Islamicstateshiftstactics

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VOL. CCLXVII NO. 113 ******* WEEKEND HHHH $4.00 SATURDAY/SUNDAY, MAY 14 - 15, 2016 WSJ.com Blocks Burned, Blocks Spared in Canada Wildfire Retail What’s Sales Gain News Is Fueled World-Wide By Web slamic State is turning Ito less elaborate but lethal attacks on civilian targets as BY ERIC MORATH it loses territory in the grind- AND SUZANNE KAPNER ing war in the Mideast. A1 The commander of Hez- Consumers boosted spend- bollah’s operations in sup- ing in April to the highest lev- port of Assad was killed by els in more than a year, accel- an explosion in Syria. A6 erating their turn toward online shopping and widening The Obama administra- the divide between in-store re- tion is making a nationwide tailers and Internet outlets push to bar discrimination pitching lower prices and con- against transgender people. A3 venience. Pfizer unveiled new con- While data from the Com- trols on its drug-distribution merce Department on Friday channels to stop the use of its showed overall retail sales products in executions. A3 rose 1.3% in April from a month earlier, the category Argentina’s Kirchner was that includes shopping on Am- indicted in a case involving azon.com Inc. and rival web- derivatives trading by the sites and apps grew 2.4%. And nation’s central bank. A7 in the past year, Internet and

Chinese prosecutors in- JASON FRANSON/ASSOCIATED PRESS catalog sales have grown more dicted a former aide to re- CHARRED: Prime Minister Justin Trudeau visited the Alberta town of Fort McMurray Friday to assess the damage firsthand. A7 than three times as fast as tired President Hu. A7 overall sales, up 10.2%. Depart- ment-store sales, meanwhile, Turkey and the EU sank 1.7% over the past 12 failed to overcome differ- months. ences threatening to derail Results from the retail sec- their migration deal. A12 IslamicStateShiftsTactics tor this past week showed how The House Benghazi Com- the shift is knocking down ma- mittee and the State Depart- jor companies despite resil- ment are at an impasse over As foes cut into as this past week’s series of lies increasingly on suicide at- nocent people,” Gen. Maan ience in the broader economy. a number of documents. A3 deadly suicide bombings in tacks. said Wednesday after three Major retailers including group’s pseudo-state, Iraq. Iraq’s Interior Ministry suicide bombings killed at Macy’s Inc., Kohl’s Corp. and The federal government In three straight days of spokesman Brig. Gen. Saad least 88 people. Another sui- Nordstrom Inc. this week re- will begin scanning secu- its militants turn more bombings in Baghdad starting Maan said the latest terror at- cide attack on Friday at a ported sharply lower sales and rity-clearance applicants’ to suicide bombings on Wednesday, the group killed tacks in Iraq stem from Islamic Baghdad coffee shop killed at profits, while Gap Inc. said it posts on social media. A3 more than 100 people. In the State’s need to make an impact least 13 more. was considering closing more BY MARIA ABI-HABIB wake of the terror attacks in away from the battlefield. Islamic State remains a for- stores after sales continued to Business&Finance Paris in November and Brus- “It is well known that when- midable enemy in both Iraq sink. As Islamic State loses terri- sels in March, Western and re- ever there is a military victory and Syria despite nearly Amazon is now the second- tory in the grinding war in the gional officials said they are against [Islamic State, they] Please see TACTICS page A6 largest apparel seller in the Consumers boosted Middle East, it is turning to seeing more signs the militants resort to this criminal, cow- U.S., behind Wal-Mart Stores spending in April to the less elaborate but lethal direct are morphing back into a guer- ardly act by using car bombs Hezbollah military leader Inc., according to Morgan highest levels in more than a attacks on civilian targets such rilla-style insurgency that re- or suicide bombers to kill in- killed in Syria...... A6 Please see RETAIL page A2 year, accelerating their turn toward online shopping. A1 Apple’s investment in a Chinese ride-sharing firm re- ONE FAMILY’S ORDEAL WITH FENTANYL flects an intensifying battle over the future of driving. A1 Peltz’s Trian has shed its The synthetic painkiller, up to 50 times as powerful as heroin, presents a new level of peril in America’s opioid crisis stake in PepsiCo, three years after launching an unsuccessful effort to break it up. B1 BY JON KAMP AND ARIAN CAMPO-FLORES tive and difficult to stop. Unlike heroin, which requires large Exco shares plunged after MANCHESTER, N. H.—When his swaths of land for poppy production, the oil producer said it is ex- son fell prey to America’s latest drug fentanyl is the product of simple ploring alternatives, includ- scourge, Joel Murphy, a funeral-home chemistry. U.S. officials believe much ing bankruptcy protection. B1 worker, knew his family had plenty of of the supply comes from illegal labs U.S. stocks declined for company. in Mexico, meaning there is no need the third consecutive week. He could see it in the faces of the for prescribing doctors, the enablers The Dow on Friday tumbled dead. of an earlier generation of American 185.18 points to 17535.32. B5 Many of the corpses he picked up pain-pill abuse. Some buyers have on the job were men in their 20s, with even ordered fentanyl, or close imita- Volatile art sales at New close-cropped hair, baseball caps and tions of it, through the mail from fac- York’s chief auction houses gaunt frames. They made him think of tories in China. this week tested the mar- his youngest son, Joseph. Fentanyl is a reason why deadly ket for blue-chip works. B1 “I see him sometimes, I see him in a overdoses from painkillers continue to An anticounterfeiting lot of them,” he said. climb in the U.S., reaching a record group revoked Alibaba’s This is the human toll of the ille- 18,893 in 2014, according to the Na- membership amid concern gally made painkiller fentanyl, a syn- tional Center for Health Statistics. about the firm’s commit- thetic narcotic that presents a new Fentanyl-related fatalities are soaring ment to fighting fakes. B3 level of peril in the opioid crisis ravag- in many parts of New England, the ing the U.S. Up to 50 times as power- Midwest and the South. In 12 states Honda swung to a quar- ful as heroin, and cheaper to produce, racked by the crisis, including New terly loss on costs tied to

fentanyl is the end result of a drug Hampshire, Massachusetts and Ohio, KIERAN KESNER FOR THE WALL STREET JOURNAL recalls of Takata air bags. B3 trade that has proven wildly innova- Please see OPIOID page A8 Joseph Murphy’s painkiller addiction drove his parents into bankruptcy and despair. GM halted sales of cross- over wagons to replace window stickers that over- Libya’s Central Bank Tries Breaking Into Own Safe stated fuel economy. B3 Apple’s Bet Shakes Up iii Inside In other problems, the coins in question feature Gadhafi’s face Car-Sharing Alliances BY HASSAN MORAJEA metal pieces bear the face of street by advertising the face BY DAISUKE WAKABAYASHI historic shift from internal- NOONAN A11 AND TAMER EL-GHOBASHY Moammar Gadhafi, the reviled of Gadhafi.” AND DOUGLAS MACMILLAN combustion engines to electric leader who was overthrown, Libya, an oil rich country vehicles controlled by soft- Mr. Trump BEYDA, Libya—Underneath captured and killed in 2011. strapped for cash, is divided Apple Inc.’s $1 billion in- ware and chips, essentially a bank in this eastern coastal Assuming he could reach between two rival govern- vestment in Chinese ride-shar- computers on wheels. At the Goes to city, a vault holds a trove of the coins, “I can’t sell them as ments, and is also struggling ing company Didi Chuxing same time, ride-sharing ser- gold and silver coins worth they are,” said Ali El Hibri, the with an Islamic State insur- Technology Co. reflects an in- vices are redefining traditional Washington $184 million. It belongs to the central bank governor in east- gency. tensifying battle over the fu- views of transportation, call- central bank, which could use ern Libya. “I don’t want to Mr. Hibri said he is waiting ture of driving and highlights ing into question the future of the money to alleviate a crip- cause any controversy in the for a shipment of fresh cur- emerging alliances among car ownership and public CONTENTS Opinion...... A9-11 Books...... C5-10 Style & Fashion D3-6 pling cash shortage. rency from a foreign printing auto makers, technology firms transport. Business News. B3-4 Travel...... D10-11 The pile, however, presents house totaling four billion di- and ride-sharing companies. Apple’s investment aligns it Election 2016.... A4-5 U.S. News...... A2-3 some problems. The coins are nar, or close to $3 billion. But The competition to build with Chinese Internet giants Food...... D8-9 Weather...... B11 locked away with a five-num- the cash infusion isn’t expected and provide autonomous vehi- Alibaba Group Holding Ltd. Heard on Street...B12 Wknd Investor...... B7 Obituaries...... A12 World News...... A6-7 ber code that central bankers for months. So the central bank cles promises to pit the and Tencent Holdings Ltd., in this part of the country chief, whose yellow-tinted spec- world’s two most valuable both of which are investors in don’t have. A rival government tacles obscure tired eyes, has companies, Apple and Google Didi, and Lyft Inc., Uber’s big- > in Tripoli, which has effective turned to the Gadhafi coins. parent Alphabet Inc., among gest U.S. rival, which last year control over the bank system, Getting a little ahead of others, against one another took an investment from Didi. won’t hand over the digits and himself, Mr. Hibri has already and against the world’s most But the battle is about more has expressed concern the agreed to liquidate the stash valuable private venture-capi- than ride-sharing. Lyft’s inves-

s Copyright 2016 Dow Jones & money could fund armed mili- through gold and silver mer- tal-backed company, Didi rival tors include General Motors Company. All Rights Reserved tias opposed to its rule. chants—provided they melt Uber Technologies Inc. Co., which is helping to ad- To make things worse, the Gadhafi coin Please see GOLD page A5 All hope to capitalize on a Please see APPLE page A5

from Mexico. U.S. The men, prosecutors said, were acting on the orders of Ro- Why the Streak Still Stands Watch dolfo Villarreal Hernandez, who wanted Mr. Guerrero Chapa killed. —Dan Frosch eventy-five years ago peting for game time. S this Sunday, Joltin’ Joe By the Numbers “Teams in 1941 carried CALIFORNIA DiMaggio bashed the eight or nine pitchers on a 25- Yankees legend Joe DiMaggio set a record in 1941 by getting at least first hit of his record-setting man roster,” said Mr. James. one hit in 56 consecutive games. The player to come closest in the TEXAS Brown Introduces 56-game hitting streak. No “Now they carry 12 or 13. modern era to matching his mark is Pete Rose. Revised Budget Plan one else has come close to his You’ve got a four-man bench Convictions in Case Democratic Gov. Jerry Brown on mark, and changes in Major when you used to have eight.” Of Lawyer-Informant Friday presented a revised $122.2 League Baseball make it less Also working in favor of A federal jury in Fort Worth billion budget plan, reducing gen- likely that anyone ever will. batters, Mr. James said, are on Friday convicted two Mexican eral-fund spending slightly while “If anybody could have helmets and other protective citizens on charges related to warning of a potential slowdown done it, it would have been gear, improved bats that gen- the 2013 killing of a prominent as California’s revenue picture Pete Rose, and erate more exit velocity on the drug-cartel lawyer who also shows weakness. he didn’t get ball and so-called batter’s eye served as a government infor- Mr. Brown’s proposal also there,” said screens in center field, back- mant. calls for adding $2 billion more Keith Hernan- drops that provide a sharp and Jesús Gerardo Ledezma- than is required to the state’s dez, a commen- unobstructed view of the ball Cepeda, 59, and his cousin, José rainy-day fund. tator for the as it leaves the pitcher’s hand. Luis Cepeda-Cortés, 60, face life April income-tax revenue in THE New York Mets Working against them are NUMBERS Associated Press Sports Illustrated/Getty Images sentences after each was found the state fell $1 billion below es- TV network Joe DiMaggio Pete Rose better field conditions, im- guilty of one count of interstate timates, and the governor said JO CRAVEN and a former proved gloves and padded stalking and one count of con- his tax-revenue forecast had MCGINTY slick-hitting 56-game hitting 44-game hitting outfield walls. Mr. James sur- streak in 1941 streak in 1978 spiracy to commit murder for been reduced by nearly $2 bil- first baseman. mised better gloves contribute hire. lion. “I don’t think it Plate appearances to fewer fielding errors, while According to prosecutors, the The revised budget, which will ever happen.” 247 200 padded walls and carefully pair arranged the murder of still has to be voted on by the Mr. DiMaggio, who played 56 Runs 30 tended turf reduce the risk of Juan Jesús Guerrero Chapa, a state Legislature, reduces gen- for the New York Yankees, be- injury and encourage more ag- high-ranking member of the eral-fund spending by about gan his streak on May 15, 1941, 91 Hits 70 gressive defensive play. Mexican-based Gulf Cartel drug- $400 million from a proposal by and hit safely in each game af- “If you could see a 1941 trafficking group. Mr. Brown in January. terward until July 17, when his 55 RBI 11 game live, you’d be shocked The 43-year-old Mr. Guerrero But when special funds and sizzle at the plate was doused at the condition of the field,” Chapa was gunned down in the bonds are added—pools of re- by the Cleveland Indians. 21 Walks 12 Mr. James said. “Potholes, suburb of Southlake. stricted money that can only be Mr. Rose, who holds the rocks, clumps of dirt, long Strikeouts Federal prosecutors alleged used for specific projects—total record for most career hits, 5 5 grass in the outfield.” that Mr. Ledezma-Cepeda and spending rises to $173.1 billion, a went on his own tear in 1978, Hit by pitch Mr. Rose, who doesn’t be- Mr. Cepeda-Cortés tracked Mr. 1.4% increase from Mr. Brown’s getting at least one hit in 44 2 1 lieve 56 games in a row is un- Guerrero Chapa for more than a January proposal. consecutive games. That’s a Sacriﬁce hits touchable, said four ingredi- year and helped assassins sent —Alejandro Lazo dozen less than Mr. DiMag- 0 6 ents are required for a batter gio, but it’s the closest any- Batting average to conjure a streak: The abil- one has come to the Yankee 0.408 0.385 ity to hit for contact. Enough Clipper’s total. Source: Baseball-reference.com THE WALL STREET JOURNAL. speed to leg out a weak hit or Experts disagree on which bunt. A knack for hitting to all changes in the game might three sections of the outfield. make it more difficult for a In the course of his 56- fourth time around the order. And a heavy dose of luck. hitter to break Mr. DiMag- game streak, Mr. DiMaggio “The overwhelming data gio’s record—and baseball confronted 54 different is that when a new batter atters who might have historian and statistician Bill pitchers, facing a dozen of and a new pitcher come to- B a shot today, he said, James cautions against con- them in three or four differ- gether the first several times, include José Altuve, a sidering any variable in isola- ent games. the advantage is so strongly speedy second baseman for tion, noting that some have “Not only did DiMaggio for the pitcher, it’s scary,” the Houston Astros who has benefited hitters—but a num- see fewer pitchers, but the Mr. Smith said. led the American League in ber of things are different ones he saw, he saw later in Today, starters often pitch batting and hits and had a 14- from Mr. DiMaggio’s day. the game, when it’s more and no more than six innings. They game streak last year, or Mi- “The one thing I think is more the batter’s advantage,” almost never see batters four chael Brantley, an outfielder enormous is familiarity with Mr. Smith said. times, and some don’t see bat- for the Cleveland Indians who pitchers,” said David W. To test his idea, Mr. Smith ters three times. Instead, fresh previously has hit in 22 con- Smith, founder and president once analyzed 1.69 million arms come in from the bull- secutive games. of Retrosheet, a website that Major League at-bats and pen, with some throwing heat “Guys like that are capa- archives historical play-by- found that batting averages for a single inning—or a single ble of going on a hitting play data. increased each time a start- batter—before handing the streak,” Mr. Rose said. When Mr. DiMaggio ing batter faced a starting ball over to another specialist. But after 75 years of played, teams carried fewer pitcher in a game. For exam- On the flip side, Mr. James missed opportunities? It’s not pitchers. Starters, who ple, in the American and Na- points out that having more likely. “DiMaggio hit in some- weren’t protected by carefully tional leagues combined, bat- pitchers potentially gives in- thing like 75% of his games,” monitored pitch counts, as ting average increased from dividual batters more chances Mr. James said, “so his chance they are today, played more .259 to .276 between the first at the plate, and a possible was toward the top end of the innings, facing batters four or time starting batters faced run at a streak, because there spectrum, which is still a 1- five times each outing. starting pitchers and the are fewer bench players com- in-10-million-type chance.”

For economists, Friday’s this year has led the central prices going down,” she said. RETAIL data offered a glimmer of opti- bank to delay a second in- “When people feel good, and mism, no matter where the crease. Policy makers next have more money at the end of money was being spent. Con- meet in mid-June. the week, they’re willing to ContinuedfromPageOne sumers remain the primary “With diminished head- spend.” Stanley. That category was driver of the U.S. economy, ac- winds from abroad and con- But larger retailers seem to once dominated by department counting for more than two- sumers responding to growing be struggling to make a similar stores. thirds of economic output. A household income and wealth, pivot, even though they are “Just like bookstores and spending slowdown in the first consumer spending should im- getting an increasing amount music stores and hardware three months of the year was prove over the course of the of revenue from their own e- stores before them, apparel re- partly responsible for eco- second quarter,” Boston Fed commerce operations. tailers are underestimating nomic growth nearly stalling, President Eric Rosengren said Executives at Nordstrom, how fast Amazon is going to climbing at just a 0.5% season- Thursday. which gets 20% of its sales on- eat their lunch,” said Joel ally adjusted annual rate. Large department stores line, cited weak traffic to malls Bines, co-head of consulting Economists say April’s were once bellwethers of con- as well as aggressive discount- firm AlixPartners LLP’s retail spending surge points to faster sumer behavior, but there has ing online for its slump. “ practice. growth, as measured by gross been a clear and growing di- There is some heavy, heavy Executives at traditional domestic product, this spring. discounting going on, and large retailers struggled to ex- Forecasting firm Macroeco- Department-store we’re seeing that effect in our plain the slump, which for nomic Advisers raised its ex- business,” said co-president some companies was their pectation for second-quarter sales have sunk Erik Nordstrom. worst since the recession. GDP growth to a 2.3% annual- 1.7% over the past The global economy is Some pointed to a decrease in ized advance from 2%. Barclays ratcheting up price pressures mall traffic, while others said raised its forecast to 2.2% from 12 months. as well. Consumer prices for shoppers were spending more 2%. apparel, homewares and other on items their stores don’t sell The Federal Reserve Bank of goods often imported from such as entertainment, travel Atlanta’s real-time estimate of vergence in recent years. overseas have flattened or and food. economic growth moved Friday Improved online sales is fallen due to a stronger dollar. “The consumer was simply to a 2.8% gain, from the prior driving revenue growth at Blair In some cases that means re- spending their hard-earned estimate of 2.2%. Candy Co., said owner Pamela tailers’ margins shrink between dollars in experiences, enter- If consumers can spur stron- Macharola. The business has placing orders and stocking tainment and to beautify their ger economic growth in the shifted from only supplying the their shelves, IHS economist home,” J.C. Penney Co. Chief coming months, that could in- region around its Altoona, Pa., Chris G. Christopher said. Executive Marvin Ellison said fluence the Federal Reserve’s warehouse to reaching a na- When shoppers do visit Friday after reporting lower- decision on when to raise its tional customer base nostalgic malls, they are increasingly than-expected sales. The chain benchmark interest rate. After for classic treats such as Lem- spending money on entertain- is responding by adding appli- the Fed in December raised onheads and Atomic Fireballs. ment such as movies and bowl- ances and other home goods to rates from near-zero, a choppy “We’re doing very well and ing and services such as hair its stores. economic performance so far we attribute a lot of that to gas salons and fitness centers, according to Liz Holland, chief THE WALL STREET JOURNAL executive of Abbell Associates, (USPS 664-880) CORRECTIONS AMPLIFICATIONS a real-estate redevelopment (Eastern Edition ISSN 0099-9660) firm. Despite Amazon’s rise, (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) not all traditional retailers are Editorial and publication headquarters: Liz Holland, chief executive rectly said she was elected to a struggling. Fast-fashion chains 1211 Avenue of the Americas, of shopping center developer Senate seat. such as H&M Hennes & Mau- New York, N.Y. 10036 Abbell Associates Published daily except Sundays and general , said, “Peo- ritz AB have been posting legal holidays. Periodicals postage paid at ple are getting pickier” in their A photo of hedge-fund strong sales recently, as have New York, N.Y., and other mailing offices. shopping, and that sales at her manager Leon Cooperman specialty retailers like Foot POSTMASTER: Send address changes to malls increased in the first with a Page One article Friday Locker Inc. THE ETERNAL MOVEMENT The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. quarter, but shopping centers about the SALT hedge-fund Amazon, meanwhile, contin- All Advertising published in The Wall Street were increasingly housing ser- conference showed him speak- ues to expand into new catego- Journal is subject to the applicable rate card, vices, such as hair salons, ining at the gathering on ries such as grocery and fash- copies of which are available from the UlysseNardin,fromthemovementoftheseatothe Advertising Services Department, Dow Jones stead of stores. A Page One ar- Wednesday. In some editions, ion. The web retailer’s sales perpetual innovation of Haute Horlogerie. For over 170 & Co. Inc., 1155 Avenue of the Americas, New ticle Thursday about Macy’s the caption incorrectly said jumped 28% in the latest quar- years, the powerful movement of the ocean has inspired York, N.Y. 10036. The Journal reserves the right Inc.’s quarterly results incor- the photo was from Thursday. ter, its fastest growth since not to accept an advertiser’s order. Only UlysseNardininitssingularqueﬆ:topushbackthe publication of an advertisement shall constitute rectly attributed the remarks 2012, and the company booked limitsofmechanicalwatchmaking,timeandtimeagain. final acceptance of the advertiser’s order. to Ken Bernstein, chief execu- Activision Blizzard Inc.’s its fourth straight profitable Letters to the Editor: Acadia Realty Trust Fax: 212-416-2891; email: [email protected] tive of . “Skylanders SuperChargers” quarter with expanded margins game was incorrectly called in its core retail business. Ana- NEED ASSISTANCE WITH Geraldine Roman was “Skylanders, SuperCharged” in lysts are expecting strong re- YOUR SUBSCRIPTION? elected to the Philippines Con- a Technology article Friday sults this coming week from CONTACT CUSTOMER SUPPORT. gress this week. The headline about the company’s plan to Home Depot Inc. and Lowe’s By web: customercenter.wsj.com on a World News article Thurs- launch daily live programming Cos., which are benefiting from By email: [email protected] day about Ms. Roman incor- on Facebook. strength in the housing market. By phone: 1-800-JOURNAL (1-800-568-7625) And off-price retailer TJX Cos. Or by live chat at wsj.com/livechat Readers can alert The Wall Street Journal to any errors in news articles by emailing is expected to post sales in- [email protected] or by calling 888-410-2667. creases as well. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | A3 U.S. NEWS Federal Moves Fuel Transgender Debate Extension of antibias ”There is no room in our discriminating by sex or race. schools for discrimination of The rule includes broad pro- protections comes any kind, including discrimina- tections for transgender peo- amid fight over North tion against transgender stu- ple, like requiring insurers to dents on the basis of their cover treatments for transgen- Carolina bathroom law sex,” Attorney General Loretta der people that they would E. Lynch said. cover for other enrollees, and WASHINGTON—The Obama The federal guidance for allowing people to use facili- administration is making a na- schools in particular touched a ties that match their gender tionwide push to bar discrimi- nerve. It prompted mixed re- identity. nation against transgender sponses from school officials The move stopped short of people, amid an intense debate and is likely to expand Wash- granting such protections to over a North Carolina law re- ington’s legal fight with North gay, lesbian and bisexual peo- quiring people to use public Carolina to other states and ju- ple, showing the complexity of bathrooms according to their risdictions, and to issues be- what constitutes illegal sex gender at birth. yond bathroom use. discrimination. Title IX of the Education Health and Human Services By Devlin Amendments of 1972 bars dis- officials said that while they Barrett, Louise crimination in education based had wanted to set such protec- Radnofsky on sex, and the Justice Depart- tions for gay people, they were and Melissa Korn ment said in 2014 it viewed uncertain about whether they federal protections against sex could. U.S. health officials on Fri- discrimination to cover trans- Using sex discrimination to day extended antibias protec- gender people. A recent fed- establish protections for les- tions to transgender people eral appeals-court decision in bian, gay and bisexual people

seeking health care. Sepa- Virginia upheld that view. JASON SZENES/EUROPEAN PRESSPHOTOhas AGENCY been a far more controver- rately, federal agencies in a Social conservatives dis- Federal guidance that schools should allow transgender students to use the bathroom of their sial legal proposition for fed- letter to educators said agree and have countered with choosing prompted mixed reactions. Above, San Diego International Airport in California. eral officials than even the ex- schools should allow transgen- moves such as the North Caro- plosive debates over der students to use the bath- lina law. sell out our children to the The legal guidance issued The Justice Department has transgender issues. room and locker facilities of “This is not a settled issue, federal government.’’ Friday by federal agencies says said it may revoke some fed- The North Carolina case, le- their choosing, saying federal for sure,” said Don Haider- White House spokesman when a school is notified a stu- eral funds from North Carolina gal experts say, could settle law bars discrimination Markel, a political-science pro- Josh Earnest defended the dent is transgender, educators if officials there continue to the question for good. against such students. fessor at the University of moves, calling them “specific, must treat the student consis- implement the bathroom law. Critics of the administration The moves by multiple fed- Kansas who has written on tangible, real world advice’’ of- tent with the student’s gender The state’s suit against the say that any attempt by federal agencies broadened transgender rights. “This will fered in response to school of- identity. DoJ says the law is a “common eral officials to establish sex- an emotional debate on the be debated. There will be ficials’ requests for guidance. Schools should also respond sense privacy policy,” and ac- ual-orientation discrimination transgender issue, which esca- pushback.” The point of the recommen- “promptly and effectively’’ to cused federal authorities of “a bans through the regulatory lated earlier this week when In Texas, officials vowed to dations is to help schools create harassment of students, in- baseless and blatant over- process would be executive the Justice Department and fight Washington’s instruc- a “respectful, safe learning en- cluding harassment of trans- reach.” overreach—and made clear the state of North Carolina tions to educators, and sug- vironment to ensure the success gender students, and allow Health officials included the their intention to bring a legal sued each other over a new gested they may file suit on of all their students,” Mr. Ear- students to participate in ac- transgender discrimination challenge if the administration law in the state requiring peo- the issue. “We will not be nest said, predicting the “vast tivities like sports consistent ban in a rule implementing an made such a move. ple to use public bathrooms blackmailed,’’ said Texas Lt. majority” of school districts with their gender identity, the Affordable Care Act provision —Leslie Brody based on their gender at birth. Gov. Dan Patrick. “We will not will welcome the guidance. federal guidance said. barring health providers from contributed to this article. Benghazi Investigation Hits Snarl Pfizer Blocks the Use BY BYRON TAU tion, the department has been into a Bureau of Alcohol, To- document releases to the panel, in active discussion with the bacco, Firearms and Explo- the State Department included Of Drugs in Executions WASHINGTON—The Repub- committee about getting it the sives program called Opera- a letter saying it wouldn’t turn BY CHRISTOPHER M. MATTHEWS death-penalty opponents high- lican-led House Benghazi Com- remaining information it tion Fast and Furious. over some documents to inves- AND ASHBY JONES lighted the drugs’ role. mittee and the State Depart- needs,” State Department Mr. Brand, who served as tigators because of the depart- The decreasing availability ment are at an impasse over a spokesman John Kirby said. general counsel to the late ment’s institutional interests. Pharmaceutical giant Pfizer has contributed to the years- number of documents the panel He said the documents in House Speaker Thomas “Tip” The committee’s subpoenas Inc. on Friday unveiled up- long decline in the use of the is seeking in its investigation of question don’t relate to secu- O’Neill (D., Mass.), said execu- ask for documents related to dated controls on its drug-dis- death penalty. In 2015, 28 peo- the 2012 terrorist attack that rity at the diplomatic facility tive-privilege litigation by the Libya attacks from a wide tribution channels to stop the ple were executed, the lowest killed four Americans in Libya. in Benghazi nor to the attacks Congress can take years. variety of current and former use of its products in lethal-in- number since 1991, according Citing institutional inter- themselves. “They can sit on their legal department officials, among jection executions, in the latest to a study by the Death Pen- ests and confidentiality, the The standoff between the rights and force the committee other things. Rep. Trey Gowdy, blow to the U.S. death-penalty alty Information Center. State Department has on four committee and the Obama ad- to go court,” Mr. Brand said of a South Carolina Republican system. Robert Dunham, executive occasions chosen to withhold ministration sets up a poten- the State Department. and chairman of the panel, The new controls tighten an director of the Death Penalty some documents from com- tial fight over executive privi- A department official called asked the State Department in already diminishing spigot of Information Center, an organi- mittee investigators, according lege between Congress and the a letter this past week to detail drugs that states have relied zation largely opposed to capi- to letters from the department White House if the two sides the number of pages being on to execute inmates. tal punishment, said Pfizer’s to Congress reviewed by The can’t come to an agreement. Any legal battle over withheld and the legal basis for The policy, posted on move was both a symbolic and Wall Street Journal. Stanley Brand, an attorney executive privilege keeping them from Congress. Pfizer’s website, beefs up con- practical blow to lethal injec- The documents in question with the law firm Akin Gump, “Untimely productions cou- trols on wholesalers and dis- tion. While drug companies were subpoenaed last year by said the legal theory underpin- could take years to pled with the withholding of tributors, and establishes a have for years publicly ob- the panel as part of its investi- ning the department’s claim resolve in court. documents without explana- monitoring system to ensure jected to the use of their prod- gation into the attack on a U.S. was a type of executive-privi- tion creates the appearance of compliance. The company said ucts in executions, Mr. Dun- diplomatic facility that killed lege assertion. a willful failure to cooperate it would “modify policies when ham said state correctional four Americans, including Am- Executive privilege is the any discussion of executive with a congressional investiga- necessary to remain consistent facilities had still been able to bassador Christopher Stevens. constitutional prerogative privilege premature, saying, tion,” Mr. Gowdy wrote to Sec- with our stated position obtain them from distributors. The State Department says it claimed by the president and “We fully intend to resolve this retary of State John Kerry. He against the improper use of Death-penalty advocate is committed to working with other administration officials matter through our ongoing gave the department a dead- our products in lethal injec- Kent S. Scheidegger, legal di- the Benghazi committee to to keep certain types of infor- discussions” with the panel. line of next week to comply. tions.” rector of the Criminal Justice comply with the subpoenas mation from Congress, courts The State Department has Democrats have been highly The move comes months af- Legal Foundation, said the while protecting its institutional and the public. The information provided nearly 100,000 pages critical of the GOP-led Benghazi ter Pfizer’s 2015 takeover of move wouldn’t end lethal in- interests, and that negotiations often includes internal deliber- of documents in response to investigation, which they say Hospira Inc., which added sev- jection. Some states that are are continuing over access to ations and communications. the panel’s investigation. Cur- has a partisan bias and is aimed eral drugs used in lethal injec- still effectively using the pro- the disputed documents, the The Obama administration rent and former officials for at damaging Democratic presi- tions to Pfizer’s portfolio. cedure are acquiring drugs contents of which aren’t known. has invoked executive privi- the department also have been dential front-runner Hillary Clin- In recent years, makers of from compounding pharmacies “As is typical near the end lege only once, as part of a interviewed by investigators. ton, who led the State Depart- drugs used in executions have outside Pfizer’s distribution of a congressional investiga- congressional investigation But as part of four batches of ment at the time of the attacks. cut back their availability after chain, he said. Security Clearance To Probe Social Media BY DAMIAN PALETTA names of foreign acquain- tances. A broad federal spend- WASHINGTON—The federal ing bill last year required ODNI government will begin scan- to adopt a policy for including ning security-clearance appli- a review of social-media re- cants’ posts on social media as cords as part of this process. part of its process, a reflection Security clearance reviews of how information on Face- often try to detect elements of book, Twitter and similar sites a person’s background that is increasingly seen as an im- might make him or her sus- portant part of someone’s ceptible to blackmail, or per- background. haps show they can’t be The Office of the Director of trusted with secret informa- National Intelligence, which tion. Some officials believe plays a central role in setting that social-media posts could the guidelines for government offer additional clues. security clearances, said Fri- In some cases, ODNI’s new day the new policy would be policy could affect people who adopted soon, with certain are only the associates of an limitations. individual undergoing a secu- “Social media has become rity clearance review. ODNI an integral—and very public— said that in some cases, infor- part of the fabric of most mation on social-media posts Americans’ daily lives,” said about someone’s friends or ac- Bill Evanina, director of ODNI’s quaintances could be “pur- National Counterintelligence sued” if they suggest a possi- and Security Center. “We can- ble national-security concern, not afford to ignore this im- or if the post entails an act portant open source in our ef- that must legally be reported fort to safeguard our secrets— to law enforcement. and our nation’s security.” The new policy has limits, An array of agencies across however. ODNI said it the government require secu- wouldn’t require anyone to rity clearances for employees provide social-media pass- who may handle sensitive in- words or account information. formation as part of their job. They also won’t be asked to The U.S. government al- reveal any pseudonyms that ready collects a large amount they might use on social me- of information about people dia, Mr. Evanina told a con- when determining whether to gressional committee Friday. grant them a security clear- Officials didn’t give a spe- ance, including health informa- cific date for starting the so- tion, financial data and the cial-media reviews.

Trump Goes His Own Way With Putin

Warm words and push have deteriorated in recent years, especially since the an- to improve ties with nexation of Crimea. Washing- Moscow aren’t shared ton has chafed at Russia’s backing for Syrian President by Obama, GOP rivals Bashar al-Assad, and Western diplomats believe Mr. Putin is BY DAMIAN PALETTA looking for ways to aggressively assert Russia’s regional Donald Trump made an un- and global influence. usual public overture to Rus- Mr. Trump isn’t the first sian President Vladimir Putin figure to speak of improving in June 2013, trying to gin up relations with Russia and Mr. publicity for an event he was Putin. The last two presidents co-hosting that year. have voiced similar aims, only “Do you think Putin will be to see their efforts founder in going to The Miss Universe the face of geopolitical events. Pageant in November in Mos- In 2001, then-President cow—if so, will he become my George W. Bush said after a new best friend?” the real es- meeting with Mr. Putin that “I tate magnate tweeted. was able to get a sense of his That appeal came less than soul,” a remark that was 24 hours after President Ba- widely derided, especially after rack Obama and Mr. Putin held Mr. Putin took aggressive ac- a tense, unproductive meeting tions like moving into neigh- at a summit of world leaders boring Georgia in 2008. in Northern Ireland as they Mr. Obama’s team also sparred over how to de-esca- spoke of resetting relations late the conflict in Syria. “Our with Russia, but he, too, has positions do not fully coin- seen relations deteriorate, to cide,” Mr. Putin said afterward. the point that NATO has sus- Mr. Trump, the presumptive pended much of its nascent co-

GOP presidential nominee, has AFP/GETTY IMAGES operation with Russia. proposed redrawing a wide Donald Trump says his experience with Russian officials includes hosting the Miss Universe pageant in Moscow, above, in 2013. Although many conserva- range of U.S. policies, includ- tive foreign-policy experts ing tax and immigration rules, termed him a bully, while Mr. He traveled to Moscow in the Organization focus on combat- in December. “Of course, we have balked at Mr. Trump’s trade agreements and engage- Trump calls him “very bright” 1990s in search of real-estate ing terrorism instead of deter- welcome it.” overtures to Russia, some ment in the Middle East. But and a “strong leader.” deals, but his company isn’t ring Russian aggression. That But Mr. Trump’s rise has agree that it may be time to in no area has he been more It is unclear whether Messrs. believed to have properties alarms officials in Ukraine and unsettled a number of veteran rethink U.S.-Russia relations. persistent—and perhaps more Trump and Putin have spoken there. He said last week that the Baltics, former Soviet U.S. diplomats. “What we have now in the consistent—than his call to im- since the campaign began. his experience with Russian of- states that fear they could be- “There’s a mythology about dynamics between Putin and prove relations with Mr. Putin, “I believe an easing of ten- ficials included hosting the come Mr. Putin’s next targets foreign policy that it’s just like Obama is very unhelpful,” said an authoritarian figure often sions, and improved relations 2013 Miss Universe event. following Russia’s annexation deal making in the business Dimitri Simes, president of the at odds with the U.S. with Russia—from a position Mr. Trump’s primary diplo- of the Ukrainian region of Cri- world, and if you don’t like Center for the National Inter- Mr. Trump’s views on Mr. of strength only—is possible, matic goal regarding Russia mea in early 2014. ‘the deal,’ you can just walk est, which hosted Mr. Trump’s Putin separate him not just absolutely possible,” Mr. appears to be to let Mr. Putin The Kremlin has signaled it away,” said Michael McFaul, a foreign-policy speech. “Obama from Mr. Obama but from his Trump said in a foreign-policy deal with problems in Syria is pleased with Mr. Trump’s critic of Mr. Trump and former clearly does not trust Putin, former GOP rivals and from speech at Washington’s May- and elsewhere in the Mideast, success and message. Mr. U.S. ambassador to Russia un- does not like Putin, and conservatives as well as liber- flower Hotel in April. “Some allowing the U.S. to disengage. Trump “says he wants to move der Mr. Obama. “In foreign doesn’t hide it.…I think that als. Sen. Marco Rubio (R., Fla.) say the Russians won’t be rea- One proposal that has gar- to another level of relations, to policy, you can’t walk away. It Putin doesn’t like Obama, is has called Mr. Putin a “gangster sonable. I intend to find out.” nered positive Russian atten- closer and deeper relations can come back to bite you. It not afraid of Obama, and and a thug,” and Democratic The origin of Mr. Trump’s tion is Mr. Trump’s suggestion with Russia—how can we not can create vacuums.” doesn’t particularly respect front-funner Hillary Clinton has affection for Russia is unclear. that the North Atlantic Treaty welcome that?” Mr. Putin said U.S. relations with Moscow Obama.”

tion cycle. As a result, campaigns Billionaire HHHHH and parties can now fundraise in tandem with each other. CAMPAIGN Mrs. Clinton’s events on Finally WIRE Thursday benefited her campaign, the Democratic National HHHHH Committee and 32 state parties Embraces across the country. “At these events, Hillary Clinton continued FUNDRAISING talking about her commitment to ‘Talkers’ building on the progress we’ve Clinton Events Cost made under President Obama. BY BETH REINHARD $100,000 a Head She does not believe that we Democratic presidential front- live in a single-issue country and Presumptive Republican runner Hillary Clinton is ramping she is not a single-issue candi- nominee Donald Trump is the up her fundraising schedule, at- date,” said a Clinton campaign anti-politician. He reluctantly tending a number of events this aide about the fundraisers. used a teleprompter, once, for week that cost donors six fig- —Byron Tau a foreign-policy speech in ures a person. April. He swore off attending The former secretary of state REPUBLICAN PARTY fundraisers during the GOP attended a pair of small gather- primary. And the campaign ings in New York City on Thurs- Trump Gets Backing only recently began distribut- day evening that cost donors a Of Sheldon Adelson

ing “talking points.” CARLOS AVILA GONZALEZ/THE SAN FRANCISCOminimum CHRONICLE/POOL of $100,000, according Billionaire casino owner Shel- For those unacquainted Senate hopefuls Duf Sundheim, center, Loretta Sanchez, right, and Kamala Harris at a debate last month. to a campaign official. On don Adelson has endorsed Don- with such Washington jargon, Wednesday, she attended two ald Trump, declaring the election talking points, or “talkers,” are $100,000-a-head events in En- of another Democrat in 2016 standard operating procedure Senate Race Puts to Test glewood, N.J., and New York City. would be “frightening.” as campaigns try to get all of Maureen White and Steven “I am endorsing Trump’s bid their supporters to broadcast Rattner, two Democratic fund- for president and strongly en- the same message at the same raisers, hosted one of the Thurs- courage my fellow Republicans— time. Rarely do campaign sur- California Primary System day gatherings at their home in especially our Republican elected rogates participate in televi- Manhattan. Mr. Rattner was a officials, party loyalists and oper- sion interviews for major can- prominent businessman and atives, and those who provide didates without talkers. BY ALEJANDRO LAZO looking to make a stand conservative Orange County. served in the Obama administra- important financial backing—to Then came Mr. Trump, who against front-runner Hillary If Ms. Sanchez makes it to the tion. The second Thursday event do the same,” Mr. Adelson, chair- let his allies freelance for SAN FRANCISCO—When Clinton in the Golden State, runoff, she is expected to court was at the home of Lynn For- man and CEO of the Las Vegas months on TV and social me- Democratic California Sen. Bar- turnout on the Democratic side independent voters and Republi- ester de Rothschild, a New York Sands Corp. and a prolific Repub- dia. But since Mr. Trump all bara Boxer said last year that may be higher than expected, cans. Her supporters have businesswoman and supporter of lican donor, wrote in the Wash- but clinched the nomination she wouldn’t seek re-election “increasing the odds signifi- formed a super PAC, California’s Mrs. Clinton and Democratic can- ington Post. last week, his campaign is after four terms in office, ex- cantly that” Ms. Sanchez “can New Frontier, to assist her in didates. On Wednesday, architect Mr. Trump has faced some re- starting to look and act more pectations were high that a make the runoff,” said Rob winning over Republicans. Jon Stryker and hedge-fund sistance in unifying the party be- conventional. Talking points number of prominent Demo- Stutzman, a GOP consultant. A general-election win by Ms. manager Orin Kramer hosted. hind him after his last two rivals are arriving in the morning. crats and Republicans would The three top Republicans in Sanchez would make her the first Six-figure fundraisers are a quit the race last week. He vis- Certainly, his visit to Wash- rush to compete for her seat. the race include two former Latina elected to the U.S. Senate. new frontier in presidential poli- ited Washington, D.C., on Thurs- ington, D.C., on Thursday to at- Now, roughly a month be- chairmen of the state Republi- That has galvanized many Lati- tics, made possible by a 2014 day to meet with high-level Re- tend widely publicized meet- fore the state’s June 7 primary, can Party—Duf Sundheim, 63, nos. She has won the endorse- Supreme Court case that tossed publicans, including House ings with GOP leaders in there are few marquee names and Tom Del Beccaro, 54—and ment of the Latino Victory Fund; a key contribution limit govern- Speaker Paul Ryan, who has so Congress wouldn’t be complete in the field of 34 candidates. Ron Unz, 54, a wealthy former according to the Field Poll, 38% ing how much donors could give far declined to endorse him. without these trappings of the And the general election could business-software developer of likely Latino voters support across the board in a single elec- —Byron Tau political establishment. be California’s first statewide who championed a 1998 initia- her, compared with 17% for Ms. Shared by a person close to face-off between two Demo- Harris. But Ms. Harris has won the campaign, Thursday’s talk- cratic candidates. the endorsement of prominent ing points said: “KEY MES- The race is the biggest test Two prominent Latinos in the state, including ac- POLITICS COUNTS SAGE FOR THE DAY: Donald so far of California’s top-two Democratic women, tivist Dolores Huerta. Trump is well positioned to primary system, approved by Shortly after launching her beat Hillary Clinton in Novem- voters in 2010 to inject more both minorities, are campaign, Ms. Sanchez be- Primary Season’s Toll ber and key Republicans competition into races and leading the pack. came embroiled in controversy should get on board.” give moderates a better shot when a video emerged of her Hillary Clinton's image among Democrats is growing more negative The memo points to polling at advancing to office. Califor- tapping her hand over her as her battle with Sen. Bernie Sanders for the presidential that shows Mr. Trump compet- nia sends the top two primary tive that limited bilingual educa- open mouth while making a nomination wears on. By contrast Democrats are viewing Mr. itive with Mrs. Clinton, though vote-getters to the general tion in the state and led a short whooping sound—imitating a Sanders more favorably. several other surveys show her election, regardless of party. 2014 campaign to raise the min- stereotype of a Native Ameri- Ratings of candidates among registered Democratic voters ahead. Anticipating reporters’ “It would be an uncharted imum wage. The Field poll found can war cry. She apologized Clinton: Positive NegativeSanders: Positive Negative questions about differences election campaign and certainly Mr. Unz leading the Republican the next day after the video ric- between House Speaker Paul a lot more drama than you candidates, with 5% support. ocheted across social media. 80% April 73% Ryan and Mr. Trump, the cam- would have otherwise,” said Ms. Harris raised about $10 Ms. Sanchez also came under 70 paign said, “This was never ex- Mark DiCamillo, director of a million through the first quar- fire last year for comments she pected to be a detailed policy poll by the Field Research Corp. ter of the year; Ms. Sanchez made about Muslims after a De- 60 discussion but there are a lot Two prominent Democratic raised $3.2 million. Mr. Del Bec- cember mass shooting in San 50 63 of issues they already agree on women, both minorities, lead caro raised $316,000 and Mr. Bernardino, which authorities like cutting taxes for the mid- the pack. Polls show California Sundheim $533,000. No finan- say was carried out by a radical- 40 dle class, balancing the budget Attorney General Kamala Har- cial information was available ized married couple. Ms. San- and reducing the deficit.” ris, the 51-year-old daughter of for Mr. Unz, though he said he chez, in a TV interview, said that 30 20% The talking points also ad- Indian and Jamaican immi- has contributed $50,000 of his anywhere between “Five and 20 dress calls for Mr. Trump to grants from San Francisco, is own money to his campaign. 20%” of Muslims supported the release his tax returns. “DT the front-runner, with 27% sup- The specter of a North-ver- type of caliphate created by Is- 10 never said he would withhold port in an April poll of all likely sus-South battle between Ms. lamic State, though she didn’t 0 11% his tax returns until after the voters by Field Research. U.S. Harris and Ms. Sanchez has cite a source. When asked about election. He simply stated he is Rep. Loretta Sanchez, a 56-year- cheered political junkies in the the comment by moderators 2015 ’16 not able to share them while old Latina from Orange County, state. Ms. Harris draws her during a debate last month, she undergoing a routine audit. was in second place at 14%. strongest support from the said she was referring to all Source: WSJ/NBC News telephone polls, most recent of 1,000 registered voters conducted April 10–14; margin of error for the full sample: +/-3.1 percentage points When this is complete he in- With Democratic presiden- liberal Bay Area, and Ms. San- Muslims world-wide and said THE WALL STREET JOURNAL. tends to release them.” tial candidate Bernie Sanders chez is from the traditionally nobody had disproved her claim. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | A5

Sanders Endgame: Populist Path for Party BY LAURA MECKLER ers has “every right” to con- day gathering, which the Clin- vote, it is almost impossible Sanders’s policy chief, who will an “open mind” on these is- tinue competing until the last ton campaign views as one of for Mr. Sanders to overtake likely represent the campaign on sues and “a commitment to Looking to avoid a messy votes are cast, but she has its best opportunities to com- Mrs. Clinton’s lead among the platform-drafting commit- progressive values.” Democratic convention this made clear that she expects municate her vision to voters. pledged delegates, the type tee. “It’s about making sure we “We’ve heard time and again summer, people close to likely unity to follow. “We’re going to Her campaign is in the chosen by voters. He also have big, bold change that will from Hillary Clinton in the last nominee Hillary Clinton predict unify the party, and we’re going early stages of planning the trails badly among superdele- fundamentally transform the couple of weeks that she re- she will give Bernie Sanders to have a great convention,” program. Meantime, people gates, party leaders who can U.S. economy….There are still spects Sen. Sanders and she re- much of what he wants on the she said last week on MSNBC. close to the campaign said vote for whomever they like. fundamental disagreements.” spects his supporters. As far as party’s platform. But at least The different messages re- they were waiting for a signal Short of an outright win, Mrs. Clinton has argued the Clinton team is concerned, for now, the Sanders forces are flect the candidates’ situations: from Mr. Sanders as to what aides say Mr. Sanders will in- that most of the Sanders plans most everything is on the table itching for a fight. Mrs. Clinton is gearing up for he wants and how the pair can sist that a range of his posi- are unrealistic. But several in terms of how do we most ef- Already, Mr. Sanders has ac- the fall contest; Mr. Sanders is come together. tions be reflected in the plat- Clinton allies said the cam- fectively come out of that con- cused the chairwoman of the still hoping to wrest the prize Mr. Sanders is promising a form, including a single-payer, paign is likely to let him insert vention united,” she said. Democratic National Commit- from her and, barring that, “contested convention” and government-run health pro- at least some of what he Former Pennsylvania Gov. tee of stacking convention com- push the Democratic Party says the nominee won’t be gram; a $15 federal minimum wants in the party platform. Ed Rendell, another Clinton mittees in favor of Mrs. Clinton closer to his populist agenda. chosen until delegates arrive wage; expanded Social Secu- That is partly because they ally, predicted much more co- and has threatened a floor fight It is possible that the two in Philadelphia. His campaign rity benefits; opposition to don’t see the two as being far mity than confrontation. Dis- if he isn’t treated fairly. sides will reach accommodation also is demanding that the free-trade agreements; and apart and partly because they putes, he said, can be handled “This convention should be after the voting ends in mid- Democratic platform reflect free tuition at public colleges. say the platform language in a “healthy way. a real debating place about June and before the convention his message and major In each case, Mrs. Clinton has doesn’t really matter anyway. “If both sides go at these what the party is and what it begins in late July. At the mo- changes to how the party alternative views that don’t go Hilary Rosen, a Democratic disagreements with the right should stand for,” said Larry ment, though, they appear far picks future nominees. as far as his do. consultant who is close to the spirit, you can reach some Cohen, a Sanders adviser. from an agreement over the With eight states plus the “It’s not about unifying the Clinton campaign, predicted clearly good agreements,” he Mrs. Clinton says Mr. Sand- tone and substance of the four- District of Columbia yet to party,” said Warren Gunnels, Mr. that the campaign would have said. FROM PAGE ONE

of the institution is in Tripoli, central bank’s to sell. GOLD where three out of the seven “We don’t trust the authori- bank board members, loyal to ties with the gold,” said Waleed the local government, sit and al-Hassi, a 43-year-old medical ContinuedfromPageOne hold sway. They are keeping technician who said he hasn’t Gadhafi’s likeness off the coins. the combination to the vault been able to collect his public Before that, Mr. Hibri needs to themselves. salary since November and to crack an antiquated but Tripoli has been sending moonlights as a taxi driver. sturdy 48-year-old British- $23.5 million a month to east- “We’re worried they’ll steal it.” made vault that holds the ern Libya to pay public em- Khaled and Mr. al-Fitouri bounty. He is betting on a fa- ployees, Mr. Hibri said, but are undeterred. The engineer mous pair of safecrackers—the that is a fraction of the $257 said the first task will be to same duo that successfully million he says he needs to get beyond a wall protecting gained access to several recover salaries. the vault. From there, he plans gime vaults that helped fund “So they’re not helping,” he to drill a 16-by-16-inch open- the 2011 rebellion. said, scribbling the numbers ing into the concrete wall— One of them, who would on a piece of paper to show enough space to allow Mr. al- identify himself only as Khaled, the shortfall. Fitouri to wedge himself in is an engineer. He named his Central bank officials in and access the double doors.

partner as a Mr. al-Fitouri, a Tripoli declined to comment. MAHMUD TURKIA/AGENCE FRANCE-PRESSE/GETTY IMAGES Once inside, the locksmith locksmith who specializes in They have previously ex- Libyans waited to withdraw money from an ATM. A currency shortage has roiled the country. will use his “special tech- busting open car doors, home pressed outrage at sending niques” to decode the five- locks and the odd vault. money to the eastern govern- announcing his rule over the the 1990s, the Libyan ruler worth up to $950, or about digit passkey required to un- The safecrackers don’t ex- ment, which acknowledges us- country. The flip side depicts a sold the coins to the public in $300 above its actual gold lock the vault, Khaled said. He pect much help. “All blueprints ing some of the funds to pay bust of the dictator wearing his an attempt to offset the pres- value. A silver medal could declined to further describe for the vault are in Tripoli,” local militias hostile to the colonel’s cap and military uni- sure of international sanctions fetch $150. Based on a central any methods, for fear of trig- said Khaled, who says he has a Tripoli administration. form. “The Great Arab Libyan against him. Most were melted bank inventory, there are gering a rash of bank heists. master’s degree from a univer- The gold and silver coins Populist Socialist Republic,” is down for their ore. 190,000 silver coins and 84,000 Mr. Hibri, the bank chief, sity in London. “And they were minted in 1979 to com- etched onto the gold and silver Since his death, the remain- gold coins, said Mr. Hibri. doesn’t view the operation as won’t send copies.” memorate the 10-year anniver- coins. They weigh 16 and 28 ing medals now carry a decent On the streets of Beyda, a movie-esque caper or The International Monetary sary of Gadhafi’s rise to power. grams, respectively. resale value, according to Nu- both the central banker and thriller. He is a man who Fund last year said it recog- One side depicts the Italian- Gadhafi gave them out to mismatic Guaranty Corpora- his safecrackers are viewed crunches numbers and draws nized Mr. Hibri as chief of the built colonial-era fortress in the visiting foreign dignitaries and tion. The Florida-based coin with suspicion. The locals in- charts—and has bills to pay. central bank, but his powers southern city of Sabha where his loyalists, but they were appraisal company estimates a sist the trove belongs to the “There’s very little else I are limited. The headquarters Gadhafi gave his first speech never put into circulation. In single gold Gadhafi coin is people of the city and isn’t the can do,” he said.

APPLE Lane Crowding Apple’s $1 billion investment in Didi Chuxing will not cool competition among rideshare startups. ContinuedfromPageOne Valuation Equity funding to date vance self-driving technology. Didi Chuxing and Lyft Lyft last week disclosed it and Uber have an alliance. GM would test a fleet of self- $62.5B driving electric taxis next year. Most major auto makers, Didi Chuxing including GM and Toyota Mo- 25 tor Corp., are investing in Lyft 8.4 22,000 BOTTLES their own driverless-car tech- 5 5.5 1.4 nology. Alphabet and Fiat Chrysler Automobiles NV plan to use Alphabet’s self-driving Key investors 2,730 LOTS technology in a trial with 100 Baidu, Google Ventures, Alibaba, Apple, Alibaba, Didi Chrysler minivans. Tesla Mo- Microsoft, Times of India's Tencent, China Chuxing, General Times Internet government (sovereign Motors, Rakuten, 3DAYS tors Inc. already sells autono- wealth fund) Tencent mous-driving features that allow drivers to go hands- and Source: Dow Jones VentureSource THE WALL STREET JOURNAL. feet-free in stop-and-go traffic 1 CHANCE as well as highway cruising. “mother of all balance sheets,” globe and struggling to quell For Apple, the deal erased including $233 billion in cash. unrest in the ranks of its driv- any doubt about the scale of In a January interview with ers in some of the more than its interest in cars. The iPhone The Wall Street Journal, Mr. 400 cities where it operates. maker has been working on Cook said cash is “worth Now, it faces a rival with electric- and autonomous-ve- more” during periods of eco- potential access to Apple’s hicle technology for two years, nomic turmoil like that faced technology and marketing that recruiting from across the by many startups as valua- could go far to reach millions company and bringing auto- tions dip and funding slows. of new users and develop the motive experts to a project Apple hasn’t publicly con- next generation of products in with more than 1,000 employ- firmed its interest in automo- transportation. ees, according to people famil- biles, but Mr. Cook has said Travis Kalanick, Uber’s co- iar with the company’s plans. that the automobile industry founder and CEO, marked Ap- And the investment bolsters is on the brink of a “massive ple’s investment with a jab. In Apple’s position in China, its change” with software and a tweet from his account, Mr. second-biggest market, where self-driving technology playing Kalanick wrote that his girl- sales are now falling after a a bigger role in future cars. friend’s stock in Apple makes rapid ascent, and where it her an indirect investor in his faces new pressures. Apple’s competitor. It bore the online book and movies ser- Software and self- hashtags “#ridesharewars” vices in the country were sus- driving technology and “#thanksalottim,” refer- pended by Chinese regulators ring to Mr. Cook. last month. will play a bigger An Uber spokesman de- “The shift in Apple’s strat- role in future cars. clined to comment. egy to invest at such a scale Uber has its own allies, highlights the strategic impor- from Chinese search giant tance of the Chinese market to Didi provides Apple with a Baidu Inc. to Bennett Coleman Apple both in terms of the rich data source for its self- & Co., publisher of the Times WINES FROM THE CELLAR OF scale of the opportunity and driving vehicle push. It also of India newspaper. Those the need for local knowledge could provide benefits to Ap- partners have helped it expand and local partnerships,” said ple’s mobile ecosystem. Ride- in China and India—two mar- WILLIAM I. KOCH Jack Kent, mobile director for sharing apps are closely linked kets Mr. Kalanick has called research firm IHS Technology. to payment services, such as the company’s largest oppor- Didi, which is valued at $25 Apple Pay. They also can be tunities for growth. AUCTIONINNEWYORK billion, is an unusual invest- the foundation for other mo- One of Uber’s relationships ment by Apple, which has pre- bile commerce transactions now appears fraught. Google 19–21 MAY 2016 ferred to buy small startups such as deliveries. Ventures, Alphabet’s invest- and absorb their technology The investment also under- ment arm, sank more than into its products. This is the scores how quickly and dra- $250 million in Uber in 2013, largest investment for Apple matically the ride-sharing its single largest investment at TOORDERORVIEWTHECATALOGUE,WATCH since it acquired headphone landscape has changed. Ap- the time. Since then, Alphabet EXCLUSIVEINTERVIEWSANDREGISTERTOBID maker and streaming-music ple’s investment strengthens began to test its own ride-hail- VISIT SOTHEBYS.COM/KOCHCELLAR service Beats Electronics for an Uber rival in the one mar- ing apps, and Uber began to $3 billion in 2014, a deal that ket where Uber is already the develop its own mapping and ENQUIRIES+12126067050 helped launch its Apple Music underdog. Didi and UberChina self-driving car technology. service. have competed to raise bil- David Drummond, senior vice [email protected] But that could be changing. lions of dollars from investors, president of corporate devel- Apple Chief Executive Tim using the cash on incentives to opment for Alphabet, remains Cook recently highlighted the lure drivers and riders. on Uber’s board. PHOTOGRAPH:BRIANSMITH SOTHEBY’S,INC.LICENSENO.1216058.©SOTHEBY’S,INC.2016 strength of the company’s fi- Uber is locked in a battle —Eva Dou and Rick Carew nances, noting that it has the with regulators across the contributed to this article.

Mustafa Amine Iran and affiliated groups in the Middle East call their regional Badreddine was tied to alliance a “resistance axis” attacks on U.S. and against Israel and the West. At a funeral procession for other targets in region Mr. Badreddine, Hezbollah deputy chief Naim Qasim said there BY NOUR MALAS were clear indications of who was behind the blast. “For us The commander of Hezbol- there’s only one enemy: Israel lah’s operations in support of and those with it,” Mr. Qasim the Syrian government was said, going on to suggest that killed by an explosion near the Sunni extremists that Hezbollah Damascus airport, the biggest and other Shiite groups call “tak- blow to the group’s military firis” could have been involved. leadership in years. Hezbollah alleges Sunni radi- Hezbollah said Friday that cals are co-conspiring with Israel the blast killed Mustafa Amine and the U.S. to weaken the Iran- Badreddine, a prominent mem- backed powers in the region. ber of the Lebanese Shiite A spokesman for the Israeli group’s founding generation. Foreign Ministry didn’t return a Mr. Badreddine, 55 years old, call requesting comment. was one of Hezbollah’s highest- On Army Radio in Israel, ranking military leaders, part of Ya’acov Amidror, former head of a cadre of underground officials Israel’s National Security Coun- long sought by the U.S. and Is- cil, said Mr. Badreddine’s death rael, according to U.S. and Leba- was “good for the state of Israel nese officials. but the state of Israel is not al- He was accused of involve- ways responsible.” He added: ment in some of the deadliest “Those operating in Syria today attacks in the region, including have many haters in Syria with- on American targets, and was out the state of Israel.” one of four Hezbollah opera- In the 1980s, Mr. Badreddine

tives indicted by a United Na- HASAN SHAABAN/REUTERS was charged and jailed, under tions-established court for the Mourners carried Mr. Badreddine’s coffin Friday in southern Beirut. Hezbollah said it was probing the cause of the blast that killed him. an alias, in Kuwait for involve- 2005 assassination of former ment in the 1983 bombings at Lebanese Prime Minister Rafik cluding Sunni insurgents, the “It shows Hezbollah that it is the tide of war in favor of Mr. in Syria as a chief supporter of the American and French em- al-Hariri. Mr. Hariri at the time commander’s death raises the vulnerable,” said Elias Hanna, a Assad and elevating Hezbollah the Assad regime. The White bassies. Those attacks came was a vocal critic of Syria’s specter of new friction between retired Lebanese army general. to a major regional player. House flatly ruled out any in- just months after massive truck domination of Lebanon. Hezbollah and Israel, which has But Mr. Hanna, other analysts The Syrian government volvement in Mr. Badreddine’s bombings at the U.S. Marines Hezbollah said it was investi- previously targeted and killed and Lebanese officials said the didn’t comment on the explo- death by U.S. or allied planes. and French army barracks in gating the cause of what it said members of Mr. Badreddine’s group has withstood previous sion, which took place along a The death could add a source Beirut that killed 241 U.S. and was a massive blast at one of its extended family. assassinations of senior com- road in Damascus almost en- of strain to talks on Syria set for 58 French servicemen, attacks bases and would soon announce It also strips Hezbollah of its manders and has over the years tirely controlled by Hezbollah. next week among world powers in which U.S. and Lebanese offi- who was behind it. It wasn’t chief operative in Syria, where decentralized its military lead- U.S. officials remained tight- pursuing cease-fire and political cials believe Mr. Badreddine clear when the explosion struck. it has deployed thousands of ership structure. lipped about Mr. Badreddine’s transition negotiations. A group also played a role. Though statements by the militia fighters since 2011 to Mr. Badreddine led some of possible assailants, noting Hez- meeting in Vienna on Tuesday —Carol E. Lee, Jay Solomon, group left open the possibility prop up the Shiite-linked regime Hezbollah’s highest-profile op- bollah was exposed to many en- includes both Iran and the Syr- Dana Ballout and Rory Jones of a range of perpetrators in- of President Bashar al-Assad. erations in Syria, helping turn emies while deeply entrenched ian regime. Hezbollah, Syria, contributed to this article. Kenyan Push to Close Camp Throws Lives in Limbo

BY HEIDI VOGT support of the rest of the passes for refugees to travel out- or—for a lucky few—in Canada world.” side the camp have been halted. and elsewhere. But unless they DADAAB REFUGEE CAMP, For Ms. Abdullahi and other A weekly refugee-repatriation get work permits or citizenship Kenya—Brownkey Abdullahi was refugees, the problem is that flight to Somalia from Dadaab abroad, they are required to reborn here in the world’s largest there may be nowhere for them has been suspended. turn to the camp, where they refugee camp 23 years ago and to go if Dadaab and Kakuma One refugee in a coma died are eligible only for jobs with to- has never lived anywhere else. close. over the weekend after no one ken pay of about $50 a month. Now the Kenyan government Somalia is still mired in vio- in the Kenyan government Most of the people of Dadaab has distressed its Western allies lence, Kenya won’t nationalize would authorize her flight to don’t consider repatriation a vi- by renewing a push to close it, the refugees on its soil and there Nairobi for treatment, Abbas able option now. Some who have throwing residents’ lives into are few other countries willing Gullet, head of the Kenyan Red opted for one of the free flights confusion and uncertainty. to take them amid the migrant Cross said. Doctors Without Bor- to Somalia to test out life there “I’m somebody who doesn’t crisis already besetting Europe, ders said it has been unable to have already returned to the know where to move if they tell the Middle East, Central Asia transfer another four patients in camp, saying al-Shabaab had me to move from here,” she said and North Africa. need of emergency care. tried forcefully to recruit them, on Tuesday by telephone from Kenya has made similar pro- Established in 1991, Dadaab is said Laetitia Bader, a researcher

Dadaab, where she was born to TOMMY TRENCHARDnouncements FOR THE WALL STREET JOURNAL before, leading far from a stereotypical refugee with Human Rights Watch. Somali parents. Like many residents of Dadaab, the world’s largest refugee camp, some observers to claim the lat- camp of plastic sheeting and Ms. Abdullahi said that as The government said last 23-year-old Brownkey Abdullahi has lived her entire life here. est steps are a ploy for more hu- open wood fires. It is a teeming much as she wants to leave, her week that it had disbanded its manitarian aid and financial city with its own schools, restau- current situation is better than department of refugee affairs, kuma, a smaller camp housing ernment describes as years of support for its troops deployed rants, hair salons and computer- having to start again in a new the official liaison to the Dadaab mainly South Sudanese refugees. international neglect even as the in Somalia as part of an African game arcades. camp with nothing. The latest camp, the United Nations-run Kenyan officials say Dadaab in number of refugees in the East Union peacekeeping force. Ms. Abdullahi is doing well update on her resettlement ap- complex that houses some particular has become a haven African nation swelled to more “This is about using the refu- by camp standards—she has a plication was six years ago. The 350,000 people around 60 miles for al-Shabaab, the Islamist mili- than 600,000. gees as a bargaining tool,” said degree from a Kenyan university U.N. High Commissioner for Ref- west of the Kenyan-Somali bor- tant group that is fighting the “We haven’t gotten the kind Ben Rawlence, author of a book earned via a satellite program ugees says it manages to resettle der. The department appeared Somali government and has car- of support that we were expect- on Dadaab published this year. run inside the camp and has only about 2,000 refugees from to stop operating immediately. ried out major attacks in Kenya. ing, or that the rest of the world The sudden closure of the started a blog about women’s Kenya each year. The move to dissolve the de- Interior Ministry spokes- promised,” Mr. Njoka said. refugee-affairs department has rights. “They told me be patient, we partment was necessary, the man Mwenda Njoka said Kenya “Right now, the government has disrupted operations at the Some young men and women are going to call you,” she said. government said, to speed up also was moving to shut the decided there’s a need to move camps. The registration of new in Dadaab have received permis- “But I’ve been patient for the the closing of Dadaab and Ka- camps because of what the gov- with speed, with or without the refugees and the issuing of sion to attend school in Nairobi last six years.”

cess to the Turkish border. TACTICS Chipping Away Target: Baghdad In battles in Syria’s Aleppo Foes of Islamic State have taken back some territory from the extremist group in Iraq and Syria province, U.S.-backed rebels and are moving to cut off its vital supply routes. Wednesday A truck bomb have struggled to take and ContinuedfromPageOne strikes a crowded market in the hold territory from Islamic 12,000 U.S.-led strikes on the Turkey and the U.S. are ramping up Kurdish-led forces started clearing Islamic State control Iraqi capital’s predominantly State, with several towns re- group since an air campaign efforts to push Islamic State away Islamic State from this border Shiite Sadr City neighborhood, captured by the extremists in from this border-crossing area stretch in June 2015 against it began in 2014. The killing at least 62 people and counteroffensives last month. TURKEY Kobani radical Sunni fighters retain a I wounding 86 others, many of Syrian rebels took the town R A IRAN vast expanse of territory in Hasakah Q I them women and children. Two of al-Rai near the Turkish bor- K Syria and Iraq from where they Mosul U subsequent suicide bombings in der only to see it recaptured Sinjar R can train fighters, plot attacks Aleppo D Baghdad kill at least a further by Islamic State within days. A Shaddadi I S Erbil T on nearby and distant targets, Raqqa A 26 and wound 79. Islamic State rebel victory would have been N and generate income, most no- Islamic State’s claims responsibility. asteptowardamarchon tably from oil. 50 miles supply line between Raqqa, the extremist group’s The group has proven time Raqqa and Mosul Thursday A double suicide de facto Syrian capital. SYRIA and again that it is a potent 50 km Deir was severed in bombing kills five policemen at “Just like we have support Ezzour and resilient threat, capable of February dawn at a police station in Abu [from the West], they also mounting operations to expand Tikrit Ghraib, near the Iraqi capital. have support. Their weapons Homs IRAQ its territory in places like Palmyra Islamic State again claims are more advanced,” said Ah- Syria’s Aleppo province. This LEB. responsibility. mad Othman, a rebel leader of week’s attacks in Baghdad The Syrian army and allies al-Sultan Murad Division, a were the deadliest in years, are pressing to cut Islamic Friday Islamic State gunmen Western-backed rebel group Damascus State’s last direct route Ramadi Baghdad and last week an Islamic State between Iraq and Syria attack a coffee shop north of fighting in Aleppo. “The battle counteroffensive in northern the city early in the day, killing with Islamic State is not a bat- Iraq killed a U.S. Navy SEAL. Source: Institute for the Study of War (control areas) THE WALL STREET JOURNAL. 13 people and wounding 25. tle with a normal group. They The U.S.-led campaign are an advanced group.” against the extremists in Iraq smuggling routes and revenues. its 25,000-strong fighting force fleeing what it claims is a reli- the ability, the motivation and The territory under the mili- is stalling over an operation to Also undermining Islamic in parts of Syria and Iraq, ac- gious utopia. the knowledge to go back to tants’ control has become less liberate Mosul, the country’s State’s ability to function as a cording to Syrians leaving Is- Western and regional offi- clandestine cells and is able to contiguous and patchier and second-largest city, which was military pseudo-state is trou- lamic State territory and inter- cials said they expect more of conduct asymmetric attacks one of two land bridges linking captured by Islamic State in ble replenishing its armed views with defectors. the fighters to eventually melt against the Iraqi government the group’s Iraqi and Syrian ter- 2014. The operation has been ranks. In April the Pentagon “You have two choices: Be back into the population to and the populace,” said a se- ritory was severed in February. discussed for nearly two years said the number of foreign re- with them, or you’re their en- launch attacks much harder to nior U.S. counterterrorism offi- The U.S. and its allies on the but hasn’t got off the ground. cruits joining the group had emy,” said a 28-year-old Syrian counter than their current mil- cial. “So they will remain a ground now aim to break the Still, Islamic State suffered fallen to about 200 a month from the Islamic State strong- itary configuration. The group threat for a very long time caliphate into two by the end a string of recent setbacks in- over the previous year, from hold of Raqqa, who recently is also likely to step up global even if they are denied the of this year, a goal shared by cluding a defeat in the Iraqi about 2000 a month a year fled the city. “Now they are attacks as it loses territory in large territory they currently the Syrian regime forces and city of Ramadi in December earlier. forcing people to join, they the Mideast, they said. control.” its ally Russia. The U.S. is try- and the loss of the ancient Syr- Meanwhile, its fighters have don’t have willing recruits.” According to Verisk Maple- The official added that Is- ing to sever the group’s last ian city of Palmyra in March. been flowing back into Europe “They’ve closed all the croft, a London-based risk-con- lamic State would continue to remaining land bridge connect- The territory under Islamic to join up with existing cells roads to prevent people [from sultancy firm, Islamic State de- be problematic in Syria as ing the two countries—vital State in Iraq and Syria con- there to launch attacks, ac- leaving], as it’s forbidden to ployed more suicide attacks in well. supply lines for the movement tracted by about a quarter last cording to a senior U.S. coun- leave the caliphate,” he added, the first few months of 2016 The U.S. said last month it of people, military equipment year, according to U.S. esti- terterrorism official. explaining that image-con- than in the entire second half plans to send an additional and goods. mates. Crucially, the group lost The group is also finding it scious Islamic State leaders of last year to “project an im- 250 Special Forces to Syria in- —Ghassan Adnan control of much territory along increasingly difficult to mobi- worry about how the outside age of strength.” tended to help allies finish and Zana Ballout the Turkish border, pinching oil lize what the U.S. estimates is world would perceive civilians “The group certainly has sealing off Islamic State’s ac- contributed to this article. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | A7 WORLD NEWS

World Beijing Charges Watch Ex-Leader’s Aide BY CHUN HAN WONG June 2015 trial of retired security chief Zhou Yongkang, who CANADA BEIJING—Chinese prosecu- was sentenced to life in prison tors indicted a onetime power- after being tried in secret. Leader Pledges Aid ful senior official, renewing Taken down with him were an To Fire-Ravaged Town public attention on President array of associates who rose Canadian Prime Minister Jus- Xi Jinping’s popular anticor- to senior posts in the petro- tin Trudeau vowed to speed di- ruption campaign at a time leum industry, the police and saster assistance to the Western when political jostling is in provincial governments. province of Alberta as it works sharpening in the upper ranks Mr. Ling climbed the ranks to rebuild a town devastated by of the Communist Party. through the Communist Youth uncontrolled forest fires. The charges announced Fri- League and rose to head the Mr. Trudeau’s comments came day against Ling Jihua, a for- Communist Party’s General Of- after he toured Fort McMurray, mer aide to retired President fice, which manages day-to- Alberta, which was evacuated Hu Jintao, include taking day affairs for the leadership, last week as some 2,400 houses bribes, illegally obtaining state under President Hu. and other buildings burned down. secrets and abuse of power. Some within the party are The town is the hub of crude oil The official Xinhua News eager to see how Mr. Ling’s production from nearby oil sands. Agency, citing the indictment, prosecution will be handled, “There will be significant fed- said Mr. Ling would face trial as his role made him “a nexus AGENCE FRANCE-PRESSE/GETTY IMAGES eral investment in that community for alleged “serious” wrongdo- of information at the party’s Singer Song Zuying performed for workers this month on Fiery Cross Reef in the Spratly Islands. as we rebuild,” Mr. Trudeau said. ings that have inflicted “se- top echelons,” said a Beijing- The fire, which may be the vere losses” in public assets based politics professor and costliest natural disaster in Cana- and the national interest. party member. dian history, cut crude production Xinhua said Mr. Ling has an The investigation against China Sea Tactics Decried by up to one million barrels a day, attorney but didn’t identify Mr. Ling, which formally be- although officials suggest oil- him. His family couldn’t be gan about 17 months ago, has BY PAUL SONNE tion of strength,” Abraham M. ing power outside its borders. sands firms are expected to re- reached. Prosecutors in the implicated a network of family Denmark, deputy assistant China also has become sume production in the coming port city of Tianjin, where his members and political and WASHINGTON—China has secretary of defense for East more aggressive in asserting weeks. case will be tried, declined to business associates. reclaimed more than 3,200 Asia, said at a briefing. He its claims in the disputed —Chester Dawson comment. The city’s No. 1 In- The party’s disciplinary acres of land in parts of the said the U.S. would stay fo- South China Sea, with its rec- termediate People’s Court agency, which has run the an- disputed South China Sea over cused on maintaining military lamation operations rising POLAND didn’t respond to a request to tigraft campaign, conducted a two years, according to a Pen- superiority. steadily to more than 3,200 comment, nor did the national review of the Communist tagon report released Friday Zhu Haiquan, a spokesman acres of land in the Spratly Is- U.S. Official Defends prosecutors agency. Youth League. It found what it that accused Beijing of using for the Chinese Embassy in lands chain where it is build- NATO Missile Shield Mr. Ling is one of the most called lax discipline and exces- “coercive tactics short of Washington, said in a state- ing infrastructure including A high-ranking U.S. defense senior figures publicly en- sive bureaucracy. The league, a armed conflict” to advance its ment that China has “indisput- harbors, communications and official said new threats by Rus- snared in the far-reaching cor- vehicle for grooming ambi- interests while stopping just able sovereignty” over the surveillance systems, three sia to “neutralize” American- ruption crackdown that has tious party members, saw its short of provoking war. Spratly Islands, which he airfields and logistics facili- backed defensive systems in Eu- boosted Mr. Xi’s popularity. But budget slashed by more than The U.S. report—an annual called the Nansha Islands. ties, according to the report. rope were misinformed and the campaign is also viewed by 40% this year and pledged to review of China’s military The Pentagon study said were heightening tensions be- some party members as Mr. revise its internal operations. power the Pentagon prepared other countries besides China tween the two powers. Xi’s vehicle for purging rivals Though Mr. Ling was once for Congress—also said Bei- Pentagon calls land- had reclaimed approximately Deputy Secretary of Defense and clearing the way to elevate considered a candidate for pro- jing’s overhaul of its armed reclamation efforts 50 acres of land in the Spratly Robert Work made his remarks his allies at a key party con- motion to the top leadership, forces had resulted in new ca- Islands over the period. It while in Poland to break ground gress next year. his future has been in question pabilities that could diminish in South China Sea didn’t say how much land on a North Atlantic Treaty Or- News of the indictment since 2012, when his 23-year- theU.S.’scoreadvantagesin ‘coercive.’ China had reclaimed in other ganization missile defense site. puts the campaign back in the old son died after crashing a military technology. parts of the South China Sea Russian President Vladimir Putin headlines after months when black Ferrari on the streets of It pegged Chinese military outside the Spratlys. earlier Friday said the site in Po- the media shifted to Mr. Xi’s Beijing. News of the crash, in spending in 2015 at more than “China’s construction and China’s actions in the South land and another in Romania military reforms and plans to which two women were in- $180 billion, about $40 billion deployment of facilities on its China Sea have unnerved U.S. were aimed at Moscow and reinvigorate the economy. jured, one fatally, was quickly more than China’s official de- own soil in defense of its terri- allies with competing claims were pushing it to look for ways “Prosecuting Ling sends a suppressed by party censors. fense budget for the year, and tory are legitimate acts of in the area, including the Phil- to counter what it considers signal that Xi’s anticorruption Mr. Ling was later demoted predicted China would be able peaceful construction and ex- ippines, which relies largely on threats to its national security. fight is real and going strong,” and most recently served as to continue increasing defense ercise of its right to self-pres- Washington to counter Beijing. NATO has said the sites were said Huang Jing, an expert on deputy chief of a government spending at about 9.8% annu- ervation,” the spokesman said. The U.S. has stepped up its designed to protect against the Chinese politics at the Na- advisory body before being ally for the foreseeable future. The U.S. report comes as military activities in the Phil- threat of Iranian ballistic mis- tional University of Singapore. formally placed under investi- “The United States will seek President Xi Jinping attempts ippines in response and con- siles. The Aegis Ashore system Mr. Ling’s case would be gation in late 2014. cooperation in areas of mutual to transform China’s military tinued conducting freedom of is part of a U.S. initiative first China’s highest-profile anticor- —Te-Ping Chen benefit and manage competi- focus from defending the navigation exercises in the dis- announced in 2009. ruption prosecution since the contributed to this article. tion with China from a posi- country to potentially project- puted waters. —Gordon Lubold Kirchner Charged in Bank Case BY TAOS TURNER President Mauricio Macri of take place at market rates, Mr. conspiring with corrupt judges Macri’s allies said. BUENOS AIRES—A federal to tarnish her legacy and dis- The central bank’s decision, judge in Argentina on Friday tract attention from inflation, in combination with measures indicted former President poverty and layoffs. later taken by the Macri ad- Cristina Kirchner and more “Every time a popular polit- ministration, proved finan- thanadozenothersinacase ical movement leaves office or cially calamitous. involving allegations that late is thrown out of power, the After taking office in De- in her term Argentina’s central authorities that succeed it sys- cember, Mr. Macri devalued bank illegally traded deriva- tematically discredit its lead- the peso from less than 10 pe- tives, costing the country bil- ers, accusing them of grave sos to the dollar to more than lions of dollars. crimes that are always linked 15. The central bank then had In a 147-page ruling, Fed- to corruption, abuse of power to fulfill the dollar-futures eral Judge Claudio Bonadio and ill-obtained assets,” Mrs. contracts by paying the differ- charged Mrs. Kirchner with Kirchner said. ence between the two ex- the crime of “unfaithful ad- The indictments stem from change rates. ministration,” essentially say- a decision by the central bank Judge Bonadio said that ing she defrauded the public. late last year to sell up to $17 Mrs. Kirchner was to blame An attorney for Mrs. Kirch- billion worth of dollar-futures for the central bank’s actions. ner hasn’t responded to re- contracts at below market “It is unthinkable that a fi- peated requests to comment prices. The case also stems nancial transaction of this about recent allegations from a criminal complaint— magnitude...could be carried against her and efforts to con- filed in October by allies of out without the express ap- tact Mrs. Kirchner through the President Macri—that accused proval of highest levels of the office of her son, a member of the bank of selling futures economic and political part of Congress, have also been un- contracts for about 10.6 pesos the Executive Branch,” the successful. to the dollar when the market judge wrote. In a written testimony pre- rate was closer to 15 pesos. The judge placed embar- sented to Judge Bonadio last While the central-bank goes of around $1 million on month, Mrs. Kirchner, who left charter allows for derivatives assets belonging to each of the office in December, accused trading, it requires that trades 15 people charged in the case. Rio’s Olympic Subway Delayed Power of the Brush BY PAUL KIERNAN Sir Winston Churchill RIO DE JANEIRO—A new subway line crucial to moving Legendary world leader. Brilliant landscape. thousands of visitors daily during the 2016 Olympics has been Churchillian rarity. This remarkable oil delayed and won’t open until on canvas represents a rare opportunity just before the event, officials to own a work of artistic and historical in Rio de Janeiro said. significance. Churchill is among the The 10-mile addition to Rio’s tiny Metro system is now most iconic figures of the modern era. slated to open on Aug. 1—just His personal memorabilia, particularly four days before the Summer his paintings, are sought and revered by Games’ opening ceremony, Rio collectors world-wide, though few state Transportation Secretary TASSO MARCELO/AGENCE FRANCE-PRESSE/GETTY IMAGES Rodrigo Vieira said Friday. A workman walked in February along the city’s new subway line, canvases ever appear on the market. 1 1 The new subway line will which was supposed to be finished in July, well before the Games. Signed. Circa 1930. 29 /2”hx24/4”w. #30-4281 initially serve only Olympics spectators and personnel and Rio was required by the In- said he plans to move quickly not the general public, Mr. Vie- ternational Olympic Committee to cut spending and reduce the ira said. The project will then to come up with a backup plan deficit to get the country’s fi- close for additional work, he in case Line 4 isn’t finished on nances in order and spur an said, and reopen in September. time. A city transportation economic recovery. He was ap- Known as Line 4, the sub- spokeswoman on Friday de- pointed on Thursday. way extension has suffered re- clined to provide details. “We need to have concrete 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • [email protected] • rauantiques.com peated delays as its cost ran “There’s a plan. This is Rio de measures to turn things 30% over budget to 9.77 billion Janeiro. It’s not a mess,” said around,” said Mr. Meirelles, a Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry. reais ($2.77 billion). Connect- the spokeswoman, Flávia former central bank president Backed by our unprecedented 125% Guarantee, we stand behind each and every piece. ing upscale tourist districts to Salme. “Even if those measures won’t the Athletes’ Village and main Word of the subway delay have immediate effects, they Olympic Park, Line 4 is seen as came as Brazil’s new Finance will have an effect in the fu- key to reducing Games traffic. Minister Henrique Meirelles ture.”

