgtRe2050 31.23 ...-21.5 WCM Focus Funds
HI TrA p 8.41 -0.07-15.2 MultiAstIncome 9.50 -0.01-12.4 TAUSCoreEq2 14.23 -0.28-29.1 Freedom2030 K 14.57 -0.15-18.1 RisDv A p 53.28 -0.78-23.2 Oakmark Funds Invest Growth r 29.57 -0.54-27.8 STIGradeAdml 10.51 ... -1.4 TgtRet2055 33.91 ...-21.5 WCMFocIntlGrwIns 15.09 -0.26-20.2
ICAA p 30.97 -0.34-21.3 StratIncOpptyIns 9.32 +0.01 -5.9 US CoreEq1 18.60 -0.35-27.9 Freedom2035 K 11.77 -0.16-21.9 FrankTemp/Franklin C OakmrkInt 14.47 -0.44-42.0 Putnam Funds Class A TotBdAdml 11.37 ... 3.6 TgtRetInc 13.10 ... -6.4 Western Asset
IncoA p 18.94 -0.14-17.8 StratMuniOppI 10.52 +0.11-10.2 US CoreEq2 16.69 -0.33-29.2 Freedom2040 K 8.07 -0.12-23.7 Income C t 1.91 -0.02-18.4 Old Westbury Fds StDurInc 9.90 ... -1.0 TotIntBdIdxAdm 22.62 -0.02 0.2 TotIntBdIxInv 11.32 ... 0.3 CoreBondI NA ... NA
N PerA p 37.06 -0.48-21.6 Bridge Builder Trust US Small 21.58 -0.71-38.2 Fidelity Invest FrankTemp/Temp Adv LrgCpStr NA ... NA Schwab Funds TotIntlAdmIdx r 22.17 ...-25.6 WellsI 24.85 -0.13 -8.3 CorePlusBdI 11.58 -0.02 NA
AMgr50% 16.03 -0.18-13.7 PGIM Funds Cl Z
NEcoA p 36.27 -0.66-20.7 CoreBond 10.53 ... 1.8 US SmCpVal 19.11 -0.70-44.4 GlBondAdv p 10.07 -0.01 -4.3 S&P Sel NA ... NA TotStAdml 60.05 -1.01-24.3 Welltn 36.37 -0.28-15.5 CorePlusBdIS 11.58 -0.01 NA
B14 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

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BUSINESS & FINANCE NEWS
The Marketplace
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AUCTIONS
Unlikely to

     Halt Bank

SHAWN PATRICK OUELLETTE/PORTLAND PRESS HERALD/GETTY IMAGES


  

     
 Dividends
BY ANDREW ACKERMAN
AND NICK TIMIRAOS

U.S. banks will likely be al-

lowed to keep paying dividends
to shareholders, according to
people familiar with the mat-
ter, even as the coronavirus
pandemic threatens to create a
mountain of bad loans that
could eventually weaken the
lenders.
Some former U.S. regulators
Isopropyl-alcohol prices have more than tripled in the U.S. since March 10. have said the Federal Reserve
should order the largest banks

Price Soars for Alcohol

to suspend payouts to preserve
capital at a time of soaring un-
employment and business dis-
ruption that may eclipse the

Used in Hand Sanitizer

2008 financial crisis.

 
 “If things work out well,
banks can distribute income
later on,” said Janet Yellen, a
  

     former Fed chairwoman. “If
    
  
     
  
BY JOE WALLACE truck. The product’s price has wan, Japan and other nations not, they’ll have a buffer that
jumped fourfold in the region in Asia, where the need for dis- will be needed to support the
A key ingredient in hand since the final week of Febru- infectant is less urgent. That credit needs of the economy.”
    sanitizers and medical disinfec- ary, hitting a record €3,600 poses its own problems: The The European Central Bank

        tants has become hard to ob- ($3,940) a ton in late March. time it takes to ship petro- and the Bank of England have
tain, triggering its price to The boom in demand stands chemicals from Asia to Europe pressured banks to stop paying
' ( > 8 (   ? ?   : 11   1   ( surge to an all-time high. in contrast to other petrochem- has lengthened from a few dividend. But Fed officials are
Isopropyl-alcohol prices ical markets, which have come weeks to two months because unlikely to do so, at least in the
   have more than tripled in the
U.S. since March 10. They
under pressure following the
collapse in crude-oil prices.
of measures to stop incoming
vessels from introducing the vi-
short term. They see key dif-
ferences in how lenders dis-
!"#$
%&#"'()&'* reached $3,160 a metric ton
Tuesday, according to S&P
Petrochemicals are derived
from oil and natural gas, and go
rus to ports, said Stergios
Zacharakis, a Platts analyst.
tribute capital on the two con-
tinents, the people said.
Global Platts, the highest price into products including plastics, The higher prices could Cleveland Fed President Lo-
on record dating back to 1986. detergent and explosives. prove to be a boon for Exxon retta Mester said she prefers to
  
  
   
 

 



   
 
 
    !"#$% 
In a sign of the strain on sup- There should be enough iso- and Dow as well as British await the results of the next
 & '
 (
  ) !"#)*%+ ,-. #"/")"/#0!#/ ( 
12    &
 
3
 3
   2     
 

 


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  plies, one buyer wasn’t able to propyl alcohol in the world to chemicals company Ineos set of the banks’ “stress tests”
 

4/ ( 
12 +  
  5 
+   
+ 2 

+  

    4 2


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    &    3
    
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 2
  get the niche petrochemical af- go around. Producers have the Group, which makes isopropyl in June before deciding
2&
    
  
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+  &   2  
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 2
  
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62
  
7

  

  
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 ;
ter offering to pay as much as capacity to make around 3.4 alcohol at two plants in Ger- whether to limit dividend pay-
2 

 1<7#%/ ( 
12    

 ;  2  2
 1$=0/
$4,900 a ton, or more than million metric tons of the in- many. Profit margins on alcohol ments. The tests are used to
twice the previous high, ac- gredient globally each year, sales were already wide be- assess banks’ ability to con-
cording to Platts. said Mr. Pafford, far more than cause the price of propylene, tinue lending in a crisis. Banks
BANKRUPTCIES Sales of the product, also the 2.1 million tons that were the main building block for the are required to submit plans
known as IPA or rubbing alco- consumed in 2019. The diffi- product, has been depressed by showing how they would
hol, have vaulted in recent culty arises in getting the oversupply. weather a deep recession and
   
 
   
        
    
weeks as the new coronavirus chemical to where it is needed. Producers in Europe and the maintain sufficient capital by
      
 !"#$!"! %& swept through Europe and the European hospitals and U.S. typically operate at around Monday.
 
     
    %&'() *+''*
       U.S., now the pandemic’s two hand-sanitizer users are most 80% of capacity, analysts said, “Our stress test can give us
  

     
     
  global centers. Isopropyl alco- vulnerable because the region but are now trying to maximize insight into where capital

  

     
  

   

 



 
  
 hol dissolves the viral mem- produces around half as much output at their factories. should be needed,” said Ms.

!!  "
   */('  ( .'(( .'     brane and makes it difficult for alcohol as the U.S. In recent It isn’t a home run, however. Mester in an interview Thurs-
#"$%   
  % 
 &
 5: 1'   AA/675/5
! 
! '   && >. 6  6  6 6 /> ) //'>  the virus to infect a person. years, Europe has topped up by Some manufacturers are donat- day. Any decision to halt divi-
  '(  !&  
 : 5/5'> 1'   AA111
" )&& *% /+A1''> (5+ The spike in demand has buying American alcohol, but ing alcohol and hand sanitizer dends lies with the five mem-
!
 
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!/
% ,'' -  .#/ '*    !!'       
strained a small corner of the those shipments are expected to hospitals and spending bers of the Federal Reserve
* * * ' ' %/((/'.()     
!!  
!
 petrochemical industry, to dry up as U.S. producers di- money on new operations as Board of Governors; Fed bank
 ,- 0(* '' 1'  '* 
&(  (  
&

2 345 /) 5 6  25 ''/ 
      0 1   prompting a race to maximize vert their alcohol to domestic they boost production. presidents don’t have a vote.
6 7 % ,5- 5* /   6 '( 
  
 6  '* 2 * % ,345 /) !
 
    

 production by manufacturers buyers. Ineos is “running flat out” to U.S. central bankers may
*- 258/  /' 7/ ' /'    

!  
 /
$9! 6  345 /) *     ) 6    !

  ' ! 
including Exxon Mobil Corp. Europe is likely to respond make alcohol at its Herne and fear that halting dividends now
) /  ' ' 6  ) 6  6+ '    &&  / and Dow Chemical Co. by importing more from Tai- Moers plants in western Ger- would send a signal that they
 :    7/' /( . 
! '      '
 ) 6  6+  :       !
     “This was a March unlike many, according to a spokes- are worried about the solvency
!
 
         
 
!!  !!
 
''    0(*  
 
  
 &
  2 

! any other March we have had,” Price of isopropyl man. The chemicals group will of the banking system. And be-
     
  
    


   &
  & said Jeremy Pafford, head of alcohol in the U.S. use some of this alcohol to cause dividends are paid quar-

     
 !
"
  !
 
     
#
 $ 
   
   % & @5'+  6 '  *  ' **'' North American market devel- make hand sanitizer, which it
 '& (  #   ) *  +
   @5'+ 6  ('/( (1 * *  $3,000 a metric ton
( ( ;/4
 <= % ,'- 7/5 /+ ('/ 1' opment at data provider ICIS. will give to hospitals for free.
!
 
      5 7  '( ! !"!"  /65(()
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25+'* ,, &'  #"&- 2
 
“You compare it to February Exxon’s isopropyl-alcohol Former Fed

     
 ! "
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! !! 1  .5> % B and it’s night and day from a 2,500 unit at its Baton Rouge plant in Chairwoman
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   3
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 <9=
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6 6 * */(' 6 1( E?!#<!"" C/'+'( %E$ E?!#<!! +'( cohol is posing an obstacle to 2,000 The company is working with give banks a
1'  /  ++ 2/4  6 ' +,-.- +/.5>J81/+ 81DJ81/+ . ('/4J
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  makers of disinfectant and san- state governments to supply al- buffer if they
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itizer as they seek to lift pro- cohol for use in disinfectants, a need it.
  *  25'( 2(*  ') !!  !
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1,500
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 !<"<9E9 9"H ' duction. Some manufacturers spokeswoman said.
6 6 ++ 2/4  30/'( 1' 2 5 7 EE""! (  %E$ are turning to alternative ingre- Dow plans to repurpose four
6 ++ 2/4 ' .'(' 6  /*5 F$9#$9"" C/'+'( %E$ F$9#$9" +'( '
* ) 5/ /' ' .'(' 6  /DJ4'4(*/+ +J4'4(*/+ dients. One, ethanol, has cheap- 1,000 plants in North America, Eu- terly in the U.S. instead of an-
/*5 ((  5(( * .'*    #*# >) C / $""
 2(( 2
!
 
     '/> (('' 9"9?< (  %$! F9!# ened because of the recent fall rope and Latin America into nually as in Europe, the Fed
55   *  /*5 ((  () !""" C/'+'( %$! F9!#!!"" +'( >>)
  (*'> * 6 6 ++ 2/4  /J4'4(*/+ #*# 2  ( 
in oil prices and the decline in hand-sanitizer factories, a has the ability to reassess the
) 30/'( 1' ' )  25'( 9" 7'> .5
1 K4
1 K4 ""!! car traffic in the U.S. and else- 500 spokesman said, lifting the situation in the coming weeks
2(*  + 1 +) /+  (  %!! <<9#<F"" C/'+'( %!!
25'( 2(* <<9#<H"" +'(  (J4'4(*/+ where. Shortages have been company’s sanitizer production and months.
!
 
     55 !
  # # " 
& 
  

most acute in Europe, where to around 200 metric tons for a Ordering banks to suspend
  *  ?"#/ 2(* +)   !   0 Weekly
/('+  1( /4 **5/' 1'  /   * '  /   / (> restrictions on border crossings four-week period. Isopropyl al- dividend payments would be
 ++ 2/4  30/'( 1' 6 1'  ( 65 *'>' 6 / *: 6*(
++ 2/4 ' .'(' 6  /*5 * 7 '*'0/' 5+  ''> *' designed to contain the virus 2000 ’10 ’20 cohol will remain in short sup- tantamount to “kicking them in
) 5/ **5/' ' .'(' 6  /*5 (*'> + ) ('+'* ''(')  '
((  5(( * .'*    *  ?"#/ %$99!L ''> (5+  ' %F??L have made it harder to move Note: Data as of March 31. ply for the foreseeable future, the shins” at a time when the
2(* ((  @5'*  0(  +** ''> 2 (*'> + ) %!H""L ''>
7 5 .4'> 5/  * **5/' alcohol around the continent by Source: S&P Global Platts he predicted. government is relying on them
'( *   ' %FF!HL * ''>
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     5  5/  ' %!F  (/' 6  to continue lending through
 @5 6 ) ')  '/ /('+ * *: .'/ ** ' E"" '/( 2
('/'' > 6   2 1'(( 25' <E"" . (* F"!"$ the downturn, said Christopher
.'*  / ) 6  * *  6+ 6 / !  '('D* + 5* 5  1'
6  */(' @5'*   0(* )  *0* ' .  +'> /'* 
/*5 '  ( '* 6 '+ 25/ + '  *   '   ('/(
Diamond Business Loses Luster Marinac, director of research
for Janney Montgomery Scott
LLC. “It’s telling the banks they
BY ALEXANDER GLADSTONE mond market-research firm. cessors’ demand for rough di- did something wrong when in
ANNOUNCEMENTS BUSINESS OPPORTUNITIES “But it is also a difficult time amonds, all diamond fact they did a lot right by
The diamond industry faces to buy a diamond,” he said, re- processing came to a virtual building capital and strong
   
! "#  a reckoning, with mines and ferring to store closures. halt after Prime Minister Nar- earnings,” he said.
 
 !## " "   "!#" !"  $  !  processing centers closed due Even before the Covid-19 endra Modi in the past week Mr. Marinac estimates that
  
        #!" "!     
    to the coronavirus pandemic outbreak, prices for both declared a national three-week large- and medium-size banks
                 
   
  
 
   

and demand threatened by a rough and retail diamonds had shutdown of nonessential will distribute about $54 bil-
  

   

 
     looming global recession. been sagging due to a supply businesses and government lion in dividends for all of
  
     !
Market leader De Beers, a glut coupled with declining offices. 2020, or roughly $13.5 billion
 
!!   !" "
unit of Anglo American PLC, marriage rates among millen- “The industry was in a frag- per quarter.
 $
! "#  %!"

   has canceled a diamond auc- nials. ile place to begin with, and The biggest U.S. banks, in-
tion, its third planned for this Also, in India, where the virus is a major blow,” Mr. cluding Bank of America Corp.
RESIDENTIAL REAL ESTATE
year, after its second auction roughly 95% of the world’s di- Zimnisky said. “The whole and JPMorgan Chase & Co.,
BUSINESS OPPORTUNITIES ended in early March with amonds are cut and polished, supply chain is frozen.” already have halted share buy-
  
 
  sales down 28% from last a multibillion-dollar banking Mr. Zimnisky’s diamond- backs, which make up the bulk
  
         

           
 year’s event. scandal linked to prominent price index, based on aggre- of their capital distributions—a
 
 
   
        Meanwhile, smaller mining jeweler Nirav Modi caused gated prices for rough dia- move the Fed may see as going

                
       
 ! "     
 companies such as Petra Dia- banks to hold back on credit monds globally, has declined a long way toward preventing
                #$%! &   monds Ltd., Dominion Dia- to diamond processors. 11% year-to-date and is down the economic downturn from
     
          '"( )  ! * +       mond Mines and Mountain With the credit crunch al- more than 21% over the past morphing into a financial cri-
    
   
  
        !
   Province Diamonds Inc. con- ready cutting into Indian pro- five years. sis. And, dividends comprise a
  
  
  
    front rising risk of financial much smaller slice of the capi-
 
 
 
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default after virus concerns tal distributions made by U.S.
$%& '() $* "& led them to close their mines. banks—roughly 25%—com-

  
 As miners and processors pared with 75% in Europe.
SAM PANTHAKY/AGENCE FRANCE-PRESSE/GETTY IMAGES

    

try to survive the downturn, The Financial Services Fo-

    

the retail side of the business rum, which represents the big
   


is also struggling with jewelry banks, said the decision would
     THE stores around the world free up capital for loans to con-
    MARKETPLACE closed because of the pan-
demic.
sumers and businesses strug-
gling with the rapid economic
ADVERTISE TODAY An average-quality one- slowdown.
  
 carat diamond now carries an Meanwhile, banks have sig-
(800) 366-3975
    average retail price of $5,300, naled they have no intention of
    For more information visit: down from $6,200 in 2015, ac- cutting dividends. “From our
    wsj.com/classifieds cording to Paul Zimnisky, the perspective, our dividend is
!"#$%&#%"$ founder of research firm Dia- sound, and we plan on continu-
' ( )))*
+*
© 2020 Dow Jones & Company, Inc.
mond Analytics. ing to pay it,” Citigroup Inc.
,
*
All Rights Reserved.
“Now is a great time to buy CEO Michael Corbat said
a diamond,” said Edahn Golan, An average-quality one-carat diamond now carries an average Wednesday in an interview on
who runs an Israel-based dia- retail price of $5,300, down from $6,200 in 2015. CNBC.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, April 4 - 5, 2020 | B15

MARKETS

Stocks Fall as Investors Weigh Jobs Data

New figures on the since the outbreak started.
The S&P 500 fell 38.25
toll of the pandemic points, or 1.5%, to 2488.65. The
also hurt sentiment; Nasdaq Composite lost 114.23
points, or 1.5%. The Dow Jones
bond yields drop Industrial Average fell 360.91
points, or 1.7% to 21052.53.
U.S. stocks and government Major U.S. indexes ended
bond yields fell Friday, capping the week with modest declines
another week of declines, after after logging the worst quarter
new data revealed that the since the financial crisis. All
three are down more than 24%
By Gunjan Banerji, from their mid-February highs.
Anna Hirtenstein Many investors were brac-
and Chong Koh Ping ing for disappointing jobs num-
bers due to the profound effect
pandemic’s toll on Americans of the coronavirus on people,
has increased by the day. businesses and markets around
The monthly jobs report the world in recent weeks.
showed that employers shed “I don’t think anybody’s
701,000 jobs in March, the surprised that it was a terrible
start of a labor-market slow- month,” said JJ Kinahan, chief
down stemming market strategist at TD Ameri-
FRIDAY’S from the corona- trade. “We know it’s going to
MARKETS virus pandemic. be brutal. These are hard
It’s a jarring shift times.”
for a job market that was Friday’s report marked the
booming just a few weeks ago, first time since 2010 that em-
with unemployment hovering ployers shed more workers
near multidecade lows. than they added. Still, many
Meanwhile, Gov. Andrew were girding for even gloomier
Cuomo said New York, the figures to be released in com-
hardest-hit state, saw its high- ing weeks. The latest monthly
est single increase in deaths jobs report doesn’t reflect the
2650 data is yet to come.” indicating that the Chinese
As stocks fell, investors economy is still in need of sup-
turned to the relative safety of port despite people returning
2600
March jobs
government debt. The yield on to work. To encourage more
Friday the 10-year U.S. Treasury note lending, it cut reserve ratio re-
2550
report says 2488.65 fell to 0.587% after settling at quirements for small- and me-
701,000 jobs lost
0.624% in the previous session, dium-size banks by 1 percent-
S&P 500 capping off a third straight age point and lowered rates
2500 week of declines. Bond yields for commercial banks’ excess
fall as prices rise. reserves to 0.35% from 0.72%.
Investors said they were On Thursday, Brent leapt
2450
continuing to track contain- 21%, marking its largest one-
Mon. Tues. Wed. Thurs. Fri. ment measures in the U.S. and day percentage gain on record,
Index performance this week countries around the world. based on data going back to
–1.7% Nasdaq Composite Some investors attributed the 1988. President Trump said he
–2.1 S&P 500 smaller gyrations this week to expected Russia and Saudi
the moves by the Federal Re- Arabia to agree to cut produc-
–2.7 Dow industrials serve, which they said made it tion. Moscow denied talking to
easier to trade across asset the Saudis, but the kingdom’s
–7.1 Russell 2000
classes. officials said it would consider
–11.0 KBW Banks In Europe, economic data substantial output cuts if other
out Friday showed the brutal nations joined the effort.
Source: FactSet impact the coronavirus is hav- Luca Paolini, chief strategist
ing on economic growth. Pur- at Pictet Asset Management,
millions of unemployment-in- fort to contain the virus. chasing managers’ indexes for said Friday’s stock declines
surance claims that people Investors were also wary of the services sector in the euro- show the market is skeptical
filed in the last two weeks of fresh data that shows the zone fell to the lowest level about oil-production cuts. It
March. spread of the coronavirus ever. The pan-continental would take coordinated action
A record 6.6 million Ameri- across the U.S. “We could be Stoxx Europe 600 dropped 1%. from all the major oil produc-
cans applied for unemploy- entering the next few weeks of In Asia, major stock indexes ers, including the U.S., to make
ment benefits last week—dou- peak fear,” said Rusty Van- were largely flat. The Shanghai a lasting difference.
ble the number two weeks ago neman, chief investment offi- Composite Index closed down “If there’s an agreement for
—as the country shut down cer of Orion Advisor Solutions. 0.6%. The People’s Bank of a production cut, I would see
parts of the economy in an ef- “I think that some of the worst China eased monetary policy, that as a positive,’’ he said.

Saudis, Russia Press U.S. for Cuts Markets Show Relief

Saudi Arabia and Russia are
Over Dollar Funding
pressing the U.S. to coordinate
oil output cuts in an attempt to BY PAUL J. DAVIES money market, and we can see
stabilize prices, OPEC officials AND CAITLIN OSTROFF from them the difference that
the Fed’s liquidity efforts were
By Summer Said, In a sign of receding ten- making,” said Jane Foley, head
Benoit Faucon sions in international finance, of currency strategy at Ra-
and David Hodari the cost to borrow dollars bobank. The recent swings back
against other currencies mar- in the other direction, however,
said, as the demand for crude kets has sharply re- may be masking continued un-
plummets amid the coronavirus CREDIT versed in recent derlying stress.
pandemic. MARKETS days. A huge short- Cross-currency basis swaps
U.S. oil companies are di- age of dollars now are composed of several com-
vided over the proposed coop- appears to have turned into an plex inputs. These include in-
eration between the world’s equally large oversupply. terest rates that measure bank
three biggest crude-producing The interest rates on cross- funding costs in the U.S. and
nations, which would be un- currency basis swaps, a con- abroad, as well as market-
precedented. Some major oil tract where one party borrows based expectations for foreign
companies, including Exxon currency from another and exchange rates, says Matthew
LEONHARD FOEGER/REUTERS

Mobil Corp. and Chevron lends their own currency in re- Johnson, a strategist at UBS.
Corp., are opposed to the plan. turn, were deeply negative in He says the apparent im-
Some American shale produc- mid-March, signaling a surge in provement in the cross-cur-
ers, including Pioneer Natural demand for dollars. Now the rency basis swap market may
Resources Corp., are trying to same rates have hit unusually be for bad reasons. The U.S.
find ways to join the Saudi-and- high positive levels, suggesting bank funding cost part of the
Russia-led plan. it has become more costly to equation, for instance, has
Top executives from U.S. en- Energy Ministers Prince Abdulaziz bin Salman Al-Saud of Saudi Arabia and Russia’s Alexander Novak. borrow the other currencies in- jumped in recent weeks. This
ergy companies were expected stead. The three-month euro- can be seen in the difference
to take up the matter in a its prices and said it would un- haven’t attended OPEC gather- Russian President Vladimir dollar basis has swung from between the dollar London in-
White House discussion con- leash a flood of oil last month ings in many years. Putin said Friday that his coun- minus 0.65% on March 16 to terbank offered rate—or Libor,
vened by President Trump on after it failed to reach a deal Under that option, Saudi try was ready for a deal with plus 0.58% Friday. The three- the rate at which banks lend to
Friday. Oil prices jumped by with Moscow on a response to Arabia would reduce output by OPEC and the U.S. He said that month yen-dollar basis has each other—and overnight in-
double-digit percentages a sec- falling demand. The ensuing three million barrels a day from a collective cut of 10 million swung from minus 1.24% on terest swaps. This has jumped
ond straight day on hopes of a price war, along with lock- current levels, a group of other barrels a day would be needed March 20 to 0.25% Friday. from 0.77 percentage point in
detente in the global price war. downs and travel bans amid the Persian Gulf countries and Rus- to balance the market. A big part of the reversal is mid-March to about 1.3 per-
The Saudi-led Organization pandemic, has pushed oil prices sia by 1.5 million barrels a day “We are all concerned about because the Federal Reserve centage points now.
of the Petroleum Exporting to their lowest level in 18 years. each, these people said. Oil pro- the way the situation is devel- launched a series of emergency “The Fed has dealt with the
Countries and 10 nations led by Mr. Trump’s remarks on ducers outside the Saudi-Rus- oping, everyone is interested in measures to ease international offshore-dollar squeeze, but
Russia are set to hold a virtual Thursday sparked a record- sian oil alliance, in the U.S., joint and—I’d like to stress it— demand for dollars starting there still remains a reasonable
emergency meeting on Monday. breaking percentage climb in Canada, Brazil and others, coordinated actions to ensure March 17. These included open- amount of stress” in U.S. do-
The group is considering oil prices, with Brent and U.S. would reduce output by about a long-term market stability,” Mr. ing swap lines to a string of mestic markets, Mr. Johnson
whether to invite representa- crude notching gains of 21% further two million barrels a Putin said during a video meet- foreign central banks. This al- said.
tives from the U.S. and Canada, and 25%, respectively. day, they said. The rest of the ing with Russian oil officials. lows them to borrow dollars A related issue has been the
including from Texas and Al- Brent crude, the global Vagit Alekperov, the head of from the Fed in exchange for unusually wide difference be-
berta. The outcome of Mon- benchmark rose another 14% to Russian oil major Lukoil, said their own local currencies. The tween the prices at which
day’s summit will largely de- $34.11 a barrel on Friday. West that it wasn’t clear by how foreign central banks can then banks will buy and sell curren-
pend on whether Mr. Trump Texas Intermediate futures, the
Major oil companies much Russia would cut produc- supply dollars locally to ease cies, known as a spread. Much
and U.S. oil companies can U.S. bellwether, gained 12% to are worried about tion as the situation “changes the strains. The Fed also said of the activity was in one direc-
reach a consensus Friday on $28.34 a barrel. Still, both price every day.” this week it would lend foreign tion with many banks and in-
oil-production cuts. gauges have lost about half of
implications of any The U.S. Department of En- central banks dollars in short- vestors all trying to buy dollars,
While the U.S. government their value since the start of concerted curbs. ergy is also looking at ways to term loans backed by Treasury according to Olivier Korber, a
and some companies cannot the year. convince the Saudi-and-Russia- securities. strategist at Société Générale.
formally join the 23-nation The drop has prompted U.S. led groups that U.S. producers International rates to bor- “For the first time this week,
Saudi-and-Russia-led alliance producers to slash drilling bud- can follow through with any row dollars shot higher last we’re seeing some tightening of
because of antitrust and sover- gets and idle rigs. The number cuts would be shared between voluntary curbs they propose, month as the spread of the cor- the spreads,” he said. “We can
eignty issues, they are trying to of rigs drilling domestically fell smaller producers who already the people said. Many OPEC of- onavirus hammered markets. say the worst is behind us.”
figure out ways to convince to 664 Friday, down from 770 a belong to the Saudi-Russian al- ficials don’t believe the U.S. Banks around the world suf- Meanwhile, U.S. government
Saudi Arabia and Russia to re- month ago, according to Baker liance. producer will voluntarily re- fered strains to their balance bond yields held steady Friday
duce output. Riyadh and Mos- Hughes Co. Yet it could be Among those are some U.S. duce production without U.S. sheets due to the sudden high after the March jobs report saw
cow have privately made it months before the slowdown shale producers, who have told government intervention. demand for cash—especially the biggest monthly increase in
clear they won’t cut output un- results in diminished output. OPEC they were ready to carry While the output reductions dollars—among companies and the unemployment rate since
less U.S. producers do so as U.S. crude production has held voluntary production cuts amid could help cushion the current investors worried about eco- 1975. Yields on 10-year Trea-
well. near a record level of 13 million a ballooning oil glut, said peo- oil price crash, most analysts nomic shutdowns. surys were at 0.595% versus
Mr. Trump said Thursday he barrels a day through March 27. ple familiar with the matter. say it won’t be enough to make “The cross-currency basis 0.624% Thursday and 30-year
was hopeful that a truce could The Saudi-and-Russia led al- Some of them, in Texas, are up for how much fuel demand swaps are a really important Treasury yields were at 1.238%
be worked out in the oil-price liance will discuss output curbs backing the possible curtail- the pandemic has erased. Gold- indicator of the stress in the compared with 1.268%.
war between Saudi Arabia and of 10 million barrels a day in- ment of 500,000 barrels a day, man Sachs, for instance, esti-
Russia after he had spoken to cluding North America, on the these people said. But major oil mates oil demand this week fell Spreads on three-month cross-currency
Saudi Crown Prince Moham- Monday conference call, the of- companies are worried any by 26 million barrels a day—or basis swaps vs. the dollar*
1.3 pct. pts.
med bin Salman. ficials said. It wasn’t clear concerted curbs could expose a quarter of global demand.
Euro
Saudi Arabia, the world’s whether North American pro- them to risks of lawsuits on an- —Georgi Kantchev 0.5 pct. pts.
largest crude exporter, slashed ducers would participate. They titrust grounds, they said. contributed to this article.
0
Yen

Trump Offers Help to Revive U.S. Oil Sector –0.5 1.0

BY TIMOTHY PUKO lytics firm Rystad Energy said
AND CHRISTOPHER M. MATTHEWS Friday.
“The entire world is shut
WASHINGTON—President down trying to get rid of this
Trump promised oil-industry scourge,” President Trump said
leaders the government would about the pandemic before in-
help revive the sector during a troducing oil executives at the
much anticipated White House meeting. “We’ll work this out
meeting Friday. and we’ll get our energy busi-
Chief executives of Exxon ness back.”
Mobil Corp. and Chevron Corp. The first part of the meeting
and leaders of seven other en- ended after an hour. President
ergy companies joined the Trump said there would be a
president as the new coronavi- news conference to discuss
rus pandemic slows the econ- more developments later Fri-
omy and ravages the energy day.
business. Dwindling demand Saudi Arabia and Russia are
has helped to halve crude pressing the U.S. to coordinate
prices since January and more cuts to oil output in an attempt
than 70 U.S. oil companies, al- to stabilize prices. The outcome
ready heavy with debt, are at of a virtual emergency meeting
risk of bankruptcy, energy ana- the two are planning for Mon-
day with the Organization of
the Petroleum Exporting Coun-
tries may largely depend on
whether President Trump and
U.S. oil companies can reach a
consensus on U.S. production
cuts.
While some in the industry
want the Trump administration
to pressure the Saudis and Rus-
sians, many large U.S. oil com-
panies oppose cooperation be-
tween the world’s three biggest
crude-producing nations, which
would be unprecedented. Exxon
Mobil and Chevron have lob-
bied against any market inter-
vention, and the possibility
wasn’t discussed in the first
part of the meeting.
Some smaller companies
that drill U.S. shale wells want
the government to intervene –1.0
aggressively. Pioneer Natural
Resources has pushed to find –1.5
ways for the U.S. to join the 2017 ’18 ’19 ’20
plan led by Saudi Arabia and
Russia. Continental Resources
and its founder and Executive Three-month Libor-OIS spread†
Chairman Harold Hamm, who 0.5 pct. pts
was at the meeting, have
pushed for aggressive tactics
such as anti-dumping measures
or U.S. government investiga-
tions of the Saudis for flooding
the market.
President Trump during a
briefing said oil executives
didn’t ask for a bailout. “It was 0
really more of a discussion than
asking. We did discuss the con- 2015 ’16 ’17 ’18 ’19 ’20
cept of tariffs because, as you *More positive indicates a lower cost for borrowing dollars †London interbank offered rate minus
know, this was a dispute among overnight indexed swaps
a couple of countries,” he said. Sources: FactSet (basis swaps); Refinitive (Libor-OIS spread)
 B16 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Property is usually considered a Property Abatements

low-risk asset class, but stock in-
U.S. real-estate investment trust
vestors would be forgiven for not
sectors, change in enterprise value*
noticing.
from Feb. 21 through April 2
Publicly traded real-estate in-
vestments have been anything Data center –3 %
but a haven in the coronavirus
storm. After an initial period of Tower –7
resilience, S&P 500 real-estate in- Self-storage –
vestment trusts (REITs) plunged
Life science –5
even faster than the wider index
as Covid-19 turned into a global Industrial –0
pandemic last month. The same Single-family rental –
trend is observable on European
Office –5
stock markets.
There is one highly visible rea- Gaming –7
son: Commercial real estate and Manufactured home –7
social distancing don’t mix. Across
large parts of the world, shops, Apartment –9
restaurants and gyms are shut, ho- Student –30
tels are emptier than they ever
JONATHAN BRADY/ZUMA PRESS

Strip mall –34

have been and student accommo-
dation lies vacant. Landlords will Net lease† –34
need to share the pain with their Mall –35
tenants or risk sending them into
Hotel –35
bankruptcy, creating permanent
holes in their portfolios and a pub- Health care –35
lic-relations storm to boot.
*Market value plus net liabilities
Some landlords have moved †Tenants are responsible for property costs
early to defer or cancel rent in a Property centers like this one in London are nearly empty while many workers hunker down at home. Source: Green Street Advisors
sensible effort to get ahead of the

Property Bets Lose

downward curve. Privately held
real-estate company Bedrock, A more socially distanced vision
which owns roughly half of the of the future may be good for data
commercial property in Detroit’s centers and cell towers—another

