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What’s Millions More File Jobless Claims

News Nearly 17 million in U.S.
have filed for benefits
swaths of the economy.
The Labor Department re-
ported on Thursday that
bers of individuals file for
first-time claims,” said Joseph
Brusuelas, chief economist for
on hold, at significant eco-
nomic and personal cost,” Fed-
eral Reserve Chairman Jerome
Continued jobless claims
RECESSION 7.5 million 7
since the pandemic 6.6 million people submitted RSM US LLP. Powell said in an online dis- 6
Business & Finance new applications for unemploy- As the U.S. reels from the cussion with the Brookings In-
battered the economy ment insurance in the week highest infection totals in the stitution. “We are moving with 5
that ended April 4. That is on world, measures designed to alarming speed from 50-year
4
illions more people in BY SARAH CHANEY top of a revised 6.9 million in slow the pandemic’s spread are lows in unemployment to what
M the U.S. filed for jobless
benefits in the latest week,
AND DAVID HARRISON the prior week, a record, and
3.3 million the week before.
disrupting business and daily
routines. Those measures,
will likely be very high, al-
though temporary, levels.”
3
bringing the number of ap- Millions more people in the States overwhelmed by the which include stay-at-home or- The economic disruption is 2
plicants to nearly 17 million U.S. filed for unemployment volume are processing back- ders across the nation and lim- Please turn to page A6 1
since the pandemic shut down benefits in the latest week, logs, suggesting the number of its on which businesses can
swaths of the economy. A1 bringing the unprecedented initial claims for benefits operate, have led to millions of Lawmakers hit impasse over 0
The Fed moved to further number of applicants to nearly could keep getting bigger. people losing their jobs. next aid step.............................. A4 ’10 ’15 ’20
shore up the economy, un- 17 million since the coronavi- “You should still expect to “People have been asked to Europe hopes it pays to Note: Seasonally adjusted
veiling programs to lend di- rus pandemic shut down see staggeringly large num- put their lives and livelihoods sustain wages........................... A7 Source: Labor Department
rectly to states, cities and
midsize businesses that have
Fed’s New Loans

seen revenue evaporate. A1
Saudi Arabia and Russia
Potter’s Field Reveals Toll on the Poorest
agreed in principle to lead
a coalition in massive oil
production cuts, but Mexico
later exited negotiations,
jeopardizing a final pact. A1
Are Broadest Ever
Boeing is considering a
plan to reduce its work- BY NICK TIMIRAOS those programs as needed to
force by about 10% as the stem long-lasting damage to
firm grapples with fallout The Federal Reserve is go- the U.S. economy.
from the pandemic. B1 ing further than ever to shore “It’s really an awesome dis-
up the U.S. economy, unveiling play of creativity and decisive-
Major U.S. stock indexes
programs to lend directly to ness—the breadth and diver-
notched strong advances
states, cities and sity of
for the week. The S&P 500
midsize busi- programs,” said
.
rallied 12%, its biggest
week of gains since 1974. B11
nesses that have
THE Antonio Weiss, a
ly
seen revenues Treasury official
Farmers and food com- evaporate amid CORONAVIRUS in the Obama
panies across the country efforts to com- administration
are throttling back pro- on bat the coronavi- PANDEMIC who is now a se-
duction as the coronavirus rus outbreak. nior fellow at
creates chaos in the agri- The central Harvard Univer-
cultural supply chain. B1 bank also said Faulty masks are new sity’s John F.
Thursday it risk for hospitals, A3 Kennedy School
us l,
State Farm is slashing $2

would expand Economic pain fuels of Government.
billion of premiums owed on
previously an- timetable debate, A6 “They are taking
40 million vehicles, making
al a
e
nounced plans to a role well be-
it the latest insurer to offer Doctors improvise,
backstop lending yond any the Fed
consumers financial relief. B1 share treatments, A9
to large compa- has played in its
ci on
GE warned that its first- nies by support- Chinese physicians modern history,
quarter earnings would be ing riskier bonds question drug, A16 and the economy
below prior forecasts and issued by corpo- needs it.”
pulled its financial guid- rations that had In leading the
LUCAS JACKSON/REUTERS
ance for the full year. B2 recently lost Fed beyond past
er rs
their investment-grade status. efforts to support lending

Trump administration
Altogether, the Fed said during the Great Depression
officials sought to revoke
nine lending programs it is or after the 2008 financial
federal licenses used by
creating or expanding would crisis, Chairman Jerome Pow-
China Telecom to do busi-
m e
provide up to $2.3 trillion in ell is pushing deeper into ar-

ness in the U.S. B4
UNMARKED GRAVES: Bodies are buried at Hart Island, New York City’s potter’s field, on Thursday as the loans, and officials signaled eas of credit and fiscal policy
state set a daily record for deaths from Covid-19, which has overwhelmed hospitals and morgues. A4 they were prepared to expand Please turn to page A6
m rp
World-Wide
The human cost of the

coronavirus pandemic con- Coronavirus Crisis Legacy: Mountains of Debt
co Fo
tinued to mount as con-

firmed cases climbed to
more than 1.6 million glob-
ally. The U.S. led that figure, Government and the private sector are borrowing heavily to survive, which could hobble the recovery
with reported infections
surpassing 465,000. A4 BY JON HILSENRATH Many economists believe low interest rates Public and private debt State 2019
An immune system gone will help the nation manage the soaring debt as a share of GDP and local 14.4%
haywire may be doing more The full impact of the coronavirus pan- load. At the same time, they say high levels of
damage than the coronavirus demic may take years to play out. But one private sector debt could lead to a period of 200%
itself in patients with the outcome is already clear: Government, busi- thrift, slowing the recovery if businesses and Federal 88.9%
severest forms of Covid-19, nesses and some households will be loaded individuals try to rebuild their savings by
doctors and scientists say. A1 with mountains of additional debt. holding back on investment and spending.
Rising unemployment in The federal government budget deficit is on “People and firms and government are fac-
track to reach a record $3.6 trillion in the fis- ing a negative shock, and the classic textbook
n-
the U.S. and dire economic

forecasts are stoking the de- cal year ending Sept. 30, and $2.4 trillion the prescription for a temporary shock is to do 100
year after that, according to Goldman Sachs some borrowing to smooth that out,” says Household 75.4%
bate over how rapidly coro-
navirus-fueled curbs should estimates. Businesses are drawing down bank Alan Taylor, an economist and historian at the
be pared back so the econ- credit lines and tapping bond markets. Prelim- University of California, Davis, who has stud-
no
omy can begin its revival. A6 inary signs are emerging that some house- ied the economic effects of pandemics going
A congressional effort holds are turning to credit for funds, too. back to the Black Death of the 14th century. Business 74.9%
to boost funding for small The debt surge is set to shape how govern- Borrowing now amounts to a transfer of
0
businesses hit an impasse ments and the private sector function long af- economic activity from the future to the pres-
ter the virus is tamed. Among other things, it ent. The payback comes later. “You do have 1950 ’60 ’70 ’80 ’90 2000 ’10
as Republicans and Demo-
could be a weight on the following expansion. Please turn to page A8 Sources: Federal Reserve; Bureau of Economic Analysis
crats rejected each other’s
plans for the next tranche
of coronavirus relief. A4
U.K. Prime Minister John- Church Is Saudis, Russia Reach Shaky Deal on Oil
son left intensive care after
an improvement in his condi-
tion while being treated for
Closed, but the Saudi Arabia and Russia onavirus crisis devastated oil before abruptly losing momen- a solution to the global crude
a coronavirus infection. A7
Biden made an early effort
Shed Is Open agreed in principle Thursday to
lead a 23-nation coalition in
prices. But following over 11
hours of negotiations, Mexico
tum and reversing course. The
benchmark U.S. crude price, for
glut. The meeting includes rep-
resentatives from 13 countries
to unite Democrats behind his i i i abruptly exited the talks, jeop- May delivery, ended 9.3% lower in the Organization of the Pe-
By Benoit Faucon, ardizing a final pact. on the day at $22.76 a barrel. troleum Exporting Countries, 10
White House bid, announcing
policy proposals that came Gatherings are Summer Said Delegates said the talks Brent crude, the global bench- countries led by Russia, and a
and David Hodari would continue at a Group of 20 mark, fell 4.1% to $31.48 a barrel. handful of other crude-produc-
out of talks between his cam-
paign and Sanders aides. A2 off, confession is meeting of energy ministers set Saudi Arabia and Russia, two ing nations.
massive oil production cuts af- for Friday. of the world’s top oil producers, For Saudi Arabia, the output
Barr said Trump was right still possible ter a monthlong feud and a Prices shot higher ahead of joined a coalition of other coun- curbs will involve decreasing its
to fire the inspector general drop in demand due to the cor- the Saudi-Russia announcement tries via teleconference, seeking Please turn to page A2
for the U.S. intelligence com- BY KEVIN ARMSTRONG
munity, who became a key
figure in the president’s im-
peachment proceedings. A2
BOONTON, N.J.—Every
other day this week, the Rev.
Daniel O’Mullane has walked
WSJ EXTRA Haywire Immune Reaction
Iraq’s president desig-
nated the country’s intelli-
gence chief as prime min-
out of Our Lady of Mount Car-
mel, a gray stone church with a
Linked to Most Severe Cases
ister amid a continuing neogothic bell tower, and into
political deadlock. A16 an 8-by-10 tool shed out front. BY JOSEPH WALKER rus, is what ultimately kills
Coronavirus has canceled AND JARED S. HOPKINS many Covid-19 patients.
in-person worship and thrown The out-of-control immune
CONTENTS Markets..................... B11 Easter and Passover into dis- An immune system gone response eventually causes the
Banking & Finance B10 Opinion.............. A13-15
Business News...... B3 Sports........................ A12 array. It has not stopped the haywire may be doing more patients’ lungs to stop deliver-
Crossword............... A11 Technology............... B4 sacred and intimate Catholic damage than the coronavirus ing oxygen to the rest of or-
Heard on Street. B12 U.S. News............. A2-3 sacrament of confession. It has itself in patients with the se- gans, leading to respiratory
Life & Arts....... A11-13 Weather................... A11
Mansion.............. M1-12 World News.......... A16
simply moved it to a plastic verest forms of Covid-19, doc- failure and in some cases death,
shed. tors and scientists say, a grow- the experts said. The malfunc-
On a recent Tuesday, six ing theory that could point the tioning immune system might
> SUVs, headlights on, hazards way to potential treatments. be driving the rapid decline in
flashing, idled in a curbside Much remains unknown lung function experienced by
queue. Father O’Mullane about the path the virus takes some patients, including youn-
flipped a CLOSED sign to NAVIGATING THE CORONAVIRUS in the sickest patients, but an ger and relatively healthy ones,
OPEN, slipped on a disposable increasing number of experts after the initial onset of symp-
s 2020 Dow Jones & Company, Inc.
All Rights Reserved mask and sat on a chair inside.
Against the backdrop of the pandemic, parents are believe a hyperactive immune toms, doctors said.
Please turn to page A9 finding joy in spending time with their children. R1-8 response, rather than the vi- Please turn to page A9
A2 | Friday, April 10, 2020 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Biden Proposals Seek to Unite Democrats
Medicare and student
debt policy plans
come from talks with
Sanders campaign
BY ELIZA COLLINS
AND KEN THOMAS
Joe Biden made an early

effort to unite Democrats be-
hind his White House bid
Thursday, announcing two
new policy proposals related
to health care and education
that came out of conversa-
tions between his campaign
and aides to Sen. Bernie
Sanders.
The former vice president,
who became the presumptive
nominee on Wednesday when
Mr. Sanders exited from the
race, said he would lower the
EVAN VUCCI/ASSOCIATED PRESS

Medicare eligibility age to 60
from 65 in an effort to ex-
pand the government insur-
ance program.
Mr. Biden also said he
would forgive student debt for
borrowers from low-income
and middle-class families who
attended public colleges and Former Vice President Joe Biden, left, and Sen. Bernie Sanders (I., Vt.) before a Democratic presidential primary debate in Washington on March 15.
universities, historically black
colleges and universities, and do all he could to support the pain. It is our responsibility to tic. He has floated the idea of Elizabeth Warren, one of his According to a Wall Street
underfunded minority-serving former vice president if he move quickly and effectively adding a buy-in option to 2020 rivals, to immediately Journal/NBC News poll in Sep-
institutions. were to be the nominee. to help them.” build on the Affordable Care cancel $10,000 in student tember, 60% of Democratic
Aides to Mr. Biden and Mr. In a Medium post, Mr. Bi- Mr. Biden’s proposal on Act. debt per person in response primary voters supported can-
Sanders held several calls in den said the proposals re- Medicare would allow Ameri- His plan on college afford- to the pandemic. During her celing all student-loan debt.
recent weeks in which they leased on Thursday would cans to access Medicare when ability moves him closer to presidential campaign, Ms. Some 82% backed forgiving
discussed ways to unite the “help ease the economic bur- they turn 60, instead of at age Mr. Sanders’s position of can- Warren also outlined more student-loan debt after some-
.
party around Mr. Biden’s can- den on working people” amid 65. He said the plan reflected celing all student-loan debt than $600 billion in private one has paid 12.5% of their in-
ly
didacy. The pair spoke by the fallout from the coronavi- “the reality that, even after and offering debt-free public- and federal student-loan debt come every year for 15 years,
phone on Wednesday, accord- rus pandemic, which has the current crisis ends, older college tuition. cancellation. a repayment plan backed by
ing to people familiar with forced millions of Americans Americans are likely to find it Mr. Biden’s new proposal Though student-debt can- President Trump. Among all
the call. to seek unemployment bene- on difficult to secure jobs.” expands on his previous plan cellation was popularized by registered voters, including
Mr. Sanders said that when fits during the past three Mr. Sanders has proposed a to forgive all undergraduate the party’s progressive flank, Republicans and independents,
he suspended his campaign weeks. Medicare for All health-care tuition-related federal student it gained backing from Senate just 41% supported complete
for president, he believed his He said the latest jobless- system that would provide debt from two- and four-year Minority Leader Chuck cancellation, but 64% said
path to the Democratic nomi- claims data released earlier coverage for all Americans republic colleges and universi- Schumer (D., N.Y.) last month, they backed more limited re-
us l,
nation was impossible. Thursday was “another flash- gardless of age. Mr. Biden has ties for debtholders earning as lawmakers scrambled for lief for those who had consis-
The Vermont senator didn’t ing warning sign that our long been critical of the pro- up to $125,000. He has also solutions to curb the eco- tently paid down their debt.
al a
e
endorse Mr. Biden, though he country and our people will posal, saying such a plan adopted a plan recently of- nomic fallout from the coro- —Joshua Jamerson
has previously said he would endure enormous economic would be costly and unrealis- fered by Massachusetts Sen. navirus. contributed to this article.
ci on
Saudis, day this month.

“The supply and demand
fundamentals are horrifying,”
Barr Backs Trump on Firing Watchdog
Russia said OPEC Secretary-General
er rs
Mohammed Barkindo. He said BY SADIE GURMAN complaint concerning Mr. July call between Mr. Trump community during the height of
the decline in the second quar- Trump’s dealings with Ukraine. and his Ukranian counterpart. the coronavirus pandemic.
Reach Deal ter alone would be “close to 12

million [barrels a day] and ex-
Attorney General William
Barr said President Trump was
Mr. Atkinson tried to turn
his mandate to monitor intelli-
During the call, Mr. Trump
pressed Ukranian President Vo-
Mr. Atkinson has said the
president fired him because of
m e
panding,” which is “unprece- right to fire the inspector gen- gence officials “into a commis- lodymyr Zelensky to investigate his commitment to being inde-
dented in modern times.” eral for the U.S. intelligence sion to explore anything in the former Vice President Joe Bi- pendent.
Continued from Page One During the video call, Rus- community who became a key government and immediately den, his Democratic foe in the Mr. Trump’s decision to fire
m rp
current production level of 12 sian Energy Minister Alexander figure in the president’s im- report it to Congress without presidential race, and his son Mr. Atkinson is the latest in a
million barrels by 3.3 million Novak said that only coordi- peachment proceedings last letting the executive branch for dealings in Ukraine. The string of dismissals or firings of
barrels a day, while Russia has nated actions by OPEC, Russia year. look at it and determine president has said the call was more than a half-dozen top U.S.
agreed to cut 2 million barrels a and other countries would In a Fox News interview that whether there was any prob- “perfect.” intelligence officials. Several of
day from its current production achieve results, as oil demand aired Thursday, Mr. Barr said lem,” Mr. Barr said. Mr. Trump fired Mr. Atkin- the actions have come since Mr.
co Fo
of 10.4 million barrels a day. has fallen and storage is filling the watchdog, Michael Atkin- The watchdog last year son April 3, drawing rebukes Trump was impeached last year
Most delegates in attendance up around the world. son, had overstepped his au- shepherded a whistleblower from Democrats who said the by the House and acquitted
Thursday agreed to reduce out- The muted market reaction thority by pushing to tell Con- complaint from a Central Intel- move was a distraction meant earlier this year in his impeach-
put by a collective 10 million came in that context. gress about a whistleblower’s ligence Agency officer about a to undermine the intelligence ment trial in the Senate.
barrels a day in May and June, “Maybe the market was bet-
OPEC said in a press release. ting on a bit more in the volume
They would then continue curbs
of 6 million barrels a day until
than was announced,” said Bjor-
nar Tonhaugen, head of oil mar-
U.S. WATCH CORRECTIONS
April 2022, it said.
Late in Thursday’s proceed-
kets at consulting firm Rystad
Energy.
AMPLIFICATIONS
ings, Mexico, a member of the The Saudi curbs would be
alliance, refused to join the cuts, the biggest ever on a monthly The Bill and Melinda Gates
putting the deal in jeopardy, basis, said Bob McNally, a for- Foundation will help make bil-
delegates said. mer adviser to the White House. lions of dollars available to
n-
Mexican officials believe that They would be the largest over manufacture the most promis-
the stronger players in the oil an extended period since the ing vaccines for the new coro-
market, such as the U.S., Russia 1980s, when European and U.S. navirus, most likely with gov-
and Saudi Arabia, should be rivals flooded the market. ernments and other backers. A
no
cutting back more than Mexico, Russia and Saudi Arabia hope Coronavirus Pandemic article
an oil official in that country the U.S. will join in the produc- Monday about the effort incor-
said. But as a compromise, En- tion curbs. But their current plan rectly said the foundation will
ergy Minister Rocío Nahle said foresees up to 4 million barrels a spend billions of dollars of its
Mexico had proposed a reduc- day of reduction coming from own money and omitted infor-
outside their alliance. But the mation about the foundation
GENE BLEVINS/ZUMA PRESS
Trump administration has re- working with others.

fused so far to formally take part
Mexico refused to in any cuts. President Trump has Prime Capital Investment
agree to the output said reductions will happen due Advisors was misidentified as
to the virus’s erosion of oil de- Prime Capital Advisers in a
cuts. The nations mand. Journal Report article Monday
meet again today. Mr. Trump said he spoke with about target-date funds.
Russian President Vladimir Putin LONG TRIP: The SpaceX Dragon was hoisted in San Pedro, Calif., Thursday, two days after the unpiloted
and King Salman of Saudi Arabia capsule splashed down in the ocean. The craft carried equipment from the international space station. Readers can alert The Wall Street
Journal to any errors in news articles
on Thursday. He said the three by emailing wsjcontact@wsj.com or
tion of 100,000 barrels a day in leaders had “a big talk” about oil GUAM tention to the outbreak. He was restrictions took effect, about by calling 888-410-2667.
the next two months. production, adding that he wants subsequently removed by 600 people have crossed the bor-
The Saudi energy minister, to avoid layoffs in the oil indus- Roosevelt Captain Thomas Modly, then the acting der a day, less than half the pace
THE WALL STREET JOURNAL
Prince Abdulaziz bin Salman, try both in the U.S. and abroad. Might Get Job Back Navy secretary, who said he had border authorities reported in
told the gathering there would The president didn’t say lost confidence in the Roose- January and February. (USPS 664-880) (Eastern Edition ISSN 0099-
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THE WALL STREET JOURNAL. * * * * * Friday, April 10, 2020 | A3
U.S. NEWS
Faulty Masks Food Aid on the Way for Those in Need
Are New Risk

For Hospitals
BY AUSTEN HUFFORD taining and distributing medi-
cal goods, including masks.
Some hospitals say they are The White House referred
buying faulty imitations of the questions to the Federal Emer-
high-quality N95 masks work- gency Management Agency,
ers need to treat patients with which said on March 31 that
DREW ANGERER/GETTY IMAGES

Covid-19, a new hazard for of- the agency is working to issue
ficials scouring the globe for guidance to companies.
scarce protective gear. Normally, manufacturers in-
Hospital executives and local cluding 3M Co. sell N95 masks
officials said they are trying to that are certified by the U.S.
procure whatever masks they government for use by medi-
can from private stockpiles and cal workers through about a
lesser-known manufacturers half-dozen big distributors.
around the world. Some have But as coronavirus cases ap- A LITTLE HELP: Provisions are packed up at a food-bank distribution center in Washington, D.C. Donations have fallen amid the outbreak.
bought N95 masks—which proach what officials say
block 95% of very small air- could be a peak in some do-
borne particles—that are fail- mestic hot spots, the demand
Plan to Ration Treatment Is Unfair

ing basic quality tests, indicat- for masks has far exceeded
ing they might not guard supply in those channels.
against the new coronavirus. Some hospitals in the U.S.
CoxHealth, a hospital system are turning to a cast of smaller
To Frailest Patients, Advocates Say

based in Springfield, Mo., re- producers and shadowy middle-
cently bought 100,000 N95 men. “We are getting a lot of
masks from a reseller outside ‘guy who knows a guy’ stories,”
its normal supply chain. After Mr. Edwards said. “We go down
one of those masks failed every rabbit hole.”
what’s called a “fit test” to en- Dan Harris, a lawyer in Se- BY STEPHANIE ARMOUR resources calls for health pro-
sure it is operating effectively, attle who is helping hospitals viders to consider “loss of re-
the reseller offered to buy them verify mask sellers in China, State governments are fac- serves in energy, physical abil-
all back—and sell them to an- said he has reviewed the same ing a raft of complaints under ity, cognition and general
other hospital, said CoxHealth’s “proof of verification” certifi- federal law from a series of ad- health” in making assessments.
.
president, Steve Edwards. He cate more than a dozen times, vocacy groups claiming that Advocacy groups say doctors
ly
decided to keep them. indicating it is fake or copied. plans to possibly ration ventila- shouldn’t be considering a pa-
“These aren’t perfect but “They are either hucksters tors are discriminatory, pitting tient’s physical ability or cogni-
they have some protection,” or con artists,” Mr. Harris resource-starved hospitals tion when deciding who gets a
Mr. Edwards said. “Everything said. “Normal safeguards are on against some of the nation’s ventilator or other treatment.
about it looks legit. But the being ignored right now.” most vulnerable citizens. They filed a federal complaint
product itself is clearly not.” Greg Holcomb, director of The controversy stems from in March with the HHS civil-
Mr. Edwards said CoxHealth public-safety support for Lake severe shortages of ventilators rights office, claiming Washing-
paid around $4 each for the County, Fla., said only one of at health-care facilities. Staff ton’s approach is discrimina-
us l,
faulty masks, at the low end of several types of masks county inundated with coronavirus pa- tory.
a range up to almost $7 a officials have purchased from tients in some instances have “These treatments are life or
al a
e
mask that contracting-data Chinese manufacturers passed had little choice but to consider death,” said Samuel Bagenstos,
provider GovSpend said it has its quality tests. He said health possible rationing of the life- a University of Michigan law
found for N95 masks. That workers would use the flawed saving equipment, forcing hos- professor who is one of the
ci on
compares with about $1 each masks should less-sophisti- pitals to debate allocating ven- lawyers representing the indi-
for N95 masks before the pan- cated surgical masks run low. tilators to those with the best viduals in the complaint against
demic, GovSpend said. “The fit tests are failing,” chance of recovery with their Washington. “There are people
Officials and manufacturers Mr. Holcomb said. use. States are drafting guide- with cystic fibrosis now who
have asked the Trump admin- —Heather Haddon lines over how to make those are on ventilators who are wor-
er rs
istration for guidance on ob- contributed to this article. decisions or taking a fresh look ried they will be taken away.”
SPENCER PLATT/GETTY IMAGES
at previously drafted proposals. The Washington State De-

Complaints have been filed partment of Health didn’t re-
Texas Faces Limits with Health and Human Ser- turn an email seeking com-
m e
vices’ Office for Civil Rights, ment. The federal civil-rights

saying rationing criteria could office said it was investigating
deprive patients of ventilators the complaint.
m rp
On Abortion Ban or other scarce treatments be-

cause of their age, mental cog-
nition or existing disabilities. A health-care worker wait for patients at a coronavirus intake
Alabama’s emergency-opera-
tion plan drafted in 2010 de-
tailed that, in a shortage, prior-
BY BRENT KENDALL approaching state-imposed Such discrimination complaints area at Maimonides Medical Center in Brooklyn, N.Y. ity for ventilators shouldn’t go
time limits on their ability to have been filed against Ala- to “people with severe or pro-
co Fo
A federal judge again re- terminate them. bama, Kansas, Tennessee and The roughly 160,000 ventila- now also face the risk of litiga- found mental retardation, mod-
strained Texas from banning At issue is a March 22 exec- Washington state, asserting ra- tors in the U.S. aren’t expected tion over how decisions may be erate to severe dementia,” ac-
abortion during the coronavi- utive order by Texas Republi- tioning proposals are discrimi- to meet demand because the made. cording to a March 27
rus public-health crisis, this can Gov. Greg Abbott that natory, and advocacy groups Trump administration has esti- The American Medical Soci- complaint with HHS civil-rights
time adopting a more limited barred nonessential medical say Florida and New York could mated 100,000 to 250,000 peo- ety recently published ethical office.
approach that allows the state procedures during the virus be next. ple could die in coming weeks guidance on allocating limited “It appears that Alabama is
to prohibit the procedure in crisis, citing a need to pre- The backlash against possi- from the virus, with scores resources. It suggests basing poised to make life-or-death
some circumstances, but not serve protective gear and ble rationing plans illustrates more infected. Across the U.S., decisions on “medical need, in- decisions that will deny needed
others. other medical equipment for the growing need for more fed- there could be as many as 31 cluding urgency of need, likeli- medical treatment to countless
The new temporary re- the treatment of coronavirus eral guidance on rationing and patients requiring ventilation hood and anticipated duration individuals based entirely on
straining order issued late patients. State Attorney Gen- a national discussion about for every machine available, ac- of benefit, and change in qual- their underlying disabilities,”
Thursday by U.S. District eral Ken Paxton then inter- why decisions are being made, cording to an article published ity of life.” said the complaint from the Al-
Judge Lee Yeakel in Austin preted the order to apply to medical ethicists say. The this week in the New England Federal courts have held abama Disabilities Advocacy
comes after a federal appeals abortions. Trump administration has Journal of Medicine. that categorical denial of medi- Program and the Arc of the
n-
court overturned a broader or- Texas prevailed Tuesday at played down the possibility of Other critical supplies such cal treatment on the basis of United States, which advocates
der he issued against Texas on the Fifth U.S. Circuit Court of rationing and has said it is in- as possible therapies and medi- disability violates nondiscrimi- for people with intellectual and
March 30. Appeals in a 2-to-1 ruling that vestigating rationing claims cations to sedate patients for nation law. A nondiscrimination developmental disabilities.
This time, Judge Yeakel, a said states can impose reason- and will enforce federal stat- ventilation are also running provision in the Affordable The Alabama Department of
no
George W. Bush appointee, able restrictions on constitu- utes protecting people from low. Care Act also protects people Public Health didn’t return a
gave Texas room to ban some tional rights, including abor- discrimination. The discrimination com- on the basis of race, color, na- call seeking comment, and the
abortions because of the pub- tion rights, to protect public “We are working as fast as plaints are coming as states tional origin, sex, age or dis- online link to the plan has been
lic-health emergency. But he safety during times of emer- possible,” said Roger Severino dust off previous crisis plans or ability. The 1973 Rehabilitation removed.
said the state couldn’t block gency. of the HHS civil-rights office. draft new ones, joined by hos- Act prohibits discrimination The HHS Office for Civil
abortions performed with pills Mr. Paxton indicated the “It’s a top priority for civil- pital leaders rushing to create against people with disabilities Rights said Wednesday that Al-
instead of a medical proce- state would again appeal, say- rights enforcement right now. ethics groups to guide their de- in programs that receive fed- abama agreed to remove all
dure, as well as abortions for ing Judge Yeakel’s new order We feel the urgency because cisions on triaging patients. eral financial assistance. links to the 2010 Criteria from
women who are further “demonstrates a lack of re- vulnerable groups have a lot of Hospitals struggling to guide Washington state guidance its websites and to comply with
along in their pregnancies and spect for the rule of law.” anxiety right now.” front-line doctors and nurses for the management of scarce applicable civil-rights law.
Head Start Helped State Limit Crisis Prisoners Riot Amid

BY DAN FROSCH
AND TARINI PARTI
on March 27 with 137 new
cases, and has since seen a
ish County, outside Seattle, re-
ported the first confirmed U.S.
Tensions Over Virus
similar decrease. According to case of Covid-19 in January, BY ZUSHA ELINSON In the federal prison system
When coronavirus cases be- UW’s Institute for Health Met- when a man returned from the AND SADIE GURMAN that holds 175,000 inmates,
gan mounting in Seattle in rics and Evaluation, which pro- Chinese city of Wuhan. But it 253 inmates and 85 staff have
early March, Lisa Brandenburg, vided Ms. Brandenburg with wouldn’t be for another month Coronavirus-fueled tensions tested positive, and eight pris-
president of UW Medicine’s those initial estimates, the that the first reported death in inside the nation’s prisons and oners have died, including five
hospitals and clinics, asked a state’s peak of Covid-19 deaths the U.S—also in Washington— jails are boiling over into riots, at Oakdale.
TED S. WARREN/ASSOCIATED PRESS
colleague for projections on may have already passed. occurred. That gave local standoffs and hunger strikes. Prison and jail officials say
how many more patients she This past Sunday, Gov. Jay health officials time to prepare. Officers at a Washington they are taking measures to
should plan for. His estimate Inslee announced Washington The swift and deadly spread state penitentiary fired nonle- slow the spread of the virus, in-
came in several days later: would return more than 400 of the virus in the Seattle re- thal rounds and used pepper cluding canceling visits, screen-
more than 900 in a health sys- of the 500 extra ventilators it gion—where it is tied to the spray to break up a demon- ing guards for symptoms, and
tem whose roughly 1,550 beds received from the federal gov- deaths of more than 35 people stration of more than 100 in- in some cases releasing inmates
were almost always full. ernment. Other states needed at a nursing home in Kirkland— mates Wednesday night after early to ease overcrowding.
Nearly a month later, the them more, he said. also prompted early action. six inmates tested positive The federal Bureau of Pris-
projected tidal wave of sick “Even if we did see addi- On March 4, even as the there, prison officials said. ons said what happened at
patients hasn’t materialized in tional volumes of patients, we Washington Gov. Jay Inslee rest of the nation was largely At Oakdale federal prison in Oakdale “was not a distur-
the Seattle area or anywhere could absorb those right now,” functioning normally, Seattle Louisiana, which has become a bance.”
else in Washington. said Tim Dellit, chief medical deaths tabulated by counties. and King County health offi- hot spot for the Covid-19 crisis “The inmates were quickly
While data may be lagging, officer at UW Medicine, which In King County, there have cials recommended that people behind bars, at least one in- separated and some moved to
and some county and state currently has 79 open ICU beds. been 244 deaths, or roughly work at home. Large employ- mate was sprayed and hand- the institution’s post-quaran-
numbers differ, there is at Hospital leaders say that 10.83 per 100,000 residents. ers, including Microsoft Corp. cuffed last night after tensions tine temporary shelter,” the
least some evidence that new early planning, swift imple- New York City, by contrast, has and Amazon.com Inc., an- erupted as previously sick in- bureau said, referring to a set
cases have slowed—for now. mentation of social-distancing had over 4,000 deaths, or nounced work-from-home poli- mates were put back in with of tents it has constructed to
King County, which includes measures and the way the vi- about 47 per 100,000 residents. cies starting the following day. the general population, inmates house inmates who are symp-
Seattle, saw its highest day of rus spread here have helped Washington health officials The next week, Mr. Inslee and guards said. tom-free. “The matter is under
new infections on March 26 them weather the storm. So attribute their progress to began taking more restrictive Meantime, immigrants pro- review and we have already
with roughly 200 cases, with far, at least 421 people have what initially seemed like bad measures, becoming one of the testing allegedly unhygienic modified our procedures to
lower daily numbers since died from Covid-19 in Washing- luck: The new coronavirus first governors in the country conditions in federal custody ensure that communications
then. Snohomish County expe- ton, state data show, though came to their state before any- to order all schools to tempo- have staged hunger strikes, with staff and inmates are im-
rienced its largest daily tally that figure may not reflect all where else in the U.S. Snohom- rarily shut down. advocates said. proved.”
A4 | Friday, April 10, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
THE CORONAVIRUS PANDEMIC
U.S. Death Toll Climbs Past 16,600 Postal

Service
The economic and human in the Washington-Baltimore-
cost of the coronavirus pan-
demic mounted Thursday as
Americans again set a record
Philadelphia region—which she
identified last week as another
potential hot spot for the coro-
Requests
for jobless claims, and global
confirmed infections climbed
to more than 1.6 million.
navirus—remained signifi-
cantly lower than in New York.
While New York has about
A Lifeline
The U.S. leads those figures, seven cases per 1,000 people, BY PAUL ZIOBRO
with an infection total of over she said, that mid-Atlantic re-
465,000, according to data gion remained at roughly one The U.S. Postal Service is
compiled by Johns Hopkins or two cases per 1,000 people. facing a precipitous decline in
University. “When you start mitigation mail volume and billions of dol-
early, it has a much different lars in additional losses as it
By Jennifer Calfas, impact,” Dr. Birx said. operates during the pandemic,
CRISTOBAL HERRERA/EPA/SHUTTERSTOCK
Christine Mai-Duc Researchers tracking the where hundreds of its workers
and Stephen Fidler pandemic at Johns Hopkins have fallen sick and a dozen
cautioned against premature have died from the coronavirus.
The exact number is likely optimism. “I don’t think we can The quasigovernmental
higher, experts say. Lack of say with any confidence right agency, which operates as part
widespread testing, false nega- now what the death count will of the executive branch, is ask-
tives and differences in report- be,” said Caitlin Rivers, an epi- ing Congress for financial sup-
ing standards have made it demiologist and assistant pro- port, even after the Treasury
challenging to track the extent fessor at the university’s Cen- Department extended it a $10
of the virus. ter for Health Security. billion loan and increased its
Deaths attributed to the Michigan Gov. Gretchen annual borrowing limit under
Covid-19 respiratory disease Applications for unemployment benefits were handed out on Thursday in Hialeah, Fla. Whitmer extended the state’s the Cares Act last month.
caused by the virus have sur- stay-at-home orders through The agency’s Board of Gov-
passed 95,700 globally, accord- the end of April, saying cases ernors has asked Congress to
ing to Johns Hopkins.
Coronavirus Daily Update there are “still on the upswing.” provide $25 billion in emer-
Between 8 p.m. Wednesday As of 10:44 p.m. EDT April 9 The virus continues to place gency funding, a $25 billion
and the same time Thursday, strain on institutions across grant for modernization proj-
1,783 people in the U.S. died
from Covid-19, according to a
Wall Street Journal analysis of
Johns Hopkins data. The total
465,750 16,684
U.S. cases U.S. deaths
25,960
U.S. recoveries
the U.S. With nearly 20% of its
uniformed workforce out sick,
the New York Police Depart-
ment has turned the fight
ects and access to $25 billion
in Treasury loans.
“At a time when America
needs the Postal Service more
death toll in the country was against the epidemic in its than ever, the reason we are
more than 16,600.
New York Gov. Andrew
Cuomo said deaths in the state
hit a daily record for the third
1,601,018 95,718
World-wide cases World-wide deaths
354,972
World-wide recoveries
ranks into a round-the-clock ef-
fort. The federal Department of
Veterans Affairs is experiencing
shortages of protective gear for
so needed is having a devas-
tating effect on our business,”
Postmaster General Megan
Brennan said Thursday.
day in a row, with 799 on its medical workers treating in- The Postal Service projects
Wednesday. Mr. Cuomo said Source: Johns Hopkins University Center for Systems Science and Engineering fected patients, according to the pandemic to add $22 bil-
the state plans to bring in more memo excerpts viewed by The lion to the agency’s continuing
.
funeral directors and compared The heightened daily toll in the curve if it goes higher,” Mr. Covid-19 appeared in the U.S., Wall Street Journal. operating losses over the next
ly
the virus’s devastation to that New York comes even amid a Cuomo said Thursday. strict measures and early pub- The number of Americans 18 months, Ms. Brennan said.
experienced during the terror- slowing of hospitalizations and Governors in New Jersey, lic action have so far helped seeking unemployment benefits Mail volumes and purchases
ist attacks of Sept. 11, 2001. the rate at which patients are Louisiana and other hard-hit lessen the infection’s toll. Offi- continued to surge at record of the agency’s services have
“There was no explosion,” hooked up to breathing equip- on states this week also expressed cials have seen similar trends levels. There were 6.6 million plummeted with the mandated
Mr. Cuomo said. “But it was a ment, signs that could suggest cautious optimism that strin- in California. applications for jobless benefits closures of businesses around
silent explosion that just rip- conditions there are stabilizing. gent social-distancing mea- Deborah Birx, the adminis- for the week ended April 4, the country. She said losses
ples through society, with the “It is essential that we keep that sures have helped slow the vi- tration’s coronavirus response which followed a record 6.9 could hit $54 billion over the
same randomness, the same curve flattened, because we rus’s spread. In Washington coordinator, said the number million revised figure from a longer term and threaten the
us l,
evil that we saw on 9/11.” don’t have an option of handling state, where the first case of of coronavirus cases per capita week earlier. agency’s ability to operate.
al a
e
Lawmakers Hit Impasse Over Next Aid Step

ci on
BY KRISTINA PETERSON
AND ANDREW DUEHREN
er rs
WASHINGTON—A congres-
sional effort to boost funding
for small businesses by hun-
dreds of billions of dollars hit
m e
an impasse as Republicans and

Democrats rejected each
other’s plans for the next
m rp
tranche of coronavirus relief,

leaving uncertain when more
aid would be approved.
Congress passed and Presi-
dent Trump signed a massive
co Fo
$2.2 trillion relief package less

than two weeks ago, but the
depth of the economic down-
turn has rushed lawmakers
back to the negotiating table.
They tangled Thursday over
which programs should be pri-
oritized in getting additional
funding. Republicans pushed
TOM BRENNER/REUTERS
for a quick boost to small

businesses, while Democrats
sought changes to widen that
program’s reach, as well as
broader assistance for hospi-
n-
tals and other recipients.

In a brief Senate session, Democrats blocked an effort by Majority Leader Mitch McConnell to increase business aid, saying a wider approach was needed.
Democrats blocked an effort by
Majority Leader Mitch McCon- san bill that is currently at ple who do not have banking proposal to pair modified ers, $150 billion in aid to states taken an extended break from
no
nell (R., Ky.) to add $250 billion risk of running out of money,” relationships were going to be small-business aid with fund- and local governments, and a Washington to prevent the
to a small-business aid program he said on the Senate floor. last in line,” House Speaker ing for hospitals, food stamps 15% increase in food assistance. spread of the disease among
that saw overwhelming demand “The country cannot afford Nancy Pelosi (D., Calif.) said and state and local govern- Mr. McConnell indicated themselves during the corona-
when it launched last week with unnecessary wrangling or po- Thursday. “That’s why when ments. The Democrats’ pro- that he was open to the idea virus pandemic, Congress
$350 billion in forgivable loans litical maneuvering.” they asked for more money, posal would include $250 bil- of approving more funding for would need to pass any bill
to support worker pay. Small- Democrats said the small- we said, ‘Let’s help everybody lion in new funding for small health-care workers, but in fu- this week through voice vote
business owners have flooded business loan program, called here.’ ” Mrs. Pelosi said the businesses, with $125 billion of ture legislation, not as part of or unanimous consent, which
banks with applications, and Mr. the Paycheck Protection Pro- Senate GOP bill wouldn’t be that aimed at helping busi- the next infusion of small- individual members can block.
McConnell said his bill made no gram, needed changes to enable to pass the House but nesses that might have had business aid. “I’m in favor of Congress is currently sched-
policy changes but simply in- sure that less-sophisticated said it could be the “basis for trouble accessing the initial even more funding for hospi- uled to reconvene on April 20,
creased the spending number. business owners can also ac- some negotiation.” batch of aid. The Democratic tals and providers down the but both parties have indicated
“I want to add more money cess the funds. In the Senate, Republicans legislation also includes $100 line,” Mr. McConnell said. they might not return to
to the only part of our biparti- “In this process, many peo- in turn blocked a Democratic billion for health-care provid- Because lawmakers have Washington later this month.
Smaller Cities, Left Out of Stimulus Package, Are Struggling

BY NATALIE ANDREWS country,” Shane Bemis, the (D., Calif.) and Senate Minority are facing challenges due to the Lawmakers are looking at said Andy Schor, the mayor of
mayor of Gresham, Ore., said Leader Chuck Schumer (D., pandemic. The legislation was other approaches as well. Lansing, Mich., which has
Mayors of small cities facing of the population restriction. N.Y.) on Wednesday requested introduced with 75 sponsors, Rep. Rashida Tlaib (D., about 120,000 residents.
big budget shortfalls say they The Republican mayor said an additional $150 billion for but it isn’t known if that will be Mich.) is working on part of the In addition to losses in tax
were unfairly cut out of the he may have to look at cuts to states and local governments. incorporated as part of a future package of issues that House revenue, the local minor-
$2.2 trillion stimulus package, the police force and fire depart- They didn’t say if they backed economic stimulus package. Financial Services Committee league baseball team, the Lan-
and they are drawing support in ment, or add a levy to property keeping the population require- Meanwhile, Sens. Michael Chairman Maxine Waters (D., sing Lugnuts, told the city it
Congress to make them eligible taxes to continue the services, ment for direct aid to cities. An Bennet (D., Colo.) and Cory Calif.) will submit for consider- wouldn’t pay rent this month
for direct aid in future rounds should the shutdown continue. Gardner (R., Colo.) wrote to ation in future legislation. She on the stadium, and the con-
of coronavirus legislation. Lawmakers are sympathetic Treasury Secretary Steven said the goal is to push the vention space the city helps
Localities are seeing in- but are balancing many urgent Mnuchin this week, asking him Federal Reserve to buy up mu- subsidize lost $1.5 million in
creased strain on first re- priorities in future stimulus
‘It’s a terrible slap in to take a broad definition of nicipal debt, providing money business in two days when the
sponders and police depart- bills. Some cities may get the face to most cities what he sees as coronavirus- to help localities weather the pandemic hit.
ments, in addition to bearing funds through grants and aid related needs and ensure small crisis. The stimulus package The law also means cities
the cost of purchasing per- to hospitals as well.
around the country,’ and rural communities receive gives the Federal Reserve the with big metro areas but rela-
sonal protective equipment. “This is not a question of one mayor says. a share of the funds approved option to buy such debt. tively small populations were
Meanwhile, revenue picking A over B, it’s saying by Congress last month. Congressional aides said the left out. Miami Mayor Francis
streams from sales taxes and both A and B need sufficient A spokesperson for the 500,000 population stipulation X. Suarez doesn’t expect to di-
income taxes have slowed, and resources,” said House Major- Treasury Department didn’t was in the most recent bill as rectly receive funding and is
unemployment claims are ity Leader Steny Hoyer (D., aide to Majority Leader Mitch return a request for comment. it was being quickly negotiated frustrated by the lack of infor-
surging. But the rescue law Md.) in an interview. McConnell (R., Ky.) couldn’t say Separately, Mr. Mnuchin to move it through Congress mation on how the money ap-
stipulates that only counties In the next large bill that if the Senate leader would sup- said that the federal govern- faster. States that receive their propriated by Congress will be
and cities with populations Congress considers, he wants port changing the require- ment would soon announce share of the $150 billion can allocated.
over 500,000 residents can ap- to get additional assistance to ments in future legislation. plans to establish a facility to then send some to local gov- Miami, with just under
ply directly for the $150 billion small communities and “get Rep. Joe Neguse, a Colorado purchase municipal securities, ernments, though mayors see a 500,000 residents, has spent
in emergency funding for state, them directly to the locality, Democrat, on Tuesday intro- responding to a Democratic ef- need for money urgently now. millions of dollars on personal
local and tribal governments. as opposed to going through duced legislation that would al- fort to get the U.S. to provide “We could be off by several protective equipment and cor-
“It’s a terrible slap in the the states.” locate $250 billion for local com- a backstop for struggling cit- million dollars in our existing onavirus testing and has the
face to most cities around the House Speaker Nancy Pelosi munities, cities and towns that ies and localities. budget, so that’s a problem,” most cases in Florida.
THE WALL STREET JOURNAL. Friday, April 10, 2020 | A5
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A6 | Friday, April 10, 2020 * ***** THE WALL STREET JOURNAL.
Economic Pain
Fuels Debate
Over Shutdown
Some Trump advisers and for people to go back to
work, Mr. Powell said “most
want faster timetable, people expect that to happen
pitting them against in the second half of this year,
after the second quarter.” He
public-health experts declined to be more specific.
Within the administration,
WASHINGTON—Record-set- the debate has frequently pit-
ting jobless claims and dire ted public-health officials, who
economic forecasts are giving have urged caution on lifting
fresh urgency to the debate restrictions, and economic of-
within the Trump administra- ficials who want to move on a
tion and across the country faster timetable. The latter
SOPHIA GERMER/BLOOMBERG NEWS

over how rapidly coronavirus- group is now poised to gain a
fueled restrictions should be new platform, as the White
pared back so the economy House is planning to soon an-
can begin its revival. nounce a new economy-fo-
cused coronavirus task force,
By Josh Mitchell, separate from the existing task
Andrew Restuccia force led by Vice President
and Gordon Lubold Mike Pence, according to ad-
ministration officials.
President Trump has ex- The new task force is ex- The coronavirus outbreak has closed cafes, bars and restaurants in New Orleans, which is heavily dependent on the hospitality industry.
pressed eagerness to move pected to consist of the presi-
quickly, and Treasury Secre- dent’s top economic advisers, among some outside experts New York. unemployment rate to soar to rescue package recently
tary Steven Mnuchin said on including Mr. Mnuchin, Na- that the president could aban- Mr. Trump and his advisers 13% in June, which would be passed by Congress—are add-
CNBC on Thursday that he tional Economic Council Direc- don social-distancing rules too have renewed discussion the highest in the post-World ing pressure on federal, state
thought the U.S. economy tor Larry Kudlow and Kevin soon and spur a resurgence of about reopening the country War II era. The jobless rate, and local leaders to draft
could be ready to reopen by Hassett, former chairman of the virus. in phases, in recognition that which stood at 4.4% in March, plans to reopen their econo-
the end of May. the Council of Economic Ad- Anthony Fauci, head of the some parts of the country so hit 10% in October 2009, mies.
Federal Reserve Chairman visers. Mr. Hassett has re- National Institute of Allergy far have been spared the shortly after the last reces- For his part, Mr. Powell said
Jerome Powell also nodded to turned to the White House to and Infectious Diseases, told worst of it. But that discussion sion. Economists in the Jour- the decision to reopen hinges
growing debate. “I do think advise the president. Aides CBS News on Thursday that he will be led by the assessments nal poll expect it to fall in the largely on the insights of
it’s time to have a serious pub- also said Ivanka Trump, the could envision a return to and recommendations of task second half and settle at 10% health officials. He pointed to
.
lic conversation and a lot of president’s daughter and se- public gatherings and celebra- force doctors, the official said. by the end of this year. a key risk: that workers return
ly
analysis about that,” he said nior adviser, is likely to be a tions this summer “if we do Any such effort will be Meanwhile, the University to the workplace too soon,
Thursday in an interview web- member of the task force. the things that we need to do guided by a sense of caution, of Michigan said its closely leading to a second wave of vi-
cast by the Brookings Institu- The president initially set a to prevent the resurgence” of at least for now. “There’s a se- watched index of consumer rus infections that would re-
tion. “We need to have a plan goal of reopening the country onthe virus. rious and real concern about sentiment fell sharply to an verse the gains from social-
nationally for reopening the by Easter but later abandoned Administration officials doing it too soon,” the official eight-year low. distancing measures. “We all
economy. We all want it to that idea. Though he has said have been buoyed by modeling said. “We will be conservative Such dire reports—along want to avoid a false start”
happen as quickly as possible.” he would defer to the advice showing the mitigation mea- on the front end.” with the prospect that many that would require the country
As for when it would be of the administration’s health sures are working in certain Economists polled by The businesses could collapse de- going back to “square one,” he
us l,
safe for businesses to reopen advisers, there is concern parts of the country, including Wall Street Journal expect the spite the $2 trillion economic said.
al a
e
Jobless Claims Continued at Historic Highs 6.6 million claims filed

Fed Loans extending nearly $450 billion
to cover losses the Fed might
ci on
March 29-April 4
Nearly 17 million workers have applied for unemployment benefits since mid-March. sustain in its lending pro-
Unemployed workers
receiving benefits,
2007 to 2009 2018 to present
7 million
Broadest grams. The Fed relied on $185
billion in additional support
from the Treasury in launch-
7.5 million people
In History ing the programs announced
er rs
then and now 6 million 6 million received benefits Thursday.

