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Senior Secondary Market Officer
Walnut Creek, California
Work with secondary market syndication sources of leasing transactions. Minimum three years leasing experience & knowledge equipment leasing underwriting; to learn more and apply: click here.
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Wednesday, May 17, 2006
Headlines---
Two Corrections: Ron Lear and Bull Dog
Classified ads--Collect/Cont./Contract Admin
Archives-May 17, 2000 "American Capital Group
Podium Financial Group/ “Broker/Funder” List
Placard---Customer is King
Classified Ads—Help Wanted
Why I Became a CLP
Part 2-"The Train Attorney” Jim Coston
April Housing Starts Continue Down
Support for Aging Parent Care
Sales makes it Happen---by T.Winders, CLP
“Personal Guarantees
News Briefs---
You May have Missed---
"Gimme that Wine"
Calendar Events
Today's Top Event in History
This Day in American History
Baseball Poem
######## surrounding the article denotes it is a “press release”
Two Corrections : Ron Lear and Bull Dog
#1
Ron Lear of PFF Bank & Trust , Southern California would like Leasing News to set the record straight from his initial interview.
From yesterday's story:
"Ron Lear, PFF Bank & Trust, Huntington Beach, California told Leasing News of the $9 million line to IFC Credit that “all payments were being made on time.” He would not give any other comment. Most banks when a lease defaults after a certain period of time, the line of credit would require the lease be purchased back. In the Specialty Optical dba SOS Trial, CLP John Estok estimated they had “up to 800 leases” with NorVergence and only 250 of them “ not considered in default."
From the November 29, 2005 story, his first quote, where we did not name the source:
"Leasing News communicated with the main leasing account executive for PFF Bank, who responded:
"No comment."
"Sources are not always correct."
"IFC is handling all credit as agreed."
http://www.leasingnews.org/archives/November%202005/11-29-05.htm#ifc
In a subsequent conversation , after Leasing News learned from the trial transcripts how many leases were in default, Mr. Lear told Leasing News he would make no further comments, that all payments were being made on time as far as the bank was concerned.
#2
The web master dropped the caption from beneath the bull dog in jail (it was corrected on line, late morning. editor)
Guess who?
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Classified ads--Collector/Controller/Contract Administrator
This is Cabernet Franc planted on the steep hill side. Viader Vineyards are located on the steep, rocky slopes of the lower reaches of Howell Mountain overlooking the Napa Valley. This is actually a view from the dinning room window of her estate which over looks the lake; beautiful view. I have enjoyed tasting wine at her dinning room table, as I have been collecting her wine when it was originally unfiltered, before she started winning the Wine Spectator Awards, coming in second of all wines in the world in 1998, the only US wine in the top ten. www.viader.com
Collector
Collector: Boston, MA
Challenging position where my skills, professional experience, organization, leadership, strategic thinking, creativity, energy, passion, competitive nature will enable me to define opportunities and personal development.
Email: bernd.janet@verizon.net
Collector: Jacksonville, E. Brunswick, FL
13 years experience with collection, recovery,re-marketing and legal on commercial loans and leases. Expertise with distressed portfolios, Six Sigma trained. Willing to relocate.
Email: RichardB12364@aol.com
Collector: Wellington, FL
4+ years experience in credit/collections, 7 of which were with a large equipment leasing company as a manager.Also 3rd party collection experience.
Email: michaelgalan@adelphia.net
Controller
Controller: Chicago, IL
experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating.
email: leasecontroller@comcast.net
Controller: Philadelphia, CA
CPA/CFO/Controller/Due Dilgence Officer/SOX Lead seeking position.
Email: obrienhowardj@aol.com
Controller: Seattle , WA
CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate.
Email: bltushin@hotmail.com
RESUME
Controller: Southeastern, MI
Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate.
Email: Leasebusiness@aol.com
Controller: Uniondale, NY
I have a strong multifaceted background in all areas of lease accounting combining my years as a Controller of leasing companies and as Vice-President of Leasing for a NY Bank.
Email: awinitt@hotmail.com
Contract Administrator
Contract Administrator: New York, NY
10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic.
Email: dln1031@nyc.rr.com
Contract Administrator: Portland, OR
6+ years small ticket leasing/financing. Documentation/funding Policy development & implementation, management & training, process mapping, customer service, broker, vendor, portfolio experience.
Email: susanc777@hotmail.com
For a full listing of all “job wanted” ads, please go to:
http://64.125.68.91/AL/LeasingNews/JobPostings.htm
To place a free “job wanted” ad, please go to:
http://64.125.68.91/AL/LeasingNews/PostingForm.asp
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Archives-May 17,2000 "American Capital Group, Irvine, California
Los Angeles Times May 10, 2000 story by Times Staff Writer E. Scott Reckard notes over fifty Better Bureau Business Complaints against American Capital, and in the second paragraph:
" The company, part of a vast, but little scrutinized national industry, said it handled more than 5,000 applications for leases last year--ten times as many as in 1995, its first year of operation.
