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Headlines---
Cartoon---Get
Well Cards
Cook
County 4% Lease Tax Officially Defeated
ELA
Fleming All Alone in Anti-Leasing Legislation
"2004
Industry Future Council Report– A Quest for Clarity"
"Improving
Conditions in Asset Management"
CIT
Names ADP's Gary C. Butler to Board
Changes
at Union Bank of California
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Classified
Ads—This and That
Normally the categories are much longer, and the above
are not rotated as often
as they should for
our newsletter.
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Here is a full list of people with experience in the leasing industry
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---------------------------------------------------------------------------------------------
Cartoon---Get
Well Cards
--------------------------------------------------------------------------------------------------
Cook County Proposed 4% Lease Tax Officially Defeated
As cities and counties
look for cuts after less state and federal assistance, Chicago, Illinois,
passed a balanced 2004 budget totaling almost
$3 billion, after making what are considered modest spending cuts and
receiving a large infusion of one-time revenue. The Cook County Board
also did pass an 82-cent increase in the cigarette tax.
They did not pass
a 4% sales tax on leasing. The swing vote on the 17-member body has
been Democrat Earlean Collins, who joined the opposition bloc to stop
the sales and lease taxes, but did vote in favor of
the cigarette tax increase.
After approving an
amendment forwarded by Board President John Stroger that would trim
$5.49 million in spending, with nearly $3 million coming from the sheriff's
department, county commissioners worked late into the night Monday considering
more than 100 other amendments.
Commissioners had
approved the cigarette tax hike earlier this month--raising the county
levy to $1-a-pack--in lieu of a new county lease tax and a hike in the
county share of the sales tax that Stroger had sought earlier. In the
city, the combination of county, city and federal cigarette taxes will
add $2.53 to the price of a pack.
The budget came about
after $20 million in extra revenue was found from a legal settlement
and the tapping of an indemnity fund. That, combined with the last minute
budget cuts, closed the $26 million budget gap.
-------------------------------------------------------------------------------
ELA Fleming All Alone in Anti-Leasing Legislation
by Kit Menkin
WASHINGTON -- Sen.
Chuck Grassley (R-Iowa,) chairman of the Committee on Finance, raised
the growing momentum toward shutting down, as he calls it, “ abusive
leasing tax shelters that allow corporations to claim tax deductions
for sewers, bridges and subways that are owned by foreign countries
or paid for with U.S. taxpayer dollars.” Not only does he have the U.S.
Senate on his side, but the U.S. Congress, plus the U.S. Treasury Department,
but apparently full support of the Bush presidential administration.
The full Senate could
take up Grassley's leasing loophole closer as early as next week when
it considers the FSC-ETI bill, Foreign Sales Corporation/Extraterritorial
Income.
Chat forum sites such as at Yahoo and Lessors.com show most of those in
the leasing business believe the tax consultants, tax attorneys and
accountants who specialize in the tax shelter business are taking advantage
of the current tax codes. They appear to agree with the general public,
that “tax abuse” has resulted and should be curtailed. Readers
to Leasing News have expressed the same view point. It definitely appears
that media reports are very one-sided.
The Equipment Leasing
Association appears to be alone in their opposition to the measure.
Even the Association for Government Leasing and Finance has stated it
basically does not affect their member’s transactions. The other leasing
companies have yet to make a stand.
There is no debate
that the negative publicity and one-sided nature of the reporting have
been positive for the leasing industry.
The only legislative voice to leasing’s favor has been ELA President
Mike Fleming.
Grassley has asked
Majority Leader Bill Frist to schedule floor consideration of the FSC-ETI
bill as early as possible to avoid European Union sanctions over the
FSC-ETI tax regime, which Grassley's bill would replace. Based on his
contacts with the majority leader, Grassley expects this to happen the
first week of March.
"My initial
bill came out before we had as much knowledge on these leasing deals
as we have today," Grassley said. "I'm grateful for the Administration's
focus on this issue. Not only has the President embraced this issue,
but he's also developed it in a substantive way and helped to draw the
support of more key members of Congress. As a result, we're closer to
shutting off a spigot of tax abuse before it drains the Treasury dry."
"I put forward
a fix of this problem last September, and the Finance Committee approved
my fix," Grassley said. "The following month, the Finance
Committee further exposed these schemes, thanks to anonymous testimony
by a brave leasing industry executive who was outraged by these abusive
deals. Now the President, the Treasury secretary, and the leaders of
the Senate Budget Committee are all on board. We all agree that leasing
shelter transactions are trickery at the taxpayers' expense. This great
rip-off has to stop."
Yesterday,
Leasing News reported that Wachovia,
the nation’s fourth-largest banking company and third-largest full-service
brokerage, announced it will move into Texas by the end of the year.
In the PBS television documentary about tax shelter abuse, Wachovia was
highlighted for a sale/leaseback on a Bochum, Germany under ground sewer,
" But through other sources we confirmed that the Bochum sewer
lease was a half-billion dollar deal involving the fifth largest U.S.
bank -- Wachovia. (Last year, Wachovia's annual report indicated that
it paid no federal taxes on $3.6 billion in profits. A big chunk of
its tax savings came from its $3 billion in leasing activities -- though
how much was generated from cross-border deals like Bochum's is impossible
to tell.)"
Wachovia will open wholesale and retail banking operations in President
Bush’s home town areas of Dallas-Fort Worth, Houston, Austin and San
Antonio, with its state headquarters in Dallas.
Last October, Grassley's
Finance Committee hearing included testimony from an anonymous expert
witness on how major U.S. companies receive huge tax deductions by pretending
to lease the infrastructure of cities and foreign countries and then
pretending to lease them back. These arrangements have resulted in U.S.
taxpayers picking up the tab for a huge portion of Europe's transit
infrastructure,
he said, and are
now proliferating in cities across the country as tax shelter promoters
shop their wares to cash-strapped local governments, he claimed. “The
promoters are using the cities to defend their schemes by calling these
deals ‘public-private partnerships’."