It took a year and a half the week ending That leaves the Fed with
6
during the 2007-09 recession March 28 significant resources to ex-
for the number of Americans 4 4 Claims filed March Continued from Page One pand programs or introduce
m e
receiving unemployment 22-28 were revised up that the central bank has tra- new ones if needed. Mr. Powell
benefits to hit 6.6 million. to 6.9 million ditionally deferred to elected signaled the central bank was
officials. in no hurry to withdraw its
m rp
2 2 5
Coronavirus-fueled During and after the finan- crisis support and deflected
lockdowns drove that figure cial crisis, the Fed left it to the worries that the expansion of
to a new record of 7.5 million White House and Congress to credit by the Fed would lead
0 0
within a month. provide financial assistance to to inflation. “I worry that in
2008 2009 2019 2020 4 failing auto makers and local hindsight, you will see that we
co Fo
governments facing declining could have done things differ-

3.3 million
revenues and rising expenses, ently. But one thing I don’t
March 15-21
The share of workers applying for benefits has been uneven, across states viewing such decisions as es- worry about is inflation right
sentially political. now,” he said.
3
California Georgia Florida Now, with a far broader The latest steps will finance
swath of the economy shut loans that banks make through
8% Despite claims slowing, 8% Georgia claims 8% Claims in Florida, which down to prevent the spread of the government’s emergency
the state had the most surged last week has had problems infection, companies and local small-business lending pro-
6 new applications 6 6 processing online claims, 2 governments of all sizes are gram and allow banks to ex-
last week have lagged struggling to make payroll, clude those loans from re-
4 4 4
pay bills and service debts. quired capital ratios, freeing
2 2 2 The Fed cut its benchmark them up to make more of
rate last month to near zero at those loans, which are sepa-
0 0 0 1 two unscheduled meetings and rately guaranteed by the Small
n-
March 7 14 21 28 April 4 March 7 14 21 28 April 4 March 7 14 21 28 April 4

has ramped up purchases of Business Administration.
Treasury and mortgage- The Fed will create two
backed securities at an un- other facilities to encourage
0 precedented scale. Its asset banks to lend to midsize busi-
no
portfolio has quickly ballooned nesses, which it defined as

2019 2020
to more than $6 trillion from those with fewer than 10,000
Note: National figures are seasonally adjusted Source: Labor Department $4.2 trillion in February, and employees or less than $2.5
it is on pace to more than dou- billion in revenues last year.
Millions ued to sour as the crisis contin-

ues. Another key measurement
of joblessness showed a record
after she was laid off from her
$7.25-an-hour job. She is wait-
ing for the additional $600
are struggling to file.
Corinne Chin, a 23-year-old
in Brooklyn, N.Y., hasn’t been
ble by midyear from its prior
high of $4.5 trillion.
The superlatives the Fed is
This Main Street Lending
Program will enable up to
$600 billion in lending to com-
File for 7.5 million people were already

receiving unemployment bene-
fits at the end of March. Such
payments that were included
as part of the rescue package.
Many laid-off workers have
able to file for unemployment
benefits since she was fur-
loughed from her creative-
setting with the scale of its re-
sponse have been matched by
the speed with which unem-
panies that are too large to
qualify for the small-business
loans but too small to access
Payments so-called continuing claims—as

opposed to new claims—grew
by 4.4 million in the week
been unsuccessful in applying
for unemployment insurance
as state labor department
marketing agency in mid-
March. She said she sometimes
calls New York’s labor depart-
ployment is rising. Nearly 17
million people have filed for
unemployment benefits since
corporate debt markets. Firms
can apply for those loans on
top of the forgivable payroll
ended March 28, eclipsing the websites and phone lines are ment hundreds of times a day. the coronavirus shut down loans from the SBA, and banks
Continued from Page One record of 6.6 million set in inundated with inquiries. “I’m stuck right now, and I ha- much of the nation’s economy. will be able to sell 95% of the
fueling debate within President 2009 at the end of the financial “We clearly are still process- ven’t been able to get The severe scale of damage debt to the Fed.
Trump’s administration and crisis. The number of continuing individuals who are having through,” she said. has prompted the Fed to signal One corporate credit back-
across the country over when to ing claims lags behind the ini- a hard time getting claims Layoffs are hitting a widen- its willingness to buy assets or stop to support new debt issu-
ease restrictions. Treasury Sec- tial-claims data and is expected through at the state level in ing array of industries, state- make loans in any market it ance of highly rated firms will
retary Steven Mnuchin said on to continue to grow. level data suggest. thinks will be necessary to now include “fallen angels”
CNBC Thursday that he thought Jobless claims are applica- In Oregon, slightly more stave off further job losses and that were investment-grade in
the U.S. economy could be tions by laid-off workers for than 30% of the state’s jobless business failures. mid-March but have subse-
ready to reopen by the end of unemployment insurance pay-
Many laid-off claims in the week ended The Fed has tried to iden- quently been downgraded.
May, adding it will be “as soon ments. Americans have been March 21 were from laid-off tify “the priority areas where While Mr. Powell said the
as the president feels comfort- The federal rescue package workers in the restaurant in- we thought help was needed,” Fed would continue to use its
able with the medical issues.” signed into law in March in-
unsuccessful in dustry. In the week after, the Mr. Powell said during an on- powers “forcefully, proactive
The U.S. isn’t alone. The Ca- creases the pool of workers applying for benefits. share of claims from restaurant line forum Thursday. “As we and aggressively,” he issued a
nadian economy shed just over who can tap benefits by mak- employees remained about the identify other areas, we won’t more assertive call Thursday
a million jobs in March on a ing independent contractors same, but the portion of claims hesitate to move.” for additional spending from
seasonally adjusted basis, the and self-employed people eli- coming from health-care and Mr. Powell also said it Congress and the White House.
government said Thursday, eas- gible, at least in some cases. addition to the large numbers retail workers rose. would be important to defer to Mr. Powell said, “There will
ily smashing the previous one- Subrina Norton, 50 years old, of layoffs that corporate Amer- “There’s still a lot of these health authorities in determin- also be entities of various
month record in January 2009. applied for unemployment in- ica is now doing,” said Mr. sectors for this virus to go ing how to reopen the econ- kinds that need direct fiscal
Meanwhile, U.S. lawmakers surance immediately after get- Brusuelas, the economist. through,” said Jacob Robbins, omy. “We need to have a plan support rather than a loan
argued over the next package ting laid off from her Oklahoma Auto makers and major re- assistant professor of econom- nationally,” he said. “We all they would struggle to repay,”
of economic relief, with Senate City waitressing job in March. tail chains such as Macy’s Inc. ics at the University of Illinois want it to happen as quickly as noting how severe economic
Republicans and Democrats Her online application kept get- have furloughed tens of thou- in Chicago. “This is what’s re- possible. We all want to avoid burdens are falling on low-in-
rejecting each other’s plans to ting rejected, prompting her to sands of workers, further ally concerning me right now.” a false start.” come workers and other vul-
provide additional help for try calling. She was able to ac- swelling the ranks of the un- The steep rise in joblessness The Fed first moved in nerable segments of society.
small businesses, hospitals cess her unemployment benefits employed. Mr. Brusuelas said is keeping job-training centers funding markets last month to The task of delivering fi-
and others. The Fed separately after she contacted the office of that will likely push unem- like Goodwill in Fort Worth, prevent a public-health crisis nancial support “directly to
continued expanding its rescue one of her U.S. senators, Repub- ployment to around 20% this Texas, busy. “People are calling from morphing into a financial those most affected falls to
efforts with new programs to lican James Inhofe. year, a figure reminiscent of in, and they’re like, ‘I need a crisis, and later said it would elected officials, who use their
provide $2.3 trillion in loans “It was just a blessing be- the Great Depression. job. I need it right now. I’ve assist credit markets that have powers of taxation and spend-
aimed at helping states, cities cause I was really getting States are adapting. Many got to feed my kids,’ ” said broken down. ing to make decisions about
and midsize businesses. stressed out,” Ms. Norton said. have reallocated or added staff Romney Guy, vice president of Congress and the Treasury where we, as a society, should
The labor market and Her checks, for $150, started to handle calls and review job- workforce development at have made possible a new gen- direct our collective re-
broader economy have contin- arriving less than two weeks less claims. Still, some people Goodwill in Fort Worth. eration of loan programs by sources,” Mr. Powell said.
THE WALL STREET JOURNAL. NY Friday, April 10, 2020 | A7
Johnson
Leaves
Europe Hopes It Pays to Sustain Wages
As job losses ricochet across the three months through June,
Intensive the U.S., Europe is conducting

an unprecedented experiment in
navigating the economic fallout
the sharpest decline since na-
tional accounts began in 1970,
according to the report.
Care from the new coronavirus: Per-

suade companies to forgo lay-
offs by subsidizing private-sec-
The only major European
economy that has published re-
cent jobs data is Spain, which
BY JASON DOUGLAS tor wages on a massive scale. said 898,822 people had lost
their jobs between March 12
LONDON—U.K. Prime Min- By Jason Douglas and the end of that month,
ister Boris Johnson left inten- in London, Tom equivalent to almost 5% of the
sive care following an im- Fairless in Frankfurt workforce. Spain began to par-
provement in his condition, a and Stacy Meichtry tially subsidize wages for
hopeful sign that he is set for in Paris 620,000 workers over roughly
recovery after being sickened the same period, but that fig-
by the new coronavirus. More than one million com- ure represents only the fraction
Mr. Johnson was admitted panies across the continent of applications the government
to intensive care at a London have signed up for subsidy has managed to process so far.
hospital Monday after experi- programs that essentially One drawback is that some
encing breathing difficulties transform their payrolls into a subsidy programs are modeled
JEFF J. MITCHELL/GETTY IMAGES

as a result of contracting system for delivering billions on decades-old furlough
Covid-19, the disease caused of euros in stimulus funds di- schemes that were designed
by the virus. He remains in rectly to households. for times when labor markets
the hospital for close monitor- Governments hope the pro- were less flexible. Tradition-
ing, his office said in a state- grams will act as a giant pause ally, people who qualify for
ment. A Downing Street button for Europe’s economy. state aid work at larger com-
spokesman said the 55-year- Under the system, people who panies that can hire people on
old premier is in good spirits. go for long stretches without contracts with heavy job pro-
The severity of Mr. John- work aren’t supposed to miss Workers at BrewDog brewery in Ellon, Scotland, fill a vat with hand sanitizer the plant is producing. tections. Many Spaniards who
son’s illness had raised the a single paycheck. Once the lost their jobs in March were
possibility of his prolonged confinement ends, workers monthly maximum of £2,500 on temporary contracts.
absence from the political hot will have a job waiting and EU Finance Chiefs the response to the crisis. ($3,165). The new program is Nestor Ortuño, a 46-year-
seat during an economic and money to spend. Companies However, it provided only a expected to be up and running old construction worker, said
public-health crisis. can, in theory, pick up more or Set Aid Package temporary truce among hard- by the end of the month, but his temporary contract made
Though he has not staged a less where they left off. hit members including Italy and companies are able to furlough him an easy target in recent
full recovery, his move to a The European approach Spain and wealthier northern workers now on reduced pay layoffs. His wife doesn’t work,
regular hospital bed from the contrasts with that of the U.S., BRUSSELS—European fi- EU countries over whether the and backdate claims to March 1. and the couple has three
intensive-care unit where he where market forces are al- nance ministers worked 19 members of the currency Mr. Watt said without the daughters. “I hope I will find
had been receiving oxygen lowed to reshuffle capital and through deep differences to bloc should issue common eu- worker-retention program he something soon. Otherwise I
will fuel hopes he may soon labor to a greater degree dur- agree to a package of measures rozone debt to finance recov- would have had no option but do not know what we are go-
be back at work at a key mo- ing downturns. Economists late Thursday totaling half a ery efforts from the crisis. to lay off as many as 1,000 ing to do,” he said.
ment in the pandemic’s warn the European programs trillion euros ($543 billion) Under the deal, member employees in the U.K. The subsidies are also
spread. can distort the economy over aimed at blunting the impact of states will be able to receive “The economy is going to costly. The Institute for Fiscal
.
“Great news: Prime Minis- time by keeping untenable the coronavirus on the region’s precautionary credit lines from need these jobs, this employ- Studies, a nonpartisan London-
ly
ter Boris Johnson has just companies alive, locking up fragile economy, officials said. the region’s bailout fund ment, and taxes on the other based think tank, said the U.K.
been moved out of Intensive capital and preventing staff But a bigger conflict over amounting to at least 2% of a side,” he said. program could cost around £10
Care. Get well Boris!” Presi- from switching to better jobs. whether to share the costs of country’s economic output, or Whether such programs pre- billion ($12.3 billion) over
dent Trump said in a message In the U.S., Congress has on the health crisis was deferred. some €240 billion of the avail- vent more widespread layoffs three months if only 10% of all
from his verified Twitter ac- provided $349 billion for a The agreement provided a able credit in the region’s bail- remains to be seen. Consulting employees were covered.
count. new program that provides moment of unity in what has out fund, known as the Euro- firm Oxford Economics doesn’t The French government esti-
British officials said Thurs- loans to companies with fewer been a bruising fight among pean Stability Mechanism. expect record-setting unem- mates its program will cost
day there were 881 new than 500 employees to meet European Union members over —Laurence Norman ployment rates across Europe’s more than €20 billion ($21.7 bil-
us l,
deaths linked to coronavirus payroll for eight weeks and major economies this year but lion) while Germany’s Federal
Wednesday, taking the total pay some overhead. Those forecasts the U.S. will climb to Labor Ministry estimates a total
al a
e
U.K. death toll to 7,978. Offi- loans will be forgiven if the checks of up to $1,200. to zero without pay, though the an annual average of 9.8%, cost of €10 billion. Around
cials say they see tentative borrower doesn’t lay off any James Watt, director of the company is continuing to fund beating the 9.6% it averaged in 650,000 German companies
signs of a flattening in the staff. But the bulk of the Scotland-based craft-beer com- their health-care coverage and 2010. A report published have signaled in recent weeks
ci on
rate of new cases and hospital broader $2 trillion stimulus pany BrewDog PLC, said 70% of other benefits, and plans to put Wednesday by Ifo, a German that they will put staff on short-
admissions, but earlier Thurs- package that President Trump the company’s revenue van- them back to work when the think tank, showed the mea- time work, more than 20 times
day said a lockdown of swaths signed into law aims to cush- ished overnight because of crisis ends. sures would help cap German the monthly peak during the fi-
of the economy will continue ion the blow of surging job plunging wholesale demand In the U.K., however, Brew- unemployment at 5.9% this nancial crisis, Germany’s labor
and may even be extended to losses rather than prevent and the closure of 98 of its 102 Dog has applied for govern- year, compared with 5% last agency said on Thursday. That
er rs
defeat the virus. them. That includes expanding bars world-wide. Most of Brew- ment grants that cover 80% of year. That is a modest increase is manageable for a government
A decision will be made unemployment insurance and Dog’s 200 employees in Colum- each employee’s wages for an given that German economic agency that is sitting on around
next week, officials say. a plan to send households bus, Ohio, had their hours cut initial three months, up to a output is likely to drop 10% in €26 billion in reserves.
m e
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co Fo
n-
no
A8 | Friday, April 10, 2020 THE WALL STREET JOURNAL.
IMF, World Bank Face

Deluge of Aid Requests
BY JOSH ZUMBRUN ment-debt crises is sure to fol- nancial crisis of a decade ago.
AND DAVID HARRISON low, he said, and “the system “We anticipate the worst
just can’t handle this many de- economic fallout since the Great
The health of the global faults and restructurings at Depression,” Kristalina Geor-
economy comes down to a race the same time.” gieva, the managing director of
between money flooding out of “It’s a little bit like going to the IMF, said on Thursday. Ms.
emerging markets amid the the hospitals and they can Georgieva said that three
coronavirus pandemic and the handle a certain number of months ago, the IMF was ex-
efforts of the International Covid-19 patients but they pecting per capita incomes to
AMIT DAVE/REUTERS
Monetary Fund and World can’t handle them all at once,” grow in 160 of the IMF’s 189
Bank to pump money back in. he added, referring to the dis- member countries, but now said
The two Washington-based ease caused by the new coro- the IMF expects per capita in-
finance institutions find them- navirus. come to shrink in 170 countries.
selves facing the greatest chal- More than 90 countries have The IMF’s leader outlined
lenge since they were estab- inquired about bailouts—nearly the coronavirus response the Doctors gathered this week to test residents of Ahmedabad, India, for coronavirus infection.
lished as the heart of the half the world’s nations—while IMF was taking and which
international monetary system at least 60 have sought to avail would be the focus of the meet- demic. The second, a Rapid ically for coronavirus re- up isolation wards.
at the 1944 Bretton Woods themselves of World Bank pro- ing discussions. She said the Financing Instrument, has an sponses, with around 40 more Oxfam International, a
Conference. The IMF’s seminal grams. The two institutions to- executive board, comprised of interest rate of about 1.5%. in its pipeline. Early projects global nonprofit organization,
mission was to safeguard gether have resources of up to representatives from the mem- The IMF doubled the size of include funds for Ethiopia to estimates that more than half
global financial stability to pre- $1.2 trillion that they have said ber countries, had agreed to the facilities from $50 billion buy medical equipment, for a billion people around the
vent a repeat of the Great De- they would make available to double the capacity of two IMF to $100 billion, she said. Coun- Mongolia to train additional world could fall into poverty,
pression, while the World battle the pandemic fallout, but emergency-lending programs, tries have already made re- health-care workers, and for defined as earning less than
Bank’s was to rebuild the war- the question is whether they created in the aftermath of the quests to tap about $20 bil- Cambodia to establish labs and $5.50 a day. “The devastating
ravaged economies of Europe. can move quickly enough to re- global financial crisis, which lion, according to senior IMF isolation and treatment centers economic fallout of the pan-
“We’re looking at a com- verse the mounting damage. can provide money with rela- staff. The money has started in 25 provincial hospitals. demic is being felt across the
modity-price collapse and a Since January, about $96 tively few strings attached. to flow—$120 million to Kyr- In the largest program an- globe,” said José María Vera,
collapse in global trade unlike billion has flowed out of The first program is a Rapid gyzstan, $166 million to Mada- nounced to date, India will re- Oxfam’s interim executive di-
anything we’ve seen since the emerging markets, according to Credit Facility, which offers 0% gascar, $109 million to ceive $1 billion from the World rector. “But for poor people in
1930s,” said Ken Rogoff, the data from the Institute of Inter- emergency loans to low-income Rwanda, $143 million to Hon- Bank for screening, contact poor countries who are already
former chief economist of the national Finance, a banking countries and has been previ- duras, $115 million to Chad. tracing and laboratory diagnos- struggling to survive, there are
IMF, now at Harvard Univer- group, more than triple the $26 ously used to respond to natu- The World Bank has fast- tics, to produce personal pro- almost no safety nets to stop
sity. An avalanche of govern- billion outflow during the fi- ral disasters and the Ebola epi- tracked 27 loan requests specif- tective equipment, and to set them falling into poverty.”
Legacy Leveraged Society bank and federal government to

respond aggressively to lift the
economy, even if it drives gov-
scramble for funds to keep
themselves running while prof-
its evaporate.
Of Crisis:
U.S. government debt as a share of GDP has been rising since the 1980s, while household debt
.
eased after the 2007–09 financial crisis and business debt has been on a long steady march higher. ernment budget deficits higher. Issuance of investment
ly
“The much greater danger grade corporate bonds reached
FEDERAL DEBT HOUSEHOLD DEBT BUSINESS DEBT on the part of governments is $194 billion in March, $138 bil-
Debt Surge as a percentage of GDP

100%
on as a percentage of GDP
100%
as a percentage of GDP
100%
that they may choose to under-
respond rather than over-re-
spond, based on a notion of fis-
lion more than the month be-
fore, according to Dealogic.
The boom in bond issues
80 80 80 cal rectitude that’s carried over contrasts with the 2007-09 cri-
Continued from Page One from a generation or two ago,” sis, when credit dried up. In the
something to worry about in said David Wilcox, the Fed’s month after Lehman Brothers
us l,
60 60 60
terms of the recovery path,” former chief economist. collapsed in September, 2008,
Mr. Taylor said. 40 40 40 As long as the economic for example, investment grade
al a
e
Past crises and buildups in growth rate returns to a level bond issuance fell 72%, accord-
U.S. government debt led to 20 20 20 higher than the interest rate, ing to Moody’s Corp.
changes in the tax code and government debt is manage- Businesses are also tapping
ci on
sharp fluctuations in inflation. 0 0 0 able, some economists argue. bank credit lines. In the weeks
In the private sector, debt loads 1950 ’60 ’70 ’80 ’90 2000 ’10 ’50 ’60 ’70 ’80 ’90 ’00 ’10 ’50 ’60 ’70 ’80 ’90 ’00 ’10 As in Japan, the Fed was between March 11 and March
could become a dividing line fighting deflationary head- 25, bank commercial industrial
between firms that fail and The Federal Reserve is now buying Households have taken on more Companies have added more loans winds before the health crisis, loans rose $365 billion, accord-
those that emerge more domi- large quantities of Treasury debt auto and student loan debt, while in recent weeks to survive the stemming from an aging popu- ing to Fed data.
er rs
nant in their industries. to ease the public burden... mortgage debt has grown slowly... coronavirus crisis... lation that sapped consump- Mark Kiesel, chief invest-
Because states generally run tion, and increased saving that ment officer of Pimco, the large
Change in Treasury debt Household debt by type Bank commercial/industrial loans
balanced budgets to avoid large tamped down inflation. bond investment firm, said he
debt, they are likely to dip into $250 billion $15 trillion $2.8 trillion The pandemic might amplify expects many companies to re-
m e
rainy day funds in the weeks these trends. Mr. Taylor, the spond to all of this borrowing
ahead and could turn quickly to 2.6 University of California eco- by investing modestly after the
cost cutting to keep their bud- 0 10 nomic historian, said interest crisis ends and paring back div-
m rp
gets in line in a downturn, rates tended to remain low for idends and share buybacks.
2.4
squeezing the economy. years after past pandemics as “Priority number one is go-
Moody’s Analytics sees $90 –250 5 businesses and households ing to be to pay down debt,” he
Credit card Student loan
billion to $125 billion of such 2.2 saved to rebuild lost wealth. said. “We are not expecting a
Total issued Auto loan Home equity
cuts or tax increases coming Households pared back their V-shaped recovery. We are ex-
co Fo
and says the hits will be un- Minus Fed purchases Mortgage mortgage debt after the
–500 0 2.0 pecting a U-shaped recovery.”
evenly spread around the coun- 2007-09 crisis, slowing the re- Debt is already proving to be
2018 ’19 ’20 2007 ’10 2018 ’19 ’20
try. New York, Michigan, West covery while they rebuilt their a dividing line for firms racing
Virginia, Louisiana, Missouri, ...and a study of pandemics ...and defaults on student and ...and bond issuance has also savings. Individual borrowing to adjust to the crisis, and a
Wyoming and North Dakota are through history* suggests that auto loans were rising even zoomed higher, unlike after the shows signs of rising now as crucial factor in a competition
especially vulnerable, it said. interest rates to service the debt before the crisis. 2007-09 crisis, when few some households look for funds of survival of the fittest. Com-
The Federal Reserve, the na- could remain low for many years. companies came to the market. to ride out the economic storm. panies that came into the crisis
tion’s central bank, will play Average change in interest rates Household loans 90 Investment-grade Better.com, an online lender, highly indebted will have a
the critical role of navigating after pandemics days delinquent bond issuance says it has seen a 500% in- harder time continuing.
the nation through the rising crease so far this year in appli- That line is especially stark
tides of debt. It sways the cost 0.5 pct. pts. 12.0% cations by households for in the energy sector, which is
of debt service, whether infla- In the three months after mortgage refinancing that in- being pummeled by falling oil
Student loan Lehman Brothers collapsed
tion emerges and whether 0.0 volves taking cash out of the prices. Many U.S. oil drillers
9.0
banks and other institutions equity held in homes. Fed data face pressure to meet hefty
n-
$88.7 billion
can bear the burden of lending show a modest pickup in debt obligations they took out
–0.5
that the nation demands. 6.0 Auto household borrowing from from banks and bondholders to
In the quarter when
So far the Fed is getting high loan bank home-equity lines in make America into the world’s
–1.0 coronavirus pandemic began
marks from President Trump March after a decline following largest oil and gas producer.
no
3.0
and many economists and in- $433.7 billion
the 2007-09 crisis. One of them, Whiting Petro-
vestors for moving quickly to –1.5 Student debt has become a leum Corp., filed for bank-
make credit widely available, 0 10 20 30 40 0 Mortgage heavier burden for households, ruptcy protection in late March.
though it faces challenges and Years after pandemic 2003 ’10 and since 2007 it has tripled to “People will want to get into
uncertainties deciding how far $1.5 trillion, with large expo- bankruptcy quickly in order to
*Based on Bank of England historical, inflation-adjusted interest rates and a study of how they behaved over 15 pandemics during the past eight
to extend itself and when and centuries including the 14th-century Black Death, 1918 flu, 2009 H1N1 pandemic and others that each killed 100,000 people or more.
sures among young individuals, beat the rush,” said Buddy
how to pull back. On Thursday, Sources: Federal Reserve; Bureau of Economic Analysis (debt); Alan Taylor of University of California Brian McGill and Jon Hilsenrath according to Fed data. Clark, a partner and co-chair of
it announced more programs to Davis (interest rates); Federal Reserve Bank of New York; Mortgage Bankers Association (loans) THE WALL STREEET JOURNAL “We were talking about, energy practice group at
support $2.3 trillion in lending. when this is over, we want to Haynes & Boone.
During and after the soar in the months ahead due virus crisis to another war. chases of government bonds by downsize, maybe move into a Occidental Petroleum Corp.
2007-09 financial crisis, the to the $2 trillion economic res- “After the dust settles in the the Fed should cause inflation, townhome, being way more took on tens of billions in debt
Fed expanded its own portfolio cue, higher spending on pro- U.S. there will be arguments because it involves pumping conservative in terms of major to buy Anadarko Petroleum
of securities and other holdings grams like unemployment in- over who should pay for all of money into the financial system purchases and spending and Corp. last year, leaving its cash
from less than $800 billion to surance and an expected fall in this spending and absorb the in exchange for the securities. start building savings,” Heather flows tied up servicing bonds
$4.5 trillion. The Fed unwound tax revenues amid lower in- burdens of the debts, which That money eventually finds its Schmiege, 41 years old, said of
some of that as the expansion comes and corporate profits. will be political arguments,” way to households whose pur- a conversation she recently had
took hold. Now, in the initial Mr. Trump is pushing for ad- said Ray Dalio, founder of chases drive consumer prices with her husband.
stages of the coronavirus crisis, ditional Washington stimulus Bridgewater Associates, the higher. Both have student loans, in
‘You do have
it has stretched its holdings focused on infrastructure. large hedge fund company. Such price spikes did occur addition to a mortgage and two something to worry
from $3.8 trillion last Septem- House Speaker Nancy Pelosi Many economists believe after World War I and World car payments. The Tallahassee
ber to $5.8 trillion as of April 1, said another round of stimulus that for now the U.S. can man- War II, and the U.S. could head couple makes enough with two
about in terms of the
and is on track to increase could exceed $1 trillion. age the surge in government for such a repeat. jobs to cover the bills with a bit recovery path.’
them by trillions more in the Past crises accompanied by borrowing, in part because the But inflation didn’t budge left over, but the crisis and re-
months ahead. swelling government debt led Fed is likely to buy a lot of the during or after the Fed’s pur- cent Florida hurricanes have
“Had the Fed not come in to dramatic changes in the gov- debt itself. chases in the 2007-09 crisis. made them wary of risk.
these past few weeks, we would ernment’s role in economic life. The U.S. Treasury funds gov- Despite warnings by critics that Congress, concerned that de- and loans. Its share price is
have had a combination of the Alexander Hamilton, the na- ernment deficits by issuing the moves would destroy the linquencies could rise if unem- down around 60% since Feb. 1.
Great Depression and the 2008 tion’s first Treasury Secretary, Treasury bonds. In normal purchasing power of dollars, in- ployment skyrockets—as hap- Two bigger competitors with
financial crisis,” said Mohamed consolidated state debts at the times the Fed isn’t a player in flation has remained below the pened after the last economic cleaner balance sheets, Conoco-
El-Erian, chief economic ad- federal level after the Revolu- the Treasury market, but after Fed’s 2% target for most of a downturn—granted a reprieve Phillips and Exxon Mobil Corp.,
viser at Allianz, the Munich- tionary War, one of the nation’s the 2007-09 financial crisis it decade. Interest rates also for student-loan borrowers as have seen much smaller share
based financial firm. first steps toward centralizing started buying government stayed low. part of the recent economic- price declines.
The U.S. government cur- power. The vast expansion of bonds itself. Its “quantitative Japan, the world’s third- rescue package. The Fed, some analysts note,
rently has $17.9 trillion in debt lending from Washington today easing” program was meant to largest economy, offers addi- The law will allow most of could amplify the debt divide,
held by private investors and could further increase its sway hold down interest rates to tional evidence that inflation the 43 million Americans with because it is opening credit
other governments—the over the economy. help the recovery by reducing might not surge. Japanese gov- federal student loans to sus- programs to borrowers with in-
amount it has borrowed from Abraham Lincoln’s Revenue the supply of Treasury securi- ernment debt is even larger pend their monthly payments, vestment grade credit ratings
others to fund its annual bud- Act of 1861 imposed import ties in public hands. than U.S. government debt, at interest free, for six months. and just below that level, but
get deficits. That works out to taxes and a 3% tax on high in- With the Fed’s abrupt re- two-times GDP. The Bank of Since the federal government is not others with junk bond rat-
89% of U.S. gross domestic comes to fund the Civil War ef- start of bond buying, govern- Japan has been buying Japa- the nation’s primary student ings.
product, the highest since 1947. fort. An income tax created in ment debt held by the public nese government bonds for lender, the program effectively “If you emerge from this,
Before the coronavirus crisis, 1913 was expanded to finance actually went down in March, years, but inflation there has shifts the student debt fallout you will emerge to a landscape
debt and deficits were pushed World War I. The Treasury De- according to Louis Crandall, an been subdued throughout. from the crisis to Washington. where a lot of your competitors
higher by ramped up govern- partment started tax withhold- economist at Wall Street bond Many economists see a re- Business debt was high and have disappeared,” Mr. El-Erian
ment spending on military and ing during World War II, when broker TP ICAP. He sees the peat of those patterns now. rising before the crisis, as firms said.
other programs and tax cuts the tax rate for high income Fed’s overall portfolio reaching With inflation and interest took advantage of low interest —Josh Mitchell and Rebecca
enacted in 2017. households surged over 90%. $10 trillion by year-end. rates expected to remain low, rates and steady growth. Now Elliott contributed
Government borrowing will Mr. Trump has likened the In theory, large scale pur- they see reason for the central debt is increasing as firms to this article.
THE WALL STREET JOURNAL. * * * * * * Friday, April 10, 2020 | A9
Pfizer Pinpoints an
Early Drug Candidate
BY JARED S. HOPKINS the therapy has a benefit, Dr. been hustling to develop ther-
Dolsten said. apies or vaccines against the
MONICA JORGE FOR THE WALL STREET JOURNAL

Pfizer Inc. has found a Pfizer has been working virus. More than 140 are in de-
promising but early potential with BioNTech SE of Germany velopment world-wide, most
coronavirus treatment, which to develop a vaccine based on in early stages, including
the drugmaker aims to begin an emerging gene-based tech- about a dozen already in clini-
testing in patients this summer. nology. Pfizer said it plans to cal trials, according to Informa
Laboratory research sug- move into clinical trials as Pharma Intelligence.
gests the drug candidate early as the end of this month Among other drugmakers
blocks the new coronavirus with four different vaccines si- working on treatments are Eli
from replicating, Pfizer re- multaneously, and aims to Lilly & Co., Gilead Sciences
search-and-development chief move the best one forward in Inc. and Takeda Pharmaceuti-
Mikael Dolsten said. The find- future studies. “I feel confi- cal Co. Gilead’s remdesivir is
ings indicate the experimental dent that we will win, battle thought to be among the drugs
drug could slow or stop the by battle, to turn around this that is farthest along because it A scientist at Pfizer’s Research and Development location in Groton, Conn., last year.
spread of the virus in patients viral war against our society,” had been developed for Ebola.
with mild to moderate symp- Dr. Dolsten said. Pfizer, based in New York in 2009. To limit interactions gests its lead drug and similar July. The company says the
toms, though human testing There are no approved City, assembled a team of 50 among personnel, the com- candidates are strong blockers drug could help damp an over-
will be necessary for proof. medicines to treat or prevent researchers from various de- pany’s coronavirus team has of a key enzyme, known as a active immune response that
The progress is among sev- the new coronavirus, which partments to work on the cor- yet to meet in person. protease, that helps viruses occurs in some patients and
eral developments in Pfizer’s causes the disease known as onavirus, and ramped up proj- The team reviewed com- replicate, Dr. Dolsten said. can lead to respiratory failure.
efforts to find coronavirus Covid-19. The testing required ects exploring different pounds that have shown activ- Pfizer plans to begin studying Other anti-inflammatory
drugs and vaccines. Pfizer will to ensure the drugs and vac- potential medicines. ity against other coronavi- the lead drug in patients as drugs, such as Roche Holding
also start testing its approved cines work safely is expected One challenge the drug- ruses, including severe acute early as August. AG’s Actemra, have shown
rheumatoid-arthritis drug Xel- to take months. maker confronted was recon- respiratory syndrome, or Pfizer expects the trial eval- signs of working on coronavi-
janz in coronavirus patients in Dozens of companies and stituting antiviral research af- SARS, Dr. Dolsten said. uating Xeljanz’s effect on coro- rus patients who suffer from
Italy this week to see whether university researchers have ter disbanding the department Pfizer’s lab research sug- navirus patients to finish in respiratory problems.
Anatomy of a Cytokine Storm

An overactive immune response is thought to play a role in
the disease progression of the sickest Covid-19 patients.
n
Lung
1
Coronavirus
Doctors Improvise,
1 Coronavirus infects lung cells.
Cells
2
Share Treatments
2 Immune cells, including macrophages, identify Macrophage BY REBECCA DAVIS O’BRIEN mation is crucial.”
.
the virus and produce cytokines, part of the
Dr. Farkas and EMCrit are
ly
body's inflammatory response against infection. In mid-March, as U.S. hospi- part of a movement known as
Alveoli
3 tals scrambled for ventilators FOAM or FOAMed—free open
3 Cytokines attract more immune cells, such Weakened blood vessels to treat a surge of coronavirus access medical education—a
5
as white blood cells, which in turn produce
on cases, a Vermont pulmonolo- network of podcasts and blogs
Cytokines allow fluid to seep in and fill
more cytokines, creating a cycle of gist proposed a different treat- that has grown up in the past
the lung cavities, leading to ment on a blog popular with decade or so, where health-
inflammation that damages the lung cells. 4
respiratory failure. emergency-medicine doctors. care workers can share medi-
5 Joshua Farkas observed in cal resources and ideas.
us l,
4 Damage can occur through the

Fibrin the post on the EMCrit blog “I can’t imagine how you
formation of fibrins, scar tissue that
that many Covid-19 patients could possibly do this in a pre-
al a
impede oxygen from passing into

e
Red cells seemed to benefit from less-in- internet world,” said Reuben
the bloodstream. vasive alternatives to help their Strayer, associate medical direc-
breathing, including pressure tor of emergency medicine at
ci on
Capillary White blood cells

Sources: Randy Q. Cron, University of Alabama at Birmingham; Autoimmunity Reviews therapy used to treat sleep ap- Maimonides Medical Center in
Alberto Cervantes and Josh Ulick /THE WALL STREET JOURNAL nea—sometimes referred to as Brooklyn. “How could you com-
CPAP, for continuous positive municate about a disease no-
Immune and viral infections.

Proteins called cytokines
studies are mixed on their ef-
fectiveness, with some studies
Seattle’s Swedish Health Ser-
vices used Actemra to treat a
airway pressure. Soon, a Milan
doctor weighed in, offering en-
body knows anything about that
is marching across the planet?”
er rs
are part of the immune sys- indicating that Covid-19 pa- 45-year-old emergency-room couraging statistics on CPAP Dr. Strayer has launched a
Response tem’s arsenal for fighting dis-

ease. When too many are re-
leased into the bloodstream
tients might be at a higher
risk of death when treated
with steroids. Some doctors
physician who was infected
while caring for patients from
a nursing home in Kirkland,
use from his hard-hit hospital.
U.S. health-care workers
sought guidance and a physio-
Covid-19 data-sharing program
on his blog, Emergency Medi-
cine Updates, featuring real-
m e
Eyed too quickly, however, it can

have disastrous results, in-
cluding organ failure and
are reluctant to use steroids
because they broadly damp
the immune response, which is
Wash.
The man was transferred to
Swedish and put on life sup-
therapist in Denmark gave tips
for securing CPAP equipment.
The post helped galvanize
time, anonymized patient data
from Maimonides’ intensive-
care unit. His Twitter account
m rp
death. risky in patients fighting in- port after his lungs and kid- an emerging theory about the features tips for handling car-
Continued from Page One As with other diseases, it is fections. neys began to fail, said Samuel treatment of Covid-19 pa- diac arrest in Covid patients
As scientists race to better a mystery why cytokine Drugs targeting specific cy- J. Youssef, a cardiothoracic tients, which in recent weeks and observations about how
understand the phenomena, storms are experienced by tokines rather than the entire surgeon at Swedish. Lab tests has taken hold in U.S. hospi- many patients seemed to
pharmaceutical companies in- some but not all Covid-19 pa- immune system may be more showed the man’s inflamma- tals. In New York City, where breathe fine despite “shock-
co Fo
cluding Roche Holding AG are tients, doctors said. Genetics effective, doctors said. tion levels were 200 times ventilators are in perilously ingly low” blood-oxygen levels.
partnering with hospitals to may be a factor. Among the most promising greater than the normal range, short supply, doctors say they Much of the discussion is
explore whether drugs proven In the most severe corona- indicating he might be suffer- have since embraced CPAP and about avoiding intubation—
to tamp down an out-of-con- virus patients, the disease ap- ing from a cytokine storm. other treatments to improve putting a tube into sedated
trol immune response could pears to have two stages, doc- The doctors at Swedish de- breathing in Covid-19 patients. patients’ airways to place
help the sickest Covid-19 pa- tors and researchers said. First
‘You remove one cided to administer Actemra The shift is one example of them on a ventilator, an inva-
tients. the immune system fails to re- piece of the storm, after discussing a small Chi- how health-care workers are sive and risky procedure.
Some doctors are already spond quickly or effectively nese study that had shown writing the playbook for treat- Last week, Michelle Romeo,
administering the drugs to pa- enough to the virus. Then the
and it can quiet the that 21 Covid-19 patients with ing coronavirus patients on the a chief emergency-medicine
tients who are unable to immune response becomes too whole thing.’ high levels of inflammation fly, knowing they can’t wait for resident at NYU Langone and
breathe without the support of aggressive and floods the body had been successfully treated peer-reviewed articles in medi- Bellevue hospital in Manhat-
ventilators, or to prevent dete- with cytokines. with the drug. Over the next cal journals. Instead they are tan, tweeted photos of a jury-
rioration of patients who ap- The surge of cytokines two days, the patient’s inflam- tapping into social media, pod- rigged breathing device in-
pear ready to slip into respira- damages blood vessels and al- targeted treatments, doctors mation levels began to decline casts, inside-baseball medical volving a mask used for BiPAP
n-
tory failure. lows fluids to seep into the said, is Roche’s rheumatoid-ar- and his blood-oxygen levels in- blogs and text-message groups —an airway pressure therapy
“You remove one piece of lungs, filling them up like wa- thritis drug tocilizumab, which creased, Dr. Youssef said. After to share improvised solutions to similar to CPAP.
the storm, and it can quiet the ter balloons, doctors say. is marketed under the brand a week, he was well enough to supply shortages and patient At Mount Sinai Hospital in
whole thing,” said Kevin “The virus initiated it,” said name Actemra. The drug was be taken off life support on care, forcing hospitals to quickly Manhattan, pulmonologists
no
Tracey, president of the Fein- Ya-Chi Ho, an assistant profes- approved in 2017 to treat cy- March 23, and was released re-evaluate their practices. worked with the hospital’s
stein Institutes for Medical Re- sor at the Yale School of Medi- tokine storms caused by can- from the hospital on Sunday. “This has been a rapidly sleep lab to figure out a way to
search at Northwell Health, cine who studies infectious cer treatments known as CAR- “All we did was quiet the evolving process,” said Dr. Far- use BiPAP machines like a ven-
which is testing Kevzara, an diseases. “The second problem T cell therapies. storm and support his body— kas, who has treated Covid-19 tilator. The result was posted
anti-inflammatory drug from is our immune system handled On Tuesday, a federal his kidneys, his lungs, his patients in the intensive-care on Reddit, and got “all kinds of
Regeneron Pharmaceuticals Inc. it wrong, and induces this cy- agency that supports health heart—to give him the time to unit at the University of Ver- different responses,” said Val-
Doctors have used the term tokine storm and clogs our research said it is committing fight the virus,” said Dr. mont in Burlington. “As we erie Burgos-Kneeland, a regis-
“cytokine storm” to describe lungs. That’s why patients die.” $25 million to accelerate a Youssef, who attributes the re- struggle with how to treat a tered nurse in the hospital’s
an overactive immune re- Drugs called corticosteroids late-stage study of Actemra in covery both to Actemra as disease that so recently was Medical Intensive Care Unit.
sponse triggered by external can be used to treat patients Covid-19 patients. well as other interventions totally unknown, this rapid ex- “It’s kind of been an opportu-
pathogens such as bacterial with cytokine storms, but Last month, doctors from like being put on life support. change and updating of infor- nity for people to get creative.”
Church baptisms were postponed, as

were preparations for first
communions and confirmations
chants. He believes the music
affords some privacy.
One layman wore an N95
hold.”
Last Saturday, Father O’Mul-
lane struggled with the lock af-
Closed, scheduled for spring.

Confession posed a conun-
drum. Without reconciliation,
mask; an elderly woman wore
blue rubber gloves as she
rubbed a statue of Mary out-
ter the last confession, so he
sent a text to a colleague in the
rectory, who walked over and
KEVIN ARMSTRONG FOR THE WALL STREET JOURNAL
Shed Open Catholic guilt backlogs. The

sacrament, which allows con-
fessants to acknowledge their
side the church.
Two rules stood: be patient
and be brief. While a canopy
freed him. Father O’Mullane
stayed out of the shed all of
Palm Sunday. He asked parish-
sins and repent, is traditionally provided cover, there were no ioners to “hack some branches”
Continued from Page One administered face to face or be- chairs or kneelers, though some and place them in their yards
Three sheer curtains stitched hind a partition in a church people knelt on the stone steps so he could drive by and bless
together served as the parti- booth. Churchgoers inquired outside. One man grew tired the branches with holy water,
tion in the side window; a sign about asking for forgiveness and leaned on the shed with without social interaction.
greeted all penitents as they over the phone. Archbishop both hands. Some looked out at More than 180 households
walked from their vehicles to Leonard Blair, chairman of the the street; others turned their requested visits. He blessed the
the shed: “PLEASE DO NOT U.S. Conference of Catholic backs. branches people left outside.
TOUCH ANYTHING.” Bishops’ liturgy committee, told One by one, a mother, father He wore his red cope, a gilded
People confessed at the U.S. bishops in late March that and six children took turns. Fa- vestment that is open in the
shed’s window, standing 6 feet the Vatican informed him “it is ther O’Mullane lamented the Father Daniel O’Mullane hears confessions from a inside a shed. front and fastened at the breast
away. Father O’Mullane reminds clear that the Sacrament is not closing of the parish school due with a chain, and as he rode
people to step back if needed. to be celebrated via cellphone.” to the virus. “Life is going on,” his daily liturgies at 8 a.m. He priests’ efforts from afar. In door-to-door for 200 miles over
“This is just part of living in Father O’Mullane bought the he said. “The kids are going to pities an Italian priest who cel- New Rochelle, N.Y., a hot spot 14 hours.
the Apocalypse,” Father O’Mul- shed at Home Depot and as- be 2 inches taller by the time ebrated Mass online but forgot for the virus, a priest rode After a few stops, Father
lane quipped. “Everything is sembled it with members of the they come back.” to turn off Facebook’s filters around in the back of a pickup O’Mullane confessed his outfit
jerry-rigged.” parish’s men’s group. Twice a As confessants flocked to the which made him appear to be truck, reciting prayers. Other wasn’t ideal for such hustling.
Sacraments have been hard day, three days a week, through shed, neighborhood residents wearing a hat and sunglasses priests have tried drive- From the car, he went on
to come by during the pan- heavy rains and high winds, he noted an uptick in traffic. “I while preaching. through confessions. The image Facebook Live to address con-
demic. To comply with a series kept the faith in his box. One can’t get in and out of my drive- Father O’Mullane remains of Pope Francis praying alone gregants. A higher power was
of orders by New Jersey Gov. session went double the 90- way,” said Diane Lynch, who vigilant, and dimly lit in the in St. Peter’s Square high- watching and chided him for
Phil Murphy that restricted so- minute time allotment. lives down the block. “But I’m rectory chapel. After seeing lighted the distance between not wearing his seat belt. It
cial gatherings, the Diocese of The 38-year-old pastor ran not going anywhere so it’s fine.” himself on screen, he gasped. the church and its worshipers. was his mother, Bonny.
Paterson gave up in-person extension cords from an indoor To remain connected, Father “Folks, why did you never tell “We don’t get this time off,” “Put your seat belt on!!!!!”
worship services for the final outlet to a boom box by the O’Mullane sends multiple me I am this bald?” he joked. said Father O’Mullane. “The she wrote in the comments.
weeks of Lent. Weddings and shed and cued up Gregorian emails a week and live streams He has observed other mission of the church is not on “Oy vey!”
A9A | Friday, April 10, 2020 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK

Toll Overwhelms Funeral Directors Church
Struggles
To handle mounting
deaths, New York
seeks to increase their
During
ranks, Cuomo says Holy Week
BY BEN CHAPMAN BY KATIE HONAN
New York will seek addi- The coronavirus crisis has

tional funeral directors to battered a church serving the
deal with growing fatalities immigrant community in the
from the new coronavirus, of- center of New York City’s out-
ficials said Thursday, as the break, infecting parishioners
state reported its largest and killing a beloved priest.
daily death toll amid signs Father Gioacchino Basile
that restrictions meant to re- worked for 12 years at St. Ga-
duce the pandemic’s spread briel of the Sorrowful Mother in
are working. East Elmhurst, Queens, where
Gov. Andrew Cuomo said he served a growing and active
799 people died on Wednes- parish, congregants said. He
day from Covid-19, the respi- died Saturday of the virus, one
BRYAN R. SMITH/AGENCE FRANCE-PRESSE/GETTY IMAGES
ratory illness caused by the of many members of the close-

pathogen. knit community who have be-
For the fifth day in a row, come sick starting last month.
more people died from the vi- East Elmhurst now has the
rus in the hard-hit state than highest ratio of positive tests
were admitted to hospitals in all five boroughs, the city’s
for treatment. health department said.
Mr. Cuomo said that 200 The parish, like so many
people were admitted to hos- others in the community, is
pitals in the state on Wednes- made up mostly of immigrants
day, down from 586 new ad- from the Dominican Republic,
missions Tuesday, as the rate Mexico, Ecuador and Colombia,
of new hospitalizations con- said Jessica Roldan, who works
tinued to slow. as a secretary at the church.
New York’s hospital sys- For these parishioners, St.
tem, with 90,000 beds, is able Funeral parlor workers recently moved a body from a temporary morgue at the Brooklyn Hospital Center to a hearse. Gabriel is a refuge. There are
to handle the current flow of daily prayer groups, festivals
patients, which reached more doesn’t have data on the the New York State Funeral time frame for when restric- Asia. and feasts honoring the saints.
than 18,000 people hospital- cause of death for those in- Directors Association. tions on businesses, schools Researchers sequenced 90 And there was Father Basile—
ized on Wednesday, Mr. terred there, officials said. Despite the rise in deaths and gatherings would be SARS-CoV-2 genomes from 84 the big-hearted leader who
.
Cuomo said. He said efforts “If you ever told me that on Wednesday, Mr. Cuomo loosened, he said. cases in the city and also celebrated Mass twice a
ly
to create additional beds as governor that I would have said New York continued to New York City’s Covid-19 Westchester County; only one month at a local nursing home
weren’t necessary now. to take these actions, I make progress in slowing the epidemic appears to have of the cases studied was in- and assisted as a chaplain at
The rate of newly diag- couldn’t even contemplate novel coronavirus, known as come from Europe and other fected with a virus that could LaGuardia Airport.
nosed infections rose for the where we are now,” Mr. on SARS-CoV-2. parts of the U.S. in February have originated in Asia, and At the parish, he offered
third straight day on Wednes- Cuomo said. Fewer patients were ad- and early March, a research it resembled viral isolates not just spiritual advice but
day, reflecting the increased Funeral directors look af- mitted to intensive-care units team at a major city hospital from Seattle, researchers often helped people pay their
availability of testing, state ter and prepare bodies for and fewer were placed on concluded, adding that the said. rent or buy groceries, Ms.
officials said. burial, cremation or entomb- ventilators Wednesday, sig- disease spread in communi- The researchers also said Roldan said. “He was family to
us l,
Nearly 160,000 people ment. naling the possibility of fewer ties around the city before they “inferred a period of un- all of us,” she said.
have tested positive for the They also help families by fatalities to come, he said. social-distancing measures tracked global transmission In early February, the parish
al a
e
virus. processing forms that ar- The positive data showed took effect. between late January to mid- threw a 60th birthday party for
The total death toll stood range Social Security pay- the efficacy of measures to The study, released Thurs- February.” Father Basile, who had diabetes
at 7,067, Mr. Cuomo said. Fa- ments and other benefits. prevent the spread of day by Mount Sinai Health Mr. Cuomo and New York and was set to take a medical
ci on
talities are a lagging indica- The number of funeral di- Covid-19, including social dis- System, found limited evi- City Mayor Bill de Blasio both leave, Ms. Roldan said. He cele-
tor of the pandemic’s spread rectors in New York has de- tancing, Mr. Cuomo said. dence of direct introduction expect the virus to have a
because deaths may occur clined recently, according to State officials don’t have a from China and the rest of lasting impact on the state
weeks or months after people and its residents.
test positive and are hospital- Mr. Cuomo said state offi-
Members of a Queens
er rs
ized with Covid-19. cials were overwhelmed by parish battle the virus
Fatalities are expected to requests for unemployment
rise even as new infections benefits and that 1,000 addi-
and mourn the death
decline, the governor said. tional workers were being of a beloved priest.
m e
To handle those mounting hired to process the requests.

deaths, the state will increase Mr. de Blasio said restric-
the number of funeral direc- tions to stop the pandemic in
m rp
tors, he said. New York City could be loos- brated his last Mass on March
Officials also have moved ened in May or June if posi- 1, but spent the next week
to allow crematoriums to op- tive indicators showing a meeting with parishioners.
erate 24 hours a day. slow in virus’s spread contin- At that point, there were
Moreover, New York City ued. few reported positive cases of
co Fo
leaders have plans to bury He warned that residents the virus in New York. City and
the dead on Hart Island, off must continue to shelter in state officials told residents to
the coast of the Bronx. One of place to prevent the pan- take some precautions but to
JUSTIN LANE/EPA/SHUTTERSTOCK
the largest public cemeteries demic from gaining steam continue living their lives. But
in the U.S., the island has again. by mid-March, parishioners
been a burial ground for low- “The last thing we can af- started getting sick. On March
income New York City resi- ford is to let down our guard, 17, the Diocese of Brooklyn,
dents and unclaimed bodies and let the disease in the which also includes Queens,
for more than a century. door even more,” said Mr. de tweeted an alert that there
Burials of unclaimed bod- Blasio, a Democrat. were six confirmed cases of
ies at Hart Island already —Paul Berger the coronavirus at St. Gabriel,
have increased, but the city People were distressed outside of Bronx-Lebanon Hospital Center on Thursday. contributed to this article. with the virus likely spreading
at three gatherings earlier in
the month.
n-
It’s Hard Work Applying for Unemployment Benefits Many parishioners couldn’t
get tested. Some undocu-
mented members were afraid
to see doctors, Ms. Roldan said.
no
BY KATE KING signed speed up the application Jersey, initial claims totaled on the fact that they have pre- woman for Lyft said the com- “Once somebody’s infected,
process and reduce the need 214,000 for the week ending cious few benefits,” he said. pany is working with drivers to it doesn’t take anything for the
Freelance, self-employed for people to call the labor de- April 4. Connecticut processed Unlike other gig workers, help them get federal benefits. rest of the people to get in-
and gig workers are now eligi- partment and wait on hold. more than 33,000 applications. drivers for ride-hailing apps Self-employed workers are fected,” said parishioner Jessie
ble for unemployment benefits, Andrea Mason, who owns a James Parrott, an economist such as Uber and Lyft have been dealing with a slower unem- Lema, who returned to St. Ga-
but many say the filing process one-chair hair salon in upstate at the New School, estimates able to apply for unemployment ployment application process briel after moving to the Bronx
is confusing and difficult. New York, has been out of that in New York City there are benefits in New York since a than other applicants but ben- because of her connection to
The New York State Depart- work since March 21. She said between 157,000 and 225,000 New York State Department of efits will be backdated to the the church and Father Basile.
ment of Labor is overloaded she started applying for unem- independent contractors who Labor ruling in 2016. But their day employment was lost, said The virus’s spread in the
with unemployment claims as ployment benefits on March are out of work because of the claims often are delayed be- Nicole Salk, a senior staff at- church community is a reflec-
businesses battered by the 28. She said she got through pandemic. He said he hopes the cause the companies don’t share torney at the nonprofit Legal tion of its closeness, and of its
coronavirus pandemic con- to the labor department two decision to expand unemploy- wage data with the department, Services NYC. “For many folks demographics. Many parishio-
tinue to shed workers. The de- days and more than 500 phone ment benefits to these workers said Bhairavi Desai, head of the who are living paycheck to ners are front-line employees
partment processed more than calls later. The claims special- outlives the current crisis. New York Taxi Workers Alliance. paycheck, this is really diffi- who are still working at super-
345,000 first-time claims last ist told her they didn’t yet “It’s about time that they are Uber is sharing earnings data cult, but in most cases you markets and restaurants, with-
week, according to numbers know how to process claims being covered, and hopefully with the state, a spokeswoman will get the benefits because out the option to stay home.
released Thursday, compared for self-employed workers. this crisis will shine a spotlight for the company said. A spokes- you will get through eventu- The nearby Our Lady of the
with 367,000 the prior week. When Ms. Mason logs onto ally on the phones,” she said. Sorrows Church in Corona,
Many New Yorkers are un- the state website, she sees her Anthony DiMieri, 32, of Queens, also had a few virus
able to get through to the de- claim is still pending, she said. Brooklyn, is a freelance video cases, said a spokeswoman for
partment to file their claims. “I’ve probably called a couple editor who earns most of his in- the Diocese of Brooklyn.
More than 11,000 people have thousand more times in the last come working with advertising “The coronavirus has hit
joined a Facebook group cre- two weeks, but you can’t get agencies. In late February, he this immigrant community in
ated for people dealing with through,” said the 50-year-old, landed a new client and it looked western Queens especially
coronavirus-related unemploy- who lives in Green Island, N.Y. like he would be busy for the en- hard, and we pray for those
ment called “HELP US — NYS “I’m not blaming New York tire month of March. Then the suffering from the virus and
Unemployment Issues.” because it sounds like all the pandemic hit and the projects from the economic uncertainty
Adding to the demand are states have the same issue,” Ms. were indefinitely postponed. it has unleashed,” she said.
self-employed workers who Mason said. “Congress passed “It’s rare and it’s very dis- Father Miguel Cervantes be-
previously were ineligible for this, but they had no plan going concerting when you have gan at St. Gabriel in early
unemployment benefits but forward. Nobody’s prepared.” nothing lined up,” he said. March, filling in for Father
are now able to apply under a The state labor department Mr. DiMieri has been trying Basile. He now spends most of
federal stimulus package has information on its website to apply for unemployment his days on the phone with pa-
signed into law March 27. that instructs people who pre- benefits since March 30. Mean- rishioners, trying to help those
The labor department has a viously weren’t eligible for un- while, he has dedicated himself in need. “We reflect what is
backlog of about 200,000 ap- employment benefits to apply to volunteer work, raising going on in the neighborhood,”
plications that are still being first for regular state benefits money to buy masks, food and he said. “We are not immune.”
processed, Melissa DeRosa, and then for Pandemic Unem- other supplies for out-of-state Several parishioners were
secretary to the governor, said ployment Assistance. A spokes- medical workers who traveled gravely ill and in intensive-
Thursday. The department has man said the department to New York to help treat coro- care units, but have since re-
added computer servers and would provide information on navirus patients. covered, Father Cervantes
staff, and now has 1,000 peo- its website as soon as the PUA “I was just like, ‘OK, I’m not said. “We give thanks to God
ple—up from 400—answering application is available. totally helpless. I could do some- for this,” he said.
ANTHONY DIMIERI
the phones and processing Nationwide, 7.5 million peo- thing here,’ ” said Mr. DiMieri, On Wednesday, hundreds of
claims, the governor’s office ple were receiving unemploy- who has raised more than people watched the funeral for
said. ment benefits by the end of $9,000 on GoFundMe for the ef- Father Basile on Facebook.
The state also is rolling out March, according to the U.S. fort. “It’s work I’m happy to do, The church also will live-
technology improvements de- Department of Labor. In New Anthony DiMieri has been helping get supplies to medical workers. I’m just not getting paid for it.” stream Masses this week.
THE WALL STREET JOURNAL. * * NY Friday, April 10, 2020 | A9B
GREATER NEW YORK
Hospitalizations
Slowing Down
On Long Island
BY JOSEPH DE AVILA follows a leveling of cases ear-
lier in the week, with Nassau
The rate of hospitalizations adding 994 cases and Suffolk
due to the new coronavirus adding 1,030 on Tuesday.
pandemic has slowed on Long Even as the rate of hospital-
Island after surging last week, izations diminishes, the re-
but officials say it is too early gion’s hospitals are rushing to
for the region to assume the set up beds in their cafeterias
worst is behind them. and lobbies, and turning to
Like the rest of the state, employment agencies to help
Long Island appears to be ap- hire more medical personnel
proaching the apex of hospital- to bolster the ranks of their
AL BELLO/GETTY IMAGES
ized cases, local officials said. exhausted staff.
Of 140,000-plus cases in New In Suffolk County, the num-
York, more than 34,000 are in ber of Covid-19-related hospi-
Nassau and Suffolk counties, talizations rose to 1,585 on
according to the state. Wednesday, a 4% increase
On Wednesday, more from the day before. That is
Covid-19 patients were dis- down from the 23% daily in- A health-care worker recently spoke with a patient asking to be tested for coronavirus at the ProHealth Urgent Care center in Jericho, N.Y.
charged from hospitals in Nas- crease on April 3.
sau County than were admit- Local officials continue to patients requiring intensive tients requiring intensive care patients to other parts of the at maximum capacity right
ted for the fifth day in a row, solicit donations of personal care hasn’t subsided. hasn’t changed. network to relieve overworked now,” Mr. Lynam said. “We do
county officials said. That protective equipment from Catholic Health Services was Kenneth Raske, chief execu- facilities, Mr. Raske said. anticipate it will be quite
slowdown has given officials businesses and other groups. caring for more than 1,300 cor- tive of Greater New York Hos- “They are attempting to stressful for the next month or
hope that the region’s Suffolk County officials are onavirus patients as of pital Association, said Long Is- balance the patient load so even if the numbers seem
stretched medical system will hunting for medical supplies Wednesday. Of those patients, land’s hospital system has within themselves,” he said. to be plateauing.”
soon see a respite. in places such as Taiwan and 247 of them were in the inten- been under tremendous stress “If they ever do reach the sat- Northwell has added 1,400
“I still have a sense of ur- China, said County Executive sive-care unit. Catholic Health for weeks and faces challenges uration point, they will have beds to its system and plans to
gency,” said Nassau County Steve Bellone. Services has 381 intensive-care in the coming days. to reach outside and look for bolster that with another 800
Executive Laura Curran, a “Even if we are in that beds throughout its entire sys- Even as hospitalization assistance.” to 1,000, Mr. Lynam said. The
Democrat. “But you get the apex, we cannot take our foot tem. rates slow, there is still a pos- Northwell Health, which op- hospital system is in talks with
sense that you can breathe a off the pedal,” said Mr. Bel- “We are seeing a flattening sibility that those numbers erates 11 hospitals on Long Is- hotels, nursing homes and as-
little bit right now.” lone, a Democrat. of the curve. It is not going will shoot up again, over- land, shifted hundreds of pa- sisted-living organizations to
The number of new Covid-19 Officials with Catholic down, and we are still operat- whelming Long Island’s al- tients during the past week and use their facilities to add more
positive cases in Nassau County Health Services of Long Island, ing at a very, very high capac- ready drained hospital system, half from Long Island Jewish hospital beds, he said.
rose by 1,938 Wednesday—the which operates six hospitals in ity. But the trajectory or slope Mr. Raske said. Forest Hills in Queens and Long Northwell also has hired
.
county’s largest one-day in- Nassau and Suffolk counties, has clearly changed,” said Pat- So far, hospitals on Long Is- Island Jewish Valley Stream in 100 nurses with the help of
ly
crease—but officials attributed said they have begun to see rick O’Shaughnessy, chief clin- land haven’t been forced to Nassau County to Mather Hos- staffing agencies and is asking
it to an increase in testing. New slower hospitalization rates ical officer of Catholic Health transfer patients outside of pital in Suffolk County, said surgeons to assist with tasks
infections in Suffolk County during the past few days, but Services of Long Island. But, the region for care, but they spokesman Terry Lynam. outside of their specialty ar-
rose by 1,327 Wednesday. This cautioned that the number of on he said, the proportion of pa- have sent some coronavirus “Our hospitals are running eas, Mr. Lynam said.
CORRECTIONS
AMPLIFICATIONS Christie’s Auction House Settles Tax Claims for $16 Million
us l,
al a
BY LAURA KUSISTO
e
Manhattan prosecutors’ al- funnel works to its live auc- York, prosecutors said. Prose- which said it would forward
In some editions Thursday, AND KELLY CROW legations targeted a growing tions and risk the works going cutors said the state sales tax the money to the state.
“Tina: The Tina Turner Musi- arm of Christie’s retooled busi- unsold. The team staffed up on would have to be collected if A spokeswoman for the
ci on
cal” incorrectly was called Christie’s Inc. will pay up to ness model. In recent years, salespeople in London, Paris, there were a “nexus” with auction house said it had
“Tina: The Tina Turner Story” $16.7 million to settle Manhat- the global firm has gone to Hong Kong and elsewhere to New York, such as the art be- worked with the district attor-
in an article about Broadway tan prosecutors’ allegations great lengths to persuade col- sell art privately. ing intended to reside there. ney’s office “to resolve specific
theater closures. that the world’s largest auc- lectors to buy and sell art dis- From 2013 to 2017, Chris- Christie’s entered into a de- issues created as a result of
tion house failed to collect creetly through its private tie’s global private sales team, ferred prosecution agreement incorrect tax advice Christie’s
er rs
Readers can alert The Wall Street New York state sales tax on sales division—particularly in based in London, conducted to pay up to $16.7 million over received regarding the appli-
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or private sales for a five-year battered market years when $189 million in sales that two years to the Manhattan cation of sales tax obligations
by calling 888-410-2667. period that ended in 2017. sellers might be spooked to should have been taxed in New district attorney’s office, for specific non-U.S. affiliates.”
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LIFE&ARTS
NETFLIX (4)
‘T
igertail,” newly (For once the rich girl would have
on Netflix, been the right choice.) And, as we
shouldn’t be con- see in an affecting preface, he’d
.
fused with “Tiger been indelibly marked as a child,
ly
King: Murder, yearning for his mother while un-
Mayhem and der the care of his stern grand-
Madness,” the streaming service’s mother, who insists that “crying
trashy sensation about big cats on never solves anything.” Decades
and outsize eccentrics. The scale later, his once-bright spirit
of Alan Yang’s heartfelt debut fea- dimmed by adversity and regret,
ture is human, its tone elegiac. he repeats that advice under the
The narrative spans generations worst possible circumstances—to
us l,
and continents. An ardent young his daughter, Angela (Christine

factory worker in Taiwan immi- Ko), who is in deep distress after a
al a
e
grates to America in the 1960s and failed piano recital and looks to
manages to eke out a living for him for solace. Later still, after
himself and his family. In late mid- countless attempts to get warmth
ci on
dle age, divorced and lonely though from a stone, she says “You’re bro-
relatively prosperous, he travels ken inside,” and she’s right.
with his all but estranged adult If some of this sounds clinical,
daughter to the village of his child- many passages play that way; the
hood. (The film takes its title from film can be relentless in its por-
er rs
the English translation of Huwei, trayal of what appears to be Pin-

the village’s name.) The languages FILM REVIEW | JOE MORGENSTERN Jui’s chronic depression. Watching
are Taiwanese, Mandarin and Eng- it, though, you may sense great in-
‘Tigertail’: Lost Chances,

lish, but the hero, Pin-Jui, has be- tensity below the surface, and for
m e
come emotionally mute; the es- good reason. According to a film-

sence of the drama is his struggle maker’s note, “Tigertail” is primar-
to express emotions that he’s bur- ily a portrait of Mr. Yang’s father—
m rp
ied over the course of a lifetime. “a serious, intellectual, fiercely