" But Orange-based American Capital also faces increasing allegations that it delays action on requests for leases, tried to change terms midstream, and won't return hefty deposits when deals don't shape up as envisions."
In the Los Angeles Times news story, the Better Business Bureau lists 47 complaints against American Capital ( although it notes most were resolved, except for two, four more disputed, and five more pending )..."And American Capital has been sued more than two dozen times in state courts, a check of records shows. Most are small-claims actions over unreturned credits."
In the story, the company's chief executive Carl J.Heaton "...defends the practice of charging hundreds of dollars to thousands of dollars in non refundable up front fees."
The newspaper story quotes him, saying, " In the last five years we've processed 15,000 lease applications," Heaton said. " We feel that under 50 complaints ( to the bureau ) is not that bad."
Today,2006, American Capital Group is a member of the Better Business Bureau with a "CCC" rating and 25 "complaint closing statistics."
American Capital Group
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Rating Explanation:
The rating the Better Business Bureau assigns a business is determined by our composite score of such factors as its type of business, length of time in business, compliance ... |
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Bureau Summary and Analysis of customer complaints and company responses:
Our complaint history for this company shows the company gave proper consideration to complaints presented by the Bureau.
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The following grid displays the number and responses to complaints over the last 36 months:
No. of Cmpl |
Type of Response |
3 |
Making a full refund, as the consumer requested |
3 |
Making a partial refund |
16 |
Agreeing to perform according to their contract |
0 |
Refusing to make an adjustment |
3 |
Refuse to adjust, relying on terms of agreement |
0 |
Unanswered |
0 |
Unassigned |
25 Total |
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Podium Financial Group joins “Broker/Funder” List
Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business
A - City Business License | B- State License | C - Certified Leasing Professional |
D - State(s) sales/use tax license |
E - Named as "lessor" on 50% or more of lease contract signed. |
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Name
City, State
Contact
Website
Leasing Association
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YCS
YELB
(see above for meaning) |
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D |
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67. |
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1997
12 |
6 |
USA |
$50,000 to $1,000,00 |
N/R |
Y |
N |
N |
N |
Y |
(CC) "Podium Financial Group, Inc. - We represent Creative Capital exclusively for tough deals to $1 million and several other investors for structured transactions to $10 million. We specialize in start-up business's and have a great program for strong clients."
To view the full list, please go here:
http://www.leasingnews.org/Brokers/broker_Lessor.htm
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Classified Ads---Help Wanted
Jr. Analyst
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Jr.Analyst
Sausalito, CA
Banking, financial, leasing experience;
opportunity to grow, work w/seasoned
professional; small office, Excel a must
e-mail: spickens@oxfordfinance.com or
call 415-331-1725
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Senior Secondary Market Officer
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Senior Secondary Market Officer
Walnut Creek, California
Work with secondary market syndication sources of leasing transactions. Minimum three years leasing experience & knowledge equipment leasing underwriting; to learn more and apply: click here.
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Why I Became a CLP
Part 2-"The Train Attorney” Jim Coston
Three Attorneys
Joseph Bonanno, CLP
Jim Coston, CLP
Barry Marks, CLP
This is the eighth in a series about the Certified Lease Professional program, explaining why individuals decided to become a CLP, the process, and their reaction to the knowledge and other benefits gained.
Since there are only three attorneys who are Certified Lease Profession, this will be in three parts.
Part 2-“The Train Attorney”
Jim Coston
Mr. Coston is Founder and Chairman of Coston & Rademacher, a 100 employee Chicago-based law firm which for over 20 years has concentrated its practice in equipment leasing and financing.
He also is Chairman of NewTrains Leasing System, which provides equipment and infrastructure lease and financing options for commuterrail authorities and state departments of transportation seeking to build intercity passenger-train networks.
Mr. Coston in 2004 became the first attorney to serve as President of the United Association of Equipment Leasing (UAEL .) He is also active in other leasing associations, such as the Equipment Leasing Association.
From 2000 to 2003 he served as a presidential appointee on the Amtrak Reform Council. He is highly respected among those in favor of increased rail transit to solve the high dependence on gasoline.
He is a graduate of Northwestern University and DePaul University College of Law.
"I believe that attaining CLP status is a great accomplishment, and that having it as an industry measure for professionalism and ethics is extraordinarily important.
"In my representation of clients I have always prided myself on understanding the business my leasing clients were in, not just the law, so to me it was a natural.
" Once I was first elected to the UAEL Board in 1998, I considered becoming a CLP a priority. But we're all busy, and I never set aside the time to study and take the exam. Later, I was asked to help then-UAEL Executive Director Ray Williams set up the CLP Foundation as a stand-alone organization, which we accomplished.
"When I was elected Secretary-Treasurer of UAEL, I made a commitment to myself that I would become a CLP before becoming President. Bob Rodi and others frequently offered to tutor me. Finally, Jim McCommon, one of those who had always offered to tutor me, suggested to Marci Slagle and me that he would be pleased to tutor us in Seattle and have us take the exam. We accepted.
