The End of Globalization?

Don’t Count on It
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What’s States Batten Down as Cases Rise

News New York, California
and Illinois governors
World-Wide order limits to activity
as they fight pandemic
ore than 1 in 5 Ameri-
M cans were under orders
to limit their outside activity
More than 1 in 5 Americans
were under orders to limit their
as the coronavirus crisis outside activity as the corona-
spurred more emergency virus crisis spurred more emer-
measures and continued to gency measures and continued
all but grind American life to all but grind American life
and commerce to a halt. A1 and commerce to a halt.
 Negotiations on an eco-
nomic stimulus package hit By Jennifer Calfas,
snags on how to provide as- Joe Barrett
sistance to Americans during and Jim Carlton
the pandemic, as a target to
The governor of Illinois late
reach a bipartisan agree-
Friday ordered residents to
ment by Friday slipped. A3
stay at home, joining his coun-
 Several members of Con- terparts in California and New
gress, their spouses and in- York. The restrictions come as
vestment advisers sold stock deaths from the pneumonia-
after lawmakers attended causing pathogen have more
closed-door briefings about than quadrupled over the past
the coronavirus threat. A3 week to 249, while confirmed
infections in the nation have
 Italy recorded 627 deaths
grown to 19,285 from around
on Friday, the world’s high-
1,700 just a week earlier. The
est death toll in a single day
majority of U.S. cases are in
from the coronavirus. A7
three states: New York, Wash-

MIKE SEGAR/REUTERS
 The U.S. and Mexico ington and California.
agreed to curtail travel “I don’t take this action
across their shared border in lightly,” Illinois Gov. J.B. Pritz-
response to the pandemic. A5 ker said Friday of his order for
residents to remain at home
 Bloomberg said he
and for all nonessential busi-
would transfer $18 million
nesses to close by 5 p.m. Satur- Times Square in New York was sparse on visitors Friday as nonessential businesses were ordered to close.
from his presidential cam-
day.
paign to the DNC. A4

Bond-Market Strain Heightens Risk

Illinois had 585 confirmed
cases by Friday afternoon, com-
Business & Finance pared with more than 1,000 in
California and more than 7,800
in New York, the hardest-hit.
 The global scramble for There, Gov. Andrew Cuomo on
cash amid the pandemic is Friday told residents to stay in-
putting immense pressure doors “to the greatest extent”
on bond markets, raising and all nonessential workforce
concern about how well employees to stay home, effec-
they are functioning. A1 tive Sunday evening.
 U.S. stocks sank, cap- Mr. Cuomo said measures
ping off the worst week for would be enforced with fines
the Dow and S&P 500 since and mandatory closures for
October 2008. Both lost businesses that don’t comply.
more than 4% on Friday. B1 California late Thursday had
ordered the state’s 40 million
 From steelmakers to
Please turn to page A5
arts-and-crafts retailers,
companies across the U.S.
The global scramble for
cash is putting immense pres-
sure on bond markets, raising
concern about whether they
are functioning well enough to
effectively distribute funds to
communities and businesses.
On Friday, the Dow Jones
Industrial Average dropped
913.21 points, or 4.55%, to
19173.98, putting it down 33%
for the year. Selling was
broad-based, with declines in
By Gregory
Zuckerman, Heather
Gillers and Julia-
Ambra Verlaine
technology shares, financial is-
sues and health-care firms
leading the 30-stock index to
its fourth weekly decline out
of five. U.S. Treasury prices
rose Friday, with the yield on
the 10-year Treasury note fall-
ing to 0.932%. But many trad-
ers say trading this month in
Treasurys and other debt of-
fers reason for acute concern.
In recent days, long-term
Treasury securities have suf-
fered significant price declines
alongside large stock-market
retreats, an unusual dual down-
turn that has raised alarm
among traders. A stampede
into dollars is pushing up the
U.S. currency’s value overseas,
adding to repayment woes for
companies and governments
that borrowed in dollars.
In the U.S., corporate issu-
ance has been largely off lim-
its to all but the bluest chips.
State and local governments
are facing sticker shock as
steep declines in demand for
their securities force rates
much higher in some in-
stances, while the market for
Please turn to page A12

Low-Wage Workers Face

are arguing that their oper-
ations are essential. B1 How the Bull Run Unraveled
 An unparalleled number The market’s plunge reflects the pace at which coronavirus

Brunt of Coronavirus Crisis

of Americans filed for job- has upended life, as unruly trading is driving massive daily
less benefits this week as swings in markets. An in-depth graphics package, A8-9.
businesses shut down. A2
S&P 500 market value
 Airbnb is considering
raising capital from new in- Total Cumulative change
vestors as it wrestles with Peak Thursday
$28.06 $19.98
losses in the outbreak. B3
$30 trillion 5%
Double hit for service jobs: layoffs, plus high risk of contagion
 U.S. oil industry regulators 0
25
opened a dialogue with OPEC BY ERIC MORATH AND RACHEL FEINTZEIG The group encompasses many workers who
in talks that could help foster –5 were late beneficiaries of the surge in hiring as
a truce between the world’s 20 As coronavirus shutdowns halt commerce the labor market tightened in recent years—in-
three largest oil producers. B10 across the U.S., low-wage workers, many of cluding members of minority groups or people
–10
whom live paycheck to paycheck, are being with less education and skills—during one of
 Gov. Newsom dropped his 15 quickly stung. the longest and most lucrative growth phases
opposition to PG&E’s bank- –15 The affected jobs, by their nature, often re- in U.S. history.
ruptcy plan after concessions
10 quire personal contact, such as running a cash Malls, restaurants and hotels have closed.
from the California utility. B3
–20 register or cleaning hotel rooms. That substan- Already, the number of Americans seeking un-
 The Fed expanded a lend- tially raises the risk of infection. employment benefits—a proxy for layoffs—in-
ing operation that will accept 5 –25 Many such workers also hold positions most creased last week by 70,000 from the previous
municipal debt as collateral vulnerable to quick job cuts and pay cuts, espe- week, with states telling the Labor Department
amid funding strains. B11 0 –30 cially in service industries. the cause was the pandemic. Economists pre-
That includes restaurant workers, hotel dict a much bigger surge when numbers are re-
J F M J F M
maids, dog walkers and child-care providers. In leased for this week, with Goldman Sachs Eco-
NOTICE TO READERS Note: Data are through Thursday’s close. Source: FactSet many cases, the cuts are tied to shutdowns and nomics Research estimating roughly 2.25
The Wall Street Journal’s cancellations at sports stadiums, conventions, million new claims for jobless benefits.
printing plants and delivery casinos, music festivals and other gatherings. Please turn to page A10
services are taking precau-
tions in light of the coronavi-
Should We Say ‘I Do’
Musk, Striking a Defiant Tone,
rus, frequently cleaning
equipment and facilities
while reducing human con-
tact with the newspaper. A Now or Later?
digital version of the print
edition also can be viewed at
https://www.wsj.com/itp.
i i

Couples live-stream weddings, postpone

NOONAN
We Need Time
To Absorb All This A15
CONTENTS
Books..................... C7-12
Design & Decor.... D6
Food......................... D4-5
Gear & Gadgets D7-8
Heard on Street...B12
Markets..................... B11
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
Obituaries............... A12
Opinion.............. A13-15
Sports........................ A16
Style & Fashion D2-3
U.S. News............. A2-3
Weather................... A16
World News.......... A12
> with magnolia and hickory
or cancel; ‘Dammit, we will get married!’
BY ELLEN GAMERMAN
AND DEEPA SEETHARAMAN
When Jess Krauss and Trent
Hancock get married this
weekend, their 115 loved ones
will gather to watch the cere-
mony despite the threat of the
coronavirus. The couple plan
to exchange rings surrounded
by rolling meadows dotted
trees on a North Carolina farm.
For their part, the guests
will respond with their hearts.
And their smiley faces. And
their thumbs ups. And any
other emojis they deem wor-
i
thy. Ms. Krauss and Mr. Han-
cock will exchange vows on
Facebook’s live stream.
The Covid-19 crisis wasn’t
on anyone’s guest list, but the
wedding crasher is coming
anyway, forcing couples to re-
think their walks down the
aisle. Some brides and grooms
are searching for workarounds,
others are rescheduling, elop-
ing or giving up on elaborate
ceremonies altogether.
Governments are trying to
contain the spread of the virus
by shutting down restaurants,
ordering lockdowns and warn-
Please turn to page A2
Resisted Pressure to Halt Teslas
BY TIM HIGGINS
On Monday, as companies all
over the Bay Area rushed to
send their workers home, com-
plying with an order to shelter
in place, Tesla Inc. Chief Execu-
tive Elon Musk had a defiant
message for his 56,000 workers.
“I will personally be at
work, but that’s just me,” he
said in an email. “Totally ok if
you want to stay home for any
reason.” Tesla’s Fremont, Calif.,
factory kept humming, even as
the county sheriff’s office the
next day said publicly that
Tesla should stop production.
Thursday, under pressure
from local authorities and
some in the public, he relented,
agreeing to temporarily sus-
pend production in Fremont.
The decision followed THE
weeks—and, arguably, a ca- CORONAVIRUS
PANDEMIC
reer—of defiance.
A malaria survivor who
founded SpaceX, his rocket
company, with the aim of colo-
nizing Mars because he fears Talks on economic-relief bill
Earth could be doomed, Mr. focus on cash payments, A3
Musk, 48 years old, has consis- New York City hospitals are
tently played down the reac- already strained, A5
tion to the coronavirus out-
break as a panic. He has held U.K. to foot the lion’s share
forth on Twitter with his own of firms’ salary bills, A7
sanguine takes on its epidemi- Communities mobilize to
ology and likely impact. help senior citizens, A11
“My guess is that the panic
will cause more harm than the Businesses clamor to be
virus, if that hasn’t happened labeled as essential, B1
Please turn to page A6
 A2 | Saturday/Sunday, March 21 - 22, 2020
THE NUMBERS | By Jo Craven McGinty
What Happens When Plastic Gets the Sack?
Paper or
plastic?
This month,
New York
joined the list
of places that
have banned single-use plas-
tic shopping bags out of con-
cern for the environment.
But the choice is more
complicated than it sounds.
Independent studies con-
ducted from 2010 through
2019 by researchers in the
U.S., the U.K., Continental
Europe, Asia and elsewhere
all concluded that single-use
plastic bags—like the ones
commonly found in grocery
stores—rank better in almost
every environmental cate-
gory than bags made of pa-
per, cotton or more durable
plastics.
All the reports agree that
the extraction and produc-
tion of raw materials re-
quired to make carrier bags
have the greatest effect on
their environmental perfor-
mance. But not all of the
studies considered the harm-
ful effects of litter, a primary
concern of environmental-
ists.
And in that category, sin-
gle-use plastic bags are the
worst.
World-wide, one trillion to
five trillion plastic bags are
ERIC ALBRECHT/THE COLUMBUS DISPATCH/ASSOCIATED PRESS
SPECIAL DELIVERY: A postal carrier made rounds Friday near Galloway, Ohio. Thousands were without power after storms hit the state.
CALIFORNIA
Plácido Domingo
Quits Opera Union
Superstar Plácido Domingo re-
signed from the U.S. union that
represents opera singers and will
contribute $500,000 to sexual-
harassment eradication programs
and a fund that helps opera em-
ployees in crisis, the union said
Coronavirus
Crashes
Weddings
Continued from Page One
ing Americans not to gather
with more than 10 people at a
time. Many couples are spend-
ing their wedding days haggling
for refunds, begging for credits
or eating pizza in their sweat-
pants.
Katie Monnin, who post-
poned her wedding ceremony at
a New Zealand winery next
week, has spent the last few
days boxing up wedding sup-
plies at home in Las Vegas, stor-
ing her custom-made shoes and
the groom’s suit with the date of
their intended ceremony, March
24, stitched into the lining.
“I feel like I’m packing up an
old boyfriend’s stuff,” she says.
To console herself, she and fi-
ancé Corey Loomis are getting a
puppy—“a ‘your wedding is can-
celed, here’s an emotional sup-
port puppy,’ ” she says of the
chocolate Lab mix they decided
to name Nova. “We thought ‘Co-
rona’ was too on the nose.”
Some weddings managed to
go on, just under the lockdown
wire, or with guest lists pared
down to a few people. Across
the internet, newlyweds pose
for photos in protective gear. In
an online video, a wedding sax-
used each year, according to
the United Nations. They’re
among the top 10 items that
litter beaches. And evidence
of marine mammals harmed
by the waste—including
dead whales engorged with
plastic—has helped generate
support for bans on the dis-
posable carriers.
But bag bans have led to
some unexpected conse-
quences.
E
vidence suggests that
consumers may not
employ reusable bags
often enough to benefit the
environment, and doing
away with single-use bags
has caused some to purchase
heavier bags for secondary
tasks they previously re-
served for the ones that
were banned.
“A lot of single-use bags
are used to dispose of rubbish
in the kitchen,” said Simon
Aumônier, whose consulting
firm Environmental Resources
Management analyzed differ-
ent types of carrier bags for
the Environment Agency for
England and Wales. “As they
are no longer available, you
see an increase in the number
of dedicated rubbish bags
bought instead. Is that, over-
all, a good outcome or a less
good outcome?”
U.S. WATCH
Friday.
The development came weeks
after investigations by the Ameri-
can Guild of Musical Artists and
Los Angeles Opera found sexual-
harassment allegations against the
79-year-old tenor, to be credible.
Multiple women accused Mr. Do-
mingo of harassment and abusing
his power while he held manage-
ment positions at two companies.
—Associated Press
Krista Evans and James Longinotti rose at dawn on a recent
morning to get a marriage license the minute the office opened.
ophonist draws laughs by play-
ing through a hole in his surgi-
cal mask.
Even if a big party is off, a
quickie wedding is no guaran-
tee either. Krista Evans, 30, an
information technology worker
and nurse at a San Francisco
hospital, did a lot of work for
her wedding herself, including
using the Japanese Shibori
technique to tie-dye runners for
the tables. She still wanted to
get married on April 4, but
learned that City Hall in San
Francisco was no longer per-
forming ceremonies.
So she and her fiancé, James
Longinotti, 31, rose at dawn re-
cently and drove to the clerk
recorder’s office in Santa Rosa,
Calif., that was still issuing
U.S. NEWS
Number of times alternatives must be used to have
the same environmental impact as a single-use
plastic bag, by type*
Nonwoven
polypropylene
34
Paper (40% recycled content)
Paper (100% recycled content)
5 If the single-use plastic
Single-use plastic bags
1 more times to keep up.
*High-density polyethylene bag assuming no secondary use
Source: Robert M. Kimmel, Clemson University
A similar phenomenon has
been observed in the U.S.
California’s bag ban, ap-
proved in 2016, led to the
elimination of 40 million
pounds of single-use plastic
bags. But the savings were
offset by a 12-million-pound
increase in trash-bag pur-
WISCONSIN
Man Is Charged
With Killing Student
A 53-year-old man was
charged Friday in the 2008 killing
of a University of Wisconsin-
Madison student who was found
strangled and stabbed in her
downtown apartment.
David Kahl was charged with
KRISTA EVANS
marriage licenses. They walked
in the minute the government
offices opened and hope to go
through with a small ceremony
next month.
Raj Machhar and Rachna
Randhawa spent the last year
planning a wedding with 460
people that was set for this
weekend at a resort in Orlando,
Fla. As the outbreak escalated,
the couple worried about family
members traveling from Seat-
tle, the U.K., Switzerland and
India. Dr. Machhar’s cousin was
on a jet bridge in Mumbai about
to board his flight last week
when an airline official told him
he would not be able to re-enter
India until mid-April at the ear-
liest. The cousin went home.
When it became clear their
= 1 use
Low-density
polyethylene
10
9 used 10 to 20 times. And a
Kathryn Tam/THE WALL STREET JOURNAL
chases.
Sales of small, medium
and tall trash bags increased
by 120%, 64% and 6%, re-
spectively, according to an
economist at the University
of Sydney who studied the
effect of the regulation.
While consumers have
first-degree intentional homicide
as a party to a crime and by use
of a dangerous weapon. The
charges come 12 years after the
April 2, 2008, death of 21-year-
old Brittany Zimmermann, whose
killing rocked the city of Madison.
Mr. Kahl was in custody Friday
on a drunken-driving offense and
didn’t have an attorney in the
murder case.
—Associated Press
wedding wouldn’t happen as
planned, Dr. Machhar created
an elaborate calendar to track
the availability of their guests
and their roughly 18 wedding
vendors. They are thinking
about a new date in October.
The Sikh and Hindu couple
will keep the wedding outfits
they bought on a trip to India
with their moms last year. They
will keep their two wedding
ceremonies, two priests, two ca-
tering companies and two bhar-
ats—the traditional entrance
for the groom—so Dr. Machhar
can arrive at the Sikh ceremony
on a horse and the Hindu cere-
mony in a sports car. One of the
few changes will be the content
of their wedding speech, which
now will contain an oblique ref-
erence to the pandemic. “We’re
just keeping things in perspec-
tive,” says Dr. Machhar, 31, an
attending physician at NYU
Langone Health in New York.
“We’re counting our blessings.”
Some couples don’t want to
give up wedding dates that they
have obsessed about for
months. Ms. Krauss and Mr.
Hancock, who will be joined by
a small wedding party while
streaming their vows and re-
ception, were determined to
keep their ceremony this Satur-
day, 3/21 or 3-2-1.
Ms. Krauss, a 23-year-old
graduate student from Win-
ston-Salem, N.C., notes that her
high-school volleyball jersey
number was three, and the
wedding is in the third week of
the third month of the year. “If
* *** THE WALL STREET JOURNAL.
been encouraged to turn to
reusable bags made of stur-
dier plastic or natural fibers
to diminish the harm caused
by single-use plastic bags,
even in the absence of a bag
ban, these durable carriers
need to be reused many
times to compensate for the
greater environmental costs
of making the bags.
A cotton bag must be
used 50 to 150 times, accord-
ing to the U.N., which con-
ducted a meta-analysis of
carrier-bag studies. A sturdy
polypropylene bag must be
paper bag must be used four
to eight times.
bags are reused—for shop-
ping or as bin liners—the
other bags must be used
Even well-intentioned
consumers don’t necessarily
do this.
“We see in the U.K. very,
very high rates of the pur-
chase of reusable bags,” Mr.
Aumônier said. “It suggests
people buy a lot and then
leave them at home or leave
them in the car and buy
more in the store.”
Or, if it’s an option, they
revert to single-use bags.
But Mr. Aumônier raises a
provocative question: Are
Jobless Claims Soar as
Virus Shuts Businesses
BY SARAH CHANEY
AND ERIC MORATH
An unparalleled number of
Americans filed for unemploy-
ment benefits this week as the
coronavirus pandemic shut
down businesses and left
many people without a job,
economists say.
State-level anecdotes sug-
gest applications for unem-
ployment benefits—a proxy for
layoffs—could hit more than
2 million in next Thursday’s
Labor Department report, the
largest weekly increase in job-
less claims and the highest
level on record, according to a
note from Goldman Sachs.
A panel of economists sur-
veyed by The Wall Street Jour-
nal projected that 875,000 new
jobless claims would be filed
for the week ending Saturday.
That would easily exceed the
record 695,000 claims filed in
the week ended Oct. 2, 1982.
Claims had been trending
near a 50-year low for the
past 12 months. In the week
ended March 7, 211,000 new
claims were filed. Last week,
the figure rose to 281,000.
States and localities have
been ordering businesses, such
as restaurants and bars, to
temporarily close to protect
against the spread of new cor-
onavirus, immediately hitting
parts of the economy. A wave
we have to get married in our
officiant’s backyard with his
two goats, that’s what we’ll do,”
Ms. Krauss said in a recent
phone call. Her future husband
could be heard in the back-
ground: “Dammit, we will get
married!”
On Sunday, when the Cen-
ters for Disease Control and
Prevention advised against so-
cial gatherings of more than 50
people, Ms. Krauss and Mr.
Hancock, 23, cut their guest list
to just family members for
their wedding. But even that
still came to 75 people, leaving
them with the prospect of
snubbing 25 relatives. They
were almost relieved the next
day when the limits on crowds
tightened to 10 people.
The couple, who cut their
$10,000 party short by two
hours, is sitting on enough craft
beer and wine for 120 people.
And they have to eat the cost of
250 fancy pretzels for the re-
ception. (They will donate the
snacks to a good cause.)
Sydney Styler and her fiancé
hope to keep their April 4 wed-
ding date. The 25-year-old real-
estate agent will reschedule a
bigger reception later, but be-
fore then, she dreams of gather-
ing two people from each side
of her wedding party and both
sets of parents in a field sur-
rounded by green hills near her
Southern California home, gov-
ernment restrictions permitting.
She is so excited to exchange
vows she doesn’t even mind the
location: a city named Corona.
the bags to blame for envi-
ronmental hazards, or the
consumers?
“We wouldn’t have the
same degree of problems if
people responsibly disposed
of the waste at the end of its
life,” Mr. Aumônier said.
A
2018 Danish study
found that, from an
environmental point
of view, it’s best to recycle
or incinerate carrier bags
when it’s time to throw them
out.
In the U.S., most are di-
verted to landfills.
In 2017, the country gen-
erated 4.14 million tons of
plastic bags, sacks and
wraps, according to the Envi-
ronmental Protection
Agency. When they were dis-
carded, more than 3 million
tons went to landfills; 0.74
million tons were inciner-
ated; and 0.39 million tons
were recycled.
The report didn’t estimate
how many escaped into the
environment.
So, given all of the trade-
offs, which bag is best?
According to the U.N., it’s
the one you already have at
home—no matter what it’s
made of.
Just make sure you use it
a lot.
of workers rushing to claim
unemployment benefits fol-
lowed, and many states re-
ported the largest increases in
claims they have ever seen.
Ohio released updated fig-
ures on Friday morning show-
ing jobless claims rose to nearly
140,000 through Thursday, com-
pared with about 5,000 for the
same period last week. By noon
Thursday, New York’s website to
register for benefits had about
200,000 logins. The state’s La-
bor Department website is aver-
aging more than 250,000 logins
each day, a 400% increase over
the normal average.
States continued releasing
unemployment-claims figures
despite a request from the
Trump administration to re-
frain before the publication of
national weekly U.S. jobless
claims by the Labor Depart-
ment on Thursdays.
A Labor Department
spokesperson said state data
are regularly embargoed until
the national numbers are pub-
lished on Thursday mornings.
Asking states to withhold
claims reports “strikes me as
being really unusual,” said
Keith Hall, a Republican econ-
omist who served as commis-
sioner of the Bureau of Labor
Statistics under President
George W. Bush and later as
director of the Congressional
Budget Office.
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THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 21 - 22, 2020 | A3

U.S. NEWS

Battered Towns
Gearing Up for
Flood Season
BY JOE BARRETT
Volunteers streamed last
week into Sandbag Central in
Fargo, N.D., where a machine
known as the spider can fill up
to 120 sandbags a minute.
Working in groups of 70, they
made and stacked about
232,000 sandbags to prepare
for flooding on the Red River
of the North.
their capacity to deal with pa-
tients in the coming weeks,
Mayor Belinda C. Constant
said she can only hope the city
will have the resources to deal
with flooding.
“We’re just praying every
day that we don’t end up in a
state of anarchy,” she said.
While this year’s flooding
isn’t expected to be as dire as
last year’s, cities are in un-

This year, they had a new
addition: hand sanitizer, wash-
ing stations and gloves.
Still reeling from last year’s
historic floods, river cities in
the Great Plains and central
U.S. are preparing for another
active flood season in the mid-
dle of the unfolding new coro-
navirus pandemic.
Last year’s flood season,
one of the wettest on record,
inflicted $20 billion in damage
and crop losses across 19
states, according to a recent
analysis by the National Oce-
anic and Atmospheric Admin-
istration.
On Thursday, NOAA issued
a new spring flood forecast,
which predicted moderate to
major flooding in 23 states
from the Northern Plains to
the Gulf Coast. The most sig-
nificant flood potential are in
parts of North and South Da-
kota and Minnesota.
Farther south, in Gretna,
La., near New Orleans, the
pandemic already is approach-
ing a crisis stage. With malls,
stores and restaurants closed
and hospitals concerned about
charted territory as they make
plans to deal with flooding
along with a pandemic that
has created a national state of
emergency.
Robert Gallagher, mayor of
Bettendorf, Iowa, and co-
chairman of the Mississippi
River Cities and Towns Initia-
tive, said in a press call Thurs-
day that the group of nearly
100 mayors is working to-
gether with federal authorities
to ensure they have the re-
sources for first responders
needed to tackle what he
called a double disaster of
flooding and Covid-19.
“We have concerns as we
move into the possible floods
and storms that those first re-
sponders will have an in-
creased need for supplies,”
such as masks and full protec-
tive gear, he said.
Mr. Gallagher said the com-
ing flood season also would re-
quire new protocols at shelters.
Those showing signs of the vi-
rus will be sheltered separately
from the rest of the popula-
tion, who would be asked to
observe social distancing.
CITY OF FARGO
Volunteers in Fargo, N.D., filled sandbags last week. City officials are preparing for what could be the fourth-worst flood on record.
Sean Dowse, mayor of Red Probabilities of flooding for the close almost all the levee last year. Our bars and restau-
Wing, Minn., said preparations Red River of the North in Fargo, breaches on the main stem of rants are closed. Our town is
can go only so far with the un- N. D., through mid-June the river that were opened virtually a ghost town.”
certainty of the virus. during a devastating storm in In Fargo, officials are pre-
40 feet
“Right now, Red Wing is March 2019. One levee was so paring for what could be the
ready for disaster,” he said. Peak 2019 level damaged that the Corps will fourth-worst flood on record.
“We have the personal protec- rebuild it entirely in coming The current forecast says the
tive equipment, we have the 30 Major flooding weeks. Red River has a 10% chance of
personnel in place. What will Moderate flooding Coronavirus won’t stop the reaching that level.
happen in two weeks, we have work. “It’s hard to be more so- Simon Atadoga spent about
no idea, because what will 20
Minor flooding cially distant than a guy in a two hours on his 21st birthday
come down the road to us could bulldozer out working on his last week shoveling sand into
be a surprise and we’ll have to own,” said Bret Budd, chief of sandbags in the city’s Sandbag
be flexible going forward.” 10 the Corps’ system restoration Central, since all the spots at
In its Thursday forecast, team. the spider had been taken by
NOAA said above-average tem- Grafton, Ill., at the conflu- other volunteers.
peratures and precipitation 0 ence of the Illinois and Missis- The Nigerian accounting and
are expected for much of the 10% 25 50 75 90 95 sippi rivers, was one of the business major at the Univer-
middle of the country. With PROBABILITY OF EXCEEDING hardest hit towns by last year’s sity of Minnesota in Moorhead,
soils already saturated, any RIVER LEVELS flooding. This year’s less-dire just across the river from Fargo,
heavy storms could bring ad- Source: National Weather Service flood forecast offered little said the work was demanding
ditional flooding. comfort to Mayor Rick Eberlin. but it didn’t bother him.
Areas at greatest risk for Red River of the North, NOAA “We don’t expect the flood- “It was a lot of fun,” he
major and moderate flooding said. ing to be as bad as last year,” said. “I did not feel the hard
include the upper and middle On the Missouri River, a he said. “But with the Covid work because I had a lot of
Mississippi River basins, the mild winter allowed the U.S. virus, we think the economic conversations and got to meet
Missouri River basin and the Army Corps of Engineers to impact will be even worse than new people.”

Negotiations on an Economic-Relief Bill Hit Hurdles

WASHINGTON—Negotia-
tions on a massive economic
stimulus package hit snags on
how to provide assistance to
Americans during the corona-
virus pandemic as a target to
reach a bipartisan agreement
by Friday slipped.
Among the chief remaining
By Natalie Andrews,
Andrew Duehren
and Catherine Lucey
obstacles to an agreement on
the legislation, which could ul-
timately cost more $1 trillion,
was deciding on whether to
give cash payments directly to
some Americans, expand un-
employment insurance or
some combination of the two.
A Senate Republican opening
offer and the Trump administra-
tion called for direct payments
to workers, while Democrats
have sought dramatically in-
creased unemployment benefits.
Democrats also are pushing
for the final agreement to ex-
pand paid leave and funds to
support state and local efforts
to respond to the disease out-
break, which has brought much
of American life to a standstill,
cratered financial markets, and
taken the global economy to
the brink of a major slowdown.
Senate Majority Leader Mitch
McConnell (R., Ky.) had called
on lawmakers to reach an initial
agreement by the end of the day
Friday, but lawmakers and
Trump administration officials
ended talks with a goal of begin-
ning negotiations again Satur-
day morning.
“It’s a big complicated huge
bill and tonight, I would hope
to come to agreements tomor-
row,” said Senate Minority
Leader Chuck Schumer (D.,
N.Y.), who spoke with House
Speaker Nancy Pelosi (D., Ca-
lif.) and Treasury Secretary
Steven Mnuchin twice on Fri-
day. “They’re making progress, their divisions.
but there’s so much to do, I “There’s tremendous spirit
think tonight is hard.” to get something done,” said
White House Legislative Af- President Trump at the daily
fairs Director Eric Ueland said White House coronavirus
Republicans hoped to have an briefing. He said he had good
agreement in hand by Satur- telephone calls with Messrs.
day afternoon so the Senate Schumer and McConnell.
While sounding optimistic
notes about the state of talks,
Mr. Trump bristled at sugges-
Republicans favor tions that the government’s ef-
checks; Democrats fort is falling short on testing,
potential treatments and med-
push expanded ical equipment.
jobless benefits. Democrats and Republicans
also were working to bolster
the nation’s public health in-
frastructure, bracing for thou-
could move forward with a sands of people sick with the
vote early next week. novel coronavirus to be hospi-
Any eventual deal will need talized. Democrats called for a
to be bipartisan because it re- $400 billion federal invest-
quires 60 votes in the Senate ment to address capacity is-
and must pass the Democratic- sues and medical-supply
controlled House to become shortages at hospitals, partic-
law, meaning Republicans and ularly rural and smaller ones.
Democrats will have to bridge “Our hospitals across the
country are about to be over-
whelmed,” said Illinois Sen.
Dick Durbin, the No. 2 Senate
Democrat. “They’ll be faced to
make some horrible triage
choices about survivors. We
don’t want to reach that
point.” He called for a dou-
bling of hospital capacity.
Republicans on Friday
seemed less inclined to appro-
priate cash to hospitals. The
Republican plan would boost
Medicare payments to health-
care providers. “We realize
we’re going to have to do some
things to help out providers,”
Sen. John Thune (R., S.D.) said.
“The question is how can you
do that quickly and what’s the
most effective mechanism.”
The National Governors As-
sociation asked lawmakers on
Thursday to double the in-
crease in Medicaid support
that passed earlier this week.
Gov. Larry Hogan of Mary-
land, a Republican, and Gov.
Andrew Cuomo of New York, a
Democrat, said in a letter that
though lawmakers increased
the federal reimbursement
rate by 6 percentage points,
that “falls short of what states
will need.” Republicans have
said that many states have ro-
bust emergency funding pro-
grams, as Democrats have ad-
vocated for sending along
more federal assistance.
Mr. McConnell’s broad plan,
released late Thursday, calls
for taxpayers to receive up to
$1,200, with married couples
eligible to get as much as
$2,400, with an additional
$500 for every child. Those
payments would scale down
for individuals who earn more
than $75,000 a year and cou-
ples that make more than
$150,000. Individuals who
make more than $99,000 and
households that earn more
than $198,000 won’t be eligi-
ble for direct assistance.

Senators Sold Stock After Virus Update

BY JAMES V. GRIMALDI also has an investment adviser French Art de Vivre
AND ANDREA FULLER and doesn’t manage trades.
Mr. Burr, chairman of the
Weeks before the coronavi- Senate Intelligence Committee,
rus pandemic sent the stock which has been receiving fre-
TOM WILLIAMS/CONGRESSIONAL QUARTERLY/ZUMA PRESS

market plummeting, several quent briefings on the spread

members of Congress, their
spouses and investment advis-
ers each sold hundreds of
thousands of dollars in stock
after lawmakers attended
closed-door briefings about
the threat of the disease.
Some of the sales spared
the senators and their spouses
as much as hundreds of thou-
sands of dollars in potential
losses, a Wall Street Journal
analysis of the trades shows.
Sen. Richard Burr, a top Re-
publican from North Carolina
who sits on two committees
that received detailed brief-
ings on the growing epidemic,
reported in disclosure reports
that he and his wife on Feb. 13
sold shares of companies
worth as much as $1.7 million.
The Journal analysis shows
that the shares sold by the
Burrs were worth—at mini-
mum—$250,000 less at the
close of trading on March 19
than they were when the sena-
tor and his wife sold them.
Mr. Burr quickly drew criti-
cism after his stock sales were
reported Thursday evening by
ProPublica and the Center for
Responsive Politics. Fox News
host Tucker Carlson called for
Sen. Richard Burr (R., N.C.) sold shares worth as much as $1.7
million last month after detailed briefings on the coronavirus.
Mr. Burr said he relied upon
“public news reports to guide
my decisions regarding the
sale of stocks.”
On Friday morning, Mr.
Burr said he “understands the
assumption that many could
make in hindsight” and asked
the Senate Ethics Committee
chairman “to open a complete
review of the matter with full
transparency.”
While some market analysts
were warning at the time of
the potential damage the
emerging coronavirus could
cause to the stock market, the
sales also came at a time when
of Covid-19 since it emerged in
China, made 33 stock trades
on Feb. 13 worth between
$628,000 and $1.7 million, ac-
cording to the filings. Con-
gressional rules require that
trades be reported in ranges,
not precise figures.
Mr. Burr, who is regarded
as the Senate’s leading author-
ity on pandemics as the author
of the 2006 Pandemic and All-
Hazards Preparedness Act, is
also on the Senate health com-
mittee, which was briefed on
the coronavirus on Jan. 24.
Three of Mr. Burr’s sales
actively trading before the were in hotel company
spreading infectious disease stocks—Park Hotels & Resorts
caused the markets to fall were Inc., Wyndham Hotels & Re-
Republican Sens. Kelly Loeffler sorts Inc. and Extended Stay
and David Perdue of Georgia, America Inc.—which have seen
and James Inhofe of Oklahoma. their value drop 74%, 63% and
The husband of Sen. Dianne 50%, respectively, since Mr.
Feinstein, the California Demo- Burr made the sales.
crat, also sold stock before the Mr. Burr and his wife also
market downturn. sold between $96,000 and
Ms. Loeffler and Ms. Fein- $265,000 in stock between
stein, who are both married to Jan. 31 and Feb. 4, the filings
investment professionals, said show, including additional
they had been unaware of the shares of Extended Stay.
trades because they are han- In 2012, President Obama
dled by advisers. Mr. Perdue signed the Stop Trading on
said his portfolio is managed Congressional Knowledge Act Legend. Bookcase, design Christophe Delcourt.
by an investment adviser who to outlaw members of Con- Manufactured in Europe.

Mr. Burr to resign, as did a
handful of Democratic House
members and the North Caro-
lina Democratic Party.
President Trump and some Re-
publican politicians were play-
ing down the potential harm.
Other senators who were
regularly makes dozens of gress and other government
trades and was buying as well staff from engaging in insider
www.roche-bobois.com
as selling shares of companies trading based on information
at the time. Mr. Inhofe said he learned through their jobs.
A4 | Saturday/Sunday, March 21 - 22, 2020
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
BY GABRIEL T. RUBIN
AUTO INDUSTRY PLEADS for
delay in North American trade-
deal implementation due to cor-
onavirus pandemic. Now that
Canada has ratified the U.S.-
Mexico-Canada Agreement, the
Trump administration is eager to
see the pact enter into force as
soon as possible. President
Trump wants to tout the impact
of the new agreement, which
Trump Relies on Rural Turnout in South
President is expected to do well outside of cities and suburbs, as Democrats struggle with voter apathy
BY CAMERON MCWHIRTER
PEACH COUNTY, Ga.—Gar-
rett Milton rarely talks poli-
tics these days. All the vot-
ers in this rural community
already have made up their
minds, he says.
“It’s like the Bible, two
people can read it but you
aren’t going to
ELECTION have the same
2 2 view,” said Mr.
Milton, 61
years old, who
owns a hair salon in the
county’s predominantly Afri-
can-American Fort Valley.
Even as the coronavirus
pandemic reshapes the na-
tion’s outlook and economy,
President Trump is expected
to do well in rural America
this fall. But the margin of
turnout in Peach County and
places like it in Georgia,
North Carolina and else-
where—joined with votes
from urban and suburban ar-
eas—could shape whether
Democrats have a chance to
win in the Deep South.
In Georgia, Democrats are
ratcheting up efforts to
reach rural voters after re-
cent elections have shown
that it isn’t enough for the
party to win Atlanta and its
suburbs without also picking
up rural support. The key to
victory here isn’t persuading
the unconvinced, but turning
out the base. And as in much
of the rural South, the par-
ties’ bases tend to group
along racial lines, with most
African-Americans voting
Democratic and most whites
voting Republican.
This agricultural area in
central Georgia, two hours
southeast of Atlanta, is
evenly split between Demo-
crats and Republicans. That
divide is most clearly seen in
its two main towns: Byron
and Fort Valley.
Republicans here, many
living in and around the city
of Byron, say the economy
improved under President
Trump and are eager to have
him back for another term.
Democrats, most of whom
live in and around Fort Valley,
say a majority of the jobs of-
fered these days are low-pay-
ing with fewer benefits. They
also worry that excitement
for their candidates is lacking.
Both parties will be trying
to track down every possible
Peach County voter they
know will support them, us-
ing phone banks, canvassing
and other efforts. But the
Republicans have a much
better get-out-the-vote effort
A Week That Transformed the Presidential Campaign
BY GERALD F. SEIB
In the course of one week,
the 2020 presidential cam-
paign has transformed into
something new and unex-
pected: A gen-
 eral-election
contest that
THIS will start late
WEEK and unfold in
a crisis atmo-
sphere.
Normally, this would have
been a week that marked a
shift from primary season to
general-election footing. For-
mer Vice President Joe Biden
swept the three Democratic
will replace Nafta, in the 2020
election campaign. But the auto
industry wants its new regula-
tions delayed until next year.
“When you add to that the
Covid-19 crisis, this is really be-
yond understanding that the ad-
ministration is trying to do this,”
Ann Wilson, senior vice president
at the Motor & Equipment Man-
ufacturers Association, told the
Journal’s William Mauldin. “If you
force us to try to comply by
June 1, we will not comply, and
tariffs will be unnecessarily paid.”
If cars and auto parts don’t
follow a raft of new rules—in-
cluding regulations designed to
ensure that much of a car is
built with high-wage labor—then
companies will have to pay tar-
iffs when those vehicles or com-
ponents cross the Mexican or
Canadian border. Those border
crossings were tightened this
week because of the pandemic,
but not in a way that should af-
fect commercial trade.
The auto industry has a pow-
erful Republican ally on its side:
Senate Finance Committee
Chairman Chuck Grassley said he
Peach County sits in a crescent of farmland stretching across
the Deep South. While predominantly African-American
counties in this region usually vote Democrat, some with
larger white populations have swung between the two
parties. Majority white counties in the rural South have
usually voted Republican.
The African-American population makes up
44.5% of Peach County. Most live in and
around Fort Valley and are Democrats.
Likely party affiliation
Democrat
Republican
Non-partisan
The white population makes up 45% of the county and is
centered in and around Byron. Many are Republicans,
though there are also a number of independents.
Likely race/ethnicity
Black
White
Other
Note: Data are modeled
Source: L2
in rural counties, with stron-
ger party networks and more
activists than Democrats,
said Chris Grant, a political-
science professor at Mercer
University in nearby Macon.
“When Barack Obama has
primaries held on Tuesday, in
Florida, Illinois and Arizona,
all by double-digit margins.
In doing so, he effectively
ended the argument that his
last competitor, Sen. Bernie
Sanders, might catch him.
But a primary that wasn’t
held, in Ohio, told an equally
big tale. Ohio canceled its
primary out of fears citizens
turning out to vote might
spread the coronavirus. In so
doing, Ohio didn’t merely
raise doubts about how and
when remaining primaries
will be conducted; it also
demonstrated how heavily
the coronavirus cloud hangs
P W L C 10 11 12
POLITICS
believes the industry has “a good
argument” for a delay. Supply
chains are badly disrupted be-
cause of the pandemic, and nu-
merous auto makers are closing
their North American factories.
HOUSE REPUBLICANS’ cam-
paign organization urges its can-
didates to “exercise increased
sensitivity” while campaigning
during the coronavirus outbreak.
An internal memo this week ac-
cused Democrats of politicizing
the crisis and cable-news net-
works of allowing attacks to go
“largely unchecked,” seemingly a
reference to Sunday’s Demo-
cratic presidential debate. For-
mer Vice President Joe Biden,
Sen. Bernie Sanders and other
Democrats have been critical of
congressional Republicans and
the Trump administration’s ap-
proach to the crisis.
The memo from the National
Republican Congressional Com-
mittee encouraged candidates to
continue fundraising, but not to
connect it to the crisis. Their ad-
vice to candidates to “ask your-
self if your press release or
Fort Valley
Fort Valley
not been on the top of the
ticket, there has been a
problem getting African-
Americans to the polls,” Mr.
Grant said. “It’s Trump’s
county to lose. He can lose
it, but it depends on a really
over the presidential contest.
Although it’s now clear
the vote this fall will pit Mr.
Biden against President
Trump, the country’s corona-
virus defensive crouch effec-
tively banishes both from the
campaign trail. In a sense,
both are all dressed up for a
general-election campaign,
but with no place to go.
Like so many things in
American life now, that situ-
ation is unprecedented, and
neither campaign has a play-
book for dealing with it. One
thing is clear: Mr. Trump’s
handling of the crisis will be-
come a central, if not the
H T G K R F A M 1 2 3 4 5 6 7 8
snarky comment are in poor
taste” raised the most hackles
from Democrats who have been
on the receiving end of the
NRCC’s attacks. In recent months,
those have included putting the
name of an African-American
congresswoman from Georgia on
a “For Sale” sign and placing
“moving boxes” outside House
Democrats’ offices following the
impeachment vote, prompting a
U.S. Capitol Police probe.
TULSI GABBARD has ended her
presidential campaign, but she
has a new cause to promote:
universal basic income, which
had been the signature proposal
of fellow campaign dropout An-
drew Yang. Gabbard, who isn’t
seeking re-election to her Hawaii
congressional seat, introduced a
resolution last week to provide
$1,000 a month to American
adults during the pandemic, a
cause that has caught fire with
Republicans and Democrats alike.
Gabbard has sent out numerous
tweets and videos promoting
the plan: “Glad to see @TomCot-
tonAR @MittRomney @AOC &
Byron
PEACH
COUNTY
Byron
PEACH
COUNTY
strong effort by Democrats
to get people out.”
Peach County was one of
206 counties across the
country—and 19 in the Deep
South—that favored Barack
Obama in 2008 and 2012, be-
central, issue of the contest.
Mr. Biden already was try-
ing to portray himself as a
candidate with a combina-
tion of experience, compe-
tence and compassion, and
now, with the crisis in mind,
figures to double down on all
those themes. Outside Demo-
cratic groups, meanwhile,
geared up to attack Mr.
Trump’s handling of the cor-
onavirus pandemic.
Yet, the week ended with
some good news for Mr.
Trump on the coronavirus
front. Although he has been
criticized for not responding
more quickly, an ABC News/
9 O I X X ****** THE WALL STREET JOURNAL.
others joining my efforts,” she
tweeted on Tuesday.
CONSERVATIVE ECONOMISTS
and some business groups scold
bipartisan fiscal-stimulus propos-
als to deal with the fallout of
the coronavirus pandemic, wor-
rying they could have permanent
consequences. Economist Arthur
Laffer, commentator Stephen
Moore and businessman Steve
Forbes put out a statement de-
crying proposals to “expand wel-
fare and other income redistribu-
tion benefits like paid leave and
unemployment benefits that will
inhibit growth and discourage
work.” The conservative Club for
Growth urged members of Con-
gress to vote against the coro-
navirus legislation that passed
the House last week for similar
reasons. Their opinion was
mostly ignored, with the legisla-
tion passing 363-40.
LOBBYISTS RALLY to support
their favorite D.C. restaurants.
Lyndon Boozer, a telecommuni-
cations sector lobbyist, started
an online fundraiser with other K
fore flipping for Mr. Trump
in 2016, according to the
nonpartisan Ballotpedia.com,
which tracks election data.
But Mr. Trump’s margin of
victory was much smaller in
Peach than other counties:
Just under 3%, compared
with an average of 11.45%.
Any moderation in rural
Southern Republican voters
or increase in their Demo-
cratic peers could prove criti-
cal in increasingly competitive
states such as North Carolina
and Georgia. In 2016, Mr.
Trump lost metro Atlanta—
which now constitutes well
over half of the state’s popula-
tion—but made up for it with
a big uptick in rural Georgia,
winning about 90,000 more
votes there than Utah Sen.
Mitt Romney did in 2012.
Metro Atlanta is “the base
of the base” of the Demo-
cratic Party, “but you win
elections on the margins,”
said Nikema Williams, a state
senator and chairwoman of
the Georgia Democratic Party.
This election season, the
party has been holding fund-
raisers and other meetings in
rural parts of the state and is
campaigning more aggres-
sively on issues like rural
health care and the impact of
proposed state budget cuts
on services, she said.
The state GOP didn’t re-
spond to requests to comment.
Bobby Vinson, a 55-year-
old Byron resident who runs
an excavation business, said
he and his friends plan to
back Mr. Trump even more
enthusiastically than they
did in 2016 because of the
president’s efforts to reduce
regulations for businesses,
fight for better trade deals,
combat illegal immigration
and challenge entrenched in-
terests in Washington.
Shanita Bryant, 43, a Dem-
ocratic county commissioner
from Fort Valley, said getting
Democratic voters excited
will be hard because many
are struggling and aren’t fo-
cused on politics. “What we
are fighting in Peach County
is apathy,” she said.
Political discussions that
do take place at meetings or
on social media tend to be
nasty, said Wade Yoder, 50,
an at-large Republican
county commissioner who
has a business in Fort Valley.
“Between Republicans and
Democrats, it is pretty tough
down here and I hate it,” he
said. “It’s very, very partisan,
and the elections, seesawing
is the best description. It
seesaws back and forth.”
Ipsos poll found that during
the past week the share of
Americans who approve of
his management of the crisis
shot up to 55% from 43%.
The delayed start to the
general-election campaign
“suits both sides, really,”
said Larry Sabato, director
of the Center for Politics at
the University of Virginia.
For Mr. Trump, the delay
means “he can be president”
and campaign from within
the confines of the White
House. And it is “a godsend”
for Mr. Biden, who needs
time to raise money, which is
in short supply.
Street and Capitol Hill fixtures
to support the staff of Bobby
Van’s Grill, which like other res-
taurants is closed during the
pandemic. “It’s a familiar water-
ing hole for us,” Boozer said.
“We have to come together so
these establishments survive.”
The fund had raised about
$7,000 as of midday Thursday,
far exceeding the initial $2,000
goal. Other lobbyists and trade
association executives have en-
couraged their friends and asso-
ciates to order delivery from
other Washington-establishment
hot spots, including mid-Atlantic
fare favorite Equinox.
MINOR MEMOS: National Can-
nabis Festival at Washington’s
RFK stadium postponed until
September because of coronavi-
rus.…Former California Gov. Ar-
nold Schwarzenegger films pub-
lic-service coronavirus video with
pet pony Whiskey and donkey
Lulu encouraging people to stay
home.…Twitter uses a photo of
deceased author Philip Roth in-
stead of Biden in its election
coverage.
Bloomberg
Will Give
$18 Million
To DNC
BY TARINI PARTI
AND KEN THOMAS
Michael Bloomberg said he
would transfer $18 million
from his presidential cam-
paign to the Democratic Na-
tional Committee, boosting the
party’s operations instead of
forming his own super PAC.
The investment is aimed at
strengthening the DNC’s battle-
ground program, which includes
12 states and is run in coordina-
tion with the state party com-
mittees. Mr. Bloomberg also has
offered to transfer the owner-
ship of many of his field offices
to state party committees, ac-
cording to a Democratic official,
who said the former New York
City mayor’s contributions
would help speed up their hir-
ing for positions in organizing,
data and operations.
The multimillion-dollar
boost to the party’s field-orga-
nizing program could serve as
a major asset to the Demo-
cratic nominee. Former Vice
President Joe Biden is leading
the delegate count and has
struggled to amass a large
The investment is
aimed at bolstering
Democrats in
battleground states.
campaign war chest. Sen. Ber-
nie Sanders is still in the race,
but Mr. Biden’s campaign is
preparing to expand his staff
for the general election, while
grappling with the new reali-
ties of campaigning during the
coronavirus pandemic.
President Trump’s team has
built a large campaign organi-
zation and is planning an ex-
tensive operation of field orga-
nizers and digital outreach to
voters. Mr. Trump and the Re-
publican National Committee
had more than $225 million in
the bank at the end of February.
After launching his White
House bid in late November,
Mr. Bloomberg committed to
keeping his staff on the pay-
roll and field offices open in at
least six competitive general-
election states, even if he
wasn’t the party’s nominee.
The billionaire dropped out
after giving his own campaign
more than $935 million, an un-
precedented amount in just 100
days, according to reports filed
with the Federal Election Com-
mission on Friday that show
his spending through the end
of February. He earned only 61
delegates on Super Tuesday,
meaning he spent at least $15.3
million for each delegate.
Since he exited the race,
Mr. Bloomberg’s advisers had
been working on a way to ab-
sorb his campaign operations
into an outside entity that
would boost Mr. Biden.
“While we considered creat-
ing our own independent entity
to support the nominee and
hold the President accountable,
this race is too important to
have many competing groups
with good intentions but that
are not coordinated and united
in strategy and execution,” Mr.
Bloomberg wrote in a memo to
DNC Chairman Tom Perez.
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 21 - 22, 2020 | A5

THE CORONAVIRUS PANDEMIC

Virus Cases Strain

New York Hospitals
New York City hospitals are
already straining under the on-
slaught of novel coronavirus
cases, even as state officials say
the real peak of the outbreak is
nearly a month and a half away.
Doctors at the largest public
By Shalini
Ramachandran,
Joe Palazzolo,
Melanie Grayce West
and Melanie Evans
hospital in New York say equip-
ment shortages have resulted
in them wearing the same
masks for as long as a week.
young people than they ex-
pected are falling very ill.
The swiftness in which pa-
tients turn from mildly sick to
struggling to breathe and re-
quiring a ventilator is shocking,
health-care workers said.
“Things have gotten really bad
this past week,” one Manhattan
nurse said. “We’re all on edge.”
New York officials say the
state could need as many as
110,000 hospital beds and
37,000 intensive-care beds for
virus-related illnesses as they
peak. The state currently has
53,000 hospital beds and 3,000
intensive-care beds, many of

SEAN M. HAFFEY/GETTY IMAGES

Emergency-room physicians at
another hospital are having to
reuse gowns. Some large hospi-
tals already have exceeded the
capacity of their intensive-care
units.
At least one city hospital,
faced with dwindling supply of
ventilators amid the surge of
coronavirus patients, had to
them occupied by people with
other illnesses.
A doctor at Maimonides
Medical Center in Brooklyn said
the hospital had no more isola-
tion space for coronavirus pa-
tients and was moving less-sick
patients to other wings.
“Beds are needed desper- The U.S. and Mexico will restrict travel to trade and workers at crossings such as this one in San Ysidro, Calif., in response to the pandemic.
ately,” read a memo sent to

Mexican Border Crossings Limited

seek more from a sister hospi-
tal.
“We’re getting pounded,”
said Mangala Narasimhan, a
doctor at the Long Island Jew-
ish Medical Center, part of
Northwell Health, the largest
hospital system in New York.
“I’ve been in ICU care for 15
years, and this is the worst I
have ever seen things.”
Hospitals expect the prob-
lems to mount. Earlier this
week, Gov. Andrew Cuomo said
the outbreak is expected to
peak in 45 days, and by then
the state would need tens of
thousands of more beds.
In recent days, the number
of confirmed cases in New York
City more than doubled to
4,408 as a blitz of testing be-
gan to reveal the rapid march
of the disease, officials said.
New York City alone now
makes up 42% of total U.S. con-
firmed cases. Across the entire
state, there have been 7,102 to-
tal cases and 35 deaths, making
up a quarter of nationwide
deaths from the illness.
With the onslaught has
come a surprise for many
health-care workers: Far more
NewYork-Presbyterian Queens
nurses on Thursday. “I need
you to ACTIVELY participate in
the Discharge planning for your
patients.”
A spokeswoman for the
NewYork-Presbyterian system
declined to comment.
Saquib Rahim, a doctor
working at the Queens hospital,
said the number of potential or
confirmed cases has surged in
the past week, and it is all
hands on deck at the hospital.
One elderly patient with
Covid-19 symptoms died on the
floor of the hospital ward.
“We’ve never seen anything
like this,” Dr. Rahim said.
“We’re praying that somehow
we’ll be able to stem the tide.”
In a letter to Gov. Cuomo on
Thursday, the New York State
Nurses Association said it was
“painfully obvious” that their
42,000 members on the front
lines don’t have the gear to
protect themselves against the
virus.
It warned that “hospitals
will cease to function” if work-
ers are exposed, according to a
copy of the letter viewed by the
Journal.
The U.S. and Mexico agreed
to curtail travel across their
shared 2,000-mile border, al-
lowing trade and workers to
continue crossing but limiting
most other travelers, including
migrants, in response to the
coronavirus pandemic.
By Michelle Hackman
in Washington
and Juan Montes
in Mexico City
President Trump announced
the move Friday, saying it was
necessary to slow the spread of
Covid-19, the illness caused by
the virus, across North America
and “reduce the mass global
migration that would badly de-
plete the health-care resources
needed for our people.”
“Left unchecked, this would
cripple our immigration sys-
tem, overwhelm our health-
care system and severely dam-
age our national security,” Mr.
Trump said.
The new restrictions, which
mirror for the Canadian border,
were set to take effect Friday at
midnight. The U.S. has more
than 10,000 cases of coronavi-
rus confirmed, and 150 deaths,
while Mexico has detected 164
cases and reported one death.
Chad Wolf, the acting Home-
land Security secretary, said
the administration aims to end
casual travel across the border,
but will continue to allow es-
sential travel—including the
movement of goods or medical
workers. U.S. lawmakers had
pressed the administration to
permit entry for seasonal work-
ers, many of whom do farm la-
bor and most of whom come
from Mexico.
Countries across Europe,
Asia and Latin America have
shut land borders and reduced
international flights. The State
Department issued a world-
wide Level 4 travel advisory, its
highest level, encouraging
Americans abroad to return to
the U.S. or shelter in place.
Secretary of State Mike
Pompeo said that Mexico was
discussing whether to stop ac-
cepting flights from Europe.
Mexican Foreign Minister Mar-
celo Ebrard at a later news con-
ference said Mexico is opposed
to such a measure and that one
possible solution is for Mexico
to establish restrictions for
boarding of inbound flights.
Trump administration offi-
cials said that in addition to
slowing travel through ports of
entry, the government will im-
mediately begin turning back
migrants who cross the border
illegally, including those claim-
ing asylum, without processing
them inside U.S. border patrol
stations or detention centers.
Border Patrol agents on Fri-
day had begun quickly turning
back Mexican adults after tak-
ing fingerprints and processing
their information on laptops in
the field. The arrested migrants
will be repatriated at the near-
est port of entry.
Mr. Ebrard has said Mexico
would be obliged to take all
Mexicans, who he said are the
largest nationality trying to
reach the U.S. illegally. He also
said Mexico will maintain a
program that allows mostly
Central American asylum seek-
ers to wait in Mexico while
their proceedings are adjudi-
cated in the U.S. He said mi-
grants from other nations
wouldn’t be accepted.
Mexico has already agreed
to take more than 60,000 asy-
lum seekers who were sent
there while awaiting their U.S.
proceedings. Mr. Wolf sug-
gested migrants from other na-
tions would be flown back to
their home countries, but didn’t
say how that would happen
amid global travel restrictions.
The U.S. restrictions rely on
a provision of public-health law
that allows immigration offi-
cials to deny entry to foreign-
ers who pose a risk of spread-
ing infectious diseases.
—Alicia A. Caldwell
and Robbie Whelan
contributed to this article.

States prohibited; school, work and

worship moved online; and
bars and restaurants shut
tested positive.
“We are now the epicenter
of this crisis,” Mayor Bill de

Ramp Up down. On Friday, the Scripps

National Spelling Bee post-
poned its 2020 championships,
Blasio said at a press confer-
ence Friday. There were at least
52 New York Police Department

Measures and the U.S. Army said all of its

Continued from Page One
residents to shelter in their
homes, except for essential ac-
tivities. In Nevada, Gov. Steve
Sisolak Friday ordered all non-
essential businesses to close.
The state had earlier in the
week closed Las Vegas casinos.
Meanwhile, a relentless rise
in new infections in Western
Europe helped push the world-
wide death toll from the out-
break to well over 10,000. Italy
reported 627 fatalities on Fri-
day, the world’s highest num-
ber of deaths in a single day
from the coronavirus. The
country’s total death toll stood
at 4,032, the most of any coun-
try, including China.
The European Union said
Friday it would further relax
budget rules to allow govern-
ments to increase their stimu-
lus efforts. In the U.K., the gov-
ernment stepped up its
response to the virus’s eco-
nomic effects, telling compa-
nies that it would foot the
lion’s share of their wage bills
as long as they hang on to
workers, while it ordered all
bars and restaurants in the
country to close.
Globally, there were more
than 270,000 confirmed cases
of the disease known as
Covid-19, according to data
compiled by Johns Hopkins
University Friday.
As the number of reported
infections grew across the U.S.
this past week, everyday life
fundamentally changed as more
state and local leaders moved
to limit the virus’s further
spread. Large gatherings were
recruiting activities would now
be virtual.
The Education Department
said it wouldn’t enforce stan-
dardized-testing requirements
for K-12 students this year,
President Trump said. The gov-
ernment is also waiving all in-
terest on federally held student
loans.
Mr. Trump said Friday he
would start using his powers
under a Korean War-era law to
try to increase the production
of ventilators and masks, as
hospitals around the country
warn of shortages. The presi-
dent didn’t provide more de-
tails on his actions during a
White House press briefing, but
the act gives the president
‘We are now the
epicenter of this
crisis,’ New York
City’s mayor said.
powers to require and incentiv-
ize businesses to produce
goods tied to national defense.
On Capitol Hill, lawmakers
were negotiating into Friday
evening a sweeping economic
stimulus package that could top
$1 trillion and give direct pay-
ments to U.S. households. Trea-
sury Secretary Steven Mnuchin
also said the U.S. would extend
the individual tax filing dead-
line to July 15.
Of New York’s 7,845 cases,
5,151 were in New York City
alone, and the city’s sanitation
department closed six facilities
for cleaning after five workers
officers with the virus, accord-
ing to NYPD officials.
The governors of New Jer-
sey, Connecticut and Pennsylva-
nia, along with Mr. Cuomo,
wrote a letter to the Trump ad-
ministration and congressional
leaders requesting $100 billion
to cover costs related to coro-
navirus-response operations.
The governors already are fore-
casting billions of dollars in
lost revenue, they said in their
letter.
“There is, quite simply, no
historical analog for the chal-
lenges we will face in the com-
ing weeks and months,” the
governors wrote.
New York state, facing a
growing shortage of personal
protective equipment like
masks and gowns for health-
care workers, is encouraging
companies capable of manufac-
turing the products to start
production. The state will pay a
premium for these items, Mr.
Cuomo said.
On its first full day in effect,
California’s statewide lockdown
was having its biggest impact
on businesses. Restaurant own-
ers gave away perishable food
and business owners squeezed
in last-minute clients before the
order took effect Thursday
night.
In the Westwood neighbor-
hood of Los Angeles, Tina
20-carat Brilliance
Reynolds said she got calls Tiffany & Co. Asscher-cut Diamond
from two clients who were
scheduled for appointments at Important gem. Rare shape. Legendary jeweler. Weighing an
her hair salon Friday after Gov. impressive 20.10 carats, this phenomenally rare Asscher-cut
Gavin Newsom’s order. They diamond shines with a brilliance unlike any other diamond shape.
were worried they wouldn’t be Sparkling like an endless hallway of mirrors, this exceptional
able to see her for weeks. diamond is certified by the GIA as I color with coveted VS1 clarity.
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right now, if you want to come especially examples by the famed Tiffany & Co. Platinum. #31-1106
in,’ ” Ms. Reynolds said. She
stayed until 11 p.m. to see them.

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A6 | Saturday/Sunday, March 21 - 22, 2020
Student-Debt Holders Get Some Relief
U.S. lets borrowers
suspend payments as
Capitol debates more-
generous measures
BY JOSH MITCHELL
AND JOSHUA JAMERSON
WASHINGTON—The federal
government has a new tool to
stimulate the coronavirus-buf-
feted economy: its $1.5 trillion
student-loan portfolio.
President Trump said Friday
the government would give al-
most all federal student-loan
borrowers the option to sus-
pend payments for two months
without penalty. The govern-
ment already has stopped
charging interest on these loans
indefinitely under a directive by
Mr. Trump a week earlier.
Meanwhile, Senate Republi-
cans and Democrats are push-
ing to provide more relief to
borrowers as part of talks to
pass a broad spending package
to address the novel coronavi-
rus outbreak.
Senate Republican leaders
Military Bases
Change Routines
BY BEN KESLING
JACKSONVILLE, N.C.—After
13 weeks of grueling basic
training at the U.S. Marine
Corps boot camp at Parris Is-
land, S.C., and San Diego, new
Marines have for decades
marched in a graduation cere-
mony attended by crowds of
cheering family and friends.
Those days have come to a
halt, for now.
Military bases are imple-
menting new restrictions on
troops as they try to limit the
spread of the novel coronavi-
rus. The Marine graduation cer-
emony will continue, but it can
now only be viewed online. The
newly minted Marines aren’t
allowed to take leave to go
home after graduation, and in-
stead have to ship out directly
to their next phase of training.
At the same time, bases
across the country are strug-
gling with how much to pull
back, aware that any significant
limitations on boot camp, train-
ing, operations or deployments
could pose a national security
threat. Senior officials said
they are struggling to find the
right balance and policies are
changing by the minute.
Cutting back too much on
operations “can absolutely par-
alyze or weaken the force,” said
Musk Was
Defiant
On Teslas
Continued from Page One
already,” Mr. Musk said
Wednesday evening on Twitter,
doubling down on skepticism
he expressed earlier. He didn’t
respond to a request for com-
ment about his thinking; nei-
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want to waive payments for
three to six months, with no
interest accruing until borrow-
ers resume paying. Senate
Democratic leaders back a
more-generous package: for-
giveness of at least six months
of payments to reduce each
borrower’s balance by $10,000
and possibly more.
About 43 million Americans
owe roughly $1.5 trillion in
federal student loans. The typ-
ical family spends $179 a
month on payments, according
to a July 2019 report by the
JPMorgan Chase Institute.
“This is the first time we’ve
entered a recession in the stu-
dent-debt economy,” said
James Kvaal, a former adviser
to President Obama who now
heads the Institute for College
Access & Success, a student
advocacy group. “So it is a
new tool in the government
playbook that’s not being
taken advantage of.”
At the start of the last re-
cession, in late 2007, Ameri-
cans owed roughly $550 billion
in student loans, according to
the Federal Reserve Bank of
Army Secretary Ryan McCar-
thy. But he said more signifi-
cant changes could be neces-
sary.
Mr. McCarthy said com-
manders are asking troops and
civilians to do as much tele-
work as possible, cut back to
mission-essential personnel and
rethink large unit movements
for things like training, lessons
learned from commanders in
South Korea and Italy.
“We’ve got to still be able to
grow the force even under
these incredibly, quite frankly,
extraordinary set of conditions
that none of us have ever faced
before,” he said.
One potential issue: As long
as bases remain open, soldiers
and personnel who live off base
can easily bring the virus with
them when they enter the se-
cure facility every day.
Decades ago, the military
started incentivizing off-base
living by providing housing sti-
pends to senior personnel and
to married troops. Now tens of
thousands of troops commute
from houses in the suburbs to
their base jobs.
If the military declared a
lockdown, with troops confined
to base, families would either
have to accompany them or be
forced to live in town, sepa-
rately.
ther did Tesla.
Mr. Musk has for more than
a decade cultivated a persona
as a visionary truth-teller,
pushing back against doubters,
critics, short-sighted nonbe-
lievers and stodgy government
agencies. His contrarian stance
is core to his business model.
His bravado and sense of cer-
tainty have created both ardent
believers and plenty of skeptics
on Wall Street and in the pub-
lic eye. His legions of superfans
are vocal on Twitter.
The billionaire has attri-
buted his business success to
1AD15X © 2020
THE CORONAVIRUS PANDEMIC
Tax-Filing Deadline
Extended to July 15
WASHINGTON—The U.S. is
extending the April 15 tax-filing
deadline to July 15, Treasury
Secretary Steven Mnuchin said
Friday. That will give people
more time to prepare and pay
their taxes as workers lose jobs
and businesses close during the
coronavirus pandemic.
Earlier this past week, the
Internal Revenue Service said
New York. Student debt soared
during the recession and early
in the recovery, as Americans
enrolled in college and gradu-
ate school in droves to escape
the weak labor market. Delin-
quencies rose sharply around
2012 and remain high com-
pared with other forms of debt.
Roughly 1 in 5 Americans with
a student loan in the repay-
ment cycle is at least three
months behind on a payment,
New York Fed data show.
Drill Instructor Jennifer Arnett yelled at Marine recruits arriving at boot camp in Parris Island, S.C., in 2019.
“Doing a massive quarantine
and locking down and closing
up shop is just not possible for
us,” said Capt. Brien Dickson,
base commander at Naval Base
Point Loma, Calif. “We don’t
have the capacity to house ev-
eryone on the base.”
The base was initially fo-
cused on prevention, but after
a sailor tested positive for the
virus on Sunday, the mind-set
shifted.
“Then it became clear we
the scientific approach called
First Principles, which is
rooted in Aristotle’s writings
and among other things rejects
solving problems with copycat
solutions.
“When you want to do
something new, you have to ap-
ply the physics approach,” he
said during a 2013 TED Talks
appearance.
The decision to keep his fac-
tory open flows from such a
mindset, according to Gene
Munster, who follows Tesla
closely as managing partner at
investment and research firm
Loup Ventures.
“It’s a first principle for him,
do everything in his power to
move forward even when peo-
ple say it’s not possible,” he
said.
In 1995, when he was 24, Mr.
Musk took on the phone book
industry with his first startup,
Zip2. The sale of that startup
helped fund his next venture,
an online company to compete
with the banking industry that
would eventually become
known as PayPal. That bet
gained him the fortune he used
to fund the early days of
SpaceX, formally known as
Space Exploration Technolo-
gies Corp., and Tesla—passions
he developed after nearly dying
from malaria contracted in
2000. His family has said the
prospect of dying led him to
reconsider his life, concluding
he should focus on ways to
help humanity through coloniz-
ing Mars and creating sustain-
able transportation.
Mr. Musk isn’t shy about
airing his opinions, having de-
veloped a reputation for bat-
tling any threat to him or his
companies—in person, and
usually on Twitter—with a
vigor most other CEOs would
never consider. He attacks
Tesla’s short sellers with a ven-
geance, calling them “value de-
that most taxpayers could de-
fer payments until July but
would still have to file their tax
returns or seek extensions by
April 15. That announcement
drew quick criticism from law-
makers and tax preparers, who
warned that they couldn’t get
those filings done or would
have to risk their safety and
health to do it.
And tax filers who typically
get help at sites staffed by IRS
volunteers or use IRS tax help
for the elderly may have trou-
ble getting the information
Under the change Mr.
Trump announced Friday, bor-
rowers can suspend payments
for two months by contacting
their servicers and enrolling in
“forbearance.” No interest
would accrue during that time.
The plan would apply to all
loans made directly by the fed-
eral government and to a por-
tion of those made by private
lenders and guaranteed by the
government under a program
that ended in 2010. However,
need to think, how do we care
for those who are infected?”
said Capt. Dickson.
Thousands of civilians come
on base every day because the
military has become dependent
on legions of nonuniformed
personnel who fill a host of
jobs from working alongside
generals and admirals, to tak-
ing out trash or working in the
chow halls.
On towns near bases, sol-
diers are left to make up their
Time to Deliver
Tesla deliveries, by year
500,000
In January Tesla
400,000 forecast deliveries
this year will exceed
500,000 vehicles
300,000
200,000
100,000
0 taking action this past week.
2015 ’16 ’17 ’18
Source: the company
stroyers” and “jerks who want
us to die.” He has tangled with
safety regulators who he
thought were stifling innova-
tion and fought with the Secu-
rities and Exchange Commis-
sion over 2018 tweets that said
he had lined up funding to take
Tesla private. (The SEC consid-
ered it misleading shareholders
when it became clear a deal
wasn’t so certain; the two sides
‘The coronavirus
panic is dumb,’ the
Tesla CEO tweeted
on March 6.
settled with a deal that is sup-
posed to curtail some of Mr.
Musk’s Twitter use.)
Over the past month, as offi-
cials in the U.S. grew more con-
cerned about Covid-19, Mr.
Musk sounded off. “The coro-
navirus panic is dumb,” he
tweeted on March 6. The same
day, Apple Inc. began encour-
aging employees to work from
home. Most Silicon Valley gi-
* ****** THE WALL STREET JOURNAL.
they need as the government
limits face-to-face interactions
during the pandemic.
So Mr. Mnuchin offered the
additional extensions on Friday.
Still, he urged Americans
who are expecting tax refunds
to file when they can, so that
they can get their money.
Mr. Mnuchin’s tweets didn’t
specify how the updated dead-
lines would work. The IRS typi-
cally handles that with a de-
tailed notice, but that hasn’t
been released yet.
—Richard Rubin
loans made under the federal
guarantee program that are
held by commercial institutions
won’t qualify, an Education De-
partment spokeswoman said.
Neither Mr. Trump nor Sen-
ate leaders have said how
much their plans might cost.
The government makes money
on many student loans but not
all, depending on the interest
rate and other factors. It has
charged higher interest rates
for graduate students, who
own minds about how much to
pull back socially, though their
commands have told them to
practice social distancing and
many local governments are
closing up bars and restaurants.
For now, the military contin-
ues what it deems mission-es-
sential training, like boot camp
or major training exercises with
schedules set months in ad-
vance and difficult to upend,
and if delayed can cause ripple
effects throughout the force.
ants soon did the same.
Mr. Musk continued to take
a lighthearted tone. “Coachella
should postpone itself until it
stops sucking,” he wrote on
Twitter on March 10, as the
popular music festival decided
to move from April to October
over coronavirus fears.
Unlike other Silicon Valley
companies that have built their
businesses with coding and
keyboards, Tesla depends on an
army of workers to turn metal
and parts into vehicles. Other
U.S. auto companies started
Wednesday evening, Mr. Musk
was still expressing skepticism
about the virusk. The next day,
around 2 p.m. in California,
Tesla announced that the Fre-
mont plant would suspend car
production on March 23.
After Thursday’s announce-
ment, Mr. Musk highlighted on
Twitter a news report that no
new coronavirus cases had
been reported locally in China
and said he expected an end of
new diagnoses in the U.S. by
the end of April.
Also on Thursday, California
ordered its 40 million residents
to stay at home except for es-
sential activities beginning
Thursday night.
The coronavirus outbreak
threatens to mar what ap-
peared to be a possible turning
point for Mr. Musk and Tesla in
which he seemed to have
proved his doubters wrong,
posting two consecutive quar-
ters of profit in the second half
of 2019 and opening a new fac-
tory in China.
Wall Street had cheered,
sending Tesla’s shares to re-
cords. Analysts believed 2020
might be the year that Tesla
posts its first annual profit.
This week Tesla celebrated
deliveries of the Model Y, a
compact sport-utility vehicle.
The Model Y is a key part of
are more likely than under-
graduates to repay loans.
In Congress, bipartisan sup-
port for loan relief shows how
student debt has become a ma-
jor source of anxiety among
voters. Sens. Elizabeth Warren
and Bernie Sanders backed
broad debt relief in their Dem-
ocratic presidential primary
campaigns. Now the concept
has crossed from the progres-
sive flank into the party’s
mainstream, getting a cosign
from Senate Minority Leader
Chuck Schumer, as lawmakers
scramble for solutions to curb
the economic fallout from the
pandemic.
Joe Biden, who is leading in
the race for the Democratic
nomination, doesn’t support
the debt-cancellation plans
backed by Mr. Sanders and
Ms. Warren.
Democratic advocates say if
student-loan debt cancellation
becomes law even temporarily
as part of the coronavirus re-
sponse, it could spur the party
to make relief a part of its
platform going into the No-
vember election.
VICTOR J. BLUE FOR THE WALL STREET JOURNAL
“Right now, we continue to
train Marines just as we always
have,” said Parris Island
spokesman Warrant Officer
Bobby Yarborough.
Senior military officials say
things are changing by the min-
ute, though, and even training
may need to be re-evaluated.
Mr. McCarthy from the
Army said if the spread contin-
ues it will re-evaluate boot
camp. “This is new ground for
us,” he said.
Mr. Musk’s plan to deliver
more than 500,000 vehicles
this year, a more than 36% in-
crease from last year.
Now analysts increasingly
doubt that is possible. China
industry auto sales fell almost
80% in February from a year
earlier.
Instead, Tesla is trying to
reassure investors that it can
weather the uncertainty, not-
ing that it had $6.3 billion in
cash on hand at the end of De-
cember before raising an addi-
tional $2.3 billion in new
shares. Tesla also has access to
about $3 billion in working
capital plus financing available
for its Shanghai factory.
Morgan Stanley estimates
Tesla has enough cash to
weather revenue falling 90%
for several months. In such a
case, the bank estimates, Tesla
would burn about $800 million
in cash a month.
But the decision to suspend
production could put Mr. Musk
back in a familiar position: hav-
ing to manage a period for the
company with no certainty
when production can resume.
The mythology of Mr. Musk is
rooted in his ability to stare
into the abyss and carry on
when others might fold. He
faced down near bankruptcy in
2008 when financing dried up.
He found a way to keep Tesla
alive and in turn leveraged
himself to the hilt.
In a memo to Tesla employ-
ees on Monday, Mr. Musk
played down the threat of the
virus. “I do not think, when we
look back on 2020, that the
causes of deaths or serious in-
jury will have changed much
from 2017.”
As one former senior Tesla
executive mused about the for-
mer boss: “He is a climate be-
liever and a corona denier.”
—Mike Colias
contributed to this article.
 THE WALL STREET JOURNAL.
Italy Faces Mounting
Pressure as Toll Rises
Italy recorded the world’s
highest death toll in a day
from the new coronavirus on
Friday, adding to pressure on
the government to tighten a
lockdown that is showing little
sign of reining in the out-
break.
By Giovanni Legorano
in Rome and Eric
Sylvers in Milan
An additional 627 people
died in Italy, as total deaths in
the country’s epidemic hit
4,032, the most of any coun-
try, compared with 3,248 in
mainland China, where total
recorded infections have been
much higher.
The high death toll in Italy
reflects how the virus has
spread rapidly among its large
cohort of people in their 70s
and 80s, as well as the mount-
ing crisis in hospitals that can
no longer put all severely ill
patients in intensive care.
Across Europe, authorities
are watching whether Italy’s
nationwide quarantine mea-
sures succeed in slowing the
march of the virus. Italy’s
moves, which include shutting
down all but essential services
and ordering people to stay
home except for work or
health necessities, have be-
come the template for social-
PIERO CRUCIATTI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Nuns wait outside the closed Monumental Cemetery of Bergamo.
* * * *
distancing measures in other
countries.
The government on Friday
announced a few new restric-
tions, including closing public
parks, with some officials ex-
pressing worry that the lock-
down imposed March 10 is too
relaxed and that too many
people are still leaving the
house and mingling. The big
question is whether stopping
the spread of the illness will
require the strict confinement
of large populations in their
homes, as in the worst-af-
fected parts of China.
Italy’s lockdown measures
are due to expire on Apr. 3,
and some even on March 25,
but officials have indicated the
date will be extended.
Italy’s total confirmed coro-
navirus infections, the world’s
second-highest after China, rose
to 47,021 on Friday, an increase
of 15% from the day before.
Once again, most of the
day’s recorded deaths were in
Lombardy, the northern region
at the heart of the disaster in
Italy. A further 381 people
with the coronavirus died in
Lombardy, Friday’s data from
the Italian government
showed.
Lombardy, the wealthy re-
gion that includes Milan, ac-
counts for 47% of Italy’s total
infections but 63% of deaths.
Lack of speech is a sign of autism. Learn the others at autismspeaks.org/signs.
THE CORONAVIRUS PANDEMIC
Britain Escalates Its Response
BY JASON DOUGLAS
LONDON—The British gov-
ernment stepped up its re-
sponse to the coronavirus epi-
demic, telling companies it
would foot the lion’s share of
their salary bills as long as
they hang on to workers, and
ordering all bars and restau-
rants in the country to close.
The broad package of mea-
sures, announced by Prime
Minister Boris Johnson and
Treasury chief Rishi Sunak,
marks another escalation in
world-wide efforts to fight the
disease and pave the way for
an eventual economic revival.
The salvo by U.K. policy
makers is aimed at preventing
mass layoffs and supporting
workers’ incomes as the coro-
navirus threat—and an inten-
sifying government squeeze to
contain it—shuts down chunks
of British business.
Mr. Johnson said as of Fri-
day all bars, pubs, restaurants,
cafes, gyms and theaters must
shut their doors, an effort to
slow the spread of a virus that
has infected almost 4,000 in
the U.K. and killed 177.
The prime minister’s deci-
sion marks another shift away
from an unorthodox strategy
that had so far avoided strict
measures adopted in other
countries. Mr. Johnson said the
escalation is needed “to push
down further on that curve of
transmission between us.”
He acknowledged Britons
may find it difficult. “We are
taking away the ancient, in-
alienable right of freeborn
people of the United Kingdom
to go to the pub,” he said.
The new measures augment
an economic-policy response
that has already included deep
interest-rate cuts and large-
scale asset purchases by the
Bank of England. The latest
steps add to fiscal commit-
ments that potentially could
reach £400 billion ($459 bil-
lion), or around 16% of the
country’s annual national in-
come.
“We’re going to defeat this
disease with a huge national
effort,” Mr. Johnson said at a
press conference.
Cafe seats opposite the Houses of Parliament in London. The government ordered all eateries to close.
In the U.S., the Federal Re-
serve has cut short-term inter-
est rates, revived asset pur-
chases and taken action to ease
funding strains in financial
markets. Lawmakers are debat-
ing a Trump administration
plan to send checks directly to
Americans as part of a $1 tril-
lion stimulus package to help
households and businesses.
But there are already signs
of mounting layoffs, with
malls, restaurants and hotels
closing in many areas of the
country.
The British plan, which
echoes policies already ad-
opted by other European
states, is aimed at avoiding
such layoffs, though econo-
mists say some increase in un-
employment is unavoidable as
the havoc wrought by the vi-
rus tips the country toward
recession.
Mr. Sunak, a former hedge
fund executive who has been
in the role of Chancellor of the
Exchequer for less than two
months, said that the govern-
ment will make an interven-
tion in the economy “unprece-
dented in the history of the
British state.”
He said the Treasury will
dish out cash to companies to
Diagnosed with autism
Saturday/Sunday, March 21 - 22, 2020 | A7
cover the cost of 80% of work-
ers’ wages provided they don’t
lay them off as the disease
rages.
The program will be up and
running before the end of
April, will run for at least
three months, and can be ex-
tended, Mr. Sunak said. Pay-
ments are capped at £2,500
($2,871) a month. Firms that
need cash immediately can tap
banks for government-backed,
interest-free loans from Mon-
The governmentsaid
it willpaycompanies’
salarybills if they
hang onto workers.
day, he said.
Mr. Sunak said the govern-
ment will finance the pay-
ments with additional borrow-
ing and didn’t put a ceiling on
the amount it is prepared to
spend. Economists at consult-
ing firm Oxford Economics es-
timated the bill for three
months would be around £18
billion, depending on takeup.
Mr. Sunak also announced
Jacob Sanchez
WILL OLIVER/EPA/SHUTTERSTOCK
that firms can defer payment
of value-added tax, a sales tax,
until the end of June, forgoing
for now around £30 billion in
tax revenue. He also increased
out-of-work benefits and said
the self-employed won’t need
to file a tax return until next
year.
Other European govern-
ments have taken similar steps
to aid companies and workers.
Germany has revived a finan-
cial crisis-era program to pay
workers forced to work part-
time or furloughed altogether.
In Denmark, the govern-
ment Sunday said it would pay
75% of the wages of workers
in companies that had been
hard hit by the virus. The
Dutch government has an-
nounced a similar initiative,
which will cover 90% of wages
where businesses would other-
wise have to fire workers.
The fiscal package comes
after the Bank of England on
Thursday cut its benchmark
interest rate to 0.1%, the low-
est level since the central
bank’s foundation in 1694, and
said it would buy £200 billion
of U.K. government bonds to
support the economy and sta-
bilize jittery markets for ster-
ling-denominated assets.
A8 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, March 21 - 22, 2020 | A9

THE CORONAVIRUS PANDEMIC

Cumulative percentage change, year to date
Feb. 19 3386.15 Feb. 19: S&P 500 hits 13th
record of 2020 and Nasdaq
Composite hits its 16th. –60% 0 +20%

KBW TREASURY ETFS

NYSE NASDAQ STOXX NIKKEI HANG WSJ
NASDAQ FANG+ RUSSELL BANK EUROPE STOCK SENG CRUDE DOLLAR 1-3 7-10 20+
Feb. 21: Gold and bonds surge S&P 500 DJIA COMPOSITE INDEX 2000 INDEX 600 AVERAGE INDEX OIL COPPER GOLD INDEX YEAR YEAR YEAR
with investors seeking
S&P 500 daily closes havens, pushing 10-year yield JANUARY
below 1.5%. The number of
cases in South Korea rises
sharply.
Dec. 31, 2019

3230.78

Jan. 10: China reports first

death from coronavirus. Feb. 24: Number of cases
outside China surges. Traders
ramp up bets on lower interest
rates.

HOW THE
China reports first
Feb. 25: CDC warns it expects coronavirus death
wider spread of virus in U.S.
New cases rise sharply in Italy,

BULL MARKET
Iran and South Korea. IMF
chief says body is
downgrading global-growth
projections.

Feb. 26: Microsoft warns

UNRAVELED
supply chain disruptions
would hurt sales. VP Mike
Pence put in charge of virus
response.

March 2: Apple and Microsoft

recoup about $193 billion in
market value as stocks surge.
Chinese manufacturing data
The market’s plunge reflects the pace at which coronavirus has from February plunge due to
coronavirus.
upended life, shutting down nations, states and cities. A few
weeks ago, stocks hit record highs, extending an 11-year bull
March 5: Schools shut in the
run. The reversal has been punctuated by unruly trading in Seattle area. Senate passes
bonds, currencies and commodities, leaving few stable options. emergency $8.3 billion
spending bill.