“There was definitely times OPIOID when I thought our whole family was going to crumble,” Jo- seph’s sister Kerri said. ContinuedfromPageOne That Thanksgiving, Joseph more than 5,500 people died of told Kathy he wasn’t feeling well fentanyl-related overdoses be- and wouldn’t join the family tween 2013 and 2015, according dinner. In their Cavalier on the to data compiled by The Wall way to their daughter’s house, Street Journal. The figure likely Kathy was upset. is higher because only partial “You act like you don’t even numbers are available for some care,” she said she told Joel, years. crying. Joel grabbed her hand, For Joel and Kathy Murphy, with tears welling. “Don’t you the downward spiral included think I love him and want him to disruption at work, marital get better?” strains and a trip through bank- On Jan. 5, Joseph was re- ruptcy court—not to mention a leased from jail after serving family video that shows their more than a month for his 2014 son overdosing. Before it was burglary attempt. He picked up over, Mr. Murphy was sleeping a $20 fentanyl bag downtown, with a gun nearby. sneaking away from his wife to The Murphys were living a get it from a source he had solid, middle-class life in Man- called in advance. He and Steph- chester before trouble struck. anie grabbed a rental movie and Brawny, with glasses and a some ice cream at a Hannaford thick, salt-and-pepper mustache, supermarket. Mr. Murphy worked for years as In the supermarket bath- an engineering assistant at a room, he snorted the powder. semiconductor-industry supply Minutes later, he crouched out- company. When the business re- side a storm door of the family

located in 2008, he resigned, KIERAN KESNER FORhome THE WALL STREET JOURNAL (PHOTOS) in a black pea coat, moan- feeling his family was too rooted Joseph Murphy’s wife, Stephanie, cuts his hair in the kitchen of his parents’ house. Below, his mother, Kathy, and father, Joel. ing incoherently. He went silent in New England to follow. He and face-planted into the door— found a job cleaning cars for a a scene Stephanie captured on funeral home, then moved up to her phone’s video, something managing the crematory. His the family often did to show Jo- wife worked as a secretary in a seph how he acted when he was Manchester medical office for 18 high. years. She bawled in the driveway, The couple dutifully saved for fearing he wouldn’t survive. retirement and raised three chil- “Please don’t take him this way,” dren. Framed pictures of the she said. children and grandchildren hang The ambulance crew had nal- on the wall in the small living oxone, a drug that displaces opi- room of their four-bedroom oids from their receptors in the home. Joel had fond memories brain. The first responders of the family outings to the sprayed it up Joseph’s nose, beach or camping, and of the twice, reviving him. children playing in a pool out For Joseph, one of the most back of their home. Joseph profound moments was when, was a “super, super lit- as he remembers it, his rescuers tle buddy,” the father said. “He called him a “junkie.” He lashed was a happy-go-lucky little kid, smoking crack. hooked on fentanyl. Some users The house was filled with con- When Kathy drove up to the out at them. “I said ‘I have noth- always smiling,” he said, a “little Joseph said he was likely “don’t know what they’re tak- stant screaming and fighting, home, Joseph approached the ing to say to you.’ ” pork chop.” snorting fentanyl with the her- ing.” sometimes spilling outside. Joel minivan. “Open the window. Get Joseph didn’t remember After graduating from high oin for a long time. By mid-2015, In some areas at the leading thought they should cut Joseph out of the car. I need that much about what happened school in 2009, Joseph took however, he was seeking out edge of the crisis—including off. “He’s raping the fam- money, I need that money,” he next, but he did recall the bag of work at a local Wal-Mart, mak- fentanyl exclusively. He learned Rhode Island and Summit ily,” Joel said. He feared gangs said, she later recalled. fentanyl he had placed in his ing $9.75 an hour. He attended to recognize the drug’s sweet County, Ohio, which includes would come to their home to kill After Joel arrived, shoe. He snorted and passed out community college online for taste and distinctive effects, and Akron—fentanyl-related fatali- them, their grandchildren, or he slammed his son onto the again. Then on Jan. 12, Joseph more than a year, aiming for a had a friend who sold it ties significantly outnum- Joseph himself. He began sleep- kitchen floor, holding him as he used crack and fentanyl again. computer science degree, but straight. The powdery drug trig- bered heroin-related deaths by ing with his .45 caliber pistol tried to squirm away. Kathy Working for the funeral home dropped out after a disagree- gered a drowsier effect than 2015. In New Hampshire, state- nearby and his wallet in his pil- called the police, who showed in Manchester, Joel pulled the ment with a teacher. At age heroin, which Joseph liked, and wide deaths linked to fenta- low case to keep it safe from up in 15 minutes and escorted deceased addicts 20, Joseph married Stephanie, a the intense high was also nyl totaled at least 283 in 2015, “that prick,” Joseph. Joseph from the house. The par- from their “nests” where Joel younger sister of his older shorter—about three or four compared with 88 tied to her- Kathy wouldn’t give up on ents told their son they had a figured they went to get brother’s wife. The couple lived hours, according to Joseph and oin (with 43 involving use of “Joey.” “How do you turn your restraining order against him. high. The messy rooms, littered in the Murphy home to save other users. That appeals to both). back on your kid when your kid Joseph slept in his car, crash- with candy wrappers, were just money. Joseph worked as a li- dealers, since heroin can last is hurting?” she said. “Addiction ing on couches at trap houses like Joseph’s bedroom in censed nursing assis- about twice as long, Joseph is in the brain. It’s not some- and at his aunt’s place. On Oct. the white, Cape Cod-style family tant. Stephanie tended bar at a said. ‘I was Superman’ thing they choose.” 26, he was arrested for crack home. local pub. The synthetic painkiller was By the time Joseph started She and her daughter-in-law possession after two Manches- At work one day, Joel en- Five-feet-seven-inches-tall, created in the 1960s and first using, bootleg fentanyl was would sometimes patrol Man- ter police pulled him over, with countered a woman whose son, with a baby face, Joseph seemed used as an anesthetic. Pharma- readily available. Joseph said his chester’s rough neighborhoods three passengers, when the in his 20s, had just died from an to enjoy working with patients ceutical companies including supply seemed to be flowing at night, watching for Joseph to Honda Accord he was driving overdose. As they shared sto- at the Villa Crest Nursing and Alza Corp. and Cephalon Inc. into New Hampshire from emerge from one of the “trap failed to stop completely at a ries, Joel put his arm around her Retirement Center, earning $3 later produced versions to treat nearby Lawrence. He sometimes houses” where users and dealers sign. and squeezed her. “I feel the more per hour than he did at people with severe pain, such as made the 30-minute drive to congregate. Kathy began call- Around 10:30 p.m., following pain,” he said. Wal-Mart. “He had a very soft cancer patients, who can take that city to buy drugs, lured by ing Joseph “Jay,” his street his release, Joseph called Kathy Joel and Kathy understood a demeanor and compassion for thedrugasalozengeorskin cheaper prices but wary of the name, when he was high. asking for food. “I’m starving,” moment might come when Joel people,” Kathy said. “I knew he patch. Fentanyl has been risks transporting drugs across The struggle drew a wedge he said. She couldn’t go out at would haul Joseph’s corpse would be great for a nurse.” listed as a Schedule II narcotic, state lines. between the parents. Joel was that hour, she said, and prom- away in the funeral van. “It re- The summer after his high like OxyContin, since passage of “I was never afraid of dying adamant Kathy stop giving their ised take him for groceries the ally would have killed him if he school graduation, a friend in- the Controlled Substances Act in using fentanyl—ever,” he said. son money. She feared she next day. picked up a body and it hap- troduced him to 30-milli- 1970, meaning it has a high po- “It couldn’t happen to me, I was would lose him. Joel already felt Just after midnight, Joseph pened to be his son,” Kathy said gram Percocet pills. tential for abuse and addiction. Superman.” tried to break in to a cleaning- of Joel. “It could happen any Driving today’s fentanyl out- Testifying before Congress in supplies establishment that he day, any minute, any time. What break is a pursuit of profit. A January, Manchester Police Two milligrams of thought was a convenience did I think about it? I tried not ‘Greatest feeling’ Mexican drug cartel can buy a Chief Nick Willard called the in- fentanyl, equivalent store. He seemed “extremely in- to,” Joel said. “This is the greatest feeling kilogram of illegal fentanyl from crease in fentanyl overdose toxicated by alcohol and or in my life,” Joseph recalled China for $3,000 to $5,000, sig- deaths in the city “staggering.” to six grains of salt, drugs” and “unsteady on his thinking, after snorting his first nificantly less than the cost of “Fentanyl is what’s killing our can be lethal. feet,” according to the police re- Back to treatment Percocet. “I want this forever.” producing heroin, according to citizens,” he said. “Not only is it port. He had a winter boot on Joseph had begun to think Joseph explained the pro- Rusty Payne, a spokesman for taking lives, it’s deteriorating one foot, and a woman’s slipper about going back into treat- gression of his addiction in a se- the Drug Enforcement Adminis- communities, devastating fami- they had. “I didn’t think he was on the other. ment. He waited for a slot to ries of interviews with The Wall tration. The cartel can then sell lies and leaving children without coming back,” he said. “Man Arrested Twice Within open at the Farnum Center near Street Journal beginning in Jan- that wholesale to U.S. buyers for parents.” Joseph’s often-creative 8 Hours” one headline read. his home, and on Jan. 26 he uary. For a while he snorted half about the same price as heroin, Joel suspected his son might threats were also hard to resist, “Hungry prowler charged just checked in for the second time. a pill every few days, but his if not more. In the established have been using drugs. Joseph said Kerri Galante, his older sis- hours after arrest for drug pos- “Some of us want to die because habit steadily climbed. He distribution hub of Lawrence, stayed out all night and was ter. She said she met Joseph at a session,” a local news site wrote. we don’t want to live with this worked his way up to 20 pills Mass., for instance, where her- “bouncing off the wall,” Joel re- bank in 2014 to give him money, There was a mug shot of Jo- disease anymore,” he said in late daily, 10 in the morning, 10 at oin costs about $70,000 a kilo- called. “You could tell he’s high.” frightened after he called and seph, gaunt with a hollow look January, while at Farnum. night. Joseph eventually felt he gram, fentanyl runs about Then he discovered crack pipes claimed he was being held, in his eyes, his dark hair clipped After three weeks, Joseph de- needed most of the pills just to $90,000, according to the DEA. in the house. blindfolded. “They needed X short. cided he could leave. He re- avoid feeling sick, and the oth- As fentanyl moves down the By spring 2014, Joseph be- amount of money or they were “It’s just degrading,” Joel turned to the Murphy home. ers to get high. supply chain, dealers cash in as came more aggressive. “Every- going to blow his brains out,” said, recalling when co-workers The urge to return to fentanyl is Drugs were flooding into well. Because the drug is so thing was about him,” recalled Kerri recalled her brother say- saw the news. After his mother less frequent, Joseph said while New Hampshire from places like much more potent than heroin, his mother Kathy. He took their ing. and wife bailed him out, Joseph he recovered, “but it’s strong.” Florida and were easy to find, a $90,000 supply can be more cars without asking, purloined On Oct. 8, 2014, Joseph called was back in the Murphy house. By mid-May, Joseph reached Joseph said. At first Joseph aggressively diluted with cutting their ATM cards, and showed up Kathy at work, demanding In March 2015, Joseph sur- 120 drug-free days. He gained at bought from the friend who in- agents such as powdered sugar at Kathy’s office at the pediatric money and threatening to show vived an overdose of what he least 60 pounds. He began to troduced him to Percocet, but or over-the-counter sleep aids, department in the Dartmouth- up. “I will make a scene,” he told believes to be fentanyl-laced think about returning to school “if he didn’t have ’em, I had generating 10 to 20 kilograms of Hitchcock clinic, demanding his mom. Kathy told Joseph to heroin outside The Wild Rover, for computer science or heating three other people I could call.” product. Dealers sometimes add money. meet her at home at noon in- where Stephanie tended bar. His and cooling work, and about This was the era when Flor- fentanyl to a batch of heroin, The son Joel once considered stead. She called Joel to come, legal problems hung over his saving up for a home with ida was filled with “pill mills”— making it more potent and ap- a friend was now like a stranger. too. head as he tried, and failed, at Stephanie. “I’m choosing to be- pain clinics where opioid pain- pealing to addicts, or they sell it rehab. The cost of his habit lieve that he’s being serious” killers were easy to acquire, straight. reached at least $400 a day for about his desire to recover, fueling an illicit trade across the Either way, “the return on in- Deadly Drug five to six grams of fentanyl. He Stephanie said. U.S. Florida started beefing up vestment with fentanyl is signif- Fentanyl emerged as a major threat in 2014, sparking a sharp rise raided the family savings by Joel approached reconcilia- its fight against pill mills in icantly more,” said Timothy in fatal overdoses in many states, including New Hampshire. swiping his mother’s debit card. tion cautiously. He was proud of 2011, and by around 2013, Jo- Plancon, special agent in charge The Murphys had to get by his son’s recovery and wel- seph was feeling the effects in of the DEA’s Detroit division. In Fentanyl seizures reported New Hampshire some days eating crackers and comed him home, willing to give New Hampshire. Dealers could Ohio, the price of heroin runs by forensic labs in the U.S. overdose deaths peanut butter, Kathy said. They him another chance. It would be still get pills from New York, but $150 to $160 per gram, com- 6,000 seizures Half-year 600 deaths had nothing left to give. the last chance, he cautioned. there were “dry spells,” he said, pared with $100 to $120 for fen- “There was no more money “He can’t relapse,” Joel said, and the price per pill rose. His tanyl, say addicts. At those 5,000 500 Deaths linked to fentanyl other than the house and it was in an interview on St. Patrick’s costs soared as high as $600 a rates, a $90,000 supply of fenta- coming down to that,” Joel said. Day. “I told him ‘If you relapse, day. Joseph sold drugs himself nyl diluted to make 10 kilograms 4,000 400 Twice, Joel went to buy food go.’ ” to finance the habit. would yield more than $1 mil- with a debit card and was told But he was also glad to have His addiction followed a com- lion in sales. 3,000 300 “Sorry sir, there’s no money in the son he remembered home. mon track. In roughly late 2013, A sprinkle of 2 milligrams— your account.” “I just put $1,200 “Everybody is trying to bond an acquaintance suggested her- the weight of about six grains of 2,000 200 in yesterday,” Joel responded back together,” Joel said. “It’s all oin, which by then was easier to salt—can be lethal and kill so once. “I was embarrassed so turning around now.” buy in New Hampshire than quickly that first responders fre- 1,000 100 bad,” he recalled. Joseph turned 25 last month. marijuana, according to Joseph quently find victims with nee- In September, he and Kathy and other users. His daily ex- dles still stuck in their arms. 0 0 filed for chapter 13 bankruptcy VIDEO penses dropped to about $100 “That’s really the madness of 2009 ’10 ’11 ’12 ’13 ’14 ’15* 2011 ’12 ’13 ’14 ’15 ’16† protection. Joel and Kathy esti- at first. it,” said Dr. Garry Thrasher, mate they lost roughly $200,000 See more about Joseph always snorted her- medical director at the ADM *2015 figures are half-year overall, including funds they the Murphy oin rather than injecting it. “I Crisis Center, a detoxification fa- †Through May 2; figures may grow, due to cases still pending toxicology gave Joseph and money he stole. WSJ family and their Sources: Drug Enforcement Administration obtained via .COM don’t like needles,” he said. “I cility in Akron that admits three FOIA (seizures); New Hampshire's Office of the Chief Roughly half of the total came fentanyl battle at hate ’em.” He also started to five patients a day, many Medical Examiner (deaths) THE WALL STREET JOURNAL. from retirement savings. wsj.com/pageone For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | A9 OPINION

THE WEEKEND INTERVIEW with Russ Roberts |BY Kyle Peterson When All Economics Is Political

he models have been run dispassionate conclusions. But he high-school teacher who woos a and the numbers has in recent years undergone some- colleague over talk of the invisible crunched: Bernie Sanders’s thing of a crisis of economic faith. hand. In another of his novels, a Tpresidential platform, if “The problem is, you can’t look at heavenly magistrate sends a 19th- enacted, would create 26 the data objectively most of the century economist back to America million jobs and 5.3% growth. An time,” he says. “You have prior to discredit protectionism. Sterile, economist has done the calculating, beliefs that are methodological or soulless Ayn Rand this is not. and there’s no use arguing with ideological about the impact of Is religious faith a presupposi- mathematics. CNN’s headline reads: things, and that inevitably color the tion before all others, one that dis- “Under Sanders, income and jobs assumptions you make.” poses Mr. Roberts to see economic would soar, economist says.” A recent survey of 131 economists actors’ humanity, where others When I run that line by Russ by Anthony Randazzo and Jonathan perhaps see only bundles of parti- Roberts, he replies with a joke: “How Haidt found that their answers to cles bouncing in predictable, if do you know macroeconomists moral questions predicted their complicated, patterns? have a sense of humor? They use answers to empirical ones. An This is about the only moment in decimal points.” economist who defines “fairness” as two hours of conversation where he Mr. Roberts is a fellow at the equality of outcome might be more pauses. “Hayek, who was an atheist, Hoover Institution, a University of likely to say that austerity hurts not a religious person, he was really Chicago Ph.D., and the gregarious growth, or that single-payer health warning against the worship of rea- host of EconTalk, a weekly podcast care would bend the cost curve. The son, and of rationality,” Mr. Roberts that celebrated its 10th anniversary paper’s authors quote Milton eventually says. “So you don’t have in March. He is also an evangelist Friedman’s brief for “value-free to be a religious person to be wor- for humility in economics. “The economics” and reply that such a ried about this.” After a bit more world’s a complicated place,” he thing “is no more likely to exist than conversation, he adds: “But I think says. “We demand things from is the frictionless world of high as a religious person, there’s an economics that it can’t provide, and school physics problems.” extra appeal to that. Because we we should be honest about that.” This seems obvious to an out- think there is something else, What’s striking is Mr. Roberts sider, given the field’s tendency to higher than human reason, that we isn’t talking only about politically devolve into stalemate. Each side has ought to be humble toward.” contrived agitprop. Nobody believes highly intelligent scholars, some None of this is to suggest that that stuff: One of President Obama’s with fancy Swedish gold medals, and math is irrelevant. “I’m not saying former economic advisers stirred ire yet each finds the other’s conclu- facts don’t matter. I’m not saying from Sandernistas earlier this year sions self-evidently stupid. The old evidence doesn’t matter,” Mr. when he said that getting Bernie’s saw in science is that progress Roberts maintains. “I’m not saying agenda to add up requires assuming comes one funeral at a time, as economics is a waste of time. It’s a “magic flying puppies with winning disciples of old theories die off. wonderful way to help you organize Lotto tickets tied to their collars.” Economics doesn’t work that way. your thinking about how the world “There’s still Keynesians. There’s still works.” monetarists. There’s still Austrians. But he is saying that economists KEN FALLIN The dismal science has too Still arguing about it. And the worst ought to be humble about what part to me is that everybody looks at regressions, you can find one—and years,” he says. “It’s just not going they know—and forthright about much junk science, says the the other side and goes ‘What a mo- you’ll convince yourself that that’s to happen. Doesn’t happen. That’s what they don’t. Nobody would EconTalk podcast host, who ron!’ ” Mr. Roberts says. “That’s not the one that’s true.” not a knock on them.” expect a biologist to answer such how you debate science.” As if to prove the point, an Pondering the limits of economics questions with specificity. “I’m is an evangelist for humility If economists can’t even agree economist two decades ago wrote has a storied history. John Maynard going to introduce a whole bunch in a discipline where it about the past, why are they so an article charmingly titled “I Just Keynes in 1939 referred skeptically of new species of trees into a eager to predict the future? “All the Ran Two Million Regressions,” to “statistical alchemy.” A 1983 forest: What’s going to happen to is often hard to find. incentives push us toward overcon- which found economic growth to paper, “Let’s Take the Con Out of the squirrel population?” Mr. fidence and to ignore humility—to be strongly correlated with Econometrics,” assailed analysts’ Roberts says. “Who the hell knows? ignore the buts and the what-ifs and Confucianism. Yet many studies “whimsical” assumptions. Milton I don’t even know what the squirrel The deeper question is: How the caveats,” Mr. Roberts says. “You aren’t so methodologically trans- Friedman wrote in 1991 that the population is now.” much better—more credible, or want to be on the front page of The parent. “You don’t know how many computer revolution had “induced reliable, or falsifiable—are the Wall Street Journal? Of course you times I did statistical analysis economists to carry reliance on et humility isn’t always well economic forecasts pouring out of do. So you make a bold claim.” desperately trying to find an mathematics and econometrics be- Y received. Several years ago, respectable think tanks, the White Being a skeptic gets you on page A9. effect,” Mr. Roberts says. “Because yond the point of vanishing returns.” Mr. Roberts was pressed by a House and Congress? Mr. Roberts’s There does, however, seem to be if I didn’t find an effect I tossed the Mr. Roberts cites Friedrich reporter to put a number on how answer: not all that much. increased chatter lately about paper in the garbage.” Hayek’s 1974 Nobel lecture. “He many jobs the North American Free He cites the Congressional Budget whether economists are simply basically says macroeconomics is Trade Agreement had created. When Office reports calculating the effect partisans with better charts. One conomists also look for natu- scientism,” Mr. Roberts says. “He Mr. Roberts replied that he had no of the stimulus package—for in- reason might be that credibility E ral experiments—instances gives the analogy to a sporting idea, the reporter accused him of stance, one in late 2009 suggesting problems in the other social sci- when some variable is event. He said if we knew everything ducking the question. “He said—he it had increased employment by ences are metastasizing. A years- changed by an external event. A there was to know, if we had all the literally said this—‘But you’re a pro- between 600,000 and 1.6 million. long attempt to duplicate 100 psy- famous example is the 1990 study data, we could figure out who’s fessional economist,’ ” Mr. Roberts Leaving aside the incredible range chology findings reported in August concluding that the influx of Cubans going to win a sporting event—in- recounts. “He meant, ‘Isn’t that of the estimate, how did the CBO that only 36% could be reproduced. from the Mariel boatlift didn’t hurt cluding how well each player slept what you do? Isn’t that your job?’ come up with those numbers? Did it Extending the idea to 18 lab experi- prospects for Miami’s native work- the night before, their nutrition, And of course my answer is no. somehow measure employment in ments in economics, a March exami- ers. Yet researchers still must make their worries, their anxieties, their We’re not good at that.” the real world? nation could replicate only 61%. subjective choices, such as which mental state, et cetera. And he said So what use is economics to Nope: The CBO gnomes simply How is it that economists, work- cities to use as a control group. we can’t know those things.” politics? When the White House went back to their earlier stimulus ing in good faith, wind up with Harvard’s George Borjas re-ex- But why not? “More data!” the calls to ask how many jobs its prediction and plugged the latest dubious results? To start, they can amined the Mariel data last year crowd cries. To a hard materialist, agenda will create, what should the figures into the model. “They had overanalyze the data. Modern and insisted that the original find- the world is physics all the way humble economist say? “One of course forecast the number of computers spit out statistical ings were wrong. Then Giovanni down. If free will is an illusion, if answer,” Mr. Roberts suggests, “is jobs that the stimulus would create regressions so fast that researchers Peri and Vasil Yasenov of the Uni- knowable laws govern every to say, ‘Well we can’t answer those based on the amount of spending,” can fit some conclusion around versity of California, Davis retorted unfolding event, then why can’t questions. But here are some things Mr. Roberts says. “They just redid whatever figures they happen to that Mr. Borjas’s rebuttal was social scientists march toward a we think could happen, and here’s the estimate. They just redid the have. “When you run lots of flawed. The war of attrition contin- perfect understanding? our best guess of what the forecast. And you’re thinking, that regressions instead of just doing ues. To Mr. Roberts, this indicates Mr. Roberts is decidedly not in likelihood is.” That wouldn’t lend can’t be what they really did.” one, the assumptions of classical something deeper than detached the materialist camp. He has itself to partisan point-scoring. The Economics fancies itself a statistics don’t hold anymore,” Mr. analysis at work. “There’s no way described himself as a believer, a advantage is it might be honest. science, and Mr. Roberts used to Roberts says. “If there’sa1in20 George Borjas or Peri are going to religious Jew, and he has a penchant believe, as many of his peers do, chance you’ll find something by do a study and find the opposite of for literature. One of his books is an Mr. Peterson is an associate editor that practitioners could draw pure randomness, and you run 20 what they found over the last 10 “economic romance” about a young at the Journal editorial page. Fees That Sickly Public-Pension Funds Can’t Afford The crisis in many fees but the opportunity for political identify these managers in advance. Some investment firms deal in because they are easily understood state-pension funds mischief. Federico Buenrostro Jr., the No more than 23% of active manag- specialized assets that require and will save taxpayers hundreds of is by now familiar: former chief executive of Calpers, Cal- ers in any segment of the U.S. equi- higher fees. Firms that manage real- millions of dollars in the coming Unfunded obligations ifornia’s public-pension fund, admitted ties market outperformed the S&P estate holdings or invest in private years. The state’s portfolio is now are at $1 trillion or in 2014 to accepting bribes, a felony. 500 over the past five years, accord- companies, for instance, sometimes much simpler and more transparent. more, according to Prosecutors said he collected money, create unique assets that generate The board’s general consultant, CROSS the Pew Charitable casino chips and other gifts from a returns significantly above an index Meketa Investment Group, projects COUNTRY Trusts. But there is a middleman who connected Wall Street Illinois paid hedge-fund fund. Illinois’s investment board is that the new model will provide By Marc lesser-known aspect investment firms with the fund. managers $180 million working hard to understand whether higher returns and lower risks. Levine of the problem. Many In New York, State Comptroller these types of firms add value for Investing is hard enough outside boards of govern- Alan Hevesi accepted $1 million in over three years, with the fees they charge. the political spotlight. Hitting the ment pension funds, gifts from a money manager in return The changes adopted by the board 7.7% return, which is now the aver- often composed of politicians and for steering him $250 million in underwhelming results. have generated controversy. On cue, age target for state and local political appointees, have paid more state-pension-fund money to invest. supporters of the old system engi- pension funds, is a herculean task. than necessary to manage the $2.5 Mr. Hevesi spent more than a year in neered legislative hearings into the Eliminating unnecessary costs and trillion of assets in these funds. prison after pleading guilty to cor- ing to the S&P Dow Jones SPIVA U.S. terminations of some former invest- limiting the incentive of political Consider the Illinois State Board of ruption charges in 2011. Scorecard. Moreover, research by ment managers. They also com- interference through use of index Investment. Over the past three The Illinois State Board of Invest- Vanguard shows that a manager’s plained through Chicago media that funds is a step in the right direction. years, it has paid hedge-fund manag- ment, which oversees $16 billion of ability to outperform the market in the new trustees were playing poli- ers more than $180 million in fees. pension assets, is moving to maximize the past doesn’t predict whether he tics. But the entire board came Mr. Levine is the chairman of the Yet, even excluding compensation, the value it gets from fees paid to will do so in the future. together to support the changes Illinois State Board of Investment. the performance generated by these investment firms, while minimizing managers was worse than that of a the potential for political meddling. A balanced index fund. Such funds majority of the board was replaced invest broadly in equities and bonds last year by Gov. Bruce Rauner, and & that simply track the market’s perfor- several of the new trustees have deep Notable Quotable: The 2016 Homicide Surge mance, while the current system investment experience. (I was ap- From the FBI transcript of a press Mile] in Chicago you can’t hear the what I’m talking about, the viral adopts complexity at high costs. pointed to the board by the governor briefing by the bureau’s director, sounds of gunshots that have killed video effect and changes in the way Illinois isn’t alone. Thirty-three and subsequently elected chairman.) James Comey, May 11: more than 200 people so far this police may be acting, and in the way state pension systems spent $6 bil- In addition to slashing our hedge- year. Lots of other cities, as I’ve communities may be acting, in terms lion on asset-management fees in fund portfolio by 70%, our board has I also got a briefing this morning said, most of them...Ithink it was [of] how much information they 2014, according to a 2015 study by taken several significant actions, in- on the quarterly stats for homicide 42 or [43] I got briefed on. Most of share with police. Could well be at the Maryland Public Policy Institute. cluding terminating its long-standing in the nation’s largest cities. I’ve them have seen an increase. It’s the heart of this, or could well be an The 10 states that spent the most on investment consultant and replacing talked to you about this before, and again, happening in certain parts of important factor in this. The reason fees—including New Jersey, Mary- about 40% of our high-cost, under- I was very worried about last fall. I the cities and the people dying are I resist Ferguson effect is, Ferguson land, South Carolina and Missouri— performing investment managers am in many ways more worried almost entirely black and Latino at least to my recollection wasn’t achieved a rate of return no higher with index-based portfolios. Once the ’cause the numbers are not only go- men. We can’t drive around that about videos. I think it is the poten- than the states that spent the least. board’s actions are fully implemented, ing up, they’re continuing to go up, problem. I raise it with you all be- tial effect of marginal pullbacks by Over a five-year period, according to about 70% of the money previously in most of those cities, faster than cause I hope it’s being reported on lots and lots of police officers that is the study, hedge-fund managers invested in stocks and bonds will be they were going up last year. at local levels, but in my view it’s changing some cities.... employed by pension systems signif- in funds that employ indexing, with a I worry very much, it’s a problem not in the attention of the national I’ve heard it from the folks who icantly underperformed both the typical fee of less than 0.1% of assets. that most American[s] can drive level it deserves. I don’t know what briefed me. I’ve heard it lots in con- S&P 500 and the Vanguard Balanced By moving to index funds, a pen- around. From the Las Vegas trip you the answer is, but holy cow do we versations, privately, with police U.S. Fund, which invests in stocks sion system may miss out on invest- can’t tell that more than 60 people have a problem. . . . leaders. That they perceive lots of and bonds. ment managers who beat the mar- have been murdered in Las Vegas I resist the term Ferguson effect, place[s] in the country a change in Sometimes the problem isn’t high ket. But it is extremely difficult to this year. From the [Magnificent because to me I think that is still the way police are doing their work.

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Clinton Business Model... On Improving College Campus Race Relations emocrats are starting to ask if Hillary Even more curious, details about the Energy “Hard Truths About Race on Cam- is a logical effort to confront these Clinton could lose to Donald Trump, Pioneer investment were stripped from the CGI pus” (Review, May 7) explores the po- issues and seek a solution. Racial in- D tential implications of diversity initia- tegration and equality will come and one reason they should worry ap- website a few months later. The Clinton Foun- tives. Given that Brown University is about once educational achievement peared on page one of the dation says this was done at noted in the essay, I would like to of- is made more equal. Public schools Journal on Friday. Our news A case study in what the request of the Canadian fer a few clarifications about the di- must find a way to give additional colleagues tell the story of to expect from a investor—Ms. Samuel—but versity and inclusion action plan we help to children in need. how Bill Clinton used the non- the Journal quotes sources unveiled in February. JOEL A. ROBINSON profit Clinton Global Initiative Hillary Presidency. who say the information was First, while we have committed to Peekskill, N.Y. to funnel private money to a hidden “to avoid calling atten- concrete steps to seek and support company owned by friends of tion to Mr. Clinton’s friend- exceptionally talented students from All students need to acquire an in- Bill and Hillary. ship” with Ms. McMahon. You don’t have to be historically underrepresented groups, tellectual curiosity that includes The Clinton Global Initiative—a program of Ken Starr to understand that motivation. lowering our admission standards questioning, debating and learning the nonprofit Clinton Foundation—greased the The Clinton Foundation is now promising to isn’t one of them. We are working to how to think critically, in addition to wheels in 2010 for a Canadian businesswoman, revamp its disclosure policy, but we have seen increase access to educational oppor- mastering traditional core subjects. tunities for all students regardless of The current way of dealing with race Kim Samuel, to make a $2 million financial com- this duck and cover before. The Foundation also socioeconomic background. Many of on college campuses handicaps this mitment to a green-energy company, Energy Pi- failed to post details of contributions it re- the efforts detailed in our plan are fo- effort, and that’s a tragedy. oneer Solutions. The company was founded in ceived from foreign governments and busi- cused on faculty diversity through JON GEHRIS 2009 by Scott Kleeb, a Democrat who ran and nesses while Mrs. Clinton was Secretary of targeted strategies such as early Medford, N.J. lost twice for Congress in Nebraska and had a State—until those donations were exposed in identification programs, postdoctoral 29% stake in the company—according to 2009 media reports last year. programs and cluster hiring. By hir- The university is a learning envi- documents cited by the Journal. There’s more. The Journal reports that Mr. ing the best and the brightest from a ronment. Alongside the subjects we Another 29% was owned by Julie Tauber Mc- Clinton also talked to then-Energy Secretary full range of backgrounds, we’ll put are studying, we are also learning Mahon, a close friend and neighbor of the Clin- Steven Chu about a federal grant for Energy Pi- Brown in a position to attract excep- how to perform to our full potential. tons in Chappaqua, New York. Five percent was oneer. Mr. Chu says he doesn’t recall the con- tional students and scholars into our Racial stereotypes are diminished, applicant pools. Also, we explicitly re- not strengthened, by constructive owned by Andrew Tobias, the Democratic Na- versation, but his department gave the com- jected mandatory “diversity training” contact with minorities. The atmo- tional Committee treasurer, and another 5% by pany $812,000 in taxpayer funds in 2010. at Brown for precisely the reasons sphere created in a university plays a former Rhode Island Democratic Party chair- The Energy Department had no comment on the authors note—the evidence shows major role in determining whether man Mark Weiner. Both of the latter are also the Journal story, perhaps because Pioneer En- it doesn’t work. We instead are offer- such a forum for constructive contact longtime Clinton friends. ergy isn’t doing well. The company lost at least ing an array of professional develop- is provided. For example, at George- The story makes clear that the financial $600,000 in its first 18 months, according to ment opportunities open to all faculty town University I am impressed every transaction was facilitated mainly by Bill Clin- Energy Department audits. And the Journal re- and staff on a voluntary basis. At day by the extraordinary stories of ton. Meanwhile, the Journal reports that ports that Mr. Kleeb recently “laid off most of Brown, the goal of achieving a fully fellow students from other communi- Messrs. Weiner and Tobias have each donated his staff, closed his offices, sold a fleet of trucks diverse and inclusive campus is not ties. The reason I emphasize their between $250,000 and $500,000 to the Clinton and changed his business strategy.” simply for diversity’s sake. It is a key story over their grades is that Foundation, the nonprofit that Bill and Hillary What we have here is a crystalline illustra- element of our core mission of educa- Georgetown constantly teaches us to tion and discovery. And it is integral care for the “whole person.” We are have used to promote their public image and tion of the Clinton political business model. to our commitment to cultivating an encouraged to not judge each other employ their political aides and friends be- Stretch the nonprofit laws to help political intellectual environment in which a by intellect or achievement alone, for tween election campaigns. Mr. Weiner owns a friends, who help the Clintons in return. Use wide range of views are represented those are narrow views of the whole company that has provided products for Mrs. political influence to leverage cash from gov- and all individuals are treated with person. Clinton’s presidential campaigns. ernment for a supposedly virtuous cause that respect. ADITYA B. VEERA Clinton Foundation spokesman Craig Minas- is also a for-profit venture. Then when this CHRISTINA PAXSON Arlington, Va. sian is spinning this as “common practice” and sleazy deal-making is exposed, claim that ev- President “mission-driven investing.” But the law says erybody does it and hope the media give them Brown University There has been entirely too much nonprofits, which are exempt from most taxa- another pass. Providence, R.I. emphasis on what students want to tion, aren’t supposed to act on the financial be- Voters can’t be sure of what they’ll get if they learn and how students think about half of for-profit businesses. Whatever Energy vote for Mr. Trump this fall, but they certainly The problems with race on cam- courses, admissions and faculty. Since pus and their solutions won’t be when have schools existed to teach Pioneer’s good intentions about energy effi- do know what they’ll be getting if they vote for found with more money. The resolu- students what they want to learn? ciency, its purpose is to make money for these Mrs. Clinton. More crony capitalism, ethical cor- tion will be found in public schools Race, gender and multiculturalism are friends of Bill and Hill. ner-cutting and self-serving political deals. where children receive a substan- now the basis for degrees—pieces of dard education. The problems Afri- paper that are useless in the fields can-Americans face in college are that drive the economy and create rooted in the fact that they are often our nation’s wealth and health. The . . . And Donald Trump’s Taxes ill-prepared to do college work. To a marriage of political correctness and hese columns warned Republican voters practice since the 1970s for the presidential large degree this is the fault of the affirmative action has turned colleges that Democrats and the media would nominees of both parties to release their tax public-school system, not systemic into timid, regressive race-conscious T racism. The basis of successful learn- mills where brains are addled and in- make an issue of Donald Trump’s tax re- returns. Tax returns provide insight into a ing has been well established, just as terests coddled lest someone’s feel- turns—after he was the GOP’s candidate’s income, charita- learning problems of children from ings get hurt. presumptive nominee—and Democrats will keep ble giving and tax-avoidance the inner cities have been well RICHARD KLITZBERG that didn’t take long. This pounding him until he strategies. Mr. Trump says he chronicled. What hasn’t taken place Boca Raton, Fla. week Hillary Clinton began thinks voters don’t care, but what is likely to be a cam- releases his returns. that’s a decision for the vot- paign from here to November ers to make. to claim the businessman As for the politics, Mr. Don’t Stigmatize Privilege When It’s Earned must be hiding something. Romney paid a price for waiting until Septem- Mr. Trump is helping the Democrats with his ber 2012 to release his 2011 return. Hit man Regarding Lou Weiss’s “Privileged? the gumption to do so themselves. changing answers and obfuscation. In January Harry Reid claimed he’d heard, while offering Check” (op-ed, May 6): Mr. Weiss, we More than 80% of today’s millionaires the candidate said “I have everything all ap- no evidence, that Mr. Romney hadn’t paid taxes have a lot in common, but I buy my never inherited a penny. You can look golf shirts and pants at Sam’s. And it up. proved and very beautiful” and he hoped to re- for 10 years. That was surely a lie, but the press since I have grandchildren, I may be JIM COOGAN lease his returns “over the next three, four corps still gave him headlines. more privileged than you. Cincinnati months.” He later said he couldn’t release his Mrs. Clinton is also less than honest on the What I really like about your piece is returns until the IRS finished auditing him, subject. In 1992 she and her husband appeared everything that makes you “privileged” With a primarily Welsh, English and though the IRS says an audit is no barrier to to be forthcoming after they had released their was either earned or the result of good German heritage dating back to the public disclosure. tax returns going back to 1980. But Americans personal choice. That is a far cry from early 1600s, I also carry the burden of Asked this week by the Associated Press later learned, after Mr. Clinton was elected, the message being given to today’s being that most vile of all possible hu- when that day would come, Mr. Trump said he that their 1979 returns included the windfall in- youth. Today, services are a right and mans: a nondenominational white An- didn’t plan to release them after all. After Mrs. come from her miraculous cattle-futures trad- privilege is a sin. I hope people get it. glo-Saxon Protestant. So while I have GUY RANDOLPH Clinton and Mitt Romney criticized that state- ing in Arkansas. That story would have been no desire whatsoever to force Mr. ment, Mr. Trump fell back on the IRS audit ex- highly damaging had it emerged before the Savannah, Ga. Weiss to “surrender the title,” I would ask that he let me and the countless cuse. Then on Friday on ABC’s “Good Morning election. Thank you, Lou Weiss. Many of us others like us share a spot next to him America,” Mr. Trump said he didn’t think voters Mr. Trump may think all of this means he worked our tails off and made hard on the podium. had any right to see his tax returns and that his can resist this law of political gravity, and choices so we could be castigated as DAN DAVIES tax rate is “none of your business.” maybe he’s right. But neither Democrats nor “privileged” by people who don’t have Chicago Mr. Trump added: “But I do say this. I will the media will give up the tax-return issue now really gladly give them—not going to learn that he’s the Republican contender, and every anything but it’s under routine audit. When time he’s asked about it will distract from the What Did Romeo Really Think About Juliet? the audit ends I’m gonna present them. That other messages he’s trying to deliver. The GOP should be before the election. I hope it’s before voters who are nominating Mr. Trump can’t say In his “The Religious Heart of what Jesus asked his disciples to do. the election.” they didn’t understand the Trumpian uncer- Bach’s Music” (Houses of Worship, These are a only few examples that May 6), Markus Rathey wonders show Bach’s faith was anchored in Keep in mind that it has been common tainty they were buying. what Bach’s “religious beliefs were,” Jesus Christ. implying that he left no clues. But ALVIN J. SCHMIDT, PH.D. he did. Before Bach began writing St. Louis No Property Rights Zones his musical compositions he commonly wrote the initials “J.J.” (Jesu ecently we told you about Hinga Mbogo, ment complex whose residents are more than Juva: help me Jesus) or “I.N.J.” (In Maybe President Obama Ra Kenyan immigrant in Dallas fighting to 80% minority. The city claims the area is Nomini Jesu: In the name of Jesus). Was the Spark for Mr. Trump keep his auto repair shop open. In a cam- blighted but few residents agree. The property Then at the end of his manuscripts paign to gentrify his neighbor- owners have been renovating he would write “S.D.G.” (Soli Deo Peggy Noonan’s vivisection of the hood, Dallas is using zoning Mbogo loses in Dallas, the units and grounds that in- Gloria: to God alone all glory). Jonas Trump phenomenon is right on the laws to force Mr. Mbogo to clude a gazebo area and swim- Alexis’s “Christianity’s Dangerous money, $2 billion to be exact (“Trump and other cities are Idea” notes, “To Bach, these were Was a Spark, Not the Fire,” Declara- close his business. The Dallas ming pool. not trite religious slogans, but sin- tions, May 7). That’s the value of the City Council has since voted 8-5 pulling the same trick. Under the city’s plan, within cere expressions of his personal de- free airtime Donald Trump has ma- to deny Mr. Mbogo’s appeal. some six years the owners will votion.” Bach would tell his students nipulated and exploited at the hands The decision means Mr. have to close the complex and that unless they committed their tal- of ratings-starved media producers. Mbogo will likely have to sell his property to tenants will have to vacate. Unlike eminent do- ents to Jesus Christ, they would Ms. Noonan, however, has a more someone who wants to use it for a business that main actions that undergo legal review and must never become great musicians. In telling line in her column. She says of the city considers more suitable for a corridor compensate property owners, the amortization reference to a family misfortune, he Mr. Trump, “his fans would forgive leading into its arts district. That should worry and zoning ploys legislate away property rights said, “I can only bear my cross in anything so long as he promised to be Texas residents who have been strong defend- without compensation. Baymeadows will lose patience,” a remark reminiscent of what they want him to be.” Hmmm, ers of property rights. both the future income revenue from the apart- didn’t we have a candidate like that The fight is unbecoming to Dallas, but imita- ment rentals and the value of the underlying as- eight years ago? Maybe he was more Amis: Sometimes the Whole of an orator than a bloviator, but both tion is the sincerest form of government abuse set. Who wants to buy a property whose units vessels were vacuous enough on spe- and other cities are trying the same end run would likely have to be bulldozed to comply with Point Is to Annoy Somebody cifics to allow supporters the space to around the Fifth Amendment. The legal term is new zoning rules? In your May 5 “Notable & Quotable” pour their own hopes, dreams, anger “amortization,” in which cities use zoning laws Ridgeland’s action is already the subject of 1996 excerpt from Martin Amis on Hil- and bias into the mix. Might be that to strip property owners of the right to use several federal and state lawsuits, including lary Clinton’s “It Takes a Village,” Mr. President Obama was the spark and their land as they wish. The property owners one from Baymeadows, alleging the law vio- Amis points out that “being inoffen- Mr. Trump is the wildfire. are typically given a period to “recoup” their lates due process and represents an unconsti- sive, and being offended, are now the ANDREW CHAWKE investment before having to shut down. tutional taking. twin addictions of the culture.” Sherman Oaks, Calif. The Ridgeland suburb of Jackson, Missis- Eminent domain is often abused for the ben- To get a sense of where we are, sippi, is using its property code to get rid of efit of private interests, but many states have consider a statement from Martin’s fa- Letters intended for publication should ther Kingsley in 1971: “If you can’t an- older apartment complexes with an eye toward pushed back and passed laws to protect prop- be addressed to: The Editor, 1211 Avenue noy somebody, I think there’s little of the Americas, New York, NY 10036, reducing rental properties in the city. In 2014 erty owners. Cities are now using amortization point in writing.” The shift from King- or emailed to [email protected]. Please the town rezoned sections of Southeast Ridge- and zoning to accomplish the same end, but the sley to Hillary is precisely 180 de- include your city and state. All letters land from multifamily to mixed-use, forcing Constitution bans takings without “just com- grees. are subject to editing, and unpublished many buildings into noncompliance. pensation.” Courts are the last stand against WILLIAM VAUGHAN JR. letters can be neither acknowledged nor returned. The targets include the Baymeadows apart- this government abuse. Chebeague Island, Maine For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | A11 OPINION Mr. Trump Goes to Washington

dorsement of Mr. Trump but also a differences” but “there are also many rebuke to professional Republicans in important areas of common ground.” Washington. It was a rebuke to com- There was a nod to “many millions of prehensive immigration plans that new voters,” who showed up for the DECLARATIONS somehow, mysteriously, are never Republican primaries, “far more than By Peggy Noonan quite intended to stop illegal immi- ever before in the Republican Party’s gration; a rebuke to the kind of history.” thinking that goes, “I know, we’ll All of which strikes me as a hat is needed among pass laws that leave Americans with- Trump win. Mr. Ryan referred to his Republicans in Wash- out work, which means they’ll be conservatism and suggested Mr. ington now is patience, deprived of the financial and spiritual Trump holds political principles. W soberness of thought, benefits of honest labor, then we’ll cut Mr. Trump should want to bring and a kind of heroic their entitlements, because if we don’t the party together. He makes sounds fairness. Reflection and humility our country will go broke.” The voters that he doesn’t need to, but he does wouldn’t hurt either. backed Mr. Trump’s stands on these and must know it or he wouldn’t One of our two great parties is issues and more. have met with GOP leaders in the either shattering or reconstituting A political question for November: first place. A party fracturing all itself. It is not united and has not Does Mr. Trump pick up more Demo- around him will only spread unease, been since the George W. Bush era. crats than he loses Republicans? Is increase tension, and intensify As the pollster Kellyanne Conway that how he plans to win? Does he sourness. He needs at least a sem-

noted this week, if it were, there draw in enough new or non-Republi- AGENCE FRANCE-PRESSE/GETTY IMAGES blance of calm so he doesn’t look wouldn’t have been 17 candidates for can voters to make up for the mil- A protester outside Donald Trump’s meeting with House Speaker Paul Ryan in every day like Thor, God of Thunder president, and Donald Trump wouldn’t lions of Republican voters he will Washington, D.C., May 12 and Battle. be the presumptive nominee. surely lose? Those who oppose Mr. Trump In an act of determined denial, this year. They actually have hope— It is good that Paul Ryan snapped should do it seriously and with Washington Republicans and conser- the system needs a hard electric out of his smug-seeming “I’m just not respect for his supporters. If he is The voters have rebuked vatives continue to see and describe shock, he’s just the man to do it, and ready” approach of last week, and not conservative, make your case professional Republicans Mr. Trump’s nomination as the if it doesn’t work they’ll fire him. met and talked with Mr. Trump this and explain what conservatism is. triumph of a celebrity in a culture They’re having a good time. Here I week. When a sitting Republican No one at this point needs your and conservatives. What’s that worships celebrity, the victory of throw in a moment I had in Manhat- speaker of the House is cool on or snotty potshots or your supposedly next for the GOP? a vulgarian in a vulgar age, the living tan Thursday afternoon. I was stand- considering rejecting that party’s pre- withering one-liners. I confess I excrescence of our shallow values ing on a corner on York Avenue in sumptive presidential nominee, more have lost patience with many of and lowered standards. Also, he’s the 60s when a cab screeched across is needed than “I’m not there yet.” those declaring they cannot in good tapped into the public’s rage. two lanes to stop in front of me. “I He has every right not to endorse conscience support him, not because The optimistic thought is that it is He is all of those things. But he is am voting for Trump!” the driver Mr. Trump, but if he doesn’t, both Mr. reasons of conscience are not reconstituting itself. The past year more, and Washington is determined yelled through an open window. “You Trump and his supporters deserved crucial—they are, and if they apply the base of the party has been kick- to ignore the more. He understood, want to know why? He is neither more. You have to explain at length they should be declared. But some ing away from its elected and estab- either intuitively or after study, that right or left!” He then laughed and and with moral and intellectual seri- making these declarations managed lished leaders in Washington and, the Republican base was changing or sped on. Not all Trump supporters ousness and depth in exactly what in good conscience, indeed with the simultaneously, broadening itself, open to change, and would expand if are quiet about it. ways he’s not worthy of your support, highest degree of self-regard, to with new members coming in. That the party changed some policies. He But back to the new Republicans— and you have to do it in a way that back the immigration proposals of suggests a certain dynamism: Maybe declared those policies changed. And the Democrats and independents summons a response that is equally George W. Bush that contributed so something’s busy being born, not he won. who’ve voted for Mr. Trump. As usual thoughtful and temperate. much to the crisis that produced Mr. busy dying. We’ll see. As to the matter of rage, it’s more with the Republican Party, these new Not much is known about the Trump. They invented Sarah Palin. But almost every conservative and like disrespect for those who’ve been friends were not cheerily invited in— meeting at this point. Mr. Ryan told They managed to support the global Republican in Washington—in poli- calling the shots. If you know Trump who would ever think of that?—but the press afterward that he was attitudes and structures that left the tics, think tanks and journalism— people in real life as opposed to crashed the party with the guy with “encouraged” by their talk, but still working class jobless. They dreamed backed a candidate other than Mr. through social media, if they are your the yellow hair. A lot of Washington declined to endorse. up the Iraq war. Trump. Every one of those candi- friends and family members, you Republicans seem to have spent the In a joint statement issued soon Sometimes I think their con- dates lost, and Mr. Trump won. After understand that “rage” doesn’t do past week wondering what they after, Messrs. Ryan and Trump said: sciences are really not so delicate. November, think tanks and journals them justice. They dislike the Repub- always wonder: How much should we “It’s critical that Republicans unite As for the political consultants will begin holding symposia in which lican Party, which they believe has snub them? How uncomfortable around our shared principles, ad- who insult Mr. Trump so vigorously, smart people explain How We Lost consistently betrayed them, but should we make them? Should we not vance a conservative agenda, and do they are the ones who did most to The Base. Trump people in person are just about talk to them or just not give them a all we can to win this fall.” They said invent him. What do they ever do in Mr. Trump’s victory was an en- the only cheerful people in politics drink? Way to do outreach, fellas. they were “honest about our few good conscience? Eight Justices Won’t Do—but Six Were Fine for 1789 By Luke Bierman From the nation’s founding through in an effort to deny appointments to its size and the lack of constitu- sidering the uncertainty surround- early Reconstruction, the court’s to President Andrew Johnson. It tional specification, a Supreme ing the presidential and senatorial resident Obama and Congress size ranged from the original six to wasn’t until 1869 that Congress Court of nine justices has become elections. P are at an impasse over the a high of 10 to reflect the changing settled on nine justices, once Presi- hallowed as the number we prefer, As we the people approach the next Supreme Court justice. judicial needs of an expanding dent Ulysses S. Grant was in office. and we consistently have filled that sesquicentennial of the current size The president wants an immediate country and the raging partisan And thus it has been ever since. ninth seat relatively quickly, with of the Supreme Court, this stale- confirmation hearing for Merrick controversies of the times, such as Even during the Great Depression, the 125 days it took to confirm Jus- mate between the president and Garland, his nominee to replace the sectionalism and slavery. the exceedingly popular Franklin tice Louis Brandeis in 1916 being the Senate seems out of touch with late Justice Antonin Scalia, arguing Politics played a role from the Roosevelt was rebuffed by the Sen- the longest period to resolve a the more recent historical record. that the Supreme Court must have outset. Congress reduced the ate in his 1937 effort to pack the nomination, even in a presidential- After almost 150 years, eight jus- nine justices. Mitch McConnell, the court’s size to five in 1801 to pre- court by increasing the number of election year. The 237-day wait be- tices seem too few, and 10 seem Senate majority leader, is averse to vent appointments by the newly justices on a court that was resis- tween President Obama’s nomina- too many, making a bench of nine considering the nominee during an elected Democratic Republicans— tant to his policy direction. Even as tion of Judge Garland and the just right. Get on with it. election season and thinks the court who restored the number of jus- America grew to a nation of hun- November election, covering parts can operate with eight justices until tices to six a year later to make dreds of millions of people, there of two Supreme Court terms, Mr. Bierman is the dean of the after the election, even if that sure that newly elected President was no change in the size of the would constitute by far the longest Elon University School of Law in means some 4-4 tie votes that will Thomas Jefferson would get to high-court bench. resolution of a nomination, which North Carolina, where he is a pro- not establish binding precedent. make an appointment to the court. Despite the early manipulations could take much, much longer con- fessor. In 1807 Congress increased the number of justices to seven to pro- The Supreme Court didn’t vide representation for the new settle on nine jurists, the states on the western frontier Donald Trump’s Amazon Adventure around the Ohio River Valley. Al- number now customary, though the need for better judicial You might get some his threat to bring legal action nounced himself a Hillary supporter, until after the Civil War. service in the expanding country argument about ex- against Amazon on antitrust and who often likes to be heard became apparent in the ensuing actly how illegal it grounds and, if we hear him cor- opining on all things, has gone decades, it was not until the Judi- is for politicians to rectly, on tax grounds as well. strangely quiet on a potential ciary Act of 1837 that the number use their law-en- Mr. Trump couldn’t have been Trump presidency. Lost in all this is the reality that of justices increased to nine (while forcement powers clearer about his motivation. He At the Berkshire annual meeting the size of the court isn’t constitu- the states were reallocated among BUSINESS to punish their complained about Washington Post two weeks ago, where he is known tionally ordained. The tradition of the judicial circuits to ensure bet- WORLD political opponents. reporters calling up and “asking to talk and talk, about a Trump seating nine members hasn’t ter judicial service around the But at least ridiculous questions,” “all false presidency Mr. Buffett said pretty By Holman W. changed since the 1860s, but be- country). when Nixon sought stuff,” apparently related to Mr. much: Hey, it’s all the same to him. Jenkins, Jr. fore that the number bounced These changes reflected admin- to, he felt obliged Trump’s tax returns, which in defi- Trump. Hillary. What the heck, around like a basketball in the Su- istrative necessity. But they also to do so by secret ance of all tradition he has refused Berkshire can get along with any- preme Court’s gym. Besides, even if inured to the political benefit of memorandum. As keeper of the ene- to release, as well as Mr. Trump’s body. it made sense to have nine justices President Andrew Jackson, who mies list John Dean wrote, “This real-estate dealings. Those were not his exact words, in 1869, does it still make sense in then was able to appoint another memorandum addresses the matter of course, but neither were there any 2016? Tennessean, John Catron, to the of how we can maximize the fact of pungent expressions of what we sus- The court was originally made court. our incumbency in dealing with Does he really want to pect were Mr. Buffett’s true feelings up of six justices, as specified by This arrangement remained in- persons known to be active in their be president—or is his about a wall on the southern border; the Judiciary Act of 1789. The fig- tact until the Civil War and Recon- opposition to our Administration; or the idea of dispatching armed ure represented a compromise re- struction. Congress expanded the stated a bit more bluntly—how we attack on entrepreneur agents to round up and deport 11 garding equal representation of Court to 10 in 1863 to provide can use the available federal Jeff Bezos a cry for help? million Mexicans and other Latin Northern and Southern justices. Abraham Lincoln with an influen- machinery to screw our political Americans living and working in our But there was a sense in Congress tial appointment, Stephen Field, a enemies.” midst, in many cases for decades; or that the size of the court would be Californian and Democrat who of- As it happened, however, the IRS a trade war with China; or killing the as malleable as its workload, fered the president judicial support commissioner at the time, Donald Mr. Trump says the Post was wives and children of America’s whether that was in Washington or on controversial issues affecting Alexander, refused orders to carry purchased as “a toy” by Amazon enemies, or engaging in torture even in the regional circuit courts on the war effort while supplying rep- out tax audits of the Nixon White founder Jeff Bezos (who bought the if it doesn’t generate useful intelli- which the early justices also resentation to the new states of House’s political enemies. paper with his personal funds in gence. served. the far West. The court lost jus- Today, nobody, not even his 2013). Mr. Trump says the paper Mr. Trump knows U.S. political That’s exactly what happened. tices via the Judiciary Act of 1866, worst critics, expects to find a now is being used to attack Mr. culture well enough to know that memo from President Obama in- Trump in order to protect Amazon’s gleefully, uninhibitedly threatening structing Lois Lerner at IRS to alleged tax-dodging practices even to use government’s law-enforce- stonewall applications from conser- though Amazon, after long resis- ment powers to attack news report- PUBLISHED SINCE 1889 BY DOW JONES & COMPANY vative political groups for tax-ex- tance, has begun in recent years to ers and political opponents just empt status. collect state sales tax. isn’t done. Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp His critics probably don’t even All this seems to arise because Maybe he thinks he can get away Gerard Baker William Lewis expect Mr. Obama to have muttered the Post, the dominant newspaper with it. Maybe he’s trying to figure Editor in Chief Chief Executive Officer and Publisher under his breath that such a thing in the nation’s capital, has assigned out how to disqualify himself for would be desirable. Rather, Ms. reporters to investigate the busi- the presidency in a way that Rebecca Blumenstein, Matthew J. Murray DOW JONES MANAGEMENT: Deputy Editors in Chief Ashley Huston, Chief Communications Officer; Lerner, all on her own, seemingly ness career of the candidate who wouldn’t embarrass his fans or blow DEPUTY MANAGING EDITORS: Paul Meller, Chief Technology Officer; decided as a loyal Democratic and champions his credibility to be back on the business career that he Michael W. Miller, Senior Deputy; Mark Musgrave, Chief People Officer; ideological warrior that it would be president by referring to his busi- always imagined he’d be returning Edward Roussel, Chief Innovation Officer; Thorold Barker, Europe; Paul Beckett, Asia; a good thing to use her agency to ness career. to after the Republican convention Christine Glancey, Operations; Jennifer J. Hicks, Anna Sedgley, Chief Financial Officer; Digital; Neal Lipschutz, Standards; Alex Martin, Katie Vanneck-Smith, Chief Customer Officer hamper the president’s partisan an- In a column exactly two months at the latest. After all, one way to News; Ann Podd, Initiatives; Andrew Regal, Video; OPERATING EXECUTIVES: tagonists. to the day before Mr. Trump’s presi- throw an election is to scare off Matthew Rose, Enterprise; Stephen Wisnefski, Nancy McNeill, Corporate Sales; In the Soviet Union under Stalin, dential announcement, we warned donors (he needs about a billion dol- Professional News; Jessica Yu, Visuals Steve Grycuk, Customer Service; extrajudicial punishment was insti- that 2016 would likely witness a lars) by flaunting his inner Nixon. Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International; Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: tutionalized (though it sounds like revival of the “GOP’s antibusiness Or maybe he really does want to WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher; Kenneth Breen, an oxymoron) by the formation of temptation,” though we thought be the American caudillo who flings Trevor Fellows, Head of Global Sales; Commercial; Edwin A. Finn, Jr., Barron’s; the NKVD Special Troika, empow- Warren Buffett should be the one to American democratic and legal Professional Information Business: Chris Collins, Advertising; Jason P. Conti, Legal; ered to punish political enemies worry, having aligned himself with norms out the window and ushers Suzi Watford, Marketing and Circulation; Christopher Lloyd, Head; Joseph B. Vincent, Operations; Ingrid Verschuren, Deputy Head without necessity of evidence or a Brazilian private-equity firm then in a new age of populist authoritari- Larry L. Hoffman, Production trial. ferociously downsizing such iconic anism.

EDITORIAL AND CORPORATE HEADQUARTERS: Donald Trump, an innovator in American names as Budweiser and Forgive us, even at this late date, 1211 Avenue of the Americas, New York, N.Y., 10036 all things, is now in the process of Burger King. for being one pundit who still can’t Telephone 1-800-DOWJONES changing the rules in America with Mr. Buffett, who long ago an- quite take Mr. Trump so seriously.

BY JAMES R. HAGERTY FRANK oward Kauffmann capped LEVINGSTON his 39-year career in the oil H industry by serving as presi- 1905 — 2016 dent of Exxon Corp., the world’s largest oil company, at a time of public rage over soaring oil prices. Mr. Kauffmann died May 3 of rank Levingston served non-Hodgkin lymphoma at home in with the U.S. Army in It- Atlanta. He was 93. His death came F aly during World War II 16 days after that of his former and lived long enough to be cel- boss, Clifton Garvin, chief executive ebrated as a hero. of Exxon from 1975 to December Mr. Levingston died at age 1986. 110 at a hospital in Shreveport, “That was the time when the La., on May 3. wheels fell off for the global oil Though an Army spokesman companies,” said Daniel Yergin, au- couldn’t confirm it, he was thor of “The Prize,” a history of the widely believed to have been industry. the oldest surviving U.S. veteran Major oil companies lost much of World War II. of their power in the 1970s as coun- His death came five months tries from Saudi Arabia to Venezu- after a visit to Washington, D.C., ela nationalized oil fields. When where he toured the White prices surged and Americans some- House and visited the National times had to wait for hours to get World War II Memorial and gasoline, many blamed Big Oil. other monuments. Exxon was forced to defend itself, “He had the time of his life,” partly by noting that it couldn’t said Shannon Levingston-Mc-

control supply or demand. JOHN DURICKA/ASSOCIATED PRESS Cowan, a great niece who joined Mr. Garvin got so many abusive President Jimmy Carter with Howard Kauffmann at a White House reception for National Bible Week in November 1980. him on the trip. “He was over- calls at home that he needed an un- whelmed by the amount of re- listed number. When Mr. Kauffmann spect that he received.” gave a commencement address in 1978, he said many people regarded HOWARD KAUFFMANN his industry as “the source of all recent evil.” RUBEN Amid fears that the world was 1923 — 2016 rapidly running out of crude, oil RODRIGUEZ companies tried to diversify. In 1979, Exxon announced it had 1937 — 2016 devised a synthesizer that would Americans were enraged by soaring oil prices and long lines at gas stations when he make electric motors far more effi- served as president of Exxon. Later, he ran a tiny firm making kitchen cabinets. cient. The company also purchased Reliance Electric, a Cleveland-based uben Rodriguez was chief maker of motors. Mr. Kauffmann executive of Bacardi Ltd. said the deal would allow rapid in- on oil exploration or acquisitions. Exxon executive in Peru, Colombia made custom cabinets and helped R and oversaw one of its troduction of Exxon’s energy-saving So it began spending billions of dol- and England, where he developed a run that business for several years. boldest efforts to remain a ma- device. lars buying back shares and raising taste for P.G. Wodehouse novels. In The former Exxon president even jor global force in liquor—the But the synthesizer was later dividends. 1975, he was promoted to president. occasionally delivered cabinets to $2 billion acquisition of the dropped when costs proved too Howard C Kauffmann was born Mr. Kauffmann balanced his customers. Grey Goose vodka brand. high, and Exxon decided to sell Re- on Feb. 25, 1923, in Tulsa, Okla. “We working life with Christian faith When Hurricane Katrina struck He died of congestive heart liance in 1986. The company also don’t really know what the middle and a love of sports. He joined a the Gulf Coast in 2005, Mr. Kauff- failure May 5 at home in Fair- experimented with solar energy and C stands for, if anything,” said Lane small prayer group for senior exec- mann, then 82, joined a group of field, Conn. He was 79. lithium-ion batteries. Kauffmann, one of his sons, who utives in New York. He played ten- Baptist church volunteers who Mr. Rodriguez was born on In the early 1980s, Exxon diver- added that the mysterious middle C nis and once told a reporter he was spent several days ripping moldy April 27, 1937, in Havana and sified into office equipment and was a family tradition. “interested in any game that has a wallboard out of damaged homes. spent some of his childhood on made such products as Qwip fax ball in it.” He also served on the boards of a tobacco farm. He attended the machines and Qyx typewriters. That t the University of Oklahoma, Just a year younger than Mr. Pfizer Inc., United Technologies University of Havana before em- project also flopped, and Exxon ex- he received a bachelor’s de- Garvin, the CEO, Mr. Kauffmann Corp. and other companies and was igrating in 1960 to the U.S., ited those businesses in the A gree in mechanical engineer- was never well-positioned to reach a director of nonprofits including where he first worked as a dish- mid-1980s. ing in 1943. He then served in the the top job. In 1985, he received a the National Action Council for Mi- washer and later became a cer- Some politicians berated oil Navy as an engineering officer bonus of $1.6 million, the current norities in Engineering. His survi- tified public accountant. companies for diversifying and ar- aboard the USS Cleveland in the Pa- equivalent of $3.5 million, for retir- vors include his wife of 71 After Bacardi was outbid for gued they should focus on finding cific during World War II. ing early at age 62. years, Suzanne McMurray Kauff- Seagram Co. brands in 2000, more oil. Exxon invested in shale oil After the war, he joined an affili- Mr. Kauffmann and his wife then mann, four children, seven grand- Mr. Rodriguez and his col- projects but concluded the costs ate of Standard Oil Co. of New Jer- built a home on Skidaway Island in children and one great grandchild. leagues kept trying to diversify were too high. The company even- sey, which later became Exxon and Savannah, Ga. Rather than devot- their spirits lineup and wound tually decided its cash flow far ex- now is Exxon Mobil Corp. He spent ing himself entirely to golf and ten- Read a collection of in-depth up buying one of the world’s ceeded what it could sensibly spend nearly a decade overseas as an nis, he invested in a local firm that profiles at WSJ.com/Obituaries. priciest vodkas in 2004. WORLD NEWS

Britons Abroad Standoff Threatens Biggest expat populations, 2015 Country British-born residents EU Migrant Deal Australia 1.3 million U.S. 715,000

Turkey and the European missioner, Johannes Hahn, Canada 607,000 Union failed to overcome dif- said after meeting with Mr. ferences threatening to derail Bozkir that the bloc wouldn’t South Africa 319,000 their migration deal after four grant Turkey visa-free travel Spain 309,000 days of meetings, officials until five outstanding condi- said, just as the European bloc tions were met, including New Zealand 265,000 released numbers showing the bringing antiterrorism laws in Ireland agreement had provided sig- line with the bloc’s standards. 255,000 nificant relief from the crisis. He said that the conditions France 185,000 had been well-established Germany By Emre Peker in since 2013 and that they “have 103,000 Istanbul and Valentina to be fulfilled urgently by Tur- Italy 65,000 Pop in Brussels key.” “The ball is now in Ankara’s Source: United Nations estimates THE WALL STREET JOURNAL. The two sides are dead- court,” Mr. Hahn said. AGATON STROM FOR THE WALL STREET JOURNAL locked over the Europeans’ de- The deal signed in mid- Nic Pearce, who has lived in the U.S. off and on since 1991, said he favors leaving the EU because its regulations constrain business. mands that the Turkish gov- March has already had a sig- ernment revise sweeping nificant impact. Under its counterterrorism laws as a terms, Turkey agreed to take condition for granting Turks back migrants who had Expats See Stake in U.K. Vote visa-free travel access to the reached Greece illegally from EU. That quid pro quo is a ma- its shores. In exchange, EU jor part of an agreement countries would take in one In the corporate board- Greenland said. But after Tag them below to remind pats have landed in New York. reached in March to halt the Syrian refugee from Turkey rooms and pubs where New months of mulling the argu- them overseas voters should Verity Tilley left the south- tide of migrants crossing from for every one sent back and York’s British expatriates ments, he said he is planning register by 16 May.” ern English county of Hert- Turkey into Greece and the provide €6 billion ($6.8 bil- gather, the heated political de- to vote to remain in the bloc. The U.K. ambassador to the fordshire two years ago and rest of the EU. lion) in financial aid to Turkey bate isn’t about the American Those campaigning for con- U.S., Kim Darroch, on Friday works part time at the West European officials have to help it accommodate refu- presidential election. tinued EU membership ahead hosted an online chat where he Village fish and chip restau- made the deal the linchpin of gees living there. of the June 23 vote, including said an exit would hurt the U.K. rant,ASalt&Battery.Ms. their strategy to end the conti- On Friday, the EU’s border By Kate King U.K. Prime Minister David and international economies. Tilley, 35 years old, said that nent’s migrant crisis, and its agency, Frontex, said that in New York and Jenny Cameron, say remaining would The U.K. Treasury’s assessment the referendum will mark her unraveling would likely cause fewer than 2,700 migrants, Gross in London serve the country’s economy is that “leaving would cost ev- first time voting from abroad; the recently waning numbers mostly Syrians, had arrived in and national security. ery household £4,300 [$4,900] she considers it important beof arriving asylum seekers to April on the Greek islands, Rather, U.S.-based Britons Opponents say Britain a year,” Mr. Darroch said. cause she and her husband surge again. Its collapse would down 90% from the previous are discussing a referendum would flourish without the The U.S. is home to some plan to eventually return to also exacerbate tensions month. That was below the next month on whether the rules and regulations imposed 715,000 U.K. expats, making it the U.K. within the 28-nation EU, number of migrants who had U.K. should remain in the Eu- by Brussels and be free to the second-largest destination She said she is leaning to- where the influx of more than reached just one Greek island ropean Union, or leave and end form trade agreements with for Britons overseas behind ward voting in favor of re- one million refugees last year on a single day last autumn, it over 40 years of ties with the faster-growing countries. Australia, according to esti- maining in the EU, but plans to has fueled an anti-immigrant, noted. The agency cited both Continent. Pro-EU campaigners and mates by the United Nations. do more research. “I can’t see populist backlash and threat- the migration deal and the de- With polls suggesting the pollsters say they expect many While not all regularly vote in any advantages to leaving,” ened the collapse of Europe’s cision by countries north of vote is too close to call, the expats to be more interna- U.K. elections, many are show- she said. prized Schengen system of Greece to stop most migrants U.K. government has embarked tional in their outlook and ing interest in the referendum. Nic Pearce, who has lived in passport-free travel within from crossing their borders as on a push to get expats across therefore more inclined to vote British voters submitted the U.S. on and off since 1991 much of the continent. the reasons. the world to vote. to remain. 15,500 registration applica- and heads the U.S. office of “Unfortunately, I cannot say So far, EU officials say the John Greenland, a 36-year- British embassies and con- tions in the week ended May British communications con- that I am very optimistic deal is holding. The first deci- old Londoner working in cor- sulates from Washington, D.C., 11, more than triple the num- sulting firm Instinctif Partners, about my meetings today,” EU sions to deny asylum to Syri- porate finance in New York, and New York to Paris to Can- ber who registered in the said he intends to vote to leave, Affairs Minister Volkan Bozkir ans who arrived on the Greek said discussions about the ref- berra have been running so- month before last year’s U.K. in part because the EU regula- said Friday after this week’s islands illegally via smugglers’ erendum dominate half of his cial-media campaigns urging general election, according to tion is a drag on business. talks in Brussels and Stras- boats are expected in the com- business lunches, with many expats to register by Monday the Electoral Commission. “I am definitely in the out bourg, France, where the Eu- ing days. expats torn between a patri- so they can vote by mail. British nationals who have camp,” said the 57-year-old, ropean Parliament sits. He The Turkish government is otic desire for the U.K. to One of a flurry of posts on been abroad 15 years or less are originally from Cambridge. He warned that the EU would be approaching the latest negoti- stand alone and their profes- the Twitter page of the British eligible to vote. More than more said he believes many Britons able to overcome the refugee ations in good faith, Mr. Boz- sional opinion that remaining consulate in Houston reads: “In than 160,000 British citizens have an “understated but very crisis and the social and politi- kir said. But he added that rein the EU is better for the the time it takes to make a cup abroad have registered to vote strong sense of nationality.” cal tensions it is fueling only vising antiterror measures country’s trade and growth. of tea you could register to this year, the commission said. “Economically, politically, by working with Turkey and amid almost daily bombing at- “Clearly people think some- vote” and #YourVoteMatters. In the U.S., where more culturally, I’m sort of pretty had to recognize that the deal tacks and operations against thing needs to change in how The Facebook page for the con- than 100,000 British citizens entrenched in my view that we was at a critical point. Kurdish insurgents in Turkey our relationships work with all sulate in Atlanta reads: “Know registered to vote in last year’s shouldn’t be aligning ourselves The EU’s enlargement com- was out of the question. countries in the EU,” Mr. a Brit living outside the U. K.? election, a large number of ex- with the EU,” he said. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com CITY NEWS A14, A15 | OPEN HOUSE A16 | HEARD & SCENE A17

SPORTS PITCHING FITS A18 METRO MONEY DRIVING TESTS A14

>WSJ.com/NY ****** THE WALL STREET JOURNAL. Saturday/Sunday, May 14 - 15, 2016 | A13 Silver Case Looks South A Hearing on Rivington Deed Deal

Ex-Assembly speaker by lawyers involved in a stream for his or her actions. ing appeal if a current Su- of cases against city and state A ruling in Mr. McDonnell’s preme Court case could affect seeks to remain free officials in recent years. The favor wouldn’t necessarily re- a conviction. during appeal process; court appears poised to over- sult in the overturning of Some of Mr. Silver’s ac- turn the conviction of Mr. Mc- other officials’ convictions, tions—a recommendation on lawyers cite Va. case Donnell. Prosecutors said he but it could force prosecutors official letterhead, a private took more than $175,000 from a to shift their approach, both in meeting with a real-estate BY CORINNE RAMEY business executive who wanted retrying cases now under ap- company and helping a meso- state universities to conduct re- peal or in pursuing future cor- thelioma fundraiser obtain city Sheldon Silver shouldn’t search that could help his di- ruption charges. permits—might not be consid- have to sit in prison or pay fi- etary supplement. ered criminal conduct if Mr. nancial penalties while he ap- That ruling, which is ex- McDonnell’s conviction is over- peals his corruption convic- pected before July, could have a The Supreme turned, his attorneys argue. tion, attorneys for the former ripple effect on the sentencings Court is The McDonnell case also New York state Assembly and future prosecutions of considering an has hung over the conviction

speaker argued Friday in a cases in New York and else- appeal by of former state Senate Major- AGATON STROM FOR THE WALL STREET JOURNAL court filing. where, said Deborah Gramic- former Gov. ity Leader Dean Skelos, who SHORT ON DETAILS: Lisette Camilo, commissioner of the New But much of the attorneys’ cioni, executive director of New Bob McDonnell was sentenced Thursday to York City agency at the center of the disputed Rivington House arguments were focused not York University’s Center on the of Virginia. five years in prison on public- deed deal, appeared Friday before a City Council committee. A15 on New York, but on a case Administration of Criminal Law. corruption charges. nearly 250 miles south: that of The McDonnell case focused “The mere fact that that former Virginia Gov. Bob Mc- on whether the government’s Earlier this month, a fed- very issue is currently pending Donnell, who was found guilty definition of bribery encom- eral judge sentenced Mr. Sil- before the United States Su- in 2014 of public-corruption passes what some view as pol- ver, a Democrat, to 12 years in preme Court in the McDonnell charges. itics as usual. Much of the prison for leveraging his posi- case is enough to demonstrate Energy Project The McDonnell case, argued case looks at quid-pro-quo ar- tion for personal financial that the issue is substantial,” last month before the U.S. Su- rangements, and what a public gain. His attorneys argue that Alexandra Shapiro, a lawyer preme Court, is being watched official receives in exchange courts have allowed bail pend- for Mr. Skelos, said Thursday. Faces Scrutiny In Federal Probe BY ERICA ORDEN Barry Bohrer, declined to com- AND REBECCA DAVIS O’BRIEN ment or say whether he also represents Ms. Toscano-Per- A federal probe involving a coco. Mr. Bohrer has previ- longtime aide to New York ously called Mr. Percoco a Gov. Andrew Cuomo is exam- “dedicated and effective public ining an energy-company proj- servant.” ect and a company executive The federal probe is also who oversaw it, according to examining Mr. Cuomo’s “Buf- people familiar with the mat- falo Billion” economic-devel- ter. opment program as well as A focus of the inquiry into donors and others close to the the energy company, these governor. Mr. Cuomo has said people said, is Peter Galbraith he and his office are cooperat- Kelly Jr., senior vice president ing with the investigation and, for external affairs for Com- in response, he has ordered an petitive Power Ventures Hold- internal “immediate full re- ings LLC, and a program his view” of the Buffalo program. team oversaw called CPV Edu- cates. CPV Educates Competitive Power Ven- tures received a subpoena in employed the wife recent weeks from the Man- of former Cuomo hattan U.S. attorney’s office, a person familiar with the mat- aide Joseph Percoco. ter said. The company has said it is cooperating with the investigation. In the Competitive Power Mr. Kelly didn’t respond to Ventures inquiry, a person fa- requests for comment. miliar with the matter said The CPV Educates program, federal investigators have

KEVIN HAGEN FOR THE WALL STREET JOURNAL which sent teachers and pro- asked to see email messages, A $10 million permanent home for the Amud Aish Memorial Museum is being built in Brooklyn. Students visit a temporary space, above. vided curriculum to schools to course syllabi and other mate- instruct on energy-related is- rials connected to CPV Edu- sues, employed Lisa Toscano- cates, and that they are look- Percoco, the wife of former ing at whether the program A New Holocaust Museum Emerges Cuomo aide Joseph Percoco, did what it purported to do. the company confirmed A company spokesman de- BY SOPHIA HOLLANDER those institutions understood At Amud Aish, which is op- Mr. Kleinman aspires for through a spokesman. scribed CPV Educates as a the significance.” erating in temporary spaces the museum to be of equiva- Ms. Toscano-Percoco, a for- valuable program for commu- As a young boy, Rabbi Now those papers are part while building a $10 million lent quality to top Holocaust mer teacher, was involved in nity outreach. Dovid Reidel took an unusual of the collection at the Amud permanent home in the Bor- museums around the world. administering the program, Competitive Power Ven- storybook to bed: He would Aish Memorial Museum, a new ough Park section of Brooklyn, But designing a museum that the spokesman said. tures has plans to build a read notes from his grandfa- institution seeking to shed “you learn how the victim highlights the Orthodox expe- As previously reported, the power plant in the Hudson ther, detailing his efforts to light on the Holocaust from managed in spite of [the per- rience has posed thorny cul- probe by the Manhattan U.S. Valley, a matter that requires rescue Jews during the Holo- the perspective of religious secution] to fight for their be- tural and logistical challenges. attorney’s office and the Fed- many layers of approvals from caust, including lobbying offi- Jews. That reflects a stark liefs, to fight for their dignity,” On a basic level, the mu- eral Bureau of Investigation is the state. The spokesman said cials from Eleanor Roosevelt break from the traditional ap- said Amud Aish director Rabbi seum is planning to accommo- examining whether Mr. Per- construction on the $900 mil- to state department secretar- proach Holocaust museums Sholom Friedmann. “It’s a date the practice of gender coco, who for years was one of lion project was continuing, ies. have taken, officials said. whole fresh view on these segregation for groups that re- Mr. Cuomo’s closest aides, had and the plant is expected to be Like many Orthodox fami- “We don’t single out the Or- events.” quest it with two separate conflicts of interest with or fully operational in February lies, his grandmother stored thodox experience,” said Steven The project is the brainchild staircases up to the exhibits. took official action in favor of 2018, as scheduled. the documents in her base- Luckert, senior program cura- of Martin “Elly” Kleinman, an Content-wise, it must bal- companies with business be- Since the probe involving ment rather than donate them tor at the United States Holo- Orthodox New Yorker who is ance religious and cultural fore the state while those enti- Mr. Percoco and his wife be- to a traditional Holocaust mu- caust Memorial Museum in the son of Holocaust survivors. sensitivities with the need for ties were paying him and his came public, the governor’s of- seum. Washington, D.C. “We focus on “I felt it’s an obligation for a rigorous historical perspec- wife. fice has suspended regulatory Families like his “never felt the Nazi persecution of the us who are second generation tive. Ms. Toscano-Percoco didn’t and other decisions related to comfortable,” said Rabbi Jews because for the Nazis they to try to carry that story,” he “I’m the person involved respond to requests for com- Competitive Power Ventures Reidel. “They did not feel identified all Jews as a race.” said. Please see STORY page A14 ment. Mr. Percoco’s attorney, Please see PROBE page A17 70° Weather Trump Supporter Wages Lonely Fight on Liberal Council TODAY’S Real Feel HIGH 9 a.m. 63° BY MARA GAY 5 p.m. 55° The Weekend Profile | Joseph Borelli Record High New York City Councilman New York City councilman Republicans on council 88° (1900) Joseph Borelli’s colleagues say he has lost his mind. EVENING Sunrise/Sunset But Mr. Borelli, a Republi- Co-chairman, Donald Trump New York state STORMS 5:39 a.m./8:06 p.m. can who is the only city law- presidential campaign during assemblyman, 2013-15 maker so far to endorse Don- New York state primary Sunday’s High ald Trump for the presidency, Has made about 35 national 59° doesn’t seem too fazed. Represents Staten Island TV appearances since March 2, “I think a lot of liberals district; one of three when he endorsed Mr. Trump would view things that I do as foolish and perhaps stupid,” Mexican-American, asked to and defend the presumptive N.Y. Sports Lineup said Mr. Borelli, who repre- have coffee with Mr. Borelli in GOP nominee. He was also co- sents a district on Staten Is- the hopes of persuading him chairman of Mr. Trump’s cam- 1:05 p.m. land. “I’m just not consumed not to support Mr. Trump. paign during the New York Saturday by peoples’ opinions of me.” On another occasion, a re- primary, which the billionaire White Sox In the council, Mr. Borelli is porter argued with Mr. Borelli businessman won handily, and @ Yankees a conservative marooned on a on the steps of City Hall about hopes to become a delegate to progressive island. whether Mr. Trump was a the Republican National Con- “Support for Donald Trump bigot. vention in Cleveland this sum- 8:10 p.m. in my opinion is beyond the Mr. Borelli has become a mer. Saturday pale,” said one of Mr. Borelli's minor celebrity in the past few Mr. Borelli, 33 years old, Mets @ Rockies colleagues, Councilman Brad months. He has frequently ap- served as a state Assembly-

Lander, a Brooklyn Democrat. peared on cable TV news man until winning his council JOSEPH BORELLI For N.Y. sports coverage, see A18 Another lawmaker, who is shows to spar with pundits Please see PROFILE page A17 Donald Trump with New York City Councilman Joseph Borelli.

www.ebook3000.com For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com A14 | Saturday/Sunday, May 14 - 15, 2016 ****** THE WALL STREET JOURNAL. CITY NEWS Getting a School On the Road Is No Joy Ride Looking for a steady, he says. In New York, many profitable business opportu- students are adults—immi- nity in New York City? Con- grants, folks who let their li- sider opening a driving cense lapse and natives school. Startup costs are learning to drive for the first modest, de- time. His oldest student was mand is 92. growing and Every student requires a the work can different approach. “Show

be super-sat- me your driving,” he says, ROB SHEPPERSON isfying. The “and I’ll tell you who you METRO downsides: are.” MONEY You’ll be Mr. Gusso’s school em- ANNE KADET teaching in ploys five instructors and the nation’s teaches more than 800 stu- worst traffic. dents a year. He personally And your specializes in anxious adults. new forever overlord will “It’s an art to get them to be—yes—the DMV. listen to you,” he says. Everyone knows it’s a In a town where just 54% chore to get a driver’s li- of adults have a driver’s license. But a driving school cense—the figure is 68% license application is a true statewide—instruction is in bureaucratic spectacular, re- demand. Since 2011, the quiring more than a dozen number of licensed New different forms and docu- York City drivers rose 9%, to hours teaching behind the No matter what for its easy handling and Mr. Santiago just laughed. ments. 3.6 million, according to the wheel. Most, then, are clear sightlines. It was retro- As soon as you signal a lane Inspectors with the New DMV. The number of driving founded by folks like Mr. happened, he fitted with a passenger-side change, he noted, your typi- York State Department of schools, meanwhile, rose Nurse, who taught for a de- assured me that brake, an operation that cal New Yorker will actually Motor Vehicles will measure slightly, to 410. cade with another Manhat- costs about $250. accelerate to keep you from the size of your office, the No surprise, then, it’s tan school before starting everything was OK. Mr. Santiago, a music slipping in. lettering on your signs and hard to find a school offer- his business. producer and former school- “I look at it as something the chalkboard in your class- ing supercheap lessons. The Decent instructors seldom bus driver, exhibited the funny,” he said. “They are room. They’ll make sure going rate is $50 to $70 an leave their schools, he says. protection and accountabil- low-key demeanor shared by willing to risk their own you’re keeping your records hour. And training a new instruc- ity,” he says. many in his field. No matter lives for the sake of empty in alphabetical order and In 2011, when Aubrey tor takes months. They have Some driving instructors what happened, he assured space.” possess a proper filing cabi- Nurse launched his Drive- to take a 30-hour classroom are independent contractors me that everything was OK. I started to see the hu- net. train Driving School in the course, pass multiple DMV who use their own cars and Sample exchange: “That mor in the situation, which Driving school owners say Flatiron District, he offered tests and be “of good moral work for multiple schools. garbage truck is trying to hit helped me relax. the regulations make sense, low rates to attract business. character.” They must pos- Arrangements vary, but me!” After a few tries, I was given the lives at stake. But “But people would ask me, sess a high school diploma they’ll typically pocket up to Mr. Santiago: “It’s OK.” making go-to-hell lane compliance is a challenge. ‘Why are you so cheap?’ ” he and, yes, all four limbs. half the school’s lesson fee. After a loop up Madison changes like a real New “The paperwork is hor- says. “They were skeptical.” While some rules may They might earn $800 to Avenue and down Fifth, Mr. Yorker. rendous,” says Attila Gusso, Mr. Nurse says he’d love sound picayune, DMV $1,500 a week. Santiago guided me to FDR By the hour’s end, I felt owner of Attila School of to expand his Manhattan op- spokesman Joe Morrissey My instructor for a $60, Drive, where I got some more confident, and Mr. San- Driving on the Upper East eration or open a second says it’s all in the service of 60-minute, highway driving much-needed practice chang- tiago was looking pleased. Side. While he finds the school in Brooklyn. The safety. lesson was Drivetrain ing lanes. His technique: Sig- “This is the worst city to DMV staff “extremely patient problem: a driving instructor “The DMV takes its re- teacher Pedro Santiago, who nal, mirror check and a drive,” he says. “But if you and helpful,” he employs two shortage. sponsibilities in regulating met me in the school’s red glance over the shoulder. can drive here, you can drive full-time administrators to The DMV requires every driving schools very seri- Nissan Versa. No one, of course, let me anywhere.” process records. driving school to have an in- ously, and our laws and reg- Like most driving school in when I signaled. I’ve got Teaching is the fun part, structor with at least 1,000 ulations ensure consumer cars, the vehicle was chosen zero New York aggression. [email protected] STORY

ContinuedfrompageA13 who says that you must tell the total story and within that context the Orthodox story,” said Dr. Michael Berenbaum, who was project director at the Washington Holocaust museum and is the conceptual developer for the permanent exhibit in Brooklyn. If the museum fails to capture the broader fate that befell the Jews, “then it’s going to be regarded as a sectarian effort and that’s not sufficient. It’s not comprehensible.” Dr. Berenbaum said the museum is grappling with how to depict faith during the Holo- caust, given that some people lost theirs. That is a message that might not be welcome in the Orthodox community, he said. Items displayed in the current space of the new Holocaust museum, above and right. A challah cover, “I can’t be party to present- photographs and letters were found in a suitcase donated by a survivor named Magda, below right. ing faith in God only,” he said. “I would rather omit it.” The Washington museum, It is an important lesson, home visit with an elderly Ho- Another challenge involves for example, recommends that said Rabbi Reidel, who is the locaust survivor named how to depict women. The visitors be at least 11 years old museum’s director of research Magda, he said, she asked most religious audiences may to enter the permanent exhibi- and archives. “To save lives su- them to wait for a moment. be uncomfortable with images tion. Privacy walls shield mon- persedes the prohibitions.” She ducked into her bed- of people altogether and itors with graphic imagery. Technology will enable the room and emerged carrying a women particularly. Others Visitors can go through—or Brooklyn museum to create small, worn leather suitcase. may accept a still image or au- around—a German railcar of customized exhibits for differ- It had belonged to her sis- dio, but not video. There is an the kind that transported Jews ent audiences, said exhibition ter, Kaila Horovitz, who left it open question about showing to killing centers. designer David Layman, who behind in their Hungarian shaved heads. Nudity is out. “People can make a choice,” has also worked on the Wash- ghetto when she was trans- These are questions “we Mr. Luckert said. ington museum and the Na- ported to Auschwitz. She was may have to face,” Dr. Beren- Sometimes artifacts can be tional September 11 Memorial later killed in the concentra- baum said, though he and perceived differently. & Museum in lower Manhat- tion camp. other museum officials said A general audience might be tan. While there will be physi- Magda had written a note images of women in some interested in a letter docu- cal objects, many of the images and taped it to the front of the form would be part of every menting a meeting between El- and video displays will be digi- suitcase, asking that it be bur- tour. eanor Roosevelt and Mike tized, allowing easy changes. ied with her when she died. In- “You can’t describe the Ho- Tress, Rabbi Reidel’s grandfa- The real reward, said Rabbi stead, she offered it to the mu- locaust without the victimiza- ther, as evidence of his high- Reidel, has been in convincing seum. tion of women,” he said. level government outreach. Or- families to share personal ar- Magda told them “it’s im- Every museum addressing thodox visitors, however, note chives that have been stashed portant that future genera- sensitive subject matter faces immediately that the meeting away in some cases for de- tions should remember,” Rabbi similar questions, Amud Aish took place on a Saturday, the cades. Reidel said. She died several

officials said. Sabbath. A few years ago during a months later. KEVIN HAGEN FOR THE WALL STREET JOURNAL (3)

Martin ‘Elly’ Kleinman Legal Issues for Museum Founder’s Business BY SOPHIA HOLLANDER “Americare will continue to ducing services illegally, with- properly certified and the move forward to provide the out due notice for vulnerable company denied any wrongdo- Over the past decade, Mar- quality services for which our patients. ing. tin “Elly” Kleinman, founder of company is known,” it said. The companies didn’t admit 2005: The company reached the Amud Aish Memorial Mu- Below, some of those liability or wrongdoing, but a $7 million settlement with seum, known until this week as claims: agreed to provide due process the New York Attorney Gen- the Kleinman Holocaust Edu- 2014: The company reached to patients, and each firm paid eral’s office for allegedly over- cation Center, has faced gov- a $141 million settlement with $50,000 to patients and their billing Medicaid. The company ernment and private claims the New York state attorney legal providers. denied any wrongdoing. about business practices at general’s office for alleged 2008: The company reached 2005: The company reached Americare, the home-health- Medicaid overbilling. Asked for an $8 million settlement with a $1.2 million settlement with care company he has led since comment Friday, Americare the New York state attorney mentally disabled patients who 1982. denied wrongdoing. general’s office for allegedly alleged an Americare employee In a written statement, the 2011: Americare was one of overbilling Medicaid, by sub- facilitated unnecessary pros- company said legal issues five companies that settled mitting claims for improperly tate surgery without their con- come with the territory for with the New York Legal Assis- certified home-health aides. sent. Americare didn’t admit successful businesses, and that tance Group after being sued Americare wasn’t accused of liability as part of the settle-

KEVIN HAGENits FOR THE WALL STREET JOURNAL own have been addressed. for allegedly stopping or re- knowing the aides were im- ment, and denied wrongdoing. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ******* Saturday/Sunday, May 14 - 15, 2016 | A15 CITY NEWS At City Council, New Jersey Family Hits the Jackpot Answers Elusive On Deed Deal BY MARA GAY needs. AND REBECCA DAVIS O’BRIEN “We need schools like you wouldn’t believe. We also need The head of the New York homeless shelters. And afford- City agency at the center of a able housing,” he said. disputed real estate transac- Ms. Camilo said agency offi- tion told a City Council com- cials shared council members’ mittee Friday she couldn’t concerns about the Rivington speak about the deal because deal. “No one was happy with it was still under investiga- the outcome,” she said. tion. Councilwoman Julissa Fer- “Because we want to pro- reras-Copeland, chairwoman tect the integrity of the inves- of the finance committee, tigation we’re not going to be asked Ms. Camilo to submit able to speak to specifics,” deed restrictions that have said Lisette Camilo, the com- been lifted in the past five missioner of the Department years. Ms. Camilo agreed to do of Citywide Administrative so. Services. In March, City Comptroller Scott Stringer sent a letter to Ms. Camilo seeking details on Citing investigations, the Rivington deed decision. agency head demurs On Friday, Mr. Stringer said MEL EVANS/ASSOCIATED PRESS the public has “a right to know YOU NEVER KNOW: Pearlie Mae Smith, center, and daughters Rene Bethina Smith, left, and Katherine Nicole Nunnally, right, claimed when offered chance how these deed restrictions a $429.6 million Powerball prize on Friday, in Lawrenceville, N.J. The lucky ticket was purchased last week at a 7-Eleven in Trenton. to ‘come clean’ are being managed and whether taxpayers and our communities are being pro- The Department of City- tected.” wide Administrative Services A for-profit nursing com- has come under scrutiny amid pany, Allure Group, bought No Hate-Crime Charges in Bus Fire investigations by city, state Rivington House for $28 mil- and federal authorities into lion in early 2015, then paid BY PERVAIZ SHALLWANI of arson and criminal mischief, dent and then four others on of three-day riots in 1991 that the lifting of deed restrictions the city $16 million to have AND THOMAS MACMILLAN the official said. Thursday—an 11-year-old, a were fanned by tensions beat a Lower East Side health- the deed restrictions removed. The boys’ names were being 12-year-old and two 14-year- tween blacks and Orthodox care facility, Rivington House, Months later, Allure sold the New York City authorities withheld because they are ju- olds. Authorities are looking Jewish communities, but resi- that paved the way for it to be 118-year-old, 150,000-square- are dropping hate-crime veniles. They were each inter- for the sixth boy. dents say relations have im- redeveloped as condos. foot property for $116 million charges against five boys ac- viewed by police with their Police initially charged the proved in the decades since. Councilman Ben Kallos, to a residential developer. cused of setting fire to a school parents at their side and then boys with hate crimes for two On Brooklyn Avenue Friday, chairman of the council’s gov- Mayor Bill de Blasio and other bus outside a Jewish school in released. They will be tried in reasons, the official said. First, many people said that while ernmental operations commit- city officials have said Allure Brooklyn, a police official said. Brooklyn Family Court. the attack was the second on a tensions exist, it was hard to tee, asked whether the agency misled the city about its plans. The determination was The charges stem from an school bus affiliated with a see the boys’ actions rising to had approved similar deals. Records and interviews made after a meeting between incident that occurred Sunday Jewish organization in the the level of hate. “Here’s a chance to come show that an Allure executive, police and family court law- evening outside Beth Rivkah neighborhood in less than a “I don’t think it was a hate clean,” he said. a donor to the mayor’s 2013 yers in which New York Police elementary school in Brook- week. The second reason, the crime. I think it was just kids Ms. Camilo said the agency campaign, spoke with mem- Department detectives told at- lyn’s Crown Heights neighbor- official said, was that at least horsing around,” said Bradley had put all of its “13 or 14” re- bers of the de Blasio adminis- torneys that based on new evi- hood. Surveillance cameras one of the boys told police he Joseph, 25, who is black. quests to alter deed restric- tration about the property dence, they no longer believed outside the school captured knew the bus was affiliated Sarah Barouk, 31, who is tions on hold since the Riving- months before the deal went the boys’ actions rose to the six boys running onto the with the school when it was Jewish, said her daughter at- ton deal came to light. through. level of a hate crime, the offi- empty yellow bus, some carry- set on fire Sunday night. tends the school where the Mr. Kallos said the Riving- The transactions are under cial said. ing cardboard, and then run- Following Thursday’s ar- bus was set on fire. ton deal was disturbing, in investigation by the U.S. attor- All five boys were initially ning away. rests, police determined “there “Here in this community we part because it allowed a ney’s office in Manhattan, the charged by police with one One of the boys is seen on was not sufficient evidence always have hate crimes,” she building once designated for a state attorney general’s office count each of arson as a hate the bus as pockets of fire ap- that the Jewish affiliation was said. But the accused were so nonprofit to be turned into and two city agencies. No one crime and criminal mischief as pear inside the vehicle. the motivating factor,” the of- young, she said, that it wasn’t condos when the city could has been charged with wrong- a hate crime. They will now be Police arrested an 11-year- ficial said. clear hate was the motivation. have used the space for other doing. charged with one count each old boy hours after the inci- Crown Heights was the site “I’m not sure.”