Grassley's international
tax reform and domestic manufacturing tax relief bill -- known generally
as the FSC/ETI bill and specifically as the Jumpstart Our Business Strength
(JOBS) bill – is reportedly aimed at what he calls the loopholes that
tax shelter promoters exploit for these leasing transactions. The Finance
Committee passed the bill on Oct. 1, 2003. Since then, Grassley announced
that he will change the effective date of his provision to Nov. 18,
2003, instead of the date of enactment, to dissuade a rush to market
of last-minute deals designed to beat the legislation's effective date.
Fleming said the
bill would impose broad and far reaching limitations on deductions allowable
to property leased to or used in connection with the provision of services
to state and local governments and other tax exempt entities. The elimination
of the critical financial support these leasing transactions provide
has not been replaced in either Sen. Grassley's or the President's budget
with a plan for alternative financial support.
“Has anyone talked
to these organizations to see how they are going to finance their projects?
That side of the story that isn't being told,” said Fleming.
The Equipment Leasing
Association is encouraging the very groups that stand to lose essential
financial support that these leasing transactions provide, to object
to the bill and budget proposals.
“Declarations in
Congress have brought many pending agreements to a standstill without
consideration of alternative sources of financing for hospitals, cities,
schools and fire departments. They are the ones that are really going
to be the losers in this,” said Fleming.
Senator Grassley’s
response was to modify his proposal to reflect new findings received
from the Treasury Department, allegedly showing that the leasing problem
is far greater than previously known. The President's proposed Fiscal
Year 2005 budget has now included Grassley's proposal “to clean up abusive
leasing tax shelters, with an expansion to cover all foreign party leases
and appropriate carve-outs.”
The President's proposal
raises $33 billion over 10 years. In other words, according to Grassley,
the leasing shelters are expected to deplete federal revenues by $33
billion over 10 years if Congress does nothing.
Earlier this month,
U.S. Treasury Secretary John Snow testified before the Senate Budget
Committee that “the leasing transactions are unacceptable tax avoidance
schemes that need to be stopped" and pledged to work with Congress
to end the practice. Budget Committee Chairman Don Nickles said he and
the panel's ranking member, Kent Conrad, plan to take action “ to stop
the tax avoidance practice,” according to media reports.
It looks like the
only voice promoting the financial benefits of leasing
in Washington, D.C.
is ELA president Mike Fleming.
Here are previous
articles in Leasing News:
http://www.leasingnews.org/Conscious-Top%20Stories/ELA_Tax_loop_hole.htm
------------------------------------------------------------------------------------------------------------
"2004
Industry Future Council Report – A Quest for Clarity"
ELT Times
The Equipment Leasing
and Finance Foundation’s annual Industry Future
Council Report (IFC)
is now available.
The IFC meeting, sponsored by American Lease Insurance, is a forum
for industry leaders to develop a long-range view of the industry’s
future, including the influencing forces, trends that will change the
market, variables that will signal the pace and
direction of change,
and the anticipated actions and reactions among
industry players.
The 2004 Report indicates
lessors are very confident that they have adequate capital to grow their
business, and forecast further consolidation and decreasing number of
lessors over the next three years.
The leasing industry’s outlook for 2004 and beyond is showing
signs
of encouragement
and enthusiasm in the small and medium ticket segments,
while large ticket
lessors remain under significant stress.
Find out what the IFC predicts for the leasing products, people and
the environment.
For a full copy of
the report, link to:
www.LeaseFoundation.org or call for a copy at 703-527-8655.
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---------------------------------------------------------------------------------------------------------
"Improving
Conditions in Asset Management"
ELT Times
Despite the uncharacteristic
desert chill, the improved economy and leasing
business recovery
warmed the 2004 ELA Equipment Management Conference just
Independent Equipment
Company's Carl Chrappa presented his annual "What's
In another encouraging
sign, several attendees noted that leasing companies
Look for a comprehensive
report on the ELA Equipment Management Conference
"Surf's Up -
National Funding Exhibition Attendee brochure is on line"
2004 ELA National
Funding Exhibition
April 21-22
Fairmont Hotel, Chicago,
IL
After a long calm,
the equipment leasing tide is finally on the
rise—business is
picking up all around the industry. Lessees are ready to
invest in new capacity
and leasing companies are positioned to provide the
financing they need.
Buoyed by sound management, solid credit policies and
asset expertise,
lessors are catching the new wave. Are you ready to join
them? C’mon in, the
water’s fine!
Attendees can register
AND schedule appointments in advance online at the
ELA web site .
Simply follow the
instructions. It’s the FASTEST
and EASIEST way to get
the best appointments
with Funding Source Exhibitors. See
the list on
line!
### Press Release
###########################
CIT
Names ADP's Gary C. Butler to Board of Directors
- Board Size Expanded to 11 Members -
LIVINGSTON, N.J., -- CIT
Group Inc.
(NYSE: CIT) announced
today that Gary C. Butler, President and Chief Operating
Officer of Automatic
Data Processing, Inc., has been named to CIT's Board of
Directors. He will
serve on CIT's Nominating and Governance Committee.
With Butler, CIT's Board of Directors expands to 11 members, including
nine independent
directors plus Albert R. Gamper, Jr., Chairman and Chief
Executive Officer
of CIT, and Jeffrey M. Peek, President and Chief Operating
Officer.
"We are pleased to welcome Gary to CIT's Board of Directors,"
Gamper said.
"He brings experienced
leadership, and his appointment demonstrates CIT's
continuing commitment
to maintaining a strong, effective, diverse and
independent Board."