Just weeks after cruising to
new records, U.S. stocks have
sunk more than 30%, ending
the longest bull market ever.
Oil prices crashed to 18-year
lows and a stampede out of
bond markets and toward cash
has added to the turmoil.
Article by Amrith
Ramkumar,
Graphics by Peter
Santilli and Max Rust
School closures, workplace
shutdowns and restrictions on
gatherings have stalled com-
merce in a way many investors
have never seen, fueling bets
on a painful recession and a big
hit to corporate profits.
Waves of information about
the virus and how it is remak-
ing life in the western world
are driving massive swings in
markets throughout the day.
The manic moves often begin
overnight as futures trading
opens and Asian markets begin
trading, driving big shifts be-
fore many U.S. investors have
even woken up.
S&P 500 futures have often
dropped 5%, the maximum de-
cline allowed under exchange
rules. Before March 8, the last
time S&P futures had fallen
that much was after President
Trump was elected in 2016.
The chaos hasn’t ended
there. After regular trading has
started at 9:30 a.m. in New
York the S&P 500 has four
S&P 500, daily moves
10%
5 down more than 20% from
0 gatherings.
–5
times in recent weeks dropped
7% to trigger a circuit breaker
that halts trading for 15 min-
utes. The circuit breakers are
designed to limit declines. Be-
fore March 9, they hadn’t been
triggered since 1997.
And lately, investors haven’t
even been able to count on as-
sets other than stocks to insu-
late their portfolios.
The yield on the benchmark
10-year U.S. Treasury note has
risen sharply since closing at a
record low of 0.501% on March
9. Yields rise as bond prices
fall, and the declines in Trea-
surys—spurred by market dis-
ruptions and the unwinding of
Wall Street bets—have made
volatility even more painful.
At the same time, investors
have shied away from corpo-
rate bonds, municipal bonds,
and emerging-market debt,
driving record outflows in bond
mutual and exchange-traded
funds of nearly $109 billion
during the week ended
Wednesday, according to a
Bank of America analysis of fig-
ures from EPFR Global.
Gold, another traditional
haven, also peaked on March
9. Since then, it has fallen 11%,
with investors needing to sell
liquid assets to cover losses
suffered in stocks. Some of
that came after margin calls
for those who had used stocks
as collateral to buy other secu-
rities. With the value of those
positions shrinking, banks can
demand repayment, triggering
sales of unrelated assets.
Gold has also been caught
in a painful selloff of almost
all raw materials. Commodi-
ties prices started falling as
the virus dented economic ac-
tivity in China in January, but
the declines have accelerated
since Saudi Arabia and Russia
launched an oil-price war ear-
lier this month. The prospect
of rising supply and crumbling
demand has sent U.S. crude oil
down 50% for the month to
about $22.50 a barrel.
Many analysts are worried
the oil-price crash will result
in bankruptcies of energy
companies, some of which
have borrowed heavily in re-
cent years. The fallout could
also ding lenders who are al-
ready struggling with the eco-
nomic slowdown and the Fed-
eral Reserve’s decision to cut
interest rates near zero.
Because of strains in short-
term money markets and criti-
cal markets like Treasurys, the
Fed has announced several
other steps, including buying
Treasurys and mortgage-
backed securities to keep mar-
kets functioning properly.
Those measures have ex-
tended to the currency mar-
kets, with concerns about a dol-
lar shortage outside the U.S.
driving the WSJ Dollar Index,
which tracks the dollar against
a basket of 16 other currencies,
to a nearly 18-year high. .
Feb. 27: Stocks fall into
correction territory more
than 10% below recent
records. Goldman Sachs
projects U.S. companies
will generate no earnings
growth in 2020.
March 9: Italy places whole
country under quarantine.
U.S. crude oil falls 25% to
$31.13, its biggest drop since
1991. S&P 500 falls 7% at
open to trigger circuit
breaker for first time in 23
years. 10-year Treasury
yield hits record low of
0.501%. Gold hits
seven-year high.
March 12: S&P 500 and
Nasdaq enter bear market,
recent records. Fed says it
will make vast sums of
short-term loans available
on Wall Street and purchase
Treasury securities. Leaders
in New York, New Jersey and
Connecticut announce
restrictions on public
March 16: Stocks have worst
day since Black Monday in
1987. U.S. airlines seek over
$50 billion in financial
assistance from the
government. Data show
business activity in China
turned broadly negative for
the first time on record in
first two months of the year.
WHO declares outbreak
an international public-
March 6: Oil falls after OPEC health emergency
and Russia can’t reach a deal
to deepen output cuts. Cases
of coronavirus top 100,000 FEBRUARY
globally. Austin’s South by
Southwest festival is canceled.
March 10: Trump says White
House officials are considering
potential measures including a
payroll-tax cut and help for
hourly wage earners.
Dow Jones Industrial
Average record close
March 11: Dow’s 11-year bull
market ends. WHO declares
coronavirus a pandemic.
President Trump announces a
30-day ban on some travel
from Europe into the U.S. NBA
suspends season after player
S&P 500 and Nasdaq
tests positive for coronavirus. Composite record closes
March 13: Fed over the
weekend slashes its
benchmark interest rate to
near zero and says it will buy
$700 billion in Treasury and CDC says it expects
mortgage-backed securities. virus to spread in U.S.
March 17: Federal Reserve
says it will start making loans
to U.S. companies to ease
funding strains. Trump
administration backs plan to
send checks directly to
Americans as part of a MARCH
$1 trillion stimulus package to
help households and Federal Reserve cuts
businesses. 10-year yield posts interest rate by half
biggest jump since September percentage point
2008.
March 18: U.S. crude oil hits
18-year low of $20.37 a barrel.
President Trump invokes
Defense Protection Act to Gold rises to $1,674.50
require certain orders from and the 10-year Treasury
businesses to fight virus and yield falls to 0.501%
announces plans to close the
border with Canada to
nonessential traffic. Senate
passes relief bill to provide free
testing and require smaller
employers to give two weeks of
paid sick leave. Fed says it will
launch a new lending facility to
backstop the money-market
mutual-fund sector.
March 19: Jobless claims rise
sharply for week ended
March 14. London city U.S. crude falls to
officials close portions of the $20.37 a barrel, lowest
capital’s subway system. settle since 2002
Death toll in Iran rises near
1,300.

–28.7% –32.8 –23.3 –14.6 –39.2 –46.6 –29.5 –30.0 –19.1 –63.3 –22.4 –2.5 +8.1 +2.2 +8.1 +17.7
S&P 500 DJIA NASDAQ NYSE RUSSELL KBW STOXX NIKKEI HANG CRUDE COPPER GOLD WSJ 1-3 7-10 20+
–10 COMPOSITE FANG+ 2000 NASDAQ EUROPE STOCK SENG OIL DOLLAR YEAR YEAR YEAR
INDEX BANK 600 AVERAGE INDEX INDEX
January February March INDEX
TREASURY ETFS
Friday
Biggest daily percentage decline
Sources: FactSet (stock indexes, commodities, ETFs);
Dow Jones Market Data (dollar index) –12% since Oct. 19, 1987 (Black Monday) 2304.92 Note: The NYSE FANG+ Index includes Facebook, Apple, Netflix, Google parent Alphabet, Amazon.com, Alibaba Group Holding, Baidu, Nvidia, Tesla and Twitter. Crude-oil futures prices based on front-month contract.
Prices for copper and gold based on most-active contract. Treasury exchange-traded funds are the iShares 1-3 Year Treasury ETF, iShares 7-10 Year Treasury ETF and iShares 20+ Year Treasury ETF.
A8 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, March 21 - 22, 2020 | A9

THE CORONAVIRUS PANDEMIC

Cumulative percentage change, year to date
Feb. 19 3386.15 Feb. 19: S&P 500 hits 13th
record of 2020 and Nasdaq
Composite hits its 16th. –60% 0 +20%

KBW TREASURY ETFS

NYSE NASDAQ STOXX NIKKEI HANG WSJ
NASDAQ FANG+ RUSSELL BANK EUROPE STOCK SENG CRUDE DOLLAR 1-3 7-10 20+
Feb. 21: Gold and bonds surge S&P 500 DJIA COMPOSITE INDEX 2000 INDEX 600 AVERAGE INDEX OIL COPPER GOLD INDEX YEAR YEAR YEAR
with investors seeking
S&P 500 daily closes havens, pushing 10-year yield JANUARY
below 1.5%. The number of
cases in South Korea rises
sharply.
Dec. 31, 2019

3230.78

Jan. 10: China reports first

death from coronavirus. Feb. 24: Number of cases
outside China surges. Traders
ramp up bets on lower interest
rates.

HOW THE
China reports first
Feb. 25: CDC warns it expects coronavirus death
wider spread of virus in U.S.
New cases rise sharply in Italy,

BULL MARKET
Iran and South Korea. IMF
chief says body is
downgrading global-growth
projections.

Feb. 26: Microsoft warns

UNRAVELED
supply chain disruptions
would hurt sales. VP Mike
Pence put in charge of virus
response.

March 2: Apple and Microsoft

recoup about $193 billion in
market value as stocks surge.
Chinese manufacturing data
The market’s plunge reflects the pace at which coronavirus has from February plunge due to
coronavirus.
upended life, shutting down nations, states and cities. A few
weeks ago, stocks hit record highs, extending an 11-year bull
March 5: Schools shut in the
run. The reversal has been punctuated by unruly trading in Seattle area. Senate passes
bonds, currencies and commodities, leaving few stable options. emergency $8.3 billion
spending bill.

Just weeks after cruising to
new records, U.S. stocks have
sunk more than 30%, ending
the longest bull market ever.
Oil prices crashed to 18-year
lows and a stampede out of
bond markets and toward cash
has added to the turmoil.
Article by Amrith
Ramkumar,
Graphics by Peter
Santilli and Max Rust
School closures, workplace
shutdowns and restrictions on
gatherings have stalled com-
merce in a way many investors
have never seen, fueling bets
on a painful recession and a big
hit to corporate profits.
Waves of information about
the virus and how it is remak-
ing life in the western world
are driving massive swings in
markets throughout the day.
The manic moves often begin
overnight as futures trading
opens and Asian markets begin
trading, driving big shifts be-
fore many U.S. investors have
even woken up.
S&P 500 futures have often
dropped 5%, the maximum de-
cline allowed under exchange
rules. Before March 8, the last
time S&P futures had fallen
that much was after President
Trump was elected in 2016.
The chaos hasn’t ended
there. After regular trading has
started at 9:30 a.m. in New
York the S&P 500 has four
S&P 500, daily moves
10%
5 down more than 20% from
0 gatherings.
–5
times in recent weeks dropped
7% to trigger a circuit breaker
that halts trading for 15 min-
utes. The circuit breakers are
designed to limit declines. Be-
fore March 9, they hadn’t been
triggered since 1997.
And lately, investors haven’t
even been able to count on as-
sets other than stocks to insu-
late their portfolios.
The yield on the benchmark
10-year U.S. Treasury note has
risen sharply since closing at a
record low of 0.501% on March
9. Yields rise as bond prices
fall, and the declines in Trea-
surys—spurred by market dis-
ruptions and the unwinding of
Wall Street bets—have made
volatility even more painful.
At the same time, investors
have shied away from corpo-
rate bonds, municipal bonds,
and emerging-market debt,
driving record outflows in bond
mutual and exchange-traded
funds of nearly $109 billion
during the week ended
Wednesday, according to a
Bank of America analysis of fig-
ures from EPFR Global.
Gold, another traditional
haven, also peaked on March
9. Since then, it has fallen 11%,
with investors needing to sell
liquid assets to cover losses
suffered in stocks. Some of
that came after margin calls
for those who had used stocks
as collateral to buy other secu-
rities. With the value of those
positions shrinking, banks can
demand repayment, triggering
sales of unrelated assets.
Gold has also been caught
in a painful selloff of almost
all raw materials. Commodi-
ties prices started falling as
the virus dented economic ac-
tivity in China in January, but
the declines have accelerated
since Saudi Arabia and Russia
launched an oil-price war ear-
lier this month. The prospect
of rising supply and crumbling
demand has sent U.S. crude oil
down 50% for the month to
about $22.50 a barrel.
Many analysts are worried
the oil-price crash will result
in bankruptcies of energy
companies, some of which
have borrowed heavily in re-
cent years. The fallout could
also ding lenders who are al-
ready struggling with the eco-
nomic slowdown and the Fed-
eral Reserve’s decision to cut
interest rates near zero.
Because of strains in short-
term money markets and criti-
cal markets like Treasurys, the
Fed has announced several
other steps, including buying
Treasurys and mortgage-
backed securities to keep mar-
kets functioning properly.
Those measures have ex-
tended to the currency mar-
kets, with concerns about a dol-
lar shortage outside the U.S.
driving the WSJ Dollar Index,
which tracks the dollar against
a basket of 16 other currencies,
to a nearly 18-year high. .
Feb. 27: Stocks fall into
correction territory more
than 10% below recent
records. Goldman Sachs
projects U.S. companies
will generate no earnings
growth in 2020.
March 9: Italy places whole
country under quarantine.
U.S. crude oil falls 25% to
$31.13, its biggest drop since
1991. S&P 500 falls 7% at
open to trigger circuit
breaker for first time in 23
years. 10-year Treasury
yield hits record low of
0.501%. Gold hits
seven-year high.
March 12: S&P 500 and
Nasdaq enter bear market,
recent records. Fed says it
will make vast sums of
short-term loans available
on Wall Street and purchase
Treasury securities. Leaders
in New York, New Jersey and
Connecticut announce
restrictions on public
March 16: Stocks have worst
day since Black Monday in
1987. U.S. airlines seek over
$50 billion in financial
assistance from the
government. Data show
business activity in China
turned broadly negative for
the first time on record in
first two months of the year.
WHO declares outbreak
an international public-
March 6: Oil falls after OPEC health emergency
and Russia can’t reach a deal
to deepen output cuts. Cases
of coronavirus top 100,000 FEBRUARY
globally. Austin’s South by
Southwest festival is canceled.
March 10: Trump says White
House officials are considering
potential measures including a
payroll-tax cut and help for
hourly wage earners.
Dow Jones Industrial
Average record close
March 11: Dow’s 11-year bull
market ends. WHO declares
coronavirus a pandemic.
President Trump announces a
30-day ban on some travel
from Europe into the U.S. NBA
suspends season after player
S&P 500 and Nasdaq
tests positive for coronavirus. Composite record closes
March 13: Fed over the
weekend slashes its
benchmark interest rate to
near zero and says it will buy
$700 billion in Treasury and CDC says it expects
mortgage-backed securities. virus to spread in U.S.
March 17: Federal Reserve
says it will start making loans
to U.S. companies to ease
funding strains. Trump
administration backs plan to
send checks directly to
Americans as part of a MARCH
$1 trillion stimulus package to
help households and Federal Reserve cuts
businesses. 10-year yield posts interest rate by half
biggest jump since September percentage point
2008.
March 18: U.S. crude oil hits
18-year low of $20.37 a barrel.
President Trump invokes
Defense Protection Act to Gold rises to $1,674.50
require certain orders from and the 10-year Treasury
businesses to fight virus and yield falls to 0.501%
announces plans to close the
border with Canada to
nonessential traffic. Senate
passes relief bill to provide free
testing and require smaller
employers to give two weeks of
paid sick leave. Fed says it will
launch a new lending facility to
backstop the money-market
mutual-fund sector.
March 19: Jobless claims rise
sharply for week ended
March 14. London city U.S. crude falls to
officials close portions of the $20.37 a barrel, lowest
capital’s subway system. settle since 2002
Death toll in Iran rises near
1,300.

–28.7% –32.8 –23.3 –14.6 –39.2 –46.6 –29.5 –30.0 –19.1 –63.3 –22.4 –2.5 +8.1 +2.2 +8.1 +17.7
S&P 500 DJIA NASDAQ NYSE RUSSELL KBW STOXX NIKKEI HANG CRUDE COPPER GOLD WSJ 1-3 7-10 20+
–10 COMPOSITE FANG+ 2000 NASDAQ EUROPE STOCK SENG OIL DOLLAR YEAR YEAR YEAR
INDEX BANK 600 AVERAGE INDEX INDEX
January February March INDEX
TREASURY ETFS
Friday
Biggest daily percentage decline
Sources: FactSet (stock indexes, commodities, ETFs);
Dow Jones Market Data (dollar index) –12% since Oct. 19, 1987 (Black Monday) 2304.92 Note: The NYSE FANG+ Index includes Facebook, Apple, Netflix, Google parent Alphabet, Amazon.com, Alibaba Group Holding, Baidu, Nvidia, Tesla and Twitter. Crude-oil futures prices based on front-month contract.
Prices for copper and gold based on most-active contract. Treasury exchange-traded funds are the iShares 1-3 Year Treasury ETF, iShares 7-10 Year Treasury ETF and iShares 20+ Year Treasury ETF.
A10 | Saturday/Sunday, March 21 - 22, 2020
Gig Worker Balances Big Paydays Against Risks
As the new
coronavirus
forces big
changes in
how we
work, The Wall Street Jour-
nal is looking at how differ-
ent people are coping with
the stresses and risks.
BY YULIYA CHERNOVA
Before the coronavirus
pandemic, Joseph Puma’s
best day as a gig worker was
a $344 haul he notched last
year. Last Friday, he nearly
doubled that tally and fol-
lowed up with another $602
over the weekend.
Mr. Puma, 38 years old,
delivers for Shipt, a Target
Corp.-owned startup that
contracts people to buy
products at retail stores and
take them to customers’
Crisis Hits
Low-Wage
Workers
Continued from Page One
More than 90% of the an-
nounced U.S. job cuts tied to the
coronavirus were at restaurants
and other entertainment and
leisure businesses, according to
outplacement firm Challenger,
Gray & Christmas.
For many who retain their
jobs, tips and commissions have
evaporated. Working at home
isn’t an option, nor is sick pay.
“I don’t want to leave the job
because it’s my financial stabil-
ity,” said Chandler Schaffer, who
is 23 and earns $10.50 an hour
working at a pawnshop in South
Carolina. For now, he is continu-
ing to work even though he has
diabetes and is terrified of being
infected by the virus. “Right
now it’s a very big pit of uncer-
tainty with everything,” he said.
Line cook Che Janezich, 35,
has watched the crowds thin
and her hours dwindle at Omega
Ouzeri, the Greek restaurant
where she works in Seattle,
making $21 an hour, or about
$3,000 a month.
Now that the city has shut
down restaurants except for
takeout service, Ms. Janezich
said Thursday that her hours,
which went from 45 a week to
25 recently, were cut again to
about 11 a week. She has already
tapped her savings to pay rent
this month.
“I walk down the street and
see homeless people every single
day. I’ve always known I’m a pay-
check or two away from that,”
she said. “But now it seems even
more real, which is scary.”
She said the only places hir-
ing in the area now are the Am-
azon.com warehouse or grocery
stores, which she said feels like
a step backward: “It’s like that
cliché of you don’t know how
good you have it until it’s gone.”
There are more than 34 mil-
lion people in this pool of the
most vulnerable workers, or
about a quarter of the private
workforce. About half this group
were employed in services jobs
in the hospitality industry,
where occupations earn less
than the overall median pay for
all U.S. workers of $18.58. The
median wage for a restaurant
job is $11.09 an hour.
The other half come from re-
tail, personal and maintenance
service jobs—many of which
start at the minimum wage, as
low as $7.25 an hour, depending
on the state.
Despite an economic expan-
sion that brought with it a 50-
year low in unemployment,
many households remain a pay-
check away from financial
stress. Almost 40% of Ameri-
cans don’t have enough cash on
hand to cover an unexpected
$400 expense, a 2019 Federal
Reserve survey concluded.
The virus relief bill passed by
Congress this week expands un-
employment insurance and pro-
vides more money for food
stamps, aiming to provide an
initial safety net as layoffs in-
crease. The bill also requires
businesses with fewer than 500
employees provide two weeks of
paid leave in certain circum-
stances, with an additional 10
weeks of leave at two-thirds pay
for workers to care for children
when schools or day cares close.
Meanwhile, potential direct
payments to Americans, part of
a further stimulus package un-
der discussion in Congress,
could provide a cash cushion.
“Getting infected with the vi-
rus is not as much of an existen-
tial threat to my life as not hav-
THE CORONAVIRUS PANDEMIC
homes. He started in Novem-
ber 2018 and gets paid per
delivery—varying rates, plus
tips.
A Yale University and
seminary grad with a part-
time job, he uses his extra
Shipt income to pay off more
than $200,000 in student
debt, and to keep up with
health-care premiums and
other bills.
The growing public-health
crisis “seemed like an excel-
lent time to participate and
attempt to gain some finan-
cial ground when it has been
so hard to keep up,” Mr. Puma
said. He said the weekend’s
pace of work exhausted him.
Shipt didn’t respond to a
request for comment, but
app research firm Apptopia
put out a blog post this week
saying that Shipt, Instacart
and other delivery services
Lower wages correlate with closer personal interactions at work, meaning people with
those jobs have a greater potential to be exposed to contagious diseases. Only health-care
workers, who tend to be higher wage earners, have more exposure.
Non-health-care occupations
Health-care occupations*
Not near
other people
Median annual wage:
$50,000 and more
Median annual wage:
$30,000 to $49,999
Median annual wage:
$20,000 to $29,999
*Practitioners, technical and support
Note: Employee and wage figures as of May 2018
Source: Wall Street Journal analysis of Labor Department data
Kara Dapena/THE WALL STREET JOURNAL
ing money for rent and food,”
said Ali Tahir, of Austin, Texas,
who operates a small catering
business and works as an event
bartender. The two gigs are his
only source of income and both
are essentially shut down.
He thinks he can’t file for un-
employment benefits because,
like many low-wage and gig-
workers, he is self-employed
and therefore ineligible.
Mr. Tahir, 35, was counting
on making at least $4,000 this
month with work surrounding
South by Southwest, a weeklong
music and film festival that
drew 400,000 people last year.
This year’s event was canceled.
March is normally his busiest
month, and the losses are a
blow to his income, which was
about $24,000 last year.
His catering work often in-
volves cooking in private homes.
“No one really wants you to
come to their house and cook
right now,” he said.
His roommate is a computer
programmer who is working
from home. “For him, this is a
thing on the news ticker,” he
said. “For me, it’s really some-
thing to worry about.”
Millions of professionals have
been able to hunker down in
home offices, insulating them-
selves from the contagion risks
posed by commutes and col-
leagues. But interacting with
others is part of the job for re-
tail and food-service workers.
“So much of customer ser-
vice has to do with, not you be-
ing comfortable, but you making
them feel comfortable,” said Mr.
Schaffer, the pawnshop worker,
who said he makes around
$23,000 a year. “You have to be
close to them. You have to shake
hands. You have to have this
personal-feeling relationship.”
Sick leave is a rarity among
these jobs. Of the lowest 10% of
wage earners, 69% didn’t have
sick leave last year, according to
the Labor Department. That
compares with 6% of the top
10% of wage earners lacking the
had record daily downloads
of their apps.
The boom in demand for
delivery comes with another
downside. Confirmed cases
of the new coronavirus are
rising. The more Mr. Puma
works, the greater his risk of
exposure. For instance, a
customer Sunday told him
through the door of his home
that he had been exposed to
the virus, and then tipped
$20 via a smartphone app.
In addition to a job, Mr.
Puma sees the Shipt gig as a
public service. “I choose to
assume some of the risks in-
volved with this work at this
time because I continue to
care to help people while I
help myself.”
Helping people by deliver-
ing groceries has gotten
more complicated and
stressful in recent days. Last
Requires exposure to disease or infections
at least once a month
HOW CLOSE PEOPLE ARE TO ONE ANOTHER AT WORK
With others
but not closely
Che Janezich, a cook at Omega Ouzeri, has lost work since Seattle said restaurants could only offer takeout.
benefit. In the accommodation
and food services sector, 55% of
workers don’t have sick leave.
In the recovery after the
2007-09 recession, hospitality
jobs have grown nearly 50%
faster than the whole private
sector, Labor Department data
showed. That eventually pulled
in parts of the workforce that
were the last to benefit from the
expansion: African-Americans,
Latinos and those with lower
levels of education, who now
have near record low unemploy-
ment rates.
Wages for low earners grew
slowly at the beginning of the
expansion, but in the past year
grew at a faster rate than higher
earners, according to the At-
lanta Federal Reserve.
“There’s a last-in, first-out
problem,” Lisa Cook, an econo-
mist at Michigan State Univer-
sity, said. “The economic effects
of this virus are going to have a
substantial impact on low-wage
workers, who are disproportion-
ately women, African-Americans
Friday he endured a 50-min-
ute line at a Fairway Market
in Manhattan. Because he re-
lies on public transportation,
he walks around with bags
loaded with items like 12-
packs of soda and takes
them on the bus. Mr. Puma
often composes texts to cus-
tomers telling them an item
they want is out of stock and
suggesting replacements
whenever possible.
“Each shopping trip feels
like a sort of performance,”
Mr. Puma said. Over the past
few days many Shipt cus-
tomers have been placing
their first orders. So, he
spends a lot of time manag-
ing expectations. “Some-
times that means writing a
novel in a text.”
Recently, he sent a picture
of a long line to a customer,
and followed up with up-
Slightly
close
Hand laborers and
freight, stock and
material movers
Retail
salespersons
Combined food preparation and
serving workers, including fast food
and Latinos, and it’s going to
happen quickly.”
Before the crisis hit, things
were just getting easier for 41-
year-old Erin Schumacher, who
worked as a server at two Seat-
tle restaurants, making around
$45,000 a year.
She usually had two shifts a
week at Etta’s, a seafood restau-
rant, and three or four at Seri-
ous Pie, a pizza place with an
Amazon worker crowd. She was
working enough hours to qualify
for health insurance, which
kicked in last month, and began
saving a little.
Both restaurants closed their
doors for at least eight weeks.
She already is attempting to
work out payment plans for
medical bills and rent.
“I started a 401(k) and paid
off some credit cards and stu-
dent loans,” she said. “And now
it’s like, I’m on unemployment.”
She applied for a job at
Swedish Medical Center to work
as a materials handler, charged
with moving medical equipment
* *** THE WALL STREET JOURNAL.
dates like “1/3 of the way tomer, who agreed to settle
past the frozen section.” for the alternative.
Mr. Puma delivers more After navigating the store
than just food. One order re- comes the job of distributing
quested bed sheets, pillow items—often including bottles
cases, a candle and Scrabble. of juice and bulk goods—in
Everything but the board flimsy paper bags mandated
game was in stock. since March 1 by New York.
Empty bread shelves and As an extra precaution,
bare frozen-vegetable sec- Shipt urges workers to drop
tions pose a problem. Cus- items outside customers’
tomers can indicate through doors instead of carrying
an app that their whole or- them in.
der should be canceled if one Mr. Puma wants a break,
of the items on their list and is planning to spend
isn’t available. This can ne- next week with his partner,
cessitate some finesse and working on remote paid
lots of communication. projects, taxes and his
Such was the case with a search for a full-time job. He
large order that included 25 will also be wrestling with
pounds of flour. Halfway the decision of whether to
through fulfilling it, Mr. Puma continue the delivery job.
realized the store didn’t carry “I am hesitant to do an-
the right flour. He found 10 other blitz,” he said this
pounds of another brand and week, “because it seems to
sent a picture to the cus- be more risky.”
Number of employees
4,000,000
1,000,000
50,000
Moderately Very
close close
ARM’S LENGTH
General and AND CLOSER
operations managers Physical
therapists
Registered
nurses
Dental
hygienists
First-line supervisors
Office clerks of food preparation and
serving workers
Cashiers Teacher
assistants
Nursing
assistants
Orderlies
Personal
care aides
Waiters and Hairdressers,
waitresses hairstylists and
cosmetologists
working from home means cus-
tomers aren’t riding in taxis, or-
dering coffee or buying lunch.
And they can now take care of
their own pets during the day.
Dog-walking service NYC
Pooch suspended operations
Tuesday and has laid off its staff
of about 50 people, said co-
founder Shane McEvoy.
When work started to dwin-
dle last week, Mr. McEvoy
started giving employees the
option of being laid off, so that
GRANT HINDSLEY FOR THE WALL STREET JOURNAL
they could tap unemployment
benefits. He said most employ-
ees took him up on the offer, be-
cause they will be paid more in
jobless benefits than they would
earn with a few walks a week.
Mr. McEvoy said employees
start at New York City’s $15 an
hour minimum wage and earn
commissions. In an interview, he
choked up when he said he was
unable to keep employees.
“It all comes down to what
cash you have on hand,” he said.
“Everyone would love to keep
for $23 an hour, she said, add- people. The fact is, it’s not pos-
ing that is less than she cur- sible.” He said he tried to find
rently makes and doesn’t in- low-interest loans to keep the
clude benefits. She was told she business afloat but has strug-
starts March 30. gled to secure financing.
The travel and hotel busi- Tyler Dziendziel, of Wyan-
ness, which employs millions of dotte, Mich., feared he would
low-wage workers, has already lose about half his income when
been hit. After years of stable the NBA and NHL suspended
employment, Dina Paredes is games. One of his two jobs is
bracing for uncertainty around working security at Detroit’s
her paychecks. The 52-year-old Little Caesars Arena. Mr.
housekeeper at a Westin hotel Dziendziel, 24, began to debate
in downtown Los Angeles has whether he should pay rent on
cleaned about 14 rooms per his mobile home or pay for re-
shift for the past eight years. As pairs for a vehicle he needs to
the hotel’s occupancy dropped do his other job, arranging store
this month, she and other col- displays for Frito-Lay products.
leagues have been transitioned But he received good news
to “on-call” status. In the past this week when he was told
week, she hasn’t worked a sin- team owners would pay him and
gle day, and she isn’t paid un- other arena workers for sched-
less she gets work. uled shifts through April. “I’m
“Of course it is concerning,” really happy I’ll be getting paid
the mother of four said through and able to keep up with my
a translator for Unite Here Local bills,” said Mr. Dziendziel, a
11, the union that represents the member of the United for Re-
hotel workers. “I have family. I spect worker advocacy group.
have bills I have to pay.” —Chip Cutter
More white-collar employees contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | A11

THE CORONAVIRUS PANDEMIC

Communities
Mobilize to Help
Senior Citizens
In U.S. and Europe,
food deliveries and
moral support aim to
ease sting of isolation
BY RUTH BENDER
BERLIN—When Belgium
banned visits to nursing
homes in mid-March to shield
residents from the new coro-
navirus, the co-founder of a
robotics company had an idea.
Fabrice Goffin, co-chief ex-
aged 80 or older and infected
with the virus had died. The
Italian National Health Service
found the mortality rate for
people above the age of 90
reached 19%.
In the U.S., an outbreak of
the novel coronavirus at nine
Seattle-area nursing homes
led to 129 cases within 11 days.
This prompted the White
House to call on people to stay
away from nursing homes and
community centers to shut
their doors, depriving many
elderly of their usual support

ecutive of ZoraBots, had seen
orders for the company’s hu-
manoid robots plummet amid
the spreading pandemic. The
machines, he decided, could be
used to help those now cut off
from their families.
The robots, who respond to
simple voice commands, can
make video calls and connect
even the least tech-savvy to
their relatives in seconds.
Within days of marketing the
robots to nursing homes
ZoraBots’ stock of 70 robots
were reserved. Mr. Goffin is
now bringing over 700 more
from its Chinese manufacturer
to lend to nursing homes all
over Europe, free of charge.
“We have many people who
face loneliness in retirement
homes, it’s important they
have a lot of communication,”
said Ostend Mayor Bart Tom-
melein, who ordered two for
IRAKLI GEDENIDZE/REUTERS
network.
“Right now, what is most es-
sential is making sure everyone
has enough food and medica-
tion,” said Judy Willig, executive
director of Heights and Hills, a
nonprofit supporting Brooklyn’s
older adults. Over the past
week, 500 new volunteers regis- A Tbilisi, Georgia, resident gets a food delivery; in Belgium, a man
tered to help, she said. encounters a ZoraBots robot, which can respond to voice commands.
Other initiatives across the
U.S. and Europe range from cally dedicated to elderly who ments to help with the cost of
supermarkets reserving shop- live in public housing, who will transporting some 700 robots
ping slots for older people, be called and monitored daily. from China to Europe as ship-
food programs delivering British psychotherapist ping has become more expen-
more meals at home, students Ruth Chaloner realized how sive in recent weeks.
and the unemployed offering hard being cut off from the Other helpers struggle to
to buy and deliver necessities world was when she decided reach those they feel are most
and charities buying tablet to stay home because of a in need and don’t use social
computers to help families prior illness that had affected media, which are full of offers
separated by confinement her immune system. to help. In Germany, police
measures to stay in touch with “We are herd animals,” Ms. have warned about criminals
older relatives. Chaloner said. “Disconnection posing as helpers to target the
Meals on Wheels America, is probably the biggest danger elderly. And sometimes, even
which has partner programs besides the virus itself, espe- the elderly can be reluctant to
across the U.S., has seen traf- cially for older people.” Re- accept help.
YVES HERMAN/REUTERS

the city-run nursing homes.
Across the world, neigh-
bors, charities and companies
are stepping up to help the
most vulnerable, often in a
simpler, low-tech way—bring-
ing them anything from food
to psychological support.
Not only do the elderly face
the highest mortality rates
when infected with the coro-
navirus, but the extreme con-
finement necessary to protect
them increases their isolation.
Studies conducted in China
showed that 14.8% of people
fic quadruple on its online
meals finder, a company
spokeswoman said. The organ-
ization set up a Covid-19 re-
sponse fund to help local pro-
grams purchase large
quantities of shelf stable or
frozen meals and to hire paid
drivers and other suppliers to
meet the growing demand for
meal deliveries.
In Germany—which has one
of the world’s oldest popula-
tions and the fifth-highest
number of infections—soccer
club 1. FC Nürnberg is sending
staff to shop for older people.
Massimo Malara works with
some 150 volunteers for Emer-
gency, an NGO in Milan, Italy, de-
livering food and drugs to older
people’s homes. Emergency said
each morning they receive some
50 requests for help.
The city has launched “Milan
search has shown that adults
living alone are more likely to
suffer from mental disorders,
including anxiety and depres-
sion due to loneliness.
Ms. Chaloner set up a free
online clinic offering 20-min-
Helps,” a hotline for the elderly ute support sessions to the el-
and other vulnerable residents derly and others in isolation.
to help organize food and med- Over 140 therapists have al-
icine deliveries during the coro- ready signed up to help in the
navirus emergency. They have service set to launch next
received around 750 calls since week, she said.
it was activated on March 12, a ZoraBots’ Mr. Goffin, mean-
spokeswoman said. The city is while, said he had asked the
now launching a service specifi- Belgian and Chinese govern-
Pia Malet, a 91-year-old Pa-
risian who lives alone, said
she didn’t want or need any
help. Despite a nationwide
lockdown, Ms. Malet still
walks her dog four times a day
and goes to buy steak at her
local butcher. “I’m not panick-
ing,” said Ms. Malet. “Growing
up during the war, I’ve seen
much worse and if this is how
I’m supposed to go, then that’s
how it will be.”
—Xavier Fontdegloria
and Giulia Petroni
contributed to this article.

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A12 | Saturday/Sunday, March 21 - 22, 2020
FROM PAGE ONE
Bond
Markets
Feel Strain
Continued from Page One
short-term corporate loans
has become surprisingly frag-
ile, some participants said.
The disruptions have
prompted a series of extraor-
dinary Federal Reserve inter-
ventions. Many traders ex-
press optimism that those
fixes will help return markets
to normal.
Even so, the events are add-
ing to uncertainty about the
outlook for the economy and
the price some borrowers will
pay simply to stay afloat at a
time when many Wall Street
banks forecast a sharp decline
in U.S. economic output for
the second quarter at least.
“Disrupting access to new
funding curtails credit to com-
panies, local authorities and
others,” says Mohamed El-
Erian, Allianz SE’s chief eco-
nomic adviser. “This adds an-
other shock to an economy
that’s reeling” from the spread
of the novel coronavirus, the
stock-market tumble and col-
lapsing oil prices.
The most apparent disrup-
tion has come in what is typi-
cally the most robust of finan-
cial markets: U.S. Treasurys. On
Wednesday, the price of the
benchmark 10-year Treasury
note, which usually climbs amid
weakness for stocks, instead
fell 2 17/32 points, sending its
yield up to 1.259%.
There were signs of im-
provement on Thursday and
Friday, as the 10-year note’s
price rose more than 3 points.
But prices in the municipal
market deteriorated sharply at
the end of the week, with yields
on AAA-rated 10-year bonds
rising to 2.79% Friday after-
noon from 1.84% Wednesday,
even after the Fed moved Fri-
day morning to shore up mu-
nicipal money-market funds.
The losses came even as the
Fed has committed to make
massive purchases to help bol-
ster Treasury markets. Some
of the weakness is likely due
to an expected surge in new
issuance, as well as to the col-
lapse of some trades using
borrowed money.
Still, longer-term Treasurys
generally have been declining
in price since their yield set a
record low March 9, setting off
alarms about how that market
is functioning. Before 2008,
both newly issued Treasurys
In Memoriam
  
  
     
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and so-called off-the-runs, or
those issued just a bit earlier,
traded with the same level of
fluidity, as investors got in
and out with ease.
But the level of trading dete-
riorated in recent years, partly
as investment banks were en-
couraged to reduce trading
risk, and in recent days, it has
become much harder for inves-
tors to transact.
“Did things trade? Yes. In
chaos? Yes,” says Susan Estes,
who runs OpenDoor Securities
LLC, a firm that provides
anonymous electronic Trea-
sury trading.
In the market for short-
term corporate debt known as
commercial paper, turmoil
sent the cost of borrowing for
30 to 270 days above the cost
of selling 30-year bonds in
some cases. Commercial paper
gives large businesses access
to money for very short peri-
ods to finance day-to-day op-
erations. While the market
stabilized by Friday, easing
fears, some remain worried
the market could act up again
once corporations start miss-
ing payments as the economic
impact of the virus deepens.
In the municipal-bond mar-
ket, where debt often goes for
months without a trade, con-
ditions are more difficult than
investors can recall. Investors
pulled $12.2 billion from mu-
nicipal bond funds during the
week ended Wednesday,
prompting them to seek bids
on long lists of bonds.
On Wednesday, rates shot
up to 5.2% from 1.3% last week
on variable rate municipal
bonds that reset their rates
every week according to what
bondholders are willing to pay,
according to the Sifma Munici-
pal Swap Index.
“Trading is very thin,” said
Dan Genter, CEO of Los Ange-
les-based RNC Genter. “There’s
no new-issue market at all.”
The state of Wisconsin will
pay about $64,700 in interest
for the week that began
Wednesday, compared with
about $15,500 the previous
week, on its roughly $58 mil-
lion in variable-rate bonds,
says David Erdman, the state’s
capital finance director. Mr.
Erdman has been holding off
on a $281 million bond sale he
had hoped to do last week.
Economists including Bar-
clays PLC’s Joseph Abate pre-
dict Fed moves such as its
backstop for commercial paper
will ease pressures on the
funds, though many traders
say the going is slow.
“Improved, yes. Recovered,
no,” says Lou Brien, strategist
at DRW Trading Group in Chi-
cago.
For more information:
wsj.com/inmemoriam
IN
MEMORIAM
Honor your loved
one’s life in The Wall
Share your loved
one’s story with an
announcement in the
pages of The Wall Street
Journal, either in our
national or regional
editions. Our In Memoriam
notices provide a dignified
way for friends, family and
colleagues to pay tribute.
To learn more, visit
WSJ.com/InMemoriam
© 2020 Dow Jones & Company, Inc.
All Rights Reserved.
NORTH KOREA
Two Short-Range
Ballistic Missiles Fired
North Korea test-fired two
apparent short-range ballistic
missiles off its east coast on
Saturday morning, Seoul’s mili-
tary said.
The launch was the North’s
third weapons test this month.
They all have involved what the
South Korean military assumes
to be short-range missiles.
The two presumed missiles
were fired from the North Pyon-
gan province, located in the
country’s northwest along the
Chinese border, and splashed NEW START: A bonfire marks the Kurdish New Year in Erbil, Iraq.
down into the waters between Officially, all but small events were canceled amid the pandemic.
South Korea and Japan, Seoul’s
military said. NETHERLANDS
North Korea didn’t comment
on the launch. Life Term Is Given in
The projectiles covered a dis- Tram Terrorist Attack
tance of more than 250 miles
and soared more than 30 miles A Dutch court convicted a radi-
high. calized Muslim man Friday of
— Timothy W. Martin murder with a terrorist motive
French Chef Raised
(Dismal) U.K. Standards
BY JAMES R. HAGERTY
W
hen Michel Roux arrived in
Britain in the mid-1960s, he
spoke little English and was
appalled by the food.
“It was a dark age,” he told The Wall
Street Journal later. “There was no
way you could have a decent meal. The
food was pretty nasty. There were a
few hotels like the Connaught or the
Savoy where you could have had some-
thing that was fairly good to good, but
nothing excellent, nothing delicate and
fine.”
Mr. Roux, who died March 11 at the
age of 78, and his older brother Albert
helped lift the British out of that dark
age. In 1967, they opened a French res-
taurant, Le Gavroche, in London. In
1982, it became the first restaurant in
Britain to win a three-star rating from
the Michelin Guide.
The brothers’ Waterside Inn, on the
banks of the Thames in the village of
Bray, near London, achieved the same
Michelin rating in 1985. Queen Eliza-
beth II was among the customers. “She
always has the raspberry soufflé,”
Michel Roux said.
Their creations included pan-fried
lobster medallions with white port
sauce, ginger-flavored julienne of vege-
tables and pistachio creme brulée.
When they couldn’t find satisfactory
ingredients in Britain, they imported
or smuggled them from France.
The brothers also opened less-exclu-
sive restaurants, including Gavvers and
Rouxl Britannia, and published cook-
books. They helped train chefs who be-
came prominent, including Marco
Pierre White and Gordon Ramsay. In
the 1980s, they starred in a BBC cook-
ing show, “At Home With the Roux
Brothers.”
In one episode, Michel Roux demon-
strated how to make omelets. His
method involved searing the eggs in a
AutoZone Co-Founder Enlivened
A Dreary Branch of Retailing
B
1970s typically meant asking a
guy, slouched behind a grubby
counter with a cigarette or toothpick in
his teeth, to fetch a spark plug or wiper
blade.
Peter Formanek, a co-founder of Au-
toZone Inc., helped change that. The
chain opened clean, brightly lighted
stores that put the goods on display
and offered advice on how to install
Mr. Formanek, who had been under
treatment for kidney cancer, died
March 7 at his home in Memphis. He
was 76.
He founded AutoZone with a former
fraternity brother, J.R. “Pitt” Hyde III, in
1979. One of their insights was that peo-
ple visited parts stores when their cars
broke down, not when there was a sale
on brake fluid. Customers were looking
for a solution, not a daily special.
As president of AutoZone in the
1980s and early 1990s, Mr. Formanek
clamped down on costs by enforcing a
policy requiring him and other execu-
ing $35 a night or less.
In 1994, at age 50, Mr. Formanek
* ******
WORLD WATCH
and sentenced him to life impris-
onment for opening fire on a tram
and killing four people last year.
The defendant, 38-year-old
Gokmen Tanis, wasn’t in court
because of restrictions to prevent
the spread of the coronavirus.
Mr. Tanis walked onto a tram
OBITUARIES
MICHEL ROUX
1941 — 2020
His brother dissented. “There is no
color in my omelet,” Albert Roux told
the Times of London. “I prefer mine to
look like a baby’s bottom. My brother
likes his brown.”
Michel Roux could be scathing about
other culinary stars. Of Jamie Oliver, a
British TV sensation, Mr. Roux once
said: “He’s not a chef.”
M
ichel André Roux was born
April 9, 1941, in Charolles, a
small town in eastern France.
His family lived over a pork-butcher’s
shop owned by his paternal grandfa-
ther. In 1946, the family moved to a
cramped apartment on the eastern
edge of Paris. His father, a butcher,
squandered his modest income on gam-
bling and eventually deserted the fam-
ily. His mother worked as a cleaner.
In his 2000 memoir, “Life Is a
Menu,” Mr. Roux recalled beating egg
yolks with a fork to help his mother
make a sauce for veal. “I was fasci-
nated by the transformation as the
stock thickened and turned into a
creamy sauce,” he wrote.
He learned to make vinaigrette from
1943 — 2020
gave up his executive job at AutoZone
and focused on philanthropy, skiing, art
collecting and fly fishing. “I have
achieved all my goals in business,” he
said at the time. He later was a direc-
tor of Burger King Corp. and Borders
Group Inc.
The son of a beer salesman, Mr. For-
manek attended Phillips Academy in
Andover, Mass., and earned an M.B.A.
at Harvard. He took an early interest in
business. Around age 12, he bought his
first stock: Bell Aircraft.
Colleagues at AutoZone recalled him
as modest and intensely focused on de-
tails. Richard C. Smith, senior vice
president, human resources, at Auto-
Zone, said Mr. Formanek held regular
“find-it-fast-fix-it-fast” meetings, at
which executives were expected to
identify problems and propose ways to
resolve them.
Each meeting included a review of
problems identified at the prior ses-
sion. “You had a very high sense of ur-
gency so that when it came around you
could say it was done,” Mr. Smith said.
On one business trip, executives dis-
cussed where to eat. “How about
Wendy’s?” Mr. Formanek asked, in what
THE WALL STREET JOURNAL.
in Utrecht on March 18, 2019, and
used a pistol with a silencer to
shoot passengers. He then jumped
out of the tram and shot a driver
sitting behind the wheel of a car.
The attack, which occurred just
days after the massacre at two
mosques in New Zealand, sent the
city of Utrecht into lockdown until
he was detained hours later.
—Associated Press
GAILAN HAJI/EPA/SHUTTERSTOCK
PAKISTAN
Coal Mine Explosion
Kills 7 and Injures 3
Seven Pakistani miners were
killed and three injured in an ex-
plosion Friday inside a coal mine
in southwest Pakistan, a local
mining official said.
Rescue workers had recov-
ered all of the bodies, said
Shafqat Mahmood, a mine in-
spector in Baluchistan province,
where the explosion occurred. He
said investigators are trying to
determine the cause of the blast.
—Associated Press
mustard, vinegar and oil, to be sprin-
kled on dandelion salad with diced ba-
con. He helped make flans and tarts. In
the art of flipping crepes, he quickly
established himself as a virtuoso.
Following his brother’s example, he
became an apprentice pastry chef at
age 14. Three years later, he was hired
to make pastries at the British Em-
bassy in Paris. Then he worked as a
chef for Cécile de Rothschild.
“Working at the Rothschilds was like
a university, but a unique university,”
he recalled. “A university of respect, of
who you are, what you eat, the art you
appreciate.”
He moved to London to rejoin his
brother Albert, who cooked for Peter
Cazalet, a horse trainer with royal cli-
ents.
The brothers eventually divided
their culinary empire. Albert took con-
trol of Le Gavroche, whose name
means “street urchin,” while Michel
ran the Waterside Inn. They founded
the Roux Scholarship, providing train-
ing for chefs at top restaurants.
In 2008, Michel Roux moved to the
Swiss ski resort of Crans-Montana. He
cited a fear of crime in London and
said there were also tax benefits. The
Swiss, he told the Daily Mail, “speak
French with a funny accent. They make
me laugh, and I don’t feel I always have
to look over my shoulder if I take a
walk.”
His survivors include three children
and his brother.
He gave this advice to aspiring chefs:
“Under is always better than over. If
you want to use a bit of alcohol or wine
on something, it has to be just a splash
and good wine. If you use fresh herbs,
don’t have a conflict of herbs, putting
coriander with tarragon, for example. If
you do put too much, you drain the fla-
vor….You have abused it.”
 Read a collection of in-depth profiles at
WSJ.com/Obituaries
was interpreted as more than a sugges-
tion. When they arrived at the fast-food
restaurant, he handed each of his col-
leagues a coupon for a discount meal.
Peter Raemin Formanek was born
July 13, 1943, in Connecticut.
Despite the family’s modest income,
his mother encouraged him to aim high
and took him on a tour of prep schools.
He won a scholarship to Phillips and
spent one summer working on an iron-
ore boat on the Great Lakes. A budding
entrepreneur, he made an unsuccessful
attempt to create a brand of laundry
detergent.
Mr. Formanek earned a bachelor’s
degree at the University of North Caro-
lina, where he majored in French, be-
fore enrolling at Harvard Business
School.
As a Woodrow Wilson fellow, he
taught at LeMoyne-Owen College in
Memphis in the late 1960s. An econom-
ics class he was due to teach failed to
attract any students, according to Mr.
Formanek’s family, until he changed the
name of the course to How to Be a Ty-
coon. The ploy quickly filled the class-
room.
—James R. Hagerty
THE WALL STREET JOURNAL.
China’s Coronavirus Diplomacy
By Alessandra Bocchi
I
Rome
taly is confronting its grav-
est crisis since World War II.
Hospitals are so overrun
with patients suffering from
Covid-19 that doctors have
been forced to choose who will live
and die. On Thursday the Italian
army began transporting coffins
out of Bergamo, the country’s hard-
MATTEO BAZZI/SHUTTERSTOCK
est-hit city, because its morgues
have been overwhelmed. Some
4,032 have died in Italy, more than
in China, with 627 Italian deaths
reported Friday—the highest daily
toll for any country so far. Italy
earlier this month pleaded with its
European Union neighbors to send
face masks for medical workers on
the front lines. No EU country re-
sponded to the call. Germany even
briefly banned the export of medical
supplies to Italy. So much for the
European dream of “ever closer
union.”
China, however, was the first to
deliver: A shipment of Chinese ven-
tilators came last week, and some
300 Chinese intensive-care doctors
Rome praises Beijing’s
‘solidarity’ in sending
ventilators, face masks,
doctors and nurses.
and nurses are arriving to staff be-
leaguered hospitals. Italy’s leaders
have been effusive in their praise
for Beijing. Foreign Minister Luigi Di
Maio of the populist 5 Star Move-
ment heralded China’s assistance as
an “act of solidarity” and added,
“Friendship and mutual solidarity go
a long way.” The statement doesn’t
come as a surprise, as Mr. Di Miao’s
party has warm relations with Bei-
jing and is Europe’s strongest sup-
porter of China’s Belt and Road in-
frastructure initiative. Italians,
however, shouldn’t be naive: China
is using coronavirus aid to white-
wash its responsibility for unleash-
ing a global pandemic.
The Vatican was the first to help
China during the outbreak in Wu-
han, by donating 700,000 face
Confessions of an Urban Prepper
Brooklyn, N.Y.
A friend showed up
to my apartment re-
cently bearing not
wine but a bottle of
99% isopropyl alco-
hol. I was thrilled,
CROSS
COUNTRY since I can add it to
my stash of aloe and
By Caroline
start manufacturing
Aiken Koster
home hand sanitizer.
I probably shouldn’t
have let him in, but he was helping
my husband paint—with masks and
breathers and open windows, like so-
cial distancing on HGTV.
While they worked, I went shop-
ping, snatching up two lone cans of
white hominy from an otherwise
empty shelf at the Red Hook Fair-
way. When the painters broke for
lunch, I offered them posole, a Mexi-
can soup I’d made with the hominy,
some frozen chicken and a can of
Walmart green chilies that’s been
hanging around since 2015. When my
husband asked for seconds, I re-
fused. “New rules,” I barked. “One
serving per meal. We don’t know
how long this will last.”
He frowned. “You’ve been watch-
ing too much ‘Walking Dead.’ ” But I
know he was impressed. He’s an Ea-
gle Scout. To ease the blow, I made a
tart from two questionable apples
and a frozen pie crust leftover from
Thanksgiving. Easy on the sugar, I
thought, which may soon be in short
supply. I remembered the six-cube
stash I’d seen in January on a tour of
‘Mommy, I Like Coronavirus’
By Erica Komisar
‘M
ommy, I like coronavirus
because I get to spend
time with you,” a patient
of mine, a lawyer, quoted her son as
saying. With schools closed, social
events postponed and workplaces
empty, usually busy professionals find
themselves at home baking cookies,
playing games, watching movies and
doing arts and crafts to keep their
children occupied. Some are surprised
to find they enjoy it.
As anxiety and fear settle over the
world, there’s a silver lining to this
pandemic. In a self-occupied world,
the coronavirus is making people re-
assess their priorities and values. The
U.S. is one of the hardest-working
countries in the world. More than half
of all workers don’t use all their vaca-
tion days, according to the U.S. Travel
Association, and mandated maternity
benefits are meager compared with
those of other developed nations.
* * * *
Chinese doctors arrive in Milan, March 18.
masks. The Italian government fol-
lowed suit, reportedly giving two
tons of medical equipment, includ-
ing face masks, to China. Now Italy
faces crippling shortages of masks
and other supplies. “Maybe you for-
got, but we will always remember,
China’s Embassy in Italy tweeted on
March 15. “Now it is our turn to
help out.” In addition to ventilators
and personnel, China is sending test
kits and masks.
But these acts are not as altruis-
tic as they might appear. The major-
ity of ventilators shipping to Italy
are from the Chinese company Min-
dray, which sells its products at a
lower price than its global competi-
tors. China has a surplus of medical
equipment now that the outbreak
appears to have reached its peak
there. Demand is rising elsewhere as
the virus spreads, so Chinese com-
panies are ramping up production to
gain global market share.
Medical aid from the Chinese
government and state-owned enter-
prises deserves scrutiny, especially
as the Chinese Communist Party
forbids dissent at home and at-
tempts to evade responsibility
abroad. China will contribute its
“strength and wisdom to securing a
final victory against the pandemic,”
the Chinese foreign ministry has
said, tying this soft-power strategy
to Xi Jinping’s ambition to build “a
community with a shared future for
mankind.”
Yet concern for the global com-
Winton Churchill’s underground war
rooms.
As a Kentucky country girl living
in New York City, I’m naturally a bit
of a survivalist. Our laundry room
has always had a post-apocalyptic
vibe, filled as it is with jugs of deter-
gent, cases of protein shakes and
leftover paper plates from my kids’
birthday parties. And, not to brag,
but we always have toilet paper. I’ve
been a devoted Costco shopper since
they opened the Sunset Park location
in 1995. We had seven jugs of arti-
choke hearts in my upper cabinets
long before the coronavirus came
calling. Next to five jars of Rao’s spa-
ghetti sauce, 12 cans of black beans,
five cartons of bone broth and a
month’s supply of canned tuna.
It isn’t only the food. I’ve always
tried to teach my kids skills for the
end of days. My sons endured years
of audiobooks on wilderness or post-
apocalyptic themes: Laura Ingalls
Wilder’s “Little House on the Prai-
rie,” Gary Paulsen’s “Hatchet” and
Emily St. John Mandel’s “Station
Eleven.” I taught them to target
shoot—BB guns and bows and ar-
rows.
My brother, a truck driver and
outdoorsman, gave the kids pocket
knives for Christmas every year. We
had to ask him to stop after they
took one to their progressive Brook-
lyn private school for show-and-tell.
The episode prompted a parent-
teacher conference about “the item,”
which was never named. I ought to
America’s productivity comes at
a price—the emotional well-being of
families and children. Maybe it
takes a crisis like the Covid-19 pan-
demic to make us slow down and
ask why we’re so intense about
work. Do we need to go into the of-
fice every day? Is it so critical to be
Busy professionals have
an opportunity to reflect
on what’s really important.
there by 9 a.m. when we could walk
the kids to school and arrive by
9:30? Is an extra car or a trip to
Disney World worth giving up pre-
cious time with our families, friends
and loved ones?
This crisis reminds me of the
days after 9/11, when New York City
parents hunkered down and were
grateful to be hanging out with their
OPINION
munity’s “shared future” doesn’t ex-
actly describe China’s actions. The
Communist Party silenced those who
tried to raise alarms about an
emerging virus. The Wuhan doctor Li
Wenliang warned his colleagues in
late December about a possible out-
break that resembled SARS. Local
police reprimanded him for “spread-
ing rumors.” The Chinese govern-
ment said this week it would for-
mally rescind his penalty after
outcry on social media, but this is
too little, too late. Li, 33, died of the
virus in February.
News of the virus started circu-
lating on nongovernmental social
media accounts in the first half of
January, and they were shut down.
Mr. Xi eventually responded to the
outbreak publicly, but by then the
epidemic was out of control.
On Feb. 11, the World Health Or-
ganization named the disease the vi-
rus causes Covid-19, which spared
Beijing the embarrassment of having
the name tied to SARS, another cor-
onavirus of Chinese origin. China
announced on March 8 that it was
donating $20 million to the WHO,
perhaps as thanks. Days later, a Chi-
nese Foreign Ministry spokesman
tweeted that the U.S. was responsi-
ble for bringing the virus to Wuhan
in the first place.
Subsequently, Xu Zhiyong, an ac-
tivist who had criticized Mr. Xi’s re-
sponse to the coronavirus, was
jailed for “subversion.” Li Xehua, a
former journalist for the Chinese
look for those knives. They are prob-
ably next to the hand-crank radio
and flashlight I bought after 9/11,
stashed next to my battery supply.
Maybe I have been watching too
many disaster movies.
I’ve often wondered what work I
could do in a postcrash economy. I’m
a lawyer, which wouldn’t be of much
use, at least in the early days while a
justice system is being re-established.
I’m bossy, so maybe I could help with
I’m a New York City
lawyer, but coronavirus
has brought out the
Kentucky survivalist in me.
security. My husband is an architect
and can fix anything, which would
add value. I’m a pretty good cook. I
tried my gardening skills in a little
plot near the Brooklyn-Queens Ex-
pressway last year, partly with this in
mind, but it was an epic failure. Even
the rats rejected my three mealy to-
matoes.
At the Red Hook Fairway I got
nostalgic when I saw one can of Vi-
enna sausages on the shelf. Back in
Kentucky my dad would stockpile
them for camping trips and tornado-
related power outages. He snatched
up sardines, too. I still can’t get my
head around those, but I do have
eight jars of peanut butter, like he
children. Many of my patients were
especially grateful to be there for
their kids at such an uncertain and
frightening time. Some made major
changes in their lives—quitting jobs
they didn’t like, moving to a quieter
suburb or city, moving closer to
their parents, making themselves
less busy with work so they could
devote more time to their loved
ones. Many returned to their hard-
driving professional lives, but the
happiest were the ones who made
changes.
When the pandemic passes, the
world will go back to normal. That
doesn’t mean you have to return to
the status quo ante. My hope is that
it encourages people to be more
mindful as parents and less intense
as professionals.
Ms. Komisar is a New York psy-
choanalyst and author of “Being
There: Why Prioritizing Motherhood
in the First Three Years Matters.”
Saturday/Sunday, March 21 - 22, 2020 | A13
network CCTV who had tried to pro-
vide independent information on the
outbreak from Wuhan has disap-
peared. Fang Bin and Chen Qiushi,
two independent citizen journalists
in Wuhan, are also missing after
filming virus patients in makeshift
hospitals and urging citizens to de-
mand accountability from their gov-
ernment. Now many of the Western
journalists who brought these sto-
ries to the world’s attention have
been expelled from China.
“The Chinese government quickly
corrected its mistakes by recogniz-
ing the role of Dr. Li Wenliang, fo-
cusing on positive news, like the
nurse who sings Chinese opera to
help her patients, but the thousands
of deaths in Wuhan and in the rest
of the country have remained with-
out a face and without a name,” a
journalist in Beijing who has been
following the crisis closely told me
under anonymity for security pur-
poses. The only independent sources
of information in Wuhan have virtu-
ally disappeared, together with the
city’s activists, professors, and law-
yers who had asked for Mr. Xi’s res-
ignation, the source added.
Some Italians see through the
soft-power ploy. “If this is all true,
Beijing’s totalitarian regime would
have to answer questions on why
it thought its state censorship and
propaganda were more important
than the right to health care of its
citizens and those of the world,”
Alessandro Giuli, a TV presenter at
the Italian state broadcaster RAI,
told me.
No amount of foreign aid can
make up for the Communist Party’s
botched early response that helped
produce the pandemic now afflicting
most of the world. Even long after
the initial outbreak, the Chinese de-
clined to tell other nations about
the severity of the threat or to pre-
vent its spread outside China.
It is ironic to see Beijing trying to
swoop in as Rome’s rescuer. West-
ern nations should come up with a
plan quickly to help one another
weather the storm of the virus. Oth-
erwise the Chinese Communist Party
will exploit this opportunity to pres-
ent itself as the savior of not only
Italy, but Europe and the world.
Ms. Bocchi is a writer in Rome.
used to have. At Duane Reade, I
bought three boxes of saltines. New
Yorkers don’t understand prepping
at all, I thought. Saltines keep for-
ever. Gluten-free crackers start to
taste like worm paste after a few
weeks.
I’m told there have been long
lines and empty shelves at upmarket
grocery stores like Whole Foods and
Trader Joe’s. It goes against my
prepper nature to mention this, but
the less trendy Key Food across the
street is cheaper and still stocked
with canned goods. They are also
still handing out plastic bags. So we
don’t have to watch, as I did from
my apartment windows this week-
end, a bagless father juggling rolls of
Scott and a box of organic power-
bars while trying to keep two tod-
dlers from running into the street.
Don’t get me wrong. My attitude
is not every man, woman and child
for themselves. I have carryout con-
tainers ready to share meals and pa-
per products with my elderly neigh-
bors. My 95-year-old friend Grace
loves beef stew, so I’ve got ingredi-
ents for three batches. I’ve got in-
stant mashed potatoes, too, for when
things get dire.
My biggest problem? I trained my
kids too well and they’ve abandoned
Brooklyn. My oldest son, now 23,
texted to say he’s decamping to his
girlfriend’s family compound in
Maine. “It’s safer than the city,
Mom.” My other son, sent home
early from his college study-abroad
program, is headed first to his girl-
friend’s house in rural Vermont. All
of this prepping can’t fight hor-
mones. “You’re a good mom,” con-
soled my friend Eddy, a master-sur-
vivalist in Kentucky who I suspect
may be stockpiling ammunition
along with mandarin oranges. “You
need your offspring to survive.” All I
can do is sigh.
But I also know—in my expert
opinion—that New Yorkers have
something that can’t be bought in
stores. What they lack in shopping
skills, they make up in heart. The
people of Brooklyn are tough and
stand together. I saw that in my
building lobby on 9/11. Neighbors
welcomed each other covered in ash,
stumbling, dazed and wearing one
shoe. Those same neighbors ran cold
lemonade to cops directing traffic
during the 2003 blackout and re-
sponded to my 6 a.m. call for cooks
to make breakfast at Plymouth
Church for first responders during
Hurricane Sandy.
I think with my stash and their
gumption, we will all do just fine.
Ms. Koster is a New York lawyer.
Coronavirus
Imperative:
Do No Harm
By Ron Johnson
A
merica is in the midst of a na-
tional crisis that is no one’s
fault. Elected and nonelected
federal, state and local officials are
making tough decisions and taking
decisive action to limit the spread of
the coronavirus. They deserve our
collective support and our accep-
tance that results will be far from
perfect.
That said, as we legislate, we
must identify specific objectives and
follow a basic problem-solving pro-
cess: Gather information, identify
and define the problem, establish
achievable goals, then design solu-
tions. We should also take the Hip-
pocratic oath: “First, do no harm.”
Washington needs to keep
focused on specific goals
and tailor its interventions
to achieve them.
I was one of only eight senators
to vote against the “Phase 2” stimu-
lus. I had identified a specific prob-
lem, but my amendment to fix it
failed. As a result, the many Ameri-
cans who will be laid-off will get far
less from state benefits, and many
employers will face a federal man-
date they cannot afford. Hopefully
we can fix this in Phase 3, 4 or . . .
who knows? We’ve only begun.
The best way to get things right
is to keep it simple. There’s a lot we
don’t know, so we are forced to de-
fine problems and make decisions
with limited information. So let’s
start with what we know. Covid-19 is
caused by a highly contagious new
virus. Without mitigation, it could
overwhelm health-care systems. So-
cial-distancing strategies are essen-
tial. A vaccine probably won’t be
available this fall. Existing antiviral
therapies may work but are un-
proven. Yet social distancing is do-
ing great harm to the economy. Sec-
tors of the economy are shutting
down and employees are being laid
off. Essential services must continue
to function.
Based on all this, I believe our
primary goals should be these: First,
limit the spread of infection and de-
velop effective therapies and a vac-
cine. Second, provide financial sup-
port to idled workers. Third, provide
support to viable businesses so they
can survive the crisis and help re-
build the economy when it ends.
Americans know what’s being
done to limit spread. An effective
treatment would break the crisis al-
most overnight. Former Food and
Drug Commissioner Scott Gottlieb
has described an approach to test
existing therapies, without giving
placebos to a control group, to speed
consensus and regulatory approval.
Sen. Steve Daines has proposed
funding the manufacture and stock-
piling of vaccines as soon as they’re
developed but before they’re ap-
proved. Once a vaccine proves safe
and effective, we will then have suf-
ficient inventory to inoculate the en-
tire population immediately.
As for the economy, we need to
acknowledge that this is a supply-
side, not a demand-side, slump. Even
in demand-side downturns, indis-
criminately writing checks to indi-
viduals has not been effective. As
good as “free money” might sound,
it will do little good. Instead, federal
support should be efficiently pro-
vided directly to idled workers using
state unemployment systems,
through forgivable loans provided to
employers, or some combination
thereof. Sens. Marco Rubio and Su-
san Collins have developed a forgiv-
able-loan program for small busi-
nesses that is included in the initial
Phase 3 legislation. Both of these
concepts need to be thoroughly ana-
lyzed for feasibility and effective-
ness to ensure sure we’re not spend-
ing tax dollars on what the
functioning private sector can fund
on its own.
Providing financial support to
businesses may be the hardest di-
lemma. To what extent should help
be targeted to essential businesses?
How do we avoid creating moral
hazard? Sen. Pat Toomey has sug-
gested loans with higher interest
rates. Sen. Mike Rounds has a plan
to funnel assistance using insurance
adjusters and something like a fed-
eral business-interruption insurance
facility.
The devil will be in the details as
these massive support packages are
crafted and debated. But staying fo-
cused on the three goals detailed
above will help ensure the massive
amount of federal spending will be
used as efficiently and effectively as
possible.
Mr. Johnson, a Republican, is a
U.S. senator from Wisconsin.
A14 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Leaderless on the Economy Lighthizer Responds: Medical Trade Tariffs

A
tumultuous week ended Friday with an- reduce the damage to the larger economy. With In the past several weeks, we have ous other exclusions previously
other slide in financial markets, despite some fits and starts, the policy restored confi- seen attempts to politicize the coro- granted whenever importers were
navirus, as well as hackneyed efforts able to demonstrate that China was
multiple constructive actions by the dence in the banking system.
to revive long-discredited arguments their only viable source of supply.
Federal Reserve and the prom- The economic problem this in favor of globalization. A good ex- In addition to a misleading pre-
ise of trillions in cash from Markets aren’t getting a time is very different. Federal ample of both is “Trump’s Tariffs sentation of the facts, the op-ed
Congress. Perhaps investors clear picture of what and state governments have Leave the U.S. Short on Vital Medical contradicts the thrust of his pro-
sense that their leaders in shut down most of the Ameri- Supplies” (op-ed, March 19), which globalization screed by lamenting
Washington are throwing Treasury wants and why. can economy in an attempt to tries to pin some blame for the cur- the fact that even U.S. allies like
money at the problem without reduce the spread of the coro- rent crisis on the administration’s Germany and South Korea recently
explaining why or how. navirus. This is creating a li- Section 301 tariffs on China. I’ll leave have imposed export restrictions on
The Trump Administration does now seem to quidity crisis in the real economy as businesses the broader philosophical debate for products needed to combat the vi-
have a good team tackling the health threat from close and companies watch their revenues another day. But readers should not rus. At times like this, nations inevi-
the coronavirus. Vice President Mike Pence is shrink. Government needs to address the liquid- be misled about the facts. tably will put the interests of their
First, the administration imposed own citizens first. Indeed, if there is
leading a daily briefing that lays out the steps ity crisis it has created for private business, or
no new tariffs on several key prod- one lesson to be drawn from this
the Administration is taking to slow the virus this will soon become a solvency panic as com- ucts needed to fight the virus like crisis, it is that dependence on
spread and cope with its medical consequences. panies default on debt and fail, which will turn breathing masks, oxygen masks, ven- other countries as the source of key
The experts are offering a rationale for their pol- into a banking crisis. tilators and nebulizers. Second, while medical products has created a stra-
icies and some guidance for how Americans If anyone has bothered to explain this to the imports of certain other medical tegic vulnerability for the U.S. By
should behave. The current shutdown strategy American public, we haven’t heard it. Nor have products from China have declined encouraging diversification of sup-
will need to shift to Phase Two soon to avoid we heard how the Treasury’s proposals, slipped since tariffs were imposed, that has ply chains and—better yet—more
large-scale economic damage, but at least we out to the public in a sheet of paper, will address been offset by increased imports of manufacturing in the U.S., President
know the why and how. it. The Senate GOP proposal, hashed out with the such products from other countries. Trump’s economic and trade poli-
i i i Treasury, was released on Thursday night as a Thirdly, the U.S. Trade Representa- cies are helping to overcome that
The same can’t be said for efforts to address rough outline with a goal of negotiating a deal tive granted immediate exclusions vulnerability.
from the Section 301 tariffs for all AMBASSADOR ROBERT E. LIGHTHIZER
the economic fallout, which is growing by the with Democratic leader Chuck Schumer by Fri- critical medical products weeks ago. U.S. Trade Representative
hour and may soon be unsustainable. The White day night. Who knows what will emerge from And that was in addition to numer- Washington
House message so far has been that the govern- that scrum?
ment will spend huge sums and that will solve The White House and Treasury should have
everything. The markets clearly don’t believe it, come up with a plan and then explained what
and why should they since nobody has explained they want and why. Instead, Mr. Mnuchin has
what the current problem is and what, specifi- turned into a backroom negotiator on Capitol
More to Distance Learning Than You Think
cally, they want to do about it. Hill. He looks from our vantage point to be set- I take exception to Paul G. Vallas’s study let my children nurture their
The Fed has been energetic this week in roll- tling for what Congress will accept rather than assessment in “Hey, Teacher, Teach strengths any way they liked. Far from
ing out new authorities to grease the plumbing what needs to be done to rescue the economy Those Kids at Home” (Cross Country, interrupting student development, as
March 14) that interruptions to on-site Mr. Vallas contends, school closures
of the financial system. A guarantee for commer- from what could become a deep recession.
teaching “can have catastrophic conse- can enhance it.
cial paper and money-market funds reprises At least Treasury has come around to realiz- quences on educational development.” NAN K. CHASE
tools from the 2008-2009 panic. Regulators had ing it needs a facility to provide liquidity for My own children’s experience says Fries, Va.
told us money-funds would never again be a companies. But as we write this, Mr. Mnuchin the opposite. They grew up in the
problem, but apparently not. was still insisting that Treasury have control of mountains of North Carolina, where Mr. Vallas’s emphasis on the need
The Fed is also back-stopping muni-bond most of the money to be able to ladle out directly frequent long interruptions in public for schools to become more serious
funds, which have also been showing signs of to companies it wants to help. school because of snow and ice were a about remote learning is laudable in
stress. Investors had piled into munis to get tax- This is a recipe for picking winners and los- given. One year the children missed many respects. However, even if
free yield as the Fed kept interest rates so low ers, and thus for bitter political fights and five weeks because of bad weather. schools used remote learning well,
for so long. The Treasury has used its Exchange months of ugly headlines charging favoritism. During those closures my elder son those children who live in deep pov-
Stabilization Fund to float these guarantees, and The far better answer is for Treasury to use read a lot and taught himself how to erty won’t have home internet access,
do things like cat’s cradle string games may lack parents who are computer-
that makes sense. money from Congress to replenish the Exchange
and playing jazz piano. Today he is a literate and likely will have no quiet
What’s been missing from all this is any ex- Stabilization Fund to back the Fed in creating a prep-school math teacher and has place in which to work.
planation for why this is all needed. Fed Chair- facility or special-purpose vehicles under Sec- added cabinetmaking, winemaking and As the CEO of a nonprofit school for
man Jerome Powell and Treasury Secretary Ste- tion 13(3) to lend the money to all comers. The precision marksmanship to his reper- children experiencing homelessness, I
ven Mnuchin have made token media Fed can charge a non-concessionary rate, but the toire. My younger son was always out- have seen firsthand what happens to
appearances to proclaim that we should all take vehicles should be open to those who think they side experimenting in the snow—build- our good students who transition to
heart from everything they are doing. But they need the money, not merely to those Treasury ing forts, tunnels and iced-over luge public school and then begin to fail be-
offer no diagnosis for the economic problem and decides are worthy. The looming liquidity crisis runs for oranges. Today he’s a hydrolo- cause they don’t have the ability to ac-
their prescriptions aren’t clear. is simply too great for that kind of bureaucratic, gist and an environmental manager for cess assignments and do research on-
Contrast this with the Fed and Treasury han- politicized decision-making. pipeline projects. My daughter kept an line. One mother would pack up all five
eye on the weather forecasts, and of- children and take the bus to a
dling of the financial panic in 2008. Whether or We’re hoping for the best to emerge from
ten managed to get “stranded” at McDonald’s for one child to use the
not you liked TARP, Secretary Hank Paulson and Congress this weekend like white smoke from friends’ houses in the country, where free Wi-Fi there. Unless schools are
Chairman Ben Bernanke took ownership of the the Vatican. But whatever they decide, someone they had bigger TVs and way better also able to provide computers and
proposal and explained it to the public and Con- will have to do more to explain it to Americans snack food. Today she is a corporate free Wi-Fi to motels, homeless shelters,
gress. The federal balance sheet needed to be ap- and the markets than wave from the balcony like lawyer and gets paid to stay one step cars and tents, remote learning will be
plied to the banking system to prevent runs and a new pope. ahead of people older than she is. impossible for these students and then
In those last pre-internet days, their they’ll fall even further behind.
periods of self-directed, hands-on And, even then, who will provide
The Extreme State Lockdowns lunch?
SUSAN AGEL

C
alifornia Governor Gavin Newsom on people. It makes sense to limit opportunities Nimby: Less Dense Housing President/CEO
Positive Tomorrows
Thursday ordered the state’s some 40 in which people can transmit the coronavirus Preserves Social Distancing Oklahoma City
million citizens to “shelter in place,” to large groups of people. But we wonder if Brandon Fuller’s glowing review of
meaning they shouldn’t leave such massive public lock- Conor Dougherty’s “Golden Gates”
their homes except to perform The California and New downs as these Governors (Bookshelf, March 17) is ironic, coming Charlottesville’s Violence Is
essential activities such as York orders to stay at have ordered are warranted as it does during the coronavirus pan-
picking up food or medicine. by the available data on the vi- demic. The same people who demand
A failure of Its Government
Then on Friday Governor home are unsustainable. rus’s course. higher-density housing in San Fran- Former Charlottesville, Va., Mayor
Andrew Cuomo of New York Mr. Newsom warned that cisco are now telling others to “shelter Michael Signer’s essay “How Free
ordered all non-essential more than half of California’s in place” and to practice “social dis- Speech Dogma Failed Us in Char-
businesses to keep their workers home, as did population could be infected within eight weeks, tancing.” They want to have it both lottesville” (Review, March 14) pins
Connecticut Governor Ned Lamont. Governor but that obviously frightening assertion assumes ways. As the former president of our the blame in the wrong place. The vio-
neighborhood association in western lence wasn’t a failure of the First
Philip Murphy of New Jersey said he would do no social distancing or other precautionary pub-
San Francisco, and then as president of Amendment; it was a failure of gov-
so on Saturday. These actions got a federal im- lic health measures. a coalition of 20 neighborhood associa- ernment.
primatur when Dr. Anthony Fauci of the White We praised Mr. Cuomo in these pages for tions, I was called a “Nimby” for trying An independent report on the 2017
House’s response task force endorsed the de- pushing back this week against New York City to maintain single-family residential protests, which ended in tragedy, used
gree of shutdown ordered by Governors Mayor Bill de Blasio’s suggestion that New York neighborhoods, which even today com- the word “failure” many times. Each
Newsom and Cuomo. City residents would soon be told to “shelter prise a large part of the western areas. instance cited a way government bun-
The speed at which the government-ordered in place,” which caused panic across the city. Lower-density neighborhoods, with gled how it handled its planning or re-
clampdown has escalated is remarkable. Last Now the Governor has ordered a statewide ample open spaces, are the best form sponse. Some of the sharpest criti-
week most businesses were still operating al- shutdown that is just short of what Mr. de Bla- of “social distancing.” Jamming people cisms in the report aimed at the city
beit at reduced capacity as people heeded pub- sio suggested. into overcrowded cities not only de- council, which interfered in key opera-
stroys the quality of life, but can de- tional decisions. It tried to move the
lic health recommendations to social distance. These shutdowns are extraordinary and have
stroy life itself. Turning every Ameri- rally, despite correct warnings a move
Restaurant reservation website OpenTable re- costs, not least the harm to small business own- can city into a poor copy of Manhattan “was likely to be struck down by
ported that year-over-year reservations were ers. Americans may simply decide to ignore the Island isn’t the solution to our housing courts.” Planning by police “was inad-
down 38% in California, 43% in Connecticut and orders after a time. Absent a more thorough ex- problems, and in times like these may equate and disconnected.” One thing
49% in New York as of March 12. planation of costs and benefits, we doubt these prove to be deadly. the report didn’t blame was the First
Then on Monday these Governors ordered extreme measures will be sustainable for long ROGER RITTER Amendment.
gyms, restaurants, casinos and bars to close as the public begins to chafe at the limits and Alexandria, Va. Most local governments prevent vi-
and banned social gatherings of more than 50 sees the economic consequences. olence at protests and protect free
speech. As the report concluded, “in
The Science-Denying Young addressing large political protests City
Coronavirus and Public Order Party: Too Bad for Grandpa officials . . . must both protect public
safety and facilitate free expression.”

