Thursday, July 1,2004
######## surrounding the article denotes it is a “press release”
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"The Rates They Are A-changin'
Come gather 'round people wherever you roam
Recognize that inflation around you has grown
And accept there's a chance it could rise through its zone
Price stability is worth preservin'
So less stimulus from the Fed don't bemoan
For the rates they are a-changin'.
Come writers and critics who prophesize with your pens
Who are so confident in your opinions
But don't speak too soon for the data still spins
And there's no tellin' where it is goin'
The theories out now could later be in
For the rates they are a-changin'.
The parody continued for several verses, ending with:
The line it is drawn, the course nearly cast
The risks we face now appeared small in the past
But with measured steps the expansion will last
Futures markets are anticipatin'
A considerable time will be comin' to pass
For the rates they are a-changin'.
the Federal Reserve Bank of Cleveland posted this parody on their web site
Fed Key Interest Rates Give Impetus to New Funding Rates
It didn’t take long for the leasing funding sources to raise their
rates. One of the first was the new Netbank Financial Services
(formerly Republic Leasing of South Carolina), who raised
their rate of 9.75% ( according to their funding sheet:
Finance will increase all rates for all products by 50
“If NetBank Business
Finance chooses to extend an existing approval
“Help us to help
you protect your customers! Rate increases will be
Some banks had recently
raised the rate to discounters and lessors
They knew they would lose yields because approvals are often for
60 to 90 days, meaning
the rates for the transaction when funded were based
This raise in rates was not in their favor and to compensate for
it, many will raise 50 basis points as NetBank Financial Services did.
Key Interest Rates
June, 1994 through June 30,2004
Leasing News sent out a “flash” at the news. Here is the official Federal Reserve Press Release:
The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 1¼ percent.
The committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. The evidence accumulated over the inter-meeting period indicates that output is continuing to expand at a solid pace and labor market conditions have improved. Although incoming inflation data are somewhat elevated, a portion of the increase in recent months appears to have been due to transitory factors.
The committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters are roughly equal. With underlying inflation still expected to be relatively low, the committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.
Voting for the F.O.M.C. monetary policy action were: Alan Greenspan, chairman; Timothy F. Geithner, vice chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan; Mark W. Olson; Sandra Pianalto; and William Poole.
In a related action, the board of governors approved a 25 basis point increase in the discount rate to 2¼ percent. In taking this action, the board approved the requests submitted by the boards of directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco.
For a history of the federal fund rate since 1954, please go here:
### Press Release ######################
No U.S. Housing Bubble Forecast On The Horizon
Fitch Ratings-New York- The prospects of a significant near term national housing correction prompted by a bursting home pricing bubble or potentially higher mortgage rates are overstated concerns, according to Fitch Ratings.
'Although broadly speaking, homes are still reasonably affordable in most markets (versus prior peak comparisons), home prices cannot indefinitely keep climbing much faster than peoples' incomes, as has been the case during the past few years in certain communities,' said Robert Curran, Senior Director, Fitch Ratings. 'However, the risk appears to be local rather than regional or national.'
Fitch has also become reasonably comfortable with the increasingly prominent usage of hybrid adjustable-rate mortgages (ARMs) after expressing concern that homeowners may be extending themselves to acquire homes. 'Much of the incremental ARMs, upon further analysis, appear to be sourced by buyers of upscale homes making a sophisticated financing decision rather than entry level buyers stretching to buy their home,' said Curran.
Though housing likely will not be as stimulative to the economy for the remainder of 2004, Fitch does not expect any meaningful deterioration either. Despite the continued stable trends, Fitch does note some challenges for the housing sector; how potentially increasing strain on the long-term federal budget may affect rental housing programs for low income households; and, the potential effect that proposed regulation changes may have on the ability of the government sponsored enterprises (GSEs) to fulfill their secondary mortgage market role.
These comments can be found in The Fitch report, 'U.S. Homebuilding/Construction: The Chalk Line - Quarterly Update', which will be available tomorrow on the Fitch Ratings web site at 'www.fitchratings.com in the 'Corporates' sector page under 'Special Reports'. New features to the latest edition of Chalk Line include the recently published homebuilder national rankings for 2003, major builders' positions in top 50 metropolitan markets based on newly released 2003 data, and historical long-term comparisons of incremental household formations juxtaposed with housing starts.
Contact: Robert Curran +1-212-908-0515, New York.
#### Press Release ####################
What Lessors Are Saying About Medical Equipment Leasing Markets
Healthcare equipment leasing is one market segment that has performed consistently well despite the fluctuations experienced by other segments of the equipment leasing industry. E-news recently asked healthcare equipment lessors for an update on the overall state of healthcare equipment leasing, and for their insights into the secondary market in this segment.
William Zadrozny, Siemens Financial, observed that the healthcare leasing market continues to be an out-performer, even in a recovering economy such as the current one. He said, “For the players with the expertise to appropriately address the needs of the customers in this market, it should continue to provide above average growth opportunities for the foreseeable future. However, for those without the requisite expertise that try to apply the skill sets of the commercial marketplace there will be disappointments.”
As for the secondary market for equipment, Zadrozny noted that it, too, requires a certain capability to ensure that residuals will be realized and collateral values are maintained. “As can be expected the manufacturers of the equipment, which are also the largest competitors in the equipment finance market, are uniquely positioned and have a distinct advantage,” Zadrozny said.
Donald Link, Hitachi Capital America, said his firm has found the healthcare segment to be robust, with growth exceeding expectations. On the client side, Link said continued strength in the outpatient diagnostic imaging and ambulatory surgery segments, for both de novo sites and replacement/upgrade locations, has driven demand.