"We spent a day with Jim going through the exam, with some assistance in the afternoon from Terey Jennings. Marci took the exam the following day. I took it several weeks later (I hesitated because I was so intimidated by the math section).
"I remember it being a full-day exam, with more writing than I recall since taking the bar exam almost 25 years earlier.
"I was very nervous about my test results, which I was advised of at the UAEL 2002 Spring Conference in Rancho Mirage. It really felt great to past this test. In all of this, my friends at UAEL were extraordinarily supportive of my interest and efforts towards becoming a CLP, and I can't say enough about Jim McCommon, as well as Terey Jennings. That is what the CLP designation is about. Friends helping friends to achieve this special designation."
James E. Coston, Esq.,
Chairman
Coston & Rademacher
105 West Adams
Suite 1400
Chicago, IL 60603
USA
jcoston@costonlaw.com
Office Phone: (312) 205-1010
Fax: (312) 205-1011
www.costonlaw.com
For more information:
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E-mail:
Cindy Spurdle - Executive Director |
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Phone:
610-687-0213 direct
610-687-4111 fax |
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Address:
CLP Foundation
Attn: Cindy Spurdle
PO Box 302
Wayne, PA 19087
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April Housing Starts Continue Down
From: Al Schuler, Department of Agriculture
In April, Housing starts continued their downward since January, falling 7.4% to 1.849 million (SAAR). Single family starts fell 5.6% to 1.535 million (SAAR).
While two regions were up, 16.3% in the MW and 9.1% in the NE, the two regions that account for almost 75% of the starts, were down led by a 16% decline in the South and 9.7% in the West.
Permits were also down, but a bit more modestly at 5.4% for starts and 4% for single family.
Analysis and outlook: Housing activity continues to trend modestly downward as this is the third consecutive month with declining starts with pullbacks in five out of the past 7 months. It appears that markets are simply returning to more sustainable levels that are supported by basic demographic forces (estimated to be 1.7 million to 1.9 million for conventional housing).
We are still at the upper end of that range but we're certainly getting closer to what most analysts would call “sustainable”. In that respect, the fixed rate mortgage, although moving up to 6.58%, remains attractive by historical standards.
The job picture continues to improve with the unemployment rate dropping below 5% and incomes are still increasing faster than inflation.
Today's PPI report tells us that “core inflation” (excluding food and energy) remains “tame”. Inflation should remain relatively tame, however tighter labor markets and stronger manufacturing activity is becoming a growing concern with the Fed. Industrial production continues to strengthen with capacity utilization reaching 81.9% fro all industry groups combined and 80.8% for the manufacturing sector – these are the highest rates since mid 2000.
The latest NAR (National Association of Realtors) report indicates that existing home price growth is slowing in many metro areas. First quarter median prices were up 10.3%, year over year, for the U.S., however, this was skewed by the 12% increase in the West with the rest of the country averaging a more modest 6.5%.
Additional cooling signs are:
(1) the inventory of new homes on the market is 555,000, a 5.5 month supply at current sale rates;
(2) the inventory of existing homes on the market is 3.194 million, also a 5.5 month supply at existing sales rates;
Summary: Still a solid housing market that is simply correcting to more sustainable levels in the opinion of most analysts. For example, NAR is forecasting a modest 6.4% decline in the resale market this year while NAHB is calling for a 7% decline in single family starts in 2006.
Something to watch, however, is inflation, as tightening labor markets, high energy and commodity prices, and a dollar that continues to weaken, will keep the Fed vigilant.
In addition, as interest rates continue their trend upward throughout the world, the cost of capital (including mortgages) will also trend upward and this will act as a drag on residential investment, both here in the U.S., and elsewhere.
Courtesy of:
Carl Villella, CLP
President
Acceptance Leasing and Financing Service, Inc.
Airport Corporate Centre
894 Beaver Grade Rd.
Moon Township, Pa. 15108
412-262-3225 Phone
412-262-1154 Fax
CVillella@acceptlease.com
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Support for Aging Parent Care Is Looming Workplace Issue
AccountingWEB.com - - More than 44 million Americans are caring for an aging relative and 29 million of these are employed, according to the nonprofit National Alliance for Caregiving (NAC) and AARP. The U.S. Department of Labor estimates that by 2008, “54 percent of the work force will be involved in caring for an older person,” the AARP Bulletin says.
Turnover is high among these workers, many of whom are sandwiched between two generations who need care -- their young children and their aging parents.
According to a report published by NAC and AARP, “57 percent of workers have to go in late, leave early or take time off to care for a loved one. Six percent give up work entirely.”
Faced with the loss of worker productivity, many businesses that already have family friendly policies are beginning to focus on the distinct problems workers face when caring for elderly relatives. Companies offer seminars and contract with employee assistance programs like LifeCare, Inc. in Westport, Conn., a 24/7 helpline that directs callers to gerontologists, financial planners and legal advisers, according to wfaa.com.
Freescale Semiconductor of Austin, Texas, has contracted with LifeCare, wfaa.com says. Because the service gives employees peace of mind, “we see this as a productivity tool,” said Sandi Aitken, benefits manager.
