Leasing News

The 1991 Western Association of Equipment Lessors Board of directors posed for this picture with the Pacific Ocean in the background as the evening Gala at The Lodge at Pebble Beach was about to commence. The 1991 Executive Committee (seated l to r) are President Bill Grohe, VP Marketing, Brentwood Funding Enterprises; Vice President Hal Horowitz, CLP, EVP, Interbank Leasing Company; Immediate Past President Ron Wagner, CLP, President Heritage Leasing Capital; Executive Vice President Jon Bednerik, CAE (not pictured is Secretary/Treasurer Gordon Roberts, VP First Concord Acceptance Corporation). Standing (l to r) are Board of Directors Members Bob Grenzer, President, Kropschot & Associates; Chuck Griffin, CLP President, Griffin & Associates; Jim Merrilees, President, Colonial Pacific Leasing Corporation; Peter Eaton, CLP, Regional Vice President, First National Leasing Corporation; Robert Jacobson III, CLP, Consultant; Francie Wilbourne, West Coast Manager, ORIX Credit Alliance Corporation; Oren M. Hall, Partner, Heritage Financial Services. (Not pictured are Barry Ferns, Esq., Ferns & Ferns, and Ginny Young, EVP, Nova Leasing Corporation.)

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Classified Ads---Credit/Credit Managers

Credit: Corona, CA.

VP credit Consumer Credit prime/sub prime Auto lending/leasing/mortgages. 20+yrs exp. If you are looking for someone to affect the bottom line I am that person. Will relocate. email:amosca2000@yahoo.com

Credit: Irvine, CA. 25+ years experience with small ticket, municipal, federal, financial disclosure, operations, documentation, funding. Excellent relationships with many funding sources. Proven producer. email: cibo@earthlink.net

Credit: Laughlin, NV. 20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved. email:batarista@laughlin.net

Credit: Long Beach, NY. Credit officer w/more than 20 years of experience. Seeking position in which I can utilize my credit-collections, communication &management skills. email:michaelschaubeck@webtv.net

Credit: Los Angeles, CA

Over 15 years experience in Credit/ Operations with Small Ticket and transactions up to $500,000.00. CLP, with excellent relationships with most major lenders. Email:jonbh123@earthlink.net

Credit: Mill Valley, CA

Senior corporate officer with financial services credit background. M and A, fund raising and workout expertise. Email:nywb@aol.com

Credit: New York, NY.

V.P.Credit & Collections w/23 years exp.looking for a situation where I can utilize my varied & extensive knowledge of credit/collections/risk-management & leasing. Email:rcouzzi@yahoo.com

Credit: New York, NY Credit officer with banking and leasing background; strong analytical and communication/PC skills with lending and portfolio management experience. email: michaelschaubeck@webtv.net

Credit: No. Atlanta, GA. VP Credit/ Operations/Sr. Credit Officer. 15yrs exp. in equipment leasing. Strong financial analysis and management skills. Experience developing and maintaining profitable customer/vendor relationships. email:credops@msn.com

Credit: San Francisco, CA. 10+ years Credit Analyst experience underwriting for a direct lessor, regional bank and vendor leasing company. Have CLP and will make decisions ( wont rely on a FICO score for enlightenment.) email: pmtorres1@yahoo.com

Credit: New York, NY

3+ years of leasing credit / contracts experience. Currently in the leasing industry and moving to NY! Exp. working at both funding source and broker.

email: lease4you@mail.com

Credit Manager: Kansas City, MO. Equipment finance and leasing, inventory finance, construction & agricultural equipment.

email: impens@earthlink.net

Credit Manager: Westlake, OH

7+ years Credit/Underwriting experience Comp lit. Please email me for copy of job description at mgallo@comfingrp.com

Full List available at:

http://65.209.205.32/LeasingNews/JobPostings.htm

[Headlines]

Perfect Storm To Linger For U.S. Multifamily REITs

(see reasoning behind ratings for long term indication of the marketplace)

Fitch Ratings-New York- Fitch Ratings maintains its Negative Rating Outlook for multifamily real estate investment trusts (REITs) as continued weak demand, oversupply and the availability and affordability of single family homes have reduced protection measures and have made further credit deterioration a possibility within the sector, according to a special report. Despite a significant drop in new unit delivery last year (172,000 units in 2002 compared to a peak of 220,600 units in 2000), many units are being delivered to oversupplied markets, creating even more difficulties for occupancy rates and rents within the multifamily REIT sector.

'Downward pressure on occupancy has forced multifamily landlords to reduce effective rents to attract and retain tenants,' said Tara Innes, Senior Director, Fitch Ratings. 'Additionally, increasing property taxes and insurance have contributed to an overall deterioration of operating earnings for multifamily REITs.'

Lingering job losses and declines in homebuilding rates have dampened overall housing demand, particularly in markets plagued with heavy job losses such as San Jose, San Francisco, Detroit and Seattle. Delivery of new multifamily units coupled with weakened demand has also put downward pressure on markets with low barriers to entry like Orlando, Austin, Charlotte, Atlanta and Denver. Adding to the multifamily REIT troubles are single family homebuilders, who have built a record number of new homes in each of the last five years despite the overall weakness in the U.S. economy.

