ELFA Monthly Index Slipped from March to April
Not as Serious as the ELFA Lack of Confidence

(Leasing News Chart)

 

(Equipment Leasing Finance Foundation Chart)

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index which reports economic activity from 35 companies was $10.1 billion in April down from $10.6 billion in March. Year-to-Date was up from 2021 $9.8 billion.

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(ELFA Chart)

ELFA President and CEO Ralph Petta said, “New business volume for a subset of the ELFA membership shows stable growth in April amidst a somewhat slowing economy and rising interest rate environment. Anecdotal information from a number of ELFA member organizations indicates that equipment deliveries continue to be a problem as supply chain disruptions continue. Soaring energy prices and inflation are headwinds confronting the industry as we move into the summer months.”

Eric Bunnell, CLFP, President, Arvest Equipment Finance, said, “The recent results from the MLFI-25 mirror what we are seeing every day. Volume continues to be steady even with rising interest rates. The portfolio is performing well, with below average delinquency rates, but we continue to monitor this closely. We continue to be optimistic for the rest of 2022, especially if the supply chain continues to improve.”

Receivables over 30 days were 2.1 percent, up from 1.5 percent the previous month and up from 1.8 percent in the same period in 2021. Charge-offs were 0.05 percent, down from 0.10 percent the previous month and down from 0.30 percent in the year-earlier period.

Credit approvals totaled 77.4 percent, down from 78.3 percent in March. Total headcount for equipment finance companies was down 1.0 percent year-over-year.

Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index (MCI-EFI) in May is 49.6, a decrease from 56.1 in April.

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 (Charts: ELFA)

 

 

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New Hires/Promotions in the Leasing Business
and Related Industries

Gina Brown was hired as Asset Management Specialist IV, Crestmark, a division of MetaBank, Troy, Michigan. She is located in Baltimore, Maryland. Previously, she was at M&T Bank, starting August, 2004 as Leasing Analyst, promoted September, 2005, Asset Manager II, Senior Vice President, Commercial.
https://www.linkedin.com/in/gina-brown-5575b61/

Nicole (Jodouin) Cuncic was promoted as Supervisor, Major Accounts, Bennington Financial Corp., Oakville, Ontario, Canada. She is located in Burlington, Ontario, Canada. She joined the firm June, 2014, as Customer Service Coordinator, promoted November, 2015, Documentation and Credit Coordinator, promoted Funding Analyst, September, 2018, promoted Senior Funding Analyst, March 2022.
https://www.linkedin.com/in/nicole-cuncic-99442267/

Kyle Hammond was promoted to Vice President of Sales, Innovative Lease Services, Carlsbad, California. He joined the firm January, 2019, as Account Manager, promoted January, 2013, Senior Sales Manager
https://www.linkedin.com/in/kyle-hammond-8061b38a/

Nitesh Kalwar was hired as Financial Strategy and Risk Manager, Doosan Infracore North America, Suwanee, Georgia. He is located in Dallas, Texas. Previously, he was at Wells Fargo, starting October, 2015, Account Manager, Southwest, promoted May, 2018, Doosan Heavy Lending Relationship Manger. He joined GE Capital, June, 2011, Strategic Growth Analyst, promoted September, 2012, Commercial Analyst, promoted April, 2015, Senior Commercial Analyst.
https://www.linkedin.com/in/nitesh-kalwar-80073233/

Eric Lyme was hired as Director, Equipment Finance, BMO Harris Bank, Chicago, Illinois. He is located in Tampa, Florida. Previously, he was Senior Vice President, Business Development, SLR Equipment Finance (October, 2021 - May, 2022); Vice President Equipment Finance, PNC (February, 2017 - October, 2021).
https://www.linkedin.com/in/eric-lyme-1437453/

Jennifer Tran was promoted to Growth Manager, Strategic Accounts, Econolease Financial Services, Toronto, Ontario, Canada. She joined the firm May, 2016, as Account Manager. https://www.linkedin.com/in/jennifer-tran-525148150/

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Help Wanted Ads

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Another Success Story

Sales Makes it Happen by Scott Wheeler, CLFP

Originators throughout the commercial equipment finance and leasing industry create success every day. I often mention that there is "gold" in existing files which too often go untapped. A recently hired professional discovered the following success.
In the first quarter of 2022 a vendor-oriented independent hired an inside sales rep to call on existing clients with a specific profile.

• Almost immediately she found new opportunities from these well-qualified past clients; this incremental success gave her the confidence to dig even deeper with probing questions and an aggressive presentation of what her customer offers to end-users.

• In less than six weeks into her new position, this determined originator found a transaction which was considered a larger-than-normal transaction for her company. She was not deterred by the size nor complexity of the transaction. She worked with her credit department and asked for all the appropriate information needed to put together a full disclosure credit package. The deal was a major win for this originator and her company when it funded. But she was not done....

• This originator connected the dots. There were multiple vendors involved in the transaction - none of which were active vendors with the company. The originator reached out to each of the vendors and offered her services to them. She landed an opportunity to visit one of the vendors with her sales manager and within a few weeks was receiving multiple applications from this new regional vendor.

There are a few important factors
involved in the above success story

• The existing database was profiled, and the new      originator called on pre-qualified end-users.
• Incremental success provided her with the confidence to aggressively present her services.
• The originator was willing to pursue an unusual transaction.
• Although she was hired to call on existing clients, she was encouraged to connect the dots and assume ownership of new vendor relationships. The company did not limit her ability to succeed.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Sales Makes it Happen articles:
http://www.leasingnews.org/Legacy/index.htm

Small Business Hiring Needs
By Daniel Brown, SBA Office of Advocacy

Small businesses struggling to find new employees Figure 1 illustrates high frequency survey data from the U.S. Census Bureau that tracks small business hiring needs. The data shows the number of small businesses in need of new workers have increased since August 2020. 23.4 percent of surveyed businesses cited labor needs in August 2020, which increased to over 40 percent at the end of March 2022. This dataset does not filter by size groups of small business. Exploring other data can uncover whether the labor shortage is impacting smaller businesses differently.