Mr. Yang’s story unfolds with de-
creasing velocity; in the latter
stretches patience is required,
though amply rewarded. As a young
Found Feelings proud man who had been raised to
believe that to show vulnerability
was to show weakness.” When the
fictional father takes his daughter
co Fo
man played by Hong-Chi Lee, Pin- back to Taiwan on a voyage of rec-

Jui is bright and funny. His head onciliation and self-healing, they
swirls with visions of the good life
A transgenerational, transcontinental story of family, love and regret stand in the same factory where
in America while he works in a bro- Mr. Yang’s father and mother
ken-down sugar factory alongside toiled. When the preface combines
his mother; she’d been painfully ab- overhead shots of Pin-Jui as a lit-
sent during his childhood, searching tle boy running through rice pad-
for employment at a time of politi- dies with an old man saying, in
cal upheaval. As a solitary retiree in Mandarin, “I missed my mother, I
New York (played by the excellent felt alone without her,” it’s the
Tzi Ma), he’s maddeningly impas- voice of the filmmaker’s father.
sive, a heavy presence inside a self- Mr. Yang’s film has its flaws and
created cone of silence. It’s almost lapses. We never get a clear idea
impossible to see how the one grew of what Pin-Jui has made of him-
n-
into the other, but that’s the point self in his adult life, only that he’s
the film makes eloquently, if depressed and remote. The flash-
obliquely. (Nigel Bluck did the evoc- back structure can be confusing.
ative cinematography. Michael His late-life reunion with Yuan,
no
Brook composed the lovely, medita- now an Americanized matron

tive music.) played gracefully by Joan Chen, is
Pin-Jui’s life has been blighted a jarring contrivance. (Firing up
by one crucial decision—dumping his laptop with sudden fervor, he
the love of his life, an enchanting tracks her down via social media.)
rich girl, Yuan (Yo-Hsing Fang), Yet returning to Huwei with An-
who shares his passion for Otis gela rounds out the tale in a quiet
Redding, in favor of a business ar- coda that doesn’t need additional
rangement with the factory’s boss: emphasis. While father and daugh-
marry his shy daughter and get ter stand in front of the house
passage to the U.S. There, Pin-Jui where he and his mother lived, he
tells himself, he’ll be able to earn A scene from ‘Tigertail,’ top; Tzi Ma and speaks of Yuan as the love he lost,
enough money to bring his mother Christine Ko, center; Kunjue Li and Hong-Chi covers his face with his hand and
from China and buy her a house. Lee, above; Mr. Lee and Yo-Hsing Fang, left comes as close to crying as he can.
FILM REVIEW | JOE MORGENSTERN
Movies From the Past

Still Deliver
AT A TIME when the luckier home. The system is reputed to
among us can have takeout food work almost flawlessly, but mis-
and booze delivered to our door- takes can happen, and Ritesh Ba-
steps, movies about delivery ser- tra’s debut feature depicts one of
vices—“Deliverance” doesn’t qual- them, a happy accident of mis-
ify—may provide flavorsome routing that connects two un-
accompaniment. happy strangers.
Sometimes, according to one of The proprietress of “Kiki’s De-
the many nuggets of wisdom in livery Service” has her own way
“The Lunchbox” (2013), the of beating traffic. As a 13-year-old he delivers the dramatic goods black-and-white short, free for Irrfan Khan in Ritesh Batra’s ‘The
wrong train will get you to the witch in training, she packs up with a climax in which Kiki saves the watching on YouTube. He de- Lunchbox’ (2013)
right station. That’s an apt image pastries from the bakery that em- the first crush of her young life livers musical instruments in a
SONY PICTURES/EVERETT COLLECTION
for what happens in this fresh ploys her, straddles her broom from a dirigible crash, then runs donkey cart, accompanied by his but exuberant animation, and try-
and affecting fable from India. Its and flies above the rooftops of a alongside him in a coda as he dog Pluto, but that’s only a pre- ing to imagine how audiences of
jumping-off point isn’t trains, but Japanese seaside city that looks pedals his way aloft in a stylized text for having him stop at Min- the time, amid the Great Depres-
an intricate system of transport like France with Swedish street version of the Gossamer Condor, nie’s house and spy on her while sion, took not-so-simple plea-
and delivery in contemporary signs. This 1989 animated feature the first human-powered aircraft she does her laundry with a sure—rodents that sing, dance
Mumbai that, in normal times, al- by the peerless Hayao Miyazaki is capable of sustained and con- washboard and wooden bucket. and talk!—in the modest begin-
lows thousands of office workers radiant in style and powered by trolled flight. And mentioning the film in a de- nings of a mammoth conglomer-
each day to receive hot lunches the joy of flight. The filmmaker is Mickey Mouse is “The Deliv- livery-service context is only a ate that Variety, to this day, calls
that their wives have cooked at famously smitten by aviation, so ery Boy” in Walt Disney’s 1931 pretext for revisiting the crude the Mouse House.
LIFE & ARTS

TELEVISION REVIEW | JOHN ANDERSON
Brandon Carter and
John Harrell ‘Henry IV’
Part 2
‘Baptiste’: The
Familiar Comforts
Of a ‘Mystery!’
THERE’S ALWAYS a pre-
dictable, reassuring discre-
tion about the long-running
“Masterpiece Mystery!”
whose various series are
otherwise intended to be-
fuddle. For instance: When
the gentle old seashell-col-
lecting pensioner lets the
Romanian-accented meter
reader into his seaside Eng-
lish cottage, and the visitor
slips the plastic bag over
the old guy’s head, lays him
out on the floor, and then
takes out a chain saw, you and the way it delivers nar-
LINDSEY WALTERS
know the camera will cut rative curveballs is striking.

away before the real nasti- So is Mr. Karyo’s stolid por-
ness commences. trayal of Baptiste. Although
Otherwise, “Baptiste” is lying low after having lo-
one plot twist after an- cated the missing in “The
other, a careening course of Missing,” Julien is dra-
AS AMERICA’S theater THEATER REVIEW | TERRY TEACHOUT propriate seriousness, ei- unexpected, sordid goings- gooned into a new case by
companies start to grapple ther, and the performance on among the upright and an old colleague (and
When the
with the myriad problems of the second part of the down-and-dirty in pres- maybe more than that)
of life in the shadow of the “Henry IV” rises to the ter- ent-day Amsterdam. At the named Martha, a police
coronavirus, streaming rible moment at play’s end center is Julien Baptiste commissioner who has a
video looms increasingly when the newly crowned (Tchéky Karyo), the retired knotty situation on her
Staging Makes
large in their planning. Prince Hal (Brandon Carter) French police detective last hands: A man named Ed-
Many are now airing dra- curtly says “I know thee seen in “The Missing” ward Stratton (Tom Hol-
matic readings and newly not, old man” to the disso- (2014-16) and whom we lander) has reported that his
commissioned short plays lute Sir John Falstaff (John catch up with after a brain- daughter, Natalie, a prosti-
The Show
whose casts use videocon- Harrell), whose bluejeans tumor operation and in the tute in the Red Light Dis-
ferencing tools like Zoom and Nirvana T-shirt leave middle of a not-so-comfort- trict, has gone missing. The
to perform “together” from no doubt that he has stayed able visit with his former connection between Natalie
.
their homes. Beyond that, far too long at the fair for junkie daughter. Julien and the Romanian sex-traf-
ly
forward-looking regional his own good. walks with a limp; his right fickers is unclear at first, as
companies whose theaters ceptionable reason that the every show in its current Performed in front of a arm hangs at an awkward are the links between café
are now closed until fur- virus shut most of them repertory. Five of them are small audience of socially angle and he has few of the owner Kim Vogel (Talisa
ther notice are thinking down so fast that they had on now viewable online, with distanced company col- classic traits associated Garcia) and both the traf-
through the implications of no time to record their latest more to come. leagues whose pleasure is with the greats of fictional fickers and Natalie (Anna
a harsh new reality crisply productions before the casts To date I’ve watched gratifyingly audible, these sleuth-dom. “For such a Próchniak). Stratton is dis-
summed up on Twitter by were forced to disperse. “Much Ado About Nothing” webcasts effortlessly convey bright man, your complete traught, but Mr. Hollander,
the playwright Jeffrey Most of the ones I’ve seen, and both installments of the joyous experience of lack of self-knowledge is as- an actor who virtually owns
us l,
Sweet: “It will be months though, have been both ar- “Henry IV,” all of which are watching Shakespeare per- tonishing,” says his wife, the dubious weasel market,
and months before I want tistically satisfying and tech- part of ASC’s “Actors’ Re- formed in Blackfriars Play- Celia (the terrific Anastasia is as hard to pin down as a
al a
e
to sit in a room filled with nically impressive, especially naissance” series, which house. At a time when the Hille). Still, Julien’s obtuse- freshly caught Dutch her-
strangers….My theory is given the fact that these takes Elizabethan-style au- ugly shadow of untimely ness isn’t charming. Neither ring. “I wish I didn’t have
that some of the theaters troupes, none of which had thenticity a radical step fur- death has darkened souls is his failure to be even one this feeling,” says Julien,
ci on
are going to switch to do- previously been webcasting ther. These productions, as throughout the land, I can’t step ahead of those with “the feeling that everything
ing plays directly for their shows, were forced to was the case in Shake- tell you what a comfort it is whom he’ll become entan- isn’t quite as it seems.” Not
streaming.” tape them on the fly before speare’s day, have no direc- to pay an electronic visit to gled. Everything is as big a just everything, he’ll dis-
Even those companies it was too late. tor: Instead, they’re staged Staunton, Va., and let ASC shock to him as it is to us. cover, but everyone.
that ultimately resume No company is streaming by the actors themselves. take your mind off your Still, after something of
er rs
more or less normal activi- more new shows than Vir- The no-frills three-camera troubles as you commune at a slow start, “Baptiste” Baptiste
ties will likely integrate ginia’s American Shake- shoots, like the stagings, are home with theater’s su- starts to gain momentum Sunday, 10 p.m., PBS
some form of webcasting speare Center, whose home, wholly to the point, and preme genius.
into their regular opera- Blackfriars Playhouse, is an while the results are all of a
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tions. Lauren Gunderson, impeccable re-creation of piece with ASC’s fast-mov-

America’s most frequently the wood-and-plaster inte- ing house style, it’s still Henry IV, Parts 1 and 2
produced playwright, took rior of a 300-seat theater thrilling to see the (mostly) Much Ado About Nothing
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to Twitter to argue that built in London in 1596, youthful, colorfully cos- American Shakespeare Cen-
pay-per-view webcasts al- housed in a modern archi- tumed casts do things their ter, Blackfriars Playhouse,
low theater companies to tectural shell. Actors and way. The productions are Staunton, Va. (viewable on-
“connect to new audiences” audience alike are illumi- full of musical surprises— line only, $10 and up for each
and “offer art to those who nated by the same electric the first part of “Henry IV,”
TWO BROTHERS PICTURES/ALL3MEDIA (2)
show). For electronic “tick-

co Fo
can’t get it.” I agree, and chandeliers (there are no for instance, kicks off with a ets,” go to americanshake-
I’ve heard the same thing spotlights) and the shows bluegrass-flavored acoustic spearecenter.com. Tickets are
from nearly every regional are at once true to Elizabe- version of Blue Öyster Cult’s available through April 19
artistic director to whom than open-stage perfor- “(Don’t Fear) The Reaper,” and shows can be viewed for
I’ve spoken of late: One mance practice (no sets, no an ingeniously apposite one week after purchase.
way or another, webcasts scene breaks) and eclecti- touch—and the acting, as
are here to stay. cally contemporary in visual always at ASC, is excitingly
Unfortunately, we’ve seen style. No sooner did the energetic. Mr. Teachout, the Journal’s
only a modest number of company close its doors The prevailing tone is drama critic, is the author
streamed stage shows by than it quickly converted festive, which is, of course, of “Satchmo at the
leading regional troupes in the playhouse into a home- just right for “Much Ado.” Waldorf.” Write to him at Tchéky Karyo as Julien Baptiste, above, and Boris Van Severen
recent weeks, for the unex- made soundstage and taped But there is no lack of ap- tteachout@wsj.com as Niels, top right, in the ‘Masterpiece Mystery!’ production
n-
Weather The WSJ Daily Crossword | Edited by Mike Shenk

40s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s 20s 1 2 3 4 5 6 7 8 9 10 11 12 13 66
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Vancouver 30s 69
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30s 10s
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Winnipeg 17 18 19 Permeate 70
60s 20s 30 Jabber
Portland
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40s 20 21 22 23 Troubles 71
30s
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Bismarckk Ottawa 72
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50s Eugene plate?”
70s p s //St. Pau
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Toronto A b y Boston
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Albany 50s 33 River through
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70s Pierre Sioux
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50s Ch
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Chicago Cleve d
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waves 35 Plea from
Reno 50s es Moines
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p
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phi 54 55 56 57 58
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Phoenix Alb q q
Albuquerque 60s Oklahoma City 60s C b
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an Diego
Die Birmingham
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Tucson
Dallas
D ll
Atl t
Atlanta
70s 59 60 61 62 63 4 Band choices
Ft. Worth Jack
Jackson
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Paso Cold T-storms 5 Part of Q & A 44 Initials of a
Jacksonville
Jack 64 65 66 67 68
0s
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6 “For example,” in famous cat lover
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10s 70s t
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30s Honolulu 80s Miami Showers Flurries 72 73 74
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A h g port 50 Open the
90s windows of
40s 70s 8 Feuded
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BETWEEN MEALS | By Matt Gaffney 9 “I’m here!” 51 Displays one’s
appetite, maybe
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
The answer to 19 Some pray on 40 Matching pair 10 A few will give
52 Get goose bumps
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest them that bookends a you fifties
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 54 41 pc 63 42 r Frankfurt 71 45 s 73 46 s crossword is a kind 20 Pillow covers sandwich 11 Those far from 53 City founded by
Orlando 78 60 t 81 69 pc Geneva 72 45 s 72 45 s Catherine the
Today Tomorrow Philadelphia 52 38 pc 57 40 s Havana 94 69 s 94 70 s of sandwich. 22 Discombobulated 44 Second person in the motherland
City Hi Lo W Hi Lo W Phoenix 75 54 pc 72 55 sh Hong Kong 75 69 s 77 64 pc “Othello” 12 Prefix indicating Great
Across 24 Attention-
Anchorage 37 24 s 40 31 pc Pittsburgh 44 30 c 53 38 pc Istanbul 60 45 s 61 45 s 45 Overhead heater hipness 56 Occupy
Atlanta 62 41 pc 70 52 s Portland, Maine 49 33 sh 48 31 pc Jakarta 90 77 t 91 77 t 1 Pearl Mosque getting word
Austin 74 60 c 74 60 t Portland, Ore. 64 43 pc 61 40 pc Jerusalem 56 49 t 57 44 sh setting 25 Barrel material 46 Intention 13 Appalachians or 60 Took public
Baltimore 53 37 c 58 40 s Sacramento 72 49 pc 72 50 s Johannesburg 71 52 c 76 57 pc Apennines: Abbr. transit
5 Sapporo rival 27 Queen or king, 47 Makes smoother
Boise 71 45 s 63 35 s St. Louis 56 43 s 62 50 pc London 74 50 pc 75 50 c 21 Retro-styled 61 Idris of “Luther”
Boston 51 36 pc 50 33 pc Salt Lake City 64 49 pc 65 42 sh Madrid 58 52 r 64 47 t 10 Congressman e.g. 49 Disagreed with
or laughed at, e.g. chain 63 Seeds some put
Burlington 46 32 sf 45 30 c San Francisco 64 50 pc 62 50 s Manila 93 80 pc 95 80 pc Schiff 28 Be a busybody
Charlotte 62 36 pc 69 49 s Santa Fe 66 33 s 64 38 c Melbourne 72 55 pc 59 51 t 23 Part of a campus in yogurt
14 “Where 31 Two-faced 54 Fabergé finery
Chicago 50 36 s 55 45 r Seattle 61 44 pc 57 38 pc Mexico City 83 58 pc 84 56 pc address 64 Far from routine
Cleveland 44 32 c 54 42 pc Sioux Falls 54 34 pc 55 29 r Milan 77 47 s 77 47 s America’s Day 34 ’Murica 55 Letter that’s
Begins” another letter 26 Highest spots 65 Corp. bigwig
Dallas 70 53 pc 65 56 t Wash., D.C. 54 39 pc 60 45 s Moscow 49 30 r 41 27 sn 36 Energy
Denver 69 39 c 66 26 pc Mumbai 94 82 pc 96 82 pc 15 Indicate without its 29 Chip in passports 67 Fresh start?
37 “I Guess ___
Detroit
Honolulu
46 31 c
82 70 pc 82 69 pc
54 43 pc
International Paris
Rio de Janeiro
78
76
49 s
71 pc
77 52 s
76 71 t
wordlessly Rather Be in
middle letter
Previous Puzzle’s Solution
Houston 71 63 c 76 66 t Today Tomorrow Riyadh 101 78 c 97 70 c 16 Slight slope Colorado” 57 WWII hero
P A P A B I D E D A R C S
Indianapolis 49 34 s 57 45 c City Hi Lo W Hi Lo W Rome 69 45 s 70 47 s 58 Get ___ of (toss)
17 Left-hand (John Denver I C E T A N I S E B O H O
Kansas City 56 45 s 67 52 r Amsterdam 62 43 pc 68 48 c San Juan 90 76 pc 90 76 s 59 Gym pro T H E L O R D S S P R A Y E R
Las Vegas 67 51 s 79 57 s Athens 71 53 s 73 54 s Seoul 60 37 pc 63 37 c
letters song) L A C T I C P E T C A T
Little Rock 61 41 s 67 54 pc Baghdad 84 58 s 80 57 s Shanghai 71 55 pc 59 47 r 18 They may crash 39 Larry’s co-star 62 Bakery buy F R E S H H A I R V E E P S
L O D E S O L E S
Los Angeles 65 51 pc 67 56 pc Bangkok 94 82 pc 96 80 pc Singapore 89 78 t 89 79 pc into snowmen on “CHiPs” 64 400% of dos AMO S T I E B A R S A C
Miami 93 76 pc 84 78 pc Beijing 63 38 s 72 40 s Sydney 70 59 t 77 53 s T A U G O O L I V E P U R
Email your answer—in the subject line—to crosswordcontest@wsj.com by
s
Milwaukee 48 36 pc 52 41 c Berlin 59 35 pc 59 42 pc Taipei City 79 65 pc 80 62 t T N T R U N I N S R O D E

S A R I A E R I E
Minneapolis 49 36 c 57 34 c Brussels 69 45 pc 72 51 pc Tokyo 61 47 s 59 48 pc 11:59 p.m. Eastern Time Sunday, April 12. A solver selected at random will MA T C H C O V E R T T O P
Nashville 60 37 s 68 53 pc Buenos Aires 69 60 s 72 61 s Toronto 43 29 c 50 37 pc win a WSJ mug. Last week’s winner: Dan Guendelsberger, Bloomfield Hills, AM O R A L L I N G O S
New Orleans 74 63 c 79 71 t Dubai 100 82 pc 101 82 c Vancouver 55 41 pc 56 37 pc MA K E M I N E A D O U B L E
New York City 52 37 pc 55 39 s Dublin 64 49 sh 61 44 pc Warsaw 58 38 pc 59 38 pc MI. Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. A N E W K O A L A C R O C
Oklahoma City 62 51 pc 67 53 c Edinburgh 61 48 sh 60 42 sh Zurich 74 41 s 73 42 s Void where prohibited. U.S. residents 18 and over only.) S A N S E R N S T H A L O
SPORTS
Minor Leagues Take a Hit
T
BY JARED DIAMOND wages and the combined annual
rent of over $65 million they pay to
he 160 Minor League lease their ballparks. (MLB teams
Baseball teams scat- pay the salaries for their minor-
tered across the coun- league players and coaches.)
try aren’t financial An MLB official, however,
juggernauts. Though
Baseball’s lower levels rely on ticket sales, the in-stadium experience painted a less dire picture. This
they’re part of the person said that no games would
nearly $11 billion baseball industry, mean a significant reduction in ex-
the average club has gross annual penses for teams, and that minor-
revenue of about $5.4 million and league clubs are expected to re-
21 full-time employees, who on av- ceive rent abatements from local
erage are compensated about municipalities for further relief.
$62,000 a year, including benefits. Teams have also started apply-
This data, which has never been ing for government assistance in an
made public, paints a clear picture: effort to keep their full-time em-
These teams, an integral part of ployees on staff. Myrtle Beach Peli-
many communities with no other cans general manager Ryan Moore
access to professional sports, are said that for some organizations to
small businesses. And like so many stay afloat, “Continued governmen-
American small businesses trying tal support is going to be pivotal.”
to survive during the coronavirus MLB has options to try to sal-
pandemic, they’re in crisis. vage some revenue in 2020. The
Unlike their MLB parents, which league is currently exploring the
receive a large portion of their possibility of staging a season en-
earnings from increasingly gigantic tirely in Arizona by sequestering all
media rights deals, minor-league players and essential personnel and
teams derive virtually all of their playing in empty stadiums. It’s a
money from ticket sales and the in- plan that might be impossible to
stadium experience. Their existence execute for a litany of reasons, but
entirely depends on games being it is in theory economically feasible
played and people attending them. because of the money teams would
But now there are no games be- make from games being on TV.
ing played. Nobody knows when it For the minor leagues, playing
will be safe for fans to gather at a without fans isn’t viable, and the
ballpark again. An already murky MLB official said there’s no sce-
future for Minor League Baseball nario where MiLB teams will be
has suddenly become dangerously asked to do so. How minor-league
close to untenable. players would stay ready for MLB
“You drop to your knees and teams to call upon is one of the
pray,” said Derek Martin, the gen- many issues that would need to be
eral manager of the Altoona Curve. resolved.
This new crisis comes at a pre- “Our entire business model is
carious moment, when Minor people coming to our stadium,”
League Baseball was already facing said Scott Hunsicker, the GM of the
the possibility of enormous disrup- Reading Fightin Phils. “The concept
tion. In recent months, MLB has of even playing a game in our sta-
.
floated a proposal that would strip dium with no people is so far out-
ly
as many as 42 minor-league teams side of our business model that it
of their major-league affiliation and Minor-league baseball is small business. Some teams say the uncertainty of a 2020 season might force them to fold. almost seems like a wasted effort
turn them into independent clubs. to even ponder it.”
The idea has sparked a ferocious ment of the vast majority of sign-
on “This is an 18-month problem for K.L. Wombacher, the president of Teams have started looking for
public-relations battle and gener- ing bonuses for incoming prospects everybody from a cash-flow stand- the Hillsboro Hops. ways to remain vital parts of their
ated bipartisan backlash in Con- will be deferred to 2021 and 2022. point,” Iowa Cubs president Sam Minor-league teams already live communities while trying to stay
gress as MLB and MiLB commence The threat of a shortened or Bernabe said. “How long anybody on the knife’s edge. Jeff Lantz, afloat without any baseball. The
heated negotiations toward reach- canceled season has only added to is able to survive is directly related MiLB’s senior director of communi- Curve began highlighting one spon-
us l,
ing a new agreement that governs the minors’ issues. MiLB teams are to whatever decision the owner of cations, said that an extra rainout sor a day on social media. Wom-
their relationship. Their current largely supported by other small the team ends up making.” or two is often “the difference be- bacher said his team, the Hops, has
al a
e
deal expires in September, and the businesses as sponsors, typically in Meanwhile, expenses are near tween being in the black and being started offering some season-ticket
two sides expect to resume conver- the form of in-stadium advertise- their highest point this close to in the red” for minor-league teams. holders assistance with food shop-
sations soon. ments and season-ticket purchases. opening day, with teams stocking The current crisis amplifies that. ping and other errands. The Pensa-
ci on
In the meantime, the amount of In many communities, those small up on concessions and promotional According to the MiLB-provided cola Blue Wahoos have turned their
talent entering the minor-league businesses are themselves strug- giveaway items. With games on data, teams earn approximately stadium into a drive-through offer-
system is about to shrink. To pre- gling. The timing of the baseball hold—and with many sponsors de- $70,000 of gross revenue per home ing ballpark food.
serve cash flow, MLB and its play- shutdown, about a month before ferring payments because of their game. A month of canceled games But those efforts won’t keep the
ers’ union have agreed to cut the most minor-league seasons were to own coronavirus-related financial results in a reduction in gross reve- lights on.
er rs
2020 amateur draft from 40 rounds start, was about as bad as possible. problems—minor-league teams nue of 15.6%. All told, MiLB said “We’ve always been nimble as an
to as few as five, seemingly paving That’s because teams rely on reve- have virtually no money coming in. that approximately 89% of its gross industry,” Erie SeaWolves president
the way for the contraction of affil- nue from games to keep going for “There are a lot of teams that revenue is used to pay operating Greg Coleman said. “But this is re-
iated clubs. Additionally, the pay- the rest of the year. wouldn’t be able to survive,” said expenses, including employee ally stretching how far we can go.”
m e
m rp
NHL Stars Get Social in Social-Distancing Era U.S. Soccer

Pay Trial
co Fo
BY LAINE HIGGINS
IN AMERICAN SPORTS, profes-

sional athletes project an air of ce-
Is Delayed
lebrity that often involves fashion
shows and selfies with fans. Then BY RACHEL BACHMAN
there are players in the National
Hockey League, the majority of THE CORONAVIRUS PANDEMIC
whom could roam the aisles of a has pushed back the trial date of
grocery store unbothered. the U.S. women’s soccer team’s
“Other leagues, if they want to gender-discrimination suit
learn to play piano, John Legend against the U.S. Soccer Federa-
comes to their house,” said Steve tion six weeks, to June 16, and
n-
Mayer, the NHL’s chief content of- the judge on the case formally
ficer. “Our guys are regular guys.” acknowledged the federation’s
That dynamic is both part of altered legal arguments after a
hockey’s charm and a lingering controversial filing last month.
no
headache for the game. It’s hard to Both sides in the case had
compete in the 21st century with- asked U.S. District Judge R. Gary
out players who openly embrace Klausner for guidance on the
social media. timing of the trial, citing the
But with the 2019-20 season on pandemic, ongoing “shelter-in-
an indefinite pause and hundreds place” orders by state govern-
of players hunkering down in their ments and the curtailed func-
homes, skaters are turning their Current members of the defending 2019 Stanley Cup champion St. Louis Blues held a video conference call. tions of the Central District of
attention online as never before— California’s courthouses. The
and beginning to overturn the quently decline to participate in of three weeks he’s gone from Parise of the Minnesota Wild ex- U.S. Soccer trial had been sched-
game’s staid culture. online articles and videos by say- posting sparingly on Instagram to plaining that, after a day of home uled to start May 5.
The league has urged players to ing “I have a game tomorrow.” But posting TikTok videos in which he schooling his three children, he fell U.S. Soccer also formally re-
put more of themselves online for with no locker rooms to visit, and uses his hockey stick as a spatula asleep at 8:30 p.m. while watching placed its previous law firm on
as long as social media has ex- no games on the calendar, bored set to music from Pixar’s “Rata- Netflix’s “Tiger King.” the case, Seyfarth Shaw, with
isted, to little effect. Now, commis- hockey players have flocked to so- touille.” Fan response to the moderated the firm Latham & Watkins. That
sioner Gary Bettman said in an in- cial media without the usual nag- The burst of online activity oc- discussions was so emphatic that transition was set in motion by a
terview, the NHL is urging players ging required. Dozens posted vid- curred at a time when professional the NHL quickly brainstormed controversial March 9 court fil-
to connect with the game’s fan eos urging fans to stay home and sports leagues across the world ways to make more player-driven ing in which the federation’s
base during the downtime to build wash their hands, including one were scrambling to fill hours of content and encouraged clubs to lawyers argued that the job of a
more loyal followings. recorded by McDavid and his poo- television without live games. NHL do the same. men’s national team player re-
“Particularly among millennials dle-Bernese mountain dog mix executives realized they could turn Not every bid to reach the pub- quires a higher level of skill and
FROM TOP: JACK HANRAHAN/ERIE TIMES-NEWS/ASSOCIATED PRESS; NHL; BROOKS VON ARX/ZUMA PRESS
and Gen Zs, what all of the re- Lenny. Clips of players improvising the social media momentum into lic has gone off without incident. A responsibility than the job of a
search and our experience tells workouts and roll- original content. Zoom call hosted by the New York women’s player.
you is [that] while they love the erblading down “We don’t want Rangers with prospect K’Andre U.S. Soccer president Carlos
game and they love the players, hallways abound. to compare our- Miller, who is black, was infiltrated Cordeiro resigned on March 12
they want to be connected more “Some people we
The NHL is urging selves to what by hackers who proceeded to post and Cindy Parlow Cone took
on their terms,” said Bettman. didn’t even know players to connect other leagues are a racial slur hundreds of times in over as president. She called the
That research, however, runs di- had a personality,” the chat interface. The Federal Bu-
rectly counter to the longstanding said Mayer. “And
with fans during the doing, but…classic
games are the reau of Investigation is looking
filing an error that “resulted
from a fundamental breakdown
culture within hockey that shuns TikTok dances? current downtime. mode in a lot of into the episode, which comes in in our internal process that led
players who draw individual atten- Like, really? People other places,” said the wake of several ugly incidents to offensive assertions made by
tion to themselves or threaten the we thought would Mayer. “I think that prompted a broad racial reck- the Federation that do not rep-
delicate locker room balance of never [dance]. But there’s a place for oning in the NHL this winter. resent our core values.”
egos. With the notable exception their wife or girlfriend is doing it that, but we just are feeling like Nevertheless, the league is opti-
of Wayne Gretzky in the 1980s, no and now they’re doing it.” our fans are completely respond- mistic that the habits players form
hockey player really ascended into Bettman said he thinks the pan- ing to the new material that feels during the season suspension will
mainstream celebrity culture. Even demic-induced pause “may have fresh and original.” carry over once games eventually
the Great One’s heirs apparent, accelerated” the uptick in the skat- It started with a series of mod- resume. And if there’s one man in
Sidney Crosby in the aughts and ers’ online presence. “This is an erated Zoom calls with quartets of major league sports that has expe-
23-year-old Connor McDavid today, outlet for people to connect with players and members of the media, rience with ramping up after a
have been reluctant to engage on- something that they miss,” he said. recordings of which were later prolonged pause it’s Bettman: he’s
line. “It’s really good in the way you made public. Anaheim Ducks cen- presided over three lockouts and
“There is such a respect for can keep talking to people and tell ter Ryan Getzlaf describing the 146 lost regular season games in
their elders and the veterans, es- the kids to stay inside and reach chicken coop he built by hand, the first 26 years of his reign.
pecially the younger guys,” Mayer out to friends and family. I think Vancouver Canucks captain and fa- “To say it as inelegantly as pos-
said. “These guys don’t want to it’s a positive,” said Anaheim ther-to-be Bo Horvat admitting sible, we’ve had a lot of experience
disrupt the locker room.” Ducks defenseman Hampus Lind- that he had never changed a dia- operating when we’re not operat-
Mayer said the players fre- holm of social media. In the space per and 35-year-old winger Zach ing,” said Bettman. U.S. women’s star Megan Rapinoe
OPINION
Bernie Campaigns On BOOKSHELF | By Walter Russell Mead
When
comes
it
to
“fake news,”
nominee; he’s not going any-
where—not without extract-
ing a significant show of fe-
were ‘before Trump’ isn’t a
motivating enough reason to
cast a ballot in November.”
loans. Sewing up a nomina-
tion is usually the moment at
which a candidate begins piv-
Good Faith
we had a
whopper this
week. Voters
were in-
alty from Mr. Biden. Put
another way, the man who
was too radical to win the
nomination is now deter-
The only thing that would
make them support Mr. Biden,
they write, is his agreement
to meet their demands, which
oting back to the center to
appeal to independent and
moderate voters.
Mr. Sanders’s intention is
Estimate
POTOMAC
WATCH formed that
Bernie Sand-
mined to make Mr. Biden
unelectable.
include endorsing the Green
New Deal, Medicare for All, a
not only to block such a
pivot, but to jerk Mr. Biden
Is Europe Christian?
By Kimberley
ers was drop- Within hours of the Sand- 50% reduction in prison popu- further left. That sticks the By Olivier Roy
A. Strassel
ping out of ers announcement, newspa- lations, a wealth tax, cancella- putative nominee with an im- (Hurst, 186 pages, $19.95)
A
the Demo- pers were reporting that the tion of student debt, free un- possible choice. Mr. Biden
cratic presidential contest. two camps were in negotia- dergraduate tuition in public can maintain a “centrist” merican Christians are an individualistic lot. When they
Joe Biden only wishes it were tions over which Sanders pol- institutions, abolishing the fil- course and risk losing Ber- ask, “Is Europe Christian?”—the title of Olivier Roy’s book,
so. icies Mr. Biden would need to ibuster, packing the Supreme nie’s base. Or he can cater to translated from the French by Cynthia Schoch—they tend
True, Mr. Sanders an- adopt to get Bernie’s blessing. Court, federal gun licensing, Mr. Sanders’s extreme agenda to assume the way to answer it is to determine how many
nounced on Wednesday the The New York Times reported and risk alienating indepen- Europeans believe in the Christian message. The percentage of
“suspension” of his campaign, that the Biden campaign dents, disaffected Trump vot- Christians in Europe will tell you how Christian Europe is.
noting that he trailed Mr. Bi- might begin rolling out these He gives up on the ers, suburban women, blue- That is not Mr. Roy’s approach. Christianity in Europe has
den by some 300 delegates, changes as early as this week. collar workers, etc. long been a public, political and legal force. Europe has a long
and that no “honest assess- Up for discussion: climate, nomination but is He can’t do both—the pol- history of state churches. In many European countries, leading
ment” showed a path to the health care and student loans, determined to make icy gulf is too wide. And even political parties were formed with clerical support and have,
nomination. The Vermont for starters. should Mr. Biden make a few or used to have, an explicitly Christian view of politics. While
senator said he could not “in Concessions on policy Biden unelectable. concessions now, there’s no Italy’s Christian Democracy party collapsed after the Cold War,
good conscience continue to aren’t all Bernie is demand- reason to believe the pressure in Germany the Christian Democrats, in alliance with the
mount a campaign that can- ing. The negotiations also in- will end. Mr. Sanders says Bavarian Christian Social Union, dominate the ruling coalition.
not win.” volve discussions about Mr. and abortion subsidized by he’s taking his fight all the So Mr. Roy, a French political scientist now teaching in
Yet Mr. Sanders said he Biden’s future cabinet, in- federal taxpayers. Among the way to the convention, re- Italy and one of the most accomplished students of religion
nonetheless would (and could cluding which progressives signers was Justice Demo- cently postponed to August. and politics in our time, is not
in good conscience?) “stay on will go where, as well as who crats, the influential progres- Some party leaders are so primarily focused on how many
the ballot in all remaining cannot play a role. The left sive outfit that was founded worried, they are discussing Europeans are Christian
states and continue to gather wants a Biden administration by former Sanders campaign the possibility that a “virtual” believers; he is asking whether
delegates,” so as to exert ban on anyone who has leaders and supported the convention could minimize Christian institutions, values
“significant influence” over worked on or near Wall election of now-prominent Sanders dissent. Such a move and ideas remain central to
the party. He also declined to Street, the fossil-fuel indus- voices like Rep. Alexandria risks infuriating the progres- European politics, culture and
promise he’ll help Mr. Biden try, the health-insurance sec- Ocasio-Cortez. sive base. law. His answer is that Europe is
get elected. He instead tor and the lobbying world, This is dangerous territory Polls show the top priority rapidly becoming less Christian
blandly noted that his rival to name a few. for Mr. Biden, and it high- of a majority of Democrats is but that the problem is not, as
was a “very decent man, who In a sign the entire Bernie lights the party divide that defeating Mr. Trump. But a many think, the rise of Islam.
I will work with to move our universe has already seized Mr. Sanders has inflamed. Mr. majority is not all, and in a Both faiths, Mr. Roy believes, are
progressive ideas forward.” on this hostage-taking strat- Biden has already shifted sig- close election, party unity and fighting a seemingly irresistible
This isn’t an endorsement; egy, a coalition of eight pro- nificantly to the left, looking enthusiasm are paramount. trend toward the marginalization
it’s a threat. The Democratic gressive groups sent their to attract progressive primary For many Sanders voters, ide- of religious concerns in a
.
Party is split, and Mr. Sanders own open letter to Mr. Biden voters. He now favors a ology matters more than vic- pleasure-seeking secular culture.
ly
is the undisputed leader of its Wednesday, explaining that a health-insurance “public op- tory. Is the socialist willing to Europe’s secularizing trends are old.
progressive wing. He’s not campaign pledge of a “return tion,” free community college, act as a spoiler? By the looks After the Peace of Westphalia in 1648, the
conceding gracefully; he’s not to normalcy” wouldn’t cut it: huge tax increases and for- of this week, you bet. continent was permanently divided into Protestant and
rallying Democrats behind a “Going back to the way things giveness of many student
on Write to kim@wsj.com. Catholic sections. This enshrined a pragmatic conception of
the political order rooted in power politics, replacing the
older idea of Europe as “Christendom,” united around a
A Coronavirus Easter common faith. The Enlightenment and the rise of liberal
ideas further weakened the hold of Christianity on European
us l,
institutions and culture. The 19th-century rise of anticlerical

HOUSES OF When Presi- angels of our nature” have drive-in movie theater, singing Park. In many urban centers, and, in some cases, anti-Christian political parties put
al a
WORSHIP
e
dent Trump been bipartisan. Speaker hymns over car speakers and the Salvation Army is the lead Christian churches even more on the defensive.
By Ralph said he Nancy Pelosi cited a prayer of punctuating sermons with a nonprofit providing social ser- Yet, as Mr. Roy observes, the Catholic Church and its
Reed hoped to Pope Francis in describing her chorus of honking horns. vices to the homeless and Protestant cousins managed to adjust to these changes: so
ci on
have the U.S. deliberations on the pandemic. Ministries also have shifted newly unemployed. much so, that the European leaders who laid the foundations
“opened up Stressing the need to priori- from physical spaces to digital This Sunday, Christians cel- of the European Union—Alcide De Gasperi, Charles de Gaulle,
and just raring to go” by Eas- tize care for the elderly and platforms. Online viewers at ebrating Easter will commem- Robert Schuman and Konrad Adenauer—grounded their
ter, he tied the nation’s those infected by the virus, First Baptist Church in Dallas, orate not only the historicity vision of what became the EU in profoundly Christian ideas.
Covid-19 response to the ec- Vice President Mike Pence for example, surged from of the resurrection of Christ, In Mr. Roy’s account, the real break came in the 1960s
er rs
clesiastical calendar. This was quoted Jesus from the gospel 50,000 before the coronavirus but the larger truth of his tri- and ’70s. Up until that time, Christians and non-Christians
too much for some elites. of Luke: “It is not the healthy outbreak to over 200,000. umph over the grave. That is, in Europe largely shared a moral code. On issues such as
A New Yorker writer dis- who need a doctor, but the Free Chapel, a nondenomina- the victory of faith over sin homosexuality, abortion and the place of women in society,
missed Mr. Trump’s promise sick.” tional church outside Atlanta, and death, and the vanquish- Europe’s communists and socialists found themselves in broad
m e
as a “monumental act of Presi- This shouldn’t be a sur- saw its online audience double ing of fear by hope. Against agreement with traditional Christian ideas. In most European
dential flimflammery.” New prise, no matter how hysteri- to 500,000 the first week it the dark silhouette of a pan- countries, secular law tracked classical Christian moral codes
Jersey Sen. Cory Booker called cally opinion elites react. De- suspended in-person services. demic, this message of re- pretty closely. The number of Christian believers was gradu-
m rp
it “wildly irresponsible.” A bi- spite recent declines, Its audience tripled to 1.5 mil- demption is as compelling as ally and even inexorably declining, but the Christian founda-
zarre New York Times op-ed Americans remain deeply reli- lion the following week. ever. tions of public morality and public law remained strong.
suggested it was a dog whistle gious. Some 90% of Americans When we can go back to Then, in the 1960s, Europeans (and Americans) began to
of “religious nationalism” cel- believe in God, according to church in person will ulti- leave traditional morals behind. Mr. Roy understands the shift
ebrating “a heroic leader” who Pew Research. An estimated The pandemic is a mately be guided by public- as the emergence of an ethic based on the “desiring subject”
co Fo
promises to rescue “the righ- 100 million attend church reg- health protocols and sound as the source of all value in morals and of all legitimacy in
teous from the damned.” ularly. In times of crisis, peo- reminder that human medicine. But the pandemic is politics. What humans desire to do, they have an inalienable
Others wished for churches ple turn to faith in even larger yearning for faith is a timely reminder that the hu- right and even a duty to do—on the condition that they
to remain closed. When the numbers. man yearning for faith is deep refrain from injuring others. This was a genuine revolution
governors of Ohio and Michi- For centuries faith has deep and abiding. and abiding and cannot be ex- in civilization, one whose profound effects, Mr. Roy argues,
gan exempted houses of wor- flourished when technology tinguished by temporal calam- we have yet to fully understand.
ship from bans of most public could meet spiritual need. The ity. Rather, the opposite is
gatherings on First Amend- Gutenberg Bible transformed Small churches have up- happening.
ment grounds, Americans Christianity, combining a hun- graded their websites while Most Christians will cele- As European churches vanish, the struggle
United for Separation of ger for faith and disdain for offering worship services brate Easter by flooding on- continues between Christian republican virtue
Church and State decried a hierarchy with the printing livestreamed on Facebook. line platforms rather than
“government preference of press. When an earthquake re- Discipleship groups gather on flocking to churches. Yet Mr. and the new religion of desire.
religion.” duced London’s churches to Zoom, and Bible lessons pro- Trump’s sentiment to reopen
Mr. Trump has since ex- rubble in 1750, preachers liferate on social media—with churches for Easter acknowl-
n-
tended his timeline through rushed sermons to printers long-term implications for edged humanity’s deepest This was more than a change in sentiment, Mr. Roy says.
April. But lost amid the politi- for mass distribution. They how the faithful will reach the longing at a time of economic Slowly at first and then with increasing force, laws and
cal caterwauling is the deeply called a suffering populace to unchurched. and spiritual ferment. His institutions were transformed by the religion of desire. The
American significance of his repentance and renewal. Nor has the church’s re- statement was, in the words legal and cultural revolution continues today; ideas like
no
Easter suggestion. Throughout Necessity has sparked inno- sponse been limited to its own of the Apostle Paul to the Phi- gender fluidity represent the progress of a new under-
its history, America’s political vation during the coronavirus flock. Church of the Highlands lippians, “worthy of praise.” standing of humanity’s place in the world.
culture has been shaped by ep- outbreak as well. Recently a in Birmingham, Ala., turned Nothing could be further from both traditional Christian
isodic surges of revivalism, its church in Nashville, Tenn., of- its facilities into a makeshift Mr. Reed, chairman of the ideas and the rival European tradition of civic republican
political disputes mediated by fered drive-through commu- coronavirus testing facility. Faith and Freedom Coalition, virtue than the cult of the desiring subject, but so strong was
a distinctly moral language. nion, distributing consecrated Samaritan’s Purse, the Chris- is author of “For God and the appeal of the idea that neither religious nor secular
Even in today’s fragmented bread to congregants in their tian relief organization led by Country: The Christian Case practices could stand long against it. Under the force of the
political culture, appeals to cars. Harrisburg, Pa.-area Franklin Graham, built a field for Trump,” just out from transformative youth revolution of the 1960s and ’70s, old
what Lincoln called “the better churches held services at a hospital in New York’s Central Regnery. taboos against cohabitation before marriage, homosexuality,
abortion and much else lost their hold on the public mind.
While the Protestant churches of northern Europe have
Keep Coronavirus in Human Perspective largely accepted this new vision of human nature and the
resulting approach to morality, the Catholic bishops, unlike
many of the people in the pews, largely have not. As the new
By Myron Magnet reality: Covid-19 is a horrible of the task before them and What struck me in one of values have become enshrined in law, European reality has
I
disease. That’s true for those the sea of suffering that sur- President Trump’s recent moved further from its Christian roots, and Christians and
have claustrophobia, a who survive it as well as for rounds them. Patients die news briefings was how this members of other faiths who did not accept the new standards
trait I share with George those it kills. alone; family visitors aren’t al- reality had dawned on him have faced growing pressure to conform.
Washington. The former Unlike the pneumonia that lowed. Then there is the sheer and supercharged his response Mr. Roy believes that the triumph of the new morality is
president was so afraid of be- flu can give the elderly, this terror of catching the bug and to the crisis. He talked about essentially complete and that almost nobody in Europe today
ing buried alive, he insisted on virus is hardly “the old man’s passing it to family and that forklift loading corpses is seriously concerned to bring historical Christian values back
lying in state at Mount Vernon friend,” a gentle way to shuffle friends. into a refrigerated tractor into the public square. The Western European anti-Islamic
for three days before being off this mortal coil. It is grue- Yes, I remember W.H. trailer. And he recognized it populist parties that speak most stridently of Europe’s
entombed. A sailing man, I’ve some, live or die. Auden on the wise perspective was happening not just at any Christian roots tend to be secular and libertine. One must go
pictured myself tripping over- with which the Old Masters hospital, but at Elmhurst Hos- east to find political movements that are both populist and
board unseen and sinking af- viewed inevitable human suf- pital, near where he grew up opposed to the 1960s values revolution.
ter a fruitless struggle. I am Death tolls don’t fering. A tiny Icarus plummets in New York’s borough of In a somber conclusion, Mr. Roy speaks of a global cultural
not at all like Melville’s ship- capture the scale from the top corner of a paint- Queens. In the body bags were crisis. It is not possible, he believes, to build a sustainable
wrecked seamen, resolutely ing while the plowman in the people like the people he social order around a collection of desiring subjects—yet the
facing the inevitable by swim- of the suffering. foreground goes about the knew, real people whose lives strength of the ideologies of the 1960s is too great to permit
ming down to their watery real work of mankind, wrest- had been harshly crushed. It an alternative to emerge. For Europe, beset by a globalization
graves. ing a living from the hard was then that the administra- that threatens its coherence and independence from the
Nobody wants to die, but I CNN’s Chris Cuomo has de- earth. And, as mass suffering tion’s slightly scattered effort world’s superpowers, the only answer is to return to its roots.
sure don’t want to die of Wu- scribed his own fevered nights goes, this pandemic is hardly to contain the pandemic fi- For Mr. Roy, those roots are Europe’s Christian heritage and
han coronavirus. I don’t want of dragon-ridden hallucina- the Holocaust. Still, suffering nally snapped into focus. the tradition of pre-1960s liberalism grounded in the enlight-
to drown as fluid builds up in tions. Even the visibly frail is suffering. Of course the economic enment and classical ideas of civic and republican virtue.
my lungs. I don’t want the air Prince of Wales, recovering That’s the term absent from costs of mitigation will be Europe is not, he concludes, very Christian today, and that
sacs in my lungs to turn to from what he deprecates as a the cost-benefit analyses of huge and will entail real suf- bodes ill for Europe’s future.
stone, leaving them unable to mild case, allows that it was a pandemic mitigation. There’s a fering too. But let us keep all
inflate and me, therefore, un- “distressing” experience. A bloodlessness in them remi- this in the right perspective— Mr. Mead is the Global View columnist at the Journal.
able to breathe. friend of my son’s, now recov- niscent of Macbeth’s dismissal the human perspective.
Looking only at the num- ering, says firmly, “This isn’t of his wife’s death with the
bers, weighing various na- the flu.” callous remark that, if not Mr. Magnet, a National Hu- Coming in BOOKS this weekend
tional death rates against Doctors and nurses have then, “she should have died manities Medalist, is author of Yogi Berra, the man behind the mask • The playful genius
“normal” rates and calculating acknowledged their fear and hereafter” anyway. We all owe “Clarence Thomas and the of Alexander Calder • Lincoln’s Second Inaugural • How
whether the cost of mitigation sorrow as they attend the dy- nature a debt, but there are Lost Constitution” and “The the South won the Civil War • The well-respected Kinks •
is worth the benefit, it’s possi- ing. Health-care workers are better and worse ways of pay- Founders at Home: The Build- A new translation of Chekhov’s stories • & much more
ble to miss this simple human overwhelmed by the enormity ing it. ing of America, 1735-1817.”
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Fed’s ‘Main Street’ Mistake On Developing New Drugs to Treat Covid-19
T
he essential facts of the coronavirus Yet the details make us wonder if the Fed In “Bet Big on Treatments for Cor- these drugs.” Today, more than 40
economic disaster are these: Federal really wants anyone to take up the offer. The onavirus” (op-ed, April 6), Scott Gott- HIV drugs permit millions of affected
lieb argues we cannot rely solely on people to live out normal lives.
and state governments have shut down Fed will accept comments on the program until
isolation and social distancing and Use Dr. Fauci’s parallel track now
most American commerce, April 16, which means it prob- urges FDA to accelerate approval of with favipiravir and other agents
robbing tens of thousands of The central bank’s terms ably can’t launch until May 1, new Covid-19 drugs. Yet Anthony where favorable but not conclusive
successful companies of reve- favor Wall Street and and money might not start Fauci says we must have conclusive data have been obtained.
nue through no fault of their flowing for weeks after that. clinical trials, which take months or BINH NGO, M.D.
own. Mass layoffs are already take new credit risks. By then many of these compa- even years, to prove drugs are effica- Los Angeles
underway, with 6.6 million nies will be going bust. cious. Remdesivir, the most hopeful STEPHEN DITMORE
new jobless claims in the The Fed has also attached antiviral, not yet approved, is an in- New York
week that ended April 4, and cascading bank- strings that will make the loans far less attrac- travenous drug for hospitalization
ruptcies loom. tive—including bans on stock buybacks and use. We need treatment before hospi- In looking for treatments for
That’s the backdrop for the Federal Re- limits on compensation and dividends that talization. Favipiravir is a Japanese Covid-19, let’s not be prejudiced in fa-
drug approved for treatment of vor of new drugs only. Hydroxychlo-
serve’s unprecedented $2.3 trillion expansion weren’t stipulated in the recent Cares Act for
Covid-19 in China, but not approved roquine and the Z-Pak (azithromycin),
of its lending and bond-buying programs on Fed loans made “in the ordinary course of here for fear of causing birth defects. which are proving useful in killing the
Thursday to offer a liquidity lifeline. The Fed business.” The Fed seems to have imported Yet we use several other drugs such virus if used early after positive test-
isn’t scrimping on the firepower, but the de- strings that were intended for Treasury’s di- as Accutane for acne, while carefully ing, are old and available as generics.
tails released Thursday are disappointing, and rect lending to companies. This sounds like avoiding pregnancy. Let’s examine the three groups who
perhaps even dangerous to a robust recovery. political protection for Treasury and the Fed In 1988, with massive protests will not benefit from these drugs be-
The Fed is rescuing weaker credits as well as from getting banged on by Congress. from AIDS patients against slow FDA ing prescribed. Most physicians will
the strong, is diving ever-deeper into risky as- The loans will last four years, which makes action, Dr. Fauci pioneered the plan of receive no points for their trip to Ber-
sets, and is putting Wall Street ahead of com- these strings even more unappealing and ex- the parallel track: “There was a con- muda, no cash payments for prescrib-
panies across Middle America. tends the Fed’s reach into private business far cept that if you have a clinical trial, it ing them. Pharmacy-benefit manag-
i i i has to be sacrosanct, with very rigid ers, the middlemen, won’t take their
longer. The companies will also have to “make
criteria. People who were infected, share. And finally, media, whether it
Financial markets reacted well to the news, reasonable efforts” not to lay off employees, who had no other possibility of ther- is television, radio or print, won’t
but look below the price surface and the com- which means it will be harder to manage after apy, were objecting that there were a benefit from the ad dollars spent to
plications appear. The big winners included the crisis. lot of rigid rules that said they could promote newly minted drugs.
non-investment grade corporate bonds and The better solution would be no-strings not get into the clinical trial, and The FDA must step up to save the
real-estate investment trusts that will now loans to all-comers with good collateral and therefore could not have access to lives of the insured, the less-insured
qualify for Fed programs despite their credit only for the short-term. But the Fed is forcing perhaps the only drug that might pro- and those with no health insurance.
risk. High-yield and municipal bond prices lenders that make Main Street loans to keep long their life. Their argument was, Generics work, and these two are in-
also rose. Growth companies like Amazon, In- 5% of the risk, which means the borrowers will Let us take the chance. Let us sign creasingly proving they are a lifesav-
tel and Nvidia fell or were flat, and the overall have to meet both bank covenants and the that we appreciate we may be taking ing combo. Approve hydroxychloro-
market reaction was underwhelming. Fed’s terms. The risk is that many companies a drug that has some unproven toxici- quine and the Z-Pak as off-label
ties, but we know, from looking treatments for Covid-19.
This reflects the priorities of the Fed’s new will resist taking the loans until they are in
around at all our friends, that in fact ANNE W. CALLISON
lending facilities, and how far out on the risk the ICU, and then it may be too late. we’re going to die if we don’t get Denver
curve it is going. Take the Term Asset-Backed i i i
.
Securities Loan Facility that the Fed first used All of this adds up to the following contrast:
ly
in 2008 and that it revised last month. In 2008 A company bought by a Wall Street firm and
TALF accepted only triple-A-rated securities loaded up with debt that is part of a CLO secu-
and it made money on the loans. On Thursday rity will now face far easier terms for liquidity
Imagine Uncle Sam Airways’ Final Landing
the Fed said it will now accept much riskier relief than will a similar privately owned com-
on Regarding your editorial “Welcome something in exchange for the money
credits including commercial mortgage securi- pany in the Midwest that never took on too to Uncle Sam Airways” (April 2) and they advance to the airlines can be
ties and collateralized loan obligations. much debt. This is employing political discre- Daniel Henninger’s same-day “The reconciled with aversion to govern-
These are loan pools packaged into securi- tion, and picking winners and losers, far more Next Coronavirus War” (Wonderland): ment ownership by issuing Treasury
Before the government nationalizes warrants that contain an explicit pro-
us l,
ties by Wall Street, which lobbied the Fed and than the Fed did in 2008.
the airlines, it’s worth looking at hibition on the government exercising
Treasury hard for the TALF expansion. This Perhaps, with a lot of luck, the economy other industries that have been na- those warrants. When Covid-19 be-
means the Fed will in effect buy the worst will restart faster than we fear and these
al a
e
tionalized, specifically rail travel. Am- comes a memory and, presumably,
shopping malls in the country and some of the Main Street firms will manage to survive. trak has lost money each year of its the airlines get back on their feet, the
most indebted companies. The opportunities That was the note Fed Chairman Jerome Pow- existence, so taxpayers who don’t ride Treasury could sell the warrants in a
ci on
for losses will be that much greater. Treasury ell hit Thursday when he paraphrased prede- in trains subsidize those who do. public offering. By employing this
is backstopping losses, but the taxpayer risks cessor Ben Bernanke’s comment that “you’ll With zero passenger rail competition, technique, the government would
here are greater than what the Fed took on be looking back on this and you will, you Amtrak has no incentive to improve have helped the airlines get back on
in 2008-2009. won’t see much, only modest effects, I think its products or to lower its prices. Is their feet, earned some return for the
The Fed may feel all of this is essential to he said, on the economy from this event.” Mr. that what we want for air travel? taxpayers and avoided public owner-
er rs
The antitrust folks howl when one ship of the airlines.