Fannie Mae, the giant mortgage company, employs a full-time, on-site geriatric social worker at their Washington, D.C. headquarters. The social worker advises employees on eldercare resources and services, provides counseling and helps with housing options – even phone calls, the AARP Bulletin says.
But a recent study by psychologists Eliza Pavalko and Kathryn Henderson, funded by the National Institute on Aging and reported by seniorjournal.com, concluded that only unpaid family leave made a significant difference to caregivers. The study, published in the journal Research on Aging, said, however, that flexible hours and paid vacation and sick time helped 50 percent of women workers, overall.
Caregiving for elderly relatives presents unique demands, the authors say. “Unlike the care of children, which follows a fairly predictable time schedule. . . care for ill or disabled spouses or parents is unpredictable and may take place over a short or long period of time. The need for care may . . . involve daily contact or it may involve the long-distance management of health care. . . . Unlike caring for children . . . the amount and intensity of care work increase over the course of the care episode.”
Employees need to feel comfortable about taking time off, experts say, according to wfaa.com. Tom Donaldson, a service delivery manager at Microsoft in Irving, Texas, says that his own experience of caring for his 89-year-old father helped him to relate to his employees' needs. Donaldson used sick leave and vacation time to care for his father during a medical setback and to make arrangements to move him to an assisted living facility.
The federal Family and Medical Leave Act requires companies with 50 employees or more to grant up to 12 week of unpaid leave and guarantee jobs, but it doesn't help workers who cannot afford to lose their paychecks, townonline.com says. California's family leave program, paid for by a payroll deduction, provides paid leave for six weeks, at 55 percent of an employee's salary but does not mandate job protection. One percent of California's workers have taken advantage of the program since it began less than two years ago.
The Massachusetts State Senate will go further, townonline.com says. The Massachusetts initiative raises the standard deduction for dependents under age 12 and over age 65 and provides 12 weeks of family leave with full salary, up to $750 a week, with job protection. Benefits would be funded by employee premiums through a family trust fund administered by Massachusetts Office of Workforce Development. Analysts estimate that workers would pay an average of $2.50 per week for the benefit.
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Sales Make it Happen
Personal Guarantees
by Terry Winders, CLP
One of the hardest requirements for lease salespersons to deal with is requesting personal guarantees. Usually, but not always, it is because you need to add additional strength to the credit decision.
Requesting a guarantee usually sounds like you do not believe the business can live up to the agreement and some lessees take offence to the request so the approach is very critical.
One way is to explain that you want them to have complete freedom to manage their business assets without interference so if they give you a guarantee they can move assets and cash in any manner they wish. Most loans require loan covenants or indentures in companies with tight cash or limited ownership. Often the amount is low, but puts the borrowed amount over a bank cap or conditions regarding accounts receivable or other loans.
One of the oldest questions asked when a personal guarantee is not available, “Why should we have confidence in your company if you do not have enough to give a personal guarantee.”
When a sole proprietorship or partnership gets over three years as a corporation, the personal guarantee is often asked to be waived; “that's why we incorporated.”
You can be if their bank, or even their largest trade reference requires it, you can overcome this objection.
One of the most effective ways a lease has to compete with loans is the PG gives you the ability overcome a full sets of financial statements and tax returns or a more current financial statement, is to request a personal guarantee.
Relying on the personal credit helps these situations, or if you are relying on an “app only” or only have partial financial information, often a good personal guarantee will overcome this.
On some occasions it is because the language in a lease agreement does not allow for additional collateral, down payments, or loan covenants and you need additional protection, thus the personal guarantee gives more comfort to the credit decision. This is especially true in companies with a limited or small group of owners. If ownership is vested in a small group they have the ability to make all kinds of decisions that may leave you holding the bag if business begins to go south.
This guarantee allows your funder to litigate the individual in addition to the business. This puts all the guarantors' personal assets at risk to cover any short fall after the equipment has been repossessed and sold.
Understanding the requirements of each State is important because some States require you to complete litigation against the company prior to requiring the guarantor to step up to the plate. In these States the use of “Co- Lessee” is preferable, over a guarantor, so you can request past due payments and shortfalls immediately.
Terry Winders, CLP
Lease training and Consulting
502-327-8666
leaseconsulting@msn.com
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News Briefs----
Hewlett Says Its Earnings Jumped 51%
http://www.nytimes.com/2006/05/17/business/17hewlett.html?_r=1&oref=slogin
Portfolio deal likely to energize Silicon Valley commercial realty
http://www.siliconvalley.com/mld/siliconvalley/14592202.htm
Home Depot reports 19% jump in 1Q profit
http://www.ajc.com/business/content/business/stories/0516homedepotearns.html
2006 will be a slower year for securitization.
http://www.absnet.net/include/showfreearticle.asp?file=/headlines/2.htm
Yahoo overhauls home
http://seattletimes.nwsource.com/html/businesstechnology/2002997939_webyahoo16.html
as battle for Web traffic intensifies
American Idol---Who will go?
