* * * * * * TUESDAY, APRIL 7, 2020 ~ VOL. CCLXXV NO. 81 WSJ.com HHHH $4 .00

DJIA 22679.99 À 1627.46 7.7% NASDAQ 7913.24 À 7.3% STOXX600 320.58 À 3.7% 10-YR. TREAS. g 28/32 , yield 0.675% OIL $26.08 g $2.26 GOLD $1,677.00 À $43.30 EURO $1.0793 YEN 109.22

After Rachel Wall describedher coughing spells, extremefatigue and fevers, her doctorstold her to self-quarantine inher Denver home for 10 daysand until she was fever-freefor 72 hours. In Cincinnati,Elizabeth Edwards was advisedto stay home for 14 days anduntil she was symptom-free forthree days.

In the Netherlands, KevinToms also got a 14-day direc-tive. In Australia, Amy McKen-zie’s home isolation could lasteven longer: She needs two con-secutive negative tests—andshe’ll be eligible to get testedonly after symptoms are gone.

Because data on Covid-19progression is scant andknowledge about the virus thatcauses it is swiftly changing,guidelines about when patientsin recovery can safely resumesome aspects of their pre-coro-navirus lives vary greatly

In an about-face, actingNavy Secretary Thomas Modlyapologized Monday night forhis profanity-tinged remarksover the loudspeakers of theUSS Theodore Roosevelt, inwhich he called the aircraft car-rier’s former commander stu-pid or naive for writing anddistributing a memo about acoronavirus outbreak.

The remarks to crew mem-bers by Mr. Modly drew outragefrom many sailors and Navy of-ficials, calls from lawmakers forhis resignation and disapprovalfrom President Trump.

In the remarks, Mr. Modlydefended his decision to fireCapt. Brett Crozier as the air-craft carrier’s commander fol-lowing a memo by the com-mander regarding a coronavirusoutbreak on board the ship.

In his statement later Mon-day, Mr. Modly apologized tothe Navy and to Capt. Crozierfor the tone of his remarks,but didn’t take back his deci-sion to relieve the carrier com-

PleaseturntopageA6

By Nancy A. Youssef,Ben Kesling,Lucy Craymer

and Gordon Lubold

CreditMarketsRegainFootingFed’s efforts begin toreduce disruptions inthe financial system;the Dow leaps 7.7%

BY SAM GOLDFARBAND ANNA HIRTENSTEIN

Bubbe Has Entered the Meeting:The Virtual Passover Seder Begins

i i i

This socially isolated holiday, Jewishfamilies make the most out of videochat

No Passover Seder would becomplete without an ancienttradition known as the FourQuestions. For thousands ofyears, they have helped Jewsget to the heart of this sacredholiday.

Due to the coronavirus pan-demic, Seders this year mightcome with four new questions:Did someone mute me? Whyisn’t my picture working? Canwe wash our hands already?

And does Bubbe know I’m onmy fifth glass of wine?

Just like students and em-ployees learning to work re-motely, families are coming togrips with worship from home.Many Jewish families are lean-ing into the challenge for Pass-over, which starts on Wednes-day, with videochat Seders.The evening involves compli-cated rituals, intergenerational

PleaseturntopageA2

BY JOSHUA ROBINSONAND ANDREW BEATON

Improvising to preserveholiday traditions.................. A13

For drug companies, there is suddenlyonly one priority: the coronavirus.

More than 140 experimental drug treat-ments and vaccines for the coronavirus arein development world-wide, most in early

stages, including 11 already in clinical trials,according to Informa Pharma Intelligence.

Counting drugs approved for other dis-eases, there are 254 clinical trials testingtreatments or vaccines for the virus, manyspearheaded by universities and government

By JosephWalker, Peter Loftusand Jared S. Hopkins

Key parts of the U.S. debtmarkets are functioning again,a sign the Federal Reserve’sextraordinary steps are easinga credit-market crunch.

Investors said the Fed hasreduced disruptions in the $17trillion U.S. Treasurys marketthat had sent shock wavesthrough the financial system.Large businesses such as Ora-cle Corp. and CVS Health Corp.are borrowing money at a re-cord pace. Some lower-ratedcompanies are issuing bondsagain. And increased demandfor mortgage bonds is startingto pull mortgage rates lowerafter they unexpectedly roselast month.

On Monday, the Dow JonesIndustrial Average rose1,627.46 points, or 7.7%, to22679.99. Gains were broad,lifting all 30 stocks in the Dowindustrials and all 11 sectors inthe S&P 500. Shares of beaten-down retail and travel compa-nies Kohl’s Corp., NordstromInc. and Carnival Corp. & PLChelped lead the climb.

Markets overall have grownmore stable recently, sup-ported by the Fed, the $2 tril-lion economic-rescue packagepassed by Congress and some

PleaseturntopageA8

THECORONAVIRUSPANDEMIC

Tourist towns plead withoutsiders to stay away, A3

Novel tactics keep air trafficcontrol centers open, A5

Jump in egg pricespressures grocers, B1

old prime minister was con-scious when he was wheeledinto the intensive-care unit ofa central London hospital ataround 7 p.m. local time onMonday, a step taken in casehe needed to be put on a ven-tilator, an official said.

Mr. Johnson, who testedpositive for the new coronavi-rus nearly two weeks ago, hadled Britain’s response to thepandemic while isolated in hisofficial residence next to 10Downing Street. He was hospi-talized on Sunday. Earlier on

Monday, Mr. Johnson tweetedthat he was “in good spirits.”

The prime minister is thefirst head of governmentknown to have been infectedwith the new virus, whicherupted in China late last year.His hospitalization risks creat-ing a leadership vacuum asBritain faces its worst healthcrisis in more than a century.

The virus outbreak is ex-pected to peak in the U.K. inthe coming week and the gov-ernment has been grappling

PleaseturntopageA10

LONDON—U.K. Prime Min-ister Boris Johnson, fighting aserious coronavirus infection,was admitted to the intensive-care unit of a London hospital,leaving his country’s leader-ship in question at a momentof deep crisis as the virus’sspread accelerates.

As Mr. Johnson’s conditionworsened, he deputized For-eign Secretary Dominic Raabto run the government, aspokesman said. The 55-year-

BY MAX COLCHESTER

U.K. Leader Sent to Intensive Care

U.S. Deaths Cross 10,000 in Struggle to Control Contagion

SAFETY CHECK: A medical worker has her temperature taken at a control point on a covered footbridge before enteringthe Dell Seton Medical Center at the University of Texas in Austin on Monday. The U.S. death toll surpassed 10,000. A4

ERIC

GAY

/ASS

OCIAT

EDPR

ESS

research agencies, with hundreds more trialsplanned. Researchers have squeezed time-lines that usually total months into weeks oreven days.

“We have never gone so fast with somany resources in such a short time frame,”said Paul Stoffels, chief scientific officer ofJohnson & Johnson.

Even so, for most treatments and vaccinesit will be midsummer before human testingreveals whether they are safe to take, not tomention if they work. J&J is excited about avaccine prospect but won’t be able to starttesting it in humans till September. Research

PleaseturntopageA12

Search for Coronavirus CureAdvances Fast, the Virus FasterResearchers have a host of projects—new drugs, old drugs, vaccines

around the globe, and evenwithin countries.

Adding to the uncertainty,some guidelines differ depend-ing on the severity and type ofcase. Authorities in Australiahave three sets: for people whohave mild cases and recovercompletely at home, for peoplewho have been hospitalizedand for health workers.

The variation is sowing con-fusion about what patientsshould do and when they canbe considered well. It all addsto their anxiety, they said.

“We’re in uncharted terri-tory. We really don’t know.That’s the problem,” said JohnGumina, chairman of familymedicine at Jersey Shore Uni-versity Medical Center in NewJersey. He recommends a 14-day quarantine, but sometimes“even at that point, the pa-tients are feeling pretty funky,”he said.

Ms. Wall’s 10-day quarantineended April 5, but the 32-year-

PleaseturntopageA12

BY DANIELA HERNANDEZAND MIKE CHERNEY

Patient Guidelines SowConfusion on Recovery

Navy HeadApologizesTo CaptainHe Berated

Cardinal’s Conviction OverturnedAustralia’s highestcourt acquittedformer Vaticanfinance chiefCardinal George Pellof child sex-abusecharges, overturninga conviction thathas dividedCatholics aroundthe world. The 78-year-old prelate,shown last year,was serving a six-year prisonsentence. A11A

NDY

BROWNBILL/A

SSOCIAT

EDPR

ESS

See how atDellTechnologies.com/HereToHelp

Our global team is ready with thetechnology, support and strategy tokeep your business moving forward.

Many thingshave changed.Our commitmentto you hasn’t.

CONTENTSBanking & Finance B10Business News.. B3,6Capital Journal...... A4Crossword.............. A14Heard on Street. B12Life & Arts...... A13-15

Markets..................... B11Opinion.............. A17-19Sports........................ A16Technology............... B4U.S. News............. A2-3Weather................... A14World News.......... A11

s 2020 Dow Jones & Company, Inc.All Rights Reserved

>

What’sNews

U.K. Prime MinisterJohnson, fighting a seriouscoronavirus infection, wasadmitted to the intensive-care unit of a London hospital,leaving his country’s lead-ership in question. A1, A10 The U.S. death toll fromthe coronavirus topped10,000 at the start of a weekthat officials predicted wouldbe America’s most difficultyet during the crisis. A4 Asian nations that hadavoided harsh restrictionsamid the pandemic aretightening controls after newinfections and lax obser-vance of voluntary curbs. A9The actingNavy secretaryapologized for profanity-tinged remarks over the loud-speakers of the USSTheodoreRoosevelt in which he blastedthe ship’s ex-commander. A1 Trump’s recent urgingthat even those without cor-onavirus symptoms take amix of antimalarial and anti-bacterial drugs defies pub-lic-health experts’ advice. A5Wisconsin’s election willproceed onTuesday after con-servative majorities on thefederal and state supremecourts blocked Democraticefforts to extend balloting.A2Australia’s highest courtacquitted former Vaticanfinance chief CardinalGeorge Pell of child sex-abuse charges, overturn-ing his conviction. A11 The U.S. branded a Rus-sian white-supremacistgroup and its top membersas global terrorists. A2 Died: Al Kaline, 85, De-troit Tigers Hall of Famer.

Key parts of the U.S.debt markets are func-

tioning again, a sign theFederal Reserve’s extraor-dinary steps are easing acredit-market crunch. A1 U.S. stocks rallied, withthe Dow industrials surg-ing 1627.46 points, or 7.7%,and the Nasdaq and S&P500 posting gains of 7.3%and 7%, respectively. B1 Trump said the govern-ment would buy nearly 167million masks from 3M overthe next threemonths, resolv-ing a disputewith the firm.A4A growing scarcity of oil-storage space is driving someof the biggest crude pro-ducers to negotiate a trucein the Saudi-Russian fightover market share. B1, B11Auto insurers Allstateand American Family aresending refunds to policy-holders, citing a sharp dropin accident claims as peoplehunker down at home. B1The committee that helpedbroker a $13.5 billion set-tlement for California wild-fire victims in PG&E’s bank-ruptcy case said it no longersupports the current deal. B1 JPMorgan’s Dimon saidthe bank can handle whathe expects to be a “bad re-cession” brought on by thecoronavirus crisis. B10 Samsung Electronicsdelivered a forecast forfirst-quarter operatingprofit that exceeded ana-lysts’ expectations. B4 Airbnb said it is raising$1 billion in funding fromSilver Lake and Sixth StreetPartners, as the firm sees aglobal hit to its business. B2

Business&Finance

World-Wide

P2JW098000-6-A00100-17FFFF5178F

A2 | Tuesday, April 7, 2020 * * * * * THEWALL STREET JOURNAL.

U.S.WATCH

FLORIDA

Jobless-Claim SystemBolstered Amid Influx

Gov. Ron DeSantis said thestate’s unemployment systemshould now be able to handlethe crush of applicants it is re-ceiving as workers lose theirjobs because of the coronavirusoutbreak.

He said Monday that thecomputer system’s capacity hasbeen increased to handle120,000 simultaneous connec-tions, about double the peak us-age in recent weeks. By Tuesday,750 additional state employeeswill be trained to handle andprocess phone calls.

Private call centers are alsobeing contracted to provide addi-tional service. Last week, 3.8million calls were made to thedepartment, 50% more than allof last year.

More than 520,000 Floridianshave applied for unemploymentsince March 15, compared with326,000 last year as a whole.

—Associated Press

SPACE

Supermoon Will BeIn Full Glow Tuesday

A supermoon rises in the skythis week, looking to be the big-gest and brightest of the year.

The supermoon—which is afull moon that comes closer tothe Earth than usual—will be221,855 miles away at its fullestTuesday night, making it appearlarger and more brilliant.

“Use this as an opportunityto not physically distance your-self, but emotionally connectwith something that is physi-cally far from us,” said scientistNoah Petro of NASA’s GoddardSpace Flight Center in Maryland.

—Associated Press

OKLAHOMA

Governor Gets NewPowers Temporarily

The Oklahoma Legislaturegranted new powers to the gov-ernor to respond to the corona-virus pandemic.

The House and Senate met inspecial session Monday and ap-proved the resolution under thenever-before-used CatastrophicHealth Emergency Act, whichgives Gov. Kevin Stitt the au-thority to temporary suspendlaws and regulations that inter-fere with the state’s ability torespond to the pandemic.

It also gives the governor theauthority to redirect state em-ployees and other resources, in-cluding up to $50 million statefunds, from one agency to an-other, among other things.

Those entering the Capitol onMonday had their temperaturechecked, and most House andSenate members wore masksand gloves as they filed onto thefloor in groups of 10 or fewer tocast their votes. Some membersin the House also voted byproxy, a move authorized undernew rules approved last month.

—Associated Press

TEXAS

Man’s Body FoundOn Grounds of Capitol

A man’s lifeless body wasfound Monday morning on thegrounds of the Texas state Capi-tol in Austin.

Paramedics pronounced theman dead at the scene, outsidethe Texas Workforce Commis-sion building. The Texas Depart-ment of Public Safety didn’tidentify the man or say whatcaused his death. The TexasRangers are investigating.

—Associated Press

camera angles, they’ll neverknow.”

Louis Nayman, a 73-year-oldretired union organizer in Del-ray Beach, Fla., had his familyrun a test last week. There willbe about a dozen people at hisvirtual table, in Florida, Mary-land and New York, and theylearned their normally impro-visational style won’t exactlywork. So they set about parcel-ing out as much as possible inadvance. One daughter, aschoolteacher, is in charge ofall technology. Everyone else isin charge of the Hebrew. Com-mentary, though usually en-couraged, will be kept to aminimum.

As it was for Moses scram-bling out of Egypt, time is ofthe essence. Many families’ Se-ders last between two andthree hours, including the re-telling of the Passover story,the actual meal and all the dis-cussion in between. Zoom, forthose who don’t have access toa paid account, caps meetingsat 40 minutes.

“The 40-minute time limiton Zoom is the existential cri-sis right now of Jews,” said Al-ana Newhouse, editor of theJewish online magazine Tabletand a new Haggada. “The ideathey would be limited in howmuch they would be able tosay and talk feels potentiallylike a bridge too far.”

After fielding a deluge ofquestions from nervous first-time hosts, Tablet magazineintroduced its own daily videotutorials that were appropri-ately dubbed Seder Academy.Even some Orthodox rabbis,who normally wouldn’t con-done using electricity on holi-days and the Sabbath, are

digital in response to the virus,giving rabbis at least one les-son.

“You can’t have everyonesing at the same time or readat the same time becausethere’s a lag,” said Rabbi DonCashman, of B’nai Sholom Re-form Congregation in Albany,N.Y., who held a seminar forcongregants on how to host aZoom Seder. The seminar wason Zoom.

What doesn’t change is theHaggada, essentially an an-cient script for Passover. Eventhe word Seder literally trans-lates to “order.” Parts are splitup between readers. The mostfrequently ignored piece of theSeder is now everyone’s favor-ite: Urchatz, the washing ofthe hands. As it turns out, therecommended 20 seconds ofhand-washing matches up ex-actly with one verse and thechorus of the Passover song,“Dayeinu.”

The responsibility of readingthe Four Questions normallyfalls to the youngest person atthe table. But with generationskept apart by social distancing,youngest becomes a relativeterm. Mr. Malina joked his fa-ther could claim the honors forthe first time in 70 years as theyoungest physically at his owntable.

He might have to wait only24 hours to do it again. Sedersare often held on the first twonights of the eight-day holiday,which could come in handy incase of technical glitches onnight one. Mr. Nayman, how-ever, is considering anotheroption.

“Maybe we’ll just play therecording of the first night,”he said.

THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036

Published daily except Sundays and general legal holidays.Periodicals postage paid at New York, N.Y., and other mailing offices.

Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.

All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of whichare available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of theAmericas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Onlypublication of an advertisement shall constitute final acceptance of the advertiser’s order.

Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com

Need assistance with your subscription?By web: customercenter.wsj.com; By email: wsjsupport@wsj.comBy phone: 1-800-JOURNAL (1-800-568-7625)

Reprints & licensing:By email: customreprints@dowjones.com | By phone: 1-800-843-0008

WSJ back issues and framed pages: wsjshop.com

Our newspapers are 100% sourced from sustainably certified mills.

GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS

Hana Cowart mixes matzo dough with her daughter while watching a presentation by CongregationB’nai Israel of St. Petersburg, Fla. Below, Rabbi Josh Stanton of East End Temple in New York.

FROM

TOP:

SCOTT

KEEL

ER/TAMPA

BAYTIMES

/ZUMAPR

ESS;

HANNAHST

AMPL

EMAN

Voting in Wisconsin willproceed as scheduled on Tues-day, after conservative majori-ties on the federal and statesupreme courts blocked Demo-cratic efforts to extend ballot-ing for days or weeks to reducepublic gatherings during thecoronavirus pandemic.

Late Monday, the U.S. Su-preme Court by a 5-4 voteoverturned lower court ordersextending by six days the dead-line for mailing absentee bal-lots. The high court’s actioncame shortly after the Wiscon-sin Supreme Court invalidatedan executive order by Gov.Tony Evers rescheduling theelection to June 9.

Both cases saw all conserva-tive justices side with Republi-cans who were seeking tomaintain voting on Tuesday,while all liberal justices agreedwith Democratic arguments toextend balloting in response tothe contagion.

The rulings mean Wisconsin

is set to buck the trend inother states; more than adozen have postponed elec-tions to comply with public-health recommendations tolimit contact between individu-als during the pandemic. Pollshave shown former Vice Presi-dent Joe Biden leading in thestate’s presidential primary.Local and state races are onthe ballot as well.

State Republican leaders ap-plauded the rulings andpointed out that voters haverequested over a million absen-tee ballots. “This prudent ac-tion by the United States Su-preme Court addresses ourconcerns over ballot security intomorrow’s election,” Wiscon-sin Senate Majority LeaderScott Fitzgerald and AssemblySpeaker Robin Vos said in astatement.

Gov. Evers, a Democrat, saidthat allowing the election toproceed goes against the ad-vice of public-health experts.“Tomorrow in Wisconsin, thou-sands will wake up and have to

BY ALEXA CORSE

Court Rejects Wisconsin Vote DelayRepublicans won a challenge to the governor’s order to move Tuesday’s election to June 9. Above, a polling site in Waukesha, Wis.

SCOTT

TRINDL/ASS

OCIAT

EDPR

ESS

Iowa’s governor recom-mended on March 15 thatschools close, and schoolsstatewide followed the recom-mendation. A graphic with anExchange article Saturdayabout how the coronavirus af-fected businesses duringMarch incorrectly said thatIowa’s schools remained open.

CORRECTIONSAMPLIFICATIONS

Readers can alert The Wall StreetJournal to any errors in news articlesby emailing wsjcontact@wsj.com or

by calling 888-410-2667.

U.S. NEWS

singalongs and large amountsof horseradish. It took 10plagues to create the epicstory behind the Seder. It tookone more to make that Sedercompletely meshuga.

“We are called each year tomake this story of freedomconnect with people,” saidRabbi Josh Stanton, who leadsEast End Temple in New YorkCity. “This year, it’s going totake a lot more planning.”

The challenges are the 2020equivalent of building the pyr-amids. Grandparents have tolearn how to use platforms likeZoom. Everyone has to figureout whose turn it is to readfrom the Haggada, the Pass-over book with songs andprayers. Everyone needs to lo-cate the mute button.

And in the same way theirancestors made do with cakesof unleavened bread long agoin the Passover story, Jews in2020 are making the most oftheir current situation.

Actor Joshua Malina, whostarred in “The West Wing,” aTV show entirely based onclose talking and walkingwithin 6 feet of co-workers,said there may be advantagesto a more socially distancedaffair. He hopes to control themicrophone, giving him thedivine power to silence hisrelatives. He also thinks hecan do something that hisparents would never allow attheir Seder: use plastic cut-lery.

“I would not do that in thepresence of my folks,” Mr. Ma-lina said. “But with the proper

ContinuedfromPageOne

Bubbe HasEntered theMeeting

choose between exercisingtheir right to vote and stayinghealthy and safe,” he said.

Last week, a federal judge inMadison ordered election offi-cials to accept absentee ballotsreceived through April 13.Monday’s Supreme Court orderallows ballots received throughApril 13 to be counted, but onlyif they were postmarked byTuesday, April 7.

Results won’t be releaseduntil April 13 because that partof the lower court’s order re-mains in effect, a spokesmanfor the Wisconsin ElectionsCommission said.

Wisconsin’s Republican-con-trolled Legislature rebuffed ef-forts to reschedule the elec-tion.

“The wisdom of that deci-sion is not the question beforethe Court. The question beforethe Court is a narrow, techni-cal question about the absen-tee ballot process,” the Su-preme Court’s unsignedopinion said. The majoritynoted that the Democratic

plaintiffs hadn’t asked the dis-trict court for that specificremedy, and that changingelection rules under such cir-cumstances was unwarranted.

The majority comprisedChief Justice John Roberts andJustices Clarence Thomas,Samuel Alito, Neil Gorsuch andBrett Kavanaugh.

The dissent, by Justice RuthBader Ginsburg, noted that thepandemic had prompted asurge in absentee ballot appli-cations, creating backlogs inelection offices struggling tomail them out in time.

Earlier in Madison, a 4-2state Supreme Court sidedwith the Legislature, which hadappealed to the justices afterGov. Evers issued his emer-gency order earlier Monday.

Gov. Evers, in a brief to thecourt, depicted an election sys-tem in near-breakdown: Poll-workers were refusing to showup, forcing officials to consoli-date polling stations and creat-ing even larger gatherings forthe virus to spread.

WASHINGTON—The Trumpadministration branded a Rus-sian white supremacist groupand its top members as globalterrorists on Monday, makinguse of a tool normally used totarget radical Islamist groupsoverseas.

The designation named theRussian Imperial Movement, orRIM, a Russia-based organiza-tion with ties to European andU.S.-based white supremacists,as special designated globalterrorists. the State Depart-ment said. Three senior RIMmembers also were designated.

The State Department saidthe designation aimed to curba global rise in attacks linkedto white supremacists whotarget religious and ethnic mi-nority groups. It was the firsttime a white supremacistgroup has been designated asa SDGT, it said in a statement.

“This group has innocentblood on its hands,” top U.S.counterterrorism envoy Na-than Sales told reporters onMonday, linking RIM to terror-ist incidents in Sweden.

RIM provided the trainingto carry out attacks targetinga far-left group and migrantcommunities in Sweden, Mr.Sales said. RIM, which isbanned in Russia, couldn’t bereached for comment.

Lawmakers and academicshave been calling on theTrump administration to domore to combat the rise of do-mestic extremism, following asurge in hate crimes targetingreligious and ethnic minorities.

Mr. Sales declined to com-ment on reported connectionsbetween RIM and white su-premacists in the U.S. But Rus-sian extremist groups appearto have inspired at least somesupport from right-winggroups in the U.S.

Matthew Heimbach, an or-ganizer of the “Unite the Right”rally in Charlottesville, Va., in2017 previously has praisedRussian right-wing groups, in-cluding RIM. A lawyer for Mr.Heimbach didn’t respond to arequest for comment.

The State Department ac-tion Monday labels RIM as aspecially designated globalterrorist, which under an exec-utive order blocks any trans-actions or property intereststhe group or its principals mayhave under U.S. jurisdiction.

A specially designated globalterrorist differs somewhatfrom a foreign terrorist organi-zation, which under U.S. lawmay not be supported in anymaterial way by any U.S. entityor individual. Also, receivingtraining from such groups

would be considered a crime.Seamus Hughes, deputy di-

rector of George WashingtonUniversity’s Program on Ex-tremism, said the move is un-likely to have significant im-pact in the U.S.

“There is not a large cadreof known RIM supporters in theU.S. so on a practical level, theeffect of the designation willhave more importance overseasin terms of stopping the flow offunding and such,” he said.

A report co-written byGeorge Washington Universityand the Anti-DefamationLeague concluded a new domes-tic terrorism statute is neededto help address the challengesposed by such groups.

BY JESSICA DONATI

Russian GroupDraws Terror Label

The U.S. aims tocurb a global rise inattacks linked towhite supremacists.

making special exemptions.Rabbis across the world

have similarly spent recentweeks teaching their con-gregants the finer points ofboth the Talmud and video-chat etiquette. Rabbi Stantonopened up his Seder to thecommunity and expects morethan 100 people in e-atten-dance. The response was sooverwhelming that his syna-gogue had to send out detailed

instructions. One sentencemerited underlining: “Pleasestart by muting your own au-dio.”

Shabbat services for thepast several weeks have gone

Virtual bread

P2JW098000-5-A00200-2--------XA

THEWALL STREET JOURNAL. * * Tuesday, April 7, 2020 | A3

U.S. NEWS

March 12Governor limits gatherings to 250people; all public schools are closed.

Some of the first Taneytown resi-dents affected by the coronavirus re-sponse were students like 14-year-oldArthur Wilson and his 15-year-oldcousin and neighbor, Wyatt Stonesi-fer. The Northwest Middle Schooleighth graders say they have slid intoan easy routine, playing videogamesand shooting hoops next to a set ofrailroad tracks.

“Somewhat boring,” Arthur said.School will remain closed at leastthrough April 24, with instructionmoving online.

March 16Governor orders bars and restaurantsto close (though takeout, drive-through and delivery are allowed);limits gatherings to 50 people.

Antrim 1844, a 40-room inn withan upscale restaurant and event spaceon 24 acres, shut its doors soon afterthe decree. “We were literally put outof business,” owner Richard Mollettsaid. “I had no choice but to lay offabout 72 people.”

Mr. Mollett, 69, pegged March rev-enue at $50,000, a fraction of the$400,000 or so he took in during thesame period last year. He said hehopes to get a loan as part of the gov-ernment’s $2 trillion stimulus packagethat would let him hire back staff.

“When you hear someone say thisis going to last until July or August, Ijust don’t think the country can stand

that,” he said. “I know Taneytowncan’t. I know I can’t.”

The same day the inn closed, Thun-derhead Bowl & Grill on the easternedge of town had to take its bowlingalley and restaurant seating offline.But owner Mark Kraus, 50, said abrainstorming session led to a possi-ble lifeline: reviving the long-dormantdrive-through window.

Now between 30 and 40 customersa day roll up alongside the blue metalwall for homemade fare like meatloafand pot pies, he said. Still, he saidbusiness is off 75% and he has had topare back his staff of 28 by about half.

Mr. Kraus said he thinks Thunder-head can last a month under theseconditions. “It would hurt,” he said,but added, “I plan to be here.”

At Bess and Ben’s Country Kitchen,owner Rod Gross began offering deliv-ery, in addition to carryout, when hehad to close the 52-seat dining room.Just two days earlier, a steady crowdof regulars sat down for breakfast. Byearly April, the restaurant was limp-ing along. Mr. Gross, 69, said hestopped paying himself and divvied upthe dwindling income among his 14employees. Short on cash to makepayroll, he said he had to dip intoemergency reserves.

Now he is counting on a federalsmall-business loan to tide him over.“I don’t think we can continue with-out that little boost. In fact, I knowwe won’t,” he said.

March 22Pat and Steve Raley had plans to

invite friends over for dinner at theirhome in the Carroll Vista 55-pluscommunity. “Then the virus came, soI decided to have a Meals-on-Wheelssort of thing,” said Ms. Raley, 79, aretired nurse.

Mr. Raley, 80, cooked up a 15-pound turkey. The couple preparedstuffing, mashed potatoes, cranberrysauce, rolls and an applesauce cake.Then they set out to deliver the feastto nine families, leaving it in garagesand on doorsteps and giving long-dis-tance hugs.

“We just felt so good we did some-thing that maybe put a smile onsomebody else’s face,” Ms. Raley said.

Among the grateful recipientswere Alice and Chuck Odell, a 92-year-old World War II veteran. Neigh-bors have taken them “all kinds ofsoups and dishes and desserts,” hesaid. “People here are very caring.”

March 23Governor orders all nonessential busi-nesses to close.

Like many other businesses acrossthe U.S., Taneytown Family Barber-shop shut down.

In Taneytown, barbers, gift shopsand other storefronts taped notes totheir front door telling customersthey were closed indefinitely.

“Please take care and we will seeyou when this is over,” reads the noteat Buddy’s Place Dog Grooming. Twoweeks ago, the shop bustled as 30-year-old proprietor Stephani Rickerdgave a trim to a schnauzer namedMabel.

When Ms. Rickerd stopped by dayslater, “it looked like something in the‘Walking Dead,’” she said. “Eerie.”

Her husband is still being paideven though the auto shop where heworks on an Army base is closed, shesaid, but the grooming business istheir main income source. “We have anest egg, but we weren’t planning onusing it this way,” she said.

Yet Ms. Rickerd is charging aheadwith a planned move to a larger build-ing across the street. She signed thelease, and two weeks ago her husbandand father helped paint the interior.

March 25Taneytown municipal playgrounds areclosed, cordoned off with yellow tape.

Taneytown’s second-largest em-ployer, Flowserve Corp., on March 26closed its 235-worker facility for twodays after an employee began showingsymptoms associated with Covid-19,the Texas-based company said.

Flowserve traced the employee’scontacts and quarantined some em-ployees, and had the plant disinfectedover two days, said a spokesman forthe company, whose products includeindustrial pumps, seals and valves.The facility has since reopened.

March 27Maryland orders day-care centers toshut down.

When Lisa Patterson heard thatday-care centers have to shut, shequickly applied for, and received, awaiver allowing her New BeginningsChristian Learning Center to stayopen—though only for the children ofessential workers. The change meantreducing enrollment from 103 childrento 44, and cutting employees’ hours.

Ms. Patterson, 51, said she bor-rowed a forehead thermometer froma relative after finding none to buyand stocked up on alcohol wipes. Butshe said she had a jarring middle-of-the-night realization: She didn’tcheck with her staff before requestingthe waiver. The next day, she asked ifthey felt fine about it. “Every one ofthem said yes,” she said.

March 30Governor issues stay-at-home orderfor all residents.

Taneytown Mayor Bradley Wantzsaid he worries that some small busi-nesses won’t survive the slowdown,even as supermarkets, liquor storesand a few other establishments la-beled essential keep ringing up sales.

And he wonders about the linger-ing effects on the 266-year-old townafter the crisis ends.

For now and the foreseeable fu-ture, he said, he presides over a ghosttown. “It’s creating a new normal,” hesaid, “and that’s a little terrifying.”

TANEYTOWN, Md.—In this historicburg surrounded by farmland, there areno more in-person Sunday services atTaneytown Baptist Church. No dailybreakfast gatherings at Bess and Ben’sCountry Kitchen. No meetings of thetravel club at the Carroll Vista 55-pluscommunity.

Residents of this 3-square-mile city innorthern Maryland, population 6,800,aren’t even supposed to leave their houseunless necessary. In an effort to containthe coronavirus pandemic, Maryland Gov.Larry Hogan, a Republican, issued a stay-

at-home order to the state’s 6 million res-idents on March 30.

“It tears at the fabric of a sense ofcommunity,” said Chris Tillman, 57 yearsold, who runs the Georges on York bed-and-breakfast here with his wife and whoco-owns a construction company. “I’m ahandshaker and a hugger. I have to fightmy instinct every time I see somebody Iknow.”

Here is a look at how life in Taneytownchanged over a few weeks in March, asstate officials steadily ratcheted up ef-forts to contain the virus.

BY SCOTT CALVERT

Isolated by the Crisis,Small Town Tries to Stick Together

Residents of Taneytown, Md., like in much of the nation,find a way to cope and help one another as restrictions

disrupt daily life. ‘People here are very caring.’

Cousins Wyatt Stonesifer, left and Arthur Wilson pass the time shooting baskets.

Lisa Patterson’s day care is still open for the children of workers deemed essential.

Taneytown Family Barbershop

Source: European Space Agency (satellite image)Dylan Moriarty/THE WALL STREET JOURNAL

1 mile

1 km

TaneytownTaneytown

Bess and Ben’sCountry Kitchen

Flowserve

Antrim1844

NewBeginnings

ThunderheadBowl &GrillCarroll

Vista

140

140

194

Area of detailArea of detail

Md.

Rita Bassler gets takeout from Bessand Ben’s Country Kitchen.

ALYSS

ASC

HUKA

RFO

RTH

EWALL

STRE

ETJO

URN

AL(4)

WASHINGTON—The Su-preme Court sided with fed-eral employees raising age-dis-crimination claims, findingthat Congress gave its civilservants greater protectionthan those in the private sec-tor.

In a second decision issuedon Monday, the court easedFourth Amendment limits onpolice, holding that an officeris free to assume that a car’sdriver is its registered owner,and to pull the vehicle over ifthe owner’s license has beenrevoked.

The civil-service caseturned on whether Congress,by enacting a different antidis-crimination provision for fed-eral employees than it did forthose in the private-sector andstate and local government,directed greater protection forits own workforce. By an 8-1vote, the court said yes.

“That Congress would wantto hold the Federal Govern-ment to a higher standardthan state and private employ-ers is not unusual,” JusticeSamuel Alito wrote for thecourt.

That was clear from thetext of the Age Discriminationin Employment Act, he wrote,which protects workers over40. As initially passed in 1967,the ADEA applied only to pri-vate employers. Amendmentsin 1974 extended the law tothe public sector, but Congressused different language for thefederal workforce than it didfor state and local governmentemployees, Justice Alitowrote.

The statute’s text declaresit unlawful to take an adverseemployment action, such asdismissal, failure to promoteor refusal to hire, “because ofsuch individual’s age.”

In other words, an individ-ual is entitled to sue only ifhis or her age was the decid-ing factor.

But the provision for fed-eral employees is written morebroadly, Justice Alito wrote,protecting them from a pro-cess tainted by discriminationeven if they can’t prove theoutcome would have been dif-ferent but for their age. Itreads: “Personnel actions” af-fecting individuals aged 40and older “shall be made freefrom any discrimination basedon age.”

The case was filed by NorisBabb, a clinical pharmacist forthe Department of VeteransAffairs in Bay Pines, Fla. In2014, when she turned 54, Ms.Babb sued the VA alleging shewas passed over for promotionand lost eligibility for holidaypay.

Lower courts dismissed thesuit, finding she hadn’t shownthat discrimination was thereason for those decisions.

The evidence Ms. Babb in-troduced included age-relatedcomments by supervisors.

At oral arguments in Janu-ary, Chief Justice John Rob-erts prompted laughs when heasked a lawyer whether saying“OK, boomer,” to a job appli-cant could be proof of bias.

On Monday, Chief JusticeRoberts, along with JusticesRuth Bader Ginsburg, StephenBreyer, Sonia Sotomayor, El-ena Kagan, Neil Gorsuch andBrett Kavanaugh all voted forMs. Babb’s position.

Justice Clarence Thomas, aformer chairman of the EqualEmployment OpportunityCommission, dissented.

The case is Babb v. Wilkie.

BY JESS BRAVIN

FederalWorkersBacked onAge Claims

Outer Banks, said law enforce-ment is sticking to the restric-tions despite homeowners try-ing to gain access.

The county of 36,000 per-manent residents has just onehospital with 24 beds and nointensive-care unit, she said.

In the summer, when thepopulation swells to 300,000,“they see things like a fishhook in the finger,” she said.More serious cases are trans-ported by helicopter to traumacenters that can be hours awayby car.

Dare County officials onThursday reported three casesof Covid-19, the illness causedby the new coronavirus.

has a clinic, but no hospital.Tourist boards and mayors

of South Lake Tahoe, Calif.; Se-dona, Ariz.; and Moab, Utah,are discouraging visitors andasking or even ordering hotelsand short-term rentals to stopbooking.

The Florida Keys last weekbanned visitors but not prop-erty owners from the chain ofislands. The Outer Banks ofNorth Carolina banned bothvisitors and nonresidenthomeowners as of mid-March.Both areas have set up road-blocks to enforce the bans.

Dorothy Hester, public-in-formation officer for DareCounty, which includes the

1960s. “I think people shouldn’tbe going down there to use upthe resources and also infectthem.”

Massachusetts officials saidthey have no plans to set uproadblocks on the bridges fornow. Visitors from out of stateare asked via electronic signsall over the Cape to self-quar-antine for 14 days.

The Island of North Haven,Maine, adopted a resolution lastmonth strongly urging outsidersexcept those providing essentialservices not to come to the is-land in Penobscot Bay, reversingwhat had been a ban on outsid-ers coming to the island of 355permanent residents. The island

way to avoid disaster.Pamela Wilkes, a retired

health-care executive wholives in Albany, N.Y., but ownsa second home on the Cape,said the petition is outrageous.“My thought is I’m a taxpayerof Massachusetts,” she said. “Isubstantially support localbusiness.”

But other nonresidenthomeowners say they under-stand and plan to stay away.

“There are 70- and 80-year-old retirees down there thatare sort of our best friends,”said Tom Chamberlain, an in-surance agent in Bridgewater,Mass., whose family has had ahome on the Cape since the

about going to your secondhome because it’s a vacation.”

From Sedona, Ariz., to theFlorida Keys, tourist spotsacross the country are tryingto figure out ways to keep out-siders from bringing the newcoronavirus with them.

In some cases, that meanstaking aggressive steps such asbanning people who own sec-ond homes from their ownproperty. In other cases, itmeans shutting down key ac-cess points.

Full-time residents in thesecommunities say their health-care systems weren’t built tohandle pandemics, and shut-ting out visitors is the only

Resort towns rely on visitorsas their economic lifeblood, butas the new coronavirus pan-demic rages, many are askingnonresidents to stay away.

More than 12,000 residentsof Cape Cod, Mass., signed apetition recently asking au-thorities to turn away visitorsand nonresident homeownersfrom the two bridges that arethe only roads in to the Bos-ton-area summer playland.

“It’s a stay-at-home orderfor a reason,” said Beth Hick-man of South Yarmouth, whostarted the petition, in a radiointerview Thursday. “It’s not

BY JOE BARRETT

Tourist Communities Plead With Outsiders to Stay Away

P2JW098000-2-A00300-1--------XA

A4 | Tuesday, April 7, 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 * * * * * THEWALL STREET JOURNAL.

CAPITAL JOURNALBy Gerald F. Seib

Coronavirus Daily Update

As of 11:01 p.m. EDTApril 6

1,347,803World-wide cases

368,196U.S. cases

74,807World-wide deaths

10,986U.S. deaths

277,402World-wide recoveries

Source: Johns Hopkins University Center for Systems Science and Engineering

More than 130,000 New Yorkstate residents have tested posi-tive for the virus, and 4,758 peo-ple have died, he said.

“While none of this is goodnews, the possible flattening ofthe curve is better than the in-creases that we’ve seen,” Mr.Cuomo said.

Mr. Cuomowarned itwas pos-sible New York’s crisis could beplateauing at a high level thatwas still too difficult for thehealth-care system to manage.He ordered nonessential busi-nesses and schools to remainclosed through April 29, and in-creased state-mandated fines forviolating social distancing rulesfrom $500 to $1,000.

“This is an enemy that we’ve

underestimated since day one,and we have paid the pricedearly,” Mr. Cuomo said.

Other cities and states havealso ramped up protective mea-sures. South Carolina Gov.Henry McMaster issued a state-wide stay-at-home order Mon-day, joining the majority of U.S.states that have issued similarmandates. A 9 p.m. curfew inBoston will take effect Mondaynight, while checkpointsopened along the Texas-Louisi-ana border Sunday to monitortravelers coming into Texas.

Health officials said thenumber of new cases wouldstart to stabilize if people fol-low state government orders tostay home.

Anthony Fauci, the nation’stop immunologist, said he wasencouraged by trends on Mon-day and said there was achance total deaths could totalless than the estimates of100,000 because of mitigationmeasures.

Ahead of an expected surgein patients, officials across theU.S. have worked to increasehospital capacity—turning are-nas into temporary wards andseeking to reopen shut-downhospitals. They have also soughtto fill in gaps of much-neededmedical equipment; California,Washington and Oregon havesaid they would loan ventilatorsto other states.

Senate Minority Leader

THE CORONAVIRUS PANDEMIC

A Simple Mask Can Be a Powerful Symbolment by declaring that hewouldn’t wear amask: “Somehow, I don’t seeit for myself….I won’t be do-ing it personally.”

It was an opportunity lost.Mr. Trump might have pulledon a mask to demonstratethat Americans shouldn’t feelawkward about wearing one,and said: This is what we aregoing to do for one another.Oh, and it is also critical thatwe do this if we want to getour economy running againsooner rather than later,which we all really want.

Masks are beautiful rightnow, because wearing them isa sign of doing something notfor yourself but for your fel-low Americans. They are asign not of selfish behavior,but of the opposite: of citizensacting for the common goodin a time of shared sacrifice.

Unless you are wearing ahigh-grade N95 mask, sup-plies of which need to be pre-served for health profession-als, wearing a cloth maskcan’t guarantee that youwon’t take in the virus. But a

cloth mask can greatly reducethe chance that you willspread it through your owncoughing, sneezing, or eventalking, if you are an unknow-ing transmitter of the vi-rus. Wearing one is, in short,something you do for oth-ers—and a sign of patriotism.

S urgeon General JeromeAdams made that caseat the same briefing

where Mr. Trump announcedthe new guidance: New stud-ies have shown that a signifi-cant portion of Americanscarry the coronavirus butshow no symptoms, meaningthey are spreading the virusunknowingly, he said. Thus,it is critical that people wearmasks “in public settingswhere other social-distancingmeasures are difficult tomaintain.”

First lady Melania Trumptook the message to heart,twice tweeting out over theweekend messages encourag-ing people to wear masks: “Iask that everyone take socialdistancing & wearing a

mask/face covering seriously.#COVID19 is a virus that canspread to anyone.”

Beyond those health andsocial-welfare arguments, theeconomic one figures to be-come compelling in comingweeks.

It seems less and lesslikely that there will comesome magical moment whenthe president can flip aswitch and the nation can bereopened for business.Rather, the country is morelikely to go through a stag-gered restart, with selectgroups of employees return-ing in stages to get plants,factories and stores off lifesupport and moving again.Masks may prove invaluableto helping Americans movethrough those stages earlierand more safely.

Right now, the country isbraced for what Dr. Adamson Sunday called “our 9/11moment,” a week in whichdeaths and confirmed casesboth are expected to soar.Yet deaths and cases both re-flect problems encountered—

and, frankly, mistakesmade—two to four weeksago, when the virus was im-planting itself faster andwider than many realized.

Alongside the grim pictureof this week and next aresome glimmers of hope thatsocial distancing and thepainful shutdown of wideswaths of the Americaneconomy are slowing thespread of the virus.

P erhaps those glimmersof hope also carry thepromise that the coun-

try’s economy can start toreopen in a few weeks. Butthat can happen only ifAmericans have figured outways to be out and aboutwithout sparking a new waveof coronavirus. Once thenow-famous curves of infec-tions and deaths start tomove down, they still can goback up.

America’s response to thecoronavirus has been admi-rable in many ways. But thepolitical response has had itslow points. The president de-

claring from the WhiteHouse lectern that he doesn’twant to talk to governorswho are critical of him cer-tainly was one of those lowpoints (though Vice Presi-dent Mike Pence, in his un-derstated way, has madeclear that he continues totalk to those governors).Democrats trying to jamideologically charged initia-tives into a stimulus packagewas another.

Still, the president andcongressional leaders fromboth parties have come to-gether rapidly three times toenact economic rescue legis-lation. Perhaps they all cando the same with a messageon masks.

Maybe masks will becomethe symbol of how Ameri-cans banded together in thismoment, much like womenrolling bandages duringWorld War I and citizensplanting Freedom Gardensduring World War II. Mr.Trump had a chance tomodel that behavior; he stilldoes.

At the regular WhiteHouse coronavirus briefingFriday, President Trump an-nounced that the Centers forDisease Control and Preven-

tion, afterweeks of con-flicting ad-vice, hadchanged itsguidance toAmericans

about wearing face masks tothis: Wear them in public.

That will help reduce thespread of the disease to newvictims from people whodon’t know they are carryingthe virus.

But then the president un-dercut his own announce-

President Trump said thegovernment would buy nearly167 million masks from 3M Co.during the next three months,resolving a spat with the indus-trial conglomerate over effortsto ramp up supply of gear forfront-line workers confrontingthe coronavirus pandemic.

Mr. Trump criticized 3M’smask-making efforts last weekand invoked the Defense Pro-duction Act against the com-pany. That Korean War-era lawgives the president power tocompel manufacturers to makeoperational changes in the na-tional interest. Health workersacross the country are runningshort on masks as well as thegowns, ventilators and faceshields they need to treat thesickest patients with Covid-19,the disease caused by the virus.

An official on Monday saidthe Trump administration didn’tplan to take any further actionagainst 3M under the DPA in ad-dition to the mask purchases.The administration will buy 55.5million masks from 3M in eachof the next three months, the of-ficial said.

“The 3M saga ends very hap-pily,”Mr. Trump said at a brief-ing on Monday. “We’re veryproud to be dealing now with3M and its CEO, Mike Roman. Ijust spoke with him and Ithanked him for getting it done.”

Mr. Roman had pushed backagainst Mr. Trump’s criticismlast week, telling The WallStreet Journal that his companywas doing everything possibleto increase mask production.

3M, which confirmed the pur-chase, has doubled its produc-tion of masks in recent monthsto about 100 million N95 masksglobally each month, including35 million in the U.S. 3M saidlast week that it would raiseproduction in the U.S. to amonthly rate of 40 millionwithin weeks, and that it alsowould import 10 million masksfrom its operations in Chinawith the administration’s help.

Other manufacturers includ-ing Honeywell InternationalInc. are raising mask output inthe U.S. The Department ofHealth and Human Services esti-mated in March that the U.S.would need about 300 millionN95 masks a month to deal witha pandemic.

The Trump administration’sorder with 3M, for 166.5 millionface masks total, includes respi-rators that are approved underthe typical N95 standard—socalled because those masksblock 95% of very small parti-cles—as well as orders for prod-ucts certified under a similarstandard used in China.

These respirators are in highdemand because they are de-signed to keep health-care work-ers safe. Surgical masks andeven simpler cotton masks areintended to prevent the spreadof disease from wearers.

Mr. Trump, who initially wasreluctant to invoke the DPA, alsohas invoked it to compel compa-nies to work faster to make ven-tilators.

BY ALEX LEARYAND AUSTEN HUFFORD

3MWillSupplyMillionsOf Masks

Chuck Schumer (D., N.Y.) hasurged the White House to ap-point a czar to oversee medical-equipment production and dis-tribution. In a call with WhiteHouse chief of staff Mark Mead-ows on Sunday night, Mr.Schumer suggested the czarshould be a senior military offi-cial and provided a list ofnames for a potential appointee.

The White House said Mr.Meadows had many calls withmembers of Congress, includ-ing one with Mr. Schumer, butwouldn’t comment further.

House Speaker Nancy Pelosi(D., Calif.) on Monday providednew details on the fourth billthat Congress will take up tocombat the economic impact ofthe pandemic. Mrs. Pelosi toldthe Democratic caucus in a callthat she sees the next billamounting to at least $1 trillionand that there must be moreassistance for small businessesand for those who rely on foodstamps, according to multipleDemocratic aides.

The speaker also said in thecall that the onetime checks be-ing sent to many Americanswill likely not be enough tohelp, according to aides.

Strict containment measuresappeared to be helping to curbthe spread in Europe’s worst-hit countries.

In Italy and Spain, the rateof infection has slowed, withthe number of confirmed casesincreasing less than 5% fromthe previous day in both coun-tries. They are now recordingfewer daily deaths than theyhave in over a week.

Meanwhile, countries in Asiathat have avoided harsh restric-tions on activity are now tight-ening controls after new infec-tions and lax observance ofvoluntary curbs threatened theirsuccess in checking the virus.

Japanese Prime MinisterShinzo Abe said he would de-clare an emergency in the To-kyo and Osaka areas on Tues-day, empowering localauthorities to order residents tostay home and close schools.

The U.S. coronavirus deathtoll surpassed 10,000 at thestart of a week that officialspredicted would be America’smost difficult yet during theglobal pandemic.

Confirmed infections in theU.S. were more than double thatof any other nation, at morethan 368,000, with the deathtoll at more than 10,900, ac-cording to data Monday fromJohns Hopkins University.

In the 24 hours ending 8p.m. on Monday, 1,164 peopledied from the coronavirus ac-cording to a Wall Street Journalanalysis of Johns Hopkinsdata—roughly even with theprior four days’ death counts.

The U.S. milestone came assome Asian countries readiedfor a surge in new infectionsand European nations showedsigns that restrictions werehelping to slow the spread ofthe disease there.

Globally, more than 1.3 mil-lion people have been infectedby the coronavirus as of Mon-day, according to the data fromJohns Hopkins. More than74,800 people have died ofCovid-19.

U.S. Surgeon General JeromeAdams said Sunday that thisweek would be “the hardestand saddest week of mostAmericans’ lives.”

Infections in some of theworst-hit American cities, in-cluding New York, Detroit andNew Orleans, are expected topeak in the coming days, newmodels suggested.

New York Gov. AndrewCuomo said the number ofdaily deaths from Covid-19 hasbeen “effectively flat” in hisstate for the past two days,suggesting stringent social-dis-tancing measures have provedeffective. The number of dailyhospitalizations, intubationsand people in intensive-careunits is also down.

By Jennifer Calfas,Chong Koh Pingand Nick Kostov

U.S. Coronavirus Death Toll Passes 10,000Texas troopers monitored travelers entering the state from Louisiana. Below, an emergency medical technician brought a patient to a hospital in Brooklyn, N.Y.

FROM

TOP:

DAVID

J.PH

ILLIP/ASS

OCIAT

EDPR

ESS;

BRYA

NR.

SMITH/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

P2JW098000-5-A00400-17FFFF5178F

THEWALL STREET JOURNAL. * * * * Tuesday, April 7, 2020 | A5

THE CORONAVIRUS PANDEMIC

“There have been cases thatshow there may be an effect,and there are others to showthere’s no effect,” he said. “So Ithink in terms of science, Idon’t think we could defini-

tively say it works.”At the briefing later that

evening, a reporter asked Dr.Fauci for his view on whetherthere is evidence hydroxychlo-roquine helps treat coronavi-rus. The president interrupted

Dr. Fauci said thedata on the drug’seffectiveness was ‘atbest, suggestive.’

Nimble maneuvers by theFederal Aviation Administra-tion have managed to keep thenation’s air-traffic control sys-tem open, despite coronavirus-related problems at nearly halfof all centers handling high-al-titude flights.

In the past three weeks,nine of 22 such locations havebeen affected by employeestesting positive for Covid-19,along with more than 26 otherfederal traffic-control facilitiesthat were closed temporarilyor otherwise affected. But byembracing novel staffing ar-rangements, establishing spareairport towers wherever feasi-ble and relying on swift clean-ing procedures across theboard, the agency has limiteddisruptions, according to anFAA document and govern-

BY ANDY PASZTOR ment and industry officials.One important strategy the

FAA has relied on, some of theofficials said, is designatingcore groups of controllers ateach site to work together onthe same shift for five days,and then take time off simul-taneously. The goal is to re-duce spread of the contagionto members of those specificteams in the event someonetests positive.

Such safeguards make iteasier to identify controllerswho might have been exposed,and reduce impact on facilitieswhen employees need to self-quarantine. Technicians whomaintain and repair traffic-control equipment have em-braced the same phased staff-ing principle while relying onbare-bones crews.

In cooperation with theunion representing controllers,

Novel TacticsKeep ControlCenters Open

the FAA has determined mini-mum daily staffing levels inlight of reduced traffic and so-cial-distancing guidelines, ac-cording to a memo that wasdistributed at the end ofMarch and reviewed by TheWall Street Journal. When oneshift ends, the goal is to en-sure priority information is

passed on “while minimizingcontact with employees onother shifts and crews,” thememo said.

Teams are usually sched-uled to report over five-daywork stretches and can beplaced on administrative leaveto guarantee full paychecks,according to the memo.

The FAA hasn’t detailed thenumber of controllers off thejob due to the pandemic. Ithas said contingency plans arein place to shift duties amongfacilities and that its commit-ment to safety hasn’t wavered.

An estimated 70% plunge inoverall commercial flights hasallowed the FAA to reduce

staffing levels nearly every-where, which also makes iteasier to alert and isolate em-ployees who might have beeninfected by co-workers.

At the end of last week,government data showedflights were down by 65% ormore at six of the nation’s 10typically busiest airports.

A plane left Ronald Reagan Washington National Airport on Monday. A plunge in commercial flights has allowed the FAA to reduce staffing levels.

ANDRE

WHARR

ER/B

LOOMBE

RGNEW

S

negotiate trade deals, Mr. Na-varro responded: “Touché.”

The president’s repeatedcomments and tweets aboutchloroquine and hydroxychloro-quine have spurred concernsabout further straining the sup-ply of the drugs, which are al-ready in short supply. After Mr.Trump first endorsed the drugsin March, pharmacists receivedan influx of prescription ordersfrom doctors, according topharmacists and state officials.

Since then, at least 20 statesimplemented emergency re-strictions or guidelines to pre-vent hoarding of the two drugsfor treatment of the new coro-navirus, an effort to preservesupplies for autoimmune pa-tients who rely on the medi-cines to remedy ailments suchas lupus and arthritis.

before he could answer. “Doyou know how many times he’sanswered that question? Maybe15—15 times,” Mr. Trump said,pointing at the reporter. “Youdon’t have to ask the question.”

Mr. Navarro, speaking onCNN on Monday, acknowledgedmedia reports that he hadclashed with Dr. Fauci at a taskforce meeting on Saturday.Asked about Dr. Fauci’s com-ments warning about the lackof evidence for the drug’s effec-tiveness, Mr. Navarro said thedoctor could “speak for him-self,” but added: “I have twowords for you: Second opinion.”

“My qualifications, in termsof looking at the science, is thatI’m a social scientist. I have aPh.D.,” Mr. Navarro said. Askedby the CNN host whether hewould want medical doctors to

proven to treat Covid-19, butdoctors and scientists arestudying their use. Severalstudies in a limited number ofpatients in France and Chinahave provided early signs thedrugs may work in helping re-lieve symptoms. But public-health officials and some doc-tors caution that most of thestudies that have produced re-sults were too small to provethe drugs are safe and effective.

Inside the White House, thepresident’s own advisers havesparred over the promotion ofthe drug treatments, includinga debate in recent days be-tween trade adviser Peter Na-varro and Dr. Fauci. On Sunday,Dr. Fauci said the data on thedrug’s effectiveness was “atbest, suggestive” in an inter-view on CBS.

itive for Covid-19, the diseasecaused by the coronavirus, be-fore giving them the drug.

“If you’re a doctor, a nurse, afirst responder, a medical per-son going into hospitals, theysay taking it before the fact isgood,” Mr. Trump said of hy-droxychloroquine on Sunday,flanked by two doctors in hisadministration—Anthony Fauciand Deborah Birx—who haven’tsupported the push for broaduse of the drug. “What do youhave to lose?”

The president advised Amer-icans to consult their doctorsbefore taking hydroxychloro-quine and azithromycin, an an-tibacterial drug that some doc-tors have also prescribed tocoronavirus patients.

None of the drugs the presi-dent mentioned has been

President Trump in recentdays has begun urging eventhose without symptoms of thenew coronavirus to take a com-bination of antimalarial and an-tibacterial drugs to combat it,defying the advice of public-health experts as his own ad-visers debate the effectivenessof the drugs.

In White House briefings,the president said he mighttake the antimalarial drug, hy-droxychloroquine, and sug-gested health-care workers—whether they have symptomsor not—should consider takingit before treating coronaviruspatients. Some states are spe-cifically asking pharmacists tomake sure a patient tested pos-

BY REBECCA BALLHAUSAND JARED S. HOPKINS

President’s Promotion of Certain Drugs Defies Experts

battery power.made by stihl.

ak series

One battery. Multiple tools.

stihlbattery.com

Real STIHL. Find Yours.

©2020 STIHL 20STWSF1-22-144114-1

P2JW098000-4-A00500-1--------XA

A6 | Tuesday, April 7, 2020 * * * * THEWALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

More than 1,800 inmates are housed at the Oakdale federal correctional institution compound. The outbreak so far has been confined to one of the prisons there.

PICT

OMET

RY

since last year, was consideredinterested in persuading theWhite House to give him thenod for the position perma-nently, defense officials said.

Hours earlier, at a pressbriefing about the coronavirusoutbreak, Mr. Trump describedMr. Modly’s word choice as“rough” and said he would in-vestigate further, adding hehad heard positive thingsabout both Capt. Crozier and

Mr. Modly.Mr. Modly relieved Capt.