Gross job openings persistent and growing for smaller employers Figure 2 highlights job openings by size of business from the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). There were about 11.3 million job openings in February 2022, which is just shy of the record of 11.4 million job openings set in December 2021.Prior to the pandemic, job openings also set new highs. The pre-COVID peak in November 2018 was 7.6 million. While small businesses continue to contribute strongly to new jobs filled, persistent job openings are a worrisome trend that has accelerated during the COVID-19 recovery.

While smaller businesses had higher gross openings prior to the pandemic, the national labor shortage particularly impacted smaller businesses. The pre-COVID job openings record for businesses with 50-249 employees was 2.2 million in January 2019. At the end of 2021, those businesses had over 3 million openings.

Job opening trends concern America’s smallest businesses From 2018-2021, smaller and larger businesses experienced similar fluctuations in job vacancies. However, at the beginning of 2022, openings for businesses with 1 to 9 employees surpassed openings for businesses with between 250 and 999 employees. While there were historically more openings for businesses with 50 to 249 employees than businesses with 10 to 49 employees, businesses with 10 to 49 employees now have more openings than any other size category at over 3.1 million. Continued monitoring of these trends will be important to understand whether they area short-term anomaly or part of a long-term trend.

Sources:
Small Business Pulse Survey (SBPS), US Census Bureau,
https://portal.census.gov/pulse/data/

Job Openings By Employee Count (JOLTS), Bureau of Labor
Statistics (BLS), Department of Labor (DOL),
https://www.bls.gov/jlt/

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Bloated Inventories Hit Walmart, Target
and other Retailers’ Profits, Trucking demand
By Mark Solomon, freightwaves.com

Too much stock means lower truckload volumes, more intermodal business

(It appears: look for more sales and discounts for overstocked goods. Editor)

There’s little in retailing that Walmart Inc. and Target Corp. aren’t prepared to handle. So it was jarring that over a 24-hour period the two scions of the trade posted weak first-quarter profits that appeared to blindside their management teams.

Part of the bottom-line blowup was due to fuel, which soared to record highs following Russia’s Feb. 24 invasion of Ukraine. Part of it was due to margin pressures caused by an unfavorable sales mix as consumers shifted their buying from higher-margin goods like electronics to less profitable items like groceries. An extension of that was an overshoot of inventory-stocking activity, which came back to bite the retailers after waning concerns over the COVID-19 pandemic pushed more consumer buying toward services and “experiences” and away from goods.

There’s little that retailers can do about fuel prices. It can be argued they should have expected the pandemic-driven buying spree from March 2020 until the end of 2021 to peter out and that they should have planned their inventory strategies accordingly. Yet demand forecasting has always been a tough nut to crack, and the market is where it is. Inventory build may also have been the result of supply chain delays at the start of the year that resulted in some late deliveries of impaired freight.

Inventory levels as of March, when compared to activity in March 2019 after inventories stabilized following a major pull-forward in 2018 ahead of the Trump administration’s China tariffs, produce a mixed bag of results. Unsurprisingly given the current dearth of motor vehicles, the ratio of vehicle and parts inventories to sales has fallen considerably, according to federal government data analyzed by Michigan State University. Apparel inventories to sales also declined over those periods, as did e-commerce.

However, furniture, home furnishings and appliances, building materials and garden equipment, and a category known as “other general merchandise,” which includes Walmart and Target, among others, reported higher inventory-to-sales ratios, according to government data analyzed by Michigan State.

 

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

FDIC Insured Institutions Reported Net Income
of $59.7 Billion in First Quarter 2033

• Net Income Declined Year Over Year
• Net Interest Margin Remained Stable Quarter Over Quarter
• Loan Growth Was Broad-Based
• Credit Quality Continued to Improve
• Community Banks Reported a Slight Decline in Net Income Compared to the Industry

FDIC Acting Chairman Martin J. Gruenberg

“The banking industry reported a decline in net income driven by an increase in provision expense.  Capital and liquidity levels remain strong.  In addition, loan growth and credit quality metrics remain generally favorable.  Looking forward, inflationary pressures, rising interest rates and continued pandemic and geopolitical uncertainty will likely be headwinds for bank profitability, credit quality, and loan growth.”

 “In the first quarter, net income declined from the year-ago quarter as the banking industry raised provision expenses to reflect loan growth as well as economic and geopolitical uncertainty,” Gruenberg said.

WASHINGTON— Reports from 4,796 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $59.7 billion in first quarter 2022, a decline of $17.0 billion (22.2 percent) from a year ago.  An increase in provision expense drove the annual reduction in net income.  These and other financial results for first quarter 2022 are included in the FDIC’s latest Quarterly Banking Profile.

Highlights from the First Quarter 2022 Quarterly Banking Profile

Merger Activity Continued in the First Quarter: Forty-four institutions merged and no banks failed in first quarter 2022 

Net Income Declined Year Over Year: Quarterly net income totaled $59.7 billion, a decline of $17.0 billion (22.2 percent) from the same quarter a year ago, primarily due to an increase in provision expense.  Provision expenses increased $19.7 billion from the year-ago quarter, from negative $14.5 billion during the same period a year ago to positive $5.2 billion this quarter.  A majority of banks (62.8 percent) reported an annual decline in quarterly net income.  The increase in provision expense also drove a decline of $4.1 billion (6.5 percent) in quarterly net income.

The banking industry reported an aggregate return on average assets (ROAA) ratio of 1.00 percent, down 38 basis points from the ROAA ratio reported in first quarter 2021 and down 9 basis points from the ROAA ratio reported in fourth quarter 2021.

Net Interest Margin Remained Relatively Stable Quarter Over Quarter: The net interest margin (NIM) declined by one basis point from the prior quarter to 2.54 percent.  NIM was 4 basis points higher than the record low set in second quarter 2021 but 2 basis points lower than the level reported in the year-ago quarter.  While more than half of banks (57.2 percent) reported higher net interest income compared with a year ago, NIM expansion was limited by earning asset growth, which continued to outpace net interest income growth.