protect the financial system’s plumbing and Powell and Treasury Secretary Steven
company takes over a competitor, MARK M. QUINN
reduce systemic risk until the virus crisis Mnuchin may underestimate how much this e.g., T-Mobile and Sprint, reducing Naperville, Ill.
passes, but make no mistake that the Fed is shutdown is hollowing out the heart of the the number of carriers from four to
protecting Wall Street first. The goal seems U.S. economy.
m e
three. They will howl even louder if The people should get a voting eq-
to be to lift asset prices, as the Fed did after It is also putting the future of American cap- the number is reduced from three to uity ownership for taxpayer money
the financial panic, and hope that the wealth italism at risk in a way even the financial panic two, all the while claiming that “we invested in the airline. If the corpo-
m rp
effect filters down to the rest of the economy. did not. The Fed and Treasury are becoming need more competition” and “monop- rate captains chafe at this “intrusion”
i i i the main lenders to American business, and in olies are bad.” If consumer choice is into their kingdom, perhaps they
Contrast that with the Fed’s new Main this storm there is no choice. But will they re- important for electronic communica- should repay the loans as soon as
Street Lending Program, which these columns cede when the virus is defeated? tion, what will happen when there is possible, buying back that equity in-
have pushed. This is aimed at middle-market Mr. Powell said Thursday that this is a only Amtrak Air? terest. If this mentality is difficult for
co Fo
ROBERT ALLAN SCHWARTZ them, they can just think of it as an-

companies from zero to 10,000 employees and “truly rare” intervention by the Fed, which
Lexington, Mass. other of the share buybacks they love.
up to $2.5 billion in 2019 annual revenue. will retreat when the virus plague is over. But VAL SCHOTT
These companies are the backbone of the U.S. that is what the Fed also said during the fi- The desire to get the taxpayers Edmond, Okla.
economy, typically well managed, with modest nancial panic, and it never did come close to
leverage. They need liquidity because banks normalizing policy. If the shutdown lasts for
won’t lend to them now and the government many more weeks, the Fed could become
has eliminated their customers. America’s lender of first resort.
Enlightenment Promoted Individual Liberty
In “The Coronavirus Pandemic Will such powers. That said, if we convince
Forever Alter the World Order” (op- ourselves that we can defeat this vi-
All the President’s Ratings ed, April 4), Henry Kissinger asks us
to “safeguard the principles of the lib-
rus and recover by relying on the
state to provide our security and eco-
O
eral world order,” by which he means nomic well-being, it will only tempt
ur Thursday editorial offering some the way Mr. Trump is communicating about
“Enlightenment values.” He says “that more tears. We will defeat this dis-
n-
friendly advice on how to make the a subject that is literally a life and death mat- the purpose of the legitimate state is ease when our scientists and innova-
daily White House coronavirus brief- ter. That’s the reason they’re a ratings hit, not to provide for the fundamental needs tors in both the public and private
ings more informative for the because people enjoy Donald of the people: security, order, eco- sector not only develop treatments
American people seems to The Commander Trump sparring with the nomic well-being, and justice.” and vaccines, but ultimately produce
no
have caught President’s in Chief responds White House press corps like With all of the respect due to the them to scale in the billions of
Trump attention. a Packers-Bears game. great man, this is wrong—not just in doses—capabilities that only exist be-
The President took to his to our editorial. We’ll bet the ratings for terms of an understanding of the En- cause of the investments and risks of
favorite communication the briefings would be even lightenment, but for what it implies the private sector.
venue to tweet: “The Wall higher if they were shorter about how we must respond to and JOHN M.R. KNEUER
recover from this terrible crisis. Southold, N.Y.
Street Journal always ‘forgets’ to mention that and more focused. We suggested 45 minutes,
The foundational principle of En-
the ratings for the White House Press Brief- but at least one reader who wishes Mr. Trump lightenment thinkers from Locke to
ings are ‘through the roof’ (Monday Night well thinks they should be 30, delivering an Hume to Kant (not to mention their Lockdown Baking Therapy
Football, Bachelor Finale, according to @ny- update on key developments, taking a question student Thomas Jefferson) was that
times) & is only way for me to escape the Fake or two—and that’s it. the legitimate purpose of the state
Brings Rising Surprises
News & get my views across. WSJ is Fake The ratings that will matter for Mr. Trump was to preserve individual liberty— Regarding “We’ve All Decided to
News!” this year are where he stands in public ap- not to provide some subjective collec- Bake Bread” (Page One, April 3): I am
Thanks for reading, sir, and we agree the proval come November. And those ratings will tion of individual needs or economic staying home and baking bread, too.
briefings are an excellent way to communicate depend on Mr. Trump’s results in conquering well-being. Sadly, I discovered that my rapid-rise
directly with Americans. Our point was about Covid-19 and restarting the economy. To believe in the primacy of the in- yeast had expired more than a year
dividual over the state doesn’t require ago. Because I can’t dash out to the
one to reject the government’s ex- store, I baked my bread with the ex-
Paycheck Protection Rejection treme measures taken in the face of
this virus; it is precisely so that we
pired yeast. Lesson learned: The expi-
ration date isn’t always a truism, as
T
may collectively respond to collective my bread has been marvelous. And I
he Paycheck Protection Program is more memo explaining the plan, including $45 billion threats that we imbue the state with still have five more packages.
popular these days than hand sanitizer. for “small community-based lenders,” such as MARY E. LONG
As of Wednesday, less than a week after “minority depository institutions, certified de- Spring, Texas
launching, it had claims on $98 velopment corporations, mi- Don’t Count on the Locals
billion in forgivable business Democrats block a $250 crolenders.” The more compli- Daniel DePetris’s April 3 letter
loans, out of about $350 billion billion refill of needed cated the rules, the slower that “Wisdom About Venezuela Beats Feel-
Pepper ...
available. The White House has the cash would flow. ing Good” states Washington can best And Salt
asked for a $250 billion refill, business loans. The Democratic bill would accomplish a diplomatic resolution to
THE WALL STREET JOURNAL
as figures show that 6.6 million add another $100 billion for Venezuela’s crisis by allowing its part-
more Americans applied for health-care providers, though ners in Latin America to help resolve
jobless benefits last week. the $100 billion that Congress passed two weeks problems in their own neighborhood.
Senate Majority Leader Mitch McConnell on ago isn’t running dry yet. Plus there’s another Have we seen that kind of help in the
Thursday tried to pass, by unanimous consent, $150 billion for states and localities, to backfill past? The leadership in Latin Ameri-
can countries has almost always been
a bill to this end that’s all of two pages. Its sole their tax revenues. Plus an increase in the Sup-
nonexistent in helping their neighbors.
purpose is to raise the amount of loans available plemental Nutrition Assistance Program, also GLORIA A. PLACE
to keep small businesses afloat and workers paid known as food stamps, of $25 a month per per- Frisco, Texas
through the pandemic. “We’re not talking about son, on average. Oh, and work requirements
making any policy changes,” Mr. McConnell said would be lifted for two years.
on the Senate floor. “We’re literally changing the Mr. McConnell objected, naturally. His bill— Letters intended for publication should
number $350 [billion] to $600.” all 25 lines of it—was narrow and should have be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Democrats objected, and they offered their been uncontroversial. Instead Congress is back or emailed to wsj.ltrs@wsj.com. Please
own proposal. Predictably, what they want is to stalemate. As Democrats look at this unprece- include your city and state. All letters
more of everything else. They would provide dented economic crisis, they are unfortunately are subject to editing, and unpublished
$250 billion for small businesses, but some of still channeling Rahm Emanuel’s old line that it letters can be neither acknowledged nor
returned.
the funds would have set-asides, according to a would be a terrible thing to waste. “Dan wrote our hiring algorithm.”
OPINION
Insurers Lockdowns Won’t Stop the Spread

Can’t Cover By Joseph A. Ladapo lost lives and livelihoods—will be
T
Everything he pandemic crisis now
rests on a fulcrum. On
fresh. Some argue that stopping
Covid-19 and protecting the econ-
omy are one and the same. Al-
one side is Covid-19 and though this is true, it is too late to
By Spike Lipkin every possible action that do either.
BRITTANY MURRAY/ORANGE COUNTY REGISTER VIA ZUMA WIRE

B
might prevent people Accepting this reality will help us
usinesses everywhere are from contracting and dying from in- make better decisions. The model-
turning to insurers to cover fection. On the other side is every- ing predicts that the number of sick
losses from the novel corona- thing else that matters: livelihoods patients is likely to be profound and
virus. But their policies weren’t that allow people to feed and shel- exceed anything seen in genera-
written or priced to deal with pan- ter their families; civil liberties; the tions. It’s therefore clear that build-
demics. Lawmakers should work education of children; social well- ing health-care capacity—adding
with the industry to help businesses, being, including the prevention of hospital beds, converting and build-
rather than trying to compel insur- loneliness, isolation and domestic ing coronavirus-only treatment fa-
ers to pay for the damage. violence; and all other medical con- cilities and sourcing ventilators—is
Many small businesses have insur- ditions, from cancer and heart dis- the right step to take.
ance for “business interruption,” ease to dental emergencies. The be- Embracing reality also makes
which covers expenses such as rent lief that it is worth sacrificing other things clear. If we can’t shut
or payroll during a forced shutdown. anything and everything at the altar down for 18 months on the gamble
It’s typically paid out in cases of of flattening the coronavirus curve that an effective vaccine will arrive,
physical loss caused by fires, floods is foolish. But many leaders are be- how long will it be worth commit-
and other hazards. Pandemics pose a having that way. We need a clearer A closed beach in Long Beach, Calif., April 2. ting millions of families to poverty
special challenge because insurance picture of all that is at stake before and uprooting lives, education and
works only when some companies those at the helm burn down the closing up shop, it will press on to mission is a complete lockdown, every other part of the economy?
need to draw cash; when a great village to save it. serve the community. Grocery which can happen in authoritarian Politicians have largely dodged this
many need the money at the same Examples of bad actions, often stores have created special shop- countries like China, but not in the question.
time, the system breaks down. De- by well-intentioned leaders, are ping hours for seniors and health- U.S. Already, ethicists are helping us
spite the wishes of some lawmakers, proliferating. The mayor of Chicago care workers. The New England Pa- Are shutdowns enough? No. De- think about how to allocate ventila-
insurers can’t pick up the tab for ev- warned joggers that a stay-at-home triots used its team plane to fly a spite the efforts, there is still tors when hospitals run short. And
ery business’s losses at once. That’s order means they may not go on million N95 masks from China to enough human contact to ensure how many older doctors and nurses
why many explicitly exclude pandem- long runs without risking arrest, a Boston. The list of courageous acts the virus will spread. Take a look at have to die before we seriously dis-
ics from coverage. flagrant disregard for the American is lengthy. the long list of “essential” services cuss allowing older health-care
values of liberty and prudence, not and exemptions on California’s workers—say, above 59—to opt out
to mention the common-sense bene- Covid-19 website, for example. of dangerous settings like emer-
But they’re uniquely suited fits of exercise. A city in Texas Stopping Covid-19 and Shutdowns will cause the virus to gency departments and hospital
threatens to fine residents up to spread more slowly, but it will wards? My experience caring for
to help distribute relief $1,000 if they (and their children) protecting the economy spread nonetheless. patients with suspected or diag-
funds for businesses don’t wear masks in public. New are one and the same, but When shutdowns end, the virus nosed Covid-19 infections at UCLA
Jersey Gov. Phil Murphy recom- will spread and Covid-19 deaths will has made it clear to me that treat-
affected by coronavirus. mends a policy of social distancing it is too late to do either. increase. Without a vaccine and ing them in the same setting as pa-
within your own household. “Keep community immunity—often called tients with other diagnoses is un-
your distance between yourself and “herd immunity”—this outcome is safe, even with personal protective
.
That leaves the average small other family members,” he cau- To help set the right course for all but guaranteed. The only thing equipment.
ly
business, which has less than a tioned recently. More broadly, gov- our country, we must grasp some that will temporarily quell it in the Many difficult decisions lie
month of cash on hand, in a pinch. ernors have ordered shutdowns to simple—but tough—facts. The novel near term, short of a miracle treat- ahead. We stand the best chance of
Congress’s latest economic rescue slow the coronavirus without ac- coronavirus is highly contagious ment, is another shutdown. But making good decisions if we con-
package included a $350 billion small- knowledging what these shutdowns
on and tragically lethal to many. There states will get only one pass at this. sider everything at stake, and not
business loan program. Unfortunately, cost. is no guarantee of a vaccine within Once lifted, the appetite for a re- only the singular goal of reducing
the system in place to distribute relief Encouragingly, this has also been the next 18 months. We have taken peat shutdown will be tepid at best, Covid-19 deaths.
money is already overwhelmed. The a time of extraordinary action by measures to slow the virus, but even in left-leaning states. The real-
money may not arrive in time. Con- private citizens. The largest volun- these can’t stop it. The only thing ity of the shutdown’s costs—the up- Dr. Ladapo is an associate pro-
us l,
gress should consider enlisting insur- teer network in New York, New that can stop the virus at this ad- heaval caused by school closures, fessor at UCLA’s David Geffen
ance companies to help. York Cares, decided that instead of vanced stage of community trans- economic hurt, social isolation and School of Medicine.
al a
e
The National Association of Mu-
tual Insurance Companies, along with
other industry and trade groups, has
A Coronavirus Reckoning for the Left
ci on
called for the government to create a

capital reserve—similar to the one
for the 9/11 Victim Compensation I have no idea are more revealing than politicians vice workers while leaving lefty work could run less frequently for
Fund—for coronavirus-related losses whether Sweden’s want to admit. They are not hewing urban can-work-from-home creatives the benefit of its staff instead of
incurred by small businesses. more modest ap- to objectively tested theories. They only moderately inconvenienced. having to carry all those builders to
er rs
Under this proposal, a federal ad- proach to the are following their ideological pre- Left-wing parties that find them- their job sites.
ministrator would work with insur- Covid-19 pan- dispositions to whatever science bol- selves in opposition, as in the U.S. The third is an aggressive expan-
ance partners to distribute payments demic—keeping sters prior beliefs. and U.K., have engaged in a bizarre sion of the welfare state as a substi-
from the reserve to businesses in
POLITICAL schools and res- Politicians on the right made a game of competitive immiseration tute for productive work. A looming
m e
crisis. The focus would be on helping

ECONOMICS taurants open pragmatic political calculation: A with their right-leaning govern- disaster in the U.S., as writers on
businesses meet payroll and operat- while restricting media incapable of sophisticated ments. Joe Biden called for a na- this page have warned, is that the
By Joseph C.
ing costs—expenses that business- visits to retire- thought would never forgive them if tional lockdown last month, rather coronavirus stimulus bill creates in-
m rp
Sternberg
interruption insurance would cover ment homes—will they made a reasonable bet in favor centives to receive unemployment
during, say, a flood. Insurers are be a success or a of policy modesty and it backfired. benefits rather than return to work
likely to participate in a voluntary colossal and deadly mistake. No one Conservatives aren’t wrong about Progressives world-wide once the lockdowns are lifted. The
relief effort, since so many of their else will know either, probably for the media’s general inability to pro- left used to think of itself as the
clients are small businesses. months. But while we wait, the most cess multiple variables, to judge disdain workers and deride movement of empowered working
co Fo
Insurers have a countrywide net- interesting political fact about Swe- from the way President Trump is Sweden’s moderate liberals people. Now it’s trying to become a
work of small-business clients, a plat- den has gone largely unremarked: scored for a national death toll pri- movement of the dependent lock-
form to process and record payments, The prime minister resisting an au- marily attributable to New York, for resisting a lockdown. down poor.
and the infrastructure to validate thoritarian national lockdown and whose Democratic governor some- The drumbeat has become so in-
business income, payroll and assets. appealing instead to individual re- how has managed to emerge from sistent it’s easy to forget there was
The data insurers use to issue poli- sponsibility, Stefan Löfven, is the this situation as a hero. Hence the than demanding a more granular de- another way. The left could have
cies are also required to distribute re- leader of the country’s main center- right has uncomfortably embraced ployment of the least intrusive mea- chosen to be the political side that
lief to businesses in need. Rather left party. draconian interventions, especially sures possible in each region. would rigorously interrogate
than make small businesses scramble Surprise, surprise. Those most in Mr. Trump’s America and Boris Shortly before Mr. Johnson an- whether governments have a reason-
to fill out complex applications, the enthusiastically cheering on Swe- Johnson’s U.K. nounced Britain’s lockdown on able base of evidence on which to
government could use the informa- den’s experiment from abroad—es- Meanwhile the left in most devel- March 23, Keir Starmer, now Labour halt entire economies, and that
tion insurers already have. With pecially in America—hail from the oped countries has settled on an em- Party leader, demanded “further would demand lighter and shorter
funds from government and logistical political right. They believe that if it brace of progressive authoritarian- compliance measures.” interventions.
support from insurers, the U.S. can succeeds, Stockholm’s resistance to ism over the interests of what used Another is the prioritization of Instead the virus disaster has
n-
pay out relief money swiftly. draconian measures would consti- to be its electoral base among nor- the needs of public-sector employees crystallized like almost nothing else
Lawmakers in several states, in- tute a rebuke to the statist instincts mal working people. This manifests over those private-sector workers could the divide that has opened on
cluding Massachusetts and New Jer- of most other world leaders. itself in three ways. who still have jobs. Witness how the left between blue-collar and
sey, would like to compel insurance The oddity is that the left in most One is enthusiastic support for London Mayor and Labour Party star lower-paid voters on one side and
no
carriers to pay out billions in coro- of the world has been so intensely mass shutdowns of economic activ- Sadiq Khan demanded that construc- urban progressives on the other. No
navirus-related claims, regardless of critical of Sweden’s experiment. If ity that wreck the lives of lower- tion workers be put out of their jobs wonder the urban progressives are
the language or intent of the poli- this model works, it would hold out paid factory, construction and ser- so that the Underground rail net- rooting, perversely, against Sweden.
cies. That would set a dangerous some hope that the coronavirus
precedent. It would call into ques- could be managed without putting
tion the validity of existing insur-
ance contracts and could affect pre-
miums for small businesses going
millions of members of the left’s
own blue-collar base out of work.
Yet the prevailing attitude is less
The Least Empathetic Thing to Say
forward. “let them try” and more “excommu- By Jessie Stuart fessor of social work who has spent leukemia and now this. I don’t
A
It would also take years to re- nicate the heretics.” the past two decades studying em- know what the future holds, but
solve in court and could bankrupt This column has previously ar- friend posted on Facebook pathy. In her talk “The Power of we’ll be with you every step of the
insurers that never issued policies gued that “the science” political fig- that her son’s college had Vulnerability,” she says: “Rarely, if way.”
for claims in a pandemic. Instead, ures claim to be following actually closed for the rest of the ever, does an empathic statement Her response wasn’t perfect, but
the government should accept that offers little practical guide to policy year: “He and his friends are devas- start with ‘At least.’ . . . Rarely can that’s the point. It’s impossible to
carriers aren’t responsible for the makers. In the fast-moving global ef- tated.” I scrolled down to the com- a response make something better. relate to the precise circumstances
losses of the pandemic, and work fort to unlock the secrets of a new ments. “At least he’s not a senior!” What makes something better is that is causing someone distress.
with the industry to save small busi- disease, competing studies are read- someone offered. “My daughter will connection.” Yet we’ve all felt despair. It’s OK—
nesses, which are the heart of the ily available to justify almost any never get to go back to campus.” Ms. Brown’s words came to mind and even helpful—to admit that you
U.S. economy. approach a politician wishes to Later I read a tweet from a recently as I was staffing the oncol- can’t imagine what someone is go-
adopt. stranger about how he still had to ogy service at the hospital where I ing through. But you can tell her
Mr. Lipkin is CEO and co-founder As a consequence, the political go to work as a garbageman and work as a resident. A patient, re- you care and you’ll be with her
of Newfront Insurance. and policy responses to this disaster was scared he’d get sick on the job. cently diagnosed with leukemia, through it all.
Someone replied: “At least you still It can be hard as a doctor to
have a job, man.” keep my “empathy tank” full. I’ve
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
With the coronavirus shaking the ‘At least you weren’t had bad days when I diagnose a 25-
world and forcing us into isolation, year-old with a terminal illness,
Rupert Murdoch Robert Thomson
I’ve found myself reflecting on how diagnosed with a horrible and later find I have trouble caring
Executive Chairman, News Corp Chief Executive Officer, News Corp
Matt Murray William Lewis
the things we say can bring us disease today.’ Doesn’t when a friend calls to complain
Editor in Chief Chief Executive Officer and Publisher closer together or drive us further about a snack-stealing roommate. I
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: apart. As a physician, I’ve received sound comforting, does it? worry that the coronavirus era will
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; training in the art of empathic strain our collective ability for em-
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; communication. The job is defined pathy, but I also have hope that we
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; by people coming to us with “com- was there for chemotherapy, which, will rise to the challenge.
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer plaints,” which we navigate and as it killed her cancer, was also de- On tough days, I find it helpful
Features & Special Projects; Andrew Dowell, OPERATING EXECUTIVES:
Asia; Anthony Galloway, Video & Audio; Kenneth Breen, Commercial; support them through. I’m still in stroying her immune system. The to pause, take a deep breath, and
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; training and have a lot to learn, but patient lay in bed watching CNN re- let myself be present for the per-
Features & Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; one lesson that’s stuck with me is port new coronavirus statistics. son in distress. Sometimes we have
Shazna Nessa, Visuals; Matthew Rose, Enterprise; Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; that it is never helpful to start a “How could this be happening to silence the small voice in our
Michael Siconolfi, Investigations; Nikki Waller, Live
Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; sentence with “At least . . .” now?” she said. “I have no immune head that says, “At least you
Thomas San Filippo, Customer Service; We’ve all said it. The intention is system. I’ll be the first to go.” She weren’t diagnosed with a horrible
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; almost always good. I can imagine turned to us, her breathing heavy. disease today”—or “At least you
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International someone reading the garbageman’s “I’m just—I’m paralyzed with fear.” still have a job.” Whether suffering
Barron’s Group: Almar Latour, Publisher tweet thinking it could be helpful— No answer could allay her con- is big or small, it’s all-consuming
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head;
comforting, even—to remind him cerns. and it isn’t relative.
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head how lucky he is. It doesn’t work A colleague was the first to
EDITORIAL AND CORPORATE HEADQUARTERS: that way. speak: “I can only imagine how Dr. Stuart is a resident in inter-
1211 Avenue of the Americas, New York, N.Y., 10036 One of my favorite speakers on scared you’re feeling right now. nal medicine at Brigham and
Telephone 1-800-DOWJONES
this subject is Brené Brown, a pro- It’s unfair that you’re dealing with Women’s Hospital in Boston.
Chinese Doctors Question Sought-After Drug

Early champions of White House trade adviser with bismuth subcitrate potas-
Peter Navarro has cited a study sium, which had also been ef-
chloroquine, physicians from Wuhan, among other evi- fective, he said. Bismuth subci-
there now find no clear dence, to argue for the federal trate is used in combination
government to distribute its with other drugs to treat a
evidence it works stockpile of one form of the common bacterial stomach in-
drug—hydroxychloroquine—to fection.
BY JEREMY PAGE hard-hit areas of the U.S. Dr. Zhang of Jinyintan also
Zhang Dingyu, the head of recommended convalescent
WUHAN, China—Chinese Wuhan’s Jinyintan Hospital, plasma treatment, which in-
doctors who have for months which has handled hundreds of volves transfusing blood plasma
treated patients on the front coronavirus cases since Decem- from someone who has recov-
lines of China’s fight against the ber, said the evidence on chlo- ered from the coronavirus into
new coronavirus offered a so- roquine was so far inconclusive. someone who is sick with the
bering assessment of the poten- “Some patients took it by virus, in hopes that the donor’s
tial treatments, saying they themselves, and after taking it, antibodies help the recipient re-
hadn’t seen clear evidence that there were good and bad” recover.
drugs such as chloroquine were sults, Dr. Zhang said on Thurs- The FDA says the treatment
effective. day, adding that some patients hasn’t yet been shown to be
One doctor, however, said he hadn’t tested negative even safe and effective for Covid-19,
saw some promise for Kaletra— seven to 10 days after taking the disease caused by the coro-
an antiretroviral drug for HIV. the drug. “There’s no scientific navirus, but the agency ap-
In hospital interviews ar- conclusion.” proved its emergency use on a
QIANWEI ZHANG/THE WALL STREET JOURNAL

ranged Thursday by govern- He expressed concern too case-by-case basis in March and
ment authorities in Wuhan, the about the drug’s recommended issued broader recommenda-
central Chinese city of 11 million dosage. Local health authorities tions on its use and study on
where the new coronavirus cri- warned in February that an Wednesday.
sis erupted late last year, doc- overdose of chloroquine could The Chinese doctors said
tors called for further research be fatal. that 34 of their patients had
into the use of chloroquine, an At the peak of the epidemic tested positive again after re-
antimalarial drug. in Wuhan, Dr. Zhang said Jiny- covering and being discharged,
The doctors also cautioned intan Hospital was treating as but they suspected that was be-
that some recovered patients many as 500 patients. It still cause of flawed tests giving
had tested positive again, while has 123 patients, of which three false negative results, rather
expressing concern about as- were in serious condition on Dr. Zhang Dingyu, left, speaking in Wuhan about his hospital’s experience with coronavirus cases. than the patients having been
ymptomatic cases, dozens of Thursday. None was in intensive reinfected.
which have been disclosed in care, he said. ministration on March 28 au- but it was unclear if the drug dramatic,” he said, adding that Most worrying was a small
recent days across China. While Dr. Zhang expressed thorized the emergency use of was effective. none of them needed critical number of patients—still in
The assessment from doctors uncertainty about chloroquine, chloroquine phosphate and hy- Given the drug’s unproven care. “If I had a chance to do hospitals—who had been in-
came one day after Chinese au- he said Kaletra—a drug made droxychloroquine in hospital- effects, “we were extremely things again, I would definitely fected for several weeks, includ-
thorities eased their lockdown by U.S. pharmaceutical giant ized coronavirus patients who careful,” said Dr. Zhang, who is have patients take this drug ing several for more than 60
of Wuhan, and as the U.S. AbbVie Inc. that blocks the en- weren’t able to participate in a vice president of Wuhan’s within three to five days of get- days, said Dr. Zhang of Jinyin-
braces in the coming days for zymes some viruses need to clinical trial. That allowed the Zhongnan hospital, another in- ting sick.” tan. Another focus of concern,
.
what is expected to be the replicate—appeared to have government to distribute mil- stitution that treated thousands A study published in March he said, was the number of as-
ly
worst of its surge in infections. been effective with patients and lions of doses donated by drug of coronavirus cases. “You can’t in the New England Journal of ymptomatic cases and their
Chloroquine has been the infected colleagues, even companies. see any difference between it Medicine, based on a test on se- level of infectiousness.
subject of fierce debate within though a recent study con- Zhang Junjian, a doctor who and other treatments.” vere coronavirus cases at Jiny- “This virus may be with
the U.S. administration. In re- cluded it didn’t work. on ran a field hospital in Wuhan Dr. Zhang, the Jinyintan Hos- intan, concluded that Kaletra mankind for a long time, so
cent days, President Trump has Desperation and the lack of a that treated more than 1,700 pital chief, said that several of wasn’t effective. But Jinyintan’s what we need to work on is how
advised even those without proven cure have prompted coronavirus cases, said in a sep- his patients—and three of his Dr. Zhang said supplementary to take the next steps,” he said.
symptoms to take the drug, in doctors around the world to ex- arate group interview on Thurs- infected colleagues—had taken data in the study suggested it “We used to pay attention to
defiance of advice from public- periment with remedies that day that 20 to 30 patients had Kaletra. had potential. the flu, AIDS and hand, foot and
us l,
health experts and some of his haven’t yet passed clinical trials. been treated with chloroquine— “After taking it, the changes Many of the cases at Jinyin- mouth disease. Now we may
own medical advisers. The U.S. Food and Drug Ad- with the patients’ permission— in their entire lungs were really tan took Kaletra in conjunction need a special ward for this.”
al a
e
Cop Aimed to Lock Up Mobsters, but Now Oversees a Lockdown

ci on
As the new to sniff out anyone who could public-health experts put Ice- from infection with the virus,
er rs
coronavirus have been infected and send land’s relative success down to said the approach of Mr. Pál-
forces big them into quarantine at home. early and widespread testing mason’s team has been “fairly
changes in Last week, he gained a new that has taken samples from evenhanded and reasonable.”
how we tool: a tracking app the gov- more than 30,000 people. That Of the tracing app, he said “it’s
m e
work, The Wall Street Jour- ernment is asking citizens to has allowed Mr. Pálmason’s proportionate to the problem
nal is looking at how differ- voluntarily download onto team to trace and quickly quar- we’re facing,” as long as the
ent people are coping with their smartphones for the du- antine those who may have government avoids the tempta-
m rp
the stresses and risks. For ration of the pandemic. been infected. The task of trac- tion to use it for other things.
REYKJAVIK METROPOLITAN POLICE
earlier articles in the series, Around one-third of the coun- ing is made easier because Ice- The tracing team has now
visit wsj.com/makingitwork. try’s population of some land’s population is small, so grown to around 50 police offi-
360,000 has downloaded the people tend to know each other. cers and medical professionals.
BY JAMES MARSON app, which collects GPS data Mr. Pálmason, who has been Half of them, including Mr. Pál-
co Fo
to supplement the detective on the force for 18 years, took mason, are now quarantined in
Police Superintendent Ævar techniques, according to a charge of a small team of de- a hotel in Reykjavik after one of
Pálmi Pálmason usually tracks government spokeswoman. tectives and medical workers them tested positive for the vi-
mobsters. Since late February, His team calls and mes- at the end of February, track- rus. They are continuing to
he has been on the trail of sages anyone who they believe ing the spread of the virus. One work, and Mr. Pálmason is pull-
people who may be infected could have become infected. If Ævar Pálmi Pálmason, a superintendent in the Reykjavik police. major initial source was Ice- ing 16-hour days fueled by cof-
with the new coronavirus. there is no response, they landers returning from skiing fee—“a lot of coffee.” His team
Mr. Pálmason, who serves send a police squad car to the and ignored the call to try ited as a reason the government holidays in Austria and Italy. works in a conference room at
the Reykjavik Metropolitan Po- person’s house. The poten- avoiding quarantine, so the can keep the country somewhat Government testing has the hotel with desks spaced out.
lice force, heads a team of so- tially infected person must re- team called from a private cell open: Gatherings of up to 20 been supplemented by testing Mr. Pálmason said he is re-
called contact tracers in Ice- main in quarantine for 14 days and the person picked up. people are permitted. The num- of the general population, who laxed about turning his sleuth-
land, deployed to try to keep and risk a fine of up to Mr. Pálmason’s team is hav- ber of people with active infec- can sign up online for a free ing skills from the mafia to or-
anyone potentially infected 250,000 Icelandic kronur ing some success. More than tions has declined every day test with deCODE Genetics, an dinary folk.
from spreading the virus. Con- ($1,750) if they break it. half of Iceland’s new positive since Sunday, official data show. arm of U.S. biotechnology “We detectives are good at
n-
tact tracers use traditional de- “People are not always cases have been in quarantine “We’ve got things under company Amgen Inc. finding people and getting in-
tective methods—from online pleased to hear about it,” Mr. and therefore aren’t infecting control,” said Mr. Pálmason, Smári McCarthy, a lawmaker formation from them,” he said.
sleuthing to pounding the Pálmason said. One person more people, according to offi- who is 40 years old. from the opposition Pirate “It feels good that our experi-
streets and knocking on doors— recognized a police number cial data. The strategy is cred- Government officials and Party who is himself recovering ence is useful.”
no
WORLD WATCH WORLD NEWS

KAZAKHSTAN
Iraq Names Premier
ANDREY SHELEPIN/ROSCOSMOS/AGENCE FRANCE-PRESSE/GETTY IMAGES
American, Russians
Join Space Station
Three astronauts flew to the
In New Government Bid
international space station on BY ISABEL COLES The political impasse has
Thursday, departing the virus- AND GHASSAN ADNAN undermined the Iraqi govern-
plagued planet with little fanfare ment’s ability to tackle a
and no family members at the Iraq’s president designated looming economic crisis as oil
launch site to bid them farewell. the country’s intelligence chief revenues dry up due to a
NASA’s Chris Cassidy and as prime minister, the third at- plunge in global demand re-
Russians Anatoly Ivanishin and tempt to form a government sulting from the pandemic. Oil
Ivan Vagner arrived at the orbit- as political deadlock threatens revenues account for more
ing lab in their Soyuz capsule six Baghdad’s ability to address than 90% of Iraq’s budget.
hours after blasting off from Ka- multiple crises compounded Meanwhile, the country has
zakhstan. They joined NASA’s by the coronavirus pandemic. increasingly become a battle-
Jessica Meir and Andrew Mor- President Barham Salih on ground for Washington and
gan, and Russian Oleg Skri- Thursday tasked Mustafa al- Tehran. The U.S. blames Iran-
pochka, who are scheduled to re- Kadhimi to put together a cab- backed militias for a spate of
turn to Earth on April 17. The Soyuz MS-16 launches in Kazakhstan to take three astronauts to the international space station. inet after pro-Iranian factions deadly rocket attacks target-
There was no social distanc- thwarted the previous candi- ing American troops in Iraq in
ing 260 miles up: As they floated YEMEN Wednesday that the cease-fire MOSCOW date for the premiership, Ad- recent months. Facing in-
into the space station one by would last for two weeks and that nan al-Zurfi. Mr. Zurfi, a for- creased threats, the U.S.-led
one, the new astronauts em- Cease-Fire Begins; it was in response to United Na- Retirement-Home mer provincial governor with coalition has moved swiftly to
braced the three already there. Rebels Call It a Ploy tions calls to halt hostilities amid Fire Kills 4, Injures 16 U.S. citizenship, abandoned his shrink its footprint, pulling
They had been in prelaunch quar- the new coronavirus pandemic. bid to form a government af- troops out of six Iraqi bases in
antine for the past month. A cease-fire proposed by the A Saudi military spokesman A fire in a retirement home in ter not getting enough sup- recent weeks. The training of
The newest crew members Saudi-led coalition fighting Iran- said the truce could be ex- Moscow killed four people and port. Another candidate before Iraqi security forces also has
will remain on board until Octo- backed Houthi rebels in Yemen tended. He said the coalition en- injured 16 others, but firefighters him met with a similar fate. been suspended because of
ber, keeping the outpost running went into effect Thursday, po- visions three-way talks in which managed to rescue 50 people Mr. Kadhimi has 30 days to fears of coronavirus contagion.
until SpaceX launches a pair of tentially paving the way for the Houthis, the U.N.-backed from the burning building, emer- present his cabinet to parlia- While the U.S. didn’t publicly
NASA astronauts from Florida’s peace talks to end the more government of Yemeni President gency officials said Thursday. ment for a vote. If it passes, endorse Mr. Zurfi, he was
Kennedy Space Center, as early than five-year conflict. Abed Rabo Mansour Hadi, and a The fire broke out Wednes- he is expected to prepare the viewed favorably for his tough
as next month. Houthi rebels, who control military team from the coalition day night in the basement of country for early elections, a line against Shiite militias as
It will be the first orbital northern Yemen and the capital, would negotiate a settlement. the building and quickly spread concession won by antigovern- governor of Najaf. But his can-
launch of astronauts from the San’a, dismissed the offer as a Saudi Deputy Defense Minis- to the ground floor. It was most ment protesters who forced didacy divided Shiite political
U.S. since NASA’s space shuttle ploy by the kingdom to boost its ter Prince Khalid bin Salman likely caused by a malfunction- Prime Minister Adel Abdul- factions that briefly were united
program ended in 2011. international standing while a tweeted it “will hopefully create ing electric cable, authorities Mahdi to resign last year. in opposition to the U.S. after
This is the third spaceflight spokesman for the rebel forces a more effective climate to de- said. More than 500 people were the targeted killing of Iran’s
for Messrs. Cassidy and Ivanishin, accused the coalition of several escalate tensions” and enable Police have launched a crimi- killed in a crackdown by secu- Maj. Gen. Qassem Soleimani in
and the first for Mr. Vagner. attacks on Thursday. work toward a settlement. nal probe into the fire. rity forces on the demonstra- an American airstrike on his
—Associated Press Saudi officials said late —Associated Press —Associated Press tions that began in October. convoy in Baghdad in January.
TECHNOLOGY: AI HARNESSED FOR FOOD SUPPLY CHAIN B4
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Farmers Dump Food as Demand Drops Boeing

Considers
Closed restaurants
create surplus of milk,
eggs, bacon, chicken
10% Cut in
that grocers can’t use Workforce
BY JESSE NEWMAN
AND JACOB BUNGE BY ANDREW TANGEL
It was still dark outside at Boeing Co. is considering a

four o’clock on a recent morn- plan to reduce its workforce
ing when a tanker truck by about 10%, people familiar
poured 6,000 gallons of milk with the matter said, as the
into a manure pit on Nancy aerospace giant grapples with
Mueller’s Wisconsin dairy the fallout from the coronavi-
farm. rus pandemic.
The milk, collected from The plan could involve buy-
Mueller Dairy Farm’s 1,000 outs, early retirements and in-
cows, should have been voluntary layoffs.
PAT SUTPHIN/TIMES-NEWS/ASSOCIATED PRESS
hauled to dairy processors The potential labor cuts at

across the state for bottling the aerospace giant, which
or to be turned into cheese. globally employs about
But the coronavirus pandemic 160,000 people, were expected
is disrupting all that, closing to largely target Boeing’s com-
restaurants and schools that mercial arm, these people
buy the nation’s dairy prod- said. The unit is under tre-
ucts—and forcing hard mendous strain due to turmoil
choices for farmers like Mrs. in the global airline industry.
Mueller. No decision on cuts was im-
“It was heart-wrenching,” minent, one of the people
.
she said. briefed on the matter said,
ly
Farmers and food compa- More than 4,000 gallons of milk were poured down the drain on Wednesday at the Azevedo Family Dairy in Buhl, Idaho. and the potential 10% reduc-
nies across the country are tion was among scenarios un-
throttling back production as bles in prime U.S. growing re- Farms and food companies have become increasingly dependent on restaurants but prices for der consideration. Boeing is
the virus creates chaos in the gions like Arizona and Florida. on agricultural goods have fallen as restaurant closures sap demand. aiming to shrink its workforce
agricultural supply chain, Chicken companies are shrink- through buyouts and attrition
U.S. food expenditures Year-to-date change in prices
erasing sales to restaurants, ing their flocks, to curb sup- before turning to involuntary
hotels and cafeterias despite plies that could weigh on $ trillion 4% layoffs, this person said. It
grocery stores rushing to re- prices for months to come. wasn’t immediately clear how
us l,
stock shelves. Mississippi-based Sander- any cuts would affect Boeing’s

American producers stuck son Farms Inc., which last 5 Food at defense and services arms.

al a
e
with vast quantities of food week said demand from its home Last week, the plane maker
they cannot sell are dumping restaurant customers was 45.6% announced it would offer vol-
milk, throwing out chicken- down 60% to 65%, has begun untary layoff packages, but
ci on
hatching eggs and rendering breaking eggs rather than hasn’t released details, includ-
pork bellies into lard instead hatch them and raise the Chicken ing how many employees
9 breasts*
of bacon. chicks for slaughter. Other would be eligible. Boeing has
In part, that is because they poultry companies are taking – said it expected several thou-
can’t easily shift products similar steps, meat-industry 6 Away sand employees to take advan-
er rs
from Milk
bound for restaurants into the officials said. home
tage of the offer.
futures†
appropriate sizes, packages “When you have panic in the –4 Boeing hasn’t said whether
3 54.4%
and labels necessary for sale marketplace, weird things hap- it plans to apply for govern-
at supermarkets. Few in the pen,” said Tanner Ehmke, who ment loans provided under a
m e
industry expect grocery-store researches agricultural markets –6 new $2 trillion federal stimu-
Pork
demand to offset the restau- Please turn to page B2 belly lus package enacted in late
rant market’s steep decline. 2000 ’10 ’18 Jan. Feb. March April March. Conditions for some of
m rp
Farms are plowing under Effort afoot to test meat *Southern states, weighted average price †May contract the aid would require certain
hundreds of acres of vegeta- processors for Covid-19....... B2 Sources: USDA (expenditures, chicken breasts, pork belly); FactSet (milk futures) loan recipients to maintain at
least 90% of their workforce
through Sept. 30.
Amazon Warehouses Attract Jobless Professionals Boeing Chief Executive Da-

co Fo
vid Calhoun, in announcing

the voluntary layoffs last
week, said the offer “aims to
BY DANA MATTIOLI being laid off or furloughed, years of training and experi- cial security. shut their doors. We hope reduce the need for other
the opportunities are also at- ence, they are turning to the The job search for many people who’ve been laid off workforce actions.” Mr. Cal-
One was an executive chef tracting seasoned profession- tech giant to make ends meet, right now has shades of the will come work with us until houn has stressed the need to
in Milwaukee. One was a als in traditionally white-collar even as they worry about their last U.S. recession 11 years ago they’re able to go back to the protect Boeing’s workforce so
small-business owner in Ore- jobs. Although some have own physical safety and finan- where newly minted law jobs they had,” Amazon CEO the plane maker will be ready
gon. One managed merchan- school graduates turned to Jeff Bezos wrote on Instagram for the airline industry’s even-
dise for touring musicians. bartending or other low- March 21. tual recovery.
These three newly out-of-work skilled work because the job Some jobs advertised on The commercial arm’s cus-
Americans have one thing in market dried up. The uncer- the company’s site include the tomers have parked much of
common: They all recently ap- tainty around when the coro- following nudge: “No resume their fleets around the world
plied to work at an Ama- navirus will be contained and or previous work experience as governments close borders
n-
zon.com Inc. warehouse. the economy opened back up required.” and order would-be passen-
Amazon’s 100,000 job open- is weighing on many salaried Gil Amador, 36 years old, gers to stay at home. Airlines
ings in its warehouses and de- workers. was the executive chef at an are considering deferring de-
livery network are a rare Amazon has been eager to American bistro in Milwaukee liveries of airliners or paring
no
bright spot in a U.S. economy scoop them up as well as oth- until two weeks ago when his back orders. Boeing’s Euro-
that has been racked by the ers, at least temporarily. Wal- restaurant closed because of pean rival Airbus SE has said
shutdown of ordinary life, mart Inc., CVS Health Corp. the pandemic. During the re- it was slashing production by
causing about 10 million peo- and other companies have also cession in 2008, the restau- about a third amid the airline
ple to apply for unemployment embarked on major hiring rant he worked for shuttered, industry’s woes.
JUDY BENSON
in March due to coronavirus- sprees to meet a surge in de- but he found work at another The plane maker, which is
related layoffs. mand for food and household one that was able to ride out expected to report first-quar-
While numerous restaurant, items. the downturn. This time, most ter earnings later this month,
hospitality and hourly workers Ginette Zuras-Hummel, an entrepreneur whose billing company in “Businesses like restaurants restaurants are closed indefi- hasn’t disclosed any changes
have flocked to Amazon after Oregon has taken a hit, has applied for jobs at a nearby facility. and bars are being forced to Please turn to page B4 to its jetliner production rates.
Travelex Paid Hackers Ransom of INSIDE State Farm Cuts Price

$2 Million Before Finance Scandal 25% on Car Insurance
BLOOMBERG NEWS
Less than three months be- Forking over ransoms to at- pandemic, have shown those
fore the owner of the world’s tackers has become a controver- systems to be particularly vul- BY LESLIE SCISM “Good Neighbor Relief Pro-
largest chain of money-ex- sial tactic in the cybersecurity nerable in recent weeks. gram” offers a 25% policy
change shops unraveled in an world. One major concern is that Owned by London-listed The nation’s biggest car in- credit on premiums due from
ransomware groups don’t always payments conglomerate Fin- surer, State Farm Mutual Au- March 20 through May 31, or
By Anna Isaac, let victims recover data, espe- ablr PLC, Travelex found its op- BUSINESS NEWS tomobile Insurance Co., is about $20 a month for each
Caitlin Ostroff cially if they are among the pro- erations crippled by a New Amid pandemic pain, slashing $2 billion of premi- vehicle insured. The average
and Bradley Hope liferating amateur cybercrimi- Year’s Eve ransomware attack ums owed on 40 million vehi- annual State Farm auto pre-
nals who simply don’t know how that left some of its systems
small businesses fear cles, making it the latest car- mium is approximately $950 a
accounting and governance to do that. offline for weeks. The finance credit-card companies rier to offer a financial-relief year, the insurer said.
scandal, it faced another chal- At the same time, U.S. offi- company paid out the ransom will raise their fees. B3 program for consumers as auto The big car insurers have
lenge: It was at the mercy of cials warn that hackers are in- in the form of 285 bitcoin, ac- claims have plunged under announced their initiatives in a
hackers. creasingly looking for vulnerabil- cording to the person with shelter-at-home restrictions. flurry this week. Allstate Corp.
Travelex, known for its ubiq- ities in corporate networks as knowledge of the transaction. State Farm’s total brings the and American Family Mutual
uitous foreign-exchange kiosks more white-collar employees Asked about the payment, a amount pledged by the top 10 Insurance Co. on Monday
in airports and tourist sites than ever work from home dur- Travelex spokesman said the sellers of personal car insur- launched money-back pro-
around the world, was shut ing the coronavirus crisis. That firm has taken advice from a ance to more than $7 billion as grams that put a spotlight on
down by a computer virus that is increasing computer net- number of experts and has kept U.S. carriers are beginning to what was quietly developing
infiltrated its networks early works’ security risks, though regulators and partners in- experience a financial windfall into bad optics for the indus-
this year. It responded by pay- breaches might not become formed about its efforts to tied to Americans parking try: outsize profits as many
ing the hackers the equivalent known for weeks, or even manage the recovery. A U.K. their cars to help fight policyholders struggle finan-
of $2.3 million, according to a months, as organized criminals law-enforcement investigation Covid-19, the disease caused by cially.
person familiar with the trans- take the opportunity to access into the breach is continuing, HEARD ON THE the novel coronavirus. Now, the top 10 auto-insur-
action. Travelex’s payment of crucial data while biding their he said. He declined to com- STREET State Farm’s program, ance sellers all have new initia-
the ransom, and the amount, time to take systems offline or ment further on the incident. which will benefit approxi- tives, though programs vary in
hasn’t previously been re- initiate demands. The company said it had be-
Stay-home orders mately 21 million households, details and when consumers
ported, though the company Cyberattacks on critical gun reinstating some of its op- bring rebound to some is on the high end of the relief will benefit.
confirmed the ransomware at- health-care organizations, erations in January and revived food-delivery firms. B12 being provided in consumer State Farm Chief Executive
tack shortly after it occurred. many facing strains from the Please turn to page B10 programs launched so far. The Please turn to page B6
B2 | Friday, April 10, 2020 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
U.S. Looks to Give Virus Tests

in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Danone ........................ B4 Oxfam International...A8

Abbott Laboratories...B2 Denny's........................B2 P
To Meat-Processing Workers
Airbus..........................B2 Deutsche Lufthansa...B3
Pfizer...........................A9
Aksia..........................B10 DoorDash...................B12 Philip Morris
Alibaba Group...........B12 E-F International.............B2
Allstate ....................... B1 Eli Lilly........................A9 Progressive ................. B6
Altria Group................B2 FedEx...........................B1 R
Amazon.com..........B1,B3 Finablr.........................B1
American Family Mutual Roche Holding.............A9
Ford Motor................B11
Insurance .................. B1 S
Franklin Resources ..... B6 BY JACOB BUNGE which has increased some
B G
Sanderson Farms........B1
ServiceMaster Restore AND ALEX LEARY safety and sanitation prac-
Bayerische Motoren
Werke........................B6
General Electric .......... B1 .....................................R3 tices, had no comment.
General Motors...........B6 Shelter Insurance ....... B6 The Trump administration The Retail, Wholesale and
Berkshire Hathaway...B6
Gilead Sciences...........A9 Smithfield Foods ........ B2
BioNTech.....................A9
Goldman Sachs.........B11
is weighing a plan to provide Department Store Union,
BlackRock..................B10 Starbucks....................B1
GrubHub....................B12 State Farm..................B1 coronavirus tests and other which represents meatpacking
Blue Apron Holdings B12
BP................................B3 H T-U solutions to U.S. food-process- workers, this week said that
Bridgewater Associates HelloFresh.................B12 Takeda Pharmaceutical ing plants, as a way to soothe two Tyson employees at a
...................................B10 Hilcorp Energy ............ B3 .....................................A9 workers’ fears and keep the Georgia plant had died after
British American Hormel Foods..............B2 TAL Education GroupB12 country’s food system func- contracting the coronavirus. A
Tobacco ..................... B2 Travelers......................B6
DANIEL ACKER/BLOOMBERG NEWS