Crozier of duty last week afterthe carrier commander wrote amemo demanding more assis-tance to address the coronavi-rus outbreak, and distributedthe memo to others. It quicklybecame public and drew wide-spread media attention, draw-ing Mr. Modly’s ire.

In the address to the crewof the Roosevelt, Mr. Modly re-

ferred disparagingly to Capt.Crozier. “If he didn’t think, inmy opinion, that this informa-tion wasn’t going to get outinto the public, in this informa-tion age we live in, then he waseither too naive or too stupidto be a commanding officer ofa ship like this,” he said overthe Roosevelt’s public addresssystem.

“The alternative is he didthis on purpose, which is a seri-

mander of duty.“Let me be clear, I do not

think Captain Brett Crozier isnaive nor stupid,” Mr. Modly’slatest statement read.

Mr. Modly had spent theprevious days defending hisdecision to fire Capt. Crozierin multiple interviews withnews outlets, public state-ments and a letter to the edi-tor in which he pointedly de-fended his decision.

His apology came underpressure from Defense Secre-tary Mark Esper to makeamends for his tone and tenor,according to people familiarwith the discussions, and con-sisted of the one-paragraphstatement late Monday.

Despite the apology, Mr.Modly’s future was consideredto be in doubt. Mr. Modly, whoas acting secretary has beenthe top civilian Navy official

ContinuedfromPageOne

medical workers arrivedMarch 31. They began handingout paper masks to some in-mates, and the doctors lastweek started regularly check-ing temperatures, somethingprisons officials said is nowbeing done nationally.

In response to questionsfrom The Wall Street Journal,the bureau sent a four-page re-ply broadly outlining the mea-sures it has taken at Oakdale

and throughout its 122 facili-ties nationwide. “It is ourhighest priority to continue todo everything we can to miti-gate the spread of Covid-19 inour facilities,” the bureau said.

But it didn’t answer somespecific questions, includingwhy Mr. Melder, who escortedMr. Jones to the hospital,wasn’t given a mask and wastold to return to work, accord-ing to union officials. Thosedetails are part of a lawsuitfiled last month against theTrump administration on be-half of four federal correctionsemployees belonging to the

A Louisiana prison guardsat alongside a sick inmate formore than an hour inside avan and his hospital room,told by a supervisor he didn’tneed a mask despite the pris-oner’s severe cough and othertelltale signs of Covid-19.

Within 10 days, on March28, the 49-year-old inmate,Patrick Jones, was dead fromthe coronavirus. The officer,Aubrey Melder, was back atwork, having been told daysearlier to return, withoutquarantining, to his duties in-side the low-security prison inOakdale, a lawyer for theunion representing prisonsemployees said.

The prison, 200 miles westof New Orleans, has emergedas a focal point of the corona-virus pandemic inside the na-tion’s lockups. Five prisonershave died there from the dis-ease, the most of any federalprison. At least 25 inmatesand 21 workers have testedpositive, including seven pris-oners who are in intensivecare and four on ventilators;two employees are also hospi-talized, according to data fromofficials at the facility. The ac-tual figure is almost certainlyhigher as there is little testing.

Interviews with inmates andtheir families, corrections offi-cers and local officials show aprison under siege by an invisi-ble enemy. Inside cells holdingsix men each, feverish, cough-ing inmates at times weren’tseparated from their healthycellmates, but instead lay intheir bunks an arm’s lengthaway. Some inmates fashionedmasks from their own clothing.

“Our sentences have turnedinto death sentences,” Sterling

Rivers, a 32-year-old fromTennessee serving time atOakdale for a drug conspiracyconviction said in an interview.

The prison has run out oftests, union officials said.State health officials have ad-vised that anyone showingsymptoms should be consid-ered to be infected. Three-quarters of the 980 inmatesare quarantined, the unionsays. Running out of space tohold them, officials con-structed at least six tents inthe recreation yard in recentdays to house inmates whohave been symptom-free fortwo weeks after possible expo-sure, prison officials said.

The crisis at Oakdale fore-shadows what has started toplay out at other jails and pris-ons across the country, where2.2 million individuals are held,including more than 175,000 inthe federal system. Health ex-perts have long warned thatthe cramped quarters and of-ten unhygienic living condi-tions give contagion free rein.

Mr. Melder, who hasn’t expe-rienced symptoms, declined tocomment through a representa-tive. Within the federal system,inmates and their guards saythe unique risks they face as aresult of tight spaces, shortstaffing and strained health-care systems are intensified bya lack of access to protectivemasks and other gear, faultythermometers and insufficientcleaning supplies.

Adding to the challenge,nearly 5,000 inmates in the fed-eral system are over 65, accord-ing to the Bureau of Prisons,putting them at greater risk ofbecoming more severely ill withCovid-19, experts say.

President Trump declared astate of emergency concerningthe virus on March 13. The Bu-reau of Prisons said it imposed“enhanced modified opera-tions” at Oakdale on March 21.That meant limiting inmates’movement and rotating themout of their cells in smallgroups for things like showersand meals, the bureau said.

At Oakdale, a team of eight

American Federation of Gov-ernment Employees union;they are demanding hazard-ous-duty pay.

Attorney General WilliamBarr, who has said the prisonsare operating under a “rigor-ous set of protocols,” on Fri-day ordered officials to speedrelease to home confinementeligible, high-risk inmates atOakdale and two other prisonshard hit by the virus. The bu-reau said it was “urgently re-viewing all inmates” to deter-mine who could be released.

At Oakdale, prisoners andcorrections officials said thosemeasures were haphazardlyimposed and came too late.

“Pray this don’t get in yourjoint,” said Corey Trammel, aunion representative whoworks there.

Outside, family membersare unable to get answersabout their loved ones. Inside,inmates are pleading to be re-leased.

“The way they got us livinghere, I emailed my loved onestoday and let them know that Iapologize for everything that Icaused them, told them to tellmy kids that I love them,” saidRodney Harrison, a 39-year-oldOakdale inmate who is monthsaway from completing his sen-tence for a drug conviction.

Mr. Melder isn’t the onlyguard to have returned towork after being exposed, offi-

cers who work there said.Early on, some new inmateswere put into cells with poten-tially sick ones, they said.Common areas like bathrooms,each shared by a hundred ormore men, still aren’t beingfrequently cleaned withbleach. “There’s guys huffingand spitting in there and urineon the floor,” said Mr. Rivers.

Inmates said they havetried to clean their cells, butthat the prison wouldn’t givethem bleach because it can belethal if mixed with othercleaners. Officials at the bu-reau said that they provide in-mates with “cleaning productsas needed to clean their cells,”and that it sent three memosto inmates “reminding them ofthe importance of good handwashing and hygiene.”

The disease’s spread hasbeen compounded by otherpressures. Guards say they arehesitant to report symptomsbecause they don’t want tohave to use sick time to quar-antine for 14 days. Inmates saythey are reluctant becausethey don’t want to go into iso-lation or force cellmates intoquarantine.

Residents of the town ofOakdale, population about7,500, fear an outbreak willspill outside the gates of theprison complex that has longbeen a source of employment.

“Most of Oakdale has comein contact with someone that’sworked there, whether it’s atthe grocery store, or the gasstation or whatever,” saidMayor Gene Paul. The wife anddaughter of Mr. Melder workfor him at city hall. Mr. Paulsaid he sent them home uponlearning that Mr. Melder hadbeen exposed.

The complex consists oftwo minimum-security prisonsand a prison camp, which hasdormitory-style living arrange-ments; more than 1,800 in-mates are housed at theOakdale federal correctionalinstitution compound. Theoutbreak so far has been con-fined to one of the prisons,FCI Oakdale I.

Virus Puts a Prison Under SiegeGuards, inmates atLouisiana facility saytight quarters, lack ofcaution led to crisis

Agency ScramblesTo Stem the Spread

Eight inmates had died infederal prisons from the newcoronavirus as of Sunday, in-cluding three at a low-securityprison in Elkton, Ohio.

Nationwide in the federalsystem, another 138 inmatesand 59 employees had testedpositive, according to figuresfrom the Bureau of Prisons,which operates Oakdale and allfederal lockups. State and localdetention facilities are experi-

encing similar struggles.The Bureau of Prisons, criti-

cized for weeks by staff andinmates as slow to respond tothe coronavirus, said it hasbeen implementing a plan tostem the spread in phases thathave included suspending visi-tation, limiting transfers of in-mates between prisons andholding newly arriving prison-ers in quarantine for 14 days.

On April 1, bureau officialstook the rare step of imposinga nationwide policy of keepinginmates in their cells and quar-ters all day with very limitedexceptions.

‘Pray this don’t getin your joint,’ says aunion representativewho works there.

WASHINGTON—U.S. spyagencies, already challenged intheir missions relating to for-eign-election meddling andNorth Korea’s weapons pro-grams, and by a U.S. presidentwho sometimes dismissestheir work, face a new obsta-cle: the coronavirus.

Thousands of personnel atmajor intelligence agencies, in-cluding the Central Intelli-gence Agency and the NationalSecurity Agency, which con-ducts electronic eavesdrop-ping, are working in staggeredshifts. In any given week, asmuch as half of their work-force is sent home while theother half reports to worksites,according to current and for-mer U.S. intelligence officials.

Most government agencieshave offered “maximum tele-work flexibilities” to all em-ployees who can do their jobsremotely, under White Houseinstructions. But aside from ahandful of the most senior of-ficials, intelligence personneltypically don’t have the capac-ity to access and analyze clas-sified material at home.

U.S. intelligence officials,like Americans across the coun-try, are taking steps to enforcesocial distancing at work, fa-voring secure videoconferencesbetween offices over large in-person meetings, the currentand former officials said.

At Liberty Crossing, thesuburban Virginia headquar-ters of the Office of the Direc-tor of National Intelligence,which coordinates the work of17 intelligence agencies, sev-eral individuals have been con-firmed infected with the coro-navirus, an ODNI official said.

At Fort Meade in Mary-land—which houses the NSAand U.S. Cyber Command, aswell as other military and civil-ian personnel—at least fourpeople have tested positive.

Gauging the impact of coro-navirus on the vast U.S. intelli-gence apparatus is difficult.Agency representatives declinedto provide many details, citingconcerns about giving too muchinformation to adversaries.

The agencies, whose workspans the globe and deals withpotential threats ranging fromterrorism to climate change,are prioritizing “mission criti-cal” activities, a congressionalofficial said. For the NSA andCyber Command, for example,that means protecting the2020 election from interfer-ence, though coronavirus hasrapidly ascended as an area offocus, a former senior intelli-gence official said.

Still, the pandemic is com-plicating the spy agencies’ twomain roles: collecting informa-tion and analyzing what itmeans, the current and formerofficials said.

“There’s no question thatthere are considerable impactson the IC [intelligence commu-nity] and the conduct of its mis-sion,” said retired Air Force Lt.Gen. James Clapper, who wasdirector of national intelligenceunder former President Obama.

BY WARREN P. STROBELAND DUSTIN VOLZ

Spies Can’tCome inFrom theCold

By Sadie Gurman,Zusha Elinson

and Deanna Paul

ous violation” of military law,he said.

In recordings of Mr. Modlyremarks, sailors can be heard inthe background jeering andshouting disapproval in re-sponse to Mr. Modly’s criticismof Capt. Crozier.

In his apology, Mr. Modly re-visited that point.

“I believe, precisely becausehe is not naive and stupid, thathe sent his alarming email withthe intention of getting it intothe public domain in an effortto draw public attention to thesituation on his ship,” Mr.Modly said in the Mondaystatement. “I apologize for anyconfusion this choice of wordsmay have caused. I also want toapologize directly to CaptainCrozier, his family, and the en-tire crew of the Teddy Roose-velt for any pain my remarksmay have caused.”

Mr. Modly had traveled toGuam over the weekend to de-fend his decision to removeCapt. Crozier to the sailors ofthe nuclear-powered aircraftcarrier. Capt. Crozier last weekdrew cheers and applause fromsailors as he walked off theship’s gangplank last week forthe last time.

On Monday, Rep. Adam

Smith (D., Wash.), the chairmanof the House Armed ServicesCommittee, called for Mr.Modly’s removal. “His decisionto relieve Capt. Crozier was atbest an overreaction to the ex-traordinary steps the captaintook to protect his crew,” Mr.Smith said.

Mr. Modly’s remarks to crewmembers were peppered withprofanity, according to a re-cording and descriptions bythose on board, relatives andothers, with Mr. Modly sayingthat sailors were expected to“keep their shit together andtake care of each other.”

At another point, Mr. Modly,addressing fears over the virus,said: “If the ship was in combatand there were hypersonic mis-siles coming at it, you’d bepretty f------ scared too.”

Some crew members consid-ered the remarks by the actingsecretary to be inappropriate.“All of our jaws are on the floorright now. He just made the PRsituation a billion times worse,”one sailor aboard the Rooseveltmessaged to a family memberafter Mr. Modly’s comments.

As of Monday, 173 of the ap-proximately 5,000 members ofthe crew have tested positivefor the virus.

Navy HeadApologizesTo Captain

Acting Navy Secretary Thomas Modly, second from left, toured the hospital ship Mercy last week.

PETT

YOFF

ICER

1STCL

ASS

DAVID

MORA

/U.S.N

AVY/ASS

OCIAT

EDPR

ESS

P2JW098000-4-A00600-2--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A7

THE CORONAVIRUS PANDEMIC

As the newcoronavirusforces bigchanges inhow we

work, The Wall Street Jour-nal is looking at how differ-ent people are coping withthe stresses and risks. Forearlier articles in the series,visit wsj.com/makingitwork.

Volunteer ranks shrank, andfood donations from big-boxstores disappeared as panickedshoppers emptied shelves.

Ms. Mendoza and other waitstaff were contacted by one ofJosé’s restaurant managers,who wanted to let them knowabout a new nonprofit initiative,Get Shift Done. It placed hun-dreds of idle hospitality work-ers at local food banks and pan-

tries—and it connected Ms.Mendoza to OurCalling.

By the time she arrived,OurCalling was making do withdonations from now-closed res-taurants.

Ms. Mendoza is working fivedays a week at the pantry andexpects to make about $325 aweek, helping prepare its dailymeal. She said her wages—which are paid by Get Shift

Done—are enough to cover herrent, and that her savingsshould cover other expenses foranother six months.

In some ways, she said, thecrisis has made her feel lucky.By the time she arrives at 7:45in the morning at OurCalling,there are numerous people linedup waiting for their lunch meal,she said. For many of the 400-odd who are served, it’s the

BY TE-PING CHEN

Rosa Mendoza, a waitress in Dallas, now serves food to the homeless at a local food bank.

KLEK

AMPGRO

UP

As a waitress, Rosa Mendozawas used to working long shiftsand serving salt-rimmed mar-garitas and aged mole sauce atJosé, an upscale Mexican res-taurant in Dallas.

Then the new coronaviruspandemic hit, closing the res-taurant. Rather than sit home,Ms. Mendoza has turned herattention to the homeless.

These days, Ms. Mendozagets in her car and makes anearly-morning drive to OurCall-ing, a local food pantry. Uponarriving, she and other workersare checked for fevers at thedoor with a forehead thermom-eter. Once cleared, they put ongloves and masks, and get towork preparing meals.

At José, Ms. Mendoza, 26years old, earned at least$1,000 a week, mainly from

tips. She’s now earning about athird of that—but takes homean extra dose of satisfaction forthe help she provides.

Her waitressing job requiredworking 10-hour shifts onweekdays, and longer ones onthe weekends. She loved jokingwith customers, including regu-lars who often tipped as muchas 30%.

As coronavirus cases rippledacross the globe in recentmonths, she remembers watch-ing YouTube videos about whatwas going on. “I tried to be in-formed,” she said, “but since itwasn’t happening here, itwasn’t affecting my daily life.”

On March 16, that changed.Management at José told herand about 50 co-workers aboutits decision to temporarilyclose. Dallas would issue a shel-ter-in-place order soon after.

Almost overnight, Ms. Men-doza’s world was transformed.Work, the gym and regular vis-its with her parents were ruledout. She grew depressed, shesaid. She had spent the past de-cade in the restaurant business,and now work all around herhad dried up.

OurCalling, an outreach cen-ter that in normal times pro-vides a range of services to thehomeless, was also struggling.

only meal they will get all day.“We always had food at

home; I never really saw thispart of life,” said Ms. Mendoza,whose father works in con-struction and mother is akitchen manager in nearby FortWorth. “Maybe I was un-aware—I lived a busy life,worked long shifts.”

Ms. Mendoza and herOurCalling co-workers bakemarble cake and mix butter let-tuce salads, dish up cauliflowerrice and muse over what to dowith frozen chicken legs.Around half a dozen of themare like herself, laid off fromrestaurants, and are now beingpaid $10 an hour for their workby Get Shift Done.

Ms. Mendoza, who earnedan associate’s degree in busi-ness, said someday she mightlike to open her own restau-rant. But even once the econ-omy recovers, she plans to keepvolunteering in her community.If nothing else, she said, thecoronavirus has made her real-ize how good it can feel to helpothers. “I never discovered thisside of myself before,” she said.

“I feel fortunate to be out onthe streets,” she added. “I feel Ihave a major task. I’m consid-ered an essential employeenow.”

A Displaced Waitress Now Serves a Local Food Pantry

Shake Shack Inc. hardlyseems like a small enterprise,with 7,600 employees, about$500 million in annual revenueand net income last year of $24million. Even so, it plans to ap-ply for a new government-guar-anteed small-business loan.

The New York-based fast-food chain says it needs thehelp to get through the viruspandemic. Many of its roughly140 company-owned U.S.stores are in high-traffic urbanareas now largely shut down.Sales are down 70% on aver-age, the company said, and ithas furloughed or laid off 20%of its corporate staff.

“We’re looking at it all,”said a company spokeswoman.“To the extent we believewe’re eligible and parts of thepackage will benefit the com-pany, then we’ll look to pursueapplicable options.”

While the new $350 billionPaycheck Protection Programis aimed at businesses with500 or fewer employees, lan-guage in the $2 trillion federalstimulus bill allows big restau-rant and hotel chains to par-ticipate regardless of howmany people they employ.

“The restaurant industry isuniquely affected by this pan-demic,” said Sean Kennedy,executive vice president forthe National Restaurant Asso-ciation, which lobbied for theexception. “It was the first in-dustry shut down. We thinkwe deserve a unique responsefrom the federal government.”

But John Lettieri, presidentof the Economic InnovationGroup, a Washington thinktank, says big companiesshould rely more on their ownresources or other federalstimulus programs.

The small-business-loanprogram is “the only lifelinewe’re offering to these classesof businesses,” he said. “Itstretches the intent of statutebeyond recognition to apply itto national entities.”

Some smaller franchiseesand owners worry that the bigfirms could elbow them out forloans if the fund gets depleted.

“This stuff is meant for me,the little person,” said DanielKrause, who owns two Crackedbreakfast restaurants in Illi-nois. “If it all ends up going tothe big dog, that’s so hard,” hesaid. With sales down 80%, heworries others will beat himout of the funding, and thenhe will be further in the red.

On Monday, more than5,000 chefs, restaurateurs andfood-service workers sent aletter to Congress asking forfixes to the program thatcould help smaller establish-ments tap the funds, includingone that would allow for a lon-ger window to reopen.

Stephanie O’Rourk, a part-ner in the hospitality divisionof consulting firm CohnReznickLLP, said she has talked to hun-dreds of clients with concernsabout the program.

“The conversation is liter-ally from 8 a.m. until 1 in themorning,” she said.

Portland, Ore., restaurateurand cookbook author NaomiPomeroy said she filed for aloan with her bank Friday andwas told that funds were al-ready drying up. She and otherprominent chefs fear that big-ger chains will be at an advan-tage to access funds.

“A lot of people are apply-ing, and that money is runningout very, very quickly. We aregoing to need more money forrestaurants to get open again,”Ms. Pomeroy said.

Many independent restau-rants closed their doors afterstates ordered dining bans lastmonth rather than trying toslap together carry-out pro-grams—and thus need moretime to rehire staff and be eli-gible for loans. Large fast-foodchains, particularly those withdrive-throughs, remain opera-tional and have retained moreof their staff as demand hasn’tdeclined as starkly.

“We know Chili’s andDenny’s are looking at this.Everyone has access to thissame, finite pie,” said CheetieKumar, owner of Raleigh, N.C.-based restaurant Garland, whoput in her application for the

payment program last week.Ms. Kumar has entirely shuther operation, furloughingmost of her workers.

Trump administration offi-cials have said they would seekadditional funding if moneyruns out. Congressional sup-port is likely, said an aide toSen. Marco Rubio, the FloridaRepublican who chairs the Sen-ate Committee on Small Busi-ness and Entrepreneurship.

The loans are made bybanks, credit unions and otherlenders and have a 1% interestrate. They are designed to keepemployees on the payrolls foreight weeks. If a borrowerdoesn’t lay off workers, thegovernment plans to forgive theloan, including interest. Bor-rowers may also use the moneyfor rent and utilities. The maxi-mum loan is $10 million.

In addition to the exemp-tion for hotel and restaurantchains, a second exemptionwas granted for franchiseowners in any line of businesswho employ more than 500people, as long as no singleoutlet employs that many.

That provision will helpTodd Recknagel, who employsmore than 2,000 people at the68 Massage Envy outlets heowns. Mr. Recknagel says hehas been able to pay employ-ees, but he can’t continue todo that without a loan.

“We’re a collection of smallbusinesses,” said Mr. Reckna-gel, who says he will seek themaximum loan of $10 million.

Small-Business HelpGoes to Bigger Firms

Restaurant and hotelchains can get loansregardless of howmany they employ.

By Bob Davisin Washington

and Heather Haddonin Chicago

P2JW098000-0-A00700-1--------XA

A8 | Tuesday, April 7, 2020 * * * * * THEWALL STREET JOURNAL.

ported entities and startingnew programs to buy higher-rated corporate bonds.

“The liquidity side is beingfixed,” said Michael Collins, asenior portfolio manager atPGIM Fixed Income.

Investors said the Fed’smain goal remains simple: tohold down borrowing costsacross the economy, so indi-viduals, businesses and com-munities are encouraged toborrow and spend money. Butthat has proved challenging inrecent weeks, pushing the cen-tral bank to take ever-more-aggressive and creative ac-tions.

Shortly after the centralbank reduced the key interestrate it controls to near zero onMarch 15, yields on longer-term U.S. Treasurys shot up-

ward, with the 10-year yieldclimbing to 1.259% from 0.5%the previous week. The extrayield, or spread, investors de-mand to hold ultrasafe mort-gage bonds over Treasurysjumped to around 1.75 per-centage points, according toTradeweb. That is comparedwith 1.52 percentage pointsjust before the rate cut andless than 0.3 percentage pointa week earlier.

In both cases, investors saidthe moves were fueled bymoney managers rushing toraise cash by selling what theycould: ultrasafe debt. Thatcontributed to deteriorating li-quidity, as dealers demandedmore compensation to standin the middle of trades.

One measure of the Fed’srecent success is that the 10-

early indications that lock-downs in the U.S. and Europemight be helping slow the cor-onavirus pandemic. In recentweeks, investors have takengrim economic data in stride,betting that prices of stocksand bonds now more appropri-ately reflect the likelihood of asharp economic contraction.

Few are celebrating justyet. The Dow industrials re-main down about 20% thisyear and debt markets are farshakier than they were abouta month ago. Most new bondsales are still coming fromwell-established companieswith higher credit ratings. Li-quidity, or the ease with whichinvestors can buy and sell se-curities at what they think aremarket prices, remains poor insome riskier corners of themarket. Some worry condi-tions could quickly deteriorateagain if the economic outlookdarkens further.

Still, investors and analystssaid the Fed’s historic inter-ventions have spurred a mean-ingful reduction in marketstress. Those steps include an-nouncing plans to buy unlim-ited amounts of governmentbonds and mortgage securitiesissued by government-sup-

ContinuedfromPageOne

the hospital door, trying fu-tilely to keep close to theirdogs and cats and 6 feet awayfrom each other. Now staff areshooing owners back to theircars or to empty sidewalksoutside of closed businessesnearby.

Inside the hospital, vetshave turned the lunchroom andconference room into work ar-eas to spread themselves out.Dr. Klippen moved her com-puter into an examinationroom.

She commutes from SilverSpring, Md., where she liveswith a 5-year-old son and twolazy cats. “We’re anxious be-cause we’re continuing to putourselves at risk and our fami-lies at risk to be able to pro-vide essential services,” saidDr. Klippen.

The Veterinary Medical As-sociation Executives, a tradegroup, sent a survey in Marchasking vet hospitals nation-wide to report how long theycan continue to practice withexisting stocks of masks,gloves, gowns and other per-sonal protective equipment.The group wants to make surevets aren’t left out when thegovernment divvies up safetygear among doctors, nurses,paramedics and other essentialworkers.

Friendship has already de-cided not to waste protectiveequipment on “your routine,garden-variety vomiting anddiarrhea patients,” said Dr. Ja-nine Calabro, director of emer-gency services. Technicians nolonger don gloves to adminis-ter rabies vaccines or drawblood, although the staff still

gloves up when treating dogswith leptospirosis, which caninfect humans.

“Just like with the humanhospitals, there’s going to be abreaking point,” said Dr. Klip-pen. “Everybody is trying to dotheir best.”

Emergency vets say one ofthe things that hurts most isthe lack of personal contactwith pet owners. Dr. Calabro,44, says during normal times,she watches an owner’s bodylanguage and facial expressionswhen she explains a dog orcat’s prognosis. She can readwhether the owner under-stands the flurry of informa-tion. Harder to do over the

phone.The worst is when the news

is bad. On a recent Friday, Dr.Klippen examined a dog thathad collapsed at home with acatastrophic abdominal infec-tion. The owner remained out-side while Dr. Klippen, callingfrom the office line, told herthat her dog would suffer ifnot euthanized. Normally dur-ing euthanasia, Dr. Klippen andfamily members are side-by-side, at a table or on the floor,so close they touch as she in-jects a sedative and then adrug to stop the animal’s heart.She often hugs family memberswhen it’s all over.

Now Friendship allows just

THE CORONAVIRUS PANDEMIC

one family member inside tokeep the pet company as itdies. The hospital has set asidethe largest exam room for eu-thanasia procedures to allowdoctor and owner as much dis-tance as possible betweenthem.

On that Friday, the ownercradled her dog on the examtable as Dr. Klippen, wearing agown, stood apart and pushedthe drugs into an intravenousline. Dr. Klippen said she askedthe owner to step aside whileshe placed the stethoscope onthe dog’s chest and listened forthe final heartbeat.

As alarm spread over theshortage of ventilators in hu-man hospitals, veterinarianstalked among themselvesabout handing over their ma-chines to the humans. Peopleand animals use the same kindof ventilators.

Dr. Beth Davidow, incomingpresident of the American Col-lege of Veterinary EmergencyCritical Care, started a list ofvets who have lent out theirventilators, pledged their ma-chines to human hospitals, oroffered to do so if asked. Morethan 200 veterinary hospitalsin the U.S. and Canada havesigned on; at least seven veter-inary ventilators are already inuse in New York or New Jerseyintensive-care units.

Friendship cleaned up its$10,000, refurbished ventilatorover a week ago and took itout of service, to be ready forany local hospital in need.Still, it wasn’t a hard call,choosing people over pets.Said Dr. Calabro: “Humans areanimals, too.”

WASHINGTON—Veterinar-ian Christine Klippen cries inthe car pretty much every day.

Maybe it’s because anxiousowners aren’t allowed insideFriendship Hospital for Ani-mals anymore to watch hercare for their sick pets. Maybeit’s because her hospitalpacked up its ventilator to lendto a human hospital, shouldthe coronavirus pandemicoverwhelm Washington, D.C.’smedical system.

On a recent drive home, itwas definitely because that dayshe had to tell a woman byphone—a woman just outsideof the hospital’s closed doors—that her dog wasn’t going tomake it.

These weren’t hard medicaldecisions. Keeping owners out-side to protect them from thestaff and the staff from them.Giving up the ventilator andchoosing human life over ani-mal life.

But those moments are driv-ing home to Dr. Klippen, a 38-year-old emergency veterinar-ian, just how the pandemic iseroding her ability to care forpets and the owners who lovethem.

“I have to meet people whenthey’re scared and sad, whenthings aren’t going well,” shesaid. “That human connec-tion—I didn’t realize how muchI need that not only to relay in-formation, but to show some-one that I have compassion fortheir situation and their pet.”

Veterinarians say the virusdoesn’t appear to seriously af-fect pets, although a tiger atthe Bronx Zoo has fallen illwith Covid-19, and Hong Konghas quarantined the pets ofsick people after a dog theretested positive.

Friendship offers 24-houremergency care and oncology,nephrology, dermatology andother specialty services in thewell-to-do Upper Northwestarea of Washington, D.C. Thecity last week imposed a stay-at-home order, on top of a pre-vious edict closing nonessen-tial businesses, to slow thespread of coronavirus.

Police stopped one Friend-ship emergency veterinarianwalking to work for the nightshift last week. Hospital staffcarry letters explaining thatvets are essential workers.

The hospital has put its ownsafety measures in place. Mostowners hand their pets over toa Friendship technician curb-side through the car window ordoor. Those arriving on footcheck in at an outdoor tent andpass their dogs or cats to staffmembers inside the building.

During the early days of thecrisis, worried family membersgathered on benches outside of

BY MICHAEL M. PHILLIPS

Veterinarians Face Trying TimesAnimal hospitals arechanging practices,giving ventilators tohuman ones

Friendship Hospital for Animals in Washington, D.C., has readied its ventilator to lend to humans; the virus has changed vet practices.

FROM

TOP:

JANINECA

LABR

O;M

ICHAEL

M.P

HILLIPS

/THEWALL

STRE

ETJO

URN

AL

From small-town Vermontto Los Angeles, local govern-ments are commandeeringshut-down hospitals to addspace amid the coronaviruspandemic—a trend that couldrevamp the market for health-care facilities.

Just months ago, St. Vin-cent Medical Center in Los An-geles and Astria RegionalMedical Center in Yakima,Wash., were closed, unable tobring in enough revenue tostay afloat. Both are poised toreopen with the help of statefunds and, in the case of St.Vincent, $135 million from thefamily foundation of PatrickSoon-Shiong, the billionaireowner of the Los AngelesTimes.

In Vermont, a bankruptcycourt pulled back from thebrink one of many hospitalsfacing a financial squeezefrom the drop-off in lucrativesurgeries that are critical totheir bottom lines.

In West Virginia, a govern-ment-funded communityhealth-care group stepped inwith a deal that will save criti-cal beds at another bankruptsmall hospital.

These hospitals’ rebirthcomes as health-care facilitiesare being pushed to their lim-its by the pandemic. As medi-cal centers across the U.S. pre-pare for an influx of hundredsof thousands of new patients,President Trump is expectedto use a federal stimulus pack-age to pay hospitals that treatuninsured people infected withthe new coronavirus.

Bankruptcy judges are act-ing quickly on creative ar-rangements that allow publicofficials to rescue health sys-tems that could be pushed totheir limits by a surge inCovid-19 cases.

Vermont has agreed to propup ailing Springfield Hospital,in the southeast of the state,with a loan approved in courtThursday. Without the stateloan, Springfield could have

been forced to close due to adrop-off in revenue as peopleforgo elective medical care,according to court papers.

“The global pandemic ishaving a significant negativeimpact on small rural hospi-tals. Outpatient visits are dry-ing up and nonessential proce-dures are not taking place inmany of these hospitals,” saidAndrew Helman, a lawyer forSpringfield.

Springfield has 25 hospitalbeds and another 12 beds inits busy emergency room,which logged 16,235 visits in2018. The hospital also hastesting and laboratory facili-ties, four ventilators and hun-dreds of employees.

But pandemic rules againstnonessential activity havesqueezed the revenue streamsat Springfield so badly thatthe hospital could have beenforced to choose betweenmaking payroll and buyingsupplies, had Vermont notstepped in, court papers said.

Losing out on revenue fromoutpatient and elective proce-dures, small rural hospitalsare also looking at increaseddemand for emergency caredue to the pandemic, Mr. Hel-man said. He said he hasalerted the judge overseeingthe bankruptcy turnaround ef-forts of Penobscot Valley Hos-pital and Calais Regional Hos-pital in Maine about thefinancial squeeze of Covid-19.

“I have been workingclosely with states where mychapter 11 hospital clients arelocated to obtain necessarysupport,” Mr. Helman said.“These businesses need to stayopen.”

Pennsylvania health chiefRachel Levine said Wednesdaythe state is deciding whetherto reopen Ellwood City Medi-cal Center, which was strippedof its license in February. Thefacility’s owner, AmericoreHealth LLC, filed for chapter 11bankruptcy protection lastyear.

BY PEG BRICKLEY

StatesEnlistTroubledHospitals

Local governmentsare commandeeringshut­down facilitiesto add space.

year Treasury yield has fallenback to 0.675% as of Monday’sclose. Another is that averagemortgage spreads have re-cently been hovering around 1percentage point. Put together,the moves should push downmortgage rates and hand moremoney to homeowners who re-finance their mortgages.

Just the promise of the Fedbuying corporate bonds has al-ready provided a lift to largerbusinesses.

Last week, companies out-side the financial sector, in-cluding Oracle, Dollar GeneralCorp. and General Mills Inc.,sold a record $104 billion ofinvestment-grade bonds, beat-ing the previous record of $73billion set the previous week.In many cases, companieshave been selling bonds atyields that were barely abovethose on their existing bonds,a sign of strong demand frominvestors.

Five companies also issuedspeculative-grade bonds,kicked off by Pizza Hut ownerYum Brands Inc., with the firsthigh-yield bond sale sinceMarch 4.

In addition, cruise operatorCarnival—which is invest-ment-grade but facing urgentliquidity pressures after itshut down operations—sold$4 billion of secured bonds ata hefty 11.9% yield.

The recovery has beenmore mixed in other areas ofthe credit market. The amountof extra yield that investorsdemand to hold securitizeddebt—backed by everythingfrom student loans to aircraft

leases—instead of Treasuryshas generally declined in thepast two weeks. But investorssaid there are large variationseven within sectors, depend-ing on how vulnerable specificborrowers are to the economicdownturn. And sales of newasset-backed securities arelikely to be on hold until theFed starts up a program tobuy the highest-rated debt inthe asset class.

Central-bank support forsome short-term municipal-bond prices helped pull themarket out of a major liquiditycrunch that brought state andlocal government borrowing toa standstill in mid-March.

Also helping: congressionalendorsement of a programthat would provide liquidityfor longer-dated maturities.Prices rebounded sharply,though they later fell again. Is-suance of new bonds has in-creased slightly but remainsaround 10% of February levels,according to Refinitiv.

A series of ratings-firmdowngrades over the course ofthe past week reminded inves-tors of many issuers’ vulnera-bility. S&P Global reset its out-look on Wednesday to“negative” on all U.S. public-fi-nance sectors. New York’sMetropolitan TransportationAuthority has frozen new proj-ects despite billions of dollarsin planned aid.

Some investors said there isstill more pain to come, re-gardless of what the Fed cando to calm markets.

—Heather Gillerscontributed to this article.

CreditMarketsSteadier

Jan.2019

Jan.

U.S. investment-gradecorporate-bond issuance,weekly*

$100

0

25

50

75

billion

June Jan.2020

Federal Reserverate cut

Rate cut

Extra yield to hold agencymortgage-backed securitiesover U.S. Treasurys

Sources: Tradeweb (yield); Dealogic (issuance)*Excludes financial-sector businesses

2.0 pct. pts.

0

0.5

1.0

1.5

Feb. March April

P2JW098000-5-A00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A9

aren’t mandatory.South Korea, which has

been seen as a model of howto tackle the pandemic withwidespread testing, is doingmore to limit public gather-ings as the weather warms.

In Seoul, bus stops onstreets lined with cherry blos-soms were closed over theweekend to keep people fromflocking to see the flowers.

Last week, the northeast-ern city of Samcheok usedtractors to dig up a display ofbright-yellow rapeseed flow-ers that was the size of eightsoccer fields. Visitors came tosee it despite signs saying theannual flower festival wascanceled, according to a cityofficial.

“If the people had partici-pated in social distancingmore actively, we would haveseen much better results,”South Korea’s vice health min-ister, Kim Gang-lip, said Mon-day.

Although the number ofnew cases in South Korea fellMonday to the lowest levelsince February, officials wereworried about a possible sec-

ond sharp rise. Movementamong citizens increased by20% over the weekend com-pared with late February—when infections shot up—ac-cording to South Korea’sCenters for Disease Controland Prevention.

East Asian countries wereamong the first to report new

coronavirus cases given theirproximity to China. They tookvarious steps to limit the vi-rus’s spread—Japan closedmost schools in early March—but stopped short of trying tokeep the entire country athome all day.

Mr. Abe hesitated to de-clare a state of emergency,

which economists said waslikely to cause the economy toshrink more rapidly. On Mon-day, he said he was planningto propose an economic pack-age worth about $1 trillion,equivalent to 20% of Japan’sannual output, including morethan $50 billion in direct cashpayments to families.

Singapore has used sophis-ticated tracing operations toidentify people who mighthave been exposed, isolatethem and prevent emergingclusters from growing. Thecountry’s strategy kept thedisease from spreading widelyfor two months without large-scale disruptions to everydaylife.

South Korea had a surge ininfections that quickly made itthe most seriously affectedcountry by the virus in Asiaafter China. Instead of impos-ing social controls, it imple-mented a broad program oftesting for the virus andtracking techniques like Sing-apore that helped it bring theinfection rate under control.

—Suryatapa Bhattacharyacontributed to this article.

Countries in Asia that hadavoided harsh restrictions onactivity are now tighteningcontrols after new infectionsand lax observance of volun-tary curbs threatened theirsuccesses in restraining thenew coronavirus.

On Monday, JapanesePrime Minister Shinzo Abesaid he would declare a stateof emergency in major popu-lation centers after an accel-eration of virus cases in re-cent days, particularly inTokyo, the center of theworld’s most populous urbanregion.

The declaration, expectedTuesday, will ask people tostay home unless absolutelynecessary and call for all pub-lic gatherings to be suspendedfor about a month. Mr. Abesaid the move is necessary be-cause infections are increas-ing rapidly and hospitals arefacing a crisis.

Singapore also has experi-enced a surge in new viruscases, prompting the govern-ment on Friday to announcesignificantly tighter restric-tions that are set to lastthrough May 4. The city-staterecorded 120 new coronaviruscases Sunday, its highest sin-gle-day increase. More thanhalf haven’t been linked to ex-isting cases or clusters of in-fection.

“The elderly like to hang

By Alastair Gale,Niharika Mandhana

and Dasl Yoon

THE CORONAVIRUS PANDEMIC

out in the hawker centers”—open-air food courts—“andcoffee shops with theirfriends. The young people liketo go out with their buddiesand their friends in malls,”said Lawrence Wong, co-chairof Singapore’s task force tofight the virus. “But all of thiscannot be tolerated anymore.”

Japan and Singapore areamong several Asian nationsthat have avoided the thou-sands of deaths experiencedin the U.S. and many countriesin Europe. Both had hoped toavoid stricter measures thatcould cripple their economies.

That became more difficultin recent days when it becameclear that normal daily lifewas contributing to thespread of the virus. TokyoGov. Yuriko Koike urged Mr.Abe to declare an emergencyas infections in the capitalsurged past 1,000 cases, abouta third of the national total.Like in Singapore, it isn’tknown in many of those caseshow people got infected.

“Tokyo is certainly a dan-gerous place right now,” saidKentaro Iwata, an infectious-disease specialist at Kobe Uni-versity in western Japan.

In Singapore, most work-places will close Tuesday andemployees must either workfrom home or stop workingaltogether. Schools will moveonline the following day. Sin-gaporeans have been asked toleave their homes only if theyneed to buy food or other gro-ceries and to exercise alone orwith a family member.

Japan will ask shops andbusinesses that have manycustomers, such as movie the-aters and hotels, to close inmajor urban areas. Trains willcontinue to run, and most ofthe government requests

AsianNationsNowAddingStrict CurbsFacing a new wave ofcoronavirus cases,some countries areordering shutdowns

Tokyo’s Kabuki-cho entertainment district, which has seen a disproportionately high number of coronavirus infections, was bustling onMonday. Prime Minister Shinzo Abe, below, said he would declare a state of emergency in Tokyo and other centers as cases rise.

CARL

COURT

/GET

TYIM

AGES

FRANCK

ROBICH

ON/EPA

/SHUTT

ERST

OCK

Staying homesaves lives.

For more information, visit

coronavirus.gov

P2JW098000-0-A00900-2--------XA

A10 | Tuesday, April 7, 2020 * * * * * * THEWALL STREET JOURNAL.

suggests a lengthy path backto normalcy for the U.S., Eu-rope and other regions wherethe Covid-19 pandemic’s worstdays have yet to pass.

The Seoul government hasearmarked emergency fundsand aid of at least $80 billion.But little has yet to trickledown due to bureaucracy andthe decision to prioritize ini-tial spending on tampingdown the pathogen. South Ko-rea has about 10,000 con-

firmed virus patients but hasseen a steep drop-off of newcases in recent weeks.

“The best antivirus mea-sures will be the best eco-nomic policies,” South KoreanPrime Minister Chung Sye-kyun said recently. “Becausewithout proper containmentwe can’t go into economic re-covery.”

Yet with clusters of freshinfections still popping up,South Koreans remain on

edge.South Korea, a country of

52 million people that is aboutthe geographic size of Indiana,has a big economic advantageover China and most of Eu-rope and the U.S.: It neverturned to locking down cit-ies—which can curb commercedramatically—and instead rec-ommended that people workfrom home and avoid largegatherings.

The government also fo-

cused on widespread testing.And it actively traced whereinfected individuals had trav-eled and imposed quarantinesfor those who were near infec-tion clusters.

Yet some of South Korea’searly economic measures, likeoffering subsidies to landlordsto lower rents and stipends toworking parents forced to takeunpaid leave, did little to stokespending.

Now South Korea, like theU.S., is turning to one-timepayments, which will be of-fered to more than two-thirdsof households based on in-come. But those funds won’t

be released for weeks.Another measure aimed at

accelerating the fiscal rolloutsis a newly created low-interestloan program of roughly $10billion—and demand for it hasbeen high.

Mr. Seo, the bar owner,closed his business in part sohis three workers could qual-ify for government assistancethat is easier to access whenfurloughed. He is frustratedthat his application for help inpaying his workers’ wages,filed about a month ago,hasn’t produced any funds.

“I’m just hoping this endssoon,” Mr. Seo said.

THE CORONAVIRUS PANDEMIC

SEOUL—When the coronavi-rus ripped across South Koreain mid-February, bar ownerSeo Ji-won felt somewhat se-cure. He had some savings,didn’t have a family to feedand ran a popular establish-ment in a busy neighborhood.

Last week, Mr. Seo decidedto close his 10-table business,called CTavern, for at least amonth. Emergency funds ear-marked for small establish-ments like his have yet to ma-terialize. Even as South Korea’scoronavirus pandemic haseased, his bar remained nearlyempty. Sales plummeted 90%.

“I’m not going to reopenuntil a rebound feels near,”said Mr. Seo, who is goingwithout a paycheck.

Having turned the corneron its coronavirus battle,South Korea is confronting thepunishment delivered to itseconomy. It is worse than ex-pected, small-business ownerssay, with no clear sense whencommerce will bounce back.

South Korea’s economic pa-ralysis shows how elusive aswift recovery might be evenafter a public-health victory. It

BY ANDREW JEONG

South Korea Recovers, but Economy LagsNation’s early actionshelped check outbreak,but businesseswillsuffer for quite awhile

Seo Ji-won decided to close his CTavern bar and restaurant in Seoul after sales dropped 90%.

JEANCH

UNGFO

RTH

EWALL

STRE

ETJO

URN

AL

Newly confirmed coronavirus cases in South Korea, daily

Source: Korea Centers for Disease Control and Prevention

900

0

150

300

450

600

750

MarchFebruary April

LONDON—Weeks beforePrime Minister Boris Johnsonentered intensive care on Mon-day evening suffering from se-rious symptoms of the newcoronavirus, he gave the job ofsteering the U.K. through theeconomic and public-healthcrisis triggered by the infec-tion to Dominic Raab, thecountry’s top diplomat.

Mr. Johnson was admittedto an intensive-care unit at St.Thomas’ Hospital in centralLondon and asked Mr. Raab,the foreign secretary, to depu-tize for him where necessary,Downing Street said. Mr.Johnson’s deterioration marksthe first instance of a nationalleader having such a seriouscase of Covid-19.

A relative newcomer topower in the U.K., having beena member of the topmost levelof government for less thantwo years, Mr. Raab, 46 yearsold, takes the reins at a timeof national emergency thatwould test far more experi-enced politicians.

The U.K. has shut down alarge part of its economy andordered citizens to stay indoorsin an attempt to slow the spreadof infection. The central chal-lenge for the administration Mr.Raab now leads, if Mr. Johnsonfails to make a swift recovery,will be to judge when the crisisis ebbing and economic and so-cial restrictions can be eased.

BY JASON DOUGLAS

U.K. ForeignSecretarySteps In toHandle Crisis

“It really depends on every-one just accepting that thatperson has the same author-ity,” said Catherine Haddon, aconstitutional expert at the In-stitute for Government.

In time, in a process thatcould take months, the rulingConservative Party wouldchoose a new leader whowould become prime minister.

Mr. Raab led the cabinet’scivil contingencies meeting inMr. Johnson’s stead on Mon-day morning. The foreign sec-retary also led an afternoonnews conference, where he re-iterated that Mr. Johnson wasstill running the country. How-ever, Mr. Raab said he hadn’ttalked to the British leadersince Saturday.

On Monday evening, theU.K.’s top civil servant, MarkSedwill, briefed the cabinet onthe prime minister’s worsen-ing health by video link as Mr.Johnson was shifted into in-tensive care.

Politicians across the globeon Monday offered their bestwishes for the prime minis-

ing some of the morestringent clampdowns beingimposed across Europe in aneffort to minimize disruption.

The government’s pandemicplan, which was crafted by sci-entists over the past two de-cades, played down the needto shut schools and ban massgatherings, arguing they didlittle to stop a virus’s spread.

Meanwhile, British epidemi-ologists initially underesti-mated how many people couldrequire intensive care if theygot ill, officials said. Worriedthat the British publicwouldn’t isolate for weeks onend, the government reasonedit was better to wait until thevirus’s spread was acceleratingto impose a lockdown.

Even as evidence mountedabout the seriousness of the vi-rus’s spread, Britain’s crowdedParliament and the warren ofbuildings around DowningStreet, where Mr. Johnson livesand works, were humming withpeople. “I am shaking handscontinuously,”Mr. Johnson saidat the start of March. “I was ata hospital the other nightwhere there were actually afew coronavirus patients and Ishook hands with everybody.”

Downing Street continuedto operate much as normalwith briefings in the stateroom and meetings convenedaround crowded tables in thebuilding’s drawing rooms.

On March 16, scientists ad-vising the government con-cluded that the clampdownneeded to be accelerated fol-lowing a series of reports bymodelers showing the Na-tional Health Service wouldquickly be swamped.

Even after Mr. Johnsonlocked down the country onMarch 23, he continued to at-tend cabinet in person. The

same week he fell ill Mr. John-son attended a virtual cabinetmeeting, sitting with thehealth secretary and the coun-try’s most senior civil servant.

The virus then spreadthrough his top team. Mr.Johnson’s chief of staff, Domi-nic Cummings, and the coun-try’s chief medical officer,Chris Whitty, isolated them-selves with symptoms. Thehealth secretary, Matt Han-cock, subsequently fell ill.

Mr. Johnson’s pregnant fian-cée, Carrie Symonds, said shehas also suffered symptoms.Most of Mr. Johnson’s team isback at work and Ms. Symondstweeted over the weekend thatshe was feeling stronger. Mr.Cummings isn’t back in Down-ing Street yet but is working.

Mr. Johnson put on a braveface once in isolation. He pub-lished a series of videos inwhich he said he had mildsymptoms. However, peoplewho were in contact with himin the middle of last week ex-pressed concern about hiswell-being. Mr. Johnson con-tinued to lead cabinet meet-ings via video link in his study.

He also appeared outside hisdoor in Downing Street onThursday to join a nationwideapplause of National HealthService workers. The govern-ment insisted his symptomswere still mild but admitted hiscondition wasn’t improving.

By Friday, a pale-looking Mr.Johnson told the nation via aself-filmed video that he wouldcontinue to isolate because ofa persistent fever. At 8 p.m. onSunday, as Queen Elizabeth IIaddressed the nation imploringpeople to follow social-distanc-ing guidelines, he was drivento a nearby hospital for tests.

—Jason Douglascontributed to this article.

with critical policy decisions,including how long to continuerestrictions on business andother social-distancing mea-sures that have shut swaths ofthe economy.

Mr. Johnson, who was re-cently elected on his promise todeliver Britain’s divorce withthe European Union, has in-stead found himself leading thecountry’s fight against Covid-19,the respiratory illness causedby the coronavirus. Britain, likeseveral other Western nations,is trying to come to terms witha shortage of equipment forprotecting medical personneland testing for the disease.Some doctors and epidemiolo-gists have criticized Mr. John-son for failing to move faster toput the country into lockdownafter the virus arrived in theU.K. at the end of January.

Adding to the complications,if Mr. Johnson’s health contin-ues to deteriorate, it could raisea constitutional headache at acrucial moment in the U.K.’sbattle against the virus. Britaindoesn’t have the equivalent of avice president who automati-cally takes over if the primeminister dies or is incapacitated.

Mr. Johnson eased the tran-sition by deputizing Mr. Raabbefore he sickened. But if Mr.Raab becomes incapacitated, itwould be up to the membersof the U.K. cabinet to decideamong themselves who shouldlead the country.

ContinuedfromPageOne

Johnson’sConditionWorsens

ter’s recovery. “Americans areall praying for his recovery—he’s been a very good friend,something really special:strong, resolute, doesn’t giveup,” President Trump said.

The number of confirmedcases and deaths in the U.K.has been climbing rapidly,though data released on Mon-

day showed the number of newcases falling from Sunday and439 deaths related to Covid-19in the previous 24 hours, thelowest daily figure in April.But scientists said that fatali-ties are a lagging indicator ofthe spread of the pandemic.

The British government ini-tially took a laissez-faire ap-proach to the illness, eschew-

TheU.K. governmentfirst took a laissez­faire approach tothe illness,

SHANGHAI—After sometwo months hunkered down athome to fight the coronavirus,many Chinese people traveledthis weekend—for the annualtomb-sweeping holiday—boosting beleaguered hotelsand travel companies.

Travel bookings for thethree-day weekend were up50% from the weekend before,according to Trip.com, China’slargest travel-services com-pany, while hotel bookings in-creased 60%. Fliggy, an onlinetravel service operated by Ali-baba Group Holding, said trainreservations doubled and hotelbookings rose 30%.

Railway passenger flow onSaturday was the highest sinceJanuary’s Lunar New Year hol-iday, and crowds Sundaymorning at Huangshan, a sce-nic mountain in eastern China,grew so large that authoritieshad to stop people from enter-ing the area.

“We are seeing signs of re-

covering now from the domes-tic market in China,” said JaneSun, Trip.com’s chief execu-tive. The company’s April tourbookings are three times theMarch number, a companyspokeswoman said.

The jump in travel willcome as a relief to China’seconomic managers. While theNational Bureau of Statisticssaid last week that manufac-turing activity had surged inMarch after a brutal slowdownin February, some economistssay consumer demand will bemuch slower to recover.

The Tomb-Sweeping Day hol-iday, traditionally a time to visitthe resting place of one’s ances-tors, has also become an oppor-tunity for a short vacation.

Many who did travel overthe three-day weekend favoredshort trips to neighboring citiesor local beauty spots, accordingto Trip.com. That reflects theirown caution and also travel re-strictions still in force as thegovernment balances healingthe economy against prevent-

ing a second wave of infections.“Most travelers in China re-

main cautious,” said JacquesPenhirin, the head of OliverWyman’s retail and consumer-goods practice in China. Sixtypercent of the people surveyedrecently by the consulting firmsaid they wouldn’t travel any-where until at least a monthafter China’s last Covid-19 pa-tient had recovered. But ingood news for the travel sec-tor, most respondents saidthey expect to push ahead withvacations planned for later inthe year, Mr. Penhirin said.

While individuals can travelbetween provinces, several pro-vincial governments have tem-porarily barred travel compa-nies from offering trips acrossprovincial boundaries.

And while thousands of tour-ist attractions around the coun-try have reopened, the Shanghaigovernment last week orderedmajor attractions to reclose in asign of anxiety about acting tooboldly before the virus has beencompletely suppressed.

BY TREFOR MOSS

More Chinese Get aMove OnAs Travel Curbs Are Eased

Hotel bookings and train travel have jumped in China. Wuhan was the epicenter of the outbreak.

ROMANPILIPE

Y/EP

A/SHUTT

ERST

OCK

U.K. Prime Minister Boris Johnson was moved to the intensive-care unit of London’s St. Thomas’ Hospital on Monday.

ANDY

RAIN/EPA

/SHUTT

ERST

OCK

P2JW098000-6-A01000-1--------XA

THEWALL STREET JOURNAL. * * * * * * Tuesday, April 7, 2020 | A11

A forest fire burned Sunday near the village of Volodymyrivka in the exclusion zone around theChernobyl nuclear-power plant. Police say a 27-year-old man is suspected of starting the blaze.

YARO

SLAV

YEMEL

IANEN

KO/A

SSOCIAT

EDPR

ESS

WORLDWATCH

UKRAINE

Forest Fire RagesNear Chernobyl

Emergency teams in Ukraineon Monday continued to battle aforest fire in the contaminatedarea around the Chernobyl nu-clear-power plant that has raisedradiation fears.

Police said they tracked downa person suspected of startingthe blaze by setting dry grasson fire in the area. The 27-year-old man said he burned grass“for fun” and then failed to ex-tinguish the fire when the windcaused it to expand quickly.

Two blazes erupted Saturdayin the zone around Chernobylthat was sealed after the explo-sion at the plant. The 1,000-square-mile Chernobyl ExclusionZone was established after theApril 1986 disaster at the plantthat sent a cloud of radioactivefallout over much of Europe. Thezone is largely unpopulated, al-though about 200 people haveremained despite orders to leave.

Firefighters said they man-aged Monday to put out thesmaller of the two fires, whichengulfed about 12 acres, but a50-acre fire continued burning.

—Associated Press

UNITED KINGDOM

Consumer SentimentDives in Lockdown

U.K. consumer confidenceplummeted in the last twoweeks of March, the biggestdrop yet recorded, as the nationentered a state of lockdown inan attempt to slow the rapidspread of the coronavirus.

An index of consumer confi-dence gathered by market re-search firm GfK fell by 25 pointsto minus 34. It was the index’slowest reading since February2009 and the biggest singledrop since the index started in1974.

Consumer sentiment nose-dived as Britons feared a sharpdecline in their financial situationand the economy.

A subindex gauging consum-ers’ expectations about theirpersonal finances in the next 12months fell 20 points to minus17 and another, on their viewsabout the state of the economyin the year ahead, fell 29 pointsto minus 56.

In a worrying sign for retail-ers, a gauge of consumers’ likeli-hood to make major purchasesslumped 50 points to minus 52.

—William Horner

AFGHANISTAN

Taliban Say DealWith U.S. Faltering

The Taliban said their peacedeal with the U.S. was nearing abreaking point, accusing Wash-ington of violations that in-cluded drone attacks on civil-ians, while also chastising theAfghan government for delayingthe release of 5,000 Talibanprisoners promised in the agree-ment.

The Taliban said they had re-stricted attacks against Afghansecurity forces to rural out-posts, had not attacked interna-tional forces and had not at-tacked Afghan forces in cities ormilitary installations. The Tali-ban said these limits on theirattacks hadn’t been specificallylaid out in the agreement withthe U.S. signed in February.

The Taliban’s statement is-sued Sunday warned of moreviolence if the U.S. and the Af-ghan government continue al-leged violations of the deal.

U.S. military spokesman Col.Sonny Leggett denied the Tali-ban allegation, saying the U.S.forces in Afghanistan were up-holding the terms of the deal.

—Associated Press

WORLD NEWS

delivered to a nearly emptycourtroom because of corona-virus restrictions.

“The jury, acting rationallyon the whole of the evidence,ought to have entertained adoubt as to the applicant’s guiltwith respect to each of the of-fenses for which he was con-victed,” the High Court judgessaid in a statement. They or-dered that the convictions bequashed and that verdicts of ac-quittal be entered in their place.

Cardinal Pell has maintainedhis innocence. In a statementTuesday, released by the Arch-diocese of Sydney, he said hehad suffered a “serious injus-tice” that was now remediedby the unanimous High Courtdecision.

He was convicted by a

unanimous verdict in Decem-ber 2018 after a jury in an ear-lier trial was deadlocked. LastAugust, a panel of appellatejudges in Victoria state ruled

2-1 to uphold his conviction.Tuesday’s decision by a

panel of seven judges in Aus-tralia’s highest court wasunanimous, and followed atwo-day appeal hearing inCanberra last month.

Cardinal Pell has said pri-vately that he wants to remainin Australia, near friends andfamily members, following hisrelease from prison. But as theclerical abuse crisis’ mostprominent symbol in Austra-lia, his continued presence inthe country may make itharder for church leaders tomove beyond the scandals.