The Malloy Years Budget Passes in Hartford General Fund Expenditures Bridge Scandal Names In billions BY JOSEPH DE AVILA more revenue for the state by Republican state Rep. Jesse $20 $17.9B raising taxes on the wealthy MacLachlan said the revenue Stay Sealed for Now The Connecticut Legislature and businesses instead of rely- estimates Democrats came up 16 BY TED MANN ute attempt to halt a court-or- approved a $19.76 billion bud- ing so much on making cuts. with were always unrealistic. 12 dered release of a list of those get Friday, a spending plan Republican House Minority “We have been applying A federal judge on Friday who allegedly joined what that drew criticism from Re- Leader Themis Klarides said Band-Aids to a long-term fiscal 8 delayed the release of a list of prosecutors call a criminal publicans and public-sector she expected the budget will crisis,” said Mr. MacLachlan 4 people prosecutors believe conspiracy of political retri- employees. be out of balance in the near said. participated in the 2013 bution: lane closures intended The Democratic-controlled future. He added that towns and George Washington Bridge to snarl traffic in Fort Lee, Senate passed the budget “We are in such grave situ- cities in Connecticut will have ’12’13 ’14 ’15 ’16 ’17* lane closures, after a last- N.J., as punishment after the 21-15 on Thursday. The House ation now, fixing the problem to raise property taxes or dip minute, anonymous appeal borough’s mayor declined to of Representatives, also con- that we have today or for the into reserve funds to make up Change from a year earlier from one person on the list to endorse Gov. Chris Christie’s trolled by Democrats, passed next year is not enough,” Ms. the difference to cuts to edu- 5.0% keep it sealed. re-election. it 74-70. Klarides said. “If we don’t cation spending. 2.5 U.S. District Judge Susan Earlier this week, Judge Gov. Dannel Malloy, a Dem- have a plan to go forward, we “This will come as tremen- 0 Wigenton set a new deadline Wigenton said prosecutors ocrat, has said he would sign are going to continue to do dous blow to our municipali- of Tuesday for the release of must make the names of the –2.5 the agreement. this.” ties at a time when they are the names of “unindicted co- unindicted co-conspirators “As part the budget agree- Ms. Klarides said lawmak- pinching pennies to make ends –5.0 conspirators” in the alleged public by noon Friday. The ment, the state will change ers should institute a constitu- meet,” Mr. MacLachlan said. –7.5 -0.7% lane closure scheme. ruling came in connection how it does business, and give tional spending cap and a limit The budget plan would cut –10.0 Later Friday, Judge Wigen- with the criminal case against residents and businesses the on borrowing to get the state $54.8 million in spending from ’12’13 ’14 ’15 ’16 ’17* ton denied the request to two Christie allies accused of predictability they seek as in better fiscal shape. the Department of Mental block the release. An attorney carrying out the scheme. *Proposed government works to live The plan cuts spending on Health and Addiction Services, Source: Connecticut Ofﬁce Of Fiscal Analysis for a person identified as Prosecutors had argued to within its means,” Mr. Malloy the general-fund budget by $25.4 million from the Board “John Doe” said they would keep the list sealed, saying THE WALL STREET JOURNAL. said in a statement. $821 million. Democratic of Regents for Higher Educa- appeal to the U.S. Court of third parties would have no Union officials said the bud- House Majority Leader Joe tion and $32.2 million for edu- Appeals for the Third Circuit. means of proving their inno- get cuts could result in up to Aresimowicz defended the cation grants for municipali- nomic reality” and had to ac- In an emergency motion cence if they weren’t charged. 5,000 layoffs in state jobs. agreement as a necessary ties. cept more spending reduc- filed late Thursday, an attor- Judge Wigenton ruled this “Connecticut’s communi- measure in a time when in- The budget has inspired tions. ney from the firm of Chad- week in favor of news organi- ties, families and economy come-tax revenue has repeat- weeks of contentious debate In one compromise, Mr. bourne & Parke argued the re- zations—including Dow Jones will suffer beyond imagination edly failed to meet earlier es- between Mr. Malloy and his Malloy and Democratic leaders lease of the names would & Co., the publisher of The if the governor’s austerity timates. fellow Democrats in the state agreed to spend less on some unfairly identify John Doe as Wall Street Journal—which plan becomes reality,” said “I think that there are more Legislature, who wanted to of their respective priorities. a member of an alleged crimi- sought the names’ release. Taffy Womack, president of that are unhappy with this avoid some of the deepest That meant Mr. Malloy had to nal conspiracy without giving The organizations said the Afscme Local 704, a union budget than those that are spending cuts that the gover- accept less money for trans- him a chance to prove his in- public’s right to know all that represents state clerical happy with it,” Mr. Aresimow- nor had sought. portation projects and Demo- nocence. The individual and those who allegedly partici- workers. icz said. “But I think it’s the Mr. Malloy took to remind- cratic leaders had to accept others on the list haven't pated in the scandal out- Union leaders have called step that we have to take to ing lawmakers that they had less money for schools and cit- been charged with a crime. weighed any privacy con- on state lawmakers to produce move the state forward.” to get used to a “new eco- ies and towns. The filing was a last-min- cerns.

The baby’s injuries included the unmarked grave since his BROOKLYN Greater multiple skull fractures and bleed- death in 1943. ing in the brain. Mr. Cartagena —Associated Press World’s Oldest New York admitted in court that he struck Person Dies at 116 Joemill several times in the head CONNECTICUT Susannah Mushatt Jones, the Watch to stop him from crying. world’s oldest person, has died —Associated Press New Hospital Tower in New York at age 116. Opens in Farmington Ms. Jones, who was known NEW JERSEY The University of Connecticut as Miss Susie, died Thursday opened its new 11-floor, 38,000- night at a public-housing facility Hero Titanic Seaman square foot hospital tower. for seniors in Brooklyn where BRONX To Get Gravestone Seventy patients on five she had lived for more than A seaman whose quick ac- floors, including those in inten- three decades, said Robert Relative Sentenced tions aboard a lifeboat are cred- sive care, were moved Friday Young, a senior consultant for In Infant’s Death ited with saving passengers dur- from their rooms inside the ex- the Gerontology Research Group. Prosecutors say a Bronx man ing the Titanic’s 1912 sinking will isting Connecticut Tower at John Her death leaves a 116-year- has been sentenced to 18 years finally receive a headstone on Dempsey Hospital in Farmington old woman from Verbania, Italy, behind bars in the fatal beating his grave, nearly 75 years after into the new University Tower. Emma Morano, as the world’s of a 2-month-old baby. his death. The $318 million addition, oldest person, and the only living District Attorney Darcel D. Titanic enthusiasts from built with money from the person who was born in the Clark announced the sentence around the world are expected state’s Bioscience Connecticut 1800s, Mr. Young said. Friday for Luis Cartagena. He to join members of Robert Hop- initiative, includes 169 private Ms. Jones was born in a pleaded guilty to attempted kins’ family at Holy Name Ceme- rooms, a state-of-the art surgical small farm town near Montgom- murder on April 9. tery in Jersey City on Saturday unit and a 40-bed emergency ery, Ala., in 1899. Family mem- Joemill Greer was beaten in as a black granite headstone department. The hospital’s oncol- bers said last year that they

October 2014. The defendant— bearing his name is unveiled and ogy and cardiac step-down units credited her long life to love of LUCAS JACKSON/REUTERS the child’s step-uncle—was baby blessed. are also are in the new tower. family and generosity to others. Susannah Mushatt Jones at her 116th birthday party in July sitting. Hopkins’ body has rested in —Associated Press —Associated Press 2015. Born in 1899 in Alabama, she was one of 11 siblings.

IF YOU’RE BROWSING FOR A HOME... ) 6 ( EVIN HAGEN FOR THE WALL STREET JOURNAL K $630,000 207 Hart Blvd. This is a three-bedroom, three-bathroom home with a front porch, a dining room and a finished basement. The master bedroom has two walk-in closets. There is a four-car driveway and a detached garage. The house has been updated with new windows, hardwood floors and a kitchen withgranite countertops and a ceramic- tile floor.

Year Built: 1940 Square Footage: 1,500 Lot Size: 4,255 square feet A Little Rural,aLittleUrban Property Plus: The home is near Silver LakePark. Property Minus: One bathroomissmall. West Brighton, on Staten Island’s North Shore, has residential vibe but shops and transit nearby Listing Date: April 19 In Staten Island’s West car or bus ride frommost of Listing Agent: Lee Goldstein Brighton area, houses sit on the area. of Hometime Estates leafy streets but urban com- “Ilove the fact that I can Open House: By appointment forts are within easy walking leave my car at home and distance. The neighborhood is walk to Forest Avenue,” said quickly becoming a destina- Nick Siclari, the chairman of tion for home buyers who Community Board 1, who can’t afford Brooklyn. moved to West Brighton eight “We are pulling in people years ago from St. George, the from all four boroughs but es- northernmost part of the bor- pecially Bay Ridge and Park ough. “My wife isfromWest Slope,” said John Pagliaro, a Brighton, and we were looking broker with Coldwell Banker to start a family.” DeSimone Realty. An electrician, Mr. Siclari “They are priced out of didn’t want to live on the Brooklyn and they can buy a more suburban South Shore charming co- for fear of a long commute to OPEN HOUSE lonial for hiswork in Manhattan. KATHLEEN $500,000 to “There is no easy commute LUCADAMO $600,000 on to Manhattan from Staten Is- a beautiful land, but it’s relatively easy, tree-line d about an hour and a half to $750,000 street in Staten Island. The Times Square,” he said, noting same house would go for $1.5 he takes a 10-minute bus trip 16 Hunter Place million in Brooklyn,” he said. to the ferry and then rides the This house has three On the North Shore, West subway to Midtown. Clove Lakes Park,top. An Amur leopard at theStatenIsland Zoo. Forest Avenue businesses, bottom. bedrooms and two Brighton stretches from the The ferry is free. Residents bathrooms. Thereisa waterfront toClove Lakes also can ride express buses to homes in the more desirable courts. The Staten Island Zoo home to many restaurants, in- balcony off one bedroom and Park and includes the Snug Manhattan ortakethe less ex- section of West Brighton. is on Broadway. cluding Duffy’s Tavern for a fireplace in the living room, Harbor Cultural Center & Bo- pensive regular bus lines to There is a wide price range: Schools: Staten Island burgers, Pastosa Ravioli for a sun room and a finished tanical Garden, offering resi- Brooklyn and catch the sub- Mr. Pagliaro said his current makes up District 31, where Italian specialty dishes, Pas- room in the attic. The dents plenty of parkland. way there. inventory of single-family students collectively perform ticceria Brunoof Greenwich basement has a full Yet, the neighborhood has It is commonfor West homes is $230,000 to better on state tests than the Village and Nucci’s Italian bathroom, a large finished an urban flavor that sets it Brighton natives to buy homes $950,000. New York City average, al- Restaurant as well as Li room, a workshop anda apart from the more bucolic in the area, according to Mr. Listings this month on though West Brighton schools Greci’s Staaten, a catering laundry room. areas on the South Shore. The Pagliaro. Trulia.com, a real-estate web- have lower test scores than venue, and the Kings Arms main drag, Forest Avenue, has “I’ve sold countless homes site, range from $1 million for many of their counterparts on Diner. Year Built: 1930 a drugstore, hair salons, cloth- to people who grew up inthis a four-bedroom to $219,000 the South Shore. Public ele- Entertainment: The Snug Square Footage: 1,950 ing boutiques, a Key Food su- neighborhood and their par- for a three-bedroom, 756- mentary schools in the area Harbor CulturalCenter & Bo- Lot Size: 6,098 square feet permarket, a Starbucks coffee ents still live here,” said Mr. square foot home. include P.S. 45, P. S. 1 8 a n d P. S. tanical Garden has concerts, Property Plus: There are shop and several restaurants. Pagliaro. Homes near the public- 19. CurtisHigh School is the art exhibits and festivals original solid mahogany The Staten Island Ferry to The low turnover also housing development in West public high school. Sacred throughout the year and in- French doors and Manhattan is also a10-minute makes demand high for the Brighton are lower-priced and Heart School isaRoman Cath- cludes a children’s museum. wainscoting. in less demand but are attrac- olic school for prekindergar- There is are annual St. Pat- Property Minus: The home tivetobuyers who seek diver- ten through eighth grades. rick’s Day and Memorial Day has window air conditioners. sity and see a potential for Dining: Forest Avenue is parades on Forest Avenue. Listing Date: April 6 gentrification, said Mr. Pagli- ListingAgent: Arlene Trunzo aro. of A.T. Real Estate Specialists The store vacancy rate on Open House: By appointment Forest Avenue islow, according to Loretta Cauldwell, executive director of the Forest Avenue Business Improvement District. In the past few years, popular Brooklyn restaurants Randazzo’s Clam Bar and Ho’Brah, atacojoint, have opened branches there. ‘I love the fact that Icanleavemycar at home and walk to Forest Avenue.’

“People are expanding or $650,000 opening new businesses. Be- fore there might have been a ull Snug Harbor 504Kissel Ave. nK e K Bard Va ac issel Cultural & vacancy forawhile. Some of Kill rr This is a two-family house. Te Botanical A A it was due to hard economic ve. ve. Garden One apartment has two Richmond NEW times,”said Ms. Cauldwell, BRIGHTON bedrooms and two who has lived inWestBrigh- CPL bathrooms. The other has ton for 30 years. “It’s become Thompson Ave. three bedrooms, one more vibrant.” Park Henderson Allison bathroom and a finished Despite the changes, Ms. Park attic. There are hardwood Cauldwell predicts the neigh- Castleton Av e. floors and the plumbing and ©2016 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated. borhoodwon’t look dramati- WEST electrical system have been cally different any time soon. BRIGHTON updated.The detachedhouse C ve. California Closets creates custom storage lo orest A “It’s basically a stable neigh- ve R F has a driveway and a garage.

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Maria Brito, left, and Agatha Ruíz de la Prada, right, at El Museo gala at the Plaza honoring Ruben and Isabel Toledo.

El Museo Goes Back to the ’80s

For the first Terrace Room, joined by vari- The design was meant trast to the Plaza.” time, this ous younger supporters of the “not to make a caricature of The after-party, mean- year’s El Mu- museum, for a disco. the 1980s but capture the while, was “saturated in seo gala at the The whole evening had an geometry and abstraction in red,” Ms. Sarlo added, and Plaza featured 1980s feel, inspired by an his work at the time,” said paid tribute to Studio 54, but an afterparty. upcoming exhibit, set to Erica Sarlo, the creative di- more to the last days of MARSHALL After Thurs- open in mid-June, called rector at Susan Holland disco, “when things were al- HEYMAN day’s dinner, “Antonio Lopez: Future Funk Events, who designed the most about to fall apart.” which honored Fashion,” of work by the party. Ms. Holland was also a To add to the scene, Ms. Ruben and Isa- fashion illustrator, who died friend of Mr. Lopez’s. Sarlo and Ms. Holland hired bel Toledo and Mac Cosmet- in 1987. Color wise, there were Voguers to perform. ics, guests like Pat Cleveland, “We wanted to recreate an mostly blacks and whites Ms. Maury felt the after-

Narciso Rodriguez, Joey Arias, Antonio club from that era,” with the occasional pops of party was a particular suc- ZACH HILTY/BFA (5) Peter Marino and Ben Bronf- said co-chairwoman Maria pink with an emphasis on cess. “We’re doing it again Camila Arria-Maury, co-chairwoman Maria Eugenia Maury, man returned to the Plaza’s Eugenia Maury. “bold and graphic in con- every year,” she said. William A. Haseltine and Manuela Arria-Maury. CITY NEWS

paign treasurer for Mr. Kelly’s New York Councilman Joe PROBE wife’s bid for first selectman, Borelli outside City Hall. according to filings with the state elections enforcement rounded by Republicans. ContinuedfrompageA13 commission. At St. Joseph by-the-Sea and has ordered state agencies Ms. Kelly couldn’t be High School, Mr. Borelli was to discontinue communications reached for comment. often at the center of political with the company. Property tax records filed debates, said James Hickey, According to financial-dis- with the town show that Mr. his 12th-grade AP government closure statements filed with Kelly cosigned a lease for Mr. teacher. “He was a character. the state, a limited-liability Pitts’s Chevrolet Cavalier as He had a very persuasive and company in the name of Chris early as 2009. charismatic personality,” Mr. Pitts LLC paid at least $80,000 Also working for Competi- Hickey said. to Ms. Toscano-Percoco be- tive Power Ventures during the Mr. Hickey recalled a class tween 2012 and 2014. Investi- period in which Ms. Toscano- trip to Washington, D.C., gators are looking at whether Percoco was working for the where Mr. Borelli and his company was lobbyist Todd classmates took a joy ride in Howe, who previously worked an elevator designated only The federal probe is for Mr. Cuomo and his father, for lawmakers. “I remember also examining Gov. and whose relationship with having to have a conversation Mr. Percoco is being scruti- with the [U.S.] Capitol Police,” Cuomo’s ‘Buffalo nized as part of the federal he said with a laugh. Billion’ economic- probe, according to people fa- Before he was elected to miliar with the matter. the state Assembly in 2012, development program Several years ago, Competi- Mr. Borelli served as chief of as well as donors and tive Power Ventures hired Mr. staff for former Councilman

Howe to help set up meetings AGATON STROMVincent FOR THE WALL STREET JOURNAL Ignizio, a Staten Is- others close to him. with people in New York who land Republican. might help move the Hudson cally diverse. Many council them?” he asked. In the council, Mr. Borelli is those payments originated Valley power plant forward, a PROFILE members said they were of- The councilman is easygo- surrounded by liberals who with Competitive Power Ven- person familiar with the matter fended by Mr. Borelli’s support ing and affable, and many law- have grown used to agreeing tures, according to people fa- said. The person said Mr. Howe of Mr. Trump, who they view makers said they liked him with each other. In the past miliar with the matter. hasn’t been employed by Com- ContinuedfrompageA13 as racist, among other things. personally. Sometimes, how- few years, Mr. Borelli’s col- Mr. Kelly, with Competitive petitive Power Ventures in the job allowed him to be closer to “I see him on TV,” Council- ever, they cringe at his debat- leagues have created an iden- Power Ventures, has had a past year. his wife and their 7-month-old man Andrew Cohen, of the ing style, which has touches of tification card aimed at help- lengthy relationship with Mr. Mr. Howe couldn’t be son. Bronx, said of Mr. Borelli. breezy dismissiveness associ- ing illegal immigrants and Pitts, a longtime contractor for reached for comment. Mr. Borelli is one of three “Frankly, someone who sup- ated with Mr. Trump. have pushed to reduce penal- the firm, a person familiar with —Mark Morales Republicans on the 51-member ports Trump, there’s not a lot Earlier this month, as law- ties for urinating in public. the matter said. Mr. Pitts has contributed to this article. City Council. He said he had we have to talk about.” makers debated a bill to add a “People in the rest of the worked in part on web design made friends in the council, Mr. Borelli said he didn’t 5-cent fee to plastic and paper country probably think Staten for Competitive Power Ven- but believed that as a Trump agree with everything Mr. bags at most stores, Mr. Islanders are way more nor- tures-related projects including We Want to Hear supporter among liberals, he Trump had said. He is opposed Borelli called the legislation mal than people you might CPV Educates, this person said. From You was viewed as something of a to proposals Mr. Trump has “stupid.” Councilman Jimmy find on a corner in Williams- Mr. Pitts didn’t respond to Have something to say about novelty. made to deport millions of il- Van Bramer, the Democratic burg,” Mr. Borelli said. requests for comment. an article in Greater New “I think I’ve been the sub- legal immigrants and to ban majority leader, publicly re- Mr. Trump won more than Messrs. Pitts and Kelly were York? Email us, along with ject of some good-natured Muslims from entering the buked him. 80% of the vote in Staten Is- involved in local Democratic your contact information, at jokes amongst my colleagues, U.S. Mr. Borelli said he didn’t land in the primary last politics in the town of Canter- [email protected]. Your letter just ‘Make America Great’ He said it was unfair to la- regret his words on the sub- month. bury, Conn. Between 2010 and could be published in our comments. Stuff like that.” bel Mr. Trump as racist. “What ject, but meant no offense. Mr. Borelli said he wasn’t 2012, Mr. Pitts served on the weekly Feedback column on Yet his zestful embrace of is inherently racist about say- Raised on Staten Island’s sure why his colleagues didn’t Canterbury Democratic Town Friday. Letters will be edited Mr. Trump has tested the tol- ing the laws that currently ex- South Shore, Mr. Borelli is the understand Trump supporters. Committee while Mr. Kelly was for brevity and clarity. Please erance of his colleagues at ist in the United States should son of staunch supporters of “It’s because they’re clearly its chairman, record show. include your city and state. City Hall, which is dominated be enforced and perhaps we’re former President Ronald Rea- smarter than everyone else. Last year, Mr. Pitts was cam- by Democrats and the ethni- doing a bad job of enforcing gan. He said he grew up sur- Right?”

Yankees Try To Find Last Puzzle Piece

The team’s bullpen is finally complete, and the bats are starting to heat up. But it won’t mean much if the starting rotation can’t climb out of the dumps.

BY JARED DIAMOND portant” because “at some point, players want to feel like they’re con- It’s been a good week for the Yan- tributing.” kees. With the return of Aroldis “He’s dealing with struggles for Chapman from his 30-game suspen- an extended period of time for the sion, the back end of the bullpen is first time in his career,” general finally complete and as lethal as ad- manager Brian Cashman said of Sev- vertised. And the offense, in the erino. “We’ll be looking forward to wake of a miserable April, appears him coming out on the other end to have stirred from its unscheduled sooner than later.” hibernation, tallying 26 runs in a As for Pineda, his issues have been four-game series against the Kansas even more surprising. A 27-year-old City Royals. righty, Pineda had a 3.57 ERA in 40 In spite of those developments, starts with the Yankees in 2014 and the Yankees are still dealing with a 2015, flashing signs of the pitcher who serious problem that could prevent made the All-Star team as a rookie them from battling back into playoff with the Seattle Mariners in 2011. contention—and it isn’t going away This year, opposing hitters have anytime soon. treated Pineda like batting practice, Outside of Masahiro Tanaka, who especially in the early innings. Teams has generally pitched well, the Yan- Top, Michael Pineda is allowing a are hitting .474 against Pineda the kees’ starting rotation has been noth- .306 batting average to opponents first time through the order, and .196 ing short of a mess, failing to meet this season. Right, Ivan Nova has a the second time. By then, it’s often its already modest expectations. chance to work his way back into too late. Entering his start Friday against the Yankees’ rotation. In an effort to mitigate Pineda’s the Chicago White Sox, Luis Severino, first-inning ineptitude, pitching the most heralded young pitcher the coach Larry Rothschild said he Yankees have brought up in years, “I’m a starting pitcher,” said Nova, would tweak Pineda’s pregame rou- had a 6.12 ERA, fourth-worst among who opened the season as the Yan- tine moving forward. Maybe that American League pitchers with at kees’ long reliever. “I don’t want to be Starting Trouble will help his control, which has been least 30 innings. And he hasn’t even sitting, waiting for two, three days to Here’s a look at the Yankees' pitching rotation this year entering Friday’s action. uncharacteristically askew: He’s been the weakest link. Michael pitch an inning. I want to be pitching PITCHER AGE GS W-L ERA SO/BB WHIP HITS/9 OPP BA walking three per nine innings, up Pineda’s ERA ballooned to 6.28, the six, seven innings every five days.” Masahiro Tanaka RHP 27 7 1-0 3.11 39/7 0.93 7.0 .209 from 1.1 over the past two years. He third-worst in the league, after he al- For that to happen, Nova will Nathan Eovaldi RHP 26 7 3-2 4.85 40/10 1.34 9.9 .280 is striking out 3.15 batters per walk, 2 lowed six runs to the Royals in 5 /3 in- have to earn it. He surrendered just Michael Pineda RHP 27 7 1-4 6.28 41/13 1.60 11.4 .306 down from 7.68 in 2014 and 2015. 2/ nings on Wednesday. Heading into onerunin43 innings in his first Luis Severino RHP 22 6 0-5 6.12 25/6 1.49 11.7 .311 That’s why Rothschild acknowl- Friday, opponents were hitting .308 start Monday, when the Yankees lim- edged that Pineda’s struggles have against Severino and Pineda. ited him to 81 pitches. Nova should CC Sabathia LHP 35 5 2-2 3.81 21/13 1.55 9.8 .282 been puzzling.“Very much so,” Roth- That cannot continue if the Yan- make at least two more starts before Source: Baseball-Reference WSJ. schild said. “It’s just the inconsis- kees intend to catch the Baltimore Sabathia returns, including Saturday tency. That’s where the whole thing Orioles and Boston Red Sox in the afternoon against the White Sox, and comes from.” division standings, and it could force he said he should be stretched out ahead, about what’s going to happen son. Instead, he has pitched so Even as the Yankees have sunk them to make a difficult decision. CC enough to top the 90-pitch mark. after two starts,” Nova said. “I have poorly that the Yankees have at least into last place in the American Sabathia, sidelined with a groin It isn’t unreasonable to think that one ahead of me Saturday. I’ve got entertained the possibility of sending League East, they have been hesitant strain, will likely come off the dis- Nova, a 29-year-old right-hander and to concentrate on that, and we’ll see him back to the minors to work out to pull the trigger on any significant abled list next weekend. Could that a pending free agent this winter, can where I end up.” the kinks. He has especially struggled changes. This is in part because they lead to a demotion for Pineda or keep it up. He posted a 3.10 ERA in The Yankees are only in this posi- to locate his secondary pitches, and lack viable alternatives, but it is also 1 Severino? 139/3 innings in 2013, before elbow tion because of how poorly Pineda has lacked the confidence to use his partially because of their fierce loy- The Yankees insist they aren’t con- surgery limited him to 21 total ap- and Severino have pitched. Severino, slider in key situations. alty to their players. sidering such a radical move. But if pearances in 2014 and 2015. Now fully the 22-year-old righty, dazzled in his Severino actually lowered his ERA Eventually, loyalty will no longer Ivan Nova, Sabathia’s replacement, recovered, it stands to reason that he 11-outing cameo last year, pitching to from 6.86 to 6.12 between starts on matter. For now, Girardi is adamant fares well in his next two outings, and has the potential to regain his previ- a 2.89 ERA and giving the Yankees April 26 and May 8. But his 0-5 re- that Pineda’s job is safe. “That’s noth- Pineda and Severino don’t improve, ous form. He just needs a job. hope that he could develop into a cord prompted manager Joe Girardi ing that we’ve talked about,” he said. the team may not have a choice. “I cannot be thinking too far frontline starter as soon as this sea- to call his start against Chicago “im- “We look at Michael as a starter.”

Reasons No. 31-60 Why the Knicks Could Use a Draft Pick The Knicks don’t own a pick in the June 23 NBA Draft, but that hasn’t Second Impressions stopped the team’s brass from at- Here are the most productive second-round NBA Draft picks who are currently active, tending this week’s NBA Scouting according to the Win Shares Per 48 Minutes statistic (minimum 100 games). Combine, where amateur prospects are measured and run through drills. PLAYER YEAR TEAM AGE POS GMS PTS/G WS WS/48 Hassan Whiteside 2010 SAC 21 C 140 11.7 15.7 .223 Take a Number Manu Ginobili 1999 SAS 21 G 923 14.0 101.2 .200 DeAndre Jordan 2008 LAC 19 C 592 8.7 55.1 .165 Paul Milsap 2006 UTA 21 F 768 13.9 73.1 .157 A primary target is thought to be Marc Gasol 2007 LAL 22 C 569 14.3 61.8 .155 likely second-round pick Isaiah White- head of Seton Hall. Whitehead, a 6- Marcin Gortat 2005 PHO 21 C 595 10.3 48.2 .151 foot-4 guard, carried the Pirates’ of- Jeremy Evans 2010 UTA 22 F 249 3.5 8.2 .150 fense all season, though questions Carl Landry 2007 SEA 23 F 513 10.8 35.9 .149 abound regarding his scoring effi- Jeff Withey 2013 POR 23 C 146 3.5 5.0 .149 ciency. But there are no obvious an- Anderson Varejão 2004 ORL 21 C 613 7.4 46.2 .148 swers late in the draft. Isaiah Thomas 2011 SAC 22 G 365 17.1 32.9 .148 The good news for the Knicks is that NBA GMs trade second-round Draymond Green 2012 GSW 22 F 321 8.7 24.7 .145 picks like bubble-gum cards, either Source: Basketball-Reference WSJ. because they need the cash or don’t have roster spots for the extra players. But with the entire NBA draft of- ers, according to Basketball-Refer- where 276 players have met the forward Draymond Green, the 35th The Knicks, however, haven’t had ten a crapshoot, just how low are the ence. (The site uses Win Shares Per threshold since 1985. By this mea- pick in the 2012 draft. Guard Manu much success in the second round: odds of landing a useful player with 48 Minutes, a statistic that estimates sure, a second-round pick has about Ginobili, the 57th pick in 1999, was a Trevor Ariza, the 43rd pick in 2004, one of these selections? a player’s contribution to offensive 30% of the expected value of a first- key to four Spurs championships. And came the closest to measuring up Since the lottery era began in and defensive performance per 48 round pick. one of the Knicks’ top free-agent tar- with his career .097 win shares per 1985, 84 second-round picks have minutes of court time, with 0.100 be- But quality players do slip through gets last year, center DeAndre Jordan, 48 minutes. But just 116 of his 795 played in at least 100 games and ing exactly average.) the scouting cracks. This year the was chosen 35th overall by the Clip- career games came with the Knicks. rated as at least average NBA play- Compare this with the first round, Warriors got an All-Star season from pers in 2008. —Michael Salfino FEATURE (T-B): ADAM HUNGER/ASSOCIATED PRESS, LEON HALIP/GETTY IMAGES; TAN: CHUCK BURTON/ASSOCIATED PRESS For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com BUSINESS NEWS B3, B4 | IN THE MARKETS B5 | MARKETS DIGEST B6 | HEARD ON THE STREET B12

BUT IS IT DEDUCTIBLE? TAX REPORT B7 FINDING A GOLF DATE SPORTS B11

DJIA17535.32 g 185.18 1.05% S&P 2046.61 g 0.85% NASDAQ 4717.68 g 0.41% 10–YR. TREAS. À 16/32, yield 1.705% OIL $46.21 g $0.49 EURO $1.1309 YEN 108.64 See more at WSJMarkets.com

Johnson Exits Oil Patch Claims More Victims Square Board

Exco shares tank after Exco’s shares lost more much higher. Together to reduce its debt and cut est in a particularly painful than half their value Friday af- through vehicles they control, spending. run in the oil patch, as the energy firm says it will ter the Dallas company said it those investors owned roughly Friday, though, Exco made 25% rise in U.S. oil prices this explore options, a hit hired advisers and formed a 43% of Exco’s shares at end of clear the progress hasn’t been year and the 28% that natural special committee to explore 2015, according to securities enough. It said the special gas has gained since hitting a to some big investors alternatives, including seeking filings. committee would study vari- 52-week low in early March bankruptcy protection, as re- Exco had appeared to be ous options, including swap- have proved too little too late BY RYAN DEZEMBER lentlessly low oil and gas bouncing back under the guid- ping debt for stock, selling as- for some outfits. prices have hurt its business. ance of turnaround specialist sets and restructuring, either U.S.-traded oil settled at A bleak outlook from Exco Private-equity investor Wil- C. John Wilder, who was in- in or out of court. “No assur- $46.21 on Friday, less than half Resources Inc. means more bur Ross, Canadian insurance stalled as chairman in Septem- ance can be given as to the the price from the summer of losses for big investors who magnate Prem Watsa and Los ber. After bottoming at about outcome or timing of this pro- 2014. Natural gas closed at tried to bolster the ailing oil- Angeles investment firm Oak- 50 cents a share in August, cess,” the company said. $2.096 a million British ther- and-gas producer last year tree Capital Group LLC be- Exco’s stock had more than On Friday, Exco shares mal units and hasn’t traded with a new, high-profile chair- came Exco’s top three share- tripled through Thursday’s closed down 59%, to 73 cents. above $3 in a year. man. holders when the stock was close as the company was able Exco’s disclosure is the lat- Please see EXCO page B2 DON CAMPBELL/ASSOCIATED PRESS Time for an Spring Standouts Sale prices came in over and under expectations in a volatile auction season. ‘Magic’ Johnson to focus on his Artist: infrastructure fund. Page B3. Jean-Michel Basquiat Investor Bill Work: Untitled, 1982 Estimate: Activist Of Rights $40 million Earlier this month, eight Sold: pension funds appeared in a $57.3 million Fund Bids full-page ad in The Wall Street Journal asking asset- Artist: management firms to sign a Francis Bacon PepsiCo code of conduct that com- Work: mits them to treating clients ‘Two Studies for a fairly. Self-Portrait,’ 1970 Farewell The effort, 10 years in the Estimate: making, says a lot about how BY DAVID BENOIT far the investment business $22-30 million AND MIKE ESTERL has yet to go. Introduced in Sold: 2006, the $35 million Nelson Peltz’s fund has shed Asset Man- its stake in PepsiCo Inc., three agement years after the activist inves- Code of Pro- Artist: tor launched an effort to break fessional Clyfford Still up the beverage and snack gi- Conduct, Work: ant. THE sponsored ‘PH-234,’ 1948 Trian Fund Management INTELLIGENT by the CFA Estimate: LP and its chief executive were INVESTOR Institute, a $25-35 million rebuffed in their campaign, but JASON ZWEIG nonprofit PepsiCo stock has risen association Sold: sharply since Trian first dis- of financial $28.2 million closed its stake in 2013. At the analysts, asks investment end of 2015, Trian owned a firms to be prudent, honest 1.3% stake in PepsiCo, a posi- and ethical. tion worth nearly $2 billion. Who could possibly be Photos: Sotheby’s (Bacon self-portrait); Christie’s Images against that? So far, about Trian says the 1,300 firms have adopted the code world-wide. But tens of company has thousands more haven’t. SalesBlurViewofArtasSafeHaven addressed ‘many One reason for the hesita- tion is that investment firms operational issues.’ often don’t see the need to BY KELLY CROW art isn’t insulated from the theby’s on Wednesday. the other hand, Sotheby’s sold comply with a voluntary set roiling markets, but collectors Other top sales for the another Blaffer bequest by of standards on top of the Art values fluctuated wildly bought enough in the past week included a $32.6 million Maurice de Vlaminck to art The sale marks the end of one mandatory disclosures and during spring sales at New week to show “there’s still a blue-green Mark Rothko ab- adviser Nancy Whyte for $16.4 of the more high-profile activist other requirements already York’s chief auction houses, great deal of money in peo- stract, “No. 17,” that sold at million, above its $12 million entanglements and validates imposed by regulators. testing the reputation of blue- ple’s hands and some are still Christie’s and a $36.7 million low estimate. PepsiCo’s decision to stick by its But some of the biggest chip works as a safe haven willingtoinvestitinart.” Cy Twombly chalkboard paint- Older pieces are supposed strategy in the face of intense investors in the world still from broader financial woes. Indeed, a handful of Asian ing from 1968 at Sotheby’s. to be stronger performers, as pressure from an activist inves- think standards need to be An up-and-down week newcomers went on shopping Even so, the week of bid- time culls the rosters of his- tor. The company’s results im- raised. marked by more modest prices sprees this week, injecting ding ignored some art-market torically significant artists— proved, partly due to deep cost- “If you have a firm that is totaled $1 billion in sales. A some wild-card enthusiasm truisms. and yet both houses saw limp cutting, and Trian ultimately adhering to the code, all else similar series of sales last May into the bidding. In particular, Paintings with illustrious to lackluster bidding for im- dropped its call for a split. being equal, you’re less totaled $2.3 billion. Yusaku Maezawa, a 40-year- ownership pedigrees are sup- pressionist and modern art PepsiCo stock has returned likely to have ethical mis- Collectors are increasingly old Japanese online retailer, posed to be safe bets, but no compared with spirited com- 49% since the day before Trian’s steps and systemic problems trading paintings at a regular splurged on more than $90 one wanted Sotheby’s classic, petition for newer, less-tested position was first reported in Please see RIGHTS page B7 clip like they do other assets— million in art across the “Red Sails,” the 1906 depiction pieces. March 2013, besting the S&P rather than hanging onto them houses, including $57.3 million of a sailboat by Andre Derain, Altogether, Sotheby’s and 500’s 43% return and rival Coca- INDEX Markets Digest...... B6 Bond Tables...... B11 Money Rates...... B11 for decades, garnering mys- for an untitled work by Jean- which came from the family of Christie’s International sold Cola Co.’s 24% return. Cash Prices...... B8 Mutual Funds...... B8 tique and a premium when Michel Basquiat at Chris- Texaco heiress Sarah Campbell around $348 million worth of “Trian believes PepsiCo has Dividend News...... B8 Stock Listings...... B10 they hit the market. tie’s on Tuesday and a $13.9 Blaffer. impressionist and modern art addressed many operational Exchange-Traded Funds...... B9 Weather Watch...... B11 Heard on the Street...... B12 Weekend Investor...... B7 Ed Dolman, chief executive million Christopher Wool word The piece was expected to and $776 million worth of con- issues identified by Trian— Insider-Trading Spotlight.... B9 Week in the DJIA...... B12 of smaller house Phillips, said painting, “Chameleon,” at So- sell for at least $15 million. On Please see ART page B4 Please see PELTZ page B4

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These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Haynes and Boone...... B2 N-P Abbell Associates...... A2 Honda Motor...... B3 Newell Brands...... B4 Acadia Realty Trust...A2 Hyundai Merchant Nippon Yusen...... B3 Marine...... B3 More Bank Hacking Seen Activision Blizzard.....A2 Nordstrom...... B5 I-K Alibaba Group...... B3 Oaktree Capital GroupB1 Security experts warn the Justice Department’s na- one of the contributing factors promised in either attacks so Amazon.com...... B5,B12 IHS Technology...... A5 Penn Virginia...... B2 tional security cyber cases un- to their exposure.” far disclosed. Ambit Holdings...... B12 Jarden...... B4 PepsiCo...... B1 that thieves are R-S til earlier this year and is now Swift is overseen by the Forensic experts from Cali- A. P. Moller-Maersk...B3 Kawasaki Kisen Kaisha a lawyer at Debevoise & central banks of the Group of fornia-based cybersecurity Apple...... A1,B12 attempting bigger, ...... B3 Ruane Cunniff & Plimpton, said the bank hack- 10 industrialized nations, un- firm FireEye Inc., hired by B Goldfarb...... B7 Kering...... B3 more lucrative jobs ers were taking on bigger, der the lead of the National Bangladesh Bank to probe the S3 Partners...... B2 Bacardi...... A12 KKR...... B12 more lucrative exploits. Bank of Belgium, because the heist, have identified the foot- Kohl's...... B5 Sequoia Fund...... B7 Baidu...... A5 BY KATY BURNE “Now they want to replicate company is based on the out- prints of at least three groups Bennett Coleman...... A5 Kotak Mahindra Group Sumitomo Mitsui Financial Group...... B2 AND ROBIN SIDEL the scheme across victims to skirts of Brussels in La Hulpe. of hackers in the central Bluescape Resources..B2 ...... B12 T get more bang for their buck,” Leonard Schrank, who was bank’s network, two of which C-D L-M Takata...... B3 Experts warned of more he said. CEO at Swift for 15 years until appeared to originate in North Cigna...... B4 LendingClub...... B12 Theranos...... B12 hacking attempts to come at Mr. Dembosky said Swift 2007, said a key vulnerability Korea and Pakistan, a person Coller Capital...... B2 Linn Energy...... B2 Tiffany...... B4 banks, as sophisticated thieves connects banks with a messag- of the Swift system is the close to the investigation said. Macy's...... A2,B5 Didi Chuxing Technology Toyota Motor...... A5 try to exploit weak links to the ing system, so that gives it a practices of its end customers. FireEye investigators be- Maersk Line...... B3 ...... A1,B12 Trian Fund Management global payments system. lot of “surface area” for hack- He said Swift could do a lot lieve that the perpetrator is a Magic Johnson E-F ...... B1 Enterprises...... B3 The Society for Worldwide ers to target. more to mitigate cyber threats third group—a cyber-criminal Energy Future Holdings Tsinghua Holdings...... B4 Interbank Financial Telecom- Bangladesh’s central bank that are growing increasingly gang motivated by financial Marvell Technology U-V ...... B2 Group...... B4 munication, which runs the has traded accusations with sophisticated and suggested it gain. Exco Resources...... B1 Mediterranean Shipping Uber Technologies...... A1 network banks use to send Swift over who is responsible develop an anomaly detector Researchers at BAE Sys- Exxon...... A12 ...... B3 Ultra Petroleum...... B2 payment orders to counter- for the theft. On Friday, to catch questionable message tems said they had examined Fiat Chrysler Michael Kors Holdings Valeant Pharmaceuticals Automobiles...... A5 parts around the world, said Swift’s regulator, the National traffic as it arrives. malware found at institutions ...... B3 International...... B7 Ford Motor...... B4 Thursday that a second bank Bank of Belgium, indicated “Swift and its community including Bangladesh Bank Mitsubishi UFJ Financial W-Z G-H had been attacked with similar that the messaging system’s now needs to do more, a lot and the commercial bank in Group...... B2 Wal-Mart Stores...... B5 tactics to those used to steal customers were at fault. more, to strengthen its stan- Vietnam. They said the soft- General MotorsA1,B3,B4 Mitsui O.S.K. Lines....B3 Yang Ming Marine $81 million from Bangladesh’s “Based on the information dards and software security at ware shared similarities with Hanjin Shipping...... B3 Mizuho Financial Group Transport...... B3 central bank in February. available to the NBB, it ap- the edges of its system, given that used in the devastating Hapag-Lloyd...... B3 ...... B2 Zenefits...... B12 Swift didn’t name the bank, pears that some SWIFT cus- the evolution of cyber-attacks attack on Sony Pictures Enter- but information security re- tomer banks’ IT environments on banks and financial institu- tainment in 2014. BAE isn’t in- INDEX TO PEOPLE searchers at BAE Systems said have been compromised,” the tions,” Mr. Schrank said. volved in the criminal investi- they had discovered similar bank said in an emailed state- A spokeswoman for Swift gation and based its findings malware at a commercial bank ment. “Non-compliance of declined to comment on any on data it was able to find in- A Dufner, Sonya...... D7 Rodilosso, Fran...... B5 in Vietnam. The name of the these banks with SWIFT’s ex- improvements the company dependently. Adams, Jon...... B5 Dusaniwsky, Ihor...... B2 Ross, Wilbur...... B1 bank or the circumstances of tensive and repeatedly com- could or should make to its —Aruna Viswanatha Akopova, Alex...... D7 G S the attack weren’t known. municated security guidance protocols and reiterated that and Syed Zain Al-Mahmood B Gans, Joshua...... B12 Sato, Yasuhiro...... B2 Luke Dembosky, who ran for customers might have been its own systems weren’t com- contributed to this article. Benson, Barrie...... D7 H Schrank, Leonard...... B2 Buchanan, Michael.....B5 Holland, Liz...... A2 Spalding, Esperanza...D4 C J T Cheng, Taylor...... D7 Johnson, Earvin “Magic” Takeuchi, Kohei...... B3 Christensen, Clayton B12 ...... B3 W Negative Rates Hurt Big Tokyo Banks Conrad, Parker...... B12 M Cooperman, Leon...... A2 Watsa, Prem...... B1 BY ATSUKO FUKASE Corpina, Jonathan...... B5 Mele, Patrick...... D7 Wheeldon, Christopher Cunningham, Howard.B5 Miller, Douglas...... B2 ...... D4 D Mills, Malia...... D3 Wilder, C. John...... B1 TOKYO—Top executives at Montgomery, John...... B7 Wolf, Vicente...... D7 two Japanese megabanks said Dembosky, Luke...... B2 P-R Y Dolman, Ed...... B1 they were doubtful about the Dorsey, Jack...... B3 Peltz, Nelson...... B1 Yellin, Dustin...... D4 effectiveness of the Bank of Japan’s negative-interest-rate policy because uncertainty over the global economy was Succession Woes making corporate executives cautious about new borrowing. Mizuho Financial Group Hit Coller Capital Inc. and Sumitomo Mitsui Fi- nancial Group Inc. reported earnings Friday that high- BY SIMON CLARK portant for private-equity lighted their challenges after AND YOLANDA BOBELDIJK firms. One reason is that many the central bank’s easing cut are led by aging found- into their profit margins. Jeremy Coller, who made a ers. Investors usually commit Mizuho reported a 9.6% rise fortune pioneering the $40 bil- money for a decade and base in net profit to ¥671 billion lion market for buying second- their decisions on key individ- ($6.15 billion) for the year

hand stakes in private-equity uals. London-based Doughty ended in March thanks to AKIO KON/BLOOMBERG NEWS funds, named Coller Capital Hanson & Co. failed to raise a gains from selling equity hold- Yasuhiro Sato, chief executive officer of Mizuho Financial Group. Ltd. after himself to make it new fund after a co-founder ings and strong performance tougher for colleagues to oust died at age 54 in 2012. Execu- in the company’s fee busi- als despite the Bank of Japan’s billion for the current fiscal nesian lender PT Bank Tabun- him. tives at Charterhouse Capital nesses. But the Tokyo-based decision earlier this year to in- year. The negative rates tend gan Pensiunan Nasional, in Now Mr. Coller has an en- Partners LLP ended up in court lender said it expects net troduce negative interest rates to squeeze banks’ margins be- which SMFG raised its stake to tirely different problem. In a to decide how ownership of profit for the current fiscal on certain deposits it accepts cause they have to reduce 40% two years ago. recent interview with The Wall their London-based firm year to drop 11% to ¥600 bil- from commercial banks. That rates charged to corporate SMFG’s president, Koichi Street Journal, he said the un- should pass to a new genera- lion because of thin margins at move has driven down long- borrowers but haven’t lowered Miyata, said at a news confer- expected departure of his chief tion. Milan-based Clessidra is home and economic slow- term interest rates across the the rates on depositors’ ac- ence that the bank likely executive for personal reasons struggling to retain partners downs in China and emerging board. counts below zero so far. wouldn’t see positive effects left him without a “natural after its founder died in Janu- markets. “Corporate executives are Meanwhile, SMFG said its of negative rates any time successor.” ary. “We’re not at all in a posi- cautious about borrowing net profit in the year ended in soon. SMFG booked write- The relationship be- A well-known figure within tive business environment, money because of the recent March fell 14% to ¥647 billion downs on resource-related tween Coller Capital and its the private-equity industry, in- with the Chinese economy strong yen and the economic following increased credit loans of about ¥32 billion. founder can be difficult to un- vestors have wondered if continuing to slow down and downturn. If concerns over costs and impairment losses Mitsubishi UFJ Financial tangle. The firm’s holding Mr. Coller’s management style Japan facing a strong-yen those factors wane, capital ex- from its investments in Indo- Group Inc., Japan’s largest company once owned a stake had anything to do with the trend,” Yasuhiro Sato, the penditure may increase,” Mr. nesia. lender, is set to report earn- in a cartoon maker because it departure of the CEO. president of Mizuho, said at a Sato said. The bank expects profit to ings Monday and may suffer a belonged to an old acquain- Mr. Coller says that isn’t the news conference. Mizuho said it expected the grow in the current fiscal year hit on loans to companies in tance. Mr. Coller is the sole case. Mr. Jones said in an in- He said he hasn’t seen any direct impact on its interest to ¥700 billion, as it already areas such as energy and com- shareholder. He is also the terview that his reason for pickup in appetite for loans income from negative interest fully booked an impairment modities because of falling firm’s only “key man,” a legal leaving was “personal” and de- from companies and individu- rates to come to around ¥40 loss of ¥57 billion from Indo- prices. term for an executive whose clined to comment further. departure can trigger a rene- In 2000, Mr. Coller fell out gotiation with investors. Pri- with former colleague Marleen vate-equity firms usually have Groen who left to start her EXCO a group of key men. own firm. Mr. Coller said that “It was called Coller Capital experience made him reluctant so that it would be harder to to have any key men because ContinuedfrompageB1 terminate me,” the 57-year-old the clause gives too much Houston’s Linn Energy LLC British multimillionaire said in power to the named individu- filed for bankruptcy protection the interview. “There are many als, who can hold the firm on Wednesday with $7.7 billion founders who have been termi- “hostage.” Ms. Groen declined of debt, and Penn Virginia nated. I am pretty sure that I to comment. Corp., founded in 1882 as a would have been terminated Jos van Gisbergen, a senior coal concern, filed Thursday from near the beginning on- portfolio manager at Nether- under $1.2 billion of debt. Two wards. Because when you’ve lands-based private-equity weeks ago, Ultra Petroleum got 15 people sitting around investor Syntrus Ach- Corp., a Rocky Mountains gas the table making decisions mea, said his firm didn’t invest producer that once had a stock about the business, they don’t in Coller Capital’s latest fund market value of more than $15 necessarily agree.” in part because of concerns billion, filed for bankruptcy Investors are waiting to be about management. His firm protection. told what will happen invested in previous funds. The tally of North American next. Coller Capital’s an- “Jeremy should take care exploration-and-production nouncement Jan. 29 that CEO for the succession of the or- companies that have filed for Tim Jones had left “for com- ganization,” Mr. van Gisber- bankruptcy since the begin- pelling personal reasons” came gen said in an interview. “He ning of 2015 now exceeds 70, a few weeks after the firm said should prepare the ownership based on data from law firm it raised $7.15 billion for its of the organization for the new Haynes and Boone LP.

latest fund. Mr. Jones, who generation. In our view Jeremy Exco was already struggling (TOP TO BOTTOM): LINN ENERGY;JOHN TAGGART/BLOOMBERG NEWS joined the firm in 2000, helped is the dominant factor in the with high debt and low natu- A Linn Energy operation in the Permian Basin. The company filed for bankruptcy this past week. raise the money from whole organization, which is ral-gas prices before oil prices about 170 investors in 27 not good in the long term.” plunged in the second half of respond to requests for com- countries. He was expected to A Coller Capital employee 2014. Mr. Ross, known for bet- ment from the company and help lead the investment pro- told the New Hampshire Re- ting big on beleaguered com- Mr. Wilder. Representatives cess. tirement System last year that panies, doubled down on Exco for Messrs. Ross and Watsa “He was a trusted successor Mr. Coller doesn’t run the firm in 2014, staking $200 million didn’t respond to requests for by everybody,” Mr. Coller said. in an “autocratic fashion.” on the company in which he comment. Oaktree declined to “There isn’t a successor there Mr. Coller said he isn’t auto- had already invested $286 mil- comment. at the moment.” cratic, adding his legacy would lion. He and colleagues Mr. Ross and Oaktree, along Succession planning is im- be more similar to Spanish courted Mr. Wilder for over a with a few other big investors dictator Francisco Franco than year, hoping he would help and Exco founder Douglas Yugoslavian dictator Josip steer a turnaround. Miller, had unsuccessfully Broz Tito because Spain fared Mr. Wilder had earlier led a tried to take Exco private in better following the death of revival at Texas power pro- 2010 near the height of the its authoritarian ruler. vider TXU Corp. before selling shale-drilling boom, offering Mr. Coller and his col- it in 2007 to a group of Wall $20.50 a share, or about $4.4 leagues have become wealthy Street firms in the largest- Wilbur Ross doubled down on Exco in 2014, investing $200 million. billion. enough to pledge $650 million ever and ultimately doomed Bets against Exco’s stock, to their latest fund. leveraged buyout. Mr. Wilder, who received a him Exco’s chairman, his Blu- known as short interest, rose Mr. Coller recalls an early Laden with buyout debt and severance package valued at escape Resources Co. agreed by at least 3.5 million shares knack for making money by stung by low natural-gas roughly $300 million from to buy $23.5 million of Exco Friday, said Ihor Dusaniwsky, selling sweets in school. He prices, the company, now TXU, has more on the line at stock, making him the com- managing director at short- started his firm in 1990 after called Energy Future Hold- Exco than his reputation as pany’s fourth-largest share- sale tracker S3 Partners LLC,

JEREMY COLLER working as a pension-fund ings Corp., filed for bank- the energy sector’s Mr. Fix-It. holder, securities filings show. indicating investors believe Founder Jeremy Coller manager. ruptcy protection in 2014. As part of the deal to make An Exco spokesman didn’t the stock has further to fall. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | B3 BUSINESS NEWS

Tying Up Friday's new alliance splits global container-ship operators into three Shipping Firms Form Pact main partnerships. Co. and Taiwan’s Yang Ming of new partnerships bound to competitor landscape of the Market share, by alliance, of shipping capacity in the benchmark Some containership Asia-Europe trade route. Marine Transport Corp.It dominate the movement of major east-west trades from operators will link up was announced simultaneously global cargo in coming years. next year,” said Lars Jensen, 34% 26% 22% 18% in Hamburg and Seoul. It is subject to regulatory ap- head of Copenhagen-based in a new alliance to Others Korea’s Hyundai Merchant provals by U.S., Chinese and SeaIntelligence Consulting. 2M Ocean Alliance THE Alliance take on industry giants Marine Co., currently under European maritime watchdogs. “But with so many in the new Maersk Line CMA CGM Hanjin Shipping restructuring by main creditor Hapag-Lloyd is also in sep- group, it will be challenging to BY COSTAS PARIS IN LONDON Korea Development Bank, said arate merger talks with Dubai- agree on a common network as Mediterranean Cosco Group Hapag-Lloyd Shipping Co. AND IN-SOO NAM IN SEOUL it plans to join the alliance based United Arab Shipping members must cast aside parts Evergreen Marine Kawasaki Kisen Kaisha later. Hanjin and Hyundai Mer- Co. People involved in the talks of their own specific needs in Orient Overseas Mitsui O.S.K. Lines Some big Asian and Euro- chant Marine move almost all said they expect the merger to the interest of the alliance.” Container Line Nippon Yusen Kabushiki pean container-shipping oper- of Korea’s exports. be announced later this year Mr. Jensen said much will Kaisha ators left out of a recent wave “The six-member alliance is and that UASC would join THE depend on Hapag-Lloyd’s abil- Yang Ming of industry consolidation said not final and definitive,” said a Alliance as well. ity to set the basic framework Friday they would form an alli- Hyundai spokesman. “The door Being part of an alliance has for the new network, the Ger- Sources: Hapag-Lloyd (‘THE Alliance’ market share); Maersk (market share of all others) ance to counter the dominance is still open to us. We expect become imperative within the man operator being the big- THE WALL STREET JOURNAL. of global giants such as Mae- to have no problem joining the industry, which is beset by a gest player in the group. rsk Line and Mediterranean group once our debt-restruc- 30% oversupply of vessels in Denmark’s Maersk Line, the the world’s most lucrative. wan’s Evergreen Marine Corp. Shipping Co. turing program with creditors the water and freight shipping unit of A.P. Moller- Another grouping, called Ocean Alliance, also set to The new alliance, set to go ends successfully.” rates that have been well be- Maersk A/S and the world’s Ocean Alliance, has brought begin operations early next into operation in April next The Wall Street Journal on low break-even levels for much biggest container operator in together France’s CMA year, would control around year, consists of the Japanese Thursday reported the new al- of the past two years. Alliance terms of capacity, already op- CGM SA and China’s Cosco 26% of the Asia-Europe voy- trio of Nippon Yusen K.K., Ka- liance, saying some of its po- partners share ships, networks erates in the 2M alliance with Group, the third-largest and ages, with THE Alliance con- wasaki Kisen Kaisha Ltd. and tential members may join in and port calls, which can cut Geneva-based MSC, the sec- fourth-largest shipping lines trolling about 22% . Mitsui O.S.K. Lines Ltd.; Ger- coming weeks their costs by hundreds of mil- ond-biggest. by capacity. Other members Container ships move more many’s Hapag-Lloyd AG; The new grouping, called lions of dollars annually. 2M controls roughly 34% of are Hong Kong’s Orient Over- than 95% of the world’s manu- South Korea’s Hanjin Shipping “THE Alliance,” closes a circle “This brings clarity to the the Asia-Europe trade route, seas Container Line and Tai- factured products. Manchester United Returns to Champions League—and a Profit Magic Johnson Leaves Square Board for Fund BY AUSTEN HUFFORD Los Angeles Lakers and was voted as most valuable player Basketball legend turned three times. businessman Earvin “Magic” In 1991, Mr. Johnson unex- Johnson stepped down from pectedly announced his retire- the board of mobile-payments ment from basketball because company Square Inc., turning he had HIV, the virus that his attention to a billion-dollar causes AIDS. At a time when infrastructure fund he AIDS was largely viewed as a launched. death sentence, he was one of The former Los Angeles the first celebrities to publicly Laker joined the board of the reveal his status, bringing re- payments company last year. newed attention to the crisis In a letter to Square’s Chief and awareness on how to pre- Executive Jack Dorsey re- vent the disease. He made it leased on Friday, Mr. Johnson back to the NBA in 1995, play- said he launched the infra- ing in 32 games, before retir- structure fund, JLC Loop Capi- ing for good. tal Partners, to take advantage Since then, Mr. Johnson has of new federal government in- focused on business dealings, frastructure spending prom- primarily through his com- ised by President Barack pany, Magic Johnson Enter- Obama. prises. At various points since “Initially I thought it would its founding in 1987, it has take some time to raise capi- owned movie theaters, Star- tal, however, my team and I bucks and Burger King fran- were fortunate that the first chises, and a television sta- investor we approached in- tion. Mr. Johnson is part of a

TONY O’BRIEN/REUTERS vested $1 billion,” Mr. Johnson group that led the roughly $2 Manchester United Ltd. swung to a $19.8 million profit thanks to the British soccer club’s return to Europe’s Champions League. wrote. The fund raised over billion purchase of the Los An- $1.3 billion in the first quarter geles Dodgers baseball team in of the year, Mr. Johnson said 2012. He also previously in the letter. launched the Canyon-Johnson He said the fund will “re- Urban Fund to target new de- Honda Posts Loss on Recall quire a significant and unwav- velopment and urban revital- Alibaba ering time commitment from ization. me as I work to secure con- BY YOKO KUBOTA The recall costs out- rupturing, which causes the tracts around the country.” Cut From weighed strong vehicle sales air bags to explode and spray Square said Paul Deighton, TOKYO—Honda Motor Co. in the U.S. and China for shrapnel, a problem linked to who had previously served as swung to a loss in its latest Honda’s March-ended fiscal at least 11 deaths and more Commercial Secretary to the Group quarter because of ballooning fourth quarter. than 100 injuries world-wide. Treasury in the U.K. govern- costs tied to recalls of Takata Mr. Takeuchi said Honda’s An inflater is a component in ment, would join its board, re- air bags, a problem dragging recall-related expenses are an air bag that contains pro- placing Mr. Johnson. He led Over Fakes on auto makers’ profits heading lower. The company pellant inside a metal casing. the organizers of the London BY KATHY CHU world-wide. expects to post a net profit of It releases air to inflate the Olympic Games and was re- Honda has been the hard- ¥390 billion in the financial bag in the event of a crash. cently appointed chairman of A prominent anticounter- est hit among global car mak- year ending in March 2017. The funds Honda has set Heathrow airport. feiting group has revoked Ali- ers, but an executive said on For the latest quarter, aside cover most of the costs Mr. Johnson, a basketball

baba Group Holding Ltd.’s Friday that the company sees Honda posted a loss of ¥93.4 to replace 21 million air-bag Hall-of-Famer, helped win five LISA BLUMENFELD/GETTY IMAGES membership amid concern light at the end of the tunnel billion, compared with a inflaters it plans to recall NBA championships for the Earvin ‘Magic’ Johnson in April. from global brands about the because it has set aside profit of ¥81.9 billion in the globally over the next few Chinese e-commerce giant’s enough cash to cover replace- year-earlier fiscal fourth years, following an order by commitment to fighting fakes. ments for air-bag inflaters quarter. The quarterly loss U.S. regulators, Mr. Takeuchi In a letter to the group’s tagged for recall over the next wasitsfirstinsevenyears, said. That number is in addi- 250 members Friday, the Anti- several years. the auto maker said, though it tion to 30 million inflaters Counterfeiting Coalition’s “It is true that [the air-bag changed its accounting the company has already re- Protect Your Whole board said it had decided to recall costs] have wiped out method in that time span. called, he said. suspend a newly created cate- our profits,” Senior Managing For the full year, Honda Earlier this month, U.S. gory, under which Alibaba was Officer Kohei Takeuchi said, posted ¥344.5 billion in net auto safety regulator Na- House in Under an Hour admitted in April, “in consid- noting that Honda has provi- profit, a 32% decline from a tional Highway Traffic eration of some of the con- sioned ¥556 billion ($5.11 bil- year earlier. Its full-year reve- Safety Administration or- cerns raised by our member- lion) for the Takata recalls in nue rose 9.6% to ¥14.6 tril- dered car makers to recall up ship.” The board’s letter was the past two financial years, lion. to an additional 40 million We built SimpliSafe so anyone can install it reviewed by The Wall Street including ¥270 billion in its Some air-bag inflaters Takata inflaters in phases (we’ve even seen an eight year old do it). There’s Journal. latest quarter. made by Takata are prone to through December 2019. no hardwiring and no drilling needed...so you U.S. fashion brand Michael can skip the installation fees and save hundreds Kors and Gucci America Inc., the latter owned by France’s instead with our award-winning protection. Kering SA, withdrew from the Washington, D.C.-based trade GM Vexed by Sticker Error group after Alibaba joined. Mi- chael Kors wrote in a letter to BY MIKE SPECTOR fuel economy information on omy labels on its model year the board last month that the the fuel economy labels on the 2016 Buick Enclave, Chevrolet group’s admission of Alibaba General Motors Co. earlier 2016 model year Acadia, En- Traverse, and GMC Acadia ve- provides “cover to our most this week halted sales of clave and Traverse vehicles,” hicles,” a spokeswoman said. dangerous and damaging ad- roughly 60,000 large cross- the GM spokesman said. He “We have asked the company versary.” over wagons in the U.S. to re- declined to elaborate on what to provide all relevant infor- Brands complain that Ali- place window stickers that led to the mistake. mation to the agency.” baba has rolled out numerous overstated fuel economy on “The error caused the EPA Automotive News earlier measures over the years to the affected vehicles by up to estimated fuel economy to be reported on the incorrect la- tackle counterfeits, yet its 2 miles a gallon. listed on the window label as bels. shopping sites remain rife with The move, which dealers 1-2 mpg higher than it should Front-wheel-drive versions fake goods. learned of on Wednesday, have been. GM is stopping of the vehicles get an esti- Barbara Kolsun, former grounded the Detroit auto sale of the affected models mated 15 mpg in city driving, IACC board chair and a profes- maker’s entire stock of 2016 until a corrected label is 22 mpg on the highway and 18 sor at Cardozo Law School, Chevrolet Traverse, GMC Aca- printed and affixed,” the mpg combined, the GM said Alibaba’s suspension from dia and Buick Enclave cross- spokesman added. GM discov- spokesman said. All-wheel- the group is a “prudent deci- overs, a GM spokesman said. ered the error and notified the drive versions of the vehicles sion and it is unfortunate that GM is scrambling to print and EPA promptly, the spokesman get an estimated 15 mpg in it was made only after a revolt quickly send out new labels to said. the city, 22 mpg highway and by members.” dealerships so the vehicles There isn’t any evidence 17 mpg combined, the spokes- An Alibaba spokeswoman can again be sold. that the fuel-economy labels man said. The incorrect labels said whether or not the com- The spokesman attributed were deliberately incorrect, boosted those figures by 1 to 2 pany is a member of IACC, it the problem to an “inadver- and they affect a relatively miles a gallon depending on plans to continue its “produc- tent error” that resulted in la- small number of vehicles. Un- the category. SimpliSafe.com/ws tive” partnerships with brands bels overstating the Environ- less other evidence emerges, GM plans to contact af- and governments to solve the mental Protection Agency’s GM isn’t likely to face govern- fected vehicle owners to ad- SimpliSafe takes less than 30 minutes to set-up and “complex” counterfeiting issue. estimated mileage for the ve- ment penalties for the miscue. dress the problem, the spokes- saves you hundreds. Try it today with our 60-day The company has said that it hicles by 1 to 2 miles a gallon. “EPA has been notified by man said, adding that the Money Back Guarantee. Make your home safe again. will spare no expense in fight- “GM discovered an inadver- General Motors that the com- error doesn’t affect the vehi- ing fakes. tent error which affected the pany is correcting fuel-econ- cles’ safety or operation.

BY SHARON TERLEP mutes. Newell CEO Michael tain corporate functions and Polk lives in New Jersey and the company’s Transforma- Newell Brands, fresh off a commutes to Atlanta. Mr. Ni- tion office,” the company $15 billion merger with coletti and Chief Operating said. Newell also will expand Jarden Corp., said Friday it Officer Richard Sansone, who its global e-commerce and de- will relocate its headquarters worked for Jarden, both are sign teams in the new loca- from Atlanta to Hoboken, N.J., based in the New York area. tion. and open a hub there in a bid Fewer than a dozen jobs The Newell-Jarden deal, to tap East Coast talent for its will be relocated from At- struck in December, creates a growing e-commerce opera- lanta, a person familiar with company with $16 billion in tions. the matter said. The company annual revenue that combines Newell also said it hired said 250 to 300 people will names like Newell’s Paper Tiffany & Co. finance chief eventually work in Hoboken, Mate pens and Baby Jogger Ralph Nicoletti to be chief fi- including employees that cur- strollers with Jarden’s Rawl- nancial officer of the newly rently work in New York City. ings baseball gloves and Mr.

merged company. Mr. Nico- Newell employs about 60,000 Coffee machines. TY WRIGHT/BLOOMBERG NEWS letti replaces John Stipancich, around the globe. Jason Gere, an analyst at An employee stacks molded totes at a Newell Rubbermaid plant in Mogadore, Ohio. who is leaving after about a “Our new location will un- KeyBanc Capital Markets, said year as Newell’s finance chief. lock tremendous access to tal- the move makes sense, both decades had operations scat- workers or locals. Atlanta, and our people love The maker of Sharpie ent in these areas as we build for the purpose of attracting tered about the U.S. as it Newell didn’t complete its Atlanta,” he told the Atlanta markers and Rubbermaid con- a new future together,” Mr. talent and to have a cohesive snapped up companies. move to Atlanta until 2008, Business Chronicle. tainers has been based in At- Polk said in a statement. executive team. “They are tak- When Newell announced in and last year, moved its cor- Mr. Nicoletti joined Tiffany lanta since 2008 and will keep Newell said it received $27 ing on an intricate integration 2003 that it would move its porate headquarters to a in 2014, after veteran Tiffany a presence there, the com- million in tax incentives from and this is the best of both headquarters, which had smaller building. At that time, executive James N. Fernandez pany said Friday. Jarden was the New Jersey Economic De- worlds given the circum- landed in Freeport, Ill., to At- Mr. Polk said the company announced his retirement that based in Boca Raton, Fla., velopment Authority and that stances,” he said. lanta, a story in the Chicago wouldn’t consider moving March. Before Tiffany, Mr. Ni- though the company also has it would continue operations Newell has a somewhat Tribune noted that the com- from the city. coletti served as CFO at a hub in Norwalk, Conn. in Atlanta and elsewhere. transient corporate history. pany’s workforce was so far- “Move? Not on my watch health insurer Cigna Corp and The move saves Newell’s Moving are the company’s ex- Founded in 1903 in Ogdens- flung that the loss meant sur- would we ever consider get- held various finance positions top executives from long com- ecutive team along with, “cer- burg, N.Y., the company for prisingly little to either ting up and moving. We love at Kraft Foods. Judge Denies Federal Gag Orders Marvell Draws BY JOE PALAZZOLO in his ruling, the nature of in- The 12-page ruling took aim across the board as judges dig AND DEVLIN BARRETT vestigations and applications at secrecy that technology into the issue.” themselves remain under seal. companies have bridled under The Stored Communications Chinese Interest A Brooklyn magistrate judge “The government can- in recent years. Act authorizes courts to im- has rejected the Justice Depart- not…obtain an order that con- Judge Orenstein has chal- pose gag orders on the recipi- BY DON CLARK vestors in China, where gov- ment’s practice of getting gag strains the freedom of service lenged the Justice Department ents of subpoenas if they have ernment officials have been orders against technology com- providers to disclose informa- in other contexts, including reason to believe that disclo- China’s Tsinghua Holdings prodding companies to build a panies, saying federal agents tion to their customers with- frustrating the agency’s efforts sure would endanger a life or Co. has disclosed an unspeci- domestic industry to reduce should have to give a specific out making a particularized to compel Apple Inc. to help seriously jeopardize the un- fied investment in Marvell reliance on foreign-made reason why customers of Face- showing of need,” he wrote. investigators unlock an iPhone. derlying investigation. Technology Group Ltd., a Sili- chips. book and other firms shouldn’t “The boilerplate assertions set His ruling Thursday could Judge Orenstein said the con Valley chip maker that re- Tsinghua Holdings, a Chi- be told when the government forth in the government’s ap- bolster an April lawsuit filed gag-order applications he recently replaced its leadership nese state-owned company af- searches their data. plications do not make such a by Microsoft Corp. against the ceived all asserted that notify- team in the wake of an ac- filiated with Tsinghua Univer- U.S. Magistrate Judge showing.” Justice Department, alleging ing customers of subpoenas counting investigation and sity, has been among the most James Orenstein denied 15 Facebook’s policy is to tell that the agency’s use of gag for their account information other problems. active investors. One of the separate government applica- customers about law-enforce- orders violates the constitu- would jeopardize the underly- Tsinghua Holdings reported company’s affiliates, Tsinghua tions for gag orders against ment searches of their data tional rights of the company ing investigation by giving the investment in a filing May Unigroup Ltd., according to service providers, writing in a unless the company is legally and its customers. The judge suspects the opportunity to 6 with the Federal Trade people familiar with the mat- ruling Thursday that they obligated not to do so. A Jus- cited that case in a footnote in flee, destroy evidence or Commission, which is re- ter, last summer considered a lacked enough information for tice Department spokesman his ruling. change their behavior. quired under antitrust laws $23 billion deal to buy Micron him to judge whether the se- declined to comment on the “The more you look at how But the applications didn’t for transactions beyond a cer- Technology Inc. but decided crecy was warranted. new ruling, as did a spokes- things are done, the more you say how the customer whose tain size. not to proceed amid signs that Of the 15 applications, at man for Facebook. begin to realize secrecy has information was sought re- The FTC’s threshold for re- the deal would be blocked by least two sought orders Because the court hadn’t become way too routine,” said lated to the investigation, he porting proposed mergers and U.S. regulators. against Facebook to prevent it yet approved the orders at is- David Howard, corporate vice wrote, citing instances where acquisitions subject to anti- In February, a Tsinghua from disclosing grand jury sue, the company wasn’t aware president and deputy general subpoenas seek records from trust enforcement is $78.2 Unigroup unit backed out of a subpoenas. While Judge Oren- of the specific cases until the counsel for Microsoft. “We’re the account of a target’s vic- million. $3.78 billion deal to purchase stein referenced the case titles ruling was publicly filed. glad to see more scrutiny tim. Companies that acquire a 15% of disk-drive maker West- stake of more than 5% in pub- ern Digital Corp., citing a deci- licly traded U.S. companies are sion by an intergovernmental required to file a disclosure group called the Committee on European Auto Sales Rose 9% in April with the Securities and Ex- Foreign Investment in the U.S., change Commission. Tsinghua or CFIUS, to investigate the Holdings hasn’t done so; its transaction on national secu- BY WILLIAM WILKES Easter shrank the number of representatives couldn’t be rity grounds. available sales days. reached. In April, Tsinghua Unigroup FRANKFURT—New-car Sales in the U.K., up just A spokesman for Marvell disclosed a 6% stake in Lattice sales in the European Union 2%, appear to be slowing said it didn’t know the size of Semiconductor Corp. it said it rose 9.1% to 1.3 million in ahead of the June 23 EU mem- the Tsinghua Holdings invest- acquired in open-market stock April, the highest level since bership referendum. ment. transactions for investment before the 2008 financial cri- U.K. consumer confidence “As far as we are con- purposes only. It has increased sis hit, the European Automo- fell in April to its lowest level cerned, they are a shareholder that stake to 8.65%, according bile Manufacturers’ Associa- in more than a year, with Brit- for investment purposes,” he to a May 6 filing with the Se- tion said on Friday. ons more concerned about said, declining additional com- curities and Exchange Com- “This is the highest result their prospects amid a debate ment. mission. in volume terms since April over the country’s future in Bloomberg on Monday re- Lawyers who have worked 2008, just before the economic the EU, market research firm ported that Tsinghua and Mar- with CFIUS say it typically crisis hit the automotive in- GfK said in April. vell had obtained federal ap- doesn’t review transactions dustry,” the trade association, Germany’s transport minis- proval for unspecified activity that don’t result in an investor known as ACEA, said in its try asked GM’s Opel unit to related to antitrust regula- gaining a board seat or other- monthly release. appear before a government tions. wise taking a controlling posi-

Volkswagen AG, still coping KAI PFAFFENBACH/REUTERS commission next week. follow- The FTC filing is the latest tion in a target company. with the fallout of its diesel Sales of Daimler’s Mercedes-Benz brand jumped 23% last month. ing allegations by an environ- sign of interest in the U.S. Lattice representatives have emissions-cheating scandal, mental organization that the semiconductor industry by in- declined to comment. remained the largest single bor representatives have 6.2% while Renault SA sales car maker used illegal devices manufacturer. But the auto urged management not to pe- rose 5.1%. in its vehicles to control emis- maker continued to shed mar- nalize employees for the com- Fiat Chrysler Automobiles sions. pany’s structure. After an “ex- ket share in April. pany’s emissions scandal. NV jumped 14%, benefiting A commission set up to in- PELTZ haustive” review, PepsiCo said The trade group’s data Ford Motor Co. said Friday from strong demand for its vestigate Volkswagen’s emis- in February 2014 that it show the Volkswagen-brand its April sales in 50 European Jeep sport-utility vehicles. sions-cheating scandal will wouldn’t split up, reiterating market share slipping to 12% markets rose 4.7% compared ACEA figures show that Eu- look into the matter. ContinuedfrompageB1 that it benefited from its scale. from 12.7% in April 2015. with a year earlier. ropeans snapped up luxury In addition to Opel, repre- management has increased PepsiCo instead extended a The Wolfsburg-based auto The U.S. car maker said its cars in April, with sales of sentatives of Fiat Chrysler productivity efforts, reduced cost-cutting program, promis- maker separately reported its sport-utility vehicles contin- Daimler AG’s Mercedes-Benz were also invited to meet with overhead, increased advertising to deliver $1 billion in an- global sales declined slightly ued to sell well in the region, brand up 23%, and Volkswagen the commission, Transport ing investment, and delivered nual productivity gains in March, hurt by weaker sales with its Kuga model sales ris- subsidiary Audi and BMW AG Minister Alexander Dobrindt consistent earnings growth on through 2019 by automating of its namesake brand in ing 14% and its EcoSport each notching low double-digit said on Friday. a constant currency basis,” the plants, among other steps. It emerging markets such as Bra- model more than doubling. new-car registrations, a mirror Opel has denied its vehicles firm said in a statement. also raised its combined divi- zil and Russia. General Motors Co.’s sales of sales. used software to cheat on “Trian wishes PepsiCo’s man- dends and stock buybacks by Separately, Volkswagen said rose 6.8%, the trade group re- Sales in Germany and Spain emissions. Fiat declined to agement every success.” 35% to $8.7 billion for 2014. it will pay employees a €3,950 ported. rose again after slipping in comment on the commission PepsiCo declined to com- The cost-cutting measures ($4,465) bonus for 2015. Its la- France’s PSA Group gained March, when the timing of request. ment. have paid off, and gross mar- Regulatory filings indicate gins at PepsiCo have risen for that Trian made a profit of 15 straight quarters. The com- few seasons, auction entries cis, a California abstract ex- estimate. more than $500 million on the pany also has consistently ART expected to sell for upward of pressionist painter whose top Frida Kahlo, the Mexican investment. It began buying topped Wall Street analysts’ $100 million became routine. sales price had been $6.3 mil- painting icon who typically PepsiCo shares in late 2012, earnings estimates, raising its Here again, the past week de- lion before Los Angeles bil- stars in Latin American sales when the stock traded around profit outlook in 2014 and ContinuedfrompageB1 viated. lionaire Eli Broad bought but whose works rarely sur- $70. It closed at $104.18 on again in 2015. temporary art. Phillips sold Bidding was eerily thin for “Summer #1” for $11.8 million face at these big-league sales, Friday, down 1.8%. Trian dropped its call for a $57 million in contemporary Sotheby’s and Christie’s most- at Sotheby’s on Wednesday. also scored when her laptop- When Trian disclosed its merger when Mr. Peltz joined art. expensive pieces but deep for Other artists who benefited size scene of two women sit- PepsiCo investment in 2013, it Mondelez’s board in January “People should buy where other, discounted offerings. from a closer look included Al- ting at the edge of a dense also unveiled a stake in Mon- 2014. A year later, the firm they see softness because Works by Claude Monet, Fer- berto Burri, whose burlap-sack jungle, “Two Nudes in the For- delez International Inc., the toned down its campaign for a there are opportunities,” said nand Leger, Chaim Soutine, paintings are poised to usurp est (The Land Itself),” sold at maker of Oreo cookies, and be- PepsiCo split after the com- New York art adviser Meredith Yves Klein, Clyfford Still, Lucio Fontana’s monochrome, Christie’s on Wednesday for gan pushing PepsiCo to merge pany named a director recom- Palmer. “You can still get a Pi- Rothko and Twombly sold to slashed canvases as the mar- $8 million, establishing a new with Mondelez and then spin mended by Trian to its board. casso for $1 million, but peo- buyers who had to raise their ket’s go-to Italian post-World auction high for any Latin out the beverage business. The Trian’s pick, retired H.J. Heinz ple would rather put their paddles but once—a sight that War II master. Sotheby’s sold American artist to date. fund argued that the beverage Chairman William R. Johnson, money into newer stuff.” could spook heavyweight col- Burri’s “Sack” from 1954 for For collectors willing to business, whose brands include joined PepsiCo’s board in When prices were patchy lectors from consigning their $7.3 million, above its $6 mil- scour, Christie’s auction- Mountain Dew and Gatorade, March 2015. during the last market cycle gems into the next round of lion low estimate. British eer Jussi Pylkkanen said, was dragging down PepsiCo’s PepsiCo’s North American attending the recession, bil- sales. sculptor Barbara Hepworth “There’s still some bounce in more profitable and faster- snack unit continues to out- lionaires took refuge in trophy The spotlight shifted to art- also achieved her second-high- this market.” growing snack business, which perform. The Frito-Lay unit art, passing over lower-price ists who typically don’t get est price at auction with an The art market will get makes Lay’s potato chips. generated less than a third of pieces and hanging their top billing during these sales egg-like sculpture, “Sculpture tested anew during a round of PepsiCo Chief Executive In- the company’s revenue but hopes on the priciest works in but looked like comparative with Color (Eos),” that sold for summer sales starting June 21 dra Nooyi never wavered in more than half of the operat- any auction. And in the last bargains. One was Sam Fran- $5.4 million, tripling its high in London. her public defense of the coming profit in the first quarter. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. ****** Saturday/Sunday, May 14 - 15, 2016 | B5 IN THE MARKETS ‘Fallen Angel’ Strategy Stocks Slip 3rd Week in Row

For Junk Bonds Flies Consumer-discretionary BY BEN EISEN fallen angels this year, including Freeport-McMoRan Inc., shares in the S&P 500 Buying U.S. junk bonds this which was dropped to junk by lead the declines amid year has paid off big time for Standard & Poor’s Ratings Ser- investors who ventured into a vices on Feb. 12 and Moody’s concerns on retailers particular corner of the market. Investors Service on Jan. 27. Bonds from companies that “We were pretty aggressive BY LESLIE JOSEPHS initially had investment-grade on it in terms of incorporating AND CORRIE DRIEBUSCH ratings but were downgraded some of these that were ex- to junk, known treme value opportunities,” Mr. U.S. stocks ended a rocky CREDIT as fallen angels, Buchanan said, comparing it to week lower, as a slump in con- MARKETS have sharply out- buying battered bank bonds sumer-focused companies led performed this just after the financial crisis. major indexes to their third year. The VanEck The thought behind buying consecutive week of declines. Vectors Fallen Angel High Yield fallen angels is that investor Gloomy earnings reports Bond ETF, which tracks an in- sentiment has turned overly from retailers sparked con- dex of such debt, has surged negative before a downgrade, cerns about consumer spend- 9.6% in 2016 and 13% in the pushing prices lower. As the ing during the week. A stron- past three months. That tops rating companies take action, ger-than-expected monthly this year’s nearly 3% perfor- pushing the bonds out of in- reading on U.S. mance of the iShares Core U.S. vestment-grade indexes, many FRIDAY’S retail sales Fri- Aggregate Bond ETF, which funds discard their holdings MARKETS day wasn’t tracks the broad market, and and a new set of junk-bond buy- enough to stem the 2.7% of the iShares iBoxx $ ers pops up, increasing demand. the selling. High Yield Corporate Bond ETF. Many of the companies cut The Dow Jones Industrial Purchasing fallen angels has to junk were in the energy or Average fell 185.18 points, or long been a tactic preferred by metals-and-mining sectors. 1%, Friday to 17535.32. The some junk-bond investors be- Through the middle of April, S&P 500 dropped 17.50, or

cause, counter-intuitively, debt Moody’s took away invest- 0.8%, to 2046.61, while the JOE RAEDLE/GETTY IMAGES prices often rebound after los- ment-grade ratings from 19 en- Nasdaq Composite slipped Wal-Mart workers last November. The retailer’s shares led the Dow lower Friday, falling 2.9%. ing an investment-grade rat- ergy companies. 19.66, or 0.4%, to 4717.68. ing. This year, a number of A number of the down- It was the third consecutive first quarter came in above to rise 0.8%. ager at Newton Investment downgrades among commodity grades came around Feb. 11, week of declines for the Dow damped expectations, even The surge in sales was led Management. companies set the bonds up to when crude-oil prices bot- and S&P 500, their longest though they contracted for the by autos, gas stations and In commodities, U.S. oil trade higher, while a rebound tomed. Crude has since weekly losing streaks since the fourth consecutive quarter, ac- nonstore retailers, which in- prices fell 1% Friday to $46.21 in commodity prices simulta- climbed 76%, raising the prices three-week period ended Jan. cording to FactSet. Earnings clude shopping websites such a barrel, but gained 3.5% for neously provided a lift as well. of battered energy bonds. 15. Friday’s losses narrowed for companies in the S&P 500 as Amazon.com. the week. It was a “a double whammy “A lot of them were bottom- the S&P 500’s gains so far this are again projected to contract Nordstrom was the biggest Gold for May delivery of an accelerated up-trade,” ing out or close to bottoming year to 0.1%. The Dow is up in the second quarter, but laggard in the S&P 500 on Fri- added 0.1% to $1,271.90 an said Michael Buchanan, deputy out around the time they en- 0.6% year to date. many investors and analysts day, after it cut its forecasts ounce Friday, but had a weekly chief investment officer at tered the index,” said Fran Stock indexes swung expect earnings to pick up a bit for the year a day earlier fol- loss of 1.6%. Western Asset Management. Rodilosso, portfolio manager for sharply during the week. The in the latter half of the year. The yield on the 10-year He said he picked up debt from fixed-income ETFs at VanEck. blue-chip index posted its big- That could help lift stocks, Treasury note fell to 1.705% on gest gain since March on Tues- said Jon Adams, senior invest- 185.18 Friday, from 1.779% the previ- Angels Rising day, only to record its worst ment strategist at BMO Global ous Friday, the largest one- fall since Feb. 11 the next day. Asset Management. Point drop by the Dow Jones week yield drop since April 1. An ETF that tracks ‘fallen angels’ has surged this year VanEck Vectors versus the broad bond market and junk bonds. Fallen Angel The moves underscore how While some risks for stocks Industrial Average on Friday The Stoxx Europe 600 rose High Yield wary investors are about stocks’ appear to have stabilized in after a week of sharp swings 0.5% Friday and gained 0.9% 10% Bond ETF next move, said Jonathan Cor- recent weeks, such as oil for the week. Data on Friday s9.62% pina, senior managing partner prices, others remain, he said. confirmed that eurozone Year-to-date performance 5 at Meridian Equity Partners. “There’s heightened anxiety.” lowing disappointing first- growth accelerated in the first iShares Core “Why put yourself into harm’s Spending by American con- quarter results. Its shares lost quarter, but less sharply than U.S. Aggregate way right now,” he said. sumers showed signs of 6.07, or 13%, to close at 39.16. first estimated. 0 Bond ETF Macy’s Kohl’s s2.95% Consumer-discretionary strength in April, pushing re- and reported The euro fell 0.6% Friday to shares in the S&P 500 led the tail sales up by 1.3% from the weak results earlier in the $1.1309. –5 iShares iBoxx $ week’s declines, falling 1.4%. previous month, according to week. Stocks in Asia ended lower. High Yield On Friday, Wal-Mart Stores the Commerce Department. It “There are plenty of funda- Japan’s Nikkei Stock Average Corporate –10 led the Dow lower, falling was the best monthly gain mental reasons why it is hard fell 1.4% Friday but had a Bond ETF $1.91, or 2.9%, to $64.94, shav- since March 2015. Economists to be bullish at the moment,” weekly gain of 1.9%. The dollar Jan. Feb. March April May s 2.73% ing 13 points off the index. surveyed by The Wall Street said Howard Cunningham, rose 1.4% against the yen dur- Source: FactSet THE WALL STREET JOURNAL. Corporate earnings in the Journal expected retail sales fixed-income portfolio man- ing the week to ¥108.64.