Hotstar......................B12 tioning through the pandemic. Tyson spokesman said the
C J-K Tyson Foods................B2
The federal Covid-19 task company is working to keep
Cargill..........................B2 Uber Technologies .... B12
JBS USA......................B2 UBS Group.................B10 force headed by Vice President its employees safe, separating
Chesapeake Energy .... B6 JPMorgan Chase.......B11
China Telecom.............B4 Universa Investments Mike Pence this week dis- processing-line workers with
Kroger .................... B3,B4 ...................................B10
Clock Shadow Creamery cussed the prospect with barriers, offering masks and
.....................................B2 L-M V meatpackers and food produc- installing infrared temperature
Continental Resources LongTail Alpha..........B10 Visa..............................B3 ers, according to people in- scanners.
...................................B11 Luckin Coffee............B12 Volkswagen.................B6
Macy's.........................A6
volved in the talks. The task Smithfield on Thursday said
Costco Wholesale.......B3 W
Credit Suisse.............B10 Mastercard..................B3 force is looking to the U.S. De- it would close its Sioux Falls
McDonald's..................B2 Walmart......................B3 partment of Agriculture to Companies including Smithfield Foods have temporarily closed plants plant for three days for extra
D Walt Disney..............B12
Daimler........................B6
Milk Source.................B2
Wells Fargo.................B3
work out details of what such and slowed production after employees came down with Covid-19. cleaning, but Chief Executive
Dairy Farmers of N-O Western Midstream a plan could look like, at the Kenneth Sullivan said in a
America.....................B2 NMC Health .............. B10 Operating................B11 agency’s discretion, an admin- plants have slowed processing companies to make sure that statement that the company,
istration official said. operations. that workplace is safe.” the largest U.S. pork proces-
A USDA spokeswoman had Those shutdowns and slow- Being able to quickly test sor, needed to keep running its
INDEX TO PEOPLE no comment on details of the
potential plan. But a Trump
downs are seeding fears of a
broader disruption hitting the
employees for the coronavirus,
such as with Abbott Labora-
farms and plants. “People
need to eat,” he said.
administration official con- U.S. food industry, after shop- tories’ new 15-minute test To keep workers coming in,
A H S firmed the talks. pers in recent weeks cleared that made its debut last week, some food processors have
Albrycht, David.........B11 Harris, Larry..............B10 Sabodakha, Igor........B11 “They are working on a so- out staples from supermarkets would help identify positive temporarily boosted pay, while
B Hunter, Andrew........B11 Sanderson, Joe ........... B2 lution with the plants that not in anticipation of weeks or cases and assure other work- staggering shift start times
Hunter, Robert............B6 Scheeler, Jared ........... B3 only makes the plants happy months of eating at home. Do- ers’ safety, a meat industry of- and breaks so that large num-
Bhansali, Vineer ....... B10
Spitznagel, Mark ...... B10 but the workers comfortable mestic supplies of meat and ficial said. bers of employees aren’t gath-
Bienvenu, Ben.............B2 K
Spohr, Carsten............B3
Bohl, Howard..............B2 Kley, Karl-Ludwig ....... B3 to come in,” the official said. other food commodities have Dozens of meat-plant work- ering close together. Some
Sullivan, Kenneth ....... B2
C Kwon, David..............B11 Svensson, Ulrik...........B3 Asked if tests are part of the been high heading into the ers across the country have plants have handed out masks,
L considerations, the official pandemic. been confirmed to have con- and erected barriers between
Cordova, Kim...............B2 T
Culp, Larry...................B2 said, “100%.” The U.S. government has tracted Covid-19, including each worker’s spot on process-
Lee, Eli ...................... B11 Tipsord, Michael.........B1
Food producers are strug- called on major food proces- two dozen employees of a Ty- ing lines.
D
.
M V gling as a rising number of sors to continue operating. Mr. son pork plant in Iowa, the Some workers have walked
ly
Dolsten, Mikael .......... A9 Mais, Andrew..............B6 Vos, Jim .................... B10 processing-plant employees Pence this week spoke to exec- company has said, and more off the job and called on com-
E Meyer, Steve...............B2 W contract the coronavirus, and utives of U.S. meat and grain than 80 workers at a Smith- panies to do more or shut
Ehmke, Tanner............B1 Motemaden, David ..... B6 Whalen, Bryan..........B11 more stay home rather than companies including Tyson field Foods pork plant in Sioux down plants temporarily to re-
F-G Mueller, Nancy............B1 Wills, Bob....................B2
on risk catching it in the close and Hormel Foods Corp., he Falls, S.D., according to state duce the risk to workers.
Fahrig, Scott...............B4 O-R Z quarters that are typical in said at a briefing Tuesday. health officials. As agricultural labor con-
Fink, Laurence...........B10 Ostrom, Jim................B2 Zuras-Hummel, Ginette plants. Mr. Pence said in the brief- Kim Cordova, president of a cerns mount, the State De-
Gelder, Alan..............B11 Rodenbaugh, Dennis...B2 .....................................B4 Over the past week meat ing that food-industry workers United Food and Commercial partment last month eased
processors JBS USA Holdings are vital as the U.S. navigates Workers union representing requirements on seasonal for-
us l,
Inc., Tyson Foods Inc., Cargill the pandemic: “We need you workers at a JBS beef plant in eign-worker visas, after the
GE Warns Virus Blurs Inc. and Smithfield Foods to continue, as a part of what Greeley, Colo., estimated agriculture industry warned
al a
e
temporarily closed plants in we call our critical infrastruc- around 50 cases among plant that harvests could be dis-
Pennsylvania, Iowa and South ture, to show up and do your employees there. One worker rupted if coronavirus-related
Forecasts for Quarter Dakota after employees came job and know that we’re going died this week after being hos- curbs on immigration re-
ci on
down with Covid-19 or dis- to continue to work tirelessly pitalized due to the virus, she duced the number of avail-
played symptoms. Other in working with all of your said. A spokesman for JBS, able workers.
BY THOMAS GRYTA unit. In recent years, GE had
slashed its quarterly dividend
General Electric Co. to a token penny a share pay-
Farmers
er rs
warned its first-quarter earn- out. The company has sold as-
ings would be below its prior sets, exiting its transportation
forecasts and pulled its finan-
cial guidance for the full year,
and oil division, to pay down
its debt. Stuck With
m e
citing the disruptions and un- The company had about

certainty caused by the coro-
navirus pandemic.
$36 billion in cash at the end
of 2019, along with $35 billion Extra Food
m rp
The industrial conglomerate in untapped credit lines, ac-

is the latest major company, cording to its annual report.
from FedEx Corp. to Star- GE on March 31 closed the sale Continued from page B1
bucks Corp., to withdraw its of its biopharma division to for farm lender CoBank.
financial forecasts as the rap- Danaher Corp. for proceeds of In the dairy industry, res-
co Fo
idly spreading virus, which more than $20 billion in cash. taurant closures and other dis-
causes an illness called GE said the disparity be- ruptions have left producers
Covid-19, disrupts the global tween the first-quarter earn- with at least 10% more milk
economy, travel and daily life. ings and cash-flow expecta- than can be used, according to
GE, which has announced tions is because of “noncash industry estimates.
job cuts and furloughs in re- and timing items in Aviation, Dairy groups say the milk
cent weeks, said Thursday it Renewable Energy, and GE glut could grow as supplies in-
expects first-quarter earnings Capital.” The company’s crease to a seasonal peak in
to be materially below its aviation division makes jet en- the spring, and shelter-in-
prior estimate of 10 cents a gines for airliners produced by place orders stretch on across
share. It still expects cash flow Boeing Co. and Airbus SE, the country. In response, coop-
from its industrial operations while its financial services eratives that sell milk from
to be about negative $2 billion arm has a large airplane leas- farmers to processors are ask-
for the March quarter. ing operation. ing their members to dump
n-
NICK OXFORD/REUTERS
“Given the evolving nature Last week, GE said it was milk, cull their herds or stop
of the Covid-19 pandemic, at furloughing half of the U.S. milking cows early in an effort
this time, GE cannot forecast aviation manufacturing work- to curb production.
with reasonable accuracy the ers for four weeks, citing Because milk is perish-
no
full duration, magnitude, and growing pressure on the able—and cows produce more
pace of recovery across our end global aerospace industry each day—dairy farmers have
markets, operations, and sup- from the pandemic, which has few alternatives, Mr. Ehmke
ply chains,” the company said. grounded thousands of planes. said. With many restaurants closed, chicken-breast prices dropped by one-fourth in the past two weeks.
GE shares fell 16 cents to The move came after GE “Consumers have changed
$7.14 on Thursday. The shares said on March 23 that it would how they eat, and it’s rippling Wills said he has been able to sumption, low prices and profitable prices, Mr. Sander-
have fallen about 36% so far lay off about 10% of its U.S. back right to the farm gate,” absorb the milk from all but trade disputes. son said, though right now the
this year, compared with a jet-engine workforce, or about said Dennis Rodenbaugh, exec- one supplier at a second Earlier in the week, two company isn’t taking that step.
roughly 14% drop in the S&P 2,500 employees, and furlough utive vice president at Dairy cheese plant he operates that major dairy industry groups Meat companies’ efforts to
500 index. half of its maintenance and re- Farmers of America, the larg- serves retail customers. sent a “milk crisis plan” to the raise fewer birds aren’t likely
Analysts are projecting pair employees. It said that est U.S. dairy cooperative, Howard Bohl, who milks U.S. Department of Agricul- to cause chicken shortages at
earnings of 10 cents a share move would save $500 million which markets Mrs. Mueller’s 450 cows in east-central Wis- ture, urging the agency to take grocery stores, said Ben Bienv-
and negative cash flow of to $1 billion for the year. milk. consin, said he sent about 20 quick action to support the enu, a food and agribusiness
$2.17 billion for the first quar- “We are taking swift ac- As much as 7% of all milk cows to slaughter last week. dairy industry through mea- analyst at Stephens Inc., be-
ter, according to FactSet. Wall tions across the company to produced in the U.S. last week Jim Ostrom, chief executive of sures like paying farms that cause processors are running
Street was projecting earnings position GE to come out was dumped, Mr. Rodenbaugh Milk Source, which operates cut production and purchasing extra shifts at separate plants
of 45 cents a share for the stronger on the other side of said, and he anticipates that dairy farms in Michigan, Wis- significant volumes of dairy that supply chicken to super-
year on cash flow of about the Covid-19 crisis,” Chief percentage will increase. consin and Missouri, said the for use in the nation’s feeding markets.
$400 million. Executive Larry Culp said Asking members to dump firm dumped roughly 10 tank- programs. Falling demand for bacon,
Before the Covid-19 illness Thursday. He said the pro- their milk is a last resort, he ers holding about 60,000 gal- In the poultry market, su- made from pork bellies, is
emerged, GE had been restruc- ceeds from the Danaher deal said. But butter makers are lons of milk in all into its ma- permarket shelf-clearing ini- prompting some pork-process-
turing its operations and try- give GE flexibility to hard pressed to turn the small, nure pits, and he anticipates it tially juiced prices—lifting ing plants to turn excess pork
ing to pull out of a slump strengthen its balance sheet. single-serve packets they pro- will be asked to dispose of prices for boneless, skinless belly supplies into lower-value
caused by weak demand for its The company is scheduled duce for restaurants into more this week. chicken breasts by 31% over products like lard, said Steve
power generation equipment to report its quarterly results larger blocks for grocery Dairy Farmers of America the first three weeks of March, Meyer, an economist with
and troubles in its GE Capital April 29.. stores, and cheese makers according to USDA data. But Kerns & Associates, an agricul-
can’t easily convert their 10- as restaurant dining rooms sit tural risk-management firm.
pound bags of bulk shredded closed, chicken-breast prices Bacon, more than other
cheese destined for pizza
Bacon, more than dropped by one-fourth in the pork products, relies on res-
Tobacco Rivals Accused chains into the zippered, 8-
ounce bags shoppers are ac-
other pork items, past two weeks.
“Given this environment,
taurant-industry sales. With
pork demand flagging as na-
relies on restaurant-
Of Stealing Technology customed to, Mr. Rodenbaugh
said. industry sales.
we have too many big-bird
food-service chickens,” said
tional chains like McDonald’s
Corp. and Denny’s Corp. serve
BY JENNIFER MALONEY question is a handheld device With supplies piling up, the Joe Sanderson, chief executive fewer breakfasts, prices for
that heats tobacco sticks with- cooperative could be forced to of Sanderson Farms. pork bellies have collapsed to
British American Tobacco out burning them. Marlboro curb production at some of its While some of its restau- a record low. As a result, some
PLC is suing two of its biggest maker Altria launched IQOS in own cheese plants, he said. says its members will still be rant-bound chickens are being major processors are attempt-
rivals, alleging the IQOS to- the U.S. last year through a Bob Wills, founder of Clock paid for dumped milk, though processed for sale in super- ing to find other uses for
bacco heating device devel- partnership with Philip Morris Shadow Creamery, a specialty checks to all members will be markets instead, the company them, such as sausage, or are
oped by Philip Morris Inter- International. cheese factory in downtown reduced as the cooperative expects to reduce overall pro- converting them into lard be-
national Inc. and sold by Philip Morris and Altria on Milwaukee, said that when the markets less milk overall. The duction by about 5% in the cause it is less costly.
Altria Group Inc. infringes its Thursday said they would vig- city’s restaurants closed, sales prospect of smaller checks is months ahead. Mr. Meyer said the situa-
U.S. patents. orously defend themselves. for the creamery’s chèvre and frightening for many farmers Executives at Sanderson tion shows pork producers’
The move is the latest volley Philip Morris, which sells ricotta cheeses tumbled 95% in who in recent years have have contemplated euthaniz- heavy reliance on bacon: “You
in a fight among cigarette gi- Marlboros outside the U.S., a day. watched nearby dairies close ing chickens and burying them live by the belly, you die by
ants to grab share in the grow- has invested $7 billion over The creamery has stopped their milking parlors at an on farms rather than feed the belly.”
ing market for smoking alter- the past two decades to de- production and laid off all but alarming rate following a de- them, process them and sell —Kirk Maltais
natives. The product in velop smoking alternatives. one employee, though Mr. cadeslong decline in milk con- their meat at potentially un- contributed to this article.
THE WALL STREET JOURNAL. * * * * * Friday, April 10, 2020 | B3
BUSINESS NEWS
Small Companies Face Higher Card Fees

Move by Visa and both large and small, could also Credit card interchange fore and up 107% from 2012, ac-
be affected. fees paid by merchants cording to the Nilson Report, an
Mastercard would Visa and Mastercard are the to card issuers industry publication. Fee pay-
strain businesses largest U.S. card networks, and
$50 billion
ments have risen as more people
they tweak card fees on a con- shop with credit cards, including
stressed by pandemic tinuing basis. The latest generous rewards cards. The
changes were decided before networks set higher fees for
40
BY ANNAMARIA ANDRIOTIS the pandemic spread in the those rewards cards.
U.S., according to the people, The potential changes are
Many small businesses could and the companies could shelve 30 forecast to result in merchants
have another thing to worry or delay the planned fee paying an estimated net in-
about when they come out of a increases if the economy crease of $731 million a year to
coronavirus coma: higher worsens. 20 card issuers, according to CM-
credit-card fees. Both companies already de- SPI, a merchants’ payments
CHRIS GRAYTHEN/GETTY IMAGES

Visa Inc. and Mastercard layed fee changes scheduled to consulting firm.
Inc. had planned to raise swipe kick in this month to July, cit- 10 Other fee changes could
fees on many merchants this ing the pandemic. come for merchants regardless
year, and the changes in some A Visa spokesperson said the of size.
0
cases would be hardest on company has “made no deci- Visa also could change how
small businesses, according to sions regarding what, if any, 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 it calculates fees for restau-
people familiar with the situa- changes will be made in the fu- Note: Data are for Visa and
rants starting in October, ac-
tion. It is unclear if the fee ture in recognition of the dra- Mastercard credit cards. cording to some of the people
changes, in the works for matically changed environment Merchants sometimes raise prices when their own fees are increased. Source: The Nilson Report and a document.
months, will be rolled out if the in which all businesses are op- Quick-service restaurants
pandemic persists. erating today.” terchange fees in industry par- Some large merchants, in- keeping fees essentially un- whose average purchase price
Already, the abrupt global A Mastercard spokesman lance. Card networks such as cluding Amazon.com Inc., changed for small grocery is above $9 would pay more in
slowdown has been most acute didn’t comment directly on the Visa and Mastercard set the Costco Wholesale Corp. and stores but lowering them for interchange fees, according to
for the smallest businesses, potential changes but said that prices. Walmart Inc., in recent years large supermarket chains this CMSPI estimates.
which tend to operate on thin- delaying the planned new fees Merchants pay the fees to have negotiated their inter- summer, according to some of Jared Scheeler, chief execu-
ner profit margins and smaller “allowed our customers and credit-card issuers, usually change fees down in part by le- the people and a document re- tive of the Hub Convenience
cash reserves. partners to focus on their core banks, when consumers shop veraging their market reach, ac- viewed by the Journal. Stores, a small business compris-
Visa’s potential plans include activities and manage through with the cards they issue. The cording to people familiar with Visa has had friction with ing six gas stations, said his com-
increasing interchange fees as- this unprecedented event.” fees can typically range from the matter. Small merchants large supermarkets over card pany paid nearly $400,000 last
sociated with many consumer Both companies pledged to about 1% to 3% of card spending. have less power to negotiate. fees. Kroger Co., for example, year in credit- and debit-card
credit cards for many of the support their clients. Visa and Merchants sometimes raise Mastercard’s potential plans temporarily stopped accepting fees, including interchange fees.
smallest retailers while lower- Mastercard also said this week prices on consumers when include increasing fees for Visa credit cards at some of its Mr. Scheeler said the fees
ing them for many of the larg- they were committing $210 their own fees are increased. small grocery stores this sum- units. represented 2.12% of the Hub’s
est ones, according to some of million and $250 million, re- Card-industry executives say mer, while keeping fees steady Merchants paid an estimated total sales last year, up from
the people and a document re- spectively, to helping small interchange fees help cover for the larger supermarkets, ac- $53.6 billion in Visa and Master- 1.99% in 2018 and 1.93% in 2017.
viewed by The Wall Street businesses. costs for important functions cording to some of the people. card credit-card interchange fees One reason, he said, are re-
Journal. Many restaurants, Swipe fees are known as in- such as preventing fraud. Visa’s potential plans include in 2019, up 8% from the year be- wards credit cards.
BP Deal at Risk
.
ly
As Banks Hesitate
on
On Low Oil Prices
us l,
al a
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BY SARAH MCFARLANE peers such as Chevron Corp.
AND CHRISTOPHER M. MATTHEWS and Total SA.
ci on
For BP, the deal with

BP PLC’s sale of its Alaskan Hilcorp represents a large
business is in jeopardy after a chunk of the $15 billion asset
group of banks balked at fi- sales it aims to complete by
nancing the $5.6 billion deal to mid-2021. The divestments
er rs
buyer Hilcorp Energy Co. should help lower the com-
BORIS ROESSLER/DPA/ZUMA PRESS

amid a historic rout of oil and pany’s gearing—the ratio of
gas prices, according to people net debt to the total of net
familiar with the deal. debt and equity—which stood
m e
A failure to complete the at 35% including leases in the

deal would be a blow to BP, fourth quarter, higher than any
which already has the highest of its peers. This is above the
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debt levels—in relation to its company’s long-term target

size—among the major oil level of between 20% and 30%.
companies and is counting on The company said in a trad-
the transaction to help reduce ing update last week that it The carrier has shut down its low-cost airline, decommissioned aircraft and forecast weak demand for travel for several years.
its debt. It is the largest deal expected the deal with Hilcorp
Lufthansa Reassigns Finance Tasks

co Fo
involving oil and gas produc- to close by the end of this

tion assets globally that has year, subject to regulatory
yet to close, according to data approvals.
provider Dealogic. Some analysts said that this
A group of banks led by JP- wasn’t their expectation, how- BY NINA TRENTMANN fill such vacancies quickly. But Mergers and acquisitions challenge for Lufthansa.
Morgan Chase & Co. and in- ever, and that they had re- Lufthansa thought it would be will be handled by human re- An external search would
cluding Wells Fargo & Co. had moved the divestment income The economic fallout from better to wait. sources and legal affairs, while have taken up valuable time
earlier discussed providing from cash proceeds. the coronavirus pandemic is “This is not the right mo- Lufthansa’s customers and and money, and not naming a
privately held Hilcorp with a The Regulatory Commission putting a strain on executive ment to appoint a new chief corporate responsibility unit CFO would have alarmed in-
reserve-based lending facility of Alaska asked Hilcorp En- succession plans, with some financial officer,” Lufthansa will take on purchasing duties. vestors, analysts said.
to help finance the deal. The ergy on April 2 to explain companies resorting to un- Chairman Karl-Ludwig Kley Chief Executive Carsten “Spreading the roles around
proposed vehicle would essen- whether the recent changes in usual arrangements to fill key said in a news release on Spohr will take up responsibil- rather than appointing an in-
tially be a loan based on the financial markets have af- vacancies. A case in point: Wednesday. ity for investor relations, Luf- ternal interim CFO probably
future cash flows from oil and fected its access to capital to Deutsche Lufthansa AG. Mr. Kley said the new thansa said. reflects the reality that there
n-
gas assets. But the collapse in finance the purchase of BP’s The German airline group, structure relying on existing Before the coronavirus cri- is not a clear internal succes-
oil prices related to the coro- assets, requesting a response which in recent weeks executives and directors sis, Lufthansa would have sor who is ready for the role,”
navirus pandemic and plung- by May 4. grounded the majority of its would set a course to over- likely appointed an interim said Andrew Lobbenberg, who
ing energy demand has made Hilcorp management told planes, on Wednesday reas- come the deep crisis which CFO from within the organiza- heads European airline re-
no
the banks uncomfortable pro- bond investors on a call last signed various finance tasks to has resulted in the company tion and at the same time or search at HSBC Holdings PLC.
viding the loan, say the people Friday that whether the deal its chief executive, board shuttering its low-cost Ger- shortly thereafter launched a The new arrangement could
familiar with the matter. proceeds or not, its goal is to members and senior managers manwings airline, decommis- search for a permanent re- create operational challenges,
BP declined to comment on have things move forward on following the sudden depar- sioning aircraft and forecast- placement, analysts said. Daniel Roeska, a senior re-
the deal. JP Morgan and Wells an amicable basis with BP, be- ture of Chief Financial Officer ing weak demand for air travel Macy’s Inc. on Tuesday did search analyst at financial-ser-
Fargo also declined to com- cause they have done lots of Ulrik Svensson on Monday. for years. just that by stating an external vices firm Sanford C. Bern-
ment. transactions in the past and Mr. Svensson, who left Luf- Starting next week, respon- search to replace outgoing stein, said in a note to clients.
The global benchmark oil they’ll continue to do busi- thansa citing health reasons, sibility for accounting, balance CFO Paula Price was under “Investors will likely prefer
price has fallen nearly 60% ness, according to a recording had been at the helm since sheets, taxes, controlling and way. the solution to be only interim
this year as an unprecedented listened to by The Wall Street January 2017. risk management will fall to But with CFO candidates in- and interim being as short as
glut of crude builds while Journal. He announced his intention the airline’s department for creasingly hesitant to make possible,” Mr. Roeska wrote.
much of the global economy is A Hilcorp spokesman didn’t to step down on Saturday and information technology and career moves, according to re- Lufthansa said the new
closed. BP’s shares are down respond to a request for left two days later. innovation, which will be re- cruiters, finding an external setup would stay in place for
29% this year, in line with comment. Companies typically seek to named Digital and Finance. successor might have been a the time being.
Scorsese Courts Apple, Netflix to Rescue Costly DiCaprio Film

BY R.T. WATSON AND JOE FLINT economy, Paramount executives the case. movies aimed at adult audi- service. But it failed to reach a
expressed concern over the This isn’t the first time Mr. ences as cheaply as possible, distribution agreement with
Martin Scorsese’s represen- film’s rising projected cost, ac- Scorsese has tangled with Para- with streaming-distribution bigger multiplex owners, which
tatives have been holding talks cording to this person. They mount over a movie’s budget. deals potentially representing typically have required a longer
with Apple Inc., Netflix Inc. gave the Oscar-winning film- In 2017, after costs jumped on the difference between a profit theatrical run before a movie
and others as they seek a new maker’s representatives the go- “The Irishman,” also starring and a loss. becomes available for home
company to produce or distrib- ahead to offer the project to Mr. De Niro, its producers Landing a film directed by viewing.
ute the director’s next big-bud- other studios, the person said. moved the project to Netflix. Mr. Scorsese was widely seen If a streaming company took
get film, according to people fa- The movie could still end up Estimates for Netflix’s total as a boon to Netflix’s efforts to the project over, Paramount
miliar with the matter. at Paramount, these people spending to produce the movie establish itself as a producer of could consider a partnership
FRAZER HARRISON/GETTY IMAGES
This shift would be the sec- said, but possibly with a new range from $173 million to high-quality films. The stream- where it handles theatrical dis-
ond time in a row the director’s structure that includes an addi- more than $200 million, ac- ing service spent lavishly to tribution, a person said.
project has become too costly tional partner. cording to people familiar with promote “The Irishman” for But no matter what, any
for its original studio. Mr. Scorsese’s team also ap- the movie’s numbers, making it awards consideration, yielding company interested in assum-
The project, “Killers of the proached Comcast Corp.’s Uni- one of the most expensive adult 10 Oscar nominations, including ing control of the movie has to
Flower Moon,” had been slated versal Studios and MGM Hold- dramas in recent history. one for best picture. But the go through Paramount and
for production at ViacomCBS ings Inc., according to people A streaming platform like film went home empty-handed would have to compensate the
Inc.’s Paramount Pictures, but familiar with the matter. Apple or Netflix may be a bet- in February. studio for money invested in
then the movie’s cost ballooned The planned movie is an ad- ter fit for “Killers of the Flower As it was with “The Irish- the project, the person also
to more than $200 million, an- aptation of David Grann’s 2017 Martin Scorsese Moon.” Traditional studios man,” whether “Killers of the said.
other person familiar with the bestseller of the same name. It have been increasingly shying Flower Moon” might play in If Apple emerges victorious,
matter said. was in preproduction before Native Americans in 1920s away from expensive adult dra- theaters, and for how long, is it would be the tech giant’s
Paramount Pictures agreed the coronavirus pandemic Oklahoma. During the course of mas, as in recent years the box likely to be an issue in talks splashiest foray yet in original
in 2019 to make the big-budget brought much of the nation’s the investigation, a nascent office has been dominated by with any potential new distrib- filmmaking. Until now, the
drama, starring Leonardo Di- economy, including Hollywood, federal law-enforcement family-friendly titles, superhero utor. Netflix released “The company has primarily focused
Caprio and Robert De Niro. to a standstill. agency—a precursor of today’s movies and sequels. Irishman” briefly in a limited on producing high-profile se-
Even before the coronavirus The book chronicles the Federal Bureau of Investiga- Instead, many Hollywood number of independent the- ries for its fledgling streaming
pandemic upended the global murder of oil-rich Osage Nation tion—is tasked with cracking producers now look to make aters before putting it on its service.
B4 | Friday, April 10, 2020 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
AI Harnessed to Keep Grocers Stocked Licenses

Of Chinese
Tech tools help model
where to direct trucks
and identify pressure Telecom
points during crisis
BY JARED COUNCIL
Provider
AND DAVID UBERTI
In late January, the artificial

Targeted
intelligence startup Noodle.ai BY DREW FITZGERALD
began detecting coronavirus-
related shocks to food supply Trump administration offi-
chains rippling across the Asia- cials sought to revoke federal
Pacific region. licenses used by China Tele-
It was the early stages of a com Corp. to do business in
pandemic that has put such sys- the U.S. as part of a broader
tems—increasingly seen as key campaign to curb global Chi-
to keeping the world fed—to the nese technology interests on
DAVID GOLDMAN/ASSOCIATED PRESS
test. national security grounds.

Software companies like A collection of federal agen-
Noodle.ai have urgently added cies led by the U.S. Depart-
new information to shore up al- ment of Justice, and including
gorithms that predict food sup- the departments of Defense
ply and demand. Manufacturers and Homeland Security, asked
such as global food giant the Federal Communications
Danone SA have raced to feed Commission to permanently
AI tools with new data to help revoke licenses the Chinese in-
teams shift materials as needed Algorithms that predict supply and demand have helped companies divert food meant for restaurants and other sectors toward grocery stores. ternet service provider’s U.S.
and keep factories running. Dis- subsidiary has used since
tributors have turned to the ma- to near-daily fluctuations in cus- also established virtual “war a team of 1,000 people from her from another, said Richard Tif- 2007 to act as a “common car-
chines to help model where to tomer behavior, like increased rooms” with about 50 of its cus- office in Amsterdam, said her fin, chief scientific officer at the rier” connecting domestic and
direct fleets of trucks and trains weekday shopping or prefer- tomers to monitor fast-changing group had a global response U.K.-based data analytics firm overseas networks.
that keep store shelves stocked. ences for bulk packages of a facts on the ground. team in place by the end of Jan- Agrimetrics. The FCC has final authority
Despite shortages of toilet particular product. “People might get sick and uary. They started to move sup- Food production in hard-hit over the decision but often de-
paper, hand sanitizer and highly “To be honest with you…it’s you might have to shut down a plies as close to production sites countries such as Italy and fers to national security offi-
sought-after products, these ef- been a frantic time in every- warehouse,” said Uwe Weiss, exas possible. “I was very afraid Spain could plummet in the cials at other agencies. The
forts have helped keep many body’s career,” said Mr. ecutive vice president of ma- logistics could get in the way,” coming months, Mr. Tiffin said, proposal, if adopted, would ef-
food supply chains functioning, McGowan, whose business helps chine learning at Blue Yonder. she said. and travel restrictions might fectively bar China Telecom
doing their best to divert food Kroger’s teams stock more than One such closure by a sup- “Not a single factory idled for squeeze the migrant labor that from serving U.S. clients and
meant for restaurants, airlines 2,700 supermarkets across its plier or manufacturer could re- lack of materials,” Ms. Stenholm harvests many of the world’s could hinder its ability to send
and other industries toward brands. “There’s no previous verberate up and down a partic- said. “The bottlenecks were crops. Each could add additional data across American net-
grocery stores. model that can just be dusted ular supply chain. Some complex, but manageable.” wrinkles for the AI-powered works.
.
“We’re seeing it as a rallying off and say ‘let’s review that’ at retailers and food manufactur- The company already was in- tools that underpin food supply The agencies’ decision cited
ly
cry to help the world’s supply this time.” ers across the U.S., including a vesting in data and AI-driven chains. an “evolving national security
chains run,” said Noodle.ai Chief Blue Yonder Inc., whose soft- number of meat plants, have al- tools to manage its supply chain. Mr. Tiffin, an agricultural environment since 2007 and
Executive Stephen Pratt, whose ware helps project demand for ready closed shop or reduced “We have been working on ad- economist at the University of increased knowledge of the
firm shortened the forecasting products like dairy and produce, on hours to prevent employees vanced analytics, machine learn- Reading, compared the com- PRC’s role in malicious cyber
windows for its algorithms from started integrating Covid-19 from getting sick. ing, all of those projects are now plexity of that system today to activity targeting the United
months to days. “There’s noth- death statistics from the Centers Katharina Stenholm, senior well-appreciated,” she said. that of the global financial sys- States,” referring to the Peo-
ing more important right now.” for Disease Control and Preven- vice president and chief cycles But with little data shared tem leading up to 2008. ple’s Republic of China.
Michael McGowan, vice pres- tion into its systems in late Feb- and procurement officer at between commercial and con- “They work, but we’ve got no China Telecom is one of
us l,
ident of merchandising insights ruary to help them measure the Danone, said her company used sumer-facing supply chains, idea how those systems work,” China’s three major phone and
and activation for data firm scope of the outbreak and make AI and machine-learning tools farmers and manufacturers he said. “And as we know, it’s a internet providers and has op-
al a
e
84.51 LLC, which is owned by better predictions as the crisis to identify such pressure points could confront more long-term characteristic of those sorts of erations around the world.
Kroger Co., said the crisis has evolves. The Arizona-based firm, and shift resources from other pressures as canceled orders systems that small perturba- The firm’s state ownership,
required his team’s human ana- which counts clients including areas. from one sector aren’t immedi- tions can cause really big, combined with new Chinese
ci on
lysts and algorithms to respond Albertsons Cos. and Loblaw Cos., Ms. Stenholm, who oversees ately replaced by new orders damaging consequences.” laws, raise concerns that
China Telecom would be
forced to comply with any Chi-
Hackathons Provide Forums for Pandemic Efforts

nese government request, in-
cluding those for communica-
er rs
tions intercepts, the agencies

said in the filing.
BY AGAM SHAH The rapid spread of the cor- Similarly, the U.S. govern-
onavirus, which caught many ment wouldn’t be able to trust
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Thousands of technology officials flat-footed, has paved China Telecom “to identify,
enthusiasts and others are the way for community- disrupt, or provide assistance
flocking to a new wave of sourced solutions. for investigations into unlaw-
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hackathons created to fight “Doctors are leading the ful activity sponsored by the
the coronavirus pandemic. fight, but a lot of people Chinese government,” the fil-
The low-sleep, high-octane would love to find ways to en- ing added.
sessions have attracted partic- gage and help,” said Sam Les- The U.S. agencies also
ipants world-wide to team up sin, a general partner at ven- claimed China Telecom made
co Fo
online and suggest solutions ture-capital firm Slow inaccurate statements to offi-
to problems such as the equip- Ventures, which helped orga- cials about where it stores U.S.
ment shortage for health pro- nize a hackathon last month, records, that its lax network
viders or a better way to track with about 19,000 participants security threatened American
the spread of Covid-19, the re- from across 175 countries, interests, and that the com-
spiratory disease caused by working on themes suggested pany disrupted and misrouted
the virus. by partners such as the World internet traffic.
“Everyone is looking at the Health Organization. The filing details 10 such
MIT COVID-19 CHALLENGE
urgency of the situation,” said Last weekend, Massachu- reported incidents from
Youseph Yazdi, executive direc- setts Institute of Technology 2010-2019 that interrupted
tor at Johns Hopkins Center hosted a 48-hour Beat the Facebook’s U.S. traffic,
for Bioengineering Innovation Pandemic hackathon in which Google’s global traffic and the
and Design, which organized a 1,500 participants worked in U.S. Energy Department’s traf-
five-day hackathon in the last 238 teams. fic.
n-
week of March that attracted Last weekend, MIT hosted a 48-hour Beat the Pandemic event with 1,500 participants. Rebecca Sereda, a re- China Telecom called the
513 teams with 2,331 appli- searcher in the stem-cell and move unprecedented and de-
cants from 34 countries. for effective social-distancing and splitters so ventilators Hackathons were made regenerative-biology depart- nied the allegations. “The
Focus areas of the hacka- practices, and a tool for mes- could be shared among multi- popular decades ago by the ment at Harvard University, company has always been ex-
no
thon included how to commu- saging platforms to tag misin- ple patients. software community as com- was part of a team that in 40 tremely cooperative and trans-
nicate effectively about formation by analyzing key- The team already proto- munal, all-night sessions, of- hours created a mobile app parent with regulators,” it said
Covid-19, prevention of trans- words and redirecting users to typed parts ahead of the hack- ten powered by pizza and caf- that used machine learning to in a statement.
mission within communities, trusted news sources. athon, but got fresh ideas on feine. Social distancing means score individuals on immunity FCC spokeswoman Tina
and health-care equipment It was the first hackathon designs and materials. today’s hackathons are con- to Covid-19, similar to a credit Pelkey said the commission
shortages. for Helen Xun, a medical stu- “The hackathon opened this ducted online, team members score, based on data such as had been looking into the is-
Among the ideas that dent on leave from Johns Hop- international forum for us to working over videoconferenc- location, age, interactions, and sue, adding, “We welcome the
emerged were a location- kins, whose team reviewed talk to people globally to as- ing and chat tools from Zoom health history. The team is re- input of the Executive Branch
based mobile application to and refined design files of 3-D sess the actual needs,” Ms. Video Communications and fining the app and preparing agencies and will review it
track traffic in grocery stores printed parts such as filters Xun said. Slack Technologies Inc. to launch it. carefully.”
Warehouse April, Amazon raised its mini-

mum hourly wage to $17 an
hour to help recruit new peo-
some potential applicants have
been spooked after seeing that
employees have tested posi-
Work Lures ple and keep existing ones as

it contends with peak volume.
“We continue to hire and
tive or been placed in quaran-
tine in at least 15 Amazon fa-
cilities in the U.S.
The Jobless we are seeing strong interest

in open roles—we know many
people have been economically
Scott Fahrig, a 30-year-old
touring merchandise manager
for musical artists such as pop
impacted as jobs in areas like singer Carly Rae Jepsen, had
Continued from page B1 hospitality, restaurants and his income dry up when con-
nitely. “There’s absolutely no travel are lost or furloughed certs and festivals he was sup-
safety net at all,” he said. as part of this crisis. We want posed to work on were can-
Mr. Amador’s position at those people to know we wel- celed through August. Mr.
the restaurant was a salaried come them on our teams until Fahrig, who makes around
job that paid well, he said. things return to normal and $65,000 a year, was in the pro-
SCOTT FAHRIG
This week, he starts work at their past employer is able to cess of closing on a home out-
an Amazon warehouse 30 bring them back,” said an Am- side of Nashville, Tenn., but had
miles away from his home at a azon spokeswoman. to abort the purchase, he said.
significant pay cut, he says. The chance of contracting Scott Fahrig applied for an Amazon job after income dried up from his work as a merchandise manager. “I applied at Amazon be-
He worries about getting the new coronavirus by work- cause they are the only place
sick, but he is more worried ing out of the house is a risk is clamoring for one of those went from about $12,000 nearby Amazon warehouse. hiring,” said Mr. Fahrig, who
about not making his $1,000 many newly unemployed warehouse jobs. Ms. Zuras- monthly to $2,500, if she is “I’m way overqualified, but received a job offer and went
mortgage payments. “I workers are willing to take as Hummel is the owner of Integ- lucky. That sum won’t be I’m willing to work at Taco through orientation at Ama-
thought about it, but I’m more companies such as Macy’s Inc., rity Billing & Consulting LLC enough to cover the rent for Bell at this point to do any- zon for a job sorting items in
concerned about losing every- Gap Inc., Marriott Interna- in Wilsonville, Ore., where her her home and office, she said. thing I can to save my com- its warehouse. He was sup-
thing that we built for the last tional Inc. and Hilton World- four-person firm advises cli- Ms. Zuras-Hummel says she pany,” she said. posed to start work on March
10 years,” he said. wide Holdings Inc. lay off hun- ents on billing and other train- is in line for a Small Business Amazon has enforced social 31, but didn’t show up after
Despite protests and walk- dreds of thousands. ing. Administration disaster loan distancing at its warehouses seeing that workers had be-
outs among its front-line em- The positions on offer are Many of her clients are chi- via the $2 trillion coronavirus and provided extra cleaning come sick or walked out. He
ployees, Amazon has had no the lowest on Amazon’s totem ropractors, massage therapists stimulus bill, but that she has supplies to workers there to has filed for unemployment
trouble filling the new jobs it pole, where engineers, data and acupuncturists who have “36 million people in front” of curb the spread of the virus. It and is moving in with a friend
posted across the country. scientists and marketers make had to close their doors indefi- her. “I’ll be out of business by recently began taking employ- in town.
Last week, the company said it hundreds of thousands of dol- nitely because of social-dis- then,” she said. ees’ temperatures and will be “I felt like ‘I don’t think I’m
had already filled 80,000 of lars a year. tancing measures. As a result, To keep her business open, providing masks to staff. willing to get Covid-19 for $17
the job openings. Through Ginette Zuras-Hummel, 50, Ms. Zuras-Hummel’s revenue she has applied for jobs at a Even with those measures, an hour,’” he said.
THE WALL STREET JOURNAL. Friday, April 10, 2020 | B5
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ly
on
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al a
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co Fo
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no
B6 | Friday, April 10, 2020 * *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Car Makers Pin Hopes on China Rebound

Gradual reopening plants in China, including two
in Hubei province, where the
feeds optimism about new coronavirus was first de-
boost in demand after tected. When Wuhan was
locked down, GM couldn’t pro-
crisis brought slump duce vehicles there. GM said it
reopened its plants in mid-
BY WILLIAM BOSTON March, shortly after Beijing’s
decision to lift restrictions
When China’s economy and get people back to work.
crashed early this year, West- GM declined to disclose the
ern manufacturers with a status of production at its
strong presence there suf- plants in China.
fered. Japanese auto maker Honda
Now, as China gradually re- Motor Co. operates a joint-
opens for business, that pres- venture plant in Wuhan with
ence is boosting auto makers Dongfeng Motor Group. The
including General Motors Co., plant was shut down in Janu-
Volkswagen AG, Daimler AG’s ary and resumed partial oper-
Mercedes-Benz and BMW AG. ation in early March.
Daimler finance chief Har- Under a barrage of restric-
ald Wilhelm said this week tive working conditions to
that sales of the company’s prevent new infections, includ-
Mercedes-Benz luxury cars ing taking the temperature of
would continue falling in Eu- everyone who enters the plant
rope and the U.S. through and keeping workers 6 feet
April. But sales rebounded in apart, the plant has returned
China last month, marking to precrisis production levels,
the beginning of a recovery the company said this week.
that he said would help Mer- The global choreography of
cedes post a profit in the first lockdowns and cautious re-
quarter. openings could increase the
“We see early signs of re- already significant weight of
covery in China,” Mr. Wilhelm the Chinese market for those
said on a conference call. He Western companies that have
said Daimler’s March car sales a sizable foothold there. This
ZHANG NAN/XINHUA/ZUMA PRESS

in China were nearly at the is especially true for auto
same level as a year ago, when makers, which were struggling
Mercedes sold 61,913 passen- with tepid growth long before
ger cars in China. the pandemic.
“At the end of March, our Amid the transition—as
operations in China were al- China ramps up activity, while
ready fully normalized—in- Europe and the U.S. remain in
.
cluding the complete supply an induced economic coma—
ly
chain,” he said. some experts think global auto
The comments echo the As sales in China show a recovery, Volkswagen said it hopes to resume normal production there by June. An FAW-VW plant in Changchun. makers such as GM and Volks-
more optimistic tone that auto wagen, the world’s biggest by
makers, auto suppliers and globally is expected to remain onJune—as long as there is no analysts say, the Chinese gov- ous recovery could still help sales, could generate up to
some other manufacturers weak. IHS Markit has down- interference,” Stephan Wöllen- ernment should provide more offset losses now mounting in half of their total new car
have expressed about China graded its outlook for world- stein, chief executive of Volks- incentives to lift consumer de- Europe and the U.S. Daimler sales in China this year, said
recently, as March data wide auto sales this year to 72 wagen Group China, told The mand. Fresh outbreaks are said Wednesday that it was Ferdinand Dudenhöffer, direc-
emerged. million vehicles, a 19% drop Wall Street Journal. possible, and companies are extending its European shut- tor of the Center for Automo-
us l,
The China Passenger Car from last year, “considerably Volkswagen said Wednes- struggling to get migrant down until April 30. tive Research at Duisburg Uni-
Association said Thursday that worse than the two-year, peak- day that to support ramping workers who left cities in Jan- “In a way, now China is car- versity.
al a
e
1.05 million new cars were to-trough decline of 8%” dur- up its Chinese factories, it uary to report back for duty. rying the load for many indus- “Whoever has a strong po-
sold in March, down 40% from ing the recession of 2007-09. would bring back 1,700 work- “It’s going to take some tries,” said Jörg Wuttke, presi- sition in China is among the
a year ago but up from the “March was good. I’m cau- ers at its components factories nurturing,” said Mark Fult- dent of the European Union winners,” said Mr. Duden-
ci on
79% drop to 310,000 new car tiously optimistic that we will in Germany after Easter. horpe, a manufacturing ana- Chamber of Commerce in höffer.
sales in February. be back at the production lev- Even as production re- lyst at IHS Markit. China. —Christina Rogers in Detroit
Still, consumer demand els of the previous year by sumes, industry leaders and Executives say China’s tenu- GM operates 15 assembly contributed to this article.
Beijing Moves to Keep Foreign Firms

er rs
Fund Prepares
m e
Debt Strategy BY YOKO KUBOTA
BEIJING—In early February,

China Council for the Promo-
tion of International Trade
were calling AGC to ask
had trouble procuring car
lamps produced from its sup-
plier Valeo SA’s factory in cen-
try, including foreign ones, as
the country seeks engines of
economic growth to offset the
m rp
Japanese glass supplier AGC whether the company’s China tral Hubei province, the U.S. growing toll of the pandemic.
For Chesapeake Inc.’s Beijing branch received

an unexpected message from a
Chinese government-backed
trade organization: Let us
investment plans had changed.
“Their interest was finding out
what foreign companies were
thinking and to make sure these
auto maker received special
clearances from the govern-
ment to quickly procure parts
from the locked-down prov-
In February, foreign direct
investment into China fell 26%
compared with a year earlier to
46.83 billion yuan ($6.7 billion)
co Fo
BY ALEXANDER GLADSTONE can companies to deploy hori- know how we can help during companies won’t run away from ince, according to a person fa- as the coronavirus froze invest-
zontal fracking techniques on this difficult time. China,” Mr. Ueda said. miliar with the matter. ments.
Mutual-fund company a large scale. When AGC complained As the pandemic hits Hubei’s capital, Wuhan, was That came on top of the
Franklin Resources Inc. is The energy company has about roadblocks in northern China’s economy, Beijing is where the new coronavirus nearly two-year-long trade war
taking steps to prepare for a completed a series of finan- China stemming from the lock- trying to prevent foreign com- first emerged late last year with the U.S. that pushed some
potential debt restructuring or cial engineering exercises to down of much of the country panies from leaving and keep and the center of the crisis in foreign companies to diversify
bankruptcy of indebted oil- trim its debt over the years because of the new coronavirus investment flowing. China. production beyond China. Now,
and-gas driller Chesapeake through out-of-court bond ex- that were hindering product To do so, Chinese officials The effort to accommodate facing the prospect of a pro-
Energy Corp., according to changes. shipments, the problems were have helped foreign enter- foreign companies, many of longed global slowdown, many
people familiar with the mat- But the recent collapse in resolved within days. “Their prises such as AGC and Ford them American, comes even as companies are likely to cut
ter. commodity markets has made response was very quick and Motor Co. resolve supply- Beijing jostles with Washing- their foreign investment, the
Franklin, which owns a sub- it difficult for the company to really thorough,” said Toshi- chain bottlenecks and restart ton for control of the narrative United Nations said last month.
stantial chunk of Chesapeake’s address its near-term debt hiro Ueda, who heads the auto- production, according to busi- over the pandemic. The drop-off in foreign in-
nearly $9 billion in debt and obligations and has ham- motive and display-glass ness executives and govern- It underscores how eager vestment has triggered alarms
n-
holds a 12.4% equity stake in mered its stock and bond maker’s China business. ment officials. China is to help restart busi- among Beijing policy makers.
the company, has hired law prices. Later, officials from the In the case of Ford, which nesses operating in the coun- “We must implement tar-
firm Akin Gump Strauss It has hired law firm Kirk- geted policies to arrest the
Hauer & Feld LLP for negotia- land & Ellis LLP and financial slide in foreign trade and for-
no
tions in advance of a possible adviser Rothschild Inc. to craft eign investment, to forestall
default, these people said. a restructuring strategy, ac- damage to the wider econ-
Chesapeake and Akin didn’t cording to people familiar omy,” Premier Li Keqiang told
immediately respond to re- with the matter. China’s State Council, or cabi-
quests for comment. Franklin U.S. oil-and-gas drillers are net, last month, according to
declined to comment. under pressure to repay the state media.
Chesapeake shares traded hefty tab they ran up with Since the coronavirus’s
at 19 cents Thursday following banks and bondholders to turn emergence, a number of for-
a lengthy slide in oil prices as America into the world’s larg- eign brands have put their
the coronavirus pandemic est energy producer. China expansion plans on hold,
slowed economic growth and The deterioration in oil or in a few cases, taken steps
WANG QUANCHAO/XINHUA/ZUMA PRESS
an oil-price war between Rus- prices has undermined their toward the exit.
sia and Saudi Arabia flooded ability to pay back what they Italian luxury brand Mon-
global markets, sending crude owe, pushing many drillers cler SpA, for instance, will de-
prices to near-two-decade and oil-field-service contrac- lay the opening of two new
lows. tors to seek concessions from stores and three relocations,
The Saudis and Russians creditors or consider bank- while Four Seasons Holdings
reached an agreement in prin- ruptcy. Inc. said this month that it
ciple Thursday to resolve their Chesapeake faces a $136 would wind down its manage-
feud over market share, join- million coupon owed to junior ment of a luxury hotel in
ing a global coalition of other bondholders on July 1 and a Shanghai’s Pudong district
countries seeking to ease the $192 million bond maturity Employees get a temperature check at the entrance of the Changan Ford plant in Chongqing. next month.
glut in oil supply. Brent, the payment due Aug. 15.
global crude benchmark, and Even before the recent
its U.S. counterpart rallied on
the tentative deal.
Chesapeake is known as a
plunge in oil prices, Chesa-
peake had warned that slump-
ing energy markets would
State Farm fer of a penalty-free, two-
month deferred-payment pro-
gram, he said. Mr. Tipsord’s
act this week, too.
“It seems like a race among
personal auto insurers to re-
ers are preferred,” especially
given millions of policyholders
are newly laid off, said Robert
pioneer of the U.S. shale in-
dustry, one of the first Ameri-
jeopardize its ability to con-
tinue as a going concern. Cuts Costs team thought many customers
would appreciate the built-up
premium credits as an offset
bate customers and probably
the right thing to do” given
consumer groups’ activism on
Hunter, a former Texas insur-
ance commissioner who heads
the insurance program at ad-
ADVERTISEMENT
For Drivers on their bill when they start
paying again.
State Farm is owned by its
the issue and potential regula-
tory pressure, Evercore ISI an-
alyst David Motemaden said.
vocacy group Consumer Feder-
ation of America.
Mr. Hunter said a refund or
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
Continued from page B1
policyholders and isn’t publicly
traded. Such mutual insurers
He said the insurers’ relief
programs in effect use some of
credit of 15% in his view “is
significantly less than what’s
Michael Tipsord said in an in- sell just under half of car-in- the carriers’ improved profit as fair, due to the enormous sav-
terview that the insurer has surance policies in the U.S. a marketing tool and to poten- ings insurers are experienc-
BUSINESS OPPORTUNITIES experienced an approximately Wall Street analysts say the tially improve retention, noting ing.” He pointed to Columbia,
35% decline in policyholder decision to return money to that the credits apply to future Mo.-based Shelter Insurance
THEMARKETPLACE mileage since March 21. policyholders is an easier one months—and Geico’s credits as a role model. The insurer
ADVERTISE TODAY “One of our top priorities for mutuals to make in the ab- are available upon renewal. said it would make payments

(800) 366-3975 has been to find a way to pro- sence of public shareholders. Consumer-activist groups to its auto policyholders of ap-
vide relief for our customers,” But publicly traded insurers— generally welcomed the auto proximately 30% of their
For more information visit:
he said. Berkshire Hathaway Inc.’s insurers’ initiatives. monthly premiums for April
wsj.com/classifieds State Farm opted for pre- Geico, Progressive Corp., “At this phase of the crisis, and May, to be deposited into

© 2020 Dow Jones & Company, Inc.
mium credits in part because Travelers Cos., Hartford Fi- all plans are welcome,” though their bank accounts or sent as
All Rights Reserved. more policyholders are taking nancial Services Group Inc. the ones that “actually deliver a check, pending regulatory
advantage of the company’s of- and Allstate—have been fast to money back to the policyhold- approvals.
MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23719.37 s 285.80, or 1.22% Trailing P/E ratio 18.47 18.24 2789.82 s 39.84, or 1.45% Trailing P/E ratio * 19.49 21.72 8153.58 s 62.67, or 0.77% Trailing P/E ratio *† 23.15 23.25
High, low, open and close for each P/E estimate * 15.40 16.26 High, low, open and close for each P/E estimate * 16.10 17.32 High, low, open and close for each P/E estimate *† 21.15 21.55
trading day of the past three months. Dividend yield 3.76 2.19 trading day of the past three months. Dividend yield * 2.42 1.94 trading day of the past three months. Dividend yield *† 1.15 1.05
All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20
Current divisor 0.14579812049809

30000 3500 10500
65-day moving average

27500 3250 9750
65-day moving average
25000 3000 9000
Session high
DOWN UP 22500 2750 65-day moving average 8250
t
Session open Close
Close Open
t
20000 2500 7500
Session low
17500 2250 6750
Bars measure the point change from session's open

15000 2000 6000
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,506,569,251 22,149,613
Industrial Average 24008.99 23504.09 23719.37 285.80 1.22 29551.42 18591.93 -9.3 -16.9 4.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,177,791,081 17,631,207
Transportation Avg 8425.45 8106.62 8236.92 84.53 1.04 11304.97 6703.63 -23.6 -24.4 -3.3 Most-active issues in late trading Decl. volume* 317,771,647 4,515,646
Utility Average 837.96 796.85 827.83 38.68 4.90 960.89 610.89 6.5 -5.8 5.8 Volume After Hours Issues traded 3,030 277
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 28358.46 27776.98 28075.87 489.45 1.77 34631.28 22462.76 -5.7 -15.0 4.8 Advances 2,584 209
Finl Select Sector SPDR XLF 36,142.9 23.43 0.05 0.21 23.55 23.32
Barron's 400 589.69 573.95 581.79 14.63 2.58 746.64 455.11 -18.0 -20.5 -2.1 Declines 422 67
Real Estate Sector SPDR XLRE 30,003.4 35.53 ... unch. 35.60 35.45
Unchanged 24 1
Nasdaq Stock Market Matls Select Sector SPDR XLB 18,072.1 51.28 -0.14 -0.27 51.70 51.23 New highs 12 2
Nasdaq Composite 8227.91 8072.32 8153.58 62.67 0.77 9817.18 6860.67 2.6 -9.1 11.5 Utilities Sel Sector SPDR XLU 15,091.3 61.23 0.40 0.66 61.23 60.83 New lows 2 2
Nasdaq 100 8334.23 8167.93 8238.53 8.99 0.11 9718.73 6978.02 8.5 -5.7 15.0 SPDR Portfolio S&P 500 SPLG 14,514.4 32.68 ... unch. 32.72 32.65 Closing Arms† 1.63 0.93
SPDR S&P 500 SPY 13,807.5 279.11 0.91 0.33 279.35 277.73 Block trades* 8,239 194
S&P
PS Ult Bloomberg Crude UCO 13,581.8 2.13 0.11 5.45 2.19 1.93
.
500 Index 2818.57 2762.36 2789.82 39.84 1.45 3386.15 2237.40 -3.4 -13.6 5.8 Nasdaq NYSE Arca
iSh iBoxx $ Invt Gr Cp Bd LQD 10,269.4 131.36 -0.47 -0.36 131.86 127.80
1609.34 1563.31 50.86 2106.12 1218.55 -18.7 -23.1
ly
MidCap 400 1586.37 3.31 -2.4 Total volume*4,151,567,418 608,529,926
SmallCap 600 745.16 722.61 743.23 36.15 5.11 1041.03 595.67 -23.0 -27.2 -3.5 Percentage gainers… Adv. volume*2,922,814,776 360,396,932
BioCryst Pharm BCRX 2,724.4 2.92 0.85 41.06 3.12 2.04 Decl. volume*1,180,064,561 241,606,734
Other Indexes on Independence Contract ICD 557.8 7.27 1.02 16.32 7.50 5.20 Issues traded 3,346 1,539
Russell 2000 1250.13 1212.66 1246.73 55.06 4.62 1705.22 991.16 -21.1 -25.3 -3.0
Advances 2,547 1,302
NYSE Composite 11272.48 11019.82 11136.61 234.02 2.15 14183.20 8777.38 -13.6 -20.0 -0.9 VEREIT VER 373.1 5.84 0.56 10.61 5.84 5.28
Declines 721 226
Value Line 395.52 376.59 389.80 13.21 3.51 562.05 305.71 -28.8 -29.4 -8.9 Apache Corp APA 688.4 8.91 0.71 8.66 8.94 8.10
Unchanged 78 11
NYSE Arca Biotech 4788.79 4686.78 4734.18 9.23 0.20 5313.05 3855.67 -6.9 -6.6 10.8
Plains GP Holdings PAGP 103.1 6.49 0.48 7.99 6.49 6.01
New highs 17 12
us l,
NYSE Arca Pharma 614.51 606.47 611.78 3.60 0.59 670.32 494.36 3.8 -6.4 6.4 ...And losers New lows 17 15
KBW Bank 76.31 72.87 75.26 4.80 6.81 114.12 56.19 -22.9 -33.6 -6.1 iShares Core MSCI EM IEMG 490.7 36.22 -5.85 -13.91 42.53 36.22 Closing Arms† 1.43 3.68
al a
e
PHLX§ Gold/Silver 98.57 92.90 98.22 8.52 9.50 111.51 66.14 29.3 -8.1 4.5 iSh IntermediateCorp Bd IGIB 455.4 52.81 -4.44 -7.76 57.55 52.81 Block trades* 21,934 3,491
PHLX§ Oil Service 30.97 27.05 28.33 0.45 1.62 102.39 21.47 -71.5 -63.8 -44.8 Winnebago WGO 88.7 34.47 -1.30 -3.63 36.72 34.47 * Primary market NYSE, NYSE American NYSE Arca only.
ci on
PHLX§ Semiconductor 1673.65 1587.91 1601.73 -38.16 -2.33 1979.50 1286.84 8.5 -13.4 17.0 ProSh Ult Bloom Crude Oil SCO 527.7 24.48 -0.84 -3.32 26.51 24.48 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 45.73 41.39 41.67 -1.68 -3.88 82.69 11.54 220.0 202.4 47.9 Kellogg Co K 58.0 61.46 -1.28 -2.04 64.53 61.46 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

er rs
Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2580.98 39.04 1.54 –20.6 Independence Contract ICD 6.25 3.85 160.42 64.40 1.08 -89.2 AMC Entertainment Holding AMC 2.60 -0.70 -21.21 17.07 1.95 -83.9
m e
DJ Global Index 357.44 5.82 1.66 –17.6 Tiziana Life Sciences ADR TLSA 3.40 1.23 56.68 7.70 1.54 7.1 Direxion Gold Miner 2x Br DUST 1.84 -0.46 -19.97 24.52 1.83 -90.0
DJ Global ex U.S. 207.55 3.39 1.66 –21.3 Nautilus NLS 3.76 1.36 56.67 5.76 1.20 -32.9 SunCoke Energy SXC 3.06 -0.74 -19.47 9.17 2.78 -64.9
Key Tronic KTCC 4.40 1.38 45.70 6.99 2.51 -19.9 Micro US Big Banks 3X Inv BNKD 22.39 -5.13 -18.64 97.12 21.47 -53.7
m rp
Americas DJ Americas 642.26 10.71 1.70 –15.6