Butler has held positions of increasing responsibility during
his 29-year
career at Automatic
Data Processing (NYSE: ADP), one of the world's largest
independent computing
services firms in the world. He
was appointed President
& Chief Operating
Officer in 1998 and previously served as Group President of
Employer Services
and President of ADP Dealer Services Division.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer
finance
company, provides
clients with financing and leasing products and advisory
services. Founded in 1908, CIT has nearly $50 billion
in assets under
management and possesses
the financial resources, industry expertise and
product knowledge
to serve the needs of clients across approximately 30
industries. CIT, a Fortune 500 company, holds leading positions
in vendor
financing, U.S. factoring,
equipment and transportation financing, Small
Business Administration
loans, and asset-based and credit-secured lending.
CIT, with its principal
offices in Livingston, New Jersey and New York City,
has approximately
6,000 employees in locations throughout North America,
Europe, Latin and
South America, and the Pacific Rim.
For more information,
visit http://www.cit.com.
SOURCE CIT Group Inc.
### Press Release
###################################
VICE CHAIRMAN ROBERT WALKER TO RETIRE; PHILIP FLYNN ELECTED
VICE CHAIRMAN AND WILL ASSUME RESPONSIBILITY FOR COMMERCIAL BANKING;
BRUCE CABRAL ELEVATED TO CHIEF CREDIT OFFICER
UnionBanCal Corporation (NYSE:UB) and its principal subsidiary,
Union Bank of California, today announced that Vice Chairman Robert
Walker, 62, will retire and that his successor, Philip B. Flynn, 46,
executive vice president and chief credit officer, has been promoted
to vice chairman and will assume responsibility for Union Bank of California's
Commercial Financial Services Group, effective April 1.
Walker has been a member of the board of directors and has served
as head of all commercial banking activities since he joined Union Bank
in 1992.
Bruce H. Cabral, 49, executive vice president, will assume responsibilities
as Union Bank's Chief Credit Officer, effective April 1, and join the
bank's Executive Management Committee.
"Bob Walker's strong leadership, management skills, industry
knowledge, and lending and credit experience have resulted in significant
growth and positive financial results for our company," stated
Norimichi Kanari, President and Chief Executive Officer. "During
his tenure, our commercial loan portfolio more than doubled, and the
bank's net income has increased more than five-fold, thanks in large
part to the efforts of Bob and his commercial banking team.
"We thank Bob for his service to Union Bank's clients, our
stockholders and our employees. He leaves a legacy of management expertise
that has enabled the bank to achieve higher revenues, a reputation for
superior customer service and improvements leading to greater operational
efficiency. His insights will be missed. We also recognize the many
contributions Bob has made to the banking industry at large over the
past four decades. We wish him all the best in retirement," Kanari
stated.
"Looking ahead, we anticipate a smooth transition since these
changes are an integral part of the bank's succession plan. Phil brings
a wealth of commercial lending and credit management experience to his
new job and a proven track record of success. As chief credit officer
for the past three years, Phil did an outstanding job in helping the
bank manage asset quality and achieve improvements in its credit processes.
Now as head of commercial banking, Phil and his team are crucial to
our future. We have every confidence that they will continue to be leaders
in performance and profitability," Kanari concluded.
In his new capacity as head of the bank's Commercial Financial
Services Group, Flynn will oversee the following operations: Commercial
Deposits and Treasury Management, Commercial Banking, Energy Capital
Services, Equipment Leasing, Real Estate Industries, Corporate Capital
Markets, which includes National Banking, Communications, Media and
Entertainment, and Investment and Merchant Banking. The group's customers
include middle-market companies, large corporations, real estate companies
and other specialized industry customers. Specialized depository services
are offered to title and escrow companies, retailers, domestic financial
institutions, certain trustees and other corporate customers with significant
deposit volumes.
It is further anticipated that Flynn will be elected to the Board
of Directors of UnionBanCal Corporation and Union Bank of California
on April 28, the day of the company's annual stockholders meeting.
Flynn joined Union Bank in 1980 after graduating from Claremont
McKenna College. After completing the bank's management training program,
he joined the energy department as an account officer on the utilities
team. He was promoted to vice president in 1984 and named senior vice
president and manager of the energy capital services division in 1987.
Flynn assumed additional responsibilities for the syndications
department and the commercial finance division in 1996. He was promoted
to executive vice president in September 1996 and in 1998 became head
of the reorganized commercial banking group. In May 2000, Flynn was
named head of the specialized lending group. In September 2000, he was
appointed chief credit officer and head of the Credit Management Group.
At the same time he was appointed a member of the bank's Executive Management
Committee.
Cabral joined Union Bank in 1977 as a management trainee and later
worked as a commercial loan officer and real estate lender. During his
career, he managed the San Jose Loan Center and later was advanced to
area manager for the San Jose and Irvine centers. Cabral was promoted
to senior vice president in 1991. Two years later he was transferred
to credit management where he began overseeing real estate underwriting
bank wide. Cabral was appointed executive vice president in 2000. In
November 2002, he was named Deputy Chief Credit Officer. He is a graduate
of Stanford University.
Walker has 40 years of banking experience in a variety of senior
and executive positions. He joined Union Bank in 1992 from Valley National
Bank of Arizona, where he served as vice chairman and chief credit officer.
He served previously as executive vice president and chief credit officer
at Wells Fargo Bank and served in the same capacity at the former Crocker
National Bank.
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a
bank holding company with assets of $42.5 billion at December 31, 2003.
Its primary subsidiary, Union Bank of California, N.A., has 280 banking
offices in California, 4 banking offices in Oregon and Washington and
21 international facilities. The company's web site is located at www.uboc.com.