http://www.accessatlanta.com/blogs/content/shared-blogs/accessatlanta/idol/entries/
2006/05/16/516_performance.html
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You May have Missed---
Teens catch a star as Rice swings by
49ERS LEGEND DROPS IN ON SCHOOL'S DANCE CLASS
http://www.mercurynews.com/mld/mercurynews/news/local/states/california/
the_valley/14589957.htm
http://www.mercurynewsphoto.com/2006/05/15/save-the-last-dance-for-rice/
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“Gimme that Wine”
Wine master: A rare job requiring sharp taste
http://www.azcentral.com/home/wine/articles/0516winediva0516side.html
Sam's slammed with $300,000 fine
http://www.suntimes.com/output/business/cst-fin-wine16.html
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas/\
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
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Calendar Events This Day
Norway: Constitution Day or Independence Day
National holiday. Constitution signed and Norway separated from Denmark in 1814. Parades and children's festivities.
Rubber Band Day
The first rubber band was developed in 1843, when an Englishman named Thomas Hancock sliced up a rubber bottle made by some New World Indians. Although these first rubber bands were adapted as garters and waistbands, their usefulness was limited because they were unvulcanized. Hancock himself never vulcanized his invention, but he did advance the rubber industry by developing the masticator machine, a forerunner of the modern rubber milling machine used to manufacture rubber bands as well as other rubber products. In 1845, Hancock's countryman Thomas Perry patented the rubber band and opened the first rubber-band factory. With the combined contributions of Goodyear, Hancock, and Perry, manufacturing effective rubber bands became possible.
In the late nineteenth century, British rubber manufacturers began to foster the development of rubber plantations in British colonies like Malaya and Ceylon. Rubber plantations thrived in the warm climate of Southeast Asia, and the European rubber industry thrived as well, because now it could avoid the expense of importing rubber from the Americas, which lay beyond Britain's political and economic control.
Although 75 percent of today's rubber products are made from the synthetic rubber perfected during World War II, rubber bands are still made from organic rubber because it offers superior elasticity. Natural rubber comes from latex, a milky fluid composed primarily of water with a smaller amount of rubber and trace amounts of resin, protein, sugar, and mineral matter. Most non-synthetic industrial latex derives from the rubber tree (Hevea brasiliensis), but various equatorial trees, shrubs, and vines also produce the substance.
Within the rubber tree, latex is found between the external bark and the Cambium layer, through which the tree's sap flows. Distinct from the sap, latex serves as a protective agent, seeping out of and sealing over wounds in the tree's bark. To "tap" the substance, rubber harvesters cut a "V"-shaped wedge in the bark. They have to be careful to make their cuts at a depth of between .25 and .5 inch (.635 and 1.2 centimeters) in a mature tree (7 to 10 inches or 17.7 to 25.4 centimeters in diameter), because they must reach the latex without cutting into the sap vessels. They must also take care to tap each tree in a slightly different place every time. At the end of the nineteenth century botanist Henry Ridley began recommending this measure, having noted that repeated tapping in the same spot swiftly killed rubber trees. After workers make a cut, latex oozes out and collects in a container attached to the tree. Tapping takes place every other day, and each tapping yields about 2 ounces (56 grams) of the substance. After tapping, the cut dries, and latex stops flowing in an hour or two.
Turn Beauty Inside Out Day
Is beauty only skin-deep? Not if you turn it inside out. This day serves as a reminder that inner beauty is more important than outer beauty. On this day, people challenge the usual definition of beauty as portrayed in popular media and advertising by recognizing the wonderful actions and attitudes of people who are beautiful on the inside. Annually the third Wednesday in May. www.tbio.org
United Nations: World Telecommunication Day
A day to draw attention to the necessity and importance of further development of telecommunications in the global community. www.un.org
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Today's Top Event in History
1877-first interstate telephone call took place when a call was made from New Brunswick, NJ, to Dr. Alexander Graham Bell at Chickering Hall, New York City. In 1915, he made the first East Coast to West Coast call. Bell's first telephone call was so famous, he repeated the phrase from the first call and first interstate call in 1915 in the formal opening of the completed transcontinental telephone lines connecting America's East and West coasts. Picking up the phone in New York, Mr. Bell said, "Mr. Watson, come here, I want you." But this time Watson replied that it would take him a week; he was on the other end of the line in San Francisco
http://www.fitzgeraldstudio.com/html/bell/theman.html
http://www.historybuff.com/library/refgarfield.html
http://parkscanada.pch.gc.ca/parks/nova_scotia/alex_g_bell/Alex_g_bell_e.htm
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This Day in American History
1792- Twenty-four brokers signed an agreement to fix the rates of commission on stocks and bonds, forming the New York Stock Exchange, with the first meeting at the Merchants Coffee House, Second and Gold Streets, New York City. The first president was Matthew McConnell.