On the other hand, his pres-ence in Rome would be inconve-nient to the pope, raising thepossibility that he would be en-couraged to move to a thirdcountry such as the U.S. Cardi-nal Pell has the right to vote ina conclave to elect a futurepope, if one should take placebefore he turns 80 in June 2021.

The Vatican couldn’t bereached for comment.

The prosecution’s case re-lied on the evidence of one ofthe former choirboys, now inhis 30s with a young family.He reported the alleged abusesto the police in 2015, after theother former choirboy died ofan accidental drug overdose.The other choirboy never pub-licly made accusations againstCardinal Pell.

The accuser’s lawyer saidthey would make a statementWednesday after reading andconsidering the High Court de-cision.

Police in Victoria, thesouthern state where the car-dinal was charged and tried,said they respect the HighCourt decision and will con-tinue to provide support forthe complainants.

“Victoria Police remainscommitted to investigatingsexual assault offences andproviding justice for victimsno matter how many yearshave passed,” police said in astatement. They also acknowl-edged the work on the case byinvestigators over many years.

Born in a gold-mining townwest of Melbourne, CardinalPell has been a dominant forcein the Catholic Church in Aus-tralia for decades, befriendingpowerful figures, includingprime ministers. An Oxfordscholar, he rose through theranks to become first Arch-bishop of Melbourne, then ofSydney, before heading toRome and taking up one of theVatican’s highest posts asPope Francis’ finance chief.

Australia’s highest court onTuesday acquitted former Vat-ican finance chief CardinalGeorge Pell of child sex-abusecharges, overturning a convic-tion that has bitterly dividedAustralian society and RomanCatholics around the world.

The 78-year-old prelate hadbeen the highest-ranking Cath-olic official convicted of childsex crimes. He served morethan 12 months of a six-yearprison sentence after a juryfound him guilty of assaultingtwo 13-year-old choirboys in aMelbourne cathedral while hewas the city’s archbishop in the1990s. He left prison afterTuesday’s ruling, which was

BY RACHEL PANNETTAND FRANCIS X. ROCCA

Cardinal’s Abuse Conviction Overturned

Australia’s HighCourt found the jury‘ought to haveentertained a doubt.’

©2020Dow Jones & Co., Inc. All rights reserved. 6DJ7852

Stay connected to the facts you need.Manage all aspects of yourWSJ accountonline at customercenter.wsj.com

How do I place a delivery hold?

Where should I report an issue?

Can I easily change my address?

How can I change my account without calling?

P2JW098000-6-A01100-1--------XA

A12 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

RecoveryOrders SowConfusion

progress that is remarkable byusual standards remains farbehind the racing virus.

Health officials are warningAmericans to brace for themost difficult days this week,with the number of infectionsin the nation’s hardest hit cit-ies expected to peak. In theU.S., more than 10,000 peoplehave died from Covid-19.

It usually takes years to de-velop a new drug treatment orvaccine. The compounds mustbe tested in the lab, in animalsand extensively in humans. Ifthey succeed, more time isneeded to manufacture largenumbers of doses.

The urgent, high-speedsearch is moving on threefronts. One is to get a vaccinethat could provide immunity,allowing a return to normalcy.

Among the farthest along isa vaccine hatched by govern-ment researchers and Mod-erna Inc., a biotechnologycompany in Cambridge, Mass.,for which safety testing in hu-mans has begun. If clinicalstudies succeed, it could beready for use as soon as earlynext year, researchers say.

In addition, Inovio Pharma-ceuticals Inc. of PlymouthMeeting, Pa., said human trialswere starting Monday for anexperimental coronavirus vac-cine it is developing. Chinesecompany CanSino BiologicsInc. and a research arm of theChinese military have startedhuman testing of a vaccine,according to the World HealthOrganization. In Europe, Ger-man company CureVac AG andthe University of Oxford aredeveloping vaccines.

Scientists also are exploringwhether existing drugs suchas hydroxychloroquine for ma-laria or HIV treatments mightwork against the coronavirus,and some doctors are alreadytreating patients with hy-droxychloroquine. Results oftwo Chinese studies of GileadSciences Inc.’s antiviral rem-desivir, previously tested inEbola, are expected thismonth. Regeneron Pharmaceu-ticals Inc. and partner SanofiSA are testing a rheumatoidarthritis drug against the cor-onavirus.

On the third front, re-searchers are hunting for en-tirely new drugs. Among theseefforts, which take longer, areprograms to mine the blood ofrecovered patients for infec-tion-fighting soldiers knownas antibodies that can be con-verted into drugs.

“I think we can find some-thing that, at least, helps peo-ple out,” said Derek Lowe, aveteran drug researcher.“Whether any of these thingswork well enough to get peo-ple out of their houses, that’sanother question. Maybe itworks well enough to reducethe number of people who goon ventilators.”

Johnson & Johnson said itand a division of the Depart-ment of Health and HumanServices together have com-mitted more than $1 billion ofinvestment to co-fund vaccineresearch, development, andclinical testing. Other govern-ment agencies and universitiesare also spending on research.

Unlike many drug quests,there’s not necessarily a bigpayoff at the finish. Somecompanies have indicatedthey’ll provide drugs free or at

ContinuedfromPageOne

chief scientific officer at Re-generon in Tarrytown, N.Y.,texted his head of infectiousdisease research. “Good lucktoday,” he wrote. “The worldis sort of maybe depending onyou ;).”

It was 8:41 a.m. on Satur-day, March 14, the latest in astring of weekends consumedby the company’s hunt for amedicine that could knock outthe virus. Spearheading the ef-forts was Christos Kyratsous,drug-discovery chief for infec-tious diseases, who used arapid-response platformformed after the 2014 Ebolaepidemic in West Africa.

His team collaborated withcolleagues who tended somespecial mice with immune sys-tems genetically engineered tohave a human-like response toviruses. Because the micemake antibodies indistinguish-able from people’s, research-ers working with them canhave a compound ready to test

in people in months ratherthan the years it takes to birtha traditional drug fromscratch.

The teams had spent weekscollecting antibodies frommice exposed to the coronavi-rus’s spike protein, in hopesthat two of the antibody mole-cules could be combined into adrug able to stop an infection.They also gathered antibodiesfrom the blood of recoveredcoronavirus patients.

Experiments to see whetherthese killed the virus in testtubes were being finished upthat March Saturday.

“You can come now,” Dr.Kyratsous texted Dr. Yanco-poulos at 2:45 p.m. Dr. Yanco-poulos got off a conferencecall and walked to the lab. Ashe entered the lab and saw Dr.Kyratsous smiling, he texted acolleague to bring a bottle ofchampagne.

Data showed they hadfound hundreds of antibodies

that blocked the virus fromentering cells. If it couldn’t en-ter cells, it couldn’t replicate.A treatment was still faraway—but now was in sight.The champagne popped open.

“My head was in a rush:‘We’ve got it,’ ” RegeneronChief Executive Leonard Schle-ifer recalls thinking after hischief scientific officer gavehim the details. “The world isstarting to fall apart, and if wecan just hold on, in that lab, inthose tubes, is a cure.”

Regeneron said it wouldchoose the best two antibod-ies for a drug in April andstart clinical trials by earlysummer. It is preparing tomake hundreds of thousandsof doses a month by the sum-mer’s end.

Getting the drug on themarket isn’t assured. Clinicaltrials showing the treatmentis both effective and safecould take months. These arethe stages where so many

low cost. Gilead said it won’tcharge for 1.5 million doses ithas manufactured.

Scenes from labs show thequest from the inside.

One weekend in January,Kizzmekia Corbett rushed toBuilding 40 on the NationalInstitutes of Health campus inBethesda, Md.

Dr. Corbett is a researcherat the National Institute of Al-lergy and Infectious Diseases,or NIAID. For years, she andcolleagues have braced for apandemic, studying bacteriaand viruses that popped uparound the world to gain abetter understanding when abad one finally came.

Around Jan. 10, she got acellphone alert with a vitalpiece of information about amysterious virus emerging inChina. A consortium of re-searchers including Chinesescientists had published onlinethe virus’s genetic sequence.

That provided its molecularmakeup, information neededto craft a vaccine. It also indi-cated the new virus belongedto a well-known family, thecoronaviruses. Named for thecrown-like spikes protrudingfrom their surface, coronavi-ruses had caused two deadlyoutbreaks since 2002: severeacute respiratory syndrome,or SARS, and Middle East re-spiratory syndrome, MERS.

Dr. Corbett and a colleaguestudied the genetic code—seemingly endless combina-tions of the letters A, G, C andT, each standing for the chem-icals making up DNA. The se-quence looked similar to thatof the SARS virus. This meantresearchers who had investi-gated a SARS vaccine, whichdidn’t advance after the epi-demic waned, could pursue asimilar tack against the newcoronavirus.

A vaccine would deliver adisabled spike protein, or thegenetic instructions to make aclose copy, into the humanbody. This wouldn’t infect aperson but would train the im-mune system to recognize andattack the virus. If a vacci-nated person encountered thevirus, antibodies would springinto action and neutralize it.

“We’re lucky that this is acoronavirus because we knowwhat to do,” said Barney Gra-ham, deputy director of theVaccine Research Center at NI-AID.

As the virus spread in Wu-han, China, and then in othercountries, U.S. governmentresearchers searched for apartner to help design andmake a vaccine. Dr. Grahamreached out to Moderna,which is pioneering a newtechnology for making vac-cines. It uses “messenger”RNA, genetic material that caninstruct cells to make proteinsable to trigger immune re-sponses.

Like the NIH, Moderna re-searchers studied the new vi-rus’s genetic sequence andconcluded the spike proteinwould be the part to target. ByMonday, Jan. 13, the NIAIDand Moderna agreed on a vac-cine design. Moderna made asmall batch for testing. Dr.Corbett and colleagues startedtesting it in mice on Feb. 4.Two weeks later, initial resultsshowed it elicited antibodiesto coronavirus in the blood.

Months of testing in hu-mans would be necessary..Moderna retrofitted equip-ment at its plant outside Bos-ton, and by Feb. 25 the NIAIDwas ready to recruit healthyvolunteers.

Champagne momentOne morning the following

month, George Yancopoulos,

medicines fail even after theyshow promising test-tube andanimal results.

TestingNeal Browning was scroll-

ing through his Facebook feedin early March when a friend’spost caught his eye.

Mr. Browning is a networkengineer at Microsoft Corp.living in the Seattle suburb ofBothell, Wash., not far fromone of the country’s earliestand worst coronavirus out-breaks. He also lives close tothe research center doing ahuman study of the vaccinethat Moderna and the NIAIDare developing.

The research center, KaiserPermanente WashingtonHealth Research Institute, wasurgently seeking healthy vol-unteers to test the experimen-tal vaccine’s safety. Mr.Browning’s Facebook friendknew of the recruitment ef-fort. After Mr. Browning ex-pressed concern about the vi-rus, the friend texted himdetails of the trial.

Many medical facilitiesacross the U.S. are seekingpeople to test the safety of po-tential coronavirus drugs orvaccines. To make way, theyare suspending trials of othermedicines, clearing space forcoronavirus study subjectsand assigning data-entryworkers, pharmacists andother staff to deal with the pa-perwork.

Massachusetts General Hos-pital, one day after agreeing totest Gilead’s remdesivir,walked federal health officialsthrough how it planned toconduct the trial. It did so byphone for safety reasons andbecause time was short, saidLibby Hohmann, who overseesthe hospital’s clinical-trial ef-fort.

That evening, Dr. Hohmannassembled about a dozenpharmacists, researchers andphysicians in a conferenceroom to parcel out trial’stasks, such as collecting bloodsamples and tracking patientsonce discharged.

To save time, they skippedtypical pretrial exercises suchas training the staff in show-ing hospital doctors andnurses the way to administerthe drug. “We’re sort of doingthose on the fly,” Dr. Hohmannsaid.

Since the trial began March15, Mass General has enrolled35 subjects. Among them is aman in his 40s who agreed tobe in the study just beforenurses inserted a breathingtube down his throat becauseof respiratory problems fromthe virus, Dr. Hohmann said.He is now stable, she said.

For the test of Moderna’svaccine, Mr. Browning, the Mi-crosoft engineer, showed up atthe Kaiser research institute indowntown Seattle on March16, becoming only the secondvolunteer.

It had been just nine weekssince researchers selected asection of the virus’s geneticsequence to target, an unusu-ally short period. Even so, thetrial is unlikely to have pre-liminary results until summer,followed by more testing re-quired that would push thevaccine’s availability out about12 to 18 months, according tothe NIAID.

After his shot, Mr. Brown-ing stayed for about an hourso the staff could make surehe didn’t have any side effects.He drove home and workedthat afternoon helping Micro-soft configure network fire-walls to accommodate a surgein employees working re-motely, until the threat posedby the virus can be quashed.

Antibodysecreted

Ribosome

Virus InactivationAdministrationVaccine

mRNAVaccine

HowVaccinesWorkVaccines are designed to teach your immune system how to fight off certain kindsof germs— and the serious diseases they causeSome types of vaccines and their groupsWhole-Pathogen

Work by introducing a 'messenger' RNA sequence (themolecule that tells cells what to build)which is coded for a disease specific antigen. Once producedwithin the body, the antigen isrecognised by the immune system.

Covid-19 candidate vaccinesas 20 ofMarch 2020

Months from viral sequence selectionto phase 1 study of vaccine

0 205 10 15

SARSCoronavirus (2003)

InfluenzaA/Indonesia (2006)

InfluenzaA/California (2009)

Zika virus (2016)

Covid-19 (2020)

mRNA is encased in a lipidnanoparticle. After injection,gets into the body's cells.

ThemRNA then instructs thecells to startmaking a proteinthat can be found on the virus.

These proteins resemble the virus.They induce the body's immunesystem tomake antibodies.

Live-attenuatedUses aweakened(or attenuated)form of the germthat causesa disease

InactivatedUses thekilledversion ofthe germthat causesa disease.

ToxoidUses a toxinthat createsimmunity tothe parts of thegerm that causea disease.

DNASynthetic DNAinstructs the cells tomake proteins thatresemble a pathogen.The body reacts byproducing antibodies.

RecombinantUses DNA from thetargeted pathogenand inserts it into adifferent virus thathas been renderednon-infectious.

Subunit Nucleic Acid

Subunit15

Other11

mRNA7

Unknown5

DNA3

Live Attenuated Virus 1Inactivated 1

Sources: Vacinnes (National Institute of Allergy and Infectious Diseases; World Health Organization; U.S. Department of Health and Human Services;CureVac) Drugs ( the companies) Note: Companies’ estimates for projected start dates. *July to September. † Early summerAlberto Cervantes/THE WALL STREET JOURNAL

RemdesivirMaker: Gilead Sciences

KevzaraRegeneronPharmaceuticals/ Sanofi

ActemraRoche

Start dates of clinical trials for experimental Covid-19 drugsDrugs in the Pipeline

MarchFeb. April May June July August

Takeda PharmaceuticalRegeneronPharmaceuticals†

Eli Lilly/AbCellera BiologicsVir Biotechnology*

EmergentBioSolutions

Developingplasma-derivedantiviralto clear infections

Developingantibody drugto clearinfections

Developingantibodydrugs to clearinfections

Developingplasma-derivedantiviralsto clear infections

Anti-inflammatorydrugs to treatoveractiveimmune response

Antiviralto clearinfection

Not FDA- approved FDA-approved for other diseases

PursuitOf VaccineMoves Fast

old baker, a former laboratoryscientist, said she is battling acough that makes it difficult totalk. Drinking fluids and coughmedicine has helped, she said,but her heart races whenevershe stands up.

“It’s just frustrating to notbe able to have the testing andthe knowledge we need to ade-quately combat this,” she said.

Ms. Edwards, a 38-year-oldventure capitalist, started feel-ing on March 12 like shecouldn’t breathe. She calledher doctor, who told her shelikely had Covid-19 and shouldself-quarantine.

“I’d never felt like that,” shesaid.

ContinuedfromPageOne

She stayed home but con-tinued working. Six days later,she went to the emergencyroom after her shortness ofbreath worsened. It felt likedrowning, she said.

The ER physician advisedself-isolation, plus rest and hy-dration. She followed that ad-vice more closely this time,taking vitamins and drinkingfresh juices and water.

Her symptoms evolved: Shestarted coughing up phlegm,the fevers let up, and slowlyher energy and ability tobreathe normally returned.

March 26, the day her 14-day isolation ended, “was thefirst morning where I felt likeI could take a deep breath,”Ms. Edwards said.

There was some confusionabout what her release dateshould be. She said her doctorhad told her that her 14-dayclock started on March 11. Shedecided it would start onMarch 12, the day she had firstfelt shortness of breath.

Even physicians have said it

can be difficult to know forcertain when the countdownshould begin. “This is reallyhard because I’m not sure any-one knows,” said Alicia Fernan-dez, a professor of medicine atthe University of California,San Francisco and a primary-care doctor at Zuckerberg SanFrancisco General Hospital.

Part of the problem is thatscientists don’t yet fully under-stand when patients begin tobe infectious, or when theycease to be.

Many of the guidelines focuson symptoms, but some pa-tients have symptoms so mildthey may be imperceptible.And as many as 25% of infectedpeople in the U.S. might be as-ymptomatic, federal Centersfor Disease Control and Preven-tion director Robert Redfieldsaid. Whether they are infec-tious is unknown, experts said.Asymptomatic patients can testpositive for the virus almost amonth after the initial expo-sure, some case reports fromChina and the U.S. suggest.

CDC guidelines say Covid-19patients can discontinue homeisolation if they meet thesethree criteria: They have beenfever-free for at least 72 hourswithout taking fever-reducingdrugs, respiratory symptomslike cough and shortness ofbreath have improved, and atleast seven days have passedsince symptoms first appeared.

When Ms. McKenzie, a 30-year-old mother of three inAustralia, tested positive, shesaid local health authoritiesinitially told her to prepare toself-isolate for 14 days. But Ms.McKenzie, a mental-health co-ordinator at a health-care pro-vider, soon realized her isola-

tion could last longer.Ms. McKenzie said because

of her job there are more strin-gent requirements for whenshe can cease home isolation.After her symptoms are gone,she will have to return twonegative tests for the coronavi-rus, taken 24 hours apart, be-fore she can be released.

“People are thinking it’s just14 days. It’s not,” Ms. McKen-zie said. “You could be in isola-tion for a long time.”

Ms. McKenzie is isolating athome with her boyfriend, andher children are staying withother family.

More than a week after herpositive test result, Ms.McKenzie said she felt hersymptoms were improving.Daily chores can still be a chal-lenge. She recently took a hotshower but had trouble breath-ing. She felt better after usingan inhaler.

In the Netherlands, Mr.Toms, a 62-year-old softwaredeveloper, also felt perplexedabout when he could end his

quarantine.“It’s clear that if you get

symptoms, you’ve got to iso-late yourself and wait 14 days,”he said. “But if you’ve got it,how long do you wait? That’snot quite consistent.”

On March 11, Mr. Toms felthot flashes while watchingtelevision. By the next day, hedeveloped a dry cough. Thefollowing day, he felt like hislungs were getting smaller, hesaid.

Over a telemedicine consul-tation, his doctor told him heprobably had Covid-19 and heshould stay home for 14 days.

Over three days, tension inhis chest worsened. He took fe-ver reducers and rested. By thefourth day, his symptomsseemed to have stabilized, butit took another six days to“feel normal again…and it gotsteadily better after that,” hesaid.

Now, he has resumed ridinghis bike. “My energy levels aredefinitely lower at the mo-ment,” he said.

Some patients havesymptoms somildthat they may beimperceptible.

P2JW098000-0-A01200-1--------XA

THEWALL STREET JOURNAL. * * Tuesday, April 7, 2020 | A12A

and masks.Agudath Israel of America,

an umbrella organization ofultra-Orthodox rabbinicalgroups, planned to releaseguidance limiting funeral par-ties to 20 people.

Rabbi Avi Shafran, aspokesman for the group, saidthat although the recom-mended number might seemhigh to secular society, manyultra-Orthodox families in-clude eight or nine children

as well as dozens of grand-children.

“The vast number of de-scendants of a deceased per-son will basically be barredfrom the funeral,” RabbiShafran said.

Rabbi Shafran added thathe believed the large numberof coronavirus cases in someultra-Orthdox communitieswas partly because the festivalof Purim fell in early March,before many social-distancing

restrictions were put in place.“There’s probably no day in

the Jewish year where there’smore physical contact amongJews and more dense crowds,”Rabbi Shafran said of the fes-tival, which is celebrated withlarge parties where peopledance and hold hands.“There’s no doubt that was amajor vector.”

—Katie Honanand Jimmy Vielkind

contributed to this article.

chief administrator of theholding company MacAndrews& Forbes; Bill Mulrow, senioradvisory director at private-eq-uity firm Blackstone; and Law-rence Schwartz, chief strategyofficer at OTG, an airport-con-cessions company. All three re-viously held senior roles in Mr.Cuomo’s administration andpolitical campaigns.

The men are consultingwith medical and economic ex-perts about whether certainindustries might be able to re-store normal operations morequickly than others, a personfamiliar with their work said.

It’s too soon to say whatthey will decide, the person

said, noting that the needs oflaw firms are different fromthe needs of restaurants.

Jonathan Bowles, executivedirector of the nonpartisan pol-icy group Center for an UrbanFuture, said tourism was essen-tial to reviving New York City’seconomic recovery after theSept. 11, 2001, terrorist attacks.

The city and state un-leashed a robust promotionalcampaign after the attacks,and tourism has increasedsince then, with more than 65million people visiting NewYork City last year comparedwith less than 40 million in2000.

“I think that those kinds of

$1.50 an hour to $6, as it soughtto increase the pool of prison-ers available to staff operationsthere, the officials said.

The plan to place bodies atHart Island exists only as acontingency, said a spokes-woman for Mayor Bill de Bla-sio on Monday.

A spokeswoman for the

city’s Office of Chief MedicalExaminer said that no decisionhas been made yet on imple-menting the plan.

When asked about the mat-ter at a news conference onMonday, Mr. de Blasio said thecity has plans for bodies asthe local death toll mounts.

“We will have the capacity

for temporary burials. That’sall I’m going to say,” themayor said.

New York state faces a piv-otal point in its handling ofthe novel coronavirus, as thedaily death toll from the dis-ease has remained relativelyflat for two days, indicatingthe outbreak may have peaked

or plateaued, Gov. AndrewCuomo said at a news confer-ence on Monday.

Still, the state has 130,689positive cases, with more thanhalf of them in New York City,according to state figures. Inall, 4,758 have died statewidefrom the disease.

The number of people

GREATER NEW YORK

newly hospitalized with thedisease fell to its lowest pointsince March 18 on Sunday,with 358 new admissions, rep-resenting three straight daysof declines in hospitalizationsfor the virus.

New virus hospitalizationsfor the state peaked on April 2with 1,427 new admissions, ac-cording to state officials.

The governor said intuba-tions and admissions to inten-sive-care wards also declinedSunday, but he warned thatprecautionary measures tostop the spread of the virusare still needed. He said hewould extend the closure ofschools and nonessential busi-nesses until April 29. And healso said he would raise finesfor violating rules to stopCovid-19 from $500 to $1,000.

“This is an enemy we haveunderestimated since day one,and we have paid the pricedearly,” Mr. Cuomo said.

On Monday afternoon, thegovernor said PresidentTrump agreed to allow pa-tients with coronavirus to betreated on the USNS Comfort,which is docked in the HudsonRiver at a Manhattan pier. TheComfort, which has 1,000 hos-pital beds, previously onlyserved patients who didn’thave the virus.

At Manhattan’s Jacob K.Javits Convention Center, thegovernor said he would buildhospital capacity by allowing1,500 temporary hospital bedsin to be used by coronaviruspatients.

New York City is consider-ing using temporary graves inits potter’s field to handle themounting deaths from the newcoronavirus pandemic, city of-ficials said Monday, even asdata show that the outbreak inthe nation’s hardest-hit statemay have peaked or plateaued.

The city has a contingencyplan to bury people temporar-ily on Hart Island, dependingon the city’s capacity needs asprivate cemeteries struggle todeal with an increase in inter-ments, the officials said.

The island is a city park offthe coast of the Bronx and isone of the largest public ceme-teries in the country. For morethan a century, it has been aburial ground for low-incomeNew York City residents andunclaimed bodies.

The island is operated bythe city Department of Correc-tion. Inmates at the city’s Rik-ers Island jail complex haveworked on burials at Hart Is-land for more than 50 years,according to correction offi-cials.

In March, the city increasedthe amount of money it pays in-mates to help place caskets ingraves at Hart Island from

BY BEN CHAPMANAND KATIE HONAN

Island Prepped for Temporary BurialsAs private cemeteriesstruggle to handlerising deaths, officialslook to potter’s field

Workers on Hart Island, which for more than a century has been a burial ground for poor New York City residents and unclaimed bodies.

BREN

DANMCD

ERMID/R

EUTE

RS

marketing efforts could be re-ally helpful,” Mr. Bowles said.“When it comes to restartingthe city’s economy, I’m abso-lutely convinced that tourismis going to be key.”

Kathryn Wylde, chief execu-tive of the business organiza-tion Partnership for New YorkCity, said New Yorkers shouldapply as quickly as possiblefor the unemployment benefitsand small-business assistanceprovided by the recently en-acted federal stimulus pack-age.

“Get that $2 trillion intoour local economy as fast aspossible,” she said. “That’s themost important way to ensurerecovery.”

Businesses with fewer than500 employees, including non-profits, can apply for first-come, first-served forgivableloans that can be used tocover up to two months ofpayroll.

Taking advantage of theseloans will save employers thetime of rehiring laid-off work-ers and hopefully get theirbusinesses back up and run-ning quicker, Ms. Wylde said.

“It keeps payroll going,even while the economy isdown, so businesses don’thave to restart from scratch,”she said.

Ms. Wylde said she is nev-ertheless worried about busi-

ness owners being able to ac-cess the capital they need torestart.

Some advocacy groups andlawmakers have proposed can-celing rent payments duringthe pandemic, but Ms. Wyldesaid that could prevent prop-erty owners from making loanpayments and banks from is-suing lines of credit.

“There are large questionslooming that make it veryhard to plan for recovery,” Ms.Wylde said. “The first being,when will we be able to goback to business? And then,will our financial system beable to provide the capitalnecessary to reopen?”

Marco Chirico said hewants to reopen one of his twoBrooklyn restaurants, MarcoPolo, after the pandemic endsbut the expenses involved aredaunting. Mr. Chirico closedthe 36-year-old Italian restau-rant in mid-March and hasbeen offering delivery andpickup out of his other restau-rant, Enoteca On Court.

Mr. Chirico said he is con-cerned about being able tohire back all the employees helaid off, having enough moneyto pay the bills that are pilingup during the pandemic andfinding the cash to replenishhis inventory.

“When this is all said anddone, it’s going to be like

opening a new restaurant,”Mr. Chirico said.

Liz Neumark, owner of theBronx-based Great Perfor-mances, which caters corpo-rate, nonprofit and privateevents, said she also is wor-ried about cash flow duringwhat she expects will be avery slow recovery for thehospitality industry after thepublic-health crisis ends.

“Money’s going to be a realissue,” she said. “As we rampup we’ll need help from finan-cial institutions for cash flowand for that jump-start.”

Ms. Neumark was preparingfor gala season, which usuallyincludes hundreds of events,and was forced to furlough25% of her 1,200 employees.

She is trying to figure outhow people will feel about din-ing out after the pandemicends, including such questionsas when people will feel com-fortable eating in large groupsagain, and how they will wanttheir food served.

“I do have faith that theworld will come back,” Ms.Neumark said. “People willhave events again. People willget on airplanes. People willpass the hors d’oeuvres with-out cringing. But I think it’sgoing to be really, really slowand really difficult.”

—Jimmy Vielkindcontributed to this article.

One day—hopefully soon—the city that never sleeps willturn to the task of waking upits comatose economy.

Many are dreaming of theday when New York City’sshops, restaurants, bars, ho-tels, theaters, salons, touristtraps, stadiums, concert halls,museums and galleries will re-open after being closed forweeks to prevent the spread ofthe new coronavirus.

But with the city and statestill grappling with the public-health crisis, no one knowswhen businesses will be al-lowed to resume operations—or how they will survive in aneconomy where hundreds ofthousands of New Yorkers arefiling for unemployment bene-fits.

“You turned off the enginequickly, how do you now startor begin to restart or plan therestart of that economic en-gine?” said New York Gov. An-drew Cuomo at a March 23news conference. He had or-dered all nonessential busi-nesses closed as of March 22.

The governor has tappedseveral former aides to de-velop a statewide “NYS For-ward” plan to examine how tounwind the restrictions.

The team includes StevenM. Cohen, general counsel and

BY KATE KING

Gov. Cuomo Turns an Eye to Restarting Economy

Times Square last month. The governor has asked former aides todevelop an ‘NYS Forward’ plan to unwind the virus restrictions.

SARA

HBL

ESEN

ERFO

RTH

EWALL

STRE

ETJO

URN

AL

the weekend have shown hun-dreds of men crowding side-walks and streets for ultra-Or-thodox funerals. Most weren’twearing masks or maintaining6 feet of separation, the vid-eos show.

Ultra-Orthodox leaders andNew York Police Departmentofficials said Monday that thegatherings in Brooklyn wereoutliers and that most peopleare following social-distancingguidelines imposed because ofthe new coronavirus.

NYPD officers dispersed thefuneral crowds over the week-end with sirens and by playingmessages about social distanc-ing.

“These gatherings mustcease immediately,” said NYPDspokeswoman Sgt. Mary Fran-ces O’Donnell.

Yosef Rapaport, an ultra-Orthodox journalist and mediaconsultant based in BoroughPark, said Jewish rabbis havetold followers to adhere tohealth guidelines.

“It’s a puzzle to me howsome people know and stilldon’t comply,” he said.

City Councilman StephenLevin, who represents Wil-

liamsburg, said the communityshould find ways to practicesocial distancing while stillhonoring the religious ritual.

“Of all things to ask a com-munity not to do, I think fu-nerals are probably the hard-est,” he said.

Meanwhile, RocklandCounty, which is about 30miles north of New York Cityand is home to a large ultra-Orthodox population, has oneof the highest per-capita ratesof the disease in the nation,according to federal officials.

Rockland County ExecutiveEd Day, who has been frus-trated by several recent Jew-ish funerals involving morethan 100 mourners, welcomedMr. Cuomo’s remarks on Mon-day.

Mr. Day said in an interviewthat police officers in Rock-land County would use localhealth codes to fine people upto $2,000 for flouting social-distancing rules.

He said gatherings shouldbe capped at 10 people,though officers would use dis-cretion if the group wasslightly larger but properlyspaced out and wearing gloves

New York officials on Mon-day urged ultra-Orthodox Jew-ish communities to follow so-cial-distancing rules afterpolice broke up crowds atthree religious funerals inBrooklyn over the weekend.

Gov. Andrew Cuomo said ata news conference that hewould double the maximumfines to $1,000 for people whoflout the rules.

“This is my way of saying,this is serious,” Mr. Cuomosaid, referencing large ultra-Orthodox gatherings. “Whatright do you have to act irre-sponsibly in a way that couldget you sick?”

New York is the epicenterof the nation’s coronavirus cri-sis, accounting for a third ofthe cases in the country.

Brooklyn neighborhoodswith large ultra-Orthodoxcommunities, such as BoroughPark, Midwood and Williams-burg, have among the highestnumbers of confirmed cases ofthe virus in New York City, ac-cording to city data.

Videos on social media over

BY PAUL BERGERAND BEN CHAPMAN

Ultra-Orthodox CommunityWarned on Large Gatherings

Crowds of ultra-Orthodox Jewish men gathered Sunday for a funeral in Brooklyn’s Borough Park section.

SPEN

CERPL

ATT/GET

TYIM

AGES

NY

P2JW098000-2-A012A0-1--------NS

A12B | Tuesday, April 7, 2020 * * THEWALL STREET JOURNAL.

Side. She cites a statementfrom the 216-year-old institu-tion’s founders: “If we do notcollect and preserve right now,history will be nothing morethan dust and speculation.”

The New-York HistoricalSociety is hardly alone in tak-ing this approach. The NewYork State Museum, located inAlbany, N.Y., and the Museumof the City of New York alsoare starting efforts to chroni-

cle the pandemic. So are insti-tutions outside New York, suchas the Atlanta History Center.

“We are realizing a lot ofthings are ephemeral,” saidSheffield Hale, president andchief executive of the Atlantainstitution, referring to therelevant documents and ob-jects that are often unwittinglydiscarded after a major histor-ical event. “If you don’t cap-ture them now, they’re gone.”

To some extent, it was 9/11that changed how archivistsapproach contemporary his-tory, many in the museumfield say. The terrorist attacksweren’t only significant, butalso left a record that easilycould be preserved, be it inthe form of relics from theformer World Trade Center orphotographs or video record-ings taken that day.

Indeed, the New-York His-torical Society started its work

chronicling the story of 9/11within a day of the tragedy,Ms. Mirrer said. By November2001, the institution presentedits first exhibit devoted to 9/11.

Chronicling a pandemicposes unique challenges, saidofficials with the society andother institutions. Chiefamong them is the fact thatfield work, as in meeting withindividuals and solicitingitems of merit, is difficult,given the need for social dis-tancing.

The New-York HistoricalSociety is nevertheless findingways to work around the situ-ation. It has reached out toshopkeepers about keepingsigns they have placed in theirwindows for collection at alater time.

It has also been able togather a few items, such assome do-it-yourself face masksand a decorative rock, created

by a Queens resident, thatreads, “This too shall pass.”

The Museum of the City ofNew York is taking a differentapproach and inviting NewYorkers to share photos, viaInstagram, that offer a win-dow into their lives. The mu-seum plans to review the pic-tures and likely will sharesome of them on other plat-forms, said Lindsay Turley, theinstitution’s vice president ofcollections.

Even as the institutions dotheir chronicling work, theyalso are doing their part tohelp. The New York State Mu-seum recently made available20,000 pairs of rubber gloves,normally used for handlingrare or delicate documents, tomedical workers, given theneed for such supplies.

“That’s the opposite of col-lecting,” said Mark Schaming,the museum’s director.

Many Are Worried About Their Finances

New York City could be fac-ing its most challenging weekto date during the novel coro-navirus pandemic. But forLouise Mirrer, president andchief executive officer of theNew-York Historical Society,there is no point in waitinguntil the worst passes beforethinking about documentingthe moment in time.

Ms. Mirrer is leading herteam of roughly 360 employ-ees to gather what they canthat tells the story of the vi-rus’ spread and how it put thecity at a standstill. Items thesociety is seeking range fromsigns in shop windows to do-it-yourself face masks.

The idea of capturing his-tory in the moment, said Ms.Mirrer, is built into the DNA ofthe society, which is locatedon Manhattan’s Upper West

BY CHARLES PASSY

Museums Begin Chronicling the Deadly Crisis

New-York Historical Society iscapturing history in the moment.

LISA

JOHANSE

N

About three-quarters ofNew York state residents areconcerned the coronaviruscrisis will cause them seriousfinancial problems, accordingto a new poll released Mon-day.

The Siena College ResearchInstitute poll also found that51% of New Yorkers are wor-ried they won’t be able tomeet their monthly financialobligations, with 37% con-cerned about being laid off.

New York state accountsfor 36% of the country’s337,971 Covid-19 cases, ac-cording to data as of Mondaymorning from Johns HopkinsUniversity. The virus has ledto closure of nonessentialbusinesses in the state.

New York’s Department ofLabor processed more than369,000 initial unemploymentapplications in the week thatended March 28, representinga 2,674% increase comparedwith the same week last year.

The outbreak has taken aphysical and emotional toll on

New Yorkers’ lives as well.About 95% of residents say

they are either quarantiningor practicing social distanc-ing, and only 4% are going

about their lives as usual, ac-cording to the poll.

Two-thirds of those sur-veyed say their anxiety levelis up, and more than 60% of

younger residents in the statesay that “not being with otherpeople is making themlonely,” the poll showed.

Meanwhile, 60% of all New

Yorkers say that “if it wasn’tfor the ability to see and talkto others via the internet,they think they’d be goingcrazy,” the poll found.

“The coronavirus crisis hasturned life upside down fornearly all New Yorkers,” saidDon Levy, the director of theinstitute.

The poll is a survey of ran-dom phone calls to 402 NewYork adults and 400 drawnfrom a proprietary panel ofNew Yorkers from March 30to April 2. It has a margin oferror of 3.6 percentage points.

The poll had some encour-aging findings: 76% of NewYorkers say they feel like theyare “enjoying the small thingseven more now,” and 75% saythat they are “appreciatingthe extra time that they arehaving with those that areclose to them.”

“With all the things toworry about—health, money,food and bills—most of us saythat we feel like we are enjoy-ing the small things evenmore now than before,” Mr.Levy said.

BY LEE HAWKINS

A poll found 51% of New Yorkers fear they won’t be able to meet their monthly financial obligations.

KENABE

TANCU

R/GET

TYIM

AGES

A Rikers Island inmate whohad tested positive for thenew coronavirus died Sunday,marking the New York City jailcomplex’s first death of an in-mate who fell ill from the dis-ease, officials said.

The Rikers Island inmate,identified by his attorneys asMichael Tyson, 53 years old,was moved to Bellevue Hospi-tal in Manhattan on March 26after becoming ill, Departmentof Correction officials said.

Mr. Tyson’s attorneys saidhe had been jailed for alleg-edly violating his parole afterbeing released following aconviction for attempted drugsales. His family couldn’t bereached for comment.

The city Office of Chief Medi-cal Examiner has yet to deter-mineMr. Tyson’s cause of death.

According to Department ofCorrection records, there were273 Rikers inmates with con-firmed cases of the coronavi-rus as of Monday. Another 374jail workers have been con-firmed to have the virus, ac-cording to the department.

Four Department of Correc-tion staffers have died fromCovid-19, the disease causedby the virus, said PeterThorne, a department spokes-man. Mr. Thorne declined toname the deceased workers,citing privacy concerns.

City and law-enforcementofficials have moved to reducethe population of Rikers Islandby releasing inmates and pros-ecuting fewer low-level crimes.There were 4,485 inmates asof Friday, the latest Depart-ment of Correction figuresshow, down from about 5,600before those efforts began.

Jail officials said they aretaking steps to limit thespread of the virus. As of Fri-day, the department expandedthe scope of its distribution ofmasks to all staff and inmates.

BY BEN CHAPMAN

PandemicClaimsFirst RikersPrisoner

YOU CANPLAN AHEADDISASTERS DON’T

DON’T WAIT. COMMUNICATE.

Talk to your loved ones about how you are

going to be ready in an emergency.

VISIT NYC.GOV/READYNY OR CALL 311.

GREATER NEW YORKNY

P2JW098000-2-A012B0-1--------NS

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A13

A PABLO PICASSO pastel drawingsold in desperation by a GermanJewish banker before World War IIis returning to the market for atleast $10 million. The banker’s de-scendants, who recently won resti-tution of the work from the Na-tional Gallery of Art inWashington, have asked New Yorkdealer Larry Gagosian to sell“Head of a Woman,” a pensive por-trait Picasso made in 1903.

Mr. Gagosian said that the heirsof Paul von Mendelssohn-Bar-tholdy, the Berlin banker whobought the drawing around 1912,approached his gallery last Sep-tember and asked if the gallerycould help them sell “Head of aWoman,” should they ever win itback from the museum.

Mr. Mendelssohn-Bartholdy’sseveral dozen descendants, whoare largely elderly and based inEurope, said they opted to sell thedrawing because it is difficult forso many people to share one art-work.

They will likely use some of theproceeds to pay legal fees andfund potential restitutions—a com-mon arrangement in such long-term efforts. John Byrne, a lawyerfor the heirs of Mr. Mendelssohn-Bartholdy, said he couldn’t discussfinancial details of the plan.

The heirs engaged Mr. Gagosianbecause his gallery has worked

with Picasso’s estate for years, andhas a track record of major showsand sales of the artist’s work, Mr.Gagosian said.

The dealer said he came up withthe estimated price based on thecondition and exceptional aspectsof the drawing, which Picassomade early in his career. “Whatmakes this particular work so rareis that it’s so finished, unlike otherworks on paper from this periodthat were more like sketches,” Mr.Gagosian said. “You can tell Pi-casso has found his voice.”

The heirs’ decision in favor of aprivate sale through a gallery ratherthan an auction house follows atrend among owners of other high-profile works or collections to avoidthe attention and risk of a publicauction at a time when most majorsales have been postponed until af-ter the coronavirus pandemic.

yers, but details weren’t fullyhashed out until March 30.

Last week, Mr. Gagosian said heworked with the museum to transferthe painting to his New York galleryfrom Washington. He engaged a cou-rier from Pennsylvania, complyingwith the museum’s stipulation thathe send someone who lived far fromNew York, which remains undersiege from the pandemic.

In a statement, the NationalGallery, which has owned the Pi-casso since 2001, confirmed it in-sisted on working with a courierfrom outside New York for health-safety reasons. The museum said itchose to return “Head of aWoman” to “avoid the heavy tollof litigation” and added that themove “does not constitute an ac-knowledgment of the merit or va-lidity of the asserted claims.”

“Head of a Woman,” which mea-CLOCK

WISEFR

OM

LEFT

:EST

ATEOFPA

BLOPICA

SSO/A

RS,N

Y/GAGOSIAN;H

ERMANNJ.

KNIPPE

RTZ/ASS

OCIAT

EDPR

ESS;

ULLST

EINBILD

/GET

TYIM

AGES

Picasso’s ‘Head of a Woman,’ far left, and ‘Portrait ofAngel Fernández de Soto,’ above, were once owned byBerlin banker Paul von Mendelssohn-Bartholdy, left.

CLOCK

WISEFR

OM

TOP:

BENZA

UZMER

;CORINNEST

OKO

E;EM

ILYZA

UZMER

LIFE&ARTS

The swiftturn of eventsthat brought“Head of aWoman” toNew York lastweek revealsthat even

amid an art world largely shutdown by the pandemic, interna-tional restitution efforts churn on.

Spurred by a 2016 law in the U.S.that has given heirs more years tolay claim to art that vanished dur-ing the Holocaust, as well as muse-ums’ global efforts to be transpar-ent about the provenance of theirholdings, heirs of Jewish collectorsand institutions say there is no rea-son to postpone their efforts.

Mr. Byrne said since the Na-tional Gallery agreed to return thework in February, he has beenemailing with the museum’s law-

Video Streams for the HolidaysFor Easter and Passover, families stuck at home improvise to preserve traditions; leg of lamb by the laptop

sures roughly one-foot square, de-picts an unidentified blue-eyedwoman, whose somber face isframed in brown curls. Picasso fin-ished the drawing, along withroughly 70 paintings, during a mel-ancholic phase early in his careerknown as his Blue Period. Paintingsfrom this stage, which runs from1901 to 1904, have sold at auctionfor as much as $67.4 million.

Julius Schoeps, a Mendelssohn-Bartholdy heir and a historian whois the director of the Moses Men-delssohn Center for European Jew-ish Studies at Potsdam Universityin Germany, in a statement calledthe events “a poignant reminder ofthe enormous impact that Nazipolicies had upon the contents ofmany private and public art collec-tions today, as well as the Men-delssohn family’s tragic history inNazi Germany.”

Mr. Gagosian’s involvement withre-selling “Head of a Woman” isthe latest twist in the saga of aGerman banking family pressuredby Nazis to dismantle their art col-lection within months of Adolf Hit-ler’s rise to power.

Mr. Mendelssohn-Bartholdy—adescendant of composer FelixMendelssohn—asked a dealer tohelp him sell Picasso’s “Head of aWoman” soon after Hitler tookpower and Nazi threats gutted thebanker’s income, Mr. Byrne said.

For now, Mr. Gagosian said heplans to reach out to Picasso col-lectors who don’t yet own a BluePeriod work.

The dealer added that he hopesto find a buyer willing to exhibit“Head of a Woman” as soon as Mr.Gagosian reopens his New Yorkgallery. “I’d like to work somethingout so people can see it,” he said.

Seder “to-do” list. “Dear PassoverPlanning Team” it began: DaughterEmily was in charge of figuring outa way to digitally hide the afiko-men, a piece of matzo that is tradi-tionally hidden in the house forchildren to find. The solution: Shehid an image of the matzo in aphoto from a previous Seder, andguests will race to find it. The win-ner will get a prize via Venmo.

Jan’s son, Ben, who lives in LosAngeles, emailed each guest photosof the beloved place cards. Daugh-ter Julie prepared a PowerPointpresentation, which will includeprayers from the Haggada, a writ-ten guide to the Passover Seder.

The participants have chosen theZoom conferencing platform to usefor the event. “There will be mixedfeelings—both sadness at not beingable to celebrate the holiday to-gether and joy at being able toreach across the miles,” says Ms.

Zauzmer, who is active in the Re-form Jewish congregation.

With houses of worship closed,“there seems to be a return tohome-based religiosity,” says BrieLoskota, executive director of theCenter for Religion and Civic Cul-ture at the University of SouthernCalifornia in Los Angeles. The homeis where beliefs and values havelong been instilled daily and infor-mally, she says.

That’s true for Corrine Stokoe,who lives in Orange County, Calif.,with her husband and three chil-dren. On Easter, her family willhave a prayer service in the home,with the focus on the resurrectionof Jesus. Ms. Stokoe, who is the or-ganist at her church, will play thepiano. The service will last as longas the attention span of her chil-dren—ages 7, 4 and 1.

“We will do a very short sacredservice,” says Ms. Stokoe, who

youngest of the Figoten children,made the individual place cards,writing each name in fancy scriptagainst a background picture ofmatzo. Ironically, through marriageand the passing of generations, noone at the Seder has the surnameFigoten anymore.

Amy Richlin joined the Seder in1990 after moving to Los Angelesfrom New Jersey. At one Seder, Dr.Richlin, a classics professor at theUniversity of California, Los Ange-les, interviewed some older rela-tives and wrote the “Ballad of theFigoten Clan,” telling the story ofhow the family migrated from To-ronto to Detroit and then Los Ange-les, and sung to the tune of thetheme song of the old TV sitcom“The Beverly Hillbillies.”

Dr. Richlin says that every so of-ten she has longed to stay homeand make a leg of lamb for Seder,setting her own table. “Be carefulwhat you wish for,” she says. Thisyear, she will make her lamb—which she and her husband will eatin front of their laptop so they joinin the virtual Seder.

To add to the traditional service,Mr. Zauzmer looked for new read-ings and contemporary commen-tary. “Obviously this year I will talkabout this modern plague, what itmeans and what we are learningabout togetherness, family and thethings we value,” says Mr. Zauzmer,whose mother was second cousin tothe Figotens.

Jews close the Seder with “Nextyear in Jerusalem,” a line that ismeant to look forward with hope.Next year, the family members say,they hope they can be together inperson. “I expect many of us will bechoked up,” says Ms. Zauzmer.

writes a fashion blog. Her threegirls will wear new Easter outfits,and they will take a family picture,an annual tradition that follows onefrom her own youth. “My mom al-ways dressed us in special outfitsfor Easter. I’ve done the same withmy kids,” says Ms. Stokoe.

She will continue with other tra-ditions, filling Easter baskets withbooks, toys and candy and makingher mother’s cherry Jell-O, eventhough her children don’t like it.

In the Figoten family Seder, thestewed fruit compote was the dubi-ous but oft-repeated dish. The Se-ders started in the early 1950s andeventually moved to a banquet hall,which could accommodate thegroup of 30 to 40 people.

Food was always secondary. “Weget together only once a year enmasse,” says Bruce Rawitz, 64. “It’sa social time. Not just a religioustime.” His late mother, Dorothy, the

The Figoten family hasbeen gathering forPassover Seder mealsfor almost 70 years inLos Angeles—somemembers flying across

the country to eat, pray, visit andsing songs, including their original“Ballad of the Figoten Clan.” Every-one had their own place cards,many made by a family memberwho passed away.

This year, the coronavirus hasmade their usual celebration impos-sible. It’s a reality faced by manyfamilies this month, when far-flungrelatives normally unite for Pass-over, Easter or Ramadan holidays.Now families, who for generationshave come together to perform tra-ditions they learned as children, aregrasping for ways to connect virtu-ally, re-creating long-held rituals.

Passover, a special ritualized din-ner with family and friends that in-volves the retelling of the Exodusstory and the liberation of Jewsfrom slavery, presents particularchallenges. It doesn’t involve syna-gogues, so there’s no easy way torecord and broadcast services. Plus,Passover involves preparing manyfoods that are often symbolic andcrucial to the ceremony.

For the Figotens, that has forceda rethinking of family traditionsthey have performed for seven de-cades. In mid-March, Bob Zauzmer,who lives in Philadelphia but hasreturned with his family to Califor-nia to lead the Figoten Seder for 40years, emailed all attendees, lettingthem know about plans for a virtualceremony.

His wife, Jan, created a virtual

BY CLARE ANSBERRY

BY KELLY CROW

A Picasso DrawingSkips the Auction Block

Some Figoten Seder place cards, top; above, the family Seder in 2017; at right,Corrine Stokoe and her family, photographed last Easter at church.

P2JW098000-0-A01300-1--------XA

A14 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

SPORTINGCHANCE | By Carl LarsonAcross1 She has herOWN network

6 Old man,familiarly

11 It disappearson rising

14 Christopher of“Superman”

15 Number ofMousquetairesin a Dumas booktitle

16 Broody rockgenre

17 Big booty19 Energy20 Performs

brilliantly21 Shell variety?23 Having a knack

for

24 Audience’sshow ofimpatience

26 “Aw, heck!”

27 Like many winebarrels

29 Camera setting

30 Co. with browntrucks

31 Oppositionmember

32 Super stoked

33 Salsa alternative

36 Wooden strips

39 Broke ground?

40 Hive inhabitant

43 Alexaalternative

44 River throughLake Geneva

46 Is profitable

47 Repeatingelectronicrhythm sample

49 Polo need

51 Transplants in agreenhouse

52 About 80% ofthe elements inthe period table

53 Regrettable

54 Low probabilityof success, anda hint to thecircled letters

57 Org. whosemembers areexperts at driving

58 Stationary

59 Love at La Scala

60 Still

61 Vedder of PearlJam

TheWSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13

14 15 16

17 18 19

20 21 22

23 24 25

26 27 28 29

30 31 32

33 34 35

36 37 38 39 40 41 42

43 44 45 46

47 48 49 50

51 52

53 54 55 56

57 58 59

60 61 62

Previous Puzzle’s Solution

s

Solve this puzzle online and discuss it atWSJ.com/Puzzles.

S A T E C R A B G L A S SI C E R P E T A R E N A LE T E R N A L T R I A N G L EN O O S E I N C A N R E DA R F U K E A M I T Y

F O R E V E R S T A M P SP O L E R E M O T E

A C M E P R I S S A B A TG A I N S E Q U A LE N D L E S S S U M M E R

T Y P E A E O N E B BI R E T A M P A I S T O OP E R P E T U A L M O T I O NA D M I T E G O S A N T ED O S E S L E N T B A S S

62 World ofWarcraftspellcasters

Down1 Sphere

2 Dense fog

3 Fiery candies

4 Dodges

5 Dye fortemporarytattoos

6 Mom-and-dadorgs.

7 Chicago airportletters

8 Dog with a curlycoat

9 Drivetrain gear

10 Off-kilter

11 Improve a videogame character’sabilities

12 “Did you startwithout me?”

13 Juice brand witha distinctivebottle

18 Compound usedin solvents

22 Rogue

23 Bearded antelope

24 Place to getboots andbindings

25 Group of whales

28 Didn’t fast

31 Sounds at afireworks display

32 Foreign policyissue

33 Early rockettraveler

34 Interminabletime

35 Judged

36 You might tripon it

37 Result of toomuch cabinpressure?

38 “You said it!”

40 Player whopasses onpassing

41 Unsightly sight

42 Superlativesuffix

44 Plump

45 Welcomed intoone’s home

46 Ionized gas

48 Sarge’s superior

50 Elite group

52 Tiny bit

53 Eve in “KillingEve,” for one

55 Indian honorific

56 Some NFLlinemen

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

City Hi Lo W Hi Lo W

Anchorage 34 23 pc 37 21 pcAtlanta 78 64 pc 83 67 tAustin 87 70 sh 89 68 cBaltimore 64 56 c 76 51 pcBoise 64 41 pc 68 41 sBoston 62 41 pc 46 37 rBurlington 55 33 pc 51 34 cCharlotte 83 62 pc 86 63 pcChicago 73 49 t 67 39 rCleveland 63 54 t 62 46 pcDallas 85 64 c 91 61 cDenver 71 39 s 61 35 pcDetroit 62 53 c 67 40 pcHonolulu 80 68 t 80 67 pcHouston 86 69 pc 90 69 pcIndianapolis 76 60 pc 71 42 sKansas City 78 51 pc 77 38 pcLas Vegas 61 50 sh 62 47 tLittle Rock 82 64 t 84 57 pcLos Angeles 62 50 t 61 53 cMiami 86 73 pc 90 72 sMilwaukee 68 46 t 59 37 rMinneapolis 67 42 c 52 31 shNashville 81 66 t 80 55 pcNew Orleans 86 70 pc 87 71 cNew York City 63 52 pc 63 48 shOklahoma City 83 53 pc 82 46 pc

Omaha 76 48 pc 64 36 sOrlando 87 67 t 89 70 pcPhiladelphia 64 55 c 74 50 shPhoenix 83 55 s 75 51 tPittsburgh 66 56 t 68 48 shPortland, Maine 56 35 pc 50 35 rPortland, Ore. 59 38 pc 69 43 sSacramento 64 44 pc 72 49 sSt. Louis 81 59 pc 79 44 pcSalt Lake City 65 45 c 69 45 sSan Francisco 60 49 pc 61 50 pcSanta Fe 69 37 s 71 40 pcSeattle 56 40 pc 60 41 sSioux Falls 72 41 pc 53 31 pcWash., D.C. 68 59 t 79 54 pc

Amsterdam 66 50 pc 71 48 pcAthens 56 49 sh 58 48 sBaghdad 86 66 c 85 63 pcBangkok 96 81 t 97 81 tBeijing 66 40 pc 64 41 sBerlin 65 44 pc 69 45 pcBrussels 69 51 pc 75 51 pcBuenos Aires 65 51 s 65 54 sDubai 88 73 pc 94 79 sDublin 57 42 pc 59 43 pcEdinburgh 57 45 pc 56 41 c

Frankfurt 73 47 pc 74 47 sGeneva 68 45 pc 69 44 sHavana 90 68 s 91 66 sHong Kong 71 63 sh 71 67 pcIstanbul 52 44 s 51 43 sJakarta 85 77 t 88 77 tJerusalem 63 46 pc 61 46 pcJohannesburg 77 53 pc 70 52 pcLondon 67 48 s 72 49 pcMadrid 66 49 sh 70 51 pcManila 96 79 s 96 79 pcMelbourne 62 51 c 65 51 pcMexico City 79 55 pc 81 56 pcMilan 70 43 s 71 45 sMoscow 52 41 pc 51 33 rMumbai 91 77 pc 93 78 pcParis 72 50 pc 74 51 sRio de Janeiro 84 71 t 75 71 shRiyadh 98 76 pc 103 78 sRome 66 45 s 66 44 sSan Juan 83 74 pc 85 74 pcSeoul 63 36 pc 60 35 sShanghai 70 49 c 72 52 cSingapore 90 79 t 90 79 tSydney 68 59 pc 69 62 shTaipei City 67 60 r 74 66 rTokyo 61 50 pc 67 49 sToronto 55 40 pc 54 40 pcVancouver 52 38 pc 53 40 pcWarsaw 69 39 s 68 43 pcZurich 70 39 pc 71 40 s

Today Tomorrow

U.S. Forecasts

International

City Hi Lo W Hi Lo W

s...sunny; pc... partly cloudy; c...cloudy; sh...showers;t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice

Today Tomorrow

Warm

Cold

Stationary

Showers

Rain

T-storms

Snow

Flurries

Ice

<0

0s

10s

20s

30s

40s

50s

60s

70s

80s

90s

100+

l lgAA hh

Jacksonville

eL kk

Ch l tt

LoL

Pit hb h

ew Y kake CitySalt Lak CCLake CityL

Tampa

h

phi

CityCity

D llPaso

illings

PorP tl d

an

l d

A

eww

Phan Die

s As ALos AA

LasLV

iMpls./St. Pa/s /

. Louis

Chicagohhngton D.C.gton D Chih

t

CCh

kk

rtford

hit

pdd

CleveCl l dl

A tiA

lk

qqA b

h

Oklahoma City

an Antonio

es i

oux F ll

J kk hhh

pPhhil d l hiyCheh

Fa

C ddpp

P

dh

hi h

TTTucson

ybanyA

Topeka

C bb

gAA

Ft. Worth

p gSpringi fi ld

b

T t

ttawa

t

p

Van yCCCalgary

d t

HonoluluAnchorage

Jacksonville

Little Rock

Charlotte

Louisville

Pittsburgh

New YorkSalt Lake City

Tampa

Nashville

Memphis

Detroit

KansasCity

DallasEl Paso

Billings

Portland

Miami

San Francisco

Sacramento

Orlando

Atlanta

New OrleansHouston

PhoenixSan Diego

Los Angeles

LasVegas

Seattle

Boise

Denver

Mpls./St. Paul

St. Louis

ChicagoWashington D.C.