Fortunately, the current low interest rate environment has afforded REIT management teams the opportunity to moderate cash flow deterioration by refinancing maturing, high coupon borrowings and preferred stock, at the current lower rates. 'Capital commitments, lengthy and expensive entitlement periods and construction timeframes have conspired with abundant investment capital to help fuel delivery of new multifamily and single family units,' said Innes.

'Outlook for Multifamily REITs: The Perfect Storm Continues?' is available on the Fitch Ratings web site at 'www.fitchratings.com'

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SunTrust Completes Acquisition of Lighthouse Financial Services

ATLANTA, -- SunTrust Banks, Inc. (NYSE: STI - News) completed its acquisition of Hilton Head Island, S.C.- based Lighthouse Financial Services, Inc.

The previously announced $130 million purchase price was paid to Lighthouse shareholders in a combination of cash and SunTrust stock, which equates to approximately $42.80 for each outstanding share of Lighthouse common stock. Lighthouse stock is not publicly traded, and the company is owned by approximately 400 stockholders, primarily local residents.

SunTrust will continue to operate the Lighthouse business under the Lighthouse name until the conversion of customer accounts in early 2004, at which time the name will change to SunTrust. Lighthouse will operate as a locally managed banking unit under the continuing leadership of current Lighthouse CEO Jerry Caldwell and President Terry Rohlfing. Organizationally, it is part of SunTrust's Central Group, which also includes the bank's operations in Georgia, Tennessee and Alabama. SunTrust reiterated its expectation that most of Lighthouse's approximately 170 employees will remain with the Company.

"With formal completion of this transaction, all of us at Lighthouse are committed to bringing to our customers the benefits that come from being part of one of the nation's largest and strongest banking organizations," said Jerry Caldwell. "We remain focused on providing our customers with the superior service that they've come to expect, and our number one priority now is to ensure a smooth and seamless customer conversion."

"We are pleased to enter this special market and be able to offer Lighthouse customers a broader range of investment and banking services through the same locally focused, experienced management team," said Jenner Wood, Chairman, President and CEO of SunTrust's Central Banking Group.

SunTrust Banks, Inc., headquartered in Atlanta, Georgia, is one of the nation's largest commercial banking organizations. As of March 31, 2003, SunTrust had total assets of $120 billion and total deposits of $78 billion. The company operates through an extensive distribution network primarily in Florida, Georgia, Maryland, Tennessee, Virginia and the District of Columbia and also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides credit cards, mortgage banking, insurance, brokerage and capital markets services. SunTrust's Internet address is www.suntrust.com.

Source: SunTrust Banks, Inc.

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#### Press Release ##########################################

LEAN announces addition of three new members

PITTSBURGH “ The Lease Enforcement Attorney Network (LEAN) announced today it has accepted three law firms as new members of LEAN. The firms are Hemar, Rousso & Heald of Encino, Calif.; Lloyd & McDaniel of Louisville, Kentucky and the Law Offices of Deborah S. Ashen of Chicago, Illinois.

Detailed information about these or other LEAN members can be found at the LEAN website “ www.leasecollect.org.

LEAN’ Chair, Robert S. Bernstein said “ These three new member firms typify the quality and experience of the rest of the LEAN members, whose firms assist equipment lessors and other creditors in the enforcement of their customers obligations.” We are proud and honor to have them among the more than 35 firms representing clients throughout the U.S.”

LEAN is the largest nationwide organization of experienced attorneys who assist leasing companies and lease funding entities in the enforcement of lease obligations including collections, asset recovery, and bankruptcy representation.

All members of LEAN are affiliated with the leading collection, bankruptcy, and leasing organizations including Equipment Leasing Association; United Association of Equipment Leasing; Eastern Association of Equipment Lessors; Commercial Law League of America; American Bankruptcy Institute; or the International Association of Commercial Collections.

Many of the attorneys are certified as Creditors Rights or Business Bankruptcy specialists by their individual state or the American Board of Certification.

Leasing company representatives can find a LEAN attorney to assist them anywhere in the United States through a searchable database on the LEAN web site at www.leasecollect.org.

Contact LEAN directly by email at info@leasecollect.org or by calling its toll free number at 877-LEASELAW or 877-532-7352.

For more information, contact:

Max G. Moses 312-296-7864

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#### Press Release #################################

Merger Creates Business Software Giant

By Clint Boulton, Internetnews.com

PeopleSoft (Quote, Company Info) Monday agreed to buy J.D. Edwards & Co. (Quote, Company Info) for $1.7 billion in stock, a move that shakes up the market for business applications software.

The deal makes PeopleSoft the second-largest business software provider to Germany-based leader SAP as PeopleSoft will gain new access to mid-market application customers to add to its large market customer base. Combined, the companies will have about $2.8 billion in annual revenues, 13,000 employees and more than 11,000 customers in 150 countries.

PeopleSoft competes on different levels with SAP (Quote, Company Info), Siebel (Quote, Company Info) and Microsoft (Quote, Company Info) to sell software for such segments as human resource management (HRM), customer relationship management (CRM) or enterprise resource planning (ERP) to large companies, meaning that the companies cater to small, medium and large classes of businesses, based on size. As a provider of software for large-scale firms, SAP effectively becomes PeopleSoft's greatest competitor. Microsoft tends to sell to the small- and mid-sized market, courtesy of its purchase of Great Plains Solutions two years ago. J.D. Edwards typically sells to the mid-sized market as well.