Their Curb Appeal

downtown core, was among the resilient REIT sector this year—
first in the U.S. to offer most of its but it has worrying implications
retail and restaurant tenants free for offices and hotels. Retail land-
rent for two or three months de- lords have struggled with the
pending on their size. Land Securi- gradual drift of shopping online
ties and British Land, the U.K.’s over the past decade, setting an
two largest REITs, have both an- ominous precedent for any similar
nounced relief packages for Commercial real-estate investments were considered relatively safe. Then a global shift in working patterns.
smaller tenants. Land Securities pandemic emptied buildings and triggered a standoff between landlords and tenants. REITs performed very badly in
said Thursday that just 65% of the 2008 crisis as debt finance
rent due on March 25 had arrived dried up, forcing many to raise eq-
by the end of the month, com- rent for April. one of many REITs to have sus- senior-housing communities it uity at low valuations. This time
pared with 96% at the same point How landlords and tenants pended guidance and dividend owns had at least one diagnosed around, it is rental income that is
last year. eventually allocate the cost of this payments, pending more clarity on case of Covid-19. suddenly scarce. REIT balance
One open question is whether crisis will likely depend less on the the depth and length of the cur- Demand will suffer even for real sheets are in better shape, and
landlords with big mortgages can legal fine print and more on how rent crisis. estate less immediately touched by credit markets have recovered
force tenants to pay rent even deep their respective pockets are. As in the wider stock market, it Covid-19 or social distancing, such their poise as central banks have
though they are not allowed to use “Compromise will be the main so- is mainly the mandatory closures as offices, warehousing facilities flooded money markets with li-
the stores. Taubman Centers, a lution, and where that doesn’t aimed at stopping the spread of and even housing. quidity. That offers stock investors
mall REIT in the process of being work there will be litigation,” says Covid-19 that have worried REIT There are exceptions, though. some reassurance that landlords
acquired by sector giant Simon Dave Bragg, managing director at investors. In some sorry instances, The best-performing REIT sector won’t need another round of ex-
Property Group, sent a memo to real-estate research provider though, the disease itself is the since Feb. 21 has been data cen- pensive equity issuance. But this,
tenants last month reminding Green Street Advisors. problem. ters—the real estate from which like so much else, depends on just
them of their lease obligations. Whatever the state of their ne- The worst-performing REIT sec- your favorite miniseries are how long social-distancing mea-
But tenants might be able to in- gotiations with tenants, landlords tors since their combined peak on streamed. This reflects not just sures are necessary to contain the
voke “force majeure” clauses to re- seem resigned to a material loss of Feb. 21 include not just malls and high demand for Netflix while fami- new coronavirus.
nege on even the most rigorously income, at least temporarily. Uni- hotels but also health care—a cate- lies are stuck at home, but also a For all its reassuring familiarity,
drafted rental contracts. Restau- bail-Rodamco-Westfield, Europe’s gory that includes senior housing. longer-term bet: that the novel cor- investing in property seems to be
rant chain Cheesecake Factory has largest listed landlord and the Health-care REIT Ventas said on onavirus normalizes a higher level a surprisingly risky business.
told landlords it won’t be paying owner of the Westfield malls, is Monday that 33 of the roughly 740 of remote working and learning. —Stephen Wilmot

OVERHEARD The Unfiltered View of

JOBS: PAUL SANCYA/AP; CARS: PATRICK T. FALLON/BLOOMBERG NEWS

I will gladly pay you Tues-

day. Tuesday, April 6, 2027,
that is.
Americans who still craved
that new-car smell as the
economy was shutting down in
March had to make a real
stretch to afford it.
Once unheard of, it is be-
coming common for dealers to
offer 84-month loans, including
some zero-interest promotions.
Over a third of all car loans are
now in the 73- to 84-month
The American job engine is closed until further notice. range according to Edmunds,
and the average new-car loan
just went past 70 months for
the first time. Most warranties
For U.S. Workers, are barely half as long.
Dealers willing to accept
such terms are playing a risky
A Chinese Coffee Chain
The implosion of a Starbucks wannabe shows how
tough it can be to evaluate faraway companies
Luck is running out for Star- Gone to Ground
bucks’ challenger in China. The im-
Luckin Coffee share price
plosion of Luckin Coffee should
offer investors a few lessons. $50
The Chinese coffee chain—
which claimed to be the largest in
China with more than 4,500 40
stores, ahead of Starbucks—said
Thursday that several employees,
including its chief operating offi-
cer, fabricated much of its re-
ported sales in 2019. Luckin said
the fake transactions amounted to
30

It Will Only Get Worse game. Not only do credit

scores matter less amid all the
economic uncertainty spurred
2.2 billion yuan ($310 million)
from the second to fourth quarters
of last year—or in other words, for
20

by the coronavirus pandemic, every quarter it has reported or is- 10

In the waning days of winter, in the labor market. Millions of but such a long loan also sued guidance on since listing on
America’s job engine shuddered to workers leave old jobs and get makes the borrowers’ collat- Nasdaq last May. It hasn’t yet re-
a halt. hired for new ones. A sudden eral less attractive if some- ported fourth-quarter numbers but 0
Friday’s employment report was slowdown can add up to a lot of thing goes wrong. Carfax esti- had a forecast. That means nearly
2019 2020
stunningly grim. The Labor De- job losses even without layoffs. mates that a 5-year-old car half of the reported or forecast
partment reported that the econ- The jump in the unemployment typically will have depreciated sales for those nine months were Source: FactSet
omy shed 701,000 jobs in March— rate indicates that the number of by 60%. fictitious.
far more than the modest loss of people losing their jobs was even That still might beat unsold The stock hit new highs as re-
10,000 jobs economists expected, greater than what payrolls figures cars depreciating on dealer lots. cently as January, but has since misleading and irrelevant. But in
on average. The unemployment showed. That figure is based on U.S. sales in March had their fallen nearly 90%. It is noteworthy fact it seems very relevant.
rate jumped to 4.4% from Febru- how many people are on employ- biggest year-over-year drop that the collapse came less than a One interesting allegation in the
ary’s 3.5%, marking its largest per- ers’ payrolls in a given week, while since the financial crisis when year after Luckin’s much-hyped report, beyond the fabrication of
centage-point increase since 1975. unemployment is based on a sepa- General Motors and Chrysler $645 million initial public offering. revenue, is that Luckin manipu-
Economists were predicting 3.7%. rate survey that asks whether peo- eventually went bankrupt. The company was portrayed as a lated order numbers in its app to
What actually happened was ple are employed, unemployed and Handing over the keys and technology startup that delivers give an embellished image of its
even worse than what those head- looking for work, or neither. The waiting seven years to get paid coffee to your desk with just a few business. More sophisticated in-
line numbers showed, with more payroll report showed that the back is one way to move some touches of your smartphone. The vestors relied on third-party ven-
like three million people losing number of unemployed people in- metal, but mileage might vary. trite “if everyone in China buys dors to collect data beyond compa-
their jobs. And the bad news has creased by 1.35 million in March coffee” argument also seemed to nies’ financial statements. But if
only just begun. from February. That might have make investors less skeptical this accusation is well-founded,
The reason most economists got happened because employers laid about its astronomical growth that means they need to pay even
their estimates so wrong was that people off but gave them one last rate. closer attention to the question of
the surveys upon which the Labor paycheck. But there were plenty of warn- what data can reasonably be
Department bases its jobs num- That 1.35 million increase in the ings. The business model—subsi- trusted.
bers reflect the pay period that in- rolls of the unemployed doesn’t dizing every cup of coffee to boost Although Luckin said some em-
cludes the 12th of the month. That even include anyone who simply growth—never seemed sustain- ployees were responsible, inves-
was before shutdowns enacted in didn’t look for work and therefore able: Customers will likely ditch tors seem to think the blame could
response to the coronavirus crisis wasn’t included in the unemploy- the company as soon as it tries to lie further up. Hong Kong-listed
began rolling across the country ment rate. Looking for work when raise prices. The current economic CAR Inc., which was founded by
and before the number of workers everything is shut down isn’t easy. downturn triggered by the corona- Luckin’s chairman and largest
filing new claims for jobless bene- The number of people counting virus pandemic may have made its shareholder, Charles Zhengyao Lu,
fits shot higher. themselves as employed fell by cash burn untenable. fell 54% Friday and its trading was
Part of what probably happened three million. Moreover, an anonymous report halted. The corporate governance
is that, while many employers still April will be even worse. They publicized by U.S. short seller of the car-rental company has
hung on to the workers they had, are calling this a recession, but the Muddy Waters earlier this year been questionable and its stock
they simply stopped hiring. That danger is that it becomes some- raised suspicions about the com- has lost nearly 80% of its value
matters because, in any given thing deeper. Spring special: Pay us in 2027. pany’s accounting. Luckin said at since its 2015 IPO.
month, there is substantial churn —Justin Lahart the time that the report was false, —Jacky Wong
 CULTURE | SCIENCE |
Passover’s Plagues
The Jewish holiday will
have new meanings in the
year of Covid-19 C5

POLITICS | HUMOR
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The ‘Right’ Stuff
Reclaiming American
conservatism...from the
conservatives Books C7

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ILLUSTRATION BRIAN STAUFFER

Preparing
A
fter this, then what? data in nonpolitical ways to maximize the
We’ve all run out of chance of keeping its own citizens
words—unprecedented, healthy. And on the supply front, we need

For the
enormous, heartbreak- a detailed plan that allows for raw mate-
ing—to describe Covid-19, rials and rapid response capability when
finding ourselves reading essential medical supplies and equipment
so much depressing news are needed. This means reinstatement of
while hoping that the the U.S. Pandemic Response Team within

Next
curve of infection and the National Security Council and fully
death starts to flatten. But the pandemic, funding the global disease outbreak pre-
or more likely this phase of it, will end, vention efforts of the Centers for Disease
and it is not too early to ask, what hap- Control and Prevention (CDC).
pens next? More important, what needs The U.S. can draw two broad lessons

to happen next so that we do not find
ourselves in our current situation ever
again? I see three key areas that need to
evolve to make it less likely that the
world will face future pandemics.
Global Governance and Readiness. In
2015, Bill Gates was prescient in point-
ing out that countries carried out table-
top exercises planning for nuclear war
but did not practice thoroughly to get
ready for pandemics, especially the
most threatening sort of pandemics—
those, like Covid-19, spread through the
respiratory route. The World Health Or-
ganization would be the natural conve-
ner of these kinds of preparation exer-
cises. But many countries, especially
wealthier ones, are highly skeptical of
WHO and the need for cooperation to
ensure that the world stays healthy.
The perception—and at times, the re-
ality—is that WHO is slow and bureau-
cratic. The organization’s need to an-
swer to 194 countries necessarily limits
its ability to move nimbly, and expecta-
tions for its rapid action are hard to
square with the fact that the organiza-
tion is chronically underfunded.
Pandemic
The Covid-19 crisis has clear lessons for what we
can do now to stop a future global health emergency.
By Susan Desmond-Hellmann
As a result, the world lacks a shared
understanding, or even a shared vocabu-
lary, for pandemic preparedness and co-
operation. Just look at the communica-
tion of events associated with Covid-19.
A “pneumonia of unknown cause” de-
tected in Wuhan was first reported to
the WHO office in China on December
31. A month later, WHO declared the
outbreak a “public health emergency of
international concern,” and then on
March 11 declared a “pandemic.”
Despite these announcements, much
of the world acted like Covid-19 would
not have an impact on their citizens. As
evidence to the contrary mounted, de-
spite weeks of warning, it was clear that
the U.S. faced this peril with no readily
accessible diagnostic tests, no proven
therapeutics, no vaccine and a shortage
of medical supplies needed by patients
(ventilators) and care providers (per-
sonal protective gear).
Future leaders must be challenged to
do much better. It is essential to develop
an early-warning system that closely
tracks global disease trends and distrib-
utes accurate, real-time information
about them. Every country must be able
to assess and contribute global health
from the tragic unavailability of the
equipment that health care
workers need to safely
treat coronavirus patients. We must
First, there is no substi-
tute for federal prepared- develop an
ness when it comes to en- early-warning
suring a ready supply of
personal protective gear. system that
Companies like Apple and closely
Facebook stepped up to do-
nate masks they had stock-
tracks global
piled when California wild- disease.
fires pushed them to
protect their staff, and
other private companies were able to le-
verage their global supply chains to pitch
in. As grateful as we should be for these
efforts, it’s not the private sector’s job to
save us in a public health emergency.
Please turn to the next page
Dr. Desmond-Hellmann is the former
CEO of the Bill & Melinda Gates
Foundation. She is an adjunct
professor at the University of
California, San Francisco, where she
was previously chancellor.

Inside
Viral
HISTORY WEEKEND PSYCHOLOGY
CONFIDENTIAL

We now rely on coffee

to help us meet the Math An ex-Navy SEAL
Neuroscience
shows how we
demands of modern life, The power of now in Congress can achieve real
but for centuries the drink exponential growth gained insights by connections
explains the rapid
was viewed with doubt spread of disease— almost losing his using virtual
and disgust. C4 and how to stop it. C4 vision. C6 tools. C3
C2 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

We Only thority—who have

decided to con-
Main Street in
Livingston, Mont.,
typical, Italy was seen at the
time: its demographics, the

Ever Fight tinue functioning

more or less as
normal.
March 20.

city’s hospitals.
high proportion of Chinese visi-
tors, the spotty availability of
health care.
Threats I write this not
to join the orgy of
Many in the same
media organiza-
What’s more, would it have
been feasible—politically, ad-
EDITOR
AT LARGE When finger-pointing
that is now rou-
tions now con-
demning the pres-
ministratively—to lock down
the U.S. sooner? How could we
GERARD
BAKER They’re tine. Quite the op-
posite. For all the
name-calling and
ident’s dilatory
response were
themselves dis-
have expected people to keep
children home from school,
stop working and suffer the
Upon Us blame-apportion-
ing we are now
missing Covid-19
as nothing worse
enormous economic losses we
are now seeing when the
doing, the evi- than a seasonal threat was still seen by most
It would THERE ARE SOME PLACES in dence of much of flu. Neither will (including experts) as a low-
the U.S. where, as I write, you history is that the we forget how probability outcome?
have can still go into a bar, order a failure to respond adequately to fidence high and the economy many of them denounced as xe- All the time, we have to
been drink and have a meal within a a looming threat is embedded strong ahead of the election. nophobic one early measure make almost impossibly diffi-
devilishly few feet of fellow diners. “Take in our nature. Expecting us to It’s surely true that Mr. that the president did take to cult estimates around the risk-
me there!” we may be tempted respond to an impending chal- Trump’s repeated dismissals of protect the U.S.: the decision to reward calculus of our actions.
difficult to say, especially those of us lenge by taking the most ex- the seriousness of the threat block flights from China in late Even now, as the virus threat is
to lock who are already weeks into a treme measures to prevent it is contributed to a sense of secu- January. unmistakable, some argue that
mandatory lockdown diet of expecting something we have rity in the early stages of the The point is not that individ- it does not justify the economic
down the home-cooked food, experimen- rarely done—something ahis- epidemic that we now know uals failed to respond ade- devastation of the lockdown.
U.S. tal cocktails and takeout. toric and virtually unhuman. was misplaced. More could quately. It’s that it is devilishly History suggests that we
earlier. These last, fading glimpses Much of the media’s cover- have been done, especially to difficult, especially in a com- rarely get these decisions right.
of normality are still visible as, age of the past couple of weeks ramp up testing capacity. But to plex democracy, to mobilize a In the 1930s, Britain and France
everywhere, the scale of the has been built around validat- move from that proposition to community to preempt a chal- failed to head off the threat
threat from Covid-19 has be- ing the claim that the U.S. the argument that Mr. Trump’s lenge of this sort. posed by Nazi Germany. In the
come abundantly clear: thou- failed to protect its people from assurances were responsible for In hindsight, it was probably summer before Sept. 11, 2001,

WILLIAM CAMPBELL-CORBIS/GETTY IMAGES

sands of deaths already and
multiples more to come.
We have known for some
time now how much of a men-
ace this epidemic is and that
proximity among humans is the
primary means by which people
will get sick and die. Still, in
places there seem to be some—
citizens as well as those in au-
this extraordinary scourge and
is, as a result, headed for a far
more devastating outcome than
just about anywhere else on the
planet. The focus is, of course,
very much on the president.
Warnings were missed, it’s said,
and scientists ignored—all be-
cause of President Trump’s de-
termination to keep public con-
blocking preventive action is a
leap at odds with all we know
about human behavior.
For one thing, the president
wasn’t alone. Those of us in
New York City will long re-
member Mayor Bill de Blasio
exhorting us to go out to bars
when there was already evi-
dence of extreme stress in the
epidemiologically optimal to
lock down the entire country a
month earlier than we did—in
mid- to late February, let’s say.
We should have known, some
say, because we had the experi-
ence of Italy. But look back at
the commentary on Italy a
month or so ago, and you will
see how particular, rather than
the White House was warned of
an impending al Qaeda attack
and failed to head it off. These
were not failures of leadership.
They were almost inevitable
failures of human nature.
We never act until it’s too
late, mainly because most of
us don’t believe the threat is
real until it is.

The Steps Needed to Covid-19 but also, potentially, to cer-

tify health caregivers and other
anti-viral compounds, such as remde-
sivir, a compound developed by Gilead
tant model for the future.
In all of these efforts, an essential

Avoid the Next Crisis
Continued from the prior page
It is the role of the federal govern-
ment to adequately stockpile and plan
for a pandemic. Clear accountability
on the National Security Council,
matching the authority that already
exists for the military procurement
and supply chain, would allow asset
allocation to the states and regions in
greatest need. It would avoid what we
see today, with states competing
against each other for vital supplies.
Second, the concept of “surge ca-
pacity” does not appear to have been
part of the planning for ventilators,
and current needs massively exceed
normal demand. There is not only a
lack of supply but also a lack of readi-
ness—parts, established partnerships,
training—for quickly manufacturing
more machines. No single ventilator
company has significant excess capac-
ity, and none can produce large vol-
umes, so federal leadership is needed
to maximize the use of available ca-
pacity. There is also a clear need for
simpler ventilator designs, with stan-
dard parts to allow production to
scale up quickly.
The U.S. established the Strategic
National Stockpile in 2003 as an
emergency repository for antibiotics,
vaccines and other critical medical
supplies, but it has not adequately
served its role in this crisis. Covid-19
will focus attention on funding and
supplying it properly and planning for
distribution. For their part, the gover-
nors and mayors making
requests for aid today need
to be making “just in case”
plans for tomorrow, using
their experience with
Covid-19 to encourage the
reform and expansion of
the Strategic National
Stockpile.
Public Health. It is a
common complaint that
health systems and insur-
ers are too focused on ur-
gent and acute health
problems, treating disease
rather than investing in
prevention. We treat lung
cancer but underfund tobacco con-
trol, treat opioid addiction without
enough work on pain management,
and treat babies in intensive care
rather than give their mothers ade-
healthier will experience lower rates
of morbidity and mortality when in-
fectious disease is spreading. Higher
vaccination rates are essential too,
since they mean that fewer people
will be sick with flu and other pre-
ventable infections and occupying
precious hospital beds.
Even more important, we must
have functional public health depart-
ments for essential disease-control
efforts like contact tracing
and quarantine. While our
global governance for
public health derives from
WHO, the national entity
we count on is the CDC
and ultimately state and
local public health depart-
ments.
These agencies have
been front and center for
our safety in the face of
multiple prior infectious
threats, from HIV/AIDS to
Ebola and Zika. This safety
is grounded in public
health basics. The essential
tool in an epidemic is in-
formation: who has the
disease and who have they
been in contact with?
Surveillance and epide-
miology are key tactics in
this quest, but critical gaps
in our capacity have been
clear since Covid-19 hit the
U.S. Of greatest impact
were the now well-known mistakes in
novel coronavirus testing that left the
government blind to its spread. This
inability to trace the pandemic was
exacerbated by the clinical manifesta-
workers who will not risk acquiring
or transmitting the infection.
For future epidemics to be man-
aged more effectively, we must have
better information, and that means
having well-funded, well-trained and
well-prepared public health experts—
trained in statistics, epidemiology, and
laboratory and clinical medicine—at
the CDC and in the states
Innovation. Our ability to tap into
scientific innovation may turn out to
be one of the success stories in our
fight against the pandemic. Since
Lab work at Moderna,
which is testing
a Covid-19 vaccine
(above); N-95 masks at
a New York State
operations center (left).
China released the SARS-
CoV-2 genetic sequence in
early January, countless
labs around the world have
been working to develop
new ways to test, treat and
prevent Covid-19.
On diagnostics and testing, scien-
tific innovation is not yet making a
difference. Serologic tests for antibod-
ies have lagged behind testing for the
disease itself, and despite multiple ac-
Sciences, which failed in treatments
for Ebola but have shown promise
with some Covid-19 patients; antimi-
crobials, such as the antimalarial
drugs hydroxychloroquine and chloro-
quine, used together with the antibi-
otic azithromycin, which have shown
mixed results in small trials; and rem-
edies for severe Covid-19, such as the
compounds sarilumab from Regen-
eron Pharmaceuticals and Sanofi, and
toclizumab from Roche Holding. This
is just a small subset of medications
furthest along in their development.
The pursuit of therapies will be
further advanced by funding from the
newly launched Covid-19 Therapeutics
Accelerator (funded by the Bill & Me-
linda Gates Foundation, the Chan
Zuckerberg Initiative, Wellcome Trust
and Mastercard), specifically intended
to speed up R&D. There is also the
FDA’s Coronavirus Treatment Acceler-
ation Program, designed to fully staff
and support an accelerated regulatory
path for novel therapeutics. Many new
approaches to product development
are under way, using tactics ranging
Scientific
innovation is
one of the
balance must be struck between the
wish to quickly get remedies to se-
verely ill patients and the potential for
intolerable side effects. In addition,
media hype can lead to treating pa-
tients with ineffective medication in
the face of better choices. The experi-
ence with Covid-19 is a powerful re-
minder of the importance of conduct-
ing excellent clinical trials that
generate the proof needed to assure
caretakers and patients.
Anyone who studies the Covid-19
pandemic knows that we need a vac-
cine, and we need one
quickly. Yet, even more
than diagnostics and thera-
peutics, a safe and effective
vaccine will take time. Both
the pace and the breadth of
the efforts to produce a
vaccine are impressive. The
biotech company Moderna
was the first to treat a pa-
tient with an experimental
vaccine only 66 days after
the viral sequence was
available. Today, WHO lists
dozens of vaccine ap-
proaches under study.
It is exciting to see how
advances in genomics,
structural biology and im-
munology have contributed
to more innovative ap-
proaches to vaccines. And
it is not only small compa-
nies who are participating.
Johnson & Johnson an-
nounced a collaboration
with the federal Biomedical
Advanced Research and De-
velopment Authority and a
commitment of $1 billion as well as
their manufacturing capacity. Global
collaborations for rapidly developing
and producing vaccines for Covid-19
include Biogen and VIR Biotechnology,
Pfizer and BioNTech, GlaxoSmithKline
and Clover Health, and many others.
Perhaps the key organization fo-
cusing on long-term preparedness is
the Coalition for Epidemic Prepared-
ness Innovations, funded jointly by
the Bill & Melinda Gates Foundation,
Wellcome Trust, the European Com-
mission and seven nations. Since 2017,
CEPI has been working to produce a
“plug and play” platform approach for
dealing with “Disease X,” a newly
emerging epidemic disease such as
Covid-19. The concept of a platform
technology would enable rapid vac-
FROM TOP: DAVID L. RYAN/THE BOSTON GLOBE/GETTY IMAGES; MIKE SEGAR/REUTERS

quate prenatal care.
This tendency to address what’s
right in front of us rather than pre-
venting what might happen in the fu-
ture is clear from the numbers. Ac-
cording to the Trust for America’s
Health, in 2017, public health repre-
sented just 2.5% of all U.S. health
spending ($274 per person). That
small portion covers prevention, pre-
paredness, wellness and community
recovery for all Americans. A pan-
demic takes full advantage of such un-
derinvestment, especially our failure
to make primary medical care widely
and easily available.
Good public health means that in-
dividuals are far less likely to be
struggling with hypertension, obesity
or diabetes. People who start out
tions of Covid-19. Current estimates
suggest that 25% of those infected do
not have symptoms. Failures in test-
ing and high rates of asymptomatic
patients meant that leaders, health-
care providers and decision makers
did not know the incidence or preva-
lence of Covid-19, which is the basic
information necessary to effectively
contain an epidemic.
Finally, public health must provide
expertise in an aspect so far lacking
in this pandemic: serologic surveil-
lance. This allows us to ask a second
key question: not whether individuals
currently have Covid-19 but whether
they were ever infected and are now
immune. The ability to do such test-
ing would allow us not just to under-
stand the biology and course of
ademic and laboratory successes in vi-
ral detection, these advances have yet
to improve access to testing, accuracy
of results or speed of turnaround. Is-
sues have included inadequately
trained staff as well as the availability
of testing swabs and testing reagents.
Dealing with what might be consid-
ered the more mundane aspects of di-
agnostics is just as important as tech-
nical breakthroughs.
A true bright spot in innovation
has been the work happening on
treatment. Since the novel coronavi-
rus was reported in Wuhan, health-
care providers have been working to
repurpose existing medications. Bio-
tech and pharmaceutical companies
have fully participated in the early
tests. These have included work with
success
stories of the
response to
the Covid-19
crisis.
from artificial intelligence to CRISPR
gene-editing.
An example of unprecedented col-
laboration is the QBI Coronavirus Re-
search Group, involving hundreds of
scientists at the University of Califor-
nia, San Francisco. These investiga-
tors have found 50 drug candidates
that shield proteins that the corona-
virus needs to thrive. It is an impor-
cine development, elicit rapid onset of
immunity, and enable production to
be scaled up quickly to respond to
outbreaks.
This is the way forward—to focus
not only on the pathogens we know
but on preparing ourselves for the
pathogens we don’t expect. Today’s
epidemic is a powerful reminder that
infectious agents do not respect bor-
ders and that global cooperation is
essential for dealing with them. Clas-
sic public health tools are a must: We
cannot control what we cannot un-
derstand. And we need to maintain
the collaborative and generous spirit
that has emerged in response to
Covid-19. It may feel like a once in a
lifetime experience, but that, alas, is
unlikely to be the case.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | C3

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BY SUSAN PINKER

The Science of video chats: paying attention to the

A
writer posted a brief
video of her husband
blasting crème brûlée
with a welding torch
and called it Fattening
the Curve. A cellist uploaded his
tender rendition of J.S. Bach’s Alle-
mande in G Major to calm down his
Facebook friends. During the
Covid-19 pandemic, such social me-
dia projects are attempted work-
arounds to social distancing, along
with more traditional methods like
calling old friends and chatting with
neighbors from opposite sides of
the street. The question is, what
works? How do we get our basic
social needs met during a pan-
demic?
Answers are starting to sur-
face from the field of social neu-
roscience, which uses brain im-
aging and biological measures
like the hormones circulating in
our bloodstreams to track
how physical states like
isolation affect our
brains, and vice versa—
how our moods and so-
cial situations affect our
physical resilience.
Evidence shows that
social interaction is a bio-
logical requirement, much
like eating, drinking and sleep-
ing. Our ability to learn to talk,
play, acquire new skills, fall in
love, conduct business, and age in
good health all hinge on our mo-
tivation to connect with other
people, social neuroscientists
have found. So while social
distancing reduces trans-
mission of the coronavi-
rus, which is good for us,
it also increases anxiety,
frustration and loneliness,
which is bad for us.
Even before Covid-19 forced us to
self-isolate, a quarter of Americans
were chronically lonely—a psycho-
logical state that is invisible, conta-
gious and physically damaging, much
like the virus itself. Animals that
have been forcibly isolated show en-
during changes in their brains and
behavior, including ramped-up ag-
gression in males, anxiety, depres-
sion, decreased immunity to infec-
tion, and a heightened desire for
alcohol, food and morphine.
It’s as if the craving for others’
company is suddenly replaced by a
biological drive for more immediate
and risky rewards, a trade-off also
seen in humans. A new survey of 24
studies on the psychological impact
of previous quarantines, recently
published in the journal The Lancet,
shows that human adults who were
quarantined due to SARS, H1N1 and
Ebola show many of the same reac-
tions: more fear, more alcohol and
substance abuse, and more post-
quarantine resistance to in-person
contact—a “back off” feeling more
common among health care workers.
But why? As social animals, hu-
mans depend on physical gestures to
make us feel that we can trust other
people. Close proximity, back pats,
hugs, handshakes, high-fives, even
ROBERT NEUBECKER
Staying Connected
With millions under quarantine, social neuroscience shows how
we can achieve real communication using virtual tools.
right now. The togetherness we feel
at religious services when we sing,
sway or clap at the same time, the
reassurance we derive from family
and holiday gatherings—these activi-
ties seem like second nature to us,
yet they now present infection risks.
This inconsistency creates an unset-
tled, watchful feeling, an urge to rec-
oncile the contradiction that psy-
chologists call cognitive dissonance.
Until we can ease up on our vigi-
lance, social neuroscience can help.
Making genuine psychological con-
tact depends on infinitesimal cues
that the human brain picks up when
someone is talking directly to us,
says Patricia Kuhl, a co-director of
the University of Washington’s In-
stitute of Learning and Brain Sci-
ences. If you’re not actually in the
same room as the person you’re
talking to, making those cues ex-
plicit is a first step.
In 2003 Prof. Kuhl published a
study showing that nine-month-old
babies who heard a live person
speaking to them in a second lan-
Humans
depend on
physical gestures
to make us
feel that
we can trust
other people.
video recordings couldn’t do the
same. “There was phenomenal
learning in the live group and no
learning at all via a disembodied
source,” said Prof. Kuhl.
To replicate the power of actually
being there, “contingency is what
we need,” she explained, referring
to the small nods, interjections and
changes in gaze that ping back and
forth during a meaningful conversa-
tion. “It’s all exquisitely tuned. Sec-
onds are an eternity; milliseconds
are what matter.” Responding con-
tingently signals to the listener that
me from her home office in Seattle.
To approximate that immediacy
in online conversations, Prof. Kuhl
prefers videoconferencing apps like
Zoom, which are less apt to freeze
or inject unnatural delays into the
conversation. She suggests propping
up your screen so you can look in a
straight horizontal line at the
speaker, making it easier for them
to see your micro-expressions.
Lighting your face from the front
and using clear facial expressions
helps, as does allowing pets and
children to wander into the frame.
“I’m getting to know my people,”
she said of her video calls with her
lab staff, whom she now sees
bouncing babies on their laps or
“zooming” from their children’s
bedrooms. “It’s not face-to-face, but
we’ll come back with a new under-
standing of each other.”
The social neuroscientist Elizabeth
Redcay, at the University of Mary-
land, wrote in an email that many of
the aspects of in-person contact that
we crave—like touching, following
same thing at the same time and be-
ing able to react instantaneously. In
a 2010 study, Prof. Redcay showed
that when a test subject lying in a
scanner interacted with a researcher
via live videoconferencing, regions of
their brain related to mind-reading
and social reward showed far greater
activation than when they watched a
prerecorded video of the researcher
talking about the same topic. Inter-
acting in real time was key.
Even marmosets communicate
through reciprocal interactions, the
MIT social neuroscien-
tist Rebecca Saxe
told me via Zoom.
“When they can’t
see each other,
mother and baby
marmosets communi-
cate with contingent
gaps between their
calls.” Those exquisitely
timed call-and-responses
in the wild are a sign that
we primates need that so-
cial to-and-fro as much as
we need to eat. In fact, a new
study by Prof. Saxe and her
postdoctoral student, Livia To-
mova, shows exactly that: fMRI
images of adults’ brains scanned
before and after a day of social iso-
lation revealed patterns of neural
activity almost indistinguishable
from those of people who had
fasted all day. People who are
forced to be isolated crave social in-
teraction the way a hungry person
craves food, they write.
Clearly, interacting with other
people satisfies basic human needs,
but it has broader social benefits,
too. It can help temper our primi-
tive response to contagious dis-
ease, which is to feel dis-
gust. Disgust evolved in
humans to protect us
from real dangers,
such as eating rotten
food, but when ap-
plied to other people
it can lead to feelings
of moral superiority and so-
cial avoidance.
A new paper on the Covid-19 cri-
sis by a group of 36 psychologists
and neuroscientists, soon to be pub-
lished in the journal Nature Human
Behavior, warns that “feelings of
disgust can bleed into how we form
impressions of other people. With
worries about physical health more
salient, people may become more
judgmental of others’ behavior and
make less charitable interpreta-
tions.” Without a constant flow of
verifiable, transparent information,
the group warns, these reflexive
feelings of disgust can turn into an-
ger and hostility against out-groups,
with potentially dangerous, even le-
thal consequences.
As individuals and as a society,
the lesson is the same. “We need to
connect, we need to interact,” said
Prof. Kuhl. “When this is all over,
those first hugs and gazes will send
oxytocin through us that will last a
long time.”
Dr. Pinker is a psychologist and a

just locking eyes with someone for a
moment—these are primitive signs
that we’re accepted and belong
somewhere. Yet these gestures are
exactly what we’re supposed to avoid
guage, Mandarin or Spanish, fo-
cused intently on the person talking
and then recognized those speech
sounds later. Babies who heard the
same speech sounds on audio or
you’re paying attention. “Think
about being on the phone. If some-
one doesn’t respond, we say ‘are
you there?’ When there’s no re-
sponse, we notice,” Prof. Kuhl told
the direction of each other’s gaze and
mirroring each other’s gestures—are
missing from most online exchanges.
But two key requirements of our so-
cial brains can be preserved during
Mind & Matter columnist for Re-
view. Her most recent book, “The
Village Effect,” explores the sci-
ence that underlies our daily in-
teractions.