Commenting on competition in this segment Link said, “The departure of competitors has created opportunity and allowed, to a certain degree, more appropriate transaction structures. However, this reaction has been partially offset by certain captive lessors' support of their parent organizations' aggressive equipment market-share objectives.”
Link added that Hitachi Capital America anticipates continued strength in the segment, pulled by expanding technology opportunities in diagnostic imaging (in particular high-field open MRI and PET/CT systems), and patient/physician satisfaction driving outpatient surgery toward ambulatory surgery centers.
According to Tom Hammer, Healthcare Asset Management for De Lage Landen Financial Services, the secondary healthcare equipment market is strong and expected to stay that way for the foreseeable future. "The healthcare industry is growing, so the demand for new and remarketed equipment continues to grow," he said. "We see no reason for that to change."
Hammer said that medical imaging is De Lage Landen's strongest secondary market, followed by home healthcare and lab equipment. "With the aging baby boomer population, demand for medical imaging equipment, in particular, is expected to continue on a strong growth curve for the next 10 years, with specific modalities such as PET scanning, stronger than others," Hammer stated.
Hammer noted a trend toward increasing use of the Internet by end users to seek out and purchase equipment coming off lease, in an effort to reduce costs by eliminating the middleman in the remarketing process.
Jim Ambrose, GE Commercial Finance, said that the overall softness in demand for new diagnostic imaging equipment in the U.S. is favoring the secondary market, particularly the non-hospital segment where refurbished equipment from the OEMs is a great value for the price. Ambrose also noted that shorter equipment lifecycles for many types of high tech medical equipment are resulting in more in-term activity within the portfolios of the lessors.
“The consequence is a greater supply of relatively new and still technologically relevant products in the secondary markets, both in the U.S. and Europe,” Ambrose said. “As markets continue to privatize in Europe, used equipment is becoming a good alternative for many newly created healthcare providers and this equipment is not subject to the public tender process, which is great for lessors.”
Tim McDonald, Director of Asset Management for CitiCapital Healthcare Finance, said that in general, the market for used medical equipment is relatively steady, depending on the equipment type. “The imaging market is strong and is expected to remain so going forward, especially for large ticket MRIs and CTs which are now being manufactured with more upgradeable paths,” McDonald said. “The ophthalmic market is strong as well.”
McDonald noted that the ultrasound market is relatively flat due to the decrease in the cost of new equipment, along with oversupply in the used equipment market. “As with any equipment category, older technology is being pushed out by new technology and reduction in new equipment pricing is affecting used equipment values across the board,” McDonald said.
For small clinical lab equipment, used equipment can be more expensive to operate than new equipment. “In hemotology, for example, the cost per test to run a new blood analyzer is significantly lower than the cost using older technology,” McDonald said. “Therefore, we've have had to sell much of this equipment internationally, in markets that are a generation or more behind the U.S. in medical technology.”
McDonald added that there still is some uncertainty in the domestic market since this is an election year and the status on future reimbursements remains to be seen. He added, “CitiCapital has a well diversified portfolio and does not expect any major downturns in the near future.”
Matthew Shieman, The Matsco Companies, said, “Our outlook is that the professional healthcare market is not going to grow faster than its historical level of four to eight percent per annum. There are many new entrants to this market space thus creating pricing pressures for the lessor/lenders.”
Shieman added that residual value assumptions still seem to be reasonable but that could change if the market pressures for increased volume escalates. He added, “Portfolio payment performance to date has been solid and compared to one to two years ago has improved significantly.”
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Truckers strike at several ports; action likely to last through holiday weekend
Owner-Operator Independent Drivers Association Newsletter
Independent truckers walked off the job at several U.S. ports June 28 in a protest expected to last through the July Fourth holiday weekend, according to Land Line sources and various local news reports.
Owner-operators struck ports in New Jersey, California, South Carolina and Louisiana to protest rising fuel costs, anti-union laws, wage issues and insufficient fuel surcharges.
A spokesman for Pacer International Inc. told Bloomberg News they were preparing for strikes in California during the weekend.
About 200 independent truckers demonstrated at Port Newark, one of the nation's busiest container ports, said Tiffany Townsend, a spokeswoman for the Port Authority of New York and New Jersey.
"We're certainly open for business, but obviously volume is down," she said.
Other ports affected included those in New Orleans, Boston and Charleston, S.C.
The Post and Courier serving South Carolina reported that about 70 truckers had gathered among the State Ports Authority's three container terminals and the CSX intermodal train yard in North Charleston, SC.
The paper reported that some local maritime observers commented on the noticeable absence of container trucks on area roads and around terminal gates. Most cargo at the Port of Charleston moves by truck, prompting one picketer to display a sign that read: "If you got it, a truck brought it."
Meanwhile, demonstrations scheduled to last all week are under way at several U.S. ports, including New Orleans, Savannah, Long Beach, CA, and New York. The demonstrations come at the peak of the shipping season as retailers begin stocking up on merchandise for the Christmas season.
According to the Post and Courier, the striking truckers said they could not afford to take the day off but felt they had to take a stand against the shipping lines and trucking companies who hire them.
The main issue is fuel surcharges, which trucking companies charge shipping lines to compensate for higher fuel prices. However, the truckers say the trucking companies they work for don't share all the proceeds of those charges.
OOIDA has consistently used its lobbying muscle to push for meaningful surcharge legislation. The association believes that with today’s high fuel prices, every shipper should be paying a fuel surcharge adequate to cover costs.
“For any middleman to pocket all or part of the surcharge is a fraud on the shipper and truck owner that should be punishable by law,” Todd Spencer, executive vice president of the Owner-Operator Independent Drivers Association, said.
