Wednesday, May 23, 2018
Today's Equipment Leasing Headlines
Readers Didn't Get the Lead Story on BusinessFinance
Closing its Door---Why This is Important!
By Christopher Menkin
April, 2018 - The List
"The Good, the Bad and the Ugly"
Leasing Industry Ads---Help Wanted
Do I Look Like a Therapist?
By Kevin F. Clune, CLFP
Cash Flow is King
Where the Billionaire Population is Growing Fastest
Countries with the highest Billionaires in 10 Years until 2027
Leasing Software Companies
FDIC-Insured Institutions Report $56 Billion
in Net Income in First Quarter 2018
Kansas City, Missouri Adopt a Dog
Attorneys Who Specialize in
Banking, Finance, and Leasing---Updated
New data shows people actually increased Facebook usage
after the Cambridge Analytica scandal/ backlash that never happened
Best Buy just launched a $200-a-year tech support service
that takes a page out of Amazon's playbook
Broker/Funder/Industry Lists | Features (wrilter's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months
www.leasingcomplaints.com (Be Careful of Doing Business)
Leasing News Icon for Android Mobile Device
You May have Missed---
California Nuts Brief---
"Gimme that Wine"
This Day in History
Weather, USA or specific area
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Readers Didn't Get the Lead Story on BusinessFinance
Closing its Door---Why This is Important!
By Christopher Menkin
The lead story was unusually not very well read. I think this was because readers didn’t get why it deserved to be on the top of the News Edition.
BusinessFinance was the last of twenty Six Aggregate Funders/Leasing Portals since September 7, 2000 to close its doors (1). There certainly is more to the story. What was overlooked by most readers, I believe: The correlations are that they still exist, but are called Alternate Finance and Merchant Cash Advance today. The key is why did they fail?
The idea that internet or telephone or marketing in this manner is new today is a misconception. More sophisticated, yes. Improved, yes.
Leasing News wrote about the "new" credit card borrowing in 1995, and more so in 2000 lending to small businesses, many one person shops, who could not get bank lines or had personal ability to borrow money for parts, for equipment, let alone working capital. They were relying on getting advances from their credit card sale purchases. They were originally small dollar amounts. It usually was in small communities, not large cities, and companies like eBay and PayPal both in San Jose, California, among others, were growing. They brought new business ideas into the market place via the internet.
The key is why are the 26 Aggregate Funders/Leasing Portals no longer around and how does that equate to today? Easy to answer: What put them all of them out of business was the economy. Mismanagement and zealousness were also culprits. Disputes among management, too. But due to business falling off, they no longer could exist.
Here is the Leasing News list of lessors that went out of business, as of January, 2001. (2) Basically, it was a downturn in business, the drying up of capital and write-offs.
The same thing can happen today: as cash is used up, defaults resulting in a downturn, fewer consumers spending, major deflation in mortgages, and business loans from lenders and syndicators finding themselves in a weak position, they go out of business.
The ”tricks” to approving credits have been around a very long time. Everyone had their experience, their approach, and as more entered the field with little experience, the spiral was fueled by a major economic downturn.
What was overlooked by most readers in the passage of number 26 is the warning: this can happen again, perhaps catching us all without expectation, as has happened so often in the past.
I am not a pessimist, as now is the time to make more sales, build up your coffers, build up your reserves, but don't become reckless.
(1) Appears Aggregate Funder "Business Finance"
Has Closed Down Their Operation
(2) See the List Chronological:
April, 2018 - The List
"The Good, the Bad and the Ugly"
Slim Capital, Beverly Hills, CA. (04/18) Shervin Rashti Leaves Maxim Commercial Capital To Start Slim Capital, LLC http://leasingnews.org/archives/Apr2018/04_30.htm#shervin
Ascentium Capital, Kingwood, Texas (04/18) Ascentium Capital Announces $330 Million Securitization Ninth Securitization Since 2012 http://leasingnews.org/archives/Apr2018/04_27.htm#ascentium (04/18) Ascentium Capital Surpasses $4.0 Billion in Origination Volume http://leasingnews.org/archives/Apr2018/04_13.htm#asc (04/18) Ascentium Capital has Record Breaking First Quarter, Achieves Rank Largest Private Independent Finance Company http://leasingnews.org/archives/Apr2018/04_09.htm#asc
National Association of Equipment Leasing Brokers (04/18) NAELB Gets a New Name: American Association of Commercial Finance Brokers http://leasingnews.org/archives/Apr2018/04_27.htm#naelb
Wells Fargo Finance, San Francisco Hq., CA (04/18) Hit with $1 billion fine for charging customers for auto insurance they didn't need http://leasingnews.org/archives/Apr2018/04_23.htm#wf
Winthrop Resources, Subsidiary of TCF Bank, Minnesota (04/18) Winthrop Resources Goes to Evergreen Clause But History Catches Up to Them and They Settle http://leasingnews.org/archives/Apr2018/04_18.htm#winthrop
Alliance Capital, Minneapolis, MN and Southbury, CT (04/18) Alliance Capital Acquires Cardinal Business Financing Enhances North American Vendor Finance Business http://leasingnews.org/archives/Apr2018/04_11.htm#alliance
Nations First Capital dba GoCapital, Roseville, California (04/18) Will GoCapital Switch to Capital 7? Or Will The Majority of Their Creditors Confirm Their Plan? http://leasingnews.org/archives/Apr2018/04_05.htm#will
Leasing Industry Ads---Help Wanted
Now’s the Time to Apply
Do I Look Like a Therapist?