Seeking three days later, Gov. Gavin

Newsom issued what he called
sembles another expression that
took hold in the late 1970s: “ag-

Safety “a statewide, mandatory STAY

At Times
WORD ON
THE STREET Of Extreme
BEN
ZIMMER Danger
AS THE NOVEL CORONAVIRUS
has ferociously spread across
the country, most U.S. states
have imposed drastic measures
ordering residents to remain at
home to slow the spread of the
virus and the deadly disease it
causes, Covid-19. But there is
little consistency in what these
AT HOME order,” refraining
from using San Francisco’s “shel-
ter in place” language.
The next day, on Mar. 20, the
state of New York issued its own
directive, which Gov. Andrew
Cuomo termed the “New York
State on PAUSE” executive or-
der. (“PAUSE” is an acronym, or
more precisely a backronym—
the result of a series of words
reverse-engineered to form a
memorable acronym—that
stands for “Policies Assure Uni-
form Safety for Everyone.”)
When a reporter asked Mr.
Cuomo at a press briefing if he
was issuing a “shelter in place”
order, the governor insisted
ing a nuclear event, isolate
yourself in the interior room,
no windows, stay there until
you get the all clear sign.”
The phrase “shelter in place”
indeed got its start in Cold War
scenarios of nuclear attacks, as
Mr. Cuomo suggests, though it
has been used in a wide array of
emergency situations since then,
sitive use meaning “to provide
cover for” (as in “shelter the ani-
mals”) and an intransitive one
meaning “to take cover” (as in
“the animals sheltered under the
trees”). The verb is intransitive
when people are instructed to
“shelter in place.”
The earliest known examples
of “shelter in place” come from
ing in place,” used by demogra-
phers for those who grow old
while staying in their own res-
idences rather than moving
out. A 1979 report by the
Urban Institute, “The Gray-
ing of Suburbia,” explained
that “the growing share of el-
derly households in suburban ar-
eas is primarily attributable to
aging in place.”
As for “sheltering in place,” it
became the favored wording by
government officials wanting to
make sure that residents stay
put in a time of crisis. For in-
stance, during the 2013 manhunt
for suspects following the Bos-
ton Marathon bombing, the Mas-
sachusetts Emergency Manage-
ment Agency issued a citywide

[Shelter in Place]
measures are called.
The city of San Francisco got
the ball rolling on Mar. 16 with
an order that “requires all indi-
viduals anywhere in San Fran-
cisco to shelter in place—that is,
that he wasn’t. “Words matter,”
he said, pointing out that Cali-
fornia too had avoided using
the term “shelter in place.”
“People are scared and people
panic,” he explained, adding,
from chemical spills to terrorist
attacks to natural disasters.
“Shelter,” as a noun and a
verb, has been in use since the
late 16th century, possibly de-
rived from an earlier word “shel-
tron,” referring to a tight battle
formation formed by soldiers in-
terlocking their shields to pro-
vide defensive cover. By Shake-
speare’s time, “shelter” came to
mean any structure that offers
discussions on Capitol Hill
about civil defense plans in the
case of a nuclear war. In Febru-
ary 1976, George R. Rodericks,
then the director of Washington
D.C.’s Office of Emergency Pre-
paredness, testified at a con-
gressional hearing on civil de-
fense, outlining grave scenarios
for responding to the threat of
radioactive fallout: “One plan
looked at shelter in place for a
“shelter in place” alert. (Bosto-
nians more commonly referred
to it as a “lockdown,” a term
that originated in the confining
of prisoners to their cells during
a prison riot and is now being
used as a shorthand for corona-
virus constraints as well.)
While Mr. Cuomo might want
to avoid the scary associations
of “sheltering in place” with ac-
tive-shooter situations and the
JAMES YANG

stay at home—except for certain “‘Shelter in place’ is used, cur- protection from the elements, or decade and then abandoned it like, the coronavirus pandemic
essential activities.” When the rently, for an active shooter, or a refuge from danger. As a verb, in favor of massive evacuation.” is, day by day, increasingly justi-
state of California followed suit a school shooting. It was, dur- “shelter” developed both a tran- The “in place” phrasing re- fying such alarmist language.
 C4 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

REVIEW
EVERYDAY MATH
EUGENIA CHENG
BY AUGUSTINE SEDGEWICK

The Power of
Exponential
Growth
FIGHTING A PAN-
DEMIC like Covid-19
requires experts in
many fields: epidemi-
ologists who study
the spread of disease, doctors who
treat the sick, scientists who work
on finding a vaccine. There is math
involved in all of these specialties,
but math can also help us to make
sense of the barrage of information
that we’re receiving daily.
The starting point is the math
of exponential growth. The word
“exponential” is sometimes used
informally to mean “really fast,”
but mathematically it means
something very specific: that a
quantity is repeatedly multiplied
by the same number. When a vi-
rus spreads, each infected person
goes on to infect a certain number
of other people, on average; this
is called the reproduction number
or R0. Then each newly infected
person goes on to infect R0 peo-
ple, again on average.
Exponential growth is danger-
ous, because if each person infects
more than one other person, the
spread of disease quickly becomes
overwhelming. Multiplying by 3,
for instance, it only takes 21 steps
to reach 10 billion, more than the
current population of the world.
We start with very low numbers
that seem insignificant, but it’s
not the absolute numbers that
matter, it’s the rate at which
they’re increasing, which also in-
creases exponentially. Waiting un-
C
offee is so ubiquitous
that it’s easy to for-
get how unusual it is.
Its defining, name-
sake ingredient, caf-
feine, is not only the world’s most
popular mind-altering drug—used
regularly by perhaps 90% of the
planet—but also, as Michael Pollan
has noted, the only one we rou-
tinely serve to children. This nearly
universal acceptance is all the more
striking considering that, for much
of its 500-year history, coffee
drinking was viewed with confu-
sion, suspicion and disgust.
What changed? Once used to
fuel extraordinary acts of worship
and creativity, coffee has become a
necessity we rely on to meet the
everyday demands of modern cap-
italism.
Coffee is native to Ethiopia, but
Sufi monks in Yemen seem to have
been the first to consume the
brewed form, probably in the 15th
century. According to many ety-
mologies, “coffee” is derived from
the Arabic word qahwah, which
carried several meanings, includ-
ing “to make unappealing,” “dark”
and “wine.”
This raised some early ques-
tions. In 1511, officials in Mecca,
suspicious of the drink’s intoxicat-
ing effects, decreed a coffee ban.
Police torched the city’s supplies,
but that hardly settled the matter.
A century later, around the time
that European travelers recorded
their first encounters with coffee,
the beverage was so widespread in
the Ottoman Empire that, accord-
ing to the scholar Markman Ellis, it
appeared “the perfect symbol of Is-
lam.” Marked with foreignness, cof-
fee entered Europe through a scrim
of prejudice. In 1610, the British

GETTY IMAGES (3)

til an infectious disease feels like
a problem is too late to start ad-
dressing it.
One important feature of expo-
nential growth is that it’s not help-
poet George Sandys judged it
“blacke as soote, and tasting not
much unlike it.”
Like alcohol, coffee changed
people who drank it, but there was

ful to look at the number of new
cases each day. Exponentials in-
crease by multiplication, so it’s
more relevant to look at the per-
How Coffee
no consensus on how. Some women A man cupping coffee
in London claimed that it made beans in Ethiopia.
men impotent and lazy, but the
city’s employers disagreed. Morn-

centage increase each day. This is
what “flattening the curve” is
about: reducing the rate of multi-
plication. Eventually we need the
Became
ing draughts of ale rendered ap- concluded that caffeine increased
prentices and clerks “unfit for busi- the body’s capacity for muscle or
ness,” but coffee helped them “play cognitive work within 15 minutes
the good-fellows,” wrote court his- of consumption.

rate to be less than one, so that
each infected person infects fewer
than one new person, producing
exponential decay instead of
A Modern
torian James Howell in 1657. Prescott’s lasting contribution
Europeans didn’t understand was to rebrand coffee’s apparent
why. The medical thinking of the contradiction—generating work
age emphasized balancing the without calories, output without

growth.
Contrary to optimistic hopes,
there is no guarantee that the coro-
navirus will just peter out on its
own—at least, not until so much of
the population is already infected
that there’s simply a lack of new
people to infect. That is the worst
case scenario. The aim of interven-
tion is to reduce R0 before that.
While experts seek a vaccine, the
best thing we can do is reduce the
amount of contact we have with
others. That is the point of staying
at home and trying to reduce the
chance of infection if we do go
out—by washing our hands fre-
quently, keeping a distance from
other people and wearing a mask
(ideally homemade, so as not to de-
prive medical professionals of
masks). We don’t know how much
any of these things reduces R0, but
they definitely do reduce it, and
any decrease in R0 helps even if it
remains above 1.
Math can’t accurately predict
the future of the Covid-19 pan-
demic, partly because we don’t
have accurate data about the true
number of infections and partly be-
cause so much beyond math is in-
volved. We can’t predict how hu-
man beings will behave, nor can we
quantify how much difference that
makes. There is a range of possible
outcomes, and the one that we end
up with is almost certain to be bet-
ter than the projected worst-case
scenario—that’s the whole point of
a worst-case scenario. How much
TOMASZ WALENTA
body’s four humors—blood,
phlegm, black bile and yellow
bile—by using foods as drugs.
Foods were classified within one of
four prescriptive categories: hot,
cold, wet and dry. Yet coffee, along
with tea and chocolate, didn’t fit
neatly into any one quadrant. It
was hot and stimulating but also
cooling and diuretic, confounding
ideas of the human body that had
been fixed for 1,500 years.
The picture wasn’t clarified by
the chemical isolation of caffeine
in a German laboratory in 1819.
“Coffee acts on the diaphragm and
the solar plexus, where it spreads
to the brain via immeasurable em-
anations that escape all analysis,”
Honoré de Balzac wrote 20 years
later. “However, we can presume it
is the fluids of the nervous system
that conduct the electricity which
this substance releases, and which
it either finds or stimulates in our
bodies.” Balzac himself drank cof-
fee in prodigious quantities as he
wrote his nearly 100 novels. By
some accounts, he
downed 50 cups a day,
exacerbating his heart
disease.
Balzac died in 1850,
but if he had lived just
a few more years, he
might have seen a
breakthrough. A new
concept of the body was
then emerging in the
West to take the place
of the humoral system,
one based not on the
balance of fluids but on
cycles of input and out-
put. The analogy was
no longer a scale but an
engine.
The crux of this shift
was the discovery, in
part through analysis of
steam engines, of en-
ergy: the overarching
force unifying what had
been thought of as dis-
crete phenomena, in-
cluding motion, heat
and light. The first law
of thermodynamics,
stating that energy is
neither created nor destroyed but
Necessity
For much of its 500-year history, drinking
the beverage was viewed with confusion,
suspicion and disgust.
operate on the same principles as
machines? Hermann von Helm-
holtz, commonly credited as the
author of the first law, suspected
the latter.
By 1900, the new science of nu-
trition had applied thermodynam-
ics to human physiology via the
calorie, a unit of measure that ex-
pressed the needs and abilities of
the body in common terms—in-
puts and outputs, food and work.
On its own, the calorie didn’t re-
solve questions about coffee,
which contains very few calories
per cup. But the calorie did pro-
Left, a poster for a German
vide a stable framework for under-
standing coffee’s physiological ef-
fects since it made work look like
the basic function and natural con-
dition of a living body, much like
an engine. This ascendant biology
of drudgery informed a new con-
sensus on coffee: It was lubricant
for the “human machine.”
That idea was translated into
advertising in the 1920s. Brazilian
coffee growers and American cof-
fee roasters cosponsored research
to contest the claims of John Har-
vey Kellogg and C.W. Post, who,
peddling trademark breakfast sta-
ples of their own,
blamed coffee for an
American epidemic of
enervation and frailty.
Samuel Prescott, an
MIT biology professor,
ran the study from 1919
to 1923, drawing heav-
ily on earlier research
funded by the Coca-
Cola Company which
input—as a kind of miracle. Coffee
was better than food, he con-
cluded: a form of instant energy, a
work drug not subject to the limits
of appetite and the delays of di-
gestion. The implication was that
the human body on coffee was lib-
erated from the laws of energy
consumption and expenditure that
governed the rest of the universe.
Based on these findings, the coffee
planters and roasters began to
push a novel proposal: a pause in
the workday for coffee, especially
late in the afternoon.
After five centuries, we still
‘Coffee…
spreads to the
brain via
immeasurable
emanations
that escape all
analysis.’
HONORÉ DE BALZAC
have questions about coffee, but we
agree on what we need it to do.
Most of us drink coffee not because
we have a finely calibrated under-
standing of its role in blocking the
adenosine that makes us feel tired
and increasing the dopamine that
makes us feel good. Instead, we
drink coffee because we
have adopted (in part
from the coffee business
itself) a way of under-
standing ourselves and
the world that makes it
look like a godsend when
we have no choice but to
keep working—or even
the fulfillment, for a mo-
ment, of our bottomless
desire for more ideas,
more talk, more energy,
more time, more life.
Prof. Sedgewick teaches
history and American
studies at the City Uni-
versity of New York. His
new book, “Coffeeland:
One Man’s Dark Empire

better depends in part on our be- rather converted from one form to cafe, 1910s. Right, an ad and the Making of Our
havior, and our behavior should another, posed a fundamental with a woman drinking Favorite Drug,” will be
take the math of exponentials into question: Were human beings ex- coffee over a landscape of published on April 7 by
account. ceptional creatures, or did they Rio de Janeiro, circa 1900. Penguin Press.
 THE WALL STREET JOURNAL.
BY ADAM KIRSCH
H
ow is this night
different from all
other nights? That
question, which
Jews ask every
year as part of the Passover cele-
bration, will get a new answer in
2020. When the holiday begins
on Wednesday night, for many
Jews it will be the first time in
their lives that they cannot at-
tend a Seder—the ritual meal
that commemorates the Israel-
ites’ journey from slavery in
Egypt to freedom in their Prom-
ised Land.
According to a 2013 Pew Re-
search Center poll, the Seder is
the most widely practiced Jewish
tradition in the U.S.: Only 23% of
American Jews regularly attend a
synagogue, but 70% go to a Seder.
In the age of Covid-19, however,
bringing together old and young
people in a small space to share
food is simply too dangerous. In
Israel, where all gatherings of
more than 10 people have been
banned, the Health Ministry has
urged Jews to limit their Seders
to their nuclear family. Chabad,
the international Jewish outreach
organization, has posted a list of
frequently asked questions on its
website, including “Can I at least
invite my neighbors?” The an-
swer is “no, no and no!”
This advice is in keeping with
the traditional Jewish principle
that the preservation of life over-
rides almost any other duty. And
a Seder is a religious duty, not
just a chance to see extended
family and enjoy holiday dishes.
Seder means “order” in He-
brew, and it involves an ordered
series of ritual actions, prayers,
songs and stories—15 steps in all,
which are recorded in the Hag-
gada, the Passover prayer book.
The core of the Seder is a long
script, usually recited by the
guests in turn, which narrates
the Exodus and
draws out its mean-
ing. One reason why
Passover is the
quintessential Jew-
ish holiday is that
you celebrate it by
talking about it. As
the Haggada says,
“everyone who dis-
cusses the exodus
from Egypt at
length is praisewor-
thy.”
In fact, the Bible
implies that while
the purpose of Pass-
over is to remember
the exodus, the exo-
dus took place in
part so that Jews
could celebrate Pass-
over. “And this day
shall be unto you for
a memorial; and ye
shall keep it a feast to the Lord
throughout your generations; ye
shall keep it a feast by an ordi-
nance for ever,” God tells Moses
ILLUSTRATIONS RUTH GWILY
and Aaron in Exodus 12, on the
eve of the Israelites’ flight from
Egypt. That Biblical passage is the
origin of Passover practices that
Jews still follow today—such as
eating matzo, unleavened bread,
in memory of the Israelites who
* * * *
A Passover
Unlike
Any Other
Amid the Covid-19 pandemic,
the Jewish holiday that begins next week
will be celebrated in new ways—and gain
new meanings.
had to flee before their dough had
a chance to rise.
Over the last 2,000 years,
Jews have managed to celebrate
Passover in the face of far worse
challenges than Covid-19. In the
year 70, the ancient historian Jo-
sephus reports, the Roman gen-
eral Titus besieged Jerusalem
three days before Passover, at a
time when the city’s population
was swelled by the vast numbers
of pilgrims who came to offer a
Passover sacrifice in the Temple.
The result was pestilence—or as
we would now say, an epidemic—
and famine, which according to
Josephus’s estimate killed 1.1 mil-
lion people. Yet the holiday went
on—as it did even in Auschwitz
during World War II, where some
survivors recalled clandestine Se-
ders conducted without a Hag-
gada.
By comparison, the Passover
obstacles of 2020 seem minor.
The internet is already full of
guides for conducting a virtual
Seder, in which guests can read
and pray together while eating
separately. Orthodox Jews ordi-
narily don’t use electronic de-
Passover
is the
quintessential
Jewish
holiday:
You celebrate
it by talking
about it.
REVIEW
vices on holidays, but this year
may be different. Last week, 14
rabbinic authorities in Israel is-
sued a statement permitting the
use of Zoom or Skype to connect
people during the Seder, pro-
vided that the app is turned on
before the holiday begins and not
turned off until it ends. Other
rabbis disagreed, however, and
practice will probably vary from
household to household.
However people connect on
Passover this year, they will likely
find new resonances in the Seder.
Everyone is thinking about the
importance of handwashing these
days, as a way to prevent trans-
mission of the coronavirus, but
washing your hands has been one
of the first steps in the Seder for
many centuries, as a preliminary
to handling food. One Passover
meme making the rounds lately
rewrites the order of the Seder so
that instead of handwashing oc-
curring once, it’s repeated be-
tween every stage of the meal.
Covid-19 also gives new con-
creteness to the section of the Se-
der dealing with the ten plagues.
The Book of Exodus relates that,
in order to convince
the Pharaoh to “let
my people go,” God
sent Egypt a series
of afflictions: water
turned to blood, the
land was inundated
by frogs and locusts,
cattle were killed by
disease, day turned
to night. Yet each
time Pharaoh re-
fused to relent, until
the worst plague of
all, when every first-
born child in Egypt
died on the same
night. In this way
God requited the
genocidal decree of
Pharaoh, who had
ordered all Israelite
boys to be killed at
birth.
But the Israelites
were spared, since God had sent
them into a kind of quarantine:
“None of you shall go out at the
door of his house until the morn-
ing,” he instructed Moses and
Aaron. The name of the holiday
commemorates this event, as the
Haggada explains: “It is a Pass-
over offering to the Lord, because
He passed over the houses of the
children of Israel in Egypt when
Saturday/Sunday, April 4 - 5, 2020 | C5
He struck the Egyptians with a
plague, and He saved our houses.”
For most people alive today,
the idea of a plague that strikes
a whole nation—so that “there
was not a house where there was
not one dead,” as the Bible
says—was until recently hard to
imagine. Covid-19 is nowhere
near that deadly, but it has given
us an inkling of the fear of and
vulnerability to disease that all
human societies lived with until
the 20th century. For the Jews of
Europe, times of plague were
doubly dangerous, since they
were often blamed by their
Christian neighbors. During the
Black Death of 1348, hundreds of
Jewish communities in Western
Europe were attacked, despite
the intervention of Pope Clement
VI, who pointed out that Jews
were dying from the plague just
like everyone else.
The Seder acknowledges the
horror of such afflictions with a
distinctive ritual. When it comes
time to recite the ten plagues,
participants remove a drop of
wine from their cups after each
plague is named, either with a
finger or by spilling it. The cus-
tomary explanation for this prac-
tice is that it’s a way of symboli-
cally decreasing the joy of the
This year,
the story of
the ten
plagues will
feel more
concrete than
ever.
celebration, in acknowledgment
of the suffering of the Egyptians.
In the words of the Talmud, God
“doesn’t rejoice over the down-
fall of the wicked.”
Throughout the Seder, in fact,
joy and sadness are inseparable.
Modern scholars have argued
that the Seder is modeled on the
ancient Greek symposium, a
drinking party in which men
would talk, joke and listen to mu-
sic while reclining on couches.
On Passover, likewise, Jews are
supposed to drink four cups of
wine and recline at leisure (a
practice seldom followed today,
when people are more used to
sitting upright at a table). These
are ways of demonstrating that
Jews are no longer slaves, as in
Egypt, but free people.
At the same time, one of the
key ingredients of the Passover
meal is bitter herbs—often rep-
resented on modern American
plates by horseradish—which is
eaten as a reminder of the bit-
terness of the lives of the Israel-
ite slaves. Another dish, charo-
set, a paste made of fruit and
nuts, is meant to resemble the
clay used by those slaves to
make bricks; and matzo is re-
ferred to in the Haggada as “the
bread of affliction.” This year,
for Jews separated from loved
ones in the shadow of a pan-
demic, the chastened happiness
of Passover will have a new
meaning and relevance.
HISTORICALLY SPEAKING
AMANDA FOREMAN
Castaways and
Other Lonely
Survivors
BEING ONE’S OWN
company can be bliss-
ful, but not when it’s
involuntary. According
to John Donne, the
17th-century English poet and
priest, “As sickness is the greatest
misery, so the greatest misery of
sickness is solitude.” Now that
nearly two in three Americans are
currently subject to shelter-in-
place orders as a result of the cor-
onavirus pandemic, how will we
cope with prolonged isolation?
The Germans have a special
word for feeling utterly alone and
isolated: mutterseelenallein, a com-
pound that literally means
“mother’s souls alone.” According
to one theory, the word entered
the German language as a misin-
terpretation of the French phrase
moi teut seul, “me all alone,” which
was used by the Huguenots—
French Protestants who fled to
Berlin in the 18th century to es-
cape persecution at home.
Although the ancients didn’t
have an equivalent word, they cer-
tainly knew the feeling. In 44 B.C.,
the Roman statesman Marcus Tul-
lius Cicero was declared an enemy
of the state and forced into hiding.
Despite his loneliness, or perhaps
because of it, Cicero used the time
to write his final work, “On Du-
ties,” in only four weeks.
EVERETT COLLECTION
Tom Hanks in ‘Cast Away.’
We can’t all be like Cicero, of
course, and write a masterpiece
while on lockdown. But we can cer-
tainly rise to the occasion and sur-
prise ourselves. One of the least
likely castaways in history was the
wealthy French aristocrat Margue-
rite de La Rocque de Roberval, who
in 1542 agreed to accompany her
spendthrift cousin Jean-Francois
de Roberval on a voyage to New
France, modern Canada. The jolly
adventure became a nightmare af-
ter Roberval accused Marguerite of
sexual immorality while on board
his ship. This was his flimsy excuse
for marooning her along with her
maid and lover on the deserted
Isle of Demons off Newfoundland.
Marguerite’s lover and their
baby soon succumbed, as did her
maid, leaving the hitherto pam-
pered heiress to survive in the wil-
derness as best she could. During
her two years as a castaway she
killed a bear, ate its carcass and
turned its skin into clothing. After
her rescue and return to France in
1544, Marguerite created a new life
for herself as an educator. The
treacherous Roberval escaped pun-
ishment, but was subsequently
murdered by a mob in 1560.
Such stories provided ample ma-
terial to Daniel Defoe, who wrote
the ultimate social isolation story,
“Robinson Crusoe,” in 1719. The
novel has been adapted many times
since, including for the 2000 film
“Cast Away,” starring Tom Hanks as
the Crusoe figure. Defoe based his
tale in part on the real-life castaway
Alexander Selkirk, a Royal Navy offi-
cer who in 1704 was abandoned by
his shipmates on a deserted island
in the south Pacific, where he man-
aged to survive until he was rescued
five years later.
Defoe himself knew something
about prolonged isolation: In 1703,
he was imprisoned for several
months after he published a pam-
phlet satirizing the Church of Eng-
land. Defoe’s stint in prison made
him a better advocate for the social
outcasts he described in his novels,
just as Crusoe’s 28-year sojourn on
the island made him into a better
person—a man of faith and purpose
rather than the malcontent of his
former life. “No man is an island en-
tire of itself,” wrote Donne; being
human makes us all connected, no
matter where we are.
C6 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

D
an Cren- Switching from the
shaw re- military to politics was an
members adjustment. Mr. Crenshaw
the mo- finds people outside the
ment the Navy to be much thinner-
IED hit him. On June 15, skinned and thinks many
2012, Mr. Crenshaw—then Americans make an effort
a Navy SEAL, now a Re- to take umbrage at even
publican member of Con- small indiscretions. Be-
gress from Texas—was on fore the coronavirus out-
a mission in Afghanistan. break, he says, the U.S.
After flying into Helmand hadn’t been in “survival
province before daylight, mode” for some time,
he and his team were tempting people to invent
clearing an abandoned reasons to fight.
compound when his inter- Mr. Crenshaw argues
preter stepped on an im- that taking pleasure in
provised explosive device anger and outrage has
two feet away from him. permeated American cul-
Mr. Crenshaw felt ture. “Pop culture used to
something sharp in his be apolitical, but it’s just
abdomen and heard ring- not anymore,” he says.
ing in his ears. Then ev- “That is the fault of the
erything went dark. He pop-culture icons entirely,
lay in pain for 45 minutes because they keep mouth-
waiting for a helicopter, ing off and choosing a
then stood up and headed side, and in doing so,
for its whirring nearby. He they’re alienating half the
woke up a few days later population.”
in a hospital in Germany Mr. Crenshaw experi-
with one eye missing and enced this phenomenon
one he couldn’t see out of. firsthand when he be-
After a series of risky came the butt of a No-
surgeries, Mr. Crenshaw, vember 2018 joke by the
now 36, finally regained comedian Pete Davidson
limited sight in his left on “Saturday Night Live”
eye. He completed two in the days leading up to
more tours in Bahrain and the midterm elections.
South Korea, though not Mr. Davidson ridiculed
in combat. His book “For- several candidates, in-
titude: American Resil- cluding Mr. Crenshaw,
ience in the Era of Out- whom the comedian said
rage” is scheduled to be looked like “a hit man in
published Tuesday—part a porno.” Mr. Crenshaw
memoir, part instruction says he wasn’t offended,
manual about his ability but the jape caused an
to weather hardships in uproar among veterans,
life and in battle and his and Mr. Davidson later
advice on how others can apologized on the show.
do the same. The book is Mr. Crenshaw appeared
also a critique of what he as a guest with Mr. David-
calls “outrage culture,” or son, laughing off the inci-
what he sees as an alarm- dent and calling for re-
ist tendency by some me- spect for veterans. Later,
dia outlets and much of the congressman said on
social media to provoke “Fox & Friends” that the
unhelpful and overblown publicity from Mr. David-
emotional responses. son’s joke “probably
In the midst of the helped” get him elected.
Covid-19 pandemic, Mr. (Mr. Davidson recently re-
Crenshaw thinks his scinded his apology, say-
book’s lessons are particu- ing that his mother had
larly useful, even if they are easier to WEEKEND CONFIDENTIAL | ALEXANDRA WOLFE forced him to do it. Mr. Crenshaw’s

follow if you’re a Navy SEAL. Politi-
cians and epidemiologists have com-
pared the fight against the new cor-
onavirus to a war, and Mr. Crenshaw
agrees. “We’re acting more as if this
is a war than we ever did the war in
Iraq or Afghanistan,” he says. In
those conflicts, he says, only a frac-
tion of the U.S. population was in
harm’s way. The pandemic, on the
other hand, “is an all-hands-on-deck
kind of war.”
In his constituency in southeast-
ern Texas, Mr. Crenshaw is working
to save businesses hurt by the crisis.
To handle the fear and stress, he
urges people to stop and think be-
fore reacting to the news. He also
suggests being grateful for time
spent with family and trying to look
Dan Crenshaw
A wounded Navy SEAL turned politician offers lessons in resilience
Mr. Crenshaw learned early on to
be stoic. Because of his father’s job
in the oil industry, he grew up in
places all over the world, from Scot-
land to Colombia to Katy, Texas.
When he was 5, his mother was di-
agnosed with breast cancer. She died
five years later. “She never com-
plained once,” he remembers.
versity and completed five tours of
duty, starting with SEAL Team 3 in
Fallujah, Iraq. After earning two
Bronze Star medals (one with valor)
and a Purple Heart, among others,
‘You want to
be someone who
Harvard’s Kennedy School of Gov-
ernment in 2017. A year later, with
prompting from his friend John Noo-
nan, a former defense writer for the
Weekly Standard, he ran for Con-
gress in the second district of Texas
and won. His platform included re-
forming immigration laws and tight-
ening border security, including
response: “The guy just can’t stop
thinking about me.”)
Now that the country is suddenly
facing disaster, the congressman is
focused less on cultural outrage.
He’s currently hunkered down at
home with his family, working on
ways to save jobs and lives in his
district.
Mr. Crenshaw is trying to model
the resilience he preaches. Overly
emotional reactions to crises, he
finds, are fruitless. But how can you
tell someone who isn’t already a Navy
SEAL to just stop panicking? “You
stop yourself,” he says. “You think
about who you want to be, and that
you want to be someone who doesn’t
panic, and then you don’t.”
It’s also a matter of perspective.
STEPHEN VOSS FOR THE WALL STREET JOURNAL

at the crisis in context. “If you want
to make yourself feel better…look to
other countries that went through
this before us,” he says, such as
China and South Korea, where cases
have fallen dramatically. He has
publicly lauded efforts to create
faster testing, and on social media,
he has publicized the pleas of local
hospitals for donations of medical
supplies.
Mr. Crenshaw decided he wanted
to be a Navy SEAL when he was 13,
after his father gave him a copy of
“Rogue Warrior” (1992), a memoir
by Richard Marcinko, the first com-
manding officer of SEAL Team Six.
Watching “Navy SEALs,” a 1990 ac-
tion movie starring Charlie Sheen,
solidified his interest in special oper-
ations, he writes. He enrolled in the
Navy while in college at Tufts Uni-
physical barriers at the border,
doesn’t panic, drones and sensors. He also supports
and then you a merit-based immigration system,
including education and skill qualifi-
don’t.’ cations. While Mr. Crenshaw has
agreed with President Trump on is-
sues such as opposing abortion and
he was forced to retire for medical moving the U.S. embassy in Israel to
reasons in 2016. Jerusalem, he has opposed him on
Mr. Crenshaw earned a master’s other measures, including abruptly
degree in public administration at withdrawing U.S. troops from Syria.
“You could tell the story of my life as
a succession of hard times and heavy
burdens,” he writes. “My mom
died…my eye got blown out, my ac-
tive commission got taken away.” In-
stead, he chooses to focus on what
he can control rather than what he
can’t. “I don’t have to wake up
nearly blind every morning,” he
writes. “I get to appreciate the gift
of sight—any sight at all.”

How I most annoying an-

nouncers in the his-
much I took our
daily gatherings for
It is wisely said: You don’t
miss your water till your well

Miss My tory of professional

sports, or does How-
ard Cosell still hold
granted. Just a few
weeks into this
nightmare, I really
runs dry. Put another way, you
don’t miss your rote, non-Ein-
steinian daybreak conversations

MOVING Daily Dose that dubious title?

I am not saying
miss the ornery
cusses that form
till your well runs dry. For too
long I took my friends and their
TARGETS
JOE
Of Sports that these are the
only topics we dis-
our matinal gather-
ing of worthies.
fiercely tautological chatter for
granted. For too long I under-
QUEENAN
Talk cuss—we sometimes
talk about our ru-
ined knees, our un-
But it’s not just
that I miss them
personally. No, my
valued the ineffable joys of the
obvious.
So much so that the other
grateful children and greatest shock is day, I suggested that we grab a
I’d FOR THE PAST 20 YEARS— our pitiful national that I really and takeout breakfast and gather in
well, probably only 12, but it leaders—but mostly we talk Brady, a superlative athlete and truly miss the metronome-like a circle by the river where,
happily seems like 20—I have had break- about sports for the simple rea- a truly magnificent human be- predictability of our uncompro- while keeping a respectable dis-
stand six fast almost every morning with son that sports are easy to talk ing. And because several mem- misingly identical conversations. tance, we will pick up where we
a free-floating group of eight to about. People do not get into bers are Yankees fans, no more There is something nostalgic left off before the pandemic be-
feet 10 sports-minded men. Some are shouting matches about ice than 48 hours can go by without and life-affirming about being gan. Chastened, wiser, I can’t
apart to self-employed, a couple work lo- hockey the way they do about a reminder not only that the able to have the exact same wait to once again hear what a
hear my cally, several are retired. Every politics, and no one has ever Bronx Bombers are history’s conversation day after day, spectacularly talented quarter-
morning we seize the last two come to blows discussing ten- most successful franchise, but week after week, year after back Tom Brady is—even if his
breakfast booths in our beloved village nis. Not that any of us would that every last one of them— year with a group of men who defection to Tampa Bay raises
club restaurant—the owners become ever dream of discussing tennis. Babe Ruth, Lou Gehrig, Mickey share one’s passion for debat- serious questions about his
chatter apoplectic if we dare call it a All that said, there are certain Mantle—was infinitely more ing that which cannot be de- moral character—and what a
diner—and have the exact same topics I find so maddening that I gifted and more magnificent bated and defending that which spectacular addition to the hu-
about conversations we had yesterday. sometimes give the restaurant a than Tom Brady. So you can see need not be defended. (For in- man race Derek Jeter has been.
Tom Should Barry Bonds, a cheater wide berth for a few days. Be- why someone from Philly might stance, there really is no point And if anyone wants to remind
and scoundrel, be admitted to cause one semi-regular is from occasionally skip breakfast. in arguing whether Jeff Van me for the 9,978,657th time
Brady the Hall of Fame? Who was Boston and another founding But now that the deadly coro- Gundy and Mark Jackson are that Pete Rose is a cheater, that
again.
NISHANT CHOKSI

more dominant: Wilt Chamber- member graduated from Michi- navirus has shut down our soci- the most annoying announcers Sandy Koufax could really bring
lain or Michael Jordan? Would gan, a day seldom has passed ety and none of us are allowed in the history of our species. the heat, and that college hoops
you not agree that Jeff Van when one fails to mention the to congregate in groups larger The jury brought in that verdict is far superior to the profes-
Gundy and Mark Jackson are the unparalleled genius of Tom than a marriage, I realize how years ago.) sional variety, hey, I’m all ears.
 BOOKS
Malcolm X & Dr. King The Hollywood Sound
The yin and yang Max Steiner and
of the civil-rights the art of the motion-
movement C9 picture score C12

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | C7

Doing the ‘Right’ Thing

Is there an ‘American tradition’ of conservatism? And does it need to be ‘reclaimed’ from today’s so-called conservatives?
American Conservatism
Edited by Andrew J. Bacevich
Library of America,
642 pages, $29.95
BY BARTON SWAIM

T
HE TERM “conservative,”
like its correlative “lib-
eral,” is an easy way to
locate oneself along the
spectrum of American
political opinion, but it can confuse
as much as clarify. Are you a conserv-
ative? It depends on what you want
to conserve.
A certain kind of conservative has
concluded that the tenets of unbridled
markets, or “capitalism,” tend to
destroy the things he wishes to con-
serve—religious faith, traditional habits,
refined aesthetic sensibilities. Another
kind of conservative notes that markets
are basic to the human condition and
encourage the virtues of frugality, in-
dustriousness and honesty. Yet another
kind of conservative prefers things
as they are and warns, rightly, of the
unforeseen consequences of well-inten-
tioned fiddling. Still another points out,
also rightly, that you need big ideas
—call it fiddling—to win elections.
Their liberal opponents are fond of
defining conservatism in one of these
ways and accusing conservatives of fail-
ing to live up to their own ideals. Often
these liberals will point to Edmund
Burke, as if something so conceptually
capacious as the urge to conserve and
perpetuate rather than forget or trans-
form must be defined in terms set down
by an 18th-century Irishman.
Modern American conservatism, in
all its dizzying diversity, dates from
about the middle of the 20th century.
That was the moment at which a con-
solidated American culture began to
PHILIPPE HALSMAN/MAGNUM PHOTOS

fragment and a triumphant liberalism,

with most of its goals achieved, began
finding new problems to solve with
governmental solutions. Post-World
War II conservatism in the United
States necessarily took a very different
shape from the conservatism, if that’s
the right word for it, of, say, Grover
Cleveland or William Randolph Hearst.
That is the first and most apparent ATHWART HISTORY William F. Buckley Jr., founding editor of National Review, on Park Avenue in 1967.
problem with the Library of America’s
“American Conservatism: Reclaiming lifted taboos and disenchantment long famous liberal? The piece the editor has a “journalist of progressive inclina- he makes his debut as an adherent of
an Intellectual Tradition,” a collection predate 1900. In fact, there is no ob- chosen—a tirade against sensationalist tions.” He was in fact a Nietzschean the “conservative tradition.”
of essays edited by Andrew J. Bacevich, vious reason to trace this “tradition” and sloppy journalism called “Journal- aesthete who spent his short journalis- The use of Bourne and several other
a former military officer and a emer- back to the turn of the 20th century ism and the Higher Law” from 1920— tic career (he died of the Spanish flu in entries in Mr. Bacevich’s collection has
itus professor of international relations rather than to either John Adams, would be unremarkable if written by 1918, age 32) denouncing American much to do, it would appear, with Mr.
at Boston University. “The modern the nation’s first great conservative, or anybody else. After the disillusionment society for its philistinism. The work Bacevich’s own detestation of American
American conservative tradition— to the founding of National Review of the Great War, Mr. Bacevich writes, reprinted here, an unfinished, posthu- global hegemony or, as he might put it,
roughly dating from the dawn of the magazine in 1955 or, perhaps, to the “Lippmann came to take more skeptical mously published work called “The military adventurism. In a section of the
twentieth century—emerged in reac- publication of Whittaker Chambers’s views of America’s role in the world, of State,” includes the remarkable line, book called “The Exceptional Nation:
tion to modernity itself,” writes Mr. great memoir, “Witness,” in 1952. democratic politics, and of journalism “War is the health of the State,” and America and the World,” he includes a
Bacevich in the book’s introduction. This is not, alas, a trivial point. Mr. itself.” Conservatism is here implicitly indeed Bourne is remembered for his chapter from Ohio Sen. Robert Taft’s
“Modernity meant machines, speed, Bacevich, evidently in need of some defined as a “skeptical” attitude toward antiwar stance. But as Fred Siegel co- 1951 anti-interventionist book “A For-
and radical change—taboos lifted, “conservatives” from the earlier part things in general. gently argued in “The Revolt Against eign Policy for Americans.” Taft was a
bonds loosened, and, according to Max of the century, makes some bizarre Elsewhere in the volume is a piece the Masses” (2013), Bourne was not tireless opponent of New Deal excesses,
Weber, ‘the disenchantment of the choices. Including works by Henry by Randolph Bourne. You may be won- antiwar on principle but opposed war not a great mind on international rela-
world.’ ” Adams and George Santayana makes a dering, if you know that name, how he with Germany because he believed in tions, which is perhaps why his contri-
That is certainly one way to define certain kind of sense, but Walter Lipp- came to be thought of as in any sense the superiority of Germanic civiliza- bution here is thoroughly forgettable.
modernity, but speedy machines and mann, midcentury America’s most a conservative. Mr. Bacevich calls him tion. In this Library of America volume, Please turn to page C9