OOIDA has asked lawmakers in Washington, DC, to pass fuel surcharge legislation that will provide a permanent fix to this problem. While some legislators may still be hesitant to offer a legislative fix, OOIDA says, the choice to ignore high fuel prices that bankrupt truckers comes with perils for more than just small-business truckers.
“The entire economic recovery for the nation may well be set back or stalled,” Spencer said. “Port drivers have been among the most abused in years. Steamship lines and railroads have taken full advantage of their bargaining position to beat these guys down bad. It’s not surprising they are angry. And, it’s shameful the only way their legitimate concerns will be addressed is when they threaten drastic action.”
--by Dick Larsen, senior editor
Dick Larsen can be reached via e-mail at email@example.com.
July 4, July 3 ---Top Two Deadliest Driving Days
According to the Insurance Institute for Highway Safety data, the 10 deadliest days of the year on our nation's roads are:
Average Daily Deaths 117
-- Do not drink and drive. Forty-one percent of motor vehicle fatalities this July 4th weekend will be related to driving under the influence.
-- Allow plenty of time to reach your destination.
-- Make sure your children are secured properly in a child safety seat. For tips on child safety seat installation, go to www.21st.com for a free downloadable guide.
-- Do not tailgate on the highways and monitor your speed.
-- Focus on the road in front of you. Try to avoid distracting behavior like eating, speaking on the phone, or turning around to the rear of the car while driving.
-- Drive cautiously and do not challenge aggressive drivers.
#### Press Release #######################
JPMorgan Chase, Bank One Complete Merger
NEW YORK & CHICAGO--( --J.P. Morgan Chase & Co. (NYSE:JPM) and Bank One Corporation today completed the merger of their holding companies, effective 12:01 a.m. July 1, 2004. The combined company will be known as J.P. Morgan Chase & Co.
Bank One stockholders will receive 1.32 shares of JPMorgan Chase common stock for each share of Bank
One common stock. JPMorgan Chase stock will continue to trade on the New York Stock Exchange under the ticker symbol JPM; Bank One stock traded for the last time June 30, 2004.
J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $1.1 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients. Information about the firm is available on the Internet at www.jpmorganchase.com.
J.P. Morgan Chase & Co.
Joseph Evangelisti, 212-270-7438
Thomas Kelly, 312-732-7007
### Press Release #######################
**** announcement **************************************
Premier Lease & Loan Services to Host Institute for Leasing Professionals
CLP Preparation and Testing to be Offered
Bellevue, WA – – The United Association of Equipment Leasing Education Committee, in conjunction with the Certified Lease Professional Foundation, announce the upcoming Institute for Leasing Professionals and CLP Exam, hosted by Premier Lease & Loan Services, Bellevue, WA, August 11-13, 2004.
The two-day institute is used to culminate study for the Certified Lease Professional's examination. It is also a great introductory course for those candidates who plan to take the exam in the future but need study direction. The exam is being offered on Friday, August 13.
The designation of Certified Lease Professional sets the standard for professionalism in the leasing industry. This prestigious and coveted designation is designed to identify and recognize those individuals within the leasing profession who have demonstrated, through experience, testing and conduct, their competency in leasing. The letters "CLP" behind their name represents a visible recognition of this professional achievement and status.
“We’re excited to be hosting this event and to have several of our key employees seeking the CLP designation,” states Vic Villegas, General Manager for Premier Lease & Loan Services. “We are fortunate to have so many veteran instructors and CLP mentors in the Seattle area.”
Candidates interesting in registering and ordering study materials should contact Cindy Spurdle, Executive Director of the CLP Foundation at (610) 687-4111.
About Premier Lease & Loan Services
Premier Lease & Loan Services, a division of Great American Insurance Group, is a recognized leader in providing insurance products and services to the commercial leasing industry through their Automatic Insurance®, @Request Lease Protection, and Contingent & Excess Liability products.
About the CLP Foundation
The CLP Foundation is the official governing body for the Certified Leasing Professional (CLP) program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency, through continued education, testing and conduct.
About the UAEL
The United Association of Equipment Leasing (UAEL) was established in 1974 as an association bringing together all segments of the leasing industry, including brokers, independent lessors, funders, bankers and service providers. It is the only leasing association that extends full voting privileges to all members. The UAEL exists to provide a forum for the personal and professional growth and success of its members.
Bryan T. Inman Cindy Spurdle
Premier Lease & Loan Services CLP Foundation
(425) 957-3612 phone (610) 687-0213 phone
(425) 649-5919 fax (610) 687-4111 fax
Erin E. Federman
Premier Lease & Loan Services
Member Great American Insurance Group
49 East Fourth Street, Suite 900
Cincinnati, OH 45202
Phone: 513.763.6191; Fax: 513.763.8308
**** announcement **************************************
UAEL Colorado Region Presents
Colorado Rockies Game Night August 6
Event Hosted by UAEL Colorado Regional Committee, Pawnee Leasing, BSB Leasing
Take me out to the Ball Game!
Date: Friday, August 6, 2004
Time: 7:05 PM (Colorado Rockies -vs- Cincinnati Reds)
Place: Coors Field ~ Denver, Colorado
Ticket Includes: Owners Box seats
$40.00 UAEL Member Price
$50.00 Non UAEL Member Price
Company Employees are invited to attend. Family and Friends are welcome!
Reserve your tickets today by emailing Skip Wehner at firstname.lastname@example.org Please RSVP by August 2, 2004
Hurry and get your tickets. Limited to 40 people!
Reserve your tickets today by mail or online at UAEL.ORG with credit card!