CONTACT:UnionBanCal
Corporation Stephen L. Johnson, 415-765-3252 (Public Relations) Joanne
C. Curran, 213-236-5017 (Public Relations) John A. Rice, Jr., 415-765-2998
(Investor Relations)
SOURCE: UnionBanCal
Corporation
##### Press Release
################################
Bank
of Hawaii Implements Quiktrak's PDA/Web-Based Inventory Management Solution
LAKE OSEWGO, Ore.----Quiktrak,
a leading provider of inventory auditing solutions, announced today
Bank of Hawaii has selected and successfully implemented Quiktrak's
Revoquest(TM) auditing system. By doing so, Bank of Hawaii takes advantage
of the latest auditing innovations developed by Quiktrak's Revoquest
division.
Bank of Hawaii auditors will use PDA computers equipped with the
Revoquest auditing technology to collect audit results electronically,
and then post these results to the web real time. Field auditors will
be able to take advantage of extensive risk management tools via on-screen
warnings or printed reports that include access to historical audit
data. Internal staff can then view and update the results immediately,
in addition to monitoring inventory risk through a variety of built-in
risk management tools integrated in the web-based interface.
"At Bank of Hawaii we strive to be more efficient, reduce
risk and reduce expenses in our floor plan audit process, and Quiktrak
has given us that. Additionally they have improved quality of information
available to our customers" said Byron Hansen, Vice President of
dealer commercial services.
Thirteen years of experience in the industry have provided Quiktrak
a unique perspective into dealer auditing dynamics and has allowed them
to develop a system that protects clients from dealer liability.
"Bank of Hawaii brings a well respected brand in the banking
industry to our client list, and we are proud to partner with them,"
states Matt Hennessee, President & CEO of Quiktrak, Inc. "It
is our mission to continually enhance our system to ensure that our
client's auditing processes are streamlined, efficient and insightful,
while at the same time providing the very best customer service possible."
About Bank of Hawaii
Bank of Hawaii Corporation is a regional financial services company
serving businesses, consumers, and governments in Hawaii, American Samoa,
and the West Pacific. The company's principal subsidiary, Bank of Hawaii,
was founded in 1897 and is the largest independent financial institution
in Hawaii. For more information about Bank of Hawaii Corporation, visit
the company's web site, http://www.boh.com.
About Quiktrak
Quiktrak is the leader in providing inspection and inventory auditing
services for financial institutions, manufacturers, and leasing firms
throughout the U. S., Canada, and internationally. With a vast auditing
field force, Quiktrak is able to provide the industry's fastest, most
accurate and reliable service. Founded in 1991, Quiktrak offers services
to many of the world's leading financial institutions, including several
Fortune 500 companies.
About Revoquest
Revoquest, a division of Quiktrak, provides leading-edge technology
utilizing PDA's and a web-based interface for the inventory auditing
industry. Current products include a mobile workforce auditing application
that interfaces PDA's (both Palm and Pocket PC platforms) in the field
with a web-based host running as an ASP. Revoquest is able to offer
tech-only solutions to companies with existing audit staffs, or full-service
solutions to companies wanting the technology and the audits conducted
by Quiktrak.
For more information on either Quiktrak or Revoquest, please visit
them on the web at www.quiktrak.com and www.revoquest.com, or via phone
at 800-927-8725 (US) / 503-968-9800 (International).
CONTACT:Quiktrak
Shari Soyk, 800-927-8725 (US) 503-968-9800 (International)
### Press Release
###################################
News Briefs---
Number of Mass Layoffs
Rose Sharply in January
http://www.washingtonpost.com/wp-dyn/articles/A6917-2004Feb25.html
A Call To Rein In
Social Security
http://www.washingtonpost.com/wp-dyn/articles/A7099-2004Feb25.html
US mortgage-backed
prices higher, spreads narrower
http://www.absnet.net/include/showfreearticle.asp?file=/headlines/r.htm
Home Sales Declined
5.2% in January
http://www.nytimes.com/2004/02/26/business/26econ.html
AT&T foresees
turnaround in '06
http://www.boston.com/business/globe/articles/2004/02/26/att_foresees_turnaround_in_06/
AT&T to slash
4,600 jobs http://money.cnn.com/2004/02/25/news/companies/att_jobs.reut/index.htm
Boards open up to
women
But California, with
best tally in U.S., clocks only 14.3%
Tyco Officer Defends
Kozlowski's Spending
http://www.nytimes.com/2004/02/26/business/26tyco.html
-------------------------------------------------------------------------------
Sports Brief---
USC's Mike Williams
to Enter NFL Draft
http://www.nytimes.com/aponline/sports/AP-FBN-Williams-NFL.html
-------------------------------------------------------------------------------
“Gimme that Wine”
White Burgundy by
Frank J. Prial
http://www.nytimes.com/2004/02/25/dining/25WINE.html
His book, not only
one of the best, but easy to read,
as it is basically
a collection of his NY Times columns
http://www.nytimes.com/nytstore/books/cooking/NSDECBK.html
This
Day in American History
***************************************************************************
=========Colonial Times=========
=========Westward Expansion=========
=========Civil War—including pre
and post=========
=========Gilded Age=========
=========World War I --pre and post=========
=========FDR=========
=========1950’s=========
=========1960’s=========
=========1970’s=========
=========1980’s=========
=========1990’s=========
****************************************************************************
=========Colonial Times=========
1732- Mass was celebrated for the first time at St Joseph's
Church , in Philadelphia the only Roman Catholic church built and maintained
in the American colonies before the Revolutionary War.
1750-Population estimated
the number of white inhabitants of all the colonies to be 1,165,000,
and the blacks (who were mostly slaves) to be 260,000, distributed as
follows:
WHITE. BLACK. Massachusetts.. 207,000 3,000 New Hampshire.. 50,000 3,000
Connecticut.. 133,000 3,500 Rhode Island.. 35,000 4,500 New York.. 85,000
11,000 New Jersey.. 73,000 5,000 Pennsylvania and Delaware.. 195,000
11,000 Maryland.. 104,000 44,000 Virginia.. 168,000 116,000 North Carolina..
