Wall Street Journal June 4 2016

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In Stockholm
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Guaranteed
Income
For All
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OFF DUTY
VOL. CCLXVII NO. 130
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WSJ.com
SATURDAY/SUNDAY, JUNE 4 - 5, 2016
Louvre Packs Up as Floods Threaten Paris
Whats
News
World-Wide
ATO plans to create a
new intelligence post in
a bid to improve how information is shared on terrorism and other threats. A1
BY HARRIET TORRY
Top FIFA officials allegedly paid each other tens

of millions of dollars in
bonuses, a probe found. A6
The U.N. said it will seek
Syrias permission to conduct air drops of humanitarian aid to besieged areas. A7
Greece wants to replace
members of an asylum panel
that has been slow to deport
migrants to Turkey. A7
Paris was on alert for

wider flooding and damage
as the Seine rose. A12
The VA is proposing a
rule change to begin covering sex-change surgery for
transgender veterans. A5
Business & Finance

U.S. job growth slowed in
April to its worst pace in over
five years, knocking down
expectations for a Fed rate
boost and sparking concern
about economic expansion. A1
Financial stocks declined on the jobs report.
The Dow slipped 31.50
points to 17807.06 and
Treasury yields fell. B1, B5
U.S. exports rose in April
to their high for the year, a
sign the effects of a strong
dollar may be fading. A2
A Mylan drug proved
comparable to Roches Herceptin in a clinical trial, a
milestone in efforts to develop cheaper biosimilars. B1
Tony Fadell stepped
down as chief executive of
Alphabets home-automation division Nest. B3
The Fed took steps toward imposing tougher capital rules on insurers tagged
for heightened oversight. B2
Qatar Air canceled its Airbus A320neo order as supplier delays hurt the plane
makers commitments. B3
VWs recall to fix millions
of tainted diesel vehicles got
under way in Europe. B3
J.P. Morgan is loosening
its dress code to allow
business-casual attire. B1
Inside
NOONAN A11
A Party Divided,
And None
Too Soon
CONTENTS
Books.................... C5-10
Business News. B3-4
Election 2016......... A4
Food......................... D7-8
Heard on Street...B12
Obituaries................. A5
Opinion................. A9-11
Sports......................... B11
Style & Fashion D2-3
Travel...................... D4-6
U.S. News......... A2-3,5
Wknd Investor....... B7
World News. A6-7,12
>
s Copyright 2016 Dow Jones &

Company. All Rights Reserved
HIGHER GROUND: In the museums biggest artwork evacuation since World War II, workers Friday
moved thousands of items to higher floors as a precaution as the Seine neared its crest. Heavy rains
have swelled the river to its highest level in nearly 35 years, disrupting travel and causing flooding. A12
The U.S. job market notched

its weakest monthly gain in
more than five years, knocking
down expectations for a Federal
Reserve rate increase and stirring worries about the sevenyear-old economic expansion.
Employers added 38,000
jobs in May, the weakest performance since September
2010, the Labor Department
said Friday. The unemployment rate, obtained from a
separate survey of households,
fell to 4.7% from 5% in April
largely due to a steep decline
in labor-force participation.
Revisions to previous payroll
data showed employers added a
combined 59,000 fewer jobs in
April and March than previously reported. That brought
average monthly job growth in
the past three months to
116,000, a sharp slowdown from
the average growth of 219,000
over the prior 12 months.
The weaker-than-expected
report almost certainly takes a
rate increase by the Fed at its
June 14-15 meeting off the table
and also complicates the decision making for a move at the
Labor Pain
Monthly change in nonfarm
payrolls, seasonally adjusted
500 thousand
Six-month
moving avg.
400
300
200
100
0
May
100
38,000
200
2010 11
12 13 14 15
Source: Labor Department
THE WALL STREET JOURNAL.
July meeting. After the reports

release, Fed governor Lael Brainard said tentative signs of
slowing in the labor market
and ongoing risks such as sluggish global growth mean we
cannot take the resilience of our
Please see JOBS page A2
Shift in rate expectations
ripples across markets... B1, B5
Jobs Downturn Mars

VENEZUELAN LEADERS Clintons Narrative
TARGET ICONIC FIRM
Socialists dub Polar, beloved maker of beer and flour, a parasite; public balks
BY JUAN FORERO
CARACAS, VenezuelaTo most Venezuelans suffering food shortages, Lorenzo Mendoza and the company he runs, Empresas
Polar SA, are trusted providers of everything from pasta to beer. But to an embattled populist government, he is a traitor responsible for the scarcities.
You parasite, President Nicols Maduro
said recently in a televised speech in which
he accused Mr. Mendoza and Polar of hoarding products as part of an economic war
to topple his government. Your mistake can
end very badly for you, parasite, oligarch,
long-haired one.
The insults, lately accompanied with
threats of expropriation, are part of the

mounting troubles for Venezuelas largest privately held conglomerate and Mr. Mendoza, a
wiry 50-year-old chief executive known for recalling the names of line workers and machinists in visits to far-flung plants.
After 17 years of Socialist rule, Venezuelas
economic woes run so deep that Mr. Mendozas government enemies may not even
have to resort to expropriation. Polar says it is
quietly choking on price controls and a tangle
of red tape, prevented from access to government-controlled dollars it needs for raw-material imports and forced to periodically suspend operations in one factory after another.
In April, the company shut down its four VenPlease see POLAR page A8
BY NICK TIMIRAOS
AND COLLEEN MCCAIN NELSON
A slowdown in hiring this
year threatens a record-long
streak of jobs creation that
Democrats see as one of their
prime
advanANALYSIS tages in the fight
to retain the
White House this
November, creating a possible
headache for Hillary Clinton.
While one payrolls report in
June wont define a long general-election campaign, voters
perceptions of the election-year
economy begin to crystallize
around this time of year. On the
campaign trail, Mrs. Clinton
has closely aligned herself with
President Barack Obama on a
wide range of issues, including
the economy.
If youre Hillary Clinton,

youre rooting for stronger
jobs reports coming down the
stretch here, said David Axelrod, the former senior adviser
to Mr. Obama. A series of disappointing jobs reports would
be headwinds for Hillary.
The employment numbers
landed days before Tuesdays
closely watched California
primary, when Mrs. Clinton
hopes to wrap up her partys
nomination after a hardfought campaign against Vermont Sen. Bernie Sanders.
The report also followed on
the heels of Mr. Obamas defense of his economic stewardship in an Indiana speech,
where he declared Americans
Please see CLINTON page A4
Election 2016............................. A4
Lowly Guacamole! Floridas

SlimCado Lands With a Thud
i
Rich FIFA
Bonuses
Brought
To Light
Larger, low-fat avocado has its devotees,

but some foodies say taste is the pits
BY ERIN AILWORTH
Corinne Zmoos, an avocado
lover in Boston, thought she had
stumbled on a buttery bonanza
when she picked up a softballsize specimen at a grocery
store.
But elation turned to outrage
when she sliced into the kellygreen fruit and
discovered
she
had
purchased
something altogether different:
a SlimCado.
Ive never felt
so betrayed by a
piece of food in
Hass vs.
my life, says Ms.
Zmoos, a 22-yearold graduate student, describing
how this avocados innards were
watery, producing a soupy guacamole that lacked the rich,
creamy flavor she craved.
Triple the dip with up to half
the fat: Thats the sales pitch for
the SlimCado, an avocado grown

in Florida that is trying to compete with Californias Hass variety, which accounts for 95% of
the American avocado market
and 80% of global demand.
Though the oversize SlimCados look like a guacamole
lovers dream, their different
taste has left many disappointed, making
them the avocado
some foodies love
to hate.
After her disappointing experience, Ms. Zmoos
took to Twitter
under the handle
SlimCado
@slimcadosto
complain. She regularly dishes out avocado love
and SlimCado disdain to nearly
3,000 followers.
I have not given them another chance, says Ms. Zmoos
of SlimCados, which she tried
Please see PITS page A8
ARND WIEGMANN/REUTERS
The death toll from an accident in which an Army truck

was swept away by Texas
flooding climbed to nine. A3
MARKUS SCHREIBER/ASSOCIATED PRESS
World powers said they

would develop incentives
to push Israel and the Palestinians to make peace. A7
The State Department
scrambled to address fallout over the doctoring of a
taped press briefing. A5
Weak Hiring
Pushes Back
Feds Plans
A small group at
soccers governing
body, including expresident Sepp
Blatter, left, gave
one another
incentives worth
tens of millions of
dollars, according to
contracts found by
investigators. A6
NATO Forges New Antiterror Role

BY JULIAN E. BARNES
BRUSSELSThe Western
alliance is moving toward creating a powerful new intelligence post, according to U.S.
and European officials, in a
bid to improve how Europe
and America share sensitive
information on terrorism and
other threats.
In the face of the terror attacks in Paris and Brussels,
Europe has struggled to im-
prove cross-border intelligence sharing. Some officials

believe the North Atlantic
Treaty Organization, which relies heavily on U.S. intelligence, could facilitate improved information exchange
if it were driven by a new senior intelligence official.
NATO doesnt currently
have a formal role in fighting
Islamic State, and the push for
the new intelligence position
comes amid growing criticism
of the alliances failure to focus more resources on terrorism. Donald Trump, the probable Republican presidential
candidate, has repeatedly said
the organization isnt sufficiently committed to countering terrorism.
To play a larger role on that
front, NATO must get better at
sharing and synthesizing intelligence, officials said.
The new post of Assistant
Please see NATO page A7
A2 | Saturday/Sunday, June 4 - 5, 2016
* *******
U.S. NEWS
How Researchers Are Racing to Zero In on Zika

L
ast summer, an American expert in mosquito-borne viruses

tuned in to an infectious disease that was spreading in
Latin America but had barely
been noticed in the U.S.
It was Zika, the virus now
believed to have caused undersized heads
and severe
brain abnormalities in
hundreds of infants in Brazil
THE
and other
NUMBERS
Latin American
JO CRAVEN countries.
MCGINTY
He said I
dont know
whats going to
happen with this virus, but
we should keep an eye on
it, recalled Mac Hyman, an
applied mathematician at
Tulane University.
Bulletins from the International Society for Infectious Diseases had been popping up in email, and soon,
about half a dozen U.S. research groups were conferring about the virus. By January, they were sharing
information weekly. What
had first appeared to be a
mild disease causing an itchy
rash was now linked to severe birth defects, and there
was concern it could spread
throughout the Americas.
Going Viral
The U.S. Centers for Disease Control
and Prevention have conrmed more
than 1,700 cases of Zika, a mosquitoborne virus linked to severe birth
defects, in the U.S. and its territories.
All of the U.S. cases are travel related.
The bulk of the cases in the
territories have been transmitted
locally by mosquito. In some cases,
the disease has also been
transmitted sexually.
Aedes Aegypti mosquito
618
45
plus the District of Columbia
Conrmed cases in the U.S.

States with at least one conrmed case
Pregnant women conrmed in the U.S.
Mosquito transmissions in U.S.
Sexually transmitted cases in U.S.
Conrmed cases in the U.S. territories
U.S. territories with at least one conrmed case
Pregnant women conrmed in U.S. territories
Mosquito transmissions in U.S. territories
Note: As of June 1 Sources: CDC; Getty Images (photo)
The U.S. researchers were

able to mobilize quickly because they are part of the
Models of Infectious Disease
Agent Study, a collaboration
organized by the National Institutes of Health a dozen
years ago to respond to
195
0
11
1,114
3
146
1,100
emerging epidemics. Using

statistical and mathematical
models, the researchers try
to anticipate the spread of
infectious diseases and assess the effectiveness of different interventions.
Understanding how fast
and far a disease will spread

helps policy makers and public-health workers respond
efficiently to the threat of an
epidemic. In the past, models have helped allocate resources such as mosquito
nets, treatment and vaccines
for malaria. Theyve guided
vaccine trials for dengue fever, and theyve predicted
the spread of chikungunya
through the Caribbean.
Could Zika do what we
had seen chikungunya do
just the year before? asked
Christopher Mores, an epidemiologist at Louisiana State
University, and the researcher who alerted Dr. Hyman to the spread of Zika.
So far, there isnt a lot
the modelers can tell us
about Zika. Dengue, chikungunya and Zika are all carried by the same kinds of
mosquitoes, which gives researchers something of a
head start, but several things
complicate modeling Zika.
Researchers dont know
how long mosquitoes or humans who have contracted
Zika remain infectious. U.S.
mosquito maps document
the presence of the insects
that carry the disease, but
not their abundance. And
surveillance data that reveal
how many people are infected are incomplete.
Studies of outbreaks in
French Polynesia and Yap Island in Micronesia suggest
80% of people who get Zika
are asymptomatic, making it
difficult to capture the true
size of an outbreak and, therefore, its potential to spread.
How long will a person
have the virus in the blood?
asked Rebecca Christofferson,
a professor in the department
of pathobiological sciences at
Louisiana State University,
outlining some of the research questions that remain
unanswered. How long is a
person infectious? What is
the asymptomatic rate? These
things will change how the
model works compared to
dengue and chikungunya.
he researchers are in
the midst of assembling
data, and each has a
different area of expertise. Dr.
Hyman, for example, concentrates on mosquito control.
Dr. Mores and Dr. Christofferson are experts on disease
transmission. And Bryan
Lewis, a computational epidemiologist at Virginia Tech,
specializes in human mobility.
With sufficient data, they
can simulate an epidemic and
test what would happen if, say,
half the mosquitoes were
killed by spraying or if more
people used insect repellent.
Exports Climb, Helped by an Easing Dollar

BY JEFFREY SPARSHOTT
AND HARRIET TORRY
WASHINGTONU.S. exports
rose in April to the highest level
of the year so far, suggesting
that the effects of a strong dollar are slowly starting to fade.
Exports of goods and services increased 1.5% to a seasonally adjusted $182.8 billion
in April. That wasnt enough to
offset a 2.1% climb in imports,
widening the trade deficit 5.3%
from March to $37.44 billion.
The dollars rise in value
against other currencies since
mid-2014 has made exports
more expensive for foreign buy-
JOBS
Continued from Page One
recovery for granted.
The dollar and bond yields,
after rising in recent weeks in
anticipation of higher interest
rates, weakened in the wake of
the reports release. The
greenback fell 1.7% against a
basket of six currencies and
the yield on the benchmark 10year Treasury note fell to
1.702%, near its 2016 low.
The May report surprised
economists and traders who
had already downgraded their
expectations for the labor market from earlier in the year,
though many were hesitant to
draw conclusions from a single
month of employment data that
can be volatile and subject to
significant revisions. Several
analysts said the weak May performance could reflect a pullback from overly aggressive
hiring during the winter, when
economic growth was weak.
As well, the May payrolls
tally was depressed by a strike
at Verizon Communications Inc.
that temporarily idled 35,100
people during the Labor Departments survey period. Those
workers returned to work
Wednesday and should lead to a
rebound in the June jobs report.
Payrolls were weak even
without the Verizon impact,
with soft readings in manufacturing, transportation and
temporary-help services. The
mining industry continued to
suffer the effects of low energy prices and shed 10,200
jobs. The construction sector
also posted the second consec-
ers, made imports cheaper in

the U.S., while depressing earnings of American companies
with significant business overseas. Along with slow economic
growth globally, that has taken
a toll on American sales abroad.
Although we do not expect
export growth to ramp up significantly anytime soon, perhaps the worst may be over,
said Jay Bryson, global economist at Wells Fargo.
The dollars value peaked in
January and has since eased, offering some relief for U.S. businesses. But it remains strong
relative to major trade partners
currencies, and demand around
the world for goods and services still appears tepid.

For the January-to-April period, U.S. exports and imports
are both down just over 5% from
a year earlier. Overall, trade has
been a drag on American economic growth during five of the
past six quarters, though some
economists think that may reverse in the coming months.
This report suggests that
trade will boost growth in the
second quarter, said Patrick
Newport, U.S. economist at
IHS Global Insight.
U.S. gross domestic product,
a broad measure of economic
output, advanced at a scant
utive month of decline, shedding 15,000 jobs.

Nearly half a million people
dropped out of the workforce
last month, dragging down the
share of Americans participating in the labor force by 0.2 percentage point to 62.6%. The labor-force participation rate has
declined by 0.4 percentage point
over the past two months, offsetting gains in the first quarter.
Fed officials will be closely
watching the next jobs report,
due in a month, to determine
whether Mays performance
was an aberrationpotentially
allowing them to proceed with
a rate increase at their July or
September meetingsor the
beginning of a deeper slowdown across the economy.
Even with the latest pullback, the three-month average
for jobs growth remains in line
with the pace senior Fed officials see as appropriate for this
stage of the economic expansion. Fed Chairwoman Janet
Yellen in December said adding
less than 100,000 jobs a month
is enough to absorb new entrants to the labor force.
Investors on Friday saw
roughly a 3.8% chance the Fed
would raise rates in June, down
from nearly 21% a day earlier,
according to fed-fund futures
tracked by CME Group. The
likelihood of a July increase fell
to 30% from nearly 49%.
Ms. Yellen will deliver a
speech Monday to lay out her
thinking just over a week before the June policy meeting.
She said late last month an increase in short-term interest
rates would be appropriate
probably in the coming
months if the economy contin-
Mixed Bag
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0.8% seasonally adjusted annual

rate in the first quarter, though
revisions in Fridays report to
previous trade numbers may
give that a small boost. GDP is
expected to advance more than
2% in the second quarter.
Reflecting low oil prices and
domestic energy production that
is still historically robust, the
U.S. petroleum trade deficit was
the lowest since February 1999.
The surplus with Canadathe
top supplier of foreign oil to the
U.S.was the highest on record.
Oil prices bottomed out in
January and have since been
creeping higher, offering some
relief to companies with ties to
Several sectors that lost jobs in May, such as management,

construction and information, have been averaging gains so far this
year. Those with increased May numbers have also gained in 2016.
Monthly change in non farm payroll by sector, in thousands
2016 average (Jan.April)
May
Health care and social assistance
55
Professional and technical services
26
Accommodation and food services
21
Government
13
Educational services
12
Retail trade
11
Financial activities
Transportation and warehousing
Other services
Utilities
Management
Manufacturing
10
Wholesale trade
10
Arts entertainment and recreation
10
Mining and logging
11
Administrative and waste services

Construction
Information
12
15
34*
*Includes effects
of Verizon strike
Note: All gures are adjusted for seasonality

ues its upward trajectory.

While Mays report may have
undermined some confidence
the Fed had in the labor market, gauges of inflation and economic growth appear to be
moving on a better path.
Economic growth in the first
quarter was revised up to a 0.8%
seasonally adjusted annual rate
from an initial estimate of 0.5%.
Consumer spending advanced at
the fastest pace in nearly seven
years in April. Home prices are
back to near-record highs across

the U.S., while industrial production and factory output both
grew in April.
Consumer inflation has undershot the Feds 2% annual target for four straight years. But
wage growth was a rare bright
spot in the May report. Average
hourly earnings of private-sector workers rose 0.2% to $25.59.
From a year earlier, hourly
wages have risen by 2.5%,
higher than the 2.1% average
the energy sector.

Our business continues to
be negatively impacted by two
primary factors: the low price of
oil and the strong U.S. dollar,
Sarah Alexander, general counsel for Thermon Group Holdings
Inc., told investors last week.
The San Marcos, Texas, company, which makes heating elements that help maintain steady
temperatures on pipes and instruments, reported a 9% fall in
revenue for its latest fiscal year.
Fortunately, weve begun to see
some stabilization in the price
of oil, Ms. Alexander said. In
addition, the [currency] headwinds have begun to moderate.
during most of the expansion.
After a long stretch of strong
job growth, the weak May report possibly reflects an economy approaching a level where
workers become more scarce
and firms provide employees
with better pay increases and
more hours.
Bend, Ore.-based Deschutes
Brewery, which produces beer
and runs two pubs, increased
wages for manufacturing employees from $12 to $14 an hour
over the past year as it struggles to find the skilled workers
it needs.
Probably our biggest challenge is finding people who have
the skills to do skilled-labor positions, like welders, mechanics
and electricians, said humanresources manager Pat Gerhart.
To counter tough competition
for skilled workers from the
construction sector, the brewery
recently set up a maintenance
apprenticeship program for an
initial six trainees.
Although wages climbed in
May, the combined loss of tens
of thousands of jobs in the
manufacturing, construction
and temporary-help sectors signaled continued caution.
Alan Jacobsen, owner of A-J
Roofing & Waterproofing Co. in
Lincoln, Neb., said some of his
suppliers are raising prices this
year, citing higher costs of raw
materials like rubber and polymers. He said that means his
company would have to charge
customers more and would have
difficulty boosting worker compensation. Raising wages is
something we really have to
wrestle with, he said. It makes
it hard to be competitive and get
the jobs. Its like a tug-of-war.
CORRECTIONS AMPLIFICATIONS
The FM radio band is
87.5-108 megahertz, and cellular phones operate at 7002700 megahertz. A graphic
with a May 28 Page One article about cellphones and cancer incorrectly said FM is
8.75-108 megahertz and cellular is 1.9-2.2 gigahertz. Also,
the graphic mislabeled where
kilohertz, megahertz and gigahertz appear on the electro-
magnetic spectrum and, as a

result, incorrectly marked
where the frequencies used
for FM radio, cellphones and
microwaves fall on the spectrum. The corrected graphic
can be seen at WSJ.com/Corrections.
Roger Enrico, former chief
executive of PepsiCo Inc., died
Wednesday at age 71. In some
editions Friday, a Page One

Whats News summary incorrectly gave his age as 78.
Girl Scouts can earn Silver
and Gold awards. An interview
with Anna Maria Chvez, CEO
of Girl Scouts of the USA, in
Tuesdays C-Suite Strategies
special report referred incorrectly to scouts with Silver
and Gold rank.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-410-2667.
The Centers for Disease

Control and Prevention has
confirmed 618 cases of Zika
in the U.S., including 195
pregnant women. In addition,
1,114 cases, including 146
pregnant women, have been
confirmed in U.S. territories,
with most in Puerto Rico.
People in the U.S. who have
been infectedfrom mosquito
bites while traveling abroad
or, in some cases, through sexual contactreside in nearly
every state. The virus has not
yet been transmitted by mosquitoes in the U.S., according
to the CDC, and there is evidence to suggest it may not
occur at the same magnitude
as it has in Latin America.
One reason were not too
worried about Zika being established in the U.S. is there
have been many, many cases
of chikungunya when people
came back from Latin America and Central America and
the Caribbean, Dr. Hyman
said. They came back sick,
but it did not get established.
So there is reason for
guarded optimism. But the
devastating experience of
Brazil keeps the U.S. researchers on alert. We dont
know nearly as much as we
thought we did about Zika,
Dr. Mores said. There have
been some surprises, and we
should be cautious.
U.S.
Watch
ILLINOIS
Videos Involving Police

In Chicago Released
The group charged with investigating police misconduct in Chicago

released case files and hundreds of
videos Friday related to about 100
open investigations of police use of
force, a step toward openness in a
city that has faced protests over its
handling of such matters.
The release, featured on a new
online portal from the Independent Police Review Authority, followed widespread unrest last year
after the city fought for more
than a year to prevent the release
of a video in the shooting of
Laquan McDonald. The 17-year-old
African-American was shot 16
times by officer Jason Van Dyke,
who was charged with murder on
the day the video was released.
In the wake of the McDonald
case, the Justice Department
opened an investigation into the
police department, and the police
superintendent was fired. A task
force named by Mayor Rahm
Emanuel released its own set of
recommendations.
In addition to the videos released Friday, the city has
pledged to release any video connected to police shootings within
60 days, among other steps.
Joe Barrett
OREGON
Crude-Oil Train
Derails, Catches Fire
A Union Pacific Corp. train carrying crude oil through the scenic
Columbia River Gorge in northern
Oregon derailed on Friday and
caught fire, prompting the shutdown of nearby Interstate 84 and
the evacuation of schools, federal
and local officials said.
The derailment occurred at
about 12:20 p.m. local time, according to a spokesman for Union
Pacific, and involved 11 cars of the
96-car train. The spokesman said
oil was released from at least one
car and the railroads hazardousmaterials team was responding
to the scene along with other
contractors.
The train originated in Eastport,
Idaho, and was headed for Tacoma,
Wash. There were no injuries. The
derailment occurred near the town
of Mosier, which is along the Columbia River, about 70 miles north
of Portland, said Tom Fuller, a
spokesman for the Oregon Department of Transportation.
Schools in Mosier were evacuated, and images of the derailment
on local news stations showed
large plumes of smoke coming
from the site. The derailment followed a cluster of such incidents in
North America over the last few
yearsincluding an oil-train wreck
in Canada that killed 47 people in
2013 and a derailment in Virginia
that spilled thousands of gallons
of oil into the James River the following year.
Alejandro Lazo and
Betsy Morris
Saturday/Sunday, June 4 - 5, 2016 | A3
* * * * * * *
YOON S. BYUN FOR THE WALL STREET JOURNAL
U.S. NEWS
Velma Jean DeFreese, center, at an adult day-care center in Biddeford, Maine, which assists unpaid kin in looking after loved ones.
AgeImbalanceStrainsCare
As elderly grow in
Aging America
number, more call for Percentage of U.S. population
ways to ease pressure aged 65 and older
2060
25 %
on family members
21.9%
BY JENNIFER LEVITZ
BIDDEFORD, MaineVelma
Jean DeFreese, 87 years old,
wrestles day and night with
Alzheimers disease.
Stan, her son and her fulltime caregiver, struggles with
her illness, too.
Formerly a nurse, Ms. DeFreese now cant be alone. She
cant pick out her clothes, cook
for herself, or recall that her
husband died in 2012. The petite widow relies on her son
and daughter-in-law, with
whom she lives, for everything.
Its hard, its hard, said
Mr. DeFreese, a 52-year-old
engineer and jewelry-store
owner who had just guided his
mother into a new adult daycare center in southern Maine,
near where they live, so he
could grab a respite. People
dont know what theyre getting themselves into.
Strain on family caregivers is alarming many lawmakers and social-service providers, who are hearing more
stories like Mr. DeFreeses.
They are pushing for new ways
to help the vast unpaid workforce of people who are crucial
in part because they allow more seniors to age in
place and reduce reliance on
public subsidies such as Medicaid, a major funder of institutional health care for older
Americans.
Families have always been
the backbone of our system for
greater concern going into the

future, said Howard Degenholtz, a University of Pittsburgh associate professor of
health policy and management
who studies family caregivers.
The massive baby boom
generation is barreling into old
20
age with a smaller generation
behind it, meaning a shrinking
15
number of family caregivers.
The math doesnt add up,
said U.S. Rep. Michelle Lujan
10
Grisham (D., N.M.), a member
of a bipartisan congressional
caucus, formed last year, fo5
cused on caregiving.
A caregiver to her own el0
derly mother, she recently in2020 30
40
50
60 troduced legislation for a national Care Corps program,
Note: Figures are projected
Source: Census Bureau
modeled after the Peace Corps,
to bolster the ranks of volunteer caregivers.
caring for people, said Kathy
A bipartisan bill that passed
Greenlee, the assistant secre- the Senate would require the
tary for aging at the U.S. De- government to develop a napartment of Health and Human tional family caregiving stratServices. Really, if we didnt egy. Another bipartisan bill,
have them, we couldnt afford introduced in Congress in
as a country to monetize their March, calls for a tax credit of
care and we couldnt replace, up to $3,000 for eligible famfrankly, the love they provide ily caregivers.
to family members.
Democratic
presidential
About 40 million U.S. family contenders Hillary Clinton and
caregivers provided unpaid Bernie Sanders have both said
care, valued at $470 billion, to they support, among other
an adult with limitations in ideas, giving unpaid caregivdaily activities in 2013, accord- ers credit in their Social Secuing to AARP.
rity benefits.
In Maine, the state with the
The Southern Maine Agency
oldest median age in the on Aging, a nonprofit socialU.S.44.2 yearsthe pressure services organization, has
on families is palpable. The opened two new adult day-care
percentage of the states popu- centers in the past year and a
lation that is 65 and over is half. They now serve nearly 80
climbing and tops 18%, com- people and their caregivers.
pared with nearly 15% for the
The baby boomers who are
U.S. as a whole, according to taking care of family have to
the most recent census data.
work and its very difficult
That struggle isnt new, but without any support, said
demographics make it even a Polly Bradley, the agencys di-
NineSoldiersKilled
Amid TexasFlooding
BY DAN FROSCH
The bodies of four missing
soldiers from Fort Hood, Texas
were recovered on Friday,
Army officials said, bringing
the death toll to nine, after the
truck they were riding in was
swept way in a flash flood on
the military base.
At a news conference Friday
evening, Maj. Gen John Uberti
of Fort Hood said more than
150 rescue workers had been
involved in the search for the
missing soldiers, who were
found a day after a training exercise went awry when a rush
of water overturned their
truck in an area of Texas hit
hard by flooding.
Five other soldiers had previously been found dead from
the accident. Three others
were rescued and have been
released from the hospital,
Fort Hood officials said.
We continue to care for the
families and friends of our
fallen comrades, Gen. Uberti
said. This is a tragedy that
extends far beyond Fort
Hood.
Army safety investigators
will be looking into the incident, said Chris Haug, a
spokesman for the base, who
noted the bodies of the missing soldiers were found in water in the area.
This was a situation where
there was extreme weather,
he said. I would suspect the

Army would learn something
from the investigation, but
training does continue.
Including the deaths at Fort
Hood, at least 16 people have
been killed across Texas in
flooding-related
accidents
since the Memorial Day weekend, when rain storms began
pounding the state. Earlier this
week, Governor Greg Abbott
declared a state of disaster in
31 counties.
The Fort Hood accident,
which happened Thursday during a training mission, occurred in an area of central
Texas that has been ravaged
by floods. It unfolded as Fort
Hood officials were closing a
road due to high water near
where the Army truck was
traveling, a spokesman for the
base said Friday.
As the road was being shut
down, the truck was swept
away in floodwaters, officials
said. Rescue teams, boats and
aircraft combed the area
Thursday and Friday in a frantic search for the soldiers.
The accident was one of the
deadliest the sprawling military base has seen. Last November, a helicopter crash at
Fort Hood killed four soldiers.
At Fort Leonard Wood in
Missouri last year, five international soldiers were killed
when their vehicle was swept
away in floodwaters.
rector of adult day services.

Then we have spouses of the
folks we servethey are exhausted.
At the Sam L. Cohen Center,
the agencys adult day service
that opened in Biddeford in
January, families pay $18 an
hour, or receive subsidies, to
leave their loved ones. The clients, called members, have
dementia or other cognitive
disorders and typically live
with family.
For some family caregivers,
the burden grows too heavy.
In the activity room of the
Cohen Center recently, members enjoyed banana pudding
and a singalong of You are my
Sunshine and bid goodbye to
86-year-old Ralph Bouvier, a
onetime bridge builder who
has dementia.
His wife and caretaker, Maria Bouvier, who is 83, had hit
her limit and the couple would
be moving in with a son in
Concord, N.H.
Sometimes he thinks she is
his mother. It hurts her to hear
him rant or accuse her of
stealing his watch or teeth.
She reminds herself its the
disease talking, not her husband.
She lives for fleeting
glimpses of the man she married. At every checkup, when
the doctor asks Mr. Bouvier to
write one sentence, he pens, I
love my wife.
A ruggedly handsome man
with a tidy buzz cut, Mr. Bouvier donned pressed jeans and
plaid shirt, and, as is tradition,
wore a pen and two cigars in
his left shirt pocket.
Youre
looking
good
Ralph, a staff member said.
I take good care of him,
Mrs. Bouvier said.
CAMPAIGN
WIRE
H H H H H
CAMPAIGN EVENTS
Clinton Speaks Out

About Trump Rallies
Democratic front-runner Hillary Clinton on Friday condemned

violence by protesters at a Donald Trump event but said the
presumptive Republican nominee
shoulders some of the blame for
creating a volatile atmosphere
and encouraging confrontations.
I condemn all violence in our
political arena, Mrs. Clinton told
CNN. I condemned it when Donald Trump was inciting it and
congratulating people who were
engaging in it. I condemn it by
those who are taking violent protests to physical assault against
Donald Trump. This has to end.
Mr. Trump rejected the suggestion that he was partly to
blame. He denounced the demonstrators as thugs, and denied
that the rough treatment of protesters within his rallies had
helped inspire violent behavior.
When we have a protester inside...I say Be very gentle, Mr.
Trump said at a rally in Redding,
Calif., on Friday.
In the past, Mr. Trump has
encouraged supporters to shout
down protesters and once suggested that his backers should
knock the crap out of one. He
once said of a protester: Id like
to punch him in the face.
Protesters attacked Trump
supporters as they left the Republican candidates campaign
event in San Jose, Calif., late
Thursday, throwing punches,
pelting people with eggs and water balloons, and climbing on
cars. Some attending the rally
were left bloodied, and the San
Jose Police Department said a
few arrests were made.
Separately, President Barack
Obama, speaking at a Democratic National Committee fundraising event in Miami, warned
Democrats not to use violence
and intimidation to protest Mr.
Trump, saying that both parties
should move towards a more
constructive political dialogue.
Colleen McCain Nelson
and Janet Hook
CLINTON
better off by almost every economic measure, and called on
voters to build on his policies
by electing a Democrat.
Economists arent predicting an imminent recession,
but Fridays report showed
other signs of softness.
The internals of Fridays report showed that many of last
months labor-force dropouts
are middle-aged workers and
those with less education, demographics that have been
drawn more to Mr. Sanders
and presumptive GOP nominee
Donald Trump. Monthly data
tends to be volatile, but while
employment has been down
for most age groups since the
last recession began in late
2007, younger and middleaged men have experienced
the largest declines.
Republicans were quick to
hit on the lousy numbers. Mr.
Trump tweeted that the report was terrible and a
bombshell a few minutes after its release. The Republican
National Committee called the
jobs numbers devastating.
The timing is especially
unfortunate for Democrats because the president has just
declared that this is a great
economy, said Douglas HoltzEakin, who was economic policy director for John McCains
2008 presidential campaign.
Mrs. Clinton defended the
presidents record on the
economy, pointing to 75
straight months of job creation and saying that Mr.
Obama inherited a terrible situation and pulled the country
out of a ditch. Electing Mr.
Trump would mean a return
to failed Republican policies,
she told CNN on Friday.
She added the latest numbers are disappointing to
anybody, because we want to
keep jobs growing. She said
her plan to invest in infrastructure projects would create jobs.
The White House put the
best gloss on the numbers,
with economic adviser Jason
Furman reminding reporters
that the strike by workers at
Verizon Communications Inc.
shaved 35,000 workers from
payrolls last month. He also
pointed to wage growth that
10
11
12
*******
Secular Voters Raise Their Voices

So-called nones work
to harness their
growing numbers into
a strong political bloc
BY LAURA MECKLER
WASHINGTONThe fastestgrowing religious group in
Americapeople with no religion at allmay also be the
nations least powerful. A diffuse collection of secular humanists is working to change
that.
In Washington and in state
capitols, people with no religious affiliationdubbed the
nones by researchersare
organizing around a political
agenda aimed at elevating science over belief, keeping
church and state separate and
mobilizing nonreligious voters
to the polls.
At the same time, nonreligious congregationssometimes called godless churches,
which offer songs, readings
and speakers, but no prayer
have popped up across the
country.
On Saturday, thousands of
people are expected to attend
a Reason Rally on the National Mall.
This will be the moment
where people start to see the
secular voting bloc in the
same way they talk about Jewish voters and Catholic voters, said Lyz Liddell, the
rallys executive director.
Well matter. Theyll realize
were organized, theyll realize
were voting, and our perspective will be considered and
taken into account.
Nationally, in 2014, 23% of
all American adults identified
themselves as atheists, agnostics or said they had no particular affiliation, up from 16% in
2007, making the nones the
fastest-growing religious demographic, according to largescale surveys by the Pew Research Center.
Their numbers are now just
short of the 25% who identify
as evangelical Christian, the
largest single group. Nones
now represent the largest reli-
gious segment of the Democratic Partyjust as evangelicals have long been the largest
slice of the Republican Party.
Younger adults are the
most likely to identify as nonreligious, with the oldest
Americans least likely, so the
total number of nones is likely
to keep growing.
The rise of this community
could have broader societal
impact. Since its founding, the
strong religious nature of the
U.S. has created a sense of
shared values, said John C.
Green, an expert on religion
and politics at the University
of Akron.
Catholics and Protestants
disagreed on a lot of things,
but they all accepted the notion
that God and his purposes and
rules were important to the
country, he said. If you get a
growing group of people who
are not religious, then those
taken-for-granted religious values are likely to decline.
Nonreligious people are less
likely to vote and less likely to
participate in civic institutions, research shows, leading
to skepticism about their potential as a major political
force.
Theres no evidence that
theres some amorphous blob
of unorganized religious skeptics that are going to be a
force in American politics,
said Ralph Reed, chairman of
the conservative Faith and
Freedom Coalition and a longtime organizer of evangelicals.
Humanist groups could produce voter guides, he said, but
where are they distributed?
Shopping centers? Agnostic
temples?Theres no place
where you can reach millions
and tens of millions of people.
They are trying nonetheless. The American Atheists,
formed in 1963, opened a
Washington office last year
and said it would focus on political action. It now trains its
members to engage in local
and state issues, and encourages voter registration.
Posters from the Wisconsinbased Freedom from Religion
Foundation on display around
GABRIELLA DEMCZUK FOR THE WALL STREET JOURNAL
H H H H H
The Reason Rally is set to be held on Saturday at the Lincoln

Memorial on the National Mall in Washington.
Beyond Belief
Religious nonesor those unafliatedare now the largest single
religious group among Democrats, while evangelical Christians
remain the largest religious segment among Republicans.
2014: DEMOCRATS REPUBLICANS
Catholic
21%
21%
Evangelical
Christian
16
Mainline
Protestant
13
Historically
black
Protestant
12
Other
Christian
38
Is Muslim
42%
17
NonChristian
faiths
Unafliated
28
8
7
2
4
3
Had an extramarital affair
14
Is gay or lesbian
Washington proclaim, Im
Secular and I Vote. The group
has run newspaper ads and
plans similar billboards at this
summers Democratic and Republican national conventions.
In Nashville, Tenn., Sun-
May
Men
May
rate
May
labor
force
62.6%
158.5m
68.9%
84.3m
56.7%
74.1m
62.8%
124.3m
Jan.April avg.
0.2
0.4
Women
0.1
Race/Ethnicity
White
2012 13
14
15
16
0.2
Black or African American
0.1
Hispanic or Latino
Labor-force participation rate

65%
May 62.6%
64
0.3
61.0%
19.4m
65.4%
26.5m
Age (years)
1624
0.1
2534
0.1
3544
55.1%
21.2m
81.2%
35.3m
82.3%
32.7m
63
4554
0.4
79.7%
33.8m
62
55 and over
0.4
39.7%
35.4m
61
Education (ages 25 and older)
59
1.6
0.1
Some college/associates
58
2012 13
0.1
Less than high school

High school
60
Bachelor's or higher
14
15
0.3
0
44.5%
10.5m
57.1%
35.5m
66.2%
37.8m
74.3%
53.4m
16
Note: All gures are seasonally adjusted.

has perked up this year.

Democrats also pointed out
that the jobless rate is around
half of what it was seven
years ago, stock prices have
nearly doubled, and home
prices are up around 20%.
But if the May report isnt
a one-off, Mr. Holtz-Eakin
said, Mrs. Clinton would need
to deflect suggestions that her
election would amount to a
third Obama term. Its great
under Barack Obama isnt going to sound very good if this
continues, he said.
Polls have shown that the
economy is one area where
Mr. Trump has an edge over
Mrs. Clinton. A May Wall
Street Journal/NBC News poll
found that 47% of registered
voters said Mr. Trump would
do a better job dealing with
the economy, compared with
36% for Mrs. Clinton.
Moreover, independent voters views appear to line up
more closely with Republicans
on the economy. In the same
poll, some 52% of Democrats
said the 2007-2009 recession
still had a significant effect on
people, compared to 68% of
Republicans and 66% of independents.
The current expansion, now

entering its eighth year, is the
fourth-longest in the postwar
period. Economists at J.P.
Morgan Chase & Co. said Friday the probability the U.S.
would enter a recession in the
next 12 months had climbed to
36%, the highest for the current expansion cycle.
Other measures show better near-term growth prospects. Housing sales have
risen steadily higher this year,
Democratic frontrunner says Obama

pulled country out of
an economic ditch.
as have auto sales. Manufacturing surveys have rebounded after last years contraction, and the share of
workers who said their employer was hiring in May
reached the highest level
tracked by Gallup since 2008.
Political scientists point to
two gauges that rise above
the rest in determining
whether the incumbent party
can hold the White House: the
37%
Source: Pew Research Center telephone survey of 35,071 U.S. adults conducted
June 4Sept. 30, 2014; survey of 2,009 adults conducted Jan. 714, 2016 (candidate support)
Sex
41%
Note: Nones, or religiously unafliated, are those who describe themselves as atheists,
agnostics or say their religion is nothing in particular. Figures do not total 100 due to
rounding.
Monthly change, in percent pts.

Overall
Had personal nance troubles
26%
Labor-force participation rates, by group

May 4.7%
Does not believe in God

51%
2
8
23%
Portion of adults who would

be less likey to support a
candidate for president who
Mays dip in the jobless rate came about largely due to a plunge in labor-force participation. Some workers
found jobs, but far more left the workforce, with the biggest exodus among less-educated and older workers.
9%
2007 16%
2014
Heading for the Exits

Unemployment rate
Portion of adults who are

religiously unafliated
presidents approval rating

and the economic growth
trend in the first half of the
election year. Mr. Obamas approval rating in recent weeks
has climbed above 50%, returning to levels last seen
since his 2012 election, according to Gallup.
But economic growth has
been unremarkable. Economists see growth rising above
2% in the second quarter after
just 0.8% in the first quarter.
History shows how often
elections turn on the economy.
In 2008, what began as a referendum on the Iraq war broke
for Mr. Obama against Mr. McCain when an economic slowdown turned into a financial
crisis. In 2012, Mr. Obama defeated Mitt Romney even
though the unemployment rate
stood above 8% for most of the
campaign, partly because job
growth and consumer confidence were firming.
Democrats enter the election at something of a disadvantage because in the postwar period, only once, with
George H.W. Bush in 1988, has
a nominee succeeded a twoterm president of his own
party.
day Assembly, a branch of a

London group, is planning
voter-registration drives, and
members have a Facebook
group where politics is often
discussed, said Patrick Horst,
a coordinator of the group.
We certainly want to make

sure our demographic, the
nonreligious, are represented.
Secular coalitions in 18
states are producing the sort
of voter guides long distributed at evangelical churches,
and they have lobbying operations aimed at influencing
state legislatures.
We let them know there
are viewpoints besides the religious perspective, that they
have constituents who are secular, and we vote, said Susanne Werner, chairwoman of
the Secular Coalition of North
Carolina. Her group helped defeat a 2013 bill to make Christianity the state religion, but
it failed to advance legislation
eliminating the religious exemption for state-mandated
childhood vaccinations.
For secular humanists,
whose beliefs are centered on
reason and science rather than
the divine, the political challenge is significant. As a
group, atheists are viewed
more negatively by Americans
than almost any other religious identity. A 2014 Pew Research Center study asked
people to rate their feelings
for a number of groups on a
scale from 0 to 100. Atheists
rated a 41, with only Muslims,
at 40, scoring lower. Evangelicals rated 61 and Jews, 63.
Ms. Werner of the North
Carolina association said she
sometimes has trouble even
getting meetings with lawmakers. Theyve got a million excuses why they dont have
time, she said.
No sitting members of Congress identify publicly as atheists. Jamie Raskin, who won
the Democratic primary for a
House seat in Maryland and
will be a speaker at Saturdays
rally, has drawn praise from
humanists for his work in the
Maryland Senate promoting
the separation of church and
state. He is Jewish but declines to say whether he personally believes in God.
Thats a question we
shouldnt ask or answer in
politics, he said. We do not
have religious tests for public
office.
California Presents
Challenge for Trump
BY JANET HOOK
REDDING,
Calif.Donald
Trump says he wants to become
the first GOP presidential candidate in a generation to win California, but he faces a steep
climb in the liberal, ethnically
diverse state where he trails
Democratic front-runner Hillary
Clinton by double-digit margins.
Mr. Trump this past week
held California campaign rallies
in advance of the states June 7
primary, even though the Republican outcome is a foregone
conclusion now that he has
cleared the field of all rivals.
They always give up in California as a Republican because
they say you cant win, Mr.
Trump said at a rally in Redding
on Friday. I think we can win.
Mr. Trumps travels provide
opportunities to raise money
from the states deep-pocketed
donors, road-test his campaign
operation and activate his base.
This is part of building our
volunteer and support base,
said Tim Clark, Mr. Trumps
California campaign director.
Mr. Trump has said he wants
to contest a number of states
Republicans have lost since the
1980s, including Oregon and
New York. Yet California is probably the longest shot among his
targets. The latest Wall Street
Journal/Marist/NBC News poll
of California found that Mrs.
Clinton outpolls him 55%-31%;
her rival, Sen. Bernie Sanders,
beats Mr. Trump 62%-28%.
No GOP presidential candidate has won the state since
George H.W. Bush in 1988.
Since then, the statewide political terrain has become more
inhospitable. The Republican
National Committee, upon
which Mr. Trump intends to
rely heavily for help in the general election, doesnt even have
a state director in California.
Californias population is
nearly 40% Hispanic, a group
among which Mr. Trump is especially unpopular because of his
anti-immigration rhetoric. A serious statewide campaign could
cost tens of millions of dollars.
Its almost impossible to see
a way in which Trump becomes
competitive in California, no
matter how much money he
spends here, said Dan Schnur,
a longtime California political
analyst who was communications director for John McCains
2000 presidential campaign.
Still, Mr. Trumps celebrity
and knack for grabbing media
attention gives him a unique
advantage over other Republican presidential candidates:
He doesnt have to spend the
millions of dollars others have
to establish their identities
and make an impression.
Mike Madrid, a GOP political consultant who is an expert on Latino voting trends,
said the states political tilt
and demographics are obstacles, but that he has learned,
while watching Mr. Trumps
rise, to never say never.
From a numbers standpoint,
it looks mathematically impossible, said Mr. Madrid of Mr.
Trumps ability to win California. But it was also mathematically impossible for an AfricanAmerican to become president.
Californias
campaignspending record was set in the
2010 governors race when GOP
candidate Meg Whitman raised
$177 millionand lost to Democrat Jerry Brown by 54%-41%.
When you have an in-thebox Republican, spending $100
million is not enough, said Tony
Strickland, a former California
state senator who is heading a
pro-Trump super PAC. But here
we have a candidate who has
100% name I.D. and can get on
TV and get a message out without spending a lot of money.
In 1990, the census found the
Hispanic share of Californias
population was 25.8%. In 2014,
it was 38.6% and surpassed the
share of the white population.
Democrats have been the primary political beneficiaries of
that demographic shift.
Tayde Aburto, a Mexican
immigrant in San Diego who is
president of the Hispanic
Chamber of E-Commerce, is
trying to organize anti-Trump
opposition among Hispanics.
I see no path to victory for
Donald Trump in California,
Mr. Aburto said.
* * * *
OBITUARIES
ALEXANDER
TARICS
BY JAMES R. HAGERTY
1913 2016
SALISBURY POST
s a young man, Ralph Ketner

never thought employers
fully appreciated his talent
for finding ways to save money. He
was too stubborn to be anything
but the boss.
In his mid-30s, Mr. Ketner and
two partners founded the Food
Town grocery chain, later known
as Food Lion, in Salisbury, N.C. As
president, he used a price-slashing
strategy to make it one of the nations fastest-growing retailers in
the 1970s and 1980s. In retirement,
he lashed out at Food Lion for
wasting money, before mellowing
into the role of beloved founder.
Mr. Ketner died May 29 at 95.
In a memoir, Five Fast Pennies, Mr. Ketner recalled growing
up on the rough side of the
tracks in Salisbury and wearing
shoes only to church. When he was
five, his mother died of pneumonia,
and he nearly perished from the
same ailment. He father, who ran
half a dozen small grocery stores,
died seven years later.
Unable to afford movie tickets,
he and his brothers fought all the
time just to have something to do.
In one childhood job, he got a
penny apiece to pluck chickens.
Though a whiz with figures, he
took little interest in school.
At Tri-State College in Indiana,
he studied accounting but had too
many pimples and too few social
graces to get dates. He dropped out
a semester or so short of a degree.
Back in North Carolina, he found
bookkeeping work at a textile company and quickly discovered it was
neglecting to take volume discounts when it bought supplies. He
groused that his pay raises werent
keeping up with his contributions.
During World War II, he joined
the Army and applied his math
skills to track spare parts in North
Africa and Italy. He didnt pretend
to be a hero, admitting he was determined to avoid combat, even if
that meant delaying treatment for
a hernia that disqualified him for
the front lines.
Poker gave Mr. Ketner a way to
supplement his Army pay. Other
soldiers played hunches. He calculated odds. The others boozed at
the card table. He didnt. By the
end of the war, he had enough savings to buy a new Oldsmobile.
After trying a variety of jobs, he
returned to his grocery roots. He, a
brother and another partner set up
their own grocery chain. To raise
Two of the founders of the Food Town grocery chain, Ralph Ketner, right, and Wilson Smith, in Salisbury, N.C., in 1971.
RALPH KETNER
1920 2016
A whiz with numbers, businessman took little interest in school and held
a variety of jobs before building the Food Lion grocery chain by chopping prices.
He rarely met a cost he couldnt cut and didnt go gently into retirement.
money, they went through a Salisbury phone book and called up everyone they thought might buy
shares in the business. Some invested as little as $50. Many became millionaires.
uccess wasnt immediate. In

1967, a decade years after the
business opened, there were
only seven stores, and profits were
negligible. Mr. Ketner concluded
his chain was too much like its
competitors, offering the same
trading stamps and weekend specials. He decided to cut prices drastically and make up for that with
higher volume, bringing in five
fast pennies instead of one slow
nickel.
Mr. Ketner chopped prices on
some staplesincluding baby food,
cereal, grits and pet foodto cost

or less. He found it didnt make
sense to cut meat prices because
customers assumed low prices
meant low quality in that aisle.
In the 1970s and 1980s, the
chains sales grew an average of
about 34% a year. Mr. Ketner kept
costs low, fighting off unions, settling for a linoleum floor in his office and banning first-class air tickets. His performance caught the
attention of Belgiums Delhaize
Group, whose executives showed
up in 1974, hoping to buy control.
You have me at a decided disadvantage, Mr. Ketner told them.
You speak perfect English, and all
the French I know is buon giorno.
The Belgians politely informed Mr.
Ketner he had just said good
morning in Italian.
Delhaize initially bought a third

of the chain, which became Food
Lion, and Mr. Ketner remained
chairman until 1990. Delhaize,
which eventually won full control
of Food Lion, now plans to merge
with the Netherlands-based grocer
Royal Ahold NV.
After retiring as chairman, Mr.
Ketner scolded Food Lion for buying an executive jet and spending
heavily on what he considered
boneheaded public relations. In
later years, though, he focused on
philanthropy. He made large gifts
to Catawba College in Salisbury
and offered $10,000 prizes to government employees with the best
cost-saving ideas.
Mr. Ketners survivors include
two children, four grandchildren,
two sisters and two former wives.
Hungarian engineer who

emigrated to the U.S., Alexander Tarics was an innovator in the swimming pool
and in the design of earthquakeresistant buildings.
Dr. Tarics was a member of
the Hungarian water polo team
that defeated Germany to win
gold medals at the 1936 Olympic
Games in Berlin. He improved
his game by training himself to
shoot with either hand.
After resettling in the U.S.,
Dr. Tarics used novel technology
in the mid-1980s to put rubber
shock absorbers under a county
court building in Rancho Cucamonga, Calif. The technology
became popular in earthquakeprone Japan, where thousands
of buildings use it. Dr. Tarics
died May 21 at his home that
overlooks the Belvedere Lagoon,
near San Francisco. He was 102.
JEAN-CLAUDE
DECAUX
1937 2016
ean-Claude Decaux, a selfmade French entrepreneur,

found a way around the
limited supply of good places to
affix advertising: He created
more of them by building public
bus shelters and sidewalk restrooms for cities around the
world.
Mr. Decaux, founder of JCDecaux SA of France, got his start
as a teenager in his hometown
of Beauvais, north of Paris,
where his parents ran a shoe
store. While they were away, he
plastered the town with posters
promoting the store. At 18, he
set up a billboard company. JCDecaux now has 1.1 million advertising panelsincluding digital displays and billboardsin
more than 75 countries.
The founder, whose fortune
was estimated by Forbes at $7
billion, died May 27 at age 78.
U.S. NEWS
Republicans Seek Documents

On Scrubbing of Iran Video
BY JAY SOLOMON
AND FELICIA SCHWARTZ
WASHINGTONState Department officials tried Friday
to address the widening fallout
from their admission this past
week that a videotaped press
briefing had been doctored to
remove contradictory public
statements about the Obama
administrations secret negotiations with Iran.
Congressional Republicans
demanded documents related
to the episode and called Friday for an investigation by the
departments inspector general. But senior Obama administration officials were unclear
about just how much cooperation they would lend to Capitol
Hill investigators or whether
an additional internal review
was warranted.
State Department officials
confirmed this past week that
a lower-level civil servant was
asked to expunge roughly nine
minutes of tape from a Dec. 2,
2013, briefing during which a
Fox News reporter quizzed
then-State Department spokeswoman, Jen Psaki, about
whether the administration
had lied about holding secret
negotiations with Iran over its
nuclear program.
Earlier that year, Ms. Psakis
predecessor said there had

been no secret, one-on-one
talks between the U.S. and
Iran. Asked about that assertion, Ms. Psaki replied indirectly, saying that sometimes
diplomacy needs privacy.
That was the portion deleted
from the video, though it remained in a text transcript.
State Department officials
have said Ms. Psaki didnt herself order the doctoring of the
tape. But they havent deter-
State Department
officials tried this
week to address the
widening fallout.
mined which official in the
State Departments Bureau of
Public Affairs made the request, and have suggested they
might never find out.
Were in the process of
studying the letters. Were in
the process of seeing how to
be responsive, State Department spokesman Mark Toner
told reporters on Friday, asked
about the congressional demands.
Secretary of State John
Kerry, on a trip to Paris, vowed
to find out exactly what hap-
pened and why, calling the

tapes deletion clumsy and
stupid and inappropriate. He
exonerated Ms. Psaki, who now
serves as the White Houses
communications director, but
wouldnt lay blame elsewhere.
Leading
Republicans
claimed the State Department
was trying to hide the officials
identity, part of an effort to
mislead the public about the
terms and background of the
nuclear deal reached with Iran
and other world powers last
year. Tehran agreed to constrain its program in exchange
for the lifting of most international sanctions.
How is it not possible to
determine who in the administration ordered that the video
be altered, as the current
spokesman has asserted? the
Republican chairman of the
House Foreign Relations Committee, Rep. Ed Royce of California, wrote to State Department Inspector General Steve
Linick.
The chairman of the House
Committee on Oversight and
Government Reform, Rep. Jason Chaffetz (R., Utah), demanded the State Department
hand over all documents and
communications related to the
video incident by the close of
business next Wednesday.
VA Proposes Covering Sex Changes

BY BEN KESLING
AND LOUISE RADNOFSKY
The Department of Veterans

Affairs is proposing a rule
change to begin covering sexreassignment surgeries and
other related medical treatment for transgender veterans.
The proposed rule change,
announced on the Executive Office of the Presidents website,
would allow veterans to apply
for medical services to change
their sex, including surgery.
Surgical procedures are
now widely accepted in the
medical community as medi-
cally necessary treatment for

gender dysphoria, the medical diagnosis required for a
transgender person to have
sex-reassignment surgery, the
proposed rule change said.
The move tracks a broader
push by the government to accommodate transgender people,
and a growing battle with states.
Much of the debate has centered around transgender bathroom access. The Justice Department is locked in a legal fight
with North Carolina over a law
there, signed in March, that requires transgender people to use
the bathroom associated with
the sex on their birth certificates.

Advocates representing lesbian, gay, bisexual and transgender troops and veterans praised
the move, which expanded the
VAs existing treatment available for transgender veterans.
This sets a tone. The VA is
part of the government, said
Gene Silvestri, VA coordinator
with the American Military Partner Association, which advocates
for lesbian, gay, bisexual and
transgender troops and veterans.
Well see a change in treatment
and culture and acceptance.
Jon Kamp contributed
to this article.
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WORLD NEWS
FIFARevealsMillionsPaidtoEx-Leaders
Contractsshowtop
officials paid each
other $80 million in
incentives andbonuses
Volunteers in Moscow, June 1, celebrate Russias hosting of the 2018 World Cup. Below from left,
former top FIFA officials Sepp Blatter, Jerome Valcke, and Markus Kattner.
was fired by FIFA last month

for allegedly paying himself
millions in secret bonuses. He
didnt respond to requests for
comment at the time or on
Friday.
In his role as chief financial
officer, Mr. Kattner was responsible for signing off on
the Zurich-based nonprofits
largest payments, including
eight-figure bonuses that went
to Mr. Blatter, according to the
contracts.
In total, the documents
show nearly 80 million francs
awarded in bonuses and salary
to Messrs. Blatter, Valcke and
Kattner between 2011 and
2015, all pushed through in
contract amendments approved by them and Julio
ARND WIEGMANN/REUTERS (2)
LAURENT GILLIERON/ASSOCIATED PRESS
A small group of FIFAs former top officials, including exPresident Sepp Blatter and his
former second-in-command,
Jrme Valcke, allegedly paid
each other bonuses and other
incentives worth tens of millions of dollars, according to a
cache of contracts disclosed
by internal investigators on
Friday.
The contracts, which investigators say were previously
unknown to most of the top
brass at soccers world governing body, were negotiated
in secret by the sports most
powerful administrators even
as allegations of widespread
corruption emerged and a U.S.
government
investigation
closed in on FIFA.
The last set of contract
amendments, which included a
raise for Mr. Blatter and a possible 12 million Swiss franc
($12.1 million) bonus, among
other provisions, was signed
in the days after the U.S. Department of Justice disclosed
a sweeping indictment of 14
soccer officials and executives
on corruption and racketeering charges last May.
The evidence appears to
reveal a coordinated effort by
three former top officials of
FIFA to enrich themselves
through annual salary increases, World Cup bonuses
and other incentives totaling
more than 79 million Swiss
francsin just the last five
years, said Bill Burck, a partner with Quinn Emanuel Urquhart & Sullivan, the U.S. law
firm that has run an internal
probe over the past year.
The documents also allegedly show payments for former Deputy Secretary-General
Markus Kattner. Mr. Kattner
IVAN SEKRETAREV/ASSOCIATED PRESS
BY JOSHUA ROBINSON
AND MATTHEW FUTTERMAN
Grondona, an Argentine national and the former head of

FIFAs finance committee, until
he died in 2014. Mr. Grondona
also received bonuses and
other incentives, investigators
said.
This is the first time a full
picture of Mr. Blatters alleged
compensation has been publicly disclosed in his 40-year
involvement with FIFA. Investigators say Mr. Blatter received 33.1 million francs, Mr.
Valcke got 32.5 million francs,
and Mr. Kattner received 13.4
million francs.
An attorney for Mr. Valcke
didnt immediately return requests for comment. FIFAs
former chief auditor Domenico
Scala, who the investigators
say was aware of some of the

payments, declined to comment. An attorney for Mr.
Blatter said in a statement
that his compensation was appropriate.
In addition to the alleged
bonuses and salaries, the contracts included a series of
amendments that protected at
least Mr. Kattner and Mr. Valcke with huge severance packages. Investigators didnt connect the alleged bonuses to
any legal wrongdoing, but said
they would refer the case to
FIFAs ethics committee.
Some of the clauses related
to severance payments may violate Swiss law, they said, but
didnt elaborate.
Some of the contracts were
discovered in a safe sitting in

Mr. Kattners office at FIFA
headquarters, according to a
person familiar with the investigation. He said the bonuses
were concealed in FIFAs financial results as part of a
general bonus pool, without
any details on who might be
receiving them or the specific
amounts.
The compensation of FIFAs
top officials had been closely
guarded secrets at the organization until earlier this year,
when it revealed that Mr. Blatter earned 3.6 million francs in
salary for 2015. That didnt,
however, include bonuses,
which are usually tied for top
people to World Cups.
Mr. Blatter had maintained
that revealing compensation
would violate customary Swiss
business practices.
According to the contracts,
Mr. Kattner was promised an
arrangement that would see
him paid by FIFA into 2023 regardless of his employment at
the organization or any legal
proceedings against him.
FIFA agrees to hold harmless and indemnify the employee from and against any
and all costs and losses incurred from civil or criminal
proceedings against him for
matters in connection with his
employment with FIFA, the
contract clause reads.
The amendment was signed
last May, in the days after the
U.S. Department of Justice disclosed a sweeping indictment
of 14 soccer officials and executives on corruption and racketeering charges.
Mr. Kattner was removed
from his job last month after
an investigation revealed that
he had paid himself millions of
dollars in bonuses that had
not been approved by FIFAs
executive committee.
He had been serving as acting secretary-general since
September, when Mr. Valcke
was removed from his job for
allegedly conspiring to sell a
personal cache of World Cup
tickets on the black market.
Mr. Valcke has consistently denied wrongdoing.

In 2010, following the South
Africa World Cup, Mr. Blatter
allegedly received a bonus of
11 million francs, while Mr.
Valcke is said to have collected
9 million francs, according to
the documents. Mr. Kattner allegedly received 3 million
francs.
A year later, the documents
show, Messrs. Blatter and Valcke shared 22 million francs,
in connection with the 2014
World Cup, more than two
years before the tournament.
And in June 2014, Mr. Valcke
allegedly received a bonus for
the 2018 World Cup in Russia
of 11 million francs.
Swiss and American law enforcement have been briefed
on the latest findings, investigators said.
The Swiss attorney general
said Friday his office had
seized documents and electronic data during a search at
FIFA the previous day, but
wouldnt give any further information.
FIFA and Quinn Emanuel
have maintained that the scandal-ridden organization was
victimized by leaders of national and continental soccer
organizations or sports executives it couldnt control. But as
the scandal ensnares some of
the organizations top executives, it could become harder
for the international federation to maintain that legal position.
Quinn Emanuel said that it
was disclosing the contracts to
show its good faith in cooperating with authorities.
Messrs. Valcke and Grondona are central figures in the
original indictment filed by
U.S. investigators against soccer officials and executives
last May. The indictment details an alleged plan by former
FIFA executive committee
members Jack Warner and
Chuck Blazer to sell their support for South Africas bid to
host the World Cup for $10
million.
2016 Dow Jones & Co. Inc. All rights reserved. 3DJ3749
Peru Hews to Free Market

As It Chooses New Leader
BY RYAN DUBE
ELECTION 2016
THE SUBSTANCE
BEHIND THE SLOGANS
When it comes to election coverage, the Journal looks past the
spectacle. Get the insight and analysis you need to understand
whats at stake, only from The Wall Street Journal.
Read now at WSJ.com/politics
LIMA, PeruPerus tightlycontested election Sunday pits

an ex-presidents daughter
against a former Wall Street
economist, but whoever wins,
the countrys embrace of the
free market will likely remain
strong.
Both Keiko Fujimori, the 41year-old daughter of jailed former leader Alberto Fujimori,
and Pedro Pablo Kuczynski, a
77-year-old former finance
minister and World Bank
economist who speaks perfect
English, have vowed to retain
investment-friendly policies in
a country that has become a
free-market stalwart in Latin
America in the past 15 years.
Peruvians clearly want
continuity, said Michael
Shifter, president of the Washington-based Inter-American
Dialogue think tank. Most Peruvians have benefited from
pro-investment,
marketfriendly policies.
During the past decade,
Perus economy has posted
some of the highest growth
rates in the hemisphere, averaging about 6% a year with inflation at an average of just
2.9% a year, according to the
World Bank. That has helped
reduce poverty in the country
to 22% last year from almost
56% in 2005, the bank says.
This year, the economy is
expected to grow 4% even as
other big economies in the region, such as Brazil and Venezuela, endure painful recessions brought on by economic
mismanagement and the decline in commodity prices.
Four recent polls show Ms.
Fujimori with a lead of three
to six percentage points thanks
to strong backing from millions of lower-class Peruvians,
among whom Mr. Kuczynski
has struggled to gain traction.
Allies of Mr. Kuczynski say
they expect him to close the
gap in the wake of endorsements from other politicians
and recent scandals in Ms. Fujimoris Popular Force party.
The result is going to be
very tight, said Martn Vizcarra, Mr. Kuczynskis vice-
Peruvians Issues
About three weeks before Sunday's vote, pollsters asked
1,800 prospective voters what they most cared about.
Concern
Peru's bigest problem
61%
Crime and insecurity
35%
47%
Corruption
11%
26%
Unemployment
Education
Poverty
Drugs
Abuses of authority
Public health
Cost of living
Personally affects me
13%
21%
3%
19%
4%
19%
3%
14%
3%
12%
4%
12%
8%
Source: Ipsos Per
presidential running mate.

Ms. Fujimori, who has an
MBA from Columbia University, plans to reverse corporate
tax cuts by incumbent President Ollanta Humala, saying
they have been ineffective in
stimulating investment. But
she also aims to simplify permits for imports and exports
and cut taxes to zero for small
businesses during their first
two years of operation. To
provide more stable jobs for
Perus large pool of informal
Both presidential
candidates vow to
retain policies that
have boosted growth.
workers, she proposes creating an agency to help small
businesses boost productivity.
Mr. Kuczynski, educated at
Oxford and Princeton, plans to
gradually lower sales taxes
while diversifying Perus mining-heavy economy by supporting agriculture and tourism. Large investors would get
tax incentives to reinvest profits and the tax rate for small
businesses would be cut. He
says those measures would
create three million new jobs.
Neither of the two candidates represents a break with

continuity in the general
guidelines of the economy,
said Guillermo Arbe, the chief
economist at Scotiabank Per.
Both candidates, however,
say they plan to run slight fiscal deficits to support infrastructure spending, possibly
reducing the governments
ability to respond to future
economic shocks, said Capital
Economics, a London-based
consulting firm.
The bigger risks might be
on the political side, the firm
said in a note to clients this
week. Ms. Fujimoris victory
could spur protests due to her
high negative ratings among
those who see her embodying
her fathers legacy of repression and corruption. Mr. Kuczynskis government could
have trouble passing laws in
Congress, after April parliamentary elections gave Ms.
Fujimoris Popular Force party
a majority, the first for any
party in more than 20 years.
Robust growth has pushed
economic concerns below others like crime in many parts of
the country, particularly the
working-class districts around
Lima that helped propel Ms.
Fujimori to victory in the first
round of presidential voting.
* * * * * *
WORLD NEWS
Greece Seeks Fix to Migrant Effort Nations

Push Peace
BY NEKTARIA STAMOULI
ASSOCIATED PRESS
ATHENSGreece
wants
judges to replace members of
an asylum appeals board that
has been slow to deport refugees and migrants to Turkey.
The three-member appeals
body, which includes two people from humanitarian agencies,
has issued rulings that have
frustrated a European Union
agreement with Turkey to deter
mass migration across the Aegean Sea.
The Greek government is
now preparing legislation that
would replace some or all
members of the appeals body,
according to Greek officials.
Under the EU-Turkey agreement, in effect since March 20,
Ankara is to take back migrants who reach Greek islands from Turkey, including
refugees from the war in
Syria, while sending Syrians
from Turkish refugee camps to
Europe.
But so far, no refugees have
been returned to Turkey. The
appeals body has ruled that all
but two of the 32 asylum seekers whose cases it has considered should have their asylum
claims evaluated in Greece. As
well, Greeces asylum service
has invalidated only about
30% of the few hundred asylum claims it has considered.
Asylum claimants have
found a sympathetic ear from
the board, whose members
come from the Greek migration ministry, a state human-
clined to seek asylum in Greece.

Hundreds of asylum claims
have yet to be processed,
while over 7,000 other claims
are expected.
Only 100 people have had
their asylum claims dismissed
as inadmissible on the grounds
that Turkey was a safe country
for them. Of those, 98 have
lodged an appeal. The appeals
body has so far reinstated the
claims of 30 appellants and rejected only two.
Combined with a clampdown on smugglers along Turkeys coast and the closure of
Balkan borders, the EU-Turkey
deal has led to a sharp drop in
new arrivals. Fewer than 50
migrants a day, on average,
landed on Greek islands in
May, compared with about
6,800 a day in October, according to data from the migration ministry and UNHCR.
Still, the death toll of migrants heading for Europe has
mounted. Greeces coast guard
said Friday it recovered nine
dead bodies after a boat carrying hundreds of migrants capsized south of Crete.
The coast guard rescued 340
people, but Greek officials said
that, according to migrants
who survived, around 700 people might have been on board.
The latest deaths add to the
more than 1,030 lives lost during the past week, most on the
treacherous crossing between
Libya and Italy.
Valentina Pop in Brussels
contributed to this article.
Workers on Friday removed one of more than 100 bodies that washed ashore near Zwara, Libya.
rights body and the United Nations refugee body, UNHCR.
The latter two bodies have
criticized the EU-Turkey deal.
Representatives from both
groups werent immediately
available to comment.
Another factor delaying deportations has been Greeces
unwillingness to state in its
asylum laws that Turkey is
safe for the migrantsa prerequisite for deportations.
EU authorities want to see
the bulk of the migrants asylum claims dismissed on the
grounds that the migrants

werent in danger in Turkey
and therefore should apply for
asylum there. Greek officials
have rejected that step, pointing to the EUs own reluctance
to declare that Turkey, with its
patchy human-rights record, is
safe for refugees. Changing the
makeup of the asylum appeals
board is seen in Athens as a
less politically toxic alternative.
The decision is likely to
prove controversial with some
lawmakers in the ruling leftwing Syriza party, but govern-
ment officials say they dont

expect a revolt in parliament.
Without such a step, they say,
overcrowding and frustration
at the migration camps on
Greeces Aegean islands could
lead to unrest. Outbreaks of
fighting and rioting have already become more common.
Since the deal took effect,
close to 500 migrants have
been sent back to Turkey, officials say, but all were people
who would likely have been returned anyway, because they
volunteered to go back or de-
The United Nations said it

will seek Syrias permission to
conduct air drops of humanitarian aid to more than a
dozen besieged areas of the
country because the regime
repeatedly was denying full
access by land to convoys carrying food, medical and other
emergency supplies.
By Farnaz Fassihi at
the United Nations and
Raja Abdulrahim in
Beirut
The announcement, at an
emergency meeting of the Security Council, came after a
June 1 deadline set by a group
of countries that support the
Syrian peace process passed
without notable improvement
in aid deliveries.
On Friday, an expected delivery of emergency food aid
to the rebel-held town of
Daraya didnt arrive, dashing
the hopes of thousands of
hungry and malnourished civilians in the Damascus suburb.
Western diplomats said the
air-drops proposal is intended
to raise pressure on the government of President Bashar
al-Assad to allow the unim-
peded delivery of humanitarian aid to besieged areas of

the country.
It also highlights how the
international community is
running out of viable options
to bring relief to Syrias suffering civilians and end the
five-year conflict.
Diplomats and U.N. officials
said delivering aid packages
from the sky is a complex,
risky and costly endeavor and
would only be feasible with
the approval and cooperation
of the Syrian government.
Aircraft would have to fly
at lower altitudes, exposing
them to the threat of missiles
and gunfire. Fifteen of the
countrys 19 besieged areas
are located in highly urban regions, where air drops arent
feasible and helicopters would
be required to land, a U.N.
spokesman said. Aircraft also
carry far fewer aid packages
than trucks, the spokesman
said.
We need the consent of
the Syrian government and all
necessary security guarantees,
in order to conduct airdrops,
said Stephen OBrien, the undersecretary for emergency
relief, who briefed the Council
and will be in charge of re-
THAER MOHAMMED/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.N. Seeks Syria Air Drops Amid Food Crisis
Rescue workers Friday in Aleppo after a reported regime airstrike.

questing air-drop access.
Syrias government denies
blocking aid deliveries. Its ambassador to the U.N., Bashar
al-Jaafari, who heads the government teams peace negotiations in Geneva, said there
was no merit in the U.N.s request and Syria was granting
access to the U.N. as security
allows.
Its a prefabricated crisis
to use it as leverage to put political pressure on us, said
Mr. Jaafari. He blamed West-
ern governments and media

for exaggerating the humanitarian issue and falsifying
facts to batter the Syrian government.
Mr. Jaafari stopped short of
calling the U.N. assessments
about aid delivery false, but
countered by listing the times
the government had approved
aid deliveries in June.
Western diplomats said
their next step will be to ask
Syrias allies, Russia and Iran,
to use their influence to con-

Secretary General for Intelligencelikely to be formally
approved by NATO in July
was first proposed to improve
the alliances analysis and information about Russian military activities. Some U.S. and
NATO officials said its most
important effect, however,
could be to improve how the
alliance analyzes and shares
intelligence on Islamic State
and other Middle East-based
terrorist threats.
The terror network behind
both the November Paris attacks and the March Brussels
attacks had direct ties to Islamic State. U.S. and European
officials have said the groups
leaders in Syria sent encrypted messages to Europebased terrorists.
Increasing NATOs role in
intelligence on terrorism isnt
without controversy. Many European countries maintain a
strict division between intelligence and police operations.
Officials are careful to note
that NATO has no law-enforcement role and cant tread on
functions of the European
Unions police agency, Europol,
which recently created a counterterrorism center.
But while the EU leaves security matters to member
states, NATO has a mandate
and the abilityto share intelligence among members with
a secure network and a robust
system for classifying secret
material, officials said.
RALF HIRSCHBERGER/ZUMA PRESS
NATO
Mechanics in Berlin handled a NATO logo on an AWACS plane.

NATO also includes two
critical players in the intelligence world, U.S. and Turkey,
that arent EU members and
could make the alliance a better forum for sharing intelligence, officials said.
Rep. Devin Nunes (R., Calif.), the chairman of the
House intelligence committee,
said NATO needs to refocus its
intelligence analysis on terrorism, adding that a new intelligence coordinator could begin
to prod allies to share more
and create a common picture
of threats against the West.
NATO needs to have a serious [counterterrorism] focus,
at least on intelligence, said
Mr. Nunes, who visited the alliances headquarters in May.
It is not going to change anything overnight. But if you

grow this over several
years, in five years you might
have something valuable.
Rather than spending more
money, Mr. Nunes said, NATO
needs to make its current efforts more effective. He said
NATOs largely U.S.-funded Intelligence Fusion Center in the
U.K. should shift its mandate
from Afghanistan to a broader
counterterrorism effort.
Neither the U.S. or NATO
publicly discloses how much is
spent on alliance intelligence.
But a U.S. official said the U.S.
spends about $200 million a
year, a sum another official
said amounted to about threequarters of all alliance intelli-
gence funding. NATO collects

no intelligence of its own, relying instead on contributions
from member states.
An Assistant Secretary General for Intelligence would be
empowered to provide broad
strategic guidance to NATOs
military commands, officials
said, and to streamline the alliances analysis.
Currently, they said, senior
NATO ambassadors can sometimes be presented with one
intelligence assessment from
the alliances military intelligence channel and another
from the civilian one, with little or no attempt to explain
why the analyses differ.
The reform, said American
advocates of the change,
would be akin to the creation
of the U.S. Director of National
Intelligence in the wake of the
Sept. 11 terror attacks.
Improving intelligence coordination in the U.S. wasnt
easy, and the changes implemented in the past 15 years
have proved imperfect. Still,
officials say military intelligence agencies like the National Security Agency are
now able to far better coordinate and rapidly share intelligence with civilian agencies
like the CIA and FBI.
Czech Army Gen. Petr
Pavel, head of NATOs military
committee, said the official in
the new post would sit atop a
revamped NATO structure that
pulls military and civilian intelligence together into one
product, combined from these
two branches.
Chun Han Wong
vince President Bashar alAssad to comply with the

U.N.s request.
Sieges have become a common battle tactic in Syrias
multisided war, used mainly
but not exclusively by the government. The U.N. announced
Thursday that 19 areas of
Syria, encompassing more
than 500,000 people, were
now under siege by various
armed groups.
On Wednesday, Daraya received a shipment of humanitarian aid, its first such delivery since Mr. Assads forces
blockaded the district in late
2012. But the consignment
consisted mostly of vaccines,
mosquito nets, lice shampoo
and baby formula, rather than
desperately needed flour,
cooking oil and other food staples.
Other areas of Syria, including the divided city of Aleppo,
were under imminent threat of
blockade, residents said. The
rebel-controlled area of the
city is home to an estimated
300,000 civilians. Residents
said
government
planes
launched more than 18 strikes
on opposition districts on Friday, killing at least five people.
Incentives
In Mideast
BY MATTHEW DALTON
AND FELICIA SCHWARTZ
PARISWorld
powers
meeting here said on Friday
they would develop a package
of economic and security incentives in the coming months
to push Israel and the Palestinians to make peace, after
months of violence that has
left officials fearing that the
two sides are primed for another full-scale conflict.
Top diplomats from 26 nations, including U.S. Secretary
of State John Kerry, said they
would work to organize an international conference before
the end of the year.
France convened the meeting to forge an international
strategy for restarting talks,
amid fears that the solution to
the conflict favored by the international communityan independent Palestinian state
alongside Israelis at risk of
becoming unworkable.
After the meeting, Mr.
Kerry was cautious about
prospects for a conference that
includes the Israelis and the
Palestinians. I have no idea
yet, he said when asked
whether it would take place. I
think its fair to hold open the
possibilities.
He added: Everybody
agreed today you cant impose
a solution from outside.
Israel and Palestinian representatives havent held talks
since negotiations collapsed in
April 2014. Months later, war
erupted between Israel and
Hamas, the political and militant group that controls the
Gaza Strip. Over the past two
years Israel has continued to
build settlements in the West
Bank, fueling anger among Palestinians and drawing criticism from much of the international community.
Western officials worry that
the collapse of the peace process is fueling discord across a
region already inflamed by the
war in Syria, and serving as a
tool for extremist groups such
as Islamic State to lure recruits from Europe and elsewhere. The void will be aggressively
filled
by
extremists, French President
Franois Hollande said at the
start of the meeting.
The hope among European
officials is that Israel and the
Palestinians can be enticed
back to the negotiating table
by the prospect of trade incentives and aid. The European
Union is Israels biggest trading partner and the biggest
donor to the Palestinian Authority, which governs the
West Bank.
Rory Jones in Tel Aviv
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PITS
last year. They broke my
heart.
Trademarked by Brooks
Tropicals LLC, SlimCados are
available for eight months each
year starting in June. Brooks began selling the avocadosactually several different Florida var i e t i e s u n d e r
the SlimCado moniker in 2003
so people wouldnt mistake
them for their Hass cousin.
The company has gotten
used to getting flak, says Mary
Ostlund, a spokeswoman for the
Homestead, Fla.-based company,
one of the largest growers and
shippers of Florida avocados.
I get a lot of people from
California absolutely emailing
me and calling me saying, What
the heck are you doing? she
says.
Some think SlimCados
which can weigh up to 3
pounds, roughly six times as
much as a Hass avocadoare
genetically modified. Ms. Ostlund assures inquirers the avocados are naturally grown, just
different, possessing a subtle
tropical flavor.
SlimCados are popular in the
Sunshine State, where many
Floridians grew up eating these
types of avocados. Ms. Ostlund
says the number of retailers
Brooks sells to has increased 1%
annually over the past five
years. Canada is a growing market, while retailers in Europe
and Asia have started asking after SlimCados, she says.
The fruit does have devotees,
including Delores Curtis, of Waldorf, Md., who discovered
the SlimCado amid a weight loss
journey that saw the 61-year-old
shed 180 pounds. When she first
brought one home, her husband
didnt know what to make of it.
He said, Slim what? Slim
who? Slim Jims? she recalls.
But when the fruit is in season,
it is one of her staples. I put it
on almost anything. I just love
it.
Still, some question the raison dtre of lower-calorie avocados. Avocados are generally
celebrated by nutritionists as a
source of good fat, though calories ultimately count when it
comes to weight loss, says Rachael Hartley, a dietitian in
South Carolina whose website
is avocadoadaynutrition.com.
JAY AILWORTH
FROM PAGE ONE
Florida avocado varieties marketed as SlimCados have less fat

than the well-known Hass variety grown in California.
Avocados, they have that
great healthy fat, she says. Fat
is an often overlooked nutrient,
but it is definitely important for
keeping us full or keeping us
satisfied.
The SlimCados detractors include Cooking Light magazine,
which serves up healthy eating
advice.
I tried the SlimCado tonight.
Please lets never ever recommend it. Ever, Kimberly Holland, a Cooking Light editor,
said in a text message to the
magazines nutrition editor, Sidney Fry.
Ms. Frys response: Omg I

hated it! Watery slimy. Gross.
The vitriol escalated from
there. In an exchange Cooking
Light published for all to see,
the health food editors described their disgust, calling
the SlimCado more pointless
than fat-free cheese.
It was almost immediately
after my first bite that I grabbed
my phone and said, Sidney, how
dare you not tell me, Ms. Holland recalls. She and Ms. Fry
concede the fruit may appeal to
calorie counters but still declined to endorse it as a Hass
a 37-year-old fitness coach in Indiana, said the first time she bit
into a SlimCado slice last year.
Id rather eat a real avocado.
Sharon Hoffmann, 65, a
writer living in Florida, wont
even cut a Florida avocado on
the occasions her husband accidentally grabs one at the supermarket. I just think theyre
tasteless, she says.
Amanda Odasz, a self-proclaimed Hass enthusiast, is sure
she will dislike SlimCadosif
she can ever find one. The 20year-old California native has
been on the hunt since learning
of their existence.
I was like, what is this horrific Floridian travesty? says
Ms. Odasz, who eats avocados
almost daily. I dont think I
would like it, but I would try it
so I could confirm that.
Edward Gilly Evans, a Florida avocado lover, says SlimCados will likely remain a niche
fruit. An agricultural economist
at the University of Floridas
Tropical Research and Education Center in Homestead, Mr.
Evans would know.
We would love for it to become popular as the Hass variety, he says. But, of course,
that is not going to happen.
substitute.
Their pronouncement is just
one reason the SlimCados
chance of building a Hass-like
following is, well, slim.
The Hass was patented in
1935 by Rudolph G. Hass, who
said the fruits mother tree
came from a Guatemalan seedling of unknown parentage
growing in La Habra Heights,
Calif.
The flesh is a rich cream
color of butter consistency with
no fibre and excellent nutty flavor, Mr. Hass wrote in his filing.
Today, the Hasss dominance
is impossible to refute. It is the
avocado most people know, and
its popularity has spawned odes
to guacamole, cutesy greeting
cards and the rise of avocado
toast.
Americans now eat more
than four billion Hass avocados
each year, nearly triple their
consumption a decade ago, according to data from the Hass
Avocado Board, which promotes
the variety. The group, which
runs a campaign with the slogan
Love One Today, declined to
give its take on the SlimCado.
Hass fans arent so shy.
Oh, not good, Ellen Ludwig,

ezuelan breweries, unable to
import barley, before securing
an offshore loan that will permit it to restart in July.
This is very serious. I am
very worried, Mr. Mendoza,
who had been reticent to publicly speak about his companys
troubles, said in a recent interview with The Wall Street Journal. At the moment, the government is strangling us.
It is all part of a vicious
downward spiral for Venezuela,
which has larger proven oil reserves than Saudi Arabia but is
now so cash-poor that it cant
pay for the food imports
needed to feed 30 million people. With the steep fall in the
price of oil, imports are down
60% this year compared to
2012, the biggest fall in the
countrys modern history, Bank
of America Corp. says.
A third of Venezuelan households consume only two meals
a day, the pollster Venebarmetro recently said, while
13% eat just once daily. Lines
snake for blocks around markets; looting of food shops is
common.
For years, Polar has survived
as a bastion of free enterprise
in a country headed in the opposite direction. The World
Bank ranks Venezuela No. 186
of 189 on its list of the easiest
countries to do business, just
ahead of South Sudan. The
company has withstood withering public criticism by Mr. Maduros administration and that
of his predecessor, Hugo
Chvez, who in threatening to
expropriate some Polar installations in 2010 told Mr. Mendoza
you are the rich one, you are
going to Hell, to Heaven you
will not go.
Even as the state seized
1,200 farms, companies and
other private businesses, the
Chvez and Maduro administrations stopped short when it
came to Polar.
Now, in speeches broadcast
across several state TV stations,
government officials blame Mr.
Mendoza for helping sink an
economy the International
Monetary Fund says will contract 8% this year. William Contreras, the superintendent of a
state agency called Costs and
Just Prices, said last week that
Mr. Mendoza should face criminal charges.
Emails and phone calls to
top government officials to discuss policy toward Polar
werent returned.
Mr. Mendoza, who has
avoided lashing out at the government, denies doing anything
to weaken the economy and
said he will accept any invitation from officials to sit down
and discuss solutions. What he
doesnt get are the personal insults, which he says scare his
small children.
I am not accustomed and
its not natural, this level of,
lets call it, aggression, said
Mr. Mendoza, who does wear
his hair a little long. What
they have done is insult me,
discredit me without reason.
Sometimes its because Im conspiring who-knows-where. And
here I am in Caracas.
But Venezuelas most prominent private businessman has
an ace up his sleeve: the Venezuelan public.
Venezuelans relate to Polar,
a company that began as a
brewer on the outskirts of the
capital and then grew by mak-
MIGUEL GUTIERREZ FOR THE WALL STREET JOURNAL; CARLOS GARCIA RAWLINS /REUTERS
POLAR
Empresas Polar beer-factory workers protest government policies that forced the company to stop brewing. Below, CEO Lorenzo Mendoza.
ing timely acquisitions and introducing affordable products

that became daily staples. A
March poll by Consultores 21, a
Caracas pollster, showed that
80% of Venezuelans have a positive image of the firm and that
81% reject government intervention in the company.
The attacks against Polar make no sense, said Iraida
Fuentes, 55, who lives in a
working-class district of the
capital. They provide food for
us. If they leave the country, we
are going to die of hunger.
Mr. Mendoza, whose grandfather founded the company in
1941, began working at Polar
factories and warehouses during his summer vacations. Now
he spends his time huddled
with executives trying to ensure
Polars survival.
Much is riding on the beer
branch, which operates without
price controls and is the companys one profitable division.
Though closed for weeks, Polars four breweries may reopen
in July now that the company
says it has secured a $35 million loan from Spanish bank
BBVA to pay for imported
malted barley, a transaction
permitted by regulators because barley doesnt fall under
the rubric of products only the
state can import.
Polar executives though, say
the solution is only temporary,
which has raised questions inside the company about how it
can keep making other products

like precooked corn flour, the
staple used by Venezuelans to
make the ubiquitous corn cakes
known here as arepas.
The profits from the beer is
what enabled them to produce
food and sell it at controlled
prices, said Robert Bottome, a
business analyst who for 34
years ran Veneconoma, an
economy magazine here.
If Polar is nationalized or
closes its doors, it could tip
Venezuela over the edge, say
food experts and ordinary people who have grown up consuming the companys products. At stake is an economic
pillar that employs 30,000 and
indirectly benefits another
180,000 workers. Putting them
on the street would greatly
stoke social tensions in a country where uprisings are common.
I dont want Polar to close,
not just for me but for my
country, because Venezuela is
already hurting badly, said
Laura La Rosa, 44, who has
worked at Polar since she was
18.
To Venezuelans, Polar is
Nestl, General Mills, and Anheuser-Busch InBev wrapped in
one: It brews 80% of Venezuelas beers, produces 18% of the
government-set nutritional basics and up to 14% of processed
foods, far more than the next
biggest producer, which accounts for 4%. It bottles Pepsi,
the market leader in sodas, and

water and makes juices. Its researchers developed hybrid
seeds and a yogurt that doesnt
need to be refrigerated.
Polar says it generates 3.3%
of the countrys non-oil output.
And its corporate taxes and the
sales tax consumers pay for its
products together have topped
$23 billion since 2003, according to the firm.
The governments antagonism toward Polar is part of every workday, say Polar managers and workers.
To move imported raw materials from port to plant requires
a special transport license and,
from the plant to a warehouse
to a supermarket, two more.
Government inspectors audited Polar facilities more than
600 times last year, so much so
that the company has set aside
office space in some plants for
state inspectors, say company
officials.
All the visits are intimidating, said a plant manager,
Abiud Cordero. They tell us
that if we dont provide the
necessary information, they can
arrest a manager.
The 500 people Polar has
working on the transport licenses and inspections know
the government can ask for just
about anything, from the size of
inventories to invoices on purchases. Managers at a plant
producing corn flour were once
asked for paperwork on all im-
provements made to the factory

over 50 years, said Alessandra
Stelluto, a Polar lawyer who
heads a team that responds to
government requests.
Over the past few months,
the company has periodically
closed whole lines of production, from rice to pasta to detergents to mayonnaise, because of the lack of raw
material. Theyre closed for a
time, raw material comes and
you reactivate, said Jose Anzola, operations director for the
food division. And [then] you
close again.
Tamara Herrera, chief economist at Caracas-based consultancy Sintesis Financiera, said
the offensive on Polar is a conscious government strategy to
dismantle the company, but not
in one swoop.
I believe by the end of the
year, Polar will have fewer
plants than it does today, she
said. It wont be called expropriation, and it wont happen
all at once. It will be a gradual
process of dismantling the
dominant player in the foodprocessing industry.
The governments enmity for
Polarand particularly for Mr.
Mendozagained
steam
months after Mr. Maduro won
the presidency in April 2013,
say Polar executives and two
former high-ranking officials in
Mr. Maduros government.
Food officials were told to
increase inspections of Polar plants and find whatever
you can, said one of the former
Downward Spiral
As oil exports in Venezuela
decrease, so have imports.
$100 billion
75
Oil
exports
50
25
Imports
0
2008
10
12
14
Note: 2014-15 gures are estimates,

2016 is a forecast
Source: Bank of America
16
officials, who frequently spoke

to Mr. Maduro about Polar.
Mr. Maduro became incensed
when Mr. Mendoza privately
and then publicly offered to
help the government run failing
state food operators in 2013,
the official said. For the government that was a slap in the
face, said the former official.
Mr. Maduros antipathy toward Mr. Mendoza came to a
head in August 2014 when the
president told his aides,
Lorenzo Mendoza, that longhaired one, wants to be president, the former official recalled. The Polar chief then
became a political objective,
even though Mr. Mendoza has
publicly denied having designs
on the presidency, the ex-official said.
He wants Polar to fall, the
former official said of Mr. Maduro. They believe that with
the bankruptcy of Polar they
will get rid of its leader and
theyll have a lock on the mass
of [Polar] workers and put a
manager in place, put in someone who will substitute for
Lorenzo Mendoza.
In
numerous
recent
speeches, the president and
other high officials have said
that workers could run the
company, which they say is purposefully scaling back production to destabilize Mr. Maduro
while pocketing subsidized dollars provided by the government to pay for imports.
You, with your dollars and
lineage, rest assured that
sooner rather than later we will
be knocking on your door, Diosdado Cabello, an influential
ruling-party leader said in a recent speech in which he addressed Mr. Mendoza as Little
Lorenzo.
Mr. Mendoza rejects claims
that Polar has the dollars to pay
for what it needs in a country
where the only entity that can
legally dispense dollars and import many raw materials is the
state.
To say that, after 13 years
of currency controls, is hypocritical, he said.
Because the government
wont give the company dollars,
Polar says it has a $380 million
debt with foreign firms that
had been providing everything
from malted barley to fruit to
wheat on credit.
Juan Mira, general manager
of Sugal Chile Ltda., which for
20 years had supplied Polar with tomato sauce and fruit,
said the Venezuelan state simply stopped providing dollars
for the exports in February
2015.
It is not a risky company,
its a risky country, he said.
Mr. Mendoza said that Mr.
Maduros administration cannot
cope with a private company
that is efficient and has the
support of its workers, a stark
contrast to plummeting output
and morale at many state-run
enterprises here.
Polar employees interviewed by The Journal in four
different states said the company pays good wages and offers a range of benefits, from
health care to pensions to
monthly groceries to summer
camps and scholarships for employees children.
Everything I have Ive gotten here, said Elio Sanchez,
who has worked in a Polar plant that makes Harina Pan
for 23 years. My family depends on this company.
Mayela Armas, Anatoly
Kurmanaev and Sheyla
Urdaneta contributed
to this article.
* * * *
By Marie-Jose Kravis
n economy that has

struggled for growth for
seven years showed
fresh signs of trouble
Friday with a sobering
jobs report. Nonfarm payrolls
climbed by a mere 38,000 in
Maythe fewest since September
2010. The Bureau of Labor Statistics also reported that a record
94,708,000 Americans were not
in the labor force last month, as
the labor-force participation rate
fell to 62.6%, from 63% two
months earlier.
When thinking about what has
stymied the U.S. economy, I sometimes recall a biology lesson about
the role that cell death plays in
explaining embryonic development
and normal growth of adult tissue.
In economics, as far back as
Joseph Schumpeter, or even Karl
Marx, we have known that the
flow of business deaths and births
affects the dynamism and growth
of a countrys economy. Business
deaths unlock resources that can
be allocated to more productive
use and business formation can
boost innovation and economic
and social mobility.
A toxic regulatory brew,

from Dodd-Frank to state
licensing laws, has poisoned
the formation of new
firms that drive growth.
For much of the nations history, this process of what Schumpeter called creative destruction
has spread prosperity throughout
the U.S. and the world. Over the
past 30 years, however, with the
exception of the mid-1980s and
the 2002-05 period, this dynamism has been waning. There has
been a steady decline in business
formation while the rate of business deaths has been more or
less constant. Business deaths
outnumber births for the first
time since measurement of these
indicators began.
Equally troubling, the latest
analysis of Census Bureau data
by the Economic Innovation
Group points to the increasing
concentration of new business
formation in a smaller number of
U.S. counties. The findings show
that 20 counties account for half

of new businesses and that most
counties had fewer business establishments in 2014 than in 2010.
Even accounting for so-called
dynamic counties, the total number of firms in the U.S. remains
lower than it was in 2004.
As the Economic Innovation
Group shows, the 1990 recovery
registered a net increase of over
420,000 business establishments,
or a 6.7% increase. The numbers
for the 2000 recovery were
400,000 and 5.6%. Since 2010, the
number of new business establishments has grown by only
166,000 or 2.3%.
One explanation for this subpar new business formation is
the overall pallid U.S. recovery.
Todays new-normal 2%-growth
economy doesnt inspire vigor or
confidence. Likewise the collapse,
until very recently, of real-estate
values, and the imposition of
tougher standards on personal
credit cards, have constrained
traditional sources of credit for
startups. Banks have tightened
lending criteria and many
regional and community banks
have disappeared.
Many studies have also attributed the slow rate of business
formation to the regulatory
fervor of the past decade. Some
point to the deadening effect of
the Dodd-Frank law, which is 23
times longer than the Glass-Steagall Act passed in response to the
1929 Depression. One part of
Dodd-Frank, the so-called Volcker
rule pertaining to bank investments, has 1,420 subsections.
Then there is the Affordable Care
Act.
It is not clear to what degree
these laws affect business formation, but in a 2010 report for the
U.S. Small Business Administration, researchers at Lafayette
University found that the per
employee cost of federal regulatory compliance was $10,585 for
businesses with 19 or fewer
employees, compared with $7,755
for companies of 500 employees
or more. Large and established
businesses navigate through rules
and compliance requirements.
Small and new businesses often
find them prohibitive.
Dont just blame the feds.
State and local regulators have
also hampered new business
initiatives, notably through the
growth of occupational licensing.
GETTY IMAGES
OPINION
Whats Killing Jobs and Stalling the Economy
In 1950, 5% of workers required a

license or certificate. Today that
number is close to 30%. Fortunetellers, party planners, florists,
shampoo assistants, cosmetologists, manicurists, beekeepers,
librarians and many others have
joined the ranks of licensed
workers. As the rate of privatesector unionization has fallen, occupational licensing has become a
new barrier to entry into the
workplace and a tool to protect
incumbents from competition.
onsumer protection from

shoddy services, dangerous
products, health and safety
hazards is essential. But as the
Texas Supreme Court showed in a
recent ruling that licensing of
eyebrow-threading is useless,
licensing often has less to do with
public safety and more with
handicapping competitors. Fear of
the gig and sharing economy, and
growth in teleworking across state
or local boundaries will undoubtedly stir existing businesses to
step up their self-protective
lobbying.
A July 2015 White House study
found that licensing requirements
vary substantially by states, irrespective of political leadership.
Ohio imposes licenses on 33.3% of
workers; in Florida its 28.7%; in
California, 20.7%; and in Nevada,
30.7%. Sixty occupations are
regulated in some way in all 50
states, with 1,110 occupations
regulated in at least one state.