________ Company Name
________ Number of Attendees from your company
________ Total Amount Due
Please make check payable to UAEL and mail to:
78-120 Calle Estado
La Quinta, CA 92253
Please contact Skip Wehner with any questions. 800-945-3372 ext. 334
*** announcement ***************************************
UAEL Southern California Region Presents
Our 3rd Annual Angel Game Night
Thursday July 29, 2004
7:00 PM - Angel Stadium - Anaheim, California
Anaheim Angels vs. Seattle Mariners
Here is more information and form for game:
***** Announcement ************************************
California Electronic Waste Recycling Delayed
Legislation delaying implementation of the Electronic Waste Recycling Act has passed the California Legislature. All observers expect Governor Arnold Schwarzenegger to sign the legislation, most likely today. Assembly Bill 901 will delay fee collection from the original implementation date of July 1, 2004 until November 1, 2004.
Lessors have a responsibility to collect the new California recycling fee on covered equipment and hold until the Board of Equalization starts billing for the fee, most likely in 2005. ELA has scheduled a meeting and conference call with the California Board of Equalization and California Environmental Protection Agency to review directives placed on equipment lessors for collection of the electronic hazardous waste recycling fee. To register as an attendee and/or to participate by telephone go to: http://www.elaonline.com/govtrelations/state/camtg/
Equipment Leasing Association
**** announcement **********************************
Consumer confidence jumps to 2-year high
Freddie Mac reports its profit tumbled 52% in 2003
Midwest June business growth far below forecast
Former Tyco Lawyer Completes Testimony
Ellison Rounds Up Oracle's Defense
U.S. doughnut sales continue to slide
Rancher sells archaelogical site to government
Yankees Tighten Hold, and Red Sox Again Lose Grip
Portugal Goes to Final; Netherlands Goes Home
California Nuts Briefs---
State misses budget deadline for eighth time in 10 years
SCHWARZENEGGER BORROWING TACTICS FROM GOV. DAVIS TO SHAPE BLUEPRINT
Tribal gambling deals pushed
“Gimme that Wine”
Here is a must for wine events:
Screw Caps Proven to Retain Freshness and Fruit Character and Allow More Consistent Aging When Compared to Natural and Synthetic Corks
New Winemakers Hired at De Loach and Mayo Family Winery
Rain causing concern for vineyard owners in Texas
Rhone Rangers unmask the versatility of West Coast varietals
Bordeaux slashes wine sales as crisis deepens
In Black Tie and Blue Jeans, Wine Lovers Flock to Fairs
This Day in American History
have been adding Canadian History in American History, as Canada is
part of North America. Today is a National Holiday in Canada, formerly known as Dominion Day. Commemorates the confederation of Upper and Lower Canada and some of the Maritime Provinces into the Dominion of Canada in 1867.
1730-The most populous area of colonial America was New England, with 275,000 Europeans. By 1760, this number rose to 425,000, and at the close
of the revolution to 800,000.
1733-Forty Jews, admitted to Georgia colony by its proprietors, settled in
1778-The first foreign diplomat accredited to the U.S., Conrad Alexandre Gerard, arrived in America. He had been appointed by King Louis XVI of France. The tide of the Revolutionary War changed when France not only lent the new colonies money, but officers, soldiers, arms, and ships. At Yorktown, the victory that won the war, Frenchman outnumbered Americans almost three to one! Washington had 11,000 men engaged in the battle, while the French had at least 29,000 soldiers and sailors. The 37 French ships-of-the-line played a crucial role in trapping the 8,700 strong British army and winning the engagement.
1800- The earliest recorded Methodist camp meeting in America was held in Logan County Kentucky, near the Gaspar River Church.
1807-birthday of Thomas Green Clemson. The man for whom Clemson University was named, born at Philadelphia, PA. The mining engineer and agriculturist married John C. Calhoun’s daughter, Anna. Clemson bequeathed the old Calhoun plantation to South Carolina and Clemson Agricultural College ( Now Clemson University) was founded there in 1889. Clemson died at Clemson, SC, April 6, 1888. http://www.clemson.edu/welcome/history/
1835-The Baltimore and Ohio Railroad made its trial run from Baltimore, MD, to Washington, DC, starting railroad service to the federal capital.
1847- the first US postage stamps were issued by the US Postal Service, a 5 cent stamp picturing Benjamin Franklin and a 10 cent stamp honoring George Washington. Stamps had been issued by private postal services in the US prior to this date. (Don’t forget, the postage goes up today, starting at 37 cents for
a regular stamp)
(last part of: http://memory.loc.gov/ammem/today/jul01.html )
1852-the first body to lie in state in the US Capitol rotunda was that of Senator Henry Clay, who died in Washington, DC, at the age of 75 on June 29,1842. His body was placed in the rotunda, where it was displayed for the public to pay their respects, prior to interment in Lexington Cemetery, Lexington, KY.
1859-Amherst and Williams played the first intercollegiate baseball game, with Amherst winning, 73-32. The next day Williams evened the score by defeating Amherst in a chess match.
1861- 1st public schoolhouse opens at Washington & Mason St, SF
1862- Congress outlaws polygamy (1st time); “an act to punish and prevent the practice of polygamy in the territories of the United Sates and other places, and disapproving and annulling certain acts of the legislative assembly of the territory of Utah.” Most of the settles in Utah belonged to the Mormon Church ( Church of Jesus Christ of Latter-day Saints), which encouraged men to marry multiple wives. Little effort was made to enforce this law. The first anty-polygamly law with teeth was the act of March 22, 1883, known as the Edmunds law, which defined simultaneous marriages as bigamy and prescribed loss of citizenship as a penalty. It legitimized children born in polygamy before January 1, 1883.
1862- Day 7 of the 7 Days-Battle of Malvern Hill
1862-the Bureau of Internal Revenue was established by an act of Congress.