70,000 20,000 South Carolina.. 40,000 40,000 Georgia.. 5,000 2,000
Since the English Revolution in 1688--a period of only sixty-six years--the
growth of the colonies in population had been marvelous. New England
had increased from 75,000 to 425,000; New York, from 20,000 to 85,000;
New Jersey, Pennsylvania, Delaware and Maryland, from 47,000 to 372,000;
Virginia, from 50,000 to 168,000; and the Carolinas and Georgia, from
8,000 to 135,000. The assertion of a letter of an "American Farmer"
was almost literally true when he wrote: "We are all tillers of
the earth from Nova Scotia to West Florida. We are a people of cultivation,
scattered over an immense territory; communicating with each other by
means of good roads and navigable rivers; united by the silken bands
of mild government; all respecting the laws, without dreading their
power because they are equitable."
=========Westward Expansion=========
1829- Bavarian immigrant Levi Strauss was born this day in
1829. He created the world’s
first pair of jeans—Levi’s 501 jeans—for California’s gold miners. They
were made of sail canvas and rivets were used along with sail making
thread. He dyed them blue to hide the marks from the
riveting apparatus, plus to make them appear more attractive. The pants style is still popular today,
but now in “designer”
styles from full boot to slim leg and more.
1846- George C. Stebbins, American Baptist music evangelist,
birthday. A composer of over 1,500 songs during his lifetime, Stebbins
is still remembered today for writing the melodies to such hymns as:
"I've Found a Friend," "Take Time to Be Holy," "Have
Thine Own Way, Lord" and "Jesus is Tenderly Calling Thee Home."
1846- William F. “Buffalo Bill” Cody birthday at Scott County,
Iowa. He claimed to have killed
more than 4,000 buffaloes. Subject
of many heroic Wild West yarns. Cody
became successful as a showman taking his acts across the US and to
Europe.
=========Civil War—including pre and post=========
1870- the first pneumatic subway invented by Alfred Ely Beach,
known first as the Beacg Pneumatic Underground Railway, was opened to
the public in New York City. It
consisted of a circular tube nine feet in diameter and the cars, which
were well upholstered, carried 222 person s each way.
They were propelled by a rotary blower that drove a blast of
air through the tunnel against the rear of the car, carrying it along
“ like a sailboat before the wind.”
1870 -- Wyatt Outlaw,
black leader of Union League in North Carolina, is lynched. Wyatt Outlaw,
the Negro police officer who had fired upon the Klansmen at their first
appearance in the county, was head of the Union League, an anti-Ku Klux
Group in the County. His death had been determined by certain members
of one of the Klan orders. A party of them rode into Graham on the night
of February 26, 1870, seized Outlaw in his home, and carried him to
a tree in the courthouse square. There they hanged him, leaving on his
breast the inscription: "Beware, ye guilty, both black and white.”
Many blacks were killed by the Klan, and Black homes and property
burned/destroyed for the next sixty-five years, into the late 1920’s.
http://www.wm.edu/~srnels/posnc/timeline.html
http://www.rootsweb.com/~ncalaman/centennial.html
http://www.ccharity.com/northcarolina/adjutantgenl.htm
1873--By the year the American
bison, also called the buffalo, was almost extinct, even though at the
start of the nineteenth century estimates placed the North American
bison population as high as 60,000,000. Bison were essential to the
way of life of the Indians of the Great Plains, who depended on them
for food, clothing, and shelter. The symbiotic relationship of the Indians
and the bison threatened neither group. However, with the coming of
the railroad, professional buffalo hunters, and the settlement of the
West, the situation changed. Bison were slaughtered far beyond any’
need for food or hides. Although in 1865 about 10,000,000 bison still
roamed the plains, by 1890 only 1000 or so were left.
=========Gilded Age=========
1887- Grover Cleveland “Pete” Alexander, Baseball Hall of Fame
pitcher born at Elba, NE. Alexander
won 373 games ( tied for 3rd on all time list) pitching for
20 years with the Philadelphia Phillies, Chicago Cubs and the St. Louis
Cardinals. he won 30 or more
games three times and won the National League earned run average title
five times. In Game Seven of
the 1926 World Series with St. Louis ahead, 3-2, he staggered in from
the bullpen to strike out the New York Yankees’ Tony Lazzeri with the
bases loaded and held New York at bay for the last two innings. Ronald
Reagan played Alexander in the moving, The Winning Team. Inducted into
the Hal of Fame in 1938. Diet at St. Paul, NE, Nov 4.1950.
1905-violinist/producer Bill Russell born, Canton, MO
http://www.hnoc.org/russell.htm
http://www.delmark.com/delmark.214.htm
http://www.allaboutjazz.com/reviews/r0401_051.htm
1907 - The United States Congress raised their pay to $7500, for
both House and Senate members. The Cabinet members and the Vice President
earned twelve thousand. At that time, the Vice President was paid enough
to buy half a dozen houses. The richest man in the world, John D. Rockefeller's
oil fortune was, at that time, worth no more than $300 million.
=========World War I --pre and post=========
1910 - Parts of Washington State were in the midst of a storm
which produced 129 inches of snow at Laconia between the 24th and the
26th, a single storm record for the state. A series of storms, which
began on the 23rd, led to a deadly avalanche on the first of March.
By late on the 28th, the snow had changed to rain, setting the stage
for disaster.
1916- American musician, comedian and actor, Herbert John "Jackie"
Gleason was born at Brooklyn, NY. Best known for his role as Ralph Kramden
in the long-running television series "The Honeymooners."
Died at Fort Lauderdale, FL, June 24, 1987.