By Kevin F. Clune, CLFP
I almost feel like the Lease Whisperer after recently hearing two lease experience stories from two chance encounters. One concerned automatic renewals and the other topic was inflexible lease contracts.
These two potential customers recently connected with our business in two most unconventional methods. The first was on an airplane and the other was a drive-by sighting. Let me explain.
After squeezing past a man in an aisle seat and settling into our seats, my wife and I exchanged greetings with the gentleman in our row. When the conversation turned to questions about what each of us did for a living, our new acquaintance said that he had a good story for us.
He was a business owner from Kentucky whose company failed to notify a lessor of their desire to purchase their leased equipment at the end of the contract. We were secretly hoping for an inside tip on the upcoming Kentucky Derby, but I digress.
When his CEO noticed this oversight, their company had already been auto-renewed without notice for another 12 months at the same price per month. They had already paid 3 payments that totaled over 300% of the residual.
Fortunately, his company had the potential to do more business with this Lessor and they were able to leverage future lease contracts in exchange for a favorable resolution of the problem. However, he did ask for a business card from us.
The other encounter started with a phone call. “I noticed the sign outside your office building this morning and I wonder if you could help me with a lease for one of my customers?” asked the caller.
He was a principal in a local manufacturing business that had been referring their customers to a lease provider with strict contract requirements. They had some customers who had unique needs, he explained, and their leasing partner was unable to adequately serve them.
After I recovered from the shock of learning that a customer had found us due to our outdoor signage and hearing the details, I responded that Clune is able to modify contracts in the special circumstances he described. He was relieved to learn that Independent lease providers, such as Clune & Company, typically have more flexibility than some of our competitors in the leasing industry.
I suppose the moral of both of these stories is that social media is overrated and I just need to travel more often and invest in a larger outdoor sign.
Seriously, however, our staff will gladly accept the role of “lease whisperer” if anyone needs to share their lease experience story. In some cases, we may even be able to offer a solution.
It’s the lease we could do,
Kevin F. Clune, CLFP
Clune & Company LC
The communist-ruled People’s Republic of China is set to show the highest growth rate for billionaires in the coming ten years worldwide. In 2027, the total is expected to stand at 697 individuals with net assets of $1 billion or more. India is in second place. Worldwide, the current number of billionaires stands at 2,252, and 1,192 will be added to amount to 3,444 HNWIs in 2027, according to the AfrAsia Bank Global Wealth Migration Review.
By Dyfed Loesche, Statista.com
(Coda: In seconds, a millionaire is 11 seconds, a billionaire is 13 years)
Leasing Software Companies
Listing is free. To add or update, contact: email@example.com
##### Press Release ############################
FDIC-Insured Institutions Report $56 Billion
in Net Income in First Quarter 2018
Community Bank Net Income Increases to $6.1 Billion
- Industry Net Income Increases 27.5 Percent from a Year Earlier Due to Higher Net Operating Revenue and a Lower Effective Tax Rate
- Community Bank Net Income Increases 17.7 Percent from First Quarter 2017
- Net Interest Income Rises 8.5 Percent from a Year Ago
- Noninterest Income Increases 7.9 Percent from a Year Earlier
- Loan Balances Rise 4.9 Percent over 12 Months
FDIC Chairman Martin J. Gruenberg commented: “The banking industry reported another positive quarter. However, the interest-rate environment and competitive lending conditions continue to pose challenges for many institutions. The industry must manage risks carefully to continue to grow on a long-run, sustainable path.”
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $56 billion in the first quarter of 2018, up $12.1 billion (27.5 percent) from a year ago. The improvement in earnings was attributable to higher net operating revenue and a lower effective tax rate. Financial results for the first quarter of 2018 are included in the FDIC’s latest Quarterly Banking Profile released today.
Of the 5,606 insured institutions reporting first quarter financial results, more than 70 percent reported year-over-year growth in quarterly earnings. The percent of unprofitable banks in the first quarter declined to 3.9 percent from 4.3 percent a year ago.
“The banking industry once again reported positive results for the quarter,” Gruenberg said. “Higher net operating revenue and a lower effective tax rate boosted net income. Loan balances grew, net interest margins improved, and the number of ‘problem banks’ continued to fall. Community banks also reported a solid quarter with loan growth that exceeded the overall industry.”
“While results this quarter were positive, banks face a challenging operating environment in the latter stage of this economic expansion. An extended period of low interest rates and an increasingly competitive lending environment have led some institutions to reach for yield. This has led to heightened exposure to interest-rate risk, liquidity risk, and credit risk. In addition, with the current expansion in its latter stage, the industry needs to be prepared to manage the inevitable downturn in order to avoid financial system disruption and sustain lending through the economic cycle.”
Highlights from the First Quarter 2018
Quarterly Banking Profile
Industry Net Income Increases 27.5 Percent from a Year Earlier Due to Higher Net Operating Revenue and a Lower Effective Tax Rate: Quarterly earnings totaled $56 billion for the first quarter, up $12.1 billion (27.5 percent) from 12 months ago. Increases in net interest income and noninterest income both contributed to the higher net operating revenue. The average return on assets increased to 1.28 percent, up from 1.04 percent in first quarter 2017.