Buying Denver's J.D. Edwards fills a gap in asset and manufacturing applications for Pleasanton, Calif.'s PeopleSoft, while Denver's J.D. Edwards hopes to benefit from selling PeopleSoft's popular human resources management software, said PeopleSoft President and CEO Craig Conway.

"The employees of both companies share a cultural passion for serving the customer," said J.D. Edwards Chairman, President and CEO Bob Dutkowsky. "Additionally, with PeopleSoft's strength in the large enterprise space and services industries, combined with J.D. Edwards' position as an acknowledged leader in the mid-market and manufacturing, we will be able to serve the entire enterprise software market in a way that no other vendor can. The integration of the two companies is a giant leap forward in fulfilling J.D. Edwards' goal to Make Customers Stronger."

J.D. Edwards will become a wholly owned subsidiary of PeopleSoft, and J.D. Edwards stockholders will own approximately 25 percent of the stock of the combined outfit.

As for terms of the deal, PeopleSoft is offering stockholders 0.860 PeopleSoft common shares for each outstanding J.D. Edwards common share. The value of the deal is based on the closing price of PeopleSoft stock on May 30, 2003 and J.D. Edwards' shares outstanding.

The transaction will be accretive to PeopleSoft's FY 2004 earnings on an adjusted basis excluding amortization associated with intangibles, the write-down of deferred revenue and other purchase accounting adjustments. The transaction is expected to close in the late third or early fourth calendar quarter.

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CIT to Present at American Financial Services Association European Finance Industry Conference

LIVINGSTON, N.J., / -- CIT Group Inc.

(NYSE: CIT) announced that Glenn Votek, Executive Vice President and

Treasurer, and Valerie L. Gerard, Vice President, Investor Relations, will

present at the American Financial Services Association European Finance

Industry Conference in London on Wednesday, June 4, 2003.

CIT's presentation is scheduled to begin at 2:10 p.m. GMT (9:10 a.m. EDT).

To view the presentation slides and listen to a live web cast of the

presentation, log on to CIT's investor relations web site at http://ir.cit.com

approximately fifteen minutes prior to register, download and install any

necessary audio software.

An audio replay of the presentation will be available shortly following

the presentation and archived on the site for a period of seven days, ending

on Wednesday, June 11, 2003 at 5:00 a.m. GMT (12:00 a.m. EDT).

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 New York City and Livingston, New Jersey

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.

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Letters---We Get eMails

I had heard that both Wired Capital and CapitalStream had mutual VC companies, so the merger made sense - integrate two hurting companies into one to reduce operations / headcount.

My initial questions would revolve around their customer base and how and if they plan to service them. They now have three different front office solutions - how do they plan to service and support them? What's their migration strategy? I've spoken to some of their existing customers and their fed up - no service - no additions of functionality - and now they have to clean up IDS - who were also rumored to be in bad shape.

I'm also curious as to why they bought IDS? They've been up for sale for a long time - nobody else bought them and probably for good reasons - why did they buy them beyond the fact they're in a similar market - just because it's cheap doesn't make it a good deal.

They're great at raising money - they should be in the funding business.

They're perceived as a badly run business in a niche, close-knit industry, who have now raised money to buy a company also with problems in an economy that really isn't in the best shape. They're creating a bigger monster that will need to be fed on a regular basis, and at who's expense is the troubling part.

" The only easy day was yesterday."

( Leasing News has requested an interview with Kevin Riegelsberger. The

company press releases indicate the opportunity and are very positive.

As important, the company has raised a lot of cash, but what the “burn rate”

will be, that is what the credit managers at Comdisco or Pentech Financial

would ask. editor )

Property tax bill---

I just have never been billed by a company that went under, in care of

another company that will not return calls, provide contracts or even knows what I have leased. I have had my mortgages sold several times and received the paperwork to go with that and a new payment book.

I am not familiar with leasing because it is my first. That is the reason I asked, as you and your readers are the word in the leasing business, and as my business grows I am sure to lease again.

It was what I found in your website while researching the company I made

the contract with and the one billing me that I gathered maybe ******* was

either not very ethical in his business or any transactions he or

********* may have done with anyone, might not be legal. Anyone in my

shoes would be a fool not to question what is going on, it's just good

business. Believe me when I tell you your news letter an reporting is a great tool

for many I am sure. I know it has bin very informative and fun for me, so then

again I thank you for taking the time to read and respond to a dumb

bodyman's questions about a business I know nothing about.

From: JOAQUIN COVAS

covas@arkansas.net

(It is a legitimate question. Many leasing companies inflate the property

tax fee, and some legitimately in their contract do this, while others send a bill and

lessees very rarely question it.

(You can figure out how close it is by looking at the average of what you

are paying on other equipment. Usually you can compute it into a factor or percent. It is just a benchmark.Most often it is 1.25% of the cost of the equipment.

That is the county tax, but don't know in your area.