10 boys followed by two girls—that he including music, art, sister, Mary, was the
Young Men and Mimi had over the next 20 years.
After the war, Don remained in the
chess, hockey and foot-
ball. Yet beginning in
mother of Jesus, and
he claimed to be the

Touched Navy, hoping it would pay his way

through a Ph.D. program as a prelude
the mid-1960s, six of
the Galvin boys became
offspring of an octopus.
His sister Margaret
to a career as a Foreign Service officer; psychotic—and all six would occasionally dis-
By Madness instead, he switched service branches
again, and became an officer at the
would be diagnosed with
schizophrenia (although
cover him sitting nude in
the living room, having
new Air Force Academy near Colorado one was later rediag- moved the household
Hidden Valley Road Springs. The two settled into what nosed as having bipolar furniture outside.
By Robert Kolker would turn out to be their lifelong disorder). Mr. Kolker’s Donald’s brother Joe,
Doubleday, 377 pages, $29.95 home on Hidden Valley Road. riveting, compassionate by contrast, was quiet,
The Galvins were to all appearances “Hidden Valley Road” withdrawn and pre-
BY RICHARD J. MCNALLY the prototypical flourishing 1950s fam- tells the story of a family occupied by Chinese

D
ily. Don eventually became head of the besieged by devastating history. He claimed that
ON AND MIMI GALVIN Rocky Mountain Arts and Humanities mental illness. he had lived in China
embodied the optimism The author is a during one of his past
of the postwar Ameri- tireless journalist whose lives, and that he
can dream. Attractive, The Galvins rejected the last book, “Lost Girls,” communicated with a
charming, intelligent took readers into the Chinese emperor he saw
GALVIN FAMILY

and ambitious, they had come of age

idea that their parenting lives of five murdered in the clouds. Matt, a
during the Great Depression, met in was the problem, and Long Island sex workers. talented potter, paid a
high school in Queens, N.Y., and helped researchers For this account, he visit to family friends
married shortly before Don left college spent three years getting CA. 1970 Clockwise from top: Peter, Mark, Joe and Matt Galvin. one day to show them a
and enlisted in the Marines. After probing the genetic to know the Galvins, vase he had made. Upon
transferring to the Navy, Don arrived in roots of mental illness. interviewing all the surviving members the university health center worried arriving, he suddenly ripped all his
the Pacific in time for the Battle of (including the six children who never that he might have contracted syphilis clothes off and destroyed the vase,
Okinawa; he was a landing craft oper- became psychotic) as well as doctors via a nonsexual route, and arrived terrifying everyone present. Matt
ator, shuttling troops from the USS Foundation. Mimi, who Mr. Kolker tells and experts with firsthand knowledge another time after having burned became convinced that he controlled
Granville to shore. He nearly perished us experienced culture shock when she of their tragedy. With the skill of a himself when he jumped into a bonfire the traffic lights in Colorado Springs
when kamikazes demolished the boats moved out West, grew to love Colo- great novelist, Mr. Kolker brings every at a pep rally. and also claimed that he was Paul
on either side of him, and spent the rado. Energetic, organized and consci- member of the family to life. A few years later, Donald married, McCartney.
next several hours retrieving his dead entious to the point of perfectionism, Although all the ill boys experienced but his wife soon fled to Oregon and The boys often fought, especially
comrades from the sea. she seems to have been a caring the bizarre behavior, hallucinations, filed for divorce after he developed Donald and Jim, the violent, second-
Two weeks before Hiroshima, Rob- mother, eager to share her love of art, delusions and social impairment full-blown psychosis. Donald moved born son who was plagued by paranoid
ert Kolker recounts in his remarkable music and nature with her children. characteristic of schizophrenia, each back home with his parents, shaved his delusions and auditory hallucinations.
new book about the Galvin family, Don The Galvins had great expectations boy did so in his own way. Donald, the head and would walk for miles Brian, a gifted musician in a rock band,
received a Western Union telegram an- for those children—and they were, in- oldest and first to succumb, began throughout the neighborhood around developed delusions culminating in
nouncing: IT’S A BOY. His son Donald deed, a promising group. Donald and acting strangely at Colorado State Hidden Valley Road, wrapped in a unimaginable violence.
would be the first of 12 children— his siblings excelled in diverse fields, University in 1964. He showed up at bedsheet. Donald believed that his little Please turn to page C8
C8 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘The primary goal of the American Revolution [was] the establishment in principle of the existing conditions of liberty.’ —BERNARD BAILYN

FIVE BEST ON THE AMERICAN REVOLUTION

Mary Beth Norton

The author, most recently, of ‘1774: The Long Year of Revolution’

The Book of Abigail & John a strikingly unfamiliar, if compelling, view

Edited by L.H. Butterfield et al. (1975) of a war we tend to regard very differently.

1
The letters of the Adamses are the best
way to access what once was termed American Scripture: Making the
“the domestic history of the American Declaration of Independence
Revolution.” And what letters they are. By Pauline Maier (1997)

4
This compilation covers the years from
1762 to 1784, and encompasses the writers’ Pauline Maier’s celebrated study
reactions to public events and family crises begins with her musings about the
alike. John predicted that the vote for extraordinary protections the National
independence on July 2 would be “celebrated, Archives now accord to the faded
by succeeding Generations, as the great handwritten copy of the Declaration of
anniversary Festival,” with “Pomp and Independence that for years lay neglected
Parade,” accompanied by “Bells Bonfires and in drawers or hung unnoticed on the walls
Illuminations from one End of this Continent of government offices. She tells a dual tale—
to the other.” After learning of the victory one of the “original making” of the Declaration,
at Saratoga in October 1777, Abigail offered the other of its “remaking into the document
“praise to the Supreem Being who hath so most Americans know, remember, and revere.”
remarkably deliverd our Enimies into our Thomas Jefferson’s initial draft underwent
Hands.” That same year, Abigail sadly repeated revisions by other congressmen.
reported the stillbirth of “a very fine Babe,” These were not merely stylistic changes like
but noted with relief that she had been the substitution of “certain unalienable rights”
spared. The correspondences start with for Jefferson’s “inherent and inalienable rights,”
playful courtship missives (who knew the but also the excision of fully one-quarter of his
dour John could address Abigail as “Miss original text, including, most notably, a long
Adorable” and claim recompense for “two passage criticizing the slave trade. Abraham
or three millions” of kisses?) and continues Lincoln’s Gettysburg Address later helped to
with Abigail’s famous disagreement with her cement our sense of the Declaration as the
husband about the legal status of married basis for what Lincoln termed “a new birth
women, in which she reminded him to of freedom” and as what Maier describes
“Remember the Ladies.” The collection ends as a document that speaks “both for the
with their much-anticipated postwar reunion revolutionaries and for their descendants.”
in London. Living apart for extended periods
was unfortunate for them, but fortunate
for us, since the resulting correspondence The Common Cause:
makes an invaluable contribution to our Creating Race and Nation
VCG WILSON/CORBIS VIA GETTY IMAGES

understanding of the era’s history. in the American Revolution

By Robert G. Parkinson (2016)

5
The Ideological Origins In “The Common Cause,” Robert
of the American Revolution Parkinson argues that the 37 weekly
By Bernard Bailyn (1967) newspapers published in cities from

2
New Hampshire to Georgia advanced
More than half a century old and the cause of American unity during the war
still in print, this book traces the through the propagation of “war stories”
ideas set forth in pamphlets written YANKEE DOODLE A print based on Archibald Willard’s ‘The Spirit of ’76,’ a painting first that demonized Indians and enslaved people.
by Americans during the 1760s and exhibited at the 1876 Centennial Exhibition in Philadelphia. Patriot newspaper editors, Mr. Parkinson
’70s—views dismissed by some historians as asserts, presented both groups as internal
“propaganda” meant to conceal the fact that now, but in the years since it was published as he puts it, the “idiocy” of both sides, enemies, potentially or actually aligned with
the colonists’ true motives for rebellion were no one has been able to ignore Mr. Bailyn’s but especially that of the British generals the redcoats. Stories about planned slave
economic and financial. But Bernard Bailyn brilliant and elegantly crafted book. and ministers, who would not listen to revolts started to appear in the papers
argues that what seemed over-the-top knowledgeable Loyalists like himself. He as soon as the war began. One tale that
rhetoric about Britain wanting to “enslave” evacuates to Halifax, Nova Scotia, with the appeared in every American newspaper in
Americans made perfect sense to colonists Oliver Wiswell redcoat army in March 1776 and accompanies mid-1777 lamented the killing by Indians of
steeped in the literature of the 18th-century By Kenneth Roberts (1940) William Howe’s forces at the Battle of Jane McCrea, ironically the fiancée of a

3
English opposition to a corrupt monarchy. Brooklyn. After the war, he becomes a leader Loyalist, who would be memorialized in
Mr. Bailyn contends that “the primary goal This thoroughly researched, skillfully of the Loyalist settlements in New Brunswick. articles, poems and eventually a painting as
of the American Revolution . . . was not the written historical novel is, to my The novel accurately reflects Loyalists’ a “victim of the ruthless British and their
overthrow or even the alteration of the knowledge, the only fictional account documented reactions to the people and savage allies.” Mr. Parkinson challenges
existing social order but the preservation of of the American Revolution narrated events it chronicles. Wiswell detests Benjamin modern Americans to recognize that a
political liberty.” Americans, he asserts, saw from a Loyalist’s point of view and published Franklin, for example, whom he describes as Revolution publicly proclaiming that
that liberty as under attack from a British in the United States. It tells the story of an “unscrupulous” forger who disseminated “all men are created equal” nevertheless
ministry seeking to profit at the colonists’ Oliver Wiswell, a youth from Milton, Mass.— “bare-faced lies” meant to destroy the gave rise to the exclusion of many residents
expense. Many historians disagreed with that an aspiring historian who writes a work reputation of anyone antagonistic to the rebel of the colonies from the body politic as
assertion in 1967, and many disagree with it titled “Civil War in America” that describes, cause. To most Americans today this will be revolutionaries conceived it.

A Family phrenia during the years when the ill-

ness repeatedly struck the Galvins. Mr.
Kolker organizes that scientific story
people free of the illness. When Mr.
Freedman tested the Galvin family, he
found that those with the disorder did

Battles around renowned psychiatric research-

ers, including some whose careers
poorly on the test, whereas the healthy
members did fine.

Schizophrenia
intersected with the Galvin family. Mr. Kolker describes all this science
When the first son became psy- well, without getting lost in technical
GALVIN FAMILY

Continued from page C7
The four youngest boys were superb
hockey players and teammates. Only
one, Mark, evaded psychosis, but he, as
Mr. Kolker observes, “was given to
moments of heavy sentiment, often
prone to crying at the drop of a hat
when reminiscing about the old days.
He may not have caught the family
illness, but it had essentially marooned
him. Joe and Matt and Peter were his
teammates, the ones he spent every
waking moment with as a boy. They
were the hockey brothers, and every-
one else in the family had been little
more than background players. Once
they had their psychotic breaks, one
after the other, it was as if the three
most important people in the world
to Mark had fallen off the face of
the earth.”
Late in life, their mother, Mimi, told
Mr. Kolker how she and their father
were devastated when doctors they
visited in the 1960s and 1970s blamed
them for the illness afflicting their
children: “It made us feel terrible,” she
said. “It traumatized us. . . . It just
freezes you, because you don’t know
what to do. You have nobody to talk
to. We were an exemplary family.
Everybody used us as a model. And
when it first happened we were
mortally ashamed.”
Mr. Kolker has constructed “Hidden
Valley Road” cleverly, dividing the book
into 45 brief chapters, most concerning
the Galvins. But a background narrative
traces how biological psychiatry trans-
formed our understanding of schizo-
chotic, many clinicians still attributed
schizophrenia to the warped maternal
instincts of “schizophrenogenic” moth-
ers whose controlling and emotionally FAMILY HISTORY The Galvins at Hidden Valley Road, mid-1960s.
rejecting style supposedly caused their
children to flee into madness. These unpleasant side effects, such as in-
experts also believed in the curative voluntary movements of the tongue,
powers of traditional psychotherapy lips and jaw. But the treatments did
not prevent the repeated hospitaliza-
tions of the sons with schizophrenia.
The young men’s Even during periods of lucidity, they
often struggled to hold jobs and to
siblings felt confusion have satisfactory relationships with
and terror as their other people. None had a truly satisfac-
brothers broke down tory, lasting recovery.
As Mr. Kolker recounts, biological
before their eyes. psychiatrists and clinical psychologists
working outside the psychoanalytic
tradition sought clues to causality
as the route to recovery. No convincing in genetics. They found that a vul-
data supported either notion, and Don nerability to developing schizophrenia
and Mimi, to their credit, pushed back ran in families as a function of genetic
against doctors who implied that Mimi relatedness. For example, nearly 50%
caused her children’s illness. of identical twin pairs were concordant
A major breakthrough in the treat- for the disorder, whereas fraternal
ment of schizophrenia was the seren- twins and other siblings had about a
dipitous discovery of chemical com- 6% to 17% risk of developing it. The
pounds that had calming and anti- risk in the general population was
psychotic properties. Pharmacologists about 0.7%.
synthesized a series of medications, Importantly, adopted-away children
beginning with Thorazine in the early of mothers who have schizophrenia
1950s, that could attenuate auditory still fell ill at higher rates than did
hallucinations, delusions and agitated adopted-away children of mothers
behavior in people with the illness. without schizophrenia, and this was
Although the drugs left many symptoms especially true when genetically at-risk
untouched, such as social withdrawal children were reared in an adverse
and maladjustment, they were far more rather than a healthy adoptive family
effective than traditional psychotherapy environment. Taken together, the data
in managing schizophrenia. supported a theory (referred to as
These medications figure promi- the diathesis-stress model) that a
nently in the Galvin story. The drugs genetic liability for schizophrenia is
were helpful to their sons, despite a necessary risk factor, which is ampli-
fied by environmental stressors that
alone are insufficient to cause the
disorder.
One bright spot in the Galvins’ story
occurred when the family crossed
paths with scientists aiming to solve
the riddle of schizophrenia. Lynn
DeLisi, a psychiatrist at the National
Institute of Mental Health in Bethesda,
Md., was seeking families with multiple
members—some with schizophrenia,
some not. When she learned about the
Galvins, she flew to Colorado to recruit
them for her research. Her aim was to
assess the genetic profiles of family
members who had the disorder and
those who did not, aiming to identify
biomarkers that could illuminate
etiology and suggest more-effective
pharmacologic interventions. Mimi and
Don were delighted to participate, and
they convinced their children to do so,
too. The Galvins sat for interviews,
completed questionnaires and provided
blood samples for DNA analyses. Their
DNA subsequently figured in the
growing genetic database that enabled
researchers to identify genes impli-
cated in schizophrenia.
Others researchers also studied the
family over the years, including Robert
Freedman, a professor of psychiatry
at the University of Colorado. He had
devised a laboratory test that assessed
how well individuals gate out ir-
relevant stimuli; those with schizo-
phrenia failed to do this as well as
details. His chief achievement, how-
ever, is an absorbing narrative of
persistence, adjustment and exhilara-
tion—followed by repeated disap-
pointment when discoveries fail to
replicate or yield effective treatments.
In recent years, scientists have de-
ployed emerging technologies in
computer science, neuroimaging and
genome sequencing to solve schizo-
phrenia. The more they have learned,
the more they have realized how com-
plex the puzzle is.
“Hidden Valley Road” vividly con-
veys not only the inner experience of
schizophrenia but its effects on the
families whose members are afflicted.
Growing up with parents under-
standably preoccupied by their
struggle to cope with six very ill and
often violent brothers, the unaffected
children often felt emotionally
abandoned. Mr. Kolker depicts their
confusion and terror as they ex-
perience their brothers successively
breaking down before their eyes, and
he captures the heartbreak and help-
lessness of parents who are losing
their children to mental illness.
In many ways, the Galvin family has
been a marvel of resilience. Although
both Don and Mimi are now dead,
several of their surviving healthy
children seem to have found peace and
meaning in their lives, despite often
having been haunted by the fear that
psychosis might strike them next.
Mr. McNally, professor of psychology
and director of clinical training at
Harvard University, is the author of
“What Is Mental Illness?”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | C9

BOOKS
‘I don’t think that any black person can speak of Malcolm and Martin without wishing that they were here. Our children need them...’ —JAMES BALDWIN, 1972

Embodiments of the Struggle

The Sword and the Shield
By Peniel E. Joseph
Basic, 373 pages, $30
BY JONATHAN EIG

F
OOL. CHUMP. Traitor.
False shepherd. Rev. Dr.
Chickenwing. Uncle Tom.
These are a few of the
ways that Malcolm X
described Martin Luther King Jr.
King spoke more diplomatically
about Malcolm, but not flatteringly,
calling the Nation of Islam a “hate
group” for its insistence on black
separatism and supremacy.
They were the yin and yang of an
American revolution, the two most
stirring and lasting voices of the civil-
rights battle of the 1950s and ’60s.
We remember King the pacifist in
contrast to Malcolm the provocateur;
MARION S. TRIKOSKO/UNIVERSAL HISTORY ARCHIVE/GETTY IMAGES

the man with the dream and the man

who decried the black American
nightmare. Yet, as Peniel E. Joseph
argues in his incisive, smartly written
new book, “The Sword and the Shield,”
history has turned both men into
caricatures. We’ve lost sight of King’s
true radicalism. We’ve lost sight of
Malcolm’s more moderate approach to
black nationalism that emerged after
his break with the Nation of Islam. And,
in Mr. Joseph’s view, we’ve lost sight of
how each man shaped the other.
King grew so radical and Malcolm
mellowed so much, James Baldwin
wrote, that “by the time each met his
death there was practically no differ- POLARIZING Martin Luther King Jr. and Malcolm X in Washington, D.C., on March 26, 1964.
ence between them.”
Plenty of differences remained was reshaping Africa and Asia. African- important figures in the quest for a between two beleaguered warriors. “What both Martin and Malcolm
between the men, but Baldwin never- Americans were moving to cities, “moral and political reckoning,” as he In the days that followed, the men began to see,” Baldwin wrote, “was
theless captured an essential truth. whites to the suburbs. Brown v. Board puts it, “with America’s long history continued to throw jabs, but they that the nature of the American hoax
King and Malcolm each found it use- of Education outlawed legal segrega- of racial and economic injustice.” He increasingly showed mutual respect. had to be revealed—not only to save
ful to cast the other in the role of tion in public education and sparked describes King as a defense attorney They nearly met again in 1965 in black people but in order to change
adversary, and yet the more they new waves of civil disobedience, in- and Malcolm as a prosecutor, suggest- Selma, where Malcolm asked Coretta the world in which everyone, after all,
struggled against institutionalized cluding a bus boycott in Montgomery ing they played equally necessary roles. Scott King to pass along a message to has a right to live.”
racism and economic inequality, the that turned King, at age 27, into the But in those early chapters it’s King her husband: “I want him to know that King began to call for massive civil
more they found commonality in their movement’s most dynamic figure and, notching one victory after another, I didn’t come to make his job more disobedience in the service of a wide-
political goals. Mr. Joseph, a history thanks to television, the most famous profoundly changing American life and difficult,” Malcolm said. “I thought that spread revolution, one that would
professor at the University of Texas at activist of his time. if the white people understood what reshape American democracy and
Austin, weaves their stories fluidly and As each man gained fame, he found the alternative was that they would inspire ordinary citizens around the
with vivid detail, helping to strip away it useful to attack the other. King built They were the yin and be willing to listen to Dr. King.” world to fight for the poor and
the high gloss of mythology. his movement on Christian principles, It was a comment that captured racially oppressed. He ruptured his
King, born in 1929 in Atlanta, was advocating nonviolence, urging his
yang of civil-rights both men’s strengths and weaknesses. relationship with President Lyndon
influenced deeply by the black Southern followers to love their enemies. He activism—and remain Malcolm inspired fear in the white Johnson by calling for an end to the
Baptist church. His father, maternal embraced pacifism, but there was the movement’s most community and courage in the black Vietnam War before the war became
grandfather, uncle and brother all were nothing passive about his work. He community, while King worked with overwhelmingly unpopular. King’s
preachers. His approach to fighting endured bombings, beatings and stirring and lasting voices. both sides and looked for concrete advisers warned him not to take such
segregation grew from his experience frequent arrests. In fact, he counted results that seemed to grow more a radical step, not to lose focus and
in the church as well as his extensive on violent attacks by police and sher- elusive. not to stray from the path that had
philosophical and theological training. iffs to win the sympathy and support law, while Malcolm inspires audiences Less than three weeks after his trip led to his past successes, but he
Malcolm Little, born in 1925 in Omaha, of white Americans for his cause. with his defiance and sharp words but to Selma, Malcolm was assassinated wouldn’t listen.
Neb., was also the son of a Baptist Invoking Gandhi and Jesus, he seized searches for the most effective use of while speaking to an audience in Har- His journey had begun with a mod-
preacher, an itinerant one who or- the moral high ground and attained the his skills. lem. In death he became “the patron est attempt to end segregation on
ganized for Marcus Garvey’s black- kind of influence usually associated The men met only once, on March saint of black radicalism,” Mr. Joseph Montgomery’s buses. As his fame and
nationalist movement. While impris- with leaders of state. 26, 1964. While King held a press writes. But his greatest legacy, the power grew, he argued that justice
oned for burglary between 1946 and Malcolm, for most of his public conference at the Capitol building in author argues, may have been his would not be done until everyone was
1952, Malcolm discovered the Nation career, mocked that approach. Why Washington, D.C., Malcolm entered impact on King. assured integrated schools, decent
of Islam, which urged black Americans should black Americans love the people the room and quietly took a seat. After helping to win passage of the housing, safe neighborhoods, health
to reject racial integration and prepare who had enslaved, suppressed and Afterward, they met in a corridor, 1965 Voting Rights Act, King watched care, jobs and a living wage. He staked
for the fast-approaching day when Allah lynched them? Why negotiate with shook hands and exchanged pleas- as riots exploded in black urban areas, everything on his hope for a better
would destroy white society. an opponent who insists on your fun- antries. “Now you’re going to get fulfilling one of Malcolm’s prophecies world until he found himself united
King launched his career as a minis- damental inferiority? What’s to be investigated,” Malcolm joked with and ripping apart the nonviolent civil- with Malcolm X by one last thing:
ter at a church in Montgomery, Ala., as gained for the lamb by expressing love King as photographers snapped rights movement. King still preached a bullet.
Malcolm Little dropped his so-called for the lion while being devoured? pictures. Of course, both men had nonviolence, but his approach became
slave name and became Malcolm X, the At times, especially in the first half long been under investigation by more radical, and he loudly insisted Mr. Eig, the author of “Ali: A Life,”
Nation of Islam’s most exciting young of his book, Mr. Joseph works hard to the FBI, but the comment neverthe- that voting rights and desegregation is working on a biography of Martin
minister. At the time, decolonization portray King and Malcolm as equally less counted as a kind of bonding were no longer sufficient. Luther King Jr.

To Each neoconservatism” on the grounds that

neoconservatism “is a heresy akin to
antinomianism, its adherents declaring
on the exclusion of Ayn Rand, prophet- questions are open questions and that
ess of hyperindividualism, and Robert there is no such thing as an American
Welch, founder of the John Birch orthodoxy, won the fight by sidestep-
with their own preferred doctrines, and
suddenly we have a new, far more rigid,
orthodoxy.

His Own themselves unbound by the constraints

to which others are obliged to attend.”
Society, from the conservative move- ping the whole debate. It was allowable
ment; Shelby Steele on affirmative ac- to exclude communism and commu-
The fight over Joe McCarthy, if Ken-
dall was right, was an adumbration of

Conservatism?
It strikes me as unpardonable to include
Charles Beard and not Charles Kraut-
hammer in a collection of writings by
American conservatives, but there it is.
Continued from page C7 How strange, then, to find a long
Taft is a reasonable, if uninspiring, entry in “American Conservatism” by
choice. But Charles Beard, the author of Irving Kristol, correctly said by Mr.
“An Economic Interpretation of the Bacevich to be thought of as the “god-
Constitution of the United States” father of neoconservatism.” The entry
(1913)? He “eluded easy categorization,” by Kristol is among the most bracing
Mr. Bacevich writes. Indeed, and a prac- things any conservative wrote in the
titioner of Marxian economic deter- second half of the 20th century, the
minism can safely elude the category essay “When Virtue Loses All Her Love-
of conservative. Or Reinhold Niebuhr? liness,” which appeared in these pages
I am an admirer of the Protestant theo- in 1977 and later as the epilogue of
tion; John Crowe Ransom and Eugene nists, the liberals held (this according 2016 and beyond. The fight over Donald
Genovese on Southern conservatism; to Kendall), because communism Trump is not, at its most basic level,
Richard John Neuhaus on atheism. amounted to a “clear and present dan- about the man and his behavior; it is
There are a few fine pieces that none- ger.” Not, in other words, because com- about whether Americans are permitted
theless don’t belong here: for to favor America simply be-
example Joan Didion’s short cause it’s America. Or, to adapt
essay “The Women’s Move- a phrase sometimes attributed
ment,” from 1972—Ms. Did- to Robert Frost, it’s about
ion was never much of a con- whether we’re allowed to take
servative and in any case did our own side in a quarrel.
not, pace Mr. Bacevich, de- Mr. Bacevich deserves credit
scribe her own outlook as an for including Kendall’s essay,
“unorthodox conservatism.” but I note with irritation that
The phrase was used about the book’s biographical note is
her in the New York Times, needlessly dismissive. Kendall
BETTMANN/GETTY IMAGES

logian and intellectual Niebuhr, but his book “Two Cheers for Capitalism” not by her. was “a brilliant man who never
the fact that in later years he shed (1978). In that essay, Kristol drew a dis- Among the most pre- fulfilled his promise.” His inclu-
his socialism and adopted more tough- tinction between the “free society” as scient pieces to my mind is sion in this volume would sug-
minded ideas on U.S. foreign policy envisioned by Friedrich von Hayek a chapter from Willmoore gest differently, but never
doesn’t make him a part of the “conser- and other free-market theorists, on the Kendall’s unjustly forgotten mind. Kendall couldn’t get
vative tradition.” one hand, and bourgeois capitalism, on book “The Conservative Af- along with his colleagues at
These and similar choices appear to the other. The latter, Kristol held, made firmation” (1963). Kendall, NEOCON Irving Kristol in the 1970s. Yale, whose administrators
be the result of Mr. Bacevich’s hatred of room for traditional mores, “a strong in his distinctively fluent but paid him to leave, and he
a body of opinion on foreign policy that homogeneity of values among the citi- prolix style, asks what the controversy munism is intrinsically un-American or “ended his career at the University of
generally takes the name “neoconserv- zenry,” and so encouraged both the over Sen. Joseph McCarthy was really abhorrent to humane values but be- Dallas, on the periphery of the nation’s
atism.” In matters of foreign relations, work ethic and patriotism. about. It was not, he deduced, about cause it was ill-advised, from a practical intellectual life,” Mr. Bacevich sniffs.
if I may offer a gross oversimplification, The argument was entirely in the the low character of McCarthy himself viewpoint, to allow Soviet sympathizers On the periphery. It’s not a bad way
neoconservatives believe that the asser- spirit of neoconservatism, an outlook or about his unscrupulous methods, to remain in the U.S. government and to describe modern American conserva-
tive use of American power, including that favored practical, real-world policy or even about whether there were or damage the national interest. tism itself—always adapting to its lib-
military power, tends to dissuade bad aims over pristine theoretical argu- weren’t communists furtively working Thus did midcentury liberals, honor- eral and progressive opponents; always
actors from assailing the U.S. and its ments that take no account of America’s in the U.S. government and taking or- able Cold Warriors though most of considered by them vaguely suspect.
allies, whereas American docility tends cultural distinctiveness. I conclude that ders from the Soviets. It was, Kendall them were, refuse to acknowledge that And always being defined by allegedly
to invite it. So strongly does Mr. Mr. Bacevich either has little idea what contended, fundamentally a philosoph- there is anything irreducibly American, sympathetic scholars who show little
Bacevich reject this view that, as he neoconservatism means or that he bun- ical fight about whether Americans had any set of doctrines or cultural mores understanding of the “tradition” they
puts it in the book’s introduction, he has gled by including an essay from a view- the right to proscribe certain beliefs and that may not be disputed by loyal mean to “reclaim.”
“excluded altogether anyone associated point he explicitly vowed to exclude. practices as anathema to the Consti- American citizens. Over the decades,
with what in the last quarter of the There are some trenchant pieces in tution and American culture. The anti- their liberal successors, and now their Mr. Swaim is an editorial page
twentieth century became known as this book, to be sure: William F. Buckley McCarthyite liberals, who held that all “progressive” ones, have filled that void writer for the Journal.
C10 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘People always call it luck when you’ve acted more sensibly than they have.’ —AN N E TYLER

MYSTERIES

The Ghost in the Routine The

TOM NOLAN

Redhead by the Side But in “Redhead by the Side of

of the Road
By Anne Tyler
the Road”—the title refers to a fire
hydrant that Micah mistakes for a
short woman with Titian hair be-
Pygmalion
Knopf, 178 pages, $26.95
BY JOANNE KAUFMAN
cause he jogs without his glasses—
the characters are either little more
Syndrome

H
than the sum of their idiosyncra-
ERE’S HOW cer- sies or mere foils for Micah. The FICTION AUTHORS are some-
tain Baltimore resi- latter group includes several ten- times asked: “Do your characters
dents know that ants of the apartment building, ever take control of the stories
it’s 7:15 a.m. on the among them a chatty dating ser- you’re writing?” Sulari Gentill’s
dot without check- vice habituée who is looking for “After She Wrote Him”
ing a watch, a clock or a phone. the kind of intimacy that is foreign (Poisoned Pen, 233 pages,
They just need to look for a sight- to the tech hermit. $16.99) pushes that question
ing of Micah Mortimer, out for his Those who’d like to know how even further. “What if you wrote
daily run. Micah, the focus of Anne Micah came to be the way he is, of someone writing of you?”
Tyler’s novel “Redhead by the Side why he avoids intimacy and em- asks this book at the outset. “In the end,
of the Road,” has his route (a long braces the traffic God, won’t get which of you would be real?”
oval). Micah has his routines (long much help from Ms. Tyler, who Madeleine “Maddie” d’Leon, a 30-year-old
inviolable). now and then intrudes on the story lawyer-turned-author living in Australia, is the
A computer consultant with a as a rather baffled, rather exasper- creator of a series of mysteries about a “work-
side gig as the live-in super of a ated commentator: “You have to ing-class, feminist” housemaid “who solves
small apartment building in a wonder what goes through the crimes by looking at what people throw away.”
lower-middle-class neighborhood, mind of such a man. Such a narrow Maddie wants to create a different protagonist
Micah swabs the floors of his and limited man; so closed off.” for her next mystery: a wealthy “literary”
cheerless basement flat on Mon- Alas, the ripped-from-the-pages- novelist who pens “the kind of worthy,
days and vacuums on Fridays. “It of-a-soap-opera-script plot is as incomprehensible stuff that wins awards.”
was Micah’s personal theory,” Ms. thinly conceived as the characters. Her new character is the “intriguing” and
Tyler notes, “that if you actually Micah’s surprise visitor, Brink, is the “brooding” Edward McGinnity, and he soon
noticed the difference you made son of Micah’s college girlfriend and takes on a life of his own. As Maddie tells her
when you cleaned . . . it meant you first love, Lorna. As for his father, agent: “I can see him so
had waited too long to do it.” well, Brink has gotten in his head THIS WEEK clearly. It’s like he exists,
EYEEM/GETTY IMAGES

Rest assured, Micah never waits
too long. Dishes are washed imme-
diately, dried and put away rather
than left out to air-dry on the drain
board. Too much clutter. Once a
mystery or biography is read, it
goes right back to the book give-
away place where he got it (see:
clutter). These habits get Micah
through life but—God knows—not
into life.
This is just another way of say-
ing that the 40-ish Micah is a clas-
sic Anne Tyler character, another of
the slightly melancholy, more than
a little clueless oddballs and sad
sacks who populate novels like
“Searching for Caleb” (1975),
“Morgan’s Passing” (1980) and
“The Accidental Tourist” (1985).
Ms. Tyler is especially good at mak-
ing us feel for these loony lost
souls, making us ache at all their
blown opportunities for intimacy
and connection even as—especially
as—they’re shoved, however un-
willingly, to a moment of reckoning.
But “Redhead by the Side of the
Road” doesn’t quite satisfy. While
it shares the concern of Ms. Tyler’s
best work, the story feels forced
and hurried despite being lifted
by Ms. Tyler’s customary and wel-
come style without a style.
Like other Tyler protagonists,
Micah is an odd fit within his fam-
ily—the sole male and shining-star
manqué among four cheerily ex-
pansive sisters, all of them with
an affinity for ruckus and disorder.
Keeping a blinkered if courteous
distance is Micah’s default posture
not just with family but with pretty
much everyone: his clients, the ten-
ants in his building, his girlfriend,
Cass. That is to say, his soon to be
ex-girlfriend Cass, just the latest in
a series of ex-girlfriends who have
come to learn that the battle is
futile. “Oh, Micah had not a very
The author of the
popular computer
manual ‘First, Plug In’
has serious connection
issues of his own.
good history with women. It just
seemed they kept losing interest in
him; he couldn’t say exactly why.”
It’s more than a little ironic that
the guy who spends his days help-
ing customers with their internet
connection problems—the author
of the modestly successful com-
puter manual called “First, Plug
In”—has serious connection issues
of his own. (For the record, he
named his company Tech Hermit.)
“Sometimes when he was dealing
with people,” Ms. Tyler writes of
Micah, “he felt like he was operat-
ing one of those claw machines on
a boardwalk, those shovel things
where you tried to scoop up a prize
but the controls were too unwieldy
and you worked at too great a re-
move.” The push/pull struggle—
family life vs. life alone—is a cen-
tral theme of Ms. Tyler’s fiction.
The smooth surface of Micah’s
existence is roiled when a well-
groomed teenager with the very
preppy name Brink shows up unan-
nounced at the apartment building.
Ms. Tyler has a gift for atomiz-
ing eccentric behavior. When Micah
tidies his apartment, for example,
he assumes a foreign accent, lately
either German or Russian. “Zee
moppink of zee floors,” he says.
“Zee dreaded moppink.” When he
drives, he never fails to use the
turn signal, even in his own parking
lot, never fails to make space for a
driver who decides at the last min-
ute to switch lanes. Micah likes “to
pretend he was being evaluated by
an all-seeing surveillance system.
Traffic God, he called it.”
And in conjuring the chaotic en-
gagement party of Micah’s nephew,
Ms. Tyler notes the bafflement of an
attendee when a discussion pro-
gresses in linear fashion. “As a rule,
conversations in this family didn’t
so much flow as spray in bursts.
here and there, like geysers, and she
wasn’t used to this pursuit of a
single subject.”
that it’s Micah. This paternity ques-
tion is the fulcrum of the novel, and
the catalyst for Micah to move,
if not exactly to the center of the
stream of life, at least to the water’s
edge. He sees the light with credu-
lity-straining speed after Lorna’s
comparison of their romance to
Micah’s childhood obsession with a
10-speed bicycle. “Now that it was
yours you were noticing things
wrong with it, like squeaky brakes
or a scratch in the paint,” Lorna
says. “Well, I am the bicycle.”
It’s all a bit pat. The saving
grace of “Redhead by the Side of
the Road” is Ms. Tyler’s empathy,
the empathy she has for her char-
acters and the very high value she
places on empathy. In one of the
novel’s deeply affecting moments,
Micah’s lady friend, Cass, a fourth-
grade teacher, tries explaining to a
few disgruntled students why it’s
so important for them to go carol-
ing at a nursing home.
“Some of these people get to see
children only once a year at Christ-
mas. . . . And even the grownups
they know are mostly gone. . . .
They remember something that
happened when they were, say,
nine-years old . . . but nobody else
alive remembers it too. You don’t
think that’s hard? You’ll be singing
to a roomful of broken hearts, I tell
you.” Micah, take note: That’s the
kind of girl who’d make it worth
changing your running schedule.
Ms. Kaufman writes on culture
and the arts for the Journal.
like I’m being allowed
After She to watch.”
Wrote Him Edward, in Maddie’s
By Sulari Gentill telling, is also writing a
book—one involving a
crime writer named Made-
leine d’Leon. “It’s an exploration of an author’s
relationship with her protagonist,” he tells his
artist friend Willow Meriwether, “an examina-
tion of the tenuous line between belief and
reality, imagination and self, and what happens
when that line is crossed.” (“I’m not sure what
that means,” Willow replies, “but it does sound
award-winning.”)
What we have, then, in “After She Wrote
Him,” is a tale of two writers, each a figment of
the other’s imagination. In Ms. Gentill’s clever
construction, both characters inhabit a world in
which reality and make-believe blur and blend.
This meta-fiction becomes a whodunit when,
at a gallery opening for Edward’s friend Willow,
a waspish critic is knocked down a flight of
stairs and killed. Who might have murdered
him? Willow, whose show he’d just trashed in
a review? Edward, who is in unrequited love
with the married Willow?
As Edward (thanks to his quick temper and
intemperate behavior) becomes the police’s
main suspect, Maddie is appalled at the
situation she has created for her handsome and
vulnerable hero. She barely hears her real-life
husband’s complaints—as written by Edward—
that their marriage is suffering from her
fictional obsession. She’s fallen madly in
love with her protagonist, and the feeling
is reciprocated.
“After She Wrote Him” careens toward a
fateful culmination as Maddie and Edward write
each other into personal limbos that, it seems,
will prevent them from saving one another.
Readers are left to their own devices to
escape from this infinity of mirrors.