Community Bank Net Income Increases 17.7 Percent from First Quarter 2017: In the first quarter, 5,168 insured institutions identified as community banks reported $6.1 billion in net income, an increase of $913.1 million (17.7 percent) from a year earlier. Higher net operating revenue and a lower effective tax rate boosted first quarter net income. Net operating revenue rose by $1.8 billion (8.3 percent) from first quarter 2017, led by higher net interest income (up $1.6 billion, or 9.7 percent) and noninterest income (up $127.6 million, or 2.9 percent). Loan-loss provisions increased by $154.1 million (23.7 percent), while noninterest expenses were $963.9 million (6.9 percent) higher.
Net Interest Income Rises 8.5 Percent from a Year Ago: Net interest income was $131.3 billion in the first quarter, up $10.3 billion (8.5 percent) from a year earlier. More than four out of five banks (85.9 percent) reported an improvement in net interest income from a year earlier. The average net interest margin increased to 3.32 percent from 3.19 percent in first quarter 2017.
Noninterest Income Increases 7.9 Percent from a Year Earlier: Noninterest income was $67.4 billion in the first quarter, up $4.9 billion (7.9 percent) from first quarter 2017. The annual increase was led by higher trading revenue (up $1.1 billion, or 14.9 percent) and other noninterest income (up $2.4 billion, or 8.8 percent).
Loan Balances Rise 4.9 Percent over 12 Months: Loan and lease balances increased by $31.3 billion (0.3 percent) from fourth quarter 2017. All major loan categories registered growth except for credit card balances (down $44.6 billion, or 5.2 percent), which showed a seasonal decline in the first quarter. Commercial and industrial loans grew by $38.6 billion (1.9 percent), nonfarm nonresidential loans rose by $11.5 billion (0.8 percent), and residential mortgage loans increased by $8.8 billion (0.4 percent).
Noncurrent Loan Rate Declines Modestly, While Net Charge-Off Rate Remains Stable: The amount of loans that were noncurrent — 90 days or more past due or in nonaccrual status — declined by $3.9 billion (3.4 percent) during the first quarter. Noncurrent balances declined for residential mortgages (down $2.8 billion, or 4.9 percent), and commercial and industrial loans (down $617.2 million, or 3.4 percent). The average noncurrent loan rate declined to 1.15 percent from 1.20 percent in fourth quarter 2017. Net charge-offs increased by $540.6 million (4.7 percent) from a year ago, led by a $1.1 billion (16.3 percent) increase in net charge-offs for credit cards. The average net charge-off rate (0.50 percent) remained stable from a year ago.
“Problem Bank List” Continues to Fall: The FDIC’s Problem Bank List declined from 95 to 92 during the quarter, the lowest number of problem banks since first quarter 2008. Total assets of problem banks increased from $13.9 billion in the fourth quarter to $56.4 billion. During the quarter, merger transactions absorbed 65 institutions, three new charters were added, and there were no failures.
Deposit Insurance Fund’s Reserve Ratio Remains at 1.30 Percent: The Deposit Insurance Fund (DIF) balance rose by $2.3 billion during the first quarter to $95.1 billion on March 31, driven by assessment income. The DIF reserve ratio remained unchanged (1.30 percent) from the previous quarter. Estimated insured deposits increased by 2.6 percent from the previous quarter and 3.7 percent from a year ago.
# # #
Insured Institution Performance, First Quarter 2018
Community Bank Performance, First Quarter 2018
Deposit Insurance Fund Trends, First Quarter 2018
Chairman Gruenberg’s Press Statement
Quarterly Banking Profile
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public conﬁdence in the nation’s banking system. The FDIC insures deposits at the nation’s banks and savings associations, 5,607 as of March 31, 2018. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured ﬁnancial institutions fund its operations.
### Press Release ############################
Kansas City, Missouri Adopt a Dog
3 years old
Good in Play Groups
at the Shelter
Good leash walker
3901 Martha Truman Road
Kansas City, Missouri 64137
Monday - CLOSED
Adopt a Pet
Attorneys Who Specialize in
Banking, Finance, and Leasing
The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.
Marshall Goldenberg, Esq.
GLASS & GOLDBERG, ALC
22917 Burbank Blvd.
Woodland Hills, CA 91367-4203.
Kenneth C. Greene
Leasing and Financial consultant, active in several leasing
associations, as well as involved in music and film production in LA. Mention "Leasing News" for a free consultation.
|Connecticut, Southern New England:
EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.
|Los Angeles/Santa Monica
Hemar & Associates, Attorneys at Law
Specialists in legal assistance, including debt collection, equipment recovery, litigation for 35 years. Fluent in Spanish.
David G. Mayer
Partner, Dallas, Texas
Schackelford, Bowen, McKinley & Norton
9201 N. Central Expressway
Dallas, Texas 75231
Telephone: (214) 780-1400
|Los Angeles, Southern CA
Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry. Bankruptcy and State Court litigation. Vincent V. Frounjian (818) 990-0605 or email: firstname.lastname@example.org.
Encino, California: Statewide “ELFA”
Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy.
Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA. "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net
Los Angeles, Statewide: CA "ELFA"
Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: email@example.com
Los Angeles- Statewide, CA
Lawyer specializing in banking and leasing issues statewide. Documents and litigation.
Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129
California & National
Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services.