1853-earning a place on the game of monopoly, the first major railroad merger took place as ten companies consolidated into the Central Railroad Company, consisting of 187 first-class passenger coaches, 55 second class coaches, 65 baggage, mail and express cards, and 1,702 freight cars. There were 298 miles of main line, 236 miles of branch line, and 29 miles of leased road.
http://www.cprr.org/Museum/index.html
1868 -- Japan: The Scioto sets sail out of Yokohama for Hawaii, carrying 153 Japanese migrants bound for employment on the sugar plantations. These adventurers constitute the first mass emigration of Japanese overseas. They became known as the Gannenmono.
1872 -- Bohemian Club incorporated.
1875- The first running of the Kentucky Derby took place at Churchill Downs, Louisville, MO.KY. African-American Jockey Oliver Lewis rode the horse Aristides to a winning time of 2:37:25.
http://horseracing.about.com/library/weekly/aa012499.htm
http://memory.loc.gov/ammem/today/may17.html
1877-first interstate telephone call took place when a call was made from New Brunswick, NJ, to Dr. Alexander Graham Bell at Chickering Hall, New York City. In 1915, he made the first East Coast to West Coast call. Bell's first telephone call was so famous, he repeated the phrase from the first call and first interstate call in 1915 in the formal opening of the completed transcontinental telephone lines connecting America's East and West coasts. Picking up the phone in New York, Mr. Bell said, "Mr. Watson, come here, I want you." But this time Watson replied that it would take him a week; he was on the other end of the line in San Francisco
http://www.fitzgeraldstudio.com/html/bell/theman.html
http://www.historybuff.com/library/refgarfield.html
http://parkscanada.pch.gc.ca/parks/nova_scotia/alex_g_bell/Alex_g_bell_e.htm
1877-Edwin Thomas Holmes operating an electrical burglar alarm business at 342 Washington Street, Boston, MA, converted it into the first telephone exchange or switchboard. Holme's office was connected by wire to a number of banks and similar institutions, and the telephone were placed in the offices of six of his subscribers and connected to these wires. The system served as a telephone system by day and as a burglar alarm system at night. The telephones were connected only in the daytime.
1878-- Canada's governor general and his wife, Lord and Lady Dufferin, were treated to a demonstration of Thomas Edison's recent invention, the phonograph, at Rideau Hall in Ottawa. The early phonograph both recorded and played back crude reproductions of the human voice on a tin-foil covered cylinder, and was not yet used for recording music. Lady Dufferin wrote in her diary that "we were so amazed when we heard this bit of iron speak."
1896 -an f5 tornado tracked 100 miles through Northeastern Kansas and extreme Southeastern Nebraska. Seneca, Oneida, Sabetha, and Reserve, Kansas sustained severe damage. While passing through Reserve the tornado was 2 miles wide. 25 were killed and 200 were injured.
1903-birthday of James “Cool Pap” Bell, born at Starkville, MS. This famous Negro League baseball player was active for 25 seasons (from 1922 to 1946---one year before Jackie Robinson broke the “color Barrier” in major league baseball) with a career average of .338. Regarded as the fastest man ever to play the game—he could round the bases in 13 seconds. Known as the fastest player ever, Cool Papa often stole two bases on one pitch or scored from second on a sacrifice fly. Satchel Paige said Bell could turn off the light and “be in bed before the room was dark.” He batted .400 several times & stole 175 bases in one year.---he was inducted into the Baseball Hall of Fame in 1974. Bell died March 7, 1991, at St. Louis http://www.negroleaguebaseball.com/1999/October/cool_pap_bell.html
1916-birthday of tenor sax player Paul “Vice-President” Quinichette, Denver, CO
http://www.vh1.com/artists/az/quinichette_paul/bio.jhtml
1910 -- Halley's Comet terrifies millions on earth.
1924- The Giant Dipper roller coaster opened at Santa Cruz Beach Boardwalk at Santa Cruz, CA, a half hour from my office. It quickly became the park's most popular ride. The Dipper was built by Arthur Looff, the son of master carousel-horse carver Charles 1.0. Looff. In June of 1987, the Giant Dipper and the Looff carousel were designated National Historic Landmarks by the US National Park Service. The Boardwalk is still a popular place, day and night.
http://www.beachboardwalk.com/
http://www.cinternet.net/~bowersda/artgall.htm
1924 -- The Marx Brothers take New York by storm. In one of show business's great strokes of luck, the opening night of a major dramatic play is cancelled, leading all the top New York critics instead to the premiere of a vaudeville revue called I'll Say She Is, starring the unknown Marx Brothers comedy team. The brothers' incredible banter and slapstick astounds the critics, ensuring the Marx's' fame.
1925-Cleveland Indians centerfielder Tris Speaker collected the 3,000 th hit of his major league career off Tom Zachary of the Washington Senators. Speaker played from 1907 through 1928, got 3,515 hits and batted .344.