The yield on earning assets declined to 2.70 percent (down 1 basis point from a quarter ago and down 7 basis points from a year ago) as the growth rate in average earning assets continued to outpace the growth rate in interest income.  Average funding costs were unchanged over the quarter at the record low set in fourth quarter 2021 of 0.16 percent, but were down 4 basis points from the year-ago quarter.[1] 

Community Banks Reported a Decline in Net Income: Community banks reported a decline in net income of $1.1 billion from the year-ago quarter, driven by a decline in revenue from loan sales.  An increase in interest income on securities ($655.5 million, or 34.2 percent) and a decline in interest expense ($630.3 million, or 28.9 percent) drove an improvement in net interest income ($792.7 million, or 4.2 percent) from the year-ago quarter.  However, net interest income declined slightly ($225.9 million, or 1.1 percent) from fourth quarter 2021.  Provision expenses declined $129.7 million (31.0 percent) from a year ago and $64.4 million (18.3 percent) from the previous quarter.  Most of the 4,353 FDIC-insured community banks (63.2 percent) reported lower quarterly net income compared with the year-ago quarter.

The net interest margin for community banks narrowed 15 basis points from the year-ago quarter to 3.11 percent, as growth in earning assets outpaced growth in net interest income.

Loan Balances Increased from the Previous Quarter and a Year Ago: Total loan and lease balances increased $109.9 billion (1.0 percent) from the previous quarter. The banking industry reported growth in several loan portfolios, including commercial and industrial (C&I) loans (up $81.3 billion, or 3.5 percent), nonfarm nonresidential commercial real estate (CRE) loans (up $28.2 billion, or 1.7 percent), and “all other consumer loans” (up $20.4 billion, or 2.0 percent).[2]

Annually, total loan and lease balances increased $531.8 billion (4.9 percent), as growth in consumer loans (up $192.6 billion, or 11.4 percent), nonfarm nonresidential CRE loans (up $98.0 billion, or 6.2 percent), and loans to nondepository institutions (up $91.3 billion, or 15.6 percent) offset a decline in C&I loans (down $62.5 billion, or 2.5 percent).  Paycheck Protection Program loan forgiveness and repayment drove the annual decline in C&I loan balances.

Community banks reported a 1.3 percent increase in loan balances from the previous quarter, and a 2.1 percent increase from the prior year.  Growth in construction and development and nonfarm nonresidential CRE loan balances drove the increases.

Credit Quality Continued to Improve: Loans that were 90 days or more past due or in nonaccrual status (i.e., noncurrent loans) continued to decline (down $4.5 billion, or 4.5 percent) from fourth quarter 2021.  The noncurrent rate for total loans declined 5 basis points from the previous quarter to 0.84 percent.  Total net charge-offs also continued to decline (down $3.0 billion, or 32.0 percent) from a year ago.  The total net charge-off rate declined 12 basis points to 0.22 percent—just above the record low of 0.19 percent set in third quarter 2021. 

The Reserve Ratio for the Deposit Insurance Fund Fell to 1.23 Percent: The Deposit Insurance Fund (DIF) balance was $123.0 billion as of March 31, down approximately $100 million from the end of the fourth quarter.  The increase in unrealized losses on available-for-sale securities in the DIF portfolio, driven by the rising rate environment, was the primary reason for the decline.  The reserve ratio fell to 1.23 percent due to both the decline in the DIF and growth in insured deposits.

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

Chihuahua
Troy, Michigan  Adopt-a-Dog

Rocket

Male
Senior
Coat Length: short
Neutered
Vaccinations Up to date
Good in a Home with
Other dogs, cats, children
Adoption fee: $150.00

Meet Rocket
Please welcome adoptable Rocketman to NBS Animal Rescue! He is an out of this world sweet senior. Rocket is a super snuggly guy who loves to go on walks and car rides. He spends his mornings supervising drop offs for the kids in his foster home. He has befriended dogs, cats and kids with only a bit of barking and sniffing. Rocket is hard of hearing, and is a chatty guy. He barks to get attention, and rarely has accidents (expect a few, senior years can be ruff) Rocket lives up to his name and will launch himself to join you on car rides or snuggle up in bed. He does prefer to be under the covers, and will bury himself to warm your feet at night.

 If you are interested in giving this lovable fella a home or know someone that might, please share and visit our website to fill out an adoption application:
www.nbsar.org/adoption-application

NBS Animal Rescue
Troy, Michigan
http://www.nbsar.org
nbsanimalrescue@gmail.com
(248) 633-8627

*We are foster home based only.  No animals are housed at this location

Contact Us:
https://www.nbsar.org/contact

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This Broker Fair always sells out! Get Your Early Bird Price Now.

Broker Fair is coming back to New York City on October 24th at the New York Marriott Marquis in Times Square. Anticipated to be the biggest Broker Fair ever, brokers from the small business lending, commercial financing, revenue-based financing, leasing, factoring, and MCA industries, will come together in the heart of New York.

Broker Fair founder Sean Murray, stated, “It’s amazing to have participated in the industry’s growth over the last four years. Our first event launched in Brooklyn in 2018 and now the demand has brought us into a massive newly-renovated venue in the middle of Times Square.”

Brokers, lenders, funders, factors, equipment financiers, Fintechs, and the whole small business finance ecosystem can expect a full day of education, inspiration, and high quality networking opportunities.