Kevin E. Trabaris: Concentrates his practice in the areas of commercial finance, corporate and business transactions. Extensive experience representing banks, financial companies, equipment lessors, insurers and other funding and intermediary entities and borrowers in connection with thousands of business financing matters. He has handled everything from small ticket transactions to billion dollar syndicated loans, real estate financing to asset-based facilities.
Joseph G. Bonanno, Esq., CLFP. Transactional/Documentation. Past special industry consultant to The World Bank, industry expert witness in litigation, appointed to Governor’s Counsel to adopt Articles 2A and 9 in Massachusetts, MA continuing legal education co-instructor, past (5) Term Certified Leasing and Finance Professional Board Member, CLFP review instructor, numerous authored and co-authored published articles and conducting educational seminars. (781) 328-1010; firstname.lastname@example.org
|National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).
Michael J. Witt, experienced bank, finance, and leasing attorney, also conducts Portfolio Audits. Previously he was Managing Counsel, Wells Fargo & Co. (May, 2003 – September, 2008); Senior Vice President & General Counsel, Advanta Business Services (May, 1988 – June, 1997) Tel: (515) 223-2352 Cell: (515) 868-1067
|St. Louis County , MO. - statewide:
Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.
Ronald J. Eisenberg, Esq.
(636) 537-4645 x108
|NJ, De, Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
|New York and New Jersey
Chiesa Shahinian & Giantomasi
West Orange, New Jersey
Documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy. Aggressive. Over 30 years experience.
Thousand Oaks, California:
Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation.
Nick Iezza 805-777-1175
This Day in History
1774 - The Chestertown Tea Party was a protest against British excise duties which, according to local legend, was a response to the British Tea Act. Chestertown tradition holds that, following the example of the more famous Boston Tea Party, colonial patriots boarded the brigantine Geddes in broad daylight and threw its cargo of tea into the Chester River in Maryland’s Eastern Shore. The event is celebrated each Memorial Day weekend with a festival and historic reenactment called the Chestertown Tea Party Festival.
1785 - Benjamin Franklin, Philadelphia, PA, writes his friend, George Whately, “I have only to move my eyes up and down as I want to see distinctly far or near” as he describes his invention that day of a bifocal eyeglass. He was annoyed at having to carry two pairs of glasses. He took a frame and equipped it with lenses that consisted of two parts with a different focusing power. Inasmuch as ordinary spectacles in the colonies cost as much as $100 each, a huge sum of money in those days, his invention did not receive ready popular response, as only the wealthy could afford glasses.
1788 - By a vote of 149 to 73, South Carolina became the eighth state to ratify the Constitution. The colony originally named in honor of Charles I of England, became one of the United States on this day. The eighth state also has the dubious honor of being the first state to secede at the start of the Civil War in 1861. Its capital city is Columbia. The state bird is Carolina wren. The yellow jessamine (jasmine) is the state flower. It is also called the Palmetto State, after the palm tree that decorates the land.
1803 - In the Tripolitan War (1801-1805), Commodore Edward Preble was commissioned as commander of a U.S. Navy squadron to be sent against Tripoli.
1810 - Birthday of Margaret Fuller (d. 1850), journalist and author, born at Cambridge, MA. She began reading Virgil at age six. Her conversational powers won her the admiration of students at Harvard University and she was befriended by Ralph Waldo Emerson. She shared editorial duties with Emerson on the Transcendentalist quarterly “The Dial,” and was hired by Horace Greely as literary critic for the New York Tribune. Her book “Women in the Nineteenth Century,” the first feminist statement by an American writer, brought her international acclaim. In 1846, as a foreign correspondent for the Tribune, she became caught up in the Italian revolutionary movement and secretly married a young Roman nobleman, the Marquee Giovanni Angelo Ossoli. On July 19, 1950, en route to the US, Fuller and her husband died when their ship was wrecked off Fire Island near New York, NY.
1824 – Union Gen. Ambrose Burnside (d. 1881) was born in Liberty, IN. A railroad executive, inventor, industrialist, and politician from Rhode Island, he served as Governor and a Senator. As a Union Army general, he conducted successful campaigns in North Carolina and east Tennessee, as well as countering the raids of Confederate Gen. John Hunt Morgan, but suffered disastrous defeats at Fredericksburg and the Battle of the Crater. His distinctive style of facial hair became known as sideburns, derived from his last name. He was also the first president of the National Rifle Association.
1832 - "I would rather die upon yonder gallows than live in slavery." Jamaican national hero Samuel Sharpe was hung. He was the instigator of the 1831 Slave Rebellion which began on the Kensington Estate in Saint James and was largely instrumental in bringing about the abolition of slavery.
1846 - Arabella Mansfield, born Belle Auerlia Babb (d. 1911) near Burlington, IA, was the first woman admitted to the legal profession in the US. In 1869, while teaching at Iowa Wesleyan College, Mansfield was certified as an attorney and admitted to the Iowa bar. According to the examiners, “she gave the very best rebuke possible to the imputation that ladies cannot qualify for the practice of law.” Mansfield never did practice law, however, continuing her career as an educator. She joined the faculty of DePauw University, at Greencastle, IN, where she became dean of the schools of art and music. One of the first woman college professors and administrators in the US, Mansfield was also instrumental in the founding of the Iowa Woman Suffrage Society in 1870.