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Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 17535.32 t185.18, or 1.05% Trailing P/E ratio * 18.79 16.71 2046.61 t17.50, or 0.85% Trailing P/E ratio * 23.82 21.47 4717.68 t 19.66, or 0.41% Trailing P/E ratio *21.72 22.83 High, low, open and close for each P/E estimate * 16.93 16.33 High, low, open and close for each P/E estimate * 17.62 17.89 High, low, open and close for each P/E estimate * 18.15 19.37 trading day of the past three months. Dividend yield 2.62 2.24 trading day of the past three months. Dividend yield 2.20 1.98 trading day of the past three months. Dividend yield 1.31 1.20 All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15

Current divisor 0.14602128057775 18600 2100 4900

18000 2050 4775

65-day moving average 17400 2000 4650

16800 1950 4525 Session high 65-day moving average DOWN UP 65-day moving average

Session open t Close 16200 1900 4400

Close Open t 15600 1850 4275 Session low Bars measure the point change from session's open 15000 1800 4150 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May * P/E data based on as-reported earnings from Birinyi Associates Inc. Major U.S. Stock-Market Indexes Late Trading Trading Diary Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE MKT Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 879,296,994 12,337,835 Industrial Average 17734.74 17512.48 17535.32 -185.18 -1.05 18312.39 15660.18 -4.0 0.6 5.1 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 157,555,281 8,887,275 Transportation Avg 7634.89 7469.97 7507.31 -92.89 -1.22 8740.68 6625.53 -13.5 -0.02 5.8 Most-active issues in late trading Decl. volume* 702,878,961 3,287,408 Utility Average 668.43 662.34 665.34 -3.12 -0.47 671.04 541.97 13.6 15.1 9.2 Volume After Hours Issues traded 3,181 363 Company Symbol (000) Last Net chg % chg High Low Advances 1,018 171 Total Stock Market 21244.26 21005.01 21044.67 -172.04 -0.81 22287.78 18663.11 -5.1 -0.3 7.3 VanEck Vectors Gold Miner GDX 5,893.1 24.78 -0.01 -0.04 24.79 24.74 Declines 2,049 157 Barron's 400 512.27 505.67 506.86 -3.76 -0.74 586.75 446.15 -11.8 -1.9 6.1 SPDR S&P 500 SPY 5,758.6 204.60 -0.16 -0.08 206.51 204.52 Unchanged 114 35 Nasdaq Stock Market Mondelez Intl Cl A MDLZ 3,995.3 44.36 … unch. 45.99 44.35 New highs 110 12 Nasdaq Composite 4759.29 4708.26 4717.68 -19.66 -0.41 5218.86 4266.84 -6.5 -5.8 11.1 Interval Leisure Group IILG 3,405.7 14.47 … unch. 14.47 14.16 New lows 43 8 Closing tick 456 56 Nasdaq 100 4364.24 4318.70 4326.53 -16.28 -0.37 4719.05 3947.80 -3.7 -5.8 13.2 iShares MSCI Emg Markets EEM 2,393.0 32.31 0.04 0.12 32.49 32.24 Closing Arms† 1.99 0.36 iPath SP 500 VIX Sht Tm VXX 1,944.4 15.67-0.0008 -0.01 15.70 15.59 Standard & Poor's Block trades* 5,198 107 Symantec SYMC 1,832.4 16.79 … unch. 16.96 16.79 500 Index 2066.79 2043.13 2046.61 -17.50 -0.85 2130.82 1829.08 -3.6 0.1 7.8 Nasdaq NYSE Arca PwrShrs QQQ Tr Series 1 QQQ 1,808.1 105.55 0.05 0.05 105.90 105.48 MidCap 400 1453.73 1435.82 1440.60 -13.18 -0.91 1549.44 1238.82 -5.9 3.0 6.6 Total volume* 1,681,457,007 303,249,999 SmallCap 600 684.34 676.25 677.30 -4.89 -0.72 742.13 588.26 -5.3 0.8 7.4 Percentage gainers… Adv. volume* 758,906,441 78,997,459 Decl. volume* 897,967,422 223,951,357 Globalstar GSAT 501.7 2.98 0.53 21.63 3.31 2.45 Other Indexes Issues traded 2,943 1,400 1102.44 -0.56 -11.4 4.2 AM Castle CAS 9.0 2.35 0.20 9.30 2.37 2.15 Russell 2000 1112.96 1099.44 -6.16 1295.80 953.72 -2.9 Advances 1,144 324 Caesars Acquisition Cl A CACQ 9.07 NYSE Composite 10334.39 10210.26 10228.06 -106.32 -1.03 11239.66 9029.88 -8.9 0.8 2.7 9.7 9.50 0.79 9.50 8.71 Declines 1,627 997 3.81 Value Line 450.89 445.23 446.01 -3.95 -0.88 518.06 383.82 -13.4 0.05 1.9 Digital Realty Trust DLR 93.1 98.00 3.60 98.18 94.30 Unchanged 172 79 Laredo Petroleum LPI 3.10 NYSE Arca Biotech 2946.23 2882.85 2918.28 29.45 1.02 4431.87 2642.53 -27.7 -23.5 12.9 13.7 11.20 0.34 11.20 10.86 New highs 33 20 New lows 79 3 NYSE Arca Pharma 505.52 502.34 502.85 -0.06 -0.01 605.94 477.25 -14.4 -7.1 5.4 ...And losers Closing tick 581 81 KBW Bank 67.72 65.81 66.00 -1.07 -1.59 80.41 56.51 -12.1 -9.7 3.9 -4.32 Blue Buffalo Pet Products BUFF 9.5 25.25 -1.14 26.39 25.25 Closing Arms† 0.83 0.86 § 86.98 0.57 15.8 -6.3 PHLX Gold/Silver 88.61 86.35 0.49 92.85 38.84 92.0 MiX Telematics ADR MIXT 9.3 4.40 -0.17 -3.78 4.40 4.40 Block trades* 6,721 1,319 § 158.20 -2.47 -28.0 -15.2 -2.85 PHLX Oil Service 163.21 157.87 -4.00 219.82 128.61 0.3 Exelixis EXEL 457.0 5.45 -0.16 5.62 5.40 * Primary market NYSE, NYSE MKT NYSE Arca only. § PHLX Semiconductor 638.81 631.55 633.26 2.49 0.39 746.08 559.18 -10.7 -4.6 11.1 Kosmos Energy KOS 19.9 4.92 -0.09 -1.80 5.03 4.92 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An CBOE Volatility 15.47 13.97 15.04 0.63 4.37 40.74 11.95 21.5 -17.4 6.2 HMY -1.20 Harmony Gold Mining ADR 6.0 3.28 -0.04 3.41 3.28 Arms of less than 1 indicates buying demand; above 1 Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Latest Session 52-Week Latest Session 52-Week Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg

World The Global Dow 2292.92 –22.20 –0.96 –1.9 Acacia Communications ACIA 30.95 7.95 34.57 ...... AM Castle CAS 2.15 -2.85 -57.00 7.01 1.28 -65.0 The Global Dow Euro 1910.89 –0.65 –0.03 –5.6 HTG Molecular Diagnostics HTGM 2.96 0.55 22.82 19.75 2.03 -79.1 ConforMIS CFMS 5.12 -4.99 -49.36 26.93 4.80 ... DJ Global Index 303.90 –2.72 –0.89 –1.3 Nobilis Health HLTH 3.33 0.61 22.43 8.50 1.82 -56.7 ZAIS Group Holdings Cl A ZAIS 2.00 -0.49 -19.68 12.73 1.89 -80.1 19.31 ... -17.18 -91.3 World DJ Global ex U.S. 204.75 –1.97 –0.95 –2.6 Evolent Health Cl A EVH 12.79 2.07 23.15 8.14 Tetraphase Pharma TTPH 3.47 -0.72 52.90 3.12 Puma Biotechnology PBYI 26.21 3.85 17.22 201.49 19.74 -85.2 DXP Enterprises DXPE 14.49 -2.81 -16.24 47.93 13.04 -67.2 Americas DJ Americas 491.95 –4.41 –0.89 1.0 NVIDIA NVDA 40.98 5.41 15.21 41.00 19.09 92.4 GeoPark GPRK 2.43 -0.45 -15.63 5.60 1.90 -56.1 Brazil Sao Paulo Bovespa 51804.31 –1437.01 –2.70 19.5 Alliance HealthCare Svcs AIQ 7.83 1.02 14.98 21.78 6.23 -63.1 Eagle Point Credit ECC 16.00 -2.73 -14.58 21.49 13.30 -22.5 Canada S&P/TSX Comp 13748.58 –39.22 –0.28 5.7 Concordia Healthcare CXRX 26.30 3.27 14.20 89.10 19.02 -61.4 SCYNEXIS SCYX 3.16 -0.53 -14.32 9.90 3.14 -66.3 Mexico IPC All-Share 45402.47 –283.35 –0.62 5.6 Presbia LENS 4.35 0.52 13.58 9.38 2.94 -50.5 Nordstrom JWN 39.16 -6.07 -13.42 80.23 38.00 -47.6 Chile Santiago IPSA 3144.98 –9.73 –0.31 6.8 GigPeak GIG 2.51 0.30 13.57 3.42 1.20 67.3 Companhia Siderurgica ADR SID 2.39 -0.37 -13.41 3.92 0.73 -8.4 Europe Stoxx Europe 600 334.68 1.57 0.47 –8.5 Chembio Diagnostics CEMI 8.47 1.00 13.39 8.50 3.33 85.7 Applied DNA Sciences APDN 2.77 -0.41 -12.89 9.70 2.30 9.5 Euro zone Euro Stoxx 316.66 1.49 0.47 –8.3 Tonix Pharm Hldg TNXP 2.63 0.30 12.88 10.72 1.85 -58.6 Bitauto Holdings ADR BITA 21.44 -3.12 -12.70 67.73 16.09 -65.5 Belgium Bel-20 3376.83 27.59 0.82 –8.7 Aclaris Therapeutics ACRS 19.06 2.13 12.58 33.88 10.99 ... Direxion Brazil Bull 3X BRZU 85.80 -12.33 -12.56 331.20 26.40 -73.7 France CAC 40 4319.99 0.62 –6.8 26.72 Asia Pacific Wire Cable APWC 2.48 0.28 12.50 2.53 1.09 1.2 Ideal Power IPWR 4.21 -0.58 -12.11 9.65 3.90 -51.6 Germany DAX 9952.90 0.92 90.78 –7.4 Pro-Dex PDEX 4.24 0.47 12.47 4.40 2.09 93.6 Staffing 360 Solutions STAF 2.00 -0.27 -12.05 10.24 1.80 -71.8 Israel Tel Aviv 1420.90 … Closed –7.1 Italy FTSE MIB 17729.45 78.09 0.44 –17.2 Netherlands AEX 433.52 2.63 0.61 –1.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Spain IBEX 35 8721.50 58.40 0.67 –8.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Sweden SX All Share 472.42 4.22 0.90 –6.5 SPY 90,641 -0.87 14357 -14.58 Switzerland Swiss Market 7925.76 39.91 0.51 –10.1 SPDR S&P 500 -11.7 204.76 213.78 181.02 Eagle Point Credit ECC 1,518 16.00 21.49 13.30 Bank Of America BAC 84,783 -25.6 13.88 -1.84 18.48 10.99 ConforMIS CFMS 12,058 3430 5.12 -49.36 26.93 4.80 U.K. FTSE 100 6138.50 34.31 0.56 –1.7 DXN DLY GLDMNR 3x BR DUST 76,858 13.3 1.37 -2.84 40.00 1.27 AM Castle CAS 2,203 1874 2.15 -57.00 7.01 1.28 1331.78 –1.28 Asia-Pacific DJ Asia-Pacific TSM –17.26 –4.2 iPath SP 500 VIX Sht Tm VXX 71,643 4.8 15.67 3.44 31.48 14.64 South Jersey Indus SJI 7,172 1815 28.67 7.26 29.14 21.24 5329.00 –0.57 Australia S&P/ASX 200 –30.30 0.6 JC Penney JCP 70,682 358.9 7.58 -2.82 11.99 6.00 NV5 Global NVEE 961 1663 26.80 -8.00 29.30 15.00 China Shanghai Composite 2827.11 –8.75 –0.31 –20.1 iShares MSCI Emg Markets EEM 59,623 -9.5 32.27 -1.80 43.16 27.61 Customers Bancorp CUBI 2,697 1625 26.29 -1.90 31.63 21.66 Hong Kong Hang Seng 19719.29 –196.17 –0.99 –10.0 NVIDIA NVDA 52,266 506.4 40.98 15.21 41.00 19.09 Ascendis Pharma ADR ASND 443 1282 14.82 -1.20 23.81 12.99 India S&P BSE Sensex 25489.57 –300.65 –1.17 –2.4 ProSharesUltVIXST UVXY 49,617 52.6 14.63 7.34 91.25 12.80 Syneron Medical ELOS 888 1252 6.85 4.26 11.95 6.10 Japan Nikkei Stock Avg 16412.21 –234.13 –1.41 –13.8 VS 2x VIX Short Term TVIX 46,127 29.7 3.27 6.86 19.90 2.88 Wright Medical Group WMGI 10,034 1130 17.80 0.00 27.06 15.02 Singapore Straits Times 2734.91 –0.38 –5.1 –10.48 LendingClub LC 44,896 317.3 3.51 -6.65 19.48 3.50 iSh Edge MSCI USA Value VLUE 420 1010 59.99 -0.96 67.97 51.72 South Korea Kospi 1966.99 –0.53 0.3 –10.50 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least Taiwan Weighted 8053.69 –54.36 –0.67 –3.4 5,000 shares =Has traded fewer than 65 days Sources: SIX Financial Information; WSJ Market Data Group

Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Currencies Yen, euro vs. dollar; dollar vs. andYield to Rates maturity of current bills, U.S.-dollar foreign-exchange rates in late New York trading U.S. consumer rates Selected rates notes and bonds major U.S. trading partners Five-year ARM, Rate US$ vs, US$ vs, A consumer rate against its 12% Fri YTD chg Fri YTD chg benchmark over the past year 5.00% s Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Bankrate.com avg†: 3.20% 10 Yen

8 WSJ Dollar index Thailand baht .02820 35.460 –1.6 2.38% 4.00 s Americas American Airlines Federal Credit Union 6 Vietnam dong .00004472 22363 1.0 Argentina peso 9.4 4.00% Ft Worth, TX 800-533-0035 4 .0706 14.1560

3.00 Brazil real .2830 3.5340 –10.8 Europe t Bay State Savings Bank 2.50% 2 –6.5 –4.0 3.00 Canada dollar .7729 1.2939 Czech Rep. koruna .04185 23.894 One year ago t 2.00 0 5-year adjustable- Worcester, MA 508-890-9015 Chile peso .001460 684.90 –3.3 Denmark krone .1520 6.5780 –4.3

–2 rate mortgage t s Colombia peso .0003347 2987.50 –5.9 Euro area euro 1.1309 .8843 –4.0 2.00 Amerifirst Financial Inc - 501 2.63% 1.00 –4 Euro

(ARM) Ecuador US dollar 11unch Hungary forint .003585 278.92 –4.0 t Kirkland, WA 206-963-4788 Friday –6 Mexico peso .0550 18.1670 5.6 Iceland krona .008112 123.27 –5.3 1.00 0.00 –8 5-year Treasury Aurora Financial 2.75% Peru new sol .2997 3.337 –2.3 Norway krone .1219 8.2060 –7.2 1 3 6 1 2 3 5 710 30 note yield Vienna, VA 703-652-7210 2015 2016 Uruguay peso .03188 31.3700 4.9 Poland zloty .2565 3.8986 –0.6 0.00 month(s) years 58.4 –8.9 First National Financing 2.75% Venezuela b. fuerte .100150 9.9851 Russia ruble .01527 65.499 J J A S O N D J F M AM maturity Sweden krona .1212 8.2483 –2.3 Denver, CO Asia-Pacific 2015 2016 800-910-4439 Switzerland franc 1.0250 .9756 –2.6 Australian dollar .7271 1.3753 0.2 Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Turkey lira .3367 2.9704 1.8 China yuan .1531 6.5319 0.6 Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0393 25.4140 5.9 l Hong Kong dollar .1288 7.7636 0.2 Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) UK pound 1.4365 .6961 2.6 India rupee .01492 67.005 1.2 Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000750 13328 –3.7 Middle East/Africa Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .009205 108.64 –9.7 Bahrain dinar 2.6524 .3770 unch Bond total return index Close Last Week ago High Low 52-wk 3-yr –2.4 13.4 Libor, 3-month 0.63 0.63 0.28 l 0.64 0.35 Kazakhstan tenge .003025 330.59 Egypt pound .1126 8.8792 Macau pataca .1251 7.9925 –0.1 Israel shekel .2642 3.7847 –2.8 Money market, annual yield 0.25 0.25 0.22 l 0.36 -0.22 Treasury, Ryan ALM 1472.692 1.438 1.469 1.957 1.351 4.779 2.965 Malaysia ringgit .2476 4.0388 –6.1 Kuwait dinar 3.3172 .3015 –0.7 1.26 l 0.11 1.705 –0.595 Five-year CD, annual yield 1.26 1.25 1.53 10-yr Treasury, Ryan ALM 1785.249 1.779 2.480 1.642 3.234 New Zealand dollar .6770 1.4771 0.9 Oman sul rial 2.5974 .3850 unch 30-year mortgage, fixed† 3.59 3.60 3.56 l 4.22 -0.16 DJ Corporate 362.709 2.810 2.822 3.462 2.778 5.224 3.834 Pakistan rupee .00955 104.670 –0.2 Qatar rial .2747 3.640 –0.1 2.80 l -0.10 Philippines –0.4 Saudi Arabia –0.1 15-year mortgage, fixed† 2.83 2.80 3.42 Aggregate, Barclays Capital 1900.250 2.110 2.130 2.630 2.100 4.207 2.689 peso .0214 46.660 riyal .2666 3.7504 l Singapore dollar .7288 1.3721 –3.3 South Africa rand .0649 15.4040 –0.5 Jumbo mortgages, $417,000-plus† 4.34 4.22 4.14 4.97 0.32 6.584 –4.329 High Yield 100, Merrill Lynch 2474.730 6.637 8.696 5.312 1.176 South Korea won .0008497 1176.85 0.1 Five-year adj mortgage (ARM)† 3.20 3.21 3.05 l 3.86 0.35 Fixed-Rate MBS, Barclays 1954.890 2.300 2.330 2.900 2.260 3.404 2.875 Sri Lanka rupee .0068451 146.09 1.3 Close Net Chg % Chg YTD % Chg 3.25 l 0.79 New-car loan, 48-month 3.27 2.71 3.38 –0.9 –3.64 Muni Master, Merrill 512.717 1.455 1.488 2.099 1.440 5.935 3.327 Taiwan dollar .03064 32.634 WSJ Dollar Index 86.89 0.39 0.45 HELOC, $30,000 4.60 4.82 4.29 l 5.01 -0.62 5.916 4.918 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 722.415 6.024 7.128 5.829 2.444 Sources: Tullett Prebon, WSJ Market Data Group banks.† Excludes closing costs. Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Commodities Friday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg DJ Commodity 516.91 -1.69 -0.33 583.83 420.23 -11.46 13.91 ONLINE Reuters-Jefferies CRB 182.55 -1.10 -0.60 231.46 155.01 -21.13 3.56 46.21 -1.05 -22.58 WSJ Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and Crude oil, $ per barrel -0.49 61.43 26.21 24.76 2.096 -2.74 -30.50 .COM ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at Natural gas, $/MMBtu -0.059 3.02 1.64 -10.31 1271.90 0.13 3.79 WSJMarkets.com Gold, $ per troy oz. 1.60 1294.70 1050.80 19.96 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | B7 WEEKEND INVESTOR Is a Donation Deductible? RIGHTS

When writing a check to ContinuedfrompageB1 support a candidate or cause there,” says Michael McCau- this election season, know ley, senior officer for invest- this: that political donation of- ment programs at the $170 ten isn’t tax deductible. billion Florida State Board of U.S. elections are expensive. Administration, another signa- This year’s federal contests tory. will likely cost far more than A recent survey of more the $6.3 billion spent in 2012. than 3,800 investors in North Most of the money will come America, Europe and Asia from individual donations, ac- found that only 51% of individ- cording to the ual and 41% of institutional in- Center for Re- vestors were “very” or “ex- sponsive Poli- tremely” likely to recommend tics, a nonparti- an investment firm to others. san group in “The underlying reason is Washington. Al- that the person on Main Street ready more does not believe in the pit of TAX than 807,000 CHARLES MOSTOLLER/REUTERS their stomach that the indus- REPORT people have A voter casts her ballot in the Pennsylvania primary in Philadelphia. try is set up to benefit them,” LAURA contributed says Paul Smith, president of SAUNDERS more than $200 its public website. They can’t contribute to the CFA Institute. each, and dona- In general, individuals can candidates for federal office It’s high time that individ- tions won’t give $2,700 per election to a but can participate in cam- ual investors had their own

peak until the fall. candidate, $5,000 a year to a paigns and elections, up to a equivalent of a Bill of Rights. CHRISTOPHE VORLET Do you plan to donate? If traditional PAC, $10,000 per point. Here is a start: so, consider the tax and dis- year to state-party committees In addition to civic groups Asset managers shouldn’t of capital into a fund can make can be almost certain—by closure implications. “Many and several hundred thousand such as Rotary Clubs, this cat- overcharge. Today, asset- it all but impossible for the chance alone—to come up people think a donation to any dollars a year to national-party egory includes political organi- management companies often manager to match its past per- with one that “worked.” Since good cause should be deduct- committees. None of these do- zations such as Americans for earn net profit margins in ex- formance. So firms should clients have no way of know- ible, but that’s not true,” says nations is tax deductible. Prosperity and Patriot Major- cess of 25%. According to stop taking in new investors ing how many different ap- Troy Lewis, a CPA who prac- Donations to super PACs. ity. Corporations, unions and Morningstar, the investment- when an investment strategy proaches the manager sifted tices in Draper, Utah. These groups can’t contribute individuals can make unlimited research firm, only 7.3% of U.S. becomes too popular too fast. through before settling on a In addition, the type and directly to candidates or par- donations to these organiza- stock funds charge 0.5% or But that isn’t easy, says final choice, they have no way amount of the donation also ties. As a result of two court tions, but the gifts aren’t tax- less in annual expenses; 56.7% John Montgomery, chairman of evaluating whether the affects whether it must be dis- decisions in the past decade, deductible. Although donors’ charge more than 1%. of Bridgeway Capital Manage- strategy is just a statistical closed publicly or to the Inter- however, they can accept un- names aren’t disclosed to the In 1960, more than three- ment, a $6 billion investment fluke. nal Revenue Service. limited donations from indi- public, the donor and the quarters of all stock funds firm in Houston that has Firms should never offer Donors’ confusion about viduals, unions, nonprofits and amount must be reported to charged no more than 0.5% in closed several funds to new in- backtested portfolios without these issues is understandable, corporations, and their spend- the IRS if it is $5,000 or more. annual expenses, and fewer vestors over the years. “Your listing how many other strate- because political giving is gov- ing isn’t restricted. Donations to a public than one-tenth charged more marketing people will say, gies they considered but re- erned by a crazy quilt of laws. Examples of super PACs in- charity. Some social-welfare than 1%. Yet asset-manage- ‘We’ve got a fund that’s shoot- jected, as well as which data The Federal Election Commis- clude American Crossroads, nonprofits have affiliated ment companies still ran an ing the lights out, and you and time periods they used for sion administers rules about which leans right, and Priori- charities governed by section average net profit margin of want us to do what?!’ It’s like their tests. contributions to federal cam- ties USA Action, which leans 501(c)(3) of the tax code. For 18% back then—so they can running a clothing store and Finally, asset managers paigns, parties and certain po- left. Donations to such groups example, the Sierra Club is a certainly afford to cut fees locking the doors as soon as shouldn’t market portfolios litical-action committees, or aren’t tax-deductible. c4 nonprofit, while the Sierra from today’s levels. word finally gets out among they wouldn’t invest in them- PACs. The FEC also oversees Donors who give more than Club Foundation qualifies as a As investors continue to all the customers in town that selves. Does the investment super PACs, which aren’t al- $200 to super PACs are public, charity. The National Rifle As- pull money from overpriced your stuff is really good.” world need exchange-traded lowed to contribute to candi- but givers sometimes obscure sociation’s charity affiliate is mutual funds in favor of Firms shouldn’t launch new funds specializing in organic- dates or coordinate with them. their identity by routing dona- The NRA Foundation. cheap, market-tracking index portfolios without announcing, food producers, developers of The IRS plays a major role tions through a limited-liabil- While these charities aren’t funds, cutting fees isn’t just in advance, how much money drone technology or marketers as well, because many political ity company or a social-wel- allowed to support or oppose the right thing to do for inves- they can manage efficiently in of products with special ap- groups are nonprofits under fare nonprofit. candidates directly, they can tors;itmaywellbeamatter that strategy. Once they reach peal to millennial consumers? the tax code. Donors often can Donations to social-wel- engage in policy discussion or of survival for asset managers, that level, they shouldn’t take How many ETFs do we need give far more to such groups fare nonprofits. These are the support ballot initiatives. as well. in new money anymore. speculating on whether vola- than to a candidate—and avoid most controversial groups, as Donations to them are typi- Asset managers shouldn’t Firms shouldn’t ‘backtest’ tility will go up or down? public disclosure—but the they don’t have to disclose do- cally tax-deductible if the outgrow their capacity to do with abandon. In “backtest- Along the lines of the ethi- groups’ political activity is nors to the public. Political group sends proper notice to a good job. Investment firms ing,” asset managers try many cal acronym “WWJD” (What more limited by law. contributions to them rose the giver confirming the gift tend to promote their funds different strategies to see Would Jesus Do?), I propose Here’s what to know. from about $5 million in 2006 and the amount. hardest just when returns are what would have worked best this rule of thumb: “WWMB” Donations to candidates, to more than $300 million in The group doesn’t have to hottest. In such areas as small in the past. Then they roll out (What Would Mom Buy?). If parties and certain PACs. 2012, according to CRP. report donations to the IRS stocks, high-yield bonds and a portfolio based on whichever an investment manager Gifts by individuals to these Often known as “c4s” be- unless they exceed 2% of the emerging-market securities, approach happened to prevail, wouldn’t want his or her groups of more than $200 a cause they’re governed by sec- total or are $5,000 or more, where trading costs are high without disclosing how many mother to buy a new portfolio, year must be disclosed to the tion 501(c)(4) of the tax code, whichever is greater, so many and large lots of bargain- others they tried. then it has no business being FEC, which posts the donor’s these groups are supposed to donors can be anonymous to priced investments may be Simply by testing enough sold to the investing public, name, address and amount on enhance public life. both the public and the IRS. hard to find, a sudden influx possibilities, the researchers either. Sequoia Fund Readies to Face Investors

BY DAISY MAXEY to meet with hundreds of in- chairman and chief executive retained its “tough growth-fo- vestors at one time and share of Baron Capital, has held for cused discipline” in making in- Investors in Sequoia Fund with them the thinking and investors in the Baron funds vestment decisions, he says. Inc., battered by its once-out- approach of our team.” since 1991. The first gathering Weitz Investment Manage- size stake in Valeant Pharma- The firm has held annual had just 35 attendees, a ment, manager of the Weitz ceuticals International Inc., meetings since at least the spokesman for the company funds, holds a shareholder have an opportunity this com- 1980s. says, but the event has mush- gathering each year, near its ing week that most mutual- The fund’s managers expect roomed into a meeting of headquarters in Omaha, Neb. fund investors never get. a large turnout after the more than 4,500 held at the The firm also holds a separate Even individuals with small events and controversies of Metropolitan Opera House in “due diligence” meeting for fi- stakes in the $5.1 billion fund the past year. Shares of New York. nancial advisers when many can listen to and ask questions Valeant, which at one point Mr. Baron and other mem- are in town for Berkshire of the fund’s investment staff last year accounted for more bers of the investment team Hathaway Inc.’s annual meet- this Friday at its annual inves- than 30% of the fund’s assets, speak and respond to ques- ing. tor day in New York. are down 90% from their Aug. tions from the audience, as do Financial planner Dave In-person access is more 5 closing high through May 11, executives of some companies Sather, president of Sather Fi- commonly available only to according to FactSet. the funds are invested in. Also nancial Group Inc. in Victoria, the largest investors in a fund In October, two of the five part of the draw: top-notch Texas, has attended four of the as well as financial advisers. outside directors of Sequoia entertainers, whose identities Weitz meetings for advisers. Some asset-management com- resigned from the board after aren’t announced in advance “There’s still a lot to be gained

panies also have staff mem- expressing concerns about the CHRISTINNE MUSCHI/REUTERS and who have included Lady by sitting down with a person bers whose primary job is to concentration in Valeant, and Sequoia has been hurt by its stake in Valeant Pharmaceuticals. Gaga and Tony Bennett (in in a room, looking them in the field inquiries from advisers in March the fund’s longtime 2015), Paul McCartney (in eye and seeing if the story and other investors, so that leader, Robert Goldfarb, re- had less than 7% of its assets said Sequoia would send tick- 2014) and Barbra Streisand (in stays the same over months, the portfolio managers aren’t tired. in Valeant as of March 30. The ets to investors who hold fund 2013). Mr. Baron picks up the quarters and years,” he says. pulled away from their pri- The fund lost 27% in the 12 Canadian drugmaker’s stock shares directly and told those tab for the event, a spokesman Other fund companies that mary duties. months through May 11, and plummeted amid questions who invest through a broker- says. hold annual informational At Sequoia Fund, managed investors pulled $1.4 billion about its business and ac- age to bring their most recent Bob Wegner, a financial ad- meetings for shareholders in- by Ruane, Cunniff & Goldfarb from the portfolio over that counting practices. monthly statement as proof of viser in Summit, N.J., who has clude Fenimore Asset Manage- Inc., the annual gathering “has period, according to research With limited space, Sequoia ownership. been investing in Baron funds ment, the Cobleskill, N.Y., ad- long been an important part of firm Morningstar Inc. expects to turn away non- Among other fund-manage- for years, says he has attended viser to the FAM Funds; and what we do,” David Poppe, Se- Kevin McDevitt, a senior shareholders from its meeting ment companies, one of the at least 15 of the meetings. Motley Fool Asset Manage- quoia Fund’s lead portfolio analyst with Morningstar, esti- this year, Mr. Poppe told in- best-known annual gatherings The gatherings have shown ment, which is based in Alex- manager, said. “It enables us mated that the Sequoia Fund vestors in an April letter. He is the one that Ron Baron, Mr. Wegner that the firm has andria, Va.

New Highs and Lows | WSJ.com/stocks 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock MolsonCoors A TAP/A 99.36 0.2 StanleyBlDck SWK 114.35 -0.4 CIBER CBR 1.10 -5.9 WinthropRealtyTr FUR 10.04 -0.8 DE InvNtlMunFd VFL 14.38 -0.1 ConsldComm CNSL 26.22 -0.7 Market stocks that hit a new 52-week intraday high or low in the latest session. NatlStorage NSA 22.26 3.1 Tele&Data5.875%Nt TDA 25.28 -0.4 Ciena CIEN 15.62 -0.6 EVM 13.34 0.5 EQIX 347.63 -0.5 % CHG-Daily percentage change from the previous trading session. EtnVncCA Equinix NextEraEnDebG2072 NEEpG 26.35 0.3 TexPacTr TPL 164.00 1.2 DHIGroup DHX 6.08 -4.5 NYSE Arca highs - 20 EtnVncMuni EIM 13.99 0.4 FifthThirdBncpPfdI FITBI 30.33 0.4 Friday, May 13, 2016 NiskaGasStrg NKA 4.09 2.3 TorchmarkDeb2056 TMKpC 25.92 0.3 Dillards DDS 55.21 -1.3 ColumbiaCoreBdETF GMTB 52.61 0.5 EtnVncMuni II EIV 14.98 0.4 Hancock5.95%Nt2045 HBHCL 25.79 ... 52-Wk % 52-Wk % 52-Wk % NiSource NI 24.21 0.7 Trupanion TRUP 16.25 ... Embraer ADR ERJ 20.93 -2.8 DeutscheXMuniRev RVNU 27.56 0.2 EtnVncNJ EMJ 15.20 1.2 Heska HSKA 40.73 1.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg NowestNG NWN 57.95 0.1 TurningPointBrands TPB 11.00 5.9 EnersisChileADR ENIC 5.60 -1.9 iPathBloomSoftsTR JJS 35.20 3.2 EtnVncNY ENX 14.52 -0.2 ICF Intl ICFI 41.07 -1.2 BlkRkMuniHldgFd II MUH 16.97 0.7 EatonVanceMuniTr EOT 22.80 ... NuveenBuildAmBdOp NBD 22.13 0.9 UGI UGI 42.48 0.7 FirstAcceptance FAC 1.50 -3.9 iShCalifMuniBd CMF 120.68 0.1 MAG Silver MVG 13.61 7.9 InterlinkElecs LINK 9.87 19.6 NYSE highs - 110 BlkRkMuniHldgFd MHD 18.84 1.4 EnduranceDepPfdC ENHpC 26.97 0.2 NuvIntermedDurMun NID 13.89 0.4 USBncpDepPfdPerpF USBpM 30.16 0.2 FiveStarQuality FVE 1.98 -0.5 iShCore10+YUSDBd ILTB 63.98 0.4 NuvCA Fd2 NVX 16.49 0.2 KingoldJewelry KGJI 1.58 1.3 AES Tr pfC AESpC 51.43 ... BlkrckMunHlNJQlty MUJ 16.11 -0.3 EntergyLouisianaBd ELU 25.51 0.4 NuvMA Prm NMT 15.40 -0.6 U.S.BncpDepPfdH USBpO 26.60 0.5 Gap GPS 17.34 -1.3 iShiBdsMar23CpxFin IBCE 99.50 ... NuvCA Fd3 NZH 15.70 0.4 KitovPharamWt KTOVW 3.00 10.1 Aflac AFL 69.69 -0.5 BlRkMuyldPAAQlty MPA 15.75 ... EquityCommonPfdD EQCpD 25.99 1.0 NuvNJ NXJ 14.75 0.1 USCellularNts2064 UZC 25.88 0.4 GulfPowerNts GUA 24.44 ... iShNatlAMTFrMuniBd MUB 112.81 0.1 RichmontMines RIC 8.75 4.2 LancasterColony LANC 124.50 -1.3 Airgas ARG 143.05 0.3 BlRkMuyldLQlty MFT 15.05 0.3 FairIsaac FICO 110.95 0.3 NuvNY NAN 15.30 0.5 Vornado pfI VNOpI 26.05 0.3 Haemonetic HAE 25.98 -1.7 SPDRBarclayAggreg BNDS 58.91 0.2 Lifevantage LFVN 12.36 5.2 AlexandriaREEqPfdE AREpE 26.85 0.1 BlkRkNYQltyTr BSE 14.75 0.5 FedPrmrMuni FMN 16.42 1.9 NuvNC Prm NNC 14.35 0.3 WasteMgt WM 62.05 -0.5 HarteHanks HHS 1.29 -10.3 SPDRLgTermCorp LWC 41.20 0.2 NYSE MKT lows - 8 MarketAxess MKTX 132.37 -1.0 Allstate6.75%PfdC ALLpC 28.26 0.4 BlkRkNY MI Tr BNY 16.57 1.4 FstIndRlty FR 24.90 -0.2 NuvSelTxF3 NXR 15.39 0.5 WellsFargoPfdL WFCpL1266.65 0.2 HollyFrontier HFC 27.59 0.4 SPDRBarclaysTIPS IPE 57.56 0.3 ArmcoMetalsHldgs AMCO 0.14 ... MedallionNts2021 MFINL 26.68 1.7 AltriaGroup MO 65.53 -0.7 BdridgeFnlSol BR 62.06 0.8 Flaherty&CrumrnTR FLC 21.50 0.7 PiedmontNaturalGas PNY 60.10 ... WellsFargoPfdA WFEpA 27.87 -0.4 HuanengPowerADR HNP 27.00 -3.4 SPDRNuveenCAMun CXA 25.07 -0.1 BioPharmX BPMX 0.60 -11.8 NavigatorsGroup NAVG 89.25 -0.3 AnnalyCap NLY 11.13 -0.5 CableOne CABO 502.80 0.3 Gartner IT 98.57 -0.5 PIMCO NYMuniII PNI 14.00 0.8 WstAsset DefOptr IGI 21.69 1.7 Invacare IVC 10.37 -2.6 SPDRNuveenMuniBd TFI 50.01 0.2 EmrsnRadio MSN 0.74 1.7 NorthernTrDepPfdC NTRSP 27.64 ... AnnalyCap pfA NLYpA 26.05 0.7 Care.com CRCM 7.94 1.8 GuggenhBndMngDurTr GBAB 24.75 2.8 PioneerMuniHiInAdv MAV 14.24 -0.2 WstAstMuniHiInco MHF 8.47 -0.7 InvenSense INVN 5.51 -5.2 SPDRHYMuni HYMB 58.47 0.1 OverseasShiphldgB OSGB 1.87 -0.5 NVIDIA NVDA 41.00 15.2 AnnalyCapMgmtPfd.D NLYpD 25.49 0.2 Chubb CB 125.84 -0.2 HatterasFinPfd.A HTSpA 24.97 0.2 PublicStoragePfdB PSApB 26.39 0.2 WstAstMuniPtnr MNP 17.22 0.8 J.G.WentworthClA JGW 0.72 -2.6 SPDRWelsFrg PSK 45.80 0.1 OverseasShiphldgA OSG 1.82 -2.1 OrrstownFinSvcs ORRF 19.50 0.7 Anworth7.625%PfdC ANHpC 24.48 0.6 CitigrpPfdJFixFltg CpJ 28.53 ... HawaiianElcInds HE 34.35 -0.5 PublicStoragePfdY PSApY 28.37 0.5 Xylem Inc. XYL 43.41 -0.2 KinderMorganWt KMI/WS 0.03 -9.7 VanEckAMTFrIntMuni ITM 24.60 0.2 ParPacificHoldings PARR 15.95 -2.1 ProDex PDEX 4.40 12.5 AspenInsHldgsPfd AHLpC 27.08 0.5 Clorox CLX 133.24 -0.7 HeclaMining HL 4.52 1.9 PublicStoragePfdZ PSApZ 27.74 0.9 ZimmerBiomet ZBH 118.61 ... LBrands LB 66.62 -1.0 VanEckAMTFrLgMun MLN 20.71 0.4 VoltInfoSci VISI 6.38 -4.2 RedRockResortsClA RRR 19.60 -1.7 AveryDennison AVY 76.81 -1.0 CoeurMining CDE 8.73 5.7 IamGold IAG 3.95 -0.3 PublicStoragePfdA PSApA 27.51 0.9 ZionsBncpNt28 ZBK 30.55 0.7 LendingClub LC 3.50 -6.6 VanEckVctrHYMuni HYD 31.77 0.5 XtantMedical XTNT 1.78 -11.9 SilverStandard SSRI 9.67 2.2 BabsonCapCorpInv MCI 18.48 1.1 ConstBrands B STZ/B 162.68 -0.3 Insperity NSP 67.25 1.1 PutnmMgdMun PMM 7.98 0.6 Matson MATX 30.70 -1.1 VngdLong-Term BLV 94.86 0.4 UnionBankshares UNB 30.16 1.5 BancofCADepPfdD BANCpD 26.84 0.1 Credicorp BAP 153.23 0.7 InstalledBldgProds IBP 32.05 1.4 RSPPermian RSPP 32.93 -2.0 NYSE lows - 43 Nordstrom JWN 37.99 -13.4 VanguardTaxExempt VTEB 52.06 0.2 Nasdaq highs - 33 VWR VWR 28.88 0.1 BACpL1193.64 0.1 DLRpH 28.55 0.3 INXN 35.33 0.7 BankAmPfdSrL DigitalRealtyPfdH InterXionHolding ReinsuranceGrpDeb RZA 30.36 -0.1 AdvSemiEnggADR ASX 4.40 -2.6 Perrigo PRGO 84.85 -0.8 WisdomTreeUSAggBd AGGY 51.18 0.1 Amerisafe AMSF 58.14 1.8 VanguardTotIntlBd BNDX 54.70 ... BAF 16.06 0.6 DW 74.81 0.4 VTN 15.99 0.3 BlkRkMunQlty DrewIndustries InvescoInvNYMuni RenaissanceRePfdE RNRpE 25.95 0.3 AlonUSAEnergy ALJ 8.36 -2.5 RenrenADR RENN 2.46 0.4 AmCapAgencyDepPfdB AGNCB 25.10 0.2 BYM 15.93 0.4 EPRpC 27.88 -1.4 MDU 21.92 -0.1 Nasdaq lows - 79 BlkRk Tr EPRProp5.75%CvPfdC MDUResourcesGroup RepublicServices RSG 48.96 -0.8 AmeriSrcBrg ABC 73.54 -1.5 RestorationHardwr RH 33.08 -5.6 NYSE Arca lows - 3 AstaFunding ASFI 10.61 3.5 BTT 23.73 0.3 ETX 20.52 0.4 MTD 372.00 -0.4 BlackRockMuni2030 EatonVanceMunInc28 MettlerToledo RyersonHolding RYI 10.98 1.7 AtlasResourcesPfdE ARPpE 3.76 -12.0 SpeedwyMotr TRK 17.15 -0.1 DhandhoJunoonETF JUNE 23.85 -0.3 AstecIndustries ASTE 50.39 -1.1 AMAG Pharm AMAG 18.09 -0.4 SCETrIIIPfd SCEpH 29.12 0.7 AtlasResourcePtrs ARP 0.45 -5.9 StageStores SSI 5.96 -3.4 ProShrUSCnsmrGd SZK 19.17 -0.3 Baldwin&LyonsB BWINB 25.26 0.6 AegerionPharm AEGR 1.69 -9.4 Online SCETrustIVPfdJ SCEpJ 27.89 1.1 BostonBeerClA SAM 149.99 -3.5 StoneEnergy SGY 0.55 -7.2 VanEckVectorsSolar KWT 43.00 -0.8 Baldwin&LyonsA BWINA 24.90 2.9 AegleaBioThera AGLE 6.68 -3.9 >> 31.08 0.6 SCEV4.45%PfdK SCEpK 27.98 1.9 BuckleInc BKE 23.56 -1.2 Tilly's TLYS 5.60 -0.2 CadenceDesign CDNS 23.93 1.0 AmerAirlinesGrp AAL RKDA 1.43 -8.6 During the trading day, 52-week highs and lows are updated hourly SeniorHousing5.625 SNHN 25.66 0.3 CARBOCeramics CRR 10.60 -6.0 UnderArmourClC UA/C 34.48 -1.4 NYSE MKT highs - 12 ChembioDiagnostics CEMI 8.50 13.4 ArcadiaBiosciences ARCB 16.32 -2.6 at WSJMarkets.com. Lists for each market are available free, along SiteOneLandscape SITE 28.20 5.7 Caleres CAL 22.55 0.1 VivintSolar VSLR 2.16 0.9 BlkRkMunivestFd MVF 11.06 0.9 ChromaDex CDXC 5.20 6.1 ArcBest with easy access to charts and headlines. SowestGas SWX 69.97 1.0 ChinaDgtlTVADR STV 1.28 -1.5 Vonage VG 3.82 0.3 BlkRkNY MI Tr2 BFY 17.14 1.2 CincinnatiFin CINF 68.27 -0.6 Continued on Page B12

www.ebook3000.com B8 | Saturday/Sunday, May 14 - 15, 2016 **** THE WALL STREET JOURNAL. MUTUAL FUNDS WSJ.com/fundresearch

Explanatory Notes Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Top 250 mutual-funds listings for Nasdaq-published share classes with Dimensional Fds net assets of at least $500 million each. NAV is net asset value. LowP r 47.08 -0.23 -1.4 I GlbDiscA 28.35 -0.11 -1.8 MCapGro 72.54 -0.52 -1.1 LTGradeAdml 10.70 +0.07 10.1 TgtRe2030 28.02 -0.16 1.1 Percentage performance figures are total returns, assuming reinvestment US CoreEq1 17.20 -0.15 0.6 LowPriStkK r 47.05 -0.23 -1.4 GlbDiscz 28.86 -0.12 -1.7 MCapVal 26.79 -0.23 7.4 MidCpAdml 148.88 -1.05 0.3 TgtRe2035 16.96 -0.11 0.7 of all distributions and after subtracting annual expenses. Figures don’t US CoreEq2 16.35 -0.15 0.5 MagIn 86.60 -1.48 -2.3 Invesco Funds A N Horiz 40.47 -0.17 -4.7 MuHYAdml 11.58 +0.01 3.7 TgtRe2040 28.56 -0.22 0.4 reflect sales charges (“loads”) or redemption fees. NET CHG is change in O US Small 28.27 -0.23 -0.1 OTC 75.21 +0.59 -9.9 EqIncA 9.57 -0.05 -0.1 N Inc 9.62 +0.01 3.7 MuIntAdml 14.51 +0.01 2.8 TgtRe2045 17.84 -0.14 0.3 NAV from previous trading day. YTD%RET is year-to-date return. 3-YR US SmCpVal 30.49 -0.32 0.2 TgtRe2050 28.58 -0.22 0.3 %RET is trailing three-year return annualized. Puritn 20.14 -0.08 -0.5 Oakmark Funds Cl I OverS SF r 8.75 -0.09 -2.7 MuLTAdml 12.01 +0.01 3.6 USLgVa 30.89 -0.25 0.8 SrsInvGrdF 11.42 +0.02 4.5 J EqtyInc 28.65 -0.22 0.3 R2015 13.97 -0.06 2.1 MuLtdAdml 11.09 ... 1.2 TgtRetInc 12.73 -0.02 2.6 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Dodge & Cox MuShtAdml 15.83 ... 0.5 TotIntBdIxInv 10.92 +0.01 3.9 j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. TotalBond 10.63 +0.02 4.8 John Hancock Class 1 Oakmark 62.10 -0.62 -1.2 R2020 19.98 -0.10 1.5 Balanced 92.78 -0.52 0.2 PrmcpAdml r 99.59 -0.26 -3.6 WellsI 25.56 -0.04 4.9 p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock Fidelity Selects LSBalncd 14.28 -0.07 0.6 OakmrkInt 19.74 -0.26 -7.6 R2025 15.10 -0.08 1.0 split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. Income 13.66 +0.02 3.8 Biotech r 162.32 +1.86-28.9 Old Westbury Fds R2030 21.91 -0.13 0.5 REITAdml r 119.56 -1.15 7.0 Welltn 37.56 -0.19 2.7 x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Intl Stk 34.29 -0.38 -6.0 LSGwth 14.72 -0.09 -0.7 Fidelity Spartan John Hancock Instl LrgCpStr 12.37 -0.10 -0.8 R2035 15.78 -0.10 -0.1 SmCapAdml 53.24 -0.40 0.6 WndsrII 33.74 -0.31 0.7 incomplete price, performance or cost data. NE-Not released by Lipper; Stock 155.95 -1.39 -1.8 STBondAdml 10.57 ... 1.9 VANGUARD INDEX FDS 500IdxInv 72.10 -0.61 0.9 DispValMCI 19.36 -0.14 1.1 Oppenheimer Y R2040 22.47 -0.16 -0.5 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of DoubleLine Funds 500 189.22 -1.60 0.9 period. 500IndInst 72.11 -0.61 0.9 JPMorgan Inst Class DevMktY 29.83 -0.33 -0.5 SmCapStk 38.32 -0.29 -0.8 STIGradeAdml 10.73 +0.01 2.4 TotRetBdI NA ... NA TotBdAdml 10.97 +0.02 4.0 ExtndIstPl 154.19 -0.96 -1.3 Fidelity Spartan Adv MdCpVal 34.89 -0.35 2.7 IntGrowY 35.67 -0.39 -0.6 Value 31.05 -0.28 -0.6 Friday, May 13, 2016 TotRetBdN NA ... NA TotBd2 10.93 +0.02 4.0 500IdxAd 72.11 -0.61 0.9 JPMorgan R Class TotIntBdIdxAdm 21.84 +0.02 3.9 Net YTD Net YTD S TotIntlAdmIdx r 23.89 -0.23 -1.1 TotIntl 14.28 -0.14 -1.1 F ExtMktAd r 49.07 -0.31 -1.3 CoreBond 11.89 +0.02 3.7 P Fund NAV Chg % Ret Fund NAV Chg % Ret TotStAdml 50.83 -0.41 0.5 TotSt 50.81 -0.41 0.5 IntAd r 34.79 -0.26 -3.0 JPMorgan Select Cls Parnassus Fds Schwab Funds MgdFutStrI NA ... NA Fidelity Advisor A TxMIn r 11.50 -0.10 -2.3 VANGUARD INSTL FDS A TotMktAd r 58.68 -0.48 0.5 CoreBond 11.88 +0.03 3.7 ParnEqFd 37.12 -0.24 0.7 S&P Sel 31.85 -0.27 0.9 Artisan Funds NwInsghtA p 25.71 -0.19 -0.7 First Eagle Funds ValAdml 32.19 -0.32 1.8 BalInst 29.69 -0.12 2.1 American Century Inv USLgCpCorPls 26.03 -0.24 -2.9 PIMCO Fds Instl DevMktsIndInst 11.51 -0.10 -2.3 Intl Inv 27.61 -0.18 -3.7 Fidelity Advisor I GlbA 53.85 -0.31 4.9 T WdsrllAdml 59.88 -0.55 0.7 Ultra 33.87 -0.25 -3.3 NwInsghtI 26.22 -0.19 -0.6 AllAsset NA ... NA WellsIAdml 61.92 -0.09 4.9 ExtndInst 62.48 -0.39 -1.4 FMI Funds L TIAA/CREF Funds American Funds Cl A B Fidelity Freedom ShortT NA ... NA WelltnAdml 64.87 -0.33 2.7 GrwthInst 54.23 -0.34 -0.7 LgCap 19.15 -0.18 2.9 Lazard Instl TotRt 10.24 +0.02 2.8 EqIdxInst 15.16 -0.12 0.6 AmcpA p 25.93 -0.18 -0.1 Baird Funds FF2020 14.38 -0.33 0.8 FPA Funds WndsrAdml 62.83 -0.67 -2.7 InPrSeIn 10.79 +0.02 5.1 EmgMktEq 14.26 -0.25 6.1 PIMCO Funds A Tweedy Browne Fds VANGUARD FDS InstIdx 187.38 -1.59 0.9 AMutlA p 35.23 -0.29 4.6 CorBdInst 11.24 +0.02 4.5 FF2025 12.24 -0.31 0.4 FPACres 30.96 -0.20 -0.3 Loomis Sayles Fds TotRetA 10.24 +0.02 2.6 GblValue 24.17 ... -1.2 InstPlus 187.39 -1.59 1.0 BalA p 24.33 -0.14 2.5 BlackRock Funds A FF2030 14.82 -0.43 -0.3 FrankTemp/Franklin A DivdGro 22.93 -0.25 2.6 BondA p 12.98 +0.02 3.7 LSBondI 13.34 -0.03 4.1 PIMCO Funds D GNMA 10.81 ... 2.4 InstTStPlus 45.99 -0.37 0.6 GlblAlloc p 17.67 -0.09 -1.0 FreedomK2020 13.38 -0.31 0.9 CA TF A p 7.67 ... 3.6 V CapIBA p 57.56 -0.39 4.0 FreedomK2025 13.89 -0.34 0.5 Lord Abbett A IncomeFd NA ... NA HlthCare r 198.66 +0.57 -7.6 MidCpInst 32.89 -0.23 0.4 BlackRock Funds C Fed TF A p 12.50 +0.01 2.6 CapWGrA 42.90 -0.40 -0.6 FreedomK2030 13.96 -0.42 -0.3 ShtDurIncmA p 4.34 ... 2.2 PIMCO Funds Instl VANGUARD ADMIRAL IntlVal 30.39 -0.33 -2.3 MidCpIstPl 162.20 -1.15 0.3 GlblAlloc t 16.06 -0.08 -1.2 Growth A p 73.03 -0.49 -0.5 EupacA p 43.59 -0.45 -3.9 FreedomK2035 14.29 -0.45 -0.8 Lord Abbett F IncomeFd NA ... NA 500Adml 189.24 -1.60 0.9 INSTTRF2020 19.53 -0.09 1.8 REITInstl r 18.51 -0.17 7.0 BlackRock Funds Inst IncomeA p 2.13 -0.01 3.9 FdInvA p 51.06 -0.50 1.0 FreedomK2040 14.32 -0.45 -0.8 ShtDurIncm 4.33 ... 2.0 PIMCO Funds P BalAdml 29.69 -0.12 2.1 INSTTRF2025 19.35 -0.10 1.5 SmCapInst 53.24 -0.39 0.6 EqtyDivd 21.16 -0.20 1.3 RisDv A p 50.17 -0.54 5.5 GwthA p 40.35 -0.32 -2.3 Fidelity Invest IncomeP NA ... NA CAITAdml 12.07 +0.01 2.9 INSTTRF2030 19.15 -0.12 1.1 STIGradeInst 10.73 +0.01 2.4 GlblAlloc 17.79 -0.08 -0.8 FrankTemp/Franklin C M HI TrA p 9.71 -0.02 6.2 AMgr50% 16.22 -0.05 1.5 Price Funds CapOpAdml r 112.31 +0.03 -5.3 INSTTRF2035 18.97 -0.13 0.8 TotBdInst 10.97 +0.02 4.0 HiYldBd 7.29 -0.01 4.4 Income C t 2.16 -0.01 4.1 ICAA p 34.44 -0.32 3.6 Balanc 21.27 -0.08 0.6 Metropolitan West BlChip 68.09 -0.45 -5.9 EMAdmr 27.46 -0.40 0.6 LifeCon 18.22 -0.04 2.5 TotBdInst2 10.93 +0.02 4.0 StratIncOpptyIns 9.71 ... 0.3 FrankTemp/Temp A IncoA p 20.75 -0.14 3.4 BalancedK 21.27 -0.08 0.7 TotRetBd 10.89 +0.02 3.2 CapApp 25.89 -0.12 3.4 EqIncAdml 63.82 -0.59 3.8 LifeGro 27.48 -0.18 0.8 TotBdInstPl 10.97 +0.02 4.1 N PerA p 34.83 -0.31 -3.3 D BluCh 64.73 -0.33 -6.1 GlBond A p 11.33 -0.05 -1.1 TotRetBdI 10.89 +0.02 3.2 EmMktS 29.21 -0.37 2.5 ExtndAdml 62.48 -0.39 -1.4 LifeMod 23.44 -0.11 1.6 TotIntBdIdxInst 32.77 +0.03 3.9 NEcoA p 33.61 -0.18 -6.5 Contra 96.27 -0.73 -2.0 Growth A p 21.13 -0.13 -3.6 TRBdPlan 10.26 +0.02 3.3 EqInc 29.18 -0.30 2.9 GNMAAdml 10.81 ... 2.4 Primcp r 96.12 -0.25 -3.6 TotIntlInstIdx r 95.54 -0.92 -1.1 FrankTemp/Temp Adv NwWrldA 49.48 -0.38 -1.0 Dimensional Fds ContraK 96.23 -0.74 -1.9 MFS Funds Class A EqIndex 55.18 -0.47 0.9 GrwthAdml 54.23 -0.34 -0.7 PrmcpCor 20.35 -0.07 -2.3 TotItlInstPlId r 95.55 -0.93 -1.1 SmCpA p 42.20 -0.13 -3.3 5GlbFxdInc 11.15 +0.01 2.7 CpInc r 9.16 -0.02 1.6 GlBondAdv p 11.29 -0.05 -0.9 ValueA p 33.98 -0.33 4.0 Growth 50.23 -0.28 -6.4 HlthCareAdml r 83.81 +0.24 -7.6 SelValu r 26.11 -0.25 1.0 TotStInst 50.84 -0.41 0.5 TxExA p 13.31 +0.01 2.8 EmgMktVa 21.21 -0.41 4.2 DivIntl 33.58 -0.27 -4.2 H MFS Funds Class I HelSci 60.10 +0.18-12.7 HYCorAdml r 5.67 ... 4.5 STAR 23.42 -0.09 0.6 ValueInst 32.19 -0.32 1.8 WshA p 39.02 -0.39 2.0 EmMktCorEq 16.19 -0.25 3.1 DivIntlK r 33.52 -0.28 -4.2 ValueI 34.17 -0.33 4.1 HiYield 6.36 ... 5.3 InfProAd 26.50 +0.07 5.1 STIGrade 10.73 +0.01 2.4 W AMG Managers Funds IntlCoreEq 11.24 -0.10 -0.9 GroCo 126.80 +0.30 -7.1 Harbor Funds MFS Funds Instl InstlCapG 26.94 -0.14 -6.7 IntlGrAdml 65.02 -0.49 -3.0 TgtRe2015 14.51 -0.05 2.0 YacktmanFd 21.76 -0.18 4.3 IntSmCo 17.28 -0.14 0.9 GrowCoK 126.71 +0.30 -7.1 CapApInst 56.34 -0.27 -7.4 IntlEq 19.84 -0.12 -3.5 Intl G&I 12.83 -0.09 -1.8 ITBondAdml 11.72 +0.02 5.1 TgtRe2020 27.62 -0.12 1.7 Western Asset AQR Funds IntSmVa 18.43 -0.19 -0.9 InvGrBd 11.42 +0.02 4.5 IntlInst r 58.94 -0.49 -0.8 Mutual Series IntlStk 15.07 -0.12 -1.4 ITIGradeAdml 9.99 +0.02 4.8 TgtRe2025 15.84 -0.08 1.4 CorePlusBdI 11.71 +0.02 3.7

| Contract Open Contract Open Futures Contracts WSJ.com/commodities Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Wheat (MPLS)-5,000 bu.; cents per bu. 1 Month Libor (CME)-$3,000,000; pts of 100% Metal & Petroleum Futures May ... 523.00 523.00 523.00 …34May 99.5625 99.5625 s 99.5625 99.5650 … 516 Contract Open Contract Open July 529.00 538.00 528.00 535.50 5.50 26,796 Eurodollar (CME)-$1,000,000; pts of 100% Open High hilo Low Settle Chg interest Open High hi lo Low Settle Chg interest Cattle-Feeder (CME)-50,000 lbs.; cents per lb. May 99.3700 99.3725 99.3700 99.3700 –.0025 83,264 Copper-High (CMX)-25,000 lbs.; $ per lb. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 147.650 148.925 143.500 147.050 –.775 4,411 June 99.3550 99.3600 99.3450 99.3600 .0050 1,218,761 May 2.0760 2.0845 2.0650 2.0750 0.0020 2,106 June 2.134 2.164 2.075 2.096 –.059 149,426 Aug 147.250 148.325 142.875 146.250 –1.000 24,134 Sept 99.2550 99.2600 99.2350 99.2600 .0100 1,123,805 99.1650 99.1750 99.1350 99.1700 .0100 1,426,835 July 2.0760 2.0880 2.0625 2.0740 –0.0005 137,033 July 2.281 2.297 2.229 2.244 –.055 269,888 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec Gold (CMX)-100 troy oz.; $ per troy oz. Aug 2.361 2.370 2.315 2.325 –.053 70,318 June 122.575 123.550 121.200 123.425 .850 80,632 May 1271.40 1275.70 1264.60 1271.90 1.60 1,194 Sept 2.385 2.402 2.359 2.365 –.047 105,498 Aug 118.875 119.425 116.800 118.725 –.175 96,598 Currency Futures June 1264.80 1277.70 1264.00 1272.70 1.50 337,696 Oct 2.462 2.472 2.423 2.439 –.044 112,747 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Aug 1266.80 1279.90 1266.50 1275.00 1.50 146,343 Jan'17 3.060 3.072 3.033 3.043 –.042 77,079 May 77.150 77.225 76.800 76.850 –.075 1,261 June .9179 .9222 .9134 .9212 .0042 161,525 Oct 1273.80 1281.20 1269.00 1277.20 1.60 22,504 July 83.300 83.500 81.925 82.550 –.700 53,559 Sept .9214 .9250 .9164 .9242 .0042 1,395 1271.20 1283.90 1271.20 1279.30 1.60 38,499 Dec Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Canadian Dollar (CME)-CAD 100,000; $ per CAD 1285.20 1292.30 1285.20 1289.60 1.70 7,246 Agriculture Futures Dec'17 May 303.00 310.00 303.00 306.00 3.10 27 June .7786 .7790 .7717 .7730 –.0069 118,450 Corn (CBT)-5,000 bu.; cents per bu. 321.50 322.60 318.40 320.50 –1.60 4,359 .7788 .7789 .7717 .7730 –.0069 2,689 Palladium (NYM) - 50 troy oz.; $ per troy oz. 380.25 385.50 380.25 382.00 –3.25 235 July Sept 592.60 592.60 591.70 592.20 –4.70 8 May May 388.50 391.25 385.25 390.75 1.75 619,170 Milk (CME)-200,000 lbs., cents per lb. British Pound (CME)-£62,500; $ per £ 594.20 601.55 588.40 592.40 –4.25 17,153 July June May 12.71 12.76 t 12.71 12.73 … 4,519 June 1.4446 1.4453 1.4340 1.4368 –.0086 238,184 594.50 601.15 590.00 593.65 –4.25 7,477 Sept Oats (CBT)-5,000 bu.; cents per bu. June 12.33 12.44 t 12.20 12.26 –.09 4,948 Sept 1.4457 1.4458 1.4349 1.4375 –.0086 1,373 Dec 599.80 599.80 593.50 594.25 –4.25 168 May ...... 179.00 –1.00 1 Cocoa (ICE-US)-10 metric tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF July 192.00 196.00 188.75 195.25 3.50 8,069 1.0310 1.0319 1.0230 1.0267 –.0046 42,499 Platinum (NYM)-50 troy oz.; $ per troy oz. May 3,082 3,088 3,082 2,961 –57 12 June 1060.30 1060.90 1060.30 1051.90 –0.60 22 1.0345 1.0364 1.0289 1.0314 –.0047 175 May Soybeans (CBT)-5,000 bu.; cents per bu. July 2,990 3,002 2,963 2,967 –53 85,805 Sept July 1051.20 1061.80 1039.10 1052.10 –1.90 59,353 May 1056.50 1059.75 1052.00 1055.00 –9.50 115 Australian Dollar (CME)-AUD 100,000; $ per AUD Coffee (ICE-US)-37,500 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. July 1071.25 1075.50 1057.50 1065.00 –7.00 392,611 June .7313 .7316 .7246 .7264 –.0056 121,114 May 127.85 127.85 127.80 128.80 .60 19 May 17.155 17.180 16.985 17.115 0.028 908 Sept .7291 .7291 .7221 .7238 –.0056 2,307 Soybean Meal (CBT)-100 tons; $ per ton. July 129.05 130.45 128.05 130.10 .05 88,612 July 17.025 17.200 16.850 17.132 0.029 140,948 May 366.80 368.90 s 364.90 361.00 –5.80 249 Mexican Peso (CME)-MXN 500,000; $ per MXN Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 364.40 365.70 359.10 363.00 –1.40 179,355 June .05548 .05555 .05476 .05487 –.00075 89,549 July 16.98 16.99 16.30 16.74 –.24 394,058 .05451 .05452 .05428 .05437 –.00074 38,265 June 46.41 46.49 45.75 46.21 –0.49 270,876 (CBT)-60,000 lbs.; cents per lb. Sept Soybean Oil Oct 17.21 17.21 16.58 16.99 –.22 220,864 July 47.22 47.30 46.53 46.90 –0.55 452,690 May 33.05 33.05 32.29 32.17 –.13 210 Euro (CME)-€125,000; $ per € Aug 47.62 47.75 47.02 47.39 –0.51 124,171 July 32.60 32.67 32.11 32.50 –.07 211,331 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1.1385 1.1390 1.1292 1.1317 –.0068 337,027 July 27.51 27.51 27.50 27.44 –.06 3,227 1.1419 1.1424 1.1328 1.1352 –.0068 4,994 Sept 48.06 48.12 47.49 47.82 –0.49 114,588 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept Nov 27.01 27.01 27.01 27.01 .06 1,566 Dec 49.03 49.09 48.45 48.79 –0.47 212,980 May ...... 1148.50 –11.00 13 Dec'17 50.25 50.35 49.71 49.81 –0.61 125,711 July 1179.00 1182.50 1160.50 1168.50 –13.00 7,683 Cotton (ICE-US)-50,000 lbs.; cents per lb. Index Futures July 60.66 61.04 60.25 60.62 –.11 100,847 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index Dec 60.70 60.93 60.10 60.51 –.06 72,405 June 1.3920 1.4099 1.3758 1.4031 .0091 78,727 May 458.00 466.00 458.00 465.00 6.50 17 June 17669 17689 17459 17495 –173 117,741 (ICE-US)-15,000 lbs.; cents per lb. July 1.4030 1.4187 1.3878 1.4118 .0056 90,134 July 468.00 477.50 464.75 474.75 6.75 243,664 Orange Juice Sept 17576 17594 17372 17404 –173 1,638 July 147.30 147.30 141.85 145.35 –1.60 9,282 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Wheat (KC)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index Sept 145.25 146.65 144.00 145.50 –1.20 2,201 2059.90 2063.00 2038.80 2043.60 –15.20 73,672 June 1.5762 1.5938 1.5482 1.5882 .0049 80,807 May ...... 444.75 6.00 32 June ... 2053.70 2032.70 2035.40 –15.30 1,756 July 1.5840 1.6010 1.5566 1.5956 .0044 94,388 July 449.00 458.00 446.25 456.00 6.25 141,302 Sept Interest Rate Futures Mini S&P 500 (CME)-$50 x index Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June 2059.25 2063.50 2038.50 2043.50 –15.25 2,788,453 June 165-190 166-260 165-170 166-230 1-09.0 525,277 Sept 2050.50 2055.00 2030.50 2035.50 –15.25 36,847 ADVERTISEMENT Sept 164-110 165-140 164-110 165-110 1-09.0 4,851 Mini S&P Midcap 400 (CME)-$100 x index Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 1451.20 1453.00 1432.50 1438.40 –12.00 81,791 June 130-190 130-315 130-175 130-310 12.0 2,725,958 Mini Nasdaq 100 (CME)-$20 x index Sept 130-170 130-305 130-165 130-300 13.0 44,528 June 4337.3 4360.5 4303.8 4324.0 –10.8 226,681 The Mart 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 4327.0 4351.8 4297.0 4316.3 –11.0 851 To advertise: 800-366-3975 or WSJ.com/classiﬁeds June 121-042 121-100 121-015 121-095 5.2 2,450,832 Mini Russell 2000 (ICE-US)-$100 x index Sept 120-242 120-302 120-217 120-297 5.7 137,162 June 1105.00 1112.60 1096.60 1100.00 –4.80 385,933 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 1098.00 1105.30 1095.00 1094.90 –4.80 43 ANTIQUES ART BUSINESS OPPORTUNITY CAPITAL WANTED June 109-105 109-117 109-087 109-110 .5 1,095,171 Mini Russell 1000 (ICE-US)-$100 x index Sept 109-065 109-085 109-060 109-082 .7 40,522 June 1138.10 1140.40 1127.40 1129.70 –9.10 6,813 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. U.S. Dollar Index (ICE-US)-$1,000 x index Rare Copper Map Plate Collection ASPHALT PAVING BUSINESS May 99.638 99.638 99.635 99.635 … 118,187 June 94.15 94.85 94.10 94.59 .47 65,475 Largest private collection of antique copper map 80M VALUATION July 99.610 99.620 99.605 99.615 … 241,649 Sept 94.22 94.91 94.19 94.67 .46 3,162 plates used to make government maps from Tremendous Growing Patented Operation 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 1880-1945. Hand engraved each set is truly a Seeks 300k w/ Buy-Sell Agreement. June 105.891 106.094 105.641 106.047 .391 25,696 Source: SIX Financial Information work of art and have been featured in museums. Plates average 17"x21" with 3 plates per set 50k Minimum per Investor. weighing 37 lbs. There are 850 total sets (over Call Mark 612-444-5888 2,000 plates) including areas from Maine to and 612-444-5887 Cash Prices |WSJ.com/commodities Friday, May 13, 2016 Hawaii, many rare items including Hawaii, California, Alaska, New York and Florida in the These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— CAREERS late 1800’s. Individual sets have recently sold at separate from the futures price on an exchange, which reflects what the commodity might be worth in future prices as high as $17,000 each. Best offer for months. the entire collection. Call (561) 284-0199 Friday Friday Friday email: [email protected] Coins,wholesale $1,000 face-a 14266 Wheat,Spring14%-pro Mnpls-u 6.0050 % & ' *' Energy Other metals Wheat,No.2 soft red,St.Louis-bp,u n.a. ++ Propane,tet,Mont Belvieu-g 0.5284 LBMA Platinum Price PM *1057.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3400 /+ ' 0.6688 Butane,normal,Mont Belvieu-g Platinum,Engelhard industrial 1046.0 Wheat,No.1soft white,Portld,OR-u 5.3988 + & NaturalGas,HenryHub-i 1.950 Platinum,Engelhard fabricated 1146.0 AUCTION & 3 & !"#$ NaturalGas,TranscoZone3-i 1.890 Palladium,Engelhard industrial 597.0 Food & + 4 NaturalGas,TranscoZone6NY-i 1.490 %&&%'()) * 3 6 6 & 3 Palladium,Engelhard fabricated 697.0 Beef,carcass equiv. index NaturalGas,PanhandleEast-i 1.780 Aluminum, LME, $ per metric ton *1545.0 choice 1-3,600-900 lbs.-u 200.42 +7 NaturalGas,Opal-i 1.750 ** * 89/: < / Copper,Comex spot 2.0750 select 1-3,600-900 lbs.-u 188.87 NaturalGas,MarcellusNE PA-i 1.420 Iron Ore, 62% Fe CFR China-s 53.5 Broilers,dressed 'A'-u 1.1211 3 +3 1.890 BANK WANTS GUARANTOR NaturalGas,HaynesvilleN.LA-i Shredded Scrap, US Midwest-s,w 272 Broilers, National comp wghtd-u,w 0.9095 Will Fund $35M @ 3% Libor For Two Years Coal,C.Aplc.,12500Btu,1.2SO2-r,w 40.500 Steel, HRC USA, FOB Midwest Mill-s 609 Butter,AA Chicago 2.0375 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.350 Company Has No Debt & $250M+ Assets Cheddar cheese,bbl,Chicago 132.00 PROFESSIONAL SERVICES Fibers and Textiles You Secured By $100M Liquidation Value Cheddar cheese,blk,Chicago 128.00 Metals Burlap,10-oz,40-inch NY yd-n,w 0.4900 Plus $17.5M NYSE Public Income Securities Milk,Nonfat dry,Chicago lb. 82 ! " ! Gold, per troy oz Cotton,1 1/16 std lw-mdMphs-u 0.6087 Cocoa,Ivory Coast-w 3350 Will Negotiate Fee & Warrants 1271.81 Engelhard industrial Cotlook 'A' Index-t *68.80 Coffee,Brazilian,Comp 1.3394 #$ 1367.19 Email: [email protected] Engelhard fabricated Hides,hvy native steers piece fob-u 72.625 Coffee,Colombian, NY 1.4962 Handy & Harman base 1265.90 Wool,64s,staple,Terr del-u,w 4.00 Eggs,large white,Chicago-u 0.6250 Handy & Harman fabricated 1405.14 Flour,hard winter KC 13.65 Attn: Film Investors: Earn a screen credit LBMA Gold Price AM *1268.30 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.69 and % of Film Revenues from an upcoming LBMA Gold Price PM *1279.25 Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 73.94 Hollywood Feature Film now in Pre-Production. Krugerrand,wholesale-e 1322.46 Bran,wheat middlings, KC-u 62 1.2583 Award Winning Screenplay -- All Star Supporting cast Maple Leaf-e 1335.18 Corn,No. 2 yellow,Cent IL-bp,u 3.7500 Pork bellies,12-14 lb MidUS-u Pork loins,13-19 lb MidUS-u 1.0544 % & National Crowd Funding campaign: Be part of the American Eagle-e 1335.18 Corn gluten feed,Midwest-u,w 84.8 excitement for as little as $2,000! VIP Passes to the ! " Mexican peso-e 1541.17 Corn gluten meal,Midwest-u,w 455.9 Steers,Tex.-Okla. Choice-u 133.19 premiere screening, Complimentary DVD, Movie posters, # Austria crown-e 1249.42 243 Steers,feeder,Okla. City-u,w 173.28 AND % share of Worldwide film proceeds $ % % &' Cottonseed meal-u,w Austria phil-e 1335.18 Once In A Lifetime Productions, Inc. !"#!"# Hominy feed,Cent IL-u,w 91 ' 818-761-8400 | [email protected] Silver, troy oz. Meat-bonemeal,50% pro Mnpls-u,w 315 Fats and Oils Engelhard industrial 17.0000 Oats,No.2 milling,Mnpls-u 2.4525 Corn oil,crude wet/dry mill-u,w n.a. Rice, 5% Broken White, Thailand-l,w 408.00 Grease,choice white,Chicago-u 0.3200 () * & TRAVEL Engelhard fabricated 20.4000 .999 PURE GOLD Handy & Harman base 17.1200 Rice, Long Grain Milled, No. 2 AR-u,w 22.13 Lard,Chicago-u n.a. & $750 oz Handy & Harman fabricated 21.4000 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u 0.3113 + ) , Large Producing Gold Mine Save Up To 60% LBMA spot price £11.8590 SoybeanMeal,Cent IL,rail,ton48%-u 369.50 Tallow,bleach;Chicago-u 0.3325 expanding plant (U.S.$ equivalent) 17.0900 Soybeans,No.1 yllw IL-bp,u 10.2900 Tallow,edible,Chicago-u 0.3600 Gold Directly From the Source First & Business !" # $ % & Min 20 oz Lots INTERNATIONAL '()**)( (Short Term Offer) KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; ACCREDITED INVESTORS ONLY Major Airlines, Corporate Travel L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. +++$"&," 855-339-0749 Never Fly Coach Again! *Data as of 5/12 www.cooktravel.net Source: WSJ Market Data Group (800) 435-8776 BUSINESS FOR SALE CAPITAL WANTED Dividend Changes THE MART Dividend announcements from May 13. MARINA FOR SALE Amount Payable / Amount Payable / Family owned and operated 47 years. Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record S Florida location. Dry storage is 225. ADVERTISE TODAY Increased PwrShrs 1-30 Laddrd Treas PLW 1.9 .05465 M May31 /May17 630ft of waterfront. 6.25 acres total PwrShrs Build Amer Bond BAB 4.2 .10652 M May31 /May17 American Software Cl A AMSWA 4.9 .11 /.10 Q Aug19 /Aug05 with expansion cap. of 475 dry slips. (800) 366-3975 PwrShrs CEF Inco Comp Ptf PCEF 8.0 .14412 M May31 /May17 Hackett Group HCKT 1.8 .13 /.10 SA Jul11 /Jun30 Possible EB-5. 12 million [email protected] PwrShrs Preferred PGX 5.7 .0715 M May31 /May17 Call 954 871 5041 Funds and investment companies PwrShs Emrg Mkts Sov Debt PCY 5.2 .12363 M May31 /May17 or email: [email protected] CBREClarionGlblRlEstIncm IGR 7.6 .05 M May31 /May23 PwrShs Ex Tr Finl Prd PGF 5.9 .0925 M May31 /May17 Place an ad using Pwrshs FundmHYFCpBd PHB 5.0 .07457 M May31 /May17 the self-service option at: ChineseYuanDimSumBd DSUM 3.4 .066 M May31 /May17 FundInvGradeCorpBdPort PFIG 2.6 .056 M May31 /May17 PwrShs Hi Yld Eqty Dv Ach PEY 3.5 .04269 M May31 /May17 wsj.com/classifieds PwrShs Intl Corp Bd Ptf PICB 2.2 .04908 M May31 /May17 BUSINESS OPPORTUNITY Highland/iBoxx Sr Loan SNLN 4.6 .0709 M May31 /May17 Pacholder Fund PHF 8.9 .05 M May31 /May26 PwrShs S&P 500 High Divd SPHD 3.7 .11208 M May31 /May17 PowerSh CA AMT-Fr Mun Bd PWZ 3.0 .06582 M May31 /May17 PwShs VRDO Tax-Free Wkly PVI 0.0 .0004 M May31 /May17 PowerSh Natl AMT-Fr Muni PZA 3.1 .06798 M May31 /May17 Foreign Experienced Car Wash PowerSh NY AMT-Fr Mun Bd PZT 3.4 .07015 M May31 /May17 China Yuchai Intl CYD .85 Jun29 /May26 PowerShares DWA Tactical DWIN 5.2 .11401 M May31 /May17 Itau Unibanco Holding ADR ITUB 0.6 .00428 M Jul11 /Jun03 operator looking for Partner for choice PowerShares Gl Shrt Tm PGHY 6.4 .125 M May31 /May17 Pan American Silver PAAS 0.3 .0125 Q Jun06 /May24 PowerShares KBW Hi Div KBWD 10.5 .17974 M May31 /May17 Project, Chicago. 15-20% Potash Corp POT 6.4 .25 Q Aug02 /Jul12 PowerShares KBW REIT KBWY 6.9 .19291 M May31 /May17 ! Student Transportation STB 9.2 .03667 M Sep15 /Aug31 return $850,000 needed. PowerShares S&P 500 xRate XRLV 1.8 .03893 M May31 /May17 Student Transportation STB 9.2 .03667 M Aug15 /Jul29 " #$#% PowerShares Sr Loan Ptf BKLN 5.0 .095 M May31 /May17 773-406-4000 © 2016 Dow Jones & Company, Inc. Student Transportation STB 9.2 .03667 M Oct17 /Sep30 All Rights Reserved. PowerShares Variable Rate VRP 5.3 .10748 M May31 /May17 PS LadderRite 0-5 Yr Corp LDRI 1.8 .03887 M May31 /May17 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: PS S&P 500 Lo Voltl Prtf SPLV 2.1 .07125 M May31 /May17 semiannual; S2:1: stock split and ratio; SO: spin-off. THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | B9 INSIDER-TRADING & FUNDS Insider-Trading Spotlight Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new information about the prospects of a company. Insiders are required to report large trades to the SEC within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Thomson Financial on May 13, and year-to-date stock performance of the company KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: ! "#$%&'&("(&& unknown VP: vice president Excludes pure options transactions Biggest weekly individual trades ) Based on reports filed with regulators this past week No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Buyers May. 4 Bank of The Ozarks OZRK R. Whipple D 120* 37.78 4,534 36.36 -26.5 May. 5-9 Western Refining WNR J. Stevens CEO 150 20.95-22.75 3,303 21.72 -39.0 May. 11-12 Rovi ROVI G. Welling DI 200 16.12-16.37 3,249 17.23 3.4 !!"## $ % &"'(### ) * May. 9 Pershing Gold PGLC B. Honig DO 815 3.65 2,975 3.92 11.7 + , )- .+ , * May. 9 B. Honig DOI 205 3.65 750 ,. /. 0 ,* * + * ) * + * * ) * , * ) + * May. 6 Annaly Capital Management NLY R. Singh O 136* 10.85 1,471 11.05 17.8 ) + * , 1 , , * 2 * 3 * , * May. 5 B Riley Financial RILY B. Riley CEO 152 9.50 1,448 9.94 0.4 * 4 * 5 * 5 * 6 * 6 .3* 7 . * 8 * 8 * 8 . * 8 . * 9)* 9 : * 9 ; * 9 8< * = ) * . * * < * * > + * ? > - May. 6 Hyatt Hotels H P. Grismer CFO 25 48.98 1,225 47.81 1.7 + * , =. $ @4 A# May. 9 Avid Technology AVID L. Hernandez CEOI 150 5.76 864 5.73 -21.4 May. 5-6 Greenlight Capital GLRE D. Roitman D 40 20.99-21.03 840 20.46 9.4 + ) . . 4 $ ) = B . 1 , 4 . C* "!' + May. 4-6 Performance Sports Group PSG D. Friedberg DI 188 3.58-3.62 675 3.52 -63.4 , , . , ! " " # $" 150 3.53-3.54 530 May. 9-10 D. Friedberg DI %&!$ ' (( ' !) * %&) +,(- ((.,, & / ((0* 8 D . . * ("! May. 10 First of Long Island FLIC P. Quick D 20* 29.00 580 28.66 -4.5 9 4 )* * 4 BB'"* (!B# B"!-C"" E . , , ) May. 9 Weatherford International WFT R. Rayne D 100 5.59 559 5.64 -32.8 ) 3 4 +