The same day, President Abraham Lincoln signed into law a bill levying a 3 percent income tax on annual incomes of $600—$10,000, and 5 percent on incomes of more than $10,000. The revenues were to help pay for the
Civil War. This tax law actually went into effect, unlike an earlier law passed August 5,1861, making it the first income tax levied by the US. It was rescinded in 1872.
1862-The Morrill Land Grant Act was passed. This federal legislation led to the creation of the Land Grant universities and Agricultural Experiment Stations in each state.
1863- after the Southern success at Chancellorsville, VA, Confederate General Robert E. Lee led his forces on an invasion of the North, initially targeting Harrisburg, PA. As Union forces moved to counter the invasion, the battle lines were eventually formed at Gettysburg, PA, in one of the Civil War’s most crucial battles. Today began the Battle of Gettysburg, where General Robert E. Lee made a desperate bid to smash through Union forces and approach Washington, D.C. from the west. This was a crucial turning point in the war. Quite by accident,
and not foreseen by General Lee, General George G. Meade stumbled upon the advance accidentally at Gettysburg, Pa. Lee’s assaults on federal positions, trying
to move out of this encounter, brought extremely heavy losses to both sides. On the climactic third day of the battle (July 3), Lee ordered an attack on the center of the Union line, later to be known as Pickett’s Charge. When the famous charge of Gen. George E. Pickett’s division failed, with one unit leaving 3393 out of 4800 men dead or wounded on the field, the battle was lost to the South. The 15,000 rebels were repulsed, ending the Battle of Gettysburg. On July 4, both sides were exhausted. On July 5, Lee’s army retreated, listing more than one-third of the troops as casualties in the failed invasion, never to return to northern territory. Union General George Meade initially failed to pursue the retreating rebels, allowing Lee’s army to escape across the rain-swollen Potomac River. He felt ill prepared for the action, particularly after initiating the battle without preparation and in “surprise.” Historians say he missed an opportunity. They were not there, but make this observation primarily because Meade was not a very good tactician or leader of men. His men labeled him “timid” and used a stronger word
we can’t print here. The South suffered 30,000 killed, wounded, or missing. The North, 23,000. http://memory.loc.gov/ammem/today/jul01.html
a key to the victory at Gettysburg
1869- US mint at Carson City, Nevada opens
1874-The Philadelphia Zoological Society, the first US zoo, opened. Three thousand visitors traveled by foot, horse and carriage and steamboat to visit the exhibits. Price of admission was 25 cents for adults and 10 cents for children. There were 1,000 animals in the zoo when it opened
1876- Birthday of Susan Keating Glaspell, U.S. novelist and playwright who won the 1930 Pulitzer prize for her play Allison's House. She wrote no further plays but continued to write novels that examined women's struggles with biology, conservative mores, and other influences on her freedom and happiness. Her early stories were steeped in the Iowa of her childhood and after the success of her first novel, she resettled in New York, married a wealthy home-town boy and lived and romped in Greenwich Village. The bulk of her noteworthy writing was done after his death in 1924. She remarried briefly.
1881- US Assay Office in St Louis, Missouri opens (closed, June 13,1911,
originally open for the World’s Fair Exposition ).
1889 -Frederick Douglass named Minister to Haiti
1890- 2,000 Census Bureau clerks began the daunting task of tallying the results of the country's 11th census, aided for the first time by mechanical calculating devices. Some 45,000 census counters had spent the entire month of June counting America's 60 million-plus population, using hole punches to record the results of their surveys by punching out designated spots on the card, like a train conductor punches a ticket. Later, those cards were counted by a tabulating machine invented by 29-year-old Herman Hollerith. Hollerith's counting machine had soundly beaten other proposed counting methods in a contest sponsored by the Census Bureau. Hollerith later founded the Tabulating Machine Company, which, through a series of mergers and reorganizations, eventually became IBM.
1893-President Grover Cleveland boarded the yacht Oneida for surgery to be performed in secret on a cancerous growth in his mouth. As this was during the 1893 depression, secrecy was thought desirable to avoid further panic by the public. The whole left side of Cleveland’s jaw was removed as well as a small portion of his soft palate. A second, less extensive operation was performed July 17. He was later fitted with a prosthesis of vulcanized rubber that he wore until his death June 24, 1908. A single leak of the secret was plugged by Cleveland’s Secretary of War, Daniel Lamont, the only member of the administration to know about the surgery. The illness did not become public knowledge until an article appeared Sept 22, 1917, in the Saturday Evening Post, written by William W. Keen, who assisted in the surgery.
1898 -Teddy Roosevelt & his Rough Riders charge up San Juan Hill
( bottom half of: http://memory.loc.gov/ammem/today/jul01.html )
1899 -In Wisconsin, the Gideons were founded by three traveling businessmen. They placed their first Bibles in 1908 at the Superior Hotel in Iron Mountain, Montana. http://www.gideons.org/
1899-the birthday of Thomas A. Dorsey, the father of gospel music, born at Villa Rica, GA. Originally a blues composer. Dorsey eventually combined blues and sacred music to develop gospel music. It was Dorsey’s composition, “Take My Hand, Precious Lord” that Reverend Dr. Martin Luther King, Jr., had asked to have performed just moments before his assassination. Dorsey, who composed more than 1,000 gospel songs and hundreds of blues songs in his lifetime, died Jan 23, 1993 at Chicago, ILL. http://www.allmusic.com/cg/x.dll?p=amg&sql=B141510
1903 - A strong tornado just 50 to 75 yards in width killed many persons around the Gainesville GA Cotton Mill. The tornado strengthened and widened near the end of its four mile path, killing 40 persons at New Holland GA. A total of 104 persons were killed in the tornado.