Certain demographic groups,
such as immigrants and military
spouses, are more heavily penalized by these licensing measures.
For immigrants, the tedious and
costly process of obtaining a
license often delays their integration into the workforce. Thirtyfive percent of military spouses
work in professions that require
state licenses, but they are also
more likely to move across state
lines than civilian counterparts,
requiring multiple and lengthy
relicensing reviews.
This is clearly an area for
bipartisan action to harmonize
regulatory requirements among
states, increase multistate compacts to promote greater mobility
and impose sunset reviews of
licensing requirements.
Another troubling economic
undercurrent is the decline of
churn in the labor force. The flow
of unemployed to employed has
declined from close to 30% in
2007 to 16% at the trough of the
recession to roughly 20% over the
past two years. There has been a
shift from full-time to part-time
work, and the flow of workers to
and from jobs has been dropping
since the early 2000s, despite the
drop in the unemployment rate.
In every quarter during the
1990s, six of every 100 workers
moved to new jobs, while 5.5 out
of 100 workers left their jobs.
When they are not fired, many
employees move from

firm to firm, or different
jobs within their firm in
search of broader experience, better pay, better
prospects for careerbuilding and advancement or greater compatibility with personal
needs. Historically,
young firms have been
dynamic job creators,
but they now account
for a smaller share of
new hires, down from
about 38% in the late
1990s to roughly 33%
today, according to the
Kauffman Foundation.
March data from the
Labor Departments Job
Openings and Labor
Turnover Survey showed
that 5.3 million workers
moved to a new job,
down from 5.5 million in
February. Close to five
million left their jobs compared
with 5.2 million in February. The
good news was that there are now
1.4 unemployed workers for every
available job, down significantly
from 6.7 workers for every available job at the worst of the
recession, and that 60% of workers are changing jobs willingly.
he ominous news is that

these improvements havent
been accompanied by sustained productivity growth. Measuring productivity is the subject
of much debate, and there is considerable dispute about the impact
of technology. Nevertheless,
almost three decades of slower
churn in the flow of business formation and business deaths, of
less-dynamic labor markets, and of
flat income growth point urgently
to the need for better policy.
Washington and state governments need to wake up and remove obstacles to investment, new
business formation and labor mobility. Encouraging investment in
human capital and productive infrastructure is essential, and so is
moving to financial and interestrate conditions that promote investment and growth. That might
give American investors and workers the bounce they deserve. What
weve been doing so far hasnt
worked. Time for something new?
Ms. Kravis is a senior fellow at
the Hudson Institute.
Pushback Against Government Raids on Personal Property

Law-enforcement
agencies in the U.S.
have broad power
to seize a persons
property, auction it
off, and keep the
proceedswithout
CROSS
COUNTRY ever having to
charge the owner
By Lee
with a crime. AlMcGrath and
though this pracNick Sibilla
tice, known as civilasset forfeiture, has
replenished police-department coffers for years, it is under more
scrutiny than ever. Later this
month, a bipartisan coalition in Californias legislature will move to
curtail the practice in the Golden
State. This effort should encourage
Congress and other states to rein in
this threat to personal property and
individual liberty.
California lawmakers are

on the cusp of passing
reforms to rein in civilasset forfeitures.
The specific rules for civil forfeiture vary by state. In California,
state prosecutors must secure a
criminal conviction before they can
take title to cash, real estate, vehicles or other property worth less
than $25,000. Yet they can forfeit
more than $25,000 in cash without
charging someone with a crime, let
alone obtaining a conviction. Only
nine other states require a criminal
conviction for most or all forfeiture
cases, according to a 2015 report by
our organization, the Institute for
Justice.
Yet California police can circumvent these court protections through
a federal program called equitable
sharing. By collaborating with federal agencies like the Drug Enforcement Administration, local and state
law enforcement can seize property
in collaboration with federal agents
and turn it over to federal prosecutors. In federal forfeiture proceedings, owners do not have to be convicted of a crime to lose their
property. Instead, prosecutors need
only satisfy a far lower standard of
proof: preponderance of evidence
or more likely than not.
Equitable sharing also produces

larger rewards: California agencies
can receive up to 80% of the proceeds from forfeited property.
Under state forfeiture they can only
receive 66.25%, and the rest goes to
the states general fund and local
funds to combat drug usage. From
2000-13, California agencies received
$696 million in federal forfeiture
funds from the Justice Department,
according to our analysis. That $49.7
million each year, on average, is
more than double the $23 million
they acquired through state forfeiture.
Holly Mitchell, a California state
senator, introduced S.B. 443 last
year to strengthen safeguards for
property owners. If enacted, the bill
would prevent local and state agencies from receiving equitable-sharing funds unless a defendant is first
convicted in federal court. It would
also require a criminal conviction
before any seized property could be
forfeited under state law.
Ms. Mitchells bill breezed
through the state Senate 38-1 last
year. Unfortunately, it stalled in the
Assembly. Responding to concerns
by some lawmakers, new amendments would clarify that the legislation would not prevent local and
state agencies from participating in
joint task forces and operations
with federal law-enforcement. Another amendment would waive the
conviction requirement for California agencies to receive equitablesharing funds if a defendant fails
to appear in court, flees the country or dies. A full vote on the
Assembly floor is expected in the
near future.
But the outcome is far from certain. Federal officials at the Justice
and Treasury departments warned
that the legislation would render
California agencies ineligible to
receive federal forfeiture funds,
even those taken from convicted
criminals. Law enforcement groups,
determined to preserve a potent
source of revenue, alleged that losing this money would cripple their
ability to fight crime. In an August
lobbying letter, the California District Attorneys Association claimed
the loss of equitable-sharing funds
would have a devastating impact.
The problem is that civil-asset
forfeiture gives police an improper
financial motivation to seize prop-
erty from both criminals and lawabiding citizens. Moreover, funding

for law enforcement should come
from the legislative process. By
allowing police and prosecutors to
self-finance through forfeiture, lawmakers have outsourced their responsibility to the executive branch,
violating the time-honored doctrine
of separation of powers.
The California bill is the latest
and most significant flashpoint in
the battle against civil-asset forfeiture, but reformers in other states
have faced similarly stiff opposition. Texas lawmakers introduced 13
forfeiture-reform bills in 2015. Only
one passed, and it merely required
the attorney general to publish
information online it already pos-
sesses, according to the Houston

Chronicle. In Oklahoma, a bill introduced in 2015 would have required,
with some caveats, a criminal conviction before forfeiture. But the
Oklahoma Association of Police
Chiefs denounced it, and the bill
never even received a committee
hearing.
But its not all bad news. In the
past two years, more than a dozen
states and Washington, D.C., have
enacted critical reforms. In Minnesota, Montana and Nevada, property
can now be deemed forfeit only
after a criminal conviction. Deepred states like Georgia, Indiana and
Utah have passed requirements that
law enforcement disclose seizures
and forfeitures. The District of Co-
lumbia banned its police from selffinancing through forfeiture, mandating that seized assets be
deposited into the general fund. In
New Mexico and Nebraska, state
civil-forfeiture has been abolished
entirely and participation in equitable sharing strictly curtailed.
California has a chance to again
become a leader in criminal-justice
reform. If Golden State lawmakers
vote to rein in policing for profit,
expect to see pressure mount for
Congress and statehouses across
the country to follow suit.
Mr. McGrath is an attorney at
the Institute for Justice, where Mr.
Sibilla is a communications associate.
Goodbye, Tiger Mom. Hello, Grit-ologist

By Joanna Cohen
had planned to send my 6-yearold daughter, Bee, to day camp

this summer so she can be outdoors, play with friends and eat as
much ice cream as she wants. Now,
though, Im hearing about grit.
Maybe youve heard about it, too:
the concept that gritty qualities
like perseverance are more reliable
predictors of childrens success than
talent or IQ. But if your kid isnt
exactly killing it in the diligence
department, dont worry. Like a
ficus, grit can be grown.
Bees been budding quite nicely,
but an action-packed summer could
end that. So maybe we should forego
the fun and focus on upping her grit
game. Making her sandpaper-esque.
Maybe we need to get serious and
identify what grit-ologists call a toplevel goal. Bees only goal, as she
often says, is to be awesome.
It seems, Im ashamed to admit,
that Ive been going about parenting
all wrong. I havent been working to
unearth Bees inner passion or find
her higher purpose. Ive been letting
her make telescopes out of paper
towel rolls and watch SpongeBob
SquarePants. (Though she does
watch each episode all the way to
the end. Does that earn her any
points on the grit scale?)
Im now told, however, that childhood is about one thing: the future.
Parents must always be prepping for
whats ahead. My job is to make

sure Bee sees life as a marathon not
a sprint. So from here on out there
will be no galloping, no high-speed
skipping and, for Gods sake, no
running backward. If I catch her
doing that, its harness time.
In all seriousness, I can get behind
some of this: Stick-to-itiveness is important, and tanking your SATs
doesnt mean youre doomed. But if
OK, teaching children

stick-to-itiveness is good,
but Im getting burned
out by parenting trends.
you havent guessed, Im burned out
on parenting trends. Ive already
been told how not to talk to my
kids. How to make them the opposite of spoiled. How to be a tiger
mom. Parents are like NFL coaches,
always chalkboarding for the next
trophy.
I dont want Bees little eyes fixed
on the future, her little mind fixated
on fulfilling her potential. Not to
sound hippy dippy: I simply want to
be where we are.
A few years ago, a couple I know
in New York went on a kindergarten
interview at a top private school.
The admissions officer asked what
their 4-year-old daughter wanted to
be when she grew up. Last week

she wanted to be a banana, the father replied. So if she ended up in
a fruit salad shed be very happy.
My husband and I laughed at that
story, but there was something sad
beneath the absurdity.
When I was growing up in New
York during the late 1970s and early
80s, parents were way more relaxed. If my head was still attached
to my body at the end of the day
and Id had a decent snack, we were
good. Im not saying I want to go
back there. At least not to the
muggings and graffiti. But maybe
parents could dial down the assessing and analyzing, measuring and
monitoring; worry less about whats
going to happen and enjoy what is
happening; rely less on advice and
trust more in themselves. Aristotles
parents didnt read a single poppsych best seller, and he turned out
all right.
Maybe Bee wont be sandpapery.
Maybe shell never want to be anything but awesome. But when she
comes home from camp, exhausted
and content, a half-finished lanyard
bracelet on her arm and Fudgsicle
all over her face, heres what Ill say:
A summer day doesnt have to be
gritty to be a success.
Ms. Cohen is a writer in New
York. Her debut novel, Sweet
Child, was published as a Kindle ebook last year.
* ***
OPINION
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
A Rude Jobs Interruption
Is Romneys Criticism of Trump on Target?
resident Obamas election-year cam- years. Fewer Americans were working in May
paign to make Americans feel great than in February, and average weekly hours
about the economy again was rudely in- worked havent budged.
None of this presages an
terrupted Friday by the reality
of the job market. The econ- The labor market finally immediate recession, but it
raise the question of
omy created a dismal 38,000
catches up with slower does
whether this already long exnet new jobs in May, the worst
economic growth.
pansion is nearing the end of
monthly performance since
its tether. The manufacturing
2010. Who are you going to
economy has arguably been in
believe: The President or the
recession for some time, and on Friday the ISM
Bureau of Labor Statistics?
The lousy numbers surprised most econo- non-manufacturing index fell to 52.9 from 55.7
mists, including those at the Federal Reserve in April. Below 50 signals a contraction, so this
who have been talking up a tight labor market is more evidence of a growth downshift.
Wages have finally begun to rise in the last
and hinting at another interest-rate increase
or two. The unemployment rate has been fall- year, albeit at a pace still slow (2.5%) for this
ingit fell again in May to 4.7%but maybe stage of an expansion. Compensation is climbthats because millions of people have left the ing as a share of national income, which is encouraging for worker well-being and consumer
job market in frustration.
The jobless rate declined largely because spending.
But because the economy is growing so
the labor force fell by some 458,000 in May.
As for those still in the labor force, the number slowly and business revenues therefore rise
working part-time who would prefer to have slowly, these wage gains are coming out of corfull-time work but cant find it increased by porate profits. That hurts future business investment, which means slower future growth.
468,000.
The bottom line is that
All of this reduced
theres little reason to
the labor participation
suspect a sustained
rate back down to Leaving the Job Market
economic re-accelera62.6%, compared to Civilian labor force participation rate, age 16 and over,
tion.
63% two months ago. Dec. 2007-May 2016
This puts added
This is the soft under- 67%
pressure on the Fed,
belly of the labor marwhich wants to believe
ket and helps explain 66
it can finally start rewhy so many Ameriturning to more norcans arent buying the 65
mal monetary policy
line that this expanbut has been over-ession is fabulous.
64
timating
economic
The nearby chart
growth every year of
shows the trend in la63
this expansion. Look
bor participation since
for the liberal pundits
the recession began at
to start yelling about a
the end of 2007 when 62
08
09
10
11
12
13
14
15
16 Fed mistake if it
it was 66%. In Februdoes raise rates in
ary 2009 when Mr. Source: Bureau of Labor Statistics
June or July.
Obama first visited
Which brings us back to Mr. Obamas magiElkhart, Indiana as President to tout his economic stimulus, the rate was 65.8%. The aston- cal economic recovery tour. He kicked it off
ishing reality is that this rate has continued to this week with a return to Elkhart, Indiana,
decline for most of this economic expansion. where he touted the areas 4% jobless rate as
The last time the rate was steadily below 63% the recreational-vehicle industry has recovered. He knows his legacy is on the line in Nowas 1977.
One likely explanation for the May slide is vember, and he can read the polls that show
that the job market is finally catching up with that Donald Trump is leading Hillary Clinton
the slowdown in overall growth. The U.S. econ- on who would do better for the economy.
Thus his economic pep talk and attempt to
omy clearly downshifted last fall from its
2%-2.5% range of the last few years, and it rebut what he called myths spread by Repubbarely skirted recession through the end of licans and the conservative media about slow
growth and mediocre incomes. But he doesnt
2015 and the first quarter of this year.
Labor markets are a lagging indicator, and need to blame us. His bigger beef is with Mrs.
the jobs slump may now reflect that slower Clinton and Bernie Sanders, who have spent
growth. The net jobs numbers were revised the last year deploring the economic condition
down for March and April by 59,000, and the of Americas middle class. And as of Friday
average job creation across the last three with his own Labor Department, which remonths is 116,000. Thats a significant decline ported facts that are hard even for this Presifrom the 200,000-plus average of the last few dent to spin away.
Trumps Commander-in-Chief Test
he general election has arrived, and the term architect who bears some responsibility for
tone will not be more elevated than in the tide of global disorder and proliferating
the primaries. Hillary Clinton opened a threats to U.S. security and interests.
The rise of authoritarian
coruscating attack on Donald
He needs more than
powers on the Obama-Clinton
Trumps foreign-policy crediincludes China in the
bility on Thursday, and despite
insults to rebut Clinton watch
Western Pacific, Russia in Euher own weak record, the Reon national security.
rope and Iran in the Middle
publican will need a better reEast. All are bidding to become
sponse than hes mustered.
regional hegemons, and
Mrs. Clinton has identified
Mr. Trumps greatest liability, which is the Com- theyve made substantial gains amid Mr.
mander-in-Chief test. Americans expect their Obamas global retreat.
The Obama-Clinton team overthrew MoamPresidents to possess some knowledge about the
world and the coolness and intellectual gravity mar Gadhafi in Libya but then did nearly nothing
to manage its problems, or try to. Mrs. Clinton to restore public safety. Even discounting the
will argue through November that Mr. Trump terror attack on the U.S. consulate in Benghazi,
this indifference has allowed ISIS to establish a
fails to meet these minimum standards.
The Democrat said Mr. Trump was tempera- beachhead in North Africa.
Speaking of which, the failure to intervene in
mentally unfit to hold an office that requires
knowledge, stability and immense responsibil- Syria has created what former CIA Director Daity; his ideas are dangerously incoherent; and vid Petraeus calls a geopolitical Chernobyl.
all but described a Trump Presidency as an ex- Along with the total withdrawal of U.S. troops
tinction-level event. Her attack scored some from Iraq in 2011, which Mrs. Clinton champipoints because Mrs. Clinton merely had to quote oned, this abdication has created the space for
Islamic State to thrive and swamped Europe
Mr. Trumps own words.
The businessman really did suggest that with refugees.
ISIS did not exist when Mr. Obama took office,
Saudi Arabia and South Korea should be allowed
to obtain nuclear weapons: If they do, they do. and Mr. Trump could gain an advantage by proGood luck, enjoy yourself, folks. He has often posing a better strategy to defeat the jihadists.
seemed to sympathize with or praised dictators The FBI estimates that thousands of Americans
like Vladimir Putin, he did say that maybe Syria may have been radicalized online or overseas,
should be a free zone for ISIS, and he did claim and they could soon perpetrate more attacks akin
to be his own best foreign-policy adviser be- to Paris, Brussels or San Bernardino.
The problem for Mr. Trump in making that
cause I have a very good brain.
Mr. Trump is impulsive and improvisational. case is that he shares many of the same instincts
In his one prepared speech on world affairs he as Mr. Obama about the limits of U.S. internacalled for the U.S. to be more unpredictable, tional engagement. The businessmans America
and he prides himself as a counter-puncher. First philosophy allows Mrs. Clinton to make
These personal qualities may have served him a contrast with platitudes like we need to stick
well in business, but they wont be strengths with our alliesbecause he has in fact promwhen dealing with foreign leaders or making na- ised to rethink core alliances like NATO.
Mrs. Clinton is promoting a center-left vertional-security decisions. Recklessness is not a
sion of the pre-Obama internationalist congood look for a President.
Mr. Trump first responded to Mrs. Clinton sensus about the exercise of U.S. power and
with a Twitter tirade, assailing a Bad perfor- influence. She even invoked American excepmance by Crooked Hillary Clinton! Reading tionalism as an ideal. Recall Mr. Obama in
poorly from the telepromter! She doesnt even 2009 saying I believe in American exceptionlook presidential! At a San Jose rally Thursday alism, just as I suspect that the Brits believe
night, he added that her speech was a hit job in British exceptionalism and the Greeks believe in Greek exceptionalism.
that had nothing to do with foreign policy.
An optimistic view of Americas leadership
Mr. Trumps insult politics succeeded in the
GOP primaries, but now he must appeal to a far role in the world has in the past demonstrated
larger general-election audience. Mr. Trump broad electoral appeal. Mr. Trumps challenge
could answer Mrs. Clinton by prosecuting a is not merely to convince voters to take a risk on
more sustained case, with tangible examples, his candidacy, but to explain why his worldview
against President Obamas conduct overseas. is superior and will produce better results than
Mrs. Clinton as Secretary of State was a key first- Mr. Obamas.
For the Romney clan, this must be

dj vu. During the 1968 primaries,
George Romney, Mitts dad, complained he had been brainwashed
about the U.S. progress in the Vietnam War, and that complaint sank his
presidential campaign. Turns out,
George was more correct than even
he thought. Here we are almost a
half-century later and Georges son
Mitt has destroyed his little remaining credibility with a principled attack
on the presumptive 2016 Republican
presidential nominee (Romneys
Lonely Challenge to Trump, page
one, May 28). In the event that Donald Trump wins in November, we can
only hope Mitts misgivings arent as
prescient as his fathers.
STEVE SLATER
Waterford, Mich.
We owe Mitt Romney a debt for
taking a courageous and unpopular
stand against a man whose ravings
may reveal a far more sinister worldview than many yet suspect. Donald
Trump loudly denounces decent men
and women, often on grounds having
more to do with physical attributes or
political fortunes than wisdom, courage or character. A man who divides
his world into winners and losers
is a character type that the world has
seen before. At other times the labels
variously were divinely favored and
disfavored; masters and slaves;
and bermenschen versus untermenschen. My greatest fear is that
Mr. Trump might not be a bully
merely due to insecurity. He might
believe he is right to bully the unfortunate because they deserve their
misfortune. Nobody seeing the world
that way should be permitted to gain
control of its most potent arsenal.
SAMUEL M. SHAFNER
Sharon, Mass.
ney may not go as far as Newt Gingrich does in calling Mr. Romney pathetic, but were very close. I see his
mean-spirited, hateful and unseemly
tirade against The Donald as sad.
Where was this passion when Candy
Crowley faced him down in the debates in 2012? Where was this
strength of purpose after his first debate when Barack Obama was on the
ropes? Mr. Romneys anti-Trump rhetoric smacks of jealousy and envy,
traits unbecoming to the man we
thought he was. Truly sad and embarrassing, too.
CHARLES CLOWDIS
Sewanee, Tenn.
I am a Democrat, but still I am
heartbroken that so many in the GOP
are siding with Donald Trump. Im
mourning the Republican Party I once
knewone that took the high moral
ground, respected individual liberty
and honored fiscal conservatism. Every day someone he grossly insulted,
from John McCain to Marco Rubio,
abandons his values and cravenly
supports the demagogue. It seems
that the Bush family and Mitt Romney are the only Republicans left
with any integrity. Donald Trump
isnt even a true conservative. His
views, ideas and issues change daily
as he turns our nations contest for
its highest office into a humiliating
reality TV show.
SARA STEVENSON
Austin, Texas
It is a matter of conscience
whether to vote for a man who has
trampled so many of the principles of
kindness, intellect, ethics and preparation that many of us hold very dear
and expect to see in our partys leader
and the potential leader of the free
world. I am with Mitt Romney.
ELAINE LOESER
Chicago
We former supporters of Mitt Rom-
Indictment and a Late Replacement Nominee

Regarding Karl Roves What If
Clinton Gets Indicted? (op-ed, May
19): However right his prognostications, Mr. Rove is off the mark in his
proposition that if Hillary Clinton is
indicted after she is nominated and
certified [i]t could then be virtually
impossible for [Democrats] to win the
presidency outright, especially since
six early-deadline states [including]
Alabama . . . compel electors to support the popular-vote winner.
Mr. Roves proposition is off base.
Most states, if not all, allow political
parties to substitute nominees after
certification. Even with statutory
deadlines for certification, if ballots
havent been printed, the right to
cast an informed and an effective ballot requires that the certified-substitute nominees name appear on the
ballot. Even after the ballots are
printed, political parties may substitute a nominee, and states have an obligation to instruct voters on how to
cast a ballot for that nominee.

As a practical matter, even if Mrs.
Clinton is indicted after she is certified, Democrats may still certify a
substitute nominee whose name may
appear on the ballot, and if its too
late for the candidates name to appear on the ballot, secretaries of state
have an obligation to inform voters
how to cast a vote for such a nominee.
The Democratic Party rules creating superdelegates are likely to be
tested to the breaking point as the
Sanders, Clinton and superdelegates
collide in Philadelphia this July.
On the other hand, if the presumptive Republican Party nominee takes
Republican members of the House and
Senate down with him, perhaps Mr.
Rove will wish to add some superdelegates to the RNC for 2020.
DON E. SIEGELMAN
Oakdale, La.
Mr. Siegelman was governor of Alabama 1999-2003.
Remembering Courage, Appreciating Sacrifice

Prof. Uwe E. Reinhardts beautiful
and poignant The American Dead in
Foreign Fields (op-ed, May 26) on
American military cemeteries brought
back memories of my own visit to
Henri-Chapelle in Belgium the Sunday
of Memorial Day weekend in 1994.
I had visited other military cemeteries before and since (Bastogne,
Normandy, Manila) but nothing
matched my emotions that day at
Henri-Chapelle. It remains one of the
most moving days of my life. It
started when I had to park a mile
from the cemetery along the road
and join the throng of Belgians walking toward the entrance. I had expected a small event and was overwhelmed by the 10,000 or more who
Voting or Not Voting Based

On Ones Moral Principles
I object to a Joseph Ragos statement in The Senate GOPs Trump
Survival Plan (op-ed, May 28) regarding the unfavorable opinions of
three of five Americans toward Hillary Clinton and Donald Trump. Mr.
Rago states, voters must compare
the two and select one.
Voters need not do anything of
the kind. I am ethically opposed to
both candidates and have made the
decision to vote for neither. That
doesnt mean I will not vote. I plan
to vote in Ohios state senate race,
in local races and on ballot issues. I
have asked a number of acquaintances if they would vote for a presidential candidate they were ethically opposed to just to say that
they have voted. I have yet to find
anyone who has told me no, nor
have I found anyone who can adequately explain why. Is merely being
able to say, I voted in every presidential election more important
than standing up for what you believe in? The Greek philosophers
would tell us no.
BETTE SNYDER
Upper Sandusky, Ohio
were present. Most werent of the

wartime generation. The great majority had been born after the war like
me (I was 40 at the time) but came
on a Sunday in May, many with their
children, to pay tribute to the Americans who had died to liberate Belgium and Europe.
Whenever someone denies European gratitude for American sacrifice,
I am reminded of those Belgians at
Henri-Chapelle cemetery.
TERRY A. BREESE
Winter Park, Fla.
I often visit a family butcher shop
in which two pictures hang. One is of
a smiling, handsome Italian-American
young man, taken in the early 1940s
outside the shop, and the other is of
his grave in France. As a professor
myself, I wonder how many of my
students comprehend the debt they
owe him for their freedoms.
PROF. CARL J. SCHRAMM
Syracuse University
Skaneateles, N.Y.
We Had to Destroy the

Village to Save It, Part II
Reading David Jenkinss letter of
May 23 regarding Robert Bryces
An Ill Wind: Open Season on Bald
Eagles (op-ed, May 16) reminds me
of Joe Biden, who in 2009 said: We
have to go spend money to keep
from going bankrupt. Now we have
to kill birds to save them? This logic
comes from the warped minds of
progressiveswhatever justification
is necessary as a means to an end.
HERMAN FIERRO
Hillsboro, Ore.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished
letters can be neither acknowledged nor
returned.
* * * *
OPINION
DECLARATIONS
By Peggy Noonan
his first month of summer

I see movement and nomovement.
No movement: Donald
Trump. Hes like someone
caught in the first act who lurches
into a second acta solid, prepared
speech, a subdued interviewthen
scrambles back to first-act antics.
Its easy to guess hes surrounded by
friends and supporters who know
more is needed than popping off
about Crooked Hillary but are
afraid to mess with his swing. They
fear taking the tang out of his secret
sauce. Another guess: Hes not sure
he can pull off a change of style
hes afraid hell be boring if hes
serious, afraid hell bore himself if
Beltway Republicans
will have to come to
terms with how they
lost Middle America.
he knows what hes going to say next.
So he continues to rant, not to reassure fence sitters. Hillary Clinton
hasnt entered a second act either,
but its partly situational: Shes
trapped in a primary battle. When it
comes to Mr. Trump she tries various
attack linesdivisive, dangerous,
dangerously incoherentto see
what resonates, as they say. She is
plodding, unimaginative, stolid. She
wishes she had secret sauce.
Closer to home I see movement.
Friends whod been for John Kasich
or Marco Rubio now sunnily and
without a headache declare themselves for Mr. Trump. An intellectual
friend, previously disapproving, confided shes for him too. But two
friends who had been early, enthusiastic Trump backers now seem to be
having doubts: Theyve lost their
oomph, talk about him less. Nothings set in concrete this year, not
that anything was.
A central predicament of 2016
continues. GOP elites and intellectual
cadres may be clueless about America right now, but they have an
informed and appropriately elevated
sense of the demands of the presidency. They fear Mr. Trumps temperament and depth do not meet its
requirements. Trump supporters
have a more grounded sense of
America and its problems but too
low a sense of what the presidency
can demand in regard to personal
virtues. If this problem is to be
resolved, it is Mr. Trump who will
resolve it. He shows little interest.
This space said in February that his
political fortunes would hinge on
whether America came to think of
him as a good man and a fully stable
one. It is still true.
The Beltway intelligentsia of the
conservative movement continues to
be upset about Mr. Trumps coming
nomination and claim theyd support
him but they have to be able to sleep
at night. They slept well enough
through two unwon wars, the great
recession, and the refusal of Republican and Democratic administrations to stop illegal immigration. In
a typically evenhanded piece in
National Review, Ramesh Ponnuru
writes of conservative infighting.
Most back Mr. Trump, but others,
especially among conservative writers, activists, and think-tankers,
vow theyll never vote for him. This
debate splits people who have heretofore been friends with similar
views on almost all issues, and who
on each side have reasonable arguments to hand. It is therefore being
conducted in a spirit of mutual rage,
bitterness, and contempt.
Thats witty and trueIve seen
itbut the division is also promising. Too much has long been agreed
on. At some point conservative
intellectuals are going to take their
REUTERS
A Party Divided, and None Too Soon
Donald Trump campaigning in Sacramento, Calif., June 1.

energy and start thinking about how
we got here. How did a party that
stood for regular people become a
party that stood for platitudes regular people no longer found even
vaguely pertinent? During the Bush
administration, did the party intelligentsia muscle critics and silence
needed dissent, making the party
narrower, more rigid and embittered? What is the new conservatism
for this era? How did the party of
Main Street become the party of
Donors Policy Preferences?
An anecdote. Two years ago at a
birthday party for a mutual friend, I
bumped into a hedge-fund billionaire
who turned to me angrily and lashed
out over something Id written that
seemed to him insufficiently conservative. I listened, merely blinking
with surprise Im sorry to say, and
removed myself from his flight path.
Afterward I thought about how he
must have come to view himself. He
is, as I said, vastly wealthy, but also
generous, giving time and money to
think tanks, groups, candidates. He
must view all this, I thought, as a
targeted investment. Maybe he sees
himself as having . . . a controlling
investment. Maybe he thinks he
bought conservatism. I felt in a
sharp new way that my criticisms of
the donor class had been right. Inevitably they see to their own enthusiasms and policy priorities. This was
how the GOP became the party of
We Dont Care What Americans
Think About Illegal Immigration.
Who do those Americans think they
arethey think they own the place?
A great party needs give. It needs
a kind of capaciousness and broadness. On that, the best example of
movement Ive seen in some time is
what I discovered this week: a
sophisticated, rather brilliant and
anonymous website that is using
this Trumpian moment to break out
of the enforced conservative orthodoxy of the past 15 years. It is called
the Journal of American Greatness.
Its contributors ask questions that
need asking and make critiques that
sting.
They describe themselves as
aghast at the stupidity and corruption of American politics, particularly in the Republican Party, and
above all in what passes for the
conservative intellectual movement. Who are they? None of your
damned business. Why? Because
the times are so corrupt that simply
stating certain truths is enough to
make one unemployable for life.
Where they stand: We support
Trumpism, defined as secure borders, economic nationalism, interests-based foreign policy, and above
all judging every government action
through a single lens: does this help
or harm Americans? For now, the
principal vehicle of Trumpism is
Trump.
They explore essential questions.
Whenand whydid free trade become a sacred ritual of the Republican right? They give neoconservatism its intellectual due but explore
the unwisdom of the Middle East
democracy agenda. Neoconservatives seem incapable of learning
from their mistakes or changing
their minds. The contributors hilariously score NeverTrumpers who
claim to be standing at great cost on
principle while others are in the
tank for Mr. Trump: Of all the
opinions that require little courage
to express, opposition to Trump is
the lead one. In the past two decades, they observe, a new conservative intellectual superstructure,
including magazines, journals and
think tanks, was built on the new
base of the Republican Party. It
routinized the production of its
self-justification. But the base no
longer wants the superstructure.
Voters have their own ideas of what
conservatism is.
I contacted JAG by social media
and asked about their work. If we
had to characterize ourselves, we
would like to think that our writing
is informed by a mix of pragmatic
experience and theory. What brings
us together is our dismay at the
stultification of political ideas in the
United States. We see ourselves as
challenging the intellectual rigidity
that has come to characterize, in
our view, so much of what passes
for self-described serious thinking
today.
Their reach and the reactions
theyve received have thus far significantly exceeded our expectations.
Its encouraging theyre doing
what theyre doing, and that there is
a market for it.
How the Yale Halloween Vigilantes Finally Got Their Way

By Zachary Young
icholas Christakis and his

wife, Erika, came to Yale University in 2013 with high
expectations. At Harvard, the couple
had held prominent teaching and
administrative roles. At Yale, Dr.
Christakis, a sociologist and physician, received a laboratory directorship and four appointments; Ms.
Christakis, an expert in early-childhood education, became a seminar
instructor. Two years after their
arrival at Yale, Dr. Christakis and
Ms. Christakis were awarded positions as master and associate master
of Silliman College, Yales largest
residential college. (I attend the university and reside at Silliman).
Nicholas and Erika

Christakis step down
from their administrative
posts, closing a sorry
chapter at the university.
Last week, the Christakises resigned those posts.
Their departure comes as no surprise. For seven months, the couple
has been subject to bullying, harassment and intimidation. They inadvertently became a national media story
last fall and catalyzed a month of
campus protests, prompting Yale
President Peter Salovey to tell minority students: We failed you.
The Christakises encountered a
witch-hunt mentality on a contemporary college campus. It began fittingly
on the day before Halloween, when
Ms. Christakis questioned guidelines
from Yales Intercultural Affairs Committee warning against culturally
unaware or insensitive costumes.
Ms. Christakis reasoned, in an email
to Silliman residents, that students
should decide for themselves how to

dress for Halloween, without the
administrations involvement.
Student radicals of the 1960s
might have recognized her note as a
defense of free expression, but those
days are long gone. Instead, Ms.
Christakis was denounced as a proponent of cultural insensitivity. Irate
students circulated petitions, wrote
editorials and posted social-media
tirades. They scribbled criticisms in
chalk outside the Christakises home
and posted degrading images of them
online. Two student groups demanded their removal from Silliman.
In one incident captured on video,
dozens of students confronted Dr.
Christakis, berating and cursing him,
while a Yale dean looked on. One student screamed at Dr. Christakis: You
should not sleep at night. You are disgusting. Yale College Dean Jonathan
Holloway did not help matters when,
the next day, he offered his unambiguous support for the Intercultural
Affairs Committees guidelines, calling
their intent exactly right.
Though President Salovey rejected
calls for the Christakises firing,
animus for the couple simmered. In
December, a crate appeared outside
their Silliman office containing a
sombrero and a Rastafarian wigthe
sort of Halloween paraphernalia now
taboo on college campuses. In January, a fake email purporting to be
from Ms. Christakis objected to the
administrations safety ban on hoverboard scooters. The couple canceled
teaching plans for the spring.
At Silliman Colleges graduation
ceremony on May 23, several seniors
refused to accept their diplomas from
Dr. Christakis or to shake his hand.
Two days later, the Christakises announced that they would step down
from Silliman. Many students celebrated the news on Facebook.
While the Christakises remain affiliated with Yale and could return to
teaching, their resignations from Silli-
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man had the air of a chapter closing

in one of the more disturbing episodes of modern campus intolerance.
The Christakises made remarkably
unlikely targets for purging by student activists. The couple has a long
record of advocating for minority
students, and the Christakises have
devoted much of their academic
work to highlighting health and development problems facing underserved communities.
In the months since the controversy erupted, the Christakises have
met one-on-one with offended students. They have invited their critics
over for a group lunch to continue
the conversation. Though not always
with success, the Christakises tried to
improve a fraught situation, with little backup from the administration.
We have great respect for every
member of our community, friend and
critic alike, Dr. Christakis wrote in
announcing the couples resignation
from Silliman, effective in July. We
remain hopeful that students at Yale
can express themselves and engage
complex ideas within an intellectually

plural community.
On the evidence of the past year or
so across American campuses, such
hope is becoming ever more beleaguered. With luck, the sorry episode
at Yale will cause students to spend
less time vilifying professors and
more time engaging with their ideas.
Mr. Young, a Robert L. Bartley
Fellow at the Journal this summer,
will be a senior at Yale University in
the fall.
Payday Loans a Crony Capitalist Target

To voters living
comfortably in Cambridge, Mass., or the
suburbs of Seattle,
the payday lending
crackdown sounds
just right: Those
BUSINESS
storefront entrepreWORLD
neurs of dubious exBy Holman W.
traction are preying
Jenkins, Jr.
upon the poor. They
should be banned.
But for the Consumer Financial
Protection Bureau, the creation of
Dodd-Frank which has been busy
demonstrating the dangers of an unrestrained regulatory state, a slogan
that polls well with liberal voters is
only a starting point. The end result
of its new payday rules, like all
Obama regulatory endeavors, is to
concentrate more power in the
hands of Washington lobbyists and
politicians and the companies that
can afford to pay for them.
CFPB director Richard Cordays
1,300-page regulatory edict will require payday lenders, an industry
largely made up of thousands of
storefront operators, to run full
credit checks on prospective borrowers (average loan $392) to test their
sources of income, need for the loan,
and ability to keep financing their
living expenses while paying it back.
Perversely, this will make it hard
or impossible to serve those customers who use the payday lending service most appropriatelywho borrow when pinched but then
promptly repay and dont roll over
their debt. The industry will become
more focused on retaining habitual
users, those who take out loans
many times a year and get caught in
debt traps, continually rolling over
what are supposed to be short-term,
high-margin loans.
The massive record-keeping and
data requirements that Mr. Corday is
foisting on the industry will have another effect: It will drive out the
small, local players who have dominated the industry in favor of big
firms and consolidators who can afford the regulatory overhead. It will
also favor companies that can substitute big data for local knowledge
like, like . . .
Well, like LendUp, the Googlebacked venture that issued a statement Thursday applauding the
CFPB rules. Googles self-interest
has become a recurrent theme in
Obama policy making, not surprising considering a study in April that
found that 250 Googlers had come
or gone from administration employment, and Google lobbyist visits
to the Obama White House vastly
outnumbered those of any other
company.
When the crackdown is

done, the short-term loan
market will still existbut
with new players in charge.
The day the Federal Communications Commission announced its latest regulatory edict directed at the
cable-TV box, much desired by
Google, the company just happened
to have scheduled a demonstration
on Capitol Hill of its own replacement for the cable box. The new
rule, if the FCC can push it through,
would allow Google to capture information about what youre watching
on TV to use for ad-targeting purposes.
Just before the CFPB issued its
proposed payday-lending rules,
Google announced it would banish
ads from traditional payday lenders
from its Google search results and
web services. This received the usual
unthinking applause from tech media mavens, who would perhaps
think differently if they knew Google
intended to compete with payday
lenders. Googles interest is clear: a
regulatory structure that favors its
centralized, big data approach and
influence in Washington, and disfavors the informal, local knowledge of
the mostly small operators who built
the $46 billion small-loan industry.
Promoters of the payday-lending
crackdown have worked hard to
make sure payday lending has an offensive odor in the nostrils of
classes unlikely ever to turn to a
payday lender to get through the
week. But it strains credulity that

the liberal gentry are supplying all
the oomph behind this battle. A new
tax-exempt group, Allied Progress,
popped up last year, started by a
veteran liberal Democratic activist,
and was soon running Debt Trap
Debbie ads against South Florida
Democratic Rep. Debbie Wasserman
Schultz, a Hillary Clinton supporter
and chairwoman of the Democratic
National Convention, because she
opposed the federal governments
bulldozing of Floridas own regulatory regime for payday lenders. Under
the TV onslaught, Ms. Wasserman
Schultz on Friday recanted her opposition.
Ban payday abuse is obviously a
slogan to rouse the liberal voter. But
as with every Washington regulatory
campaign, especially in the Obama
era, a lot more is going on here: Payday lending wont go away. The industry is being reshaped to suit the
interests of players whose strength
is pulling strings in Washington.
Notable & Quotable

From a recently released student
petition at Yale University:
We, undergraduate students in the
Yale English Department, write to
urge the faculty to reevaluate the undergraduate curriculum. We ask the
department to reconsider the current
core requirements and the introductory courses for the major.
In particular, we oppose the continued existence of the Major English
Poets sequence as the primary prerequisite for further study. It is unacceptable that a Yale student considering studying English literature might
read only white male authors. A year
spent around a seminar table where
the literary contributions of women,
people of color, and queer folk are
absent actively harms all students,
regardless of their identity. . . .
We ask that Major English Poets
be abolished, and that the
pre-1800/1900 requirements be refocused to deliberately include literatures relating to gender, race, sexuality, ableism, and ethnicity.
* *****
WORLD NEWS
Paris Braces as Waters in the Seine Rise

River is at highest
level in decades, and
flooding risk widens
PARISThe French capital

was on alert late Friday for
wider flooding and damage after torrential rains around the
country caused the Seine river
to swell to its highest level in
nearly 35 years.
The Seine waterline continued to rise, exceeding predictions and surging to 20 feet by
Friday afternoon. Frances environment ministry revised its
assessment for the peak river
levels, saying it expected the
river to crest at up to 21.3 feet
overnight, over twice its normal height.
The streets of Paris are protected by embankments along
the Seine that can withstand a
rise in the water level to 28
feet, around the record of 1910
when entire neighborhoods
were devastated by weeks of
flooding.
Despite that protection, officials braced as the torrent of
water flowed toward the capital. We didnt expect the level
of the water to rise so much
today, Paris Deputy Mayor
Colombe Brossel said. Mayor
Anne Hidalgos office is planning to keep a crisis cell open
through the night.
Some basements were
flooded in the affluent 16th arrondissement in western Paris,
but there were no plans to
evacuate homes in the capital.
Authorities said that even if
streets dont flood, underground water levels will seep
higher, causing damage that is
hard to predict.
A 74-year-old man was
washed away in floods after
falling off his horse in a town
southeast of Paris, police said
Friday, the second death since
the river started to rise this
week. An 86-year-old woman
was found dead in her flooded
house in a nearby village on
Thursday, and more than
2,000 people have been evacuated from their homes.
Noemie Bisserbe
PASCAL ROSSIGNOL/REUTERS
BY NICK KOSTOV
AND WILLIAM HOROBIN
People on Pont de lAlma in Paris look upon the Zouave statue in the Seine river. Emergency flood precautions are normally taken when waters touch the statues feet.
Louvre Races to Protect 250,000 Pieces of Art

BY NICK KOSTOV
AND STACY MEICHTRY
PARISThe last time the
Louvre museum evacuated
artworks from its hallowed
corridors, Nazi Germany was
preparing to march on France.
This week the museums curators faced off with a different invading force: A surge of
floodwaters, emanating from
the Seine rivers rain-drenched
tributaries south of Paris and
flowing inexorably toward the
capital.
Working through the night,
more than 120 people raced to
ferry thousands of works
from antiquity busts to Islamic
tapestriesto the Louvres upper floors.
Their mission: To clear the
lower halls of the cavernous

museum before the rivers waterline reaches its expected
peak of about 21 feet on Friday.
At that level, incoming river
water combines with the citys
natural groundwater to seep
into basements, underground
parking lots and metro lines
that hug the Seines banks.
Considering the Louvre
boasts one of the worlds biggest art collections, the scramble has taken on epic proportions. Some pieces in the
Louvre havent been handled
for decades, let alone moved.
Under the evacuation plan,
152,000 works will be transferred, a number that could
rise to 250,000 along with the
waters of the Seine.
At this stage we cant tell
you when well be in a position to reopen, Louvre Director Jean-Luc Martinez told reporters on the steps of the
museum. Inside, marble statues competed for floor space
with a sprawl of plastic storage crates bearing labels such
as Artifact 282.
By sealing the museum off
from the tens of thousands of
people who tour its collections
every day, the Louvre is also
forgoing average daily ticket
sales of 225,000 ($256,000).
The Louvre isnt alone.
The Muse dOrsay, a trove
of impressionist masterpieces
nestled along the banks of the
Seine, has also closed its doors
so that vulnerable collections
can be transferred to higher
ground. So did the Grand Pal-
ais, a sprawling complex that

attracts 2.5 million visitors
each year, and the Franois
Mitterand national library.
The greatest danger is that
water infiltrates our stores
and stays there, spoiling and
damaging the collections,
said Guy Cogeval, director of
the Muse dOrsay.
Paris is no stranger to high
water. In 1982, the Seine
reached levels similar to this
week, and the flood of 1910 hit
28 feet, devastating entire
neighborhoods.
In the late 1980s, however,
the Louvre dug itself into a
hole. As part of a Pharaonic
building spree, then-President
Mitterrand ordered an overhaul of the museum, adding a
vast sunken lobby and other
spaces below the ground floor

of the Louvre Palace.
In 2002, the Louvre devised
an emergency flood plan,
which calls for the safeguarding of works within 72
hours of an alarm being raised.
Weve prioritized the most
sensitive areas, the ones nearest to the river, Mr. Martinez
said. For the rest of the museum were waiting and monitoring the level of the water.
The Louvre has moved to
protect its collection before.
In 1938, the Louvre devised
a plan to sneak works out of
Paris as Nazi Germany threatened to breach Frances borders. Many were packed away
with anonymous labeling and
stashed in the countryside, including the Mona Lisa.
Amber Trade Pits Ukraines Illegal Miners Against State

KLESIV, UkraineA simmering conflict over amber
mining, the economic lifeblood
on Ukraines northwestern
flank, boiled over into an
armed skirmish here one recent afternoon.
At the end of March, police
officers loosed a few rounds
from automatic rifles in a
standoff with hundreds of illegal miners. The miners fought
back with a hailstorm of rocks.
The resources belong to
the people, not the cops, oligarchs and politicians, said
Oleksandr Vasilyev, a 42-yearold regional lawmaker and
amber miner.
Illegal amber mining has
become a major test for the
government, which is struggling to overcome entrenched
corruption that sparked two
revolutions in a decade while
waging a nearly two-year-old
war against Russia-backed
separatists in the east.
The countrys trade in amberfossilized resin from
trees that died 40 million
years ago and is prized by
jewelers and artistsis worth
as much as $500 million a
year, officials say, but it gener-
JAMES MARSON/THE WALL STREET JOURNAL
BY JAMES MARSON
Workers at Ukrainian Amber, a state-owned company, make jewelry from the fossilized resin.
ates little revenue for the
cash-strapped government.
Companies that want to
mine legally have to chase signatures from a legion of government officials, including
the prime minister, a process
that can take years. So swarms
of miners without permits
work on sprawling sites
known as klondikes, using
modified car motors to blast

water into the ground and
force amber to the surface.
The miners accuse the police of colluding in a protection racket with prosecutors,
politicians and gangsters. Kiev
has beefed up law enforcement here with veterans of the
conflict in the east, armed
with automatic rifles and man-
ning checkpoints at the entrance to a large amber-mining zone. The miners say the
police often halt the work of
miners that refuse to pay
bribes, while leaving alone
those that pay to work. This
is our land. We are ready to
fight, said Serhiy Abramchuk,
a 40-year-old miner.
Amber mining is the liveli-
hood of tens of thousands in

this deeply impoverished region, a belt of forest and
swamp known as Polissya.
But in the past few years,
the price of amber soared
amid booming demand from
China. Today, in a region
where the average monthly
wage is about $140, a laborer
working with a net or shovel
to gather amber may earn $20
a day, while an owner of a
pump can rake in thousands.
The boom spurred corruption schemes under ousted
former President Viktor Yanukovych. The price for a
ticketunofficial permission
from crooked local officials
and gangstersrose to several
hundred dollars. Higher-ranking officials became involved,
but the system was stable as
profit was kicked up to Kiev,
according to the miners and a
senior security official.
But after the Maidan revolution in Kiev forced Mr. Yanukovych to flee in February
2014,
those
corruption
schemes collapsed, sparking
battles for control.
Bullets flew near Klesiv on
May 9, 2014, when a few
dozen men, apparently led by
a lawmaker from Mr. Yanuk-
ovychs party, showed up brandishing shotguns, AK-47s and

an Uzi submachine gun. Locals
smashed up their cars and
hounded them out of town.
Afterward, the miners
formed a group that in many
ways runs this town. The miners have stocked up on weapons to defend themselves.
We saw that authorities
couldnt protect their own people from bandits, said Andriy
Vedrov, a quick-talking lawyer.
Lawmakers have drafted
legislation that would bring
the work out of the shadows,
simplifying procedures for enterprises and individuals to
rent state-owned land and
then sell licenses to artisanal
miners. The amber could then
be sold to licensed dealers;
buyers currently smuggle it
out of the country.
National and regional authorities have also stepped up
law enforcement. But a new
regional police chief, Serhiy
Knyazyev, said he doesnt have
enough men to police the
thousands of miners.
Its a cancerous growth,
said Mr. Vedrov, the lawyer.
Law enforcers are dealing
with the metastases, but not
the main tumor.
If It Votes to Leave EU, Britains Exit Could Be Swift

BY STEPHEN FIDLER
A U.K. vote to leave the European Union on June 23
would change nothing and
change everything.
On June 24, the country
would still be
BRUSSELS an EU member,
BEAT
even if the government was in
turmoil. While
the ruling Conservative Party
sorted out who would be its
future leaderand therefore
the countrys prime minister
legally everything would stay
the same.
But after the dust settled,
the government would face a
critical question: How quickly
should it pursue a formal exit
from the bloc?
If it went for a quick departure, it would be seen as

swiftly fulfilling the political
orders of the British people;
delaying could be highly unpopular among voters.
But it would face an economic conundrum that the
U.K. Treasury pointed out last
month: a trade-off between
securing a deal as quickly as
possible to reduce uncertainty
in the short term, and securing the best possible deal for
the U.K. to minimize the economic costs of exit over the
long term.
Leave soon, and there
wouldnt be time to negotiate
a favorable deal on post-exit
relations; take the time to negotiate a better deal, and it
would extend the period of un-
certainty for consumers, investors, businesses and banks,

increasing the likely hit to the
economy.
After a leave vote, the U.K.
would immediately enter a
limbo land, on its way out of
the bloc but still legally a
member. It would still have a
vote but its positions on
broader EU policy would have
no standing. The views of British members of the European
Parliament, its diplomats and
politicians on future EU policy
would be largely irrelevant.
For others in Brussels,
there would be a strong incentive to bundle the U.K. out the
door as fast as possible. The
27 other EU governments
would all need to agree on the
exit deal, as would a majority
of the members of the European Parliament. Many would

want to send a message to
other would-be leavers that
exit isnt an attractive option.
Leave means leave, said
one prominent MEP this week,
saying his view reflected that
of many senior politicians in
his party grouping.
A British exit would be a
disaster for both sides but it
would be worse for the U.K.
We will show that leave is a
mistake, he said.
One decision is absolutely
in Londons hands: when to
begin the process of withdrawal by invoking Article 50
of the Lisbon Treaty. That envisions two years of negotiations over exit arrangements,
which can be extended only by
agreement of all 28 governments.

Prime Minister David Cameron said he would invoke the
article immediately. But he is
unlikely to be prime minister
for long if the vote goes
against his recommendation to
stay. And some supporters of
leave argue the government
should bide its time before
triggering Article 50, at least
to figure out what it wants to
achieve in the negotiations.
The
exit
agreement
wouldnt be the only issue on
the agenda. Preparations
would have to start over the
U.K.s new trade relationship
with the bloc and over what
London wants in new trade
ties with the rest of the world.
The U.K. could conceivably
leave the EU without having a

trade deal with the bloc, which
could come later or not at all,
and it is unlikely to have even
embarked in earnest on trade
agreements with non-EU countries. These processes are going to take years, probably
more than a decade, to conclude.
But an exit could well take
place faster than many people
now believe is likely. Caution
suggests the U.K. should take
time before it formally steps
out of the bloc. However,
other factorsBritish politics,
the wish to reduce the period
of economic uncertainty and
the desire of the rest of the EU
to move onsuggest that fateful date may be sooner rather
than later.
CITY NEWS A14, A15 | OPEN HOUSE A16 | HEARD & SCENE A17 | ARTS & ENTERTAINMENT A17
SPORTS THE NEWEST KNICK A18
METRO MONEY HUNGRY FOR SUCCESS A14
WSJ.com/NY
>
* * * * **
One tenant sued to get

what she was promised
in exchange for moving:
a first-floor apartment
BY JOSH BARBANEL
Julie Collins agreed in 2006
to leave her modest, rent controlled-apartment in a building
on West 57th Street in Midtown Manhattan to make way
for the luxury apartment tower
known as One57.
In exchange, she took a cash
buyout and a walk-up unit on a
high floor of an Upper West
Side brownstone. The deal included a promise that she
could move to a lower floor
when an apartment became

available.
Ten years later, Ms. Collins,
69 years old, is still waiting for
that lower-floor apartment.
Her experience shows the
lengths that developers sometimes go to clear sites for gigantic towersand how those
plans can go off track.
By all accounts, the developer of One57, Extell Development Co., honored the terms of
the agreement it made with
her. But a few years after Ms.
Collins moved, Extell sold the
brownstone to Steven Croman,
who has battled Ms. Collins
and her lawyers for three years
in court.
A prominent Manhattan
landlord, Mr. Croman was ar-
rested and charged in an unrelated criminal case last month

with filing false statements to
obtain loans on some of his
buildings. He also was accused
in a civil case of harassing
rent-regulated tenants to try to
get them to leave their apartments. Mr. Croman had denied
any wrongdoing.
In March, Manhattan state
Supreme Court Justice Cynthia
S. Kern ordered Mr. Croman to
pay $124,350 to cover Ms. Collinss legal fees, while the final
details of a renovation promised long ago by Extell were
being worked out.
Mr. Croman used the judicial system to force this elderly
lady to climb four flights of
stairs for years, while the first-
floor apartment was empty

without any rhyme or reason,
said Adam Leitman Bailey, who
represented Ms. Collins. This
is a gross injustice, even
though we prevailed.
A spokeswoman for Mr. Cromans real-estate company,
9300 Realty, said it respected
the courts decision.
Since the judgment, we
have gone above and beyond
our contractual obligations to
work with Ms. Collins to renovate and deliver the new apartment to her taste as promised
by the previous owner of the
building, she said.
Asked about the dispute, a
spokesman for Extell said: It
was a good binding agreement
Please see TOWER page A14
STEVE REMICH FOR THE WALL STREET JOURNAL
Tower Deal Brings a Fight
One57, the residential skyscraper that Julie Collins made way for.
Debate Heats Up
Over Gambling
For North Jersey
BY KATE KING
Geary Saddler records the location of books recently filed in the New York Public Librarys new storage facility beneath Bryant Park.
Reference Books Back in the Stacks

BY JENNIFER SMITH
A Bunker for Books

NEW
YORK
PUBLIC
LIBRARY
In the late 1980s, the library excavated two

storage spaces under Bryant Park. The lower one,
only now being deployed, is being stocked with
1.5 million reference volumes.
brarys four research facilities.

Once the lower-level space
is fully loaded, Mr. Kelly said,
the library will be able to handle more than 90% of reference material requests on-site.
The location of those items
has been a sore point since
2012. That was when the library began moving forward
with a controversial plan to
install a circulating library on
the site of the century-old
book stacks that support the
Rose Main Reading Room.
Library officials said those
stacksseven tiers with metal
shelving that occupy the heart
of the beaux-arts building
lacked adequate temperature,
humidity and fire-safety controls to safely store books and
materials from its collection.
Removal of those materials
from the stacks became a rallying point for academics,
preservationists and others
Please see BOOKS page A14
RUTHERFORD, N.J.After a
bitter battle over a proposed
state takeover of Atlantic City,
supporters of a gambling expansion are ramping up efforts
to convince voters to allow two
new casinos in the northern
part of New Jersey.
Lawmakers agreed in January to allow a ballot referendum this fall on a proposal to
expand casinos into northern
New Jersey.
Gambling parlors are restricted to Atlantic City, and
some fear the citys financial
problemsand the lengthy, acrimonious debate over how to
keep it out of bankruptcymay
have soured the states voters
on casinos.
I think its going to be extremely difficult to pass gaming
in northern New Jersey, said
Senate
President
Steve
Sweeney, a Democrat. People
are seeing whats going on with
gaming and looking at all the
problems and reading all the
headlinesand saying, Is that
really what we want for our
town?
Mr. Sweeney, a co-sponsor of
the proposed constitutional
amendment to allow gambling
in northern New Jersey, said he
isnt giving up yet on the Nov.
8 referendum. On Friday, he attended a rally in support of the
expansion in Rutherford, near
the Meadowlands site where
New York real estate mogul Jeffrey Gural wants to build a $1.3
billion casino in partnership
with Hard Rock International.
Mr. Gural, who operates the
Meadowlands racetrack, said he
suspended his plans for a public campaign in support of the
referendum while lawmakers
spent the last five months debating a financial rescue package for Atlantic City.
All you were reading were
these dire predictions of doom

from Atlantic City and we
werent going to be able to
counter that, Mr. Gural said.
Last week, Gov. Chris Christie, a Republican, signed legislation that gives the city, which
opposes a state takeover, until
October to balance its budget.
Now that the Atlantic City legislative battle is over, weve
been able to go on the offensive, Mr. Gural said.
Mr. Gural said he is planning
an aggressive social media and
public campaign ahead of the
November election, but doesnt
know yet how much he will
spend.
Its going to be
extremely difficult
to pass gaming in
northern Jersey.
Lawmakers and business
leaders from southern New Jersey have said they would vigorously lobby against the referendum, which they fear could
devastate the regions economy
if approved.
Assemblyman Chris Brown,
a Republican who represents
Atlantic City, said he has already begun working with
southern New Jersey chambers
of commerce to organize an opposition effort. As for financing, the campaign plans to raise
as much as we can for social
media messaging, public town
halls and television advertisements, he said.
Were going to point out to
families in New Jersey that approving casinos in north Jersey
will not solve any problems, in
fact it will only exacerbate the
competition with Atlantic City,
Mr. Brown said.
Supporters of the expansion
Please see CASINO page A14
The reference books are

back at the New York Public
Librarys Fifth Avenue flagshipthough not all of them,
and not in the historic stacks
where some advocates say
they belong.
Their new home: a freshly
kitted-out repository 27 feet
below Bryant Park. Library officials say researchers can receive materials there within
45 minutes of a request.
Last week workers were
busy shelving some of the 1.5
million research items being
moved there from an off-site
facility in Westchester County.
The new space is one of two
climate-controlled storage areas underground that together
can hold up to 4 million books
and other reference materials.
Both were excavated in the
late 1980s as part of a plan to
expand on-site storage for the
librarys collection, which now

includes about 45 million research items. While the top underground space has been in
use since the 1990s, the lower
level remained unfinished until
last year, when the library be-
80
The Very Divergent Paths of Baseballs Two Oldest Players
Real Feel
9 a.m. 73
5 p.m. 79
Record High
99 (1925)
PARTLY
SUNNY
Sunrise/Sunset
5:26 a.m./8:24 p.m.
Sundays High
72
N.Y. Sports Lineup

4:10 p.m.
Saturday
Mets @ Marlins
7:15 p.m.
Saturday
Yankees
@ Orioles
For N.Y. sports coverage, see A18
Together, the two

levels of the
Milstein Research
Stacks comprise
roughly 100,000
square feet of
storage
Lower Milstein: 27 feet below

the park, opening 2016
Note: The storage spaces are named for Abby and Howard Milstein, library donors who
contributed $8 million to the renovation.
Source: New York Public Library
BY BRAD LEFTON
Bartolo Colon and Ichiro Suzuki dont appear to have much
in common. Colon, the Mets
pitcher from the Dominican Republic, is known for his casual
approach to the game and his
spherical dimensions. Ichiro,
the outfielder from Japan, is
famous for being arguably the
greatest contact hitter in baseball history and for his ageless
physique.
But Colon and Ichiro, who
will meet Saturday in Miami
when the Mets take on the Marlins, are linked in at least one
remarkable way: They are the
only active major leaguers with
birthdays in 1973Colon on
May 24 and Ichiro on Oct. 22.
Playing baseball professionally beyond 40 is substantial in
itselfonly five others have
done it this season. To have
gan a $23 million renovation.

As a result, the library will
now have 1.5 million volumes
on each level, and capacity
for another million over the
next several years, said William P. Kelly, director of the li-
Old Timers | Bartolo Colon and Ichiro Suzuki

The only active major-league
baseball players born in 1973
Colon made his MLB debut
in 1997; Ichiro arrived in 2001
They have faced each other
107 times in the regular season
two players achieve such longevity with styles and physiques as disparate as Barney
Rubble and Mikhail Baryshnikovthey are separated by
just 151 days at birth, but a
whopping 115 pounds of girth
is a wonderful juxtaposition
that fans should cherish while
they still have the chance.
Colon recalls being surprised by what his fellow
quadragenarian could accomplish with his pencil-thin
Ichiro owns a .274 career

batting average against Colon,
with 29 hits and just one walk
Says Ichiro: Certainly, you
dont see a physique like that
in Japanese sports, aside from
golf and sumo.
frame when Ichiro hit a home
run off him in 2003. It wasnt
so much the pitch, but what he
did with it, Colon said. You
look at him and hes really
skinny, not someone you would
expect to hit home runs.
Ichiro has been equally surprised by Colon. Certainly,
you dont see a physique like
that in Japanese sports, aside
Please see COLON page A18
Wright lands on the DL.... A18
REUTERS
TODAYS
HIGH
Weather
U
Upper
Milstein: 17 feet below
tthe park, opened 1991
Ichiro Suzuki leads off first base as Bartolo Colon delivers a pitch
in 2012, when Ichiro played for Seattle and Colon for Oakland.
* *****
TOWER
ADRIENNE GRUNWALD FOR WSJ
NEW YORK CITY MUNICIPAL ARCHIVES
Continued from page A13

and she is getting the right
that she is entitled to.
Ms. Collins moved to New
York in 1970 and lived for more
than 30 years in a fifth- floor
apartment at 153 W. 57th St. In
2004, Extell paid $6.15 million
for the building as it assembled
the One57 site.
About the same time, Extell
bought two adjacent row
houses on West End Avenue
near West 90th Street. It renovated one of them and eventually placed Ms. Collin there
along with two other Extell
buyout refugees. They had
taken buyouts to make way for
an Extell project on the Upper
West Side.
The 17-page agreement
signed by Ms. Collins and Gary
Barnett, Extells president,
showed the lengths that Extell
went to meet Ms. Collinss
needs. One page spelled out
renovation specifications, including the installation of a loft
bed.
Extell gave Ms. Collins
$600,000 in cash and said it
would charge her $388.73 a
month for a rent-stabilized
apartment, according to the
agreement filed in court. The
agreement also included two
pages laying out Ms. Collinss
right-of-first refusal when a
lower-floor apartment became
available.
After watching new tenants
move into the first-floor apartment, Ms. Collins wrote to her

landlord; when he didnt respond, she sued. In April 2013,
Justice Kern granted a preliminary injunction barring Mr.
Croman from renting the
apartment to anyone else.
Mr. Cromans lawyers argued Ms. Collins wasnt entitled to a new apartment because she had violated her
lease by annoying neighbors by
pounding on her ceiling to
complain about noise. It also
said she ran a massage therapy
business out of her home.
Justice Kern rejected both
claims. Mr. Cromans company
soon sent a letter to Ms. Collins
offering her the apartment and
giving her 15 days to accept or
reject it. The judge then ruled
that she was no longer entitled
to the apartment, since she had
turned the letter over to her
lawyers rather than accepting
the offer within 15 days.
But Justice Kerns decision
was overturned last year by a
three-judge appellate panel. It
said the letter, sent in the middle of litigation and after Mr.
Croman had breached the
promise made by Extell, wasnt
sufficient to trigger Ms. Collinss right-of-first refusal under the original agreement.
After all the delays, Mr. Bailey said Ms. Collins expected to
move to her new apartment in
the next couple of months: We
are expecting that she will be
able to have her new home
very soon and live happily ever
after.
153 W. 57th St. in the 1980s, left. Julie Collinss brownstone, right.
CASINO
said they were heartened by a
Monmouth University poll released this week that found
voters are split, 48% to 48%, on
whether to allow casinos in
northern New Jersey. Previous
polls showed a majority of voters opposed to allowing casinos
outside Atlantic City.
Mr. Christie, who brokered
the deal to allow a referendum
on a gambling expansion, said
on Wednesday that he hasnt
decided whether he will campaign in support of it. The fight
over a state takeover of Atlantic City put the referendums
chances for success at almost
a complete flat line, Mr. Christie said last week.
Supporters of northern casinos have tried to frame the
proposed expansion as advantageous to Atlantic City, saying
the city stands to gain up to

$200 million a year in redirected tax revenue from the
new casinos. But opponents
doubt that Atlantic City would
get that much, or that it would
make up for the blow caused by
the increased competition.
All it would do would be to
ameliorate, on a short-term basis, the cash hemorrhaging,
said Steven Perskie, a former
chairman of the state Casino
Control Commission. North
Jersey casinos are the single
greatest threat to Atlantic
Citys future.
A Fitch Ratings analysis released Thursday said the expansion of gambling in northern New Jersey could cause up
to four Atlantic City casinos to
close.
Mr. Sweeney said he believes
northern New Jersey casinos
would more likely compete
with casinos in New York and
Pennsylvania than those in Atlantic City.
2016 Porsche Cars North America, Inc. Porsche recommends seat belt usage and observance of all traffic laws at all times.
PETER FOLEY FOR THE WALL STREET JOURNAL (2)
CITY NEWS
Inside the Battle of Teen Startups

At the semifinals of the
the Taste teens were joined
Junior Achievement of New
at the finals by their corpoYorks Ninth Annual Business rate mentors, Ryan Ingrasin
Plan Competition, the team
and Carlyn Tomares from
to beat, it seemed to me, was marketing and communicathe crew from the Leadership tions firm Edelman. They had
& Public Service High School
spent six Thursday afterin lower Manhattan.
noons at the Edelman
The teens were
offices in Soho, powcharming and had a
wowing with the exgreat startup idea.
ecutives, scarfing graTaste, their dating
nola bars and refining
app, pairs folks by
their strategy.
food preference and METRO
Now, Mr. Ingrasin
suggests restaurants MONEY
was as nervous as the
ANNE KADET students and sounded
for dates.
Their clever logo:
awed by his team. At
a pizza-shaped heart.
their age, he said, I
Everybody loves pizza, and
was way more invested in soa heart symbolizes love, and
cializing and sports and
pepperoni is delicious! says
hanging out with my friends.
15-year-old Amanda Oz,
Goofing off!
Tastes chief information offiThe teens, meanwhile,
cer.
were buzzing about the
At the semifinals, the
judges. Theyre tough,
sleep-deprived students gave tougher than at the semifia smooth presentation to the nals, Endi observed.
judges, complete with a
One in particular stood
funny introductory skit, fiveout: Scott Gerber, the CEO
year marketing plan and deand co-founder of Communitailed cost analysis. Projected tyCo, was grilling the teens
third-year profit: $4,087,500.
without mercy, poking into
Sure enough, they made it their customer-acquisition
to the finals.
strategies and marketing
Its a big honor. More
plans. He told one team that
than 125 teams from local
its cost assumptions seem a
public schools entered the
little insane.
competition this year; only
There are plenty of opsix advanced to the final
portunities for people to codround in the Midtown offices dle them, he says. This
of global investment firm
shouldnt be one of them.
KKR to compete for more
The competition was also
than $14,000 in prizes.
intense. Students from the
The Taste team members
Bronx High School of Science
had a week before the final
pitching an event-listings app
round to tweak their presenpresented in-depth market
tation. CEO Kayleen Pea reresearch on the New York affined the financials. CFO Endi ter-school scene.
Trimi updated the pitch deck.
The Kings Park High
Meeting after school, they School team had a planneddiscussed who might win.
obsolescence strategy for its
They were the definite unbracelet that translates muderdogs. Like Amanda, all the sic into vibrations for the
teammates are 15-year-old
deaf.
sophomoresa year or two
The Taste team was last
younger than most of their
to present, and the students
competitors.
nailed it. The audience
But their adviser, Gena
laughed in all the right
Zaiderman, risked a predicplaces. Kayleen, the chief extion: I think its going to be
ecutive, smoothly fielded
us.
questions about partner acWhen the big day arrived, quisition. They concluded by
Members of the Taste team huddle with corporate mentor Ryan

Ingrasin, top. Endi Trimi, the teams chief financial officer, above.
chanting their tag line in unison: Love is Just a Taste
Away!
The judges took forever to
deliberate. The room went
quiet. Endi doodled on his
program. Larissa Richard, the
chief marketing officer, commented on the weather.
Finally the judges reappeared, and JANY President
Joe Peri took the podium to
announce the winners. Third
place went to Commack High
School, for its museum tourguide app.
But if every school

had kids like you,
every school would
be better off.
Second place went to the
bracelet inventors.
And the winner of this
years Business Plan Competition intoned Mr. Peri.
Kayleen grabbed Endis
wrist.
The Bronx High School of
Science!
Everything after that was
a blur. JANY Program Direc-
tor Rishabh Kashyap whisked

the Taste team into a conference room and gave the students a $100 gift card.
Mr. Gerber, the judge, offered felicitations. Could
your financials be better?
Sure! Could your ideas be
sharpened? Sure! But if every
school had kids like you, every school would be better
off.
Ms. Zaiderman consoled
the team, hugging one student who was especially upset. Its OK, she said,
Youre crying because youre
passionate. It was a hell of a
journey!
The students were largely
silent.
If we won first place, I
was going to buy a laptop,
but you cant buy a MacBook
for $100, Amanda said.
Maybe an HP, was Larissas sardonic reply.
But in true entrepreneurial fashion, Mr. Ingrasin, the
mentor, was already eyeing
the next challenge. These
people were all seniors and
juniors, and youre sophomores, he reminded them.
You guys are going to crush
it next year!
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opposing the plan, which was
ultimately scrapped in 2014.
The library is now moving
ahead with a $300 million
project to renovate the landmark Stephen A. Schwarzman
building on Fifth Avenue and
the circulating library across
the street.
The new plan, led by the
Dutch architecture firm Mecanoo, wont address the central
stacks. Library officials say
they would cost about $47
million to retrofit, more than
twice the cost of the underground expansion.
Meanwhile, they will be
used as swing space to house
books during the gut renovation of the circulating library.
When you have stacksit
seems silly not to utilize the
space, said Theodore Grunewald, vice president of the
Committee to Save the New
York Public Library. The group
opposed the prior plan and
questions whether upgrading
the central stacks would be as
costly as the library says.
More than 300,000 volumes
now remain elsewhere in the
Fifth Avenue building. About
2.5 million books were removed from the central stacks
in 2012 and 2013, according to
BOOKS
In the New York Public Librarys reopened stacks, reference books are organized by size, not subject.
library officials.
Once in Westchester, the
relocated items were barcoded. About 1 million of the
most used were swapped out
with less-requested items
from the existing space under
the park.
The librarys collection department then reanalyzed the
off-site volumes. The most requested would go to Milstein
II, the new storage area.
The balanceabout 1 million volumes, including 19thcentury books, manuscripts
and the likewere sent to a
repository in Princeton, N.J.,
that now holds 5 million items

from the librarys collection.
Library officials say those
books can be delivered in
about one business day, if requested before 2:30 p.m. Most
are available digitally.
Charles Warren, an architect and president of the Committee to Save the New York
Public Library, said it was insanely shortsighted that the
library was moving forward
with the new plan without addressing the central stacks.
Still, Mr. Warren said he
was heartened that some materials were returning to Fifth
Avenue.
Sally Webster, a retired
City University of New York
art-history professor who is a
member of the librarys Researcher Advisory Group, said
the library has made goodfaith efforts to address their
concerns as it wrestles with
broader questions about its
future role.
The New York Public Library, like others, is in the
midst of an enormous transition between print and digital, said Ms. Webster. The
challenge is to find that sweet
spot.
* * * * * *
CITY NEWS
BY LESLIE BRODY
The high-profile principal of
a troubled Brooklyn high school
on Friday criticized what he
called a false allegation against
him by the city.
The principal, Michael Wiltshire, said he followed proper
protocol in reporting an incident last December in which a
student claimed that a boy and
girl had sex in a locker room.
Dr. Wiltshire said he spoke with
the girl and that she denied any
sex took place.
He said his office provided
her written testimony in an official report to the city Department of Education the same
day he heard about the incident. This report, reviewed by
Michael
Wiltshire, the
principal of
Boys and Girls
High School in
BedfordStuyvesant
The Wall Street Journal, is
dated Dec. 18 and said the alleged incident occurred on Dec.
14. According to the department, Dr. Wiltshire failed to report it within 24 hours of the
incident.
We have clear reporting
procedures to ensure incidents
and misconduct are thoroughly
addressed, a department
spokeswoman said. Were reviewing this case and discipline
is pending.
Dr. Wiltshire is the principal
of Boys and Girls High School,
which Mayor Bill de Blasio has
cited as an example of how
low-performing schools can
benefit from strong leadership.
Schools Chancellor Carmen
Faria recruited Dr. Wiltshire in
2014 to fix Boys and Girls while
he continued to run the nearby,
high-achieving Medgar Evers
College Preparatory School.
Earlier this week, Ms.
Faria praised Dr. Wiltshires
work at Boys and Girls, saying
he has done a great job stabi-
lizing the building.