Brazil Sao Paulo Bovespa 77681.94 –942.68 –1.20 –32.8 Astrotech ASTC 3.41 1.04 43.88 7.75 0.98 -4.7 Nemaura Medical NMRD 4.89 -1.09 -18.23 14.80 2.50 -54.0
Canada S&P/TSX Comp 14166.63 240.92 1.73 –17.0 Pluristem Therapeutics PSTI 6.97 2.12 43.71 8.59 2.82 9.3 Direxion Real Est Bear 3x DRV 19.94 -4.12 -17.12 71.04 19.02 -40.9
Mexico S&P/BMV IPC 34567.78 … Closed –20.6 MediciNova MNOV 6.09 1.68 38.10 13.37 2.79 -41.1 BiomX PHGE 4.99 -0.86 -14.70 11.90 4.97 -48.6
Chile Santiago IPSA 2696.02 44.03 1.66 –19.2 Hersha Hospitality Cl A HT 5.36 1.46 37.44 19.58 2.29 -70.4 PS Ult Bloomberg Crude UCO 2.02 -0.34 -14.41 26.20 1.43 -91.7
1.57 Ladder Capital Cl A LADR 8.14 2.00 32.57 18.97 2.65 -52.5 Direxion SC Bear 3x TZA 42.13 -6.99 -14.23 118.70 32.40 -7.4
EMEA Stoxx Europe 600 331.80 5.13 –20.2
co Fo
1.74 MasterCraft Boat Holdings MCFT 8.50 2.05 31.78 26.74 4.90 -64.2 ProShsUlProSht Rssll2000 SRTY 21.46 -3.55 -14.19 60.28 16.55 -8.9
Eurozone Euro Stoxx 315.99 5.41 –21.8
Belgium Bel-20 3092.39 37.07 1.21 –21.8 TPG RE Finance Trust TRTX 6.55 1.57 31.53 21.30 2.45 -66.7 SemiLEDS LEDS 1.85 -0.30 -13.95 4.56 1.03 -47.6
Denmark OMX Copenhagen 20 1088.72 … Closed –4.1 Colony Credit Real Est CLNC 5.06 1.19 30.75 16.36 2.46 -67.8 Akers Biosciences AKER 5.13 -0.82 -13.78 21.72 1.55 -76.2
France CAC 40 4506.85 64.10 1.44 –24.6 Intellicheck IDN 4.15 0.91 28.09 10.54 1.91 11.0 Paysign PAYS 6.37 -1.00 -13.57 18.67 3.63 -17.8
Germany DAX 10564.74 231.85 2.24 –20.3 CONSOL Energy CEIX 5.49 1.19 27.67 34.66 3.35 -83.7 ClearPoint Neuro CLPT 3.38 -0.52 -13.33 6.33 2.01 13.4
Closed –20.6 Mallinckrodt MNK 3.66 0.79 27.53 23.46 1.00 -83.7 VS 3x Inverse Silver ETN DSLV 16.03 -2.41 -13.07 46.75 13.10 -48.5
Israel Tel Aviv 1337.04 …
Italy FTSE MIB 17621.62 240.79 1.39 –25.0
Netherlands AEX 508.04 7.33 1.46 –16.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1155.49 40.89 3.67 –25.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 48011.56 1321.66 2.83 –15.9
Spain IBEX 35 7070.63 118.85 1.71 –26.0 PS Ult Bloomberg Crude UCO 252,357 941.1 2.02 -14.41 26.20 1.43 Asta Funding ASFI 288 4809 11.03 26.35 11.14 4.41
Sweden OMX Stockholm 574.44 1.66 0.29 –15.6 Chesapeake Energy CHK 202,554 105.1 0.17 -0.58 3.43 0.12 iShares ESG MSCI USA ETF ESGU 23,506 2572 62.39 1.83 75.72 49.12
Switzerland Swiss Market 9452.83 20.44 0.22 –11.0 SPDR S&P 500 SPY 189,276 19.6 278.20 1.52 339.08 218.26 iSh ESG USD Corp Bd SUSC 1,055 2485 27.06 4.24 27.76 22.42
n-
2.80 –16.2 Ford Motor F 175,579 95.1 5.37 6.76 10.56 3.96 iSh Edge MSCI USA Size SIZE 6,189 2437 78.19 2.37 101.20 60.20
Turkey BIST 100 95834.44 2609.22
2.90 –22.5
MFA Financial MFA 157,857 602.4 1.98 11.86 8.09 0.32 Invs Bullet 2027 HY Cp Bd BSJR 443 2162 23.53 6.13 25.68 19.65
U.K. FTSE 100 5842.66 164.93
U.K. FTSE 250 16407.92 545.09 3.44 –25.0 Finl Select Sector SPDR XLF 147,831 79.6 23.38 5.36 31.38 17.49 iSh Int Rate Hdgd Corp Bd LQDH 803 1992 89.86 5.23 96.29 69.04
Carnival CCL 144,187 270.5 12.42 3.59 56.04 7.80 Xtrackers Low Beta HY Bd HYDW 174 1909 48.85 5.03 50.99 40.87
no
Asia-Pacific
General Electric GE 127,898 50.6 7.14 -2.19 13.26 5.90 iShares ESG MSCI EM ETF ESGE 24,369 1778 28.51 0.32 37.09 23.58
Australia S&P/ASX 200 5387.30 180.36 3.46 –19.4
Bank of America BAC 125,224 54.7 24.86 6.01 35.72 17.95 Wedbush ETFMG Glb Cloud IVES 116 1684 28.38 1.83 39.79 22.11
China Shanghai Composite 2825.90 10.54 0.37 –7.4
American Airlines Group AAL 115,329 227.0 12.51 10.41 35.24 9.09 iSh IntermediateCorp Bd IGIB 24,144 1597 57.25 2.51 60.43 50.11
Hong Kong Hang Seng 24300.33 329.96 1.38 –13.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 31159.62 1265.66 4.23 –24.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 19345.77 –7.47 –0.04 –18.2
Singapore Straits Times 2571.32 31.88 1.26 –20.2 Track the Markets
South Korea Kospi 1836.21 29.07 1.61 –16.4 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 10119.43 –18.04 –0.18 –15.7 global stock indexes, bond ETFs,
Thailand SET 1210.48 4.71 0.39 –23.4
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Thurs YTDchg Thurs YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004257 23489 1.4
Americas
Argentina peso .0154 65.0967 8.7 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1957 5.1100 27.1 Czech Rep. koruna .04046 24.716 9.0
U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7157 1.3973
.001188 841.40
7.6
13.8
Denmark krone
Euro area euro
.1464 6.8295
1.0931 .9149
2.5
2.6
notes and bonds major U.S. trading partners .000261 3830.44 Hungary forint .003086 324.05
5-year CDs Colombiapeso 16.7 9.7
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .007011 142.64 17.8
benchmark over the past year 4.00% Mexico peso .0425 23.5323 24.3 Norway krone .0977 10.2378 16.6
Bankrate.com avg†: 0.89% 8%
Uruguay peso .02323 43.0400 15.9 Poland zloty .2404 4.1603 9.7
Citizens Access 1.65% Russia ruble .01348 74.205 19.6
One year ago 3.00 Yen Asia-Pacific
2.00% Westwood, MA 888-201-6505 4 s
Sweden krona .1005 9.9480 6.2
t Australian dollar .6338 1.5778 10.7
TAB Bank 1.65% Switzerland franc 1.0352 .9660 –0.2
1.50 2.00 China yuan .1420 7.0432 1.1
t 0 Turkey lira .1498 6.6777 12.3
Ogden, UT 800-355-3063 Hong Kong dollar .1290 7.7527 –0.5
Five-year CD yields Tradeweb ICE Thursday Close Ukraine hryvnia .0366 27.2992 15.3
India rupee .01311 76.300 6.9
1.00 Barclays 1.70% 1.00 –4 s s UK pound 1.2459 .8026 6.4
t Indonesia rupiah .0000632 15820 14.0
Wilmington, DE 888-710-8756 WSJ Dollar index Euro Japan yen .009217 108.49 –0.1 Middle East/Africa
Federal-funds 0.50 0.00
1.71% –8 Kazakhstan tenge .002324 430.27 12.7 Bahrain dinar 2.6494 .3775 0.1
t
target rate First Internet Bank of Indiana

Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 710 30 Macau pataca .1252 7.9845 –0.4 Egypt pound .0633 15.7878 –1.6
0.00 2019 2020 Malaysia ringgit .2308 4.3326 5.9 Israel shekel .2798 3.5734 3.5
Goldman Sachs Bank USA 1.90% month(s) years
M J J A S O N D J FMA New Zealand dollar .6086 1.6431 10.6 Kuwait dinar 3.2007 .3124 3.1
New York, NY 855-730-7283 maturity Pakistan rupee .00597 167.500 8.1 Oman sul rial 2.5970 .3851 0.01
2019 2020
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.490 –0.4 Qatar rial .2745 3.643 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7058 1.4169 5.3 Saudi Arabia riyal .2658 3.7617 0.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008257 1211.08 4.8 South Africa rand .0555 18.0316 28.8
Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Sri Lanka rupee .0052367 190.96 5.3
Yield (%) 52-Week Total Return (%) Taiwan dollar .03325 30.075 0.5 Close Net Chg % Chg YTD%Chg
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03060 32.680 9.8 WSJ Dollar Index 93.56 –0.58–0.62 4.46
Libor, 3-month 1.22 1.37 0.74 l 2.60 0.06
U.S. Treasury, Barclays 2466.620 0.580 0.550 2.530 0.530 13.82 5.81 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.32 0.34 0.32 l 0.78 -0.02
1.290 35.39 13.46
Five-year CD, annual yield 0.89 0.91 0.89 l 2.01 -0.41 U.S. Treasury Long, Barclays 4883.890 1.210 2.940 0.980
Commodities
30-year mortgage, fixed† 3.75 3.88 3.52 l 4.34 -0.32 Aggregate, Barclays 2213.130 1.490 1.580 3.060 1.320 10.06 5.04 Thursday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.28 3.38 2.95 l 3.73 -0.02 Fixed-Rate MBS, Barclays 2218.630 1.200 1.320 3.250 0.930 7.74 4.15
Jumbo mortgages, $510,400-plus† 3.82 4.00 3.54 l 4.71 -0.80 DJ Commodity 492.24 2.31 0.47 647.86 451.81 -22.33 -23.36
High Yield 100, ICE BofA n.a. n.a. 8.804 n.a. n.a. n.a. n.a.
Five-year adj mortgage (ARM)† 3.49 3.29 3.29 l 4.78 0.14 TR/CC CRB Index 127.82 -1.38 -1.07 188.36 118.50 -31.77 -31.20
Muni Master, ICE BofA n.a. n.a. 2.197 n.a. n.a. n.a. n.a. Crude oil, $ per barrel 22.76 -2.33 -9.29 66.30 20.09 -64.20 -62.73
New-car loan, 48-month 4.27 4.40 4.27 l 4.81 1.05
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 788.271 6.415 6.701 7.480 4.523 –4.071 0.713 Natural gas, $/MMBtu 1.733 -0.050 -2.80 2.862 1.552 -34.95 -20.83
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. 1736.20 70.80 4.25 1736.20 1269.30 34.74 14.26
Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Oct 2.218 2.229 2.175 2.217 .017 98,676 Cocoa (ICE-US)-10 metric tons; $ per ton. June .9205 .9263 .9188 .9245 .0037 113,661
Jan'21 2.866 2.917 s 2.853 2.901 .048 69,048 May 2,385 2,392 2,297 2,305 –74 17,315 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open
July 2,379 2,387 2,305 2,311 –61 72,391 April .7143 .7178 .7105 .7159 .0036 1,238
Open High hi lo Low Settle Chg interest
Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. June .7138 .7186 .7111 .7166 .0036 108,236
Copper-High (CMX)-25,000 lbs.; $ per lb. May 120.00 122.00 116.90 118.60 –1.20 42,900 British Pound (CME)-£62,500; $ per £
April 2.2835 2.2835 2.2700 2.2775 –0.0005 1,927 Corn (CBT)-5,000 bu.; cents per bu. July 120.90 122.60 118.15 119.75 –1.15 59,823 April 1.2366 1.2483 1.2363 1.2448 .0056 505
May 2.2715 2.2885 2.2465 2.2595 –0.0005 73,343 May 330.75 333.50 328.00 331.75 1.75 371,812 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 1.2399 1.2491 1.2367 1.2455 .0055 145,925
Gold (CMX)-100 troy oz.; $ per troy oz. July 336.00 338.75 333.00 336.75 1.25 448,553 May 10.42 10.60 10.27 10.43 .06 257,134 Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1662.70 1732.50 s 1662.70 1736.20 70.80 811 Oats (CBT)-5,000 bu.; cents per bu. July 10.48 10.64 10.33 10.49 .10 279,108 June 1.0312 1.0388 1.0299 1.0372 .0051 30,395
June 1680.50 1754.50 s 1676.50 1752.80 68.50 347,851 May 275.50 278.00 272.25 274.25 –1.25 1,626 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 1.0394 1.0416 1.0340 1.0406 .0051 66
Aug 1678.20 1753.50 s 1677.60 1752.10 68.30 59,424 July 268.00 271.50 266.75 267.75 –1.50 1,147 July 26.01 t
26.01 26.00 26.01 –.01 2,429 Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1680.00 1753.20 s 1680.00 1752.90 68.80 12,381 Soybeans (CBT)-5,000 bu.; cents per bu. Sept 26.00 t
26.00 26.00 26.02 –.01 2,938 April .6237 .6363 .6196 .6308 .0072 752
Dec 1679.20 1754.30 s 1678.40 1753.60 69.50 40,681 May 855.50 867.00 853.75 863.50 9.00 217,658 Cotton (ICE-US)-50,000 lbs.; cents per lb. June .6235 .6365 .6196 .6309 .0072 126,281
1683.50 1753.40 s 1683.50 1753.40 69.80 7,837 861.50 873.75 861.25 871.00 9.25 225,433 May 53.63 54.50 53.07 54.37 .53 48,423
Feb'21 July Mexican Peso (CME)-MXN 500,000; $ per MXN
July 53.92 54.48 53.16 54.40 .46 74,733
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Meal (CBT)-100 tons; $ per ton. April .04154 .04282 .04154 .04240 .00074 11
April 1593.60 1593.60 1593.60 2138.50 14.80 4 293.40 295.00 291.00 292.50 –.30 97,064
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May June .04114 .04240 .04102 .04198 .00073 103,915
May 105.20 110.40 103.90 109.75 5.45 4,162
May … 2260.00 s 2260.00 2126.30 14.80 ... July 298.10 299.50 t 295.80 297.80 … 115,043 Euro (CME)-€125,000; $ per €
July 105.90 111.90 105.60 110.95 5.75 5,396
June 2082.80 2116.30 2075.00 2110.00 14.80 6,670 Soybean Oil (CBT)-60,000 lbs.; cents per lb. April 1.0855 1.0951 1.0842 1.0936 .0074 3,859
Sept 2080.00 2105.50 2080.00 2100.00 13.90 617 May 27.27 27.75 27.15 27.41 .23 118,037 June 1.0879 1.0972 1.0862 1.0956 .0072 541,735
Interest Rate Futures
Dec 2140.00 2180.00 2107.40 2084.90 13.40 434 July 27.62 28.10 27.51 27.76 .23 122,482
Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Index Futures
April 738.40 738.40 738.40 744.60 15.00 5 May 1420.50 1454.50 1418.50 1452.00 20.50 5,561 June 220-280 223-070 219-290 222-200 27.0 1,044,769
July 735.80 757.30 731.70 748.60 15.00 48,118 July 1398.00 1432.00 t 1391.50 1429.50 24.50 2,972 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
June 177-300 179-060 177-180 178-270 18.0 1,004,732 June 23298 23889 23020 23618 372 56,191
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu.
Sept 176-240 177-200 176-150 177-110 18.0 134 Sept 23350 23804 22968 23539 355 170
April 15.140 15.865 15.140 15.995 0.848 29 May 549.25 558.75 546.75 556.50 8.25 100,951
May 15.215 16.090 15.175 16.053 0.848 63,708 July 549.25 559.25 546.50 557.50 9.00 122,303
Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index
June 137-245 138-125 137-210 138-080 13.0 3,203,247 June 2733.30 2787.20 2703.60 2779.80 44.90 84,448
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. Sept 138-075 138-075 137-210 138-020 13.0 72 Sept … … … 2772.60 43.70 11
May 26.28 28.36 22.57 22.76 –2.33 445,563 May 478.00 493.25 478.00 492.00 14.00 71,389 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 30.82 33.15 28.63 28.82 –1.35 357,745 July 485.00 500.00 484.50 499.00 13.75 84,710
Mini S&P 500 (CME)-$50 x index
June 124-282 125-085 124-265 125-062 9.2 3,767,062 June 2737.75 2809.50 2700.75 2779.75 44.75 3,415,792
July 33.49 35.18 31.81 32.00 –0.92 215,450 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-035 125-010 124-225 124-317 9.2 26 Sept 2728.75 2802.00 2695.75 2772.50 43.50 25,534
Aug 34.20 35.85 32.60 33.12 –0.53 119,570 April 118.000 120.200 116.575 119.525 –.350 2,231 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Sept 34.46 36.15 33.03 33.58 –0.42 131,038 118.150 120.000 116.525 118.950 –.425 13,025
Mini S&P Midcap 400 (CME)-$100 x index
May June 110-035 110-065 110-031 110-057 2.1 2,645,695
June 1527.00 1609.20 1507.50 1581.70 48.40 77,301
Dec 35.38 36.84 34.02 34.72 –0.22 270,625 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-102 110-105 110-065 110-098 2.2 2,073
Sept 1434.70 1598.80 1522.70 1584.70 44.60 1
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 93.000 94.575 90.550 94.000 1.175 10,000 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
May 1.0300 1.0777 .9690 .9726 –.0381 79,420 June 86.150 86.875 82.875 84.375 –2.300 123,037 April 99.9425 99.9475 s 99.9425 99.9450 .0025 243,850 Mini Nasdaq 100 (CME)-$20 x index
May 99.9150 99.9200 99.9100 99.9150 .0000 260,074 June 8195.25 8326.25 8101.75 8227.50 37.75 178,307
June 1.0631 1.1136 1.0097 1.0132 –.0315 53,752 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 8168.75 8321.00 8101.50 8221.75 36.25 1,581
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 42.000 43.000 42.000 42.800 –.325 15,583
May .7050 .7697 .6680 .6773 –.0007 99,248 June 49.900 50.525 48.550 48.675 –2.775 81,796 June 104-185 104-195 104-030 104-165 8.0 67,146 Mini Russell 2000 (CME)-$50 x index
June .7767 .8272 .7327 .7406 –.0046 68,933 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% June 1183.70 1250.90 1167.70 1243.60 61.40 552,397
April 98.7225 98.7250 98.7200 98.7811 .0586 554,994 Sept 1187.00 1249.10 1167.60 1242.60 61.60 1,222
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 312.60 322.10 295.20 322.10 18.00 1,216
May 1.791 1.825 1.721 1.733 –.050 248,479 July 323.40 338.50 315.10 338.50 18.00 901
June 99.3650 99.4700 99.3450 99.4500 .0800 1,655,613 Mini Russell 1000 (CME)-$50 x index
Sept 99.5550 99.6200 99.5450 99.6050 .0450 1,523,293 June 1530.90 1540.60 1499.30 1524.90 25.60 7,759
June 1.898 1.930 1.843 1.863 –.033 135,928 Milk (CME)-200,000 lbs., cents per lb. Dec 99.5950 99.6450 99.5850 99.6350 .0350 1,050,132
July 2.059 2.090 2.013 2.060 .008 129,974 April 13.76 13.78 t 13.55 13.56 –.22 3,048
U.S. Dollar Index (ICE-US)-$1,000 x index
June 100.20 100.35 99.31 99.50 –.67 28,246
Sept 2.146 2.173 2.108 2.156 .017 100,385 June 13.22 13.23 12.77 12.82 –.44 4,326 Currency Futures Sept 100.33 100.33 99.38 99.48 –.68 592
Japanese Yen (CME)-¥12,500,000; $ per 100¥
April .9186 .9242 .9170 .9227 .0038 967 Source: FactSet
Cash Prices WSJ.com/commodities Thursday, April 9, 2020

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Bonds | WSJ.com/bonds
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months. Tracking Bond Benchmarks
Thursday Thursday Thursday
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u 5.7200
Energy highs and lows for different types of bonds
Palladium,Engelhard industrial 2176.0 Wheat - Hard - KC (USDA) $ per bu-u 5.0200
6.0750 Total Total
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u
return YTD total Yield (%) return YTD total Yield (%)
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Aluminum, LME, $ per metric ton *1421.5 close return (%) Index Latest Low High close return (%) Index Latest Low High
Copper,Comex spot 2.2775 Food
Metals
.
Iron Ore, 62% Fe CFR China-s 83.6 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Beef,carcass equiv. index
ly
Gold, per troy oz Shredded Scrap, US Midwest-s,m 280 choice 1-3,600-900 lbs.-u 185.27 2218.63 3.3 Mortgage-Backed 1.200 0.930 3.250
2213.13 4.0 U.S. Aggregate 1.490 1.320 3.060
Engelhard industrial 1676.00 Steel, HRC USA, FOB Midwest Mill-s 503 select 1-3,600-900 lbs.-u 170.90
0.6661 U.S. Corporate Indexes Bloomberg Barclays 2173.88 3.5 Ginnie Mae (GNMA) 0.840 0.490 3.200
Engelhard fabricated n.a. Fibers and Textiles Broilers, National comp wtd. avg.-u,w
Handy & Harman base 1680.65 Butter,AA Chicago 1.2475 3107.74 -1.0 U.S. Corporate 3.040 2.220 4.580 1307.68 3.2 Fannie mae (FNMA) 1.340 1.110 3.270
1865.52 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Cheddar cheese,bbl,Chicago 100.00
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
*1649.05
*1647.80
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
on
0.5062
*63.45
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Coffee,Brazilian,Comp
105.50
89.75
1.1636
2851.85
4520.59
-1.3
-0.5
Intermediate
Long term
2.720 1.760 4.400
3.600 2.950 4.930
2009.57
n.a. n.a.
3.3 Freddie Mac (FHLMC) 1.310 1.080 3.270
Muni Master n.a. n.a. n.a.
Krugerrand,wholesale-e 1781.31 Hides,hvy native steers piece fob-u n.a.
Coffee,Colombian, NY 1.6681 657.06 2.7 Double-A-rated 2.060 1.670 3.360 n.a. n.a. 7-12 year n.a. n.a. n.a.
Maple Leaf-e 1798.44 Wool,64s,staple,Terr del-u,w n.a.
us l,
Eggs,large white,Chicago-u 2.8250 791.75 -4.2 Triple-B-rated 3.780 2.570 5.350 n.a. n.a. 12-22 year n.a. n.a. n.a.
American Eagle-e 1798.44 Grains and Feeds Flour,hard winter KC 15.15
Mexican peso-e 2073.12 High Yield Bonds ICE BofA n.a. n.a. 22-plus year n.a. n.a. n.a.
Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a.
Austria crown-e 1681.89
al a
Hogs,Iowa-So. Minnesota-u 48.01

e
Austria phil-e 1798.44 Bran,wheat middlings, KC-u 110 n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan†
Corn,No. 2 yellow,Cent IL-bp,u 3.1750 Pork bellies,12-14 lb MidUS-u n.a.
Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0626 n.a. n.a. Triple-C-rated n.a. n.a. n.a. 607.88 4.3 Global Government 0.640 0.390 1.470
Corn gluten feed,Midwest-u,w 119.5
ci on
Engelhard industrial 15.3500 Steers,Tex.-Okla. Choice-u 105.00 849.93 5.8 Canada 0.990 0.590 1.910
Corn gluten meal,Midwest-u,w 492.7 n.a. n.a. High Yield 100 n.a. n.a. n.a.
Engelhard fabricated n.a. Steers,feeder,Okla. City-u,w 136.69
Cottonseed meal-u,w 295 398.47 -0.4
Handy & Harman base 15.3960 n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. EMU§ 0.607 0.109 1.023
Hominy feed,Cent IL-u,w 108
Handy & Harman fabricated 19.2450 Meat-bonemeal,50% pro Mnpls-u,w 228
Fats and Oils n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a. 760.06 0.2 France 0.330 -0.160 0.660
LBMA spot price *£12.2100 Oats,No.2 milling,Mnpls-u 3.0925 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.2500 U.S Agency Bloomberg Barclays 542.92 1.3 Germany -0.250 -0.740 0.200
(U.S.$ equivalent) *15.0650 26.50
Rice, Long Grain Milled, No. 2 AR-u,w Grease,choice white,Chicago-h 0.2300
er rs
Coins,wholesale $1,000 face-a 14396 Sorghum,(Milo) No.2 Gulf-u 7.7100 Lard,Chicago-u 0.3200 1840.64 4.0 U.S Agency 0.900 0.730 2.630 296.47 -0.6 Japan 0.240 -0.070 0.270
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 294.00 Soybean oil,crude;Centl IL-u 0.2724 1606.56 2.9 10-20 years 0.750 0.640 2.520 600.43 0.7 Netherlands -0.060 -0.540 0.310
LBMA Platinum Price PM *741.0 Soybeans,No.1 yllw IL-bp,u 8.5200 Tallow,bleach;Chicago-h 0.2900
Platinum,Engelhard industrial 738.0 Wheat,Spring14%-pro Mnpls-u 6.4000 Tallow,edible,Chicago-u n.a. 4186.67 9.8 20-plus years 1.700 1.170 3.120 1096.39 9.1 U.K. 0.520 0.390 1.540
2686.00 -1.5 Yankee 2.660 1.920 3.500 788.27 -10.6 Emerging Markets ** 6.415 4.523 7.480
m e
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/8
** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
m rp
Source: WSJ Market Data Group
Global Government Bonds: Mapping Yields

Exchange-Traded Portfolios | WSJ.com/ETFresearch Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Closing Chg YTD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
co Fo
Closing Chg YTD Schwab US TIPs SCHP 59.10 0.87 4.4 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Thursday, April 9, 2020
ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 237.14 1.20 –16.8
Closing Chg YTD
SPDR S&PMdCpTr MDY 288.97 3.40 –23.0
0.375 U.S. 2 0.220 t l 0.256 0.397 2.356
ETF Symbol Price (%) (%) iShMSCI EAFE SC SCZ 47.24 2.92 –24.1
SPDR S&P 500 SPY 278.20 1.52 –13.6 1.500 10 0.729 t l 0.770 0.569 2.501
CnsmrDiscSelSector XLY 106.68 1.80 –14.9 iShMSCIEmgMarkets EEM 35.35 –0.37 –21.2
SPDR S&P Div SDY 87.13 2.76 –19.0
CnsStapleSelSector XLP 58.13 0.94 –7.7 iShMSCIJapan EWJ 50.38 1.31 –15.0 2.000 Australia 2 0.225 s l 0.213 0.426 1.494 0.4 -4.3 -86.2
TechSelectSector XLK 85.20 0.02 –7.1
iShNatlMuniBd MUB 113.12 0.70 –0.7
FinSelSectorSPDR XLF 23.38 5.36 –24.0
UtilitiesSelSector XLU 60.83 4.72 –5.9 2.500 10 0.910 t l 0.921 0.617 1.909 18.1 15.1 -59.2
FT ValDivFd FVD 30.17 3.07 –16.3 iShPfd&Incm PFF 33.97 3.82 –9.6
VanEckGoldMiner GDX 28.95 10.50 –1.1
HealthCareSelSect XLV 94.83 0.55 –6.9 iShRussell1000Gwth IWF 160.98 0.86 –8.5 0.000 France 2 -0.525 t l -0.452 -0.770 -0.501 -74.5 -70.8 -285.7
VangdInfoTech VGT 224.88 0.24 –8.2
InvscQQQI QQQ 200.86 0.14 –5.5 iShRussell1000 IWB 152.96 1.54 –14.3
VangdSC Val VBR 97.79 4.53 –28.7 0.000 10 0.105 t l 0.166 -0.387 0.348 -62.4 -60.4 -215.3
InvscS&P500EW RSP 92.22 2.31 –20.3 iShRussell1000Val IWD 108.89 2.60 –20.2
VangdSC Grwth VBK 162.14 2.78 –18.4
InvscS&P500LowVol SPLV 51.61 3.61 –11.5 iShRussell2000 IWM 123.72 4.79 –25.3 0.000 Germany 2 -0.650 t l -0.614 -1.002 -0.574 -87.0 -87.0 -293.0
VangdDivApp VIG 111.33 1.31 –10.7
iSh3-7YTreasuryBd IEI 132.97 0.21 5.7 iShRussell3000 IWV 160.36 1.81 –14.9
iShRussellMid-Cap IWR 47.53 2.79 –20.3
VangdFTSEDevMk VEA 34.78 2.14 –21.1 0.000 10 -0.347 t l -0.305 -0.858 -0.008 -107.6 -107.5 -250.9
iShCoreDivGrowth DGRO 35.53 1.98 –15.5
VangdFTSE EM VWO 34.82 –0.17 –21.7
iShCoreMSCIEAFE IEFA 51.83 2.19 –20.6 iShRussellMCValue IWS 71.50 3.74 –24.6
VangdFTSE Europe VGK 45.36 2.51 –22.6
1.200 Italy 2 0.657 s l 0.656 0.413 0.444 43.7 40.0 -191.2
iShCoreMSCIEM IEMG 42.07 –0.26 –21.7 iShS&P500Growth IVW 176.71 0.92 –8.7
iShCoreMSCITotInt IXUS 49.00 1.70 –20.8 iShS&P500Value IVE 105.23 2.22 –19.1 VangdFTSEAWxUS VEU 42.69 1.59 –20.6 1.350 10 1.597 t l 1.651 1.404 2.432 86.7 88.1 -6.9
iShShortCpBd 53.81 1.72 0.3 VangdGrowth VUG 167.74 1.02 –7.9
iShCoreS&P500 IVV 279.12 1.50 –13.6 IGSB
VangdHlthCr VHT 177.74 0.91 –7.3
0.100 Japan 2 -0.142 t l -0.129 -0.299 -0.159 -36.2 -38.5 -251.5
iShCoreS&P MC IJH 158.05 3.17 –23.2 iShShortTreaBd SHV 110.90 0.02 0.4
n-
iShCoreS&P SC IJR 61.02 5.19 –27.2 iShTIPSBondETF TIP 121.53 0.99 4.3 VangdHiDiv VYM 77.09 1.98 –17.7 0.100 10 0.017 t l 0.017 -0.143 -0.045 -71.3 -75.3 -254.6
iShS&PTotlUSStkMkt ITOT 61.76 1.75 –15.0 iSh1-3YTreasuryBd SHY 86.62 0.03 2.4 VangdIntermBd BIV 90.60 1.24 3.9
VangdIntrCorpBd VCIT 90.74 2.69 –0.6 0.400 Spain 2 -0.044 s l -0.055 -0.400 -0.270 -26.4 -31.1 -262.5
iShCoreUSAggBd AGG 117.25 1.24 4.3 iSh7-10YTreasuryBd IEF 120.96 0.22 9.7
iShSelectDividend DVY 81.16 3.49 –23.2 iSh20+YTreasuryBd TLT 165.39 0.18 22.1 VangdLC VV 127.99 1.60 –13.4 0.500 10 0.777 t l 0.830 0.267 1.081 4.8 6.0 -141.9
iShEdgeMSCIMinEAFE EFAV 63.62 1.31 –14.6 iShRussellMCGrowth IWP 131.54 1.53 –13.8 VangdMC VO 145.12 2.59 –18.6
0.500 U.K. 2 0.037 t l 0.109 0.086 0.728 -18.3 -14.7 -162.7
no
iShEdgeMSCIMinUSA USMV 59.16 2.71 –9.8 iShUSTreasuryBdETF GOVT 27.94 ... 7.7 VangdMBS VMBS 54.34 –0.29 2.2
iShEdgeMSCIUSAMom MTUM 111.40 0.80 –11.3 JPM UltShtIncm JPST 49.94 0.16 –1.0 VangdRealEst VNQ 78.91 5.61 –15.0 4.750 10 0.305 t l 0.382 0.159 1.106 -42.4 -38.8 -139.5
iShEdgeMSCIUSAQual QUAL 87.44 1.03 –13.4 PIMCOEnhShMaturity MINT 99.80 0.19 –1.8 VangdS&P500ETF VOO 255.67 1.48 –13.6
iShFloatingRateBd FLOT 49.54 0.45 –2.7 SPDR BlmBarcHYBd JNK 101.64 6.71 –7.2 VangdST Bond BSV 82.57 0.52 2.4 Source: Tullett Prebon
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
16.09
131.83
2.55
4.70
11.0
3.0
SPDRBloomBar1-3MTB
SPDR Gold
BIL
GLD
91.53
158.69
–0.02
2.61
0.1
11.0
VangdSTCpBd
VangdSC
VCSH
VB
81.08
125.77
1.48
3.74
0.1
–24.1
Corporate Debt
iShiBoxx$HYCpBd HYG 82.36 6.55 –6.3 SchwabIntEquity SCHF 26.86 2.05 –20.1 VangdTotalBd BND 87.48 1.10 4.3 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShIntermCorpBd IGIB 57.25 2.51 –1.3 SchwabUS AggrBd SCHZ 55.57 1.28 4.0 VangdTotIntlBd BNDX 56.57 0.39 –0.0 that same company’s share price.
iShJPMUSDEmgBd EMB 101.35 2.88 –11.5 SchwabUS BrdMkt SCHB 65.40 1.95 –14.9 VangdTotIntlStk VXUS 43.90 1.60 –21.2
iShMBSETF MBB 110.46 0.08 2.2 SchwabUS Div SCHD 48.72 0.97 –15.9 VangdTotalStk VTI 139.36 1.87 –14.8 Investment-grade spreads that tightened the most…
iShMSCI ACWI ACWI 66.25 1.45 –16.4 SchwabUS LC SCHX 66.18 1.74 –13.8 VangdTotlWrld VT 66.88 1.86 –17.4 Spread*, in basis points Stock Performance
iShMSCI EAFE EFA 55.57 2.26 –20.0 SchwabUS LC Grw SCHG 85.00 1.01 –8.5 VangdValue VTV 97.37 2.17 –18.8 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Marathon Oil MRO 2.800 Nov. 1, ’22 603 –495 n.a. 4.12 4.30
4.500 June 15, ’23 1203 –403 1653 6.61 16.17
Borrowing Benchmarks | WSJ.com/bonds Service Properties Trust SVC
Choice Hotels International CHH 5.750 July 1, ’22 639 –292 949 72.40 0.21
Aircastle AYR 4.125 May 1, ’24 599 –249 690 ... ...
Money Rates April 9, 2020 Enable Midstream Partners ENBL 4.400 March 15, ’27 952 –209 1708 2.71 8.40
General Motors GM 6.250 Oct. 2, ’43 537 –199 689 24.06 4.02
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Air Lease AL 2.250 Jan. 15, ’23 613 –178 877 26.04 5.77
guide to general levels but don’t always represent actual transactions.
…And spreads that widened the most
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
American Honda Finance HNDA 3.450 July 14, ’23 351 75 255 ... ...
Feb. index Chg From (%) Laboratory of America Holdings LH 2.950 Dec. 1, ’29 198 44 n.a. 146.80 4.00
level Jan. '20 Feb. '19 Federal funds Commercial paper (AA financial) Nordstrom JWN 4.000 March 15, ’27 843 38 n.a. 21.32 12.21
Effective rate 0.0800 0.0900 2.4800 0.0800 90 days n.a. n.a. 2.58 0.58 ORIX ORIX 3.700 July 18, ’27 315 19 326 ... ...
U.S. consumer price index
High 0.1500 0.2000 3.0000 0.1500 Darden Restaurants DRI 3.850 May 1, ’27 504 18 465 64.34 1.21
All items 258.678 0.27 2.3 Libor
Low 0.0500 0.0300 2.4400 0.0200 Boeing BA 5.875 Feb. 15, ’40 491 17 n.a. 151.84 3.38
Core 267.268 0.48 2.4 One month 0.81400 0.98163 2.48738 0.61163
Bid 0.0400 0.0300 2.4400 0.0100 Comcast CMCSA 3.750 April 1, ’40 159 10 181 38.00 0.85
Three month 1.21888 1.37300 2.60100 0.74050
International rates Offer 0.0700 0.1200 2.5000 0.0500 Six month 1.22588 1.20488 2.63850 0.73538 MidAmerican Energy BRKHEC 3.150 April 15, ’50 163 9 179 ... ...
One year 1.05088 1.06013 2.76188 0.74350
Week 52-Week Treasury bill auction High-yield issues with the biggest price increases…
Latest ago High Low 4 weeks 0.190 0.090 2.400 0.000 Euro Libor Bond Price as % of face value Stock Performance
13 weeks 0.125 0.085 2.400 0.000 One month -0.379 -0.389 -0.379 -0.621 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Prime rates
26 weeks 0.160 0.100 2.400 0.080 Three month -0.212 -0.241 -0.212 -0.539
U.S. 3.25 3.25 5.50 3.25 Ladder Capital Finance … 5.875 Aug. 1, ’21 85.125 17.63 70.000 … …
Six month -0.139 -0.178 -0.139 -0.491
Canada 2.45 2.45 3.95 2.45 One year -0.126 -0.164 -0.126 -0.441 Continental Resources CLR 4.375 Jan. 15, ’28 82.030 17.53 47.500 12.19 –1.46
Japan 1.475 1.475 1.475 1.475 Secondary market Occidental Petroleum OXY 4.500 July 15, ’44 64.750 13.25 43.125 15.36 –1.29
Value 52-Week Scientific Games International … 7.000 May 15, ’28 66.000 12.50 61.000 … …
Policy Rates Fannie Mae Latest Traded High Low
Euro zone 0.00 0.00 0.00 0.00 30-year mortgage yields DCP Midstream Operating … 5.375 July 15, ’25 83.000 11.75 66.500 … …
DTCC GCF Repo Index Ford Motor Credit … 4.687 June 9, ’25 97.500 11.53 88.250 … …
Switzerland 0.50 0.50 0.50 0.50 30 days 2.372 2.507 3.857 2.281
Britain 0.10 0.10 0.75 0.10 Treasury 0.106 23.960 6.007 0.002 Parsley Energy PARSLY 5.375 Jan. 15, ’25 94.938 11.19 77.498 ... ...
60 days 2.442 2.551 3.884 2.341 MBS 0.126 71.020 6.699 0.011
Australia 0.25 0.25 1.50 0.25 American Airlines AAL 5.000 June 1, ’22 77.000 11.00 74.000 12.51 10.41
Other short-term rates Weekly survey
Overnight repurchase …And with the biggest price decreases
U.S. 0.08 0.05 3.40 -0.07 Latest Week ago Year ago
Week 52-Week Jaguar Land Rover Automotive TTMTIN 5.625 Feb. 1, ’23 80.500 –3.40 n.a. ... ...
U.S. government rates Latest ago high low Freddie Mac Mallinckrodt International Finance … 4.875 April 15, ’20 98.000 –2.50 71.500 … …
30-year fixed 3.33 3.33 4.12 Lamb Weston Holdings LW 4.875 Nov. 1, ’26 98.500 –1.98 98.750 58.40 1.13
Discount Call money 2.77 2.82 3.60
15-year fixed Cimpress CMPR 7.000 June 15, ’26 81.500 –1.75 87.275 64.32 5.17
0.25 0.25 3.00 0.25 2.00 2.00 4.25 2.00 Five-year ARM 3.40 3.40 3.80
Goodyear Tire & Rubber GT 5.125 Nov. 15, ’23 91.000 –1.00 89.250 7.69 10.81
Notes on data: Denbury Resources DNR 9.250 March 31, ’22 16.520 –0.98 19.000 0.22 2.80
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Dresdner Funding Trust I CMZB 8.151 June 30, ’31 120.000 –0.95 118.000 ... ...
aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository Trust Banco Santander SANTAN 7.500 Feb. 8, ’49 93.750 –0.75 88.200 ... ...
& Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett
Prebon rates as of 5:30 p.m. ET. *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.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. ExtraSpaceSt EXR 102.91 4.72 IntlPaper IP 34.17 1.05 MotorolaSol MSI 152.89 5.12 QuestDiag DGX 89.77 1.93 Square SQ 59.21 2.17 UnionPacific UNP 148.73 -0.89
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low.
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four ExxonMobil XOM 43.13 -0.72 Interpublic IPG 16.28 0.38 Mylan MYL 16.08 0.94 StanleyBlackDck SWK 119.37 4.99 UnitedAirlines UAL 31.50 3.99
that include primary market trades as well as quarters. F5Networks FFIV 125.39 4.49 Intuit INTU
252.10 6.70 NICE NICE 157.32 -0.90 R S Starbucks SBUX 73.88 2.31 UnitedMicro UMC 2.30 0.01
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. FMC 90.00 7.13
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
FMC IntuitiveSurgical ISRG
503.79 -6.71 NRG Energy NRG 30.76 1.31 RELX RELX 22.67 1.13 StarsGroup TSG 21.65 1.15 UPS B UPS 98.69 -0.10
Nasdaq ISE. standards FTI Consulting FCN 138.17 4.25 InvitatHomes INVH 24.31 1.26 NVR NVR 2928.01 -6.64 RPM RPM 65.81 1.04 StateStreet STT 60.95 2.39 UnitedRentals URI 107.71 -3.93
The list comprises the 1,000 largest companies lf-Late filing Facebook FB 175.19 0.91 IonisPharma IONS 53.00 0.50 NXP Semi NXPI 89.97 -1.61 RalphLauren RL 80.41 4.25 SteelDynamics STLD 23.96 0.46 US Bancorp USB 38.05 2.40
based on market capitalization. q-Temporary exemption from Nasdaq FactSet FDS 279.16 8.19 iQIYI IQ 17.37 0.86 Nasdaq NDAQ 107.92 3.79 RaymondJames RJF 69.44 2.84 Stericycle SRCL 50.72 2.79 UnitedTherap UTHR 95.87 -0.72
Underlined quotations are those stocks with requirements. FairIsaac
large changes in volume compared with the t-NYSE bankruptcy
FICO 301.11 0.42 IronMountain IRM 27.11 1.16 NationalGrid NGG 56.50 2.08 RaytheonTech RTX 64.71 2.09 Steris STE 152.69 3.44 UnitedHealth UNH 264.13 -3.70
issue’s average trading volume. v-Trading halted on primary market. Fastenal FAST 33.62 1.13 IsraelChemicals ICL 3.33 0.01 NatlInstruments NATI 35.66 -0.04 RealPage RP 56.15 1.78 STMicroelec STM 22.98 -0.12 UnivDisplay OLED 138.36 -1.16
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FederalRealty FRT 86.00 5.73 ItauUnibanco ITUB 4.64 -0.04 NatlOilwell NOV 11.60 -0.08 RealtyIncome O 56.68 3.55 StoneCo STNE 25.14 -0.34 UniversalHealthB UHS 104.51 -2.48
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, FedEx FDX 122.29 -3.25 NatlRetailProp NNN 35.38 3.08 ReataPharm RETA 141.19 3.77 Stryker SYK 182.72 6.29 VEREIT VER 5.28 0.48
previous closing price was $2 or higher. or securities assumed by such companies. J K L
Ferrari RACE 157.04 3.03 Natura&Co NTCO 11.58 -0.06 RegencyCtrs REG 44.12 3.23 SumitomoMits SMFG 5.06 0.09 VF VFC 59.21 1.22
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FiatChrysler FCAU 8.21 0.35
JBG SMITH Prop JBGS 33.02 1.77 NetApp NTAP 42.73 1.75 RegenPharm REGN 512.96 0.63 SunComms SUI 133.23 9.00 VICI Prop VICI 17.16 1.24
changes in the closing prices from 4 p.m. the previous day. FidNatlFin FNF 28.86 1.55 JD.com JD 42.16 0.99
Netease NTES 327.35 2.03 RegionsFin RF 11.01 0.90 SunLifeFinancial SLF 34.84 1.61 VailResorts MTN 164.69 6.97
FidNatlInfo FIS 125.12 0.35 JPMorganChase JPM Netflix NFLX 370.72 -0.40 16.29 -0.37 Vale VALE 8.50 0.06
102.76 8.46 ReinsGrp RGA 112.00 7.91 SuncorEnergy SU
Thursday, April 9, 2020 Net Net FifthThirdBncp FITB 17.82 1.13 JackHenry Neurocrine NBIX 96.68 0.65 SUZ 6.83 -0.58 ValeroEnergy VLO 50.10 -1.50
JKHY 170.16 0.78 RelianceSteel RS 89.84 2.13 Suzano
Net Stock Sym Close Chg Stock Sym Close Chg 58.com WUBA 51.76 0.02 JacobsEngg J NewOrientalEduc EDU 115.74 3.20 VarianMed VAR 113.15 -2.08
81.31 0.37 RenaissanceRe RNR 164.74 5.75 SynchronyFin SYF 17.62 0.80
Stock Sym Close Chg 51job JOBS 65.98 -0.15 NY CmntyBcp NYCB 10.57 0.94 Repligen VeevaSystems VEEV 162.11 1.62
BankofMontreal BMO 53.77 0.47 Coca-Cola Euro CCEP 43.64 -0.13 JamesHardie JHX 12.90 0.72 RGEN 98.95 2.45 SyneosHealth SYNH 49.61 3.05
FirstAmerFin FAF 47.17 1.94 NYTimes A NYT 30.73 -1.21 RepublicSvcs RSG 81.82 3.58 Synopsys SNPS 136.58 -2.27 Ventas VTR 33.80 3.65
A B C BankNY Mellon BK 37.14 1.49 Cognex CGNX 46.19 0.56 JazzPharma JAZZ 109.69 1.22
SYY 49.59 2.34 VeriSign VRSN 196.07 2.87
BkNovaScotia BNS 41.06 0.86 CognizantTech CTSH 54.28 2.89
FirstIndRlty FR 36.75 2.47 J&J JNJ 141.23 -2.03 NewellBrands NWL 14.15 0.68 ResMed RMD 159.82 4.66 Sysco
NewMarket NEU 403.88 8.88 RestaurantBrands QSR 43.90 1.98 VeriskAnalytics VRSK 148.26 -0.44
ABB ABB 18.10 0.27 Barclays BCS 4.88 0.31 ColgatePalm CL 69.91 -0.31 FirstRepBank FRC 99.50 6.10 JohnsonControls JCI 30.60 1.29
ACADIA Pharm ACAD 43.80 1.00 BarrickGold GOLD 22.51 2.10 ColumbiaSportswr COLM 75.21 2.86 FirstEnergy FE 44.75 1.52 JonesLang s
JLL 115.37 4.12 Newmont NEM 57.31 6.78 RexfordIndlRealty REXR 44.48 4.26 T U V Verizon VZ 57.44 0.25
AECOM ACM 33.08 1.76 BauschHealth BHC 18.01 2.33 Comcast A CMCSA 38.00 0.32 Fiserv FISV 99.22 0.85 JuniperNetworks JNPR 21.67 -0.58 NewsCorp A NWSA 9.49 0.54 ReynoldsCnsmr REYN 29.90 -0.08 TAL Education TAL 50.82 -1.24 VertxPharm VRTX 246.61 -3.05
FIVE 82.98 5.88 KB Fin ViacomCBS A VIACA 19.56 0.40
AES AES 14.72 0.59 BaxterIntl BAX 86.89 2.41 Comerica CMA 34.75 1.73 FiveBelow KB 26.60 0.19 NewsCorp B NWS 9.69 0.55 RingCentral RNG 205.14 -12.38 TC Energy TRP 47.40 1.37
s Five9 FIVN 78.35 -1.45 KKR ViacomCBS B VIAC 16.56 0.76
Aflac AFL 38.08 0.31 BectonDicknsn BDX 247.45 -2.55 CommerceBcshrs CBSH 59.37 3.65 KKR 25.30 0.61 NextEraEnergy NEE 245.28 11.78 RioTinto RIO 47.66 1.66 TD Ameritrade AMTD 37.96 0.34
AGNC 12.21 0.94 BeiGene FleetCorTech FLT 224.99 4.68 KLA Vipshop VIPS 15.49 -0.01
AGNC Invt BGNE 150.40 10.00 SABESP SBS 8.24 0.50 KLAC 150.12 -2.25 NielsenHoldings NLSN 14.14 -0.76 RobertHalf RHI 43.28 1.88 TE Connectivity TEL 71.17 2.11
Flex FLEX 8.81 -0.05 KT Visa V 173.69 -1.25
Ansys ANSS 237.92 -6.45 Berkley WRB 58.32 3.10 ConagraBrands CAG 32.46 1.15 KT 8.77 -0.05 Nike NKE 86.79 1.49 Rockwell ROK 167.64 -0.16 Telus TU 15.95 -0.04
ASETech ASX 3.97 -0.14 BerkHathwy B BRK.B 193.84 2.83 FlirSystems FLIR 34.50 -0.35 KSCitySouthern KSU 136.60 -3.15 NiSource NI 26.58 1.11 RogersComm B RCI VistraEnergy VST 17.79 0.33
ConchoRscs CXO 52.74 0.61 43.00 -0.37 TIM Part TSU 13.04 -0.14
ASML FlowersFoods FLO 22.17 0.22 Kellogg VMware VMW 131.43 0.97
ASML 276.81 -1.77 BerkHathwy A BRK.A 2905003501.00 ConocoPhillips COP 34.73 -0.95 K 62.74 1.28 Nokia NOK 3.27 0.03 Roku ROKU 92.45 4.64 TJX TJX 48.81 -0.30
AT&T FomentoEconMex FMX 60.07 0.57 Vodafone VOD 14.22 0.37
T 30.73 0.84 BerryGlobal BERY 37.50 1.53 ConEd ED 87.94 4.11 Kemper KMPR 72.99 4.95 NomuraHoldings NMR 4.08 -0.10 Rollins ROL 36.02 0.11 T-MobileUS TMUS 85.90 -0.95
AbbottLabs ABT 86.04 1.09 BestBuy FordMotor F 5.37 0.34 KeurigDrPepper KDP 26.86 0.25 Nordson NDSN 152.60 5.26 RoperTech VornadoRealty VNO 43.48 3.00
BBY 65.99 1.54 ConstBrands B STZ.B 167.36 4.19 ROP 315.45 -2.63 TRowePrice TROW 105.16 -0.35
AbbVie Fortinet FTNT 101.93 -7.25 KeyCorp VoyaFinancial VOYA 45.65 2.05
ABBV 79.75 1.19 BeyondMeat BYND 72.30 2.83
ConstBrands A STZ 166.24 8.47 KEY 12.01 0.68 NorfolkSouthern NSC 159.30 0.33 RossStores ROST 88.74 -0.31 TaiwanSemi TSM 48.33 -1.94
Abiomed ABMD 160.08 3.81 s Bilibili Fortis FTS 39.63 0.25 KeysightTechs KEYS 92.10 1.10 NorthernTrust NTRS 84.89 1.51 RoyalBkCanada RY VulcanMatls VMC 113.10 0.13
BILI 26.83 0.63 ContinentalRscs CLR 12.19 -0.18 63.11 0.71 TakeTwoSoftware TTWO 119.40 0.30
AcceleronPharma XLRN 88.87 2.86 Bio-Techne Fortive FTV 61.04 0.40 KilroyRealty KRC 66.05 2.85 NorthropGrum NOC 336.65 6.98 RoyalBkScotland RBS 3.08
Accenture ACN 177.92
TECH 192.69 -6.31
6.19 Bio-RadLab A BIO 393.14 -9.92
Cooper COO 296.57 -0.86
FortBrandsHome FBHS 50.83 3.54 KimberlyClark KMB 131.49 -1.15 NortonLifeLock NLOK 19.37 -0.21 RoyalCaribbean RCL 40.22 2.66 Target
0.20 TakedaPharm TAK 16.05 -0.01 W X Y Z
Copart CPRT 74.99 3.01 TGT 104.20 -0.43
ActivisionBliz ATVI 60.46 -0.61 Bio-RadLab B BIO.B 400.47 4.47
Coresite COR 120.78 4.50
FoxA FOXA 25.99 -0.31 KinderMorgan KMI 15.36 0.53 Novartis NVS 84.85 -0.77 RoyalDutchA RDS.A 37.91 -0.16 TechData TECD 137.70 1.32 WABCO WBC 134.71 0.41
Adobe ADBE 318.70 1.52 Biogen BIIB 321.05 4.10 Corning GLW 21.18 0.61
FoxB FOX 25.64 -0.18
KinrossGold KGC 5.62 0.53
NovoNordisk NVO 60.00 0.36 RoyalDutchB RDS.B 36.55 -0.21 TeckRscsB TECK 7.91 -0.27 WEC Energy WEC 98.22 6.02
AdvanceAuto AAP 106.86 4.34 BioMarinPharm BMRN 79.55 -0.05 Franco-Nevada FNV 113.69 8.44 Novocure NVCR 70.00 0.50 RoyalGold RGLD 105.04 10.15 TeladocHealth TDOC 146.66 7.56 WEX WEX 122.98 6.35
Corteva CTVA 27.93 1.88 KirklandLakeGold KL 35.86 2.25
AdvMicroDevices AMD 48.38 -0.41 BioNTech BNTX 45.41 0.46 FranklinRscs BEN 16.81 -0.38 NuanceComms NUAN 16.99 0.39 Ryanair RYAAY 58.48 0.18 TeledyneTech TDY 327.92 -1.89 W.P.Carey WPC 70.00 7.65
CoStar CSGP 631.28 16.67 Knight-Swift KNX 35.03 1.19
Aegon AEG 2.77 0.14 BlackHills BKH 70.66 2.63 FreeportMcM FCX 8.19 0.16 Nucor NUE 39.43 0.38 SAP SAP 121.41 6.39 Teleflex TFX 325.56 3.98 WPP WPP 36.13 1.48
Costco COST 300.01 -5.96 KoninklijkePhil PHG 41.57 1.59
AgilentTechs A 78.33 1.64 BlackKnight BKI 63.48 0.22 FreseniusMed FMS 34.72 0.46 Nutrien NTR 36.76 0.95 S&P Global SPGI 283.55 22.04 Ericsson ERIC 8.12 0.05 Wabtec WAB 55.26 2.73
Coty COTY 6.02 0.14 KoreaElcPwr KEP 7.88 -0.02
AgnicoEagle AEM 48.99 3.10 BlackRock BLK 471.42 20.45 NVIDIA NVDA 262.95 -4.00 s SBA Comm SBAC 305.81 3.75 TelefonicaBras VIV 10.03 -0.18 WalgreensBoots WBA 43.98 0.89
CoupaSoftware COUP 135.55 KraftHeinz KHC 28.11 0.79
AirProducts APD 219.32 3.56 Blackstone BX 49.17 2.20
-0.83
G H I SEI Investments SEIC 50.93 -0.07 Telefonica TEF 4.70 -0.13 Walmart WMT 121.80 -0.04
CousinsProperties CUZ 32.91 1.14 Kroger KR 31.06 0.04
O P Q
AkamaiTech AKAM 95.39 -1.98 Boeing BA 151.84 4.97 GCI LibertyA GLIBA 59.11 0.41 Line SK Telecom SKM 17.72 -0.13 TelekmIndonesia TLK 19.90 0.44 WasteConnections WCN 87.46 2.99
Credicorp BAP 135.62 7.92 LN 48.68 0.31
Albemarle ALB 67.02 5.20 BookingHldgs BKNG 1420.64 48.58 GDS Holdings GDS 50.88 0.26 LKQ LKQ 22.53 0.53 OGE Energy OGE 32.52 1.23 SS&C Tech SSNC 49.51 2.02 10xGenomics TXG 65.92 1.60 WasteMgt WM 99.85 4.23
CreditAcceptance CACC 317.17 45.15
Alcon ALC 53.33 1.00 BoozAllen BAH 74.25 2.38 GSXTechedu GSX 33.16 2.69 LPL Financial LPLA 57.58 3.13 ONE Gas OGS 91.06 4.64 SVB Fin SIVB 185.69 17.11 Tenaris TS 13.00 -0.27 Waters WAT 195.93 -0.15
CreditSuisse CS 8.87 0.40
AlexandriaRlEst ARE 157.80 10.36 BorgWarner BWA 25.74 0.21
Cree CREE 38.48 -0.68 Galapagos GLPG 206.52 3.82 L3HarrisTech LHX 190.79 5.59 ONEOK OKE 28.40 1.95 Salesforce.com CRM 154.55 3.43 TencentMusic TME 10.97 -0.02 Watsco WSO 161.48 4.12
AlexionPharm ALXN 96.23 -2.33 BostonBeer SAM 396.64 -0.48
CrowdStrike CRWD 58.15 -2.17 Gallagher AJG 86.84 1.80 LabCpAm LH 146.80 5.64 OReillyAuto ORLY 342.44 2.41 Sanofi SNY 45.46 0.28 Teradyne TER 61.15 -1.63 Wayfair W 76.85 -0.92
Alibaba BABA 196.37 0.39 BostonProps BXP 106.00 6.09
CrownCastle CCI 164.14 6.78 Gaming&Leisure GLPI 28.44 2.01 LamResearch LRCX 258.28 -8.47 OccidentalPetrol OXY 15.36 -0.20 SantanderCons SC 16.52 1.56 Tesla TSLA 573.00 24.16 Weibo WB 35.62 0.08
AlignTech ALGN 193.19 8.78 BostonSci BSX 36.83 1.70 CrownHoldings CCK 62.20 2.38 Garmin GRMN 78.65 1.29 LamarAdv LAMR 50.65 2.50 Okta OKTA 130.96 2.87 SareptaTherap SRPT 108.75 4.88 TetraTech TTEK 79.18 1.93 WellsFargo WFC 33.20 2.92
Alleghany Y 584.82 24.48 BrightHorizons BFAM 117.04 5.66 Welltower WELL 56.60 5.01
CubeSmart CUBE 27.70 1.03 Gartner IT 106.89 1.92 LambWeston LW 58.40 0.65 OldDomFreight ODFL 135.15 -3.15 Schlumberger SLB 16.47 -0.81 TevaPharm TEVA 10.16 0.32
Allegion ALLE 95.36 0.71 Bristol-Myers BMY 58.91 0.66 GNRC 101.34 4.99 LasVegasSands LVS SCHW 36.54 0.05 TexasInstruments TXN 107.69 -2.48 WestPharmSvcs WST 162.93 -1.86
Cummins CMI 150.70 1.14 Generac 47.86 1.31 OldRepublic ORI 17.06 0.73 SchwabC
Allergan AGN 182.20 1.12 BritishAmTob BTI 37.60 1.01 TXT 29.44 1.55 WesternDigital WDC 45.05 -0.29
s CypressSemi CY 23.82 ... GeneralDynamics GD 141.01 3.62 Lear LEA 91.15 2.06 OmegaHealthcare OHI 34.59 2.47 ScienceApplicat SAIC 78.30 3.60 Textron
AlliantEnergy LNT 53.14 1.91 Broadcom AVGO 254.30 -6.80 GeneralElec GE OMC 56.80 2.13 ScottsMiracleGro SMG 111.31 6.76 ThermoFisherSci TMO 317.38 10.23 WesternUnion WU 20.19 -0.07
CyrusOne CONE 67.34 3.52 7.14 -0.16 LeggMason LM 49.10 -0.15 Omnicom
Allstate ALL 100.34 3.09 BroadridgeFinl BR 105.91 3.81 GeneralMills GIS 45.07 -0.38 ThomsonReuters TRI 71.03 1.08 WestlakeChem WLK 45.61 3.74
57.40 1.67 Leidos LDOS 95.46 0.02 ON Semi ON 13.73 ... Sea SE
AllyFinancial ALLY 16.83 1.61 BrookfieldMgt BAM 35.07 0.98 D E F GeneralMotors GM 24.06 0.93 Lennar A LEN 44.80 1.44 OpenText OTEX 36.83 0.40 Seagate STX 51.25 0.22 3M MMM 147.78 -1.21 WestpacBanking WBK 10.31 0.72
AlnylamPharm ALNY 116.38 4.99 BrookfieldInfr BIP 40.85 1.28 TIF 127.95 -1.42 WestRock WRK 32.16 1.47
.
DISH Network DISH 23.07
Genmab GMAB 22.36 0.66 Lennar B LEN.B 33.78 1.18 Oracle ORCL 53.18 1.05 SealedAir SEE 30.80 2.21 Tiffany
1.29
Alphabet A GOOGL 1206.57 -0.43 Brown&Brown BRO 39.03 1.83 Genpact ORAN 12.48 0.01 SeattleGenetics SGEN 120.32 0.64 Toro TTC 65.05 1.15 Weyerhaeuser WY 21.01 1.55
G 30.22 1.04 LennoxIntl LII 204.29 8.61 Orange
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Alphabet C GOOG 1211.45 1.17 Brown-Forman A BF.A 59.49 2.50 DTE Energy DTE 111.25 7.41
Gentex GNTX 23.90 0.18 LeviStrauss LEVI 13.78 0.65 Orix IX 58.22 1.74 SempraEnergy SRE 130.53 8.48 TorontoDomBk TD 43.07 0.25 WheatonPrecMet WPM 31.98 2.59
Alteryx AYX 107.92 10.98 Brown-Forman B BF.B 62.89 1.67
Danaher DHR 145.73 0.60
GenuineParts GPC 71.67 -1.58 LibertyBroadbandC LBRDK 115.48 0.25 Oshkosh OSK 65.74 1.84 SensataTechs ST 34.28 1.70 Total TOT 36.74 -0.36 Whirlpool WHR 104.75 5.07
AlticeUSA ATUS 24.60 0.59 Bruker
Darden DRI 64.34 0.77
BRKR 36.80 -0.19 GileadSciences GILD 73.51 -1.48 LibertyBroadbandA LBRDA 111.63 0.74 OwensCorning OC 44.10 2.94 ServiceCorp SCI 40.51 0.63 ToyotaMotor TM 123.41 -0.13 Williams WMB 16.59 1.25
Altria MO 40.91 0.78 Bunge
Datadog DDOG 36.95 -0.20
BG 40.83 1.39 GSK GSK 38.88 0.80 LibertyGlobal B LBTYB 18.43 0.93 PG&E PCG 11.99 1.09 ServiceNow NOW 278.06 4.01 TractorSupply TSCO 88.23 -2.47 WillisTowers WLTW 196.02 5.97
Amazon.com AMZN 2042.76 -0.24 BurlingtonStrs BURL 176.89 1.18 DaVita DVA 74.82
on -2.14
GlobalPayments GPN 151.03 1.74 LibertyGlobal A LBTYA 18.59 0.32 PLDT PHI 21.48 0.17 ShawComm B SJR 16.37 0.10 TradeDesk TTD 213.76 6.41 Wipro WIT 3.10 -0.03
Ambev ABEV 2.40 -0.01 CACI Intl Deere DE 145.75 -1.02
CACI 230.04 4.51 GlobeLife GL 80.40 5.19 LibertyGlobal C LBTYK 17.39 0.09 PNC Fin PNC 105.42 5.92 SherwinWilliams SHW 492.15 3.84 Tradeweb TW 47.44 -1.84 Wix.com WIX 114.46 -1.53
AMCR 9.16 DellTechC DELL 41.56 1.18
Amcor 0.65 CBRE Group CBRE 45.61 0.35 GlobusMedical GMED 48.32 3.83 LibertyFormOne A FWONA 23.78 1.46 POSCO PKX 33.76 0.29 ShinhanFin SHG 23.42 0.11 TraneTech TT 91.60 3.73 WooriFin WF 19.13 -0.07
Amdocs DOX 58.44 0.41 CDK Global CDK 35.98 0.59
DeltaAir DAL 24.39 1.16
GoDaddy GDDY 62.54 1.38 LibertyFormOne C FWONK 24.92 1.45 PPD PPD 23.20 2.39 Shopify SHOP 417.74 3.23 TransDigm TDG 344.54 16.29 Workday WDAY 145.41 3.30
Amedisys AMED 191.89 7.34 CDW CDW 106.26 3.99 DentsplySirona XRAY 41.87 2.29
GoldFields GFI 6.19 0.49 LibertySirius A LSXMA 32.05 0.28 PPG Ind PPG 97.17 3.82 SignatureBank SBNY 90.23 8.77 TransUnion TRU 71.49 1.99 WynnResorts WYNN 70.65 1.58
DeutscheBank DB 6.69 0.15
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Amerco UHAL 277.84 15.90 CF Industries CF 31.01 1.17 GoldmanSachs GS 184.26 7.30 LibertySirius C LSXMK 32.34 0.38 PPL PPL 26.70 0.89 SimonProperty SPG 68.17 5.26 Travelers TRV 109.74 4.80 XP XP 22.57 0.98
Ameren AEE 79.00 2.99 CGI GIB 60.13 2.07 DexCom DXCM 275.27 17.26
Graco GGG 47.97 -0.51 LifeStorage LSI 102.32 3.83 PRA HealthSci PRAH 89.13 4.72 SiriusXM SIRI 5.25 0.08 Trex TREX 85.77 1.02 XPO Logistics XPO 61.90 -2.11
AmericaMovil AMX 11.49 -0.10 CH Robinson CHRW 73.22 0.40 Diageo DEO 133.55 5.89
Grainger GWW 279.87 9.47 EliLilly LLY 145.73 -0.49 PTC PTC 63.94 1.49 Skyworks SWKS 89.95 -3.05 Trimble TRMB 34.46 1.22 XcelEnergy XEL 66.27 3.47
DiamondbkEner FANG 34.86 -2.62
al a
AmerAirlines AAL 12.51 1.18 CME Group CME 190.16 9.19 Grifols GRFS 19.77 -0.62 LincolnElectric LECO 78.10 0.38 Paccar PCAR 67.27 0.81 SlackTech WORK 24.70 -0.20 Trip.com TCOM 24.82 0.31 Xilinx XLNX 83.11 -1.39
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AmCampus ACC 34.05 1.99 CMS Energy CMS 62.33 1.69 s DigitalRealty DLR 148.29 2.48
GuardantHealth GH 68.87 4.34 LincolnNational LNC 34.29 2.13 PackagingCpAm PKG 90.46 2.62 Smartsheet SMAR 44.63 -0.23 TruistFinl TFC 36.11 3.41 Xylem XYL 69.34 0.25
AEP AEP 86.31 3.01 CNA Fin CNA 33.74 1.36 DiscoverFinSvcs DFS 39.21 1.99
Guidewire GWRE 83.41 0.03 Linde LIN 189.48 2.54 PagSeguroDig PAGS 21.81 0.08 SmithAO AOS 40.21 -0.01 TurkcellIletism TKC 4.96 0.11 Yandex YNDX 36.14 0.21
DiscoveryB DISCB 29.24 2.50
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AmerExpress AXP 94.82 2.74 CNH Indl CNHI 6.54 -0.15 HCA Healthcare HCA 108.06 ... LiveNationEnt LYV 38.27 0.51 PaloAltoNtwks PANW 177.88 1.72 Smith&Nephew SNN 40.42 1.87 Twilio TWLO 95.34 3.61 YumBrands YUM 80.37 5.00
AmericanFin AFG 80.49 3.86 CNOOC CEO 111.56 -2.39 DiscoveryA DISCA 22.32 0.74
HDFC Bank HDB 40.76 1.92 LloydsBanking LYG 1.60 0.09 ParkerHannifin PH 145.17 3.78 Smucker SJM 112.75 -1.38 Twitter TWTR 27.77 -0.09 YumChina YUMC 45.48 0.63
AmHomes4Rent AMH 24.69 0.80 CRH CRH 29.97 2.38 DiscoveryC DISCK 20.14 0.71
HD Supply HDS 32.07 0.97 LockheedMartin LMT 371.00 9.59 Paychex PAYX 66.54 1.48 Snap SNAP 13.61 0.39 TylerTech TYL 311.99 3.06 ZTO Express ZTO 27.13 -0.41
AIG AIG 26.54 2.41 CSX CSX 64.00 0.48 Disney DIS 104.50 3.43
HP HPQ 15.97 0.25 Loews L 39.42 1.45 PaycomSoftware PAYC 221.99 19.41 SnapOn SNA 122.12 5.70 TysonFoods TSN 60.94 2.53 ZebraTech ZBRA 201.22 4.57
s AmerTowerREIT AMT 259.60 10.35 CVS Health CVS 60.47 1.06 DocuSign DOCU 90.63 2.26
HSBC HSBC 26.76 0.75 LogitechIntl LOGI 44.53 0.02 Paylocity PCTY 101.01 7.28 SolarEdgeTech SEDG 96.64 3.57 UBS Group UBS 10.05 0.46 Zendesk ZEN 68.71 1.75
AmerWaterWorks AWK 131.75 6.40 CableOne CABO 1704.24 19.73 DolbyLab DLB 57.26 1.08
Haemonetic HAE 100.46 -0.22 Lowe's LOW 95.31 0.96 PayPal PYPL 105.84 0.78 SolarWinds SWI 17.07 0.57 UDR UDR 41.12 2.46 Zillow C Z 40.63 1.44
AmericoldRealty COLD 35.95 1.47 CabotOil COG 18.88 -0.31 DollarGeneral DG 169.24 0.02
Halliburton HAL 8.21 -0.54 lululemon LULU 203.51 7.50 Pearson PSO 6.65 0.25 SonocoProducts SON 50.53 1.35 UGI UGI 30.04 1.19 Zillow A ZG 40.07 1.42
er rs
Ameriprise AMP 120.47 8.78 CadenceDesign CDNS 71.65 -0.19