P
ressure groups of all stripes see an op-
portunity in the coronavirus crisis, and
that includes criminal-justice activists.
Even as society locks down, localities across the
country are unlocking jail cells and softening
law enforcement to slow the spread of the dis-
ease. The risk is that public order starts to un-
ravel at a time it is most needed.
New York City Mayor Bill de Blasio said
Local news outlets report that police depart-
ments from Denver to Southwest Florida are
aiming to cut down on arrests to minimize expo-
sure of officers and jail workers.
Some of these steps may be necessary.
Crowded jails could face ugly virus outbreaks
and they may need to create space to quaran-
tine inmates who get sick. Yet it’s important
that the virus doesn’t simply become a political
Your editorial “The Economic Rout DAVID KEATING
Accelerates” (March 19) notes that President
young folks think they’ll “live for- Institute for Free Speech
ever,” which is why so many are ig- Washington
noring our leaders’ requests—and or-
ders—to avoid congregating in groups
that could spread the virus. Appar- Pepper ...
ently, they are “science deniers.”
This natural experiment highlights
And Salt
the fundamental flaw in ObamaCare’s THE WALL STREET JOURNAL

Wednesday the city would identify for release
“any inmates who need to be brought out be-
cause of either their own health conditions” or
“because the charges were minor.” Los Angeles
County jails have reduced their number of in-
mates by more than 1,000 since last month and
arrests are down sharply. In one county in the
San Francisco Bay area, 247 inmates were
granted early release this week.
A group of progressive local prosecutors put
out a letter calling for “steps to dramatically re-
duce detention and the incarcerated population.”
They also want police departments to adopt “cite
and release policies for offenses which pose no
immediate physical threat.” Philadelphia has al-
ready implemented a delayed-arrest policy for
non-violent offenses including theft and drug
crimes, according to the Philadelphia Inquirer.
license for under-enforcement that progres-
sives couldn’t get into law in normal times. Cy-
ber-criminals are already exploiting the situa-
tion with phishing scams, and public disorder
could spread as lockdowns continue, unemploy-
ment surges and economic pressure builds.
Like the virus, crime can appear suddenly
and grow quickly. We know from the history
of broken-windows policing that proactive en-
forcement suppresses crime, and we know
from the crime spike that followed the Fergu-
son, Mo., controversy of 2014 that relaxed en-
forcement can embolden criminals. Even as law
enforcement takes reasonable steps against
the virus, we hope officials remember that the
nation’s response will suffer if private property
isn’t protected and public order isn’t main-
tained.
business model. It assumed that the
young and healthy would buy costly
health insurance to subsidize older
folks’ health needs. Heck, if they can’t
give up a few nights out with friends
to reduce the spread of a deadly virus
to their parents and grandparents,
why would we think they’d buy un-
necessary insurance?
FRED VAN BENNEKOM
Bolton, Mass.
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
letters can be neither acknowledged nor “I was a big fan before you started
returned.
making all that money.”
THE WALL STREET JOURNAL.
We Need Time to Absorb All This
DECLARATIONS
By Peggy Noonan
T
his is a quick piece that
touches on where we are,
where we may be going,
and an attitude for the
journey.
The screenwriter Lawrence Kas-
dan once said the films of Akira Ku-
rosawa were distinguished by this
dynamic: The villain has arrived
while the hero is evolving. That’s
what made his films great, the
sense of an implacable bad guy en-
countering a good guy who is alive,
capable of changing, who is in fact
changing because of and in order to
beat back the bad guy and make
things safe again.
Everyone is thinking
through the reality of the
coronavirus pandemic and
how to rise to the occasion.
The villain is here in the form of
an illness. A lot of the heroes of this
story are evolving every day into
something we’ll look back on months
and years hence and say, “Wow,
LOOK what she did.” “What guts that
guy showed.” People are going to
pull from themselves things they
didn’t know were there.
But now, at this stage in the
drama, most of the heroes are also
busy absorbing. We are all of us ev-
ery day trying to absorb the new re-
ality, give it time to settle into us.
It’s all so big. We are discovering
the illness as we experience it. We
don’t know its secrets, how long it
lasts, how long its incubation,
The History of Pfizer and Penicillin, and Lessons for Coronavirus
By Safi Bahcall
O
ften lost in election-cycle di-
atribes against Big Pharma—
which come from all sides—
is the power of industry to come
together in times of crisis and save
lives.
Stories of battlefield heroism
during World War II are well
known. Lesser known, but relevant
for today’s fight against the novel
coronavirus, is the story of Pfizer’s
Jasper Kane and John McKeen.
Kane and McKeen pioneered the
mass production of penicillin. Their
breakthrough, together with others
made by scientists and engineers at
the nation’s industrial labs, helped
reduce the death rate from diseases
in the U.S. military to 0.6 per 1,000
in World War II from 14.1 per 1,000
in World War I. That 96% reduction
translated into 200,000 lives
spared.
There are lessons for today.
First, calls by political candidates
to make future Covid-19 vaccines
free run contrary to the national
interest. Low prices for vaccines
and anti-infectives have clipped
revenue for startups and led many
to file for bankruptcy. Investment
has plummeted, leaving the U.S. un-
prepared to fight off bad bugs.
In times of crisis, however,
American industry has shown a
willingness to invest, as biopharma-
ceutical companies around the
country are doing today. In the
1930s, Pfizer was a small Brooklyn-
based chemical company known
mostly for making vitamins and the
citric acid used in Coca-Cola. In Oc-
tober 1941, President Franklin D.
Roosevelt convened academic and
industry leaders, including Jasper
Kane, in Washington. Their charge:
Solve the penicillin production
problem.
Alexander Fleming’s discovery
in 1928 that a penicillin mold
killed bacteria lay dormant for a
decade because he couldn’t isolate
the active ingredient and make
enough of it for testing. In 1939 a
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whether you can be reinfected.
As for the economics: As the
month began we had functional full
employment. By the time it ends we
will not, not at all. In the past week
layoffs and let-gos have left state un-
employment claim websites crashing.
This is not “normal job disruption”;
it is a cascade. The Treasury secre-
tary reportedly said unemployment
could hit 20%.
The market gains of the Trump
era have been all but wiped out. In-
vestors are selling gold. From this
ANDREW KELLY/REUTERS
paper’s editorial Thursday: “Ameri-
can commerce is shutting down right
before our eyes with no end in
sight.” Flights are empty, hotel occu-
pancy plummeting.
Where we are is a hard, bad place,
stupid to deny it. Where we’re going
looks to be difficult.
It’s a cliché to say we haven’t ever
had a moment like this (a plague, a
crash), but it’s true. As for New York,
twice in 20 years we’ve been ground
zero, epicenter of a national tragedy.
Will we get through it? Of course.
But it will change things, and change
us, as 9/11 did.
The governmental instinct is
right: stabilize things while every-
one’s absorbing. Whatever is done
will probably be an unholy mess. Do
it anyway and see where we are. In
the long term the best plan—the only
plan—is one that attempts to keep
people in their jobs. Meaning look to
European models on how to help
businesses hold on to their people.
There are a million warnings out
there on a million serious things. We
add one: Everything works—and will
continue to work—as long as we
have electricity. It’s what keeps the
lights on, the oxygen flowing, the in-
formation going. Everything is the
grid, the grid, the grid.
A general attitude for difficult
times? Trust in God first and always.
Talk to him.
Every time America’s in trouble I
remember Adam Smith’s words. He
group led by Howard Florey at Ox-
ford University revived Fleming’s
work with some spectacular evi-
dence: The first person to receive
penicillin, an Oxford policeman
with a serious infection, recovered
in 24 hours. But Florey’s supply
ran out, and the policeman died a
few weeks later.
The U.S. supply was similarly
limited. In March 1942, half the na-
tion’s stock was used to treat a sin-
gle patient suffering from blood
poisoning. Kane and McKeen came
up with the idea of using deep-tank
fermentation to make bulk penicil-
lin, a process they had used for cit-
ric acid.
Working out of an old ice factory
near Pfizer’s offices in the Wil-
liamsburg neighborhood, they built
a commercial-grade manufacturing
plant in four months. A year later,
every Allied soldier who landed on
the beaches of Normandy on D-Day
carried the antibiotic in a penicil-
lin-injection kit. Nearly all of it
came from Pfizer.
The lesson for industry is that
What Victory Looks Like in the Coronavirus War
A telling moment
came on CNBC
Thursday. A host
gently shushed the
learned Jim Grant,
editor of Grant’s
Interest Rate Ob-
BUSINESS
server, saying dis-
WORLD
cussion of trade-
By Holman W.
offs was not
Jenkins, Jr.
encouraged.
On TV, deliver-
ing up unpleasant choices is bad for
the brand. Unfortunately policy dis-
cussion is about trade-offs, espe-
cially in the hardest of circum-
stances. Fortunately, the dam would
break on CNBC a day later, thanks in
part to an editorial in this paper.
In our coronavirus quandary, the
cure may not only be worse than
the disease. The cure is likely no
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Ramin Beheshti, Chief Technology Officer;
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer;
Edward Roussel, Chief Innovation Officer;
Christina Van Tassell, Chief Financial Officer
OPERATING EXECUTIVES:
Kenneth Breen, Commercial;
Jason P. Conti, General Counsel;
Tracy Corrigan, Chief Strategy Officer;
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer;
Nancy McNeill, Corporate Sales;
Thomas San Filippo, Customer Service;
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
Barron’s Group: Almar Latour, Publisher
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
OPINION
A sign of the times in the Brooklyn borough of New York City on Friday.
wrote there’s “a great deal of ruin in
a nation.” Especially a very great and
prosperous one with a brilliant sys-
tem and a creative citizenry.
And see this: We are surrounded
by nobility.
Mike Luckovich had a cartoon this
week of the Marines raising the flag
on Iwo Jima. Only it wasn’t Ma-
rines—it was a doctor, a scientist, a
nurse and a first responder anchor-
ing Old Glory in this rocky soil. It
was hokey and beautiful and true. In
the next few weeks and months
they’ll get us through and we should
thank them every way possible. That
includes everyone who can’t work at
home, the cops and firefighters, the
garbagemen and truckers, the people
who stock the shelves and man the
counters. A nurse told me Thursday
that hospital workers all see them-
selves as sitting ducks for infection,
but no one’s calling in sick. A jour-
nalist friend said maybe this will re-
order things and we’ll start to pay
people according to their real impor-
tance to society.
A personal note. As this is written
I have been sick for two weeks. It
started when I was finishing a column
civic duty comes first, rewards
come second. Based on its success
with penicillin, Pfizer transformed
from manufacturing vitamins to de-
veloping new therapeutic drugs.
That path led to its global expan-
sion and forms the core of its $50
billion business today.
A ‘scientist general’ to
coordinate private and
public efforts can lead
the medical response.
Modern scientists have tools
that were inconceivable years ago.
The novel coronavirus’s DNA was
sequenced within weeks. Companies
are moving at blazing speed to de-
velop new vaccines. Philanthropists
are funding therapeutic accelera-
tors. This is all reason for opti-
mism. Public-private partnerships
have the potential to save lives and
reduce damage to the economy.
cure at all. We might hold off an ex-
pected surge in coronavirus cases
for two or three weeks with the
kind of extraordinarily destructive
economic lockdowns seen in Califor-
nia, New York and elsewhere. But
unless warmer weather is coming to
our rescue, Americans probably
won’t accept the social devastation
that would be inflicted by a five-
month or 18-month campaign of vi-
rus suppression of the sort pro-
moted, variously, by the U.K.’s
Imperial College London, Germany’s
Robert Koch Institute and other
public-health think tanks.
Mandatory social distancing
might well break down. (Look for
speakeasies to re-emerge in New
York and other shut-in cities.) The
government might well face a
choice of coercion or seeing its au-
thority collapse. I’m not being
alarmist.
This is a lesson the World
Health Organization’s Bruce Ayl-
ward brought back from Wuhan.
People with flulike symptoms had
to be isolated in dormitories, hos-
pitals and stadiums. Asking them
to self-isolate voluntarily didn’t
work. “After a couple of days peo-
ple get bored, go out for a walk
and go shopping and get other
people infected.”
And he was talking about people
who knew they were sick. We would
be asking apparently healthy Ameri-
cans to surrender much of what
makes life interesting and meaning-
ful for an indefinite period.
Bad decision making, as shown in
research, often begins with reduc-
ing a complex problem to the single
variable with the biggest emotional
wallop. That’s what’s happening
here. All of us sense the oppro-
brium and disgrace that would de-
Saturday/Sunday, March 21 - 22, 2020 | A15
on Rep. Jim Clyburn—I got a chill and
noticed the notepad on my knee was
warm. The next night more chills,
took my temperature: 101.
It may be a poorly timed ordinary
virus, one of the dozen floating out
there in America on any given day, or
it may be the more interesting one.
But everything you’ve heard about
the difficulty of getting a test is true.
“There are none,” said my doctor. If
he sent me to the emergency room, I
wouldn’t meet their criteria. You can
have every symptom, but if you an-
swer no to two questions, you won’t
be tested. The questions are: Have
you traveled internationally? Have
you recently been in contact with
someone who tested positive?
My doctor instructed me to go
home, self-quarantine, rest, report
back. A week in, the fever spiked up,
the headaches were joined by a
cough and sore throat, and I called
the local government number, where
they couldn’t connect me to anyone
who could help.
Everyone I dealt with was com-
passionate and overwhelmed. On
day 12 my doctor got word of test-
ing available at an urgent-care
What’s missing? A strong scien-
tific leader in Washington who can
clear the hurdles scientists and
companies will face in developing
a Covid-19 treatment or vaccine.
That effort must be spearheaded
by a person—a “scientist gen-
eral”—who is respected by both
academia and industry and experi-
enced in working with, rather than
against, Washington.
There’s a precedent. In June
1940, the former dean of engineer-
ing at the Massachusetts Institute
of Technology talked his way into a
meeting with President Roosevelt.
It took FDR only 10 minutes to de-
cide to give Vannevar Bush the au-
thority to unite scientists from in-
dustry, academia and federal
agencies in a singular push to pre-
pare the nation for war. The re-
sults: microwave radar, jet-powered
aircraft, long-range radio naviga-
tion (forerunner of the Global Posi-
tioning System), blood-plasma
transfusion, the antimalarial drug
chloroquine and penicillin. Bush
brought together Pfizer, Howard
scend on our elites if Italy-like
scenes of a health-care system
meltdown played out on our TVs.
But we may get the bad result any-
way and worse if we overtax the
willingness of Americans to isolate
themselves indefinitely.
We also may be underestimating
their ability to adopt effective vol-
untary distancing even as they pro-
ceed with their economic lives. Each
of us knows our own situation in a
way no top-down directive can. This
is a virtue to leverage.
We can try to stop time
until a vaccine is ready,
but the result might be
identical to defeat.
I respect those experts who say
we should suppress the virus until a
vaccine arrives in 18 months or two
years even at the cost of a global
depression. Their job is to save
lives, while the larger trade-offs are
the province of voters and elected
officials.
When experts predict that 70% of
people will get the virus, they are
estimating at what point the virus
no longer finds enough uninfected
people to sustain its transmission in
a world where behavioral change is
not restricting its access to fresh
hosts.
The epidemic stops. People who
aren’t yet infected but susceptible
are spared (at least this time). We
can make this work for us. We want
three curves: a flattened curve for
the elderly, a steeper one for the
young, and a third curve showing
the virus’s infectivity being reduced
storefront on First Avenue. When I
called I was connected to a woman
in Long Island. She asked for my
symptoms. Then: Have you traveled
internationally? Have you had re-
cent contact with anyone who’s in-
fected? No and no. She said, “It’s
OK, I’m sure they’ll accept you.” I
could hear her click “send.” She
paused and said, “I’m so sorry, you
don’t meet the criteria.” By now we
had made friends, and she was dis-
appointed for me.
I said, “Let’s think together.
Twelve days sick, almost all the
symptoms, part of an endangered de-
mographic.” Silence. Then a brain-
storm. At this point I have known a
person who’s tested positive; I saw
him a while back; no one has defined
“recently” because no one knows the
incubation period.
I said: Can we do the interview
again? She said, “Let’s go.”
She went down the list of ques-
tions, and when she said, “Have you
recently had contact . . .,” I said, “I
believe I can say yes.”
She said, “All right.” Silence as I
listened to her tap the keys. “You
meet the criteria,” she said, with the
sweetest excitement.
And so Tuesday night I made my
way (mask, gloves) to the urgent-
care storefront, where I was tested
by a garrulous physician’s assistant
who said his office, or New York
health authorities, or the Centers for
Disease Control and Prevention, will
get back to me with results in three
to seven days. (Yikes.)
At this point I suppose it’s aca-
demic. If it’s positive, they’ll tell me
to continue what I’m doing. But if
hospitalized it would save time—pre-
sumably I wouldn’t have to be tested
again. Also it would be nice to think
I wasn’t just home sick, I was home
developing fighting Irish antibodies
spoiling for a fight.
I just want to get out and help in
some way. Isn’t that what you feel?
We all just want to pitch in.
Florey and ultimately more than
300 labs and 6,000 scientists to
win a race against time with mil-
lions of lives at stake.
A handful of scientific leaders
today seem to have been born to
play a similar role. Biologist Eric
Lander is a mathematician and ge-
neticist who is president of the
Broad Institute of MIT and former
co-chairman of the President’s
Council of Science Advisers under
President Obama. Sue Hellman is a
former head of research at Genen-
tech and president of the Gates
Foundation. Either would do justice
to Vannevar Bush’s legacy.
Whomever the president ap-
points, the need for a strong scien-
tist general is urgent. The clock is
ticking, and millions of lives are
again at stake.
Mr. Bahcall is a physicist, a for-
mer biotech CEO and author of
“Loonshots: How to Nurture the
Crazy Ideas That Win Wars, Cure
Diseases, and Transform Indus-
tries.”
by isolating those who test positive
and by encouraging everybody else
to take care with their sneezes,
hand-washing, etc.
Inconveniently for my argument,
the U.K., a pioneer of such thinking,
is now shifting to an accept-a-de-
pression-and-wait-for-a-vaccine ap-
proach. The medical experts and
their priorities are hard to resist.
Resisting their wisdom doesn’t come
naturally in such a situation.
Happily, I have confidence in the
American people to let their leaders
know when the mandatory shut-
downs no longer are doing it for
them. Strange to say, I have confi-
dence in our political class to sense
where the social fulcrum lies. A
reader emails that Donald Trump
could declare victory at the end of
15 days, say the blow on the health-
care system has been cushioned,
and urge Americans, super-
cautiously, to resume normal life.
This idea sounds better than wait-
ing for spontaneous mass defections
from the ambitions of the epidemi-
ologists to undermine the authority
of the government.
Because—make no mistake—
there are things worse than the cor-
onavirus. You think our politics are
irrational now? You haven’t seen
anything. The 1918 flu was far
worse medically than what we’re
about to experience, slaughtering
even young people with strong im-
mune systems. Yet we can end up a
far more damaged society as a re-
sult of the 2020 coronavirus. The
America of 1918 won a world war
and launched technological and
commercial revolutions that created
the modern world. We may not be
saying anything as flattering about
the America of 2020 if we handle
this badly.
A16 | Saturday/Sunday, March 21 - 22, 2020 * ***** THE WALL STREET JOURNAL.

SPORTS
Tom Brady Mookie Betts is 102 days
shy of free agency, but
what happens if there is a
shortened season?
Is Officially
On the Bucs
BY ANDREW BEATON
TOM BRADY IS OFFICIALLY
the quarterback of the Tampa
Bay Buccaneers. And after ev-
eryone moves on from ponder-
ing what he might look like in
their creamsicle throwback uni-
forms, there’s one question that
will define this move: Can Brady
take this franchise to the Super
Bowl?
It’s bizarre for any NFL fan to
think about Brady anywhere but
the New England Patriots. He
won six Super Bowls there and
became as much part of the re-
gion’s history as angrily dump-
ing tea in a harbor. And now
one of the NFL’s least successful
franchises in recent history is
hoping he has just a little more
in the tank to turn them around.
In Brady, Tampa Bay found a
short-term solution: He will be
43 by the start of next season,
and there’s reason to believe
Brady’s performance has cra-
tered. His 6.6 yards per pass at-
tempt in 2019 were 27th out of

Shutdown Impacts Free Agency

32 qualified quarterbacks. His
numbers have dropped for three
consecutive years, and the one
player who has boasted about
outracing time may finally be
losing that right.
“If there is one thing I have MLB and the union are discussing how to handle labor-related issues amid the current crisis
learned about football, it’s that
nobody cares what you did last
year or the year before that,” BY JARED DIAMOND AND LAINE HIGGINS definitely postponed. MLB used the players can still accrue a full year of do have to miss time, there is a

W
Brady wrote on Instagram. term “national emergency” in its service. “force majeure” clause in their CBA
But in Tampa Bay, Brady will ith American sports statement announcing the initial de- Take Mookie Betts, the 27-year- that covers unforeseen circum-
have arguably the best wide re- shut down because lay, wording that didn’t go unnoticed old superstar outfielder who was re- stances like epidemics, and it stipu-
ceiver duo in the entire NFL— of the coronavirus by MLBPA officials. cently traded from the Boston Red lates that salaries would be cut by a
Chris Godwin and Mike Evans— pandemic, profes- The league and union are cur- Sox to the Los Angeles Dodgers. He’s small percentage for each game
to throw to and a tight end in sional athletes are rently engaged in negotiations about 102 days shy of free agency, meaning missed.
O.J. Howard, who poses asking the same question currently how to handle a litany of labor-re- he is supposed to hit the open mar- In hockey, the financial effects of
matchup nightmares for de- sweeping through group texts and lated issues stemming from the cur- ket ahead of the 2021 season. If he the coronavirus outbreak largely de-
fenses. employee Slack channels nationwide: rent crisis, according to several peo- has to wait an additional year, he’d pend on whether the playoffs hap-
This is precisely what Brady When am I going to get paid? ple familiar with the matter. be looking for a new deal head- pen. Approximately 70% of the NHL’s
lacked during his final year in The answer is a complicated puz- These people say that one ing into his age-29 season revenue comes from ticket sales,
New England when his numbers zle of labor relations, forcing leagues outcome could be MLB instead of age-28—only a with much of that coming from the

172
sagged. Tampa Bay is also led and their players’ unions to parse floating the union a year difference, but six-week playoffs when nearly every
by an offensive-minded coach, through never-before-considered lan- lump-sum advance to enough to have an im- game sells out.
Bruce Arians and an up-and- guage buried in the depths of their be distributed pact on his earnings. According to the current collective
Number of calendar
coming offensive coordinator, collective bargaining agreements. among players on If the worst-case bargaining agreement, owners and
days on a major-league
Byron Leftwich, who’s a former These are unprecedented times, and teams’ 40-man ros- scenario came to players evenly split all “hockey-re-
NFL quarterback. It’s the type of until a week ago, the idea of sports ters. Once the season roster for a player pass, and there was lated revenue,” and any imbalance
place any quarterback would going away completely was unfath- starts, salaries could to earn one year of no 2020 season at all, accrued by the players is put into es-
dream of going. There’s an elite omable. be paid on a prorated service time the situation would be- crow. The current rate of escrow is
defense already in place. There For a variety of reasons, Major basis. (A person familiar come even more heated. about 14%, a percentage that could
are premier offensive weapons. League Baseball faces the most com- with the matter said MLB MLB would almost cer- dramatically increase if the playoffs
The biggest question isn’t plex situation—and the possibility of also intends to devise a plan tainly argue that players should were to be canceled.
about Tampa Bay. It’s how much an unexpected labor battle before to advance money to minor-leaguers, accrue no service time. That would In both basketball and hockey, the
Brady has left. what was already looking like a con- who aren’t represented by a union, push free agency and salary arbitra- ramifications of all this will likely ex-
RICK SCUTERI/REUTERS, ELISE AMENDOLA/ASSOCIATED PRESS

tentious CBA negotiation after 2021.
Unlike the NBA and NHL, baseball
has no salary cap, nor is player com-
pensation tied in any way to overall
league revenues. Under virtually ev-
ery previously conceived circum-
stance, MLB contracts are fully guar-
anteed.
Section 11 of baseball’s uniform
player’s contract gives commissioner
Rob Manfred the right to “suspend
the operation” of deals “during any
national emergency during which
Major League Baseball is not played.”
Opening day, which was previously
scheduled for March 26, has been in-
during the hiatus, once a deal is
struck with the MLBPA.)
But salary is the easy part. The
most contentious point of the discus-
sions, according to the people famil-
iar, is the issue of service time—a
strange construct that doesn’t exist
in any other sport. In baseball, play-
ers are bound to their teams until
they accrue six years of service time,
at which point they become a free
agent. The CBA dictates that 172 cal-
endar days on the major-league ros-
ter constitutes one year of service.
The union wants to ensure that in
the event of a shortened season,
tion back for every player until they
are all one year older.
Other sports that happened to be
in season when the virus came to the
U.S. have their own labor issues.
The NBA was about a month away
from the playoffs, with roughly 18
games left in the regular season,
when the league was abruptly sus-
pended last week. NBA commissioner
Adam Silver has left open the possi-
bility the rest of the season will be
canceled, but the league and its play-
ers’ union are holding out hope that
they can resume it at an unknown
date months from now. But if they
tend far beyond just this year. The
NBA and NHL salary caps are deter-
mined based on revenues from the
previous year.
NHL Players’ Association execu-
tive director Don Fehr said discus-
sions about how the league might
cope with a lower salary cap are not
taking priority in his daily discus-
sions with NHL commissioner Gary
Bettman.
“This isn’t a labor relations prob-
lem,” Fehr said. “This is a pandemic
problem.”
—Ben Cohen
contributed to this article.

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Pressure Builds to Delay Olympics
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40s 70s Ice Tokyo Games, which are the former head of the Cen- their safety, and the neces-
scheduled to start July 24. ters for Disease Control and sity of a fair platform for
U.S. Forecasts City Hi
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the most powerful national to The Wall Street Journal. Earlier Friday, USOPC of-
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medals at Rio 2016—more and II, he added, “and now IOC on the status of the
Atlanta 74 53 c 63 55 r Portland, Maine 45 20 s 38 26 s Jakarta 88 76 t 87 76 t than three times the total of the world is engaged in a Games.
Austin 60 55 t 75 63 c Portland, Ore. 61 39 pc 64 43 pc Jerusalem 49 42 sh 55 42 pc second-place Australia. global war against a com- “The decision about the
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The letter, earlier re- mon enemy. Let’s postpone Games themselves does not
Boston 46 25 s 37 30 s Salt Lake City 55 38 sh 58 40 pc Madrid 56 45 r 58 43 r ported by USA Today, came the 2020 Olympics, provid- lie directly with us,” said Ly-
Burlington 36 16 s 36 24 s San Francisco 65 51 pc 64 53 r Manila 93 78 s 93 78 s as pressure to postpone the ing time for the Olympic ons. She said the organiza-
Charlotte 77 48 c 58 46 r Santa Fe 57 30 c 59 34 pc Melbourne 67 53 c 65 52 pc
Chicago 36 29 pc 42 33 sn Seattle 59 39 s 57 43 pc Mexico City 78 54 pc 81 53 pc
Olympics also increased community and the world to tion wants to give the IOC
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78 71 pc air travel and the lack of global solidarity.” the Games can go on as
Houston 63 63 t 79 70 t Today Tomorrow Riyadh 83 61 pc 73 50 pc clarity over whether com- In a statement, USOPC planned. “At this point in
Indianapolis 42 28 s 44 35 pc City Hi Lo W Hi Lo W Rome 64 46 c 64 45 c petitors and staff could be CEO Sarah Hirshland and time we do not feel it is nec-
Kansas City 48 35 pc 45 33 sh Amsterdam 48 31 pc 46 30 s San Juan 82 73 sh 83 73 sh
Las Vegas 65 50 pc 68 52 pc Athens 68 52 s 64 52 c Seoul 64 40 sh 61 37 s adequately protected from Susanne Lyons, the chair- essary for us to insist that
Little Rock 58 41 pc 55 48 sh Baghdad 72 49 sh 64 49 pc Shanghai 79 62 pc 68 51 c infection, even if spectators woman of the committee’s they make a decision.”
Los Angeles 66 51 pc 66 53 pc Bangkok 94 79 pc 96 79 pc Singapore 90 78 t 89 79 t are barred. board of directors, said they Lyons and Hirshland de-
Miami 85 72 s 85 73 pc Beijing 68 36 s 72 43 s Sydney 73 64 pc 79 64 pc
Milwaukee 34 28 pc 40 32 pc Berlin 44 28 pc 42 25 s Taipei City 85 68 pc 88 70 pc “It’s becoming clear that were making concerns clined to detail possible con-
Minneapolis 39 30 s 45 34 c Brussels 48 32 pc 47 30 s Tokyo 69 50 s 69 45 c the pandemic will be ongo- known to the IOC about the tingency plans for the
Nashville 54 39 pc 58 50 r Buenos Aires 78 66 s 78 67 s Toronto 34 20 pc 35 31 pc ing in July. We simply don’t impact of the pandemic on Games or to name a date by
New Orleans 78 70 t 85 71 c Dubai 88 73 t 88 69 t Vancouver 52 36 pc 52 40 c
New York City 50 32 s 46 35 s Dublin 47 37 c 47 34 pc Warsaw 43 24 pc 37 23 sf know what the situation will training. which a decision must be
Oklahoma City 56 44 pc 66 46 c Edinburgh 49 30 pc 50 31 pc Zurich 52 35 r 45 25 pc be in Tokyo, let alone the They said the USOPC made.
 BUSINESS | FINANCE
DJIA 19173.98 g 913.21 4.5%
|
Faulty Memory
Someday, we’ll
all look back on
this and lie B2

TECHNOLOGY | MANAGEMENT
NASDAQ 6879.52 g 3.8%
EXCHANGE
STOXX 600 293.04 À 1.8%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 1 26/32 , yield 0.932%
* * * *

OIL $22.43 g $2.79

Alone Time
How Americans
passed the hours
this past week B5

Saturday/Sunday, March 21 - 22, 2020 | B1

GOLD $1,484.00 À $5.40 EURO $1.0697 YEN 110.82
DUSTIN CHAMBERS FOR THE WALL STREET JOURNAL

Table 20, a restaurant outside Atlanta, is only serving takeout now. Its owners have been forced to lay off all but two of their employees and have sharply reduced their own salaries.

A
llie and Chris Lyons, the owners scores of other clients.

Chain
of a popular farm-to-table restau- Confirmed infections in the U.S. surged past
rant called Table 20 in Carters- 15,000 this week, bringing alarm to both Wall
ville, Ga., have done the math. In Street and Main Street. As hospitals scramble to
two weeks, they expect to have handle patients, most everything else is shutting
just $6,000 in cash, after cover- down. Airlines have canceled thousands of
ing payroll, insurance and rent. flights. Schools are closed. Malls and auto facto-
The first coronavirus infections in the ries are dark. Professional sports are suspended.
Cartersville area were confirmed on March 11. The crisis from the economic slowdown is

Reaction
Amid calls for social distancing and with
sales plummeting, the couple on Monday laid
off all but two of their dozen employees.
They have asked their landlord and lenders
for relief. They have canceled orders on ev-
erything from linens to liquor.
Each of those decisions may be felt far be-
yond Cartersville, a working-class community
of 21,000 an hour outside Atlanta, and helps
show how the troubles of one small business
can ripple through the U.S. economy as the vi-
rus brings commerce and capital to a halt.
Laid-off waitress Casey Brazell is putting
out to a hydroponic farmer, a tablecloth supplier,
off her dream to buy a new house. A family
farm where Table 20 buys most of its greens
is left without orders. The restaurant’s bank is
losing revenue as it gives breaks to dozens of
businesses. Its credit-card processor in Ari-
zona has frozen its hiring. A tech company in
San Francisco is waiving fees for Table 20 and
most acute for the smallest businesses, which
tend to operate on thinner profit margins and
with smaller cash reserves. They employ
about 60 million Americans, or nearly half the
private workforce.
With fewer dollars coming in, small busi-
nesses have hard decisions to make about
whether to pay rent, workers or bills from
When Table 20 closed its dining room their supply chain, said William Dunkelberg,
chief economist for the National Federation of
in Cartersville, Ga., this week, the pain radiated Independent Business. “Somebody is going to
get the short end of it,” he said. “That will
work its way back through the economy.”
a liquor distributor, a credit-card processor, Unlike some states, Georgia hasn’t ordered
restaurants closed but Gov. Brian Kemp has
a banker and countless others. encouraged residents to order takeout or use
the drive-through option to get food and limit
public gatherings to no more than 10 people.
When the Lyonses opened Table 20 in Cart-
BY RUTH SIMON Please turn to page B6

Stocks Finish Worst Businesses

Week Since 2008
Dow, S&P lost 4%, with
cumulative declines of
at least 14% for week;
oil sinks 11% to $22.43
U.S. stocks fell Friday as fresh
Plead to Be
Deemed
an unprecedented level, in next
Thursday’s report on the U.S. mar-
ket, according to Goldman Sachs.
‘Essential’
The bank also said Friday that it
BY BOB TITA
expects U.S. growth to contract 24%
in the second quarter, far outpacing AND AUSTEN HUFFORD
the largest drop in gross domestic
product on record in the first quar- From steelmakers to arts-and-
ter of 1958, when the economy con- crafts retailers, companies across the
ZUMA PRESS

measures to contain the coronavirus
pandemic spooked investors, cap-
ping off the worst week for the Dow
Jones Industrial Average and S&P
500 since October 2008.
Major indexes opened higher but
pulled back after New York Gov. An-
drew Cuomo ordered the state’s
tracted 10%.
The blue-chip index dropped
913.21 points, or 4.5%, to close Fri-
day at 19173.98 and had been up
2.2% at its high point for the day.
The S&P 500 fell 104.47 points, or
4.3%, to 2304.92. The tech-heavy
U.S. are arguing that their operations
are essential, raising questions over
how to preserve as much economic
During the 1918 Spanish flu, which killed 675,000 in the U.S., the activity as possible while working to
federal government did little to help. The economic impact was mild. contain the coronavirus.
Requests from companies to stay
open—for the sake of their workers’

By Alexander Osipovich,
Joe Wallace
and Chong Koh Ping
workforce to stay home. California
and Illinois have issued similar
edicts. Stocks sank further after the
Trump administration said U.S. bor-
ders with Mexico and Canada would
be closed to nonessential travel.
The Dow industrials and S&P 500
lost more than 4%, closing near ses-
sion lows and extending their de-
clines for the week to at least 14%.
The whipsaw moves in markets over
the past month have rattled inves-
tors who even fled traditionally safe
assets like U.S. government bonds
and gold in recent days.
“Unlike in 2008, there’s no place
to hide,” said Scott Martin, chief in-
vestment officer of Kingsview
Wealth Management. “Nobody wants
to own anything except cash.”
The disruption caused by the out-
break in the U.S. and elsewhere is
starting to become apparent: State-
level information suggests jobless
claims could hit more than 2 million,
Nasdaq Composite dropped 271.06
points, or 3.8%, to 6879.52.
All three indexes are down about
30% from their mid-February re-
cords.
The yield on the 10-year U.S.
Treasury note fell back below 1% as
investors sought the safety of gov-
ernment bonds. The yield settled at
0.932%, down from 1.121% Thursday.
Yields move in the opposite direc-
tion from prices. Earlier in the week,
stocks and bonds had tumbled si-
multaneously in a rare lockstep
move.
U.S. oil prices also slid, falling 11%
to $22.43 a barrel to extend their
declines for the week to 29%. Wor-
ries about a price war among the
world’s biggest oil producers and
signs of slowing demand have
sparked the steep fall.
Lawmakers in Washington are
working on a huge stimulus package
to ease the blow from the pandemic;
it encompasses aid to businesses
and individuals and could top $1 tril-
lion. The Federal Reserve has also
taken aggressive steps to ease mar-
ket strains. It has offered to tempo-
Please turn to page B11
The Trade-Off Between
Economy and Health
This isn’t the first time we’ve struggled to
strike the balance. Lessons from past crises.
BY GREG IP, DANNY DOUGHERTY
AND ANTHONY DEBARROS
The coronavirus has un-
leashed a massive economic
shock on the U.S. and the world.
It began with disruptions to
supply chains and restrictions
on travel and is now rapidly ex-
panding via spontaneous and
government-imposed “social dis-
tancing” measures such as clos-
ing schools and confining re-
gional populations to their
homes. Entire industries are
shutting down. It is “a sudden
stop to the global economy,”
said Mohamed El-Erian, an ad-
viser to German insurer Allianz.
There is no clear historical
precedent for the scale and na-
ture of this shock. Some econo-
mists see U.S. output falling by
more in the coming quarter
than in the worst quarter of the
2008-09 recession. Nonethe-
less, previous episodes of pan-
demics, disasters and crises of-
fer clues about what to expect,
how policy makers make mat-
ters better or worse and the
likely long-term consequences.
Please turn to page B4
livelihood and the public good—have
continued as more of the country
and many workers retreat to their
homes as the pandemic gains pace.
New York Gov. Andrew Cuomo on
Friday ordered all nonessential busi-
nesses in the state to close as of Sun-
day evening and said residents
should stay home. Illinois Gov. J.B.
Pritzker issued a similar order. Cali-
fornia on Thursday extended a re-
gional lockdown to the state’s entire
population of 40 million. Pennsylva-
nia Gov. Tom Wolf ordered all “non-
life-sustaining” businesses in that
state to close.
The Trump administration on
Thursday identified 16 industries as
critical to the national response to
the pandemic. The Department of
Homeland Security recommended
that states maintain “critical” manu-
facturing operations as well as pro-
duction of food and agriculture. The
agency mentioned sectors including
defense, transportation and energy in
the shutdown-exemption guidelines.
The orders in California and some
other states exempt defense compa-
nies, but some executives said some
Please turn to page B2
 B2 | Saturday/Sunday, March 21 - 22, 2020
COMCAST CORP.
 Theater closures aren’t stop-
ping Universal Pictures from
CMCSA showing
its movies. The film
studio, owned by Comcast,
8.4% said Monday that recently
released films like “The In-
visible Man” and “Emma” will be avail-
able for digital rental for $19.99 in the
U.S. Paying the rental fee will allow cus-
tomers 48 hours to watch the movie.
The move is a massive change from
Hollywood’s long-established business
model that could upend the industry if
other studios follow suit. The decision
comes amid closures of movie theaters
as the coronavirus pandemic spreads.
Comcast shares fell 8.4% Monday.
BOEING CO.
 Boeing workers are bracing
for possible cuts as a cash
BA drain ravages their company.
The Wall Street Journal re-
4.1% ported Thursday that Boe-
ing is considering a dividend
reduction and laying off workers at its
jetliner plants. The coronavirus-driven
collapse in passenger traffic has
forced airlines to park hundreds of
planes and left them unwilling to
make orders for new ones. Earlier in
the week, Boeing said it was seeking
at least $60 billion to aid the U.S.
aerospace industry, asking for support
from private and public sources. Boe-
ing shares fell 4.1% Thursday.
ALEX NABAUM
We’ll All Look Back at This and Lie
Your memory of the crash of 2020 won’t be a recollection. It will be a reconstruction—an imperfect one.
It’s springtime in
the year 2030. You’re
looking back at the
crash of 2020, the
devastation it dealt
your portfolio and
how you behaved as
an investor.
What will you say?
If human nature is any guide—
and, let’s face it, it is—your ac-
counts of what happened will be-
gin with such words and phrases
as “Clearly…” or “It was obvious to
me that…” or “Everybody knew
that…”
In the future, your memory of
the crash of 2020 won’t be a recol-
lection. It will be a reconstruction,
built partly from what is happen-
ing now and largely from what you
learn later about what hasn’t hap-
pened yet.
I’m describing hindsight bias—
the belief, after something hap-
pens, that we foresaw that it
would occur.
That intuition keeps you from
learning from mistakes, leads you
to pay too much attention to unre-
liable forecasts and makes you
mismeasure your tolerance for
risk.
Fortunately, you can work
around it.
Some commentators have ar-
gued that the coronavirus panic is
nothing like the financial crisis of
2008 and 2009 because, unlike to-
day, policy makers knew exactly
what they were doing back then.
That’s nonsense. Monetary and po-
litical leaders navigated that time
not with foresight but with a jury-
rigged blend of bluffing, analysis,
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF AUTO MAKERS THIS PAST WEEK
Source: FactSet
0%
–5
–10
–15
–20
–25
–30
–35
–40
Mon. Tues. Wed.
FORD MOTOR CO.
 Detroit’s auto makers are temporarily shutting
down factories in the U.S., Mexico and Canada to
F limit the spread of the new coronavirus. Ford, Gen-
10% eral Motors Co., and Fiat Chrysler Automobiles NV
came to the decision Wednesday after discussions
with union leaders. The companies are required to provide
affected employees with extra pay to supplement unem-
ployment benefits. Ford shares fell 10% Wednesday.
THE INTELLIGENT INVESTOR | JASON ZWEIG
tinkering, bickering, guesswork
and luck.
Don’t let yourself be fooled into
believing it’s unusual that nobody
knows what’s going on right now.
The past makes sense only in ret-
rospect, after our minds burnish it
to our liking. The present almost
always defies our efforts to make
sense of it.
In a classic experiment in 1972,
researchers asked people to esti-
mate the likelihood that various
positive and negative outcomes
might result from President
Nixon’s upcoming trips to China
and Russia that year. We now call
those visits “historic” because
they thawed decades of hostility
between the U.S. and the commu-
nist powers. In advance, no one
knew whether the trips would ac-
complish anything.
About two weeks after Nixon’s
visits, 71% of people recalled put-
ting better odds on his success
than they had at the time. Four
months on, 81% remembered being
more sure Nixon would succeed
than they had said beforehand.
In short, learning what did hap-
pen impedes you from retrieving
what you thought would happen.
Children as young as the age of
3, asked what’s in a candy box, will
say “candy.” Show them it contains
pencils instead, then ask what they
had thought would be inside—they
will say “pencils.”
One week after the verdict in
the 1995 murder trial of O.J. Simp-
son, 58% of people in a study re-
called predicting he would be
found not guilty; a year afterward,
68% remembered saying he would
THE SCORE
Ford
Motor
General
Motors
Fiat
Chrysler
Automobiles
Thurs. Fri.
be acquitted. In fact, only 48% of
them had said so before the ver-
dict. Likewise, people distorted the
odds they’d placed in advance that
President Clinton would be con-
victed in his 1999 impeachment
trial.
In 2002, psychologists asked
nearly 1,000 Americans to recall
how likely they had expected ter-
rorism-related incidents—and
other risky events—to be in the
immediate aftermath of Sept. 11,
2001. After a year in which fears
had mostly subsided, they remem-
bered being much less pessimistic
than they had been at the time.
Looking honestly at the
past is how you can form
realistic expectations of
the future.
So that pundit predicting doom
on financial television right now
will get to say “I told you so” if
the economy collapses. But if
things improve, he—and his audi-
ence—will end up remembering
his forecast as sunnier than it was.
“We’re biased to see ourselves
in a positive light,” says Deborah
Small, a psychologist at the Whar-
ton School at the University of
Pennsylvania. “We want to believe
that we’re rational and smart.
We’ll recall our past actions as
more sensible than they were. We
also give ourselves too much credit
and don’t remember our mistakes
as well as we do our successes.”
* ***
GENERAL MILLS INC.
 U.S. consumers are stocking
up on food to ride out the
GIS pandemic,
meaning more de-
mand for Cheerios cereal, Yo-
3.2% plait yogurt and Progresso
soup. The company that
makes those products said Wednesday
that retailers have started buying more
and its factories are running at near ca-
pacity to keep up. Over the past week
people have started stocking up on es-
sentially all foods, not just staples like
soup and flour, Chief Executive Jeff Har-
mening said. General Mills said it has
contingency plans to keep factories run-
ning if workers stay home. General Mills
shares fell 3.2% Wednesday.
MARRIOTT INTERNATIONAL
INC.
 The world’s largest hotel
company is starting to fur-
MAR lough workers as economic
damage from the coronavi-
13% rus pandemic mounts. Mar-
riott said Tuesday that the
company expects to temporarily lay off
tens of thousands of employees as it
ramps up hotel closings around the
world. The employees at these proper-
ties won’t be paid while on furlough
but the majority will continue to re-
ceive health-care benefits. Marriott is
also trimming staff through furloughs
at properties that are still operating.
Marriott shares fell 13% Tuesday.
Sure enough, investors looking
back on their own decisions often
recall more gains and fewer losses
than they racked up in reality.
To combat hindsight bias, tune
out economic and financial fore-
casters who don’t share complete
track records of their predictions.
(If that leaves you with no one to
listen to, well, them’s the breaks.)
Next, track your own forecasts.
If, as I have often urged, you kept
an investment diary during the fi-
nancial crisis, go back and read it.
How accurately did you predict
how far stocks would drop and
how long they would take to re-
cover? If you were wrong about
the past, how likely are you to be
right about the present and the fu-
ture?
Finally, take what psychologist
Daniel Kahneman calls “the out-
side view.” Rather than try to fig-
ure out exactly how bad this crisis
will be, look at the broader set of
historical precedents.
Since 1929, the S&P 500 has
suffered 14 bear markets, defined
by S&P Dow Jones Indices as
losses of at least 20%. The short-
est and shallowest was the 20%
drop that lasted less than three
months in late 1990. The deepest
was the 86.2% collapse from Sep-
tember 1929 to June 1932; the lon-
gest, the 60% plunge from March
1937 to April 1942. On average,
bear markets lasted 19 months and
dealt a 39% loss.
Staring the past honestly in the
face, rather than letting your
memory play tricks on you, is the
best way to form realistic expecta-
tions of the future.
THE WALL STREET JOURNAL.
AMAZON.COM INC.
 Amazon.com is going on a
hiring spree as millions turn
AMZN towayonline
deliveries as a
of limiting the spread
7% of the new coronavirus. The
tech giant plans to hire an
additional 100,000 employees in loca-
tions across the U.S. and is raising
pay for all employees in fulfillment
centers, transportation, stores and de-
liveries in the U.S. and Canada by $2
an hour. The decision shows the dual
challenge Amazon and its peers face
as they try to meet surging demand
and also take care of employees at
the front lines of the pandemic. Ama-
zon shares gained 7% Tuesday.
ALTRIA GROUP INC.
 Altria’s CEO has contracted
the coronavirus illness, be-
MO coming one of the first lead-
ers of a major U.S. company
7.6% to be hit by the fast-spread-
ing outbreak. Howard Willard,
the tobacco giant’s chairman and chief
executive officer, is taking a temporary
medical leave of absence and Finance
Chief Billy Gifford will assume his re-
sponsibilities. Altria also announced a
two-week suspension of operations at
the Richmond, Va., manufacturing center
where it makes Marlboros after two
employees tested positive for the virus.
Altria shares fell 7.6% Friday.
—Francesca Fontana
Businesses
Plead to Be
‘Essential’
Continued from page B1
of their smaller suppliers are be-
ing affected because local offi-
cials aren’t following federal
guidance. Defense companies also
have called on the Pentagon to re-
lax contractual requirements that,
for example, halt funding if a fac-
tory has to close for a period be-
cause of local travel restrictions.
Thomas Gibson, president of
the American Iron and Steel Insti-
tute, a trade group, welcomed the
federal designation for metal
makers. “Now, it is important
that the states follow this federal
lead,” he said.
The Pennsylvania order ex-
cluded companies including
United States Steel Corp. and
other metal manufacturers with
plants that are difficult to quickly
idle. The Pennsylvania Manufac-
turers’ Association on Friday
urged the governor to widen
those exemptions.
“This is going to badly disrupt
all of our production,” said David
N. Taylor, the association’s presi-
dent. Even some manufacturers al-
lowed to stay open, the association
said, face a shortage of supplies
from companies ordered to close.
The National Association of
Manufacturers this week asked
governors and mayors to desig-
nate every U.S. manufacturer as
“essential infrastructure.”
Edward Kangeter, chief execu-
tive of scrap metal recycler CASS
Inc., said Friday that he would
continue to operate his Oakland-
based collection-and-processing
business under the California’s al-
lowance for suppliers to steel-
and-aluminum producers.
“If you don’t have recycling
like ours, that would be an envi-
ronmental catastrophe,” Mr.
Kangeter said.
Retailers from Abercrombie &
Fitch Co. to Nike Inc., have closed
thousands of stores this month.
Some retailers beyond the gro-
cery business have also asked of-
ficials for clearer national guid-
ance on whether their stores can
remain open.
Arts-and-crafts retailer Mi-
chaels Cos. said in a memo to em-
ployees Thursday that its stores
would remain open because it
sells to teachers giving lessons
virtually and people stuck at home
and looking for distractions.
More than 5,000 people have
signed a petition calling for its
stores to close, however.
“That doesn’t seem to me to
be an essential service,” said one
hourly employee at a Michaels
store in Ohio. “You can still order
stuff off of Amazon.”
Michaels didn’t respond to a
request to comment.
The Trump administration’s
guidelines for essential business
included automotive-repair-and-
maintenance facilities.
“We have to make sure that we
can continue to provide Ameri-
cans with the ability to move
from place to place,” said John
Bozzella, president of the Alliance
for Automotive Innovation, an in-
dustry association.
Newspapers have pushed to
have their operations deemed es-
sential as well.
THE WALL STREET JOURNAL.
PG&E’s
Chapter 11
Plan Gets
Go-Ahead
BY KATHERINE BLUNT
California Gov. Gavin
Newsom dropped his opposi-
tion to PG&E Corp.’s plan to
emerge from bankruptcy pro-
tection after striking a deal re-
quiring certain concessions.
As part of the deal, PG&E
has agreed to put itself up for
sale if it can’t exit bankruptcy
by June 30, a state-imposed
deadline for its emergence if it
wants to qualify for a state
wildfire fund.
PG&E also agreed to use
shareholder funding to reduce
its debt load and submit to
more stringent regulatory
oversight that could lead to a
state takeover of the company
if it fails to make safety im-
provements.
“Because of these new
tools, the state will have the
legal authority to continue de-
manding total transformation
even after the company
emerges from bankruptcy,” Mr.
Newsom said.
The move clears one of the
last major remaining hurdles
for PG&E to exit Chapter 11.
The company sought bank-
ruptcy protection last year
due to billions in potential lia-
bilities from wildfires sparked
by its equipment. The com-
pany disclosed the details of
the agreement in a bankruptcy
court filing.
The plan is now subject to
approval by the California
Public Utilities Commission, as
well as a vote by the com-
pany’s creditors, which include
wildfire victims as well as
shareholders and bondholders.
“We now look to the Cali-
fornia Public Utilities Commis-
sion to approve the Plan
through its established regula-
tory process, so that we can
exit Chapter 11, pay wildfire
victims fairly and as soon as
possible, and participate in the
State’s Wildfire Fund,” PG&E
Chief Executive Bill Johnson
said.
Mr. Newsom, a Democrat,
had for months opposed
PG&E’s reorganization plan,
which proposes raising billions
of dollars in debt and equity
to pay damages tied to a se-
ries of deadly wildfires
throughout its service terri-
tory. He raised concerns that
the plan would leave the com-
pany too leveraged to make
safety investments in the elec-
tric grid and failed to ensure
operational change within its
leadership.
As part of the deal, PG&E
has agreed to submit to an
“operational observer” se-
lected by the state to monitor
its safety compliance. The
company earlier this year
agreed to replace many of its
current directors and expand
safety positions and perfor-
mance metrics after it
emerged from bankruptcy pro-
tection.
It will now be subject to
stricter regulatory oversight
from the California Public Util-
ities Commission to ensure its
compliance with state regula-
tions. Marybel Batjer, the
agency’s president, last month
proposed a series of escalating
sanctions for continual viola-
tions, culminating with a pro-
cess to revoke the utility’s li-
cense to operate if necessary.
The company is seeking
regulatory approval to issue
$7.5 billion in low-interest
bonds to replace pricier short-
term loans included in its re-
organization plan. As part of
the deal with the governor,
shareholders would have to
foot the repayment of those
bonds.
PG&E also agreed not to re-
instate dividend payments for
about three years.
Airlines Ask for Cash, Fast, as Governments Unveil Rescue Plans
BY BENJAMIN KATZ
Governments world-wide
are starting to roll out a
patchwork of rescue packages
for their ailing airlines, but in
some cases aren’t moving fast
enough to buffer industry
workers from the fallout of a
rapid drop in bookings.
About a million travel and
tourism-related jobs are being
lost daily at airlines, hotels,
cruise-ship operators and at
companies up and down the
industry’s supply chains, ac-
* * * * * *
Airbnb Reels, Listing Is in Limbo
Airbnb Inc. is considering
raising capital from new inves-
tors, as the home-sharing gi-
ant wrestles with escalating
losses due to the devastating
By Preetika Rana,
Jean Eaglesham
and Kirsten Grind
impact of the coronavirus pan-
demic on its global business,
according to people close to
the company.
The pandemic has also
thrown into disarray Airbnb’s
plans to go public this year,
and the board and investors
are divided over the best path
forward, according to people
familiar with the matter.
The San Francisco-based
startup, which lets people list
their properties for rent on its
marketplace, has racked up
hundreds of millions of dollars
in losses this year, one of the
people said. A spokesman for
Airbnb said the company has
“$4 billion in liquidity” and is
“focused with our board on
ways we can help our commu-
nity weather this crisis.”
It is unlikely that the com-
pany will be able to attract in-
vestors at its 2017 valuation of
Readers, but Not Ads, Flock to Local Papers
BY LUKAS I. ALPERT
AND KEACH HAGEY
Readers are flocking to
news sites during the corona-
virus pandemic. The media has
a basic commodity—informa-
tion—that people are craving
as they try to keep themselves
and their loved ones safe.
And yet, financially, the cri-
sis is delivering a punishing
blow to already struggling lo-
cal publishers, from big-city
metro papers to small-town
outlets.
Web traffic is up about 30%
among the top news sites and
has doubled for some publish-
ers, according to data from
Comscore Inc. Many news
sites have recorded solid gains
in digital subscriptions, even
as many have made coronavi-
rus coverage available to non-
subscribers.
But the immediate boost in
readership won’t offset the vi-
rus’s brutal impact on the pil-
lars holding up the business,
publishing executives say. Lo-
cal advertising spending could
tumble this year by at least a
quarter, amounting to a de-
cline of more than $30 billion,
according to one estimate.
Newsstand sales are tank-
ing, because fewer people are
out on the streets. Some union
contracts require publishers to
pay printers and truck drivers
even if the shops they were
once delivering papers to are
closed. Consumers could even-
tually trim subscriptions as
the economic fallout settles.
“So many papers were al-
ready teetering on the brink,”
said Walter Hussman Jr., pub-
lisher of the Arkansas Demo-
crat-Gazette. “If we really see
a collapse of ad revenue, this
could be the straw that breaks
the camel’s back for a lot of
places.”
Newspaper companies have
struggled for years to diver-
sify and rely less on advertis-
ing and print revenue. Select
U.S. national papers have had
success building robust digital
businesses, while local outlets
have generally failed to make
the transition.
Now, the new coronavirus
crisis could become a cruel
test of whether newsrooms
can survive on digital revenue.
“It may turn out that the
impact of the virus on local
newspapers is analogous to its
effects on people,” said Jim
Friedlich, the executive direc-
tor of the Lenfest Institute for
Journalism, which owns the
Philadelphia Inquirer and
cording to the London-based
World Travel and Tourism
Council. The lobby group said
it is in talks with 75 govern-
ments about potential aid for
the sector, as travelers cancel
trips amid the global spread of
the new coronavirus.
The Trump administration
is offering up to $50 billion in
credit to airlines. Loans come
with strings attached, though,
including requirements for
continued service on some
routes and limits on executive
compensation until loans are
BUSINESS & FINANCE NEWS
$31 billion, when it last raised
money, the people familiar
with the matter said. The
management is mulling how
low it is willing to go to seek
an injection of capital.
The Wall Street Journal re-
ported last month that Airbnb
internally was valuing itself at
less than $31 billion.
Airbnb, one of the nation’s
biggest private companies, had
planned to make its widely an-
ticipated debut on the public
markets this year via a direct
listing, which wouldn’t involve
raising any additional money.
The company is now con-
sidering instead raising cash
using an initial public offering,
and has held several meetings
with its board this month to
discuss its approach, the peo-
ple familiar said. Morgan
Stanley and Goldman Sachs
Inc. have been appointed as
dual-lead underwriters. But an
IPO could go ahead only when
the virus crisis has eased,
stock markets stabilize, and
the company’s finances re-
cover to a stable footing, the
people familiar said.
An Airbnb spokesman said
it “should come as no surprise
that in these extraordinary
Single-copy sales of newspapers have been hard hit during the coronavirus pandemic because so few people are out and about.
Craving Info
The coronavirus is creating an appetite for information. News
sites are experiencing jumps in traffic.
Boston Globe Facebook
interactions
1.25 million
1.00
0.75
0.50
0.25
0 southbendtribune.com
Dec. ’19 Jan. ’20 Feb. March
*Change from Jan. 6–12 to March 9–15
Daily News. “The most vulner-
able may not survive.”
Some free alternative week-
lies in Washington, Oregon
and Northern California, which
depend entirely on advertising
and are heavily reliant on
events listings, have already
suspended operations and laid
off staff. Voice Media Group,
which publishes six alternative
repaid, The Wall Street Jour-
nal reported this week. Air-
lines had asked for direct
grants to provide the cash
many carriers need right away.
American carriers have cut
back capacity, raised capital
and sought out drastic cost
cutting, like unpaid leave.
European carriers in many
ways have been harder hit, with
a U.S. travel ban in place for
noncitizens coming from Europe
curbing trans-Atlantic flights
and a series of separate border
closings on the continent slam-
times, like virtually every
company in the world, we are
regularly consulting with our
board to discuss our work.”
Airbnb—caught in the
crosshairs of the all-out crisis
the virus has created in the
global travel industry—now
faces evaporating revenues, as
well as a backlash from the
hosts who are the backbone of
its business.
Airbnb CEO
Brian Chesky
is under
employee
pressure for
the company
to go public.
All its major markets are
getting hammered. Bookings
last week were down year-on-
year around 95% in Asia, 75%
in Europe—the company’s big-
gest market—and 50% in the
U.S., according to one of the
people close to the business. A
report last week by Airbnb-an-
alytics firm AirDNA also
showed bookings tanking in
big cities world-wide. This
week’s numbers are much
Increase in visits*
theatlantic.com
170%
gosanangelo.com
168
readingeagle.com
146
dallasnews.com
111
bostonglobe.com
108
sfchronicle.com
83
wired.com
80
nbcnews.com
78
startribune.com
76
71
Sources: NewsWhip (interactions); Comscore (visits)
weeklies in places including
Miami and Phoenix, cut pay to
staff by at least 25% and
warned that layoffs were
likely. The Cleveland Scene
laid off five staffers and cut
pay by 25% to the rest.
On Monday, the Tampa Bay
Times, which is owned by the
nonprofit Poynter Institute,
laid off 11 staffers just weeks
ming transcontinental travel.
Deutsche Lufthansa AG,
Europe’s biggest network car-
rier, has cut 95% of its flights,
halting operations completely
at several of its group airlines.
European discounters Ryanair
Holdings PLC and easyJet
PLC have indicated plans to
ground almost all flights.
Lufthansa has said it is in
talks with the German govern-
ment and others about liquidity
options. Early Friday, Ger-
many’s finance minister said
the government could step in
Saturday/Sunday, March 21 - 22, 2020 | B3
worse, the person said.
A spokesman for the com-
pany said the figures weren’t
accurate but declined to pro-
vide other numbers.
Airbnb’s board had already
raised concerns about the
company sliding into the red,
even before the pandemic up-
ended its business, the Journal
previously reported. Execu-
tives were grilled at a board
meeting late last year on why
overheads such as its head of-
fice and employee expenses
had been allowed to balloon,
outpacing even the then-rapid
growth in revenue.
Some board members are
unhappy that Airbnb didn’t go
public last year, when a soar-
ing stock market put premium
prices on even unprofitable
startups, the people close to
the company said. Employees
are concerned the listing could
now be delayed beyond the
end of the year, meaning many
valuable stock options will ex-
pire, becoming worthless.
One person close to Airbnb
said management and the
board are working in sync but
that outside investors are agi-
tated about the company’s
troubles and its response to
after instituting an across-the-
board pay cut. Paul Tash, the
Times’ chairman and chief ex-
ecutive, said the paper had al-
ready seen its event-related
advertising disappear and has
had inquiries from big retail-
ers about canceling future ad-
vertising.
“It’s hard to know what is
going to happen next,” he said.
“I just hope this passes as
quickly as possible.”
Gordon Borrell, an advertis-
ing market analyst, estimates
that local advertising will drop
by 25% this year, as restau-
rants, bars and other local
businesses close temporarily
and pull back spending.
Newsrooms across the na-
tion have swarmed the corona-
virus story, redirecting re-
sources from coverage areas
that seem less pressing now.
Sports reporters at the Tampa
Bay Times were immediately
tapped once sports leagues’
seasons were put on hold. “Ev-
eryone is a coronavirus re-
porter now,” said Mr. Tash.
The Boston Globe’s web
traffic shot up 140% in the
seven-day stretch through
March 16. Its total number of
digital subscribers has risen to
more than 170,000 from
111,000 about a year ago. How-
ever, it has been heavily dis-
to buy shares of large corpora-
tions like Lufthansa to help
them through the downturn. It-
aly’s government has said it is
ready to nationalize flag carrier
Alitalia SpA as part of a broad
set of emergency measures.
In some cases, initial
rounds of cost cutting haven’t
been enough to stave off more
furloughs and painful cuts to
pay. British Airways owner In-
ternational Consolidated Air-
lines Group SA is reducing pi-
lot pay 50%, in addition to two
weeks of mandatory unpaid
them.
Brian Chesky, Airbnb’s chief
executive, is under intense
pressure from employees to go
public, after more than 10
years as a private company. He
recently sought to reassure
staff that a delay won’t hap-
pen. In a staff meeting held
earlier this month and on a
separate phone call with em-
ployees last week, he said the
company plans to stay the
course of going public this
year, the people close to the
business said.
Some investors are skepti-
cal this will be possible, or
question what price the stock
might achieve.
The price at which Airbnb
shares are trading has fallen
sharply, according to people
who specialize in the market
for private company shares.
Before the pandemic hit,
shares were trading privately
at more than $140, valuing the
company around $45 billion to
$47 billion, according to Jared
Carmel, managing partner at
Manhattan Venture Partners, a
secondary-market specialist.
Now, he said, “we’re seeing
shares tick back to close to
$105.”
TED S. WARREN/ASSOCIATED PRESS
counting subscriptions with
introductory offers as low as
six months for $1.
The Globe has been ham-
mered on newsstand, or “sin-
gle copy,” sales, which repre-
sent 13% of its circulation
revenue, or about $20 million
a year, according to Globe
President Vinay Mehra.
According to a 2015 survey
by news industry trade group
News Media Alliance, single-
copy sales across the sector
represented 11% to 12% of
weekday circulation, on aver-
age, and 18% to 20% of Sunday
circulation.
Union contracts could re-
quire continued payment of
printing and delivery workers.
Mr. Mehra spoke with union
officials on Tuesday to see if
they would consider opening
negotiations on the matter,
and he said they asked for a
20% pay raise.
As for advertising, catego-
ries such as travel, events and
arts “have all gone to zero,”
Mr. Mehra said. Even without
the impact of the virus, the
Globe, as with much of the in-
dustry, had been losing 10% to
20% of its advertising revenue
annually. Mr. Mehra said the
advertising drop would over-
whelm the gains from the new
digital subscriptions.
leave, according to a person
familiar with the plan.
Virgin Atlantic, the trans-
Atlantic carrier partly owned
by Delta Air Lines Inc., is ask-
ing staff to take eight weeks of
unpaid leave during the next
two months. It has also of-
fered employees voluntary
severance packages.
Scandinavian carrier SAS
AB has been offered a com-
bined three billion Swedish
kroner ($290 million) in credit
guarantees by Sweden and
Denmark.
B4 | Saturday/Sunday, March 21 - 22, 2020
Economic
Stability or
Health?
Continued from page B1
A few lessons stand out. First,
governments and the public al-
ways face a trade-off between eco-
nomic stability and public health
and safety. The more they priori-
tize health and safety, the bigger
the near-term cost to the economy,
and vice versa.
Second, at the outset of the disas-
ter, policy makers are coping with
enormous uncertainty. Early re-
sponses are often timid or off-target
and more sweeping action is delayed
by political disagreement.
“We learned that we need to
prioritize speed, think in tranches,
be visible and worry about how to
pay for it later,” said Tim Adams,
who served in the Treasury De-
partment during 9/11 and Hurri-
cane Katrina and is now president
of the Institute of International Fi-
nance. “If you wait to craft the
perfect response, you’ll lose valu-
able time and you’ll miss some-
thing no matter what.”
Third, disasters often create
permanent changes to habits, and
the most affected industries and
regions can take years to recover.
New Orleans’ population has
steadily regained ground since fall-
ing by half after Hurricane Katrina
but isn’t yet back to its prestorm
level. But for society as a whole,
the scars heal remarkably quickly.
Humans are immensely adaptable.
The Spanish Flu
While the coronavirus isn’t a flu
virus, the pandemic resembles the
influenza pandemics of the 20th
century, in that it is highly infec-
tious and relatively lethal. The
deadliest was the Spanish flu in
1918, which infected at least 500
million people world-wide (more
than a quarter of the Earth’s popu-
lation) and killed 50 million or
more, including 675,000 in the
U.S., according to the Centers for
Disease Control and Prevention.
Yet the economic impact was sur-
prisingly mild. The National Bureau
of Economic Research says a reces-
sion began in August 1918 and ran
Troubled Times
Economic shocks, from diseases to natural disasters to the financial crisis, have roiled productivity, slowed growth and undercut employment in the past.
Spanish Flu
Starting in 1918, the Spanish
flu would kill 50 million people,
or 3% of the world’s population.
Index of factory employment
5%
Peak of U.S.
infection
–20
1917
Dow Jones Industrial Average
120
60
1917
Note: Factory employment index is shown in percent change from beginning of period displayed. Employment figures are seasonally adjusted.
Sources: National Bureau of Economic Research (index of factory employment), FactSet (stock indexes), Federal Reserve (U.S. employment level),
CEIC Data (Hong Kong and Japanese production and employment)
through the next March. The flu
probably wasn’t the cause. In a 2006
paper for Canada’s Department of
Finance, Steven James and Tim Sar-
gent found little trace of the pan-
demic in international trade, retail
sales, railroad passenger traffic and
stock prices. They saw some effect
on industrial production, which fell
sharply in October and November
but that was in part due to falling
defense production as World War I
drew to a close. They put the pan-
demic’s effect at a 0.5% decline in
annual output.
There are likely several reasons.
Far fewer people worked in jobs
that required close social contact.
Farming, fishing and forestry ac-
counted for 16% of American occu-
pations in 1910 compared with
0.3% in 2004, according to Messrs.
James and Sargent. Few workers
had sick leave, and unemployment
insurance didn’t exist. Thus, work-
ers who were sick or at risk could
seldom afford to stay home.
The second is that governments,
many preoccupied with war, didn’t
put the same weight on stopping
the epidemic as they do now. The
federal government had little for-
mal role fighting infectious disease.
President Woodrow Wilson never
publicly mentioned the epidemic,
John Barry writes in “The Great In-
fluenza: The Story of the Deadliest
Pandemic in History.” Chicago’s
public health commissioner flatly
rejected closing businesses, Mr.
Barry wrote, quoting him as saying:
“It is our duty to keep the people
from fear. Worry kills more people
than the epidemic.”
Cities that took that attitude saw
higher death tolls, according to
a 2007 study by Richard J. Hatchett,
Carter E. Mecher, and Marc Lipsitch.
Philadelphia waited 16 days before
restricting social gatherings, even
allowing a parade to go ahead. St.
Louis took just two days. The daily
death rate from the epidemic peaked
at a level five or more times higher
in Philadelphia than in St. Louis.
The lesson: The more short-
term economic pain Americans are
willing to endure, the more lives
they will save.
Asian Flu Pandemic
The 1957 Asian flu pandemic killed
more than 1 million world-wide
and 100,000 in the U.S., although
some estimates are lower. It
emerged in China in February,
reached the U.S. in early June and
then spread explosively when
schools opened in September. On
Oct. 7, 43% of Manhattan students
and 11% of teachers were absent
because of illness, and by the end
of October, more than half of all
counties nationwide were experi-
encing epidemics, according to a
study by the Center for Biosecurity
of the University of Pittsburgh
Medical Center.
As in 1918, the pandemic coin-
cided with a recession, but that was
because the Federal Reserve had
been raising interest rates to coun-
ter rising inflation. Messrs. James
and Sargent found a “very small”
impact from the epidemic on
growth, mostly from absenteeism.
Also as in 1918, the lack of
widespread social distancing may
explain why the epidemic had so
little economic impact. State and
federal officials made vaccination,
which was unavailable in 1918,
their first line of defense. But only
enough vaccine for 17% of the pop-
ulation had been produced by the
time the epidemic peaked, and it
was at most 60% effective, so it
did little to mitigate the pandemic,
the Pittsburgh study found. The
authorities rejected social distanc-
ing, most schools remained open
and many people weren’t sick
enough to require hospitalization.
The 1957, 1968 and 2009 flu pan-
demics were highly contagious but
much less lethal than the Spanish flu
and, it appears, Covid-19. Those ex-
periences may have contributed to
initial public complacency over the
coronavirus. Governments are now
Asian Flu of 1957
Originating in China, the Asian
flu peaked in the U.S. in
October, coinciding with a
recession.
U.S. employment level
55 million
Peak of U.S.
infection
50
’20 1956 ’60
Dow Jones Industrial Average
700
400
’20 1956 ’60
willing to take far more economi-
cally disruptive remedies than in
those prior episodes.
September 11 Attack
When al Qaeda terrorists flew jetlin-
ers into the World Trade Center and
the Pentagon, they delivered an un-
precedented shock to the nation’s
sense of security and its economy.
Commercial aviation was grounded
for three days. The destruction to
lower Manhattan closed the stock
markets. Heightened security slowed
trade with Canada and Mexico to a
crawl. Nervous shoppers stayed
away from stores and malls.
Economists predicted the attacks
would tip a slowing economy into
recession. People would be more re-
luctant to fly, work in a tall building
or base their office in New York City.
But the U.S. bounced back re-
markably quickly. It was later deter-
mined that a recession triggered by
the technology bust had begun six
months before the attacks and
ended two months afterward.
One reason was the aggressive
policy response. The day the mar-
kets reopened, the Fed and its
counterparts in the eurozone, Can-
ada and Sweden all slashed rates.
Low rates inspired auto manufac-
turers to roll out zero percent fi-
nancing, sending sales skyrocket-
ing. Fears of terrorism faded when
new attacks didn’t materialize.
Within two weeks Congress ap-
proved $40 billion for emergency
rebuilding and defense and $5 bil-
lion in cash assistance and up to
$10 billion in loan guarantees to
EXCHANGE
The earthquake and tsunami that hit Japan in 2011 led to a retreat from nuclear power, with adverse effects.
airlines. Both parties agreed more
stimulus was needed but negotia-
tions soon bogged down over its
composition. When a package
worth $51 billion over one year
and $94 billion over five years fi-
nally passed in March, a recovery
was already well under way.
The lessons for the present go
only so far. Back then, Americans
were urged to defeat al Qaeda by
continuing to work, play and shop.
Today, they are being urged to de-
feat the coronavirus by staying
home. Then, interest rates were
high enough that zero-interest car
loans seemed like the deal of the
century. Not anymore. Then, the
shock was confined to the U.S. and
short-lived; today, it is global and
could last weeks or months, so no
one can expect overseas strength
to cushion their downturn.
Still American resilience pre-
vailed. People quickly adjusted to
heightened security. Airline traffic
and demand for New York office
space returned to their pre-attack
levels over the next several years.
SARS in Hong Kong
Hong Kong’s experience with Se-
vere Acute Respiratory Syndrome
(SARS) in 2003 was a dress re-
hearsal for the coronavirus. The
Sept. 11 Attacks SARS
The attacks on the World Severe Acute Respiratory
Trade Center and Pentagon Syndrome spread from China
came while the U.S. was to Hong Kong in early 2003.
already sliding into recession.
U.S. employment level Hong Kong employment level
135 million 34 million
Atacks
130 31
2000 ’04 2002
Dow Jones Industrial Average Hang Seng Index
12000 15000
7500 7500
2000 ’04 2002
virus first appeared in China,
which tried to cover it up and then
had to resort to drastic quaran-
tines to quash it. It probably en-
tered Hong Kong via a Chinese
doctor who checked into a hotel
there in February 2003.
Initially, the government played
down the outbreak. By late March it
broke out in an apartment complex
and as news spread, social distanc-
ing arose almost spontaneously.
“Fears of the SARS virus took
root in the whole city,” Alan Siu
and Y.C. Richard Wong, economists
at the University of Hong Kong,
wrote in a 2004 article. “Face
masks were selling briskly and
could be seen everywhere. Public
places were disinfected several
times a day. People washed their
hands much more frequently and
avoided going out to crowded
places. Restaurants, shops, cine-
mas, and other entertainment ven-
ues were deserted.”
The government eventually
closed the schools and ordered
anyone confirmed or suspected of
SARS to self-isolate.
SARS sent the economy, with its
dependence on travel and tourism,
reeling. Between March and May,
daily passenger arrivals and depar-
tures plummeted 80% while the
hotel occupancy rate plunged from
80% to below 20%, Messrs. Siu and
Wong reported. Unemployment
jumped and gross domestic prod-
uct shrank in the second quarter.
The social distancing had its de-
sired effect: The breakout was con-
tained by late April. The economy
* ***
bounced back rapidly, without sig-
nificant direct government support.
SARS’s most important lesson
for the coronavirus episode is the
imprint it left on the collective
psyche. When new epidemics
emerge, Hong Kong’s airport is
quick to check arriving passengers’
temperatures. Shortly after the ter-
ritory reported its first coronavirus
cases in late January, it moved to
restrict travel from mainland China
and closed schools, government of-
fices, major tourist attractions, li-
braries and swimming pools. Surgi-
cal masks became ubiquitous,
which, like mass vaccination,
helped prevent infectious people
from spreading the disease.
So far, that has held infections
down. Nonetheless, the economic
fallout has been just as bad as in
2003. The government has re-
sponded with significant fiscal
stimulus.
The Last Financial Crisis
The 2008-2009 financial crisis
wasn’t a natural disaster, and
didn’t directly kill anyone. Yet like
the coronavirus, it began as an iso-
lated shock that soon engulfed the
global economy and forced policy
makers to respond creatively.
At first, the Fed lowered interest
Global Financial Crisis
The crisis caused a deep
recession and was ended with
extensive bailouts.
Total nonfarm employees
140 million
Spreads to
Hong Kong
Lehman Brothers
bankruptcy
130
’05 2007
Dow Jones Industrial Average
15000
5000
’05 2007
rates, and encouraged banks to bor-
row from its discount window. In
early 2008, President Bush and Con-
gress authorized $168 billion to send
$600 checks to most individuals.
By March the crisis reached the
core of the financial system. The
Fed and Treasury bailed out Bear
Stearns using emergency author-
ity. That September, Lehman
Brothers went bankrupt. Then, the
Fed and Treasury bailed out Fan-
nie Mae, Freddie Mac and the in-
surer American International
Group. After the stock market cra-
tered, Congress approved the $700
billion Troubled Asset Relief Pro-
gram, which the Treasury used to
inject funds into banks, securities
markets and car companies. In
early 2009, newly elected Presi-
dent Obama ushered through a
$787 billion fiscal stimulus plan.
The financial crisis caused the
worst recession since the Great
Depression but thanks to the Fed,
TARP and stimulus, it didn’t be-
come another depression. It also
left policy makers with a reservoir
of tools and tactics that they are
now resurrecting.
The crisis also left a legacy of
deeply divided politics. Though
TARP turned a profit for the gov-
ernment, much of the public saw it
as a bailout for the very people
who caused the crisis, sentiments
which gave rise to the Tea Party
on the right and Occupy Wall
Street on the left. Those views
persist, which President Trump
and both parties in Congress must
navigate as they contemplate bail-
THE WALL STREET JOURNAL.
JAPAN: PAULA BRONSTEIN/GETTY IMAGES
outs and other measures to com-
bat a new shock that some say is
on a par with the financial crisis.
Earthquake and Tsunami
The earthquake and accompanying
tsunami that struck Japan’s To-
hoku region in March 2011 left
19,000 people dead or missing and
triggered a meltdown at the Fuku-
shima Daiichi nuclear power plant.
Swiss Re ranks it the costliest nat-
ural disaster in history, at $239
billion. The region supplied inter-
mediate parts to manufacturers
and the resulting shortage in parts
caused the shutdown of plants
around the world.
The initial economic response
was typical of disasters: The Japa-
nese government spent heavily on
rescue and reconstruction, which
helped propel a recovery in the
economy. The government poured
resources into rebuilding the region
with the result that its manufactur-
ing production had recovered to its
pre-disaster level by 2014.
Hiroyuki Nakata, an economist
at the University of Tokyo, says
the response worked as intended
in the short term, but less well
over the long run. “The size of the
package may well have been too
big—the subsidies let zombie com-
Tohoku Earthquake
An earthquake and tsunami in
2011 killed 19,000 and caused
the Fukushima Daiichi nuclear
reactor to melt down.
Japanese employment level
64 million
Earthquake
62
’10 2010 ’14
Nikkei Index
18000
8000
’10 2010 ’14
Danny Dougherty/THE WALL STREET JOURNAL
panies survive.”
Responding to public fear of ra-
diation, Japan took all of its nu-
clear generators off line over the
next few years. Nuclear power’s
contribution to Japanese electric-
ity generation sank from 25% in
2010 to 5% in 2018. Whether this
was scientifically justifiable is
questionable. A study by academ-
ics Matthew J. Neidell, Shinsuke
Uchida and Marcella Veronesi last
year found the resulting rise in
electricity prices led to less home
heating in cold weather, causing
1,280 deaths from 2011-2014. Yet
they note no direct deaths have
been attributed to radiation expo-
sure, though they cite projections
that radiation will eventually
cause 130 deaths from cancer.
The disaster illustrates the ten-
sions between balancing the pub-
lic’s legitimate aversion to harm
against the known consequences
and likely economic costs. Until re-
cently, the coronavirus seemed to
present the opposite risk: The pub-
lic wasn’t taking the threat seri-
ously enough, forcing the govern-
ment to take more disruptive
steps, to limit human interaction,
while seeking to offset the result-
ing economic cost through fiscal
and monetary policy.
As in all these past disasters,
the coronavirus pandemic con-
fronts governments, business and
the public with crippling uncer-
tainty and painful trade-offs. The
main difference is that this is on a
scale and breadth never seen in
living memory.
 THE WALL STREET JOURNAL.
PUZZLE: ISTOCK; BOOK: ALAMY
How Shut-In
U.S. Families Are
Spending Their Days
I
t was a week of dramatic
adjustment for millions of
Americans who hunkered
down at home while a
deadly virus raged across
the U.S. There were new
work routines, child-care chal-
lenges and loneliness. What did
they do to pass the time?
They ordered more children’s
books. They watched a lot more
cable TV. They searched online for
toilet paper, hand sanitizer and
Clorox wipes. They downloaded
apps that allowed them to social-
ize with friends or watch strang-
ers play videogames. They re-
watched the 2017 “BBC Dad”
video. Some even purchased old-
fashioned puzzles to escape their
screens for a few hours.
The habits of the confined U.S.
consumer provide an early look at
which social-networking compa-
nies, app developers and entertain-
ment outlets could benefit most
from this radical shift in American
life. One trend that cut across all
categories: the mounting needs of
homebound children.
PERSONAL TECHNOLOGY | JOANNA STERN
OK, Fine, Let’s All
Get Back on Facebook
Suddenly its many ways of connecting us
with others seem more appealing
Tuesday: A post
from a neighbor
alerts me that the
local pharmacy just
got in face masks.
Wednesday: My
son becomes a
Guinness World Record finalist for
“Longest Time a Toddler Has Paid
Attention to Grandparents on a
Video Chat.”
Thursday: I temporarily escape
my home office to swim with ham-
merhead sharks.
You know which big tech com-
pany made all that happen? Face-
book. Congrats, Zuckerberg and
Co., this pandemic might’ve been
just what you needed.
Our new coronavirus reality con-
fronts us with an extreme challenge:
stop our physical selves from being
in contact with almost everything
and everyone, yet remain connected
in all possible ways. Coincidentally,
that’s the world Facebook has been
building for all along.
“We build tools to help people
connect with the people they want
and share what they want, and by
doing this we are extending peo-
ple’s capacity to build and main-
tain relationships,” Chief Executive
Mark Zuckerberg wrote in a 2012
letter in advance of the company’s
initial public offering.
And build, or at least acquire,
those tools it did. Facebook Groups,
Facebook Live, the Portal video-call-
ing box, the Facebook-owned Oculus
virtual-reality headset—not to men-
tion Instagram and WhatsApp—all
do their part to re-create our social
* * * * * *
Many families are turning to
kids programming—on cable TV as
well as streaming services—to
keep their little ones occupied.
Walt Disney Co. released “Frozen
2” to its Disney+ service three
months early. TeenNick experi-
enced a 171% jump in viewing on
Monday compared with the previ-
ous week, according to measure-
ment firm Samba TV.
Books and study aids for kids
also dominated Amazon.com Inc.’s
Top 100 bestseller list, proof that
parents were desperate to educate
as well as entertain their children.
A midday look at the Amazon list
on Thursday found that 74 titles
were either focused on amusing
young children—including Eric
Carle’s “The Very Hungry Caterpil-
lar” and Alice Schertle’s “Little Blue
Truck’s Springtime”—or helping
them learn, such as “Summer Brain
Quest” from Workman Publishing.
One unsurprising development
was that cable news viewership
rocketed up as Americans tried to
keep up to speed on the pandemic.
There were major gains during the
fabric digitally. They’re also all supe-
rior to their competitors.
Just one problem: They come
from the mega technology giant that
took a flamethrower to our privacy.
It’s been almost exactly two
years since Facebook’s Cambridge
Analytica scandal. It’s also around
two years since I wrote about why
Facebook didn’t need to listen in
on our mics.
I’ll spare you the trip down
memory lane but in the two years
since, Facebook has apologized for
the misuse of personal data, fake
news, election interference and
multiple hacks of its systems.
The reality is, the company col-
lects more personal data than it
needs to perform the services it
offers users, and has been evasive
and even dishonest when asked
about all that data collection.
Yes, yes, but, well, uh…now?
Facebook is so useful and helpful!
My entire news feed is full of old
friends and family sharing their
stuck-at-home experiences. I’m far
more drawn to the posts than the
usual political BS I’m used to see-
ing there. And beyond the news
feed, each of the following has en-
riched the life of my now socially
distant family.
Facebook Groups. There’s no bet-
ter way to connect with your local
community. Sure, there’s Nextdoor
but my city’s Facebook mom group
feels more like a club than a mes-
sage board. During this current cri-
sis, we’re helping each other by
posting up-to-date information
about the city, stores and supplies
EXCHANGE
day, when ratings are normally
low. CNN was up 80% in daytime
viewing, Fox News was up 42%,
and MSNBC was up 28%, according
to Samba TV.
An even bigger jump in viewer-
ship went to CNBC as markets
moved downward, with a 244% in-
crease in daily time spent watch-
ing the business network this week
compared with a year ago, accord-
ing to Samba TV.
Americans’ newfound isolation
offered an unexpected boost to
Houseparty, a video-chat app de-
signed for socializing that enables
its younger users to gather on
their phone screens as if in a dorm
room. Until last week, growth of
the four-year-old app had been
flat, according to analytics firm
Apptopia. Then its popularity
surged. Total U.S. downloads on
March 13 were 42% higher than
the day before.
Michael Ferrari, freelance on-
line-search consultant in Ambler,
Pa., is a typical new Houseparty
user. He and his wife, who are
both working from home, arranged
and offering child-care suggestions.
Starting next week, Facebook
will begin encouraging the people
who run local and Covid-19 related
groups to share reliable informa-
tion about the virus from the
World Health Organization, CDC
and more.
Facebook says it does not use the
content you post or engage with in
groups for ad targeting; however,
your membership in a group might
“inform your ad experience,” a Face-
book spokesperson said.
Facebook Portal. Look, I do not
want to like the Portal. I’ve even
refused to review it on privacy
grounds. And yet, dammit, I love
the Portal. There, I said it.
Log into Facebook Messenger or
WhatsApp on the touchscreen and
you can video call any of your con-
tacts. With two Portals, you can do
animated interactive storybooks—
important for one of my home’s
key demographics. After my mom,
donning a digital bowtie, hat and
glasses, read my son the “Itsy
Saturday/Sunday, March 21 - 22, 2020 | B5
for their 5-year-old son to connect
with friends from school and “let
them all shout at each other,” he
said. “It might be the closest thing
we have to a peaceful work envi-
ronment for a while.”
Group chats designed for busi-
nesses also filled up as more em-
ployees worked remotely. A video-
conference tool developed by
Zoom Video Communications Inc.
was the most downloaded app
from major app stores in the U.S.
on Wednesday, with roughly
275,000 downloads, according to
analytics firm Sensor Tower Inc.
Plenty of distractions from the
crush of virus-related develop-
ments emerged over the last
week. Verizon Communications
Inc. said Tuesday that videogame
play increased 75% during its
peak hour of internet usage from
a week earlier. Mobile-device
downloads of Amazon’s Twitch,
which features mainly live broad-
casts of people playing video-
games, increased 29% in the U.S.
between the weeks ended March
8 and March 15, according to Sen-
sor Tower.
Another popular diversion was
YouTube, where people turned for
help with household hobbies. Aver-
age daily views of videos with the
words “Cook With Me” in the title
more than doubled during the first
two weeks of March compared
with the same period last year, a
YouTube spokesman said.
One old YouTube favorite that
received new attention was the
2017 “BBC Dad” video that of-
fered a lighthearted look at the
perils of working from home. It
attracted around 100,000 views
this week, up from less than
24,000 views a month ago, ac-
cording to YouTube data.
“Guess we can all relate now. :)”
the spokeswoman wrote in an email.
Without any other live sports
available, 50-year-old Brian Sanger
of Montclair, N.J., has gone to You-
Tube and cable sports networks to
find past college basketball match-
ups and classic New York Mets and
New York Giants games. Last
weekend, he went farther afield,
immersing himself in live Pakistan
Super League cricket matches—
while simultaneously watching
YouTube videos about the rules of
the game.
“I can’t remember the scores or
the players’ names,” said Mr.
Sanger, “but it is kind of fun learn-
ing a new sport.”
People aren’t just turning to
digital distractions. Sales of Cra-Z-
Art art supplies and Kodak jigsaw
puzzles are “exploding,” said Law-
rence Rosen, chairman of LaRose
Industries LLC. At Walmart Inc.,
sales of Cra-Z-art crayons, markers
and colored pencils have doubled
this week over last.
Goliath Games LLC, which
makes kids’ games like “Pop the
Pig” and strategy games like “Se-
JASON SCHNEIDER
Bitsy Spider,” he cried out, “Again,
Grandma!” As my parents and my
son laughed at the “Three Little
Pigs,” I actually began to tear up.
Facebook says it doesn’t listen to,
view or keep the contents of video
or audio calls. Similar to an Amazon
Echo, the Portal is always listening
for a “Hey Portal” prompt (or the
“Alexa” prompt if you enable Ama-
zon’s assistant on the device). The
Portal has physical buttons to dis-
able the mic and camera.
And while Facebook says it
doesn’t use Portal calls or voice
commands for advertising, it
might use information about how
you use the product—how often
you call, what apps you use, etc.—
for advertising.
Facebook says the $129-and-up
Portal has seen increased sales
and usage in the last week.
Oculus Quest. The Portal lets
you see other people; the $399 Oc-
ulus Quest, the company’s no-PC-
required VR headset, actually lets
you escape your house.
275,000
Downloads of Zoom, a
videoconferencing app,
on Wednesday
74
Children’s books among the
top 100 Amazon bestsellers
as of Thursday
171%
The increase in TeenNick view-
ership Monday as compared
with the previous week
244%
Increase in daily time spent
watching business network
CNBC this week compared
with a year ago
300%
Increase in sales of a card game
called ‘Virus’ in recent weeks
200,000
YouTube views of the 2017
“BBC Dad” video this week
as of Thursday
75%
How much videogame play in-
creased during Verizon’s peak
hour of internet usage from a
week earlier across mobile
phones, computers and consoles
SOURCES: SENSOR TOWER, SAMBA TV,
YOUTUBE, AMAZON.COM INC., GOLIATH GAMES
LLC, VERIZON COMMUNICATIONS INC.
quence,” is another beneficiary.
Sales of “Virus,” a card game
geared toward children 8 years
and older, have jumped 300% in
recent weeks, according to Mary
Higbe, director of marketing.
“People are very much into gal-
lows humor,” Ms. Higbe said.
—Sarah E. Needleman, Betsy
Morris, Paul Ziobro, Lillian Rizzo,
Jeffrey A. Trachtenberg,
Aaron Tilley, Christopher Mims
If there really were a breakout
moment for VR, it’s right now. I’ve
meditated on a beach and gone to a
Cirque du Soleil show. There are
also social games, where you can
challenge others to dance competi-
tions or racquetball. After years of
feeling like a science project, the
technology finally feels ready for the
masses. Although good luck finding
it. Due to coronavirus-related hard-
ware production delays, it’s sold out.
Facebook says it is working to re-
store availability ASAP.
And Facebook says that while it
doesn’t use your actual move-
ments in VR for advertising, if
you’re logged into the social net-
work on Oculus, it will collect in-
formation about your use of it to
inform its ad business.
Things like that keep bringing
me back to all the privacy and se-
curity concerns. I’m worried about
relying so heavily on Facebook, es-
pecially at this unprecedented
time. Could the company—and yes,
other tech giants—use this as an
opportunity to dial-up data collec-
tion? And to what end?
“Leaders with authoritarian ten-
dencies tend to use crises as cover
for implementing surveillance,”
said Roger McNamee, an early
Facebook investor and author of
“Zucked: Waking Up to the Face-
book Catastrophe.” “We should not
give internet platforms any oppor-
tunity to use the coronavirus pan-
demic to impinge on our civil
rights—it’s more than just pri-
vacy.” He says he himself uses
Facebook sparingly, and wouldn’t
touch a Portal.
Giving advice in this situation is
tough and certainly not as simple
as telling you what router to buy.
The best I can offer is to be mind-
ful of it all and weigh the benefit
vs. the costs of each scenario.
Despite my son’s newfound love
for the Portal, I’ll likely be replacing
it with a propped-up iPad. My par-
ents can dress up in real costumes
and read real books or I’ll try some
interactive storybook apps. I’m will-
ing to spend more time with Face-
book right now, but I’m still not
ready for it to point a camera and
microphone at my family.
B6 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

EXCHANGE

Virus Ripples
Hit Small
Businesses
Continued from page B1
ersville’s historic downtown in
2016, they spent about $225,000
to turn what had been a Quiznos
sandwich shop into an upscale
restaurant. The couple built tables
in their garage, with the help of
Ms. Lyons’s father and wood from
his old tobacco barn. Chris, 35
years old, is the chef. Allie, 26, is
the manager.
Before the pandemic, the 70-
seat restaurant pulled in about
$17,500 in revenue in a typical
week, sometimes more, serving
lunch, dinner and craft cocktails,
such as a Limoncello Basil Martini
with organic vodka and locally
grown basil.
On a typical weekend, there was
an hour to hour-and-a-half wait
for a table. The restaurant was
turning a profit, not including de-
preciation, before the virus hit.
On Tuesday, as calls for self-iso-
lation grew, just eight people were
seated. The following day, the cou-
ple closed the dining room. Now,
they are trying to survive by sell-
ing family-style takeout meals.
“Our industry is collapsing,”
said Ms. Lyons. “We are trying to Chris and Allie
find the sweet spot.” Lyons, far left,
The Lyonses have reached out to are now only
their landlord, a retiree who has doing takeout
moved out of town, about their orders at their
$2,500 a month rent payment. Ms. restaurant, Table
Lyons isn’t optimistic, noting that 20, in the historic
their relationship with the landlord, downtown of
who didn’t respond to requests for Cartersville, Ga.,
comment, had already deteriorated above. The
because of a dispute over repairs. restaurant has
As of noon Friday, there were 40 canceled many
confirmed coronavirus cases in Bar- orders, including
tow County, where the restaurant is from its linen
located, according to the Georgia supplier, Jackson
Department of Public Health. Mat & Towel
Service, at left.
The Lenders
As the economic impact of the pan-
demic became more apparent last
week, Table 20’s lenders, a local
bank and credit union, both began
looking through their portfolios to
identify the borrowers most at risk.
Cartersville-based Century Bank
of Georgia, which has $210 million
in assets, is modifying the couple’s
$113,000 Small Business Adminis-
tration loan to allow for interest-
only payments, a move that should
cut monthly loan payments to
DUSTIN CHAMBERS FOR THE WALL STREET JOURNAL(5)

about $500 from roughly $1,800.