Dr. Wiltshire has proposed
moving the overcrowded Medgar Evers into the largely
empty Boys and Girls campus.
The co-location idea has drawn
opposition from some parents
at both schools.
The publicity around the investigation, which was intended to be confidential, is unfairly overshadowing the gains
at Boys and Girls, Dr. Wiltshire
said.
I dont think I want to work
for the DOE any longer, he
said. Ive been a principal for
15 years. For this to be a blemish on me, it is wrong.
In addition to speaking with
the girl involved in the Dec. 14
matter, Dr. Wiltshire said he
discussed it with the girl with
her mother present and in a
subsequent meeting with the
mother. A school safety agent,
who works for the city police
department, was in attendance
at one of those meetings, he
said.
The girls testimony indicated that the boy made a sexual threat to her that day at the
gym and she ran away. She repeatedly said that no sex took
place, Dr. Wiltshire said. The
mother took her daughter to a
doctor for reassurance and believed that no sexual activity
had taken place, he added.
The girls mother said in an
interview the school handled
the matter well and that her
family thought it was settled
nearly six months ago. She said
the incident was totally blown
out of proportion in a tabloid
news account Friday morning,
upsetting her daughter. She
was a basket of tears, the
mother said.
Dr. Wiltshire said that the
Department of Educations handling of the matter, conducted
by its Office of Special Investigations, should itself be scrutinized. Either people at OSI are
highly incompetent or this is a
witch hunt, he said.
The department spokeswoman didnt respond to a request for comment on his criticism.
MIKE SEGAR/REUTERS
Principal Rejects
Citys Accusation
First lady Michelle Obama receives an honorary doctorate of humane letters from City College of New York Chancellor James B. Milliken.
First Lady Calls Out Name-Callers

BY THOMAS MACMILLAN
Giving her final college
commencement address as
first lady, Michelle Obama
warned City College of New
York graduates on Friday
against following leaders who
demonize immigrants and seek
to divide people with walls.
She didnt mention the
name of Donald Trump, the
Republican presidential candidate who has called for a ban
on Muslim immigration and
announced plans to build a
wall between the U.S. and
Mexico.
The Trump campaign didnt
respond to a request for comment.
Mrs. Obama spoke at the
commencement ceremony for
3,848 graduates of City College, in Harlem, the oldest
branch of the City University
of New York.
This is my last chance to
share my love and admiration

and hopefully a little bit of
wisdom with a graduating
class, said Mrs. Obama.
She said she chose City College for her final commencement address because, with
students from 150 countries
who speak more than 100 languages, it embodies the hopes
of the country.
Mrs. Obama said that
Americas diversity, what she
called the matchless alchemy
of our melting pot, has made
it the most prosperous nation.
Unfortunately, graduates,
despite the lessons of our history and the truth or your experience right here at City
College, some folks out there
today seem to have a very different perspective, Mrs.
Obama said. They seem to
view our diversity as a threat
to be contained, rather than as
a resource to be tapped.They
act as if name-calling is an ac-
ceptable
substitute
for
thoughtful debate.
Mrs. Obama said that traveling to dozens of countries as
first lady has shown her the
dangers of rejecting diversity.
I have seen what happens
Ms. Obama said

Americas diversity
has made it the most
prosperous nation.
when ideas like these take
hold. I have seen how leaders
who rule by intimidation, leaders who demonize and dehumanize entire groups of people, often do so because they
have nothing else to offer.
Mrs. Obamas comments
against building walls drew
applause from the audience.
Here in America, we dont
give into our fears, she said.
We dont build up walls to

keep people out, because we
know that our greatness has
always depended on contributions from people who were
born elsewhere but sought out
this country and made it their
home.
Mrs. Obama singled out
several graduates of City College for praise, including the
salutatorian of the class of
2016, Orubba Almansouri, an
immigrant from Yemen.
The visit came amid tensions at CUNY over costs and
finances. Groups of students,
faculty, and liberal advocates
have called for an increase
CUNYs public funding, saying
its resources are scarce.
The faculty union has been
locked in a battle with the
school administration over its
contracts, which have been expired for some five years, and
has called on the state and
city to help.
Fireworks Will Return to East Side

BY MARA GAY
LONG ISLAND
Man Found Guilty

Of Toxic Dumping
A state judge on Friday found

a Suffolk County businessman
guilty of environmental crimes
related to the illegal dumping of
toxic construction debris.
State Supreme Court Justice
Fernando Camacho found Ronald
Cianciulli, 49 years old, guilty of
reckless release of a hazardous
substance and operating an illegal solid-waste management facility, among other charges, ac-
Spectators view July Fourth fireworks along the East River last
year. The Macys-sponsored show will return there this year.
is right where they belong.
Councilman Corey Johnson,
a Democrat who represents
portions of Manhattans West
Side, said he had conflicting
feelings.
I am sad because watching
the fireworks over the Hudson
River from neighborhoods all
along the West Side is a beautiful summer experience. But I
am extremely pleased that
there will be less trash, less
crowds, less drunk people, less
overflowing trains and traffic.
Councilman Steven Matteo,
a Republican representing
Staten Island, was decidedly

displeased.
Last I checked, Staten Island is part of New York City,
he said. It would be nice if
the event organizers recognized that fact and allowed Islanders to participate in this
great citywide celebration of
our nations birthday from
their own borough, instead of
having to search for an MTA
vending machine to buy a
MetroCard, then take a train
to the ferry to another train in
order to scramble for a spot to
view the fireworks from a
Manhattan street, he said.
cording to the Suffolk County

district attorneys office.
Mr. Cianciulli operates Atlas
Asphalt, a construction firm in
Deer Park, N.Y.
John Carman, Mr. Cianciullis
lawyer, said the verdict was
shocking because while Mr.
Cianciulli was a close associate
of someone involved, the evidence didnt support a felony
conviction.
Mr. Cianciulli is scheduled to
be sentenced on Aug. 9.
Corinne Ramey
The two students, diagnosed

with meningitis B during the
spring semester, have both recovered.
Meningitis is an infection of
the lining of the brain and spinal
cord and can cause high fever,
headache, a stiff neck and a rash.
Associated Press
NEW JERSEY
Officials Recommend
Meningitis Vaccines
Health and college officials are

urging all incoming and returning
Rutgers University-New Brunswick undergraduates to take additional meningitis vaccinations after two students contracted the
disease this year.
STATEN ISLAND
Police Arrest Two

In Assault on Priest
Police said they had arrested

two men, Kerry Pack and
Antwine Lucas, for the armed
robbery, beating and carjacking
of a priest outside a Staten Island church.
Rev. Marc Roselli was accosted as he got out of his car
at around 5 a.m. Thursday. There
was no immediate information
on attorneys who could comment on the defendants behalf.
Associated Press
Photo by Deborah Samuel from PUP, published by Chronicle Books www.chroniclebooks.com
Greater
New York
Watch
THE PLEDGE
MOMENT EDITORIAL/GETTY IMAGES
New York Citys Fourth of

July fireworks display will return to the East River this
year, Mayor Bill de Blasio and
the shows organizers said on
Friday.
For the third year in a row,
residents in parts of Manhattan, Queens and Brooklyn will
have a front-row seat to the
show, which city officials describe as the nations largest
Independence Day fireworks
display.
In 2014, Mr. de Blasios first
year in office, he announced
that the Macys Inc.-sponsored
show would return to the East
River after five years on the
Hudson River.
Mr. de Blasio, a Democrat
who lived in Brooklyn before
moving to Gracie Mansion in
Manhattan, had long called for
the show to return to the East
River because, he said, it
would be seen by more New
Yorkers there. This year marks
the shows 40th anniversary.
Fridays
announcement
prompted the annual round of
delight from elected officials in
parts of the city with a direct
view of the display, and groans
from those without it.
Brooklyn Borough President
Eric Adams said the East River
If you are ever trapped under a

ton of rubble, I promise to sniff you out.
I promise to be worth every cent of the $10,000
that it took to train me.
I promise to ignore all other more fascinating smells
and concentrate on the scent of live humans.
I promise to go about my work with a wagging tail,
even if my paws get sore.
I promise never to give up.
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* *****
OPEN HOUSE SATURDAY

IF YOURE
BROWSING FOR
A HOME...
$1.3 million
PETER FOLEY FOR THE WALL STREET JOURNAL (6)
133 Skyline Drive

This home has four
bedrooms, two bathrooms
and a half-bath. There is a
balcony off the master
bedroom and the dining
room has sliding doors that
lead to a deck. Other
features include two
fireplaces, large windows
throughout and hardwood
floors. The property has a
two-car garage.
Year Built: 2005
Square Footage: 2005
Lot Size: 15.37 acres
Property Plus: Lots of land
Property Minus: A drive to
shopping and the train station
Listing Date: May 19
Listing Agent: Joyce
Fillebrown of Coldwell Banker
Real Estate LLC
Open House: By appointment
Warm-Hearted Cold Spring

A historic village in the Hudson Valley embraces newcomers, business and the great outdoors
A picturesque view of the Hudson River, top. Collectibles inside Cold Spring Antiques Center, above.
stores on the strip, and the
central shopping area and its
nearby 19th-century homes
are on the National Register of
Historic Places, keeping new
development at bay.
The quiet lifestyle of the
Putnam County village of
2,000 draws city dwellers
looking for a slower pace and
more space. For those who
work in New York, the commute on Metro-North Railroad
from the Cold Spring station
2016 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
When Leonora Burton

moved to Cold Spring in New
Yorks Hudson Valley in the
1980s, she recalls several
empty storefronts on Main
Street. Then, a handful of antique places came along, followed by a cafe here and
there.
Ms. Burton even took the
plunge herself three decades
ago, opening
OPEN HOUSE a gift shop
KATHLEEN
that is now
LUCADAMO
called Highland Baskets
at the Country Goose. And she has
watched other businesses
sprout up steadily over time,
but she hasnt seen anything
like the growth lately: five
new shops in the last two
years, she estimates.
Cold Spring, 50 miles outside of New York City with
views of the river and a
wealth of outdoor activities, is
booming. Houses are selling in
a week and sometimes over
asking price.
There isnt a lot of turnover because houses go on the
market and go off pretty
quickly, said 73-year-old Robert McCaffrey, a lifelong resident and owner of McCaffrey
Realty. Its really small-town
U.S.A.
There arent any chain
to Grand Central Terminal is

just shy of 90 minutes.
They like that it is a small
town but a little sophisticated, said Melissa Carlton, a
broker with the real-estate
firm Houlihan Lawrence.
Single-family homes close
to Main Street are priced generally from $450,000 to
$600,000, said Ms. Carlton,
noting many have fewer than
2,000 square feet of space.
Its good for people getting
started, she said. When you
are coming out of the city, it
feels pretty spacious.
The taxes on homes, a combination of a school tax and a
village tax, are reasonable as
well, Ms. Carlton said. Taxes
on a $500,000 house, for instance, has an annual tax bill
of about $7,000, she said.
Families with young children also like Cold Spring because of its schools, small in
size with lots of programs and
within walking distance from
most homes, Mr. McCaffrey
said.
We have a large number of
families who are transplants
from New York City, many
Park Slope transplants, said
Brett Harrington, principal of
Haldane Elementary School.
There is a nice balance of

those families that have lived
here for generations, which we
affectionately called Springers,
as well as the ones who have
moved here recently.
We have a large
number of families
who are transplants
from New York City,
many Park Slope
transplants.
Bronx
native
Danielle
Stracci, a midwife, and her husband, Joe, who stays at home
with their 3-year-old and 9month-old daughters, moved
into a house near Main Street
this spring. One neighbor
dropped off a pie and a jar of
jam, and another brought books
and toys the children, she said.
Some people dont want to
live in a place where everyone
knows each other but after not
having that, I want that, said
Ms. Stracci.
Parks: West Point Foundry
Preserve, a former ironworks,
covers 87 acres and has both
hiking trails and marshland.
Hikers and climbers also can

enjoy trails in the 6,000-acre
Hudson Highlands State Park
Preserve, which runs through
Westchester, Putnam and
Dutchess counties. The Philipstown Recreation Department
has nature activities for
schoolchildren; toddlers can
play at the Cold Spring Tiny
Tots Park on High Street.
Schools: The Haldane Central School District has 875
students in three buildings
an elementary school, a middle school and a high school.
Class size is 15 to 25 students,
according to the districts
website.
For the 2014-15 school year,
48% of district students in
grades three through eight met
standards in English Language
Arts and 60% met standards in
math, according to data from
the New York State Education
Department. In the high school,
97% of students graduated and
42% graduated with the advanced Regents diploma.
The private Manitou School
has 50 students in prekindergarten through fourth grade
and offers a Spanish program.
Dining: Cold Spring Depot
serves burgers and cocktails;
the Foundry is a spot for
brunch and lunch; and Brasserie Le Bouchon offers bistro
fare. For sweets, there is Moo
Moos Creamery and Go-Go
Pops. Barber and Brew, a place
for haircuts and beer, is set to
open on Main Street this summer.
Shopping: The Cold Spring
General Store, Cold Spring
Apothecary, Archipelago At
Home and Once Upon a Time
Antiques are on Main Street.
Foodtown is the villages supermarket. Cold Spring Emporium is a newcomer with
space for 10 boutiques, and
Old Souls is a camping store.
Entertainment: In the July
and August, there are Sunday
concerts at the Cold Spring
Riverfront Gazebo. The Hudson Valley Shakespeare Festival runs from June to September in Garrison, which is only
a few miles away.
$695,000
24 Lake Surprise Rd.
This house has three
bedrooms and two
bathrooms. It also has two
fireplaces, a deck, oversize
windows and a finished
basement. There is a
detached two-car garage.
Year Built: 1930
Square Footage: 2,200
Lot Size: 1.75 acres
Property Plus: A large front
porch
Property Minus: The master
bedroom is on the first floor.
Listing Date: March 15,
2014T
Listing Agent: Nora Preusser
of A.D. Preusser Realty
$575,000
12 Highland Rd.
This home has three
bedrooms, one bathroom, a
half-bath, a den and a new
kitchen. Other features
include a den, a stone
fireplace, hardwood floors
and a wraparound deck. The
property has a detached
garage and room for a
swimming pool.
Year Built: 1827
Square Footage: 1,400
Lot Size: 2.5 acres
Property Plus: A screened
porch
Property Minus: The master
bedroom is on the first floor.
Listing Date: April 12
Listing Agent: Margaret
Harrington of Douglas
Elliman Real Estate
Hudson Highlands
Cold Spring
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* * * * * *
HEARD & SCENE
Rose Byrne and Bart

Freundlich, above, at the
Chanel dinner, left. Below, from
left, Allison Williams, and
Ricky Van Veen; Sarah Hoover
and Leigh Lezark; and
Amandla Stenberg.
and reading, but, also, who
would pass up an invitation
from Chanel?
Chanel dinners are the
best, said the film producer
Allison Sarofim.
Ive always loved Coco
Chanel, said Ms. Groff, except, she acknowledged as an
aside, the fashion designers
alleged Nazi proclivities.
(As another aside to tie
this all together, Ms. Chanel
was born a Leo and was always obsessed with lions.
Apparently, the king of the
jungle continues to play a
role in the Chanel jewelry
collections and, of course, is
also the symbol of the New
York Public Library.)
Ms. Groff added that the
best book shed read recently
was The Door by the late
Hungarian novelist Magda
Szab. Beautiful people like
to read, too, she said, turning to look at the other
beautiful people around her.
There was quite a bit of
talking about reading at this
party, more so than at other
events weve been to lately.
At least at our dinner table
there was a rapid exchange of
book recommendations. We
took down a few and gave
out a few, too. (If you want to
know, the ones we gave included: Tuesday Nights in
DAVID X PRUTTING/BFA (4)
For an event without an

entirely evident purpose, a
dinner thrown by Chanel
Fine Jewelry at the New
York Public Library had a
pretty terrific turnout.
Jerry and Jessica Seinfeld,
Rose Byrne, Amanda Peet,
the younger Barbara Bush,
Allison Williams and
Ricky Van
Veen, Natasha
Lyonne, Dan
Colen, Lauren
MARSHALL Santo DoHEYMAN
mingo, Samantha Boardman
Rosen, Tico
Mugrabi, Gus Wenner, Dakota Fanning, Jemima Kirke
and Victoria and Vanessa
Traina were just some of the
folks in attendance for an
evening in support of select
treasures from the collections of the New York Public
Library, set to be on permanent exhibition in 2017.
The leap being, probably,
that gorgeous, one-of-a-kind
Chanel baubles are akin to
the more than 45 million
items in the Librarys archives. That includes a Gutenberg Bible which was under glass in the lobby
Thursday, where guests
posed for photos during a
cocktail hour, ate gluten-free
miniature maize cakes and
drank Champagne.
You were wandering
about the Gutenberg Bible
without even knowing it,
Anthony Marx, the Librarys
president told the crowd, predominantly dressed in Chanel. Welcome to New York.
Welcome to New York, indeed, where you find yourself in a mix with the worlds
most famous comedian, a
former first daughter, fashionistas who somehow might
have missed seeing a major
artifact from the 15th century a half hour prior and a
literary superstar or two.
Lauren Groff falls into
that last category. She is the
author of Fates and Furies,
not only President Obamas
favorite book of 2015, but
ours, too. Ms. Groff flew in
from her home in Gainseville, Fla., of course, because she supports libraries
JOE SCHILDHORN/BFA
Books and Baubles at Chanels Dinner at the Library
1980 by Molly Prentiss;

What Belongs to You by
Garth Greenwell; Eligible by
Curtis Sittenfeld and Tender by Belinda McKeon.)
Dinner took place in the
large D. Samuel and Jeane H.
Gottesman Exhibition Hall,
which, according to Mr.
Marx, is rarely, if ever, used
for parties of this ilk. It was
all very beautiful, with lots
of flowers.
I wonder if this is what
Big and Carries wedding
would have looked like,

asked Molly Howard, the
CEO of the fashion company
La Ligne, referring to the
legendary Sex and the City
nuptials that never did, indeed, take place at the New
York Public Library.
Other attendees in the
eclectic mix included Rel
Schulman and Hailey Gates,
Hannah Bronfman, Sloane
Crosley, Marisha Pessl, Sarah
Hoover and Tom Sachs, Gabriel-Kane Day-Lewis, Inga
and Keith Rubenstein, Jill

and Harry Kargman, Rachel
Zoe and Rodger Berman, Jamie Tisch, Katrina Eugenia
and John Buffalo Mailer, new
Architectural Digest editor
Amy Astley, Derek Blasberg
and Izak and Sarah Senbahar.
Despite the predominance
of Chanel attire, many of the
male guests went on the casual side. Design Miamis executive director Rodman Primack
chose some whimsical neckwear to match his blue shirt.
Everyone was like, Is

that Gucci? But its actually
a ribbon I found on my
desk, Mr. Primack told the
photographer Jessica CraigMartin, who was wearing
something equally eccentric.
What is that?
Its a candelabra, said
Ms. Craig Martin, referring
to her necklace in the shape
of a mini candelabra. I love
it, responded Mr. Primack.
Welcome to New York,
right?
ARTS & ENTERTAINMENT
James Cohan
533 W. 26th St., (212) 714-9500
Through June 18
In the middle of the last century, there were several American paintersmost famously
Myron Stout and Mark Tobey
who sought to incorporate in
FINE ART
PETER PLAGENS
their work their understanding of
the wisdom of the East. Eschewing the bombast of Abstract Expressionism, they yearned for a
more meditative art.
Lee Mullican (1919-1998) was
a relative latecomer to the longing. Stationed by the Army in
Japan for a while, he later fell
into a small circle of artists in
San Francisco who were attracted to an Eastern-influenced
hybrid of Surrealism and abstraction. The Dynaton Group (derived
from a Greek word meaning
possible) included Mullican, the
Austrian Wolfgang Paalen and
the British painter Gordon Onslow Ford. In 1951, they mounted
a now-legendary exhibition at the
San Francisco Museum of Art
under the Dynaton banner.
Divorcing the look of a painting from the intent of its creator

is often counterproductive, but
sometimes its necessary. The
pictures of Paalen and Onslow
Ford, for example, appear a little
mawkish if not seen through the
lens of the painters spiritualist
intentions. Mullican (who moved
to Los Angeles and taught at
UCLA for nearly 30 years), by
contrast, made visually louder
and more crisp paintings that
stand alone without the need
for a backstory.
Mullicans technique of covering the canvas with thousands of
blade-like impasto marks that he
made by dipping the front edge
of a printers knife into viscous
oil paint, and then touching it to
the canvas, can get a little wearying. But considered slowly, one
at a time, the best paintings sing.
Meg Webster
Paula Cooper
534 W. 21st St., (212) 255-1105
Through June 24
The art of Meg Webster (b.
1944) should be taken in as a
whole, like a State of the Union
address, and not, as is more conventional when viewing art exhibitions, piece by piece. She proclaims, I am a sculptor who
We assemble every single

watch twice. Because
perfection takes time.
makes minimal art with natural

materials to be directly perceived
by the body, and the Guggenheim Museum says that by using live plants that grow and decay within her installations, she
aestheticizes the timelessness
and fecundity of nature so that
her work amounts to a sculpted
ecosystem.
Theres nothing in Ms. Websters blessedly undidactic exhibition to gainsay any of that. I
happened to overhear, however,
a young woman say to a friend
that she thought the four big
garden beds, raised to chest
height under grow lights, in a
smaller gallery with reflective
walls, was a direct, organic answer to Richard Serras forged
steel blocks. That bit of conversation clicked, so I tried out
some other hypotheticals in the
main gallery of the exhibition.
Ms. Websters Mother Mound
Salt (2016) seemed rather obviously connected to Kara Walkers
giant female sphinx, made out of
sugar, installed in Brooklyn two
years ago. Volume for Lying
Flat (2016), a box form of caged
soil topped with peat moss, appears to be an ecological riff on a
Sol LeWitt sculpture. And Stick
Structure (2016), a six-foot-tall
Meg Websters Solar Grow

Room (2016), above. Untitled
(1965) by Lee Mullican, right.
broken ring ofaccording to the
labelvarious branches, twigs
and flowering plants, seems to
have something to say to Andy
Goldsworthy.
None of this speculation takes
away from what is a profoundly
pleasant show. But it does make
one suspect that, in almost any
New York gallery at any given
time, theres a silent conversation
among artists going on.
Mr. Plagens is an artist and
writer in New York.
For us, perfection is a matter of principle. This

is why, on principle, we craft all timepieces with
the same care and assemble each watch twice.
Thus, after the D P
has been
assembled for the first time and precisely adjusted, it is taken apart again. The movement
parts are cleaned and decorated by hand with
finishing and polishing techniques, followed
by the final assembly procedure. This assures
long-term functional integrity and the immaculacy of all artisanal finishes. Even if this takes
a little more time. www.alange-soehne.com
ESTATE OF LEE MULLICAN/JAMES COHAN, NEW YORK
Lee Mullican
MEG WEBSTER/PAULA COOPER GALLERY, NEW YORK
A Painters Eastern Influence,

Plus a Sculpted Ecosystem
* *****
SPORTS
BY CHRIS HERRING
GREENBURGH, N.Y.After nearly
two months of mystery, speculation,
confusion and a little outrage, the
Knicks finally unveiled their fifth
head coach in the past six seasons
on Friday, introducing Jeff Hornacek
at the teams practice facility in
Greenburgh.
Now theyll have to get to work
on everything else.
Hornacek, the 53-year-old former
All-Star NBA guard and Phoenix Suns
coach, hit all the right notes and confirmed many of the things that had
been speculated in recent weeks: that
he will attempt to formulate his own
hybrid version of the triangle offense, and that he will work to create
a faster-paced system to help the notoriously slow Knicks get easier shots
in transition scenarios.
It all sounded normal enough. But
all of it was framed in a context that
might have been unthinkable a year
or two agonamely, that Knicks
president Phil Jackson plans to let
go of the reins with Hornacek, ceding some of his authority to his
coach in an effort to get this moribund franchise off the ground.
Unlike with Derek Fisher, who had
some latitude to diversify the teams
offense but was fired when the wins
didnt follow, Jackson said Friday
that he would put greater trust in
Hornacek because he has run an NBA
team in the past.
[With Fisher] I looked at the
model that was used in Indiana,
Jackson said. Larry Bird hired some
substantial assistants when he was
coach: [Rick] Carlisle and Dick Harter as defensive and offensive coordinators. And that was the model I
thought was appropriate to have
with Derek coming in. This is entirely different. This is a coach who
knows how to run practices and has
that experience, which is reflected in
the fact that hes been in a variety of
systems.
The freedom for Hornacek to potentially choose his assistants would
be especially noteworthy. Jackson
suggested that Fisher, a first-time
head coach, hadnt made sufficient
use of the assistants the Knicks pro-
vided to him, preferring to lean on

the ones he brought with him from
Oklahoma City.
By contrast, it appears that Hornacek will have more control over
the coaches he brings to his staff
with the Knicks, including the choice
of whether interim head coach Kurt
Rambis will return to being an assistant with the team.
Jackson and Hornacek both raved
about a five-plus hour meeting in
which they talked, and agreed, about
strategy and the Knicks roster.
Im not sure if I have talked that
much in my life, Hornacek said. So
it was very easy to talk basketball,
philosophy and getting to meet [general manager] Steve [Mills]. It just
fit for me and I was hoping it fit for
them.
Much of the conversation, Hornacek said, centered on how he might
blend his own styles with the triangle
system the Knicks have in place.
There a lot of aspects of the trianglethe spacing, the cuts, hitting
the postthat are not unique to the
triangle, he said. You can space the
court and run a lot of the different
things that I did in Phoenix. So there
will be aspects of the triangle.
Several times, Hornacek said there
were ways to alter the triangle simply by trying different spatial alignments.
He added that he believes a bigger dose of pick-and-roll action
not typically in the Jackson playbookcould also benefit the Knicks.
Hornacek said he wants the Knicks
to pressure the ball more and rely
less on their rim protectors in an effort to create turnovers and start fast
breaks. He said the Knicks would
need to be in great physical condition
to play as fast as hed like.
Since much of his system in Phoenix revolved around the Suns plentiful point guards, Hornacek was
quizzed Friday about the Knicks vexing point-guard situation. He offered
little insight other than to say that he
will work with what he hasnamely
the young Jerian Grant and the old
Jose Calderonif need be.
We are doing what we have to do
to move forward, Jackson said,
and that is the important part.
Phil Jackson and Jeff

Hornacek at the Knicks
facility on Friday.
FRANK FRANKLIN II/ASSOCIATED PRESS
COLON

from maybe golf or sumo, Ichiro
said. But looks can be deceiving because hes actually fleet and nimble.
The two veterans, both of whom
are in the final years of their contracts (the Marlins have an option to
retain Ichiro in 2017), know plenty
about how the other has made the
most of his gifts. Colon and Ichiro
have faced off 107 times in the regular season going back to 2001. Ichiro
has faced only John Lackey more
times, and Colon has never pitched to
anyone else as many times. Aside
from Ichiro and Lackey, no other active pitcher-batter pairing had topped
triple digits entering 2016.
While its easy to focus on the unlikeliness of their physiques, their
baseball brains are really where the
attention should be. Colon has won
222 games in 19 seasons, the most
among active pitchers, evolving from
a Cy Young-winning power pitcher in
the 1990s to a crafty corner-painter
in his 40s. Ichiro entered Fridays
game 35 hits short of 3,000 for his
American career, adding to the 1,278
he amassed in Japan.
Baseball is a game of intelligence
and the fact that he used his mind to
transform himself from a power
pitcher to more of a finesse pitcher
in order to extend his career as long
as he has is something Im really interested in, Ichiro said of Colon.
Told that Ichiro wanted to know
more about the insights he applied
to transforming himself, Colon was
happy to oblige.
AL BELLO/GETTY IMAGES
Hornacek Free to Move

Inside Knicks Triangle
David Wright hit home runs in his final three games before leaving the Mets lineup with a herniated disc in his neck.
Mets Lose Wright Indefinitely

Mets captain will rest for at least six weeks, may require surgery to repair spinal disc
BY ANDREW BEATON
MIAMIFor the second consecutive season, Mets third baseman David Wright will miss an extended period of time with a spinal injury
raising questions both about his
ability to stay on the field in the future and, more immediately, how the
Mets will proceed with a slumping
lineup now missing three regulars.
The Mets placed Wright on the
disabled list Friday with a herniated
disc in his neck, which will require six
to eight weeks of rest and rehab before he can resume baseball activities.
The team called up infielder Matt
Reynolds to replace Wright on the
roster, while Wilmer Flores figures to
become the everyday third baseman,
barring any outside move.
I just hope he gets back here
soon, manager Terry Collins said.
We need everybody to step up.
In the meantime, the Mets will
have to consider springing for a midseason acquisitionas they did in
2015to help boost a lineup that
scored just three runs a game in the
month of May, the fewest in baseball, amid a flurry of injuries that
has rendered a once-deep lineup
dangerously shallow.
The avalanche of injuries began
when catcher Travis dArnaud hit the
disabled list with a strained shoulder
in April. First baseman Lucas Duda
joined him a couple of weeks ago
with a stress fracture in his back.
DArnaud served as designated hitter
in an extended spring-training game
on Friday, though catching is still a
ways off, while Duda is still resting.

The Mets are willing to make a
move for infield depth, much as they
did last year when they acquired
Juan Uribe and Kelly Johnson. But
that move didnt come together until
late July. This week they already ac-
Its pretty shocking to

hear about the length
of time needed to get
better, Collins said.
quired first baseman James Loney,
who had been playing in Triple-A for
the Padres, for cash considerations,
and he figures to start most days until Dudas return.
For the Mets, the issue hasnt just
been the spate of injuries but an inability to replace the fallen with
quality production. Mets first basemen not named Duda have hit .113
with a .341 on-base-plus-slugging
percentage in 62 at-bats entering Friday nights series opener against the
Marlins. DArnauds replacements at
catcher, Kevin Plawecki and Rene Rivera, have fared little better, with a
.197 average and .582 OPS.
All of this made Wrights productionhe had a .788 OPS, including a
home run in each of his last three
games before going down last
weekmore important than ever.
When he took his regular days off to
manage the discomfort caused by
the spinal stenosis that kept him out
for most of last season, the teams
production fell off a cliff: The Mets

other third basemen have a .192 average and .611 OPS this season.
As for Wrights neck, the herniated disc is most likely unrelated
to his spinal stenosis, said Dr. Andrew Hecht, chief of spine surgery
for the Mount Sinai Health System,
though he noted that he couldnt say
for sure without having examined
Wright himself.
Spinal discs, he said, act as
shock-absorbing cushions between
the bones. He said one could imagine
each disc as a jelly doughnutwhen
it is herniated, the jelly inside is
squeezed out, irritating nerves.
Hecht, who works on spinal injuries with the New York Jets and New
York Islanders, added that herniated
discs very often get better with
conservative treatmentin other
words not requiring surgery. In the
days before the Mets placed Wright
on the DL, they gave him an oral
anti-inflammatory and then later an
injection, and Collins said he was
surprised when he learned Wright
would miss so much time.
Its pretty shocking to hear about
the length of time needed to get better, Collins said.
Collins said he is convinced that
Wright will return this season, but
that he doesnt know if or when surgery might become an option. Hecht
said that even when surgery becomes
necessary, players can make full recoveries. But it would also take a
minimum recovery period of three to
five months. He would be out for
the rest of the year, he said.
Familiar Foes
Here are the major league batter-pitcher duos who have faced each other
the most times in the regular season since the wild-card era began in 1995.
BATTER-PITCHER
PA
BB
SO
Ichiro Suzuki*/John Lackey*

Derek Jeter/Tim Wakefield
Michael Cuddyer/Mark Buehrle
Garret Anderson/Jamie Moyer
Jason Giambi/Tim Wakefield
Manny Ramirez/Mike Mussina
David Ortiz*/Roy Halladay
Johnny Damon/Roy Halladay
Ichiro Suzuki*/Bartolo Colon*
Alex Rodriguez*/Tim Wakefield
126
121
120
112
112
111
109
108
107
105
36
34
35
34
15
28
27
33
29
25
6
6
4
2
19
8
7
22
1
13
16 .303 .341
18 .298 .331
19 .310 .342
15 .312 ..321
21 .163 .304
21 .277 .342
16 .273 .330
16 .340 .407
8 .274 .280
20 .278 .381
BA
OBP
Source: Stats, LLC
*active
WSJ
Ichiro Suzuki runs out a hit against Bartolo Colon,

then with the Cleveland Indians, in his rookie
season of 2001 with the Seattle Mariners.
DAN LEVINE/AGENCE FRANCE-PRESSE/GETTY IMAGES
I would say I started making the

changes from 2011 on, once I started
getting old, he said. When I was
with the Yankees, [catcher Francisco] Cervelli worked with me on
paying better attention to the hitters
and figuring out their mind-set.
Power was once Colons stock in
trade. He struck out more than 200
batters in 2000 and 2001 with the
Indians, and tossed nine complete
games in 2003 with the White Sox.
He used to throw 97, trying to
strike everybody out, said Oakland
Athletics manager Bob Melvin, who
has managed both Colon and Ichiro.
He doesnt do that anymore. He
tries to get early-count outs, he tries
to get you to put the ball in play
early in counts, which certainly
shortens his pitch counts and allows
him to get deeper into games.
Power, in the traditional sense,
has never been central to Ichiros

game, making his transformation
harder to recognize. Unlike Colon, he
appears to be the same player he
was when he crashed the majors
with an MVP season in 2001.
But Melvin points out a metamorphosis. Hes accepted a new role,
he said. He plays all three outfield
positions now, which is not easy for
someone who was basically a oneposition guy and is so serious about
his preparation.
In his 11-plus seasons in Seattle,
Ichiro was a fixture leading off and
playing right field. Last year, he
played more than 50 innings in each
of the three outfield positions while
batting in every spot in the lineup except cleanup. He has also learned to
make the most of fewer opportunities,
and has led the Marlins in pinch hits
in each of the past two seasons.
Mets batting coach Kevin Long,

who has found Colon to be an eager
pupil, coached Ichiro during his Yankee years. I think pinch-hitting is
the hardest thing in all of sports,
Long said. Most veterans dislike
pinch hitting and dont dedicate
themselves to it because they figure
its not worth it at that stage of their
careers. Ichiro is completely different. He doesnt have it within himself
to trivialize it because it is the task
hes been asked to do.
Now, after 2,992 combined majorleague games, Colon and Ichiro are
set to face off again. Including postseason meetings, Ichiro has a career
.298 batting average against Colon26-for-77 (.338) before Colons
self-proclaimed 2011 transformation,
and 8-for-37 (.216) since.
One of those hits in particular
still resonates with both players.
Ichiro recalled a game in 2012 when

he was still with the Mariners and
Colon was with the As, and he hit a
tough pitch for an RBI triple. Colon
made a subtle gesture that Ichiro
has wondered ever since whether he
interpreted correctly.
As a batter, you know youve hit
a pitchers bread and butter by looking at his reaction, Ichiro said. Every now and then, though, you sense
a little compliment from their reaction. He plays with a poker face, so
you dont really know, but that one
time in Oakland I felt he was giving
me a compliment.
Immediately recalling it as the
second time the teams met that season, Colon confirmed it. He hit a
tough pitch. With a good hitter like
that, sometimes you dont know how
to pitch them. All I could do was
laugh and give him a nod.
CLIVE BRUNSKILL/GETTY IMAGES
REGULATION B2 | IN THE MARKETS B5 | WEEKEND INVESTOR B7 | HEARD ON THE STREET B12
UBER VS DIDI BUSINESS NEWS B4

2016 Dow Jones & Company. All Rights Reserved.
DJIA 17807.06 g 31.50 0.18%
FRENCH HISTORY SPORTS B11

* * * * **
Saturday/Sunday, June 4 - 5, 2016 | B1
S&P 2099.13 g 0.29% NASDAQ 4942.52 g 0.58% 10YR. TREAS. 30/32, yield 1.707% OIL $48.62 g $0.55 EURO $1.1364 YEN 106.53
Bank Stocks Fall With Rate Hopes

Weak jobs data dim
outlook for a summer
lift by Fed as shares
trail market indexes
BY BEN EISEN
Investors punished financial
stocks following Fridays soft
U.S. jobs report, highlighting
their vulnerability to even
modest shifts in the economic
outlook.
Shares of Bank of America
Corp. and Citigroup Inc. fell
more than 3% after Labor Department data showed the U.S.

created 38,000 jobs last
month, a fraction of the
158,000 expected by economists.
The report, the softest
since 2010, dimmed expectations that the Federal Reserve
will lift interest rates this
summer. Federal-funds-rate futures markets on Friday
showed a 4% chance of a Fed
rate rise in June, down from
21% on Thursday and as much
as 34% in May. At the same
time, many analysts said they
Cancer Drug
Passes Milestone
BY RON WINSLOW
AND PETER LOFTUS
CHICAGOResearchers said
a drug being developed by Mylan Pharmaceuticals Inc.
proved comparable to Roche
Holding AGs Herceptin in a
clinical trial, a new milestone
in the effort to bring cheaper
versions of some of biotechnologys best-known cancer
drugs to the market.
69.6%
Overall response rate for

patients on the Mylan breastcancer drug after 24 weeks.
In a study involving a total
of 500 patients, Mylans drug,
called Myl-1401O, was shown
to be essentially equivalent in
safety and effectiveness to
Herceptin, a multibillion-dollar
medicine that in the past two
decades has transformed
treatment for about 25% of
breast-cancer patients.
Mylans drug is a so-called
biosimilarthe
industrys
term for a copy of a biotechnology drug.
The copy has the potential
to meet the need for an affordable treatment option for
women diagnosed with what is
known as Her2-positive breast
cancer, said Hope Rugo, lead
author of the report and professor of medicine at University of California San Francisco. We havent been able to
deliver lifesaving therapies
around the world because of
cost, she said.
Dr. Rugo presented the findingsthe first to show a biosimilar drug is equivalent to a
biotech drug designed to attack cancerat the annual
meeting of the American Society of Clinical Oncology on Friday.
In a statement, Rajiv Malik,
president of Mylan, said,
There is an urgent unmet
need for more affordable versions of biologic products.
But the company declined to
discuss its pricing plans. Mylan is developing the drug in
Please see MYLAN page B4
CEO to Leave Alphabets Nest
continue to expect the central

bank to gradually increase
rates as the economy expands
in 2016.
Bank-stock investors long
have tracked the Feds interest-rate outlook because
higher rates tend to make
lending more profitable,
boosting a measure known as
net interest margin, or NIM,
reflecting the spread between
lending and borrowing costs.
But over the past year, financial shares often have
surged more than the market
when rate-increase expecta-
DAVID PAUL MORRIS/BLOOMBERG NEWS
stocks is an easy way for investors who arent normally in

the fed-funds futures pits to
execute on their outlook, said
Jack Ablin, chief investment
officer at BMO Private Bank,
who owns bank stocks such as
Citigroup and Wells Fargo &
Co. And a lot of people are
getting into gaming the Fed
and anticipating their strategy.
Bank of America had the
Please see BANKS page B5
Heard: Banks face strains
after jobs shocker................. B12
Dress Like a Banker

J.P. Morgan updated its dress code to allow employees to don business casual clothes.
YES
NO
Athletic clothing
like yoga pants or
sweatpants
Sweaters and
polo shirts
Flip-ops,
clogs or
slippers
Sneakers,
unless approved
by manager
Casual
pants, capris,
dresses
and skirts
Dress shoes
and dress
sandals
Shorts
PHOTOS: ISTOCK
J.P. Morgan Swaps Pinstripes

For Capri Pants and Khakis
BY EMILY GLAZER
Tony Fadell, head of Alphabet Inc.s home-automation firm Nest,

is leaving amid reports he was losing support of employees. B3
tions rose and tumbled further

when they fell, giving shareholders the sense they are on
a roller-coaster ride even as financial stocks broadly lag behind market indexes.
The action underscores the
lukewarm outlook for a sector
facing tougher regulation and
struggling to post revenue
growth. Also fueling whipsaw
bank-stock trading are liquidity problems that tend to concentrate trading in widely held
securities, and the prominent
role of Fed policy in markets.
Buying and selling bank
J.P. Morgan Chase & Co. is

loosening its collar, adopting a
more casual dress code as the
bank tries to stay in step with
the tastes of clients and technology upstarts.
In a break from tradition,
the largest U.S. bank by assets
is allowing employees to wear
business-casual attire on most
occasions, according to an internal memo reviewed by The
Wall Street Journal.
The movetrading pinstripes for pullover sweaters
is relatively unusual for a Wall
Street bank, in which suits are
typically required for men and

women due to longstanding
industry customs and the etiquette involved in dealing
with wealthy clients.
It also reflects the everchanging world of banking, in
which big financial institutions are constantly evolving
to stay relevant as financial
technology firms attempt to
take away business and as
many bank clients, including
in Silicon Valley, continue to
shun formal wear.
Though most other big
banks havent changed their
dress codes, some have casual
summer Fridays, and other fi-
nancial-services firms are beginning to let employees know

it is all right to dress down.
Accounting-and-consulting
firm PricewaterhouseCoopers moved to a more casual
dress code a few weeks ago,
allowing employees to wear
jeans so long as there are no
client meetings.
This is all part of a pivot
as large organizations like
ours try to do more and more
listening to our employees,
said PricewaterhouseCoopers
Vice Chairman Tim Ryan. The
banking industry has similar
challengeswe are in a war for
Please see DRESS page B2
See more at WSJMarkets.com
Pullback
Share performance of selected
large banks on Friday
1.8%
J.P. Morgan
1.8%
Wells Fargo
2.3%
Goldman Sachs
2.7%
Morgan Stanley
3.4%
Citigroup
3.5%
Bank of America
Source: FactSet
How to Get
The Right
Financial
Adviser
Financial advisers like to
say the good ones are worth
their weight in gold.
Not so fast. If men tilt the
scales at about 170 pounds
and women at roughly 140
pounds, and with gold
around $1,210 an ounce, that
would value the typical financial adviser somewhere
around $3
million.
Not many
THE
are likely to
INTELLIGENT measure up
INVESTOR
to that bar,
JASON ZWEIG but a good
one is still
extraordinarily valuable. A low-cost
adviser can make you thousands of dollars richer with
well-chosen investments
while saving you a fortune in
unnecessary fees, excessive
taxes or reckless risks you
might otherwise incur.
This past week, a group of
financial and business organizations sued the Department of Labor over new government rules that require
brokers to act in the best interests of investors in retirement accounts. That is the
latest reminder that finding
a good adviser still is harder
than it ought to be.
Make no mistake: Searching out an adviser who is the
right match for you takes a
lot of work. Some people
may instead prefer the ease
Please see ADVICE page B7
INDEX
Bond Tables................................... B7
Cash Prices................................... B10
Dividend News.......................... B10
Exchange-Traded Funds...... B8
Heard on the Street.............. B12
Insider-Trading Spotlight..... B7
Macro Energy Report.......... B10

Markets Digest............................ B6
Money Rates.............................. B10
Mutual Funds............................... B8
Stock Listings............................... B9
Weather Watch....................... B10
Weekend Investor..................... B7
Past performance is no guarantee of future result.
THE POWER OF A PROVEN

15-YEAR TRACK RECORD.
Access 15 years of time-tested
performance in one powerful ETF.
The thinking we put in, clients get out.
Power your clients portfolios at
PowerShares.com/QQQETF
There are risks involved with investing in ETFs, including possible loss of
money. Shares are not actively managed and are subject to risks similar
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The Funds return may not match the return of the Underlying Index.
The Fund is subject to certain other risks. Please see the current
prospectus for more information regarding the risk associated with an
investment in the Fund.
Shares are not FDIC insured, may lose valueand have no bank guarantee.
Shares are not individually redeemable and owners of the shares
may acquire those shares from the Fund and tender those shares for
redemption to the funds in Creation Unit aggregations only, typically
consisting of 50,000 shares.
PowerShares is a registered trademark of Invesco PowerShares Capital
Management LLC, investment adviser. Invesco PowerShares Capital
Management LLC (Invesco PowerShares) and Invesco Distributors, Inc.,
ETF distributor, are indirect, wholly owned subsidiaries of Invesco Ltd.
Before investing, investors should carefully read the prospectus/

summary prospectus and carefully consider the investment
objectives, risks, charges and expenses. For this and more
complete information about the Funds call 800 983 0903 or visit
invescopowershares.com for prospectus/summary prospectus.
B2 | Saturday/Sunday, June 4 - 5, 2016
* ******
INDEX TO BUSINESSES
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in todays edition. Articles on regional page inserts arent cited in these indexes.
G
Goldman Sachs Group B5
H
HSBC Holdings............B2
Huawei Technologies..B4
Baidu ........................... B4
Banco Santander ........ B2
Bank of America . B1,B12
Barrick Gold................B5
Boeing ......................... B3
J.P. Morgan Chase

........................ B1,B5,B12
C
CBS..............................B4
Citigroup..............B1,B12
Consolidated Edison...B5
Credit Suisse.............B12
D-F
Deutsche Lufthansa...B3
Didi Chuxing Technology
.....................................B4
Empresas Polar...........A1
F
Facebook......................B2
NQ Mobile...................B2
PricewaterhouseCoopers
.....................................B1
Prudential Financial....B2
Q-R
Qatar Airways.............B3
Roche Holding.............B1
S
Saks Fifth Avenue......D2
Samsung Electronics..B4
Louvre museum........A12
Lyft..............................B3
Target..........................B3
Tencent Holdings........B4
Microsoft.....................B4
Morgan Stanley.....B2,B5
Morningstar................B7
Mylan Pharmaceuticals
.....................................B1
Uber Technologies.B3,B4
Union Pacific...............A2
United Technologies...B3
N-P
Nasdaq ........................ B4
National Amusements
.....................................B4
Newmont Mining........B5
Nike.............................D2
V
Vanguard Group..........B7
Viacom.........................B4
Volkswagen.................B3
VTB Group.................B12
W
Wal-Mart Stores.........B3
Wells Fargo.................B1
INDEX TO PEOPLE
A
Ablin, Jack...................B1
Abrams, George..........B4
Alireza, Yusuf...........B12
Andelman, David ........ B4
B
Brgier, Fabrice...........B3
Broome, Lissa.............B2
Buchheit, Lee C.........B12
C
Corbat, Michael.........B12
Cowan, David..............B4
D
Dauman, Philippe........B4
Dimon, James......B2,B12
Doyle, Denis................B2
Doyle, Peter Joseph ... B2
E
Enrico, Roger..............A2
F
Fadell, Tony.................B3
Fagen, Les...................B4
Falciani, Herv............B2
Feldman, Wendy.........B2
Fisher, Gregg...............B7
G
Gill, Nancy...................B2
Greifeld, Robert..........B4
M
Mata, Jos de la.........B2
May, Aaron..................B2
McMillon, Doug...........B3
Moynihan, Brian ....... B12
Osborne, James..........B7
Jankowsi, Tad.............B4
Jacobsen, Brian...........B5
Jockle, Christine.........B2
Paulsen, James...........B5
K
Kempthorne, Dirk ....... B2
Kinniry, Fran................B7
Koehler, William.........B7
Korff, Tyler..................B4
Krutick, Jill..................B4
L
Lach, Patrick ............... B7
Lafferty, David............B5
Lamy, Alina.................B7
Lee, Samuel................B7
Lewin, Leonard ........... B4
DRESS
Continued from page B1
a decreasing talent pool.
Mr. Ryan, who takes over as
the firms chairman July 1,
said he went shopping more
than once to find the right
jeans, shirts and shoes for the
office. His six children helped
advise him.
Authenticity is very important to this generation of job
seekers, said Nancy Gill, former head of human resources
for J.P. Morgans investment
bank who is now a talent-development consultant.
Big banks could use relaxed
dress codes to compete for talent with the likes of Google,
Facebook Inc. and hedge-fund
firms whose employees favor
more comfortable garb.
Casual pants, capri

pants, polo shirts
and dress sandals
are deemed OK.
R
Redstone, Shari..........B4
Redstone, Sumner......B4
Ryan, Tim....................B1
S
Schneider, Etienne......B4
Spohr, Carsten............B3
Strubel, Ben................B7
Prudential and AIG

face tougher capital
requirements; key
details to be decided
BY RYAN TRACY
AND LESLIE SCISM
WASHINGTONThe Federal
Reserve took steps toward imposing tougher capital requirements on insurers tagged
for heightened oversight,
sketching out proposals that
companies can now respond to
after years of uncertainty
about the process.
The Feds moves, however,
leave key details to be determined later, such as specific
numerical capital requirements for large insurers Prudential Financial Inc. and
American
International
Group Inc. U.S. regulators
have tagged those two companies systemically important,
and as such they face tougher
rules than other insurers.
The steps were approved
unanimously by the central
banks governing board on Friday.
One document the Fed released, outlining capital rules
for insurance firms under the
Feds purview, suggests a
tougher set of rules for Prudential and AIG than for 12 insurance companies that own
banks, including State Farm
Mutual Automobile Insurance Co. and Nationwide Mutual Insurance Co. The Fed is
asking for public comment on
its preliminary blueprint before publishing a draft rule.
Separately, the Fed proposed draft risk-management
and liquidity rules for Prudential and AIG, including a requirement that they maintain
enough safe assets to cover
cash flows for 90 days and
that they run stress tests
ensuring they can meet their
cash-flow needs.
Those standards would
likely take effect before the
capital rules. The Fed expects
the firms will be able to meet
the new liquidity rules relatively easily, a Fed official told
reporters on a conference call,
calling them existing best
practices for many firms. Fed
officials wouldnt provide a
timeline for completing the
rules.
I believe this proposal is
an important step toward capital standards that are both
appropriate for our supervised
insurance firms and that enhance the resiliency and stability of our financial system,
Fed Chairwoman Janet Yellen
said.
Dirk Kempthorne, president
and chief executive of the
American Council of Life Insurers trade group, said in a
statement that the Feds capital proposal is rooted in our
One Fed proposal suggests tougher rules for Prudential and AIG.
nations regulatory system and
builds on Americas strong,
state-based system of regulation. But he added that the
group has questions about an
approach that would put in
place two distinctly different
capital regimes for insurance
entities overseen by the
Board, and so we will be examining the two proposals
very closely.
Under the 2010 Dodd-Frank
law, the Fed has authority
over large insurance firms
with assets that represent
about a quarter of the U.S. insurance industry, which has
mostly been state-regulated
over the years.
Congress made that change
after AIGs near-collapse in
2008, which was tied to sales
of an unregulated type of bond
insurance to major banks
world-wide by a London-based
financial-products unit. AIG

received a nearly $185 billion
government bailout to avoid
spreading problems throughout the financial system. The
London unit was regulated by
the now-defunct U.S. Office of
Thrift Supervision.
Thomas Sullivan, a Fed associate director in charge of
the insurance rules, told the
Fed board that the rules under
discussion Friday would have
addressed the risks posed by
AIG, which didnt face companywide capital or liquidity
rules in 2008.
Insurers and their state regulators have been awaiting the
Feds rules since the law was
passed, and have been pressing the Fed to tailor its rules
to reflect differences between
the operations of insurance
companies and the banks the
Fed usually regulates.
T
Tierney, James............B5
W
Wiegand, Eric..............B5
Williams, Tom.............B3
ager, though they already are

allowed at certain sites.
J.P. Morgan said if an employees appearance or attire
isnt acceptable under the
guidelines, then the persons
manager can ask the employee
to leave, change clothes or
subject that person to disciplinary action up to and including termination of employment.
Business casual is not
weekend casual, and if youre
seeing a client you should
dress for that client, according to the memo.
The bank said the change
reflects how the way we work
is changing. Bank branch employees will still wear apparel
from a recently expanded
Chase uniform collection.
The memo was sent just
weeks after J.P. Morgans management committee, which includes Chairman and Chief Executive
James
Dimon,
returned from a Silicon Valley
trip to meet technology companies. After the meetings, J.P.
Morgan executives felt the
banks policy was out of sync
with other industries, a person
familiar with the banks thinking said.
Some J.P. Morgan employees said executives, including
Mr. Dimon, already had begun
dressing down a few years
ago.
Its a sign of the times,
one managing director said.
Half my meetings now, the
clients arent in ties.
Another managing director
said khakis and a polo shirt
would be rare at the banks investment-banking hub on
Madison Avenue in Manhattan.
Younger workers, some said,
would be less likely to dress
down because they are looking
to impress and could always
be pulled into an unexpected
client meeting.
The firms private-bank and
wealth-management
businesses will be closely watched,
as executives weigh employee
comfort versus conveying conservative formality to the
banks wealthier, older clients,
bankers said.
J.P. Morgan already has casual Fridays in many locations.
Ben Eisen
CHRIS GOODNEY/BLOOMBERG NEWS
It isnt the first time banks

have adjusted. During the late
1990s technology boom, some
banks, including J.P. Morgan,
also toned down their dress
codes. But after the financial
crisis, bankers started dressing more formally again.
Banks then said, we want
to look professional and are
fighting for business, said
Lissa Broome, a professor of
banking law at the University
of North Carolinas School of
Law.
In the memo, J.P. Morgan
spelled out that athletic clothing, including sweatpants, leggings and yoga pants, arent
acceptable, nor are halter tops,
flip-flops, hats or hoods. Distracting, tight, revealing or exceptionally loose or low-cut
clothing isnt allowed either,
according to a copy of the
dress code.
But casual pants, capri
pants, polo shirts and dress
sandals are OK, according to
the dress code. Jeans and athletic shoes arent considered
business casual unless communicated otherwise by the man-
Fed Outlines Insurer Rules

RON ANTONELLI/BLOOMBERG NEWS
Food Lion .................... A5
J.P. Morgans new tech hub in Manhattan, where the dress code
is more relaxed. The bank is adopting more casual attire for all.
JUAN MEDINA/REUTERS
A
Airbus Group...............B3
Alibaba Group.............B4
Alphabet......................B4
American International
Group.........................B2
Apple....................B4,B12
Police collected documents from Santanders headquarters, above, as part of a probe into alleged money-laundering and tax evasion.
Police Seize Santander Documents

Spanish police searched
Banco Santander SAs headquarters on Friday and took
away documents as part of an
investigation into alleged
money-laundering and tax evasion.
By Jeannette Neumann
in Madrid And John
Letzing in Zurich
The investigation was triggered by the dissemination of
secret financial data from
HSBC Holdings PLC beginning
in 2008 by Herv Falciani, a
systems engineer once employed at the Swiss branch of
the bank.
On Friday, Spanish police
sought the documents at the
request of a judge investigating tax evasion and money
laundering, a spokesman for
Spains National Court said.
The operation took place at
Santanders headquarters, in
the town of Boadilla del Monte

on the outskirts of Madrid.
The spokesman for Spains
National Court said Judge Jos
de la Mata was looking for
documentation at Santander
about certain checking accounts for a three-year-old investigation of Spanish residents whose accounts appear
in the data disseminated by
Mr. Falciani.
Santander said it had received a request for information about movements of certain
accounts
between
entities and provided authorities with all available data.
A Santander spokeswoman declined to comment further.
A spokesman for HSBC declined to comment. The bank
said in February last year that
the Swiss business had begun
a radical transformation in
2008 to prevent its services
from being used to evade taxes
or launder money and had
closed the accounts of clients

who didnt meet its standards.
The National Court said on
Friday that as part of the investigation into the HSBC-related data, it had identified 40
cases of alleged tax evasion
and referred them to Spanish
courts in communities where
the alleged tax evaders reside.
The names of those 40 families and individuals had been
included in the information
dispersed by Mr. Falciani, a
court spokeswoman said.
The documents seized from
Santander are part of a
broader investigation that will
continue under Judge de la
Matas direction, the court
spokeswoman said.
The data released by Mr.
Falciani has caused a stir elsewhere. It was used in February
2015 by media outlets in various countries to publish a series of stories about how HSBC
allegedly helped high-profile
clients use their Swiss accounts to avoid paying taxes.

In October 2015, as a Swiss
criminal court was set to begin trying Mr. Falciani, in absentia, on charges of industrial
espionage, he held a news conference over the border in
France, telling journalists he
had been working with tax officials and investigators in
various countries seeking to
track down undeclared Swiss
accounts.
Mr. Falcianis whereabouts
couldnt be ascertained on Friday. And his lawyer didnt return a request for comment.
In November, the federal
criminal court in Switzerland
convicted Mr. Falciani of aggravated industrial espionage
and sentenced him, in absentia, to five years in prison. The
court found that he had
sought to offer stolen data
about HSBCs clients to a
handful of banks in Lebanon.
Retiree Wins Claim Against Morgan Stanley

BY ANNA PRIOR
An arbitration panel ordered Morgan Stanley to pay
about $8.6 million to a retiree
for losses tied to alleged unauthorized trading and unsuitable investments.
Denis Doyle, who is in his
70s, and his now-deceased
wife, Gloria, also had alleged
financial elder abuse among
other things in their arbitration claim filed last year with
the Financial Industry Regulatory Authority.
In an award document
dated June 1, the Finra arbitration panel awarded Mr.
Doyle $6.1 million in damages,
along with $2 million in punitive damages and more than
$491,700 in legal and other
costs. As is customary, the arbitrators didnt provide details
on the reasoning for their decision but noted a finding of
financial elder abuse for the

punitive damages and attorneys fees. In the Doyles accounts, there were over $2
million in commissions generated in about 3 years, said
Aaron May, a Los Angelesbased lawyer with Huang Ybarra Singer & May LLP who is
representing the Doyles.
One holding was Chinese
internet company NQ Mobile
Inc. From the start of U.S.
trading in May 2011, NQ Mobile stock rose from under $10
a share to a closing high of
nearly $25 in October 2013,
before falling to recent levels
of around $5.
The Doyles noticed a
marked decline in the value of
their accounts and asked their
adult children to investigate,
Mr. May said. The children
found the decline was due to
NQ Mobile stock, which at one
point had represented 18% of
the couples accounts, the lawyer added. The family also

found shares of a Papua New
Guinea oil-and-gas company,
which at one point made up
43% of the accounts holdings, Mr. May said.
Morgan Stanley spokeswoman Christine Jockle declined to comment about specific investments held by the
Doyles. She said, we are disappointed in the award, which
we believe is excessive and ignores undisputed facts about
the case.
For one thing, she said,
there was undisputed evidence that branch management involved the claimants
adult son in investment discussions when the accounts
were still profitable, and there
were ongoing communications
as the account declined.
Mr. May, the Doyle family
lawyer, said the couples son
only became involved with the

accounts after he discovered
the misconduct that occurred.
Morgan
Stanleys
Ms.
Jockle said the losses in the
accounts
totaled
about
$225,000, so the compensatory-damage award ignores
the actual performance of the
subject accounts in favor of
speculation as to what the account should have done.
She said Morgan Stanley
strongly disagrees with the
punitive-damages award.
The Doyles claim also
named two financial advisers
in Morgan Stanleys Washington branch: Wendy Feldman
and Peter Joseph Doyle, who
isnt related to Denis Doyle or
his late wife. The arbitrators
held them liable along with
Morgan Stanley for the damage amounts. Reached at their
Morgan Stanley offices, both
advisers declined to comment.
* * * * * *
BUSINESS NEWS
Qatar Airways pulls
order for A320neo;
We are screaming
over effect on bottom
line, airlines CEO says
BY ROBERT WALL
Qatar Airways has canceled the order for its first
A320neo jetliner from Airbus
Group SE in the clearest sign
yet that supplier bottlenecks
are undermining commitments the European plane
maker has made to customers.
Chief Executive Akbar Al
Baker said Friday months of
delays to the single-aisle
plane have allowed the Dohabased airline to invoke a cancellation clause. He suggested
Qatar Airways, the onetime
launch customer for the
A320neo, could walk away
from more orders when the
contracts permit.
Qatar Airways, one of Airbuss biggest customers, had
ordered 50 A320neo-family
planes and originally was due
to receive the first plane last
year.
Airbus and the planes engine maker, United Technologies Corp. unit Pratt & Whitney, have struggled to get the
A320neo up to performance
standards, resulting in considerable delays.
Mr. Al Baker said the airline should have had five
A320neos in service by now
under the original agreement.
It is making a huge impact
on my bottom line, he said.
We are, quite frankly,
screaming.
Fabrice Brgier, the head of
Airbuss plane-making unit,
said: We are late compared
BALINT PORNECZI/BLOOMBERG NEWS
Airbus Delays Rile Carrier
BY JACK NICAS
An A320neo jetliner on order to Qatar Airways sat undelivered in Toulouse, France, last month.
to what we had promised, especially for launch customers.
I fully understand why these
customers are not satisfied,
he said, though he declined to
discuss contractual issues.
After years of strong orders, Airbus and rival Boeing
Co. are pushing to increase
production to meet demand.
Both plane makers have stumbled in the past meeting delivery obligations and have expressed concerns supplier
woes may derail them this
time.
Airbus is battling on several fronts. In addition to the
A320neo, the A350, its newest
long-range plane, is running
behind schedule because some
cabin-interior
components
arent at hand.
The plane maker has vowed
to deliver at least 650 planes
this year, which would be a
record for the company. Its
chief operating officer, Tom
Williams, said recently that
meeting the target would be
a very large challenge.
Airbus, which is based in
Toulouse, France, has said it
is working on improvements
to the A320neo to address
concerns about engine performance. A software upgrade to

address spurious fault warnings has already been put in
place, the plane maker said.
Once hardware fixes are validated, it said it would start
delivering more of the
A320neo planes.
Airbus has so many of its
A320neo planes in place
awaiting engines that Mr. Williams has quipped the company was building gliders.
Deutsche Lufthansa AG
and Indian budget carriers IndiGo and GoAir have taken
A320neo planes, though they
will need to be upgraded later.
Lufthansa Chief Executive
Carsten Spohr on Thursday
said the airline is being compensated for accepting the
planes and would take the
next ones once they were
properly configured.
Qatar Airways Mr. Al Baker
said this is not about compensation, adding the relationship with Airbus is
strained at the operational
level.
He expressed concern
about Airbuss promises to get
fixes in place, noting dead-
lines have been missed and

saying some issues could drag
into next year. We need a really, really firm answer.
On Friday, engine maker
Pratt & Whitney offered a rare
public rebuke of a customer,
calling Mr. Al Bakers comments completely inaccurate
and saying they mischaracterize the performance of the
engine, which, the company
said, is meeting its fuel-consumption promises.
Pratt & Whitney said it has
resolved the very few initial
teething items airlines have
experienced and that information about its solutions
for the items are well known
and widely disseminated to its
customers.
While Pratt & Whitney continues to deliver production
engines to Airbus with those
changes, the European aerospace giant has yet to flighttest the modifications, holding
up final installation on the engines.
Mr. Brgier said mature
aircraft would be ready by
midyear.
Jon Ostrower
VW Begins Car Recalls in Europe

BY WILLIAM BOSTON
AND WILLIAM WILKES
FRANKFURTVolkswagen AGs recall of millions
of tainted diesel vehicles got
under way in Europe on Friday
after Germanys motor-vehicle
agency gave the car maker the
green light to begin fixing
800,000 vehicles, a significant
step toward resolving its emissions-cheating scandal.
In September, Volkswagen
admitted to rigging diesel engines on nearly 11 million vehicles world-wide to cheat on
emissions tests by configuring
the engines control software
to recognize when it was on a
test treadmill.
During normal road use, the
software relaxed emissions
controls and allowed the cars
to emit more than 40 times
the allowed limit of nitrogen
oxide, or NOx.
Fixing the cars has proven

more difficult than initially expected. In Europe, where
around 8.5 million of the affected vehicles are on the
road, Volkswagen must seek
approval for its prescribed fix
for each model type separately, a tedious and complex
process.
The recall was delayed by
several months as Germanys
KBA motor vehicle authority
insisted the fix have no impact
on fuel economy.
I am pleased that the retrofitting of over 800,000 of
our customers cars can now
begin, said Jrgen Stackmann, the Volkswagen brand
board member in charge of
sales and marketing.
Fridays announcement only
covers European versions of
the Volkswagen Passat, CC and
Eos models with two-liter engines that can be repaired
through a relatively simple update to the software that regulates the vehicles emissions
system.
The European recall has no
impact on talks over fixing
nearly 600,000 tainted diesel
vehicles in the U.S. Volkswagen is in negotiations with
U.S. authorities and lawyers
for customers in a class-action
suit in a federal court in San
Francisco.
In April, Volkswagen and
U.S. authorities reached a preliminary agreement in which
the German car maker agreed
to offer a blend of car buybacks, vehicle repairs and
compensation to resolve the
issue in the U.S.
At a hearing in San Francisco last month, the federal
court judge in charge of the
case said Volkswagen and the
other parties were on track to
reach a final agreement by a
Wal-Mart Tries New Beat

JASON IVESTER/ASSOCIATED PRESS
BY SARAH NASSAUER
FAYETTEVILLE, Ark.WalMart Stores Inc., the retailing
behemoth founded more than
50 years ago, wants to appear
young and tech savvy.
At its annual shareholder
meeting, Wal-Mart showed off
its use of drones in warehouses, announced a grocerydelivery test with Uber Technologies Inc. and Lyft Inc. and
elected the 34-year-old grandson of founder Sam Walton to
its board.
To host the main event, it
tapped late-night TV star
James Corden. Pop stars Nick
Jonas and Katy Perry performed for the 5,700 store employees in attendance.
We get to reimagine retail
again, and thats what we are
going to do, Wal-Mart Chief
Executive Doug McMillon told
the crowd. There is momentum in this business. Its real.
We can feel it.
Wal-Marts results for the
first months of this year, while
modest, outshone rivals like
Target Corp., some department-store chains and apparel
retailers. In the three months
through April, Wal-Mart reported an almost 1% sales gain
at stores open at least a year,
the seventh-straight quarter of
such growth.
Mr. McMillon said the company aims to add up to $60
billion in new revenue over
three years.
The upbeat message comes
CEO Tony Fadell

To Depart From
Alphabets Nest
Nick Jonas performed at Wal-Marts annual meeting on Friday.

amid concerns that encroaching competition from Amazon.com Inc., hard discounters
like Aldi and dollar-store
chains is eroding Wal-Marts
growth prospects. Last year, it
reported lower total annual
revenue for the first time since
becoming a public company in
1970. Its e-commerce sales
growth has slowed each of the
last five quarters. At the same
time, costs are rising. It is
spending heavily, including $2
billion in e-commerce investment over two years.
Wal-Mart shares, up 16% so
far this year, fell 7 cents to
$70.88 at 4 p.m. on Friday.
Its shareholder meetings
typically fuse pep rally with
the requisite reading of shareholder proposals. This years
host, Mr. Corden, brought
some uncomfortable comedy
in line with the modern message from executives. He re-
peatedly poked fun at Greg

Penner, who became chairman
last year.
He is married to Rob Waltons daughter, but thats not
how he got his job, quipped
Mr. Corden. Rob Walton is Sam
Waltons son.
Mr. McMillon said the company, which is based in nearby
Bentonville, Ark., is in chapter
four of its history, citing online-shopping initiatives, selfdriving cars and voiceprompted technology.
Wal-Mart executives said
the retailer intends to offer its
mobile-payment technology,
Walmart Pay, to all U.S. stores
and expand a service that allows shoppers to pick up online orders curbside to more
than 50 markets by the end of
June. It is also testing home
grocery delivery in Denver and
Phoenix later this month with
Uber and Lyft.
June 21 deadline.
Volkswagen said it expected
approvals soon to begin recalling additional high-volume
models in Europe that use the
two-liter engine. But a recall
of vehicles with 1.2-liter TDI
diesel engines planned in the
first half of the year would be
delayed, it said.
The car maker now will begin notifying European owners
of the tainted diesel vehicles
that they can bring their cars
to a local Volkswagen workshop to be repaired free of
charge.
Last month, Volkswagen
disclosed that it took a 16.2
billion ($18.1 billion) charge
related to its tailpipe emissions cheating scandal, forcing
it to slash its 2015 dividends.
The company reported a loss
of 1.58 billion for 2015 compared with a profit of 10.85
billion a year earlier.
Tony Fadell stepped down

as chief executive of Alphabet
Inc.s home-automation unit
Nest, the latest hiccup at the
Google parents businesses
outside its core internet
search and advertising.
Mr. Fadells departure follows reports that he was losing support of some Nest employees and struggling with
new financial constraints from
Alphabet. He said on Nests
website on Friday that the
transition to a new Nest CEO
has been in the works since
late 2015. He didnt offer a
specific reason for leaving. He
said he would continue to
work as an adviser to Alphabet and its CEO, Larry Page.
Nest named Marwan Fawaz,
a former executive vice president at Motorola Mobility, as
its new CEO.
Mr. Fawaz joined Motorola
in 2012, when it was owned by
Google, to lead the Motorola
Home division, which made
set-top boxes for cable television. He most recently worked
at consulting firm Sarepta Advisors near Denver, according
to a LinkedIn profile.
Mr. Fadell, a former Apple
Inc. executive who helped develop the iPod, co-founded
Nest in 2011 to create internetconnected devices for the
home, such as thermostats
that sense when users are
around and adjust temperatures accordingly. Google acquired Nest in 2014 for $3.2
billion. Soon after, Nest acquired Dropcam, a maker of
internet-connected security
cameras, for $555 million.
In March, tech website The
Information reported employees were leaving Nest in part
because they were upset with
Mr. Fadells leadership style.
The article also depicted an
intense internal struggle between Mr. Fadell and Dropcam
co-founder Greg Duffy. Mr.
Duffy later wrote in a blog
post that he had extreme differences on management style
with the current leadership at
Nest, who seem to be fetishizing only the most superfluous
and negative traits of their
mentors.
Nest appears to have expanded significantly under Alphabet.
The company said more
than 12,000 retail stores carry
its products, and customers in
more than 190 countries use
them. Sales have increased
more than 50% each year since
the company began shipping
products, it said.
Under Tonys leadership,
Nest has catapulted the connected home into the mainstream, Alphabets Mr. Page
said in a statement on Friday.
Hes a true visionary and I
look forward to continuing to
work with him.
Some analysts questioned
whether Google undercut Nest
last month when it introduced
Google Home, a voice-operated
tabletop device that answers
users questions and commands.
Strategy Analytics analyst
David Watkins said products
like Google Home serve to
confuse the companys overall
strategy for the home.
Last year, Google restructured into parent company Alphabet, splitting off several
other bets into separate
units, including Nest, its research lab X and its life-sciences firm Verily. The company is trying to diversify
The road has been

rocky for some units
outside of Googles
core business.
from its core business of
search and advertising.
Also last year, Google hired
former Morgan Stanley executive Ruth Porat as its finance
chief. She has suggested that
she plans to rein in spending
at the other bets.
In the March article, Mr.
Fadell was quoted as saying,
The fiscal discipline era has
now descended upon everything. He said Alphabet executives were saying, Hey, show
us your business plan for the
year. Were going to hold you
to those numbers.
Jan Dawson, founder of
Jackdaw Research, said Mr.
Fadells departure indicated
Alphabets other bets wont
be given a super long leash,
but theyll be expected to hit
financial milestones sooner
rather than later.
The road has been rocky for
some units outside of Googles
core business. The company
last year stopped selling its
Google Glass head-mounted
device following concerns
about the devices ability to
surreptitiously record video.
The project was started at the
research lab X.
Still, several Alphabet units
are succeeding. High-speed internet firm Google Fiber is expanding rapidly, for example.
Revenue for Alphabets other
bets more than doubled to
$166 million in the first quarter from a year prior.
* *****
BUSINESS NEWS
Uber Takes On China Rival

BY JURO OSAWA
AND EVA DOU
BAIDU
Search Giant Plans

Driverless-Car Output
HOW HWEE YOUNG/EUROPEAN PRESSPHOTO AGENCY
HONG KONGUber Technologies Inc. aims to overtake

Didi Chuxing Technology Co.
in Chinas private-car ridesharing sector next year, an
executive at Ubers Chinese
unit said Friday.
While Didi leads in its home
market, UberChina has been
gaining ground rapidly, said
Liu Zhen, the companys senior vice president of strategy.
Last year we were only operating in eight cities with only
a 1% market share in China,
but Ubers share has since
surged to nearly a third, she
said.
Ms. Liu, who was speaking
at the Converge technology
conference hosted by The Wall
Street Journal and f.ounders,
said China is absolutely the
most important market in the
world for Uber now. However,
the San Francisco-based company faces an uphill battle
against Didi, which not only
leads the private-car-hailing
segment but also dominates
Chinas taxi-hailing market.
The two companies, which
have disagreed on marketshare figures, are locked in a
fierce battle to attract drivers
and passengers. They are also
intensifying efforts to round
up funds from powerful investors.
UberChina is backed by Chinese search provider Baidu
Inc., while Didis major investors include Alibaba Group
Holding Ltd. and social-network giant Tencent Holdings
Ltd. In addition, Apple Inc.
last month poured $1 billion
into Didi. Uber, meanwhile, recently raised $3.5 billion from
the investment arm of Saudi
Arabia. Ms. Liu said part of
the Saudi funding will flow
into Ubers China operations.
Ms. Liu said UberChinas alliance with Baidu is an advantage because passengers can
hail an Uber ride using Baidus
mobile map app, which has
hundreds of millions of users. Didi, meanwhile, has been
working closely with Tencent,
From
Converge
Didi Chuxing leads the ride-sharing market in China. Above, a driver in Beijing uses the Uber app.
which operates the popular
WeChat messaging application. WeChat comes with a
ride-hailing button that directs its more than 700 million
monthly users to Didis service.
Ride-hailing services in
China continue to subsidize
the cost of rides for both passengers and drivers as they
compete in what is the worlds
biggest mobile-internet market by users. But under the
watchful eye of investors, a
shift toward more sustainable
business models may be under
way.
Didi is now profitable in
more than 200 of the 400 cities where it operates, and expects to reach overall profitability very soon, Zijian Li,
the companys senior director
of international strategy, said
Friday at the Converge conference.
Ms. Liu said that UberChina
could build a profitable business soon as it has been cutting costs and spending less
on incentives for drivers. The
company is now spending 80%
less per trip than it did a year
ago, she said.

A year ago, Uber and Didi
were offering such big bonuses to attract drivers that
the local press was awash in
stories of white-collar workers
quitting their jobs to be fulltime drivers.
That was preceded by an
even-bloodier subsidy battle
between Didi Dache and
Kuaidi Dache before the two
taxi-hailing apps merged to
become the company that is
now Didi Chuxing.
Didi and Uber see subsidies
playing a smaller role as the
ride-hailing market matures
and as customer loyalty lessens the need for heavy couponing.
Another impetus has been
the Chinese governments
plans to regulate the sector.
Rules drafted late last year
would forbid ride-hailing companies from setting ride prices
below costs and require them
to acquire licenses for their
drivers and make pricing more
transparent. The final rules
are expected to be approved
this year.
Meanwhile, both Didi and
Uber face the challenge of retaining drivers and riders as

they decrease subsidies. In
Beijing, passengers say wait
times for both ride-sharing
services are longer than they
were last year.
Kitty Fok, head of market
analysis firm IDC China, said
that while the services are
growing more expensive, she
expects they will remain
cheaper than regular taxis in
China and retain user bases
among Chinas growing middle
class.
Analysts also say both Didi
and UberChina can keep expanding beyond major cities
like Beijing and Shanghai by
offering convenient alternatives to underdeveloped local
transportation.
UberChinas Ms. Liu said
the company has seen particularly rapid growth in smaller
Chinese cities it entered recently. In the eastern city of
Hefei, for example, the company grabbed half of the ridehailing market in just three
weeks after it launched its service in March, without relying
on hefty subsidies, she said.
Chinese search-engine giant

Baidu Inc., which is already testing a driverless car, plans to
mass produce the vehicles in
five years, a company executive
said Friday.
Jing Wang, a senior vice president at Chinas largest searchcompany, said he hopes testing
of Baidus car can be expanded
to 10 cities across China. The
model is currently undergoing
tests on public roads in Beijing
and in Wuhu, in Chinas southeastern Anhui province, and in a
closed area in Shanghai.
Mr. Wang said the race to
make self-driving carswhich includes Google parent Alphabet
Inc. is wide open. The market
right now is very early so its big
enough for many players, he
said. I dont think anyone can
dominate this area.
Microsoft Corp. isnt building
its own self-driving car, but is
eager to help others with related
technology, a senior executive at
the tech giant said Friday at the
Converge conference.
Peggy Johnson, who heads
business development for the
tech titan, said Microsoft has
asked various auto makers what
kind of technological applications
they are looking for and whether
they might employ Azure, its
cloud-based service for businesses, Office 365, or its Windows operating system.
Alyssa Abkowitz
HUAWEI
Tech Firm Seeks to Be

No. 1 in Smartphones
Chinas Huawei Technologies
Co. aims to overtake Samsung
Electronics Co. and Apple Inc.
within the next five years to become the worlds biggest smartphone maker with a market
share of over 25%, a senior executive said.
We want to be the numberone smartphone maker in the
world. Its a long-distance race,

and we have the patience, said
Richard Yu, the head of the
companys consumer-electronics
business.
Shenzhen-based Huawei is
one of the worlds largest suppliers of telecom networking gear.
Over the past few years, the
company has also been growing
rapidly as a handset maker.
Huawei has been narrowing
the gap with Samsung and Apple
in the global smartphone market,
whose growth is slowing. In the
first quarter, Huaweis smartphone
sales volume increased 59% from
a year earlier, while Samsungs
sales were little changed and Apples sales declined 14%, according
to research firm Gartner Inc. Huaweis market share in the quarter
rose to 8.3%, behind Samsungs
23% and Apples 15%.
Juro Osawa
NASDAQ
U.S. Listings Remain

In Demand, CEO Says
Chinese companies are still

seeking U.S. public listings despite a rush of delistings in the
past year, Nasdaq Inc. Chief Executive Robert Greifeld said.
The pipeline of Chinese companies coming to the U.S. is as
strong as it has been in half a
decade, Mr. Greifeld said. The
overall U.S. IPO market has been
depressed, so as a percentage, it
is pretty healthy.
Year-to-date, 30 companies
have been listed on Nasdaq, raising a total of $3.7 billion, compared with 54 companies with a
total of $5.8 billion in the same
period last year, according to Dealogic. Mr. Greifeld said he is expecting close to 10 listings from
China in 2016. From elsewhere
in Asia, Nasdaq also sees a
number of listing prospects in
India, Australia, and Vietnam.
Some Chinese companies
didnt fully understand the exchanges reporting requirements
and had to delist in the past few
years, while others have voluntarily delisted because of higher
valuations in China.
Mr. Greifeld tried to dispel
some widespread concerns about
the reporting standards of Chinese
companies, noting that we have a
very, very long list of American
companies having reporting issues
throughout the years.
Wei Gu
Luxembourg Bets on Asteroid Mining More Filings Fly

In Redstone Case
BY ANDY PASZTOR
Seeking to lead the way in

Europe to promote commercial
ventures in space, Luxembourg
is making a small but symbolic
bet on the idea of mining asteroids.
Deputy Prime Minister Etienne Schneider said in an interview Thursday that the government has set aside roughly
200 million ($223 million) in
public funds to support such
projects.
Part of the governments
plan is to create the necessary
legal and regulatory framework
to persuade investors backing
them to set up shop in Luxembourg.
Mr. Schneider, other senior
government officials and space
experts from both sides of the
Atlantic have scheduled a press
conference Friday to lay out
specifics of the initiative. The
move follows an earlier an-
MYLAN
collaboration with Biocon Ltd.
of India, where the Herceptin
copy is already on the market.
How much insurers and patients may ultimately save
with biosimilars is unclear. Unless there are multiple biosimilars for a single branded drug,
prices typically are expected to
drop by only 15% to 30% from
the branded drugs price. Another question is whether doctors and patients will be willing to switch to a biosimilar
from Herceptin, an iconic
breast cancer treatment.
Biotech drugs, which are
typically injected or infused,
are manufactured in living organisms, making them more
difficult and costly to develop
than standard pills made from
chemicals. Showing that copies
are essentially equivalent to
the originals has also posed
some scientific and regulatory
challenges.
But the U.S. Food and Drug
Administration, and European
regulators recently established
new regulatory criteria intended to create a market for
biosimilars.
So far, the FDA has ap-
nouncement of the governments interest in the topic, and

separate announcements by
two startup companies that
they have decided to locate in
Luxembourg.
In addition, Mr. Schneider,
who is also Minister of the
Economy, said the government
may commit additional funds to
help underwrite research and
development carried out inside
the country that is aimed at
sending commercial spacecraft
beyond Earth orbit.
In a strategy reminiscent of
the countrys decision in the
mid-1980s to take an ownership
stake in a fledgling satellite
company that grew into what is
now international satellite-provider SES SA, he said Luxembourg could end up investing
directly in certain private space
ventures.
The minister didnt provide
specifics about how much cash
infusion eventually may be-
come available. We will take

more money, he said, and set it
aside if we need it.
We have quite a lot of experience in these international issues, Mr. Schneider said, adding that the Parliament is
expected to approve the initial
steps in the next few months.
Luxembourg intends to share
information and cooperate with
the U.S. and like minded countries across Europe, but
doesnt need the backing of European lawmakers or authorities to proceed, he said.
It could take years to find a
common way or point of view
to foster commercial ventures
through the European Space
Agency or other regional organization, according to Mr.
Schneider. That is why we decided to do it on our own, he
said.
The anticipated announcement also coincides with the
first meeting of a government
advisory board.
Roughly a decade ago, Luxembourgs government took
steps to diversify the economy
and shift away from reliance on
the banking sector, According
to Mr. Schneider, the focus on
space reflects the latest extension of that principle.
Noting that mining asteroids
sounded like complete science
fiction at the beginning, he
said he anticipated the legal
framework to be implemented
by the fall.
In the U.S., the White House
and National Aeronautics and
Space Administration in recent
years have embraced commercial space projects and made
promoting them a priority. Congress also has taken the lead in
establishing laws and regulations to support and provide
flexibility for companies aiming
to extract minerals from the
moon, asteroids or other heavenly bodies.
proved two biosimilar drugs

under the initiative: Novartis
AGs Zarxio, which is similar to
Amgen Inc.s Neupogen for the
treatment of side effects of
chemotherapy; and Inflectra, a
version of Johnson & Johnsons Remicade treatment for
arthritis and other conditions.
Inflectra was developed by Koreas Celltrion Inc. and licensed to Pfizer Inc.
Multiple companies also are
developing biosimilar versions
of other big-selling biologics
that they hope to launch in
coming years, including copies
of AbbVies Humira arthritis
treatment and Amgens Neulasta for chemotherapy patients.
Sellers of the original
branded biologics are taking
measures to blunt the effect on
their sales, including raising
prices ahead of biosimilar
competition and pursuing patent litigation to delay the competing products. These are
among reasons some experts
have questioned just how
much savings will actually result from approval of biosimilars.
Mylan is competing with
several other companies to develop biosimilars for Herceptin. Pfizer and Amgen are testing their own Herceptin
biosimilars; they are also

among companies developing
biosimilar versions of two
other cancer drugs: Roches
Avastin, and Rituxan from
Roche and Biogen Inc.
Ronny Gal, analyst at Sanford Bernstein, said he expects
a Herceptin biosimilar could
reach the market in Europe
next year and the U.S. in 2018.
Roche and its Genentech
unit didnt have an immediate
response to the new data. But
in a commentary published on
ferences in outcomes for patients result.

The new study evaluated
patients with metastatic disease who were treated with
chemotherapy for 24 weeks
plus either Herceptin or the
Mylan drug.
Patients continued on the
biotech drugs alone after 24
weeks until their disease progressed. At 24 weeks, the overall response rate was 69.6% for
patients on the Mylan drug
and 64% for those on Herceptin, a result considered essentially equivalent. Researchers
said 36% of Herceptin patients
and 38% of those on the Mylan
drug had serious adverse
events. There were four deaths
in each arm of the study.
The patients were from
Eastern Europe, Latin America
and Asia, areas of the world
where patients generally havent had access to drugs such
as Herceptin because of the
cost.
We dont know what the
cost is going to be [in the U.S.]
or whether there will be a big
drop in cost, said Dr. Rugo.
One thing that will absolutely
happen is that there will be
better access to the drug
world-wide.
Jonathan D. Rockoff
Mylan is competing
with other firms to
develop biosimilars
for Herceptin.
Genentechs website Thursday,
Myriam Mendila, Genentechs
head of U.S. medical affairs,
said the company has longsupported the FDAs efforts to
implement a science-based
pathway to approve biosimilars.
But she added that biosimilars are not exact copies of
the original medicines and
that as they reach the market
it will be important to closely
monitor safety and effectiveness to see if important dif-
BY JOE FLINT
Sumner Redstones attorneys are arguing that the
ouster of Viacom Inc. Chief Executive Philippe Dauman and
company director George
Abrams from the trust that will
eventually oversee the moguls
$40 billion media empire will
stand regardless of Mr. Redstones competency.
In court papers filed Friday,
Mr. Redstones attorneys included a document signed by a
majority of individuals slated to
be on the seven-member trust,
indicating that they intend to
approve the lieutenants removals if Mr. Redstone is determined to be incapacitated.
Two weeks ago, Mr. Redstone kicked Messrs. Dauman
and Abrams off the trust as
well as the board of his holding
company National Amusements Inc., through which he
controls nearly 80% voting
stakes in Viacom and CBS Corp.
Messrs. Dauman and Abrams
sued to reverse the changes.
The court documents released Friday argue that 93year-old Mr. Redstone is mentally competent, and include a
doctor vouching for his capacity.
Mr. Redstone is the only person with the power to make
changes to the trusts composition while he is alive and has
mental capacity, but the document signed by four trustees is
meant to show support for the
ouster of Messrs. Dauman and
Abrams once he dies or is incapacitated and the trust goes
into effect.
Mr. Redstones camp said
that even if he were deemed incapacitated, the end result
would be the same and the pair
would still be removed from
the trust.
Shari Redstone, the media
moguls daughter; her son Tyler
Korff; David Andelman, a CBS
and National Amusements
board member; and Leonard
Lewin, an attorney who represented Sharis mother Phyllis
Redstone in her divorce from
Mr. Redstone, hold four of the
seven seats on the trust and all
signed the document.
In response, Les Fagen of

Paul, Weiss, Rifkind, Wharton &
Garrison LLP, counsel to
Messrs. Dauman and Abrams,
said: There are many undisclosed facts that will emerge
concerning the conduct of Shari
and her representatives. Even
their own papers filed today reveal that the Trustees as stated
in the affidavits haven't seen
Sumner for as long as many
years.
Mr. Fagen said they looked
forward to a full hearing on
Tuesday, when a Boston judge
will review their request for an
expedited legal process.
Mr. Redstones attorneys
filed the documents in opposition to a lawsuit from Messrs.
Dauman and Abrams, in which
they claimed Mr. Redstone
lacked the mental capacity to
make changes to the trust and
the holding companys board.
They also alleged Ms. Redstone
has taken advantage of her father to bring about the
changes, so she can control the
empire. She had denied that
charge.
Mr. Daumans camp believes
that if his legal challenge is
successful, the trust will revert
to its original form, in which a
majority of the members must
be disinterested parties or
not affiliated with the family,
according to a person familiar
with the matter.
Tad Jankowski, the general
counsel for National Amusements, and former media analyst Jill Krutick replaced
Messrs. Dauman and Abrams
on the trust. Both are close to
Ms. Redstone.
Mr. Redstone also requested
that the Massachusetts case be
dismissed because of the case
he filed in Southern California,
where he resides, to confirm
the removal of Messrs. Dauman
and Abrams.
The judge assigned to the
case in CaliforniaDavid
Cowanis the same judge who
in May dismissed a suit that
challenged Mr. Redstones mental capacity and accused his
daughter Shari of manipulating
him. In that decision, Judge
Cowan didn't rule on Mr. Redstones mental health.
* * * * * *
IN THE MARKETS
Shares Fall as Jobs Report Disappoints

BY SAUMYA VAISHAMPAYAN
Investors reset their expectations for interest rates yet
again, sparking declines in
Treasury yields, the dollar and
U.S. stocks, after data showed
U.S. employers last month
added the fewest jobs in more
than five years.
Fridays moves across markets were a reversal from the
past few weeks,
FRIDAYS
when
Federal
MARKETS Reserve officials
signaled
they
could be ready
to raise rates as soon as June
if the U.S. economy continued
to improve. The May jobs report cast doubt on the possibility of such a move in the
next few months.
Declines were less pronounced in major U.S. stock
indexes. While weak economic
data bode poorly for stockmarket gains, extremely low
rates have bolstered stocks
since the financial crisis.
The jobs report removes
the suspense of will they or
wont they in June, said Eric
Wiegand, senior portfolio
BANKS
highest average daily trading
volume in the S&P 500 index
during the 30 days through
Thursday, according to FactSet. Citigroup, Wells Fargo
and J.P. Morgan Chase & Co.
were 18th, 20th and 26th, respectively.
Trading has picked up in
part because the shares have
been making such large
swings. Bank stocks in the S&P
500 index currently are more
than twice as volatile as the
manager at U.S. Bank Wealth

Management. It is sufficient
enough to delay Fed action at
their upcoming meeting.
The Dow Jones Industrial
Average slipped 31.50 points,
or 0.2%, to 17807.06. The S&P
500 index lost 6.13, or 0.3%, to
2099.13, and the Nasdaq Composite declined 28.85, or 0.6%,
to 4942.52.
Shares of financial firms,
whose profits should gain with
higher rates, led declines in the
S&P 500. Utilities, considered
the bond proxies of the stock
market, rose the most in the
index. Consolidated Edison
rose $1.71, or 2.3%, to $75.35.
The yield on the two-year
Treasury note, which is more
sensitive to changes in monetary policy than longer-dated
debt, fell to 0.784%, from 0.891%
on Thursday, its largest one-day
drop since last September. The
10-year Treasury notes yield
fell to 1.707%, from 1.811%
Thursday, for its biggest daily
loss since Feb. 8. Overseas, the
10-year German governmentbond yield fell to 0.068%, according to Thomson Reuters,
the lowest settlement on record.
The WSJ Dollar Index,
which measures the dollar
against a basket of 16 currencies, dropped 1.7%. The euro
rose 1.9% against the dollar to
$1.1364. The dollar lost 2.2%
against Japans yen to 106.53.
S&P 500, based on 20-day rolling standard deviation, according to FactSet. Bank
stocks are also 60% more volatile than they were a decade
ago.
So far this year, Bank of
America and Citigroup each
have had 20 trading days in
which their shares rose or fell
3% or more. Morgan Stanley
has had 18 such days, Goldman Sachs Group Inc. has had
15 and J.P. Morgan, 11. The
S&P 500 and Dow Industrials
havent risen or fallen 3% in a
day since Aug. 26.
The rapid-fire action looks
to many analysts and portfolio
Gold for June delivery

gained 2.5% to $1,240.10 an
ounce. The NYSE Arca Gold
BUGS Index, which includes
shares of gold-mining companies, surged 12%, its largest
gain since November 2008.
U.S.-listed shares of Barrick
Gold jumped 2.22, or 13%, to
19.18. Newmont Mining shares
rose 3.05, or 9.4%, to 35.40.
The Labor Department said
Friday that nonfarm payrolls
rose by 38,000 in May, the

weakest performance since
September 2010.
Not even a magician can
take this number and make it
sound good, said Quincy
Krosby, market strategist at
Prudential Financial.
Federal-funds futures, used
by investors to place bets on
U.S. central-bank policies,
showed that the odds of a rate
increase at the Feds June
meeting were 4%, down from

21% before the jobs report, according to data from CME
Group. The same futures contracts suggested 31% odds of
an increase by July, down
from 58% before the release.
Many analysts said that despite Fridays gloomy jobs report, the bulk of economic
data still point to an economy
that is improving.
I would not go stampeding
off a cliff on this, said Brian

Jacobsen, chief portfolio strategist at Wells Fargo Funds
Management, referring to the
jobs report.
For the week, the S&P 500
was flat, while the Nasdaq
Composite gained 0.2%. The
Dow posted a weekly loss of
0.4%. The lackluster weekly
moves have left the Dow and
S&P 500 with a year-to-date
gain of more than 2% each,
while the Nasdaq Composite
has yet to erase its loss for
2016, which is now at 1.3%.
The market has to grind
higher on earnings, said David Lafferty, chief market
strategist at Natixis Global Asset Management. Thats still
our expectation, but after todays data, more doubt is
creeping in.
U.S. crude oil fell 1.1% Friday to $48.62 a barrel.
The Stoxx Europe 600 fell
0.9% Friday, ending the week
with a 2.4% loss.
In Asia, Japans Nikkei
Stock Average rose 0.5% for
the day. The index lost 1.1% for
the week as a stronger yen
damped
sentiment.
The
Shanghai Composite rose 0.5%
Friday and notched a 4.2%
weekly advance after six consecutive weeks of losses.
Aaron Kuriloff
and Riva Gold
managers like a crowded

trade. That is one in which investors pile into securities,
driving up their price in anticipation of an outcome that
piece of data, said James

Tierney, who manages $4 billion at AllianceBernstein Holding LP as chief investment officer of concentrated U.S.
growth.
Fridays selling wasnt limited to the largest U.S. banking
firms. The Nasdaq KBW Bank
Index of 24 large commercial
lenders dropped 2.3%, compared with a 0.3% decline in
the S&P 500 index.
The drop in bank stocks has
left some bullish investors
seeing opportunity. If the
weak jobs report proves to be
an aberration, leaving interest-rate increases on track,
bank shares could rebound.

I like financials, said
James Paulsen, chief investment strategist at Wells Capital Management. I do think
we are going to get around to
raising rates.
At the same time, many investors remain deeply skeptical on the sector, owing to the
soft growth of the U.S. economy and the tighter regulations adopted in the wake of
the financial crisis.
Since this time last year,
the Nasdaq KBW Bank Index is
down 9.3%, according to FactSet, compared with a 0.7% decline in the S&P 500. But the
largest U.S. banks generally

have lagged behind even those
performances, with Morgan
Stanley down 32%, Goldman
down 25% and Citigroup down
18%.
Accordingly, while the S&P
500 continues to trade above
its average valuation for recent years, the banking sector
remains depressed, with many
firms trading below their reported book value, or net
worth.
The S&P Financials sector is
the only one down for 2016,
off 1.7%, and is third-worst
over the past year, off 5.3%,
FactSet data show.
ANDREW BURTON/GETTY IMAGES
Weakness in the labor

market spurs
investors to sell the
dollar and stocks
Consolidated Edison shares rose 2.3% as the utility sector posted the S&P 500s biggest gain.
2.3%
Size of Fridays drop in the

Nasdaq KBW Bank Index of 24
large commercial lenders
doesnt come to pass, fueling
an outsize opposite reaction.
People are taking entire
groups out and shooting them
because of an incremental
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DISCUSSIONS
2016 Dow Jones & Co., Inc. All rights reserved. 6DJ3753
* ***
MARKETS DIGEST
Dow Jones Industrial Average
S&P 500 Index

Last Year ago
17807.06 t 31.50, or 0.18%

High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 19.00 16.22

P/E estimate *
16.99 16.00
Dividend yield
2.58
2.33
All-time high 18312.39, 05/19/15
Nasdaq Composite Index

Last
2099.13 t 6.13, or 0.29%

Year ago
Trailing P/E ratio * 24.22 21.23

P/E estimate *
17.81 17.89
Dividend yield
2.18
2.00
All-time high: 2130.82, 05/21/15
Last Year ago
4942.52 t 28.85, or 0.58%

Trailing P/E ratio * 22.35

22.96
P/E estimate *
19.01
19.10
Dividend yield
1.28
1.19
All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18400
2100
4970
18000
2060
4900
17600
2020
4830
17200
1980
4760
1940
4690
Session high
65-day moving average
UP
16800
Close
DOWN
Session open
Open
Close
16400
Session low
Bars measure the point change from session's open
16000
Mar.
Apr.
4620
1900
4550
1860
May
Mar.
Apr.
Mar.
May
Apr.
May
* P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes

High
Low
Late Trading
Latest
Close
Net chg
% chg
-0.2
2.2
5.3
8509.64
6625.53
-9.2
2.9
7.1
Most-active issues in late trading
672.35
541.97
19.4
16.4
11.7
22287.78 18663.11
586.75
446.15
-1.3
-8.1
2.7
2.4
8.2
7.2
High
52-Week
Low
% chg
3-yr. ann.
YTD
% chg
Dow Jones
17833.17 17689.68
Industrial Average
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
17807.06
-31.50
-0.18
7759.36
7640.19
7730.13
-32.95
-0.42
675.46
664.37
672.35
10.82
21730.87 21523.29
530.54
524.65
21665.91
528.66
-72.71
-3.60
Nasdaq Stock Market

Nasdaq Composite
4958.65
Nasdaq 100
4523.36
4909.21
4480.80
4942.52
4509.79
18144.07 15660.18
1.64
-0.33
-0.68
-28.85
-21.56
5218.86
4719.05
-0.58
-0.48
4266.84
3947.80
-1.3
-1.8
-2.5
0.7
2104.07
2085.36
2099.13
-6.13
-0.29
2128.28
1829.08
0.3
2.7
8.6
MidCap 400
SmallCap 600
1505.95
712.60
1491.27
704.56
1500.90
709.55
-6.19
-3.66
-0.41
1549.44
742.13
1238.82
588.26
-1.7
-1.7
7.3
5.6
8.3
8.4
Other Indexes
Russell 2000
1170.39
1155.84
1164.13
10504.46 10417.90
-6.45
10487.94
0.36
465.81
461.37
464.42
-1.39
NYSE Arca Biotech
3314.74
3219.46
3262.68
-64.96
NYSE Arca Pharma
NYSE Composite
Value Line
-0.55
0.003
-0.30
-1.95
-0.10
-0.05 210.92 209.90
-0.20
-0.53
37.96 37.73
Finl Select Sector SPDR XLF
3,089.3
23.46
-0.05
-0.21
23.53 23.43
iPath SP 500 VIX Sht Tm VXX
2,207.7
13.07
0.05
0.38
13.58 13.00
Exelon
EXC
2,107.5
34.99
0.03
0.09
35.04 34.90
VanEck Vectors Russia ETF RSX
1,966.5
17.11
0.04
0.23
17.18 17.06
iShares China Large-Cap FXI
1,629.2
33.75
-0.02
-0.06
33.87 33.60
Vascular Biogenics
VBLT
162.3
5.25
1.28
32.24
Garmin
GRMN
10.9
47.50
5.12
12.09
47.50 42.38
7.15
4.15
Bunge Ltd
BG
229.3
73.21
5.44
8.03
73.21 67.69
Ally Financial
ALLY
13.3
18.51
0.82
4.64
18.51 17.69
Ovascience
OVAS
32.3
7.23
0.25
3.58
9029.88
-4.5
3.4
3.9
517.73
383.82
-9.1
4.2
2.9
4431.87
2642.53
-21.1
-14.5
18.6
605.94
477.25
-9.8
-2.8
7.4
...And losers
80.41
56.51
-10.1
-4.5
4.3
iShares MSCI EAFE ETF EFA
921.6
55.00
-3.71
-6.32
58.72 55.00
92.85
38.84
31.5
96.6
-6.9
AngloGold Ashanti ADR AU
168.1
14.99
-0.90
-5.64
15.90 14.99
-0.16
69.79
-1.61
PHLX Gold/Silver
89.23
82.04
89.06
8.42
PHLX Oil Service
163.82
160.23
162.09
0.61
0.38
214.12
128.61
-23.3
PHLX Semiconductor
CBOE Volatility
709.59
14.66
701.31
12.90
705.60
13.47
2.17
-0.16
0.31
728.22
40.74
559.18
11.95
-2.8
-5.2
2.8 -14.0
6.3
-26.0
14.4
-6.1
7.23
6.98
Outerwall Inc.
OUTR
61.2
43.53
-1.36
-3.03
44.89 43.38
Nordstrom
JWN
303.5
38.73
-1.02
-2.57
39.77 38.73
BHP Billiton ADR
BBL
16.6
24.32
-0.52
-2.10
24.32 24.32
Region/Country Index
Close
Percentage Gainers...
Latest
% chg
Net chg
World
The Global Dow

2346.68
The Global Dow Euro 1949.82
DJ Global Index
312.21
DJ Global ex U.S.
210.15
10.23
21.51
1.16
2.30
Americas
Brazil
Canada
Mexico
Chile
DJ Americas
505.39
Sao Paulo Bovespa 50619.50
S&P/TSX Comp
14226.78
IPC All-Share
45928.23
Santiago IPSA
3083.35
0.73
732.25
89.79
419.92
29.05
Europe
Euro zone
Belgium
France
Germany
Israel
Italy
Netherlands
Spain
Sweden
Switzerland
U.K.
Stoxx Europe 600

Euro Stoxx
Bel-20
CAC 40
DAX
Tel Aviv
FTSE MIB
AEX
IBEX 35
SX All Share
Swiss Market
FTSE 100
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
DJ Asia-Pacific TSM 1374.26

S&P/ASX 200
5318.90
Shanghai Composite 2938.68
Hang Seng
20947.24
S&P BSE Sensex
26843.03
Nikkei Stock Avg
16642.23
Straits Times
2809.23
Kospi
1985.84
Weighted
8587.36
341.29
321.74
3490.55
4421.78
10103.26
1444.86
17495.09
445.31
8801.60
480.68
8148.40
6209.63
YTD
% chg
0.44
0.37
1.11
0.4
3.7
1.4
...
1.47
0.64
0.92
0.95
3.7
16.8
9.4
6.9
4.7
1.09
0.14
3.06 0.89
3.35 1.03
21.93 0.62
44.22 0.99
104.74 1.03
Closed
272.21 1.53
2.28 0.51
156.30 1.74
4.32 0.89
57.42 0.70
0.39
24.02
1.30
17.70
0.76
40.00
0.46
13.45
0.42
88.02
0.11 0.0004
0.48
79.68
0.51
14.14
0.04
0.73
0.37
31.34
6.7
6.8
5.7
4.6
6.0
5.5
18.3
0.8
7.8
4.8
7.6
0.5
1.1
0.4
17.0
4.4
2.8
12.6
2.5
1.3
3.0
Company
Symbol
Lion Biotechnologies
Direxion Jr Gold Bull 3X
DXN DLY GLDMNR 3x BL
Avianca Holdings ADS
ProShares Ult Gold Miners
LBIO
Reata Pharmaceuticals A
First Marblehead
Fairmount Santrol Hldgs
ProShares Ultra Jr Miners
Coffee Holding
RETA
Emerge Energy Services

Talen Energy
Asanko Gold
IamGold
Fortuna Silver Mines
EMES
8.65 2.62
146.17 39.46
NUGT
99.90 24.96
AVH
6.51 1.33
GDXX
61.75 11.38
43.45
36.98
33.31
25.68
22.59
18.71 3.37
4.71 0.84
6.65 1.12
81.68 13.32
4.46 0.69
5.78
13.99
3.82
3.76
6.22
JNUG
FMSA
GDJJ
JVA
TLN
AKG
IAG
FSM
Most Active Stocks

Company
Symbol
VanEck Vectors Gold Miner

Bank Of America
Globalstar
SPDR S&P 500
iShares MSCI Emg Markets
GDX
iPath SP 500 VIX Sht Tm

Finl Select Sector SPDR
VS 2x VIX Short Term
ProSharesUltVIXST
DXN DLY GLDMNR 3x BR
VXX
149,754
147,556
GSAT 112,495
SPY
95,687
EEM
88,060
69,286
66,828
55,467
55,108
47,703
TVIX
UVXY
DUST
0.87
2.05
0.52
0.51
0.82
High
52-Week
Low
% chg
74.9
55.8
2634.0
2.6
33.9
Company
Symbol
12.00 4.24
185.04 20.52
123.96 17.40
11.08 3.40
68.98 17.19
-19.5
39.9
2.1
-36.6
35.3
Globalstar
Direxion Jr Gold Bear 3X
DXN DLY GLDMNR 3x BR
ProShr UltSht Jr Miners
ProShr UltSht Gold Miners
GSAT
21.97
21.71
20.25
19.48
18.30
18.90 11.03
6.49 2.81
9.28 1.00
94.87 20.18
6.15 3.00
...
-25.6
-25.6
64.3
-11.6
Gogo Inc.
Immunomedics
Staffing 360 Solutions
Minerva Neurosciences
Eagle Pharmaceuticals
GOGO
17.72
17.17
15.76
15.69
15.19
41.30
20.25
3.82
4.05
6.69
-85.6
-27.3
144.9
82.5
71.3
DJ High Yield Sel 10 TR

iPath US Trea 10-yr Bear
EndoChoice Holdings
Five Prime Therapeutics
DHX Media Var Voting
DOD
1.97
5.73
1.27
1.15
2.00
Volume % chg from Latest Session

(000) 65-day avg Close % chg
BAC
XLF
Total volume*
Adv. volume*
Decl. volume*
Issues traded
Advances
Declines
Unchanged
New highs
New lows
Closing tick
Closing Arms
Block trades*
1,682,508,710 409,899,291
515,608,974 250,711,421
1,133,243,946 158,759,996
2,983
1,422
1,078
837
1,743
510
162
75
69
73
32
16
26
43
1.36
1.34
7,150
1,728
NYSE Arca
Percentage Losers
Latest Session
Close Net chg % chg
FMD
464,174,116 11,431,631
3,188
364
1,672
204
1,407
125
109
35
242
8
9
5
387
18
1.28
3.12
5,588
179
* Primary market NYSE, NYSE MKT NYSE Arca only.