Early bird registration has just opened.
For inquiries or questions, email events@debanked.com.

https://brokerfair.org/register/

Broker Early Bird US$199
Funder/ Lender Early Bird US$999
General Admission Early Bird US$999
Preshow Reception *NOT INCLUDED WITH GENERAL SESSION TICKET*  $150.00

Marriot Marquis Times Square
https://www.marriott.com/en-us/hotels/nycmq-new-york-marriott-marquis/overview/?scid=bb1a189a-fec3-4d19-a255-54ba596febe2&y_source=1_MjA5Mzk3MC03MTUtbG9jYXRpb24ud2Vic2l0ZQ%3D%3D

News Briefs---

Ford Pays $19 M to Settle claims on
    Fuel Economy, Payload
https://www.pressdemocrat.com/article/business/ford-pays-19-million-to-settle-claims-on-fuel-economy-payload/

Starbucks is exiting Russia, shutting 130 stores
    March 8 suspended all operations
https://www.npr.org/2022/05/23/1100683496/starbucks-exits-russia-shuts-coffee-shops

Airbnb shuts down its local business in China
    last remaining large U.S. internet business in China
https://www.nytimes.com/2022/05/23/business/airbnb-china.html

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You May Have Missed---

San Francisco /Bay Area COVID surge tops levels in early 2021
but far fewer hospitalized
https://www.sfchronicle.com/health/article/Bay-Area-COVID-surge-tops-levels-in-early-2021-17196275.php

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Sports Briefs---

Manny Machado's Padres Are Playing Like
    a 1st-Place Team—And Will Get Better
https://bleacherreport.com/articles/10036715-manny-machados-padres-are-playing-like-a-1st-place-teamand-will-get-better

A’s attendance woes reaching historic,
embarrassing stage
https://www.eastbaytimes.com/2022/05/22/as-attendance-woes-reaching-historic-embarrassing-stage/

Naomi Osaka loses in first round of French Open,
may skip Wimbledon
https://www.pressdemocrat.com/article/sports/year-after-naomi-osaka-decides-to-leave-paris-loss-forces-her-to/

Letting go of Ben Roethlisberger era is right move for Steelers
— and their QBs | Opinion
https://www.usatoday.com/story/sports/nfl/columnist/mike-jones/2022/05/24/pittsburgh-steelers-quarterback-competition-mitch-trubisky-mason-rudolph-kenny-pickett/9911432002/?gnt-cfr=1

Source: NFL discussing future of Pro Bowl
https://www.theredzone.org/Blog-Description/EntryId/23085/Source--NFL-discussing-future-of-Pro-Bowl

Andrew Wiggins Is Exactly Who
the Warriors Needed Him to Be
https://www.si.com/nba/2022/05/23/andrew-wiggins-golden-state-warriors-luka-doncic-nba-playoffs

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California Nuts Briefs---

California Governor Pleads for More Water Conservation,
Warns of Mandatory Statewide Restrictions
https://www.cnn.com/2022/05/23/us/california-newsom-water-restrictions-climate/index.html?utm_term=165338779117302c86743475c&utm_source=cnn_Five+Things+for+Tuesday%2C+May+24%2C+2022&utm_medium=email&bt_ee=3bFgXtJ7I8WaubF%2B8xqwsB8Zt%2BXXQ9XHk7vvXW%2F

Who killed California’s high-speed rail?
There are many suspects
https://www.sfchronicle.com/opinion/openforum/article/Who-killed-California-s-high-speed-rail-There-17188177.php

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"Gimme that wine"

Napa Valley Wine Train Releases Sought-After
    Tickets to Santa Train
https://www.sonomamag.com/napa-valley-wine-train-releases-sought-after-tickets-to-santa-train/

Wine of the week: Rodney Strong, 2018 Alexander Valley, Sonoma County Cabernet Sauvignon
https://www.pressdemocrat.com/article/lifestyle/wine-of-the-week-rodney-strong-2018-alexander-valley-sonoma-county-caber/

Sonoma County gets new winegrowing region:
West Sonoma Coast
https://www.northbaybusinessjournal.com/article/industrynews/sonoma-county-gets-new-winegrowing-region-west-sonoma-coast/

The wines that put Napa Valley on the map:
Chateau Montelena at 50
https://fortune.com/2022/05/24/napa-valley-wines-chardonnay-pinot-noir/