Boston

Charleston

Milwaukee

Hartford

Wichita

Indianapolis

ClevelandBuffalo

Austin

HelenaBismarck

Albuquerque

Omaha

Oklahoma City

San Antonio

Des Moines

Sioux Falls

Jackson Birmingham

PhiladelphiaCheyenneReno

Santa Fe

ColoradoSprings

Pierre

Richmond

Raleigh

Tucson

Albany

Topeka

Columbia

Augusta

Ft. Worth

Eugene

Springfield

Mobile

Toronto

Ottawa

Montreal

Winnipeg

Vancouver Calgary

Edmonton

70s

60s80s

40s30s20s

10s

90s

80s80s

70s

70s

70s

60s

60s60s

60s

60s

50s

50s50s

50s

50s

50s

50s

50s40s

40s

40s

40s

40s 40s

40s

40s

40s

40s

40s

30s

30s 30s

20s

70s

80s

live appearances, the band foundthemselves a top draw at festivalsglobally.

In 2018, Mr. Casablancas andthe Voidz released the album “Vir-tue,” which won critical praise forits genre-defying sound. On thesong “Lazy Boy,” he sang: “I don’twant to be a puppet that the ghostof my young self still controls.”

The Strokes “were successfulwith something that was not main-stream,” Mr. Casablancas said in aWall Street Journal interview thatyear. “But I don’t think it was re-ally pushing the boundaries I wasinterested in.”

Then, in another twist—withkids getting older and solo proj-ects under their belt—the Strokesreturned again.

“The Strokes had reached out acouple of times over the years anddemo ideas at those momentsdidn’t illustrate a direction tomove in,” producer Rick Rubinsays. This time, “it was clear to mewe could collaborate.”

The band recorded quickly overtwo sessions of roughly 10 dayseach. In a notable move, Mr. Casa-blancas relied less on the distor-tion that has long shrouded hissinging. “I love Julian’s voice,” Mr.Rubin says. “I fought to be able tohear it.”

This year, the Strokes regain theright to exploit 2001’s “Is This It”commercially; RCA’s license hasexpired. This opens up potentialfor the band to reissue it, but Mr.Gentles says there are no plans.

Just as the Strokes released “IsThis It” in the midst of the Sept. 11attacks, “The New Abnormal”comes during a pandemic whoseU.S. epicenter is New York City.

The band discussed whether topostpone the album—and opted tostay the course.

“I can’t believe we’re comingfull circle,” Mr. Gentles says.

TheStrokesLostADecade—

NowThey’reBackThey resuscitated rock, then they fizzled. Backwith a new album, the band leans intomystique

There was a conscious decisionto rest, Mr. Gentles says. “It prob-ably lasted a little bit longer thanany of us thought it was going to.”

Another potential factor: TheStrokes, early on, split everythingequally, including with Mr. Gentles,according to a former associate ofthe band. (Mr. Gentles declined tocomment on the band’s business.)

“Julian was writing it all, andthey all were sharing everything,”this former associate says. “Whenyou’re a kid, that sounds great. Asyou get a little bit older, you’relike, ‘Hey, wait a second, they’rejust showing up and playing theirinstruments!’”

Then there were the solo proj-ects. “The Strokes as a band wasno longer the prime focus,” Mr.Zinker says. Mr. Hammond Jr. re-leased his first solo album in2006; Mr. Casablancas went soloin 2009, having launched a label,Cult Records. In the 2010s, everyStrokes member had outside proj-ects. Mr. Casablancas even had anew band, the Voidz. It “probablyextended that time between re-cords,” says Mr. Cotterman.

In 2011, they regrouped for“Angles,” their fourth album, forwhich members co-wrote materialmore than in the past. But insteadof the extensive touring normalfor rock bands, they focused in-creasingly on festival appear-ances. Two years later, “Come-down Machine” arrived. Therewas no promotion or touring.They didn’t even hire a publicist.

“A band is a great way to de-stroy a friendship,” Mr. Casablan-cas told GQ magazine in 2014.

Fans were surprised in 2016when the Strokes released “FuturePresent Past,” an EP that seemedto grapple with the band’s issuesby having each song represent adifferent stage in its career.Thanks in part to their sporadic

SOME BANDS stay together. Oth-ers break up, only to reunite. Thenthere’s the Strokes.

The New York group, whichstarted in clubs on the Lower EastSide in the early aughts, is knownfor resuscitating rock ’n’ roll at atime when many people thought itwas dead. After releasing two re-cords in three years, the band putout just three in the next decadeand a half.

For fans, it’s hard not to won-der about the band’s lost decade:Did lead singer Julian Casablancasprefer the freedom of a solo ca-reer? Did some members want tofocus more on families? Wasthere bad blood driven by dis-putes over money?

“There’s always been a mysteryaround them,” says Jack Rovner,the music executive who signedthem 20 years ago.

That mystique will help propelthem when the Strokes release “TheNew Abnormal,” their sixth full-length album on Friday. Togetheragain and seemingly committed,they’ve hired producer guru RickRubin, a sign that they’re seriousthis time. “We took the 2010s—whatever the f— they’re called—wetook them off,” Mr. Casablancas, theband’s chief songwriter, said at aNew Year’s Eve show. “Now we’vebeen unfrozen.”

Since last year, the band hasmade the concert rounds, evenstumping for Bernie Sanders backin February. Their new albumcomes with shows and festival ap-pearances, assuming the concert in-dustry—shuttered by the coronavi-rus pandemic—reopens eventually.

“That’s a complicated relation-ship, there,” says Harley Zinker, asound engineer who has mixedshows for Interpol, the Strokesand the Yeah Yeah Yeahs. “Likeany band. But this one, maybemore so.”

The complicated dynamicevolved over time. The five mem-bers are childhood and teenagefriends. After their first concert inSeptember 1999, they built a cultfollowing playing New York Cityindie-rock clubs like the MercuryLounge. “The Strokes were insepa-rable in the early days, they wereall best friends,” says LucasCotterman, a former lighting techwho worked for the band duringits first three albums. “It was actu-ally great to be around.”

Media buzz was intense andbidding among labels to signthem grew fierce. Rather thanfirst sign with a label, the bandself-financed their 2001 debut al-

BY NEIL SHAH

LIFE & ARTS

FROM

TOP:

CUCC

AGNA/D

APR

/ZUMAPR

ESS;

JAVIERZO

RRILLA

/EPA

/SHUTT

ERST

OCK

bum “Is This It” for $25,000, us-ing money from a prior music-publishing deal,according toRyan Gentles,their longtimemanager. In anunorthodoxmove, they li-censed it to RCARecords, retain-ing ownershipof their soundrecordings. (La-bels typicallydemand owner-ship of such “masters” in ex-change for an advance payment.)

“I had to convince some of thehigher-ups,” says Mr. Rovner. “ButI wasn’t going to let any corporatebean-counter stop me.” (He nowco-manages the band with RichardPriest and Mr. Gentles.)

“Is This It” debuted in October2001 to glowing reviews, winningfans over with Mr. Casablancas’smeticulous songwriting and dis-torted vocals, and the band’s chug-

ging guitars. It is now regarded asone of the most important rock al-bums of the 21st century.

The band’s quick follow-up,2003’s “Room on Fire,” fueled theirsuperstar rise, but didn’t generateas many sales, frustrating the band;2006’s “First Impressions of Earth”sold even less. That’s when, aftersome touring, they decided to takean extended break.

“Remember, these kids came to-gether when they were barely intheir 20s, and they were on a rocketship for six or seven years,” saysSteve Ralbovsky, the record execu-

tive who brought the Strokes toRCA. “‘First Impressions’ was a bitof a turning point.” (The Strokesdeclined to be interviewed.)

Unlike most bands with issues,the Strokes never actually brokeup. For years, they muddledthrough a perfect storm of per-

sonal and pro-fessional con-flict.

Around thetime of “FirstImpressions,”Mr. Casablan-cas quit drink-ing; guitaristAlbert Ham-mond Jr. dab-bled increas-ingly in drugs,according tocurrent andformer associ-ates of theband. WhileMr. Casablan-cas wrote mostof the material,other memberswanted moresay. And somewere startingfamilies: Bass-ist Nikolai Frai-ture had a

child in 2004, guitarist Nick Va-lensi had twins in 2006.

“The dynamic between all ofthem is maybe what’s gotten inthe way of them putting out morematerial and touring more regu-larly,” says Mr. Zinker. “But there’salso, ‘Hey, I want to be home withmy kids... Because I’m a dad now.’”

Mr. Casablancas found it hard towrite on the road, according to Mr.Gentles. Meanwhile, they driftedapart geographically. Mr. Valensilived in Los Angeles, for example,and Messrs. Hammond Jr. and Cas-ablancas on the East Coast.

The Strokes are in demand globally. They performed atL’Olympia in Paris, top right, and in Bilbao, Spain, above.

P2JW098000-0-A01400-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A15

human activity. It has beenover two months since Wu-han was locked down andbecame the first ghost city.Because the U.S. has beenbehind Asia and Europe inthe upward arc of the viralcurve, we have already seennumberless photographsfrom both continents ofempty streets, shoppingmalls, piazzas, churches, air-ports and amusement parks.In the past month, as NewYork City has become thenew epicenter of the out-break, news programs haveoften opened with an emptyTimes Square or Grand Cen-tral Terminal. The cancella-tion of baseball’s openingday brought forth an arrayof empty stadiums aroundthe country.

We are so used to theseimages by now that the onlyshocking ones are those ofplaces where formerly nor-mal activity has continued—such as college kids carous-ing on a beach in Florida, asight that provoked publicoutrage, or dancing in aclub. Everyone surely hashad the Netflix experience Ihad recently. Watchingstrangers kissing or eatingin a restaurant on screen, Icouldn’t help thinking: Whatare they doing? Don’t theyknow they’re endangeringthemselves and others?Movies and TV episodesmade only months ago, be-fore social distancing, al-ready seem to date from an-other era.

Other voids defy simpleillustration, such as the ab-sence of needed ventilatorsin this emergency. To dra-matize a shortage of food,you need only photographempty store shelves. Buthow do you show the short-ages of a machine that is

proving to be critical tomany patients’ survival?

And how do you commu-nicate in pictures thewrenching isolation of thisdisease—on both the peopledying alone in hospitalswithout visits from theirfamilies, and on the familiesthemselves, kept away fromtheir parents or children intheir final hours or, in somecases, from their gravesides?Dramatizing enforced sepa-ration and the lonelinessthat can ensue, even when

deemed to be for the greatergood, isn’t an easy task. Theeyes of photographers aren’ttrained to look for thespaces between people.

Photographers of the1918 influenza pandemichad similar dilemmas. Theirwork falls generally intothree categories: vastrooms or tents packed withpatients in beds; people inmasks (doctors, nurses, sol-diers, police, barbers); andcoffins being carried intoambulances or lined up at

freshly cut graves. (Curi-ously, you don’t see manyphotographs of emptystreets, although physicaldistancing was tried as apreventive measure.)

These images were usu-ally made with cameras ona tripod and so almost ev-eryone is formally posed. Inthe next decade, smaller,handheld cameras liberatedphotographers, who tookthem everywhere. The mis-ery of the Great Depressionlooks different from earliercatastrophes because Doro-thea Lange and her col-leagues could photographon the go, and from any an-gle the faces and gesturesof individuals caught in themaelstrom.

The scale of the currentpandemic is hard to com-prehend now, and its pre-dicted length will try every-one’s patience. Perhaps,when the curve is flattenedand strangers can gathersafely together again incrowds, ambitious curatorswill organize an exhibitionalong the lines of “Here IsNew York,” the massiveoutpouring of photographsby professionals and ama-teurs about 9/11. The Inter-national Center of Photog-raphy is already collectingpersonal images of the cri-sis. Perhaps families af-fected will create some-thing like the AIDS quiltand give us names and sto-ries rather than statisticsabout those who are gone.

Meanwhile, social mediahas become the main plat-form for photography. Previ-ous international disastersdid not have Instagram, Tik-Tok, FaceTime or Zoom,which have provided wel-come connectivity, amuse-ments and distractions. Thecoronavirus pandemic is un-folding in the age of self-documentation. What oncecould be annoying, peoplesending you photos of theirmeals, is now comforting.As a friend of mine re-ported, after spending a fewhours online, “everyoneseems to be making soup.”

Mr. Woodward is an artscritic in New York.

CULTURAL COMMENTARY

Photographing a PandemicCapturing the invisible is the challenge facing those whose job it is to document the visible world

A nearly empty Times Square on Thursday during the current coronavirus pandemic that has much of New York staying inside

HOW DO YOU photograph apandemic? A disease whosecause is invisible to the na-ked eye, moves by stealthacross the globe, kills indis-criminately, provokes eco-nomic as well as socialpanic, and against which,for now, there is no vaccineor remedy?

It should be easy. Thecoronavirus is disruptingthe lives of pretty much ev-eryone on the planet and sowherever you aim your cam-era, you should see the ef-fects. In reality, the virus istaxing the skills and imagi-nations of those whose jobit is to document the impactof an event with insidiousramifications. Seeing thesame sorts of images on adaily basis for the next fewmonths may add anotherkind of fatigue as we’restuck at home.

Historians summarizingthe period we’re living

BY RICHARD B. WOODWARD

LIFE & ARTS

through will likely illustratetheir texts with photographsof people wearing surgicalmasks, ubiquitous in thenews since January. The im-ages were at first unsettling.Mixed motives can lie be-hind the need to hide one’sface from others. The

masked figure is associatedwith criminals as well asdoctors and nurses. But blogposts from some photogra-phers indicate they are al-ready tiring of taking thesepictures.

The other popular optionhas been to show the voidsand lacunae in daily life—the eerie absences of typical

Some voids defyillustration, such asthe absence of muchneeded ventilators

Florida’s Fort Myers Beach on March 13, above; pedestrians wearmasks while walking on 34th Street on Monday, below

FROM

TOP:

BRUCE

BENNET

T/GET

TYIM

AGES

;EVEED

ELHEITFO

RTH

EWALL

STRE

ETJO

URN

AL;

KENABE

TANCU

R/GET

TYIM

AGES

P2JW098000-0-A01500-1--------XA

A16 | Tuesday, April 7, 2020 * * * * THEWALL STREET JOURNAL.

THE MOST PRESSING con-cern in Los Angeles Dodgerspitcher Ross Stripling’s pro-fessional life these days in-volves avoiding injury. Not tohis body, necessarily, but tohis pride: He needs to hopover a chain-link fence to playcatch, and a mishap mightpermanently fracture his ego.

Stripling considers hisclimbing adventures an occu-pational hazard under thecurrent circumstances, withthe baseball season—and ev-ery other American profes-sional league—on an indefi-nite pause because of thecoronavirus pandemic. Thehiatus has forced players tofind creative ways to honetheir skills, like StephenCurry struggling to assemblea hoop in his driveway orJoey Gallo building a make-shift batting cage in hisapartment.

But pitchers can’t do that.The very act of hurling a balloverhand 100 times or moreevery five days leaves pitch-ers in a perpetual state ofrisk for serious injury.

“A basketball player couldhave a gym to stay in shapeand get shots up, so whenthey call, they’re ready to goin a matter of days,” Striplingsaid last week. “For a pitcherthat’s, quite frankly, impossi-ble.”

Avoiding injury requirespitchers to maintain a rigidschedule, with no room foreven the slightest deviationfrom mid-February throughSeptember. During springtraining, they progress back-ward from opening day toslowly prepare their arms forthe rigor of the marathonknown as a baseball season.

When training campsabruptly closed on March 12,two weeks before openingday, most starters had ad-vanced to about 70 pitchesper outing. Now, no calendarexists, leaving pitchers in aweird limbo. They need tokeep throwing to remain fresh

Odorizzi said. “Taking timeoff would be too detrimental.”

Not everyone has that lux-ury: Lucas Giolito of the Chi-cago White Sox said that hehas been throwing into a netset up in his backyard and afence at a nearby park.

“As a starting pitcher it’simportant to try and get offa slope as much as possibleand try to get up-and-downwork to maintain that stam-ina,” Giolito said. “We’re do-ing our best to do that withlimited resources.”

At some point the pitch-ers will have to try to rampback up after cooling down,a reality they’ve never hadto contend with before.Striplings said he thinkspitching rotations wouldneed 3 to 3½ weeks of asecond “spring training” be-fore playing real games.

Odorizzi hopes he couldbe ready with just two exhi-bition starts, enough to gofrom 70 pitches to around100. Still, he acknowledged,“Starters are the ones atbiggest risk when all this

The Masters, which wouldhave been played this weekbut was called off in responseto the coronavirus, has beengiven a new home on the golfcalendar.

The “intended dates” forthis year’s Masters at AugustaNational Golf Club are nowNov. 12-15, placing the presti-gious tournament sevenmonths after it was originallyscheduled.

“We want to emphasizethat our future plans are in-cumbent upon favorablecounsel and direction fromhealth officials,” club chair-man Fred Ridley wrote in amemo. The average tempera-ture in Augusta, Ga., on Nov.15 is 69 degrees, according tothe website Weather Under-ground.

Also on Monday, the Brit-ish Open was canceled for thefirst time since World War II.Previously, in March, thePlayers Championship wascalled off after the firstround, as event organizersslammed the brakes on largegatherings.

The PGA of America saidthat the PGA Championship,which was originally set totake place in May, is nowscheduled to tee off Aug. 6and will remain at TPC Hard-ing Park in San Francisco.

The USGA rescheduled theU.S. Open for one month afterthat, starting on Sept. 17. Thetournament will stay atWinged Foot Golf Club in Ma-maroneck, N.Y., and had beenoriginally set for the middleof June.

Tiger Woods at the Masters

FROM

LEFT

:GRE

GORY

BULL/A

SSOCIAT

EDPR

ESS;

ERIK

S.LE

SSER

/EPA

/SHUTT

ERST

OCK

comes around.”Any schedule in 2020, no

matter when it starts, will bemore compressed than usual.Both MLB and the players’union have said they want totry to play as many games aspossible. They have discussedhaving scheduled double-headers, scheduled off daysand regular-season gamesthrough October to crammore games into a shorterperiod.

Recognizing the issues, theleague appears willing to ex-plore making structuralchanges to help pitchers. Onepossibility is having ex-panded rosters, so teamswould have additional armsat their disposal.

They’ll need them, sincenobody expects pitchers tobe fully ready when the sea-son starts.

“Chances are we’re not go-ing to have the perfect build-up,” Johnson said. “So ifwe’re not going to haveenough time, how can wefind ways to be creative andinnovative?”

JASON GAY

AnOpening Day ThatWasn’tA spring baseball ritual for Little Leaguers is canceled—but it’s a trivial matter in a deadly crisis

ROBCA

RR/G

ETTY

IMAGES

An empty baseball field in Towson, Md. Little League is on hold this season.

SPORTS

from the mound, sits downfor a while, and then returnsto the mound, just as hewould during an actual start.He wants to hover at the 60-to-70 pitch mark through theend of April and then plan toreassess based on whether

more informationhas emergedabout when theseason mightstart.

To dothis, he hasa portablemound at hishome near

Tampa, Fla.,and has gone out

to throw at a localpark with his teammate,

Tyler Clippard. Odorizzi alsohas access to a local facilitythat has opened its doors tohim so he can throw to acatcher—all while practicingproper social distancing toavoid infection.

“We thought that was thebest plan of attack becauseour bodies are so used tothrowing during this period,”

enough to begin the seasonquickly, without overdoing itand hurting their arms.

Nobody knows the rightapproach. Interviews withseveral MLB pitchers andcoaches last week revealedjust one common truth: Mak-ing the wrong choices nowcould result in serious conse-quences if the 2020 cam-paign happens.

“There certainly isn’t ascientific answer, becauseit’s never happened before,”Cincinnati Reds pitchingcoach Derek Johnson said.“There isn’t any sort of tem-plate for this.”

Johnson is trying to createone on the fly. He had all ofhis pitchers fill out a surveyexplaining their situation,such as whether they have athrowing partner or access togym equipment. Then John-son gave each of them rec-ommendations for a planbased on their responses andoffered advice about how towork out with simple house-hold items.

Some pitchers have it eas-ier than others. Striplinghasn’t thrown off a moundsince everything stopped.He’s been hopping over afence to get onto a field inHouston to throw andplay long toss acouple of times aweek alongwith Minne-sota’s TylerDuffey, Oak-land’s DanielMengden andfree agentScott Kazmir.

“It’s impossiblein this quarantinedlife to expect 150 major-league starters to find some-where to throw four inningsand stay built up like it’s themiddle of March,” Striplingsaid.

Right-hander Jake Odor-izzi, an All-Star for the Twinsin 2019, is choosing to throwa simulated game once aweek. That means he throwsan inning’s worth of pitches

BY JARED DIAMOND BY ANDREW BEATON

The MastersMoves toNovember

This pandemic has exposed faultlines between the vulnerable and theprivileged. To fret about a LittleLeague parade is a blessing.

Still, a locked ball field on a sunnyspring day feels unnatural. So muchdoes on our locked-down planetright now. The other day, PresidentTrump tweeted to the nation’s LittleLeaguers to “hang in there,” and“you will be playing baseball soon,”and that sounds great, but I don’tknow about that. Does anyone?

We’re still doing batting practice,in a little concrete strip behind ourbuilding. I’ve got a bucket of foamballs that won’t break any of myneighbor’s windows—at least I hopenot—and we’ve carved out a homeplate and give it a go a few times aweek. I’ve got the 7-year-old outthere, and the 5-year-old, too. The 7-year-old swings like a drunk lumber-jack; I need to get him my colleagueJared Diamond’s new book, “SwingKings,” and explain to him that if hedoesn’t start focusing on an upwardtrajectory, and improve his launch

angle, he’s never going to get that$350 million MLB contract and takecare of his old man.

The 5-year-old, she’s a natural. Ithink we’ve got something there.She’s got a year or so until LittleLeague, but watch out. Scott Boras:call me.

We look like lunatics, a father andtwo small children back in this alley-way, foam baseballs bouncing allover the place, but it’s my favoritepart of the day. It’s our ritual. Every-one has rituals now. Perhaps you’recooking more. Perhaps you’re read-ing books—not your phone, not adevice, but real-life books, withpages and stuff. Perhaps you’re oneof these people who has organizedthe garage, then organized the ga-rage again, and then organized thegarage again, to the point where thegarage asks: Are we really going todo this again? You know where therake is.

Perhaps you’ve done nothing atall. It’s OK. Again: This is a judg-ment-free column. I ate a cookie at

9:30 a.m. yesterday.The thing about these rituals is,

they’re comforting. Simply beingable to focus on little things isdeeply fortunate. There’s a lot ofunimaginable out there. There’sbravery, but people are in crisis,too. The sirens are constant. Everytime I think the sirens are startingto calm down, I hear another.

This is the new normal for now,a recalibration. In sports, you cantell that people are getting jumpyto get going again; the White Househuddled with league commissionersover the weekend and kickedaround the possibilities of whenand how they might resume. Butthis is all just talk, because nobodyreally knows—the situation is fartoo fluid; the risks unknown. Astory in the Journal put it suc-cinctly: When will you feel safearound 20,000 strangers again?

I don’t know. It sounds nice. ButI don’t know.

For now, we make do with therituals, along with strange new hab-

its. On Sunday morning, I watched a“virtual” bike race contested by topprofessional cyclists—the action un-folding on a computer screen asreal-life quarantined cyclists ped-aled furiously on stationary trainersin their basements and livingrooms. It was a piddling substitutefor the actual thing, but even theapproximation was soothing. SomeNBA players competed in a basket-ball videogame contest the othernight; ESPN covered it like it wasthe Western Conference Finals. Nowthey’re reportedly trying to arrangea game of virtual H-O-R-S-E.

Sure. Why not?Nothing’s surprising anymore. I

have a feeling it’s going to be agood long while for us to return tonormal. I wonder what the normalwill be—if life will forever changeafter this. I do know I want pa-rades, but the first should be forthe doctors, nurses, emergency re-sponders and essential workers.Then the Little Leaguers, so we canfinally play ball.

First of all, how is ev-eryone doing? I know:It’s weird and probablya bit ooey-gooey for asports column to beginwith a question like

that, and I promise to knock it offwhen this whole thing is over. But Ihope you’re doing OK. I hope you’rehealthy, and your loved ones are,too, and you’re able to stay home, ifyou’re able to stay home. If you needto be out there working, thank you.If you’re baking three pounds ofchocolate chip cookies every day,and eating them by yourself, alsothank you. This is a judgment-freecolumn. You should see the haircut Igave myself. I look like I was gettinga decent haircut, and then I got at-tacked by a rabid animal. It’s fine.It’s OK. I’m lucky and I know it, evenif I have a really terrible haircut.

This past Saturday was supposedto be our local Little League parade.If you’ve ever been to one of thesethings, you know they’re the best.Here it’s close to a thousand LittleLeaguers, from a few different or-ganizations, all in their brand-new,yet-to-be-grass-stained uniforms,clickety-clacking in their cleats up aclosed-off street to the city ballfields. It isn’t orderly; this ain’tMacy’s Thanksgiving. It’s a bunch ofsugared-up Little Leaguers. Mr. Metwas supposedly coming. There’s aband and a drum corps. Someonegives a speech. The kids get boredand clang their aluminum bats onthe ground. All they want to do ischase each other around.

The important thing about theparade is what it signifies: Play Ball.Two words that no one’s gotten achance to say this spring, from themajor leaguers all the way down tothe first-timers in mismatched socks.The fields around here are empty,locked sometimes, with a sign on thechain-link fence reminding about theneed for social distancing.

It’s the right thing to do, it’s whateveryone needs to do, if they can.The situation here in New York Cityremains an emergency, the worstsaid to be still to come. Already thesuffering and loss is unspeakable.

Dodgers starting pitcher Ross Stripling warms up in the bullpen before a spring-training game.

Pitchers KeepArms Ready

70Number of pitchesmost starters had

advanced to per outingwhen spring trainingclosed on March 12.

P2JW098000-4-A01600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A17

SojournsIn a BattlegroundSomething of ThemselvesBy Sarah LeFanu(Oxford, 381 pages, $29.95)

BOOKSHELF | By Benjamin Shull

W hen Rudyard Kipling visited South Africa with hisfamily in early 1898, the 32-year-old writerlunched immediately with Cecil Rhodes, the

financial and mining magnate who, until recently, had alsobeen prime minister of Britain’s “Cape Colony.” After amonth of long talks, Kipling reported to a correspondent:“Rhodes alone was worth the voyage.”

Both men were notorious colonial boosters, but Kiplingsaw Rhodes as the man doing the empire-building workthat he advocated. Kipling, author of the Jungle Books andperhaps the most popular writer in English at the time,had begun to form his ideas about empire as a young manliving on the Indian subcontinent. Running with Rhodeshelped shape his belief in South Africa as a key piece of apowerful British Empire. He thought it was worth fighting for.

In October 1899, Britain went to war with the Transvaaland the Orange Free State—the Boer republics—and Kipling

set out from England forSouth Africa once more. AsSarah LeFanu writes in “Some-thing of Themselves,” Kipling’s“jingoistic views wouldharden” during the Boer War,and what he saw in wartimeSouth Africa would soon bereflected in his work. In his1902 story “The Captive,” setin a barbed-wire-enclosedcamp in Cape Colony, he refersto the war as a “first-classdress-parade for Armageddon”—a taste of the carnage that,

as it turned out, was to come inWorld War I. In a newspaper dispatch,

“The Sin of Witchcraft,” he excoriated the pro-Boer Dutch in Cape Colony, accusing some of passingmilitary intelligence to the Boer republics. Kipling wouldview the 1902 Treaty of Vereeniging, which brought theBoer republics under British rule but allowed for eventualself-government, as a “betrayal of the ideals of Empire.”

In “Something of Themselves,” Ms. LeFanu places Kiplingalongside Arthur Conan Doyle and Mary Kingsley at thecenter of a fascinating study recounting their experiencesin the Boer War, a conflict that all three witnessed at closehand. The author, whose works include a life of the novelistRose Macaulay, styles her book as a group biography, onethat culminates with her subjects’ sojourns in South Africa.

Conan Doyle, then as now, was best known as thecreator of Sherlock Holmes, whom he had invented whilestill practicing as a doctor in the south of England. In 1893,he “killed off” his famous character, wishing to write aboutmore serious topics. In fact, one reason for his journey toSouth Africa (he arrived in March 1900) was that he waswriting a history of the war. In Ms. LeFanu’s telling, hewas particularly concerned about voting rights for theUitlanders, foreigners (that is, Britons and other non-Boers) who had been drawn to the Transvaal by gold.

Conan Doyle worked as a doctor in Langman’s FieldHospital in Bloemfontein (the capital of the Orange FreeState) and contributed to a local paper that Kipling brieflyworked for. He traveled to Pretoria, the capital of the Trans-vaal, after it fell to the British in June. His belief that theBritish cause in South Africa was righteous never wavered,though he was less bombastic than Kipling, ultimately dub-bingthe conflict a “fair square fight.” His history, “The GreatBoer War,” was published soon after he left South Africa forBritain in July; he published a second book on the war in 1902.

Kingsley’s worldview was markedly different fromKipling’s or Conan Doyle’s. Born in London in 1862, she hadbeen a voracious reader of travel and exploration books,and after the death of her parents in 1892, the inheritanceallowed her to travel herself—first to the Canary Islands,and then on two separate voyages to West Africa. Thejourneys took her from Sierra Leone to as far as Angola,and they led to a pair of travel accounts. In “West AfricanStudies” (1899), she attacked the “malign influence” ofBritish colonial policy, accusing it of “sowing debt anddifficulties all over West Africa.”

Like her male contemporaries, Kingsley was drawn to thewar in South Africa. Arriving in Cape Town in March 1900,she promptly ventured to nearby Simon’s Town, where sheworked as a nurse for Boer prisoners of war. Her first-handaccounts of life among the prisoners, which Ms. LeFanuquotes extensively, evoke the horrible conditions she waswitness to. She caught typhoid and died in June 1900, meremonths after her arrival. Upon her death, Kingsley wasremembered by a doctor in Simon’s Town as a “brilliantvictim . . . whom this world can ill spare.”

Ms. LeFanu takes her time recounting the early lives ofher subjects; her book is at its best once her trio is situatedon stage in South Africa. Because Kingsley is much lessknown than Kipling or Conan Doyle, bringing her to greaterattention is one of the strengths of “Something of Them-selves.” The author sees Kingsley’s ideas as an inspirationbehind the Congo Reform Association, founded in 1904 tobring attention to the horrific deeds being committed inthe Congo Free State. “The ideology of the Congo ReformAssociation,” Ms. LeFanu writes, “was rooted in herunderstanding of and support for the principle of Africanownership of land and natural resources.”

One prominent figure who became involved with theCongo Reform Association was Conan Doyle, the Boer Warapologist. Unlike Kipling, Conan Doyle had come to seethe peace terms ending the Boer War as a “desired andappropriate outcome,” and in 1909 he published “TheCrime of the Congo,” a book that, as Ms. LeFanu notes,brought the reign of terror in the Congo “to the notice ofhis hundred of thousands of readers” in Britain and aroundthe world. “Never before,” he wrote in the book’s preface,“has there been such a mixture of wholesale expropriationand wholesale massacre all done under an odious guise ofphilanthropy and with the lowest commercial motives as areason.” It would be wrong to claim that Conan Doyle fullyrepudiated his feelings about empire—he is writing, ofcourse, against Belgium’s Leopold II, not Britain—but Ms.LeFanu’s focus on his time in South Africa certainly helpsus understand a political cause that would become one ofthe greatest of his career.

Mr. Shull is an assistant books editor at the Journal.

How the Boer War loomed in the livesand literary reputations of three Britishwriters who experienced it at close hand.

New York’s Kings of CleanBrooklyn, N.Y.

‘I ’m a garbageman,”wrote a Californianwho calls himself

Jester D on March 14. “I can’twork from home and my jobis an essential city servicethat must get done.” AsAmericans began to feel theeffects of the Wuhan corona-virus, his series of tweets en-thralled tens of thousands ofpeople.

Jester D described theonerous nature of his job inSan Francisco, “from gettingup pre-dawn to the physicaltoll it takes on my body.” Ad-dressing the city’s growingpanic, with scared people“peeking out their windowsat me,” he emphasized pro-fessionalism. “Doctors andnurses are gonna keep doc-toring and nurse-ering,” hesaid. His own promise: “Usgarbagemen are gonna keepcollecting the garbage.”

Tweets of appreciation fol-lowed: “God bless you!” “Love

ya!” “You are on my herolist!” People thanked him forhis service in a tone thatAmericans usually reserve forsoldiers, sailors, airmen andMarines.

This civic communionstruck a chord with me. Oneof my rituals is to get upearly on Wednesdays towatch from my window asworkers from the New YorkCity Department of Sanitation

haul away the garbage on mystreet. There is robust beautyto the removal, and a cathar-sis. One moment the sidewalkteems with refuse; the next, itis reborn. Black bundles ofhousehold waste, stacks ofcardboard and newspapers,transparent bags full of bot-tles and cans—all are heavedinto the maws of a growling

truck. Trash bags pop likeballoons as they are mashed.Then, with a sweet hydraulichiss, the truck moves on.

This happened right onschedule last Wednesday, withNew York locked down. Burlyworkers wearing big glovesand fluorescent vests dis-patched our garbage with theusual nonchalance. This timeno cars lined up behind, wait-ing for the garbage truck toinch forward. The street wasempty but for the collectiontruck and a middle-aged mannamed Mike, who is hearing-and speech-impaired. He liveson our street, and the gar-bagemen have adopted him asone of their own. He wears aNYC Sanitation uniform andhelps the men as they gatherup the trash. They treat himas a fellow worker, and heearns his street cred in thecompany of these brusque butkindly men.

Perhaps because I grew upin India, a land that fallssome way short of the high-est standards of public hy-

giene, I’m fascinated by themechanics of American clean-liness: the garbage trucks, thesnowplows in winter and thewhirring broom-trucks thatsweep the roadsides, theirbrushes kissing the edgewhere road and sidewalkmeet (and, it is said, imperil-ing any small dogs who mightbe nearby).

The sights and sounds ofcleaning, the whooshes, thecrunching, the suction, thesound of steel crushingglass—I love it all. To watchNew York’s garbagemen swinginto action, and to see themduly thanked at a time likethis, fills my heart with hope.The refuse collectors of myIndian youth were pariahs atthe bottom of the caste heap,treated badly by the peoplethey served. New York’s gar-bagemen, by contrast, arerightful kings of the citystreets.

Mr. Varadarajan is execu-tive editor at Stanford Uni-versity’s Hoover Institution.

By Tunku Varadarajan

Garbagemen arefinally getting therespect they deserve.

OPINION

New York Gov.A n d r e wCuomo spokefor manywhen he tooka momentduring one ofhis recentnews confer-ences to gobeyond theCovid-19 num-

bers and speak to how dispir-iting it’s been for Americans tohave their lives and livelihoodsturned upside down with solittle to show for it.

“The anxiety is what is themost oppressive here,” Mr.Cuomo said. “Not knowing.Not knowing I’m positive, ifmy friend is positive, if myloved one is positive. Notknowing when this is going toend. The anxiety of dealingwith the isolation day afterday after day. It’s like a bad‘Groundhog [Day]’ movie.”

Epidemiologists say coro-navirus won’t be defeated un-til either a vaccine is devel-oped or it peters out whenenough Americans are in-fected that the virus has diffi-culty finding vulnerable peo-ple to infect. Many rightlyworry how long that couldtake and whether the econ-omy can remain shut that longwithout, as the president says,making the cure worse thanthe disease.

But what if there were amiddle way, in which we wouldget 90% of our lives (and econ-omy) back? It’s not perfect. Butit would be a giant step for-ward over what we have now.

HowWe Get Our Lives Back“It’s difficult,” says Ashish

K. Jha, director of the HarvardGlobal Health Institute. “Butit’s not more difficult thanwhat America has done in thepast.”

Dr. Jha says he understandsthe frustration of Americanscooped up at home. He attri-butes this mostly to the lag—about three weeks—betweenwhen substantial social dis-tancing is imposed and whenit starts showing results.

“This is a virus that testsour patience because anythingwe do we don’t see the bene-fits for a while,” says Dr. Jha.

Yet welcome signs maycome sooner than we think.New York and New Jersey arethe epicenter for coronavirus.According to the University ofWashington’s Institute forHealth Metrics and Evalua-tion, in New York state the de-mand for resources such ashospital beds and ventilatorsis expected to peak onWednesday, and the day afterfor daily deaths. For New Jer-sey, the respective dates areApril 15 and 16.

If true, it means that withintwo weeks or so Americanscould see the first evidencewe’ve reached the downsideof these curves in the worst-hit parts of the country. Thesituation would still be ugly—the number of daily deaths,for example, would remainhigh, and with more testing sowould the number of newcases.

Even so, it would be an un-deniably positive indicator.This in turn would likely boost

public confidence in what ourmedical professionals havebeen recommending. It alsosuggests a path not just to re-opening the economy, but tokeeping it open.

“Seeing that a peak hasbeen reached and that thenumber of daily deaths startdeclining could be indeed apsychological moment thatcould be a turning point,” says

John Ioannidis, a Stanford ep-idemiologist who is also co-di-rector of the university’sMeta-Research InnovationCenter. “I think we have al-ready reached that turningpoint in the curves for severalEuropean countries and wewill see it very soon also forthe USA.”

Even after New York hitsits peak, things will continueto get worse in states thathaven’t. Which is why itmakes more sense to beginlooking at reopening someparts of the country beforeothers—and the conditionsrequired.

Taiwan’s example offerssome ideas. Though it may yetend up imposing stricter mea-sures if a big second wave ofCovid-19 infections material-izes, thus far Taiwan has man-aged to keep most of its econ-

omy running. It has done this,moreover, while keeping itscount of total cases at only373 and total deaths to five.This despite its proximity tothe belly of the Covid-19beast, China.

Taiwan has done this withaggressive testing and trac-ing—along with quarantinesfor those arriving from out-side and enforced isolation forpotential carriers. The econ-omy doesn’t go on quite asnormal, but it does go on.

As for the U.S., Dr. Jha saysthat, at least for this year, weprobably won’t be going toany Red Sox games. But hecan imagine offices andschools reopening, and evenbars and restaurants as longas they limit capacity and seatdiners unusually far apart.

To achieve this, he says,America’s top priorities mustbe “testing, testing and test-ing”—to identify who’s in-fected, who’s not, who’s im-mune and who needs to beisolated so they don’t infectanyone else.

“My sense is that we canget 90% of our lives back if wehave a really well-deployedtesting infrastructure de-ployed and we’re testing peo-ple and are identifying peoplewho are sick and pulling themout,” Dr. Jha says.

This isn’t perfect either.But it beats the two likeliestalternatives: keeping theeconomy shut down for manymore months, or spending thenext 18 months in a cycle ofreopenings and reclosures.

Write to mcgurn@wsj.com.

Partial reopening ofthe economy wouldn’tbe perfect. But it’d bea huge step forward.

MAINSTREETBy WilliamMcGurn

The Covid-19pandemic hasyet to strikeLatin Americaand the Carib-bean at fullforce, but theregion’s fragilesocieties arealready groan-ing under thestress. In

Guayaquil, Ecuador, with hospi-tals and morgues overwhelmed,relatives have been storing thebodies of the deceased in theirhomes; some bodies lay unat-tended in the streets. Thatcould be a sign of things tocome; Latin America is almostcompletely unprepared for themultifaceted catastrophe nowheaded its way.

After decades of underin-vestment in health systems,most of Latin America and theCaribbean are nowhere nearready for a pandemic. The re-gion’s average annual health-care spending per capita is$949: less than one-fourth ofaverage spending across theOrganization for Economic Co-operation and Development,and only two-thirds of thelevel in the Middle East andNorth Africa. The region’shealth systems are alreadystretched beyond capacity tomeet the needs of a “normal”year; going into the crisis,Mexico had fewer than 6,000ventilators for a population ofalmost 130 million, and evenrelatively well-developedCosta Rica has less than half asmany hospital beds per 1,000people as the U.S.

While conditions vary bothamong countries and within

The Coronavirus Threat South of the Borderthem, “social distancing” of thetype employed in Asia, Europeand North America faces starklimits in Latin America. Acrossthe region, 50% or more of thepopulation work in the “infor-mal sector,” performing domes-tic labor, casual construction,working in markets or otherundocumented jobs. If theydon’t go to work in the morn-ing, many will have nothing toeat. Even workers with formaljobs often live in sprawling, un-derserved urban slums. Mil-lions suffer from malnutritionand untreated health condi-tions that are risk factors forsevere coronavirus complica-tions. Guayaquil may not be theonly city where a surge of in-fection and mortality swampslocal services; much of Southand Central America lies virtu-ally helpless before the advanc-ing disease.

It isn’t just the disease. Theregion is experiencing thegreatest economic shock ofmodern times. Capital flight,along with the simultaneouscollapse of commodity prices,tourism and export markets,has knocked the supports outfrom under the region’s al-ways fragile economies. Re-mittances from workersabroad (up to 20% of gross do-mestic product in the North-ern Triangle countries of Hon-duras, Guatemala and ElSalvador) will fall sharply asunemployment grows in theU.S. Even the region’s prob-lematic economic successstory of recent decades—theboom that has made its drugcartels the richest and mostpowerful in the world—hascome under threat. The impact

of the pandemic both reducedproduction of raw materialsfor drugs like crystal meth inChina and disrupted the trans-port chain, leaving drug car-tels short of critical supplies.The closure of frontiers andthe abrupt decline of civilianair and maritime transport hascrippled the traffickers’ distri-bution networks. These vio-lent cartels and their privatearmies, which in many placesexercise more power than na-tional governments, may nowfall into anarchic and murder-ous competition over dwin-dling resources.

The potential for economicand humanitarian disasters tocreate social unrest in Mexicois something no Americanpresident can afford to ignore.The Trump administration’sachievements in managing mi-grant flows with cooperationfrom Mexico and its CentralAmerican neighbors are un-likely to survive these trou-bles. Waves of refugees in achaotic region pose grave hu-manitarian and political chal-lenges. U.S. voters won’t easilywelcome large numbers of pos-sibly infectious refugees pour-ing across the border. Yet theAmerican conscience alsowon’t tolerate the sufferingthat, absent a decent provisionfor desperate people, will ac-

company the closing of fron-tiers throughout the region,including our own.

Venezuela is in no shape towithstand even a relativelylimited Covid-19 outbreak. Thecollapse in world oil pricesmeans that Venezuela can’tsell oil for more than its costof production. Its hospitals—understaffed, underequipped,often without power or cleanwater, to say nothing of medi-cations—are inadequate evenfor everyday needs. Much ofthe population is malnourishedand stressed. Millions have al-ready fled the collapse, andmillions more will seek to fol-low them. In the next fewmonths, if it accepts America’soffer to drop sanctions in ex-change for a move to free pres-idential elections, Venezuelamay begin to return to somekind of civilized order—or de-scend to depths of misery on ascale rarely seen.

Even if the worst-case sce-narios prove overstated, thepandemic has already dis-rupted U.S.-China relations,opened up a colossal rift in theEuropean Union, thrown globalenergy markets into disarray,and set both America and theworld on course for a greatereconomic disaster than the2007-09 financial crisis.Tempted as they may be tooverlook the Western Hemi-sphere in the face of dramaticevents elsewhere, Washingtonpolicy makers need to remem-ber that the security and pros-perity of our home region re-mains a core national interest.Geography matters; this is atime when the U.S. must standwith its neighbors.

Latin America isn’tready for Covid-19.Infected migrantscould flee to the U.S.

GLOBALVIEWBy WalterRussell Mead

P2JW098000-0-A01700-1--------XA

A18 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

We Are Paying the High Cost of Low InterestJames Grant’s timely “The High

Cost of Low Interest Rates” (op-ed,April 2) brings to mind a seeminglyinnocuous prediction made 18 yearsago by then-Fed Governor Ben Ber-nanke. “The Fed,” he told his audi-ence, “might consider attempting toinfluence directly the yields on pri-vately issued securities.” Inasmuch asMr. Bernanke was proposing a theoryon a nonexistent deflation, we paidlittle attention. Big mistake.

When I retired 11 years ago at age69, the fed-funds rates had averaged6% for the previous 30 years. Likemost retirees, I was risk-averse andchose to commit most of my nest eggto insured municipal bonds and FDIC-insured CDs, not realizing at the timethat a group of unelected bankers andacademics had been given the powerto reduce rates to 0% for the nextseven years via what Mr. Bernankecalled “quantitative easing.” Thosesavers (myself included) who tookwhat Mr. Grant calls “imprudentrisks” to achieve positive returns inthe past 11 years are now paying theprice of those risks in the form oflarge equity losses and reduced oreliminated dividends.

Notwithstanding the idiocy ofmodern monetary theory, I long forthe day when any present or formerFederal Reserve official not only ex-plains the conditions under which wemight return to a market economy,but also apologizes for the collateraldamage inflicted on those in societywho chose a lifetime of frugality overtoday’s free credit.

MIKE SMITHSugar Land, Texas

While a dramatic response to the2007-09 recession was justified, theneed for that extraordinary interven-tion was over long ago. The artifi-cially low interest rates have unneces-sarily punished savers—especiallysenior citizens. Fed Chairman JeromePowell’s flippant response to a ques-tion asked at his press conference fol-lowing the January meeting said itall. The question was whether the Fedwas concerned about these adverseeffects of the low rate policy on sav-ers. His response was, essentially“no” because that wasn’t part of theFed’s mandate. That is particularly of-fensive in light of the Fed’s recent

penchant to hop to it and cut rateswhenever the stock market experi-enced a precipitous drop in responseto a rate increase by the Fed—usuallyin response to a contemporaneous de-mand by the president. Someoneneeds to remind Chairman Powellthat the Fed’s mandate doesn’t in-clude hand-holding the stock market.Once this crisis passes, let’s hope thatthose of us who have worked andsaved all our lives quit being the sac-rificial lambs for a damaging free-money regime. The economy will bemuch stronger for it.

AL KROEMERLantana, Texas

I wish Mr. Grant had addressed theimpact of financial regulation on mar-ket liquidity. Mr. Grant’s commentsregarding the investment-grade bondmarket and the rapid price moves inthese high-grade instruments meritattention. Market participants havecontinually highlighted the less liquidfixed-income markets post the2008-09 financial crisis. Once thedust settles, and the intense humani-tarian risks have abated, this is anarea policy makers should revisit.

GRAY SCHWEITZERBrooklyn, N.Y.

Low interest-rate monetary policyresults in a proliferation of assets(new debt) and asset-price bubbles(stocks and real estate). Our firmswere already crippled by debt, andhousehold debt levels of every possi-ble type are at historic highs as a per-centage of GDP. Inflation has beenkept artificially low because the mon-etary actions primarily affect assetprices, and growing trade deficitskeep consumer prices low. There is acrisis: The value of financial assets iscurrently less than the value of finan-cial liabilities.

The new powers apparentlygranted to the Fed now extend to pur-chasing U.S. bonds from foreigners.This will fuel more debt and higherasset prices as those foreigners re-lend dollars. The real economy iswhat matters, but when the paymentssystem is distorted or expensive, andwe cannot value assets properly, wehave the tail wagging the dog.

MILLICENT TAYLOROak Ridge, Tenn.

LETTERS TO THE EDITOR

Letters intended for publication shouldbe addressed to: The Editor, 1211 Avenueof the Americas, New York, NY 10036,or emailed to wsj.ltrs@wsj.com. Pleaseinclude your city and state. All lettersare subject to editing, and unpublishedletters can be neither acknowledged norreturned. “These unintended consequences

are exactly what I’d hoped for.”

THEWALL STREET JOURNAL

Virus Crisis Brings Telemedicine to the ForeRegarding “Telemedicine: A Good

but Incomplete Answer” (Letters,April 1): I have practiced board-certi-fied primary-care internal medicine,for 40 years in all primary-care prac-tice settings: intensive care, officebased, emergency room and urgentcare. For the last three years I havebeen practicing telemedicine with oneof the largest most successful compa-nies in Oregon, Utah and Arizona. Ihave licenses for all 50 states andGuam. I can handle 85% of the medi-cal problems that I saw in my office-based practice. I can see the patients’medical records. I do this from myhome, any time of the day, providingimmediate access to hundreds of pa-tients a month who would otherwisewait for weeks to be seen by theirprimary-care doctor and. I have much

more experience than any of the pro-viders in an urgent-care setting. Theoverwhelming majority of the calls Ihandle such as work releases, medica-tion refills and the assessment ofstraightforward medical problemswould be lost or far too expensive inother practice settings. Much of med-icine involves reassuring the worriedwell. Telemedicine requires learningcertain principles and techniques thatpatients greatly appreciate. Being atelemedicine provider has renewedmy enthusiasm for primary-care prac-tice. I provide medical care to pa-tients in very remote areas of the U.S.Telemedicine is in many ways oftenbetter than office-based or urgent-care practice.

PHILLIP TAGGART, M.D.Scottsdale, Ariz.

Pepper ...And Salt

There Must Be a Safe, Better Birthing PolicyPolicies forcing pregnant women to

endure labor and delivery alone areinhumane and flout scientific evi-dence linking continuous labor sup-port with improved maternal and fe-tal outcomes (“Hospitals KeepPartners From Rooms During Birthsfor Safety,” U.S. News, March 31). AsDonna Sauls reported in a 2002 arti-cle in the Journal of Obstetric, Gyne-cologic & Neonatal Nursing, research

suggests that continuous labor sup-port is linked to shorter duration oflabor, an increase in the likelihood ofa vaginal birth, a reduction in the useof anesthesia, a reduction in oxytocinaugmentation and a decrease in theneed for analgesia, forceps and cae-sarean births. Further, as Dr. Saulswrites, “all outcomes, for births, in-fants, and mothers, seem to be af-fected more positively by supportprovided by a lay person or doulathan by intrapartum nurses.” I deeplyappreciate the health-care servicesthat brave doctors and nurses areproviding to all of us during this dan-gerous time, but there has to be abetter way to protect the health ofdoctors and nurses than prohibitingpregnant women from having onehealthy partner present for labor anddelivery.

JENNIFER C. SCARBOROUGH, PH.D.Miami

Virus Commission: MondayMorning QBs at Halftime

Regarding your editorial “Corona-virus Recriminations Come First”(April 3): I question the timing ofRep. Adam Schiff’s call for a commis-sion to investigate the Trump admin-istration’s pandemic response just be-fore the general election. I find it tobe so conspicuously politically moti-vated. And I can’t think of anythingmore disunifying for our nation, at atime like this, than to call for anothercongressional investigation.

Eventually, there will most likelybe an examination of the govern-ment’s response to Covid-19 andmany books and articles will be writ-ten. But you can’t do any Mondaymorning quarterbacking until it’sMonday morning. And we aren’t evenat halftime yet.

BARBARA FOTINE ATKINSNorth Las Vegas, Nev.

Congress’s Small-Business Ventilator

C ongress created a $350 billion lendingfacility in last month’s $2.2 trillion re-lief bill for small businesses gasping

for liquidity amid coronavi-rus shutdowns. But its rushedrelief has unsurprisingly re-sulted in confusion, leavingthe Trump Administration tomop up the mess.

In a normal year the SmallBusiness Administration makes about 60,000loans totalling $30 billion. Congress last monthvastly increased its workload by making theagency responsible for shovelling out $350 bil-lion in loans to millions of small businesses indays or weeks. But the law provides preciousfew details on how the agency is supposed toadminister the loans. Democrats who distrustthe Trump Administration and Republicanswho oppose administrative deference both leftthe executive to figure it out.

Hence last Thursday night Treasury rodeto the rescue of the SBA with 31 pages of guid-ance as well as bank and borrower applicationforms. Businesses with 500 or fewer employ-ees can borrow up to 2.5 times their monthlypayroll minus compensation for workers earn-ing more than $100,000. Congress said thatthe loans could be good for as many as 10years, but Treasury rightly decided this wastoo long and reduced the maturity period totwo years. It also allowed repayments to bedeferred for six months.

Congress said the SBA could charge an in-terest rate of up to 4%. But Treasury decided1% would suffice to provide low-cost funds toborrowers while covering the cost of fundingthe loans for banks. Treasury also says loanscan be sold back to the SBA after seven weeksat the cost of the expected loan forgivenessso banks shouldn’t lose money.

But small businesses are complaining aboutTreasury’s terms of loan forgiveness—namelythat 75% of the loan must cover their payrollcosts. Employers in some places like New YorkCity or San Francisco in normal circumstancesspend more each month on rent, mortgagesand utilities than labor, so this could precludethem from obtaining loan forgiveness.

Congress also made it harder for busi-nesses to retain workers by providing en-hanced unemployment benefits that in manycases pay more than wages. Workers who quitaren’t eligible for jobless benefits, but stateunemployment offices probably won’t check.If Congress wanted to help businesses retainworkers, it shouldn’t also provide workers anincentive not to work.

Then there’s the question of whether start-ups backed by venture capital or private equityqualify. The SBA’s “affiliation” rules exclude

small companies with com-mon ownership that havemore than 500 employeescombined. The law waives thisrule for the hospitality indus-try and franchises, but notventure or private equity-

backed companies. Powerful California Reps.Nancy Pelosi and Kevin McCarthy say theserules should be waived for venture-backedstartups. No doubt their donors in San Fran-cisco are grateful. But why should startupsbacked by Kleiner Perkins benefit from govern-ment liquidity and not those by KKR?

Inevitably, there will be political recrimina-tions that businesses that don’t need the loansare borrowing to finance their payroll. Who’sgoing to reject free government cash? TheSmall Business Administration Inspector Gen-eral estimated a 2.77% improper payment ratefor loans made in the 2018 fiscal year, but therate was 13.65% for 2017 disaster-relief loans.At that rate, $50 billion of the $350 billioncould end up going to ineligible borrowers.But then Congress essentially ordered Trea-sury and banks to push money out the dooras fast as possible.

Treasury in its guidance writes that lenders“will be held harmless for borrowers’ failureto comply with program criteria.” But Con-gress didn’t repeal the Bank Secrecy Act orthe False Claims Act, and many banks simplydon’t trust that they won’t later be sued formaking loans to borrowers who fudge theirqualifications.

That’s what happened after the 2008-2009financial panic when the Obama Justice De-partment used the False Claims Act to shakedown lenders for poor underwriting on failedloans securitized by Fannie Mae or insured bythe Federal Housing Administration.

Worries about legal liability have causedbanks to delay loan approvals and prioritizeexisting customers. Senator Marco Rubio tookto Twitter Friday to bash Bank of America:“The requirement that a #SmallBusiness notjust have a business account but also a loanor credit card is NOT in the law we wrote &passed or in the regulations.”

Ok. But then Mr. Rubio and his colleaguesin the peanut gallery should provide explicitlegal protection to banks and fix the otherproblems they created in their attempt to res-cue small businesses from the government de-cision to deny them customers.

Trying to pass out $350billion in days or weeksis harder than it sounds.

The Teachers Union Ate My Homework

T he coronavirus has shut down schoolsacross America, and desperate parentsare scrambling to ensure their children’s

education doesn’t suffer. TheU.S. Department of Educationcould helpwith someguidanceabout how schools can moveforward on remote teaching. Ifthe feds don’t take the lead,the teachers unions will—tothe detriment of students.

Not every student has a laptop andWi-Fi tostudy online during the shutdowns. In somedis-tricts, this inevitably has an adverse effect onpoor students or childrenwho don’t speak Eng-lish as their first language. Schools fear that ifthey produce online lessons that not all studentscan access, they could lose federal funding orface litigation under the Civil Rights Act or theEqual Educational Opportunities Act.

The teachers unions loathe assessments inthe best of times, and now they’re claiming thatthe only fair recourse is to stop tracking theprogress of all students until schools reopen. Forstudents “who have no online access to teachertutoringwith visual aids,mandatory grading isessentially a guarantee that theywill be left be-hind,” says Chicago Teachers Union spokes-woman Chris Geovanis.

School administrators are accepting this ar-gument. But their determination to sidestep lia-bility hasmade the switch to remote educationevenmore sluggish. TheUniversity ofWashing-ton’s Center on Reinventing Public Educationlooked at 82public-school districts and reportedFriday that 27 aren’t offering any customizedcurriculum or remote instruction. Only 13 dis-tricts require teachers to grade some of the re-mote work done by students.

Themajority of school districts are treating

remote offerings as optional “supplemental,”“enrichment” or “review” material instead offor-credit class work. Among the few schools

that do grade, some havemoved to pass/fail. ChicagoPublic Schools, in new guid-ance for parents, says itwill letteachers review assignments,but “grades will be countedonly if they improve a stu-

dent’s grade. Gradeswill not negatively impactany student’s academic standing.”Chicago is notalone in this approach.

This is equitable only in its disservice to stu-dents. Administrators are forcing all children at-tending public schools to put their education onhold, depriving themof its structure in a chaotictime. Kids who are equipped to study remotelywill lack incentive if theirwork counts for noth-ing. Schools won’t have the metrics to identifywhich children are falling behind during theshutdowns andwill need remediation later. Badteacherswill escape accountability for their fail-ures. In Chicago the datawillmake their perfor-mance look better than it really was.

TheEducationDepartment could help by giv-ing school districts some clarity about the pathforward. It has already offered helpful guidanceon how to ensure schools don’t run afoul of dis-ability law, and it should provide similar guid-ance to schoolsworried about exacerbating ra-cial and economic inequities.

Some school boards and nonprofits are al-readyworkinghard toprovide laptops andWi-Fiaccess to the neediest students. State and fed-eral lawmakers could set aside funding for extrahelp for the kids who struggle most during theshutdowns. It’s not a perfect fix, but it’s betterthan bluntly concluding that fairness requirescanceling everyone’s education.