1917- first jazz record of history: Original Dixieland Jass Band
cuts “Livery Stable Blues, “ One Step, “ NYC
1919- Grand Canyon National Park was established, by an act of
Congress, An immense gorge cut through the high plateaus of northwest
Arizona by the raging Colorado River and covering 1,218,375 acres, Grand
Canyon National Park is considered one of the most spectacular natural
phenomena in the world.
1919 -the Lafayette National Park was established, later renamed
in 1929, the Acadia National Park, the largest East of the Mississippi
http://memory.loc.gov/ammem/today/feb26.html
1925 – Alto Sax player James Moody Birthday
http://www.ricoreeds.com/ricoart/moody.html
1926-First Black middle-weight boxing champion, Theodore "Georgia
Deacon" Flowers. Also known as “Tiger” Flowers. He beats Harry
Greb in New York, NY to win
the title “ -Middleweight Championship of the World>”
http://www.cyberboxingzone.com/boxing/flowers.htm
http://www.aaregistry.com/detail.php3?id=1457
http://www.fighttoys.com/Flowers%2CTiger%20photo.htm
1929- Antoine (Fats) Domino birthday, the New Orleans r'n'b
pianist who has sold more than 65-million records, was born in the Louisiana
city. He is the biggest-selling '50s rock 'n' roll artist, with the
exception of Elvis Presley. By
the time he joined trumpeter Dave Bartholomew's band in the 1940's,
he had already mastered the classic New Orleans piano style of such
performers as Professor Longhair and Amos Milburn. In 1949, Fats Domino
had his first million-seller, "The Fat Man." But it wasn't
until 1955, with "Ain't That a Shame," that he attracted the
white record- buying public. Domino eventually collected 23 gold singles,
for such hits as "I'm In Love Again," "Blueberry Hill"
and "I'm Walkin'."
http://www.history-of-rock.com/domino.htm
http://www.fortunecity.com/tinpan/costello/472/fatsbio.html
http://covers.wiw.org/artist.php/1357
http://www.yesterdayland.com/popopedia/shows/music/mu1257.php
http://www.hoyhoy.com/fats.htm
http://www.rockhall.com/hof/inductee.asp?id=91
1930 - Seven years after Garrett A. Morgan invented traffic lights,
the first red and green signal lights were installed on New York's Manhattan
street corners.
1932- country singer Johnny Cash was born in Kingsdale, Arkansas.
In 1954, Cash met guitar player Luther Perkins and bass player Marshall
Grant. As Johnny Cash and the Tennessee Two, they sold a million copies
of "I Walk the Line" on the Sun label in 1956. Cash signed with Columbia in 1958, and two
years later drummer W.S. Holland was added to make the Tennessee Three.
Cash's string of hits for Columbia have included "Ring of Fire,"
"A Boy Named Sue" and "Folsom Prison Blues." Johnny Cash's records have always been on the border of rock, and
have often crossed over to the pop charts. The marching bass lines which
characterize many of Cash's songs influenced the work of Waylon Jennings
and others in the outlaw country movement of the 1970's. In 1994, Cash's
career was revived with the release of "American Recordings,"
an album of just the singer and his guitar. It was embraced by everyone
from traditional country fans to alternative rockers.
=========FDR=========
1934 - Federal Communications Commission was created at the order
of President Franklin D. Roosevelt, to oversee communication by radio,
wire or cable. TV and satellite communication later became part of its
charge.
1935—Babe Ruth, Babe Ruth signed a three –year contract with the
Boston Braves , after being released by the New York Yankees. He played
in only 28 games before retiring in May.
1936- Wallace “Buddy” Werner, skier born at Steamboat Springs,
CO. Werner skied on three US
Olympic teams and was the first American to break into the sport’s top
rank by winning important races in Europe. While filming a ski movie,
he was overtaken by an avalanche that he attempted to outrace. Died
at St. Moritz, Switzerland, April 13, 1964.
1937- Canadian composer, arranger and vibraphonist Hagood Hardy
was born in Angola, Indiana. He grew up in Oakville, Ontario and from
1957 to 1961, while studying at the University of Toronto, he had his
own jazz group. From 1961 to '67, he performed in the US with such musicians
as Gigi Gryce, Herbie Mann, Martin Denny and George Shearing. Hardy
returned to Canada in the late '60s, becoming a leading composer of
radio and TV jingles. In 1975, his single "The Homecoming,"
written three years earlier as a Salada Tea commercial, became an international
hit. The song won Hardy Juno Awards as best composer and best instrumentalist,
and Billboard magazine named him instrumentalist of the year. Hardy
died of cancer in Hamilton on January 1st, 1997.
http://www.canoe.ca/JamMusicPopEncycloPagesH/hardy.html
http://www.channelproductions.com/tribute.htm
1942 - The Academy Awards were presented, for movies that were
shown in theatres during 1941. "How Green Was My Valley" won
the award for Best Picture. The star of "Sergeant York", Gary
Cooper, took home the Oscar for Best Actor and The Best Actress statue
was presented to Joan Fontaine for her performance in "Suspicion".
"How Green Was My Valley" garnered Oscars for Best Supporting
Actor, Donald Crisp and Best Director, John Ford. Mary Astor was voted
Best Supporting Actress for her role in "The Great Lie".
http://www.infoplease.com/ipa/A0148172.html
1943-guitarist/harmonica player Bob “the Bear” Hite, born
Torrance, CA Died April 5, 1981. Canned Heat lead singer.
http://tinpan.fortunecity.com/ebony/546/chbath.html
http://theoinquirer.com/index-648.html
http://www.putnampit.com/blues.html
http://starbulletin.com/2001/08/31/features/story7.html
http://www.drfeelgood.de/c_heat/ch_songs.htm
http://www.drfeelgood.de/c_heat/
http://www.borderlinebooks.com/us6070s/c1z.html#Canned_Heat
1944- Sue Sophia Dauser, superintendent of the US Navy’s Nurse
Corp, was the first woman to receive the rank of Captain. On December 14, 1945, she became the first
Navy nurse to receive the Distinguished Service Medal. 1942 - The Academy
Awards were presented, for movies that were shown in theatres during
1941. "How Green Was My Valley" won the award for Best Picture.