1864 - The campaign between Union commander Ulysses S. Grant and Robert E. Lee, the commander of the Army of Northern Virginia, continues southward to the North Anna River around Hanover Junction. In early May, Grant crossed the Rapidan River with the Army of the Potomac and then clashed with Lee's forces in the Wilderness on May 5 and 6 before racing to Spotsylvania Court House for an epic 12-day battle. Grant's continuous pressure on Lee would ultimately win the war, but he was racking up casualties at a rate that was difficult for the Northern public to stomach. Grant believed that Lee could not maintain his position at Spotsylvania because two other Union armies under the command of Franz Sigel and Benjamin Butler were attempting to cut off the Confederate supply line in the Shenandoah Valley and the Rebel stronghold south of Richmond. But both were failing miserably. By 19 May, Grant had had enough of Spotsylvania. He pulled his troops to try another run around Lee to Richmond. Correctly predicting Grant's move, just as he had done two weeks before when Grant left the Wilderness for Spotsylvania, Lee raced the Yankees 30 km south and beat Grant's troops to the North Anna River. The rail center here was crucial to his supplies. At the North Anna, Grant found Lee's position to be even stronger than at Spotsylvania. The river had high banks, and Lee's side was higher than the Union side in several places. Still, Grant made an attempt to dislodge the Rebels. He made two assaults, but neither came close to breaking the Confederate lines. He would try again the next day before moving south to Cold Harbor.
1865 - Celebration of the end of the Civil War. For the first time since the assassination of President Lincoln, the American flag was flown at full staff.
1875 – Alfred P. Sloan (d. 1966) was born in New Haven, CT. He was president, then chairman of GM from 1923-56. He shaped the General Motors Corporation into one of the world's largest manufacturing enterprises and has been acclaimed as one of the great captains of industry of his age. Recognized for his modern managerial skills, he also is noted for the pioneering automotive advances that he oversaw. These included four-wheel brakes, ethyl gasoline, crankcase ventilation and knee-action front springs.
1883 – Actor Douglas Fairbanks (d. 1939) was born Douglas Elton Thomas Ullman in Denver, CO. He was best known for his roles in silent films such as “The Thief of Baghdad,” “Robin Hood” and “The Mark of Zorro,” but spent the early part of his career making comedies. Fairbanks was a founding member of United Artists. Fairbanks was also a founding member of The Motion Picture Academy and hosted the first Oscars Ceremony in 1929. With his marriage to Mary Pickford in 1920, the couple became Hollywood royalty and Fairbanks was referred to as "The King of Hollywood," a nickname later passed on to actor Clark Gable. Though widely considered as one of the biggest stars in Hollywood during the 1910s and 1920s, Fairbanks' career rapidly declined with the advent of the "talkies." His final film was “The Private Life of Don Juan” (1934).
1895 - The main branch of what would become the New York Public Library opened to the public. New York’s then-governor Samuel J. Tilden was the driving force that resulted in the combining for the private Astor and Lenox libraries with a $2 million endowment and 15,000 volumes from the Tilden Trust to become the city’s library.
(lower half of: http://memory.loc.gov/ammem/today/may23.html)
1900 - Sergeant William H. Carney of the 54th Massachusetts Colored Infantry became the first African-American to win the Congressional Medal of Honor. He was cited for his efforts, although wounded twice, during the Battle of Fort Wagner, South Carolina, June 18, 1863. His commendation is very worthwhile reading: http://www.newbedford.k12.ma.us/elementary/whc.htm
1903 - Dr. Horatio Nelson Jackson of Burlington, VT, a physician, with Sewell K. Crocker of Seattle, WA, as his mechanic, began the first non-professional transcontinental car trip. The same driver also drove the mileage in a 20 horsepower $2,500 Winton, manufactured by the Winton Motor Carriage Company of Cleveland, OH. Jackson and Crocker left San Francisco on May 23 and arrived in New York City on July 26. The average daily run was 25 miles. The trip lasted 63 days, of which 44 were spent traveling and 19 awaiting supplies, as there were very few gasoline stations, Howard Johnson’s or even Seven-11’s along the way.
1906 - In Oakland‚ the San Francisco Seals played the first Pacific Coast League game in the Bay Area since the earthquake‚ beating Fresno‚ 4-3. The team played their home games at Recreation Park at Harrison and 8th Streets until it was destroyed in the quake. The Seals finished the 1906 season playing home games at Freeman's Park in Oakland. A new ballpark was ready for the Seals by the start of next season. This version of Recreation Park and Ewing Park in 1914, served as the home field for the PCL San Francisco Seals and the Mission Reds before the latter moved to LA in 1938 to become the Hollywood Stars. Seals Stadium was built in 1931 to which the Seals and Reds moved. It was also the home of the San Francisco Giants when they first relocated to the city from New York.
1908 - John Bardeen (d. 1991) was born Madison, WI. With William Shockley and Walter Bratton, he invented the transistor, which set the stage for all modern microelectronics. Bardeen was also the only person ever to win the Nobel Prize for Physics twice. Bardeen worked as a physicist for the U.S. Navy during World War II. After the war, he joined Bell Telephone Laboratories, where he worked on the electronic conducting properties of semiconductors. In 1947, his team invented the transistor, which won the group a Nobel Prize in 1956. Semiconductors replaced vacuum tubes in electronic equipment, making electronics progressively smaller, faster, and more durable. Bardeen became a professor of physics at the University of Illinois in Urbana. In 1972, he won a second Nobel Prize, with Leon Cooper and John Schrieffer, for their work on the theory of superconductivity.