Jay Slaughter, vice president of
commercial lending, says he is
reaching out to the 25 hotels and
restaurants that have loans with
the community bank. It has a total
loan portfolio of $116 million. Most
borrowers are small businesses
with revenue well below $5 mil-
lion; Table 20’s loan is one of 31
made through the SBA.
During its regular Tuesday
meeting, the bank’s seven-member
board reviewed the bank’s loan
portfolio and its loan-loss re-
serves. As of Friday, the bank was
keeping its three branches open to
foot traffic. The bank said it would
continue to pay its 35-person staff
their full wages even if it decides
to reduce hours or limit access.
The bank is helping customers af-
fected by the pandemic by defer-
ring principal payments and waiv-
ing late fees and charges for
insufficient funds.
“We are taking steps proactively
so that we don’t allow a temporary
problem for our clients to turn
into a permanent one,” said Cen-
tury Bank’s Chief Executive Rich-
ard Drews. “There are going to be
ripple effects across the board.”
Century Bank is well positioned
to assist its customers, with
roughly $50 million in cash, short-
term investments and other liquid-
ity, said Mr. Drews. “If this thing
were to go on for two years, the
answer might be different.” The
Federal Reserve’s decision to lower
interest rates near zero will
squeeze the small bank’s profits
since its assets reprice at lower
rates but deposit rates have little
room to fall, he said.
Coosa Valley Credit Union, which
holds a $15,600 loan on a food truck
the Lyonses purchased last year,
called the restaurant last week. It
offered to defer the $314 loan pay-
ment for a month, maybe more.
Saunders Jones, the credit union’s
chief lending officer, said it is work-
ing on a hardship-assistance plan
that will be presented to board
members next week. It includes the
ability to offer a 50% reduction in
loan payments for up to six months
in addition to standard options, such
as payment deferral. The credit
union has $355 million in assets,
nearly 44,000 members, 103 em-
ployees and 257 business loans to-
taling nearly $26 million.
“We are having team huddles
and conference calls multiple
times a day,” said Mr. Jones, who
said he is receiving more than a
dozen calls and text messages a
day from borrowers hit hard by
the pandemic and is also reaching
out himself to borrowers.
Century Bank is deferring principal payments to
help, says CEO Richard Drews, above. John Jerauld
at Mama J’s, the farm that provides produce to
Table 20, now has almost no deliveries.
The Staff
The Lyonses called their own em-
ployees to the restaurant on Mon-
day, normally a day off, to tell all but
two to file for unemployment so
they were guaranteed some income.
“The thought of coming into
work and not seeing them is so
hard,” said Ms. Lyons, who cried
as she made the announcement. “I
told them, if they can find some-
thing, take it. If they come back,
we will be so happy. If they don’t,
we understand.”
The couple, who have a 5-year-old
daughter, reduced their pay by 45%
for this pay period, leaving enough
money to cover their mortgage.
They plan to put bills they can’t
defer “on credit cards and deal
with the interest hit,” said Ms. Ly-
ons. The couple recently received
another medical bill for their
daughter’s tonsillectomy this fall;
Ms. Lyons says if they can’t defer
payment, she is willing to let it go
into collections.
Tiffany Herron, among those
laid off, was working as a server
earning about $500 a week to sup-
plement her income as a real-es-
tate agent. Now, home sellers
don’t want anyone to visit and
buyers aren’t looking.
“Everything has stopped,” said
Ms. Herron, 37. “I have nothing
coming in.” She applied for unem-
ployment insurance on Tuesday.
Ashten McBride, 23, the sole re-
maining server, receives a base pay
of $2.13 an hour, in addition to
tips. “I make just enough to get
by,” said Ms. McBride. “When
something like this happens, it’s
very frightening.”
Ms. McBride lives in a ranch
house with her aunt, uncle and
seven other relatives. She’s focusing,
for now, on paying for food and rent.
“Every dollar counts,” she said.
“If there is something I can get
away with not paying, I will take
the late fee.”
Casey Brazell, 21, another laid-
off employee, currently lives with
her fiancé and two roommates,
one of whom, Christian Farrar, is
the last remaining cook at Table
20. If Mr. Farrar loses his job, that
leaves just two people with in-
comes to put toward the $1,400-a-
month mortgage payment.
“I need mortgage relief,” said Ms.
Brazell, who cut back her phone
plan and is putting off plans to buy
a nicer home.
The Suppliers
Table 20, which had won local
awards for Mr. Lyons’s inventive
dishes, has cut back its menu.
Gone are the chorizo garlic burger
and pork-belly gnocchi that ap-
pealed to the local professionals
and members of the business com-
munity. The Lyonses tried briefly
to add a breakfast service before
closing the dining room. Now, the
bistro is selling dinners that can
feed a family of four for about
$45, such as meatloaf and mash or
shrimp and grits.
The new, slimmed-down menu
means less revenue for Mama J’s
Produce, a small hydroponic and
field-grown vegetable farm in
Cartersville. John Jerauld, who
has run the farm with his mother
for a decade, typically makes de-
liveries to 20 restaurants once or
twice a week.
This week, he had no deliveries
on Tuesday and just one on Thurs-
day. “Everyone else is really shut
down or doing takeout,” said Mr.
Jerauld, noting that the greens he
sells in March are easy to pull
from the menu.
Mama J’s had a busy Saturday
at a local farmers market last
weekend as residents scooped up
bags of lettuce, arugula and baby
turnips. But the outdoor weekend
market is now closed for at least
two weeks.
Mr. Jerauld plans, in the next
few days, to unveil a new website
that will allow for online ordering.
Liquor sales, the most profit-
able part of the restaurant busi-
ness and 15% of Table 20’s reve-
nue, are another casualty. The
Lyonses halted liquor purchases al-
together this week.
Krista Duncan, a wine and spirits
specialist with Eagle Rock Distribut-
ing Co., is one of eight sales repre-
sentatives who work with Table 20.
Business is strong at groceries and
package stores, but bars and restau-
rants are “bleeding out;” most of her
customers have closed their doors
because they can’t afford to keep the
lights on, she said.
“They don’t know what to do,”
said Ms. Duncan, who earns com-
mission but no base salary. “It’s all
doom and gloom.”
Eagle Rock, based in Norcross,
Ga., about 50 miles from Carters-
ville, has shifted Ms. Duncan to
servicing grocery stores, which are
seeing a boom in sales. On Friday,
she visited four of them, rolling in
beer and rearranging displays.
‘Everything has
stopped,’ says a laid-off
Table 20 waitress. ‘I
have nothing coming in.’
With the new responsibilities,
Ms. Duncan said, “I’m not stewing
about this situation we’re in.”
Officials at the beer, wine and
liquor distributor didn’t respond
to requests for comment.
The Lyonses have canceled their
$500-a-month order with Jackson
Mat & Towel Service Inc., a family-
run business that provided the ta-
blecloths and napkins.
The linen-supply company nearly
30 miles away in Calhoun, Ga., has
about 300 customers, mostly restau-
rants. About 25% have put orders on
hold and another 50%, have shifted
to drive-through and cut orders by
50%, said owner Alan Jackson, who
is, in turn, putting off ordering new
mats and towels.
Mr. Jackson said he would do
whatever he can to keep paying
his seven employees. One worker
is pregnant; another takes online
classes at night. “We are treating
them as our kids,” he said.
Beyond Georgia
Total U.S. restaurant sales were
projected to reach nearly $900
billion this year before the mag-
nitude of the crisis became clear,
according to data from the
National Restaurant Association.
Early economic forecasts suggest
the industry’s losses could
total at least $225 billion, the
group said.
To save about $500 a month,
Table 20 has paused its contract
with online-reservation service
OpenTable Inc. In response to the
coronavirus, OpenTable is waiving
gift-card listing fees for all partici-
pating restaurants and subscrip-
tion fees for restaurants that tem-
porarily close.
Business is also down at Mi-
Camp Solutions, a Scottsdale,
Ariz., provider of credit-card pro-
cessing services and software that
works with Table 20 and roughly
16,000 other merchants. Table 20
typically spent about $2,000 a
month on processing fees.
“A lot of our bars and restau-
rants are down more than 50%; a
lot of that is because they are not
able to serve alcohol,” and people
aren’t able to dine in, said Micah
Kinsler, chief executive of the 60-
person company.
MiCamp has temporarily sus-
pended minimum monthly fees of
$35 or more for the roughly 3,500
restaurants, bars, casinos and ho-
tels that have told MiCamp they
have temporarily closed.
MiCamp has stopped hiring and
put a hold on several planned ac-
quisitions.
On Wednesday, Mr. Farrar, Table
20’s cook, was checking out De-
pression-era recipes when he came
across Water Pie, a custard made
of flour, water, sugar and a little
butter. Because the restaurant was
out of vanilla extract, he substi-
tuted vanilla whiskey.
The staff of the restaurant ate
the pie, but Table 20 is likely to
add the dish to the menu, said Ms.
Lyons, who hopes it will draw at-
tention on social media.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 21 - 22, 2020 | B7

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Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
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or 4.55% or 4.34% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Lean hogs 9.22%
9817.18, 02/19/20
29551.42, 02/12/20 0.14744568353097 3386.15, 02/19/20 Wheat 4.76
WSJ Dollar Index 4.21
28200 3350 9650 iSh 20+ Treasury 3.57
Soybeans 1.86
26500 3150 9125 iSh 7-10 Treasury 1.53
iSh TIPS Bond 1.52
65-day moving average iSh 1-3 Treasury 0.24
24800 2950 8600
-1.23 Chinese yuan
Session high -1.39 FTSE MIB
23100 2750 8075
DOWN UP -1.69 CAC-40
t

Session open Close 65-day moving average 65-day moving average -1.80 Euro Stoxx
21400 2550 7550 -1.85 VangdTotalBd
Close Open
t

-2.04 Stoxx Europe 600

Session low 19700 2350 7025 -2.07 Indian rupee
-2.09 Comex gold
Bars measure the point change from session's open
18000 2150 6500 -2.45 VangdTotIntlBd
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. -2.57 Japanese yen
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index -2.81 IBEX 35
-3.27 FTSE 100
-3.28 DAX
Major U.S. Stock-Market Indexes Trading Diary -3.48 South Korean won
Latest 52-Week % chg Volume, Advancers, Decliners -3.56 Swiss franc
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -3.67 Euro area euro
Dow Jones -3.89 Canada dollar
Total volume*2,700,203,296 62,407,586
Industrial Average 20531.26 19094.27 19173.98 -913.21 -4.55 29551.42 19173.98 -24.8 -32.8 -2.8 Adv. volume* 957,748,454 31,522,249 -4.91 Shanghai Composite
Transportation Avg 7418.91 6799.38 6837.72 -241.01 -3.40 11304.97 6837.72 -32.0 -37.3 -9.1 Decl. volume*1,733,148,128 30,146,338 -5.04 Nikkei 225
Utility Average 696.63 640.76 646.13 -49.79 -7.15 960.89 646.13 -17.6 -26.5 -2.2 Issues traded 3,055 278 -5.11 Hang Seng
Total Stock Market 24616.15 23024.68 23105.30 -1011.35 -4.19 34631.28 23104.72 -19.8 -30.1 -2.1 Advances 1,316 146 -5.25 UK pound
Barron's 400 503.12 467.85 468.93 -20.20 -4.13 746.64 468.81 -30.1 -36.0 -9.2 Declines 1,703 127 -6.44 Bloomberg Commodity Index
Unchanged 36 5 -6.60 Australian dollar
Nasdaq Stock Market
New highs 1 0 -7.25 Indonesian rupiah
Nasdaq Composite 7354.44 6854.67 6879.52 -271.06 -3.79 9817.18 6879.52 -10.0 -23.3 5.2
New lows 299 20 -7.28 Corn
Nasdaq 100 7487.83 6969.77 6994.29 -294.23 -4.04 9718.73 6978.02 -4.5 -19.9 8.9
Closing Arms† 1.27 1.35 -7.71 South African rand
S&P Block trades* 8,127 220 -8.26 iShNatlMuniBd
500 Index 2453.01 2295.56 2304.92 -104.47 -4.34 3386.15 2304.92 -17.7 -28.7 -1.0 Nasdaq NYSE Arca
-8.96 iShJPMUSEmgBd
MidCap 400 1354.67 1253.81 1258.73 -58.81 -4.46 2106.12 1257.86 -32.2 -39.0 -9.9 -9.20 Russian ruble
Total volume*5,198,788,117 729,456,260
SmallCap 600 652.15 601.66 604.59 -30.60 -4.82 1041.03 600.82 -34.1 -40.8 -10.5 -10.02 IPC All-Share
Adv. volume*2,082,303,402 257,505,367
-10.27 Mexico peso
Other Indexes Decl. volume*3,095,848,638 471,860,971
-11.32 S&P 500 Consumer Staples
Russell 2000 1087.72 1009.53 1013.89 -44.86 -4.24 1705.22 991.16 -32.7 -39.2 -9.9 Issues traded 3,374 1,570
-11.46 Comex copper
NYSE Composite 9676.94 9108.15 9133.16 -328.15 -3.47 14183.20 9133.16 -27.2 -34.4 -7.5 Advances 1,307 508
-11.53 Nymex ULSD
Value Line 337.23 313.06 313.68 -11.04 -3.40 562.05 306.90 -40.1 -43.2 -15.5 Declines 2,017 1,057
-11.59 Kospi Composite
NYSE Arca Biotech 4230.42 3959.14 3972.01 -96.25 -2.37 5313.05 3855.67 -19.8 -21.6 2.9 Unchanged 50 5
-12.25 S&P 500 Telecom Svcs
NYSE Arca Pharma 541.39 513.37 515.17 -20.90 -3.90 670.32 515.17 -13.5 -21.2 0.0 New highs 8 10
-12.28 S&P BSE Sensex
New lows 329 264
KBW Bank 64.36 59.80 60.56 -2.54 -4.02 114.12 60.56 -34.0 -46.6 -13.7 -12.52 Nasdaq 100
Closing Arms† 0.96 0.91
PHLX§ Gold/Silver 78.01 70.02 70.12 -4.70 -6.28 111.51 66.14 -9.4 -34.4 -5.7 -12.53 S&P 500 Consumer Discr
Block trades* 19,844 4,021
PHLX§ Oil Service 24.34 22.21 22.88 0.16 0.70 102.39 21.47 -75.6 -70.8 -48.5 -12.60 S&P 500 Materials
PHLX§ Semiconductor 1408.99 1296.44 1298.54 -42.68 -3.18 1979.50 1286.84 -7.3 -29.8 8.7 * Primary market NYSE, NYSE American NYSE Arca only. -12.64 Nasdaq Composite
†(TRIN) A comparison of the number of advancing and declining
Cboe Volatility 69.51 57.42 66.04 -5.96 -8.28 82.69 11.54 300.7 379.2 79.9 -12.87 iShiBoxx$HYCp
issues with the volume of shares rising and falling. An

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data Arms of less than 1 indicates buying demand; above 1 -13.03 S&P 500 Health Care
indicates selling pressure. -13.05 S&P/ASX 200
-13.25 iShiBoxx$InvGrdCp
-13.59 S&P/TSX Comp
International Stock Indexes Percentage Gainers... -13.88 Dow Jones Transportation Average
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -14.18 Nymex natural gas
-14.58 Comex silver
World The Global Dow 2204.75 –32.38 –1.45 –32.2 CS XLinks Month Pay 2xLev REML 4.21 1.76 72.15 28.39 0.52 -82.9
ETRACS Monthly Pay 2xLev DVHL 4.26 1.33 45.68 18.71 1.33 -76.0
-14.66 Norwegian krone
DJ Global Index 301.93 –4.90 –1.60 –30.4
Everi Holdings EVRI 2.92 0.91 45.27 14.88 1.55 -70.2 -14.98 S&P 500
DJ Global ex U.S. 180.87 2.93 1.64 –31.4
Trxade Group MEDS 6.25 1.89 43.35 10.56 2.10 121.6 -15.25 S&P 500 Information Tech
Americas DJ Americas 528.87 –22.31 –4.05 –30.5 Scientific Games SGMS 6.63 1.92 40.76 31.63 3.76 -68.4 -16.20 Russell 2000
Brazil Sao Paulo Bovespa 67069.36 –1262.44 –1.85 –42.0 -16.70 S&P SmallCap 600
CIM Commercial Trust CMCT 9.44 2.69 39.85 69.31 6.27 -82.9
Canada S&P/TSX Comp 11851.81 –318.71 –2.62 –30.5 -17.18 S&P 500 Utilities
Viela Bio VIE 44.19 12.34 38.74 70.66 18.20 ...
Mexico S&P/BMV IPC 34269.51 –874.12 –2.49 –21.3 -17.30 Dow Jones Industrial Average
NGL Energy Partners NGL 3.66 1.02 38.64 15.71 1.15 -73.5
Chile Santiago IPSA 2191.06 –3.02 –0.14 –34.3
Sunnova Energy Intl NOVA 10.17 2.74 36.88 20.87 6.12 ... -17.98 S&P 500 Financials
EMEA Stoxx Europe 600 293.04 5.24 1.82
–29.5 PBF Logistics PBFX 5.07 1.30 34.48 22.00 3.06 -76.0 -18.38 S&P 500 Industrials
Eurozone Euro Stoxx 278.85 10.01 3.72
–31.0 ETRACS M Pay 2xLev CEF CEFZ 3.10 0.76 32.48 17.11 0.60 ... -18.69 S&P MidCap 400
Belgium Bel-20 2771.49 135.47 5.14
–29.9 Beyond Air XAIR 6.70 1.64 32.41 12.50 3.45 41.1 -18.88 Sao Paulo Bovespa
Denmark OMX Copenhagen 20 972.81 6.95 0.72–14.3 Arcutis Biotherapeutics ARQT 33.32 8.09 32.07 40.88 17.10 ... -19.63 S&P 500 Energy
France CAC 40 4048.80 193.30 5.01
–32.3 SiTime SITM 23.61 5.66 31.53 36.46 15.42 ... -22.99 S&P 500 Real Estate
Germany DAX 8928.95 318.52 3.70
–32.6 Condor Hospitality Trust CDOR 5.04 1.21 31.42 11.20 2.80 -41.5 -29.31 Nymex crude
Israel Tel Aviv 1230.31 … Closed –26.9
Italy FTSE MIB 15731.85 264.88 1.71
–33.1
Percentage Losers -32.67 Nymex RBOB gasoline
Latest Session 52-Week *Continuous front-month contracts
Netherlands AEX 431.98 9.23 2.18
–28.5 Company Symbol Close Net chg % chg High Low % chg
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 924.22 21.59 2.39
–40.3 Biomerica BMRA 7.15 -8.85 -55.31 23.39 2.05 184.0 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 40272.00 2308.99 6.08
–29.5 Waitr Holdings WTRH 1.22 -1.38 -53.08 12.99 0.21 -90.1
Spain IBEX 35 6443.31 47.49 0.74–32.5 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Horizon Global HZN 1.22 -1.01 -45.29 5.79 1.20 -36.5
Sweden OMX Stockholm 505.08 –0.09 –25.8 and commodities at WSJ.com/TrackTheMarkets
–0.47 iFresh IFMK 1.40 -0.73 -34.27 3.05 0.34 26.1
Switzerland Swiss Market 8623.86 –158.38 –1.80 –18.8 Transcontinental Realty TCI 16.50 -8.07 -32.84 41.50 16.50 -45.6
Turkey BIST 100 85795.79 600.40 0.70 –25.0
Beasley Broadcast Cl A BBGI 1.52 -0.74 -32.74 4.15 1.28 -60.1
U.K. FTSE 100 5190.78 39.17 0.76 –31.2
Unifi Inc UFI 7.98 -3.59 -31.03 27.85 7.48 -56.5
U.K. FTSE 250 13592.64 762.94 5.95 –37.9
Asia-Pacific
Retail Value
TransAct Technologies
RVI
TACT
9.31
3.14
-4.15
-1.40
-30.83
-30.76
38.85
13.59
8.32
3.04
-70.7
-63.9 Speed-Read the Markets
Australia S&P/ASX 200 4816.60 33.66 0.70 –27.9 Blue Apron Cl A APRN 10.15 -4.19 -29.22 28.84 2.01 -28.9
China Shanghai Composite 2745.62 43.49 1.61 –10.0 Accelerate Diagnostics AXDX 4.62 -1.85 -28.59 24.00 4.53 -76.8
Hong Kong Hang Seng 22805.07 1095.94 5.05 –19.1 LMP Automotive Holdings LMPX 3.33 -1.32 -28.39 49.30 3.33 ... With 30-plus charts and concise analysis,
India S&P BSE Sensex 29915.96 1627.74 5.75 –27.5 35.29 -13.88 -28.23 -53.0
Inter Parfums IPAR 81.40 34.84 The Daily Shot morning newsletter delivers an
Japan Nikkei Stock Avg 16552.83 … Closed –30.0 ShiftPixy PIXY 6.68 -2.62 -28.17 61.31 3.21 -88.2
Singapore Straits Times 2410.74 4.32 –25.2
overview of the trends impacting global markets.
99.74 Alliance Resource Ptrs ARLP 3.88 -1.52 -28.15 20.65 3.03 -80.8
South Korea Kospi 1566.15 108.51 7.44 –28.7 Sign up now at WSJ.com/DailyShot
Taiwan TAIEX 9234.09 552.75 6.37 –23.0
Most Active Stocks
Volume % chg from Latest Session 52-Week
Thailand SET 1127.24 83.05 7.95 –28.6 Company Symbol (000) 65-day avg Close % chg High Low s 2020 Dow Jones & Co., Inc. All Right reserved. 2DJ6399
Sources: FactSet; Dow Jones Market Data SPDR S&P 500 SPY 341,714 175.9 228.80 -4.31 339.08 228.02
Velocity 3x Lg Crude ETN UWT 245,760 454.4 0.27 -14.56 24.32 0.19
Get real-time U.S. stock quotes and track most-active Finl Select Sector SPDR XLF 157,739 134.2 18.91 -3.57 31.38 18.11

WSJ
.COM
stocks, new highs/lows and mutual funds.
Plus, deeper money-flows data and email delivery of
key stock-market data.
Bank of America
Ford Motor
BAC
F
150,765
129,282
125.1 19.67 -7.22
83.6 4.33 -3.13
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
35.72
10.56
19.00
4.10
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$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 .00004263 23460 1.2
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Argentina peso .0157 63.7998 6.5 Europe

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1975 5.0643 26.0 Czech Rep. koruna .03924 25.485 12.4
U.S. consumer rates notes and bonds major U.S. trading partners
Canada dollar .6966 1.4355 10.5 Denmark krone .1432 6.9830 4.8
Chile peso .001158 863.30 16.8 Euro area euro 1.0697 .9349 4.8
A consumer rate against its Five-year ARM, Rate Colombiapeso .000243 4120.50 25.6 Hungary forint .003050 327.92 11.0
benchmark over the past year 4.00% 8%
Ecuador US dollar 1 1 unch Iceland krona .007109 140.67 16.2
Bankrate.com avg†: 3.57% Mexico peso .0409 24.4252 29.0 Norway krone .0848 11.7859 34.2
Proponent Federal Credit Union 2.50% One year ago WSJ Dollar index Yen Uruguay peso .02180 45.8700 23.5 Poland zloty .2359 4.2393 11.8
s

3.00 4
4.00% Nutley, NJ 973-338-1133 t
s
Asia-Pacific Russia ruble .01250 79.978 28.9
t
Sweden krona .0963 10.3858 10.9
5-year adjustable- Provident Bank 2.88% 2.00 0
Australian dollar .5784 1.7289 21.3
Switzerland franc 1.0146 .9856 1.9
3.00 China yuan .1409 7.0958 1.9
rate mortgage Dumont, NJ 800-448-7768 Turkey lira .1526 6.5525 10.1
Tradeweb ICE Friday Close Hong Kong dollar .1289 7.7570 –0.4
Ukraine hryvnia .0359 27.8252 17.5
(ARM) 2.00 Credit Union of New Jersey 3.00% 1.00 –4 India rupee .01326 75.399 5.7
t s UK pound 1.1639 .8592 13.9
Ewing, NJ 609-538-4061 Euro Indonesia rupiah .0000628 15925 14.7
5-year Treasury 1.00 0.00 Japan yen .009023 110.82 2.0 Middle East/Africa
t
Old National Bank 3.00% –8
note yield 1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002181 458.53 20.1 Bahrain dinar 2.6476 .3777 0.2
Appleton, WI 812-464-1494 2019 2020 Macau pataca .1254 7.9742 –0.5 Egypt pound .0635 15.7487 –1.9
0.00 month(s) years
AM J J A S ON D J FM Liberty Bank 3.13% Malaysia ringgit .2276 4.3945 7.4 Israel shekel .2772 3.6076 4.5
maturity New Zealand dollar .5709 1.7516 17.9 Kuwait dinar 3.2199 .3106 2.5
2019 2020 Middletown, CT 888-570-0773
Pakistan rupee .00631 158.600 2.3 Oman sul rial 2.5959 .3852 0.1
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0195 51.230 Qatar rial .2746 3.641 –0.1
1.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .6902 1.4489 7.6 Saudi Arabia riyal .2661 3.7581 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0007968 1254.95 8.6 South Africa rand .0569 17.5891 25.7
Sri Lanka rupee .0053568 186.68 2.9
Federal-funds rate target 0.00-0.25 1.00-1.25 1.00 l 2.25 -0.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03303 30.280 1.2
Prime rate* 3.25 4.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03059 32.690 9.8 WSJ Dollar Index 96.80 –0.19–0.20 8.08
Libor, 3-month 1.20 0.84 0.74 l 2.61 0.05
U.S. Treasury, Barclays 2419.100 0.810 0.920 2.530 0.580 12.24 5.37 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.37 0.44 0.37 l 0.78 0.03
1.05 1.05 l -0.22 U.S. Treasury Long, Barclays 4625.060 1.570 1.530 2.940 0.980 30.06 12.14
Five-year CD, annual yield
30-year mortgage, fixed† 4.01
1.15
3.99 3.52 l
2.03
4.34 -0.21 Aggregate, Barclays 2125.160 2.280 1.910 3.060 1.320 6.51 3.92
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.40 3.16 2.95 l 3.73 ...
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2164.440 2.690 2.290 3.250 1.450 5.53 3.55
Jumbo mortgages, $510,400-plus† 4.09 4.14 3.54 l 4.71 -0.70 DJ Commodity 466.17 -5.07 -1.08 647.86 451.81 -25.23 -27.42
High Yield 100, ICE BofA 2568.002 9.994 7.527 9.994 4.516 –14.152 –2.007
Five-year adj mortgage (ARM)† 3.57 3.67 3.32 l 4.78 0.07 TR/CC CRB Index 123.88 -3.75 -2.94 189.66 120.34 -32.73 -33.32
New-car loan, 48-month 4.42 4.45 4.41 l 4.81 1.09 Muni Master, ICE BofA 523.023 3.441 1.865 3.441 0.959 –3.257 1.323 Crude oil, $ per barrel 22.43 -2.79 -11.06 66.30 20.37 -62.01 -63.27
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. 5.914 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 1.604 -0.050 -3.02 2.862 1.604 -41.74 -26.72
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. 1484.00 5.40 0.37 1674.50 1269.30 13.14 -2.34
B8 | Saturday/Sunday, March 21 - 22, 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 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Contract Open
April 62.750 63.850 61.450 61.575 .425 33,086 Index Futures March 7195.00 7649.00 7153.50 7417.98 124.48 94,114
June 69.525 71.075 67.675 67.950 –1.200 78,753 June 7177.00 7629.00 6891.00 6969.00 –304.50 199,555
Open High hi lo Low Settle Chg interest
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini DJ Industrial Average (CBT)-$5 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Mini Russell 2000 (CME)-$50 x index
May 325.90 335.40 319.00 322.30 2.50 1,539 March 19712 20999 19543 20256 253 21,118
March 1033.30 1101.90 1017.50 1069.24 21.14 71,311
March 2.1620 2.2410 2.1200 2.1905 –0.0095 1,429 July 333.50 342.70 325.60 327.30 –.10 669 June 19583 20882 18825 19040 –835 54,418
May 2.1485 2.2365 2.0930 2.1715 –0.0140 104,984 June 1025.50 1093.60 994.20 1015.90 –23.90 538,302
Milk (CME)-200,000 lbs., cents per lb. S&P 500 Index (CME)-$250 x index
Gold (CMX)-100 troy oz.; $ per troy oz. March 16.29 16.29 16.26 16.26 –.01 2,892 Sept 1105.00 1075.00 994.40 1010.90 –25.10 12
June 2348.00 2498.40 t 2260.70 2288.50 –100.60 6,008
March 1483.50 1483.50 1483.50 1484.00 5.40 275 June 15.43 15.58 15.32 15.52 .20 2,970 Mini Russell 1000 (CME)-$50 x index
1471.60 1519.40 1457.50 1484.60 5.30 214,763 Sept … … … 2280.00 –99.40 11
April Cocoa (ICE-US)-10 metric tons; $ per ton. March 1298.20 1328.00 1316.50 1331.88 15.68 2,381
June 1474.70 1522.50 1460.90 1488.10 5.80 225,803 May 2,241 t 2,271
2,183 2,230 14 72,327
Mini S&P 500 (CME)-$50 x index June 1320.00 t 1250.70 1261.50 –56.00
1326.40 8,723
Aug 1466.30 1525.40 1465.00 1491.20 6.10 46,564 July 2,255 t 2,277
2,201 2,231 2 52,854 March 2364.25 2512.75 2346.25 2437.98 … 1,241,170 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1491.40 1524.00 1491.40 1493.30 6.00 11,749 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 2351.00 t 2260.00 2288.50 –100.50 3,299,307
2499.00 June 103.78 103.83 s 101.91 103.50 –.10 28,449
Dec 1468.00 1530.00 1468.00 1495.10 5.70 35,693 May 114.00 120.05 114.00 119.70 7.00 75,696 Mini S&P Midcap 400 (CME)-$100 x index Sept 103.63 103.67 102.50 103.58 –.20 557
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 114.40 120.00 114.40 119.75 6.30 48,543 March 1291.80 1362.50 1281.00 1328.70 11.70 8,083
March ... ... ... 1570.30 10.80 10 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 1282.70 1366.10 1230.60 1251.50 –54.40 81,961 Source: FactSet
June 1526.60 1624.90 1463.00 1540.20 10.80 7,835 May 10.85 11.19 10.82 10.91 .32 326,324
Sept 1540.20 1589.40 1478.50 1531.60 11.40 585 July 10.78 11.13 10.78 10.83 .29 260,276
Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March
July
...
590.70 640.00
... ...
588.60
621.60 25.70
623.40 26.30
2
33,993
May
July
27.00
26.90
27.00
26.90
26.80
26.90
26.80
26.90
–.05
–.05
453
2,616
Bonds | WSJ.com/bonds
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb.
March
May
12.080
12.125
12.860
13.095
12.080
12.005
12.349 0.252
12.385 0.251
204
100,055
May
Dec
55.32
56.64
56.35
57.28
t
t
53.20
54.62
53.68 –1.25 92,157
55.03 –1.07 49,981
Global Government Bonds: Mapping Yields
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
April 24.73 27.89 t 19.46 22.43 –2.79 18,004 May 99.75 106.10 s 99.55 105.55 6.55 10,616
May 25.59 28.49 22.39 22.63 –3.28 529,246 July 101.00 106.10 100.95 105.60 5.65 2,735 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
June 26.61 29.46 24.13 24.36 –2.43 270,527
July 27.85 30.65 25.70 25.93 –2.03 158,722
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Interest Rate Futures Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Sept 29.74 32.55 27.83 28.02 –1.88 125,008
Dec 31.79 34.45 30.00 30.16 –1.76 212,583 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1.125 U.S. 2 0.372 t l 0.483 1.391 2.400
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 208-000 208-000 206-000 210-210 8-06.0 51 1.500 10 0.949 t l 1.158 1.519 2.525
April 1.0414 1.1120 1.0010 1.0063 –.0354 38,328 June 202-090 216-010 201-250 211-070 7-06.0 1,106,178
May 1.0481 1.1184 1.0090 1.0139 –.0336 84,166 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2.000 Australia 2 0.270 t l 0.330 0.715 1.555 -10.1 -15.2 -84.6
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 190-000 200-000 174-000 177-100 4-20.0 1,140
2.500 10 1.150 t l 1.490 0.998 1.948 20.1 33.2 -57.7
April .6850 .7499 t .6010 .6054 –.0796 50,767 June 172-010 178-010 171-230 175-310 3-11.0 1,132,656
May .6854 .7615 t .6233 .6281 –.0651 102,593 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 -0.488 t l -0.414 -0.614 -0.455 -85.9 -89.7 -285.5
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 136-110 136-160 135-100 136-160 1-06.0 275
April 1.647 1.700 1.574 1.604 –.050 88,777 June 134-300 137-145 134-220 136-235 1-16.5 3,527,388 0.000 10 0.101 t l 0.257 -0.217 0.455 -84.8 -90.1 -207.0
May 1.723 1.772 1.646 1.675 –.051 346,358 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 0.000 Germany 2 -0.678 s l -0.679 -0.650 -0.538 -105.0 -116.2 -293.8
June 1.821 1.872 1.741 1.765 –.056 90,062 March 123-127 124-082 123-100 124-002 22.2 18,902
July 1.926 1.984 1.859 1.877 –.060 110,707 June 123-282 125-020 123-265 124-245 22.5 4,219,717 0.000 10 -0.321 t l -0.192 -0.444 0.086 -126.9 -135.0 -244.0
Sept 2.017 2.067 1.943 1.957 –.064 105,530 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 1.200 Italy 2 0.518 t 0.753 -0.212 0.416 27.0 -198.4
Oct 2.085 2.131 2.011 2.025 –.060 103,212 March 109-227 109-316 109-211 109-290 3.7 46,471
l 14.6
June 110-009 110-070 109-316 110-040 2.2 3,109,181 1.350 10 1.622 t l 1.796 0.909 2.518 67.3 63.9 -0.7
Agriculture Futures 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
March 99.3075 99.3300 99.3000 99.3250 .0225 249,847 0.100 Japan 2 -0.140 l -0.140 -0.150 -0.160 -51.1 -62.2 -256.1
Corn (CBT)-5,000 bu.; cents per bu. April 99.8550 99.8950 99.8500 99.8900 .0300 312,986 0.100 10 0.091 l 0.091 -0.039 -0.035 -106.7 -256.0
-85.8
May 346.50 356.75 342.25 343.75 –1.75 498,392 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
July 351.50 360.75 348.50 349.50 –1.50 376,963 June 103-140 104-225 102-290 104-085 1-24.5 59,709 0.050 Spain 2 -0.150 t l -0.127 -0.449 -0.253 -52.2 -60.9 -265.3
Oats (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% 0.500 10 0.728 t l 0.892 0.230 1.157 -26.5 -136.9
May 262.25 268.00 260.75 262.00 .75 2,537 April 98.9575 99.1925 98.9200 99.1400 .1300 452,514
-22.1
July 263.25 267.00 261.25 261.75 .25 752 June 99.3250 99.5100 99.3050 99.4550 .1050 1,627,100 0.500 U.K. 2 0.130 s l 0.124 0.518 0.742 -24.2 -35.9 -165.8
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 99.5200 99.6500 99.5050 99.6050 .0750 1,372,683
Dec 99.4950 99.6300 99.4900 99.5900 .0800 1,107,675 4.750 10 0.563 t l 0.721 0.581 1.158 -38.6 -43.7 -136.7
May 845.75 864.75 845.50 862.50 19.25 286,518
July 848.75 867.00 848.75 864.75 16.75 176,075 Source: Tullett Prebon
Soybean Meal (CBT)-100 tons; $ per ton. Currency Futures
315.70 326.60 s 313.60 325.20 10.40 162,130
May
July 306.50 317.00 s 305.30 314.40 8.40 88,549
Japanese Yen (CME)-¥12,500,000; $ per 100¥
April .9034 .9160 .8991 .9012 –.0047 919
Corporate Debt
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .9063 .9188 .9008 .9036 –.0057 115,240 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
May 25.76 26.26 25.41 25.64 .16 164,499 Canadian Dollar (CME)-CAD 100,000; $ per CAD that same company’s share price.
July 26.15 26.59 25.73 25.94 .13 108,827 April .6950 .7062 .6888 .6930 .0037 1,386
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .6900 .7071 .6883 .6933 .0036 116,236 Investment-grade spreads that tightened the most…
May 1400.50 1401.50 1323.00 1328.50 –63.50 8,274 British Pound (CME)-£62,500; $ per £ Spread*, in basis points Stock Performance
July 1383.50 1383.50 t 1322.50 1323.50 50.50 1,080 April 1.1485 t 1.1435
1.19311.1574 .0030 1,628 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Wheat (CBT)-5,000 bu.; cents per bu. June 1.1500 t 1.1438
1.19521.1587 .0025 172,784
May 534.50 547.00 533.00 539.25 4.25 147,939 Swiss Franc (CME)-CHF 125,000; $ per CHF Energy Transfer Operating ETP 5.800 June 15, ’38 686 –423 518 ... ...
July 532.00 542.25 530.75 535.75 3.25 97,951 June 1.0175 1.0309 t 1.0144 1.0153 –.0038 32,539
Sept 1.0232 1.0351 t 1.0194 1.0193 –.0040 87
Enterprise Products Operating … 3.700 Feb. 15, ’26 450 –339 249 … …
Wheat (KC)-5,000 bu.; cents per bu.
May 466.00 477.25 464.75 469.00 3.50 106,414
Australian Dollar (CME)-AUD 100,000; $ per AUD Westpac Banking WSTP 2.500 June 28, ’22 237 –208 161 ... ...
April .5722 .5982 .5676 .5805 .0025 832 JPMorgan Chase JPM 5.150 May 1, ’49 484 –192 376 83.50 –2.11
July 471.00 480.50 468.75 472.50 3.00 65,556
June .5739 .5987 .5667 .5805 .0024 142,709
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Swiss Re Finance Luxembourg SRENVX 5.000 April 2, ’49 317 –190 267 ... ...
March 119.500 123.825 118.525 120.725 3.650 1,945
April .04142 .04232 .04062 .04109 .00024 51 Apache APA 4.750 April 15, ’43 856 –131 697 4.83 –2.42
May 116.000 119.675 115.300 118.250 5.225 14,684 June .04114 .04208 .04015 .04070 .00023 114,806
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € DNB Bank ASA DNBNO 6.500 March 26, ’49 1385 –116 586 ... ...
April 99.600 99.600 97.100 98.650 3.550 42,349 April 1.0667 1.0844 t 1.0648 1.0664 –.0021 1,574 Citigroup C 2.700 Oct. 27, ’22 354 –115 275 38.06 –3.99
June 91.950 92.525 88.125 89.525 .600 123,558 June 1.0714 1.0872 t 1.0675 1.0692 –.0028 572,292
…And spreads that widened the most
Exchange-Traded Portfolios | WSJ.com/ETFresearch MPLX
Service Properties Trust
MPLX
SVC
4.500
4.500
July 15, ’23
June 15, ’23
1500
1488
549
443
447
n.a.
11.73
5.13
3.08
–18.31
Closing Chg YTD Boeing BA 3.100 May 1, ’26 840 275 330 95.01 –2.76
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Wells Fargo WFC 3.069 Jan. 24, ’23 651 241 193 26.50 –6.33
iShRussell1000Gwth IWF 133.98 –4.25 –23.8
Friday, March 20, 2020 Closing Chg YTD
ETF Symbol Price (%) (%) iShRussell1000 IWB 126.17 –4.58 –29.3 General Motors GM 5.000 Oct. 1, ’28 832 229 415 18.14 2.43
Closing Chg YTD iShRussell1000Val IWD 89.15 –4.07 –34.7
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 110.03 0.99 –2.1 iShRussell2000 IWM 101.40 –2.38 –38.8
Celanese US Holdings … 3.500 May 8, ’24 576 225 280 … …
CnsmrDiscSelSector XLY 87.81 –2.97 –30.0 iShSelectDividend DVY 66.39 –5.96 –37.2 iShRussell3000 IWV 132.95 –3.87 –29.5 American International AIG 3.750 July 10, ’25 584 180 n.a. 19.23 –6.65
CnsStapleSelSector XLP 50.40 –6.48 –20.0 iShEdgeMSCIMinEAFE EFAV 55.73 –1.80 –25.2 iShRussellMid-Cap IWR 38.10 –4.18 –36.1
iShEdgeMSCIMinUSA USMV 48.35 –5.25 –26.3 56.83 –4.39 –40.0
FinSelSectorSPDR
FT ValDivFd
XLF
FVD
18.91
25.04
–3.57
–5.76
–38.6
–30.5
iShEdgeMSCIUSAMom MTUM 93.81 –5.89 –25.3
iShRussellMCValue
iShS&P500Growth
IWS
IVW 147.41 –4.09 –23.9
High-yield issues with the biggest price increases…
iShEdgeMSCIUSAQual QUAL 72.06 –5.36 –28.7 iShS&P500Value IVE 86.71 –4.36 –33.3
HealthCareSelSect XLV 79.09 –3.84 –22.4 Bond Price as % of face value Stock Performance
iShFloatingRateBd FLOT 45.24 2.59 –11.2 iShShortCpBd IGSB 48.16 2.01 –10.2
IndSelSectorSPDR XLI 51.40 –5.01 –36.9 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShGoldTr IAU 14.23 1.43 –1.9 iShShortTreaBd SHV 111.03 0.03 0.5
InvscQQQI QQQ 170.70 –3.92 –19.7 iShiBoxx$InvGrCpBd LQD 106.74 1.61 –16.6 iShTIPSBondETF TIP 115.86 4.45 –0.6
InvscS&P500EW RSP 75.03 –4.86 –35.2 iShiBoxx$HYCpBd HYG 69.75 –2.24 –20.7 iSh1-3YTreasuryBd SHY 86.49 0.27 2.2
Safeway SWY 7.450 Sept. 15, ’27 89.968 19.77 n.a. ... ...
InvscS&P500LowVol SPLV 41.51 –6.30 –28.8 iShIntermCorpBd IGIB 50.43 –0.28 –13.0
iSh3-7YTreasuryBd IEI 131.95 1.20 4.9 iSh7-10YTreasuryBd IEF 119.14 2.55 8.1 Banco Santander SANTAN 7.500 Feb. 8, ’49 76.000 11.03 96.000 ... ...
iShJPMUSDEmgBd EMB 91.09 3.53 –20.5 159.43 17.7
iSh20+YTreasuryBd TLT 7.52
iShCoreDivGrowth DGRO 29.22 –4.91 –30.5 iShMBSETF MBB 107.87 1.20 –0.2
iShRussellMCGrowth IWP 106.75 –3.92 –30.0
Suburban Propane Partners SPH 5.875 March 1, ’27 80.250 10.38 92.170 11.54 8.46
iShCoreMSCIEAFE IEFA 43.74 –0.95 –33.0 iShMSCI ACWI ACWI 55.31 –3.17 –30.2
iShCoreMSCIEM IEMG 37.18 0.84 –30.8 iShMSCI EAFE EFA 47.05 –1.24 –32.2
iShUSTreasuryBdETF GOVT 27.63 2.26 6.5 IHO Verwaltungs GmbH SHAEFF 6.375 May 15, ’29 80.000 7.06 94.387 ... ...
iShCoreMSCITotInt IXUS 41.82 –0.33 –32.4 JPM UltShtIncm JPST 48.97 –0.14 –2.9
iShMSCI EAFE SC SCZ 38.54 ... –38.1 Tupperware Brands TUP 4.750 June 1, ’21 64.020 6.79 56.000 1.62 –12.43
iShCoreS&P500 IVV 231.16 –4.50 –28.5 PIMCOEnhShMaturity MINT 97.07 –1.04 –4.4
iShMSCIEmgMarkets EEM 31.36 0.74 –30.1
iShCoreS&P MC IJH 126.27 –3.71 –38.7 SPDRBloomBar1-3MTB BIL 91.66 0.03 0.3 Xerox XRXCRP 6.750 Dec. 15, ’39 77.480 6.70 96.000 ... ...
iShMSCIJapan EWJ 45.11 0.24 –23.9
49.78 –3.75 –40.6 SPDR Gold GLD 140.11 1.50 –2.0
iShCoreS&P SC IJR iShNatlMuniBd MUB 102.30 0.77 –10.2
iShS&PTotlUSStkMkt ITOT 50.94 –4.00 –29.9 iShPfd&Incm PFF 27.75 1.98 –26.2 SchwabIntEquity SCHF 22.69 –0.96 –32.5 ING Groep INTNED 6.750 April 16, ’49 79.500 6.50 96.000 ... ...
SchwabUS BrdMkt SCHB 53.80 –4.66 –30.0 Rowan Companies … 7.375 June 15, ’25 21.500 6.50 n.a. … …
SchwabUS Div SCHD 40.54 –5.59 –30.0
SchwabUS LC SCHX 54.71 –4.17 –28.8
…And with the biggest price decreases
Borrowing Benchmarks | WSJ.com/bonds SchwabUS LC Grw
Schwab US TIPs
SCHG
SCHP
70.30
56.15
–4.20
4.25
–24.3
–0.8
SPDR DJIA Tr DIA 191.90 –4.39 –32.7 L Brands LB 5.250 Feb. 1, ’28 59.577 –14.42 86.750 9.78 –8.94
SPDR S&PMdCpTr MDY 229.25 –3.93 –38.9
8.250 Feb. 1, ’30 61.000 –13.00 90.350 ... ...
Money Rates March 20, 2020 SPDR S&P 500
SPDR S&P Div
SPY
SDY
228.80
72.82
–4.31
–6.16
–28.9
–32.3
Liberty Media
J. C. Penney
…
JCP 5.875 July 1, ’23 50.000 –12.00 77.375 0.45 –10.29
TechSelectSector XLK 71.42 –4.58 –22.1
Key annual interest rates paid to borrow or lend money in U.S. and UtilitiesSelSector XLU 47.82 –7.93 –26.0
MEDNAX MD 6.250 Jan. 15, ’27 73.875 –9.63 89.500 9.40 7.18
international markets. Rates below are a guide to general levels but VanEckGoldMiner GDX 20.55 –3.39 –29.8 Jaguar Land Rover Automotive TTMTIN 4.500 Oct. 1, ’27 50.000 –9.06 n.a. ... ...
VangdInfoTech VGT 187.15 –4.03 –23.6
don’t always represent actual transactions. VangdSC Val VBR 78.30 –4.58 –42.9 Springleaf Finance AMGFIN 6.625 Jan. 15, ’28 82.038 –8.71 101.000 ... ...
VangdSC Grwth VBK 131.06 –2.59 –34.0 4.875 April 1, ’28 –8.00 99.500 52.32
Week —52-WEEK— Science Applications International SAIC 85.000 –6.60
Inflation Latest ago High Low
VangdDivApp VIG 93.23 –5.43 –25.2
VangdFTSEDevMk VEA 29.41 –0.91 –33.3
Feb. index Chg From (%) *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.
Switzerland 0.50 0.50 0.50 0.50 VangdFTSE EM VWO 31.12 0.45 –30.0
level Jan. '20 Feb. '19 VangdFTSE Europe VGK 37.54 –1.37 –35.9 Note: Data are for the most active issue of bonds with maturities of two years or more
Britain 0.75 0.75 0.75 0.75 VangdFTSEAWxUS VEU 36.60 –0.49 –31.9 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
U.S. consumer price index Australia 0.25 0.50 1.50 0.25 VangdGrowth VUG 139.61 –3.95 –23.4
VangdHlthCr VHT 146.00 –4.24 –23.9
All items 258.678 0.27 2.3
VangdHiDiv VYM 63.64 –4.76 –32.1
Core 267.268 0.48 2.4 Secondary market VangdIntermBd
VangdIntrCorpBd
BIV
VCIT
84.65
78.83
1.05
–1.19
–2.9
–13.7
Dividend Changes
Fannie Mae VangdLC VV 105.92 –4.28 –28.4
International rates 30-year mortgage yields VangdMC VO 115.90 –4.50 –35.0 Dividend announcements from March 20.
VangdMC Val VOE 71.64 –4.82 –39.9
Week 52-Week 30 days 3.012 2.991 3.857 2.328 VangdMBS VMBS 52.26 –0.83 –1.7 Amount Payable / Amount Payable /
Latest ago High Low 60 days 3.081 3.035 3.884 2.353 VangdRealEst VNQ 59.68 –4.98 –35.7 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
Notes on data: VangdS&P500ETF VOO 210.74 –4.36 –28.8
VangdST Bond BSV 80.23 1.98 –0.5 Initial Foreign
Prime rates U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 72.97 1.70 –9.9 B. Riley Nts 2025 RILYM 10.6 .3453 Apr30 /Apr15 Accenture Cl A ACN 2.1 .80 Q May15 /Apr16
U.S. 3.25 4.25 5.50 3.25 loans posted by at least 70% of the 10 largest VangdSC VB 101.42 –2.87 –38.8
U.S. banks, and is effective March 16, 2020. Gl Beta Smart Incm GBDV ... .232 Mar26 /Mar23 Diana Ship 8.875 Pfd B DSXpB 13.1 .55469 Q Apr15 /Apr14
Canada 2.95 3.45 3.95 2.95 VangdTotalBd BND 82.17 1.70 –2.0
Dorsey Wright ETN 2036 BMLP 15.2 .8828 Q Apr06 /Mar27
Other prime rates aren’t directly comparable; VangdTotIntlBd BNDX 55.31 0.56 –2.2
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location. Stocks Fanhua ADR FANH 6.0 .30 Q Apr16 /Apr02
VangdTotIntlStk VXUS 37.62 –0.34 –32.4
Complete Money Rates table appears Monday VangdTotalStk VTI 115.19 –4.08 –29.6 U.S. Gold USAU 1:10 /Mar20 Momo ADR MOMO 2.7 .76 Apr30 /Apr08
Policy Rates through Friday. VangdTotlWrld VT 56.03 –2.73 –30.8
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 80.05 –4.74 –33.2 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

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
ColumbiaProperty CXP 8.61 -5.9 FirstFoundation FFWM 8.46 -13.1 ICICI Bank IBN 7.84 0.1 LibertyOilfield LBRT 2.17 -12.7 NewparkResources NR 1.05 2.5 RBC Bearings ROLL 80.44 -12.2 SteinMart SMRT 0.28 -29.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Comcast A CMCSA 32.64 -7.2 FirstRepBank FRC 77.56 -11.6 IDACORP IDA 73.34 -10.7 LifeStorage LSI 73.12 -5.2 NewsCorp B NWS 8.55 -6.5 RELX RELX 16.90 -4.8 StockYardsBncp SYBT 25.17 -10.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low ConEd ED 71.07 -9.4 FirstUS Bcshs FUSB 7.01 -4.3 IdexxLab IDXX 180.19 -5.1 LifeSciAcqnUn LSACU 8.82 -3.9 NewsCorp A NWSA 8.92 -6.7 RENN Fund RCG 0.90 -8.6 StrataSkinSci SSKN 0.80 -10.7
in the latest session. % CHG-Daily percentage change from the previous trading session. CorpOfficeProp OFC 15.23 -5.1 500.com WBAI 3.56 -12.7 IF Bancorp IROQ 15.25 -0.3 LightInTheBox LITB 0.70 -14.6 NexaResources NEXA 2.69 -25.5 RR Donnelley RRD 1.01 -11.4 Strats Allst GJT GJT 18.21 -3.6
Corts JC KTP KTP 2.13 -9.2 Flanigans BDL 8.50 -16.4 IHS Markit INFO 47.75 -8.2 LindbladExped LIND 3.31 -11.7 NexPointResidentl NXRT 26.05 -27.6 Reading B RDIB 15.00 -6.3 Strats WlMrt GJO GJO 20.90 -4.1
Corvel CRVL 53.29 -13.3 FlexSolInt FSI 0.86 -13.5 IMV IMV 1.63 -11.1 LivaNova LIVN 36.00 -8.6 NexstarMedia NXST 48.03 -19.1 Reading A RDI 3.32 -8.5 Strattec STRT 12.88 -7.3
Friday, March 20, 2020 CovenantTranspt CVTI 9.05 -15.1 FlirSystems FLIR 24.75 -18.7 IRSA IRS 3.13 -15.9 Livent LTHM 4.79 -9.8 NextEraEnergy NEE 186.86 -7.4 ReadyCapNts2026 RCB 13.61 -4.5 SunLifeFinancial SLF 25.00 -5.4
52-Wk % 52-Wk % 52-Wk % CrescentCapBDC CCAP 6.92 -20.2 Fluidigm FLDM 1.17 -10.1 IcahnEnterprises IEP 41.95 -5.9 LloydsBanking LYG 1.39 -5.4 Noodles NDLS 3.60 0.5 RegencyCtrs REG 34.47 -5.9 SunlandsTech STG 1.35 2.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CryoLife CRY 14.23 -18.3 ForresterResearch FORR 22.45 -15.9 IllinoisToolWks ITW 123.89 -7.7 Loews L 30.87 -16.2 NorthfieldBanc NFBK 10.12 -16.2 Regis RGS 6.36 -15.0 SuperiorGroup SGC 7.95 -5.4
Cubic CUB 34.62 -9.0 FoxB FOX 19.92 -8.6 IndepRealty IRT 8.62 -5.7 LonestarRscs LONE 0.47 -25.3 Northwestern NWE 47.34 -15.8 ReinsGrp RGA 57.87 -14.0 TargetHospWt THWWW 0.20 -33.3
AmRvrBksh AMRB 8.25 -7.2 BiglariA BH.A 260.38 -2.9 IndLogistics ILPT 13.91 -6.0 NorwoodFin NWFL 23.31 1.8 TaroPharm TARO 56.67 -1.1
Cutera CUTR 9.12 -16.6 Franchise FRG 5.75 -5.0 Luby's LUB 0.50 -42.6 ReliantBancorp RBNC 10.09 26.9
Highs AmerWaterWorks AWK
Ampco-Pitt AP
98.25 -12.5
1.94 -10.6
BlackKnight
BlockHR
BKI
HRB
50.93 -8.2
12.76 -11.3
Cyanotech CYAN 1.82 7.9 FreseniusMed FMS 29.17 -6.5 Infosys INFY 6.86 -2.7 LumosPharma LUMO 7.12 -18.7 Novanta NOVT 66.44 -6.4 Rent-A-Center RCII 13.34 -8.3 Tennant TNC 50.07 -1.8
CyrusOne CONE 44.11 -6.4 FulingGlobal FORK 1.53 -12.5 InnSuitesHosp IHT 1.12 -6.7 LuokungTech LKCO 0.37 -2.7 OGE Energy OGE 25.30 -5.3 ReplayAcqnUn RPLA.U 9.60 -1.1 Tenneco TEN 2.63 -17.0
ArcutisBiotherap ARQT 40.88 32.1 AmplitudeHlthWt AMHCW 0.55 -7.1 BlueRidgeBkshs BRBS 15.26 0.3 Danaos DAC 2.50 -14.5 GX Acqn GXGXU 9.40 -3.4 InspiredEnt INSE 2.74 4.7 LutherBurbank LBC 7.22 -6.9 OReillyAuto ORLY 261.00 -9.2 Replimune REPL 8.75 -9.5 3M MMM 122.71 -9.2
Athersys ATHX 2.28 -3.8 AnchianoTherap ANCN 0.51 4.3 BoiseCascade BCC 20.61 -10.1 Daseke DSKE 0.86 -26.1 GabelliHlthPfdA GRXpA 24.82 -0.1 IntegerHoldings ITGR 50.92 -11.9 Lydall LDL 5.06 -16.1 OSI Systems OSIS 49.96 -12.6 RepublicBcpKYA RBCAA 28.10 -15.3 ThunderBridgeII THBRU 9.15 0.1
BellerophonTherap BLPH 26.00 431.0 AnnovisBio ANVS 2.50 5.3 BorqsTechs BRQS 1.05 -19.2 DianaShipping DSX 1.26 -11.0 GalileoAcqnWt GLEO.WS 0.30 -9.1 InterParfums IPAR 34.84 -28.2 MDC Partners MDCA 1.02 -30.6 OaktreeAcqn OAC.U 9.80 -1.5 RepublicSvcs RSG 70.52 -3.3 TowneBank TOWN 16.88 -9.2
GreenVisionAcqn GRNVU 11.92 -3.4 Anthem ANTM 185.69 -4.6 BostonProps BXP 80.63 -4.2 DiscoveryB DISCB 24.80 -15.9 GeneralFinSrNt21 GFNSL 18.71 -14.5 IntlBcshs IBOC 16.33 -9.0 MSC Industrial MSM 46.85 -4.9 OaktreeSpec OCSL 2.46 -11.3 ResoluteForest RFP 1.33 -17.2 TransActTechs TACT 3.04 -30.8
RandCapital RAND 4.12 3.2 ApartmtInv AIV 27.83 -9.2 BowlAmerica BWL.A 9.69 -0.5 DominionEnerUn DCUE 85.29 -3.6 GenuineParts GPC 55.02 -13.9 IBM IBM 94.71 -4.9 MVC Capital MVC 4.10 -17.6 OconeeFedFinl OFED 16.50 -1.4 RetailValue RVI 8.32 -30.8 TrancntlRlty TCI 16.50 -32.8
StableRoadWt SRACW 0.95 11.8 ArchCapital ACGL 25.55 -4.0 BrandywineRealty BDN 8.04 -8.1 DominionEner D 66.35 -6.4 GeoPark GPRK 5.44 -4.9 InterPrivateWt IPV.WS 0.55 -3.1 MackinacFin MFNC 8.76 -6.7 Oi OIBR.C 0.39 -6.5 Revlon REV 8.75 -2.8 TransUnion TRU 54.73 -6.3
TeladocHealth TDOC 158.20 1.5 ArcherDaniels ADM 30.43 -8.5 Braskem BAK 4.50 -6.4 Interpublic IPG 12.20 -11.2 Omnicell OMCL 54.24 -7.8 TriMas TRS 20.77 -7.9
ZoomVideo ZM 135.98 5.5 Domo DOMO 7.62 -9.3 Glaukos GKOS 24.17 -11.0 MagentaTherap MGTA 6.03 -10.0 RexfordIndlRealty REXR 32.87 -5.0
ArconicPfd ARNCp 77.54 -8.9 BrightScholarEduc BEDU 5.57 -1.9 DorchesterMnls DMLP 8.71 -8.0 GlenBurnieBncp GLBZ 9.00 -5.5 Intuit INTU 199.39 -6.5 MaidenHoldings MHLD 0.38 -40.9 Omnicom OMC 48.38 -9.7 Rexnord RXN 20.73 -11.6 TrineAcqnWt TRNE.WS 0.35 4.0
Arconic ARNC 13.00 -16.4 BritishAmTob BTI 29.69 -6.0 Investar ISTR 10.83 -5.1 1895Bancorp BCOW 7.45 -15.1 TrinityPlace TPHS 1.25 -10.0
Lows AresMgmt ARES 22.09 -10.5 BroadridgeFinl BR 89.81 -2.9
Dover
DukeEnergy
DOV
DUK
65.90 -6.6
68.10 -8.9
GoldStandrdVntr GSV
GoldenOcean GOGL
0.27 -27.1
2.74 -6.4 InvRlEst IRET 53.61 -18.8
Manitowoc
Manpower
MTW
MAN
8.63 -0.8
52.54 -12.5 OneSpaWorld OSW 2.45 18.3
RichmondMutBncp RMBI
RiverviewFinl RIVE
9.36 0.7
5.25 -15.5 TriStateCapPfA TSCAP 18.50 -1.8
ABMIndustries ABM 20.84 -12.5 ArteloBiosci ARTL 0.61 16.4 CB FinSvcs CBFV 17.82 4.3 ESSA Bancorp ESSA 10.47 -5.1 GoodTimesRest GTIM 0.62 -18.7 InvestorsTitle ITIC 102.60 -0.6 Marcus&Millichap MMI 21.90 -11.8 Orix IX 52.65 -2.9 RobertHalf RHI 34.38 -8.4 TrueCar TRUE 2.15 -4.2
ALJ Regional ALJJ 0.55 -9.8 AspenTech AZPN 75.00 -11.0 CBIZ CBZ 16.85 -5.5 eBay EBAY 27.21 -6.8 GordonPointeWt GPAQW 0.12 -37.5 InvitatHomes INVH 16.87 -7.1 MartenTransport MRTN 16.01 -10.5 Oshkosh OSK 50.20 -5.2 RockyMtnChoc RMCF 3.77 -27.6 TrustcoBank TRST 4.61 -4.5
AssetMarkFin AMK 15.35 -12.8 CHP Merger CHPMU 9.07 -1.6 ECL 140.57 -11.1 GRAF.WS 0.10 15.4 iRadimed IRMD 15.30 -9.8 MAS 29.26 -9.5 OspreyTechA SFTW 9.11 -1.5 ROG 79.61 -11.7 UDR UDR 31.46 -5.1
AMCIAcqnWt AMCIW 0.08 -33.3 Ecolab GrafIndlWt Masco Rogers
AssocCapital AC 26.34 -16.4 CHP Merger CHPM 9.40 -1.1 EdgewellPersonal EPC 24.39 -21.0 212.01 -9.0 IronMountain IRM 22.43 -9.7 210.00 -6.9 OspreyTechUn SFTW.U 9.40 -1.1 0.28 -37.4 Unitil UTL 44.35 -13.9
AMCIAcquisition AMCIU 9.90 1.4 Grainger GWW Mastercard MA RosehillRscs ROSE
Astronics ATRO 7.14 -27.4 CIIG Merger CIIC 9.40 0.4 JBG SMITH Prop JBGS 26.02 -8.2 Otelco OTEL 2.93 3.3 Unifi UFI 7.48 -31.0
AT&T T 28.18 -8.7 8iEntsAcqnUn JFKKU 9.72 -12.7 GraphicPkg GPK 10.83 -4.8 MatinasBioPharma MTNB 0.58 -4.3 RoyalBkScotland RBS 2.50 -8.6
AstroNova ALOT 5.29 -19.9 CITICCapAcqn CCAC 9.14 -0.3 JMP JMP 2.29 -5.9 PCB Bancorp PCB 8.54 -2.4 UnionAcqnIIWt LATNW 0.14 -32.3
Aaron's AAN 14.80 -17.8 8iEntsAcqn JFK 7.36 -26.8 GreatSouthernBncp GSBC 33.68 -6.8 MauiLand MLP 8.50 1.0 SB Financial SBFG 9.06 -0.8
Atento ATTO 1.00 -18.5 CMS Energy CMS 48.62 -12.3 JanusHenderson JHG 13.37 -6.3 POSCO PKX 27.20 -2.7 UnitedInsurance UIHC 7.16 ...
AbbottLabs ABT 67.95 -8.7 Electro-Sensors ELSE 2.69 -11.8 GriffinIndlRealty GRIF 28.99 -2.6 MercurySystems MRCY 60.01 -13.3 SCE Tr VI 5% Pfd L SCEpL 17.49 -6.7
AtlCapitalBcshs ACBI 9.40 -11.3 CTS CTS 18.12 -3.6 JazzPharma JAZZ 94.19 -8.2 PPL PPL 19.56 -8.9 USCopperIndex CPER 13.18 -1.6
Abiomed ABMD 130.01 -7.1 ElmiraSvgsBank ESBK 13.08 -2.9 Griffon GFF 9.75 -18.2 MeridianBancorp EBSB 9.71 -11.0 Seacor CKH 22.88 -8.0
AtmosEnergy ATO 85.56 -12.5 CVD Equipment CVV 2.27 -12.7 JefferiesFin JEF 12.31 -9.9 PSBusinessParks PSB 105.05 -8.4 USGasolineFd UGA 10.80 -5.8
AcamarPtrs ACAMU 9.70 -1.0 EmbotellAndinaA AKO.A 9.44 3.1 GrAeroportuario OMAB 24.16 -1.5 Meridian MRBK 12.29 0.6 SeacorMarine SMHI 3.30 -17.7
Autohome ATHM 63.01 -6.1 Cabot CBT 20.00 -7.0 JerashHldgs JRSH 4.90 -6.1 Paccar PCAR 52.04 -6.7 UnivInsurance UVE 15.38 -6.9
AcamarPtrsWt ACAMW 0.50 -23.1 Emcore EMKR 1.46 -21.5 GpoAeroportSur ASR 82.40 -4.9 MerrimackPharm MACK 1.49 -17.7 SEI Investments SEIC 37.66 -9.1
AutoWeb AUTO 0.91 -20.7 CambridgeBncp CATC 47.21 -6.2 JerniganCap JCAP 10.57 -6.8 PathfinderBncp PBHC 11.00 -0.2 UnivLogistics ULH 11.24 -4.5
AccelEnt ACEL 5.58 -6.7 EncoreWire WIRE 38.66 -8.6 GpoAvalAcc AVAL 3.50 -4.3 Mesoblast MESO 3.41 -3.8 SK Telecom SKM 15.22 -1.4
AutoZone AZO 720.88 -12.0 CamdenProperty CPT 69.37 -8.5 Jewett-Cameron JCTCF 5.03 -4.9 PatriotTransport PATI 8.36 -7.1 UnumGroup UNM 10.34 -2.4
AccelEntWt ACEL.WS 0.85 -29.8 EnduranceIntl EIGI 1.31 -3.9 GrupoSimec SIM 6.75 -1.0 MetLife MET 24.16 -9.0 SLGreenRealty SLG 45.39 -8.3
Avalonbay AVB 128.58 -10.2 Carlisle CSL 102.10 -12.4 J&J JNJ 118.13 -5.6 Pearson PSO 5.72 -7.1 UrbanOne A UONE 1.36 -1.7
AccelerateDiag AXDX 4.53 -28.6 EntergyNOLA Bds ENJ 21.06 -5.1 GulfIslandFab GIFI 2.88 13.5 MicronSolutions MICR 1.22 -6.1 SPAR Group SGRP 0.58 -0.9
AvanosMedical AVNS 21.04 -12.8 CarpenterTech CRS 14.70 -9.1 JuniperIndustrial JIH.U 9.50 0.9 PensareAcqn WRLS 4.80 -35.9 UrbanOne D UONEK 1.02 10.4
Acushnet GOLF 21.91 -4.5 Envestnet ENV 49.56 -8.4 HBT Finl HBT 11.22 -10.5 11.81 -5.6 MidAmApt MAA 85.45 -12.0 101.42 -11.4 SabineRoyalty SBR 24.83 -2.5 13.56 -5.4
AveryDennison AVY 88.01 -11.9 Cars.com CARS 3.95 -14.3 KAR Auction KAR PepsiCo PEP UroGenPharma URGN
AddexTherap ADXN 6.34 -9.9 Equifax EFX 105.35 -8.5 HC2 Holdings HCHC 1.39 -2.0 KBLMergerIVRt KBLMR 0.09 -36.0 Misonix MSON 8.02 -8.4 PerformShipping DCIX 0.37 -18.9 Sabre SABR 0.50 -86.9 Usio USIO 0.80 15.2
AdvanceAuto AAP 73.74 -12.7 AvidBioservices CDMO 3.11 -7.1 CarterBk&Tr CARE 6.85 -22.5 EquityResdntl EQR 54.62 -7.9 HamiltonBeach HBB 6.93 -14.0 ModineMfg MOD 2.96 -4.2 SafetyInsurance SAFT 65.45 -9.5
KaiserAlum KALU 54.54 -11.8 Pfizer PFE 28.91 -4.6 UTStarcom UTSI 1.84 -0.5
AeriePharm AERI 11.60 -10.4 Avista AVA 35.16 -22.3 cbdMD PfdA YCBDpA 2.77 -51.4 EquusTotReturn EQS 0.89 -10.8 HancockJaffeLabs HJLI 0.27 -1.3 MohawkInds MHK 58.23 -11.6 SanJuanBasin SJT 1.73 -9.7
Kaman KAMN 32.51 -11.8 PhoenixNewMedia FENG 1.27 3.1 Uxin UXIN 1.26 -9.3
Afya AFYA 14.73 -9.6 BBQ Holdings BBQ 1.81 -24.2 Cemex CX 1.72 -7.0 Escalade ESCA 5.65 -2.9 HappinessBiotech HAPP 2.98 -16.1 Mondelez MDLZ 42.85 -4.7 SantanderCons SC 11.44 -7.9
Kennametal KMT 15.50 -11.0 PhoenixTree DNK 7.50 -8.5 VOXX Intl VOXX 1.82 -14.9
Agenus AGEN 1.89 -6.3 BK Tech BKTI 1.46 -10.8 CentraisElBras EBR 3.29 -1.4 EssexProp ESS 192.22 -6.1 HarleyDavidson HOG 16.04 -13.2 Monro MNRO 41.63 -10.7 Sasol SSL 1.60 -13.0
KennedyWilson KW 12.02 -14.0 PioneerPwrSols PPSI 1.55 -12.9 VarianMed VAR 98.31 -7.8
AirTPfd AIRTP 18.20 -2.6 BOK Fin BOKF 36.78 -6.6 CentralPacFin CPF 12.74 -11.7 Etsy ETSY 31.00 -8.6 HavertyFurn A HVT.A 11.61 -15.7 MonsterBev MNST 50.06 -4.1 SaulCenters BFS 25.28 -4.8
KilroyRealty KRC 49.15 -5.9 PitneyBowes PBI 2.01 -24.8 VeriskAnalytics VRSK 123.54 -9.0
Airgain AIRG 6.15 -11.9 BadgerMeter BMI 44.20 -9.4 ChangeHlthcrUn CHNGU 30.71 -6.1 EvansBancorp EVBN 20.93 -5.5 HavertyFurn HVT 11.37 -1.9 MoSys MOSY 0.78 -3.0 SchweitzerMaud SWM 21.23 -7.1
KimballIntl B KBAL 8.71 -12.9 PLxPharma PLXP 2.05 -20.9 VircoMfg VIRC 1.82 -21.9
AlamoGroup ALG 71.30 -5.6 BancFst pf BANFP 26.25 -0.2 ChesapeakeUtil CPK 79.19 -8.1 Evergy EVRG 46.80 -14.4 HealthcareRealty HR 24.98 -9.1 MotorolaSol MSI 132.79 -8.8 SeaDrill SDRL 0.48 ...
KimbellRoyalty KRP 3.90 -3.2 PlymouthIndREIT PLYM 9.71 -0.5 VirtusInvtPtrs VRTS 66.99 -9.0
Albemarle ALB 53.02 -13.7 BancoBradesco BBDO 3.37 -4.4 ChicagoRivet CVR 20.12 -4.7 EversourceEner ES 67.42 -11.3 HealthcareAmer HTA 21.56 -2.1 Movado MOV 9.04 -1.7 SharpSpring SHSP 5.83 -10.1
KimberlyClark KMB 117.65 -6.4 PointsIntl PCOM 7.07 -14.4 VivintSmartHome VVNT 8.51 ...
Alcon ALC 42.07 -6.7 BcoSantMex BSMX 2.86 -5.0 ChinaFinance JRJC 4.04 -3.5 EvolvingSystems EVOL 0.60 -6.1 HeartlandFinUSA HTLF 27.71 -14.4 KoreaElcPwr KEP 6.28 -3.1 MudrickCapWt MUDSW 0.37 -37.2 PolarPower POLA 0.95 -18.7 ShilohIndustries SHLO 0.95 -25.8 VoltInfoSci VOLT 0.70 -8.1
Alexander&Baldwin ALEX 8.40 -5.2 BanColombia CIB 18.19 -0.1 ChinaXiangFood PLIN 1.22 -12.7 EvoquaWater AQUA 8.11 -11.9 HerculesCapNts33 HCXY 17.27 -7.7 KornitDigital KRNT 22.17 -2.9 NACCO Inds NC 22.26 -8.3 PortlandGenElec POR 39.20 -15.1 Sientra SIEN 1.07 -14.4 WEC Energy WEC 72.08 -18.1
Alexanders ALX 234.48 -9.0 Bancorp34 BCTF 9.12 4.3 ChurchillCapCorp.IIWt CCX.WS 0.93 -33.9 Exicure XCUR 0.96 -1.0 HershaHospPfdD HTpD 2.51 -7.3 LCI Inds LCII 58.02 -6.5 NI NODK 10.15 -6.5 PostalRealty PSTL 12.00 -7.9 SilverSpikeUn SSPKU 9.45 -2.0 WSFS Financial WSFS 20.19 -12.1
Alleghany Y 454.39 -3.1 BankofButterfield NTB 14.45 -12.1 Cimpress CMPR 51.00 -11.5 ExpeditorsIntl EXPD 52.85 -5.3 HershaHospPfdC HTpC 4.37 -13.7 LCNB LCNB 11.92 -18.9 NV5Global NVEE 29.03 -12.3 Precipio PRPO 0.67 -17.4 SilvercrestAsset SAMG 6.21 -16.4 WashTrBcp WASH 31.81 -13.5
AlleghenyTechs ATI 6.22 -17.0 BankofCommerce BOCH 6.08 -9.1 CincinnatiFin CINF 73.08 -8.4 ExperienceInvtWt EXPCW 0.60 -40.0 HollysysAuto HOLI 9.64 -4.0 LIVCapAcqnUn LIVKU 9.91 -0.9 NamTaiProperty NTP 3.66 -12.6 PrecisionDrilling PDS 0.27 1.4 SilverSunTechs SSNT 1.87 -2.5 Weidai WEI 1.06 -0.2
Allegion ALLE 81.61 -12.0 BankofHawaii BOH 53.74 -7.5 CtznCmntyBcp CZWI 6.01 7.8 Exterran EXTN 4.50 ... HomeBancorp HBCP 19.98 -10.5 LMP Auto LMPX 3.33 -28.4 NanoDimension NNDM 0.60 6.6 PPlus RRD-1 PYS 12.41 -9.2 SimplyGoodFoods SMPL 14.73 -3.2 WellsFargoPfdT WFCpT 23.50 -0.2
Allete ALE 53.17 -14.0 BankofMarinBncp BMRC 25.01 -9.0 Civeo CVEO 0.40 -13.0 ExtraSpaceSt EXR 77.70 -8.1 HomeBancShares HOMB 11.20 -14.3 LakeShoreBancorp LSBK 10.80 -9.2 Nasdaq NDAQ 79.67 -8.5 Primerica PRI 61.43 -12.2 SimpsonMfg SSD 54.82 -15.7 WestellTech WSTL 0.65 -4.7
AlliantEnergy LNT 40.21 -9.6 Banner BANR 30.10 -10.8 Clarus CLAR 7.88 -0.2 FARO Tech FARO 35.39 -6.8 HomeStreet HMST 19.66 -14.6 Landec LNDC 7.97 -0.7 NationalVision EYE 13.47 -19.5 PrincipalFin PFG 25.14 -4.5 SiriusXM SIRI 4.41 -7.3 Weyerhaeuser WY 14.60 -8.6
AllisonTransm ALSN 29.03 -9.3 Barnes&NobleEduc BNED 1.38 -10.3 ClearSignTech CLIR 0.35 -5.6 FS Bancorp FSBW 27.50 -14.2 HomeTrustBcshs HTBI 11.94 -10.9 LandmarkInfrPtrs LMRK 7.37 -12.5 NatlWesternLife NWLI 129.50 -11.9 ProfireEnergy PFIE 0.62 26.3 SmartFinancial SMBK 11.05 -7.5 Whirlpool WHR 73.73 -9.8
Alpha&OmegaSem AOSL 5.85 -6.4 BeaconRoof BECN 13.48 -15.8 Coca-Cola KO 37.51 -8.4 FarPointAcqnWt FPAC.WS 0.30 43.2 HoraceMannEdu HMN 31.04 2.7 Lantronix LTRX 1.58 -7.5 NaturalAlt NAII 4.75 2.4 Progressive PGR 65.19 1.8 SmithAO AOS 34.12 -5.7 WilhelminaIntl WHLM 2.35 -23.2
AlterityTherap ATHE 0.28 -4.4 BeasleyBroadcast BBGI 1.28 -32.7 Coca-Cola Femsa KOF 40.46 -5.9 FedAgriMtg C AGM 42.79 -17.1 HorizonBancorp HBNC 7.89 -11.4 Lazard LAZ 22.36 -9.6 NatureSunshine NATR 5.50 2.5 PublicStorage PSA 169.15 -8.7 SolarisOilfield SOI 4.66 -3.4 WillametteVallPfA WVVIP 4.20 -5.1
Altria MO 34.14 -7.6 BeazerHomes BZH 4.39 -1.9 CodorusValleyBncp CVLY 14.19 -0.9 FedAgriMtg A AGM.A 41.26 -11.4 HostessBrandsWt TWNKW 0.45 -7.9 Lazydays LAZY 2.00 -16.0 Natuzzi NTZ 0.48 -5.7 QuakerChemical KWR 118.43 -11.6 SoundFinBancorp SFBC 20.06 -6.1 Willdan WLDN 18.08 -8.2
AlumofChina ACH 4.81 -7.4 BellRingBrands BRBR 14.43 ... Cohen&Steers CNS 35.91 -2.3 FinInstitutions FISI 12.78 -8.3 HowardHughes HHC 39.38 -10.7 LeisureAcqn LACQ 9.12 -1.0 NaviosMaritime NMM 4.41 -5.5 QuantaServices PWR 25.04 -6.9 SouthPlainsFin SPFI 13.00 5.7 XcelEnergy XEL 50.03 -12.7
Ameren AEE 62.01 -12.5 BerkshireHills BHLB 12.44 -16.1 ColgatePalm CL 61.39 -6.9 FinServAcqnUn FSRVU 9.22 ... HudsonPacProp HPP 17.78 -7.8 LeMaitreVascular LMAT 21.22 -9.7 Navistar pfD NAVpD 15.00 -37.1 QuestDiag DGX 73.47 -5.1 Southern SO 46.15 -8.9 Xylem XYL 59.26 -7.1
AEP AEP 70.26 -11.6 Betterware BWMX 6.20 -27.1 CollierCreek CCH.U 9.46 -1.8 FirstBancshares FBMS 15.88 -4.5 Huntsman HUN 12.23 -13.3 LevelOneBncp LEVL 13.45 -14.2 Nelnet NNI 38.66 -10.2 QuestResource QRHC 1.12 -12.6 SouthernUnSeriesA SOLN 38.55 -4.2 YoungevityPfdD YGYIP 6.01 -21.5
AmerElecPwrUn AEPpB 41.50 -2.3 Big5SportingGds BGFV 0.85 -11.9 ColonyCapPfdG CLNYpG 11.80 -8.2 FirstBank FRBA 6.01 -13.7 HuttigBuilding HBP 0.62 -7.2 LeviStrauss LEVI 11.40 -7.3 NewFortressEner NFE 8.32 -8.2 QuorumHealth QHC 0.30 -26.7 StdAVBFin STND 17.52 -5.2 YunhongIntl ZGYHU 9.25 -2.2
AmHomes4Rent AMH 19.04 -6.0 BigRockPtrsWt BRPAW 0.05 -48.2 ColonyCredRlEst CLNC 2.61 -3.8 FirstCitizBcshA FCNCA 276.08 -10.5 HysterYaleMatls HY 33.01 -2.1 Libbey LBY 0.53 2.9 NewaterTech NEWA 1.87 -6.8 RBB Bancorp RBB 12.02 -6.2 StateAutoFin STFC 19.51 -18.8 ZionsBancorpWt ZIONW 0.30 -49.6
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | B9