May. 9 Triangle Capital TCAP E. Poole CEO 29* 17.41-17.83 508 18.12 -5.2 . + + + . May. 6 JMP Group JMP J. Jolson CEOI 100 5.03 503 5.21 -4.6 0 . . + May. 6 Ball Corp BLL H. Fiedler D 7 71.77 502 72.14 -0.8 1 May. 6-9 Inovalon Holdings INOV K. Dunleavy CEO 30 16.02-16.76 501 17.13 0.8 Sellers , + . + , . May. 10 HCA Holdings HCA H. Kravis BI 9,361 80.12 750,000 77.92 15.2 May. 4 R. Waterman GC 210 78.99-79.86 16,694 "#2 * ' $ . /. , + 4 May. 6 United Community Banks UCBI N. Paumgarten DI 7,300 19.66 143,519 19.49 unch. !!(! /# @A# F $ , !%&B May. 10 FleetCor Technologies FLT R. Clarke CEO 290 150.42 43,622 145.38 1.7 % &%# @$ A# 9 + , + .+ May. 4-6 Cliffs Natural Resources CLF D. Taylor D 7,232 3.67-4.42 27,555 2.91 84.2 190 122.54-123.44 23,300 122.59 10.1 "#2 * ' " # . ) May. 11 Equifax EFX R. Smith CEO $ = . + * ,, ) 4 . !* ""% @ - May. 9 Time Warner TWX J. Bewkes CEO 273 74.24-74.91 20,251 73.23 13.2 A#* . 4 ) , , 4 May. 10 PriceSmart PSMT R. Price DOI 221 84.00 18,551 85.29 2.8 /. ) . May. 10 McKesson MCK J. Hammergren CEO 102 170.71 17,384 165.93 -15.9 , . $ @ $A# $ , 4 ) . . , ) = ,, - 214 66.92 14,348 67.38 8.5 May. 6 Allstate ALL D. Civgin OS 4 1 . ) . + May. 9-10 NMI Holdings NMIH J. Osmon DOI 2,063 6.30-6.32 13,003 5.94 -12.3 , $ . 1 , , * May. 9-10 WEC Energy Group WEC G. Klappa D 213 59.78-60.11 12,750 59.91 16.8 = ,, ) + * ,.. * 3 ,. , , 5, . 200 62.65 12,529 61.84 9.6 ) $ * . , ) , + , * * /. , May. 10 Comcast CMCSA B. Roberts CEO * , . . + + , . , = ,, ) May. 6 Alphabet GOOGL S. Brin P 17 712.14-725.57 12,004 724.83 -6.8 , $ , * * /. May. 5 S. Brin P 17 710.25-716.50 11,892 May. 4 S. Brin P 17 704.75-714.49 11,853 May. 10 Avalonbay Communities AVB T. Naughton CEO 59 190.99 11,333 186.09 1.1 ' $ + , + 4 139 77.80-78.55 10,884 77.08 0.3 : . $ : , 9 * !"& D ) )* :. ) * 7 BC("! May. 9-11 Verisk Analytics VRSK F. Coyne DI : . > , . $ : * !B'" 9 '& ) .* D = #* G (CB" * Half the transactions were indirect **Two day transaction : . $ : * %'B" H I .) * * G (C'" p - Pink Sheets : . $ : , . 2 * !%! ? : )* . * G (C&" E. $ : * = , : . J E$8 * %"! ? * E.* G (CB' Buying and selling by sector : . I3 $ : * C""! )* I3 * %BB"% Based on actual transaction dates in reports received this past week : . . $ : * !(C! E * . * %&(" Sector Buying Selling Sector Buying Selling : . $ : , + * BC = 3 )* + * ("%!" Basic Industries 1,185,993 44,131,420 Finance 11,608,538 120,609,316 : . $ : , + : * !" 2 I .) * I 3 ) + : #* 47 B'!B : . $ : , 7 + * %"! 7 + $ 9 * 7 + * 47 BB&&" Business services 1,429,688 24,355,931 Health care 1,508,085 92,973,414 00 1,423,471 67,840,221 : . = $ : * !"! H 4 ) .* 8 . * 47 B%"! Capital goods Industrial : . $ : , 8 * "'"! . $ * 8 * 47 BB!(% 1,326,730 36,563,448 3,279,556 46,405,953 Consumer durables Media : . H $ : * !(& 4 ) .* = * 47 B"C Consumer nondurables 929,835 37,680,502 Technology 2,718,159 65,238,367 : . . $ : * B%% 9 : $ * . 4 7. #* 47 BBBC! Consumer services 143,011 59,634,044 Transportation 292,071 13,379,115 : . $ : , * !'&C $ ++ $ * * 47 BB"( Energy 5,287,107 5,506,369 Utilities 130,193 32,065,668 : . . $ : * !'"" B& * > I* 47 B%'" > 8 : . $ : * %C" . 8., $ * $ 3, * 57 '!!"( Sources: Thomson Financial; WSJ Market Data Group : . $ : * !"" ) ) .* H) ) * 59 &&! 8 $ : * C&"! ? !!" * ) = 3* 6 ''!! | 6 $ : * !C" ? ( ) .* 3* 6 '''"' Exchange-Traded Portfolios WSJ.com/ETFresearch ? $ : * , , : .* (BB( ? !B * ? * 6 '&! : . 9 6 .3 $ : * "! 8 > + )* H+ * 6E !"!& Largest 100 exchange-traded funds, latest session Closing Chg YTD Closing Chg YTD ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) : . 73) $ : , 6 .3* !B : )* H 2 * 6E &"! Friday, May 13, 2016 VanguardTtlIntlStk VXUS 44.38 –1.36 –1.6 VanguardValueETF VTV 82.53 –1.02 1.2 : . $ : , < * !" 9 * < * 7 &!B"! Closing Chg YTD 4 $ : * !(% 8 * ? * 8 "!'" ETF Symbol Price (%) (%) VangdTtlStock VTI 104.42 –0.86 0.1 WisdomTreeEurope HEDJ 51.39 –0.62 –4.5 $. 3 $ * ; > . , : . ) , 8 . - . * B!C I. 7 11.90 –0.58 –1.2 VangdTotlWrld VT 57.14 –0.97 –0.8 WisdomTreeJapanHdg DXJ 42.17 –1.52–15.8 AlerianMLPETF AMLP &" ? * . * 8 'C"B CnsmrDiscSelSector XLY 78.11 –1.19 –0.1 CnsStapleSelSector XLP 53.24 –1.26 5.4 $ 5 . , 7 . * CC . ) .* 7 . * 8 'B!!" $ 5 . , 27.01 1.03 48.9 7 . 8 3 : * = , I; : : .* %! = 3) =* . '* DBGoldDoubleLgETN DGP ADVERTISEMENT DBGoldDoubleShrt DZZ 5.81 –0.94–34.5 7 . * 8 'B!!" DeutscheXMSCIEAFE DBEF 25.47 –0.74 –6.2 : . $ : , 4 * =2* 4 * 9; "&& EnSelectSectorSPDR XLE 64.99 –1.28 7.7 : . $ : , $ ) * ! : )* $ ) * 9; "(&CC FinSelSectorSPDR XLF 22.88 –1.21 –4.0 Showroom : . $ : , : * !"B"! ;,, * : * 9> (%"C GuggenheimSP500EqW RSP 78.16 –0.96 2.0 To advertise: 800-366-3975 or WSJ.com/classiﬁeds : . $ : , 7 >+ * !C" . > > I .) * 7 >+ * 9> (%!" HealthCareSelSect XLV 69.14 –0.23 –4.0 55.05 –1.26 3.8 : . $ : , * ""C > > I .) * * = !''" IndSelSectorSPDR XLI : . $ -$+ /. * %"" = 3 $ * . * * = !''"! iShIntermCredBd CIU 110.16 0.10 2.7 LEASE iSh1-3YCreditBond CSJ 105.59 –0.05 0.9 : . $ -I, * C )* . !"B* I, * = !CC iSharesTIPSBondETF TIP 115.25 0.24 5.1 D + : . $ , I 3* " ? 4 * I 3* = !('"B iSh3-7YTreasuryBd IEI 126.05 0.11 2.8 : . $ , 7 * !"C 4 ) .* I. * = !&""% iShCoreMSCIEAFEETF IEFA 52.91 –1.08 –2.7 D + : . $ : * $ 7 * ) * = !&(! iShCoreMSCIEmgMk IEMG 39.52 –1.72 0.3 : . $ -8 3 =2* !&& 8 3 7 * . ) #* = !''BC iShCoreS&P500ETF IVV 205.75 –0.92 0.4 : . $ : , H * !B H * H * = !'C"& iShCoreS&PMdCp IJH 143.85 –0.98 3.3 : . $ : , 8 . +* !&C 7 I .) * 8 . +* = !&"CC 111.11 –0.81 0.9 iShCoreS&PSmCpETF IJR D + : . $ , 8 * !CC . * 8 * = !&(& iShCoreUSAggBd AGG 111.20 0.19 3.0 : . : ) $ : * B" D. $. $ * = . + : ) #* = !CB( iShSelectDividend DVY 81.75 –0.87 8.8 iShEdgeMSCIMinEAFE EFAV 66.54 –1.00 2.6 : . 9 > $ : * CC" ? + ) .* = D* = !'(B iShEdgeMSCIMinUSA USMV 44.25 –0.67 5.8 : . $ + $ : * !'B 8 + $ * $ +* = !%'"& iSharesGold IAU 12.28 0.41 20.0 " : . $ : , 3* B"B 8 + $ * 3 = . +#* = !C!B iShiBoxx$InvGrCpBd LQD 120.02 0.18 5.3 : . $ - * !C - !& = ) ) .* * = !''(' iShiBoxx$HYCpBd HYG 82.78 –0.44 2.7 ,- . -/0 ( "6$ 6& '1)70 63 "' )0 : . $ : , E 3* !(C" 9 )* E 3* = !&"( . - 1 22222 ( $01 770 63 "' /90 iSharesJPMUSDEmgBd EMB 111.85 0.06 5.7 : . $ : , ;. * 88 KB"* = I < &"B* $ = ;. #* =$ ""%B' 109.55 0.03 1.7 '$ 46 ' ) 0 63 "'/7 2& iShMBSETF MBB 8 : $ : * , , 8 : : . * ! + I3 55.60 –1.12 –0.4 3 -0 '8.3 ")/2 0 63 $ /0 iShMSCIACWIETF ACWI ?* * %'! iSharesMSCIEAFESC SCZ 49.84 –1.00 –0.2 45 6411 /0 63 ' ) 0 63 5$$ -90 iSharesMSCIEAFEETF EFA 56.97 –1.03 –3.0 6411 2/ 63 "/7 2 $* 46 0 : . $ : , * %!(! 8 * * %"' iShMSCIEmgMarkets EEM 32.27 –1.80 0.2 45 ! 0 63 "'/7 2 $* 46 61 -0 : . $ : , . * %BC )* . * %"B iShMSCIEurozoneETF EZU 33.95 –1.16 –3.1 " #$ -0 63 "' 90 !51 +*$670 : . $ : , 4 * %"" H ) * 4 * %C"' iShMSCIJapanETF EWJ 11.53 –1.37 –4.9 " %.&$ ' 0 63 "' 7)0 !51 :. '!# / 0 : . $ : , $ 3 : * !&%C 4 3 D I .) * $ 3 : * %&B iShNasdaqBiotech IBB 253.90 0.86–25.0 : . + $ : * ! 8 ) .* +* 9 B&" iShNatlAMTFrMuniBd MUB112.78 0.10 1.9 : . $ : , + * B"" 8 3 $ * + * L &'"!C iShRussell1000Gwth IWF 98.37 –0.73 –1.1 : . $ : , . * !!C $ $ ) * . * L &(&"! 113.62 –0.86 0.3 AVIATION FERRARI iShRussell1000ETF IWB : . $ : , I. * BB" =2 !" I .) * I. * L &&&"& iShRussell1000Val IWD 99.55 –0.97 1.7 Corporate Hangar : . $ : ? * !(CC" 5-C .* #* L &&B( iShRussell2000Gwth IWO 129.86 –0.45 –6.8 For Lease - 100 x 70 iShRussell2000ETF IWM109.64 –0.66 –2.6 : . $ : , 4 ? * !! ? 7 ) .* 4 ? * L &'!" 93.50 –0.85 1.7 Conveniently located near New York, Philadelphia : . > $ : * '&"! 3 I .) * 4 ? * L &'!B iShRussell2000Val IWN and Washington DC. The Hangar and Office area iShRussell3000ETF IWV 120.31 –0.83 ... 7,000 square feet (100’ wide X 70’ deep) is locat- : . $ : , :.* !%"" 86 )* :.* L &&BB( iShRussellMid-Cap IWR 162.65 –0.84 1.5 ed on the west ramp at the Reading Municipal : . $ : , 8 F * !("" : + I .) * 8 * L &%&"& iShRussellMCValue IWS 71.66 –0.83 4.4 Airport, Reading, PA (KRDG). Full amenities. : . = $ : * ("" ? !C * = * L &C"&C iShS&P500Growth IVW 114.63 –0.66 –1.0 Parking area is surrounded by a security fence. Contact: Larry Yoder : . $ 5 . , $5#* %!!% : * * L &(" iShS&P500ValueETF IVE 90.23 –1.11 1.9 : . $ : , < 3 * C!C ? ! * < 3 * L &CC"! 39.23 0.20 1.0 Ofc: 610-373-3000 Cell: 717-877-5955 iSharesUSPreferred PFF 8 4 $ : * , : .* B!B! . : +* * L &C&"! iShrSilverTr SLV 16.28 0.37 23.4 Fractional Ownership/Block Time : . $ : , ? 4 * B%"! $ * ? 4 * L &'B" iSh1-3YTreasuryBd SHY 85.01 0.01 0.8 iSh7-10YTreasuryBd IEF 110.89 0.38 5.0 Cabin Class Business Jet! : . $ : , * ("& . !B"" H * * ("% iSh20+YTreasuryBd TLT 132.28 0.97 9.7 Seeking fractional ownership partner for 0 1 &)0 : . $ : , :. + * '%"" ? . . )* :. + * ?> C&"C iShRussellMCGrowth IWP 90.86 –0.79 –1.2 50/50 split or block time purchase ofLearjet : . 8 . > $+ $ : * !!'" > > $ * 8 + * ?> 'C"C PwrShrs QQQ QQQ 105.50 –0.37 –5.7 35a or Sabreliner 65. $200-300k range. : . ? : $+ $ : * B ? : )* = 3 . +* ?> '!"C PS SP500LoVoltlPrt SPLV 40.55 –0.83 5.1 Aircraft to be hangared MidWest Chicago area. Approximate 50-100 hrs per year use. : . . : $ : * !" , * = * ?> &" SPDRBarclaysHiYdBd JNK 34.80 –0.40 2.6 * ) : . $ : * !&B' H 8 * * 7 B'B"! 27.00 –1.14 –2.0 Contact Bruce: [email protected] SchwIntlEqty SCHF *) "+(,-././$ : . $ : , D * ("! D ) .* D * 7 BC%"B SchwUS BrdMkt SCHB 49.05 –0.81 0.0 48.65 –0.83 0.2 $+ $ : * B&!C : + ("FB! 9 * = < * 7 B'('& SchwUS LrgCap SCHX BOATING SPDR DJIA Tr DIA 175.48 –1.09 0.9 : . $ : * = ? + $+ * !CB H 8 = )* 4) * 121.71 0.45 20.0 $ &&"B SPDR GldTr GLD SPDR S&PMdCpTr MDY262.18 –0.99 3.2 : . $ : , 4 * !"! . ; * 4 * $ &%"! SPDR S&P 500 SPY 204.76 –0.87 0.4 : . $ : , ; * !"! 4 + ) .* ; * $ &"! SPDR S&P Div SDY 80.79 –1.03 9.8 : . 3 $ : * !(" 8 . = $ * 8 * 9 B(B& TechSelectSector XLK 42.21 –0.38 –1.4 UtilitiesSelSector XLU 49.39 –0.48 14.1 MCLAREN : +* . * , 4 !# , 0 $M # 102.83 –19.0 VanEckVectBiotech BBH 0.73 ) $ , * /. , M B# - VanEckGoldMiner GDX 24.79 0.98 80.7 26.59 –2.67 0.5 . + 0 $ * VanEckVctrOilSvcs OIH B"# , +* . ) 1 . # , PPH 56.46 –0.02–13.6 ! " # $ VanEckVectorsPharm M # , . 1 0 $M # + . , VanEckVctrRetail RTH 74.87 –1.19 –3.7 %&&& ' ( ) VanEckSemiconduc SMH 51.41 0.29 –3.5 ) * ) + + , . 1 * + * , . . VangdInfoTch VGT 104.28 –0.24 –3.7 . . ) VangdSmCapValue VBR 101.82 –0.97 3.1 VangdHlthCr VHT 125.48 –0.11 –5.6 # $ %# 81.17 –1.00 4.4 VangdDivApp VIG LUXURY & '##$ $( ))) VanguardFTSEDevMk VEA 35.73 –1.11 –2.7 * + , *( -- VanguardFTSEEmgMk VWO 32.86 –1.79 0.5 . * /0 48.10 –1.03 –3.6 ’16 Range Rover Sport HSE 2 VanguardFTSEEurope VGK ! " *$( 1 2"/ VangdAllWldxUS VEU 42.62 –1.32 –1.8 Loaded, DVD, Grey, 7k mi Lease for $899mo VangdGrowth VUG 105.34 –0.69 –1.0 ’16 Lexus GX460 VangdHiDivYld VYM 69.11 –1.02 3.5 9E =H$9 ?: 457 I;H 59 :H 899H$ =$H $5IH 8E IH HH8H IE :H Black/Black Nav, loaded. Lease for $599mo $ :>H ?5>H : I;H 59* 9 8E* 59 :H $1 5 $H59* IH =$:5I5H VngdInter-Term BIV 86.65 0.20 4.3 VangIntrCorpBd VCIT 87.99 0.20 4.6 ’14 Audi Q5 4$8 $559D I;H 59 :H 45$9H :H$59D 54 E 9 ==H :5 H7H8H9* VV 93.64 –0.79 0.1 E 9HH 9 ==H$* $ 457H 9E:59D 59 ?$559D VangdLgCap White/Black, 5k miles, $36,900 * ) VangdMdCap VO 120.23 –0.74 0.1 We offer all current makes & models - for less. *) "+(,-././$ VangdReit VNQ 84.40 –0.89 5.9 Zero Down. Call 7 days. Nationwide delivery. */ 9 . ,. + * + * VanguardS&P500 VOO 187.76 –0.92 0.4 . 31 ,* . , 8 VangdShrtTrm BSV 80.64 0.04 1.3 80.18 0.01 1.5 877.989.1500 , 4 * 8 D . . * ("! 9 4 )* * 4 BB'"* FF VangShrtCorpBd VCSH VangdSmCap VB 111.09 –0.72 0.4 www.LEASEFAX.com VangdTtlBndMkt BND 83.21 0.11 3.0 VanguardTotIntlBd BNDX 54.61 –0.04 3.3

How to Read the Stock Tables YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices 10.55 115.00 81.79 2.8 21 113.56 -0.67 13.92 57.27 29.84 1.8 7 45.10 -0.98 2.80 78.81 59.83 ... 23 71.70 ... are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM JohnsJohns JNJ SINOPECShanghaiADR SHI ArchCapitalGroup ACGL (formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. 3.34 54.52 33.62 JohnsonControls JCI 2.8 dd 40.81 -0.51 -0.84 26.50 17.52 SKTelecomADR SKM ... 10 19.98 -0.27 -19.53 170.42 110.68 AthenaHealth ATHN ...231 129.54 -0.73 The list comprises the 1,000 largest companies based on market capitalization. -32.35 179.97 96.67 JonesLangLaSalle JLL 0.6 12 108.14 -0.90 -9.73 124.68 80.12 SLGreenRealty SLG 2.8 41 101.99 -2.11 -5.02 65.78 41.60 Autodesk ADSK ... dd 57.87 -0.19 Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading 25.61 43.31 8.35 JoyGlobal JOY 0.3 dd 15.84 -0.65 -2.59 82.90 52.60 Salesforce.com CRM ... dd 76.37 0.48 1.23 91.00 64.29 ADP ADP 2.5 27 85.76 -0.78 volume. -17.57 32.39 21.49 JuniperNetworks JNPR 1.8 14 22.75 ... -8.18 54.98 37.63 SanofiADR SNY 4.2 22 39.16 -0.08 10.36 61.76 36.38 B/EAerospace BEAV 1.8 17 46.76 -0.73 Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was 5.67 40.06 31.54 KARAuctionServices KAR 3.0 25 39.13 -0.41 6.82 38.84 21.07 SasolADR SSL 2.7 13 28.65 -0.99 -15.49 217.97 100.00 BaiduADR BIDU ... 11 159.75 -1.53 $2 or higher. 0.36 38.01 22.84 KBFinancialGrpADR KB ... 7 27.97 -0.47 16.37 71.27 49.89 SCANA SCG 3.3 19 70.39 -0.18 -12.35 74.21 41.26 BedBath BBBY ... 8 42.29 -0.96 -14.47 420.99 242.07 ... 16 262.03 -0.68 Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -18.73 24.79 8.00 KKR KKR 5.1 dd 12.67 -0.31 3.84 93.00 59.60 Schlumberger SLB 2.8 58 72.43 -1.66 Biogen BIIB s-New 52-week high. standards vj-In bankruptcy or receivership or 17.63 14.32 10.81 KTADR KT ... 14 14.01 -0.22 -16.40 35.72 21.51 SchwabC SCHW 1.0 25 27.53 -0.41 -21.05 151.75 62.12 BioMarinPharm BMRN ... dd 82.71 2.92 t-New 52-week low. lf-Late filing being reorganized under the 17.81 101.24 62.20 KSCitySo KSU 1.5 20 87.97 -2.21 7.04 55.84 38.02 SealedAir SEE 1.3 29 47.74 -0.06 -29.63 11.09 5.96 BlackBerry BBRY ... dd 6.53 -0.08 dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 6.81 78.10 61.13 Kellogg K 2.6 49 77.19 -0.12 11.05 108.44 86.72 SempraEnergy SRE 2.9 21 104.40 -0.97 41.05 28.80 15.19 BlueBuffaloPetProd BUFF ... 59 26.39 -0.22 four quarters. requirements. assumed by such companies. -11.52 15.70 9.88 KeyCp KEY 2.6 12 11.67 -0.21 3.23 32.02 20.21 ServiceCp SCI 1.9 25 26.86 -0.18 -3.51 159.65 100.00 Broadcom AVGO 1.4 29 140.05 -0.99 FD-First day of trading. t-NYSE bankruptcy 0.03 73.62 46.76 KilroyRealty KRC 2.2 17 63.30 -0.84 -8.18 42.21 32.10 ServiceMasterGlb SERV ... 29 36.03 -0.05 10.40 32.11 25.16 CA CA 3.2 17 31.53 0.05 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 1.48 138.75 103.04 KimberlyClark KMB 2.8 43 129.19 -0.87 -22.09 91.28 45.99 ServiceNow NOW ... dd 67.44 -0.03 -2.02 72.53 56.42 CBOE Holdings CBOE 1.4 25 63.59 -0.74 changes in the closing prices from 4 p.m. the previous day. 8.39 29.97 22.07 KimcoRealty KIM 3.6 22 28.68 -0.44 9.48 22.75 15.66 ShawCom B SJR 4.9 11 18.82 -0.28 8.78 57.89 39.67 CDKGlobal CDK 1.0 37 51.64 -0.30 14.81 42.99 11.20 KinderMorgan KMI 2.9286 17.13 0.10 12.93 309.00 218.27 SherwinWilliams SHW 1.1 26 293.17 -3.01 -1.64 46.92 30.40 CDW CDW 1.0 17 41.35 -0.27 Friday, May 13, 2016 YTD 52-Week Yld Net 184.62 5.82 1.31 3.1 dd 5.18 0.09 -0.92 41.34 29.08 ...... 33.28 -0.46 16.59 76.10 59.71 2.4 20 72.31 -0.16 % Chg Hi Lo Stock Sym % PE Last Chg KinrossGold KGC ShinhanFinADR SHG CH Robinson CHRW YTD 52-Week Yld Net -24.96 66.86 33.87 Kohl's KSS 5.6 12 35.74 0.59 -16.65 152.27 93.45 SignetJewelers SIG 1.0 18 103.10 -1.00 4.12 100.87 81.87 CMEGroupClA CME 2.5 25 94.33 -0.77 % Chg Hi Lo Stock Sym % PE Last Chg 7.58 72.72 50.84 ColgatePalmolive CL 2.2 47 71.67 -0.98 -1.89 28.75 23.16 KoninklijkePhilADR PHG 3.5 36 24.97 -0.41 54.67 21.14 10.04 SilverWheaton SLW 1.0 dd 19.21 0.29 -3.20 36.04 21.32 CSX CSX 2.9 13 25.12 -0.42 27.45 33.00 15.39 ColumbiaPipeline CPGX 2.2 41 25.49 0.02 22.86 27.10 18.87 KoreaElcPwrADR KEP ... 3 26.01 -0.30 1.05 214.80 170.99 SimonPropertyGroup SPG 3.3 36 196.49 -5.95 s 13.79 23.93 18.13 CadenceDesign CDNS ... 27 23.68 0.23 NYSE 0.33 53.45 30.48 Comerica CMA 2.1 17 41.97 -0.72 -16.66 42.75 27.32 Kroger KR 1.2 17 34.86 -0.03 5.59 62.69 41.60 SixFlagsEnt SIX 4.0 32 58.01 -0.35 -16.37 140.72 92.98 Celgene CELG ... 48 100.16 -0.14 64.78 7.91 3.46 SABESP ADR SBS ... 29 7.58 -0.26 5.07 56.00 38.01 KyoceraADR KYO ... 19 48.45 -0.64 2.58 54.53 24.56 SkechersUSAClA SKX ... 18 30.99 -0.45 -10.69 75.00 49.59 Cerner CERN ... 32 53.74 -0.72 3.52 40.86 24.27 1.7 13 33.83 0.11 17.19 219.58 156.13 13.93 23.66 15.74 ABBADR ABB 3.8 24 20.20 -0.51 CSC CSC t -30.35 101.11 66.62 LBrands LB 3.6 16 66.74 -0.68 2.14 82.28 50.09 SmithAO AOS 1.2 23 78.25 -0.34 CharterComms CHTR ... dd 214.58 0.62 6.39 35.40 22.80 ...799 31.95 -0.58 8.82 46.64 37.25 ConAgraFoods CAG 2.2 dd 45.88 -0.55 -1.53 14.13 8.20 LGDisplayADR LPL ... 8 10.28 -0.31 -5.39 37.84 30.23 Smith&NephewADR SNN 2.3 38 33.68 -0.23 1.28 89.98 65.09 CheckPointSoftware CHKP ... 22 82.42 0.80 AECOM ACM 24.74 127.48 69.94 ... dd 115.83 -1.70 s 14.40 68.27 49.72 2.8 16 67.69 -0.44 16.61 14.02 8.22 AES AES 3.9 26 11.16 -0.11 ConchoResources CXO 12.55 137.84 101.11 L-3Communications LLL 2.1 dd 134.51 -0.57 5.86 132.64 104.30 Smucker SJM 2.1 39 130.57 -0.94 CincinnatiFin CINF s 14.97 69.69 51.41 2.4 11 68.87 -0.37 -7.86 66.22 31.05 ConocoPhillips COP 2.3 dd 43.02 -0.71 2.57 128.84 97.79 LabCpAm LH ... 22 126.82 1.06 -5.73 174.52 133.09 SnapOn SNA 1.5 19 161.61 -1.68 0.52 94.35 78.00 Cintas CTAS 1.1 23 91.52 -0.17 Aflac AFL 16.10 77.23 56.86 3.6 19 74.62 -0.34 -2.30 29.90 22.46 3.9 13 26.53 -0.14 3.07 66.49 46.36 AGLResources GAS 3.2 23 65.77 -0.08 ConEd ED 2.40 57.77 34.88 LasVegasSands LVS 6.4 20 44.89 -0.75 10.57 23.65 12.65 SOQUIMICH ADR SQM 0.8 27 21.02 -0.27 CiscoSystems CSCO 13.78 39.72 30.97 4.9 17 39.15 -0.40 13.36 165.81 114.49 ConstBrands A STZ 1.0 34 161.47 -0.43 -7.16 127.00 89.71 LearCorp LEA 1.1 10 114.04 -0.56 13.24 49.35 34.68 SonocoProducts SON 3.2 21 46.28 -1.00 8.71 90.00 60.91 CitrixSystems CTXS ... 35 82.24 -0.69 AT&T T s 11.83 162.68 116.22 2.22 69.80 51.22 ... 22 61.35 0.22 -16.28 51.74 36.00 AbbottLabs ABT 2.8 23 37.60 -0.40 ConstBrands B STZ/B 0.9 34 161.22 -0.45 16.16 51.28 36.64 Leggett&Platt LEG 2.6 20 48.81 -0.62 6.14 32.95 19.90 SonyADR SNE ... 27 26.12 0.28 CognizantTechSolns CTSH 4.66 71.60 45.45 3.7 19 62.00 -0.49 74.76 47.97 13.94 ContinentalRscs CLR ... dd 40.16 -0.39 -10.88 56.04 37.14 LennarClA LEN 0.4 12 43.59 -0.11 6.63 51.79 41.40 Southern SO 4.5 19 49.89 -0.27 9.59 64.99 50.01 Comcast A CMCSA 1.8 19 61.84 -0.42 AbbVie ABBV 16.22 186.37 119.28 0.0 40 155.97 0.56 10.53 48.91 37.44 1.9 18 47.02 -0.73 10.47 116.99 88.43 AccentureClA ACN 1.9 20 115.44 -0.92 Cooper COO -14.04 46.55 30.04 LennarClB LEN/B 0.5 10 34.54 -0.22 3.60 32.98 21.55 SoCopper SCCO 0.7 33 27.06 -0.72 CommerceBancshares CBSH 5.79 260.83 168.33 0.2 42 247.34 -4.71 7.59 135.49 84.50 CoreLabs CLB 1.9 51 116.99 -1.71 10.10 143.19 105.65 LennoxIntl LII 1.3 32 137.51 -0.75 -3.48 51.34 31.36 SowestAir LUV 0.7 12 41.56 0.34 15.41 34.12 19.37 CommScopeHldg COMM ... dd 29.88 0.11 AcuityBrands AYI 2.24 22.05 15.42 2.9 54 18.69 -0.19 12.42 43.82 32.26 ... 24 42.73 -0.52 -3.29 201.24 131.59 AdvanceAuto AAP 0.2 23 145.56 -4.44 Corning GLW 0.58 25.39 14.27 LeucadiaNational LUK 1.4 dd 17.49 -0.08 58.37 28.05 5.00 SouthwesternEnergy SWN ... dd 11.26 -0.60 Copart CPRT t -22.22 7.23 4.40 7.0 13 4.41 -0.12 -0.51 32.72 21.48 CotyClA COTY 1.0 46 25.50 -0.37 -4.76 56.98 40.86 Level3Comm LVLT ... 5 51.77 -0.71 28.95 36.57 21.43 SpectraEnergy SE 5.2123 30.87 -0.13 -4.39 223.49 146.53 CoStarGroup CSGP ...335 197.61 -2.80 AdvSemiEnggADR ASX s 48.53 153.23 81.78 1.6 ... 144.55 1.02 -10.53 169.73 117.03 1.2 28 144.50 -2.22 -14.11 8.16 4.58 AegonADR AEG 5.9 30 4.87 -0.05 Credicorp BAP 18.84 37.17 26.94 LibertyPropertyTr LPT 5.1 21 36.90 -0.22 -4.44 52.49 36.21 SpectraEnergyPtrs SEP 5.7 14 45.58 -0.39 CostcoWholesale COST -15.18 51.50 24.61 ... 7 36.61 -0.23 -40.76 29.99 12.56 CreditSuisseADR CS 5.7 dd 12.85 -0.29 -9.41 92.85 67.88 EliLilly LLY 2.7 35 76.33 0.37 14.98 118.87 87.65 SpectrumBrndsHldgs SPB 1.3 31 117.05 -0.30 -7.17 57.36 27.25 Ctrip.comIntlADR CTRP ... 40 43.01 -0.07 AerCapHoldings AER 40.60 25.07 7.82 1.7 dd 16.38 -0.25 -19.80 76.29 38.85 ... 27 45.86 0.43 -0.20 134.40 92.42 Aetna AET 0.9 16 107.90 -0.70 CrescentPntEnrg CPG -15.26 62.08 30.39 LincolnNational LNC 2.3 10 42.59 -0.45 -6.81 57.99 40.03 SpiritAeroSystemsA SPR ... 8 46.66 -0.60 DISHNetworkClA DISH 1.98 229.12 115.97 ... 18 162.92 -5.42 -17.52 54.30 7.90 CrestwoodEquity CEQP 14.0 dd 17.14 -0.07 -43.56 258.39 98.25 LinkedInA LNKD ... dd 127.04 0.14 18.56 12.00 8.89 SpiritRealtyCap SRC 5.9218 11.88 -0.08 0.51 63.68 49.48 DentsplySirona XRAY 0.5 35 61.16 -0.74 AffiliatedManagers AMG 3.93 91.18 75.71 3.9 71 89.85 -0.61 -25.97 103.29 47.92 ... dd 60.63 -0.53 1.94 43.20 33.12 AgilentTechs A 1.1 32 42.62 -0.11 CrownCastl CCI -7.49 29.68 18.77 LiveNationEnt LYV ... dd 22.73 -0.31 -4.97 5.29 2.18 Sprint S ... dd 3.44 -0.05 Dexcom DXCM 75.80 47.74 21.00 0.7289 46.20 0.45 6.90 57.08 43.30 CrownHoldings CCK ... 18 54.20 -0.85 -12.16 5.65 3.27 LloydsBankingADR LYG 4.4 1596 3.83 0.01 22.62 80.84 48.83 StJudeMedical STJ 1.6 30 75.74 -0.09 27.79 89.22 55.48 DiamondbackEnergy FANG ... dd 85.49 -1.65 AgnicoEagleMines AEM 4.21 33.52 22.56 2.6 70 31.91 -0.27 4.87 34.94 23.74 ... 17 27.98 -0.16 -3.19 110.13 79.94 Agrium AGU 4.0 10 86.49 -0.94 CubeSmart CUBE 11.50 245.37 181.91 LockheedMartin LMT 2.7 21 242.12 -2.82 s 6.07 114.34 88.72 StanleyBlDck SWK 1.9 19 113.21 -0.44 DiscoveryCommsA DISCA 9.01 152.16 114.64 2.4 22 141.83 -1.51 27.02 143.32 79.88 Cummins CMI 3.5 15 111.79 -2.60 2.53 41.31 33.84 Loews L 0.6 58 39.37 -0.28 6.99 86.96 56.87 StarwoodHotels HOT 2.0 26 74.12 -0.75 7.22 32.78 23.33 DiscoveryCommsC DISCK ... 17 27.04 -0.27 AirProducts&Chems APD 4.28 18.59 14.71 4.3165 17.56 -0.23 0.53 83.72 60.31 ... 65 77.63 -2.66 s 3.34 143.05 86.09 Airgas ARG 1.7 31 142.94 0.39 DDR Corp DDR -1.35 78.13 62.62 Lowe's LOW 1.5 28 75.01 -0.39 -1.75 24.54 16.69 StarwoodPrTr STWD 9.5 11 20.20 -0.10 DollarTree DLTR -17.70 87.17 58.15 1.7 10 66.26 0.69 13.32 92.32 73.23 DTEEnergy DTE 3.2 23 90.87 -0.46 -17.28 74.00 52.73 LUX 1.5 29 53.65 -0.10 -10.74 81.26 50.73 StateSt STT 2.3 13 59.23 -0.80 5.26 56.79 36.44 DunkinBrands DNKN 2.7 37 44.83 -0.51 AlaskaAirGroup ALK LuxotticaGroupADR -16.03 31.48 19.61 ... 19 24.89 -0.42 35.98 76.43 41.37 Albemarle ALB 1.6 18 76.16 0.29 4.83 98.78 81.25 Danaher DHR 0.7 25 97.37 -0.75 -7.11 106.50 69.09 LyondellBasell LYB 3.9 8 80.72 -0.53 16.98 21.16 10.88 StatoilADR STO 5.4108 16.33 -0.44 E Trade ETFC -6.79 13.65 6.14 1.3 dd 9.20 -0.24 -0.52 68.62 53.38 Darden DRI 3.2 24 63.31 -0.50 -6.56 134.00 100.08 M&T Bnk MTB 2.5 16 113.23 -1.88 -5.55 78.77 60.75 Steris STE 1.4 48 71.16 -0.60 -14.44 46.50 27.25 EastWestBancorp EWBC 2.2 13 35.56 -0.51 Alcoa AA 8.19 84.40 61.36 ... 34 75.42 -0.17 -13.46 29.83 21.52 ... 18 23.78 0.20 4.97 96.86 70.69 AlexREEq ARE 3.4 71 94.85 1.13 DaVitaHlthcrPtrs DVA -4.80 24.41 16.18 MGMResortsIntl MGM ... dd 21.63 -0.31 -21.02 8.76 5.11 STMicroelectronics STM 7.6 62 5.26 -0.08 eBay EBAY -5.06 95.06 57.20 ... 17 77.16 -2.00 8.13 98.23 70.16 Deere DE 2.9 15 82.47 -1.68 -21.08 76.29 16.34 6.5 70 31.04 -0.56 19.34 113.85 86.68 1.4 26 110.91 -0.91 9.43 76.92 53.01 ElectroArts EA ... 21 75.20 0.19 AlibabaGroupADR BABA MPLX MPLX Stryker SYK s 10.00 531.58 440.24 ... 14 525.70 -0.72 8.69 26.86 19.56 DelhaizeGroupADR DEG 1.9 22 26.40 0.09 4.13 77.45 56.87 1.2 33 75.11 -0.58 -22.40 9.28 5.01 ... 7 5.89 -0.19 13.88 347.63 249.96 Equinix EQIX 2.0236 344.37 -1.84 Alleghany Y MSCI MSCI SumitomoMitsADR SMFG t 0.14 68.08 52.95 0.7 38 66.01 -0.12 -20.13 90.57 55.59 DelphiAutomotive DLPH 1.7 15 68.47 -1.20 -7.18 86.29 71.98 3.6169 74.90 -2.09 3.39 73.37 61.17 SunCommunities SUI 3.7 29 70.85 -0.52 -22.32 11.81 7.44 EricssonADR ERIC 6.1 15 7.46 -0.03 Allegion ALLE Macerich MAC -9.96 140.51 88.40 0.9 24 111.92 -1.02 -28.53 340.34 195.50 Allergan AGN ... 25 223.35 7.33 -17.93 52.77 34.61 DeltaAir DAL 1.3 7 41.60 0.53 -4.71 87.88 51.83 MacquarieInfr MIC 6.9 3459 69.18 -0.04 7.66 35.13 25.31 SunLifeFinancial SLF 3.8 9 33.59 -0.31 Expedia EXPE -27.12 307.78 176.63 ... 23 201.57 -0.51 -32.13 35.38 14.78 DeutscheBank DB 5.1 dd 16.39 -0.21 -10.75 73.61 30.36 4.8 10 31.22 0.01 2.17 30.70 18.71 SuncorEnergy SU 3.5 dd 26.36 -0.21 5.21 51.80 40.41 ExpeditorsIntl EXPD 1.7 20 47.45 -0.60 AllianceData ADS Macys M -17.62 94.61 65.55 ... 19 72.01 -0.60 -6.04 32.49 16.11 7.1 11 22.41 -0.53 1.63 67.96 18.07 DevonEnergy DVN 0.7 dd 32.52 -0.19 2.59 83.70 54.51 4.6 19 69.68 -0.61 5.64 41.74 15.43 SXL 7.2 36 27.15 -0.48 ExpressScriptsHldg ESRX AllncBrnstnHldg AB MagelnPtnrs MMP SunocoLogistics 9.22 135.20 86.03 ... 21 105.90 1.40 18.13 75.18 54.27 3.2 22 73.77 -0.33 -0.31 122.23 100.12 DiageoADR DEO 2.3 18 108.73 -0.68 -1.38 59.42 30.41 2.5 740.00 -0.57 -5.32 45.84 31.07 STI 2.4 11 40.56 -0.79 F5Networks FFIV AlliantEnergy LNT MagnaInt MGA SunTrustBanks 14.48 121.08 72.00 ... 74 119.81 -0.47 6.45 31.81 20.56 2.2 30 27.56 -0.33 15.13 56.81 33.42 1.5 14 40.70 -1.36 -21.75 132.60 50.90 ... 19 58.40 0.98 -4.51 36.40 23.74 ... 11 29.04 -0.38 FacebookClA FB AllisonTransmissn ALSN DicksSprtgGds DKS Mallinckrodt MNK SynchronyFinancial SYF 11.42 49.99 34.45 2.6 26 45.48 -0.16 8.52 69.48 54.12 2.0 17 67.38 -0.16 24.83 95.07 60.66 DigitalRealtyTrust DLR 3.7 84 94.40 -0.27 -8.51 96.87 69.66 2.2 14 77.12 -0.04 2.27 98.15 61.61 2.9 28 80.52 -0.29 Fastenal FAST Allstate ALL ManpowerGroup MAN SyngentaADR SYT -14.68 21.93 13.84 3.0 9 17.15 -0.40 -10.19 23.83 14.55 AllyFinancial ALLY ... dd 16.74 -0.11 1.49 60.57 42.86 DiscoverFinSvcs DFS 2.1 10 54.42 -0.88 -7.68 19.61 10.99 ManulifeFinancial MFC 4.3 11 13.83 -0.23 22.32 50.68 35.45 Sysco SYY 2.5 36 50.15 -0.03 FifthThirdBancorp FITB s -4.34 122.08 86.25 Disney DIS 1.4 19 100.52 -1.19 -2.30 28.27 6.52 1.6 dd 12.30 -0.03 -10.63 71.04 51.70 2.3 11 57.74 -0.98 -26.41 74.29 40.25 FirstSolar FSLR ... 6 48.56 -0.53 10.94 65.53 47.31 AltriaGroup MO 3.5 23 64.58 -0.44 MarathonOil MRO TEConnectivity TEL 13.55 106.13 77.96 ... 29 103.85 -1.39 -8.62 16.67 6.87 AlumofChinaADR ACH ...107 7.53 -0.20 13.45 87.42 59.75 DollarGeneral DG 1.2 21 81.54 -2.15 -31.54 60.38 29.24 MarathonPetroleum MPC 3.6 10 35.49 0.50 -10.66 33.40 21.11 TEGNA TGNA 2.5 12 22.80 0.19 Fiserv FISV 6.58 76.59 64.54 DominionResources D 3.9 23 72.09 -0.19 22.00 16.44 11.00 1.3 40 16.08 -0.07 13.24 34.97 24.34 4.7 14 31.31 -0.45 7.49 12.63 8.85 FlextronInt FLEX ... 15 12.05 -0.09 18.39 6.59 3.86 AmbevADR ABEV ... 25 5.28 -0.22 MarineHarvestADR MHG TELUS TU 3.72 50.31 23.16 ... 1320 32.33 0.11 11.20 51.06 37.26 3.5 19 48.07 -0.05 9.62 140.80 99.00 Dominos DPZ 1.2 34 121.95 0.49 8.45 964.96 763.00 Markel MKL ... 24 958.00 -2.51 43.60 21.03 10.28 TERNIUMADR TX 5.0160 17.85 0.16 Fortinet FTNT Ameren AEE 5.26 34.03 24.73 2.7 90 32.82 -0.21 12.63 5.85 3.81 FTR 8.0 dd 5.26 -0.07 -9.10 21.76 11.87 AmericaMovilADR AMX 2.4 19 12.78 -0.22 DouglasEmmett DEI 15.33 64.62 50.81 Marsh&McLennan MMC 1.9 21 63.95 -0.42 22.41 17.49 7.08 TIMPartADR TSU 2.7 8 10.38 -0.51 FrontierComms 5.90 78.21 50.91 DOV 2.6 18 64.93 -1.20 35.27 189.76 108.31 0.9 38 184.75 -2.02 2.50 79.20 63.53 1.4 22 72.68 -1.60 19.78 38.30 24.21 Gaming&LeisureProp GLPI 6.7 31 33.30 -0.31 13.69 48.30 32.12 AmCampus ACC 3.6 62 47.00 -0.27 Dover MrtnMarMat MLM TJX TJX 7.64 47.27 30.93 5.1 16 40.01 -0.16 12.60 67.19 52.29 3.4 19 65.61 -0.05 -1.81 57.10 35.11 DowChemical DOW 3.6 10 50.55 -0.99 10.18 32.92 22.52 Masco MAS 1.2 27 31.18 -0.17 48.67 15.14 6.47 TahoeResources TAHO 1.9 dd 12.89 -0.30 Garmin GRMN AEP AEP 1.31 17.73 12.93 Gentex GNTX 2.1 15 16.22 -0.10 -7.81 81.92 50.27 AmericanExpress AXP 1.8 13 64.12 -0.22 1.83 95.87 72.00 DrPepperSnap DPS 2.2 23 94.91 -0.65 -2.05 101.76 74.61 MasterCard MA 0.8 29 95.36 -0.49 0.31 26.62 17.32 TaiwanSemiconADR TSM 3.2 13 22.82 -0.17 -6.74 68.00 40.67 0.7 19 43.17 0.31 14.94 100.91 75.68 1.7 30 98.34 -0.51 51.44 101.59 14.55 8.9 44 40.98 -0.14 -18.27 123.37 81.70 GileadSciences GILD 2.3 7 82.70 -0.06 -1.26 75.68 62.99 AmericanFinancial AFG 1.6 15 71.17 -0.54 DrReddysLabADR RDY McCormick MKC TargaResources TRGP -15.37 35.30 25.50 1.0 29 27.65 -0.34 -10.18 64.93 50.20 2.3 dd 55.66 -0.63 -5.54 75.72 47.11 DuPont DD 2.4 26 62.91 -1.37 13.74 100.93 76.13 McCormickVtg MKC/V 1.8 30 98.24 0.50 1.75 85.81 66.46 Target TGT 3.0 14 73.88 -1.72 Goodyear GT AmericanIntl AIG -8.77 18.04 14.07 Grifols ADR GRFS 2.6 17 14.78 -0.10 9.03 107.24 83.07 AmericanTowerREIT AMT 1.9 69 105.70 -0.86 13.14 81.39 65.50 DukeEnergy DUK 4.1 21 80.77 -0.31 9.05 131.96 87.50 McDonalds MCD 2.8 25 128.83 -1.29 -12.64 157.99 122.99 TaroPharm TARO ... 10 135.02 2.14 10.70 23.64 17.60 3.1 42 23.27 -0.12 -15.87 243.61 148.29 0.7 17 165.93 -1.37 -2.38 42.48 20.00 ... 16 28.77 ... 9.12 36.81 21.26 HDSupplyHoldings HDS ... 5 32.77 -0.37 25.04 75.09 48.36 AmericanWaterWorks AWK 2.0 28 74.71 -0.23 DukeRealty DRE McKesson MCK TataMotorsADR TTM 16.93 70.65 33.12 ... 24 47.23 -0.83 27.63 49.47 30.80 8.6 29 43.74 0.87 6.58 28.77 22.66 EMC EMC 1.7 27 27.37 0.33 6.03 98.34 65.53 MeadJohnNutr MJN 2.0 32 83.71 -1.36 144.04 13.92 2.56 TeckResourcesB TCK 0.8 dd 9.42 -0.29 HainCelestialGroup HAIN Amerigas APU 26.35 88.53 60.38 Hasbro HAS 2.4 23 85.11 -0.19 -11.83 130.69 76.00 AmerprsFncl AMP 3.2 11 93.83 -1.51 2.05 38.31 24.73 ENIADR E 5.9 dd 30.41 -0.51 -4.24 86.09 61.40 Mednax MD ... 19 68.62 -0.07 3.26 27.83 17.60 TecoEnergy TE 3.3 34 27.52 -0.01 11.10 92.04 57.15 0.9 dd 78.65 -1.85 4.93 81.67 55.54 1.9 47 80.71 -0.63 -25.73 11.67 7.17 4.1334 7.65 -0.08 8.71 174.75 126.17 HenrySchein HSIC ... 29 171.97 -0.28 t -28.98 115.58 73.54 AmeriSrcBrg ABC 1.8 11 73.66 -1.12 EOG Res EOG Medtronic MDT TelecomItaliaADR TI/A -12.77 43.00 31.84 ... 47 33.75 -0.01 -13.57 57.67 42.82 0.8 19 46.32 -0.67 34.36 90.80 47.10 EQT EQT 0.2 dd 70.04 -0.60 2.01 61.70 45.69 Merck MRK 3.4 33 53.88 -0.24 -25.06 14.18 8.89 TelecomItaliaADR TI 2.7414 9.48 -0.03 Hologic HOLX Ametek AME 10.31 89.43 63.58 JBHunt JBHT 1.1 22 80.92 -1.86 5.46 59.19 44.50 AmphenolClA APH 1.0 24 55.08 -0.72 -0.98 85.99 56.52 EQTMidstreamPtrs EQM 4.0 15 74.72 -1.26 -10.83 58.23 35.00 MetLife MET 3.7 9 42.99 -0.52 21.11 163.33 122.13 Teleflex TFX 0.9 30 159.20 -2.77 7.76 83.90 56.03 2.5 12 72.75 -2.05 s 8.49 372.00 275.30 ... 29 367.93 -1.30 32.67 16.08 7.71 ... 18 11.98 -0.32 -12.57 11.90 7.83 HuntingtonBcshs HBAN 2.9 12 9.67 -0.22 -1.77 86.55 28.16 AnadarkoPetroleum APC 0.4 dd 47.72 -0.53 EastmanChemical EMN MettlerToledo MTD TelefonicaBrasADR VIV 18.86 87.87 61.58 ... 42 86.67 -0.48 113.38 16.63 5.64 ... dd 15.15 0.14 16.97 73.62 46.19 EatonCorp.PLC ETN 2.5 15 60.87 -1.20 4.62 61.98 34.83 ... 10 41.91 -1.88 -3.16 15.54 9.47 TelefonicaADR TEF 8.5 27 10.71 -0.08 IdexxLab IDXX AngloGoldAshADR AU MichaelKorsHldgs KORS -13.95 92.34 42.50 IcahnEnterprises IEP 11.4 dd 52.75 0.09 -0.09 132.91 102.52 AnheuserBuschADR BUD 3.6 26 124.89 -1.61 1.43 122.48 98.62 Ecolab ECL 1.2 35 116.02 -1.11 13.12 103.86 72.51 MidAmApt MAA 3.2 25 102.72 0.85 25.92 57.08 34.09 TelekmIndonesiaADR TLK 2.1 23 55.91 -0.66 33.95 16.46 5.16 ... dd 9.39 -0.21 -27.49 7.62 3.86 ... 8 4.51 -0.13 7.10 31.24 18.53 4.7 dd 25.49 -0.61 -28.67 242.37 127.10 Illumina ILMN ... 49 136.92 -0.02 s 17.80 11.13 8.25 AnnalyCap NLY 10.9 dd 11.05 -0.05 EcopetrolADR EC MitsubishiUFJADR MTU TenarisADR TS -32.49 133.62 55.00 ... 7321 73.21 2.67 16.97 43.45 18.50 ... 13 25.50 -0.39 -1.63 107.33 67.94 EdgewellPersonal EPC ... dd 77.09 -1.01 -26.24 4.51 2.69 MizuhoFinancialADR MFG ... 8 2.98 -0.06 -27.77 119.67 67.80 Tesoro TSO 2.6 6 76.11 0.50 Incyte INCY AnteroResources AR -13.18 35.59 24.87 Intel INTC 3.5 13 29.91 0.15 -2.82 173.59 115.63 Anthem ANTM 1.9 15 135.51 -0.57 20.60 73.25 55.18 EdisonInt EIX 2.7 24 71.41 -0.53 46.76 12.79 5.14 MobileTeleSysADR MBT 2.0 11 9.07 -0.12 -4.11 60.37 35.18 TesoroLogistics TLLP 6.7 21 48.25 -0.47 30.40 112.00 62.53 ... 44 102.99 -2.60 2.66 212.16 148.56 ... 19 194.42 -1.56 -23.37 72.31 49.51 2.7 25 50.30 0.05 5.73 109.21 79.63 Intuit INTU 1.2 56 102.03 -0.18 14.75 106.78 83.83 Aon AON ... 22 105.81 0.09 EdwardsLife EW MohawkIndustries MHK TevaPharmADR TEVA 15.13 654.88 447.00 ... 38 628.81 -4.49 19.23 63.91 32.20 1.9 dd 53.02 -1.28 8.32 62.75 41.25 EmersonElectric EMR 3.7 18 51.81 -1.10 s 6.05 99.36 65.50 1.7 44 99.36 0.19 -11.09 46.93 30.68 Textron TXT 0.2 14 37.35 -0.51 IntuitiveSurgical ISRG Apache APA MolsonCoors A TAP/A -29.83 38.00 21.55 JD.comADR JD ... dd 22.64 0.53 5.57 43.62 34.71 ApartmtInv AIV 3.1 96 42.26 -0.24 -25.93 46.79 26.54 EmpresaNacADR EOCC 3.6 14 27.45 -0.03 5.15 100.45 63.91 MolsonCoors B TAP 1.7 43 98.76 -0.97 4.26 149.95 14.00 ThermoFisherSci TMO 0.4 30 147.89 -1.03 -7.98 38.44 14.27 11.0 dd 21.23 -0.08 1.44 121.09 81.22 2.2 31 99.94 2.02 8.64 42.43 33.96 3.3 20 41.12 -0.30 7.21 86.23 63.84 JackHenry JKHY 1.3 30 83.69 -0.74 5.95 80.36 60.73 Aptargroup ATR 1.6 25 76.97 -0.66 EnbridgePtnr EEP Monsanto MON ThomsonReuters TRI 3.63 194.73 108.50 ... 28 145.66 0.43 20.40 51.42 27.43 4.1 dd 39.96 -0.28 -6.50 113.86 77.76 1.6 21 93.82 -0.92 11.74 171.27 134.00 2.6 22 168.32 -1.83 JazzPharma JAZZ 9.66 32.93 24.40 AquaAmerica WTR 2.2 28 32.68 -0.16 Enbridge ENB Moodys MCO 3M MMM -19.29 27.36 16.26 ... 8 18.28 0.11 32.02 13.71 3.00 0.9 dd 6.72 -0.11 -18.61 41.04 21.16 2.3 11 25.89 -0.34 -15.55 96.43 59.73 2.5 18 64.43 -1.94 JetBlue JBLU 2.70 35.06 28.09 Aramark ARMK 1.1 32 33.12 -0.12 Encana ECA MorganStanley MS Tiffany TIF -1.08 73.59 44.95 3.0 19 68.60 -0.22 36.90 9.49 2.33 4.4 dd 4.59 -0.14 -8.01 35.44 4.00 EngyTrnsfrEqty ETE 9.0 11 12.64 -0.33 -9.97 47.68 22.02 4.4 9 24.84 -0.60 16.12 217.91 155.08 1.4 33 215.51 0.23 KLA Tencor KLAC ArcelorMittalADR MT Mosaic MOS TimeWarnerCable TWC 17.00 86.66 61.42 KraftHeinz KHC 2.7 dd 85.13 -1.21 2.59 53.31 29.86 ArcherDan ADM 3.2 14 37.63 -0.91 1.72 58.06 18.62 EnergyTransfer ETP 12.3278 34.31 -0.87 3.17 76.83 56.40 MotorolaSolutions MSI 2.3 24 70.62 -0.49 13.24 91.34 55.53 TimeWarner TWX 2.2 15 73.23 -0.16 49.42 10.86 1.84 1.8 dd 5.11 -0.13 1.99 63.26 48.47 1.0 14 58.30 -0.25 9.01 34.26 23.95 LKQ LKQ ... 23 32.30 -0.70 11.13 65.52 45.23 ArrowElec ARW ... 11 60.21 -0.13 Enerplus ERF 29.80 44.74 14.30 MurphyOil MUR 4.8 dd 29.14 -1.21 Torchmark TMK -6.40 84.39 61.20 1.6 17 74.34 -0.56 8.88 128.97 88.30 1.4 33 111.82 -1.21 21.34 9.87 5.57 EnersisAmericasADR ENIA 6.5 7 7.95 -0.11 31.27 26.25 8.80 0.8 dd 15.45 -0.18 18.87 89.42 64.71 Toro TTC 1.4 23 86.86 -0.83 LamResearch LRCX Ashland ASH NRGEnergy NRG 5.49 65.50 49.73 LamarAdvertisingA LAMR 4.7 22 63.27 -0.68 8.03 88.02 64.36 Assurant AIZ 2.3 19 87.01 -0.28 -15.44 25.38 6.32 EnLinkMidstream ENLK 11.1 dd 14.02 -0.28 24.49 25.99 16.55 NTTDoCoMoADR DCM ... 22 25.52 -0.34 10.62 46.22 33.48 TorontoDominionBk TD 3.7 10 43.33 -0.46 12.05 80.06 61.27 4.4 dd 76.60 -0.47 7.10 53.55 39.05 5.8 30 48.14 -0.90 15.10 60.27 42.03 LibertyBroadbandA LBRDA ... dd 59.45 0.61 -16.05 34.94 27.68 AstraZenecaADR AZN ... 25 28.50 0.11 Entergy ETR -0.07 1820.00 1317.23 NVR NVR ... 17 1641.80 -10.20 TotalADR TOT 14.00 59.97 41.30 ... dd 59.12 0.62 17.80 75.05 50.83 2.3 24 74.26 -0.23 2.66 34.15 19.00 EntPdtsPtnr EPD 6.0 21 26.26 -0.01 26.69 66.07 37.03 2.9 dd 54.16 -0.58 6.08 56.69 37.47 TotalSystemSvcs TSS 0.8 26 52.83 -0.45 LibertyBroadbandC LBRDK AtmosEnergy ATO NationalFuelGas NFG -13.20 55.43 30.64 LibertyGlobalClA LBTYA ... dd 36.77 -0.31 -1.59 132.19 95.34 Autoliv ALV 1.9 20 122.79 -0.75 10.07 124.75 90.94 Equifax EFX 1.1 33 122.59 -0.06 5.06 73.92 63.75 NationalGridADR NGG 4.3 17 73.06 -0.41 -18.90 140.24 97.80 ToyotaMotorADR TM ... 8 99.79 -1.59 10.11 76.08 51.89 2.3 40 73.41 -0.23 22.71 45.42 28.40 4.5 dd 39.99 -0.34 -11.11 50.99 29.95 LibertyGlobalClC LBTYK ... dd 36.24 -0.09 -22.23 66.63 40.45 AutoNation AN ... 12 46.40 -0.55 EquityLife ELS -6.96 51.95 25.74 NtlOilwellVarco NOV 5.9 dd 31.16 -0.79 TransCanada TRP -4.35 60.00 30.96 ... dd 39.57 -0.38 3.71 810.00 662.70 ... 20 769.44 -11.37 -15.19 82.39 61.90 EQR 2.9 59 69.20 -0.68 16.80 47.90 33.62 3.7 40 46.78 -0.58 8.94 250.77 180.76 TransdigmGrp TDG ... 29 248.87 1.87 LibertyGlbLiLACAWi LILA AutoZone AZO EqResdntl NtlRetailProp NNN -2.40 69.89 32.00 LibertyGlbLiLACClC LILAK ... dd 41.97 -0.29 1.06 192.29 158.72 Avalonbay AVB 2.9 33 186.09 -1.56 -4.87 244.71 191.25 EssexProp ESS 2.8 61 227.75 -2.18 -9.23 102.46 51.75 NetSuite N ... dd 76.81 -0.09 12.84 32.34 20.43 TransUnion TRU ...239 31.11 0.06 5.22 97.48 73.67 1.3 30 92.66 -1.95 -0.17 118.28 95.21 2.4 11 112.67 0.03 -5.75 31.62 22.51 LibertyInteractQVC QVCA ... 20 25.75 -0.43 7.08 51.97 32.45 Avangrid AGR 4.2 19 41.12 0.53 EsteeLaudr A EL 26.46 40.71 18.09 NewOrientalEducADR EDU ... 29 39.67 -0.62 TravelersCos TRV -15.74 45.43 32.35 ... 30 38.01 -0.30 0.16 199.98 167.07 2.5 10 183.39 -0.69 17.09 93.71 66.30 ... 43 91.87 -1.61 LibertyVenturesA LVNTA s 20.62 76.81 53.56 AveryDennison AVY 2.2 24 75.58 -0.79 EvrstReGrp RE -9.87 19.18 14.26 NY CmntyBcp NYCB 4.6 dd 14.71 -0.24 TreeHouseFoods THS 3.44 48.29 36.41 2.9 22 43.93 -0.01 12.38 59.09 44.64 3.1 21 57.39 -0.24 6.95 12.03 7.71 18.9 10 9.08 -0.16 LinearTechnology LLTC -20.91 17.14 11.45 Aviva ADR AV 6.6 18 12.03 -0.15 EversourceEnergy ES 7.74 50.90 33.26 NewellBrands NWL 1.6 54 47.49 -1.05 TurkcellIletismADR TKC t -90.70 12.82 0.12 1042.0 dd 0.12 -0.02 25.82 35.95 25.09 3.6 18 34.94 -0.52 11.02 4.74 1.55 ... 12 2.82 ... LinnEnergy LINE -9.15 46.95 36.41 Avnet AVT 1.7 9 38.92 -0.03 Exelon EXC 18.55 41.34 20.84 NewfldExpl NFX ... dd 38.60 -0.03 TurquoiseHillRscs TRQ 17.36 69.73 43.14 ... 32 61.58 -0.04 5.40 94.22 64.78 2.5 52 92.97 -0.43 -39.07 38.82 13.90 ... dd 14.10 0.02 lululemonathletica LULU 5.18 36.50 20.67 AxaltaCoatingSys AXTA ... 88 28.03 -0.03 ExtraSpaceStorage EXR 5.61 483.25 322.54 NewMarket NEU 1.6 21 402.10 -3.37 Twitter TWTR s 17.04 132.37 83.89 0.8 49 130.60 -1.32 20.32 41.14 28.94 2.1 35 38.37 -0.33 MarketAxess MKTX -3.77 60.00 51.01 AxisCapital AXS 2.6 11 54.10 0.06 13.74 90.00 66.55 ExxonMobil XOM 3.4 29 88.66 -1.01 89.38 35.20 15.39 NewmontMining NEM 0.3222 34.07 0.86 TycoInternational TYC 11.70 35.77 25.36 ... 42 33.70 -0.19 -14.34 184.01 118.05 ... 86 149.33 1.16 Markit MRKT -12.40 41.90 29.95 BB&T BBT 3.4 13 33.12 -0.61 17.56 58.40 32.24 FMC FMC 1.4 11 46.00 -0.99 16.24 121.39 93.74 NextEraEnergy NEE 2.9 20 120.76 -0.39 TylerTechnologies TYL -0.24 81.55 56.43 1.8 20 66.88 -1.09 28.91 70.44 39.05 0.9 20 68.75 0.10 MarriottInt A MAR 19.55 47.55 31.49 BCE BCE 4.7 15 46.17 -0.38 -4.96 43.67 22.30 FMCTechnologies FTI ... 24 27.57 -0.44 11.72 54.59 42.76 NielsenHoldings NLSN 2.2 32 52.06 -0.24 TysonFoodsClA TSN 7.94 14.73 7.40 2.5 dd 9.52 0.01 -7.49 177.28 135.95 1.3 25 150.40 -1.26 -8.30 68.19 47.25 1.1 27 57.31 -0.68 -24.01 23.19 14.01 1.7 11 14.72 -0.29 MarvellTch MRVL 3.26 48.90 18.46 BHPBillitonADR BHP 2.4 dd 26.60 -0.12 FactSetResearchSys FDS NikeClB NKE UBSGroup UBS 14.35 34.76 19.45 Mattel MAT 4.9 30 31.07 -0.15 3.58 46.30 16.36 2.7 dd 23.46 -0.17 6.26 160.47 124.87 FedRlty FRT 2.4 55 155.25 -1.31 17.66 47.17 33.83 NipponTelegraphADR NTT ... 19 46.76 -0.02 -3.43 38.61 30.03 UDR UDR 3.3660 36.28 -0.53 BHPBillitonADR BBL s -5.32 42.18 29.47 MaximIntProducts MXIM 3.3 45 35.98 0.06 0.67 43.07 27.01 BPADR BP 7.6 dd 31.47 -0.39 5.89 185.19 119.71 FedEx FDX 0.6 39 157.76 -1.61 s 23.63 24.21 16.04 NiSource NI 2.7 39 24.12 0.16 24.73 42.48 31.50 UGI UGI 2.3 21 42.11 0.30 26.54 66.39 26.41 ... 41 61.17 0.38 -9.06 60.97 31.66 ... 27 43.65 0.52 6.92 46.93 23.77 1.1 dd 35.21 -1.16 31.61 24.53 12.93 2.1 25 20.07 -0.80 Medivation MDVN -2.60 22.35 11.05 BRFADR BRFS 4.2 17 13.46 -0.19 Ferrari RACE NobleEnergy NBL UltraparPartADR UGP -12.98 24.00 12.05 MelcoCrownEntADR MPEL 0.6 95 14.62 0.05 -8.00 37.69 31.09 BTGroupADR BT 4.1 10 31.84 -0.28 -16.76 10.92 5.78 FiatChryslerAutos FCAU ... 15 7.65 0.03 -26.21 7.63 5.11 NokiaADR NOK 5.8 8 5.18 ... -10.79 54.70 32.66 UnderArmour A UA ... 36 37.15 -0.51 11.54 151.80 84.19 0.5 42 127.53 -0.43 -34.75 14.94 7.82 ... 9 8.28 -0.47 -27.93 7.32 3.96 ... 14 4.00 -0.16 t -16.36 46.53 34.48 ... 33 34.71 -0.48 MercadoLibre MELI -3.29 66.36 37.58 BakerHughes BHI 1.5 dd 44.63 -0.84 FibriaCelulose ADR FBR NomuraHoldingsADR NMR UnderArmourClC UA/C 27.54 29.56 19.46 MichaelsCos. MIK ... 16 28.20 -0.26 -0.81 76.69 57.95 Ball BLL 0.7 77 72.14 -0.70 -3.26 40.25 28.24 FidNtlFnl FNF 2.5 21 33.54 -0.22 t -21.38 80.23 37.99 Nordstrom JWN 3.8 12 39.16 -6.07 2.03 47.17 37.92 UnileverADR UN 3.3 23 44.20 -0.51 1.33 50.71 37.77 3.0 32 47.16 -0.17 4.45 13.55 8.38 ... 8 11.73 -0.06 1.63 98.75 64.51 2.7 16 85.97 -2.21 4.75 47.90 38.60 3.2 24 45.17 -0.49 MicrochipTech MCHP -15.96 10.75 5.86 BancoBilbaoVizADR BBVA 9.5 20 6.16 -0.14 FNFVGroup FNFV NorfolkSouthern NSC UnileverADR UL -32.49 28.62 9.31 MicronTechnology MU ... 10 9.56 -0.07 4.29 70.19 56.21 BancodeChileADR BCH 4.8 12 61.96 -0.64 19.32 74.19 55.10 FidelityNtlInfo FIS 1.4 37 72.31 0.54 13.33 218.84 152.31 NorthropGrumman NOC 1.5 19 213.98 -4.00 4.86 105.65 67.06 UnionPacific UNP 2.7 15 82.00 -1.84 -7.93 56.85 39.72 2.8 41 51.08 -0.43 -23.44 82.77 37.72 ... dd 50.50 0.07 -13.15 106.84 69.89 3.6 27 74.73 -0.15 -23.49 63.22 42.17 ... 2 43.84 0.06 Microsoft MSFT 4.37 22.56 15.69 BcoSantChileADR BSAC 5.9 12 18.41 -0.14 58.comADR WUBA Novartis ADR NVS UnitedContlHldgs UAL 8.94 125.31 79.11 Middleby MIDD ... 32 117.51 2.86 -7.19 7.72 3.69 BancoSantanderADR SAN 5.1 8 4.52 -0.08 -31.65 17.99 8.37 FirstDataClA FDC ... dd 10.95 -0.03 -6.89 60.34 46.17 NovoNordiskADR NVO 1.8 27 54.08 -0.10 4.60 107.32 87.30 UtdParcel B UPS 3.1 18 100.66 -1.13 -1.07 48.58 35.88 1.5 10 44.36 -0.49 2.30 72.63 56.32 0.9 20 67.58 -0.37 16.77 51.10 33.90 3.2 42 47.06 -0.38 -17.52 105.83 41.90 ... 10 59.83 -1.04 MondelezIntlClA MDLZ 36.26 46.54 23.69 BanColombiaADR CIB 3.1 10 36.45 -0.44 FirstRepublicBank FRC Nucor NUE UnitedRentals URI -0.23 160.50 113.08 MonsterBeverage MNST ... 42 148.61 -1.56 -17.53 18.48 10.99 BankAm BAC 1.4 11 13.88 -0.26 5.52 36.54 28.89 FirstEnergy FE 4.3 21 33.48 -0.49 20.17 64.84 25.65 NuSTAREnergy NS 9.1 20 48.19 0.22 -2.91 46.26 37.07 US Bcp USB 2.5 13 41.43 -0.51 -27.58 74.66 37.59 ... 25 39.16 0.54 1.71 164.61 107.56 75.19 26.95 6.15 1.4 dd 13.98 -0.83 Mylan MYL 12.39 65.50 47.54 BkMntrl BMO 3.9 9 63.41 -0.43 FleetCorTechs FLT ... 36 145.38 -5.55 17.12 32.17 23.37 OGEEnergy OGE 3.6 24 30.79 -0.20 US Steel X -1.40 114.00 61.61 NXP Semi NXPI ... 16 83.07 -0.18 -4.32 45.45 32.20 BankNY Mellon BK 1.7 14 39.44 -0.30 7.84 58.01 33.86 Flowserve FLS 1.7 22 45.38 -0.60 66.42 46.22 18.84 ONEOK OKE 6.0 32 41.04 0.75 4.37 119.66 83.39 UnitedTech UTX 2.6 23 100.27 -1.19 9.47 67.61 47.81 2.0 20 63.68 -0.50 5.97 59.84 39.48 1.7 20 50.04 -1.29 9.66 135.11 95.00 1.6 21 129.00 -0.74 Nasdaq NDAQ 19.73 54.35 35.01 BkNovaScotia BNS 4.3 8 48.42 -0.62 Fluor FLR 24.26 42.50 21.86 ONEOKPartners OKS 8.4 35 37.44 -0.17 UnitedHealthGroup UNH -13.15 36.10 20.66 NetApp NTAP 3.1 19 23.04 0.05 -27.55 18.05 8.20 BarclaysADR BCS 8.6 dd 9.39 -0.06 -2.01 102.72 77.47 FomentoEconMexADR FMX 1.5 30 90.49 -2.10 11.48 79.86 58.22 OccidentalPetrol OXY 4.0 dd 75.34 -1.14 11.82 148.57 100.82 UniversalHealthB UHS 0.3 19 133.61 0.32 -15.36 186.45 102.80 1.7 16 153.40 7.60 -11.72 77.25 57.23 1.9 15 57.46 -1.58 0.99 38.15 23.99 2.2 9 33.62 -0.23 NeteaseADR NTES 15.42 222.80 167.36 Bard CR BCR 0.4153 218.65 -0.80 FootLocker FL -37.40 13.15 2.89 Och-ZiffCapMgmt OZM ... dd 3.90 0.07 UnumGroup UNM -23.17 133.27 79.95 Netflix NFLX ...303 87.88 0.14 149.46 19.50 5.91 BarrickGold ABX 0.4 dd 18.41 0.29 -6.17 15.84 10.44 FordMotor F 4.5 6 13.22 -0.13 1.40 19.16 14.84 OldRepublic ORI 4.0 12 18.89 -0.20 23.86 9.90 6.68 VEREIT VER 5.6 dd 9.81 -0.04 -12.80 15.92 10.21 1.7 dd 11.65 -0.29 -0.41 23.96 16.43 1.1 11 21.84 -0.08 -3.73 77.40 52.21 2.5 21 59.93 -0.91 NewsCorpClA NWSA 8.61 43.35 29.83 Baxalta BXLT 0.7 36 42.39 0.61 ForestCityRealtyA FCE/A -6.58 37.24 26.96 OmegaHealthcare OHI 7.1 27 32.68 -0.15 VF VFC -13.68 15.74 10.73 NewsCorpClB NWS 1.7 dd 12.05 -0.30 19.32 46.95 32.18 BaxterIntl BAX 1.1 6 45.52 -0.11 -0.05 23.83 16.59 ForestCityRealtyB FCE/B 1.1 11 21.86 0.01 10.67 85.95 64.12 OmnicomGroup OMC 2.4 19 83.73 -0.53 -0.93 81.73 60.00 VISAClA V 0.7 27 76.83 -1.06 -5.02 79.25 54.38 2.1 17 68.47 -0.99 -0.16 59.98 41.17 1.2 27 55.41 -0.57 -0.30 135.98 100.50 2.5 41 127.60 -1.22 NorthernTrust NTRS 7.92 169.08 128.87 BectonDickinson BDX 1.6 44 166.29 -0.86 FortBrandsHomeSec FBHS -2.99 19.20 7.12 OpkoHealth OPK ... dd 9.75 0.20 VailResorts MTN -20.85 64.27 37.01 NorwegianCruise NCLH ... 25 46.38 -0.81 9.42 54.19 38.91 Bemis BMS 2.4 20 48.90 -1.02 48.07 71.48 38.20 Franco-Nevada FNV 1.3239 67.74 -0.35 8.43 45.24 33.13 Oracle ORCL 1.5 20 39.61 -0.21 25.53 7.20 2.13 ValeADR VALE 4.7 dd 4.13 -0.31 -17.40 21.82 14.37 ... dd 16.43 -0.07 -4.83 52.23 31.00 2.1 13 35.04 -0.80 -74.52 263.81 23.55 ... dd 25.90 0.97 NuanceComms NUAN 2.48 58.46 47.54 Berkley WRB 0.9 14 56.11 -0.20 FranklinResources BEN 1.38 18.32 14.27 OrangeADR ORAN 5.4 17 16.86 -0.10 ValeantPharmIntl VRX s 24.33 41.00 19.09 NVIDIA NVDA 1.1 38 40.98 5.41 7.25 221985 186900 BerkHathwy A BRK/A ... 14 212140 -2720.00 53.77 22.96 3.52 Freeport-McMoRan FCX ... dd 10.41 -0.62 -2.37 94.92 56.06 OrbitalATK OA 1.4 19 87.22 -1.49 -22.06 73.88 51.68 ValeroEnergy VLO 4.4 8 55.11 0.33 1.89 277.96 218.82 ... 27 258.22 -6.91 28.86 107.71 70.58 1.2 25 106.89 -0.02 OReillyAuto ORLY 7.09 148.03 123.55 BerkHathwy B BRK/B ... 14 141.40 -1.91 -0.62 45.85 36.89 FreseniusMedADR FMS 1.1 25 41.58 -0.51 -1.75 81.76 57.00 OrixADR IX ... 8 69.01 -2.16 Valspar VAL 5.26 74.86 48.92 OldDominionFreight ODFL ... 17 62.18 -1.57 6.47 39.40 27.79 BerryPlasticsGroup BERY ... 62 38.52 0.26 15.12 49.59 35.96 Gallagr AJG 3.2 22 47.13 -0.36 4.55 52.52 38.95 OwensCorning OC 1.5 16 49.17 -0.24 15.46 58.09 37.69 Vantiv VNTV ... 51 54.75 -0.47 16.17 57.38 36.65 1.7 25 55.68 -0.19 1.62 90.78 71.07 ... 20 82.11 -0.15 OpenText OTEX 1.64 39.09 25.31 BestBuy BBY 3.6 13 30.95 -0.30 t -28.66 39.59 17.34 Gap GPS 5.2 8 17.62 -0.24 11.24 60.09 47.33 PG&E PCG 3.1 30 59.17 -0.07 VarianMed VAR 18.19 66.95 43.46 Paccar PCAR 1.7 32 56.02 -0.91 1.99 372.95 275.00 BlackRock BLK 2.6 18 347.29 -8.31 s 7.61 98.57 77.80 Gartner IT ... 44 97.60 -0.48 -11.09 100.52 77.67 PNC FnlSvcs PNC 2.4 12 84.74 -1.44 18.31 67.00 46.87 Ventas VTR 4.4 55 66.76 0.04 -13.87 48.85 29.05 5.4 13 37.12 -1.11 10.21 54.49 38.06 4.4 12 50.94 -0.53 PacWestBancorp PACW -11.76 43.59 22.31 BlackstoneGroup BX 4.3124 25.80 -0.55 2.99 13.22 7.15 Gazit-Globe GZT ... 3 9.25 0.13 22.68 58.54 30.97 POSCOADR PKX ... 87 43.38 -0.94 Verizon VZ 7.88 220.44 165.17 PaneraBreadClA PNRA ... 35 210.13 -0.61 24.65 17.47 8.86 BdwlkPipePtnr BWP 2.5 17 16.18 -0.02 5.10 153.76 121.61 GenDynam GD 2.1 16 144.37 -0.94 7.97 118.69 82.93 PPG Ind PPG 1.5 20 106.70 -0.79 18.75 46.47 20.31 VermilionEnergy VET 6.1 dd 32.23 -0.70 -2.23 54.78 41.59 3.2 25 51.71 -0.40 -21.41 27.26 10.37 ... 69 12.00 -0.17 Paychex PAYX -8.62 150.59 102.10 Boeing BA 3.3 18 132.12 -2.30 -4.85 32.05 19.37 GenElec GE 3.1 29 29.64 -0.45 13.95 39.08 29.18 PPL PPL 3.9 19 38.89 -0.02 VipshopHldgsADR VIPS 9.06 42.55 30.00 PayPalHoldings PYPL ... 36 39.48 -0.03 -23.73 62.32 27.68 BorgWarner BWA 1.6 12 32.97 -0.78 1.69 30.30 24.22 GeneralGrowthProp GGP 2.7 29 27.67 -0.46 13.31 120.67 64.16 PVH Corp. PVH 0.2 12 83.45 -0.71 2.39 93.43 43.25 VMware VMW ... 26 57.92 1.30 -6.87 16.95 13.62 4.5 17 15.04 -0.24 -4.76 103.41 78.91 2.6 38 95.20 -1.49 People'sUnitedFin PBCT 1.98 135.49 94.91 BostonProperties BXP 2.0 34 130.06 -1.32 11.90 65.49 47.43 GeneralMills GIS 2.9 26 64.52 -0.20 3.60 73.59 44.32 PackCpAm PKG 3.4 15 65.32 -1.01 VornadoRealtyTrust VNO 16.48 27.79 17.39 PilgrimPride PPC ... 12 25.73 -0.22 21.20 22.41 14.18 BosSci BSX ... dd 22.35 0.30 -10.26 36.88 24.62 GeneralMotors GM 5.0 5 30.52 -0.66 -25.64 200.55 111.09 PaloAltoNetworks PANW ... dd 130.97 1.44 -17.91 48.30 25.75 VoyaFinancial VOYA 0.1 16 30.30 -0.23 0.29 1476.52 954.02 ... 25 1278.64 -3.61 21.76 118.00 78.83 0.7 56 115.64 -0.48 PricelineGroup PCLN 3.47 73.06 51.82 BristolMyers BMY 2.1 73 71.18 -0.10 7.77 28.52 20.95 Genpact G ... 23 26.92 -0.33 13.19 125.33 83.32 ParkerHannifin PH 2.3 20 109.77 -2.77 VulcanMaterials VMC -22.51 28.53 20.10 Qiagen QGEN ... 40 21.43 0.14 0.04 26.98 19.91 BrixmorPropertyGrp BRX 3.8 35 25.83 -0.41 11.85 100.00 76.50 GenuineParts GPC 2.7 21 96.07 -1.04 6.77 21.15 9.18 PearsonADR PSO 8.5 dd 11.51 -0.16 1.40 133.00 81.66 WABCO Hldg WBC ... 32 103.69 -1.65 -11.61 88.35 33.30 Qorvo QRVO ... dd 44.99 -0.19 s 14.93 62.06 48.56 BdridgeFnlSol BR 1.9 25 61.75 0.52 3.20 35.15 22.43 Gildan GIL 1.1 16 29.33 -0.42 31.80 34.46 17.88 PembinaPipeline PBA 5.3 31 28.68 -0.18 16.76 60.51 44.93 WECEnergyGroup WEC 3.3 23 59.91 -0.27 2.67 71.32 42.24 Qualcomm QCOM 4.1 16 51.32 -0.19 5.23 36.80 26.13 BrookfieldMgt BAM 1.6 12 33.18 -0.60 3.87 45.65 37.24 GlaxoSmithKlineADR GSK 5.3111 41.91 -0.16 16.39 69.65 41.57 Pentair PNR 2.4 22 57.65 -1.57 7.36 65.19 51.12 W.P.Carey WPC 6.2 36 63.34 -0.59 -32.21 55.93 26.52 QunarCaymanIslADR QUNR ... dd 35.75 -1.25 13.32 45.50 30.50 BrookfieldInfr BIP 5.3 57 42.96 -0.40 15.08 77.53 50.70 GlblPymts GPN 0.1 32 74.24 -0.13 4.26 106.94 76.48 PepsiCo PEP 2.9 28 104.18 -1.92 9.67 103.07 60.28 Wabtec WAB 0.5 19 78.00 -1.17 42.64 101.60 54.88 RandgoldRscsADR GOLD 0.7 44 88.34 -0.45 9.44 36.03 28.41 Brown&Brown BRO 1.4 20 35.13 -0.16 55.36 20.24 9.46 Goldcp GG 0.4 dd 17.96 -0.06 1.64 55.06 39.50 PerkinElmer PKI 0.5 28 54.45 -0.03 5.94 79.94 56.30 WalMart WMT 3.1 14 64.94 -1.91 -31.94 605.93 348.96 RegenPharm REGN ... 59 369.46 3.82 -4.65 122.94 98.32 BrownFormanClA BF/A 1.3 32 104.99 -1.71 -13.81 218.77 139.05 GoldmanSachs GS 1.7 18 155.34 -2.73 t -38.94 200.96 84.85 Perrigo PRGO 0.7 dd 88.36 -0.68 23.83 70.35 45.70 WasteConnections WCN 0.8 dd 69.74 0.05 0.95 59.68 43.47 RossStores ROST 1.0 22 54.32 -0.77 -1.66 111.06 90.02 BrownFormanClB BF/B 1.4 29 97.63 -0.74 -3.55 84.22 62.96 GraceWR GRA ... 63 77.09 -0.72 2.24 125.46 52.30 PetroChinaADR PTR 1.1 45 67.06 -1.73 s 15.16 62.05 45.86 WasteMgt WM 2.7 24 61.46 -0.32 -11.28 88.24 65.13 RyanairHoldingsADR RYAAY ... 12 76.71 -1.13 3.84 80.80 47.07 BuckeyePartners BPL 7.0 19 68.49 -0.59 11.75 248.19 176.85 Grainger GWW 2.2 20 226.40 -1.36 60.00 10.46 2.71 PetroleoBrasilADR PBR ... dd 6.88 -0.47 0.13 138.91 112.00 Waters WAT ... 24 134.76 -0.20 -4.83 128.47 82.80 SBACommunications SBAC ... dd 100.00 -1.18 -11.17 93.04 46.08 Bunge BG 2.5 12 60.65 -0.72 15.42 32.74 24.06 GreatPlainsEnergy GXP 3.3 22 31.52 -0.24 56.18 9.69 1.99 PetroleoBrasilADRA PBR/A ... dd 5.31 -0.37 12.67 138.30 106.58 Watsco WSO 2.6 27 131.97 -1.96 -8.15 55.48 32.01 SEIInvestments SEIC 1.1 25 48.13 -0.53 -17.06 39.00 22.73 CBRE Group CBG ... 18 28.68 -0.13 14.57 102.12 68.25 GpoAeroportuarADR PAC ... 30 101.14 0.34 2.82 36.46 28.25 Pfizer PFE 3.6 25 33.19 ... -32.78 14.90 4.95 WeatherfordIntl WFT ... dd 5.64 -0.18 -14.16 77.19 47.23 SS&CTechs SSNC 0.9217 58.60 -0.38 9.59 72.50 42.54 CBSClA CBS/A 1.1 18 57.12 -1.23 10.24 167.86 119.99 GpoAeroportSurADR ASR 1.6 25 155.08 -2.57 14.77 102.55 76.54 PhilipMorrisIntl PM 4.0 24 100.89 -1.29 10.18 39.38 30.21 WeingartenRealty WRI 3.8 34 38.10 -0.44 -22.54 152.99 77.87 SVBFinancialGroup SIVB ... 14 92.10 -2.97 13.52 62.97 38.51 CBSClB CBS 1.1 17 53.50 -0.78 19.63 10.40 5.59 GpoAvalAccionesADR AVAL 5.0 11 7.80 -0.04 -14.57 68.00 34.26 PhilippineLgDisADR PHI 6.7 19 36.52 -0.20 -11.26 58.77 44.50 WellsFargo WFC 3.2 12 48.24 -0.96 3.72 30.45 22.03 Sabre SABR 1.8 18 29.01 0.13 -32.25 70.32 26.10 CFIndustries CF 4.3 13 27.65 -0.20 7.27 10.11 6.75 GpFinSantandMexADR BSMX 1.7 15 9.30 0.05 -4.23 94.12 69.79 Phillips66 PSX 3.2 12 78.34 0.09 5.50 74.96 52.80 Welltower HCN 4.8 46 71.77 -0.32 17.13 68.85 47.62 ScrippsNetworksA SNI 1.5 11 64.67 -0.14 12.29 49.50 31.99 CGI Gp A GIB ... 14 44.95 -0.87 -3.23 40.05 23.25 GrupoTelevisaADR TV ... 18 26.33 -0.17 s 5.14 60.10 35.09 PiedmontNaturalGas PNY 2.3 34 59.95 0.01 19.00 73.40 52.79 WestPharmSvcs WST 0.7 62 71.66 0.39 -47.93 57.88 18.42 SeagateTechnology STX 13.2 19 19.09 0.30 -21.26 49.27 25.18 CIT Grp CIT 1.9 5 31.26 -0.81 15.22 95.49 43.91 HCAHoldings HCA ... 15 77.92 0.23 1.08 48.13 38.32 PinnacleFoods PF 2.4 26 42.92 -0.16 22.92 55.47 33.88 WestarEnergy WR 2.9 24 52.13 -0.05 -26.58 52.33 26.02 SeattleGenetics SGEN ... dd 32.95 ... 16.21 42.87 31.22 CMSEnergy CMS 3.0 24 41.93 -0.16 -10.56 40.90 25.11 HCP HCP 6.7 dd 34.20 -0.04 15.09 75.81 56.01 PinnacleWestCap PNW 3.4 19 74.21 -0.23 10.77 65.61 19.21 WesternGasEquity WGP 4.2 45 40.20 -0.36 -14.29 270.63 147.60 ShireADR SHPG 0.8 27 175.71 1.90 -8.71 40.61 27.99 CNAFinancial CNA 3.1 28 32.09 -0.35 2.63 65.44 51.11 HDFCBankADR HDB 0.6 ... 63.22 -1.16 30.48 171.88 103.50 PioneerNaturalRscs PXD 0.0 dd 163.59 -3.44 1.73 70.24 25.40 WesternGasPartners WES 6.7 dd 48.35 -0.56 -14.52 163.15 119.60 SignatureBank SBNY ... 18 131.10 -1.59 8.84 165.29 82.28 CNOOCADR CEO 5.7 16 113.61 -2.92 -2.87 16.16 8.91 HP HPQ 4.3 6 11.50 -0.06 2.34 49.72 14.82 PlainsAllAmPipe PAA 11.8 48 23.64 -0.12 7.09 22.69 16.02 WesternUnion WU 3.3 12 19.18 -0.07 -4.42 4.20 3.29 SiriusXMHoldings SIRI ... 35 3.89 -0.02 53.62 13.59 6.38 CPFLEnergiaADR CPL 2.0 24 11.12 -0.44 -21.94 48.81 29.14 HSBCHoldingsADR HSBC 6.5 10 30.81 -0.18 -2.85 156.35 67.80 PolarisIndustries PII 2.6 14 83.50 -1.60 -19.44 74.10 39.90 WestlakeChemical WLK 1.7 9 43.76 -1.25 -20.93 112.88 54.50 SkyworksSolutions SWKS 1.7 12 60.75 -0.91 1.28 30.95 23.33 CRHADR CRH 3.4 30 29.19 -0.38 14.75 46.88 27.64 Halliburton HAL 1.8 dd 39.06 -0.99 21.25 77.99 41.63 PostHoldings POST ... dd 74.81 -1.02 -11.06 26.67 19.83 WestpacBankingADR WBK 6.7 12 21.55 -0.45 -20.76 76.85 29.85 Splunk SPLK ... dd 46.60 -0.44 6.03 113.65 81.37 CVSHealth CVS 1.6 23 103.67 -1.18 -8.60 34.78 23.25 Hanesbrands HBI 1.6 24 26.90 0.05 -8.35 33.52 14.64 PotashCp POT 6.4 10 15.69 -0.15 -6.71 66.40 29.73 WestRock WRK 3.5 ... 42.56 0.05 -12.46 16.74 8.04 Staples SPLS 5.8 14 8.29 0.07 8.46 34.70 20.06 Cablevision CVC 1.7 43 34.60 0.04 0.37 60.67 36.36 HarleyDavidson HOG 3.1 12 45.56 -0.06 9.34 124.17 95.60 Praxair PX 2.7 22 111.96 -1.64 2.94 33.10 22.06 Weyerhaeuser WY 4.0 37 30.86 -0.37 -7.01 64.00 42.05 Starbucks SBUX 1.4 33 55.82 -0.48 34.60 35.60 14.88 CabotO&G COG 0.3 dd 23.81 -0.59 -22.57 128.60 66.20 HarmanIntlInds HAR 1.9 15 72.95 -0.52 -6.91 58.02 33.09 PrincipalFinancial PFG 3.7 11 41.87 -0.58 14.88 193.59 123.60 Whirlpool WHR 2.1 18 168.72 -2.82 34.47 25.42 15.32 SteelDynamics STLD 2.3 dd 24.03 0.14 1.66 21.15 11.53 Calpine CPN ...123 14.71 -0.32 -12.64 89.78 70.10 Harris HRS 2.6 80 75.92 -0.19 2.29 83.87 65.02 Procter&Gamble PG 3.3 28 81.23 -1.18 13.29 52.53 31.40 WhiteWaveFoods WWAV ... 45 44.08 -0.05 -22.31 151.57 91.05 Stericycle SRCL ... 33 93.70 0.43 11.97 87.18 67.27 CamdenPropertyTr CPT 3.5 44 85.95 -0.68 2.25 50.95 36.54 HrtfrdFnl HIG 1.9 12 44.44 -0.06 4.53 35.54 26.88 ProgressiveCorp PGR 2.7 16 33.24 -0.32 -24.71 61.38 10.22 Williams WMB 13.2 dd 19.35 0.30 -20.05 26.16 16.14 Symantec SYMC 3.6 19 16.79 -0.11 -6.16 17.28 10.31 Cameco CCJ 2.7 30 11.57 -0.15 8.46 76.51 40.02 Helmerich&Payne HP 4.7 59 58.08 -0.57 42.12 33.79 20.81 ProgressWasteSol BIN 1.0 28 33.47 0.02 8.40 59.44 12.69 WilliamsPartners WPZ 11.3 dd 30.19 1.04 5.04 52.78 39.26 Synopsys SNPS ... 34 47.91 -0.56 25.78 66.75 45.23 CampbellSoup CPB 1.9 29 66.10 -0.40 13.76 66.26 42.26 Herbalife HLF 2.0 15 61.00 -0.99 10.53 47.80 35.25 Prologis PLD 3.5 34 47.44 -0.01 -9.93 89.38 47.33 WilliamsSonoma WSM 2.8 16 52.61 -1.90 -17.31 39.05 24.88 TDAmeritrade AMTD 2.4 19 28.70 -0.44 18.72 81.74 56.29 CIBC CM 4.4 9 78.20 -0.56 3.55 97.40 82.41 Hershey HSY 2.5 41 92.44 -0.72 -7.38 92.60 57.19 PrudentialFin PRU 3.7 7 75.40 -1.03 2.69 13.08 10.65 WiproADR WIT 1.2 22 11.85 -0.09 -4.38 19.42 14.54 TFSFinancial TFSL 2.2 67 18.00 -0.19 5.19 66.22 46.23 CanNtlRlwy CNI 2.0 13 58.78 -0.91 19.14 70.67 32.41 Hess HES 1.7 dd 57.76 -0.38 -19.12 52.17 31.30 PrudentialADR PUK 5.8 12 36.46 -0.62 11.81 29.56 19.99 WooriBankADR WF 5.1 7 25.27 -1.28 3.89 43.43 33.23 T-MobileUS TMUS ... 28 40.64 -0.08 30.87 31.99 14.60 CndNatRes CNQ 2.6 dd 28.57 -0.59 3.75 18.55 11.62 HewlettPackardEnt HPE 1.4 ... 15.77 -0.13 18.56 47.41 36.80 PublicServiceEnt PEG 3.6 15 45.87 -0.49 -11.33 93.62 47.32 Workday WDAY ... dd 70.65 -0.40 3.69 82.50 63.57 TRowePrice TROW 2.9 16 74.13 -1.48 4.72 180.65 97.09 CanPacRlwy CP 1.2 13 133.62 -3.59 9.22 49.08 36.57 HighwdProp HIW 3.6 43 47.62 -0.47 5.73 277.60 182.08 PublicStorage PSA 2.7 42 261.89 -2.80 -7.30 88.01 60.59 WyndhamWorldwide WYN 3.0 14 67.35 -1.78 -13.50 286.65 141.05 TeslaMotors TSLA ... dd 207.61 0.33 -7.60 36.03 26.60 CanonADR CAJ 5.1 17 27.84 -0.25 0.47 29.84 16.16 HiltonWorldwide HLT 1.3 14 21.50 -0.43 0.90 22.10 14.61 PulteGroup PHM 2.0 12 17.98 -0.21 -12.79 40.48 5.40 XL Group XL 2.3 8 34.17 0.46 4.21 60.60 43.49 TexasInstruments TXN 2.7 20 57.12 -0.04 -4.81 92.10 58.49 CapOneFnl COF 2.3 10 68.71 -0.65 t -29.51 54.73 27.59 HollyFrontier HFC 4.7 10 28.12 0.12 -3.24 76.10 41.64 Qihoo360Technology QIHU ...... 70.45 2.50 16.15 42.04 31.76 XcelEnergy XEL 3.3 20 41.71 -0.14 7.60 97.25 75.00 TractorSupply TSCO 1.0 30 92.00 -1.57 -14.58 91.22 74.73 CardinalHealth CAH 2.4 18 76.25 -0.75 0.67 137.82 92.17 HomeDepot HD 2.1 24 133.13 -1.06 6.76 89.00 59.66 QuestDiag DGX 2.1 15 75.95 0.23 -15.05 11.62 8.48 Xerox XRX 3.4 33 9.03 -0.21 9.84 26.07 15.90 TrimbleNavigation TRMB ... 57 23.56 -0.26 13.38 105.79 75.17 Carlisle CSL 1.2 19 100.56 -0.94 -17.69 35.99 24.56 HondaMotorADR HMC ... 11 26.28 -1.33 -4.25 80.45 55.01 QuintilesTransnat Q ... 20 65.74 0.43 s 18.22 43.41 29.90 Xylem Inc. 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WillisTowersWatson WLTW 1.6 30 122.97 -0.92 -9.45 18.33 10.12 ChinaUnicomADR CHU 2.4 16 10.92 -0.12 8.62 36.66 23.70 IngramMicroClA IM 1.2 29 33.00 -0.25 1.40 9.47 5.88 RiteAid RAD ... 50 7.95 -0.06 15.54 77.19 52.01 AlignTechnology ALGN ... 42 76.08 0.36 30.00 112.00 49.95 WynnResorts WYNN 2.2 31 89.95 -2.97 -4.48 758.61 399.14 ChipotleMex CMG ... 44 458.35 1.34 23.25 120.18 79.31 Ingredion INGR 1.5 19 118.12 -1.64 -17.50 58.20 36.17 RobHalfIntl RHI 2.3 14 38.89 0.29 -52.82 80.71 27.14 Alkermes ALKS ... dd 37.45 0.45 -7.94 50.72 38.70 Xilinx XLNX 3.1 21 43.24 0.32 s 7.08 125.84 96.00 Chubb CB 2.1 15 125.12 -0.26 1.46 268.89 220.28 ICE ICE 1.3 22 259.99 -2.15 10.20 127.05 87.53 Rockwell ROK 2.6 20 113.08 -0.93 -6.84 810.35 538.85 AlphabetClA GOOGL ... 31 724.83 -3.24 9.68 45.07 26.15 Yahoo YHOO ... dd 36.48 -0.55 14.75 34.62 28.49 ChunghwaTelecomADR CHT 4.3 20 34.46 0.12 -18.75 52.28 37.30 InterContinentlADR IHG ... 6 37.77 -1.10 -3.82 99.37 76.03 RockwellCollins COL 1.5 18 88.77 -0.66 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-0.06 10.81 66.08 44.37 RoyalBkCanada RY 4.0 9 59.37 -0.60 -8.79 21.64 11.83 AmericaMovilClAADR AMOV 2.4 19 12.76 -0.18 -18.29 28.71 18.04 CitizensFinancial CFG 2.2 14 21.40 -0.36 40.28 38.64 23.64 IronMountain IRM 5.1 55 37.89 -0.19 -31.68 11.63 5.79 RoyalBkScotlandADR RBS ... dd 6.06 -0.07 t -25.60 49.68 31.08 AmerAirlinesGrp AAL 1.3 3 31.51 0.18 NYSE MKT s 4.06 133.24 103.77 Clorox CLX 2.3 26 131.98 -0.90 8.15 7.44 3.68 IsraelChemicals ICL ... 3 4.38 -0.04 -25.26 103.40 64.21 RoyalCaribbean RCL 2.0 23 75.64 -1.38 10.29 20.93 15.69 AmeriCapAg AGNC 12.5 dd 19.12 0.04 13.96 42.13 27.22 Coach COH 3.6 27 37.30 -0.71 35.48 11.75 5.48 ItauUnibancoADR ITUB 0.6 8 8.82 -0.56 8.41 63.46 35.80 RoyalDutchADRA RDS/A 7.6 dd 49.64 -1.12 -6.15 181.81 130.09 Amgen AMGN 2.6 16 152.35 0.45 9.16 123.67 99.81 BritishAmTobADR BTI 5.0 17 120.57 -1.77 5.56 47.13 36.56 CocaCola KO 3.1 27 45.35 -0.48 -7.31 70.61 50.07 JPMorganChase JPM 2.9 10 61.20 -0.57 8.91 64.42 35.95 RoyalDutchADRB RDS/B 7.5 dd 50.14 -1.05 -1.08 68.97 47.24 AnalogDevices ADI 3.1 25 54.72 -0.18 -8.75 77.47 22.80 CheniereEnergy LNG ... dd 33.99 -0.76 14.66 87.58 61.17 Coca-ColaFemsaADR KOF 2.3 27 81.19 -1.44 17.14 50.72 34.76 JacobsEngineering JEC ... 26 49.14 -0.67 -2.62 81.24 62.57 SAPADR SAP 1.7 26 77.03 -0.22 -14.00 132.97 89.47 Apple AAPL 2.5 10 90.52 0.18 7.59 34.55 19.22 CheniereEngyPtnr CQP 6.1 dd 28.05 -0.81 7.31 54.54 42.13 CocaColaEnt CCE 2.3 22 52.84 -0.96 11.21 15.41 10.19 JamesHardieADR JHX 19.2 12 14.09 -0.19 6.43 109.27 78.55 S&PGlobal SPGI 1.4 25 104.92 -1.04 5.03 21.67 14.25 AppliedMaterials AMAT 2.0 18 19.61 -0.02 -4.70 41.81 25.55 ImpOil IMO 1.5 44 30.99 -0.35 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | B11 SPORTS Heard On What Golf Can Learn From Online Dating The Field Imagine for a moment that a restaurant is trying to convince you to make a reservation for lunch. You’ll be in a lovely and relaxing setting, they tell you. You’ll meet regulars who can’t get enough of the place. But unless you bring three other people, there will be a twist. You will most likely have to share a table with one or more total strangers. They may be compati- blewithyouorthey may be a complete mismatch. If they have more experience eating at restaurants, you may GOLF get humiliated. They JOURNAL. may take five minutes BRIAN to order or they may COSTA take five hours. Hey, you’ll find out when you get there! This has long been one of golf’s weaker selling points: the randomness FIFA Tabs First Female of the foursome. And it’s what makes a nascent mobile app potentially trans- Secretary General formative. In his first major appointment GolfMatch, which has attracted since being elected FIFA president, around 30,000 members in a little Gianni Infantino on Friday named more than a year, is introducing a con- Fatma Samba Diouf Samoura of cept that has long fueled the growth Senegal as the organization’s Secre- of online dating: It’s better to find suit- tary General, FIFA’s No. 2 role. able companions in advance than roll The job, which involves signing the dice with blind dates. off on some of FIFA’s largest pay- The app suggests playing partners Golfers at ments and negotiating sponsor- based on criteria ranging from average the West ship and marketing deals, had score and age to what style of golf Palm Beach been vacant since Jerome Valcke you prefer and even what type of in- Municipal was fired in January amid allega- dustry you work in. If, for instance, you Golf Course. tions of widespread corruption. are in your 40s, shoot in the 80s and Samoura, 54, is the first woman like to play for cash, you can find simi- to hold such high office at FIFA. lar golfers to play with. If you’re a 20- shot after another is doing so in the ‘Well, that’s stupid.’” younger, informal feel, to the chagrin of Unlike her predecessors, something novice who would be put company of someone who makes a His friends ended up not playing, but some traditionalists. Samoura’s background is not pri- off by someone who hits every fairway hard game look easy. Likewise, novices Kratsios developed the first version of Recently, a Tallahassee, Fla., man marily in soccer administration. For and acts like it’s Sunday at the Mas- can be a drag on serious golfers, who GolfMatch the following year. Within posted a lengthy rant bemoaning the the past 21 years, she has worked ters, you can avoid that person. feel like they are taking their Ferrari months, the company ran out of money, sight of other members posting “endless at the United Nations, starting at Tee times can also be booked through out for a spin—only to get stuck be- the chief technology officer left and the selfies” from courses, men wearing jeans the World Food Programme and the online booking service GolfNow, hind an elderly couple in the right lane. product was “terrible,” Kratsios said. But and women playing in yoga pants. “We then moving on to be the U.N.’s which is akin to Match.com partnering Kratsios, 27 years old and an avid the concept remained promising. On a are losing our traditions in America,” he representative or director in six Af- with OpenTable to combine finding a golfer, said the idea for the app single night in December 2014, Kratsios wrote. rican countries. Her most recent date with finding a dinner reservation. stemmed from a conversation he had said he raised half a million dollars from Within the app, members can join posting was in Nigeria. “We don’t market ourselves as an in 2013 with two of his high school angel investors, which funded the re- groups that allow them to cluster by Many of FIFA’s activities are still online dating app, but the concept is friends from Long Island. They were launch of the app in April 2015. skill level, gender, location and inter- being supervised by an American law the same,” said GolfMatch founder and the epitome of the kinds of people the The group of investors later grew to ests. The group names range from the firm and a consultancy firm as the chief executive Peter Kratsios. “It is a golf industry is trying to attract more include Gary Hendrickson, the CEO of specific (“Central New Jersey Golfers”) organization attempts to rebuild from platonic golf connection.” of: millennials who aren’t yet hooked Valspar Corp., and Bob McCarthy, the to the broad (“I Want to Be Rich”). But the most turbulent year in its history. So far, the app has appealed more but are interested enough to try it. former chief operations officer of Mar- in golf, as in dating, not everyone is so “It is essential for FIFA to incor- to people looking to play public courses “They asked me to find them guys riott International Inc. particular about who they play with. porate fresh perspectives—from than to members of private clubs, who our age who wanted to have a couple Now, GolfMatch has members in all Steve Goodman, a 45-year-old free- outside the traditional pool of foot- account for just 10% of GolfMatch’s beers on the course and enjoy a round 50 states and Canada. About 80% of lance television director who lives in ball executives—as we continue to members. But it addresses an issue with beginners,” Kratsios said. “I’m like, them are between the ages of 18 and Manhattan, said he often uses GolfMatch restore and rebuild our organiza- that is universal. ‘Guys, that’s not how it works. You 34, and 75% are men. A forum in which to find people to play with on weekdays, tion,” Infantino said in a statement. For most beginners, the only thing have to go to the course and see who members share photos and experi- when most people are at work. “I’m kind

—Joshua Robinson GOLF JOURNAL: THE PALMmore BEACH POST/ZUMA PRESS; HOF: AGENCE FRANCE-PRESSE/GETTY IMAGE embarrassing than shanking one you get paired with.’ And they’re like, ences from courses has a decidedly of just looking for anyone,” he said.