“Gimme that Wine”
http://www.youtube.com/watch?v=EJnQoi8DSE8

Free Wine App
https://www.nataliemaclean.com/mobileapp/

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

This Day in History

     1774 - The Chestertown Tea Party was a protest against British excise duties which, according to local legend, was a response to the British Tea Act. Chestertown tradition holds that, following the example of the more famous Boston Tea Party, colonial patriots boarded the brigantine Geddes in broad daylight and threw its cargo of tea into the Chester River in Maryland’s Eastern Shore. The event is celebrated each Memorial Day weekend with a festival and historic reenactment called the Chestertown Tea Party Festival.    
    1785 - Benjamin Franklin, Philadelphia, PA, writes his friend, George Whately, “I have only to move my eyes up and down as I want to see distinctly far or near” as he describes his invention that day of a bifocal eyeglass. He was annoyed at having to carry two pairs of glasses. He took a frame and equipped it with lenses that consisted of two parts with a different focusing power. Inasmuch as ordinary spectacles in the colonies cost as much as $100 each, a huge sum of money in those days, his invention did not receive ready popular response, as only the wealthy could afford glasses.
    1788 - By a vote of 149 to 73, South Carolina became the eighth state to ratify the Constitution. The colony originally named in honor of Charles I of England, became one of the United States on this day. The eighth state also has the dubious honor of being the first state to secede at the start of the Civil War in 1861. Its capital city is Columbia. The state bird is Carolina wren. The yellow jessamine (jasmine) is the state flower. It is also called the Palmetto State, after the palm tree that decorates the land.
    1803 - In the Tripolitan War (1801-1805), Commodore Edward Preble was commissioned as commander of a U.S. Navy squadron to be sent against Tripoli.
http://www.usspreble.org/commodor.html
http://www.preble.navy.mil/
http://www.navysite.de/dd/ddg88.htm
    1810 - Birthday of Margaret Fuller (d. 1850), journalist and author, born at Cambridge, MA.  She began reading Virgil at age six. Her conversational powers won her the admiration of students at Harvard University and she was befriended by Ralph Waldo Emerson. She shared editorial duties with Emerson on the Transcendentalist quarterly “The Dial,” and was hired by Horace Greely as literary critic for the New York Tribune. Her book “Women in the Nineteenth Century,” the first feminist statement by an American writer, brought her international acclaim. In 1846, as a foreign correspondent for the Tribune, she became caught up in the Italian revolutionary movement and secretly married a young Roman nobleman, the Marquee Giovanni Angelo Ossoli. On July 19, 1950, en route to the US, Fuller and her husband died when their ship was wrecked off Fire Island near New York, NY.
    1824 – Union Gen. Ambrose Burnside (d. 1881) was born in Liberty, IN.  A railroad executive, inventor, industrialist, and politician from Rhode Island, he served as Governor and a Senator. As a Union Army general, he conducted successful campaigns in North Carolina and east Tennessee, as well as countering the raids of Confederate Gen. John Hunt Morgan, but suffered disastrous defeats at Fredericksburg and the Battle of the Crater. His distinctive style of facial hair became known as sideburns, derived from his last name. He was also the first president of the National Rifle Association.
    1832 - "I would rather die upon yonder gallows than live in slavery." Jamaican national hero Samuel Sharpe was hung. He was the instigator of the 1831 Slave Rebellion which began on the Kensington Estate in Saint James and was largely instrumental in bringing about the abolition of slavery.
http://www.jamaicaway.com/Heroes/SharpePage.html
    1846 - Arabella Mansfield, born Belle Auerlia Babb (d. 1911) near Burlington, IA, was the first woman admitted to the legal profession in the US. In 1869, while teaching at Iowa Wesleyan College, Mansfield was certified as an attorney and admitted to the Iowa bar. According to the examiners, “she gave the very best rebuke possible to the imputation that ladies cannot qualify for the practice of law.”  Mansfield never did practice law, however, continuing her career as an educator. She joined the faculty of DePauw University, at Greencastle, IN, where she became dean of the schools of art and music. One of the first woman college professors and administrators in the US, Mansfield was also instrumental in the founding of the Iowa Woman Suffrage Society in 1870.
    1864 - The campaign between Union commander Ulysses S. Grant and Robert E. Lee, the commander of the Army of Northern Virginia, continues southward to the North Anna River around Hanover Junction. In early May, Grant crossed the Rapidan River with the Army of the Potomac and then clashed with Lee's forces in the Wilderness on May 5 and 6 before racing to Spotsylvania Court House for an epic 12-day battle. Grant's continuous pressure on Lee would ultimately win the war, but he was racking up casualties at a rate that was difficult for the Northern public to stomach. Grant believed that Lee could not maintain his position at Spotsylvania because two other Union armies under the command of Franz Sigel and Benjamin Butler were attempting to cut off the Confederate supply line in the Shenandoah Valley and the Rebel stronghold south of Richmond. But both were failing miserably. By 19 May, Grant had had enough of Spotsylvania. He pulled his troops to try another run around Lee to Richmond. Correctly predicting Grant's move, just as he had done two weeks before when Grant left the Wilderness for Spotsylvania, Lee raced the Yankees 30 km south and beat Grant's troops to the North Anna River. The rail center here was crucial to his supplies. At the North Anna, Grant found Lee's position to be even stronger than at Spotsylvania. The river had high banks, and Lee's side was higher than the Union side in several places. Still, Grant made an attempt to dislodge the Rebels. He made two assaults, but neither came close to breaking the Confederate lines. He would try again the next day before moving south to Cold Harbor.
    1865 - Celebration of the end of the Civil War.  For the first time since the assassination of President Lincoln, the American flag was flown at full staff.
http://memory.loc.gov/ammem/today/may23.html
    1875 – Alfred P. Sloan (d. 1966) was born in New Haven, CT.  He was president, then chairman of GM from 1923-56.  He shaped the General Motors Corporation into one of the world's largest manufacturing enterprises and has been acclaimed as one of the great captains of industry of his age.  Recognized for his modern managerial skills, he also is noted for the pioneering automotive advances that he oversaw. These included four-wheel brakes, ethyl gasoline, crankcase ventilation and knee-action front springs.       