1903- Irna Phillips, U.S. radio script writer who developed the genre of the radio and TV soap opera. Starting with a ten-minute drama on a Chicago radio station (it tried to block her further progress), in 1932 she sold a similar program to the networks and the Queen of the Soaps was on her way. She wrote a dozen different shows and by 1943 she had five daily shows going at one time including the enduring Guiding Light, hiring a staff of writers for the daily scripting. When TV destroyed the careers of so many writers, IP moved easily into the format starting with Guiding Light (1952), As the World Turns (1956), and Days of Our Lives (1965), the most famous radio and TV soap operas of history. Her writing was superior and many have mourned the passing of her higher standards. Died 23 December 1973, Chicago, IL.
1908-Birthday of Este Lauder, learned sales at the family hardware store, was introduced to beauty products by her uncle, a skin specialist from whom she learned to manufacture and develop skin creams. She started by giving free demonstrations and a small gift to customers. As her business burgeoned, she divorced and later remarried her former husband who agreed to run the factory which produced the Lauder beauty products while she did the promotions, marketing, and sales. She personally opened all Lauder outlets and hired the staff which was to reflect her standards of physical attractiveness as well as a balanced personality.
1910-The Chicago White Sox opened their new home originally called White Sox Park and later called Comiskey Park, losing to the St. Louis Browns, 2-0. Barney Pelty pitched the shutout for the Browns.
1910-The Ward Baking Company, Chicago, IL started the first bread factory that was completely automatic. The dough was not touched nor the bread handled except when it was placed on the wrapping machine. 1917, Taggart Baking Company of Indianapolis, IN began distribution to Mary Maid stores, a one-pound loaf. The first bagel baker was Lender’s Bakery, which opened in 1927, in West Haven, CT. the owner was Harry Lender, who had just arrived from Lublin, Poland. Lender’s introduced the first frozen bagels in 1963. By the way, the first frozen bread was offered to stores on November 3, 1942, by Arnold Bakers, Port Chester, NY.
1913-Birthday of Jo Sinclair (born Ruth Seid)- U.S. novelist. Her first novel Wasteland won the $10,000 Harper & Brothers prize for the best study of an aspect of U.S. life. (Cleveland) Sinclair was the pen name of Ruth Seid, daughter of Russian Jewish immigrants, and was raised in abject poverty. The distinction of having created the first fully developed lesbian character goes to Jo Sinclair and her 1946 novel, Wasteland. Jo Sinclair is the pseudonym for Ruth Seid; Wasteland, her partly autobiographical first novel, won the Harper Prize in 1946 and remained on the bestseller lists for months.
1914 Earle Warren Birthday (1937-45,lead alto sax player, band manager
for the Count Basie Band.)
1915- blues legend Willie Dixon was born at Vicksburg, Ml. He moved to Chicago in 1936 and began his career as a musician with the Big Three Trio. With the advent of instrument amplification Dixon migrated away from his acoustic upright bass into producing and songwriting with Chess Studios, where he became one of the primary architects of the classic Chicago sound in the 1950s. His songs were performed by Elvis Presley, the Everly Brothers, the Rolling Stones, Led Zeppelin, the Doors, Cream, the Yardbirds, Aerosmith, Jimi Hendrix and the
Allman Brothers, among others. Dixon died Jan 29, 1992, at Burbank, CA.
1916- Olivia De Havilland, U.S. actor won Academy Awards for her work in To Each His Own (1946) and The Heiress (1949). However, she is probably best known for her role as Melanie in Gone With the Wind (1939). Her suit against a contract she had signed as a beginning actor broke the film studios lifetime monopoly on contract actors. It limited acting contracts to seven years (including suspensions). Her sister was Joan Fontaine (10-22-1917) who also won an Academy Award. The sisters were never friendly. De Havilland grew up in
Los Gatos and Saratoga, visiting often, as she had many friends here and
was quite the local celebrity to have to parties.
1917 Race riots in East St Louis Illinois (40 to 200 reported killed).
1920-Suzanne Lenglen of France became the first woman tennis player to win three Wimbledon championships in the same year. She won the singles titles, the doubles, and the mixed doubles. http://www.xrefer.com/entry/172914
1921-the first sales tax enacted by a state became effective in West Virginia. The rate was one-fifth of 1 percent of the gross income of banks, street railroads, telephones, telegraph, express and electric light and power retailers, and two-fifth of 1 percent on timber, oil, coal, natural gas, and other minerals. Payments could be made to the state quarterly or annually. It replaced a tax on corporate net income.
1921- Canadian country singer Stu Davis, whose real name is David Stewart, was born in Boggy Creek, Saskatchewan. He and his brother Fred teamed up in 1939 to perform as the Harmony Boys on Regina radio station CKCK. Stu Davis later became known as "Canada's Cowboy Troubador," and made appearances in the late 1940's on NBC radio's "National Barn Dance" from Chicago and the "Grand Ole Opry." Davis signed with London Records in 1956, making 15 LP's for the label. In 1968, Davis, already a veteran of several TV shows, narrated the 13-part CBC TV documentary history of Western Canada, "Trail-Riding Troubador." Eddy Arnold took Stu Davis's song "What A Fool I Was" to number two on the Billboard country chart in 1948.
1935 - Benny Goodman and his band recorded the "King Porter Stomp" for Victor (Vi 25090). Often I play a series of how this song evolved, starting with Jelly Roll Morton, then Louis Armstrong, Benny Goodman, and finally, Gil Evans: “New Bottle, Old Wine” great album ( on of my favorites ).