(You have the right to ask them for substantiation of how they arrived at that

dollar figure. editor)

Sent May 23----

Enjoy reading your news every day. Will be out of the office until Tuesday, June 3rd, so will not open mail until my return.

bspangler@emarquettebank.com

(Welcome back. As we originally wrote her, we don’t have a “vacation” list, but

it is not a bad idea to explore. editor )

---

I appreciate the "Pictures of the Past" portion of LeasingNews. It's great

fun seeing our friends at prior UAEL events. It reminds me of how many

really neat people are in our industry.

Bette Kerhoulas, CLP

Managing Director

800-800-8081, 949-727-3711 Ext. 227, 949-727-3722 Fax

bettek@pacifica-capital.com

Please visit our web site at www.pacifica-capital.com

<http://www.pacifica-capital.com>

((Thank you. We have asked the other leasing associations to send pictures. We also have asked readers to send pictures (we will return if sent by mail.) Editor))

---

India Calling---

You may be aware that The Equipment Leasing and Finance Foundation has predicted that the volume of leasing equipment will increase in the next few years, with the downturn in the economy. Hence, the present challenge facing most leasing companies is how to stay ahead of the curve by streamlining IT systems with the objective of reducing operating costs.

Our company, Mascot Systems, has over 4000 IT Consultants worldwide in 35 offices on 5 continents. In addition, we have a dedicated Leasing Practice with over 100 techno-functional professionals with relevant leasing-related project experience. This technical and functional pool of expertise could increase the efficiency in developing leasing solutions for your company. This

would include providing development, enhancement and maintenance IT services in an offshore model at a reduced cost over

traditional methods.

Our leasing professionals, mostly in India, have provided these benefits to major leasing organizations such as Case New Holland (CNH Capital), Penske Leasing and ORIX Finance, to name a few. We have provided services across a wide range offunctional areas, including:

· Quotations for Loans, Leases and Rentals

· Contract generation

· Credit Applications submission and tracking and Credit Bureau interface

· Dealer tools such as dealer subsidy, dealer finance income, profitability, maximum residual, excess usage

· Equipment Maintenance and Repair Tracking

We can provide real solutions to real IT leasing problems and have a strong track record of performance. We are a CMM Level 5 certified organization with a successful record of serving customers like General Electric, HP, EDS, Charles Schwab and IBM.

I will call you in the next week to discuss your leasing environment and see if we can proceed to discuss further how Mascot can help provide efficiency in your leasing operation at a reduced cost using our offshore resources.

Very truly yours,

Bruce E. G. Smith, Director of Sales

(412) 787-9227

Cell (412) 551-4027

bsmith@igate.com

[Headlines]

( You can also go to the Leasing News outsourcing page, for services such as:

Backroom: All Locations

Are you a broker or a rep for a major lessor? Want to just market and leave the backroom an packaging functions to us? Call us.

Email:nationalbusinesscredit@yahoo.com

Back Office: Atlanta, GA. Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in U.S. email:sales@taxpartners.com

Backoffice: Atlanta , GA. GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 email:azeppenfeld@globaltechfinancial.com

Back Office: Northbrook, ILOur staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc. Email:ngeary@edwinsigel.com

Back Office: San Rafael, CA

We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management. Email:gmartinez@phxa.com

Back Office: Portland, OR

Tired of paying and training a documentation person? Cut your expense and try outsourcing. Ideal for any part of the USA Call for information 503-492-3183. Email:Trina.Drury@verizon.net

http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm

(These are free ads to service providers in the leasing industry, especially

smaller firms who do not have the budget to advertise out of their immediate

area. editor)

Leasing Industry Help Wanted

Contract Administrator: Newton, MA,
Proficiency in docs, funding & customer service required, Broker exp a plus. Salary w/possible bonuses. Email resume to: markg@integrityleasing.com

About the Company: www.integrityleasing.com

SALES--Territory Mgrs. needed. Small to lower- middle-market lessor. Unequaled backroom support. Lead generation. Bruce Larsen 877-333-5864, or, blarsen@leasingpartnerscapital.com

Telesales Reps-Newton, MA/Nationwide. Integrity Leasing seeks reps to call on our Vendors and Lessee’s and new prospects . Should have at least one year experience structuring and closing small/mid ticket transactions. Salary plus generous Commissions. Fax resumes to 617-641-9374 or email to markg@integrityleasing.com.

About the Company: www.integrityleasing.com

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IT Outsourcing Hottest Trend in Financial Services

By dc.internet.com Staff

With at least seven outsourcing megadeals worth more than an estimated $20 billion, IT outsourcing and business process outsourcing (BPO) are the fastest-growing service lines in the financial services sector, according to research firm Gartner (Quote, Company Info).

Although Gartner analysts say that while BPO has emerged as one of the fastest growing service opportunities in the financial services market, BPO is not a new service area for financial services. Check-processing services, for instance, have been around for decades, and payment processing showed steady robust growth through the 1990s.

According to Gartner, what is different now is that BPO is rapidly expanding into areas that were off limits to outsourcing just a few years ago. Increasing acceptance is also driving expansion in the number and scope of deals, which, in turn, increases the market size.

"An important element in many of the megadeals is a focus on IT infrastructure and operations. Many of the mega-outsourcing contracts involve substantial consolidation and centralization of IT assets on a global basis," said Susan Cournoyer, principal analyst for Gartner's IT Services group. "Yet the outsourcing megadeals also represent a look ahead. Outsourcing providers promise to meet IT and business needs through new technology and new business models, particularly the on- demand model that appears to promise relief from fixed costs."