1932—Alto sax player Jackie McLean birthday .
http://www.pbs.org/jazz/biography/artist_id_mclean_jackie.htm
1933 - Country singer Jimmie Rodgers began to record a series of 24 songs for RCA Victor Records on this day. Rodgers was in failing health at the beginning of the session, but persevered to complete the job at hand. The singing star died nine days later (he was 35). Jimmie Rodgers was born in 1897 and was known as the Blue Yodeler and the Singing Brakeman. Rodgers was the first member of the Country Music Hall of Fame, elected in 1961 (along with Fred Rose and Hank Williams). His recording career began in 1927. His yodel became a trademark of his music. Jimmie Rodgers recorded over 100 songs and sold millions of 78 RPM records. His songs were about the Depression and many were about trains. "Brakeman's Blues", "Blue Yodel", "Tuck Away My Lonesome Blues" and his famous "‘T' for Texas" are all classics. He died of tuberculosis.
http://www.jimmierodgers.com/
http://www.ping.be/ml-cmb/jrindex.htm
http://www.eyeneer.com/America/Genre/Folk.bluegrass/Profiles/Rodgers/
http://sonymusic.com/artists/JimmieRodgers/TheSongsOfJimmieRodgers/biography.html
http://www.studioclub.com/JRSaga2.htm
1939-Glenn Miller opens a three-month stand at Glen Island Casino, New Rochelle, NY. Both NBC and Mutual carried the event, which was attended by 1,800 people in the casino ballroom.
1944--- General Eisenhower sets D-Day for June 5th
1944-birthday of guitarist/songwriter Jesse Winchester, Bossier City, LA
http://www.jessewinchester.com/
1948 - No. 1 Billboard Pop Hit: "Nature Boy," Nat King Cole.
1953---Top Hits
I Believe - Frankie Laine
April in Portugal - The Les Baxter Orchestra
Song from Moulin Rouge - The Percy Faith Orchestra
Mexican Joe - Jim Reeves
1954-The US ruled on Brown vs. Board of Education, asked at this day by Regis Phil bin on TV in "Who Wants to Be a Millionaire." Which city did the ruling pertain to (the contestant guessed wrong, it was Topeka, Kansas). This was a major event because the US Supreme Court ruled unanimously that segregation of public schools “solely on the basis of race" denied black children “equal education opportunity" even though "physical facilities and other 'tangible' factors may have been equal. It reversed the 1896 "separate but equal" Plessy vs Ferguson decision. The Supreme Court previously approved racial segregation May 18, 1896.The case was argued before the Court by Thurgood Marshall, who would go on to become the first black appointed to the Supreme Court.
1956- Birthday of former boxer Ray Charles “Sugar Ray” Leonard, born Washington, DC
http://www.ipcress.com/box/leonard.html
http://www.times-olympics.co.uk/historyheroes/srleon.html
1956-the first synthetic mica was produced commercially by the Synthetic Mica Corporation, Caldwell Township,NY, and offered for sale this day under the trade name of Synthamica. It was chemically pure and sustained temperatures as high as 20000 degrees without physical or electrical failure. The birth of new technology was now able to be born, replacing tubes and bringing a new dawn to both business and recreational products.
1958--- "South Pacific" soundtrack album goes to #1 & stays #1 for 31 weeks
1961---Top Hits
Runaway - Del Shannon
Mother-In-Law - Ernie K-Doe
A Hundred Pounds of Clay - Gene McDaniels
Hello Walls - Faron Young
1963--, the first Monterey Folk Festival in California featured performances by Bob Dylan, Pete Seeger, Joan Baez and Peter, Paul and Mary. I was there and it was mellow ( we brought wine, others brought other things.)
1969---Top Hits
Aquarius/Let the Sun Shine In - The 5th Dimension
Hair - The Cowsills
Get Back - The Beatles
My Life (Throw It Away if I Want To) - Bill Anderson
1970-Henry Aaron of the Atlanta Braves, on his way to becoming baseball's all-time home run king, got the 3,000 hit of his career, a scratch single off Wayne Simpson of the Cincinnati Reds. Aaron finished his career in 1976 with a .305 batting average, 3,771 hits and 755 home runs.
http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/aaron_hank.htm
http://sportsillustrated.cnn.com/baseball/mlb/all_time_stats/players/a/42389/index.html
1970 - Jordan Knight of New Kids on the Block is born. His older brother Jon is also a member of the pop group from Boston.
1971 - The musical, "Godspell", opened this night at the Cherry Lane Theatre in New York City. "Godspell" featured the song "Day by Day" (a top-15 hit in 1972). The rock musical that featured Robin Lamont played for 2,124 performances and was the third longest-running off-Broadway production at the time.
1973-Captain Robin Lindsay Quigley, became the first Navy Officer who was a woman to hold a major command: Navy Service School, San Diego, CA, supervising 30,000 students.
1973-Yes receive gold records for both "Yessongs" their triple-record live set and "The Yes Album."
1974 - No. 1 Billboard Pop Hit: "The Streak," Ray Stevens.
1975 - NBC-TV paid a whopping $5,000,000 for the rights to show "Gone with the Wind" just one time. It was the top price paid for a single opportunity to show a film on television.
1975 - Elton John's "Captain Fantastic and the Brown Dirt Cowboy" album was released and certified a platinum record on the very same day. It was the first album to be certified a million seller (in this case, a two-million seller) on the first day of release.