(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Decl. volume*
Issues traded
Advances
Declines
Unchanged
New highs
New lows
Closing tick
Closing Arms
Block trades*
Nasdaq
Percentage gainers
11149.36
526.11
World
25.34 25.15
5.5
68.55
-1.17
-0.51
2.5
521.74
Philadelphia Stock Exchange
Low
-0.13
-7.7
70.49
10.44
Last
953.72
527.80
-0.03
Company
After Hours
Net chg % chg
High
1295.80
KBW Bank
-2.25
Volume
Symbol (000)
VanEck Vectors Gold Miner GDX 40,241.2 25.20

SPY 5,982.2 210.18
SPDR S&P 500
VanEck Vectors Jr Gold GDXJ 4,258.7 37.76
12.6
14.7
Standard & Poor's

500 Index
-0.51
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
NYSE
NYSE MKT
and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
Total volume*
913,239,712 19,806,993
share price of $2 and minimum after-hours volume of 5,000 shares.
Adv. volume*
434,519,085 8,225,991
25.33
14.42
0.94
210.28
33.88
11.24
-3.48
-54.85
-0.30
1.53
2.6 13.02 -0.53

55.8 23.51 -1.43
41.3 2.24 -1.75
51.1 9.99 -1.09
347.0 11.02 -33.49
52-Week
High
Low
JDST
DUST
GDJS
GDXS
IMMU
STAF
NERV
EGRX
DTYS
GI
FPRX
DHXM
Volume Movers
Symbol
26.17 12.40
18.48 10.99
3.00
0.63
213.34 181.02
41.07 27.61
Multi Pkg Solutions Intl

Lion Biotechnologies
iShares MSCI EAFE Value
Deutsche Xtrks Nikkei400
Ascendis Pharma ADR
MPSX
31.48
25.62
19.90
91.25
400.00
Avianca Holdings ADS

Nortel Inversora ADR
FT Small Cap Value
Immunomedics
Ultra MSCI Emerg Mkts
AVH
LBIO
EFV
JPN
ASND
NTL
FYT
IMMU
EET
High
52-Week
Low
% chg
0.94
13.63
11.02
3.34
5.16
-1.15
-7.88
-5.55
-1.00
-1.51
-54.85
-36.63
-33.49
-23.08
-22.64
3.00 0.63
730.00 13.59
400.00 10.93
34.29 3.32
43.30 5.16
-59.3
-95.7
-92.9
-82.8
-77.1
9.29
4.52
2.19
12.65
43.78
-1.78
-0.78
-0.33
-1.68
-5.56
-16.08
-14.72
-13.10
-11.72
-11.27
23.20 7.90
5.44 1.50
10.24 1.80
15.84 3.45
104.17 33.02
-58.2
4.1
-74.2
146.1
-42.7
22.00
13.48
3.68
42.28
5.12
-2.50 -10.20
-1.36 -9.17
-0.37 -9.14
-4.24 -9.11
-0.51 -9.06
25.91 13.62
23.75 12.25
19.69 3.64
50.11 14.70
8.53 4.64
42.9
-41.5
-78.4
86.6
-32.5
Ranked by change from 65-day average*
Company
12.94
18.52
2.23
9.86
10.93
Latest Session
Close Net chg % chg
Volume % chg from Latest Session

(000) 65-day avg Close % chg
5,312
10,456
8,642
265
917
5573
3609
2831
2548
2091
15.13
8.65
45.85
22.81
12.54
1.27
43.45
0.75
-0.65
-7.93
2,809
91
514
15,077
149
1822
1417
1169
1120
1117
6.51 25.68
29.70 6.07
29.02 -0.41
4.52 -14.72
48.09 2.66
52-Week
High
Low
18.81
12.00
56.02
25.41
23.81
12.90
4.24
39.47
19.84
12.50
11.08 3.40
30.78 13.50
33.82 19.22
5.44 1.50
72.41 32.82
* 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
5,000 shares =Has traded fewer than 65 days
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Currencies
Sources: SIX Financial Information; WSJ Market Data Group
4.00%
t
3.00
5-year adjustablerate mortgage 2.00
(ARM)
1.00
5-year Treasury
note yield
0.00
J J A S O N D J F M A MJ
2015
2016
5.00%
3.22%
Bankrate.com avg:
Regent Bank
Davie, FL
2.50%
954-474-5000
Standard Bank, PaSB

Murrysville, PA
2.50%
724-327-0010
4.00
3.00
One year ago
Five-year ARM, Rate
Third Federal Savings and Loan

2.55%
Cleveland, OH
844-245-1150
Aurora Financial
Vienna, VA
2.75%
703-652-7210
First National Financing

Denver, CO
2.75%
800-910-4439
A consumer rate against its

benchmark over the past year
notes and bonds
2.00
Friday 1.00
0.00
1
3 6
month(s)
1 2 3 5 710
years
maturity
16%
14
12
10
8
6
4
2
0
2
4
6
8
30
U.S.-dollar foreign-exchange rates in late New York trading
Yen
Country/currency
2015
Euro
2016
Interest rate
Yield/Rate (%)
Last (l)Week ago
Federal-funds rate target

0.25-0.5 0.25-0.5
Prime rate*
3.50
3.50
Libor, 3-month
0.67
0.68
Money market, annual yield
0.25
0.25
Five-year CD, annual yield
1.24
1.24
30-year mortgage, fixed
3.68
3.62
15-year mortgage, fixed
2.88
2.87
Jumbo mortgages, $417,000-plus 4.40
4.46
Five-year adj mortgage (ARM) 3.22
3.24
New-car loan, 48-month
3.20
3.16
HELOC, $30,000
4.58
4.67
0.00 l
3.25
0.28 l
0.22 l
1.24 l
3.56
2.79
4.14
3.05
2.96
4.29
l
l
l
l
l
l
0.50
3.50
0.69
0.36
1.53
4.22
3.42
4.97
3.86
3.38
5.01
0.25
0.25
0.41
-0.21
0.01
-0.59
-0.51
0.10
0.25
0.52
-0.56
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks. Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Argentina peso
.0719 13.9080 7.5
Brazil real
.2835 3.5277 10.9
Canada dollar
.7728 1.2941 6.5
Chile peso
.001466 682.30 3.7
Colombia peso
.0003318 3014.25 5.1
Ecuador US dollar
1
1 unch
Mexico peso
.0538 18.5935 8.1
Peru new sol
.2980 3.356 1.7
Uruguay peso
.03222 31.0400 3.8
Venezuela b. fuerte .100150 9.9851 58.4
Asia-Pacific
1475.385
1.445
1.587
1.957
1.351
10-yr Treasury, Ryan ALM 1786.639

DJ Corporate
364.113
Aggregate, Barclays Capital 1904.150
High Yield 100, Merrill Lynch 2499.553
Fixed-Rate MBS, Barclays 1956.850
Muni Master, Merrill
511.852
1.707
2.796
2.140
6.532
2.380
1.519
1.851
2.901
2.210
6.410
2.380
1.555
2.480
3.462
2.630
8.696
2.900
2.099
1.642 1.730 3.880

2.778 7.730 4.484
2.090 4.893 3.106
5.809 2.544 2.013
2.260 3.930 3.276
1.440 6.135 3.597
Australian dollar
.7363 1.3581 1.0
China yuan
.1526 6.5518 0.9
Hong Kong dollar
.1287 7.7682 0.2
India rupee
.01498 66.771 0.8
Indonesia rupiah .0000745 13431 2.9
Japan yen
.009387 106.53 11.4
Kazakhstan tenge .002961 337.71 0.3
Macau pataca
.1249 8.0033 unch
Malaysia ringgit
.2450 4.0823 5.1
New Zealand dollar
.6954 1.4380 1.7
Pakistan rupee
.00955 104.750 0.1
Philippines peso
.0216 46.232 1.3
Singapore dollar
.7368 1.3572 4.3
South Korea won .0008595 1163.48 1.1
Sri Lanka rupee
.0068074 146.90 1.9
Taiwan dollar
.03099 32.267 2.0
724.337
5.938
6.058
7.128
5.891
7.206 3.875
Sources: Tullett Prebon, WSJ Market Data Group
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group

3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
US$vs,
YTDchg
Fri
in US$ per US$ (%)
Americas
WSJ Dollar
index
s
Selected rates
Yen, euro vs. dollar; dollar vs.

major U.S. trading partners
s
U.S. consumer rates
Forex Race
Consumer Rates and Returns to Investor
Corporate Borrowing Rates and Yields

Bond total return index
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)

52-wk
3-yr
6.623 3.433
US$vs,
YTDchg
Fri
in US$ per US$ (%)
Country/currency
.02827 35.370 1.8

.00004461 22415 1.2
Thailand baht
Vietnam dong
Europe
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
.04206 23.774
.1527 6.5479
1.1364 .8800
.003636 275.06
.008094 123.55
.1223 8.1784
.2588 3.8637
.01534 65.184
.1228 8.1404
1.0243 .9763
.3446 2.9015
.0398 25.1360
1.4519 .6888
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6522 .3770
.1125 8.8850
.2599 3.8469
3.3101 .3021
2.5976 .3850
.2748 3.639
.2666 3.7503
.0659 15.1789
unch
13.5
1.2
0.5
unch
0.1
0.1
1.9
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.15 1.461.67 4.46
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities
Friday
52-Week
Pricing trends on someClose

raw materials,
or commodities
Net chg % Chg
High
Low
WSJ
.COM
4.5
4.7
4.4
5.3
5.1
7.5
1.5
9.3
3.6
2.6
0.6
4.8
1.5
ONLINE
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
WSJMarkets.com
533.74
1.59
Reuters-Jefferies CRB 188.67

Crude oil, $ per barrel
48.62
Natural gas, $/MMBtu
2.398
Gold, $ per troy oz.
1240.10
0.64
-0.55
-0.007
30.30
DJ Commodity
0.30
% Chg
YTD
% chg
571.61
420.23
-3.74
17.61
0.34 228.18
61.43
-1.12
2.93
-0.29
2.50 1294.70
155.01
26.21
1.64
1050.80
-15.22
-17.77
-7.41
6.19
7.03
31.26
2.61
16.96
* * * *
WEEKEND INVESTOR
BY DAISY MAXEY
and 10 years, by contrast, the

average world-bond fund
tracked by Morningstar has
lagged behind the returns of
intermediate-term bond funds
that invest primarily in corporate and other investmentgrade U.S. bonds. That may reflect individual world-bond
funds investment decisions
and costs, including the decision to hedge or not to hedge
foreign-currency risk, says
Alina Lamy, a senior analyst at
Morningstar.
The funds in Morningstars
world-bond categorydefined
as those bond funds that invest 40% or more of their assets in foreign bondsreturned just 0.6% a year on
average over the past three
years, compared with 2.4% for
U.S. intermediate-term funds.
Over the past decade, the
world-bond funds returned
4.1% a year on average, trailing the average 4.6% for the
U.S. intermediate-term group.
A big consideration for investors considering buying or
holding international bonds
today is the prevalence of very
low and even negative interest
rates in some overseas markets. In the U.S., meanwhile,
the Federal Reserve may move
as soon as this month or next
to boost interest rates again,
after its rate increase in December. A series of rate increases by the Fed could lead
to higher returns over time on
U.S. bonds, although in the
short run it could depress the
value of existing holdings.
With near-term losses on
U.S. bonds a possibility, getting more exposure to different interest-rate environments
is going to be particularly important going forwardmuch
more important than it has
been in the past, says Ben
Strubel, president of Strubel
Investment Management LLC
in Lancaster, Pa., who uses the
Vanguard foreign-bond fund.
KRIS TRIPPLAAR/SIPA USA
In 2013, Vanguard Group

announced a big change in the
bondholdings in its target-date
and target-risk mutual funds:
It shifted 20% of each funds
bond allocation to foreign debt
from U.S. bondsa proportion
it boosted to 30% last year.
So far, the move has helped
returns of the funds, which recently had a combined $423.3
billion in assets. From the beginning of July 2013, approximately when the initial
changes were completed,
through June 2, the Vanguard
Total International Bond Index Fund used in those all-inone funds returned an average
5.2% a year, versus 3.4% for
the Vanguard Total Bond
Market II Index Fund, to
which exposure was reduced,
according to researcher Morningstar Inc.
But other U.S. investors
who gave their bondholdings
some global flavor in recent
years may actually have hurt
their performance by doing so.
That partly is because most
foreign-bond funds dont join
the Vanguard funds in hedging
their exposure to fluctuating
currency ratesand those foreign-exchange trends have
generally hurt the returns of
U.S. holders of foreign bonds
over the past few years.
The principal reason to in-
clude international bonds in a

portfolio is diversification, including exposure to various
national economies and interest-rate environments. Vanguard says its research shows
that the primary factors that
drive international bond prices
are relatively uncorrelated to
those that drive the U.S. bond
market.
A global fixed-income portfolio has resulted in better
risk-adjusted returns over
most longer periods, says
Gregg Fisher, chief investment
officer of investment-management firm Gerstein Fisher
Some proponents see the
currency risk that comes with
buying most foreign securities
as just another type of diversification to be sought out. On
the flip side though, Fran Kinniry, a principal in Vanguards
investment strategy group,
says hedging makes sense because currencies are more volatile than bonds themselves.
The Vanguard foreign-bond
fund has done everything we
could have hoped it would
since being added to the companys target-date and targetrisk funds, Mr. Kinniry says.
But had the performance been
flipped in the other direction,
we would not be worried about
it at all, he says, because the
foreign bonds are intended as
a long-term allocation.
Over the past three years
A shift at Vanguard has helped returns at some of its funds.
Bonds | WSJ.com/bonds
Global Government Bonds: Mapping Yields
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
Country/
Coupon (%) Maturity, in years
0.875
1.625
3.250
0.500
0.000
0.500
4.500
2.000
0.100
0.100
4.500
1.950
Month ago
Year ago
Spread Under/Over U.S. Treasurys, in basis points

Latest
Prev
Year ago
ADVICE
of hiring an automated online investment servicea
robo adviser. But there
arent many robots set up to
manage all aspects of your
financial life. That means
you still may want to hire an
adviser, one of the most important financial decisions
you will ever make.
Start by inverting the traditional search. Rather than
asking friends or family for
someone, then interviewing
advisers and finally researching
THE
their backINTELLIGENT ground,
INVESTOR
proceed in
the opposite direction. That helps prevent your
first impression of a charismatic adviser from coloring
all your judgments.
Look for fee-only advisers
in your area at napfa.org,
letsmakeaplan.org or plannersearch.org. Then prepare
a standardized list of questions. Handy templates are
the financial-adviser interview questionnaire at garrettplanningnetwork.com
and Questions to Ask in
Your Search at plannersearch.org. Email the advisers on your list and ask
them to send back a signed
copy of their answers.
Meanwhile, Google each
advisers name and that of
their firm, looking for lawsuits and customer disputes.
U.S. 2 0.784 t
10 1.704 t
l
l
0.891
1.800
0.758
1.800
0.673
2.366
1.632 t
2.245 t
1.649
1.752
2.018
2.279
2.471
2.904
47.9
53.8
France 2 -0.441 t
10 0.424 t
-0.437
-0.399
-0.119
-122.5
-132.8
-79.1
0.461
0.560
1.178
-128.0
-133.9
-118.8
Germany 2 -0.526 t
10 0.073 t
-0.507
-0.484
-0.182
-131.0
-139.8
-85.5
0.117
0.203
0.893 -163.1
-168.3
-147.3
Italy 2 -0.071 t
10 1.335 t
-0.055
-0.044
0.197
-94.5
-47.5
1.378
1.472
2.168
-42.2
-19.8
Japan 2 -0.239 s
10 -0.099 s
-0.242
-0.240
0.003
-113.3
-66.9
-0.112
-0.110
0.464 -180.3
-191.2
-190.2
Date(s)
Spain 2 -0.109 t
10 1.459 t
-0.095
-0.072
0.092
1.498
1.573
2.069
Buyers
0.347 t
1.280 t
0.380
0.486
0.746
-43.7
1.346
1.532
2.082
-42.4
Australia 2
10
4.250
1.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
CHRISTOPHE VORLET
Risks of Adding Foreign

Bonds to Your Portfolio
1.250
U.K. 2
2.000
10
54.1
-85.4
-36.9
-102.2
-89.2
-24.5
75.8
134.5
-98.6
-58.0
-30.2
-29.7
-51.1
7.4
-45.4
-28.4
Corporate Debt
Price moves by a companys debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same companys share price. Heres a look at both for two companies in the news.
Investment-grade spreads that tightened the most

Symbol Coupon (%)
North American Development Bank

E.I. Du Pont de Nemours and Co
Barrick North America Finance
Caterpillar Financial Services
NADB
KerrMcgee
UBS Funding
Aetna
Public Service Electric And Gas
APC
DD
ABXCN
CAT
UBS
AET
PEG
Maturity
Current
Spread*, in basis points

One-day change
2.300
3.625
4.400
2.100
Oct. 10, 18
Jan. 15, 21
May 30, 21
June 9, 19
52
24
92 20
185 15
37 15
6.950
4.125
3.500
2.000
July 1, 24
April 15, 26
Nov. 15, 24
Aug. 15, 19
331
186
125
40
13
13
12
12
Last week
Stock Performance
Close ($)
% chg
n.a.
80
198
n.a.
...
68.78
...
...
1.00
...
n.a.
197
n.a.
n.a.
120.04
45.36
0.01
1.14
And spreads that widened the most

Seagate HDD Cayman
Royal Bank of Scotland
Encana
Bayer US Finance
STX
Expedia
Credit Suisse AG
Lloyds Banking
EXPE
RBS
ECACN
BAYNGR
CS
LLOYDS
4.750
7.500
6.500
3.375
June 1, 23
Aug. 10, 49
May 15, 19
Oct. 8, 24
622
691
502
138
31
28
25
17
593
628
494
123
6.96
...
...
0.85
...
...
4.500
5.400
7.500
Aug. 15, 24
Jan. 14, 20
June 27, 49
253
157
520
17
16
16
n.a.
159
492
109.99
13.35
...
1.00
2.20
...
High-yield issues with the biggest price increases

Issuer
Symbol
Southwestern Energy
CST Brands
Micron Technology
Talen Energy Supply
SWN
EP Energy
First Quantum Minerals
Anglo American Capital
First Quantum Minerals
EPENEG
CST
MU
TLN
FMCN
AALLN
FM
Coupon (%)
Maturity
4.100 March 15, 22

5.000
May 1, 23
5.250 Jan. 15, 24
4.625 July 15, 19
7.750
7.250
3.625
7.000
Sept. 1, 22
May 15, 22
May 14, 20
Feb. 15, 21
Bond Price as % of face value

Current
One-day change
86.500
102.000
86.449
89.750
54.517
79.000
96.313
80.250
3.13
2.25
1.95
1.75
1.51
1.50
1.31
1.25
Last week
Stock Performance
Close ($)
% chg
35.500
93.062
83.000
97.000
5.500 Sept. 15, 21

10.500
Jan. 4, 24
5.500
May 1, 22
7.500 July 15, 21
53.500
104.100
69.000
91.250
California Resources
Western Digital
Denbury Resources
Valeant Pharmaceuticals International
CRC
CXRCN
WDC
DNR
VRXCN
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
Title
Company
Symbol
May. 26-31 Advance Auto Parts
AAP
J. Smith
May. 31-June 1Endurance Specialty Holdings
ENH
J. Charman
May. 26
First Data
FDC
June 1
June 1
May. 31
PBF Energy
PBF
New York Mortgage Trust
NYMT
Insider
No. of shrs in Price range ($) $ Value

trans (000s) in transaction (000s)
Close ($) Ytd (%)
DI
400
155.20-156.76
CEOI
160
67.65-68.04
62,270 150.71
0.1
68.77
7.5
J. Plumeri
250
12.44
3,110
12.32 -23.1
T. Nimbley
M. Lucey
K. Donlon
CEO
P
P
50
10
203
27.40
27.50
5.92
1,370
275
1,204
26.82 -27.1
DOI
DOI
CEOI
3
2
23
373.07-381.85
394.33-400.49
45.53
10,857
6.09
14.3
1,184 412.30 26.5

683
1,024 47.77 -20.4
May. 24-26 Biglari Holdings

May. 27-31
May. 31
Western Digital
WDC
S. Biglari
S. Biglari
S. Milligan
May. 26-27 RPX
RPXC
G. Palter
DI
100
9.63-9.87
977
10.18
May. 31
WSTC
T. Barker
CEO
25
21.09
527
22.30
3.4
P
CEO
D
75
75
500
5.65-5.67
5.65-5.67
.77-.80
424
424
395
5.66
-6.9
BH
West Corp
-7.5
May. 26-31 TICC Capital

May. 26-31
May. 31
Cogentix Medical
CGNT
S. Rosenthal
J. Cohen
L. Pell
May. 31
CODI
A. Offenberg
UT
25
15.70
389
16.16
1.7
FLKS
C. Westphal
C. Westphal
O. Reza
CEOI
CEOI
DI
29
22
10
12.53-13.25
12.66-12.68
30.00
367
283
300
12.66
1.7
30.70
19.2
J. Koum
S. Sandberg
P. Feld
DI
CO
DI
1,721
109
456
118.52-119.55
118.37-119.36
70.06-71.66
204,511 118.47
12,987
32,358 72.24
13.2
MCRB
N. Afeyan
DOI
1,000
27.60
27,600
29.92 -14.7
CSCO
TICC
Compass Diversified Holdings
May. 25-26 Flex Pharma

May. 27-31
June 1
Sotheby's
BID
0.87 -32.6
Sellers
May. 31-June 1Facebook
May. 26
May. 26-31 Insperity
May. 25
FB
NSP
Seres Therapeutics
May. 25-26 Cisco Systems

May. 26-31 Fitbit
June 1
Intuitive Surgical
May. 27
Alphabet
May. 25
May. 26
May. 26-27 GrubHub
May. 31
Iron Mountain
J. Chambers
OD
542
28.89-29.00
15,680
29.13
FIT
S. Murray
UTI
1,000
14.12-14.24
14,205
14.63 -50.6
ISRG
S. Brogna
20
630.32-632.75
12,910 636.84
16.6
GOOGL
S. Brin
S. Brin
S. Brin
B. Spero
P
P
P
DI
17
17
17
500
738.18-747.29
733.57-739.51
733.86-740.65
24.50-24.57
12,422 735.86
12,294
12,278
12,269 28.54
-5.4
17.9
11,517
36.71
35.9
10,690
59.26
13.5
GRUB
IRM
W. Meaney
CEO
315
36.54
14.60
43.82
12.86
1.25
2.51
1.91
May. 25
Amphenol
APH
R. Norwitt
CEO
185
57.70-57.72
May. 26
O'Reilly Automotive
ORLY
G. Henslee
CEO
40
265.39
ROST
M. Balmuth
CB
195
53.39-53.49
May. 31
Chipotle Mexican Grill
CMG
M. Ells
CEO
21
439.79-441.54
52.500
75.000
94.500
76.500
...
...
...
26.04
...
...
...
1.72
May. 27
Copart
CPRT
S. Cohan
160
48.85
SSNC
N. Boulanger
125
61.27-61.30
May. 31-June 1Ross Stores
May. 26-27 SS&C Technologies Holdings
50.0
7.3
10,616 259.53
2.4
53.09
-1.3
10,422
9,246 433.94
-9.6
7,816
48.81
28.4
7,637
60.98 -10.7
* Half the transactions were indirect **Two day transaction

p - Pink Sheets
Buying and selling by sector
10.000 Dec. 15, 18

7.000 April 15, 23
CC
7.000 May 15, 25
WYNNLV 5.500 March 1, 25
CZR
Trading by insiders of a corporation, such as a companys 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. Heres a look at the biggest individual trades by insiders, based on data received by
Thomson Financial on June 3, and year-to-date stock performance of the company
81.500
n.a.
83.500
90.750
And with the biggest price decreases

Caesars Entertainment Operating
Concordia Healthcare
Chemours
Wynn Las Vegas
try to beat the market? How

often do you trade? Do you
have a view on where interest rates, inflation and the
dollar are headed? What
arent you qualified to do?
Humility in large doses, Mr.
Osborne says, is a good sign.
William Koehler, chief executive of FCI Advisors in
Kansas City, Mo., recommends asking advisers how
they define a successful relationship and why they believe you will benefit from
becoming a client.
If the advisers questions
center on how much money
you have to invest, it is a red
flag, says Sheryl Garrett,
founder of the Garrett Planning Network of Eureka
Springs, Ark.
Always get a written
agreement that discloses all
fees to be charged and services to be provided.
Above all, never make a
decision right there, says
Patrick Lach of Lach Financial in Louisville, Ky. You
need to be away from the
person to form an objective
final opinion.
Only after you have thoroughly questioned the advisers and reviewed their answers should you ask
yourself which one feels
most likable and trustworthy. Then you can finally
sign on the dotted line.
Nothing can guarantee
that you will get an expert
adviser beyond reproach. But
due diligence improves your
odds of avoiding an adviser
who isnt even worth his or
her weight in fools gold.
Insider-Trading Spotlight
84.8
Source: Tullett Prebon
Issuer
Enter them on BrokerCheck,

a website run by investment
regulators; while not perfect,
it should surface most instances of misbehavior.
Read the Form ADV brochure, a mandatory disclosure for many advisers, at
adviserinfo.sec.gov. Pay special attention to fees and
compensation. Some advisers claiming they are fee
only may in fact accept
commissions that could induce them to put their interests ahead of yours. If an adviser charges annual fees,
look for 1% or less.
Better yet, says Samuel
Lee of Severian Asset Management in Chicago, if you
cant find the Form ADV brochure on the advisers own
website, move on. A firm
that isnt proud of its disclosures probably isnt worth
doing business with.
Once you have two or
three advisers who have
clean track records and
whose emails answered your
initial questions, request a
meetingand make sure
there is no charge for it.
Bring your spouse, partner or a close friend. You
each should take thorough
written notes and compare
them afterward.
The key for investors is
to get advisers talking, says
James Osborne of Bason Asset Management in Lakewood, Colo. Ask questions
that will prompt advisers to
disclose how confidentor
cockythey are about their
predictive powers.
A few possibilities: Do you
2.50
2.44
2.25
2.20
1.51
1.40
1.00
1.00
n.a.
92.750
89.250
n.a.
...
8.45
...
...
4.63
...
53.000
101.930
71.500
89.000
14.82
47.77
4.22
...
6.32
1.26
0.48
...
*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.
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
Based on actual transaction dates in reports received this past week

Sector
Basic Industries
Business services
Capital goods
Consumer durables
Consumer nondurables
Consumer services
Energy
Buying
64,767
164,298
0
0
143,034
3,234,421
895,207
Selling
14,193,764
29,929,466
0
6,072,667
120,401,847
92,064,432
8,811,139
Sector
Buying
Finance
Health care
Industrial
Media
Technology
Transportation
Utilities
2,434,574
582,918
0
10,898
1,638,325
0
284,660
Selling
65,654,834
40,233,556
23,443,165
2,787,139
109,177,719
2,757,672
9,023,932
Sources: Thomson Financial; WSJ Market Data Group
* ***
NY
NEW HIGHS AND LOWS

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock
Market stocks that hit a new 52-week intraday high or low in the latest session.
% CHG-Daily percentage change from the previous trading session.
Friday, June 3, 2016
Stock
52-Wk %
Sym Hi/Lo Chg Stock
NYSE highs - 242

AgnicoEagleMines AEM 50.23 11.2
AlamoGroup ALG 62.93 0.5
Albemarle
ALB 80.35 0.2
AlexREEq
ARE 98.96 0.4
Allete
ALE 59.30 1.8
AlliantEnergy LNT 38.57 2.4
AllstatePfdE ALLpE 28.60 1.3
AllstateDep.Pfd.F ALLpF 28.57 1.7
Allstate5.1%Deb ALLpB 26.60 1.6
Allstate6.75%PfdC ALLpC 28.61 1.4
AllstatePfdSeriesA ALLpA 27.50 1.6
AmerHomes4RentPfdD AMHpD 25.73 0.2
AmericanTowerREIT AMT 107.29 0.4
AmericanWaterWorks AWK 76.75 1.7
AmphenolClA APH 59.36 0.3
ApolloInv6.625%Nts AIB 26.03 0.5
AquaAmerica WTR 33.53 1.1
ArmadaHofflerProp AHH 12.58 2.6
ArmstrongFlooring AFI
18.65 2.8
ArrowElec
ARW 66.04 -1.4
AspenInsHldgsPfd AHLpC 28.14 1.0
AssurGrMunHldg nt AGOpE 26.49 1.4
AstoriaFinl6.5%PfC AFpC 26.67 0.5
B&G Foods BGS 44.46 0.4
BGE Cap pfB BGEpB 26.92 1.2
BWXTechnologies BWXT 35.91 0.3
BofADepPfdSeriesY BACpY 27.34 1.6
BA DepShs IV BMLpJ 23.50 0.6
BectonDickinson BDX 169.67 0.3
BigLots
53.35 1.4
BIG
52-Wk %
Sym Hi/Lo Chg Stock
BlackHillsUn BKHU
BlackHills
BKH
BlkRkCB Tr BHK
BlkRkIQM Tr BKN
BlkRkLngTrm Muni BTA
BlackRockMuni2030 BTT
BlkRkMunienFd MEN
BlkrckMunYdMIQlty MIY
BlRkMuyldLQlty MFT
BlkRkNY Muni BQH
BlkRkNYQltyTr BSE
BlackRockUtility BUI
BostnProp5.25%.PfB BXPpB
BradyClA
BRC
BrandywineRealty BDN
BristolMyers BMY
Buenaventura ADR BVN
CMSEnergy CMS
CalWtrSvc
CWT
CapOneFinPfd.B COFpP
Care.com
CRCM
CellcomIsrael CEL
CenterPointEnergy CNP
ChimeraInvestment CIM
ChunghwaTelecomADR CHT
CitigrpPfdJFixFltg CpJ
Citigroup5.80%PfdC CpC
Cohen&SteersLitDur LDP
CohenStrSelPrfInco PSF
ColonyStarwood SFR
CommunityHlthcrTr CHCT
ConAgraFoods CAG
69.77 3.1
62.31 1.8
13.73 0.6
17.52 1.0
12.79 0.9
23.85 0.2
12.77 -0.1
15.54 0.3
15.34 0.7
16.37 -0.3
14.84 -0.4
19.79 2.3
26.50 1.3
32.44 -0.3
16.31 0.1
73.37 -0.2
11.15 14.5
43.13 1.9
30.15 1.4
26.44 0.9
9.20 0.3
8.50 0.6
23.00 1.4
15.34 0.1
34.63 1.6
29.09 1.1
26.34 0.8
24.39 1.9
26.94 1.0
28.20 -0.4
19.57 3.7
46.78 0.7
52-Wk %
Sym Hi/Lo Chg
CpOfficProp OFC 27.63

CotivitiHoldings COTV 19.93
Cott
COT 14.98
CousinsProperties CUZ 10.99
CrownCastle4.5PfdA CCIpA 111.30
CrownCastl CCI
92.89
DCT IndlTr DCT 44.24
DTEEnergyDeb2076 DTJ
25.02
DTEEnergy DTE 93.27
DelhaizeGroupADR DEG 27.37
DeluxeCp
DLX 67.31
DigitalRealtyTrust DLR 98.64
DigitalRealtyPfdG DLRpG 26.16
DigitalRealtyPfdI DLRpI 26.75
DollarGeneral DG
92.00
DouglasEmmett DEI
34.28
DreyfusMuniBdInfr DMB 13.98
DreyfStrMuni LEO
9.34
Duke5.125%Deb2073 DUKH 27.00
DukeRealty DRE 24.36
DuPontFabros DFT 44.15
EPRProp5.75%CvPfdC EPRpC 28.23
ESCO Tech ESE 40.98
EasterlyGovtProp DEA 19.45
EastGroup
EGP 65.81
EatonVanceHiIn2021 EHT 10.10
EtnVnc MIT EVN 14.58
EatonVanceMuniTr EOT 22.95
ExtraSpaceStorage EXR 94.81
FstIndRlty
25.37
FR
FstRepublicDepPfdE FRCpE 28.20
FirstRepDepPfdF FRCpF 26.92
-0.4
-0.1
0.2
0.3
1.7
1.0
0.8
0.2
1.9
1.1
-1.0
1.3
0.7
0.8
1.0
0.6
0.7
1.2
1.4
1.1
1.4
0.5
0.5
2.7
1.7
0.1
-0.2
0.6
0.2
0.7
1.2
1.2
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Stock
52-Wk %
Sym Hi/Lo Chg Stock
FstRep5.5%DepPfdD FRCpD 25.95

FirstTrDividend FAV
8.95
FreshDelMonte FDP 53.90
FullrHB
FUL 46.60
GabelliGlSMidPfdA GGZpA 25.40
GE4.875%Nt1/29/53 GEH 26.99
GoldmanSachsPfdN GSpN 27.06
GpoSupervielleADR SUPV 11.88
HnckJ IncSec JHS 14.62
HnckJ PfdInco HPI
22.75
HnckJ PfdInco II HPF 22.44
HnckJ PfdInco III HPS 19.50
HlthcrRlty
32.86
HR
HighwdProp HIW 49.76
HuntingtonIngalls HII 158.00
ITCHoldings ITC
45.24
IllinoisToolWorks ITW 107.37
InvescoQtyInc IQI
13.70
JMPGrpNt2023 JMPB 25.55
JacobsEngineering JEC
51.75
JamesHardieADR JHX 15.60
JohnsJohns JNJ 115.39
JPMorganChasePfdW JPMpE 27.05
JPM6.125%Dep.Pfd.Y JPMpF 27.33
JPMDepPfdSeriesAA JPMpG 26.67
JPMorganChasePfdP JPMpA 26.33
JPMorganChasePfdO JPMpD 25.80
KimcoRltyDep6PfdI KIMpI 26.71
L-3Communications LLL 142.20
LabCpAm
LH 129.77
LaSalleHotelPfdJ LHOpJ 25.35
LexingtonRealtyTr LXP
9.79
LibertyPropertyTr LPT 38.09
MDUResourcesGroup MDU 23.22
MFS HiIncoMuni CXE
5.51
MGMGrowthProp MGP 24.63
MackCaliRealty CLI
26.85
MainStreetCapNt MSCA 26.28
MarineHarvestADR MHG 17.04
MediaGeneral MEG 18.02
MedPropTr MPW 15.06
MerLyn pfM MERpM 26.50
MerLynCapTr I MERpK 26.37
MLCapTrstPfd MERpP 26.98
ModelN
MODN 13.17
MolsonCoors B TAP 102.60
MolsonCoors A TAP/A 102.17
MorganStanleyPfd1 MSpI 27.43
MorganStanleyPfdE MSpE 30.03
MorganStanDepPfdF MSpF 28.49
MorganStanleyPfdG MSpG 27.63
NCIBuildingSystems NCS 16.57
NtlWstmin pfC NWpC 26.48
NeenahPaper NP
70.39
NextEraEnCapSerH NEEpH 26.20
NextEraEnergy NEE 122.37
NextEraEnEquityUn NEEpP 62.50
NiSource
24.58
NI
NortelInversoraADR NTL 30.78
NuvnBldAmBdFd NBB 22.62
NuveenBuildAmBdOp NBD 22.64
NuveenEnhAMTFrMuni NVG 15.89
NuveenEnhMuni NZF 15.66
NuvIntermedDurMun NID 14.00
NuvnMrtOpFd JLS
23.25
NuvNJ
NXJ 14.81
NuvNC Prm NNC 14.51
NuvOH Qual NUO 16.47
NuvPA Inv NQP 15.20
NuvSelMat NIM 10.90
NuvSelQlty NQS 15.37
NuvSelTxF NXP 15.43
NuvSelTxF2 NXQ 14.94
NuvSelTxF3 NXR 15.75
PG&E
PCG 61.84
PIMCOStratIncomeFd RCS
9.69
PPL
PPL 39.42
PSBusParksDepPfdV PSBpV 26.31
PSBusParksPfd.SrsU PSBpU 26.00
ParsleyEnergyClA PE
26.91
PhysiciansRealtyTr DOC 19.82
PiedmontNaturalGas PNY 60.29
PIMCO Muni PMF 16.90
PinnacleWestCap PNW 76.26
PortlandGeneralElc POR 42.40
Prologis
PLD 48.75
PrudentialPfd PUKpA 27.25
PublicStoragePfdZ PSApZ 28.61
PublicStoragePfdA PSApA 27.86
PublicStoragePfdS PSApS 26.14
PublicStoragePfdT PSApT 26.48
PublicStoragePfdX PSApX 26.23
PublicStoragePfdU PSApU 26.63
PublicStoragePfdW PSApW 26.48
PutnmMgdMun PMM 8.02
PutnmMunOpp PMO 13.36
QEPResources QEP 19.69
QTSRealtyTrustClA QTS 53.35
QuestDiag
DGX 78.23
QwestNtsdue2052 CTU 26.65
RmcoGrshn RPT 19.04
Raytheon
RTN 133.98
RenaissanceRePfdE RNRpE 26.25
RexfordIndlRealty REXR 20.23
RiceMidstreamPtrs RMP 19.55
RitchieBros RBA 33.30
RylBkScot pfS RBSpS 25.77
RylBkScot pfL RBSpL 25.50
SCETrIIIPfd SCEpH 30.29
STAGIndustrial STAG 21.95
SCANA
SCG 71.63
ScienceApplicat SAIC 55.99
ScorpioTankersNt17 SBNB 26.00
SelectIncomeREIT SIR
24.98
SempraEnergy SRE 109.90
SeniorHousing5.625 SNHN 25.82
SoJerseyInd SJI
29.54
SCETrI5.625%Pfd. SCEpF 26.61
SowestGas SWX 72.09
StanleyBlackDeb SWJ 26.75
StateStreetDepPfdD STTpD 28.37
StateStreetDepPfdG STTpG 26.61
Teleflex
TFX 166.85
TerrenoRealty TRNO 24.29
TootsieRoll TR
37.40
0.7
0.2
0.2
0.7
0.6
0.9
0.2
2.6
1.0
0.2
1.1
0.1
1.4
0.1
0.5
0.3
0.1
0.1
0.5
1.4
1.8
0.2
0.3
2.1
0.6
0.8
0.4
1.2
1.5
-0.5
0.6
0.5
0.4
0.1
-1.6
1.4
...
1.1
1.4
-0.2
0.2
1.3
0.5
1.0
0.8
0.5
0.3
0.8
0.9
0.8
1.0
-2.0
0.2
0.1
0.9
1.7
1.9
2.0
6.1
0.2
0.7
0.6
1.0
0.1
0.7
0.1
1.5
0.1
0.3
-0.2
0.3
0.4
1.2
1.2
1.6
0.6
1.9
0.8
0.7
-2.3
1.3
-0.3
-0.2
2.0
1.5
0.9
1.9
1.5
1.2
0.2
0.2
1.1
1.0
2.2
0.1
0.5
-1.1
1.9
-1.2
1.0
0.8
1.3
0.8
0.7
0.1
1.3
0.9
1.0
2.5
0.8
1.5
-0.1
0.1
0.9
2.6
0.3
0.7
1.0
1.6
0.9
0.9
1.4
-0.3
-0.1
0.9
52-Wk %
Sym Hi/Lo Chg Stock
TreeHouseFoods THS 96.35

Trinseo
TSE 48.61
UGI
UGI 44.07
USBncpDepPfdPerpF USBpM 30.65
U.S.BncpDepPfdH USBpO 27.14
USFoodsHolding USFD 25.45
UnitedHealthGroup UNH 137.12
VEREITPfdSeriesF VERpF 26.38
Valspar
VAL 108.35
VeevaSystemsClA VEEV 34.91
Vornado pfI VNOpI 26.30
Vornado5.40%PfdL VNOpL 25.84
WECEnergyGroup WEC 61.81
W.P.Carey
WPC 65.96
Wash Reit
WRE 30.31
WasteConnections WCN 71.56
WeisMarkets WMK 53.59
WestPharmSvcs WST 75.97
WestAssetMuniTr MTT 25.44
WorthingtonInds WOR 39.18
XcelEnergy XEL 42.40
Xylem Inc.
XYL 45.54
YirendaiADR YRD 17.40
-1.0
1.7
1.3
1.3
1.6
...
0.6
...
...
0.9
0.4
0.9
2.2
0.8
1.5
1.7
-0.8
-0.6
...
2.6
1.9
0.6
-3.5
NYSE lows - 9
BankofAmericaBWt BAC/WS/B 0.13 -17.5
EndoChoiceHoldings GI
3.64 -9.1
HarteHanks HHS
0.87 -6.9
J.G.WentworthClA JGW
0.49 -3.7
MI Homes pfA MHOpA 24.03 -0.2
NewYork
NWY 1.60 -3.5
SeaWorldEnt SEAS 16.82 -2.9
TrinaSolar ADR TSL
7.10 -6.2
WinthropRealtyTr FUR
9.68 -0.7
NYSE Arca highs - 73

CSX2xAlerianMLPETN AMJL 26.60
CSXLinksMultiAsst MLTI 26.78
DBGermanBundFut BUNL 43.52
DB3xGermanBundFut BUNT 59.51
DJ 2xSelect Div DVYL 54.26
S&P2xDivAristoETN SDYL 62.67
ETRACS2xMLvAlerian MLPQ 52.49
ETRACS2xMLevS&PMLP MLPZ 53.96
E-TRACS Agri UAG 21.62
E-TRACS Food FUD 21.30
FidelityMSCIUtils FUTY 32.46
FrstTrstGlblEn FAN 12.50
FstTrMngstrDiv FDL 26.12
FstTrValDivFd FVD 26.52
FlexiBx3YDurTIPS TDTT 24.82
GuggenheimBull2023 BSCN 21.02
GuggenheimBull2024 BSCO 20.96
GuggenheimS&P500 RYU 84.43
GuggenheimLCOptDiv OPD 25.32
GuggS&PGlblWtr CGW 29.85
IQEnhancedCoreBdUS AGGE 20.12
IQEnhCorePlusBdUS AGGP 20.18
iPathBloomSoftsTR JJS
37.74
iPathBloomSugarTR SGG 43.20
iPathSDJUBSSugar SGAR 28.94
iPathJPY USD Ex JYN 53.40
iShCoreDivGrowth DGRO 27.30
iShCoreHiDividend HDV 80.62
iShCore10+YUSDBd ILTB 64.14
iShCoreUSAggBd AGG 111.30
iShSelectDividend DVY 83.81
iShU.S.Utilities IDU 125.95
iShUSAerospace&Def ITA 125.27
iShUSMedDevices IHI 133.47
iShEdgeMSCIMinUSA USMV 44.89
iShMSCIBelgiumCap EWK 18.75
iShGlobalUtilities JXI
48.50
iSharesUSPreferred PFF 39.70
iSh10+YCreditBond CLY
60.83
JPMorganDivRetUS JPUS 56.70
JPMorganDivRetUSMC JPME 51.17
OShFTSEUSQuality OUSA 27.04
PwrShrBldAmBdP BAB 30.97
PwrShsDivAch PFM 22.17
PwrShsFnlPfd PGF 19.12
PwrShsAerospc PPA 37.45
PwrShsDynUtil PUI
26.49
PwrShsHiYld PEY 15.16
PSNatlAMTFrMuniBd PZA 26.14
PSNYAMTFreeMuniBd PZT 25.46
PwrShrPfdETF PGX 15.20
PS SP500LoVoltlPrt SPLV 41.04
PowerShS&P500xRate XRLV 27.19
S&P400LowVol XMLV 38.09
S&P600LowVol XSLV 36.65
ProShrUltraUtil UPW 123.86
SPDRBarc1-10YTIPS TIPX 19.77
SPDRBarclay0-5TIPS SIPE 19.75
SPDRBuildAmBond BABS 64.71
SPDRRuss1000LowVol ONEV 63.34
SPDRRuss1000Mom ONEO 61.25
SCHUSDIVEQTYETF SCHD 40.82
SPDR S&P Div SDY 82.55
SPDRWelsFrg PSK 46.23
TeucriumSugarFund CANE 12.13
UtilitiesSelSector XLU 50.35
VanEckRussiaSC RSXJ 25.63
VangdHiDivYld VYM 70.92
VngdLong-Term BLV 95.00
VangdTtlBndMkt BND 83.37
VanguardUtilities VPU 109.78
WisdomTreeHiDivFd DHS 64.70
WisdmTrMdCp DON 88.75
1.1
1.2
...
1.3
1.5
0.6
-0.4
0.6
3.7
0.4
1.6
1.2
0.6
0.5
0.3
0.7
0.6
1.5
1.0
0.6
0.1
0.5
2.8
3.5
2.7
3.6
-0.1
0.1
0.9
0.5
0.3
1.6
-0.1
-0.3
0.2
1.1
1.5
0.5
1.3
0.1
0.7
0.3
0.6
0.3
0.5
0.2
1.7
0.2
0.2
0.2
0.4
0.6
-0.1
...
-0.3
3.9
0.6
...
1.3
0.5
...
0.1
0.1
0.4
2.4
1.6
3.3
...
1.1
0.6
1.6
0.4
-0.1
NYSE Arca lows - 16

BrcliPathVIX ShFut VXX
DXNDLYGLDMNR3xBR DUST
DirexionHlthcrBr3X SICK
DirexionJrGoldBr3x JDST
DrxSmcdBear 3x SOXS
7-10YrTreasBear TYO
DX DLYBNDMKT1XBR SAGG
20+YrTreaBear TMV
ProSharesShortHiYd SJB
ProShsShrtInvGr IGS
ProSharesUltVIXST UVXY
ProUltProShrt20YTr TTT
ProShUltShGoldMin GDXS
ProShrUSSemi SSG
12.94 -0.5
10.93 -33.5
33.94 -0.4
13.59 -36.6
27.26 -1.0
13.80 -2.5
31.57 -0.7
19.23 -4.1
26.65 -0.3
26.27 -1.2
9.86 -1.1
26.09 -3.8
5.16 -22.6
36.40 0.4
52-Wk %
Sym Hi/Lo Chg
ProShrUSUtil SDP
ProShsVIXSTFut VIXY
33.53 -3.1
8.57 -0.6
NYSE MKT highs - 8

AsankoGold AKG
DeltaApparel DLA
EtnVncMI MIT EMI
MinesMgt
MGN
NuvMuniIncoOpp NMZ
OrchidsPaper TIS
ReavesUtilFd UTG
TrioTech
TRT
3.82 15.8
21.95 0.1
14.30 0.7
0.96 11.9
14.34 0.5
32.95 1.0
30.90 1.3
4.00 -0.1
NYSE MKT lows - 5

AG&EHoldings WGA
Globalstar
GSAT
MadCatzInt MCZ
Tengasco
TGC
ZedgeClB
ZDGE
0.29 ...
0.63 -54.8
0.16 -9.7
0.60 -3.9
4.25 -8.5
Nasdaq highs - 69
Amerisafe
AMSF 62.43 -0.1
AmCapAgencyDepPfdB AGNCB 25.45 0.4
AmCapAgencyPfdA AGNCP 26.39 0.9
AstecIndustries ASTE 54.24 -0.4
Broadcom
AVGO 166.00 4.9
CAS MedSys CASM 2.15 -7.6
CHSCumPfdClB2 CHSCN 29.12 0.9
CHS8%Pfd. CHSCP 33.31 1.9
CaesarsAcqnClA CACQ 10.25 -0.2
CelatorPharm CPXX 30.37 ...
Cimpress
CMPR 101.60 -1.0
CoffeeHolding JVA
6.15 18.3
CornerstoneOnDemnd CSOD 42.42 0.4
CorVel
CRVL 53.19 -0.5
DollarTree
DLTR 91.91 ...
DreamWorksA DWA 40.42 ...
Exponent
EXPO 54.87 0.5
FirstTrManagedMuni FMB 53.74 0.2
FTRBAQualityIncm QINC 22.23 0.4
FiveBelow
FIVE 44.00 2.1
Five9
FIVN 11.75 2.6
FlexCredScoreUSLg LKOR 53.81 1.1
GibraltarInds ROCK 31.05 2.3
GlbXLongevityThem LNGR 15.94 1.0
GoldenEnt
GDEN 13.13 1.7
Hawkins
HWKN 45.65 1.6
HlthcrSvcGp HCSG 39.81 -0.5
HinghamSvg HIFS 137.45 -0.5
icad
ICAD 6.23 -2.6
LakeSunapeeBank LSBG 16.54 0.7
LandcadiaUn LCAHU 10.10 0.6
MKSInstruments MKSI 41.74 -0.2
MarketAxess MKTX 142.38 0.2
MichaelsCos. MIK 30.48 0.8
MicrochipTech MCHP 51.99 0.2
MtnProvDiamonds MDM 5.10 0.2
Nanometrics NANO 19.39 -1.5
NatlGenDepPfdB NGHCO 26.17 1.1
NorthernTrDepPfdC NTRSP 28.12 1.4
Novanta
NOVT 16.31 1.5
OpenText
OTEX 60.37 0.9
Orbotech
ORBK 28.88 -0.4
OrthofixIntl OFIX 45.17 0.4
PRGXGlobal PRGX 5.16 2.4
PermaFix
5.34 7.1
PESI
PSDWATacticalMulti DWIN 26.97 0.4
PSRuss1000LowBeta USLB 26.00 -0.1
RGCResources RGCO 25.18 0.1
RMRGroupClA RMR 30.02 0.3
ReataPharmClA RETA 18.90 22.0
ReavesUtilitiesETF UTES 30.82 2.2
RedRockResortsClA RRR 20.77 -0.1
RyanairHoldingsADR RYAAY 89.67 -0.3
SPDRDorseyWrightFx DWFI 25.24 0.8
ShenandoahTelecom SHEN 34.19 2.5
Shutterfly
SFLY 49.16 1.3
SilverRunAcqn SRAQ 10.70 0.3
SilverStandard SSRI 10.24 11.6
T-MobileUS TMUS 43.83 1.0
USMDHoldings USMD 21.73 4.0
VangLongCrpBd VCLT 91.76 1.1
VangMrtgBckdSec VMBS 53.66 0.4
VictoryCEMPUSEQInc CDC 38.26 0.1
VictoryCEMPUSLC CDL 37.23 0.2
VidentCoreUSBdStr VBND 50.87 0.6
WeiboADR WB
27.65 2.8
Wi-Lan
WILN 2.94 1.7
WintrustFinlPfd. WTFCM 29.21 2.4
Yandex
YNDX 21.06 1.3
Nasdaq lows - 32
ARCapAcqnWt AUMAW 0.03 -57.1
AmerAirlinesGrp AAL 30.37 -2.7
AscendisPharmaADR ASND 12.50 -7.9
Biocept
BIOC 0.56 -1.5
Cerecor
CERC 2.10 -3.9
CerecorWtClA CERCW 0.25 6.8
ChampionsOncology CSBR 2.41 -7.1
Chanticleer HOTR 0.48 -5.5
Check-Cap
CHEK 1.40 -3.2
Connecture CNXR 1.27 -1.5
Conns
CONN 8.35 -1.4
Daktronics
DAKT 5.96 -3.5
DeltaTech
DELT 0.48 ...
Erickson
0.53 -5.2
EAC
Helios&Matheson HMNY 1.03 ...
JaguarAnimalHealth JAGX 1.19 -4.6
Jamba
JMBA 10.91 -0.8
LibertyMedBravesRt BATRR 2.09 -8.5
pdvWireless PDVW 20.99 -7.4
PhotoMedex PHMD 0.24 -11.1
RealGoodsSolarClA RGSE 4.33 -7.8
RocketFuel FUEL 2.37 -4.4
Sequenom SQNM 0.92 -4.0
SignatureBankWt SBNYW 100.96 -2.1
SmartFinancial SMBK 14.65 -1.0
SynergyPharmUn SGYPU 4.87 ...
Tessco Tech TESS 12.14 -2.2
VS2xVIXMedTerm TVIZ 11.38 -1.1
VS2xVIXShortTerm TVIX
2.23 -1.8
VSVIXShortTerm VIIX 17.49 -0.5
WarrenRes WRES 0.05 -45.0
WestellTechsClA WSTL 0.75 -2.6
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LEASE
BOATING

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, ( 3//%),)!)% 5
, ( 87&! /%)
5
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Seeking fractional ownership partner for

50/50 split or block time purchase of Learjet
35a or Sabreliner 65. $200-300k range.
Aircraft to be hangared Chicago /Milwaukee
area. Approximate 50-100 hrs per year use.
Contact Bruce: rba1224@aol.com
HMY Trades
70 Viking 2015 - Enclosed Flybridge
64 Princess 2014 - Flybridge Hardtop
62 Viking 2015 - Enclosed Flybridge
54 Cruisers 2015 - 100 hours, Best Buy
52 Riva 2014 - Rivale, Like New
48 Princess 2015 - V48, Loaded
34 True North 2009 - Rare Find
Turn Key And Ready For The Summer
Call Tim Derrico 561-262-4132
LUXURY
16 Porsche Targa 4S
16 Lexus GX460
White/Black Nav, loaded. Lease for $599mo
17 Porsche C4S Cabs and Coupes

Fund

Net YTD
NAV Chg % Ret Fund
American Century Inv

Ultra
34.81
American Funds Cl A
AmcpA p
26.97
AMutlA p
36.01
BalA p
24.72
BondA p
12.99
CapIBA p
58.65
CapWGrA
44.29
EupacA p
45.32
FdInvA p
52.67
GwthA p
42.00
HI TrA p
9.80
ICAA p
35.45
IncoA p
21.08
N PerA p
36.02
NEcoA p
35.41
NwWrldA
51.17
SmCpA p
44.40
TxExA p
13.29
WshA p
39.97
AMG Managers Funds
YacktmanFd
22.16
AQR Funds
MgdFutStrI
NA
Artisan Funds
Intl Inv
28.29
Baird Funds
AggBdInst
10.97
CorBdInst
11.25
BlackRock Funds A
GlblAlloc p
17.94
BlackRock Funds C
GlblAlloc t
16.30
BlackRock Funds Inst
EqtyDivd
21.73
GlblAlloc
18.06
HiYldBd
7.35
StratIncOpptyIns 9.69
Dimensional Fds
5GlbFxdInc
11.16
EmgMktVa
21.71
EmMktCorEq 16.65
IntlCoreEq
11.61
IntSmCo
17.90
IntSmVa
19.10
US CoreEq1
17.79
US CoreEq2
16.96
US Small
29.62
US SmCpVal
31.82
USLgVa
31.94
Dodge & Cox
Balanced
95.89
Income
13.69
Intl Stk
36.12
Stock
163.49
DoubleLine Funds
TotRetBdI
NA
TotRetBdN
NA
Federated Instl
StraValDivIS
6.20
Fidelity Advisor I
NwInsghtI
26.97
Fidelity Freedom
FF2020
14.71
FF2025
12.55
FF2030
15.27
FreedomK2020 13.69
FreedomK2025 14.24
FreedomK2030 14.39
FreedomK2035 14.77
FreedomK2040 14.80
Fidelity Invest
Balanc
21.71
BalancedK
21.71
BluCh
67.22
Contra
98.48
ContraK
98.45
CpInc r
9.29
DivIntl
34.93
DivIntlK r
34.87
GroCo
133.07
GrowCoK
132.98
InvGrBd
11.42
LowP r
48.88
LowPriStkK r 48.85
MagIn
88.88
OTC
80.32
Puritn
20.54
SrsEmrgMktF 14.98
SrsInvGrdF
11.43
TotalBond
10.65
Fidelity Selects
Biotech r
186.31
Health r
197.18
Fidelity Spartan
500IdxInv
74.06
500IndInst
74.08
In Stock - CALL
We offer all current makes & models - for less.
Zero Down. Call 7 days. Nationwide delivery.
877.989.1500
www.LEASEFAX.com
Net YTD
NAV Chg % Ret
-0.22
-0.27
+0.28
-0.21
3.7
3.4
-0.4
3.6
+0.46 6.6
-0.05 5.8
-0.08 1.6
+0.02
+0.02
-0.17
...
-0.06
4.0
2.7
2.3
5.8
7.9
+0.01 6.0
-0.10 -2.9
+0.04 0.4
-0.10 -2.7
-0.28 -3.8
+0.43 2.6
-0.04 2.6
+0.02 2.8
... 2.0
-0.16 4.3
-0.14 6.2
+0.06 4.0
+0.06 3.9
+0.02 1.1
-0.20 1.1
+0.19 10.0
+0.07 5.2
+0.01 2.4
+0.01 2.4
... NA
... NA
... NA
-0.12 6.5
-0.12 6.6
+0.15 -0.8
-0.08 1.2
-0.08 1.4
-0.10 1.6
-0.57 2.4
+0.20 -4.0
+0.03 2.2
+0.18 2.7
+0.32 2.0
-0.13 4.0
... NA
... NA
+0.03 3.0
+0.03 2.8
... NA
... NA
... NA
-0.40 -3.1
-0.04 5.5
+0.38 6.9
-0.09 6.5
-0.16 3.6
-0.29 -3.4
-0.55 -6.1
-0.15 -3.3
+0.08 0.4
+0.09 2.1
-0.41 2.9
-0.03 12.1
N Horiz
42.67 -0.26 0.5
N Inc
9.63 +0.04 4.0
OverS SF r
9.03 +0.07 0.4
R2015
14.23 +0.04 4.0
R2020
20.41 +0.05 3.7
R2025
15.46 +0.03 3.4
R2030
22.48 +0.03 3.1
R2035
16.22 +0.02 2.7
R2040
23.13 +0.01 2.4
SmCapStk
40.42 -0.16 4.7
Value
32.04 -0.12 2.5
Schwab Funds
S&P Sel
32.71 -0.10 3.6
TIAA/CREF Funds
EqIdxInst
15.63 -0.05 3.7
Tweedy Browne Fds
GblValue
24.63
... 0.7
VANGUARD ADMIRAL
500Adml
194.39 -0.56 3.7
BalAdml
30.26
... 4.1
CAITAdml
12.02 +0.02 2.6
CapOpAdml r 117.77 -0.80 -0.7
EMAdmr
28.51 +0.30 4.5
EqIncAdml
65.42 -0.03 6.4
ExtndAdml
65.52 -0.35 3.4
GNMAAdml
10.82 +0.02 2.6
GrwthAdml
55.82 -0.15 2.2
HlthCareAdml r 88.19 -0.41 -2.7
HYCorAdml r
5.68 +0.01 5.0
InfProAd
26.47 +0.17 5.0
IntlGrAdml
67.16 +0.13 0.1
ITBondAdml
11.73 +0.08 5.3
ITIGradeAdml
9.99 +0.05 4.9
LTGradeAdml 10.74 +0.11 10.8
MidCpAdml 154.34 -0.63 4.0
MuHYAdml
11.58 +0.02 3.9
MuIntAdml
14.45 +0.02 2.5
MuLTAdml
11.99 +0.02 3.6
MuLtdAdml
11.05 +0.01 0.9
MuShtAdml
15.82
... 0.5
PrmcpAdml r 103.61 -0.60 0.3
REITAdml r 119.73 +0.42 7.2
SmCapAdml
55.83 -0.27 5.5
STBondAdml 10.57 +0.03 2.0
STIGradeAdml 10.73 +0.03 2.5
TotBdAdml
10.98 +0.06 4.3
TotIntBdIdxAdm 21.93 +0.06 4.5
TotIntlAdmIdx r 24.63 +0.21 1.9
TotStAdml
52.40 -0.18 3.7
TxMIn r
11.84 +0.10 0.6
ValAdml
33.04 -0.12 4.5
WdsrllAdml
61.84 -0.37 4.0
WellsIAdml
62.61 +0.28 6.1
WelltnAdml
66.03 -0.01 4.6
WndsrAdml
65.60 -0.41 1.6
VANGUARD FDS
DivdGro
23.33 -0.02 4.4
GNMA
10.82 +0.02 2.6
HlthCare r
209.03 -0.98 -2.8
IntlVal
31.40 +0.22 1.0
INSTTRF2020 19.90 +0.05 3.7
INSTTRF2025 19.76 +0.04 3.6
INSTTRF2030 19.60 +0.04 3.5
INSTTRF2035 19.45 +0.04 3.3
LifeCon
18.47 +0.06 3.9
LifeGro
28.18 +0.06 3.4
LifeMod
23.91 +0.07 3.7
PrmcpCor
21.15 -0.12 1.6
SelValu r
27.00 -0.04 4.4
STAR
23.97
... 2.9
STIGrade
10.73 +0.03 2.5
TgtRe2015
14.75 +0.05 3.7
TgtRe2020
28.15 +0.08 3.7
TgtRe2025
16.18 +0.04 3.6
TgtRe2030
28.67 +0.06 3.4
TgtRe2035
17.39 +0.03 3.3
TgtRe2040
29.35 +0.05 3.2
TgtRe2045
18.34 +0.03 3.1
TgtRe2050
29.38 +0.05 3.1
TgtRetInc
12.87 +0.04 3.7
TotIntBdIxInv 10.97 +0.03 4.5
WellsI
25.84 +0.11 6.1
Welltn
38.23
... 4.6
WndsrII
34.84 -0.21 4.0
VANGUARD INDEX FDS
500
194.36 -0.56 3.6
ExtndIstPl
161.70 -0.86 3.5
TotBd2
10.94 +0.06 4.3
TotIntl
14.72 +0.12 1.9
TotSt
52.38 -0.17 3.6
VANGUARD INSTL FDS
BalInst
30.27 +0.01 4.1
DevMktsIndInst 11.85 +0.10 0.6
ExtndInst
65.52 -0.35 3.4
GrwthInst
55.82 -0.15 2.2
InPrSeIn
10.78 +0.07 5.0
InstIdx
192.48 -0.56 3.7
InstPlus
192.49 -0.56 3.7
InstTStPlus
47.41 -0.16 3.7
MidCpInst
34.09 -0.14 4.0
MidCpIstPl
168.16 -0.68 4.0
SmCapInst
55.83 -0.27 5.5
STIGradeInst 10.73 +0.03 2.5
TotBdInst
10.98 +0.06 4.3
TotBdInst2
10.94 +0.06 4.3
TotBdInstPl
10.98 +0.06 4.3
TotIntBdIdxInst 32.91 +0.09 4.5
TotIntlInstIdx r 98.50 +0.85 1.9
TotItlInstPlId r 98.52 +0.85 2.0
TotStInst
52.41 -0.18 3.7
ValueInst
33.04 -0.12 4.5
Western Asset
CorePlusBdI
NA
... NA
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session
ETF

Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
DBGoldDoubleLgETN
DBGoldDoubleShrt
DeutscheXMSCIEAFE
EnSelectSectorSPDR
FinSelSectorSPDR
GuggenheimSP500EqW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSharesTIPSBondETF
iSh3-7YTreasuryBd
iShCoreHiDividend
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
iShCoreS&P500ETF
iShCoreS&PMdCp
iShCoreS&PSmCpETF
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
AMLP 12.59
XLY 79.11
XLP 53.56
DGP 25.29
DZZ 6.03
DBEF 25.99
XLE 66.54
XLF 23.51
RSP 80.83
XLV 72.29
XLI 55.99
CIU 110.19
CSJ 105.56
TIP 115.06
IEI 125.94
HDV 80.53
IEFA 54.62
IEMG 41.36
IVV 211.35
IJH 149.97
IJR 116.56
AGG 111.30
DVY 83.62
EFAV 67.75
USMV 44.83
0.16 4.5
0.65 1.2
0.64 6.1
4.63 39.4
5.4132.0
0.95 4.3
0.39 10.3
1.43 1.3
0.35 5.5
0.33 0.4
0.09 5.6
0.46 2.7
0.20 0.9
0.65 4.9
0.59 2.7
0.15 9.7
0.68 0.4
1.40 5.0
0.33 3.2
0.50 7.6
0.56 5.9
0.54 3.0
0.34 11.3
1.01 4.4
0.25 7.2
Legal Notices

NOTICE OF SALE

! "#

! " #!! $
% ! &! !! ' (!)
& $ %& % $ ' ( &) &$
& & ' ( &) ' ( &)
*+, % -%. ..!
% /# 01 !! % 2 ' ! *
% 3 / 4! 56.
7!# !. !&! . 7& ,8 %
..& 3.' /# 4!
7!# !. !&! . 5 !'
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. 6. ! /0 /09
: ! #!! & ! % ' %
;; 3'.
% <! , !'
3'. % <! , = &
7& %6 % 9 : ! #!! & *
Net YTD
NAV Chg % Ret
Fund
Fidelity Spartan Adv

74.07
-0.16 -0.6 500IdxAd
ExtMktAd r
51.45
35.74
-0.04 3.9 IntAd r
60.50
+0.04 6.9 TotMktAd r
+0.04 4.2 First Eagle Funds
54.75
+0.07 3.9 GlbA
+0.37 5.9 FMI Funds
19.69
+0.15 2.6 LgCap
+0.30 -0.1 FPA Funds
31.55
+0.01 4.2 FPACres
-0.04 1.7 FrankTemp/Franklin A
CA
TF
A
p
7.68
+0.01 7.6
12.47
+0.09 6.7 Fed TF A p
75.08
+0.06 5.0 Growth A p
2.16
+0.10 ... IncomeA p
51.33
-0.11 -1.5 RisDv A p
FrankTemp/Franklin
C
+0.33 2.3
2.19
+0.10 1.8 Income C t
+0.02 2.9 FrankTemp/Temp A
11.11
-0.03 4.5 GlBond A p
Growth A p
22.00
FrankTemp/Temp
Adv
-0.01 6.2
GlBondAdv p 11.07
... NA Harbor Funds
CapApInst
58.52
61.00
+0.28 -1.4 IntlInst r
Invesco Funds A
9.83
+0.05 4.4 EqIncA
+0.05 4.8 John Hancock Class 1
LSBalncd
14.59
15.12
+0.07 0.6 LSGwth
John Hancock Instl
DispValMCI
19.98
+0.06 0.2
JPMorgan Inst Class
36.06
-0.07 4.0 MdCpVal
+0.07 0.7 JPMorgan R Class
CoreBond
11.89
... 5.6
... 0.3 JPMorgan Select Cls
CoreBond
11.88
10.89
+0.05 2.8 ShtDurBnd
+0.26 6.7 USLgCpCorPls 27.10
Lazard Instl
+0.18 6.0
EmgMktEq
14.79
+0.11 2.4
Loomis Sayles Fds
+0.20 4.5
LSBondI
13.46
+0.19 2.7
Lord Abbett A
-0.07 4.1
ShtDurIncmA p 4.34
-0.08 4.2
Lord Abbett F
-0.16 4.7
ShtDurIncm
4.34
-0.19 4.6 Metropolitan West
-0.17 4.2 TotRetBd
NA
TotRetBdI
NA
-0.54 3.6 TRBdPlan
NA
+0.05 4.0 MFS Funds Class A
+0.05 -1.0 ValueA p
34.81
-1.56 3.0 MFS Funds Class I
ValueI
35.01
... NA MFS Funds Instl
... NA IntlEq
20.39
Mutual Series
+0.07 11.2 GlbDiscA
29.21
GlbDiscz
29.75
-0.09 2.3 Oakmark Funds Cl I
EqtyInc
29.03
+0.02 3.1 Oakmark
64.36
+0.01 2.9 OakmrkInt
20.50
+0.01 2.7 Old Westbury Fds
+0.03 3.2 LrgCpStr
12.74
+0.02 3.0 Oppenheimer Y
+0.01 2.8 DevMktY
30.81
+0.01 2.5 IntGrowY
36.59
... 2.5 Parnassus Fds
ParnEqFd
38.32
-0.03 2.7 PIMCO Fds Instl
-0.03 2.7 AllAsset
NA
-0.33 -2.5 ShortT
NA
-0.37 0.3 TotRt
10.24
-0.37 0.3 PIMCO Funds A
... 3.3 TotRetA
10.24
+0.21 -0.4 PIMCO Funds D
+0.20 -0.3 IncomeFd
NA
-0.87 -2.5 PIMCO Funds Instl
-0.87 -2.5 IncomeFd
NA
+0.05 4.7 PIMCO Funds P
+0.05 2.4 IncomeP
NA
+0.05 2.4 Price Funds
70.16
-0.51 0.3 BlChip
26.44
-0.53 -3.7 CapApp
30.48
-0.02 1.5 EmMktS
30.21
+0.19 4.1 EqInc
56.68
+0.06 4.7 EqIndex
51.85
+0.05 5.1 Growth
HelSci
64.68
27.95
-3.86-18.3 InstlCapG
13.12
-1.53 -4.8 Intl G&I
IntlStk
15.60
75.45
-0.22 3.7 MCapGro
MCapVal
27.95
-0.21 3.7
"!
% ! & &9 :"!
% & 1& 1"% &# ##&!"
Black, 1500 Miles, $128,900
Fractional Ownership/Block Time

Cabin Class Business Jet!
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with

net assets of at least $500 million each. NAV is net asset value.
Percentage performance figures are total returns, assuming reinvestment
of all distributions and after subtracting annual expenses. Figures dont
reflect sales charges (loads) or redemption fees. NET CHG is change in
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR
%RET is trailing three-year return annualized.
e-Ex-distribution. f-Previous days quotation. g-Footnotes x and s apply.
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data.
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply.
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to
incomplete price, performance or cost data. NE-Not released by Lipper; data
under review. NN-Fund not tracked. NS-Fund didnt exist at start of period.
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Explanatory Notes
+, -./ 0 & #!! & . -.

1
//

/ -// ( 2/
/ 3

41( /. 5( * *
/
/1/ 1/

41
(
/
(
./ / 6 ' *
&! &! &' (
! & &! . &!
%. ! ( % !!!
% % 9 6
' & 9 ! 6
' > ! #
% 9 3 % %.
& !!! &.' (!) & ?
. % ! ! < !! %
! @ A . B ,+*, > !!C
!'9.9 D!) & . & )*
! '. & 6' $677'''$ 8
! #9 3 6 & . % (.
& (!) & & ! ,E 9 9 !!
. < + ,+9 : ! #!! &
& < !! ! @ A . /# 01
! ! /9 ,FBGF9
ETF
Closing Chg YTD

Symbol Price (%) (%)
iSharesGold
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iSharesJPMUSDEmgBd
iShMBSETF
iShMSCIACWIETF
iSharesMSCIEAFESC
iSharesMSCIEAFEETF
iShMSCIEmgMarkets
iShMSCIEurozoneETF
iShMSCIJapanETF
iShNasdaqBiotech
iShNatlAMTFrMuniBd
iShRussell1000Gwth
iShRussell1000ETF
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000ETF
iShRussell2000Val
iShRussell3000ETF
iShRussellMid-Cap
iShRussellMCValue
iShS&P500Growth
iShS&P500ValueETF
iSharesUSPreferred
iShrSilverTr
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PwrShrs QQQ
PS SP500LoVoltlPrt
SPDRBarclaysHiYdBd
SchwIntlEqty
SchwUS BrdMkt
SchwUS LrgCap
SPDR DJIA Tr
SPDR GldTr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckVectBiotech
VanEckGoldMiner
VanEckVctrOilSvcs
VanEckVectorsPharm
VanEckVctrRetail
VanEckSemiconduc
VangdInfoTch
VangdSmCapValue
VangdHlthCr
VangdDivApp
VanguardFTSEDevMk
VanguardFTSEEmgMk
VanguardFTSEEurope
VangdAllWldxUS
VangdGrowth
VangdHiDivYld
VngdInter-Term
VangIntrCorpBd
VangdLgCap
VangdMdCap
VangdReit
VanguardS&P500
VangdShrtTrm
VangShrtCorpBd
VangdSmCap
VangdTtlBndMkt
VanguardTtlIntlStk
VangdTtlStock
VangdTotlWrld
VanguardValueETF
WisdomTreeEurope
WisdomTreeJapanHdg
IAU 11.98
LQD 120.34
HYG 83.51
EMB 112.00
MBB 109.50
ACWI 57.34
SCZ 51.84
EFA 58.71
EEM 33.88
EZU 35.14
EWJ 11.73
IBB 281.77
MUB 112.40
IWF 101.13
IWB 116.91
IWD 102.48
IWO 139.39
IWM 115.97
IWN 97.48
IWV 123.98
IWR 168.15
IWS 73.95
IVW 117.59
IVE 92.75
PFF 39.68
SLV 15.61
SHY 84.96
IEF 110.89
TLT 133.23
IWP 94.01
QQQ 110.06
SPLV 40.99
JNK 35.13
SCHF 27.85
SCHB 50.58
SCHX 50.04
DIA 178.06
GLD 118.88
MDY 273.38
SPY 210.28
SDY 82.45
XLK 43.94
XLU 50.08
BBH 110.99
GDX 25.33
OIH 27.89
PPH 59.75
RTH 77.17
SMH 57.23
VGT 109.55
VBR 106.14
VHT 131.71
VIG 82.22
VEA 36.88
VWO 34.57
VGK 50.01
VEU 44.11
VUG 108.45
VYM 70.83
BIV 86.60
VCIT 88.01
VV 96.24
VO 124.60
VNQ 84.51
VOO 192.92
BSV 80.56
VCSH 80.25
VB 116.54
BND 83.34
VXUS 45.95
VTI 107.69
VT 59.07
VTV 84.69
HEDJ 53.00
DXJ 41.95
2.74 17.1
0.80 5.6
0.18 3.6
0.79 5.9
0.25 1.7
0.28 2.7
0.97 3.8
0.65 0.0
1.53 5.3
0.36 0.3
0.43 3.2
1.5816.7
0.12 1.5
0.21 1.7
0.32 3.2
0.39 4.7
0.73 0.1
0.60 3.0
0.43 6.0
0.39 3.1
0.40 5.0
0.18 7.7
0.31 1.5
0.33 4.8
0.51 2.1
2.56 18.3
0.17 0.7
0.93 5.0
1.42 10.5
0.58 2.3
0.47 1.6
0.59 6.3
0.17 3.6
0.76 1.1
0.30 3.1
0.24 3.0
0.12 2.3
2.78 17.2
0.55 7.6
0.30 3.1
0.12 12.1
0.23 2.6
1.58 15.7
1.3212.6
11.24 84.6
0.90 5.4
0.20 8.5
0.30 0.7
0.19 7.4
0.35 1.2
0.46 7.5
0.51 0.9
0.01 5.7
0.79 0.4
1.56 5.7
0.66 0.3
0.89 1.6
0.24 1.9
0.03 6.1
0.73 4.3
0.79 4.7
0.28 2.9
0.46 3.7
0.40 6.0
0.29 3.2
0.32 1.2
0.29 1.6
0.45 5.3
0.63 3.2
0.90 1.9
0.28 3.3
0.29 2.5
0.32 3.9
1.40 1.5
1.8716.2
* * * *
BIGGEST 1,000 STOCKS

How to Read the Stock Tables
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS.
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issues average trading
volume.
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was
$2 or higher.
h-Does not meet continued listing
v-Trading halted on primary market.
Footnotes:
s-New 52-week high.
standards
vj-In bankruptcy or receivership or
t-New 52-week low.
lf-Late filing
being reorganized under the
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities
four quarters.
requirements.
assumed by such companies.
FD-First day of trading.
t-NYSE bankruptcy
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
NYSE
ABB 3.6 25 20.95 0.11
18.16 23.06 15.74 ABBADR
ACM ...800 31.99 -0.06
6.53 35.40 22.80 AECOM
AES 3.9 26 11.22 0.38
17.24 14.02 8.22 AES
AFL 2.4 11 69.12 -0.46
15.39 70.09 51.41 Aflac
3.02 66.49 46.36 AGLResources GAS 3.2 23 65.74 -0.05
T 4.9 17 39.21 0.37
13.95 39.72 30.97 AT&T
ABT 2.7 24 39.18 -0.35
-12.76 51.74 36.00 AbbottLabs
ABBV 3.5 20 65.00 -0.09
9.72 71.60 45.45 AbbVie
13.78 119.72 88.43 AccentureClA ACN 1.9 21 118.90 -0.34
8.93 264.00 168.33 AcuityBrands AYI 0.2 43 254.69 -0.84
0.13 201.24 131.59 AdvanceAuto AAP 0.2 23 150.71 -1.44
0.71 6.99 4.39 AdvSemiEnggADR ASX 5.4 17 5.71 -0.03
AEG 5.8 54 5.02 -0.09
-11.46 7.93 4.58 AegonADR
-11.28 49.04 24.61 AerCapHoldings AER ... 8 38.29 -0.62
AET 0.8 18 120.04 0.01
11.02 134.40 92.42 Aetna
7.36 229.12 115.97 AffiliatedManagers AMG ... 19 171.52 -0.81
A 1.0 33 45.72 -0.18
9.35 46.15 33.12 AgilentTechs
s 90.87 50.23 21.00 AgnicoEagleMines AEM 0.6314 50.16 5.04
AGU 3.8 11 91.88 0.80
2.84 109.46 79.94 Agrium
10.10 152.16 114.64 AirProducts&Chems APD 2.4 22 143.25 -0.25
-19.17 87.17 58.15 AlaskaAirGroup ALK 1.7 9 65.08 -0.86
s 42.83 80.35 41.37 Albemarle
ALB 1.5 19 80.00 0.16
AA 1.3 dd 9.52 0.19
-3.55 12.48 6.14 Alcoa
s 8.08 98.96 70.69 AlexREEq
ARE 3.3 73 97.66 0.37
-5.72 91.60 57.20 AlibabaGroupADR BABA ... 17 76.62 -0.68
Y
12.99 547.98 440.24 Alleghany
... 14 540.00 -6.68
ALLE 0.7 39 67.89 -0.24
2.99 68.61 52.95 Allegion
AGN ... 22 246.96 -0.16
-20.97 340.34 195.50 Allergan
ADS ... 25 223.60 -0.89
-19.15 307.78 176.63 AllianceData
-1.59 31.78 16.11 AllncBrnstnHldg AB 6.8 12 23.47 -0.10
s 22.69 38.57 27.14 AlliantEnergy LNT 6.1 23 38.31 0.91
9.73 30.80 20.56 AllisonTransmissn ALSN 2.1 31 28.41 -0.36
ALL 2.0 17 67.43 -0.01
8.60 69.48 54.12 Allstate
ALLY ... dd 17.69 -0.82
-5.10 23.83 14.55 AllyFinancial
MO 3.5 23 65.30 0.99
12.18 65.53 47.31 AltriaGroup
-7.28 14.86 6.87 AlumofChinaADR ACH ...108 7.64 -0.02
ABEV ... 26 5.52 0.16
23.77 6.30 3.86 AmbevADR
AEE 3.4 19 50.00 0.90
15.66 51.06 37.26 Ameren
-13.30 21.76 11.87 AmericaMovilADR AMX 2.5 18 12.19 0.06
ACC 3.6 62 47.04 0.50
13.79 48.30 32.12 AmCampus
AEP 3.4 19 65.81 1.13
12.94 67.19 52.29 AEP
-5.84 81.92 50.27 AmericanExpress AXP 1.8 13 65.49 -0.92
0.85 75.68 63.38 AmericanFinancial AFG 1.5 15 72.69 -0.42
AIG 2.2 dd 57.26 -0.58
-7.60 64.93 50.20 AmericanIntl
s 10.34 107.29 83.07 AmericanTowerREIT AMT 2.0 69 106.97 0.41
s 27.97 76.75 48.36 AmericanWaterWorks AWK 2.0 29 76.46 1.26
APU 8.2 30 45.61 -0.25
33.09 48.54 30.80 Amerigas
AMP 3.0 12 100.50 -1.52
-5.56 130.69 76.00 AmerprsFncl
ABC 1.8 12 76.54 -0.54
-26.20 115.41 73.31 AmeriSrcBrg
AME 0.8 20 47.48 -0.36
-11.40 57.67 42.82 Ametek
s 13.46 59.36 44.50 AmphenolClA APH 0.9 25 59.26 0.17
5.89 85.20 28.16 AnadarkoPetroleum APC 0.4 dd 51.44 -0.25
123.80 16.63 5.64 AngloGoldAshADR AU ... dd 15.89 1.96
2.41 132.91 102.52 AnheuserBuschADR BUD 3.6 27 128.01 -0.25
NLY 11.1 dd 10.81 0.06
15.25 11.13 8.25 AnnalyCap
32.39 39.41 18.50 AnteroResources AR ... 15 28.86 -0.03
ANTM 2.0 15 131.84 -1.45
-5.45 173.59 115.63 Anthem
AON ... 22 108.72 -0.71
17.90 109.65 83.83 Aon
APA 1.8 dd 54.58 -1.26
22.73 60.13 32.20 Apache
AIV 3.2 93 40.89 -0.74
2.15 43.62 34.71 ApartmtInv
ATR 1.6 25 77.20 -0.15
6.26 80.36 60.73 Aptargroup
s 11.95 33.53 24.40 AquaAmerica WTR 2.1 29 33.36 0.37
ARMK 1.1 33 33.25 -0.23
3.10 35.06 28.09 Aramark
56.88 9.04 2.33 ArcelorMittalADR MT 3.8 dd 5.26 0.17
ADM 2.8 17 43.60 0.13
18.87 52.69 29.86 ArcherDan
-3.55 88.56 52.51 AristaNetworks ANET ... 42 75.08 0.18
s 19.99 66.04 45.23 ArrowElec
ARW ... 12 65.01 -0.95
ASH 1.4 34 114.26 -0.27
11.26 128.50 88.30 Ashland
AIZ 2.4 18 85.01 -0.66
5.55 89.22 64.36 Assurant
-12.43 34.88 27.68 AstraZenecaADR AZN ... 26 29.73 0.06
18.54 75.10 50.83 AtmosEnergy ATO 2.2 24 74.73 2.03
ALV 1.9 20 124.23 -0.22
-0.43 129.37 95.34 Autoliv
AN ... 13 48.50 -1.01
-18.71 66.63 40.45 AutoNation
AZO ... 19 761.31 -7.28
2.61 810.00 662.70 AutoZone
AVB 3.1 31 173.41 -3.14
-5.82 192.29 158.72 Avalonbay
AGR 3.9 21 43.75 1.20
13.93 51.97 32.45 Avangrid
20.89 76.96 53.56 AveryDennison AVY 2.2 24 75.75 0.47
AV 6.3 19 12.91 -0.10
-15.12 16.87 11.45 Aviva ADR
AVT 1.7 10 41.07 -0.25
-4.13 46.95 36.41 Avnet
4.20 36.50 20.67 AxaltaCoatingSys AXTA ... 87 27.77 -0.16
AXS 2.5 11 54.96 -0.25
-2.24 60.00 51.01 AxisCapital
BBT 3.1 14 36.37 -0.56
-3.81 41.90 29.95 BB&T
BCE 4.6 15 46.95 0.77
21.57 47.55 31.49 BCE
7.96 45.06 18.46 BHPBillitonADR BHP 2.3 dd 27.81 1.05
9.67 43.72 16.36 BHPBillitonADR BBL 2.6 dd 24.84 1.04
BP 7.5 dd 31.88 0.36
1.98 42.20 27.01 BPADR
BRFS 4.1 17 13.75 0.35
-0.51 22.35 11.05 BRFADR
BT 4.1 10 31.74 -0.04
-8.29 37.69 31.09 BTGroupADR
0.20 65.58 37.58 BakerHughes BHI 1.5 dd 46.24 0.34
BLL 0.7 79 74.24 0.56
2.08 76.69 57.95 Ball
-11.46 10.75 5.86 BancoBilbaoVizADR BBVA 9.0 21 6.49 -0.07
4.39 66.62 56.21 BancodeChileADR BCH 4.8 12 62.02 1.32
4.93 21.17 15.69 BcoSantChileADR BSAC 5.8 12 18.51 0.14
-5.75 7.72 3.69 BancoSantanderADR SAN 5.0 8 4.59 -0.12
26.77 44.18 23.69 BanColombiaADR CIB 3.4 10 33.91 0.90
BAC 1.4 12 14.42 -0.52
-14.32 18.48 10.99 BankAm
BMO 4.1 10 64.04 0.94
13.51 65.50 47.54 BkMntrl
0.73 45.45 32.20 BankNY Mellon BK 1.6 15 41.52 -0.64
25.02 54.35 35.01 BkNovaScotia BNS 4.4 9 50.56 0.57
BCS 7.7 dd 10.51 -0.04
-18.90 18.05 8.20 BarclaysADR
BCR 0.4154 220.62 -0.11
16.46 223.02 167.36 Bard CR
ABX 0.4 dd 19.18 2.22
159.89 19.73 5.91 BarrickGold
BAX 1.2 6 43.48 0.05
13.97 46.95 32.18 BaxterIntl
s 9.83 169.67 128.87 BectonDickinson BDX 1.6 45 169.23 0.48
WRB 0.9 14 56.52 -0.59
3.23 58.46 47.54 Berkley
6.98 221985 186900 BerkHathwy A BRK/A ... 14 211615 -740.00
6.89 148.03 123.55 BerkHathwy B BRK/B ... 14 141.14 -0.97
9.43 40.00 27.79 BerryPlasticsGroup BERY ... 51 39.59 -0.41
BBY 3.5 11 32.35 -0.11
6.24 39.09 25.31 BestBuy
BLK 2.5 19 359.37 -1.74
5.54 369.33 275.00 BlackRock
-10.77 42.33 22.31 BlackstoneGroup BX 4.3125 26.09 -0.19
HRB 3.7 15 21.66 -0.06
-34.97 37.53 19.18 BlockHR
35.82 17.98 8.86 BdwlkPipePtnr BWP 2.3 18 17.63 -0.14
BA 3.4 17 127.38 0.53
-11.90 150.59 102.10 Boeing
BWA 1.5 13 33.68 -0.72
-22.09 61.41 27.68 BorgWarner
0.19 133.59 94.91 BostonProperties BXP 2.0 34 127.78 0.52
BSX ... dd 22.80 -0.19
23.64 23.03 14.18 BosSci
s 5.96 73.37 51.82 BristolMyers
BMY 2.1 75 72.89 -0.11
0.35 26.98 19.91 BrixmorPropertyGrp BRX 3.8 35 25.91 0.31
19.75 66.05 48.56 BdridgeFnlSol BR 1.9 26 64.34 0.14
12.31 36.80 26.13 BrookfieldMgt BAM 1.5 15 35.41 0.14
13.64 45.50 30.50 BrookfieldInfr BIP 5.3 57 43.08 0.09
12.09 36.33 28.41 Brown&Brown BRO 1.4 21 35.98 -0.18
-4.05 122.94 98.83 BrownFormanClA BF/A 1.3 32 105.65 0.29
-2.01 111.06 90.02 BrownFormanClB BF/B 1.4 29 97.28 0.23
10.11 79.14 47.07 BuckeyePartners BPL 6.6 21 72.63 -0.18
BG 2.5 14 67.77 0.03
-0.75 93.03 46.08 Bunge
CBG ... 19 30.15 -0.04
-12.81 38.76 22.73 CBRE Group
11.86 69.27 42.54 CBSClA
CBS/A 1.0 19 58.30 -0.54
CBS 1.1 17 54.39 -1.01
15.40 61.93 38.51 CBSClB
CF 4.2 14 28.61 0.63
-29.89 70.32 26.10 CFIndustries
GIB ... 15 47.45 0.48
18.54 49.50 31.99 CGI Gp A
CIT 1.8 6 33.66 -0.49
-15.21 49.27 25.18 CIT Grp
s 18.68 43.12 31.22 CMSEnergy
CMS 2.9 25 42.82 0.81
CNA 3.1 28 32.46 -0.23
-7.65 40.61 27.99 CNAFinancial
CEO 5.3 17 122.33 -0.57
17.20 152.64 82.28 CNOOCADR
49.06 12.56 6.38 CPFLEnergiaADR CPL 2.1 22 10.79 0.34
CRH 3.3 31 30.27
...
5.03 30.95 23.33 CRHADR
CVS 1.8 21 96.24 -0.16
-1.56 113.65 81.37 CVSHealth
CVC 1.7 43 34.65 -0.09
8.62 34.76 21.37 Cablevision
COG 0.3 dd 24.23 -0.51
36.97 34.56 14.88 CabotO&G
CPN ...128 15.30 0.11
5.74 19.98 11.53 Calpine
6.90 87.19 67.27 CamdenPropertyTr CPT 3.7 42 82.06 -1.93
CCJ 2.7 31 11.71 0.11
-5.03 15.67 10.31 Cameco
17.39 66.75 45.23 CampbellSoup CPB 2.0 27 61.69 0.96
CM 4.7 9 79.14 1.14
20.15 81.74 56.29 CIBC
CNI 2.0 13 59.97 1.13
7.32 66.22 46.23 CanNtlRlwy
CNQ 2.5 dd 29.49 0.07
36.92 31.04 14.41 CndNatRes
CP 1.2 13 132.70 2.50
4.00 171.45 97.09 CanPacRlwy
CAJ 4.9 18 28.81 -0.04
-4.38 34.26 26.60 CanonADR
COF 2.2 10 71.60 -1.78
-0.80 92.10 58.49 CapOneFnl
-10.62 91.22 74.73 CardinalHealth CAH 2.3 19 79.79 -0.10
CSL 1.2 19 100.60 -0.40
13.43 105.79 75.17 Carlisle
KMX ... 17 51.54 -0.55
-4.50 73.76 41.25 CarMax
CCL 2.9 20 47.75 -0.58
-12.35 55.77 40.52 Carnival
CUK 2.8 21 49.31 -0.44
-13.37 58.08 42.45 Carnival ADR
CRI 1.3 22 102.99 0.10
15.68 109.53 82.22 Carters
CAT 4.1 36 75.04 1.42
10.42 88.81 56.36 Caterpillar
CE 2.0 34 70.67 0.06
4.96 74.55 54.35 Celanese A
CX ...137 6.42 0.23
19.87 9.40 3.50 CemexADR
33.01 8.70 5.20 CencosudADR CNCO 1.1 17 8.22 0.46
21.00 17.76 9.10 CenovusEnergy CVE 1.0 11 15.27 0.05
CNC ... 29 65.07 -0.09
-1.12 83.00 47.36 Centene
s 24.78 23.00 16.05 CenterPointEnergy CNP 4.5 dd 22.91 0.31
CTL 7.9 16 27.35 0.23
8.70 33.05 21.94 CenturyLink
CVX 4.3145 100.66 0.13
11.89 104.26 69.58 Chevron
-5.40 50.65 20.93 ChinaEasternAirADR CEA ... 8 26.62 -0.10
-31.83 23.54 10.18 ChinaLifeInsADR LFC 3.0 14 10.90 -0.04
0.75 67.62 50.12 ChinaMobileADR CHL ... 13 56.75 -0.53
16.09 88.78 48.28 ChinaPetroleumADR SNP 2.7 14 69.63 -0.31
-22.94 64.71 25.14 ChinaSoAirlinesADR ZNH 2.1 8 29.40 -0.35
0.56 66.74 42.23 ChinaTelecomADR CHA 2.6 12 46.71 -0.23
-9.78 17.28 10.12 ChinaUnicomADR CHU 2.4 16 10.88 -0.11
CMG ... 42 433.94 -9.55
-9.57 758.61 399.14 ChipotleMex
CB 2.1 15 127.56 -0.25
9.17 128.14 96.00 Chubb
s 15.32 34.63 28.49 ChunghwaTelecomADR CHT 4.3 20 34.63 0.55
16.49 107.36 76.85 Church&Dwight CHD 1.4 32 98.88 -0.35
CI 0.0 16 129.70 0.13
-11.36 170.68 123.54 Cigna
XEC 0.3 dd 115.92 -1.31
29.69 124.91 72.77 CimarexEngy
C 0.4 9 45.39 -1.58
-12.29 60.95 34.52 Citigroup
-11.65 28.71 18.04 CitizensFinancial CFG 2.1 15 23.14 -0.69
CLX 2.5 25 129.92 0.09
2.44 133.24 103.77 Clorox
COH 3.5 28 38.80 -0.97
18.55 42.13 27.22 Coach
KO 3.1 27 45.04 0.32
4.84 47.13 36.56 CocaCola
11.04 87.58 61.17 Coca-ColaFemsaADR KOF 2.4 27 78.63 0.40
7.48 72.72 50.84 ColgatePalmolive CL 2.2 47 71.60 0.18
27.55 33.00 15.39 ColumbiaPipeline CPGX 2.2 41 25.51 -0.05
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
CMA 1.9 18 45.80