    1883 – Actor Douglas Fairbanks (d. 1939) was born Douglas Elton Thomas Ullman in Denver, CO.  He was best known for his roles in silent films such as “The Thief of Baghdad,” “Robin Hood” and “The Mark of Zorro,” but spent the early part of his career making comedies.  Fairbanks was a founding member of United Artists. Fairbanks was also a founding member of The Motion Picture Academy and hosted the first Oscars Ceremony in 1929. With his marriage to Mary Pickford in 1920, the couple became Hollywood royalty and Fairbanks was referred to as "The King of Hollywood," a nickname later passed on to actor Clark Gable.  Though widely considered as one of the biggest stars in Hollywood during the 1910s and 1920s, Fairbanks' career rapidly declined with the advent of the "talkies." His final film was “The Private Life of Don Juan” (1934).
    1895 - The main branch of what would become the New York Public Library opened to the public.  New York’s then-governor Samuel J. Tilden was the driving force that resulted in the combining for the private Astor and Lenox libraries with a $2 million endowment and 15,000 volumes from the Tilden Trust to become the city’s library.
(lower half of: http://memory.loc.gov/ammem/today/may23.html)
    1900 - Sergeant William H. Carney of the 54th Massachusetts Colored Infantry became the first African-American to win the Congressional Medal of Honor. He was cited for his efforts, although wounded twice, during the Battle of Fort Wagner, South Carolina, June 18, 1863. His commendation is very worthwhile reading: http://www.newbedford.k12.ma.us/elementary/whc.htm
    1903 - Dr. Horatio Nelson Jackson of Burlington, VT, a physician, with Sewell K. Crocker of Seattle, WA, as his mechanic, began the first non-professional transcontinental car trip. The same driver also drove the mileage in a 20 horsepower $2,500 Winton, manufactured by the Winton Motor Carriage Company of Cleveland, OH. Jackson and Crocker left San Francisco on May 23 and arrived in New York City on July 26. The average daily run was 25 miles. The trip lasted 63 days, of which 44 were spent traveling and 19 awaiting supplies, as there were very few gasoline stations, Howard Johnson’s or even Seven-11’s along the way.
    1906 - In Oakland‚ the San Francisco Seals played the first Pacific Coast League game in the Bay Area since the earthquake‚ beating Fresno‚ 4-3. The team played their home games at Recreation Park at Harrison and 8th Streets until it was destroyed in the quake. The Seals finished the 1906 season playing home games at Freeman's Park in Oakland. A new ballpark was ready for the Seals by the start of next season.  This version of Recreation Park and Ewing Park in 1914, served as the home field for the PCL San Francisco Seals and the Mission Reds before the latter moved to LA in 1938 to become the Hollywood Stars.  Seals Stadium was built in 1931 to which the Seals and Reds moved.  It was also the home of the San Francisco Giants when they first relocated to the city from New York.
    1908 - John Bardeen (d. 1991) was born Madison, WI.  With William Shockley and Walter Bratton, he invented the transistor, which set the stage for all modern microelectronics. Bardeen was also the only person ever to win the Nobel Prize for Physics twice. Bardeen worked as a physicist for the U.S. Navy during World War II. After the war, he joined Bell Telephone Laboratories, where he worked on the electronic conducting properties of semiconductors. In 1947, his team invented the transistor, which won the group a Nobel Prize in 1956. Semiconductors replaced vacuum tubes in electronic equipment, making electronics progressively smaller, faster, and more durable. Bardeen became a professor of physics at the University of Illinois in Urbana. In 1972, he won a second Nobel Prize, with Leon Cooper and John Schrieffer, for their work on the theory of superconductivity.
http://www.nobel.se/physics/laureates/1972/bardeen-bio.html
    1910 - Bandleader and clarinetist Artie Shaw (d. 2004) birthday, born Arthur Arshawsky in New York City. Shaw formed his first orchestra in 1936, and two years later had a double-sided million-seller with "Begin the Beguine" and "Indian Love Call." One of the most popular artists of the swing era, Shaw is estimated to have sold more than 43-million copies of such records as "Frenesi," "Summit Ridge Drive" and "Dancing in the Dark." Artie Shaw was married eight times - two of his wives were Lana Turner and Ava Gardner. Shaw later became an author and a theatrical producer, and in the 1980's again began fronting a big band.
http://www.parabrisas.com/d_shawa.html
http://www.artieshaw.com/
    1910 - Birthday of singer/guitarist/drummer Scatman Crothers (d. 1986), born Benjamin Sherman Crothers, Terre Haute, IN.
    1920 - Helen O'Connell (d. 1993) birthday, Lima, OH.  Vocalist with Jimmy Dorsey's band from 1939 to 1943. Her duets with Bob Eberly, backed by the Dorsey band, on such songs as "Amapola," "Tangerine" and "Green Eyes" sold millions of records. O'Connell and Eberly also appeared on a 1953 TV show with bandleader Ray Anthony, and for a while during the 1960's, O'Connell was the hostess on NBC's "Today" show.
http://www.parabrisas.com/d_oconnellh.html
    1922 - "Abie’s Irish Rose" opened at the Fulton Theatre in New York City. The play continued for 2,327 performances and numerous revivals as well. It is estimated that some 50,000,000 people have seen the play performed somewhere in the world.
    1928 - Singer Rosemary Clooney (d. 2002) was born in Maysville, Kentucky.  When Clooney was in her junior year in high school, she and her younger sister Betty began performing on Cincinnati radio station WLW. Bandleader Tony Pastor heard them, and soon the sisters were singing, in person and on record, with the Pastor orchestra. Betty tired of the road, and soon after Rosemary began a solo career. She signed with Columbia Records, and, in 1951, had her first number-one hit, "Come On-A My House," a song chosen for her by producer Mitch Miller. Her other hits included "Hey There," "Tenderly" and "This Ole House." Clooney married actor Jose Ferrer in 1953. The marriage was a stormy one that eventually ended in divorce. Her domestic problems and a resulting weight problem took her out of circulation for some years. Her career revived in 1977, when her “White Christmas” co-star, Bing Crosby, asked her to appear with him at a show marking his 50th anniversary in show business. She continued performing until her death.
http://www.rosemaryclooney.com/
    1932 - Birthday of guitarist/flutist Les Spann (d. 1989), Pine Bluff, AR.    
    1934 - Robert Moog (d. 2005) birthday, New York City.  Inventor of the music synthesizer which bears his name.     
http://www.obsolete.com/120_years/machines/moog/
http://remixmag.com/ar/remix_robert_moog/