Demonstrating strong technical skills and application expertise are the top factors in choosing IT services providers, in financial services and across all vertical markets. However, financial services providers differ from other industry IT buyers when it comes to cost and industry expertise.

"Reflecting the industry's price sensitivity, cost ranks higher in IT buyer's decision making in financial services than in other industries," said Cournoyer. "Industry knowledge is also more important to financial services IT buyers, which likely accounts for the trend toward more in-depth verticalization among top-ranked providers."

[Headlines]

*** Announcement *************************************************

The MidAmerica Association of Equipment Lessors 19th Annual Golf Invitational

The MidAmerica Association of Equipment Lessors (MAEL), ELA's largest regional affiliate, will be hosting its 19th Annual Golf Invitational on July 28, 2003 at Indian Lakes Golf Club & Resort, www.indianlakesresort.com located in Bloomingdale, Illinois. We have relocated from Harborside International to Indian Lakes Resort to offer our regular attendees a change of scenery and to provide everyone (including companions) with some further amenities. While in the area, be sure to take this opportunity to schedule additional business activities and appointments!

Indian Lakes Resort has just been renovated in its entirety and offers two state of the art 18-hole championship golf courses, a 4,000 sq. ft. full-service spa featuring Vichy shower, massage, skin & body treatments, indoor/outdoor pools and much more. Bring the entire family and enjoy a fun filled weekend while networking with industry leaders!

The staff at Indian Lakes is committed to providing us with a spectacular event! Banquet facilities can accommodate over 500 people for the reception and dinner, and we expect participation this year to be at capacity (up from last year's 280 golfers-310 dinner/reception attendees). The after dinner speaker is always an event highlight and will be announced in the near future.

For the exceptionally competitive golfer and businessman, the MAEL Invitational will be preceded by the Team-Challenge Weekend.

• July 26th play White Eagle Golf Club, a private, 27 hole Arnold Palmer course

• July 27th play Bolingbrook Golf Club, voted by Golf Magazine "Top Ten you Can Play" in 2002

Don't miss this occasion to warm-up your game before the main event! Sponsorship opportunities are available for all events. Reserve your place today to participate in our industry's largest golf-related networking opportunity. Hotel rooms are currently being held for attendees through June 25th. Please call the resort at (630) 529-0200 immediately for reservations. Requests for special accommodations can be arranged on a first call-first served basis by calling us direct.

**** Announcement ******************************************

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please send to a colleague as we are trying to build our readership.

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Two New additions to our recommendation pages:

Speed up your Dial Up Connection:

http://two.leasingnews.org/Recommendations/Internet/pluggedin.htm#speed

More calculators on line:

http://two.leasingnews.org/Recommendations/lease-finance.htm

[Headlines]

News Briefs---

Manufacturing activity declines again, but could signal coming recovery

http://www.signonsandiego.com/news/business/20030602-1417-economy.html

Postal revenue down as mail volume stagnates

http://www.signonsandiego.com/news/business/20030602-1359-postalfinance.html

FedEx aims to reduce work force with early retirements, severance http://www.boston.com/dailynews/153/economy/FedEx_aims_to_reduce_work_forc:.shtml

Homes Prices Still Rising, but More Slowly

http://www.nytimes.com/2003/06/03/business/03HOME.html

Chart of Home sales http://graphics7.nytimes.com/images/2003/06/02/business/03ECON.chart_appreciate.jpg

FCC eases media ownership rules

http://www.bayarea.com/mld/mercurynews/5992909.htm http://www.boston.com/dailynews/153/economy/How_new_FCC_rules_affect_the_m:.shtml

http://www.nytimes.com/2003/06/03/business/media/03CREA.html

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Highlights This Day in American History

1770-Mission San Carlos Borromeo de Carmelo: the second California mission to the Indians. http://www.californiamissions.com/cahistory/sancarlos.html

http://missions.bgmm.com/index.htm

1781-Jack Jouett made a heroic 45-mile ride on horseback during the night of June 3-4, to warn Virginia Governor Thomas Jefferson and the legislature that the British were coming. Jouett rode from a tavern in Louisa County to Charlottesville, VA, in about 6 ½ hours, arriving at Jefferson’s home at dawn on June 4. Lieutenant Colonel Tarleton’s British forces raided Charlottesville, but Jouett’s warning gave the Americans time to escape. Jouett was born at Albermarle County, VA, December 7, 1754 and died at Bay, JY, in 1822 ( exact date not known ). http://www.ushistory.com/jouett.htm

1808-birthday of Jefferson Davis, American statesman, US Senator, only president of the Confederate States of America. Imprisoned May 10, 1865-May 13, 1867, but never brought to trial, deprived of rights of citizenship after the Civil War. Davis was born at Todd County, KY, and died at New Orleans, LA, Dec. 6,1889. His citizenship was restored, posthumously, October 17,1978, when President Carter signed an Amnesty Bill. This bill, he said, “ officially completes the long process of reconciliation that has reunited our people following the tragic conflict between the states. “ Davis’s birthday anniversary is observed in Florida, Kentucky, and South Carolina on this day, in Alabama on the first Monday in June and in Mississippi on the last Monday in May. Davis’s birth anniversary is observed as Confederate Memorial Day in Tennessee. http://www.beauvoir.org/

1851-First Baseball Uniforms: The Knickerbocker Base Ball Club of New York City donned the sport’s first uniforms: straw hats, blue full-length trousers and white shirts.