School districts fearlawsuits if they graderemote assignments.

Yanks for Boris Johnson

T here’s no better example of the wide-spread danger the coronavirus posesthan that it has now reached the top of

one of theworld’smost impor-tant governments. U.K. PrimeMinister Boris Johnson onMonday evening was movedinto a London hospital’s inten-sive-care unit as he battlesCovid-19.

Media reports suggest the 55-year-old leaderis conscious andnot currently onventilation, buthis condition took a turn for the worse after hewas admitted Sunday evening. The PrimeMinis-ter first announcedhehad testedpositiveMarch27 and self-isolated in an apartment inDowningStreet but failed to recover. His partner, CarrieSymonds, who is pregnant, also developedsymptoms. So has Charles, the Prince ofWales,who has now recovered.

Wetend to forgetduringcrises thatourpoliti-cal leadersarealsohumanbeings.That’snoargu-mentagainstvigorouspolicydisagreements—they

sign up for the job expecting toduck those slingsandarrows—but insteadareminderthat theytoocanbephysicallyvulnerable.Especially so when the enemytheworld is fighting isan invisi-ble killer.

Covid-19 has penetrated the family lives ofother leaders, such as Canadian PrimeMinisterJustin Trudeau’s wife, and there will probablybe more. They can be stricken as Mr. Johnsonhas beenwhen their countries need themmost.The British government will continue for nowunder the stewardship of Foreign SecretaryDominic Raab. Britons, andAmericans,willwishMr. Raabwell, and especiallywish forMr. John-son to beat this insidious disease.

Americans are prayingfor the British PM ashe battles Covid-19.

REVIEW & OUTLOOK

OPINION

P2JW098000-0-A01800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | A19

The Fed’sNew MissionTo Save theEconomy

By Gary CohnAnd Glenn Hutchins

C ongress as part of its CaresAct has tapped the Federal Re-serve as a partner in the fiscal

response to the coronavirus pan-demic. The Fed will be operating atan unprecedented scale, reportedlylending as much as $5 trillion, whichis more than its entire balance sheetbefore the crisis. It will also be en-gaging in a practice in which it haslittle experience: targeting capital toindividual companies in commercialindustries. This is an important andcomplex task that requires greatcare and speed.

The Fed‘s ability to identify andimplement appropriate tools willbe critical to its success in this newrole. It is vital that the centralbank succeeds in mitigating thepandemic’s damage to the economy.It is also important the Fed avoidsthe stigma that followed the 2008“bailouts.” This will require athoughtful approach to staffing,process and disclosure that ideallywould be implemented at theoutset.

Already, the Fed has mounted anenormous and effective response tothis national health-care crisis,drawing on its considerable institu-tional strengths. It pulled off theshelf initiatives designed and per-fected during the crisis of 2008.Some examples: injections of liquid-ity into the Treasury, repo, agency-mortgage and overseas markets,plus the rapid deployment of facili-ties that enable access to financingfor commercial paper and money-market funds.

The Fed also invented new facili-ties—targeted at corporate and mu-nicipal bond markets—whose oper-ation is similar to existing tools. Itmoved quickly to relax reserve re-quirements, freeing up liquidity atthe largest banks. The Fed has evenborrowed the European CentralBank’s nuclear-strength “whateverit takes” approach to forwardguidance.

But now Congress has asked theFed to enter uncharted territory: ex-tending loans directly to large andsmall companies across a broadrange of industries and geographies.Practices forged over decades atsovereign-wealth funds offer les-sons. Their model combines rigor-ous disclosure, independent over-sight boards, and investmentdecision-making by professionalstaffs. These practices generate in-vestment portfolios that are com-mercially sound and faithful to thelegislative mandate. Transparencyhelps win the trust of elected offi-cials and the general public.

The Cares Act temporary lendingauthority is unique in many ways.Most notably, this new authority ismeant to be short-lived and to goout of business. The purpose is toextend loans that help businessespreserve employment and weatherthe pandemic until financing can bereplaced with lending in the privatemarket. Given the crunch for time,professional staff will have to besmall and rely on an army of out-side experts, though the staff willneed to be skilled in structuringcorporate securities and pricing thatrisk.

Since time is so limited, perhapsan oversight group could be se-lected from regional Federal Re-serve Bank presidents and directors,whose qualifications and conflictshave already been vetted. Further,the Federal Reserve’s new lendingoperations should be transparent tothe public, with a regularly updatedwebsite that includes audited finan-cial statements. These will be sup-plemented with filings at the Secu-rities and Exchange Commissionrequired of the public companiesthat receive loans.

This health crisis has the poten-tial to create an economic catastro-phe of historic magnitude. Thecountry cannot afford to add a crisisof trust to that mix. The Fed’s mas-sive lending authority is a powerfultool for limiting the economic dam-age. Best practices for staffing, gov-ernance and disclosure would helpcreate the conditions for successand a prosperous future.

Mr. Cohn was director of the Na-tional Economic Council, 2017-18.Mr. Hutchins served as a special ad-viser in the Clinton White House andis co-chairman of the BrookingsInstitution.

The central bank’s lendingprograms will need top-shelf staff and rigorousdisclosure.

A s countries around theworld frantically erect bar-riers against the spread ofthe novel coronavirus, itmight be helpful to look at

one of the most successful quarantinesystems ever created. In 1710 Em-peror Joseph I decided to block thechronic spread of diseases from theBalkans by creating a continuous“sanitary cordon” along the Habsburgmonarchy’s southern frontier with theOttoman Empire. His action failed tosave him; he died of smallpox in April1711 after he huddled with his primeminister, who was unaware that hisdaughter had just contracted the dis-ease. No one then knew much about“social distancing.” Nonetheless, theempire’s sanitary cordon outlived himby a century and a half.

The system Joseph created hadseveral strengths. In an age whenmost international borders were de-fined only by overlapping feudal ju-risdictions, the Habsburg-Ottomanfrontier was a visibly delineatedthousand-mile line of rivers, moun-tain peaks and border markers postedby a bilateral peace commission. Itwas already a military zone with ex-tensive fortresses and army garri-sons, which not only defended againstTurkish raids but enforced customsand the processing of Christian refu-gees fleeing Ottoman rule.

A sense of the scale of this opera-tion can be seen by comparing it withthe American border today. Whereaswe rely on 21,000 U.S. Border Patrolagents stretched tenuously across thelong Mexican and Canadian frontiers,as many as 100,000 fierce, colorfullyclad Serb and Croat infantrymen wereavailable to guard a southern Habs-burg border zone that was typically

Joseph I’s Coronavirus Solutiondozens of miles deep.

By the middle of the18th century, 2,000 forti-fied watchtowers stood ev-ery half mile, punctuatedby 19 border crossingswith facilities that regis-tered, housed and isolatedeveryone entering for atleast 21 days before grant-ing them passports to en-ter the empire’s territory.Quarters were disinfecteddaily with sulfur or vinegarand trade goods graded ontheir susceptibility totransmitting germs. Habs-burg agents posted to Ot-toman territory providedintelligence that enabledofficials to adjust quaran-tine times—or even tempo-rarily suspend them.

The rules were strictlyenforced. One English ob-server noted: “If you dareto break the laws of the quarantine,you will be tried with military haste;the court will scream out a sentenceto you from a tribunal some fiftyyards off . . . and after that you willfind yourself carefully shot and care-lessly buried.”

Until 1881 the Habsburg MilitaryFrontier played many roles, acting asa barrier to illegal immigration, anearly warning system against Otto-man raids, and a source of superb ir-regulars to fight Austria’s wars. But itwas in fighting epidemics that it ar-guably made its greatest, largely un-heralded contribution. In the centuryand a half before the frontier’s per-manent establishment, the plaguealone had entered Europe from theNear East on at least eight occasions;afterward, no major outbreaks oc-curred. At least five times, epidemicsin the Ottoman and Russian empireswere stopped cold at the empire’sborder.

The cordon became a place whereepidemics could be systematicallystudied. One admirer was Napoleon.Best known for destroying his ene-mies and their institutions, he ad-opted it during his occupation ofEgypt (1798) then ordered that it “bepreserved in its entirety” following

France’s annexation of Croatia(1810-13).

The reasons for the cordon’s de-mise would be recognizable in ourown time. It was assaulted by bothliberals (because it impeded trade)and nationalists in Hungary and Cro-atia (because it gave control of theborder to the government in Vienna).After the empire split into Austrianand Hungarian halves, Hungary abol-ished the institution.

The Habsburg experience holds in-sights for our time. One is the need toforesee rather than react to threats.Another is that physical space mat-ters in fighting epidemics. Hard as itis to swallow for Western publics ha-bituated to globalization, well-regu-lated, rational borders contributesubstantially to the public good. Earlycritics of the Trump administration’stravel restrictions failed to appreciatethe urgent medical rationale. As An-thony Fauci testified to Congress, nopublic-health strategy can contain acontagion already inside the countrywithout stopping the influx of newcarriers.

Another is that epidemics are notonly about public health; they arealso about geopolitics. For the Habs-burg authorities, their management

was also a security issue.The monarchy’s positionvis-à-vis the Ottoman Em-pire parallels the West’scurrent relationship withChina insofar as theworld’s worst conta-gions—SARS (2002-03),avian flu (2005) and nowCovid-19—originate froma power that is also a stra-tegic rival. It is no acci-dent that Italy, the firstand hardest hit Europeancountry, is also one of Bei-jing’s closest partners inthe European Union, withsome of the heaviestChina-bound air traffic inEurope. In the aftermathof this crisis, epidemicsmust be taken more seri-ously as a security threat,even as the West looks forthe right balance in atrade relationship that

must involve less reliance on Chinesesupply chains.

Finally, the Habsburg experienceshows that fighting epidemics doesnot have to come at the expense ofalliances, international trade or civili-zation in the broadest sense, as somefear. Long before airport quarantinesand the seamless passage of contain-erized cargo, the Habsburgs effec-tively fought irruptions of the plaguefrom the east while maintaining anorderly system of trade with the Ot-tomans, keeping largely open borderswithin their own empire (a kind ofproto-Schengen zone), managing awell-regulated system of trade anddiplomacy with their western neigh-bors, and developing one of the mostcosmopolitan civilizations in history.

We should have a similar aim to-day, even as we prioritize getting ahandle on the immediate, deadly im-pact of Covid-19.

Mr. Mitchell served as assistantsecretary of state for European andEurasian affairs, 2017-19, and is au-thor of “The Grand Strategy of theHabsburg Empire.” Mr. Ingrao is aprofessor emeritus of history at Pur-due University and author of “TheHabsburg Monarchy 1618-1815.”

By A. Wess MitchellAnd Charles Ingrao

DEAGOST

INIV

IAGET

TYIM

AGES

Before modern medicine,the Habsburg monarchykept epidemics at bayfor more than 150 years.

Emperor Joseph I (1678-1711)

OPINION

PUBLISHED SINCE 1889 BY DOW JONES & COMPANYRupert Murdoch

Executive Chairman, News CorpMatt MurrayEditor in Chief

Robert ThomsonChief Executive Officer, News Corp

William LewisChief Executive Officer and Publisher

EDITORIAL AND CORPORATE HEADQUARTERS:1211 Avenue of the Americas, New York, N.Y., 10036Telephone 1-800-DOWJONES

DOW JONES MANAGEMENT:Ramin Beheshti, Chief Technology Officer;Natalie Cerny, Chief Communications Officer;Kamilah Mitchell-Thomas, Chief People Officer;Edward Roussel, Chief Innovation Officer;Christina Van Tassell, Chief Financial OfficerOPERATING EXECUTIVES:Kenneth Breen, Commercial;Jason P. Conti, General Counsel;Tracy Corrigan, Chief Strategy Officer;Frank Filippo, Print Products & Services;Kristin Heitmann, Chief Commercial Officer;NancyMcNeill, Corporate Sales;Thomas San Filippo, Customer Service;Josh Stinchcomb, Advertising Sales;Suzi Watford, Chief Marketing Officer;JonathanWright, InternationalBarron’s Group: Almar Latour, PublisherProfessional Information Business:Christopher Lloyd, Head;Ingrid Verschuren, Deputy Head

Neal Lipschutz Karen Miller PensieroDeputy Editor in Chief Managing EditorJasonAnders,Chief NewsEditor;Louise Story,ChiefNews Strategist, Product &TechnologyOfficerThorold Barker, Europe; Elena Cherney, NewsFeatures & Special Projects; Andrew Dowell,Asia; Anthony Galloway, Video & Audio;Alex Martin, Print &Writing;Michael W. Miller,Features &Weekend; EmmaMoody, Standards;Shazna Nessa, Visuals;Matthew Rose, Enterprise;Michael Siconolfi, Investigations;NikkiWaller, LiveJournalism; StephenWisnefski, Professional NewsGerard Baker, Editor at LargePaul A. Gigot, Editor of the Editorial Page;Daniel Henninger, Deputy Editor, Editorial Page

WALL STREET JOURNAL MANAGEMENT:Joseph B. Vincent, Operations;Larry L. Hoffman, Production

A Failure of Discipline Under Capt. Crozier’s Command

A cting Navy Secretary ThomasModly relieved Capt. BrettCrozier of command last week

after the press published a letterabout a Covid-19 outbreak on the nu-clear aircraft carrier USS TheodoreRoosevelt. I agonize for Capt. Cro-zier, who has tested positive forCovid himself. I too once com-manded a warship, and I once took acontroversial position at risk to myown career.

Yet I regret his decision. Thevideo of the crew paying respects toCapt. Crozier as he leaves the Roose-velt demonstrates his popularity. Butit leaves me with grave concern overthe feelings-first zeitgeist on display,and it causes me concern that thecrew’s actions will make the ship’ssituation much worse.

This event gives a worrisomepeek into the fraying of America’smilitary command structure. Thatstructure relies on aggregated wis-dom and dispersed power. It re-places emotion with cold logic. Itreins in impulse with carefully con-sidered protocols and procedures.None of those virtues are evident inhow the Roosevelt incident playedout.

No doubt Capt. Crozier was con-cerned about the Covid crisis andwanted to escalate the issue to pro-tect his crew. That desire is to becommended. But the crew’s welfareis only part of a Navy captain’s re-sponsibilities, which are global inscope. Capt. Crozier’s letter effec-tively recommended that the Navytake an operational, forward-de-ployed nuclear-powered aircraft car-rier offline, an event that would beclassified and carry significant stra-tegic implications world-wide, hencewould have to be escalated to thepresident. From that standpoint, the

Roosevelt was not Capt. Crozier’sship, it was America’s. But to shot-gun that kind of recommendation ina letter via an unclassified email is aviolation of the highest order.

Capt. Crozier’s defenders havesaid he was speaking truth to power.But he could have done so directly.He could have generated serious ac-tion with a properly classified, im-mediate-precedence “Personal for”naval message to any of at least five

operational commanders in his chainof command. He could have reachedout directly to the Navy secretary.Instead, according to Mr. Modly,Capt. Crozier shotgunned, therebylosing control of, an email contain-ing classified details reflecting thestate of readiness of one of Amer-ica’s most important ships. The up-shot is that the Chinese receivedCapt. Crozier’s letter at the sametime as the Pentagon.

The Navy doesn’t always get itright. I spent more than a decade de-fending Capt. Charles McVay III. Hecommanded the heavy cruiser USS In-dianapolis when it was sunk in July1945, the worst at-sea disaster in U.S.naval history. Like Capt. Crozier,McVay’s story captured nationalheadlines. McVay’s surviving crew ral-lied around him, fighting to vindicatehim even after his 1968 suicide.

McVay was convicted by a court-martial for “hazarding his vessel” byfailing to take action the Navy be-lieved would have spared his shipfrom a Japanese submarine attack.

For more than 50 years his crewfought for his exoneration. In 1998they recruited me—then captain ofthe submarine that bears the samename as their sunken cruiser—to aidtheir case. My role was to demon-strate through computer modelingthat even if McVay had taken therecommended action, the Japaneseattack would likely have succeeded.The Navy dug in and insisted it hadacted properly 53 years earlier. I waswarned that for the good of my fu-ture I needed to learn how to be-come a “company man,” but Ipressed on. Congress passed a reso-lution exonerating McVay in 2000,and the Navy secretary officiallycleared his record in 2001.

Which brings me back to thevideo of Capt. Crozier leaving hisship. McVay’s crew exhibited morediscipline for the greater good of theship than we saw in the Rooseveltvideo.

In today’s culture, even in the mil-itary, the “right” side of an issuetends increasingly to start with feel-ings. Social media posts—“We standwith Captain Crozier”—don’t merelyreflect attitudes; they drive behavioramong the public and, more trou-bling, among young sailors. TheJournal reports that some sailors saythey won’t re-enlist over the waythey perceive the incident to havebeen handled. Imagine if this trend

continues to its logical extreme—mil-itary decisions by Twitter mob.

And while Capt. Crozier recom-mended the crew be removed fromhis ship, it’s clear there was muchthey could have done but didn’t, asevidenced by their social-distance-be-damned rock-star departure cel-ebration, which will likely leavethem with more Covid-19 infections.The video suggests that the crewdidn’t know—or worse, didn’tcare—that their behavior was thenaval equivalent of standing on topof a hill with bullets flying aroundthem to generate an Instagram mo-ment. Such behavior reflects poorlyon their commander.

Command is a privilege. I pray forthe recovery of Capt. Crozier andeveryone else who’s been infected.But this event’s legacy also includesthousands, military and civilian, be-guiled into rooting for an ineffectiveform of leadership, a loss of faith ina chain of command that was neverproperly invoked, and a horrifiedhome front—not to mention mediapundits making matters worse bysounding off on issues they don’tunderstand.

Mr. Toti, a retired U.S. Navy cap-tain, commanded the USS Indianapo-lis submarine, Submarine Squadron3 and Fleet Antisubmarine WarfareCommand Norfolk.

By William J. Toti

He should have spokentruth to power privately.His crew risked infectionby gathering to cheer him.

Poetry for a Pandemic

I n times of calamity, some peopleturn for solace to faith, family orthe government. I turn to my fa-

vorite poets.In 1934, Edna St. Vincent Millay

published a sequence of 18 sonnetstitled “Epitaph for the Race of Man.”The poet who had encapsulated theinsouciance of the Roaring ’20s in afour-line epicurean lyric, “First Fig,”turned into a lugubrious doomsayer.The hedonist who had recentlyboasted “My candle burns at bothends; / it will not last the night; / Butah, my foes, and oh, my friends— / Itgives a lovely light” now dedicated252 lines to the proposition that itwas over for mankind.

Millay—whom a friend of mineonce called “Edna St. Vincent Mal-aise”—proved a better poet thanprophet. Yet there are flashes of op-timism, which can both comfort andinspire us in our current peril. In thesequence’s eighth sonnet, Millay de-scribes how a Japanese farmer wholost everything in the Great KantoEarthquake of 1923 waits days forthe ashes to cool, then “buildsagain / His paper house upon obliv-ion’s brim / And plants the purpleiris in its roof.”

Several of the sonnets invoked theirrepressible human tendency to re-silience in the face of adversity.“Sweeter was loss than silver coinsto spend,” begins the 11th sonnet.That seems counterintuitive untilMillay observes a few lines later that“for then it was his neighbor was hisfriend.”

Anecdotal reports abound ofneighbors looking out for neighbors.On my own block it’s no different.“How are you doing?” is no longer aperfunctory greeting but a sincereexpression of concern. The privatesector has collaborated with govern-ment in unprecedented ways. Nomatter your profession, color, creedor age, it’s all hands on deck.

It’s unfortunate that it requires adisaster to elicit our caring side, butin these detached, distracted, dis-jointed times, so it is. Maybe whenthe smoke clears and normal life re-sumes, we’ll remember that a neigh-bor must also be a friend.

There will be a day when theashes cool. There will be a day forrebuilding. There will be a day whenagain we plant the purple iris in ourroof.

Mr. Opelka is a musical theatercomposer-lyricist.

By Gregg Opelka

P2JW098000-0-A01900-1--------XA

A20 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

We all have unique roles to play and are confident that together we can besuccessful. And we won’t rest until we are.

Learn more at PhRMA.org/coronavirus and bio.org/coronavirus

• We are rapidly screening our vast global libraries of medicinesto identify potential treatments and have numerous clinicaltrials underway to test new and existing therapies

• We are dedicating our top scientists and using our investmentsin new technologies to speed the development of safe andeffective vaccines

• We are sharing the learnings from clinical trials in real time withgovernments and other companies to advance the developmentof additional therapies

• We are expanding our unique manufacturing capabilitiesand sharing available capacity to ramp up production once asuccessful medicine or vaccine is developed

• We are collaborating with government agencies, hospitals,doctors and others to donate supplies and medicines to helpthose affected around the world

• We are working with governments and insurers to ensure thatwhen new treatments and vaccines are approved they will beavailable and affordable for patients

In these unprecedented times, America’s biopharmaceutical companiesare coming together to achieve one shared goal: the eradication ofCOVID-19. The decades-long investments we made in new technology,research and treatments have prepared us to act swiftly:

Our Commitment toBeat Coronavirus

Paid Advertisement

P2JW098000-0-A02000-1--------XA

© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | B1

TECHNOLOGY: GERMAN FIRMS PLAN TO USE THEIR OWN 5G B4

S&P 2663.68 À 7.03% S&PFIN À 7.46% S&P IT À 8.78% DJTRANS À 7.29% WSJ$ IDX g 0.15% LIBOR3M 1.352 NIKKEI (Midday) 18808.53 À 1.25% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

BUSINESSSeaWorld’s chiefexecutive resignedafter about five

months in the post. B3

PERSONALTECHNOLOGY

Some online retailersout-AmazonAmazon. B4

JOEBU

RBANK/

ORL

ANDOSE

NTINEL

/ASS

OCIAT

EDPR

ESS

Stocks rallied Monday asinvestors cheered early signsthat lockdowns in the U.S. andEurope may be helping slowthe coronavirus pandemic,even as Americans brace foranother difficult week.

Major indexes in the U.S.opened sharply higher, heldrelatively steady for most ofthe day and then soared in the

final 10 minutes of the tradingsession.

A late surge in tech stocks,including Visa, Microsoft andApple, turbocharged the gains:the Dow Jones Industrial Aver-age ended the session up morethan 1,600 points.

All 30 stocks in the indexclimbed, as did all 11 sectors inthe S&P 500.

Beaten-down retail andtravel stocks were among thebiggest gainers. Kohl’s, Nord-strom, Carnival and MarriottInternational each climbed atleast 19%, though all fourstocks are still down more

The number of daily hospi-talizations, intubations andpeople in intensive-care unitsis also down.

“Everyone is just desperatefor good pieces of news,” saidPeter Cecchini, chief marketstrategist at Cantor Fitzgerald.“It doesn’t necessarily reflectanything fundamental. Noth-ing’s changed.”

Indeed, with volatility inthe market as elevated as ithas been lately, he said, Mon-day’s swings are typical.

The Dow Jones IndustrialAverage jumped 1,627.46points, or 7.7%, to 22679.99,

though it is still down 21% thisyear. The S&P 500 rose 175.03points, or 7%, to 2663.68. TheNasdaq Composite gained540.15 points, or 7.3%, to7913.24.

Monday’s gain was theDow’s 12th consecutive moveup or down of at least 1%, thelongest such streak sinceMarch 2009, and its 28th con-secutive move up or down atleast 0.5%, according to DowJones Market Data.

A streak like that last oc-curred in October 1931 duringthe Great Depression when theindex rose or fell at least 0.5%

on 33 consecutive tradingdays.

The tech sector led the wayin the S&P 500, rising 8.8%.The late surge pushed Visashares up 12%, Apple up 8.7%and Microsoft up 7.4%.

Whatever path the pan-demic takes, the damage oneconomic growth is going tobe significant, said Fred Can-non, director of research atKeefe Bruyette & Woods.

He expects a slow recovery,with growth at the end of 2021still about 5% below its levelfrom before the downturn.

PleaseturntopageB11

than 50% for the year.Signs of progress in the

fight against coronavirusdrove the optimism.

New York Gov. AndrewCuomo said the number ofdaily deaths from Covid-19,the pneumonialike diseasecaused by the virus, have been“effectively flat” in his statefor the past two days, suggest-ing social-distancing measureshave proved effective.

By Xie Yu,Avantika Chilkotiand Paul Vigna

Dow Surges 1,600 as Tech Stocks RallyPositive news on virusprovides initial boost,late jumps in Visa,Apple give final push

Change in averageweekly national price ofselected foods since thefirst week of January.

250

0

50

100

150

200

%

F MJ J J J JA

Source: USDA

A A A A J A

229%

GROUNDBEEF

CHEDDARCHEESE

CHICKENBUTTER HAM

–3% –15%–26%

–42%

EGGS

47%

A growing scarcity of oilstorage space is driving someof the world’s biggest crudeproducers to negotiate a trucethis week in a Saudi-Russianfight for market share that hascontributed—along with thecoronavirus pandemic—to therecent oil-price rout.

Ahead of a crucial summitset for Thursday, Saudi Arabiaand others in OPEC are work-ing to convince oil producersthat there will be very littlespace left to store their oil ifthey don’t curb production, asoil traders scramble for emptyvaults in remote corners of theoil world like Morocco, Maltaand the Caribbean.

As oil demand collapsesamid the viral pandemic, theSaudi-led Organization of thePetroleum Exporting Countriesand Russia-led allies are hold-ing a virtual gathering Thurs-day to negotiate a truce in theSaudi-Russian price war anddebate curbs of 10 million bar-rels a day. The group hopesNorth American producers willjoin, and it has invited Nor-way, the U.K. and Brazil to jointhe meeting, delegates said.

A spokesman for Norway’senergy ministry said its offi-cials would be willing to at-tend if there is a broad atten-dance from other countries.

OPEC producers mightmake the implementation oftheir production cuts contin-gent on signals that otherGroup of 20 nations are will-ing to join the curbs. The G-20is considering holding anemergency energy summit onFriday, the delegates said.

G-20 organizers in SaudiArabia didn’t return a requestfor comment.

In recent days, Russia hasaccused Saudi Arabia of trying

PleaseturntopageB11

BY BENOIT FAUCONAND SUMMER SAID

ShortageOf StorageTries OilProducers

PG&E’s plans to secure courtapproval to exit bankruptcy byJune 30, a deadline to partici-pate in a state wildfire fund. Todo so, it needs the support offire victims and other creditors,who have until May 15 to voteon the plan.

PG&E said in a statementthat all parties that signed thevictims’ settlement understoodthat the company’s stock pricecould fluctuate and that the ef-fort to “recut the deal” jeopar-dized victims’ ability to getpaid quickly.

“Since PG&E entered Chap-ter 11, the company’s primarygoal has been to get victimspaid fairly and in a timely man-ner,” the company said.

The company added that itsshare price on Monday washigher than it had been, on av-erage, during the two monthsprior to reaching a settlementwith victims in December.

The San Francisco-based

utility filed for chapter 11 pro-tection in January 2019, citingbillions of dollars in liabilitycosts it faces because of its rolein sparking wildfires in 2017and 2018 that collectively killedmore than 100 people and de-stroyed roughly 15,700 homes.

The attorneys for the firevictims have asked U.S. Bank-ruptcy Judge Dennis Montali forpermission to send a letter tovictims explaining that they willtry to negotiate with PG&E incoming weeks to address “un-foreseeable and significant risk”to the $13.5 billion settlement.

Under the settlement, theportion paid in shares would goto a trust that would in turndistribute payments to the vic-tims. In addition to concernsabout the value of those shares,the lawyers have also criticizedlast-minute changes PG&Emade to its bankruptcy restruc-turing plan that they say nega-

PleaseturntopageB6

The committee that helpedbroker a $13.5 billion settle-ment for California wildfirevictims in PG&E Corp.’s bank-ruptcy case said it no longersupports the current deal, asetback for the giant utility’sefforts to exit chapter 11.

In a court filing Monday,attorneys for the fire victimscommittee raised numerousconcerns about the settlementand said they were now advis-ing victims to hold off on vot-ing for it until the issues areresolved.

The deal proposes to payvictims half their settlement inPG&E shares. The lawyers arenow concerned the payment inshares will be less than pro-jected as the stock market fallsunder the weight of the corona-virus pandemic.

The lack of support from firevictims threatens to upend

BY KATHERINE BLUNT

PG&ESettlement Fraying asFire Victims Group Backs Out

INSIDE

Wholesale egg prices havemore than tripled as consum-ers’ coronavirus-driven buyingclears supermarket shelves,piling up costs for grocers asthey struggle to keep the sta-ple in stock and affordable.

Egg prices for grocersacross the U.S. averaged $3.01a dozen at the end of lastweek, compared with 94 centsat the beginning of March, ac-cording to U.S. Department of

Agriculture data.That rise far outpaces cost

increases for other commonfoods like ground beef. Whole-sale costs for whole chickens,butter, cheese and ham havefallen, despite consumersrushing to stock up, partly be-cause of plunging demandfrom restaurants.

Consumers’ sudden, surgingdemand for eggs—with somesupermarkets ordering four tosix times their normal volume,industry officials estimated—comes after a money-losing

year for many U.S. egg produc-ers that prompted some toshrink their flocks.

Rising egg prices, alongwith rapidly changing pricesfor other food commodities,are compounding grocers’budgeting and planning chal-lenges as the coronavirus pan-demic forces Americans toshift from restaurant dining toeating at home. Soaring pricesare frustrating some grocery-chain executives, who arescrambling to secure suppliesand girding for prices to rise

even higher, while trying tohold prices stable for consum-ers.

Retailers anticipate thategg supplies will stay tight. Ittakes four to five months toraise a hen to egg-laying age,and few farmers so far plan tobuild new barns or signifi-cantly expand their flocks inresponse to the coronavirus-driven demand surge.

Anthony Hucker, chief exec-utive of Southeastern Grocers,said: “Egg is by far the steep-est and the fastest in terms of

the speed of increase.” Pricesare the highest they have beensince the avian influenza of2015 and supply is likely to gettighter, said Mr. Hucker, whoheads the chain of more than700 stores that includes theWinn-Dixie and Bi-Lo chains.

The more eggs disappearfrom the shelves, the tighterthe squeeze on grocery stores’profit margins. Over the four

PleaseturntopageB2

BY JAEWON KANGAND JACOB BUNGE

Jump in Egg Prices Pressures Grocers

A Stater Bros. market employee restocks eggs at a store in California. Retailers expect supply to remain at current levels.

WILLLE

STER

/ORA

NGECO

UNTY

REGISTE

R/ZU

MAPR

ESS

Meat plants slow output assome workers get sick......... B2

ily is returning $50 per insuredvehicle. That represents whatthe carrier already has saved—and expects to save throughmid-June—as a result of the re-duced claim volume. “It is realdollars we expected to pay outthis year and no longer have topay out,” said Telisa Yancy,American Family’s chief operat-ing officer. “We are sharing itback right now when our cus-tomers probably most need it.”

Compared with last year,claims were down 20% to 40%weekly from March 11—whenthe World Health Organizationdeclared the pandemic—through April 3, Ms. Yancy said.The Madison, Wis., insurer esti-mates that policyholders drove40% fewer miles in the lastthree weeks of March. Thecompany operates in 19 states.

Allstate Chief Executive TomWilson said mileage was down35% to 50% across the U.S.since mid-March, including instates without shelter-in-place

PleaseturntopageB10

One of the largest car-insur-ance companies in the country,Allstate Corp., and a smallerMidwestern auto insurer arerefunding hundreds of millionsof dollars to their policyhold-ers, citing a dramatic drop inaccident claims from peoplehunkered down in their homes.

Allstate said it would dis-patch more than $600 millionin shelter-in-place paybackchecks, while American FamilyMutual Insurance Co. said it isreturning $200 million to itssmaller policyholder base.

The moves highlight a loom-ing dilemma for the auto-insur-ance industry: A potentiallylarge Covid-19 windfall is tak-ing shape at the same timemany customers are sufferingfinancially from lockdowns cov-ering much of the U.S.

Allstate said most of its cus-tomers would receive 15% oftheir monthly car premium inApril and May. American Fam-

BY LESLIE SCISM

Car Insurers RefundLocked-Down Drivers

P2JW098000-5-B00100-1--------XA

B2 | Tuesday, April 7, 2020 * * * * THEWALL STREET JOURNAL.

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

AAirbnb..........................B2Airbus..........................B3Allstate................B1,B10American Airlines.....B11American Family MutualInsurance ..................B1

Apple......................B1,B3B

Bank of Jinzhou........B10Baoshang Bank.........B10BASF............................B4Berkshire Hathaway.B12BMW...........................B4

CCanSino Biologics.....A12Carnival ..........A1,B1,B10Chevron.....................B12CureVac.....................A12CVS Health .................A1

DDeutsche Lufthansa...B4Dollar General.............A8

EEmpire Kosher Poultry.....................................B2

FFactual.........................B4Fiat ChryslerAutomobiles .............B3

Foursquare Labs.........B4G

General Electric..........A4General Mills ..............A8General Motors...........A4

Gilead Sciences.........A12Goldman Sachs GroupB3

HHengfeng Bank.........B10Hexcel..........................B2Honda Motor...............B3Honeywell International.....................................A4Hy-Vee.........................B2

IInforma PharmaIntelligence...............A1

Inovio Pharmaceuticals...................................A12

J - KJBS USA Holdings......B2JPMorgan Chase.......B10Kohl's.....................A1,B1

LLucid Motors.............B10Luckin Coffee..............B3

MMarriott InternationalB1Microsoft.....................B1Moderna....................A12Mugler.........................B4

NNo Borders................B11Nordstrom.............A1,B1

O - POccidental Petroleum...................................B12Oracle..........................A1Penske Media ...........B10PG&E ...........................B1

RRavn Air......................B3Reckitt Benckiser Group.....................................B6RegeneronPhaarmaceuticals...A12

Robert Bosch ..............B4S

Samsung Electronics..B4Sanderson Farms........B2Sandy Steele Unlimited...................................B11SeaWorldEntertainment..........B3

Shake Shack ...............A7Starbucks....................B3

TTesla..........................B103M...............................A4Tyson Foods................B2

UUber Technologies ....B10United Airlines..........B11

VVisa..............................B1Volkswagen.................B4

WWalmart......................B4Woodward...................B2

YYum Brands ................A8

ZZoom VideoCommunications.....B12

INDEX TO PEOPLE

BUSINESS & FINANCE

Stores.To keep eggs in stock, the

chain bought surplus inventoryfrom food-service distributorSysco Corp., which increasinglyis selling food to supermarketsas restaurants close.

Margarita Higgs, a 26-year-old stay-at-home mother, saidshe worries about the potentialprice increase because herfamily goes through three tofour dozen eggs every week.

“It’s something that’s hardto replace in your diet,” saidMs. Higgs, who lives in Hous-ton with her twins, parents andbrother. “We’ve been eating alot of eggs.”

The surge follows a toughperiod for U.S. egg producers,who on average lost 2.7 cents

per dozen eggs produced lastyear, according to the Iowa-based Egg Industry Center, anindustry-funded research groupat Iowa State University. Cal-Maine Foods Inc., the biggestU.S. egg supplier, on March 30reported a 10% decline in salesfor the quarter ended Feb. 29,because of sinking egg pricesand high supplies, with profitsdropping by about two-thirdsfrom the year earlier, to $13.7million.

Coronavirus-driven demandcould bring a windfall for Cal-Maine and other big egg sup-pliers. Chief Executive DolphBaker said that in recent weekssome egg prices have jumpedto record levels, and the Mis-sissippi-based company has so

far avoided supply or transportdisruptions.

Feed and fuel—two of thebiggest costs in producingeggs—are getting cheaper.Corn and soybean futuresprices in March fell 7.5% and0.8%, respectively. Gasolineprices in some parts of thecountry have dipped below $1 agallon.

The coronavirus has drivenup prices faster than the 2015avian influenza outbreak,which led to the death of about10% of domestic egg-layinghens. In mid-2015, wholesaleegg prices climbed by about126% over a period of fourmonths after the first U.S. eggfarm case was confirmed, ac-cording to USDA data.

day it suspended operations atits Columbus Junction, Iowa,pork plant after more than twodozen cases of Covid-19 werereported among employeesthere.

The Arkansas-based com-pany, the largest U.S. meat sup-plier by sales, is diverting hogdeliveries from that plant toother nearby facilities, and em-ployees are being paid duringthe anticipated one-week clo-sure. Tyson is performing extracleaning that has requiredsome other plants to close for aday.

The slowdowns come as the$213 billion U.S. meat industrytries to adjust to the coronavi-rus-forced changes to Americaneating habits, reorienting theflow of ground beef, chickenbreasts and sausage toward su-permarkets and away from res-taurants.

Meat supplies were highheading into the coronaviruspandemic. Total frozenchicken in U.S. cold-storage fa-cilities on Feb. 29 stood at 925million pounds, a record forthe month, according to U.S.Agriculture Department data.

Supplies of frozen pork,beef and other red meatclimbed 5% compared withFebruary 2019, and were up3% from this past January’slevel. In 2019, the industryproduced a record 105 billion

The coronavirus pandemic ishitting U.S. meat operations,slowing and temporarily halt-ing production at some plantsas sickness and fear keep work-ers home.

Meat plant employees,working by the hundreds inplants, with many standingside by side on processinglines, play a critical role in re-plenishing supermarkets. Butworkers’ concerns that theycould contract the coronavirushave prompted walkouts andcomplaints, while a growingnumber of positive casesprompts some meat companiesto scale back operations.

JBS USA Holdings Inc. hasclosed a beef-processing plantin Souderton, Pa., for twoweeks, a spokesman said overthe weekend. The plant, whichproduces ground beef andother products and employsmore than 1,000 people, gradu-ally reduced operations lastweek after several managerswere sent home with flulikesymptoms.

Wendell Young, president ofUnited Food and CommercialWorkers Local 1776, which rep-resents workers at the plant,said rising numbers of process-ing workers have fallen ill, andothers were afraid to go towork. “It accelerated rapidly inthe previous week, and it cre-ated some production chal-lenges,” Mr. Young said.

JBS altered schedules andseating to create more distancebetween workers, but the na-ture of meatpacking work com-plicated those efforts, Mr.Young said.

The JBS spokesman said thetemporary closure is meant toensure the plant has sufficientmanagement in place for its ex-pected April 16 reopening. Butfor that issue, he said, the plantcould operate safely.

Tyson Foods Inc. said Mon-

BY JACOB BUNGE

serve across America is our pri-mary focus,” said Jeff Brown,Empire’s chief executive.

The various plant closuresaren’t expected to signifi-cantly affect the overall avail-ability of meat, at least in theshort term, since meat pro-duction generally has beenhigh and restaurant closuresmean fewer burgers andchicken consumed in food-ser-vice settings, according to LenSteiner, head of food-industryconsulting firm Steiner Con-sulting Group.

Some meat industry and la-bor officials said they expectother slowdowns and furtherinterruptions as worker ab-sences rise.

Sanderson Farms Inc., an-other major chicken company,on April 2 said its Moultrie,Ga., poultry plant will tempo-rarily reduce production bynearly one-fourth after it asked415 of the plant’s roughly 1,500workers to stay home. CEO JoeSanderson called it a precau-tionary move as coronaviruscases jumped in the area.

The company plans to hirearound 200 additional employ-ees there, and is paying thecurrent employees that arestaying home.

Illness, fears over contractingthe virus and the need to carefor out-of-school children ledaround 800 to 900 employees ofa JBS beef plant in Greeley,Colo., to stay home from workeach day last week, according toKim Cordova, president of thelocal UFCW union. The union,which represents JBS employeesat the plant, didn’t coordinatethe move, she said.

The JBS spokesman put thenumber at less than that byabout a third and said atten-dance is improving; he said theColorado plant, which employsmore than 3,000 people, contin-ued to meet demand.

Concern over the virus, andworries that close-quarterswork in meat-cutting lines andplant locker rooms could helpspread it, have led more plantemployees to walk off process-ing lines and call for compa-nies to take further steps toprotect workers.

Meat Plants Slow ProductionAs Employees Fear for SafetySome sites close, keepworkers farther apartto halt virus’s spread;food supply still ample

The U.S. meat industry has been producing record levels ofpoultry and redmeat leading up to the coronavirus pandemic,which is now disrupting some plant operations.

Annual U.S. commercialmeat production

Source: USDA

60

20

30

40

50

billion pounds

1990 ’95 2000 ’05 ’10 ’15

Redmeat

Poultry*

*Includes federally inspected, certified, chilled & frozen poultry

pounds of red meat and poul-try.

JBS has called the Soudertonplant the largest beef facilityeast of Chicago, and in 2009 es-timated its processing capacityat 1,900 cattle a day, about one-third the size of JBS’s largestPlains states beef plants. Em-ployees in Souderton are beingpaid for a 32-hour workweekthere, a spokesman said, andsupermarkets are being sup-plied from other JBS plants.

In central Pennsylvania, Em-pire Kosher Poultry Inc. last

week temporarily closed aftersome employees at the 550-person plant contractedCovid-19, a spokesman said.The company is the largest U.S.kosher chicken supplier andtypically closes for the Pass-over holiday, but it shut downearly as a precautionary stepand plans to reopen the weekof April 13.

“The health and safety ofour employees, their familiesand those communities we

Up to 900 workersat a Colorado beefplant stayed homeeach day last week.

both companies.Neither party will be re-

quired to pay the other a ter-mination fee as a result of thedecision.

The combined company,which would have been knownas Woodward Hexcel, wouldhave ranked among the aero-space industry’s largest sup-pliers, with combined sales of$5.3 billion last year and16,000 staff.

Colorado-based Woodwardmakes cockpit systems and ac-tuators—the motors that con-trol wing flaps and otherflight-critical functions—forcommercial and military air-craft. Connecticut-based Hex-cel is a specialist in compositematerials such as carbon fiber,which are increasingly used inaircraft and their engines sys-tems because they are lighterthan metal and alloys.

B

Brown, Jeff.................B2

C

Cannon, Fred...............B1Cecchini, Peter............B1Chesky, Brian..............B2Cook, Tim....................B3Cordova, Kim...............B2Curtis, Harry.............B10

D

Dimon, James....B10,B11

E

Evans, Dwyfor...........B11

F

Farley, Robin.............B10

G

Graham-Taylor, Lyn ..B11

Griffin, Mark...............B2

K

Krause, Daniel ............A7

L

Lu, Charles Zhengyao.B3

N - P

Narasimhan, Laxman..B6

Perdikis, Alex............B12

Q

Qian, Jenny Zhiya.......B3

R

Rivera, Sergio .............B3

S

Sanderson, Joe...........B2Shim, David.................B4Snyder, Joseph..........B11Steiner, Len.................B2

Y

Yergin, Daniel ...........B11Young, Wendell...........B2Yuan, Eric..................B12

weeks ended March 22, sales offresh eggs at U.S. retail storeswere about 30% higher thanthe prior month, according tomarket research firm IRI. Re-tail prices declined about 5%.

Randy Edeker, president ofMidwest grocery chain Hy-VeeInc., said it is hard to ask con-sumers to pay more for eggsand other protein as the pan-demic drives people to stockup. Eggs have long been acheap source of protein forlow-income families, food-in-dustry officials said.

“Costs are going up rightnow,” Mr. Edeker said. “We’rejust going to have to losemoney on eggs.”

Lincoln, Neb.-based B&RStores Inc. is selling a dozeneggs for $2.48, though thechain is paying $2.93, up from98 cents two weeks prior.Some products are also in-creasing in price, but not asmuch as eggs. B&R’s wholesaleprice of ground beef increasedby 25%, or $1 higher perpound, and chicken and porkprices went up by roughly 15%.

“We’re all selling eggs belowmarket price. On a staple itemlike eggs, there are times whenyou make money and timeswhen you lose money,” saidMark Griffin, president of B&R

ContinuedfrompageB1

The rise in cost comes as many producers had shrunk flocks after losing money in 2019.

JOHNRU

COSK

Y/TH

ETR

IBUNE-DEM

OCR

AT/A

SSOCIAT

EDPR

ESS

Egg PricesPressureGrocers

Airbnb Inc. said Monday itis raising $1 billion in fundingfrom private-equity firms Sil-ver Lake and Sixth StreetPartners as the company reelsfrom a global hit to its busi-ness caused by the coronavi-rus pandemic.

The San Francisco-basedstartup said the funding willbe a combination of debt andequity and is meant to sup-port Airbnb’s long-term work,including its network of hostsand stakeholders.

The home-sharing companysaid about $5 million of theinvestment will go toward aSuperhost relief fund. Thatmoney will be used to providegrants worth a combined totalof around $15 million to hostswho rent out their own homeand need help paying theirrent or mortgage, as well as

long-tenured hosts who offerclasses and tours through itsExperiences business who mayneed help.

Airbnb’s stated plans to gopublic this year have been asubject of scrutiny and uncer-tainty as the pandemic devas-tated global travel.

Terms of the private-equityinvestment weren’t disclosed.In 2017, the last time Airbnbraised money, it was valued at$31 billion.

Airbnb had planned to gopublic this year through a di-rect listing, which wouldn’t in-volve raising additionalmoney, but as revenue evapo-rates the company also hasbeen considering raising cashthrough an initial public offer-ing, people familiar with thesituation have said.

Chief Executive BrianChesky is under pressure fromemployees to go public.

BY KIMBERLY CHIN

Airbnb Raises FundsAs Home-SharingBusiness Stumbles

Aerospace suppliers Wood-ward Inc. and Hexcel Corp.agreed to terminatetheir merger agreement amidthe Covid-19 pandemic.

The companies make partsfor Airbus SE and Boeing Co.jets, including the grounded737 MAX. When Woodwardand Hexcel announced theirmerger in January, they said

the deal would allow them toexpand spending on researchand development of more effi-cient engines and lightweightaircraft parts.

The companies said thepandemic has resulted in aneed for each company to fo-cus on its respective busi-nesses and has affected theirability to realize the benefitsof the merger. The terminationwas approved by the boards of

BY MICHAEL DABAIE

Aerospace Suppliers Call Off Merger

www.CIGAR.com/CGSA2066Enter full web address or search keyword: CGSA2066

Call 800.357.9800Mention CGSA2066Offer expires 5.15.20

5$5

CIGARSonly

Includes shipping. Purchasemay be subject to state, local or excise taxes where applicable. First-timepurchasers only. One per customer. No sales to anyone under the age of 21. We do not ship to Utah and

South Dakota. For more information see www.CIGAR.com/SHIP. Offer expires 5.15.20.

CIGAR.com | 1911 Spillman Drive Dept. #26 | Bethlehem, PA 18015

CIGAR.com is here to prove how serious we are about earning your trustand respect. How about five premium cigars for $5? Take 86% off MSRPand savor some fine, flavorful handmade cigars. You’ll score one each ofNica Libre, CIGAR.com American Label, Ramón Bueso Genesis, HC SeriesMaduro, and Gurkha Class Regent. Each premium blend offers a uniqueexperience, making it the perfect mix for enthusiasts and beginners alike.This is a limited time, highly exclusive offer, so act quickly.

P2JW098000-4-B00200-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | B3

BUSINESS NEWS

BUSINESSWATCH

AUTO INDUSTRY

Fiat and Honda KeepPlants Closed Longer

Fiat Chrysler Automobiles NVand Honda Motor Co. are extend-ing some North American factoryclosures through early May.

Fiat Chrysler said Monday itplans to progressively restartplants in the U.S. and Canada be-ginning May 4, while its Mexicofacilities will be addressed sepa-rately.

Honda’s U.S. and Canadian fac-tories will remain shut throughMay 1, the Japanese auto makersaid Monday.

Both companies moved lastmonth to close plants and sendworkers home in an attempt tocurb the spread of the new coro-navirus. Since then, consumer de-mand for new cars has fallen pre-cipitously.

Fiat Chrysler had previously in-tended to reopen plants as earlyas April 14, while Honda’s wereset to open April 10.

Closing plants is an immediatehit to the bottom line, as carcompanies book revenue whenvehicles are shipped to dealersfrom the factory.

—Nora Naughtonand Ben Foldy

AIRBUS

Production HaltedAt U.S. Jet Factory

Airbus SE is pausing produc-tion at its Mobile, Ala., plant, whereit manufactures the A320 andA220 families of single-aisle jets.

The pause is slated to beginthis week and will continue untilApril 29. The company has 1,100permanent employees at the site.They will take paid leave duringthe period.

The halt is in response to highinventory levels at Airbus facto-ries, as airlines across the globedefer taking deliveries of aircraft,as well as government safety rec-ommendations in the wake of thepandemic. Two additional plantsin Germany--in Bremen andStade, where Airbus employsabout 4,600 staff combined--willalso be temporarily halted, Airbussaid on Monday.

Aircraft and wing production inthe U.K., Canada and Spain havealso been paused due to highstock and government restrictionswhile factories in France wereshut to implement new healthmeasures before gradually re-starting production beginningMarch 23.

—Benjamin Katz

APPLE

Tech Giant to MakeA Million Face Shields

Apple Inc. and its suppliershave begun producing face shieldsfor health workers, which thecompany designed to pack flatand assemble in under two min-utes, said Chief Executive TimCook in a video posted Sunday onTwitter.

The tech company said that itplans to make one million of theface shields weekly using materi-als and manufacturing facilitiesfrom the U.S. and China. The firstshipment went to Kaiser Perma-nente hospitals in Santa ClaraCounty, Calif., where Apple isbased. It initially will distribute theshields across the U.S. but hopesto expand distribution later toother countries.

In addition to the shields, Mr.Cook said Apple has gathered anddonated more than 20 millionmasks in the past month, addingthat the company is working withgovernments world-wide to givethe masks to “places of greatestneed.”

—Tripp Mickle

RAVN AIR

Alaska-Based CarrierFiles for Bankruptcy

Alaska’s Ravn Air Group Inc.,an airline with more than 70planes, has filed for bankruptcy,saying its business has dried upand it has run out of cash in thewake of the novel coronavirus.

The Anchorage-based carriersaid it applied for aid last weekunder the $2 trillion stimulus re-cently approved by Congress,but it is unsure whether orwhen it will get the financing.

Government assistance willbe key to helping Ravn Air re-sume operations and rehire theroughly 1,300 employees it haslaid off as a result of the pan-demic-related business interrup-tions, the company said Sundayin a filing.

The company hasn’t ruled outultimately selling the business orliquidating it, court papers said.

Ravn Air was formed throughthe combination of several Alas-kan airlines. It is majority-ownedby private-equity firms J.F. Leh-man & Co. and W Capital Part-ners.

—Becky Yerak

The iPhone maker sent its first shields to hospitals in California.

VANES

SACA

RVALH

O/ZUMAPR

ESS

tors and opened more than4,500 stores across China,overtaking Starbucks in thecountry by the end of 2019.

Some of the world’s largestinvestors were drawn in by thecompany’s rapid growth andbusiness model of wooing cus-tomers with coupons anddeliveries of freshly brewedcoffee made from what Luckinsaid were premium Arabicacoffee beans.

Credit Suisse AG’s Singaporebranch is the trustee holdingthe Luckin shares on behalf ofthe lenders looking to sell. TheSwiss bank was also the leadbookrunner of Luckin’s IPO andhelped the company raiseadditional funds from investorsin a follow-on share offeringand a sale of convertible bondsin January. A Credit Suissespokesman declined tocomment.

filed in January. More forcedsales could weigh on Luckin’sstock price and lead to moremargin calls and loan defaults.

As of January, Mr. Lu con-trolled about 36.8% of the com-pany’s shareholder votingrights, while Ms. Qian had23.7% of the voting rights.Goldman said Monday thateven if all the shares backingthe $518 million margin loanare sold, Mr. Lu’s voting inter-est in the company wouldn’tdecrease, but Ms. Qian’s woulddecline significantly. The com-pany has two classes of shareswith different voting rights.

From its founding in 2017,Luckin took less than 18months to achieve a Nasdaqinitial public offering, one ofthe fastest ascensions by astartup globally. The companyraised more than $2 billionfrom private and public inves-

protect themselves from mar-ket price declines. At the end of2019, when Luckin’s U.S. shareswere trading at about $39apiece, the collateral backingthe $518 million loan was val-ued at about $3 billion.

The margin-loan defaultcould be one of a string of simi-lar defaults by other Luckinshareholders. The company’smanagement and their familymembers have pledged othershares as collateral for borrow-ings, according to a prospectus

Thursday by disclosing that asmuch as 2.2 billion yuan ($310million) in sales from the sec-ond quarter to the fourth quar-ter of last year were fabricatedby some employees. It has sus-pended its chief operating offi-cer and several staffers.

The falsified sales repre-sented close to half of Luckin’sreported or projected revenuefor the nine-month period.Luckin’s U.S. shares, which weretrading above $26 before thenews, lost nearly 80% of theirvalue in two days last week.

The forced sale of theLuckin shares, which is the re-sult of a margin call, showshow badly the banks wereblindsided by the company’srecent revelations.

Lenders typically build in alarge cushion between the sizeof their loan and the value ofthe collateral securing it, to

and a Goldman spokeswomandeclined to say if the investmentbank was among them.

The securities pledged to-ward the loan are held by Mr.Lu and Jenny Zhiya Qian,Luckin’s chief executive officer.The two are co-founders of thecompany, which had quicklyemerged as a rival to Star-bucks Corp. in China. Thepledged shares were recentlyvalued at about $410 million,based on Luckin’s closing priceof $5.38 per American deposi-tary share on Friday.

The Nasdaq-listed sharessank further Monday, falling18% to $4.39, giving Luckin amarket capitalization of about$1.1 billion.

A spokesman for Luckin de-clined to comment.

The embattled company,which is based in Xiamen,China, stunned investors on

Banks stand to lose morethan $100 million from a loanthey made to the chairman ofLuckin Coffee Inc., whose shareprice plunged after the Chinesecoffee chain last week said muchof its 2019 sales were fabricated.

On Monday, Goldman SachsGroup Inc. said an entity con-trolled by Luckin ChairmanCharles Zhengyao Lu defaultedon a $518 million margin loanfacility. It said a group of lend-ers is putting 76.3 million ofthe Chinese company’s Ameri-can depositary shares—repre-senting the collateral for theloan—up for sale.

Goldman said it is acting as a“disposal agent” for the lenders,meaning it is helping to facilitatethe share sale in one or moretransactions. The identities ofthe lenders wasn’t disclosed,

BY JING YANG

Loan to Luckin Chairman Could Cost Banks Millions

80%Theapproximatedrop invalue inLuckin’sU.S. shares intwodays

SeaWorld’s CEO Leaves PostAfter Five Months at the Helm

SeaWorld Entertainment Inc.said Chief Executive Sergio Ri-vera has resigned from the com-pany after being in the post forabout five months.

The theme-park companysaid Finance Chief and TreasurerMarc Swanson is serving as in-terim chief executive, while ChiefAccounting Officer ElizabethCastro Gulacsy is stepping in asinterim finance chief and trea-surer. SeaWorld also appointedWalter Bogumil, the company’schief strategy officer, as its chiefoperating officer.

The departure on Saturday ofMr. Rivera, a former timeshare-resort executive who took upthe position in November, comesafter a string of leadershipchanges in the past few years.Gustavo Antorcha, Mr. Rivera’spredecessor, resigned from Sea-World in September, sevenmonths after taking the helm atthe Orlando, Fla., company. Mr.Swanson stepped in as an in-terim CEO then, too.

Mr. Rivera resigned over dis-agreements on the board’s in-volvement in decision making,the company said in a securi-

ties filing.SeaWorld has been grappling

with falling attendance anddeeper losses after a 2013 docu-mentary, “Blackfish,” chronicledthe company’s practices relatedto its treatment of captive or-cas, also known as killer whales.

The company in February saidit would pay $65 million to set-tle claims that it violated securi-ties laws by not being up frontwith investors about the effectthe critical documentary had onits business.

In 2018, James Atchison, whoresigned as chief executive in2014, settled for more than $1million with the Securities andExchange Commission on similarcharges related to “Blackfish.”

The company also said Mon-day that executive officers arecutting their base salaries by20% until its parks resume nor-mal operations, as the coronavi-rus pandemic has led to parkclosures.

SeaWorld last month said itwas furloughing more than 90%of its staff as of the start ofApril.

—Dave Sebastian TNS/

ZUMAPR

ESS

Data as of 12/31/19. 1Represents PFI’s asset management expertise through PGIM and its affiliates and itspredecessors. For additional information related to market cycles visit: www.nber.org/cycles.© 2020 Prudential Financial, Inc. (PFI) and its related entities. PGIM, Inc., is the principal asset managementbusiness of PFI and is a registered investment advisor with the US Securities and Exchange Commission. PGIM is atrading name of PGIM, Inc. and its global subsidiaries. The PGIM logo and the Rock symbol are service marks of PFIand its related entities, registered in many jurisdictions worldwide.

FIXED INCOME | EQUITIES | REAL ESTATE | ALTERNATIVES | PRIVATE CREDIT | QUANT SOLUTIONS

OUTLAST.THE VALUE OF A LONG-TERM PERSPECTIVE. RIGHT NOW.

INVESTMENT EXPERIENCE THROUGH 30MARKET CYCLES1

PORTFOLIOMANAGERSWHO AVERAGE 23 YEARS’ TENURE

200 INSTITUTIONAL CLIENTS FOR 20+ YEARS

It takes conviction to see beyond the volatility in today’smarkets. PGIM brings expertise across asset classesand risk management rigor to the search for consistentlong-term returns.