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Global Government Bonds: Mapping Yields Money Rates May 13, 2016 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points guide to general levels but don’t always represent actual transactions. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago 0.750 U.S. 2 0.746 t l 0.758 0.750 0.580 Inflation Week —52-WEEK— Week —52-WEEK— 1.625 10 1.706 t l 1.750 1.764 2.294 March index Chg From (%) Latest ago High Low Latest ago High Low 3.250 Australia 2 1.590 t l 1.592 1.925 2.096 84.5 83.4 151.6 level Feb. '16March '15 Canada 2.70 2.70 2.85 2.70 Australia 1.75 1.75 2.00 1.75 Japan 1.475 1.475 1.475 1.475 4.250 10 2.286 t l 2.306 2.531 2.964 58.0 55.6 67.1 U.S. consumer price index Secondary market 1.000 France 2 -0.416 s l -0.420 -0.454 -0.118 -116.2 -117.8 -69.8 All items 238.132 0.43 0.9 Policy Rates Fannie Mae Core 246.358 0.28 2.2 0.500 10 0.477 t l 0.510 0.475 0.992 -122.9 -123.9 -130.2 Euro zone 0.00 0.00 0.05 0.00 30-year mortgage yields Switzerland 0.50 0.50 0.50 0.50 30 days 3.101 3.097 3.750 2.979 0.500 Germany 2 -0.505 t l -0.502 -0.514 -0.213 -126.0 -79.3 -125.1 International rates Britain 0.50 0.50 0.50 0.50 60 days 3.140 3.136 3.788 2.998 0.500 10 0.128 t l 0.157 0.130 0.727 -159.3 -156.6 -157.8 Week 52-Week Notes on data: 4.500 Italy 2 -0.058 t l -0.042 0.018 0.184 -80.4 -80.0 -39.6 Latest ago High Low U.S. prime rate is effective December 17, 2015. U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks; aren’t directly comparable; lending practices vary t l 2.000 10 1.480 1.509 1.309 1.886 -22.6 -24.1 -40.8 Prime rates widely by location. Complete Money Rates table appears Monday through Friday. 0.100 Japan 2 -0.247 s l -0.249 -0.241 -0.003 -99.3 -100.7 -58.3 U.S. 3.50 3.50 3.50 3.25 Sources: Bureau of Labor Statistics; SIX Financial Information 0.100 10 -0.110 s l -0.110 -0.085 0.455 -181.6 -186.0 -183.9 4.500 Spain 2 -0.080 t l -0.061 -0.012 0.123 -82.6 -81.9 -45.8 Weather 1.950 10 1.608 t l 1.627 1.476 1.850 -9.9 -12.3 -44.4 Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. 1.250 U.K. 2 0.369 t l 0.389 0.434 0.750 -37.7 -36.9 16.9 70s Edmontondt <0 2.000 10 1.379 t l 1.405 1.425 2.026 -32.7 -34.5 -26.8 0s VVancouver CCalgaryalgarary 60s Seattle 30s 10s Source: Tullett Prebon Winnipegip Corporate Debt 20s Portlandd 50s Helenal Montreal 30s Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in 50s Bismarckk 40s Billings Ottawa AAugustag t 40s that same company’s share price. Here’s a look at both for two companies in the news. Eugene TToronto 50s Investment-grade spreads that tightened the most… Boise 50s Mpls./StMpls./St..Pau. Paul AAlbanybanyb y Bostont Siouxoux FFallsll Buffaloff Hartfordrtford 60s Spread*, in basis points Stock Performance 80s Pierre Milwaukeek Detroitt Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Newew YYorkk CChChicago CClevelandd 70s Reno 70s Deses Moines EMC EMC 2.650 June 1, ’20 350 –50 347 27.37 1.22 Cheyenne Omahah PitPittsburghbhb PhPhiladelphiahilh d llhp hi 80s Saltalt LakeL CCityCity 4.464 July 23, ’22 228 –24 218 ...... Sacramento Springfieldpg Indianapolis CCO Safari II CHTRIG Denver Washingtonhihingtongton D.C.D C 90s 5.375 May 15, ’43 171 –20 185 152.35 0.30 Sanann Francisco Topekak Kansas CharlesChCharleston l t Amgen AMGN City LLas Richmondh d 100+ MIC 2.875 July 15, ’19 83 –18 26 69.18 –0.06 Colorado Wichitahit St.. LouL Louis LouLLouisville Macquarie Infrastructure VeVegas Springspgp 60s Nashvilleh ill Raleighh General Motors Financial GM 4.200 March 1, ’21 172 –15 171 … … LosA AngeAngeles CChCharlotte l tt 90s AlbAlbuquerqueb q q Santaa F Fe Oklahomaklahomaahoma City Memphishi Westpac Banking WSTP 1.650 May 13, ’19 64 –12 n.a...... CColumbiab 100s PPhoenixh 50s Altria MO 2.625 Jan. 14, ’20 31 –11 34 64.58 –0.68 San Diego LittleL Rockk AtlAtlanta t Warm Rain TucTucson 2.521 Jan. 15, ’20 56 –10 60 ...... DDallas Birminghamh Bp Capital Markets BPLN ElPaso Ft.. Worth Jacksonk Cold T-storms Jacksonville …And spreads that widened the most 80s Mobilebil 30s 40s AtiAustin Houstont Stationary Snow Macy's Retail Holdings M 3.625 June 1, ’24 269 61 189 … … Newew Orleans Orlandold 50s Tampa Bank of America BAC 8.000 Jan. 30, ’49 655 31 682 13.88 –1.84 70s 80s Sanan AntonioAAt i 90s 5.550 July 17, ’45 28 370 35.74 AAnchorageh g Honolulull Miami Showers Flurries Kohl's KSS 448 1.68 60s 90s Shell International Finance BV* RDSALN 2.250 Jan. 6, ’23 78 26 73 ...... 70s Ice Qualcomm QCOM 3.000 May 20, ’22 107 18 98 51.32 –0.37 MPLX MPLX 4.875 Dec. 1, ’24 390 17 369 31.04 –1.77 U.S. Forecasts Today Tomorrow Today Tomorrow National Oilwell Varco NOV 3.950 Dec. 1, ’42 335 15 n.a. 31.16 –2.47 City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Barclays BACR 3.250 Jan. 12, ’21 179 14 170 ...... Omaha 61 39 s 66 45 pc Frankfurt 59 40 pc 56 39 sh t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice Orlando 90 63 s 90 67 pc Geneva 61 41 r 57 38 pc Today Tomorrow High-yield issues with the biggest price increases… Philadelphia 76 49 t 60 44 pc Havana 88 68 s 89 70 s City Hi Lo W Hi Lo W Bond Price as % of face value Stock Performance Phoenix 100 72 s 93 69 s Hong Kong 86 79 t 88 73 pc Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Anchorage 67 47 s 66 49 pc Pittsburgh 56 38 t 51 39 sh Istanbul 77 62 s 75 62 s Atlanta 81 51 s 72 55 pc Portland, Maine 71 48 s 60 40 sh Jakarta 91 80 t 92 78 t Ithaca Energy IAECN 8.125 July 1, ’19 75.000 3.50 70.750 ...... Austin 85 64 t 80 63 t Portland, Ore. 64 53 sh 63 53 sh Jerusalem 88 72 s 92 77 pc Vanguard Natural Resources VNR 7.875 April 1, ’20 21.750 2.75 n.a. 1.49 4.20 Baltimore 71 46 t 60 41 pc Sacramento 76 53 pc 82 54 s Johannesburg 58 47 sh 59 43 sh Valeant Pharmaceuticals International VRXCN 5.500 March 1, ’23 81.875 2.69 80.000 ...... Boise 82 52 pc 66 47 pc St. Louis 60 43 s 68 51 pc London 56 40 pc 61 43 c Hexion U.S. Finance HXN 8.875 Feb. 1, ’18 76.750 2.55 74.466 ...... Boston 71 51 s 61 44 pc Salt Lake City 84 61 t 70 51 c Madrid 68 48 pc 70 47 s Burlington 71 45 c 55 37 sh San Francisco 67 54 c 66 53 pc Manila 95 83 pc 95 82 t Cenveo CVO 11.500 May 15, ’17 82.500 2.25 55.750 0.90 5.88 Charlotte 81 49 s 71 50 s SantaFe 7649pc7646pc Melbourne 72 59 s 69 49 pc Aecom* ACM 5.875 Oct. 15, ’24 106.250 2.00 104.500 31.95 –1.78 Chicago 51 35 pc 57 38 pc Seattle 69 53 c 67 52 sh Mexico City 78 55 t 77 54 t Teck Resources TCKBCN 4.500 Jan. 15, ’21 79.750 1.78 78.000 ...... Cleveland 55 39 sh 53 41 sh Sioux Falls 55 35 s 63 42 pc Milan 73 51 t 71 49 s Micron Technology MU 5.500 Feb. 1, ’25 79.250 1.75 78.000 9.56 –0.73 Dallas 73 58 t 71 64 t Wash., D.C. 72 48 t 60 43 pc Moscow 63 44 s 63 44 pc Denver 6544pc6444t Mumbai 93 81 s 93 82 pc …And with the biggest price decreases Detroit 55 36 sh 53 39 c International Paris 57 38 pc 57 42 sh Honolulu 83 71 pc 85 74 pc Rio de Janeiro 76 65 pc 81 69 pc Today Tomorrow EXCO Resources XCO 8.500 April 15, ’22 18.255 –7.75 22.125 0.73 –58.56 Houston 85 65 t 83 67 t Riyadh 102 76 s 103 80 s City Hi Lo W Hi Lo W Intelsat Jackson Holdings S.A. INTEL 7.250 Oct. 15, ’20 70.000 –4.50 72.500 ...... Indianapolis 51 37 c 58 39 pc Rome 65 55 t 69 54 t Bristow BRS 6.250 Oct. 15, ’22 76.250 –3.25 80.750 14.53 –10.91 Kansas City 58 39 s 63 48 pc Amsterdam 52 44 sh 53 45 sh San Juan 88 77 pc 88 77 pc 8.000 Dec. 15, ’22 59.750 –3.00 60.000 1.52 –1.30 Las Vegas 96 70 pc 89 68 pc Athens 79 62 s 80 61 s Seoul 79 54 pc 75 52 r California Resources CRC Little Rock 73 53 pc 63 52 c Bangkok 99 84 s 99 82 c Shanghai 78 67 c 84 57 r L Brands LB 5.625 Feb. 15, ’22 105.625 –2.88 109.750 66.74 –1.01 Los Angeles 73 59 sh 72 59 sh Beijing 55 51 sh 72 43 pc Singapore 91 79 c 90 81 pc Tailored Brands TLRD 7.000 July 1, ’22 80.500 –2.63 85.500 13.04 –7.91 Miami 88 73 t 89 75 s Berlin 60 42 pc 55 43 t Sydney 77 55 s 77 58 s Taipei 89 75 pc 89 75 pc AK Steel AKS 8.375 April 1, ’22 67.500 –2.31 74.750 3.46 ... Milwaukee 51 35 c 55 41 c Brussels 54 41 pc 53 40 sh 5.450 March 15, ’43 69.500 –2.25 70.469 10.41 –5.62 Minneapolis 52 35 pc 61 45 pc Buenos Aires 63 51 pc 61 46 r Tokyo 7458pc7661pc Freeport–McMoRan FCX Nashville 66 42 s 68 47 pc Calgary 57 34 s 62 37 c Toronto 5535sh4933pc *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. New Orleans 87 68 s 85 70 t Dubai 98 77 s 99 82 s Vancouver 70 52 c 64 50 pc New York City 73 48 t 60 44 pc Dublin 56 40 pc 58 42 s Warsaw 63 46 r 59 42 pc Note: Data are for the most active issue of bonds with maturities of two years or more Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group Oklahoma City 62 48 sh 57 48 r Edinburgh 57 37 pc 57 41 c Zurich 59 39 r 54 38 sh

The problem major retail- ple, rose by just 0.3%, put- rising faster than prices, $1 Billion ers face isn’t so much that Question of Control ting them 1.7% below their profit margins are coming consumers have become Control group sales, change from year-earlier level. And while under pressure. China Ride more cautious, but that con- a month earlier clothing- and accessory-store Americans also are spend- sumers are directing their sales bounced 1%, they were ing more on services. Over The amount might seem spending elsewhere. And 0.8% only up 1.3% on the year. the past decade, for example, small given Apple’s cash that is much, much worse. That compares with a 3.6% total consumer spending on mountain, but the back story On Friday the Commerce 0.6 annual gain in control sales. clothing and footwear rose should trouble investors. Department reported that re- Meanwhile, sales at non- just 1% annually, unadjusted Apple said late Thursday tail sales—a category that 0.4 store retailers—a category for inflation. Spending on ca- it would inject $1 billion into covers not just traditional that includes online retailers ble and satellite television Didi Chuxing Technology, stores, but also businesses 0.2 such as Amazon.com—con- and radio services increased China’s leading ride-hailing such as restaurants and on- tinued to take share, rising at a 5.1% rate. That partly re- company and Uber rival. line retailers—rose a season- 0 2.1% on the month and 10.2% flects a change in attitudes Considering Apple held $233 ally adjusted 1.3% in April on the year. Retailers’ prob- that came about in the wake billion in cash and market- –0.2 from March. That marked lems go deeper than shifts in of the financial crisis. Not able securities in March— 2015 ’16 the largest increase in over a RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS where consumers buy goods. only are people being more and roughly 90% of that out- year, and stood in contrast Source: Commerce Department Macy's ﬂagship store in New One is that prices for many careful about spending, they side the U.S.—$1 billion is to a string of retailers that THE WALL STREET JOURNAL. York things they sell are rising are being careful about basically spare change. reported disappointing re- more slowly than overall where they spend. In many What it gets from the deal sults over the past week, in- bars, and building-materials ruary and March also sug- prices, or are even falling. cases they are opting for ex- is tougher to gauge. Didi is cluding J.C. Penney, Nord- and garden stores) and gest the disappointing first- Apparel prices, for exam- periences like going out to in a cash-burning war with strom, Macy’s and Gap, which is a proxy for the un- quarter GDP figures the ple, were down 0.6% from a restaurants and taking vaca- Uber to become China’s pre- A chunk of the April re- derlying pace of consumer Commerce Department re- year earlier in March, actions over accumulating eminent ride-sharing service. tail-sales gain came from a spending, rose 0.9%. leased last month will be recording to the Labor Depart- more stuff. Other major Didi investors, rebound in sales at auto As result, economists vised higher. But the details ment. So even if apparel re- Unless that changes—and including Chinese Internet dealers and gas stations. But raised forecasts for second- of the report showed the un- tailers manage to sell more there’s no sign that it’s giants Alibaba and Tencent, sales for the “control group,” quarter gross domestic prod- even contours of where items, it is hard for them to about to—retailers’ woes will have backed Didi partly to which excludes those catego- uct. Upward revisions to spending is growing. Sales at generate sales gains. And continue. ensure their electronic-pay- ries (as well as restaurants, control-group sales for Feb- department stores, for exam- with wages and other costs —Justin Lahart ment services, Alipay and Tenpay, are on the Didi app. Apple conceivably could get Apple Pay on, but that would make it a third alternative. From LendingClub to Theranos, the Limits of Disruption Tim Cook met with Didi Disruptive companies products that established sure the quality of the loans economist Joshua Gans, au- April 20. That the deal came pride themselves on ignoring players aren’t focused on, or Game Changer investors buy. The problem thor of a recent book on dis- together so quickly, points to criticism from the industries come up with a new product Lending Club's share price for LendingClub is that, in ruption. That is particularly an urgency to do something they aim to disrupt. That aimed at customers that in- selling loans with character- true when the criticism comes torestoreitsbuzzthere.The isn’t always wise. cumbents aren’t serving. $10 istics that didn’t match an from incumbents who, as backdrop is Apple’s flailing Investors in LendingClub, In practice, both often oc- 8 investor’s specifications, it ousted Zenefits chief Parker sales. For Apple, the Didi which fired chief Renaud cur simultaneously—early didn’t fulfill that role. In the Conrad once complained, of- stake is unusual; it normally 6 LaPlanche this week, learned desktops offered low-end lending business, which runs ten cry foul and look to regu- does small buys of talent or that the hard way. So have in- computing that minicom- 4 on trust, that is a huge con- lators for protection. technology. With Beats, it ac- vestors in Zenefits, the highly puter and mainframe makers 2 cern. A community-bank The problem is that while quired it outright. That Didi valued human-resources scoffed at, and brought in a group and two Wall Street critics may be protecting could be an outlet for Ap- 0 startup that has run into reg- whole new group of custom- investment banks suspended turf, there also may be some ple’s purported car venture, ulatory issues surrounding its ers. And because incumbents May loan purchases from Lend- truth to what they say. In- seems far-fetched or far off. insurance-sales practices. And often have a hard time com- Source: FactSet ingClub in response. deed, the norms incumbents The bigger motivation in Theranos, the blood-test- peting with disruptive inno- Early on, critics worried adhere to, and the rules they may be that Apple thinks it ing company now subject to vators, the innovators can LendingClub’s model hits LendingClub could get in play by, are often there for gains credibility with Beijing criminal investigation by fed- become hugely successful. the marks for a disruption. It trouble over loan quality. reasons that go beyond pro- after regulators blocked it eral prosecutors. No wonder so many start- is focused on relatively small, Similarly, early critics of tecting their moats. That’s from selling books and mov- “Disruption” became a Sili- ups have labelled themselves personal loans that tradi- Theranos complained the particularly true of many ies on iTunes. Apple will join con Valley buzzword following disruptive. In LendingClub’s tional banks see as a low- company had published little old-line industries, such as state-owned or state-friendly the 1997 publication of “The 2014 initial public offering profit business. And it uses data in peer-reviewed jour- banking, insurance brokers entities that are Didi inves- Innovator’s Dilemma,” the filing, Mr. LaPlanche wrote technology to match borrow- nals that would have helped and medicine, that seem ripe tors. If Apple is looking to book that made Harvard Busi- that technology “has suc- ers and investors, cutting out provide insight into the qual- for new entrants. generate goodwill, investors ness School professor Clayton cessfully disrupted many in- traditional banking middle- ity of its tests. Investors need to remem- should factor in that the cost Christensen famous. Under his dustries to the benefit of so- men, so lowering costs. But innovators often see ig- ber that disruption is a lot of doing business in China framework, disruptive compa- ciety at large, and I believe But part of banks’ tradi- noring criticism as a feature, easier to peddle than it is to has risen. —Alex Frangos, nies either offer low-end banking is next.” tional role has been to en- says University of Toronto actually do. —Justin Lahart Dan Gallagher

New Highs and Lows | WSJ.com/stocks BUSINESS & FINANCE

Continued From Page B7 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FenixParts FENX 3.84 -3.2 PerionNetwork PERI 1.24 -1.4 AvalancheBiotechno ADVM 3.62 -6.2 Gentherm THRM 34.43 -1.2 RPX RPXC 8.95 -2.1 BioBlastPharma ORPN 1.78 -1.0 GIIIApparel GIII 37.24 -1.9 RealGoodsSolarClA RGSE 0.24 -29.6 Biocept BIOC 0.63 -8.8 GlbEagleEnt ENT 7.61 -0.9 ResearchFrontiers REFR 3.86 -5.0 Banking on India’s Distressed Debt CPICardGroup PMTS 3.81 0.5 GoPro GPRO 8.76 0.7 SCYNEXIS SCYX 3.14 -14.3 BY SHEFALI ANAND CalitheraBiosci CALA 4.07 1.2 GreatBasinScien GBSN 2.05 -10.4 SeaChange SEAC 3.33 -0.6 SHLD 11.03 -2.3 Cartesian CRTN 1.40 -11.6 HeatBiologics HTBX 0.40 -16.5 SearsHldgs SNFCA 4.55 -0.3 Cavium CAVM 44.71 0.1 IZEA IZEA 6.08 ... SecNtlFnl A MUMBAI—Global investors CLRBW 0.45 ... SharpsCompliance SMED 4.09 -0.7 CellectarBiosciWt ImageSensingSys ISNS 2.12 4.7 are queuing up for a newly ap- Ceres CERE 0.16 8.7 IMNP 0.26 -3.6 Sohu.com SOHU 39.25 -1.2 ImmunePharma STAA 5.40 -4.1 Chanticleer HOTR 0.60 6.1 XENT 11.98 0.7 StaarSurgical pealing opportunity in India: IntersectENT SMRT 5.99 -1.8 Chiasma CHMA 2.50 3.9 IIN 5.25 -3.6 SteinMart the country’s expanding dis- CIDM 1.35 ... Intricon SNSS 0.44 2.2 CinedigmClA IVTY 5.27 -0.4 SunesisPharm CDTI 0.38 -4.4 Invuity SGYPU 7.03 -16.9 tressed-debt pile. CleanDieslTech KTWO 10.30 -2.0 SynergyPharmUn CFMS 4.80 -49.4 K2MGroupHoldings TNAV 4.84 -0.6 Several big international in- ConforMIS KMPH 5.89 -8.9 TeleNav CONN 9.64 -2.5 KemPharm Tessco Tech TESS 14.45 -3.9 Conns KRNT 8.10 0.6 vestors have recently created CnsmrPortfolioSvs CPSS 3.36 -0.6 KornitDigital TetraphasePharma TTPH 3.12 -17.2 LE 19.74 -1.9 funds to buy debt or assets of ContraFect CFRX 2.10 -7.2 Lands'End Transgenomic TBIO 0.48 3.8 LINE 0.12 -16.1 DigitalAlly DGLY 3.51 -6.9 LinnEnergy TranstnThera TTHI 0.70 -3.8 troubled companies, while MDXG 6.64 1.0 DixieGroup DXYN 3.07 -2.5 MiMedxGroup Unilife UNIS 2.96 -8.2 others say they are increasing Echelon ELON 4.52 -0.7 Neonode NEON 1.50 0.6 VistaGenTheraptcs VTGN 3.96 -3.2 the amount of money they al- Electro-Sensors ELSE 3.05 -0.6 NeosTherapeutics NEOS 7.27 1.8 WesternDigital WDC 34.99 -2.5 Enteromedics ETRM 0.62 -6.0 NowestBioTher NWBO 0.93 -1.0 WowoADR WOWO 3.11 -5.6 locate to such investing. EricssonADR ERIC 7.44 -0.3 OHAInvestment OHAI 2.32 -2.5 ZAISClA ZAIS 1.89 -19.7 India is set to become more EuroTechHoldings CLWT 2.07 -7.7 PapaMurphy'sHldgs FRSH 7.70 -1.9 ZebraTechsClA ZBRA 50.38 -2.5 attractive for these investors after the country’s Parliament this week passed a new bank- A Week in the Life of the DJIA ruptcy law that should make it A look at how the Dow Jones Industrial Average component stocks easier to wind up a business, did in the past week and how much each moved the index. The DJIA while strengthening the rights lost 205.31 points, or 1.16%, on the week. A $1 change in the price of of debtholders—long an issue any DJIA stock = 6.85-point change in the average. To date, a $1,000 for potential investors in In- investment on Dec. 31 in each current DJIA stock component would dian distressed debt. have returned $30,453, or a gain of 1.50%, on the $30,000 Canada’s largest pension investment, including reinvested dividends. fund, the Canada Pension Plan Investment Board,in The Week’s Action Pct Stock price Point chg $1,000 Invested(year-end '15) March tied up with India’s Ko- chg (%) change in average Company Symbol Close $1,000 tak Mahindra Group to invest

2.01 2.22 15.20 Travelers TRV $112.67 $1,004 up to $450 million in dis- PRAKASH SINGH/AFP/GETTY IMAGES 1.37 0.69 4.73 Microsoft MSFT 51.08 927 tressed assets in India. New The Parliament in India. Global investors are targeting increased purchases of distressed debt. 0.73 0.82 5.62 Johnson & Johnson JNJ 113.56 1,114 York-based private-equity firm J.C. Flowers & Co., along with companies and banks sell as- opportunity…to buy and re- The new bankruptcy law in 0.52 0.28 1.92 Merck MRK 53.88 1,029 Indian firm Ambit Holdings sets to trim excess debt they solve assets with turnaround particular is expected to help 0.29 0.43 2.94 147.72 1,095 IBM IBM Pvt. Ltd., had in March ap- took on during the economic potential,” said Rahul Gupta, investors. Historically, inves- 0.17 0.15 1.03 Exxon Mobil XOM 88.66 1,159 plied to launch an “asset-re- boom before 2012. joint group chief executive of tors or creditors looking to 0.07 0.03 0.21 Coca-Cola KO 45.35 1,064 construction company,” a type “It seems like the right time Ambit Holdings. take control of a company and 0.00 0.00 0.00 Cisco Systems CSCO 26.53 994 of Indian entity that buys dis- to evaluate distressed assets India isn’t the only Asian turn it around have found –0.34 –0.57 –3.90 3M MMM 168.32 1,126 tressed debt and has special in India,” said Nikhil Srivas- country where big investors themselves embroiled in mul- rights to seize company assets tava, a director in KKR’s spe- are expecting more chances to tiple lawsuits, often brought –0.35 –0.18 –1.23 Verizon VZ 50.94 1,130 or change their management. cial situations team in Asia. invest in distressed debt, as by the founders of the target –0.43 –0.13 –0.89 Intel INTC 29.91 881 Private-equity firm KKR & The International Monetary cash-strapped companies company, thwarting returns. –0.60 –0.39 –2.67 American Express AXP 64.12 930 Co. has meanwhile recently in- Fund in July estimated struggle after a borrowing The World Bank estimates –0.65 –0.40 –2.74 J.P. Morgan Chase JPM 61.20 939 creased its stake in another that risky debt amounted to surge in recent years. creditors in India typically re- –0.84 –0.85 –5.82 United Technologies UTX 100.27 1,051 asset-reconstruction company. about 40% of total corporate Still, governments in Asia cover around 26 cents on the –0.86 –1.14 –7.81 Boeing BA 132.12 928 Apollo Global Management debt in India, a figure it are known to be inconsistent dollar in cases of insolvency, LLC, which launched an $825 warned could rise as profits in their approach toward while proceedings can last –1.10 –0.90 –6.16 81.23 1,040 Procter & Gamble PG million “special situations” slow and the U.S. dollar appre- struggling companies and four years on average. In com- –1.10 –1.12 –7.67 Chevron CVX 100.74 1,133 fund with an Indian partner in ciates. largely unsympathetic to for- parison, in the U.S., creditors –1.15 –0.89 –6.10 Visa V 76.83 994 2014, is looking to increase its It named India—in addition eign investors. The region’s recover an average of 80 –1.16 –0.39 –2.67 Pfizer PFE 33.19 1,048 investment in such assets, ac- to Hungary and Malaysia—as a complex web of laws and regu- cents, within the process last- –1.34 –1.75 –11.98 McDonald’s MCD 128.83 1,099 cording to its India head. country where debt at risk lations has long been a hurdle ing 1½ years on average. –1.59 –0.48 –3.29 General Electric GE 29.64 959 Some of these investors are from state-owned enterprises for distressed-debt investors India’s new bankruptcy bill looking to buy companies that could amount to more than 5% looking to make money. specifies, among other things, –1.89 –2.57 –17.60 Home Depot HD 133.13 1,012 can’t repay their debt, hoping of the country’s economic out- Strides toward more credi- a period within which a reso- –1.92 –1.12 –7.67 57.31 919 Nike NKE to restructure them to make put. tor-friendly regulations in In- lution must be reached. –2.10 –1.35 –9.25 DuPont DD 62.91 955 them profitable, while others Banks are already under dia stand in “direct contrast” “Part of the reason why a –2.21 –3.51 –24.04 Goldman Sachs GS 155.34 865 plan to buy troubled loans on pressure from Reserve Bank of to regulators’ previously pro- lot of…investors were waiting –2.30 –3.04 –20.82 UnitedHealth Group UNH 129.00 1,101 the cheap with the hope of India Gov. Raghuram Rajan to tective approach toward com- on the sidelines was that they –2.37 –2.20 –15.07 Apple AAPL 90.52 869 selling them later at a profit, trim their exposure to trou- panies there, said law firm were unsure of how the bank- or converting them into equity bled companies. Ashurst LLP in a note to cli- ruptcy laws would work out,” –4.48 –3.29 –22.53 Caterpillar CAT 70.07 1,055 as companies are restructured. “The enormity of the ents, and are “reflective of the said Srini Sriniwasan, head of –4.76 –5.02 –34.38 Walt Disney DIS 100.52 957 Such firms expect dis- stressed assets in the system, slow but consistent efforts be- Kotak Special Situations –4.85 –3.31 –22.67 64.94 1,077 Wal-Mart Stores WMT tressed investment opportuni- together with pressure from ing taken by the Indian gov- Credit Fund. Sources: WSJ Market Data Group; S&P Dow Jones Indices. For more information on the Dow Jones ties to increase in India over the RBI governor to clean up ernment to enhance the ease —Mia Lamar in Hong Kong Industrial Average and the 30 industrials, please visit www.djindexes.com the next few years as local bank balance sheets creates an of doing business in India.” contributed to this article. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Moby on staying No such thing as sober, eating an ugly duckling. vegan and, at 50, New bird books staying true to from an artist and his music a naturalist C11 C9

BY ANDREW BROWNE Contrary to expectations, a half-century after the Cultural Rev- olution began, the “Great Helmsman,” as he styled himself, is again the most potent force in the country’s political life. What FIFTY YEARS AGO, ON MAY 16, Mao Zedong unleashed an at- part of his legacy, exactly, is Mr. Xi claiming? tack aimed at smashing his own Communist Party apparatus The signal for the youth rebellion in 1966 was Mao’s “May from top to bottom, having concluded that it was going capi- 16 Circular,” which accused “representatives of the bourgeoi- talist. “Bombard the headquarters!” he urged the masses in a Mao sie” of infiltrating every corner of the party in a vast conspir- famous People’s Daily article. Millions of young zealots re- acy to restore the old capitalist so- sponded, becoming Mao’s Red Guards, his fanatical foot-sol- ciety. The aging tyrant feared that diers. Thus began China’s Great Proletarian Cultural Revolu- these “class enemies” would dis- Mao has tion, a period of murderous insanity that ended only with card him when he died, just as So- Mao’s death a decade later, in 1976. viet leader Nikita Khrushchev had become Nothing could be further from the tactics of President Xi denounced the departed Stalin and Mr. Xi’s best— Jinping today as he seeks to rid the party of the ills that he his personality cult in 1956. At the and perhaps fears could lead to its extinction—corruption, moral decay, the Now top of Mao’s target list were Presi- loss of will to fight for a cause. His response has been to im- dent Liu Shaoqi and Deng Xiao- last—hope for pose rigid order from on high, to stifle criticism—party mem- ping, who was then in charge of bers are forbidden from engaging in “improper discussion”— party administration. They were rescuing his and to crush organized dissent, no matter how mild. Draconian the prime “capitalist roaders.” party from media censorship has silenced debate on the Internet. Marauding gangs of Red Guards, extinction. Yet, despite these obvious differences, Mr. Xi has spent his many of them just high-school first three years in office resurrecting Mao, borrowing his rhet- kids, began by ransacking the oric and aping his practices. He has concentrated power in his The Cultural homes of “counterrevolutionaries.” own hands and flirted with a personality cult—the most haunt- Revolution is no In Shanghai, they burst into the el- ing symbol of the Cultural Revolution, in which blind worship egant residence of Nien Cheng, whose late husband ran the An- of a supreme leader kindled years of convulsive violence. As longer just an ugly glo-Dutch oil company Shell, cracking whips. A young man many as 1.5 million Chinese were beaten to death, driven to chapter in China’s stomped on one of her exquisite Qing dynasty wine cups while suicide or killed in fighting among Red Guard factions. others cut up her furs and evening dresses and used her lip- Today’s China is nowhere near the point of another Cultural past. Its brutal legacy stick to scrawl on her bedroom wall: “Down with the Running Revolution, and the 50th anniversary of the start of that trau- Dog of Imperialism!” Dragged off to jail, she survived more matic era will go unmarked in official circles. Chinese leaders forms a key part of than six years in solitary confinement. “are frightened of the Cultural Revolution,” says the historian President Xi Jinping’s The signature torture of the Red Guards was the “air- Frank Dikötter. “They think that’s what might happen if you plane position.” It involved twisting people’s arms behind give ordinary people a say.” ‘China dream.’ their backs until it wrenched at the sockets and then shov- But the paradox of Mao’s continuing influence remains: Pleaseturntothenextpage

INSIDE

MOVING TARGETS

The short of it, says Joe Queenan, is that too many things are now way too long. C11

MIND & MATTER ESSAY ESSAY BOOKS Melvin Konner on a young Punishingly tough ‘masocore’ The establishment is under George Plimpton the goalie, doctor’s bid to meld Tibetan videogames like ‘Dark Souls attack this election year. One boxer, pitcher and more. His and Western medicine. III’ teach real-world virtues. problem: It no longer exists. sports books retake the field. C2 C3 C3 C5

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Continuedfromthepriorpage As he hones and polishes his chronicle of national redemp- ing their heads down. Doubled up in this way, often on a stage tion, Mr. Xi is carefully picking and choosing from Mao’s legacy. in front of frenzied crowds, the beatings began. A favorite He wants Mao the hero without Mao the author of chaos; Mao weapon was a bicycle chain wrapped in rubber so that it bruised the patriot without the Mao who appeared so indifferent to the internally but didn’t draw blood. death and suffering of his own people. But the Mao era can’t be All this became very familiar to the late Ji Xianlin, a Sanskrit so neatly disaggregated. Some Chinese, especially intellectuals, scholar who had received his doctorate in Germany and found a spot fear that their leader is playing with fire. as head of the Eastern Languages Department at Peking University, Mr. Xi’s “China Dream” depends to a large degree on silence, a Red Guard hotbed. In one of the few written accounts of that era, secrecy and propaganda about the Cultural Revolution, which he described being herded into a detention-cum-torture center in the traumatized some 100 million Chinese. Authorities won’t allow middle of campus, guarded by his own students, who flogged him open discussion of that era for fear that it would discredit Mao mercilessly. He spent nine months incarcerated there. “The world and undermine the party’s legitimacy. At the National Museum

SHANE WITNOV seemed not to be ruled by men but by ghouls or beasts,” he wrote in of China on Tiananmen Square, the tragedy gets a single men- TAWNI TIDWELL at the Gonlung Monastery in “The Cowshed: Memories of the Chinese Cultural Revolution.” tion: a photo of Red Guards surging through Tiananmen, lost in China’s Qinghai Province in May 2014. Scores of faculty and staff at China’s premier college committed a high corner of a cavernous gallery. suicide in the first few months alone, Mr. Ji recalled. They The memories are also too painful for many Chinese, who couldn’t bear the humiliation, steeped as many of them were in prefer to forget an era in which they both suffered and dealt out MIND & MATTER: a Confucian tradition that venerated scholarship. An eminent his- suffering. Mr. Ji, the mild-mannered Sanskrit expert, is a case tory professor overdosed on sleeping pills; a philosophy tutor slit in point. He had taken sides with one Red Guard faction against MELVIN KONNER his wrists and bled to death slowly in front of bystanders. Others another at Peking University at a time when students were jumped off buildings or leapt in front of trains. One walked off to fighting pitched battles with homemade spears. He didn’t fight, the hills and swallowed pesticide. but he was implicated in the violence. From Tibet, Sorely Mao was seemingly taken by surprise at the extent of the anti- And over the years, memories have grown selective. To the urban Establishment fury he had whipped up. When it finally spun into poor and others left behind by China’s high-speed growth, Mao rep- Needed Advice on near civil war and Red Guards were blasting at each other with resents a purer, more egalitarian, less corrupt era. The nostalgia machine guns, mortars and tanks, he called in the army to restore feeds today’s popular enthusiasm for dances from that era and for Managing Pain control. China was essentially under martial law. singing revolutionary songs like “Sailing the Seas Depends on the I‘VE BEEN TALKING recently The scene of confusion at Mao’s deathbed shortly after mid- Helmsman.” These groups welcome the Mao revival, though it with the remarkable Tawni night on Sept. 9, 1976, was a harbinger of things to come. His makes the party nervous. The last thing Mr. Xi wants is for Mao to Tidwell, the first Westerner to widow, Jiang Qing, was there along with others in the Gang of become a symbol of protest for the downtrodden. be certified in Tibetan medicine Four who had led the Cultural Revolution and would soon be ar- Unlike Mao, Mr. Xi will be judged not by his revolutionary cha- among Tibetan peers, by Ti- rested. It was decided that Mao would rest in a mausoleum on risma but by his job performance—his ability to deliver economic betan teachers, in the Tibetan Tiananmen Square, but doctors had no idea how to growth. He has committed to a “moderately pros- language. preserve a body. In a panic, they instructed the In- perous society” by 2049, the centenary of the revo- With Native American ancestry from both stitute of Arts and Crafts to fashion a waxen Public self- lution. And while Mao was aloof from day-to-day parents, Dr. Tidwell has long embraced an- dummy in case they botched the job. criticism and administration, Mr. Xi is a micromanager who per- cient traditions and challenges. She grew up The bigger concern was how Mao should be re- sonally runs the economy, national security, de- climbing the Rockies and spent a down-to- membered. He had won a civil war against all confessions fense, cybersecurity and just about everything else. earth year living in a thatch-roofed hole in odds, driving the former Nationalist government have made a What passes for Mr. Xi’s cult today is modest the ground in the New Jersey Pine Barrens. to Taiwan, and had unified China. Yet he had in- comeback. indeed. Obsequious jingles to “Daddy Xi” may cir- There, she immersed herself in wilderness flicted more death and suffering than all the ram- culate online, but copies of his tome, “The Gover- survival with snares, wild edible plants and paging imperialists put together since the Opium nance of China,” pile up on bookstore shelves, animal tracking. Wars. His Great Leap Forward in the late 1950s, a and few Chinese pay much attention to the lauda- Her father—now chief of orthopedics at deranged economic plan to catch up with the rich tory headlines of the People’s Daily. Mao’s cult Miami Children’s Hospital—was her hero, but West, triggered a famine that killed 30 or 40 million people. He was of a different order altogether. At its height, writes Mr. as a Stanford undergraduate she also fell in was both a demigod and a demon. Dikötter in “The Cultural Revolution: A People’s History, love with Tibet, with its mountainous ex- Mao himself offered a generous self-evaluation toward the end 1962-1976,” demand for plastic to cover the Little Red Book, a tremes and mind-over-body practices. Her of his life: “nine fingers” good, “one finger” bad. The peppery collection of Mao’s aphorisms, forced toy factories to scale back first year in Tibetan medical school ended Deng’s judgment (he was twice purged by Mao) was harsher: “70% output, and the production of Mao badges—as many as five bil- with a make-or-break test: She had to recite right and 30% wrong.” A 1981 party document assigned blame for lion of them—exhausted aluminum supplies. from memory 115 pages of the medical text- the Cultural Revolution primarily to Mao. The more serious parallel to the past is Mr. Xi’s tendency to seek book in Tibetan. She aced it. Now a Tibetan But China’s current leader, Mr. Xi, will not stand to see Mao den- solutions for the party’s woes in its early years. To clean up official M.D., she is headed for a Ph.D. in anthropol- igrated, even though his own father, Xi Zhongxun, one of Mao’s top corruption, he has set loose the party’s own spies and inquisitors ogy at Emory, where I’m one of her advisers. lieutenants, was purged in the Cultural Revolution and a half-sister instead of lawyers and prosecutors. Like Mao, he believes in the Dr. Tidwell’s dissertation is a study of her killed herself. Mr. Xi himself was one of 18 million urban youths power not of institutional constraints but of ideology to mold hu- own Tibetan training and the uniting of two banished to the countryside to learn from the peasants. man nature and reform behavior. Self-criticism and public confes- cultures. Tibetan practice grew out of Tibetan He has declared that it is just as sions have made a comeback, tech- philosophy, which focuses on health rather unacceptable to negate Mao’s 30 niques designed to induce shame and than on illness. Tibetan doctors use ancient years in power as it is to speak criti- subservience to the party’s will. plant-based pharmaceuticals and guidance on cally of the 30 years that followed There has always been a streak of nutrition and lifestyle—plus evaluations of under Deng. He has set side-by-side, xenophobia in Chinese communism, patients in their personal context—to encour- on equal footing, a period marked by and that too is creeping back. A car- age a balanced life. They also have been open spasms of mass killing and destruc- toon poster warns female govern- to supplementing their traditions with West- tion and an overwhelmingly peaceful ment workers of “dangerous love” ern medicine’s high-tech ways. era that saw the greatest economic with foreign spies, as illustrated by Sophisticated research is exploring how Ti- progress in human history. the naive “Little Li,” who hands betan herbals might work. In a 2015 study, a Outsiders may wonder why Mr. Xi over government secrets to a red- herbal treatment for cardiac disease was takes such an impartial view of one of haired “David.” China increasingly found to alter the levels of hundreds of heart the 20th century’s worst despots. But sees itself in ideological confronta- proteins. Clinical studies are ongoing, testing in the Chinese context, it makes a cer- tion with the West. Last month, the Tibetan approaches to diabetes and cancer. tain sense. A key to understanding Mr. party magazine Qiushi quoted Mr. Xi Pain treatment highlights a key difference Xi’s relationship with Mao is the sys- saying that some Chinese have “un- between the two medical traditions. We in the tem of hereditary privilege that still wittingly become trumpeters of West have endured pendulum swings—from exists in a once-feudal country. The Western capitalistic ideology.” inept, almost puritanical undertreatment of Red Guards had a saying: “The son of Mr. Xi’s economic policies also pain to the overprescription of drugs and an a hero is a real man; the son of a reac- bear a Maoist stamp. He insists on overdose epidemic. Now we’re back to doubt- tionary is a bastard.” Mr. Xi’s father bulking up state enterprises, the ing or minimizing pain. was a hero. And he owed it to Mao. bedrock of Mao’s command econ- Dr. Tidwell says, “Many patients come to It is Mao, by extension, who A MAN was accused of following ‘the capitalist line’ omy, even as the state sector hem- me describing experiences with Western gives Mr. Xi his prestige as one of and forced to wear a dunce cap, Aug. 25, 1966. orrhages money and threatens to doctors who told them to stop worrying China’s “red aristocrats,” scions of overwhelm the economy with debt. about their chronic pain because ‘there is Mao’s closest comrades, even if those comrades were badly In the decades after the Cultural Revolution, a conviction took nothing physically wrong’…In Tibetan medi- abused. It is Mao who was responsible for the young Mr. Xi’s en- hold outside China that ideology no longer mattered inside. Deng cine, distress from chronic pain is a context forced sojourn in rural Shaanxi province, where he stayed in a was supposed to have buried it, and Mao had become a benign cul- that needs investigating.” Dr. Tidwell’s in- cave and had his political coming-of-age. Above all, it is Mao—a tural icon, his smiling portrait on bank notes and gazing out across vestigations include heroic version of Mao, the patriot who proclaimed the founding Tiananmen Square. To the extent that Chinese leaders believed in rich conversations of the People’s Republic atop the Gate of Heavenly Peace—who anything, the thinking went, it was in a technocratic future. They ‘There is a with her patients of a stars in Mr. Xi’s “China Dream,” a narrative intended to uplift had become pragmatists, single-mindedly devoted to economic difference sort that U.S. insur- the masses and instill pride in the party at a time when the growth. Hadn’t Deng declared that “it doesn’t matter whether a cat ers would never pay economy is slowing dramatically. is black or white so long as it catches mice”? between a doctor—however The story starts with the Opium Wars and China’s ensuing “cen- Some in the West imagined that as Chinese living standards pain and certified—to engage tury of humiliation” by Japan and the West and leads, via Mao’s caught up with the rest of the modern world, the political systems in. 1949 revolution, toward a “great rejuvenation of the Chinese na- would start to converge too. This assumption has proved wrong. On suffering.’ I asked her how tion.” Absent Mao, the story falls apart. Mao has become Mr. Xi’s Mr. Xi’s watch, as in Mao’s time all those years ago, the East remains she deals with pain best—and perhaps last—hope for rescuing his party from the fate in the grip of communist ideas with a logic and power of their own. in a tradition that that befell its Soviet counterpart. The Cultural Revolution lives on. asks us to accept suffering. Answer: “There is a difference between pain and suffering.” Suffering is defeated through the end run of acceptance: “You may have to keep the pain, but that doesn’t mean you have to keep the suffering.” I was puzzled, but then I thought: West- ern medicine knows this. Doctors sometimes prescribe antidepressants for chronic pain. In a less capable medical era, they even performed prefrontal lobotomies in a desperate attempt to relieve extreme, intractable pain. In some of the most revealing medical interviews in history, lobotomy patients said, “It still hurts, but it doesn’t bother me any more.” No pain is imaginary or purely psy- chosomatic, but if we add psychological distress, it can hurt much more. Tibetan doctors combine traditional bo- tanicals with a carefully cultivated doctor- patient relationship. You have to believe in this process for it to work, but placebo effects—in which patients improve by taking “medications” that, unknown to them, do nothing—prove that belief matters in West- ern medicine too. The Tibetan tradition and its herbal medi- cines offer this inviting alternative to the typical Western approach: Learn to separate your pain from your suffering, and you might just

be able to get on with your life without turn- FROM TOP: LI ZHENSHENG/CONTACT PRESS IMAGES; POPPERFOTO/GETTY IMAGES ing to powerful and potentially harmful drugs. SOLDIERS IN China’s Red Army read from the Little Red Book, a collection of Mao’s aphorisms, 1969. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | C3 REVIEW

IN THE 1950S, critics accused diplomats like Dean Acheson of being bankers. This establishment sup- part of a traitorous elite. posedly selected the presidential nominees of both parties, dictated the outcome of elections through “brainwashing and propaganda blitzes,” and “work[ed] toward ‘convergence’ between the Republi- can and Democratic parties.” Only the paranoiacs of the John Birch Society took Ms. Schla- fly’s claims seriously, but establishment grandees did exercise considerable influence on politics, particularly on the Republican side. In 1952, pressure from the establishment played a critical role when the Republican national convention picked Dwight Eisenhower as its presidential nominee over conservative favorite Robert Taft. By the 1960s, however, the establishment’s authority waned as the East lost the preponderance of economic and cultural power that had undergirded its political influence. Between the end of World War II and the mid-1960s, the population of the South and West almost doubled while that of the North and East shrank. At the same time, the Northeast lost its dominant role in manufacturing, banking and other key sectors. The establishment’s diminished hold over the GOP was evident in its failure to prevent Arizona Sen. Barry Goldwater from becoming the party’s nominee in 1964. Eastern establishment Re- publicans typically were moderates in the mold of Eisenhower, Traditional and they recoiled from Goldwa- sources of ter’s radical antigovernment authority views and courtship of Southern segregationists. But there was lit- don’t carry tle they could do to prevent his much weight grass-roots movement from gaining a majority of delegates at the anymore. Republican national convention. As for the left, it had a cri- tique of its own. The journalist David Halberstam blamed the de- bacle of the Vietnam War on “the best and brightest,” while New Left activists saw the establishment as the repressive driver of U.S. imperialism, racism and inequality. Even as the establishment slowly vanished from political life, however, it retained its hold on the popular imagination. The term still conjures up malign associations for both the right and the left, which is why it has been invoked so much lately. Mr. Trump knows that Reince Priebus, the chairman of the Republican National Committee, is no one’s idea of an aristocrat. The RNC, for that matter, no longer exercises significant influence over the GOP, since its centralized authority has been eclipsed by the conservative media and a diffuse array of PACs,

PHOTO ILLUSTRATION BY KEITH A. WEBB/THE WALL STREET JOURNAL; PHOTO (ACHESON): EVERETT COLLECTION super PACs, outside organizations and billionaire donors. Still, by branding the party leadership as “the establishment,” Mr. Trump has put the RNC on the defensive and tapped into deep-seated populist animosities. Mr. Sanders has done the same on the Democratic side. If this election season has proven anything, it is that traditional sources of authority don’t carry much weight anymore. What Establishment? Americans don’t trust any of their major institutions, with the possible exception of the armed forces. Mr. Trump’s supporters don’t care that the pundits think that he is unpresidential, just The old WASP elite is long gone—but The establishment was the closest thing the U.S. had to an aris- as Mr. Sanders’s supporters don’t care that the “experts” con- tocracy, and unsurprisingly, it provoked powerful populist resent- sider his proposals unrealistic. not the populist hostility it provoked ments. In the 19th century, populists raged against everything they Polls suggest that Americans, more than ever before, feel op- associated with the East: banks, railroads, cities, immigrants, cos- pressed by forces beyond their control. Much of the appeal of mopolitanism and privilege. In the 1950s, the populist, red-baiting outsider candidates like Mr. Trump and Mr. Sanders stems from BY GEOFFREY KABASERVICE Sen. Joseph McCarthy condemned the establishment—represented the widespread belief that neither political party is interested in by Harvard, the Episcopal Church, the Army’s top brass and posh ordinary people and that the American dream is no longer in diplomats like Dean Acheson—as a traitorous elite. reach for those who work hard and play by the rules. “Establish- THE ESTABLISHMENT: It is a name to conjure with and curse When the journalist Richard Rovere popularized the idea of ment” has become shorthand for a corrupt power structure and in American politics. Donald Trump has denounced the GOP es- the establishment in the early 1960s, he had in mind not so much a rigged system. tablishment at every turn in his march to the Republican nomi- the entire WASP upper class as a small number of talented men The late sociologist E. Digby Baltzell didn’t think the estab- nation, though he has lately made a few peace offerings. And on who circulated among high positions in government, Wall Street, lishment’s disappearance would lead to a freer and happier de- the Democratic side, the left is still energized by Bernie Sand- the Ivy League, the national media and philanthropic founda- mocracy. On the contrary, he predicted that it would be replaced ers’s candidly antiestablishment campaign even as Hillary Clin- tions. They adhered to a gentlemanly code of loyalty, pragmatism by “naked power veiled in manipulation and deceit,” the un- ton looks ahead to the general election. and noblesse oblige and saw public service as both an honor and checked influence of money and propaganda, an antipathy to all But what is this establishment anyway? Why is it so often dis- an obligation. Like the Founding Fathers, they believed that the institutions and widespread belief in conspiracy theories. cussed but never defined? Does it even exist? national interest was more important than partisanship. Henry The problem with present-day politics isn’t the invisible domi- In 19th-century Britain, “establishment” meant the state Stimson, the quintessential establishment “Wise Man,” served nation of an oppressive establishment—those days are long church, but historians such as Thomas Macaulay and Thomas as secretary of war under both Republican President William gone—but rather the absence of any authority that Americans Carlyle reinterpreted it to refer more generally to the society’s Howard Taft and Democratic President Franklin D. Roosevelt. still trust and respect. dominant leaders and institutions. In the U.S., the term became To the conspiracy-minded, this bipartisan establishment was a synonym for the immense authority once exercised by the the country’s invisible government. Phyllis Schlafly, in her best- White Anglo-Saxon Protestant upper class, in an era when the selling 1964 tract “A Choice Not an Echo,” asserted that America’s Mr. Kabaservice is the author of, among other books, “The influence of big Eastern corporations, investment banks and law so-called democracy was controlled by “secret kingmakers,” a Guardians: Kingman Brewster, His Circle, and the Rise of firms pervaded politics and national development. shadowy group made up mostly of New York internationalist the Liberal Establishment.”

VIDEOGAMES SO TOUGH THEY TEACH YOU TO WIN IN LIFE

BY CHRIS SUELLENTROP The data bear out these observations. EXCEPTIONALLY More than a decade ago, John C. Beck and VIDEOGAMES, as everyone knows, are hard games like Mitchell Wade, who now work at the con- for losers—literally. In defiance of our ‘Dark Souls III’ sulting firm Accenture, surveyed 2,500 participation-trophy culture, videogames have been dubbed business professionals and concluded that demand that their players fail, repeat- ‘masocore.’ people who played videogames as teenag- edly. Not many games can make you cry, ers were better at business than people but scores of them can make you feel who didn’t. Their 2004 book “Got Game: frustrated, angry and impotent. The How the Gamer Generation Is Reshaping word that we gamers use for this cock- Business Forever” found that videogame tail of sensations is “fun.” players were more likely to consider Today’s most challenging games are themselves experts, to want more pay for dubbed “masocore,” a combination of better performance and to see persis- “masochist” and “hard-core.” Masocore tence as the secret to success. games are nearly devoid of instructions, Of course, games can be fun without being kill new players within seconds and re- edifying. In “The Art of Failure,” the Danish quire repeated trial and error to succeed. game theorist Jesper Juul compares video- But it’s not all pointless vexation. game players who seek out defeat (by play- These games reinforce a character-building games that they know they will lose) to ing truism: “If at first you don’t succeed, moviegoers and readers drawn to works that try, try again.” And they also inculcate BANDAI NAMCO ENTERTAINMENT INC. evoke unpleasant feelings like sadness, fear some practical virtues. All of that losing, and disgust. Playing “Dark Souls,” like watch- it turns out, teaches you how to win, and not where players who came before you have died. generation did on the playground to master “Su- ing “Old Yeller,” “Psycho” or “Alien,” can be time just in videogames. Like them, you won’t survive. A new book on per Mario Bros.” In “You Died,” a former psy- well wasted even if it brings no practical benefits. Few games illustrate this as starkly as “Dark “Dark Souls” is entitled, aptly, “You Died.” A chological-operations specialist in the U.S. Even those who don’t have the dexterity (or Souls,” developed by the Japanese studio From- writer for Wired reported dying 437 times over Army—who has now spent, he says, 1,400 hours time) to master masocore games can draw a les- Software and published by Bandai Namco. The the 74 hours it took him to complete “Dark Souls playing “Dark Souls”—compares the “persis- son from their inadequacy: that, in the real third entry in the series was released last month. III.” I died seven times in the first 45 minutes. tence and resilience” taught by the game to the world, sometimes it’s just time to quit. Bandai Namco says that three million copies of The game isn’t merely hard; it’s punishing. If virtues that he learned during his military ca- I know enough about the compulsive quali- “Dark Souls III” have been shipped to retailers you fail, you can be forced to retrace your steps reer. “The game demands that you fully commit, ties of some videogames not to let our pre- world-wide. The series has sold 13 million copies and again defeat previously vanquished foes. have the guts to continue on and the patience to school-age daughters play much of anything. since the release of the first “Dark Souls” in 2011. Players who don’t get back to the spot of their learn from your mistakes,” he says. But when they get a little older, I will happily “Dark Souls III” begins with the player alone demise lose their accumulated progress. Yet the Another player compares the game to con- let them play “Dark Souls” or another well- in a nearly silent cemetery. There is no music and interaction among player, controller and screen fronting a field of land mines, finding a man- crafted game. They teach patience, doggedness no dialogue, just a watery path to follow through is so well tuned that death almost always feels ual to disarm them, then learning that the and the rewards that come from hard work. an almost colorless landscape of browns, grays like the player’s fault, not the game’s. manual is in Swahili. “But ‘Dark Souls’ also and blacks. Glowing markers on the ground ex- To defeat these games, players collaborate gives you a Swahili dictionary,” she says, con- plain how to attack the skeletons and other un- online and in person, sharing advice over the In- tinuing the metaphor. “It expects you to lis- Mr. Suellentrop is a host of the podcast “Shall dead creatures that lurk ahead. Bloodstains show ternet much the same way schoolchildren of my ten and to learn and to improve.” We Play a Game?”

WORD ON GAME ON: THE STREET: CHRISTOPHER CHABRIS BEN ZIMMER Wicked Humor Startup Speak Gets Is in the Cards MOST GAMES revolve around winning. But A Dictionary with party games, the key objective is creating a fun collective social experience. IFASTARTUPuses growth The classic game Pictionary exploits two hacking and viral loops, could facts about human nature: Most people are it someday become a deca- terrible artists, and everyone suffers from a corn? On the other hand, if “curse of knowledge” that makes it hard to the company doesn’t engage accept that other people don’t see your in dogfooding, could it turn drawing as a perfect illustration of the con- into an acqui-hire or even a cept you are thinking of. Charades is the unicorpse? same, but with acting instead of drawing. If that’s gibberish to you, a The hottest party games today are based new book may help: “Valley on words and phrases. In Cards Against Hu- Speak: Deciphering the Jargon manity, currently ranked as the No. 1 best of Silicon Valley” by the hus- seller in toys and games on Amazon.com, band-and-wife team of Ro- players earn points by coming up with the chelle Kopp and Steven Ganz. best ways to complete sentences like “But The language of Silicon before I kill you, Mr. Bond, I must show Valley is jargon-laden enough you…” or “Why am I sticky?” to justify such a lexicon for The catch: You have just 10 possible an- the uninitiated. As the au- swers, each printed on a white card, and thors note, “the region’s you have to pick one. There is no ad-libbing unique business culture seems and no objectively correct answer: Each to breed new words—cool, round’s winner is decided by the “card geeky and often inane words.” czar,” the player who And all those new words of- read the question or ten serve to create “an aura of the fill-in-the-blank The social impenetrability.” ELIANA APONTE/REUTERS sentence. The czar FORMER dynamics The book grew out of Ms. Bogotá Mayor Antanas Mockus during a failed run for Colombia’s presidency, May 2010. answers only to his Kopp’s work consulting for own sense of humor, of Cards business clients in Japan who ASK ARIELY: DAN ARIELY and his decisions are Against wanted help breaking into final. After each American tech culture. When round, a different Humanity. she and her husband realized Lessons of the Nerd Mayor player becomes czar there was no book that ex- and draws a new plained the peculiar vocabu- Dear Dan, performing arts be a good way for them to black card with a lary of “the Valley,” they set This depressing election season has left me spend the summer? —Vanessa new prompt for the next round. The game about writing their own, deeply disheartened by the current state of ends whenever the players want. drawing on Mr. Ganz’s experi- American politics. Do you have advice on how First, kudos to you for being so thoughtful Cards Against Humanity is a politically ence working with several I can remain optimistic? Are there any politi- about your kids’ summer plans. One of the incorrect reimagination of the game Apples startups. cians whom you admire? —Alfredo most interesting (and depressing) lessons we to Apples, in which the cards contain adjec- The project came together have learned about education is that, without tives and nouns, and your goal is to pick the quickly, thanks to a Kick- My favorite politician, without question, is An- summer enrichment programs, kids tend to noun that goes best with the adjective. Both starter funding campaign that tanas Mockus—a Colombian mathematician forget a great deal while school is out. games descend from Mad-Libs, invented in let them self-publish the and philosophy professor turned unconven- Here’s the real question about your choice: the 1950s, which itself recalled a surrealist work. A rapid turnaround was tional pol who served some years ago as the Would your children be better off improving pastime called “Exquisite Corpse.” But in essential, the authors told me, mayor of Bogotá and made several unsuccessful their skills in activities that already engage those older precursors, the humor was in- since the terminology of Sili- runs for Colombia’s presidency. During his two them (music, acting and dance), or would they advertent: The players in Mad-Libs who con Valley evolves so rapidly. terms in office (1995-97 and 2001-03), Mr. be better served by learning skills that they supply the words don’t know the story their This linguistic churn isn’t Mockus introduced lots of positive behavioral haven’t yet cultivated? words are going into, only the part of surprising given the ever- changes to his unruly, crime-ridden city. He re- Since your kids are very young and their speech or category they have to match. changing nature of tech start- duced water usage, prodded Colombians to tastes and talents haven’t yet matured and In the new games, the humor results ups, which can live or die ac- obey traffic laws and reduced violence. stabilized, I would suggest using the summer from deliberate choices. But players’ choices cording to the vagaries of Mr. Mockus rooted his uncon- as an opportunity to expand are sharply constrained: There is one black venture-capital funding and ventional, often theatrical may- their horizons by getting them card per round, and each player has a small heavy competition. oralty in a deep understanding An academic to try things that they usually set of white cards to pick from. Without Some of the lingo puts a of our social nature. One of his turned pol don’t get to explore. Maybe these constraints, the game would just be a positive spin on the scarce re- inventions was the 1995 Ley Za- boosted civic send them to a camp that fo- comedy writing competition. With them, it sources available to most new nahoria (literally, the “Carrot cuses on creative writing, sci- becomes a brilliant exercise in social intelli- startups. Growth hacking,for Law”—in Colombia, the word norms in his ence or hiking. gence. That sets it apart from most other instance, describes how a for the vegetable evokes nerdi- unruly city. games, which focus on spatial ability, mem- company can seek to gain ex- ness), which ordered bars and Dear Dan, ory or other cognitive skills. posure without a big market- other late-night joints to close For a few years now, I’ve been To win at Cards Against Humanity, you ing budget, leveraging what- at 1 a.m., thereby cutting crime trying desperately to overcome must size up other people’s sense of hu- ever resources it can muster and car crashes. my addiction to pornography, mor—and the limits of their knowledge. If up. They might include viral Mr. Mockus worked formally and infor- without much success. Are there any tech- you’re playing with grad-school friends, an- loops, or “product features mally to cultivate honorable civic behavior— niques that can help to break such stubborn swering the James Bond prompt with the through which one user easily praising good-humored citizens who played bad habits? —Zain card “heteronormativity” is a great play. If shares content with others.” by the rules and didn’t cut corners. By popu- your grandfather is the czar, it probably Dogfooding means “using larizing this standard and asking citizens of One thing we know about addiction is that isn’t. Or you may just want to have fun and your own product or service Bogotá to call each other out when they saw staying in the same environment makes it very not care whether your sister-in-law will gig- internally as a way to validate unseemly behavior, he invited his city’s resi- hard to quit. When we remain in the same gle or gag when you play “lumberjack fanta- its quality and capabilities.” It dents to end vicious cycles and reinforce vir- spaces where we have engaged in addictive be- sies,” “dead parents” or any of the game’s comes from the concept of tuous ones. He led the way in establishing havior, the environmental cues substantially in- many entirely unprintable cards. “eating your own dogfood,” as better, stronger social norms. crease our cravings—making it very hard to re- The success of Cards Against Humanity used in a 1988 memo by a Mr. Mockus also had an unconventional way sist our desires. It is important for heroin has spawned many fan-made expansion manager at Microsoft. of saving water. As a World Bank report noted, addicts, for instance, to change where they live packs, with names like Cards Against the he was once shown “in a TV ad taking a shower and the people whom they associate with. Humanities, Crabs Adjust Humidity and (of with his wife”—demonstrating how to get clean With your pornography addiction, changing course) Trump Against Humanity. For play- A 1988 Microsoft with less water while having more fun. the environment is more complex—but try to ers who aren’t old enough for some of the memo on the replace your phone and computer so that you more adult humor, there is “Not Parent Ap- internal use of Dear Dan, can have new devices that won’t evoke memo- proved,” with cards that appeal to preteen As the school year comes to an end, I am ries of your past behavior. Good luck. sensibilities: “Boys remind me of…” might products has had starting to think about summer activities for be completed with “Unidentifiable cafeteria a long afterlife. my children—ages 10 and 13, both relatively food.” In any version, this kind of game will good at music and interested in theater and Have a dilemma for Dan? stretch your mind, and your social skills, in dance. Would sending them to a camp for the Email [email protected]. unusual directions.

Thefateofastartupmay be as an acqui-hire,anodd blend of “acquisition” and PHOTO OF THE WEEK “hire” introduced in a 2005 blog post by Rex Hammock Umbrella (though he spelled it as “acq- Group hire”). The term describes what happens when a large Dancers company buys up a smaller performed firm to procure its personnel. A unicorn, as I discussed in near the a column last year, is a sculpture startup with a valuation of a billion dollars or more. But ‘Umbrellas’ that is now passe: The new by George gold standard is the decacorn, or a $10 billion valuation. (A Zongolopou- recent episode of HBO’s tech los on satire “Silicon Valley” play- fully referred to it as “the D- Wednesday, word.”) If things go south and International the company loses valuation, Dance Day, the unicorn could instead turn into a “unicorpse.” in Thessalo- Reading through “Valley niki, Greece. Speak” reveals how all of this jargon has emerged from a unique confluence of technology, finance, marketing and business management. The resulting lexical stew is at once Answers to the News inventive and perplexing, so a Quiz on page C13: guide is most welcome—at 1.B, 2.A, 3.D, 4.C, 5.C, least until the next batch of 6.B, 7.A, 8.D, 9.B trendy words bubbles up. SAKIS MITROLIDIS/AGENCE FRANCE-PRESSE/GETTY IMAGES For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com WASHINGTON AND ARNOLD C6 | MUKHERJEE’SBOOKS ‘GENE’ C7 | A NOVEL OF SPARTACUS C10 | BEST SELLERS C14

© 2016 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Saturday/Sunday, May 14 - 15, 2016 | C5 In a League of His Own George Plimpton fought Archie Moore, pitched to Willie Mays and quarterbacked the Lions

BY EDWARD KOSNER

THE LANKY ROOKIE right-hander nervously toes the pitcher’s rubber alone on the mound at Yankee Sta- dium under a dazzling October sky, the crowd in the stands a distant mur- mur. At the plate, 60 feet, 6 inches away, stands Willie Mays, eyes bright, eager, his bat cocked over his right shoulder in the sunshine. George Plimpton goes into his awkward windup and flings the ball toward the plate. Mays swings...andpops out! There could not have been a man or boy reading “Out of My League” more than a half-century ago who did not picture himself in Plimpton’s spikes living the dream of actually pitching to major leaguers. In fact, Plimpton’s turn on the mound before a 1958 exhibition game ended ignominiously. He nearly passed out after hurling 70-odd pitches to seven National League All- Stars. That hardly detracted from his achievement: Better than anyone before him—or since—Plimpton, the aristocratic editor of the literary Paris Review, re-created the experience of participating in big-time sports, the fantasy of generations of weekend duf- fers, tennis hackers, softball sluggers and Little League dads. Now seven of Plimpton’s sports books are being reissued by Little, GETTY IMAGES Brown in a handsome uniform edition, NO GAIN George Plimpton (wearing number 0) at Detroit Lions training camp in 1963. and they are a delight—more entertain- ing, if possible, than I remembered. though the players do tend to “go into hall, studying his playbook, going out that Plimpton’s name was “Bill” or John Toland’s biography of Hitler. “Out of My League” (151 pages, $20) town” a lot after practices. for beers with the veterans. He brings “Roger” when they spar in “Shadow After weeks of coaching, he finally was the first; it was followed by the The pleasure of Plimpton’s com- along a small library, mostly arcane Box.” “He came at me quite briskly,” dons the goalie’s heavy pads, clutching best-selling “Paper Lion” (360 pages, pany is so intense that even the occa- old manuals and stat books that he Plimpton writes, “and as I poked at him his stick with a huge padded gauntlet, $20), in which Plimpton scrimmaged as sional languorous passages and con- bones up on and quotes. He records tentatively, his left reached out and and slides out on the ice to confront the last-string quarterback with the De- spicuous padding in the 1,841 total the players’ tall stories and practical thumped me alarmingly. As he moved the Flyers in the raucous arena. The troit Lions before the 1963 NFL season. pages of these seven books glide by jokes, their triumphant memories and around the ring, he made a curious first shot whistles into the net behind Besides his baseball and football non- without unduly taxing the reader’s pa- miseries, their fears and dreams. Big humming sound in his throat ...ex- him before he even sees it. But he set- heroics, Plimpton, who died at 76 in tience. His prose is as elegant and personalities take the stage—among cept from time to time the hum would tles down and holds his own. To make 2003, played in three pro-am golf tour- seemingly effortless as Ted Williams’s them, in “Paper Lion,” the brainy of- rise quite abruptly, and bang! He could sure he has the full experience, his naments in “The Bogey Man” (284 swing or an Arnold Palmer iron shot. fensive guard John Gordy and Dick cuff me alongside the head.” Plimpton teammates contrive to cause a rare pages, $20); went three rounds with Reflecting on his Yankee Stadium “Night Train” Lane, the brilliant cor- survives, and the book gets down to its penalty shot, and Plimpton, wearing the light-heavyweight champ Archie debut, he writes, “the simple, basic nerback with a language of his own. real subject: Ali’s monumental fights uniform 00, finds Flyers right-wing Moore in “Shadow Box” (347 pages, sensations came to mind...the Talking about the changes in foot- with Sonny Liston, Joe Frazier and Reggie Leach barreling toward him, $20); and played goalie for the Boston warmth of the sun, and the smell of ball since his own “commenceman- George Foreman, the last being the the puck curled on his stick. Plimpton Bruins of the National Hockey League leather, the ...oilsweatingoutofthe ship,” Night Train tells the writer: 1974 “Rumble in the Jungle” in Zaire, skates out to cut off his angle, flops in “Open Net” (270 pages, $20). glove’s pocket in the heat, and the cool “These days when Sunday rolls aroun’, on the ice and Leach’s shot glances He thought of these adventures as of the grass and the dirt when the there’s like to be too much kibitzing harmlessly off one of his skates. Vic- “participatory journalism,” but he was sun’s shadow fell across it late in the going on, which ought to be left in the Wearing number 00, tory—of a sort—at last! really an ethnographer venturing with afternoon, and the sharp cork sounds bedroom.” Another player sums it up: The other three entries in the his spiral notebook into exotic subcul- of the bats against each other, and the “Football’s all humiliation.” he stopped six out of Plimpton set—the golf book “Bogey tures off-limits to civilians and return- rich smell of grass torn by spikes.” The The high point of these books is al- seven Flyers shots Man”; “One for the Record” (193 ing with detailed reports of the tribal unadorned, rhythmic language is remi- ways Plimpton’s brief sequence of ac- pages, $20), about Hank Aaron break- rituals of the natives and—literally— niscent of Hemingway, who makes tual action. In “Paper Lion,” he learns for the Boston Bruins. ing Babe Ruth’s record of 714 home what it felt like to try to join them in vivid cameos in several of the books. five plays to run as quarterback in a runs; and “Mad Ducks and Bears” their often bloody manhood rites. Plimpton was a polymath. Besides scrimmage against the first-string de- (251 pages, $20), in which the old A true amateur in the classic sense founding and, for a half-century, edit- fense before a big crowd in Pontiac, when Ali regained the heavyweight ti- Lion John Gordy and Alex Karras, the of the term, Plimpton was the perfect ing the Paris Review, he wrote, co- Mich. Wearing number 0, he gets the tle stripped from him because he re- rambunctious defensive tackle, basi- man for the job: intelligent, inquisi- wrote or edited 52 books and enjoyed ball on his own 30. He fumbles on his fused to serve during the Vietnam War. cally tell pro-football war stories— tive, deferential, discreet and gener- renown as a TV pitchman and fire- first play when he collides with the Plimpton’s straightforward, evocative have their rewards but don’t really ous to the specimens he encountered. works impresario. He knew nearly ev- guard Gordy, falls down untouched on portrait of Ali compares favorably with compare to his best. A wiry 6-foot-4, he was willing to risk eryone worth knowing, including the his second play, and, handing off too Norman Mailer’s ornate boxing arias. Closing the last of the series, the life and limb—and worse, humilia- Camelot crowd. Muhammad Ali called late to a running back on his third His sole quasi-successful outing reader leaves George Plimpton’s wide tion—to research his books. Sports him “Kennedy.” Still, he is best known play, has the ball stripped away by a takes place in “Open Net”—five min- world of sports with deep reluctance. writing these days can be obsessed for “Paper Lion,” his misadventures as giant defender, only to be saved by utes in goal for the 1977-78 Bruins His teammates recede—like the old with the avariciousness, narcissism a quarterback with the Detroit NFL the referee whistling the play dead. before a preseason game against the baseball players vanishing into the and sheer loutishness of pro athletes. team, first published in 1965. After an incomplete pass, Plimpton dread Philadelphia Flyers on their cornfield in “Field of Dreams,” taking But they’re all good guys in Plimpton’s “Paper Lion” perfected the formula flips to another running back, who is home ice. Of all the professional ath- their magical world with them but liv- books. There’s not a hint of perfor- that Plimpton would deploy in his par- nailed on the 1-yard line. In his five letes he spends time with, Plimpton ing on in fond memory. mance-enhancing drugs—or even ticipatory books. Wandering into plays, he has managed to lose 29 seems to like the hockey players the those ubiquitous amphetamine training camp with a bag of ragtag yards, barely avoiding the mortifica- most. Country boys from provincial Mr. Kosner is the author of “It’s “greenies”—in Plimpton’s locker equipment, he slowly ingratiates him- tion of a safety in his own end zone. Canada, they turn out to be smart News to Me,” a memoir of his career rooms. There are just two anodyne self with the athletes and coaches, sit- He doesn’t fare much better against and articulate. He’s pleased to find as the editor of Newsweek, New York, references to sex in the whole set, al- ting with the rookies in the dining Archie Moore, who seemed to think that three of the Bruins are reading Esquire and the New York Daily News.

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‘As he was valiant, I honor him. But, as he was ambitious, I slew him.’ —William Shakespeare America’s Savior and Its Judas

Valiant Ambition By Nathaniel Philbrick Viking, 427 pages, $30

BY STEPHEN BRUMWELL

ON MAY 30, 1778, amid the bustle of the Continental Army’s encampment at Valley Forge, Pa., Benedict Arnold formally swore allegiance to the United States of America. For Arnold, a major general, this sacred oath de- manded of all officers by the Conti- nental Congress must have seemed ridiculous. Over three years of war with Britain, the stocky New Englander had proved himself among the most dedicated and capable fighters for Ameri- can independence.