9.49 53.45 30.48 Comerica
SBS ... 22 7.55
64.13 7.91 3.46 SABESP ADR
CSC 1.1 30 50.86
55.63 51.10 24.27 CSC
s 10.32 46.78 37.25 ConAgraFoods CAG 2.2 dd 46.51
28.53 127.48 69.94 ConchoResources CXO ... dd 119.35
-5.38 64.33 31.05 ConocoPhillips COP 2.3 dd 44.18
ED 3.6 20 75.35
17.24 77.23 56.86 ConEd
7.69 165.81 114.49 ConstBrands A STZ 1.0 32 153.40
6.66 162.68 116.22 ConstBrands B STZ/B 0.9 32 153.77
80.11 47.95 13.94 ContinentalRscs CLR ... dd 41.39
23.25 181.73 119.28 Cooper
COO 0.0 42 165.40
CLB 1.8 52 120.29
10.62 135.49 84.50 CoreLabs
GLW 2.6 61 21.08
15.32 21.29 15.42 Corning
COTY 1.0 47 26.27
2.50 32.72 21.48 CotyClA
BAP 1.5 ... 149.74
53.86 153.23 81.78 Credicorp
-38.45 29.99 12.56 CreditSuisseADR CS 5.5 dd 13.35
44.98 22.81 7.82 CrescentPntEnrg CPG 1.7 dd 16.89
8.71 49.20 7.90 CrestwoodEquity CEQP 10.6 dd 22.59
s 7.30 92.89 75.71 CrownCastl
CCI 3.8 73 92.76
4.97 56.78 43.30 CrownHoldings CCK ... 17 53.22
CUBE 2.6 71 32.01
4.54 33.52 22.56 CubeSmart
CMI 3.4 15 113.64
29.12 137.99 79.88 Cummins
DDR 4.3164 17.54
4.16 18.59 14.71 DDR Corp
s 15.76 93.27 73.23 DTEEnergy
DTE 3.1 24 92.83
DHR 0.7 25 98.29
5.82 100.50 81.25 Danaher
DRI 3.0 26 67.75
6.46 68.62 53.38 Darden
10.67 83.33 61.36 DaVitaHlthcrPtrs DVA ... 35 77.15
DE 2.8 17 85.57
12.19 98.23 70.16 Deere
s 12.27 27.37 19.56 DelhaizeGroupADR DEG 1.9 23 27.27
-21.77 90.57 55.59 DelphiAutomotive DLPH 1.7 15 67.07
DAL 1.3 7 41.57
-17.99 52.77 34.61 DeltaAir
-29.36 35.38 14.78 DeutscheBank DB 4.9 dd 17.06
12.25 64.54 18.07 DevonEnergy DVN 0.7 dd 35.92
DEO 2.3 18 109.14
0.06 122.23 100.12 DiageoADR
21.95 54.48 33.42 DicksSprtgGds DKS 1.4 15 43.11
s 30.18 98.64 60.66 DigitalRealtyTrust DLR 3.6 87 98.44
5.30 59.88 42.86 DiscoverFinSvcs DFS 2.0 11 56.46
DIS 1.4 18 98.75
-6.02 122.08 86.25 Disney
DLB 1.0 28 47.85
42.20 48.70 29.87 DolbyLab A
s 27.73 92.00 59.75 DollarGeneral DG 1.1 22 91.80
7.88 76.59 64.54 DominionResources D 3.8 23 72.97
DPZ 1.2 34 122.21
9.85 140.80 99.00 Dominos
s 8.72 34.28 24.73 DouglasEmmett DEI 2.6 93 33.90
DOV 2.5 18 66.76
8.89 74.22 50.91 Dover
3.26 57.10 35.11 DowChemical DOW 3.5 10 53.16
-0.53 95.87 72.00 DrPepperSnap DPS 2.3 23 92.71
1.47 68.00 40.67 DrReddysLabADR RDY 0.7 26 46.97
DD ... 29 68.78
3.27 75.72 47.11 DuPont
DUK 4.1 21 80.08
12.17 81.39 65.50 DukeEnergy
s 14.89 24.36 17.60 DukeRealty
DRE 3.0 44 24.15
EMC 1.6 27 27.91
8.68 28.77 22.66 EMC
E 5.8 dd 30.57
2.58 38.31 24.73 ENIADR
EOG 0.8 dd 79.71
12.60 91.48 57.15 EOG Res
EQT 0.2 dd 73.71
41.40 87.38 47.10 EQT
0.45 85.03 56.52 EQTMidstreamPtrs EQM 3.9 16 75.80
7.79 83.90 56.03 EastmanChemical EMN 2.5 12 72.77
18.08 72.99 46.19 EatonCorp.PLC ETN 2.5 15 61.45
ECL 1.2 36 118.79
3.86 122.48 98.62 Ecolab
30.53 14.86 5.16 EcopetrolADR EC
... dd 9.15
4.44 102.98 67.94 EdgewellPersonal EPC ... dd 81.85
EIX 2.6 24 72.53
22.50 73.25 55.18 EdisonInt
EW ... 43 101.53
28.55 112.00 62.53 EdwardsLife
9.35 60.22 41.25 EmersonElectric EMR 3.6 18 52.30
-30.14 44.54 25.22 EmpresaNacADR EOCC 3.9 13 25.89
EEP 10.6 dd 22.09
-4.25 37.09 14.27 EnbridgePtnr
ENB 4.0 23 41.05
23.68 49.09 27.43 Enbridge
ECA 0.7 dd 8.07
58.55 12.53 3.00 Encana
-1.16 35.44 4.00 EngyTrnsfrEqty ETE 8.4 12 13.58
9.81 56.49 18.62 EnergyTransfer ETP 11.4300 37.04
ERF 1.6 dd 5.97
74.56 10.50 1.84 Enerplus
18.59 8.90 5.57 EnersisAmericasADR ENIA 1.2 6 7.77
-2.53 24.93 6.32 EnLinkMidstream ENLK 9.7 dd 16.16
ETR 4.3 dd 78.24
14.45 80.06 61.27 Entergy
EPD 5.6 22 28.31
10.67 32.25 19.00 EntPdtsPtnr
EFX 1.1 34 125.20
12.42 126.51 90.94 Equifax
ELS 2.3 41 73.85
10.77 76.08 51.89 EquityLife
EQR 3.1 56 64.97
-20.37 82.39 61.90 EqResdntl
-10.93 244.71 191.25 EssexProp
ESS 3.0 57 213.24
5.69 97.48 73.67 EsteeLaudr A EL 1.3 30 93.07
RE 2.6 9 177.86
-2.86 199.98 167.07 EvrstReGrp
9.97 59.09 44.64 EversourceEnergy ES 3.2 21 56.16
EXC 3.6 18 34.96
25.89 35.95 25.09 Exelon
s 6.07 94.81 64.78 ExtraSpaceStorage EXR 3.3 53 93.56
XOM 3.4 28 88.37
13.37 90.46 66.55 ExxonMobil
FMC 1.4 11 48.85
24.84 56.70 32.24 FMC
-8.34 43.43 22.30 FMCTechnologies FTI ... 23 26.59
-2.23 177.28 135.95 FactSetResearchSys FDS 1.3 27 158.94
FRT 2.4 55 155.70
6.57 160.47 124.87 FedRlty
FDX 0.6 40 163.82
9.95 185.19 119.71 FedEx
RACE ... 27 43.18
-10.04 60.97 31.66 Ferrari
-23.83 10.92 5.78 FiatChryslerAutos FCAU ... 13 7.00
-29.87 14.94 7.82 FibriaCelulose ADR FBR ... 10 8.90
FNF 2.4 22 34.78
0.32 40.25 28.24 FidNtlFnl
FNFV ... 8 11.90
5.97 13.55 8.38 FNFVGroup
23.75 75.46 55.10 FidelityNtlInfo FIS 1.4 38 74.99
WUBA ... dd 50.61
-23.27 82.77 37.72 58.comADR
FDC ... dd 12.32
-23.10 17.99 8.37 FirstDataClA
6.63 73.22 56.32 FirstRepublicBank FRC 0.9 21 70.44
FE 4.3 21 33.82
6.59 36.54 28.89 FirstEnergy
5.25 164.61 107.56 FleetCorTechs FLT ... 37 150.44
FLS 1.5 24 49.16
16.83 54.86 33.86 Flowserve
FLR 1.6 21 52.41
10.99 56.35 39.48 Fluor
0.15 102.72 77.47 FomentoEconMexADR FMX 1.5 31 92.49
FL 2.0 14 54.85
-15.73 77.25 53.66 FootLocker
F 4.6 6 13.04
-7.45 15.84 10.44 FordMotor
4.24 23.96 16.43 ForestCityRealtyA FCE/A 1.0 12 22.86
4.44 23.83 16.59 ForestCityRealtyB FCE/B 1.1 12 22.84
5.17 59.98 41.17 FortBrandsHomeSec FBHS 1.1 29 58.37
52.17 71.48 38.20 Franco-Nevada FNV 1.3246 69.62
-3.34 51.94 31.00 FranklinResources BEN 2.0 13 35.59
64.11 21.17 3.52 Freeport-McMoRan FCX ... dd 11.11
3.59 45.85 36.89 FreseniusMedADR FMS 1.0 26 43.34
AJG 3.2 22 47.86
16.90 49.50 35.96 Gallagr
GPS 4.8 10 19.09
-22.71 39.59 17.00 Gap
IT
12.72 103.00 77.80 Gartner
... 46 102.24
GZT ... 8 8.56
-4.70 12.68 7.15 Gazit-Globe
GD 2.2 15 140.23
2.09 153.76 121.61 GenDynam
GE 3.1 23 29.94
-3.88 32.05 19.37 GenElec
-1.58 30.30 24.22 GeneralGrowthProp GGP 2.8 28 26.78
GIS 2.9 26 63.69
10.46 65.49 47.43 GeneralMills
-12.97 36.88 24.62 GeneralMotors GM 5.1 4 29.60
G
13.05 28.52 20.95 Genpact
... 24 28.24
11.96 100.00 76.50 GenuineParts GPC 2.7 21 96.16
GIL 1.0 16 30.10
5.91 35.15 22.43 Gildan
6.29 45.49 37.24 GlaxoSmithKlineADR GSK 5.2113 42.89
GPN 0.1 33 76.06
17.90 78.92 50.70 GlblPymts
GG 0.4 dd 18.26
57.96 20.24 9.46 Goldcp
-13.63 218.77 139.05 GoldmanSachs GS 1.7 18 155.67
GRA ... 65 78.90
-1.29 84.22 62.96 GraceWR
GWW 2.1 20 227.79
12.44 246.00 176.85 Grainger
12.23 103.84 68.25 GpoAeroportuarADR PAC ... 29 99.08
16.72 10.02 5.59 GpoAvalAccionesADR AVAL 5.1 12 7.61
3.69 10.05 6.75 GpFinSantandMexADR BSMX 1.7 14 8.99
-2.65 40.05 23.25 GrupoTelevisaADR TV ... 22 26.49
HCA ... 15 78.14
15.54 95.49 43.91 HCAHoldings
HCP 6.9 dd 33.57
-12.21 40.90 25.11 HCP
6.06 65.58 51.11 HDFCBankADR HDB 0.6 ... 65.33
HPQ 3.7 7 13.44
13.51 15.18 8.91 HP
-17.56 47.69 29.14 HSBCHoldingsADR HSBC 6.1 11 32.54
HAL 1.7 dd 42.85
25.88 46.69 27.64 Halliburton
HBI 1.6 24 27.37
-7.00 34.78 23.25 Hanesbrands
0.88 60.67 36.36 HarleyDavidson HOG 3.1 12 45.79
-16.27 128.60 66.20 HarmanIntlInds HAR 1.8 16 78.88
HRS 2.5 84 79.99
-7.95 89.78 70.10 Harris
HIG 1.9 12 44.32
1.98 50.95 36.54 HrtfrdFnl
9.79 75.25 40.02 Helmerich&Payne HP 4.8 60 58.79
HLF 2.0 14 59.77
11.47 66.26 42.26 Herbalife
HSY 2.5 41 93.50
4.74 97.40 82.41 Hershey
HES 1.7 dd 58.36
20.38 70.67 32.41 Hess
20.72 18.55 11.62 HewlettPackardEnt HPE 1.2 ... 18.35
1.50 29.42 16.16 HiltonWorldwide HLT 1.3 14 21.72
HFC 4.9 10 27.12
-32.01 54.73 25.80 HollyFrontier
HD 2.1 23 131.74
-0.39 137.82 92.17 HomeDepot
-15.10 35.99 24.56 HondaMotorADR HMC ... 18 27.11
HON 2.1 19 114.79
10.83 116.56 87.00 Honeywell
-12.32 45.72 27.81 HormelFoods HRL 1.7 24 34.67
DHI 1.0 14 30.99
-3.25 33.10 22.97 DR Horton
2.02 21.40 12.17 HostHotels&Resorts HST 5.1 18 15.65
-21.08 56.31 25.85 HuanengPowerADR HNP 10.6 5 27.07
HUBB 2.4 22 104.39
3.32 111.92 80.33 Hubbell
HUM 0.6 26 186.20
4.31 219.48 155.24 Humana
s 24.23 158.00 102.76 HuntingtonIngalls HII 1.3 17 157.59
H
... 50 47.57
1.17 59.94 34.06 HyattHotels
-7.79 10.62 5.15 ICICIBankADR IBN 2.2 14 7.22
IHS ... 34 120.24
1.53 135.17 92.59 IHSClA
2.83 33.52 22.36 IMSHealthHoldings IMS ... 53 26.19
-8.25 17.44 10.49 INGGroepADR ING 7.6 9 12.35
IVZ 3.7 15 30.41
-9.17 39.89 24.90 Invesco
s 14.09 45.24 30.33 ITCHoldings
ITC 1.7 29 44.78
IEX 1.6 23 84.44
10.22 86.54 65.45 IDEX
s 15.68 107.37 78.79 IllinoisToolWorks ITW 2.1 21 107.21
INFY 2.2 22 19.61
17.07 20.47 15.29 InfosysADR
19.01 70.47 47.08 Ingersoll-Rand IR 1.9 23 65.80
14.42 36.66 23.70 IngramMicroClA IM 1.2 30 34.76
INGR 1.5 20 119.47
24.66 120.54 79.31 Ingredion
ICE 1.3 23 265.51
3.61 271.94 220.28 ICE
-15.61 52.10 36.85 InterContinentlADR IHG ... 6 39.23
IBM 3.7 12 152.89
11.10 173.78 116.90 IBM
IFF 1.7 26 128.33
7.26 129.45 97.24 IntFlavor
13.87 51.82 32.50 InternationalPaper IP 4.1 19 42.93
IPG 2.6 21 23.51
0.99 24.27 18.16 Interpublic
35.91 38.64 23.64 IronMountain IRM 5.3 54 36.71
3.21 7.34 3.68 IsraelChemicals ICL ... 4 4.18
29.80 10.36 5.48 ItauUnibancoADR ITUB 0.6 7 8.45
-2.11 70.61 50.07 JPMorganChase JPM 3.0 11 64.64
s 22.77 51.75 34.76 JacobsEngineering JEC ... 27 51.50
s 23.13 15.60 10.19 JamesHardieADR JHX 3.7 30 15.60
s 11.72 115.39 81.79 JohnsJohns
JNJ 2.8 21 114.76
13.22 54.52 33.62 JohnsonControls JCI 2.6 dd 44.71
-26.19 179.97 96.67 JonesLangLaSalle JLL 0.5 13 118.00
JOY 0.2 dd 20.70
64.16 41.00 8.35 JoyGlobal
-1.25
0.28
0.43
0.33
-1.63
-0.20
1.71
-0.75
-0.49
-0.76
-2.02
0.44
-0.08
-0.56
4.92
-0.30
0.25
-0.30
0.96
-0.06
0.05
-1.49
0.10
1.72
-0.35
-0.05
-0.78
1.51
0.29
-1.27
-0.88
-0.48
-0.89
0.92
-0.13
1.31
-0.69
0.03
-0.35
0.90
1.48
-1.04
0.19
-0.24
0.92
0.67
-0.10
0.68
1.14
0.27
-0.02
0.17
-0.78
-0.08
-0.28
-0.94
-0.30
-0.08
0.17
0.32
0.77
-0.57
0.06
-0.01
-0.17
0.61
0.01
-0.03
-0.13
0.18
0.14
-0.22
1.35
0.12
-1.11
0.18
-1.53
-4.81
-0.13
0.01
0.81
0.24
0.15
-0.16
0.84
...
-1.33
0.91
-0.98
-0.35
-0.13
-0.50
0.03
-0.03
-0.39
-2.89
-0.37
-1.03
0.51
-2.04
0.18
-0.11
1.76
-0.23
-0.17
-0.08
0.10
-0.30
5.74
-0.19
0.45
0.03
-0.39
0.76
-0.29
0.17
0.10
-0.11
0.05
0.46
-0.66
0.01
-0.77
0.11
0.48
-2.86
1.31
-3.61
-0.10
-1.94
2.26
0.20
-0.19
-0.22
-0.84
0.20
-0.25
-0.10
0.03
0.72
-0.39
-0.36
-1.20
0.22
-0.65
-0.08
0.14
0.74
-0.87
-0.15
0.11
-0.83
-0.67
-0.17
0.26
0.39
-0.07
-0.12
0.21
-1.44
-1.16
0.85
-0.46
0.05
-0.25
-0.04
-0.04
-0.42
0.13
-0.21
0.09
-0.06
-0.77
-0.07
0.11
-1.73
0.41
-0.61
-0.38
0.03
-0.46
0.09
0.01
0.15
-1.17
0.72
0.28
0.27
-0.26
-0.27
0.34
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
-15.43 32.39 21.49 JuniperNetworks JNPR 1.7 14 23.34

10.61 41.55 31.54 KARAuctionServices KAR 2.8 26 40.96
5.02 36.06 22.84 KBFinancialGrpADR KB ... 8 29.27
KKR 4.7 dd 13.54
-13.15 24.79 8.00 KKR
KT ... 17 14.44
21.24 14.60 10.81 KTADR
KSU 1.4 21 91.90
23.07 101.24 62.20 KSCitySo
K 2.7 48 75.13
3.96 78.10 61.13 Kellogg
KEY 2.7 13 12.71
-3.64 15.70 9.88 KeyCp
10.91 34.13 21.07 KeysightTechs KEYS ... 11 31.42
KRC 2.4 17 63.34
0.09 73.62 46.76 KilroyRealty
2.18 138.75 103.04 KimberlyClark KMB 2.8 44 130.08
KIM 3.5 22 28.88
9.15 29.97 22.07 KimcoRealty
20.58 40.76 11.20 KinderMorgan KMI 2.8300 17.99
KGC 3.2 dd 4.97
173.08 5.82 1.31 KinrossGold
KSS 5.3 13 38.05
-20.11 65.20 33.87 Kohl's
6.52 28.75 23.16 KoninklijkePhilADR PHG 3.3 39 27.11
22.15 27.10 18.87 KoreaElcPwrADR KEP ... 3 25.86
KR 1.2 18 36.25
-13.34 42.75 27.32 Kroger
KYO ... 19 48.41
4.99 53.91 38.01 KyoceraADR
LB 3.4 18 71.02
-25.88 101.11 60.00 LBrands
0.10 13.02 8.20 LGDisplayADR LPL ... 16 10.45
s 18.79 142.20 101.11 L-3Communications LLL 2.0 dd 141.97
s 4.25 129.77 97.79 LabCpAm
LH ... 22 128.90
6.64 57.77 34.88 LasVegasSands LVS 6.2 21 46.75
LEA 1.0 11 115.95
-5.60 127.00 89.71 LearCorp
19.61 51.28 36.64 Leggett&Platt LEG 2.7 21 50.26
LEN 0.4 13 45.71
-6.54 56.04 37.14 LennarClA
LEN/B 0.4 10 36.64
-8.81 46.55 30.04 LennarClB
LII 1.2 32 137.79
10.32 143.19 105.65 LennoxIntl
0.98 25.39 14.27 LeucadiaNational LUK 1.4 dd 17.56
LVLT ... 6 52.86
-2.76 56.23 40.86 Level3Comm
s 21.32 38.09 26.94 LibertyPropertyTr LPT 5.0 21 37.67
LLY 2.7 35 75.12
-10.85 92.85 67.88 EliLilly
-11.60 62.08 30.39 LincolnNational LNC 2.3 10 44.43
LNKD ... dd 135.07
-39.99 258.39 98.25 LinkedInA
-0.65 29.68 18.77 LiveNationEnt LYV ... dd 24.41
-4.59 5.57 3.27 LloydsBankingADR LYG 4.21733 4.16
10.03 245.37 181.91 LockheedMartin LMT 2.8 21 238.92
L 0.6 59 40.26
4.84 40.87 33.84 Loews
LOW 1.7 27 80.01
5.22 80.76 62.62 Lowe's
-16.45 74.00 52.73 LuxotticaGroupADR LUX 1.8 29 54.19
-8.22 106.50 69.09 LyondellBasell LYB 4.3 8 79.76
MTB 2.4 16 118.29
-2.38 134.00 100.08 M&T Bnk
5.90 24.41 16.18 MGMResortsIntl MGM ... dd 24.06
MPLX 6.1 76 33.33
-15.26 76.29 16.34 MPLX
MSCI 1.1 34 77.11
6.90 79.86 56.87 MSCI
MAC 3.5175 77.21
-4.31 86.29 71.82 Macerich
-0.11 87.88 51.83 MacquarieInfr MIC 6.63626 72.52
M 4.4 11 34.33
-1.86 73.61 29.94 Macys
MMP 4.4 20 72.16
6.24 79.85 54.51 MagelnPtnrs
MGA 2.5 7 40.41
-0.37 59.42 30.41 MagnaInt
MNK ... 21 65.11
-12.76 127.97 50.90 Mallinckrodt
-6.53 96.87 69.66 ManpowerGroup MAN 2.2 14 78.79
-1.74 19.61 10.99 ManulifeFinancial MFC 4.0 12 14.72
MRO 1.5 dd 13.32
5.80 27.77 6.52 MarathonOil
-31.60 60.38 29.24 MarathonPetroleum MPC 3.6 10 35.46
s 29.29 17.04 11.00 MarineHarvestADR MHG 1.2 29 17.04
MKL ... 24 963.01
9.02 989.18 772.40 Markel
19.33 66.44 50.81 Marsh&McLennan MMC 2.1 22 66.17
36.72 193.87 108.31 MrtnMarMat MLM 0.9 38 186.73
MAS 1.2 28 32.03
13.18 32.92 22.52 Masco
MA 0.8 29 96.03
-1.37 101.76 74.61 MasterCard
MKC 1.7 30 98.48
15.10 100.91 75.68 McCormick
13.05 100.93 76.13 McCormickVtg MKC/V 1.8 30 97.64
MCD 2.9 23 121.35
2.72 131.96 87.50 McDonalds
MCK 0.6 19 186.46
-5.46 238.99 148.29 McKesson
5.40 95.93 65.53 MeadJohnNutr MJN 2.0 32 83.21
MD ... 19 67.50
-5.81 86.09 61.40 Mednax
MDT 1.8 33 82.94
7.83 83.29 55.54 Medtronic
MRK 3.2 35 56.64
7.23 60.07 45.69 Merck
MET 3.6 10 44.30
-8.11 58.23 35.00 MetLife
10.31 377.78 275.30 MettlerToledo MTD ... 29 374.10
20.94 59.49 34.83 MichaelKorsHldgs KORS ... 11 48.45
MAA 3.3 24 100.25
10.40 104.05 72.51 MidAmApt
-22.35 7.48 3.86 MitsubishiUFJADR MTU ... 9 4.83
-23.76 4.50 2.69 MizuhoFinancialADR MFG ... 7 3.08
45.63 10.40 5.14 MobileTeleSysADR MBT 2.0 11 9.00
MBLY ...117 38.67
-8.54 64.48 23.57 Mobileye
4.81 212.16 148.56 MohawkIndustries MHK ... 19 198.50
s 9.05 102.17 65.50 MolsonCoors A TAP/A 1.6 45 102.17
s 9.10 102.60 63.91 MolsonCoors B TAP 1.6 45 102.47
MON 1.9 35 111.00
12.67 115.45 81.22 Monsanto
MCO 1.5 22 98.76
-1.57 113.86 77.76 Moodys
-16.57 41.04 21.16 MorganStanley MS 2.3 12 26.54
MOS 4.1 10 26.70
-3.23 47.13 22.02 Mosaic
0.03 76.83 56.40 MotorolaSolutions MSI 2.4 24 68.47
MUR 4.6 dd 30.40
35.41 44.37 14.30 MurphyOil
NRG 0.7 dd 17.39
47.75 25.39 8.80 NRGEnergy
23.90 25.99 16.55 NTTDoCoMoADR DCM ... 22 25.40
NVR ... 18 1717.14
4.51 1820.00 1317.23 NVR
3.32 74.67 63.75 NationalGridADR NGG 4.4 14 71.85
-4.18 49.84 25.74 NtlOilwellVarco NOV 0.6 dd 32.09
16.90 47.90 33.62 NtlRetailProp NNN 3.7 40 46.82
N
-1.48 102.46 51.75 NetSuite
... dd 83.37
37.14 43.58 18.09 NewOrientalEducADR EDU ... 31 43.02
-4.66 19.18 14.26 NY CmntyBcp NYCB 4.4 dd 15.56
8.80 50.90 33.26 NewellBrands NWL 1.6 54 47.96
NFX ... dd 39.60
21.62 41.99 20.84 NewfldExpl
NEU 1.6 21 402.92
5.83 465.88 322.54 NewMarket
96.78 35.75 15.39 NewmontMining NEM 0.3231 35.40
s 17.24 122.37 93.74 NextEraEnergy NEE 2.9 20 121.80
15.24 54.59 42.76 NielsenHoldings NLSN 2.3 33 53.70
NKE 1.2 25 53.45
-14.48 68.19 47.25 NikeClB
10.42 47.17 33.83 NipponTelegraphADR NTT ... 15 43.88
s 25.37 24.58 16.04 NiSource
NI 2.7 40 24.46
NBL 1.2 dd 34.65
5.22 46.93 23.77 NobleEnergy
NOK 5.3 11 5.69
-18.95 7.63 5.08 NokiaADR
-25.95 7.32 3.96 NomuraHoldingsADR NMR ... 14 4.11
JWN 3.7 14 39.75
-20.20 80.23 36.19 Nordstrom
-1.75 98.75 64.51 NorfolkSouthern NSC 2.8 15 83.11
13.97 218.84 152.31 NorthropGrumman NOC 1.7 20 215.18
-5.92 106.84 69.89 Novartis ADR NVS 3.4 29 80.95
-2.57 60.34 46.17 NovoNordiskADR NVO 1.7 29 56.59
NUE 3.0 44 49.88
23.77 51.10 33.90 Nucor
27.68 63.02 25.65 NuSTAREnergy NS 8.6 21 51.20
OGE 3.6 24 30.96
17.76 31.52 23.37 OGEEnergy
OKE 5.6 35 44.03
78.55 44.29 18.84 ONEOK
27.05 39.93 21.86 ONEOKPartners OKS 8.3 35 38.28
10.72 79.72 58.22 OccidentalPetrol OXY 4.0 dd 74.83
-34.03 13.15 2.89 Och-ZiffCapMgmt OZM ... dd 4.11
ORI 4.0 12 18.92
1.56 19.36 14.84 OldRepublic
-6.78 37.24 26.96 OmegaHealthcare OHI 7.1 27 32.61
8.30 85.95 64.12 OmnicomGroup OMC 2.7 18 81.94
OPK ... 70 10.01
-0.40 17.51 7.12 OpkoHealth
ORCL 1.5 19 39.10
7.04 45.24 33.13 Oracle
ORAN 5.2 17 17.47
5.05 18.32 14.27 OrangeADR
OA 1.3 19 89.30
-0.04 94.92 56.06 OrbitalATK
IX
-3.13 77.92 57.00 OrixADR
... 8 68.04
7.95 52.52 38.95 OwensCorning OC 1.4 16 50.77
s 15.72 61.84 47.33 PG&E
PCG 3.2 32 61.55
PNC 2.3 12 88.57
-7.07 100.52 77.67 PNC FnlSvcs
PKX ... 93 44.85
26.84 55.60 30.97 POSCOADR
PPG 1.5 20 107.67
8.96 118.69 82.93 PPG Ind
s 15.15 39.42 29.18 PPL
PPL 3.9 19 39.30
PVH 0.2 12 96.85
31.50 120.67 64.16 PVH Corp.
PKG 3.2 15 69.26
9.85 73.59 44.32 PackCpAm
-20.72 200.55 111.09 PaloAltoNetworks PANW ... dd 139.64
19.61 120.96 83.32 ParkerHannifin PH 2.2 22 116.00
PSO 8.1 dd 12.18
12.99 20.19 9.18 PearsonADR
40.62 34.13 17.88 PembinaPipeline PBA 5.0 33 30.60
PNR 2.3 23 60.00
21.14 69.65 41.57 Pentair
PEP 2.9 28 102.53
2.61 106.94 76.48 PepsiCo
PKI 0.5 28 54.58
1.89 56.12 39.50 PerkinElmer
PRGO 0.6 dd 97.23
-32.81 198.42 84.85 Perrigo
5.37 118.33 52.30 PetroChinaADR PTR 1.1 46 69.11
41.63 9.72 2.71 PetroleoBrasilADR PBR ... dd 6.09
41.18 8.82 1.99 PetroleoBrasilADRA PBR/A ... dd 4.80
PFE 3.5 26 34.69
7.47 36.46 28.25 Pfizer
15.03 102.55 76.54 PhilipMorrisIntl PM 4.0 24 101.12
-0.61 68.00 34.26 PhilippineLgDisADR PHI 5.8 22 42.49
PSX 3.1 12 80.13
-2.04 94.12 69.79 Phillips66
s 5.38 60.29 35.09 PiedmontNaturalGas PNY 2.3 34 60.09
1.48 48.13 38.32 PinnacleFoods PF 2.4 26 43.09
s 17.49 76.26 56.01 PinnacleWestCap PNW 3.3 20 75.76
27.41 171.88 103.50 PioneerNaturalRscs PXD 0.1 dd 159.75
7.49 46.06 14.82 PlainsAllAmPipe PAA 11.3 50 24.83
-2.56 156.35 67.80 PolarisIndustries PII 2.6 14 83.75
23.11 77.99 43.40 PostHoldings POST ... dd 75.96
POT 6.0 11 16.78
-1.99 32.18 14.64 PotashCp
PX 2.7 21 110.24
7.66 124.17 95.60 Praxair
-4.80 58.02 33.09 PrincipalFinancial PFG 3.6 11 42.82
3.85 83.87 65.02 Procter&Gamble PG 3.2 28 82.47
3.40 35.54 26.88 ProgressiveCorp PGR 2.7 16 32.88
s 12.91 48.75 35.25 Prologis
PLD 3.5 35 48.46
-6.50 92.60 57.19 PrudentialFin PRU 3.7 7 76.12
-13.82 51.26 31.30 PrudentialADR PUK 5.4 13 38.85
17.24 47.41 36.80 PublicServiceEnt PEG 3.6 15 45.36
5.07 277.60 182.08 PublicStorage PSA 2.8 42 260.26
PHM 1.9 13 18.79
5.44 22.10 14.61 PulteGroup
0.58 76.10 41.64 Qihoo360Technology QIHU ... ... 73.23
s 8.62 78.23 59.66 QuestDiag
DGX 2.1 15 77.27
... 20 67.22
-2.10 80.45 55.01 QuintilesTransnat Q
RENX 3.7 29 17.57
4.40 18.09 14.80 RELXADR
RELX 3.5 ... 18.61
4.37 19.33 15.57 RELXADR
RPM 2.2 21 50.55
14.73 51.59 36.78 RPM
-14.06 141.03 82.15 RalphLaurenA RL 2.1 21 95.81
75.70 56.35 19.21 RangeResources RRC 0.2 dd 43.24
-4.54 61.82 39.84 RayJamFnl
RJF 1.4 16 55.34
s 7.49 133.98 95.32 Raytheon
RTN 2.2 21 133.86
-10.85 49.75 27.98 RealogyHoldings RLGY ... 28 32.69
22.12 64.55 43.15 RealtyIncome O 3.8 59 63.05
RHT ... 72 78.20
-5.57 84.44 59.59 RedHat
REG 2.6 72 78.22
14.83 79.84 55.79 RegencyCtrs
1.35 10.87 7.00 RegionsFinancial RF 2.7 12 9.73
14.35 99.83 76.96 ReinsuranceGrp RGA 1.5 14 97.83
RS 2.1 18 75.32
30.06 75.45 50.08 RelianceStl
2.30 121.38 99.35 RenaissanceRe RNR 1.1 14 115.79
10.96 48.96 38.99 RepublicServices RSG 2.5 23 48.81
RMD 2.0 24 59.54
10.90 61.23 48.99 ResMed
11.05 44.60 29.28 RestaurantBrands QSR 1.4 42 41.49
10.66 52.54 35.39 ReynoldsAmer RAI 3.3 11 51.07
-2.68 44.44 21.89 RioTinto ADR RIO 7.5 dd 28.34
RAD ... 48 7.72
-1.53 9.47 5.88 RiteAid
RHI 2.2 15 40.45
-14.19 58.00 36.17 RobHalfIntl
ROK 2.5 21 118.18
15.17 127.05 87.53 Rockwell
-5.12 96.40 76.03 RockwellCollins COL 1.5 17 87.57
13.93 41.38 32.50 RogerComm B RCI 3.8 15 39.26
ROL 1.4 40 28.68
10.73 30.42 23.69 RollinsInc
-9.49 195.93 150.91 RoperTechnologies ROP 0.7 25 171.78
14.37 64.43 44.37 RoyalBkCanada RY 4.0 9 61.28
-21.53 11.63 5.79 RoyalBkScotlandADR RBS ... dd 6.96
-24.54 103.40 64.21 RoyalCaribbean RCL 2.0 23 76.37
8.01 59.98 35.80 RoyalDutchADRA RDS/A 7.6 dd 49.46
8.17 60.74 35.95 RoyalDutchADRB RDS/B 7.6 dd 49.80
SAP 1.6 27 81.17
2.62 81.62 62.57 SAPADR
SPGI 1.3 26 109.64
11.22 112.75 78.55 S&PGlobal
25.51 57.27 29.84 SINOPECShanghaiADR SHI 1.6 8 49.69
3.08 26.06 17.52 SKTelecomADR SKM ... 9 20.77
-10.13 121.94 80.12 SLGreenRealty SLG 2.8 41 101.53
-0.12
-0.32
0.47
-0.12
0.20
0.13
0.60
-0.25
0.03
-0.13
2.08
0.12
0.03
0.64
0.67
0.12
0.50
-0.19
-0.27
-0.31
-0.32
2.11
-0.66
-0.02
-1.51
-0.75
-0.07
-0.10
-0.12
-0.47
-0.89
0.15
-0.34
-1.62
-1.43
-0.20
...
1.09
-0.29
-0.75
0.69
-0.82
-1.79
-0.04
0.11
-1.54
-0.10
0.83
-0.02
-0.07
-0.05
-0.79
-2.16
-0.09
-0.06
-1.22
0.23
-4.92
-0.27
-1.17
-0.10
-0.85
1.30
0.72
0.18
-1.33
-0.01
-0.81
-0.05
-0.18
-1.41
-3.27
0.94
-1.65
0.01
0.03
0.06
-1.02
-0.61
0.33
0.53
0.64
-0.83
-0.74
1.05
-0.33
-0.07
0.24
0.37
...
1.33
0.09
0.89
-0.20
-0.05
-0.24
-0.04
-0.71
-4.45
3.05
1.99
-0.02
-1.08
0.53
0.47
-0.79
0.03
...
0.45
-0.06
1.80
0.24
0.59
0.72
-0.05
0.33
0.30
-0.19
-0.38
-0.06
-0.16
0.40
-1.10
-0.64
0.44
0.17
-0.47
-0.11
-0.42
0.95
-1.44
0.96
-0.53
0.73
-0.48
-0.22
-1.09
0.12
-0.13
0.53
-0.75
0.53
-0.34
-0.92
-0.60
0.17
0.19
-0.18
1.86
1.40
-0.70
-0.16
0.53
1.50
0.35
0.17
-0.23
-0.21
0.29
0.43
-1.11
0.52
-0.29
0.45
-2.61
-0.49
0.51
2.28
-0.10
-0.26
-0.95
-0.61
0.16
0.11
-0.03
-0.80
-0.02
-1.24
1.70
0.02
1.50
-0.03
0.76
-0.27
-1.46
0.56
-0.38
0.13
-0.01
-0.16
1.15
0.76
-0.05
-1.46
0.71
-0.96
0.91
-0.01
0.13
0.50
-0.06
-1.26
0.61
0.62
0.25
-0.81
0.35
0.43
-0.53
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
5.29 84.48 52.60 Salesforce.com CRM ... dd 82.55

SNY 4.0 23 41.14
-3.54 54.98 37.63 SanofiADR
SSL 2.4 14 32.13
19.80 37.19 21.07 SasolADR
s 17.62 71.63 49.89 SCANA
SCG 3.2 19 71.15
8.43 91.83 59.60 Schlumberger SLB 2.6 61 75.63
SCHW 1.0 27 29.22
-11.27 35.72 21.51 SchwabC
SEE 1.4 28 46.46
4.17 55.84 38.02 SealedAir
s 16.43 109.90 86.72 SempraEnergy SRE 2.8 22 109.46
SCI 1.9 25 27.33
5.03 32.02 20.21 ServiceCp
-0.08 42.21 32.10 ServiceMasterGlb SERV ... 31 39.21
NOW ... dd 73.53
-15.05 91.28 45.99 ServiceNow
SJR 4.8 11 19.28
12.16 22.73 15.66 ShawCom B
12.10 309.00 218.27 SherwinWilliams SHW 1.2 26 291.00
0.12 39.76 29.08 ShinhanFinADR SHG ... ... 33.63
-28.70 152.27 84.80 SignetJewelers SIG 1.2 14 88.19
64.17 21.14 10.04 SilverWheaton SLW 1.0 dd 20.39
2.60 214.80 170.99 SimonPropertyGroup SPG 3.2 36 199.49
SIX 4.0 32 57.70
5.02 62.69 41.60 SixFlagsEnt
5.40 54.53 24.56 SkechersUSAClA SKX ... 18 31.84
AOS 1.2 25 82.02
7.06 83.92 50.09 SmithAO
-2.08 37.84 30.23 Smith&NephewADR SNN 2.2 39 34.86
SJM 2.0 39 131.72
6.79 132.64 104.30 Smucker
SNA 1.5 19 159.10
-7.19 174.52 133.09 SnapOn
19.88 23.65 12.65 SOQUIMICH ADR SQM 0.7 31 22.79
16.81 49.35 34.68 SonocoProducts SON 3.1 22 47.74
SNE ... 29 27.95
13.57 31.70 19.90 SonyADR
SO 4.5 20 50.18
7.25 51.79 41.40 Southern
SCCO 0.8 33 26.42
1.15 31.35 21.55 SoCopper
LUV 1.0 12 41.69
-3.18 51.34 31.36 SowestAir
105.34 25.45 5.00 SouthwesternEnergy SWN ... dd 14.60
1.49 118.18 85.69 SovranSelfStorage SSS 3.5 34 108.91
36.93 34.41 21.43 SpectraEnergy SE 4.9131 32.78
-4.95 52.49 36.21 SpectraEnergyPtrs SEP 5.7 14 45.34
15.91 118.90 87.65 SpectrumBrndsHldgs SPB 1.3 32 118.00
-7.13 57.99 40.03 SpiritAeroSystemsA SPR ... 8 46.50
18.16 12.01 8.89 SpiritRealtyCap SRC 5.9218 11.84
S
4.42 5.29 2.18 Sprint
... dd 3.78
26.71 80.84 48.83 StJudeMedical STJ 1.6 31 78.27
SWK 1.9 19 113.34
6.19 115.15 88.72 StanleyBlDck
16.96 80.49 52.64 StarwoodHotels HOT 2.0 26 75.00
1.41 23.43 16.69 StarwoodPrTr STWD 9.2 14 20.85
STT 2.2 14 61.01
-8.06 81.26 50.73 StateSt
STO 5.5107 16.10
15.33 19.08 10.88 StatoilADR
STE 1.4 48 70.50
-6.42 78.77 60.75 Steris
-9.76 8.61 5.11 STMicroelectronics STM 4.0 70 6.01
SYK 1.3 27 113.56
22.19 113.85 86.68 Stryker
-18.45 9.28 5.01 SumitomoMitsADR SMFG ... 8 6.19
9.90 35.46 25.31 SunLifeFinancial SLF 3.7 9 34.29
6.67 30.70 18.71 SuncorEnergy SU 3.3 dd 27.52
10.89 39.23 15.43 SunocoLogistics SXL 6.9 38 28.50
1.14 45.84 31.07 SunTrustBanks STI 2.2 12 43.33
1.02 36.40 23.74 SynchronyFinancial SYF ... 11 30.72
2.27 89.14 61.61 SyngentaADR SYT 2.9 28 80.52
SYY 2.5 35 48.90
19.27 50.68 35.45 Sysco
-6.73 69.88 51.70 TEConnectivity TEL 2.5 12 60.26
TGNA 2.5 12 22.84
-10.50 33.40 21.11 TEGNA
TU 4.6 14 32.17
16.35 34.97 24.34 TELUS
57.36 21.03 10.28 TERNIUMADR TX 4.6175 19.56
TJX 1.4 22 76.43
7.78 79.20 63.53 TJX
12.22 26.62 17.32 TaiwanSemiconADR TSM 2.8 15 25.53
61.57 95.04 14.55 TargaResources TRGP 8.3 48 43.72
TGT 3.3 13 68.65
-5.45 85.81 65.50 Target
TARO ... 12 147.56
-4.52 157.99 122.99 TaroPharm
16.32 35.71 20.00 TataMotorsADR TTM 0.0 14 34.28
177.20 12.53 2.56 TeckResourcesB TCK 0.7 dd 10.70
TE 3.3 34 27.59
3.53 27.83 17.60 TecoEnergy
-22.91 11.67 7.17 TelecomItaliaADR TI/A 4.0 40 7.94
-24.43 14.18 8.89 TelecomItaliaADR TI 2.7 48 9.56
s 26.07 166.85 122.13 Teleflex
TFX 0.8 31 165.72
31.56 14.40 7.71 TelefonicaBrasADR VIV ... 17 11.88
-7.32 15.54 9.47 TelefonicaADR TEF 8.7 26 10.25
28.13 57.08 34.09 TelekmIndonesiaADR TLK 2.0 23 56.89
TS 4.6 dd 26.27
10.38 29.97 18.53 TenarisADR
TSO 2.5 7 80.03
-24.05 119.67 67.80 Tesoro
-2.84 60.37 35.18 TesoroLogistics TLLP 6.6 21 48.89
-18.05 72.31 49.51 TevaPharmADR TEVA 2.5 28 53.79
-4.88 46.59 30.68 Textron
TXT 0.2 15 39.96
7.77 153.70 14.00 ThermoFisherSci TMO 0.4 31 152.87
11.78 42.43 33.96 ThomsonReuters TRI 3.2 21 42.31
MMM 2.6 22 168.38
11.78 171.27 134.00 3M
TIF 2.8 18 63.18
-17.18 96.43 59.73 Tiffany
TWX 2.1 15 75.84
17.27 91.34 55.53 TimeWarner
TOL ... 14 28.82
-13.45 42.19 23.75 Toll Bros
TMK 0.9 14 60.45
5.76 63.26 48.47 Torchmark
TTC 1.4 22 88.55
21.19 89.99 64.71 Toro
12.94 45.00 33.48 TorontoDominionBk TD 3.8 10 44.24
TOT 5.7 29 47.52
5.72 52.38 39.05 TotalADR
7.37 56.69 37.47 TotalSystemSvcs TSS 0.7 26 53.47
-15.88 137.25 97.80 ToyotaMotorADR TM ... 8 103.50
TRP 4.2 dd 42.93
31.73 43.78 28.40 TransCanada
15.73 267.39 180.76 TransdigmGrp TDG ... 30 264.38
TRU ...253 32.83
19.08 33.38 20.43 TransUnion
TRV 2.3 11 114.62
1.56 118.28 95.21 TravelersCos
s 21.18 96.35 66.30 TreeHouseFoods THS ... 44 95.08
9.78 11.93 7.71 TurkcellIletismADR TKC 18.4 10 9.32
16.54 4.42 1.55 TurquoiseHillRscs TRQ ... 12 2.96
TWTR ... dd 15.20
-34.31 38.82 13.72 Twitter
35.65 43.50 28.94 TycoInternational TYC 1.9 39 43.26
-9.31 184.01 118.05 TylerTechnologies TYL ... 91 158.09
18.53 70.44 39.05 TysonFoodsClA TSN 0.9 17 63.21
UBS 1.7 11 14.80
-23.59 23.19 14.01 UBSGroup
UDR 3.5622 34.20
-8.97 38.61 30.03 UDR
s 29.92 44.07 31.50 UGI
UGI 2.2 22 43.86
s 1.53 25.45 24.08 USFoodsHolding USFD ... ... 25.29
28.92 22.74 12.93 UltraparPartADR UGP 2.2 26 19.66
-12.59 54.70 32.66 UnderArmour A UA ... 35 36.40
-17.69 46.53 32.63 UnderArmourClC UA/C ... 33 34.16
UN 3.2 24 45.89
5.93 47.17 37.92 UnileverADR
UL 3.1 25 46.53
7.91 47.90 38.60 UnileverADR
UNP 2.5 16 86.38
10.46 102.85 67.06 UnionPacific
-22.69 62.21 42.17 UnitedContlHldgs UAL ... 2 44.30
1.60 2.16 1.42 UnitedMicroADR UMC 4.4 17 1.91
UPS 3.0 19 103.12
7.16 107.32 87.30 UtdParcel B
-1.75 93.35 41.90 UnitedRentals URI ... 12 71.27
USB 2.4 13 42.37
-0.70 46.26 37.07 US Bcp
X 1.3 dd 15.28
91.48 25.39 6.15 US Steel
UTX 2.6 23 100.43
4.54 118.40 83.39 UnitedTech
s 16.32 137.12 95.00 UnitedHealthGroup UNH 1.5 22 136.84
13.30 148.57 100.82 UniversalHealthB UHS 0.3 19 135.38
UNM 2.1 10 35.69
7.21 38.15 23.99 UnumGroup
VER 5.6 dd 9.80
23.74 9.94 6.68 VEREIT
VFC 2.4 22 62.32
0.11 77.40 52.21 VF
V 0.7 28 79.94
3.08 81.73 60.00 VISAClA
MTN 2.4 43 134.02
4.71 135.98 100.50 VailResorts
VALE 4.2 dd 4.61
40.12 6.92 2.13 ValeADR
-71.60 263.81 23.55 ValeantPharmIntl VRX ... dd 28.87
-22.01 73.88 51.68 ValeroEnergy VLO 4.4 8 55.15
s 30.44 108.35 70.58 Valspar
VAL 1.2 26 108.20
VNTV ... 50 53.36
12.53 58.09 37.69 Vantiv
VAR ... 21 83.36
3.17 90.78 71.07 VarianMed
s 21.01 34.91 19.97 VeevaSystemsClA VEEV ... 91 34.91
VTR 4.3 55 67.28
19.23 67.52 46.87 Ventas
VZ 4.4 12 50.92
10.17 54.49 38.06 Verizon
24.21 46.47 20.31 VermilionEnergy VET 5.9 dd 33.71
-27.31 26.17 10.21 VipshopHldgsADR VIPS ... 40 11.10
VMW ... 27 62.08
9.74 93.43 43.25 VMware
-3.96 103.41 78.91 VornadoRealtyTrust VNO 2.6 38 96.00
-14.55 48.30 25.75 VoyaFinancial VOYA 0.1 17 31.54
21.83 120.40 78.83 VulcanMaterials VMC 0.7 56 115.70
WBC ... 33 107.01
4.65 127.43 81.66 WABCO Hldg
s 19.90 61.81 44.93 WECEnergyGroup WEC 3.2 24 61.52
s 11.36 65.96 51.12 W.P.Carey
WPC 5.9 37 65.70
WAB 0.5 19 76.60
7.71 103.07 60.28 Wabtec
WMT 2.8 16 70.87
15.61 74.27 56.30 WalMart
WM 2.7 24 61.47
15.18 62.05 45.86 WasteMgt
WAT ... 24 138.38
2.82 140.11 112.00 Waters
WSO 2.5 28 135.38
15.58 138.30 106.58 Watsco
-27.06 14.64 4.71 WeatherfordIntl WFT ... dd 6.12
11.05 39.38 30.21 WeingartenRealty WRI 3.8 34 38.40
WFC 3.0 12 50.19
-7.67 58.77 44.50 WellsFargo
HCN 4.8 46 71.32
4.84 74.96 52.80 Welltower
s 24.96 75.97 52.79 WestPharmSvcs WST 0.6 65 75.25
33.15 57.24 33.88 WestarEnergy WR 2.7 26 56.47
18.60 61.45 19.21 WesternGasEquity WGP 3.9 48 43.04
5.60 66.49 25.40 WesternGasPartners WES 6.5 dd 50.19
8.49 21.95 16.02 WesternUnion WU 3.3 12 19.43
-17.32 73.05 39.90 WestlakeChemical WLK 1.6 10 44.91
-9.20 26.06 19.83 WestpacBankingADR WBK 6.5 12 22.00
WRK 3.4 ... 39.74
-3.43 59.89 26.82 WestRock
3.80 33.10 22.06 Weyerhaeuser WY 4.0 37 31.12
WHR 2.3 19 173.81
18.34 193.59 123.60 Whirlpool
17.89 52.53 31.40 WhiteWaveFoods WWAV ... 46 45.87
WMB 11.2 dd 22.83
-11.17 61.38 10.22 Williams
21.01 54.30 12.69 WilliamsPartners WPZ 10.1 dd 33.70
-8.83 89.38 47.33 WilliamsSonoma WSM 2.8 16 53.25
WIT 1.2 22 12.13
5.11 13.08 10.65 WiproADR
14.03 28.31 19.99 WooriBankADR WF 5.0 7 25.77
WDAY ... dd 80.14
0.58 85.67 47.32 Workday
-7.10 87.33 60.59 WyndhamWorldwide WYN 3.0 14 67.49
XL 2.4 8 33.59
-14.27 40.48 5.40 XL Group
s 17.49 42.40 31.76 XcelEnergy
XEL 3.2 20 42.19
XRX 3.1 37 10.06
-5.36 11.47 8.48 Xerox
s 24.60 45.54 29.90 Xylem Inc.
XYL 1.4 24 45.48
YPF 1.3 23 21.30
35.50 29.30 12.67 YPFADR
158.06 5.19 1.38 YamanaGold AUY 0.4 dd 4.80
20.83 9.28 3.66 YanzhouCoalADR YZC 0.3 22 5.53
YUM 2.2 27 82.61
13.09 93.33 64.58 YumBrands
4.40 29.62 19.59 ZayoGroupHoldings ZAYO ... dd 27.76
18.74 123.43 88.27 ZimmerBiomet ZBH 0.8 dd 121.82
ZTS 0.8 63 47.93
0.02 55.38 37.73 Zoetis
-0.69
-0.03
1.65
1.08
0.18
-1.62
-0.26
2.73
-0.68
0.18
-0.70
0.16
-1.03
0.54
-4.04
1.66
2.09
-0.38
0.18
-0.67
0.27
1.32
-3.19
0.38
0.02
-0.05
0.82
0.15
-0.48
0.18
0.45
0.33
-0.45
-0.20
-0.35
0.34
0.01
-0.13
-0.64
-0.38
-0.03
-1.99
0.21
0.68
-0.02
0.90
-0.03
-0.15
0.09
-0.20
-0.71
-0.56
0.38
0.14
0.09
-0.46
0.49
0.91
-0.57
0.35
0.06
0.33
0.04
0.11
0.85
-0.05
0.06
0.07
-0.46
0.35
-0.04
0.63
0.17
-1.48
-0.46
-0.86
1.45
-0.68
0.24
0.34
-0.05
-0.91
-0.22
-1.06
-0.61
0.32
0.41
-0.46
-0.32
0.49
-1.46
0.06
-0.25
-0.93
0.27
0.13
...
-0.18
1.11
0.61
-0.33
-0.94
0.55
0.01
0.38
-0.16
-0.06
0.55
0.64
1.77
-0.87
-0.01
0.07
0.18
-0.69
0.41
-0.36
0.80
-1.99
-1.16
0.13
-0.42
-0.01
0.34
0.46
-0.54
-0.57
-0.04
-0.77
-0.28
0.31
1.29
0.15
0.55
-0.11
0.06
-0.32
-0.92
0.19
-1.87
1.34
0.52
-1.40
-0.08
0.06
-1.38
-0.16
0.23
0.22
-0.92
1.85
-0.48
0.14
-0.44
-0.45
-0.05
-0.15
0.17
-0.13
-0.21
-1.22
-0.06
0.23
0.70
-0.67
-0.01
0.49
1.96
-1.05
-0.35
0.79
-0.08
0.27
0.03
0.59
0.13
0.15
-0.24
-1.09
-0.20
NASDAQ
ANSS ... 32 88.20
-4.65 98.39 80.51 Ansys
-4.64 54.41 36.68 ARMHoldingsADR ARMH 1.1 39 43.14
13.61 113.00 77.17 ASMLHolding ASML 1.2 24 100.85
-4.18 85.62 49.77 AcadiaHealthcare ACHC ... 33 59.85
-2.32 39.99 24.04 ActivisionBliz ATVI 0.7 86 37.81
5.07 100.56 71.27 AdobeSystems ADBE ... 63 98.70
1.75 76.98 39.43 AkamaiTechnologies AKAM ... 30 53.55
-19.32 208.88 124.16 AlexionPharm ALXN ...214 153.89
19.06 79.79 52.01 AlignTechnology ALGN ... 43 78.40
ALKS ... dd 45.06
-43.24 80.71 27.14 Alkermes
-25.43 140.00 49.96 AlnylamPharm ALNY ... dd 70.20
GOOGL ... 31 735.86
-5.42 810.35 538.85 AlphabetClA
GOOG ... 30 722.34
-4.81 789.87 515.18 AlphabetClC
AMZN ...299 725.54
7.35 728.28 419.14 Amazon.com
DOX 1.3 22 57.78
5.88 61.46 50.05 Amdocs
UHAL ... 15 373.67
-4.06 436.89 305.66 Amerco
-12.80 21.64 11.83 AmericaMovilClAADR AMOV 2.5 18 12.20
t-27.25 47.09 30.37 AmerAirlinesGrp AAL 1.3 3 30.81
AGNC 12.6 dd 19.07
9.98 20.17 15.69 AmeriCapAg
AMGN 2.5 17 159.19
-1.93 181.81 130.09 Amgen
5.04 68.63 47.24 AnalogDevices ADI 2.9 28 58.11
AAPL 2.3 11 97.92
-6.97 132.97 89.47 Apple
30.64 24.65 14.25 AppliedMaterials AMAT 1.6 22 24.39
3.43 78.81 59.83 ArchCapitalGroup ACGL ... 23 72.14
-20.06 170.42 110.68 AthenaHealth ATHN ...230 128.68
TEAM ... ... 24.15
-19.71 31.46 16.92 AtlassianClA
-0.75
0.39
0.71
-1.17
-0.88
-1.47
-1.35
-2.88
-1.23
-1.94
-3.92
-8.41
-8.06
-2.70
-0.09
-2.73
0.16
-0.86
0.07
-0.68
-0.17
0.20
-0.13
-0.53
-2.23
-0.80
YTD 52-Week
% Chg Hi Lo Stock
Yld
Net
Sym % PE Last Chg
ADSK ... dd 58.29

-4.33 65.78 41.60 Autodesk
ADP 2.4 27 87.33
3.08 91.00 64.29 ADP
12.39 57.96 36.38 B/EAerospace BEAV 1.8 17 47.62
BIDU ... 12 173.74
-8.09 217.97 100.00 BaiduADR
BBBY ... 9 44.45
-7.88 71.68 41.26 BedBath
BIIB ... 18 290.23
-5.26 420.99 242.07 Biogen
-14.09 151.75 62.12 BioMarinPharm BMRN ... dd 90.00
BBRY ... dd 7.26
-21.77 9.80 5.96 BlackBerry
41.05 28.80 15.19 BlueBuffaloPetProd BUFF ... 54 26.39
s 11.99 166.00 100.00 Broadcom
AVGO 1.2 34 162.56
CA 3.1 18 32.58
14.08 32.81 25.16 CA
-2.94 72.53 56.42 CBOE Holdings CBOE 1.5 25 62.99
CDK 1.0 40 55.96
17.88 57.89 39.67 CDKGlobal
CDW 1.0 17 42.72
1.62 46.92 30.40 CDW
CHRW 2.3 20 73.36
18.28 76.10 59.71 CH Robinson
6.85 100.87 81.87 CMEGroupClA CME 2.5 26 96.81
CSX 2.7 14 26.64
2.66 35.67 21.32 CSX
18.69 25.49 18.13 CadenceDesign CDNS ... 28 24.70
3.78 129.53 86.64 CaseysGenStores CASY 0.7 22 125.00
CELG ... 52 107.59
-10.16 140.72 92.98 Celgene
CERN ... 33 55.22
-8.23 75.00 49.59 Cerner
11.09 242.84 172.67 CharterComms CHTR ... dd 224.95
4.41 89.98 65.09 CheckPointSoftware CHKP ... 22 84.97
CINF 2.8 17 69.49
17.44 69.73 49.72 CincinnatiFin
CTAS 1.1 24 94.99
4.33 95.49 78.00 Cintas
7.27 29.49 22.46 CiscoSystems CSCO 3.6 14 29.13
12.74 90.00 60.91 CitrixSystems CTXS ... 36 85.29
0.17 69.80 51.22 CognizantTechSolns CTSH ... 22 60.12
CMCSA 1.7 19 63.56
12.64 64.99 50.01 Comcast A
23.29 34.12 19.37 CommScopeHldg COMM ... dd 31.92
CPRT ... 25 48.81
28.41 49.90 32.26 Copart
CSGP ...352 207.67
0.47 223.49 146.53 CoStarGroup
-6.06 169.73 117.03 CostcoWholesale COST 1.2 29 151.71
-5.37 57.36 27.25 Ctrip.comIntlADR CTRP ... 41 43.84
-5.04 75.94 38.85 DISHNetworkClA DISH ... 32 54.30
2.96 63.68 49.48 DentsplySirona XRAY 0.5 31 62.65
DXCM ... dd 67.51
-17.57 103.29 47.92 Dexcom
34.69 93.92 55.48 DiamondbackEnergy FANG ... dd 90.11
5.44 34.26 23.88 DiscoveryCommsB DISCB ... 17 28.50
6.41 34.94 23.74 DiscoveryCommsA DISCA ... 17 28.39
7.41 32.78 23.33 DiscoveryCommsC DISCK ... 17 27.09
s 17.95 91.91 60.31 DollarTree
DLTR ... 50 91.08
3.52 56.79 36.44 DunkinBrands DNKN 2.7 36 44.09
E
Trade
ETFC
... 21 26.69
-9.95 31.48 19.61
-9.31 46.50 27.25 EastWestBancorp EWBC 2.1 14 37.69
EBAY ... 18 23.98
-12.74 29.83 21.52 eBay
EA ... 22 76.36
11.12 77.38 53.01 ElectroArts
EQIX 1.9250 364.69
20.60 368.89 249.96 Equinix
ERIC 5.9 15 7.72
-19.67 11.51 7.44 EricssonADR
EXPE 0.9 24 109.99
-11.51 140.51 88.40 Expedia
8.80 51.80 40.41 ExpeditorsIntl EXPD 1.6 21 49.07
-13.50 94.61 65.55 ExpressScriptsHldg ESRX ... 20 75.61
FFIV ... 22 110.22
13.68 135.20 86.03 F5Networks
FB ... 73 118.47
13.20 135.60 72.00 FacebookClA
FAST 2.6 26 46.20
13.18 49.99 34.45 Fastenal
-6.37 21.93 13.84 FifthThirdBancorp FITB 2.8 9 18.82
FSLR ... 6 49.25
-25.37 74.29 40.25 FirstSolar
FISV ... 30 106.06
15.96 106.65 77.96 Fiserv
FLEX ... 16 12.71
13.38 12.78 8.85 FlextronInt
FTNT ...1412 34.60
11.00 50.31 23.16 Fortinet
11.99 5.85 3.81 FrontierComms FTR 8.0 dd 5.23
20.29 38.30 24.21 Gaming&LeisureProp GLPI 6.7 31 33.44
GRMN 4.8 17 42.38
14.02 47.27 30.93 Garmin
GNTX 2.2 15 16.36
2.19 17.40 12.93 Gentex
-14.86 123.37 81.28 GileadSciences GILD 2.2 7 86.15
GT 1.0 28 27.12
-16.99 35.30 25.50 Goodyear
GRFS 1.9 20 16.91
4.38 18.04 14.07 Grifols ADR
15.55 36.81 21.26 HDSupplyHoldings HDS ... 5 34.70
22.70 70.65 33.12 HainCelestialGroup HAIN ... 25 49.56
HAS 2.4 23 85.79
27.36 88.53 60.38 Hasbro
HSIC ... 30 175.87
11.18 176.47 126.17 HenrySchein
HOLX ... 48 34.32
-11.29 43.00 31.84 Hologic
JBHT 1.1 22 82.01
11.79 89.43 63.58 JBHunt
-6.33 11.90 7.83 HuntingtonBcshs HBAN 2.7 13 10.36
IDXX ... 43 88.10
20.82 91.94 61.58 IdexxLab
-10.82 90.54 42.50 IcahnEnterprises IEP 11.0 dd 54.67
ILMN ... 52 145.54
-24.18 242.37 127.10 Illumina
INCY ...354 84.96
-21.66 133.62 55.00 Incyte
INTC 3.3 13 31.62
-8.21 35.59 24.87 Intel
INTU 1.1 33 107.45
11.35 108.68 79.63 Intuit
16.60 654.88 447.00 IntuitiveSurgical ISRG ... 39 636.84
JD ... dd 22.98
-28.78 38.00 21.55 JD.comADR
JKHY 1.3 30 84.81
8.65 86.23 63.84 JackHenry
JAZZ ... 29 152.75
8.67 194.73 108.50 JazzPharma
JBLU ... 8 17.73
-21.72 27.36 16.26 JetBlue
KLAC 2.8 20 73.10
5.41 73.65 44.95 KLA Tencor
KHC 2.7 dd 85.30
17.23 86.66 61.42 KraftHeinz
LKQ ... 24 32.93
11.14 34.26 23.95 LKQ
4.63 84.39 61.20 LamResearch LRCX 1.4 18 83.10
7.82 65.50 49.73 LamarAdvertisingA LAMR 4.6 23 64.67
15.47 60.27 42.03 LibertyBroadbandA LBRDA ... dd 59.64
15.50 60.20 41.30 LibertyBroadbandC LBRDK ... dd 59.90
-8.12 54.68 30.64 LibertyGlobalClA LBTYA ... dd 38.92
-8.00 50.63 29.95 LibertyGlobalClC LBTYK ... dd 37.51
-10.47 60.00 30.96 LibertyGlbLiLACAWi LILA ... dd 37.04
-12.00 69.89 32.00 LibertyGlbLiLACClC LILAK ... dd 37.84
-2.71 31.62 22.51 LibertyInteractQVC QVCA ... 21 26.58
-15.43 45.39 32.35 LibertyVenturesA LVNTA ... 30 38.15
11.30 47.74 36.41 LinearTechnology LLTC 2.7 23 47.27
28.15 69.73 43.14 lululemonathletica LULU ... 35 67.24
1.06 77.75 44.14 ManhattanAssoc MANH ... 45 66.87
s 26.98 142.38 83.89 MarketAxess
MKTX 0.7 53 141.70
MRKT ... 52 33.96
12.56 35.77 25.36 Markit
MAR 1.8 21 68.03
1.48 79.88 56.43 MarriottInt A
MRVL 2.4 dd 10.17
15.31 14.73 7.40 MarvellTch
MAT 4.8 30 31.63
16.42 34.76 19.45 Mattel
-0.29 42.18 29.47 MaximIntProducts MXIM 3.2 47 37.89
MDVN ... 40 60.80
25.78 62.94 26.41 Medivation
-16.31 24.00 12.05 MelcoCrownEntADR MPEL 0.6 92 14.06
18.72 151.80 84.19 MercadoLibre MELI 0.4 45 135.75
s 37.54 30.48 19.46 MichaelsCos.
MIK ... 18 30.41
s 11.32 51.99 37.77 MicrochipTech MCHP 2.8 35 51.81
-9.18 27.00 9.31 MicronTechnology MU ... 14 12.86
MSFT 2.8 41 51.79
-6.65 56.85 39.72 Microsoft
MIDD ... 34 123.96
14.92 125.74 79.11 Middleby
0.89 48.58 35.88 MondelezIntlClA MDLZ 1.5 10 45.24
2.62 160.50 113.08 MonsterBeverage MNST ... 43 152.86
MYL ... 29 44.52
-17.66 74.62 37.59 Mylan
NXPI ... 18 92.07
9.28 107.65 61.61 NXP Semi
NDAQ 2.0 20 65.07
11.86 67.61 47.81 Nasdaq
NTAP 3.0 32 24.94
-5.99 34.81 20.66 NetApp
NTES 1.7 19 175.56
-3.13 186.45 102.80 NeteaseADR
NFLX ...343 99.59
-12.93 133.27 79.95 Netflix
-10.40 15.92 10.21 NewsCorpClA NWSA 1.7 dd 11.97
-11.68 15.74 10.73 NewsCorpClB NWS 1.6 dd 12.33
NDSN 1.1 22 87.88
36.99 89.20 51.89 Nordson
0.32 79.25 54.38 NorthernTrust NTRS 2.0 18 72.32
-21.96 64.27 37.01 NorwegianCruise NCLH ... 25 45.73
NVDA 1.0 40 46.48
41.02 47.54 19.09 NVIDIA
ORLY ... 27 259.53
2.41 277.96 220.78 OReillyAuto
5.82 74.86 48.92 OldDominionFreight ODFL ... 18 62.51
s 25.47 60.37 36.65 OpenText
OTEX 1.5 27 60.14
PCAR 1.7 31 54.90
15.82 66.43 43.46 Paccar
-5.41 48.85 29.05 PacWestBancorp PACW 4.9 14 40.77
12.35 221.44 165.17 PaneraBreadClA PNRA ... 36 218.83
PDCO 2.0 29 49.10
8.60 53.07 38.51 Patterson
PAYX 3.1 27 54.71
3.44 54.95 41.59 Paychex
5.88 42.55 30.00 PayPalHoldings PYPL ... 35 38.33
-2.48 16.95 13.62 People'sUnitedFin PBCT 4.3 18 15.75
PPC ... 12 25.00
13.17 27.79 17.39 PilgrimPride
2.10 1476.52 954.02 PricelineGroup PCLN ... 26 1301.71
QGEN ... 41 22.24
-19.57 28.53 20.10 Qiagen
QRVO ... dd 53.67
5.44 88.35 33.30 Qorvo
QCOM 3.9 17 54.94
9.91 68.96 42.24 Qualcomm
48.59 101.60 54.88 RandgoldRscsADR GOLD 0.7 46 92.02
REGN ... 64 400.75
-26.18 605.93 348.96 RegenPharm
ROST 1.0 21 53.09
-1.34 59.68 43.47 RossStores
s 0.82 89.67 69.97 RyanairHoldingsADR RYAAY ... 13 87.17
-2.92 128.47 82.80 SBACommunications SBAC ... dd 102.00
-3.84 55.48 32.01 SEIInvestments SEIC 1.0 26 50.39
SSNC 0.8226 60.98
-10.68 77.19 47.23 SS&CTechs
-10.73 152.99 77.87 SVBFinancialGroup SIVB ... 17 106.14
SABR 1.9 18 28.07
0.36 30.45 22.03 Sabre
18.51 68.75 47.62 ScrippsNetworksA SNI 1.5 11 65.43
-35.52 54.54 18.42 SeagateTechnology STX 10.7 23 23.64
-3.74 52.33 26.02 SeattleGenetics SGEN ... dd 43.20
SHPG 0.7 30 192.14
-6.27 270.63 147.60 ShireADR
-13.14 163.15 119.60 SignatureBank SBNY ... 17 133.22
4.52 8.36 4.92 SiliconwareADR SPIL 5.7 24 8.10
-1.72 4.20 3.29 SiriusXMHoldings SIRI ... 36 4.00
-12.87 112.88 54.50 SkyworksSolutions SWKS 1.6 13 66.94
SPLK ... dd 57.80
-1.72 76.85 29.85 Splunk
SPLS 5.4 16 8.85
-6.55 16.69 8.00 Staples
SBUX 1.5 32 54.61
-9.03 64.00 42.05 Starbucks
41.41 25.42 15.32 SteelDynamics STLD 2.2 dd 25.27
SRCL ... 34 98.55
-18.28 151.57 91.05 Stericycle
SYMC 1.7 dd 17.26
-17.81 24.59 16.14 Symantec
SNPS ... 35 52.03
14.08 52.78 39.26 Synopsys
-9.33 39.05 24.88 TDAmeritrade AMTD 2.2 21 31.47
TFSL 2.2 67 18.18
-3.45 19.42 15.03 TFSFinancial
s 11.53 43.83 33.23 T-MobileUS
TMUS ... 30 43.63
TROW 2.8 16 75.98
6.28 79.96 63.57 TRowePrice
TSLA ... dd 218.99
-8.76 286.65 141.05 TeslaMotors
10.44 61.23 43.49 TexasInstruments TXN 2.5 21 60.53
11.27 97.25 75.00 TractorSupply TSCO 1.0 31 95.14
20.93 26.07 15.90 TrimbleNavigation TRMB ... 63 25.94
TRIP ... 61 68.16
-20.05 94.00 53.48 TripAdvisor
8.17 34.70 22.66 21stCenturyFoxClA FOXA 1.0 25 29.38
8.70 33.66 22.65 21stCenturyFoxClB FOX 1.0 26 29.60
ULTA ... 44 236.57
27.88 238.76 120.38 UltaSalon
6.80 216.27 148.26 UltimateSoftware ULTI ...298 208.80
-25.73 190.13 102.50 UnitedTherapeutics UTHR ... 6 116.31
WOOF ... 24 65.34
18.80 65.92 44.00 VCA
VRSN ... 28 84.61
-3.15 93.94 61.31 VeriSign
3.77 82.00 64.79 VeriskAnalytics VRSK ... 27 79.78
VRTX ... dd 93.96
-25.33 143.45 75.90 VertxPharm
VIA 3.3 9 49.17
11.78 68.88 33.88 Viacom A
VIAB 3.6 8 45.00
9.33 68.63 30.11 Viacom B
13.41 6.20 2.71 VimpelComADR VIP 0.9 dd 3.72
4.84 38.43 28.83 VodafoneGroupADR VOD ... dd 33.82
WPPGY 3.6 17 115.13
0.34 120.81 95.67 WPPADR
-7.60 97.30 71.50 WalgreensBootsAll WBA 1.8 26 78.68
s 41.23 27.65 8.78 WeiboADR
WB ...209 27.54
-20.45 95.58 34.99 WesternDigital WDC 4.2 13 47.77
WFM 1.6 23 34.07
1.70 41.97 28.07 WholeFoods
-0.92 130.97 104.11 WillisTowersWatson WLTW 1.5 31 127.48
42.36 112.00 49.95 WynnResorts WYNN 2.0 34 98.50
XLNX 2.8 23 47.41
0.94 50.72 38.70 Xilinx
YHOO ... dd 36.60
10.04 43.26 26.15 Yahoo
s 32.89 21.06 9.94 Yandex
YNDX ... 51 20.89
14.21 35.47 16.45 ZillowGroupClA ZG ... dd 29.74
24.91 33.62 15.36 ZillowGroupClC Z
... dd 29.33
3.81 33.03 19.65 ZionsBancorp ZION 0.8 23 28.34
-0.47
-0.76
-0.23
-1.90
-0.49
0.50
-1.52
-0.05
0.04
7.65
-0.22
0.12
0.06
0.07
-0.43
-0.73
0.22
-0.03
0.40
-0.65
-0.39
-2.87
-0.80
-0.13
-0.48
0.05
-1.20
-1.22
-0.10
0.11
-0.65
-1.63
0.20
-0.84
0.62
-0.35
-0.13
-2.31
0.75
0.09
-0.02
0.03
0.32
-1.44
-1.65
-0.27
-0.22
-2.84
0.14
-1.11
0.61
-0.65
-0.62
-0.46
-0.31
-0.48
-0.59
-0.59
-0.04
-0.07
0.07
0.21
-0.42
-0.22
-0.57
-0.37
0.07
-0.08
-0.37
-0.94
-0.29
-0.52
0.11
-0.20
-0.79
0.07
-1.56
-2.75
-0.14
-0.67
-2.60
-0.68
-0.46
-3.24
-0.24
-0.17
0.52
-0.16
-0.53
-0.36
-0.30
-0.29
0.49
0.34
-2.18
-2.57
-0.43
-0.29
-0.17
0.11
-0.36
0.25
0.06
-0.49
-0.11
-0.04
-0.29
-0.17
0.05
-1.25
0.24
0.09
-0.25
-0.69
-1.74
0.17
0.40
-0.44
-1.43
-0.08
-0.05
1.96
-1.66
-0.17
-0.12
-0.37
-2.03
-0.82
-0.66
-3.16
-0.15
0.53
-1.35
-1.28
-2.42
-0.20
-0.23
-0.23
-0.25
0.06
11.71
0.11
0.18
0.06
7.16
-6.38
-0.46
-0.24
0.25
-1.36
-0.56
-4.82
-0.25
0.06
-0.11
-0.58
2.10
-1.69
0.05
-0.01
0.36
-0.67
0.02
-0.01
0.35
-0.18
-0.11
-0.37
-1.41
-0.30
0.44
-0.96
0.03
-0.23
-1.51
0.11
-0.47
-0.17
-0.26
-0.49
-0.74
-4.72
-0.58
-0.71
-0.20
-1.86
-0.04
-0.09
-0.13
0.03
-1.03
-0.42
0.75
-0.61
-0.25
-1.27
-0.91
0.29
-0.55
0.26
0.09
0.19
-0.33
NYSE MKT
11.15 124.31
-10.44 74.48
15.04 33.64
-1.26 40.50
99.81 BritishAmTobADR BTI

22.80 CheniereEnergy LNG
19.22 CheniereEngyPtnr CQP
IMO
25.55 ImpOil
4.9 17 122.76
... dd 33.36
5.7 dd 29.99
1.5 46 32.11
2.18
-0.65
-0.44
0.51
* ***
COMMODITIES
Futures Contracts | WSJ.com/commodities
Metal & Petroleum Futures
Open
Open
Chg interest
Settle
Copper-High (CMX)-25,000 lbs.; $ per lb.
2.0670 2.1320
2.0645 2.1120 0.0425
2.0660 2.1355
2.0650 2.1130 0.0430
Gold (CMX)-100 troy oz.; $ per troy oz.
June
1209.10 1244.50
1206.40 1240.10 30.30
Aug
1212.80 1247.40
1209.10 1242.90 30.30
Oct
1215.80 1250.10
1213.10 1245.70 30.20
Dec
1218.50 1252.90
1214.90 1248.50 30.20
Feb'17 1235.00 1252.60
1235.00 1250.70 30.00
June
1255.10 1258.90
1255.10 1255.10 29.90
Palladium (NYM) - 50 troy oz.; $ per troy oz.
June
540.50 559.95
540.00 549.25 13.65
Sept
535.05 567.00
533.10 549.35 14.90
Dec
537.00 561.20
537.00 550.25 14.85
Platinum (NYM)-50 troy oz.; $ per troy oz.
June
983.20 983.20
983.20 980.90 22.50
July
960.80 989.80
956.20 981.90 21.80
Silver (CMX)-5,000 troy oz.; $ per troy oz.
June
16.350 16.430
16.345 16.346 0.341
July
16.015 16.470
15.970 16.365 0.340
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
July
49.04
49.41
48.33
48.62 0.55
Aug
49.49
49.89
48.80
49.11 0.55
Sept
49.94
50.31
49.25
49.54 0.56
June
July
1,897
141,167
7,445
345,435
27,197
58,015
8,293
11,463
74
22,045
383
3
51,490
Symbol
AMT
FISK
OGCP
ESBA
.40946
DFTpC
505,632
187,640
136,367
Jul15 /Jun17
Jun30 /Jun15
Jun30 /Jun15
Jun30 /Jun15
Aug15 /Aug01
DMB
ECC
MCN
MSP
PFLT
HNW
PHD
PHT
MAV
MHI
ZTR
5.4
14.6
9.4
9.0
9.4
8.9
6.4
10.3
6.1
5.9
11.1
.0625
.60
.18
.26
.095
.115
.06
.085
.07
.07
.11
M
Q
Q
Q
M
M
M
M
M
M
M
Jul01 /Jun17
Jul29 /Jun30
Jun30 /Jun17
Jun30 /Jun17
Jul01 /Jun20
Jun30 /Jun15
Jun30 /Jun15
Jun30 /Jun15
Jun30 /Jun15
Jun30 /Jun15
Jun20 /Jun13
ASR
NMKpB
NMKpC
TTM
1.9
3.8
4.0
0.0
3.0041
.90
.975
.01483
A
Q
Q
A
Jun27 /Jun14
Jun30 /Jun15
Jun30 /Jun15
/Jul18
Foreign
Gpo Aeroport Sureste ADR
Niagara Mhwk Pwr 3.6% pfd
Niagara Mhwk Pwr 3.9% pfd
Tata Motors ADR
.007 319,456
.006 87,478
.007 124,987
.007 111,236
.007 55,082
.008 91,094
414.00 419.25
410.50 418.25
3.00 576,336
413.00 419.75
3.00 359,479
415.00 420.00 s
Oats (CBT)-5,000 bu.; cents per bu.
July
189.25 191.50
187.25 188.00 2.75
6,800
Dec
214.75 215.00
212.00 213.25 2.00
2,016
Soybeans (CBT)-5,000 bu.; cents per bu.
July
1142.00 1169.00 s 1127.25 1132.00 12.25 358,239
3.50 294,879
Nov
1079.50 1094.00 s 1074.50 1085.25
Soybean Meal (CBT)-100 tons; $ per ton.
411.50 414.30 4.00 152,173
July
417.30 432.50 s
378.00 382.50
3.20 85,991
Dec
378.60 385.70 s
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
July
32.25
32.67
32.12
32.26
172,766
Dec
32.88
33.25
32.76
32.92
.04 93,667
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
July
1136.00 1145.00
1123.50 1137.00
6,308
Sept
1169.00 1170.00
1152.50 1163.00
.50
2,721
Wheat (CBT)-5,000 bu.; cents per bu.
July
484.25 498.25
482.25 497.25 11.75 218,687
Sept
494.75 507.25
492.75 506.75 10.50 82,690
Wheat (KC)-5,000 bu.; cents per bu.
July
462.75 475.00
461.00 474.00
9.50 131,552
Dec
503.50 513.50
501.75 513.00
8.25 41,459
Wheat (MPLS)-5,000 bu.; cents per bu.
July
532.50 540.00
532.50 539.50
7.25 23,510
Sept
540.75 548.00
540.75 547.75
7.00 12,933
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Aug
146.675 147.175
145.450 146.675
.275 24,335
Oct
143.725 144.200
142.750 143.750
.025
4,965
Cattle-Live (CME)-40,000 lbs.; cents per lb.
June
122.000 122.300
121.700 122.000
.275 31,163
Aug
117.650 118.700
117.525 117.800
.150 120,023
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
June
82.000 82.575
81.500 82.300
.275 19,745
84.550 85.975 1.525 62,341
July
84.725 86.275 s
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
July
301.80 304.30
298.30 301.80
5.00
3,413
Sept
307.90 311.20
307.90 309.60
3.80
1,675
Milk (CME)-200,000 lbs., cents per lb.
June
13.08
13.20
13.08
13.16
.09
4,706
July
13.57
13.99
13.52
13.91
.42
5,122
Cocoa (ICE-US)-10 metric tons; $ per ton.
July
3,053
3,067
2,992
3,031
26 53,534
Sept
3,047
3,058
2,993
3,030
12 67,898
Funds and investment companies

Dreyfus Mun Bd Infr Fd
Eagle Point Credit
Madison Covered Call
Madison Strategic Sect
PennantPark Floatg Rt Cap
Pioneer Divers Hi Incm Tr
Pioneer Floating Rate Tr
Pioneer High Income Trust
Pioneer Mun Hi Inc Adv Tr
Pioneer Mun Hi Incm Tr
Zweig Total Return
.0271 134,663
.0201 58,013
Corn (CBT)-5,000 bu.; cents per bu.
Initial
Dupont Fabros 6.625 Pfd C
.0207 128,534
.0198 57,084
July
Dec
349
119,721
Payable /
Record
2.0 .53 /.51 Q

2.2 .105 /.085 Q
2.2 .105 /.085 Q
2.2 .105 /.085 Q
0.55 80,098
0.54 223,822
0.54 138,781
Agriculture Futures
Increased
American Tower REIT
Empire State Realty 250
Empire State Realty 60
Empire State Realty ES
Open
interest
Chg
50.57
49.59
49.88
51.17
50.20
50.49
52.26
51.42
51.65
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
July
1.5054 1.5153
1.4810 1.4881
Aug
1.5125 1.5220
1.4889 1.4959
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
July
1.6261 1.6344
1.5962 1.6075
Sept
1.6052 1.6148
1.5837 1.5961
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
July
2.404
2.454
2.387
2.398
Aug
2.480
2.529
2.464
2.476
Sept
2.530
2.565
2.505
2.517
Oct
2.607
2.637
2.580
2.595
2.762
2.770
Nov
2.784
2.804 s
Jan'17
3.162
3.177
3.142
3.152
Dividend announcements from June 3.