Find out more at PGIM.com/longtermism

P2JW098000-0-B00300-17FFFF5178F

B4 | Tuesday, April 7, 2020 * * * * THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Skip Credit Cards,Speed Up Checkout

Annoyed about handing outyour credit-card number overand over again? Set up one ortwo online services that youcan trust, to reduce the expo-sure of sensitive informationlike your credit card and ad-dress.

PayPal: One big reasonto use the service: Purchasesmade through PayPal are pro-tected. If an item is damagedduring shipping, you can opena reimbursement claim.

But before you start shop-ping, enable two-factor authen-tication and, for the fastestcheckout, turn on One Touch,which lets you skip the user-name-and-password dance. It

should only be enabled for per-sonal—not shared—devices.

Apple Pay: Apple’s pay-ment system works in Safarion Mac and iOS. If you alreadyuse Apple Pay on your phone,it’s easy to set up on yourMac. Go to Wallet & Pay inSystem Preferences, whereyou’ll be prompted to enteryour iCloud credentials.

Shopify: You’ve probablyused this e-commerce softwarewithout realizing it—over onemillion merchants are poweredby Shopify. When you checkout from a Shopify store, youcan choose to save your infor-mation. Next time, Shopify willsend you a verification code viatext and auto-populate the ap-propriate fields. (Just makesure you have a PIN protectingyour mobile account.) You canopt out at any time.

ping small.Find in-demand items—or

the best alternatives. Whilehand sanitizer and othersought-after products remainlimited on Amazon, they canbe found elsewhere.

Many businesses are mak-ing their own sanitizers.Search “[your state] distillerysanitizer” to see what’s nearyou. Hanson of Sonoma andProhibition Distillery are twoexamples in my area.

Medical masks are hard tocome by these days. But nowthey’re encouraged whileyou’re in public. You’ll likelyneed to buy a handmade oneor make your own. Many Etsyshops are selling nonmedicalfabric masks. Get faster ship-ping by filtering the shop lo-

cation by your state.Locate small businesses

in your city. Give and GetLocal by Square and Ameri-can Express’s Shop Smallshow establishments nearyou. Rally for Restaurants,Save Our Faves, and SupportLocal list eateries in yourtown. Many cities have an Of-fice of Small Business orChamber of Commerce withcomprehensive lists of localmerchants.

Need a book? Buy titlesfrom independent bookstoresonline using Indiebound orBookshop. If you prefer e-books, Hummingbird andKobo sell copies for partici-pating booksellers. If you pre-fer audiobooks, Libro.fmsplits the profits with book-

set up the network and is test-ing different suppliers’ equip-ment in a lab, a BMW spokes-man said.

BMW didn’t respond to aquestion about whether thenetwork will use Huawei equip-ment and m3connect declinedto comment on whether it willuse Huawei products.

Local 5G networks comewith other security benefits,Mr. Popovski said. Companiescan keep a close eye on activitycrossing private networks, hesaid. “Any intruder in the areawill be detected simply becauseyou own it,” he said. “It’s thesame as if you bought a parkingplace and see someone elsepark there.”

Lufthansa’s maintenancesubsidiary, Lufthansa TechnikAG, in February said it set up aprivate 5G network operated byVodafone Group PLC, usingNokia Oyj equipment, for re-mote engine inspection and re-mote 3-D cabin design. Luf-

manager of political affairs atthe German Electrical and Elec-tronic Manufacturers’ Associa-tion.

The U.S. government consid-ers Huawei a national-securitythreat and claims the companycould use its products to spy onbehalf of the Chinese govern-ment. Huawei has denied theclaims.

Mobile carriers choosewhere to buy network equip-ment, and their corporate cus-tomers and consumers must ac-cept those decisions or switchcarriers. By building their own5G networks, industrial compa-nies can make their own sup-plier decisions.

Mr. Berger of Mugler saidthe company will use equip-ment from several suppliers,but declined to name them.

BMW bought spectrum for aprivate 5G network at one of itssites in Bavaria. M3connectGmbH, a German telecommuni-cations software company, will

ploy 5G networks without atelecom operator, and canchoose the suppliers that pro-vide equipment. Britain starteda similar process last year tosell licenses for companies’ 5Gnetworks. The U.S. hasn’topened up applications for 5Gspectrum licenses to industrialcompanies.

A spokesman for the GermanFederal Network Agency saidthe agency decided to allowprivate 5G networks in part be-cause of the potential benefitsfor industrial companies. Com-panies have so far paid be-tween around €1,000 and €1million for the licenses, de-pending on the bandwidth andthe size of the area that will becovered, he said.

Discussions about potentialcybersecurity weakness inequipment from Huawei Tech-nologies Co. sparked compa-nies’ interest in running theirconnections independently, saidJochen Reinschmidt, senior

is stored. We don’t have any ex-ternal influences,” said FabianBerger, a board member ofMu-gler AG, a company based inOberlungwitz, eastern Germany,that provides enterprise tele-coms services. Mugler is set-ting up a local 5G network thatwill span two office buildingsand two fabrication-and-logis-tics facilities across 40,000-square meters. Mugler maysave money by building its own5G network rather than using apublic network, Mr. Bergersaid.

In the U.S., Walmart Inc. isin talks to test a 5G networkprovided by Verizon Communi-cations Inc., The Wall StreetJournal reported last month.The network would supportnew digital health services inWalmart stores. Verizon andother U.S. carriers are settingup the networks in some citiesand sports arenas.

German manufacturers andother industrial firms can de-

gauge the effectiveness of ads bymeasuring foot traffic, themerger with Factual will build onits ad-targeting capabilities, ex-ecutives said.

Factual’s location softwarehelps marketers home in on cus-tomer segments, for instance,people who have visited certaincar dealerships in the last 30days. Factual or Foursquare’sdata is already integrated intothe digital advertising platformsof companies that include OracleCorp. and Roku Inc.

Foursquare already allows ad-vertisers to target different audi-ence groups, but Factual’s under-lying data set is better, saidFoursquare Chief Executive Da-vid Shim.

Foursquare, which is based inNew York, and Factual, based inLos Angeles, together generatedmore than $150 million in reve-nue last year, executives said.

Foursquare Labs Inc. ismerging with yet another loca-tion-focused startup, FactualInc., in an all-stock deal, thecompanies said.

The financial terms of thedeal weren’t disclosed. The an-nouncement on Monday cameless than a year after Foursquarebought Placed, another purveyorof location data and software,from Snap Inc.

Foursquare, which firstgained fame for an app that al-lowed people to share their loca-tion with friends, pivoted in re-cent years to providing locationdata and software to businessesincluding marketers and adagencies, helping them see howwell their ads steered people totheir stores and restaurants.

While the Placed deal im-proved Foursquare’s ability to

BY SAHIL PATEL

Two ProvidersOf Location DataMerge in Stock Deal

thansa Technik said thenetwork increases security andprovides more configurationoptions, allowing the companyto adapt the bandwidth for up-loads and downloads for spe-cific projects.

Chemicals firm BASF is dis-cussing plans to build its local5G network, and aims to decideby the end of the year whichnetwork operators and equip-ment suppliers will manage it,a spokeswoman for the com-pany said. The network will beused for BASF’s production fa-cilities and logistics, she added.

Germany’s industrial giantscan protect valuable informa-tion by maintaining controlover operational data and de-ciding where it is stored, saidGabriel Brown, a principal ana-lyst at Informa PLC’s researchbusiness, Heavy Reading. Com-panies operating a local 5G net-work choose whether to storedata in their own data centersor in the cloud, for example.

More reliable connections atindustrial production sites areanother potential benefit. AVolkswagen spokesman saidthe company wants to buy a li-cense for a local 5G network,and that a dedicated network isthe only way to guaranteetransmissions will be interfer-ence-free.

Volkswagen wants to use 5Gfor bandwidth-intensive indus-trial tasks such as managingthe 5,000 internet-connectedrobots in its Wolfsburg, Ger-many, plant. In the future, theauto maker will need 5G to co-ordinate robots and driverlesscars in production sites andtransmit volumes of data inreal time, the spokesman said.The company would prefer tooperate the network itself, andis in the process of hiring mo-bile-technology experts, thespokesman said.

German car makers, chemi-cal companies and other indus-trial firms are taking steps to-ward creating their own private5G networks, leapfrogging Ger-many’s telecommunications

c a r r i e r s ,which ha-ven’t yet de-

ployed the superfast networksfor widespread commercial use.

BMW AG, Robert BoschGmbH, Volkswagen AG, BASFSE and Deutsche Lufthansa AGare among the companies thathave applied to set up local 5Gnetworks in recent months af-ter Germany’s network regula-tor began accepting applica-tions for the radio spectrumlast November. So far, 33 com-panies have bought licenses, aspokesman for the regulatorsaid.

Private 5G networks are es-pecially useful for industrial ap-plications such as operating ro-bots and driverless vehiclesinside factories, which needfast, reliable connections thatcan perform critical tasks inreal time, experts say.

“You wouldn’t be comfort-able putting your industrial ap-plications on a Wi-Fi networkbecause there’s no reliability,”said Petar Popovski, a professorof wireless connectivity at Aal-borg University in Denmark.Seconds-long delays might notmatter in an office, but beingable to control precisely when aheavy machine processes mate-rials can make a big differenceto an industrial company.

The private networks willhelp strengthen cybersecurity,the companies say, becausethey will be able to configurethe networks to fit their needs,use custom security featuressuch as encryption and avoidsharing bandwidth with otherfirms.

“We decide where the data

BY CATHERINE STUPP

German Firms Plan to Use Their Own 5GIndustrial companiesapply for licenses forprivate networks to beused in critical tasks

A conveyor vehicle works with 5G technology at an event booth of Robert Bosch GmbH, which is applied to set up a local network.

FRISOGEN

TSCH

/DPA

/ZUMAPR

ESS

CYBERSECURITY

PROCYBERSECURITYwsj.com/pro/cybersecurity

WSJ

intricately knitted into theglobal marketplace as bothmanufacturer and supplier.The company reports full re-sults later this month.

On Tuesday, Samsung esti-mated an operating profit of6.4 trillion South Korean won($5.2 billion), compared with6.23 trillion won at the sametime last year. The South Ko-rean electronics maker alsosaid it expects to report 55trillion won in revenue, com-pared with 52.39 trillion wonfor the prior year’s quarter.

Analysts had forecast about6.2 trillion won in operatingprofit and 55.6 trillion won inrevenue, according to esti-mates gathered by S&P GlobalMarket Intelligence. The com-pany’s expected drop in smart-phone sales was padded some-what by an expectedresurgence in memory-chipdemand, which had been ex-pected to rally after a slumpthroughout 2019.

Samsung Electronics Co.provided some hope that thebusiness slowdown spurred bythe coronavirus pandemicmight only moderately dentone of the world’s largesttechnology companies, deliver-ing a profit forecast above an-alysts’ expectations Tuesday.

The South Korean com-pany’s projected 2.7% rise infirst-quarter operating profitprovides one of the first cor-porate indicators of how largean impact the coronavirus willhave on the global technologymarket and the broader econ-omy.

The global shift to remoteworking lifted demand forSamsung-made memory chipsthat power data centers andcloud computing, analysts say.

Samsung, the world’s larg-est smartphone and memory-chip maker, acts as an indus-try bellwether because it is

BY ELIZABETH KOH

Samsung Says ProfitTo Top Expectations

PERSONAL TECHNOLOGY | By Nicole Nguyen

Some Online Retailers Out-Amazon AmazonI ordered

some gifts—ahand salve,tea, soap anda cookbook—from a Wash-

ington, D.C., boutique onMarch 19. My friend’s birth-day wasn’t for another weekand I figured the packagecould take a while. But it ar-rived on her New York door-step two days later. I wasstunned. The same cookbookon Amazon is currently de-layed until late April.

Massive order volume,fueled by the coronavirus cri-sis, is causing a logisticsbacklog at Amazon. Shoppersaccustomed to receivingpackages in a matter ofdays—the main perk of the$120-a-year Prime member-ship—are now waiting for upto a month for items like lap-top chargers and coffee mak-ers. And for a good reason:Amazon is prioritizing essen-tial items such as medicalsupplies.

In a statement, an Amazonspokeswoman said the com-pany is focusing on those es-sential items, and “selectivelybringing more products” intoits fulfillment centers.

Meanwhile, retailers withclosed bricks-and-mortarspaces are rivaling, andsometimes even beating, thee-commerce giant on ship-ping times. “We’re nimbleand can implement changesquickly without any big cor-porate wheels to turn,” saidAmanda McClements, whoowns Salt and Sundry, theshop that shipped my pack-age with Prime-like speed.

Still, Ms. McClements, whohas 40 employees across fourlocations, had to reduce payfor full-time staff and cuthours for part-time workers.

We’re often reluctant toventure away from Amazon.We’re understandably waryof handing out our credit-card number to retailerswe’ve never ordered from be-fore.

But express checkout soft-ware has made online pur-chasing more secure and con-venient.

Here’s how to find whatyou’re looking for while shop-

stores. Try searching “[prod-uct name] near me” in GoogleMaps. A successful search forpuzzles yielded ChronicleBooks, a San Francisco pub-lisher with many in-stock op-tions. Just be wary of thefake listings on the platform.

For everything you can’tfind locally, use GoogleShopping. The site scourslistings from megastores likeBest Buy, as well as smallerboutiques online. It helpedme track down a pair of hairclippers at Target, estimatedto arrive in one week. The“Available Nearby” filter isalso handy.

Try ordering directlyfrom the manufacturer. Arecent win: On Amazon, aBelkin surge protector wasdelayed for weeks, while Bel-kin’s own website offeredfree two-day shipping for thesame product.

Consider using a virtualcredit-card number. BothCapital One and Citi offer sin-gle-use card digits as a safetyfeature. Privacy.com can alsocreate up to 12 virtual cards amonth for you—but it canonly link to your debit card,so you can’t take advantageof credit-card perks.

Use your password man-ager to auto-fill informa-tion. LastPass, Dashlane, and1Password all help fill in youraddress and other info onwebsites.

Because password manag-ers have strict security mea-sures (like requiring a pass-word or biometricconfirmation when you openthe app), it’s safer than let-ting your browser fill out thesame information.

Track your deliveries. Ar-rive is a free iOS and Androidapp by Shopify that automat-ically pulls order informationfrom your email and sendsyou notifications about itsprogress. (Just know,Shopify’s privacy policy saysit could use this data to as-sist with marketing.)

If you don’t want to grantaccess to your email, Deliver-ies is a beautiful $5 iOS-onlyapp, made by a small Michi-gan-based software company,that allows you to add ordersmanually.

A cookbook ordered from Salt and Sundry arrived in a few days.

SALT

ANDSU

NDRY

P2JW098000-4-B00400-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | B5

What’s on your mind inthe C-suite?

• Are you able to connect withemployees, customers, andpartners?

• Is your VPN network robustenough to support all employeesworking from home?

• Is your business protected fromDDoS attacks?

• Are you having trouble with yourcollaboration services?

• Are your help desks and contactcenters ready for this pressure?

• Are your SaaS services reliable?

Everyone’s Well-Being and Safety Comes First.Next Comes the Health of Your Operations.

As Guardians of the Connected World, we have helped solvebusiness continuity problems for some of the largest, most complexorganizations, leveraging our proprietary visibility technology anddecades of experience working with global leaders in enterprise,communications service providers, and government agencies.

Let NETSCOUT’s Visibility Without BordersTM help you identify andassess weak links in your systems and continuously monitor andprotect your critical business applications, so you can focus onyour employees, customers, and partners. Because right now,your connections are more vital than ever.

Call 888-999-5946 or visit netscout.com/business-continuity

1 Large Enterprise Company10 Global Locations9,543 Employees GloballyAll Working Remotely

P2JW098000-0-B00500-1--------XA

B6 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

lockdown. Here are editedexcerpts:

WSJ: What trends has thepandemic triggered thatcould stick around?Mr. Narasimhan: E-commerceand digital will be even big-ger. Supply can’t keep upwith demand right now, butwe’re seeing more olderpeople using e-commerce.

There will also be a newdepth to planning supply-chain resilience. And insome industries you’ll see ashakeout where the compa-nies that win are ones thatunderstand consumers.

WSJ: How have you dealtwith supply-chain disrup-tions?Mr. Narasimhan: In China,we flew ingredients therethat would typically havecome on boats or trucks. Ifan ingredient we bought inChina wasn’t available be-cause that factory was shutdown, we imported it fromEurope.

We put in place measuresto ensure people were safe—check, test, trace, isolate—and we didn’t have peopleinfected. We increased the

number of buses running tofactories so there was socialdistancing on the bus. Forsome people we had to renthotels in Hubei province dueto travel restrictions. Nowwe’re transporting theseideas and practices aroundthe world to ensure we keepour people safe as thisspreads.

WSJ: What about other bigmarkets?Mr. Narasimhan: We’ve beenin close contact with our[retailer and wholesaler]customers in many countrieswho are narrowing productranges to things that reallysell. For Lysol, for instance,which is made in the U.S.and Mexico, you might needfewer fragrances and sizes.

At our factories and dis-tribution centers there,we’re simplifying assort-ment. That helps us producequicker since you don’t havethe downtime from switch-ing lines.

WSJ: The French healthminister recently tweetedthat Ibuprofen—which yourbrand Nurofen contains—could make Covid-19 symp-

tively affected fire victims, andsaid the company has failed toprovide crucial details abouthow and when the trust couldsell the shares to pay the claims.

They are recommending thatvictims wait to vote on the planuntil May 1, to provide a windowto rework the settlement terms.

The concerns aren’t univer-sal among the numerous lawfirms representing fire victims,several of which have said. OnMonday, firms representingabout 7,000 victims objected ina court filing to the committee’srequest to send out a letter, ar-guing that victims have beenadequately informed about theplan. Attorneys who favor theplan may advise their clients tosupport it, regardless of thecommittee’s recommendation.

Fire victims are the only ma-jor class of claimants that PG&Eis proposing to compensatewith shares. The company hasagreed to resolve claims fromthe 2017 and 2018 wildfires formore than $25 billion, but theother major settlements—withCalifornia governments and in-surers—would be paid in cash.

Already, support for the planhas eroded within the commit-tee representing victims in thebankruptcy proceeding, whichoriginally had 11 members.Three have resigned in the pasttwo weeks. “The risk is toogreat,” wrote Karen Gowin, whoquit out of concern that theplan exposes victims to greaterrisks than other creditors, inher resignation letter Thursday.“I cannot support the plan, andI cannot recommend that oth-ers support the plan.”

At least two-thirds of theroughly 70,000 people andbusinesses who filed claimsagainst PG&E have to approvethe exit plan. If the dissentersare able to influence enough ofthem, it could create a seriousroadblock for PG&E, which lastmonth secured the support ofCalifornia Gov. Gavin Newsomfor its bankruptcy exit plan.

ContinuedfrompageB1

PG&EDealOver FiresIs Fraying

toms worse. How have youresponded?Mr. Narasimhan: Our medicalteam got together immedi-ately. We said, “Where isthe evidence?” From ourperspective, which is sharedby the WHO [World HealthOrganization], there is nodata we have seen that sug-gests that what was tweetedwas based on facts. Other

agencies have stepped insince. It’s very hard for us,as a brand, to step in.

WSJ: Condom sales roseduring the 2008-09 reces-sion. How have Durex salesbeen affected since the out-break, given that this timepeople are stuck indoors?Mr. Narasimhan: There aredefinitely fewer people buy-ing that single-serve con-dom from a vending ma-

‘You’ve got to beextremely organizedabout how you dealwith a crisis.’

BUSINESS NEWS

chine. Also, when peoplestop going to stores, ordon’t hang around a store,sales of the things I’d con-sider impulse categories godown. But we also sell di-rect to consumers onlineand are seeing more peopleusing e-commerce to buythem.

WSJ: How do you go aboutleading a large, global com-pany remotely, particularlywhen you’re so new to thejob?Mr. Narasimhan: I’m seeingpeople all the time, just onscreen. I was supposed tobe in the Americas lastweek and we kept the meet-ing—just did it virtually.You’ve got to be extremelyorganized about how youdeal with a crisis. Everyevening at 6 there’s a coregroup of us who get onvideo to talk, and we have adashboard—a customizedonline platform—to trackkey metrics like safety, peo-ple, performance, anyemerging crises.

You also need to thinkabout how you engage peo-ple. I took today off just tothink. If you don’t createtime to think, all you’re do-ing is responding.

WSJ: How’s the adjustmentbeen?Mr. Narasimhan: In England,the home is a very privateplace, but now suddenlyyou’re dialing into thehome. We’re trying to en-courage people to turn theircameras on. I did a videofor employees here in myliving room where I showedthem the room and photosof my family. I want peopleto feel their leader has noproblem doing this.

My wife and kids are stillin the U.S., but my 79-year-old mother lives here withme in West London. Theother day she walked intoone of my video meetingsand said, “You haven’t takenthe garbage out.” I had tostop the meeting and takecare of it.

As head of the companythat makes Lysol and otherpopular disinfectants, Lax-man Narasimhan has aclose-up view of how con-

sumers aroundthe planet aretrying to pro-

tect themselves from thenew coronavirus.

“As the pandemic goes onfor a while, the real ques-tion is: Does it change peo-ple’s behavior in the longrun?” said the chief execu-tive of Reckitt BenckiserGroup PLC, whose productsinclude cold brand Mucinex,Airborne vitamin supple-ments, Durex condoms, En-famil infant formula, andDettol, one of the biggestantiseptic brands outsidethe U.S.

Mr. Narasimhan, whojoined the British consumer-products giant last summerfrom PepsiCo, is betting itdoes. Before the outbreak,the 52-year-old executivecrafted a strategy to reinvig-orate Reckitt Benckiser’sflagging sales, casting hy-giene—and many of thecompany’s brands—as a cor-nerstone of health.

The first Lysol-brand dis-infectant was introduced inthe late 1800s to help battlea cholera epidemic in Ger-many and was promoted asa countermeasure duringthe Spanish flu pandemic of1918.

Now, even as the corona-virus disrupts his supplychains, Mr. Narasimhan ex-pects it to accelerate thatstrategy, as Reckitt’s Lysolcleaners and Dettol soapand sanitizers fly offshelves.

He recently spoke byphone to The Wall StreetJournal from his living roomin London, where he is on

BY SAABIRA CHAUDHURI

Lysol Maker Targets Supply ChainReckitt Benckiser CEOraces to meet demandfor hygiene productsduring pandemic

Mr. Narasimhan sees trends toward greater reliance on e-commerce and better planning.

GUILLE

RMOGUTIER

REZ/BL

OOMBE

RGNEW

S

BOSS TALK

We’ve done the10,000 hours for your10 minute meeting.

Be better prepared for tomorrow.

Analysts who know

the markets you need

to understand

Learn More: si.wsj.com

© 2020 Dow Jones & Co., Inc. All rights reserved. 3DJxxxx

P2JW098000-0-B00600-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | B7

NetStock SymClose Chg

A B CABB ABB 17.58 1.11ACADIA Pharm ACAD 43.29 2.53AECOM ACM 28.27 2.08AES AES 13.62 1.38Aflac AFL 35.22 2.81AGNC Invt AGNC 10.38 0.87Ansys ANSS 242.46 24.16ASETech ASX 3.84 0.26ASML ASML 271.13 26.52AT&T T 29.44 1.98AbbottLabs ABT 82.73 3.28AbbVie ABBV 75.73 2.36Abiomed ABMD 150.26 8.86AcceleronPharma XLRN 87.21 6.43Accenture ACN 166.05 13.90ActivisionBliz ATVI 61.60 1.62Adobe ADBE 319.13 25.52AdvanceAuto AAP 95.81 11.16AdvMicroDevices AMD 47.52 4.93Aegon AEG 2.48 0.22AgilentTechs A 74.36 3.94AgnicoEagle AEM 45.61 0.94AirProducts APD 193.86 7.26AkamaiTech AKAM 97.79 2.43Albemarle ALB 56.93 4.23Alcon ALC 52.32 2.31AlexandriaRlEst ARE 137.68 7.69AlexionPharmALXN 95.91 6.14Alibaba BABA 196.45 9.34AlignTech ALGN 176.74 22.54Alleghany Y 539.26 39.25Allegion ALLE 94.49 10.45Allergan AGN 178.15 2.44AlliantEnergy LNT 47.83 2.68Allstate ALL 93.52 7.56AllyFinancial ALLY 13.84 1.86AlnylamPharm ALNY 112.14 6.32Alphabet A GOOGL 1183.19 90.49Alphabet C GOOG 1186.92 89.04Alteryx AYX 89.90 8.16AlticeUSA ATUS 23.20 1.29Altria MO 37.28 -0.13Amazon.com AMZN 1997.59 91.00Ambev ABEV 2.23 0.05Amcor AMCR 8.22 0.38Amdocs DOX 57.25 2.96Amedisys AMED 184.33 7.67Amerco UHAL 262.14 11.17Ameren AEE 74.29 5.54AmericaMovil AMX 11.43 0.61AmerAirlines AAL 9.50 0.11AEP AEP 78.59 6.09AmerExpress AXP 83.87 10.27AmericanFin AFG 69.06 4.97AmHomes4Rent AMH 22.25 1.61AIG AIG 21.52 1.06AmerTowerREIT AMT 235.18 12.38AmerWaterWorks AWK 121.52 8.20AmericoldRealty COLD 34.21 0.74Ameriprise AMP 102.58 12.26AmerisourceBrgn ABC 86.29 4.95Ametek AME 75.43 4.14Amgen AMGN 211.58 6.17Amphenol APH 75.34 6.92AnalogDevices ADI 95.80 9.24Anaplan PLAN 32.93 3.97AngloGoldAsh AU 19.34 1.55AB InBev BUD 44.68 1.22AnnalyCap NLY 4.25 0.23Anthem ANTM 225.72 22.42Aon AON 173.15 19.01ApartmtInv AIV 35.52 4.88ApolloGlbMgmt APO 35.92 4.00Apple AAPL 262.47 21.06ApplMaterials AMAT 46.15 3.87Aptargroup ATR 100.76 6.57Aptiv APTV 49.93 6.64Aramark ARMK 19.22 2.22ArcelorMittal MT 9.45 1.03ArchCapital ACGL 27.03 2.42ArcherDaniels ADM 35.78 1.13arGEN-X ARGX 137.00 4.89AristaNetworks ANET 207.60 12.96ArrowElec ARW 55.53 4.85AscendisPharma ASND 118.33 6.33AspenTech AZPN 93.42 4.62Assurant AIZ 103.93 5.18AstraZeneca AZN 44.31 0.35Athene ATH 23.35 1.88Atlassian TEAM 136.86 6.90AtmosEnergy ATO 103.63 9.47Autodesk ADSK 152.32 13.32Autohome ATHM 74.74 4.42ADP ADP 139.65 11.08AutoZone AZO 875.10 84.54Avalara AVLR 71.00 7.37Avalonbay AVB 145.07 12.85Avangrid AGR 41.40 1.51Avantor AVTR 13.13 0.95AveryDennison AVY 100.42 6.81BCE BCE 40.66 0.23BHP Group BHP 38.90 2.31BHP Group BBL 31.72 1.66

BP BP 25.05 0.33BWX Tech BWXT 51.00 0.42Baidu BIDU 102.94 5.74BakerHughes BKR 11.75 1.35Ball BLL 65.62 3.45BancoBilbaoViz BBVA 3.14 0.21BancoBradesco BBDO 3.64 0.38BancodeChile BCH 18.30 0.85BancSanBrasil BSBR 4.93 0.46BcoSantChile BSAC 16.98 0.43BancoSantander SAN 2.39 0.16BankofAmerica BAC 21.39 1.36BankofMontreal BMO 49.99 2.62BankNY Mellon BK 35.24 1.49BkNovaScotia BNS 39.18 1.21Barclays BCS 4.23 0.34BarrickGold GOLD 20.55 0.60BauschHealth BHC 14.62 1.31BaxterIntl BAX 84.93 3.51BectonDicknsn BDX 237.69 10.96BeiGene BGNE 144.26 4.28Berkley WRB 53.73 4.25BerkHathwy B BRK.B 185.24 6.90BerkHathwy A BRK.A 2772609306.00BerryGlobal BERY 34.98 2.73BestBuy BBY 60.15 6.67Bilibili BILI 25.56 1.45Bio-Techne TECH 194.55 8.16Bio-RadLab A BIO 381.29 15.51Bio-RadLab B BIO.B377.34 12.34Biogen BIIB 311.39 10.88BioMarinPharm BMRN 82.77 -1.44BioNTech BNTX 52.73 -0.02BlackKnight BKI 62.43 4.58BlackRock BLK 449.52 31.45Blackstone BX 46.57 4.83Boeing BA 148.77 24.25BookingHldgs BKNG 1356.68126.00BoozAllen BAH 73.94 3.88BorgWarner BWA 24.73 3.44BostonBeer SAM 362.54 5.10BostonProps BXP 90.72 7.68BostonSci BSX 32.88 1.71BrightHorizons BFAM 97.50 6.40Bristol-Myers BMY 57.87 2.34BritishAmTob BTI 36.67 0.46Broadcom AVGO 252.44 18.18BroadridgeFinl BR 98.61 6.22BrookfieldMgt BAM 31.50 2.56BrookfieldInfr BIP 37.47 2.07Brown&Brown BRO 35.97 2.56Brown-Forman A BF.A 54.91 1.96Brown-Forman B BF.B 57.39 1.95Bruker BRKR 36.16 2.48Bunge BG 38.27 1.10BurlingtonStrs BURL 159.21 18.65CACI Intl CACI 220.39 19.42CBRE Group CBRE 39.78 4.28CDW CDW 95.84 8.95CF Industries CF 27.50 1.73CGI GIB 55.71 2.19CH Robinson CHRW 72.39 4.24CME Group CME 182.44 8.70CMS Energy CMS 58.85 4.30CNA Fin CNA 29.88 2.24CNH Indl CNHI 6.07 0.55CNOOC CEO 114.59 2.38CRH CRH 27.49 1.62CSX CSX 61.27 4.50CVS Health CVS 56.22 0.50CableOne CABO 1646.16109.78CabotOil COG 18.28 0.93CadenceDesign CDNS 69.42 5.49CaesarsEnt CZR 7.01 0.73CamdenProperty CPT 79.94 7.99CampbellSoup CPB 47.61 -1.92CIBC CM 57.86 3.22CanNtlRlwy CNI 79.98 3.90CanNaturalRes CNQ 13.50 0.21CanPacRlwy CP 223.03 10.20Canon CAJ 21.15 1.20CanopyGrowth CGC 14.34 1.09CapitalOne COF 49.42 7.15CardinalHealth CAH 49.35 2.74Carlisle CSL 119.82 6.99Carlyle CG 21.82 1.93CarMax KMX 54.45 5.85Carnival CCL 10.21 1.72CarrierGlobal CARR 15.44 -1.48CaseysGenStores CASY 135.98 15.41Catalent CTLT 52.39 3.46Caterpillar CAT 120.43 5.76Celanese CE 72.47 5.37Centene CNC 60.12 5.52CenterPointEner CNP 15.30 1.86CentraisElBras EBR 4.20 0.07CenturyLink CTL 9.43 0.32CeridianHCM CDAY 44.47 5.26Cerner CERN 63.96 1.69CharlesRiverLabs CRL 132.81 13.97CharterComms CHTR 459.55 25.75CheckPoint CHKP 103.58 5.27Chegg CHGG 34.93 0.68Chemed CHE 437.89 21.58CheniereEnergy LNG 34.17 1.97CheniereEnerPtrs CQP 27.71 0.16Chevron CVX 80.39 5.28

Chewy CHWY 33.22 -0.15ChinaBiologic CBPO 99.15 -1.85ChinaEastrnAir CEA 17.24 0.57ChinaLifeIns LFC 10.13 0.47ChinaMobile CHL 40.17 1.06ChinaPetrol SNP 51.67 0.14ChinaSoAirlines ZNH 21.20 0.55ChinaTelecom CHA 34.14 1.75ChinaUnicom CHU 6.66 0.45Chipotle CMG 689.99 78.98Chubb CB 110.76 7.94ChunghwaTel CHT 35.84 0.32Church&Dwight CHD 68.86 1.21Ciena CIEN 45.03 4.69Cigna CI 173.49 9.65CincinnatiFin CINF 77.41 6.38Cintas CTAS 179.49 15.26CiscoSystems CSCO 41.43 2.37Citigroup C 41.12 3.63CitizensFin CFG 18.79 1.85

s CitrixSystems CTXS 147.14 5.81ClarivateAnaly CCC 20.65 ...Clorox CLX 181.38 3.84Cloudflare NET 23.64 -0.44Coca-Cola KO 46.67 2.84Coca-Cola Euro CCEP 41.87 4.83

s CogentComm CCOI 86.95 0.57Cognex CGNX 43.90 3.36CognizantTech CTSH 48.45 5.05ColgatePalm CL 70.50 2.88ColumbiaSportswr COLM 69.80 4.28Comcast A CMCSA 36.23 2.28Comerica CMA 28.99 1.65CommerceBcshrs CBSH 52.40 3.53SABESP SBS 6.78 0.44ConagraBrands CAG 31.30 0.09ConchoRscs CXO 48.04 0.26ConocoPhillips COP 32.80 -0.11ConEd ED 81.05 3.15ConstBrands A STZ 142.26 10.09ConstBrands B STZ.B 143.85 14.85Cooper COO 296.68 17.00Copart CPRT 65.39 3.59Coresite COR 115.89 4.31Corning GLW 19.71 1.80Corteva CTVA 24.26 1.64CoStar CSGP 585.85 59.10Costco COST 305.12 16.47CoupaSoftware COUP 140.63 14.41CousinsProperties CUZ 29.80 2.48Credicorp BAP 133.84 4.29CreditAcceptance CACC 252.21 36.38CreditSuisse CS 8.31 0.57CrowdStrike CRWD 59.07 1.25CrownCastle CCI 148.75 3.13CrownHoldings CCK 57.15 4.49CubeSmart CUBE 26.45 1.62Cummins CMI 142.12 9.85CypressSemi CY 23.42 0.11CyrusOne CONE 62.30 0.45

D E FDISH Network DISH 21.11 2.13DTE Energy DTE 96.04 8.91Danaher DHR 141.94 6.79Darden DRI 52.40 6.92Datadog DDOG 36.28 1.59DaVita DVA 71.01 5.49Deere DE 143.49 7.97DellTechC DELL 38.91 2.47DeltaAir DAL 22.32 -0.16DentsplySirona XRAY 37.73 2.28DeutscheBank DB 6.38 0.48DexCom DXCM269.31 8.56Diageo DEO 126.41 5.17DiamondbkEner FANG 32.10 0.51DigitalRealty DLR 139.50 3.01DiscoverFinSvcs DFS 33.46 4.93DiscoveryB DISCB 27.40 -0.10DiscoveryA DISCA 19.65 1.29DiscoveryC DISCK 18.08 1.24Disney DIS 99.58 5.70DocuSign DOCU 90.15 11.15DolbyLab DLB 55.11 3.26

s DollarGeneral DG 169.65 7.81DollarTree DLTR 76.28 6.04DominionEner D 74.11 4.56Domino's DPZ 338.52 10.29Donaldson DCI 38.12 2.38DouglasEmmettDEI 28.62 1.02Dover DOV 84.73 7.37Dow DOW 30.54 2.57DrReddy'sLab RDY 42.34 1.19Dropbox DBX 18.06 0.10DukeEnergy DUK 81.25 5.23DukeRealty DRE 32.20 2.61Dunkin' DNKN 52.56 6.74DuPont DD 35.39 3.52Dynatrace DT 22.54 1.89ENI E 20.97 0.75EOG Rscs EOG 39.43 -0.46EPAM Systems EPAM 184.43 22.86E*TRADE ETFC 37.54 3.25EastmanChem EMN 50.18 5.09Eaton ETN 77.40 6.15eBay EBAY 31.18 1.77

NetStock SymClose Chg

NetStock SymClose Chg

Ecolab ECL 157.39 10.13Ecopetrol EC 11.23 0.07EdisonInt EIX 53.17 3.81EdwardsLife EW 195.42 6.35ElancoAnimal ELAN 21.98 1.79Elastic ESTC 52.59 5.20ElbitSystems ESLT 122.84 2.27ElectronicArts EA 106.51 3.68EmersonElec EMR 49.39 3.67Enbridge ENB 28.65 0.70EncompassHealth EHC 63.97 3.89EnelAmericas ENIA 7.11 0.29EnelChile ENIC 3.73 0.20EnergyTransfer ET 5.54 0.07Entegris ENTG 48.50 6.39Entergy ETR 93.00 9.62EnterpriseProd EPD 14.90 0.47Equifax EFX 113.85 7.23

s Equinix EQIX 652.22 27.53Equinor EQNR 13.04 0.17Equitable EQH 14.26 1.24EquityCommnwlth EQC 32.75 0.44EquityLife ELS 58.57 6.20EquityResdntl EQR 60.11 5.85ErieIndemnity A ERIE 170.38 6.24EssentialUtil WTRG 42.26 3.76EssexProp ESS 212.61 21.75EsteeLauder EL 160.50 6.42Etsy ETSY 46.46 8.31EuronetWorldwide EEFT 82.71 9.96EverestRe RE 189.93 11.91Evergy EVRG 57.88 6.08EversourceEner ES 82.09 7.03ExactSciences EXAS 62.27 6.52Exelixis EXEL 17.67 1.15Exelon EXC 36.32 3.57Expedia EXPE 52.83 4.12ExpeditorsIntl EXPD 69.21 2.11ExtraSpaceSt EXR 99.88 3.75ExxonMobil XOM 40.47 1.26F5Networks FFIV 112.69 5.39FMC FMC 78.03 7.15FTI Consulting FCN 134.24 12.00Facebook FB 165.55 11.37FactSet FDS 266.90 13.79FairIsaac FICO 301.60 37.75Fastenal FAST 32.18 1.70FederalRealty FRT 72.66 6.85FedEx FDX 119.02 9.80Ferrari RACE 147.01 12.18FiatChrysler FCAU 7.25 0.54FidNatlFin FNF 24.32 1.07FidNatlInfo FIS 123.02 7.80FifthThirdBncp FITB 15.47 2.0358.com WUBA 51.98 1.0251job JOBS 65.00 0.08FirstAmerFin FAF 41.99 2.18FirstIndRlty FR 33.01 2.28FirstRepBank FRC 88.57 6.79FirstEnergy FE 41.36 3.41Fiserv FISV 95.86 9.67Five9 FIVN 77.97 4.07FleetCorTech FLT 206.09 21.31Flex FLEX 8.79 1.27FlirSystems FLIR 35.09 4.00FlowersFoods FLO 21.91 0.71FomentoEconMex FMX 60.14 2.67FordMotor F 4.53 0.29Fortinet FTNT 107.88 6.44Fortis FTS 38.75 2.69Fortive FTV 57.25 2.97FortBrandsHome FBHS 40.62 5.20

s FortySeven FTSV 95.51 0.05FoxA FOXA 25.06 2.76FoxB FOX 24.45 2.86Franco-Nevada FNV 110.44 2.49FranklinRscs BEN 16.75 1.14FreeportMcMFCX 7.19 0.87FreseniusMed FMS 33.58 1.31

G H IGCI LibertyA GLIBA 55.88 5.03GDS Holdings GDS 53.80 2.60GFLEnvironmentalGFL 12.53 -0.12GSXTechedu GSX 33.63 0.70Galapagos GLPG 202.89 12.62Gallagher AJG 82.21 5.95Gaming&Leisure GLPI 25.68 2.89Garmin GRMN 75.44 3.88Gartner IT 99.86 8.04Generac GNRC 92.00 7.34GeneralDynamics GD 133.69 8.01GeneralElec GE 7.23 0.50GeneralMills GIS 57.70 0.99GeneralMotors GM 19.55 1.51Genmab GMAB 21.54 1.32Genpact G 27.41 1.21Gentex GNTX 23.13 2.48GenuineParts GPC 67.10 8.84GileadSciencesGILD 77.73 -0.48GSK GSK 37.91 0.77GlobalPayments GPN 143.74 17.44GlobeLife GL 71.87 7.94GlobusMedical GMED 42.16 2.35GoDaddy GDDY 58.82 6.75GoldFields GFI 5.82 0.61GoldmanSachs GS 158.23 11.30Graco GGG 46.64 1.07Grainger GWW 251.18 12.42Grifols GRFS 19.36 0.18GuardantHealth GH 66.99 6.50Guidewire GWRE 80.47 6.47HCA Healthcare HCA 93.58 11.75HDFC Bank HDB 36.95 2.36HD Supply HDS 28.83 3.15HP HPQ 15.00 0.52HSBC HSBC 25.43 1.10Haemonetic HAE 102.24 3.84Halliburton HAL 7.91 0.30HartfordFinl HIG 33.95 1.80Hasbro HAS 71.20 4.26HawaiianElec HE 42.90 2.90HealthcareAmer HTA 24.17 2.23HealthpeakProp PEAK 23.12 2.83Heico HEI 76.63 8.55Heico A HEI.A 66.22 5.14HenrySchein HSIC 47.14 0.79Herbalife HLF 30.55 1.17Hershey HSY 141.86 2.09

NetStock SymClose Chg

Hess HES 35.13 1.61HewlettPackard HPE 9.83 0.53Hill-Rom HRC 109.00 4.00Hilton HLT 63.80 7.86Hologic HOLX 35.86 3.04HomeDepot HD 191.33 12.63HondaMotor HMC 21.48 1.62Honeywell HON 134.00 6.55HorizonTherap HZNP 31.96 0.59HormelFoods HRL 48.55 0.17DR Horton DHI 36.85 4.71HostHotels HST 10.42 1.36

s HoulihanLokeyHLI 57.64 -0.42HowmetAerospace HWM 12.69 0.15HuanengPowerHNP 13.30 -0.20Huazhu HTHT 29.28 0.71Hubbell HUBB 115.86 8.06HubSpot HUBS 122.47 9.21Humana HUM 327.47 35.84JBHunt JBHT 96.93 7.17HuntingtonBcshs HBAN 7.49 0.66HuntingIngalls HII 193.71 12.67HyattHotels H 46.45 6.53IAC/InterActive IAC 182.45 13.26ICICI Bank IBN 8.03 0.80ICU Medical ICUI 207.01 2.14IDACORP IDA 92.95 7.48IdexxLab IDXX 254.43 19.88IHS Markit INFO 64.47 2.89ING Groep ING 5.48 0.55IPG Photonics IPGP 113.95 11.21IQVIA IQV 117.14 14.42ITT ITT 47.30 2.77IcahnEnterprises IEP 47.43 2.11Icon ICLR 145.07 14.21IDEX IEX 143.96 5.45IllinoisToolWks ITW 151.04 10.63Illumina ILMN 278.01 14.51ImperialOil IMO 12.18 0.18Incyte INCY 85.11 6.52Infosys INFY 8.25 0.69IngersollRand IR 25.43 1.94Ingredion INGR 80.56 4.35Insulet PODD 171.90 6.98Intel INTC 58.43 4.30ICE ICE 84.43 3.44InterContinentl IHG 39.51 5.17IBM IBM 114.82 8.48IntlFlavors IFF 109.00 10.10IntlPaper IP 31.53 2.16Interpublic IPG 15.02 1.44Intuit INTU 240.12 21.73IntuitiveSurgical ISRG 500.24 37.77InvitatHomes INVH 21.45 2.08IonisPharma IONS 51.46 2.95iQIYI IQ 16.76 -0.30IronMountain IRM 23.31 1.25ItauUnibanco ITUB 4.17 0.27

J K LJBG SMITH Prop JBGS 29.42 1.23JD.com JD 41.56 1.67JPMorganChase JPM 89.46 5.41JackHenry JKHY 167.34 11.13JacobsEngg J 83.42 4.45JamesHardie JHX 12.63 1.25JazzPharma JAZZ 105.77 7.01J&J JNJ 139.76 5.59JohnsonControls JCI 27.41 1.94JonesLang JLL 93.55 7.10JuniperNetworks JNPR 21.34 1.23KB Fin KB 26.77 1.89KKR KKR 24.36 2.14KLA KLAC 148.50 20.56KT KT 8.71 0.73KSCitySouthern KSU 134.51 11.51Kellogg K 63.51 -0.07Kemper KMPR 67.28 1.98KeurigDrPepperKDP 24.59 0.79KeyCorp KEY 9.95 0.88KeysightTechs KEYS 90.73 8.21KilroyRealty KRC 59.35 0.95KimberlyClark KMB 133.15 3.23KinderMorganKMI 13.99 0.58KinrossGold KGC 5.09 0.23KirklandLakeGoldKL 34.60 1.60Knight-Swift KNX 32.59 3.08KoninklijkePhil PHG 40.08 1.39KoreaElcPwr KEP 8.00 0.39KraftHeinz KHC 25.91 0.59Kroger KR 32.63 0.34LHC Group LHCG 132.29 9.55Line LN 48.01 0.38LKQ LKQ 20.06 2.71LPL Financial LPLA 53.31 4.66L3HarrisTech LHX 184.00 5.50LabCpAm LH 126.41 13.10LamResearch LRCX 250.75 32.60LamarAdv LAMR 43.44 5.37LambWeston LW 51.82 1.62LasVegasSands LVS 40.70 2.78Lear LEA 79.97 7.39LeggMason LM 48.68 -0.40Leidos LDOS 94.89 6.95Lennar A LEN 39.22 5.83Lennar B LEN.B 29.36 4.36LennoxIntl LII 178.42 7.46LeviStrauss LEVI 10.94 1.43LibertyBroadbandC LBRDK 114.17 5.77LibertyBroadbandA LBRDA 109.68 5.66LibertyGlobal C LBTYK 16.18 1.34LibertyGlobal B LBTYB 16.52 -0.99LibertyGlobal A LBTYA 17.08 1.28LibertyFormOne A FWONA 21.67 1.06LibertyFormOne C FWONK 22.82 0.95LibertySirius A LSXMA 28.97 1.87LibertySirius C LSXMK 29.24 1.99LifeStorage LSI 95.40 5.55EliLilly LLY 141.61 1.95LincolnElectric LECO 72.04 5.72LincolnNational LNC 26.99 3.53Linde LIN 175.92 13.79LiveNationEnt LYV 34.51 0.94LloydsBanking LYG 1.42 0.13LockheedMartin LMT 367.95 17.45Loews L 35.70 3.00LogitechIntl LOGI 45.02 1.94LogMeIn LOGM 83.64 0.67Lowe's LOW 88.77 6.57

NetStock SymClose Chg

lululemon LULU 194.95 13.70Lumentum LITE 74.80 7.94Lyft LYFT 25.73 3.73LyondellBasell LYB 49.88 3.78

M NM&T Bank MTB 102.79 11.12MDU Rscs MDU 21.98 1.77MGM ResortsMGM 12.91 2.33MKS Instrum MKSI 85.30 10.32MPLX MPLX 11.90 0.13MSCI MSCI 302.49 31.88MadisonSquGardenMSG 213.59 6.73MagellanMid MMP 36.84 1.23MagnaIntl MGA 32.43 3.11ManulifeFin MFC 11.71 0.37MarathonPetrol MPC 23.09 3.03Markel MKL 924.94 57.64MarketAxess MKTX 399.03 11.76Marriott MAR 70.59 11.51Marsh&McLenMMC 87.33 7.43MartinMariettaMLM 176.96 7.45MarvellTech MRVL 23.84 1.41Masco MAS 35.38 2.97

s Masimo MASI 185.13 3.01Mastercard MA 265.94 28.91MatchGroup MTCH 68.41 4.71MaximIntProducts MXIM 53.47 4.83McCormickVtgMKC.V 148.59 3.44McCormick MKC 152.01 5.13McDonalds MCD 177.04 16.71McKesson MCK 135.20 9.71MedicalProp MPW 16.00 1.60Medtronic MDT 94.09 7.82MelcoResorts MLCO 12.30 1.30MellanoxTech MLNX 119.84 1.07MercadoLibreMELI 506.16 51.69Merck MRK 80.31 4.06MercurySystems MRCY 73.97 5.59MetLife MET 30.63 2.91MettlerToledoMTD 702.60 72.02MicrochipTech MCHP 73.98 9.94MicronTech MU 46.37 5.15Microsoft MSFT 165.27 11.44MidAmApt MAA 105.28 10.97MitsubishiUFJ MUFG 3.72 0.23MizuhoFin MFG 2.27 0.11MobileTeleSysMBT 8.00 0.37Moderna MRNA 34.64 -0.20MohawkInds MHK 73.35 11.34MolinaHealthcare MOH 141.00 8.87MolsonCoorsB TAP 42.90 1.89MolsonCoorsA TAP.A 55.35 11.24Mondelez MDLZ 52.03 1.24MongoDB MDB 132.45 11.98MonolithicPower MPWR 170.00 16.58MonsterBev MNST 58.07 3.85Moody's MCO 229.16 20.37MorganStanleyMS 37.01 3.16Morningstar MORN114.63 4.03Mosaic MOS 11.33 1.39MotorolaSol MSI 140.90 14.28Mylan MYL 14.04 0.30NICE NICE 151.94 8.88NRG Energy NRG 27.24 1.03NVR NVR 2691.40328.46NXP Semi NXPI 86.94 11.19Nasdaq NDAQ 101.59 6.37NationalGrid NGG 53.45 2.23NatlInstruments NATI 35.05 2.01NatlOilwell NOV 10.90 1.05NatlRetailPropNNN 27.78 1.32Natura&Co NTCO 9.85 1.09NetApp NTAP 39.60 2.26Netease NTES 337.60 12.60Netflix NFLX 379.96 18.20Neurocrine NBIX 91.22 5.44NewOrientalEduc EDU 111.00 4.49NY CmntyBcp NYCB 8.94 0.67NYTimes A NYT 30.78 2.15NewellBrands NWL 12.82 0.83NewMarket NEU 380.85 -8.39Newmont NEM 50.11 2.96NewsCorp B NWS 8.98 0.74NewsCorp A NWSA 8.93 0.75NextEraEnergy NEE 234.51 12.87NielsenHoldings NLSN 13.17 1.00Nike NKE 84.63 5.77NiSource NI 24.55 2.06Nokia NOK 3.16 0.19NomadFoods NOMD 18.83 -0.11NomuraHoldings NMR 4.15 0.36Nordson NDSN 139.69 12.26NorfolkSouthern NSC 154.75 12.43NorthernTrust NTRS 81.37 4.34NorthropGrumNOC 332.33 18.72NortonLifeLockNLOK 18.97 0.68Novartis NVS 85.73 2.09NovoNordisk NVO 60.66 0.82Novocure NVCR 69.10 5.76NuanceComms NUAN 17.06 1.27Nucor NUE 37.51 1.86Nutrien NTR 34.40 1.76NVIDIA NVDA 268.40 24.49

O P QOGE Energy OGE 28.96 2.38ONE Gas OGS 85.82 7.89ONEOK OKE 23.33 1.69OReillyAuto ORLY 333.43 38.05OccidentalPetrolOXY 13.44 0.44Okta OKTA 128.12 9.18OldDomFreight ODFL 138.18 15.67OldRepublic ORI 14.87 0.86OmegaHealthcare OHI 26.58 2.48Omnicom OMC 53.70 4.11ON Semi ON 12.87 1.93OpenText OTEX 36.64 2.64Oracle ORCL 51.49 2.09Orange ORAN 12.47 0.53Orix IX 56.07 2.19Oshkosh OSK 64.81 2.73OwensCorning OC 38.30 3.32PG&E PCG 8.56 0.63PLDT PHI 23.12 1.54PNC Fin PNC 95.31 10.12POSCO PKX 33.39 2.13PPD PPD 18.92 2.13

NetStock SymClose Chg

PPG Ind PPG 86.63 6.20PPL PPL 23.92 2.15PRA HealthSci PRAH 79.12 6.16PTC PTC 59.59 4.59Paccar PCAR 64.94 3.33PackagingCpAm PKG 85.43 4.92PagSeguroDig PAGS 19.75 2.43PaloAltoNtwks PANW 171.34 8.68ParkerHannifin PH 130.77 14.96Paychex PAYX 65.29 5.74PaycomSoftware PAYC 181.85 16.84Paylocity PCTY 82.37 8.35PayPal PYPL 101.67 9.28Pearson PSO 5.98 0.01Pegasystems PEGA 67.53 6.53Peloton PTON 28.37 -0.38PembinaPipeline PBA 19.45 2.04Pentair PNR 30.84 2.47Penumbra PEN 163.14 4.98People'sUtdFin PBCT 10.37 0.86PepsiCo PEP 131.16 6.57PerkinElmer PKI 75.41 4.21Perrigo PRGO 47.57 3.21PetroChina PTR 38.50 0.52PetroleoBrasil PBR 6.14 0.38PetroleoBrasilA PBR.A 5.99 0.20Pfizer PFE 34.57 0.93PhilipMorris PM 75.68 2.22Phillips66 PSX 57.42 5.80PilgrimPride PPC 18.23 0.62Pinduoduo PDD 38.49 1.59PinnacleWest PNW 74.33 6.14Pinterest PINS 15.21 1.39PioneerNatRscs PXD 76.24 1.56PlainsAllAmPipe PAA 5.23 0.04Pool POOL 195.98 17.71PortlandGenElec POR 50.79 4.48PostHoldings POST 88.37 2.26PrincipalFin PFG 28.26 1.85Procter&Gamble PG 117.81 2.73Progressive PGR 75.99 0.15Prologis PLD 80.23 6.64Proofpoint PFPT 110.12 12.23ProsperityBcshs PB 46.82 1.99PrudentialFin PRU 49.14 3.05Prudential PUK 25.66 3.08PublicServiceEnt PEG 46.85 2.49PublicStorage PSA 203.73 9.65PulteGroup PHM 21.70 2.78Qiagen QGEN 40.00 -0.27Qorvo QRVO 82.61 9.17Qualcomm QCOM 70.95 5.72QuantaServices PWR 33.13 2.57QuestDiag DGX 78.69 5.91Quidel QDEL 96.32 1.32

R SRELX RELX 21.63 0.89RPM RPM 59.78 2.84RalphLauren RL 68.60 7.60RaymondJames RJF 64.21 6.68RaytheonTech RTX 57.56 7.63RealPage RP 53.40 3.43RealtyIncomeO 46.81 3.21ReataPharm RETA 138.29 9.43RegencyCtrs REG 35.15 2.88RegenPharm REGN 504.27 10.95RegionsFin RF 8.88 0.81ReinsGrp RGA 89.21 10.72RelianceSteel RS 84.32 4.56RenaissanceRe RNR 150.81 9.22Repligen RGEN 100.71 2.50RepublicSvcs RSG 74.11 1.58ResMed RMD 158.30 5.33RestaurantBrands QSR 37.79 4.52RexfordIndlRealty REXR 38.19 2.07ReynoldsCnsmr REYN 30.42 0.43RingCentral RNG 223.10 -0.66RioTinto RIO 46.34 1.30RitchieBros RBA 36.27 1.26RobertHalf RHI 38.15 0.18Rockwell ROK 157.41 10.63RogersComm B RCI 43.72 2.48Roku ROKU 89.49 8.03Rollins ROL 37.20 1.15RoperTech ROP 312.62 12.94RossStores ROST 87.18 12.43RoyalBkCanadaRY 60.78 2.81RoyalBkScotland RBS 2.64 0.17RoyalCaribbean RCL 29.61 5.22RoyalDutchA RDS.A 37.33 1.09RoyalDutchB RDS.B 35.71 1.26RoyalGold RGLD 94.80 1.30Ryanair RYAAY 57.11 6.99SAP SAP 112.01 6.82S&P Global SPGI 255.83 17.03SBA Comm SBAC 277.46 12.66SEI Investments SEIC 47.75 3.67SINOPEC SHI 24.16 -0.09SK Telecom SKM 17.58 1.03SS&C Tech SSNC 46.17 4.61SVB Fin SIVB 159.32 19.98Salesforce.com CRM 147.55 13.24Sanofi SNY 46.12 1.29SantanderCons SC 13.17 1.30

NetStock SymClose Chg

SareptaTherap SRPT 101.07 7.45Schlumberger SLB 15.67 1.38SchwabC SCHW 36.08 2.48ScienceApplicat SAIC 74.34 3.04ScottsMiracleGro SMG 102.08 2.01Sea SE 44.80 2.70Seagate STX 48.64 2.88SealedAir SEE 25.88 1.53

s SeattleGenetics SGEN 124.47 7.96SempraEnergy SRE 114.04 9.76SensataTechs ST 31.44 3.55ServiceCorp SCI 37.22 2.51ServiceNow NOW 269.95 20.38ShawComm B SJR 16.36 0.74SherwinWilliams SHW 458.62 38.59ShinhanFin SHG 22.91 1.28Shopify SHOP 392.65 35.00SignatureBank SBNY 76.22 4.21SimonProperty SPG 54.06 7.34SiriusXM SIRI 4.79 0.31Skyworks SWKS 89.80 9.50SlackTech WORK 24.31 0.05Smartsheet SMAR 44.52 5.12SmithAO AOS 38.22 2.35Smith&Nephew SNN 36.43 2.44Smucker SJM 115.19 2.86Snap SNAP 12.16 1.10SnapOn SNA 106.06 10.54SolarWinds SWI 16.23 1.91SonocoProducts SON 47.61 3.17Sony SNE 60.87 3.39Southern SO 55.40 5.13SoCopper SCCO 28.40 1.60SouthwestAir LUV 30.70 0.16SouthwestGas SWX 74.84 6.92Splunk SPLK 118.40 16.26Spotify SPOT 122.52 0.40Square SQ 50.42 6.70StanleyBlackDck SWK 106.69 11.42Starbucks SBUX 67.79 4.74StarsGroup TSG 19.87 1.26StateStreet STT 55.55 3.39SteelDynamics STLD 22.60 1.62Stericycle SRCL 43.81 1.13Steris STE 148.65 9.93STMicroelec STM 21.58 2.36StoneCo STNE 22.24 4.42Stryker SYK 165.66 17.59SumitomoMits SMFG 4.89 0.26SunComms SUI 118.61 11.86SunLifeFinancial SLF 32.06 2.06SuncorEnergy SU 16.95 0.71Suzano SUZ 7.55 0.17SynchronyFin SYF 15.49 2.24Synopsys SNPS 135.91 11.36Sysco SYY 45.01 5.51