1856-Cullen Whipple of Providence, RI obtained a patent for a screw machine to make pointed screws. Prior to this invention, screws were blunt on their threaded ends, and it was necessary to bore a hole in order to insert them.

1862-Haiti recognized as a nation by the United States.

1862-Liberia recognized as a nation by the United States

1864-Battle of Cold Harbor. Although Confederate General Robert E. Lee had placed his troops behind considerable breastworks, Union General Ulysses S. Grant launched an all-out attack on the Southern army. More than 7,000 Federal troops were killed within on-half hour of the battle on the first attack. General Lee won his last victory over Union forces, numbering 108,000 against this 59,000. 1500 Confederate troops were also killed. In an eight –minute period more men fell in an assault on entrenched Confederate troops than in any other like period of time. After a second unsuccessful attack, Grant’s orders for a third assault were all but ignored. Grant had new and ill trained troops, and his

battle plan was not carried out by his officers. Compounding this was the battlefield tradition held that the first commander who sought a truce in order to tend to the wounded was the loser. Grant refused to admit defeat by seeking such a truce and the wounded were left on the ground for three days following the battle. General Lee also refused to be the first to go after his wounded, and therefore thousands of wounded men from both sides died either from their wounds, hunger, thirst or exposure. Between May 7 and June 3, federal losses were 50,000 men, Confederate 32,000. The North could replace its losses fully, especially paying for troops, many of them immigrants from Europe, but the South could not.

(bottom half of http://memory.loc.gov/ammem/today/jun03.html)

http://saints.css.edu/mkelsey/cold.html

http://civilwar.bluegrass.net/battles-campaigns/1864/640601-03b.html

1877- Elizabeth Fires Lummis Ellet birthday; U.S. author and historian who used primary and direct research for her monumental three-volume Women of the American Revolution (1848), and the Pioneers of the American West (1852) as well as other books about women. http://chnm.gmu.edu/dimenovels/authors/fleming.html

1884-the first national political convention of a major party president over by an African-American met in the Exposition Building, Chicago, IL. John Roy Lynch, an African-American politician who has served three terms as a congressman from Mississippi, was nominated for temporary chairman of the Republican Party by Henry Cabot Lodge. The nomination was supported by Theodore Roosevelt and George William Curtis, and was carried by a vote of 424 for Lynch a to 384 for Powell Clayton. The convention nominated James Gillespie Blaine for president and General John Alexander Logan for vice president. November 4^th Grover Cleveland was elected president of the United Sates and Thomas A. Hendricks was elected vice-president. The electoral vote was Cleveland, 219, James G. Blaine, Republican of Maine, 182. The popular vote was Cleveland, 4,911,017 and Blaine 4,848,224. A very interesting presidential election as it was fought mainly with attacks on the reputation of the rival candidates. The Republican candidate, James G. Blaine, on his basis of letters he had written, was accused of having profited from the Credit Moblier scandal involving the building of the Union Pacific Railroad. His opponents sang: “Blaine, Blaine, James G. Blaine, the continual liar from the state of Maine.” The Democratic candidate Grover Cleveland, was accused of having fathered an illegitimate child, which in his forthright manner, he admitted. The turning point of the election was a remark made on October 9 by the Rev.. Samuel D. Burchard in New York, in the presence of Blaine, that the Democrats were the party of “Rum, Romanism and Rebellion.” Blaine did not disavow the remark, and the Irish-American Roman Catholics of New York were outraged. Cleveland carried the state by 1149 votes and thereby won the election. In 1888, President Grover Cleveland did not campaigning, saying it was beneath the dignity of the office of the president. Benjamin Harrison, the Republican candidate, brought the front porch campaign to its peak, and won. In 1892, Grover Cleveland campaigned and won the election as president along with Adlai E. Stevenson as vice-president. The electoral vote was 277 to Harrison’s 145, and popular vote 5,554,414 to President Harrison’s 5,190,802. The Populist party won electoral college votes, carrying Kansas, Colorado, Idaho and Nevada, 22 electoral votes and $1,027,329 for candidate James B. Weaver, perhaps the Ross Perot of his day. http://www.arlingtoncemetery.com/jrlynch.htm http://www.amazon.com/exec/obidos/ASIN/0226498182/inktomi-df1-2-20/104-3603723-3237564

1880- Alexander Graham Bell transmitted the first wireless telephone message on his newly-invented "photophone.” The photophone functioned similarly to the telephone, except the photophone used light as a means of projecting the information, while the telephone relied on electricity. http://memory.loc.gov/ammem/today/jun03.html

1886 - Grover Cleveland became the first U.S. President to get married in the White House. He exchanged vows with his bride, Florence Folsom. His bride

was 27 years younger than he. While he ran for a second term, he did not

campaign, but stayed in the White House with his young bride. He lost.

But he ran again in 1892, this time, he campaigned, and he won. The only

president to lose his office and then win it back again.