Amount
Yld % New/Old Frq
Settle
50.33
50.87
52.24
Oct
Dec
Dec'17
Dividend Changes
Company
Contract
High hilo
Low
Open
Contract
High hi lo
Low
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:

semiannual; S2:1: stock split and ratio; SO: spin-off.
Macro & Market Economics: Energy Report

Prices, Then and Now
Nymex-traded futures
$100
$6
75
4.5
50
25
1.5
2015
Crude-oil futures, per barrel
2013
2015
2016
Natural gas, per million BTUs
$51
$1.65
$2.35
50
1.63
2.25
49
1.61
2.15
48
1.59
2.05
47
1.57
1.95
46
1.55
1.85
30
23
May.
Pricing Overview
2014
Gasoline futures, per gallon
high
open
close
low
23
May.
2016
30
23
May.
30
122.60 127.40
122.50 127.10
124.55 129.30
124.55 129.05
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
18.11
18.75
July
18.15
18.79 s
18.10
18.78
Oct
18.10
18.83 s
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July
26.40
26.50
26.40
26.48
Sept
26.86
26.86
26.86
26.86
Cotton (ICE-US)-50,000 lbs.; cents per lb.
July
63.23
64.11
63.06
63.92
Dec
63.00
63.95
62.81
63.91
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
155.80 158.50
July
157.05 159.85 s
155.95 158.75
Sept
157.00 160.05 s
July
Sept
Price ($)
Latest
Last wk
49.48
1.6195
2.403
1.963
1.5013
2.357
Crude oil, Nymex futures; per barrel

49.17
RBOB gasoline, Nymex futures; per gallon 1.6346
Unleaded gasoline, retail; per gallon
2.440
Natural gas, Nymex futures; per MMBtus
2.405
NY Harbor ULSD, Nymex Futures; per gallon 1.5088
Diesel fuel, retail; per gallon
2.382
52-Week Range ($) Last(l)

Low
32.75
29.00
13.97
2.91
37.08
6.58
26.21
0.8989
1.834
1.639
0.8657
1.980
52-week
pct chg(%)
High
61.43
2.1464
2.920
2.931
1.9459
2.909
l
l
l
l
l
l
-15.22
-17.47
-14.77
-8.42
-18.17
-18.12
1,685
1,603
1.05
1.24
86,462
93,480
1.45
1.65
10,421
3,933
.7634
.7743
.7629
.7737
.7635
.7744
.7632
.7738
British Pound (CME)-62,500; $ per
June
1.4419 1.4584
1.4400 1.4515
Sept
1.4427 1.4593
1.4412 1.4525
Swiss Franc (CME)-CHF 125,000; $ per CHF
June
1.0096 1.0256
1.0083 1.0240
Sept
1.0151 1.0303
1.0131 1.0288
Australian Dollar (CME)-AUD 100,000; $ per AUD
June
.7226
.7367
.7216
.7363
Sept
.7202
.7341
.7193
.7338
Dec
.7260
.7312
.7260
.7317
Mexican Peso (CME)-MXN 500,000; $ per MXN
June
.05346 .05402
.05336 .05370
Sept
.05298 .05349
.05284 .05318
Euro (CME)-125,000; $ per
June
1.1156 1.1377
1.1140 1.1348
Sept
1.1193 1.1415
1.1179 1.1387
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
166-050 168-080
166-000 168-000 1-30.0 22,021
164-250 166-280
164-190 166-190 1-30.0 532,283
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June
129-300 131-005
129-280 130-305 1-01.0 123,167
Sept
129-295 131-020
129-270 130-310 1-03.0 2,518,635
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June
120-180 121-092
120-165 121-062
20.5 131,964
Sept
120-047 120-290
120-030 120-260
21.7 2,422,530
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
June
109-025 109-110
109-025 109-102
7.2 54,458
Sept
108-295 109-067
108-290 109-057
8.2 957,224
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
June
99.608 99.633
99.605 99.628
.020 81,217
July
99.570 99.620
99.565 99.615
.045 260,123
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
June
105.125 106.234 s 105.109 106.156 1.063 25,451
9,376
Sept
104.750 105.813 s 104.719 105.719 1.063
1 Month Libor (CME)-$3,000,000; pts of 100%
1,406
June
99.5500 99.5500 s 99.5500 99.5500 .0275
July
99.4875 99.4925
99.4250 99.4900 .0625
1,207
Eurodollar (CME)-$1,000,000; pts of 100%
June
99.2775 99.3400
99.2750 99.3350 .0575 1,122,097
Sept
99.1550 99.2450
99.1500 99.2350 .0800 1,147,192
Dec
99.0400 99.1550
99.0300 99.1400 .1000 1,433,420
Dec'17 98.7550 98.9250
98.7400 98.9050 .1500 1,141,033
.9190
.9222
June
Sept
.9391
.9421
.9165
.9197
Crude oil and

petroleum prod
Crude oil
excluding SPR
Gasoline
Finished gasoline
Reformulated
Conventional
Blend. components
Expected Previous
change
week
1,365,103
...
535,702
238,619
23,456
35
23,421
215,163
-2,600
...
-600
...
...
...
Year
ago
4-week
avg
1,368 1,252
1,368
1,128
9,898
...
539
239
24
0
24
215
400
214
43
0
43
171
7,839
921
48
0
48
873
...
...
...
...
...
...
537
240
24
0
24
216
477
220
26
0
26
195
5-year
avg
Current
Expected Previous
change
week
Year
ago
Mini Nasdaq 100 (CME)-$20 x index

4530.3
4521.3
June
Sept
4-week
avg
5-year
avg
9,944 9,105
9,832
9,940
7,315 7,373
933 692
68
95
0
0
68
95
865 597
7,622
831
57
0
57
775
7,875
784
202
0
79
665
...
...
...
...
...
...
...
42,336
149,623
11,789
137,834
41,029
261,644
...
-600
...
...
...
...
43
151
12
139
42
260
38
133
12
120
41
245
43
152
12
140
42
258
40
127
20
107
37
236
203
69
5
64
64
724
...
...
...
...
...
...
130
193
117
77
214
1,076
178
64
18
46
185
550
190
108
41
68
159
844
97
106
21
84
224
820
Net crude, petroleum

products, incl. SPR
2,060,209
...
2,063 1,944
2,063
1,828
5,680
...
5,946 5,311
5,779
6,927
Kerosene-type
jet fuel
Distillates
Heating oil
Diesel
Residual fuel oil
Other oils
4478.8
4471.5
Current
20,355
Expected Previous
change
week
...
20,438
Year
ago
18,878
4-week
avg
Natural gas storage

5-year
avg
Billions of cubic feet; weekly totals

Natural gas,
lower 48 states
20,380 18,788
4250
3250
Finished
9,716
...
9,516
8,978
9,661
9,074
jet fuel
Distillates
Residual fuel oil
Propane/propylene
Other oils
1,775
3,827
275
959
3,802
...
...
...
...
...
1,534
4,088
318
1,155
3,826
1,729
3,523
128
702
3,817
1,612
4,064
290
1,010
3,743
1,415
3,873
279
...
...
motor gasoline
Kerosene-type
Five-year average
for each week
2250
1250
250
J J
2015
A S O N D J F M A M
2016
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
6.00
6.50
1172.20 1172.80 s
1167.00 1167.70 s
June
Sept
8.80
9.50
1162.60 1163.70
23.3 241,973
23.3
4,568
1153.40 1162.00
1149.50 1157.00
9.10 397,580
9.20
766
1154.70 1162.10
U.S. Dollar Index (ICE-US)-$1,000 x index

95.57
95.55
95.64
95.64
85,736
126
4509.0
4501.3
Mini Russell 1000 (ICE-US)-$100 x index

June
82,937
3,427
6.00 2,962,011
6.50 92,810
Mini Russell 2000 (ICE-US)-$100 x index
93.86
93.83
.0189 144,706
.0188
8,451
94.03
93.99
3.80
6,859
1.54
1.58
53,887
8,209
Source: SIX Financial Information
Energy
0.4857
0.6306
2.310
2.240
1.650
2.050
2.080
1.430
2.180
40.500
8.800
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
1242.76
1335.97
1240.50
1376.95
*1215.50
*1212.40
1290.38
1302.79
1302.79
1503.97
1219.18
1302.79
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
16.4000
19.6800
16.3750
20.4690
11.1728
16.1000
13660
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
LBMA Platinum Price PM

*965.0
Platinum,Engelhard industrial
982.0
Platinum,Engelhard fabricated
1082.0
Palladium,Engelhard industrial
559.0
Palladium,Engelhard fabricated
659.0
Aluminum, LME, $ per metric ton
*1559.0
Copper,Comex spot
2.1120
Iron Ore, 62% Fe CFR China-s
49.5
Shredded Scrap, US Midwest-s,w
270
Steel, HRC USA, FOB Midwest Mill-s
622
0.4800
0.6417
*72.05
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;
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. *Data as of 6/2
Source: WSJ Market Data Group
Friday
Hides,hvy native steers piece fob-u

Wool,64s,staple,Terr del-u,w
Friday
74.000
3.98
select 1-3,600-900 lbs.-u

Broilers,dressed 'A'-u
Broilers, National comp wghtd-u,w
Butter,AA Chicago
Cheddar cheese,bbl,Chicago
Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb.
Cocoa,Ivory Coast-w
Coffee,Brazilian,Comp
Coffee,Colombian, NY
Eggs,large white,Chicago-u
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
Pork loins,13-19 lb MidUS-u
Steers,Tex.-Okla. Choice-u
Steers,feeder,Okla. City-u,w
Grains and Feeds
Barley,top-quality Mnpls-u
n.a.
Bran,wheat middlings, KC-u
60
Corn,No. 2 yellow,Cent IL-bp,u
4.0050
Corn gluten feed,Midwest-u,w
100.1
Corn gluten meal,Midwest-u,w
497.9
Cottonseed meal-u,w
260
Hominy feed,Cent IL-u,w
90
Meat-bonemeal,50% pro Mnpls-u,w
318
Oats,No.2 milling,Mnpls-u
2.5050
Rice, 5% Broken White, Thailand-l,w 411.00
Rice, Long Grain Milled, No. 2 AR-u,w
22.13
Sorghum,(Milo) No.2 Gulf-u
n.a.
SoybeanMeal,Cent IL,rail,ton48%-u 420.80
Soybeans,No.1 yllw IL-bp,u
11.0400
Wheat,Spring14%-pro Mnpls-u
6.1200
Wheat,No.2 soft red,St.Louis-bp,u
5.0050
Wheat - Hard - KC (USDA) $ per bu-u 4.5400
Wheat,No.1soft white,Portld,OR-u
5.4225
Fats and Oils
Food
Beef,carcass equiv. index
choice 1-3,600-900 lbs.-u
199.84
Borrowing Benchmarks | WSJ.com/bonds

Money Rates
179.62
1.1215
0.9905
2.1000
144.50
144.00
81
3445
1.2697
1.4385
0.3950
14.25
n.a.
75.44
n.a.
1.2731
n.a.
n.a.
39.0000
0.3000
n.a.
0.3089
0.3100
n.a.
Corn oil,crude wet/dry mill-u,w

Grease,choice white,Chicago-u
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-u
Tallow,edible,Chicago-u
June 3, 2016
Key annual interest rates paid to borrow or lend money in U.S. and
international markets. Rates below are a guide to general levels but
dont always represent actual transactions.
Inflation
Week
Latest ago
April index
Chg From (%)
level March '16 April '15
Britain
Australia
U.S. consumer price index

All items
Core
0.47
0.26
239.261
246.992
1.1
2.1
0.50
1.75
30-year mortgage yields

30 days
3.146 3.173 3.750 2.979
60 days
3.181 3.209 3.788 2.998
52-Week
High
Low
Notes on data:
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; arent directly comparable; lending
practices vary widely by location. Complete
Money Rates table appears Monday through
Friday.
Sources: Bureau of Labor Statistics; SIX Financial
Information
Prime rates
3.50 3.50 3.50 3.25
2.70 2.70 2.85 2.70
1.475 1.475 1.475 1.475
Policy Rates
0.00
0.50
0.50
2.00
Fannie Mae
Week
Latest ago
Euro zone
Switzerland
52-WEEK
High Low
Secondary market
International rates
U.S.
Canada
Japan
0.50
1.75
0.50
1.75
0.00
0.50
0.05
0.50
0.00
0.50
Weather
Shown are todays noon positions of weather systems and precipitation. Temperature bands are highs for the day.
0s
50s
10s
ip
Winnipeg
Seattle
20s
70s
Por
P
tl d
Portland
Eugene
<0
40s
60s
Calgary
l
Helena
i
Boise
50s
Bismarckk
80s
Montreal
30s
A
Augusta
40s
tta
Ottawa
Billings
50s
p s / . Pa
Mpls./St.
Paul
T
Toronto
Albany
A
b
bany
t
Boston
t d
Hartford
k
Milwaukee
Detroit Buffalo
70s
l
ew Y
New
Yorkk
Cl l d
Cleve
C
h
Chicago
80s Cleveland
es Moines
Des
Reno
Salt La
L ke C
Lake
City
Ch
h y
Cheyenne
Ph
hil d lphi
Philadelphia
h
Omaha
Pittsburgh
Pit
b
h
d
p
Indianapolis
Sacramento
p g d
Springfield
h ngton
g on D.C.
DC
Washington
Denver
Charles
h
Charleston
an Francisco
San
Kansas
90s
h
d
Richmond
Topeka
.
Lou
St.
Louis
C
l d
Colorado
City
Las
p g
Springs
LLouisville
Lo
hit
Wichita
80s
Ve
g
Vegas
i h
Raleigh
h
Nashville
Los A
Ange
l
Angeles
Ch
l tt
Charlotte
F
Santaa Fe
100s
phi
Memphis
C
b
Columbia
Ab q q
Albuquerque
Ph
h
Phoenix
Oklahoma City
Warm
San Diego
LLittlee Rockk
A
Atlanta
T
c
Tucson
h
Birmingham
D
Dallas
El Paso
Jack
k
Jackson
Ft. Worth
90s
40s 50s
60s
60s
Anchorage
A
h g
70s
80s
70s
Houston
ew
w Orleans
New
an Antonio
A
San
l d
Orlando
Miami
U.S. Forecasts
90s
100+
Rain
Cold
T-storms
Stationary
Snow
Showers
Flurries
Ta
p
Tampa
Honolulu
l l
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;

t...tstorms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
61 52 c
61 51 pc
Atlanta
89 70 t
82 68 t
Austin
79 65 t
85 62 pc
Baltimore
81 68 pc 84 66 t
Boise
94 62 s
97 67 pc
Boston
74 60 pc 67 61 r
Burlington
82 60 pc 74 61 r
Charlotte
91 71 t
84 68 t
Chicago
80 59 t
75 61 pc
Cleveland
79 63 pc 77 59 t
Dallas
84 66 t
85 62 s
Denver
75 52 s
80 55 s
Detroit
81 61 c
74 58 t
Honolulu
84 72 pc 84 73 pc
Houston
80 69 t
84 67 t
Indianapolis
70 63 t
74 60 pc
Kansas City
81 59 pc 79 59 s
Las Vegas
109 82 s 109 78 s
Little Rock
80 65 t
86 62 s
Los Angeles
84 64 s
79 58 pc
Miami
88 79 pc 88 80 t
Milwaukee
75 59 t
73 60 pc
Minneapolis
67 56 c
79 59 pc
Nashville
82 66 t
83 58 pc
New Orleans
85 75 t
87 74 t
New York City
84 66 pc 74 68 r
Oklahoma City
86 58 c
83 58 s
70s
80s
JJacksonville
k
ill
b
Mobile
A ti
Austin
70s
Weekly Demand, 000s barrels per day

Total petroleum
product
4538.8
4529.8
25 119,886
27
4,011
oux FFalls
Pierre Sioux
2,907
Natural gas (bcf)
.0195 330,841
.0194 25,871
17849
17677
17800
17749
17584
17702
S&P 500 Index (CME)-$250 x index
June
2103.30 2105.70 s 2084.00 2097.80
Sept
2088.00 2092.00 s 2074.50 2088.90
Mini S&P 500 (CME)-$50 x index
June
2103.50 2106.00 s 2082.75 2097.75
Sept
2094.50 2097.25 s 2074.00 2089.00
Mini S&P Midcap 400 (CME)-$100 x index
June
1507.10 1508.80 s 1489.40 1499.00
Sept
1495.50 1497.40 s 1487.30 1494.00
Friday
Watching the Gauges: U.S. Supply and Demand
Current
.00017 102,954
.00018 48,325

These prices reflect buying and selling of a variety of actual or physical commodities in the marketplace
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
V
Vancouver
Imports, 000s barrels per day
58,597
2,388
.0143 108,074
.0142
6,479
.0141
157
17821
17719
d
t
Edmonton
Inventories, 000s barrels
.0145
.0144
Cash Prices | WSJ.com/commodities
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Admin.; DJ Newswires
Inventories, imports and demand for the week ended May 27. Current figures are in thousands of barrels or
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import
Natural-gas import and demand data are available monthly only.
.0086 230,144
.0083 13,746
Mini DJ Industrial Average (CBT)-$5 x index
June
Sept
.9374
.9405
.0111 110,410
.0111
8,680
Index Futures
June
Sept
Currency Futures
Japanese Yen (CME)-12,500,000; $ per 100
Open
interest
Chg
June
Sept
.67 335,645
.68 296,620
.32
.05
Settle
Canadian Dollar (CME)-CAD 100,000; $ per CAD
82,541
53,656
June
Sept
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
YTD
% chg
4.10
4.05
Contract
High hilo
Low
Open
Interest Rate Futures
Fibers and Textiles
Futures-market, spot and retail prices
Open
interest
Chg
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gold, per troy oz
Natural gas, per million BTUs
0
2014
Settle
Metals
Crude-oil futures, per barrel
2013
Contract
High hilo
Low
Open
Ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Omaha
80 58 pc 84 61 s
Orlando
92 74 t
91 74 t
Philadelphia
84 68 pc 81 68 t
Phoenix
115 83 s 114 83 s
Pittsburgh
78 65 c
73 60 t
Portland, Maine 69 55 pc 63 55 r
Portland, Ore.
99 67 s
96 63 s
Sacramento
101 59 pc 99 59 pc
St. Louis
80 64 t
81 64 s
Salt Lake City
90 62 s
94 66 s
San Francisco
76 56 pc 73 56 pc
Santa Fe
82 55 s
85 54 s
Seattle
82 62 s
90 60 s
Sioux Falls
75 54 sh 81 54 s
Wash., D.C.
83 72 t
84 67 t
International
City
Amsterdam
Athens
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Calgary
Dubai
Dublin
Edinburgh
Hi
78
85
96
86
78
75
53
81
102
66
62
Today
Tomorrow
Lo W Hi Lo W
59 t
76 59 t
68 pc 84 68 pc
79 t
97 81 t
64 pc 86 63 pc
59 pc 77 56 pc
59 t
76 61 t
41 r
54 39 pc
51 s
79 55 s
79 s 102 84 s
51 pc 68 52 t
45 pc 66 47 s
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
72
69
87
92
77
90
93
67
70
81
94
59
75
73
71
94
67
77
102
73
87
79
77
90
68
97
77
78
74
79
68
Today
Tomorrow
Lo W Hi Lo W
58 t
76 60 t
55 t
69 54 t
75 t
85 74 t
83 t
91 82 t
66 t
77 66 sh
78 t
90 77 pc
73 s
89 65 s
40 pc 64 40 c
54 sh 75 53 pc
57 s
84 60 pc
79 t
93 80 t
51 sh 60 49 sh
52 t
75 54 t
58 t
78 59 t
49 t
62 44 r
85 pc 95 87 s
58 c
71 58 sh
71 sh 82 72 r
80 s 104 81 s
59 pc 75 59 pc
77 pc 87 78 pc
63 pc 88 64 s
65 r
77 66 c
77 t
90 79 t
61 r
68 57 r
80 s
88 78 t
67 pc 73 65 sh
60 pc 70 57 t
59 s
76 59 s
53 t
73 48 pc
53 t
72 54 t
* * * *
SPORTS
Novak Djokovic will face Andy Murray in the French
Open final on Sunday; Serena Williams, below, faces
Garbie Muguruza in the womens final on Saturday.
Theres Light at the End of a Miserable Major

With a chance to make
tennis history, Williams
and Djokovic can salvage
a dreary French Open
BY TOM PERROTTA
PARISThe French Open
has been a wet, muddy, miserable mess. The Seine, the river
that winds through Paris, is
overflowing and threatening
precious art at the Louvre museum. Theres a rail strike and
a fuel shortage. At Roland Garros, home of the tournament,
players have been wearing
long sleeves and tight pants,
some with hideous zebra patterns. One day was washed
out, a first since 2000. Seats
have been empty, and not just
during the lunch hour. Roger
Federer missed the tournament for the first time this
century and Rafael Nadal, the
nine-time champion, withdrew
with a wrist injury after two
rounds. Players have competed
in the cold and the rain, with
soggy, grubby tennis balls, for
two weeks, as fans watched
from beneath umbrellas.
After all that, at least
theres going to be a big payoff: Two pressure-packed finals
that could dazzleand two
more chances for the world to
witness tennis history.
This weekend in Paris, Serena Williams will try for a
third time to win her 22nd
major singles title, which
would tie Steffi Graf for the
most in the era of Open tennis

that began in 1968. (Margaret
Court holds the all-time record, with 24.) Novak Djok-
second round of the 2014

French Open. Williams has won
four major titles since then.
I dont really want to elaborate, but it was a really unbelievable lesson for me, Williams said. It propelled me to
many, many, many wins after
that.
Williamss coach, Patrick
Mouratoglou, brushed off Williamss injury. He said Williams
wouldnt be tired in the final,
her fourth straight day on
court. Williams would volley
better in the final, he said,
smiling as if to ask, How could
she not? And he said he wasnt
worried that Williams is thinking about Grafs record, either.
Everybody tells her every
day, it has to be on her mind,
Mouratoglou said. Shes one
of the best in the world at
dealing with pressure because
she has the highest pressure
of all players every single day
of her life.
Hows this for pressure: Novak Djokovic is the best claycourt tennis player ever without a French Open titleand
he must be wondering, how
many more chances will I get?
Every year, Djokovic wins and
wins at Roland Garros, until
something goes horribly
wrong. In his first French
Open final, in 2012, he lost to
Nadal in four sets, and wasnt
pleased when the match was
postponed until Monday because of rain, just as he
started to make a comeback.
Nadal beat Djokovic again in
2014, again in four sets. Last

year, Djokovic beat Nadal in
Paris, and still didnt win the
title. Two sets from glory in
the final, Djokovic was run
over by a high-speed Swiss
train named Stan Wawrinka.
This year Djokovic is even
better. Hes 29 years old and as
dominant now as Federer ever
was. In Fridays semifinal, he
played his best match of the
tournament and won in
straight sets. Hell face a familiar opponent on Sunday: Andy
Murray, who beat Wawrinka in
Fridays other semifinal.
Im sure that its going to
be a final with a lot of emotions, Djokovic said. I know
his game. He knows mine.
Djokovic and Murray met as
11-year-olds and have played
33 times in their pro careers
(Djokovic leads 23-10). Six of
those matches were in major
finals, with Djokovic winning
four at the Australian Open
and Murray winning one each
at Wimbledon and the U.S.
Open. In the semifinals at Roland Garros last year, Djokovic
beat Murray in five sets. Djokovic has lost just three
matches this year. One of them
was by retirement. One was a
sluggish early-round upset.
The other came against Murray, on red clay last month, in
the Rome final.
Neither of us know how
many more chances well have
to win here, Murray said.
There is a lot riding on the
match for both of us.
The Penguins Harness the Power of Inexperience
Heard On
The Field
BY TAL PINCHEVSKY
FEATURE (T-B): REUTERS, EUROPEAN PRESSPHOTO AGENCY; REUTERS (SHEARY); HOF: GETTY IMAGES
Ali still hospitalized

for serious issues
Muhammad Ali is hospitalized in the Phoenix area with
what two people familiar with
his condition say may be
more serious problems than
his previous hospital stays.
The 74-year-old boxing
great is fighting respiratory
issues that are complicated
by the Parkinsons that he
was diagnosed with in the
1980s, the people told The
Associated Press Thursday.
The two spoke separately
in describing Alis condition
that they say is concerning to
family members. They declined to be identified because
they were not speaking on
behalf of the family.
A spokesman for Ali said
in a earlier Thursday that the
former heavyweight champion
is being treated at an unidentified hospital for a respiratory issue. Spokesman Bob
Gunnell said Ali was in fair
condition, and a brief hospital
stay was expected. Gunnell
said in an email Friday that
there was no update on Alis
condition. Ali has been hospitalized several times in recent
years, most recently in 2015
when he was treated for a
severe urinary tract infection
initially diagnosed as pneumonia.
Associated Press
ovic, the wiry, impenetrable

heir to Federer and Nadal, will
try to win his first French
Open title and complete his
Grand Slam collection. A victory would also give him four

major titles in a row, a feat no
man has achieved since Rod
Lavers last single-season Slam
sweep, in 1969.
Williams, usually an undeniable force in Grand Slam finals, is wobbly in Paris. She
made loads of errors in her
last two matches, and missed
a few volleys that would make
your local tennis coach demand three-dozen pushups. To
beat Kiki Bertens, ranked 58th
in the world and playing with
an injured calf muscle, Williams used as much guile as
power, often hitting drop
shots and making the gimpy
Bertens run. Williams admitted that she could be healthier
after a television commentator, former pro Marion Bartoli,
said Williams was struggling
with an injury to her adductor
muscle in her thigh.
I have had some issues,
but, you know, it is what it is,
Williams said.
Her opponent, Garbie Muguruza of Spain, is fit and better prepared for this moment
than she was last year, when
she lost to Williams in her first
major final, at Wimbledon. Muguruza, 22, is 12 years younger
than Williams, her idol growing up. She has beaten Williams once before, and did it so
thoroughly that Williams is
now thankful for the punishment. The defeat was the most
lopsided of Williamss Grand
Slam career, 6-2, 6-2 in the
The Wilkes-Barre/Scranton
Penguins were a curious choice
for Mike Sullivan when the
former NHL player was named
the American Hockey League
teams new head coach last
June. Fresh off a single season
as a player development coach
with the Chicago Blackhawks
that ended with a Stanley Cup
victory, Sullivan already possessed NHL experience as a
head coach with the Boston
Bruins and as an assistant with
the Tampa Bay Lightning, New
York Rangers and Vancouver
Canucks. At best, taking a job
with the Pittsburgh Penguins
minor-league team seemed like
a lateral move.
Not surprisingly, the move
went largely unnoticed around
the league at the time. Twelve
months later, its arguably the
biggest reason the Pittsburgh
Penguins are two wins shy of
winning the Stanley Cup.
Once Pittsburgh promoted
him to replace the fired Mike
Johnson on December 12th after a 15-10-3 start, Sullivan
went to work to bolster his
roster. He did so by diving
deep into the talent pool he
led for all of two months in
Wilkes-Barre/Scranton.
Its exciting. A lot of us
have been together for a long
time. Starting in Wilkes and
making our way up here,
goaltender Matt Murray said
after Pittsburghs 2-1 overtime
win in Game 2 on Wednesday.
Were all pretty close friends
and its fun to be on this ride
with them.
At the time of his hire last
summer, Sullivan touted Pittsburghs commitment to developing young talent in the AHL,
which ran contrary to how the
Penguins had been run in preceding seasons.
Growing more and more dependent on star forwards Sid-
Conor Sheary scores the game-winning goal for the

Penguins in Game 2 of the Stanley Cup Finals.
ney Crosby and Evgeni Malkin,
the Penguins had failed to develop many of their top young
prospects. Pittsburghs big
move last summer actually involved sacrificing its future by
trading two top young prospects in Kasperi Kapanen and
Scott Harrington to the Toronto Maple Leafs for scoring
wing Phil Kessel.
But Sullivan was able to
mine the talent still left in
Pittsburghs farm system. Especially Murray, who was the
centerpiece of a mass AHL exodus orchestrated by Sullivan.
Just three days after being
promoted himself, Pittsburghs
new coach promoted the goaltender from the AHL along
with young forward Conor
Sheary. Since coming to Pittsburgh, Murray has taken over
the Penguins crease and enjoyed a postseason emergence
that is among the least expected in NHL history. But hes
not the only AHL call-up who
has helped.
Sheary would eventually
earn a spot on Crosbys wing

and scored the overtime winner
in Game 2 of the Stanley Cup
Finals to give Pittsburgh a 2-0
lead over the San Jose Sharks.
Two other young speedy forwards, Tom Kuhnhackl and
Bryan Rust, were called up four
weeks after Sullivans hire and
have also become key contributors, with Rust scoring the
opening goal in Pittsburghs
Game 1 win on Monday.
Before the playoffs, Pittsburghs mid-season turnaround
was keyed by other AHL callups like defenseman Derrick
Pouliot and forward Scott Wilson, who showed an occasional
scoring touch before foot surgery ended his season.
Sullivan isnt the only person in Pittsburghs locker
room impressed by a young,
speedy group that started the
season riding the bus from
one AHL city to another.
That energy, the way they
come into every game, its
pretty contagious. I think guys
will tell you that you get a lift
from that, Crosby said before

Game 2. I think thats good
for a team. Theyve brought a
ton of energy. That was a big
part of us getting on the right
track, I think.
Bringing in a minor-league
contingency and entrusting
them with the NHL club may
sound like a reckless gamble,
but its actually become a reliable strategy. The Lightning
team that Pittsburgh beat to
advance to the Stanley Cup Finals is replete with alumni from
their AHL team, which captured
the 2012 Calder Cup title when
it was located in Norfolk, Va.
The year following that Calder
Cup championship, the teams
coach, Jon Cooper, was promoted and brought many of his
top AHL players with him, including Tyler Johnson, Ondrej
Palat, Alex Killorn and Vladislav
Namestnikov. Last year, Cooper
and his team lost to the Blackhawks in the Cup Final.
The year after Cooper
hoisted the Calder Cup, the
Grand Rapid Griffins won the
AHL title. The core of that

championship team, including
coach Jeff Blashill and players
Gustav Nyquist, Tomas Tatar,
Danny Dekeyser, Petr Mrazek,
Riley Sheahan and Luke Glendening, now make up the
youthful core of the parent
club, the Detroit Red Wings.
No one predicted a Stanley
Cup run when Sullivan was
hired by the Penguins almost
exactly a year ago. But if it does
happen, hell have some of his
soldiers from the AHL to thank.
We want players to be at
their best. We see an upside to
certain players and we want it
to happen overnight. My experience from being around players is it doesnt usually happen
that way, Sullivan said before
Game 2. Theres a lot of really
good players who are young. If
you give them time and you
give them opportunity and you
put them in the right environment I think these guys can
blossom into real good players.
And maybe even Stanley
Cup champions.
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
A Jobs-Number Jolt for the Fed

Future Imperfect
Futures-implied chance of the
Federal Reserve raising rates by a
quarter point by its July meeting
75%
50
25
June 3
28%
0
April
May
Source: FactSet
report, odds were at 2 in 3.

Despite protestations from
Fed officials that June was a
live meeting, chances of a
rate rise then already had
seemed slimmer than many
might have thought. Raising
rates right in front of Britains referendum on whether
it should stay in the European Union would have
risked looking rash. Rather,
the aim was probably to ensure that markets were pre-
BLOOMBERG NEWS
The good news for investors is that it just got a

whole lot easier to figure out
what the Federal Reserve is
going to do in the months
ahead. The bad news is why.
The U.S. added just 38,000
jobs in May, the Labor Department reported Friday.
That was far less than the
158,000 economists had expected and the worst month
for jobs growth since 2010.
As well, employment figures
for the previous two months
were revised down by an additional 59,000 jobs. The unemployment rate fell to 4.7%
from 5%, but for a bad reason: The number of people
hunting for jobs fell sharply.
Another thing that fell
sharply: the odds that the
Fed will raise rates in the
months ahead. Federal-funds
futures, which price off overnight-rate expectations, now
give essentially no chance of
a rate increase in June. And
the odds that the Fed will
raise its target range on
rates by a quarter point by
its July meeting dropped to
about 1 in 3. Just before the
* ***
Fed Chairwoman Janet Yellen

pared for a move in July.
July still could happen.
There are two more jobs reports before the Fed meets
late in the month, and the
central bank will by then
have a fairly clear sense of
how the economy shaped up
in the second quarter.
For now, though, it seems
more likely that the Fed will
be on a cautious tack. The
May jobs report suggests the
troubles that weak growth,
WSJ.com/Heard
OVERHEARD
punk corporate profits and

financial turmoil in the first
quarter bled into the labor
market. As those effects
fade, chances are that the
jobs data will revive, but it
could take time before the
all-clear signal sounds.
This puts the Fed, which
at the start of the year was
bent on raising rates four
times but has since downgraded that to about two, in
a bind. The next meeting after July is in late September,
bringing it close to what is
looking like a contentious
presidential election.
That hardly will preclude
the Fed from raising rates,
but it probably sets the bar a
little higher. If there are lingering doubts about the
economy or job market, the
Fed could stay on hold.
In the end, it is possible
the Fed raises rates only
once this year, or not at all.
For all the central banks
protestations that the markets rate expectations were
too low, it now is looking as
if markets had it right.
Justin Lahart
Stocks may have had a

rocky start to 2016, but commodities were practically a
four-letter word. How quickly
things have changed.
In the three months ended
in May, the S&P GSCI commodities index rose 18%. That
marks its best such period
since July 2009. The recent
period reflected a bounce
from the epic washout of the
deepest postwar recession, so
the recovery is really remarkable. Thanks in large part to a
bounce back in oil prices, energy was the leader of the
pack, rising more than 30%.
That was its best threemonth gain since the summer
of 2008 when oil hit its alltime high.
It sounds bullish, but is it
really? Commodities are outperforming stocks for the
first year sincegulp2007.
That marked the end of a
five-year bull market and economic expansion. In fact, rising energy prices preceded
three of the last six recessions. We may curse this rebound yet.
Noble Group Raises Cash but Investor Hopes Still Dashed

Noble Groups patriarch is
walking away with scraps as
the company he created is
pulled to pieces. Investors
are left wanting the one
thing the company needs: a
vote of confidence.
The embattled commodities trader said on Thursday
that Richard Elman, the former scrapyard worker who
helped found the company
three decades ago, would
leave within the next year. It
is an unexpected turn for a
man who seemed to be clinging on tightly and comes just
days after the departure of
Yusuf Alireza, the companys
chief executive.
But of greater concern
than Mr. Elmans physical
departure is his financial
one. The company also announced a long-overdue, 1for-1 $500 million rescue
rights issue, priced at 11
Singapore cents (eight U.S.
cents) a share,. That is at a
63% discount to where Nobles shares were trading.
Mr. Elman, who owns 22%
of the company, is partly
standing aside. He will contribute only $50 million in
the capital call, rather than
the almost $115 million he is
eligible to take up. The resulting dilution will leave
him with a 16% stake.
In theory, Mr. Elman could
take up more rights through
a convoluted maneuver. This
would involve him selling
shares to pay for rights
shares, which trade at a dis-
count to the market price.

But this would seem more an
opportunistic move by Mr.
Elman than a sign of his devotion to the company.
The rights issue is fully
underwritten. Yet, in a sign
of skittishness, the banks
backing the deal are demanding a 3% fee. That is almost double what is typical
for such transactions. In addition, the two lead banks,
Morgan Stanley and HSBC
Holdings, will take in an additional 0.75% shared incentive fee.
After disposing of assets
such as its North American
electricity trading business,
laying off workers, paring
back working capital, plus
the rights issue, the com-
pany said it could generate

at least another $2 billion of
cash, far more than Nobles
current market value.
Nearly all of that will go
to cover its debts through
2017, bringing down net leverage to the companys 45%
target. Nobles bondholders,
including hedge funds that
bought the bonds cheap, rejoiced at the rights issue,
which probably should have
happened a year ago, when
the stock price was twice as
high and when concerns
about its debt were more
acute. Still, Noble has substantial debts due in coming
years, with a shrunken business and a patchy record of
generating free cash.
As Mr. Elman exits,
Chinas role in Noble will enlarge, but partly by omission. China Investment, the
state investment fund, will
fully take up its rights and
continue to hold its 9.6%
stake. It will get another
seat on the board. But while
they are sticking around,
they arent generating the
confidence boost that would
have come by providing the
company cash through taking a larger stake.
Nobles stock, which investors may have been
fooled into thinking couldnt
have fallen any more, declined 13% on Friday. As the
company is dismantled, it
makes sense they are left
with a heap of scrap.
Anjani Trivedi
Banks Face
Strains After
Jobs Shocker
For U.S. banks, things
were looking up this spring.
The lousy May jobs report
just changed that.
Hopes the Federal Reserve
could soon resume raising
rates, a boon to bank profits,
have been driving shareprice gains recently. Even if
long-term rates remain under pressure, an increase in
short-term rates provides an
immediate boost to profits.
Many loans are automatically priced against shortterm benchmarks.
Speaking at an investor
conference Thursday, J.P.
Morgan Chase chief James
Dimon said that if shortterm and long-term rates
were to move up by 1 percentage point simultaneously, 70% of the benefit
would come from the move
in short-term rates.
The latest labor figures
deflate investor hopes for
banks. And it isnt just lending margins that will suffer.
The sudden reversal in market expectations also will
threaten a budding recovery
in trading activity, another
important driver of earnings
at major Wall Street banks.
Mr. Dimon and two other
bank chiefs, Bank of Americas Brian Moynihan and
Citigroups Michael Corbat,
all signaled this week that a
lukewarm trading recovery is
under way. Expectations of
Fed hikes could have spurred
portfolio repositioning for
the new environment, generating commissions. Instead,
the jobs scare is likely to induce bad volatility, as investors retrench.
Low rates for longer, and
depressed trading volumes,
are a double whammy for
money-center banks. On Wall
Street, spring cheer may
now give way to summer
doldrums.
Aaron Back
BUSINESS & FINANCE
U.K. Scrutinizes Banks

Over Mozambique Debt
BY MATINA STEVIS
MAPUTO, Mozambique
U.K. regulators are making inquiries into Credit Suisse
Group AGs and Russian bank
VTB Groups handling of hundreds of millions of dollars of
debt the banks arranged for
the purchase of boats and military equipment for statebacked companies in Mozambique, people familiar with the
matter said.
Meanwhile, the southern
African country has brought in
a prominent debt-restructuring specialist to advise on
whether it should keep making
payments on some related
loans, other people familiar
with the matter said.
The moves are the latest
reactions to deals in a corner
of the world that left the
country more burdened with
debt and feuding with international donors.
At issue is whether
Credit Suisse and
VTB Group violated
disclosure rules.
The deals with three stateowned companies included
$622 million in loans to buy
military equipment, $535 million in loans to build a shipyard and $850 million in
bonds to buy a tuna-fishing
fleet.
Much of the money raised
for the tuna fleet was subsequently diverted to the military, Mozambique has said in
public budgetary documents.
Those bonds nearly defaulted
and had to be restructured
this year.
The U.K. Financial Conduct
Authority is looking into
whether the banks violated
regulations governing disclosures to investors around the
bond restructuring, people familiar with the matter said.
While Credit Suisse is a Swiss
bank and VTB is Russian, both
banks used their U.K. operations to handle these bonds.
Investors have said they

werent told of the $1.15 billion in loans at the time of the
bond restructuring. The FCA is
gathering information to see
whether the banks failed to
make necessary disclosures,
the people familiar with the
matter said.
Representatives for Credit
Suisse and the regulator declined to comment. A spokeswoman for VTB said the bank
wasnt aware of any investigations.
While the banks didnt specifically call out the loans to
bondholders during roadshows
to explain the restructuring,
they had included the borrowings in the calculation of Mozambiques consolidated public debt that they provided to
investors during the exchange,
a person familiar with the offering has said. A Mozambique
official also said the loans
were included in total debt
figures provided in the bond
documents.
The Wall Street Journal reported the existence of the
loans in April. The International Monetary Fund and donor countries suspended more
than $200 million in payments
to Mozambiques government
after they came to light, complaining that they hadnt been
disclosed.
On May 23, Mozambique
missed a payment due on the
$535 million loan and is negotiating with VTB to restructure the debt, the people said.
The other loan and the bonds
had been arranged by VTB and
Credit Suisse.
The
government
has
brought in debt lawyer Lee C.
Buchheit of Cleary Gottlieb
Steen & Hamilton LLP to advise on that process as well as
repayment of the other bonds
and loans arranged by the
banks, the other people familiar with the matter said.
Mr. Buchheit has advised on
a number of debt restructurings, including Greeces. A
spokeswoman for Cleary Gottlieb declined to comment.
Matt Wirz
What Bank Customers Want: Ease
BY ANNAMARIA ANDRIOTIS
AND JULIA HASLANGER
What do consumers want

most from their bank? Easy
access to it.
That is the takeaway from
an online Wall Street Journal
reader survey about day-today banking preferences conducted this week as part of a
series exploring the evolving
business
of
WHAT IS
banking.
A BANK?
The
more
than 2,100 responses
from
readers throughout the U.S.
and as far as India and Amsterdam made clear they care
a lot about online banking.
Nearly 80% of readers responding identified online
and mobile functionality as
being among the most important features a bank can offer. But branches still
rank. Some 35% identified branches as important.
(Readers were able to select
more than one feature that
matters to them in the survey, which was open on
WSJ.com since Tuesday.)
The responses reflected the
growing demands on banks.
Hundreds of readers indicated
that they rely on banks as a
safe place to stash their cash,
and more than 1,400, or about
two-thirds, of respondents
voted that they expect low or
no fees in the process. Consumers want these traditional
benefits with the added convenience of banking from their
smartphone. Many wrote in to
say they travel often or have
hectic schedules and need onthe-go access.
I want a bank to be convenient, secure and serve me
well, wrote Aleksey Dubrovensky of Louisville, Ky.
That means providing me the
means to access my finances
quickly and easily so that I
dont have to plan my day
around the bank.
Another respondent, Brian
M. Nelson of Shrewsbury, N.J.,
wrote: I need to easily be
able to make deposits on [my]
iPhone and pay bills online
without technical difficulty or
delay.
Plastic, Mobile Rank for Bank Customers

Results of an online WSJ reader survey about banking and
payment preferences:
What is important to you in a bank?

Online and mobile functionality
80%
Low or no fees
67
Safety
41
Branch locations
35
Interest rates
30
Low or no minimum-balance requirements
27
Other
8
How do you prefer to pay for purchases?

Credit cards
92%
Cash
34
Venmo
20
Phone pay apps (like Apple Pay)
19
PayPal
17
Checks
11
Source: WSJ.com survey, open to readers since Tuesday, May 31. Readers were able to select
multiple responses to each question. 2,185 responses as of 1:30 p.m. June 3
In yet another sign that

banking is increasingly going
mobile, some readers wrote
that they havent stepped into
their banks in a long time.
My bank is in San Antonio,
and Im in Virginia, but with
online access and good phone
support, I never need a
branch, wrote Bill Lang of Arlington, Va.
Mobile banking exceeded
branch banking on a weekly
basis for the first time ever
last year, according to a report
released early this year by
Javelin Strategy & Research.
The firm forecast that 81% of
U.S. adults will be using mobile banking by 2020.
Most banks offer mobile
banking. About 81% of U.S.
banks provided this service as

of the end of 2014, according
to a Federal Reserve survey.
More consumers are using
their phone to bank. Thirtynine percent of mobile-phone
owners with a bank account
used mobile banking as of
2014, up from 33% in 2013 and
29% in 2012, according to the
Federal Reserve.
Reviewing
checking-account balances and recent
transactions was the most
common reason given for why
consumers use mobile banking.
Banking activities that one
were hard to imagine conducting outside a branch also are
increasingly occurring on peoples phones: 51% of mobile-
banking users deposited a

check using their phone as of
the end of 2014, up from 38%
in 2013.
The benefits of online access come as checking-account
terms have worsened in recent
years, partly due to years of
low interest rates. Less than
half of banks offered free
checking accounts last year, a
figure that has been falling
each year since 2009 when it
stood at 78%, according to
economic-research firm Moebs
Services. Yields on interestbearing accounts were averaging 0.07% as of June 1, according to Bankrate.com.
The more I can do via my
phone or a website, the better.
Interest rates are important
but are largely irrelevant in
this environment, wrote
Bragg Van Antwerp of Mobile,
Ala.
Another staple also has
ceded its decadeslong reign.
Nearly all respondents92%
voted for credit cards as one
of their favorite ways to pay
for purchases (readers were
able to choose more than one
option), with cash coming in a
distant second at 34%. Newer
methods, including PayPal and
mobile wallets, such as Apple
Pay, got about 17% and 19% of
the vote, respectively.
Convenience was the top
reason why respondents said
they
prefer
credit
cards. Readers wrote in the
survey that cards remove the
hassle of having to carry cash
and help them budget by
tracking expenses on their
credit-card bills. The convenience that accompanies
credit cards likely also is why
nearly 60% of respondents
said they usually carry less
than $50 in cash. Roughly one
in five respondents said they
dont carry cash at all.
Rewards programs also appear to be a draw for creditcard usage.
ONLINE
WSJ
.COM
For the full roster

of stories for this
series, go to
graphics.wsj.com/
what-is-a-bank
When shes not

playing others:
A chat with
the real
Maya Rudolph
The greatest
runner youve
never heard of.
Winning books
on Emil Ztopek
C11
C9
BOOKS
CULTURE
SCIENCE
COMMERCE
HUMOR
POLITICS
LANGUAGE
TECHNOLOGY
ART
IDEAS
Saturday/Sunday, June 4 - 5, 2016 | C1
* * * *
ILLUSTRATION BY TIM PEACOCK
A
Guaranteed
Income
For All
Replacing the welfare state
with an annual grant for
every U.S. adult is the best
way to cope with job
displacement and to revive
our civic culture, argues
Charles Murray.
HEN PEOPLE LEARN that

I want to replace the welfare state with a universal
basic income, or UBI, the response I almost always get
goes something like this: But
people will just use it to live off
the rest of us! People will
waste their lives! Or, as they
would have put it in a bygone age,
a guaranteed income will foster idleness and vice. I
see it differently. I think that a UBI is our only hope
to deal with a coming labor market unlike any in human history and that it represents our best hope to
revitalize American civil society.
The great free-market economist Milton Friedman
originated the idea of a guaranteed income just after
World War II. An experiment using a bastardized version of his negative income tax was tried in the
1970s, with disappointing results. But as transfer
payments continued to soar while the poverty rate
remained stuck at more than 10% of the population,
the appeal of a guaranteed income persisted: If you
want to end poverty, just give people money. As of
2016, the UBI has become a live policy option. Finland is planning a pilot project for a UBI next year,
and Switzerland is voting this weekend on a referendum to install a UBI.
The UBI has brought together odd bedfellows. Its
advocates on the left see it as a move toward social
justice; its libertarian supporters (like Friedman) see
it as the least damaging way for the government to
transfer wealth from some citizens to others. Either

way, the UBI is an idea whose time has finally come,
but it has to be done right.
First, my big caveat: A UBI will do the good things
I claim only if it replaces all other transfer payments
and the bureaucracies that oversee them. If the guaranteed income is an add-on to the existing system, it
will be as destructive as its critics fear.
Second, the system has to be designed with certain key features. In my version, every American citizen age 21 and older would get a $13,000 annual
Entire trades and

professions will soon
start to disappear, and
we have to deal with it.
grant deposited electronically into a bank account in
monthly installments. Three thousand dollars must
be used for health insurance (a complicated provision
I wont try to explain here), leaving every adult with
$10,000 in disposable annual income for the rest of
their lives.
People can make up to $30,000 in earned income
without losing a penny of the grant. After $30,000,
a graduated surtax reimburses part of the grant,
which would drop to $6,500 (but no lower) when an
individual reaches $60,000 of earned income. Why
should people making good incomes retain any part

of the UBI? Because they will be losing Social Security and Medicare, and they need to be compensated.
The UBI is to be financed by getting rid of Social
Security, Medicare, Medicaid, food stamps, Supplemental Security Income, housing subsidies, welfare
for single women and every other kind of welfare and
social-services program, as well as agricultural subsidies and corporate welfare. As of 2014, the annual
cost of a UBI would have been about $200 billion
cheaper than the current system. By 2020, it would
be nearly a trillion dollars cheaper.
Finally, an acknowledgment: Yes, some people will
idle away their lives under my UBI plan. But that is
already a problem. As of 2015, the Current Population
Survey tells us that 18% of unmarried males and 23%
of unmarried women ages 25 through 54people of
prime working agewerent even in the labor force.
Just about all of them were already living off other
peoples money. The question isnt whether a UBI will
discourage work, but whether it will make the existing problem significantly worse.
I dont think it would. Under the current system,
taking a job makes you ineligible for many welfare
Please turn to the next page
Mr. Murray is the W.H. Brady Scholar at the
American Enterprise Institute. His book
advocating a universal basic income, In Our
Hands: A Plan to Replace the Welfare State, was
first published by AEI in 2006. A revised edition
will be out later this month.
INSIDE
EXHIBIT
ESSAY
Advice from a man who
became a woman:
Keep a sense of humor.
C3
MIND & MATTER

To battle the blues, visits need
to be real, not virtual. Susan
Pinker on the new research.
C2
Heres
the pitch:
A big
New York
museum
puts
hundreds
of vivid,
classic
baseball
cards
on view.
C12
BOOKS
Huge victorieshigh casualties. A clear-eyed life of Adm.
William F. Bull Halsey Jr.
C5
ESSAY
With just eight justices, the
Supreme Court is doing less.
Thats a reason to celebrate.
C3
C2 | Saturday/Sunday, June 4 - 5, 2016
* ***
REVIEW
SERGE BLOCH
A Cash Stream
With Civic Aims
MIND & MATTER:

SUSAN PINKER
To Beat the Blues,

Visits Must Be
Real, Not Virtual
IMAGINE being stranded on a

desert island with a roof over
your head and sufficient provisionsbut no human contact other than what you can
get from your smartphone.
Would you get depressed? Or would your
networked device provide enough connection
to stave off dark thoughts?
This metaphor applies to a great many
Americans. Their basic material needs are
covered, and 85% have internet access. Yet
at least 26% say that they feel deeply
lonely. Psychologists know this from population surveys, not because people talk
about it. The distress of feeling rejected or
neglected by friends or family is a key predictor of depression, chronic illness and
premature death. Its also a public-health
time bomb. The rate of loneliness has increased from about 14% in the 1970s to
more than 40% among middle-aged and
older adults today,
and the aging of
Americas population is likely to
make things worse
in the years ahead.
Few public-health
initiatives aim at
combating loneliness, despite the
fact that it is riskier
to health and survival than cigarette smoking or obesity. Its
also a taboo topic. Doctors dont often ask
about it, and we might not fess up even if
they did. There is a fine line between loneliness and exclusion, and who wants to admit
to that?
Many of us expect our smartphones and
tablets to be the perfect antidote to social
malaise. But do virtual experiences provide
that visceral sense of belonging so important
to being human?
A recent study pokes a hole in that assumption. Alan Teo, an assistant professor at
Oregon Health & Science University, followed
11,000 adults over age 50 who participated in
a national study of aging at some point between 2004 and 2010. He and his colleagues
wanted to know what type of social contact
or lack of it might predict clinical depression
two years later.
Major depression, the disease of dark
thoughts, hits 16% of all Americans, who are
twice as likely to be diagnosed with it during
their lifetimes as they are to be diagnosed
with cancer. But theres not much talk of
prevention.
The research team, which published its
findings last October in the Journal of the
American Geriatrics Society, controlled for
demographic factors such as age and sexas
well as for any medical, family or psychological history that might boost ones depression
risk. They found that only face-to-face interaction forestalled depression in older adults.
Phone calls made a difference to people with
a history of mood disorders but not to anyone
else. Email and texts had no impact at all.
How often people got together with
friends and familyor didntturned out to
be key. Whats more, the researchers discovered that the more in-person contact there
was in the present, the less likely the specter
of depression in the future.
People who had face-to-face contact with
children, friends and family as infrequently
as every few months had the highest rates of
the disease. Those who connected with people in person, at least three times a week,
had the lowest.
Thats the beauty of it, Dr. Teo told me.
The more often they got together in person,
the better off they were.
Winston Churchill called his own bouts
of depression my black dog, and we
know that it can be a tenacious foe. This
study tells us that a cheap and easy way
to foil it is in-person interaction, and that
how you connect and with whom is important: People between the ages of 50 and
70 were best protected by face-to-face
contact with their friends. Over the age of
70, it was in-person contact with family
that mattered most.
Of course, as Dr. Teo said, phone and
email are still great for making social plans.
But to keep dark and dangerous thoughts at
bay, you have to leave your desert island
now and then and be there, in the flesh.
How you
connect
and with
whomis
important.
Continued from the prior page

benefits or makes them subject to extremely high marginal tax
rates. Under my version of the UBI, taking a job is pure profit
with no downside until you reach $30,000at which point
youre bringing home way too much ($40,000 net) to be deterred from work by the imposition of a surtax.
Some people who would otherwise work will surely drop
out of the labor force under the UBI, but others who are now
on welfare or disability will enter the labor force. It is prudent
to assume that net voluntary dropout from the labor force will
increase, but there is no reason to think that it will be large
enough to make the UBI unworkable.
Involuntary dropout from the labor force is another matter, which brings me to a key point: We
are approaching a labor market in which entire trades and professions will be mere
shadows of what they once were. Im familiar with the retort: People have been
worried about technology destroying
jobs since the Luddites, and they
have always been wrong. But the
case for this time is different has
a lot going for it.
When cars and trucks started to displace horse-drawn vehicles, it didnt take
much imagination to see that jobs
for drivers would replace jobs
lost for teamsters, and that car
mechanics would be in demand
even as jobs for stable boys vanished. It takes a better imagination than
mine to come up with new blue-collar occupations that will replace more than a fraction of the jobs
(now numbering 4 million) that taxi drivers and truck drivers
will lose when driverless vehicles take over. Advances in 3-D
printing and contour craft technology will put at risk the
jobs of many of the 14 million people now employed in production and construction.
The list goes on, and it also includes millions of white-collar
jobs formerly thought to be safe. For decades, progress
in artificial intelligence lagged behind the hype.
In the past few years, AI has come of age. Last
spring, for example, a computer program defeated a grandmaster in the classic
Asian board game of Go a decade
sooner than had been expected. It
wasnt done by software written to
play Go but by software that
taught itself to playa landmark
advance. Future generations of college graduates should take note.
Exactly how bad is the job situation going to be? An Organization for
Economic Cooperation and Development study concluded that 9% of
American jobs are at risk. Two Oxford scholars estimate that as many
as 47% of American jobs are at risk.
Even the optimistic scenario portends a serious problem. Whatever
the case, it will need to be possible,
within a few decades, for a life well
lived in the U.S. not to involve a job as
traditionally defined. A UBI will be an essential part of the transition to that unprecedented world.
The good news is that a well-designed UBI can do much
more than help us to cope with disaster. It also could provide an invaluable benefit: injecting new resources and
new energy into an American civic culture that has historically been one of our greatest assets but that has deteriorated alarmingly in recent decades.
A key feature of American exceptionalism has been the
propensity of Americans to create voluntary organizations for
dealing with local problems.
Tocqueville was just one of the
early European observers who
marveled at this phenomenon in
the 19th and early 20th centuries.
By the time the New Deal began,
American
associations for providing
mutual assistance
and aiding the poor
involved broad networks, engaging people from
the top to the bottom of society,
spontaneously formed by ordinary citizens.
These groups provided sophisticated and effective social
services and social insurance of every sort, not just in rural
towns or small cities but also in the largest and most impersonal of megalopolises. To get a sense of how extensive these
networks were, consider this: When one small Midwestern
state, Iowa, mounted a food-conservation program during
World War I, it engaged the participation of 2,873 church congregations
and 9,630 chapters of 31 different
secular fraternal associations.
Did these networks successfully deal with all the human
needs of their day? No. But
that isnt the right question.
In that era, the U.S. had just
a fraction of todays national
wealth. The correct question is:
What if the same level of activity
went into civil societys efforts to
deal with todays needsand financed
with todays wealth?
The advent of the New Deal and then
of President Lyndon Johnsons Great
Society displaced many of the
most ambitious voluntary efforts to deal with the needs
of the poor. It was a predictable response. Why continue to
contribute to a private program to
feed the hungry when the government is
spending billions of dollars on food stamps and
nutrition programs? Why continue the mutual insurance program of your fraternal organization once Social Security is in-
TIM PEACOCK
Instead of
bundles of
bureaucratic
benefits,
$10,000 a
year to use as
you wish.
stalled? Voluntary organizations continued

to thrive, but most of them turned to needs
less subject to crowding out by the federal
government.
This was a bad trade, in my view. Government agencies are the worst of all mechanisms for dealing
with human needs. They are necessarily bound by rules applied uniformly to people who have the same problems on paper but who will respond differently to different forms of
help. Whether religious or secular, nongovernmental organization are inherently better able to tailor their services to local conditions and individual cases.
Under my UBI plan, the entire bureaucratic apparatus of
government social workers would disappear, but Americans
would still possess their historic sympathy and social concern. And the wealth in private hands would be greater
than ever before. It is no pipe dream to imagine the restoration, on an unprecedented scale, of a great
American tradition of voluntary efforts to meet human
needs. It is how Americans,
left to themselves, have always
responded. Figuratively, and perhaps literally, it is in our DNA.
Regardless of what voluntary
agencies do (or fail to do), nobody
will starve in the streets. Everybody will know that, even if they cant find any job at all,
they can live a decent existence if they are cooperative
enough to pool their grants with one or two other people.
The social isolates who dont cooperate will also be getting their own monthly deposit of $833.
Some people will still behave irresponsibly and be in
need before that deposit arrives, but the UBI will radically
change the social framework
within which they seek help: Everybody will know that everybody else has an income
stream. It will be possible to
say to the irresponsible what
cant be said now: We wont let
you starve before you get your
next deposit, but its time for you
to get your act together. Dont try
to tell us youre helpless, because
we know you arent.
The known presence of an income
stream would transform a wide range of
social and personal interactions. The unemployed guy living with his
girlfriend will be told that he
has to start paying part of the
rent or move out, changing the dynamics of their relationship for the better. The
guy who does have a low-income job can think about marriage
differently if his new familys income will be at least $35,000
a year instead of just his own earned $15,000.
Or consider the unemployed young man who fathers a child.
Today, society is unable to make him shoulder responsibility.
Under a UBI, a judge could order part of his monthly grant to
be extracted for child support before he ever sees it. The lesson wouldnt be lost on his male friends.
Or consider teenage girls from poor neighborhoods who have friends turning 21. They watch
and learnas some of their older friends use
their new monthly income to rent their own
apartments, buy nice clothes or pay for tuition, while others have to use the money
to pay for diapers and baby food, still living with their mothers because they need
help with day care.
These are just a few possible scenarios, but multiply the effects of such interactions by the millions of times they would occur throughout the nation every day. The
availability of a guaranteed income wouldnt relieve individuals of responsibility for the consequences of their actions. It would instead, paradoxically, impose responsibilities that didnt
exist before, which would be a good thing.
Emphasizing the ways in which a UBI
would encourage people to make better
life choices still doesnt do justice to its
wider likely benefits. A powerful critique of
the current system is that the most disadvantaged people in America have no reason to
think that they can be anything else. They are poorly educated, without job skills, and live in neighborhoods where
prospects are bleak. Their quest for dignity and self-respect
often takes the form of trying to beat the system.
The more fortunate members of society may see such people as obstinately refusing to take advantage of the opportunities that exist. But when seen from the perspective of the man
who has never held a job or the woman who wants a stable
family life, those opportunities look fraudulent.
My version of a UBI would do nothing to stage-manage their
lives. In place of little bundles of benefits to be used as a bureaucracy specifies, they would get $10,000 a year to use as
they wish. It wouldnt be charityevery citizen who has turned 21 gets
the same thing, deposited monthly
into that most respectable of
possessions, a bank account.
A UBI would present the
most disadvantaged among
us with an open road to the
middle class if they put their
minds to it. It would say to
people who have never had
reason to believe it before:
Your future is in your
hands. And that would be
the truth.
A person
with known
resources
cant make
excuses.
* * * *
REVIEW
FROM TOP: TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL; COURTESY DEIRDRE MCCLOSKEY
Crossing
didnt feel
brave to me.
It was a relief.
When Donald
Became Deirdre
In making the transition
from male to female, it helps
to have a sense of humor
BY DEIRDRE N. MCCLOSKEY
WHATS IT LIKE to have been a man until age
53, in 1995, then to change?
Its like having been Russian-Austrian until
age 35 and then moving to the U.S. and becoming a Red Sox fan, as my Ph.D. supervisor did in
the 1940s. Or its like you at age 12 wanting to
be an adult, though not really knowing what
adulthood entails, and stumbling through adolescence trying to become one. In other words,
its like the other crossings that all of us do in
free societies (less often in unfree ones).
Female to male crossing is about as common
as male to female. Both are more common than
you might think, but it isnt going to change the
gender ratio. It doesnt hurt anyone, except
those who choose to be hurt: You fooled me,
they say, or Our marriage meant nothing, or
You violate natural law. In 1940, a Catholic
marrying a Protestant would hurt her family. In
1960, a white marrying a black was hurtful and
was prevented by Virginia law.
Unnatural: Its the conservatives version of
censored speech and trigger warnings (You offend me) at universities nowadays. At Grace
Church, where I pray, I therefore thank the Lord
fling in 1995 as Donald occasionally cross-dressing in public, I was driving back to Iowa City
from shopping in Des Moines, and I really, really needed to get to a bathroom. Really. No
bushes were at hand, only soybeans plowed under. As I drove into a rest area on Route 80, I
noted that a policeman had read me. I was
not then passable as a woman, and heads
turned if I walked down the street.
I waited, hoping the policeman would leave.
weekly for Oprah and the makers of the movie
Transamerica and Caitlyn Jenner, who have He too waited, hoping to catch me going into
the wrong bathroom. Eventually, natures call
taught a new majority not to be offended.
Yet some people remain hurt and angry, as overwhelmed my fear. I went in and came out,
and he rushed over. It being
you can see in todays Bathgentle Iowa, he didnt do
room Battle, the latest front
anything but shout at me.
in the ongoing Culture War.
Iowa allowed me to have
The big reason that I or any
an F for female on my
other woman goes into the
drivers license in 1995.
womens room is to find a
Most states now have overtoilet. Before I was able to
lawyered rules regulating
pass as a woman (thanks to
such things. Too bad. In
facial surgery and by work1995, it was left to common
ing at it), I was terrified evsense. The judge in Iowa
ery time. Yet I could hardly
City, who had seen it bego into a mens room in a
fore, said, Sure, why not?
dress. Imagine how offenGetting my passport
sive that would be to the
changed to an F was
men, provoking violence
tougher. In January 1996, I
from the worst of them.
THE AUTHOR, then Donald
wept over the phone to a
At an academic gathering
McCloskey, in 1994. At top,
woman at the New Hampat the Northwestern UniverDeirdre McCloskey at home
shire passport office. She
sity Law School many years
in Chicago this week.
relented and sent my passafter my transition, I was disport to arrive the day becussing an economic point intensely with a dear colleague while we were fore I was boarding a flight to go to Holland to
both on the way to the bathroom, and I walked teach for a year. So the State Department, at
absent-mindedly with him into the mens room. least unofficially, was cool with it.
A year later, I tried to get the authorities to
He looked at me inquiringly. I noted the urinals,
laughed with embarrassment and beat a retreat. change my degree from Harvard College class of
If you dont have a sense of humor, I suggest 64 to the then-womens college, Radcliffe. The
male dean I spoke to on the phone thought not.
that you give up your plan to cross.
It isnt always funny, of course. In my brief I whined, The U.S. State Department had no
AT LAST,
A SUPREME
COURT THAT
DOES LESS
PEP MONTSERRAT
BY CASS R. SUNSTEIN
MANY OBSERVERS, especially Democrats, have
deplored the fact that the Supreme Court is now
sitting with just eight justices, thanks to the
partisan standoff over replacing the late Antonin Scalia. But the current situation has had
an unexpected consequence: a significant increase in judicial minimalism and a big decrease in grand, far-reaching rulings. Both Democrats and Republicans should be celebrating
and hoping that the court continues to embrace
the minimalist approach to constitutional law
after the current vacancy is filled.
Chief Justice John Roberts has long championed what he calls the cardinal principle of judicial restraintif it is not necessary to decide
more, it is necessary not to decide more. That
simple principle contains two different ideas.
The first is that decisions should be narrow
rather than wide. If the court is asked to strike
down an affirmative-action program, it should
focus on that program, not on affirmative action
in general. This holds as well for abortion, national-security surveillance and presidential
powers: Decide the case at hand and leave other
problems for other occasions.
The second idea is that decisions should be
shallow rather than deep. In a free-speech case,
for example, minimalists believe that the court
should avoid the most controversial claims

about the foundations of liberty. Instead, it
should seek rulings that can command support
from people who have different views on the
deepest questions. The justices might agree that
the government may not regulate speech unless
it poses a clear and present danger, but that
view could be rooted in distrust of public officials, respect for human dignity or belief in the
marketplace of ideasand there is no need for
them to pick a preferred theoretical foundation.
Narrow and shallow rulings reflect one virtue
above all: humility. Minimalist judges know that
there is a lot that they dont know. Life is full of
surprises, and a far-reaching ruling might turn
out to be a big fat blunder. Equally important,
minimalist rulings have the advantage of keeping things open for debate, above all by We the
People. On issues such as gun control, religious
freedom and campaign finance, that is a major
benefit.
On the right and the left, of course, many
people favor big, heroic rulings. Seeing the justices as Jedi knights, restoring peace and justice
to the galaxy, they want them to strike down
Obamacare, restrictions on commercial advertising and affirmative-action programsor (from
the other side of the aisle) to create constitutional rights to decent housing and clean air and
to place new restrictions on the police.
Minimalist judges reject constitutional heroism in all its forms. If society is going to take
problem giving me an F
passport. With a smile
in his voice, he replied,
But Harvard is older
than the State Department! Ha ha.
At my 35th college
reunion, in 1999, the
first one I attended as
Deirdre, my classmates
were genial. A man who
ran a big fish wholesaling firm in Boston and
who had played on the
football team that I captained in high school
gave me a kiss on the
cheek. At my 50th reunion, a few years ago,
the women invited me
to stand with them for
the photo on the library
steps. Thank you, Oprah.
Professionally speaking, my crossing has
been a nonevent, although I suppose I
would be the last to
learn that someone had
blocked an offer at X
University because of
What He Did. In 1995, I
expected to be fired
from the University of
Iowa. I was willing to
accept that rather than
to remain a man, but it
didnt happen. To my
surprise, Ive been able
to go on professing and
writing and publishing
pretty much as before.
In early 1996, I was
standing around with a half-dozen other economists at tolerant Erasmus University in Holland, talking about economics, as economists
tend to do. I was the only woman. I made a
point. The men ignored it. Two minutes later,
George made the identical point. They all grew
excited: George, thats a great point! Youll get
it into the American Economic Review! A Nobel
cant be far behind!
I said to myself, Yes. Hurrah! Theyre
treating me like a woman! It was the first
and only time I have enjoyed that exasperating experience, well-known to every woman.
I am sometimes congratulated for bravery.
As an old friend once put it to me, I would
hide anywhere, at any expense, to avoid what
you are doing. But crossing didnt feel brave
to me. It was a relief. After four decades, I
didnt have to work so hard to hold together a
soul and a persona that were too far apart. A
few years ago, my priest gave a sermon about
the spiritual life as the bringing together of
the core of our being and its presentation to
others. It startled me with its truth and helped
me to see what had led me to become a Christian after my crossing.
But I was not a sad sack as a man. I loved my
wife and children, and still do. I loved watching
the Chicago Bears, loved the rough and tumble of
male joshing. When I was a guy, I was a guy: college fencer, tough-guy economist from Chicago.
The journalistic summary of a woman in
a mans body is not how I felt, not at all. But
from age 12, I knew that I wanted to cross,
just as other 12-year-olds knew that they
wanted to grow up.
Dr. McCloskey is distinguished professor emerita of economics, history, English and communication at the University of Illinois at Chicago.
Her many books include Crossing: A Memoir.
bold steps backward or forward, they think that

it should be because of democratic choices, not
judicial fiat.
Minimalism should be distinguished from a
different principle of judicial restraint, embraced by Justice Oliver Wendell Holmes, which
directs judges to allow the elected branches to
do whatever they like. In Holmess words: If the
people want to go to Hell, Ill help them. Its my
job. A sweeping decision allowing the states to
do as they wish on capital punishment might
please him, but it would be a form of maximalism. So too, a ruling that strikes down a law can
be minimalist, such as a decision invalidating a
particular gun-control law without pronouncing
about the right to bear arms in general.
Minimalism should also be distinguished
from another principle of restraint, embraced by
Justice Scalia, which insists that judges should
interpret the Constitution by reference to its
original meaning. A fan of broad rulings, Scalia
abhorred minimalism.
Which brings us to the current court. With
only eight members, it turns out to be hard to
assemble five votes for an ambitious ruling. And
with a vacancy, some of the justices probably
think that it is especially appropriate to avoid
sweeping pronouncements. So it seems to be a
uniquely propitious time for Chief Justice Roberts and his colleagues to embrace his principle
of restraint.
This terms minimalism might just be a blip,
but I have a prediction: The more the justices
practice minimalism, the more they are going to
like it. Consensus-seeking is habit-forming, because congeniality builds on itself. Dont be surprised if we continue to see more narrow, shallow rulingsand a reduced presence for the
Supreme Court in American life.
Mr. Sunstein is the Robert Walmsley University
Professor at Harvard Law School and the author of The World According to Star Wars.
* ***
REVIEW
WORD ON
THE STREET:
BEN ZIMMER
R&D: DANIEL AKST
The Productivity
Of Standing Up
Takedown:
454 Years of
Humiliation
Likely informed
by wrestling, it
joins a family of
rowdy nouns.
who claim to be misunderstood if their vanity gets a
takedown.
In American usage, takedown soon took on an array
of meanings, including a win
in gambling or a police arrest
involving physical restraint. In
wrestling and martial arts,
takedown came to refer to a
maneuver in which an opponent is swiftly brought down
to the ground from a standing
position. A 1939 report on
scoring in college wrestling
meets explained, for a takedown he [the wrestler] gets
two points.
The wrestling move has
likely informed more recent
uses of the word for rhetorical
slams. Notably, it joins a family of rowdy nouns derived
from phrasal verbs with
down in them, including
throwdown, beatdown and
smackdown. All of these
terms have moved from the
physical realm to more verbal
assaults. Throwdown, for instance, gained popularity in
hip-hop circles in the 1980s to
describe a particularly intense
performance in a freestyle rap
battle.
As for the recent surge in
takedowns, it is perhaps an
appropriate metaphor for our
times, as political confrontations begin to look more like
pro wrestling.
Once up,
we wiggle,
wobble,
pivot and
perch.
REBEKKA DUNLAP
IF THERE IS an online genre

of the moment, it just might
be the takedown.
Those who sympathize
with these withering critiques
of an opposing view often
share them appreciatively. In
the typically breathless style
of clickbait exhortations, such
critiques are often hyped as
epic.
These days, Donald Trump
is often the target. Thus we
see headlines like Elizabeth
Warren Lays Waste to Donald
Trump With This Epic Takedown, from the Huffington
Post, or Jake Tappers ProTruth Donald Trump Takedown Is a Shining Example of
the Journalism We Need,
from the womens website
Bustle.
While an epic takedown
sounds like a devastating attack that one could hardly survive, very oftenas is the case
with Mr. Trumpthe person
on the receiving end may not
even seem chastened by the
criticism.
The roots of the combative
word lie in the phrasal verb
take down, which has been
used since the 14th century
for the action of moving
something to a lower position. As early as 1562, according to the Oxford English Dictionary, take down could
also be used for humbling a
person or keeping someones
arrogance in check.
The humiliating sense has
sometimes appeared in longer
idiomatic phrases like take
down a peg or take down a
buttonhole. In Samuel Butlers
narrative poem Hudibras,
from 1664, a character boasts
of besting his opponents: We
still have worsted all your holy
tricks...and took your grandees
down a peg. While it is unclear what the peg originally
referred to, some think it was
an allusion to the pegs on a
ship used to raise and lower
flags, or to a peg-tankard.
Meant for group drinking, such
a tankard measured a persons
assigned portion by means of
a vertical row of pegs.
By the mid-19th century,
the noun takedown began to
get used for the act of humbling someone. An 1866 item
in the Monthly Packet, a British magazine, mocked those
WHEN EMPLOYEES STAND, they deliver.

That, at least, is the implication of a new
study of workers who sit all the time versus
those who use standing-capable desks.
Stand-up desks have been gaining popularity in recent years, but reports on their
benefits have been mixed, and much of the
focus has been on whether they help workers to be healthier and more comfortable.
Researchers at Texas A&M University now
report that, in their study, the workers were
indeed more comfortable, probably because
they were movingand that the standing
desks benefited their employers as well.
The researchers found that workers at a
call center who were given stand-capable
desksones that were either adjustable to
standing height or set to standing positionwere 46% more productive than
workers with traditional seated desks. This
was the case even though the workers at
these stand-capable
desks had less experience on the job.
Beginners luck
probably wasnt a
factor, the scientists
say, since the bulk of
the productivity
gains didnt set in
until the workers
second month at the
standing desks, and
all had been employed for at least 90 days.
The study covered 167 employees, divided into two groups: those with traditional seating and those whose desks promoted standing. The researchers
measured productivity by the number of
calls per hour in which a worker reached
a target client and went through a healthrelated script, including arranging a follow-up call.
The researchers attributed much of the
productivity gains to the greater physical
comfort reported by the workers at the
higher desks. Nearly three-quarters of those
workers said that they felt less discomfort
after using the desks for the six-month
study. The greater comfort was consistent
with prior research showing that standing
desks offer benefits to their usersby helping them burn more calories, for example,
or improving their concentration and other
mental powers.
Some earlier evidence has suggested that
workers with stand-capable desks dont actually spend much time standing. But the
Texas A&M researchers found that the callcenter workers with such desks really did
spend a lot more time on their feetan extra 1.6 hours a day compared with workers
using traditional desks. (The amount of
time spent standing was measured by wearable monitors.)
One of the scientists, Mark Benden, who
heads the universitys Ergonomics Center,
says that merely getting workers to stand
probably doesnt fully account for the
teams findings. As he puts it, statically
standing is not much better than statically
sitting. The key difference, he argues, is
that the standing-oriented desks get people
to move more: The standers wiggle, wobble, pivot, lean, perch, etc., which is crucial, he says, in todays age of technology
induced inactivity. Dr. Benden says that he
can foresee the day when a smartphone or
some other high-tech device, attuned to our
activities as well as our vital signs, will pick
a good time to nudge us to get up and move
around a little on the job.
Call Center Productivity Over 6
Months Following a Standing Desk Intervention, Gregory Garrett, Mark Benden,
Ranjana Mehta, Adam Pickens, Camille
Peres and Hongwei Zhao, IIE Transactions on Occupational Ergonomics and
Human Factors (May 24)
WILCZEKS UNIVERSE: FRANK WILCZEK
The Scientific Imagination

IN ONE of the most famous of his authentic
quotes, Albert Einstein said, Imagination is
more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the
entire world, and all there ever will be to
know and understand.
Other great theoretical physicists have
said related things about how they worked
or, as they put it, played. Richard Feynman
once said, The game I play is a very interesting one. Its imagination, in a tight straitjacket. (The straitjacket, he explained, is
that the things you imagine must agree with
physical reality.) His fellow Nobel laureate
Paul Dirac, when asked how he made his epochal discoveries, replied in a similar vein: I
like to play about with equations, just looking for beautiful mathematical
relations which maybe dont
have any physical meaning at
all. Sometimes they do. (Dirac
wore a looser straitjacket.)
This raises the interesting
question of whether imaginationspecifically, scientific
imaginationcan be taught. I
cant answer that definitively, but I can imagine some promising possibilities.
One way is to provide models. There are
many books that convey accurate scientific
knowledge, and many more for which scientific knowledge isnt the point. The sweet
spot between them is the place where important concepts are treated playfully.
Take Edwin Abbotts 1884 novel Flatland, which describes life from the point of
view of A Square, who lives in a two-dimensional plane. In one memorable scene, A
Square has a vision of Lineland, a one-dimensional realm. He views its limited creatures with pity (and a hint of condescension)
and tries to tell them about the greater
world outside. Far from welcoming these
humbling revelations, Linelands king tries to
have A Square killed.
The books high point comes when A
Sphere, which exists in three dimensions,
passes through Lineland. To Linelands inhabitants, the sphere looks like a sequence of
circles, suddenly appearing as an infinitesi-
mal point, which gradually expands to a maximum size before diminishing back to nothingness. This is another subversive
revelation, whose correct interpretation is
suppressed violently. A Squares adventures
appeal to our love of narrative, even as they
invite us to think through some very unfamiliar situations logically and imaginatively.
Another way to straddle the gap between
research and imagination is to empower experimentation. Take Sim City, a wildly popular computer game that confronts players
with semi-realistic problems in urban planning. Details matter: Youve got to keep people fed, traffic flowing and waste disposed of.
As you get more skillful, your cities become
more impressive. My friend Sidney Coleman,
a brilliant theoretical physicist, beamed when
he showed off his magnificent
Sim City and lovingly described
the difficulties he had overcome to create it. There are
many differences between designing mock-cities and designing machines, circuits, molecules, scientific instruments or
new laws of physics, but the
spirit of play and creativity is a big, common
and probably fungible element.
Einstein practiced what he preached. His
thought experiments were, famously, the
seeds from which his mighty theories grew:
riding on a light beam to expose the paradox
that necessitated special relativity, taking an
elevator to equate gravity with motion. During his period of peak creativity around
1905, he had a day job in Bern at the Swiss
Patent Office, where he imagined the consequences of other peoples thought experiments. He did it well and enjoyed the work
(though the opportunity costs were high,
and he jumped at the opportunity to devote
himself fully to research).
Einstein wasnt a religious believer in the
conventional sense, but he often expressed
himself quasi-theologically, using phrases
like, God does not play dice. Such remarks
reflect, I suspect, his lifelong habit of trying
to imagine how a divine being might order
the universeand then checking to see
whether our world works that way.
What draws
physicists to
Sim City.
PHOTO OF THE WEEK
Very Cool
In the Pool
A Humboldt
penguin
tried out its
new home
Friday at
the zoo in
Krakow,
Poland.
Amenities
include a
pool, a
pebble
beach and
artificial
rocks.
Answers to the News
Quiz on page C13:
1.B, 2.A, 3.A, 4.B, 5.B,
6.D, 7.C, 8.D, 9.C, 10.B
JACEK BEDNARCZYK/EUROPEAN PRESSPHOTO AGENCY
THE GLORIOUS BUSINESS SUIT C7 | ALAN FURST RETURNS C8 | THE CZECH LOCOMOTIVE C9 | BEST SELLERS C14
* * * *
BOOKS
The Fall and Rise of Iridium
about 485 miles, following a northsouth, transpolar trajectory. Some of

the insights into how these birds
could autonomously communicate
with one anotheran essential aspect
of the systems efficiency and robustnesswere derived from the Pentagons ambitious Star Wars Strategic
Defense Initiative program. As for the
name Iridium? That was chosen in
honor of the element with 77 electrons orbiting its nucleus. When the
system was scaled back slightly, just
prior to launch, to 66 satellites, the
name stuck. Dysprosium, which has
66 electrons, just didnt have the
same ring.
It may be difficult, nearly 20 years
after the fact, to understand the
Eccentric Orbits
By John Bloom
Atlantic Monthly, 537 pages, $27.50
BY JON GERTNER
A month after launch, the

ballyhooed company had
made more money selling
mugs and T-shirts than
handsets and service.
JONATHAN CARLSON
UNLESS YOU HAPPEN to be a sailor,

scientist or survivalist, theres probably only a middling chance that the
name Iridium rings a bell. But a decade and a half ago it was front-page
newsan ill-fated satellite-phone
company whose failure represented
one of the largest bankruptcies in
American history.
Launched in 1998, nearly a decade
before the iPhone hit the market, the
Iridium system was ballyhooed as a
technological marvel, which indeed it
was: Dozens of interlinked satellites,
launched into a low-earth elliptical
orbit, would offer coverage anywhere
on the globe to anyone who owned a
satellite-compatible handset. At a
time when cell phone usage stood at
only 300 million (the number is 7 billion today), Iridium promised to revolutionize mobile communications forever. It was among the most
expensive startups ever, costing more
than $5 billion to develop and deploya seeming testament to its unbounded potential. As one of the early
engineers on the project likewise
pointed out, Iridium signaled the first
time since Gods acts of original creation that anyone had put a new constellation in the sky.
We shouldnt smirk at that. Iridiums innovative logic had a powerful
resonance. As John Bloom explains in
Eccentric Orbits, his engaging and
ambitious retelling of the Iridium
saga, this was arguably the first
one-world company, offering a oneworld service, that was truly blind to
nationalities. Mr. Blooms book sets
out to tell the story of Iridiums rise
and fall. Along the way, it attempts
to unravel the complicated question
of how risky new technologies can
fail in the near term but succeed in
the long run.
The business was hatched in the
early 1990s by Motorola, then one of
the worlds premier electronics companies, and was guided by a fairly

simple idea: Why not avoid the massive costs of cell-tower construction
and cables and simply put cell towers
in the sky?
The rationale was that a network
of satellites could provide a cheaper
infrastructure than a sprawling, landbased system. This may be arguable,
but just as alluring was the notion
that a space-based system could allow

for calls from anywherethe middle
of the Atlantic, the tip of the Antarctic Peninsula, the remote reaches of
the most hostile and depopulated deserts. The network could even, in
theory, provide pilots and air passengers with excellent coverage.
If properly deployed, it was
thought, Iridium might also finally
address one of the most vexing prob-
lems of the early mobile era: the Babel of competing analog and digital
cellular technologies that made life
especially challenging for global travelers. Iridiumone world, one
phonewould solve that problem.
The original Iridium system, designed mainly by engineers in Motorolas Chandler Labs in Arizona, used a
network of 77 satellites moving
around the earth at an altitude of
breathless press coverage that attended the ramp-up of the Iridium deployment. (Globalstar, another satellite phone system, was also moving
into the market.) At the time, there
was a sense that the sat-phone business would prove both technologically
revolutionary and immensely profitable. Most countries in the developed
world joined the Iridium businessin
some cases by marketing service
plans and in others by investing in the
company or constructing gateway
centers to manage calls and satellites.
According to Mr. Bloom, a study conducted before the Iridium launch predicted that the phones would be adopted universally by the upscale
traveler. Whats more, Iridium looked
to have huge potential in the Third
World, where the cost of cell towers
would otherwise be prohibitive.
You can almost imagine the executives standing by their whiteboards,
circa 1997, shouting win-win. But if
Please turn to page C6
Loose Cannon on Deck

By Thomas Alexander Hughes
Harvard, 483 pages, $35
BY JAMES D. HORNFISCHER
AS A COMBAT commander, experienced airman, and morale booster,
the historian Gordon W. Prange wrote,
Halsey was a task force in himself.
No doubt Adm. William F. Bull
Halsey Jr. contained a multitude. It
may have been the source of his galvanizing but discordant quality of
leadership. When he went into battle,
anything could happen and did. Stirring victories were won. Fleets came
to grief in storms and made history
bloodily against needlessly long odds.
When Halsey was calling the shots,
war could seem like a high-stakes
game of chance in which warships
were steel balls bouncing among
pockets in a great spinning wheel.
After Pearl Harbor, when crisis
called for his accelerative will to fight,
Halsey led U.S. aircraft carriers on a
series of small but electrifying raids.
Poor health sidelined him from the
signature U.S. naval victory at Midway. But when the South Pacific offensive faltered in October 1942, Adm.
Chester Nimitz turned to Halsey.
By the time that fitful slog ended
at the sea approaches to Rabaul in
late 1943, he had flashed brilliance
enough to become famous and also
seemed to reach the limit of his competence. Taking command of the principal U.S. combat fleet the following
summer, he produced blunders that
could have made the Western Pacific
his personal Waterloo. But by then no
mistake that the celebrity admiral
might make in a war whose complexity had outgrown his talents would
ever fully dim his star. He was spared
a sacking and promoted instead.
This is the familiar narrative that
Thomas Alexander Hughes, an Air
Force historian, sets out to improve
upon in his smartly written Admiral
Bill Halsey: A Naval Life. Who was
the real Bill Halsey behind the blus-
ter and controversy? The story of

his journey from Navy junior to warrior to idol and to earth again is well
told in this fine study, which deserves to supplant E.B. Potters 21year-old Bull Halsey as the standard life of its subject.
When Halsey was born in the home
of his grandparents in Elizabeth, N.J.,
in 1882, his father, a naval officer, was
away on a Pacific cruise. The namesakes would not meet for another
three years. The U.S. Navy raised Bill
Halsey, Mr. Hughes writes, because it
had to. When the future admiral was
8, Halsey Sr. moved the family to Annapolis as he began teaching at the
Naval Academy, and the boundaries of
Halseys life were forever set.
Off Samar, Halsey took

his entire task force out
of position to chase a
Japanese decoy force.
Entering the Naval Academy in
1900, Midshipman Halsey showed
meager academic aptitude, but strong
marks in seamanship and efficiency
redeemed him. Soon after he graduated, the Navy demonstrated its reach
with the round-the-world journey of
the Great White Fleet. By the time
Theodore Roosevelts dreadnoughts
returned to Hampton Roads, Va., in
1909, Halsey had made a name as a
sailors officer, sparing with the lash.
Halsey served in destroyers under
William Sims, whose flotilla was a
seaborne laboratory for the study of
command, leadership and doctrine.
As Mr. Hughes tells it, Halseys time
as a tin can sailor shaped his temperament forever. The culture of the
destroyer fleet was hell for leather,
populated by risk takers and derringdoers. In these early years Halsey suffered from high anxiety and a tendency toward depression. A panic
attack cost him command of a destroyer in January 1915 and would
have ended his career but for the help
of a friend of his father, who nursed itz claimed that there was nothing
wrong with Halseys health. Halsey,
him back to service.
In 1922, dispatched to Berlin to meanwhile, tapped his friend Rayserve as an attach, Halsey showed mond Spruance as his replacement.
little interest in the designs of the After Spruance, a battleship man,
Nazi Partys new leader or in report- managed the great carrier victory at
ing on developments in the German Midway, the lost opportunity haunted
military. Halsey lacked the educa- Halsey for the rest of his days.
Halseys fragility makes his victotional and intellectual discipline, the
author writes, for discriminating rious tour as theater commander in
judgments about which advances the South Pacific all the more notawere consequential and which were ble. That story fills the better part of
not, except for aviation, which he the book. The author excels at showvetted with interest.
The rise of seaborne
air forces would set up
Halsey for the heyday
of his career. In January 1927 he took command of a vessel stationed in Annapolis as
an administrative office. It was soon used
to house the Naval
Academys new detachment of aviators. Here,
and later at Pensacola,
where he earned his
pilots wings at the advanced age of 52,
Halsey (though a
clumsy flier himself)
befriended men who
would become squadron leaders in the war.
The
opportunity
changed my whole career, he said. Though
Mr. Hughes sees in SITTING BULL Halsey at sea in April 1945.
Halsey more brains
than he is credited for, Halsey would ing how Halsey managed the double
make his name with his guts, leading squeeze of serving between Douglas
MacArthurs and Nimitzs theaters. It
warships at sea.
When the Pacific war began, Halsey was a grind. In the upper Solomon Isseemed a living antidote to the Navys lands, a whole Army division was
sclerotic peacetime culture. He led rendered ineffective by psychic
carrier strikes in February 1942 trauma, and Halseys corps comagainst Japans Central Pacific out- mander at Bougainville leapt from his
posts and delivered Jimmy Doolittles bedroom window the day after
air raid on Tokyo. With such experi- Halsey fired him. (E.B. Potter reence, Halsey was just the man to stage peated the official tale that his suithe ambush at Midway in June 1942. cide was an accident.) Halsey made
But his anxiety returned, yielding a mistakesthe New Georgia campaign
case of shingles that forced Nimitz to was among the worst-managed Alsequester him secretly in a Richmond lied affairs of the entire war, the auhospital. To save Halseys career, Nim- thor writesbut Halseys style of
leadership by walking around, was

important at a critical time.
After the capture of Bougainville,
Halsey returned to Hawaii to alternate
with Spruance in command of the
fleet. It was here that the running of
the Bull began. Halsey began to understand the power of his celebrity,
delivering profane soliloquies on demand to the delight of the press.
Spruance saw danger in this bombast.
Should he get to identifying himself
with the figure as publicized, he said
in early 1945, he
may
subconsciously
start
thinking in terms
of what this reputation calls for,
rather than of
how best to meet
the problem confronting him.
This syndrome
plagued Halsey in
the Leyte Gulf
campaign, begun
in October 1944.
After MacArthurs
return to the Philippines, Halsey
realized
Spruances fears about
tending to the
needs of his ego,
taking his entire
task force out of
position to chase
a Japanese decoy
force while another enemy squadron bore down on
the beachhead. A thousand sailors
from the Seventh Fleet paid with their
lives in the Battle off Samar.
In December, he led the fleet into a
typhoon that sank three destroyers
and killed 700 men. He did it again in
June 1945, steaming into monster
swells that damaged 33 ships. The
first board of inquiry, composed of
Halsey cronies, gave him a pass. The
second recommended that he be relieved of duty. This went all the way
to the White House, where Harry Truman told his secretary of the Navy,
Please turn to page C6
BETTMANN/GETTY IMAGES
Admiral Bill Halsey
* ***
BOOKS
It is closing time in the gardens of the West and from now on an artist will be judged only by the resonance of his solitude or the quality of his despair. Cyril Connolly
Germany Year Zero

The Bitter Taste of Victory
By Lara Feigel
Bloomsbury, 443 pages, $32
RUINED A homeless woman

in Cologne, 1945.
WHAT SORT OF PERSON would voluntarily travel to Germany in 1944?