    1934 - Clyde Champion Barrow and Bonnie Parker were shot to death by Texas and Louisiana state police officers as they attempted to escape apprehension in a stolen 1934 Ford V-8 near Bienville Parish, Louisiana. Bonnie and Clyde met in Texas in 1930 when the nineteen-year-old Bonnie was tending bar. At the time, Bonnie was married to an imprisoned murderer. Soon after the two met, Clyde was arrested for burglary and sent to prison. Bonnie smuggled a pistol into the prison, and Clyde broke out. Over the course of their crime spree together, Bonnie and Clyde were believed to have committed thirteen murders and several robberies and burglaries. For over two years, the couple evaded local police officers in rural counties of Texas, Louisiana, and New Mexico. Not until the FBI, then called the Bureau of Investigation, became involved in the case did law-enforcement officials gain ground on Bonnie and Clyde. In the spring of 1934, following tireless investigations, federal agents traced the gang to a remote county in Southwest Louisiana. A certain Methvin family was said to have been aiding and abetting the Bonnie and Clyde gang for over a year. It was learned that Bonnie and Clyde, along with some of the Methvins, had staged a party at Black Lake, Louisiana, on the night of May 21. Two days later, just before dawn, a posse of police officers from Texas and Louisiana, including Texas Ranger Frank Hamer, laid in ambush for Bonnie and Clyde along the highway near Sailes, Louisiana. In the early morning, Bonnie and Clyde appeared in their automobile. The officers reported that the coupe attempted to flee, but more likely, owing to the fact that Bonnie and Clyde had killed five policemen, the posse opened fire without warning. For two minutes, deputies showered the car with bullets. Both Bonnie and Clyde were killed in the barrage. Their bullet-riddled 1934 Ford later became a valuable collectible. Bonnie and Clyde gained a place in popular mythology as dustbowl Robin Hoods. The 1967 film “Bonnie and Clyde,” starring Warren Beatty as Clyde and Faye Dunaway as Bonnie, portrayed a charming and irreverent pair who took their game too far. Examination of the couple's past, as well as an examination of their victims, shows that Bonnie and Clyde were more likely carefree killers. Their popularity owed to the mistrust of the authorities of the Dustbowl during the Depression era, and to the couple's uncanny ability to elude the police for over two years.
    1940 - Frank Sinatra, singing with the Tommy Dorsey Orchestra, records "I'll Never Smile Again," the first of several No. 1 hits he recorded while performing with Dorsey. The singer had joined the orchestra earlier that year.
    1941 - Buddy Baer was disqualified at the beginning of the seventh round as Joe Louis defended his heavyweight boxing title for the 17th time. Baer’s manager refused to leave the ring when the round was ready to begin. He later became a well-known actor along with his brother, Max.
http://french.imdb.com/Name?Baer,+Buddy
http://www.antekprizering.com/baerbuddysig.html
    1944 – The University of Chicago called it quits to sports when it announced plans to withdraw from the Big 10 Conference of the NCAA and all other athletic competition.
    1944 - *DUTKO, JOHN W., Medal of Honor
Rank and organization: Private First Class, U.S. Army, 3d Infantry Division. Place and date: Near Ponte Rotto, Italy, 23 May 1944. Entered service at: Riverside, N.J. Birth: Dilltown, Pa. G.O. No.: 80, 5 October 1944. citation: For conspicuous gallantry and intrepidity at risk of life above and beyond the call of duty, on 23 May 1944, near Ponte Rotto, Italy. Pfc. Dutko left the cover of an abandoned enemy trench at the height of an artillery concentration in a single-handed attack upon 3 machineguns and an 88mm. mobile gun. Despite the intense fire of these 4 weapons which were aimed directly at him, Pfc. Dutko ran 10.0 yards through the impact area, paused momentarily in a shell crater, and then continued his l-man assault. Although machinegun bullets kicked up the dirt at his heels, and 88mm. shells exploded within 30 yards of him, Pfc. Dutko nevertheless made his way to a point within 30 yards of the first enemy machinegun and killed both gunners with a hand grenade. Although the second machinegun wounded him, knocking him to the ground, Pfc. Dutko regained his feet and advanced on the 88mm. gun, firing his Browning automatic rifle from the hip. When he came within 10 yards of this weapon he killed its 5-man crew with 1 long burst of fire. Wheeling on the machinegun which had wounded him, Pfc. Dutko killed the gunner and his assistant. The third German machinegun fired on Pfc. Dutko from a position 20 yards distant wounding him a second time as he proceeded toward the enemy weapon in a half run. He killed both members of its crew with a single burst from his Browning automatic rifle, continued toward the gun and died, his body falling across the dead German crew.
    1945 - SJOGREN, JOHN C., Medal of Honor
Rank and organization: Staff Sergeant, U.S. Army, Company I, 160th Infantry, 40th Infantry Division. Place and date: Near San Jose Hacienda, Negros, Philippine Islands, 23 May 1945. Entered service at: Rockford, Mich. Birth: Rockford, Mich. G.O. No.: 97, 1 November 1945. Citation: He led an attack against a high precipitous ridge defended by a company of enemy riflemen, who were entrenched in spider holes and supported by well-sealed pillboxes housing automatic weapons with interlocking bands of fire. The terrain was such that only 1 squad could advance at one time; and from a knoll atop a ridge a pillbox covered the only approach with automatic fire. Against this enemy stronghold, S/Sgt. Sjogren led the first squad to open the assault. Deploying his men, he moved forward and was hurling grenades when he saw that his next in command, at the opposite flank, was gravely wounded. Without hesitation he crossed 20 yards of exposed terrain in the face of enemy fire and exploding dynamite charges, moved the man to cover and administered first aid. He then worked his way forward and, advancing directly into the enemy fire, killed 8 Japanese in spider holes guarding the approach to the pillbox. Crawling to within a few feet of the pillbox while his men concentrated their bullets on the fire port, he began dropping grenades through the narrow firing slit. The enemy immediately threw 2 or 3 of these unexploded grenades out, and fragments from one wounded him in the hand and back. However, by hurling grenades through the embrasure faster then the enemy could return them, he succeeded in destroying the occupants. Despite his wounds, he directed his squad to follow him in a systematic attack on the remaining positions, which he eliminated in like manner, taking tremendous risks, overcoming bitter resistance, and never hesitating in his relentless advance. To silence one of the pillboxes, he wrenched a light machinegun out through the embrasure as it was firing before blowing up the occupants with hand grenades. During this action, S/Sgt. Sjogren, by his heroic bravery, aggressiveness, and skill as a soldier, single-handedly killed 43 enemy soldiers and destroyed 9 pillboxes, thereby paving the way for his company's successful advance.
    1945 - No. 1 Billboard Pop Hit:  “Sentimental Journey,'' Les Brown Orchestra/Doris Day.
    1951 - Top Hits
“Mockingbird Hill” - Patti Page