Seeing in the Dark, Knowing Without Words

“ONE THING I’LL never be narrator’s attempt to care for In Damion Searls’s expertly is fostered by a caring Pente- alone in the same way,” Henri
done with: withdrawing to sit Asle’s dog, and other more restrained translation, the costal family. But despite her Bosco writes in his 1948 novel
in the solitude of my room, prosaic interactions that occupy writing has the artless, attempts to fit in, she too is “Malicroix” (NYRB, 278 pages,
surrounded by a deep darkness. the day, but beneath it are improvised feel of an extended institutionalized for crippling $16.95), newly translated by
In spite of all, that’s the last meditations and uncanny prayer, passing through depression, and this short novel Joyce Zonana. In this charming
joy.” So wrote the Norwegian flashbacks into the pasts of repetitions, drab descriptive takes a harrowing turn inside back-to-nature fantasia, an
novelist and crackpot Knut both men. formulas and sudden moments the prison of the hospital. ordinary Frenchman inherits a
Hamsun, and, frankly, in our Mr. Fosse writes what he of fervency. The aim is to tap Solitude is in this novel house from his reclusive great-
present state of social has called “mystical realism,” into a sensibility beyond purely a torment, the painful uncle Malicroix on an island in
distancing, we could do worse and the doubling of the Asles consciousness. “In a weird way consequence of Anna’s separa- the Rhône River delta in south-
FICTION than to consult him and his is purposefully ambiguous. both life and death are things tion from her father, whom she ern France. Thus he leaves the
SAM SACKS sun-starved countrymen. The men are like reverse- you can understand but not imagines to be the one person blandishments of civilization to
Today, one of Norway’s most negatives—the narrator is a with thoughts,” Mr. Fosse who understands her true survive on “fire and dreams”
prestigious writers, and surely teetotaling Catholic whose art writes. And indeed there is, nature. Ms. Boström Knausgård on a lonely, wind-driven rock,
its deepest philosopher of enjoys modest popularity, is good at evoking the fragility where the natural world is
isolation, is Jon Fosse, whose whereas the other is an THIS WEEK that can afflict even the most fierce and elemental and
“The Other Name” (Transit, unknown drunk—yet they have loving families. Her sentences, even the strange blood feud
336 pages, $17.95) now arrives a conjoined artistic vision and The Other Name: translated from the Swedish bequeathed from Malicroix
Norway’s in English, a volume that con- each is working on a painting Septology I-II by Rachel Willson-Broyles, against a neighboring clan has
leading tains the first two installments of two intersecting lines that By Jon Fosse are short, dry and brittle, a timeless, romantic quality.
of a seven-book “septology.” form the shape of St. Andrew’s like tinder on the verge of Bosco (1888-1976), who is
‘mystical Like most of Mr. Fosse’s Cross. To the narrator, the The Helios Disaster combustion. The writing then known in France for his young-
realist’ numerous works of fiction, cross speaks to something By Linda Boström Knausgård takes fire in the desperate and adult classic “The Boy and the
explores “The Other Name” is stark, numinous and essential about disturbing portrait of mental River” (1945), was an ornately
the serious, thoroughly interior and the relationship between Malicroix illness in the second half: “Oh, old-fashioned stylist even in
written in an unbroken stream darkness and light, and his By Henri Bosco how I hated myself and what I his day, and Ms. Zonana’s
mind- of consciousness that does not mind frequently returns to had become without noticing. unabashedly baroque
altering call to mind the flowing of a the track of that mystery, in this book’s rhythmic accu- Day by day, week by week, translation—words like
power river so much as the steady elaborating ideas drawn from mulation of words, something I had created this monster “grandeur” and “majesty”
drip of a thawing glacier. The the negative theology of the incantatory and self-annihilating that was myself.” appear regularly and without
of narrator is a widowed painter Christian mystic Meister —something that feels almost That’s the realism. irony—seems appropriate.
sensory named Asle, who lives and Eckhart: “It’s a strange habit, holy. The mythology, on the other What later generations would
and works alone in a remote village always wanting to look at my If Mr. Fosse writes mystical hand, is vague and confusing. seek in psychotropic drugs,
in western Norway. Among his paintings in the dark, yes, I can realism, the term you might use I wasted far too much time Bosco’s hero finds in his
social few acquaintances, one is even paint in the dark, because for Linda Boström Knausgård’s trying to figure out what uncushioned isolation in the
depri- notable—another painter of the something happens to a picture novel “The Helios Disaster” Athena has to do with any of roaring wilderness. The doors
vation. same name. While buying art in the dark, yes, the colours (World Editions, 189 pages, this—the answer seems to be of perception swing wide open:
supplies in a neighboring city, disappear in a way but in $15.99) is mythological realism. very little. Ersatz allusions to “All my sensations—the glow,
the narrator has an intuition another way they become The Greek goddess Athena has antiquity litter the narrative, the breath, the fragrance, and
that he should visit his name- clearer, the shining darkness returned in the guise of a interrupting a powerful story the quiet animal cry—etched a
sake: When he finally does, that I’m always trying to paint Swedish teenager named Anna, in the most needless way: by sparkling design within me. . . .
he finds Asle half-conscious in is visible in the darkness, yes, who emerges fully formed from goading the reader to stop to My awareness of the scene in
a fit of delirium tremens. The the darker it is, the clearer her father’s head. Her father, look things up on Wikipedia. front of me was so vivid it
surface of the story recounts whatever invisibly shines in diagnosed as a schizophrenic, “No two times of solitude became hallucinatory. I saw
their trip to the hospital, the a picture is . . .” is sent to an asylum and Anna are alike, for we are never what I saw.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | C11

BOOKS
‘Literature is strewn with the wreckage of those who have minded beyond reason the opinion of others.’ —VIRGINIA WOOLF

How to Live in Two Dimensions

Square Haunting
By Francesca Wade
Tim Duggan, 421 pages, $28.99
BY HELLER MCALPIN

F
RANCESCA WADE, a London-
based writer and literary editor,
has pulled off a remarkable feat of
intellectual and social history with
her erudite yet juicy first book.
In a captivating series of minibiographies of
five women, all trailblazing writers who lived
in Bloomsbury’s Mecklenburgh Square at some
point between 1916 and 1940, “Square Haunting”
builds a compelling case that each woman’s
time there represented a crucial stage in her
efforts to forge an independent life when doing
so was both uncommon and difficult.
Ms. Wade’s subjects, all prominent in their
day, are American-born poet H.D. (1886-1961),
mystery writer Dorothy L. Sayers (1893-1957),
classicist Jane Ellen Harrison (1850-1928),
medievalist and economic historian Eileen
Power (1889-1940) and novelist Virginia Woolf
(1882-1941). Some are still widely known, some
lamentably forgotten. While these portraits
NINA FUGA (DETAIL)

may not win them all new readers, Ms. Wade

sold me on Sayers’s detective novels, especially
“Gaudy Night,” in which her fictional alter ego,
Harriet Vane, while agonizing over whether
she should marry Lord Peter Wimsey, grapples
with many of the issues that drive this book.
Ms. Wade does a superb job of drawing out
commonalities that run far deeper than geo-
graphic coincidence. Although they didn’t all
live simultaneously on the square named for
Queen Charlotte of Mecklenburg-Strelitz, the
wife of King George III, her five subjects share
multiple connections: They read and were
influenced by one another’s work, which cast
women—including those from ancient mythology
and medieval history—in new light. They met
socially. In the ominous buildup to World War II,
they were outspoken supporters of the League
of Nations and world peace—with admittedly
disappointing results. They championed the
mind- and empathy-enhancing value of the
study of foreign cultures. (Harrison eventually
learned 16 languages.)
Their personal lives also intersected in
sometimes bizarre ways. H.D. (a pen name for
Hilda Doolittle) and Sayers occupied the same
flat at No. 44 two years apart and suffered
similarly miserable affairs with the same
man—Russian émigré writer and translator
John Cournos, who flares up repeatedly in
this book, like a rash. Sayers fictionalized their
unhappy relationship in her novel “Strong
Poison” (1930), to which Cournos responded
with “The Devil Is an English Gentleman”
(1932). He aimed another vitriolic novel at
H.D., which incorporated many of her letters
verbatim. After Harrison gave up her hard-won
professorship at Cambridge to explore new
pursuits in her 70s, she befriended Alexei
Remizov, an exiled Russian writer, whose
English translator was—you guessed it—Cournos.
But the strongest link between these five
intellectuals—which Ms. Wade rattles loudly—
is their strikingly similar struggle to develop
independent lives and fulfilling careers, even
if it meant eschewing the traditional domestic
roles of marriage and motherhood. Four of the
NEIGHBORS London’s Mecklenburgh Square.
five eventually married, though some not for
long. Two ended up with female partners.
The two who had children—H.D. and Sayers—
bore them out of wedlock, and Sayers kept her
motherhood secret her entire life. Ironically,
despite Woolf’s emotional instability, her
marriage to Leonard Woolf was the steadiest,
lasting from 1912 until her suicide in 1941.
H.D.’s life is the stuff of soap opera, and it
recalls Dorothy Parker’s quip that the avant-
garde Bloomsbury crowd “lived in squares,
painted in circles, and loved in triangles.”
Ezra Pound, Hilda Doolittle’s teen sweetheart
from Pennsylvania, suggested her abbreviated
byline—which she never liked—after they had
both moved, separately, to London. Her
marriage to Richard Aldington, an aspiring
poet who shared her love of antiquity, was
irreparably damaged by World War I and his
affairs, including one with Cournos’s lover at
the time, Arabella Yorke.
H.D. left Mecklenburgh Square in 1918 after
only two years, but was still processing her
experiences there decades later. In 1919, an
unhappy, short-lived fling with a man she met
through D.H. Lawrence resulted in a daughter,
whose care was financed by the wealthy
woman who became her longtime partner.
When H.D. sought treatment in Vienna with
Sigmund Freud in the early 1930s to clear
the “‘psychic weeds’ that were stifling her,”
he deemed her the “perfect bisexual.”
In 1960, the year before her death, H.D. was
the first woman awarded the Merit Medal for
Poetry by the American Academy of Arts and
Letters. Her work, Ms. Wade writes, explored
gender and myth, and freed ancient heroines
from roles in which they’d been trapped for
centuries. But the self-mythologizing drama of
H.D.’s life overshadows her poetry in this book.
Also in 1960, she published an autobiographical
novel with the histrionic title “Bid Me to Love,”
which explored sexual politics and the issue
of how to live “in two dimensions,” as both a
writer and a woman. It triggered a flurry of
renewed attention, including an angry reaction
from 79-year-old Cournos.
Of all the women profiled in “Square
Haunting,” Sayers is the most fun to read
about. Her vivaciousness is captured not only
Five female trailblazers:
Virginia Woolf, Dorothy L.
Sayers, the economist Eileen
Power, the poet H.D. and the
classicist Jane Ellen Harrison.
in Ms. Wade’s smart analyses of her work, but
in a fabulous photograph of her performing,
mustachioed, in a play at Oxford in 1915, one
of many well-chosen pictures in this book.
After her studies in modern languages at
Oxford, Sayers resisted the well-worn path to
teaching, believing it “immoral . . . to take up a
job solely for the amount of time one can spend
away from it.” She also refused to marry for
security. Sayers was determined to write best-
sellers, and Ms. Wade notes that she was
happily unhindered by “pretensions to exclu-
sively highbrow tastes.” Later in life, after the
commercial success of her detective novels,
Sayers returned to her more scholarly passions
and produced a translation of Dante’s “Divine
Comedy,” which she considered her masterpiece.
Like H.D., Sayers moved on from 44 Mecklen-
burgh Square and a failed affair with Cournos to
an unsuitable relationship that resulted in a son,
whom she fostered with a cousin. The two
disastrous romances, Ms. Wade writes, helped
Sayers “clarify her own priorities” to create a
life that nurtured both her heart and brain.
Eileen Power, another live wire, had both
academic chops and a flair for dramatic dress
and lectures. Of the women Ms. Wade profiles,
Power resided longest in Mecklenburgh
Square—from 1922 until her sudden death
from heart trouble in 1940. During this time,
she taught at the London School of Economics,
where she was paid far less than her male
colleagues. But she was happy to live amid
Bloomsbury’s social and intellectual whirl, to
work with the protégé she eventually married,
and to write economic history for a general
audience. Among her most popular was
“Medieval People,” about the sort of plain
folk—including women—who didn’t usually
make it into history books.
“Square Haunting,” which takes its title
from a 1925 diary entry in which Woolf praised
London’s “street sauntering & square haunting,”
works its way to its best-known writer. Woolf’s
last London residence was at No. 37 Mecklen-
burgh Square, from 1939 until its destruction
by German bombs in 1940.
Ms. Wade’s engaging narrative, movingly
bookended by descriptions of the obliteration
of a world she so vividly evokes, ends on a
sobering note. But this impressive feminist
history stands as an elegiac love letter to a
bygone time and place that offered brilliant,
iconoclastic women a unique opportunity for
freedom and self-expression.
Ms. McAlpin reviews books regularly for the
Journal, the Washington Post, the Christian
Science Monitor and NPR.org.

Things Could Always Be Worse

WITH COVID-19 has come and monuments look like to starry, tremulous delicacy; hemorrhagic disease that kills marriage to his new partner,
bewilderment and disbelief: people living then?” her Caliban shaggy, spiked and in less than an hour. For readers Jesse. Bea is all for it: She adores
How could life have changed One way to keep cultural pitiful; Prospero and Miranda ages 8-12 with a taste for Jesse; better yet, he has a
so quickly, and what will be left treasures from disappearing vibrant in red against rich vicarious peril and adventure, daughter who is exactly her age.
of our old ways when the crisis into obscurity is to make a point backgrounds of blue and green. this first volume in a planned She will have a sister! The reader
has passed? This line of thought of revisiting them and sharing Shakespeare’s words appear as series will be just the thing. will be in no doubt that the
is not articulated, strictly them with rising generations. a kind of decorative touch within adults in Bea’s life have done a
speaking, in Giles Laroche’s Georghia Ellinas and illustrator this prose account, which can be THIS WEEK wonderful job in making her feel
picture book for children ages Jane Ray make this a rewarding read to children ages 5-9 as a loved even as they reconfigure
5-9, but it may come to mind as task in the case of one literary strange little story in itself and Lost Cities their personal arrangements.
CHILDREN’S you look through the illustrations gem with “William Shake- also as an introduction to one of By Giles Laroche But Bea is not an easy person,
BOOKS in “Lost Cities” (Houghton speare’s The Tempest” the bard’s best-beloved creations. and Ms. Stead is at her most
MEGHAN Mifflin Harcourt, 40 pages, (Candlewick, 32 pages, $17.99), Some young readers are William Shakespeare’s artful when showing this
COX GURDON $17.99), a nonfiction survey of a retelling of the famous play in impatient. They have scant The Tempest through other people’s reactions
notable human settlements that picture-book form. interest in books that don’t hook Retold by Georghia Ellinas to her behavior, not least during
vanished from view for all sorts Here the magical sprite Ariel them hard and fast and drag Illustrated by Jane Ray two incidents in the third grade
of reasons, including sudden narrates the story of Prospero, them along at a terrific pace. that made her notorious with
catastrophe. the deposed duke of Milan, If you know such a child, run 300 Minutes of Danger the mothers of her schoolmates.
Using paint and cut paper, who with his daughter Miranda do not walk—in a manner of By Jack Heath This is Ms. Stead’s fifth solo
Mr. Laroche has created intricate is marooned by his political speaking, since the coronavirus novel since her debut in 2007,
A tableaux of places from the enemies on an island occupied means that you’ll need to order The List of Things and as wise and observant as it
picture- world’s lost-and-found depart- by the monster Caliban. When, from a bookstore rather than That Will Not Change is, it feels small compared with
ment. He shows us antediluvian in time, those enemies enter one—for a copy of Jack By Rebecca Stead her earlier work. Her ambitious
book Herculaneum, the Italian town approach by ship, Heath’s “300 Minutes of first novel, “First Light” had a
survey buried by volcanic Prospero orders Danger” (Sterling, 187 pages, sci-fi element: the existence of
of lost ash in the year 79 Ariel to whip up $7.95), a collection of 10 short Rebecca Stead takes readers a clandestine civilization under
cities and rediscovered in the mighty storm stories for which the phrase on a subtler emotional journey the polar ice. Her second, the
the 18th century. of the title to wreck “action-packed” would be a in “The List of Things That Newbery Medal-winning “When
and a He depicts the jungly flabby understatement. Will Not Change” (Wendy You Reach Me” (2009), was a
sprightly majesty of Cambodia’s Mr. Heath wastes no Lamb, 216 pages, $16.99), book of stellar originality, a
retelling Angkor Wat, the sprawl- time. From each story’s a novel for 8- to 12-year-olds. marvel of structure and pacing
ing network of carved first sentence, he It has been several years since with a fantastical twist (in this
of ‘The stone temples that fell plunges readers into a Bea’s parents sat her down to case, time-travel). With “Liar
Tempest’ into desuetude for four drastic situation that explain that they were getting and Spy” (2012) and “Goodbye
help centuries until its redis-
CANDLEWICK
swiftly deteriorates. divorced, that her father was Stranger” (2015), her storytelling
covery in the 1860s, and In “Sub-Human,” gay, and that although daily became character-driven and,
to keep Machu Picchu in Peru, the 15th- a stricken boy has life would be different, certain as it were, earthbound. With its
cultural century Inca “lost city” that was to descend in a tiny things would not change: low-key plot and emphasis on
treasures only found again in 1911. Might them. The pictures are superb. submersible to the bottom of “You will always have a home feelings, “The List of Things That
from there be other such places Ms. Ray’s work is always appeal- an ocean trench; in “Inferno,” with each of us,” for one. And: Will Not Change” is the most
awaiting rediscovery and ing, with a secret smiling quality a frantic girl has to find some “We are still a family, but in ordinary and predictable novel
slipping disinterment? We are left with that seems to hint at some way to escape a burning high- a different way.” yet from this so-talented writer.
out of this tantalizing question, and deliciousness just out of sight, rise. In several stories, kids Toggling back and forth in Let’s hope that with Ms. Stead’s
sight. one other: “Thousands of years but here she’s at her absolute are brought into terrifying time, Bea describes the events next book, that is something
from now, what will our cities best. Her Ariel (see above) is all proximity to the “flyrus,” a viral leading up to her father’s second that will change.
C12 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘‘If Wagner had lived in this century he would have been the number one film composer.’ —MAX STEIN ER

Play It Again, Max

Music by Max Steiner also Richard Strauss and, not least,
By Steven C. Smith Gustav Mahler. Indeed, Steiner pre-
pared the way for our acceptance of
Oxford, 480 pages, $34.95
the symphonies of Mahler in the
BY JOHN MAUCERI 1960s, when the millions who grew

H
up on Steiner’s scores—with their
OLLYWOOD’S golden marches, their passionate love
age calls to mind all themes, their disruptive jumbles
sorts of outsize fig- of naiveté and sophistication—dis-
ures: glamorous stars, covered them in the concert hall.
martinet directors, (Steiner first heard Mahler’s sym-
brilliant screenwriters—and, perhaps phonies when the composer re-
less-known but no less essential, the hearsed them in Vienna a half-cen-
composers who wrote the music that tury before.) Just listen to Libby’s
.TOM PERRY SPECIAL COLLECTIONS, HAROLD B. LEE LIBRARY, BRIGHAM YOUNG UNIVERSITY

established its world dominance. theme in “They Died With Their

Among the most notable of these Boots On” (1941) and you will hear a
composers was Erich Wolfgang Korn- melody worthy of Mahler himself.
gold, who was the subject of an illu- And of course, take any of Steiner’s
minating biography in 1997: Brendan themes of happiness, duty and love—
Carroll’s “The Last Prodigy.” Now we say, from “Gone With the Wind”—and
have a work to match it, giving us a you will hear Viennese operetta.
portrait of another great composer, Steiner was frequently required to
really the founding father of American use pre-existing popular songs in his
film music, Max Steiner (1888-1971). scores, mostly against his will. His
“Music by Max Steiner,” by Steven C. deft treatment of “As Time Goes By”
Smith, a journalist and producer of in “Casablanca” is perhaps the most
movie-themed documentaries, de- famous example. And, like Brahms,
scribes a long and tumultuous life and Puccini and Weill, he was a master of
firmly establishes Steiner as not only musical references. Think only of the
a major force in Hollywood but also hat tip he gives to the Walt Disney
one of the most influential composers Co.’s theme song—“When You Wish
in the history of symphonic music. Upon a Star”—in his score to Disney’s
Steiner and Korngold, as it hap- “Those Calloways” (1965).
pens, have many similarities. They It is no easy task to write about
were both raised in Vienna. They were music, and, given that Steiner wrote
both Wunderkinder trained in tradi- HOLLYWOOD SOUND Steiner, as music director of RKO Pictures, conducting his score for ‘King Kong’ (1933). so much of it—over 300 film scores—
tional composition and conversant any biographer faces the challenge of
from an early age with the Austro- composer’s invitation) and show busi- Million”—something that had never top of the film. Only Steiner could making his descriptions comprehen-
German musical tradition. They both ness. At 19, he composed his first been done before. invent something that, using only sible. I winced at times, as when Mr.
came from Jewish families that had operetta (“Die Schöne Griechen”), As Steiner’s career blossoms, Mr. three descending notes, expresses Smith explains a chromatic descent
departed from any traditional religi- which was produced in 1907. Smith gives us a picture of a delight- immense power and dread when (“Imagine that you are climbing a tall
osity. (As Korngold’s widow wrote, Steiner was in London when the ful and kindly man-child, living in played by the lower brass but can ladder. . . . To descend . . . you place
“We considered ourselves Viennese— Great War broke out in 1914—he had Beverly Hills on Benzedrine, coffee then be transformed through orches- one foot on the step below”), but mu-
Hitler made us Jewish.”) They both gone there because of the popularity and cigars, scribbling obscenities in tration and a change in harmony to sically trained readers should give
had a soft spot for operetta. At one of Viennese music and a short-lived the margins of his scores to entertain make Kong a sympathetic hero, one him a pass on this.
point, they even had offices in the love affair with a British singer. As an the boys who were orchestrating Of course, the music itself is only
same building at Warner Bros., along enemy alien, he would have been them. He was obsessed with music at part of the story. Mr. Smith’s chronicle
with the German-American composer interned had it not been for the Duke the cost of his personal relationships, Steiner wrote the music is filled with incident and sometimes
Franz Waxman. The very idea that of Westminster, who facilitated a including those with his wife and their jaw-dropping detail. At the Atlanta
these émigré composers shared a passport to a country not at war: the tragic only child, whose life ended
for ‘King Kong,’ premiere of “Gone With the Wind”
workplace in Burbank, Calif., is worthy United States. At 26, the composer in suicide. All of this, Mr. Smith ‘Casablanca,’ ‘Gone (1939), the movie’s Caucasian stars
of a moment of awe. They form began a new life in New York and occasionally reminds us, played out With the Wind’ and (Hattie McDaniel wasn’t invited) and
the core—along with Miklós Rózsa, would never return to Vienna. as World War II was tearing apart the book’s author, Margaret Mitchell,
Dimitri Tiomkin and Alfred Newman— Mr. Smith’s deft tracing of Steiner’s Steiner’s homeland. hundreds of other films. were serenaded by an African-Ameri-
of the golden-age elite, creators of the life in Vienna, London and New York, Throughout the pre-Hollywood can chorus that included the 10-year-
“Hollywood sound.” These men—refu- not to mention in his move to Los years and well after, Steiner kept old Martin Luther King Jr. dressed
gees of wars and racism—trans- Angeles in 1929, helps us understand alive his connection to the European worthy of our pity. Steiner makes us as a slave.
planted European music to America, the varied experiences that went into musical tradition, attending concerts root for the monster at the end. That Steiner’s music for “Gone With the
and, with the help of a global ampli- his cultural formation. We learn that and socializing with fellow compos- is genius. Wind”—its soaring main theme has
fier—the movies—made the music in New York Steiner mixed with the ers and conductors, but, unlike them, The reader will know some of the become a sonic emblem of Holly-
both American and universal. likes of George Gershwin and Jerome working only in the movies. His film films that Mr. Smith discusses and wood’s glory years—is a reminder of
Steiner grew up in a family that Kern and roomed with Metropolitan scores—once studio chief David O. can access others through streaming the heights that “mere” film scores
owned many of Vienna’s theaters. It Opera baritone Emanuel Liszt. He was Selznick supported the idea of fully services. If you don’t know the 1932 can reach. Our ignorance and snob-
was Steiner’s grandfather who per- naturally charming and hopeful, scored dramas in 1932—are imbued “Bird of Paradise,” go to YouTube bery—Mr. Smith describes the New
suaded Johann Strauss Jr. (“Die Fled- though often irresponsible when it with Steiner’s classical-music eru- and watch it. If you want to accom- York Philharmonic’s principal cellist
ermaus”) to write for the stage and came to money. dition. He employed, for instance, pany your reading of the chapter leaving his instrument in its case for
Steiner’s father who created Venice in Steiner, an immediate success as an Richard Wagner’s leitmotif method on Steiner’s score for “Casablanca” a single rehearsal of Steiner’s music—
Vienna, an immense amusement park arranger and conductor of Broadway for long-form dramatic storytelling— (1942), put it on whatever screen you have given Steiner and the other com-
with lagoons, a Ferris wheel, music musicals, was invited to Hollywood with characters and images given wish, or listen to a recording without posers in that Burbank building a
halls and restaurants—and music when the studios converted into recurrent themes and sequences. But the film, and you will hear the fecun- reduced status they simply don’t
everywhere. Unlike Korngold, whose movie-musical factories. There he Steiner’s music is only vaguely dity of Steiner’s talent. Great film deserve. We need to hear more of
father—the redoubtable music critic earned a reputation as a composer Wagnerian in sound—mostly when it music can be appreciated with your their music. We owe it to them and
Julius—hated his son’s love for oper- who could arrange in any style from swirls in constant upward modula- eyes wide shut, just as ballet scores to ourselves.
etta, Max was encouraged by his operetta to jazz. He hit his stride at tions. What makes his voice so strik- like “The Rite of Spring” can be
parents. Because of the fame of the RKO Pictures, which quickly promoted ing has far more to do with his abil- detached from the synchronicity of Mr. Mauceri is the founding director
Steiner family, the boy’s life was a him to music director. Within three ity to construct themes that are visual gesture. of the Hollywood Bowl Orchestra
heady mix of classical music (he years, he would make history by effective and memorable. Nothing Listen to a Steiner score and you and the author of “For the Love of
attended the premiere of “Uncle Rich- composing a fully underscored dra- could be simpler than the theme will hear resonances of other com- Music—A Conductor’s Guide to the
ard” Strauss’s “Salome” in 1905 at the matic talking film—“Symphony of Six for “King Kong” (1933) heard at the posers, including not only Wagner but Art of Listening.”

Bestselling Books | Week Ended March 28

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommore than16,000locationsacrossthe U.S.,
representing about85%ofthe nation’sbook sales.
The Splendid and the Vile 1 3 Educated: A Memoir 6 7 Where the Crawdads Sing 1 1 Wrecking Ball 6 4 Print-bookdata providersincludeallmajor booksellers,
Erik Larson/Crown Tara Westover/Random House Delia Owens/Putnam Jeff Kinney/Abrams webretailers andfoodstores. E-bookdataproviders
includeall majore-book retailers. Freee-books and
Untamed 2 2 5,000 Awesome Facts 7 — Pete the Cat 2 7 American Dirt 7 6 those sellingforless than99centsareexcluded.
Glennon Doyle/Dial National Geographic Kids/National Geographic James Dean/HarperFestival Jeanine Cummins/Flatiron The fictionandnonfiction combinedlists include
aggregatedsales forall bookformats(except audio
Lady in Waiting 3 New The Total Money Makeover 8 — It’s Not Easy Being a Bunny 3 — The Good Egg Presents 8 — books, bundles,boxedsets andforeign
Anne Glenconner/Hachette Dave Ramsey/Thomas Nelson Marilyn Sadler/Random House Books for Young Readers Jory John & Pete Oswald/HarperCollins language editions) andfeaturea
combination ofadult, youngadultand
Find Your Path 4 4 The Office: The Untold Story... 9 New The Boy From the Woods 4 2 The Boy, the Mole, the Fox and... 9 — juveniletitles. The hardcoverfiction
Carrie Underwood/Dey Street Andy Greene/Dutton Harlan Coben/Grand Central Charlie Mackesy/HarperOne andnonfiction listsalso encompassa
mixof adult,young adultandjuveniletitleswhile the
The Mamba Mentality 5 5 Open Book 10 6 Dog Man: Fetch-22 5 3 How to Catch a Mermaid 10 — businesslist featuresonlyadult hardcovertitles.
Kobe Bryant/MCD Jessica Simpson/Dey Street Dav Pilkey/Graphix Adam Wallace & Andy Elkerton/Sourcebooks Wonderland Referquestions toTeresa.Vozzo@wsj.com.