1888-the famous comic baseball ballad “Casey at the Bat” was printed in the Sunday San Francisco Examiner. Appearing anonymously, it was written by Ernest L. Thayer, Recitation of “Casey at the Bat” became part of the repertoire of actor William Dwalt Hopper. The recitation took five minutes and 40 seconds. Hopper claimed to have recited it more than 10,000 times, the first being at Wallack’s Theater at New York, NY, in 1888.

1904-birthday of Charles Drew-African American physician who discovered how to store blood plasma and who organized the blood bank system in the US and UK during WWII. Born at Washington, DC, he was killed in an automobile accident near Burlington, NC, April 1, 1950. http://dearborn.boston.k12.ma.us/gr7c.htm

http://www.galegroup.com/free_resources/bhm/bio/drew_c.htm

1906-birthday of African-American Josephine Baker, the very popular Parisian chanteuse known as "Le Jazz Hot," was a heroine of French resistance in WWII. She was born in St. Louis, Missouri, but moved to France because she was

a black Lesbian and received better acceptance in Europe. She received Legion d'Honneur and the rarer Medaille de la Resistance from French President Charles de Gaulle for her work during World War II on behalf of France. She acted as a courier when she toured North Africa and other places as she sang and performed for Allied troops. She adopted 19 children, all from different nationalities. In later life when her money ran out and she was evicted from her home in France, Princess Grace of Monaco (formerly Grace Kelly of Philadelphia and Hollywood) gave her a villa in Monaco and financed her new act Josephine '75 to celebrate her 50 years in Paris. She died in her sleep after 14 performances. After WWII she had returned to the U.S. to try again but faced such racial discrimination for her act at the Stork Club that she returned to France where she was an honored entertainer and admired hero.

http://www.cmgww.com/stars/baker/

http://www.jerryjazzmusician.com/mainHTML.cfm?page=eanwood.html

1911-Birthday of Jean Harlow - the original blond sex-queen of Hollywood who was haunted by a chaotic private life. She died when when her mother, as an abiding by Christian Scientist, refused to send her to a hospital for kidney failure. Her kidneys had been injured by a former husband who then shot himself.

Her persona in the movies was a wise- cracking blond bombshell with a heart of gold. http://www.jeanharlow.com/

1911-birhday of trumpet player Yank Lawson, Trenton, Mo.

http://www.jazzhall.org/jazz.cgi?@LAWSONYANK

http://www.landing.com/profiles/yank.htm

1916- Gloria Martin born- Seattle author and militant socialist-feminist who attempted to weld the two into one movement through Radical Women (1967). The working mother of eight, she fought for poor women, women of color, abortion rights, etc., in an unabashed manner that called for women to train and organize to get their needs taken care of. Died November 17, 1995

http://www.socialism.com/library/glormatr.html

http://www.hartford-hwp.com/archives/45/115.html

1926-birthday of Allen Ginsberg, Poet of the Beat Generation (“Howl”), born Newark, NY. Died April 5, 1997, New York, New York. http://www.levity.com/corduroy/ginsberg/home.htm http://www.nytimes.com/learning/general/onthisday/bday/0603.html

1916-the first Supreme Court justice was Jewish was sworn in, Louis Dembitz Brandeis of Boston, MA. He served until 1939. http://www.library.brandeis.edu/SpecialCollections/SpecialEvents/Brandeis/

http://www.louisville.edu/library/law/brandeis/

1920—Pianist John Lewis Birthday

http://www.allaboutjazz.com/bios/jxlbio.htm

http://www.allaboutjazz.com/reviews/r0200_028.htm

1927-birthday of tenor saxophonist Boots Randolph, Paducah,KY

http://www.bootsrandolph.com/

1932-birthday of vocalist Dakota Staton, Pittsburgh, Pa 1932-Lou Gehrig became the first American League player to hit four home runs in one game, doing so in a 20-13 New York Yankees victory over the Philadelphia Athletics. Gehrig hit his homers in four straight at bats and narrowly missed a fifth. His teammate, Tony Lazzeri, hit for the cycle.

1936-Bestselling novelist Larry McMurtry is born on this day in Wichita Falls, Texas.

http://www.library.swt.edu/swwc/archives/writers/mcmurtry.html

http://www.cars101.com/McMurtry.html

1942- Curtis Mayfield, a driving force in black music as singer, writer, producer and record company owner, was born in Chicago. Mayfield formed the Impressions in the late 1950's with singer Jerry Butler. When their first single, "For Your Precious Love," was a huge hit in 1958, Butler left for a solo career and Mayfield joined him as a guitarist. Mayfield reformed the Impressions in 1961, and led the group during its greatest years. He wrote many of their hits, including their biggest, "It's All Right," in 1963. Mayfield left the Impressions in 1970 and formed his own record and publishing company, Curtom. He had the biggest hit of his career in 1972 with the soundtrack to the film "Superfly." It made number one on the Billboard chart. Mayfield was paralyzed in 1990 when a light standard fell on him before a concert. Died December 26, 1999.

http://www.rockhall.com/hof/inductee.asp?id=150

http://www.warr.org/mayfield.html

1945---Top Hits

Laura - The Woody Herman Orchestra

Dream - The Pied Pipers

Sentimental Journey - The Les Brown Orchestra (vocal: Doris Day)

At Mail Call Today - Gene Autry

1949-the first Naval Academy graduate who was African-American was Ensign Wesley Anthony Brown of Washington, DC1952 – Hoping to make a come back, Frank Sinatra recorded the classic "Birth of the Blues" for Columbia Records. It would not be until he went to Capital Records and recorded with Nelson Riddle, among others, as Eddie Fisher was the pop idol of

1953---Top Hits

Song from Moulin Rouge - The Percy Faith Orchestra

I Believe - Frankie Laine

April in Portugal - The Les Baxter Orchestra

Take These Chains from My Heart - Hank Williams

the day.