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. -53.44 10.56 4.10 FordMotor F 13.9148 4.33 -0.14 -50.75 153.39 46.56 Marriott MAR 2.6 20 74.58 7.78 -32.57 158.80 72.05 SareptaTherap SRPT ... dd 87.01 -0.21
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -20.47 121.82 68.87 Fortinet FTNT ... 46 84.91 -1.25 -28.31 119.88 75.79 Marsh&McLen MMC 2.3 23 79.87 0.84 -64.48 48.88 11.87 Schlumberger SLB 14.0 dd 14.28 0.41
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -23.29 44.72 29.73 Fortis FTS 4.5 11 31.85 -2.38 -45.07 281.82 135.08 MartinMarietta MLM 1.4 16 153.62 -14.62 -35.34 51.65 28.00 SchwabC SCHW 2.3 12 30.75 -1.07
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -40.33 89.48 37.31 Fortive FTV 0.6 23 45.58 -0.47 -29.71 28.86 16.45 MarvellTech MRVL 1.3 8 18.67 -0.17 -21.33 125.69 75.91 ScottsMiracleGro SMG 2.8 10 83.53 -6.09
-43.99 73.28 34.12 FortBrandsHome FBHS 2.6 12 36.60 -1.12 t -38.59 50.06 29.26 Masco MAS 1.8 13 29.47 -3.11 -5.52 52.77 21.83 Sea SE ... dd 38.00 -1.70
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 133.27 95.12 5.53 FortySeven FTSV ... dd 91.84 0.45 -1.87 187.85 118.93 Masimo MASI ... 45 155.10 -9.29 -31.55 64.17 40.25 Seagate STX 6.4 7 40.73 -1.93
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -43.38 39.99 20.78 FoxA FOXA 2.2 7 20.99 -1.83 t -29.19 347.25 210.00 Mastercard MA 0.8 27 211.42 -15.73 -12.60 124.32 62.90 SeattleGenetics SGEN ... dd 99.86 -0.15
t -44.92 38.91 19.92 FoxB FOX 2.3 7 20.05 -1.89 -42.33 95.32 47.27 MatchGroup MTCH ... 26 47.35 -3.41 -34.22 161.87 88.13 SempraEnergy SRE 4.2 14 99.64 -0.36
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -9.12 122.65 69.16 Franco-Nevada FNV 1.1 51 93.88 -7.48 -28.27 65.73 41.93 MaximIntProducts MXIM 4.4 15 44.12 -1.64 -52.11 54.72 18.25 SensataTechs ST ... 15 25.80 -0.06
s-New 52-week high. standards vj-In bankruptcy or receivership or -34.95 35.82 15.30 FranklinRscs BEN 6.4 7 16.90 -2.53 -30.15 82.02 46.42 Maximus MMS 2.2 14 51.96 -6.79 -21.92 52.89 34.45 ServiceCorp SCI 2.1 18 35.94 1.08
t-New 52-week low. lf-Late filing being reorganized under the -57.93 14.68 4.82 FreeportMcM FCX 3.6 dd 5.52 -0.22 -26.62 174.58 119.20 McCormick MKC 2.0 24 124.54 -1.09 -9.78 362.95 213.99 ServiceNow NOW ... 81 254.70 -22.96
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities t -20.69 42.75 29.17 FreseniusMed FMS 1.5 12 29.21 -2.02 -27.11 174.09 119.12 McCormickVtg MKC.V 2.0 24 124.70 -0.47 -34.99 21.07 12.43 ShawComm B SJR 6.9 13 13.19 -0.07
-24.86 221.93 124.23 McDonalds MCD 3.4 19 148.49 -1.01 -29.28 599.95 325.43 SherwinWilliams SHW 1.3 25 412.70 -32.42
four quarters. requirements. assumed by such companies.
FD-First day of trading. t-NYSE bankruptcy GHI -9.65 172.18 111.71 McKesson MCK 1.3 dd 124.97 -2.43 -51.85 40.59 18.10 ShinhanFin SHG 5.8 2 18.33 -0.21
-33.35 24.29 12.35 MedicalProp MPW 7.7 16 14.07 -0.90 -12.96 593.89 190.38 Shopify SHOP ... dd 346.06 13.56
-40.03 79.06 26.51 GCI LibertyA GLIBA ... 2 42.49 -1.50 -31.72 122.15 72.13 Medtronic MDT 2.8 20 77.46 -1.76 -40.96 148.64 74.37 SignatureBank SBNY 2.8 7 80.65 -12.01
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -0.23 65.34 30.90 GDS Holdings GDS ... dd 51.46 1.40 -44.31 26.97 11.34 MelcoResorts MLCO 4.7 15 13.46 0.64 -67.68 186.40 43.52 SimonProperty SPG 17.3 7 48.14 -7.60
82.66 46.40 8.53 GSXTechedu GSX ...1256 39.93 -1.27 -9.11 123.79 96.18 MellanoxTech MLNX ... 29 106.51 -1.56 t -37.90 7.40 4.41 SiriusXM SIRI 1.2 22 4.44 -0.35
Friday, March 20, 2020 YTD 52-Week Yld Net -28.66 274.03 94.75 Galapagos GLPG ... 29 147.55 4.55 -20.82 756.48 422.22 MercadoLibre MELI ... dd 452.88 -10.65 -39.06 128.48 66.29 Skyworks SWKS 2.4 15 73.67 -3.61
% Chg Hi Lo Stock Sym % PE Last Chg -24.83 109.46 65.09 Gallagher AJG 2.5 20 71.58 3.03 -21.54 92.64 67.12 Merck MRK 3.4 19 71.36 0.63 -1.11 42.00 15.10 SlackTech WORK ... dd 22.23 1.22
YTD 52-Week Yld Net -55.56 50.99 13.04 Gaming&Leisure GLPI 14.6 11 19.13 1.60 t -12.75 89.44 60.01 MercurySystems MRCY ... 51 60.30 -9.25 -6.28 55.79 30.91 Smartsheet SMAR ... dd 42.10 1.73
% Chg Hi Lo Stock Sym % PE Last Chg -39.56 34.98 15.21 Carlyle CG 6.1 7 19.39 -0.59 -32.32 105.58 65.62 Garmin GRMN 3.5 13 66.03 -4.08 t -52.17 53.28 24.16 MetLife MET 7.2 4 24.38 -2.42 t -27.06 56.66 34.12 SmithAO AOS 2.8 16 34.75 -2.10
-49.50 103.18 37.59 CarMax KMX ... 9 44.27 -3.86 -45.98 171.78 76.91 Gartner IT ... 32 83.24 -9.71 -18.68 873.51 595.91 MettlerToledo MTD ... 29 645.12 -76.31 -36.11 52.26 26.07 Smith&Nephew SNN 2.4 22 30.71 0.86
ABC -76.39 57.17 7.90 Carnival CCL 16.7 3 12.00
-9.55 181.99 122.86 CaseysGenStores CASY 0.9 24 143.80
2.00
-11.59
-15.72 118.86 49.41 Generac GNRC ... 21 84.78
-35.36 193.76 110.02 GeneralDynamics GD 3.9 10 113.99
-3.82
-4.04
-43.05 112.47 53.15 MicrochipTech MCHP 2.5 24 59.64 -0.92 0.04 128.43 91.88 Smucker SJM 3.4 19 104.17 -4.85
-32.86 61.19 31.13 MicronTech MU ... 12 36.11 -0.18 -38.21 19.75 7.89 Snap SNAP ... dd 10.09 0.62
-33.75 25.30 14.91 ABB ABB 8.0 24 15.96 -0.05 -30.37 68.78 31.04 Catalent CTLT ... 47 39.20 -1.41 -41.58 13.26 5.90 GeneralElec GE 0.6 88 6.52 0.04 -12.90 190.70 115.52 Microsoft MSFT 1.5 24 137.35 -5.36 -41.04 174.00 97.48 SnapOn SNA 4.3 8 99.87 -7.16
-22.00 53.70 21.56 ACADIA Pharm ACAD ... dd 33.37 -1.39 -35.33 150.55 87.50 Caterpillar CAT 4.3 9 95.50 -7.51 -0.35 60.00 46.59 GeneralMills GIS 3.7 15 53.37 -0.31 t -33.64 148.88 85.45 MidAmApt MAA 4.6 29 87.50 -11.97 -26.80 143.73 36.28 SolarEdgeTech SEDG ... 24 69.61 -7.20
-40.76 52.40 21.76 AECOM ACM ... dd 25.55 -0.05 -47.43 128.88 52.70 Celanese CE 3.8 10 64.73 0.90 -50.44 41.90 14.32 GeneralMotors GM 8.4 4 18.14 0.43 -36.83 5.54 3.32 MitsubishiUFJ MUFG 5.2 8 3.43 0.01 -31.32 21.66 11.50 SolarWinds SWI ...216 12.74 -0.06
-40.35 21.23 8.11 AES AES 4.8 26 11.87 0.88 -22.30 68.64 41.62 Centene CNC ... 16 48.85 -4.75 -13.88 25.42 16.24 Genmab GMAB ... 52 19.23 0.73 -28.80 3.20 1.96 MizuhoFin MFG 4.8 32 2.20 -0.02 -31.51 66.57 39.83 SonocoProducts SON 4.1 15 42.27 1.28
-49.47 57.18 23.07 Aflac AFL 4.2 6 26.73 -0.17 -54.24 31.17 11.58 CenterPointEner CNP 9.3 9 12.48 0.25 -40.46 45.20 19.41 Genpact G 1.6 16 25.11 -0.17 -35.86 11.00 6.20 MobileTeleSys MBT 11.2 7 6.51 -0.33 -21.97 73.86 41.91 Sony SNE 0.5 11 53.06 -2.34
-44.40 19.65 6.25 AGNC Invt AGNC 19.5 9 9.83 0.45 t -62.66 11.69 3.29 CentraisElBras EBR ... 1 3.48 -0.05 -28.50 31.27 19.82 Gentex GNTX 2.3 13 20.72 -1.18 44.17 36.00 11.54 Moderna MRNA ... dd 28.20 -0.07 t -27.22 71.10 46.15 Southern SO 5.3 10 46.36 -4.54
-17.21 299.06 174.25 Ansys ANSS ... 41 213.11 -7.98 -31.11 15.30 8.45 CenturyLink CTL 11.0 dd 9.10 -1.00 t -47.90 115.20 55.02 GenuineParts GPC 5.7 13 55.35 -8.96 t -56.99 156.60 58.23 MohawkInds MHK ... 6 58.66 -7.72 -40.18 44.82 24.49 SoCopper SCCO 6.3 13 25.41 -1.72
-38.85 5.70 3.20 ASETech ASX 3.1 14 3.40 0.08 -29.64 79.11 38.40 CeridianHCM CDAY ... 90 47.76 1.86 12.74 85.97 60.89 GileadSciences GILD 3.7 17 73.26 -5.29 -16.17 159.00 102.85 MolinaHealthcare MOH ... 10 113.75 -6.73 -40.83 58.83 29.15 SouthwestAir LUV 2.3 7 31.94 1.08
-26.98 319.22 182.77 ASML ASML 1.0 36 216.10 2.07 -22.95 80.90 54.54 Cerner CERN 1.3 34 56.55 -2.94 -29.05 48.25 32.82 GSK GSK 6.0 14 33.34 -0.32 -31.47 64.32 36.32 MolsonCoorsB TAP 6.2 33 36.94 -1.57 -23.78 88.00 57.89 Spire SR 3.9 18 63.50 -10.38
t -27.20 39.70 28.18 AT&T T 7.3 15 28.45 -2.70 -30.75 179.38 95.58 CharlesRiverLabs CRL ... 21 105.78 -2.98 -34.82 209.62 116.24 GlobalPayments GPN 0.7 51 119.00 -11.52 t -21.35 59.96 42.85 Mondelez MDLZ 2.6 16 43.32 -2.15 -26.35 176.31 93.92 Splunk SPLK ... dd 110.30 2.78
t -21.71 92.45 67.95 AbbottLabs ABT 2.1 33 68.00 -6.50 -23.37 546.54 343.15 CharterComms CHTR ... 49 371.70 -21.36 -41.65 111.43 60.73 GlobeLife GL 1.2 9 61.41 -3.09 -8.44 184.78 93.81 MongoDB MDB ... dd 120.50 -1.68 -16.84 161.38 109.18 Spotify SPOT ... dd 124.36 -4.77
-22.27 97.86 62.66 AbbVie ABBV 6.9 13 68.82 -2.24 -19.11 132.75 80.06 CheckPoint CHKP ... 16 89.75 -1.76 -31.79 60.15 33.41 GlobusMedical GMED ... 26 40.16 1.01 -24.04 193.10 114.84 MonolithicPower MPWR 1.5 57 135.22 -15.22 43.95 10.16 4.26 Sprint S ... dd 7.50 -0.51
t -23.49 337.39 130.01 Abiomed ABMD ... 24 130.51 -10.00 -19.96 513.75 313.49 Chemed CHE 0.4 26 351.57 -26.34 -28.28 82.30 40.25 GoDaddy GDDY ... 64 48.71 0.83 t -18.02 70.52 50.06 MonsterBev MNST ... 26 52.10 -2.22 -39.11 87.25 32.33 Square SQ ... 50 38.09 -1.91
35.80 97.56 37.01 AcceleronPharma XLRN ... dd 72.00 -2.62 -42.62 70.49 27.06 CheniereEnergy LNG ... 18 35.04 3.24 -39.39 7.90 3.57 GoldFields GFI 2.1 21 4.00 -0.52 -25.95 287.25 165.23 Moody's MCO 1.3 24 175.80 -2.11 -52.06 173.67 70.00 StanleyBlackDck SWK 3.5 13 79.45 -4.32
-28.79 216.39 142.00 Accenture ACN 2.1 20 149.94 -8.56 -44.46 49.30 17.75 CheniereEnerPtrs CQP 11.1 10 22.11 1.91 -39.80 250.46 130.85 GoldmanSachs GS 3.6 7 138.41 -11.08 -41.96 57.57 27.20 MorganStanley MS 4.7 6 29.67 -1.25 -34.00 99.72 50.02 Starbucks SBUX 2.8 19 58.03 -3.38
-12.40 64.53 41.84 ActivisionBliz ATVI 0.8 27 52.05 -2.08 -50.72 127.34 51.60 Chevron CVX 8.7 40 59.39 2.00 -20.81 56.98 39.17 Graco GGG 1.7 21 41.18 -2.38 -29.27 166.59 103.00 Morningstar MORN 1.1 30 107.02 -2.89 -39.29 26.64 11.88 StarsGroup TSG ... 72 15.84 1.85
-10.45 386.75 255.13 Adobe ADBE ... 45 295.34 -12.17 10.07 41.34 20.62 Chewy CHWY ... dd 31.92 -0.50 t -36.85 346.60 212.01 Grainger GWW 2.7 14 213.78 -21.20 t -15.22 187.49 132.79 MotorolaSol MSI 1.9 28 136.61 -13.11 -41.00 85.89 42.10 StateStreet STT 4.5 8 46.67 0.04
t -53.15 182.56 73.74 AdvanceAuto AAP 1.3 11 75.03 -10.94 -4.95 119.44 86.76 ChinaBiologic CBPO ... 31 110.62 2.49 -22.16 25.73 13.40 Grifols GRFS 1.6 18 18.13 0.54 -24.13 29.12 12.75 Mylan MYL ...557 15.25 0.38 -44.74 36.14 14.98 SteelDynamics STLD 5.3 6 18.81 0.30
-13.63 59.27 24.55 AdvMicroDevices AMD ...134 39.61 -0.21 -38.69 42.50 16.56 ChinaEastrnAir CEA ... 8 16.78 -1.19 -18.03 112.22 55.90 GuardantHealth GH ... dd 64.05 -4.88 -17.00 183.42 110.59 NICE NICE ... 45 128.77 5.85 -29.98 67.94 40.06 Stericycle SRCL ... dd 44.68 -4.17
-47.46 5.30 1.80 Aegon AEG 12.1 5 2.38 0.25 -37.38 14.70 8.27 ChinaLifeIns LFC 1.0 7 8.66 0.14 -25.51 124.16 72.40 Guidewire GWRE ... dd 81.77 -3.17 -41.36 43.66 19.54 NRG Energy NRG 5.1 1 23.31 -0.64 -24.09 168.98 111.74 Steris STE 1.3 25 115.70 -5.52
-22.10 90.64 61.13 AgilentTechs A 1.1 27 66.46 0.70 -19.28 52.59 30.12 ChinaMobile CHL 4.9 9 34.12 2.82 -46.89 151.97 58.38 HCA Healthcare HCA 2.2 8 78.50 -5.00 -38.90 4071.13 2043.01 NVR NVR ... 11 2326.89 -382.53 -38.98 31.98 14.28 STMicroelec STM 1.2 14 16.42 0.21
-40.27 64.88 31.00 AgnicoEagle AEM 2.2 19 36.80 -2.14 -28.15 83.02 41.31 ChinaPetrol SNP 11.5 8 43.22 1.08 -43.54 65.89 35.07 HDFC Bank HDB 0.9 18 35.78 -0.56 -42.18 139.59 58.41 NXP Semi NXPI 2.0 86 73.58 -2.54 -44.77 46.69 18.56 StoneCo STNE ... 31 22.03 -1.59
-19.51 257.01 167.43 AirProducts APD 2.8 22 189.15 -1.89 -40.36 52.34 19.39 ChinaSoAirlines ZNH 1.5117 20.04 -0.27 -33.52 47.13 21.69 HD Supply HDS ... 10 26.74 -1.94 t -24.84 120.23 79.67 Nasdaq NDAQ 2.3 17 80.50 -7.50 -33.61 226.30 126.05 Stryker SYK 1.7 25 139.38 -10.12
-4.64 103.34 67.28 AkamaiTech AKAM ... 28 82.37 -6.48 -31.61 57.09 26.66 ChinaTelecom CHA 5.1 7 28.17 1.40 -32.12 23.93 12.54 HP HPQ 5.1 7 13.95 -0.45 -20.78 69.08 48.84 NationalGrid NGG 6.2 18 49.65 -3.42 -36.98 7.56 4.49 SumitomoMits SMFG 6.1 5 4.67 -0.09
t -26.82 99.40 53.02 Albemarle ALB 2.9 11 53.45 -8.49 -40.71 13.28 5.08 ChinaUnicom CHU 3.2 10 5.55 0.35 -26.30 44.93 26.83 HSBC HSBC 8.8 20 28.81 -0.27 -59.32 29.37 8.00 NatlOilwell NOV 2.0 dd 10.19 -0.10 -25.24 173.98 102.01 SunComms SUI 2.8 63 112.21 -2.05
t -24.08 65.37 42.07 Alcon ALC ... dd 42.95 -3.10 -32.39 940.28 415.00 Chipotle CMG ... 46 566.00 29.85 -29.05 140.36 63.41 Haemonetic HAE ... 53 81.52 -6.49 -44.11 59.26 24.04 NatlRetailProp NNN 6.9 19 29.97 -0.18 t -44.33 50.13 25.00 SunLifeFinancial SLF 6.5 8 25.37 -1.44
-23.68 175.74 120.06 AlexandriaRlEst ARE 3.3 40 123.31 -8.69 -34.76 167.74 87.35 Chubb CB 3.0 10 101.56 3.03 -79.36 32.30 4.25 Halliburton HAL 14.3 dd 5.05 0.25 ... 23.90 7.99 Natura&Co NTCO ...112 10.07 -0.12 -66.19 34.56 9.61 SuncorEnergy SU 12.6 8 11.09 0.38
-25.71 141.86 72.67 AlexionPharm ALXN ... 7 80.35 -3.15 -4.34 37.57 33.61 ChunghwaTel CHT 3.1254 35.30 0.07 -48.54 62.75 19.04 HartfordFinl HIG 4.2 6 31.27 -2.25 -41.78 78.35 35.86 NetApp NTAP 5.3 9 36.24 -2.32 -46.95 12.47 4.43 Suzano SUZ 2.0 dd 5.22 -0.25
-14.52 231.14 147.95 Alibaba BABA ... 19 181.30 0.42 -6.53 80.99 47.98 Church&Dwight CHD 1.5 27 65.75 -0.95 -56.34 126.87 41.33 Hasbro HAS 5.9 12 46.11 -1.18 -7.04 361.00 209.01 Netease NTES 2.4 12 285.06 -6.12 -62.76 38.18 12.15 SynchronyFin SYF 6.6 2 13.41 -1.19
-48.10 334.64 127.88 AlignTech ALGN ... 26 144.82 2.59 -15.51 46.78 30.58 Ciena CIEN ... 20 36.07 -1.45 -15.77 55.15 38.25 HawaiianElec HE 3.3 20 39.47 -9.04 2.86 393.52 252.28 Netflix NFLX ... 81 332.83 0.80 -39.66 74.25 30.02 SyneosHealth SYNH ... 29 35.89 -1.08
t -41.50 847.95 454.39 Alleghany Y 0.0 8 467.71 -14.91 -30.51 224.64 118.50 Cigna CI 0.0 11 142.09 -4.43 t -23.91 37.97 24.98 HealthcareRealty HR 4.7 89 25.39 -2.54 -24.98 119.65 71.85 Neurocrine NBIX ...244 80.64 1.64 -20.98 166.87 108.52 Synopsys SNPS ... 35 110.00 -4.96
t -33.48 139.24 81.61 Allegion ALLE 1.5 19 82.84 -11.32 t -28.64 118.19 73.08 CincinnatiFin CINF 3.2 6 75.03 -6.90 t -27.48 34.22 21.56 HealthcareAmer HTA 5.7154 21.96 -0.47 -10.33 142.38 78.68 NewOrientalEduc EDU ... 43 108.72 -1.70 -58.70 85.98 26.00 Sysco SYY 5.1 10 35.33 -1.78
-10.61 202.22 114.27 Allergan AGN 1.7 dd 170.88 -0.38 -34.93 304.81 160.39 Cintas CTAS 1.5 20 175.09 -7.91 -39.19 37.93 18.63 HealthpeakProp PEAK 7.1231 20.96 0.88 -17.80 13.79 8.76 NY CmntyBcp NYCB 6.9 13 9.88 -0.65
t -25.62 60.28 40.21 AlliantEnergy LNT 3.7 17 40.70 -4.33
t -39.86 50.46 29.03 AllisonTransm ALSN 2.3 6 29.06 -2.98
-25.77 58.26 32.40 CiscoSystems CSCO 4.0 14 35.60
-52.36 83.11 32.00 Citigroup C 5.4 5 38.06
-2.11
-1.58
-38.50 147.93 52.01 Heico
-29.20 113.69 51.78 Heico A
HEI 0.2 26 70.20
HEI.A 0.2 24 63.39
3.81
1.85
-9.26 40.22 26.13 NYTimes A NYT 0.8 35 29.19 -0.14 TUV
-40.58 20.99 11.10 NewellBrands NWL 8.1 47 11.42 -1.01
-34.31 125.92 64.13 Allstate ALL 2.9 5 73.87 -0.82 -56.86 41.29 14.12 CitizensFin CFG 8.2 5 17.52 0.15 -32.54 73.99 42.27 HenrySchein HSIC ... 13 45.01 -4.80 -23.51 505.16 350.75 NewMarket NEU 2.0 16 372.13 -17.70 0.33 59.76 30.78 TAL Education TAL ...274 48.36 0.28
-61.71 35.42 10.22 AllyFinancial ALLY 6.5 3 11.70 -1.18 7.60 141.01 90.28 CitrixSystems CTXS 1.2 24 119.33 -5.98 -40.78 56.38 20.73 Herbalife HLF ... 13 28.23 -1.01 -6.65 52.49 29.77 Newmont NEM 1.4 12 40.56 -1.18 -31.36 57.92 32.37 TC Energy TRP 6.7 11 36.59 -0.49
-9.83 134.51 65.81 AlnylamPharm ALNY ... dd 103.85 -2.12 2.68 23.66 12.53 ClarivateAnaly CCC ... dd 17.25 0.37 -19.90 162.20 111.52 Hershey HSY 2.6 22 117.73 -4.06 t -39.97 15.36 8.54 NewsCorp B NWS 2.3 dd 8.71 -0.61 -37.48 54.57 27.70 TD Ameritrade AMTD 4.0 9 31.07 -0.48
-19.80 1532.11 1025.00 Alphabet C GOOG ... 22 1072.32 -42.97 15.54 214.26 144.12 Clorox CLX 2.4 28 177.40 -14.38 -54.06 74.11 26.06 Hess HES 3.3 dd 30.69 -0.44 t -36.21 15.07 8.92 NewsCorp A NWSA 2.2 dd 9.02 -0.65 -42.03 101.00 48.62 TE Connectivity TEL 3.3 12 55.56 0.96
-20.25 1530.74 1027.03 Alphabet A GOOGL ... 22 1068.21 -43.46 27.32 25.02 14.50 Cloudflare NET ... dd 21.72 1.03 -45.59 17.59 7.43 HewlettPackard HPE 5.6 10 8.63 -0.48 t -20.82 283.35 186.86 NextEraEnergy NEE 2.9 25 191.75 -15.35 -23.68 20.91 13.76 Telus TU 5.9 7 14.78 -0.74
-4.29 160.11 75.17 Alteryx AYX ...250 95.78 -2.45 t -30.80 60.13 37.51 Coca-Cola KO 4.3 19 38.30 -3.53 -28.91 117.10 79.82 Hill-Rom HRC 1.1 36 80.71 -8.51 -32.91 27.36 12.81 NielsenHoldings NLSN 1.8 dd 13.62 -1.52 -24.24 22.47 13.62 TFS Fin TFSL 7.5 49 14.91 -0.72
-30.14 31.78 15.96 AlticeUSA ATUS ... 90 19.10 -0.14 -38.15 58.94 28.52 Coca-Cola Euro CCEP 4.4 12 31.47 0.52 -44.46 115.48 44.30 Hilton HLT 1.0 20 61.60 3.57 -33.42 105.62 60.00 Nike NKE 1.5 24 67.45 -2.89 -29.83 20.32 12.05 TIM Part TSU 2.8 7 13.41 -1.08
t -31.32 57.88 34.14 Altria MO 9.8 dd 34.28 -2.82 15.41 87.61 51.53 CogentComm CCOI 3.3 93 75.95 -5.28 -40.53 55.25 26.49 Hologic HOLX ... 34 31.05 -0.90 -24.57 30.67 19.56 NiSource NI 4.0 24 21.00 -2.36 -38.80 64.95 34.36 TJX TJX 2.5 14 37.37 -4.28
-50.37 26.12 8.58 Amarin AMRN ... dd 10.64 -0.89 -24.57 59.14 35.20 Cognex CGNX 0.5 36 42.27 -1.74 -30.33 247.36 140.63 HomeDepot HD 3.9 15 152.15 -8.98 -28.30 6.02 2.34 Nokia NOK 6.4 dd 2.66 0.10 -4.93 101.35 63.50 T-MobileUS TMUS ... 19 74.55 -4.90
-0.09 2185.95 1626.03 Amazon.com AMZN ... 80 1846.09 -34.84 -28.89 74.84 43.01 CognizantTech CTSH 2.0 13 44.10 -2.39 -26.74 29.44 19.97 HondaMotor HMC 4.2 8 20.74 -0.40 -24.03 5.41 3.05 NomuraHoldings NMR 3.7 6 3.92 -0.04 -25.85 139.81 88.30 TRowePrice TROW 4.0 10 90.34 -12.27
-48.50 5.45 2.00 Ambev ABEV ... 13 2.40 0.06 t -9.82 77.41 61.39 ColgatePalm CL 2.8 23 62.08 -4.57 -36.44 184.06 101.10 Honeywell HON 3.2 13 112.50 -6.46 -34.14 180.28 97.46 Nordson NDSN 1.4 18 107.24 -7.34 -23.36 60.64 37.18 TaiwanSemi TSM 2.8 21 44.53 0.64
-32.66 11.77 5.80 Amcor AMCR 6.4 23 7.30 -0.13 -39.76 109.44 51.82 ColumbiaSportswr COLM 1.7 12 60.35 -3.10 -30.91 39.10 22.69 HorizonTherap HZNP ... 9 25.01 -1.27 -36.27 219.88 119.29 NorfolkSouthern NSC 3.0 12 123.71 -12.62 -18.20 135.70 87.97 TakeTwoSoftware TTWO ... 34 100.15 -6.21
-35.37 77.29 44.63 Amdocs DOX 2.8 13 46.66 0.38 t -25.79 47.74 32.63 Comcast A CMCSA 2.8 12 33.37 -2.57 0.02 51.53 37.00 HormelFoods HRL 2.1 25 45.12 -2.10 -39.23 110.48 61.51 NorthernTrust NTRS 4.3 10 64.56 -2.85 -32.74 21.38 12.43 TakedaPharm TAK 4.8 dd 13.27 -0.76
1.65 202.76 106.65 Amedisys AMED ... 44 169.67 -14.48 -59.68 80.62 24.28 Comerica CMA 9.4 4 28.93 -0.02 -40.51 62.54 25.51 DR Horton DHI 2.2 7 31.38 1.37 -17.43 385.00 263.29 NorthropGrum NOC 1.9 22 284.02 -12.89 -24.03 130.24 70.03 Target TGT 2.7 15 97.40 -3.10
-35.71 426.50 235.15 Amerco UHAL 0.0 15 241.61 -36.16 -23.21 71.92 48.16 CommerceBcshrs CBSH 2.1 15 52.17 -6.33 -42.64 19.99 7.86 HostHotels HST 7.5 8 10.64 0.29 -33.54 28.70 15.12 NortonLifeLock NLOK 2.9 3 16.96 0.14 -20.61 151.47 80.20 TechData TECD ... 11 114.00 6.37
t -18.06 87.66 62.01 Ameren AEE 3.1 19 62.93 -8.95 -56.08 15.40 5.79 SABESP SBS ... 6 6.61 -0.52 -37.38 25.84 11.69 HuanengPower HNP 4.1 9 12.58 0.80 -23.52 99.84 69.18 Novartis NVS 2.8 14 72.42 -3.14 -59.01 25.75 5.60 TeckRscsB TECK 2.1 18 7.12 -0.17
-24.56 18.04 11.66 AmericaMovil AMX 3.0 13 12.07 -0.58 -23.92 35.59 22.83 ConagraBrands CAG 3.3 16 26.05 -0.26 -28.13 45.39 25.01 Huazhu HTHT ... 83 28.80 1.35 -14.55 64.82 46.47 NovoNordisk NVO 1.8 20 49.46 -2.24 s 69.30 158.20 48.57 TeladocHealth TDOC ... dd 141.74 2.11
-63.81 35.24 10.01 AmerAirlines AAL 3.9 3 10.38 0.09 -53.68 124.53 33.13 ConchoRscs CXO 2.0 dd 40.56 0.31 -34.66 155.00 91.25 Hubbell HUBB 3.8 13 96.58 -4.80 -29.26 98.84 41.51 Novocure NVCR ... dd 59.61 -4.27 -32.57 398.99 195.34 TeledyneTech TDY ... 22 233.66 7.42
t -24.40 104.97 70.26 AEP AEP 3.9 18 71.45 -9.36 -58.73 69.60 20.84 ConocoPhillips COP 6.3 4 26.84 1.25 -25.68 207.98 90.83 HubSpot HUBS ... dd 117.79 0.79 -18.12 23.58 12.98 NuanceComms NUAN ... 30 14.60 -1.28 -35.22 398.65 227.27 Teleflex TFX 0.6 25 243.84 -10.56
-40.46 138.13 67.00 AmerExpress AXP 2.3 9 74.12 -2.95 t -19.76 95.10 71.07 ConEd ED 4.2 18 72.59 -7.50 ... 14.80 6.42 HuizeHolding HUIZ ... ... 8.87 -0.38 -45.58 61.17 27.52 Nucor NUE 5.3 7 30.63 -0.19 -20.84 10.46 6.15 Ericsson ERIC 0.7 96 6.95 -0.16
-53.34 115.03 44.01 AmericanFin AFG 3.5 5 51.16 -1.35 -32.75 214.51 110.00 ConstBrands B STZ.B 2.1 36 126.95 7.45 -37.08 385.00 225.65 Humana HUM 1.1 11 230.61 -25.58 -42.08 55.34 23.85 Nutrien NTR 6.5 16 27.75 0.35 -26.47 14.68 9.00 TelefonicaBras VIV 6.7 14 10.53 -1.06
t -25.49 29.89 19.04 AmHomes4Rent AMH 1.0 68 19.53 -1.25 -36.92 214.48 107.00 ConstBrands A STZ 2.5 30 119.70 -3.36 -30.96 122.29 75.29 JBHunt JBHT 1.3 17 80.63 -3.46 -12.56 316.32 132.60 NVIDIA NVDA 0.3 46 205.75 -7.22 -34.58 8.70 3.75 Telefonica TEF 7.5 22 4.56 -0.39
-62.54 58.66 16.07 AIG AIG 6.7 5 19.23 -1.37 -21.99 365.68 236.68 Cooper COO 0.0 28 250.65 -22.50 -49.47 15.63 6.86 HuntingtonBcshs HBAN 7.9 6 7.62 -0.06 -39.58 31.48 16.11 TelekmIndonesia TLK 3.7 12 17.22 0.84
-14.98 258.62 188.53 AmerTowerREIT AMT 2.0 46 195.39 -13.61
t -18.04 141.70 98.25 AmerWaterWorks AWK 2.0 29 100.69 -14.43
-33.86 104.88 58.77 Copart
-9.94 123.69 93.65 Coresite
CPRT ... 20 60.15
COR 4.8 49 100.98
-9.84
-5.09
-36.50 279.71 148.48 HuntingIngalls HII
-47.92 94.98 24.02 HyattHotels H
2.6 12 159.32
1.7 6 46.72
-10.15
6.93
OPQ -26.85 108.36 45.11 10xGenomics TXG ... dd 55.78
-53.14 30.32 9.10 Tenaris TS 5.1 8 10.61
0.78
-0.22
-14.23 40.42 23.30 AmericoldRealty COLD 2.8127 30.07 -0.08 -35.21 35.34 18.42 Corning GLW 4.7 18 18.86 -2.41 -41.97 51.74 21.79 IAA IAA ... 19 27.31 -3.69 t -42.19 46.43 25.30 OGE Energy OGE 6.0 12 25.71 -1.43 -35.05 81.57 38.86 Teradyne TER 0.9 17 44.29 -2.71
-46.07 180.85 80.01 Ameriprise AMP 4.3 6 89.83 -5.60 -23.78 32.78 20.38 Corteva CTVA 2.3 dd 22.53 -0.73 -47.51 278.85 127.33 IAC/InterActive IAC ... 29 130.75 -9.06 -27.38 96.97 65.85 ONE Gas OGS 3.2 19 67.95 -8.23 2.20 968.99 176.99 Tesla TSLA ... dd 427.53 -0.11
-5.19 97.50 70.55 AmerisourceBrgn ABC 2.1 26 80.61 -5.39 -7.91 746.70 452.42 CoStar CSGP ... 64 550.96 -9.05 t -46.85 15.42 7.84 ICICI Bank IBN 0.4 20 8.02 0.01 -72.68 78.48 12.16 ONEOK OKE 18.1 7 20.67 0.18 -21.17 99.34 57.31 TetraTech TTEK 0.9 23 67.92 -2.57
-36.46 102.31 54.82 Ametek AME 1.1 17 63.37 -5.64 -1.19 325.26 233.05 Costco COST 0.9 34 290.42 -14.80 -7.60 259.72 148.89 ICU Medical ICUI ... 37 172.90 -5.91 t -39.81 454.31 261.00 OReillyAuto ORLY ... 15 263.77 -26.76 -25.82 17.00 6.07 TevaPharm TEVA ... dd 7.27 0.10
-21.91 244.99 166.30 Amgen AMGN 3.4 15 188.25 -10.51 -3.30 178.00 85.90 CoupaSoftware COUP ... dd 141.42 -0.96 t -29.81 114.01 73.34 IDACORP IDA 3.6 16 74.96 -8.96 -75.18 68.83 9.00 OccidentalPetrol OXY 30.9 dd 10.23 -0.60 -23.92 135.70 93.09 TexasInstruments TXN 3.7 19 97.60 -3.97
-35.29 110.24 63.05 Amphenol APH 1.4 19 70.04 1.28 -37.68 246.37 126.91 Credicorp BAP 4.6 8 132.83 -2.24 t -29.81 296.25 180.19 IdexxLab IDXX ... 38 183.29 -9.89 0.07 142.98 79.10 Okta OKTA ... dd 115.45 1.50 -50.02 58.00 22.05 Textron TXT 0.4 6 22.29 -3.16
-28.41 127.30 79.08 AnalogDevices ADI 2.9 26 85.08 -5.24 -41.59 509.99 236.46 CreditAcceptance CACC ... 7 258.38 -27.85 t -36.46 81.65 47.75 IHS Markit INFO 1.4 39 47.88 -4.28 -11.12 227.21 130.87 OldDomFreight ODFL 0.5 22 168.68 6.58 -14.31 342.26 253.22 ThermoFisherSci TMO 0.3 30 278.37 -2.47
-46.01 63.71 26.10 Anaplan PLAN ... dd 28.29 -1.60 -47.96 14.12 6.47 CreditSuisse CS ... 5 7.00 -0.50 -58.17 13.72 4.52 ING Groep ING 12.2 3 5.04 0.23 -40.10 24.10 11.88 OldRepublic ORI 6.3 4 13.40 -0.83 -22.72 82.50 53.54 ThomsonReuters TRI 2.7 18 55.33 -2.69
-37.11 23.85 11.29 AngloGoldAsh AU 0.7 27 14.05 -1.36 -25.48 69.21 27.77 Cree CREE ... dd 34.39 -3.39 -52.45 22.18 8.17 Invesco IVZ 14.5 7 8.55 -1.29 -47.04 45.22 13.33 OmegaHealthcare OHI 11.9 15 22.43 0.16 t -29.21 219.75 122.71 3M MMM 4.7 16 124.89 -12.62
-50.88 102.70 32.58 AB InBev BUD 3.7 11 40.30 3.94 -1.72 101.88 31.95 CrowdStrike CRWD ... dd 49.01 7.27 -24.73 182.17 98.04 IPG Photonics IPGP ... 33 109.08 -0.86 t -38.89 85.05 48.38 Omnicom OMC 5.3 8 49.51 -5.33 -6.14 134.42 78.60 Tiffany TIF 1.8 28 125.44 -0.56
-43.63 10.50 3.51 AnnalyCap NLY 18.8 dd 5.31 0.06 -9.91 168.75 119.81 CrownCastle CCI 3.7 65 128.06 -2.69 -40.67 169.14 81.79 IQVIA IQV ... 96 91.67 1.05 -55.62 25.92 8.17 ON Semi ON ... 21 10.82 0.31 -27.90 84.26 52.07 Toro TTC 1.7 22 57.44 -1.50
t -36.57 312.48 185.69 Anthem ANTM 2.0 10 191.59 -9.28 -35.26 80.56 44.87 CrownHoldings CCK ... 12 46.96 -3.42 t -31.79 79.37 41.95 IcahnEnterprises IEP 19.1 dd 41.95 -2.61 5.98 16.60 9.43 OneConnectFinTech OCFT ... dd 10.63 -0.35 -34.24 59.55 35.59 TorontoDomBk TD 6.4 7 36.91 -0.52
-28.20 238.19 145.05 Aon AON 1.2 24 149.55 -1.53 -32.15 36.32 20.60 CubeSmart CUBE 6.2 24 21.36 -0.98 -29.61 178.99 104.28 Icon ICLR ... 18 121.24 5.29 -30.50 47.84 29.87 OpenText OTEX 2.3 25 30.63 -1.53 -54.03 57.99 22.13 Total TOT ... 6 25.42 0.66
t -45.19 55.68 27.83 ApartmtInv AIV 5.8 9 28.31 -2.88 -34.91 186.72 115.00 Cummins CMI 4.5 8 116.48 -2.07 -32.28 178.14 104.56 IDEX IEX 1.7 21 116.48 -6.88 -13.84 60.50 39.71 Oracle ORCL 2.1 14 45.65 0.58 -17.13 145.41 108.01 ToyotaMotor TM 3.1 7 116.46 -1.77
-43.74 52.67 19.46 ApolloGlbMgmt APO 8.8 7 26.84 -3.05 -5.23 23.55 14.57 CypressSemi CY 2.0213 22.11 0.11 t -29.98 190.85 123.89 IllinoisToolWks ITW 3.4 16 125.78 -10.55 -20.01 16.80 9.93 Orange ORAN 5.3 13 11.67 ... -18.76 114.25 63.89 TractorSupply TSCO 1.8 16 75.91 -0.48
-21.93 327.85 170.27 Apple AAPL 1.3 18 229.24 -15.54 t -31.12 79.73 44.11 CyrusOne CONE 4.4115 45.07 -3.08 -27.05 380.76 196.78 Illumina ILMN ... 36 242.00 17.20 t -36.71 89.21 52.65 Orix IX 6.0 4 52.79 -1.56 -34.56 323.78 136.00 TradeDesk TTD ... 75 170.00 2.56
-37.76 69.44 36.64 ApplMaterials AMAT 2.3 13 37.99 -2.20 -66.00 30.38 7.04 ImperialOil IMO 7.4 4 9.00 -0.04 -52.13 68.72 30.10 OwensCorning OC 3.1 8 31.17 -3.63 -15.28 53.35 33.23 Tradeweb TW 0.8 55 39.27 -0.73
-19.99 126.19 87.40 Aptargroup ATR 1.6 25 92.51 -6.37 DEF -23.32 96.79 63.35 Incyte INCY ... 33 66.96 0.45 -33.58 25.19 3.55 PG&E PCG ... dd 7.22 -0.69 -26.61 118.10 70.33 TraneTech TT 2.8 13 75.68 -6.05
-52.44 99.04 29.22 Aptiv APTV 1.9 12 45.17 4.59 t -32.75 12.08 6.86 Infosys INFY 3.5 13 6.94 -0.19 -15.21 25.72 15.91 PLDT PHI 9.0 8 16.95 -0.62 -45.98 673.51 200.06 TransDigm TDG 0.0 24 302.51 -3.26
-55.23 47.22 9.65 Aramark ARMK 2.3 14 19.43 1.16 -43.70 44.48 17.09 DISH Network DISH ... 8 19.97 -1.90 -46.54 38.96 17.01 IngersollRand IR ... 26 19.61 -0.40 -43.94 161.79 81.03 PNC Fin PNC 5.1 8 89.49 -2.93 t -35.78 101.16 54.73 TransUnion TRU 0.5 30 54.98 -3.69
-55.87 24.20 6.64 ArcelorMittal MT 2.2 4 7.74 0.59 -36.09 135.67 71.21 DTE Energy DTE 4.9 13 83.00 -2.41 -28.73 99.51 59.11 Ingredion INGR 3.8 11 66.25 0.84 t -45.67 61.22 27.20 POSCO PKX 3.7 11 27.50 -0.77 -34.64 155.09 76.99 Travelers TRV 3.7 9 89.51 3.44
t -39.45 48.32 25.55 ArchCapital ACGL ... 7 25.97 -1.09 -19.33 169.19 121.07 Danaher DHR 0.6 36 123.81 -0.38 -16.71 219.85 80.43 Insulet PODD ...765 142.60 2.61 ... 33.23 10.61 PPD PPD ... ... 14.52 0.18 -24.04 111.85 56.22 Trex TREX ... 28 68.27 -1.08
t -33.96 47.20 30.43 ArcherDaniels ADM 4.7 13 30.61 -2.85 -64.22 128.41 26.15 Darden DRI 9.0 8 39.00 -3.42 -23.43 69.29 42.86 Intel INTC 2.9 10 45.83 -0.11 -40.28 134.36 69.77 PPG Ind PPG 2.6 15 79.72 3.16 -37.63 46.67 20.01 Trimble TRMB ... 13 26.00 0.67
t -56.94 34.27 13.00 Arconic ARNC 0.6 13 13.25 -2.60 -11.65 50.12 27.55 Datadog DDOG ... dd 33.38 0.28 -21.13 101.93 64.11 ICE t -45.18 36.83 19.56 PPL PPL 8.4 8 19.67 -1.92 -32.11 46.50 20.10 Trip.com TCOM ... 14 22.77 -0.28
-13.38 90.15 43.40 DaVita DVA ... 12 64.99 -6.35
ICE 1.6 21 72.99 -0.69
-25.97 169.50 103.75 arGEN-X ARGX ... dd 118.84 -2.16 -55.24 71.02 25.39 InterContinentl IHG 4.0 15 30.74 2.28 -39.21 113.10 63.00 PRA HealthSci PRAH ... 18 67.57 0.61 -46.66 56.92 24.01 TruistFinl TFC 6.0 8 30.04 0.07
-19.13 331.27 156.89 AristaNetworks ANET ... 15 164.48 -13.40 -35.57 181.99 106.14 Deere DE 2.7 11 111.63 -8.03 t -28.83 158.75 94.71 IBM IBM 6.8 9 95.39 -4.95 -35.31 102.47 43.90 PTC PTC ... dd 48.45 -1.94 -19.66 6.31 4.47 TurkcellIletism TKC 5.5 9 4.66 0.02
-26.34 145.59 90.06 AscendisPharma ASND ... dd 102.48 1.44 -36.78 70.55 25.51 DellTechC DELL ... 5 32.49 0.53 -20.62 152.95 94.98 IntlFlavors IFF 2.9 26 102.41 -5.01 t -33.88 83.41 52.04 Paccar PCAR 2.4 8 52.30 -3.73 -14.39 151.00 68.06 Twilio TWLO ... dd 84.14 1.64
t -36.85 142.89 75.00 AspenTech AZPN ... 21 76.37 -9.46 -63.49 63.44 19.10 DeltaAir DAL 7.5 3 21.35 -0.16 -35.92 47.96 28.20 IntlPaper IP 6.9 10 29.51 -0.62 -23.31 114.78 71.05 PackagingCpAm PKG 3.7 12 85.88 -2.58 -25.27 45.85 20.00 Twitter TWTR ... 13 23.95 -0.18
-30.54 142.61 76.27 Assurant AIZ 2.8 16 91.05 7.61 -42.00 60.87 31.70 DentsplySirona XRAY 1.2 28 32.82 -2.29 t -45.80 25.20 12.20 Interpublic -53.31 53.43 13.58 PagSeguroDig PAGS ... 15 15.95 -0.96 -13.09 340.80 196.88 TylerTech TYL ... 72 260.76 -3.39
-25.96 11.16 4.99 DeutscheBank DB 2.1 dd 5.76 -0.10 IPG 8.1 7 12.52 -1.58
-20.94 51.55 36.15 AstraZeneca AZN 3.5 76 39.42 -0.71 t -22.94 306.89 199.39 Intuit INTU 1.1 33 201.84 -14.05 -37.93 251.10 125.47 PaloAltoNtwks PANW ... dd 143.53 4.42 -41.10 94.24 42.57 TysonFoods TSN 3.1 10 53.62 -0.59
4.62 156.12 100.25 Atlassian TEAM ... dd 125.90 4.34 -4.22 306.71 107.44 DexCom DXCM ...194 209.50 3.26 -33.32 619.00 368.06 IntuitiveSurgical ISRG ... 34 394.19 -14.01 -50.23 215.94 93.00 ParkerHannifin PH 3.4 10 102.43 -1.80 -35.14 13.55 7.48 UBS Group UBS 8.9 7 8.16 -0.34
t -22.94 121.08 85.56 AtmosEnergy ATO 2.7 19 86.20 -12.31 -34.95 176.22 101.43 Diageo DEO 3.2 17 109.56 -2.02 t -42.64 32.70 16.87 InvitatHomes INVH 3.5189 17.19 -38.90 90.53 47.87 Paychex PAYX 4.8 17 51.97 -6.06 t -31.41 51.25 31.46 UDR UDR 4.3 51 32.03 -1.73
1.22 143.61 110.84 DigitalRealty DLR 3.7 52 121.20 -4.07 -1.31
-19.32 211.58 125.38 Autodesk ADSK ...154 148.02 -1.21 -27.86 86.58 41.20 IonisPharma IONS ... 22 43.58 -2.49 -27.18 342.00 174.02 PaycomSoftware PAYC ... 62 192.81 -4.74 -42.29 56.49 21.75 UGI UGI 4.9 12 26.06 0.72
t -20.37 117.99 63.01 Autohome ATHM 1.2 16 63.71 -4.16 -70.23 92.98 23.25 DiscoverFinSvcs DFS 7.0 3 25.25 -3.08 -16.91 27.50 15.12 iQIYI IQ ... dd 17.54 0.39 -31.92 150.73 66.98 Paylocity PCTY ... 79 82.25 0.37 -28.28 47.08 13.71 Uber UBER ... dd 21.33 0.84
-34.28 182.32 103.11 ADP ADP 3.2 20 112.06 -5.31 t -31.61 41.60 24.80 DiscoveryB DISCB ... 9 24.80 -4.70 -19.87 124.45 86.15 PayPal PYPL ... 42 86.68 -7.01 -31.94 199.91 107.22 Ubiquiti UI 0.9 26 128.62 -2.84
t -28.74 36.65 22.43 IronMountain IRM 10.9 24 22.71 -2.43
t -38.88 1274.41 720.88 AutoZone AZO ... 11 728.13 -99.16 -42.70 33.66 17.70 DiscoveryA DISCA ... 7 18.76 -2.46 -32.99 5.57 2.68 IsraelChemicals ICL 5.7 9 3.21 0.06 t -31.67 11.51 5.72 Pearson PSO 4.3 13 5.76 -0.44 -41.51 368.83 124.05 UltaBeauty ULTA ... 12 148.06 1.07
-15.36 96.96 53.04 Avalara AVLR ... dd 62.00 4.11 -44.67 31.20 15.77 DiscoveryC DISCK ... 6 16.87 -2.02 -52.13 10.01 4.10 ItauUnibanco ITUB 3.1 6 4.38 -0.11 -18.29 103.13 38.01 Pegasystems PEGA 0.2 dd 65.08 -1.11 -62.18 27.72 7.61 UnderArmour A UAA ... 40 8.17 -0.89
t -37.23 229.40 128.58 Avalonbay AVB 4.8 23 131.62 -14.95 -40.55 153.41 79.07 Disney DIS 2.0 14 85.98 -8.95 -18.98 37.02 17.70 Peloton PTON ... dd 23.01 -1.98 -19.61 63.62 42.00 Unilever UN 3.4 11 46.19 -2.45
-18.63 57.24 40.00 Avangrid
-42.64 19.59 6.66 Avantor
AGR 4.2 18 41.63 -4.85
AVTR ... dd 10.41 0.10
7.54 92.55 43.13 DocuSign
-28.11 73.20 44.68 DolbyLab
DOCU ... dd 79.70
DLB 1.8 25 49.46
3.82
-1.11 JKL -56.58 40.65 10.58 PembinaPipeline PBA 11.8
-48.16 47.43 23.32 Pentair PNR 3.2
8 16.09
11 23.78
2.09
-0.70
-17.49 64.84 44.44 Unilever
-34.82 188.96 105.08 UnionPacific
UL 3.8 12 47.17
UNP 3.3 14 117.84
-3.49
-3.81
t -30.59 141.09 88.01 AveryDennison AVY 2.6 25 90.80 -12.25 -10.16 167.44 116.15 DollarGeneral DG 1.0 21 140.13 -2.87 t -33.94 43.21 26.02 JBG SMITH Prop JBGS 3.4 54 26.35 -2.35 -19.50 194.93 122.40 Penumbra PEN ... 99 132.23 -7.72 -72.19 96.03 17.80 UnitedAirlines UAL ... 2 24.50 3.22
-51.35 32.20 12.92 AxaltaCoating AXTA ... 14 14.79 -1.60 -19.22 119.71 60.20 DollarTree DLTR ... 22 75.97 5.10 6.90 45.34 25.48 JD.com JD ... 31 37.66 0.45 -30.12 17.66 10.81 People'sUtdFin PBCT 6.0 9 11.81 -1.31 -16.79 2.85 1.85 UnitedMicro UMC 2.9 43 2.23 ...
-22.55 49.58 35.06 BCE BCE 7.0 14 35.90 -1.73 t -18.84 90.89 66.35 DominionEner D 5.6 43 67.22 -4.63 -40.10 141.10 76.91 JPMorganChase JPM 4.3 8 83.50 -1.80 t -23.96 147.20 101.42 PepsiCo PEP 3.7 20 103.93 -13.41 -20.16 125.31 82.00 UPS B UPS 4.3 18 93.46 -2.79
-42.48 59.02 29.78 BHP Group BHP 9.1 8 31.47 -0.88 2.10 381.86 220.90 Domino's DPZ 1.0 31 299.95 -23.19 -7.78 174.93 129.22 JackHenry JKHY 1.3 37 134.33 -14.24 -26.99 103.00 63.38 PerkinElmer PKI 0.4 35 70.89 3.87 -57.97 170.04 58.85 UnitedRentals URI ... 5 70.10 -7.61
-47.01 51.87 23.64 BHP Group BBL 11.5 7 24.91 -0.55 -37.75 58.32 31.08 Donaldson DCI 2.3 18 35.87 -2.04 -26.92 104.00 65.13 JacobsEngg J 1.2 dd 65.65 -9.04 -18.45 63.86 40.17 Perrigo PRGO 2.1 39 42.13 -1.62 -45.07 61.11 30.00 US Bancorp USB 5.2 8 32.57 -0.64
-53.92 45.38 15.51 BP BP 14.4 15 17.39 0.39 -41.85 45.59 24.38 DouglasEmmett DEI 4.4 12 25.53 -1.77 -47.40 22.13 8.98 JamesHardie JHX 3.3 19 10.33 -0.78 -41.47 67.75 27.74 PetroChina PTR 5.7 7 29.46 -0.21 -44.89 158.44 69.02 UnitedTech UTX 3.6 13 82.53 -1.23
-31.07 70.57 40.40 BWX Tech BWXT 1.8 17 42.79 0.51 t -42.63 120.26 65.90 Dover DOV 3.0 14 66.13 -4.67 t -35.60 154.24 94.19 JazzPharma JAZZ ... 11 96.13 -8.63 -69.57 17.17 4.01 PetroleoBrasil PBR 3.9 3 4.85 -0.21 -29.73 306.71 200.19 UnitedHealth UNH 2.1 14 206.59 -13.21
-29.86 186.22 82.00 Baidu BIDU ...104 88.66 -0.96 -49.86 60.52 21.95 Dow DOW 10.2 dd 27.44 -0.68 t -42.26 24.03 12.31 JefferiesFin JEF 4.9 4 12.34 -1.35 -68.10 15.66 4.16 PetroleoBrasilA PBR.A 8.0 3 4.76 -0.17 -44.71 230.32 105.11 UnivDisplay OLED 0.5 39 113.93 -5.79
-60.98 28.32 9.18 BakerHughes BKR 7.2 46 10.00 -0.14 -9.19 46.19 33.33 DrReddy'sLab RDY 0.7 26 36.85 1.37 t -17.81 154.50 118.13 J&J JNJ 3.2 21 119.89 -7.16 t -25.96 44.56 28.91 Pfizer PFE 5.2 10 29.01 -1.41 -47.43 157.79 65.20 UniversalHealthB UHS 1.1 8 75.42 -9.42
-15.12 82.82 53.91 Ball BLL 1.1 33 54.89 -5.22 -1.79 26.20 14.55 Dropbox DBX ... dd 17.59 -0.23 -38.81 44.82 23.96 JohnsonControls JCI 4.2 64 24.91 -1.17 -28.21 92.74 59.83 PhilipMorris PM 7.7 13 61.09 -4.17 -50.00 10.18 3.56 VEREIT VER 11.9 dd 4.62 0.18
-46.42 6.44 2.80 BancoBilbaoViz BBVA 7.7 4 2.99 -0.01 t -25.01 103.79 68.10 DukeEnergy DUK 5.5 13 68.40 -6.65 -48.61 178.55 86.18 JonesLang JLL 1.0 8 89.46 -10.34 -56.60 119.92 40.04 Phillips66 PSX 7.4 7 48.35 2.67 -47.04 100.25 51.25 VF VFC 3.6 16 52.78 -4.30
t -60.26 9.48 3.37 BancoBradesco BBDO 4.9 5 3.45 -0.16 -22.15 38.88 25.61 DukeRealty DRE 3.5 23 26.99 -1.24 -28.38 28.77 15.20 JuniperNetworks JNPR 4.5 18 17.64 -0.53 -46.05 33.67 15.75 PilgrimPride PPC ... 10 17.65 -0.40 -51.82 28.75 9.85 VICI Prop VICI 9.7 10 12.31 0.82
-26.06 30.30 12.50 BancodeChile BCH ...929 15.52 -0.03 -50.98 83.72 29.06 DuPont DD 3.8 48 31.47 -0.19 -45.52 42.90 21.16 KB Fin KB 6.1 3 22.54 0.98 -11.24 45.25 18.46 Pinduoduo PDD ... dd 33.57 -0.23 -39.50 255.37 125.00 VailResorts MTN 4.9 20 145.10 -15.16
-58.86 12.85 4.56 BancSanBrasil BSBR 12.5 9 4.99 -0.01 -9.96 37.06 17.05 Dynatrace DT ... dd 22.78 1.90 -34.62 34.14 15.55 KKR KKR 2.6 5 19.07 -1.53 -27.11 105.51 60.05 PinnacleWest PNW 4.8 14 65.55 -2.81 -47.12 14.19 6.61 Vale VALE ... dd 6.98 -0.20
-39.23 31.26 11.43 BcoSantChile BSAC 5.9 28 14.02 -0.22 -49.06 36.06 12.10 ENI E 8.5159 15.77 0.71 -36.00 184.50 101.34 KLA KLAC 3.0 16 114.02 -13.34 -34.50 36.83 10.10 Pinterest PINS ... dd 12.21 -0.40 -58.72 101.99 31.00 ValeroEnergy VLO 10.1 7 38.66 1.25
-47.10 5.25 2.04 BancoSantander SAN 11.6 5 2.19 0.01 -58.35 107.89 27.00 EOG Rscs EOG 4.3 7 34.89 1.67 -29.15 178.59 92.86 KSCitySouthern KSU 1.5 20 108.52 -7.90 -59.20 178.22 48.62 PioneerNatRscs PXD 3.6 14 61.76 1.39 t -29.92 150.06 98.31 VarianMed VAR ... 31 99.52 -8.38
-44.15 35.72 19.00 BankofAmerica BAC 3.7 7 19.67 -1.53 -20.78 248.27 151.97 EPAM Systems EPAM ... 37 168.07 2.81 -19.30 71.05 51.34 Kellogg K 4.1 20 55.81 -5.62 -69.17 25.26 3.00 PlainsAllAmPipe PAA 25.4 2 5.67 1.09 -5.13 176.90 118.11 VeevaSystems VEEV ... 70 133.45 -14.19
-44.32 79.93 38.31 BankofMontreal BMO 7.4 7 43.15 1.26 -36.13 57.30 25.76 E*TRADE ETFC 1.9 8 28.98 -1.30 -24.32 91.97 55.90 Kemper KMPR 2.0 7 58.65 -0.26 -21.00 238.23 156.01 Pool POOL 1.3 26 167.78 -26.09 -62.56 75.40 13.35 Ventas VTR 14.7 18 21.62 1.64
-42.24 53.60 26.40 BankNY Mellon BK 4.3 6 29.07 -0.93 -39.32 52.97 27.29 EastWestBncp EWBC 3.7 6 29.55 -2.84 -18.72 32.00 18.98 KeurigDrPepper KDP 2.5 27 23.53 -0.79 t -27.80 63.08 39.20 PortlandGenElec POR 3.8 17 40.28 -7.19 -18.45 221.78 151.59 VeriSign VRSN ... 31 157.13 -7.47
-38.34 58.22 33.09 BkNovaScotia BNS 8.0 7 34.83 -0.21 -32.29 142.69 86.59 EastGroup EGP 3.3 28 89.83 -11.18 -54.59 20.52 7.45 KeyCorp KEY 8.1 6 9.19 -0.16 -33.42 113.73 70.67 PostHoldings POST ... 54 72.64 -2.08 t -16.80 171.73 123.54 VeriskAnalytics VRSK 0.9 46 124.25 -12.23
-57.88 10.22 3.41 Barclays BCS 11.2 ... 4.01 0.08 -48.51 86.18 34.44 EastmanChem EMN 6.5 7 40.81 -0.44 -19.04 110.00 71.03 KeysightTechs KEYS ... 24 83.09 -2.88 t -53.31 60.81 25.14 PrincipalFin PFG 8.7 5 25.68 -1.21 -15.64 62.22 49.02 Verizon VZ 4.7 11 51.80 -1.82
-14.58 22.57 11.65 BarrickGold GOLD 1.8 7 15.88 -0.20 -31.45 105.78 58.72 Eaton ETN 4.5 12 64.93 -7.52 t -38.94 88.99 49.15 KilroyRealty KRC 3.8 28 51.23 -3.23 -17.99 128.09 99.09 Procter&Gamble PG 2.9 60 102.43 -8.40 -5.91 249.85 163.68 VertxPharm VRTX ... 46 206.00 -9.69
-54.34 31.97 11.15 BauschHealth BHC ... dd 13.66 -0.47 t -23.62 42.00 27.20 eBay EBAY 2.3 13 27.58 -2.02 t -14.01 149.23 117.65 KimberlyClark KMB 3.6 19 118.28 -8.13 t -5.68 84.96 65.19 Progressive PGR 0.6 10 68.28 1.24 -63.61 53.68 13.12 ViacomCBS A VIACA 5.9 3 16.33 -1.10
-9.41 95.00 69.10 BaxterIntl BAX 1.2 38 75.75 -2.42 t -26.48 211.24 140.57 Ecolab ECL 1.3 27 141.88 -17.70 -48.67 21.86 9.01 KimcoRealty KIM 10.5 13 10.63 0.38 -29.53 99.79 62.01 Prologis PLD 3.7 26 62.82 -1.09 -71.48 53.71 10.10 ViacomCBS B VIAC 8.0 2 11.97 -0.65
-19.06 286.72 208.65 BectonDicknsn BDX 1.4 81 220.12 -0.84 -63.98 22.70 6.28 Ecopetrol EC 13.4 4 7.19 0.20 -41.66 22.58 9.42 KinderMorgan KMI 8.1 13 12.35 1.15 -16.68 133.58 83.81 Proofpoint PFPT ... dd 95.64 -3.23 3.03 17.84 6.17 Vipshop VIPS ... 17 14.60 0.24
-23.99 210.35 113.01 BeiGene BGNE ... dd 126.00 -22.37 -37.86 78.93 43.63 EdisonInt EIX 5.4 12 46.86 -1.90 -23.84 6.27 2.72 KinrossGold KGC ... 6 3.61 -0.33 -32.62 75.22 45.66 ProsperityBcshs PB 3.8 11 48.44 -6.16 216.18 75.00 11.65 VirBiotech VIR ... ... 39.76 -3.05
-31.14 79.92 47.02 Berkley WRB 0.9 13 47.58 -0.87 -28.65 247.64 162.19 EdwardsLife EW ... 34 166.45 -13.92 -42.11 51.08 18.02 KirklandLakeGold KL 2.0 10 25.51 -1.44 -54.92 106.39 40.00 PrudentialFin PRU 10.4 4 42.26 -2.11 -21.86 214.17 139.80 Visa V 0.8 28 146.83 -5.42
-24.92 231.61 166.00 BerkHathwy B BRK.B ... 5 170.06 -4.62 -40.58 35.46 15.17 ElancoAnimal ELAN ... 94 17.50 0.03 -15.29 40.46 27.03 Knight-Swift KNX 1.1 17 30.36 -0.45 -52.22 46.50 15.68 Prudential PUK 5.1 6 18.20 0.37 -38.76 27.96 11.30 VistraEnergy VST 3.8 8 14.08 -0.14
-24.22 347400 250000 BerkHathwy A BRK.A ... 5 257346 -4344.00 -22.30 104.10 39.01 Elastic ESTC ... dd 49.96 1.79 -32.64 50.78 30.50 KoninklijkePhil PHG 2.4 21 32.87 -2.79 -35.95 63.88 36.23 PublicServiceEnt PEG 5.2 11 37.82 -1.32 -30.35 206.80 86.00 VMware VMW ... 7 105.72 5.53
-36.70 59.16 25.00 BerryGlobal BERY ... 11 30.06 1.55 -22.80 167.75 110.00 ElbitSystems ESLT 1.5 29 119.71 -2.07 t -46.41 13.97 6.28 KoreaElcPwr KEP ... dd 6.34 -0.20 t -19.60 266.76 169.15 PublicStorage PSA 4.7 23 171.22 -16.38 -34.40 21.72 11.46 Vodafone VOD 7.4 dd 12.68 -0.97
-41.17 91.99 48.10 BestBuy BBY 4.3 9 51.65 -3.10 -19.13 114.13 85.69 ElectronicArts EA ... 9 86.94 -3.12 -30.66 33.78 19.99 KraftHeinz KHC 7.2 14 22.28 ... -49.05 47.37 17.51 PulteGroup PHM 2.4 5 19.77 0.24 -55.40 70.45 28.53 VornadoRealty VNO 8.9 2 29.66 -3.24
8.43 29.28 13.23 Bilibili BILI ... dd 20.19 -0.65 -42.18 78.38 38.00 EmersonElec EMR 4.5 13 44.09 -1.93 9.59 36.84 20.70 Kroger KR 2.0 15 31.77 -2.41 7.75 43.16 25.04 Qiagen QGEN ... dd 36.42 -1.61 -47.64 63.81 30.04 VoyaFinancial VOYA 1.9 6 31.93 -1.69
-23.80 223.29 157.63 Bio-Techne TECH 0.8 34 167.26 0.84 -35.55 43.15 22.57 Enbridge ENB ... 13 25.63 0.79 -13.21 159.48 98.41 LHC Group LHCG ... 39 119.56 -6.01 -39.04 122.37 58.52 Qorvo QRVO ... 25 70.85 -3.00 -41.21 152.49 65.56 VulcanMatls VMC 1.6 18 84.65 -5.57
-11.09 413.02 281.66 Bio-RadLab A BIO ... 6 329.01 -17.79 -27.04 83.30 48.01 EncompassHealth EHC 2.2 14 50.54 -3.36 -7.45 51.97 27.04 Line LN ... dd 45.36 -0.16 -30.96 96.17 55.78 Qualcomm QCOM 4.1 17 60.91 -4.09
-6.05 374.99 215.78 Biogen BIIB ... 9 278.77 -9.25
-13.60 97.10 62.88 BioMarinPharm BMRN ... dd 73.05 -1.23
-47.91 11.21 5.21 EnelAmericas ENIA 6.7 11 5.72
-33.47 5.30 2.95 EnelChile ENIC 5.3 14 3.16
-0.50
-0.33
-54.34 36.63 14.00 LKQ LKQ ... 9 16.30 -1.08 t -38.27 44.09 25.04 QuantaServices PWR 0.8 9 25.13 -1.85 WXYZ
-22.15 230.99 149.21 L3HarrisTech LHX 2.2 19 154.04 -6.10 t -29.54 118.58 73.47 QuestDiag DGX 3.0 12 75.24 -4.07
37.25 105.00 12.53 BioNTech BNTX ... dd 46.50 -12.80 -59.08 15.87 3.75 EnergyTransfer ET 23.2 4 5.25 -0.20 -36.61 196.36 98.02 LabCpAm LH ... 13 107.24 -7.27 18.47 100.42 52.49 Quidel QDEL ... 52 88.89 -2.95 -3.48 146.68 117.20 WABCO WBC ... 27 130.78 0.22
t -19.34 76.44 50.93 BlackKnight BKI ... 64 52.01 -4.64 -22.08 59.05 33.75 Entegris ENTG 0.8 21 39.03 -1.68 -35.74 344.32 171.04 LamResearch LRCX 2.4 14 187.89 -7.12 t -19.67 109.53 72.08 WEC Energy WEC 3.4 21 74.09 -16.32
-29.44 576.81 323.98 BlackRock
-32.66 64.97 33.00 Blackstone
BLK 4.1 12 354.72 -42.64
BX 5.2 12 37.67 -4.32
-33.23 135.55 77.59 Entergy ETR 4.7 13 79.99
-48.30 30.86 10.27 EnterpriseProd EPD 12.1 7 14.56
-4.06
0.04
-55.25 96.82 36.16 LamarAdv LAMR 10.0 11 39.94
-44.64 96.32 39.06 LambWeston LW 1.9 14 47.63
-5.14 RS -59.48 236.51 83.00 WEX
-38.33 93.62 38.62 W.P.Carey
WEX ... 38 84.87
WPC 8.4 28 49.36
-15.55
3.53
-1.18
-70.83 398.66 89.00 Boeing BA 8.7 dd 95.01 -2.70 t -24.60 164.77 105.35 Equifax EFX 1.5 dd 105.65 -9.76 -14.60 166.31 129.81 LancasterColony LANC 2.0 25 136.73 -27.37 t -32.92 27.25 16.90 RELX RELX 3.4 17 16.95 -0.85 -60.52 70.80 27.18 WPP WPP 13.7 10 27.75 -1.26
-42.67 2094.00 1150.00 BookingHldgs BKNG ... 10 1177.43 -14.05 -13.22 657.00 440.72 Equinix EQIX 2.1 84 506.52 -43.48 -37.27 74.29 33.30 LasVegasSands LVS 7.3 12 43.31 2.95 -35.59 77.47 42.85 RPM RPM 2.9 19 49.44 -1.42 -47.62 81.75 35.07 Wabtec WAB 1.2 24 40.75 -1.87
-18.53 82.00 56.42 BoozAllen BAH 1.8 19 57.95 -6.18 -52.24 23.97 8.41 Equinor EQNR 8.9 17 9.51 -0.27 -44.77 159.14 63.20 Lear LEA 4.1 6 75.78 -0.27 -43.18 133.63 64.28 RalphLauren RL 4.1 8 66.61 -3.91 -21.27 64.50 40.52 WalgreensBoots WBA 3.9 11 46.42 -2.13
-52.74 46.60 17.00 BorgWarner BWA 3.3 6 20.50 -0.51 -57.10 27.30 10.02 Equitable EQH 5.6 dd 10.63 -0.63 29.85 50.70 26.36 LeggMason LM 3.4 18 46.63 -0.07 -31.34 102.45 58.79 RaymondJames RJF 2.4 8 61.42 -5.44 -4.10 128.08 96.53 Walmart WMT 1.9 22 113.97 -5.48
-18.89 444.64 258.34 BostonBeer SAM ... 33 306.46 -12.62 -10.20 34.95 27.62 EquityCommnwlth EQC 0.0 8 29.48 -1.22 -25.93 125.84 62.14 Leidos LDOS 1.9 16 72.51 -3.40 -43.51 233.48 103.00 Raytheon RTN 3.0 10 124.14 2.80 -13.88 105.17 76.52 WasteConnections WCN 0.9 36 78.19 -4.71
t -40.52 147.83 80.63 BostonProps BXP 4.8 25 82.00 -3.57 -30.66 77.55 41.97 EquityLife ELS 2.8 32 48.81 2.29 -43.45 56.32 18.87 Lennar B LEN.B 2.0 4 25.28 1.36 -16.52 65.92 36.91 RealPage RP ... 74 44.87 0.24 -13.73 126.79 85.50 WasteMgt WM 2.2 25 98.31 -1.54
-39.76 46.62 25.41 BostonSci BSX ... 8 27.24 -1.03 t -31.67 89.55 54.62 EquityResdntl EQR 4.4 21 55.29 -4.72 -38.91 71.38 25.42 Lennar A LEN 1.5 5 34.08 2.47 -35.60 84.92 38.00 RealtyIncome O 5.9 34 47.42 -0.66 -25.76 255.21 161.01 Waters WAT ... 20 173.46 -3.96
-44.13 176.98 64.23 BrightHorizons BFAM ... 28 83.96 14.01 6.87 270.23 130.20 ErieIndemnity A ERIE 2.2 29 177.41 16.15 -25.49 298.49 168.98 LennoxIntl LII 1.7 17 181.79 -14.00 -39.27 257.96 70.00 ReataPharm RETA ... dd 124.16 -15.10 -17.13 181.50 143.00 Watsco B WSOB 4.3 24 150.40 -10.25
-24.60 68.34 42.48 Bristol-Myers BMY 3.7 22 48.40 -0.39 -25.61 54.52 30.40 EssentialUtil WTRG 2.7 35 34.92 -4.60 t -40.59 24.50 11.40 LeviStrauss LEVI 4.0 12 11.46 -0.90 t -44.05 70.26 34.47 RegencyCtrs REG 6.7 25 35.30 -2.23 -19.12 186.87 136.45 Watsco WSO 4.4 23 145.71 -16.77
t -29.63 45.64 29.69 BritishAmTob BTI 9.0 9 29.88 -1.91 t -34.74 334.17 192.22 EssexProp ESS 4.2 29 196.33 -12.74 -27.90 140.00 86.20 LibertyBroadbandC LBRDK ...142 90.67 -5.42 16.77 518.00 271.37 RegenPharm REGN ... 24 438.45 -51.38 -27.96 72.78 29.50 Weibo WB ... 15 33.39 0.05
-39.17 331.58 155.67 Broadcom AVGO 6.8 32 192.22 1.02 -26.89 220.42 137.01 EsteeLauder EL 1.3 30 151.00 -5.51 -29.85 138.47 80.14 LibertyBroadbandA LBRDA ...137 87.38 -4.83 -51.86 17.54 6.94 RegionsFin RF 7.5 5 8.26 -0.02 -50.74 54.75 25.89 WellsFargo WFC 7.7 7 26.50 -1.79
t -26.53 136.99 89.81 BroadridgeFinl BR 2.4 25 90.77 -2.67 t -28.47 71.80 31.00 Etsy ETSY ... 42 31.69 -2.97 -22.47 28.62 15.23 LibertyGlobal A LBTYA ... dd 17.63 -0.07 t -62.80 169.26 57.87 ReinsGrp RGA 4.6 4 60.66 -9.86 -48.13 93.17 24.27 Welltower WELL 8.2 35 42.42 1.50
-33.13 68.41 33.77 BrookfieldMgt BAM 1.9 15 38.65 -4.43 -50.29 171.25 61.27 EuronetWorldwide EEFT ... 13 78.32 0.81 -24.16 27.84 14.63 LibertyGlobal C LBTYK ... dd 16.53 -0.07 -37.87 122.17 73.01 RelianceSteel RS 3.4 7 74.41 -3.91 -13.09 176.66 103.05 WestPharmSvcs WST 0.5 41 130.65 -8.63
-34.59 56.31 30.06 BrookfieldInfr BIP 6.62680 32.70 -2.46 -29.69 294.31 170.50 EverestRe RE 3.2 8 194.65 7.41 -52.38 46.52 16.87 LibertyFormOne A FWONA ... dd 20.85 -0.09 -34.04 202.68 113.27 RenaissanceRe RNR 1.1 8 129.30 4.19 -51.08 72.00 27.40 WesternDigital WDC 6.4 dd 31.05 -0.29
-14.84 48.69 28.80 Brown&Brown BRO 1.0 24 33.62 -1.10 t -27.52 76.57 46.80 Evergy EVRG 4.3 17 47.18 -7.92 -49.96 48.95 18.31 LibertyFormOne C FWONK ... dd 23.00 -1.01 -4.05 109.94 52.87 Repligen RGEN ...202 88.75 1.66 -31.40 28.45 18.03 WesternUnion WU 4.9 7 18.37 -1.70
-26.81 68.15 41.76 Brown-Forman A BF.A 1.5 26 45.94 -6.39 t -19.67 99.42 67.42 EversourceEner ES 3.3 24 68.34 -8.71 -47.60 51.11 22.54 LibertySirius A LSXMA ... 17 25.33 -3.23 t -20.18 100.91 70.52 RepublicSvcs RSG 2.3 21 71.54 -2.46 -51.82 78.08 28.99 WestlakeChem WLK 3.1 10 33.80 -3.33
-27.74 72.85 47.57 Brown-Forman B BF.B 1.4 27 48.85 -7.66 -44.19 123.99 35.25 ExactSciences EXAS ... dd 51.61 1.40 -47.07 51.36 23.01 LibertySirius C LSXMK ... 17 25.48 -3.76 -26.22 177.99 96.81 ResMed RMD 1.4 36 114.34 -21.76 -47.35 20.56 8.37 WestpacBanking WBK 13.3 7 8.94 0.26
-32.57 54.49 31.32 Bruker BRKR 0.5 26 34.37 -1.44 -14.02 25.20 13.67 Exelixis EXEL ... 15 15.15 -0.02 -6.87 147.87 101.36 EliLilly LLY 2.4 24 122.40 -10.69 -49.79 79.46 25.08 RestaurantBrands QSR 6.5 17 32.02 2.07 -40.53 44.39 21.50 WestRock WRK 7.3 8 25.52 0.36
-44.78 59.65 29.00 Bunge BG 6.3 dd 31.78 -0.96 -32.00 51.18 29.42 Exelon EXC 4.9 10 31.00 -1.41 -33.02 98.32 64.18 LincolnElectric LECO 3.0 14 64.79 -3.27 t -25.66 53.48 32.87 RexfordIndlRealty REXR 2.5 73 33.95 -1.80 t -51.13 31.58 14.60 Weyerhaeuser WY 9.2 dd 14.76 -1.38
-39.48 250.89 105.67 BurlingtonStrs BURL ... 20 138.01 7.50 -54.87 144.00 40.76 Expedia EXPE 2.8 13 48.80 0.37 -71.09 67.52 16.95 LincolnNational LNC 9.4 4 17.06 -2.16 ... 31.99 21.61 ReynoldsCnsmr REYN 2.1 22 27.98 1.27 -18.86 34.00 18.66 WheatonPrecMet WPM 1.7126 24.14 0.40
-26.15 288.59 156.15 CACI Intl CACI ... 18 184.61 3.76 t -29.58 81.64 52.85 ExpeditorsIntl EXPD 1.8 16 54.94 -3.07 -28.93 227.85 146.71 Linde LIN 2.5 36 151.30 -2.71 9.01 252.20 101.33 RingCentral RNG ... dd 183.86 -0.37 t -49.54 163.64 73.73 Whirlpool WHR 6.4 4 74.45 -8.12
-44.10 64.75 31.51 CBRE Group CBRE ... 9 34.26 -5.18 t -24.52 124.45 77.70 ExtraSpaceSt EXR 4.5 25 79.72 -6.98 -52.47 76.60 21.70 LiveNationEnt LYV ... dd 33.97 1.05 -38.39 64.02 35.82 RioTinto RIO 10.4 7 36.57 -1.39 -51.39 29.55 8.41 Williams WMB 13.9 17 11.53 0.71
-43.34 63.90 29.12 CDK Global CDK 1.9 82 30.98 -1.38 -53.08 83.49 31.23 ExxonMobil XOM 10.6 10 32.74 -1.69 t -58.01 3.58 1.39 LloydsBanking LYG 11.8 8 1.39 -0.08 t -44.58 69.08 34.38 RobertHalf RHI 3.9 9 35.00 -3.20 -24.42 220.97 145.93 WillisTowers WLTW 1.8 19 152.63 0.04
-44.30 146.09 75.20 CDW CDW 1.9 16 79.56 -8.71 -28.29 168.94 79.78 F5Networks FFIV ... 15 100.14 1.81 -25.21 442.53 285.00 LockheedMartin LMT 3.3 13 291.22 -22.98 -37.44 209.60 116.98 Rockwell ROK 3.2 16 126.79 -8.29 -29.07 4.62 2.52 Wipro WIT 0.5 11 2.66 0.09
-53.39 55.15 19.73 CF Industries CF 5.4 10 22.25 -0.73 -34.56 108.77 56.77 FMC FMC 2.7 18 65.32 -2.19 t -40.45 56.88 30.87 Loews L 0.8 10 31.26 -6.05 -23.94 54.82 36.64 RogersComm B RCI 4.0 13 37.78 -1.41 -20.56 156.40 76.81 Wix.com WIX ... dd 97.22 -4.92
-42.43 87.12 46.42 CGI GIB ... 14 48.19 -2.81 3.58 135.51 72.94 FTI Consulting FCN ... 20 114.62 -5.51 -11.24 48.83 31.37 LogitechIntl LOGI 1.8 25 41.86 -0.88 -43.14 176.55 55.02 Roku ROKU ... dd 76.13 2.01 -40.88 39.01 16.41 WooriFin WF 0.0 3 17.89 1.11
-18.27 91.97 56.94 CH Robinson CHRW 3.2 15 63.91 -0.15 -27.05 224.20 137.10 Facebook FB ... 23 149.73 -3.40 -6.76 86.63 62.02 LogMeIn LOGM 1.6 dd 79.94 0.59 5.55 43.91 31.36 Rollins ROL 1.4 56 35.00 -0.60 -23.99 226.83 107.75 Workday WDAY ... dd 125.00 -1.74
-21.08 225.36 131.80 CME Group CME 2.1 27 158.41 3.19 -18.76 310.25 206.92 FactSet FDS 1.3 23 217.98 -17.06 -44.59 126.73 60.00 Lowe's LOW 3.3 12 66.36 -3.51 -20.07 395.00 240.00 RoperTech ROP 0.7 17 283.15 -16.86 -62.58 153.41 35.84 WynnResorts WYNN 7.7 45 51.97 5.39
t -21.15 69.17 48.62 CMS Energy CMS 3.3 21 49.55 -6.94 -35.56 436.69 177.65 FairIsaac FICO ... 35 241.43 -3.35 -28.77 266.20 128.84 lululemon LULU ... 38 165.01 10.15 -45.11 124.16 56.30 RossStores ROST 1.8 14 63.90 -1.10 -53.43 43.52 15.50 XP XP ... 47 17.94 -2.96
-35.26 51.30 27.83 CNA Fin CNA 5.1 8 29.01 -1.99 -22.22 39.30 28.38 Fastenal FAST 3.5 21 28.74 -3.56 -21.64 93.23 40.28 Lumentum LITE ... dd 62.14 -3.43 -31.17 82.74 53.64 RoyalBkCanada RY 5.9 8 54.51 -2.12 -48.95 100.18 38.47 XPO Logistics XPO ... 11 40.69 -1.28
-48.09 11.99 5.32 CNH Indl CNHI 0.0 5 5.71 -0.05 -44.41 141.35 69.41 FederalRealty FRT 5.9 16 71.56 -3.97 -50.56 88.60 14.56 Lyft LYFT ... dd 21.27 0.57 t -60.56 7.05 2.50 RoyalBkScotland RBS 3.9 4 2.54 -0.24 t -20.26 72.14 50.03 XcelEnergy XEL 3.4 19 50.63 -7.36
-48.50 193.66 81.11 CNOOC CEO 9.7 5 85.84 -2.55 -26.55 199.32 88.69 FedEx FDX 2.3 7 111.06 -0.62 -55.55 98.91 33.71 LyondellBasell LYB 10.0 4 42.00 -1.23 -82.17 135.31 19.25 RoyalCaribbean RCL 13.1 3 23.81 1.40 -55.38 39.47 15.01 Xerox XRX 6.1 5 16.45 -1.01
-50.73 40.88 17.73 CRH CRH 4.6 8 19.87 0.91 -15.69 180.95 127.73 Ferrari RACE 0.8 34 139.56 2.86 -57.48 66.48 21.25 RoyalDutchA RDS.A 12.7 6 25.08 1.04 -26.50 141.60 67.68 Xilinx XLNX 2.1 21 71.86 -3.60
-31.08 80.73 47.56 CSX
-26.37 77.03 51.72 CVS Health
CSX 2.1 12 49.87 -5.14
CVS 3.7 11 54.70 -0.68
-56.77 16.69 6.00 FiatChrysler
-51.11 49.28 19.00 FidNatlFin
FCAU ... 3 6.35
FNF 6.0 6 22.17
-0.12
-1.53
MN -60.05 67.45 19.19 RoyalDutchB RDS.B 15.7 6 23.96
-41.42 138.78 59.78 RoyalGold RGLD 1.6 28 71.62
1.45
-2.79
t -23.99 89.34 59.26 Xylem
-31.23 48.95 27.93 Yandex
XYL 1.7 27 59.89
YNDX ... 51 29.91
-4.57
-0.71
-14.61 1830.50 944.95 CableOne CABO 0.7 41 1270.96 24.49 -26.08 158.21 91.68 FidNatlInfo FIS 1.4107 102.82 -2.41 -41.82 174.93 94.61 M&T Bank MTB 4.5 7 98.76 -6.08 -43.50 96.79 44.44 Ryanair RYAAY ... 10 49.50 -0.06 -42.34 119.72 57.16 YumBrands YUM 3.2 14 58.08 -4.52
-14.30 27.64 13.06 CabotOil COG 2.7 9 14.92 -1.99 -58.00 31.64 11.10 FifthThirdBncp FITB 8.4 4 12.91 -0.16 -38.14 32.22 15.00 MDU Rscs MDU 4.5 11 18.38 -0.62 -29.62 140.67 90.89 SAP SAP 1.3 30 94.30 0.17 -15.23 50.74 38.33 YumChina YUMC 1.2 22 40.70 0.69
-20.59 80.40 51.39 CadenceDesign CDNS ... 16 55.08 -0.64 -29.00 72.90 37.92 58.com WUBA ... 6 45.96 0.45 -72.62 34.63 5.90 MGM Resorts MGM 6.6 2 9.11 1.41 -23.53 312.94 186.06 S&P Global SPGI 1.3 24 208.79 1.01 -30.35 18.20 2.75 Yunji YJ ... ... 3.19 -0.11
t -33.04 120.73 69.37 CamdenProperty CPT 4.7 32 71.04 -6.61 -28.72 97.08 57.12 51job JOBS ... 55 60.52 -2.96 -32.05 122.30 66.87 MKS Instrum MKSI 1.1 29 74.75 2.68 -4.84 309.85 192.43 SBA Comm SBAC 0.8178 229.33 -15.81 5.74 28.06 17.12 ZTO Express ZTO 0.0 24 24.69 0.22
-8.34 57.54 35.27 CampbellSoup CPB 3.1 27 45.30 -2.20 -40.36 66.78 29.36 FirstAmerFin FAF 5.1 6 34.78 -2.65 -53.93 34.28 6.87 MPLX MPLX 22.9 10 11.73 0.35 t -41.11 69.61 37.66 SEI Investments SEIC 1.8 12 38.56 -3.86 -29.78 260.40 150.06 ZebraTech ZBRA ... 18 179.38 -5.69
-38.69 87.62 48.03 CIBC CM 8.6 6 51.01 1.25 -33.17 46.12 26.67 FirstIndRlty FR 3.6 15 27.74 -2.33 -23.35 142.34 93.82 MSA Safety MSA 1.7 28 96.86 -12.14 -25.96 51.04 21.69 SINOPEC SHI 14.2 7 22.62 0.27 -25.77 94.89 50.23 Zendesk ZEN ... dd 56.88 -5.31
-24.11 96.53 65.13 CanNtlRlwy CNI 2.5 16 68.64 -3.85 t -32.25 122.34 77.56 FirstRepBank FRC 1.0 15 79.57 -10.49 -5.85 335.43 189.93 MSCI MSCI 1.1 37 243.07 5.72 t -33.75 25.16 15.22 SK Telecom SKM 5.1 13 15.31 -0.21 -40.81 66.68 20.04 Zillow C Z ... dd 27.19 0.87
-74.16 32.79 6.71 CanNaturalRes CNQ 13.6 2 8.36 0.62 -29.47 52.52 32.91 FirstEnergy FE 4.6 22 34.28 -1.71 -32.76 316.39 182.47 MadisonSquGarden MSG ... dd 197.81 -6.52 t -50.11 96.39 45.39 SLGreenRealty SLG 7.7 16 45.84 -4.14 -42.09 66.96 18.65 Zillow A ZG ... dd 26.49 1.49
-27.06 275.13 173.26 CanPacRlwy CP 1.3 14 185.95 -7.50 -29.28 125.05 73.50 Fiserv FISV ... 45 81.77 -2.69 -52.71 67.75 22.02 MagellanMid MMP 13.7 7 29.73 1.12 -41.89 67.73 29.51 SS&C Tech SSNC 1.4 22 35.68 -2.37 -42.56 161.11 74.37 ZimmerBiomet ZBH 1.1 16 85.98 -3.16
-22.78 30.12 19.13 Canon CAJ 5.9 15 21.12 -0.28 -4.56 80.58 46.09 Five9 FIVN ... dd 62.59 -0.21 -52.84 57.09 22.75 MagnaIntl MGA 6.2 5 25.86 -1.34 -52.15 40.96 13.00 StoreCapital STOR 7.9 14 17.82 0.77 -50.73 52.48 25.27 ZionsBancorp ZION 5.3 6 25.58 -1.67
-43.91 52.74 9.00 CanopyGrowth CGC ... dd 11.83 1.00 -35.00 329.85 169.24 FleetCorTech FLT ... 19 187.03 -6.27 -53.72 21.23 8.62 ManulifeFin MFC 9.0 5 9.39 -0.54 -39.99 270.95 127.39 SVB Fin SIVB ... 7 150.64 -17.53 -23.73 146.26 96.02 Zoetis ZTS 0.8 32 100.94 -1.39
-56.26 107.59 38.00 CapitalOne COF 3.6 4 45.01 -1.25 t -50.99 59.44 24.75 FlirSystems FLIR 2.7 20 25.52 -5.88 -68.55 69.65 15.26 MarathonPetrol MPC 12.2 5 18.95 2.23 -14.32 195.72 115.29 Salesforce.com CRM ...677 139.35 -0.11 s 91.87 135.98 59.94 ZoomVideo ZM ...1655 130.55 6.78
-14.33 60.69 41.03 CardinalHealth CAH 4.4 dd 43.33 -0.46 -1.56 25.08 19.66 FlowersFoods FLO 3.6 28 21.40 -1.51 -31.32 1347.64 726.01 Markel MKL ... 6 785.18 -51.38 -24.26 51.84 37.75 Sanofi SNY 3.2 23 38.02 -2.59 15.35 89.54 35.00 Zscaler ZS ... dd 53.64 1.83
t -35.59 169.86 102.10 Carlisle CSL 1.9 13 104.24 -14.73 -36.76 100.35 56.54 FomentoEconMex FMX 2.5 16 59.77 -0.34 -18.06 421.45 237.11 MarketAxess MKTX 0.8 58 310.63 -5.50 t -50.83 27.75 11.44 SantanderCons SC 7.7 4 11.49 -0.99 -2.94 7.42 5.16 Zynga ZNGA ...175 5.94 -0.42