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

The Splendid and the Vile 1 1 The Splendid and the Vile 1 2 The Sinner 1 New Little Fires Everywhere 1 3 The Total Money Makeover 1 5
Erik Larson/Crown Erik Larson/Crown J.R. Ward/Gallery Celeste Ng/Penguin Dave Ramsey/Thomas Nelson
Joy of Cooking 2 — Untamed 2 1 Little Fires Everywhere 2 3 Where the Crawdads Sing 2 4 The Blueprint 2 —
Irma S. Rombauer et al/Scribner Glennon Doyle/Dial Celeste Ng/Penguin Delia Owens/Putnam Douglas Conant & Amy Federman/Wiley
End of Days 3 2 Big Preschool 3 — The Last Odyssey 3 New The Sinner 3 New Atomic Habits 3 1
Sylvia Browne & Lindsay Harrison/New American Library School Zone Publishing/School Zone James Rollins/Morrow J.R. Ward/Gallery James Clear/Avery
If You Tell 4 5 The Big Book of Silly Jokes for Kids 4 — The Boy From the Woods 4 2 The Last Odyssey 4 New Dare to Lead 4 6
Gregg Olsen/Thomas & Mercer Carole P. Roman/Rockridge Harlan Coben/Grand Central James Rollins/Morrow Brené Brown/Random House
Publish. Promote. Profit. 5 — Lady in Waiting 5 New Where the Crawdads Sing 5 8 The Boy From the Woods 5 1 StrengthsFinder 2.0 5 2
Rob Kosberg/Best Seller Anne Glenconner/Hachette Delia Owens/Putnam Harlan Coben/Grand Central Tom Rath/Gallup
Untamed 6 3 How to Draw 101 Animals 6 — Neon Prey 6 — Little Blue Truck’s Springtime 6 — The Energy Bus 6 —
Glennon Doyle/Dial Dan Green/Imagine That John Sandford/Putnam Alice Schertle/Houghton Mifflin Harcourt Jon Gordon/Wiley
Lady in Waiting 7 New Kindergarten Big Fun Workbook 7 — Don’t Let Go 7 — Pete the Cat 7 — Never Split the Difference 7 8
Anne Glenconner/Hachette Highlights/Highlights Learning Harlan Coben/Dutton James Dean/HarperFestival Chris Voss & Tahl Raz/Harper Business
The Obstacle Is the Way 8 4 Brain Quest Workbook: Grade 2 8 — American Dirt 8 4 American Dirt 8 5 The Daily Stoic 8 —
Ryan Holiday/Portfolio Liane Onish/Workman Jeanine Cummins/Flatiron Jeanine Cummins/Flatiron Ryan Holiday & Stephen Hanselman/Portfolio
The Great Influenza 9 6 Brain Quest Workbook: Kindergarten 9 8 In Five Years 9 6 It’s Not Easy Being a Bunny 9 — Extreme Ownership 9 10
John M. Barry/Penguin Lisa Trumbauer/Workman Rebecca Serle/Atria Marilyn Sadler/Random House Books for Young Readers Jocko Willink & Leif Babin/St. Martin’s
Apropos of Nothing 10 New Easter Eggstravaganza Mad Libs 10 — Dune 10 — In Five Years 10 7 Ultimate Retirement Guide for 50+ 10 4
Woody Allen/Arcade Roger Price & Leonard Stern/Mad Libs Frank Herbert/Ace Rebecca Serle/Atria Suze Orman/Hay House
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
Wall Street Journal

1. The Netflix series 5. Hungarian Prime Min- Cell Blocks Cell Blocks
“Tiger King” and its ister Viktor Orbán Divide the grid
star, Joe Exotic, be- made news. How? into square or
came a sensation. rectangular blocks, For previous
His real name?
A. He tested posi- each containing weeks’ puzzles,
tive for coronavirus. one digit only. and to discuss

A. William
B. The country’s parlia- Every block must strategies with
Blake ment allowed him to rule contain the number
other solvers, go

B. Al Kaline by decree. of cells indicated by
to WSJ.com/

C. Joseph Maldonado-
C. He agreed to step the digit inside it.
puzzles.
Passage down by May 1.

D. Thurl Arthur Ravenscroft
D. He vowed to withdraw Killer Sudoku
from NATO. Level 2 Suko
2. The FDA halted sales of
which medicine due to cancer 6. Thieves took a Van Gogh
concerns? from a Dutch museum. Name
that painting.

A. Famotidine (Pepcid)

B. Ranitidine (Zantac)
A. “Self Portrait with Ban- Killer Sudoku Level 3

C. Omeprazole (Prilosec) daged Ear”
As with standard

D. Cimetidine (Tagamet)
B. “Triple Self-Portrait” Sudoku, ill the

C. “Almond Blossom” grid so that every

D. “Parish Garden in Nuenen, column, every row
3. D-Wave Systems offered free
Spring” and every 3x3 box Old MacDonald Had a Cinema
access to its products. What
contains the digits M US S E L K I E L B A S A C H A R S
products? To whom? U NU H R T O T T E R P O P R E P I N
7. Of the top 10 items searched 1 to 9. Each set of
T HB E A DM O O S B E A R S I L O V E

A. Quantum computers to on Amazon recently, nine were cells joined by T OT R S A P O T R E E E M C E E
coronavirus researchers anti-virus cleaning supplies or dotted lines must S OR R E L S A T T N E R S A T Z
add up to the KA I I C K I E R T A R L E E

B. Electrocranial stimulation personal-hygiene products. But C O L O R R U F F MO N E Y Y D S
target number in
to stress sufferers what was No. 7? C A T H T I E R B U S K E S P
its top-left corner. S A N M U S S O T I S A C R O S S

C. Hair-straightening videos to
Within each set E M I L Y S H O P E C T R L R E U P
home stylists
A. Home brewing kits L AMA O I N K E R S AWA Y E MM A
of cells joined by

D. Surfboard patterns to idled
B. Mystery novels dotted lines, a digit F R A U F L A B R O T E D O R E M I
carvers
C. Puzzles for adults O L D P A L Y O Y O E L E M O I L
cannot be repeated. Q E D S A M S T O T O A TWT

D. Yoga mats E MU T H E N E I G HWEW E R E
M E A S E A M E N D E S A N D
4. In an online diary, Chinese U R C H I N R A N T R E S T O R E
writer Wang Fang castigated 8. A team plane brought 1.2 mil- Suko L I K E N A C N E F E E O A S E S
Wuhan authorities for mishan- lion precious N95 masks from Place the numbers A T E S T T H EW I Z A R D O F B A A S
FROM TOP: SUE OGROCKI/ASSOCIATED PRESS;; JAMES BLACK/ICON SMI/ZUMA PRESS

T E R S E T I R E L E S S T E L L M E
dling the coronavirus. What’s China. Which team? 1 to 9 in the spaces E D S E L S C A R L E T T SWE E T S
her pen name? so that the number

A. The New England Patriots in each circle is equal

A. Fang Fang
B. The Los Angeles Lakers to the sum of the y
Labyrinth

B. Lu Xun
C. The New York Yankees four surrounding D U N G E O N L E A P T
S K I T S U N I B R O W
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

C. Ba Jin
D. The Bard College Rap- spaces, and

D. Jin Yong tors each color total F E L O N F E A T H E R
is correct.
F E L L B A C K S I D E
A L L O W S H A T E R S
T R E E B R I S K E S T
S E N D S O N N O B E L
R A P P B A R E N E S S
A T M O S T P L A T E S
C L A S P P A N A C H E
C O N T R A S S C E N T
Answers A B L E I N T R U D E S
are listed below
the crossword B L A N C H A D O L P H
solutions at right. R E I N S B A R B A R A

Answers to News Quiz: 1.C, 2.B, 3.A, 4.A, 5.B, 6.D, 7.C, 8.A.
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 43 Like an acid 1 F2 N3 C 4 E5 M6 B7 Q 8 K9 U 10 H 11 T 12 R 13 G 14 V 15 F 16 O 17 P 18 L 19 J 20 B
found in greens
17 18 19 21 M 22 T 23 H 24 V 25 Q 26 U 27 R 28 K 29 C 30 W 31 G 32 A 33 F 34 N 35 H 36 J 37 I 38 P 39 M 40 D 41 S
44 Jason of “The
20 21 22 Man in the High 42 B 43 K 44 O 45 R 46 V 47 T 48 W 49 F 50 G 51 M 52 P 53 K 54 I 55 C 56 E 57 H 58 D 59 R 60 L
Castle”
23 24 25 26
61 A 62 U 63 T 64 V 65 N 66 G 67 M 68 F 69 P 70 B 71 S 72 Q 73 N 74 J 75 W 76 L 77 R 78 V 79 I
45 Building bigwigs
27 28 29 30 31 32
47 Is a motor-mouth 80 H 81 B 82 T 83 F 84 O 85 U 86 P 87 S 88 G 89 K 90 A 91 M 92 H 93 Q 94 N 95 B 96 V 97 O 98 R 99 J 100 W
33 34 35 36 37 38
49 More hectic 101 E 102 T 103 G 104 M 105 D 106 C 107 U 108 K 109 N 110 S 111 F 112 B 113 J 114 R 115 P 116 G 117 V 118 H 119 A 120 J
39 40 41 42 51 It was introduced
121 O 122 N 123 L 124 T 125 D 126 M 127 I 128 F 129 B 130 E 131 V 132 G 133 P 134 U 135 O 136 T 137 J 138 D 139 Q 140 I 141 R
43 44 45 46 47 in late 1957
52 Ballerina’s pivot 142 N 143 P 144 C 145 W 146 E 147 G 148 L 149 U 150 F 151 B 152 K 153 V 154 J 155 T 156 M 157 N 158 A 159 R
48 49 50 51 52 53
53 Boeing rival 160 O 161 G 162 H 163 Q 164 F 165 K 166 T 167 E 168 B 169 S 170 R 171 G 172 P 173 L 174 F 175 H 176 W 177 I 178 J 179 O
54 55 56 57 58 59
55 Any of this
60 61 62 63 64 65 puzzle’s theme 180 T 181 D 182 L 183 C 184 U 185 N 186 V 187 F 188 S 189 G 190 E 191 K 192 H 193 P 194 M 195 T 196 U 197 O 198 A 199 B
answers
66 67 68 69 70 200 C 201 G 202 I 203 E 204 P 205 V 206 J 207 M 208 U 209 R 210 A 211 O 212 F 213 K
56 Chain with a
71 72 73 74 heart logo
75 76 77 78 79 80 81 57 Compassionate
Acrostic | by Mike Shenk
assassins? To solve, write the answers to the clues on the L. Jute, Angle or ____ ____ ____ ____ ____ ____ ____
82 83 84 85 86 60 76 123 148 18 173 182
58 Dined at home numbered dashes. Then transfer each letter to the Saxon, in 5th-
87 88 89 90 91 92 correspondingly numbered square in the grid to spell century Britannia
59 River with its
93 94 95 96 97 98 source in a Swiss a quotation reading from left to right. Black squares M. Hillbilly character of ____ ____ ____ ____ ____ ____ ____ ____
glacier separate words in the quotation. Work back and the comics for over 126 39 194 91 207 156 21 104
99 100 101 102 103 forth between the word list and the grid to complete
62 Simple sack 85 years (2 wds.) ____ ____ ____
67 51 5
104 105 106 107 the puzzle. When you’re finished, the initial letters of
63 Spouts the answers in the word list will spell the author’s
108 109 110 64 Forward N. Cocktail made with ____ ____ ____ ____ ____ ____ ____ ____
name and the source of the quotation. vodka, ginger beer 142 185 65 109 73 157 94 34
111 112 113 67 Nursery item A. Site of the Georgia ____ ____ ____ ____ ____ ____ ____ and lime juice ____ ____
90 198 61 210 158 119 32 2 122
70 Bridge action O’Keeffe Museum (2 wds.)
A Feel for the Job | by Gary Larson 72 Southwest art
(2 wds.)
O. Old artisan also ____ ____ ____ ____ ____ ____ ____ ____
colony 16 135 121 179 160 84 97 211
Across 47 Confectioner H.B. 88 Ticket parts 6 JFK posting B. Without question, ____ ____ ____ ____ ____ ____ ____ ____ called a fletcher
95 199 129 112 81 6 151 20 ____ ____
1 Reneged (on) 73 Petition for sure
48 Collected works 89 White House 7 Lucy’s husband 44 197
____ ____ ____
8 Website warning 50 Folks on the worker 74 Six-pt. scores 42 168 70
8 Inspiration for
move 90 Some heiresses many a 75 Sunscreen nos. P. Author of “The ____ ____ ____ ____ ____ ____ ____ ____
12 Summer songs? Compleat Angler” 172 69 86 133 204 115 38 193
technophobe C. Mathematicians ____ ____ ____ ____ ____ ____ ____
17 Stomach 52 Tartarus has two 93 Speaks falteringly 76 Chopin piece 29 144 3 106 55 183 200 (2 wds.) ____ ____ ____
indicate it with a 52 143 17
54 Prepare to skate, 95 Total 9 Power-saving 77 Like many pair of empty
18 Vogue alternative mode
maybe 96 Blood fluids summer movies braces (2 wds.)
19 Trusted teacher Q. Wrestling hold ____ ____ ____ ____ ____ ____
55 Remain 10 Fizzless 78 Oodles whose “full” version 72 163 139 7 93 25
20 Free-spirited 98 Govt. mtge. D. “Oh, rats!” ____ ____ ____ ____ ____ ____
unsettled insurer 11 United 40 105 125 138 181 58 is illegal in school
football players? 80 Citrus quenchers
56 Brand of competition
99 Outcry 12 Contradicts 83 Baseball
21 Thoroughly change- E. Opponents of ____ ____ ____ ____ ____ ____ ____ ____
exhausted 13 “___ we trust” statistics technological 190 56 146 167 130 4 101 203 R. Confection called ____ ____ ____ ____ ____ ____ ____ ____
converting 100 Kirsten of “The 159 141 98 27 12 77 59 170
telemarketers? change “pastellfiskar” in its
machines Beguiled” 14 Flutes and the 84 “Step on it!”
country of origin ____ ____ ____
23 Dudley Moore’s 60 Wrath 102 “Mean Girls” like 85 Like some houses (2 wds.) 209 114 45
F. Baseball’s career ____ ____ ____ ____ ____ ____ ____ ____
obsession in “10” writer 15 Prom accessories grand slam leader, 1 15 212 33 164 111 150 174
61 Self-assured 86 Future bride S. Spanish city known ____ ____ ____ ____ ____ ____
24 Key on a map waitstaff? 104 Thin-skinned 16 Surgery ctrs. with 25 (2 wds.) ____ ____ ____ ____ ____ 188 169 110 41 87 71
88 Fire-prevention 128 49 187 83 68 for fine-tempered
26 Accepted truths police officers? icon swords
65 Bible verb suffix 17 “A Confederacy
27 Word of 106 Inflexible prison of Dunces” 90 They’re G. Where to find a ____ ____ ____ ____ ____ ____ ____ ____
66 Not subject to T. Artist who ____ ____ ____ ____ ____ ____ ____ ____
encouragement guards? author sometimes spouse who 161 13 171 50 189 66 31 132
change illustrated editions 180 136 102 155 63 195 82 47
108 Results 19 Bar stock slapped forgets a wedding ____ ____ ____ ____ ____
of “Candide” and ____ ____ ____ ____
28 ___ jure (by the 68 They’ve split anniversary (3 wds.) 201 88 103 147 116
11 124 166 22
law itself) 109 Icicle’s location 20 Wall St. deals 91 Cries of relief “Moby-Dick,” as well
69 Home of one as his own “N by E”
30 Trophy of the world’s 110 Open-mike night 92 Utters H. Item patented by ____ ____ ____ ____ ____ ____ ____ ____
22 Swift 10 23 192 35 118 92 80 175 (2 wds.)
oldest performers Stephen Perry in
31 The fast track 25 Play start 94 Ernie Banks 1845 for “springs to ____ ____
rainforests 111 Manage nickname 57 162 U. Shield bearing a ____ ____ ____ ____ ____ ____ ____ ____
33 Picks up on 29 Poignant be applied to girths, coat of arms 26 184 134 107 196 208 85 62
71 What’s left 112 Pop to Pebbles 95 Urbane belts and bandages”
35 Extorted instrument ____ ____
72 Bath sprinkles (2 wds.) 9 149
113 Some spuds 31 Mystery writer 97 Singers James
37 Some CSI
74 Hip and Jones
evidence Down Paretsky I. Musician who ____ ____ ____ ____ ____ ____ ____
127 140 79 37 54 202 177 V. 1960 film for which ____ ____ ____ ____ ____ ____ ____ ____
75 Curl one’s lip 100 Sweetums wrote “Sweet Jane” Burt Lancaster and 153 186 96 46 24 14 64 131
38 Before now 1 Impassive 32 Team connector
and “Walk on the Shirley Jones won ____ ____ ____
78 Tank filler dealers in hot 101 Winter Palace
39 Stoat coat 34 “Calvin and Wild Side” (2 wds.) Oscars (2 wds.) 78 117 205
goods? ruler
79 Big parts Hobbes” girl
40 Reliable 2 Ultimatum word 103 What some are J. Chalk upland of ____ ____ ____ ____ ____ ____ ____ ____
comedians? 81 Nota ___ 36 Small sailing ship 36 74 137 206 178 113 120 19
W. Play with matches? ____ ____ ____ ____ ____ ____
stuck in Surrey with a 30 75 145 176 48 100
3 More suspicious famous racetrack
42 Punishing hike 82 Pretense 37 Broad players ____ ____
104 Strong throw, in Get the solutions to this week’s Journal Weekend
s

99 154
4 Heebie-jeebies (2 wds.)
43 The other guys 83 Unsettled 40 Close relative baseball slang Puzzles in next Saturday’s Wall Street Journal.
manual laborers? 5 Disney’s K. Indecisive; lacking in ____ ____ ____ ____ ____ ____ ____ ____
45 Prolonged attack portrayer in 41 Surly sort 105 Playboy founder, 8 28 108 53 43 89 165 213
Solve crosswords and acrostics online, get pointers
86 Wreath material familiarly purpose (Hyph.) on solving cryptic puzzles and discuss all of the
46 She played June “Saving Mr. 42 Mystery writer ____ ____
in “Henry & June” 87 TV monitor? Banks” Gerritsen 107 Aussie bird 152 191 puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

EXHIBIT | ALEXANDRA WOLFE

Magic for
Young Readers
Book covers reveal how children’s literature
has changed over time, from earnest instruction
to playful adventure.

W
hen children’s
books first ap-
peared over two
centuries ago,
they weren’t filled
with fantasy or frivolity. In the 18th
century, people thought of children
as small adults, and they were told
stories meant to teach moral lessons
and good behavior. In time, however,
children’s literature became more in-
teractive, playful and warm. A new
book by Colin Salter, “100 Children’s
Books That Inspire Our World,”
which will be published by Rizzoli on
April 7, includes bright covers and
lively descriptions of beloved chil-
dren’s books from 1697 to 2011.
Starting with “Mother Goose”
series “Sweet Valley High,” which
ran to 181 volumes between 1983
and 2003. For younger kids, modern
books include more bells and whis-
tles, such as pop-ups, cut-outs and
push-buttons.
Today’s authors, says Mr. Salter,
credit children with the ability to
deal with dark, scary plotlines.
Books such as “A Monster Calls” by
Patrick Ness, a 2007 fantasy book
about a boy whose mother is dying,
include serious subject matter.
Throughout the ages, abandon-
ment and isolation are common
themes. “Authors are demons for
finding ways to isolate children,”
says Mr. Salter. “They force the child
in the story to muddle through on

CLOCKWISE FROM TOP LEFT: WALKER BOOKS; VIKING PRESS; ALAMY (2); PUFFIN BOOKS; ALAMY; ALMA BOOKS
(1697), a collection of French fairy his own to triumph.” That’s a happy
tales, the early books were edifying. ending in itself: “It’s a great way to
They taught children lessons such as entertain a child, to build a child’s
being kind to their relatives and confidence to think it’s possible to
learning their ABCs. It wasn’t until go on without your parents.”
the 19th century that writers
such as Robert Louis Steven-
son and Mark Twain started
writing books geared to chil- Early children’s
dren’s interests, with boys and books focused on
girls as the central characters. teaching morals and
By the early 20th century, manners, but modern
publishers started incorporat- classics from Louisa
ing more pictures in books for May Alcott’s ‘Little
children, such as Beatrix Pot- Women’ (1868) to
ter’s “The Tale of Peter Rab- Astrid Lindgren’s
bit” (1901). Illustrations ‘Pippi Longstocking’
started off as delicate and de- (1945) make children
tailed, says Mr. Salter, and the heroes of their
slowly became more cartoony, own adventures.
as in A.A. Milne’s “Winnie the Illustrations became
Pooh” (1926). a key part of books
In the last 40 years, chil- for younger readers,
dren’s books have increasingly like Dr. Seuss’s
told tales of teenage angst, as ‘Green Eggs and
in the high-school soap-opera Ham’ (1960).

MASTERPIECE | ‘JABBERWOCKY’ (1871), BY LEWIS CARROLL

The Frabjous Delights Nonsense words and

gibberish revel in the

Of Seriously Silly Poetry

malleability of the
English language.

Victorian times, its

BY WILLARD SPIEGELMAN
TODAY, WHEN PUBLIC LANGUAGE
can seem slippery or unreliable, we
might, for pleasure as well as reas-
surance, check in with the masters
of English poetry. They may some-
times use gibberish, gobbledygook
or balderdash for fun but, in the
end, they leave us delighted rather
than confused. Some kinds of non-
sense are consoling.
Consider Lewis Carroll’s “Jab-
berwocky.” For nearly 150 years, it
has provoked happy squeals in
children, and inspired serious anal-
yses in lit-crit scholars. The poem
comes from “Through the Looking-
Glass, and What Alice Found
There” (1871), the sequel to “Alice
in Wonderland” (1865). Its origin
goes further back. Stanza one ap-
peared, in 1855, in “Mischmasch,” a
periodical Carroll made for his
family:
‘Twas brillig, and the slithy
toves
Did gyre and gimble in the wabe:
All mimsy were the borogoves,
And the mome raths outgrabe.
On its face, this may seem like
nonsense, and in fact Alice herself
has problems with it: “It’s very
pretty, but it’s rather hard to un-
derstand.” She’s wrong. It may dis-
tort sense, but it is not nonsense.
If you know English syntax and
parts of speech, you know immedi-
ately that “toves” and “wabe,” like
“borogroves” and “raths,” are
nouns, even if you have no idea
what else they are. “Gyre” and
“gimble” are verbs, “mimsy” and
“mome” adjectives. “Brillig” and
“outgrabe” are ambiguous. In po-
etry, all words are important, and
ations, in context. Carroll tried to tulgey wood,
help (or perhaps to confuse) his And burbled as it
reader. In the book, Humpty came!
Dumpty offers Alice some defini- This is hero-
tions. He calls toves “something against-monster
like badgers” but adds they are (think: St. George
also like lizards, and like cork- with his dragon, or
screws. Carroll’s notes in “Mischm- countless other he-
asch” have it a bit differently: A roes and villainous
tove is “a species of Badger with beasts). Then comes
smooth white hair, long hind legs the easy climax:
and short horns like a stag” that One, two! One,
lives “chiefly on cheese.” two! And through
Subsequent commentators have and through
made their own interpretations. A The vorpal blade
variorum edition of the work (such went snicker-snack!
as Martin Gardner’s “The Anno- He left it dead,
tated Alice”) resembles a scholarly and with its head
Bible or Talmud, with layers of He went galumph-
commentary heaped on prior com- ing back.
mentary, as one scholiast responds
to another. “And hast thou
Is there an original truth? Or is slain the Jabber-
the poem’s meaning the sum total wock?
of all the possible interpretations? Come to my arms,
Whom to believe? As Alice might my beamish boy!
say, “curiouser and curiouser.” O frabjous day!
Alice recognizes at least that Callooh! Callay!”
“somebody killed something”: He chortled in his
“Beware the Jabberwock, my joy.
son! “Snicker-snack” is
The jaws that bite, the claws delicious. And “Ga-
that catch! lumphing” and
Beware the Jubjub bird, and “chortled,” words of Carroll’s own
shun invention, have entered our shared
The frumious Bandersnatch!” vocabulary. We have inherited his
We are in the world of medieval creations, the words as well as the
adventure narratives. Conflict is characters. They are no longer
imminent: strange but familiar, part of our
He took his vorpal sword in linguistic stock in trade.
hand; In poems, sounds gather mean-
Long time the manxome foe he ing through suggestion. (This is
sought— why rhyme is important.) “Wabe”
So rested he by the Tumtum tree sounds like “wave,” and “Callooh!
And stood awhile in thought. Callay!” isn’t far from “Hip-Hip,
Hooray!” Some of the words are
loves “Jabberwocky”: it turns read-
ers into etymologists. They can
make their own definitions.
John Tenniel’s famous illustra-
tion is itself a visual portmanteau.
It enhances Carroll’s vivid lan-
guage—which doesn’t really de-
scribe the beast—and gives the
poem a greater frisson. The Jab-
berwock is like one of those an-
cient mythical creatures composed
of heterogeneous parts. His neck is
a dragon’s; he has rabbit teeth and
stanzas rhyming a-b-
x-b, with the fourth
line of each one cur-
tailed, having three
stresses instead of
four. Carroll called his
original first quatrain
“Stanza of Anglo-
Saxon Poetry,” and
printed all of the
“the” words with a
variation of the Old
English letter “thorn.”
This is what we see in
signs advertising “Ye
Olde Tavern” and so
forth. Carroll wanted
his comedy to have
historical depth. Great
literary nonsense al-
ways has such depth.
The Brothers
Grimm and Shake-
speare were masters
of nonsense. Edward
Lear, Carroll’s Victo-
rian contemporary,
was likewise a genius
of serious frivolity
(think of “The Owl
and the Pussycat”).
Wallace Stevens
thought nothing of us-
ing nonsense syllables in his seri-
ous, sensuous poems. And there is
E.E. Cummings, every adolescent’s
favorite poet, who arranged sen-
tences in odd ways that first baffle
and then charm.
Loving a challenge, poets in doz-
ens of languages have tried their
hand at translating “Jabberwocky.”
The oddest of these are probably
in Esperanto and even American
Sign Language. As Robert Frost, al-
ways sly but seldom nonsensical,
CHRISTOPHER SERRA

the odder they are, the more pro-
vocative.
Carroll’s creatures, like his
words, initially seem weird. But
they, too, have meanings or insinu-
And, as in uffish thought he
stood,
The Jabberwock, with eyes of
flame,
Came whiffling through the
original portmanteau coinages.
“Frabjous” combines “joyous” and
a hint of “fabulous.” “Mimsy,” ac-
cording to Humpty, is “flimsy” and
“miserable.” No wonder everyone
bat wings. Oh, and he’s wearing a
waistcoat.
The poem ends by repeating its
opening stanza, returning to where
it began. It is a medieval ballad for
said, “all the fun’s in how you say
a thing.”
Mr. Spiegelman writes about books
and the arts for the Journal.
 OFF DUTY
Camera Ready Be Prepared
A big, botanical From a flat tire
backdrop to tape to a health crisis,
up next time these gear kits
you Zoom can help
D6-D7 D12
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | D1

Comfort
Food Now
Sequestered in our kitchens, we’re turning to food
for solace as well as survival. Here, pros weigh in on recipes
to put us at ease, why cooking is uplifting and how
a simple takeout order can foster a feeling of community

GRAYDON HERRIOTT FOR THE WALL STREET JOURNAL

JUST RIGHT This soothing porridge includes a rejuvenating ginger-scallion sauce. But feel free to add eggs, herbs, radishes or anything else that makes you feel healthy and happy.

BY ELEANORE PARK Shira Gabriel, a social psychologist and associate Dr. Gabriel noted that while we’re self-isolating,

I
S IT APPROPRIATE to feel any kind of good
right now? In isolation, missing the rou-
tines that ordinarily give shape to our days,
it’s easy to question everything. I know
this: We have to eat. And the act of cooking
has brought me as close to a feeling of normalcy as
I’ve gotten in the past few weeks.
If ever there were a moment for comfort foods,
this is it. “They make us feel safe because they re-
mind us of a time when we felt taken care of,” said
professor at SUNY, University at Buffalo. She was
among the panel of scholars and cooks I asked to
consider this question: How do we define comfort
food now?
Dr. Gabriel’s research focuses on social connec-
tion. In one experiment, she had participants eat
chicken noodle soup. Her lab found that familiarity
can play a strong role in evoking comfort and
safety and keeping feelings of loneliness at bay.
Subjects were more likely to feel comforted if they
had eaten chicken noodle soup as a child.
social media can provide a safe and healthy way to
maintain connections. She’s not overly concerned
with how much time we’re spending on our
screens so long as it’s in an active, engaged way, as
opposed to passive scrolling. “This is not the time
to feel guilty about these behaviors,” said Dr. Ga-
briel. “This is the time to take care of yourself.”
Her work also suggests that cooking can be a
cathartic activity. “If baking is something that
you’ve done and associate with caring for other
Please turn to page D8

Inside
Need a Double-Duty Desk?
These quick-fix workstations can stylishly evolve to serve other
purposes in the post-quarantine future

BY LEXI MAINLAND

JOAN BERKOWITZ, a real estate portfolio

manager in Manhattan, said she woke up
one recent morning, rubbed her eyes and
realized the ironing board stored next to GAIN THE UPPER HAND BAD FADS
her bed could be reborn as an adjustable- If ardent scrubbing has parched your Interior-design pros reveal the
height desk. “It’s wobbly, but it works per- skin, try these lush remedies D2 trends they most regret D11
fectly,” she said.
For those of us like Ms. Berkowitz, with-
out an office in the house, the new work-
from-home reality can necessitate a jury-
rigged desk. Lately, my Instagram feed has
been loaded with pictures of ersatz work-
spaces: a cat’s scratching post as a stand-
ing desk, a breakfast tray as an in-bed lap-
top stand, a kitchen table divided into two
cubicles by a hedge of potted plants.
As we settle into a stretch of WFH with
no end in sight, our collective urge to set up
a more solid, less impromptu workstation
has grown. “We’ve definitely seen an uptick
in office furniture sales over the last few
DIMS

weeks, with the category more than dou- THE ROADS WE NO LONGER TAKE GREAT ESCAPES
VANITY, THY NAME IS DUTY When bling compared with similar time frames for Veteran travel writer Paul Theroux on Introducing our new ‘Comfort Reads’
normalcy returns, this makeup-station-cum- us,” said Ryan Turf, president of home-fur- suppressed wanderlust D5 series. Up first: E.M. Forster’s classic D4
desk can be reclaimed for primping. Please turn to page D10
 D2 | Saturday/Sunday, April 4 - 5, 2020 NY * *** THE WALL STREET JOURNAL.

STYLE & FASHION

founder of plant-based snack brand
Keetz, whose job has always re- Soft Sell
quired repeated hand-washing, Three dense, elegant,
echoes that advice: “All it takes is restorative hand creams
one day using more conventional worth indulging in
soaps to ruin your hands.” She also
favors cleansers from Mrs. Meyer’s
or Puracy.
A two-pronged approach to
moisturizing severely dry skin
might be best, suggested Dr. En-
gelman. First, apply an oil. Her pick
is Josie Maran’s 100% Pure Argan
Oil Light, which is high in vitamin E
and fatty acids. The oil helps repair
skin damage, improves elasticity
and works to reverse signs of aging.
Then follow with a cream to create
a barrier and lock in moisture.
“Since the molecules in moisturiz-
ers are larger, they don’t penetrate
as deeply [as an oil], but rather
provide a shield,” she explained.
New York-based food stylist Maggie
Ruggiero has long employed a simi- The Cult Favorite
lar layering method on set to ad- With its millennial-pink tube
dress her perpetually over-washed and mandarin-rind extract,
hands and nails. “I’ve been using Dr. this is a trendy staple
Hauschka’s Neem Oil on my nails among creative types.
and cuticles forever,” she said. Resurrection Aromatique
“Then I moisturize my hands—but Hand Balm, $30, aesop.com
never when they’re damp—with
Kiehl’s Ultimate Strength Hand
Salve, or, when I’m feeling fancy,
Aesop Resurrection Balm.”

‘In a perfect world

you would treat hands
the same way you
treat your face, or
even better.’

With moisturizers, the denser,

the better. “Since your hand skin
has fewer oil glands, thicker mois-
turizers are best,” Dr. Rogers said. The Dependable Classic
YANA POTTER

One expert tip: Scan the shelves for One of these rich,
key ingredients like ceramides and sweet-smelling potions is
shea butter. Dr. Engelman endorses sold every two seconds
the former: “They help restore the around the world.
skin’s barrier by holding the cells Shea Butter Hand Cream,

Palm Feeding together and, as a result, skin feels

smoother, plumper and more mois-
turized.” According to Jin Soon
Choi, a manicurist and founder of
an eponymous nail polish and care
line, shea butter in particular “hy-
$29, loccitane.com

drates while protecting your skin’s

Nonstop Purell plus washing your hands around the clock to the tune of natural oils.” Kacey Martinez, a
‘I Will Survive’ takes its toll on parched skin. These nourishing creams will Boise-based pediatric nurse for
whom frequent hand-washing was a
help you get a handle on the situation duty even pre-Covid-19, always
keeps a tube of ceramide-packed
moisturizer tucked in her work bag,
BY FIORELLA VALDESOLO Rogers. “The skin on the back of reveal your age most indiscreetly. specifically Cerave Therapeutic

R
IGOROUS AND re-
peated hand-wash-
ing, sequential
squirts of hand sani-
tizer, latex gloves in
public. Covid-19 has certainly fo-
cused our attention on the benefits
of clean paws, but our hands are
desperate for deeper care. “In a
perfect world, you would treat
hands the same way you treat your
face, or even better,” said Seattle-
based dermatologist Dr. Heather D.
your hands is thin and has fewer
oil glands than facial skin.” Hands
also endure more wear and tear
than your face, are more prone to
injury and are rarely protected
from the elements.
Excessive hand-washing and
slathering on of moisture-stripping
hand sanitizer leaves this vulnera-
ble stretch of skin perceptively
rough, dry, and irritated—and at a
significantly higher risk of rapid ag-
ing. As any dermatologist will at-
test, besides your neck, your hands
With regular hand disinfecting
now a nonnegotiable beauty task,
what recourse do we have? New
York-based dermatologist Dr.
Dendy Engelman recommended
some best practices. First, consider
the soap you’re using for all those
20-second scrub sessions. Look for
disinfecting soaps that incorporate
oils, like those from Mrs. Meyer’s.
“Oils are very effective at lifting
dirt and grime without drying out
the skin,” she explained. Katy
Peetz, a recipe developer and
Hand Cream.
If the skin on your hands has,
quite literally, reached a breaking
point, Dr. Rogers recommends up-
ping the moisturizing ante by
slathering on a thick coat of oint-
ment (you can try Aquaphor, or The Luxe Newcomer
the Healing Balm from her epony- This recently launched
mous brand) and slipping hands product can also be used
into a pair of cotton gloves or as an overnight hand mask.
socks for the night. “It will help Côte d’Azur Nourishing
skin heal and replenish the oils so Hand Crème, $52,
your hands can face yet another oribe.com
day of frequent hand-washing.”