DollarTree DLTR 77.56 -1.66
HartfordFinl HIG 41.88 3.18 Lumentum LITE 79.20 1.55 Pegasystems PEGA 75.88 1.34 Sony SNE 61.58 -0.53 Uber UBER 27.11 0.17 ZimmerBiomet ZBH 110.36 -0.92
AmerisourceBrgn ABC 87.81 -0.52 CaesarsEnt CZR 7.93 0.49 DominionEner D 81.59 3.37
Hasbro HAS 75.67 1.52 Lyft LYFT 30.33 0.69 Peloton PTON 28.45 0.95 Southern SO 60.33 2.15 Ubiquiti UI 156.71 -3.01 ZionsBancorp ZION 31.00 1.56
Ametek AME 78.23 1.00 CamdenProperty CPT 89.09 3.39 Domino's DPZ 343.64 -0.19
HawaiianElec HE 45.60 2.00 LyondellBasell LYB 58.93 3.46 PembinaPipeline PBA 20.46 1.04 SoCopper SCCO 31.12 0.94 UltaBeauty ULTA 202.48 1.91 Zoetis ZTS 128.75 1.50
Amgen AMGN 218.21 -0.98 CampbellSoup CPB 47.75 1.59 Donaldson DCI 42.67 0.99
HealthcareAmer HTA 27.35 1.89 Pentair PNR 32.84 0.15 SouthwestAir LUV 36.47 2.17 UnderArmour A UAA 10.43 0.68 ZoomVideo ZM 124.51 6.70
DouglasEmmett DEI 33.22 1.55
Amphenol APH 81.91 2.29 CIBC CM 61.62 0.95
HealthpeakProp PEAK 28.35 1.67 M N Penumbra PEN 162.80 1.88 Splunk SPLK 123.13 -1.92 Unilever UN 49.97 0.48 Zscaler ZS 62.59 -2.34
m e
AnalogDevices ADI 98.79 -2.61 CanNtlRlwy CNI 79.51 -1.07 Dover DOV 89.41 -0.19
Heico HEI 82.00 -2.69 People'sUtdFin PBCT 12.30 1.10 Spotify SPOT 131.86 5.82 Unilever UL 51.73 0.47 Zynga ZNGA 6.91 0.13
Anaplan PLAN 35.77 0.08 CanNaturalRes CNQ 13.44 -0.20 Dow DOW 36.56 1.77 M&T Bank MTB 114.75 7.11
Heico A HEI.A 72.76 0.06 PepsiCo PEP 133.63 1.02
s DrReddy'sLab RDY 46.87 -1.32 MDU Rscs MDU 24.68 1.15
AngloGoldAsh AU 21.48 2.29 CanPacRlwy CP 225.41 -1.24
HenrySchein HSIC 52.25 -0.12 PerkinElmer PKI 78.34 0.46
m rp
AB InBev BUD 48.90 1.00 Canon CAJ 21.20 -0.10 Dropbox DBX 18.06 -0.23 MGM Resorts MGM 14.55 -0.45
Herbalife HLF 30.21 -0.34 Perrigo PRGO 50.45 1.60
AnnalyCap NLY 6.07 0.32 CanopyGrowth CGC 14.57 -0.26 DukeEnergy DUK 90.31
DukeRealty DRE 35.56
4.81
2.14
Hershey HSY 143.91 1.20
MKS Instrum MKSI 86.52 -3.34
MPLX MPLX 12.38 0.06
PetroChina PTR 38.01 -0.11 Dividend Changes
Anthem ANTM 242.46 -4.56 CapitalOne COF 60.11 3.39 Hess HES 40.38 1.20 PetroleoBrasil PBR 6.72 -0.09
Aon AON 192.05 4.09 CardinalHealth CAH 50.43 1.03 Dunkin' DNKN 57.92 -0.68
HewlettPackard HPE 10.53 0.30
MSCI MSCI 310.69 13.51
PetroleoBrasilA PBR.A 6.56 -0.16
Dividend announcements from April 9.
ApartmtInv AIV 39.97 3.43 Carlisle CSL 126.68 1.20 DuPont DD 40.78 1.92 MadisonSquGarden MSG 242.15 5.31
Hill-Rom HRC 111.13 -1.40 Pfizer PFE 35.39 0.79 Amount Payable /
ApolloGlbMgmt APO 39.16 1.89 Carlyle CG 24.06 1.09 Dynatrace DT 24.76 0.28 MagellanMid MMP 39.24 1.88
Hilton HLT 68.45 -1.64 PhilipMorris PM 75.34 0.68 Company Symbol Yld % New/Old Frq Record
Apple AAPL 267.99 1.92 CarMax KMX 66.50 3.28 ENI E 20.20 -0.11 MagnaIntl MGA 36.70 1.72
HollyFrontier HFC 26.42 -0.21 Phillips66 PSX 61.52 -2.18
co Fo
EOG Rscs ManulifeFin MFC 12.80 0.57

PilgrimPride PPC 19.21 0.47 Increased
ApplMaterials AMAT 49.59 -1.87 Carnival CCL 12.42 0.43 EOG 44.82 -0.47
Hologic HOLX 41.11 1.73
3.16 CarrierGlobal CARR 14.78 0.52 EPAM Systems EPAM 192.29 4.43 MarathonPetrol MPC 25.63 1.32
Aptargroup ATR 107.27 HomeDepot HD 201.53 6.71 Pinduoduo PDD 41.04 1.33 Levi Strauss LEVI 3.3 .08 /.04 Q May08 /Apr24
2.03 CaseysGenStores CASY 143.34 2.04 E*TRADE ETFC 41.76 1.84 Markel MKL 1005.40 25.02
Aptiv APTV 62.23 HondaMotor HMC 22.33 0.20 PinnacleWest PNW 82.23 3.36 STRATS Dom Res Ser 05-06 GJP 3.8 .0635 /.05943 M Apr15 /Apr14
Aramark ARMK 23.29 -0.02 Catalent CTLT 56.46 1.36 EastmanChem EMN 59.71 3.17 MarketAxess MKTX 403.35 7.73
Honeywell HON 143.43 4.18 Pinterest PINS 16.75 -0.08
ArcelorMittal MT 10.47 0.19 Caterpillar CAT 125.03 -2.37 Eaton ETN 81.44 1.30
HorizonTherap HZNP 31.03 -0.19
Marriott MAR 81.31 -1.22
PioneerNatRscs PXD 75.48 -4.81 Reduced
2.31 Celanese CE 83.91 1.93 eBay EBAY 33.83 0.82 Marsh&McLen MMC 96.61 3.00
ArchCapital ACGL 31.00 HormelFoods HRL 47.54 0.40 PlainsAllAmPipe PAA 5.70 0.27 4.65% Fltg. Rate STRATS GJO 3.2 .0258 /.04566 M Apr15 /Apr14
1.10 Centene CNC 66.42 1.27 Ecolab ECL 179.86 9.05 MartinMarietta MLM 208.19 11.42
ArcherDaniels ADM 37.58 DR Horton DHI 41.04 1.39 Pool POOL 199.47 0.36 Bank of Am Dep ser 4 BMLpJ 4.9 .25 /.25556 Q May28 /May15
arGEN-X 3.30 CenterPointEner CNP 17.81 0.99 Ecopetrol EC 11.92 -0.09 MarvellTech MRVL 24.28 -0.46
ARGX 143.58 HostHotels HST 11.91 0.65 PortlandGenElec POR 52.52 1.15 Bank of America Dep pfd 2 BMLpH 4.3 .1875 /.19167 Q May28 /May15
AristaNetworks ANET 209.91 -4.68 CentraisElBras EBR 5.03 0.35 EdisonInt EIX 60.27 2.70 Masco MAS 40.37 0.96
HowmetAerospace HWM 13.25 0.17 PostHoldings POST 92.41 3.32 Bank of America Pfd E BACpE 4.6 .25 /.25556 Q May15 /Apr30
ArrowElec ARW 59.20 1.63 CenturyLink CTL 10.65 0.82 EdwardsLife EW 215.44 8.39 Masimo MASI 185.42 0.24
Huazhu HTHT 28.52 0.07 PrincipalFin PFG 32.60 2.16 Bank of America Pfd L BMLpL 4.9 .25 /.25556 Q May21 /May01
AscendisPharma ASND 121.36 -0.61 CeridianHCM CDAY 53.90 4.38 ElancoAnimal ELAN 24.50 1.07
Hubbell HUBB 124.44 4.38
Mastercard MA 269.40 -1.55
Procter&Gamble PG 114.66 -0.44 Conifer 6.75% Nts 2023 CNFRL 9.7 .4219 /.45469 Q Jun30 /Jun15
AspenTech AZPN 97.24 2.37 Cerner CERN 68.38 1.97 Elastic ESTC 54.00 -1.72
HubSpot HUBS 141.90 2.38
MatchGroup MTCH 68.11 -1.10
Progressive PGR 80.39 2.58 Ellington Financial EFC 16.3 .08 /.15 M May26 /Apr30
Assurant AIZ 112.39 5.67 CharlesRiverLabs CRL 138.96 -2.47 ElbitSystems ESLT 122.66 0.28
Humana HUM 341.90 4.64
MaximIntProducts MXIM 51.79 -1.53
Prologis PLD 91.73 5.55
AstraZeneca AZN 44.66 0.81 CharterComms CHTR 466.64 2.71 ElectronicArts EA 105.80 -1.00
JBHunt JBHT 99.19 0.36
McCormick MKC 154.30 5.82
Proofpoint PFPT 116.69 2.35
Stocks
3.75 CheckPoint EmersonElec EMR 51.78 -0.32
0.22 McCormickVtg MKC.V 152.13 4.25 ProsperityBcshs PB 54.00 2.29 Summit Wireless Techs 1:20 /Apr09
Athene ATH 30.35 CHKP 105.36 -1.68 HuntingtonBcshs HBAN 9.03 WISA
Atlassian TEAM 137.95 -2.73 Chegg CHGG 37.65 0.81 Enbridge ENB 28.70 0.34 HuntingIngalls HII 192.39 -3.05 McDonalds MCD 183.70 6.21
PrudentialFin PRU 58.70 3.68 Foreign
AtmosEnergy ATO 105.20 2.55 Chemed CHE 470.95 25.02 EncompassHealth EHC 71.38 1.74 HyattHotels H 53.16 1.76 McKesson MCK 133.32 1.76
n-
Prudential PUK 26.21 0.23 Knot Offshore Partners KNOP 17.3 .52 Q May14 /May01
Autodesk ADSK 164.90 5.69 CheniereEnergy LNG 38.58 2.07 EnelAmericas ENIA 8.03 0.11 IAC/InterActive IAC 195.01 -2.64 MedicalProp MPW 18.29 0.17 PublicServiceEnt PEG 52.95 2.09
Autohome ATHM 72.23 1.31 CheniereEnerPtrs CQP 27.92 -0.09 EnelChile ENIC 3.86 0.07 Medtronic MDT 101.03 1.75
ICICI Bank IBN 9.04 0.40 PublicStorage PSA 208.59 9.52 Special
Autoliv ALV 57.66 3.24 Chevron CVX 84.31 -1.67 EnergyTransfer ET 5.81 0.16 ICU Medical ICUI 207.96 0.52 MelcoResorts MLCO 13.60 0.79 PulteGroup PHM 26.34 0.82 AT&T Pfd. Series C TpC 5.1 .2408 May01 /Apr09
ADP ADP 142.52 3.99 s Chewy CHWY 42.61 5.68 EnphaseEnergy ENPH 38.06 0.13 IDACORP IDA 97.80 2.17 MellanoxTech MLNX 119.75 -0.90 Qiagen QGEN 39.81 0.32 Conifer 6.75% Nts 2023 CNFRL 9.7 .42188 Sep30 /Sep15
AutoZone AZO 940.83 25.61 ChinaEastrnAir CEA 18.21 -0.07 Entegris ENTG 49.73 0.80 IdexxLab IDXX 258.58 3.85 MercadoLibre MELI 533.28 -10.72
Qorvo QRVO 83.11 -3.91
no
Avalara AVLR 73.72 -1.78 ChinaLifeIns LFC 9.99 -0.07 Entergy ETR 102.91 2.39 IHS Markit INFO 65.47 1.10 Merck MRK 82.49 0.87
Qualcomm QCOM 71.58 -1.75 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Avalonbay AVB 167.36 6.63 ChinaMobile CHL 39.28 -0.59 EnterpriseProd EPD 16.38 0.40 ING Groep ING 5.93 0.17 MetLife MET 35.46 1.99
QuantaServices PWR 33.55 -0.25 spin-off.
Avangrid AGR 45.92 2.97 ChinaPetrol SNP 51.00 -0.18 Equifax EFX 124.22 1.54 Invesco IVZ 9.86 0.39 MettlerToledo MTD 727.42 -13.57
s Equinix EQIX 686.94 22.68 1.74 MicrochipTech MCHP 78.45 -1.07
Avantor AVTR 13.92 0.83 ChinaSoAirlines ZNH 21.88 -0.30 IPG Photonics IPGP 119.05
4.82 ChinaTelecom CHA 33.55 -0.13 Equinor EQNR 13.25 -0.14 0.66 MicronTech MU 46.13 -2.16
New Highs and Lows |
AveryDennison AVY 115.03 IQVIA IQV 128.53
AxaltaCoating AXTA 18.63 0.65 ChinaUnicom CHU 6.67 0.03 Equitable EQH 16.61 1.05 ITT ITT 51.22 0.60 Microsoft MSFT 165.14 0.01 WSJ.com/newhighs 52-Wk %
EquityLife ELS 63.17 3.11
Stock Sym Hi/Lo Chg
AxonEnterprise AAXN 74.70 2.22 Chipotle CMG 771.00 45.88 IcahnEnterprises IEP 49.92 0.61 MidAmApt MAA 116.65 5.72
BCE BCE 41.05 0.18 Chubb CB 122.27 7.66 EquityResdntl EQR 69.42 4.17 Icon ICLR 153.41 2.21 MitsubishiUFJ MUFG 3.76 0.05 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
BHP Group BHP 39.51 0.20 ChunghwaTel CHT 35.90 0.27 ErieIndemnity A ERIE 166.09 -2.64 IDEX IEX 151.52 0.52 MizuhoFin MFG 2.32 0.03 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
Lows
EssentialUtil WTRG 44.61 1.94 8.11 -0.09 session. % CHG-Daily percentage change from the previous trading session. AHBeloA AHC 1.30 5.2
BHP Group BBL 32.45 0.27 Church&Dwight CHD 68.39 -0.22 IllinoisToolWks ITW 159.28 0.48 MobileTeleSys MBT
ATIF ATIF 1.49 -7.2
BP BP 24.90 -0.49 s Ciena CIEN 45.65 -0.51 EssexProp ESS 246.96 12.84 Illumina ILMN 287.62 6.63 Moderna MRNA 31.86 -0.56 AndinaAcqnIIIRt ANDAR 0.09 ...
EsteeLauder EL 164.83 0.01 MohawkInds MHK 88.01 2.92
Thursday, April 9, 2020
BWX Tech BWXT 51.30 0.86 Cigna CI 181.83 -4.39 -0.90 ImperialOil IMO 12.92 BiomX PHGE 4.97 -14.7
Baidu BIDU 99.00 1.67 CincinnatiFin CINF 83.58 2.50 Etsy ETSY 53.68 2.68 Incyte INCY 86.81 -0.94 s MolinaHealthcare MOH 153.28 -4.28 52-Wk % 52-Wk % 52-Wk % CentricBrands CTRC 0.78 2.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HeliosTechnologies HLIO 30.31 -4.9
BakerHughes BKR 12.86 -0.04 Cintas CTAS 198.74 6.33 EuronetWorldwide EEFT 88.29 1.76 Infosys INFY 8.52 0.04 MolsonCoorsB TAP 47.40 1.78 HowmetAeroPfd HWMp 63.25 -0.1
Ball BLL 69.94 2.35 CiscoSystems CSCO 41.20 -0.54 EverestRe RE 212.30 14.50 IngersollRand IR 26.50 0.80 Mondelez MDLZ 52.34 0.55 ChurchCapIII Wt CCXX.WS 1.38 10.4 MeridaMergerIWt MCMJW 0.64 17.8
HUIZ 5.27 -3.4
BancoBilbaoViz BBVA 3.23 0.04 Citigroup C 47.41 3.15 Evergy EVRG 63.10 2.24 Ingredion INGR 82.10 1.93 MongoDB MDB 140.34 5.02 Highs Ciena CIEN 46.95 -1.1 MolinaHealthcare MOH 161.01 -2.7
HuizeHolding
JianpuTech JT 0.60 -16.3
CypressSemi CY 23.83 ... Newmont NEM 57.70 13.4 KBLMergerIVRt KBLMR 0.03 -61.5
BancoBradesco BBDO 4.07 0.07 CitizensFin CFG 22.11 1.58 EversourceEner ES 90.10 6.75 Insulet PODD 182.94 7.07 MonolithicPower MPWR 167.93 -5.55 AGBAAcquisition AGBA 10.17 0.2
DigitalRealty DLR 152.59 1.7 NovaGoldRscs NG 10.24 7.3 ProficientAlphaWt PAACW 0.02 -20.0
AmerTowerREIT AMT 260.43 4.2
BancodeChile BCH 17.55 0.14 CitrixSystems CTXS 139.40 -7.42 ExactSciences EXAS 67.06 0.69 Intel INTC 57.14 -1.84 MonsterBev MNST 60.51 0.25 AstaFunding ASFI 11.14 26.3 DrReddy'sLab RDY 48.75 -2.7 OtisWorldwide OTIS 50.25 11.5 SeanergyMaritime SHIP 0.12 -22.0
BancSanBrasil BSBR 5.44 0.08 ClarivateAnaly CCC 21.49 0.86 Exelixis EXEL 18.02 -0.61 ICE ICE 87.38 2.04 Moody's MCO 241.68 15.16 Bilibili BILI 29.74 2.4 EasterlyGovtProp DEA 29.70 1.9 PluristemTherap PSTI 8.59 43.7 SonnetBio SONN 4.61 -3.0
Bristol-MyersRt BMYr 4.12 -0.5 Equinix EQIX 692.63 3.4 Qualys QLYS 103.04 5.4 TaronisTech TRNX 0.11 -8.7
BcoSantChile BSAC 16.80 0.15 Clorox CLX 184.21 3.17 Exelon EXC 39.15 1.56 InterContinentl IHG 45.78 2.11 MorganStanley MS 41.08 1.71
Catasys CATS 22.48 -1.8 Five9 FIVN 82.97 -1.8 RetractableTechs RVP 2.18 8.0 USWellServicesWt USWSW 0.01 -20.4
BancoSantander SAN 2.33 -0.09 Cloudflare NET 21.18 -1.66 Expedia EXPE 62.42 1.87 IBM IBM 121.50 2.21 Morningstar MORN 124.15 0.95 GHIV 9.61 0.1 SBA Comm SBAC 314.84 1.2 UnumTherap
ChembioDiagn CEMI 8.62 8.6 GoresIV A UMRX 0.30 5.9
BankofAmerica BAC 24.86 1.41 Coca-Cola KO 49.00 1.18 ExpeditorsIntl EXPD 71.48 -0.99 IntlFlavors IFF 127.37 6.12 Mosaic MOS 12.97 1.17 Chewy CHWY 42.69 15.4 KerosTherap KROS 23.19 7.4 WellsFargoPfdT WFCpT 26.04 1.3 UrbanOne D UONEK 0.70 2.8
Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
US TgdVal 15.54 +0.71-32.6 Balanc 22.26 +0.32 -9.0 Guggenheim Funds Tru TotalReturnBond NA ... NA TSM Sel r 47.81 +0.84-14.6 TxMCapAdml142.67 +2.17-13.5 WndsrII 29.74 +0.46-18.3
NOTICE TO READERS USLgVa 28.93 +0.63-24.6 BluCh 98.14 +0.70 -8.9 TotRtnBdFdClInst 28.05 +0.24 4.1 PIMCO Fds Instl TIAA/CREF Funds TxMIn r 11.17 +0.16-20.7 VANGUARD INDEX FDS
Due to extreme market activity and delayed reporting of closing prices Dodge & Cox Contra 12.45 +0.11 -8.6 Harbor Funds AllAsset NA ... NA BdIdxInst 11.48 +0.06 4.0 USGroAdml 103.89 +1.14 -6.7 MdCpVlAdml 46.95 +1.77-23.4
Balanced 84.64 +1.49-15.1 ContraK 12.47 +0.11 -8.6 CapApInst 69.77 +0.52 -7.9 TotRt 10.58 +0.06 3.1 VANGUARD ADMIRAL ValAdml 37.98 +0.80-18.1 SmValAdml 42.05 +1.81-28.3
from the sources, some NAVs may reflect previous day’s trading.
Income 14.11 +0.20 1.5 CpInc r 8.73 +0.28-13.9 Harding Loevner PIMCO Funds A 500Adml 257.68 +3.71-13.2 WdsrllAdml 52.77 +0.81-18.3 TotBd2 11.34 +0.07 3.7
Up-to-date mutual-fund data can be found online at WSJMarkets.com. IntlEq 19.82 +0.16 NA BalAdml
Intl Stk 31.46 +0.65-27.8 GroCo 19.89 +0.18 -6.9 IncomeFd 11.15 +0.14 NA 36.17 +0.47 -7.0 WellsIAdml 63.34 +0.98 -3.5 TotIntl 14.10 +0.17-20.9
Stock 147.81 +2.85-22.2 GrowCoK 19.93 +0.18 -6.8 Invesco Funds A PIMCO Funds I2 CAITAdml 11.97 +0.05 -0.3 WelltnAdml 67.32 +0.83 -9.4 TotSt 67.81 +1.19-14.5
DoubleLine Funds InvGrBd 11.72 +0.14 2.1 EqIncA 8.76 +0.20-14.4 Income 11.15 +0.14 NA CapOpAdml r131.14 +1.43-16.9 WndsrAdml 56.94 +1.38-21.2 VANGUARD INSTL FDS
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Invesco Funds Y EMAdmr 29.23 +0.10-20.8 BalInst 36.18 +0.47 -7.0
CoreFxdIncmI NA ... NA LowP r 38.70 +0.71-22.7 PIMCO Funds Instl VANGUARD FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 10.44 +0.02 NA Magin 9.38 +0.10 -8.0 DevMktY 36.79 +0.59-19.3 IncomeFd 11.15 +0.14 NA EqIncAdml 66.06 +1.28-16.2 DivdGro 27.18 +0.42-11.0 DevMktsIndInst 11.18 +0.16-20.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, JPMorgan I Class ExplrAdml 77.44 +2.07-20.3 DevMktsInxInst 17.48 +0.25-20.7
Edgewood Growth Instituti OTC 11.66 +0.06 -8.8 Price Funds INSTTRF2020
22.31 +0.23 -7.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 36.56 +0.59 -5.1 CoreBond 12.09 +0.07 NA ExtndAdml 74.70 +2.67-21.7 ExtndInst 74.70 +2.67-21.7
Puritn 21.05 +0.27 -7.1 BlChip 113.96 +0.49 NA INSTTRF2025
22.44 +0.26 -9.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not EqInc 15.95 +0.33 NA GNMAAdml 10.84 -0.01 3.4 GrwthInst 86.35 +0.81 -7.7
Fidelity SrsEmrgMkt 16.36 +0.13-20.7 DivGro 46.69 +0.81 NA INSTTRF2030
22.42 +0.28-10.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; JPMorgan R Class GrwthAdml 86.34 +0.81 -7.8 InPrSeIn 11.00 +0.06 4.4
500IdxInstPrem 96.74 +1.40-13.1 SrsGlobal 10.50 +0.11-20.3 EqInc 24.86 +0.60 NA INSTTRF2035
22.39 +0.29-12.2
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. CoreBond 12.11 +0.07 NA HlthCareAdml r 80.64 +0.89 -5.5 InstIdx 249.01 +3.59-13.2
Contrafund K6 13.20 +0.12 -8.8 SrsGroCoRetail 16.59 +0.16 -6.5 EqIndex 74.14 +1.07-13.2 INSTTRF2040
22.35 +0.31-13.6
CorePlusBd 8.50 +0.07 NA HYCorAdml r 5.40 +0.13 -8.1 InstPlus 249.02 +3.59-13.1
ExtMktIdxInstPre 49.92 +1.78-21.8 SrsIntlGrw 15.22 +0.22-13.1 Lord Abbett A Growth 66.11 +0.37 NA INSTTRF2045
22.25 +0.32-15.0
Thursday, April 9, 2020 IntlIdxInstPrem 34.32 +0.43-20.1 InfProAd 27.00 +0.16 4.4 InstTStPlus 58.03 +1.02-14.5
SrsIntlVal 7.42 +0.09-25.1 ShtDurIncmA p 4.01 +0.04 -3.9 HelSci 75.03 +0.62 NA INSTTRF2050
22.28 +0.32-15.0
Net YTD Net YTD IntlGrAdml 90.55 +0.72-11.9 MidCpInst 39.73 +1.06-18.1
Net YTD MidCpInxInstPrem 18.98 +0.52-19.7 TotalBond 10.97 +0.15 1.3 Lord Abbett F InstlCapG 40.09 +0.21 -9.0 IntlVal 28.82 +0.27-23.2
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ITBondAdml 12.19 +0.11 3.8 MidCpIstPl 195.95 +5.22-18.1
SAIUSLgCpIndxFd 15.00 +0.22-13.2 Fidelity SAI ShtDurIncm 4.00 +0.03 -4.1 IntlStk 15.20 +0.19 NA LifeCon 19.84 +0.19 -5.2
ITIGradeAdml 10.00 +0.12 0.9 RealEstaInstl 17.33 +0.92-14.3
American Century Inv NwWrldA 57.80 +0.78-18.1 CorePlusBond 10.21 +0.11 1.2 SeriesOverseas 9.00 +0.12-16.5 TotalBd 10.48 +0.14 0.6 Lord Abbett I MidCap 79.73 +1.27-16.4 LifeGro 31.40 +0.42-13.1
LTGradeAdml 11.34 +0.28 5.2 SmCapInst 60.28 +2.14-23.8
Ultra 48.19 +0.40 -7.6 SmCpA p 48.23 +1.11-18.0 Intl Eq 9.71 +0.09-19.0 SmCpIdxInstPrem 15.78 +0.69-25.0 U.S.TreBdIdx 10.88 +0.01 8.4 ShtDurInc p 4.00 +0.03 -4.1 N Inc NA ... NA LifeMod 26.20 +0.30 -9.2
MidCpAdml 179.86 +4.79-18.1 STIGradeInst 10.59 +0.06 -0.6
American Funds Cl A TxExA p 13.05 +0.05 -1.4 Del Invest Instl TMktIdxInstPrem 77.17 +1.36-14.6 First Eagle Funds Metropolitan West NHoriz 55.37 +1.13 NA MuHYAdml 11.20 +0.07 -3.7 PrmcpCor 22.76 +0.30-18.5 STIPSIxins 24.82 +0.06 0.5
AmcpA p 29.55 +0.25-12.0 WshA p 40.58 +0.55-15.2 Value 17.81 +0.31-19.9 USBdIdxInstPrem 12.36 +0.07 4.5 GlbA 49.99 +0.87-13.7 TotRetBd NA ... NA OverS SF r 8.78 +0.10 NA MuIntAdml 14.31 +0.06 -0.4 STAR 24.89 +0.30 -9.0 TotBdInst 11.42 +0.07 4.1
AMutlA p 37.72 +0.52-12.8 Baird Funds Dimensional Fds Fidelity Advisor I FPA Funds TotRetBdI NA ... NA R2020 NA ... NA TgtRe2015 14.45 +0.13 -4.8
MuLTAdml 11.70 +0.06 -0.9 TotBdInst2 11.34 +0.07 3.7
BalA p 26.30 +0.30 -7.3 AggBdInst 11.46 +0.09 2.8 5GlbFxdInc 10.77 +0.02 0.4 NwInsghtI 28.61 +0.38-12.5 FPACres 28.20 +0.55-16.6 TRBdPlan NA ... NA R2025 NA ... NA MuLtdAdml 11.00 +0.03 -0.2 TgtRe2020 30.09 +0.30 -7.5 TotBdInstPl 11.42 +0.07 4.1
BondA p 13.68 +0.14 5.2 CorBdInst 11.66 +0.11 1.5 DFARlEst 35.38 +1.88-13.1 Fidelity Freedom Franklin A1 MFS Funds Class I R2030 NA ... NA MuShtAdml 15.78 +0.02 ... TgtRe2025 18.00 +0.21 -9.3 TotIntBdIdxInst 33.94 +0.13 0.2
CapIBA p 55.18 +0.86-12.0 BlackRock Funds EmgMktVa 20.85 +0.20-27.3 FF2020 14.72 +0.16 -9.2 CA TF A1 p 7.43 +0.03 -2.1 ValueI 37.10 +0.90-16.5 R2035 NA ... NA PrmcpAdml r120.98 +1.14-16.1 TgtRe2030 32.53 +0.40-10.8 TotIntlInstIdx r 94.31 +1.11-20.8
CapWGrA 43.68 +0.60-16.0 HiYldBd Inst 6.89 +0.25-13.2 EmMktCorEq 16.47 +0.11-24.2 FF2025 12.83 +0.15-10.4 IncomeA1 p 2.03 +0.05-12.0 MFS Funds Instl R2040 NA ... NA RealEstatAdml112.00 +5.97-14.2 TgtRe2035 19.77 +0.26-12.2 TotItlInstPlId r 94.33 +1.11-20.8
EupacA p 45.06 +0.69-19.0 BlackRock Funds A IntlCoreEq 10.50 +0.19-23.8 FF2030 15.65 +0.20-12.2 FrankTemp/Frank Adv IntlEq 22.92 +0.38-17.7 Value NA ... NA SmCapAdml 60.29 +2.15-23.8 TgtRe2040 33.79 +0.46-13.6 TotStInst 67.84 +1.19-14.5
FdInvA p 52.20 +0.71-15.5 GlblAlloc p 17.38 ... -9.5 IntSmCo 14.03 +0.34-25.8 Freedom2020 K 14.71 +0.16 -9.2 IncomeAdv 2.01 +0.05-12.1 Nuveen Cl I PRIMECAP Odyssey Fds SmGthAdml 57.05 +1.56-18.2 TgtRe2045 21.00 +0.30-15.0 ValueInst 37.98 +0.80-18.1
GwthA p 45.94 +0.42-10.2 BlackRock Funds Inst IntSmVa 13.67 +0.33-29.4 Freedom2025 K 12.81 +0.15-10.4 FrankTemp/Franklin A HYMunBd 15.90 +0.17-10.4 AggGrowth r 36.67 +0.56-18.3 STBondAdml 10.78 +0.03 2.6 TgtRe2050 33.82 +0.49-15.0 WCM Focus Funds
HI TrA p 8.85 +0.28-10.7 MultiAstIncome 9.90 +0.15-10.1 TAUSCoreEq2 16.25 +0.33-19.0 Freedom2030 K 15.63 +0.19-12.2 RisDv A p 59.65 +0.63 NA Oakmark Funds Invest Growth r 33.09 +0.49-19.2 STIGradeAdml 10.59 +0.06 -0.6 TgtRet205536.72 +0.53-15.0 WCMFocIntlGrwIns 16.57 +0.20-12.4
ICAA p 33.98 +0.36-13.7 StratIncOpptyIns 9.42 +0.06 -5.4 US CoreEq1 21.15 +0.41-18.0 Freedom2035 K 12.81 +0.17-15.0 FrankTemp/Franklin C OakmrkInt 16.65 +0.34-33.3 Putnam Funds Class A TotBdAdml 11.42 +0.07 4.1 TgtRetInc 13.49 +0.10 -3.6 Western Asset
IncoA p 20.30 +0.40-11.9 StratMuniOppI 10.79 +0.09 -7.8 US CoreEq2 19.06 +0.40-19.1 Freedom2040 K 8.85 +0.12-16.4 Income C t 2.06 +0.05-12.0 Old Westbury Fds StDurInc 9.93 +0.01 -0.7 TotIntBdIdxAdm 22.62 +0.09 0.2 TotIntBdIxInv
11.31 +0.04 0.2 CoreBondI NA ... NA
N PerA p 40.72 +0.57-13.8 Bridge Builder Trust US Small 25.55 +1.08-26.8 Fidelity Invest FrankTemp/Temp Adv LrgCpStr 12.64 +0.15-16.1 Schwab Funds TotIntlAdmIdx r 23.58 +0.27-20.8 WellsI 26.15 +0.41 -3.5 CorePlusBdI NA ... NA
AMgr50% 17.06 +0.23 -8.2 PGIM Funds Cl Z
NEcoA p 40.02 +0.36-12.5 CoreBond 10.61 +0.08 2.6 US SmCpVal 23.19 +1.14-32.5 GlBondAdv p 9.97 -0.02 NA S&P Sel 42.89 +0.61-13.2 TotStAdml 67.83 +1.19-14.5 Welltn 38.99 +0.49 -9.4 CorePlusBdIS NA ... NA
BANKING & FINANCE
Swiss Banks Move to Conserve Capital BlackRock

Paid CEO
BY MARGOT PATRICK the Swiss financial regulator typically make the payments shareholders than the divi- significant increase in its risk-
Switzerland’s two largest

banks, UBS Group AG and
to reconsider. Both banks said
they would pay half the divi-
dend in the first six months of
every six months or once a
year. In both regions, banks
have been preserving capital
dend cancellations by U.K. and
European banks, and said both
Credit Suisse and UBS should
weighted assets.
The profit guidance beat
analysts’ expectations of
$25 Million
Credit Suisse Group AG, said
Thursday they would pay 2019
dividends in two installments
the year and hold back the
rest until the fall.
The moves came after other
by suspending share buyback
programs.
The Swiss regulator, Finma,
benefit from strong conditions
for first-quarter sales and
trading.
around $1.2 billion for the
quarter, which UBS said re-
flected strong operating per-
Last Year
rather than in one chunk, as banks across Europe canceled said it viewed the precaution- UBS said it expected to re- formance in all divisions. BY DAWN LIM
lenders across the world shore or delayed 2019 payouts on ary measure as a way of “deal- port a $1.5 billion net profit In March, Credit Suisse said
up capital to withstand the the request of the European ing with the major uncertain- for the first quarter when it its first-quarter sales and BlackRock Inc. Chief Execu-
coronavirus crisis. Central Bank, the Bank of Eng- ties associated with the Covid- releases is results on April 28. trading revenues were running tive Laurence Fink earned
UBS and Credit Suisse said land or other local regulators. 19 crisis and addressing It expects its equity capital “significantly higher” than in $25.25 million last year, a 5%
they had the financial Unlike in the U.S., where shareholders’ expectations.” and leverage ratios will be in the first three months of 2019. boost for an increasingly influ-
strength to make the payouts, major banks pay quarterly Analysts at Citigroup said it line with its targets, despite On Thursday, it said it was ential figure behind the U.S.
but acted on a request from dividends, European banks was a better outcome for market conditions leading to a sticking to that guidance. government’s response to the
coronavirus crisis.
Mr. Fink’s pay for his work
Funds Warned Not to Abuse SBA Virus Loans

in 2019 included a $7.75 million
cash award, $16 million in stock
and other incentives, as well as
a base salary of $1.5 million.
BY JULIET CHUNG Capital Partners, which focused By another measure that cal-
on advising on private-equity culates executive payouts in line
Investment consulting firm funds. Aksia also covers private with Securities and Exchange
Aksia LLC has fired a warning credit and real asset funds, in- Commission guidelines, Mr. Fink
shot to hedge-fund and pri- cluding infrastructure funds. made $24.3 million, a decrease
vate-equity firms: Don’t take The firm said it would view of 8.4% in 2019. But that figure
advantage of the federal gov- “negatively” an alternative as- captured earnings from 2018
ernment’s $350 billion small set manager that wasn’t truly and isn’t as reliable of a proxy
business loan program or there in need and was opportunisti- for one year.
will be consequences. cally taking advantage of low The pay boost reflects a year
In the program, most busi- interest rates and loan forgive- in which the world’s largest
nesses with 500 employees or ness. A midsize manager with money manager took in record
fewer are eligible for two-year 100 employees and “typical investor money and hit a $7.43
loans with a 1% interest rate. rent & benefits costs” could re- trillion record for assets under
The loans, guaranteed by the ceive about $2 million from the management. Even so, the firm
Small Business Administration, program, Aksia’s letter said. continued to face significant
are designed to keep employ- “That is a 2 million dollar competition and wrestled with a
ees on the payrolls for eight ANNA WATTS/REUTERS handout from the U.S. govern- raging price war.
weeks. Borrowers that don’t ment to the manager.” BlackRock’s bonus pool for
lay off workers can get forgive- Aksia in its letter drew a 2019 was largely flat compared
ness on loan and interest pay- distinction between managers with 2018, said people familiar
ments from the government. with stable management fees with the matter.
.
The SBA says “finance com- unaffected by the pandemic Mr. Fink, 67 years old, has
ly
panies...and any other firm Aksia said it would view negatively firms that were ‘opportunistically’ taking advantage of the loan program. and managers in true need of emerged as one of the most visi-
whose stock in trade is assistance. ble finance executives in the
money” are ineligible. More- groups have also been lobby- advises on more than $160 bil- The firm added that “Aksia It warned that a manager world in recent weeks, as coun-
over, the guidelines count all ing for broader inclusion. on lion of alternative assets, with feels strongly that the PPP’s taking advantage of the pro- tries have wrestled with the toll
of a fund’s portfolio compa- In a letter reviewed by The clients including pension loan forgiveness should not be gram “is not only showing of coronavirus. He has spoken
nies toward the total employee Wall Street Journal, Aksia said funds, endowments, founda- going to alternative asset man- poor moral judgment and po- with President Trump as well as
count, which excludes most the hedge funds and private- tions and insurance companies, agers whose management fees tentially hurting the reputa- other world leaders, like Mexi-
private-equity firms. equity firms its clients are in- according to its website. are not significantly impacted tion of the alternatives indus- can President Andrés Manuel
us l,
But the program’s loose vested in shouldn’t do so. “During this crisis, we all by the Covid-19 crisis.” try, but is also probably López Obrador.
outlines mean some alterna- Investment consulting firms know that it is important that “We believe the letter crowding out struggling work- BlackRock was tapped by the
al a
e
tive asset managers have al- like Aksia play an important, both individuals and busi- speaks for itself,” Aksia Chief ers and businesses severely Federal Reserve to steer as
ready applied for the program behind-the-scenes role in di- nesses make appropriate Executive Jim Vos said on impacted by Covid-19.” much as hundreds of billions of
or are considering doing so, recting the flow of institutional choices, choices that contribute Thursday. —Peter Rudegeair dollars in corporate bond pur-
ci on
said people familiar with the money to asset managers. to reducing society’s suffer- Aksia recently merged with and Miriam Gottfried chases, an unprecedented mea-
matter. Private-equity industry Based in New York, the firm ing,” Aksia wrote in the letter. San Diego-based TorreyCove contributed to this article. sure by the central bank to shore
up the economy. It turned Black-
Rock into the envy of the invest-
Manager Reaps 400% Gain on Return of Volatility ment world—and a target for ri-
er rs
vals and critics of the Fed’s swift

and extraordinary interventions.
BlackRock took in $429 bil-
BY JUSTIN BAER ping a previous record reached bet against its return; he co- Mr. Bhansali had argued, those a person familiar with the firm lion in new money last year,
m e
during the 2008 financial crisis. wrote a paper in November funds would struggle to unwind said. more than three times the net
A California hedge-fund “I continued to believe that 2017 with Larry Harris, a fi- those positions. Mr. Bhansali didn’t predict flows it attracted in 2018. The
manager posted large gains last such volatility, though tempo- nance professor at the Univer- LongTail’s funds and other the pandemic, but he noted this firm also reported higher profit
m rp
month by betting on the re- rarily suppressed, would always sity of Southern California, funds with similar strategies month that the markets’ “frag- and revenue, though operating
emergence of market chaos. rear its head somewhere unwit- warning that “the extraordi- aim to outperform when mar- ile” condition in early 2020 set margins were roughly flat.
LongTail Alpha LLC’s One- tingly and without much warn- nary growth of short volatility kets spiral into crisis with the the stage for what he would Mr. Fink has pushed Black-
Tail Hedgehog Fund II rose ing,” Mr. Bhansali wrote in the onset of an unexpected event. call the “most illiquid unwind Rock to become a bigger pres-
156% in March en route to a note. A strategy managed by Mark of asset markets I have seen in ence in alternatives to stock and
co Fo
first-quarter return of 400%, The LongTail funds had dou- Vineer Spitznagel’s Universa Invest- my career.” bond investments and a larger
while the firm’s TwoTail Alpha bled down earlier in 2020 on Bhansali ments posted a return of “In January, all looked provider of software for Wall
Fund posted a 65% gain last trades that stood to benefit capitalized on 4,144% in the first quarter. good,” he wrote. “The economy Street and other financial insti-
month, according to April 3 let- with more volatility. The funds the market’s Mr. Bhansali, who has a was purring along, inflation tutions.
ters to LongTail investors snapped up U.S. Treasury reaction to the Ph.D. in theoretical physics, was low, the Fed was support- Among Mr. Fink’s top lieuten-
viewed by The Wall Street bonds and bet that both Ger- coronavrius spent 15 years at Pimco, serv- ive of asset prices, and there ants, President Rob Kapito
Journal. man bunds and U.S. stocks pandemic. ing as the manager’s head of was plenty to go around. It was earned $19.95 million for his
The funds, run by former Pa- would decline. quantitative portfolios. He left hard not to follow other brave work in 2019 and Chief Operat-
cific Investment Management LongTail added to those po- to start his own firm in late investors into the wild world of ing Officer Robert Goldstein
Co. manager Vineer Bhansali, sitions before the pandemic strategies creates risks that 2015, taking office space min- speculation when the last de- earned $9.85 million in 2019.
capitalized on the markets’ re- emerged as a crisis. Mr. Bhan- may trigger the next serious utes away from Pimco’s New- cade had created unprece- Across the industry, asset
action to the new coronavirus sali had long argued that cen- market crash.” port Beach headquarters. dented wealth. management professionals’ bo-
pandemic and its effects on the tral-bank policies in the wake Investors had turned to LongTail had $126 million in “Embedded in this pristine nuses fell 3% in 2019, compared
world’s economies. The Cboe of the 2008 downturn helped those trades as central banks assets under management at set of conditions, however, with 2018, according to compen-
n-
Volatility Index, or VIX, suppress volatility and encour- held interest rates at ultralow the end of 2019. But that figure were the elements that cause sation consulting firm Johnson
touched 83 on March 16, top- age many investment firms to levels. When volatility spikes, has more than tripled this year, panics and market avalanches.” Associates.
no
Travelex SEC Steps

Paid Up to In to Help
Struggling
Stop Hack Loan Funds
Continued from page B1 BY WILLIAM LOUCH
its consumer business in the
second half of February. The Securities and Ex-
It isn’t against U.K. law to change Commission is step-
pay a ransom. However, the ping in to help out business
U.K.’s country’s National Crime development companies that
Agency advises against meeting have been battered by the re-
such demands. Doing so en- cent economic turmoil.
courages more criminal behav- Business development com-
ior while offering no guarantee panies, or BDCs, typically raise
that the stolen data is returned, money from public stock in-
experts say. Some insurers, vestors that they then lend to
however, offer ransom negotia- small, often private, U.S. com-
tion services as part of their cy- panies. Shoring up small and
bersecurity policies. midsize businesses has be-
“It’s like with all blackmail- come a central part of the U.S.
PHIL NOBLE/REUTERS
ers: Paying the ransom, you get government’s strategy to re-

put on the payers list,” said duce the impact of the pan-
Alan Woodward, a cybersecu- demic on the economy.
rity professor at the University The SEC said late Wednesday
of Surrey. “You are one of those it is providing “temporary re-
that’s most likely to pay up. The operator of money-exchange kiosks was crippled by the attack. A U.K. law-enforcement investigation into the breach is continuing, lief” that will make it easier for
That makes you a target for ev- the BDCs to issue and sell secu-
erybody else.” A group of hackers who claim attack Travelex. That opened up pany’s woes have increased since derstating the health-care pro- rities and continue lending to
Travelex had said earlier this to have hacked Travelex—known a chat portal meant to serve as a the ransomware attack. vider’s debt. small and midsize companies.
year that it was hacked using a as Sodinokibi, after the ransom- hotline to the hackers. It is im- Finablr said last month that it Days after Finablr’s disclo- The SEC measures will al-
malware known as Sodinokibi. ware virus—said in an online possible to know who was on the was preparing for a potential sure, S&P Global cut Travelex’s low BDCs to invest in these
The cyberattack forced Trav- discussion with The Wall Street other end, though the chat room collapse as investors began ques- credit ratings deeper to junk sta- companies alongside private
elex to take its internal net- Journal in January that they had displayed information about the tioning its financial arrange- tus. Travelex Chief Tony D’Souza funds that are affiliated with
works, consumer-facing websites received the payment. The group group linking them to the Sodi- ments and ability to operate said at the time that the com- them. Many of the largest
and app offline for several weeks at that time said it no longer nokibi malware. amid the pandemic, sending its pany was committed to pursuing BDCs are managed by private-
to stop the ransomware virus. held the data but wouldn’t pro- London’s Metropolitan Police shares into a tailspin. The com- the best interests of all of its equity firms such as Apollo
The incident disrupted cash de- vide specifics on what it had sto- is spearheading the investigation pany’s founder, Bavaguthu Ra- stakeholders. Finablr didn’t re- Global Management Inc.,
liveries from Travelex’s global len from Travelex. into the Travelex hacking, a ghuram Shetty, stepped down spond to a request for comment. Blackstone Group Inc. and KKR
network of vaults to divisions of The Journal reached the os- spokesman said. He added that from the board of London-listed NMC didn’t respond to a request & Co.—which hold most of
major international banks in- tensible hackers by replicating payment of ransom was the NMC Health PLC earlier in the for comment. their assets in private-equity
cluding Barclays PLC and Lloyds what a cybersecurity consultant company’s business. year amid concerns about finan- —Rob Barry and credit funds that aren’t
Banking Group PLC in the U.K. believes to be the virus used to Travelex and its parent com- cial irregularities including un- contributed to this article. publicly traded.
THE WALL STREET JOURNAL. * * * * * Friday, April 10, 2020 | B11
MARKETS
S&P Enjoys Its Biggest Week in Decades