The star of "Sergeant York", Gary Cooper, took home the Oscar
for Best Actor and The Best Actress statue was presented to Joan Fontaine
for her performance in "Suspicion". "How Green Was My
Valley" garnered Oscars for Best Supporting Actor, Donald Crisp
and Best Director, John Ford. Mary Astor was voted Best Supporting Actress
for her role in "The Great Lie".
http://www.infoplease.com/ipa/A0148172.html
1945—Top Hits
Accentuate the Positive
- Bing Crosby & The Andrews Sisters
I Dream of You -
The Tommy Dorsey Orchestra (vocal: Freddy
Stewart)
Don’t Fence Me In
- Bing Crosby & The Andrews Sisters
I’m Losing My Mind
Over You - Al Dexter
1945- Wood Herman cuts “Caldonia.” 1951 - James Jones' novel, ‘From
Here to Eternity,’ about military life in Hawaii just before the bombing
of Pearl Harbor, was published in New York by Scribners.
http://www.amazon.com/exec/obidos/ASIN/0385333641/inktomi-bkasin-20/102-1682336-8966565
1947-harmonica player Paul Oscher born, Brooklyn, NY
http://www.harmonicamasterclass.com/paul_oscher.htm
http://www.thebluesjoint.com/Audio_Room/Paul_Oscher/paul_oscher.html
http://bluesplanet.com/oscher/
=========1950’s=========
1951 - James Jones' novel, ‘From Here to Eternity,’ about military
life in Hawaii just before the bombing of Pearl Harbor, was published
in New York by Scribners.
http://www.amazon.com/exec/obidos/ASIN/0385333641/inktomi-bkasin-20/102-1682336-8966565
1953—Top Hits
Don’t Let the Stars
Get in Your Eyes - Perry Como
Till I Waltz Again
with You - Teresa Brewer
Keep It a Secret
- Jo Stafford
Kaw-Liga - Hank Williams
1955-Billboard reports for the first time since their introduction
in 1949, 45 rpm discs are outselling the old standard 78. Another change
in the industry is also noted. On some New York City jukeboxes, it now
costs ten cents instead of five cents to play a record
=========1960’s=========
1960, David Jenkins of the US won the gold medal men’s figure
skiing at the VIIth Winter Olympics at Squaw Valley, Ca.
1961—Top Hits
Pony Time - Chubby
Checker
There’s a Moon Out
Tonight - The Capris
Surrender - Elvis
Presley
North to Alaska -
Johnny Horton
1962 - In New York City, the Best Play award winner of 1962,
"Oh Dad, Poor Dad, Mama’s Hung You in the Closet and I’m Feeling
So Sad" opened for 454 performances.
1965-Nineten year-old Jimmie Lee Jackson was killed by state
troopers at a voting rights demonstration in Marion, Alabama. As a result,
the Selma-to-Montgomery march was organized and took place a month later
-- when Dr. King led 20,000 marchers 50 miles east from the Edmund Pettus
Bridge in Selma, Alabama, to the state capitol in Montgomery. Five months
later, President Johnson signed the Voting Rights Act, and by year's
end, more than 250,000 new black voters were registered
http://www.spartacus.schoolnet.co.uk/USACjacksonJL.htm
http://www.watson.org/~lisa/blackhistory/civilrights-55-65/selma.html
1969—Top Hits
Everyday People -
Sly & The Family Stone
Build Me Up Buttercup
- The Foundations
Can I Change My Mind
- Tyrone Davis
Until My Dreams Come
True - Jack Greene
1969 -the "100 hour snowstorm" was in full swing across
the Boston area and the rest of New England as well. By the time snow
ended on the 28th, Boston recorded 26.3 inches of new snow. Pinkham
Notch, New Hampshire was buried under and incredible 77 inches and Long
Falls Dam, Maine reported 56 inches. Both Portsmouth, New Hampshire
and Portland, Maine set new single storm snowfall records with 33.8
inches and 26.9 inches, respectively. Rockport, Massachusetts measured
an impressive 39 inches.
=========1970’s=========
1972 - Harry Nilsson began week #2 at number one with "Without
You"; a love song that spent four weeks at the top spot.
1972 -the "Buffalo Creek Disaster" occurred in the
Buffalo Creek Hollow of Logan County in West Virginia. A coal slag dam
on the middle fork of Buffalo Creek burst sending a 50 foot wall of
water down a narrow valley killing 125 people and causing 51 million
dollars damage. 3 days of rain atop 6 inches of snow cover prompted
the dam break.
1973-Football player and golfer, Marshall Faulk, born New Orleans,
LA.
1977—Top Hits
New Kid in Town -
Eagles
Love Theme from "A
Star is Born" (Evergreen) - Barbra Streisand
Fly like an Eagle
- Steve Miller
Say You’ll Stay Until
Tomorrow - Tom Jones
1979 - The sitcom, "Flatbush", first aired on CBS-TV,
featuring the exploits of five, recent, high-school graduates living
in a middle-class, Italian neighborhood in Brooklyn New York’s Flatbush
area. *(Joseph Cali/costar) Presto Prestopopulos, taxi driver and one
of five street youths recently graduated from high school who lived
in the middle-class Italian neighborhood of Flatbush (Brooklyn). Calling
themselves the Flatbush Fungos, the gang also included Adrian Zmed as
Socks Palmero, a clothing store employee; Sandy Helberg as Figgy Figueroa,
a grocery deliveryman; Randy Stumpf as Joey Dee, a plumber's assistant;
and Vincent Bufano as Turtle Romero, a restaurant worker. Also featured
were Helen Verbit as Mrs. Fortunato, the neighborhood busybody; and
Anthony Ponzini as Esposito, a pool hall owner. The ethnic stereotypes the show portrayed offended
Brooklyn’s Borough president, who demanded the series be taken off the
air before it gave Brooklyn a bad name. In 1979, Brooklyn was known
as the garden spot of the United States. CBS cancelled the show after
3 episodes.