In late 1775, he led a punishing ex- LIBRARY OF CONGRESS pedition through the icy Maine wil- THE DEVIL’S OWN Benedict Arnold, depicted as two-faced and in league with the devil, was burned in effigy in Philadelphia on Sept. 30, 1780. derness to attack Quebec. Wounded during the failed assault, he had sur- “Valiant Ambition: George Washing- tion and analysis that highlights Ar- son,” reflecting the post-treason con- dabbled in poetry, painting and ama- vived the retreat and taken command ton, Benedict Arnold, and the Fate of nold’s flair for combat on land or wa- sensus that Arnold was tempted by a teur dramatics—was hanged as a spy. of the ramshackle naval flotilla that the American Revolution,” despite di- ter. If Congress had approved his sordid love of gold. But it’s certainly Mr. Philbrick is immune to André’s was mustered to oppose the subse- verging reputations as their country’s requests for a sea-going command, it’s possible that Arnold turned his coat charms, seeing him as a bloodthirsty quent British invasion from Canada savior and its Judas, these two ag- likely that the ensuing opportunities because he no longer believed in the and ambitious career officer who de- via Lake Champlain in October 1776. gressive warriors shared many bonds. for glory and prize money would have cause for which he had fought and served his ignominious death. This skillful action, fought against As the Revolutionary War ground on, steered him clear of temptation. bled and felt that America’s best in- Washington hankered to see his overwhelming odds, delayed the en- both were harassed by fractious poli- Instead, in June 1778, Arnold was terests now rested upon a rapproche- former protégé dangling from a gib- emy for a vital year. When British ticians who viewed professional sol- appointed military governor of Phila- ment with Britain. bet. But plans to kidnap Arnold from raiders marched through his native diers with suspicion. But while Wash- delphia, a divided city recently evacu- New York foundered, and the Revolu- Connecticut in April 1777, Arnold ral- ington’s frustrations with a weak and ated by the British and the worst pos- tion’s supporters had to make do with lied the militia that harried them back faction-ridden Congress mounted, he sible posting for a stubborn man of burning his effigy in communal rituals to their ships. never let them deflect him from the arrogant temperament. There, Arnold Washington and Arnold that expressed rage at such “Satanic” He played a crucial role in the greater goal of winning independence encountered two key catalysts for his shared many bonds and treachery and relief at their miracu- campaign leading to the surrender of from Britain. Arnold’s grievances fes- metamorphosis from hero to traitor. lous deliverance from disaster. Con- Gen. John Burgoyne’s army at Sara- tered until, by his own eyes, they jus- One was the antagonistic president of admired each other. templating this reaction, Mr. Philbrick toga in October 1777, the event that tified repudiating that same objective. Pennsylvania’s radical Supreme Execu- asserts that Arnold’s disloyalty had prompted France to join the American Because Washington and Arnold tive Council, Joseph Reed, for whom momentous consequences, revitalizing struggle against Britain. A tipping never saw active service together, needling the crippled general about his After 18 months of espionage, dur- a war-weary and apathetic population point in the war, Saratoga was equally charting their fortunes between the opulent lifestyle and irregular ex- ing which he passed on tidbits of intel- and thereby forging the national unity pivotal for Arnold. During the climac- summers of 1776 and 1780 poses an penses became an obsession. Reed’s ligence and sought to establish his essential for ultimate victory. tic fighting, his left leg was shattered authorial challenge, involving scat- accusations would lead to Arnold fac- value as a defector, Arnold’s plans ma- This verdict is hard to sustain. For by a musket ball. The resulting limp tered campaigns and a crowded sup- ing a court-martial in December 1779, tured when his appointment to the all the vociferous outcry at Arnold’s kept him from battlefield command porting cast. For example, during the by which time he was already treading command of West Point enabled him duplicity, there was no dramatic surge for years and was a nagging reminder fall of 1777, when Arnold was helping the path to treason. Under such cir- to offer that coveted fortress to the of popular patriotism, no wave of re- of the personal price he had paid for to thwart Burgoyne in upstate New cumstances, Arnold’s vigorous defense British for the hefty price of £10,000. cruits keen to fight the British. Quite American liberty. York, Washington was sustaining vex- of his “honor” against the mostly petty Although Mr. Philbrick doesn’t belabor the contrary. In January 1781, British Although Arnold’s feisty nature ing defeats around Philadelphia at the charges—on all save one of which he the point, Washington’s extensive in- troops led by the archfiend Arnold and unswerving confidence in his own hands of William Howe. In “Valiant was acquitted—leaves Mr. Philbrick telligence network—including the rampaged through Virginia with im- rectitude left a trail of outspoken crit- Ambition,” the second volume in a breathless at his “sheer audacity.” much-vaunted Culper spy ring—failed punity. Hopes of checking him were ics during these campaigns, his cour- projected Revolutionary War trilogy The other catalyst took the comely utterly to sniff Arnold out. Only chance hampered because disillusioned veter- age and inspirational leadership that began with “Bunker Hill” (2013), shape of 18-year-old Peggy Shippen, (which contemporaries preferred to ans of the Continental Army had earned him the unstinting trust and Mr. Philbrick succeeds in splicing a loyalist-leaning belle whom Arnold call “Providence”) exposed him. staged a mass mutiny and marched respect of his commander in chief, these disparate strands into a coher- courted with characteristic determi- On Sept. 23, 1780, while returning upon Congress for redress. George Washington. Yet within a year ent story that, through all its twists nation and, despite being twice her from a rendezvous with Arnold to fi- As Mr. Philbrick’s next book prom- of making his solemn pledge at Valley and turns, remains inviting to the age, married in April 1779. By early nalize the plot, the British officer Maj. ises to recount, there followed a re- Forge, Arnold was scheming to defect general reader. Clear and insightful, it May, the devoted husband was mak- John André was captured by a trio of markable turnaround for the Ameri- to the British. His September 1780 at- consolidates his reputation as one of ing his first tentative approaches to patriot militiamen. He was carrying can rebels. But the decisive victory at tempt to surrender the strategically America’s foremost practitioners of the British. This timing is certainly incriminating documents detailing the Yorktown was owed to French sea vital fortress of West Point on the narrative nonfiction. suggestive of Peggy’s influence, but defenses of West Point. Alerted to this power, the resolution of Washington Hudson River was foiled, but Arnold Mr. Philbrick made his name as the without any convincing personal alarming development by another and another timely intervention by incurred enduring infamy. He remains author of maritime titles, and his fans statement, Arnold’s precise motiva- quirk of fortune, Arnold fled to New “Providence,” not to any Arnold-in- the most notorious traitor in Ameri- will relish his convincing account of tion for turning traitor will remain York City, leaving André to his fate. spired revival of “the spirit of ’76.” can history. Arnold’s brief stint as commodore. His open to speculation. Mr. Philbrick Much admired by American officers No one was more shocked by Ar- retelling of the Battle of Valcour Is- emphasizes how the cash-strapped like the impressionable young Col. Al- Mr. Brumwell’s “George Washington: nold’s betrayal than Washington. As land on Lake Champlain is a finely general’s “need for money helped to exander Hamilton, the debonair ma- Gentleman Warrior” won the 2013 Nathaniel Philbrick demonstrates in balanced blend of narrative, descrip- fuel his gradual creep toward trea- jor—who, when not fighting rebels, George Washington Book Prize. The Savage War in the West time.) Many died in their beds. Many tained energy of the armed Apache re- persistence in tracking and decon- flaming red-haired, dark-skinned scout The Apache Wars had their brains beaten out with sponse was like nothing else in our structing every significant skirmish in was hated by the Apaches who raised By Paul Andrew Hutton stones. Some of the women were history. As Mr. Hutton narrates in me- the conflict, and there are plenty of him and never fully trusted by the Crown, 514 pages, $30 raped before they were killed. ticulous detail, the Apaches did not go them. In terms of colorful characters, whites who hired him. While the Camp Grant massacre, as gently into the American night. They there is an embarrassment of riches: He was also emblematic of one of BY S.C. GWYNNE it came to be known, horrified the went down in a prolonged spasm of vi- the indomitable Geronimo; Cochise, the most successful Indian-fighting country, it was not exactly a murder of olence that stood out even in a world the great Chiricahua chief and unlikely policies ever developed by the U.S. total innocents. The raid was a re- where white soldiers collected severed peace advocate; Lozen, the lethal fe- Army: hiring Apaches to track and kill BY ALL ACCOUNTS Lt. Royal E. Whit- sponse to two years of savage attacks Apaches. This was highly unusual: The man was a decent man and a good carried out by various Apache bands army had used Tonkawas to track Co- Christian. As commanding officer of on farms, ranches and mines in what is manches, and Pawnees and Arapahoes Camp Grant in the heart of Apache now Arizona and New Mexico. Though to track Cheyennes. But using mem- country, he said he felt “a strong Eskiminzin was sincere in his desire bers of the same tribe as army scouts personal interest in showing [the for peace, far too much blood had been against that tribe was unprecedented. Apaches] the way to a higher civiliza- spilled to permit such a reasonable so- (Later on, the army would use Lakotas tion.” Toward that end, in April 1871 and Cheyennes to scout against their he invited some 500 Aravaipa Apaches own people.) The fact was: Many of to gather near his military base, where The Apache armies did the Apaches hated one another, even he promised to give them generous within bands. The semi-sedentary beef and corn rations, and to protect not go gently. They went Western Apaches and the Chiricahuas them. They came. Whitman delivered. down in an exceptional had been killing each other for years. The Apache chief, whose name was Mickey Free was in that tradition. He Eskiminzin, said he was tired of run- spasm of violence. rode with Apache army scouts and be- ning from soldiers. came famous as one of the most effec- Whitman’s boundless good will—in tive Apache killers in the West. line with President Grant’s policy of lution. To those who wanted to see it The weakness in Mr. Hutton’s book winning over the Western tribes with that way, the massacre was yet more arises from one of its strengths: the

kindness and generosity—seemed to proof that there could be no compro- GETTY IMAGES very thoroughness of his researches work brilliantly. Whitman had Indians mise with Native Americans short of AFTER THE WARS Apache Indians on a reservation in Arizona. into the long Apache war can some- gather hay for the army base. He paid extinction or de facto imprisonment. times make for tedious reading. No them fairly. He convinced them to be- The tension between the two prin- Indian heads and Indians slow-roasted male warrior who could see the future; doubt each skirmish, pursuit, raid, gin planting corn. Here, apparently, ciples of coexistence or vengeance, white men to death. pathfinder Kit Carson; and the famous counterraid, senseless slaughter, was proof that the conflict between embodied in Whitman and the Tucson There is much to like in Mr. Hut- last holdout, the Apache Kid. treaty, betrayal, new treaty (rinse, re- the indigenous peoples and the invad- militia, animates Paul Andrew Hutton’s ton’s book. His prose is equal to the The book is nominally organized peat) is significant. But the horror of ing Americans did not have to end in compendious frontier history, “The vastness of his landscape and the clash around the life of the young Apache the war—a grinding guerrilla conflict bloodshed and misery. Apache Wars.” Mr. Hutton dates those of so many era-defining personalities. captive whose kidnapping triggered that went on endlessly—is hard to But this desert country idyll would wars roughly from the 1861 kidnapping Of an exchange between Apache chief the Chiricahua wars and who later be- pound into crisp narrative arcs. This is not last. Like every other attempt to by the Apaches of a mixed-blood boy Geronimo and the legendary Indian came famous as a scout for the U. S. a problem Mr. Hutton shares with the make a durable peace with Apaches, to the surrender of Geronimo in 1886. fighter George Crook, he writes: Army. He was born Felix Ward, raised rest of us who write about Indian this one owed more to wishful think- I might put it back a few years to 1852, “While Geronimo spoke, General Crook by Apaches and eventually given the wars. Sometimes he solves it, some- ing than practical experience. At dawn when various bands of the tribe fought looked down at the ground. His refusal nickname “Mickey Free” by U.S. sol- times it seems to master him. Where on the morning of April 30, a heavily the American Third Infantry. The to make eye contact finally got to Ger- diers, which stuck. Though Mr. Hutton “The Apache Wars” really shines is in armed group of 146 white and His- Spanish colonists, who named this onimo. ‘What is the matter that you informs us that “this is Mickey Free’s the richness of its details, well re- panic American citizens and Papago part of the world “Apacheria,” would don’t speak to me?’ he exclaimed. ‘I story,” in fact “The Apache Wars” is searched and deeply understood. Indians crept into the Apache camp have dated the start of their unrelent- wish you would look and smile at me. mainly a linear, war-tracking narrative and slaughtered 125 people, mostly ing, blood-drenched fight with the The Sun, the Darkness, the Winds, are into which Mickey pops in and out, Mr. Gwynne is the author of women and children. (Most of the Apaches to the 17th century. all listening to what we now say.’ ” never staying long. He is a compelling “Empire of the Summer Moon” able-bodied men were away at the In any case, the bitterness and sus- Mr. Hutton is also terrier-like in his figure nonetheless. The one-eyed, and “Rebel Yell.” For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | C7 BOOKS

‘A starlit or a moonlit dome disdains / All that man is, / All mere complexities, / The fury and the mire of human veins.’ —W.B. Yeats Peeking Into Pandora’s Box

The Gene By Siddhartha Mukherjee Scribner, 592 pages, $32

BY NICHOLAS WADE

MODERN BIOLOGY began with the discovery of the structure of DNA in 1953. After a 60-year analytic phase, it has now begun a transition into a phase of synthesis. With a new way of manipulating DNA, called the Crispr technique, biologists will soon be able to endow crops with new properties, destroy pest populations like the Zika-carrying mosquitoes and overhaul genomes to improve human health. “The Gene” is an ambitious attempt to explain how we arrived at this point. Its author, Siddhartha PATERNITY Mukherjee, is a cancer researcher An autoradiograph who wrote a fine book on the topic, of DNA ‘fingerprints.’ “The Emperor of All Maladies” (2010). In “The Gene,” he weaves together three narrative strands. One is the

story of his own Indian family, in GETTY IMAGES which one uncle was bipolar and another schizophrenic. Another is the nant DNA in 1975 and second of the der identity in the real world appears soned discussion of intelligence tests But this is not the case: Most genes history of discoveries about genetics. Crispr technique in 2015. In both as a continuous spectrum. . . . Gender that has long been vilified by the left. on the Y are duplicated, so a backup A third is the politics of biology from cases they called for voluntary mora- does not exist in discrete half-moons This irrelevant passage will give read- is available on the same chromosome. eugenics to gender differences. toriums, which have been honored of black and white, but in a thousand ers the uneasy feeling that the author The author’s account of the Human The prelude to modern genetics, world-wide, until the risks could be shades of gray,” he writes. But biol- is more concerned with promoting his Genome Project is not well-researched particularly the ideas of Darwin and better assessed. ogy’s sex-determination system suc- leftist credentials than with explain- or explained. He gives too much Mendel and their eventual integra- Mr. Mukherjee thinks that the sci- ceeds overwhelmingly in creating ining a complex subject factually, surely credit to the administrators who tion, is well told. The book has many ence of genetics and the political dividuals who are either male or the first duty of anyone who writes doled out the money and way too lit- deft narrative passages, including abuse of disfavored groups can be female; a few errors or variations on about science. tle to those who actually figured out lively descriptions of Mr. Mukherjee’s persuasively linked merely by simul- how to crack the genome. The feasi- two mad uncles. But the uncles pop taneity. He notes the landmark paper bility of decoding vast lengths of DNA up randomly and, because there is as that first identified DNA as the hered- No sooner was a new gene-editing technique devised was established by John Sulston and yet no genetic treatment for their dis- itary material and then writes: “Os- Robert Waterston, working with the ease, never really connect with the wald Avery’s paper on DNA was pub- than scientists themselves called for a moratorium. microscopic C. elegans roundworm. main theme. After a lively beginning, lished in 1944—the very year that the DNA is DNA, whatever its source, so “The Gene” gets sidetracked into the Nazi exterminations ascended to their decoding the human genome just re- history of eugenics. horrific crescendo in Germany.” But the theme cannot reasonably be said Of somewhat greater relevance is a quired scaling up the method used on The eugenics movement was the two events had nothing do with to generate a spectrum of sexes. survey of the hot-button issues in the roundworm. A major improve- shaped largely by American geneti- each other. Anti-Semitism and malign Mr. Mukherjee is equally tenden- contemporary biology, from epigenet- ment on the roundworm method was cists and brought to a horrific culmi- ideas about racial purity had a long tious on the issue of race, trotting out ics to stem cells. These sections are then achieved by Craig Venter. Had nation by Germany’s National Social- history in Europe that far antedates the old but fallacious argument that well written but seem shaky in places. Mr. Venter not turned the project into ists. By conflating the history of Mendel or genes or DNA. People were the genetic diversity within the races Mr. Mukherjee skates over the com- a furious race, thanks to his bold deci- genetics with that of eugenics, the au- not ignorant of heredity before the swamps any differences between plexities of epigenetics, a control sys- sion to sequence the human genome thor quite falsely implies that genetics genetic age. To the hereditary groups them. But races have high genetic di- tem that sits on top of the DNA-level himself, the government’s project is a Pandora’s box crammed with un- they disliked they imputed inferior versity because so did the ancestral regulation of which genes can be read would probably still be plodding to- speakable evils. He describes the gene blood. Genes may now have replaced human population from which all are off and which are silenced. He fails to ward the finish line. The significance as “one of the most powerful and dan- the metaphor of blood, but it’s surely very recently descended. That has lit- make clear for the reader the differ- of these three scientists’ achieve- gerous ideas in the history of science.” mindless to make modern genetics tle to do with the differences that ence between transgenerational, La- ments is ignored in the author’s Knowledge of the human genome, he bear the burden of all the ancient ani- have since developed between the marckian-style epigenetics, which is somewhat shallow account. warns, combined with new powers of mosities of the tribe. races, a matter still under investiga- controversial, and the epigenetics re- Mr. Mukherjee’s book will com- genetic manipulation, sets us up for “a America’s eugenics program was a tion. One can reasonably expect such quired by the blueprint of multicellu- mand attention because of its ambi- headlong sprint into an abyss.” particular case in which geneticists differences to be small, but scientists lar organisms, which is not. He says, tion and the success of his previous Mr. Mukherjee offers no clear ar- misused their specialist knowledge to should be at pains to distinguish be- puzzlingly, that it’s unknown why one book. Its virtue is that it covers a gument to back up this dire warning. promote their own political views. tween what they know and what they of the two X chromosomes in female broad, complex field in an accessible In fact, far from ushering in some There is surely an obvious lesson don’t know. In dismissing all differ- cells is always inactivated, but the way. Too bad that he has marred a Brave New World, genetics at present here, but Mr. Mukherjee has not ences between races as negligible, Mr. reason is well understood—it’s to en- good yarn: The fascinating history of is over-regulated. Obscurantists re- drawn it because he does the same Mukherjee puts himself on the wrong sure that male and female cells have modern biology didn’t need to be tard the use of genetically modified thing. He skews his account of mod- side of that divide. the same dose of X- gene products, spiced up with politicization and mis- crops, and changes to human heredity ern genetics so as to support current What does psychometrics have to given that males have only one X. An- guided hand-wringing. are widely prohibited. Contemporary progressive views on issues such as do with the history of genetics? Al- other misstep is the statement that geneticists have behaved with great race and gender. The cause may be most nothing, but Mr. Mukherjee goes genes on the Y chromosome cannot Mr. Wade is the author of “A Trou- responsibility by alerting the public to less pernicious, but the abuse of spe- out of his way to launch a long dia- be repaired after a mutation in their blesome Inheritance: Genes, Race the potential dangers first of recombi- cialist knowledge is the same. “Gen- tribe against “The Bell Curve,” a rea- DNA because the Y lacks a true pair. and Human History.” Who Wrote the Book of Nature? physicist myself, find so much of what we tell? Since they’re about real stuff, about which all consistent, coherent termed “speculative materialism.” Mr. The Big Picture he says fishy? some are presumably more true than stories are ultimately told? It is not, of Carroll’s poetic naturalism is naive by By Sean Carroll Mr. Carroll describes his philoso- others. Mr. Carroll invokes the meta- course, the atoms that were long ago comparison, in a technical and not a Dutton, 470 pages, $28 phy as “poetic naturalism,” a term phor of scientific theory as a “planet smashed into smaller pieces, nor even pejorative sense. that immediately seems set to lure in of belief”: a body of knowledge held the quarks and leptons whose speed- Once we accept his book’s ground BY ANDREW CRUMEY those of a syncretic disposition who together by the “gravitational pull” of ing tracks are spotted in particle accel- rules, he gives us a highly enjoyable see art and science as a unity. He mutual consistency. According to Mr. erators. It is instead, Mr. Carroll says, and lucid tour through a wide range quotes the poet Muriel Rukeyser writ- Carroll, “we should be constantly the quantum fields whose vibrations of topics. Theoretical physics takes ASABOY,Sean Carroll enjoyed going that “the universe is made of sto- testing and probing our planets of be- we detect as matter and radiation. center stage, but there are also ex- ing to church in his hometown of ries, not of atoms,” which sounds like lief for inconsistencies and structural And here it is I who must raise a cursions into evolution, conscious- Trenton, N.J. He liked “the hymns, the the sort of poststructuralist ortho- deficiencies.” Of course, “the real hand from the back of the class and ness and the ultimate fate of the imposing wood pews...themyster- doxy that has long held sway in fields problem is that we can imagine more ask: Is a quantum field “stuff” or universe. Even if you don’t agree ies and the doctrine.” He also liked of academia remote from Mr. Carroll’s than one stable planet.” So how do we “story”? Does it really exist or is it a with what he says, you are unlikely the pancakes afterward. But as he own. But he inverts Rukeyser’s choose which to mentally inhabit? A useful way of talking about the ob- to be enraged by such an urbane and grew older, he lost his faith. “My maxim: The universe is made of “habitable” theory environment, says served phenomena? An anecdote that engaging a lecturer; more likely, you transformation to naturalism wasn’t “stuff”—not atoms but something Mr. Carroll, “necessarily includes may or may not be true says that the will be enthralled. dramatic or life-shaking; it just kind more fundamental. great theorist Paul Still, no matter how sympathetic of crept up on me.” Mr. Carroll is now That’s the “natural- Dirac, when once I am toward his position, I can’t help a professor of theoretical physics at ism” part. We tell asked what an feeling that in some cases—notably, the California Institute of Technology, stories about the electron was, his opposition to religion—he’s stuff: That’s the “po- wrote an equation shooting at straw men. “For the sake etic” aspect. So re- on the blackboard, of keeping things simple,” he writes, The author doesn’t believe ally, a better term pointed to a sym- “let’s divide all of the possible ways might be “prosaic bol in it and said: of thinking about God into just two in God, but presumably naturalism” or even “That’s an elec- categories: theism (God exists) and believes in a parallel just good old-fash- tron.” This is es- atheism (no, he doesn’t)....Forthe ioned materialism. sentially Mr. Car- sake of being definite, let’s imagine universe in which he does. “What is the fun- roll’s view, and as we’re talking about God as a person, damental nature of the anecdote as some kind of enormously power- reality?” Mr. Carroll shows,itisofno- ful being who is interested in the and “The Big Picture”—grandly subti- asks. “Philosophers ble lineage. But it lives of humans.” That leaves out a tled “on the origins of life, meaning, call this the question remains debatable, lot of possibilities. and the universe itself”—is a mani- of ontology—the and the author’s Mr. Carroll appeals to evidence

festo that will divide reader opinion study of the basic GETTY IMAGES evasion of that is- but interestingly expresses faith in along familiar lines. But unlike some structure of the sue undermines the speculative “many worlds” inter- of the participants in the science-ver- world.” Alert students of Metaphysics some shared convictions about evi- his version of materialism. pretation of quantum theory. He sus-religion debate (most notably 101 will at this point raise a hand to dence and rationality, as well as the To an extent, Mr. Carroll’s idea of doesn’t believe in God but presum- Richard Dawkins), Mr. Carroll is not say that ontology is instead the ques- actual information we have gathered real stuff and stories about real stuff ably believes in the actual existence on a mission to show that believing in tion of what “being” means. For most about the world.” Put succinctly, his resembles the work of the contempo- of another universe containing an- God is as futile as writing letters to of us, the study of the basic structure position is that science is the only au- rary French philosopher Alain Badiou, other Sean Carroll who does. I won- Santa Claus. Never hectoring, always of the world is called theoretical thentic way to access genuine knowl- who has sought to ground material- der what sort of book his other self tolerant, the author presents a seduc- physics. The question of how exactly edge about reality and that science ism in a quasi-mathematical (and con- would write? tively attractive picture of a universe even that superbly successful science expresses its findings in a hierarchy siderably more abstruse) framework. whose ultimate laws lie within our relates to “the fundamental nature of of “stories,” with theoretical physics Badiou’s protégé Quentin Meillassoux Mr. Crumey is a novelist and theo- grasp. He might even make a few con- reality” is left begging. sitting at the foundation. has also developed a highly sophisti- retical physicist. His most recent verts. So why do I, an atheist and And what about all those “stories” So what, then, is the basic “stuff” cated approach to what has been book is “Sputnik Caledonia.”

‘Competition brings out the best in products and the worst in people.’ —David Sarnoff

MYSTERIES: TOM NOLAN Making Waves Strings The Network By Scott Woolley Ecco, 280 pages, $26.99 Attached NICK MASON,aca- BY HOWARD SCHNEIDER reer criminal serving a 25-year sentence in a federal prison, is, IN ‘THE NETWORK: The Battle for by the most generous the Airwaves and the Birth of the estimate, “a good Communications Age,” Scott Woolley man in a bad situation.” When he ac- explores the genesis of today’s com- cepts the assistance of an incarcerated munications revolution as it played it- gang leader who pulls strings on his self out over the airwaves. It is a behalf, Mason’s conviction is over- good, compelling subject and the au- turned as if by magic. He’s whisked thor works hard to be sympathetic into a Windy City penthouse, given an and fair toward his sometimes per- expensive car and as much cash as he plexing cast of characters, but he needs. So begins Steve Hamilton’s in- doesn’t always do his material justice. telligent thriller (first in a new series), The major focus of his book is two “The Second Life of Nick Mason” men, David Sarnoff and Edwin H. (Putnam, 287 pages, $26). Armstrong. Sarnoff in his heyday was Mason’s situation, though, has got- one of the most powerful men in the ten not better but worse—for the price U.S. Born in 1891 in a shtetl in Be- of his “freedom” is being on 24-hour larus, he immigrated with his family call to obey whatever evil order he re- to America nine years later. Despite ceives. After doing much worse things the fact that his education ended in than he was convicted of, he makes the eighth grade, he became en- “new rules for new problems,” in an thralled, as a 15-year-old messenger attempt to protect loved ones: “Keep it

at a New York telegraph company GETTY IMAGES all separate. Keep that [violent] part of that relied on undersea cables, with my life as far away ...aspossible.” what Mr. Woolley calls the “ever-ex- trans-Atlantic wireless service, one of “Perhaps the only one who was un- his own faith in the technology by us- But he can’t follow these strictures, es- panding worldwide web.” his fervent aspirations. The 23-year- surprised by the phenomenal success ing his wealth to build an FM station pecially once he draws the attention of Sarnoff’s employer fired him when old Armstrong maintained that he of color TV was David Sarnoff him- outside of New York City on the Hud- a tenacious homicide detective. he took a day off for Rosh Hashana, had solved the problem. He had built self,” Mr. Woolley notes. son River. Armstrong, however, de- Mr. Hamilton solves the dilemma of but he found another messenger job an apparatus that could “take a faded Sarnoff wasn’t an astute overseer spite his success as an inventor and a creating a sympathetic hit-man better at Guglielmo Marconi’s wireless tele- wave streaming in from far away and of NBC’s entertainment, however. He “wariness that bordered on paranoia than many authors before him: His graph company. Marconi boasted of reinfuse it with power.” The four men disdained the popular entertainers when it came to the legal system,” protagonist doesn’t realize what he’s his technology’s prospects for trans- attached it to the Marconi com- who helped a rival TV network, CBS, was gripped by a masochistic pen- gotten himself into until it’s too late; mitting very-long-distance messages pound’s mile-long receiving antenna prosper. But his role as a technology chant for litigation. Eventually he he isn’t asked to kill anyone who through the air—a feat that he was and, eureka, it worked—splendidly. “visionary” and “proselytizer,” as Mr. went after Sarnoff. In 1948, Arm- hasn’t already gone over to the dark convinced would enable him to crush “To Sarnoff, Armstrong’s invention Woolley says, was of pronounced im- strong filed an antitrust suit against the undersea-cable businesses. was miraculous both in its technolog- portance not only for NBC but for the RCA and NBC, wanting, in Mr. Wool- Marconi, as portrayed in “The Net- ical achievement and in the timely ley’s words, “to expose David Sarnoff After meeting a powerful work,” was more a cunning huckster rescue it offered Guglielmo Marconi,” as the man who had organized the than an inventor. Sarnoff, despite his Mr. Woolley writes. As head of RCA, Sarnoff conspiracy to cripple FM radio.” The gangster in prison, a man youth and inexperience, was blessed Ironically, Marconi and other VIPs case was contested for six years be- is given a penthouse and with shrewdness and common sense, in his company denigrated Arm- championed radio, color fore being settled out of court. Arm- and he quickly discerned the prob- strong’s efforts, to Sarnoff’s dismay. television and satellites— strong’s estate received about a mil- cash—and an assignment. lems pervading the Marconi Co. But It was Marconi’s bad luck: Two years lion dollars; earlier that year he loved the technology and became, later, when his firm finally bought a and helped create NBC. Armstrong had jumped from his 13th- at 16, “the company’s youngest-ever license to use Armstrong’s patent, it floor apartment in New York City’s side; and he feels remorseful and an- [wireless] telegraph operator”—de- cost a lot more than it would have if tony River House. gry enough to resolve to escape his spite occasional anti-Semitic jeers had Marconi heeded Sarnoff’s wise nation. For instance, in 1961 RCA’s sci- Mr. Woolley is a good writer with nightmare. Add to that Mason’s heart- from colleagues. He also became close advice in 1914. entists developed a novel device that an especially nice touch for describing aching reunion with his estranged 9- to Marconi; one of his assignments Marconi’s gaffe didn’t hobble the had been eagerly championed by the technology. But his book’s structure is year-old daughter, and the reader has was delivering presents to his boss’s careers of Sarnoff and Armstrong. In company’s chairman: a communica- puzzling and frustrating. There are a vulnerable underdog to root for: a many girlfriends in New York. And 1920 Sarnoff was instrumental in cre- tions satellite. And in a speech in episodes that are overlong or even su- loser who may yet be born to win. then the ambitious, ascendant 22- ating a new company, the Radio Corp. 1965, Sarnoff predicted the advent of perfluous: Armstrong’s and Sarnoff’s Dan Fesperman’s gritty, nostalgic, year-old, now the chief engineering of America. It “would collect all wire- “a pattern of total communications, funerals; the breakup of AT&T. Even “The Letter Writer” (Knopf, 370 inspector of the Marconi Co., encoun- less patents into a single pool, which joining homes, communities and na- worse are the baffling omissions. Mr. pages, $26.95) begins with the luxury tered Edwin Howard Armstrong. it would agree to license to all radio tions”—the Internet. Woolley never explains how Arm- liner Normandie burning in New York’s Armstrong’s background couldn’t manufacturers at a reasonable rate.” Edwin Armstrong was also a tech- strong’s invention actually reinvigo- harbor, perhaps due to German sabo- have been more different from Sar- He became president in 1930 and nology visionary but more a hands-on rated electromagnetic waves. He tage. Newly minted NYPD sergeant noff’s: The son of wealthy Presbyteri- chairman of the board in 1947, remain- inventor and less a businessman than doesn’t explore the creation of NBC or Woodrow Cain finds a kindred spirit in ans, he had grown up in a New York ing in that position until he retired in Sarnoff. Armstrong and Sarnoff had describe the details of Armstrong’s a mysterious fellow named Danziger, suburb and had graduated from Co- 1970 (he died the following year). remained close, and in 1933 an excited suit against RCA and NBC. who ekes a living composing corre- lumbia. Sarnoff was short and engag- With the founding of the National Armstrong summoned his friend to Probably the best way to read spondence in different languages and ing, Armstrong tall and diffident. But Broadcasting Co. in 1926, RCA be- Columbia University to observe his “The Network” is as an introduction purveying what his business card calls the two young men shared a passion came integral to the growth of radio new tour de force: FM radio, which to its subjects. I would suggest read- “Information.” A case Cain investigates for communications technology and and television. Sarnoff was decidedly could provide listeners with vastly ing the book in conjunction with Tim involving the murder of a German im- would become great friends. enthusiastic about the technological greater clarity than AM. Sarnoff Wu’s 2010 “The Master Switch,” on migrant found floating in the Hudson On Jan. 31, 1914, not long after possibilities of television, and be- praised his friend’s latest discovery, the history of the communications River soon looks to be part of a pat- Sarnoff first met Armstrong, they tween 1938 and 1953 he “poured $50 but he was, in fact, dubious about its industry. Mr. Wu is thorough, lively tern of conspiracy. His struggle to sort gathered with two other engineers at million of RCA’s money into televi- efficacy. He also wondered whether and polemical in a good way, and he out the truth intertwines compellingly the Marconi Co.’s compound in Bel- sion research, doggedly ignoring oth- Armstrong had “considered that con- offers a different, more perturbing with his efforts to look after the am- mar, N.J. They were there to witness ers’ doubts about TV’s commercial verting the radio industry to FM perspective than Mr. Woolley’s on biguous Danziger, who remains “a bit an experiment to be conducted by potential.” Furthermore, showing a would mean junking tens of millions the scientists and entrepreneurs who of a riddle” himself. Solving that riddle Armstrong. The problem was that the canny understanding of the nexus beof radios and millions of dollars more helped invent our new, astonishingly takes trust, stealth and cunning; for amplitude of an electromagnetic tween technology and the public’s in radio station transmitters.” connected world. Danziger heeds the advice of one of his wave decreased the farther it trav- appetite for novelty, he spent $160 FM would prove its mettle—it equally elusive contacts in this pre-IT eled, the signal fading into noise. This million on improving color television. aided the Allied effort during World Mr. Schneider reviews books for era: “Trust your memory, and keep meant that Marconi couldn’t provide The gamble paid off handsomely. War II—and Armstrong demonstrated newspapers and magazines. your business in your hat.”

FICTION CHRONICLE: SAM SACKS

HAS anything been “What could befall her might indeed as underrepresented fall,” our determined heroine thinks, in literature as child- The Day of Days but she’s willing to chance it. birth? The event is The setting of Benjamin Wood’s ubiquitous, dramatic gent birth plan: No epidural, no IV, no When it does, in the heart-in-throat schooled for ten years, and whipped “The Ecliptic” (Penguin Press, 470 and beset with dan- electronic fetal monitoring (on the climax, Ms. Erens maintains her poise for eleven,” the book begins. She has pages, $28) is an island off the coast ger. For many, it is the most joyous last, she’s forced to give ground). and precision. The writing is candid $100, a good pair of sneakers and an of Turkey where an artists’ colony day of their lives—or the most terrible. The only help she accepts is from without being sensational, detailed overwhelming desire to become called Portmantle lies far from the Yet you have to search to find this an indomitable Haitian-born nurse, without being clinical. This admirable “someone new, someone unrecogniz- prying eyes of the philistine public. universal rite of passage realistically Franckline, who guides her through novel reminds us that even when able to anyone she had ever known, Among the select are Elspeth Con- depicted in a novel. The fearless natu- the worsening contractions. “Having a childbirth is overseen by caring pro- someone knowable only to those she roy, a renowned Scottish painter, and ralists Zola and Dreiser portrayed it, child,” Frankline counsels, “is usually fessionals in state-of-the-art facilities, was about to meet.” Fullerton, a newly arrived teenager of gore and all, and it shows up, among just a long patience,” and in “She” follows her peram- volatile brilliance whose outbursts of sundry other places, in contemporary the urgent, drawn-out wait, bulations over the course of violence and self-harm throw the nor- novels by Michael Chabon and Lionel Ms. Erens flows back and one day, from the bus sta- mally tranquil grounds into upheaval. forth between the thoughts tion to Santa Monica bou- As he did in his debut “The Bellwether of the two women. Franck- tiques, charting her encoun- Revivals” (2012), set in the privileged Childbirth is the most line is also pregnant, in her ters with a series of society of a Cambridge college, Mr. second trimester. But she surprisingly friendly Angele- Wood sows his novel with enigmas, ubiquitous of human had one stillbirth and is nos. Woven into her tale are conspiracies and coincidences, build- dramas. Why is it so afraid to believe that this discrete vignettes of other ing toward a potboiler ending in baby might survive. Lore is nameless women. Some of which Conroy unearths Fullerton’s se- rarely depicted in fiction? the spurned party of a love these chapters are abrupt crets and faces off against Portman- triangle, and she relives the and tragic—two end in tle’s shadowy overseers. scenes of the breakup dur- deaths—while others are The suspense story is forgettable.

Shriver. But measured against war, ing the agony of her con- GETTY IMAGES more incidental: A widow What makes “The Ecliptic” worth read- weddings, sex or illness, the miracle of tractions. takes a rare night out on the ing is Mr. Wood’s contemplation of the birth hardly registers in fiction. Looming over it all, and giving both it still arrives on waves of blood. town to see Mexican wrestling; a sources of artistic inspiration. For Ful- Pamela Erens’s “Eleven Hours” women’s every fear and hope a cut- A true Los Angeles novel should be would-be botanist tries to make sense lerton, creation is closely knitted to (Tin House, 165 pages, $15.95) goes ting edge, is the undeniable fact of the filled with dreamers and eccentrics. It of her accidental career designing madness; for Conroy, it’s dogged by de- some way toward rectifying the omis- approaching delivery: “These last should be a story of self-invention and sugar flowers for wedding cakes. pression. A long, sensitive flashback re- sion. The exhilarating novel begins months Lore has often woken in the heartbreak in bright sunshine. In Mi- The book adeptly catches the per- counts her formation as a painter, and when 31-year-old Lore Tannenbaum morning aware of some fearsome fact chelle Latiolais’s stylishly emblematic ceptions of this intriguing cast, though her struggles to mold beauty from arrives at a New York hospital in the she cannot quite place. She has L.A. story, “She” (W.W. Norton, 238 too many scenes are inconclusive. Ms. grief and suffering. “Death is some- early stages of labor. She’s alone and groped uneasily until finally, with a pages, $25.95), an unnamed runaway Latiolais prefers vagueness to resolu- thing only art can qualify,” one of Port- angrily rebuffs the staff’s inquiries stab of fear, she remembers again: The on the eve of her 15th birthday has tion. What unites the characters is an mantle’s guardians asserts, but in this about family members or partners. baby will have to come out. It will come to the city to escape her tyran- openness to the workings of serendip- novel art is the lure that drives people She also insists on a punishingly strin- have to come out that way.” nical father. “She’d been home- ity and a yearning for transformation. closer to death’s embrace. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | C9 BOOKS

‘They hawk, hunt, and fish where they list, as being the Rangers of the Forest, allowed by nature through the privilege of their wing.’ —Richard Braithwaite Minding the Nest blue jays and wonders if there is a Baby Birds special distress call that the birds use By Julie Zickefoose to summon the neighborhood watch. Houghton Mifflin Harcourt, 333 pages, $28 Returning on subsequent days, Mr. Heinrich lifts a baby out of the nest One Wild Bird at a Time for 10 minutes to see if the parents’ By Bernd Heinrich cries bring back the other blue jays. Houghton Mifflin Harcourt, 210 pages, $28 This fails to happen. Have they moved out of range, or was it merely curios- BY JONATHAN ROSEN ity the first time they came? Is there no special summons for a blue jay family in distress? IN ROBERT FROST’S “The Exposed Not all Mr. Heinrich’s questions Nest,” the poet is out mowing his get answers. Even with familiar field when he notices his small child birds there is a great deal we do not trying to restore the grass around a know, and he is most interested in nest full of baby birds that his blade questions of animal communication has laid bare. The poet lends a hand, that can take a lifetime or longer to trying to undo the damage he has answer. This seems to suit him fine; done, but in typical Frost fashion it is though the author is a serious sci- an incomplete gesture. “We turned to entist, wonder is simply his way of other things,” he admits, and never being in the woods. did discover if the babies learned “to Mr. Heinrich writes about the use their wings.” Maine woods around his cabin as if Naturalists tend to stick around they were an extended backyard to see what happens. If either Julie whose inhabitants are old familiars. Zickefoose or Bernd Heinrich had He informs the reader that since he stumbled onto an exposed nest, they started deer hunting in 1980, he has might well have invited the inhabit- spent something like 1,700 hours sit- ants over for the avian equivalent of ting in the same fir tree. And it is doughnuts and coffee. while sitting in trees or out walking In “One Wild Bird at a Time: Por- that questions are sparked by obser- traits of Individual Lives,” Mr. Hein- vation: Why would a pair of great- rich hears woodpeckers tapping on crested flycatchers help another pair his chamber wall and quickly chops care for their young? How do chicka-

out a section of his cabin to create a JULIE ZICKEFOOSE dees discover new food? Will an indi- built-in nest, complete with a sliding MOUTHFUL An illustration from ‘Baby Birds’ of a three-week-old eastern phoebe catching a moth. vidual crow really forgo food to allow panel so that he can check on the others in a flock to forage? babies as they develop. In “Baby imaginative that makes “Baby Birds,” their primal punk-rock ugliness, look draws on field notes kept over many While there is often a riddle at the Birds: An Artist Looks Into the despite its modest title and informal like something only a mother could years for 17 bird investigations—the heart of his explorations, his chapters Nest,” Ms. Zickefoose plunks feath- tone, a breathtaking achievement, one love, but in fact Ms. Zickefoose draws same number, by odd coincidence, are essentially what he calls them: erless hatchlings onto oversize of the most appealing natural-history a house wren cramming an enormous showcased in “Baby Birds.” He too is portraits. He can certainly tell a story sheets of watercolor paper, feeds books I have ever encountered. stick bug down the gullet of one of a dedicated watcher happy to knock when there is one but is often content them and sketches fast. Ms. Zickefoose, like Leonardo in her chicks, presumably trying to kill it to retain the meandering form of the “Baby Birds” was 13 years in the his notebooks, uses art as an instru- off because it is the smallest of her journals he culls, supplementing his making, though its premise is easily ment of scientific inquiry and science brood. The artist, on the other hand, In only 11 days, a tiny entries with his own sketches, draw- given by the author: “In 2002 it oc- as an occasion for art. The book offers is unabashed about her own maternal ings and paintings. While he seems curred to me: Why not go out, borrow portraits in full and careful color, as zeal, rescuing the hapless baby wren orange-and-blue blob never to have met a bird he didn’t a hatchling, paint its portrait, and well as quickly executed renderings— and celebrating her “gut maternal in- turns into the beautiful like, there are still species that rise then replace it in its nest? And then like visual diary entries—that favor stinct” when she intuits that storm- above others in his imagination, like go back and do the same thing at the energy over detail. Field notes appear orphaned hatchling hummingbirds prothonotary warbler. the ravens that fly through his crow same time the next day?” The result in the artist’s hand alongside more will eat mealworm innards. She in- chapter like old friends: “Only ravens is over 400 watercolors that capture formally expansive entries that tell cludes a drawing of her own daughter, will dance high in the sky in the the remarkable unfolding of 17 spe- the story of both the painting and the Phoebe, contemplating an eastern down the fourth wall of zoology, moonlight, or pass snowballs back and cies from egg to flight, a feat only bird. The cumulative effect, like life it- phoebe. Such lighthearted informality which is why he reaches for a chain forth from one to another in flight.” someone with Ms. Zickefoose’s bird- self, is of something much larger than only enlarges her scope, since the art- saw in the first chapter, “Flickers in At the end of “The Exposed Nest,” handling chops, artist’s vision and its disparate parts, a beautifully made ist’s feelings and family are as much a the House,” in order to carve a cavity Frost laments his failure to revisit quick hands could have accomplished. book that feels both casual and epic. part of the world as the birds. nest into his own home. Actually the the nest he disturbed, if only to find In addition to being a superb natu- At the beginning of each chapter, Like Ms. Zickefoose, Bernd Hein- wall has been down for some time: In out if its occupants lived or died. In- ral-history illustrator, Ms. Zicke- there is a double page spread, or a rich dismisses the superstitious no- his classic “Mind of the Raven” (a stead, he offers a poem of regret and foose—a contributing editor at Bird foldout triple page, where Ms. Zicke- tion that if you touch a baby bird its book dedicated to seven birds), Mr. longing that still encapsulates our Watcher’s Digest—has been a bird re- foose gathers the day-to-day portraits mother will reject it, something Heinrich included a memorable pho- modern dilemma. But as these books habilitator for over 30 years; she into a circular assemblage from birth Frost worries about in his poem: tograph of his infant son nestled in a demonstrate, there is poetry to be knows how to feed infant humming- to flight. Watching a tiny orange-and- “might our meddling make her more basin surrounded by ravens. found when, like birds, we manage birds with an eyedropper. She could blue-skinned blob turning into a pro- afraid.” A professor of biology at the In the present volume, the author to return. not have managed her project without thonotary warbler—one of the most University of Vermont, and one of is perfectly comfortable helping him- access to the 26 nest boxes on her beautiful birds in North America—in the country’s most distinguished self—briefly—to someone else’s ba- Mr. Rosen is the author of novels property or the licenses required for 11 days is like finding out that Ovid’s writer-naturalists, Mr. Heinrich is bies. Happening on a blue jay nest in and nonfiction books, including handling wild birds. It is, in fact, the “Metamorphosis” is nonfiction. not afraid of meddling. the woods, he notices that the cries of “The Life of the Skies: Birding at combination of the practical and the Some of these spiky creatures, in In “One Wild Bird at a Time,” he the parents draw a crowd of fellow the End of Nature.” When Fossil-Finding Was a Contact Sport

ominously, a prelude to his later off hastily written species descrip- years later, an Alabama congressman thousands of innocent young school House of Lost Worlds achievements. A growing cadre of ge- tions by telegraph just to one-up each would seize on Marsh’s “birds with children are to be inveigled,” wrote By Richard Conniff ologists at Yale, led by Benjamin Silli- other, and engaged a host of well- teeth” as an example of the kind of horrified editorialists at the New York Yale, 331 pages, $35 man Jr. and James Dwight Dana, armed freelance field collectors to do nonsense-science the government Telegram-Mail. hankered for a museum, which Marsh their bidding, which included vandal- should never be funding. The Peabody went on to suffer BY JENNIE ERIN SMITH persuaded Peabody to endow. izing each other’s sites. The enmity between Cope and more decades of cramped space and Still a graduate student when the In 1872 Marsh cajoled one of Cope’s Marsh “took over a portion of each underfunding, thanks to a university papers were signed in 1866, Marsh collectors into diverting to Yale a sen- man’s mind and began to fester,” Mr. that had been “stingy...evenmean- TUCKED AWAY in New Haven, Conn., landed himself on the Yale faculty sational fossil out of Kansas, a toothed Conniff writes. They traded barbs and spirited” toward it for much of its is a smallish museum that in its 19th soon after. What put the Pea- accusations in the popular existence. Some of the museum’s century heyday amassed a paleonto- body museum on the map was press. Marsh’s antics embar- wounds were self-inflicted, Mr. Con- logical collection to shame those of Marsh’s turn from minerals to rassed Yale, and even though niff finds. Talented women and Jew- the great European museums. To cele- the burgeoning science of fossil the Peabody Museum’s stamp ish scientists were snubbed in the brate its 150th year, the Yale Peabody remains and his wholehearted on paleontology was huge as a 1950s and ’60s, and molecular biolo- Museum of Natural History tapped embrace of Darwinism. But result of his labors, Yale did not gists did their best to purge tradi- Richard Conniff, a writer with a gift much of Marsh’s output was see fit to sustain its momen- tional naturalists. for teasing out the bizarre human dra- fueled by a pathological rivalry tum. Marsh died still begging Even those dark years, the Pea- mas endemic to natural history, to cre- with the Philadelphia paleon- the university to finish the mu- body’s scientists continued to log dis- ate a sort of institutional narrative. tologist Edward Drinker Cope. seum building, only one wing of coveries, notably in archaeology and Photographs of Marsh, even which was ever constructed. ecology, but when the museum began allowing for the awkwardness Soon the American Museum of making headlines again it was with di- The discovery of a toothed of photography in his era, Natural History in New York, nosaurs. In the early 1970s, paleontol- show a thick-necked man with under Henry Fairfield Osborn, ogist John Ostrom began laying out bird made news in the a strangely disaffected gaze, as came to dominate in paleontol- the anatomical evidence for a dino- 1870s. A century later, so though he was unable to mus- ogy. In 1905, the year Osborn saur-bird connection—the now widely ter eye contact. He never mar- unveiled with great fanfare a accepted idea that birds evolved from did feathered dinosaurs. ried, had few personal attach- skeleton of Brontosaurus—a small theropod dinosaurs like Ve- ments and, were he alive today, species Marsh had described— lociraptor. Dinosaurs were not, as it “he would no doubt be tagged Yale began planning the demoli- turned out, the sluggish and stupid Mr. Conniff, a Yale man as it happens, with that overworked diagno- tion of the Peabody to make creatures envisioned by Marsh; nor seems to have approached the com- sis ‘somewhere on the autism way for dormitories. were they strictly speaking extinct. mission with an anti-hagiographical spectrum,’ ” Mr. Conniff writes. The Peabody was razed in What followed was a “full-on dinoma- bent. While “House of Lost Worlds” Marsh’s battles with Cope be- 1917, and for nearly a decade nia” in American popular culture, Mr. chronicles the Peabody’s achievements gan over extinct marine rep- the collection was homeless; Conniff writes, culminating in the “Ju- and luminaries quite thoroughly, it tiles whose fossils both men specimens were improperly rassic Park” book-and-movie franchise also takes a hard-nosed look at its de- were discovering in New Jer- stored, and some deteriorated. of the 1990s. Shortly after Ostrom’s

bacles, starting with the excesses of sey marl pits. (Mr. Conniff re- YALE PEABODY MUSEUM OF NATURAL HISTORY Paleontologists left for greener death in 2005, another group at Yale its monomaniacal founder. ports that, remarkably, his own DEINONYCHUS Acastfrom‘Exploration and pastures. When the new mu- began investigating the pigments in A budding mineralogist from Lock- great-great-grandfather, an im- Discovery’ (Yale, 126 pages, $27.50), a treasury of seum reopened on its current fossils—starting with specimens ac- port, N.Y., Othniel Charles Marsh en- migrant laborer, died in a col- images from the Yale Peabody Museum. site in 1925, not much bigger quired by Marsh. Five years later, they tered Yale in 1856, just as the univer- lapse at one of these pits.) than it was before, it compen- published the first-ever representation sity was starting to take science The Cope-Marsh “bone wars” bird. The new fossil “does much to sated for its diminished scientific in- of the true colors of a feathered dino- seriously. Before, it had mostly fo- spilled into the American West, fertile break down the old distinction be- fluence by radiating Darwinist zeal. saur: a gaudy creature, it turned out, cused on churning out Congregation- ground for fossil discoveries in the tween Birds and Reptiles,” Marsh de- Mere months after the Scopes trial with a spiky red crest and black-and- alist ministers. Bankrolled by his 1870s, with some bone deposits cov- clared. Indeed it represented the type had put the chill on evolutionary white striped wings. wealthy uncle George Peabody, a ering miles. Unearthing dinosaurs of transitional form that Charles Dar- theory in textbooks, the Peabody dou- merchant banker in London, “O.C.” and ancient mammals in Kansas, Col- win had predicted must exist but the bled down with exhibits illustrating Ms. Smith is the author of “Stolen Marsh filled his student rooms with orado, the Dakotas and Wyoming, evidence for which was still in short the close connections between pri- World: A Tale of Reptiles, Smug- so many rocks that the floors sagged Marsh and Cope enlisted spies, shot supply. Darwin was delighted. Twenty mates and humans. “Thousands upon glers, and Skulduggery.”

‘It is from weakness that people reach for dictators and concentrated government power. Only the strong can be free. And only the productive can be strong.’ —Wendell Willkie

HISTORICAL FICTION: ALLAN MASSIE FIVE BEST: A PERSONAL CHOICE He Was Spartacus Kevin Rennie

THERE WERE MILLIONS of slaves There has always been argument on political conventions in the Ancient World, but few are about what Spartacus and the other known to us by name. The most slave leaders intended. The Gauls famous is Spartacus, leader of the and Germans may have hoped only Steve Neal reports. Urban bosses slave rebellion against Rome in the to escape north over the Alps and The 103rd Ballot were his most bitter opponents, dying years of the Republic. Orga- return to their homelands (the Ris- By Robert K. Murray (1976) with Jersey City’s Frank Hague de- nizer (perhaps) of a break-out of ing took place before Caesar’s con- claring “with the cold eyes of an gladiators from their barracks in quest of Gaul). Mr. Durham acknowl- DELEGATES TO the 1924 Demo- IRA shooter” that FDR was “crip- Capua, he raised an army, estimated edges this desire, but his Spartacus 1 cratic convention received an pled both mentally and physically.” (probably with some exaggeration) persuades them to follow a more early sign of the ordeal ahead Ferocious Chicago Mayor Anton to have been 70,000 strong at its ambitious plan. He is convinced when it took three days to nomi- Cermak “devoured a jar of home- peak, and for two years ranged Italy nate 16 hopefuls. The “sensational made pickled lamb’s tongues” while until the uprising was brutally prize fight,” in Robert K. Murray’s conniving to stop FDR. But they suppressed by the future triumvir Spartacus’s life before he brisk telling, highlighted the role of could find no suitable horse. FDR Marcus Crassus, Rome’s richest “human foibles, character defects, wobbled on the third ballot and

man. Much of our knowledge of the was enslaved is a mystery. and heated verbal exchanges.” Con- even contemplated conceding but JOHN COLLINS Rising comes from the Greek histo- He may even have been flicts over Prohibition, Catholicism then rallied. He snatched victory on MR. RENNIE, a lawyer, is a rian Plutarch’s biography of Crassus. and the Ku Klux Klan precluded any the fourth via a deal in which he columnist for the Hartford Courant. Karl Marx called Spartacus “a real a Thracian tribal chief. candidate from entering the con- collected Texas and California dele- representative of the ancient prole- vention with a majority. One thou- gates in exchange for picking John and no chance to beat John Ken- tariat,” though one knows nothing of sand of New York’s Finest were sent Nance Garner as his running mate. nedy. While JFK was swanning his life before he was captured and many of the Italian tribes and cities to Madison Square Garden to pre- How consequential a victory this around Los Angeles with Frank Si- enslaved, except that he was born in conquered by Rome are eager to es- vent a riot during debate on a reso- would turn out to be for the Demo- natra and Judy Garland, the Texan’s Thrace. He may even have been a cape the Roman yoke and may there- lution denouncing the Klan. Vain- crats and for the nation—indeed, campaign planted rumors about tribal chief. Spartacus has been the fore be persuaded to join him in an glorious front-runner William Gibbs for the world—no one at the time JFK’s fragile health. LBJ dared to subject of plays, one by Brecht, and alliance against Rome. Like any McAdoo (Klan favorite and Wood- had any idea. point out the odious Joseph Ken- several novels, one by Arthur Koest- ambitious strategy this requires row Wilson’s son-in-law) and Catho- nedy’s dance with appeasement ler (“The Gladiators”), another by the compromise. Slavery is the evil lic New York Gov. Al Smith battled during World War II. One of poli- Scottish writer Lewis Gras- against which they have for 12 days. When they finally re- Five Days in Philadelphia tics’ great haters, Robert Kennedy sic Gibbon. The best- rebelled and which they leased their delegates, the ex- By Charles Peters (2005) was enraged and vowed revenge. known, written by have escaped. But his hausted convention turned to dry Then chaos ensued when JFK asked Howard Fast, was prospective allies—the West Virginian and wealthy Wall THIS IS NO ORDINARY con- LBJ to be his running mate, over made into the 1960 Italian elites—are Street lawyer John W. Davis, who 3 vention tale. Charles Peters’s Bobby’s bitter objections. After film directed by slave-owners them- lost in a rout to Calvin Coolidge. account of the 1940 Republi- 1,000 unhappy days as veep, LBJ Stanley Kubrick selves. Moreover can convention is history leavened became president in Dallas. He and starring Kirk what is the like- by thanksgiving for a party that would remain, as Mr. Shesol notes, Douglas. Even to lihood that they Happy Days Are Here Again supported freedom over partisan “obsessed with what aides dubbed, this day, many will risk the wrath By Steve Neal (2004) advantage. Charismatic Wendell simply, ‘the Bobby problem.’ ” For people’s Spartacus of Rome? Mr. Dur- Willkie, utility lawyer and critic of almost five years, the 36th presi- is Mr. Douglas. ham explores his IT WAS A CLOSE-RUN con- the New Deal, had the help of a dent labored to keep “his personal So David An- hero’s strategy 2 test that nearly saw Franklin brainy, connected mistress and demon” from becoming the 37th. thony Durham intelligently and D. Roosevelt lose the Demo- newspaper editor Irita Van Doren, has set himself sympathetically. cratic nomination at the 1932 con- who introduced him to all the right quite a challenge “The Risen” is vention. Kingmakers crowded Chi- people to help turbo-charge his pro- Miami and the Siege in “The Risen” full of blood, cago to pick a challenger to Herbert file. The grass roots—“of a thousand of Chicago (Doubleday, 478 thunder and ex- Hoover. FDR began 100 votes shy of country clubs,” as Teddy Roosevelt’s By Norman Mailer (1968) pages, $28.95). citement. Spar- the two-thirds majority needed to daughter Alice venomously This is a demand- tacus is an in- win. A series of blunders over con- charged—began to stir in his favor. NOVELIST NORMAN MAILER ing novel, but a re- spiring, attractive vention leadership and rules en- Thomas Dewey arrived in Philadel- 5 admitted in his slim chronicle warding and ulti- hero. The Romans are das- couraged a host of the New York phia favored to win, with fellow iso- of both 1968 conventions that mately compelling one. tardly villains, Crassus the most ar- governor’s rivals to fight on. “Pow- lationist Robert Taft behind him. he wasn’t much of a reporter. But Mr. Durham’s cast of characters is rogant and horrible of all. There is erful forces were out to stop him,” But Willkie, like FDR, supported ache was a master at pen portraits. large, and it takes time to distinguish no question which side we are ex- tion to save Britain and the Allies. He drew the resurrected Nixon with between them. He gives an unusual pected to identify with and cheer on. Willkie supporters packed the gal- conflicted admiration. Seeing Tricia amount of attention to the women Yet history can’t be denied. We know lery and chanted “We Want Willkie.” and Julie Nixon, he concluded that accompanying Spartacus, notably a that the rebellion must fail, and The contest finally ended with a “a man who could produce daugh- Thracian priestess on whose pro- Spartacus meet a hero’s death. The sixth-ballot Willkie victory. That re- ters like that could not be all bad.” phetic powers he relies. There is in- evil of slavery will persist, integral sult was a message to Nazi Ger- Chicago offered the Democratic deed a good deal about the various to the ethos and economy of the an- many, whose troops were now convention, rioting and blood in the gods worshiped by the different na- cient world. Eventually Christianity, marching through Paris. Willkie’s streets. Vietnam, Mailer writes, had tional or tribal groups who formed itself first despised by the Romans win gave FDR a free hand in ready- left the Democrats “broken in two the slaves’ army—there were Ger- as “a slaves’ religion,” would begin ing the nation for war. For propri- before the eyes of the nation like mans, Gauls and Greeks as well as to question its morality. ety’s sake, Van Doren was banished Melville’s whale charging right out Thracians and others from Eastern One should add that, though the from the fall campaign. Willkie beof the sea.” There’s Allen Ginsberg Europe. Most of us have surely never Romans are unquestionably the vil- came one of history’s noble losers telling demonstrators “to quell flut- heard of their now departed gods. So lains in this novel, Mr. Durham that fall. terings of butterflies in the belly” it is difficult to make them convinc- nevertheless does justice to their by chanting “om” before taking a ing. Nevertheless their presence is tenacity and resilience. He has a billy club to the head. Nominee necessary, since people in the an- character, questioning Spartacus’s Mutual Contempt Hubert Humphrey merits hardly a cient world believed they could be in judgment, point out that the Romans By Jeff Shesol (1997) mention. Mailer finds Eugene direct communication with their have often been defeated in battles, McCarthy “too bitter even to ex- gods, and rarely doubted that suc- but do not lose wars. No doubt there THE 1960 Democratic con- press his bitterness.” When he tired cess depended on the gods’ favor. Mr. will be other novels about Spartacus, 4 clave was, as Jeff Shesol con- of the riots and the police, Mailer Durham’s treatment of these themes even though one may think that Mr. veys, a festival of slights and and friends retreated “to Hugh Hef-

adds to the richness and the verisi- Durham has made any unnecessary, GETTY IMAGES insults. Lyndon Johnson arrived at ner’s Playboy mansion where they

GETTY IMAGES militude of his story. foralongtimeanyway. CAMPAIGNING Wendell Willkie, 1940. the convention with few delegates had a few last drinks.”

CHILDREN’S BOOKS: MEGHAN COX GURDON Sweet and Sour Dreams

ONE PERSON’S In “Good Night, Baddies” (Beach the double pleasure of simple rhymes louder, though, as we move through standing as, with anecdotes, social beloved old toy may Lane, 32 pages, $17.99), Deborah and a repeated phrase while tracking this stylish picture book. As the science and practical advice, she ex- look to another like a Underwood reveals the surprisingly lemurs through the picture book noises escalate, Andy Goodman’s tols the qualities of introverts in a piece of junk—so civilized bedtime rituals of wicked “Follow Me!” (Margaret K. Mc- bleached prints of vintage objects feel culture that prizes noise and flash. imagine the dismay folk who otherwise spend their time Elderry, 32 pages, $17.99). In Ellie increasingly Pythonesque. Even the “Two of the ‘superpowers’ of intro- of the birthday boy harassing heroes and princesses. In Sandall’s appealing pencil-and-col- typeface gets bigger as a silhouetted verts,” she writes, “are the ability to in “A Fire Truck Named Red” (FSG, colorful paintings, Juli Kangas soft- lage illustrations, each page practi- girl hears a baby waking up, a cat focus deeply on topics and activities, 40 pages, $16.99) when his grandfa- ens the fierceness of witches and cally bounces with lemurs, their prancing across piano keys, a steam and a talent for listening with empa- ther presents him with the gift of... wolves as they enjoy a candlelit sup- black-and-white-striped tails waving train accelerating and eventually a thy and patience.” a piece of junk. per (“All day long they must be vile; and their round red eyes looking per- volcano exploding. In the endpapers, “Every hero needs to be part night- As Randall de Sève explains, and as / now, at night, they chat and petually surprised. They dash after a the narrator comes to her senses and mare,” a healer reassures 12-year-old Bob Staake shows in his sharp-edged smile”), change into pajamas and friend who beckons: “Things to hunt, thinks: “I must have been dreaming!” Sam Miracle, boy of destiny, who has cartoons (right), young Rowan has brush their fangs. “Day will bring things to chase, things to scare, things Children and teenagers of dis- just woken up to find that rattle- been hankering for a fancy store- more evil schemes,” concludes snakes have been grafted onto his bought fire truck. He has to struggle this catchy bedtime read- arms in N.D. Wilson’s “Outlaws of to keep from crying when instead he aloud; “Goodnight bad- Time: The Legend of Sam Miracle” dies . . . sour dreams!” (Katherine Tegen, 329 pages, Darling little creatures show $16.99). Until now, Sam’s arms have Witches and wolves surprising moxie in “Ex- been rigid and almost unusable after tremely Cute Animals Operat- an accident he can’t remember; in- enjoy a candlelit supper, ing Heavy Machinery” (Simon deed, the boy’s brains are addled by change into pajamas and & Schuster,48pages,$17.99), eons of time traveling that he barely a sweet-natured revenge fan- recalls. In this vertiginous fantasy-ad- brush their fangs. tasy by David Gordon. When venture for 8- to 12-year-olds, Sam bullies wreck one after another and his friend Glory plunge in and out

of the elaborate sand castles FSG of centuries and in and out of stupen- receives “Red,” the dented, slightly built by Karen (a llama-like dous scenes of gunfire and wreckage. charred toy that his grandfather cutie) and Joshua (a bearish blue to race. Follow me, follow me, follow tinctly non-volcanic natures will re- Sometimes they’re swept literally by played with when he was a boy. buddy), the friends take drastic mea- me!” After a near-miss with a hungry joice to meet their champion in the sands of time, as the self-sacrifi- As the old man sets about rehabili- sures. Using bulldozers and helicop- crocodilian, though, the troupe is “Quiet Power: The Secret Strengths cial priest Father Tiempo tries to pro- tating the battered truck, though, he ters, they replace their playground ready to climb home, relieved but of Introverts” (Dial, 254 pages, tect the boy from the epoch-hopping recounts his childhood exploits with with a fantastical fenced-in amuse- exhausted: “Follow me...follow $17.99), a young reader’s edition of villain El Buitre. If it all sounds dizzy- Red (Mr. Staake illustrates them in ment park. Locked out, the meanies me...follow...zzzzzzzzz.” Susan Cain’s best-selling work for ing, it should: This first book in a old-timey sepia tones), and Rowan are disconsolate. Happily, the ex- The first pale pages of “It Was So adults. Here, in collaboration with planned series isn’t so much a life- finds himself gradually drawn in. In tremely cute animals are “also ex- Quiet I Could Hear a Pin Drop” Gregory Mone and Erica Moroz, Ms. and-death drama as one of innumera- the end, Red turns from an embar- tremely good at including everyone,” (Princeton Architectural Press, 36 Cain gives shy persons the strength to ble lives and countless deaths (chiefly rassment to a grand firefighting com- and mercy triumphs over vengeance in pages, $15.95) invite children to con- get up and do what needs to be done, the same characters at different panion in this winning picture book this amusement for 3- to 5-year-olds. jure faint sounds, such as the buzz of as Garrison Keillor would say. Her points in time) and will be best suited for 4- to 7-year-olds. Small readers ages 2-4 will enjoy a bee or the drip of a tap. Things get narrative voice is kind and under- for the most action-hungry readers. For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | C11 REVIEW

WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE

Moby The techno music star on his struggles with alcohol, poverty and success

THE MUSICIAN Moby was recently regaling a group of cocktail-party guests with tales of 1980s New York when he had a realization. “I felt like a hipster Grandpa Simp- son,” he says. “I was this old middle-aged guy recounting stories of when rent was cheap.” So he decided to write those stories down. His new memoir, “Porcelain,” is the story of his life as a pioneer of electronic dance music and his ups and downs along the way. Moby, born Richard Melville Hall and now 50 years old, has sold more than 20 million albums world-wide; his dozen official releases include “Play” (1999), “18” (2002) and “Innocents” (2013). It wasn’t an easy path. He grew up poor in an affluent Connecticut suburb and battled alcoholism for almost two decades. His goal in writing the book was, in part, to recall the opportunities that musicians once had to live and work in big cities—which have now become too pricey for them. A few decades ago, “if we wanted to be 20 years old and broke living in a creative environment, we could’ve lived in Berlin, London, San Francisco and New York,” he says. “But now, because of affluence, so many former creative folks have been closed out.” His upbringing in Darien, Conn.—living with a single mother, a sometime secretary who was often on welfare, surrounded by wealthy neighbors—has given him a pointed perspective on inequality. “So many issues came along with the stigma of poverty,” he says. “It’s odd because, professionally, I’ve had enough success that I can be fairly comfortable now, so it’s SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL weird to try to nostalgically remember, while sitting at the pool house in Los Angeles drinking or- drugs as I possibly could,” he says. sic became so ubiquitous—he li- opened Teany, a small vegan cafe more, and three, people especially ganic white tea…living in a crack Finally, in 2008, he decided that censed many of his songs to movies in New York, spurred by his sup- don’t listen to the 15th album den in 1989.” (At the time, he was he had to stop. “The fun decreases and TV shows—that critics com- port of veganism and animal made by a 50-year-old musician squatting in an abandoned factory every year, and the consequences plained that he had sold out. “If you rights. He hasn’t eaten meat or who hates to tour.” in a neighborhood of Stamford, increase,” he says. Moving to Los do something in public and have dairy since he was 22, aside from For now, Moby is happy staying Conn., known for crack use.) Angeles in 2010 from New York has success with it, people will hate you an episode in 1992 when he ate yo- at home in L.A. He says that one Moby was always interested in helped him stay sober, he says. gurt. His healthy diet didn’t get in of his takeaways from writing his music. In high school, he and his “New York is the greatest place in the way of his hedonism, however. memoir was realizing how much friends started a hard-core punk the world to be a drunk,” he says. He licensed so “I liked the idea of being healthy, people struggle unnecessarily— band that performed at New York “There’s a bar on every corner.” many of his but I liked the idea of being drunk from dealing with bad landlords to clubs. He attended the University of But even during his dark days, more,” he says. Teany closed last being anxious about running late Connecticut but dropped out after he kept playing music. For one songs that critics fall, around the same time that for meetings. Looking back, “I’ve eight months and started hanging thing, he says, “I had no other job complained he Moby opened Little Pine, a vegan just created so much extra worry out in New York, where he became I knew how to do.” restaurant in Los Angeles. and struggle for myself and have interested in dance music. He Moby says that his success had sold out. In his free time, Moby listens to approached so many neutral and worked as a disc jockey and then came as a surprise. When his tour classical music and classic rock. He benign things as if they were ei- started recording his own dance for his breakout album “Play” also listens to a lot of college radio ther catastrophic or had the po- mixes, releasing his first album, started, the first show was in a re- while driving around in L.A. He’s tential to turn to ruin,” he says. “Everything Is Wrong,” in 1995. cord store basement for 40 peo- for it,” says Moby. But, he concedes, gearing up to release his next al- “The well-being of the universe Moby was drinking heavily by ple. His last was at a festival in “there was a three-year period bum in September. “I fully appreci- doesn’t hang in the balance.” the late 1980s, before becoming so- southern California with an audi- where [my music] was everywhere, ate the absurdity of a 50-year-old In L.A., he now has a sunnier ber for a few years and then start- ence of 25,000. By the end of that so I kind of understand why people musician putting out an album in outlook. Borrowing from Mark ing to drink again in 1995. “From tour, he was being heralded as the thought you couldn’t escape.” 2016,” he says. “One, people don’t Twain, he says, “I’ve lived through 1995 until 2008, I drank as much as first major techno star. In 2002, he branched out into buy albums anymore, two, people some terrible things in my life, I possibly could and did as many Over the next few years, his mu- the restaurant business and don’t really listen to albums any- some of which actually happened.”

MOVING TARGETS: JOE QUEENAN Remembrance of Things a Lot Shorter

I BOUGHT A SINUS RINSE the The manual contained tens of with the resin bag, grumbling be- the primaries are over, everyone is other day. Just a basic, no-frills si- thousands of words, all in tiny, tiny cause the umpire blew a call. Base- sick of the whole thing and just nus rinse. In making this purchase, I print. It didn’t explain how to Does the manual ball is still great. But toss in all wants to get someone, anyone, thought that rinsing my sinuses launch an intercontinental ballistic for a sinus rinse the video reviews, the arguments elected. There are too many cau- would be a fairly straightforward missile or how to address the queen about foul tips and the pointless cuses, debates, speeches and talk- operation. Boy, was I ever wrong. when being admitted to the Order of really need to be pitching coach’s visits to the ing heads explaining why George For starters, there was the the Garter. No, it just dealt with the 32 pages long? mound, and you have a game that Pataki’s campaign never took off. packaging. Colorful diagrams and whys and wherefores of using a si- never ends. Sitting through the full cycle of a instructions festooned the sinus- nus rinse. It went on and on and on. Movies are way too long. I don’t presidential campaign is like being rinse box, including a long list of American society suffers from a mind a two-hour film if it attempts burned at the stake: The thing the 10 “advantages” of using this plague of things that last far too to explain the meaning of life, like starts too early and ends too late. particular nasal spray. For exam- long. Commencement exercises, “Interstellar” or “Inception” or “The Insider-trading trials, guitar so- ple, the nozzle on the “easy- the lives of TV series and root-ca- Divergent Series: Allegiant.” But los and back-to-school nights are all squeeze” plastic bottle fits any na- nal procedures all go on too long. there is no reason that superhero too long. So are speeches at retire- sal opening whatsoever. Very And with professional sports, it films and generic comedies need to ment parties for beloved aldermen. important detail for people with isn’t just the seasons that are too be epic in length. “Captain America: Perhaps the most perfect symbol virtually invisible nostrils. long. It’s individual games. Civil War” is two hours and 27 min- for what is wrong with modern so- But the sinus-rinse makers were Baseball is the worst. Even with utes long. “Batman v Superman: ciety is the ridiculous “20-second just getting warmed up. Inside the recent innovations to speed things Dawn of Justice” is two hours and timeout” in pro basketball. The 20- box, I found a 32-page manual with up, the games are still at least 30 33 minutes long. “Mother’s Day” second timeout never lasts 20 sec- an introduction, testimonials from minutes too long. Pitchers still runs just two minutes shy of two onds; the TV broadcast switches to physicians and customers, warnings wave off the catcher’s signs and hours. Why would any movie star- an ad, and the timeout routinely about mishandling the device, a full make limp throws over to first ring Jennifer Aniston need to be lasts at least two minutes. page of instructions for cleaning base, even though they haven’t more than 90 minutes long? To paraphrase Tommy Lee and disinfecting the unit, and four picked off a runner since grade The presidential campaign is Jones in “No Country for Old pages of answers to frequently school. They keep stalking way too long. It starts two years Men,” if this is not insanity, it’ll do

asked questions about sinus rinses. around the mound, fiddling before the election, and by the time until insanity gets here. NISHANT CHOKSI

‘LANDSCAPE With the calendar but from Roman myth as Fall of Icarus’ (c. 1560s), recorded in Ovid’s “Metamorpho- by Pieter Brueghel the ses.” To escape from a labyrinthine Elder—the focus of prison, Dedalus, the craftsman, fash- Auden’s final stanza. ions wax wings to permit him and his son Icarus to fly to safety. Father instructs son not to fly too near the sun, but to no avail. The wings melt, the boy falls to his death, and the incident illustrates the principle about the Old Masters and their understanding of human suffering: In Brueghel’s Icarus, for instance: how everything turns away Quite leisurely from the disaster; the ploughman may Have heard the splash, the forsaken cry, But for him it was not an important failure; the sun shone As it had to on the white legs disappearing into the green Water, and the expensive delicate ship that must have seen Something amazing, a boy falling out of the sky, Had somewhere to get to and sailed calmly on. Unlike mediocre writers, who rely on modifiers to do the work of verbs, Auden chooses his adjec- tives and adverbs with great care. Consider the work done by “the

ROYAL MUSEUMS OF FINE ARTS OF BELGIUM forsaken cry.” Does this not link the falling Icarus with the dying MASTERPIECE: ‘MUSÉE DES BEAUX ARTS’ (1938) BY W.H. AUDEN Christ, who, expiring on the cross, is said by St. Matthew to utter the words “My father, why hast thou forsaken me?” The link- age suggests a universality of experience tran- Art’s Lessons, Drawn in Verse scending the differences between the Judeo- Christian and Greco-Roman worldviews. Even better is “an important failure.” The ad- BY DAVID LEHMAN They never forgot this 13-line stanza do we encounter the first jective is devastating. It is not enough to have That even the dreadful martyrdom must run rhyme, and the last word of line six does not failed; the failure is not even deemed worthy of OF THE MANY memorable poems about paint- its course meet its mate until the stanza’s end. notice. So transitory is the glory of the world ings and sculpture—“ekphrastic poems” is the Anyhow in a corner, some untidy spot If the point is that regardless of circum- that the ploughman in the foreground of the technical but ugly term for them—my favorite is Where the dogs go on with their doggy life stance, people go on with their daily lives, obliv- painting and the “expensive delicate ship that W.H. Auden’s “Musée des Beaux Arts.” Named and the torturer’s horse ious to the “miraculous birth” or the “dreadful must have seen / Something amazing, a boy fall- for the Brussels museum of fine art that Auden Scratches its innocent behind martyrdom,” the most crucial ing out of the sky,” take no notice. They have visited late in 1938, the poem begins with a on a tree. adjective appears in the final “somewhere to get to,” and life goes on. stanza about two emblematic if generic paint- The poem’s opening state- The poem’s line: “innocent” meaning both I teach poetry in the graduate writing pro- ings, one that depicts the birth of Christ (lines ment is guaranteed to stop you opening “ignorant” and “guiltless.” Peo- gram of the New School in New York. A favor- 5-8), the other depicting the crucifixion (lines in your tracks. To appreciate the statement will ple in general are like the chil- ite prompt of mine is to read “Musée des 10-13)—the two most solemn moments in the artistry, imagine a more conven- dren skating on a frozen pond, Beaux Arts” and other poems about paintings. Christian year: tional way of saying the same stop you in the dogs that bark and run and Then I suggest that the students visit the Met- About suffering they were never wrong, thing: “The old masters were your tracks. chase and fetch, and the “tor- ropolitan Museum of Art and write about The Old Masters: how well they understood never wrong about suffering.” turer’s horse” that scratches its Brueghel’s sublime depiction of summer, “The Its human position: how it takes place Though virtually identical in backside. It is not so much that Harvesters.” Try it—not in competition with While someone else is eating or opening a language, the sentence loses all the “human position” is callous. Auden (you can’t win), but with Auden’s mar- window or just walking dully along; its power. There may be no bet- Rather, it is that a world-histori- velous poem as your model. How, when the aged are reverently, passion- ter demonstration of a crucial lesson in the rhet- cal event rarely announces itself as such—and ately waiting oric of verse: that word order—combined with that we are so wrapped up in our lives that we For the miraculous birth, there always must the strategic pause at the end of the line—is wouldn’t notice in any case. Mr. Lehman’s latest book, just out, is “Sina- be crucial in arousing and sustaining the reader’s The poem segues, in its second and final tra’s Century: One Hundred Notes on the Man Children who did not specially want it to hap- attention. Note, too, the staggered rhymes in the stanza, to “Landscape With the Fall of Icarus” (c. and His World” (HarperCollins). He teaches in pen, skating stanza, which approaches prose but turns back 1560s) by Pieter Brueghel the Elder, a painting the graduate writing program of the New On a pond at the edge of the wood: to verse at each line’s end. Not until line four of about an incident culled not from the Christian School in New York City.

PLAYLIST: SOPHIE HANNAH ICONS The Song That Moved Us Guy Clark’s ‘L.A. Freeway’ inspires a British couple to return to their dream town

Sophie Hannah, 44, is author of 10 psy- Ph.D. dissertation. Then he was offered a chological thrillers, including her latest, position at Leeds University in Yorkshire. THE COACH “A Game for All the Family” (William We had to move. used for the Morrow). She spoke with Marc Myers. I was miserable, but we made the best funeral of of our situation by living in the York- Louis XVIII, I grew up in Manchester, England, listen- shire countryside. Nine years later, in who died ing to my parents’ American country al- 2008, my first three crime novels were in 1824. bums. They loved Loretta Lynn, Patsy selling extremely well, which meant that Cline and many other artists, including I had to travel to promote them. We had Guy Clark. I first heard Clark’s “L.A. two young children, so life was stressful. FREEWAY” when I was 11. The song Dan left his position in 2009 to be at would play a big role in my adult life. home with the kids while I continued to I’ve always loved “L.A. write and travel. That Freeway,” with its des- Christmas, Dan and I

perate desire to leave A real-estate drove to visit his dad in EPV Los Angeles for Nash- brainstorm Surrey. I put on “L.A. ville: “If I can just get off Freeway,” and Dan rolled of this L.A. freeway / on the road. his eyes. Without getting killed or Then Dan had a brain- A First-Class Way of Going Coach caught / I’d be down a storm: “Now that I’ve BY INTI LANDAURO logical breakthroughs, including huge shock abroad in a cloud of smoke left my job, we don’t sorbers and arches above the front wheels that / To some land that I ain’t bought.” have to live in Yorkshire anymore!” permitted sharp turns. Charles X was deposed in Clark’s voice is so emotional and cap- When we arrived at his dad’s house, SOME PEOPLE consider their vehicle’s horse- 1830, but a later ruler, Napoleon III, continued to tures the feeling of living in the same we began Cambridge house-hunting power a sign of might and wealth. In early 19th- use the carriage until his regime ended in 1870. place—the wrong place—too long. online and found one in the middle of century France, it was the same—with real The opening of the new museum, in the King’s I know that feeling well. In 1997, my town. We pulled a “Guy Clark” and horses. For example, the 4-ton coach carrying Great Stables away from the main château, is husband, Dan, and I moved to Cam- moved there in 2010. Charles X to his coronation in Reims on May 29, part of a broader effort at Versailles to reduce bridge. I had landed a dream job as Overjoyed, I wrote my own lyrics to 1825, used eight of them. overcrowding in the palace by expanding the writer-in-residence at Cambridge Univer- sing along with Clark’s song in the car. On Tuesday, that carriage—widely considered spaces accessible to the public. sity. We fell in love with the town. Over They began, “If I can just get off of the the masterpiece of the coach collection at the Pal- Royal coaches were a casualty of the French the next two years, I completed my fel- A650...”—the road near our former York- ace of Versailles—returned to view as the palace’s Revolution of the late 18th century. Aware of lowship, and my husband finished his shire home. The rest is too silly to repeat. Coach Gallery reopened after a nine-year closure, their symbolic value, France’s first parliament with a newly restored set of carriages, sledges and ordered the burning of all royal carriages. From children’s coaches from the 17th century on. those earlier centuries, the museum displays During the centurieslong reign of French roy- small carriages pulled by goats for children and alty from Versailles, carriages were much more one-horse sledges used in the Versailles garden’s than vehicles. “The ostentatious luxury was alleys in the winter. The museum includes a few meant to dazzle and awe the subjects wherever sedan chairs—covered transport carried by ser- the king showed up,” said Hélène Delalex, the vants—used in Paris and around Versailles. head of the carriage collection. An extension of After the revolution, Napoleon Bonaparte (the the throne, the royal carriages were made by uncle of Napoleon III) and the monarchs who France’s best craftsmen and artists. Goldsmiths, succeeded him after his defeat at Waterloo carpenters, engineers and tanners worked for sought to restore pomp and splendor. Their months to assemble the vehicles. huge, luxurious carriages—including the coach The exterior of the Charles X carriage sports for Louis XVIII’s 1824 funeral—ended up in Ver- gold-plated statues and carvings from top to sailles and are part of the restored display. bottom, with small state-of-the-art luxuries of The French civilian leaders who ruled in the the time, such as sliding windows and an un- last decades of the 19th century until World War folding embroidered leather stair. The interior, I used carriages that were much humbler on the covered with red leather and velvet embroi- outside—but equally luxurious within. The Ver- dered with gold thread, includes a ceiling sailles museum displays one of these coaches.

FRANS SCHELLEKENS/REDFERNS/GETTY IMAGES painted with a coat of arms. “What we have,” said Ms. Delalex, “is the GUY CLARK performing at the Paradiso in Amsterdam in January 1992. The carriage also shows 19th-century techno- equivalent of an auto show.” For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | C13 PLAY

NEWS QUIZ: From this week’s VARSITY MATH Daniel Akst Wall Street Journal Provided by the National Museum of Mathematics

1. President Obama is trying shipping service Math puzzles pop up even in the For previous weeks’ puzzles, to get the Chinese to buy Amer- D. Focusing on good design Varsity Math team’s lighter moments. go to WSJ.com/puzzles. ican chickens. By what factor do to lift sales all U.S. imports from China exceed all U.S. exports to China? 6. Who just banned ads for A. Two payday loans? B. Four C. Six A. New York’s subways D. Eight B. Google C. Facebook | D. The Federal Trade Hat Trick 2. Sea turtles pose Commission Freshman Relay particular Four of the team members are problems—for going to line up to pose for a silly whom? 7. Dilma Rousseff had to step picture. All together, these down as Brazil’s president to students own five silly hats. Any stand trial after a big Senate student can wear any hat (or no vote. Who will assume the hat) in the picture, but at least presidency during her trial? two silly hats must be worn in the picture. Assume also that no A. Aquarium operators A. Michel Temer student wears more than one hat B. Nuclear submarines B. Waldir Maranhão at a time. C. Alaskan halibut C. Luiz Inácio Lula da Silva How many different ways can D. Sea hares D. Sebastião Salgado the team members arrange themselves and the hats for the picture? 3. Which of these meets the 8. Who or what is Goshka ILLUSTRATION BY LUCI GUTIÉRREZ FDA standard as “healthy”? Macuga? Heart Trick | Freshman A. Salmon A. The heir apparent to the Dariel is demonstrating the principle behind a new himself, and has another team member flip over B. Almonds Dalai Lama card trick he’s working on. He lays down the 26 any 13 of the cards without Dariel seeing. Dariel, C. Avocado B. The president of Russia’s hearts and spades from an ordinary deck of cards, still blindfolded, then flips over each of the hearts. D. Kellogg’s Frosted Flakes central bank face up, in a row in front of himself, memorizing What is the number of faceup spades minus C. A seafood delicacy in the locations of the hearts. He then blindfolds the number of faceup hearts? Ukraine 4. Which of these costly items D. A multifaceted artist are more big companies living known for giant tapestries + Learn more about the National Museum of Mathematics (MoMath) at momath.org without?

A. 9. SOLUTIONS TO LAST WEEK’S PUZZLES CEOs Krispy Kreme Acrostic B. Insurance is being Helen Macdonald, H Is for Hawk— C. Investment bankers gobbled Varsity Math For the relay that ended “My hawk needed a name.... There’s a D. Lunch breaks up by a last week, the answer to superstition among falconers that a unit of Head Writers hawk’s ability is inversely proportional Test Test was that JAB LAS I K BAL I RELY STEW to the ferocity of its name. Call a hawk 5. Shannon must answer a OL I VA ALERO AR I A ARNO Tiddles and it will be a formidable Taking a page from Holding minimum of 10 questions; STEELGUI TAR BROWNBEAR competitors, Wal-Mart is trying for $1.35 SOTHERE SECT ION ORECK hunter; call it Spitfire or Slayer and it the largest value of x in SEA ORAL HEELS RESTS will probably refuse to fly at all.” something new. What? billion. DEW LOG I NS GETS Simultaneous OSS I E FLOODS AAH BRA What other Remainders is 56; and WHI TEHOUSE EASTS CROP A. Heartfelt; B. Edith Piaf; C. Lawn A. LES ARREST GREYGOOSE Staffing up with unpaid type of enterprise Rafa has a 25% chance of D I S L I KE MEME S PARKAS darts; D. Eye rhymes; E. “Noises Off”; interns has JAB been buying? rolling a one on his die in SOARS TAPAS SERGE F. Miss Kitty; G. AltaVista; B. EDEN I C SEDER HEAR I NG H. Chewbacca; I. Depthless; J. Owl Moving its headquarters Different Dice.Inthe KINGCOBRA ESPIESBEE A. EROS LEAST HARDYPLANT parrot; K. Neil Young; L. Appian Way; overseas Weight-loss centers remaining problem, No- DER DOC ADAGES SATES B. LIRA OTELLO TUB M. “Lonely Boy”; N. Dalmatian; FROM TOP: ISTOCK; ANDREW HARRER/BLOOMBERG NEWS C. Launching a two-day Coffee businesses Dispute Knights,atmost C. SAGET RERAN I NFO ODD O. Headliner; P. Ineffable; Q. Stickball; Flour producers four knights may be PLEAT EMER I TA I NSHORT R. Fire drill; S. Ouroboros; T. Rattle on; D. LONDONFOG R I CEV I NEGAR To see answers, please Hole makers placed on the chessboard I NRE CUJO ONCUE AMI NO U. “Hamilton”; V. Art Tatum; turn to page C4. as prescribed. TEEN OL IN S I RS GEEKY W. Wisteria; X. Killdeer

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1234 5678 9101112131415 161718 45 Lung compartment A A 19 20 21 22 47 Like some dress 23 24 25 26 prints B B 51 ___-do-well 27 28 29 30 52 Like a good C C 31 32 33 34 35 36 37 38 39 argument 40 41 42 53 Hooligan D D 54 Navel variety 43 44 45 46 47 48 49 55 Duke U. setting E E 50 51 52 53 54 55 56 57 56 Sacred emblem 58 59 60 57 Mouth, slangily F F 62 Extent 61 62 63 64 65 66 67 68 69 64 Env. insert G G 70 71 72 73 65 Bar brand, in brief 74 75 76 77 66 Hardly mainstream H H 78 79 80 81 67 Robert of 82 83 84 85 86 87 88 Zimbabwe I I 68 Discordant 89 90 91 92 69 Travel nuisances J J 93 94 95 96 97 98 99 71 Wilson of “Midnight in 100 101 102 103 104 105 K K Paris” 106 107 108 109 72 Verve L L 110 111 112 113 114 115 116 117 118 73 Have ___ (be connected) | by Patrick Berry 119 120 121 122 78 Like vaults Rows Garden 123 124 125 126 80 Comprehension Answers fit into this flower garden E “Something really ought to be Didn’t participate (2 wds.) 82 Miss from in two ways. Row answers read done about that” (3 wds.) Tailors measure them On Our Family Vacation... | by Peter A. Collins Madrid: Abbr. horizontally from the lettered Book with pages divided into Uninspired version 83 Wonky markers; each Row contains two panels (2 wds.) Vacillator’s feelings Across 50 ...at the game 95 Runway sights 7 Kauffman 84 Urge to action consecutive answers reading left center, we Stadium player F Fictional author of fairy tales and Perpetrate, as a crime 1 Baby’s second 97 “Do the Right 85 California wine to right (except Rows A and L, nursery rhymes (2 wds.) word, maybe played ___ Thing” pizzeria 8 Target Field Blender brand owned by Conair city which contain one answer reading Not mass-produced (Hyph.) 5 Lead, for one 58 First odd prime 100 ...at the rave, we players across the nine protruding spaces). Visited by the vice squad 86 “Word!” G U.S. calendar event that occurs in 9 Leaves 59 When shadows opted to ___ 9 Wanna-___ Blooms are six-letter answers that First in line to the throne are shortest (pretenders) 87 Make oneself November of each leap year immobile, as a 106 Henry’s heard fill the shaded and unshaded Findable everywhere sailboat 60 Element of automaker heir 10 Greek vowel (2 wds.) 88 List-shortening hexagons, reading either clockwise Medium Blooms 16 Seething state change? 107 Shelter from the 11 Fire or counterclockwise. Bloom clues Periods to consider when Suffered from bug bites abbr. cleaning out the pantry 19 “Ghostbusters” 61 “Full House” pair weather 12 Insurance co. are divided into three lists: Light, Trapper’s devices 89 Caboodle’s (2 wds.) director Reitman 63 Divination 108 Rock on stage worker partner Medium and Dark. Answers to Arthur’s advisor in Malory’s tales symbols 110 Crow family H Lickety-split (3 wds.) 20 Maintain 13 Confederation 94 Peace Prize Light clues should be placed in Sends amorous signals 66 Bad thing to bird hexagons with white centers; Resolve the problem of no 21 Stand for many 14 Roald Dahl title winner with Flood embankments things? tempt 112 ...and at the character Medium answers belong in the volunteers, perhaps (2 wds.) Shimon and Stanley Kowalski’s wife 22 Scant quantity 67 In a seething maritime 15 Accompany to Yitzhak hexagons with gray centers; and I Iditarod Trail vehicle museum, we state the train station, 95 Pepperidge Farm Dark answers belong in hexagons Dream up 23 ...at the saw a ___ Bohemian who barely gets by aquarium, we 70 ...at the say cookie brand with black centers. All three Bloom City slicker’s opposite 119 Senior discount (2 wds.) saw a ___ skating rink, we 16 “That’s my 96 Treat meat lists are in random order, so you Highly prized cigars had to ___ determiner J Things that didn’t live up to the 26 Notable night sentiment too” 98 Delicate, in a way must use the Row answers to Have a connection (to) 120 1983 Gregory hype 74 Reactor oversight 17 Gun figure out where to plant each Spasm of the diaphragm 27 Bone connector agcy. Nava film 99 Charles of Retail blowout at year’s end 18 Meadow investing Bloom. Scheduler’s problems 28 Ivanovic with a 75 New Year’s game 121 Layer (2 wds.) racket mother 122 End for conform 101 Green with the K Dodgers player and coach whose Old name for a five iron 76 Bacteria in 24 Wonky hit “Forget You” 29 Urge to action uncooked food or convey #2 jersey was retired in 1997 Skiing spots 25 Artless sort 102 Urban of country 31 ...at the music 77 Genghis Khan, 123 Like some 1960s Its salutation is traditionally Dark Blooms store, we bought 103 First word in a e.g. fashion 30 Writer Rushdie Rows followed by a colon instead of Wooden pins aCDby___ 32 Many a Yemeni choosing rhyme 78 Suisse peak 124 Backs from the A What bees inadvertently do to a comma (2 wds.) Worthless (Hyph.) 40 One who may bleachers 33 Bryn Mawr 104 Dancer Castle reminisce about 79 “Metropolis” flowers L Numbers often in parentheses Weasels out of director Fritz 125 Layers attendee 105 Some hold (2 wds.) old flames? software B Urban intersection nicknamed Bodysuit for a toddler 81 Rainforest 126 Outwit 34 Big element in Light Blooms Copies with onionskin, perhaps 41 Possible Vegas 109 Proofer’s override “The Center of the Universe” translation of climber Down (2 wds.) “But you’ve only just arrived!” Child, disparagingly (2 wds.) 35 U. terms 110 Copier problem “Arf! Arf!” 82 ...at the library, 1 Lowers the Corporation that registered (2 wds.) “American ___” (2013 Christian we read a ___ lumens of 36 Notion 111 Previously 42 ___ the wall the word “priceless” as a Trio of goddesses, with “the” Bale film) 89 Ray of 37 Bygone Dodge 113 Simple bed (unnoticed 2Beof trademark Pit boss’s workplace Breakfast that may have a filling observer) McDonald’s assistance 38 Sprawl 114 Day divs. C Aggressively pitch woo (3 wds.) Milk carton capacities Caterpillars, e.g. 43 Quentin’s “Kill 90 “Coriolanus” 3 “Hawaii Five-0” comfortably 115 Command for Like foam rubber Bill” star setting nickname 39 NBC show since DDE Hiree who knows his or her Laughed boisterously place? (2 wds.)