As it turns out, thrill seekers, competitive journalists, and exiled German
artists and writers.
Ernest Hemingway and Martha
GellhornHemingways third wife
and an enterprising war correspondentfollowed the Allied armies into
the heart of Nazi Germany in the autumn of 1944. That same year, Marlene Dietrich traveled to Europe to
sing for the USO. She also entertained
Hemingway: At one point she found
herself in Paris, serenading the writer
in his bathroom while he shaved.
By 1946, Hemingway was back in
Cuba. But Gellhorn, increasingly estranged from her husband, remained.
She would soon strike up an intense if
short-lived affair with U.S. Gen. James
Gavin. He also happened to be bedding Dietrich at the same time.
These are just a few of the colorful
scenes painted by Lara Feigel, a professor of English at Kings College
London, in The Bitter Taste of Victory. The book tells the story of Nazi
Germanys defeat and its aftermath
through the eyes of 20 artists and intellectuals from the U.S. and Great
Britain, most of them German exiles.
Her narrative is a fine balance of political insights, cultural observations
and tabloid fodder. Many of these luminaries, she argues, came to the demolished country to help it rebuild,
but in the end they were changed far
more by Germany than Germany was
changed by them.
Ms. Feigel powerfully describes the
destruction and suffering that these
Americans and Brits confronted. In
Aachen, the first German city to be
conquered by the Allies in October
1944, only 14,000 of the prewar population of 160,000 remained. In Cologne, the city cathedral alone remained standing in a sea of rubble. It
no longer felt like a city, wrote Gellhorn in March 1945, but rather like
one of the great morgues of the
world. The British writer Alan Ross
described the barefooted children of
Hamburg, showing, like tickets, their
dirty and disfigured limbs.
But with the liberation of concentration camps in April 1945, the
mood shifted dramatically. Even
though many had already heard of
the mass murders that took place at
camps like Auschwitz and Treblinka,
the images in newsreels and newspapers had a visceral, immediate impact. Gellhorn wrote in a letter to a
friend about how it transformed her:
It is as if I walked into Dachau and
there fell over a cliff and suffered a
lifelong concussion, without recognising it. At the same time, she and
THE LIFE PICTURE COLLECTION
BY GERALD STEINACHER
others felt angry and ashamed that

the U.S. had done so little so late to
save Europes Jews. The many private letters that Ms. Feigel cites
prove to be particularly effective in
capturing the artists feelings and the
mentality of the time.
She also skillfully represents the
predicament faced by these figures
and indeed by the civilized world.
What could be done? Who was
guilty? And how should the perpetrators be punished?
Initially, many believed in some
form of collective guilt. German-born
Dietrich insisted that her former
countrymen, in the ruin and privation
of defeat, had got what they deserved.
Austro-American film director Billy
Wilder, who had to flee Nazi Europe
because of his Jewish ancestry, was
even more outspoken: They burned
most of my family in their damned
ovens! I hope they burn in hell!
The official Allied view was that
war-crime trials like Nuremberg, new
laws banning the Nazi Party and reeducation could democratize German
societyand exiled intellectuals were
expected to contribute to this denazification process. Some, like
Thomas Mann, Stephen Spender and
British filmmaker Humphrey Jennings, were optimistic. If we can find
ten good Germans, Spender wrote,
we can save the spiritual life of Germany. Manns son Klaus, who had
been stripped of German citizenship
by the Nazis because of his anti-Hitler
activities, homosexuality and Jewish
ancestry, idealized a vision of a new
united Europe, underpinned by a
shared artistic heritage that would allow nationalism to be replaced by a
common consciousness of collective
humanity, as Ms. Feigel puts it.
Cologne felt like one of

the great morgues of the
world, Martha Gellhorn
wrote in March 1945.
But they were soon frustrated by
the denial and lack of remorse expressed by most of the Germans they
encountered. Nobody admitted their
former Nazi ties and instead claimed
that they too were victims of war,
held hostage by a criminal Nazi gang.
Some artists and intellectuals focused less on bringing about cultural
changes than on alleviating the suffering of the German people. In their
view, humanitarianism was a better
path to restoring peace in Germany
and Europe. These intellectuals, like
British publisher Victor Gollancz,

German-American author Carl Zuckmayer and Swedish novelist Stig
Dagerman, were particularly appalled by the refugee crisis, with
millions of displaced Germans aimlessly walking through the devastated countryside or spending years
in refugee camps. In 1945, Gollancz
began an initiative, Save Europe
Now, with the modest goal of reducing hunger and alleviating the
misery of the German people. His efforts were supported by many U.S.
citizens, and he was able to raise
substantial funds for food aid.
Ms. Feigel also tackles the controversial distinction between Germans
and Nazis. This distinction was the
underlining theme in Zuckmayers
1946 play The Devils General. The
play, a great success on German
stages, tells the story of an officer in
the Nazi air force who managed to remain a decent person. This theme fit
well the new mentality of the early
Cold War, when (West) Germans
turned from Americas enemies to its
allies in the new fight against communism. Notions of collective guilt and
punishment were now completely rejected. Billy Wilders 1948 film about
postwar Germany, A Foreign Affair,
with Dietrich in the role of an ex-Nazi
singer involved in a love triangle with
an American officer, who is torn between her and a U.S. congresswoman,
depicted Germans as unrepentant and
servile and Americans as superficial
and of low morale. But this no longer
fit the zeitgeist.
In the end, the long expected return home proved tragically disappointing. In the words of Zuckmayer,
exile turned out to be the journey of
no return. The great initial hopes for
a better Germany and a better humanity turned into disillusionment.
Soon German culture was flourishing
again, but it was about entertainment,
not reflection. And some of the countrys best talent never returned.
Thomas Mann would give up Germany for good, moving to Switzerland
in 1952. Dietrich, Wilder and Arendt
returned to the U.S., still nostalgic for
the lost land of their youth.
The 1960s saw the undealt-with
Nazi legacy resurfaceand, with it,
the renaissance of the exiled intellectuals of the 1940s. Thomas Manns
legacy, particularly his view that all
Germans had been tainted by National
Socialism, became a guidepost of the
1968 generation. It might have taken
much longer than many of the artists
and intellectuals in Ms. Feigels book
had hoped, but the Holocaust and
World War II were eventually internalized, and Germany today is one of
the most prosperous and stable democracies in the world.
Mr. Steinacher, an associate professor of history at the University
of Nebraska-Lincoln, is the author
of Nazis on the Run: How Hitlers
Henchmen Fled Justice.
The Rise and Fall of Iridium

Continued from page C5
you looked a bit closer, you could see
that the assumptions supporting the
Iridium business were quite shaky. We
tend to forget that one of the big innovations of the early cellular-phone
era was not the technology itself but
the pricing plansin essence, the
marketing. These made expensive
phones affordable to almost anyone
and helped the networks expand
quickly. Not only were Iridium handsets extremely costly, at around
$3,000, but the pricing plans often
left users with bills well in excess of
$3 per minute. Even worse, Mr. Bloom
explains, Iridium couldnt really reduce its prices, because Motorola had
structured the business so as to ensure that large, mandatory payments
($140 million per quarter in perpetuity for operations and maintenance)
would go directly from Iridium to Motorola. In Mr. Blooms words, the situation was akin to the parent that
eats its child. And it meant that Iridium was in financial straits before it
even connected its first caller.
Ed Staiano, Iridiums hard-driving
chief executive, who Mr. Bloom indelibly describes lifting weights on his
Gulfstream jet as he negotiates agreements with service providers around
the globe, soon begins to realize that
Iridium will need a million customers
in the first year just to break even. It
turns out that the company cant even
come close. On launch day, Iridium
executives monitor the networks
dashboard and suffer a shock: Nobody
is using the system, except for a few
test callers. A month later, the com-
pany has made more money from selling mugs, keychains and T-shirts than
handsets and service. A few months
after that, the Iridium tally stands at
3,637 paying customers. Bankruptcy
looms on the near horizon. So much
for the grand constellations of man.
Its worth noting that Mr. Bloom
spends only about a third of the book
on the failure of Iridiums launch. The
bulk of the story actually surrounds
the scrappy efforts of Dan Colussya
retired airline executiveto save the
companys technology from total destruction. By 2000, Motorola was
poised to de-orbit the bankrupt
Iridium system to save money; at that
point, the companys engineers were
putting the finishing touches on suicide software that could bring the
satellites down from their lofty
perches so that they would burn up
upon re-entry.
As the clock ticks, Mr. Colussy, the
hero in Mr. Blooms telling, cobbles
together an unlikely team of investors
and a few hundred million dollars.
With the support of a group of government technocrats and Pentagon officialsall of whom have become convinced that the Iridium system is
potentially useful for the miliary and
too valuable to destroyhe eventually
succeeds in doing what Motorola
could not: creating a satellite phone
system with both a functioning technology and a viable business strategy.
What Mr. Colussy can see is that the
Iridium system will never work for
the mass market, especially after the
worlds cellular providers develop international standards to allow callers
to use their phones for global travel.

Iridium, as Mr. Colussy perceives it, is
for soldiers, deep-sea fishermen, first
responders and field scientists. Or as
Mr. Bloom tells us: It was a tool, not
a toy, and it was made to be used in
the harshest of working conditions.
The Iridium market was any place in
the world where your phone was the
only phone. With Iridium freed by
the bankruptcy process from its burdensome capital costsnot to men-
Iridium got the market

wrong, not the technology.
Today soldiers, scientists
and many others rely on it.
tion its onerous debts to Motorola
Mr. Colussy begins to demonstrate
over the ensuing decade that the
company didnt get the technology
wrong. It got the market wrong.
Eccentric Orbits is maximalist
nonfiction, 500 pages of deep reporting put forward with epic intentions.
In many respects, this is the great
strength of the booka panoramic
narrative, laced with fine filigree details, that makes for a story that soars
and jumps and dives and digresses,
often quite pleasurably. We get fascinating histories of Motorola and its
executives; we witness rocket
launches for the Iridium satellites,
which lead Mr. Bloom to the dusty
and remote Baikonur Cosmodrome in
Kazakhstan and to the top-secret Tai-
yuan Satellite Launch Center in

Chinas Shanxi Province. Most crucially, we sit in on meetings with top
Pentagon generals and White House
officials as they debate the fate of
Iridium. By the end, we come to understand more than just a new phone
technology; we grasp the tenebrous
relationships between obscure players
in the aerospace industry, the U.S.
military and Beltway politicians.
The books details can be positively
exhausting, too. In his quest to get
the Iridium story down for posterity,
Mr. Bloom gives us too many characters, too much minutiae and often a
numbing, real-time recitation of details on Iridiums fight for radio spectrum or (later) its bankruptcy proceedings. In some places the books
excesses will make it too technologically involved for the business reader
but too financially daunting for the
tech reader. I have nothing against
convertible debt; its just hard to
transform it into dramatic action.
But no reader should be dissuaded
from pushing through to the end. As
imperfect as Eccentric Orbits may
be, this big, gutsy, exciting book
takes an obscure chapter from recent
technological history, explores its
implications from all directions, and
asks us not only to enjoy the messy
drama of how a new idea becomes a
dazzling reality but to understand
why innovators make very human
mistakes along the way.
Mr. Gertner is the author of The
Idea Factory: Bell Labs and the
Great Age of American Innovation.
Bull
Halsey
Continued from page C5
James Forrestal: Youd better not do
it. The publicity would be terrible.
It remains challenging to square
the authors notion that Halsey was
essentially cautious with the idea
that his carelessness at Leyte was
nearly preordained. It fit his character. Mr. Hughess point is that naval
doctrine required commanders to
keep their forces concentrated and
that in rushing north after a decoy
with everything he had, Halsey was
merely doing things by the book. Yet
it seems indisputable that his lust to
sink carriers was so great that he
simply couldnt help himself. If he
were a fundamentally cautious man
purposely employing the professional skill of being daring, he
would have conducted himself differently. Bill always struggled with his
alter ego, the Bull.
Mr. Hughes is an entertaining
writer and an incisive observer,
though he may irk navalists by repeatedly calling warships boats. He also
has a tendency to take Halseys side in
controversies to the point of error.
For instance, Raymond Spruance
never admitted, as the author says he
did, that he had erred in not pursuing
the Japanese fleet in the Battle of the
Philippine Sea, a decision he always
defended with backing from Nimitz
and his boss, Adm. Ernest King. At
Leyte Gulf, Halseys mandate to prioritize the destruction of the enemy
navy came not from King or Nimitz as
a corrective to Spruances prior caution, as the author claims, but from
Halseys own lobbying. Though Mr.
When the historian

Samuel Eliot Morison
criticized his command,
Halsey attacked him.
Hughes writes that King and Nimitz
vowed never to let a similar opportunity slip, it was Halsey who did the
vowing. The author rightly dings Nimitz for approving the orders that enabled the blunder.
When the time came for Truman to
bestow the last of the promotions to
five-star rank that Congress made
available in 1945, his choice came
down to Halsey or Spruance. The
president honored Halsey for his performance as theater commander in
the South Pacific, a responsibility that
Spruance never held. Spruance handled Halseys ascendancy with grace.
After the war, Halsey showed little of
it. When the naval historian Samuel
Eliot Morison criticized him over
Leyte Gulf, Halsey tried to discredit
him. The box-office failure of the
Halsey biopic, The Gallant Hours
(1960), featuring James Cagney in the
leading role, might be seen as just
deserts after Halsey revoked his coauthors contractual share of the proceeds from the 1947 memoir on which
it was based.
Unlike the other five-star officers
of the period, Halsey cashed in with
lucrative corporate board positions.
His memoir, defensive and snarky,
only intensified the controversy that
hurt his reputation. In it, he carried on
as Spruance might have predicted,
fabricating for himself a colorful
phony lineage: seafarers and adventurers, big, violent men, impatient of
the law, and prone to strong drink and
strong language. Bull indeed. As Mr.
Hughes shows, Halseys forebears
were a tame and proper lot, except his
father, whose alcoholism was a source
not of adventure but diminution. As
for Halsey Jr., in spite of declarations
that I do not trust a fighting man
who does not smoke or drink, a believable witness called him a bit of a
faker with a drink in his hand, which
he nursed with an almost professional
skill. The portrait of Halseys private
life is sad indeed. His wife, Francis,
suffered grievously with schizophrenia
all the years Halsey was at sea.
But the public always seemed
happy with the fantasy of the Bull.
Halsey resented it to the day he died
in 1959. His chagrin was artfully suggested by Ward Costellos haunting
chorale during the opening credits of
The Gallant Hours: I knew a lad
who went to sea and left the shore behind him / I knew him well, the lad
was me, and now I cannot find him.
Mr. Hughes has conducted a longrange reconnaissance into the archives and returned with a thoughtprovoking sighting report.
Mr. Hornfischers The Fleet at
Flood Tide: America at Total War in
the Pacific, 1944-1945, will be published in November.
* * * *
BOOKS
The boor covers himself, the rich man or the fool adorns himself, and the elegant man gets dressed. Honor de Balzac
A Garment Born of War

The Suit
By Christopher Breward
Reaktion, 240 pages, $27
THIS DAY THE KING begins to put on

his vest, and I did see several persons
of the House of Lords, and Commons
too, great courtiers, who are in itbeing a long cassock close to the body, of
black cloth and pinked with white silk
under it, and a coat over it, and the
legs ruffled with black ribbon like a pigeons legand upon the whole, I wish
the King may keep it, for it is a very
fine and handsome garment.
So wrote Samuel Pepys in his diary
on Oct. 15, 1666, marking the moment
when the finery of the old order was
ousted by a more sober uniform: the
suit. The word derives from the
French suite, meaning following, and
refers to the fact that the jacket and
trousers are of the same cloth. The
suits adoption by Charles II three and
a half centuries ago reflected the
changing nature of the English state
and the rise of commercial values. It
also, writes Christopher Breward in
The Suit: Form, Function and Style,
had a leveling effect, achieving an unprecedented and welcomed uniformity
among elite and middling civilian
ranks. Yet, paradoxically, its modern
descendant through cut, silhouette
and fabric marks its wearer as surely
as any ancient livery ever did.
Mr. Breward, a cultural historian at
the University of Edinburgh, expertly
shows how the adoption of the suit
was a manifestation of societal change
as the great European wars of the
17th and 18th centuries morphed into
the Industrial Revolution and thereon
into the modern democratic world. Indeed, it would be hard to name another facet of our modern culture that
has so effortlessly and variously expressed the cross-purposes of, say,
Baudelaire, Le Corbusier and Mao Zedong. The suit is the perfect signifier,
and as Mr. Breward shows, it carries
all the noble, artistic, economic and
perverse impulses of our culture. His
account of Vesta Tilley, a cross-dressing London music-hall star at the turn
of the 20th century who was always
turned out in the finest Bond Street
kit, shows how in an era that saw
women entering the professional
ranks and a liberalization of sexual
mores, the suit could be both a symbol of social standing and an awakening of the bourgeois subconscious.
MUSEUM ASSOCIATES / LACMA
BY R. CLAYTON TOMPKINS
WELL-SUITED An English suit ca. 1770, cut in a dandyish Continental style called the Macaroni; a British officers uniform, ca. 1799; a casual English suit,
ca. 1860, with the jacket still cut in frock coat style; a three-piece lounge suit made by F. Lohrmann in 1911; a double-breasted suit by Giorgio Armani, ca. 1989.
All are featured in Reigning Men: Fashion in Menswear, 1715-2015 (Prestel, 270 pages, $55), the catalog of an exhibition on view at LACMA until Aug. 21.
As the Industrial Revolution drew
men from the fields into cities, tailors and their clients, Mr. Breward
writes, worked hard to identify an
appropriate costume for the new professions thrown up by empire, industry and commerce, one that communicated an appropriate sense of respectability and responsibility. The
morning suit was adapted to express
the serious nature of commerce at the
beginning of the Victorian era. By the
1880s, that mood had lightened, and
what is commonly known as the
lounge suit took the place of frock
coats and morning dress. The color
black was solely relegated to formal
wear and funerals and replaced by
suits of light and dark gray and of
navy, with or without patterns. The
lounge suits neat smartness, Mr.
Breward notes, enjoyed a much longer historical trajectory, bequeathing
subsequent generations the ubiquitous business suit of today. The final
iterations, single- and double-breasted
It is a garment born of war. As firearms came to dominate the battlefield

in the 17th century, armies needed better training and closer cooperation to
maneuver. With professionalism came
the hierarchical uniform. The outfitting of thousands of men for combat,
Mr. Breward suggests, offered a template for civil society in general and
for concepts of respectable, fashionable and modern masculinity in particular. The ubiquity of uniforms in the
18th centuryand the fact that they
were paid for partly out of soldiers
wagesencouraged those discharged
to incorporate them into everyday
dress. An echo of this adaptation of
military style to civilian garb can be
seen today in our double-breasted
jackets, sleeve buttons and cravats.
And military styles become fashionable, too. Decades after the conclusion
of the Seven Years War (1756-63), for
example, the dandy Beau Brummell
made fashionable the tasseled Hessian
boot worn by Prussian soldiers.
jackets drawing further inspiration

from uniforms and from hunting
coats, were settled in the 1930s. It is
at this point that the tailor ceased to
be a mere craftsman and began to as-
The modern suit through

cut, silhouette and fabric
marks its wearer as surely
as any ancient livery.
sume the mantle of arbiter, a role that
we take for granted today in the work
of Giorgio Armani, Luca Rubinacci,
Ralph Lauren and others.
In the hands of Oscar Wilde, who
traveled the U.S. on a speaking tour in
1882 dressed in velvet breeches with
stockings and pumps and fur-trimmed
coats, the suit became an aspect of publicity. Whether taking the form of Cab
Calloways zoot suit, the 1960s hippy
expressions of the London boutique

Granny Takes a Trip, the Tommy Nutter
number (wide shoulders, wider lapels)
worn by Mick Jagger for his first wedding, the Conduit Cut (soft shoulders
and a full chest) that Anthony Sinclair
created for James Bond or Thom
Brownes contemporary take with its
short jacket and high-water trousers,
the garment invests its wearer with elegance and creativityand individuality.
Christopher Brewards celebration
of the suit through history is particularly worthy of attention now that
business leaders like Mark Zuckerberg, Satya Nadella and Tim Cook are
choosing to express their authority
through complete informality. A business uniform born on the battlefield is
being replaced by one out of the
skateboard park.
Mr. Tompkins is the vice president
of client development at Inverness
Counsel, a registered investment
adviser in New York City.
How Old Media Got Rolling

By Alexander Monro
Knopf, 362 pages, $30
BY HOWARD W. FRENCH
THE TRICK of the book about a single
commodity is to go from the narrow
focus on the nominal topic at hand to
a sweeping portrait of how it transformed an era, oreven betterhow
it exercised an unsuspected influence
on the deeply hidden machinery of society or global culture. This feat has
been pulled off to varying degrees of
success in books about sugar, salt,
cotton, coffee and, a bit less obviously,
codso much so that the genre itself
has come to feel a bit like a clich.
Fortunately, that didnt stop Alexander Monro from undertaking the
latest installment in this unofficial
series with The Paper Trail. In it,
he traces the history of paper from
its dim origins in China roughly
2,200 years ago through its gradual
emergence as the most indispensable global medium of communication for the last half millennium. Paper is still kicking, but its position
has suddenly become precarious,
thanks to another revolutionary medium, this one digital.
Mr. Monro, to his credit, doesnt
come by his arguments crudely. By
the end of his book there can be little
doubt that he believes that of the
items that have transformed civilization, paper and its offspring, bound
books, sit near the top of the pile of
humanitys greatest inventions.
He begins his account with the
early history of writing in China.
True to his roots as a Sinologist, one
gets more than passing depth on the
countrys early political culture, the
rise of Chinas competing indigenous
religious doctrines, Confucianism
and Daoism, and episodes of military
and political history, such as the fa-
mous burning of libraries by the tyrannical third-century-B.C. Qin Dynasty emperor.

Mr. Monro tells us that the first
known reference to paper dates to 217
B.C., when it appears to have been
used in a folk cure. If a mans hair
without reason stands erect like
worms, whiskers or eyebrows, he will
have encountered a bad spirit. To resolve this, boil a hemp shoe with paper, and the evil will be dismissed,
reads the reference, written on bamboo and excavated from a cave in 1975
in central China.
Buddhism eschewed elitism and

aimed straight for the masses, many
of whom were illiterate and adopted
sutras copied out on paper as talismans. During the second and third
centuries, a Buddhist clergy began to
flourish in China and monks busied
themselves frantically translating and
publishing scripture on paper, which
was cheaper, easier to write on and
less bulky than bamboo.
ichaeism, and of course Judaism and

Christianity, which used it to create
portable versions of their holy texts.
Papers importance in the Middle
East reached its apogee with the 7thcentury rise of Islam; together the
two spread with unprecedented
speed, as paper facilitated the reproduction of the Koran and the diffusion
of Muslim law and thought.
Through conquest and conversion,
By the sixth century, private collections of Buddhist writings

dwarfed collections of the Confucian
classics. What this foreign religion
might have never achieved in China
on bamboo, wood or stone alone
namely, a broad market of readerbuyershad, thanks to the rise of
paper, been delivered.
By the last third of the book, Mr.
Monros focus finally begins to shift
westwardnot to Europe, which
wouldnt experience the paper revolution for centuries, but to Central Asia,
which adopted paper in the aftermath
of battles with Tang Dynasty China.
The story that picks up gradually in
the Middle East, like the early history
of paper in China, is very much a tale
of religions, including Nestorian, Man-
within decades of the death of Muhammad Islam ruled a swath of the

world that stretched from Chinas
doorsteps to North Africa and the Iberian Peninsula. Mr. Monro gives a
generous account of the startling intellectual achievements made during
this era of Islamic preeminence, from
astronomy and mathematics to geography and medicine, all possible because of paper. The rich scholastic environment in the Islamic world, which
often drew strength from Greek classics and Hindu sources, is even more
impressive when compared with the
contemporaneous stagnation of Europe. As late as the 14th century, the
Vatican Library held only 2,000 volumes (private book ownership in Europe was banned). Meantime, librar-
Papers triumph over

other media in China was
secured by an explosion
of Buddhist teaching.
The substance was popularized by
the Hexi Empress, Deng Sui, a formidable woman who ruled during the
Han Dynasty for a decade and a half,
during the second century A.D., when
China introduced the use of paper in
the workings of government for the
first time anywhere.
But this was a tentative breakthrough, because prestigious texts
like Confucian classics were still written on bamboo, giving that medium
an elite aura. The fascinating argument that Mr. Monro develops slowly
and methodically is that papers rise
was driven not by the state but by religion, particularly Buddhism. Papers
definitive triumph over earlier media
in China, which included turtle shells,
stones, wood, bamboo strips, silk and
something called talipat leaves (and
in other parts of the world things like
papyrus, vellum and parchment), was
secured in a kind of symbiosis with
the explosion of Buddhist teaching
early in the first centuries of the
Christian era.
GETTY IMAGES
The Paper Trail
ies with tens of thousands of volumes

were common in major Islamic capitals, and a Fatimid Dynasty library in
Cairo contained 1.6 million books.
The dawn of paper in Europe indeed occurred during the Muslim rule
of Spain under the Abbasid Dynasty,
but this would not endure. A lasting
breakthrough for the medium would
have to wait 300 years more, and as
in every other chapter of this account,
papers advance was crucially propelled by religion. In Western Europes case, this meant the Protestant
Reformation, launched by Martin Luther in the early 16th century. Gutenbergs invention of the movable-type
printing press around the same time
allowed for an explosion of printing
and the overthrow of religious orthodoxy in Europe.
A tract published by Luther in 1520
boldly announced the new age with
the phrase: The time for silence has
passed. Luthers outpouring of writings and translations led to a biblepublishing boom, with holy books
being printed now in European vernaculars and read for the first time by
the masses. This, in turn, helped
fueled a revolution in the sciences,
with rationalists and skeptics like Copernicus and Galileo redefining humanitys place in the universe.
Mr. Monro concludes his lively
story on a meditative note, saying
that one definition of civilization is
an attempt at permanence. The paper book is under pressure like never
before, he says, but because of its palpable qualities, nothing yet has unseated it. For now, it still towers
above its electronic rivals as a handheld extended piece of writing that
can be physically owned.
Mr. French teaches at the Columbia University Graduate School of
Journalism. He is the author of
Chinas Second Continent: How a
Million Migrants Are Building a
New Empire in Africa.
* ***
BOOKS
Three hundred years of humiliation, abuse and deprivation cannot be expected to find voice in a whisper. Martin Luther King Jr.
FICTION CHRONICLE: SAM SACKS
Evil Begets Evil
Bubis ellipsis-filled narration are due

to language. The Kovai family
speaks no Slovenian when they arrive,
and their German dialogue is translated only in footnotes. Newcomers
traces their bumpy acclimation while
providing forceful glimpses of a region bracing for the Axis invasion due
in Book Two. Kovai (1928-2004) is
widely considered Slovenias greatest
20th-century writer, and this work
achieves the panoramic effects of H.G.
Adlers Shoah trilogy by way of
Joycean stream of consciousness. Its
arrival in English is most welcome.
Max Porters Grief Is the Thing
With Feathers (Graywolf, 114 pages,
$14) is like a book of hours for the bereaveda pocket volume of loosely
While Effia lives in

comfort in Cape Coast
Castle, Esi is chained in
the dungeon below her.
GETTY IMAGES
IN A CLEVER promotional maneuver, Yaa

Gyasis Homegoing
(Knopf, 305 pages,
$26.95) is being published to coincide
with the 40th anniversary of Alex Haleys Roots and the reboot of the
iconic TV mini-series. The Ghanaianborn American novelists far-ranging
debut is another ancestors tale that
begins in West Africa in the 18th century and continues to the near present. But here the family tree is forked
at the trunk by the axe blow of the
slave trade: Homegoing imagines the
parallel lineages of two half-sisters,
one in Ghana, the other in the U.S.
The gripping opening chapters dramatize the fateful trajectories. Effia,
the child of a Fante tribal leader and
an Asante servant, is married off to
the British governor of the Cape Coast
slave castle, a common practice that
solidified the Fantes privileged status
with the colonizers. Esi is an Asante
villager taken captive by Fante warriors and sold to the slavers. While Effia lives in comfort in the castle, Esi is
chained in the dungeon below her and
then shipped across the Atlantic.
In brisk, alternating chapters Ms.
Gyasi follows the fortunes of their descendants. Esis branch closely overlaps with Mr. Haleys story, moving
from antebellum plantations to Reconstruction to the Harlem Renaissance
and beyond. The world of Effias
bloodline is less familiarits backdrop includes the series of Anglo-Asante wars of the 19th century, the tumultuous spread of Christianity and
Ghanaian independence in 1957. But
the miseries of slavery still cast the
greatest shadow over events, and the
African characters seem cursed by the
ancient collusion with the British. Decades after, Effias great-great-granddaughter Akua is part a mob that
burns to death a white traveler who is
mistaken for a missionary. Evil begets evil, she later thinks. It grows.
It transmutes, so that sometimes you
cannot see that the evil in the world
began as the evil in your own home.
There is a lot to synthesize, and
Ms. Gyasi doesnt always make it
work. The biggest obstacle in a genealogical novel is the need to constantly
explain how the families perpetuates
their lines, and the result is that the
stories in Homegoing repetitively
focus on the hows and whys of marriage and childbirth. You start to feel
that the only point to these characters lives is their ability to procreate.
Yet its refreshing to read a novel
MYSTERIES: TOM NOLAN
CAPTIVE A view from the Cape Coast slave castle in Ghana.

with a sense of historical imminence.
Contemporary American fiction frequently seems to exist in blank isolation from world events. Not so
Homegoing, where wars and laws
directly shape the characters destinies, often across generations. As Effias son Quey says of the British withdrawal from slave trading, You
cannot stick a knife in a goat and then
say, Now I will remove my knife
slowly, so let things be easy and clean,
let there be no mess. There will always be blood. Blood is what links
Ms. Gyasis characters, and its the
price exacted from them by the violent cycles of history.
Hitlers aggressions are the catalyst
for Slovenian writer Lojze Kovais
Newcomers, a sprawling, autobiographical novel he published in three
parts in the mid-1980s. Book One
(Archipelago, 356 pages, $18) has
now appeared in English in a vigorous
translation by Michael Biggins, and
begins in 1938, when the Kovai family is abruptly expelled from Switzerland, where they own a furriers shop
but dont possess citizenship. Theyre
forced to live with distant relatives on
a farm in the Slovene territory of Yugoslavia, in one fell swoop trading the
modern comforts of Basel for beds
stuffed with corn husks and meals
eaten with wooden spoons.
We follow the pastoral transformation through the halting, easily diverted interior monologue of the familys 10-year-old son Bubi, who sees it
as a thrillingif frighteningadventure: I could examine everything as
though I were in a theater . . . Before
a storm the sky would get dark. The
rain splashed as though a whole sea
hung in the air . . . The Krka flowed
like a roadway from hell . . . the water
rose to the machine with the bucket
. . . a whole wagon, a haystack, half a
hayrack, a small forest.
The greatest bewilderments of
connected lyric passages on loss, madness, mourning and regeneration.

Its divided into three speaking
parts: the joint voice of a pair of
brothers whose mother has died in an
unexplained accident; their bereft father, a literary scholar struggling to
finish a study of Ted Hughess poetic
sequence Crow (itself written after
his wife Sylvia Plaths suicide); and an
imaginary incarnation of grief, a crow
who flies into their house and takes
up residence with them.
As each has their say, Mr. Porter
gives expression to grief in all its emotional manifestations. The boys are
pure raucous rebellion, fighting and
making mischief, while their dad is
dazed and rueful: Many people said,
You need time, when what we really
needed was washing powder, nit shampoo, football stickers, batteries, bows,
arrows, bows, arrows. Crow is chaos
and macabre laughter, the gibbering of
an unhinged mind. Blackberry, redcurrant, loganberry, sloe. Damson,
plum-pear, crab-apple, bruises. Clots,
phlegm, tumours and quince.
He is also a freighted literary symbol, and while appreciating this book
doesnt require knowledge of Hughess
poems or the trickster myths on
which they drew, those things certainly help. The constant literary allusions make Grief is the Thing with
Feathers unpredictably playful, filling
it with sarcasm, absurdity and blackwinged humor.
The Skeptical Detective

By Jennifer Morag Henderson
Sandstone, 420 pages, $17
BY CARL ROLLYSON
MENTION THE NAME Josephine Tey
to a reader of detective novels, and
you may be told she is in the same
class as Agatha Christiealthough
the novels of Tey (18961952) are
nothing like her contemporarys plotdriven whodunits. Mention her name
to a historian, though, and you may
Tey cared less about clues

than about characters, less
about logical puzzles than
puzzles of human nature.
get a discussion of one particular
novel, The Daughter of Time, Teys
exhilarating critique of the historical
profession, which too often has relied
on the words of the victorious, like
those of Henry VII and his Tudor dynasty, which vilified Richard III.
Never mind that Teys defense of the
Yorkist ruler was almost certainly
wrong; her brilliant dramatization of
historical method led the British
Crime Writers Association, in 1990, to
select the 1951 book as the greatest
mystery novel of all time.
Tey cared less about clues and puzzles than about characters and the
parameters of human nature. The
core of her achievement consists of
six mysteries she wrote about detective Alan GrantThe Man in the
Queue (1929), A Shilling for Candles (1936), The Franchise Affair
(1948), To Love and Be Wise (1950),
The Daughter of Time and The
Singing Sands" (1952). Grant is nothing like the hardboiled heroes of

Dashiell Hammetts and Raymond
Chandlers novels, or like the gentleman sleuths that people the Dorothy
Sayers school. He is not an intellectual, but he is a profound skeptic. In
The Daughter of Time, he takes one
look at a portrait of Richard III and
sees a complex human being who has
been traduced by Sir Thomas
More and Shakespeare. More,
on whom Shakespeare relied,
was simply passing on Tudor
propaganda, as Grant learns after he employs an aggressive
American researcher, Brent
Carradine, who discovers a
lively set of revisionist biographies rehabilitating the crookback king. What you get in Tey
is a moving and profound exploration of human psychology,
of what it means to be human,
attuned to mankinds troubles
yet making the world a better
place at great personal cost.
Because Tey had no interest
in self-promotion, rarely granting interviews and sitting for CALL
few authors photographs, her
mystique has become almost as great
as Shakespeares. Indeed a few years
ago, one of my university colleagues,
steeped in Teys work, was certain the
author was actually a man. Details
about Teys life are so scarce that it
has been generally supposed no biography could be written.
Fortunately Jennifer Morag Hendersons effort rivals Alan Grants detective work, and in Josephine Tey: A
Life she presents a convincing account of a 20th-century literary giant.
Tey (actually the Scottish-born Elizabeth MacKintosh) may have wanted
to protect her privacy, but she was a
woman of the world, enjoying friendships with John Gielgud and other luminaries of the London stage. In fact,
GETTY IMAGES
Josephine Tey: A Life
letter MacKintosh (signing herself

with her playwrights name) wrote to
an actress who very much wanted to
initiate an affair. It seems likely that
MacKintosh did fall in love twice:
once with a soldier killed in World
War I, and once with a poet who died
of tuberculosis after the war (and
whose work she quotes in one of her
novels). One of the great achievements of this biography is Ms.
Hendersons
demonstration
that her subject led a deeper
romantic life than had been
supposed.
MacKintosh also had a powerful connection to her father,
who instilled a love of reading
in her and who was bereft
when his wife died young. Elizabethor Beth, as she was
known to her familytook up
her mothers role when her two
sisters, far from home and with
their own work and responsibilities, proved unable to assist.
The relationship between father
and daughter was not always
easy, but in Ms. Hendersons account, this was the life Beth
ME TEY Elizabeth MacKintosh, ca. 1934.
chose. And had MacKintosh not
MacKintosh used pseudonyms be- died of liver cancer at 55, the rest of
cause she rejected the romantic notion her life could have been quite differof associating the writer with the ent, Ms. Henderson suggests.
The biographer reveals the moving
work. She wanted the work, in other
words, to justify itself. And though she story of Elizabeth MacKintoshs life
maintained a few intimate friendships with tact and superior investigative
in London, she lived with her father in tenacity. She has checked archives
Inverness, taking care of him while and census records, searched old
writing steadily, even as she did the newspapers, and critically examined
housework with relatively little help. memoirs. Sometimes Ms. Henderson
MacKintosh remained aloof not only tries too hard, splattering her narrafrom the cosmopolis but also from her tive with what must have been. I
neighbors, who saw her mainly as the wish she wouldnt try to force such
dutiful daughter of her fruiterer father. conclusions. There is simply still too
Because MacKintosh never married much we do not know about the
and consorted with actresses, some woman who became Josephine Tey.
suspected she was a lesbian. Such was
not the case, Ms. Henderson shows, Mr. Rollysons most recent book is
describing a polite but firm rejection Confessions of a Serial Biographer
writing under yet another pseudonym, she made Gielgud a star in her
play Richard of Bordeaux, one of
several dramas that made the name
Gordon Daviot famous in Britain between the two world wars. The celebrity of Josephine Tey would only
eclipse Daviots after World War II,
when MacKintosh became immersed
in the riveting world of Alan Grant.
Capital
Punished
IN OCCUPIED PARIS,
in early 1941, the
coolheaded, warmhearted, kind and
amusing
Mathieu
(not his real name)
leads a small group which helps rescue downed Allied pilots and return
them to the U.K. to rejoin the fight
against Frances Nazi conquerors. Mathieu does this dangerous work, in
author Alan Fursts tense, evocative,
and greatly satisfying A Hero of
France (Random House, 234 pages,
$27), for the sake of his beloved city
and its citizens: he cared for the
people of Paris, as though he were a
guardian. And as one of those people
(whose family has fought for France
since the Middle Ages) exclaims: Really, one must do something.
That something becomes more difficult for Mathieu and his compatriots
after the Germans bring a high-ranking
police officer from Hamburg to take
charge of the hunt for Resistance
units. At the same time, Mathieu feels
pressure from another direction as a
young English spymaster offers the
Resistance group much-needed cash
in return for following English orders.
Mr. Fursts great gift for re-creating
the sights, smells and spirit of World
War II European milieus is again on
fine display in this case, with a beleaguered French capital clinging to hope,
dignity and joie de vivre. Lacking perfume, women scent themselves with
vanilla. Men maintain a sense of style:
An old jacket but expensive . . . a char-
Caught between Nazi

occupiers and English
spymasters in a Paris
still clinging to hope.
coal black, home-knit sweater. All may
find solace in a handful of stars: Paris
was blacked out, as the Germans tried
to deny navigation aid to their enemy,
but they couldnt black out the moon.
Mathieu and his colleagues remain
gratifyingly Gallic in their appreciation
of beauty, weather, food and romance.
I would kill for a steak frites, the
protagonist thinks. But it is sensual
contact that means the most to Mathieu; A Hero of France contains several gently erotic sequences, characteristic of this authors fiction: In a cold
world, he thought, there is nothing so
warm as a lover next to you in bed.
The namesake summit in first-time
novelist Lee Clay Johnsons tense, disturbing, impressive Nitro Mountain
(Knopf, 207 pages, $25) is a Virginia
peak so hollowed-out by coal-mining
its been condemned by the county.
Now that the coals gone, says one of
this depleted regions more thoughtful
citizens, musics our only damn export. Hes neglecting to mention illicit
drugs and the lethal types who cook
and peddle them.
An uncrowned queen of this dangerous realm is Jennifer, a psychologically damaged young woman whose
life seems a never-ending game of
lets-you-and-him-fight. She likes having at least two men at a time on her
string, she says: One to run away
from, and one to run off with. Latest
to fill the former slot is Leon, a 25year-old sometime-bass player whos
clear about the dynamic of the relationship: I was crazy for her because
she wasnt crazy for me. Yet he cant
help yearning for and wanting to protect herfrom herself as well as from
the deranged abuser with whom she
throws in her lot. Before long, Jennifer
is indeed asking Leon for help with her
new boyfriend: To kill him.
Mr. Johnson, a writer of great ability, is adept at conjuring dismal sensory details: of a rundown house (the
old kitty litter in the carpet . . . the
smell of Hamburger Helper in the
walls), of a pool hall with pretensions
(cologne and carpet conditioner), of
a foggy day turned alarming (The sun
breaks through for a moment, a psychotic lamp without location), of the
malevolence of night (small house
lights flicker on like the eyes of wolf
spiders). And hes excellent, in a book
told from several divergent points of
view, at inhabiting the twisted psyches
of his unfortunate and self-destructive
characters. What if there was an entire world behind the surface of this
one? muses Leon, on the brink of setting his and Jennifers folie a deux into
action. A darker place made of all the
things we hide? Little does he know
hes already living in that place.
* * * *
BOOKS
Im not talented enough to run and smile at the same time. Emil Ztopek
The Greatest Runner of All Time

athletic accomplishments unfolded
during much political turmoil. Even
prominent athletes had to dissemble,
equivocate and maneuver around the
political minefield of the 1950s. Sometimes Ztopek stood up to the regime
in defense of fellow athletes under
suspicion, sometimes he didnt.
This selective reticence was not unreasonable in light of what happened
to him after the Prague Spring of 1968,
when he did publicly back the partys
more democratic wing. After the
movement was crushed by Soviet
tanks, party hardliners accused Ztopek of possessing an anti-Soviet attitude, stripped him of his army rank,
and shipped him off to work as a trash
collector, well digger and uranium
miner. Later it came to light that the
State Security police (the StB) had
Today We Die a Little!
By Richard Askwith
Nation Books, 457 pages, $26.99
Endurance
By Rick Broadbent
Bloomsbury, 314 pages, $27
BY MICHAEL SHERMER
Ztopek was known as

the Czech Locomotive
because of his conspicuous
wheezing and groaning.
THE LIFE PICTURE COLLECTION
IN THE ANNALS of running, almost

everyone knows the significance of
1954, for that is the year the great
British miler Roger Bannister broke
the four-minute mile and became a
symbol for conquering psychological
barriers to human achievement. Few
people know that, in the same year, a
Czechoslovakian long-distance runner
named Emil Ztopek became the first
to break the 20-minute barrier for
10,000 meters, an arguably tougher accomplishment given how much longer
the agony must be endured.
The 1954 record was one of many
marks to fall to Ztopek. At 6 feet, 159
pounds, this scrappy and sinewy athlete was known as the Czech Locomotive because of his conspicuous
wheezing and groaning and the contorted facial expressions that accompanied his efforts. It isnt gymnastics
or figure skating, you know, he once
growled. Contrasting himself to milers,
he opined: If you want to run, run a
mile; if you want to experience a different life, run a marathon.
Ztopeks deeds at the 1948 Olympic Games in London netted him gold
in the 10,000 meters and silver in the
5,000 meters. Four years later, at the
Helsinki Games, he took gold in the
5,000 meters, the 10,000 meters and,
stunningly, the marathonhis first,
which he entered on something of a
whim. All three runs were Olympic
records, and the trifecta has never
been matched (and probably never
will be). Ztopek went on to set
world records for 20,000 meters,
25,000 meters, 30,000 meters, 6
miles, 10 miles and 15 miles. He held
the mens one-hour world record for
years and was the first to break the
20,000-meter mark in that time.
For these accomplishments on the
trackall told, he won five Olympic
medals and set 18 world recordsand
many more off the field in training (he
was the founder of the modern interval training method), Ztopek was one
of the first 12 athletes inducted into
the International Association of Athletics Federations Hall of Fame in 2012.
In 2013, Runners World magazine
christened him the greatest runner of
all time. When you reflect on whom
he beat outJesse Owens, Steve Prefontaine, Alberto Salazar, Sebastian
Coe, Carl Lewis, Edwin Moses, Usain
Boltit is surprising that so few people outside the sport know him.
Ztopek competed in the era just
before television turned athletes into
celebrities. Yet it would hardly be surprising if movie treatmentseither
dramatic or documentarywere to ap-
YOU CAN WIN THEM ALL Ztopek in the marathon at the 1952 Olympics. It was his first, and he won the gold medal.
hausting, person to be with. Mr.
Broadbent puts Ztopeks accomplishments into perspective by noting that
sprinters can be beaten by a dog or
squirrel (lions are twice as fast), but
over long distances humans can outrun all mammals, even horses, meaning that endurance runners are true
masters of the universe and that
Emil Ztopek is probably the greatest
of these masters.
Both biographers take readers
through their subjects mercurial life in
Czechoslovakia, where he was born
into poverty in 1922 and landed his
first job at the Bata athletic-shoe factory at age 14, leading to his first race
at age 18. He finished second, Mr.
Broadbent narrates, with an ugly roll-
pear in the wake of two thoughtfully

written biographies. Fleshing out the
full life of this remarkable man are
British journalists Richard Askwith, in
his aptly titled Today We Die a Little!, and Rick Broadbent, in Endurance. Both do their subject justice
through extensive archival research
and personal interviews with people
who knew Ztopek, including his wife
and fellow Olympian Dana Ztopkov.
Mr. Askwith quotes a 1964 description of what he calls Ztopeks special
spirit: He was, his sources write, not
mad . . . just utterly absorbed, with every fibre of his explosive body, in what
he is doing, and damn what the rest of
the world thinks. It makes him the
most refreshing, and the most ex-
ing gait and flailing arms, tongue lolling, face contorted. Yet it was clear
that Ztopek had talent, and the longer
the race, the better he did.
Though married to a women every
bit his athletic equal (Dana won two
Olympic medals in the javelin), Ztopek was very much a man of his time.
When she noticed that her event was
scheduled during one of his, she lovingly told him, I cant concentrate if
you are racing, to which he replied:
Thats right. A wife must think of her
husband, after all. He later apologized, but the point is that we must be
careful not to judge people of another
era by our own values.
This is especially true when the era
is Cold War Czechoslovakia. Ztopeks
files on both Ztopek and his wife,

tracking their movements, especially
during overseas meets. Despite being
a lifelong Communist (He just wanted
a Communism that would work, says
Mr. Broadbent), he became persona
non grata. Rumors that Ztopek was
an StB informant have never been verified, says Mr. Askwith, although disturbingly it appears that one in four
Czechs were.
It wasnt until 1990, when democracy triumphed under Vclav Havel
during the Velvet Revolution, that Emil
Ztopek was able to put his broken life
back together. But he had no further
political role to play. Ztopek, says Mr.
Broadbent, was not a political animal.
He had a basic sense of right and
wrong and lived by that. Sometimes, in
such an aggressively black and white
world, that made him malleable. And
as Mr. Askwith notes, Defiance looks
good on paper. In real life, it comes at
a price that many cannot bring themselves to pay. As Dana herself once
said: What good is it if someone says
five or ten years after you are dead
that you are a hero? Maybe dont be
such a big hero. Maybe be alive, instead. Fortunately Ztopek lived long
enough to receive his countrys highest
honorthe Order of the White Lion
and in 2000, at age 78, he died a national hero.
Today, at the Stadium of Youth in
Zlin, a life-size bronze statue of Ztopek inspires young athletes, and the
grainy videos you can watch online
help his inimitable grit live on for future generations, meaning that he will
never again be the greatest runner
youve never heard of.
Mr. Shermer is the publisher of
Skeptic magazine and a monthly
columnist for Scientific American.
His latest book is The Moral Arc.
Through the Looking-Glass

By Virginia Heffernan
Simon & Schuster, 263 pages, $26
BY LAURA VANDERKAM
IN THE DECADES since Al Gore invented it, the internet has insinuated
itself into all aspects of life. Any
group of people waiting for an elevator can be observed staring at small
hand-held devices that transport
them elsewhere. But where? And
why is that universe so fascinating
that we often ignore those around us
in order to slip away into it?
The internet has been around
long enough that we should be able
to have some philosophical perspective on it, argues Virginia Heffernan
in Magic and Loss: The Internet as
Art. Its time to understand itand
not as a curiosity or an entry in the
annals of technology or business but
as an integral part of our humanity,
as the latest and most powerful extension and expression of the project
of being human.
In Magic and Lossjust as on
the internetone is constantly
stumbling across unexpected delights. Our attention spans arent
chopped up, Ms. Heffernan writes,
they are julienned. The vocabulary
of the internet, she notes, is full of
kindergarten staples, such as apple, share, and friend. E-books allow you to escape from the indiffer-
ent clerks at the major bookstores

and the embittered clerks at the indie ones. The author, a cultural
critic for the New York Times Magazine and elsewhere, sees life on the
internet as including moments of
magic and an inevitable experience
of profound loss.
Plenty has been written in both
these veins. The internet is a geewhiz wonder that will change everything (thats the magic part) or a
force destroying and dumbing down
writes. No broadcast producer would

have invented these, and yet millions
of people watch them.
The author is at her best pointing
out the natural but silly inclination
of elites to denigrate much internet
fare. (Having written for an eternity
data, she had discovered the instant

when pixels and bytes quicken into
divinity. Today, our lives are both
herein our physical beating hearts;
our thick-skinned, small-boned feet;
our despised fat; our buzzing
brainsand elsewhere, in a fathom-
about televisionarts despised

casteI have an entrenched habit of
ignoring what the social sciences say
about linchpin cultural practices.)
She raises the intriguing notion, realized after her MacBook died but
her data survived in the Cloud,
that thanks to the internet consciousness had survived bodily
deaththe stuff of religion. Indeed,
she claims that, with the failure of
her device but the preservation its
less realm channeled through our

phones and laptops that we can but
dimly intuit.
These musings, and a chapter that
recounts her intertwined spiritual
and technological journey, lend context to her Yahoo News post that
went viral in 2013 because of its
headline: Why I Am Creationist.
Not necessarily a 4,000-year-oldEarth type, she makes clear, which is
what various sites assumed when
The vocabulary of the

internet is filled with
kindergarten words like
apple, share, friend.
culture (the loss). Ms. Heffernan
tries to avoid both extremes, mostly
by choosing off-beat examples.
Forget the practical services
(summon a pizza or a driver by tapping a screen) that change day-today life. She praises YouTube for
incubating novel forms of creative
expression and cultivating new audiences with wildly popular genres
such as the haul video, in which a
shopper shows off her treasures. The
fail videothink footage of a person running into a wallis likewise
a universal human language. We are
drawn to all manner of human endeavor gone wrong, Ms. Heffernan
GETTY IMAGES
Magic and Loss
they declared that I was idiotic,

dangerous, and finished as a journalist. Instead, where physicists typically see a void (before the Big Bang
and as the spark that turns matter
to mind), I habitually see God. She
is an explorer, given to wonder and
uncertainty about the cosmos and
trying to figure it out as she goes.
Sometimes all these explorations
can be a bit much. In the space of
three short paragraphs toward the
start, she namechecks David Hockney, Harold Bloom, J.R.R. Tolkien
and Vladimir Nabokov while describing a YouTube video of guitarist
Funtwo playing an arrangement of
Pachelbels Canon. She is profoundly
taken with the idea that, though
tweets may be short, so are the
great Confucianisms, or Pascals penses. She keeps coming back to this
insight, in case we missed it.
Nonetheless, Magic and Loss is
an illuminating guide to the internet.
Even if you dont agree with Ms.
Heffernan that the Internet is the
great masterpiece of human civilization, rivaling the pyramids, agriculture or monotheism, it is impossible
to come away from this book without sharing some of her awe for this
brave new world populated by our
online avatars and increasingly recruited to stand in for reality itself.
Ms. Vanderkam is the author, most
recently, of I Know How She Does
It: How Successful Women Make
the Most of Their Time.
* ***
BOOKS
Sailors, with their built in sense of order, service and discipline, should really be running the world. Nicholas Monsarrat
CHILDRENS BOOKS: MEGHAN COX GURDON
FIVE BEST: A PERSONAL CHOICE
Alistair Horne
boat, corvettes were always at
great risk. In the novel, the ship
commanded by Lt. Cmdr. Ericson is
HMS Compass Rose. The men are
the stars of this story. . . . The only
villain the cruel sea itself. Monsarrat spares no details, including the
burning men soaked in a torpedo
tankers oil. Ericson, in pursuit of a
U-boat, has to depth-charge convoy
survivors. It weighs on his conscience. No one killed them. . . . Its
the war, the whole bloody war.
Weve just got to do these things,
and say our prayers at the end. As
a good leader, Ericson makes himself aware of the tangled love lives
of his officers and enlisted men.
When Compass Rose herself is torpedoed, he notes that those with
the unhappiest home lives died
first. I knew Nick Monsarrat, a soul
seared by his wartime experience.
He wrote other novels, but none of
them achieved the brilliance of
The Cruel Sea.
The Two-Ocean War
By Samuel Eliot Morison (1963)
SOME WRITERS of
historical fiction aim
for
verisimilitude
and achieve it. Some
try to re-create the
past and fail. And
some make such entertainment of history as to reconfigure it entirely. Its this last course that
Cynthia Hand, Brodi Ashton and Jodi
Meadows take in My Lady Jane
(Harper Teen, 491 pages, $17.99), a
cheeky mash-up of Tudor history, animal magic and teen romance.
Henry VIII has been dead for seven
years (having revealed a terrifying
ability to transform himself into a
lion), and on the throne sits his adolescent son, Edward, who perhaps
would not be dying if a highborn
malefactor werent slipping toxins
into his helpings of blackberry pie.
Casting about for a successor,
Edward decides to bypass his sisters
Mary and Bess and settle the crown
on his beloved and bookish cousin,
Lady Jane Grey. She, meanwhile, has
found herself maneuvered into marriage with a notorious lothario,
young Gifford Dudley, who, to his
embarrassment, cannot help metamorphosing each morning into a
magnificent chestnut steed. Plots
boil and conspirators connive and
civilized people sometimes behave
like animals, but otherwise this is
decidedly not the England of the history booksyet what an adventuresome place it is in this witty royal
drama for readers 12 and older.
Judith Kerrs first childrens novel
in 37 years takes another bit of sad
history, spins it about and recasts it
with a happy ending. Mister Cleghorns Seal (HarperCollins, 88
pages, $14.99) is a lovely little tale
inspired by an incident involving the
German-born authors father. In the
real story, Herr Kerr tried unavailingly to keep an orphaned seal pup
alive on his balcony in Berlin. In this
sweeter version, a retired British
shop owner, Mr. Cleghorn, smuggles
the motherless creature he met on
holiday past his buildings vigilant
janitor before getting it into his flat.
Once there, his experimental feeding
and watering of Charlie, as he dubs
the pup, draw the attention of his
downstairs neighbor, Miss Craig,
who quickly joins his efforts.
But trouble is mounting, not only
in the threat of discoveryat one

point, a fish intended for Charlie
flies over the balcony and surprises
a pedestrianbut in Charlies rapid
rate of growth. With the nearby zoo
in financial free-fall and the janitor
on the prowl, what will happen to
Mr. Cleghorns seal? Nicely bound,
this chapter book for children ages
7-11 is filled with Ms. Kerrs delicate
and reassuring pencil drawings.
It is not necessarily a gloomy bit
of history that Emily Arnold McCully
reimagines in Clara (Schwartz &
Wade, 48 pages, $17.99), but there
must have been melancholy notes in
reality, while there are almost none
in this picture book with the charmingly exhaustive subtitle The
(Mostly) True Story of the Rhinocerous Who Dazzled Kings, Inspired
Artists, and Won the Hearts of Everyone . . . While She Ate Her Way
Up and Down a Continent!
Our heroine here is an affectionate baby rhino who, some 300 years
A British shop owner

smuggles an orphaned
seal pup into his flat.
Now, how to feed it?
ago, set off from India in the company of an intrepid ships captain
named Van der Meer. In the years
that followed, these two great
friendsfor that is how it is, in this
endearing bookwould thrill and
inform European crowds until the
animals death in old age. The
wobbly lines and dashes of color in
Ms. McCullys illustrations reinforce
the amiability of this tale for 4- to 8year-olds.
With a cool palette of blues and
aquamarines and with the simply
rendered white-clad figures of the
mime Pierrot and his little son (see
above), illustrator Tomie dePaola
draws children ages 2-6 toward
slumber in The Moons Almost
Here (Margaret McElderry Books,
32 pages, $17.99), with gentle verse
by Patricia MacLachlan that begins:
The moons almost here! / Robin
sings in her nest. / Babies fly back to
her, / Ready to rest.
Eastern Approaches
By Fitzroy Maclean (1949)
IN 1939, Fitzroy Maclean, a

gangly Highland aristocrat in
his early 30s, was serving as a
British diplomat in the U.S.S.R. Disgusted by the Soviet show trials, he
quit the Foreign Service and would
go on to serve with Titos partisans
fighting the Germans in Yugoslavia.
What was needed, Churchill said,
was a daring ambassador-leader to
these hardy and hunted guerrillas.
Maclean served with Tito and his
partisans through seven all-out German offensives. His affection and respect for Titothe only war leader
to liberate his own countryshines
through this classic memoir. When
Fitzroy worried about the possibility
of the partisans installing a Sovietstyle government, Churchill asked
him: Do you intend to make Yugoslavia your home after the war?
No, sir, came the answer. Neither
do I, Churchill replied. The only
matter of interest, he said, was
which of them [the partisan leaders] was doing the most harm to the
Germans.
The Cruel Sea
By Nicholas Monsarrat (1951)
WHEN BRITAIN was facing

starvation from U-boat blockade, Churchill ordered the
mass production of a cheap escort
vessel for the North Atlanticone
slapped together of sheet steel and
rivets. In this novel about the Battle of the Atlantic, Nicholas Monsarrat describes the corvette as a
natural bastard in any kind of seaway, and in a full Atlantic gale she
would be thrown about like a chip
of wood. With a top speed no
greater than that of a surfaced U-
Mrs. Miniver
By Jan Struther (1939)
4
GETTY IMAGES
Mixed-Up History
SHORTLY AFTER Pearl Harbor,

FDR committed a most visionary act: He appointed a Harvard historian to write the official
account of the U.S. Navy in World
War II. Samuel Eliot Morison was
given the rank of lieutenant commander, with the right to interview
anyone of whatever status. Morison is unsparing in some of his
criticism of senior officers: Adm.
William Halseys chief of staff is
described as one of the most irascible and unstable officers ever to
earn a fourth stripe. He savages
Halsey himself for the Japanese
navys escape at Leyte Gulf in 1944.
Another sacked admiral for the
rest of the war received commands more commensurate with
his abilities. Morisons original 15
volumes are reduced here to one
manageable book. The Two-Ocean
War is still a wonderful read, for
layman and expert alike. Its judgments contain many clues as to
why and how the U.S. Navy performed as brilliantly as it did.
HIGHLANDER Fitzroy Maclean, 1944.
MRS. MINIVER was an ordinary middle-class English

housewife, a character created by Jan Struther when she was
commissioned by the Times of London to write a weekly cheer-up
article in 1937. The enormously popular movie of the same name, starring Greer Garson, may have borne
SHIELA PECZENIK
MARGARET MCELDERRY BOOKS
on the world at war
MR. HORNE is the author, most

recently, of Hubris: The Tragedy of
War in the Twentieth Century.
little resemblance to the book, but
Churchill declared that it did more
for the Allied cause than a flotilla of
battleships. Zest was the principal gift that the Mrs. Miniver of the
book passed on to her children.
Zest for life, she reflects, is an
accidental gift . . . impossible to acquire, and almost impossible, thank
heaven, to lose. Truly a goddess of
little things, she relished even the
tactile feel of familiar banister rails
and could find beauty in the elephantine shapes of the London
blimps. It was her deep commitment to values, spread wide,
which I believe did much to preserve British morale during the dark
days of 1940-41.
Stalingrad
By Antony Beevor (1998)
THOUGH NOT THE LONGEST battle in historythat

was VerdunStalingrad was
certainly the most pitiless, an adjective that reappears regularly in Mr.
Beevors classic work. The lunge for
the Volga, 1,500 miles from Germany, and the ultimate debacle was
entirely the brainchild of the maniacal Hitler, who always knew better
than his generals. After the Luftwaffe bombing of Stalingrad, the
German Sixth Army found itself
fighting hand-to-hand against an
implacable foe. If only you could
understand what terror is, a German wrote home. Another wrote: I
cannot understand how men can
survive such a hell, yet the Russians
sit tight in the ruins, and holes and
cellars, and a chaos of steel skeletons which used to be factories.
Then the Soviet commander, Zhukov, pulled off one of the most brilliant coups in history and sealed off
the German army. Mr. Beevor records horrendous scenes: an abandoned German both of whose legs
had been amputated, trying to propel himself along on a sled. Over
90,000 Axis POWs filed into captivity. Only a fraction returned.
Best-Selling Books | Week Ended May 29

With data from Nielsen BookScan
Hardcover Nonfiction
TITLE
AUTHOR / PUBLISHER
Hardcover Fiction
THIS
WEEK
Bill OReillys Legends and Lies

1
David Fisher and Bill OReilly/Henry Holt & Co.
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
New
Hamilton: The Revolution

6
4
Lin-Manuel Miranda, Jeremy McCarter/Grand Central
TITLE
AUTHOR / PUBLISHER
Methodology
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
The Last Star: The Final Book

Rick Yancey/G.P. Putnams Sons
New
Return to the Isle

Melissa de la Cruz/Disney-Hyperion
Grit: The Power of Passion

Angela Duckworth/Scribner
Seuss-Isms!: A Guide to Life

Dr. Seuss/Random House
Oh, The Places Youll Go!

Jesus Calling
Sarah Young/Thomas Nelson
Life-Changing Magic of Tidying Up

Marie Kondo/Ten Speed Press
The City of Mirrors

Justin Cronin/Ballantine Books
New
Strengths Finder 2.0

Tom Rath/Gallup Press
Tribe
Sebastian Junger/Twelve
New
The Trials of Apollo

Rick Riordan/Disney-Hyperion
The Gene: An Intimate History

Siddhartha Mukherjee/Scribner
When Breath Becomes Air

Paul Kalanithi/Random House
10
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK
TITLE
AUTHOR / PUBLISHER
Forever, Erma
Erma Bombeck/Open Road Media
New
Bill OReillys Legends and Lies

1
David Fisher and Bill OReilly/Henry Holt & Co.
New
Abandoned Prayers
Gregg Olsen/St. Martins Press
New
Jesus Calling
Sarah Young/Thomas Nelson
Grit: The Power of Passion

Angela Duckworth/Scribner
Nonfiction E-Books
TITLE
AUTHOR / PUBLISHER
Nonfiction Combined
The Coaching Habit

3
New
Michael Bungay Stanier/Michael Bungay Stanier
THIS
WEEK
LAST
WEEK
New
The Last Mile

7
David Baldacci/Grand Central Publishing
The Girl on the Train

Paula Hawkins/Riverhead
The Apartment
Danielle Steel/Delacorte Press
15th Affair
5
2
James Patterson and Maxine Paetro/Little, Brown
The Weekenders
10
Mary Kay Andrews/St. Martins Press
Fiction E-Books
Fiction Combined
THIS
WEEK
LAST
WEEK
Me Before You
Jojo Moyes/Penguin
The Last Star

Rick Yancey/Penguin
The City of Mirrors

Justin Cronin/Random House
LAST
WEEK
Me Before You
Jojo Moyes/Penguin
New
The Last Star

Rick Yancey/G.P. Putnam's Sons
New
New
Oh, The Places Youll Go!

New
The City of Mirrors

Justin Cronin/Ballantine Books
New
The Trials of Apollo

Rick Riordan/Disney-Hyperion
New
The Gene: An Intimate History

Siddhartha Mukherjee/Scribner
Until June
4
Aurora Rose Reynolds/Aurora Rose Reynolds
Pain-Free Posture Handbook

Lora Pavilack/Lora Pavilack
New

The Girl in the Ice

Robert Bryndza/Bookouture

Alexander Hamilton
Ron Chernow/Penguin
The 15th Affair

6
3
Untold Story of New Test. Church

Frank Viola/Destiny Image
New
Tribe
Sebastian Junger/Twelve
New
Youre Speaking My Language

Gary Chapman/B&H Publishing
New
Life-Changing Magic of Tidying Up

Marie Kondo/Ten Speed Press
Laser-Sharp Focus
Joanna Jast/Joanna Jast
New

Our Crime Was Being Jewish

10
Anthony S. PItch/Skyhorse Publishing
New
Bare Bones: Im Not Lonely

Bobby Bones/Dey Street Books
Hardcover Business
THIS
WEEK
Mrs. Wilkes Cookbook

4
Sema Wilkes/Potter-Ten Speed-Harmony
Desire After Dark

Marie Force/HTJB
New
The Last Mile

David Baldacci/Grand Central
10
Killian
Sabrina Paige/Sabrina Paige
New
10
After You
Jojo Moyes/Penguin
10
TITLE
AUTHOR / PUBLISHER
Nielsen BookScan gathers point-of-sale book data

from more than 16,000 locations across the U.S.,
representing about 85% of the nations book sales.
Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
retailers, and food stores. E-book data providers
include all major e-book retailers (Apple excepted).
Free e-books and those sold for less than 99 cents are
excluded. The fiction and nonfiction lists in all
formats include both adult and juvenile titles; the
business list includes only adult titles. The combined
lists track sales by title across all print and e-book
formats; audio books are excluded. Refer questions
to Michael.Boone@wsj.com.
15th Affair
6
3
TITLE
AUTHOR / PUBLISHER
THIS
WEEK
LAST
WEEK

Total Money Makeover

Dave Ramsey/Thomas Nelson
The Five Dysfunctions of a Team

Patrick M. Lencioni/Jossey-Bass
The Energy Bus

Jon Gordon/John Wiley & Sons
Emotional Intelligence 2.0

5
7
Travis Bradberry and Jean Greaves/TalentSmart
The Ideal Team Player
Patrick M. Lencioni/Jossey-Bass
The Last Mile

7
David Baldacci/Grand Central Publishing
Never Split the Difference

Christopher Voss/HarperBusiness
The Girl on the Train

Paula Hawkins/Riverhead
TED: Guide To Public Speaking

Chris J. Anderson/Houghton Mifflin
After You
Jojo Moyes/Pamela Dorman Books
Smarter Faster Better

Charles Duhigg/Random House
New
Extreme Ownership
Jocko Willink/St. Martins Press
10
Until June
10
Aurora Rose Reynolds/Aurora Rose Reynolds
* * * *
REVIEW
WEEKEND CONFIDENTIAL:
ALEXANDRA WOLFE
Maya
Rudolph
THE COMEDIAN Maya Rudolph is
dressed as a suburban housewife
bidding a heartfelt farewell to her
husband, an astronaut played by
Tom Hanks, who is about to soar off
on a five-year trip into space. Or so
she thinks. Minutes later, she finds
him pulled over on the side of the
road watching the TV drama Chicago Fire on his phone. Soon afterward, she runs into him again in a
parking lot eating chicken fries with
a paland two years later realizes
that instead of being in space, her
husband has been living 15 minutes
away at his friends house, where he
has been Skyping with her from a
shuttle made of cardboard.
Its a sketch from her new variety
show with Martin Short, Maya and
Marty, which made its debut last
week on NBC. Ms. Rudolph is especially known for her impersonations,
from Paris Hilton to Beyonc, but
she doesnt consider herself a true
mimic. Im not an impressionist,
she says. Im inspired by haircuts
or expressionsand sometimes by
news events such as space launches
and political campaigns.
Ms. Rudolph, 43, got plenty of
practice doing impressions on Saturday Night Live, where she was a
cast member from 2000 to 2007.
She has also had roles in big ensemble films, such as Adam Sandlers Grown Ups (2010) and the
hit comedy Bridesmaids (2011), in
which she played the bride.
Maya and Marty, a collaboration with the producer Lorne Michaels, grew out of her successful
2014 NBC special The Maya Rudolph Show, which drew 7.2 million viewers. Every week, the new
show will feature a lineup of skits
and celebrity guests. The first episode included Miley Cyrus, Larry
David and Mr. Hanks and brought
in 6.4 million viewers.
The show is taped before a studio audience five days before airing.
She had missed performing in front
of people and says that she and Mr.
Short just clicked. They had met
only once before, on a Saturday
Night Live special, but had a lot in
common. We both come from very
similar roots, she says. Both of us
did sketch comedy and improv and
speak the same language.
Ms. Rudolph grew up in Los Angeles with musician parents. Her
mother, Minnie Riperton, was a successful soul singer and songwriter.
Her father, Richard Rudolph, was a
music producer and songwriter, too.
Ms. Rudolph knew at a young age
that she wanted to go into entertainment. It probably helps when
ALLISON MICHAEL ORENSTEIN FOR THE WALL STREET JOURNAL
The comedian on playing

Oprah, not watching TV
and her new variety show
you see your mother on stage with

a microphone, and you think thats
a normal thing, she says.
She went to the University of
California, Santa Cruz, then worked
in Los Angeles as a member of the
famed improvisation troupe the
Groundlings. She left Saturday
Night Live in 2007, when her first
child was born, because of the latenight schedule, but she has continued to make appearances on the
show. A few weeks ago, she portrayed former Brazilian President
Dilma Rousseff, holding a cigar and
an umbrella drink and celebrating
her retirement. Ms. Rudolph had
volunteered to play the Brazilian
leader, she says, because she liked
her animated facial expressions.
The character she has found
hardest to play is Oprah Winfrey. I
didnt know how to impersonate
her, she says. Before her first

Oprah sketch, fellow comedian Darrell Hammond helped her look at
specific mannerisms. She ended up
riffing on the way that Ms. Winfrey
My stuff is all
over the place,
she says.
I personally dont
have any rules.
makes her audience members cheer
and scream and lose their minds.
She was anxious about impersonating Barack Obama in 2007,
then in his first presidential campaign, when he made a cameo on
Saturday Night Live. (In the skit,

he shows up at a Halloween party
at Bill and Hillary Clintons house.)
She was relieved when her part
was nixed, she says, but unfortunately he saw me dressed as him
before it got cut. She asked Mr.
Obama what he thought of her outfit. He replied, I dont wear a
three-button suit, she says.
Ms. Rudolph sings, too. For the
past five years, she and a friend,
Gretchen Lieberum, have done occasional gigs with their Prince tribute band, Princess. We never
thought wed ever be doing it when
Prince wasnt on this planet with
us, so were figuring out what we
want it to be next, she says.
When she isnt working, Ms. Rudolph spends time at home in Los
Angeles with her husband, the director Paul Thomas Anderson,
known for films such as Boogie

Nights (1997) and There Will Be
Blood (2007), and their four children, ages 2 to 10. She finds little
time to watch TV. I feel like Im
committing a deadly sin when Im
laying down and watching a television program now that I have
kids, she says.
Does she have a comedic formula
to win over audiences? Ms. Rudolph
says that what works with other
people is usually what she herself
finds funny. A skit makes her laugh
when its as close to reality as possible, but also when things are completely ridiculous, whether its
bathroom humor in Bridesmaids
or a Maya and Marty skit last
week in which Melania Trump was
depicted eating diamonds. My stuff
is all over the place, she adds. I
personally dont have any rules.
MOVING TARGETS: JOE QUEENAN
THE UNITED STATES of America

does everything so well that it
rarely needs to borrow ideas from
foreign countries. Once in a while,
we get fashion or cuisine inspiration from France, and occasionally
we borrow musical ideas from Nigeria or Iceland or Germany. But
mostly we go it alone.
Still, products or trends are
sometimes so innovative and exciting that we simply have to go out
and filch them. The 1960s miniskirt
probably originated in France or
England. The banjo was probably
invented somewhere in West Africa. Democracy comes from
Greece. We borrowed these ideas
and improved them, just as we borrowed House of Cards from Britain and filled Europes bland croissant with feta cheese, olives,
chutney, peanut butter, balsamic
vinegar and country ham.
Recently, a bunch of executives
at a Japanese ice-cream company
appeared in a TV commercial
apologizing for raising the price

of a popular ice-cream bar. Workers also appeared, standing
shamefacedly in front of the icecream factory. Everyone said how
sorry they were that they had to
jack up the price of the tasty treat
by nine cents.
The Japanese public responded
enthusiastically, and sales numbers for the ice cream jumped.
American companies need to
adopt the idea of the publicly
televised apology. Airline executives should line up in front of their
aging fleets and apologize for
charging customers $25 to store
their bags and asking them to sit in
a space so tiny that even a Chihuaua would feel cramped. Amtrak
execs should apologize for spiraling
costs on trains that havent gotten
anywhere on time since Neil Diamond released Sweet Caroline.
Apologies should be swift, and
they should be earnest. Were
sorry we keep raising the price
A Japanese icecream maker had

it right: Apologize
for price rises,
dud products and
bad service.
of tickets and then release films

like Zoolander 2, they should sob
as they stand in front of the studio
where the monstrosity was concocted. We promise not to make
Zoolander 3.
Public corporate apologies are
probably most needed in the wake
of price hikes: We apologize for
raising prices to see the Milwaukee Brewers. We deeply regret
making it more expensive to buy
your Happy Meal. But other
times the apology should atone
for dud products and unacceptable customer service.
Were sorry that we had to
raise the price of stamps, a phalanx of U.S. Postal Service employees would bawl. Were
sorry that Mindy didnt receive
her Christmas gift on time.
Were sorry that we never, ever
open a second line, even when
customers are lined up around
the block. Were sorry that the
desk clerk is so nasty and incom-
petent. Were sorry, were sorry,

were sorry. OK?
Obviously, certain companies will
resist the idea of donning sackcloth
and ashes, or groveling. I dont see
Apple doing it. Much less J.P. Morgan Chase. But other companies
could quickly wend their way back
into the publics heart by saying
how repentant they are.
Were sorry that we didnt raise
the price of a bottle of sparkling
water but reduced the number of
fluid ounces in each bottle. We
know that it was crass and underhanded. We really have no sense of
fair play.
Were sorry about that version
of the BlackBerry. We were doing
our level best to come out with
something you guys might find useful, but it looks like we blew it big
time. It wont happen again.
Were sorry that we charged
you $150,000 for a law degree
and then you couldnt get a job.
Our bad.
NISHANT CHOKSI
What Customers Really Want: Abject Apologies
* ***
REVIEW
EXHIBIT
D.
B.
C.
Ballpark Figures
BASEBALL TEAMS have come and gone, but the collectors cards will always be with us.
An exhibit at New Yorks Metropolitan Museum of Art opening on June 10, The Old Ball
Game, will feature nearly 300 cards (many focused on New York players) from 1887 to 1977.
Drawing from the museums collection of more than 30,000 cards, the show chronicles their
evolution, says curator Allison Rudnickfrom larger pieces meant for cabinet displays in
the 19th century to trading items. The exhibit runs until Oct. 20.
Alexandra Wolfe
HISTORICALLY SPEAKING: AMANDA FOREMAN
A. Walter Johnson, Washington Senators, 1911. The pitcher is featured

in the American Tobacco Co.s Gold Borders series, the first series of
cards that included player autographs. B. Babe Ruth, New York Americans, 1921-22. Ruths contract was sold to the Americans, also known as
the Yankees, in 1920; here, hes still wearing his Boston uniform. C. Joe
Jackson, Cleveland, 1914-15. Before getting caught up in the 1919 Black
Sox betting scandal, Shoeless Joe appeared on this Cracker Jack prize.
D. Mordecai Brown, Chicago, 1911. Early on, cards like this came in cigarette packages. Candy companies later followed suit. E. Neal Ball,
Cleveland, 1911. The Cleveland Naps became the Indians in 1915.
PLAYLIST: CHUCK KLOSTERMAN
The Tragic Side of the

Season of Nuptials
IF APRIL is the cruelest month, then
June is the happiestat least for
those hoping to say
I do. Surveys show that in
America, about 16% of all weddings occur in June, making it
the most popular wedding
month. In many parts of the
country, flowers are at their
peak and the weather is perfect.
What could go wrong?
A great deal, it turns out.
With so much riding on the day,
weddings occupy a curious place
in the human psyche, wedged
somewhere between the heights
of ecstasy and the depths of despair. The notorious Red Wedding episode a few years back
in HBOs Game of Thrones, in
which the host Lord Frey massacres his helpless guests, may
have pushed the envelope in
terms of good taste, but its
bloody denouement came as no
surprise to lovers of tragic operaor the classics.
The ancient Greeks regarded weddings as potentially very dangerous. Too much happiness
was thought to incur the wrath of the gods. Only
a prodigious number of sacrifices could stave off
disaster, and even then the slightest mistake
could upset all the careful preparations. A wedding day transformed into a funeral was a stock
theme in Greek mythology and poetry. In one version of the Trojan War narrative, Iphigenia, the
daughter of King Agamemnon, walks to the altar
dressed as a bride, unaware that she is about to
be killed to appease the goddess Artemis, who
had held up the warriors voyage to Troy.
Many cultures have linked weddings with
death, often in the form of a bridal dirge about
saying farewell to the family. In China, bridal
mourning endured up until modern times. According to custom, the bride, about to be thrown
to the mercies of her mother-in-law, spent her final three days of freedom cursing and crying.
Supported by her female kin, she sang a series of
kuge (weeping songs) and hunge (marriage laments) for the death of her old, happy self.
The idea of wedding mourning never caught
on in America, although Consuelo Vanderbilt
wasnt too far off with her uninhibited display
of misery before her marriage (arranged by
E.
The World in a Clock Radio

Eddy Grants Electric Avenue ignites
a young farm boys imagination
Chuck Klosterman, 43, is an essayist
and the author of nine books, including his latest, But What If Were
Wrong? (Blue Rider). He spoke with
Marc Myers.
I was raised on a farm in Wyndmere, N.D., where there wasnt
much to do except listen to the radio. The first song I loved that I
found on my own was Eddy Grants
ELECTRIC AVENUE, in 1983. I
was 11. I had grown up
with four older sisters
and two older brothers,
so most songs I heard
came from them. This
one was different.
On our family farm, I
had no idea that my life
was limited. Wyndmere
had a population of 500,
and no one I knew had
cable TV or was aware
of MTV. All I had was my clock radio, so I listened to the Top 40 station from Fargo, Y94 FM.
Electric Avenue was my introduction to reggae, even though I
had no idea what reggae was and
the song isnt exactly reggae.
Grants song was about the Brixton
area of South London, where many
people from Jamaica lived in pov-
erty. It came out just after the Brixton riot in 1981, but I didnt know
that until later.
For some inexplicable reason, I
thought the song was about prostitutes hard lives in Jamaica, though
I knew nothing about prostitution
or Jamaica: No place to hang all
our washing / An an I cant blame
all on the sun and Oh no, we
gonna rock down to Electric Avenue
/ And then well take it higher. I
just assumed it had a
sexual subtext, or perhaps I wanted it to
have that subtext.
Looking back, Im
not sure the song
changed me in any
fundamental way.
What it did was
switch on my imagination and start me
down the road to criticism and the desire to have experiences with culture.
The idea of developing my own
taste had never occurred to me. I began unconsciously gravitating to music that was exotic and had meaning
greater than just being appealing to
the ear. After Electric Avenue, I
wanted my experience with music to
be more than just liking it.
The first
song I
loved that
I found on
my own.
THOMAS FUCHS
her mother) to the Duke of Marlborough in

1895. On the day, the reluctant bride cried so
hard that the ceremony had to be delayed, it is
said, until her face returned to normal.
Of course, it isnt just women who have regarded their wedding day with a sense of impending doom. Lord Byron managed to put his
off for six weeks until he ran out of excuses and
married Annabella Milbanke on Jan. 2, 1815. His
deep gloom was so contagious that as the couple
drove away, Byrons best man, John Cam Hobhouse, recalled, I felt as if I had buried a friend.
At least Byron had remained sober, unlike
King George IV, who was so drunk during his
wedding to Princess Caroline in 1795 that he
could barely stand. The monarch compounded
the insult by leering at his mistress, Lady Jersey,
throughout the entire ceremony. The marriage,
like Byrons, was not a success.
But all is not lost for those of us who began
planning for the Big Day back in elementary
school. We can still take heart from Shakespeares
confidence that alls well that ends well in a wedding; or two (Much Ado About Nothing), or
three (A Midsummer Nights Dream), or even
four (As You Like It). Especially when the goddess Juno, whose name is reflected in this month,
sings her blessings upon you (The Tempest).
EDDY GRANT
performing in
London in 1990.
IAN DICKSON/REDFERNS/GETTY IMAGES
THE METROPOLITAN MUSEUM OF ART, THE JEFFERSON R. BURDICK COLLECTION
A.
* * * *
PLAY
NEWS QUIZ: Daniel Akst
1. In a new stimulus measure, the
European Central Bank is about to
start buying what?
Provided by the
National
Museum of
Mathematics
D. Colorado
6. The worlds longest rail tunnel, at
35 miles, openedwhere?
A. Bobble-head dolls
B. Corporate bonds
C. Common stock
D. Residential real estate
A. New Jersey
B. China
C. France
D. Switzerland
2. Cheryl
Mills, a
former top
aide to
Hillary
Clinton at
the State Department,
declined to answer questions in a
depositionon what grounds?
7. Whos the parent of Time Warner

Cable?
A. Father Time
B. Pop Warner
C. Charter Communications
D. Comcast
A. Attorney-client privilege
B. The Fifth Amendment
C. Lse majest
D. Lack of access to classified
documents
8. Which of these is beloved by Fed

Governor Daniel Tarullo, perhaps the
most important person in banking?
A. Seinfeld
B. The Boston Red Sox
C. William Faulkner
D. All of the above
3. A zoo killed a gorilla to save

a child who got into the animals enclosure. What was the gorillas name?
9. Paul Ryan said hed vote for Donald

Trump. What did Trump say hed do
to GOP pols who wont back him?
A. Harambe
B. Harare
C. Harara
D. Koko
FROM TOP: SUSAN WALSH/ASSOCIATED PRESS; EZRA SHAW/GETTY IMAGES
VARSITY MATH
From this weeks
Wall Street Journal
A. Re-educate them at Trump

University
B. Prove hes worthy of their
backing
C. Attack them
D. Build a wall
4. The new movie Genius is about

a famous editor. Which one?
A. Gordon Lish
B. Maxwell Perkins
C. William Shawn
D. William Allen White
A. The Washington
Senators
B. The
Seattle
SuperSonics
C. The
Rochester
Royals
D. The Syracuse
Nationals
A. Pepperdine
B. Baylor
C. Penn State
To see answers, please turn to

page C4.
Duplicate Division
Junior Varsity Relay
The four seniors have pooled
all the team trophies theyve
won and need to split them
up. They start by making four
groups of trophies, with each group
containing at least one trophy; they
also note that somebody is going to
have to take home more than two
trophies. They cant decide how
many to put in each group,
though. So they start by
counting the number of
possible ways to divide them
up, with the order of the groups
not mattering. Then they realize
that they should give some of the
trophies to Coach Newton, so they
really need to create five piles.
They count up the ways to do
that and, oddly enough, they get
exactly the same number of
possible groupings as they did with
four piles.
How many trophies did the
seniors win?
Phenomenal Packing
Junior Varsity
One of the seniors, Ariana,
has a perfectly square
space in her trunk, 13
decimeters by 13
decimeters. As shes
about to drive off, she
excitedly calls the other
team members over. Look!
she says, Ive fit 11 perfectly
square boxes, each an integer
number of decimeters on a side,
into this square space and
used every bit of it. Another
teammate comments, Wow,
and the sizes of the boxes
have no common factor,
and 11 is the fewest
number of square boxes
you could have done that with. You
rock, Ariana!
What are the sizes of
Arianas boxes? Note: Box
sizes might repeat.
For previous weeks puzzles,

go to WSJ.com/puzzles.
ILLUSTRATION BY LUCI GUTIRREZ
10. The Oklahoma City Thunder,

defeated in the NBA playoffs by the
Golden State Warriors, used to be
called something else. What?
5. Amid sexual-assault accusations

involving the football team, Kenneth
Starr resigned as chancellor of which
university?
This weekend, the team is

wishing a fond farewell to its seniors
as they move out of the dorms.
What better way to send them off
than with some puzzles that
cropped up as they were packing?
Learn more about the National Museum of Mathematics (MoMath) at momath.org
SOLUTIONS TO LAST WEEKS PUZZLES
Labyrinth
Solutions
For the relay that ended
last week, there are
11,520 possible
arrangements for the
picture in Hat Trick, the
area of the region interior
to all parabolas in
Possible Parabolas is 14
and the sum of the
lengths in Equal Laterals
is 7 3. In the remaining
problem, Isocircules, the
ratio of BD to BC is 7/4.
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THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

1
19
20
23
24
27
36
31
37
12
13
14
32
22
25
26
52
33
59
60
63
55
64
81
82
92
66
98
67
85
100
106
107
112
58
72
78
79
80
86
90
94
99
44
68
71
89
93
97
110 111
65
84
88
43
49
57
77
83
18
62
76
87
42
48
70
75
41
56
61
69
74
40
47
54
17
34
39
53
16
29
46
51
15
21
38
45
50
73
11
28
30
35
10
91
95
96
101 102
103 104 105
108
109
113 114
115 116
117 118 119
120
121
122 123
124
125
126
127
128
129
130
131
The Sweet Life | by Randolph Ross

Across
97 Straw mat
100 Something
extra special for
a chocoholic?
106 Fewer than few
108 Treated with
tablets
109 Chronology
section
110 What a
chocoholic
statistician uses
to avoid error?
115 Brings to a boil?
120 Stressful type:
Abbr.
121 Snowy bird
122 Chocoholics
destination in
Florida?
124 File menu
choice
125 Humidor item
126 1974 hit with
Spanish lyrics
127 First name of
comedy?
128 Friends pronoun
129 Conductors
concern
130 Punishment for
a mutineer
131 Lush
Down
1
2
3
4
Cuzco resident
Tapered tuck
Went around
Spherical
bacterium
5 Device with a 3D
Touch display
6 Soaks in water
7 Pan producers?
8 Flight
9 Jargon suffix
10 John Wayne film
set in Africa
11 Brazilian berry
12 Strong arms, in
slang
13 Pushed
14 I-95 corridor
setting
15 Concealed
16 Ishmaels
superior
17 La citt eterna
18 Salon worker
24 Loc. of 46-Across
28 Seoul soldier
29 Astros, on
scoreboards
32 The Big Easy,
informally
33 Mortals, to Robin
Goodfellow
35 Infield quartet
36 Racing great
Bobby
37 United hub
38 14-line poem
39 H look-alike
40 Frodos friend
42 Muslim mystic
43 Rumor spreaders
words
44 Cup, in Calais
N2
21
40
C3
I4
L5
P 22
T 23
K 24
C 25 U 26
41
K 42 M 43
60 M
61
B 62 Q 63
80 O
81
C 82 D 83 U
44
138 H 139 O
S 27 Q
I 45
E 46 Q 47
J 68
48
L 69
A 13
E 14
K 15
31 M 32
F 33
E 34 O
F 49 D 50 A 51
S 52
P 53 O 54 U 55
70 N 71
F 87 M 88 Q 89 K 90
105 P 106 K 107 G 108 U
L 91
S 72
I 92
109 S 110 B
124 H 125 F 126 J 127 Q 128 B 129 I 130 U
140 Q 141 S 142 K
143 G 144 B 145 R 146 N 147 E 148 A
160 E 161 K 162 T 163 P 164 G
175 B 176 S 177 J
178 I 179 E
194 B
196 O 197 U 198 L 199 S 200 N 201 C
195 I
G 10 O 11 M 12
28 A 29 G 30 B
84 R 85 B 86
122 C 123 A
157 H 158 O 159 Q
Q8
I 64 N 65 R 66 H 67
100 A 101 C 102 Q 103 E 104 O

119 K 120 O 121 M
F7
165 A 166 C
180 O 181 R 182 L
183 A 184 B 185 F

202 Q 203 R
16
P 93
K 75
94
18
D 19
F 20
P 37 D 38
J 39
T 56 G 57
E 59
B 76
I 78
36
J 77
E 95 G 96 H 97
112 L 113
131 D 132 P
149 P 150 F
35 H
73 Q 74
111 N
N 17
58
T
I 114 R 115 E
79 A
98
F 99 B
116 F 117 T 118 D
133 U 134 L 135 E 136 A 137 T

151
167 Q 168 L 169 U
I 152 D 153 C 154 N 155 L

170 F 171 N 172 D
186 Q 187 S 188 N 189 M 190 C

204 J 205 A 206 P
156 B
173 G 174 H
191 G 192 H 193 K
207 K 208 F 209 I 210 G 211 B
Acrostic | by Mike Shenk

To solve, write the answers to the clues on the
numbered dashes. Then transfer each letter to the
correspondingly numbered square in the grid to spell
a quotation reading from left to right. Black squares
separate words in the quotation. Work back and
forth between the word list and the grid to complete
the puzzle. When youre finished, the initial letters of
the answers in the word list will spell the authors
name and the source of the quotation.
K. Director of Straw
Dogs and The
Getaway (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
L. Large antelope
also referred to by
the Swahili name
kongoni
____ ____ ____ ____ ____ ____ ____ ____
A. Item considered
lucky for all but its
original owner
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
M. Victorian game
played with an
odd number of
cards (2 wds.)
____ ____ ____ ____ ____ ____ ____
B. Dont feel bad

about your
screw-up
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
____ ____ ____ ____ ____ ____ ____ ____
C. Intermittently
(3 wds.)
N. 1853 work whose

title translates
roughly as the
woman led astray
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
O. Writing that may

end with a series of
Xs (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
P. At odds (with)
(3 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
Q. 2000 film in which

Mel Gibson plays a
chauvinistic ad man
(3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
R. Loss of confidence
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
S. Jerome Kern song

sung by Astaire
and Rogers in
Roberta (3 wds.)
____ ____ ____ ____ ____ ____ ____ ____
T. Exploit (2 wds.)
____ ____ ____ ____ ____ ____ ____
U. Location about
which John Muir
wrote Its natural
beauty cleans and
warms like a fire
____ ____ ____ ____ ____ ____ ____ ____
148 12 136 28 79 183 50 123
____ ____ ____
100 165 205
175 211 61
85 43 128 99 30
____ ____ ____ ____ ____ ____ ____
184 156 194 75 144 110
24 122 81 153 166 190 101
201 47
D. Dried legume used

in soups (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
E. 1961 western
thats the only
film directed by
Marlon Brando
(2 wds., Hyph.)
____ ____ ____ ____ ____ ____ ____ ____
F. Billy Rose song

whose title
twosome are
strolling down the
avenue (4 wds.)
____ ____ ____ ____ ____ ____ ____ ____
G. 1980 toy whose

name was chosen
after rejecting
Gordian Knot
(2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
H. Crown dependency
called Ellan Vannin
by native speakers
(3 wds.)
____ ____ ____ ____ ____ ____ ____ ____ ____
I. Structure in
Londons
Southwark district
destroyed by fire in
1613 (2 wds.)
____ ____ ____ ____ ____ ____ ____ ____
J. Store with little

clothing to sell?
(2 wds.)
____ ____ ____ ____ ____ ____ ____
131 172 37 49
179 13
142 106 207 119 193 14
23 89
____ ____ ____ ____
59 161 74
168 134
41
198 68 112 155 40
____ ____
90 182
31 189 60
200 70
11
42 87 121
188 64 154 16 111
____ ____
146 171
____ ____
180 10
53 34 196 120 80 139
____ ____
158 104
18 118 152 82
45 147 135 103 72 94
____ ____ ____ ____
58 33 115 160
52
21 149 132 105 206 163 92 36
140 102 62 127 159 202 73 46
____ ____ ____ ____ ____
88 186
27 167
86 185 98 32 48 170 125 116
____ ____ ____ ____ ____
19 208 69 150
29 143 210 191 164 107 95
____ ____
173 56
138 96 174 192 66 157 124 35
209 151 113 44 20 178 91
____ ____ ____ ____
195 63 129 77
67 38 76 177 204 57 126
39 114 65 84 203 5
181 145
109 26 187 71 199 93 141 176
____ ____
51
15
97 55 117 78 137 162 22
17
130 25 83 54 133 197 108 169
Get the solutions to this weeks Journal Weekend

Puzzles in next Saturdays Wall Street Journal.
Solve crosswords and acrostics online, get pointers
on solving cryptic puzzles and discuss all of the
puzzles online at WSJ.com/Puzzles.
1 Picks from a
lineup
4 Nice round
figure
10 World Court
location, with
The
15 Ingredient of
flaky pie crusts
19 Refresher, of a
sort
20 Met
expectations?
21 Member of the
Honda family
22 Main salutation
23 When a
chocoholic is
under pressure?
25 Some brightly
colored tropical
fish
26 Not particularly
exciting
27 Free
28 Keep a chocoholic
to a high
standard?
30 Diamond score
31 Certain to face
34 Raid rival
35 Some data on a
chocoholics
computer?
41 Equip
45 That feels so
good!
46 Ibsens
hometown
47 Brits bye!
49 Brainstorming
cry
50 Islamic devil
54 Chocoholics
favorite Grammywinning blues
rock band?
59 Sweet songs?
61 Pros camera
62 Perfect places
63 Greyhounds
quality
65 Breaking them
is bad
68 Jeters skipper
69 Chocoholics
favorite romantic
song?
73 Symbols of life
76 Journalist Jacob
77 Nutty liqueurs
81 Doughnuts and
bagels
84 Puts down
86 Place on a
pedestal
87 What
sycophantic
chocoholics
earn?
91 Golfer Toledo
92 Big letters in
bowling alleys
93 Craig Ferguson,
for one
94 Touched down
96 Letters on a Form
1040
48 T look-alike
51 Gig for Olympic
skaters
52 Grosses
53 Hello, Young
Lovers singer
55 Williams of
Girls
56 Angels opposite
57 Pressure spot
58 Last Supper
attendee
60 River near
Nieuwpoort
64 Reagans
antimissile prog.
66 ___ hoppen?!
67 Reindeer-herding
people
70 Collaborative site
71 Opel model
72 Red states
73 Up
74 Bellinis title
priestess
75 Colleague of
Stahl and Safer
78 Weight-bearing
bone
79 ___ Mountains of
Arkansas
80 Intuit
82 Use Lysol on
83 Brief moment
85 A lot of bucks
88 Polynesian paste
89 Like some trades:
Abbr.
90 Fizz fruit
95 The Dow and the
Nikkei
98 Oscar winner for
Life of Pi
99 Shemps brother
101 Seconders
statement
102 Postal creed
conjunction
103 Goddess of
sorcery
104 Antarctic
volcano
105 Sugar source
107 Course feat
110 Punch ingredient
111 Hatchs home
112 Title role for
Kevin Kline
113 Stuff
114 Maryland player
116 Raid the fridge
117 Shop collection
118 Singing-in-theshower effect
119 No longer
functional
122 Animation
collectible
123 ___ pro nobis
* ***
A SCENE from the

2014 short film
The Living Need
Light, the Dead
Need Music.
JAMES COHAN, NEW YORK/THE PROPELLER GROUP
REVIEW
A New Spin on Vietnamese Art
The Propeller Group takes

its edgy ideas to Chicago
BY KELLY CROW
THE PROPELLER GROUP, a rising-star art trio

based in Vietnams Ho Chi Minh City, started
out a decade ago as an advertising agency, sort
of. The artists found that if they billed themselves as admen, they could more easily get
permits to film around the cityand their cameras attracted less attention from government
censors. Along with making a few commercials,
they made art.
On June 4, the Museum of Contemporary
Art Chicago will open the groups first U.S. museum survey show, featuring installations and
videos of their vision of Vietnam, from graffiti
artists to monks to traders in fake antiquities.
The national portrait that emerges is both
globally hip and distinctly Vietnamese.
The groups ascent also mirrors Vietnams
expanding presence on the international art
stage. The Propellers, who formed in 2006,
have quickly climbed the ranks of Vietnams
most significant living artists, along with Tiffany Chung, who is known for embroidering
maps that chart damage caused by war and
natural disaster, and Dinh Q. L, who weaves
strips of photographs together.
The fact they live in Vietnam sounds exotic, said curator Naomi Beckwith, but these
artists are having a sophisticated, savvy conversation about global art and media in a
country thats changing rapidlyand their art
reflects that.
Two Propellers, Tuan Andrew Nguyen and
Phunam (who only goes by one name), were
born in Vietnam in the 1970s but left with their
families as children. Decades later, they returned from the U.S. and Europe and teamed up
with Matt Lucero, now 40, a California native
who went to art school with Mr.
Nguyen. Their collaborations have
become favorites of the international biennial circuit, from Venice
to New Orleans and beyond.
They are best known for The
Living Need Light, the Dead Need
Music, a hypnotic short film in
the show that the Propellers created for New Orleanss Prospect.3
international art exhibition in 2014. In the
film, they documented a dayslong wake in
Vietnam. The funeral procession becomes increasingly carnivalesque, with fire-breathers,
a brass band and people hired to cry on cue.
The films backdrop along a watery south
Vietnamese coast evokes New Orleans, which
has its own culture of jazz funerals. That
rounds out the artists point: No one can
claim a monopoly on culture, because traditions evolve and overlap, Ms. Beckwith said.
Fade In, another one of the seven videos
and installations that can be seen in Chicago,
shows workers unpacking crates full of wooden

objects. On the soundtrack, someone is arguing
with a customs agent. A similar showdown inspired the video: After working on a project in
the Netherlands, the groups members struggled to persuade Dutch customs agents to let
them ship home fake antiques that they had
used as props, including a reproduction of an
18th-century house facade made from carved
jackfruit wood. The ensuing debate offers a
surreal commentary on the trade
in both real and fake Vietnamese
antiques.
A similar house facade is in the
Chicago show. You can only imagine how nervous we were getting
the house through U.S. Customs,
Ms. Beckwith said.
Museums in the U.S. have been
paying more attention to contemporary Vietnamese artamong them, New Yorks
Solomon R. Guggenheim Museum with its 2014
show No Country: Contemporary Art for South
and Southeast Asia. Auction houses are also
championing Vietnamese artist Danh Vo. His
2010 VJ Star, a piece of cardboard covered in
gold leaf and stenciled with the image of the
U.S. flag, sold at Phillips for $930,358 last October.
In Chicago, the Propellers also re-examine
the legacy of the Vietnam War, with artworks
involving the two assault rifles most commonly associated with that conflict, the
A brassy
film of a
full-day
wake.
American M16 and the Soviet-made AK-47.