1941- the Federal Communications Commission allowed 18 stations to begin broadcasting “television” this day. Only two were ready: the New York stations owned by NBC and CBS.
1941-Twyla Tharp born Portland; is perhaps today best known for “Movin’ Out.” A brilliant and major innovator in dance, she has combined tap, ballet, jazz, and social dancing in choreographing much acclaimed ballets, musical products, Broadway, and Hollywood films to modern music themes such
as the Sinatra Suite. She was also much admired as a dancer.
1942- Birthday of Andrae Crouch, African-American sacred music artist. His most enduring gospel songs have been 'Soon and Very Soon,' 'My Tribute' and 'Through It All.'
1949- one of TV’s first popular sitcoms, ‘Mama” told the story of a Norwegian family living in San Francisco in 1911. I remember watching this show with my parents. It aired live through 1956; after it was cancelled, a second, filmed version lasted only 13 weeks. Cast members included Peggy Wood, Judson Laire, Rosemary Rice, Dick Van Patten. http://www.classicthemes.com/50sTVThemes/themePages/mama.html#anchor2424000
Bewitched - The Gordon Jenkins Orchestra (vocal: Mary Lou Williams)
My Foolish Heart - The Gordon Jenkins Orchestra (vocal: Eileen Wilson)
I Wanna Be Loved - The Andrews Sisters
Why Don’t You Love Me - Hank Williams
1951 - Bob Feller set a baseball record as he pitched his third no-hitter for the Cleveland Indians
1952-“The Liberace Show” premiered on TV. A pianist known for his outrageous style and candelabra on his piano, Liberace hosted popular shows in the ‘50s and 60’s. The first premiered on KLAC-TV in Los Angeles and went national in 1953. My father came to Hollywood in 1955 to become a producer/
story writer for Ziv TV, among the “products” developed were “Highway Patrol,” “Cisco Kid” and a half-hour syndicated series with Liberace featuring his brother George as violist and orchestra leader. http://us.imdb.com/Bio?Liberace
1952-birthday of Elwood Blues of the Blues Brothers ( Dan Aykroyd), Ottawa, Ontario
1956 - Elvis Presley appeared on the Steve Allen "The Tonight Show". He wore a tuxedo and sang to a sad-eyed basset hound. Steve Allen and the audience loved the performance. He was invited back again, but the next time was not in a “Tux”.
Hard Headed Woman - Elvis Presley
Yakety Yak - The Coasters
Patricia - Perez Prado
Guess Things Happen that Way - Johnny Cash
1959-Dave Brubeck Quartet records “ Take Five,” which not only becomes a class score in 5/4 time, a alto sax Paul Desmond classic, but eventually hits number one on the Billboard, rare for a jazz performance. The album also
became a million seller.
1961-birthday Frederick Carlton “Carl” Lewis US, Olympic track & field star (Gold-1984, 1988), born Birmingham,AL.
1963- the US Postal Service introduced the five-digit zip code.
1963- The Beatles recorded “She Loves You” and “I'll Get You.” at EMI's Abbey Road Studios. “She Loves You” would become their second number-one hit in both Britain and the US. Can you name their first hit? (don’t cheat by using Google.)
Paperback Writer - The Beatles
Strangers in the Night - Frank Sinatra
Red Rubber Ball - The Cyrkle
Take Good Care of Her - Sonny James
1966- the Beatles began a series of concerts at the Budo Kan Hall in Tokyo. A famous bootleg album, "Three Nights in Tokyo," was made of the Beatles' appearance.
1966- the Grateful Dead released their first single, "Don't Ease Me In" backed with "Stealin'."
1967- Beatles' "Sgt. Pepper's Lonely Hearts Band goes #1 for 15 weeks
1967 - Scott McKenzie scored his first hit with the single, "San Francisco (Be Sure to Wear Flowers in Your Hair)". The song became an anthem for the Love Generation and the young people of flower power. McKenzie also co-wrote a hit for the Beach Boys in 1988, called "Kokomo" His songs, "San Francisco" and "Like an Old Time Movie", were written and produced by John Phillips of The Mamas and The Papas
1968--: On this date, the Pennsylvania Supreme Court voided the Muncy Law that REQUIRED women to serve longer prison terms - often 2.5 times longer - than men who are convicted of the same crime. The successful appeal was handled by attorneys of the National Organization for Women. More recently, a number of states including New York and California have made studies ordered by their supreme courts and found that women are still sentenced to longer terms for the *same* crimes as men. The practice is said to be pervasive. (Paula C. Johnson provided this citation: Carolyn Engel Temin, Discriminatory Sentencing of Women Offenders: The Argument for ERA in a Nutshell, 11 Amer. Crim. L. Rev. 355 (1973).)
1971-The Twenty-Sixth Amendment was ratified. The 26th Amendment to the Constitution granted the right to vote in all federal, state and local elections to all persons 18 years or older. On the date of ratification, the US gained an additional 11 million votes. Up until this time, the minimum voting age was set by the states, in most states it was 21.
1972-the first Navy admiral who was African-American was Samuel Lee Gravely, Jr. of Richmond ,VA.
1973 - Golfer Bruce Crampton tied for fourth place in the Western Open golf tournament, bringing his career earnings to over a million dollars. Crampton became the first non-American golfer to reach that mark. He became the fifth golfer to make over a million dollars in career earnings. The others were Arnie Palmer, Billy Casper, Jack Nicklaus and Lee Trevino.
1972- the rock musical "Hair" closed on Broadway after 1,729 performances. It had opened at the Biltmore Theatre on April 28th, 1968. The music for "Hair" was written by Montreal native Galt McDermott.
1973 - "Jesus Christ Superstar" closed in New York City after 720 performances on Broadway. The cast album quickly became a million-seller.