46 Letters on many 91 “Dig in!” 4 “Pot’s light!” 1975 116 One of 100 in s lanes 92 Golf’s “Big Easy” 5 It might be shot 43 Subway heading, the U.S. D Carnival rides? (2 wds.) Get the solutions to this week’s Journal Weekend Puzzles in next 48 Sign to be 93 “The Simpsons” by a sportsman perhaps 117 Boy toy Desert plants of the Southwest Saturday’s Wall Street Journal. Solve crosswords and acrostics heeded toon-within-a- 6 “Selma” director 44 “Das Lied von der 118 Stops before that can be a thousand years online, get pointers on solving cryptic puzzles and discuss all of the 49 Gangster’s gal toon mouse DuVernay Erde” composer ICUs, maybe old (2 wds.) puzzles online at WSJ.com/Puzzles.

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CUSCO, PERU HIRAM BINGHAM, INCA LAND @ AMAZONKINDLE

Best-Selling Books | Week Ended May 8 With data from Nielsen BookScan

Hardcover Nonfiction Hardcover Fiction Methodology TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK NielsenBookScangatherspoint-of-salebookdata frommorethan16,000locationsacrosstheU.S., The Rainbow Comes and Goes 1 1 Unashamed 6 New 15th Affair 1 — The Last Mile 6 2 representingabout85%ofthenation’sbooksales. Anderson Cooper and Gloria Vanderbilt/HarperCollins Lecrae Moore/B&H Publishing James Patterson and Maxine Paetro/Little, Brown David Baldacci/Grand Central Publishing Print-bookdataprovidersincludeallmajor booksellers(nowinclusiveofWal-Mart)andWeb Grit: The Power of Passion 2 New Strengths Finder 2.0 7 4 The Trials of Apollo 2 New Extreme Prey 7 1 retailers,andfoodstores.E-bookdataproviders Angela Duckworth/Scribner Tom Rath/Gallup Press Rick Riordan/Disney-Hyperion John Sandford/G.P. Putnam’s Sons includeallmajore-bookretailers(Appleexcepted). Freee-booksandthosesoldforlessthan99centsare Jesus Calling 3 2 Becoming Grandma 8 — Oh, The Places You’ll Go! 3 3 The Obsession 8 4 excluded.Thefictionandnonfictionlistsinall Sarah Young/Thomas Nelson Lesley Stahl/Blue Rider Press Dr. Seuss/RandomHouse Nora Roberts/Berkley Books formatsincludebothadultandjuveniletitles;the businesslistincludesonlyadulttitles.Thecombined Life-Changing Magic of Tidying Up 4 3 Perfectly Imperfect 9 New The Apartment 4 New A Court of Mist and Fury 9 New liststracksalesbytitleacrossallprintande-book Marie Kondo/Ten Speed Press Baron Baptiste/Hay House Danielle Steel/Delacorte Press Sarah J. Maas/Bloomsbury U.S.A. Children’s Books formats;audiobooksareexcluded.Referquestionsto [email protected]. Hamilton: The Revolution 5 — When Breath Becomes Air 10 5 The Crown 5 New The Nest 10 6 Lin-Manuel Miranda, Jeremy McCarter/Grand Central Paul Kalanithi/Random House Kiera Cass/Harper Teen Cynthia D. Sweeney/Ecco

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

Before and After Sound of Music 1 New The Rainbow Comes and Goes 1 1 15th Affair 1 New 15th Affair 1 New StrengthsFinder 2.0 1 1 Agathe von Trapp/HarperCollins Anderson Cooper and Gloria Vanderbilt/HarperCollins James Patterson and Maxine Paetro/Little, Brown James Patterson and Maxine Paetro/Little, Brown Tom Rath/Gallup Press Ruthless 2 New Jesus Calling 2 2 The Trials of Apollo 2 New The Trials of Apollo 2 New Find Your Extraordinary 2 New Ron Miscavige and Dan Koon/St. Martin’s Press Sarah Young/Thomas Nelson Rick Riordan/Disney Press Rick Riordan/Disney-Hyperion Jessica Herrin Dilullo/Crown Business Red Platoon 3 New Grit 3 New The Crown 3 New Me Before You 3 6 Total Money Makeover 3 8 Clinton Romesha/Penguin Angela Duckworth/Scribner Kiera Cass/HarperCollins Jojo Moyes/Penguin Dave Ramsey/Thomas Nelson The Misbegotten Son 4 New Life-Changing Magic of Tidying Up 4 3 The Apartment 4 New The Crown 4 New The Five Dysfunctions of a Team 4 4 Jack Olsen/Crime Rant Books Marie Kondo/Ten Speed Press Danielle Steel/Random House Kiera Cass/Harper Teen Patrick M. Lencioni/Jossey-Bass The Rainbow Comes and Goes 5 1 Red Platoon 5 New The Last Mile 5 2 The Apartment 5 New The Power of the Other 5 New Anderson Cooper and Gloria Vanderbilt/HarperCollins Clinton Romesha/Dutton Books David Baldacci/Grand Central Publishing Danielle Steel/Delacorte Press Henry Cloud/HarperBusiness Desert Flower 6 New Hamilton: The Revolution 6 New Mister O 6 New The Last Mile 6 2 Smarter Faster Better 6 5 Waris Dirie and Cathleen Miller/HarperCollins Lin-Manuel Miranda, Jeremy McCarter/Grand Central Lauren Blakely/Lauren Blakely Books David Baldacci/Grand Central Publishing Charles Duhigg/Random House Grit 7 New When Breath Becomes Air 7 4 A Court of Mist and Fury 7 New Extreme Prey 7 1 Emotional Intelligence 2.0 7 6 Angela Duckworth/Scribner Paul Kalanithi/Random House Sarah J. Maas/Bloomsbury USA John Sandford/G.P. Putnam’s Sons Travis Bradberry and Jean Greaves/TalentSmart Manic 8 New Alexander Hamilton 8 6 The Girl in the Ice 8 5 A Court of Mist and Fury 8 New The Ideal Team Player 8 2 Terri Cheney/HarperCollins Ron Chernow/Penguin Robert Bryndza/Bookouture Sarah J. Maas/Bloomsbury USA Patrick M. Lencioni/Jossey-Bass The Red Leather Diary 9 New Unashamed 9 New Me Before You 9 — Oh, The Places You’ll Go! 9 7 The Courage Solution 9 New Lily Koppel/HarperCollins Lecrae Moore/B&H Publishing Group Jojo Moyes/Penguin Dr. Seuss/RandomHouse Mindy Mackenzie/Greenleaf Book Group Press When Breath Becomes Air 10 7 Ruthless 10 New Extreme Prey 10 1 The Obsession 10 5 The Energy Bus 10 7 Paul Kalanithi/Random House Ron Miscavige and Dan Koon/St. Martin’s Press John Sandford/Penguin Nora Roberts/Berkley Books Jon Gordon/John Wiley & Sons For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Office furniture The British so fun and royals are informal celebrating the you’ll want to Queen’s 90th. take it home You’re invited. D7 D10

A new wave of electric-powered rides—scooters, longboards, unicycles—is ready to whisk you from your mass-transit stop to your final destination. But are cities ready for it?

BY DAN NEIL

ANHATTAN, the summer of 1984. A hair-dryer breeze blew up Park Avenue as I left Grand Central Terminal, Mon foot, for my first real job interview, in my first pair of big-boy shoes. But by the time I got to my destination on 29th Street, my sweat glands had exploded and my suit had vaporized. I did not get the job. In the intervening decades, antiperspirant technology hasn’t moved the needle much. And that’s too bad, because when it comes to the first/last mile—the distance to and from mass-transportation centers (airports, rail stations and bus lines) on travelers’ routes—what really matters is the condition in which they arrive at their destination. Hot and sweaty? Wet and cold? Exhausted? Massively stung by bees? “The last mile is the greatest challenge to getting people to use mass transit, not just in the United States but everywhere,” said Geoff Wardle, executive director of the Transportation Systems and Design Department at ArtCenter College of Design in Pasadena, Calif. But now some designers and inventors are trying to hack the last mile, thanks to an unexpected windfall: cheap, powerful batteries and motors, sourced from China, part of a world- wide boom in electrically assisted bikes that Americans generally don’t know about. PleaseturntopageD2

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ContinuedfrompageD1 scooter with all-terrain tires. “Skateboarding culture is “People talk about de- A pack of 16 of these batter- BIKES firmly a part of millennial mand for batteries for elec- ies—each about the size of culture,” said Mr. Allen. tric cars, but about 60% of a roll of dimes—is powerful “People under 30 are way all battery production in enough to move the STATOR more comfortable on a China goes into e-bikes,” and rider up to 25 mph and board-like device, like a said Rob Cotter of Organic as far as 20 miles. “I ordered longboard or a powered Transit in Durham, N.C., my first batch for prototyp- scooter.” The Benchwheel which sells enclosed electric ing off eBay,” said Mr. Allen. B2 is a dual-motor beast of pedal carts incorporating At the same time, the a longboard with a wireless e-bike hardware. E-bike sales global demand for power- pistol-grip accelerator that have soared in China in the dense consumer electron- can reach speeds of around past decade (mostly models ics—products from 20 mph. If only they were le- with lead acid batteries). remote-control aircraft to gal everywhere. Sales of e-bikes using high- cordless drills—and the sub- “Actually, here in Wash- sequent increase in produc- ington, I see more Gen X’s tion has contributed to on scooters and skate- Even the bicycle has the availability of boards,” said Colleen cheap, compact power Hawkinson, senior had a lithium-ion and helped spawn a transportation plan- makeover. menagerie of ner in the District speedy, lightweight, Department of often foldable and Transportation. portable wheeled “These devices are tech batteries (nickel-metal vehicles. Latter-day way out ahead hydride or lithium-ion chem- Segways, if you like. of our experience in istry) grew about 20% last Many of them are on terms of making year in Europe. the market already (le- policy,” Ms. Hawkinson “You can get those 18650 gality in many locales said. In D.C.—a city of cells [lithium-ion batteries, pending) while others dwell Segway tours—e-powered like Tesla uses] for a dollar in Kickstarter Kingdom. They mobility devices are permit- apiece,” said Nathan Allen, hold promise, but municipal- ted, but Ms. Hawkinson said designer of the STATOR, ities, it’s fair to say, are wary that could change if they start a minimal two-wheeled of them. Mando Footloose automotive-grade scooter smooshes are there to allow getting a lot of complaints. These vehicles fall into Top speed: 16 mph control software, in- down to the size of a users to pull the bike Mr. Wardle noted that to con- a few categories: e-bikes, Range: 28 miles cluding battery-man- floral delivery box. A behind them like roller template using such machines e-scooters, e-longboards and (with pedaling), 18 agement software set of tiny wheels on luggage. About as something other than toys, others. Very others. miles (throttle) that is critical to bat- outriggers—which look $2,165 (projected), regulators will have to reor- What would you call the Weight: 47.8 pounds tery longevity. The el- like training wheels— stigobike.com der streetscapes and pedes- FWHEEL 4 Wheels Portable From Korea, the egant folding jackknife trian spaces to permit walk- Somatosensory Car Electric Mando Footloose is a design, with a single- ers, cyclists and these Kick Scooter iCarbot ($568)? chainless electric bike. arm front fork made pavement surfers to share Due to be released this sum- How’s that work? It’s of carbon fiber, is the sidewalks peacefully. mer, it looks like a bathroom similar to a series hy- work of British prod- Even the greatest transpor- scale gone walkabout. brid automobile in uct designer Mark tation device of all, the bicy- It claims a range of 9.3 that the rider’s pedal- Sanders. $3,695, cle, has had a lithium-ion miles, a top speed of 7.4 mph ing turns a generator mandofootloose.com makeover. A trip through and weight capacity of 265 to feed the battery Amazon will turn up dozens pounds. The “somatosen- concealed in the Stigo of e-enhanced commuter sory” part refers to the gyro- frame, which in turn Top speed: 16 mph bikes, from BMX style to scopic stabilization, also powers the rear hub Range: 19 miles tourers, with a vertical hinge found in hoverboards, that motor. The Mando Weight: 30 pounds in the middle. On D.C.’s metro, UNICYCLE allows users to control speed Footloose also claims This folding electric only folding bikes are allowed and direction by shifting on the trains during peak The Ninebot One E+ their weight. hours. In Tokyo, bike-train Top speed: 14 mph Aspirants to Cirque du regards hoverboards as fall- But as a matter of techni- be very helpful. Last Friday, commuters have to fold their Range: 22 miles Soleil may want to teeter ing hazards. cal fact, the culprit is not for example, the Washington bikes and put them in special Weight: 31 pounds awhile on an electric unicy- Due to the risk of fire, lithium-battery technology Metropolitan Area Transit bags to get on the trains. What happens when a cle such as the Solowheel New York’s MTA flat-out but poor device quality and Authority announced a E-bikers can pedal a little Segway runs away to join ($1,495), or one of its many banned all such devices in rushed, haphazard engineer- “safety surge” of infrastruc- or a lot; either way they the circus? The Ninebot imitators (a.k.a. patent-in- January, joining the airlines ing. Some of these devices ture repair that will curtail will get there faster and with One E+ is a self-balancing, fringing knockoffs). Ninebot, and air-shipping services. lacked basic circuit fusing, and disrupt service through- less effort. A Portland State one-wheeled personal a Chinese startup that The month before, U.K. while others did not have out the District. New York’s University Transportation mobility device, or electric bought Segway last year, officials confiscated more safeguards against overheat- MTA will close the Canarsie Research and Education unicycle. If you imagined offers the Ninebot One E+ than 15,000 shoddy, fire- ing (prolonged discharge of Tube between Manhattan Center online survey found a future where enhanced ($949), Tron-like with its prone “hoverboards.” such batteries produces in- and Brooklyn for 18 to 36 that while 67% of respon- pedestrians glide past eerie-blue LED accents and “Protecting consumers from tense heat). “Lithium batter- months to repair damage dents felt they needed a on quantum-gravity pads, baying electric motor. harm is our top priority ies are completely safe,” said from Hurricane Sandy. shower after a conventional these are pretty close. Unfortunately, this glori- and [we are] preventing Mr. Cotter of Organic Tran- Brooklyn is one of Amer- bike trip, 74% felt no However, even the com- ous revolution in personal thousands of these unsafe sit. “But a lot of stuff on the ica’s trend capitals, swarmed shower was necessary after pany concedes these are mobility has gotten off to a items from being released market is junk.” by millennial hipsters with an e-bike trip. not easy to learn to ride; fiery start, thanks to some onto the market every day,” The near-outlaw status of good equilibrium. And when See? No sweat. they can be mastered in of these devices’ tendency to said Lord Toby Harris, these devices comes at a it comes to getting people “several hours,” the com- burst into flame. The U.S. chair of the U.K.’s National time when, conceptually at across the East River, that pany says. When riders Consumer Product Safety Trading Standards. least, such machines could could be an advantage. arrive at their destination, Commission is investigating a smattering of apprecia- more than 50 fires involving tive applause in their wake, hoverboards, which were only needs to grab the Uscooters the Ninebot folds as flat Christmas 2015 must-have SCOOTERS steering yoke and hang Top speed: 18 mph as a briefcase. $949, toys, made popular by the on. Designed to the Range: 21 miles segway.com likes of Justin Bieber and STATOR “ultimate minimal,” Weight: 24 pounds Wiz Khalifa. The CPSC also Top speed: 25 mph Mr. Allen said, the According to the manu- Range: 20 miles STATOR is in effect two facturer, this is among Weight: 90 pounds pieces of tubular steel— the first kick electric The work of Pasadena, bent at a muffler shop, scooters to use a kinetic Calif’s ArtCenter College by the way—married to energy-recovery system, of Design professor Na- a battery-stuffed deck. also known as KERS, than Allen, the STATOR No kicking necessary which allows the (previously called with this beast. Mr. Uscooter to recapture MOON) is a self-balanc- Allen said the design is up to 10% of battery ing model (thanks to its production-ready, but energy through brak- kart racing tires) with a he is not sure he wants ing. The Uscooter is step-on design. With to get into manufactur- loaded with features, keyless start, the rider ing. $4,950 (projected), including an efficient stator.com brushless DC motor, cruise control, LED lighting and front and ously square—about the brushless motors deliv- rear suspension. It folds size and shape of a ering Harley-like torque into a size smaller than large wheeled suitcase, of 83 pound-feet. The an umbrella stroller. and it’s packing. Its ul- two wheels cooperate by $999, uscooters.com tramodern body panels way of control logic to are aluminum, not ther- provide anti-lock and BOXX M moplastic, as is its traction functions. A 2.4 Top speed: 54 mph frame. Both front and kwh lithium battery con- Range: 40-60 miles rear wheels are powered tributes to the rather Weight: 140 pounds (all-wheel drive, if you un-portable weight. The BOXX M is seri- like) by three-phase DC $4,897, boxxcorp.com

LONGBOARD

Boosted Dual+ Top speed: 22 mph Range: 7 miles GRAND TOURING SPORT Weight: 15 pounds Exclusive caliber 9012 automatic movement with Representative of a diverse class of an exhibition caseback. 44mm case. Sapphire crystal. battery-powered skate and longboards on $1,195 the market, this urban thunder-stick measures 38 inches tip to tail and is powered by dual motors contributing 2000W, CITIZEN BOUTIQUE TIMES SQUARE or a gigantic 2.7 hp. The Boosted Dual+ features a 99 watt-hour battery and has enough power to climb 25% grades. This model is currently sold out, but rumors run citizen-signature.com rampant that an updated version will be released soon. $1,499, boostedboards.com For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | D3 STYLE & FASHION Suitable for Swimming Ride the season’s wave of minimalist swimsuits, which strip away gratuitous details to emphasize comfort, fit and less-is-more sportiness

Bikini, $218, Laura Urbinati, 39-06-6813-6478

V-neck Maillot Swimsuit, $300, Proenza Schouler, 212-420-7300

On model: Jessica Top, $185, and Emily Bottom, $140, rochellesara.com; Hirotaka Earrings, $720, Barneys New York, 646-264-6400

BY MEGAN DEEM a little, it’s no surprise that swim- “It’s probably our New York men- provides freedom of movement. wear is following close behind.” tality to keep it darker.” Not surprisingly, designers who Ms. Mills, who has been design- Other designers maintain that do “function cuts” draw from ex- WHEN DID SWIMWEAR turn into ing bathing suits since 1993, feels swim suits should mirror the aes- perience: Some have backgrounds Barkley Bikini, $350, an opportunity for designers to the return to refinement shows thetic of a woman’s everyday ward- in dance (Ms. Barker and Ms. flagpoleswim.com go bonkers, unleashing tanks and an affinity for a less-is-more aes- robe instead of departing from it. Balch) or competitive swimming two pieces in a dizzying mix of thetic: “There’s been a big resur- “We aren’t offering a floral bikini (Rochelle Sara Gan), which led neon and zebra, leopard and floral gence of the ’90s and people are or a little string-tied triangle bot- them to prioritize fit. “We grew prints—all on one suit, mind looking to that decade for inspira- tom,” said Rosie Ward Densen, up in West Palm Beach, where you—that make for a distracting tion.” (Think of simple, mono- co-founder of Ward Whillas. The a swimsuit is acceptable to wear poolside parade. Bikinis got chrome tailoring by Helmut Lang, company heard from women who as clothing,” said Ms. Barker. “It skimpier, with odd cutouts that linen sheaths from Calvin Klein.) was never about showing off but created strange tan lines. The To put it another way, swimwear about being able to wear your suit black maillot morphed into the this season looks like the spawn The styles you’ll see while playing soccer or surfing equivalent of a summer block- of norm-core and the wellness or joining a volleyball game.” buster—eye-popping and deafen- movement—as chicly functional as come Memorial Day Top of mind during the design ingly flashy. And suits with claw- a pair of yoga pants and a cropped could pass as leotards process: wardrobe malfunctions. S F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (5); GETTY IMAGES (4) like belts or glittery trim were cotton T-shirt worn on an eco- “The focus is on not having one!” clearly never intended for an ac- friendly retreat in Tulum. at your local Ballet said Ms. Balch. Ms. Gan (another tual dip in the ocean. In both new and established Beautiful class. native Floridian) shares the senti- At last, however, we’re seeing swimwear lines, subtlety rules the ment. “Some cuts hit a little lower the saturation point of these su- day with spare silhouettes, whether on the leg, for example, not only per-vampy effects. This season, a high-waisted bikini or a scoop- because they look interesting de- designers head in the opposite di- back tank that’s as sleek and sporty “wanted to get away from the feel- sign-wise but because most women rection with swimwear that is de- as those worn by competitive ath- ing that they had a swimwear alter- feel more comfortable with this mure in comparison. In fact, some letes. Muted hues dominate the ego at the beach, where they were kind of added coverage.” of the styles you’ll be seeing by color palette: shades that wouldn’t wearing something that didn’t re- For those who might miss the pools and at beaches come Memo- be out of place in a Zen rock gar- ally go with their style in the city,” fashion flourishes of yesteryear, rial Day could pass as leotards at den such as olive, gray and sand, said Ms. Densen’s partner, Alicia there are jacquards at Rochelle your local Ballet Beautiful class. or deeper hues like navy and bur- Whillas, who also sees more struc- Sara, ribbon details at Malia Mills, “We just went through a time in gundy. “We’ve always used darker ture in both the silhouette and the pinked-edge suits at Ward Whillas Carter Reversible Swimsuit, ready-to-wear and swimsuits shades,” said Jaime Barker, one half fabrication of these low-key looks. and color-blocked graphics at Flag- $295, wardwhillas.com where there was a ton of beading, of the duo behind Flagpole Swim. The brand uses a high-compression pole. Just think: You’ll be able to embroidery and embellishment,” “Buyers sometimes ask us, ‘Can you fabric, “so you feel very held-in and dive right in and not worry about said swimwear designer Malia put a bright color in, maybe?’ ” secure.” Modesty counts, the pair losing a bead or bauble (not to Mills. “As we see fashion rein it in Added her partner, Megan Balch, say, for those wanting a suit that mention your dignity) in the water.

FLASH MOB // As with clothing, trends in swimwear swing like a pendulum, said Valerie Steele, director and chief curator of the Mu- seum at the Fashion Institute of Technology in New York City. Instagram upped the appeal of sexpot styles, said Dr. Steele. “Minimalism doesn’t show up on a little screen; there’s a premium if something pops out at you.” She wasn’t at all surprised by the popularity of the heavily ornamented and brightly patterned swimwear of recent years, or that these maxi- mal styles are on the wane and simpler silhouettes now look new—again. People gravitate toward extremes, said Dr. Steele, but most wear a modified version of a trend. “There are those who are always going to wear super high heels, for example. But when heels get so, so high, there will be a shift and we’ll go SUITS GONE WILD Busy florals, gold-jewelry trim, clashing prints and corseted shaping represent back to decorated flats. So it goes with bath- Ripple Bikini Top, $25,and a few of the over-the-top details antithetical to this season’s minimalist swimwear looks. ing suits, too,” she said. Bottom, $25, cosstores.com FROM TOP LEFT: SHAYAN ASGHARNIA FOR THE WALL STREET JOURNAL, STYLING BY REBECCA MALINSKY, HAIR & MAKEUP BY MARY GUTHRIE, MODEL: MIQUELA VOS/FORD MODEL

FÊTE ACCOMPLI: A GOOD-LOOKS GUIDE TO RECENT EVENTS

Pioneer Andreea Diaconu Works in a Rachel Comey dress Village and Repetto shoes Fête

Liv Tyler

SING ALONG Lazaro Hernandez Musician Esperanza and Jack McCollough Spalding got guests Jemima Kirke involvedatthe HOBNOBBING WITH... PioneerWorks’ Dustin Yellin and Maggie Gyllenhaal, dinner SEAN MACPHERSON Chirlane McCray David Byrne and Peter Sarsgaard Indre Rockefeller The restaurateur/hotelier of Waverly Inn and inaJohanna the Marlton, in New York, on all things festive New York Ortiz gown City Ballet Spring Best party ever? Andy more energy. In L.A., you Gala Warhol once said that have lots of elbow room the party you’re dying when partying at some- to get into is theone one’s beautiful home or where you’re the least out on their lawn. important person there. That’s my criteria. Secret to a good party? Great people, alcohol flow- What makes a party ing and an intimate space. memorable? The people, A party is like a micro- HEAD OVER especiallywhen you can vacation from the monot- HEELS A scene walk down memory lane ony of day-to-day life. from “American with someone you haven’t There’s a certain protocol Rhapsody,” a ballet seen in a long time, like too: No complaining. I’m inspired by the I did recently with Ruffi not really going to a party music of George [actor Mark Ruffalo, who to hear people complain. Vanessa Gershwin worked at one of his res- Williams taurants in L.A. years ago] Going out or entertain- at the Love Heals benefit ing in? I likethem both. ) 5

for The Alison Gertz Foun- There’s somethinggreat ( Blythe Danner dation for AIDS Education. about engaging in thecul- ture of New York City and Pre-party routine? encountering what others Tommy Anne Vyalitsyna My wife [Rachelle Hruska are doing. On occasion, Tune Selita Ebanks in a Adam Lippes MacPherson] and Ispend I do liketohave people dress as much time with our overtothe house and kids [Maxwell,4,Dashiell, I enjoy that; I just hate ; PATRICK MCMULLAN COMPANY 2] as possibleand try cleaning up afterward. ) not to go out until they

go to bed. I’m not a big Dining out? We’ve just DANCERS ( primper: I just put on my started to gobacktoCafé clothes andhead out the Loup on West 13th Street. door. I don’tevenown It’s one of the only down- ; PAUL KOLNIK Painting and Pirouettes a hair brush. town places leftthatfeels ) relaxed and welcoming, So, no special party theway itwasinthe VYALTSYNA A KIND OF DANCE FEVER took over at Nearby Maggie Gyllenhaal, Peter Sars- raised just over $1 million for Pioneer outfit then? I’ll wear ’80s. It feels like you’re ( two different events last week. The fun gaard and Liv Tyler eyed the silent auc- Works’ exhibition, residency and educa- aJ.Crewsuitwhen I go inaWoodyAllen movie, began early at the third-annual Village tion items, including works by Derrick tional programs. out. [Filmproducer] Bob and I love that quality. Fête at Pioneer Works, the Brooklyn arts Adams, Cindy Sherman and Mr. Yellin. Later in the week, at the season Evans once told me that My wife and I are regulars. ; GETTY IMAGES space that hosts exhibitions and classes. The artist has been the force behind Pio- opener of the New York City Ballet at if someone compliments ) Lines snaked out of the first-floor gal- neer Works’ expansion since 2012, creat- Lincoln Center, spring had sprung. Bou- him and says “nice tie,” Drink of choice? A chilled lery spaces, where Google had created ing a publishing arm and sound studios quets of lavender roses perfumed the |he goes home and imme- glass of Sancerre—or three Tilt Brush stations: In them, guests as well as a series of events. “Whenever promenade, where guests like Blythe diately puts the tie in the an extra-dry martini with donned virtual-reality headsets to paint, I want to take my friends somewhere Danner, Vanessa Williams and Diane shredder. I’m kind of the olives, depending on sketch and sculpt their own 3-D master- unique in New York, I bring them here,” Sawyer mingled before the main event: a same way. I want to look my nerves and whether pieces. “You feel like you’re making said Ms. Tyler. world premiere of choreographer Chris- as nondescriptaspossible. Ineed something stronger. drawings in space,” said artist and Pio- After dinner, musician Esperanza topher Wheeldon’s “American Rhapsody.” Idefinitely prefer light- neer Works founder Dustin Yellin. Musi- Spalding gave a surprise performance— Atdinner later, guests reflected on the You’ve lived in Califor- coloreddrinks. I likethe cian Ben Bronfman was equally enthusi- an excellent lead-into the auction. After- performance: “The stillness and quiet nia: What’s a better simplicity of them. I sus- PIONEER WORKS EVENT, MACPHERSON astic. “I painted a whole landscape ward, bands Cibo Matto and Chances beauty of ballet puts you in an ethereal party city, Manhattan pect they’re less toxic on ( around me.” with Wolves and Javelin played, and place,”saidMs.Williams, who said she’s or Manhattan Beach? your body because they’re The party featured other distractions, guests hit the dance floor as waiters been a dance fan for decades. Ms. Sawyer They’re bothgood.InNew closer in color to water. not of the virtual kind: An oyster bar, for with dessert trays of Eton mess and added: “To suddenly be in someone else’s York,the spaces tend to Imaybe delusional. starters, as well as a Bombay Sapphire chocolate tarts twirled around them. dream state isagift.” —CarsonGriffith be tighter and peopleare —Edited from an interview

and Lindsay Silverman by Carson Griffith ILLY FARRELL AGENCY tiki lounge, complete with a hula dancer. There was cause to boogie: The event crammed in, which creates B

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Carefully finessed details on these women’s white cotton T-shirts make them suitable for a wide rangeof women‘s warm-weather looks

Twisted side seams Casual elements— slim the wearer, and for wide neck, cuffed cap those who don’t like to tuck sleeves, loose fit—make this inatop,theflare looks good silky-weave top a perfect over any cut of pants. Amo partner for equally easy-going Denim T-shirt, $95, American cropped flares. Mother T-shirt, Rag Cie, 323-935-3154 $85, motherdenim.com

This slim T-shirt in organic The most work-worthy Shirredshoulders and slubbed cotton, lightweight enoughto of the group, this simple cotton give this scallop- wear under a crisp linen sleek version’s top-stitched hemmed tee a sophisticated jacket, lets you layer even edges provide enough detailing that can dress up when the mercury climbs. polish to pair it with a pencil your jeans. ATM Anthony Community for Aritzia skirt. Frame T-shirt, $95, Thomas Melillo T-shirt, $85, T-shirt, $45, aritzia.com neimanmarcus.com atmcollection.com . MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENA F For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | D5

Once they get past the initial awkward feeling, men discover the rewards of this pampering treatment. Hey, LeBron James does it!

BY JACOB GALLAGHER Jordan, Shaquille O’Neal and David Beckham have all proudly admitt- ted to getting pedicures; LeBron ACH DAY, countless James has even endorsed pedicures customers visit one on Instagram: “Have to take care of of Nadine Abramcyk’s your dogs Men! It’s part of our life- E Tenoverten nail salons blood! Essentials keys to life.” in New York City and Fear of the unknown often stops Austin to get their pedicure fix. men from indulging: What actually But one important person in her happens, and how much will it life has yet to sit in a chair: her cost? For the uninitiated, a pedi- husband, Matt. “He feels a pedicure, which will cost about $20 to cure is something reserved for $40, plus a 20% tip, starts with women to do,” Ms. Abramcyk said. a dip in a warm foot bath; an aes- The abstemious Mr. Abramcyk, thetician then clips your toenails to the restaurateur behind trendy a uniform length, files away those Tribeca eatery Tiny’s and the Bar pesky calluses and caps the whole Upstairs as well as Smith & Mills, thing off with a foot and leg mas- is hardly the only man opposed to sage. And no, they won’t ask you to dipping his toes into the pedicure pick out your OPI color: Pedicurists pool. Ask anyone about the idea, know that men are coming in for and the response is an amused, “Ha-ha, do men actually get pedicures?” Visions of Tara Reid painting her green toenails by the pool Cast aside the feminine in “The Big Lebowski” or the “Sex connotations, and a and the City” girls gabbing while their feet soak reinforce the senti- pedicure is a relaxing ment that the treatment is in- hour or so of clipping, tended for women only, and any guy indulging is a namby-pamby. cleaning and kneading. “There is that stigma: You don’t go and get a pedicure by yourself,” said Bradley Price, 35, pruning, not a coat of paint. “Most the president of Autodromo, opt for a natural look but can also

a Brooklyn-based watch brand. choose a high-buff shine or clear F. MARTIN RAMIN/THE WALL STREET JOURNAL (PRODUCTS); ILLUSTRATION BY KAGAN MCLEOD With a self-mocking chuckle, Mr. polish,” said Adeline Sarino, na- Price confessed to having a pedi- tional director of nails services for cure a few years back, though Elizabeth Arden Red Door Spas, YOU CAN NAIL THIS // SIX WAYS TO ENSURE YOUR PEDI IS ON POINT he’s quick to point out it was a which does a Gentleman’s Pedicure wink-wink, nudge-nudge in-joke at its 28 U.S. locations. 1. Go where the bros go. day spas have separate ar- portant in avoiding fungal 6. To maintain results, during a bachelor party rather Many salons are making the Whether you’re gathering eas for hosting bachelorette infections. do your home work. than his own serious attempt at process more attractive to men pre-visit intel online or pop- parties, mother/daughter Stay ahead of rough skin cuticle care. And while he hasn’t by doing away with froufrou inte- ping by the corner nail joint, days or couples treatments, 4. Pack distractions. Not with a daily slathering of returned to a salon since then riors. The decor of Tenoverten, scan for menu items ex- etc., so don’t be shy about one for awkward chitchat cream with shea butter. (without the safety of numbers, for example, features a slate-gray pressly targeting guys. asking to be parked in one. with a nail tech or flipping “Keep a jar on your night- Mr. Price isn’t comfortable with color palette and modernist chairs “Anything that jumps out At a strip-mall salon, re- through a dog-eared stand for that purpose,” the idea), he admitted he enjoyed that are more Charles Eames than and says it’s for men— quest seating at the tail Cosmo? New York City spa said Chris Salgardo, U.S. the experience. “A lot of us were Malibu Barbie. trims, barbering—is a plus,” end of the pedi-chair row. owner Jin Soon Choi rec- president of Kiehl’s Since pleasantly surprised.” The Spa and Salon Bellagio in said Elizabeth Arden Red ommends bringing a book 1851 and author And why wouldn’t they be? Cast Las Vegas has taken this male-cen- Door Spas’ Adeline Sarino. 3. Know the difference or music to enjoy during of “Manmade: aside the connotations, and a pedi- tric mentality a step further with You’ll be able to gauge how between sterilization the treatment. Even better: The Essential Sk- cure is a relaxing hour or so of clip- he-man approved pedicure pack- welcome you’ll feel if you and sanitization. Make your significant other. “We incare & Groom- ping, cleaning and kneading. Any ages of exfoliant scrubs, hot-stone book and also get an exact sure your salon of choice encourage men to ing Reference man who has ever twisted his spine toe massages and steaming towel description of the service deploys the following pro- come with their part- for Every Man.” like a pretzel to clip off an over- wraps served up with glasses of itself. Red Door’s Gentle- cedures to guard against ners and enjoy being —Dana Wood grown toenail can see the benefits beer behind privacy curtains. man’s Pedicure includes fungal infections: Every together in a relaxing of having someone else tend to “When there’s a sports event like a lower leg massage with implement that touches setting,” she said. those gnarly hooves on a regular the Super Bowl, UFC, wrestling a heated dollop of Arden’s your feet should either be basis. “If you have a lot of calluses matches or a poker tournament, lightly scented Eight Hour brand spanking new and 5. Book a midday or you’re hard on your feet, a pedi- men will have buckets of cold ones Cream. You wouldn’t want pulled from a sealed plas- pedicure. If you want cure is part of the routine mainte- coming around,” said Bridgetta that to come as a surprise. tic pouch or sterilized in to avoid the crowds, nance of taking care of yourself,” Hidalgo, the spa’s lead manicurist, an autoclave within your book a midday appoint- said Steve Smirnes, the owner of who has seen guys get hooked on 2. Pony up for extra pri- sight line, said Ms. Sarino. ment during the week, said From left: Deodorizing Foot Spa on Penn, a Kansas City, Mo., the pampering. “They say, ‘Once vacy. Seclusion comes at Sanitization, which means Ms. Choi. Or have an esthe- Cream, $19, drhauschka.com; day spa. Some of his customers are I get back home I’m gonna keep a price: The tonier the es- spraying the heck out of tician from Manicube do Coconut Foot Cream, $9, professional athletes, a subset that doing this.’ ” If your first pedicure tablishment, the greater pedi tubs and surrounding an in-office Pedi in a Pinch, burtsbees.com; Intensive has long understood the impor- comes with a pint of beer, you’ll the chances it offers semi- surfaces with disinfectant which involves cleaning and Treatment and Moisturizer, tance of proper foot care. Michael probably be saying that too. private pedi rooms. Most after every use, is also im- clipping. $18; manicube.com $48, kiehls.com

POINTS OF DISTINCTION

THE COCKY KHAKI

Bored with the flat-front tan shorts you and every other man have been wearing for decades? Try a modern version of ghurkas, the style of choice for British officers during WWII Waistband The original ghurka dispensed with belt loops BY JASON CHEN Unquestionably natty British because they could get officers during World War II mod- hooked on military equip- eled their shorts, the precursors ment. The ghurka’s side WHAT’S A GROWN MAN to do on to this incarnation, after those straps adjust around a summer afternoon? When the worn by Nepalese soldiers known your middle—no belt heat index rises, jeans or even chi- as Gurkhas. Like something Sein- Pleats required. nos can feel like hair-shirt trou- feld’s Elaine Benes might have The neat front sers; the denim cutoffs the trendier poeticized in a J. Peterman cata- pleating on the upset favors look silly on anyone log, they have a spirit of historical dated ghurka shorts over 30. And while designers per- adventure, as if pulled out of provides a roomier and sistently push the “upgraded” a trunk and dusted off. more relaxed fit in the cargo short, there is something un- The generous pleats of the thighs than do flat- gainly about utility pockets on the original shorts allowed men front khakis. thighs. Most men conservatively hoisting and carrying objects to opt for khaki shorts that end an easily bend without the fabric inch above the knee. That’s fine, constricting their thighs, said but when these nondescript pairs brand manager Luca Rubinacci. can be found everywhere from Old “Today, everyone wears shorts Fabric Navy to Brooks Brothers to Bur- that are tailored and very ordi- The more you berry, a less-predictable style be- nary,” said Mr. Rubinacci, “but wash and wear the comes essential. Enter the updated this pair has a more traditional thick cotton and elastane ghurka short from sophisticated shape that emphasizes comfort.” twill shorts, the more Italian menswear brand Rubinacci. The pleats on the modern pair comfortable they be- Styling that distinguishes these provide roomy comfort, if only come. Available in clas- ghurkas from the drab tan stand- for striding and lounging. The sic olive as well as bys are two buckled straps that give-and-take of the adjustable tan and red. obviate a belt; a series of flexibil- waist forgives as well. “These ity-enabling front pleats above are good for men with, let’s be the thigh, and a high rise that po- honest, fuller bellies,” acknowl- sitions the shorts on the waist, edged Mr. Rubinacci. $360;

not low-slung on the hip. mrporter.com F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | D7 DESIGN & DECORATING

THE MEDIATOR Can This Master Bedroom Be Saved?

An erstwhile bachelor brings an industrial-style bed; his wife, an antique chinoiserie chest she can’t live without. Three designers suggest ways to bridge the chasm between the two aesthetics

THE CHALLENGE: In a couple’s first shared apartment, she bestows upon their inner sanctum an 18th- century gilded-appliqué Chinoiserie bombe bureau, and he contributes an industrial, Brooklyn-made black-walnut bed with a blackened steel base. Here, suggestions for a beautiful coexistence.

Canopy Bed, from $14,200, Uhuru Design, 212-882-1581 Louis XV 18th Century Chinoiserie Lacquer Commode, $9,500, rubylux.com

Find an updated antique Fill the gender gap Go for the (warm) gold Because the padded infill of this French 19th-century screen The ornate, lacquered commode The pared-down bed clearly needs some bit of luxury has been left bare, it reads quite modern, said New York has strong emotion behind it, nearby for the Louis XV chest to make sense, said designer Vicente Wolf, author of “The Four Elements of said New York designer Patrick Charlotte, N.C., designer Design” (Rizzoli). As such, it echoes the rectilinearity of the Mele. Set on cabriole legs, the Barrie Benson. A manu- bed, while the oxi- piece also reads feminine. The factured lamp of gold or dized gilt-bronze simple industrial-style bed tele- brass might be too crisp frame references the graphs masculinity. Mr. Mele or dressy, but the round gilding and antiquity suggested the Voutsa Pilu wall- edges of this Serena and of the chinoiserie paper not only for its Asian- Lily ceramic lamp reveal commode. At the themed bamboo but because a handmade quality that same time, the the wall covering comes across knocks back the level of screen’s substantial as genderless. “It has a modern refinement a touch. Yes, volume sits on the sensibility—it doesn’t feel like the fire glaze of metallic floor, in opposition a dated chinoiserie paper—but gold carries over the chest’s to the openness of also a painterly, emotional hand gilt ormolu, but the natural mate- the canopy bed and to it,” he said. Besides, he rials of the pottery (and the linen the space beneath added, “The colors are outra- shade) nod to the organic quality the bureau, which sits atop almost spindly supports. geous!” Pilu Chinoiserie 1 Wall- that the bed’s rich walnut wood French Four-Fold Screen from Windsor House Antiques, paper, $500 per 52-inch-wide lends. Tinsley Table Lamp, $450, $9,405, 1stdibs.com panel, Voutsa, 646-892-7797 serenaandlily.com

BUSINESS CASUAL MANUFACTURE DE HAUTE HORLOGERIE Tasked with creating furniture for the workplaces they will soon inhabit, design students push office formality further back in the rearview mirror

WORK STUDY Top: Zip Chairs, from $1,200 each; Below: Via Tables, from $1,000 each, and Ottomans, from $500 each, all available at Bernhardt Design, 212-997-6600

BY TIM GAVAN “Three to five years ago, in bright and neutral colors, we had a lot of requests for stows beneath a simple slab informal workspaces from of ash wood or walnut and WHILE SOME COMPANIES creative organizations like between matte-black metal try to entice young talent advertising agencies and legs. Angled in opposite di- with stair-adjacent slides media firms that wanted to rections, the legs are meant and comic-book color show their personalities,” to evoke the image of a per- schemes, a course offered at said Sonya Dufner, a princi- son walking. the Art Center College of De- pal at Gensler, a commercial “I wanted to combine the sign in Pasadena, Calif., in design and architecture firm idea of people moving around partnership with Bernhardt with thousands of large cor- with the idea of furniture, TONDA 1950 Design company, has a sim- porate clients. “Now we’ve which is usually stationary,” TOURBILLON pler approach: Have students started to hear the same said Ms. Cheng, a Chino Hills, design the modern work- thing from law firms and fi- Calif., native. “These pieces place themselves, one piece nancial-services clients.” are modular and light enough of furniture at a time. The Via Table and Otto- to be relocated easily, so they “My roommate and I were man designed by Taylor allow people to work as indi- spread out on our living- Cheng, 23, are casual, under- viduals or to come together room floor, sketching ideas, stated, and like the Zip and work in groups.” and it occurred to me—why Chairs, allow for effortless While both designs were am I designing a bench when transitions between privacy conceived for the office, everyone I know ends up on and collaboration in the in- picking up either for a loft, the floor where there’s more creasingly popular open- finished basement, or play- space?” said Brooklyn, N.Y., floor office plan. The com- room won’t feel like taking native Alex Akopova, 21. Her pact ottoman, which comes work home. Zip Chairs are one of six designs chosen to be featured at New York’s International Contemporary Furniture Fair this week and then put into www.parmigiani.ch production. Ms. Akopova’s versatile, legless chairs—filled with LE STUDIO PARMIGIANI MIAMI DESIGN DISTRICT 10 inches of foam and avail- 140N.E.39THSTREET,PC#108,MIAMI,FL,7866159656 able in 92 textiles—connect at the seams with zippers to PLEASECONTACTUSFORACOMPLIMENTARYCATALOGUE form sectional seating, like (T)7866159656,WWW.PARMIGIANI.CH,[email protected] plush pieces in an officewide game of Tetris.

IN MY KITCHEN Stephanie Danler

The debut novelist and restaurant-industry veteran reveals her roast lamb secret, what to sip while cooking and the best desktop meal

IKE TESS, the narrator in “Sweetbitter: A Novel,” to be published by Knopf later this month, author Stephanie Danler worked in restaurants when she arrived in New York City, in Lher early 20s. She continued in server jobs to support herself through a Master of Fine Arts program at the New School in Manhattan, where she focused on writing her book on “the inner life of a restaurant—and not in the tawdry ‘Kitchen Confidential’ way.” Ms. Danler wanted to shine a light on the people in the front-of-house (as opposed to the kitchen), especially those who treat it as a career. “We have the chef explosion right now,” she said, “but being a server is another way of life.” Eventually, the young woman who once thought of farmers markets as merely scenic discovered her own love of food and cooking. Now, in Laurel Canyon, Los Angeles, she lives in a 1920s cottage she describes as “a wild, wild place,” complete with a slanted foundation, deer and birds relaxing in the property’s small fountain and a “rock 'n' roll history” (a number of Fleetwood Mac band members lived there in the 1970s). Here she can both write and entertain. Those years of waiting on customers have made her an attentive host with impressive wine-opening skills and a well-developed palate for picking the right pour. And all that time spent in the company

of chefs has given her firm ideas about how to handle cooking for a crowd. JESSICA SAMPLE FOR THE WALL STREET JOURNAL

The thing most people notice first House books Christopher Hirsheimer There’s an à la Grecque recipe in one SALAD DAYS Stephanie Danler about my kitchen is: my mom’s does with Melissa Hamilton. If I’m go- of David Tanis’s books I use for them, prepares a shallot vinaigrette in her copperware from E. Dehellerin in Paris. ing somewhere for the summer, I bring a super vinegary poach that I love. Los Angeles kitchen. At left: sink She went to Le Cordon Bleu there in their summer volume with me. When with a view. Below: the cookbooks the ’70s. I have my grandmother’s I’m traveling for the holidays, I bring On weeknights, I typically cook: she’s managed to unpack so far. Limoges china, too, and I use it all the the holiday one. They did the cookbook grain salads, white bean salads. Com- time. It chips and it tarnishes. “Canal House Cooks Every Day,” too. ing out of winter I do a ton of braised greens. ”Saltie: A Cookbook” [by When I entertain, I like to make: The kitchen tool I can’t live without I collect: vintage cookbooks. I read Caroline Fidanza with Anna Dunn, Marcella Hazan’s olive oil cake. Other- is: the corkscrew. It’s something I have them as narratives or novels. I started Rebecca Collerton and Elizabeth wise, in summer I do fruit, and in win- in my purse, a 10-year-plus holdover going to Bonnie Slotnick’s vintage Schula] is the kind of cooking I aspire ter, citrus and nuts. I have visions of from being in the restaurant industry. cookbook store [in Manhattan] in to on weekdays—the bowls, the sal- tables I’ve sat at in Spain or France, It’s also a box cutter. To be without my early 20s and she knows exactly ads, the grains. I really don’t eat meat with nut crackers cutting into walnuts, one, I mean, there is nothing worse. what to pick for me. M.F.K. Fisher is when I’m by myself. I’ll put an egg and clementines and dark chocolate. one of the most underrated writers on top of a salad if I want something In my pantry you’ll always find: of the 20th century—not food writer, more. And then, when I’m working, My cooking mentor was: Jody Wil- olive oil, anchovies, Maldon [salt], pep- or woman writer, just writer, period. cheese, cornichons and crackers. liams. Her restaurant Buvette [in per and lemon. My pantry is what “The Gastronomical Me” is what ev- It’s my I-can’t look-up-from-my-com- Manhattan] was my last job. There’s I think of as my gypsy kitchen. I have otics. And there’s always some sort ery food memoir is based on, whether puter-so-this-is-dinner dinner. this rough, casual elegance. I don’t been moving around a fair amount of snacking cheese. When I’m cooking, people know it or not. think she’s ever followed a recipe. and that’s what I bring with me. I put my ritual is a glass of wine, and it al- On weekends, I like to cook: big Everything about her cooking is flavor. anchovies in everything—Bolognese, ways involves cheese as well. I like to The ingredients I’m most excited family-style meals. I’ll roast a chicken She’s always tasting. And Mani steamed kale. My secret for roast sip on Fino Sherry when I’m prepping— about right now are: the favas, the at least once a week. In the summer, Dawes, who owns Tía Pol. She’s lamb: I cover it with anchovy oil before Manzanilla La Gitana by Bodegas Hi- English peas, the snap peas and the I do a deconstructed niçoise with an incredible home cook. They both I put it in the oven. I take a tin to dalgo or El Maestro Sierra Fino. That’s California artichokes. May in Southern barely seared tuna—or sardines, or taught me how to be a gracious host other peoples’ houses, even when my cue that I’m in a different zone. California, you have everything. The even poached cod—then blanched by cooking simple, thoughtful food. they’re cooking. The Ortiz are the best. I’m tasting, this isn’t work. I’m relaxing. East Coast does some things beauti- or raw vegetables. It makes everyone —Edited from an interview by fully and I’m sure I’ll miss them. happy. Peppery young arugula, finger- Charlotte Druckman My refrigerator is always stocked The books I cook from over and I miss ramps. But the artichokes are lings, hard-boiled, soft-ish eggs, a big with: white wine, Parmesan and probi- over again are: the series of Canal overflowing at the market here. bowl of vinaigrette. It lets you show- case whatever’s fresh.

I love it when my dinner guests Shallot Vinaigrette bring: flowers. Almost all my friends Ms. Danler views this as more of an outline than a strict recipe. Adjust according to your preferences. She also know to text me and ask what wine routinely adds the following to the base of anchovies, shallots and vinegar: 1 teaspoon Dijon mustard; 1 tablespoon I want. I’m very happy to send them to fresh thyme leaves or chopped parsley or mint leaves; 1 tablespoon crème fraîche; a pinch of Aleppo pepper flakes. my favorite wine store and say please 1 TOTAL TIME: 5 minutes MAKES: about /2 CUP get me a Muscadet, a Provençal Rosé from Bandol, a bottle of Crémant from 1 medium shallot, finely chopped Freshly ground black pepper sary to loosen mixture, a splash the Jura. I’m part-time in New York 2-3 tablespoons red wine or Sugar, to taste (optional) more vinegar. Add lemon zest and and my shop there is Uva. Here, it’s Sherry vinegar olive oil. Screw top on jar and shake Domaine LA in Hollywood. Salt 1. Put shallots in a small lidded jar. until emulsified. 2 oil-packed anchovy fillets, Barely cover shallots with vinegar. 3. Taste and add salt, pepper, more The most underrated ingredient is: drained and minced to a paste Sprinkle on a little salt. Add ancho- oil or a pinch of sugar as needed. the shallot. It’s such an elegant onion 1 Juice and zest of /4 lemon vies. Let sit at least 30 minutes. Shake again before serving. Vinai- even raw. It’s got that beautiful sweet- 1 /3 cup extra-virgin olive oil 2. Add lemon juice and, if neces- grette will keep 5 days in refrigerator. ness. Roasted shallots, or as the base in a vinaigrette, it changes everything.

A LITTLE SOMETHING SWEET

Warm Hazelnut Brown Butter Torte 1 A CAKE THE COLOR OF DELICIOUS ACTIVE TIME: 30 minutes TOTAL TIME: 1/4 hours SERVES: 6-8

The secret to this nutty, remarkably rich and, incidentally, gluten-free torte? Brown butter 1¼ cups shelled hazelnuts 1 cup plus 1 tablespoon unsalted butter NOISETTE IS THE French ½ vanilla bean 1 word for hazelnut. Beurre 1/3 cups confectioners’ sugar 1 noisette—brown butter—was /3 cup almond flour presumably so named be- 1 teaspoon kosher salt cause it takes on the hue of 5 large egg whites a hazelnut as it slowly cooks, 3 tablespoons granulated sugar though the butter does ac- Crème fraîche, to serve, or mascarpone, mixed with quire a nutty flavor, too. honey and a little salt Marry beurre noisette and actual hazelnuts, as chefs 1. Preheat oven to 350 de- food processor and process Greg and Gabrielle Denton grees. Spread hazelnuts over to form a fine powder. have in this torte, and it all a baking tray in a single Add the almond flour and starts to make perfect sense. layer and roast 5 minutes. salt and pulse a few times The inspiration for this Place warm nuts between to combine. moist, gluten-free cake sprang two layers of kitchen towel 4. In a large mixing bowl, from the abundance of hazel- and rub to remove skins. whisk egg whites until nuts grown near Portland, Discard skins and set nuts frothy, then add granulated Ore., home to the Dentons’ aside to cool. sugar and beat to form stiff restaurant, Ox. But the Den- 2. Meanwhile, make beurre peaks. Gently fold whipped tons, who are partners in life noisette: Add butter to a egg whites into dry ingredi- as well as the restaurant busi- small saucepan. Scrape ents with a rubber spatula. ness, have baked variations seeds from vanilla bean and Mix in remaining brown but- ranging from a pistachio ver- add to butter along with ter until fully incorporated. sion to a savory torte of wal- scraped bean. Set saucepan 5. Pour batter into pre- nuts and black truffles. over medium-low heat. pared pan and bake until Nearly any nut can stand Cook, gently swirling pan, a toothpick inserted in in for the hazelnut, but keep until butter melts then turns center of cake comes out in mind that different variet- remove the torte from the called Freddy Guys Hazelnut peeling, no problem. After a deep golden brown and clean, 45 minutes. ies vary in oil content. The oven too early, which would (freddyguys.com), which roasting, simply fold the nuts smells nutty, about 5 min- 6. Serve cake warm with oilier the nut, the more moist make the texture too dense. ships its nuts nationwide, in a towel and rub between utes. Let cool 10 minutes. a dollop of crème fraîche or the torte. Hazelnuts, which After baking, the hazelnuts already shelled, roasted and your hands. Most skins will Remove vanilla bean. Brush honeyed mascarpone. run on the oily side, make (and the omission of wheat peeled. Buying hazelnuts in slip right off, though some interior of a 9- or 10-inch —Adapted from “Around this torte almost impossible flour) will keep this dessert the shell would demand a may need an extra rub. Once springform pan with a bit the Fire: Recipes for Inspired to overcook. It’s a forgiving moist for at least three days. hammer and more effort than you taste this torte, you’ll of the butter. Grilling and Seasonal Feasting recipe all around, though Ms. The hazelnuts they use at this simple recipe should, but know it’s more than worth it. 3. Place hazelnuts and from Ox Restaurant” by

Denton did urge me not to Ox come from a local orchard if the nuts you buy require —Aleksandra Crapanzano confectioners’ sugar in a Greg and Gabrielle Denton JAMES RANSOM FOR THE WALL STREET JOURNAL, FOOD STYLING BY RYAN REINECK, PROP STYLING BY STEPHANIE HANES For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | D9 EATING & DRINKING

ON WINE: LETTIE TEAGUE Magnum Cum Laude: Wines for the Graduate

GRADUATION SEASON is here, and soon college seniors everywhere will be handed watches, pens and perhaps bottles of Champagne and instructed to find their way in the world. Aside from a wedding, no single life event is imbued with as much pomp and ceremony, not to mention heightened expectations, as a college graduation. It’s a moment of transition and triumph, and the wine served or given as a gift should be something memorable— or, at the very least, enjoyable to drink. (Oddly enough, this rule doesn’t seem to apply to weddings; almost all of the wines I’ve consumed after couples say “I do” have been unrelentingly bad.) The bottle I bought for my own graduation years ago was unforget- table, in part because of the two- hour trip I took to obtain it. I attended a small liberal arts college in Ohio, and the only place in town to buy wine was a sandwich shop. That didn’t seem sufficient to mark four years of hard work (and many more years of student debt). I’d developed an interest in wine during my junior year abroad, and I wanted to buy something special, so I drove an hour to Columbus, to Lazarus department store. Although the grand

retailer is no more, it had a good GREG MABLY wine selection back in the day. Chardonnay was the star recommended Rhythm Wine Co.’s I gave that wine to Molly at din- even specify a wine from the grad- good wine. He opened a few bot- grape in the 1980s, so that’s what 2014 Midnight Companion Tem- ner the following night, as we all uate’s birth year. This year’s grads tles of a great Bordeaux, the 1990 I bought: A Wente Brothers Char- pranillo ($22); the 2014 Populis shared the Franciacorta Mr. Ryan are particularly lucky as 1995 was Château Montrose, on both occa- donnay from Livermore, Calif., now White Blend ($22) from California, had recommended. She loved the an excellent vintage in both Napa sions, three years apart. known as Wente Vineyards Morn- an unlikely mix of Chardonnay and label and promised she’d drink it and Bordeaux, and wines can cost Guests at both events were im- ing Fog. I don’t remember the vin- French Colombard; and a 2013 with her friends soon. more than $100 a bottle. pressed when they saw the label, tage or what I paid, but according Cabernet Franc from Ravines Wine Our exchange made me wonder Laurent Chapuis, the proprietor said Mr. Fisch, who owns four Gary’s to Carolyn Wente, chief executive of Cellars in New York’s Finger Lakes, what wines other graduates were of Princeton Corkscrew Wine Shop Wine & Marketplace shops in New Wente Vineyards, the bottle proba- a bottle I was surprised to find in receiving or drinking to mark the in Princeton, N.J., has an interna- Jersey. A bottle of the 1990 Château bly cost around $6 back then. That a California wine shop. Mr. Ryan occasion, so I called a few wine tional clientele, particularly during Montrose currently costs $350, may not sound like much, but it assured me it was delicious—and shops in university towns. graduation season, when Prince- but Mr. Fisch said he only paid $18 sure seemed like a lot at the time. affordable, at just $20. You don’t I started with Beltramo’s Wines tonians from all over the world a bottle some 20 years ago when I proudly shared the wine with need to spend a lot to get some- and Spirits in Menlo Park, Calif., converge on his small town. Mr. the wine first came out. He still has my parents, sister and boyfriend at thing good, he said. where Silicon Valley and Stanford Chapuis said he sells hundreds a few bottles left from the original lunch on the college lawn, explain- University converge. “We joke that of cases of sparkling wine at this case, which he plans to serve when ing the provenance of the bottle you can’t take vacation during time of year. But it isn’t just his daughter finishes grad school. and the popularity of the grape— November, December or Stanford recent grads (or, more precisely, Mr. Fisch also happened to have never mind that every other gradu- College graduation is graduation season,” said Laurie their parents) buying. Alumni, in the 2013 Wente Vineyards Morning ate’s drink of choice was beer. a moment of transition Lindrup, the store’s director of town for reunions, are also picking Fog Chardonnay in stock at his As I flew to Pasadena, Calif., for business development, referring to up bottles—and they spend more Wayne, N.J., store for $12 a bottle. a college graduation a few weeks and triumph, and the their busiest seasons. money than new graduates do, I hadn’t tasted the wine since grad- ago, I wondered if students today wine served or given Beltramo’s, which also caters Mr. Chapuis noted with a laugh. uation day, and with a friend from would be as happy celebrating their graduation parties, sells mostly At Constantino’s Market in college visiting that weekend, the day with a bottle of cheap Char- should be memorable. Champagne and other sparkling Cleveland, Ohio, chief executive timing for a tasting was perfect. donnay. According to Oliver Ryan, wines. Ms. Lindrup said she pre- Andrew Revy says he also does It was as good as I remembered. the 26-year-old manager of Everson fers small-grower Champagnes, as a swift business in sparkling wine A medium-bodied, fairly rich and Royce wine shop in Pasadena, they When I told Mr. Ryan that Molly, their prices tend to be much better during graduation season at lightly oaked Chardonnay, the wine would—as long as it was delicious the soon-to-be graduate, was getting than those of big-name brands, nearby Case Western Reserve was well-balanced and certainly and came with a “good story.” her degree in graphic design, he which spend a lot on marketing. University, selling everything well-priced. My friend Soula and While most people buy Cham- suggested a wine with a striking Two of Ms. Lindrup’s favorites are “from $8 Moscato to $180 bottles her husband, Chris, both loved it, pagne to mark the occasion, Mr. label: The 2013 Barrel + Ink Thief both in the $40 range: the Paul of Dom [Perignon].” Most of the even though neither one generally Ryan said he prefers less common- ($39). A collaboration between San Bara Brut Réserve Champagne bottles he sells, however, are fairly liked Chardonnay. Score one for place sparkling wines, like Francia- Francisco-based design firm Lab nonvintage and the Pierre Moncuit modestly priced (under $15). One me and for Wente. As for Molly, corta, a Champagne-method wine Partners and California winemaker Brut Blanc de Blancs nonvintage. of Mr. Revy’s current favorites is the new college graduate, she’s still from the Lombardy region of Italy. Pax Mahle, this Sonoma Syrah-Gren- Customers looking for special an $8 Dibon Cava from Spain. waiting for a special occasion He was particularly keen on the 2011 ache blend comes in a bottle with bottles just for the graduate often Wine merchant Gary Fisch man- to open the bottle I gave her. She’s Arcari + Danesi Dosaggio Zero ($32). a bright, whimsical label of a wolf buy well-known classics, like a aged to celebrate his daughter’s been too busy looking for a job. Of course bubbly isn’t the only among flowers and, according to Mr. Napa Cabernet or a great Bordeaux, graduation from college and her way to celebrate. Mr. Ryan also Ryan, has a suitably rich, bold taste. said Ms. Lindrup. Sometimes they wedding with the very same, very Email Lettie at [email protected]

SLOW FOOD FAST: SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES Roast Trout and Leeks With Warm Buckwheat Salad GROWING UP IN an immigrant family in Portland, Ore., with a menu inspired by Chicago, Bonnie Morales just wanted to the cuisines of the former Soviet Union. be like everyone else at school, “eating This trout—roasted over leeks and Cheetos for lunch instead of weird salamis served with a warm salad of buckwheat, and having Hamburger Helper for dinner walnuts, figs and more leeks—features at instead of boiled beef tongue.” Kachka, only in a slightly grander presen- Not until she met her husband, Israel tation. “Russians love celebrations, serving Morales, did she began to reassess the elaborate whole fish and stuffing things,” Belarusian dishes she was raised on. “He Ms. Morales said. Though this adaptation was really excited about my family’s cook- uses easy-cooking fillets instead and turns The Chef: ing,” Ms. Morales said. “Instead of being the stuffing into a topping, all the layers of Bonnie Morales embarrassed about who I was, I got ex- the original are there. “The flavor of the cited too.” That enthusiasm—honed at the leeks penetrates the fish as it roasts,” said Her Restaurant: Culinary Institute of America and restau- Ms. Morales, “and the figs have a deep Kachka in rants in New York and Chicago—eventu- sweetness that plays off the buckwheat Portland, Ore. ally led the couple to open Kachka in really nicely.” —Kitty Greenwald

What She Is TOTAL TIME: 30 minutes SERVES: 4 Known For: 3 Luring Portlanders 2 cups whole buckwheat Kosher salt /4 cup chopped dried figs to a rollicking groats 1 tablespoon olive oil Parsley leaves, for nightly party with 4 medium leeks ¼ cup butter garnish 3 free-flowing vodka 4 (8-ounce) boneless trout /4 cup toasted and finely Lemon wedges, for and dishes from fillets chopped walnuts serving all over the former Soviet Union. 1. Preheat oven to 350 degrees. Bring a lidded fillets with salt and olive oil. Roast fish until medium pot filled with 4 cups salted water to just cooked through and flesh flakes when a boil over medium-high heat. Add buckwheat, prodded, about 12 minutes. cover, lower heat to medium-low and simmer 3. Meanwhile, finely chop remaining leeks, until tender but still chewy, about 10 minutes. then thoroughly rinse and dry. Melt butter Drain and toss dry. in a large sauté pan over medium heat. Add 2. Trim root end of leeks then cut away and chopped leeks and cook until translucent discard dark-green part. Carefully remove and tender, about 5 minutes. Off heat, stir outer layer from white and pale-green part in walnuts and figs. Season with salt to of leeks and set interior aside. Thoroughly taste, then stir in cooked buckwheat.

rinse and dry outer layer of leeks and use to 4. Place roasted leeks and trout on 4 plates. ALPHA SMOOT FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY NIDIA CUEVA; ILLUSTRATION BY MICHAEL HOEWELER line a large baking dish, flattening to fit. Lay Spoon warm buckwheat salad over top. Gar- PLAYITASITLAYERSRoasting the trout over leeks not only infuses the trout fillets over leeks in baking dish. Season nish with parsley. Serve with lemon wedges. fish with flavor but makes for a handsome presentation.

Late May kicks off one of the busiest seasons in the British royal calendar. Hoi polloi are welcome.

BY MARGOT DOUGHERTY

UEEN ELIZABETH II recognized her 90th birthday, April 21, with a tour through her Windsor Castle neighborhood, standing in a custom, convert- ible, diesel-hybrid Land Rover, waving Qto fans who lined the streets. As one does. But in time-honored tradition, the Queen’s “official” birthday will be more extravagantly celebrated—especially given that it’s the big 9-0—during Trooping the Colour, one of a series of annual royal events in and around London held in the next few weeks. Full disclosure: The Queen and I go way back. When my mother was a 17-year-old in London, studying to be a Mon- tessori teacher, the young Princesses Elizabeth and Marga- ret occasionally popped into her classroom with their gov- erness. A few years ago, my mother, 93 at the time, sent a note to the Queen reminding her that she and Margaret “were truly beautiful young ladies with lovely manners, complexions and style.” Lest she’d forgotten. “Her Majesty thought it so kind of you to write. Your letter evoked many fond childhood memories,” began a gracious reply from the Palace. It was touching that the U.K.’s longest-reigning monarch (64 years) found time to respond, albeit by proxy of a Lady-in-Waiting, given the 16 realms she rules—not to mention all the corgis. No wonder Her Majesty is so beloved. And no wonder 25,000 tickets to her birthday fête this weekend at Windsor vanished in five hours. General admission tickets for the other top festivities this spring— listed here—are also sold out, or may be soon, but don’t lose heart: Jane McCrum, the well-connected owner of In any Event (inanyeventtours.net), a bespoke tour service in London, can often secure last-minute entry for her cli-

ents. Some events can also be experienced from nearby, GETTY IMAGES (3) without a ticket. And there’s always HRM’s 91st! CROWNING GLORY At the Royal Ascot horse races, which span five days, dressing up is the name of the game. Top hats encouraged.

MAY 24—28 in World War II. Her Household Prince Philip at her side. After re- or in St. James Park. For next choral music, is relayed by loud- Chelsea Flower Show Division, the seven regiments de- ceiving a royal salute, she inspects year, send a request in writing be- speaker. Pop the to-do on your At the world’s most prestigious gar- voted to her protection, assemble her smartly attired officers (red tween January 1 and February 28 2017 calendar and email den show, held at the Royal Hospi- on a wide expanse called Horse jackets, gold buttons, bearskin hats (householddivision.org.uk). [email protected]. tal Chelsea since 1862, a photo ex- Guards Parade for the trooping, an galore), and surveys the trooping hibit and floral arch will salute the elaborate ceremony that honors the ceremony. Upon the parade’s con- JUNE 13 JUNE 14—18 Queen’s 90th. A stunning variety of colour, or flag, of a selected regi- clusion, she joins the royal family, The Order of the Royal Ascot walkable show gardens are created ment—this year that of the Cold- four generations of it, on the Palace Garter Parade Marked by outrageous headgear, by established and cutting-edge de- stream Guards. Four hundred musi- balcony, where they watch a Royal The Queen and her Knights and equestrian excellence and Pimm’s- signers, and more than 100 exhib- cians, brass and drums abounding, Air Force flyby, dozens of planes Ladies of the Garter—the Princes fuelled social one-upmanship, the its—including a fully landscaped, and the Household Cavalry on their streaming the colors of the British Charles, Edward, Andrew and Wil- Royal Ascot races span five days. life-size train station—are packed Irish steeds add to the fanfare. The flag. Tickets for the seated stands liam and Princess Anne among Tuesday is typically the most se- into the 123,000-square-foot Grand royal family arrives in style, clip- (about $44) for this year are sold them—are all smiles as they spill date, Wednesday is biggest for bet- Pavilion. If it’s souvenirs you’re af- clopping down The Mall from Buck- out, but you can catch the pro- out of the annual ceremony in St. ting, Thursday is Ladies Day (more ter, everything from carnivorous ingham Palace in open carriages, ceedings (and dress rehearsals on George’s Chapel at Windsor Castle. hats!), and Friday and Saturday plants to garden clogs are on hand. the Queen with a bearskin-hatted May 28 and June 4) from The Mall No doubt it’s a happy day for the draw a younger crowd. Two levels The opening night gala tickets, from exclusive club, but anyone would be of tickets include the Windsor En- about $360 each, are gone, but gen- hard put to keep a straight face in closure (from about $50 a person) eral admission, from about $48, is that get-up—voluminous blue velvet and the Queen Anne Enclosure, still a possibility (rhs.org.uk). robes; black velvet Tudor bonnets a.k.a the Grandstand (from about festooned with white plumes; gold $108, dress code requires matching JUNE 11 tassels, red sashes and gilded ropes suit and tie for the gents, hats for Trooping the Colour, aka crisscrossing about the torso. The the ladies). But where you really The Queen’s Birthday Order of the Garter, the realm’s want to be is the exclusive, mem- Parade oldest order of chivalry, dates from bers-and-their-esteemed-guests- Two of the Queen’s longtime loves 1348 and is bestowed at the Queen’s only Royal Enclosure. That’s where combine for this spectacular pag- discretion for services rendered you’ll have the best views of the eant near Buckingham Palace: to the Crown or the realm. Ticket- track and, more importantly, the horses and the military. She still holders are admitted to the castle royals. Windsor and Queen Anne rides, still without a helmet, and grounds where they picnic and tickets are available at ascot.co.uk. the Queen, who was trained as watch the procession to St. George’s You’ll have to hit up your peerage a mechanic and driver, is the only Chapel. Tickets are sold out for pals for a chance inside the Royal living head of state to have served MAY FLOWERS The annual Chelsea Flower Show is just around the corner. this year, but the service, rich with Enclosure. Good luck with that.

Devour art ONLY IN...AMSTERDAM Eric Meursing and Marjolein Wintjes describe themselves as food concept designers—in From a hotel in a shipyard crane to edible art pieces, other words, they play with their four original experiences in the Dutch capital food in the name of art. They once crafted an edible, life-size pink wedding dress out of THE NETHERLANDS IS tiny. Take away the nearly 20% of paper-like sheets of rhubarb- the country covered in water and you’re left with a land area infused agar. Four nights a week, half the size of West Virginia. As a result, the Dutch don’t their industrial kitchen-slash-stu- take space for granted. In their small, densely populated dio, De Culinaire Werkplaats cities, seemingly every square foot gets put to use—often for (near the cultural complex of multiple purposes. That’s one of the great joys of Amsterdam. Westergasfabriek), turns into a You can bike its entire length in a little over an hour, yet restaurant where each dish looks the city is crammed with stuff to do and see, much of it tucked like a miniature art installation. away in unlikely places. Here, a few surprising spaces worth This month, the couple opens seeking out. —By Rico Gagliano a “food-art” gallery next door, with a debut exhibit of objets created with all-black ingredients— like a sculpture of wafers made from blackberries, black currant and black-curry. The entrance fee (about $14) covers the cost of re- creating pieces gallery-goers have eaten deculinairewerkplaats.nl

Rock out in a bunker Visit houseboats, When wandering through Amsterdam’s on dry land Vondelpark, with its acres of greenery and In the trendy Noord tranquil ponds, you could easily miss the district, De Ceuvel isn’t metal door at the base of an overpass if you just the hippest office didn’t know to look for it. That’s the entrance park in town. It’s to the Vondel Bunker, a 1940s-era bomb shel- considered a model of ter that now hosts rock concerts, bar nights, eco-design. Challenged art exhibits and film screenings. The interior, to develop the canalside Sleep in a loading crane roomy enough for about 100 people, is as site—a former dumping A ferry ride from the city center, in a former shipyard, stands a 165- austere as you’d expect for a space designed ground—without digging foot-tall metal crane. No surprise there. But what originally loaded to withstand an atomic blast (copious con- up the soil, a team of cargo onto ships reopened in 2013 as the Faralda Crane Hotel. The crete, no windows). Ask one of the volunteer architects hoisted up old structure’s vertical mast houses three split-level suites, each with staff to show you the back room where a row houseboats destined for eclectic furnishings (including bubble chairs and a stuffed peacock) of stationary bicycles is attached to a ventila- the junkyard and retrofitted them as offices and art studios for landlubbers. They and 360-degree views. At the tiptop, 15 stories up, is an open-air tion system. Survivors of a nuclear holocaust also built elevated wooden walkways, planted soil-purifying gardens and—this hot tub. And if you’d rather not wait to take the elevator down, you were expected to pedal them to pump out being Amsterdam—installed a good place for beer: Café de Ceuvel, made entirely

can bungee jump off the side. From about $500 a night, faralda.com stagnant air. vondelbunker.nl of recycled nautical materials, including dinghies reborn as benches. deceuvel.nl MARJOLEIN WINTJES/DE CULINAIRE WERKPLAATS (FOOD); HERMAN VAN HEUSDEN FOR THE WALL STREET JOURNAL (DE CEUVEL); ALAMY (CRANE) For personal non-commercial use only. Do not edit or alter. Reproductions not permitted. To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com THE WALL STREET JOURNAL. **** Saturday/Sunday, May 14 - 15, 2016 | D11 ADVENTURE & TRAVEL

JOY RIDE Rovos Rail operates four trains in southern Africa. The Pretoria to Cape Town route travels through the Hex River Valley, pictured here.

Whistle Stops, With Cheetahs ROVOS (2); GETTY IMAGES (VICTORIA FALLS)

A private rail company is on a roll, offering a delightfully old-fashioned and unconventional way to experience Africa

BY ALEXANDRA WEXLER Simplon-Orient-Express. But even on that fabled train, which typically runs from Paris to ahogany paneling, Istanbul and Istanbul to Venice in fine brass fixtures five days, you share a bathroom; and a doting but- the least expensive berth on Rovos Mler are perks you includes an en-suite loo with might expect from a shower, while the most expen- a luxury hotel. I found them all sive have claw-foot tubs. In my in my cabin on Rovos Rail, the train middle-of-the-range Deluxe Suite, I rode across 1,300 miles of south- I stretched out across a double ern Africa. For four days and three bed that filled just half of the nights I watched the African coun- quarters. It was appointed with tryside slip past as the 20-coach polished woods, fresh flowers and Rovos carried me from Zimbabwe’s champagne. Even the bathroom, side of Victoria Falls to South with its Art-Deco-style black-and- Africa’s capital of Pretoria. The white floor tiles, looked like a set landscape seemed to change every piece from colonial times. time I looked out the window. One Rohan Vos, Rovos Rail’s 70-year- minute it was the vast plains of old founder and chief executive, Zimbabwean grassland, then an- made a fortune selling car parts other, the hazy-grey industrial city in his native South Africa before of Bulawayo. In South Africa, turning an idea for a family-vaca- I watched the sun set over velvety tion train car—like a camper van green mountains. but much cooler, I thought—into a business venture. “The interior design was very much my own be- Our trip unwound quietly: cause it was going to be a family SAFARI EXPRESS Above, the caravan,” said Mr. Vos when we met Pullman Suite on a Rovos train in we read and watched in Pretoria. Instead, he decided to southern Africa. Below, Victoria wildebeest flicker past build up an entire rail line. Falls, one of the world’s largest Mr. Vos also designed an obser- waterfalls and a popular embarkation vation car at the back of each train point for a Rovos Rail trip. that is partially open-air so passen- Ever since I saw Meryl Streep, en gers can sit outdoors while watch- didn’t want to see it fold. He is cur- route to Nairobi, pop out of a train ing the villages and wild bush roll rently refurbishing it and planning car to scold Robert Redford for put- by. Mr. Vos said the idea was innew itineraries, including a 15-day ting his elephant tusks dangerously spired by the caboose balcony from South Africa itinerary from Pretoria close to her crates of Limoges which President Franklin Delano to Cape Town, with stops along the china—in the 1985 film “Out of Roosevelt delivered campaign way in the country’s wine region Africa”—I’ve dreamed of my own speeches as he crisscrossed the U.S. and the colonial-era diamond mine elegant train ride through the conti- in the 1930s. But I imagine Teddy in Kimberly. nent. Of course, the film takes place Roosevelt, not Franklin, armed with But doubling down on railway a century ago, and when I finally a pith helmet and rifle rather than tourism in southern Africa is a risky made it onto an African train, this speeches, would have taken great bet these days as governments cut past January, the handsome big- pleasure in the Rovos Rail. The back on infrastructure budgets, in- game hunter and crates of porcelain morning after I boarded in Victoria cluding those meant to fund track were absent. But much of the trip Falls, along with 60 or so other repairs. That austerity was evident was just as I had imagined. passengers, we stopped at Zimba- boarded the train and continued on. Johannesburg and Cape Town, and on my last night aboard the train, Founded in 1989, Rovos has bwe’s Hwange National Park and My fellow passengers skewed has made the journey about 55 when constant screeching and jerk- restored much of African train hopped into game vehicles. We toward retirees, hailing overwhelm- times since 1995. “I’ve never gotten ing in the middle of the night kept travel’s erstwhile glory, using an ex- hadn’t lumbered away from the ingly from the U.K., with contin- to the other end and wanted to me awake for hours on the last tensive but increasingly neglected tracks for more than 10 minutes gents from Sweden, the U.S., New get off,” said Ms. Buchanan. stretch of track toward Pretoria. network of colonial railways that before we spotted a cheetah. We Zealand and South Africa. Few had The game drive at Hwange and a Still, Rovos bookings are filling can still spirit travelers from Table snapped a storm of pictures as the come solely for the Rovos; most brief stroll at a market in Botswana up into 2017, for trips that range Mountain in Cape Town north about world’s fastest land mammal gra- weaved the train ride into longer were the only excursions on our from around $1,000 per person for 3,500 miles to Dar es Salaam, Tan- ciously posed on a termite mound safari itineraries. South African route (longer itineraries include a two-night trip in South Africa zania’s teeming Indian Ocean port. in the misty morning light. Sight- Diana Buchanan wasn’t on my trip, more outings), but the balance of to more than $20,000 for the best Train enthusiasts consider a journey ings of buffalo, zebra and lions fol- but she’s a Rovos and train-travel- our trip unwound quietly: reading, berth on the 14-night trip from on one of the company’s four trains lowed, before we stopped for tea, ing connoisseur. She started travel- chatting and watching wildebeest Cape Town to Dar es Salaam. (The among the most indulgent rail trips served around a campfire in the ing by Rovos Rail when her hus- flicker past in the savanna outside. strong sales are based in part on in the world, along with the Venice middle of the bush. Then we re- band was too ill to fly between We were served three meals a day the deep discount that foreign cus- in the dining car, with its tufted tomers are receiving thanks to the green-leather chairs and silver flat- South African rand’s plunge against THE LOWDOWN // RUMBLING ACROSS SOUTHERN AFRICA ON LUXURY TRAINS ware. For dinner, men wore jackets the U.S. dollar and the pound ster- and ties, while most women donned ling.) Nevertheless, Mr. Vos contem- Getting There: South African Airways from 2 to 14 nights through Botswana, dresses. Though entrees such as tra- plates how much more time and ZAMBIA Rovos Rail route flies from New York’s John F. Kennedy Namibia, South Africa, Tanzania, Zam- ditional kudu stew and grilled but- money he wants to invest in his ANGOLA Victoria Falls airport to Johannesburg (flysaa.com). bia and Zimbabwe. A few important ternut squash underwhelmed, growing railroad empire as the From the airport, it’s just a 40-minute matters to keep in mind before book- I found solace in a procession of fine economies he relies on for support ZIMBABWE Hwange National Park light-rail ride to the Rovos Rail station ing: Men are required to wear a jacket South African wines and the nightly crumble around him. in Pretoria (www.gautrain.co.za).If and tie to dinner, and trains don't have cheese courses. One night, Rovos “What does one do? Keep grow- BOTSWANA MOZ. you’d rather end your journey in Wi-Fi, radios or televisions on board. General Manager Joe Mathala entering?” Mr. Vos said at the Rovos NAMIBIA Gabarone Pretoria, connections are available You are asked to use mobile phones tained us with tales of hunting for Rail station in Pretoria while clam- Pretoria via Johannesburg to most regional and laptops only in-suite, and reception fuel during regional shortages and bering into one of the dilapidated Johannesburg departure points such as Cape Town, is generally poor, so don’t expect to other misadventures. Murder on the carriages of his new Shongololo SWAZ. Victoria Falls and Durban. catchuponanywork(rovos.com). Orient Express it wasn’t, but as Express. Workers were excising LESOTHO SOUTH AFRICA A competitor to Rovos, Blue Train close as I’m likely to get. rusty patches that would soon be 200 miles Riding the Rails There: Faresonthe is a less expensive, less formal alterna- In January, Mr. Vos bought an- covered with the Rovos signature Cape Town author’s three-night trip on Rovos Rail tive, with prices starting from about 200 km other train, South Africa’s three- dark-wood paneling. “It’s a question (see route at left) start at about $1,500 $600, although the routes are more star Shongololo Express, which was I need to figure out between me Source: Rovos Rail a person. The company also runs trips limited (www.bluetrain.co.za). in financial distress, because he and a bottle of rum,” said Mr. Vos.

BY KEVIN SINTUMUANG bag, guilt—a sense of shame, If a product is available for Hiring someone on TaskRabbit If you are ordering take- really—came over me. Did I just use 1 purchase within two blocks of 7 to go to IKEA, buy furniture and 13out from Seamless an app to hire someone to go to your home, get off your couch assemble it for you, however, is an after preparing a meal using the LIVE ABOUT TWO blocks a store two blocks away because and get it yourself. What would excellent idea. recipe-delivery service Blue from a Trader Joes. It’s the I didn’t want to put my pants on? your mom think of you if she knew Apron, then maybe Blue Apron only one in Brooklyn, so it There are some of you whose you were ordering a six pack of So is getting a tailor (zTailor) to isn’t right for you. feels as crowded as a Soviet reaction is: “Duh. That’s what Smirnoff Ice from apps like Drizly 8hem the pants in your closet market in there at times. Postmates is for.” or Saucy? that still have the sale tag on them 14 Ordering microwavable ButI I live close enough that I can Yeah, but that’s just too, I don’t from last year. food for one-hour delivery swing by during a lull to pick up know, millennial. Exception to rule #1: When on Amazon Now is just wrong. organic cheese sticks for my daugh- It’s human to be impatient, 2“Game of Thrones” or a Very As in real life, using the ter’s school lunch. but I’d like to believe that some Important Sporting Event is on. 9 Fitspot app (on-demand trainer) If you use Zeel to schedule things, sometimes, are still worth does not negate using the Push for 15 an in-home massage for doing the old-fashioned way, Postmates offers delivery Pizza app (self explanatory). yourself, you must also schedule not through a smartphone. 3 from restaurants that don’t nor- one for your husband/wife. Trust Did I just use an app to Don’t get me wrong. There are mally deliver. That old-school pizze- Shyp can pick up, wrap and me on this. hire someone to go to a times I’m grateful for these ser- ria with the coal-fired oven? OK. 10hand-deliver a gift for your vices—like when Amazon Now Taco Bell? No. mom’s birthday, but you still have to Uber and Lyft are pretty store two blocks away delivered onesies for my newborn call her. 16 great. One day our because I didn’t want to daughter when my wife and If you get an at-home blowout children will laugh at the I were stuck in the hospital after 4 on Glamsquad, there’s no back- If you use Hello Alfred, the idea of hailing a taxi. But there put my pants on? the birth. ing out as the bridesmaid now. 11 on-demand butler service is a point at which accepting But more often than not, using that can coordinate services from Uber surge pricing—which raises these Uber-like services makes me Yes, you need to do the hard other on-demand platforms, you fares during peak times—feels The other night, however, feel like an entitled, 21st-century 5 work of hanging the photograph should not use the time you saved like supporting an economic caste I decided to use an app called jerk, a binge-watching shut-in. you got framed using the Framebri- outsourcing your outsourcing to play system. When Uber wants to Postmates to hire someone to run And I’m sure that’s not who I am, dge app because you should know “Minecraft.” charge you quadruple the normal the errand for me. The transaction right? Right? how to use a nail and hammer. rate, it wouldn’t hurt to get was frictionless—just some taps So here are some guidelines “I need to binge-watch some Fitbit steps in, right? and about 30 minutes later a to hopefully help me and others A popular use of TaskRabbit 12this season of ‘House of gentleman showed up at my door navigate the wild world of on- 6 is to hire someone to wait in Cards’ ” is not an excuse to But if you’re expensing with the items. demand apps with as much dignity line for you. New iPhone? Maybe. use Swifto or Wag to hire an 17 the fare, who cares? Immediately upon opening the as possible. Brunch? Never. on-demand dog walker. Market capitalism for the win!

THE FIXER: MICHAEL HSU Smarter Alarms for Waking Up Less Groggy

I’m a chronic oversleeper. Can any gad- you’re in a deep Delta phase of sleeprather Qget help? Maybe a smart lightbulb that than a lighter Alpha phase. So what’s the best turns on automatically each morning? cure? “Go to bed earlier,” he said. Sounds that the device emits are designed to help you do I’ve tested the alarm function on a few just that by encouraging states of deep sleep A smart lightbulbs and found most to using a technique called “brainwave entrain- be a hassle to use. I don’t recommend them ment.” I found them to be surprisingly effec- for rooms devoted to rest and relaxation. tive. Oversleepers can try setting the alarm to You’re better off investing in an alarm play an Alpha-brainwave sound, which is asso- clock with a built-in light. The Philips Wake- ciated with quiet alertness. up Light HF3510 ($140) is pricey but excep- You can test whether the audio works for tional: It casts an unusually bright and broad you without buying the machine. Many of beam that fills the whole room. (Other models Dr. Thompson’s recordings can be streamed I’ve tried were dimmer or projected a more on Spotify and other services. “Sleepy Ocean,” focused light.) Thirty minutes before your for example, blends Zzz-inducing frequencies alarm is scheduled to go off, the device simu- with the calming sound of a rolling surf, while lates a sunrise. LEDs start glowing a deep or- “The Ultimate Nap Kit,” created to help nurses ange before transitioning to a crisp, warm effectively power nap, features new-agey mu- white. Then one of three nature sounds (or sic intended to transition you into a state of the FM radio) kicks in. At 20 inches wide, the deep sleep and out again. For waking up, try device is a bit bulky but still takes up less “Songbird Sunrise,” a chirpy recording (avail- space than the separate clock and lamp you’d able to purchase on Apple Music and other re- need for a smart bulb. tailers) that is designed to enhance alertness. You should also check out Brookstone’s Just be sure to play the tracks at a modest Tranquil Moments Pro Sleep System ($170). volume using a stereo speaker (even a single With two strips of LEDs that cast a cool, small one, like the UE Boom, will do) or head- bright glow, this souped-up alarm clock can phones. Louder isn’t better, said Dr. Thomp- play specialized recordings developed by son; the sound “needs to be wallpaper.” sound-therapy expert Jeffrey Thompson. Ac- cording to Dr. Thompson, you wake up feeling Have a lifestyle problem that a gadget might

groggy because your alarm has gone off while solve? E-mail us: [email protected] KIERSTEN ESSENPREIS