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 Small 21.84 +1.25-37.7 BluCh 84.09 +2.39-21.9 TotRtnBdFdClInst 27.23 -0.03 0.8 PIMCO Fds Instl S&P Sel NA ... NA TotIntlAdmIdx r 20.27 +0.07-32.1 WellsI 23.75 -0.30-13.1
NOTICE TO READERS US SmCpVal 19.35 +1.20-43.8 Contra 11.02 +0.23-19.1 Harbor Funds AllAsset NA ... NA TSM Sel r NA ... NA TotStAdml 58.48 +0.71-26.6 Welltn 34.66 -0.07-20.1
Mutual-fund statistics were delayed due to a production issue at the US TgdVal 13.04 +0.74-43.7 ContraK 11.03 +0.22-19.1 CapApInst 61.17 +1.94-19.2 TotRt NA ... NA TIAA/CREF Funds TxMCapAdml123.38 +1.10-25.6 WndsrII 25.31 +0.36-30.5
source. Prices displayed in this table reflect Thursday’s closing values. USLgVa 24.47 +0.33-36.7 CpInc r 7.68 -0.10-24.4 Harding Loevner PIMCO Funds A BdIdxInst 10.90 -0.08 -1.4 TxMIn r 9.51 +0.06-32.7 VANGUARD INDEX FDS
Dodge & Cox GroCo 17.17 +0.37-19.6 IntlEq NA ... NA IncomeFd 10.58 -0.27 NA VANGUARD ADMIRAL USGroAdml 89.95 +2.17-19.3 MdCpVlAdml 39.15 +0.19-36.1
Up-to-date mutual-fund data can be found online at WSJMarkets.com. Balanced Invesco Funds A 500Adml 222.25 +1.05-25.1
75.02 +0.95-26.2 GrowCoK 17.20 +0.37-19.6 PIMCO Funds I2 ValAdml 32.82 -0.16-29.8 SmValAdml 35.39 +1.67-39.7
Income 13.23 -0.20 -5.7 InvGrBd 10.98 -0.15 -4.5 EqIncA 7.65 ...-25.7 Income 10.58 -0.27 NA BalAdml 32.57 +0.13-17.0 WdsrllAdml 44.91 +0.64-30.5 TotBd2 10.81 -0.09 -0.5
Intl Stk 27.02 +0.18-38.0 LowP r 32.91 +0.26-34.2 Invesco Funds Y PIMCO Funds Instl CAITAdml 11.37 -0.29 -3.1 WellsIAdml 57.54 -0.72-13.1 TotIntl 12.11 +0.03-32.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 127.18 +3.01-34.4 DevMktY 32.49 +0.09-28.7 CapOpAdml r113.97 +0.83-27.8 TotSt 58.45 +0.71-26.6
Magin 8.16 +0.06-20.0 IncomeFd 10.58 -0.27 NA WelltnAdml 59.86 -0.13-20.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds OTC JPMorgan I Class DivAppIdxAdm 26.75 ...-21.0 VANGUARD INSTL FDS
10.22 +0.19-20.1 Price Funds WndsrAdml 46.93 +0.68-35.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreFxdIncmI NA ... NA Puritn 18.88 -0.02-17.0
EqInc NA ... NA
BlChip NA ... NA EMAdmr 25.98 -0.14-29.7 VANGUARD FDS BalInst 32.58 +0.13-17.0
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI NA ... NA JPMorgan R Class EqIncAdml 57.19 -0.30-28.1 DevMktsIndInst 9.53 +0.06-32.7
SrsEmrgMkt 14.27 -0.10-30.8 DivGro NA ... NA DivdGro 23.50 -0.01-23.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not CoreBond NA ... NA
Edgewood Growth Instituti SrsGlobal 9.04 +0.06-31.4 EqInc NA ... NA ExplrAdml 63.96 +3.04-34.2 INSTTRF2020
20.25 +0.05-16.0 DevMktsInxInst 14.89 +0.09-32.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; CorePlusBd NA ... NA
EdgewoodGrInst 30.93 +0.58-19.7 SrsGroCoRetail 14.28 +0.30-19.5 EqIndex NA ... NA ExtndAdml 62.19 +3.41-35.0 INSTTRF2025
20.12 +0.07-18.6
ExtndInst 62.18 +3.40-35.0
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Fidelity Lord Abbett A GNMAAdml 10.49 -0.06 0.5 GrwthInst 74.82 +1.29-20.3
SrsIntlGrw 12.99 +0.12-25.9
ShtDurIncmA p 3.95 -0.05 -5.5 Growth NA ... NA INSTTRF2030
19.93 +0.08-20.7
500IdxInstPrem 83.91 +0.39-25.1 GrwthAdml 74.82 +1.30-20.3 InPrSeIn 10.11 +0.02 -4.3
SrsIntlVal 6.15 +0.01-37.9 Lord Abbett F HelSci NA ... NA INSTTRF2035
19.73 +0.10-22.6
Thursday, March 19, 2020 Contrafund K6 11.68 +0.23-19.3 HlthCareAdml r 70.90 +0.50-19.2 InstIdx 217.39 +1.03-25.1
TotalBond 10.23 -0.14 -5.7 ShtDurIncm 3.95 -0.05 NA InstlCapG NA ... NA INSTTRF2040
19.53 +0.11-24.5
Net YTD Net YTD ExtMktIdxInstPre 42.31 +2.33-35.0 HYCorAdml r 4.92 -0.13-14.3 InstPlus 217.40 +1.02-25.1
Net YTD Fidelity SAI Lord Abbett I IntlStk NA ... NA INSTTRF2045
19.30 +0.14-26.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 29.43 +0.29-31.5 InfProAd 24.82 +0.05 -4.3 InstTStPlus 50.38 +0.61-26.6
TotalBd 9.79 -0.14 -6.2 ShtDurInc p 3.95 -0.05 NA MidCap NA ... NA INSTTRF2050
19.33 +0.14-26.3
MidCpInxInstPrem 15.81 +0.30-33.1 IntlGrAdml 77.99 +1.26-24.1 MidCpInst 33.21 +0.50-31.5
American Century Inv NwWrldA NA ... NA CorePlusBond 9.65 -0.13 -4.6 SAIUSLgCpIndxFd 12.93 +0.06-25.2
First Eagle Funds Metropolitan West N Inc NA ... NA
ITBondAdml 11.58 -0.12 -0.4 IntlVal 24.74 +0.14-34.1
MidCpIstPl 163.81 +2.50-31.5
Ultra 41.83 +0.95-19.8 SmCpA p 41.37 +1.11-29.7 Intl Eq 8.32 +0.02-30.6 SmCpIdxInstPrem 13.38 +0.85-36.4 GlbA 43.22 +0.05-25.4 TotRetBdI NA ... NA NHoriz NA ... NA
ITIGradeAdml 9.52 -0.16 -3.1 LifeCon 18.29 +0.02-13.0 RealEstaInstl 13.81 +0.09-31.7
American Funds Cl A TxExA p NA ... NA LargeCapValue 9.28 +0.12-32.3 TMktIdxInstPrem 66.40 +0.79-26.7 FPA Funds TRBdPlan NA ... NA OverS SF r NA ... NA LTGradeAdml 9.66 -0.30 -8.4 LifeGro 27.53 +0.16-23.8 SmCapInst 50.50 +2.42-36.1
AmcpA p 25.64 +0.45-23.6 WshA p 34.48 +0.33-28.0 Del Invest Instl USBdIdxInstPrem 11.72 -0.09 -1.1 FPACres 25.23 +0.38-25.4 MFS Funds Class I R2020 NA ... NA MidCpAdml 150.36 +2.30-31.5 LifeMod 23.50 +0.08-18.6 STIGradeInst 10.36 -0.12 -1.7
AMutlA p 33.23 -0.08-23.2 Baird Funds Value 15.24 -0.02-32.0 Fidelity Advisor I Franklin A1 ValueI 31.73 +0.08-29.0 R2025 NA ... NA MuHYAdml 10.82 -0.38 -3.9 PrmcpCor 19.74 ...-29.3 STIPSIxins 24.11 +0.06 -2.6
BalA p NA ... NA AggBdInst 10.91 -0.06 -2.3 Dimensional Fds NwInsghtI 25.14 +0.37-23.1 CA TF A1 p 7.01 -0.25 NA MFS Funds Instl R2030 NA ... NA MuIntAdml 13.65 -0.35 -2.7 STAR 21.87 +0.10-20.0 TotBdInst 10.87 -0.09 -1.1
BondA p NA ... NA CorBdInst 11.09 -0.08 -3.7 5GlbFxdInc 10.72 -0.02 -0.1 Fidelity Freedom IncomeA1 p NA ... NA IntlEq 20.01 +0.12 NA R2035 NA ... NA MuLTAdml 11.13 -0.36 -2.8 TgtRe2015 13.34 +0.01-12.1 TotBdInst2 10.81 -0.09 -0.4
CapIBA p NA ... NA BlackRock Funds DFARlEst 28.34 +0.08-30.7 FF2020 13.35 +0.01-17.6 FrankTemp/Frank Adv Nuveen Cl I R2040 NA ... NA MuLtdAdml 10.69 -0.15 -1.8 TgtRe2020 27.32 +0.08-16.0 TotBdInstPl 10.87 -0.09 -0.3
CapWGrA NA ... NA HiYldBd Inst 6.33 ...-17.6 EmgMktVa 17.64 -0.70-38.5 FF2025 11.54 +0.03-19.4 IncomeAdv NA ... NA HYMunBd 15.34 -0.97 NA Value NA ... NA MuShtAdml 15.56 -0.11 -0.8 TgtRe2025 16.14 +0.05-18.6 TotIntBdIdxInst 33.55 +0.15 -1.4
EupacA p NA ... NA BlackRock Funds A EmMktCorEq 14.20 -0.40-34.8 FF2030 13.91 +0.05-22.0 FrankTemp/Franklin A Oakmark Funds Invest PRIMECAP Odyssey Fds PrmcpAdml r105.89 +0.31-26.6 TgtRe2030 28.93 +0.13-20.6 TotIntlInstIdx r 81.05 +0.26-32.2
FdInvA p 44.44 +0.95-28.1 GlblAlloc p 15.74 +0.13-18.1 IntlCoreEq 8.84 +0.05-36.0 Freedom2020 K 13.34 +0.01-17.7 Growth A p NA ... NA OakmrkInt 13.69 +0.02 NA AggGrowth r 31.43 +0.73-30.0 RealEstatAdml 89.24 +0.56-31.6 TgtRe2035 17.43 +0.09-22.6 TotItlInstPlId r 81.06 +0.25-32.2
GwthA p 39.82 +1.00-22.1 BlackRock Funds Inst IntSmCo 11.58 -0.03-38.7 Freedom2025 K 11.52 +0.02-19.4 RisDv A p NA ... NA Old Westbury Fds Growth r 28.39 +0.32-30.7 SmCapAdml 50.50 +2.41-36.1 TgtRe2040 29.54 +0.19-24.5 TotStInst 58.49 +0.70-26.6
HI TrA p NA ... NA EqtyDivd 14.57 +0.12-30.8 IntSmVa 11.40 -0.03-41.1 Freedom2030 K 13.90 +0.06-21.9 FrankTemp/Franklin C LrgCpStr NA ... NA Stock r 23.48 +0.02-31.9 SmGthAdml 47.56 +2.31-31.8 TgtRe2045 18.21 +0.13-26.3 ValueInst 32.82 -0.16-29.8
ICAA p 29.46 +0.37-25.2 MultiAstIncome 9.26 ...-14.9 LgCo 18.56 +0.09-25.1 Freedom2035 K 11.22 +0.08-25.5 Income C t NA ... NA Parnassus Fds Putnam Funds Class A STBondAdml 10.61 -0.02 1.0 TgtRe2050 29.32 +0.21-26.3 WCM Focus Funds
IncoA p NA ... NA StratIncOpptyIns 9.29 ... -6.3 TAUSCoreEq2 13.99 +0.27-30.6 Freedom2040 K 7.70 +0.07-27.2 FrankTemp/Temp Adv ParnEqFd 37.17 +0.13-21.0 StDurInc 9.91 -0.03 NA STIGradeAdml 10.36 -0.12 -1.7 TgtRet205531.83 +0.22-26.3 WCMFocIntlGrwIns 14.16 -0.02-25.1
GlBondAdv p NA PGIM Funds Cl Z TotBdAdml 10.87 -0.09 -0.3
N PerA p 34.81 +0.57-26.3 Bridge Builder Trust US CoreEq1 18.25 +0.30-29.6 Fidelity Invest ... NA Schwab Funds TgtRetInc 12.60 +0.01-10.3 Western Asset
NEcoA p 34.97 +0.73-23.5 CoreBond 10.09 -0.10 -2.7 US CoreEq2 16.41 +0.32-30.7 Balanc 19.64 +0.25-20.2 TotalReturnBond NA ... NA
1000 Inv r NA ... NA TotIntBdIdxAdm 22.36 +0.10 -1.4
Guggenheim Funds Tru TotIntBdIxInv
11.18 +0.05 -1.4 CorePlusBdI NA ... NA
B10 | Saturday/Sunday, March 21 - 22, 2020
OPEC, U.S. Shale Officials Open Talks Regulators
Cut Banks
U.S. oil industry regulators
opened a dialogue with OPEC
in talks that could help foster
a truce between the world’s
three largest oil producers and
By Summer Said in
Dubai and Benoit
Faucon in London
potentially resolve a Saudi-
Russian price war that has
devastated oil markets in re-
cent weeks, according to peo-
ple familiar with the matter.
Mohammed Barkindo, sec-
retary-general of the Organiza-
tion of the Petroleum Export-
ing Countries, spoke Friday
with Ryan Sitton, the Texas
railroad commissioner who
oversees the U.S.’s biggest oil
patch, these people said.
“Just got off the phone with
OPEC SG Moh[ammed] Bar-
kindo. Great conversation on
global supply and demand,”
Mr. Sitton said on Twitter.
“We all agree an international
deal must get done to ensure
Oil Posts Largest Drop in Nearly Three Decades
BY SARAH TOY
U.S. crude prices posted
their largest weekly percent-
age decline in 29 years, with
Saudi Arabia and Russia
locked in a price war while the
coronavirus wreaks havoc on
oil demand around the world.
U.S. crude ended Friday
down 10.7% at $22.53 a barrel.
It closed the week with a mas-
sive 29%
COMMODITIES slide, its big-
gest one-
week percentage decline since
January 1991. Brent, the global
gauge of prices, dropped 20%
for the week to $26.98.
The moves extended a week
of wild swings for oil. U.S.
crude slid below $30 a barrel
on Monday, continuing the
previous week’s rout after
Saudi Arabia said it would
ramp up output and slash
prices. On Wednesday, U.S.
crude futures plunged to their
lowest level in 18 years before
  
    
        
      
             
    
     
      
         
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NY
BUSINESS & FINANCE NEWS
economic stability as we re- are heavily in debt and produce led OPEC and Russia were un-
cover from COVID-19.” The
Texas official said the OPEC
chief had invited him to the
at a higher break-even price
compared with conventional
Russia and Saudi producers,
able to reach a deal on reduc-
ing output in response to the
coronavirus pandemic. Mos-
next meeting of the organiza-
tion in June.
U.S. antitrust laws prevent
have been hit hard by the
slump. That has led in recent
days to stepped-up U.S. engage-
cow decided to target U.S.
shale production with lower oil
prices but was taken aback by
a formal deal and there is no ment with OPEC—which Presi- Riyadh’s harsh response: price
suggestion the two sides dent Trump has often accused cuts and production hikes that
would coordinate on produc- of anticompetitive behavior. triggered an oil-price collapse
tion decisions. But the Texas below $30 a barrel.
regulator is considering cur- A decision by American
tailing output in America’s producers to reduce output
largest oil-producing state for
The U.S. is hoping would help the Kremlin claim
the first time in decades, peo- to foster a truce to a victory and spur Russia to
ple familiar with the matter resume talks with Saudi Ara-
have previously said.
resolve a Saudi- bia, Saudi officials said.
Mr. Sitton said he would Russian price war. Saudi officials expect Rus-
gauge international reaction to sia will ultimately return to
the idea of production cuts be- the table as lower crude prices
fore deciding how to proceed. dent its economy, but only if it
“I’m not advocating for Texas U.S. shale companies have can present the oil diplomacy
to do anything on its own,” he complained to Mr. Barkindo as a face-saving move, accord-
said in an interview. about collapsing oil prices and ing to officials in the kingdom.
Meanwhile, Wayne Chris- he has also spoken to Frank A Saudi official said “the
tian, the Texas commission’s Fannon, the senior State De- perfect [scenario] would be
chairman, said he has a num- partment official in charge of the U.S. giving their word over
ber of reservations about a energy matters, according to this and that would make it
production curtailment. Saudi officials. easier to convince everyone to
Shale-oil companies, which Earlier this month, Saudi- cooperate.”
U.S. crude prices are down 63% for the year, in part, because the coronavirus has cratered demand.
notching their largest one-day tomed out, at least for now. the past couple of weeks,” an-
percentage gain on record on “We now expect some wide alysts at Ritterbusch & Associ-
Thursday. swinging choppy trade going ates wrote in a Friday note.
Some think the swings forward rather than the one U.S. crude prices are down
could mean prices have bot- way ride south seen during 63% for the year, while Brent
ADVERTISEMENT
The Marketplace
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* ****** THE WALL STREET JOURNAL.
Separately, the U.S. is con-
sidering other avenues to alle-
viate the pressure on Ameri-
can oil producers. The Trump
administration is considering
a diplomatic push to get the
Saudis to cut oil production in
tandem with threats of sanc-
tions on Russia, people famil-
iar with the matter said.
An output cut by U.S. pro-
ducers is unlikely to prompt a
swift resolution of the Saudi-
Russian spat, say Saudi offi-
cials.
In Russia, oil companies are
struggling with lower crude
prices. Many producers there
could begin hemorrhaging
cash if prices remain below
$30 a barrel.
Saudi Arabia won’t be able
to keep up its price war for
too long, say officials familiar
with the matter. The kingdom
has been forced to cut its bud-
get but needs benchmark oil
prices over $60 a barrel to
sustain an ambitious reform
program.
has fallen 59%, leaving inves-
tors, U.S. government officials
and regulators weighing what
might stem the tide and help
producers weather the energy
sector’s latest storm.
Demand for crude has cra-
tered due to the coronavirus,
which has pummeled every-
thing from global manufactur-
ing activity to travel. Even
though gasoline prices have
fallen, consumers trapped at
home are in little position to
take advantage.
ANGUS MORDANT/REUTERS
Elsewhere in energy mar-
kets, natural-gas futures pared
their Thursday gains, falling
3% to $1.604 per million Brit-
ish thermal units. Natural-gas
futures fell to their lowest lev-
els since 1995 on Wednesday,
weighed down by a reduction
of foreign demand for U.S. in-
dustrial exports such as lique-
fied natural gas and an ex-
pected drop in power
generation and demand as
businesses close.
Altria CEO Has Virus,
Will Take a Leave
BY CHRIS WACK
AND JENNIFER MALONEY
Altria Group Inc. Chairman
and Chief Executive Howard
Willard has contracted the
new coronavirus illness and is
taking a temporary medical
leave of absence, becoming
one of the first CEOs of a ma-
jor U.S. company to be hit by
the fast-spreading outbreak.
Finance Chief Billy Gifford
will assume authority and re-
sponsibilities for Mr. Willard,
56 years old, until he returns
from his leave of absence, the
company said.
The tobacco giant Thurs-
day announced a two-week
*
suspension of operations at
the Richmond, Va., manufac-
turing center where it makes
Marlboros after two employ-
ees tested positive for the vi-
rus.
The company said it has
enough cigarette inventory to
continue shipping at current
rates for about two months.
"  
Goldman Sachs Chief Gets

A Raise After Rocky Year
BY LIZ HOFFMAN
Goldman Sachs Group Inc.
Chief Executive David Solo-
mon got a 19% raise in 2019, a
message likely to resonate
poorly among traders and
bankers who saw their own
bonuses cut and who are fac-
ing a long period of economic
uncertainty.
Mr. Solomon earned $24.7
 
million in 2019, the bank said
Friday, including a $7.7 million
cash bonus and almost $15
million in stock. That is up
from $20.7 million the year
before, most of which he spent
him Goldman’s best-paid chief
since Lloyd Blankfein took
home $41 million in 2008.
His top lieutenants also re-
  ceived pay bumps.
John Waldron, the banks’
president and chief operating
officer, was paid $22 million
and finance chief Stephen
Scherr received $20 million.
Slack on
Bad Loans
BY MARGOT PATRICK
AND PATRICIA KOWSMANN
Banking regulators in Eu-
rope said they would be flexi-
ble about how lenders account
for loans turning sour due to
the coronavirus crisis, to pro-
tect banks from burning
through capital because of de-
layed loan repayments.
The move is a relief for
lenders, who for days have
been lobbying regulators to
ease how they recognize poten-
tial losses on a new crop of un-
paid loans.
The Bank of England and
the European Central Bank on
Friday indicated banks should
consider the virus a temporary
shock and take government
support measures into account
when marking their loan books,
rather than taking a worst-case
view of its impact.
The ECB said that adding
regulatory flexibility will “al-
low banks to fully benefit from
guarantees and moratoriums
put in place by public authori-
ties to tackle the current dis-
tress.”
Banks and governments
across Europe have announced
relief packages for hard-hit
households and businesses, al-
lowing them to defer debt pay-
ments for a few months.
Some countries, starting
with Italy, have imposed a
moratorium on certain pay-
ment obligations, particularly
for mortgage owners and small
companies, to ease a liquidity
crunch they might be facing.
With many countries under a
lockdown, shops, restaurants
and other businesses have been
shut, but they still need to pay
bills and workers.
The ECB had already sig-
naled that it would provide
some flexibility to banks, in-
cluding on targets they cur-
rently have to meet on writing
down nonperforming loans.
Mr. Gifford has served as
vice chairman and CFO since
2018, and has worked for the
company for more than two
decades.
“We are committed to pro-
tecting the safety and well-be-
ing of our employees, contrac-
tors, their families and the
communities where we oper-
ate,” Mr. Gifford said in a
statement Thursday. “We take
the threat of Covid-19 seri-
ously and have been actively
implementing plans to mini-
mize business disruptions and
their potential impact to our
employees, consumers and
customers.”
Last week London-based
BT Group PLC, one of Eu-
rope’s largest telecommunica-
tions companies, said CEO
Philip Jansen tested positive
for coronavirus.
Mr. Jansen, 53, self-isolated
after his positive test. He said
his symptoms were mild and
he would continue to lead the
company, working remotely.
At Goldman, as at other big
banks, most of their compen-
sation is in the form of shares
whose value is tied to how the
bank performs over the next
few years.
The pay packages are likely
to rile employees who saw
their bonus checks shrink in
2019 as Goldman spent heav-
ily to build new businesses
like consumer banking and up-
grade its technology.
Revenue was flat and prof-
its fell to a four-year low, in
part because the bank socked
away an extra $1.1 billion in
legal reserves as it nears a
settlement with U.S. regula-
tors over its involvement in a
Malaysian corruption scandal.
JPMorgan Chase & Co. gave
CEO James Dimon, the high-
est-paid bank chief, a 1.6%
raise to $31.5 million. Gold-
man’s close rival, Morgan
Stanley, cut the pay of CEO
James Gorman 7% despite re-
cord annual revenue.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, March 21 - 22, 2020 | B11

MARKETS

Fed Takes Steps to Address

Change in the strength of each currency against the dollar

10% March 19
U.S. Fed boosts
dollar supplies

Strains in Muni-Debt Market

5

BY NICK TIMIRAOS
AND HEATHER GILLERS
The Federal Reserve on Fri-
day expanded a lending opera-
tion that will accept municipal
debt as collateral amid funding
strains that could intensify as
cities and states combat the
coronavirus pandemic.
The changes apply to a lend-
ing facility to backstop the $3.8
trillion money-market mutual-
fund industry unveiled on
Wednesday. The Fed originally
limited the program to the
$800 billion in
CREDIT prime money-mar-
MARKETS ket funds, which in-
vest in very short-
term corporate debt, but on
Friday extended it to certain
municipal money-market mu-
tual funds. Municipal bond
money-market funds contain
$134 billion, according to the
Fed.
The Fed said it would also
accept highly rated municipal
debt of less than 12 months as
collateral for the facility. While
that might help alleviate some
strains in muni-debt markets,
the bulk of stresses have been
in longer-dated securities that
aren’t eligible for the facility.
The central bank said the fa-
cility for the time being
wouldn’t accept more complex
securities such as variable-rate
demand notes or tender option
bonds, but that they would
consider adding them in the fu-
ture. The program’s main aim
is to maintain strong function-
ing of the financial system, and
especially short-term funding
markets that have faced pres-
sure this week. Even during the
2008 financial crisis, the cen-
tral bank never took as drastic
a step as it did Friday with mu-
nicipal bonds.
The money-market facility
extends risk-free loans to banks
that, in turn, can purchase the
assets of money funds and de-
posit them as collateral at the
Federal Reserve Bank of Bos-
ton, which is running the pro-
gram.
Municipal bond prices cra-
tered Thursday after a week of
tumult as investors fled the as-
set class, pulling a record $12.2
billion from mutual and ex-
change-traded funds in the
week ended Wednesday, ac-
cording to Refinitiv.
“It sucks,” said Hazim Taib,
chief financial officer of the
Connecticut Housing Finance
Authority, which is now paying
between 5% and 7.5% on its
about $825 million in AAA-
rated tax-exempt variable-rate
debt. “A market that is sup-
posed to be liquid and func-
tioning is no longer liquid and
functioning so if you want
somebody to buy your bonds
you have to pay through the
nose.”
Yields on 10-year triple-A
rated munis climbed to 2.34%
from 1.84% in 24 hours Thurs-
day—higher than the rate 30-
year bonds paid out as recently
as Monday, according to Refini-
tiv. Fund managers seeking
bids on long lists of bonds
struggled to find offers they
were willing to take and inves-
tors were shocked to see muni
portfolios built as a hedge
against stock volatility drop
alongside equities. Mutual and
exchange-traded municipal
bond funds held $882 billion as
of Dec. 31, according to the Fed,
after record inflows last year.
The Fed’s move to shore up
money funds on Wednesday
came after it created another
lending facility that accepted
short-term commercial debt.
Many funds holding such debt
were unable to easily sell their
holdings to meet large volumes
of shareholder redemption re-
quests, according to industry
lawyers. Illiquidity in the com-
Municipal bond
prices cratered as
investors fled the
asset class.
mercial-paper market made it
difficult for the funds to com-
ply with post-financial crisis
rules requiring them to hold
set quantities of liquid assets.
The Fed has currently com-
mitted to purchase $700 billion
in Treasury and mortgage se-
curities, but some Democratic
lawmakers have suggested in
the past that the central bank
should expand those purchases
to include municipal debt. By
law, the Fed can only buy mu-
nicipal debt with maturities of
up to six months.
While the Fed can’t buy cor-
porate debt or lend directly to
households and businesses, it
can invoke emergency powers
to establish lending facilities
that, in turn, extend credit. The
Treasury Department has
kicked in $10 billion to cover
credit losses the Fed sustains
in the money-market facility.
The money-market facility
required the approval of Trea-
sury Secretary Steven Mnuchin
because the Fed invoked its
emergency-lending authorities
to authorize it. Mr. Mnuchin
said Friday he had also ap-
proved the latest expansion.
“This will create additional li-
quidity to support the states
and municipalities!” he said on
Twitter.
State and local governments
have canceled long-term bond
sales and watched their short-
term costs double or triple this
week as investors dumped
bonds. On Wednesday, rates
shot up to 5.2% from 1.3% last
week on variable rate munici-
pal bonds that reset their rates
every week according to what
bondholders are willing to pay,
according to the Sifma Munici-
pal Swap Index.
Separately, the central bank
said Friday it would ramp up a
program with five other for-
eign central banks to increase
the frequency of operations
that are designed to make U.S.
dollars available overseas at
near-zero interest rates.
The Fed initially unveiled
these “swap” lines with five
central banks in Canada, Eu-
rope and Japan on Sunday. The
central banks said Friday they
would conduct seven-day ma-
turity operations daily rather
than weekly, and that they
would continue to offer an 84-
day maturity operation weekly.
0 Yen
–5
–10
–15
March
Source: Tullett Prebon
Moves Show Signs
Of Calming Investors
BY CAITLIN OSTROFF
The clamor for dollars eased
and Treasury yields declined
Friday, signs that the Federal
Reserve’s moves to increase
dollar access are calming mar-
kets at the heart of the global
financial system.
The ICE Dollar Index, which
tracks the green-
CURRENCIES back against a
basket of curren-
cies, fell 0.68% on Friday, to
102.05, following three days of
gaining more than 1%. Curren-
cies that have suffered against
a strong dollar gained, with the
British pound climbing 1.34%
after hitting its lowest level in
35 years earlier this week. The
Australian dollar fell 0.73% on
Friday and has lost 17% of its
value against the dollar this
year and is near its lowest
since 2002.
The Fed said Thursday it
would lend billions of dollars at
near-zero interest rates to cen-
tral banks in Australia, South
Korea and seven other coun-
Euro
Pound
tries, following an earlier round
of such “swap” lines announced
Sunday for central banks in Eu-
rope and Japan. On Friday, the
Fed said it would increase the
frequency of dollar funding op-
erations with five of the foreign
central banks. The announce-
ments came after investors and
companies scrambled for dol-
lars earlier this week, storing
up cash to weather a prolonged
coronavirus economic crunch.
“We are definitely seeing a
bit of easing” said Viraj Patel, a
foreign exchange and global
rates strategist at research firm
Arkera.
The scramble for dollars in
recent days was sparked by the
broader selloff as investors
moved to sell stocks, commodi-
ties and bonds, and rushed to
the safety of short-term dollar-
denominated debt and cash.
Other Fed moves have also
eased tensions. Yields on 10-
year Treasurys fell Friday to
0.932% from 1.121% Thursday,
according to Tradeweb. Yields
on European bonds also fell.

Risky Loans Face a Huge Test From Crisis Stocks End

BY CEZARY PODKUL
AND PAUL J. DAVIES
Worst Week
Cirque du Soleil canceled
its famed shows in Las Vegas
Since 2008
and around the world a week
ago, leaving fans disappointed. Continued from page B1
Over 100 investment funds rarily provide billions of dol-
suffered too, as the value of lars at near-zero rates to other
the circus’s loans tumbled. central banks grappling with
The company is among greenback shortages in many
thousands of businesses parts of the world. Earlier in
whose loans have been pack- the week, the Fed said it
aged with similarly risky, junk- would launch a new lending
rated debts into funds, which facility to backstop
were then sold to investors FRIDAY’S money-market mu-
globally. MARKETS tual funds—an op-
The idea behind these eration that it ex-
funds, known as collateralized panded Friday to include
loan obligations, or CLOs, is municipal debt.
that different businesses are Some analysts said the moves
extremely unlikely to all hit by the Fed and other central
problems simultaneously. By banks had a stabilizing effect.
ETHAN MILLER/GETTY IMAGES

pooling and diversifying their The measures, coupled with

holdings, these funds could efforts by governments to sup-
transform risky loans into port businesses and people
highly rated, safe investments facing months of disruption,
that pay better yields than have given investors hope that
Treasurys. “the economic fallout, which is
CLOs boomed in recent going to be big, will at least be
years as investors hunted for minimized,” said Paul Jackson,
income in a world of ultralow Cirque du Soleil’s show cancellation made its debt harder to repay. An advertisement for the Beatles ‘Love’ by Cirque du Soleil. global head of asset allocation
interest rates. That boom, in at Invesco.
turn, fed demand for risky lev- Lots of collateralized loan obligations invest in the same loans and industries, so a big default will nancial crisis, but have blos- Still, the mood among mar-
eraged loans. The fast growth cause losses for many. somed in popularity in the ket participants remained sub-
led global regulators to warn past few years. That created a dued.
Biggest industry Some loans Fieldwood Energy
of potential instabilities build- well of credit for risky compa- “Any day that you see a lit-
concentrations in U.S. CLOs* popular among 90 CLOs own two loans
ing in the financial system. >21 nies to tap. As CLOs competed tle bit of a rally, it tends to
Health care and pharma CLOs saw big
The Bank of England even for loans to invest in, borrow- last a day at most, because the
12.5% price falls GIP III Stetson I
compared the industry to the 127 CLOs ers were able to take on more underlying problem of the vi-
subprime mortgage boom be- High tech $164M debt per dollar of earnings at rus is still there,” said Robert
10.2 –20.2
fore the 2008 financial crisis. $208M lower rates, and to demand Carnell, head of research and
Then came the coronavirus. Banking, finance and real estate looser terms, known as cove- chief economist, Asia-Pacific,
Its broad impact across indus- 7.4 BCP Renaissance nants. at ING Bank NV in Singapore.
tries—canceling flights, emp- Business services Parent The industry now faces Despite Friday’s losses, some
6.7 Owned by
tying conferences, scrambling 203 CLOs†
looming problems. Lots of beaten-down stocks found re-
vacations, closing restaurants, Hotels, gaming and leisure funds invested in the same lief, at least temporarily. MGM
5.8 Price drop‡ EXPOSURE
emptying cruise lines and –16.0 cents $450 million $386M loans, so a big default will Resorts International gained
shuttering schools and of- Media cause losses for many. The top $1.41, or 18%, to $9.11. Cruise-
on the dollar
fices—threatens to undermine 5.3 20 loans that saw the biggest line operator Carnival added
the key assumption that al- Telecom price declines from Feb. 27 to $2, or 20%, to $12. United Air-
lows CLOs to turn risky loans 4.5 March 11 were distributed lines Holdings rose $3.22, or
into triple-A-rated invest- Beverage, food and tobacco CDS U.S. Intermediate McDermott across nearly 500 funds, Trepp 15%, to $24.50. All three stocks
ments: that diversifying loan 4.0 Holdings (Cirque du Soleil) International data show. Trepp tracks 1,250 have still lost more than 70% of
117 CLOs
$273M 155 CLOs
holdings will protect investors. Chemicals, plastics and rubber CLOs, which is about 85% of their value so far this year.
“These things were struc- 3.9 –15.6 –17.5 the market. Zoom Video Communica-
tured for perfection, for eco- Geoffrey Horton, CLO ana- tions, whose teleconferencing
nomic good times,” said John *Other industries, not shown, total 39.9% †CLO count based on deals in Trepp’s database, which covers about 85% of the market. lyst at Barclays, says that lack software has gotten heavy use
Griffin, a finance professor at ‡Price drop reflects change from Feb. 27 to March 11. of concentration in any one in- as lockdowns have forced mil-
the University of Texas at Aus- Sources: Barclays (concentration); Trepp CLO (loans) dustry should protect inves- lions of Americans to work
tin who has studied the CLO tors. The biggest industry con- from home, climbed $6.78, or
market. He thinks that many tion in credit quality” ners, Neuberger Berman and packages them into triple-A centrations in U.S. CLOs are 5.5%, to $130.55.
CLOs are likely to see losses, triggered by the coronavirus Eaton Vance Corp. rated paper, supported by health care and pharmaceuti- “You can see investors
though other people in the in- pandemic. According to the Interna- smaller, riskier slices of lower- cals at 12.5% for the median starting to turn to opportuni-
dustry say it is too early to A Cirque du Soleil spokes- tional Monetary Fund, in re- rated paper and equity, which fund, followed by high-tech- ties in the midst of the sell-
tell. woman said the company was cent years, these funds have are sold to investors. Banks in nology at more than 10%. ing,” said Mike Loewengart,
Cirque du Soleil’s show can- “working day and night to bought more than half of all the U.S. and Japan, insurance These are industries that managing director of invest-
cellation made its already- manage this difficult situa- leveraged loans, a risky type firms, hedge funds and money might partly benefit from the ment strategy at E*Trade.
risky debt harder to repay. The tion” and declined to comment of debt used by private-equity managers have piled in as CLO coronavirus pandemic. Indus- Adding to the many swirl-
price of its senior term loan further. firms to make buyouts. For ex- investors. tries in the front line, like ho- ing dynamics in the markets,
tumbled to 69.5 cents on the While not as large as the ample, private-equity firm TPG Cash flow collected from all tels, gaming and leisure, retail, Friday was a “quadruple
dollar after the shows were subprime-mortgage market bought Cirque du Soleil in a the loans goes to pay the high- energy and consumer goods witching” day, meaning op-
called off, down from 92.5 that felled the U.S. economy a 2015 deal that saddled the cir- est-rated paper first. If there and transport, make up a com- tions and futures on both in-
cents as of Feb. 27, according dozen years ago, the CLO cus with nearly $900 million is a problem with the underly- bined 14.8%. dexes and stocks were set to
to Trepp CLO, which tracks the trade has become a big busi- of debt that was later bought ing loans, the riskier bonds, Another problem is that the expire simultaneously.
industry. ness. Financial engineers have by dozens of CLOs. which are lower rated, don’t industry may have underesti- Some traders said the large
On Wednesday, credit rat- manufactured more than $700 TPG declined to comment. get paid. No triple-A rated mated the likelihood that dif- chunk of options expiring may
ings firm Moody’s Corp. billion of CLO debt in the U.S. A CLO works like this: The CLO bond has ever defaulted, ferent industries can hit diffi- have put a lid on market vola-
slashed Cirque du Soleil’s rat- and Europe in recent years. fund manager collects hun- according to ratings firm S&P culties simultaneously when tility, compared with the even
ing deep into speculative terri- Well-known managers include dreds of risky loans from dif- Global Inc. an unexpected event like the wilder swings seen earlier in
tory, citing a “broad deteriora- Blackstone’s GSO Capital Part- ferent borrowers. It then re- CLOs existed before the fi- coronavirus strikes. the week.
 B12 | Saturday/Sunday, March 21 - 22, 2020
Spotify Wants to Be Part of Your Road Mix
Music-streaming services are trying to lure drivers away from local radio stations. It hasn’t been easy. New technology may help.
Your car is one of the last places
where tech companies still struggle
to reach you. That will likely change
as music-streaming services like
Spotify gradually loosen radio’s grip
on American car journeys.
Traditional radio is still a key
companion to travel, particularly
to and from work. Most Americans
commute in their cars, where AM/
FM stations dominate the dash-
board. While terrestrial television
has lost millions of viewers to
streaming services like Netflix and
Hulu, radio still reaches 92% of
Americans over 18 every week, ac-
cording to Nielsen data.
The coronavirus crisis may
change that in the short term as
more people work from home.
Longer term, the pandemic could
even encourage more Americans
to embrace home-working semi-
permanently.
Yet U.S. drivers will probably
remain a highly valuable radio au-
dience by global standards. Last
year, Americans listened to an
hour and 40 minutes of radio ev-
ery day on average. Consulting
firm Deloitte estimates that each
listener is worth $67 in radio in-
dustry revenue annually, com-
pared with $25 in the U.K. and
just $2 in China.
Spotify, Apple Music and Ama-
zon Music have been trying for
years to muscle in on radio’s
patch, with little to show for it.
Between 2014 and 2018, the num-
ber of daily radio minutes listened
to by adults aged 18 years or over
in the U.S. fell by a modest 2% a
year on average, Deloitte’s analysis
shows. That is despite the fact
that Apple CarPlay is available in
many newer Ford, Bentley and
Buick models, while Uber riders
have been able to stream music
from their Spotify account during
their car trips since 2014.
Yet Nielsen’s 2019 data shows
that the pace of decline in time
spent listening to radio picked up
EPIC GAMES
Plenty of people were discovering the joys of ‘Fornite’ this past week.
It’s ‘Game On’ for Many
Working From Home
Videogames are surging but their shares aren’t
Working from home generally
means actually working, but video-
game companies know better.
As an unprecedented number of
employees and students are con-
fined to their homes to wait out the
coronavirus pandemic, a large num-
ber of them seem to be passing the
time with games. Verizon said
Tuesday that game traffic over its
networks has surged 75% from the
previous week. That compares with
a 12% uptick in video traffic over
the same time. Steam, a network
that powers online games for PCs,
has shown concurrent usage break-
ing 20 million players at peak times
this week—a record for the service.
That is good news for game
makers, but investors haven’t bid
up the sector the way they have
some other popular “stay-home”
stocks. Shares of console game
publishers Activision Blizzard and
Electronic Arts are down 16% and
18% over the last month, respec-
tively. Granted, that is better than
the S&P 500’s 29% plunge. But even
Netflix has performed a little better
over that time, despite the fact that
the popular streaming company
and its peers have been forced to
shutter production on several pro-
grams as Hollywood also reels from
the coronavirus outbreak.
So there may be some opportu-
nity here. While the game industry
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
slightly to 3% compared with a
year earlier. It could gather further
momentum as more high-tech cars
roll off assembly lines.
While U.S. consumers replace
their smartphones every two to
three years, they are much slower
to upgrade their wheels. The aver-
age vehicle on U.S. roads was 12
years old in 2019, according to IHS
Markit data. As older models are
gradually replaced with newer
ones, music streaming in the car
will become more seamless. Some
new electric cars, including certain
Tesla models, don’t even have an
option to play AM radio stations
as the vehicles’ electronics inter-
fere with the frequency.
The rollout of 5G over the next
few years will also improve con-
nectivity. And as unlimited data
certainly isn’t immune to a reces-
sion, it has proven resilient in past
downturns. Doug Creutz of Cowen
notes that game stocks outper-
formed the market handsomely be-
tween 2007 and 2009, during the
financial crisis.
The industry will also likely
benefit in the short term by the
cancellation of major league sport-
ing events and other live enter-
tainment options. Games such as
EA’s popular “FIFA” and “Madden
NFL” series could prove extra pop-
ular when ESPN is featuring stone-
skipping competitions.
There are still some risks. Many
game studios are located in the
San Francisco Bay Area and Seat-
tle, where the majority of workers
are now working from home.
There has been no indication yet
that the shift has affected games
in the pipeline, though Jefferies
analysts noted Wednesday that “it
would be foolish to think a long-
term disruption would not affect
the product cycle.”
But for the moment, the outlook
still looks solid. Microsoft and
Sony have recently reaffirmed
plans to launch new Xbox and
PlayStation consoles this fall. Gam-
ers, meanwhile, have plenty to
keep them occupied—assuming
their bosses don’t find out.
—Dan Gallagher
ON
THE
plans become commonplace, digi-
tal streaming in cars should get a
boost. For now, cost-conscious lis-
teners opt for free radio to con-
serve their smartphone data.
In a bid to attract more drivers,
Spotify last year launched Your
Daily Drive in the U.S., a service
with a mixture of curated music
and news content. To encourage
more to switch, Spotify needs to
offer more of the local traffic,
weather and news updates that lis-
teners usually turn to radio for.
This month, the company hired ra-
dio veteran Kevin Weatherly to
help it get the right mix.
This all points to stiffer compe-
tition for major U.S. radio station
owners, including Nasdaq-listed
iHeartMedia and Cumulus Media.
True, local stations offer a
Cruise Operators Face Choppy
Waters Even if They Stay Afloat
“Float” is taking on a new
meaning at cruise lines these
days.
The three big, U.S.-listed op-
erators, Carnival Corp., Royal
Caribbean Cruises and Norwe-
gian Cruise Line Holdings, have
“voluntarily and temporarily
suspended operations” out of
U.S. ports, according to their in-
dustry body. The move is, of
course, neither voluntary nor
quite so temporary given several
high-profile incidents of corona-
virus outbreaks on vessels
world-wide.
Even without passengers or
crew, giant cruise ships cost a
bundle to finance and maintain.
The largest ones, which can en-
tertain close to 7,000 passengers
with theaters, ice rinks and doz-
ens of pools and restaurants,
cost well over $1 billion to build.
Members of the Cruise Lines In-
ternational Association were
planning to operate about 278
vessels this year, including 19
new ones.
Coronavirus may shut down
the three big operators for way
more than a month or even a
season. Their collective market
value, about $75 billion at the
beginning of the year, was barely
$13 billion on Thursday. While
well below the fully depreciated
value of their vessels and other
property net of debt, that dis-
count is only meaningful if they
* ***
ISTOCK
sense of community and present-
ing talent that music-streaming
services will find hard to replicate.
And radio stations have spent
years building up loyal audiences.
But Spotify doesn’t need to con-
vert a majority of radio listeners
to get a big lift to its U.S. business.
Over 60 million Americans had a
music-streaming account in 2019,
equivalent to a quarter of the pop-
ulation over the age of 18. Assum-
ing radio listeners are no different
from the population as a whole,
Spotify would have to sign up only
3% of those that don’t already
have an account to grow its U.S.
subscriber base by one-fifth.
The biggest winners, however,
might not be streaming platforms
but recording giants Universal Mu-
sic Group, Sony Music Entertain-
Scuttled
Share-price performance
Carnival Royal Caribbean Cruises
Norwegian Cruise Line
25%
0 be more challenging. A big appeal
–25
–50
–75
–100
Oct. Nov. Dec. Jan. Feb. March
2019 ’20
Source: FactSet
can survive and come out as viable
companies after the virus fades.
On the first measure, they
should be able to stay afloat for
about a year, according to analyst
Harry Curtis of Instinet, based on
borrowing capacity and ability to
cut costs and defer capital expen-
ditures. But then what?
Cruise companies point out chal-
lenges they have faced before from
accidents to recessions to travel
scares. Bookings plunged after 9/11,
but industry leader Carnival’s share
OVERHEARD
These are testing times on Wall
Street, but it is no longer testing
time on Wall Street.
Each year over 100,000 men and
women eager to earn the right to
put the vaunted “CFA” credential on
their business cards sit down to
take a grueling test. Just 41% of
those who took the first level of the
Chartered Financial Analyst exam
last year managed to pass despite
many spending hundreds of hours
studying the materials. The pass
rates last year were barely higher
for the second and third exams at
just 44% and 56%, respectively.
THE WALL STREET JOURNAL.
Top Note
Monthly reach by platform, 2019
Radio
244.5 million
Search sites
190.9
Social media sites
177.8
E-commerce sites
144.5
Video sites
143.0
News sites
105.4
Sports sites
57.3
Note: U.S. consumers ages 18 and older
Source: Nielsen
ment and Warner Music Group.
Spotify and Apple Music would
hand over more than half of any
new in-car streaming revenue to
the record labels in the form of
royalties for playing their songs.
Record labels have no big in-
centive to defend radio from the
onslaught. Quite the opposite.
Terrestrial stations currently pay
no royalties to artists or labels
whose tracks are played on U.S.
airwaves. This has been a source
of tension for decades, but the ra-
dio industry argues that airplay is
a form of free advertising for new
tracks and musicians. The more
radio listeners that can be
switched over to services like Spo-
tify that do pay royalties, the big-
ger the boost to record labels’
streaming revenue.
Compared with television, radio
has been remarkably sheltered from
digital competition. As it loses its
privileged position in new car mod-
els, though, the U.S. commute will
come into play. Stay tuned.
—Carol Ryan
price recovered in a little over two
months after heavy discounting
filled its berths. More people
cruised in 2009 than in 2008.
Making people forget about
scenes like the grim quarantine on
the Diamond Princess as a fifth of
its passengers were sickened may
of cruises is that passengers have
nothing to worry about on their
traveling hotel, however exotic
their ports of call. While accidents
like the Costa Concordia disaster
or incidents like Carnival’s infa-
mous “poop ship” have faded in
cruisers’ memories, the world is
now far more frightened of deadly
infectious diseases and how easily
they spread in enclosed spaces.
A record 32 million people were
expected to take a cruise this year,
up from fewer than 20 million a
decade earlier. If coronavirus is
still prevalent and not easily treat-
able a year from now, the industry
may face even deeper distress.
Talk of the Trump administration
offering aid has faded as oppo-
nents point out that cruise lines
register their vessels in places like
Liberia and Panama to avoid taxes
and regulation.
Many people will be itching for
a carefree vacation once the world,
and their finances, start getting
back to normal. Cruises can offer
decent value for money, but they
will be a much tougher sell this
time around. —Spencer Jakab
Fewer than a fifth get through
the whole thing.
But the only thing more dan-
gerous than hanging out on a
trading floor these days is cram-
ming yourself into a room for
hours with hundreds of strangers.
The CFA Institute has announced
that it is postponing the June
exam to avoid the spread of
Covid-19. The “earliest possible
date” for the exam will be in De-
cember.
The news will be disappointing
to aspiring financiers who were
hoping to make use of enforced
stays at home to hit the books.
GETTY IMAGES
So much for something to take
their minds off of melting stock
and bond prices.
 CULTURE | SCIENCE |
Clean Hands
The medical pioneer who
proved that handwashing
saves lives C3
POLITICS | HUMOR
ILLUSTRATION BY JOHN W. TOMAC; BETTMANN ARCHIVE/GETTY IMAGES
O
ver the past week, the
coronavirus has gone from
an Asian contagion with
ripple effects on interna-
tional supply chains to a
global pandemic that will
plunge the whole world
into recession. Travel has been halted across
the globe. Borders are shut. Hundreds of
millions of people are in effective lockdown
in the European Union, and the U.S. is head-
ing in that direction. The crisis has erased
trillions of dollars from global stock markets
and imperiled the future of millions of small
businesses around the world, along with the
livelihoods of vast numbers of wage earners.
In the months ahead, we are likely to see
one of the sharpest economic contractions
on record, and the downturn will undoubt-
edly serve as yet more evidence for those
who have argued in recent years that global-
ization is coming to an end, or at least being
rolled back. Nicolas Tenzer, chair of the
Cerap think tank in Paris, argues that the
rising barriers in response to the virus will
strengthen “the populist and nationalist
forces that have long called for reinforcing
borders. It is a true gift for them.” The vet-
eran U.S. market commentator Gary Shilling
recently wrote, “The coronavirus’s depress-
ing effects on the global economy and dis-
In Italy, Contagion
Has Its Own Canon
Students under a coronavirus lockdown are learning
from masterpieces inspired by Europe’s historic plagues.
BY FRANCIS X. ROCCA From the mid-14th to the early 18th
century, outbreaks of the plague varying
s Italians confront the world’s
A
in size from local epidemics to continen-
deadliest outbreak of the coro- tal pandemics occurred roughly every
navirus, under quarantine in five years in Europe, on average. Accord-
their homes with no clear idea of when ing to Franco Mormando, a professor of
they will come out, not least among their Italian studies at Boston College who has
resources is an unsurpassed heritage of studied the role of the plague in Italian
plague culture.
Inside
BASEBALL
Hitting gurus from the
margins of the major-
league game have
taught batters a radical
new way to swing,
causing an explosion
in home runs. C5
REVIEW THE WALL STREET JOURNAL. * * * *
Let the Outside In
The ‘glass house’
of Mies van der Rohe
Books C7
Saturday/Sunday, March 21 - 22, 2020 | C1
The End of
sudden halt in commerce and travel precipi-
tated by the outbreak will not snap back
Globalization?
overnight, and the next few years will see a
re-nationalization of some industries for
countries that can. But when this crisis
passes, we are likely to find fresh confirma-
tion of what we already know about globali-
Don't Count zation: that it’s easy to hate, convenient to
target and impossible to stop.
Even before the virus, there were indica-
tions of both a pause and a modest pullback
On It in globalization. Last year, global trade con-
tracted a smidgen, by less than 1%, but at
$19 trillion, it was still higher than any year
before the record-setting 2018. As for China
and the U.S., the dual effect of the Trump
The Covid-19 pandemic might be closing borders administration’s tariffs and the assertive na-
and disrupting supply chains, but it can’t tionalism of Xi Jinping put a brake on fur-
ther integration. Data from the U.S. Census
stop our long-term movement toward a more Bureau show that the total value of trade in
interconnected world. By Zachary Karabell goods between the two countries declined
from $630 billion in 2017 to $560 billion in
2019. Even so, this pullback just puts the
ruptions of supply chains is…driving the last geopolitical reasons, and that will be accel- U.S. and China back at the trade level of
nail into the coffin of the globalists.” Ian erated by the coronavirus crisis.” 2013. And that amount, it should be noted,
Bremmer, founder of the risk-consultancy In the midst of our current spiral, it is Please turn to the next page
Eurasia Group, sees a starker era ahead, in- hard to resist such dire forecasts. But we
cluding more palpable tension between the should. There is every reason to think that Mr. Karabell is the author, most
U.S. and China. “Globalization has been the our post-coronavirus future will see not an recently, of “The Leading Indicators:
biggest driver of economic growth,” he says. end to the globalizing trend of recent de- A Short History of the Numbers That
“Its trajectory is now shifting, largely for cades but a new chapter in that story. The Rule Our World” (Simon & Schuster).
‘These
were our
ancestors,
we are made
of the
same flesh
and blood.’
FRANCO MORMANDO
Professor of
Italian Studies
An engraving
depicts the 1348
plague as described
Please turn to page C4 by Boccaccio.
‘Black WEEKEND
CONFIDENTIAL
JASON GAY
Swan’ A British baroness
and former lady
A veteran hater
of meetings at
the office now
The metaphor for in waiting to finds himself
a rare catastrophe
goes back centuries,
Princess Margaret longing for that
but the birds weren’t sticks up for next Google
as rare as thought. C3 the royal family. C6 Hangout. C6
C2 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

American a larger sense of

national unity, as
of Republican victories for years
and even more so of late. In

Affirmations previous emer-

gencies have
much of the disordered political
discourse of our time, this fact

In the Face of
done. A universal is treated as some kind of politi-
recognition that cal pathology. The caricature of
this epidemic older voters we get in much of
EDITOR
AT LARGE Another Test threatens all
Americans might
the media is of Blimpish bigots.
Yet one of the more distress-
remind us that ing spectacles in the last week
GERARD
this is, after all, or so has been that of younger
BAKER
MANY OF US CAN remember demic may be one nation. To- people—potential carriers of the
both the initial paralyzing hor- much greater day’s menace tar- virus—partying on and express-
ror that 9/11 brought and the in- than what we gets almost indis- ing disdain for the idea that
The U.S. vigorating spirit of national felt then: the criminately. they may have a particular re-
unity and purpose that immedi- death toll Americans have sponsibility to prevent the
came ately followed. Unfathomable larger, the been consumed spread of infection to the el-
together grief gave way to awed admira- psychological damage more per- are already seeing, Volunteers prepare for a long time derly. Who looks more socially
after tion at the acts of compassion vasive, the downturn deeper extraordinary hero- meals for children in with privileging responsible now? Can you imag-
by emergency workers, fire- and more destructive. ics and simple acts Boston, March 18. some aspect of ine if there was some kind of vi-
9/11. fighters and police. Fear of what But it surely isn’t overly Pan- of humanity—from themselves as rus carried by the elderly that
Covid-19 might come next ceded to fierce glossian to think that the sec- health care workers and the their defining identity: black, did them no harm but threat-
pride as we learned of the hero- ond phase will follow just as it emergency services but also Hispanic, white; women, men; ened the young?
demands ism of those who’d fought back did then and that soon enough from millions of individual gay, straight, transgender. This One more thing we are likely

ANGELA ROWLINGS/MEDIANEWS GROUP/BOSTON HERALD/GETTY IMAGES

the same on Flight 93. Shame and shock
kind that a great country could be so
sucker-punched by a few fanat-
of unity ics with box-cutters dissolved
and into a grim determination to
purpose. bring the perpetrators to justice
and right this despicable wrong.
And (forgive me, but this is The
Wall Street Journal after all) an
economy-stalling hunkering-
down for weeks afterward gave
way to that all-American com-
pulsion to go out and spend.
We’re in the first phase of
this trauma now: shock, fear,
uncertainty. The horror un-
leashed by the Covid-19 pan-
the fear and alarm will turn to
resolve, pride, determination—
and yes, a desire and an ability
to go out and spend again.
I am not so sanguine as to
think that these positive
changes will necessarily endure.
Within a year or so of 9/11,
you’ll remember, Americans
were back at each others’
throats; in ensuing years the
partisanship and ideological
self-distancing only grew. But
there are still some things that
will remind us what’s best about
America.
We can surely expect, and
Americans who will once again
demonstrate their capacity for
charity and selflessness.
We might—perhaps—see a
divided nation come together as
it did in 2001. In Washington,
while the usual name-calling
continues as a kind of back-
ground noise, there seems to be
a resolve now to rally around
action to supply the necessary
materials to tackle the crisis: re-
sources for testing and treat-
ment, and an economic stimulus
package to alleviate the finan-
cial pain.
The crisis might even induce
epidemic respects no such iden-
tities.
There is one group the virus
does seem to target. Older peo-
ple are disproportionately at
risk. Estimates vary, but data
from a number of countries
suggest that the fatality rate for
those over 60 ranges from 4%
to 10%. For those under 60, it is
much less than 1%.
This specific age-related vul-
nerability might perhaps cure
us of another modern political
vice. We know that older voters
are more conservative; they
have tended to be the bulwark
to be able to welcome at some
point: a reminder of America’s
unique innovative capabilities.
Necessity is the mother of in-
vention, and emergencies accel-
erate the creative process.
Sometime soon it’s probable
that some scientist or entrepre-
neur will produce therapies and
ultimately a vaccine to alleviate
and eliminate the viral threat.
It’s a pity that it seems to
take wars, disasters and crises
to bring out the best in Amer-
ica. But it’s a curious comfort in
these unsettling times to know
that’s true.

After the Crisis, a New

Era of Interconnection
Continued from the prior page
is almost five times what it was in
2001. In short, even after two years
of trade war and diplomatic acri-
mony, the key axis of globalization
was dented, but only barely.
As the U.S. was erecting tariffs,
the Chinese government, for its part,
was ramping up spending abroad.
Since 2014, China’s Belt and Road
Initiative has invested almost $1 tril-
lion in Latin America, Africa, the
Middle East, Southeast Asia and else-
where. According to the consulting
firm Gavekal Dragonomics, the rate
of new Chinese investment slowed to
just over $100 billion last year, but
the initiative remains an incontro-
vertible example of China-driven
globalization.
Nor is the coronavirus likely to re-
verse that trend. A recent report
from the Carnegie Endowment notes
that, as China emerges more swiftly
from the crisis than other parts of
the world, its leaders are hinting that
they plan to increase investments
abroad in a world that will be hungry
for capital. In recent weeks, Beijing
has delivered medical supplies,
equipment and doctors to Italy and
other EU countries. As the crisis ex-
pands, China appears committed to
more engagement with the outside
world, not less.
The same has been true for the
private sector in the U.S. Even before
the eruption of the coronavirus,
there was considerable discussion of
the need for economic decoupling
from China. But dis-
pleasure with the bi-
lateral relationship
hasn’t meant any real
retrenchment away
from globalization for
American firms; they
have instead tried to
diversify and establish
connections to other
parts of the world.
Apple, for instance,
had bet heavily on
China as a manufac-
turing and distribu-
tion hub as well as a
burgeoning market,
which made the com-
largest U.S. trading partner, outstrip-
ping both Canada and China.
Data compiled by the Organization
for International Investment show
that foreign direct investment in the
U.S., although down in 2019 after
reaching a peak in 2015 and 2016 of
$500 billion, was still above the level
of every other prior year. On the
other side of the equation, U.S. in-
vestment abroad decreased to just
under $6 trillion at the end of 2018
(the last year for which data is avail-
able) due to repatriation of earnings
held by companies abroad. But to put
that number in perspective: It was
barely $1 trillion in 2001.
The same pattern pertains every-
where. In Europe, Brexit notwith-
standing, economic integration con-
tinues apace. In fact, Brexit spurred
a substantial increase in cross-border
investments within the remaining eu-
rozone countries. The shock of one of
its key members leaving seems to
have redoubled the efforts of the re-
maining 27 nations to draw closer,
with a 43% increase in 2019 alone,
according to data firm FDI Markets.
A study from the London School of
Economics shows that Brexit even
spurred more British investment in
Europe, with an increase of 12% be-
tween the 2016 referendum and the
end of 2018.
The post-coronavirus recovery is
certain to bring increased spending
from individual European govern-
ments and the EU itself. Europe’s re-
covery from the financial crisis of
viously, a negative byproduct of our
hyper-connected world, and it has
brought about a nearly complete halt
of global travel and tourism. When
countries were truly more like is-
lands, diseases had less opportunity
to skip from population to popula-
tion. The scale of travel today for
tourism, trade and business has
made it far harder to contain a pan-
demic. In 1950, according to the U.N.
World Tourism Organization, there
were 25 million tourist arrivals; last
year, there were 14 billion.
And tourism has become a boom-
ing business across the world. Be-
tween 2006 and 2019, it grew from
$5 trillion in direct and indirect value
to more than $9 trillion. The continu-
ing collapse of demand for travel will
be acutely felt and ripple around the
world, from Cambodian resorts to
Mexican beaches and
New York musicals.
Yet tourism and
travel, along with the
related phenomenon
of millions of stu-
dents from dozens of
countries studying
abroad, are among
the more potent sym-
bols of how deeply
interconnected the
world has become.
The alarming spread
of the coronavirus in
recent weeks has in-
deed provoked a
drawbridge reaction
previous crises, that Japanese tourists to a rapid, vertiginous
seems unlikely. Once the in Rome’s halt. But a sharp con-
worst has passed, we Colosseum, traction caused by a
may find waves of pent- August 2015. pandemic is not the
up demand for millions same as a permanent
of people to venture once more into reversal of the deep and compli-
the world, this time with coordinated cated global integration of supply
health screening across countries chains, markets and daily life built
akin to what emerged in the post-9/11 up over the past two decades. Those
world to prevent the flow of people, relationships are durable and bene-
money and goods that might support ficial and will be difficult to sever.
terrorist organizations. Some are ready to try, but most of
And then there is the flow of capi- the world isn’t eager to renational-
tal. Markets in the past few weeks ize industry, make trillions of dol-
have crashed globally, in sync and al- lars of global investment worthless
most simultaneously. In the U.S., as and suppress the appetite for easy
much as $10 trillion has been erased travel and free movement of people,
from markets. Every major market in goods and capital. The coronavirus
the world saw equities lose 20% to is unlikely to be the moment when
30%, and bonds have swung wildly we see the collapse of a broad his-
and destructively. torical trend that has endured
But it isn’t just goods and people through the Great Depression,
that have circled the world in ever World War II, the Cold War and in-
more energetic motion over the past numerable other crises, from 9/11 to
two decades; money has too. In the the financial upheaval of 2007-08.
past 15 years, according to the Fed- The months ahead will feel like
eral Reserve, U.S. holdings of foreign the presumptive end of an era of
securities rose from $6 trillion to globalization. And it may be the end
more than $12 trillion, and similar of globalization’s first phase, with
explosive growth occurred for coun- its heady optimism and correspond-
tries around the world. ing ideological and eco-
That has gone hand in nomic backlash. But
hand with loosening The only there will be a next
rules on capital flows. reliable phase, one less rosy-
China alone, among ma- eyed and less sour as
jor economic players, inoculation well.
has meaningful capital against As citizens emerge
restrictions, and only future from various forms of
its domestic markets sheltering in place, they
move out of sync with pandemics will confront the days
will be
FROM TOP: STEFANO MONTESI/CORBIS/GETTY IMAGES; KRISZTIAN BOCSI/BLOOMBERG NEWS

pany vulnerable when A Chinese 2007-08 was hampered by
tensions and tariffs container ship north-south divisions. With
flared. As The Journal in Hamburg, the coronavirus now hitting
recently reported, Ap- Germany, the whole continent with
ple is now looking to March 3. growing force, those divi-
move some of its sions will subside. The Euro-
China-based opera- pean Central Bank has al-
tions elsewhere, in reaction to both ready announced a €750 billion ($810
the trade war and the supply chain billion) bond-buying program; in the
havoc caused by the coronavirus. But worst phase of the last financial cri-
the company’s likeliest move will be sis, it took months of acrimonious
to other locations in East Asia, not to debate for the ECB to do much at all.
American shores. Post-virus investment is likely to
The recently rejiggered North pick up as well throughout Latin
American free-trade agreement is an- America, Africa and especially East
other instance of continued U.S. com- Asia, where the Trans-Pacific Part-
mitment to globalization, even on nership (absent the U.S.) has stream-
the part of the skeptical Trump ad- lined economic relations. Such con-
ministration. The agreement is de- nections will expand in the wake of
signed to facilitate more trade, and the present crisis, for reasons not of
the scale of continental trade is in- altruism but of self-interest.
deed increasing. Mexico is now the The coronavirus pandemic is, ob-
in many countries, but the response
also suggests that the only reliable
inoculation against future pandemics
will be transnational cooperation.
By all accounts, such coordination
is already in play in the medical and
scientific community, as they race to
understand the virus and create
cures and treatments. More interna-
tional partnerships will be necessary
as we assess the economic wreckage
that the pandemic will leave. Enlight-
ened self-interest in working to-
gether to prevent such a crisis from
happening again could well trump
the knee-jerk reaction to retreat to
national fortresses that are anything
but secure.
Though months without familiar
modes of travel may forever change
patterns of behavior, judging from
how people have snapped back after
the financial markets of
the rest of the world. global
The absence of any
real capital controls cooperation. World War II emerging
and the vastly in-
creased appetite to in-
vest everywhere is why financial
markets began crashing once the
coronavirus leapt from China. It
took weeks for the disease itself to
move from South Korea to Europe
to the U.S., but it only took days for
the financial contagion to spread.
That is the pain of the moment for
investors, but it is also provides a
glimmer of the possible pace and
scale of the global recovery when it
arrives. Money can evaporate in a
heartbeat and flow in an instant.
It is easy to imagine the demise
of our massively interdependent
world at a moment when it comes
of spring with the relief
and bewilderment of
our predecessors in
from a bomb shelter the
morning after. They will
find a changed world of travel limita-
tions and viral testing but also a
massive global system that remains
structurally intact, if on the defensive
philosophically. But the sheer scale of
what has been created over the past
several decades, to say nothing of the
enormous benefits that have flowed
from it for billions of people, will
preclude a lasting reversal. We will
discover that we are indeed all in
this together.
Is it possible that we are truly
at the end? Yes, but not likely.
Globalization is dead. Long live
globalization.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | C3

REVIEW

The Unsung Pioneer In 19th-century Vienna, Ignaz

Semmelweis fought to convince
his fellow doctors that washing
Of Handwashing their hands could save
patients’ lives.

BY LINDSEY FITZHARRIS

I
t’s difficult to feel any sense
of optimism during the
Covid-19 pandemic, but one
source of encouragement is
that simple soap and water
can be a powerful defense. The cor-
onavirus that causes the disease is
enveloped in fatty layers that are
easily dissolved by detergents, ex-
posing the core of the virus and
causing it to perish. That’s why pub-
lic health authorities keep stressing
the importance of washing our
hands.
Handwashing to kill germs might
seem like basic hygiene today, but it
is a relatively recent discovery in
the history of medicine. In the early
19th century, even hospitals had no
inkling of the importance of cleanli-
ness. They were breeding grounds
for infection, often referred to as
“houses of death.” Hospitals pro-
vided only the most primitive facili-
ties for the sick and dying, many of
whom were housed on wards with
little ventilation or access to clean
water. In 1825, visitors to St.
George’s Hospital in London discov-
ered mushrooms and maggots thriv-
ing in the damp, dirty sheets of a
patient recovering from a com-
pound fracture. Mortality rates for
hospital patients were three to five
times higher than for people treated
in domestic settings.
The first doctor to understand
the importance of hygiene in stop-
ping the spread of infectious dis-
ease was Ignaz Semmelweis, a Hun-
garian physician, who in the 1840s
was working in the maternity de-
partment of Vienna’s General Hospi-
tal. At the time, the idea that the
squalid conditions in hospitals
played a role in spreading infection
didn’t cross many doctors’ minds.
Among those most at risk were
pregnant women. When they suf-
fered vaginal tears during delivery,
the wounds provided openings for
the bacteria that doctors and sur-
geons carried on them wherever
they went.
Semmelweis, then in his late 20s,
noticed an interesting discrepancy
between the hospital’s two obstet-
ric wards. One was attended by
male medical students, while the
other was under the care of female
midwives. Although each ward pro-
vided identical facilities for its pa-
tients, the one overseen by the
medical students had a mortality
rate that was three times higher.
Those at the hospital who noticed
the imbalance attributed it to the
idea that male students handled pa-
tients more roughly than female
mortem examination. Semmelweis
noticed that the man’s symptoms
were remarkably similar to those of
women suffering from puerperal fe-
ver. What if doctors working in the
dissection room were carrying “ca-
daverous particles” with them onto
the wards when they assisted in the
the ones performing autopsies.
Believing that puerperal fever
was caused by “infective material”
from dead bodies, Semmelweis set
up a basin filled with chlorinated
lime solution in the hospital and re-
quired all doctors to wash their
hands in it before attending to pa-
their hands “murderers.”
In time his behavior became er-
ratic, an embarrassment to the hos-
pital. Later historians have sug-
gested he may have been suffering
from the effects of Alzheimer’s dis-
ease or syphilis. On July 30, 1865,
one of Semmelweis’s colleagues
lured him to a Viennese insane asy-
lum, under the pretense that he
would be visiting a new medical in-
stitute. When Semmelweis surmised
what was happening and tried to
leave, he was severely beaten by sev-
eral guards, secured
 A 19th- in a straitjacket and
century confined to a dark-
woodcut ened cell. Two
shows weeks later, he died
Semmelweis of a wound on his
aiding a new right hand that had
mother. become gangre-
nous.
Semmelweis’s theories about hy-
giene and infection never won ac-
ceptance beyond the walls of his
own hospital. It wasn’t until the
1880s that pioneers of germ theory
such as Louis Pasteur, Joseph Lister
and Robert Koch proved to the
world that disease really could be
transmitted by microscopic parti-
cles, leading to a revolution in sani-
tary practices. Only then was the
crucial importance of handwashing
widely accepted and Semmelweis’s
contribution acknowledged.
Today, the term “Semmelweis re-
flex” is used to refer to the knee-
jerk tendency to reject new evi-
dence because it contradicts
established norms.
As a new pandemic tests the
world’s medical systems and its
ability to mount a coordinated re-
sponse, our minds need to remain
open to creative solutions that
period. However, he was not able to don’t necessarily fit accepted
convince his colleagues that puer- methodologies. Even in 2020, it re-
peral fever was caused by contami- mains a challenge to convince peo-
nation through contact with dead ple that washing their hands is one
bodies. Even doctors willing to carry of the most effective ways to com-
out trials of his methods often did bat Covid-19. If any positive change
so inadequately, producing discour- comes from the pandemic, it may
aging results. And Semmelweis him- be that handwashing will at last
FROM LEFT: GETTY IMAGES; ALAMY

midwives did, thus making the new
mothers more susceptible to devel-
oping puerperal fever, a dangerous
postpartum infection.
Semmelweis wasn’t convinced. In
1847, he had a breakthrough when
one of his colleagues became ill af-
ter cutting his hand during a post-
delivery of babies?
At the time, doctors didn’t wear
protective gear such as gloves when
dissecting the dead, or take care to
wash their hands afterward. Per-
haps the big difference between the
students’ ward and the midwives’
ward was that the students were
tients. In April 1847, the mortality
rate for new mothers on the stu-
dents’ ward was 18.3%. After hand-
washing was instituted in May, it fell
to just over 2%
Semmelweis’s results were com-
pelling, and no doubt he saved the
lives of many mothers during that
self could never completely elimi-
nate cases of puerperal fever, even
when his protocols were strictly en-
forced. After a number of negative
reviews of a book he published on
the subject, in 1861, Semmelweis
lashed out at his critics, going so far
as to call doctors who didn’t wash
become as universal as Semmel-
weis hoped.
Dr. Fitzharris is a historian of
medicine and the author of “The
Butchering Art: Joseph Lister’s
Quest to Transform the Grisly
World of Victorian Medicine.”

A Rare virtuous soul in his day: “Cap-

taine Cornelius is a blacke Swan
for “black swan events” in terms
of their statistical improbability

Disaster, in this generation.” And “The La-

dies’ Dictionary,” published in
1694, wryly mentions “husbands
and unexpected impacts. But
some have argued that the
Covid-19 health crisis should not
Not as Rare without faults (if such black
Swans there be).”
be considered a black swan be-
cause it was not so improbable.
WORD ON
THE STREET As Once Soon thereafter, in 1697, the
Dutch navigator Willem de
Nate Silver of FiveThirtyEight
told Fox News that it would be
BEN
ZIMMER Believed Vlamingh made a startling dis-
covery while exploring south-
western Australia. There were
better described as a “fat tail
kind of black swan,” with “fat
tail” referring to a statistical sce-
tinues spiraling out of control. right set of virtues, describing large numbers of black swans nario in which extreme out-
A “black swan,” for market such a woman as “rara avis in living there, though Europeans comes are more likely to occur.
GRAPPLING WITH the coronavi- prognosticators, is a rare, unpre- terris nigroque simillima cygno,” might have disbelieved early ac- Policy analyst Michele
rus pandemic and its disastrous dictable event with serious and or “a bird as rare upon the earth counts of creatures long held to Wucker has a different name for
impact on financial markets, unavoidable effects. The theory as a black swan.” be as fanciful as unicorns. the pandemic and the attendant
commentators have reached for of “black swan events” was de- From this famous line, “rara The philosopher John Stuart economic chaos. She calls it a
a familiar metaphor: the “black veloped by Nassim Nicholas Ta- avis” came to mean a person or Mill seized on the image of the “gray rhino,” her term for events
swan.” leb in his 2001 book, “Fooled by thing rarely encountered, and black swan in “A System of that are “obvious, visible, com-
“Coronavirus is the black Randomness: The Hidden Role of “black swan” became a common Logic” in 1843 to demonstrate ing right at you, with large po-
swan of 2020,” read a memo Chance in Life and in the Mar- figure of speech for something the perils of inductive reasoning: tential impact and highly proba-
kets,” and then with vanishingly little chance of Since Europeans had never seen ble consequences.” Writing this

[Black Swan]
that the Silicon Valley venture-
capital firm Sequoia Capital is-
sued on March 5. Since then, the
Covid-19 outbreak has borne out
fleshed out in his being discovered. In Juvenal’s a black swan before the explora- week in the Washington Post,
2007 follow-up, “The era, swans were only known to tion of Australia, the statement Ms. Wucker observed that “the
Black Swan: The Im- have white feathers. “All swans are white” appeared black swan, only visible in hind-
pact of the Highly Im- In early modern English, the to be true. Following Mill’s lead, sight, is a convenient narrative”
probable.” “black swan” was a frequent Karl Popper and Bertrand Rus- for political and financial au-
Mr. Taleb drew on point of comparison for remark- sell invoked the black swan in thorities who want to wash their
an expression with classical able, hard-to-find figures. In a their philosophical works as an hands of “unforeseeable” calami-
roots, going all the way back to 1570 sermon, the English clergy- example of the risks of declaring ties when there were plenty of
the Roman poet Juvenal and his man Thomas Drant recalled Cor- something impossible based only warning signs. “Paying attention
“Satires,” penned in Latin in the nelius, the Roman centurion said on one’s limited experience. to the gray rhino,” she argues,
JAMES YANG

the warning, with businesses early 2nd century. Juvenal de- to have been the first Gentile to Mr. Taleb sought to move be- “would be a far better use of our
facing dire economic prospects spairingly observed how difficult convert to Christianity. Drant yond this logical fallacy by pro- time than retroactively spotting
as the global health crisis con- it is to find a wife with just the was hard-pressed to find such a viding a more precise framework black swans.”
C4 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

The World the chief culprit

behind global

According warming. Free-

man loved the
idea of growing

WILCZEK’S To Freeman more trees and

UNIVERSE
FRANK
FREEMAN DYSON, who died
WILCZEK
Feb. 28 at the age of 96, was
one of the smartest people I’ve
ever known, and one of the
sweetest. For several years I
The occupied the office directly un-
der his at the Institute for Ad-
physicist vanced Study in Princeton, N.J.
Freeman The sound insulation was good
Dyson but not perfect: Ordinary con-
versations were inaudible, but
believed when Freeman talked on the
that telephone he spoke louder, and
science I could hear him then, though I
rarely made out specific words.
would (Actually, I tried not to.) What
find did penetrate, reliably, was his
laughter. It was a frequent,
a way to welcome source of joy.
save the Freeman made many funda-
planet. mental contributions in phys-
ics and mathematics, but in
the last years of his life he ex-
pressed some doubts about
the significance of carbon di-
oxide emissions and climate
change, which put him at odds
know him for. Here I will try
to frame the scientific issues
at stake, in a way I think he
might approve.
An average human adult
consumes about 2,000 calories
a day in food. That is roughly
enough energy to run a 100-
watt lightbulb continuously.
Today, human beings use about
25 times that much energy per
capita, including as fuel and
electricity. In the U.S., the av-
erage is more like 95 times.
This is a rough but objective
indicator of how far our econ-
omy has advanced over bare
human subsistence.
Using the energy needed for
Above left, Freeman Dyson in
2016; above right, an artist’s
rendering of a Dyson sphere.
world population. Of course,
the Sun’s output gets radiated
into space in all directions. To
capture a big fraction of it,
we’d need to put gigantic col-
lection devices in space sur-
rounding much of the Sun.
Freeman thought about engi-
neering projects of that sort,
known as Dyson spheres. Hy-
pothetically, they could sup-
port a much bigger economy
energy that reaches Earth,
then we find “only” about
10,000 times our current en-
ergy consumption. Still, that
should do for quite a while.
This is the basic reason why
sustainable solar energy is ex-
tremely promising as a long-
term solution to human energy
needs. We can put some ab-
sorbing panels on Earth and
others in space, and gradually
work toward a full Dyson
sphere if the need arises.
Thus, Freeman believed,
with the growth of technology
lusher vegeta-
tion—for food,
shelter and spiri-
tual nourish-
ment—so he had
a soft spot for
carbon dioxide,
whose abundance
promotes photo-
synthesis. Free-
man’s congenital
optimism and vi-
sionary tenden-
cies emboldened
his brilliance. But they led him,
I think, to underestimate the
importance and danger of
abrupt changes in Earth’s cli-
mate due to fossil fuel burning
in the meantime.
If you would like to get a
sense of what it was like to
know Freeman, and to hear
some wonderful stories and
ideas, I strongly recommend
that you sample his interviews
at the Web of Stories website.
When you talked to Freeman,
he listened, and he often re-
sponded with a twinkle in his

GETTY IMAGES (2)

with most of the scientific subsistence as our unit, the and a much larger population our energy problems will solve eye, especially when he had a
community, including myself. Sun’s energy output corre- than we have today. themselves. He also had a het- chance to surprise or contra-
Unfortunately, this is now the sponds to some 500 trillion If, more modestly, we re- erodox view of carbon dioxide, dict you. It’s an unusual style.
main thing that many people units per capita for the current strict ourselves to the solar which most scientists see as I’ll miss him.

Studying a Curriculum Tiepolo’s “Saint Thecla

Praying for the Plague-
Of Plague Culture Stricken.”