1960- Clarence Gideon is arrested and charged with breaking into a poolroom in Florida. The appeal of Gideon's subsequent conviction led to the establishment of one of the chief principles of American criminal justice. Due to Gideon's perseverance, every criminal suspect is entitled to representation by a lawyer. Now incorporated into what are known as our Miranda rights-"You have the right to speak to an attorney. If you can't afford one, one will be provided for you"-this information must be announced by every officer while making an arrest.

When Florida decided to retry Gideon for the poolroom burglary in 1963, he had an experienced lawyer at his trial. The attorney easily poked holes in the prosecution's flimsy case, and Gideon was acquitted. New York Times writer Anthony Lewis wrote the stirring account of how one poor man changed the entire system in his 1965 book, Gideon's Trumpet, which later became a movie starring Henry Fonda.

1961---Top Hits

Travelin’ Man - Ricky Nelson

Daddy’s Home - Shep & The Limelites

Running Scared - Roy Orbison

Hello Walls - Faron Young

1965-the first Astronaut to walk in space was Major Edward Higgins White, II, who opened the hatch of Gemini 4 at 3:42pm this day, stepped out into space at a 1230-mile altitude at 3:45pm and remained outside for 20 minutes until 4:05pm, attached to the craft by a 25-0foot tether. A hand-held 7.5 oxygen jet propulsion gun operated by pressure on a trigger gave him control over his movements. ( The first human to walk in space was cosmonaut Aleksie A. Leonov, who stepped out of the Vokshad 2 spacecraft on March 18, 1965).1968-Poor People’s Campaign March on Washington, DC, begins.

http://www.kcsclc.org/about.html

1967- Aretha Franklin scores her first No. 1 hit with "Respect." She quickly followed it up with six more Top 10 singles, including "Chain of Fools" and "A Natural Woman." Franklin, the daughter of a Detroit minister, grew up singing gospel. She signed with Columbia Records in her early 20s. However, Columbia ignored her gospel roots and recorded her singing show tunes with large orchestras. Franklin broke through when she switched to Atlantic Records and began singing gospel-influenced blues, or soul, winning her the sobriquet, "Lady Soul." A hit on the pop charts as well as the R&B lists, she became one of the most influential singers in contemporary music.

http://www.georgwa.demon.co.uk/aretha_franklin.htm

http://www.aristarec.com:80/aristaweb/ArethaFranklin/images/aretha_background_04.jpg

http://www.soulwalking.co.uk/Aretha%20Franklin.html

1969---Top Hits

Get Back - The Beatles

Love (Can Make You Happy) - Mercy

Oh Happy Day - The Edwin Hawkins’ Singers

Singing My Song - Tammy Wynette

1972-Sally Jan Priesand was ordained the first woman rabbi in the US. She became assistant rabbi at the Stephen Wise Free Synagogue, New York City, August 1, 1972.

1977---Top Hits

Sir Duke - Stevie Wonder

I’m Your Boogie Man - KC & The Sunshine Band

Dreams - Fleetwood Mac

Luckenbach, Texas (Back to the Basics of Love) - Waylon Jennings

1978 - Johnny Mathis and Deniece Williams combined their singing talents to reach the number one spot on the nation’s pop music charts with "Too Much, Too Little, Too Late".

1985- Apple Computer announced that chairman and cofounder Steve Jobs would no longer control the manufacturing and marketing of the Macintosh computer. The thirty-year-old Jobs had led the development team that designed the machine.

He would become very successful on his own, then came back to Apple and

helped turn the company around.

http://www.geocities.com/franktau

1985-a group headed by Tom Benson, Jr,. was approved to purchase the New Orleans Saints from John W. Mecom,Jr.1985 - "American Health" magazine released a survey that indicated 52 percent of doctors claimed that no one really should need to eat red meat more than once or twice a week, and 72 percent said that a vegetarian diet was a passing fad. Walking and running, plus working out was also considered a fad.

1985---Top Hits

Everything She Wants - Wham!

Everybody Wants to Rule the World - Tears for Fears

Axel F - Harold Faltermeyer

Don’t Call Him a Cowboy - Conway Twitty

1989-Longest NL Night Game: The Houston Astros defeated the Los Angeles Dodgers, 5-4, in 22 innings at the Astrodome. The longest night game by time in National League history, it lasted seven hours, 22 minutes.

1995-The first West Point cadet who was a woman to graduate at the top of her class was 21-year old Rebecca Marier of New Orleans, LA, who was graduated from the United States Military Academy. She topped a class of 858 men and 130 women. http://www.recordonline.com/westpoint/articles/women.html

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