1910 - Bandleader and clarinetist Artie Shaw (d. 2004) birthday, born Arthur Arshawsky in New York City. Shaw formed his first orchestra in 1936, and two years later had a double-sided million-seller with "Begin the Beguine" and "Indian Love Call." One of the most popular artists of the swing era, Shaw is estimated to have sold more than 43-million copies of such records as "Frenesi," "Summit Ridge Drive" and "Dancing in the Dark." Artie Shaw was married eight times - two of his wives were Lana Turner and Ava Gardner. Shaw later became an author and a theatrical producer, and in the 1980's again began fronting a big band.
1910 - Birthday of singer/guitarist/drummer Scatman Crothers (d. 1986), born Benjamin Sherman Crothers, Terre Haute, IN.
1920 - Helen O'Connell (d. 1993) birthday, Lima, OH. Vocalist with Jimmy Dorsey's band from 1939 to 1943. Her duets with Bob Eberly, backed by the Dorsey band, on such songs as "Amapola," "Tangerine" and "Green Eyes" sold millions of records. O'Connell and Eberly also appeared on a 1953 TV show with bandleader Ray Anthony, and for a while during the 1960's, O'Connell was the hostess on NBC's "Today" show.
1922 - "Abie’s Irish Rose" opened at the Fulton Theatre in New York City. The play continued for 2,327 performances and numerous revivals as well. It is estimated that some 50,000,000 people have seen the play performed somewhere in the world.
1928 - Singer Rosemary Clooney (d. 2002) was born in Maysville, Kentucky. When Clooney was in her junior year in high school, she and her younger sister Betty began performing on Cincinnati radio station WLW. Bandleader Tony Pastor heard them, and soon the sisters were singing, in person and on record, with the Pastor orchestra. Betty tired of the road, and soon after Rosemary began a solo career. She signed with Columbia Records, and, in 1951, had her first number-one hit, "Come On-A My House," a song chosen for her by producer Mitch Miller. Her other hits included "Hey There," "Tenderly" and "This Ole House." Clooney married actor Jose Ferrer in 1953. The marriage was a stormy one that eventually ended in divorce. Her domestic problems and a resulting weight problem took her out of circulation for some years. Her career revived in 1977, when her “White Christmas” co-star, Bing Crosby, asked her to appear with him at a show marking his 50th anniversary in show business. She continued performing until her death.
1932 - Birthday of guitarist/flutist Les Spann (d. 1989), Pine Bluff, AR.
1934 - Robert Moog (d. 2005) birthday, New York City. Inventor of the music synthesizer which bears his name.
1934 - Clyde Champion Barrow and Bonnie Parker were shot to death by Texas and Louisiana state police officers as they attempted to escape apprehension in a stolen 1934 Ford V-8 near Bienville Parish, Louisiana. Bonnie and Clyde met in Texas in 1930 when the nineteen-year-old Bonnie was tending bar. At the time, Bonnie was married to an imprisoned murderer. Soon after the two met, Clyde was arrested for burglary and sent to prison. Bonnie smuggled a pistol into the prison, and Clyde broke out. Over the course of their crime spree together, Bonnie and Clyde were believed to have committed thirteen murders and several robberies and burglaries. For over two years, the couple evaded local police officers in rural counties of Texas, Louisiana, and New Mexico. Not until the FBI, then called the Bureau of Investigation, became involved in the case did law-enforcement officials gain ground on Bonnie and Clyde. In the spring of 1934, following tireless investigations, federal agents traced the gang to a remote county in Southwest Louisiana. A certain Methvin family was said to have been aiding and abetting the Bonnie and Clyde gang for over a year. It was learned that Bonnie and Clyde, along with some of the Methvins, had staged a party at Black Lake, Louisiana, on the night of May 21. Two days later, just before dawn, a posse of police officers from Texas and Louisiana, including Texas Ranger Frank Hamer, laid in ambush for Bonnie and Clyde along the highway near Sailes, Louisiana. In the early morning, Bonnie and Clyde appeared in their automobile. The officers reported that the coupe attempted to flee, but more likely, owing to the fact that Bonnie and Clyde had killed five policemen, the posse opened fire without warning. For two minutes, deputies showered the car with bullets. Both Bonnie and Clyde were killed in the barrage. Their bullet-riddled 1934 Ford later became a valuable collectible. Bonnie and Clyde gained a place in popular mythology as dustbowl Robin Hoods. The 1967 film “Bonnie and Clyde,” starring Warren Beatty as Clyde and Faye Dunaway as Bonnie, portrayed a charming and irreverent pair who took their game too far. Examination of the couple's past, as well as an examination of their victims, shows that Bonnie and Clyde were more likely carefree killers. Their popularity owed to the mistrust of the authorities of the Dustbowl during the Depression era, and to the couple's uncanny ability to elude the police for over two years.
1940 - Frank Sinatra, singing with the Tommy Dorsey Orchestra, records "I'll Never Smile Again," the first of several No. 1 hits he recorded while performing with Dorsey. The singer had joined the orchestra earlier that year.
1941 - Buddy Baer was disqualified at the beginning of the seventh round as Joe Louis defended his heavyweight boxing title for the 17th time. Baer’s manager refused to leave the ring when the round was ready to begin. He later became a well-known actor along with his brother, Max.
1944 – The University of Chicago called it quits to sports when it announced plans to withdraw from the Big 10 Conference of the NCAA and all other athletic competition.