FAST FIVE

How to Teach an Old Skirt New Tricks

Popularized by 1970s hippies keen to recycle faded jeans, denim skirts have evolved into
high fashion. Versatile midi versions—more ‘right now’ than retro—stormed the spring
runways. Below, the five we most covet, and what to top them with

With a Cozy With a Crisp With a Little With a Cute With a Second-Skin
Crewneck Collared Shirt White Tee Cardigan Bodysuit

Denim Skirt, $595, Denim Skirt, $245, Denim Skirt, $2,150, Denim Skirt, $350, Denim Skirt, $835,
stellamccartney.com frame-store.com celine.com philosophyofficial.com givenchy.com
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | D3

STYLE & FASHION

Reduce, Reuse, Recycle—Fashionably

Brands are bringing the responsible and thrifty custom of mending clothing into the 21st century. Here’s what’s in it for you

BY JACOB GALLAGHER

C
OKE CANS get recy-
cled. Houses get
flipped. And today,
clothing gets recom-
merced. Recommerce 1
is the practice by which a brand or
store buys or takes back a used gar- 3
ment from a customer, repairs it to
like-new condition and resells it at
a sliver of the original cost. Labels
and stores including the North Face,
Nordstrom and Patagonia have all
2
lately trotted out their own micro-
sites devoted to the phenomenon.
It’s a concept rooted in L.L. Bean’s
legendary, decades-old policy of
mending items however decrepit—
but this very old idea has caught on
as more eco-minded customers opt
for a spruced-up secondhand shirt 4
rather than a brand-spanking-new
one.
Two rehabbing services have
made the recom revolution possi-
ble: Trove in California and the
7
Renewal Workshop in Oregon.
When a company such as elevated
outerwear brand Arc’teryx buys 6
back a jacket, it sends it to Trove
which then cleans it, realigns the
zipper or sews up a hole, photo-
graphs it and lists it on a special 5
rehabbed-gear section of
Arc’teryx’s website. The Renewal
Workshop similarly revitalizes and
reincarnates garments for its part-
ners, which include Carhartt and
the North Face.
Offering a recommerce program 9
bolsters a company’s environmental 10
bona fides, but what do customers
get out of it? Well, anyone with 8
used gear from the label can trade
it in for store credit, though how
much varies widely by brand. At
Patagonia, you can reap up to $100
for a pricier item, while San Fran-
cisco workwear label Taylor Stitch
and women’s essentials brand Ei-
leen Fisher pay as little as $5 per
piece, and Arc’teryx offers 20% of
the garment’s original price. 11
But shoppers, not swappers, ben-
efit most from these programs. Af-
fordability is the first major hook of
recommerce, which Andy Ruben, the
co-founder of Trove, likened to the
world of used cars: “If you’re a
BETH HOECKEL

Honda buyer, you can now afford a

Mercedes if it’s preowned.” In the
same way, if you’re a menswear ad-
dict who’s been making do with Ba-
nana Republic button-ups, you can,
thanks to Nordstrom’s See You To-
morrow program, likely swing re-
habbed Canali shirts on the same
budget. Deals are proliferating: In
the used gear section of REI’s e-
commerce site, you can find Salo-
mon hiking shoes for $41.95, down
from $110 new. The North Face of-
fers a repaired Gotham Three parka
for $149.50, half of the $299 retail
price. And Arc’teryx is selling a
$35.70 pre-worn Incendo vest that
would fetch $85 if it were embark-
ing on its first life. (Most recom-
merce programs, including those of
Patagonia, Eileen Fisher and Nord-
UP WITH UPCYCLING Brands with a range of sensibilities have leapt into the recommerce market. Vancouver’s Arc’teryx rehabs and resells its techy
outerwear (1, 10); Eileen Fisher turns scraps into patchworked pieces (2); Taylor Stitch’s Restitch collection focuses on well-worn workwear (3, 8, 9); A.P.C.’s
Butler Program recycles pre-worn jeans (4); Patagonia’s Worn Wear line sells a number of the brand’s classics as secondhand steals (5, 6, 7, 11).
strom, are temporarily on pause in has operated its Butler program, upside is its strongest sell. “I think for just nine extra months reduces
response to coronavirus, but they where customers trade in worn-in we have an issue with overcon- its carbon, water and waste foot-
say they will be back.) jeans for half-off a new pair. A.P.C. sumption in fashion,” said Alex prints by around 20-30% each.
Some shoppers gravitate to then repairs all the holes, de-funks Green, 21, a college student in (Both Trove and the Renewal Proj-
recommerced garments that aren’t the old denim and resells the beauti- Massachusetts who recently pur- ect use a Tersus machine, which
so economical because such pieces fied result at a premium. Other la- chased a pair of swim trunks from cleans clothes with carbon dioxide,
glorify wear, tear and repair. Taylor bels offer limited runs of comely Patagonia’s Worn Wear collection. not water.) Recommerce programs
Stitch’s “Vintage” line features items new clothes cobbled from scraps of For people like Mr. Green, shop- are a way to assuage the guilt of
like an elderly, faded-in $200 jacket. pieces too far gone to be repaired, ping has gotten complicated: They buying something new elsewhere.
Co-founder Mike Maher said the col- including Resewn at Eileen Fisher, like clothing, but also fret over the Said Mr. Green of his attraction to
lection appeals to “more of a fashion Recrafted at Patagonia and the Re- future of the planet. the phenomenon, “As young peo-
customer” who might shirk the newed Design Residency at the According to the Waste and Re- ple and young consumers, it’s kind
work of breaking in a coat. For over North Face. sources Action Programme in Eng- of our responsibility to take fash-
a decade, French denim label A.P.C. Recommerce’s environmental land, keeping a garment in action ion the direction we want to go.”

1 2

The Holy Grails of Grooming

As drugstore shelves empty and boutiques shutter, now is the
time to ensure you’re stocked up on your self-care safeguards.
Four stylish gentlemen recommend their nonnegotiable
products for fresh faces and kempt locks

Age 36 Why It’s Great “It com-

1
Name D.J. Augustin,
basketball player, the
Orlando Magic
Age 32
Location Orlando, Fla.
Grooming Essential Afri-
can Black Soap Soothing
Body Wash, $10, sheamois-
ture.com
Why It’s Great “The way it
smells, how it feels…there’s
just something about this
soap. A lot of my team-
mates actually use it now,
because they’ve seen me
with it.”
JESSIE KANELOS WEINER
Location Los Angeles
Grooming Essential Super
Vitamin C Serum, $20,
newyorkbiology.com
Why It’s Great “I was out
of it for a week and a half,
and my skin literally does
not look as glowy. It makes
your skin vibrant-looking
and healthy. I also really
like how it smells.”
3
Name Tony King, CEO, cre-
ative director of technology
and creative agency King &
Partners
pletely changed my look
and my luck…I started meet-
ing girls, my hair looked bet-
ter and I felt more confi-
dent. It doesn’t feel like my
hair’s got anything on it—it
just feels good. I buy the
stuff in bulk.”
4
Name Darren Barnet, actor
Age 24
Location Los Angeles
Grooming Essential CeraVe
Moisturizer, $12, ulta.com
Why It’s Great “It’s very
lightweight, but keeps my

2
Name Scott Studenberg,
co-creator of fashion brand
4 3 Baja East
Age 47
Location Bedford, N.Y.
Grooming Essential Bril-
liant Anti-Humectant Po-
made, $26, aveda.com
skin moist all day. Dry
skin—I can’t deal with it. So
I’m very diligent about
moisturizing.”
—Sara Bosworth
D4 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

READING & RETREATING

BY TARA ISABELLA BURTON

A
CROSS THE country,
coronavirus-related
lockdowns are nar-
rowing our physical
worlds, confining
most of us to home. But we can
still find escape and respite in
reading: expanding our sense of
what is possible even as day-to-day
life contracts. Few novels capture TECHNOLOGY
that surge of possibilities quite like Wheeling around
E.M. Forster’s 1908 “A Room with a Lucy’s coming-of-age story also
View” (adapted into a 1985 Mer- depicts Europe on the brink of
chant Ivory film). The story of the rapid change: political, cultural,
Italian sojourn of spirited naif Lucy and technological. In one memo-
Honeychurch, who travels to Flor- rable chapter, Lucy and her com-
ence with her neurotic spinster panions head out to the Italian
chaperone, Charlotte Bartlett, it’s countryside by horse-drawn car-
at once a wry comedy of British riage. Forster jokingly refers to
manners and a timely meditation the Italian driver as “Phaeton”
on fate: No matter what we think and his sister as “Persephone”—
life has in store for us, Forster tells a reference to Greek gods—to
us, we may find the seemingly des- imply that they belong to a van-
tined path we take far stranger, and ished and mythical world, one
sometimes far better. “Neither the Ages of Faith nor
Lucy and Charlotte come to Flor- the Age of Doubt had touched.”
ence anticipating the traditional Meanwhile, in London, carriages
Grand Tour experience straight out have given way to new motor-
of their well-thumbed Baedeker cars. Invented in 1886, the mo-
guides. But their plans are swiftly torcar had become widely popu-
forestalled. They initially fail to get lar by the novel’s publication
the titular “room with a view” of though it appears only fleetingly
the picturesque Arno River, con- in the book, perhaps just a little
signed instead to less-than-desir- too modern for the Honey-
able chambers elsewhere in the churches, or Forster himself.
Pensione Bertoli. Their companions
in the Pensione—the clergyman Mr.
Beebe, the loquacious romance nov-
elist Miss Lavish, and the philo-
sophically inclined Mr. Emerson—
are suspiciously unorthodox. Lucy’s
starry dreams of Florentine beauty
give way to the reality of life as one
of hundreds of tourists. And—worst
of all—Lucy finds herself falling for
Mr. Emerson’s son, the brooding,
socially undesirable George.
Moving between sunny, free- LOCALES
spirited Tuscany and the drearily An Italian dreamscape
conventional drawing rooms of Not even Forster’s dry wit can
Lucy’s native Surrey, “A Room with dampen his love for Italy. His
a View” is love story that nods to descriptions of Florence at once
human foolishness. Forster is both poke fun at Lucy’s schoolgirl ex-
sporting and sympathetic: We pectations and celebrate a
might start out comically blind to quintessentially Italian form of
what we really need, he hints, but chaos, namely the spontaneity
we’ll likely muddle through to real- of experience. When Lucy first
ization, sooner or later. Lucy defies visits the Santa Croce church
propriety and status and ends up she is overwhelmed at having
with true love and a revelation. “I forgotten her Baedeker guide-
want more independence,” she book: “It must be a wonderful
says, toward’s the novel’s close, and building,” Lucy frets, “But how
she gets it. like a barn! And how very cold!”
Before long, “the pernicious
COMFORT READS charm of Italy” starts to take
hold of Lucy. Moments before
George first kisses her on a

An Edwardian Escape country outing, Lucy succumbs

FOOD
Tea even in Tuscany
books that offer succor—and deconstruct their most Off Duty-ish aspects.
Though Florence is known for
some of Italy’s best cuisine,
Forster pays little attention to
it, which means you won’t be
salivating too forlornly while
first to the Florentine land-
scape. “Light and beauty envel-
oped her. She had fallen on to a
little open terrace, which was
covered with violets from end
Strange days call for familiar tales. In this new series, we revisit beloved to end.” Despite Forster’s gener-
ally droll tone, passages like
these help us live vicariously—
Up first, E.M. Forster’s 1908 tale of a life-affirming, fateful grand tour at least briefly—in the Italy of
our imagination.
F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOOK); MATTHEW COOK (ILLUSTRATIONS)

reading “A Room With a View.”

And when he does acknowl-
edge food, he’s fairly savage.
Charlotte bemoans the fact
that the meat in the Pensione
Bertoli has “surely been used
for soup,” while Lucy has the
misfortune of buying “some
hot chestnut paste out of a lit-
tle shop, because it looked so
typical,” only to find that it
“tasted partly of the paper in
which it was wrapped, partly
of hair oil, partly of the great
unknown.” Forster’s characters,
typically English, show far
more interest in tea than
meals—going so far as to at-
tempt to have a tea-party at a
Florentine Renaissance villa.
DESIGN
Italian pensions
and English
drawing rooms
Forster has an eye for in-
teriors, using them to cre-
ate a sense not just of
place but of characters
who live in them. The
shabby but panoramic and fan-
ciful room at the Pensione—which
Lucy and Charlotte finally secure
through the Emersons’ interven-
tion—is a “a bright bare room, with
a floor of red tiles which look clean
though they are not; with a
painted ceiling whereon pink grif-
fins and blue amorini sport in a for-
est of yellow violins and bassoons.”
Meanwhile, the first thing we learn
about Lucy’s restrictive childhood
home in England, Windy Corner
(shown above), is that her mother
has drawn the curtains to block
out as much light as possible: “for
the carpet was new and deserved
protection from the August sun.”
FASHION
Padded bustles and
ill-chosen dresses
The book takes place in the heart
of the Edwardian era: a transi-
tional period between the regi-
mented conservatism of the
Victorian era and the free-
wheeling ’20s. That transition
manifested in fashion as well.
Women’s clothing—what
Lucy or Charlotte would have
worn—was still somewhat
restrictive (and reliant on
corsets), but the ex-
aggerated hourglass
figure had given way
to the “S-curve”: a slim-
mer fit at the sides and a
padded bustle to extend the wearer’s
derrière outward. It’s unclear, though,
if that silhouette defined a “cerise
dress” that Lucy wears to ill effect.
“Her new cerise dress is a fail-
ure, and makes her look taw-
dry and wan,” notes the nar-
rator. That said, the book’s
most famous “outfit” is
nothing at all—witnessed
by Lucy when she stumbles
on a gentlemen’s “bathing
party.” It’s one of many steps
on Lucy’s journey to personal
freedom. The Garden of
Eden, Mr. Emerson tells us
is, “really yet to come. We
shall enter it when we no
longer despise our bodies.”

POP THE QUESTION

What’s Your Favorite Transporting Read or Podcast?

We asked a playwright, a radio host and a novelist how they escape in these constricting times

Lynn Nottage
Pulitzer Prize-winning
playwright, whose opera
‘Intimate Apparel’ opens this
fall at Lincoln Center Theater
I revisit the work of the
playwrights August Wilson,
Alice Childress, Wendy Was-
serstein, Lillian Hellman and
Adrienne Kennedy. You can
read them together with
your family—it’s a way to
keep the communal aspects
of theater. I’ve also been lis-
tening to podcasts: Brooklyn
Deep’s “School Colors” fol-
lows the fight for desegrega-
tion in Bedford-Stuyvesant;
“Slow Burn: Tupac and Big-
gie” looks at the lives of two
seminal rappers as they con-
verged and ended tragically.
Evan Kleiman
Host of the radio show and
podcast ‘Good Food’ on NPR
member station KCRW
My go-to podcast is “99% In-
visible” about design, because
of its expansive reach: There’s
an episode about who really
wrote “Who Let the Dogs
Out!” It’s so funny. As is the
very smart “Conan O’Brien
Needs a Friend” series. The
quirky “Everything is Alive” has
inanimate objects like “Louis,
the Can of Off-Brand Cola”
and “Scott, the Stethoscope”
tell their life stories. And I lose
myself in egg-heady audio
books like “Against the Grain,”
an agricultural deep dive into
the rise of states.
Lily King
Author of five novels, including
the new ‘Writers & Lovers’
‘Bel Canto’ by Ann Patchett
comes to mind, though it’s
about entrapment! Still, there’s
wonderful tension and a great
love story within the confines
of a South American mansion.
Now we have time to dig in to
meaty books like “Independent
People” by Halldór Laxness,
set in Iceland. “Unaccustomed
Earth” by Jhumpa Lahiri is
powerful, as is “Disgrace” by
J.M. Coetzee, about the ethical
and generational divides in
post-apartheid South Africa.
—Edited from interviews
by Donna Bulseco
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | D5

ADVENTURE & TRAVEL

friend of the moon and the wind.”
He added in his chronicle of the ex-
perience, “The Ten Foot Square Hut
and Tales of the Heike,” “My only
luxury is a sound sleep and all I look
forward to is the beauty of the
changing seasons.”
In the Staying Home chapter in
my “The Tao of Travel” (2011) I de-
scribed these literary staycations,
and some others. Travelers mad-
dened by the coronavirus warnings
may find possible solutions in this
anthology. For most people, the ad-
vice—amounting almost to a com-
mand—to self-isolate means con-
finement; for habitual travelers it is
something like punishment.
But we often encounter a sort of
confinement in travel, too: the de-
layed plane, the stranded bus, the
washed-out road or derailed train,
and for the wealthy there is splen-
did isolation in the gated resort or
spa. Now these experiences all in-
volve occasions for infection. After
nine travel books involving trains
and ships and kayaks and chicken
buses, I decided that the ultimate
freedom in travel lies in the road
trip—setting off in your own car.
PASCAL CAMPION
thought, and it calls up images of
other plagues—the atmosphere of
Albert Camus’s novel “The Plague,”
the miasma at the end of Thomas
Mann’s “Death in Venice,” and per-
haps the most vivid and violent
plague description of all, that re-
counted by Thucydides in his “His-
tory of the Peloponnesian War,”
the fatalism, misery, lawlessness
and fear of the plague in Athens.
“So great a plague and mortality
of men was never remembered to
have happened in any place before,”
in David Grene’s translation. “For at
first neither were the physicians
able to cure it through ignorance of
what it was but died fastest them-
selves, as being the men that most
approached the sick.”
Sulking indoors for the
duration of this crisis is
an obnoxious thought.
The best antidote to being
housebound, the answer to the li-

For my book “Deep South” I censed scolders, is to take a long

drove from my home in New Eng-
land and meandered in eccentric
circles through the south. It was a
journey I found so satisfying and
TRAVELERS TALE / VETERAN VOYAGER PAUL THEROUX ON THE AGONY AND SOLACE OF SELF-ISOLATION enlightening that when the Mexican
border became a contentious sub-
ject I took to the road again, travel-
ing the length of the border and
walk. It was always Thoreau’s
habit—his essay “Walking” is inspi-
rational. Walking was William
Wordsworth’s passion (at age 70 he
climbed Helvellyn, in the English
Lake District). Early in his life, the
director Werner Herzog walked 500
miles from Munich to Paris to visit

A Wanderer’s Guide then across it to Mexico profundo,

motoring the length of the country
alone into the Chiapas of the Zap-
atistas. It is possible to be self-iso-
the sickbed of fellow director Lotte
Eisner. “Tourism is a mortal sin,”
Herzog said later, “but walking on
foot is a virtue.”

To Staying Home lated in your car journey, but this

IN THESE ANXIOUS times, befud-
dled by uncertainty, we are told not
to travel or we’ll get sick. But travel
has traditionally been associated
with risk and the unknown, and of-
ten with illness; yet the warnings
are wickeder than that: These days,
travel is emphatically linked to
death. There are healthy alterna-
tives—the car trip, the bike ride, the
long walk—but what if you heed the
directive to stay put? There is a
whole shelf of books that ruminates
on the value of being home.
Consider the compressed but
highly original travel book, called
“Voyage Autour de ma Chambre”
(“A Journey Round My Room”),
written by Xavier de Maistre, when
he was under house arrest in Turin
in 1790 for 42 days. In a deliberate
attempt to stave off the boredom of
his confinement, De Maistre de-
scribes his visits to his mantelpiece
and his sofa, and his desk, and much
else within his four walls. A soldier
and a landscape painter, he wrote
(with a wink) of the “new mode of
traveling I introduce to the world.”
Emily Dickinson was housebound
for much of her life and justified it
by writing to a friend, “To shut our
eyes is Travel.” Henry David Tho-
reau rejoiced in his cabin on Walden
Pond (but his mother baked him
pies and did his laundry). The 12th-
century Japanese aristocrat Kamo
no Chōmei rusticated himself to a
tiny hut in the mountains alone, “a
does not take into account the bac-
terial risks in restaurants, gas sta-
tions or motels. Maybe the ideal
would be to make the road trip in
rural areas, with camping equip-
ment and food, under the spell of
Defoe’s “A Journal of the Plague
Year.” I often fantasize about driv-
ing north to Quebec, into Montreal
and through my ancestral village of
Yamaska, and onward past Val-d’Or
and the forests and swamps, to
pitch my tent on the shore of Hud-
son Bay, savoring the cold clean air
the voyageurs inhaled.
Sulking indoors for the duration
of this crisis is an obnoxious
Walking isn’t challenged by the
CDC or the government. It is an ex-
pression of absolute freedom and it
can be accomplished in a safe and
solitary way, near home or in the
solitude outside of town. One of
walking’s greatest benefits is that it
allows us time to reflect—on our
lives, on our fate, on the state of the
world, and figure things out. Soliv-
itur ambulando is the classical pre-
scription, the noble motto of the pe-
destrian. “It is solved by walking.”
Mr. Theroux’s most recent book
is “On the Plain of Snakes: A
Mexican Journey” (Houghton Miff-
lin Harcourt).

Avoca’s Wicklow
Gap Mohair
throw, handwoven
in Ireland’s County
Wicklow.
F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

Staying home
Tapetes
Gualupita’s
‘popcorn quilt,’
made by pedal
looms outside

saves lives.
Mexico City.

‘Souvenirs’ for Shut-Ins

Restlessly hunkering down at home? Here, four blankets you can order
to evoke travel—and support far-flung artisans while you’re at it
WRAP OF THE IRISH Since
1723, the Irish company Av-
oca has been proffering
throws woven from the
wool spun at a mill in
County Wicklow. These
days, its shops across the
country sell all things cozy,
from teapots to Christmas
cake, but the brand’s hand-
woven blankets—in mohair,
lamb's wool, cashmere and
Donagel wool—remain its
signature ware. Order online
until you make it over to
tour the mills in scenic
Wicklow, known for its wild-
flower-dotted scenery and
abundant gardens (from
about $85, avoca.com).
A TOASTY DANISH After
training in silversmith Georg
Jensen’s workshop in Copen-
hagen, designer Kay Bojesen
turned to wood in the 1950s,
carving it into monkeys, dogs
and elephants that were sim-
ple but not humorless.
Bojesen’s animals remain cel-
ebrated pieces of Danish de-
sign, and the lamb’s wool chil-
dren’s blanket from the legacy
brand pays homage. Unfold it
to see a Bojesen monkey
dancing between leaves
($150, illumsbolighus.com).
A GLIMPSE OF INDIA In
Kashmir, craftspeople practice
embroidery as a form of med-
itation: Every stitch is a
prayer. It takes nonstop nee-
dlework to embellish a blan-
ket like the ones made for An-
draab, a shawl specialist that
uses weaving techniques
from 15th-century Persia—
which makes their fabrics al-
most impossibly fine. The
House of Things, an e-shop
based in Udaipur, sells An-
draab’s blankets, both the
Patta Wool stitched with a
classic leaf design and mod-
ern cashmere pieces in solid
colors. If you browse the other
contemporary Indian handi-
crafts on the site, you might
be moved to pair those deli-
cate throws with Jaipur Rugs’
hand-knotted carpets or
leather-and-tweed ottomans
from New Delhi (from about
$300, thehouseofthings.com).
MEXICAN FRINGE BENEFIT
On the outskirts of Mexico
City, the village of Guadalupe
Yancuictlalpan has been a
hub for weavers and knitters
for 200 years. The weavers
at Tapetes Gualupita use
pedal looms to make rugs,
cushions, wall hangings and
quilts. Crafted from natural
cotton and wool and dyed
with vegetables and minerals
sourced from within Mexico,
they come in muted shades:
gray, white and black-and- For more information, visit
white. Peppy details, such as
pompoms and thick fringes,
ensure these classics
coronavirus.gov
aren’t dull (from about $37,
tapetesgualupita.com)
—Eimear Lynch
D6 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, April 4 - 5, 2020 | D7

OFF DUTY | GEAR & GADGETS OFF DUTY | GEAR & GADGETS

OK, Zoomer
Our gift to all you frazzled video-conferencers:
a blossomy backdrop you can tape on your wall

DON’T LET YOUR messy shelves
or poor housekeeping distract
your colleagues when you partic-
ipate in video-conference calls.
“You have to think about the
professional image you’re set-
ting,” said Aliza Licht, career
consultant and author of “Leave
Your Mark.” Before pushing
spot in your home where the
light shines on you from in front
to brighten you up. Next, raise
your laptop’s camera to eye
level (or a bit higher) by prop-
ping some books underneath it.
Finally affix this pullout back-
drop—a vision of cherry blos-
soms and helpful banner-bear-

SPIROS HALARIS
“Join” she suggests finding a ing birds—behind you. Voilà!
D8 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

Recipes for Relief Minimalist
Kimchi Jiggae
To make it eminently
½ teaspoon fish
sauce (optional)
1 clove garlic,
Continued from page D1 doable, we’ve kept grated
people, the simple act of doing it, even if it’s this stew recipe as ¼ teaspoon sesame
by yourself under very different circum- simple as can be, oil
stances, can bring you a sense of peace,” said omitting the ⅓ cup sliced
Dr. Gabriel. gochugaru (Korean scallions
Comfort can be just as much about feeling red chile flakes) and Cooked rice, for
connected to a place and a community as to gochujang (fer- serving
your own past. “For some people, it’s things mented chile paste)
that they can make at home that remind often used in kimchi 1. Drain tofu and cut
them of childhood, but for others it’s the fa- jiggae. If you do have in half lengthwise.
miliarity in your neighborhood,” said Alice gochujang on hand, Take half the tofu
Julier, professor of food studies and director add a small spoonful block and halve
of the Center for Regional Agriculture, Food for depth. A pinch of lengthwise, then cut
and Transformation (CRAFT) at Chatham gochugaru will turn into ½-inch square
University in Pittsburgh. As many restau- up the heat; most any pieces (about 16 to-
rants pivot to pick-up and delivery only, a crushed red pepper tal). Transfer other
takeout meal from a favorite local spot can flakes will do the half to an airtight
foster a sense of sociability. “There’s a cama- same. If you have ba- container, cover with
raderie in supporting the people who make con or another pro- water, refrigerate and
the food that you love,” she said. tein you’d like to add, save for another use.
Many chefs find solace in the meditative as- stir it in along with 2. In a medium pot or
pects of cooking. “Using my hands, as anyone the onions in step 2. saucepan, heat oil
in this industry will understand, is therapeu- Some cooks even like over medium-high
tic,” said Claudette Zepeda, a “Top Chef” alum to melt a slice of heat. Add onions and
and former executive chef of El Jardin in San American cheese into sweat until slightly
Diego, Calif. “Making tamales is a repetitive the bowl before serv- softened, about 4
way to kind of unplug, because you have to ing, which gives the minutes. Add kimchi
stay focused at the task at hand. There are stew nice body. and cook, stirring fre-
steps. It’s a very disciplined thing to make.” Total Time 30 quently, for about 1
Los Angeles-based cookbook author Nik minutes Serves 4 minute. Add stock
Sharma has felt compelled to offer help to and kimchi brine, and
those sheltering in place who lack confidence One (14-ounce) bring to a boil. Re-
in the kitchen. Recently he posted an Insta- package firm duce heat to maintain
gram story on making a simple dal with red tofu a simmer.
lentils and beans. “There’s a lot of basic infor- 1 tablespoon 3. Add tofu, soy
mation out there,” he said. “I’m just putting it neutral oil such sauce, fish sauce, if
together, letting people know that there are as grapeseed using, and garlic. Con-
resources that can make life easy.” Mr. ½ small onion, tinue to simmer until
Sharma’s recipes draw inspiration from his In- thinly sliced tofu has broken down
dian heritage and the California culinary land- ¾ cup kimchi, slightly, about 15 min-
scape, and he emphasized that they are meant drained, plus 1 utes. Remove from
to be adaptable. “People need to be shown a tablespoon kimchi heat. Add sesame oil
framework, and that framework is yours to brine and scallions. Season
bend and mold,” said Mr. Sharma. “Cook in a 4 cups chicken or with more soy sauce,
way that makes you happy. Don’t worry about vegetable stock, fish sauce or sesame
doing things the ‘authentic’ way. Focus on dashi or water oil to taste. Serve
what you have, on what’s available.” 1 teaspoon tamari with cooked rice.
I’ve taken this advice to heart. At right are or low-sodium —Recipe by Eleanore
recipes that have comforted me through these soy sauce Park
odd, anxious weeks. Approach them as tem-
plates to dress up or down depending on the
ingredients at hand. For millennia, grain por-
ridges have fed the young, the old, the house- Yogurt and knife or bench scraper to cut sheet lined with parchment pa- 15-20 minutes. Serve with slices
bound and anyone else in need of mollifying. Butter Biscuits dough into 9 equal pieces. (For per, spacing them evenly. At this of ham and Swiss cheese or
My creamy congee is a great canvas for all The yogurt gives these biscuits a very uniform biscuits, trim pe- point, biscuit dough can be fro- softened butter and jam. Baked
sorts of toppings. Here I crown it with an in- light texture and a subtle tang. It rimeter to make a perfect zen. Dough will keep in freezer biscuits will keep up to 3 days in
vigorating ginger-scallion sauce; you might also helps make them foolproof. square—definitely not necessary, up to 1 month. an airtight container at room
want to try kimchi, sambal, fresh cilantro, and/ Total Time 11/2 hours but nice). Use a spatula to 5. Bake until biscuits are puffed, temperature.
or a poached or boiled egg. And the buttery, Makes 9 biscuits transfer biscuits to a baking golden-brown and visibly layered, —Recipe by Greg Wright
flaky, biscuits make a satisfying handheld meal
at any time of day. Sweeten them with a swift 1½ sticks (12 tablespoons)
schmear of jam or take them in a savory direc- unsalted butter GRAYDON HERRIOTT FOR THE WALL STREET JOURNAL (CONGEE); ALPHA SMOOT FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES (JJIGAE, BISCUITS)

tion with slices of ham and Swiss cheese.
Every Korean family I know has a recipe
for kimchi jiggae (kimchi stew). The spice
clears my head, the fermented kimchi feels
good in my gut and the protein keeps me go-
ing. I’ve kept this version super simple, sub-
tracting specialty ingredients such as
gochugaru (red chile flakes). If you have
them, feel free to add them.
Via FaceTime and text, I shared this recipe
with some of my relatives—and they didn’t
hesitate to tell me what they thought I’d got-
ten wrong. I couldn’t have been more pleased.
In my family, energetic debate has always
gone hand in hand with cooking and eating. I
look forward to a time when we can once
again do it around the same table.
 Find a recipe for the congee with ginger-scal-
lion sauce shown on page D1 at wsj.com/news/
life-arts/food-cooking-drink.
2 cups all-purpose flour
1 tablespoon baking powder
1½ teaspoons kosher salt
¾ cup whole-milk yogurt
Milk or 1 beaten egg, for
brushing (optional)
1. Freeze butter at least 1 hour.
While butter is freezing, com-
bine flour, baking powder and
salt in a medium bowl. Preheat
oven to 450 degrees.
2. Once butter is frozen, use the
large holes of a grater to shred
butter. Add butter to flour mix-
ture, tossing with your fingers to
distribute evenly. (Try to do so
swiftly to keep butter as cold as
possible.)
3. Slowly add yogurt, a little bit
at a time, folding dough onto it-
self using a rubber spatula.
Dough will appear very dry with
excess flour, but don’t worry.
Transfer dough onto a clean
work surface, and form a pile.
Press down on dough to flatten
to about ½-inch thick. Scoop up
any unincorporated flour and
place on top of dough. Fold
dough in half, flattening again
to about a ½-inch thickness. Re-
peat the process until dough
seems hydrated enough to
maintain its shape without
coming apart, 6-8 more times.
4. Shape dough into a square
about ½-inch thick. Use a sharp

One Good
Thing
Bring comfort and
connect via simple
acts of generosity

Even in this time of so-

cial isolation, there are
many ways to reach out
and offer support to peo-
ple you know and to oth-
ers in need. The choice
can be overwhelming, in
fact. Focusing on one
thing you can do, large or
small, can be a manage-
able way to move ahead
and act meaningfully.
Here, ideas from people
who make providing food
and solace their business.
“Farmers’ markets are still well
stocked, and farmers need the
support to keep growing food
for us. Life-giving carrots, first-
of-the season strawberries and
tender lettuces are a few of the
items I found lately at mine. If
yours is open, shop there to get
the freshest produce. Or do a
community supported agricul-
ture (CSA) subscription to get
a box on a regular basis.”
—Andrea Nguyen, author of
‘Vietnamese Food Any Day,’
Santa Cruz, Calif.
“Give where you love. Local in-
vestment and getting your dol-
lars close to the ground are
more important than ever now,
and community foundations
are a great vehicle for giving.
We have effective tools for re-
sponding to urgent community
needs and can help match your
giving intent to the initiatives
where it will do the most good.”
—Lora Smith, director,
Appalachian Impact Fund at
the Foundation for Appala-
chian Kentucky, Hazard, Ky.
“School closings cut the food
lifeline for millions of kids living
with hunger. Donating enables
other organizations to replace
those meals. No Kid Hungry is
providing support to schools,
food banks and community
groups feeding kids during the
pandemic. Funds raised ensure
that children across the coun-
try have the food they need.”
—Billy Shore, founder and
executive chair, Share Our
Strength/No Kid Hungry
Campaign, Washington, D.C.
“At least 4 million restaurant
workers are out of work, and
millions more will lose their
jobs in the coming months. You
can order food from local res-
taurants to help keep some of
them employed and help those
already laid off feed their fami-
lies by contributing to the One
Fair Wage Emergency Fund
(ofwemergencyfund.org).”
—Saru Jayaraman, director,
UC Berkeley Food Labor Re-
search Center, and president,
One Fair Wage, Oakland, Calif.
“Remember your neighbors. If
you’re going to the store, see if
they need anything. If you be-
long to the same CSA, consider
picking up their share. Love to
cook? Go ahead and prepare
that CSA share. I’ve been doing
this for a friend while she navi-
gates a mandated shut down
of her business. Cooking is
something tangible you can of-
fer someone close by.”
—Julia Turshen, author of ‘Now
& Again’ and host of ‘Keep
Calm and Cook On,’ Accord, N.Y.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | D9

EATING & DRINKING

the road for his corporate marketing
job, but now that he’s working from
home he’s also doing more farm
chores and making dinner, too. De-
nise said he’d made a nice chicken
dish—except he forgot to make the
rice to go with it. While they waited
for the rice to cook, Denise opened a
2017 Landmark Series Riesling from
Rheinhessen, and the family (three
of their four children at home are of
wine-drinking age) played an hour
of “competitive Yahtzee.” Then they
opened a bottle of 2017 Voga Pinot
Grigio when the dinner was (eventu-
ally) ready.
Liz and Greg also chose an Italian
wine, the 2017 Fattoria di Basciano
Chianti Rufina Riserva, in tribute to
a trip they took to Tuscany two de-
cades ago. “The wine is good—sim-
ple, sort of fruity and good for pair-
ing with pasta or a burger,” Liz
wrote. But the memory of the place
is what made it truly special.
Gabrielle‘s wine of choice, the
2018 Willamette Valley Vineyards
Pinot Gris from Oregon that she
shared with her husband, Steve,
conjured memories of a happier
time. “I opened the bottle and
poured a taste, and felt myself mo-
mentarily step back to a gentler,
easier moment in my life,” she
wrote, “thinking about how one day
we’ll be past this nightmare.”
Some friends reported that the
wines they hoped would offer com-
fort turned out to be simply decent
FRANCESCO ZORZI

or even downright duds. Kathy

chose a bottle of Albariño based on
its cheerful polka-dot label and
thought it serviceable enough,
though perhaps more charming to
look at than to drink. Lori and Holly
ON WINE / LETTIE TEAGUE
opened two bottles and weren’t
much thrilled by either one, prompt-
ing Lori to write that she had de-

With Glasses Raised: Why cided to spend her allotted “wine

money” on bourbon this month.
Like a number of my friends, I
chose an Italian wine, the 2017

Wine’s Still a Great Connector Roagna Dolcetto d’Alba, a red from

WINE CAN DO many things. It can
enhance a meal, a meeting or a
mood. It can make us feel less
lonely, too—an important attribute
as the weeks of social isolation grind
on, and we’re cut off from habits
that otherwise shape our lives. Wine
lovers, along with everyone else, are
looking for ways to connect. In my
town, a few blocks from my house, a
group of neighbors decided to get
together to toast one another—at a
safe distance, of course. They stand
on the sidewalk in front of their
houses or on their porch steps and
hoist glasses of whiskey or juice or,
in most cases, wine.
On the slightly chilly evening I
stopped by that gathering (my own
block is of a more teetotaling sort), I
found groups of family members,
some with dogs and/or children in
tow, in front of their respective
houses, safely apart, glasses aloft.
The attendees ranged from a year
old to 84, one neighbor proudly in-
formed me. What were they drink-
ing? I asked (in my outside voice).
Their wines of choice were quite
various. Some had chosen Malbec,
others selected a domestic Pinot
Noir or a Riesling from a mail-order
wine club or a Costco New Zealand
Sauvignon Blanc. Some choices were
perennial favorites for these wine
drinkers; others had been selected
during a mad dash when (false) ru-
mors abounded that liquor stores in
our state would soon close.
Some neighbors had decided to
start with the cheap stuff, they told
me, while others went a more mean-
ingful route. “This is the last bottle
of Chinon from our wedding,” said
Aaron, who was standing on the
sidewalk in front of his house along-
side his wife, Jen, and their two
young children—one of whom
showed me the exact place on the
sidewalk that he was not allowed to
cross. (The Chinon region of the
Loire Valley in France was also the
place where Aaron proposed.)
I toasted the group with my own
glass of Grüner Veltliner and told
them I hoped to see them in better
days soon. When I got home, I
thought about how each family or
couple had chosen a different wine
for a different reason, and I won-
dered if my friends elsewhere were
doing the same. I decided to email a
few of them and ask what they’re
drinking right now and why. It
wasn’t the same as drinking to-
gether, but it was a way to connect.
Because I thought readers of this
column might want to try some of
the bottles, I suggested that the
wines up for discussion should cost
less than $20. My friend Julie con-
‘I opened the bottle and
poured a taste, and felt
myself momentarily step
back to a gentler, easier
moment in my life.’
sidered that too low. She gets head-
aches from wines under $30 a bot-
tle, she said. (It’s worth noting that
Julie is married to an eye surgeon
and her daughter is a rheumatolo-
gist at a New York hospital, so she is
dealing with the stress that comes
with that.) She chose a 2010 Cala-
bretta Nerello Mascalese Vigne Vec-
chie from Sicily—a wine I intro-
duced her to a few months ago that
she immediately loved and bought
several bottles of for herself.
Some friends shared vivid details
of the settings in which they were
uncorking; a few even provided pho-
tographs. My friend Soula in Boston
sent a picture of a flag, flying from a
building near her house in Beacon
Hill, Boston, that read “Don’t Give
Up the Ship” along with a photo of
the bottle of Pinot Grigio from Italy
that she shared with her family.
Many of my friends chose Italian
wines, in solidarity with that suffer-
ing nation. Soula, her husband,
Chris, and their son, Stefan (who
will miss his graduation from Yale
this year), shared a bottle of 2018
Kris Pinot Grigio that they bought
from a local shop. “It was a fitting
remembrance of all that Italy has
given to the world: simplicity, love
and laughter,” Soula wrote. She
added that as they drank the wine, a
lone kilted bagpiper made his way
down their deserted street, further
lifting their collective mood.
My friend Denise and her hus-
band, Bill, also chose a Pinot Grigio,
which they drank with dinner on
their farm one night. Bill is often on
the Piedmont. The crisis in that re-
gion and nearby Lombardy has been
particularly heartbreaking to follow
on the news. I chose that wine be-
cause I had a fond memory of meet-
ing the warm Roagna family—Al-
fredo and Luca, father and son—
during a trip to Piedmont with my
husband last year. Dolcetto is an ev-
eryday staple in the region. As Silvia
Altare, daughter of the great Barolo
producer Elio Altare, once told me,
“Piemontese winemakers don’t
drink water but Dolcetto.”
The meal my husband and I
paired the wine with had a poi-
gnancy of its own. It was an order of
lasagna from my friend, chef Mario
Carlino, of Divina Ristorante. Like so
many restaurateurs around the
country, Mario has been trying to
keep his business alive by offering
takeout. The lasagna was excellent,
as usual—and it came with a prom-
ise. “When all of this is over, I’m
opening some of my very best wines
with you,” Mario called out to me
when I picked up our order.
Here’s hoping this will all be over
very soon. In the meantime, I’m
sending my very best wishes to ev-
eryone reading this, for very good
wine and very good health.
 Email Lettie at wine@wsj.com.