Continued from Page One
art and literature, the disease be-
came an almost inevitable topic for
painters, with devotees commission-
ing works for churches even long af-
ter the event. One spectacular exam-
ple is Giovanni Battista Tiepolo’s
“Saint Thecla Praying for the Plague-
Stricken” (1758-59), a vision of celes-
tial transcendence over misery and
pestilence made for a cathedral in
northeastern Italy and now in New
York’s Metropolitan Museum of Art.
The bubonic plague is a key ele-
ment in two of the greatest works of
Italian literature, Giovanni Boccac-
cio’s 14th-century prose work “The
Decameron,” and Alessandro Man-
zoni’s 19th-century novel “The Be-
trothed.” Most Italians are familiar
with both works, which are standard
parts of their high school curriculum.
As part of the anti-contagion lock-
down, Italian schools have been
closed since early March all over the
country and since late February in
the northern regions worst hit by the
pandemic. A leading textbook pub-
lisher, Zanichelli, has published a
mini home-study curriculum which
deals with the scientific, literary,
mathematical and economic aspects
of epidemics, and many teachers
have given their housebound stu-
dents assignments related to the ex-
traordinary circumstances.
Domenico Squillace, principal of
Alessandro Volta Scientific High
School in Milan, wrote to his students
last month to urge them to spend
their time at home wisely, particu-
larly by reading “The Betrothed.”
Manzoni’s novel, considered the stan-
dard-setting classic of the modern
Italian language, is set in the early
17th century and tells the story of
two young people, Renzo and Lucia,
and their struggle to wed despite a
host of obstacles. Their quest is an al-
legory of the long journey to the uni-
fication of Italy as a modern nation-
state, achieved only in 1861, a dozen
years before the author’s death.
One of the calamities that the cou-
ple encounters in their odyssey is the
bubonic plague that struck Milan in
1630. Mr. Squillace recommended that
section of the book to his
students as a cautionary
tale of what he termed the
“poisoning of social life, of
human relationships, the
barbarization of civil life ...
the atavistic instinct when
threatened by an invisible
enemy ... to see him every-
where.”
Manzoni’s account of
the plague is an excursus
from the main plot and
reads like history rather
than fiction, with foot-
notes and commentary on
the comparative reliabil-
Epidemic
is a key
element in
two great
works of
Italian
literature.
ity of different sources.
Yet it is a dramatic story
in itself, replete with
irony and horror. The
dominant theme of the
account is the stubborn
resistance of both the au-
thorities and the general
public to the mounting
evidence of an epidemic.
The first deaths are at-
tributed to everyday ill-
nesses that almost no one
finds alarming. Then peo-
ple adopt euphemisms
such as “malign fever” for
the spreading plague. Phy-
sicians and others who in-
sist on the reality of the
threat are denounced as
panic-mongers. Large pub-
lic gatherings go on in spite of the risk
of contagion. When the truth finally
becomes undeniable, most blame the
epidemic on poisoners motivated by
the hope of gain or sheer malice. Mobs
attack some suspects, especially for-
eigners, and courts condemn others to
death. Those skeptical of the conspir-
acy theories are too in-
timidated to speak out.
“The angry seek to
punish,” Manzoni writes.
“They would rather at-
tribute adversity to hu-
man wickedness, against
which they might seek
revenge, than attribute it
to some cause to which
ignated for the purpose—which
stood on a site now occupied in part
by Alessandro Volta Scientific High
School.
“Manzoni teaches us the impor-
tance of holding together human re-
lations and the social fabric,” says
Lucio Marazza, 18, a senior at the
school, who adds that the reading
assignment has informed his conver-
sations with classmates about the
current crisis: “Manzoni teaches us
to observe and to use our reason.”
Fortunately, he says, Italian society
breakdown of morality
and society. Parents aban-
don children, spouses
abandon each other, and
bodies are left in the
streets without a decent
burial.
“But I don’t want this
to scare you from reading
on, as if you will be read-
ing through continuous
sighs and tears,” Boccac-
cio writes in his introduc-
tion. “After this brief un-
pleasantness—I say brief
because it’s summed up in
just a few words—quickly
follow the sweetness and
pleasure that I promised
you before.”
The plague prompts 10
well-born young Floren-
tines to seek refuge in the
country, where they spend
10 of the next 14 days tell-
ing each other stories—10
tales each day for a total
of a hundred. The pre-
cisely organized cycle of
storytelling represents a
reconstruction of civiliza-
tion amid chaos and a re-
assertion of life against a
landscape of death.
“The Decameron” is
best known for its bawdy
episodes—the critic Joan
Acocella has called it
“probably the dirtiest
great book in the Western
canon”—but the novellas
encompass a range of tone
and genre, including trag-
edy and ironic social com-
mentary.
“I think of ‘The Decam-
eron’ like Scheherazade’s
‘One Thousand and One
Nights.’ It’s a representa-
tion of the whole of life,
because to live is to tell
stories and to tell stories is
to be alive,” said Andrea Di
Mario, the principal of Gio-
suè Carducci Classical High School,
also in Milan, which has responded to
the coronavirus epidemic with a pad-
let, or virtual bulletin board, inspired
by Boccaccio’s book. Contributions
from students, teachers and even par-
ents have ranged from serious to
whimsical, including articles from
Scientific American and a trailer for
the 2011 film “Contagion.”
Mr. Mormando of Boston College
says that both “The Decameron” and
“The Betrothed” are “tales of re-
demption. The plague ends, civiliza-
FROM TOP: CORBIS/VCG/GETTY IMAGES; GIULIO MARAZZA

they can only resign
themselves.”
The book also offers
portraits of heroism, no-
tably of the Capuchin fri-
ars who gave their lives
caring for plague victims
in the city’s hospital des-
High-school senior
Lucio Marazza studies
at home in Milan
on Thursday.
has shown much more solidarity and
respect for science in its response to
the threat of coronavirus than it did
to the bubonic plague, a sign of
progress that he thinks is cause for
hope, though not complacency.
Another masterpiece offering
hope to Italian readers is “The
Decameron,” set during the Black
Death of 1348 in and near the city of
Florence. Boccaccio’s account of the
bubonic plague is at least as bleak as
Manzoni’s, with an emphasis on the
tion survives and moves forward.”
That message of survival, and the ca-
thartic experience of imaginative
recreations of earlier epidemics, can
offer readers of all nations consola-
tion during the current ordeal. But
Mr. Mormando says these books
have special resonance for Italians,
who are able to say “these were are
our ancestors, we are made of the
same flesh and blood. We’ve been
through this before, and we’ve got-
ten through it.”
 THE WALL STREET JOURNAL.
BY JARED DIAMOND
N
o feat in Ameri-
can sports cap-
tures the imagi-
nation quite like
the home run.
The act of sending a baseball
soaring into the sky, over the
fence and into the bleachers,
represents the pinnacle of
strength and power.
The homer earned that
status in part because of its
rarity. From 1900 through
2015, Major League Baseball
averaged 1.4 home runs per
game, meaning that a fan
showed up to the ballpark not ex-
pecting to see both teams hit one.
But in the past four seasons, that
number has jumped to 2.5 hom-
ers per game, an offensive explo-
sion that has fundamentally
changed the baseball experience.
The 2019 season set a record as
players combined to bash 6,776
home runs—671 more than in
2017, the previous high. That
mark will almost certainly stand
for at least a year, with the status
of the 2020 season now uncertain
because of the coronavirus pan-
demic.
Today’s baseball is all about
power and how to cultivate it. The
home run revolution proves that
the ability to launch balls into the
stratosphere doesn’t entirely stem
from winning the genetic lottery.
It’s a skill that can be taught—
with the right technique.
Perhaps the most fundamental
part of the game is how to swing
the bat. For generations, hitters
from Little League to the majors
were taught to drive the barrel of
the bat in a straight line to the
Legendary
slugger
Ted Williams
in 1941.
FROM TOP: LYNNE SLADKY/ASSOCIATED PRESS; ASSOCIATED PRESS
* * * *
The
HOME RUN
REVOLUTION
Thanks to new hitting strategies, baseball players
are bashing out more homers than ever before—and
changing how fans experience the game.
ball, before leveling off at the
point of contact. Cues like “be
short to the ball” or “chop wood”
or “stay on top of the ball” devel-
oped into coaching buzz phrases.
But not everybody agreed with
that line of thinking. In 1970, the
legendary hitter Ted Williams
and author John Underwood pub-
lished “The Science of Hitting,” a
short guide outlining Williams’s
ideas about the best way to swing
a bat. “You have always heard,”
they wrote, “that the ideal swing
is level or ‘down.’” Williams, how-
ever, advocated what he de-
scribed as a “slight upswing” of
about 10 degrees. Instead of
chopping down to meet the pitch,
hitters should bring the barrel of
the bat behind the ball as quickly
as possible and swing up through
it. This put the bat “flush in line
with the path of the ball for a
longer period.”
Despite Williams’s success as a
hitter, baseball traditionalists dis-
missed his ideas as too compli-
cated and strange for mere mor-
tals, who lacked the superhuman
REVIEW
natural gifts of the Splendid
Splinter. It took a group of base-
ball outsiders to bring Williams’s
theory into the mainstream.
In the 2010s, MLB players be-
gan to turn to freelance swing
gurus like Craig Wallenbrock, a
self-described “pot-smoking hip-
pie” who spent part of the 1960s
as a full-time surfer; Doug Latta,
a former swim-
ming pool repair-
man who became a
Today’s
swing whisperer to
the stars; and baseball is all
Richard Schenck—
“Rich from the about power
Basement,” as he and how
calls himself—the
owner of a bil-
to cultivate it.
liards bar near St.
Louis. None of
them had played professional
baseball or even high-level col-
lege ball. But with the benefit of
technology, creative ingenuity
and an entrepreneurial spirit,
these baseball nobodies started a
trend with one central tenet: Hit
the ball in the air.
The movement began
quietly, with a few early
adopters quietly changing
their swings. During
spring training in 2014,
the Houston Astros cut
J.D. Martinez, a marginal
outfielder who had se-
cretly spent the winter un-
der the tutelage of Mr.
Wallenbrock. Mr. Martinez
signed with the Detroit Ti-
gers and emerged as a
long-ball monster. Now
with the Boston Red Sox,
he ranks among baseball’s
premier sluggers.
Third baseman Justin
Turner had an almost
identical story. The New
York Mets let him go after
the 2013 season, not
knowing that he was hard
at work with Mr. Latta to
learn to hit the ball in the
air. The Los Angeles
Dodgers picked him up,
and now he is a star. Once
on the verge of being out
of baseball, Mr. Martinez
has since signed a $110
million contract, while
2020 is the final season
of Mr. Turner’s four-year,
$64 million pact.
Word of these transfor-
mations spread through
the baseball world. In
2016, the Dodgers hired
Mr. Wallenbrock and his
protégé, Robert Van
Scoyoc, as consultants. In
the winter following the
2018 season, the dam
Saturday/Sunday, March 21 - 22, 2020 | C5
The Dodgers’ Justin
Turner hits a first-
inning home run,
Aug. 14, 2019.
burst. By the end of April
2019, 17 teams had a differ-
ent hitting coach from the
season before. Thirteen of
those coaches had never
played in the majors, and
four hadn’t even played in
the minors—including Mr.
Van Scoyoc, who is now the
Dodgers’ hitting coach.
The benefits of hitting the
ball in the air are irrefutable.
Since 2015, MLB batters
have posted a .247 batting aver-
age and a .269 slugging percent-
age on balls hit on the ground.
On balls hit in the air, those num-
bers jump to .406 and .787, re-
spectively.
The question that baseball
now faces is what this means for
the future of the game. There’s
no doubt that MLB is smarter
than ever before,
and the willing-
ness to hire out-
siders has only
sped the rate of
change. What’s
less clear is
whether the game
is actually better.
Baseball is, after
all, a form of en-
tertainment. It
can be dissected and studied in
every conceivable way, but if fans
don’t like what they’re seeing on
the field, it hardly matters.
As the number of home runs
has increased, strategic elements
that once defined the sport, like
stolen bases and sacrifice bunts,
are disappearing. Singles have
fallen to record lows, while
strikeouts have soared. In 2019, a
whopping 35% of plate appear-
ances ended in either a home run,
a strikeout or a walk, the highest
rate ever.
With so few balls actually hit
into the field of play, it sometimes
feels like nothing happens during
a baseball game, except for the
sudden burst of action when a
player blasts a ball out of the park.
Meanwhile, the average length of
an MLB game has ballooned to 3
hours, 10 minutes, a record, and
average attendance dropped for
the fourth straight season.
This is the new reality that
baseball has to reckon with, and it
is shaping the game at every level.
One of the most vocal proponents
of hitting the ball in the air is
Minnesota Twins third baseman
Josh Donaldson. In the summer of
2016, while he was playing for the
Toronto Blue Jays, he was inter-
viewed on MLB Network and
asked what advice he would give
to children who wanted to become
hitters. “If you’re 10 years old and
your coach says, ‘Get on top of the
ball,’” Mr. Donaldson said, em-
phatically pointing to the camera,
“tell him no.”
Mr. Diamond is The Journal’s
national baseball writer. This
essay is adapted from his new
book “Swing Kings: The Inside
Story of Baseball’s Home Run
Revolution,” which will be pub-
lished by William Morrow on
March 31.
HISTORICALLY SPEAKING
AMANDA FOREMAN
The Long Fight
Against
Unjust Taxes
WITH THE WORLD IN
the grip of a major
health crisis, historical
milestones are passing
by with little notice.
But the Boston Massacre, whose
250th anniversary was this month,
deserves to be remembered as a
cautionary tale.
The bloody encounter on March
5, 1770, began with the harassment
of a British soldier by a crowd of
Bostonians. Panicked soldiers re-
sponded by firing on the crowd,
leaving five dead and six wounded.
The colonists were irate about new
taxes imposed by the British Parlia-
ment to pay for the expenses of the
Seven Years War, which in North
America pitted the British and
Americans against the French and
their Indian allies. Whether or not
the tax increase was justified, the
failure of British leaders to include
the American colonies in the delib-
erative process was catastrophic.
The slogan “No taxation without
representation” became a rallying
cry for the fledgling nation.
The attitude of tax-collecting au-
thorities had hardly changed since
ancient times, when empires
treated their subject populations
with greed, brutality and arro-
gance. In 1st-century Judea, anger
over the taxes imposed by Rome
combined with religious grievances
to provoke a full-scale Jewish re-
volt in 66-73 A.D. It was an unequal
battle, as most tax rebellions are,
and the resistors were made to pay
dearly: Jerusalem was sacked and
the Second Temple destroyed, and
all Jews in the Roman Empire were
forced to pay a punitive tax.
Even when tax revolts met with
initial success, there was no guar-
THOMAS FUCHS
antee that the authorities would
carry out their promises. In 1381, a
humble English roof tiler named
Wat Tyler led an uprising, dubbed
the Peasants’ Revolt, against a new
poll tax. King Richard II met with
Tyler and agreed to his demands,
but only as a delaying tactic. The
ringleaders were then rounded up
and executed, and Richard revoked
his concessions, claiming they had
been made under duress.
Nevertheless, as the historian
David F. Burg notes in his book “A
World History of Tax Rebellions,”
tax revolts have been more fre-
quent than we realize, mainly be-
cause governments tend not to ad-
vertise them. In Germany, 210
separate protests and uprisings
were recorded from 1300 to 1550,
and at least 1,000 in Japan from
1600 to 1868.
The 19th century saw the rise of
a new kind of tax rebel, the consci-
entious objector. In 1846, the writer
and abolitionist Henry David Tho-
reau spent a night in the Concord,
Mass., jail after he refused to pay a
poll tax as a protest against slav-
ery. He was released the next
morning when his aunt paid it for
him, against his will. But Thoreau
would go on to withhold his taxes
in protest against the Mexican-
American War, arguing in his 1849
essay “Civil Disobedience” that it
was better to go to jail than to “en-
able the State to commit violence
and shed innocent blood.”
Irwin Schiff, a colorful antitax
advocate and failed libertarian
presidential candidate, wouldn’t get
off so easily. Arguing that the in-
come tax violated the U.S. Constitu-
tion, he refused to pay it, despite
being convicted of tax evasion
three times. In 2015, he died at age
87 in a federal prison—an ironic
confirmation of Benjamin Franklin’s
adage that “nothing can be said to
be certain, except death and taxes.”
Fortunately for Americans at this
time of national duress, tax day
this year has been mercifully post-
poned.
 C6 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

REVIEW
oin addiction, and another died after
contracting HIV/AIDS. Her third son
went into a monthslong coma after a
motorcycle crash at 19 and still suf-
fers from tunnel vision and balance
problems.
Ms. Glenconner found solace in
her role as lady in waiting to Prin-
cess Margaret, accompanying the
princess to events, giving hosts and
organizers advance notice of her de-
sires, and being a travel companion
and confidante. She says the some-
times controversial princess stood by
her through her most difficult times,
and she decided to write the book, in
part, “to set the record straight…. So
many people had written about her
in a not so very nice way who didn’t
know her at all.” Critical books such
as Craig Brown’s “Ninety-Nine
Glimpses of Princess Margaret”
(2018) had painted her as difficult
and moody. “I never found her like
that,” Ms. Glenconner says. Princess
Margaret was one of the few people

‘It’s not all riding

about in a coach
wearing a tiara.’

who would spend time with her son

after he was diagnosed with HIV.
The princess was also perhaps the
only person who could calm Ms.
Glenconner’s volatile husband, but it
never occurred to her to leave him.
“You just got on with it,” she says.
She finds many women in the #Me-
Too era overly sensitive. “We were
used to people pinching our bot-
toms,” she says. “You just moved
JUDE EDGINTON FOR THE WALL STREET JOURNAL

away or pushed them.” She does

sympathize with rape victims and
women whose jobs depend on abu-
sive or predatory men: “That’s awful,
but with other sorts of things I think
women could really be stronger,”
says Ms. Glenconner.
She was pleased this year when
the Telegraph, a British newspaper,
gave her an award for having a stiff
upper lip. “We were brought up not
to complain,” she says. She scoffs at

W
the Oxford University Student
hen the British WEEKEND CONFIDENTIAL | ALEXANDRA WOLFE Union’s recent decision to discourage
baroness Anne clapping for fear of upsetting people

Glenconner was a
child, her parents
left their children
for three years while her father
served in World War II in Egypt. At
one point, she was placed under the
care of a nanny who tied her to the
bed every night. The nanny was later
fired not because she was inhumane
but because another staff member
discovered that she was Roman Cath-
olic.
This is just one of the vignettes
that Ms. Glenconner offers about the
haughty, aloof culture into which she
was born. After a life in the wings as
a lady in waiting to Princess Marga-
ret, Ms. Glenconner has, at 87, writ-
ten a memoir describing the wild ups
and downs of her years as the twice-
disinherited daughter of an English
earl and the wife of Colin Tennant,
the eccentric founder of Mustique, an
exclusive island in the Caribbean.
Her book, “Lady in Waiting: My
Extraordinary Life in the Shadow of
the Crown,” to be published March
24, is a window into both the glam-
orous side of the British aristocracy
and its unpleasant underbelly. She
describes a life full of jet-setting ad-
venture—such as flying around the
world from Hong Kong to Australia
with Princess Margaret—and great
Anne Glenconner
A lady in waiting to Princess Margaret takes a frank look at the upper crust
tragedy, including the deaths of her
two eldest sons.
Ms. Glenconner was born in 1932
at her family’s sprawling Norfolk es-
tate. Her parents—often distant, both
literally and figuratively—lived some
10 miles from Sandringham, the roy-
als’ country home, and Ms. Glencon-
ner used to play as a child with the
future Queen Elizabeth II and Prin-
cess Margaret. Her family’s estate
went to a male cousin after her fa-
ther’s death, and her mother served
as a high-ranking lady in waiting to
the Queen Mother. When Ms. Glen-
conner was 21, she walked in Queen
Elizabeth II’s coronation procession
in 1953 as one of six maids of honor,
a group of unmarried daughters of
nobility who were friends of the
royal family—a moment she de-
scribes in her book with breathless
pride.
Ms. Glenconner thinks the monar-
chy still rightly plays a pivotal role in
British life. Recent scandals, such as
Prince Harry and Meghan Markle’s
decision to step back from royal du-
ties, only affected the monarchy “up
to a point,” she says. Ms. Markle, she
guesses, didn’t know what she was
getting into. “It’s not all riding about
in a coach wearing a tiara,” says Ms.
Glenconner. Such roles require hard
work, such as spending long days go-
ing to factories and hospitals and ap-
pearing at public events. “I’m sure
she didn’t realize what it entailed….
That’s in a way why people used to
marry people from other royal fami-
lies,” she says.
In 1956, Ms. Glenconner married a
fellow aristocrat. She was almost en-
tirely unprepared for her wedding
night. As Ms. Glenconner recounts it,
her mother pointed to her dog Biscuit
and explained that, just as her fa-
ther’s Labrador occasionally mounted
Biscuit, so too would a man try to do
so with her one day, but likely on a
bed. That was the extent of Ms. Glen-
conner’s sex education.
Her husband was Mr. Tennant, the
third Baron Glenconner, an eccentric,
temperamental and flamboyant so-
cialite who went on to buy the island
of Mustique for 45,000 U.K. pounds
(about $1.2 million today). He used to
wear scuba gear flying to and from
Mustique lest he need to swim for it
if the plane crashed. She describes
how he once lay down screaming in
the aisle of a British Airways flight
when he couldn’t sit with Ms. Glen-
conner and Princess Margaret, who
were in first class, for which the air-
line permanently banned him. He also
complained to her about the behavior
of his mistresses and surprised her
with a love child.
Meanwhile, one of their three sons
died of hepatitis C after years of her-
with anxiety and excluding the hear-
ing-impaired; the union now suggests
that audience members instead use
silent “jazz hands” to show enthusi-
asm. “I’ve never heard anything so
ridiculous in my life,” she says. The
jazz hands are “much more frighten-
ing.”
Her upper lip isn’t always stiff.
When her husband died in 2010, in-
stead of leaving his fortune to her or
their children, he gave it all to an
employee. For a change, she couldn’t
contain her emotion. “Actually, it was
a great relief to be screaming,” she
recalls. “The anger, the hurt and the
humiliation left me.” (Her daughter-
in-law later sued, leading to Ms.
Glenconner’s grandson receiving
about half of Mr. Tennant’s estate.)
For 10 years, she says, “I had
nothing.” Last fall, her new book
changed everything by becoming a
bestseller in the U.K. As she says of
her home, “I’ve now got the heat
thundering away!”
Next, she’s writing a thriller called
“Murder on Mustique.” “I’m going to
be called Lady Veronica, the new
aristocratic Miss Marple,” she says,
chuckling, alluding to Agatha Chris-
tie’s famous sleuth. “I’ve been invisi-
ble all my life until now,” she says,
“and now I’ve come out with a bang!”

I Used to Hate where I can’t

wait for a
where everyone is hunkered
down, the weird stuff on their

Meetings. meeting to
start. If author-
ities weren’t
shelves, the clothes they’re
choosing to wear. I’m person-
ally debating whether or not I

JASON Lockdown Made telling us to

GAY
Me Love Them.
LIFE IS DIFFERENT NOW. We
all know this. Amid the corona-
virus, many of us are locking
And then down, staying in, working from
home and making significant
you adjustments. I support this; it’s
suddenly what the experts recommend
find and it’s for a greater good.
But the other morning, I felt
yourself a strange sensation, one I
all couldn’t really understand or
excited explain, and it frightened me.
I was looking forward to a
for the meeting.
9:30 a.m. I know: It’s alarming. If
you’re like me, you haven’t
Google looked forward to a meeting in
Hangout. decades. Yes, I know there are
smart people out there who
of the meet-
ings I’ve at-
tended in my
life have been
wandering,
overly long skull sessions
which always get derailed by
someone telling a thoroughly
useless 10-minute, off-topic
story about the time they saw
Mike Tyson at the airport. And
yes, usually it is me derailing
the meeting by telling a thor-
oughly useless 10-minute, off-
topic story about the time I
saw Mike Tyson at the airport.
I’m part of the problem, to
be sure. But to me, meetings
are a time suck, a barely neces-
avoided, especially if they hap-
pen before 9:30 a.m.
But now, suddenly, I’m get-
ting excited about meetings.
Offices that are “working from
home”—like the Journal, which
is being assembled remotely—
are relying on virtual conclaves
to plan, collaborate and com-
municate. They’re using meet-
up platforms like Zoom and
Google Hangouts, and for many
of us, it’s a welcome opportu-
nity to see and hear colleagues
stay out of the
hospital, I’d be
heading
straight to the
doc to figure
out what’s
wrong with me.
I’m even
starting to en-
joy conference
calls. It’s very, very scary.
But meetings and conference
calls are fulfilling an important
need for outside connection. I
currently share my home with
my wife, two small and whiny
children, a gecko and a cat, all
of whom are bored with me.
We are barely a week into our
self-imposed stay at home, and
we know all of each others’s
tricks and secrets. It’s getting a
little routine.
So these virtual office meet-
should start wearing costumes,
or funny disguises. (I heard one
Journal editor was trying out a
porcupine puppet.) I keep try-
ing to get my cat to walk in
front of my laptop camera, but
have you ever tried to get a cat
to do anything?
Don’t get me wrong; even
these meetings still go on too
long, and I continue to derail
them by telling a thoroughly
useless 10-minute, off-topic
story. But they’re comforting,
because I can see that everyone
is hanging in, trying to make
the best of a strange and anx-
ious situation.
I’m sure when this all settles
down, I’ll go right back to de-
spising meetings and trying to
weasel out of all of them. Right
now, however, they feel like
one of the best parts of the
day. In fact, we should call a
ZOHAR LAZAR

run good meetings, productive sary evil, the height of work- we may not see and hear in ings, they’re a blast of fresh air. meeting to discuss this. How
meetings and even meetings place inefficiency, the bane of person for a while. I truly enjoy the Hollywood about 9:30 a.m.? I could even
with delicious snacks, but most all existence. They are to be It’s gotten to the point Squares-y video ones, seeing do earlier, if need be.

Voyage of Mercy
USS Jamestown
and the starving poor
of Ireland C9
READ ONLINE AT WSJ.COM/BOOKSHELF
CAROL M. HIGHSMITH (2)
HOME WORK The Farnsworth House’s windows were the largest sheets of plate glass then available—but fogged up all too frequently.
Let the Outside In
Edith Farnsworth abandoned a career as a violinist to study medicine. She was 42,
unmarried and successful when she convinced Mies van der Rohe to build her a house.
Broken Glass
By Alex Beam
Random House, 337 pages, $28
BY WITOLD RYBCZYNSKI
T
HE MOST CELEBRATED
midcentury modern house
in the United States is the
Farnsworth House outside
Plano, Ill., designed by
Ludwig Mies van der Rohe in 1945. The
steel-and-glass pavilion is now owned by
the National Trust for Historic Preser-
vation, which maintains it and opens it
to the public. The minimalist interior is
furnished with the architect’s famous
furniture—a pair of Tugendhat lounge
chairs, three Brno desk chairs, a Bar-
celona couch—iconic 1930s designs
made out of chromed metal and leather.
There is no clutter to mar the ethereal,
Zen-like space, no bookshelves, no paint-
ings, no knickknacks.
Did someone really live this way? The
truth is they didn’t—the National Trust
tableau is a polite fiction. The original
BOX SET owner, Dr. Edith Farnsworth, furnished
Mies’s her weekend house with comfortable
design Scandinavian chaises longues, wicker
was a dining chairs, a day bed with throw
graphic cushions, North African rugs and potted
distillation plants; not a stick of chromed metal and
of leather in the place. Mies had ordered
modernist several of his own designs for the
ideals. house—two MR chairs, two Barcelona
chairs and a matching glass coffee
table—but Farnsworth rejected them all.
“I think the Barcelona chair is very hand-
some but it is fearfully heavy and utterly
unsuitable for a small country house,”
she said, “the place would look like a
Helena Rubinstein salon.” By then, the
doctor and her architect were no longer
on speaking terms.
Alex Beam describes his book on the
Farnsworth House and its two protago-
nists as “the story of their brilliant
friendship, their vitriolic breakup, and
the architectural treasure they created
along the banks of the Fox River.” Mr.
BOOKS
THE WALL STREET JOURNAL.
Beam, a columnist for the Boston Globe
and the author of several nonfiction
books, is not an architecture critic or
historian, but that is all to the good.
“Broken Glass” is an engrossing in-depth
narrative of how the human interaction
between client and architect produced
a famous house. Mies van der Rohe was
one of the most influential architects of
the 20th century, and Mr. Beam provides
an exceptionally perceptive character
study of this complex and often impene-
trable figure.
Farnsworth and Mies met at a dinner
party on Chicago’s North Side in 1945.
It was a momentous encounter. She
casually mentioned that she had just
bought land in the country, and asked
the architect if one of his young employ-
ees might be able to design a weekend
house for her. “I told her I would not
be interested in a normal house, but if
it could be fine and interesting, then I
would do it,” Mies later recalled.
Farnsworth and Mies were formida-
ble individuals. She was 42, unmarried,
from a well-to-do Chicago family. She
had abandoned
a promising ca-
reer as a concert
violinist to study
medicine and be-
came a respect-
ed nephrologist,
teacher and med-
ical researcher
overseeing her
own lab. Mr.
Beam describes
her as a mid-
century anomaly, a professional woman
who had “navigated the world more
or less on her own, and didn’t seem
cowed by the prospect of continuing
that way.” Mies, nearly 60, was a con-
firmed loner who had left his wife and
three children long before emigrating
from Germany seven years earlier. He
was already famous, but had as yet
built little in the United States. The
Farnsworth commission was a chance
to change that.
The nine-acre property in Plano, an
hour from Chicago, included a spectacu-
larly beautiful meadow beside the river.
After one of several companionable
excursions to the site Mies concluded,
“So I think we should build the house of
steel and glass; in that way we’ll let the
outside in.” Farnsworth agreed. The
result was a simple box supported on
eight steel H-beams, with all-glass walls
and an open plan. It was a graphic distil-
lation of modernist ideals, in the same
Gresham’s Law
A life of the
brilliant banker to
Queen Elizabeth I C8
* * * *
way that the Parthenon is a distillation
of ancient Greek temple architecture.
As the design evolved, the architect-
client relationship developed into a close
friendship, and most likely a brief ro-
mance. In 1947, a model of the house was
featured in a one-man exhibition of
Mies’s work at the Museum of Modern
Art, although construction did not begin
until two years later. The delay was
partly the result of steel rationing, partly
because Mies’s practice had suddenly
become very busy, and partly because he
was a great procrastinator. But he was
also fastidious. The exposed steel col-
umns of the house were sandblasted and
given four coats of white paint; the win-
dows were the largest sheets of plate
glass then available; the floor was hand-
selected slabs of travertine; the paneling
of the core that contained the bathrooms
(the only enclosed rooms in the house)
was primavera, a tropical hardwood.
The construction took two years. By
then the friendship between Farnsworth
and Mies had cooled. Some of that was
the result of the inevitable strains that
occur when a dream becomes reality and
aesthetic goals come up against the
mundane demands of everyday life. For
example, Mies reluctantly provided a
fireplace, but resisted screening-in the
porch, even though the low-lying site
was mosquito-infested. Farnsworth, who
was 6 feet tall, wanted the free-standing
closet to screen her sleeping area, but
Mies insisted that it be only 5 feet high.
Other strains were financial: the house
had been budgeted at $40,000, but the
total cost was closer to twice that
amount. Farnsworth ponied up, but
finally an unanticipated bill pushed her
over the edge, and she ordered all fur-
ther expenses to cease and held back the
final payment of several thousand dol-
lars (Mies’s office was acting as the gen-
eral contractor). It was at this time that
she refused the delivery of the furniture.
The whole thing ended up in court.
Mies had been convinced by advisers
to sue his client for the outstanding
expenses, and she counter-sued, claim-
ing that he had been incompetent. Mr.
Beam’s lively account of the trial, based
on transcripts, is fascinating. Both sides
shaded the truth. Farnsworth claimed to
have never been shown a plan, but Mies’s
attorney produced a photograph of her
examining drawings. Mies’s witnesses
testified that the house had been prop-
erly built, but years later the notable
architect Myron Goldsmith, who had
been one of Mies’s assistants, recalled
Please turn to page C8
Saturday/Sunday, March 21 - 22, 2020 | C7
A Dandy
Among
The Azande
The Anthropological Lens
By Christopher Morton
Oxford, 226 pages, $40
BY ADAM KUPER
E
.E. EVANS-PRITCHARD
was a legendary
ethnographer of colonial
African societies and a
masterly interpreter of
African magic and religion. Between
1926 and 1939 he made a series of
field studies in the Anglo-Egyptian
Sudan. These were his glory years as
an ethnographic explorer. He also
published, between 1937 and 1956,
four of the 20th century’s most
influential ethnographic monographs
and several hundred research reports
and theoretical papers.
Part of Evans-Pritchard’s enduring
appeal is his style. Clifford Geertz, a
leading American anthropologist—
and no mean stylist himself—judged
that “there has been no greater
master” of the “Oxbridge Senior
Common Room” tone, instancing
Evans-
Pritchard’s
laconic A revaluation of
comment on
his deploy-
a great Oxford
ment as a ethnographer
guerrilla and interpreter
officer in
Sudan during of African
World War II: magic and
“This was
just what I
religion.
wanted and
what I could
do, for I had made researches in the
Southern Sudan for some years and
spoke with ease some of its
languages.” Then there is the mode
that Geertz dubs Akobo realism: “I
started with my force of fifteen Anuak
for the upper Akobo. We got through
the swamps and high grasses with the
utmost difficulty. I received a warm
welcome from the inhabitants of these
upstream villages for they remembered
me well from my earlier visit.”
All this—the fieldwork, the books,
the style—has been subjected to
abundant commentary. In “The
Anthropological Lens: Rethinking E.E.
Evans-Pritchard,” Christopher Morton
introduces a novel perspective. His
source for this book is the archive of
some 2,600 fieldwork photographs that
Evans-Pritchard donated to Oxford
University’s Pitt Rivers Museum, where
Mr. Morton is the curator of photo-
graph and manuscript collections.
Although Evans-Pritchard’s
ethnographic descriptions were, as
Geertz noted, “intensely visual,” Mr.
Morton concedes that he “remained
mediocre as a photographer in both a
technical and compositional sense
throughout his career.” The author
claims, nevertheless, and plausibly
enough, that by attending to this
photographic archive he can come up
with fresh insights into the way Evans-
Pritchard’s studies were shaped “by
the historical contexts of his fieldwork,
its colonial and academic structures,
the agency of his local collaborators.”
To be sure, the images need
interpretation. Mr. Morton explains, for
instance, that the recurrent portraits of
stiff-backed, glassy-eyed men are
throwbacks to an already obsolescent
genre of “racial” studies, in which
Evans-Pritchard himself had no interest.
The author also points out that sitters
or bystanders may subvert the
photographer’s message, but intentions
and meanings are sometimes hard to
pin down. One photograph shows
Evans-Pritchard in full colonial gear,
with pith helmet, short khaki pants,
pipe in mouth, in the middle of a group
of Nuer boys who are saluting, sticks
slung on their shoulders like rifles. Just
innocent fun? No doubt it would all
have seemed very different at the time.
Mr. Morton might perhaps have paid
more attention to the images that
Evans-Pritchard selected to illustrate his
monographs. These were not, on the
whole, his own photographs. And while
many pictures in the archive feature
Africans wearing colonial outfits, the
illustrations in Evans-Pritchard’s books
typically represent Azande dressed in
traditional fabrics and skins, and naked
young Nuer men and women.
An evocative picture of Evans-
Pritchard, discussed only in passing by
Mr. Morton, was published in the
memoirs of the novelist Anthony
Powell. Remembered by Powell as
“grave, withdrawn, and somewhat
exotic in dress,” Evans-Pritchard was
Please turn to page C8
C8 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘If money go before, all ways do lie open.’ — FO R D, IN S H A K E S P E A R E ’S ‘M E R RY W I V E S O F W I N DS O R ’

Queen Elizabeth’s Banker Edith and Mies

Build Their
Gresham’s Law lives and breathes between the University and, as Mr. Guy records,
By John Guy
Profile Books,
covers of this concise volume would
not be out of place in a sit-down
“secured a prized burial spot at his
local parish church, St Helen’s
Dream House
interview on CNBC. Bishopgate, by offering an endow-
302 pages, $26.62 Gresham’s story, in Mr. Guy’s ment to build a steeple on which Continued from page C7
BY JAMES GRANT expert hands (the author is a his- he never made good.” You get the “I used a very bad detail at the edge of the roof,

S
The brilliant, IR Thomas Gresham,
corner-cutting, it turns out, didn’t say:
“Bad money drives out
high-living titan good money.” But he
who built did live by those wise
London’s first words. What the adage, so often
Royal Exchange credited to him, means is this: If
you have two coins of equal legal
also manipulated value, one of them worn and de-
foreign exchange based and the other mint-fresh,
rates, conducted you’ll save the new one and spend
the old one. Bad money drives good
espionage and dealt money out of circulation and into
in armaments. safe-deposit boxes, a fundamental
truth worth remembering even if
your bank account consists of noth-
ing but digital ones and zeros.
Gresham, by rehabilitating the
English coinage of the 1550s and
preaching fiscal probity to sover-
eigns who didn’t want to hear it,
was a kind of Elizabethan Paul
Volcker, though he was a
councilor just as interested in
his own net worth as he was
in that of his royal patrons.
John Guy’s fine and learned
biography, “Gresham’s
Law,” reminds us how
much has changed
about finance
in 500 years.
For instance,
n o w a d a y s,
rather than
raising funds
by pillaging
monasteries or
shaking down
defenseless mer-
chants, govern-
ments sell bonds.
Then again,
much remains the
same in the very
human business
of lending and
borrowing.
The brilliant,
corner-cut-
ting, high-
living, cold-
blooded
titan who
MONEY
MAN
Thomas
Gresham in
the 1540s,
by an
unknown
artist.
PROFILE
BOOKS
torian of Tudor England at the
University of Cambridge), is the
chronicle of the stirrings of modern
finance in a time of religious and
political upheaval. As Catholics
faced off against Protestants and
contending descendants of Henry
VIII fought for the English crown,
Gresham effected a quiet revolu-
tion of his own. Not until he began
to keep his ledger in the format of
debits and credits had any Briton
known to Mr. Guy employed the
Italian innovation of double-entry
bookkeeping.
The son of Richard Gresham, a
textile merchant and “one of the
most hated men in London” (a rep-
utation burnished by the eviction
of a widow from a house on which
Gresham held a mortgage), Thomas
was apprenticed to the family busi-
ness and proceeded to make an
independent career as banker to a
succession of English sovereigns.
For Elizabeth I, whom he served
longest, he floated loans, manipu-
lated foreign exchange rates, con-
ducted espionage, dealt in arma-
ments and acted as a kind of
personal shopper. He served the
queen well enough so that, by 1574,
he could proudly announce the full
repayment of England’s once out-
size foreign debt.
“The first high priest of market
economics,” as Mr. Guy calls him,
Gresham built London’s first indoor
bourse, the Royal Exchange (a
successor building still stands
today near the Bank of England),
and left provisions in his heatedly
contested will for Gresham College,
which survives to sponsor more
than 140 free lectures a year.
Sometimes the fruits of Mr.
Guy’s archival research (more than
10,000 documents fell under his
gaze) are overwhelming. We don’t
have to know, for instance, the
names of the personnel of the
Gresham family firm on the occa-
sion of the death of Thomas’s uncle.
Nor are we likely to regret the
omission (which the author paren-
thetically calls to our attention) of
the exact address of the house in
Antwerp for which Thomas paid the
annual rent of 26 pounds sterling.
Not that Gresham, the man,
lacks interest—far from it. He mar-
ried for money and refused his wife
so much as an allowance. He com-
missioned a wedding portrait of
himself alone, sans bride. He took
back a portion of the wedding gift
that he made to his illegitimate
daughter. He never delivered the
money he promised to Cambridge
sense that the rotter wouldn’t mind
going down in history as the author
of the law that others propounded
before him, including, Mr. Guy
relates, the ancient Greek dramatist
Aristophanes.
But Gresham didn’t rise to the
lofty station of merchant prince
through neglect of the arts of
personal ingratiation. After resign-
ing his post as Queen Elizabeth I’s
banker, he was obliged to submit
his accounts to a routine royal
audit. But when the audit revealed
that he’d falsified his expenses to
an extent that threatened his very
solvency, the distraught banker
managed to inveigle Elizabeth into
overturning her auditors’ verdict.
“Straightforward cronyism” is how
the author explains this bit of slick
personal diplomacy.
Maybe the queen had a soft spot
for the man who, while conducting
her business in sometimes hazard-
ous conditions on the Continent,
would find the time and means
with which to buy her an iron chest
from Antwerp or a Turkish horse
from Germany or silk stockings
from Spain. Nor was she unaware
of Gresham’s contributions to the
growth of a domestic English
money market. In the time of her
immediate predecessor, Queen
Mary I, whom Gresham had also
advised, wealthy English merchants
lent to the crown on command,
interest-free, under pain of retribu-
tion. Now, under an older and wiser
Gresham, they lent because they
liked the rate of interest on offer.
Gresham’s career, Mr. Guy con-
tends, made him, “a harbinger of
a world to come: one in which
national sovereignty is answerable
to the machinations of the market
to whose imperatives crowned and
elected heads alike would eventu-
ally have to bow.”
At this writing, though, rock-
bottom interest rates constrain few
governments from borrowing and
spending in the grand Tudor style.
And as to the distinction between
“good” money and “bad,” it’s all
paper, or digital scrip, which a mod-
ern central bank can print by the
trillions with a tap or two on a key-
board. What would the ever adapt-
able Gresham make of our current
financial arrangements? Dollars to
donuts, he’d turn them to profit.
Mr. Grant, the editor of Grant’s
Interest Rate Observer, is the
author, most recently, of
“Bagehot: The Life and Times of
the Greatest Victorian.”
which in that famous rain, during the trial, ruined
the curtains . . . I thought I knew quite a bit about
construction, but I probably didn’t know as much
as I thought I knew or we thought I knew.” The
lapses in professional judgment on the part of the
architects seemed, at least to this reader, defini-
tive, but in the end the judgment went against
Farnsworth. Both sides were happy to be out of
it and the final settlement was for a relatively
small sum; since there had never been any writ-
ten contract, it did not include an architect’s fee.
One feels for the good doctor. Despite the
purposeful appearance of his architecture,
Mies was not particularly interested in practical
matters. The travertine on the terrace weathered
badly, and a poorly designed heating system left
sooty stains on the windows. The glass walls
resulted in spectacular heating bills in the winter
and hothouse temperatures in the summer—there
were only two small openable windows. Then
there was the problem of condensation on the
glass in cold weather. “You feel as though you are
in a car in the rain with a windshield wiper that
doesn’t work,” Farnsworth complained. A film
about the genesis of her house, starring Elizabeth
Debicki and Ralph Fiennes, is currently in the
works. It will be interesting to see if it shows the
doctor squeegeeing her foggy windows.
“The fight over a modern masterpiece” in
Beam’s subtitle refers to not only the trial but
also the final public chapter in the volatile
Farnsworth-Mies story. In 1953 (a year after the
trial), Elizabeth Gordon, the influential editor of
House Beautiful, published a series of articles
that included photos of Farnsworth’s house and
recounted her travails in excruciating detail. The
series was titled “The Threat to the Next America,”
the threat being the European International Style
or “bad modern” as opposed to the “good
modern” of American architects such as Frank
Lloyd Wright, of whom Gordon was a champion.
As Mr. Beam points out, there was a McCarthyite
tone to some of the articles, although the critique
of the European modernists’ “Cult of Austerity”
was sound. Wright, of course, loved it, and later
wrote in the magazine: “Old man BOX merely
looks different when glassified, that’s all. But the
more the box is glassed the more it is evident as
a box. No new ideas whatever are involved.”
Wright was exaggerating. Mies’s glass box did
incorporate new ideas, but what is one to make
of a “masterpiece” that is so dysfunctional?
Mr. Beam clearly admires the Farnsworth House,
although he does not minimize its shortcomings.
Buildings have historically lasted hundreds of
years; the Farnsworth House will do so only
with uncommon help. Almost immediately after it
was built, the low-lying house has been regularly
inundated by the rising Fox River, and the
National Trust is considering a hydraulic system
to elevate the entire building during spring
floods. Mr. Beam quotes the eminent Swiss
architect Jacques Herzog: “You cannot use this
house except as a museum. It’s so expensive
to maintain; it’s like a patient in the hospital, in
the emergency clinic.” Harsh, but not inaccurate.
Mr. Rybczynski’s latest book is “Charleston Fancy:
Little Houses and Big Dreams in the Holy City.”

chronicled in the early novels of
The World of Waugh and Powell. Waugh’s friend
Graham Greene was another Oxford
to conceal their disgust at my pres- pastoralists in the Nile valley in South claimed that the way of life of these
ence, refusing to answer my greetings Sudan—an “ordered anarchy” resting
and even turning away when I ad- on a precarious balance of power
African pastoralists recalled the an-
cient Israelites, while their theology

E.E. Evans- contemporary. He “looked down on us

Pritchard
Continued from page C7
photographed wearing a Berber gown
at a fancy-dress party given in 1924 by
the hard-drinking, men-only Oxford
University Hypocrites’ Club. (Its motto,
taken from Pindar, blazoned in Greek,
was “Water Is Best.”) Founded by a
bunch of rowdy aesthetes in 1921, the
club was shut down in 1925 by the
dean of Balliol College following a
(and perhaps all undergraduates) as
childish and ostentatious,” according
to Waugh. “He certainly shared in
none of our revelry.” But Greene and
Waugh later became friends, and
moved for a while in the same cynical,
boozy, depressive circles. As they
reached middle age, a number of these
men turned to religion. Evans-
Pritchard, Waugh and Greene con-
verted to Catholicism. Tom Driberg
became an Anglo-Catholic; his brother
Jack converted to Islam. A few found
a new faith in communism.
And they were travelers and adven-
dressed them.” At first, as Mr. Morton between counterpoised clans, always
remarks, he was not even permitted to liable to break down into feuding. Dur-
was remarkably similar to Catholic
doctrine. He had regarded Azande
take photographs of the cattle. ing World War II, following the expul- magic as a fantasy, but now he wrote
Among the Azande, Evans-Pritchard sion of the Italians from Libya, Evans-
focused on witchcraft. The locals be- Pritchard served as a political officer
that Nuer ritual “depends finally on an
awareness of God and that men are
lieved there were no accidents. dependent on him and must be
“Every misfortune supposes resigned to his will.” At this
witchcraft,” Evans-Pritchard point the theologian takes over
wrote in “Witchcraft, Oracles from the anthropologist. For
and Magic Among the Azande” the rest of his life, Evans-
(1937), “and every enmity Pritchard would denounce his
suggests its author.” But this anthropological colleagues as
was all illusion. “Witches, as dogmatic unbelievers, obsessed
Azande conceive them, cannot with showing that religious be-
exist.” Their oracles “tell them lief was a bundle of illusions,
nothing.” Why then did sensi- its hold on the faithful to be
PITTS RIVER MUSEUM, UNIVERSITY OF OXFORD

party at which the members dressed
up as monks and nuns and danced the
night away. Powell recalled that on his
first visit to the club he was introduced
to another future novelist, Evelyn
Waugh, “one of the rowdiest mem-
bers,” who was sitting on the lap of
Christopher Hollis, later a Conservative
member of Parliament. Christopher’s
younger brother Roger was also a
member. (Their father was the bishop
of Taunton.) Another member, Tom
Driberg, later a Labour Party member
of Parliament and a famous hell-raiser,
was a school friend of Waugh and
Roger. Tom’s bother Jack, who would
become a district officer in the Sudan,
studied anthropology under Bronisław
Malinowski and became a bosom
friend of Evans-Pritchard.
These men all belonged to the bohe-
mian fringe of that cohort of boarding-
school-educated, upper-middle-class
Englishmen who came up to Oxford
and Cambridge in the aftermath of
World War I. Their wildness, a reaction
to the pointless slaughter in the
trenches, was prolonged into the party
world of the Bright Young Things,
turers. When Hitler’s war broke out,
Evans-Pritchard led his band of Anuak
irregulars against Italian forces. “In the
Victorian age I should have been an
explorer,” he wrote to a friend. “In ear-
lier times a Crusader or buccaneer. I
am just beginning to enjoy myself.”
Greene worked for MI6 in West Africa
under the direction of Evans-Pritchard’s
friend and colleague Meyer Fortes.
Roger Hollis also became a spy and
ended up as director-general of MI5.
(He was later accused of having been a
Soviet agent, as was Tom Driberg.)
Evans-Pritchard’s two most in-
tensive field studies were made in
the Sudan. The first was among the
Azande, a hierarchical agricultural
society firmly under British control.
The second was among the Nuer, an
egalitarian and warlike pastoral
people. A few years before Evans-
Pritchard’s arrival, a British expedi-
tionary force had hanged Nuer proph-
ets and bombed their cattle herds.
“When I entered a cattle camp it was
not only as a stranger but as an en-
emy,” Evans-Pritchard wrote in “The
Nuer” (1940), “and they seldom tried
ble Azande sometimes believe explained with reference to
in all that stuff? Evans-Prit- sociological and psychological
chard pointed out that the theories.
Azande’s beliefs about witches, Evans-Pritchard’s most pro-
oracles and magic were inter- ductive years began with the
locked and mutually reinforc- publication of “Witchcraft,
ing: “death evokes the notion Oracles and Magic Among the
of witchcraft; oracles are con- Azande” and concluded with
sulted to determine the course “Nuer Religion.” He held the
of vengeance; magic is made to chair of social anthropology at
attain it; oracles decide when Oxford until 1970, three years
magic has executed vengeance; EMBEDDED Evans-Pritchard with a group of before his death, but his later
and its magical task being Zande boys, ca. 1927-30. years, like those of Waugh and
ended, the medicine is de- Greene, were unproductive,
stroyed.” Given the premise that ill among the Bedouin of Cyrenaica, a re- clouded by depression, fueled by whis-
luck takes the form of a person—a jeal- gion in the eastern part of the country. key and scarred by bitter feuds. He
ous, malicious neighbor or relative— His monograph “The Sanusi of Cyrena- would wake up screaming from night-
the rest of the package follows logically ica” (1949) described another political mares about his time as a guerrilla. In
and seems no more than common organization without rulers, also featur- 1959 his wife committed suicide. But at
sense. “I had no difficulty in using ing clans, feuds and prophets. Is it pure his peak, as a field anthropologist, he
Zande notions as Azande themselves chance that the Southern Sudan and was the equal of that other demonic
use them,” Evans-Pritchard affirmed. Libya are mired in civil wars today? master, his teacher and rival Bronisław
“Once the idiom is learnt the rest is While serving in Libya, Evans- Malinowski. Mr. Morton offers a fresh
easy, for in Zandeland one mystical Pritchard was formally received into perspective on an extraordinary career.
idea follows on another as reasonably the Catholic fold in a ceremony at the
as one common-sense idea follows on Benghazi cathedral. This was followed Mr. Kuper, a specialist on the
another in our own society.” by a change in his anthropological ap- ethnography of Southern Africa,
“The Nuer,” his best-known mono- proach. In his final important book, has written widely on the history
graph, described the political system of “Nuer Religion” (1956), Evans-Pritchard and theory of anthropology.
THE WALL STREET JOURNAL.
‘We are despoiled of our private possessions, the indefeasible property of individuals. We are stripped of every attribute of freedom.’
Jackson’s Eminent Domain
Unworthy Republic
By Claudio Saunt
Norton, 396 pages, $26.95
BY PETER COZZENS
I
N MAY 1830, Congress passed
the Indian Removal Act “to
provide for an exchange of
lands with the Indians resid-
ing in any of the states or ter-
ritories, and for their removal west of
the river Mississippi.” The legislation
made no mention of how Indians were
to be compensated for their lands,
which had been guaranteed them
by federal treaties, or how they would
be transported over hundreds of miles
of rudimentary roads to an indeter-
minate location that none of those
affected had ever laid eyes upon.
During the succeeding eight years,
the administration of President An-
drew Jackson—goaded by an unholy
alliance between white-supremacist
Georgia slave owners, determined
to expand their cotton kingdom onto
native lands in present-day Alabama
and Mississippi, and their New York
financier enablers—alternatively ca-
joled and coerced nearly 80,000 in-
digenous inhabitants of the South into
surrendering their ancestral homes.
The dispossessed were the Cherokee,
Creek, Chickasaw and Choctaw
nations, and the Seminoles of modern
Florida. The government also ejected
smaller Indian tribes from their lands
GETTY IMAGES
north of the Ohio River, but it is the
Southern exodus, culminating in the
Cherokee “Trail of Tears” in 1838, that
forms both the core of this shameful
episode in American history and the
focus of Claudio Saunt’s seminal
“Unworthy Republic: The Disposses-
sion of Native Americans and the
Road to Indian Territory.”
A professor of history at the Uni-
versity of Georgia who has written
extensively about the Southern tribes
and racial and economic injustice
in the early American Republic, Mr.
Saunt presents a passionate and pro-
vocative account of what he calls “one
of the first state-sponsored mass
expulsions in the modern world”; the
“U.S. counterpart of Europe’s ‘Jewish
question.’ ” He convincingly argues
that the root cause of the expulsion of
the Indian inhabitants of the South
was a vile mix of racial antipathy, un-
bounded greed and the naive idealism
of self-styled Indian experts like Isaac
McCoy, who convinced otherwise
reluctant members of Congress and
the public that deportation was in the
Indians’ best interest because their
way of life was both threatened by and
irreconcilable with that of the whites.
In fact, as Mr. Saunt trenchantly ob-
serves, “only one thing was truly irrec-
oncilable: native and white ownership
of the same land.”
Drawing on prodigious research
into primary sources, Mr. Saunt offers
the most detailed account to date of
the mechanics of Indian expulsion,
demonstrating that a woefully under-
staffed federal bureaucracy was inca-
America’s
Great Gift
To Ireland
Voyage of Mercy
By Stephen Puleo
St. Martin’s, 313 pages, $28.99
BY TERRY GOLWAY
A
MERICANS have grown
accustomed to seeing
their fellow citizens pro-
viding food, medicine
and logistical assistance
at disaster sites around the globe. It’s
not by any means an exceptionally
American tradition, but a tradition it
surely is.
Some might argue that it began a
century ago, when a brilliant engineer
named Herbert Hoover organized
humanitarian aid to feed millions of
starving, homeless Europeans during
and after World War I. But according
to Stephen Puleo, the nation’s impulse
to aid the afflicted beyond its borders
can be traced to the journey of a war-
ship bound from Boston to Ireland at
the height of the island’s potato fam-
ine. Its mission was not conquest but
relief, for in its hold were 8,000 barrels
of food donated by the young republic
3,000 miles away from Ireland’s misery.
The potato failures in Ireland in the
late 1840s and early 1850s are well-
known and little understood, at least
on this side of the Atlantic. In “Voyage
* * * * Saturday/Sunday, March 21 - 22, 2020 | C9
BOOKS
—CHIEF JOHN ROSS
HOMESTEAD A Choctaw encampment on the Mississippi River, ca. 1833, by Karl Bodmer.
pable of managing the relocation— Mr. Saunt admirably relates the off trees and consuming rotten animal gia plantations who sought refuge in
most often forced—of 80,000 men, efforts of Indian leaders such as the carcasses,” writes Mr. Saunt. “The the Creek country.
women and children west of the Mis- Cherokee statesman John Ross to most wretched of the dispossessed— Although Mr. Saunt does a highly
sissippi River while maintaining even forestall removal, only to see Presi- hungry, homeless, and drunk—could commendable job in relating the
rudimentary standards of hygiene and dent Jackson undertake it after the be seen staggering about, with blood- plight of the Southern native peoples
humanity. Thousands perished, and Supreme Court, in Worcester v. Geor- shot eyes and ‘clotted and bloody during the era of Indian Removal, he
“Unworthy Republic” recounts their gia, rendered a decision that pre- garments.’ ” Their chiefs were helpless. does not provide readers with a solid
tribulations as fully as limited Indian vented the state from dispossessing sense of who they were. The cultures
source material permits. the Cherokees of their land. The of the tribes affected are not exam-
Mr. Saunt also graphically describes author presents in startling relief the The Creeks, Chickasaws ined; neither are the long traditions
the violence that Georgia and Florida tremendous economic cost of the of both intertribal and internal strife
vigilantes, land speculators and other Indian Removal Act. “The federal
and Choctaws lost nearly that prevented the Indians from unit-
impatient white invaders perpetrated government expended about $75 $25 million in personal ing against the white onslaught. In
against Indians unwilling to quit their million to expel native peoples from wealth—equal to about this regard, occasional errors arise.
lands or unwilling to seek refuge from their homelands,” he observes. “Vast Of Jackson’s use of Creek warriors to
the white onslaught. Recounting an sums passed through the War Depart- $700 million today. battle their Seminole neighbors in the
atrocity committed by a Florida posse ment to fund the dispossession. In the First Seminole War, Mr. Saunt writes,
whose dogs had picked up the scent of pivotal year of 1836, more than forty “by employing Creek gunmen, Jack-
what the pursuers thought was a run- percent of every federal dollar went “I talk to them, but they have nothing son exploited the fact that Creeks had
away slave, Mr. Saunt writes: to enforce the ‘Act to provide for an to eat,” bemoaned one Creek leader. been bitterly divided since the U.S.-
exchange of lands.’” “What can I do? They must eat, they Creek War of 1813-1814.” In fact, the
As the hunters closed in, however, And what of the dispossessed? Mr. cannot live on air.” Creeks had long been divided into two
they discovered that the fugitive Saunt calculates that the Creeks, It was a fate both cruel and ironic nearly irreconcilable factions; in this
was in fact Native American—and Chickasaws and Choctaws together that befell the Creeks. While rightly rupture lay a root cause of the Creek
therefore not worth sparing. They lost nearly $25 million in personal blaming the slave economy of the War, a seminal event that set the
raised their rifles, took aim, and wealth—more than $700 million in South for Indian expulsion and its stage for removal, but which receives
shot. As they approached the today’s dollars. Withal, the Indian attendant evils, Mr. Saunt neglects an only passing mention.
wounded man, his identity became Removal Act was a moneymaker for important precursor: In the early 18th This aside, “Unworthy Republic” is
clearer. He was about nineteen the government; the funds realized century, the Creek Indians reaped a much-needed rendering of a dis-
years old and appeared to be a from the public sale of Indian lands handsome profits themselves selling graceful episode in American history
Creek villager, who must have fled topped $80 million, a nearly 10% profit captured Indian enemies into slavery that has been too long misunderstood.
across south Georgia in a desperate realized on human misery of a sort to South Carolina plantation owners.
attempt to find refuge in the Flor- seldom seen in American history. In When that source of income ran dry, Mr. Cozzens is the author of
ida Panhandle. One hunter few a Alabama in 1836, the Creeks—hemmed Creek warriors became bounty hunt- “The Earth Is Weeping: The Epic
knife, pulled the man’s hair taut, in on fast-shrinking plots or wandering ers, tracking down runaway black Story of the Indian Wars for the
and cut off his scalp. homeless—“survived by eating bark slaves from South Carolina and Geor- American West.”
of Mercy,” Mr. Puleo joins a long list of Jamestown’s relief should be distrib-
historians and writers who have
sought to explain why and how so
uted in rural areas throughout County
Cork, one of the hardest-hit regions, or
many Irish people died when the restricted to Cork city. Capt. Forbes
RODNEY CHARMAN/KNIGHTS OF COLUMBUS MUSEUM
potato failed. Easy to cultivate and was forced to intercede, and he de-
filled with nutrition, the potato was cided that the supplies were intended
their staple crop, but when it turned
black and putrid, they had nowhere to
for the whole county. Thus started an-
other American tradition—mediating
turn. There was plenty of food in Ireland’s disputes—upheld, to take one
Ireland, but much of it was designated prominent example, by former Maine
for export, and, as Mr. Puleo notes, Sen. George Mitchell, who helped
Victorian policy makers in London broker Northern Ireland’s Good Friday
were not about to question the wisdom Agreement in 1998.
of laissez-faire economics. So Irish Mr. Puleo correctly sees the voyage
people died of disease and starvation of the Jamestown as a seminal moment
while food was loaded aboard ships in the history of American-Irish rela-
bound for other markets. ARRIVAL USS Jamestown in Cork Harbor on April 12, 1847. tions. While British authorities worried
As Americans learned of the horrors that the starving Irish would become
in Ireland, they responded on a scale single crop led to death and exile on a then and now as Ireland’s apostle of dependent on charity, Capt. Forbes and
that would become familiar in the gigantic scale, transforming not only temperance. The priest put aside his other Americans delivered relief, no
decades to come. President James K. Ireland but the U.S. as well. But Mr. crusade against drink to minister to the questions asked. “An Irishman looks on
Polk, the legendary orator Daniel Web- Puleo has found a new way to tell the starving and the dying as they poured America as the refuge of his race,”
ster, and the great compromiser Henry story with this well-researched and into Cork city in search of something to wrote novelist Thomas Colley Grattan,
Clay delivered impassioned appeals for splendidly written chronicle of the eat. He saw horrors similar to those a Dubliner.
action on behalf of the Irish. “It is not Jamestown, its captain, and an Irish that a British administrator witnessed But it wasn’t quite so simple, as Mr.
fervid eloquence, nor gilded words, priest who ministered to the starving when he stumbled upon, as he put it, Puleo points out. American benevo-
that Ireland needs—but substantial in Cork city. “six famished and ghastly skeletons, to lence shriveled up when the starving
food,” Clay said. Robert Bennet Forbes had no family all appearances dead . . . huddled in a Irish landed in New York, Boston and
Shortly thereafter, USS Jamestown connection to Ireland, but after hearing corner on some filthy straw.” They other U.S. cities. Few would have pre-
was pulled from active duty in order to of the distress in Ireland during a mass were not dead but perhaps wished they dicted that two of those wretched ex-
transport food and clothing to Ireland. meeting in Boston in 1847, he offered a were, for they were in the final throes iles would start a family in Boston that
An armada of relief followed in its daring proposal: The U.S. should make of hunger-related disease. would one day produce a president and
wake, becoming “the single greatest a warship available to bring aid to Ire- The arrival of the Jamestown and two U.S. senators. Yes, those Kennedys.
philanthropic effort by one nation on land as quickly as possible, and he—a the ensuing partnership between the Mr. Puleo’s tale, despite the hard-
behalf of another,” in Mr. Puleo’s words. veteran sea captain—would command American sea captain and the famous ship to come, surely is a tribute to the
There is no shortage of scholarship it. It took an act of Congress to achieve, Irish priest is the dramatic high point better angels of America’s nature, and
on the subject of Ireland’s suffering but it was done, thanks in large part to of Mr. Puleo’s book. But other narra- in that sense, it couldn’t be more
from roughly 1845 to 1851. Recent the advocacy of Sen. John Crittenden tive threads are equally vivid. As the timely.
books by Christine Kinealy, John Kelly of Kentucky. Jamestown’s cargo is unloaded, for
and Enda Delaney, among others, have The Jamestown was retrofitted for instance, Mr. Puleo shifts to a scene Mr. Golway is a senior editor at
broadened our understanding of what its new mission and set sail for County that would not surprise even casual Politico and a member of the board
happened in Ireland more than 150 Cork in March 1847. Waiting there was students of Irish history: There was a of advisers at New York University’s
years ago and why the failure of a the Rev. Theobald Mathew, renowned split among the Irish over whether the Glucksman Ireland House.
C10 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘Hell is the absence of the people you long for.’ —EM ILY ST. JOHN MAN D EL

SCIENCE FICTION

Craving Connection Dangers

TOM SHIPPEY

The Glass Hotel were adrift.” Vincent, for her

By Emily St. John Mandel
Knopf, 301 pages, $26.95
part, goes to sea, becoming a
ship’s cook to sail the world,
recalling her long-disappeared
From Without—
BY ANNA MUNDOW mother’s stories of “northern And Within

S
lights shifting over a winter sky,
IX YEARS ago, Emily the silent towers of icebergs in
St. John Mandel’s a dark gray sea.” TWO NOVELS of isolation: one
dystopian novel Such lyrical, hypnotic im- classifiable as fantasy, one as
“Station Eleven” ages—of a shoreline at dusk, for horror. What’s the difference?
opened with the example, or a city street at T.J. Klune’s “The House in the
Georgia Flu pandemic decimating dawn—suspend us in a kind of Cerulean Sea” (Tor, 398 pages,
our species and ended—two de- hallucinatory present where $26.99) is the fantasy. Its hero,
cades after the collapse of civili- every detail is sharply defined Linus, works for the Department
zation—with one of the survivors yet queasily unreliable. A sense in Charge of Magical Youth as a
daring to imagine a future. “Clark of unease thickens as the novel’s kind of school inspector. Any
looks up at the evening activity interlinked narratives orbit the reader of “Harry Potter” will know that ministries
on the tarmac, at the planes that main drama of Alkaitis’s down- of magic are dangerous bureaucracies, and Linus’s
have been grounded for twenty fall. Characters such as Walter, is an extreme example. He works at a desk in a
years, the reflection of his candle the island hotel’s manager; Olivia, room full of desks, constantly threatened by a
flickering in the glass. He has no an aging painter duped by Alkai- supervisor who issues demerits for anything from
expectation of seeing an airplane tis; and Paul, Vincent’s aimless stains on the tie to mismanaging his time.
rise again in his lifetime, but is it half-brother, each wonderfully Then Linus gets called upstairs by Extremely
possible that somewhere there drawn, disappear and reappear, Upper Management, and sent to inspect an island
are ships setting out? If there are tilting the novel’s perspective orphanage called Marsyas. In Greek myth Marsyas
again towns with streetlights and tightening the suspense as was flayed alive for challenging Apollo, so that’s
. . . then what else might this the narrative meanders back and ominous. On the island, Linus finds six children
awakening world contain?” That forth in time. Chronology, as of strange species—sprite, gnome, shifter—with
consoling vision was accompa- always in Ms. Mandel’s fiction, strange powers. He has been warned against
nied, however, by an overwhelm- becomes fluid. “The Glass Hotel” befriending them, for they may be a threat.
ing sense of loss for many read- opens and ends with a drowning Lucy, for instance, is short
EYEEM/GETTY IMAGES

ers, and no wonder. In “Station
Eleven,” Ms. Mandel had created
a dreamlike reality so tangible
and complete that emerging from
it felt like banishment. (The audio
book, by the way, only enhances
that sensation.) And ever since
then, this writer’s exiled devotees
have wondered where she would
take them next.
The answer, perhaps sur-
prisingly, is to the world of
money, which materializes in
Ms. Mandel’s new novel, “The
Glass Hotel,” as both familiar and
profoundly strange. The catas-
trophe this time is financial, not
biological. A swindler, not a
pandemic, is to blame (in events
that mirror the 2008 collapse of
Bernie Madoff’s Ponzi scheme),
and contagion is limited to a pop-
ulation of eager investors, one of
whom learns the truth from his
accountant this way:
“Your money’s gone,” she said
softly.
“All of it?”
“Leon, it wasn’t real . . .”
The question of what is real—
be it love, money, place or mem-
ory—has always been at the
heart of Ms. Mandel’s fiction.
From the betrayals running
through “Last Night in Montreal”
(2009) to the identity fraud in
“The Singer’s Gun” (2010) and
the switchback crimes of “The
Lola Quartet” (2012), her narra-
tives snake their way across
treacherous, shifting terrain. Cer-
tainties are blurred, truth be-
comes malleable and in “The
Glass Hotel” the con man thrives.
“He had that trick,” Leon ob-
serves, referring to the Ponzi
scheme’s perpetrator, “of appear-
ing utterly indifferent to what
anyone thought of him, and in so
doing provoking the opposite
anxiety in other people: What
does Alkaitis think of me?” The
head of a fraudulent investment
company, Jonathan Alkaitis owns,
among other palaces, an island
hotel in British Columbia where,
on a brief visit, he reels in Leon
Prevant, a gullible shipping ex-
ecutive. Alkaitis also charms
Vincent Smith, the hotel’s young,
but far from gullible, female bar-
tender. “In the way he spoke to
her, his obvious wealth and his
obvious interest, she saw an
opening into a vastly easier life or
at least a different life,” Vincent
admits, ignoring, while she can,
the price she might pay.
A fascinatingly elusive char-
acter, Vincent quickly becomes
Alkaitis’s second wife (though he
never formally marries her) and
glides between Manhattan and
Connecticut, Europe and Dubai,
until the Ponzi scheme implodes,
the “kingdom of money” vanishes
and Alkaitis is imprisoned for
life. Bewildered at first, he “pre-
tends he’s on an alien planet” and
then, as decades of incarceration
pass, retreats into an imaginary
existence. “When he isn’t in the
counterlife,” as Alkaitis thinks of
that realm, “he likes to dwell in a
‘I’m happiest when I’m
away from other people,’
reflects one character,
who becomes caretaker
of a shuttered hotel.
green field in his hometown, in
the twilight following a family
picnic.”
The victims of Alkaitis’s
crimes are also plunged into an
altered reality, one in which
money simply evaporates and the
certainties of everyday life dis-
integrate. Financially destitute
Leon Prevant and his wife, for ex-
ample, enter the “shadow coun-
try” of the poor, migrating across
the country from one menial job
to the next. “You stare at the
road and the road stares back,”
Leon muses at a truck stop where
desperate girls hitch rides at
night: “They’d all been cut loose,
they’d slipped beneath the sur-
face of the United States, they
in 2018, and in between follows
an elliptical course whose start-
ing point is 1994. Toward the
end, there is a leap forward to
2029. The dead begin to visit the
living. Characters from previous
novels surface—Leon and his for-
mer assistant Miranda are here
from “Station Eleven,” Alkaitis
from “The Lola Quartet”—and
Vincent idly imagines what the
Georgia Flu might have wrought
had it not been swiftly contained.
All of which is clever and,
perhaps intentionally, alienating.
For in this hall-of-mirrors novel,
Ms. Mandel invites us to observe
her characters from a distance
even as we enter their lives, a
feat she achieves with remark-
able skill. And if the result is a
sense not only of detachment but
also of desolation, then maybe
that’s the point. “I’m happiest
when I’m away from other peo-
ple,” Walter confesses when he
becomes caretaker of the shut-
tered hotel. “Without furniture,
the lobby was like a shadowy
ballroom,” he later observes, con-
tentedly, “a vast empty space
with a panorama of wilderness
beyond the glass: inland waters,
green shorelines, a pier with no
boats.” The scene, in its tran-
quility, recalls Clark’s final vision
in “Station Eleven,” but the
wounded survivors of this catas-
trophe crave connection in vain.
They settle instead for isolation.
Ms. Mundow is a writer living
in central Massachusetts.
THIS WEEK for Lucifer. Can he bring
about the end of the world?
The House in Extremely Upper Management
the Cerulean thinks so but in true mana-
Sea gerial style gives Linus no
By T.J. Klune information. The orphanage’s
housemaster is an enigma too.
After Me It’s a challenge for Mr. Little
Comes the Guy Linus, but he rises to it.
Flood In fantasy, the challenge is
By Sarah Perry working out the rules in an
unfamiliar world. In horror,
the familiar turns strange, bit
by bit, and leaves victims questioning themselves.
Sarah Perry is known for her folktale-oriented
novels “Melmoth” and “The Essex Serpent.”
Her 2014 debut, “After Me Comes the Flood”
(Custom House, 229 pages, $16.99)—appearing
for the first time in the U.S.—begins almost like
a joke: John, driving from London on a lonely
road through the marshes, breaks down and goes
to a house for help. But he’s greeted familiarly
and shown to a room. Tired and sun-dazzled,
he goes along with the error.
Soon things don’t look so good: dead flowers,
meat hooks dangling from the kitchen ceiling.
Another visitor turns up, a woman with a face so
soft it seems boneless. The hostess’s smile begins
to look like a smirk. Another inhabitant is con-
vinced that a dam will break and drown them all.
The last words of the novel are “trying to make
it out,” and Ms. Perry says she’s pleased when
people come away with totally different ideas
about what she intended. Is the novel an allegory
of climate change? Or maybe one of those stories,
like William Golding’s “Pincher Martin,” where
the central character dies at the start and is
undergoing a kind of penance or purgatory?
Horror is introspective. Sprites, gnomes,
dragons—we can cope with them. Fears in the
head aren’t so easy. “After Me Comes the Flood”
is a notable experiment in inner Gothic:
atmospheric, haunting, disturbing.

The Contradictions of Survival

ALL SURVIVAL STORIES have
to balance two seemingly
contradictory truths. The first
regards the fragility of life, and
the ease and abruptness with
which it can be extinguished.
But the second is about the
body’s extraordinary capacity
to endure in impossible
conditions. Paul Lynch’s novel
FICTION “Beyond the Sea” (Farrar,
SAM SACKS Straus & Giroux, 181 pages,
$25), about two men stranded
on a fishing boat in the Pacific
Ocean, is based on real events,
but the stark, mesmerizing book
reads like an existential argu-
ment between those irrecon-
‘Beyond cilable truths, a Beckett play
the Sea,’ bobbing in the open water.
The unlucky actors here are
a Bolivar, a veteran fisherman in
dialogue an unnamed Central American
between village who needs a big catch
will to pay off his debts, and Hector,
a young man persuaded to join
and fate, the boating trip at the last
plays out minute. When a storm destroys
like a the motor and radio, the two
are cast adrift on the ocean
Beckett currents, clearly doomed to
drama perish and yet wondrously
bobbing sustained by nature’s infinite
resources. With flotsam they
in the pull from the sea they fashion
open fishing nets and containers to
water. hold rainwater. They eat passing
sea turtles, the barnacles they
scrape from the hull and the
curious sea birds that land on
the gunwale. “What need is
there of much else?” Bolivar
thinks in the euphoria of
deprivation months into their
abandonment. “You eat and you
sleep and you do simple tasks.
Now we are truly alive.”
Bolivar is a calloused,
belligerently physical being
determined to defeat the
elements (he establishes an
exercise routine, running in
circles around the boat).
Hector is a lovelorn introvert
who quickly sinks into stages
of guilt, mysticism and religious
resignation. The paradox of
survival is more than he can
process and he comes to feel
trapped in the torment of an
unwaking nightmare, “neither
alive nor dead.”
If the two characters seem
schematically opposed—will
versus fate—Mr. Lynch takes
pains to confuse their relation-
ship, changing it from mood
to mood into something bitter,
paternal, generous or adver-
sarial. The novel’s foundations
are like the ocean, too unfixed
and unfathomable to allow the
philosophical disputes to
advance in a linear fashion.
Both men appear courageous
or cowardly, insane or transcen-
dently wise, depending on the
angle of the sunlight—as if the
immensity of the setting
renders even the firmest
distinctions indistinct. “In
places it seems as though the
sea with infinite patience has
grafted one thing onto another,”
Bolivar thinks, “the sea slowly
working until all things become
single matter.”
Mr. Lynch’s prose style is
suitably rationed and sun-cured
in ways that make comparisons
to Hemingway’s “The Old Man
and the Sea” unavoidable,
though I wonder if he was more
inspired by Peter Matthiessen’s
brilliant, Zen-influenced ship-
wreck novel “Far Tortuga.”
Though bare and isolated, this
fine book contains multitudes
of experience.
What’s eating Percy, the
narrator of Jessi Jezewska
THIS WEEK
Beyond the Sea
By Paul Lynch
The Exhibition
of Persephone Q
By Jessi Jezewska Stevens
Marguerite
By Marina Kemp
Stevens’s quirky and enigmatic
novel “The Exhibition of
Persephone Q” (Farrar, Straus
& Giroux, 212 pages, $26)?
Pregnant but unwilling to share
the news with her husband,
she has taken to wandering
New York at night and then
drowsing during the day.
Her sense of dissociation
deepens when she discovers
that a former fiancé has used a
nude photograph of her as the
centerpiece of his art show, yet
when confronted he claims that
the picture is of somebody else.
Is it a case of vindictive gas-
lighting? Is it, as the exhibition
catalog contends, “a profound
exploration of privacy, memory,
and the instability of truth”?
Or is it all a somewhat random
muddle from a debut writer
prone to mistaking weirdness
for profundity?
I lean toward the latter.
Though Ms. Stevens conjures
a tantalizing vision of the city
at night—a murky, unreal space,
like Persephone’s underworld—
her story is too slight to make
the setting meaningful. We
follow Percy as she wanders
around, buys kitchen appli-
ances, chats with neighbors or
drafts emails to her perfidious
fiancé. There’s a narcoleptic
quality to her commentary as
she describes all this—white
space between paragraphs
usually signifies gaps in time,
but Ms. Stevens uses it to break
up continuous action, as though
Percy is constantly dozing off
for a second or two as she
moves through the world.
The novel resembles one of
those dreams in which you are
trying to run but your legs feel
stuck in quicksand. However
curious and intriguingly
symbolic the dream may be,
it’s a relief to wake up.
Marina Kemp’s novel
“Marguerite” (Viking,
358 pages, $26) takes us to
a sleepy French town in
Languedoc where there isn’t
much more to do than milk the
cows and trade gossip, and the
most interesting item of conver-
sation concerns a mysteriously
withdrawn Parisian woman who
has been hired to nurse Jérôme
Lanvier, the ailing widower in
the village’s grandest estate.
Marguerite Demers tries to
give the busybodies nothing to
discuss, devoting all her time
to her foul-mouthed, bedridden
employer, but hesitant friend-
ships with Suki, a lonely Iranian
woman, and a married farmer
named Henri initiate a slow-
burning series of betrayals and
dramatic personal disclosures.
Closely observed, profusely
detailed and probably overlong,
“Marguerite” is what a friend of
mine calls, with some annoyance,
a Lives of Quiet Desperation
book. Marguerite is fleeing a
trauma from her youth. Henri
harbors a scandalous secret that
you can guess as soon as he is
introduced. Their relationship is
filled with balky gestures and
thwarted longings that speak to
“the crushing feeling that oppor-
tunities had been missed and
something else had been lost.”
Yet there is also, happily, a
great deal of engaging writing.
Ms. Kemp has an uncommon
ability to keep her scenes
ticking along, and she’s terrific
with dialogue, injecting the
interactions with a brusque,
colorful candor at odds with the
theme of repression. Ironically,
Jérôme is the life of the novel,
and the sparring friendship
he forges with Marguerite by
way of complaints and insults
provide its best moments.
There’s nothing like an old man
raging against the dying of the
light to rouse you from stupor,
and with him Marguerite gives
as good as she gets.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | C11

BOOKS
‘I was always my own teacher.’ —EUDORA WELTY, ‘ONE WRITER’S BEGINNINGS’

They Want to Be Alone

The Art of Solitude
By Stephen Batchelor
Yale, 181 pages, $23

At the Center of All Beauty

By Fenton Johnson
Norton, 236 pages, $26.95
BY GEOFF WISNER

I
N THE UNITED STATES, the home of
rugged individualism, more than 28%
of households consist of a single
person. Yet solitude continues to have
a poor reputation.
Two thoughtful new books set out to change
that. “The Art of Solitude,” by Stephen Batchelor,
a scholar of Buddhism, takes an inward view
of the subject, chronicling the author’s lifetime
of meditation practice, solitary retreats and
experiments with mind-altering substances.
“At the Center of All Beauty,” by the Catholic
author and scholar Fenton Johnson, takes a
more expansive approach, offering capsule
biographies of a dozen or so writers, artists
and performers who drew on solitude in dif-
ferent ways to power their creative expression.
STEVE MCCURRY/MAGNUM PHOTOS

Elegant and formally ingenious, “The Art of

Solitude” presents 32 essays on aspects of solitude.
Some describe Mr. Batchelor’s experience of
meditation in places as far-flung as India, South
Korea and Mexico. A few are about his engage-
ment with Michel de Montaigne, the 16th-
century pioneer of the personal essay and
sometime recluse. Some recount the insights
drawn from his use of body-racking, vision-
inducing drugs such as mescaline and ayahuasca.
The essays echo and comment on one
another, and they also echo the book’s appendix,
Mr. Batchelor’s translation from the Pali
language of a sequence of poems that he calls
“Four Eights.” Mr. Batchelor cites an earlier
translator’s opinion that these four poems, each
32 lines long, make up the core of the 2,400-
year-old Buddhist text “Sutta Nipāta” and “might
be the earliest record of the Buddha’s teaching.”
The book as a whole resists falling into a
narrative or argument. “None of its thirty-two
chapters,” writes Mr. Batchelor, “is ever preceded
or followed by a chapter that treats the same
theme.” To build a case for the value of solitude
would, the author seems to feel, be declassé.
Finishing “The Art of Solitude,” it’s easy to
feel that one must have a Ph.D. in ancient
languages, a strong stomach and the money and
leisure to seek out stone towers in distant lands
if one wants to be properly solitary. And even
then, the results may not be worth the effort.
“Over the years,” writes Mr. Batchelor,
“I must have spent many thousands of hours
seated on a meditation cushion, but I still get
distracted, listless, and bored. . . . There can be
long periods when I do not meditate formally
at all. Often I feel like a dilettante.”
If this is discouraging, it might help to turn
to “At the Center of All Beauty,” a more flexible
and forgiving approach to the subject of soli-
tude. Rather than suggesting that the benefits
of solitude come only with suffering and deep
study, this book serves up encouragement to
the would-be solitary and offers examples of
the many ways solitude can structure our lives.
As a seventh-grade student in a Catholic
school in Kentucky, Fenton Johnson was asked
to draw a picture of something from the
catechism. The result was “Three Roads to
Heaven,” in which three paths diverge toward
the Religious Life, Marriage, and “a cloud
labeled SINGLE, which our catechism offered
as a legitimate calling, officially on a par with
the other two options.”
If Catholic teaching suggested that being
alone was OK, a real-life example came from
the nearby Abbey of Gethsemani, where Trap-
pist monks lived and worked in silence, and
Thomas Merton wrote his acclaimed memoir
“The Seven Storey Mountain” and many other
books. Mr. Johnson decided early that he was
“not the marrying kind,” a decision only partly
determined by the fact that he was gay.
Mr. Johnson maintains that solitude is
particularly important to the creators among
us. He makes his case by sketching the lives
of a select company of artistic solitaries, begin-
ning with Henry David Thoreau, the famous
hermit of Walden Pond.
Just kidding. Thoreau was no hermit, as
Mr. Johnson well understands. “The notion of
Thoreau as a hermit,” he writes, “is so far from
the facts that what’s curious is why it devel-
oped in the first place, since Walden is replete
with anecdotes of chatty visits from towns-
people and travelers.” Thoreau surely valued
the time he spent by himself. He wrote, “I love
to be alone. I never found the companion that
was so companionable as solitude.” But it was
not the only time he valued.
“I left the woods for as good a reason as I
went there,” he wrote after his two years, two
months and two days in the little house he
built himself. “Perhaps it seemed to me that I
had several more lives to live and could not
spare any more time for that one.”
Mr. Johnson sheds some light on why
Thoreau has taken so much flak from critics for
failing to be the self-sufficient hermit that he
never said he was. “The reasons for that dis-
crediting, I argue, arise from our need to savage
solitaries who so emphatically and cheerfully
break social norms, because they show how
easily it may be done . . . We seem either to
mock (Thoreau) or idolize (Thomas Merton)
those who seek and enjoy solitude, perhaps
because perceiving them as ordinary folks might
require us to question the cocoon of noise and
artificial light with which we surround ourselves
and that constitutes contemporary life.”
Though Mr. Batchelor is steeped in the Bud-
dhist tradition and Mr. Johnson in the Catholic
We seem either to mock or idolize
solitaries, perhaps because
perceiving them as ordinary
might require us to question
the cocoon of noise with which
we surround ourselves.
Church, there is considerable crossover in their
thinking about solitude. Mr. Batchelor is a
great admirer of Montaigne, who sought to
build a bridge between Catholics and Protes-
tants only to have his volumes of essays placed
on the Index of Prohibited Books for nearly
300 years. Mr. Johnson has less to say about
Buddhism than Mr. Batchelor says about
Catholicism, but he does note that “the Buddha
and Jesus sacrificed their comfortable and
secure lives to cultivate solitude, leaving their
homes and taking to the road.” And yet he
warns that “as the Buddha and Hebrew biblical
prophets point out repeatedly, idols are an
avoidance mechanism, a place where we can
park and abandon our dreams instead of
accepting our responsibility to live them out.”
Both Mr. Batchelor and Mr. Johnson believe in
the value of solitude for the creative life. Indeed,
that is the main subject of Mr. Johnson’s book,
in which we learn how people as different as the
painter Paul Cézanne, the novelist Zora Neale
Hurston, the singer Nina Simone and the street
photographer Bill Cunningham built cells of soli-
tude within their lives and drew out different
kinds of treasure. But Mr. Batchelor, for his part,
also traces the roots of artistic achievement to
solitude. In John Keats’s sonnet “O Solitude!,”
the poet seeks out hills “where the deer’s swift
leap / Startles the wild bee from the foxglove bell.”
Though Keats was no Buddhist, Mr. Batchelor
sees an echo of nirvana in the concept of
“negative capability,” in which one “is capable of
being in uncertainties, mysteries, doubts, without
any irritable reaching after fact and reason.”
Drugs and sexuality are two areas where these
authors have less in common. There is nothing in
Mr. Johnson’s book to set beside Mr. Batchelor’s
descriptions of taking ayahuasca in Andalusia:
“My mind is invaded by spiraling patterns of
color. I vomit diminishing amounts of a bitter
liquid, my body repeatedly convulsing, sweat
dripping off my face, my nostrils filled with the
vegetal stench of the medicine, until I pass out.”
Similarly, there is nothing in Mr. Batchelor’s
book to set beside Mr. Johnson’s thoughtful
exploration of how discovering that one is “not
the marrying kind”—whether that means being
gay or not—can be the path to the sort of career
that Thoreau, Walt Whitman, Emily Dickinson,
Henry James or Eudora Welty enjoyed.
Both these books are essentially pro-solitude,
perhaps in reaction to the anti-solitude prejudices
of Western culture. But both authors would
surely recognize that too much solitude, like too
much of anything, can be just too much. As the
solitary short-story writer E.I. Lonoff remarks
about Nathan Zuckerman in Philip Roth’s “The
Ghost Writer” (perhaps remembering his Keats),
“I was only suggesting—surmising is more like
it—that an unruly personal life will probably
better serve a writer like Nathan than walking
in the woods and startling the deer.”
Mr. Wisner is the author of “A Basket of
Leaves” and the editor of “African Lives,”
“Thoreau’s Wildflowers” and “Thoreau’s Animals.”

