Disclosures Laws Updated
as Georgia Governor Signs Law into Effect

Brian Kemp
Governor of Georgia

Virginia’s sales-based financing disclosure law – Went into effect July 1, 2022

California’s commercial financing disclosures – Went into effect December 9, 2022.

Utah’s commercial financing disclosures – Went into effect January 1, 2023.

New York’s commercial financing disclosure law – Goes into effect August 1, 2023

Georgia’s commercial financing disclosure laws – Goes into Effect January 1, 2024

CFPB’s small business lending data collection law – Goes into effect October 1, 2024

Other states with pending disclosure bills include Carolina, Connecticut, Kansas, and Illinois. New Jersey has been semi-active for perhaps three years.  

License and Registration United States
A State-by-State Analysis of License Requirements for Lenders and Brokers
https://leasingnews.org/Pages/states_license.html

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AACFB Annual Conference
Draws Hundreds to Sunny California
By Don Cosenza, CLFP
Chief Marketing Officer North Mill Equipment Finance

 

This year’s AACFB conference, aptly branded “Riding the Tides,” drew more than 370 industry professionals to the Seaside Marriott in Irvine, CA, as brokers, lenders, and service providers joined hands to learn, network, and break bread.

Monica Harper, Executive Director, AACFB, said, “I was extremely pleased with the turnout at this year’s AACFB annual conference,  “Late in the planning process we were forced to change venues from Portland to Irvine. As such, we felt the theme, ‘Riding the Tides’ was apropos given the need to ‘go with the flow.’ Just as the planning committee had to adjust and overcome, so, too, have the players in the equipment finance space.

“Challenges like rising rates, legislative issues, and supply chain disruption have formed a new landscape in which to operate. Riding the tide is a great metaphor about the cyclical nature of things, impermanence, and the need to adjust to change.”

And “Ride the Tide” they did. According to Harper, conference attendance has not been this high in 14 years.  Moreover, key programs like the conference-sponsored golf outing and the Women in Finance Luncheon both enjoyed a record-breaking turnout.

“We were so excited to see over 100 first-time attendees register alongside the hundreds of familiar faces who make it a point to return to the conference each and every year,” she said.

The three-day schedule was packed with valuable information. Best practices, digital innovation, and sage advice from industry luminaries were offered throughout. Attendees had the opportunity to join concurrent sessions such as, “How to Think Like a Funder,” “Deal Structuring in a High-Rate Environment,” and “Upselling with Value-Added Funding Solutions.” Other topics on the docket included the latest disclosure laws, marketing best practices, and the difficulty in funding B/C credits.   

Participants in the Leadership Forum, which drew a particularly large crowd, received counsel from a panel of senior leaders including Cindy Fleck, Managing Director of Channel; David C. Lee, Chairman and CEO of North Mill Equipment Finance; Jim Merrilees, Vice Chairman of The Alta Group, and Gary Souverein, President of Pawnee Leasing.

In addition, the exhibit hall boasted nearly 70 funding sources and service providers, eager to make new broker connections and solidify existing partnerships.  Anyone who missed this popular event can plan to attend the AACFB Commercial Financing Expo this September 20-21 in Orlando, Florida or the 2024 AACFB Annual Conference in Phoenix/Glendale, Arizona scheduled for April 16-18, 2024.

Donald S. Cosenza, CLFP
Senior Vice President
Chief Marketing Officer
North Mill Equipment Finance
DCosenza@northmillef.com

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Exceeding 2023 Expectations

Sales Makes it Happen by Scott Wheeler, CLFP

Top producers do not measure themselves against internal quotas or what others are producing. They set stretch goals beyond all expectations. Top producers are constantly pursuing relationships that can double, triple, or quadruple their previous goals. In 2023, top producers are strategically changing their personal activities to work smarter than their competition, to go beyond expectations, and to focus on building relationships for long-term success.

During a recent one-on-one coaching session with a top producer, he explained the following:

• As the top producer for his company, he has set a goal of doubling his business in 2023. He avoids internal and external noise that might distract him from his mission.

• He is focused on vendors and end-users that have the most potential in 2023 and beyond. He is penetrating past relationships which have the greatest potential and prospecting a predetermined prospect list which also has the greatest potential. His strategy is to go deep rather than broad.