“On Top of Old Smokey” - The Weavers (vocal: Terry Gilkyson)
“Too Young” - Nat King Cole
“Kentucky Waltz” - Eddy Arnold
    1951 - Jill E. Barad birthday, NYC. She became president of chief operating officer of Mattel, Inc. in 1992. She joined Mattel in 1981 as a product manager and became marketing director of the Barbie line in 1982. Under her guidance, Barbie sales moved from $485 million in 1988 to more than $1 BILLION in 1994. Her marketing strategy included Hot Wheels as well as tie-ins with Disney, McDonald's, etc. She made Mattel the largest toy manufacturing company in the world. She also bore two children while making her way to the top, not letting pregnancy slow her down. In fact, one of her major promotions came when she was five months pregnant. Today, there are more Barbie dolls in existence than there are people in the U.S.
http://www.surferess.com/CEO/html/jill_barad.html
http://aol.businessweek.com/1998/21/b3579001.htm
    1953 - Bill Haley and His Comets saw their first release for Essex Records, "Crazy Man, Crazy," enter the Cashbox Best Sellers chart at #19. The success will be short lived however, as the record would fall out of the Top 50 two weeks later.
    1959 - Top Hits
“The Happy Organ” - Dave ‘Baby’ Cortez
“A Teenager in Love” - Dion & The Belmonts
“Dream Lover” - Bobby Darin
“The Battle of New Orleans” - Johnny Horton
    1960 - The Everly Brothers' "Cathy's Clown" hit number one in the US for the first of a five week stay. The duo had also accomplished this feat 1958 when "All I Have to do is Dream" spent over a month at the top position.
    1962 - The National Basketball Association agreed to plans to transfer the Philadelphia Warriors to San Francisco, CA. The team became the San Francisco Warriors (now the Golden State Warriors).
    1962 - Joe Pepitone of the New York Yankees set a Major League Baseball record by hitting two home runs in one inning. The rare feat lifted the Yankees past the Kansas City Athletics by a score of 13-7.
    1963 - Paul Revere and the Raiders sign with Columbia Records where they will have 14 Billboard Top 40 singles between 1965 and 1971.
    1964 - Capitol releases The Beach Boys' "I Get Around" b/w "Don't Worry Baby." "I Get Around" goes on to become the group's first #1 hit, topping the chart for 2 weeks.
    1964 - Millie Small's "My Boy Lollipop," already a hit in the U.K., enters the Hot 100 in the U.S. It stays on the charts for 12 weeks climbing up to Number Two.
    1965 - No. 1 Billboard Pop Hit:  “Help Me Rhonda,'' The Beach Boys.
    1966 - The Beatles' "Paperback Writer" b/w "Rain" single is released. The A-side was a tune written by Paul McCartney and featured John and George on backing vocals. The B-side was a Lennon song.
    1967 - Top Hits
“Groovin’” - The Young Rascals
“Respect” - Aretha Franklin
“I Got Rhythm” - The Happenings
“Sam’s Place” - Buck Owens
    1972 - Heavy U.S. air attacks that began with an order by President Richard Nixon on May 8 are widened to include more industrial and non-military sites. In 190 strikes, the United States lost one plane but shot down four. The new strikes were part of the ongoing Operation Linebacker, an effort launched in response to the massive North Vietnamese invasion of South Vietnam on March 30. The purpose of the raids was to interdict supplies from outside sources and the movement of equipment and supplies to the North Vietnamese troops in South Vietnam. The strikes concentrated on rail lines around Hanoi and Haiphong, bridges, pipelines, power plants, troops and troop training facilities, and rail lines to China.
    1973 - Clive Davis, president of Columbia Records, was fired by boss Arthur Taylor. Davis wrote a book about his experiences, and later formed Arista Records.
http://www.amazon.com/exec/obidos/ASIN/0688028721/fast-bkasin-20/
002-0667839-4443242
    1975 - Top Hits
“Shining Star” - Earth, Wind & Fire
“Before the Next Teardrop Falls” - Freddy Fender
“Jackie Blue” - Ozark Mountain Daredevils
“I’m Not Lisa” - Jessi Colter
    1977 - San Francisco bans electric instruments from all free outdoor concerts, leaving Jefferson Starship to cancel their planned free concert in Golden Gate Park. Years later, Bernie Taupin would write "We Built This City" for the band about this event.
    1979 - The New England Whalers of the National Hockey League changed their name to the Hartford Whalers. The team was an original member of the World Hockey Association and won the first WHA championship, the Avco World Cup, in the 1972-73 season. When the WHA folded following the 1978-79 season, the Whalers were one of four WHA teams taken into the National Hockey League.  In 1997, the Whalers franchise relocated to Charlotte, NC, where it became the Carolina Hurricanes.
    1979 - Sister Sledge's "We Are Family" goes platinum. The album's title track, a #2 hit last month, is the rallying call for baseball's Pittsburgh Pirates, who will go on to win the 1979 World Series in October. Perhaps best remembered in the US version of “The Bird Cage.”
    1983 - Top Hits
“Let’s Dance” - David Bowie
“Flashdance...What a Feeling” - Irene Cara
“Little Red Corvette” - Prince
“Common Man” - John Conlee
    1991 - Top Hits
“I Like the Way” (“The Kissing Game”) - Hi-Five
“Touch Me” (“All Night Long”) - Cathy Dennis
“Here We Go” - C + C Music Factory Presents Freedom Williams and Zelma Davis
“If I Know Me” - George Strait
    1994 - Prodigy Services announces a deal with Media General Cable to provide Prodigy access via cable television wires to 200,000 subscribers in Fairfax County, Virginia. Prodigy expected the cable hookup to provide faster speed and enable flashier graphics. At the time, most Prodigy users logged on to the system via 9600-baud modems. Over the next four years, modem speed would increase dramatically, but interest in cable modems would grow as companies like AtHome worked with local cable providers to offer higher-speed bandwidth.
    1994 - Four men convicted in the 1993 bombing of the World Trade Center are each sentenced to 240 years in prison.
    2000 - Joining Babe Ruth and Ted Williams, Seattle's Rickey Henderson draws his 2,000th career walk.
    2002 - Buddy Guy is among the multiple winners at the W.C. Handy Awards, mounted by the Blues Foundation in Memphis. Guy wins for contemporary male artist of the year and blues instrumentalist of the year (guitar); his "Sweet Tea" is named contemporary blues album of the year.
    2006 - Brad Paisley wins three of the evening's top awards at the Academy of Country Music (ACM) Awards. His "Time Well Wasted" (Arista Nashville) is named album of the year, and he also wins the video and vocal event prizes for "When I Get Where I'm Going," a hit collaboration with Dolly Parton.
    2007 - The US Library of Congress hands out the first Gershwin Award to Paul Simon for being a "performer whose lifetime contributions exemplify the standard of excellence associated with the Gershwin’s."
    2011 - Tornado warnings were issued for Arkansas, Oklahoma and Missouri.  The Joplin, MO death toll rose to 126 people with 1,150 injured by the May 22 tornado.