T U VTAL Education TAL 53.76 3.11TC Energy TRP 44.95 2.09TD Ameritrade AMTD 37.43 2.62TE Connectivity TEL 65.62 6.93Telus TU 16.42 0.64TIM Part TSU 12.55 0.96TJX TJX 46.11 5.15T-MobileUS TMUS 86.09 4.11TRowePrice TROW 102.70 7.51TaiwanSemi TSM 49.97 2.91TakeTwoSoftware TTWO 121.29 2.80TakedaPharm TAK 15.50 0.91Target TGT 97.51 4.94TechData TECD 135.39 2.61TeckRscsB TECK 7.60 0.49TeladocHealth TDOC 150.13 -6.08TeledyneTech TDY 308.39 19.66Teleflex TFX 321.45 27.08Ericsson ERIC 7.97 0.25TelefonicaBrasVIV 9.91 0.40Telefonica TEF 4.78 0.36TelekmIndonesia TLK 20.34 1.0910xGenomics TXG 62.27 3.58Tenaris TS 12.85 0.43TencentMusic TME 10.59 -0.04Teradyne TER 59.20 6.34Tesla TSLA 516.24 36.23TetraTech TTEK 77.22 5.32TevaPharm TEVA 9.46 1.06TexasInstruments TXN 108.96 8.98Textron TXT 27.34 2.49ThermoFisherSci TMO 304.00 21.79ThomsonReuters TRI 68.60 2.353M MMM 140.70 6.91Tiffany TIF 128.17 -0.11Toro TTC 65.51 3.00TorontoDomBk TD 41.73 2.29Total TOT 37.21 1.54ToyotaMotor TM 122.41 7.41TractorSupply TSCO 87.96 8.46TradeDesk TTD 190.05 29.66Tradeweb TW 48.11 2.67TraneTech TT 87.04 7.01TransDigm TDG 288.93 18.62TransUnion TRU 64.63 5.58Travelers TRV 98.98 5.09

NetStock SymClose Chg

Trex TREX 73.56 5.89Trimble TRMB 31.14 2.68Trip.com TCOM 23.45 1.44TruistFinl TFC 29.77 2.56TurkcellIletism TKC 4.80 0.13Twilio TWLO 86.66 5.97Twitter TWTR 24.93 1.84TylerTech TYL 299.85 15.03TysonFoods TSN 56.45 2.63UBS Group UBS 9.56 0.72UDR UDR 35.34 3.72UGI UGI 26.63 1.63Uber UBER 25.99 3.17Ubiquiti UI 154.02 13.49UltaBeauty ULTA 188.68 31.94Unilever UN 49.22 1.52Unilever UL 51.26 1.46UnionPacific UNP 147.85 9.28UnitedAirlines UAL 24.02 1.14UnitedMicro UMC 2.29 0.16UPS B UPS 95.68 5.68UnitedRentals URI 103.18 12.11US Bancorp USB 34.37 3.18UnitedTherap UTHR 95.76 3.02UnitedHealth UNH 248.34 18.85UnivDisplay OLED 130.61 12.30UniversalHealthB UHS 96.50 11.12VEREIT VER 4.44 0.44VF VFC 54.67 5.79VICI Prop VICI 14.26 0.48VailResorts MTN 141.03 9.30Vale VALE 8.11 0.53ValeroEnergy VLO 46.10 5.76VarianMed VAR 104.19 7.84VeevaSystems VEEV 156.81 6.70Ventas VTR 26.14 3.62VeriSign VRSN 195.85 13.16VeriskAnalytics VRSK 147.74 6.09Verizon VZ 56.70 2.00

s VertxPharm VRTX 255.30 16.99ViacomCBS A VIACA 17.86 1.70ViacomCBS BVIAC 13.94 1.51Vipshop VIPS 15.78 1.67Visa V 169.44 17.59VistraEnergy VST 16.02 0.19VMware VMW 122.94 5.97Vodafone VOD 14.31 0.77VornadoRealty VNO 33.60 1.71VoyaFinancial VOYA 40.11 3.14VulcanMatls VMC 103.17 3.96

W X Y ZWABCO WBC 134.04 0.07WEC Energy WEC 91.28 6.03WEX WEX 102.71 8.88W.P.Carey WPC 56.14 5.88WPP WPP 31.63 2.14Wabtec WAB 49.09 5.03WalgreensBootsWBA 42.63 1.91Walmart WMT 126.07 6.59WasteConnectionsWCN 78.91 3.63WasteMgt WM 91.29 2.27Waters WAT 188.89 8.95Watsco B WSOB 154.66 -1.63Watsco WSO 153.51 6.19Wayfair W 71.50 20.87Weibo WB 33.88 1.88WellsFargo WFC 28.63 2.40Welltower WELL 42.51 5.25WestPharmSvcsWST 161.30 9.95WesternDigitalWDC 43.31 5.10WesternUnionWU 19.22 1.50WestlakeChemWLK 39.04 3.92WestpacBankingWBK 10.13 0.77WestRock WRK 28.97 3.29WeyerhaeuserWY 17.10 1.76WheatonPrecMetWPM 29.34 1.52Whirlpool WHR 92.49 9.85Williams WMB 13.50 -0.15WillisTowers WLTW 175.36 18.27Wipro WIT 3.06 0.14Wix.com WIX 103.58 9.29WooriFin WF 18.99 0.94Workday WDAY 130.31 14.23WynnResorts WYNN 56.73 8.23XP XP 20.40 2.74XPO Logistics XPO 50.23 5.94XcelEnergy XEL 61.15 3.29Xilinx XLNX 84.65 5.57Xylem XYL 65.19 4.69Yandex YNDX 33.87 1.49YumBrands YUM 70.50 7.20YumChina YUMC 43.67 2.38ZTO Express ZTO 27.76 0.84ZaiLab ZLAB 52.44 0.89ZebraTech ZBRA 191.85 13.77Zendesk ZEN 61.08 3.24Zillow C Z 37.12 6.81Zillow A ZG 36.52 6.94ZimmerBiomet ZBH 97.94 5.93ZionsBancorp ZION 26.93 2.25Zoetis ZTS 126.79 12.18ZoomVideo ZM 122.94 -5.26Zscaler ZS 63.31 -0.09Zynga ZNGA 6.81 0.17

NetStock SymClose Chg

Monday, April 6, 2020

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

BIGGEST 1,000 STOCKS

HighsBristol-MyersRt BMYr 4.06 3.9CitrixSystems CTXS 150.33 4.1CogentComm CCOI 89.96 0.7DollarGeneral DG 170.13 4.8EastStoneWt ESSCW 0.09 -26.2EasterlyGovtProp DEA 27.00 6.4Equinix EQIX 658.98 4.4FortySeven FTSV 95.52 0.1

52-Wk %Stock Sym Hi/Lo Chg

HainCelestial HAIN 27.99 -3.9HoulihanLokey HLI 59.91 -0.7LegacyAcqn LGC 11.04 0.2Masimo MASI 188.03 1.7MeridaMergerCorp.I MCMJ 10.28 0.4PetMedExpress PETS 30.99 9.1SeattleGenetics SGEN 124.76 6.8ShenandoahTel SHEN 52.25 7.5VertxPharm VRTX 256.65 7.1WeisMarkets WMK 45.87 1.9

52-Wk %Stock Sym Hi/Lo Chg

LowsAeroCentury ACY 0.71 -18.4AmericaMovil A AMOV 10.42 -5.0AndinaAcqnIIIWt ANDAW 0.08 -25.0AsiaPacificWire APWC 0.89 6.3BcoSantMex BSMX 2.64 -2.9BankFinancial BFIN 6.73 2.2Biolase BIOL 0.21 -2.1CF FinanceWt CFFAW 0.21 -2.2

52-Wk %Stock Sym Hi/Lo Chg

Monday, April 6, 2020

CIIG MergerWt CIICW 0.60 -14.3ChinaSXTPharm SXTC 0.34 -0.4ClipperRealty CLPR 4.32 2.0Corts JCPen JBS JBN 1.40 8.3Curis CRIS 0.65 -4.8ENDRA LifeSci NDRA 0.60 -0.9ElmiraSvgsBank ESBK 10.73 1.3Entercom ETM 0.75 -2.01stConstBncp FCCY 10.09 -8.9FirstFinNW FFNW 8.34 7.8GFL Env Un GFLU 37.44 -2.8Gannett GCI 0.64 -17.8GlobalCordBlood CO 2.87 2.7GordonPointeWt GPAQW 0.11 -19.5HF Foods HFFG 5.85 -2.8HLAcquisitionsWt HCCHW 0.03 9.1HalladorEnergy HNRG 0.69 7.6HavertyFurn A HVT.A 10.67 -8.3HaymakerII Wt HYACW 0.92 -5.0HennessyCapWt HCACW 0.15 6.9HowmetAeroPfd HWMp 66.50 1.5

52-Wk %Stock Sym Hi/Lo Chg

HuizeHolding HUIZ 5.94 -5.5Immucell ICCC 3.70 -2.2Infr&EnerAltern IEA 1.64 2.3IntlGeneralIns IGIC 5.50 -11.1KewauneeSci KEQU 6.96 1.4LIVCapAcqnWt LIVKW 0.21 -19.6LSB Inds LXU 1.22 -3.5LuckinCoffee LK 4.27 -18.4MagyarBancorp MGYR 8.26 -3.2MarroneBioInnova MBII 0.63 6.9MedallionFin MFIN 1.29 -7.0MenloTherap MNLO 1.28 -45.9Merus MRUS 10.19 9.8MillendoTherap MLND 1.26 -70.1NewProvidenceWt NPAWW 0.45 -10.0ObalonTherap OBLN 0.62 0.1OttawaBncp OTTW 9.50 -1.6PerformantFin PFMT 0.65 -1.2PhoenixTree DNK 5.42 -23.0PivotalInvCorp.IIWt PIC.WS 0.58 -7.9

52-Wk %Stock Sym Hi/Lo Chg

ProficientAlphaWt PAACW 0.04 -6.3Puxin NEW 3.62 -1.9Reading A RDI 3.00 -8.4RedLionHotels RLH 1.16 -1.6SandRidgeEnergy SD 0.70 10.7ScorpioBulkers SALT 1.68 14.4SeaDrill SDRL 0.38 17.6SecondSightMed EYES 0.71 -4.2SoundFinBancorp SFBC 17.00 5.2StableRoadWt SRACW 0.50 -6.7StoneMor STON 0.51 -17.3SunlandsTech STG 0.95 -18.3Sunworks SUNW 0.29 1.0TaronisTech TRNX 0.12 -13.2TesscoTech TESS 4.23 0.236Kr KRKR 3.90 -5.6ThunderBridgeIIWt THBRW 0.65 -11.3TItanIntl TWI 1.25 ...Trevena TRVN 0.46 3.6UnionAcqnIIWt LATNW 0.11 ...WVS Financial WVFC 13.00 -0.6

52-Wk %Stock Sym Hi/Lo Chg

New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and sapply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotesx and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incompleteprice, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund nottracked. NS-Fund didn’t exist at start of period.

Net YTDFund NAV Chg %Ret

American Century InvUltra 46.46 +3.51 -10.9American Funds Cl AAmcpA p 28.40 +1.64 -15.4AMutlA p 36.36 +1.67 -15.9BalA p 25.52 +0.89 -10.1BondA p 13.51 -0.02 3.8CapIBA p 53.49 +1.47 -14.7CapWGrA 42.10 +2.01 -19.0EupacA p 43.22 +1.97 -22.3FdInvA p 49.91 +2.98 -19.2GwthA p 44.29 +2.62 -13.4HI TrA p 8.44 +0.03 -14.9ICAA p 32.65 +1.68 -17.0IncoA p 19.55 +0.61 -15.1N PerA p 39.28 +2.22 -16.9NEcoA p 38.63 +2.36 -15.5NwWrldA 55.67 +2.70 -21.1SmCpA p 45.49 +2.52 -22.7TxExA p 12.92 +0.07 -2.5WshA p 38.81 +2.34 -18.9Baird FundsAggBdInst 11.34 -0.02 1.8CorBdInst 11.51 -0.02 0.2BlackRock FundsHiYldBd Inst 6.45 ... -15.8BlackRock Funds AGlblAlloc p 17.08 +0.63 -14.4BlackRock Funds InstMultiAstIncome 9.50 ... -12.4StratIncOpptyIns 9.32 ... -5.8StratMuniOppI 10.60 +0.08 -9.5Bridge Builder TrustCoreBond 10.52 -0.01 1.7CorePlusBond 10.07 ... -0.2Intl Eq 9.42 +0.47 -21.4Del Invest InstlValue 16.83 +0.92 -24.3Dimensional Fds5GlbFxdInc 10.75 ... 0.2DFARlEst 31.19 +2.16 -23.4

EmgMktVa 20.11 +0.78 -29.9EmMktCorEq 15.94 +0.68 -26.6IntlCoreEq 10.02 +0.51 -27.3IntSmCo 13.14 +0.63 -30.5IntSmVa 12.83 +0.67 -33.7TAUSCoreEq2 15.29 +1.06 -23.8US CoreEq1 19.96 +1.36 -22.6US CoreEq2 17.92 +1.23 -24.0US Small 23.34 +1.76 -33.1US SmCpVal 20.73 +1.62 -39.6US TgdVal 13.92 +1.11 -39.6USLgVa 26.87 +1.79 -30.0Dodge & CoxBalanced 80.14 +3.77 -19.6Income 13.80 +0.03 -0.7Intl Stk 30.21 +1.66 -30.7Stock 138.09 +9.10 -27.3DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 35.18 +2.41 -8.7Fidelity500IdxInstPrem 92.85 +6.10 -17.1Contrafund K6 12.78 +0.81 -11.7ExtMktIdxInstPre 46.64 +3.49 -28.3IntlIdxInstPrem 33.26 +1.60 -22.6MidCpInxInstPrem 17.51 +1.31 -25.9SAIUSLgCpIndxFd 14.31 +0.94 -17.2SeriesOverseas 8.65 +0.39 -19.8SmCpIdxInstPrem 14.41 +1.09 -31.5TMktIdxInstPrem 73.43 +4.92 -18.9USBdIdxInstPrem 12.27 -0.01 3.7Fidelity Advisor INwInsghtI 27.45 +1.73 -16.1Fidelity FreedomFF2020 14.34 +0.40 -11.5FF2025 12.46 +0.39 -13.0FF2030 15.14 +0.56 -15.1Freedom2020 K 14.32 +0.39 -11.6Freedom2025 K 12.44 +0.39 -13.0

Net YTDFund NAV Chg %Ret

Freedom2030 K 15.13 +0.56 -15.0Freedom2035 K 12.33 +0.56 -18.2Freedom2040 K 8.50 +0.43 -19.7Fidelity InvestAMgr50% 16.53 +0.50 -11.0Balanc 21.36 +1.03 -12.7BluCh 94.74 +6.99 -12.1Contra 12.05 +0.77 -11.5ContraK 12.07 +0.78 -11.5CpInc r 8.24 +0.18 -18.7GroCo 19.32 +1.36 -9.6GrowCoK 19.36 +1.37 -9.5InvGrBd 11.54 ... 0.5LowP r 36.23 +2.40 -27.6Magin 9.07 +0.63 -11.1OTC 11.34 +0.76 -11.3Puritn 20.45 +0.83 -9.8SrsEmrgMkt 15.88 +0.73 -23.0SrsGlobal 10.19 +0.48 -22.6SrsGroCoRetail 16.10 +1.14 -9.3SrsIntlGrw 14.73 +0.79 -15.9SrsIntlVal 7.17 +0.38 -27.6TotalBond 10.77 ... -0.6Fidelity SAITotalBd 10.29 ... -1.2U.S.TreBdIdx 10.92 -0.03 8.8First Eagle FundsGlbA 48.12 +2.19 -17.0FPA FundsFPACres 26.84 +1.22 NAFranklin A1CA TF A1 p 7.35 +0.05 -3.2IncomeA1 p 1.93 +0.05 -16.4FrankTemp/Frank AdvIncomeAdv 1.91 +0.05 -16.5FrankTemp/Franklin ARisDv A p 56.96 +3.68 -17.9FrankTemp/Franklin CIncome C t 1.96 +0.05 -16.3FrankTemp/Temp AdvGlBondAdv p 10.01 -0.06 -4.9

Net YTDFund NAV Chg %Ret

Monday, April 6, 2020

INSTTRF2030 21.72 +0.88 -13.5INSTTRF2035 21.62 +0.97 -15.2INSTTRF2040 21.51 +1.06 -16.9INSTTRF2045 21.36 +1.15 -18.4INSTTRF2050 21.39 +1.14 -18.4IntlVal 28.00 +1.36 -25.4LifeCon 19.44 +0.47 -7.1LifeGro 30.26 +1.44 -16.3LifeMod 25.46 +0.91 -11.8PrmcpCor 21.72 +1.26 -22.2STAR 24.06 +0.96 -12.0TgtRe2015 14.18 +0.30 -6.6TgtRe2020 29.37 +0.89 -9.7TgtRe2025 17.49 +0.63 -11.8TgtRe2030 31.51 +1.27 -13.6TgtRe2035 19.09 +0.85 -15.2TgtRe2040 32.53 +1.60 -16.9TgtRe2045 20.15 +1.08 -18.4TgtRe2050 32.46 +1.74 -18.4TgtRet2055 35.24 +1.89 -18.4TgtRetInc 13.28 +0.24 -5.1TotIntBdIxInv 11.32 ... 0.3WellsI 25.38 +0.54 -6.3Welltn 37.79 +1.55 -12.2WndsrII 28.20 +1.90 -22.5VANGUARD INDEX FDSMdCpVlAdml 42.53 +3.31 -30.6SmValAdml 37.83 +2.91 -35.5TotBd2 11.28 -0.01 3.1TotIntl 13.64 +0.65 -23.4TotSt 64.33 +4.30 -18.9VANGUARD INSTL FDSBalInst 34.97 +1.42 -10.2DevMktsIndInst 10.79 +0.54 -23.5DevMktsInxInst 16.87 +0.85 -23.4ExtndInst 68.42 +5.11 -28.3GrwthInst 83.39 +6.05 -10.9InPrSeIn 10.97 +0.02 4.1InstIdx 237.65+15.60 -17.1InstPlus 237.66+15.61 -17.1InstTStPlus 55.05 +3.68 -18.9MidCpInst 36.73 +2.74 -24.3MidCpIstPl 181.13+13.48 -24.3RealEstaInstl 15.24 +1.07 -24.6SmCapInst 55.14 +4.15 -30.3STIGradeInst 10.51 ... -1.4STIPSIxins 24.75 +0.02 0.2TotBdInst 11.36 -0.01 3.5TotBdInst2 11.28 -0.01 3.1TotBdInstPl 11.36 -0.01 3.5TotIntBdIdxInst 33.97 +0.02 0.3TotIntlInstIdx r 91.21 +4.32 -23.4TotItlInstPlId r 91.22 +4.32 -23.4TotStInst 64.36 +4.30 -18.8ValueInst 35.69 +2.08 -23.0WCM Focus FundsWCMFocIntlGrwIns 16.03 +0.94 -15.2Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

R2025 NA ... NAR2030 NA ... NAR2035 NA ... NAR2040 NA ... NAValue NA ... NAPRIMECAP Odyssey FdsAggGrowth r 34.98 +2.23 -22.1Growth r 31.54 +1.97 -23.0Putnam Funds Class AStDurInc 9.91 ... -0.9Schwab FundsS&P Sel NA ... NATSM Sel r NA ... NATIAA/CREF FundsBdIdxInst 11.40 -0.01 3.3VANGUARD ADMIRAL500Adml 245.93+16.15 -17.1BalAdml 34.96 +1.42 -10.2CAITAdml 11.85 +0.08 -1.4CapOpAdml r 125.85 +7.40 -20.2EMAdmr 28.48 +1.10 -22.8EqIncAdml 62.64 +3.59 -20.5ExplrAdml 71.61 +5.62 -26.3ExtndAdml 68.43 +5.12 -28.3GNMAAdml 10.86 +0.01 3.6GrwthAdml 83.39 +6.05 -10.9HlthCareAdml r 77.72 +3.68 -8.9HYCorAdml r 5.19 +0.02 -11.7InfProAd 26.92 +0.05 4.1IntlGrAdml 87.98 +4.65 -14.4ITBondAdml 12.07 -0.02 2.9ITIGradeAdml 9.84 ... -0.7LTGradeAdml 10.95 -0.01 1.6MidCpAdml 166.26+12.37 -24.3MuHYAdml 11.05 +0.06 -5.1MuIntAdml 14.16 +0.08 -1.5MuLTAdml 11.55 +0.08 -2.2MuLtdAdml 10.94 +0.03 -0.8MuShtAdml 15.75 +0.03 -0.2PrmcpAdml r 116.49 +6.71 -19.2RealEstatAdml 98.45 +6.89 -24.6SmCapAdml 55.14 +4.15 -30.3SmGthAdml 53.11 +3.92 -23.9STBondAdml 10.74 -0.01 2.2STIGradeAdml 10.51 ... -1.4TotBdAdml 11.36 -0.01 3.5TotIntBdIdxAdm 22.64 +0.02 0.3TotIntlAdmIdx r 22.81 +1.08 -23.4TotStAdml 64.35 +4.30 -18.9TxMCapAdml 135.82 +9.11 -17.7TxMIn r 10.78 +0.54 -23.4USGroAdml 100.28 +7.15 -10.0ValAdml 35.69 +2.08 -23.0WdsrllAdml 50.04 +3.37 -22.5WellsIAdml 61.49 +1.32 -6.3WelltnAdml 65.26 +2.68 -12.2WndsrAdml 52.64 +3.62 -27.2VANGUARD FDSDivdGro 26.07 +1.65 -14.6INSTTRF2020 21.77 +0.66 -9.7INSTTRF2025 21.80 +0.78 -11.8

Mutual FundsGuggenheim Funds TruTotRtnBdFdClInst 27.80 -0.03 3.1Harbor FundsCapApInst 68.04 +4.68 -10.2Harding LoevnerIntlEq 19.29 +0.76 NAInvesco Funds AEqIncA 8.30 +0.37 -18.9Invesco Funds YDevMktY 35.54 +1.39 -22.1JPMorgan I ClassCoreBond NA ... NAEqInc NA ... NAJPMorgan R ClassCoreBond NA ... NACorePlusBd NA ... NALord Abbett AShtDurIncmA p 3.95 ... -5.4Lord Abbett FShtDurIncm 3.95 ... -5.4Lord Abbett IShtDurInc p 3.95 ... -5.3Metropolitan WestTotRetBd 11.13 ... 2.3TotRetBdI 11.13 ... 2.4TRBdPlan 10.47 ... 2.4MFS Funds Class IValueI 34.85 +2.25 -21.6MFS Funds InstlIntlEq 22.23 +0.91 -20.2Nuveen Cl IHYMunBd 15.53 +0.10 -12.5Oakmark Funds InvestOakmrkInt 15.66 +1.19 -37.2Old Westbury FdsLrgCpStr 12.18 +0.68 -19.2PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset 10.12 +0.23 NATotRt 10.53 -0.01 2.6PIMCO Funds AIncomeFd 10.92 +0.04 NAPIMCO Funds I2Income 10.92 +0.04 NAPIMCO Funds InstlIncomeFd 10.92 +0.04 NAPrice FundsBlChip 110.50 +8.12 NADivGro 44.47 +2.83 NAEqInc 23.22 +1.46 NAEqIndex 70.76 +4.65 NAGrowth 63.73 +4.63 NAHelSci NA ... NAInstlCapG NA ... NAIntlStk 14.75 +0.71 NAMidCap 75.30 +5.38 -21.0N Inc 9.35 -0.01 NANHoriz 52.56 +3.51 NAOverS SF r NA ... NAR2020 NA ... NA

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Data provided by

NOTICE TO READERSDue to extreme market activity and delayed reporting of closing prices from the

sources, some NAVs may reflect previous day’s trading.Up-to-date mutual-fund data can be found online atWSJMarkets.com.

iSh1-3YTreasuryBd SHY 86.56 –0.07 2.3iSh7-10YTreasuryBd IEF 121.39 –0.45 10.1iSh20+YTreasuryBd TLT 168.06 –0.26 24.0iShRussellMCGrowth IWP 124.49 8.09 –18.4iShUSTreasuryBdETF GOVT 28.07 –0.25 8.2JPMUltShtIncm JPST 49.71 0.06 –1.4PIMCOEnhShMaturity MINT 99.38 –0.03 –2.2SPDRBlmBarcHYBd JNK 92.80 2.50 –15.3SPDRBloomBar1-3MTB BIL 91.56 0.01 0.1SPDRGold GLD 156.88 2.77 9.8SchwabIntEquity SCHF 25.94 5.36 –22.9SchwabUSAggrBd SCHZ 54.72 0.35 2.4SchwabUSBrdMkt SCHB 61.93 6.90 –19.4SchwabUSDiv SCHD 46.77 5.58 –19.3SchwabUSLC SCHX 62.83 6.80 –18.2SchwabUSLCGrw SCHG 81.78 7.45 –12.0SchwabUSTIPs SCHP 58.82 –0.17 3.9SPDRDJIATr DIA 226.53 7.56 –20.5SPDRS&PMdCpTr MDY 262.83 8.12 –30.0SPDRS&P500 SPY 264.86 6.72 –17.7SPDRS&PDiv SDY 80.94 6.26 –24.8TechSelectSector XLK 83.70 8.53 –8.7UtilitiesSelSector XLU 55.79 7.72 –13.7VanEckGoldMiner GDX 26.34 5.57 –10.0VangdInfoTech VGT 219.76 8.52 –10.2VangdSCVal VBR 87.82 8.21 –35.9VangdSCGrwth VBK 150.67 7.79 –24.2VangdDivApp VIG 107.17 6.62 –14.0VangdFTSEDevMk VEA 33.54 5.37 –23.9VangdFTSEEM VWO 34.28 4.93 –22.9VangdFTSEEurope VGK 43.33 4.94 –26.1VangdFTSEAWxUS VEU 41.42 5.21 –22.9VangdGrowth VUG 161.54 7.41 –11.3VangdHlthCr VHT 170.85 5.38 –10.9VangdHiDiv VYM 73.05 5.82 –22.0VangdIntermBd BIV 88.97 –0.11 2.0VangdIntrCorpBd VCIT 87.12 1.02 –4.6VangdLC VV 121.64 6.66 –17.7VangdMC VO 134.05 7.81 –24.8VangdMBS VMBS 54.24 –0.48 2.0VangdRealEst VNQ 69.31 7.41 –25.3VangdS&P500ETF VOO 243.53 6.80 –17.7VangdSTBond BSV 81.91 0.16 1.6VangdSTCpBd VCSH 78.76 0.52 –2.8VangdSC VB 114.97 8.20 –30.6VangdTotalBd BND 86.23 0.31 2.8VangdTotIntlBd BNDX 56.42 0.48 –0.3VangdTotIntlStk VXUS 42.50 5.12 –23.7VangdTotalStk VTI 132.01 6.99 –19.3VangdTotlWrld VT 63.88 6.13 –21.1VangdValue VTV 91.25 5.97 –23.9

Closing Chg YTDETF Symbol Price (%) (%)

CnsmrDiscSelSector XLY 100.10 8.32 –20.2CnsStapleSelSector XLP 57.41 3.72 –8.8FinSelSectorSPDR XLF 21.05 7.18 –31.6FTValDivFd FVD 28.12 7.04 –22.0HealthCareSelSect XLV 91.33 5.24 –10.3InvscQQQI QQQ 196.48 7.15 –7.6InvscS&P500EW RSP 85.87 7.57 –25.8InvscS&P500LowVol SPLV 47.85 7.21 –18.0iSh3-7YTreasuryBd IEI 132.89 –0.24 5.7iShCoreDivGrowth DGRO 33.66 6.79 –20.0iShCoreMSCIEAFE IEFA 49.96 5.33 –23.4iShCoreMSCIEM IEMG 41.39 5.02 –23.0iShCoreMSCITotInt IXUS 47.19 5.24 –23.8iShCoreS&P500 IVV 265.80 6.74 –17.8iShCoreS&PMC IJH 143.90 8.05 –30.1iShCoreS&PSC IJR 55.15 8.16 –34.2iShS&PTotlUSStkMkt ITOT 58.59 7.17 –19.4iShCoreUSAggBd AGG 115.54 0.49 2.8iShSelectDividend DVY 74.30 7.11 –29.7iShEdgeMSCIMinEAFE EFAV 61.74 3.72 –17.2iShEdgeMSCIMinUSA USMV 55.65 6.30 –15.2iShEdgeMSCIUSAMom MTUM 108.31 7.15 –13.7iShEdgeMSCIUSAQual QUAL 83.50 6.70 –17.3iShFloatingRateBd FLOT 49.06 0.12 –3.7iShGoldTr IAU 15.94 2.64 9.9iShiBoxx$InvGrCpBd LQD 123.49 1.97 –3.5iShiBoxx$HYCpBd HYG 75.34 2.43 –14.3iShIntermCorpBd IGIB 55.19 1.45 –4.8iShJPMUSDEmgBd EMB 97.53 2.02 –14.9iShMBSETF MBB 110.01 –0.06 1.8iShMSCIACWI ACWI 63.69 6.17 –19.6iShMSCI EAFE EFA 53.60 5.30 –22.8iShMSCI EAFESC SCZ 44.29 5.30 –28.9iShMSCIEmgMarkets EEM 34.94 5.46 –22.1iShMSCIJapan EWJ 49.32 5.91 –16.7iShNatlMuniBd MUB 111.20 1.16 –2.4iShPfd&Incm PFF 30.93 3.07 –17.7iShRussell1000Gwth IWF 155.13 7.29 –11.8iShRussell1000 IWB 145.30 6.87 –18.6iShRussell1000Val IWD 101.32 6.37 –25.8iShRussell2000 IWM 112.63 7.66 –32.0iShRussell3000 IWV 151.73 6.97 –19.5iShRussellMid-Cap IWR 43.91 8.05 –26.4iShRussellMCValue IWS 64.64 7.91 –31.8iShS&P500Growth IVW 170.63 7.30 –11.9iShS&P500Value IVE 98.57 6.29 –24.2iShShortCpBd IGSB 52.27 0.50 –2.5iShShortTreaBd SHV 110.89 0.01 0.4iShTIPSBondETF TIP 121.25 –0.07 4.0

Closing Chg YTDETF Symbol Price (%) (%)

Monday, April 6, 2020

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

ADVERTISE TODAYTHE MARKETPLACE

(800) 366-3975

©2020 Dow Jones & Company, Inc.All Rights Reserved.

Formore information visit:wsj.com/classifieds

FRANCHISE

The MarketplaceADVERTISEMENT

To advertise: 800-366-3975 orWSJ.com/classifieds

%"!(&!*# 1.!,/#,+0*7./%6!1,3%'7,0#+,/)74*%$+) (',%

! (@55!-01= )<!5%04-6 30)5! 4-&!30 ')@30)-

! . =!%5 %?!5%6! 5!?!-@!): >98/41! *11 !7@4</!-0 4-$1@#!#! ,;>+ ()5<)5%0! $@30)/!5

$)-0%$03 0)0%14-6 "+;;2

;!B6: 5'9*>J=J#?J !I(-"2$5

7&/!+6#.+.-A2GDDG>;7-8;K3

%"&!"&($'%"#&&&):!F6#I6H$E)"!$(IH6#"C@E@#F

D@#<0!F6#%5,9+,4'+/1,*

BUSINESS OPPORTUNITIES

)"..%(#& +",%' *$,&.-!&$-(-:073+- 8)&$ &- 3/<&%4 3-.!74/!-4 :0-#3-.!743-6 3- 5!&145%&9!$ 37 0-#!96+3-6 &"2=' %&<34&1 9&37! 4+ 70<<+94 69+,45 +:45!39 %099!-4 <+94:+13+ ,531! &17+ %+-73#!93-6&- 3-.!74/!-4 3- *+.3# 4!743-6; (: >+0 &9!*))!&'$,&' *"' $",&!&#,&' $" $"+&#,$"%(%1:$9: '/$41! 3:88#4-8,94+-6)$<"+/

&; ($11 *2! 0).<.56<57==

P2JW098000-0-B00700-1--------XA

B8 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.April 2.2130 2.2390 2.2130 2.2350 0.0250 2,246May 2.1885 2.2290 2.1820 2.2175 0.0250 85,764Gold (CMX)-100 troy oz.; $ per troy oz.April 1629.10 1696.70 1625.90 1677.00 43.30 1,906June 1647.70 1715.80 s 1638.20 1693.90 48.20 354,372Aug 1648.10 1712.90 s 1638.20 1692.20 46.70 55,940Oct 1645.00 1707.00 1645.00 1693.10 46.50 12,047Dec 1649.50 1713.50 s 1639.70 1693.10 46.60 41,059Feb'21 1652.00 1712.00 1642.10 1693.30 46.20 9,842Palladium (NYM) - 50 troy oz.; $ per troy oz.April 1593.60 1593.60 1593.60 2105.30 –29.20 4May … 2260.00 s 2260.00 2093.10 –29.20 n.a.June 2120.00 2137.00 2020.00 2076.80 –29.20 6,646Sept 2102.30 2102.30 2047.40 2067.50 –26.60 614Dec 2120.80 2120.80 2119.80 2053.10 –26.20 433Platinum (NYM)-50 troy oz.; $ per troy oz.April 720.80 720.80 719.50 728.00 13.90 10July 718.80 741.60 718.80 732.00 13.90 48,990Silver (CMX)-5,000 troy oz.; $ per troy oz.April 14.550 15.120 14.550 15.111 0.675 54May 14.540 15.405 14.355 15.169 0.675 76,182CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 26.09 28.24 25.28 26.08 –2.26 595,835June 29.20 31.27 28.13 29.98 –0.92 316,617July 30.94 32.97 30.05 32.04 –0.29 200,343Aug 31.70 33.65 30.77 32.93 –0.07 102,488Sept 32.47 34.04 31.18 33.43 0.06 129,382Dec 33.60 34.90 32.30 34.36 0.20 255,965NYHarborULSD (NYM)-42,000gal.; $ per gal.May 1.0505 1.0900 1.0161 1.0457 –.0249 95,958June 1.0740 1.1135 1.0497 1.0739 –.0207 50,487Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May .6670 .7250 .6353 .7016 .0100 109,931June .7222 .7822 .6976 .7621 .0098 60,586Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 1.650 1.755 1.630 1.731 .110 351,155June 1.768 1.865 1.745 1.844 .106 104,680July 1.950 2.014 1.928 1.989 .070 134,875Sept 2.039 2.101 2.022 2.085 .065 101,876Oct 2.106 2.167 2.093 2.149 .058 101,765Jan'21 2.790 2.822 s 2.785 2.804 .008 68,954

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 329.75 331.75 t 325.50 327.75 –3.00 430,332July 335.25 337.25 t 331.25 333.50 –3.25 409,628Oats (CBT)-5,000bu.; cents per bu.May 274.00 279.00 268.00 273.50 .75 1,990July 270.25 274.25 264.00 268.00 –.25 1,050Soybeans (CBT)-5,000bu.; cents per bu.May 853.50 859.00 848.50 855.50 1.25 245,883July 858.50 864.00 854.25 861.25 1.75 197,928SoybeanMeal (CBT)-100 tons; $ per ton.May 302.70 303.50 296.80 297.00 –6.20 121,065July 303.30 304.00 299.30 299.90 –3.40 99,369SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 26.43 26.94 26.20 26.83 .40 139,999July 26.75 27.25 26.52 27.15 .40 111,144RoughRice (CBT)-2,000 cwt.; $ per cwt.May 1461.00 1474.00 s 1455.50 1468.00 13.00 6,278July 1440.50 1450.00 t 1439.50 1445.00 6.00 2,673Wheat (CBT)-5,000bu.; cents per bu.May 550.00 561.75 549.75 555.75 6.50 132,715July 545.75 555.75 545.75 551.00 6.00 111,021Wheat (KC)-5,000bu.; cents per bu.May 472.25 485.00 472.25 475.75 3.75 90,071

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

July 479.75 491.25 479.75 481.75 3.25 74,723Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 105.075 112.575 t 103.950 110.425 2.175 3,130May 105.200 112.500 t 103.625 109.300 1.200 14,688Cattle-Live (CME)-40,000 lbs.; cents per lb.April 83.825 85.750 t 83.825 83.825 –4.500 15,123June 76.800 82.950 t 76.600 80.300 –.550 123,811Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 40.225 42.750 t 37.500 41.125 .900 17,900June 43.825 51.075 t 43.825 49.650 1.325 78,645Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 282.00 282.00 282.00 282.00 18.00 1,362July 300.10 300.10 300.10 300.10 18.00 912Milk (CME)-200,000 lbs., cents per lb.April 13.99 13.99 t 13.62 13.88 –.19 2,984June 13.18 13.62 t 12.41 13.05 –.08 4,041Cocoa (ICE-US)-10metric tons; $ per ton.May 2,284 2,392 2,267 2,366 102 49,642July 2,269 2,367 2,269 2,348 88 61,506Coffee (ICE-US)-37,500 lbs.; cents per lb.May 114.85 117.80 112.40 116.65 1.75 58,252July 116.00 118.45 114.05 117.90 1.40 55,176Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 10.46 10.56 10.29 10.45 .14 298,361July 10.49 10.55 10.30 10.42 .09 258,529Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.May 26.50 26.50 26.50 26.55 .20 261July 26.30 26.30 26.30 26.30 … 2,579Cotton (ICE-US)-50,000 lbs.; cents per lb.May 50.88 53.86 49.31 53.05 2.07 71,351July 51.15 53.51 49.40 53.08 2.10 57,048Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 111.55 112.35 108.25 109.50 –3.00 5,101July 113.00 113.00 110.00 111.90 –2.10 4,784

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 228-000 228-000 224-180 225-090 –2-31.0 1,051,991TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 182-040 182-040 180-100 180-180 –2-00.0 1,000,998Sept 180-070 181-020 179-050 179-020 –2-00.0 132TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 138-315 139-010 138-105 138-130 –23.5 3,243,102Sept 138-195 138-245 138-000 138-010 –23.5 675Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 125-087 125-097 124-310 125-002 –13.0 3,722,9492Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-057 110-057 110-031 110-035 –3.1 2,707,959Sept 110-085 110-092 110-075 110-075 –3.2 1,29030DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9425 99.9450 s 99.9400 99.9425 .0000 228,712May 99.9250 99.9250 99.9100 99.9100 –.0150 258,66610Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 105-065 105-310 105-065 105-105 –24.0 64,527Eurodollar (CME)-$1,000,000; pts of 100%April 98.7450 98.7600 98.7175 98.7250 –.0050 646,236June 99.4750 99.4800 99.4400 99.4450 –.0400 1,611,759Sept 99.6300 99.6300 99.5950 99.6000 –.0300 1,515,711Dec 99.6550 99.6550 99.6150 99.6250 –.0300 1,065,080

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9195 .9227 .9145 .9170 –.0067 1,043June .9235 .9243 .9158 .9187 –.0068 120,122CanadianDollar (CME)-CAD 100,000; $ per CADApril .7008 .7103 .7008 .7084 .0018 1,371June .7021 .7110 .7017 .7089 .0018 109,103BritishPound (CME)-£62,500; $ per£April 1.2270 1.2325 1.2207 1.2302 .0028 1,217June 1.2233 1.2336 1.2219 1.2311 .0029 151,472

Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0255 1.0273 1.0234 1.0250 –.0022 29,659Sept 1.0285 1.0301 1.0274 1.0283 –.0023 67AustralianDollar (CME)-AUD 100,000; $ perAUDApril .6028 .6103 .6000 .6091 .0091 766June .6000 .6107 .5993 .6092 .0090 125,063MexicanPeso (CME)-MXN500,000; $ perMXNApril .03936 .04056 t .03882 .04025 –.00002 40June .03941 .04019 t .03835 .03984 –.00001 99,787Euro (CME)-€125,000; $ per €April 1.0814 1.0836 1.0771 1.0799 –.0014 4,015June 1.0835 1.0857 1.0792 1.0821 –.0013 536,742

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 20944 22663 20944 22488 1531 53,978Sept 21181 22597 20907 22423 1518 167S&P500 Index (CME)-$250 x indexJune 2506.00 2586.20 2485.40 2644.60 161.90 79,363Sept … … … 2640.50 161.10 11

Mini S&P500 (CME)-$50 x indexJune 2485.00 2668.50 2484.75 2644.50 161.75 3,486,777Sept 2483.75 2664.50 2482.50 2640.50 161.00 24,573Mini S&PMidcap400 (CME)-$100 x indexJune 1346.10 1444.20 1330.30 1439.10 108.90 82,189Sept 1434.70 1436.00 1338.10 1446.10 108.90 1MiniNasdaq 100 (CME)-$20 x indexJune 7535.75 8099.00 7535.50 8029.75 507.00 182,620Sept 7625.00 8095.00 7531.00 8027.75 505.50 1,295Mini Russell 2000 (CME)-$50 x indexJune 1049.10 1138.00 1049.10 1128.70 75.70 573,475Sept 1083.00 1136.20 1051.70 1127.70 76.10 114Mini Russell 1000 (CME)-$50 x indexJune 1420.70 1457.00 1353.90 1448.90 95.10 8,383U.S. Dollar Index (ICE-US)-$1,000 x indexJune 100.87 101.03 100.54 100.76 .08 27,958Sept 100.66 101.02 100.66 100.77 .09 551

Source: FactSet

Monday

Platinum,Engelhard fabricated n.a.Palladium,Engelhard industrial 2120.0Palladium,Engelhard fabricated n.a.Aluminum, LME, $ permetric ton *1452.0Copper,Comex spot 2.2350IronOre, 62%FeCFRChina-s 82.6ShreddedScrap, USMidwest-s,m 280Steel, HRCUSA, FOBMidwestMill-s 516

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.5700Cotton,1 1/16 std lw-mdMphs-u 0.4930Cotlook 'A' Index-t *60.75Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 90Corn,No. 2 yellow,Cent IL-bp,u 3.1250Corn gluten feed,Midwest-u,w 117.8Corn glutenmeal,Midwest-u,w 497.2Cottonseedmeal-u,w 290Hominy feed,Cent IL-u,w 100Meat-bonemeal,50%proMnpls-u,w 228Oats,No.2milling,Mnpls-u 3.0850Rice, LongGrainMilled, No. 2AR-u,w 26.50Sorghum,(Milo)No.2Gulf-u 7.4150SoybeanMeal,Cent IL,rail,ton48%-u 298.50Soybeans,No.1 yllw IL-bp,u 8.4400Wheat,Spring14%-proMnpls-u 6.3675

Monday

Wheat,No.2 soft red,St.Louis-bp,u 5.7100Wheat -Hard - KC (USDA) $ per bu-u 4.8475Wheat,No.1softwhite,Portld,OR-u 6.0750

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 193.91select 1-3,600-900 lbs.-u 179.57Broilers, National compwtd. avg.-u,w 0.6661Butter,AAChicago 1.2550Cheddar cheese,bbl,Chicago 109.00Cheddar cheese,blk,Chicago 112.75Milk,Nonfat dry,Chicago lb. 86.25Coffee,Brazilian,Comp 1.1262Coffee,Colombian, NY 1.6130Eggs,largewhite,Chicago-u 2.8250Flour,hardwinter KC 14.85Hams,17-20 lbs,Mid-US fob-u 0.33Hogs,Iowa-So.Minnesota-u 56.02Pork bellies,12-14 lbMidUS-u 0.5161Pork loins,13-19 lbMidUS-u 1.1773Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 144.50

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 46.2500Grease,choicewhite,Chicago-h 0.2300Lard,Chicago-u 0.3200Soybean oil,crude;Centl IL-u 0.2666Tallow,bleach;Chicago-h 0.2800Tallow,edible,Chicago-u n.a.

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;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 4/3

Source:WSJMarket Data Group

CashPrices Monday, April 6, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Monday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550

MetalsGold, per troy ozEngelhard industrial 1641.00Engelhard fabricated n.a.Handy&Harmanbase 1648.30Handy&Harman fabricated 1829.61LBMAGold PriceAM *1609.75LBMAGold Price PM *1613.10Krugerrand,wholesale-e 1725.26Maple Leaf-e 1741.85AmericanEagle-e 1741.85Mexican peso-e 2008.14Austria crown-e 1629.05Austria phil-e 1741.85Silver, troy oz.Engelhard industrial 14.6000Engelhard fabricated n.a.Handy&Harmanbase 14.7450Handy&Harman fabricated 18.4310LBMAspot price *£11.7300(U.S.$ equivalent) *14.3900Coins,wholesale $1,000 face-a 14212OthermetalsLBMAPlatinumPrice PM *714.0Platinum,Engelhard industrial 736.0

|WSJ.com/commodities

Borrowing Benchmarks | WSJ.com/bonds

MoneyRates April 6, 2020

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationFeb. index ChgFrom (%)

level Jan. '20 Feb. '19

U.S. consumer price indexAll items 258.678 0.27 2.3Core 267.268 0.48 2.4

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 5.50 3.25Canada 2.45 2.95 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00

Week —52-WEEK—Latest ago High Low

Offer 0.1000 0.0800 2.5000 0.0500

Treasury bill auction4weeks 0.090 0.000 2.400 0.00013weeks 0.125 0.085 2.400 0.00026weeks 0.160 0.100 2.400 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.452 2.281 3.857 2.28160days 2.505 2.341 3.884 2.341

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.25 2.00

Commercial paper (AA financial)90days n.a. n.a. 2.58 0.58

LiborOnemonth 0.92125 0.98450 2.48738 0.61163Threemonth 1.35238 1.43338 2.60350 0.74050Sixmonth 1.23825 1.09175 2.63850 0.73538One year 1.04263 1.01400 2.76188 0.74350

Euro LiborOnemonth -0.386 -0.395 -0.386 -0.621Threemonth -0.232 -0.265 -0.232 -0.539Sixmonth -0.158 -0.204 -0.158 -0.491One year -0.145 -0.187 -0.145 -0.441

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.068 44.400 6.007 0.002MBS 0.069 73.700 6.699 0.011

Notes ondata:

U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.DTCCGCFRepo Index is Depository Trust&ClearingCorp.'sweighted average for overnight trades inapplicable CUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are TullettPrebon rates as of 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Switzerland 0.50 0.50 0.50 0.50Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.50 0.25

Overnight repurchaseU.S. 0.02 -0.02 3.40 -0.07

U.S. government rates

Discount0.25 0.25 3.00 0.25

Federal fundsEffective rate 0.0900 0.1400 2.4800 0.0900High 0.1500 0.3500 3.0000 0.1500Low 0.0300 0.0500 2.4400 0.0200Bid 0.0300 0.0500 2.4400 0.0100

Week —52-WEEK—Latest ago High Low

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.375 U.S. 2 0.272 s l 0.225 0.528 2.3431.500 10 0.673 s l 0.596 0.767 2.494

2.000 Australia 2 0.214 t l 0.214 0.400 1.512 -5.9 -1.1 -83.12.500 10 0.780 s l 0.765 0.686 1.913 10.7 16.9 -58.1

0.000 France 2 -0.496 t l -0.493 -0.720 -0.510 -76.8 -71.8 -285.30.000 10 0.063 t l 0.078 -0.359 0.362 -61.0 -51.9 -213.1

0.000 Germany 2 -0.659 s l -0.671 -0.858 -0.577 -93.1 -89.6 -292.00.000 10 -0.425 s l -0.439 -0.712 0.010 -109.8 -103.5 -248.3

1.200 Italy 2 0.441 s l 0.436 0.041 0.491 16.9 21.1 -185.21.350 10 1.488 t l 1.531 1.072 2.478 81.5 93.5 -1.5

0.100 Japan 2 -0.134 t l -0.132 -0.306 -0.149 -40.6 -35.7 -249.30.100 10 0.004 s l -0.009 -0.146 -0.029 -66.9 -60.5 -252.3

0.400 Spain 2 -0.119 s l -0.131 -0.455 -0.279 -39.1 -35.6 -262.20.500 10 0.721 t l 0.727 0.206 1.100 4.8 13.1 -139.4

0.500 U.K. 2 0.101 s l 0.090 0.089 0.757 -17.1 -13.5 -158.64.750 10 0.332 s l 0.313 0.238 1.118 -34.1 -28.3 -137.6

Source: Tullett Prebon

CorporateDebtPricemoves by a company's debt in the creditmarkets sometimesmirror and sometimes anticipate,moves inthat same company’s share price.Investment-grade spreads that tightened themost…

Spread*, in basis points Stock PerformanceIssuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

EnableMidstreamPartners ENBL 4.950 May15, ’28 1243 –263 n.a. 2.59 –3.00Enel Finance International ENELIM 2.875 May25, ’22 255 –156 n.a. ... ...BMWUSCapital BMW 3.450 April 12, ’23 399 –100 434 ... ...Apple AAPL 3.000 June 20, ’27 26 –92 115 262.47 8.72

Sysco SYY 3.300 July 15, ’26 415 –86 394 45.01 13.95BPCapitalMarketsAmerica BPLN 2.750 May10, ’23 172 –80 n.a. ... ...

…Andspreads thatwidened themostBoeing BA 2.700 May1, ’22 584 98 523 148.77 19.47Marriott International MAR 4.000 April 15, ’28 551 72 447 70.59 19.48Panasonic MATSEL 2.536 July 19, ’22 279 54 n.a. ... ...ParkAerospaceHoldings AVOL 5.500 Feb. 15, ’24 1077 51 954 ... ...

BankofNovaScotia BNS 2.000 Nov. 15, ’22 185 37 180 39.18 3.20PNCBank … 2.700 Nov. 1, ’22 n.a. 36 n.a. … …Leggett&Platt LEG 4.400 March 15, ’29 396 34 n.a. 25.33 11.49Truist Bank … 1.250 March 9, ’23 170 29 200 … …

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

Continental Resources CLR 4.375 Jan. 15, ’28 60.125 10.38 46.000 9.49 4.52CF Industries CF 5.375 March 15, ’44 103.589 8.37 94.012 27.50 6.71WPXEnergy WPX 5.250 Oct. 15, ’27 68.750 6.50 n.a. 3.83 1.32EQMMidstreamPartners EQM 5.500 July 15, ’28 66.125 6.38 55.750 13.58 1.12

Intelsat JacksonHoldings INTEL 5.500 Aug. 1, ’23 52.500 6.25 65.500 ... ...WesternMidstreamOperating … 4.500 March 1, ’28 63.500 6.00 40.600 … …UnitedStatesSteel X 6.875 Aug. 15, ’25 70.030 4.53 69.000 6.35 6.54Freeport–Mcmoran FCX 3.550 March 1, ’22 95.750 4.34 96.500 7.19 13.77

…Andwith thebiggest price decreasesLBrands LB 6.950 March 1, ’33 52.000 –17.25 62.500 12.55 10.67Masonite International DOOR 5.375 Feb. 1, ’28 84.570 –8.97 n.a. 41.81 13.74DiamondSports DSPORT 6.625 Aug. 15, ’27 50.000 –6.54 67.500 ... ...Oceaneering International OII 6.000 Feb. 1, ’28 42.937 –5.56 39.500 3.36 18.31

Coty COTY 6.500 April 15, ’26 82.013 –4.53 89.143 5.00 8.70UnitedAirlinesHoldings UAL 4.875 Jan. 15, ’25 73.500 –4.50 86.000 24.02 4.96Uniti UNIT 7.125 Dec. 15, ’24 64.970 –4.03 74.500 5.63 –2.76Surgery CenterHoldings SURCEN 10.000 April 15, ’27 56.471 –4.03 72.750 ... ...

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Sources:MarketAxess CorporateBondTicker; DowJonesMarketData

BroadMarketBloombergBarclays

n.a. n.a. U.S. Aggregate n.a. n.a. n.a.

U.S. Corporate IndexesBloombergBarclays

3016.12 -3.8 U.S. Corporate 3.470 2.220 4.580

2791.74 -3.3 Intermediate 3.220 1.760 4.400

4323.41 -4.8 Long term 3.900 2.950 4.930

643.12 0.8 Double-A-rated 2.350 1.670 3.360

763.02 -7.3 Triple-B-rated 4.280 2.570 5.350

HighYieldBonds ICEBofA

397.36 -14.9 HighYield Constrained 9.770 5.151 11.400

330.80 -24.4 Triple-C-rated 18.330 10.558 19.071

2719.11 -14.9 HighYield 100 8.911 4.516 10.740

359.56 -14.7 Global HighYield Constrained 9.758 4.893 11.310

281.99 -14.2 EuropeHighYield Constrained 6.878 2.464 8.183

U.SAgencyBloombergBarclays

1843.00 4.2 U.SAgency 0.920 0.730 2.630

1605.99 2.8 10-20 years 0.780 0.640 2.520

4226.21 10.8 20-plus years 1.620 1.170 3.120

2653.18 -2.7 Yankee 2.870 1.920 3.500

Bonds | WSJ.com/bonds

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

n.a. n.a. Mortgage-Backed n.a. n.a. n.a.

n.a. n.a. GinnieMae (GNMA) n.a. n.a. n.a.

n.a. n.a. Fanniemae (FNMA) n.a. n.a. n.a.

n.a. n.a. FreddieMac (FHLMC) n.a. n.a. n.a.

560.33 -1.0 MuniMaster 1.921 0.959 3.441

394.30 -1.2 7-12 year 1.886 0.924 3.447

446.42 -1.4 12-22 year 2.343 1.224 3.690

425.59 -3.4 22-plus year 3.127 1.765 4.123

Global Government J.P.Morgan†

608.96 4.5 Global Government 0.620 0.390 1.470

851.40 5.9 Canada 0.960 0.590 1.910

400.08 -0.02 EMU§ 0.559 0.109 1.023

761.33 0.3 France 0.310 -0.160 0.660

546.24 1.9 Germany -0.320 -0.740 0.200

297.30 -0.3 Japan 0.210 -0.070 0.270

603.03 1.2 Netherlands -0.110 -0.540 0.310

1080.39 7.5 U.K. 0.630 0.390 1.540

771.53 -12.5 EmergingMarkets ** 6.692 4.523 7.480

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekApr 3 Mar 27 High Low

Federal funds (effective)0.09 0.15 2.44 0.09

Commercial paperNonfinancial1-month 1.42 1.60 2.46 1.132-month 1.24 1.46 2.48 1.063-month 1.84 1.77 2.49 0.99Financial1-month n.a. 2.15 2.43 1.092-month n.a. 2.27 2.46 1.163-month n.a. 2.44 2.48 0.98

Discountwindowprimary credit0.25 0.25 3.00 0.25

Treasury yields at constantmaturities1-month 0.06 0.01 2.43 0.013-month 0.10 0.01 2.44 0.01

WeekEnded 52-WeekApr 3 Mar 27 High Low

6-month 0.14 0.06 2.47 0.061-year 0.15 0.17 2.44 0.152-year 0.23 0.31 2.40 0.233-year 0.29 0.36 2.37 0.295-year 0.38 0.48 2.39 0.387-year 0.54 0.69 2.48 0.5410-year 0.65 0.81 2.58 0.6520-year 1.08 1.17 2.79 1.08

Treasury yields (secondarymarket)1-month 0.06 0.00 2.39 0.003-month 0.10 -0.01 2.39 -0.016-month 0.14 0.06 2.40 0.06

TIPS5-year -0.24 -0.10 0.54 -0.557-year -0.30 -0.15 0.57 -0.5210-year -0.31 -0.16 0.63 -0.4520-year -0.13 -0.09 0.82 -0.13Long-termavg 0.03 -0.01 0.96 -0.01

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

DividendChangesDividend announcements fromApril 6.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedHBFuller FUL 2.4 .1625 /.16 Q Apr30 /Apr16SabineRoyalty TrUBI SBR 10.4 .2582 /.23656 M Apr29 /Apr15

ForeignChinaYuchai Intl CYD 8.0 .85 A Jul31 /Jul16

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq RecordEuronav EURN 1.2 .29 SA Jun09 /May29GrupoAval AccionesADR AVAL 6.9 .0245 M May12 /May01GrupoAval AccionesADR AVAL 6.9 .0245 M Jun09 /May29XinyuanReal EstateADR XIN 16.6 .10 Q May08 /Apr17

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual;S2:1: stock split and ratio; SO: spin-off.