1976 - Race jockey Steve Cauthen began an enviable win streak. Cauthen, age 16, rode his first winner at River Downs, KY. He went on to win 94 races, becoming horse racing's most-watched jockey.
1977---Top Hits
When I Need You - Leo Sayer
Sir Duke - Stevie Wonder
Couldn't Get It Right - Climax Blues Band
Some Broken Hearts Never Mend - Don Williams
1977—The movie "Smokey & the Bandit" premieres.
1978-Thank God It's Friday, a movie celebration of disco which is Casablanca Records chief Neil Bogart's response to Saturday Night Fever, premieres in Los Angeles. It stars Donna Summer as a singer looking for her big break in a "typical" Hollywood disco on a "typical" Friday night. Summer's song "The Last Dance" is introduced and it goes on to top the pop charts and wins the 1978 Academy Award for Best Song. The film meantime, is a flop.
1979--- "In The Navy" by Village People hits #3
1979--- -12ºF (-11ºC), on top of Mauna Kea HI (state record)
1983 - A golfer playing the Fox Meadows course in Memphis, Tennessee was struck by a bolt of lightning that went through his neck, down his spine, came out a pocket containing his keys, and went into a nearby tree. Miraculously, he survived!
1983 - No. 1 Billboard Pop Hit: "Let's Dance," David Bowie.
1984 -- Baseball's Mario Soto threw four strikeouts in one inning — only 15th pitcher since 1900 to do so. The catcher dropped the ball on the third strike. The runner ran to first and was safe. The catcher must hold on to the ball for a third strike call to take effect (or tag the runner, or make the throw out to first).
1985 - Bobby Ewing died on the season finale of "Dallas" on CBS-TV. It was the “talk of the town.” Young Bobby Ewing, played by actor Patrick Duffy, died in a violent car explosion, but came back to life the following season (he was seen taking a shower, just as Victoria Principal, his TV wife, was about to step into the shower stall).
1985---Top Hits
Don't You Forget About Me - Simple Minds
One Night in Bangkok - Murray Head
Everything She Wants - Wham!
Somebody Should Leave - Reba McEntire
1987-The US Navy's guided missile frigate, Stark, sailing off the Iranian coast in the Persian Gulf, was struck and set afire by two Exocet sea-skimming missiles fired from an Iraqi warplane at 2:10pm, EDT. Also struck was a Cypriot flag tanker. At least 28 American naval personnel were killed. Only hours earlier a Soviet oil tanker in the Gulf had struck a mine.
1987 - Eric ‘Sleepy' Floyd of the Golden State Warriors set a playoff record for points in a single quarter. He poured in 29 points in the fourth period in a game against Pat Riley's Los Angeles Lakers.
1988 - Thunderstorms produced large hail and damaging winds across the Mid-Atlantic region during the afternoon and evening hours. A "thunderstorm of a lifetime" in Northern Spartanburg County, South Carolina produced hail for 45 minutes. Hail accumulated to knee-deep in some places.
1992-Betsy King shot 267 to wine the LPGA Championship by 11 strokes over Karen Noble. King recorded rounds of 68, 66, 67 and 66, the first time that any LPGA player finished four rounds under 70 in that any LPGA player finished four rounds under 70 in a major championship. Her .267 was the lowest score ever recorded by any golfer, man or woman, in a major championship.
1992-The Toronto Blue Jays reached the one million mark in home attendance, faster than any other team in baseball history. The Blue Jays drew 1,006,294 fans in just 21 days, surpassing the record held jointly by the 1981 Los Angeles Dodgers and the 1991 Blue Jays.
1998-ESPN's “Sportscenter,” the cable network's signature program, broadcast its 20,000 th edition with a special 90-minute show hosted by longtime anchors Chris Berman, Dan Patrick, and Bob Ley. “Sportscenter” made its debut on September 7, 1`979, ESPN's launch day, and is broadcast live three times each weekday and four times on Saturday and Sunday.
1998-Lefthander David Wells of the New York Yankees pitched a perfect game (allowing no hits and no base runners of any kind) against the Minnesota Twins, winning 4, 0. This was the first perfect game pitched in Yankee Stadium since Don Larsen's in Game 5 of the 1956 World Series. Oddly enough, Wells and Larsen attended the same high school, Point Loma in San Diego, CA.
Stanley Cup Champions This Date
1983 New York Islanders
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Baseball Poem
Stop Action
Slowly as in an underwater dance
the shortstop dips to take the ball
on a low hop, swings back his arm, balancing
without thought, all muscles intending
the diagonal to the first baseman's glove.
As the ball leaves his hand, the action stops —
and, watching, we feel a curious poignancy,
a catch in the throat. It is not this play only.
Whenever the sweet drive is stopped
and held, our breath wells up like the rush
of sadness or longing we sometimes feel
without remembering the cause of it.
The absolute moment gathers the surge
and muscle of the past, complete,
yet hurling itself forward — arrested
here between its birth and perishing.
Written by Conrad Hilberry, published in
“Line Drives,” 100 Contemporary Baseball
Poems edited by Brooke Horvath and Tim Wales,
published by Southern Illinois University Press
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