1944 - *DUTKO, JOHN W., Medal of Honor
Rank and organization: Private First Class, U.S. Army, 3d Infantry Division. Place and date: Near Ponte Rotto, Italy, 23 May 1944. Entered service at: Riverside, N.J. Birth: Dilltown, Pa. G.O. No.: 80, 5 October 1944. citation: For conspicuous gallantry and intrepidity at risk of life above and beyond the call of duty, on 23 May 1944, near Ponte Rotto, Italy. Pfc. Dutko left the cover of an abandoned enemy trench at the height of an artillery concentration in a single-handed attack upon 3 machineguns and an 88mm. mobile gun. Despite the intense fire of these 4 weapons which were aimed directly at him, Pfc. Dutko ran 10.0 yards through the impact area, paused momentarily in a shell crater, and then continued his l-man assault. Although machinegun bullets kicked up the dirt at his heels, and 88mm. shells exploded within 30 yards of him, Pfc. Dutko nevertheless made his way to a point within 30 yards of the first enemy machinegun and killed both gunners with a hand grenade. Although the second machinegun wounded him, knocking him to the ground, Pfc. Dutko regained his feet and advanced on the 88mm. gun, firing his Browning automatic rifle from the hip. When he came within 10 yards of this weapon he killed its 5-man crew with 1 long burst of fire. Wheeling on the machinegun which had wounded him, Pfc. Dutko killed the gunner and his assistant. The third German machinegun fired on Pfc. Dutko from a position 20 yards distant wounding him a second time as he proceeded toward the enemy weapon in a half run. He killed both members of its crew with a single burst from his Browning automatic rifle, continued toward the gun and died, his body falling across the dead German crew.
1945 - SJOGREN, JOHN C., Medal of Honor
Rank and organization: Staff Sergeant, U.S. Army, Company I, 160th Infantry, 40th Infantry Division. Place and date: Near San Jose Hacienda, Negros, Philippine Islands, 23 May 1945. Entered service at: Rockford, Mich. Birth: Rockford, Mich. G.O. No.: 97, 1 November 1945. Citation: He led an attack against a high precipitous ridge defended by a company of enemy riflemen, who were entrenched in spider holes and supported by well-sealed pillboxes housing automatic weapons with interlocking bands of fire. The terrain was such that only 1 squad could advance at one time; and from a knoll atop a ridge a pillbox covered the only approach with automatic fire. Against this enemy stronghold, S/Sgt. Sjogren led the first squad to open the assault. Deploying his men, he moved forward and was hurling grenades when he saw that his next in command, at the opposite flank, was gravely wounded. Without hesitation he crossed 20 yards of exposed terrain in the face of enemy fire and exploding dynamite charges, moved the man to cover and administered first aid. He then worked his way forward and, advancing directly into the enemy fire, killed 8 Japanese in spider holes guarding the approach to the pillbox. Crawling to within a few feet of the pillbox while his men concentrated their bullets on the fire port, he began dropping grenades through the narrow firing slit. The enemy immediately threw 2 or 3 of these unexploded grenades out, and fragments from one wounded him in the hand and back. However, by hurling grenades through the embrasure faster then the enemy could return them, he succeeded in destroying the occupants. Despite his wounds, he directed his squad to follow him in a systematic attack on the remaining positions, which he eliminated in like manner, taking tremendous risks, overcoming bitter resistance, and never hesitating in his relentless advance. To silence one of the pillboxes, he wrenched a light machinegun out through the embrasure as it was firing before blowing up the occupants with hand grenades. During this action, S/Sgt. Sjogren, by his heroic bravery, aggressiveness, and skill as a soldier, single-handedly killed 43 enemy soldiers and destroyed 9 pillboxes, thereby paving the way for his company's successful advance.
1945 - No. 1 Billboard Pop Hit: “Sentimental Journey,'' Les Brown Orchestra/Doris Day.
1951 - Top Hits
“Mockingbird Hill” - Patti Page
“On Top of Old Smokey” - The Weavers (vocal: Terry Gilkyson)
“Too Young” - Nat King Cole
“Kentucky Waltz” - Eddy Arnold
1951 - Jill E. Barad birthday, NYC. She became president of chief operating officer of Mattel, Inc. in 1992. She joined Mattel in 1981 as a product manager and became marketing director of the Barbie line in 1982. Under her guidance, Barbie sales moved from $485 million in 1988 to more than $1 BILLION in 1994. Her marketing strategy included Hot Wheels as well as tie-ins with Disney, McDonald's, etc. She made Mattel the largest toy manufacturing company in the world. She also bore two children while making her way to the top, not letting pregnancy slow her down. In fact, one of her major promotions came when she was five months pregnant. Today, there are more Barbie dolls in existence than there are people in the U.S.
1953 - Bill Haley and His Comets saw their first release for Essex Records, "Crazy Man, Crazy," enter the Cashbox Best Sellers chart at #19. The success will be short lived however, as the record would fall out of the Top 50 two weeks later.
1959 - Top Hits
“The Happy Organ” - Dave ‘Baby’ Cortez
“A Teenager in Love” - Dion & The Belmonts
“Dream Lover” - Bobby Darin
“The Battle of New Orleans” - Johnny Horton
1960 - The Everly Brothers' "Cathy's Clown" hit number one in the US for the first of a five week stay. The duo had also accomplished this feat 1958 when "All I Have to do is Dream" spent over a month at the top position.