COMMODITIES WSJ.com/commodities

P2JW098000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Tuesday, April 7, 2020 | B9

ConsumerRates andReturns to Investor

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

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

1.00

2.00

3.00

4.00%

2019M J J A S O N D J

2020F M A

t

30-year fixed-ratemortgage

t

10-year Treasurynote yield

Selected rates30-yearmortgage, Rate

Bankrate.comavg†: 3.81%EdgewaterBank 2.88%Saint Joseph,MI 800-922-5221

HomeLoansToday 3.00%Centennial, CO 866-919-2064

RaccoonValleyBank 3.13%Perry, IA 515-645-3521

NorthShoreBank 3.50%Brookfield,WI 262-785-1600

TBKBank, SSB 3.50%Dallas, TX 214-365-6900

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75Prime rate* 3.25 3.25 3.25 l 5.50 -0.75Libor, 3-month 1.35 1.43 0.74 l 2.60 0.20Moneymarket, annual yield 0.32 0.34 0.32 l 0.78 ...Five-year CD, annual yield 0.90 0.91 0.90 l 2.01 -0.3930-yearmortgage, fixed† 3.81 3.84 3.52 l 4.34 -0.2815-yearmortgage, fixed† 3.25 3.32 2.95 l 3.73 -0.04Jumbomortgages, $510,400-plus† 3.92 3.90 3.54 l 4.71 -0.73Five-year adjmortgage (ARM)† 3.51 3.54 3.29 l 4.78 0.20New-car loan, 48-month 4.36 4.40 4.36 l 4.81 1.00Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

1.00

2.00

3.00

4.00%

1

month(s)3 6 1

years2 3 5 710 30

maturity

t

Tradeweb ICE Monday Close

t

One year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euros

Yens

WSJ Dollar indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World TheGlobalDow 2478.99 114.48 4.84 –23.8DJGlobal Index 340.78 17.52 5.42 –21.5DJGlobal exU.S. 198.62 6.49 3.38 –24.6

Americas DJAmericas 610.25 40.03 7.02 –19.8Brazil SaoPauloBovespa 74072.98 4535.42 6.52 –35.9Canada S&P/TSXComp 13592.70 654.40 5.06 –20.3Mexico S&P/BMV IPC 34381.56 1306.15 3.95 –21.0Chile Santiago IPSA 2644.03 52.23 2.02 –20.7

EMEA StoxxEurope600 320.58 11.52 3.73 –22.9Eurozone EuroStoxx 303.67 13.25 4.56 –24.8Belgium Bel-20 2969.80 112.75 3.95 –24.9Denmark OMXCopenhagen20 1091.19 8.64 0.80 –3.9France CAC40 4346.14 191.56 4.61 –27.3Germany DAX 10075.17 549.40 5.77 –24.0Israel TelAviv 1302.93 60.65 4.88 –22.6Italy FTSEMIB 17039.31 654.96 4.00 –27.5Netherlands AEX 489.82 18.36 3.89 –19.0Russia RTS Index 1083.43 33.55 3.20 –30.1SouthAfrica FTSE/JSEAll-Share 46251.74 1653.04 3.71 –19.0Spain IBEX35 6844.34 262.74 3.99 –28.3Sweden OMXStockholm 553.39 21.64 4.07 –18.7Switzerland SwissMarket 9462.34 219.90 2.38 –10.9Turkey BIST 100 92071.13 2518.52 2.81 –19.5U.K. FTSE 100 5582.39 166.89 3.08 –26.0U.K. FTSE250 14812.36 713.15 5.06 –32.3

Asia-PacificAustralia S&P/ASX200 5286.80 219.32 4.33 –20.9China Shanghai Composite 2763.99 … Closed –9.4HongKong HangSeng 23749.12 513.01 2.21 –15.8India S&PBSESensex 27590.95 … Closed –33.1Japan Nikkei StockAvg 18576.30 756.11 4.24 –21.5Singapore Straits Times 2470.59 81.30 3.40 –23.3SouthKorea Kospi 1791.88 66.44 3.85 –18.5Taiwan TAIEX 9818.74 155.11 1.61 –18.2Thailand SET 1138.84 … Closed –27.9Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 22783.45 21693.63 22679.99 1627.46 7.73 29551.42 18591.93 -13.9 -20.5 3.2TransportationAvg 7874.99 7569.12 7837.69 532.38 7.29 11304.97 6703.63 -27.1 -28.1 -5.0UtilityAverage 766.38 731.81 758.06 52.05 7.37 960.89 610.89 -2.2 -13.8 2.5Total StockMarket 26764.49 25762.94 26645.86 1785.12 7.18 34631.28 22462.76 -10.7 -19.3 2.9Barron's 400 542.78 522.28 540.87 40.40 8.07 746.64 455.11 -24.0 -26.1 -4.4

NasdaqStockMarketNasdaqComposite 7938.33 7617.79 7913.24 540.15 7.33 9817.18 6860.67 -0.5 -11.8 10.4Nasdaq 100 8110.66 7763.09 8081.66 553.55 7.35 9718.73 6978.02 6.3 -7.5 14.2

S&P500 Index 2676.85 2574.57 2663.68 175.03 7.03 3386.15 2237.40 -8.0 -17.6 4.2MidCap400 1448.59 1392.55 1444.56 106.61 7.97 2106.12 1218.55 -25.9 -30.0 -5.4SmallCap600 675.91 645.21 674.65 52.30 8.40 1041.03 595.67 -30.1 -33.9 -6.6

Other IndexesRussell 2000 1139.93 1085.88 1138.78 86.72 8.24 1705.22 991.16 -27.9 -31.7 -5.8NYSEComposite 10560.73 10233.04 10515.24 634.61 6.42 14183.20 8777.38 -18.8 -24.4 -2.8Value Line 356.08 328.00 355.25 27.25 8.31 562.05 305.71 -35.2 -35.7 -11.7NYSEArcaBiotech 4648.50 4517.73 4647.01 236.13 5.35 5313.05 3855.67 -11.1 -8.3 10.3NYSEArcaPharma 603.75 590.51 600.99 19.77 3.40 670.32 494.36 0.4 -8.1 5.8KBWBank 66.13 63.23 65.68 5.49 9.13 114.12 56.19 -32.9 -42.1 -10.4PHLX§Gold/Silver 90.45 86.53 89.32 4.96 5.88 111.51 66.14 14.8 -16.5 1.2PHLX§Oil Service 25.65 24.37 25.56 1.50 6.22 102.39 21.47 -74.5 -67.4 -46.9PHLX§Semiconductor 1598.67 1508.74 1592.88 149.84 10.38 1979.50 1286.84 7.5 -13.9 17.0CboeVolatility 45.73 43.45 45.24 -1.56 -3.33 82.69 11.54 243.2 228.3 54.0

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6:30p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

SPDRS&P500 SPY 21,758.2 264.55 -0.31 -0.12 265.61 262.62EnergyTransfer ET 9,854.8 5.63 0.09 1.62 5.64 5.54PSUlt BloombergCrude UCO 8,736.7 2.54 0.02 0.79 2.58 2.45VanEckVectorsGoldMiner GDX 6,851.8 26.37 0.03 0.11 26.54 26.13

VanEckVectors JrGold GDXJ 6,416.0 32.31 -0.25 -0.77 32.65 32.23iSharesMSCI EmgMarkets EEM 4,879.4 34.79 -0.15 -0.43 34.94 34.66InvescoQQQTrust I QQQ 4,550.2 195.94 -0.54 -0.27 197.00 195.41Industrial Select Sector XLI 4,541.9 60.03 -0.21 -0.35 60.64 59.90

Percentage gainers…TPGREFinanceTrust TRTX 293.6 3.85 1.01 35.56 3.96 2.84TwoHarbors Investment TWO 306.1 3.44 0.29 9.21 3.48 3.10BlueApronClA APRN 249.1 12.60 0.90 7.69 13.26 11.40iSh IntermediateCorpBd IGIB 489.9 59.08 3.89 7.05 59.08 55.17FidelityNtl Financial FNF 372.9 25.63 1.31 5.39 25.63 24.32

...And losersSeaChange Intl SEAC 78.3 2.92 -0.71 -19.56 3.49 2.60Vistra Energy VST 1,249.1 14.70 -1.33 -8.27 16.02 14.70UnileverADR UL 125.8 47.48 -3.78 -7.38 51.30 47.48Chubb CB 109.4 102.69 -8.07 -7.29 163.22 102.69FoxClA FOXA 97.6 23.70 -1.36 -5.43 25.06 23.70

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,430,542,696 16,081,640Adv. volume*1,311,880,984 11,513,681Decl. volume* 116,055,451 4,554,779Issues traded 3,037 281Advances 2,733 211Declines 276 67Unchanged 28 3Newhighs 6 0New lows 20 2ClosingArms† 1.08 1.41Block trades* 6,783 122

Nasdaq NYSEArca

Total volume*3,844,917,683 488,857,075Adv. volume*3,304,629,271 376,453,768Decl. volume* 535,959,081 112,381,268Issues traded 3,367 1,533Advances 2,810 1,345Declines 502 184Unchanged 55 4Newhighs 12 6New lows 50 11ClosingArms† 0.91 2.75Block trades* 19,291 2,281

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Carnival CCL 194,810 515.8 10.21 20.26 56.04 7.80SPDRS&P500 SPY 186,438 22.0 264.86 6.72 339.08 218.26XpresSpaGroup XSPA 146,043 3075.8 0.26 19.27 5.45 0.05PSUlt BloombergCrude UCO 114,624 517.6 2.52 -14.86 26.20 1.43TOPShips TOPS 106,374 453.7 0.24 28.07 16.60 0.08

FordMotor F 102,071 17.5 4.53 6.84 10.56 3.96General Electric GE 97,860 15.3 7.23 7.43 13.26 5.90Bank ofAmerica BAC 97,642 24.0 21.39 6.79 35.72 17.95DeltaAir DAL 94,635 370.7 22.32 -0.71 63.44 19.10AmericanAirlinesGroup AAL 93,809 204.3 9.50 1.17 35.24 9.09* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

HartfordMunOppsETF HMOP 879 3633 40.29 0.15 44.52 37.90Prudential Bancorp PBIP 452 2685 12.82 -0.08 19.57 10.26SonnetBioTherapeutics SONN 905 2238 5.52 3.56 76.70 4.62Immunomedics IMMU 38,536 1410 18.78 99.79 22.22 8.80InvscDWAFinancialMom PFI 195 1187 30.02 6.73 42.65 23.35

Invsc S&P500Downside PHDG 202 1184 29.02 1.55 39.61 24.00iSharesUSPharmaceutical IHE 228 1162 138.85 4.71 165.70 115.53InvscDWA IndustrialsMom PRN 132 1030 56.91 7.67 74.32 46.67iSharesMSCI Israel ETF EIS 233 1001 44.91 4.42 61.75 36.86GlXScientific BetaUS SCIU 131 977 27.58 8.20 36.66 22.50* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index7913.24 s 540.15, or 7.33%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

23.15 23.25

21.15 21.55

1.15 1.05

9817.18, 02/19/20

6000

6750

7500

8250

9000

9750

10500

Jan. Feb. Mar. Apr.

65-day moving average

EQUITIES

CREDIT MARKETS

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2470.620 0.590 0.560 2.530 0.530 14.04 5.81

U.S. Treasury Long, Barclays4935.700 1.230 1.240 2.940 0.980 36.81 13.79

Aggregate, Barclays n.a. n.a. 1.500 n.a. n.a. n.a. n.a.

Fixed-RateMBS, Barclays n.a. n.a. 0.930 n.a. n.a. n.a. n.a.

HighYield 100, ICEBofA 2719.112 8.911 8.406 10.740 4.516 –9.900 –0.489

MuniMaster, ICEBofA 560.334 1.921 1.680 3.441 0.959 3.514 3.353

EMBIGlobal, J.P.Morgan 771.531 6.692 6.662 7.480 4.523 –6.172 0.019

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Immunomedics IMMU 18.78 9.38 99.79 22.22 8.80 2.7AssdCapital Cl A AC 39.66 13.01 48.82 65.46 24.33 2.1MesoblastADR MESO 6.16 1.96 46.67 10.88 3.12 11.6PensareAcquisition WRLS 3.88 1.18 43.70 11.25 2.10 -62.3DirexionHomebldr Bull 3X NAIL 9.93 2.93 41.86 98.55 4.76 -77.1

CherryHillMortgage Invt CHMI 4.09 1.20 41.52 17.74 2.76 -76.5Wayfair Cl A W 71.50 20.87 41.22 166.40 21.70 -52.3Dillard's DDS 33.03 9.16 38.37 86.71 22.50 -56.3EldoradoResorts ERI 14.03 3.87 38.09 70.74 6.02 -70.9Everi Holdings EVRI 3.16 0.87 37.99 14.88 1.55 -68.9

DineBrandsGlobal DIN 28.06 7.67 37.62 104.47 14.16 -70.0EWScripps Co SSP 7.46 1.94 35.14 23.27 5.36 -66.4Children's Place PLCE 18.82 4.76 33.85 116.84 9.25 -81.6Intellicheck IDN 2.82 0.71 33.65 10.54 1.91 -24.0DirexionDlyRetail Bl 3x RETL 5.70 1.43 33.56 31.58 4.03 -81.4

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

MillendoTherapeutics MLND 1.45 -3.40 -70.10 17.34 1.26 -91.4Menlo Therapeutics MNLO 1.40 -1.19 -45.95 7.87 1.28 -81.8DirexionDly SCOND3Bear SOXS 13.46 -5.83 -30.22 79.00 13.25 -75.4DirexionHi BetaBear 3X HIBS 29.61 -11.65 -28.24 71.87 16.98 ...MicroUSBigBanks 3X Inv BNKD 33.90 -11.86 -25.92 97.12 23.18 -30.0

Direx ConsDisc Bear 3X PASS 16.30 -5.60 -25.57 35.00 11.28 -5.5DirexionTechBear 3x TECS 4.66 -1.60 -25.56 17.78 4.56 -66.9ProShsUlProShtMidCap400 SMDD 9.50 -2.93 -23.57 20.83 5.74 18.0DirexnDaily Finl Bear 3x FAZ 34.14 -10.47 -23.47 77.64 23.90 -22.2DirexionDlyDJBear 3X WEBS 18.80 -5.66 -23.13 47.93 15.82 ...

Phoenix TreeHoldingsADR DNK 5.85 -1.75 -23.03 13.90 5.42 ...DirexionSCBear 3x TZA 57.99 -17.23 -22.91 118.70 32.40 27.3ProShsUlProShtRssll2000 SRTY 29.54 -8.71 -22.77 60.28 16.55 25.1PrShrsUltrProShrtDow30 SDOW 41.44 -11.80 -22.16 95.94 33.89 -20.4DirexionReal Est Bear 3x DRV 31.17 -8.64 -21.70 71.04 20.96 -8.6

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atWSJ.com/TrackTheMarkets

CommoditiesPricing trends on some rawmaterials, or commodities

Monday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 481.19 1.04 0.22 647.86 451.81 -24.41 -25.08TR/CCCRB Index 128.06 0.10 0.08 189.66 118.50 -32.14 -31.07Crude oil,$per barrel 26.08 -2.26 -7.97 66.30 20.09 -59.50 -57.29Natural gas,$/MMBtu 1.731 0.110 6.79 2.862 1.552 -36.08 -20.92Gold,$per troy oz. 1677.00 43.30 2.65 1677.00 1269.30 29.29 10.37

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0154 64.9145 8.4Brazil real .1893 5.2813 31.4Canada dollar .7088 1.4109 8.6Chile peso .001176 850.60 15.1Colombiapeso .000251 3981.36 21.3EcuadorUSdollar 1 1 unchMexico peso .0406 24.6336 30.1Uruguay peso .02261 44.2300 19.1Asia-PacificAustralian dollar .6087 1.6428 15.3China yuan .1410 7.0923 1.9HongKong dollar .1290 7.7514 –0.5India rupee .01316 75.975 6.5Indonesia rupiah .0000609 16413 18.2Japan yen .009156 109.22 0.5Kazakhstan tenge .002277 439.11 15.0Macau pataca .1252 7.9841 –0.4Malaysia ringgit .2292 4.3635 6.7NewZealand dollar .5930 1.6863 13.5Pakistan rupee .00598 167.125 7.8Philippines peso .0198 50.620 –0.2Singapore dollar .6985 1.4316 6.4SouthKoreawon .0008166 1224.64 6.0Sri Lanka rupee .0051749 193.24 6.6Taiwan dollar .03310 30.214 1.0Thailand baht .03046 32.830 10.3

US$vs,Mon YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004265 23449 1.2EuropeCzechRep. koruna .03913 25.554 12.7Denmark krone .1445 6.9182 3.8Euro area euro 1.0793 .9266 3.9Hungary forint .002962 337.57 14.3Iceland krona .006941 144.07 19.0Norway krone .0959 10.4267 18.8Poland zloty .2367 4.2247 11.4Russia ruble .01315 76.046 22.5Sweden krona .0988 10.1261 8.1Switzerland franc 1.0220 .9785 1.1Turkey lira .1474 6.7824 14.0Ukraine hryvnia .0367 27.2241 15.0UK pound 1.2231 .8176 8.4Middle East/AfricaBahrain dinar 2.6433 .3783 0.3Egypt pound .0635 15.7509 –1.9Israel shekel .2789 3.5859 3.8Kuwait dinar 3.1997 .3125 3.1Oman sul rial 2.5976 .3850 –0.01Qatar rial .2745 3.643 –0.01SaudiArabia riyal .2659 3.7606 0.2SouthAfrica rand .0536 18.6678 33.4

Close Net Chg %Chg YTD%Chg

WSJDollar Index 94.94 –0.14–0.15 6.00

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average22679.99 s1627.46, or 7.73%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

17.66 18.37

15.40 16.26

3.98 2.18

29551.42, 02/12/20

15000

17500

20000

22500

25000

27500

30000

Jan. Feb. Mar. Apr.

Current divisor 0.14579812049809

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index2663.68 s175.03, or 7.03%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

19.49 21.72

16.10 17.32

2.42 1.94

3386.15, 02/19/20

2000

2250

2500

2750

3000

3250

3500

Jan. Feb. Mar. Apr.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW098000-0-B00900-1--------XA

B10 | Tuesday, April 7, 2020 * * * * THEWALL STREET JOURNAL.

BANKING & FINANCE

banks have already suspendedbuybacks.

That kind of collapse, onceconsidered unthinkable, is nowin line with some economists’predictions for the secondquarter this year, though oth-ers expect a substantive re-bound in the third quarter.

“Entering into a crisis isnot the time to figure outwhat you want to be,” Mr. Di-mon wrote. “You must alreadybe a well-functioning organi-zation prepared to rapidly mo-bilize your resources, takeyour losses and survive an-other day for the good of allyour stakeholders.”

Writing only a month afterundergoing emergency heartsurgery and days after return-ing to work, Mr. Dimon re-leased his letter as the bankdeals with unprecedented eco-nomic turmoil. Mr. Dimonthrew out his usual templatefor his annual letter—detailingthe bank’s success and hisviews on public policy—to ad-

dress the coronavirus crisis,which he said he expects to be“a bad recession combinedwith some kind of financialstress similar to the global fi-nancial crisis of 2008.”

He said his bank has takensteps to protect employeesand keep them safe, sendingthem home faster and more

broadly than any plans thebank had. That is while seeingrecord volumes in securitiestrading, extending new loansto small businesses and deliv-ering $1.9 billion in cash tosmaller community bank cli-ents, he said. Companies havealready drawn down morethan $50 billion in credit lines

to prepare for the crisis, whichMr. Dimon said “dramaticallyexceeds what happened in theglobal financial crisis.” Thebank approved more than $25billion in new credit exten-sions in March.

“While conditions maysometimes be unusual and dif-ficult, we are functioningsmoothly,” he wrote.

The bank has closed somebranches but still has thou-sands of employees at work inits retail operation and hasseen an outbreak of the viruson its trading floor.

What the bank hasn’t done,Mr. Dimon said, is ask the gov-ernment to relax the rules thatforce JPMorgan and other U.S.banks to bulk up capital levels,which he and others have longsaid would restrain lending ina crisis. He suggested that therules perhaps should be loos-ened, but called it a conversa-tion for another time.

“Saying that we will not askfor regulatory relief does not

mean the governmentshouldn’t change some rulesand regulations, however,” Mr.Dimon wrote. “While a lot ofthe rules were constructiveand made the financial systemstronger, we are now seeingthe impact of poorly coordi-nated, poorly calibrated andpoorly organized rulemaking.”

Typically Mr. Dimon’s an-nual letter is full of ideas onfixing public policy, but thatwas largely removed this yearother than to urge the countryto come together and to criti-cize the initial U.S. response.

“The country was not ade-quately prepared for this pan-demic—however, we can andshould be more prepared forwhat comes next,” he said.

Mr. Dimon, 64, only brieflyacknowledged he had beenout—thanking his team forrunning the bank—and pro-vided no new updates on hishealth or whether it wouldchange his plans on how longhe would stay at JPMorgan.

JPMorgan Chase & Co.Chief Executive James Dimonsaid his bank hasn’t soughtlooser regulations to help ithandle the economic collapsecaused by the coronaviruspandemic, detailing instead itsability to keep lending in evenmore dire circumstances.

In his annual letter pub-lished Monday, Mr. Dimon saidthe work preparing JPMorganto be a “port in the storm”—along obsession of his—meansthe bank can handle what heexpects to be a “bad reces-sion.”

In internal stress testing, hesaid the nation’s biggest bankwould be able to increaselending to clients even if U.S.gross domestic product wereto drop 35% in the secondquarter and stay there for theremainder of the year. Onlythen would the bank considercutting its dividend, he wrote.JPMorgan and other big U.S.

BY DAVID BENOIT

DimonSees BankEnduring BadRecession

The JPMorgan CEO is back at work after emergency heart surgery.

GIULIAMARC

HI/BL

OOMBE

RGNEW

S

Pedestrians walk past the People’s Bank of China building in Beijing. The country’s economic slowdown is hurting profits in the sector.

QILAIS

HEN

/BLO

OMBE

RGNEW

S

Harry Curtis said. The fundmanages about $320 billion inassets, according to the Sover-eign Wealth Fund Institute.

“The risk-reward is appeal-ing because the next eightmonths, the industry has anopportunity to gradually re-cover from this crisis,” Mr.Curtis said. “And their invest-ment is being made at such alow level that they feel like thebad news is reflected in thestock.”

Carnival Cruise Line saidlast week that it is furthercanceling some of its sailingsthrough the end of the year,making it the first majorcruise line to do so because ofthe global health crisis.

The company said last weekthat it expects most of itsships to be idled for a pro-longed period. If 80% of itsfleet were to be put in a pro-longed layup, the companycould reduce its monthly cashburn by about $100 million to$150 million, allowing it tosurvive as long as 15 monthswithout revenue, UBS Securi-ties LLC analyst Robin Farleysaid in a note to clients.

The cruise industry wasamong the first to take a pub-lic hit from the virus, alongwith airlines and hotels, as va-cationers canceled plans, localgovernments halted tourismand passengers on board fellill, leading to entire vesselsfull of passengers being quar-antined.

Cruise companies were alsoexcluded from the roughly $2trillion coronavirus stimuluspackage, despite being one ofthe hard-hit industries Presi-dent Trump has pledged tohelp. A spokeswoman for theCruise Lines International As-sociation, a trade group, saidlast month that the industrywasn’t seeking a bailout in thefirst place.

Carnival Corp. shares rose20% after Saudi Arabia’s sov-ereign-wealth fund disclosedan 8.2% stake in the world’slargest cruise operator onMonday.

The Public InvestmentFund’s purchase of 43.51 mil-lion shares came as the coro-navirus pandemic has put thecompany’s sailings to a halt.The fund has invested in UberTechnologies Inc., Tesla Inc.,Penske Media Corp. and Lu-cid Motors Inc., according toFactSet. Based on Carnival’sclosing price on Friday of$8.49, the Saudi stake is val-ued at $369.4 million.

The stock rise is the com-pany’s largest percentage in-crease on record, according toDow Jones Market Data.Shares in Carnival gained$1.72 to $10.21 on Tuesday.The stock has fallen about 80%so far this year.

Carnival and other cruiselines have sought to preserveliquidity as revenue dries up.Separately on Monday, Carni-val said it has closed its offer-ing of 71.88 million shares ofcommon stock at $8 each. Italso closed its offering of$1.95 billion in 5.75% seniorconvertible notes due in 2023.Carnival said it expects toclose its $4 billion offering of11.5% first-priority senior se-cured notes due in 2023 onWednesday.

The Saudi fund’s 8.2% stakereflects the company’s numberof shares outstanding onMarch 25 and doesn’t includethe latest capital raise, thefund said in a securities filing.

The Saudis’ investment inCarnival represents a fractionof the fund’s overall portfolio,and it could stand to gainwhen the cruise industry re-covers, Instinet LLC analyst

BY DAVE SEBASTIAN

Carnival’s SharesSoar on Saudi Stake

The cruise line canceled 2020 sailings because of the coronavirus.

PETE

RPA

RKS/AFP

/GET

TYIM

AGES

eligible three-month corpo-rate, asset-backed and munici-pal commercial paper from eli-gible issuers.

The New York Fed says onits website that “the commer-cial paper market has been un-der considerable strain as in-vestors have become reluctantto purchase commercial pa-per,” and that resulted in surg-ing interest rates and somefirms being unable to accessthe market. The Fed says itssupport to this market willprovide “credit that will sup-port families, businesses, andjobs across the economy.”

The commercial paper willbe bought by a special vehiclecreated by the central bank,seeded with $10 billion fromthe Treasury Department.

The Federal Reserve Bankof New York said its new facil-ity to assist the commercialpaper market will launch April14.

Applications for participa-tion in the Commercial PaperFunding Facility must be sub-mitted by Thursday, the banksaid. The facility is part of asmorgasbord of tools aimed athelping the financial systemnavigate the shock of the coro-navirus crisis.

Commercial paper securi-ties are de facto short-termIOUs issued by companies andlocal governments. The NewYork Fed said the commercialpaper facility will help smooththose funding needs by buying

BY MICHAEL S. DERBY

New York Fed to LaunchCommercial-Paper Facility

restrictions. The companydidn’t release details on the im-pact on claims.

“We decided to give custom-ers as much as we can” at thisearly stage to help them man-age through the economicdownturn, he said.

Trade groups believe thepair are the first car insurers inthe U.S. to share their Covid-19-related windfall. Wall Street an-alysts believe many will followsuit. Mutual insurers likeAmerican Family that areowned by their policyholdersmay find a decision to providefinancial relief easier to make,but publicly traded insurerscould also opt to pass alongsome of their good fortune, forreasons including competitive

ContinuedfrompageB1

shares.Many small lenders have

been hard hit by the economicslowdown in China over thepast two years, and by govern-ment efforts to crack down onfinancial risk-taking. Growthhas slowed especially sharplyin China’s northeast, whereBank of Jinzhou is based,since the regional economy isdominated by inefficient state-run companies.

Analysts widely expect Chi-nese banks, including a hand-ful of the nation’s largestbanks, to face headwinds totheir profitability this year, aseconomic growth in Chinatakes a huge hit from the coro-navirus pandemic that forcednationwide business closuresfor weeks since late January.

The sale, unveiled over theweekend, in-cludes mostly corporate loans.The assets had an originalbook value of about 150 billionyuan and generated a net lossof 8.08 billion yuan in 2019.

It is “effectively a govern-ment rescue,” said Terry Sun,an analyst with CMBI Securi-ties in Hong Kong.” He noted

that Jinzhou’s core Tier-1 capi-tal adequacy ratio wasscarcely over 5% in the lastquarter of 2019, well belowthe required 7.5%.

Chinese authorities havenow stepped in to prop upseveral smaller banks.

In December last year, stateinvestors led by the country’ssovereign-wealth fund came tothe aid of Hengfeng Bank, atroubled lender based in theeastern industrial province ofShandong, in a 100 billionyuan bailout.

Earlier in 2019, BaoshangBank became the first Chinesebank in decades to be takenover by the central govern-ment due to what the authori-ties called “serious creditrisk.” Last year, three state-backed Chinese investorsbought stakes in Bank of Jin-zhou from existing sharehold-ers. “The complexity of issuesat individual banks impliesthere is no one-size-fits-allformula for state supportwhen it comes to Chinesebanks,” said Grace Wu, thehead of Greater China BanksRatings at Fitch Ratings.

Mr. Sun of CMBI said thethree banks faced differentproblems: Baoshang and Heng-feng’s problems stemmedlargely from shareholder mis-conduct, while Bank of Jin-zhou was tripped up by poorrisk management.

Mr. Sun said Chinese au-thorities will increasingly usemarket valuation as the basisfor pricing when helping dis-tressed lenders. He said Bankof Jinzhou’s share and assetsales were both priced atabout a 70% discount to bookvalue, roughly in line with val-uations for Chinese municipalbanks listed in Hong Kong.

Bank of Jinzhou reportedan approximately $640 millionnet loss for 2018, largely dueto rising bad loans and a moveto stricter accounting mea-sures. It reported a narrowernet loss for 2019, helped byhigher operating income, butits bad-loan ratio tickedhigher. The bank’s Hong Kong-listed shares are down 7.8%this year.

A stricken Chinese lenderwill unload $21 billion of as-sets to the central bank forless than a third of their re-ported value, as Beijing movesto shore up the coun-try’s overextended smallerbanks.

The sale by Bank of Jin-zhou Co., is part of a broaderoverhaul of the bank an-nounced last month. Thelender is also replenishing itscapital by selling new shares,and will receive 5 billion yuan($705 million) of annual in-come from a long-dated debtinstrument issued by state-backed firms.

Chengfang Huida, a vehiclecontrolled by the People’sBank of China, will buy thediscounted assets for 45 bil-lion yuan, Bank of Jinzhousaid in a weekend disclosure.Chengfang Huida is also ontrack to become the bank’sbiggest shareholder with astake of nearly 38% afterspending about $1.7 billion tobuy the bulk of the new

BY MARTIN MOUAND BEN OTTO

Chinese Lender Gets Rescue Bid

Heard on the Street: Themissing Chinese stimulus... B12

pressure, industry executivessaid. Allstate is publicly traded.

Across the U.S., just underhalf of car-insurance premiumvolume is sold by mutuallyowned carriers like AmericanFamily, trade groups said.

In recent days, Wall Streetanalysts have begun predictingimproved financial results forcar insurers because vehiclecrashes correlate with milesdriven. With tens of millions ofpeople in the U.S. working fromhome or losing their jobs, theyare no longer putting in asmany miles. That means feweraccidents.

Analysts are flagging theauto-insurance business as arare bright spot in comingfirst-quarter results for publiclytraded U.S. property-casualtyinsurers. They expect someother parts of the industry toexperience a Covid-19-relatedspike in claims, such as work-ers’ compensation coverage forthe health-care industry.

Since mid-March, consumer-activist groups Consumer Fed-eration of America and Centerfor Economic Justice have been

petitioning state insurance de-partments to push insurers toshare any large profits withcustomers.

“There is no question thatthe total economic impact ofthe pandemic will influence thedecisions of companies aboutdividends [to policyholders],but it is too soon to know whatthat will look like,” said NeilAlldredge, an executive with

trade group National Associa-tion of Mutual Insurance Com-panies.

Economists and executivessaid one hesitation in quicklymaking refunds or reducingrates is that a downturn inmileage after the 2008-09 fi-nancial-crisis proved to beshort-lived. As the economy

improved, consumers revved uptheir mileage, and claim fre-quency shot above its precrisislevel at some insurers.

Many insurers are extendingpayment plans and waiving latefees as ways to help customersthrough the tough times, Mr.Alldredge noted.

American Family doesn’tdisclose its typical customerpremium. But nationally acrossall carriers, the average annualU.S. car-insurance premiumwas an estimated $1,113 in2019, the latest data available,according to trade group Insur-ance Information Institute. Thetypical household with Ameri-can Family auto coverage hastwo insured vehicles, said Ms.Yancy, so the average reliefcheck will be $100.

In an April 1 note to clients,Morgan Stanley analysts saidthat publicly traded carrierssuch as Allstate, Geico ownerBerkshire Hathaway Inc., Hart-ford Financial Services GroupInc., Progressive Corp. andTravelers Cos. would be amongthe beneficiaries of the declinein people being on the roads.

InsurersRefundDrivers

Allstate said most ofits customers wouldreceive 15% of theirmonthly premium.

P2JW098000-4-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Tuesday, April 7, 2020 | B11

MARKETS

pening on the demand side,”said Lyn Graham-Taylor, astrategist at Rabobank.

Strict containment mea-sures also showed signs ofhelping slow the spread of thevirus in parts of Europe, in-cluding Italy and Spain.

Both countries are now re-cording fewer daily deathsthan they have in over a week,and the pressure on hospitalsin Italy is beginning to ease,officials said.

The pan-continental StoxxEurope 600 index gained 3.7%.In Asia-Pacific markets. Aus-tralia’s benchmark S&P/ASX200 index closed up 4.3%.Japan’s Nikkei 225 rose 4.2%.Markets in mainland Chinawere closed for a holiday.

At midday Tuesday in To-kyo, the Nikkei was up 1.3%and Hong Kong’s Hang SengIndex was up 0.6%. S&P 500and Dow futures were flat.

The Securities and Ex-change Commission suspendedtrading in two stocks over po-tentially inaccurate informa-tion about their activities inresponse to the new coronavi-rus pandemic.

One of them, Arizona-basedNo Borders Inc., had citedsupport from members of Con-gress in promoting plans fornew testing kits for Covid-19,the disease caused by the cor-onavirus.

Trading in shares of No Bor-ders—whose other businessesinclude selling dental sup-plies—and Sandy Steele Un-limited Inc., a clothing maker,was suspended effective Mon-day morning after the SEC is-sued suspension orders for thetwo stocks on Friday.

Both are penny stocks thataren’t listed on any stock ex-change, and they trade in thelightly regulated over-the-counter market.

With No Borders, the SECsaid in its order that it had“questions and concerns re-garding the adequacy and ac-curacy of publicly available in-formation” on the company.

No Borders said in a March16 news release that it waslaunching a “Home SpecimenCollection Kit” that would al-low people to submit samplesfor coronavirus tests withouthaving to leave their homes.

On March 23, No Borderssaid that it had engaged withthe offices of House MinorityLeader Kevin McCarthy (R.,Calif.) and Rep. Paul Gosar (R.,Ariz.) to advance its coronavi-rus-testing plans. The sameday, Mr. Gosar said in a tweetthat he was “happy to workwith @NoBordersNBDR on ex-pediting test kits to the US.”

Mr. Gosar’s office assistedNo Borders in clearing suppliesthrough customs, a spokesmanfor the Arizona congressmansaid. “We were happy to as-sist,” he said. “As for actionstaken by the SEC, that is notsomething our office would re-view.”

Representatives of Mr.McCarthy did not respond to arequest for comment.

“We are currently workingwith the SEC to resolve theirconcerns,” Joseph Snyder,president and CEO of No Bor-ders, said in an email. Thecompany stands by its newsreleases, he added.

The SEC suspended tradingin Sandy Steele over concernsabout emails from unknownstock promoters to investorsstating that the company “hasthe ability to produce protec-tive masks that are in high de-mand due to the COVID-19 cri-sis.”

The company didn’t respondto a request for comment.

BY ALEXANDER OSIPOVICH

SEC HaltsTrading inTwo StocksOn Claims

AUCTIONRESULTSHere are the results ofMonday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $157,123,412,500 $142,516,585,500Accepted bids $58,893,788,700 $49,078,064,500" noncomp $593,947,700 $437,630,500" foreign noncomp $870,000,000 $745,000,000Auction price (rate) 99.968403 99.919111

(0.125%) (0.160%)0.127% 0.162%

Bids at clearing yield accepted 86.87% 10.38%912796WW5 912796TN9

Both issues are datedApril 9, 2020. The 13-week billsmature on July 9, 2020; the 26-week billsmature onOct. 8, 2020.

THREE-YEARNOTESApplications $91,101,944,400Accepted bids $40,131,675,300" noncompetitively $27,690,200" foreign noncompetitively $100,000,000Auction price (rate) 99.707782

(0.348%)Interest rate 0.250%Bids at clearing yield accepted 71.46%Cusip number 912828ZH6

The notes, datedApril 15, 2020,mature onApril 15,2023.

InterruptedTrading in No Borders stockwas suspendedMondayafter the SEC raised concernsabout the accuracy of some ofits statements.

Source: FactSet

$0.05

0

0.01

0.02

0.03

0.04

Jan. Feb. March April

Company says it islaunching test kits

relationship between the priceof different assets—has brokendown, suggesting the marketis still under stress, accordingto Dwyfor Evans, head ofmacro-strategy for the Asia-Pacific region at State StreetGlobal Markets in Hong Kong.

“We have good days andbad days. Sometimes they fol-low each other,” Mr. Evanssaid.

The yield on 10-year Trea-surys rose to 0.675% from0.587% Friday. The market forU.S. government debt, nor-mally the most liquid and ac-tively traded bond market inthe world, has calmed in re-cent weeks following a stringof extraordinary measures bythe Federal Reserve. Yieldsrise when bond prices drop.

Oil markets struggled tofind their footing. Major oil-producing nations are prepar-ing to meet Thursday to dis-cuss how to address the globalglut in supply.

West Texas Intermediatecrude, the U.S. oil benchmark,fell 8% to $26.08 a barrel.

An emergency summit todiscuss global production cutswas pushed back from Mondayto later in the week amid con-tinued tensions between SaudiArabia and Russia.

Investors are growing moreconcerned that a failure to cutoutput may result in the worldrunning out of storage spacefor excess crude.

Limiting production mayalso not be enough to offsetthe drop in demand.

“Even if they sort outsomething on the supply side,it probably won’t be bigenough to offset what’s hap-

As for the market, “I tendto not believe a bottom’s beenhit,” he said, “because wedon’t know what the end pointof the economy is.”

At least one-quarter of theU.S. economy has gone idle asauthorities curtailed traveland activity, an analysis con-ducted for The Wall StreetJournal showed.

JPMorgan Chase Chief Ex-ecutive James Dimon said inhis annual letter that he ex-pects “a bad recession.”

The country wasn’t pre-pared for a pandemic, but “wecan and should be more pre-pared for what comes next.”

The pandemic has broughtsome businesses to a stand-still. Airlines, for example, arecutting flight schedules, put-ting expansion plans on holdand looking for places to parktheir idle planes.

Most recently, they havesignificantly cut travel to NewYork as the crisis there wors-ens. United Airlines, for one,cut 90% of its flights to NewYork. Its shares rallied Mon-day. United climbed 5%, whileAmerican Airlines rose 1.2%.

Some investors remain cau-tious about the prospects of asustained market rally. Volatil-ity remains high and cross-as-set correlations—the typical

ContinuedfrompageB1

Dow Rises,Led byTech Stocks

There were indications Monday that social-distancing measures are having an impact.

JIM

WAT

SON/A

GEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

to attack U.S. producers byflooding oil markets to whichRiyadh has responded thatMoscow was first to break apact to curb output.

Now the Saudis and othersin the cartel are spreading aunifying message, according toOPEC delegates: Without aconsensus on cuts, there willbe few places to store all ofthe world’s unused oil.

“If there is no deal, we willhave some nice number offloating tankers going no-where,” an official in the king-dom said.

Moscow appears to sharethat view. All oil-storage facili-ties in the world could befilled, Kremlin spokesman

ContinuedfrompageB1

Dmitry Peskov said Friday,blaming the situation on theSaudis. “Tankers are alreadyused not for shipping oil butas floating canisters,” he said.

As the coronavirus out-break moved across the worldand led to travel restrictionsand work stoppages, oil con-sumption dropped sharply.China, where the pandemicstarted, was first to fill up itsstorage tanks. After Indianports declared force majeurein response to coronavirus-re-lated restrictions, 2.7 millionbarrels of crude flowed intothe country’s inventories dur-ing the week ended March 29,according to Paris-based con-sulting firm Kayrros, whichtracks global storage by usingsatellite imaging.

The expected shortage ofspace to store unsold oil hasprompted oil traders to scourthe globe for available space.In recent days, European trad-ers have expressed interest inrenting space to store MiddleEastern oil at a refinery inMorocco. The plant, located on

Morocco’s Atlantic coastline,has been shut for five yearsafter going out of businessduring an oil-price crash in2014. Now the facility has aprized asset: enough space tohold about 10 million barrelsof oil.

An official at the refinerydeclined to comment.

Traders are also flocking tothe Caribbean in search ofspace. Two storage sites oncedeserted by Venezuela’s state-oil company are now brim-ming with crude again. De-mand for oil storage in theisland nation of St. Luciadropped in early 2019 afterVenezuela came under U.S.sanctions but crude stocksthere now sit at 5.2 millionbarrels, more than doublestorage levels a year ago, ac-cording to Kayrros.

Tanks on the tiny Dutch-Ca-ribbean island of Curaçao werefilled with an additional381,000 barrels of crude dur-ing the week of April 2, sayssatellite-data consulting firmUrsa Space Systems.

“Storage was a logisticaltool. Now, it has become aprized commodity,” said Dan-iel Yergin, vice chairman of re-search and information firmIHS Markit and author of “ThePrize,” a history of the oil in-dustry.

The storage glut is alsomoving out to sea. One Euro-pean oil trader said he hasbeen forced to store 3 millionbarrels of Middle Eastern oiloff the coast of Venice afternorthern Italy was put on alockdown due to the outbreak.

Further south, a constella-tion of at least 23 idling tank-ers is crowding Hurd’s Bank,an offshore area near Malta,which is often used by traf-fickers of illicit Libyan or Ven-ezuelan oil, satellite-trackingimages of website FleetMonshow. Some ships are loadedproduct vessels that arrivedfrom Italy in recent days.Throughout the region, ship-pers have spotted an opportu-nity: They are looking for anti-quated tankers, bound forsalvage yards, to store the oil,

according to a veteran Euro-pean oil trader.

The Saudis haven't beenspared from the impact of theglobal surplus. As of April 2,nearly 750,000 barrels a dayof its loadings were on the wa-ter with nowhere to go, ac-cording to Kayrros. But whileSaudi Arabia normally gets itsclout in oil markets from itscapacity to pump more oil, itnow has the upper hand oncompetitors from its access tostorage, oil experts say.

Last month, the kingdombooked available space at theSumed pipeline in Egypt,which is normally used totransit oil. The amount of oilstored there is now threetimes bigger than early 2019and, as of March 29, was 70%full, according to the datacompany. And at home, thekingdom owns storage for 18days of its production, accord-ing to IHS Markit. That meansit can deal with unsold oil lon-ger than Russia, which hasspace for only eight days ofoutput.

StoragePressesProducers

Oil traders are scrambling for empty vaults in remote corners of the oil world like Morocco, Malta and the Caribbean. A Moroccan oil refinery.

AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

traded barbs.The Group of 20 major

economies are also consider-ing holding an emergency en-ergy summit on Friday, andOPEC may make any supply

Measures to contain thecoronavirus pandemic havepummeled fuel demand, whilea spat between Saudi Arabiaand Russia over their share ofglobal energy markets hasdeepened the oil glut.

Prices have fallen so muchthat many producers can’tcover their costs. And theworld could soon run out ofstorage for its excess oil, add-ing to the sense of urgency formany nations and companiesto begin lowering supply.

Some investors were hop-ing U.S. companies would out-line some measures after ameeting between Mr. Trumpand energy-industry execu-tives on Friday. But no suchsignals were announced, and aMonday summit between theOrganization of the PetroleumExporting Countries and itsallies including Russia waspushed back to Thursday afterSaudi Arabia and Russia

cuts contingent on participa-tion from other countries.

A deal between OPEC andallies to cut output fell apartlast month, helping contributeto the downward spiral in theenergy sector.

Some traders expect oil toremain extremely volatile un-til there is more clarity onsupply cuts. Prices fellroughly 10% when futurestrading opened on Sundayevening but pared some ofthat drop after Kiril Dmitriev,chief executive of the RussianDirect Investment Fund, toldCNBC the parties are “very,very close” to a deal and that“Russia is committed” follow-ing recent comments fromRussian President VladimirPutin.

At the same time, signsthat transportation activitycould be limited for monthshave convinced some analyststhat supply cuts alone won’t

be enough to drive a long-term price rebound.

“Extreme virus contain-ment efforts have decimatedtransportation fuel demand,”Bank of America analysts saidin a note.

Monday’s market movescame with stocks around theworld rallying following someearly signs that lockdowns inthe U.S. and Europe may behelping slow the spread of thecoronavirus.

Elsewhere in commoditiesMonday, front-month gold fu-tures rose 2.7% to $1,677 atroy ounce, hitting a freshseven-year high. Physicalshortages due to shutdowns ofmines, refineries and trans-portation have helped supportgold prices, as have steadysafe-haven buying and manyinterest-rate cuts around theworld. Lower rates make goldmore attractive to yield-seek-ing investors.

Oil prices fell Monday, par-ing some of their recent re-bound after a virtual summitfor producers to discuss sup-ply cuts was postponed tolater in the week.

U.S. crude futures dropped8% to $26.08 a barrel on theNew York Mercantile Ex-change, coming off their larg-est one-week percentage ad-

vance ever.After tum-bling to an

18-year low, prices soared latelast week after PresidentTrump said that Russia andSaudi Arabia were close toreaching a deal to curb supply.Even with that rebound, theyare down about 57% for theyear.

On Monday, Brent crude,the global gauge of oil prices,slid 3.1% to $33.05 a barrel onthe Intercontinental Exchange.

BY AMRITH RAMKUMAR

Oil Dives as OPEC Talks Are Delayed

COMMODITIES

Crude-oil futures

Source: Dow Jones Market Data

$70

0

10

20

30

40

50

60

a barrel

Jan. Feb. March April

Brent

WTI

10

–12

–10

–8

–6

–4

–2

0

2

4

6

8

%

Feb.Jan. 2020 March April

Source: FactSet

00

12th consecutivemoveof 1% ormore in eitherdirection, the longest suchstreak sinceMarch 2009

28th consecutivemoveof 0.5% ormore in eitherdirection, the longestsuch streak sinceSeptember-October 1931

One-day performance of theDowJones Industrial Average

P2JW098000-5-B01100-1--------XA

B12 | Tuesday, April 7, 2020 THEWALL STREET JOURNAL.

Getting Past a False ChoiceCountries without lockdowns are in a state of economic free fall, too

Buffett Looks SmartIn Occidental DealOil collapse could give Berkshire a chunk of

company for financing bidding war with Chevron

Warren Buffett wouldn’t stoopto a borderline-legal financingtechnique associated with penny-stock financiers.

Yet, while it was never his inten-tion, Berkshire Hathaway mightwind up with a chunk of discountedshares in Occidental Petroleum ina pattern similar to death-spiral fi-nancing. The technique involves acompany that is unable to raisepublic equity directly and insteadissues debt privately to an outsidesource; the debt becomes convert-ible into stock for a fixed dollaramount rather than a fixed numberof shares. The share price declinesin anticipation of dilution, givingthe financier much of the company.

Last year, Occidental found itselfin a bidding war with much-largerChevron for Anadarko Petroleum.To win and to avoid having its ownshareholders vote to approve it,Occidental paid for much of the$37 billion purchase with $10 bil-lion in preferred stock bearing an8% coupon issued to Berkshire.While perpetual and not convert-ible, dividends can be paid in com-mon stock at a 10% discount.

A year ago, when Occidental’sbidding war was heating up, itsmarket value was $50 billion. Nowits value is $12 billion, it has

slashed its dividend and capital ex-penditures and its debt prices sig-nal distress.

A logical but painful way ofstaying afloat is to pay Mr. Buffettin shares at next week’s dividenddeclaration. Occidental can do so at90% of the volume-weighted aver-age price of Occidental’s shares for10 days after the declaration. At to-day’s price, paying the next fourquarterly dividends in discountedstock would give Berkshire 7.3% ofthe company.

Occidental also could ax its re-maining common dividend and de-fer quarterly payments on the pre-ferred shares, but then it wouldowe Berkshire dividends on the un-paid amount that compound ad in-finitum.

Even Mr. Buffett couldn’t seethis year’s coronavirus-induced oil-price collapse, and if there were amarket price for his preferred stockthen it would trade below parvalue. But he was smart enough tothrow Occidental a costly lifeline.

The ideal outcome for Berkshirewould be for Occidental to avoid atrue death spiral but remain on theropes long enough to give the con-glomerate a chunk of a once-greatoil company at a bargain price.

—Spencer Jakab

Zoom Video Communications’greatest strength is also its greatestweakness: It is now a verb.

The coronavirus pandemic hasrapidly transformed the videocon-ferencing upstart from popular cor-porate tech vendor to a householdname. Everyone is Zooming now,from yoga teachers to doctors tobored teenagers. The latest signcame in an April 1 blog post fromfounder and Chief Executive EricYuan, who wrote that peak dailymeeting participants have soaredfrom 10 million at the end of De-cember to more than 200 million asof March.

A 20-fold increase, in otherwords. But it hasn’t all been goodnews for the nine-year-old com-pany, which is also now dealingwith an unprecedented level ofscrutiny. The past couple of weekshave seen many media reports onZoom’s privacy policies and its abil-ity to handle the surging load. NewYork’s attorney general is also nowlooking into the company’s privacypractices. Meanwhile, Zoombomb-ing, when bad actors crash Zoomvideo chats to stream offensive ma-terial like pornography, also has be-come a common term.

Mr. Yuan’s blog post was in partan apology for the company’s short-comings. He told The Wall StreetJournal that he “really messed up”as CEO, in terms of losing the trustof some users. The news flow hastaken its toll on the company’shighflying stock. Zoom’s shares slid23% from their March 23 peak as ofMonday’s close.

The stock can certainly afford togive back some gains. Zoom is stillup 81% since the first of the year—aperiod during which the Dow hasshed more than one-quarter of itsvalue. Zoom’s market capitalizationis now more than one-third aboveWorkday’s, another growing cloudsoftware company with nearly sixtimes the annual revenue. Zoom re-mains the most expensive cloudstock by a wide margin, relative toprojected revenues. Granted, it isalso seeing a level of mainstream

adoption that any of its other cloudpeers would kill for.

Mr. Yuan described the recentsurge in traffic as “mostly con-sumer use cases,” which suggestsmany are using the free version ofthe service. The company is alsoscrambling to beef up its networksand security, suggesting that costsare going up. Mr. Yuan said Zoomhas enacted a “feature freeze” to fo-cus on addressing current issues,though he did tell the Journal thecompany plans to bring end-to-endencryption to its service.

The competition also isn’t sittingstill. RingCentral, an enterprisecommunications company that part-ners with Zoom to resell its service,announced a competing videocon-ferencing offering on Thursday.

But no competitors can matchZoom’s visibility at the moment.And even its basic paid plan of $15a month is a manageable expensefor most households and small busi-nesses. Mr. Yuan seems to under-stand that the company’s runawaysuccess also brings with it a mas-sive obligation. If the history oftechnology is any guide, Zoom willstay in the vernacular long after thepandemic has ebbed and life re-turns to normal. But it needs tomake Zoombombing a distant mem-ory. —Dan Gallagher

Market value

Source: FactSet

$50

15

20

25

30

35

40

45

billion

Jan. Feb. March April

ZoomVideo

Workday

As the U.S. Federal Reserve andits European peers have pumped li-quidity through the Western finan-cial system in recent weeks, Beijinghas been notably restrained. Re-cently, however, there have beenhints of a change in tone.

On Friday, the People’s Bank ofChina cut the amount of cash banksmust hold in reserve for the secondtime in less than a month, releasingan estimated 400 billion yuan($56.4 billion) for lending. That fol-lows a Financial Times report inlate March that China’s central bankis considering cutting benchmarkdeposit rates, which it hasn’t donesince 2015. A few days earlier, PBOCVice Gov. Chen Yulu had noted thatthere was room for credit growth torun slightly higher than growth innominal gross domestic product.The central bank’s long-stated goalhas been for credit and nominalGDP to move fundamentally in line.

Keeping China’s monetary am-munition in reserve made a lot ofsense when it looked like the epi-demic would be primarily confinedto Asia—and relatively fleeting.China’s economy was accelerating

at the end of 2019 before the coro-navirus hit. Sharply cutting rates tocombat a one- or two-month threatwould have risked reinflating hous-ing and food-price bubbles as theeconomy bounced back.

But now Covid-19 has movedabroad with a vengeance. Chinesejob losses as exports fall could reachfour million to six million, estimatesanalyst Ernan Cui at consulting firmGavekal Dragonomics—worse thanthe hit in 2008 and 2009. And thatis on top of the already severe dam-age from the coronavirus lockdowns:Surveyed urban unemploymentjumped nearly a full percentagepoint to 6.2% in February.

Making matters worse, Chinesehouseholds are considerably moreindebted than they were in 2008,meaning widespread financial trou-bles for the unemployed couldquickly spread to banks. Householddebt, which was just 56% of dispos-able income in 2009, was 124% in2019, according to the Institute forAdvanced Research at the ShanghaiUniversity of Finance and Economics.

The hit to domestic consumptionalso looks likely to persist longer

than initially hoped, as fears abouta secondary outbreak persist. Aftera tentative attempt to reopen, Bei-jing has ordered movie theatersclosed again. And in contrast to theimproving picture in manufacturing,March purchasing managers’ in-dexes for services were notablyweak. Images of popular tourist ar-eas like Huangshan packed withpeople over the Qingming holidayweekend may not be representativeof the country as a whole. Recentsurvey data shows that consumersremain wary.

Add in a weak housing marketand cooling inflation, and the casefor more aggressive monetary easingstarts to look compelling. GoldmanSachs thinks growth in total financeoutstanding could jump to 11.1% inMarch, from 10.7% in February.

Stretched balance sheets for banksand households still make a 2009- or2015-size lending ramp-up unlikely.But as the coronavirus crisis startslooking more like 2009, it will be in-creasingly difficult for China’s mone-tary policy makers to keep sitting ontheir hands. Lower rates are coming.

—Nathaniel Taplin

The Case of the Missing Chinese Stimulus

Japan’s economy has slowed down even though it has taken a less aggressive approach than other nations.

KIMIM

ASA

MAY

AMA/EPA

/SHUTT

ERST

OCK

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

As many Western nations begintheir second month under someform of lockdown, many are pub-licly debating the bleak, utilitarianquestion of whether such strictmeasures cause more economicdamage than their public-healthbenefits merit.

But it is clear from internationalbusiness surveys released over thepast week that this is something ofa false choice: Even major countrieswithout significant lockdowns areexperiencing their worst economicconditions since the 2008-09 finan-cial crisis.

Until the past week or so, whichcame after the survey ended, Japanwas the large, advanced economyleast affected by the coronavirusoutbreak. Even so, its services sec-tor, less exposed to overseas de-mand than manufacturers, washammered in March. Japan’s ser-vice sector purchasing managers in-dex recorded a sharper slowdownthan even during the 2011 earth-quake and tsunami.

Schools are closed in Japan, butthere are no travel restrictions inplace. The government has calledon people to work from home and

not visit bars and nightclubs, butnot compelled adherence withthreats of fines or imprisonment asin some other jurisdictions.

But even without a strict lock-down, the disruption to economicactivity is hard to overstate: Majorevents have been canceled, con-sumption delayed and existing busi-ness plans severely disrupted evenby voluntary efforts to avoid con-tracting the virus.

Singapore, where the publichealth response to the coronaviruswas initially hailed as a model, hasbeen hit hard, too. The country’soverall PMI reading fell to 33.3 inMarch, the lowest in its eight-yearhistory.

Singapore, Japan and the U.S. arevery different economies andstarted off in very different posi-tions. Japanese consumption is lessrobust and gets hit hard by eco-nomic shocks. Singapore’s export-fo-cused economy means it is far moreaffected by conditions overseas.

That a variety of economies witha variety of outbreaks and a varietyof policies to counteract them areall experiencing sharp downturnscasts some doubt on the argument

that the economic cost of severeshutdowns outweighs the public-health benefits.

Not locking down may have neg-ative economic consequences, too.A paper published by Federal Re-serve and Massachusetts Instituteof Technology economists at theend of March illustrates that duringthe 1918 flu pandemic in the U.S.,cities with stricter lockdownsseemed to emerge with less-severeeconomic consequences.

That is in part because lockdownssolve coordination problems: The al-ternative to an enforced lockdowncould be millions of people indepen-dently trying to prevent themselvesbecoming infected by restrictingtheir social contact and economicactivity for far longer periods.

It is clear that no major economyis working in anything like an ordi-nary manner now, regardless of itsstructure or the size of the localoutbreak. The debate about whenand how to lift the strictest lock-down measures will continue, butthe idea that the trade-off is be-tween that and economic normalcyhas very little foundation.

—Mike Bird

Share-price performance

Source: FactSet

20

–100

–80

–60

–40

–20

0

%

’20May 2019

Occidental Petroleum

Berkshire Hathaway

OVERHEARDNeed help making your mort-

gage payments? Here’s a solution:Buy a car.

That is the pitch from onedealership. Pick up any new Ford,Lincoln or Mazda this month andthe Maryland dealership will cover$1,500 of your mortgage or rentpayments for two months.

“To some people it soundscrazy,” said Alex Perdikis, theowner of Koons of Silver Spring.“But, hey, we are in crazy times.”

For many consumers, thismeans adding an auto loan toother debts, threatening to pushpeople further into the red whenmany are losing their jobs. Butthat is a problem for down theroad, especially with some

auto lenders allowing buyers todefer early payments on newcar purchases.

Auto dealers and service de-partments have mostly remainedopen, even as the spread of thenew coronavirus is forcing muchof America to stay home. Afterall, health-care workers need toget their cars fixed or replaced toget to work.

Business is down at Koons ofSilver Spring, as it is pretty mucheverywhere else, Mr. Perdikissaid. He and his team came upwith the idea to cover mortgagepayments last week and rolled itout Friday. More than half ofnew car buyers since then havetaken the deal.

Zoom’s Runaway SuccessCarries a Heavy Burden

GARY

CAMER

ON/R

EUTE

RS

P2JW098000-0-B01200-1--------XA