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

Quick and Creamy Cauliflower Soup With Multiple-Choice Garnish

ALEX LAU FOR THE WALL STREET JOURNAL, FOOD STYLING BY PEARL JONES, PROP STYLING BY VANESSA VAZQUEZ; MICHAEL HOEWELER (PORTRAIT)

“I THINK WE ALL appreciate where our food into your stash of stock. If you have a carda-
comes from right now,” said chef Sohui Kim, mom pod, toss it into the pot for a nice floral
chef and owner of three Brooklyn restau- note—but you certainly won’t miss it if it’s
rants that have closed due to the coronavirus not there. As you purée the soup, more but-
crisis (though one, Insa, is reopening for ter goes in, bolstering the flavor and the vel-
takeout business this week). “As a chef, vety consistency.
that’s always been my job. Now everybody’s Ms. Kim likes to garnish this soup with
The Chef more tuned into the logistics.” Ms. Kim’s sec- saeu-jeot, a Korean seasoning of salted fer-
Sohui Kim ond Slow Food Fast recipe calls for merci- mented shrimp that she always has in her
fully few ingredients, which keeps shopping pantry at home. If you have some, you’ll ap-
Her Restaurants to a minimum. The quick and nourishing preciate the umami depth it lends. Other-
The Good Fork, Insa cauliflower soup, creamy and full of flavor, wise, finish the bowl with a drizzle of olive
and Gage & Tollner, really makes the most of every element. oil or some fresh herbs if you happen to have
all in Brooklyn, N.Y. “This is about celebrating the good stuff,” them on hand. Got some bread that’s past its
Ms. Kim said. prime? Cube and fry until golden to make
What She’s Consider the cauliflower, a remarkable crunchy croutons to float on top. Use what
Known For vegetable, sturdy and versatile. Here it’s sau- you have and what feels good. As Ms. Kim
Cooking that deftly téed with onions and plenty of butter, then put it, “This is about feeding the soul and
marries classic Ko- simmered in plain water—no need to break ease of preparation.” —Kitty Greenwald
rean and American
flavors. Building Total Time 30 minutes 1. Chop cauliflower into rough easily pierced with a fork and
neighborhood res- Serves 4 1-inch pieces. In a medium broth tastes good, about 20
taurants where joy heavy pot over medium heat, minutes. Discard bay leaf and
is a priority. 1 head cauliflower melt half the butter. Stir in cardamom, if using.
2 small onions, sliced onions and sweat until trans- 3. Use a blender or food pro-
1 stick unsalted butter, lucent, about 5 minutes. Add cessor to purée everything in
cubed chopped cauliflower, bay leaf pot, adding remaining butter
1 bay leaf and cardamom, if using, and one piece at a time, until
1 cardamom pod (optional) season with salt and pepper. completely smooth. If soup is
Kosher salt and freshly Sauté until spices are aro- too thin, simmer to thicken. If
ground black pepper matic, 2-3 minutes. too thick, thin with splashes
4 cups water 2. Pour in enough water to of water. Season with salt
1 tablespoon saeu-jeot just cover cauliflower. In- and pepper.
(salted fermented shrimp, crease heat to medium-high 4. Ladle soup into 4 bowls
optional) and simmer until all cauli- and garnish with saeu-jeot, if SPOON FED Little more than cauliflower, butter and onions, this
Olive oil, for drizzling flower is tender enough to be using, or a drizzle of olive oil. simple soup possesses surprising depths.
 D10 | Saturday/Sunday, April 4 - 5, 2020 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Desk Today. Tomorrow...
Continued from page D1
nishings brand CB2. A recent search
for handmade and vintage desks on
Etsy showed an unprecedented
swarm of activity, with page after
page of red “25 people have this
item in their cart” notifications.
The designers we spoke with
quite agreed that foremost, the
temporary desk you select needs to
blend with your home’s aesthetic
and not scream its functionality.
“My go-to would be a beautiful an-
tique piece, versus a typical com-
mercial-style desk, and pair it with
a classic contemporary chair,” said
Nashville designer Robin Rains,
“something visually appealing that
makes you want to sit down and
get your work done. Choosing an
unconventional desk can help trick
the mind.”
For anyone inclined to buy a new
desk, Nina Freudenberger, an inte-
rior designer in Los Angeles, said
the key is to pick something that
can have a second life post-pan-
demic. “Desks are boring to look at,”
she said. A less literal choice, like a
small bistro table, will be more use-
ful than a desk once we return to
normal life, she said. “The best
pieces of furniture are those that
do some kind of double duty.” Here
are seven ideas for desks that will
find new work post-Covid-19.

…A CRAFT TABLE blackened steel, “its beauty is all

“Sitting is the new smoking,” said
Dallas designer Jean Liu. “I am a
huge advocate of standing desks.”
The writing surface of this architect-
style example sits a full foot higher
than a standard 30-inch-high desk.
Other family members can rotate in
if you don’t want to be on your feet
all day. Made of beechwood and
about simplicity,” Chicago designer
Frank Ponterio said of the unimpos-
ing piece. Later, household hobbyists,
who spend hours absorbed in spine-
numbing tasks, can similarly give
backs a break. Then, the notched
backboard can hold instructions in-
stead of files. Dante Architect Desk,
$1,775, doormandesigns.com
…AN ENTRYWAY CONSOLE
Rattan furniture continues to shake its Victorian con-
notations with contemporary designs like this. In fact,
the basket-weave material and waterfall edges fairly
camouflage the desk’s function. “It’s practical without
looking at all office-y,” observed San Francisco de-
signer Jeffry Weisman. Textural and organic, it will
blend with many decorative schemes now and later,
when it might serve in an entryway, with upholstered
stools or baskets tucked beneath. Against the back of
a couch, the unfussy piece can be a sofa table. Mar-
veled Nashville interior designer Robin Rains, “It has
endless possibilities, throughout any stage of life.”
Marisol Rattan Desk, $399, urbanoutfitters.com

…A ROLLING BUFFET CART

…A MAKEUP STATION
Contracted by direct-to-consumer
brand Dims, Brooklyn studio Ladies
& Gentleman designed the Com-
posed Vanity specifically for small
spaces. Less than 40 inches across
and including a detachable mirror
and cable hole, it is intended to be
used as a gender-neutral primping
table or a desk. Atlanta designer
Jessica Davis recently sourced the
ash-veneered piece for a client and
finds it ideal for quarantine life.
“You can check your makeup before
hopping onto a Zoom call,” she
joked. Ms. Davis said that after its
life as a work surface, she would
femme it up with “a nice vanity
lamp, a tray for baubles and per-
fumes and a great furry vanity
stool.” Composed Vanity, $595, pre-
order at dimshome.com
Nearly every designer we spoke to
rallied around this simple metal
table on casters for its lack of
adornment, affordable price and
mobility. When not in use as a
desk, it can function in many ways,
as game table, buffet, kitchen is-
land or bar. “It could also serve as
a surface for your indoor garden,”
said Laurie Blumenfeld-Russo. New York designer suggested pair-
“Wheel it in front of your window ing it with wood furniture for a
during the day, and then find a layered look. Go-Cart Rolling Desk,
perfect location for it in the eve- $149, cb2.com
ning where you can enjoy it.” The
…A DRESSER
A secretary desk is an excellent
choice today because, as New …A SET OF BOOKSHELVES
York designer Alexandra Pappas Even while providing a workspace
noted, “when work is complete, 23 inches deep and storage on
you can close it all up.” Later, left three 11-inch shelves, this modular
open, it might display mementos unit with desk attachment cuts a
or liquor. But Mr. Weisman would trim figure. “It doesn’t take up a
also exploit the drawers. “It will large footprint in your furniture
double as a dresser and a desk in plan,” Ms. Blumenfeld-Russo said of
a guest bedroom,” he said. “Next the wall-mounted, wood system.
to a bed, the desktop also serves While used as a working desk, a
as a great bedside table with a light and supplies can be stowed
small lamp and a tray for a glass overhead. Later the desk surface
of water.” Ms. Pappas recom- can be repurposed as a bar or just
mended going vintage. “Antique another shelf. She would layer
versions add history and patina books, collected pieces and “long
to a space,” she said. Swedish Art dripping succulents, as well as
Moderne Secretary Writing Desk, small-scale ones.” Sticotti Bookshelf
$2,995, 1stdibs.com + Desk Kit G, $1,470, beambk.com

THERE’S NO BETTER time to create your own

If Gulliver Had a Container Garden tiny, perfect world than when the real world
feels like it’s out of control.
Natural elements like rocks and pebbles are
artfully mixed with high-elevation alpines such
as dwarf conifers, mounding bun plants and
Plot out a Lilliputian landscape with tiny alpine plants Unsurprisingly, alpine troughs are having a mat-like cushion plants, said Ms. Chips, who
moment. Designed to look like realistic, minia- also manages alpines at Oliver Nurseries in
ture landscapes, these container gardens can Fairfield, Conn. A variety of shapes, textures
lull you into believing in an orderly universe and sizes creates the illusion of a real-life
populated solely by adorably Lilliputian trees, scene that’s been shrunken, she added.
succulents and plants shaped like tiny tuffets. Hardy alpine plants require little water and
“These plants are from the mountains, can survive winter outdoors, particularly if
where they have evolved to grow above the planted in a porous stone trough or a light-
timberline in a scree of broken-up rocks, weight facsimile made of hypertufa (a mix of
gravel and a little bit of dust, and you get en- cement, vermiculite, perlite and peat). “Grow-
chanted by them,” said Lori Chips, author of ing in hypertufa makes them feel like they’re
“Hypertufa Containers: Creating in the ground where they nor-
and Planting an Alpine Trough mally live,” said trough maker
Garden” (Timber Press). 1 Chris Hopp, of Farmbrook Designs
Much like the terrarium craze a in Lansing, Mich.
decade ago, which introduced Many U.S. gardeners are broad-
2
young, would-be gardeners to ening the botanical palette, per-
3
self-contained plots, alpine trough 4 haps because few garden centers
gardens invite beginners. “It’s so stock alpine plants. (Specialty
easy—you can make a lightweight nurseries such as Arrowhead Al-
trough of a Styrofoam cooler. Put pines in Michigan and Wrightman
holes in the bottom for drainage, Alpines Nursery in New Brunswick
fill it with plants, and you have a KEY TO THE GARDEN sell them online.) Gardeners are
miniature garden,” said Elisabeth A guide to the hardy, filling troughs with miniature
B. Zander, president of the North miniature specimens cacti to evoke desert landscapes
American Rock Garden Society. in the trendy ‘alpine or tiny tropical plants to conjure a
Many of its nearly 40 chapters na- trough’ pictured jungle. “Any design that’s artistic
AGATA WIERZBICKA (ILLUSTRATION)

tionwide offer workshops on al- at left: is going mainstream,” said Panay-

pine trough gardens. Susannah
Strazzera, a horticulturalist who
manages the alpine area at the
Wave Hill public garden in the
Bronx, N.Y., noted that enduring
alpine trough gardens are a cost-
effective alternative to planters
MINI-ALPS In this image from ‘Hypertufa Containers,’ stones evoke mountain terrain. filled with one-summer annuals.
1 Dwarf form of oti Kelaidis, senior curator and di-
Chamaecyparis rector of outreach at Denver Bo-
Obtusa tanic Gardens, known for its
2 Antennaria collection of alpine troughs.
‘McClintock’ What matters, Mr. Kelaidis
3 Draba Rigida said, is “you’re creating a little
4 Red Sempervivum painting with plants, and it can be
very elegant.” —Michelle Slatalla
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, April 4 - 5, 2020 | D11

DESIGN & DECORATING

It Seemed Like
A Cool Idea
Design pros smack their foreheads as they recall
the most foolish design trends of the last 10 years

BY RACHEL WOLFE

L
AST MONTH designer Jonathan Adler christened white bouclé
the season’s “It” fabric. In an Instagram video launching the
New York flagship store of his eponymous home-furnishing
brand, he commanded, “You must get everything in white bou-
clé.” The playful authoritarianism worked: His bouclé Beaumont
Lounge Chairs are wait-listed. Seemingly in step with his dictate, furniture
retailers CB2, West Elm and Wayfair are also hawking seating clad in the
pallid, loopy wool. And, at the most recent iteration of the Paris design fair
Maison & Objet, countless vendors showed pieces thus upholstered. But the
bouclé boom befuddles New York designer Kati Curtis. As she observed, the
napped fabric stains and traps crumbs: “If you touch it, it gets dirty.”

CLOCKWISE FROM TOP: BG COLLECTION/GALLERY STOCK; STEPHEN KENT JOHNSON/OTTO; JONATHAN ADLER
Design history is littered with wildly popular, then regrettable, interior
trends: the squeaky blowup furniture of the early aughts, fueled by Dis-
ney star Hilary Duff’s inflatable neon chairs; the fuzzy flocked wallpaper
of the 1970s that left areas around light switches irreversibly soiled; the
vertiginous swoosh of water beds.
Here, designers weigh in on the least-livable design choices of the past
10 years, from the impossible-to-clean to the just plain uncomfortable.

OPEN KITCHEN SHELVING comfortably low counter height:

Unless you like your gazpacho with a
hint of dust, or perhaps a dead fly or
two with your morning cereal, you’ll
need to wash dishes left on trendy
unprotected shelves before every
meal. Editing your possessions, too,
becomes a part-time job. “In order for
the kitchen to remain looking clean
and organized, all the dish ware,
glassware and serving items have to
be coordinated and curated,” said
Boston designer Erin Gates. No mugs
from your alma mater.
Instead Use open shelving as an ac-
cent instead of main storage, perhaps
to straddle a corner between sets of
upper cabinets. If you want that light
and airy feeling, Ms. Gates recom-
mends facing top cabinets with metal
wire grills that partially obscure a
sadly eclectic cookware collection.
Mirrored-glass door fronts will also
create an illusion of openness without
exposing your styling shortcomings.
VESSEL SINKS
These first appeared in upscale
homes as a contemporary take on
the way ye olde wash basins
perched charmingly atop dedicated
washstands, but they quickly
veered into tacky territory. The
oversize bowls showed up in every
would-be-posh restaurant bath-
room, and trickled into tract devel-
oper homes. Richmond, Va., de-
signer Sara Hillery pointed out that
mounting the sinks requires an un-
BOUCLÉ UP Beaumont Lounge Chair,
$1,950, preorder at jonathanadler.com
“We don’t like to bend over if we
don’t have to.” And it’s hard to van-
quish the toothpaste and soap
scum that accumulates in the crev-
ice where basin meets countertop.
Instead Ms. Hillery recommends
classic pedestal sinks, or a ham-
mered metal sink that is under-
mounted, with no dirt-catching lip.
DINING BENCHES
A side effect of America’s suscepti-
bility to farmhouse-chic décor, the
idea of replacing chairs with a bench
has its pros. Miami designer Kobi
Karp noted the benches’ “ability to
disappear underneath dining tables.”
But anyone who’s tried to look ap-
pealingly alert on a bar stool knows
that a backless perch makes slouch-
ing inevitable. Adding to the monk-
like dearth of comfort: Rusticated
benches frequently lack cushions.
They are famously heavy and hard
to move, and determining the opti-
mal distance between table and
bench leaves guests at the mercy of
table-mates. And heaven help any
middle-seat person hoping to leave
the table gracefully.
Instead Rely on the humble dining
chair. “They might not seem all that
innovative or en vogue...but dining
chairs actually offer endless possi-
bilities,” said Mr. Karp.
UNLACQUERED BRASS
Left unpolished, brass will develop a
pleasant patina. But as the deterio-
ration develops over time, your fix-
tures can soon look like a greasy
mess—which design brands devi-
ously spin as “living metal.” Said Pa-
risian design dealer Guillaume Ex-
coffier, “Yes, brass has a warm color,
goes with anything and gives your
home an air of 1970s glam, but no
one told you that you actually can’t
touch brass because any finger print
will look like a butter stain.” Plus, pa-
tina tends to erupt haphazardly and
PRETTY IMPRACTICAL From top:
Wide-open shelves in the Sydney
kitchen of Suzannah Williams; an
unsunk sink in the Mexico City
home of designer Rodman Primack.
unequally on various pieces, resulting
in a room that’s “a hodgepodge of
patination,” said Los Angeles de-
signer Madeline Stuart.
Instead Ms. Stuart recommends
polished or satin nickel. Unlike
brass, nickel develops a far more re-
liable patina over time “and never
looks tired or out of date,” she said.
SHEEPSKIN RUGS AND THROWS
As featured in magazines and Insta-
gram posts of celebrity homes, should put anything you can never want urbanity in a country house,
sheepskin rugs and throws look get entirely clean. where this trend also popped up.
pristine yet seductively soft. In real Instead If you love the warmth and And, as Ms. Stuart pointed out, “If
life, they’re more than likely hiding earthiness that animal pelts bring, you’ve ever owned a black car, you
errant Lego and a strand of linguine consider a more practical cowhide. know how quickly a dark surface can
from last month. The material’s 2- “Cleaning a cow is so much easier” attract and magnify even a single
inch long fibers have a tendency to than cleaning a sheep, noted Ms. Hill- speck of dust or dirt.” Also, any chair
“felt” together over time, creating a ery. A little soap and water can pulled or pushed too aggressively can
permanent matted mess that re- freshen up a hair-on hide. leave a scratch as glaring and regret-
sembles a feral dog’s coat. “Life is table as a permanent neck tattoo.
too busy for that—I’m sorry,” said BLACK FLOORS Instead A rich, deep stain on oak or
Ms. Hillery, who was tempted to Yes, ebony boards contrast arrest- walnut floors can add depth to a
use a sheepskin rug in her own ingly with white walls and are a room and be much more forgiving
child’s nursery before realizing that shortcut to urban sophistication, of everyday detritus and your im-
a nursery is the last place you though it’s questionable why you’d pulses to move furniture.

BACKSTORY FLOWER SCHOOL

Bosom Spring Is On
Buddy The Move
MEREDITH HEUER FOR THE WALL STREET JOURNAL, STYLING BY LINDSEY TAYLOR (ARRANGEMENT); PHOEBE D’HEURLE/PACE GALLERY (SCULPTURE)

The sensuous Floral designer

inspiration Lindsey Taylor riffs on
behind a classic lamp a dynamic sculpture

IN THE EARLY 1950s, doorstep until the met- I FIND ARLENE SHECHET’S work
Jacques Adnet, France’s alsmith agreed to make inspiring given its sense of move-
most influential de- him one. ment despite its heft and sheer size.
signer, hired Parisian Jean-Philippe Ma- The 69-year-old New Yorker creates
metalsmith Serge thieu, founder of Guéri- large-scale sculptures that jumble
Mouille to produce don, which distributes clay, wood and metal into forms
lamps. The pair’s ambi- Mouille’s designs, said that seemingly defy their static na-
tion was stoked by It- of the bestselling clas- ture. For April’s floral impetus, I
aly’s dominance of the sic, “He didn’t intend for chose the aptly titled “Touching
lighting market. us to be preoccupied by Summer” (2020), a piece from her
Fascinated by the ar- the most titillating de- temporarily closed solo show
chitecture of the hu- tail, but once you notice “Skirts” at Pace Gallery, NYC.
man body, Mouille cre- it....” Three-arm Stand- I clustered three geometric ce-
ated a skeletal standing ing Lamp, 83 inches ramic vessels into an uneasy group
lamp, its three thin tall, $7,710, gueri- that mimicked the slightly awkward
arms culminating in lac- don.com tension of the five-foot-tall work, THE ARRANGEMENT
quered aluminum —Lexi Mainland and placed a
shades whose seduc- floral frog Left: Arlene Shechet’s sculpture, ‘Touching Summer’ (2020). Above: Vases,
tive shape was based atop the from $138, Pitcher, $35, Brass Floral Frog $38, bloomist.com
on a woman’s breast front vase to
and nipple (by many ac- help shape Fed Ex: lilacs, pale yellow parrot I boosted the idea of movement
counts, those of his an ikebana- tulips, fleshy sweet pea and just- by cutting the stems various
wife). The first Ameri- style ar- blooming Spirea. From my garden, lengths. A tulip in the foreground
can sale was to actor rangement. winter honeysuckle and a branch of felt right despite the sculpture’s ab-
Henry Fonda, who re- Late- Parrotia tree, its bronzy fall leaves sence of yellow there. But that’s
fused to leave Mouille’s spring gar- still clinging to it, humbled the mix. why we say “inspired by.” Once I’ve
den flowers A speckled yellow hellebore aped honored the starting point, I yield
THE INSPIRATION arrived via the mottling in Ms. Shechet’s work. to the needs of the arrangement.
 D12 | Saturday/Sunday, April 4 - 5, 2020
FERRARI
RUMBLE SEAT / DAN NEIL
Flying Down Empty Roads
In Ferrari’s F8 Tributo
I WATCHED the Ferrari F8 Tributo
roll off the transporter and onto
my street last Monday, feeling the
heat of temptation. This growling,
diamond-eyed panther was arriv-
ing in the midst of social-distanc-
ing measures in North Carolina,
but before a lockdown on unneces-
sary travel. Within a radius of 30
miles from my house, I knew, were
hundreds of miles of suddenly
empty freeways and back roads. I
also guessed the highway patrol
would have better things to do
than reel in jackasses in Ferraris,
who probably don’t have any
friends to visit anyway.
Although it was a hell of a way
for it to happen, Covid-19 had
brought about a car-lover’s impos-
sible dream, the “Forza Motor-
sport” videogame brought to life.
Here I was being handed the (sani-
tized) key fob to a tanked-up, mur-
dered-out Ferrari, and loosed in a
consequence-free topography with
no traffic and no limits beyond
those my frail will could impose.
This is so wrong, I thought to
myself. With everything that’s hap-
pening in the U.S., and with tragedy
in Italy still unfolding, how could I
even think about exploiting the situ-
ation for my own amusement? I was
You Got This In the Bag
‘We face small
emergencies all the time,
we’ll face a few big ones in
our lives, too. Think
logically and you’ll never
show up empty-handed,’
said Christian Schauf,
founder of the emergency
preparedness brand
Uncharted Supply Co.
Whether it’s flat tires, an
earthquake or pandemic,
these kits are packed with
everything your family
needs to make it through
For Hunkering Down
In addition to three days
of supplies and
first aid, the Safe
by Judy includes
sanitizer, candles
and matches, a uni-
versal emergency
phone charger, a
flashlight, a multi-
tool and a hand-crank
radio with instructions. Even if you
don’t spring for one of Judy’s bright
orange crates or bags, the brand can
text you customized information
about disaster events in your area,
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
GEAR & GADGETS
going about 170 mph at the time.
The name needs some unpack-
ing. Like the LaFerrari hypercar of
the 2010s, the name “F8 Tributo”
is a cheeky salute to self—specifi-
cally the 3.9-liter, twin-turbo-
charged, flat-crank V-8 engine sit-
ting amidships. Swelling to its
maximum 710 hp at a hair-igniting
8,000 rpm, and 569 lb-ft of what-
the-hell-hit-us, Ferrari’s wundermill
is a four-time winner of the Inter-
national Engine of the Year Award.
While named in honor of its en-
gine, the Tributo is mostly the
same car, the same human-sling-
shot experience, as the retiring
488 GTB. The saddle-tan leather
cordwaining on seats and doors is
still gorgeous. The infotainment
system remains rudimentary with
displays the size of playing cards.
But the Tributo does get the lat-
est version of the 90-degree V8,
shared with the track-prepped 488
GTB Pista. This package squeezes
out an additional 49 hp with
lighter reciprocating masses and
freer-breathing exhaust plumbing,
including tubular manifolds made
of high-temperature Inconel.
At night, in the heat of action,
these manifolds can be seen through
ventilated rear bodywork, their or-
Chic Preparedness
When an emergency strikes, you
don’t have time to dig in a closet
for supplies. Preppi uses design
to encourage people to keep kits,
like this stylish one, at the ready
and even gift them, said CEO
Ryan Kuhlman. The canvas week-
ender holds 72 hours of provi-
sions (which experts say is often
the longest it should take for aid
to arrive), including food and wa-
ter, a solar-powered phone char-
ger, flares, a tube-tent shelter, di-
verting playing cards and two
N95 respirator masks many have
been seeking amid the Covid-19
outbreak. “You should have the
proper tools ready before you
know you need them.” The Prep-
ster Two Person, $495, preppi.co
such as hurricanes,
and Covid-19 out-
breaks. After you
submit your
phone number
and zip code on
the Judy site,
you’ll start to
receive relevant
information and up-
dates that you can use to
prepare your home, said co-
founder Simon Huck. You can also re-
ceive real-time responses about your
situation from Judy’s emergency ex-
perts. The Safe, $250, readyjudy.com
ange-white incandescence rising and
dimming with the engine’s effort.
Officer, I’d like to report a screaming
witch on a tangerine broom.
Also among the greasy bits, the
company’s tough, silk-smooth dual-
clutch seven-speed transaxle with
multi-mode torque vectoring. The
dynamic control system has also
downloaded the latest in auto-drift
algorithms for your slithering plea-
sure. The Ferrari Dynamic Enhancer
(FDE) helps keep a handle on the
car in power-on oversteer situa-
tions. If/when the car’s g-meters
When You’re On the Go
“Most of the time you have what
you need at home. It’s when you’re
out and about that you find yourself
without access to what you
need,” said Uncharted Supply
Co. founder Christian
Schauf. He recommends
keeping a bag in your
car so it’s always mov-
ing with you. This 16-
pound waterproof roll-
top backpack
includes enough
supplies for two,
from food and
* ***
FEELING COUPE’D UP?
Ferrari’s aerodynamic F8,
with a top speed of 211
mph, will take you far from
the madding crowds.
sense it’s about to swap ends, the
FDE will feather the throttle, dab
the brakes and vector the torques
just so to keep it going where it’s
aimed, all while keeping it fun.
The muscled-up Tributo is also
leaner, weighing 88 pounds less
than the GTB. Much of that differ-
ence can be attributed to the
Lexan rear window, replacing the
488’s conventional fixed glass.
The assembled pieces comprise a
veritable vortex of lapsed judgment:
0-60 mph acceleration in 2.9 sec-
onds and a top speed of 211 mph.
FERRARI F8 TRIBUTO
Base Price $275,780, including gas-
guzzler tax and delivery fee
Price, as Tested $360,796
Powertrain Mid-mounted 3.9-liter
90-degree DOHC V8, direct injected
and turbocharged; seven-speed auto-
mated dual-clutch rear transaxle
Power/Torque 710 hp (SAE) at 8,000
rpm; 569 pound-feet at 3,250 rpm
Length/Width/Height/Wheelbase
181.5/77.9/47.5/104.3 inches
Dry Weight 2,932 pounds
0-60 mph 2.9 seconds
0-124 mph 7 seconds
Top Speed 211 mph
water to reusable N-99 air filtration
masks, gloves and beanies for
warmth, and even a shovel. It also
features spare room for needed
things like prescriptions. Every-
thing inside is color coordi-
nated with instructions so
you never waste time
searching. “You
don’t know what
the emergency is
until it happens.”
said Mr. Schauf.
Seventy2 Pro,
$500, unchart-
edsupplyco.com
THE WALL STREET JOURNAL.
That’s social distancing done right.
There was some curiosity mixed
with my delinquency. Exotic car
makers love to brag about down-
force, that is, the manipulation of
air pressure to hold a car to the
road. But this phenomenon is of-
ten oversold and exaggerated in
road cars and quite undetectable
on your typical country road, un-
less that country is Qatar.
The shapely hole in the Tributo’s
hood, for example, is the so-called
S-Duct, channeling pressurized air
from bumper level over the bonnet,
The F8 is a wellspring
of moral delinquency:
0-124 mph in 7 seconds.
Now that’s social
distancing done right.
creating downforce over the front
axle. Balancing that downforce in
the rear is a “blown” spoiler: A
pair of ducts on the shoulders di-
rects airflow to the rear spoiler.
These airflows pass through vanes
that recompress the airflow hitting
the spoiler, increasing downforce
while reducing drag. And all with-
out an ugly rear wing.
But how would you ever know
for sure, unless somebody shut
down the entire country and gave
you a hall pass?
Raging down the interstate in a
fast, straight line, the Tributo’s
aero registers as a sort of planted
suppleness, requiring little tending
of the feather-light, e-assisted
steering. The wishbone suspen-
sion, backed with predictive/adap-
tive magnetic dampers, flexes and
recovers purposefully. For as light
as the steering is, the Tributo’s
brake-pedal effort is high and the
pedal stroke quite short, like a
competition car. I like that. The
carbon-ceramic Brembo brakes are
the mightiest of anchors.
The car’s capacity for violence-
on-demand is measured in scant
milliseconds. Paddle-shift into
third gear and give it some rope.
Du-whaaa-dum-pahhhh! Gawhhh.
There is a shade of melancholy
to the Tributo name, signaling as it
does the end of technical develop-
ment for Ferrari’s volume-produc-
tion V8s. The next generation of V
engines will have six cylinders, not
eight; and the package will be hy-
brid-electric, like the current per-
formance flagship SF90 Stradale.
How time flies. It’s easy to for-
get the turbo V8 was loathed when
it first appeared in the California
T (2014). Even though it was
power-dense and more efficient
than the naturally aspirated V8s
and V12s, Ferraristas bitched that
the turbochargers muffled the en-
gine’s sound, robbing the cars of
their aural presence.
I bet they will miss it when it’s
gone.
‘Per My Last
Haiku’
A series of soothing
poems on the anxieties
of toiling remotely
Can’t work with children
Clinging to my every limb
I am a plaything!
I have measured out
This help-desk call in Cheez-Its
Fifteen and counting
Books and plants frame me
Look at my lavish workspace
Cameras tell lies
Hello? He-he-lo?
He-he-he-lo? Lo? Lo? (Damn)
(My Hangout’s a mess)
All day on the phone
Convincing Boomer parents
To please, please stay home
NISHANT CHOKSI
Little spinning disk
Please let me connect...please
Don’t strand me in Queens