The index’s best rally to 23719.37 and rose 13% for said stocks have proved to be Dow Jones Industrial Average, best weeks on record best showing since 2011, while
the week, while the Nasdaq more resilient than expected: in the Asia-Pacific region, Aus-
since 1974 comes Composite advanced 62.67 central bankers have stepped Aug. 6, 1932 22.7% tralia’s stock benchmark
despite grim news on points, or 0.8%, to 8153.58 and in to provide unprecedented closed the week 6.3% higher.
added 11% for the week. levels of support for the econ- Chinese and South Korean
virus, unemployment The frenzied rally con- omy. The Federal Reserve un-
June 25, 1938 16.5%
equity benchmarks ended the
trasted with dim news on the veiled new programs Thursday Feb. 13, 1932 15.3% day higher, while Japan’s Nik-
Stocks rose to post one of health of the economy. to provide $2.3 trillion in lend- kei 225 was flat.
their biggest weeks of gains, Data Thursday showed the ing, expanding efforts to reach April 22, 1933 14.9% DJIA, year to date “Investors are not putting
extending a remarkable rally number of Americans who ap- small and midsize businesses, the risk of a resurgence on the
despite evidence of increasing plied for unemployment bene- as well as cities and states. 30000 top of their minds right now,”
Oct. 10, 1931 13.8%
economic strain due to the fits in the first week of April The central bank also said it said Eli Lee, head of invest-
coronavirus pandemic. was 6.6 million, as swaths of would expand its corporate July 30, 1932 13.4% ment strategy at Bank of Sing-
the U.S. economy shut down lending programs to riskier 25000 apore. The risk of a second or
By Caitlin Ostroff, because of the coronavirus types of debt that had previ- June 27, 1931 12.9% subsequent wave of infections
Akane Otani pandemic. ously been excluded. would bear watching as this
and Chong Koh Ping In a report, the Congressio- Others believe the economy March 27 2020 12.8% 20000 could prolong containment
nal Budget Office said it ex- will rebound in the second measures, leading to a longer
Markets charged higher pected U.S. unemployment to half, given authorities’ con- April 9 2020 12.7% recession than expected, he
much of the past week, help- rise to more than 10% in the tainment measures prove ef- 15000 cautioned.
ing shares of everything from second quarter, despite law- fective in stemming the spread Sept. 24, 1932 12.6%
J F M A
On Friday, many of the
banks to manufacturers to ho- makers recently enacting stim- of coronavirus. world’s major stock markets,
tel operators chip away at ulus measures to offset the Nearly 85% of the econo- Sources: Dow Jones Market Data (weekly); FactSet (year to date) including the U.S., will be
their losses. pain stemming from a nation- mists in a Wall Street Journal closed for public holidays. At
THURSDAY’S The S&P 500 wide disruption to business. survey predicted annualized Banks rallied, with JPMor- to slash oil production. midday Friday in Tokyo, the
MARKETS added 39.84 “There’s a lot of uncertainty growth rates of 6.2% in the gan Chase up $8.46, or 9%, to U.S. crude for May delivery Nikkei was down 0.1% while
points, or 1.4%, at the moment,” said Andrew third quarter, followed by 6.6% $102.76 on Thursday and fell $2.33, or 9.3%, to $22.76 a Hong Kong’s Hang Seng Index
to 2789.82 on Thursday and Hunter, a senior U.S. econo- in the fourth quarter. Goldman Sachs Group up barrel. The S&P 500 energy was up 1.4%.
gained 12% for the week—cap- mist at Capital Economics. In the stock market, some $7.30, or 4.1%, to $184.25. sector posted losses for the In the currency markets,
ping off its biggest week of “Everyone’s been surprised at of the sectors that have been Energy stocks briefly rose day, the only sector of the S&P the WSJ Dollar Index, which
gains since 1974. The Dow the speed and scale of the lay- hit hardest in the past month but then ended the day lower 500’s 11 groups to do so. measures the currency against
Jones Industrial Average offs.” were among the biggest gain- after conflicting reports about The Stoxx Europe 600 fin- a basket of 16 others, fell 0.58
jumped 285.80 points, or 1.2%, One reason analysts have ers. major producers’ willingness ished the week up 7.4% for its point or 0.62%, to 93.56.
Fed Moves Spur Rally

In Corporate Bonds
BY SEBASTIAN PELLEJERO walled off large sectors of the
AND SAM GOLDFARB fixed income markets. Inves-
.
tors are riding that momen-
ly
Investors snapped up the tum and jumping into those
debt of car makers, oil drillers asset classes,” said Bryan
and other wounded companies Whalen, a fixed-income port-
after the Federal Reserve said folio manager at TCW Group. on
it would lend trillions more to “If there’s further volatility
support the U.S. economy. due to the economic down-
The Fed’s new lending pro- turn, then there will be more
grams are aimed at commer- money.”
us l,
cial loans, mortgages, cities, Prices for debt from compa-

states, and companies big and nies including Ford Motor Co.
al a
e
small. They helped push up registered especially large
the iShares iBoxx $ High Yield gains after the Fed said it
Corporate Bond ETF, an ex- would buy new and existing
ci on
change-traded fund tracking bonds from fallen angels—

junk bonds, 6.6%, according to newly downgraded corpora-
FactSet. The iShares invest- tions that had carried invest-
ment-grade bond ETF rose ment-grade ratings from two
YEGOR ALEYEV/ZUMA PRESS

4.7%. out of the three major ratings
er rs
And investors now judge a firms through March 22. The

wide swath of companies less central bank had previously
likely to default on their debts: said it would only buy invest-
the cost of protecting $10 mil- ment-grade bonds with
m e
lion of below-investment- shorter-term maturities.

grade corporate Ford’s 7.45% bonds due in
CREDIT bonds against de- 2031 finished up at 89.5 cents Crude prices have fallen more than half this year as millions around the world have stopped driving and flying. A Russian facility.
m rp
MARKETS fault for five on the dollar after the Fed’s
Oil Accord Gets a Thumbs-Down

years using announcement, according to
credit-default swaps dropped MarketAxess, compared with
sharply to around $525,720 as 71 cents Wednesday. The auto
of Thursday’s close from maker has more than $36 bil-
co Fo
$619,470 on Wednesday, ac- lion in outstanding bonds, BY JOE WALLACE tinue at a Group of 20 meeting cartel in recent years to prop not be enough to support
cording to IHS Markit’s CDS making it the single largest is- AND DAVID HODARI of energy ministers set for Fri- up oil prices, would cut output higher prices in the coming
index. For investment-grade suer in high yield. day. by half that amount. weeks as world-wide lock-
bonds, that cost fell to $81,550 Other potential beneficia- Oil prices declined Thursday Crude prices have fallen U.S. Energy Secretary Dan downs pummel demand for
from $105,030 at Wednesday’s ries include Continental Re- as traders weighed the impact more than half this year as mil- Brouillette is due to take part gasoline, diesel and jet fuel.
close. sources Inc. and Western of a potential deal among ma- lions around the world have in a conference of oil ministers Global oil consumption is on
The Fed’s move was the lat- Midstream Operating LP, jor exporters to cut production stopped driving and flying in from the Group of 20 major course to plunge by almost 35
est in a series of extraordinary which lost their investment- amid the coronavirus pan- efforts to slow the spread of economies Friday, which may million barrels a day in April,
interventions in financial mar- grade status after March 22. demic. the deadly virus. result in assurances of broader according to Mr. Rahim.
kets aimed at mitigating the Continental Resources’ 4.9% The initial verdict: The cuts The tentative accord is be- cuts. Though in free-market Still, the reduction in output
economic fallout from the cor- bonds due in 2044 climbed to could be too little too late to ing hammered out as Saudi economies, such as in the U.S. may help oil prices recover
onavirus crisis. Those have in- 73.375 cents from 61 cents. match the sharp decline in fuel Arabia and other oil exporters and Canada, there is little that once lockdowns are lifted.
cluded cutting interest rates to “In the investment market, consumption around the world. work to broker a global con- policy makers can do to quickly “If you cut 10 million bar-
near zero and buying billions there’s never surety, but this U.S. crude sensus on oil-production cuts drive down production. rels, and China’s recovering
n-
in Treasury securities, moves provides a little more stability, COMMODITIES prices, as with a view to removing 20 Low prices are starting to and Europe then recovers and
many analysts said demon- liquidity and clarity,” said Da- measured by million barrels a day from do the job, however. U.S. oil the U.S. starts to come out of
strate the central bank’s com- vid Albrycht, president and West Texas Intermediate fu- global supply, the people told [the coronavirus lockdown],
mitment to ensuring smooth chief investment officer of tures, fell 9.3% to $22.76 a bar- the Journal. Investors remain then oil demand gets really
no
market functioning. Newfleet Asset Management. rel, a roughly 20% swing from wary as a virtual meeting be- tight really quickly,” said Alan
“The Fed has essentially Just the promise of the intraday highs. Brent-crude fu- tween the Organization of the
The reduction in Gelder, vice president of refin-
Fed’s intervention has reig- tures, the global benchmark, Petroleum Exporting Countries output may help oil ing and oil markets at consult-
De-Escalation nited the corporate-bond mar- lost 4.1% to close at $31.48, and its allies, led by Russia, ing firm Wood Mackenzie.
ket in recent weeks. Compa- paring back earlier gains of continues, with Iraq and other
prices recover once Production curbs could also
Investors are demanding less
yield over Treasurys to hold
nies issued more than $105.3 more than 10%. major oil exporting nations yet lockdowns are lifted. ease logistical strains in the oil
billion in investment-grade Prices shot up early as Saudi to agree on cuts. market, stopping storage facili-
corporate bonds as credit-
bonds in the past month, said Arabia, Russia and other large “A sizable cut would miti- ties from overflowing with a
market conditions improve.
Bank of America Global Re- exporters met to discuss coor- gate the issues we’re seeing in glut of crude and lowering the
Corporate-bond spreads search, with $37.7 billion of dinated production cuts aimed terms of hitting storage capac- production during the week cost of chartering oil tankers,
that occurring in the week at buoying prices. Conflicting ity globally,” said Saad Rahim, ended April 3 averaged 12.4 which has soared.
12 pct.pts. ended Wednesday. reports about the depth of pro- chief economist at commodi- million barrels a day, down “It won’t be enough to bal-
10 Meanwhile corporate-bond posed cuts and the willingness ties trader Trafigura. “But in a from the 13 million that has ance the market, but it will be
spreads, or the extra yield of some nations to go along re- sense, it’s too little too late for been typical in 2020, according enough to handle the oversup-
8 High-yield over U.S. Treasurys that inves- versed the morning rally and this month given the collapse to U.S. Energy Information Ad- ply with the current available
tors demand to hold company sent prices back down. in demand. The boats are ministration data. Meanwhile, storage,” said Paola Rodríguez-
6 debt, have fallen in recent Saudi Arabia and Russia loaded, the pipes are full and the number of rigs drilling in Masiu, senior oil analyst at
4
weeks. After hitting a high of reached a preliminary agree- the refineries are cutting runs.” the U.S. and Canada this week Rystad Energy.
3.73 percentage points on ment Thursday to reduce pro- Saudi Arabia, OPEC’s de dropped to 602 and 35, respec- Traders will scour the fine
2 March 23, the spread for the duction, people familiar with facto leader, has agreed in tively, according to Baker print of any agreement. One
Investment-grade Bloomberg Barclays U.S. Cor- the matter told The Wall Street principle to lower production Hughes Co. That compares key detail is the baseline for
0 porate Investment Grade index Journal. But following over 11 by four million barrels a day with 790 and 240 in late Feb- the decline in output. Saudi
Jan. Feb. March April is now down to 2.53 percent- hours of negotiations, Mexico from output levels in April, the ruary. Arabia, Russia and others have
age points as of Wednesday, abruptly exited from the talks, Journal reported. Russia, which Investors remain concerned started to pump more oil since
Note: Spreads based on Bloomberg Barclays
corporate-bond indexes. according to FactSet. The jeopardizing a final pact. Dele- has led a group of nations that that even the largest collective earlier cuts expired at the end
Source: Bloomberg Barclays spread for the Bloomberg Bar- gates said the talks would con- had been coordinating with the production cuts in history may of March.
clays high-yield index is down
to 8.71 percentage points as of
AUCTION RESULTS
Here are the results of Thursday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
Wednesday from a high of 11%
on March 23.
In addition to lower-rated
Traders Settle With SEC on Alleged Hacking
FOUR-WEEK BILLS corporate bonds, the Fed said BY DAVE MICHAELS the filings and before the earn- quired to repay is less than half contracts to trade on antici-
Applications $259,352,426,800 it will now allow purchases of ings information was disclosed of the profit he was accused of pated price moves in stocks
Accepted bids $93,929,876,800
" noncompetitively $975,922,400
new classes of debt that were Two men accused of partici- to the entire market. earning from the trading based on filings taken from the
" foreign noncompetitively $430,000,000 excluded in the central bank’s pating in an international trad- David Kwon and Igor Sa- scheme. The SEC’s civil com- SEC’s database. Mr. Sabodakha
Auction price (rate) 99.985222
(0.190%)
response to the 2008 financial ing ring that used stolen corpo- bodakha are the first to settle plaint from last year said Mr. was a Ukraine-based associate
Coupon equivalent 0.193% crisis. rate earnings releases have the Securities and Exchange Kwon earned $401,474 from his of a day-trading business ini-
Bids at clearing yield accepted 82.10%
Cusip number 9127962L2
In government-debt mar- agreed to settle fraud claims, Commission’s civil charges in trades. tially based in Los Angeles, ac-
The bills, dated April 14, 2020, mature on May 12, kets, the yield on the bench- regulators said Thursday. the case. Mr. Kwon, who re- The SEC said in a news recording to the SEC. He also
2020. mark 10-year Treasury note The enforcement case high- sided in Los Angeles, agreed to lease that it reserved the right agreed to settle without admit-
EIGHT-WEEK BILLS fell to 0.732% from 0.762% at lights the government’s vulner- pay back $165,474 in ill-gotten to seek a civil fine against Mr. ting or denying fault. An attor-
Applications $181,907,202,800 Wednesday’s close, according ability to hackers, who in 2016 gains. Mr. Sabodakha, who Kwon, who agreed to settle ney for Mr. Sabodakha declined
Accepted bids $73,056,552,800
" noncompetitively $152,447,300 to Tradeweb. Meanwhile the broke into a regulatory data- lived in Ukraine when the SEC without admitting or denying to comment. Both men agreed
" foreign noncompetitively $870,000,000 30-year yield traded around base known as Edgar, which sued the group in 2019, agreed the allegations. An attorney for to settle the cases months ago,
Auction price (rate) 99.954889
(0.290%) 1.348% from 1.362% the previ- stores market-moving informa- to give back $148,804 in illicit Mr. Kwon declined to comment. according to consent agree-
Coupon equivalent 0.294% ous day. tion. The defendants allegedly profits and pay a fine of the Mr. Sabodakha was one of ments made public Thursday.
Bids at clearing yield accepted 51.41%
Cusip number 9127962U2 —Heather Gillers traded during the few hours or same amount. the overseas defendants who The settlements are subject to
The bills, dated April 14, 2020, mature on June 9, 2020. contributed to this article. minutes between when they got The amount Mr. Kwon is re- allegedly often used derivatives court approval, the SEC said.
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water. So soon as its flow lessens we trudge off in wet overalls or heavy
rubbers to our respective cabins. We are now ground-sluicing at or about
the year 1860, when miners generally had abandoned “cabining” in squads
and each man kept house by himself. Cause—general incompatibility of
temper, temperament, disposition, and habit. The sober miner found it
disagreeable to live permanently with the spreeing miner, and the miner
nice in his domestic economy and particular about his food soon became
tired of a companion who never aired his blankets and didn’t care whether
his bread was light or heavy, sweet or sour. Trudging to our cabins, we pick
up the dried twigs in our path. These are to kindle the dinner fire. Dinner is
very much like breakfast, beef or bacon, bread, tea, dried-apple sauce. The
boots are kicked off and thumped into a corner. The temperature is up to
that notch that induces perspiration without any exertion at all and the ugly
little stove makes it hotter still. We sit down to the noon meal in a melting
condition and rise from it in the same state. Dinner is eaten, the “nooning”
is over, back again to the claim, turn on the water, pick, shovel, scrape, pry,
toss back boulders and prop up sluices slipped from their supports. Between
two and three o’clock a snowy-white cloud rises over a distant peak to the
eastward. It seems like a great bank of snow against the blue sky and the
longer we look at it the farther we seem to peer into its translucent, clear-
white depths. It rises over that peak at almost the same hour every afternoon
and is almost of the same shape. It is the condensed vapor of the snow
melting on the higher Sierra summits eighty-six miles distant. It is imposing
in its silent imperceptible rising, its wonderful whiteness, its majesty, its
distance. It seems a fit bed of snowy splendor for fairies or some sort of
ethereal beings to bask and revel in. It seems to be looking down half in
scorn half in pity at us four weary, miserable worms of the dust, feebly
pecking at a bit of mother earth, muddy, wet, and feebly squirming in and
about this bank of dirt.
At four o’clock there are longer pauses in our labors. There is more
leaning on shovels and more frequent glances at our timepiece, the sun, as
he sinks in the western heavens. The shadow of the hill opposite creeps
slowly down its side. It is a cool, welcome shadow. The strongest worker
secretly welcomes it. Though he be a “horse of a man,” his muscles also
feel the effects of the long day’s labor. It is more his strong will than his
body which keeps him swinging the pick. We are in duty bound to work till
six o’clock. Everybody works till six o’clock. Everybody is more or less
tired at four o’clock, but it is not the capacity of the body for labor that fixes
the time. It is custom, stupid custom. The gauge is the limit of physical
strength, not for the weakest, but the strongest. The great, brawny-armed,
big-boned Hercules of our company doesn’t feel it much. He may walk
three miles after supper to the Bar store, play cards and drink whiskey till
nine o’clock and then walk back again and be up fresh for work next
morning by 5:30 o’clock. This is 1860. In 1870 he showed it, however, and
in the marks of age was ten years ahead of his time. You can’t keep up this
sort of thing—digging, tugging, lifting, wet to the skin day after day,
summer and winter, with no interval of rest, but a steady drag twelve
months of the year—without paying for it. There’s dissipation in the use of
muscle as well as in the use of whiskey. Every old miner knows it now and
feels it. Don’t you? How does the muscle of forty-five years in 1882
compare with that of twenty-five in 1862? Of course, man must live by the
sweat of his brow, or the sweat of his brain, but many of you sweat too long
in those days, and I hear you all saying, “That’s so!” Start anew the fire in
the little stove; thump the wet boots in the corner; drag yourself down to the
spring a few hundred yards distant for a pail of fresh water; hack a few
more chips from the dried stump; mix some flour, water, and yeast powder
for the day’s baking; set down a minute on your flour-barrel chair and look
on your earthly possessions. The worn and scarred trunk you brought years
ago from the States; it holds your best suit of a forgotten fashion, two or
three white shirts, a bundle of letters from home, a few photographs, a
Bible, not worn out with use, a quartz crystal, a few gold “specimens,” a
tarantula’s nest, the tail of a rattlesnake and six vests. Do you remember
how vests would accumulate in the mines? Pants, coat, everything else
would wear out—vests never.
CHAPTER XIV.
THE MINER’S RAINY DAY.
No work on the claim to-day. It rains too hard. It is the winter rain of
California—a warm, steady, continuous drizzle. The red earth is soft and
soppy. It mires to the ankles. The dark green of the chaparral on the hill
sides seems to-day almost black. The hue of the river by my cabin door is
yellower than ever. The water-mark is three feet higher than last night and it
creeps upward every hour. Over the mountain crags yonder white sheets of
foam are tumbling where none has been seen before for many months. This
is an enforced day of rest. I have finished my breakfast and sit down for a
few minutes in a keen enjoyment of idleness. There is a ceaseless patter of
raindrops on the cabin roof. The river roars louder than ever over the riffle
close by. That roar is the first sound I hear in the morning and the last at
night. It has roared thus for me these three years. In one sense of times’
duration they seem as three hundred years; in another, they seem not much
over three months. It is three months when I think only of the date of my
arrival on Frazier’s flat. It is three hundred years as I attempt to recall the
daily round of experience and thought since I came here. Outwardly it has
been what many would consider a monotonous experience. Weeks have
been so much alike that they leave no distinguishing marks in my memory.
A big freshet or two, a mining lawsuit, an election, a few weeks when the
claim “came down rich,” a fight at the bar store, a bigger spree than usual, a
visit from county candidates travelling for votes, a giving out of ditch water,
a break in the reservoir, a man drowned in the river—these are the great
events on Frazier’s flat.
I wonder how many years more I shall spend here. I wonder if I must
live and die here. I am no nearer fortune than three years ago, not so near by
three years. I seem more and more chained down here by force of habit. I
seem fit for little else but to dig. I long to see something of the great world
beyond this lone foothill nook. Yet without money I feel less and less
capable of going out and “getting on” in that world. And as for saving
money—well, we call this a “three-dollar claim,” which means an average
daily profit, when all expenses are paid, of two dollars more or less. These
thought are making it as gloomy within as the weather is without. I must get
out of this. My gray flannel working shirt needs mending. The right sleeve
is ripped from wrist to elbow. It has been so ripped for about six weeks. I
have rolled that wet sleeve up to the elbow about a hundred times a day, and
at every tenth stroke of the pick it has unrolled again and flapped in my
face. I sew up the sleeve with a very large needle and a very coarse thread
doubled. This is a good time to clean up a little. I will be domestic to-day. I
will bake a fresh batch of bread and make a pie. It shall be a mince pie. We
are ten miles from the nearest baker’s mince pie. It shall be made of salt
beef previously soaked to freshness, dried apples, molasses and vinegar in
lieu of cider. The crust I roll out with a junk bottle on a smooth, flat board. I
bake it on a shallow tin plate. It will be, when done, a thin, wafery pie; but
it will be a pie—the shadow of a pie at least—such as I used to eat at home;
only a shadow.
Rain, rain, rain. The wind is up and about too, tearing around among the
trees and shaking the cloth roof of my cabin. Here and there little trickles of
water are coming through and running down the logs. Mine is a log cabin of
the roughest make. Four logs piled atop of each other form the sides. A mud
chimney at one end; a door at the other. The logs are very dry and very
rotten and abound in those insects that delight in rotten wood. I have found
scorpions under the bark and occasionally an earwig promenades over the
table. I open the door and look out on the river. It is rising. Wrecks are
coming down—boards, logs, lumber and an occasional sluice and pieces of
fluming. There is an eddy around the turn of the hill above, where much of
this drift runs in. I repair thither and make a few hauls. I secure a half-dozen
good boards, some pieces of joist, some driftwood for fuel, and pile it up on
the bank out of the swelling water’s reach. “Halloa!” That cry is from a
couple of men on the other side of the river, plodding down the trail in
oilskins. I know them. Two of the “boys” from Poverty Bar. They are going
to Price’s store two miles below—store, grogshop, boarding-house, polling
booth at election, ferry, etc. Being a rainy day they are going there to get
drunk. That is not their avowed purpose on setting out, but it’s as near a
certainty as anything can be in this world.
I return to my cabin. The pie has baked. It is browner than I intended it
should be. On one side it is almost black. It is ornamented about the rim
with a row of scollops made by pressure of the thumb. Now I put in the
bread, previously mixed and kneaded. I am not a good breadmaker. It is
always bread too much baked, or too little, or too sour, or too yellow, or too
heavy. But I don’t care. I bake only for myself and I am unfortunately too
easily pleased and probably too lazy to take that care and elaborate
preparation necessary for good bread. I never measure accurately the
proportions of flour, water, and yeast powder necessary for good bread. I
throw them together at random. It’s a “hit or miss”—generally miss. It’s too
much trouble to bother about these small details. A particular friend of mine
who stayed with me a few days reproved me for the poor quality of my
bread and the general slovenliness apparent about my cooking utensils.
“You have no pride,” said he.
I owned up. What was the use of pride about a tin kettle. This friend was
my backer. He had set me up on this claim and put me, after a fashion, on
my feet. He had come to see how I was getting along. While on this visit a
man of some standing from a camp up the river came along looking for a
stray cow. My friend asked him to dinner—one of my dinners—graced by
about the worst baking of bread I ever accomplished. My friend did not
realize what he was about when he asked the future Lieutenant-Governor of
the State of California to that dinner. But when he sat down to my board
and when they tried to eat my bread, he sorrowed in secret and gave me
some good and forcible advice afterward relative to culinary and domestic
matters. In these matters he was a very particular man. During his stay he
inaugurated a reign of neatness and for me one of terror and discomfort. He
put his whole mind on cooking and covered the stove with dishes. He was
an animated bill of fare. He scoured all the tinware brightly. I was quite
surprised at the new, fresh look of things, and in secret thought seriously of
reform, and hoped he wouldn’t stay long.
But the man didn’t enjoy eating his elaborately prepared meals so much
as I did. He worked too hard getting them up. He exhausted too much of his
force in planning, worrying, and cooking. He worked his mind in too many
channels at once. He lacked repose. There’s where I had the best of him. I
was reposeful, and if you please so to term it, lazy. He is dead—I am alive.
There’s the result of different mental conditions. It is noon. I have no clock
to tell the hours, but we acquire a faculty of feeling when noon arrives. The
rain has ceased temporarily, but it will soon recommence, for which I am
glad, as it will prevent work on the claim during the afternoon. Having
eaten dinner, finishing with a piece of my mince pie, it occurs to me that
this is a good time to write home. It’s hard work writing home. I put it off
for weeks and months. It lays a load on my mind. I receive at times letters
from people complaining of my neglect. I know I ought to write, but what is
there to write? Nothing but the same old story “Hope soon to do well.” I
have written in this strain for the last six years until I am tired and sick of it.
It is of no use telling any more about the country. All that has been told. If
my people only knew how much I suffered in this endeavor to be dutiful,
perhaps they would not insist on my writing more than the line, “I am still
alive; yours truly.” Thousands more of letters from California wanderers
would have been received by anxious relatives had they been content with
this. But you were expected to write. Bricks without straw.
It is a hard thing to realize, and few will realize it, that no matter how
close the tie of relationship, in reality there can be a wider and wider
drifting apart. Interests are not the same; associations are not the same;
location, surrounding, environment are not the same. Through some or all
of these influences you are growing into another man; another woman. You
would hardly recognize yourself could you see your own identity and
individuality as it was ten years ago; you believe differently, you are
another individual. What is that cry from the old home so far away? It is the
longing for some expression from the being of 1850 and not from the one of
1860, who, did he stand under the shadow of that roof and sit at that well-
remembered table, would still after a few days show the change, proving in
himself or herself the lack of something which once existed, and so prove a
disappointment. The ink in my cabin is thick, the pen a bad one and my
mind seems in this epistolary effort thicker and rustier than ink or pen.
“Dear ——” and then a big blot, and then a long pause and the patter of the
rain and the roar of the river. I write about a page and a half, feeling as if
every stroke of the pen were encumbered with a ball and chain. I
accomplish half a dozen more blots and I finish in a wretched state of mind
and in a prickly heat. It is a barren, pithless, sapless effort. I will go out and
get a breath of fresh air and rain. It is four o’clock. Still it rains. The
heavens are dark and already the first shades of the winter’s night are
coming on. I revisit my haul of lumber from the river. It is gone. The river
has not reached the spot where I placed it. It is the work of those thieving
Chinamen on Chamber’s Bar, half a mile above. There is no use in going
after them. My lumber is deposited and hidden amid the piles they have to-
day dragged out of the river.
I spend about an hour getting in fuel. I have a woodyard on the hillside
yonder. Nature has kindly felled and seasoned there a few scrub oaks for
my use. I drag down a few branches. The land here is free—very free. No
fences, no boundary lines, no gates, no proprietors. It’s a pretty flat when
the sun shines. A dark background of mountain, in front a river, with its
curving and varied outline of tule and bank up and down stream, and close
about the oaks are so scattered as to give one the impression of a park and
an old mansion hidden somewhere in the background. What a luxury would
be this spot to thousands in crowded cities who haven’t even the range of a
back yard nor the shadow of a tree! Yet I am discontented and would get
away to these crowded cities. The early darkness has come. I light my
candle. My candelabra is of glass—dark olive-green—a bottle. I did use a
big potato with a hole therein scooped. But the esthetic nature requires
constant change and I adopted a bottle. I spread the evening repast. I sit
down alone. From the window I see lights glimmering in the few other
neighboring cabins.
McSkimmins drops in after tea. I know all that McSkimmins will say,
for I have often heard it before; but McSkimmins is better than nobody—or
rather better than one’s own thoughts, unrefreshed and unrelieved by
mixture with any other minds’ thought. McSkimmins goes. I take refuse in
the effort to repair my best and only pair of broadcloth pantaloons. I
brought these with me from the States. They show decided signs of wear. I
am putting in a patch. It is a job I take hold of at intervals. There is about it
a mystery and a complication I can’t fathom. I can’t get the patch to fit, or,
rather, to set. There is more in the tailor’s art than I imagined. Every time I
have put them on I find a difference and a seeming division of action and
sentiment between the new cloth I have sewed inside and the old cloth
outside. They won’t hold together. The stitches rip apart and everything
goes by the run. I seem to fail in making the new cloth accommodate itself
to the varying proportions of this part of the garment. And so the dreary
night wears on. Rain, rain, rain; roar, roar, roar. Is this living?
CHAPTER XV.
THE MINER’S SUNDAY.
This is the Sunday sun that streams through the cabin window and
through the chinks of the cabin wall.
It is the same sunshine as that of the week day. Yet as the miner wakes
and realizes it is Sunday it has a different appearance and conveys a
different impression from that of the weekday sun. Everything seems more
quiet, more restful, and even more staid and serious. There belongs to it and
to the landscape as he looks out a flavor of far-away Eastern Sabbath bells
and Sunday morning’s hush and longer family prayer than usual and
Sunday-school. But there is not a church bell within ten miles and there
never will be one heard on this flat. There is not the least approach to
church society or religious organization or observance. There is not, so far
as known, so much as a man in the least religiously inclined. We are a hard
lot. No work on the claim to-day. The pick and shovel will rest where
thrown Saturday afternoon and only a trickle of yellowish water from the
reservoir will seep through the long line of sluices instead of yesterday’s
muddy surge rushing through—sand, gravel and grating pebble and boulder.
But there is work of another sort to be done and a great deal of it. After
breakfast shaving. That small mirror of most imperfect glass, whose
reflection distorts the features, screwing up one side of the face and
enlarging the other in an unnatural fashion, is suitably adjusted. A smell of
soap pervades the air. He lathers and shaves and relathers and reshaves with
a tedious and painful precision, the while making faces at himself in the
glass as he brings one portion of his countenance after another more
directly under the sweep of the razor. In some cases he comes off with a few
scratches or leaves a hirsute oasis here and there of uncut bristle. Black
pantaloons, a white shirt, a felt or straw hat, a linen duster and the Sunday
boots. This is his dandy outfit. In his pocket is a buckskin purse, once
yellow, now faded to a dull gray, holding gold dust, a few ounces more or
less, perhaps five, perhaps ten. It is the company dust and is to be sold and
turned into bright, yellow gold pieces. And why all this preparation? “To go
to camp.” Camp is three miles away over the mountain yonder. A group of
ramshackle cabins, alternating with saloons, three grocery stores, a hotel, an
express office and a Justice of the Peace, all in a hot gulch, with hillsides
long ago swept of trees, scarred with cuts and streaked with patches of dry
yellowish ledge. “Camp” to him has all the importance and interest of a
great metropolis. It is the centre of news. The stage passes through it on the
way to a larger camp. Two boss gamblers reside there. There is a faro game
on occasions, a billiard table with a mountainous sort of bed, where the
balls roll as they please and after an eccentric fashion of their own.
The camp is for him the first nerve-centre of civilization and the only
outlet to the great world which he has left. You, fresh from the great city,
regard this dilapidated place as an out-of-the-way corner; but to him, living
on his remote flat, with but two cabins in sight for as many miles, camp is a
place of importance. The news is fresh here; the city papers are here; the
political candidates speak here; the one-horse show comes here and all the
minor lawsuits untried here. Camp is reached after a long, hot walk. He
suffers in his store clothes from the heat. In his working every-day flannels
he would not so much mind it, but the restraint and chokiness of starched
linen are fatiguing. It is laborious even to be “dressed up” on a hot day. Of
this he is not aware. He has not yet so far analyzed into the depth and
causes of sensations, yet it is a labor in tropical weather to wear and bear
good clothes—clothes which cannot safely be perspired in; clothes which
one can’t “lop down” in; clothes which require care in the keeping, as well
as dignity and uprightness; I mean physical uprightness. He never so much
suffered from the heat on a week day as on Sundays and the cause was
mainly the difference between clothes which demanded consideration and
respect and those which did not.
He repairs first to the Magnolia. He has long in imagination seen it from
afar. How cool is the big barroom. The landlord keeps the floor well wet
down. That Magnolia floor is one of the few places where water, unmixed
with other fluid, is useful and grateful. How comforting and soothing is the
first drink. A long drink in a long tumbler, with plenty of ice, soda water
and whiskey. If heaven be anywhere as a material locality it is in that first
cool drink after a three-mile July tramp over the kiln-dried hills and herbage
of the California foothills. The Magnolia is the social heart-centre of camp.
There he finds the doctor. The doctor drinks with him. The doctor drinks
with everybody. There, too, is the Justice of the Peace. The Justice drinks
with him. The Justice holds his Court at the Magnolia. The proprietor of the
Magnolia is the camp constable and between drinks during trials calls viva
voce the witnesses in the case. The Judge drinks with him. The Judge
generally drinks. The principal camp gambler is at the Magnolia. He takes a
light drink. He is a wise man and knows the advantage and profit of keeping
a cool head. The regular camp drunkard sits in the rear in one of the arm-
chairs back of the billiard table. He looks so humble, so respectful—and so
dry, that our miner’s heart moves to pity and he “asks him up.” He
complies, but not with undue haste. This treats of the era between 1865 and
1870. The camp drunkard had not then so “lost his grip” as to be unmindful
of a certain slowness, deliberation and dignity befitting a gentleman. But
when he does arrive at the bar he takes a “four-fingered” drink.
They stand in a row at the bar. The barkeeper is mixing the “long” and
the short drinks. Each man waits, says nothing and eyes every motion of the
bartender. The silence is impressive. All is ready. Each glass is grasped and
raised, and then from each to each, and more than all, from all to the drink
donor, there is a nod, that incantatory phrase is uttered, “Well, here’s luck,”
and the poison is down. As it rasps, they call “Ahem!” with varied degrees
of modulation. But this is a careful and prudent miner and he now repairs to
the store. There his dust is weighed, sold, and the week’s provision ordered.
His combined partners’ “divvys” are put aside in a lump and safely stored.
Now the weight is off his mind. He returns to the attractions of camp.
These are not numerous. There is the Magnolia, the Bella Union, the
Court Exchange, the post and express office. There are the “boys.” He
learns the news of the county or district. The Mount Vernon is paying four
dollars per day. Long Shortman has gone on another spree and hasn’t done
any work for the last ten days. Jimmy McNeil has sent for his wife’s sister.
She is unmarried. Sullivan has had another row with his wife and she has
complained to the authorities. Sam Gedney is going to run for County Clerk
on the Democratic ticket. Bob Delmame lost $200 at the game the other
night. A San Francisco company have bought the Crazy gulch quartz lead
and will put a ten-stamp mill on it. The schoolmaster was drunk last Friday
night. Ford shot at McGillis the other night, but did not hit him. There is
scandal and talk concerning the Frenchwoman who keeps the peanut stand
and the Justice of the Peace. The Wiley girls, two sisters who have recently
moved into camp, are making a sensation, and their small parlor at times
won’t hold the crowd of semi-bald and unconsciously middle-aged miners
and others who are calling on them with possible matrimony in prospective.
They may pass along the street about the middle of the afternoon and such
“ragging out” was never seen before in this camp. The curious have
investigated the tracks made by their little gaiters in the red dust of the
upper road and report them the smallest feet ever seen in this section. Billy
Devins of the Blue-jay claim is thought to have the best show with the
eldest, and Goldberry of the lively stable with the youngest. No. He won’t
let his best horse and buggy to anybody now and takes her out riding three
times a week. But they’re snappy and uncertain, and nobody can count on
them for a certainty. So runs the week’s news, which he picks up with
sundry drinks.
He enjoys the luxury of a hotel dinner—a dinner he is not obliged to
prepare with his own hands—a decidedly plain dinner in metropolitan
estimation, but to him, commencing with soup and ending with pie, a
sumptuous repast. It is moonlight and he takes his way back by the old trail
home. Old not in years, but in association. It is but the track of twenty years
or so, yet for him how old is it in thought. How many, many times he has
travelled over it.
That poker game is going on in one corner of the Magnolia. The “hard
case” from over the hill is trying to beat it. He has been so trying every
Sunday night in that same saloon and in that same corner for the last twenty
years. He has grown old in trying. It has kept him poor, yet he thinks he can
play poker. He is encouraged in this impression by a considerate few. He
works for them. They “scoop him in” regularly. He will go home to-morrow
morning, and during the week wash out a couple of ounces more for the
benefit of “Scotty” and “Texas.” It is 11 o’clock and time to go home. That
three-mile walk is before him; he has taken as many drinks as is prudent,
possibly one or two more. The camp saloon revelries are beginning to quiet
down. Most of the prominent drunks have fallen in the cause. The chronic
drunk of the camp is talking at the bar. But he will thus talk all night; he
never stops talking—or drinking. He has been here more or less drunk ever
since 1852. He is phenomenal and not a standard for ordinary intemperates.
Almost every camp has known such a drunkard. Some are alive yet. They
are of the immortal few not born to die. It would be madness to compete
with such.
So he sets out on his lonely walk. Of how much has he thought while
plodding over it. Here the same big buckeye brushes against his face as it
did in the “spring of ’50,” when he was twenty years younger and had a
sweetheart in the “States,” whose memory was fresh and warm. It has all
died out since. The letters became less and less, the years more and more,
and then all came to a dead standstill and he received the village paper, and
there, appropriately below the column of deaths, he read of her marriage,
whereat he went to camp and plunged wildly into all the concert saloon
could give and made things howl and boldly challenged the chronic poker
game and won. The trail turns suddenly. It has run over the rocks by the
river, its trail at times for many feet almost illegible, a vague smoothly-
worn streak over ledge and loose boulders, polished and strewn with new
white sand and pebbles by some unusually high freshet. But here the
shelving bank suddenly ceases. It becomes a precipice. Up the hard-worn
path in the red earth he climbs forty, fifty, sixty feet. It is closely hedged
with chemisal. Now he emerges near the brow of the high rocky bluff. In all
its moonlit glory surges, bubbles, and roars the river below. Its yellow
muddiness of the day is now changed to a dark shade of brown, with
tremulous silver bars. Night and the moon are the artists.
CHAPTER XVI.
THE COW FEVER.
About this time (1861) a cow fever began to rage throughout the State.
It got hold of people, and impressed them with a burning idea that the road
to fortune was a cow path, and that fortunes lay in keeping cattle. The cow
fever reached the seclusion of Swett’s Bar. We invested all our spare cash in
cows and waited for results. Cattle were spoken of as a sure card for
fortune. Keep cattle. Buy improved breeds. Raise them. “Cross” them. Feed
them for nothing on the native grass. Buy cows. Cows give milk. People
can live on milk. Milk then to us was a luxury. It paid no milkman to travel
up and down the rough and rocky ledges of the Tuolumne ringing his bell at
miners’ cabins half a mile apart. Indeed he could not so travel without
carrying his milk à la panier on a donkey’s back, and by the time it had
reached its place of destination it would have been agitated to butter. So all
of us miners went in for cows. Improved cows. We bought each an
improved cow. We hauled this cow by ropes across the raging, eddying,
furious river to our side. Frequently she arrived more dead than alive. Then
came a season of hope and expectation as to fortunes through cows. We
arose at five in the morning, built the fire for breakfast, went out and sought
our cows, generally feeding or reposing a mile or more from our cabins,
caught these cows, milked them, returned to the cabin, finished the cooking
of either a burned or cold breakfast, went forth and labored in the claim till
noon, came home, cooked dinner, went forth again, at 1 P.M., labored till six,
went back to the cabins, chopped wood for fuel, travelled 500 feet or yards
to the spring for water, returned, mixed our bread, put it in the oven, went
out and milked the cow, then bent over the hot stove for an hour until bread
was baked, and then, heated, flushed, perspiring, exhausted from the day’s
labor, and with nerves quivering by reason of such exhaustion, we arranged
the miner’s table, sat down to the meal, and wondered why we had so little
appetite.
Keeping cows proved laborious work for miners. When, in addition to
kindling the fire in the morning, cooking your own breakfast, coming home
at night wet and tired after working all day in the ground-sluice, then
hacking away at some old stump to get wood enough to cook the supper,
travelling may be an eighth of a mile to the nearest spring for a pail of
water, and bending and bothering with meat-frying and bread-making, you
add, chasing night and morn, milk pail in hand, some contrary cow all over
the flat in order to milk her, you pile too heavy a load on any man’s back.
Because, in the matter of housekeeping, we had ceased the co-operative
system. We dwelt all apart, each a hermit in his own cabin. We were diverse
in habit, and could not get along with each other’s peculiarities. The neat
man couldn’t abide the slovenly man; the economical man couldn’t sit
patiently by and see his partner cut potato parings a quarter of an inch in
thickness; the nervous man was exhausted by his partner’s whistling or
snoring, and all these and numberless other opposing peculiarities at last
caused each man hermit-like, to retire into his own cell.
We had other trouble with our cows, for they were ravenous after salt.
We neglected to “salt them.” Result: If any article containing the least
incrustation of salt was left outside our cabins, the entire herd would gather
about it at night, lick it, fight for its possession and keep up a steady
grunting, stamping, lowing, and bellowing. They would eat clothing left out
over night on the clothes-line to dry. In such manner and for such reason
also would they eat through the cotton walls of our houses. Once, when
away for three days attending a county convention at Sonora, on returning
to my lone cabin, I found it a scene of ruin and desolation. A cow had eaten
through the cloth wall on one side, and eaten her way out at the other, and
had stopped long enough inside to eat up all my flour, rice and vegetables.
Once, when moving my household effects from one cabin to another, on a
wheelbarrow, I left it near the middle of the flat for a few minutes. On
returning I saw a cow making off with my best coat. She held it in her
mouth by one sleeve. On seeing me she started off on a run, still thus
holding the sleeve in her mouth and making violent efforts to eject it. The
coat-sleeve was a ruin when I did get it. She had chewed it for salt’s sake to
the likeness of a fish net. Keeping cows did not make our fortunes at
Swett’s. Then everybody said: “Keep hogs. They will feed on acorns and
increase very rapidly. In a few years the plains and hills will groan under
the burden of your pork.” So I bought hogs. I bought a sow and seven pigs.
They gave me much to think of. Before I had owned them a week
complaints concerning them came from neighboring miners, who owned no
hogs. These pigs of mine broke through the cloth walls of the cabins and
would consume the miner’s entire weekly stock of provisions in a few
minutes. Then they would go outside and root from out the hot coals—his
“Dutch oven,” wherein his bread was baking while he labored afar in his
claim, and this bread when cooled they would also devour. I had, on buying
these animals, engaged that they should “find themselves.”
There was no reasoning with the suffering miners in this matter. I argued
that my pigs had a right to run at large, and that they should make their
houses more secure. The miners argued that right or not right, they would
shoot my pigs even if found near their cabins. If that was not sufficient, they
might shoot me. Their positiveness in this matter was of an intense and
violent character. There was no such thing as discussion with them on legal
or equitable grounds. I think now that I and the pigs had law and right on
our side, but the miners were in the majority and had might. Nor was this
all. These pigs, seemingly recognizing my ownership, came home at night
to sleep. They slept in a pile just outside my cabin door, and as the night air
wafted down from the higher Sierra summits became cooler, the pigs on the
outside of the pile became uncomfortable. Being uncomfortable they tried
to get inside the pile. This the warm pigs inside resisted. The resistance was
accompanied with squealing and grunting, which lasted all night long and
disturbed my sleep. This pig pile consisted of a rind of cold and
uncomfortable pigs and a core of warm and comfortable pigs, and there was
a continual effort on the part of the cold porcine rind to usurp the places of
the warm and comfortable porcine core. They gave me no rest, for when,
with the warm morning sun, this uproar ceased, there came the season of
complaint and threat from my plundered neighbors. Finally a cold storm
chilled half of these pigs to death. I sold the remainder as quickly as
possible to a ranchman who better understood the hog business.
During the receding of the waters after one of the annual spring freshets,
I saw several hundred dollars in gold dust washed out near the base of a
pine tree on the river’s bank, between Hawkins’ and Swett’s Bar, where
probably it had years before been buried by some unknown miner. That is, I
saw it after it had been washed out and found by another more fortunate
miner. In all probability there are many thousands of dollars in dust so dug
by hard-working hands and so buried in California, there to remain until the
Last Day perhaps longer. Where’s the utility of resurrecting the “Root of all
Evil” on the Last Day, just at the time when people in heaven or elsewhere
are presumed to be able to get along without it? Yet it is a mysterious
Providence that impels any poor fellow to dig his pile bury it for
safekeeping, and then go off and die in some out-of-the-way place without
being able to leave any will and testament as to the exact hole where his
savings lay. Regarding buried treasure, there is a hill near Jamestown
concerning which, years ago, there hovered a legend that it held somewhere
thousands of dollars in dust, buried in the early days by a lone miner, who
was, for his money’s sake, murdered in his cabin. They said that by the
roots of many trees on that hillside it had been unsuccessfully dug for.
Anyway, the miner left a memory and a hope behind him. That’s more than
many do. If you want to leave a lasting recollection of yourself behind drop
a hint from time to time ere you depart for “The Bright and Shining Shore”
that you have interred $10,000 somewhere in a quarter section of land, you
will then long be remembered and your money dug for.
CHAPTER XVII.
RED MOUNTAIN BAR.
The California mining camp was ephemeral. Often it was founded, built
up, flourished, decayed, and had weeds and herbage growing over its site
and hiding all of man’s work inside of ten years. Yet to one witnessing these
changes it seemed the life of a whole generation. Of such settlements, Red
Mountain Bar was one. Red Mountain lay three miles above Swett’s Bar,
“up river.” I lived “off and on” at the “Bar” in its dying days. I saw it decay
gently and peacefully. I saw the grass, trees, and herbage gradually creep in
and resume their sway all over its site as they had done ere man’s
interruption.
I lived there when the few “boys” left used daily, after the close of an
unsuccessful river season, to sit in a row on a log by the river’s edge, and
there, surveying their broken dam, would chant curses on their luck. The
Bar store was then still in existence. Thompson was its proprietor. The stock
on hand had dwindled down to whiskey. The bar and one filled bottle alone
survived. On rainy nights, when the few miners left would gather about the
stove Thompson would take down his fiddle, and fiddle and sing, “What
can’t be cured must be endured,” or, “The King into his garden came; the
spices smelt about the same”—a quotation of unknown authorship. Of
neighbors, living in their cabins strung along the banks for half a mile
above the store, there was Keen Fann, an aged mercantile and mining
Chinaman, with a colony about him of lesser and facially indistinguishable
countrymen of varying numbers. Second, “Old Harry,” an aged negro, a
skilled performer on the bugle and a singer, who offered at times to favor us
with what he termed a “little ditto.” He was the Ethiopic king of a knot of
Kanakas gathered about him. Third, “Bloody Bill,” so-called from his
frequent use of the sanguinary adjective, and, as may be guessed, an
Englishman. Fourth, an old Scotchman, one of the Bar’s oldest inhabitants,
who would come to the store with the little bit of gold dust, gathered after a
hard day’s “crevicing” complaining that gold was getting as scarce as “the
grace of God in the Heelands of Scotland.” Fifth, McFarlane, a white-
bearded old fellow, another pioneer, who after a yearly venture into some
strange and distant locality to “change his luck,” was certain eventually to
drift back again to the Bar, which he regarded as home. Down the river,
nestled high up in a steep and picturesque gulch, stood the buckeye-
embowered cabin of old Jonathan Brown, the ditch tender, a great reader of
weekly “story papers,” who lived like a boy in the literature of the Western
Frontier Penny Awful, and who, coming to the store and perching himself
on the counter, would sometimes break out in remarks about how “Them
thar Indians got the better of ’em at last,” to the astonishment of the “boys,”
who imagined at first that he referred to Indians in the locality, suggesting
possibilities of a repetition of the great Oak Flat uprising of 1850.
At the “top of the hill,” a mile and a half away, stood the “Yankee
Ranch,” kept by a bustling, uneasy, and rather uncomfortable man from
Massachusetts, aided by his good-natured, easy-going son-in-law. One rainy
winter’s day the “boys” congregated about Thompson’s store became seized
with a whim for the manufacture of little pasteboard men turning
grindstones, which, fastened to the stove, were impelled to action by the
ascending current of hot air. So they smoked their pipes, and wrought all
day until the area of stovepipe became thickly covered with little pasteboard
men busily turning pasteboard grindstones. Then, George M. G., the son-in-
law of the Yankee Ranch, came down the hill to borrow an axe. George was
of that temperament and inclination to be of all things charmed with a warm
stove on a cold, rainy day, a knot of good fellows about it, a frequent pipe
of tobacco, maybe an occasional punch and the pleasing manufacture of
hot-air-driven little pasteboard men turning pasteboard grindstones. He
forgot his axe—sat down and began with the rest the manufacture of
pasteboard men and grindstones. And he kept on till a late hour of the night,
and stayed at the Bar all night and all the next day and that next night, until
the stovepipe was covered to its very top with little men, all working away
for dear life turning grindstones; and on the second day of his stay the
exasperated father-in-law suddenly appeared and delivered himself in
impatient invective with regard to such conduct on the part of a son-in-law
sent forty-eight hours previously to borrow an axe. Such was the circle oft
gathered on the long, rainy winter’s eve about the Thompson store stove.
All smoked. Keen Fann frequently dropped in. He stood respectfully, as a
heathen should in such a Christian assemblage, on its outer edge, or humbly
appropriated some unoccupied keg, and for the rest—grinned. From his
little piggy eyes to his double chin Keen’s face was a permanently settled
grin.
Keen Fann had learned about twenty words of English and would learn
no more. In his estimation, these twenty words, variously used, after a sort
of grammatical kaleidoscopic fashion, seemed adequate to convey
everything required. One of his presumed English expressions long puzzled
the boys. Asking the price of articles at the store he would say: “Too
muchee pollyfoot.” At last the riddle was correctly guessed. He meant:
“Too much profit.”
For protection Keen Fann built his house opposite the store. The
Mexicans were then attacking and robbing isolated bands of Chinamen. At
one bar a few miles below, then deserted by the whites, the Chinese had
inclosed their camp with a high stockade of logs. Yet one night they were
attacked. The Mexicans besieged their fortress for hours, peppering them
from the hillside with revolvers, and at last they broke through the
Mongolian works and bore off all their dust and a dozen or more revolvers.
Keen Fann’s castle was in dimensions not more than 12x15 feet, and in
height two stories. Within it was partitioned off into rooms not much larger
than dry-goods boxes. The hallways were just wide enough to squeeze
through, and very dark. It was intensely labyrinthian, and Keen was always
making it more so by devising new additions. No white man ever did know
exactly where the structure began or ended. Keen was a merchant, dealing
principally in gin, fish, and opium. His store was involved in this curious
dwelling, all of his own construction. In the store was a counter. Behind it
there was just room for Keen to sit down, and in front there was just room
enough for the customer to turn around. When Keen was the merchant he
looked imposing in an immense pair of Chinese spectacles. When he shook
his rocker in the bank he took off these spectacles. He was a large consumer
of his own gin. I once asked him the amount of his weekly allowance. “Me
tink,” said he, “one gallun, hap (half).” From the upper story of the castle
protruded a huge spear-head. It was made by the local blacksmith, and
intended as a menace to the Mexican bandits. As they grew bolder and
more threatening, Keen sent down to San Francisco and purchased a lot of
old pawn-shop revolvers. These being received, military preparation and
drill went on for several weeks by Keen and his forces. He practised at
target-shooting, aimed at the mark with both eyes shut, and for those in its
immediate vicinity with a most ominous and threatening waver of the arm
holding the weapon. It was prophesied that Keen would kill somebody with
that pistol. None ever expected that he would kill the proper person. Yet he
did. One night an alarm was given. Keen’s castle was attacked. The “boys,”
hearing the disturbance, grabbed their rifles and pistols, and sallied from the
store. The robbers, finding themselves in a hornets’ nest, ran. By the
uncertain light of a waning moon the Bar was seen covered with Chinamen
gabbling and wildly gesticulating. Over the river two men were swimming.
Keen, from the bank, pointed his revolver at one, shut his eyes and fired.
One of the men crawled out of the water and tumbled in a heap among the
boulders. The “boys” crossed, and found there a strange white man, with
Keen’s bullet through his backbone.
I experienced about the narrowest escape of my life in a boat during a
freshet on the Tuolumne crossing. I counted myself a good river boatman,
and had just ferried over a Swett’s Bar miner. He had come to purchase a
gallon of the native juice of the grape, which was then grown, pressed and
sold at Red Mountain Bar. When he crossed with me he was loaded with it.
Some of it was outside of him in a demijohn and some of it was inside.
Indeed it was inside of us both. I set him across all right. On returning, by
taking advantage of a certain eddy, one could be rushed up stream counter
to the current coming down for a quarter of a mile, and at a very rapid rate.
It was very exciting thus to be carried in an opposite direction, within ten
feet of the great billowy swell coming down. It was a sort of sliding down
hill without the trouble of drawing one’s sled up again. So I went up and
down the stream. The Red Mountain wine meantime was working. Night
came on, a glorious moon arose over the mountain tops, and I kept sliding
up and down the Tuolumne. I became more daring and careless. So that
suddenly in the very fury of the mid-stream billows I slipped off the stern
sheets at a sudden dip of the boat and fell into the river. I was heavily clad
in flannels and mining boots. Of my stay under water I recollect only the
thought, “You’re in for it this time. This is no common baptism.” The next I
knew I was clinging to a rock half a mile below the scene of the
submergence. I had been swept under water through the Willow Bar, the
walls of whose rocky channel, chiselled by the current of centuries, were
narrower at the top than on the river-bed, and through which the waters
swept in a succession of boils and whirlpools. Wet and dripping, I tramped
to the nearest cabin, a mile and a half distant, and stayed there that night.
Red Mountain Bar, on seeing the mishap, gave me up for lost—all but one

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Wall Street Journal Friday April 10 2020

Wall Street Journal Tuesday April 7 2020 News Corp

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Wall Street Journal Tuesday April 14 2020 News Corp

Wall Street Journal Monday April 27 2020 News Corp

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What’s Millions More File Jobless Claims

Fed’s New Loans

State Farm is slashing $2

their investment-grade status. efforts to support lending

provide up to $2.3 trillion in ell is pushing deeper into ar-

The human cost of the

tinued to mount as con-

the U.S. and dire economic

A2 | Friday, April 10, 2020 * ***** THE WALL STREET JOURNAL.

Joe Biden made an early

EVAN VUCCI/ASSOCIATED PRESS

Saudis, day this month.

Reach Deal ter alone would be “close to 12

Trump administration has re- working with others.

THE WALL STREET JOURNAL. * * * * * Friday, April 10, 2020 | A3

Faulty Masks Food Aid on the Way for Those in Need

Are New Risk

DREW ANGERER/GETTY IMAGES

Plan to Ration Treatment Is Unfair

To Frailest Patients, Advocates Say

at previously drafted proposals. The Washington State De-

vices’ Office for Civil Rights, ment. The federal civil-rights

On Abortion Ban or other scarce treatments be-

Head Start Helped State Limit Crisis Prisoners Riot Amid

A4 | Friday, April 10, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

U.S. Death Toll Climbs Past 16,600 Postal

Lawmakers Hit Impasse Over Next Aid Step

an impasse as Republicans and

tranche of coronavirus relief,

$2.2 trillion relief package less

for a quick boost to small

tals and other recipients.

Smaller Cities, Left Out of Stimulus Package, Are Struggling

THE WALL STREET JOURNAL. Friday, April 10, 2020 | A5

over-diversification, generic strategies not tailored to your goals, and tax

explains the disadvantages of funds many investors

FOR INVESTORS WITH $500K OR MORE:

A6 | Friday, April 10, 2020 * ***** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

SOPHIA GERMER/BLOOMBERG NEWS

Jobless Claims Continued at Historic Highs 6.6 million claims ﬁled

then and now 6 million 6 million received beneﬁts Thursday.

governments facing declining could have done things differ-

March 7 14 21 28 April 4 March 7 14 21 28 April 4 March 7 14 21 28 April 4

portfolio has quickly ballooned nesses, which it defined as

Millions ued to sour as the crisis contin-

File for 7.5 million people were already

Payments so-called continuing claims—as

THE WALL STREET JOURNAL. NY Friday, April 10, 2020 | A7