1962 - The National Basketball Association agreed to plans to transfer the Philadelphia Warriors to San Francisco, CA. The team became the San Francisco Warriors (now the Golden State Warriors).
1962 - Joe Pepitone of the New York Yankees set a Major League Baseball record by hitting two home runs in one inning. The rare feat lifted the Yankees past the Kansas City Athletics by a score of 13-7.
1963 - Paul Revere and the Raiders sign with Columbia Records where they will have 14 Billboard Top 40 singles between 1965 and 1971.
1964 - Capitol releases The Beach Boys' "I Get Around" b/w "Don't Worry Baby." "I Get Around" goes on to become the group's first #1 hit, topping the chart for 2 weeks.
1964 - Millie Small's "My Boy Lollipop," already a hit in the U.K., enters the Hot 100 in the U.S. It stays on the charts for 12 weeks climbing up to Number Two.
1965 - No. 1 Billboard Pop Hit: “Help Me Rhonda,'' The Beach Boys.
1966 - The Beatles' "Paperback Writer" b/w "Rain" single is released. The A-side was a tune written by Paul McCartney and featured John and George on backing vocals. The B-side was a Lennon song.
1967 - Top Hits
“Groovin’” - The Young Rascals
“Respect” - Aretha Franklin
“I Got Rhythm” - The Happenings
“Sam’s Place” - Buck Owens
1972 - Heavy U.S. air attacks that began with an order by President Richard Nixon on May 8 are widened to include more industrial and non-military sites. In 190 strikes, the United States lost one plane but shot down four. The new strikes were part of the ongoing Operation Linebacker, an effort launched in response to the massive North Vietnamese invasion of South Vietnam on March 30. The purpose of the raids was to interdict supplies from outside sources and the movement of equipment and supplies to the North Vietnamese troops in South Vietnam. The strikes concentrated on rail lines around Hanoi and Haiphong, bridges, pipelines, power plants, troops and troop training facilities, and rail lines to China.
1973 - Clive Davis, president of Columbia Records, was fired by boss Arthur Taylor. Davis wrote a book about his experiences, and later formed Arista Records.
1975 - Top Hits
“Shining Star” - Earth, Wind & Fire
“Before the Next Teardrop Falls” - Freddy Fender
“Jackie Blue” - Ozark Mountain Daredevils
“I’m Not Lisa” - Jessi Colter
1977 - San Francisco bans electric instruments from all free outdoor concerts, leaving Jefferson Starship to cancel their planned free concert in Golden Gate Park. Years later, Bernie Taupin would write "We Built This City" for the band about this event.
1979 - The New England Whalers of the National Hockey League changed their name to the Hartford Whalers. The team was an original member of the World Hockey Association and won the first WHA championship, the Avco World Cup, in the 1972-73 season. When the WHA folded following the 1978-79 season, the Whalers were one of four WHA teams taken into the National Hockey League. In 1997, the Whalers franchise relocated to Charlotte, NC, where it became the Carolina Hurricanes.
1979 - Sister Sledge's "We Are Family" goes platinum. The album's title track, a #2 hit last month, is the rallying call for baseball's Pittsburgh Pirates, who will go on to win the 1979 World Series in October. Perhaps best remembered in the US version of “The Bird Cage.”
1983 - Top Hits
“Let’s Dance” - David Bowie
“Flashdance...What a Feeling” - Irene Cara
“Little Red Corvette” - Prince
“Common Man” - John Conlee
1991 - Top Hits
“I Like the Way” (“The Kissing Game”) - Hi-Five
“Touch Me” (“All Night Long”) - Cathy Dennis
“Here We Go” - C + C Music Factory Presents Freedom Williams and Zelma Davis
“If I Know Me” - George Strait
1994 - Prodigy Services announces a deal with Media General Cable to provide Prodigy access via cable television wires to 200,000 subscribers in Fairfax County, Virginia. Prodigy expected the cable hookup to provide faster speed and enable flashier graphics. At the time, most Prodigy users logged on to the system via 9600-baud modems. Over the next four years, modem speed would increase dramatically, but interest in cable modems would grow as companies like AtHome worked with local cable providers to offer higher-speed bandwidth.
1994 - Four men convicted in the 1993 bombing of the World Trade Center are each sentenced to 240 years in prison.
2000 - Joining Babe Ruth and Ted Williams, Seattle's Rickey Henderson draws his 2,000th career walk.
2002 - Buddy Guy is among the multiple winners at the W.C. Handy Awards, mounted by the Blues Foundation in Memphis. Guy wins for contemporary male artist of the year and blues instrumentalist of the year (guitar); his "Sweet Tea" is named contemporary blues album of the year.
2006 - Brad Paisley wins three of the evening's top awards at the Academy of Country Music (ACM) Awards. His "Time Well Wasted" (Arista Nashville) is named album of the year, and he also wins the video and vocal event prizes for "When I Get Where I'm Going," a hit collaboration with Dolly Parton.
2007 - The US Library of Congress hands out the first Gershwin Award to Paul Simon for being a "performer whose lifetime contributions exemplify the standard of excellence associated with the Gershwin’s."
2011 - Tornado warnings were issued for Arkansas, Oklahoma and Missouri. The Joplin, MO death toll rose to 126 people with 1,150 injured by the May 22 tornado.
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