Feather Your Nest With Picture Books

EVEN AS Covid-19 disrupts They dive and swoop!” we read. the egg sacs of spiders. Also: where she turned from larva into (Beach Lane, 32 pages, $17.99),
regular life, something normal “They don’t give up until they “This is the snakeskin warding bee, then tends to her queen. a book as spare as it is droll.
and lovely is taking place drive the snake away.” All off harm, / a scaly and thin rep- “When Apis turns twelve days Frogs may have interior lives
outdoors: Spring has begun. For creatures have to eat, of course, tilian charm, / draped on the old, glands in her abdomen begin full of depth and angst for all
families hunkered down, picture but thank goodness not this nest that Wren built.” As with making flakes of white wax. It is we know, but on the outside
books are a great way to bring a snake—not in this book. Mr. Cole’s robins, we follow the time for her new job. Flying?” they do have a humorous aspect.
bit of seasonal freshness indoors. Did you know that Carolina wren family from nest-building Ms. Sayre’s camera captures this
These portraits of notable spring wrens sometimes attach snake- to nest-leaving. In a sweet coda, THIS WEEK quality: the green skin, the
characters for children ages 3-9 skins to their nests to frighten a mouse takes up residence in yellow eyes, the wide mouth set
are congenial to look at and off other predators? This is the abandoned dwelling, and we Nesting in what looks like frowning
CHILDREN’S enlightening too. something children will learn are glad of it. By Henry Cole resolution. “A frog has
BOOKS Henry Cole explains what the from “The Nest That Wren From birds to bees: Candace favorites,” we read. “This rock.
MEGHAN robins are up to in “Nesting” Built” (Candlewick, 32 pages, Fleming details the fantastic The Nest That Wren Built This log. Its daily job? Support
COX GURDON (Katherine Tegen, 40 pages, $16.99), a beguiling and subtly industriousness of Apis mellifera By Randi Sonenshine the frog.” Children will see the
$17.99), a book with black-and- informative picture book by in “Honeybee” (Holiday House, Illustrated by Anne Hunter frog’s development from egg to
white drawings made striking by Randi Sonenshine that takes its 40 pages, $18.99), a picture tadpole to froglet, but really this
touches of watercolor in serene cadences from the old song, book illustrated by Eric Honeybee is an appreciation rather than a
robin’s-egg blue. A male and “The House That Jack Built.” Rohmann with such intensity By Candace Fleming primer, and a charming one, too.
female robin meet and set up Illustrated by Anne Hunter with and accuracy that the squeamish Illustrated by Eric Rohmann Carme Lemniscates draws
house together in an apple tree. ink drawings enhanced by color reader may want to look on parallels between the human
Step out Gathering twigs and bits of pencil in pale shades of pink, from a distance while someone Being Frog and plant world in “Seeds”
in the grass, they construct a soft, green and brown (see below), else reads aloud. Not that there’s By April Pulley Sayre (Candlewick Studio, 32 pages,
swirled nest to hold four eggs the book has a warm and anything intrinsically yucky $14.99), a picture book about the
yard to that eventually hatch to release tender feeling. Two wrens about these creatures, with Seeds great things that can grow from
see the four clamorous hatchlings. construct a place to raise their antennae and furred By Carme Lemniscates tiny origins. “Seeds carry the
CANDLEWICK

spring— There’s a grimness in the eye their young. They collect bodies, and heaven knows they power of life,” we read. “So they
or stay of the adult robins as they toil twigs, bark, leaves and even do wonderful work with pollen embark on amazing adventures.”
to feed their ravenous offspring and wax, but up close they do Nope: comb-building. When the In the colorful mixed-media
indoors that may ping a chord in human look alarming. time comes to fly, both the pages illustrations, seeds float through
and parents (we’ve all been there). Ms. Fleming uses an engaging and the perspective open out: the air, germinate in the ground
read all Then into this busy Eden comes technique to take readers It’s a relief to the eye (and maybe and develop into rosy orchids
a snake; literally: it is “hungry, through the life cycle of a single to the bee, too) to be loosed on a and tidy rows of vegetables. But
about it. too, and climbs the apple tree.” worker bee. After describing meadow glorious with nodding there are other kinds of seeds,
The sight of the invading each stage of development, she wildflowers. Ms. Lemniscates notes: seeds
predator swaying over the robin raises the question of whether April Pulley Sayre uses that produce kindness, or anger.
family will come as an outrage our Apis is ready to fly. The photographs to bring young Fortunately, in life as in the
as much to the young reader short answer is “not yet,” readers close to another of garden, we all “get to decide
as it does to the distraught as the honeybee clambers springtime’s distinctive which ones to plant and which
birds. “The robins fight back! from the wax chamber creatures in “Being Frog” ones to help grow.”
C12 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘You were a perfect success: the audience was a dismal failure.’ — GEORGE BERNARD SHAW

The Director FIVE BEST ABOUT LIFE ONSTAGE

As Nervous Wreck Anne Enright

Barry Sonnenfeld, calls “Cousin Mike the Child Molester.”
Call Your Mother The author also offers many relatively The author, most recently, of the novel ‘Actress’
By Barry Sonnenfeld benign, humorous anecdotes, including
his family’s annual on-the-cheap so-
Hachette, 346 pages, $29
journ to Miami Beach. Mr. Sonnenfeld West of Eden Year of
BY PETER TONGUETTE fondly recalls the odor of the solution By Jean Stein (2016) the King

P 1
his father used to ward off baldness: By Antony Sher
ERHAPS because of the “It was a perfect combination of citrus, This is an oral history of (1985)

3
man-behind-the-curtain tar, and lamb chops—my favorite food.” Hollywood based on transcripts
mystique of their trade, An episode in which Mr. Sonnen- of interviews, not just with Back in the
movie directors have feld’s mother tries to track down her big players like David Geffen, early 1980s,
never been eager writers 16-year-old son, who was attending a Gore Vidal and Lauren Bacall, or if you had
of memoirs or autobiographies. Alfred Jimi Hendrix concert at Madison the children of big players like Jack any money,
Hitchcock never wrote a book about his Square Garden, prompted the book’s Warner Jr., but also with neighbors you traveled by
life and work; neither did Howard title: “The following announcement and attendants, the people who boat and train to
Hawks or John Ford. There are notable echoed over the Garden’s public ad- tended their gardens and cut their see groundbreaking
exceptions—Frank Capra, for in- dress system: Barry Sonnenfeld. Call hair. Here are the agents, producers, productions by the
stance—but, more often, directors need your mother.” mobsters and politicians who made Royal Shakespeare
to be coaxed, goaded or kissed-up-to Mr. Sonnenfeld seamlessly transi- California glamorous, well-watered Co. in London or
before they talk about themselves, pre- tions from his acidic coming-of-age tale and green. Jean Stein was the Stratford-upon-
ferring, as did Hitchcock, Hawks and to equally frank discussions of his daughter of Jules Stein, the founder Avon. But there
Ford, to participate in interview books. career, at one point comparing the pro- of the talent agency MCA. She grew was one ticket you
There’s something about writing in ducer Scott Rudin to his mother. “Both up in this tangled, interconnected could only dream
the first-person singular that is anath- had a very fluid relationship with the world where everyone got married of securing:
ema to many moviemakers—though, truth, and both were secret eaters,” all the time and no one cared much Antony Sher playing

DONALD COOPER/PHOTOSTAGE
happily, not to Barry Sonnenfeld. In writes Mr. Sonnenfeld, whose gift for what happened to the children. Richard III. He chose
“Barry Sonnenfeld, describing the in- Along with the extravagances of the to play the evil king
Call Your Mother,” dignities of movie- famous and the cruelties that they on crutches: “The
the director of making remains visit on each other, the book shows range of movement
such mainstream constant whether consequences. It is full of shrinks— is endless: backward
comedies as “The he is discussing, some of them horrible—as well as dancing movements
Addams Family” in agonizing detail, rich psychotics and suicides. Stein like a spider,
and the “Men in early gigs shoot- died in 2017, leaving behind this sideways like a DISCONTENT Antony Sher as Richard III in 1985.
Black” series, has ing pornographic richly textured, beautifully tempered crab.” Mr. Sher
written a wild ac- films or coming mosaic of voices. Hollywood feels so illustrates his diary of the production marketed as a Pez dispenser and an
count of his life to creative logger- well known, but it is hard to find with sketches that show what a $800 blow-up doll. “So you see,
and times. Mr. heads with direc- writing that is not about the image remarkable eye he has. “I do hope George Lucas is a sadist. But like any
Sonnenfeld, whose tors while working or the myth. This book manages my face turns into his as I age,” abused child, wearing a metal bikini,
PARAMOUNT/EVERETT COLLECTION

past experience as as a cinematogra- to be about people in the flesh, he says of his own father. “It’s a chained to a giant slug about to die,
an Esquire colum- pher, including, on not on the screen. marvellous face for an actor; a cross I keep coming back for more.” The
nist gave him a the comedy “Big” between Anthony Quinn, José Ferrer book is powered by that voice—wise-
head start in writ- (1988), Penny Mar- and Onassis”—then he proceeds to cracking, damaged and triumphantly
ing a book this shall. The Picture of Dorian Gray draw exactly that. The book is a human. Fisher became an addict and
sharp, punctures On the chal- By Oscar Wilde (1890) tremendous insight into the way bipolar, but she didn’t blame fame for

2
the myth of the lenges of making the actor’s mind works. It is also that. She knew in her bones that you
Director as God what became one The picture of the title, anecdotal and great fun. The name- don’t have to be glamorous to be sad.
and instead offers FAMILY VALUES Sonnenfeld and of his best films, readers will remember, dropping is, properly speaking,
the Director as Anjelica Huston on set in 1993. the Elmore Leon- is the portrait of himself awesome. “Evening. Caryl Churchill’s
Nervous Wreck; he ard-based “Get that Dorian Gray keeps party. Another party?!” A book to Nights at the Circus
says he had some 18 vomiting spells Shorty” (1995), he tells us that before in the attic and that decays and be closed with a sigh: It all now By Angela Carter (1984)

5
while serving as the cinematographer casting John Travolta in the lead role deforms slowly over the years even reads like nostalgia for a lost age.
on the Coen brothers’ “Blood Simple” of Chili Palmer—a mobster who re- as he remains forever beautiful and Angela Carter’s “Nights at
(1984). makes himself as a producer—Mr. Son- young. “The books that the world the Circus” captures the
In evoking his youth in 1950s and nenfeld endured fruitless meetings calls immoral are books that show Wishful Drinking world of performance for me
’60s New York, Mr. Sonnenfeld has with Dustin Hoffman, who was merely the world its own shame,” says By Carrie Fisher (2008) in all its vertiginous, tawdry

4
crafted a biting family portrait. His curious whether he was the inspiration Lord Henry Wotton, the heartless glory. The heroine, Fevvers, is an
parents come across, at best, as for the character, and Warren Beatty, aristocrat who influences the young This short, snappy, Edwardian trapeze artist who seems
hapless pie-in-the-sky dreamers: His who insisted he was all wrong for the Dorian. It is possible that Oscar outrageously truthful book to sport a pair of real wings. This
mother, Irene (nicknamed “Kelly”), is part. “Why would someone who looks Wilde wrote a book that is, in some is the best of Carrie Fisher’s sparks the fascination of the Ameri-
described as a schoolteacher with a like me be so far down the mob peck- uneasy way, about sexual corruption. written works. Here is a can journalist Jack Walser, who finds
healthy ego: “Mom’s grandiose view of ing order at the beginning of the It is also one of the great novels woman whose mother had a closet himself drawn into a picaresque
how the entire United Federation of movie?” Mr. Beatty asked Mr. Sonnen- about keeping up appearances. with both an entrance and an exit: adventure that brings him to the
Teachers (UFT) would collapse without feld, who was unable to furnish a sat- Gray, like Lord Henry, is always “It was subject to its own laws like decadence of czarist St. Petersburg
her, to saying nothing of PS 173M, isfactory answer. fabulously “on.” Every line is a the phone booth where Clark Kent and on into the shamanic Siberian
where she taught art, could have gone Here we have not only a new en- performance and every second line was transformed into Superman.” wastelands. The novel glories in the
without saying,” Mr. Sonnenfeld writes, trant in the movie-director memoir is famous. Revisiting it is like Her mother, Debbie Reynolds, was misrule and mayhem of the circus,
“although Kelly made sure it was said.” genre but an even rarer beast: a book making your way through a book a Hollywood star. Going out with revels in the links between per-
His father, Sonny, was a lighting sales- by someone in the entertainment of quotations. “The only way to get her was complicated by fans and formance and sexual display, and is
man whose own high self-image led industry who is neither self-aggrandiz- rid of temptation is to yield to it.” admirers. “I really didn’t like sharing unafraid of burlesque and the brothel.
him to form his own business. “Over ing nor self-important but uniquely, “Nowadays people know the price her. It seemed almost unsanitary.” Is it the magic of flight or of the
twenty-eight years (you can go bank- and painfully, candid. of everything and the value of Fisher became a different kind of stage that lifts Fevvers off the
rupt every seven years),” we are told, nothing.” “I love acting,” says Henry. star—one who wrote her own script. ground? She is not about to say.
“Dad filed for bankruptcy four times.” Mr. Tonguette is the author of the “It is so much more real than life.” Reclaiming herself from the industry After she is done, Fevvers “folds up
Mr. Sonnenfeld does not gloss over forthcoming “Picturing Peter Gray’s performance, however, was not easy. Her likeness as her quivering wings with a number of
troubling episodes, including abuse at Bogdanovich: My Conversations exacts too great a price. In the end, Princess Leia was owned, for a time, shivers, moues and grimaces as if she
the hands of a relative Mr. Sonnenfeld With the New Hollywood Director.” the mask destroys the man. by George Lucas, and has been were putting away a naughty book.”

Bestselling Books | Week Ended March 14

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.
Untamed 1 New Stamped 6 New The Mirror & the Light 1 New Green Eggs and Ham 6 3 Print-bookdata providersincludeallmajor booksellers,
Glennon Doyle/Dial Jason Reynolds & Ibram X. Kendi/Little, Brown Young Readers Hilary Mantel/Holt Dr. Seuss/Random House Books for Young Readers webretailers andfoodstores. E-bookdataproviders
includeall majore-book retailers. Freee-books and
Get Out of Your Own Way 2 New The Mamba Mentality 7 4 Journey of the Pharaohs 2 New American Dirt 7 — those sellingforless than99centsareexcluded.
Dave Hollis/HarperCollins Leadership Kobe Bryant/MCD Clive Cussler & Graham Brown/Putnam Jeanine Cummins/Flatiron The fictionandnonfiction combinedlists include
aggregatedsales forall bookformats(except audio
The Gift of Forgiveness 3 New The MAGA Doctrine 8 3 Where the Crawdads Sing 3 — Oh, the Places You’ll Go! 8 — books, bundles,boxedsets andforeign
Katherine Schwarzenegger Pratt/Pamela Dorman Charlie Kirk/Broadside Delia Owens/Putnam Dr. Seuss/Random House Books for Young Readers language editions) andfeaturea
combination ofadult, youngadultand
Find Your Path 4 1 There’s No Place Like Space 9 5 Dog Man: Fetch-22 4 10 The Numbers Game 9 6 juveniletitles. The hardcoverfiction
Carrie Underwood/Dey Street Tish Rabe/Random House Books for Young Readers Dav Pilkey/Graphix Danielle Steel/Delacorte andnonfiction listsalso encompassa
mixof adult,young adultandjuveniletitleswhile the
The Splendid and the Vile 5 2 Open Book 10 — Chain of Gold 5 2 Wrecking Ball 10 — businesslist featuresonlyadult hardcovertitles.
Erik Larson/Crown Jessica Simpson/Dey Street Cassandra Clare/Margaret K. McElderry Jeff Kinney/Amulet 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

End of Days 1 — Untamed 1 New The Mirror & the Light 1 New The Mirror & the Light 1 New Capital and Ideology 1 New
Sylvia Browne & Lindsay Harrison/New American Library Glennon Doyle/Dial Hilary Mantel/Holt Hilary Mantel/Holt Thomas Piketty/Belknap/Harvard
Untamed 2 New The Splendid and the Vile 2 2 Journey of the Pharaohs 2 New Journey of the Pharaohs 2 New StrengthsFinder 2.0 2 2
Glennon Doyle/Dial Erik Larson/Crown Clive Cussler & Graham Brown/Putnam Clive Cussler & Graham Brown/Putnam Tom Rath/Gallup
The Splendid and the Vile 3 1 Get Out Of Your Own Way 3 New Down and Dirty 3 New Where the Crawdads Sing 3 — Ultimate Retirement Guide for 50+ 3 1
Erik Larson/Crown Dave Hollis/HarperCollins Leadership Kendall Ryan/Kendall Ryan Delia Owens/Putnam Suze Orman/Hay House
The New Money Mission 4 New Gift of Forgiveness 4 New American Dirt 4 7 American Dirt 4 8 The Blueprint 4 10
Beau Henderson/RichLife Katherine Schwarzenegger Pratt/Pamela Dorman Jeanine Cummins/Flatiron Jeanine Cummins/Flatiron Douglas R. Conant & Amy Federman/Wiley
Fear Is Fuel 5 — Find Your Path 5 1 U Is for Undertow 5 — Long Range 5 2 Atomic Habits 5 4
Patrick J. Sweeney II/Rowman & Littlefield Carrie Underwood/Dey Street Sue Grafton/Berkley C.J. Box/Putnam James Clear/Avery
Born a Crime 6 — End of Days 6 — Creole Kingpin 6 New Little Fires Everywhere 6 — Leading With Gratitude 6 New
Trevor Noah/Spiegel & Grau Sylvia Browne & Lindsay Harrison/Berkley Meghan March/Meghan March Celeste Ng/Penguin Adrian Gostick & Chester Elton/Harper Business
The Fifteen Percent 7 New Stamped 7 New Maybe Swearing Will Help 7 New Blindside 7 — The Total Money Makeover 7 6
Terry Giles/Skyhorse Jason Reynolds & Ibram X. Kendi/Little, Brown Young Readers Lani Lynn Vale/Lani Lynn Vale James Patterson & James O. Born/Little, Brown Dave Ramsey/Thomas Nelson
Deadliest Enemy 8 — The Mamba Mentality 8 4 Long Range 8 1 The Numbers Game 8 4 Dare to Lead: 8 9
Michael T. Osterholm & Mark Olshaker/Little, Brown Kobe Bryant/MCD C.J. Box/Putnam Danielle Steel/Delacorte Brené Brown/Random House
Onions in the Stew 9 — Big Preschool 9 — The Light We Lost 9 — My Dark Vanessa 9 New Emotional Intelligence 2.0 9 7
Betty MacDonald/Harper Perennial School Zone Publishing/School Zone Jill Santopolo/Putnam Kate Elizabeth Russell/Morrow Travis Bradberry & Jean Greaves/TalentSmart
Educated: A Memoir 10 8 Open Book 10 8 My Dark Vanessa 10 New Dog Man: Fetch-22 10 — The Five Dysfunctions of a Team 10 5
Tara Westover/Random House Jessica Simpson/Dey Street Kate Elizabeth Russell/Morrow Dav Pilkey/Graphix Patrick M. Lencioni/Jossey-Bass
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | C13

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

1. Famed quarter- 5. What’s the coming thing in Cell Blocks Cell Blocks
back Tom Brady men’s suits this spring? Divide the grid
left the New Eng- into square or
land Patriots.
A. Matching N95 masks rectangular blocks, For previous
Where is he
B. Sensors that trigger a each containing weeks’ puzzles,
headed? warning when someone comes one digit only.
and to discuss
within six feet Every block must
strategies with

A. The New York
C. Brilliant hues like tomato- contain the number
other solvers, go
Giants sauce red of cells indicated by
to WSJ.com/

B. The Tampa Bay
D. A return to pleated pants the digit inside it.
puzzles.
Buccaneers

C. The Tennessee Titans Killer Sudoku
6. Russia’s top court lifted a hur-

D. The Montreal Alouettes Level 4 Suko
dle to Vladimir Putin’s remaining
in power until 2036, setting him
2. Marie Newman beat eight- up to become Russia’s longest
term Rep. Dan Lipinski in the Illi- serving modern ruler. Who has
nois primary—in which heavily the title now?
Democratic district?

A. Nikita Khrushchev Killer Sudoku Level 1

A. The 3rd, near Chicago
B. Leonid Brezhnev As with standard

B. The 12th, in the southwest
C. Joseph Stalin Sudoku, ill the

C. The 15th, in the southeast
D. Msistlav Rostropovich grid so that every

D. The 17th, in the northeast column, every row
and every 3x3 box Fabricated
7. Israel’s president asked opposi- contains the digits B R O C B S J O L T S C O E M I B
3. Who was the first member of tion leader Benny Gantz to form 1 to 9. Each set of R E D C O A T A L E R T A L I B A B A
Congress to test positive for a government after another in- I N D U L G E MA N I A R E F U G E E
cells joined by G U S T O P R A Y S O N I T F R I T Z
Covid-19? conclusive election. What else dotted lines must O N G O A L K N I F E S
did he ask? add up to the I M B U Y I N G S T D R E A L T I M E

A. Rep. Mario Diaz-Balart target number in P O U T F E E L T H E B U R N I R A N

B. Rep. Ben McAdams
A. That Gantz and Prime Min- A S S O R T R O P E S I N D I N E R S
its top-left corner. F O I L L E G I T S U N G

C. Sen. Lisa Murkowski ister Benjamin Netanyahu resort Within each set C A NWE N O T T O G I C E C A V E S

D. Sen. Joe Cantwell to rock, paper, scissors of cells joined by O T O H G U I D E A N I MA L T E L E

B. That the two form a unity dotted lines, a digit A S D O I S P O R T S N U T C T R L X
S E A L S E S L T P S O H G E E
government cannot be repeated. T A T E R S P H A I R G R E E N S
4. Many people rely on brine and

C. That both remain open to C A P U C H I NM O N K E Y S
beet juice—for what? O H P L E A S E M A P O L DM E D I A
teaming with Arab parties
C A R O L O R C A A S T I B A R N S

D. That Mr. Netanyahu resign Suko A B E T S T E A L A S C E N E MA L T

A. Warding off coronavirus
Place the numbers S A Y H I T O S A L S A G E T S F A R

B. A popular cocktail called a E N O T A U T Y L E R O N O T S A
Red Herring 8. Deutsche Bank said that the 1 to 9 in the spaces
K A N S Y R S A S S Y N Y E S T Y

C. A smelly but effective road coronavirus could slash second so that the number
deicer quarter eurozone GDP—by how in each circle is equal
to the sum of the Seven Sages

D. All of the above much, on an annualized basis? H T M Y O
four surrounding
I G O S P
R 1 R I
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and 24

A. 4% M E 23 T E T 2 E N
FROM TOP: XAVIER COLLIN/AVALON/ZUMA PRESS; ISTOCK

each color total I O 22 S R 3 R I

B. 14% S T L S
is correct. T O 25 L M A 4 O
Answers are listed below the
C. 24% 21 N S
A S O 36 L A 26 O N
crossword solutions at right.
D. 54% A B O T N
H 20 M D R 5 S
C 35 B T 27 A
T W O A S C E
M E M
19 P P R A 6 A
T
R A 34 S E 28 R C
C 18 Y T S U 7 Y
R U T O
A L O N C H
E 33 P F 29 I
F 17 S A L 8 A
E C
I R U
32 O N 30 S P S E V
16 R S 31 O I 9
H U A E
T E 15 C L P C R R 10 L C
T O 14 O A A 11 I H
O R 13 V 12 T A
N G N
T U
B D E

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

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 34 Farmer 1 2 3 4 5 6 7 8
Hoggett’s prize
17 18 19 20 21 pig
22 23 24 25 35 Link that can’t 9 10
have any spaces
26 27 28 29 30
36 Ovine utterance 11 12
31 32 33 34 38 Ballpark fig.
41 Ballpark figures
35 36 37 38 39 13 14
43 Symbolize
40 41 42 43 44 45 46 47 45 Peak of power
46 Menu choice 15 16
48 49 50 51 52
47 Holt of NBC
53 54 55 56 57 News 17 18 19
58 59 60 61 62 63 64 49 Raid target
50 Expose to
65 66 67 68 69 20 21
intense heat
70 71 72 73 74 51 “This guy gets
it!” 22 23 24 25
75 76 77 78 52 Got over
79 80 81 82 83 84 85 86 87 56 “Green Book” 26 27 28
Oscar winner
88 89 90 91
58 High-tech auto
92 93 94 95 96 97 option 29 30
59 Meredith of NBC
98 99 100 101 102 103 News 31 32
104 105 106 107 108 109 60 Hosts often
make them
110 111 112 113 114 61 Unable to look 33 34
115 116 117 118 away
62 “I’ve been 35 36
119 120 121 122 wondering...”
63 Best Buy buys
Words Left, Right and Center | by Ezra Brauner 64 Inquisitive sort Boxed Set | a cryptic puzzle by Emily Cox & Henry Rathvon
67 It may be
Across 44 Phone screen 89 Gps. moms and Down 18 Harry drinks fifth of booze
In some squares of the grid, Across 4 Purer IV fluid going against
positive or
1 Facebook’s border dads get involved 1 Crackers negative and Down answers will not match; (5) the flow (7)
proposed 48 Alternative to a with
2 Checkout device 68 Best in class in fact, a total of five different
cryptocurrency beer belly? 90 Bay Area at some stores 22 True interpretation,
letters will fall into each of those
5 Tricky play otherwise
research sch. 71 Tries something
6 Tooth trouble 52 Greek goddess 3 Result of risky squares. These five letters can be something leaving an unadorned (3,6)
10 Inconsiderate who drives the 91 Easy bucket tweeting impression (5)
moon chariot 74 Google’s cloud arranged to form a word. Simply 6 Thin and frail, like Midas
fellow 92 Turquoise kin 4 Crash into gaming service
53 Turns colors, 94 Share quarters
draw this word in each affected 24 X, a New Testament letter? losing face? (5)
13 Pound pick 5 Gave the 77 Layers of rocks? square; when you’re done, the
maybe 97 Cousin in a 1992
(6) 7 Stray unarmed bum (7)
17 Dulling drug waitstaff work 78 Way you central Across entry will show you
54 Unit Wikipedia film 28 Worship one of the French 8 German city doctor needs
19 Inconsiderate 6 Rudimentary probably don’t (unless your eyes have glazed
defines as about 98 Bookkeeping for after hours (7)
fellow stuff want to be held over) how many items are in the shot (7)
the amount of the smartest 2%?
20 Fall off work of a push- 7 Murmur sweet 80 Out on the ocean 29 Small vehicle traveling to
set, including its own contribution.
102 Bellini pieces nothings
13 Pointed article inside gym
21 Singer from up by a housefly 82 Most frilly Auburn (8)
County Donegal 104 Villainous count 8 Nightmarish sneaker (6)
55 “I’m good” 83 Meat
22 Cheesy line from in the Lemony genre applications 31 Land back in Canaries (4) 14 Get sudden rant set
57 Queen’s servants Snicket books
Tony’s wife on
58 Egg protector
9 Chemistry 84 H.S. dept. Across 32 Caught in showers, alien straight (10)
“The Sopranos”? 105 It may be Nobelist
61 Biblical birthright retrograde or
85 Is behind 1 Mean, heartless bowler’s doesn’t give up (7) 16 Auditor’s weird market
24 God with a bow Rutherford
seller anterograde 86 Bed-and- capacity? (6) 33 Learned tire due for (6)
25 Weightlifter’s 10 “Cheers” breakfast
prides 63 Top choice 106 Senses of barmaid 6 Get back on tour men changing? (7) 19 Term Scene Ten “muddled”
65 Prolific diarist of grandiosity 87 Astronomer’s
26 Peculiar 11 Chooses as a study rearranged (7) 34 Sand pile sheltering cold (8)
the 20th century 107 Number of weeks successor
27 Grunts of pain 89 Peacock’s pride 9 Hebrew priest turned to jackass (5) 20 Spring sign limits (10)
66 Response from per annum 12 Writer
28 Queenly 93 Cooled down
trappings
President Xi? 110 Brawny rival imprisoned for poet (5) 35 Keep first of animals in pen 21 Old fences English school
69 Top choice 111 Language of cruelty and 95 Some get-rich- (4)
30 Pointer quick schemes
10 One gain in standard blew up (9)
70 Field with New Mexico debauchery
31 Smarted 96 Poses for baseball dugout supply 36 In decay, deuterons 23 Mister Sack brought back
intersections and 112 Plan to fix an 13 Biblical
33 Description of a unions infestation of embodiment meditators (4,3) deteriorate (3,2,4) trash (6)
Canadian clod 97 Peak offerings
pushing a
72 Two tablets, e.g. cobras? of longevity 11 Wavered after the start Down 25 Cuckoo nested tight (6)
73 Like some delis 115 Target d’un coup 14 Strip, as a ship 98 Brought to tears changed (7)
stroller? 1 Tally of people touched an 26 University railroad in solid
75 Grow weary 116 Entertainer’s 15 Making a bow 99 Select group
35 Kriegsmarine 12 Overact scene’s last bit (5) alien (4,5) circle (8)
vessel 76 Cellular milestone 16 Delectable 100 Fleet-based
messenger 117 Sharp flavor 18 Musk of SpaceX 101 Arrogant sort 14 To stop in like flatterers (7) 2 A Fifties auto having the 27 Exchange blue and yellow
37 Comfy places to
sit 77 “Oh, come on!” 118 Rummy cocktail 20 Irritates 103 Wander 15 Split stick (6) French safety signal (3,5) (5)
39 Brews often 78 Amusing lark 119 Indicator that a 23 Kabul crowds 106 Tests that may 17 Ruby flipped about beer 3 Sink with no ring supporter 30 Crazy about running race
mixed with honey 79 Wafters from a sentence is too 29 First major find arrhythmia
wordy, perhaps 108 Positive thinker’s
merchant (6) (6) props (6)
40 Insignia barbecue league player to
indication 81 Beautifiers of a 120 Tigers, on have his number motto
Get the solutions to this week’s Journal Weekend Puzzles in next
s

41 Subject of prince of Troy’s scoreboards retired 109 “Just messing

reminiscence dinner? 121 Identifiers broken 32 They accept with you!” Saturday’s Wall Street Journal. Solve crosswords and acrostics
42 Counterparts of 88 Talks like a heavy into three parts bets 113 “Raggedy” doll online, get pointers on solving cryptic puzzles and discuss all of the
cones smoker 122 Forgo frugality 33 Can’t bear 114 Pointer puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, March 21 - 22, 2020
EXHIBIT | ALEXANDRA WOLFE
Soviets in Outer Space
Even before Sputnik, readers in the U.S.S.R. turned to science magazines
for images that evoked ‘the thrill of boundless discovery.’
T
he U.S.S.R. launched
Sputnik, the first satel-
lite to orbit the Earth,
in 1957. By then, the
country’s bold ambi-
tion to explore outer space was al-
ready a popular theme in Soviet sci-
ence magazines. More than 250
space-themed images are collected in
the new book “Soviet Space Graph-
ics,” by Alexandra Sankova in collab-
oration with the Moscow Design Mu-
seum, which will be published by
Phaidon on April 1. The book traces
the Soviet space program from its as-
pirational origins in the 1920s to its
ultimate decline in the 1980s.
In the U.S.S.R., illustrated science
magazines were published by the
government to drum up popular en-
thusiasm for the space race, as well
as to convey the country’s technolog-
ical superiority over the capitalist
West. At the beginning of the 1950s
MASTERPIECE | ‘THE PLAGUE’ (1947), BY ALBERT CAMUS
An Allegory,
But Also a Guide
BY JEFFREY MEYERS
THE WORLD-WIDE SPANISH influ-
enza epidemic that began in 1918
killed about 50 million people,
more than all the combined deaths
in World War I. The current corona-
virus epidemic is just as frighten-
ing. Official reports convey unpre-
paredness rather than reassurance.
No one knows how long it will last
or how much damage it will cause.
The disease incites panic in the
streets and in the shops, and in-
fects us with fear and insecurity.
For this reason, it’s the right
time to consider the brave wisdom
of Albert Camus’s “The Plague”
(1947). Camus (1913-1960) was a
French-Algerian novelist, dramatist,
actor, essayist and Existential phi-
losopher. Handsome in his Bogar-
tian trench coat, he won the Nobel
Prize in 1957 and died—like James
Dean—in a car crash. “The Plague,”
his most ambitious novel, has a lu-
cid style, ironic tone, complex char-
acters, riveting plot, emotional in-
tensity and exalted themes.
Camus’s uninspiring setting,
Oran on the coast of North Africa,
is ugly: baking in summer, muddy
in winter; treeless, glamorless,
soulless. Its citizens are smug,
placid and bored. Their passions
are short-lived, their vices banal.
They cultivate mechanical habits to
get through life and have no inter-
est in anything but money and
space race, the Soviets were
well ahead of the U.S. After
Sputnik, they went on to launch
the first dog (1957) and the
first woman (1963) into space.
Earlier in the century, Soviet
writers and artists could only
imagine what lay beyond
Earth’s atmosphere. Magazines
such as “Knowledge Is Power,”
founded in 1926, combined ac-
counts of new research with
sci-fi conjectures, such as illus-
trations of long-distance hot
air balloon travel. Articles
about how to construct a
homemade radio appeared
alongside artists’ renderings of
future cities under the earth
and in the ocean.
As the space race began in earnest
after World War II, such illustrations
became more realistic. Artists cre-
ated heroic portraits of cosmonauts
pleasure. They don’t think about
morality, religion or death. The
plague begins suddenly with the
swarming appearance of festering
rats, who carry their infectious ba-
cilli to man and die in the streets.
Camus observes, “It was as if the
earth on which our houses stood
were being purged of its secreted
humors; thrusting up to the surface
the abscesses that had been form-
ing in its entrails.” Like our virus,
the infection is an evil visitation
that seems to come from nowhere
and puts everyone at risk.
“The Plague” is a vivid allegory
of the then-recent Nazi occupation
of wartime France. The mass buri-
als and crematoria recall the con-
centration and extermination
camps; there’s an organized Resis-
tance to the plague and the invad-
ing bubonic rats finally retreat. But
the novel is also a grim account of
the threatening contagion. It shows
how desperate citizens fight the
disease that ravages the city, how
they respond to the quarantine and
lack of a cure during the over-
whelming disaster.
Extending his focus, Camus de-
scribes an entire town in the grip
of disease and emphasizes the sep-
aration of the survivors, not the
suffering of the sick. He writes with
detachment and scrupulous verac-
ity in a clinical yet lyrical manner.
The authorities cannot explain,
control or eliminate the plague.
REVIEW
and detailed renderings of space-
craft. When the U.S. launched its first
satellite in 1958, the Soviets ramped
up their propaganda efforts, high-
They are not pre-
pared for its arrival,
unwilling to recog-
nize its existence and
unrealistic about its
effects. Oran suffers
dire consequences:
cuts in electricity, ra-
tioning of food and
gas, severe shortages
and restricted traffic;
the sudden appear-
ance of a black mar-
ket, smuggling, loot-
ing, curfews, press
censorship, police
surveillance and mar-
tial law.
The characters ex-
press various atti-
tudes about the
plague and comment
on the human condi-
tion. The doctor
Rieux, the criminal
Cottard and the clerk
Grand are aware that
the plague implies
evil in mankind; the
journalist Rambert,
the magistrate Othon
and the priest Pan-
eloux develop their understanding
as the plague proceeds. Trying to
reconcile belief in God’s goodness
with the evil in their midst, Pan-
eloux delivers two sermons. In the
first he justifies God’s punishment
and declares, “This same pestilence
which is slaying you, works for
your good and points your path.”
In the second he changes his argu-
ment. He now asks if the promise
of “eternal happiness can compen-
sate for a single moment of human
suffering” yet challenges his con-
gregation by asserting there is no
* ***
lighting scientific breakthroughs.
But after the triumph of Yuri Ga-
garin, who became the first human to
go into space in 1961, the Soviet
space program saw a series of set-
backs, including the death of cosmo-
naut Vladimir Komarov in 1967, when
his capsule’s parachute failed during
re-entry. The success of the Apollo 11
mission to the moon in 1969 marked
the American victory in the space
Life—and hope—in a time of
pestilence and quarantine.
room for doubt: “We must believe
everything or deny everything. And
who among you, I ask, would dare
to deny everything?”
“The Plague” portrays people’s
sense of unreality and lack of read-
iness; their denial and despair, suf-
fering and isolation, selfishness
and sacrifice, indifference and af-
firmation, hatred and sympathy;
the power of love and the will to
prevail in philosophically absurd
THE WALL STREET JOURNAL.
Clockwise from top left:
The cover of a 1976 issue
of ‘Outlook’ magazine,
which came with
a recording by Yuri
Gagarin; an illustration
from a 1959 article, ‘What
Would a Space Station
on the Moon Look Like?’;
a 1979 cover of ‘Young
Technician’ magazine; an
imagined rendering of
a spacecraft passing over
Mars, created in 1961.
race, writes Ms. Sankova.
While Soviet space ef-
forts slowed down in the
1970s, space remained
prominent in Soviet culture,
such as director Andrei
Tarkovsky’s science-fiction
films “Solaris” (1972) and
“Stalker” (1979). In maga-
zine illustrations, artists
continued to imagine what
discoveries might be on the
horizon, from lunar space
stations to cosmic cities and power
stations.
“Throughout the entire period, So-
THE MOSCOW DESIGN MUSEUM (4)
viet citizens lived vicariously through
the images they consumed,” writes
Ms. Sankova. “For the majority it was
the only way to experience the thrill
of boundless discovery, and to em-
brace the potential of science to lift a
nation beyond so many years of
struggle.”
conditions. The self-
less hero Dr. Rieux,
who fights the plague
and narrates the
book, is outraged by
the anguish of the
victims and expresses
the transcendent
theme of love. He be-
lieves in the collective
destiny of human be-
ings and promises a
better life after the
plague disappears.
Like his hero, Ca-
mus gives us hope. He
believes that the
deadly crisis will en-
courage solidarity and
bring out the best
qualities in people,
that endurance and
courage will prevail.
Camus writes, “No
longer were there in-
dividual destinies;
only a collective des-
tiny, made of plague”
and the emotions of
exile and deprivation,
fear and revolt. The
chastened people re-
turn to normal life with a clearer
vision and deeper understanding of
the precarious nature of human ex-
istence. He concludes, “what we
learn in time of pestilence is that
there are more things to admire in
men than to despise. . . . By refus-
ing to bow down to pestilence, they
strive their utmost to be healers.”
Mr. Meyers, a fellow of the Royal
Society of Literature, has recently
RYAN INZANA
published books on Thomas Mann,
Robert Lowell and the realist
painter Alex Colville.
 OFF DUTY
Opening Act Moniker
A genius tool Madness
from Japan for Dan Neil on the
anyone stocking illogic involved in
up on cans naming Mazdas
D5 D8
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | D1

REAL BOOKS NOW

Clutter or
Comfort?
As Americans’ homes become
inescapable refuges, our design
columnist confronts her love-hate
relationship with printed matter

SPIROS HALARIS

BY MICHELLE SLATALLA questered myself at home to try to stop the coronavi- and schools are closed.

S
OME OF MY best friends are libraries, but
I wouldn’t want to live in one.
I thought of this last week when my
daughter Ella visited and gracefully tried
to off-load a fat, hardcover novel she’d
read on a plane.
“Such a great story,” she said, eyeing me like the
devil herself.
“I can’t,” I said feebly.
“A psychological thriller,” she said.
“Stop,” I whispered. “His word against hers,” said
Ella. “Put it on my night table,” I said, hating myself.
Of all my worldly possessions—my furniture, my pi-
ano, my oil paintings of dogs—I love my books the
most. But it is a tortured kind of a love. Because I
have run out of room for them.
The scope of the book problem became very clear
to me this week as I, along with much of America, se-
rus. Suddenly I had all the time in the world to survey
my domain. And what I saw was that the books had
taken over the place.
“I don’t want to say my books look menacing, ex-
actly, but I am definitely feeling confined,” I told psy-
chologist Darby Saxbe, who I admit I phoned partly for
the sheer pleasure of talking to another human being.
“Clutter is especially bad for the psyche when our
typical world is disrupted,” said Dr. Saxbe, director of
the Center for the Changing Family at the University
of Southern California. “When it comes to books, my
personal tip is to organize them by color. On the top
shelf, the left-hand book is red and then the books go
through the rainbow. It looks really eye-catching—and
soothing.”
What we want from our physical surroundings at a
time like this is to have everything go back into its as-
signed place, she said, adding that order can be diffi-
cult to achieve if adults are forced to work at home
“Our personal stuff is getting mixed in with our of-
fice space, and the boundaries become blurred. It can
exacerbate stress with people sharing small quarters
together,” Dr. Saxbe said. “My kids right now are
trashing the kitchen,” she added.
Shelves of #rainbowbooks soothe many people, as ev-
idenced by more than 45,000 photos on Instagram, and
I would consider trying the Roy G. Biv method if all my
books fit on my shelves. But they are jammed with extra
paperbacks lying on their sides on top of hardcovers.
Gardening books are stacked under my bed. Cookbooks
are muscling out the dishware on kitchen shelves. Not
to mention all the books Ella has read on a plane.
The most perplexing part of this décor dilemma is
that my books serve little or no functional purpose in
my life. Like most people I know, I read almost every-
thing on my phone.
So why do we even keep books in our homes when
Please turn to page D6

Inside

FITNESS FOR SHUT-INS SLIP INTO SOMETHING LESS... LOOK ON THE REALLY BRIGHT SIDE LIP-SMACKING MACKEREL
Exercising at home? High-tech rowing ...sweatpant-ish. There’s still scope for Skype brilliantly in one of spring’s A citrus-y fish dish that’s
machines beat treadmills and bikes D7 elegance when you’re sequestered D3 optimistically hued suits D2 ready in 20 minutes D4
D2 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

The Rainbow Collection

Brightly colored suits are far from the norm. Yet tailoring in hues including crimson
and clover is starting to seem less odd in menswear circles
BY JACOB GALLAGHER

T
HE SUITS of-
fered by Paris
label Berluti
this spring
come in hun-
ger-inducing hues like mus-
tard yellow, tomato-sauce
red and eggplant purple—
shades more typically found
at the supermarket than in
Saks’s tailoring department.
Yet unexpected colors punc-
tuate much of the suiting
this season. Alexander Mc-
Queen wants you to contem-
plate a flamboyant fla-
mingo-pink version; Marni’s
spin is Caribbean turquoise;
and French label Jacquemus
sells a lime-green set that
recalls a Sierra Mist can.
With working at home
now the norm across much
of the U.S., many of us are
POP GOES THE LAPEL Clockwise from top left: Jacket, operating in flannel-and-ter-
$2,065, givenchy.com; Trousers, $1,040, givenchy.com; Havana rycloth mode, but we’ll
Suit, $599, suitsupply.com; Jacket, $1,900, gabrielahearst.com; eventually leave the house
Trousers, $690, gabrielahearst.com; Officine Générale Jacket, again. And, in the mean-
$585, mrporter.com; Pants, $250, officinegenerale.com time, someone’s got to en-
liven those endless video-

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

conference calls. We advise
that someone to consider a
Crayola-colored suit.
“Designers are really
looking for a different way
to talk about tailoring,” said
Justin Berkowitz, men’s
fashion director at Bloom-

Sound ingdale’s. For many design-

ers, that means stealing
from streetwear, the loosen-
it-up-and-give-it-a-logo

Thinking trend that squelched the

suit’s popularity to begin
with. Tailoring in strong
colors once reserved for
graphic T-shirts makes a
Audio storytelling on news you care about, full-throated declaration
at home or on the go. that this is not your father’s
gray flannel suit.
Browse our podcasts: WSJ.COM/LISTEN When it comes to pop
culture, tinted tailoring cer-
tainly fits in. Joaquin Phoe-
nix’s character in last year’s
“Joker” menaced Gotham in
a well-tailored scarlet suit.
Leonardo DiCaprio wore a
pink suit as “The Great
Gatsby” in 2013. And the
comic-book villains of
1990’s “Dick Tracy” raced
around in emerald and
crimson suits. That film was
© 2020 Dow Jones & Company, Inc. All rights reserved. 2DJ7421
A STUDY IN SCARLET A bright suit is best paired with a simple, noncompeting shirt and
please, no tie. Red Wool Blazer, $1,495, siesmarjan.com; Red Wool Pant, $895, siesmarjan.com
with bold suiting: At this A hued suit can still raise gundy and hunter green can
year’s Roc Nation brunch, a eyebrows in America. Malik be an easier sell for many
pre-Grammys party, Jay-Z, DeCruise, 30, who works in men. Alex Wasilenko, 27, a
DJ Khaled and Kevin Hart marketing for a Chicago TV meteorologist in Green-
wore suits in pastel pink, clothing company, said that ville, N.C., relies on his sig-
baby blue and emerald if he wears his pink suit on nature colored suiting, yet
green, respectively, forming the streets in June or July, knows to stick with darker
a springy trio on a January “I’ll get some looks…like, shades like eggplant. “I
day. Such joyous suits are have a baby-blue suit coat,
familiar to anyone who fre- and it just is way too bright
quents an African-American for on-air with all the stu-
church, where worshipers
Someone’s got to dio lighting,” he explained.

set in the 1930s when the
oversize drape suit
emerged. Those suits led to
the more common and col-
orful zoot suit of the 1940s.
Off-screen, actors includ-
ing Samuel L. Jackson and
Timothée Chalamet have
confidently walked the red
carpet in Laffy Taffy-hued
formal wear. The music
world is especially smitten
often bring out their most
deeply saturated Sunday
best.
While the rest of the U.S.
male population still tends
toward gray and navy, tai-
lors in Mumbai make suits
in radiant reds and mari-
golds and, in Congo, the
dandies of Brazzaville pride
themselves on wearing suits
in orange, blue and violet.
enliven the endless
videoconferences.
‘Hey, that’s kind of a risk.’”
At work, he finds a more re-
ceptive audience. “In my of-
fice it’s more like, ‘That
looks sharp, I like how you
did the pocket square.’”
Subtler shades like bur-
Monotonously somber
suiting still dominates in
America, so wearing a col-
ored version means break-
ing away from the pack—
which has a positive side.
“If two people have the
same suit, it’s awkward,”
posited one sapeur in a
2015 documentary on the
Brazzaville dandies. “It
looks like a football team.”
UNICEF does not endorse any brand, product or service.

Chloé and UNICEF are proud to announce a new global partnership to advance gender equality
through innovative solutions developed with and for adolescent girls to excel in the future workplace.
More information on www.chloe.com/unicef
#GirlsForward
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 21 - 22, 2020 | D3

STYLE & FASHION

dress flatters most body types,
The Over/Under STRAP CLUB particularly when it’s cut on the
One of a slip dress’s virtues is Drew Barrymore bias, meaning the fabric is cut at
its supreme layerability. Here, photographed in a an angle. I didn’t realize this until
three ways to augment it— white satin slip dress in I finally tried on my first slip at
from easy to dressy. 1994, the year she age 30. In unguessable ways, the
starred in the updated gown-length black column sup-
Western ‘Bad Girls.’ ported me in all the right places.
In the years since, I’ve worn it
with heels to black-tie holiday
fêtes, with combat boots and a
leather jacket to grab lunch and
barefoot on the beach.
The dress’s accommodating fit
and versatility, plus the fashion in-
dustry’s relentless infatuation with
the 1990s, could account for its
ubiquity in the current spring col-
lections. R13 proposed a grunge-
tinged floral version, and Jil Sander
showed a fluid, wide-strapped take.
For a Skype- New York-based stylist Lilli Mill-
based client hiser said that these days, the slip
meeting dress is a closet staple—“like a
Slip Dress,
$545,
nililotan.com;
Blouse,
It may resemble lingerie,
$1,075, Stella but the slip dress is a
McCartney, wardrobe workhorse.
saksfifth
avenue.com

good pair of jeans.” Liane Wiggins,

head of womenswear at British on-
line luxury retailer Matchesfashion,
agreed. On the Matches website,
shoppers can choose from nearly
200 slip dresses, from the minimal
and affordable to the elaborate and
extravagant. Ms. Wiggins observed
that her customers gravitate toward
more intricate variations, like Ga-
briela Hearst’s lace and pintuck-
pleated leather style for spring.
But a simple slip can serve you
well, as New York-based designer
Nili Lotan attests. Since she intro-
duced it in the late 2000s, her
sumptuously spare silk cami dress,
For a special which comes in a multitude of colors
dinner at and two lengths, has been a collec-
home tion mainstay and celebrity favorite.
Slip Dress, “Clean, timeless, effortless and age-
$3,500, less,” is how she described the de-
gabrielahearst. sign, which she recommended pair-
com; Blazer, COPYCAT ing with a silk jacket for a late-
$520, sandro- spring wedding, an oversize knit for
paris.com a #stayhome weekend or a hooded
GETTY IMAGES (BARRYMORE); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (CLOTHING)

Give Yourself the Slip

Drew Barrymore’s barely-there, minimal 1990s dress has its comeback
BY KATHARINE K. ZARRELLA
describe the class of particularly
layering short ones over baby tees;
sweatshirt for venturing into public.
Ms. Wiggins advised buying
your first slip in a neutral hue like
navy, black, champagne or ivory.
She favors natural fibers, rather
than synthetic blends—“they feel
more luxurious and look more flat-
tering”—and notes that a high-
quality design can carry you from
spring through winter. “Layer it
over a turtleneck, a pop-color knit

I
WASTED my 20s being ter-
rified of slip dresses. Tradi-
For a first tionally a sheath of vapor-
Tinder date thin silk held up by two
on a summer teeny straps, the slip dress,
evening to my mind, seemed too scandal-
Slip Dress, ously scant to wear outside the bed-
$725, R13, room, let alone to a restaurant or
r13.com; the office. I admired women confi-
T-shirt, $30, dent enough to venture out in
Babaton, what’s barely a second skin, but I
aritzia.com gravitate toward protective, sculp-
tural clothing and feared a slip dress
would leave me exposed. What’s
more, I am by no stretch of the
imagination a waif—a term used to
slender 1990s supermodels who
helped popularize the dress. Think
of Kate Moss who, in addition to
wearing a see-through slip to a
party in 1993, marched down the
runways of Marc Jacobs for Perry
Ellis, Prada and Calvin Klein in simi-
larly unsubstantial dresses.
But you know who else isn’t a
waif? Actress Drew Barrymore. Dur-
ing her ’90s tenure as Hollywood’s
pixieish wild child, she pledged de-
votion to the slip dress. Ms. Barry-
more wore long ones on the red car-
pet, accessorized with body glitter
and a daisy in her hair; she chan-
neled the decade’s faux-naiveté by
and she embraced the grunge look
on-screen in 1995’s “Mad Love,”
pairing black boots with a floor-
length slip similar to the one above.
According to New York stylist
Camilla Nickerson, ’90s designers
recognized that the minimalist
dress was resonating with attitudi-
nal youths. Like much of the de-
cade’s fashion, its pared-back purity
offered reprieve from the audacious
extravagance of the ’80s. “It was
the uniform of many,” Ms. Nicker-
son said. “It came to define a cer-
tain mood...the slip dress was a part
of [an] unadorned new beauty.”
Counterintuitively, the flimsy
or...wear it with a gorgeous silk
shirt underneath,” she said, adding
that your base layer should hug
the body to avoid any unsightly,
lumpy lines. Oh, and another
thing: “We’re seeing women wear
it underneath a blazer for work—I
think it’s totally appropriate.”
On the hanger, it might look like
precious, indolent lingerie, but the
slip dress is a wardrobe workhorse.
Dress it up or down, pile on the lay-
ers or—my personal preference—
embrace some ’90s nostalgia and
wear it bare like Ms. Barrymore. As
Ms. Lotan put it, “It’s almost like
wearing nothing.” Only better.
D4 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

TASTE DRIVE

Carnivores,
Click Here
Plenty of online butchers advertise top-quality cuts
of meat, delivered direct to your door. But which of
these outfits can you really trust—or afford?

BY ELIZABETH G. DUNN There’s limited room in a meat case

I
N RECENT years, a slew
of new online ventures
have emerged to compete
with the supermarket
butcher case. There were
precedents, certainly; Omaha
Steaks has been in the mail-order
game since 1953. But the new
wave is making notable headway:
19% of shoppers had purchased
meat online as of 2018, the Foun-
dation for Meat & Poultry Re-
search & Education found, up
from just 4% in 2015.
Today’s direct-to-consumer of-
ferings are mostly geared toward
feeding a growing demand for what
Joe Heitzeberg, co-founder of on-
line meat marketplace Crowd Cow,
called “craft meat”: products that
are sustainably raised, traceable
and of higher quality than the com-
modity cuts that make up the bulk
of supermarket offerings. “Grocery
stores are not that well suited to
JUICY DEAL The Butcher’s Choice Box from Porter Road delivers a generous quantity of cuts and sausages. craft beef,” Mr. Heitzeberg said.
for niche alternatives, and few gro-
cers employ in-house butchers ca-
pable of educating shoppers on the
farming practices that might ac-
count for, say, a $10 price tag on a
pork chop. Selling online offers bet-
ter opportunities for storytelling,
Mr. Heitzeberg said, and greater
farm-to-table transparency.
Your best bet is to look
for opportunities to buy
directly from a farm.
But the online landscape can
be tricky to navigate, too, with
dozens of outfits touting their su-
perior sourcing. Your best bet is
to look for opportunities to buy
directly from a farm, or, failing
that, a butcher that can tell you
exactly where, and how, each ani-
mal was raised. Below, a few ex-
cellent options.

CUTS ABOVE / OUR FAVORITE PLACES TO BUY MEAT ONLINE

FRESH AND BUDGET-FRIENDLY
Porter Road
The online arm of the Nashville butcher shop of
the same name sells 100% pasture-raised beef,
pork, lamb and chicken from a handful of farms
in Kentucky and Tennessee, slaughtered and
hand-cut in Porter Road’s facility. Most online
outfits ship frozen, but Porter Road sends most
meat fresh, which they say preserves texture
and flavor. The pork chops I got were indeed ex-
ceptionally perky. Meat arrives in eco-friendly
cornstarch foam insulation, which you can dis-
solve and rinse down the drain or use to light a
grill. An easy-to-navigate website, subscription
options ranging from a $70 Grill Master Box to
$127 for 10 pounds of beef and pork, and prices
competitive with premium grocery-store alter-
natives make Porter Road a compelling option
for your everyday meat needs. porterroad.com
FEAST FARE
White Oak Pastures
This Georgia farm is the gold-standard in sus-
tainable, regenerative animal agriculture. White
Oak Pastures raises cows, pigs, chickens, lambs
and more in a zero-waste system that the farm
says stores more carbon in the soil than it pro-
duces; it is also one of the few farms in America
to slaughter and butcher meat on site. White
Oak’s website lacks the slickness of some oth-
ers, and most orders carry a shipping charge, but
the farm’s impeccable reputation makes up for
the hassle, especially as a source for special-oc-
casion meats. Pork from the farm’s Iberico pigs,
a breed famed for its tender, full-flavored meat,
rarely found outside Spain, is a must-try. One
notable downside: The meat ships in Styrofoam
coolers, unless you shell out extra for a com-
postable one. whiteoakpastures.com
FOR MEAT GEEKS
Crowd Cow
Startup veterans Ethan Lowry and Joe Heitze-
berg began by getting consumers to crowdfund
cows (hence the name). Their business has
since expanded to become an à la carte and
subscription source for beef, lamb, pork, poultry
and seafood. Crowd Cow works with a national
network of farms, all identified by name; the
website’s “shop by farm” option makes it easy
to purchase from a favorite source again and
again. The specialty here is still beef, with a
wide range of options available, from grass-fed
to grain-fed to ultra-premium Japanese A5
wagyu that can set you back $170 per pound.
Shipping is free on all subscriptions (starting at
$89) and individual orders over $149, and Crowd
Cow uses packaging that is 100% recyclable and
compostable. crowdcow.com
PLATINUM PRODUCT
Belcampo Meat Co.
If price is no object, it’s hard to top Belcampo
Meat Co.’s offerings. My family loved the or-
ganic free-range whole chicken ($8.80 a pound),
and a juicy grass-fed ribeye ($36 a pound) was
among the best steaks I’ve ever cooked. The 7-
year-old company is fully integrated from farm
to plate: All the beef, pork, poultry and lamb is
pasture-raised on Belcampo’s 25,000-acre or-
ganic-certified ranch in Northern California,
slaughtered and butchered in-house, and sold
through the company’s own restaurants,
butcher shops and website. Two steaks and a
few packs of frozen bone broth will get you
over the site’s $100 free shipping hurdle. Bel-
campo’s shipping materials are mostly recycla-
ble, though a bubble liner the company uses
winds up in the trash. belcampo.com

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

Pan-Seared Mackerel With Citrus and Fennel Salad

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

AS OF LAST WEEK, everything was going 125 years Gage survived. And when this
according to plan for the grand reopening of thing is over, and there’s calm again, it will
Gage & Tollner, the storied, long-shuttered be the best opening of the decade.”
Brooklyn chop house. Chef Sohui Kim al- In the meantime, for all of us hunkered
ready owns Brooklyn restaurants Insa and down at home, she’s sharing this recipe for
the Good Fork with her husband, Ben Schnei- pan-seared mackerel with a fennel, orange,
der. With partner St. John Frizell, owner of lemon and lime salad, her first Slow Food
The Chef Brooklyn bar Fort Defiance, they’ve worked Fast contribution. It’s a blessedly low-
Sohui Kim for three years to revive Gage & Tollner. But stress recipe. The most challenging part is
like restaurateurs around the world, they’ve supreming the citrus—freeing the individ-
Her Restaurants had to recalibrate in the face of a pandemic. ual segments from their membrane—and
The Good Fork, Insa On Saturday they decided to postpone the all you really need for that is a sharp
and Gage & Tollner, opening. But Ms. Kim remains resolutely knife. Your reward is a bright, healthy dish
all in Brooklyn, N.Y. hopeful. “We’re going to be OK. I don’t think to enjoy now, and a preview of good things
that’s wishful thinking, either,” she said. “For to come from Ms. Kim. —Kitty Greenwald
What She’s
Known For Total Time 20 minutes 1. Pat fish dry with a paper olive oil and pickled shallots
Cooking that deftly Serves 4 towel and season with salt. with lemon juice to bowl
marries classic Ko- Set aside for at least 20 with citrus segments. Toss
rean and American 4 Spanish mackerel fillets minutes. In a small bowl, gently to combine. Fold in
flavors. Building (about 11/2 pounds total) cover shallots with juice of herbs and fennel fronds.
neighborhood res- Kosher salt and freshly ½ lemon. Season with salt and pepper.
taurants where joy ground black pepper 2. Supreme whole lemon, or- 4. Lightly brush a large
is top priority. 11/2 tablespoons minced anges and lime: Use a knife to sauté pan with oil and set
shallots trim top and bottom from over medium-high heat.
Juice of 1/2 lemon, plus fruit. Set fruit on end and Once hot, add fish, skin-side
1 whole lemon slice from top to bottom, fol- down, and cook until skin
2 large oranges lowing curve of fruit, to cut browns and crisps, about 3
1 lime away peel and pith. Release minutes. Carefully flip and
1 large fennel bulb, thinly whole segments by inserting continue cooking until flesh
sliced, plus fronds blade between membrane is just cooked through,
1/
4 cup olive oil, plus more for and flesh on either side, then about 1 minute more. Trans-
brushing pan removing loosened flesh. fer fillets to a large serving
2 tablespoons minced Catch segments in a large platter and top with fennel-
parsley or chives bowl as you go. citrus salad. Garnish with SALINE SOLUTION Giving the mackerel fillets a good salting and
Pinch fennel pollen, optional 3. Add sliced fennel, ¼ cup fennel pollen, if using. letting them sit for 20 minutes before cooking concentrates their flavor.
 THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, March 21 - 22, 2020 | D5

EATING & DRINKING

IN MY KITCHEN

David
Lebovitz
We reached the pastry chef-turned-cocktail
maven in his Paris apartment, where he
paused, mid-stir, to share a few tips

I
MAGINE A FRENCHMAN with a glass of something in
hand, and chances are a glass of wine immediately
comes to mind. Then stop and think about how many
apéritifs are, in fact, French. Dubonnet, Pastis, Suze, Lil-
let, Noilly Prat—and those are just the best known—can
be found in nearly every neighborhood café in France. What’s
more, in recent years cocktails have become all the rage in
French restaurants and bars, particularly in Paris. “Drinking
French” (Ten Speed Press), the new recipe book from David
Lebovitz, explores French cocktails old and new while providing
essential information on everything from the history of spirits
to the mores of what to drink and when.
Mr. Lebovitz, a former Californian who’s lived in Paris since
2004, made his name as a pastry chef, cookbook author, mem-
oirist and pioneering food blogger (davidlebovitz.com). He
turned his attention to drinks after he noticed, watching a bar- GREAT SHAKES
tender at work one evening, that cocktails require much the Clockwise from
same precision as baking. He dutifully tested all the recipes in above: David
“Drinking French” in his kitchen, briefly turning his home into Lebovitz mixes a
something more closely resembling a bar than a residence. The cocktail in his Paris
testing is done, the book is now out in the world, but certain li- kitchen; a couple of
quors have taken up permanent abode in his apartment. In a re- well-used cocktail
cent conversation, Mr. Lebovitz lamented his leaky faucet, ex- strainers; a lineup
tolled the virtues of his favorite cocktail and vowed to master of go-to French
French verb conjugations at last. apéritifs, plus a
bottle of American
The first thing people notice brought over from the States rye whiskey.
about my kitchen is: the size. because I couldn’t find a res-
It’s roughly 15 times bigger taurant-style faucet here with
than a kitchen in an ordinary a flexible nozzle and hose that
apartment in Paris. I devoted would work in a home. My
an inordinate amount of space American faucet eventually The spirit I reach for most in My cooking mentor was: chocolate gilded with trying to learn French verbs.

CÉLINE CLANET FOR THE WALL STREET JOURNAL

to it when renovating because I broke, so I now have one cob-
spend an inordinate amount of bled together with a length of
time in it. twine that is constantly slip-
ping off, spraying the room
The best feature of my (and me) with water.
kitchen is: an enormous French
white porcelain sink, which I The cocktail tools I can’t live
wouldn’t change for the world. without are: a jigger and a
stirring spoon. When I em-
The worst feature of my barked on my cocktail journey,
kitchen is: my current faucet. I gathered all the “cool” tools
The original one I had was that professional bartenders
use, including a set of sleek
Japanese jiggers that kept slip-
Boulevardier ping from my fingers. I ended
Add 2 ounces up using a simple Oxo jigger to
rye whiskey or measure ingredients, which
bourbon, 1 may not be as sexy, but it gets
ounce sweet the job done and has precise
vermouth and measurements. I did graduate
1 ounce Cam- to a professional stirring spoon
pari to an ice- since the ones sold for home
filled cocktail shaker. use, with the candy-red plastic
Rock gently until chilled. tip and sharp spiral stems,
Strain into a chilled coupe hurt my fingers.
glass. Garnish with an or-
ange twist. The cookbooks I turned to
when researching ‘Drinking
La Marguerite French’ were: whatever
Add 11/2 ounces French books on spirits and
Lillet Blanc, 1 infusions I could find, which
ounce blanco were sparse. Most of the reci-
or reposado pes weren’t doable for home
tequila and cooks, especially if you don’t
3/
4ounce live in France: I didn’t think
freshly many Americans could pick
squeezed orange juice to up 4½ pounds of black cur-
an ice-filled cocktail rants to make black currant
shaker and shake until liqueur, nor would many want
well chilled. Strain into a to make the aperitif a l’oignon
chilled coupe glass. Gar- (onion aperitif) that called for
nish with lime or half an “cinq beaux” [five beautiful]
orange wheel. onions steeped in honey and
—Adapted from white wine. But I was able to
“Drinking French” by find inspiration in some of
David Lebovitz (Ten them, using ingredients like
Speed Press) tarragon, cocoa nibs and cher-
ries for aperitifs and liqueurs.
mixing cocktails is: rye whis- Lindsey Shere. She was a co- gold leaf?
key. I love the spiciness of it, owner and executive pastry My favorite places to have a
and how well it holds its own chef at Chez Panisse, where I The most important piece of cocktail in Paris are: Sister
with other ingredients. worked for 13 years. I learned kitchen wisdom I ever re- Midnight for a Manhattan
from her to let the ingredi- ceived was: to put less on and Candelaria for a late
The bottle always on my bar ents speak first and fore- the plate. That was from Al- night Guêpe Verte.
is: Chartreuse. I have an un- most, and skip the over- ice Waters.
natural love for the beguiling wrought presentations. Why A drink I could happily have
herbal French green liqueur. hide the taste of a great I moved to Paris because: I every day is: Champagne.
It’s terrific in a cocktail (the peach under a tangle of spun had an inexplicable desire to —Edited from an interview
Last Word is one of my all- sugar or under a shard of torture and humiliate myself by Aleksandra Crapanzano
time favorites), but it’s also a
superb post-dinner digestive—
or the perfect dessert along
with a box of dark chocolates.
When I entertain, I like to:
have that first glass of wine.
Many cooks like to treat
themselves to a glass of wine
while making dinner, but since
dinner in France is served at
9 p.m. or later, if I start drink-
ing at 5 p.m., all bets are off
on how much is left by the
time guests arrive.
I love it when my dinner
guests bring: a bottle of Cha-
blis, Muscadet or Sancerre, al-
ready chilled. Most people in
Paris drink heavy reds, but I’m
more of a white-wine drinker.
A favorite cocktail from the
book is: the Boulevardier, with-
out question. It’s a simple,
three-ingredient cocktail that’s
often referred to as the “French
Negroni.”
I began cooking because: I
needed a job! I started as a
dishwasher at a steakhouse in
a suburban strip mall in high
school, then at a vegetarian
restaurant while I worked my
way through college.

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D6 | Saturday/Sunday, March 21 - 22, 2020 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

Print Matters
Continued from page D1
digital books are so much easier to
store? Is it because real books
make us look smarter?
To answer the question, I
turned to Naomi S. Baron, a lin-
guist and professor emerita at
American University and author of
“Words Onscreen: The Fate of
Reading in a Digital World.”
When I reached her by phone, it
turned out she too was surrounded
by books—and liking it.
“I’m sitting here staring at my
old friends on the shelves,” said
Prof. Baron, whose research
shows there are lots of reasons
people still feel attached to the
printed-and-bound word. “Books
are part of your personal history.
They’re mementos from trips you
took. They’re part of who you
were. I am looking at my Gothic
dictionary, from a class I took
when I was in graduate school. Do
I ever use this dictionary? No. But
just looking at the spine reminds
me of the time when I was a stu-
dent and learning exotic things,”
she said.
“But do we only feel like that
because we grew up with books?”
I asked. “I’m afraid that if I add
more shelves to the house, in a
generation or two they will be
seen as an anachronistic design
flaw by people who have never
seen a physical book.”
“I don’t think so,” Prof. Baron
said. “You might think that youn-
ger kids who are on devices all the
time couldn’t care less about print,
but they do. When it comes to
books, I would not call the patient
expired.”
Last year, Prof. Baron partnered
with European researchers, includ-
ing cognitive reading specialist
Anne Mangen at the University of
Stavanger in Norway, to ask teens
and preteens what they thought
about physical books. (The survey
of 212 middle- and high-school
students at the International
School of Stavanger was suggested
by the school’s head librarian, Kim
Tyo-Dickerson.)
Many of the students said they
preferred physical books over their
digital counterparts for their tac-
tile qualities. “We asked them
what do you like most about print,
and their answers were ‘I can feel
the paper in my hands,’ ‘I like
turning pages,’ ‘It feels right to
hold a book,’ ” she said.
“That’s pretty much how I feel
too,” I said.
“And you should feel good about
that,” Prof. Baron said, before
our surroundings is a vital part of
being human,” she told me in
email earlier this week.
I may run out of things to watch
on Netflix in the next few weeks,
but my books will always keep
me company. Maybe it’s time to re-
read Jane Austen’s “Emma,” which
I haven’t opened since I toted it
along to the hospital when I was in
labor. Or my dusty-blue, hardcover
copy of Ardyth Kennelly’s “The
Peaceable Kingdom” (about a lov-
able family of polygamists), which
What we want from our
physical surroundings at
a time like this is to have
everything go back into
its assigned place.
I have carried with me from home
to home since I discovered it on
my grandmother’s bedside table
when I was 9.
As we struggle to understand
the scope of the coronavirus, read-
ing fiction can help us identify
empathy.”
So at a time when I’m spending
the least amount of time around
strangers, I might actually be
learning the most about them.
There will be plenty of time
next week, and the next, for me to
get my house in order. So what’s
the best way to make a home for
too many books?
“People wrestle with this all the
time, because they always think
they are not going to continue
reading things on paper, but they
still do,” said New York City archi-
tect Lorraine Bonaventura. “Every
client still asks me to find a way
to incorporate their books.”
It might sound counterintuitive,
but Ms. Bonaventura said the best
way to keep books from overtaking
a room is to “fill an entire space
with bookshelves,” she said.
“When the shelves extend from
end to end on a wall and all the
way up to the molding, they kind
of blend into a room.”
Architect Elizabeth Roberts,
who also is based in New York,
said recessed, built-in bookshelves
might be the best solution. “My
way to solve the problem with
books often involves renovation,”
Great Escapes
Take a break from pandemic
panic with these captivating,
guilty-pleasure reads
The Best of Everything
Rona Jaffe’s read-in-a-day
soap opera follows three
“Mad Men”-era women as
they navigate the steno pool
and groping bosses, a
reminder of the benefits of
working at home.
The Confession
“...the first spray of my
husband’s blood hitting the
television screen” haunts
Ms. Roberts said, adding that the protagonist Julie McNamara,
typical novel only requires a shelf and readers, in Jo Spain’s
that is 8 inches deep. “But it’s thriller set in Australia.
smart to give yourself 2 more
inches for deeper books,” she
said.
“What about for people like me,
who aren’t planning to do con-
struction but still have a lot of
books?” I asked.
“You can get creative and use
stacks of them in front of the sofa
to use as a coffee table or as side
tables,” she said. “I like the im-
pression you get in a room that’s
filled with books—they add a kind The Secret of
of colorful wealth of knowledge. At Santa Vittoria
my house, I put tiny, wall-mounted Italian peasants hide a
L-shaped brackets on each side of million bottles of local wine
the bed as a stand-in to bedside from occupying Germans in
tables,” she noted. “My husband Robert Crichton’s WW II-era
and I both have six to eight books comedy-slash-melodrama.
we’re reading stacked on them,
and I put my clock on top. The
brackets are very inexpensive—I’ll
send you the link.”
Later, I studied the description
of the metal brackets, which look
like wide, wall-mounted spatulas
that hold books and disappear un-
der a stack. Called the Umbra Con-
ceal Shelves, they sell for $25 for a
set of three.
SPIROS HALARIS (ILLUSTRATION)

hanging up.
In fact, I think of my favorite
books as comfort objects. I pulled
some off the shelf this week just
to feel their weight in my hands, a
feeling that Prof. Mangen said is
not uncommon. “Touch and the
physical interaction with things in
with others, research shows. “The
more fiction you read, the more
you think of yourself in their
lives,” said Keith Oatley, a cogni-
tive psychologist and professor
emeritus at the University of To-
ronto, “and the better you become
at understanding other people and
said Ms. Roberts. “I am constantly
scanning walls of a home that
we’re working on, and if I find a
big blank wall where I can borrow
space from an adjacent room, I’ll
do shelves from wall to ceiling.”
Built-in bookshelves needn’t
steal a lot of depth from a room,
The shelves won’t entirely solve
my book problem. But I decided to
mount them to both sides of the
bed in the guest room. Next time
Ella visits, I’ll know where to
shelve her latest airplane read. I
hope it’s a murder mystery set on
a college campus.
The Storied Life
of A.J. Fikry
A foundling child revives a
bookseller’s will to live in
Gabrielle Zevin’s tale of the
ennobling power of books.

THE MEDIATOR

Chair Lift
THE CONFLICT
A button-down lawyer likes the
grandeur of a vintage French  
armchair. His free-spirited wife French Louis Room
insists on lightening up the chair’s XV-Style Collection,
Needlepoint about $9,500,
formality with a playful shelving Chair by Mike jr-work-
unit. Three designers suggest Seratt, $1,195, shop.com/
onekingslane.com room-collection
items to bridge the aesthetic
gap in this couple’s living room

SOLUTION 1 SOLUTION 2 SOLUTION 3

Hang French Add a petite table that marries softness Hang a light that’s
wallpaper with a and linearity. New York designer Bella Za- both geometric and
modernist pat- karian Mancini threw caution to the wind. shapely. Tyler Hill
tern. “The femi- “The shelving unit and the chair are never was looking for
nine faces repre- going to make true sense or be ‘correct,’ so something to tem-
sented in this wallpaper remind why play it safe?” she said. Still her per the frantic pattern play of the
us of a French woman in the choice for allying the shelf and arm- chair and shelves but not be boring.
1960s,” said Kelly Finley, founder chair adheres to a clearheaded ra- “The amber of the glass is cool. It’s
of Oakland, Calif., firm Joy Street tionale: Fornasetti’s table-top por- not just a clear glass bulb, but it’s still
Design. The chic femmes nod to trait of a fin de siecle opera star, quiet,” said Mr. Hill, one half of the Charleston, S.C., design
the gallic roots of the vintage fau- said to be her era’s “most beautiful team Mitchell Hill. Its shape “pulls from the geometry of the
teuil, and the fluid, allover contour woman in the world,” pairs well étagère, but it's relaxing and soothing, which these two
drawings mimic the playful business of the shelves, actually with the Louis XV chair’s feminine need.” The pendant also blends genders, so to speak. “The
a collection of reconfigurable pine boxes. Why wallpaper? quality, she noted. Yet the tripod ta- color, the amber, is more feminine, but the clean lines and
“We leaned into the maximalism,” said Ms. Finley. “If you like ble is “cool and graphic enough to wire are kind of masculine.” He also admits that, of all the
that chair and that shelf, you won't like a blank wall.” Femme sit well with the modern book- geometric shapes in the shelving, the circle blends most ge-
Mural Wallpaper in Nude, $137 per 28-inch-by-10-foot panel, shelves.” Fornasetti Fior Di Lina Tri- nially with the shapely chair. Cangini & Tucci Glass Round
dropitmodern.com pod Table, $1,188, amara.com Pendant Amber, $1,145, abchome.com —Catherine Romano
 THE WALL STREET JOURNAL.
Exercising exclusively at home? For efficient, full-body workouts, rowing machines beat treadmills or bikes, but they
have a bad rep. These techy upgrades aim to change that—and they don’t look half bad either
BY ASHLEY MATEO
T
READMILLS and in-
door bikes have
evolved from unsightly
basement-dwellers on
which suburbanites
hung laundry to statement pieces
for the living room. Now rowing ma-
chines, long shunned for their clank-
ing chains and dusty flywheels, are
undergoing their own Peloton-esque
evolution. These chic devices also
let anyone aspiring to fitness stream
live and on-demand workouts via
HD screens or race against at-home
athletes across the world.
While rowing’s roots date back to
university races in 17th-century
England, the machines—or ergome-
ters—have only recently surged in
popularity as the tech and fitness in-
dustries continue to overlap. Janu-
ary’s Consumer Electronics Show in
Las Vegas saw the debut of two
state-of-the-art rowers. The Ergatta
($1,999, ergatta.com) is a dynamic
machine hewn from rich cherry
wood. After measuring your stroke
speed, top speed and level of endur-
ance, it offers competitive games
and tailored workouts that can auto-
matically adjust as you improve. Its
water-based flywheel also makes a
soothing whoosh sound as you row,
mimicking the sound of a scull ply-
ing a river even as you’re lost in a
virtual game.
Another, the Echelon Row
($1,040, echelonfit.com), lets users
quickly and smartly toggle between
32 resistance levels using handle-
bar-based controls. It also features
a 22-inch HD touch screen that can
spin from landscape to portrait
mode, or swivel 90 degrees as you
perform complementary exercises
off the rower, in the kind of mixed-
workout you’d normally find in
boutique studio classes.
ILLUSTRATIONS: ARTHUR MOUNT (4)
These two machines follow on the
heels of the Hydrow ($2,199, hyd-
row.com), which last year intro-
duced livestream rowing classes and
virtual excursions with Olympians
who walk you through workouts on
screen and help you keep pace while
you imagine cutting through bodies
DIFFERENT STROKES / FOUR STATE-OF-THE-ART ERGOMETERS YOU WON’T BE SHY TO SHOW OFF AT HOME
Echelon Row Vary resistance without
slowing your stroke on this affordable erg.
On-screen workouts include scenic rows shot
outside on a river. $1,040, echelonfit.com
Something in the Hair
These innovative tress tools promise salon-quality
locks—but is the hype just a lot of hot air?
PERHAPS EVEN more than her en-
viable figure, supermodel Gisele
Bündchen may forever be immortal-
ized for her signature hair. Though
the undone, artfully undulating
waves likely require a complex regi-
men to achieve, the effect is that
she crawls out of bed and sleepily
staggers to the mirror with her
tresses tousled just so.
I start my day a bit more bedrag-
gled and have relied on paying pros to
blow out my locks, something I’ve had
to give up while shuttered indoors
away from the world. Hope springs
eternal, however, and the entry of a
few impressive players into the hair-
tech market has buoyed my attempts
to get salon-quality hair at home.
This month, Dyson, better known
for its ingenious vacuums, intro-
duced its rechargeable and cordless
hair straightener, the Corrale ($500,
dyson.com), which uses flexible
plates to evenly apply heat and ten-
sion to each strand, and boasts 50%
less breakage and fewer flyaways.
Thanks to its cordlessness, I
didn’t knock everything off the
counter in one uncoordinated
swoop while styling, but the device
is weighty: I felt like I was doing
bicep curls. I much prefer Dyson’s
even pricier Airwrap ($550), a
more versatile tool that debuted in
2018 and not only straightens my
* * * *
GEAR & GADGETS
On the Row Again
GOING UPSTREAM When folded, the cherry-wood Ergatta looks more like modern art than fitness equipment.
NordicTrack RW900 Rower This machine
automatically adjusts its resistance according
to trainer cues or approximated wind and
water conditions. $1,599, nordictrack.com
hair but orchestrates myriad styles.
I wouldn’t call the noise around
Dyson’s hair devices hot air, neces-
sarily, but mastering the Airwrap did
take me longer—and sparked more
WTFs—than I’d care to admit. My
learning curve has been swifter with
other hair tools I’ve recently tried,
relatively affordable ergonomic de-
signs with inventive heating ele-
ments, nylon bristles and powerful
ion generators that hasten dry time.
Revlon’s One-Step is figuratively
on fire—with more than 30,000
mostly positive reviews on Ama-
zon—and lives up to the hype. I was
intuitively able to DIY a full-bodied
blowout that approached Gisele-
level sublimity. That said, the One-
Step gets literally hot, too, unlike its
cooler competitor, Drybar’s Double
Shot, whose strategically placed
vents offer better airflow and faster
styling. And Amika’s Blowout Babe
thermal brush reduces the risk of
heat damage to your hair with its
ceramic barrel that the brand claims
can penetrate the cortex of your
hairs’ cuticles and heat them from
the inside out.
But unlike Dyson’s Airwrap, these
cheaper tools are largely one-hit
wonders limiting users to straight
hairstyles. If you want Gisele’s am-
ber waves of greatness, it’s going to
cost you. —Allison Duncan
Saturday/Sunday, March 21 - 22, 2020 | D7
Hydrow Sets an aesthetic standard for home
rowers. Its computer-controlled resistance
most closely approximates the experience of
being on the water. $2,199, hydrow.com
of water like Boston’s Charles River.
Since, unlike running or cycling,
rowing demands movements foreign
to most people, this level of interac-
tivity is finally making the sport’s
benefits accessible to those who
don’t know an oar from an ergome-
ter. “You really want to develop
good technique; that’s what’s going
to make certain all those muscles
are engaged and you’re not going to
hurt yourself,” said Jo Hannafin,
Ph.D., chair of the U.S. Rowing
Sports Medicine Committee.
People make the mistake of as-
suming rowing offers solely an up-
per body workout, explained Ms.
Hannafin. But research shows row-
ing uses 86% of the body’s muscula-
High-tech home rowers
now offer live-feed
classes and tailored
workouts that evolve
as you improve.
ture; the rowing stroke consists of
65-75% leg work, according to the
American Fitness Professionals As-
sociation. “Your glutes, hamstrings
and quads essentially drive the row-
ing stroke,” said Ms. Hannafin.
“Then you’re firing core muscles to
stabilize, and arm muscles to return
to the start.”
A machine with live demos, which
provide basic instruction and moti-
vational cues, is especially crucial,
offering something you won’t get in
most gyms. Before your first stroke,
on-screen coaches will walk you
through the proper form because if
you’re not nailing that, “you’re
never going to get the max bene-
fits,” added Ms. Hannafin.
Not only is rowing a total-body
workout, “it’s low-impact, good for
joints and you can really develop
strength, power, and cardiovascular
endurance in the same movement,”
said Cameron Nichol, M.D., a former
Olympian and founder of the coach-
ing community RowingWOD. “You
get a lot of bang for your buck.”
Ergatta Workouts on this water-based rower
smartly intensify over time depending on your
performance—and when it folds up, it’s no
wider than a chair. $1,999, ergatta.com
F. MARTIN RAMIN/THE WALL STREET JOURNAL
CALLING ALL FOLLICLES From left:
Dyson Corrale, $500, dyson.com; Drybar
Double Shot, $150, thedrybar.com; Amika
Blowout Babe, $100, loveamika.com;
Revlon One Step, $60 revlonhairtools.com
 D8 | Saturday/Sunday, March 21 - 22, 2020
MAZDA
RUMBLE SEAT / DAN NEIL
Is Mazda’s Oddly Monikered
CX-30 the Goldilocks SUV?
IF YOU HAVE the time—and I
think many do these days—
search out the famous 1955
correspondence between
Ford marketing researcher
Robert B. Young and the
poet Marianne Moore. Mr.
Young asked the poet to sug-
gest names for new models.
Moore submitted dozens of
wonderful, wondrous cogno-
mens, including Mongoose
Civique, Regina-rex, Aerot-
erre, Dearborn Diamanté and
the deathless Utopian Tur-
tletop. These are names wor-
thy of gods.
Car makers struggle with
naming new models, agoniz-
ing over the alphanumeric
vs. the imagistic (Mercedes-
Benz S 560 vs. Lincoln Conti-
nental) and navigating trade-
mark claims in a century-old
global industry. None more
so than Mazda. In the past
quarter-century Mazda’s
marketers have tried what
the poet Moore would have
called enjambment: Mazda6.
They have tried high-sound-
ing, phoneme-based English
words: Millenia.
These days they are back
to using hyphenated alpha-
numerics, sort of. Our guest
this week—a compact cross-
over dimensionally between
Mazda’s CX-3 subcompact
and its midsize CX-5—would
seem to beg for the name
CX-4. Alas, Mazda already
sells a vehicle by that name
in China, and apparently
Mrs. Rosenbaum was taken.
So here they call it the
CX-30. Howdy.
2020 Mazda CX-30 Premium
Base Price $21,900
Price, as Tested $31,370
Engine and Drivetrain Naturally aspirated, di-
rect-injection 2.5-liter DOHC inline four-cy-
clinder with variable-valve timing; six-speed
automatic with manual-shift mode; on-de-
mand AWD with front torque vectoring.
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.
By any other name, it’s an
intriguing consumer propo-
sition. The seductions start
with an attractive price for
the well-equipped base
model ($21,900), including
most of Mazda’s driver-as-
sist technologies, as well as
an 8.8-inch infotainment
screen and rear air-condi-
tioning outlets. The four
trim levels top out with the
bounteous Premium package
($28,200 before options),
which includes leather-
trimmed seats, powered
sunroof, powered liftgate
By any other name,
it’s an intriguing
proposition—the
CX-30’s seductions
start with its price.
and more. All-wheel drive
costs an additional $1,400
on all trim levels, which
helped push our test vehi-
cle’s price past the psycho-
logically significant $30,000
threshold.
The bulk of CX-30 sales
will likely come at the ex-
pense of tartly styled rivals
such as Toyota C-HR or
Honda HR-V. But with its
luxe-lite furnishings and
equipment list, the CX-30
Premium could be plausibly
cross-shopped against the
relevant Lexus, Acura or
even BMW (X2). It’s a buy-
ers market.
Power/Torque 186 horsepower at 6,000
rpm/186 lb-ft at 4,000 rpm
Curb Weight 3,408 pounds
Length/Width/Height/Wheelbase
173.0/70.7/62.2/104.5 inches
EPA Fuel Economy 25/32 mpg, city/highway
Max Cargo Capacity 20.2 cubic feet
GEAR & GADGETS
Styling: Other crossovers
in Mazda’s paddock are
sweet, svelte urbanites. The
CX-30 wants to be the littlest
SUV, a country cousin. But
with 0.8 inches more ground
clearance than the CX-3, the
styling has to carry most of
the aspirational freight.
Which brings us to the
car’s most striking feature:
the under-cladding. Or is that
over-cladding? To signal its
intrepidity, the exterior styl-
ists added a torpedo belt of
chip-resistant plastic, reach-
ing up the rocker panels and
spilling out of the wheel
arches. I’m not a fan. At
standoff distance, the wheel-
arch cladding, the voids of
wheel clearance and tires
merge into strange negative
space, an optical illusion that
dwarfs the 18-inch alloys, like
they came off a lawn tractor.
That. Looks. Terrible.
The car’s beltline, the
window sill, is also high,
making the window opening
relatively low and narrow.
Sporty, if you like. Rear-
quarter visibility is particu-
larly Lamborghini-like.
Once in the driver’s seat,
my first thought ran in the
direction most people’s do, I
imagine: Mazda interiors
punch well above their
weight, in layout, materials
and general classiness. Our
tester’s innards were fully
upholstered, with multit-
iered dash wrapped in white
topgrain leather and more
French stitching than the
Folies Bergère.
In the Mazda’s center
console, gleaming like an
obsidian hockey puck, lives
the rotary selector for the
infotainment/navigation
screen. The spin-click style
controller is agreeably fluid
in operation, and the info-
tainment system’s brain
keeps up nicely. The screen
is secured in a leather-lined
recess in the dash top.
That’s nice. In lots of cars
the display just hangs there
dog•ger•el
/'dôg r l/
noun
I’ve never met you, but I love you more
Than waves love sand upon the shore.
And so I’ll never stop searching for you,
That’s why I’m here.
If you’re ever trapped under rubble,
I promise to find you there.
Delta
Active Search Dog
Photographed by Shaina Fishman
at SDF’s National Training Center.
* *** THE WALL STREET JOURNAL.
near-premium? I’m not sure
FITTING TRIBUTE they can. But I recognize in
In size, speed and features the CX-30 an appeal similar
the CX-30 carves out a to many of Volkswagen’s lat-
comfortable spot among est products, which add
Mazda’s roster of SUVs. loads of peripheral content
to compensate for the
brand’s slowing innovation
under the hood.
Built from the same pal-
lets of parts as the CX-3, the
CX-30’s one-and-only engine
option is Mazda reliable, a
well-sorted 2.5-liter and nat-
urally aspirated DOHC inline
four with variable valve tim-
ing (186 hp) just like mother
used to make. With all-
wheel drive the CX-30 Pre-
mium gets an EPA-estimated
25/32 mpg, city/highway, on
unleaded regular.
This is not Mazda’s most
advanced engine. But the
high-compression, dual-cam
gasser definitely gets the job
done, summoning a maxi-
mum 186 lb-ft at 4,000 rpm,
its eagerness rising on swells
of midrange rpm. Snurring
along in traffic in (a paddle-
shifter selected) second gear,
the Mazda feels downright
frisky, coltish. Naturally aspi-
rated, don’t you know.
With Sport mode acti-
vated, the six-speed auto-
matic hangs on to revs lon-
ger and shift-points come at
higher rpm. Peak horse-
power arrives at a fairly
woolly 6,000 rpm. Motor
Trend spurred one such as
ours to 60 mph in 7.8 sec-
onds. I bet that was raucous.
Still, by many measures,
the CX-30’s propulsion sys-
tem combo is dated. The in-
line four is a bit soft, a little
thirsty, a lot loud.
like a rec-room TV. The thing is, all these
But it’s not a touch matters may be of supreme
screen. Owners will need to indifference to those roam-
acquire a certain specialized ing this space (small, fine,
dexterity before they can fun, under $30K). Could
fully bond with their car. In most consumers tell the dif-
my brief experience, I kept ference between a naturally
missing my icons and over- aspirated and a turbo-
running my menu options, charged engine? Or between
requiring eye-time I needed an independent rear suspen-
for driving. I suppose I sion and an artfully tuned
could be trained. torsion bar, such as the one
How can Mazda afford to under the bum of the CX-30?
be so price-competitive and Could I?
THE NATIONAL DISASTER
SEARCH DOG FOUNDATION
Strengthening disaster response
in America by rescuing dogs and
partnering them with first responders
to save lives. Be Part of the Search™
today. Call (888) 4K9-HERO, visit
SearchDogFoundation.org, or write to
SDF, 6800 Wheeler Canyon Road,
Santa Paula, CA 93060.