=========1980’s=========
1983 - Charley Pride’s "Why Baby Why", written by George
Jones and Darrell Edwards, topped the country music charts. Jones found
national fame in the United States with his own version of the song
in 1955.
1983 - Michael Jackson’s "Thriller" hit #1 in the
U.S. The album spent a total of 37 weeks at number one. The tracks:
"Wanna Be Startin’ Somethin’", "Baby Be Mine", "The
Girl is Mine" (w/Paul McCartney), "Thriller", "Beat
It", "Billie Jean", "Human Nature", "P.Y.T.
(Pretty Young Thing)", "The Lady in My Life". At last
count (2001), "Thriller" was certified for sales of more than
26 million copies by the Recording Industry Association of America,
and was in a tie with the Eagles’ "Their Greatest Hits 1971-1974"
as the best-selling album of all time.
1984 - The last United States Marines in the multinational peacekeeping
force in Lebanon left Beirut.
1985—Top Hits
Careless Whisper
- Wham! featuring George Michael
Loverboy - Billy
Ocean
Can’t Fight This
Feeling - REO Speedwagon
Baby’s Got Her Blue
Jeans On - Mel McDaniel
1985 - Tonight was the night of the seventh highest-rated television
music show of the 1980s, when a 23.8 share of the viewers watched "The
Grammy Awards". The Best Pop Vocal Performance by a Male award
was given to Phil Collins for, "Against All Odds (Take a Look at
Me Now)"; Best New Artist for 1984 went to Cindi Lauper, and Best
Album of the year award went to Lionel Richie for "Can’t Slow Down".
Tina Turner was a big winner, taking Best Song, Best Record and Best
Pop Vocal Performance by a Female for "What’s Love Got to Do with
It".
1986- Robert Penn Warren, the first official poet laureate of the
United ,was named by the librarian
of Congress, and
great historian, Daniel J. Boorstin.
Warren was born in Guthrie, KY, in 1905 and won three Pulitzer
Prizes, two for volumes of Poetry, and one for his 1946 novel, All the
King’s Men.
1987-The Tower Commission
report on the Iran-Contra affair was critical of Pres. Reagan for failing
to understand or control the secret attempt to trade arms to Iran for
the release of American hostages being held in Lebanon and divert profits
from the sale to the Nicaraguan Contras.
The commission appointed by the President in Nov. 1986, said
Reagan must take responsibility for the policy, which ended in “chaos”
and caused the U.S. much embarrassment abroad. Blame was placed also
on Donald T. Regan, the White House chief of staff, whom the president
replaced with former Senator Howard H. Baker, Jr., on February 27. It
also faulted former National Security Advisor Robert McFarlane &
his successor Admiral John Poindexter, and CIA Director William Casey.
Casey had resigned on 2 February for health reasons; McFarlane attempted
suicide on 9 February; and Regan resigned 27 February. In a television
address on March 4, the president said he too “ full responsibility,
“ but he did not admitting that the plan for dealing with Iran was basically
wrong.
1988 - Eight cities in the central and western U.S. reported
new record high temperatures for the date, including Lamoni IA with
a reading of 67 degrees. Temperatures in North Dakota were as warm as
those in Florida.
1989 - An upper level weather disturbance brought snow to parts
of the central U.S. which just one day earlier were enjoying temperatures
in the 60s. Snowfall totals in Missouri ranged up to nine inches at
Rolla.
1990 - Unseasonably cold weather followed in the wake of the winter storm in the northeastern U.S. Ten cities reported record low temperatures for the date, including Syracuse NY with a reading of 10 degrees below zero. Freezing temperatures in southeastern Virginia caused considerable damage to plants and fruit trees. The barometric pressure reading of 30.88 inches at Wilmington NC was February record for that location.
=========1990’s=========
1991 - "Rockline on MTV" premiered with host, Martha
Quinn, giving viewers a chance to talk to the stars. The first guest
was MC Hammer.
1991- Tim Berners-Lee introduces the Web browser:
Tim Berners-Lee presented
an early version of a Web browser to a work group at CERN, the European
Particle Physics Laboratory in Geneva, Switzerland, on this day in 1991.
He conceived the Web as a way for physicists at different universities
around the world to instantaneously share information. Throughout the
next year, he modified the architecture, released early Web browsers
on the Internet, and solicited feedback and input from Internet programmers.
By late 1991 and early 1992, the Web was widely discussed, and in early
1993, when Marc Andreessen released his Mosaic browser (Netscape's precursor),
the Web rapidly became a popular communications medium.
1993-World Trade Center Bombing: A 1,210-lb bomb packed in a
van exploded in the underground parking garage of the World Trade Center
in New York City, killing six people and injuring more than 1,000 (mostly
from smoke inhalation). The powerful blast left a crater 200 feet wide
and several stories deep. The cost for damage to the building and disruption
of business for the 350 companies with offices in the Center exceeded
more than $591 million. Fifteen people--the fundamentalist Moslem cleric
Sheik Omar Abdul Rahman and fourteen of his followers--were indicted
for the bombing. Rahman was given a life sentence and the others received
prison terms of up to 240 years each.
This is considered the first bombing of the United States by
foreign terrorists.
1997- Celine Dion won two Grammy Awards for "Falling
Into You" - album of the year and best pop album. At the time,
"Falling Into You" had sold more than 21 million copies worldwide.
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