Sundown - Gordon Lightfoot
Be Thankful for What You Got - William DeVaughn
If You Love Me (Let Me Know) - Olivia Newton-John
Room Full of Roses - Mickey Gilley
1975-Captain & Tennille get their first gold record with "Love Will Keep Us Together". The album will eventually sell 2 1/2 million copies and win a Grammy for Record of the Year
1976- Kenneth Gibson, is 1st black president of US Conference of Mayors.
1979- Sony introduced the Walkman under the name Soundabout, selling for $200. It had been released in Japan six months earlier. More than 185 million have been sold.
1979 - Susan B. Anthony, an activist for the cause of women’s suffrage, was commemorated on a U.S. coin, the Susan B. Anthony dollar. The coin, roughly the size of a quarter, was confused by many with the quarter and the U.S. Treasury Department eventually stopped producing the Susan B. Anthony dollar.
1980 - A man from Falmouth ME was struck by lightning restoring his eyesight. The man had been blind and partially deaf since a truck accident in 1971
1981-Murder by the “Manson Family” of Sharon Tate and three others in Laurel Canyon Calif. Last Friday one of the family applied for parole, but was turned down, as basically they were all given death sentences, which was overturned at the time by the Supreme Court, who ruled “life in prison” without parole. But they keep trying to get out.
Ebony and Ivory - Paul McCartney with Stevie Wonder
Don’t You Want Me - The Human League
Rosanna - Toto
Slow Hand - Conway Twitty
1985 - Robin Yount of the Milwaukee Brewers got hit #1,800 of his career, leading the ‘Brew Crew’ past the Boston Red Sox 5-1.
1985-“Nick at Night” premiered on TV. The first broadcast of Nick at Nite, the creation of the kids network Nickelodeon, occurred. Owned and operated by MTV Networks, Nick at Nite presents many of the old classic television series, including “Barney Miller.”
1987- The Grateful Dead's "In The Dark" LP is released.
1987--Fleetwood Mac's "Tango" LP is certified platinum while Van Halen's "1984" and ZZ Top's "Eliminator" reach sales of 6 million. .
1988 - Thunderstorms drenched north central Texas with torrential rains, with more than 14 inches reported in Commanche County. Afternoon thunderstorm in New Jersey and Pennsylvania produced wind gusts to 70 mph.
1989 - Thunderstorms developing during the afternoon over the Southern Plains Region produced severe weather through the evening and the night, spawning nine tornadoes. Thunderstorms produced wind gusts to 80 mph at Alpine TX, and baseball size hail at Balmorhea, TX, Fluvanna, TX, and in Borden County, TX.
Step By Step - New Kids on the Block
Do You Remember? - Phil Collins
I’ll Be Your Shelter - Taylor Dayne
Love Without End, Amen - George Stra
1991-“Court TV” premiered. The continuing evolution of entertainment brought on by the advent of cable television added another twist with the debut of Court TV. Trials are broadcast in their entirety, with occasional commentary from the channel’s anchor desk and switching between several trials in progress. Trials with immense popular interest such as the William Kennedy Smith rape trial, the sentencing hearing of Marlon Brando’s son and the Jeffrey Dahmer and O.J.Simpson trials, are broadcast along with more low-profile cases.
1998 - Singer/actress/movie star Barbara Streisand and actor/director James Brolin were married at her Malibu, California home. It was her second marriage (she was previously married to actor Elliot Gould) and his third (he was married to casting agent Jane Agee and actress Jan Smithers). The couple honeymooned on a boat in the nearby Channel Islands off the Santa Barbara coast.
2000- On the country's 133rd birthday, a Canada Day pitching match up features a pair of Canadian starters in Montreal as Marlin Ryan Dempster, a native of British Columbia defeats Mike Johnson of Edmonton and the Expos, 6-5.
WHEN THE YANKEES WIN
WHEN THE YANKEES WIN IT'S PURE DELIGHT,
I CAN SUFFER FOOLS I CAN SLEEP AT NIGHT
I CAN SIT IN TRAFFIC ULCER-FREE
EVEN LETTING CARS IN FRONT OF ME.
I'VE A QUICKER STEP I'VE A BROADER GRIN
WHEN THE LAST OUT'S MADE AND THE YANKEES WIN.
ELOQUENT I WAX, CLEVERLY I PUN
WHEN WE'VE GOT TORONTO ON THE RUN
AND WHEN THE RED AND WHITE SOX SLIP,
MY HEART FILLS UP WITH FELLOWSHIP
AND PRIDE AS I REFLECT THEIR GLORY,
WATCHING SCOTT PUNCH FISTS WITH TORRE.
JOYFULLY I'M GIVING THANKS
AS EMPTY BASES FILL WITH YANKS
AND WHEN AND IF THEY'RE CLEARED BY JETER
STARS ARE BRIGHTER AIR IS SWEETER,
RICH THE COFFEE CRISP THE BAGEL
WINNING GAMES WITH CONE AND NEAGLE.
HOW MY FORTUNES RISE AND FALL
WITH BERNIE, TINO, CHUCK AND PAUL
GOODEN, JUSTICE, JORGE, ROCKET,
PUTTING PENNANTS IN THEIR POCKETS,
EL DUQUE, MARIANO, HILL,
PETTITTE, OH MY HEART BE STILL !
HOW LIGHT THAT HEART, HOW FREE OF CARES
WHEN OUR SHOES TOUCH HOME MORE THAN THEIRS !!
NO NEED FOR THEM TO WIN EACH DAY,
JUST LET THEM WIN ON DAYS THEY PLAY !
Carol P, Yankee Poet Laureate
West New York, New Jersey