The artists commissioned a ballistics lab to
shoot bullets from both guns into a series of
translucent, rectangular blocks of gel that are
designed to freeze-frame the trajectory of
bullets. Both leave a comet-like trail in the
gel that is poetic but deadly.
The guns also play big roles in the Propellers first feature-length film, AK-47 vs. M16,
the Film, which makes its debut at the Chicago
show. The feature splices together hundreds of
Hollywood film clips, documentaries and instruction videos, each one showcasing one or
both of these rifles.
Ms. Beckwith said that the group isnt afraid
of satirizing Vietnams communist ties. In a
nod to their start as an advertising firm, in
2011 the Propellers hired a public relations
company to rebrand communism as a utopian
ideal. The artists videotaped the publicity
firms members earnestly brainstorming a
marketing campaign, with hours of debate that
wind up sounding like farce. (The publicists
knew that they were part of an art project.)
The result is Television Commercial for Communism, a black-and-white cartoon that depicts people trading rainbow-colored smiles.
The piece points to Vietnams fitful attempts
to blend its communist past with its recent
market-driven growth. Communism was supposed to be the most anti-marketing ideology,
and the Propellers hired Mad Men to put a
spin on it, Ms. Beckwith said.
MASTERPIECE: SOLLIE 17 (1979-80) BY EDWARD KIENHOLZ AND NANCY REDDIN KIENHOLZ
A SKID ROW PORTRAIT OF PATHOS

REALISM, at its best, mirrors the world even as
it makes it us see and feel it anew. The realist
sensibility isnt limited to the grittier dimensions of the world, but it often moves in that direction. Powerful examples abound in photography, reaching back to the late 1880s and Jacob
Riiss images of poverty-stricken New York immigrants. Frankly depicting the downtrodden in
painting is olderGustave Courbets The
Stonebreakers (1849-50) was a pivotal exampleforeshadowing the widespread ambition to
show everyday life with unflinching candor in
painting, photography and other media.
Edward Kienholz (1927-1994) may have
emerged from the Los Angeles avant-garde of
the late 1950s and the 1960s as an important
creator of assemblages, human-scale tableaux
and environments. But the places and types of
people he chose to portray frequently added
new dimensions to the tradition of capturing the
lives of the downtrodden and marginalized. He
had a sorry experience in a brothel as a teenager, reflected in the grotesque figures within
Roxys (1961), his first walk-through environment. Its surroundings and furnishings are true
to the 1940s, but its sculptural constructions of
prostitutes, like Five Dollar Billy, are grotesque
and dehumanized. The only person in The
Wait (1964-65) is an aged woman in a chair
mostly skull and bones in a dress. Her loneliness
in this domestic scene is palpable.
Kienholzs seminal works were all made in
Los Angeles, where he first
gained renown and notoriety. Wider fame followed in
1970, when his major tableaux toured to high-profile
European museums, and by
1973 he and his wife, Nancy
Reddin Kienholz, were dividing their year between
West Berlin and the hamlet
of Hope, Idaho. He had also
begun collaborating with his wife, who
brought her eye as a photographer and her
more analytical temperament to the work. Together they created a melancholy portrait of
a representative marginalized man in Sollie
17 (1979-80), unsurpassed for its pathos and
NANCY REDDIN KIENHOLZ
BY ROBERT L. PINCUS
WHICHEVER DOOR visitors choose first, the half-open one inevitably draws them to it, for a longer look at Sollie.
the sense of urban isolation it conveys.
The Smithsonian American Art Museum in
Washington is home to Sollie 17. It is one of a
quartet of works the artists called their Spokane
Cycle, whose materials for all were culled from
buildings on a block in that city, razed in 1979.
All were created in their
Idaho studio and reflect the
more subtle tone of the
sculptural tableaux and environments they made together. Sollie 17 is an altered and reconstructed
version of a hallway from the
Pedicord Hotel, with two
doors (one numbered 17
and one labeled Toilet); inside the numbered, slightly ajar door is a single
room, with three versions of the same aged man
within it. The work stands 10 feet tall, 28 feet
wide and 14 feet deep.
You experience Sollie 17 sequentially. You
may decide to stroll up first to the door marked
Unsurpassed
for the sense of
urban isolation
it conveys.
Toilet, only to discover its locked. Then, almost inevitably, youll head for the other door,
with its potential for sights within. Some viewers may reverse the order. But whichever door
visitors choose first, the half-open one inevitably draws them to it, for a longer look at Sollie.
He is a composite figure and a kind of everyman. (His head is a framed photograph of the
artists friend Paul Croy; the cast body is that of
another friend and fellow artist, Russell Rosander.) The passage of time is conveyed with deft
concision. Sollie is looking out the window in
one pose, gazing at a photograph of the skyline
he would have seen from the Pedicord Hotel. A
second Sollie is lying on the bed, one hand inside his briefs and the other holding a paperback (A Handful of Men). The third sits on the
edge of the bed, staring at nothing in particular.
Together, these three Sollies imbue the scene
with the constricted nature of the mans existencesending us to the works title with its
echo of Stalag 17, the classic Billy Wilder film
about Americans held captive in a German
prison camp during World War II. Fittingly, the

reconstructed room from the destroyed Pedicord Hotel has been foreshortened, to accentuate the cramped nature of his space.
Peering into the life of this archetypal citizen
of Skid Row, we become acutely aware of our
voyeur status. Yet the experience of Sollie 17
also creates an indelible bond with its inhabitant.
Few works in a realist vein from any century exert such a powerful pull. It bears comparison
with the strongest images by Edward Hopper and
Walker Evans, and is likely to endure as one of
the great 20th-century works about the seedier
dimensions of city life. Some might wish they had
looked away, but who can resist the partially
open door? And once seen, that interior of Sollie
17 is impossible to forget.
Mr. Pincus is a visiting lecturer in the graduate art program at California State University, Long Beach and teaches art history at
the University of San Diego. He wrote the first
full-length study of the Kienholzes work.
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ADVENTURE
TRAVEL
GEAR
GADGETS
Saturday/Sunday, June 4 - 5, 2016 | D1
MONDAY
Cider and
bivalves at
Rosendals
Trdgrd.
SATURDAY
Grok Sweden in
one sweep at
the Nordiska
Museet.
TAKE MONDAY OFF
Three Days in
Summer Night City
Stockholm has shaken off its sleepy demeanor with a wave of new
art venues and restaurants. And thanks to extra hours of sunshine,
summer visitors have plenty of daytime to pack it all in
SATURDAY
FELIX ODELL FOR THE WALL STREET JOURNAL
Get a table then

buy one at
Woodstockholm
Bistro.
SUNDAY
Eyeball Swedish
paintings at
Sven-Harrys
Konstmuseum
DAY ONE // SATURDAY
BY J.S. MARCUS
ENTERED ON MORE than a dozen islands between the Baltic

Sea and a large lake, and still in proud possession of a centuries-old skyline, Stockholm is Scandinavias beauty queen. But
over the last decade or so, compared with innovative Copenhagen and oil-rich Oslo, Stockholms splendor had dwindled to
quaintness. Now the city has reasserted its relevance, as a spree of museum launches, restaurant openings and some recently revved-up neighborhoods have helped to give it a new feeling of fun.
Hilly but compact, the heart of Stockholm can easily be walked or sped
across on the T-Bana, its underground rail network. The medieval island
core, Gamla Stan, or Old Town, is beautifully preserved but touristy. Make
a beeline instead to the large districts that make up inner Stockholmposh
stermalm to the northeast, hip Sdermalm to the south and up-and-coming Vasastan up north. Summer, not surprisingly, is the best time to visit,
when the sparklingand very cleanwaterways are warm enough for a
dip and you can sun yourself after dinner (daylight averages about 18 hours
a day in June). In July, when many locals skip town, the city quiets down,
some restaurants close and all those islands and green spaces are yours
for the taking.
7 a.m. Arrive at Stockholms minimalist airport, Arlanda, where the

citys design bona fides are already
on display, thanks to the muted
candy stripes of the 2001 trafficcontrol tower, by Swedish architect
Gert Wingrdh. Hop on the Arlanda
Express, which takes you to the
citys main train station in 20 minutes. Round-trip, about $65 (arlandaexpress.com).
7:30 a.m. From the station, take
a taxi to the stately Grand Hotel
a waterfront fixture overlooking the
Royal Palacewhere prizewinners
stay during Decembers Nobel Week
(from about $672 a night for a
room with palace view, grandhotel.se). Or access your inner diplo-
mat at Ett Hem, a townhouse in a

tony corner of stermalm chock full
of embassies, remade into a warm
and stylish 12-room hotel, where
both the gym and the kitchen are
open 24-hours a day (from about
$468 a night, etthem.se). A sleek
alternative is the Nobis Hotel, in
Norrmalm, within easy reach of
Stockholms high-end shopping district (from about $348 a night, nobishotel.se). The five-story enclosed
atrium is one of the citys most impressive public spaces.
8 a.m. Take the T-Bana to Karlaplan square in stermalm, and head
for a typically Nordic breakfast
buffet of cheese, charcuterie and
house-made granola at Broms, one
of a few stellar Stockholm establishments that does double duty as an
all-day bistro as well as a grocery

store (Karlavgen 76, bromskarlaplan.se). Dont miss the sweet cardamom bunsa Swedish specialty.
9:15 a.m. Walk through stermalm
to Strandvgen, Stockholms grand
waterfront residential street, lined
with turret-topped, Belle-poque
apartment buildings, and cross over
a small bridge to Djurgrden island,
once used by Swedish kings as a
place to hunt deer and now home
to many of the citys leading attractions. Visit the Vasamuseet, housing a massive 17th-century Swedish
warship recovered from the bottom
of Stockholm harbor in the early
1960s (Galrvarvsvgen 14 vasamuseet.se), and the Nordiska Museet,
the citys pre-eminent collection of
Please turn to page D6
INSIDE
DEAR OL OLD-SCHOOL DAD

Retro Fathers Day gifts that give a nod to
back in the day D2
1-2-3
NEGRONI
Summers
bold,
bittersweet
sipper is
simplicity
itself D7
SOFA SAVE
The aesthetic and ecological
virtues of recycling seating D4
THE FALLBACK PLAN

Niagara Falls gets a $40 million
makeover D5
D2 | Saturday/Sunday, June 4 - 5, 2016
* ***
STYLE & FASHION

Paradise Found
BY JACOB GALLAGHER
BANISH FROM YOUR brain
the tacky Ace Ventura and
Margaritaville version of
the 50th states contribution
to menswear. And trade in
the chintzy hula girl shirt
you bought in Key West for
the modern Hawaiian shirt,
a look better suited to The
Talented Mr. Ripley than
Magnum, P.I.
We arent talking about
the shirt your dad would
wear, with a florid print of
a parrot and a tequila bottle, explained Kevin Carney,
the proprietor of Mohawk
General Store in Los Angeles,
which stocks aloha-inspired
shirts from menswear
brands such as Our Legacy,
Gitman Brothers Vintage and
Dries Van Noten. Todays
versions have florals that
can fit into any guys ward-
robe. Scaled-down motifs

of tropical flowers such as
pikakes, orchids and hibiscus
or stylized 1950s souvenirpostcard scenes appear on
muted neutral backgrounds
of tan, brown or black.
One wedding-guest
wore a Saint Laurent
aloha shirt under
a navy suit and got a
ton of compliments.
These noticeably toneddown choices hark back to
the tailored Hawaiian number a relaxed President
Harry Truman wore on the
cover of Life magazine in December 1951. With its ivory
and blue-bird print, President Trumans shirt resem-
bled the original 1930s Aloha

shirts made in Japanese kimono silk. Those first boxy
shirts were similar to Filipino barong talongs, a traditionally untucked shirt that
was not only comfortable
but stylish.
That combination of comfort and style fueled the
aloha shirts popularity: Celebrities like Frank Sinatra
and Bob Hope donned them;
servicemen returning after
WWII brought them back to
the continent; Elvis Presley
broke hearts in a red one
on the Blue Hawaii album
cover in 1961. By the 70s,
Hawaiian shirts were mass
produced in cheap rayon, to
the delight of Mai-Tai sipping tourists who adopted
them as a souvenir of their
island sojourn.
But now the breezy top is
returning to its refined roots
and cruising into summer
rotation as alternative to
bright polos and T-shirts.
Tailoring is the distinguishing
feature of the new incarnation, according to John Jannuzzi, 30, a fan of the look
who has been snapping up
new versions from brands like
Sandro and Saint Laurent.
Its all about the cut,
said Mr. Jannuzzi, the U.S.
deputy for Twitter Moments,
who feels no qualms about
wearing a Marc Jacobss version with a shadow-leaf print
in his New York City office.
While many men will confine
the beachy top to weekend
wear, Mr. Jannuzzi argues
that his shirts taut fit makes
it work-appropriate. He also
wore a Saint Laurent aloha
shirt under a navy suit to
ADAM KATZ SINGING (LEFT); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHIRTS)
Hawaiian shirts are no longer the punch line to a bad joke.

Todays shirts say aloha with slim cuts and dialed-back hues
TROPICAL
SMOOTHIE
A single contrasting print
on a dark
ground reflects
the new Aloha
shirts toneddown palette
a wedding and got a ton of

compliments.
Back in the 1980s, Yvon
Chouinard, the founder of
Patagonia, was photographed
similarly sporting a red Hawaiian shirt underneath a
black tux. His koi-fish patterned shirt was a prototype
of the Pataloha line of Hawaiian shirts, which the Ventura, Calif., brand has reintroduced to celebrate the
shirts 30th anniversary.

The Pataloha shirts in
the 80s paid homage to the
original Aloha shirts with
bright red or turquoise backgrounds and exotic patterns
like birds of paradise flowers. Todays shirts have retro
Pataloha prints in scaleddown versions and subtle
palettes: white tropical flowers on a deep red background (below) and tiny
Pataloha Shirt, $99,

patagonia.com
golden pineapples on navy.

While not flashy, todays
Hawaiian shirt cant be
called subtle: Its lets party
look remains, and wearing
one might elicit an unwelcome, Hey, Bro! crack. But
its in the DNA of a Hawaiian
shirt to telegraph a breezy
kind of fun. Be thankful that
this time around, no talking
parrot or shots of tequila are
cheesing up the picture.
Polo Ralph Lauren Shirt,

$125, ralphlauren.com
GRAND CLASSIC AUTOMATIC

Exclusive caliber 9184 automatic movement with
26 jewels and power reserve indicator. Exhibition caseback.
43mm. Sapphire crystal.
$1,195
CITIZEN BOUTIQUE TIMES SQUARE

Printed Hawaii Shirt, $89,
scotch-soda.com

Shadow Leaf Shirt, $660,
marcjacobs.com
citizen-signature.com
FATHERS DAY GIFT GUIDE
TURN BACK TIME FOR DAD
Its his day. Why not at least momentarily indulge

Pops things-were-so-much-better-when fixation with
these 9 retro, but fully modern, gifts?
1. Cruise Control As handsome as Rivas cult
Aquarama yacht, this 33 footer provides a
luxe, seaworthy ride. Aquariva Super, Price
upon request, riva-yacht.com 2. Movie Macho
Telegraph his Cary Grant-like charm with
these classic shades. Ray-Ban Sunglasses,
$150, sunglasshut.com 3. Track Star The oldschool track jacket scores style points
trimmed in white. Ami Jacket, $295, Saks
Fifth Avenue, 212-753-4000 4. Oh, Snap!
The paterfamilias of PolaroidsImpossible
Projects I:1 instant cameralets Dad fiddle
with aperture and shutter speed for the perfect shot. Camera, $299, impossible-project.com 5. Shot Class Present a small-batch
whiskey like this ode to Booker Noe, a sixthgeneration master distiller. Bookers Rye Whiskey, $300, Astor Wines & Spirits,
212-674-7500 6. Get Loud Your rockin Dad
can blast his favorite Pearl Jam tunes on this
retro-look speaker. Kilburn Speaker, $300,
marshallheadphones.com 7. Net Result Tell
him hes a winner like bad boy John McEnroe,
who snagged multiple Grand Slam titles in
original Nike Tennis Classics. NikeCourt
Sneakers, $150, nike.com 8. Seconds to
None Explain how hip the iconic Braun watch
is in this striped version by designer Virgil
Abloh. Off-White c/o Braun Watch, $328,
off---white.com 9. Dude Duds Let him make
waves in trunks from J. Crew and Birdwell, a
groovy-since-1961 SoCal swimwear brand.
Board Shorts, $90, jcrew.com
8
5
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (GLASSES, JACKET, RYE, RADIO, WATCH, SHORTS, CAMERA)
* * * *
STYLE & FASHION

10 Great Moments
in Sparklers
DEEP DIVE
The Diamond Ring
1477
M IS FOR
MARRY ME
// Maximilian
I of Austria
gives Mary
of Burgundy
the first faceted diamond
engagement
ring, with
tiny diamonds in the shape of an M.
Other gems may be bigger, but no bauble carries as much

weight as the engagement rock. Here, all you need to know
BY NANCY MACDONELL
ALTHOUGH WIDELY ACCEPTED as an
ancient love token with a storied lineage, the
diamond engagement ring developed relatively recently. The first woman to wear one
was believed to be Mary of Burgundy, who
received hers from Maximilian I of Austria in
1477. They were an influential couple, said
Melvyn Kirtley, chief gemologist for Tiffany
& Co., but diamonds were rare then and
something only royalty could afford.
Diamonds remained scarce until 1869, when
they were discovered in abundance in South Africa. That discovery, along with the creation of
the game-changing Tiffany & Co. six-prong solitaire setting 17 years later, catapulted diamonds
into the ring of choice among the aristocracy.
Not until after World War II did a diamond
became the de-facto indicator of love and marriage across all social classes, thanks to an effective ad campaign created by N.W. Ayer & Son
for De Beers, the worlds biggest supplier of
rough diamonds. The ads cast diamonds as the
only true symbol of everlasting love, something
every woman aspired to own and every man
to bestow. Among its ideas, now accepted as
gospel, was the notion a ring should cost two
months salary. Interesting side note: Neither
of the two women involved in the N.W. Ayer
& Son campaign ever married.
Manufactured though this allure may be, it
endures today: In 2012, Americans spent $7 billion on diamond engagement rings. A recent
development has been the interest in lab-grown
diamonds. For those with socially conscious
reasons for not wanting a mined gem, or if
someone wants to pay a little bit less for the
sparkle, a lab-grown or above-ground stone
may be preferred, said Rachelle Bergstein,
author of Brilliance and Fire: A Biography of
Diamonds, available on June 7th. But a diamond that comes out of the earth, is fashioned
by a diamond cutter and set by a topnotch
jeweler is still the number one prize.
To some, this diamond worship is an uncomfortable throwback to the repressive 1950s,
when womens options were limited to marriage or...perish the thought. But to others,
its the ultimate form of girl power. Until the
19th century, big, sparkly rings were the purview of men, said Aja Raden, the author of
Stoned: Jewelry, Obsession, and How Desire
Shapes the World. Now [women] are the
ones with rings that you go down on one knee
to give. Something that symbolized the alpha
male is now inherently feminine.
1869
BE MINED //
The South African
diamond rush begins and makes the
country the source of most of the
worlds diamonds.
1886
PLAYING
SOLITAIRE // The
Tiffany settingraised platinum
prongs that lift the stone up off the
bandis invented.
1947
MYTH MAKING //
Copywriter Frances
Gerety dreams up A diamond is forever, subsequently named the slogan
of the century by Advertising Age.
1953
REEL GEMS //
Marilyn Monroe,
playing an ice-loving showgirl, sings
Diamonds Are a Girls Best Friend.
Three decades later, Madonna throws
back to it in her Material Girl video.
1961
GOLIGHTLY GLAM //
In Breakfast at Tiffanys Paul Varjak (George Peppard)
has a ring from a Cracker Jack box
engraved at the titular jeweler for
Holly Golightly (Audrey Hepburn).
STAR POWER //
Although theyre already marriedfor
the first time
Richard Burton
gives Elizabeth
Taylor the
33.19-carat
Krupp diamond.
1981
FINDING YOUR MATCH
Reaction Shots: Faces You Shouldnt

Make If You Dont Love the Ring
The brilliant-cut solitaire is a good place to start. But jewelerssometimes with input
from bold brides-to-beare pushing ring design into the 21st century
WHILE ITS STILL common for
a man to choose the ring, some
couples shop for it together, said
Melvyn Kirtley, chief gemologist at
Tiffany & Co. Outside of a house
and a car, a ring is the biggest
thing theyll ever buy. Some experts promote the value of The
4Csa diamonds cut, carat, color
and clarity, but others say these
criteria are just a marketing ploy to
make people feel secure about the
purchase. Finding a ring is personal; its challenging to someone
whos never bought fine jewelry,
said Siddharth Kasliwal, creative director of New Yorks Munnu The
Gem Palace. But the stone should
speak to you. You shouldnt need
a magnifying glass or a 4C certificate to be convinced you love it.
Consider the cut

Mr. Kasliwal suggested learning
a few basics about cut to start
your search. Most people gravitate
toward the round, brilliant-cut solitaire created for the Tiffany & Co.
six-prong setting in platinum, yellow gold and, starting in August,
rose gold. But there are many different cuts available, from oval
to heart, cushion and Asscher; trying on a variety of shapes for a
ring you will wear every day is a
wise decision. Emerald cuts are
rectangular in shape with stepped
sides; Asscher cuts are similar, but
square. Cushion cuts are square
with rounded corners. The marquise is an elongated, sharp-ended
oval, while pear-shapes have
a wide base and a pointed top.
Break the mold

Nowadays brides-to-be may create
an original design with a jeweler or
go off the grid with an unexpected
source, such as edgy label Maison
Margiela. New York jewelry designer
Ana Khouri said women want
a ring that fits the way they live.
Vintage rings, set with old-mine or
old-European diamonds prized for
their firethe intense sparkle that
catches the eyeare an option for
those seeking a ring that suits their
personal style. Theres a sense of
adventure in the search: Women
today are not scared to wear
something unusual, said Elizabeth
Doyle, co-owner and founder of
New York jeweler Doyle & Doyle,
which specializes in vintage engagement rings. They flaunt it.
Deep
disappointment
Incredulity
Over-compensating
Body language
is a tricky thing,
said Ann Kirsch,
a couples therapist
in Beverly Hills
who has advised
both sexes on how
to recover after an
awkward proposal.
Theres such anticipation, and the
ring symbolizes acceptance for both
parties, she said.
But think about
it this way: youre
saying yes to the
person, not the
ring. So dont spoil
the moment. Cry,
laugh, throw your
arms around your
beloved. You can
shop for the perfect one, together,
the next day.
ROYALLY
YOURS //
Prince Charles
presents Lady
Diana Spencer
with a sapphire-and-diamond ring from
Garrard. In 2010, their son Prince
William gives the ring to his future
bride, Kate Middleton.
2008
THE ANTHEM //
Beyonc releases
her commit-orsuffer-the-consequences anthem
Single Ladies (Put
a Ring On It).
2016
CELEBRITY
SHOW-OFFS //
The battle of the celebrity ring,
kicked off by Jennifer Lopezs
6.1-carat pink diamond in 2002,
reaches new heights when Mariah
Carey flashes her 35-carat ring,
outshining Beyoncs (20 carats)
and Kim Kardashians (15 carats).
THIS YEARS MODELS // ENGAGEMENT-RING SETTINGS THAT PUSH PAST THE CLASSIC
The Romantic
The horizontally placed rosecut
pear diamond gives this ring an
asymmetrical quirkiness. Gillian
Conroy Ring, $4,950, catbirdnyc.com
The Eccentric
A round-cut diamond in a broken
band: the realists symbol of love.
Ana Khouri Ring, $3,400, Barneys
New York, 212-826-8900
The Princess
The iconic sapphire-and-diamond
duo is gracefully deconstructed.
Pompadour Ring, $3,900, Maison
Margiela, 212-989-7612
The Game Changer

Four angled bands make for
a Rubiks cube of a ring. Repossi
Antifer Ring, from $8,150, Dover
Street Market, 646-837-7750
The Modernist
The age-old taveez-cut is updated
on a red ceramic band. Taffin
by James de Givenchy Ring, from
$100,000, Taffin, 212-421-6222
F. MARTIN RAMIN/THE WALL STREET JOURNAL (RINGS); GETTY IMAGES (DUCHESS MARY, PRINCESS DIANA, ELIZABETH TAYLOR, BEYONCE); EVERETT COLLECTION (MONROE); ILLUSTRATION BY AGATA WIERZBICKA; PORTRAIT ILLUSTRATIONS BY JOE MCKENDRY
1968
* ***
DESIGN & DECORATING

Before You Kick That Couch to the Curb
Designers take a post-modern approach to decidedly unminimalist sofas, making statement pieces of castoffs
I HAVE A HARD time understanding why everyone

would want the same furniture as his or her neighbor,
said Washington, D.C., interior decorator Darryl Carter.
Its more pleasing to me to
find an orphaned object few
people would even notice.
Recently, Mr. Carter did
just that. Looking past the
velvet-striped upholstery of
an early 20th-century American Empire-style sofa and focusing on the exposed-wood
frames natural grace, Mr.
Carter saw potential for reinvention.
Designers are appreciating
anew the inherent sculpture
of formal vintage and antique sofas, whether spied in
a posh antique shop, scrolled
upon on eBay or brought to
them by a sentimental client.
(A note here on nomenclature: The use of sofa and
couch interchangeably is
common among nonprofessionals but drives purists
bonkers. Technically, a couch
has no back.)
A client of Dallas-based designer Jan Showers inherited
a grand, ormolu-mounted
French Empire settee. It had
been handed down generations in her family and had
a very mumsy fabricundoubtedly not the original
that she didnt love, said
Ms. Showers. But the bones
were great, so Ms. Showers
played them up with sleek,
yellow matte-silk upholstery.
Though buying a frame and
rebuilding a couch can easily
cost a few thousand dollars,
the same as a new product
from a contemporary manufacturer, Mr. Carter notes that
the result functions as much
as art as seating. And sometimes simply swapping out
the fancy damask on an old

couch for Irish linen, fine
wool or thin matte velvet sufficiently revitalizes an old
piece, said the designer. Subtle changes can vastly refresh
these pieces into a modern
vernacular, he said.
Mr. Carters project
required a bit more than subtle changes, however: The
sofas fussy pleated back
was smoothed out and its
three existing seat cushions
replaced with a single, slim
feather-and-Dacron-filled
cushion. (Down-filled cushions are especially welcoming, because previous sitters
leave imprints that say, Its
OK to touch, he noted). The
piece was reupholstered in
white kid leather for high
Look past the

mumsy fabric, and
focus on the bones.
contrast with the dark frame,
and decorative passementerie
was abandoned in favor of diminutive bronze nail heads.
Not all rehabs need yield
so rarified a piece. Kids, pets,
dinner-party guestsall are
welcome to drape themselves
on Susan Hables pair of
antique daybeds. The Athens,
Ga., artist and textile
designer upholstered the
furnitures tops with plush,
cream-colored Moroccan
wedding blankets and used
a large-scale magenta print
of her own design on the
undersides. But its not just
the touchable textiles that
make the pieces so inviting.
The daybed form is so open
that it says, Perch on me!
Ms. Hable added. And, yes,
strictly speaking, you may
call her daybeds couches.
RECASTING A COUCH // THE COST OF UNCOVERING AN ILL-CLAD GEM

Search for an antique sofa like
a serious collector and you can
pay $30,000 at auction for
a Duncan Phyfe American Federal example from the early
19th century. Or you can go to
an estate or yard sale, or
browse Etsy and eBay, and
pick up a settee that a greatgranddaughter is anxious
to ditch for a few hundred dollars. Also worth considering:
perches that were part of
a style revivallike Darryl
Carters American Empire-style

find, which was inspired by
sofas that date to the mid 19th
century but was produced
in the early 20th. These often
cost less than the more-precious forbearers.
As for a quality check, if
youre not buying for investment, said Mr. Carter, you can
generally ascertain the condition of a piece intuitively when
you sit on it. Is it sturdy?
Does it need obvious repair?
The price of a gut reno of

a sofa (replacing webbing,
springs and filler) will vary
depending on which region of
the country youre in but often begins at $1,000. Molly
Andrews Burke, the founder
of Chairloom, a Philadelphiabased workroom that draws
clients from Brooklyn to Los
Angeles, specializes in pairing
contemporary designer textiles with vintage and antique
furniture. When we reuphol-
ster a piece we take it down

to its frame. At that point
we can strengthen anything
needing attention structurally
and improve the piece in
more ways than simply reupholstering. Fabric required
can range from 12 to 20
yards, and cost depends on
your aesthetic demands.
Cotton twill runs approximately $25 a yard, while
designer silk velvet can run
$400 a yard.
This American Federal Inlaid Mahogany sofa frame sold

at Christies Auction House this year for $5,000
SIMON UPTON (ROOM); CHRISTIES IMAGES LTD. 2016 (FRAME)
BY COURTNEY BARNES
SOFA SO GOOD
In his Washington, D.C.,
row house, designer
Darryl Carter swapped
out the velvet-striped
upholstery of his early
1900s sofa for white
kid leather, as seen in
Decorating with Carpets:
A Fine Foundation,
by Ashley Stark Kenner
and Chad Stark.
FAST FIVE
BEACHY KEEN
Treat yourself to a big, luxurious summer towel that will make you smile every time
you spread it out on the sand or swaddle yourself post-swim
Bains Beach Towel, $150,

usa.yvesdelorme.com
Cayo Beach Towel,

$35, cb2.com
Orla Kiely Climbing Daisy Beach

Towel, $86, us.amara.com
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
Angra Linen Beach Towel,

$170, frescobolcarioca.com
Sky Linen Towel

with Tassels, $54,
turkish-t.com
* * * *
NY
Saturday/Sunday, June 4 - 5, 2016 | D4A
D4B | Saturday/Sunday, June 4 - 5, 2016
NY
* ***
P DCASTS
ENHANCE YOUR
COCKTAIL CHATTER
Join Speakeasy host Christopher Farley for the latest in arts and
entertainment, plus illuminating interviews with marquee guests.
Listen now and discover more at WSJ.com/podcasts
2016 Dow Jones & Co., Inc. All rights reserved. 6DJ3357
* * * *
ADVENTURE & TRAVEL
Niagaras New Surge

Once a honeymoon mecca, then a kitschy playground,
Americas famous falls may be on the precipice of a comeback
BY JIM ROBBINS
IAN PATTERSON FOR THE WALL STREET JOURNAL
HEN I came of
age in Niagara
Falls, N.Y., in the
late 1950s and
60s, the area
seemed a less-than-fitting home for
one of the worlds great natural
wonders. It was a gritty, full-blown
industrial town. Smokestacks
chugged day and night, and the
pungent, nostril-stinging odor of
chemicals often hung in the air.
Natural beauty existed uneasily in
the shadow of heavy manufacturing.
At its peak, in the 1960s, more than
100,000 people lived in the city;
today the population is around
50,000. The rust-stained factories
are mostly shuttered or torn down
and most of those jobs have departed. As the old economy melted
away, Niagara Falls has struggled
to hitch its fortunes more fully to
the tourism star but has been
thwarted at nearly every turn.
People here looked glumly across
the river at Niagara Falls, Ontario
a booming tourist city with towering casinos, wax museums, high
rise hotels and a giant, sky-scraping
Ferris wheelwith envy.
But now, a $40 million makeover
of the U.S. park around the falls is
well under way, as are numerous
construction projects in and around
downtown. The funds are part
of the Buffalo Billion, Gov. Andrew
Cuomos revitalization plan for
western New York, and though that
program is currently under federal
investigation (for possible conflicts
of interest concerning state
officials and lobbyists), perhaps at
last Niagara Falls can escape Rust
Belt limbo and capitalize on its
prodigious tourist-drawing assets.
For decades, starting in the late
19th century, it was the place to
honeymoon. Nowhere had more romantic cachet. I remember gazing
at a movie poster for the 1953 film
Niagara, which featured a comehither portrait of a famous starlet.
Marilyn Monroe and Niagara,
the caption read, a raging torrent
of emotion that even nature cant
control! Her dress was formed by
a diaphanousand strategically
placedcurtain of water.
The real-life raging torrents of
Niagara are two extremely large,
mist-shrouded cascades split by
a border between Canada and the
A MIST-SEE Clockwise from top:

American Falls, the smaller of
Niagaras two great cascades.
The newly landscaped Great Gorge
Railway Trail. Giacomo hotels
Art Deco lobby.
U.S. The city of Niagara Falls,
Ontario, includes Horseshoe Falls,
while a city of the same name
borders American Falls.
People do still visit the falls
nearly 9 million a year. Yellowstone,
by comparison, saw 4 million last
year. Our numbers are the envy of
any tourist destination in the U.S.,
said Niagara Falls Mayor Paul
Dyster as we talked in his office in
the elegant Beaux-Arts city hall.
But length of stay is the problem.
The focus now is to extend that
stay by giving people something to
do beyond the classicsa boat ride
on the Maid of the Mist to the base
of the Falls and a sopping-wet
walk in a plastic raincoat behind
the curtain of famous water.
These revitalization efforts
dont mean more wax museums
and amusement parks, said Mr.
Dyster, but an emphasis on the
regions natural beauty and place
in American history. Some people
who come to the Falls are looking
for a Thoreau-like experience, and
thats what we are trying to give
them here, said Mr. Dyster. Many
of the changes that Mr. Dyster and
other city leaders are engineering
come out of the New Urbanism
playbooka design philosophy
that emphasizes access to nature
and history in a pedestrianfriendly way.
Back in Niagara Falls recently,
I walked through one of the new
projects, above the upper rapids
of the Niagara River just before the
water turns into the white water

as it heads for its famous drop.
Since the 1960s much of the fourlane highway called the Robert
Moses Parkway sat atop a berm
that blocked pedestrian access to,
and views of, the Niagara River.
It was torn up last year, replaced
with more trees, a trail and a
smaller two-lane road at ground
level. More of this parkway will
be demolished and given over to
parkland a bit farther north as well.
Along the rivers edge, toward
the falls, the aquamarine water
went from a deep and quietly powerful current to a churning froth,
the upper rapids. I crossed a bridge
to oak- and maple-tree-shaded Goat
Island and on to Three Sisters, a
trio of small thickly forested islands
that extend into the rapids. The
trails and bridges there have had a
spanking new makeover, and fresh
landscaping decorates the entrance.
Its one of my favorite spots, where
you can stand next to the roaring
rapids to see and feel the charging
waters up close. There is something
primal, both fearful and attractive,
about surging waters.
I walked farther along the path,
cheek by jowl with the crashing,
white-tipped cataracts as they barreled toward the precipice, and
I thought about how few cities are
centered around nature this raw,
THE LOWDOWN // WHERE TO SLEEP AND EAT WHILE SOAKING UP NIAGARA FALLS, N.Y.
Staying There: The United
Office Building, a 23-story
Art Deco beauty, has been
remodeled into the Giacomo,
an elegant boutique hotel
with a lounge on the 19th
floor that overlooks the Falls
and dramatic river. Head to
the lounge on Wednesday,
Friday and Saturday nights
in summer for great views
of the firework display over
the river. The brink of the
falls and Canada are a short

stroll (from $129 a night,
thegiacomo.com).
Eating There:
Good restaurants are still
scarce in the area. Your best
bet is Savor at the new
Niagara Falls Culinary Institute, where the seasonal
menu offers such dishes as
venison rag and lobster
rolls (nfculinary.org/savor).
Another appealing option

is Wine On Third, which
carries a wide range of
wines, and an extensive
dinner and tapas menu
(wineonthird.com). About
a 15-minute drive from
Niagara Falls, Lewiston, N.Y.,
has several good restaurants, including Casa
Antica, a friendly Italian
spot with an outdoor patio
(casaanticarestaurant.com).
even in its somewhat tamed state.

Not quite the raging torrent of
emotion it once was, the flow is
only part of what nature created,
the rest siphoned off to generate
power. But its still impressive.
I stood there for a few minutes taking in the grandeur, breathing in the
mist. I paid scant attention to the
falls as a boy. They were just there.
It wasnt until I moved to the arid
West that it dawned on me what
a massive and magnetic force of
nature they truly are. Somewhere
around here my father, as a boy
growing up during the Depression,
A new elevator takes

visitors to the riverbank
and an industrial ruin
had a friend hold his legs while he
reached into the rushing river to
pluck pennies and nickels that people tossed onto a rock for good luck.
I crossed back over to Goat Island to stand next to the main,
massive cataract of American and
to the much smaller Bridal Veil
Falls, again so close I could almost
touch them. The circle of verdant
nature that encompasses the brink
of the falls was once home to a
warren of factories and mills that
directly harnessed the rapidly
flowing water for power. A Free
Niagara Movement sprung up in
the 1870s, helmed by Frederick
Law Olmsted, of Central Park
fame, who lobbied for removal of
ramshackle industrial buildings
to create what is now called
Niagara Falls State Park. Olmsted
believed deeply, almost religiously,
in very little development and lots
of nature where the masses could
be renewed, and so industry
structures gave way to dirt footpaths that wind through forest
along the rushing water. This
area, too, is being spruced up.

Just north of the falls, a new
elevator takes visitors from the
precipice of the gorge to the rocky
riverbank for a close-up look at one
of those industrial ruins, a power
plant that collapsed calamitously in
1956. A series of eight hiking trails
take off from here as well, from
one to several miles long, including
along the tracks of the Old Gorge
Railway that used to take visitors
on a scenic trip through the gorge.
As I poked farther afield of the
falls I found a bustling construction site on the citys north end,
near the Whirlpool Bridge, a part
of town long associated with
urban blight. A $28 million brickand-stone high-speed train station
is nearing completion there next
to a stone customs house, built
in 1863, that is being renovated
to house an Underground Railroad
Museum. Both are scheduled to
open this summer.
Even as a native, I hadnt realized that Niagara Falls had played
a pivotal role in the Underground
Railroad. The network of secretive
routes and safe houses that began
in the south terminated just over
the bridge in the safety of Canada, as fleeing slaves were clandestinely taken across the border
on the suspension bridge by conductors like Harriet Tubman.
More than 25 other historic sites
make up the Niagara Falls Underground Railroad Heritage Area,
including the landing at the base
of the American Falls, where
small rowboats ferried those in
flight to freedom.
Locals are hoping that Niagaras lost cachet is on its way
back, and people will think not of
a declining Rust Belt city but of
a certain movie star. Marilyns
a phenomenon of nature, like
Niagara Falls, once said the
film producer Nunnally Johnson.
All you can do is stand back and
be awed by it.
* ***
ADVENTURE & TRAVEL
TAKING STOCKHOLM
Continued from page D1
Swedish cultural artifacts,
including abstract paintings
by early modernistand
noted Stockholm grouch
playwright August Strindberg
(Djurgrdsvgen 6-16 nordiskamuseet.se).
11:30 a.m. Walk back to
stermalm, and fortify yourself with a few Swedish staples at stermalms Saluhall
market hall (ostermalmshallen.se). While the original
redbrick building undergoes
a two-year renovation, stands
and restaurants have moved
to a spiffy nearby setting.
This is the place to have your
Swedish meatballs. Go native
and eat them with lingonberry preserves and cucumber salad.
12:15 p.m. Visit the current
Swedish royal familys home
just west of Stockholm,
Drottningholm Palace (kungahuset.se). Built in the 17th
century, when Sweden was
Northern Europes great
power, the palace got a sumptuous rococo upgrade a century later. Walk through on
your own, or take a guided
tour, offered four times daily
in summer. It takes about an
hour to get thereride the
T-Bana to Brommaplan, then
catch a frequent bus.
3:30 p.m. For clothes shopping, walk over to Krukmakargatan street. Nitty Gritty
stocks a number of high-end
and hard-to-find foreign
brands (Krukmakargatan 26,
nittygrittystore.com). Next
door, Swedens own trending
menswear brand Our Legacy
is the place to pick up sleek,
simple staples like T-shirts
and bomber jackets (Krukmakargatan 24; ourlegacy.se).
5 p.m. Climb the hillside Bastugatan, a picturesque street
in Sdermalm, and catch the
waterfront views of Kungsholmen and Gamla Stan islands
from Ivar Los Park. Standout
sights include Stockholms
early 20th-century city hall,
where the annual Nobel Prize
banquet is held, and Riddarholmen Church, with its stiletto-like spire. Walk back
down Blecktornsgrnd, a centuries-old cobblestone lane.
5:30 p.m. Follow the
streets along the water to
Fotografiska, the citys buzzing new photography museum, where recent shows
were devoted to the likes of
Helmut Newton and Andres
Serrano (Stadsgrdshamnen
22, fotografiska.eu). After
checking out the exhibit,
head to the terrace for a
pre-dinner drink and views
of Djurgrdens greenery.
THE SWEDE LIFE Clockwise from above: Rosendals Trdgrd;

Our Legacys menswear shop; a guest room at the Ett Hem hotel.
7 p.m. Walk to Sdermalms
Mosebacke torg, a surprisingly formal square in a part
of town known for bohemian
street life, and have dinner
at Woodstockholm, a furniture and design business
that opened a bistro last
April. The furniture is
mostly wood, and the cooking is nearly all New Nordic,
with Francophile touches like
steamed oysters with beurre
blanc sauce. Expect desserts
to include licorice, a default
ingredient for Swedish sweet
tooths. The multicourse
menu is around $65 (Mosebacke torg 9,woodstockholm.com).
10 p.m. The area south of
Folkungsgatan, a Sdermalm
thoroughfare, is called SoFo,
and its the red-hot center of
alternative Stockholm nightlife. Pick your nightspot
on the spur of the moment,
or just head to Bananas, a
vaguely Spanish bar (Sknegatan 47, bistrobananas.se).
DAY TWO // SUNDAY
8:30 a.m. Anything goes at
Urban Deli, Sdermalms
answer to stermalms
Broms. Patrons are dressed
up, dressed down, dressed every which way, and the breakfast items are just as eclectic.
Do what the locals do and go
for an open-face sandwich
with smoked salmon, or compose your own (Nytorget 4,
urbandeli.org/nytorget).
9:30 a.m. Take Bus No. 76,
which you can pick up just
RHAPSODY IN BLUE Right, dinner at Woodstockholm Bistro.

Below, the rooftop at the eccentric Sven-Harrys Konstmuseum.
down the street from Urban

Deli, to Kungstrdgrden, the
parklike square in Norrmalm
(Stockholms business and
shopping district) and cross
the bridge to Skeppsholmen,
a small hilly island. Dont forget to take in the discreet
spectacle of Stockholms
Royal Palace across the water
on Gamla Stan. Greater Stockholm has 10 royal palaces, but
this one is the big enchilada
the official residence of King
Carl XVI Gustaf. Its his version of the office, while
Drottningholm is where
he and Queen Silvia kick off
their shoes.
10 a.m. The jewel in the
crown of Swedens art institutions, the Nationalmuseum, is
closed for renovation until
2018, but you can get your
culture fix at Skeppsholmens
Moderna Museet, where
modern and contemporary art
share the stage (modernamuseet.se/Stockholm/en). The
same building houses ArkDes,
an often overlooked museum
devoted to the countrys
architectural masterworks
(www.arkdes.se).
12 p.m. Walk back through
Norrmalm to Stureplan, a
bustling meeting point at the
edge of stermalm, and have
a rich lunch at Sturehof, a
classic Stockholm brasserie,
where Sundays are reserved
for a luscious, salmon-laced
eggs Benedict dish called
Eggs Royale, about $22
(Stureplan 2, sturehof.com).
1:30 p.m. Take the T-Bana to
St. Eriksplan, in the Vasastan
area, and visit one of Stockholms more eccentric new art
venues, Sven-Harrys Konstmuseum, which combines an
exhibition space, a restaurant
and an exact rooftop replica
of an 18th-century manor
house, where founder SvenHarry Karlsson, a Swedish
businessman, shows off his
private collection of 19th and
20th century Swedish paintings (Eastmansvgen 1012,
sven-harrys.se).
3 p.m. Stop for a snack
nearby at the local branch of
Fabrique, a Stockholm bakery. Look out for delights like
strawberry-rhubarb brownies
(Odengatan 77, fabrique.se).
4 p.m. Stroll through Vasaparken to Bonniers Konsthall, the newly renovated
contemporary art space that
showcases cutting-edge works
by artists like Jeppe Hein,
a Berlin-based Dane who creates interactive installations
(Torsgatan 19, www.bonnierskonsthall.se).
5 p.m. Taxi over to the
Grand Hotel, and start some
bar hopping on a grand scale.
The hotels Cadier Bar has a
stunning interior that crosses
baroque bling with a gentlemens club (Sdra Blasieholmshamnen 8, grandhotel.se).
Then pop next door to the
Lydmar Hotel, where a
quayside lounge has pricey
cocktails, plush seats and a
booming sound system
(Sdra Blasieholmshamnen 2,
lydmar.com).
7 p.m. Hop on Bus No. 2 for
10 minutes, and get off at Jarlaplan, a Vasastan side street,

and settle into a banquette at
Babette (Roslagsgatan 6, babette.se). Founded by alums
of star restaurants such as
northern Swedens Fviken,
Babette took over the space
of a defunct pizza parlor and
uses the existing oven as its
only heat source. The menu
changes often, but expect innovative salads or pizza
topped with local ingredients
(like stinging nettles and wild
garlic). Dinner for two costs
around $144.
9 p.m. Riche, back in upscale
stermalm, is a longstanding
nightspot that gets overcrowded on Fridays and Saturdays but is low-key on Sunday nights. Drop in for a
nightcap and catch a glimpse
of Stockholm plutocrats and
fashionistas just back from
their weekend getaways (Birger Jarlsgatan 4, riche.se).
DAY THREE // MONDAY
9 a.m. Take the T-Bana to
Odenplan, and have a chia
pudding breakfast at Caf
Pascal, a neighborhood place
where hipsters and professionals rub elbows (Norrtullsgatan 4,cafepascal.se).
10 a.m. Walk down Odengatan and stop at the salmoncolored facade of the Stadsbiblioteket (or city library),
designed in the 1920s by
Swedish architect Gunnar
Asplund, one of the grandfathers of modern Scandinavian architecture and design.
Wander around inside and
admire the many delicious
details, including the neoclassical sinks on either side
of the round reading room
(Sveavgen 73, biblioteket.stockholm.se/bibliotek/stadsbiblioteket).
10:30 a.m. Take the T-Bana
back to stermalmstorg for
some power shopping at the
citys design temples. You
can ship home a chair, or
just get a crash course in

contemporary Swedish sensibilities. Asplund has contemporary Scandinavian classics,
like austere cabinets from
Stockholms own Claesson
Koivisto Rune (Sibyllegatan 31
asplund.org). Nordiska Galleriet puts Swedish design in
context, letting you mix and
match with Italians, the Dutch
and an American or two
(Nybrogatan 11, nordiskagalleriet.se). Modernity is an
antique shop of 20th-century
design, with a superb array of
Scandinavian ceramicslook
for rough-textured works
by Danish master Axel Salto
(Sibyllegatan 6, modernity.se).
12 p.m. Duck into the flagship store of Acne Studios,
Swedens reliably funky,
mostly minimalist fashion
label (Norrmalmstorg 2,
acnestudios.com), then walk
a block or two to Byredo,
which gets maximum results
from applying minimalism to
perfume (Mster Samuelsgatan 6, byredo.com).
12:30 p.m. Walk to Hamngatan and visit Stockholms
grandest department store,
Nordiska Kompaniet, just
about always referred to as
NK, still housed in a superb
Art Nouveau building. Take a
coffee in the Franska Caf in
the main atrium, or go downstairs to check out the handsome selection of Swedish
glass and ceramics on offer
(Hamngatan 18-20, nk.se/
stockholm).
1:30 p.m. Hail a cab and
head straight for the monument to ABBA fandom, back
on Djurgrden island. ABBA
The Museum, as its called, is
as user-friendly as the groups
music. Check out their costumes, play around in their
recording studio, and take a
turn on the dance floor to a
loop of their hits (Djurgrdsvgen 68, abbathemuseum.com).
2:30 p.m. Wind down your
Stockholm weekend with a
stroll through bucolic
Djurgrden, and head for
Rosendals Trdgrd, a biodynamic garden and greenhouse complex with a bakery
and cafe (Rosendalsterrassen
12, rosendalstradgard.se).
4 p.m. Taxi back to Stockholms main train station, and
hop on the Arlanda Express.
Try to get rid of your ABBA
earworm before boarding
the plane, or give in and let
Dancing Queen be your
Swedish swan song.
FELIX ODELL FOR THE WALL STREET JOURNAL; ILLUSTRATION BY JAMES GULLIVER HANCOCK
3 p.m. Catch the T-Bana to

town. Get off at Mariatorget
station in Sdermalm, and
have a pick-me-up at Drop
Coffees Stockholm cafe
(Wollmar Yxkullsgatan 10,
dropcoffee.com). Drop Coffee
is part of a new Nordic wave
of expert coffee roasters who
prefer lighter roasts, finding
a range of flavors and aromas
that go from somewhat
citrusy to downright tea-like.
About $5 to $8 for handbrewed coffee).
* * * *
EATING & DRINKING
ON WINE: LETTIE TEAGUE
WHEN SOMMELIERS toss around

words like besotted and Holy
Grail to describe a wine, I take notice. When that wine turns out to
be a Cabernet Franc from Frances
Loire Valley and not some famous
Bordeaux or grand cru Burgundy,
Im intrigued. And when it cant be
found on restaurant wine lists or
retail store shelves, I get on a plane
to check it out.
Thats how I came to visit Clos
Rougeard, in the Saumur region of
the Loire Valley, last month. Beloved
by industry insiders and wine geeks
the world over, the estates wines
are the sort that sommeliers approach on their knees, a reverential professional told me.
Clos Rougeard is, in many ways,
an unlikely candidate for a cult
following. First, the Loire Valley has
produced few expensive or soughtafter wines compared with Bordeaux, Burgundy or even the Rhne
Valley. Second, Clos Rougeard specializes in Cabernet Franc, a grape
that many drinkers actively dislike,
especially when its grown in the
Loire, where it can take on a weedy,
herbaceous note.
Founded in the late 17th century, the winery has been in the
same family for eight generations.
Brothers Nady and Charly Foucault
took over in 1969 and ran the estate together until Charlys death
last December. Well-respected
locally, the Foucaults were mostly
marginal figures in the world
at large until fairly recently, according to Jim Budd, a Londonbased Loire Valley authority and
author of Jims Loire blog.
The 2005 vintage was a turning
point for the estate, according to
Jake Halper, portfolio manager at
New York-based David Bowler Wine.
U.S. buyers worked themselves into
a frenzy trying to get their hands on
those bottles, Mr. Halper recalled.
Prior to that, Clos Rougeard was
out there, he said, meaning it
was readily available. But people
started talking about 2005 like it
was a legendary vintage like 1947
in Bordeaux. (The 2005 vintage
in the Loire was one of the best in
many years.)
What makes Clos Rougeard so remarkable? Supple and rich, these
Cab Francs have none of the weedy
character or green-bell-pepper note
found in some Loire Valley wines.
Shayn Bjornholm, the Seattle-based
examination director of the Court of
Master Sommeliers, said he has actually mistaken Clos Rougeard for
a Left Bank Bordeaux in a blind tastinga significant fact, as the Left
Bank includes some of the most expensive wines in Bordeaux.
Many American drinkers now
obsess over Clos Rougeard
a thirst fueled, in part, by the
wines scarcity. The estate pro-
DEAN GORISSON
Eureka, a Cult Wine That Lives Up to Its Hype
duces approximately 2,500 cases

a year, around 10% of which is
shipped to the States. (Most of the
wine remains in France.)
One New York wine merchant,
who preferred to remain nameless
lest his customers start petitioning
for bottles, likened Clos Rougeard to
the highly allocated wines of the
great Burgundy estate Domaine de
la Romane-Conti (DRC), saying,
I sell the wines to the same people
year after year, just like DRC.
Beloved by wine geeks

the world over, Clos
Rougeard wines are the
sort that sommeliers
approach on their knees.
Thomas Pastuszak, wine director
of the NoMad restaurant in New
York, told me he has a few bottles
of Clos Rougeard in his cellar, but
he keeps them off the wine list,
selling only to those in the know,
often his sommelier friends. Younger vintages of the two top wines,
Les Poyeux and Le Bourg, generally
run $200 to $300 on a wine list,
he said, with older vintages easily
exceeding $500 a bottle.
My expectations were accordingly
high the morning I arrived in Chac,

France, the small village that is
home to Clos Rougeard. I had an appointment with Nady Foucault, but
I was told that he had been called
away and his 39-year-old nephew,
Antoine, would taste the wines with
me instead.
Antoine, who will be working
with his uncle Nady on next years
wines in the wake of his fathers
death, has his own winery as well.
At Domaine du Collier, which he established in 1999 with his partner,
Caroline Boireau, Antoine produces
red wines from Cabernet Franc, as
does Clos Rougeard, but he focuses
on white wines made from Chenin
Blancthe great white grape of the
Loire. We tasted these wines first,
standing in the sun next to a rather
ramshackle shed I assumed was
the winery.
Id never tasted Domaine du
Collier wines, and the two whites
we shareda basic Saumur Blanc
and the special, single-vineyard La
Charpentriewere both exemplary,
richly textured and well-balanced.
The 2012 La Charpentrie, made from
old-vine Chenin Blanc, was powerful, with a beautiful mineral edge.
After about half an hour, Antoine
announced that we would now
drive to Clos Rougeard to taste
the wines. This surprised me, as
I thought we were already there. The
journey to Clos Rougeard, from one
end of town to the other, took just

five minutes, but it was ample time
to imagine what the winery might
look like. Would it be posh, thanks to
their recent success, or slightly ramshackle, like the place wed just left?
Neither, as it turned out. Not
beautiful but technically perfect,
Antoine said, taking note of my disappointed expression when we
arrived at an industrial warehouse.
The building, the former home
of a large sparkling-wine producer
that had gone out of business, was
much larger than they needed, but
it was a good deal, Antoine said as
we passed through a series of heavy
plastic curtains on our way down
to the cellar. (The curtains help
maintain the cellar temperature.)
Deep underground, Antoine
brought out a number of unlabeled
bottles, one at a time, announcing
each name. Clos Rougeard makes
three reds: a basic Clos Rougeard,
which Antoine calls Clos; Les
Poyeux; and Le Bourg, which the
Foucaults regard as their grand cru.
The family also makes a white wine,
Brz, but we stuck to the reds.
We tasted both the 2011 and
2012 vintages of each wine, starting
with the Clos. Both were seductively
rich, rather feminine wines. Antoine
described the 2012 as lace in the
mouth, which seemed apt.
Les Poyeux, aged in one-year-old
barriques (small French oak bar-
rels), was more intense. Marked by

notes of dark, almost black fruit, the
wines were supple, with a wonderfully exotic aroma. Le Bourg, which
Antoine said had the same soil but
all new barrels, was even more
powerful and concentrated.
At the end of tasting, he produced one last bottle: the 2002 Le
Bourg, from one of the greatest
recent vintages in the Loire Valley.
An extraordinary wine, it had
the velvety texture of Burgundy
and the classic, firm structure
of Bordeaux. Musigny, Antoine
said, referencing the Burgundy
grand cru of legendary finesse.
It didnt seem like bragging, but
a simple statement of fact.
Truly impressive and unlike any
Cabernet Francs Id ever tasted, Clos
Rougeards wines did that rare thing
that some lauded wines fail to do.
They lived up to their hype. But,
I wondered, what would Antoine do
with all the bottles he had so generously opened? Who could possibly
deserve such largesse? I imagined
legions of sommeliers lined up outside the warehouse, empty wine
glasses in hand. Antoine offered
a wistful smile. His mother and
a family friend, the stone carver who
made his fathers gravestone, would
drink them that night, to honor the
memory of Charly Foucault.
Email Lettie at wine@wsj.com
Zucchini Pancakes With Creamy Dill Sauce

WHEN IT COMES to Russian food,
Bonnie Morales knows the rules well
enough to riff a little. Like many dishes
at Kachka, her restaurant in Portland,
Ore., these crisp-fried zucchini pancakes
served with a creamy sauce and a tomato-cucumber salad are both classic
and uniquely hers.
In Ukraine, Belarus and Western
TOTAL TIME: 30 minutes SERVES: 4
The Chef:
Bonnie Morales
cup kefir
cup sour cream or
crme frache
1/
4 cup plus 3 tablespoons
dill, chopped
11/2 scallions plus 2
tablespoons thinly
sliced scallions
1/
Her Restaurant:
Kachka in
Portland, Ore.
What She Is
Known For:
Luring Portlanders
to a rollicking
nightly party with
free-flowing vodka
and dishes from
all over the former
Soviet Union.
Russia, zucchini pancakes are common,

Ms. Morales said. A chopped-vegetable
salad like the one featured here is another typical summer dish. But the sauce
of kefir, sour cream, scallions, lemon
juice and dill is the chefs invention.
I made this up, she said, because
I thought it would taste really good.
Kitty Greenwald
1/
2 teaspoons lemon juice,

plus more as needed
Kosher salt and freshly
ground black pepper
1/
2 pint cherry tomatoes,
halved
11/2 Persian cucumbers,
thinly sliced
1. Make sauce: In a medium bowl, stir kefir,

sour cream, 3 tablespoons dill, 2 tablespoons
scallions and 1 teaspoon lemon juice until
combined. Season with salt and set aside.
2. Make salad: In another medium bowl, toss
together tomatoes, cucumbers, remaining
scallions and remaining dill. Season with salt
and pepper and set aside.
3. Make batter: In a large bowl, fold together
zucchini, cheese, egg and flour. Whisk in
buttermilk. Season with salt.
4. Pour enough oil into a large nonstick
pan to cover base with 1/4 inch oil. Set pan
over medium heat and, once oil is hot,
4 small zucchini,
coarsely grated
1/
2 cup farmers cheese,
1 egg, beaten
3/
4 cup all-purpose flour
1/
2 cup buttermilk
2 tablespoons olive oil,
plus extra for frying
drop a small bit of batter into pan. If it

sizzles gently on contact, start frying. Pour
cup batter into pan and gently flatten it,
making one pancake. Repeat until pan is
full but not overcrowded. Shallow-fry pancakes until golden, about 4 minutes. Flip
and fry until golden on reverse side, about
3 minutes more. Transfer cooked pancakes
to a paper-towel-lined platter. Repeat with
additional oil and remaining batter. Season
pancakes with salt.
5. Dress salad with 2 tablespoons oil and
remaining lemon juice. Serve pancakes with
sauce drizzled on top and salad alongside.
LET FRY Though it takes plenty of oil to produce crisp, golden pancakes, the
results wont be greasy as long as the frying temperature is high enough.
ALPHA SMOOT FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY NIDIA CUEVA; ILLUSTRATION BY MICHAEL HOEWELER
SLOW FOOD FAST: SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES
* ***
EATING & DRINKING
How to Rank the Restaurant Rankings

In a crowded field, choosing a best-of list on which to base your reservation can be a maddening exercise
WERE VERY EXCITED to be here, said

William Drew, group editor of the Worlds
50 Best Restaurants list. He was addressing
chefs and food writers one late-April evening in a hotel bar in lower Manhattan because this summer, after 14 years in London,
Mr. Drews annual tally of the planets hottest tables will move its glittery awards
show to New York for the first time. We
humbly believe this is the greatest gastronomic gathering in the world, Mr. Drew
told the assembled audience as he outlined
plans for the North American debut.
With a full slate of events leading up to
the big night at Cipriani restaurant on June
13from collaborative dinners between local and international chefs to food-industry
talksMr. Drew and his colleagues hope to
keep their list at the forefront of an increasingly crowded field. Were trying to do
more than just create a list, to be a taste
maker as well as a list maker, he said.
The business of ranking chefs and restaurants has exploded over the last decade, as
various organizations and publications
struggle to bring some sense of order to the
frantic pursuit of an Instagram-worthy meal.
With ever more to lists to consulteclipsing
early players like Michelin (which doesnt
rank restaurants in order) and Zagat (which
has moved away from guidebook publishing)its hard to know which one to trust.
Some lists spring from one critics sensibility, others are crowd sourced. Im a big
fan of the purely subjective list, said Adam
Rapoport, editor in chief of Bon Apptit,
whose yearly best-new-restaurants rundown
has been driven largely by a single critic. Im
not interested in lists where an unnamed
group of voters is asked to vote on restaurants they may or may not have gone to.
We dont expect everyone

to agree with the ranking.
Thats part of the fun.
The Worlds 50 Best Restaurants relies on
some 900 anonymous voters for its hugely
influential and often controversial take on
high-end gastronomy. This list has come under fire in recent years for its opaque voter
pool and a litany of perceived snubsfor favoring men over women, for rewarding only
a particular style of theatrical cooking, for
brazenly ignoring the French. We dont expect everyone to agree with the ranking,
said Mr. Drew. Thats part of the fun.
Last year only five restaurants in France
made the list and none of them ranked in
the top 10. A campaign to boycott started in
Paris last summer. And in December La
Liste, a new global restaurant ranking sponsored by the French government, debuted
in direct response to the Worlds 50 Best.
Now there are two classifications in the
world, said Philippe Faure, the former
French diplomat behind the new list, which
aggregates data from published print and
online sources.
Topping its debut collection of the 1,000
best restaurants on earth was the Restaurant de lHtel de Ville, a three-Michelinstarred restaurant in Switzerland run by
a French chef, Benot Violier. Just weeks after the announcement, Mr. Violier took his
own life. Nobody in the family knows what
KOTRYNA ZUKAUSKAITE
BY JAY CHESHES
happened, said Mr. Faure. Was it the pressure? Did he burn himself out?
The Worlds 50 Best Restaurants and
other prominent lists can certainly have
a powerful impact on a chefs career and
a restaurants bottom line. After Central in
Lima shot up to fourth in the world on last
years 50 Best list, the 40-seat restaurants
phone lines were so jammed that, initially,
four people had to be shifted full time to answering duty. We got almost 1,000 reservation requests in three days, said chef-owner
Virgilio Martinez. People were booking a
table before buying a plane ticket to Peru.
In 2013 a tiny, DIY restaurant named
Alma in downtown Los Angeles was named
best new restaurant of the year by Bon Apptit. The accolade changed the dynamic
overnight, taxing the small staff and tight
space. People were coming in and expecting the best new restaurant in America,
said chef-owner Ari Taymor. If they had
a subpar dining experience or a service hiccup, they were judging that much differently
than if it were any other place to eat. The
restaurant shut down last year.
Food & Wines long-running list focused
on American chefs is a cornerstone of the
magazines brand. For us its not just a list,
its really being part of the family, said editor Nilou Motamed. We engage with the
chefs and support them in helping to grow
their careers, offering opportunities with our
partners, showcasing them at our events.
Meanwhile, through its annual awards, the
Worlds 50 Best has helped foster a global
chef community. A lot of the relationships
that have become most valuable to us from
a professional and personal perspective are
ones weve built at those awards every year,
said Will Guidara, partner in New Yorks
Eleven Madison Park, which is ranked fifth in
the world on the current list. And yet, while
such accolades are affirming, you need to
maintain a healthy perspective, he said.
I dont think you can live or die by any list.
THE RIGHT LIST FOR YOU? // IT DEPENDS ON YOUR POINT OF VIEW

FOR THE FRANCOPHILE
La Liste
After kicking off with Frenchgovernment support in 2015,

La Liste has since become an
independent commercial entity
under founder Philippe Faure,
former French ambassador to
Mexico and ex-owner of the
Gault et Millau restaurant
guides. An algorithm crunches
data from some 200 published
sources to come up with an ordered tally of the 1,000 best
restaurants on earth. The inaugural list was dominated by
France and Japan. This year
Mr. Faure is planning to release
a searchable app featuring an
additional 9,000 unranked restaurants. laliste.com
FOR THE SCORE KEEPER
The Worlds 50 Best

Restaurants
Started in 2002, this list has

outgrown its humble origins
as a minor feature in Britains
Restaurant magazine. Its
brought the spotlight to regions
of the world un-servicedor
underappreciatedby the
Michelin guides. Denmark, Spain
and, most recently, Peru, have
been big beneficiaries. Journalists, chefs and amateur gastronomes make up its pool of
900-plus anonymous voters
(each reporting to a regional
chair). Now an industry unto itself, the Worlds 50 Best has
spawned offshoots focused on
Asia and Latin America.
theworlds50best.com
FOR THE FOOD NERD
FOR THE HIPSTER
Opinionated
About Dining
Bon Apptit
Former music-industry executive

Steve Plotnicki launched his first
list for amateur food fanatics in
2012. Part of a community of
globe-trotting gourmands who
often chronicle their dining experiences on personal blogs, Mr.
Plotnicki taps their expertise to
come up with his annual rankings. A weighted survey favors
the most prolific diners (150 of
them are listed by name, alongside their number of votes).
The survey came out of a dissatisfaction with Michelin, Gault
et Millau, Zagat, said Mr. Plotnicki. Instead of a single global
list, he offers categories for
Europe, the U.S. and Japan.
opinionatedaboutdining.com
Editor Adam Rapoport amped

up Bon Apptits annual best
new restaurants list when he
took over the magazine in 2011.
Almost the entire September issue is now devoted to the years
top 10, with features and recipes
tied to each slot. The magazines restaurant editor, Andrew
Knowlton, spends months on
the road trying new spots.
A second editor, Julia Kramer,
has also begun weighing in.
They have a type of restaurant
they like, said Mr. Rapoport,
usually independent DIY restaurants that do something
unique, really heartfelt. Fifty
nominees are published online
a few weeks before the hot 10
comes out. bonappetit.com
FOR THE ALL-AMERICAN
FOR THE EARLY ADOPTER
This dining website joined the

ranking game two years ago after receiving an influx of cash
from new corporate parent Vox
Media. The sites national critic,
Atlanta-based Bill Addison, eats
his way across the U.S. in
search of essential restaurants. His first National Eater
38, published in early 2015,
favors the enduring over the
brand new. Im the lucky guy in
food media who gets to look
at whats really making a deep
long-term impact regionally and
nationally, said Mr. Addison. He
releases a best-new-restaurants
list every summer, too. eater.com
Food & Wines first class of Best

New Chefs, anointed back in
1988, are today among the biggest names in American cooking. (Do Thomas Keller, Rick
Bayless and Daniel Boulud ring
a bell?) Every year the listannounced in the spring, published
in Julyhonors future food
stars whove run their own restaurants for five years or less.
I think weve had an amazing
ability to identify early on people
who are going to continue to
grow and blossom, said editor
Nilou Motamed. We think of
ourselves as talent scouts.
foodandwine.com
Eater
Food & Wine
DRINKEASY
SIP SIMPLER THIS SUMMER
ANYONE WHO LOVES a well-made cocktail

knows better than to order anything more
complicated than a vodka and soda in an
open-bar situation. But as wedding season
kicks into high gear, theres a classic Ill ask
for if I spy the right bottles among the Jack
Daniels and Amstel Lights: a Negroni.
A what? is the response I often get to my
half-apologetic, sorry-to-be-that-guy request.
Then I provide the recipe: just equal parts
Campari, gin and vermouth, on the rocks.
Thats it? Yep. Boozy, bitter, bold and
built right in the glass, the Negroni has become a steadfast sidekick for me when I need
a proper cocktail at a not-so-proper bar, from
dive to airport. And when Im mixing at
home, theres no other drink that produces so
much satisfaction with so little effort.
Though bitter drinks have become a thing
over the past decade, this one retains the
aura of a secret handshake. The Negroni is
a drink you mature into. Italians sip it before
dinner, but Ill enlist its enlivening properties
any time between 4 p.m. and 4 a.m. Variations on the basic recipe abound, especially
during Negroni Week (June 6-12), when bars
around the world donate part of their revenues from the drink to charity. But I prefer to
stick to the simplest.
Just to make sure, I headed to Manhattans

Dante, which offers a Negroni happy hour and
a dozen versions. Some, like the Boulevardier
(a bourbon Negroni), are classics in their own
right. Others, like the icy Negroni Frapp, exhibit more creative license. I even went so far
as to try the Unlikely Negroni, which lists tequila, banana and chili among its ingredients.
Those Negronis were all delicious, but the
only one I wanted two of was the original.
I asked Naren Young, Dantes co-owner,
if he had esoteric gins or vermouths he preferred. Its all about the workhorses, he assured meCampari; Cinzano or Martini &
Rossi sweet vermouth; and a London Dry like
Beefeater or Fords Gin, or, for a slightly gentler Negroni, the lower-alcohol Plymouth.
I told him what I think about stirring a
Negroni in a mixing glass and then straining
it into a cocktail glass: too much work. And
then there are those who stir the drink and
strain it into a rocks glassa nice touch, fine
for a bar, but Ive never found it necessary at
home. Mr. Young agreed. Blessedly unfussy,
Dantes Negroni is served from a tap and casually garnished with an orange wedge instead of a twist because, he admitted, I dont
want to cut over a hundred orange peels
a day. Thats the spirit. Kevin Sintumuang
Negroni
Just add these three
ingredients to a rocks glass
filled with ice, gently stir
and garnish with an orange
wedge if youve got one.
1 ounce Campari
1 ounce sweet vermouth
1 ounce gin
You dont even need a cocktail shaker. A pro-grade Negroni calls for nothing
more than three basic ingredients and the glass you serve it in
* * * *
GEAR & GADGETS
A Cook of
All Trades
Can you replace your jumble of small kitchen
appliances with one machine that
does it all? We test the latest contenders
N MY KITCHEN, I have
a pretty typical battery of
small appliances: Cuisinart,
hand mixer, blender, slow
cooker. While each does its
particular job well enough, collectively they excel at only one thing:
taking up space.
But what if we could ditch a cabinets worth of gear for a single
device that does it all? The concept
may sound like an infomercial
(It slices! It dices!), but combination mixer-cookers, often called allin-one kitchen machines, that
chop, mix, blend and cook your
food in a single container are already popular outside the U.S.,
and theyre poised to take off here.
Take, for instance, the most
famous of these: the Thermomix.
This blender-on-steroids not only
turns frozen bananas into a softserve-thick smoothie; it can also
grind grain into flour, knead that
flour into a dough and cook up
a batch of jam to slather on top.
As with similar devices, most of
the Thermomixs parts are dishwasher safe. More than two million
of the latest version have been sold
globally, and the company is now
ramping up its U.S. distribution.
Imposing in price (from about
$600 to $2,000) and size (the
Thermomix is like a doublewide
blender), these devices nonetheless have a cultlike following
abroad. While the U.S. has so far
been resistant, makers are hoping
that these machines will change
the question from Do I really
need an all-in-one machine?
to Which one do I need?
FOR THE NOVICE COOK
Thermomix TM5
Probably the best way to

understand the convenience of
a Thermomix is to prepare
a stand-and-stir dish like risotto.
The Thermomix basically puts
this process on autopilot.
The recipe appears, step-bystep, on the built-in touch screen,
loaded from a swappable memory
Thermomix TM5
chip that attaches to the side of

the machine. Select the risotto
recipe, and the blender speed and
duration are automatically set to
chop the onions in the 75-ounce
stainless-steel jug. When the time
comes to saut them (in the same
jug), the machine brings its heating element to the correct temperature while its stirrer runs at the
appropriate speed and duration.
When I was alerted to add rice,
I knew exactly how much to pour
thanks to the integrated digital
scale. The result? Risotto that was
creamy, rich and reproducible.
Although many additional
Thermomix memory chips are
available overseas, you cant buy
those in the U.S. However, an
internet-enabled chip, slated to be
released next year, will allow you
to download thousands of recipes.
You also wont find the Thermomix in stores. Sales are conducted
through consultants (similar to
how Avon and Tupperware products are sold). Because that network is still quite small, your best
bet is to contact the company
through its website to purchase
a machine. $1,299, thermomix.com
FOR FUNCTION OVER FRILLS
Bellini Kitchen Master
If you dont need the Thermomixs

hand-holding (or the robotic arms
that automatically lock the Thermomixs steel jug into place), consider the more affordable Bellini
Kitchen Master. Although it cant
load recipes, the machine does include a 90-recipe (printed) cookbook. Start with the simple but
satisfying butterscotch pudding
recipe and youll quickly realize
how the machines steady stirring
mechanism coupled with the well
controlled heat of the mixing bowl
mean you wont have to worry
about scorching or scalding delicate desserts.
While the Kitchen Master
doesnt have an integrated food
scale, a free-standing one is included. In some ways, this is preferable, since its sometimes easier
to make adjustments to volume
before you place ingredients into
Bellini Kitchen Master
MIKEY BURTON; F. MARTIN RAMIN/THE WALL STREET JOURNAL (COOKERS)
BY MATTHEW KRONSBERG
these highly efficient machines.

$599, bellinikitchenmaster.com
FOR INDUSTRIAL
STRENGTH AND STYLE
HotmixPRO Gastro
The heated vessel of this machine can reach the highest temperature (374 degrees) of any of the
all-in-one mixers we tested; we
found that it effectively browned
meat, toasted spices and in general
drew the deepest flavors out of everything we cooked. (A different
model, not yet for sale in the U.S.,
cools as well as heats food, going
as low as -11 degrees Fahrenheit,
which means you can cook a custard base and churn it into ice
cream all in the same machine).
With a stainless-steel body and
a control pad that emphasizes clarity and durability, the HotmixPRO
is decidedly industrial. Like the
Thermomix, it comes with preloaded
recipes (on a removable SD card)
and will automatically set the ma-
Kenwood Cooking Chef
chines time, blade speed and temperature at each step. The instructions are more spartan than the
Thermomix, geared more toward
professional than novice cooks.
I found the machine particularly
effective for an Indian dal. I was
able to toast and grind spices, chop
and saut aromatics (onion and ginger) in the canister, then add water
and lentils and simmer. Cranked to
high speed (12,500 RPM), the machine sounds like an F16 readying
for takeoff. For many, that is a feature not a bug. $1,980, hotmixpro.com, available at jbprince.com
choux pastry dough. While I added

flour and later eggs, the siliconeblade attachment steadily worked
the mixture, preventing it from
sticking to the hot bowl. The result
was perfect elasticity that eludes so
many home bakers. While my choux
baked in the oven, I attached the
food-processor bowl to the top of
the machine and grated some chocolate, which I then added to the
heated bowl to make a ganache.
Lastly, I used the balloon whisk attachment to make whipped cream.
An all-in-one-machine, indeed.
$1,999, kenwoodworld.com
FOR VERSATILITY
FOR OWNERS OF A KITCHENAID

STAND MIXER
Kenwood Cooking Chef
With a fast and precise inductionheating element, the stand-mixerstyle Cooking Chef comes closest to
living up to the all-in-one promise.
I used it to make every element of
a cream puff. The Cooking Chefs
induction heating brought water
and butter to a swift boil for the
HotmixPRO Gastro
KitchenAid Precise
Heat Mixing Bowl
KitchenAid Precise
Heat Mixing Bowl
If you already have a KitchenAid

stand mixer, you can get a sense of
what a mixer-cooker can do without
ponying up for a whole new machine. Ideal for avid bakers, this
KitchenAid replacement bowl has
a setting just for tempering chocolate, and enough space to proof
bread dough, which it can hold at
just the right temperature. The
bowl can also act as a stand-alone
slow cooker (I used it to cook steelcut oatmeal overnight.) Its worth
noting that In Australia and Europe,
KitchenAid sells an appliance called
the Cook Processor that is closer
in design to the other machines
mentioned here. But it may be
a few years before it makes it to
our shoresif it comes here at all.
$300, kitchenaid.com
MY TECH ESSENTIALS
STEVE CASE
AOLs co-founder and author of The Third
Wave: An Entrepreneurs Vision of the Future
on walking while working, smart playlists
and why he doesnt read People magazine
Theres a Swiss runningshoe company that I like

called On, particularly
its Cloud running shoes.
Theyre good for travel
because theyre pretty
light. I have six or eight
pairs. I actually wear them
to work a lot, too; some
dont look quite so running
shoe-ish, so I can get away
with them at the office.
I mostly listen
to music on
Spotify. Their
Songs for
Sunsets
playlist is one
of my favorites.
Theyre also doing a really, really good job on curation with the Discover
Weekly playlist, which is
based on what youve been
listening to and whats in your
library. It gets smart. A lot of
it is discovering new stuff
that you hadnt heard but you
say, Hey, I like that. And its
not surprising because they
kind of knew youd like that.
Ive got a Life Fitness

Treadmill Desk thats good
for getting in a little bit of
exercise while catching up
on stuff, particularly in the
morning to wake me up. It
goes reasonably fast but
not so fast that you
cant pay attention to your
iPad screen.
I do still have an AOL email account that gets

a decent amount of use. I check it a couple
times a day; it works perfectly fine. I also
still have steve@aol.com, but I stopped checking that because I was getting hundreds
of misdirected emails.
Ive really been impressed with the Amazon Echo

[a Bluetooth speaker with voice-control]. Ive obviously
seen a bunch of versions of this kind of thing over
the last 20 or 30 years, but the quality of Amazons
voice recognition has gotten to the point where its
consumer friendly. I use it to check the weather, turn
on playlistsIm starting to use it more and more.
I subscribe to a bunch of magazines, but I consume most of

them online with the Texture
app. Its kind of like a Netflix for
magazines. There are literally
hundreds of magazines available,
and you pick the ones you want
and auto-download them. I get
Fortune, Rolling Stone, Time,
loomberg Businessweek. I get
People, but I cant say I read it
frequently because I dont really
know the people who are featured anymore.
The James Altucher Show

is one of my favorite podcasts.
Hes been in the media/tech
world for 20 or 30 years,
so he has a good understanding of whats happened in
the past. Hes a good interviewer in a conversational
kind of way.
by Chris Kornelis
* ***
GEAR & GADGETS
CHEVROLET
SWAN SONG The muscle-y

Chevy SS likely wont
be produced much longer.
But theres a lot
to like in this edition.
RUMBLE SEAT: DAN NEIL
The Chevy SS: Hello, I Must Be Going

THERE IS STRAIGHT, and then
there is Indiana farm-road straight.
Pick an exit off Interstate 74 between Indianapolis and Champaign,
Ill., and go north, or south. You will
find yourself plotted on a graph of
empty rural roads, dead straight
and miles long, the x and y axes
of the heartland.
Suddenly life makes Cartesian
sense. And I wonder if the common
charm of Midwesternersearnest,
un-tangential, ineffably located in
the worldderives from this rightangled overlay of Nature. Geography
is destiny. To me the whole thing

looked like one big interconnected
series of drag strips. So I brought
the right car: the Chevy SS, a fourdoor, five-seat muscle sedan, with
a 415-hp pushrod V8, six-speed manual transmission, limited-slip rear
diff, and a provocative proclivity for
acceleration that will certainly jerk
a knot in it. All for $48,570. I know,
sounds interesting, right? Oh, It is.
The Chevy SS comes to these
pages withhow to put it delicately?the reek of death upon it.
The car, a re-badged Holden Com-
2016 CHEVY SS
Price, as tested: $48,570
Powertrain: Naturally aspirated
port-injected 6.2-liter overhead valve
V8; six-speed manual transmission;
rear-wheel drive with limited-slip
rear differential.
Power/torque: 415 hp at 5,900
rpm/415 pound-feet at 4,600 rpm
Length/weight: 195.5 inches/3,975

pounds
Wheelbase: 114.8 inches
0-60 mph: 4.7 seconds
EPA fuel economy: 14/22 mpg,
city/highway
Cargo volume: 16.4 cubic feet
modore, is destined for extinction

because GM is closing the Holden
assembly hall in Elizabeth, South
Australia. Aussies are bummed, obviously. I feel for them. If I bought
one of these cars I might feel a
twinge of guilt, even as I was laughing my head off. I have never seen
a sedan so underpriced, relative
to its performance and equipment.
Please, old timers, lets compare
notes. When has a car company
ever given it away like this?
Look at the boxes this thing ticks.
First and most important: a rare
Tremec six-speed manual transmission, with a real foot-pedal clutch
and bolt actionthe taut, thrumming gearshift lever connected to
something mechanicala throwback
to a time before mechatronics. The
press materials say a paddle-shifted
automatic is also available. Only
a psychotic would order this car
with the automatic transmission.
The Chevy SS is like an African
game reserve filled with endangered
technologies. Above the gearbox is
a naturally aspirated 6.2-liter V8,
with an output quoted at 415 hp and
415 pound-feet of torque. Thats
right, a naturally aspirated overhead
valve V8, none of them tea-kettle
turbos and piccolo exhaust notes
out of puny V6s. Responsive, revloving, throaty, twisty and shout-y,
with big torque and three-octave
range, the Chevys small-block presence is irresistible. Too bad its a dinosaur with an asteroid incoming.
Romp the throttle and pop the
clutch. The Australian will disport
to 60 mph under five seconds, provided the driver is reasonably proficient with the pedals. Stay on the
throttle, stroke two upshifts at red-
line (6,600 rpm) and youll be crossing into three digits, theoretically.
The manual-tranny car steps off the
line crisply thanks in part to the
3.70 rear-end ratio. Figure quartermiles times in the low 13s with the
manual transmission. The whahwhah! will bring a tear to your eye.
This car has been called the
four-door Camaro, and it sort of
is, except that its too comfortable
and too easy to see out of to be
called Camaro. The chassis bits and
handling character all reflect GMs
performance toolkit: nicely tieddown front struts; a five-link rear
suspension; standard coilover magnetic dampers at all four corners;
and big Brembo brakes with 14-inch
steel rotors behind 19-inch wheels.
And as with Camaro, and Cadillac
ATS-V and CTS-V, the SSs behavioral envelopethe pointedness and
response of the steering, suspension, brakes, engine and transmissionis controlled by the StabiliTrak system, from mild to wild.
The Chevy SS is two tons of sedan, and theres no evidence here
that the design-engineering teams
were sweating the curb weight
down to the gram. On pace, theres
ample wheel travel and medium
spring rates, so the SS can get some
body lean going in corners, if you
can find any. But the SSs extra
cushioning comes in handy when
jumping railroad crossings.
Out in the geometric heartland,
when it came time to rock the SSs
hole shot, I found that the locals
had already located the straightest,
most deserted stretches of asphalt,
and had thoughtfully marked them
with swiveling tire marks and pools
of smoky burnout. Some of these
byways show signs of long-term,

organized drag racing. And while
I cant officially approve, I can certainly understand. I mean, look
how straight that road is.
In a previous era, such a car
would have been a cult object,
a sleeper sedan that didnt look fast
until it opened up a can of whipass
on the street. There was a time
when such a car would help buyers
finagle a better insurance rate. On
paper, its a four-door, five-seat sedan. In person, its a window-rat-
In 20 years, people will

clamor for this example
of late V8 power
tling hooligan. I like it.
But I dont love it. The styling is
pretty stolid, reflecting the cars
mass-market roots and its cop-car
lineage. The company has put gaudy
chrome paint wherever it would
stick, inside and out. Thats just my
exquisite personal taste. Australians
may feel differently.
They wont make them like this
anymore, for long. I cant guess
what the collectible potential might
be, but I have to believe in 20 years,
there will be people clamoring for
this distinctive example of late V8
power and theatrics.
Before then its a little like the
movie The Freshman, about
a criminal syndicate staging dinners
with the last members of an endangered species as the main course.
Its a shame this critter will soon be
extinct. But its so tasty.
MOVEABLE FEASTS
Tote a tonier picnic with these space-efficient carriers
ONE SECRET ALL PRO picnickers have mastered: fitting

lots of good things into small baskets. Whether you are
a tidy bento warrior or a messy suitcase stuffer, here
are three littler, more modern picnic baskets that should
help you pack a lot of punchas well as plates, cups
and wineinto small spaces.
1. For Wining and Dining
Looking to pour a bit more?
The Wine Picnic Backpack
Set for Four includes two detachable, insulated bottle holders, as well as enough acrylic
glasses, plates, napkins and
stainless-steel flatware for four.
Along with a cutting board and
a cheese knife, the pack comes
with two buckle straps so you
can carry the included fleece
blanket von Trapp-style. $100,
wineenthusiast.com
2. For a Romantic Outing
Measuring in at less than
2-feet long, the Pioneer Picnic
Basket includes two handblown wine glasses, two plates,
a hardwood cutting board and
even a salt and a pepper shaker
in its compact, canvas-lined
wooden frame. Sneak napkins,
a map or maybe even your
smartphone into the

two front pockets and
carry the whole thing in
comfort using the fauxleather-wrapped handle.
The included picnic blanket
with a water-resistant backing
folds neatly into a handled tote.
$152, picnictime.com
3. For Long Walks
The Picnic at Ascots Ultimate Insulated Picnic Cooler
on Wheels squeezes four place
settings in its slim zipper-down
side pouch; the main insulated
compartment has a divider
thats ideal for keeping your
container of watermelon-andfeta salad separate from your
fresh baguettes. The removable
wheeled cart will let you roll
with ease to that idyllic but
remote picnicking spot. $177,
amazon.com Charlie Wells

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Three Summer Days

VOL. CCLXVII NO. 130

SATURDAY/SUNDAY, JUNE 4 - 5, 2016

Louvre Packs Up as Floods Threaten Paris

Top FIFA officials allegedly paid each other tens

Paris was on alert for

Business & Finance

s Copyright 2016 Dow Jones &

The U.S. job market notched

Source: Labor Department

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July meeting. After the reports

Jobs Downturn Mars

TARGET ICONIC FIRM

threats of expropriation, are part of the

If youre Hillary Clinton,

Lowly Guacamole! Floridas

Larger, low-fat avocado has its devotees,

the SlimCado, an avocado grown

The death toll from an accident in which an Army truck

MARKUS SCHREIBER/ASSOCIATED PRESS

World powers said they

NATO Forges New Antiterror Role

prove cross-border intelligence sharing. Some officials

A2 | Saturday/Sunday, June 4 - 5, 2016

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How Researchers Are Racing to Zero In on Zika

ast summer, an American expert in mosquito-borne viruses

Aedes Aegypti mosquito

Conrmed cases in the U.S.

The U.S. researchers were

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emerging epidemics. Using

and far a disease will spread

Exports Climb, Helped by an Easing Dollar

ers, made imports cheaper in

the world for goods and services still appears tepid.

utive month of decline, shedding 15,000 jobs.

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0.8% seasonally adjusted annual

Several sectors that lost jobs in May, such as management,

Health care and social assistance

Professional and technical services

Accommodation and food services

Transportation and warehousing

Arts entertainment and recreation

Mining and logging

Administrative and waste services

Note: All gures are adjusted for seasonality

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ues its upward trajectory.

back to near-record highs across

the energy sector.

magnetic spectrum and, as a

editions Friday, a Page One

The Centers for Disease

Videos Involving Police

The group charged with investigating police misconduct in Chicago

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Saturday/Sunday, June 4 - 5, 2016 | A3

YOON S. BYUN FOR THE WALL STREET JOURNAL

greater concern going into the

he said. I would suspect the