• He has broadcasted his doubling of production goals to his company, vendors, end-users, and other stakeholders. Along with his goals he has explained why he believes his goal is realistic and how he expects to achieve his ambitious 2023 goal.

• He is realistic about the current economic cycle and has explained to all his stakeholders that the quality of assets is paramount. He sells his experience and the need for both vendors and end-users to work with him as a knowledgeable originator who can navigate a potentially challenging environment over the coming months. He is confronting the challenges head-on rather than recoiling.

• Through the first third of 2023 (through April) he has more than doubled his production compared to the first, second, and last third of 2022. His backlog is stronger than any other time in his career. Every other originator in his company is either on par with past performance or slightly behind. The top producer attributes his success to his desire to succeed, his aggressive realistic approach to the market, and his forward-thinking approach to every relationship.

There are many success stories being created in 2023.
 Top producers have their sights on 2025 rather than 2021.

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 

Leasing and Finance Industry Help Wanted
Highly Trained Operation Staff/Work from Home
Excellent Compensation/Marketing Support

10 Best Ways to Land Your Dream Job

 

The Ultimate Hire by Ken Lubin, ZRG Partners

Are you ready to land your dream job and take your career to the next level? In today's dynamic and ever-changing job market, the path to success requires a forward-thinking mindset and a willingness to adapt and innovate. But fear not! We've compiled the top 10 exciting and compelling strategies to help you achieve your career goals:

1. Embrace the Future of Work: The future is here, and it's time to jump on board! From emerging technologies to innovative business models, the future of work is full of exciting opportunities. So, identify the latest trends, learn new skills, and position yourself to thrive in this new landscape.
2. Leverage Data and Analytics: In a world that runs on data, it's crucial to have the skills to analyze and interpret it. Showcase your data-driven decision-making skills to potential employers, and set yourself apart from the competition.
3. Build Your Personal Brand on Social Media: Social media is not just for selfies and cat videos - it's a powerful tool for building your personal brand and showcasing your expertise. So, get creative, connect with industry leaders, and stand out from the crowd.
4. Network like a Pro: In today's digital age, networking has never been easier! Join online communities, attend virtual events, and connect with like-minded professionals to expand your network and find exciting career opportunities.
5. Prioritize Diversity and Inclusion: Diversity and inclusion are no longer just buzzwords - they're critical for business success. Demonstrate your commitment to creating an inclusive workplace, and show potential employers that you value diversity.
6. Focus on Skills, Not Just Degrees: Degrees are great, but they're not the only path to success. Focus on developing the skills that are in demand in your industry, and showcase your abilities through projects and certifications.
7. Be Adaptable: The job market is constantly changing, and it's essential to be flexible and adaptable. Show potential employers that you're open to new challenges and can pivot quickly to meet new opportunities.
8. Highlight Your Soft Skills: Hard skills are important, but soft skills can set you apart from the competition. Emphasize your communication, problem-solving, and teamwork skills to show potential employers that you're the total package.
9. Use AI-Powered Tools: AI-powered job search tools can help you find the perfect job, customize your applications, and save time. So, make use of these tools and let the machines do the work for you!
10. Take Charge of Your Career: The key to success is taking control of your career. Set goals, seek out new opportunities, and continuously learn and grow to keep your career on the fast track to success.

The job market is full of exciting opportunities for those who are ready to embrace the future and take charge of their career. By leveraging the latest technologies, prioritizing diversity and inclusion, and showcasing your skills and abilities, you can land your dream job and take your career to new heights. So, what are you waiting for? Let's make your career dreams a reality!

Go forth and prosper!

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin/

"What is the Ultimate Hire? The Ultimate Hire is the professional that every business, team or leader needs in their organization. This is the high performance individual that always rises to the top, brings the team to the next level and can significantly add to the bottom line. The Ultimate Hire is the person that you can't afford to be without. Finding, Attracting, Hiring and Retaining these professionals is critical to the success of your business. We have identified these traits and can help you find these top professionals.

The Ultimate Hire Collections:
http://leasingnews.org/Conscious-Top%20Stories/ultimate.html

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Northteq Announces New Product Upgrades
to Streamline Lending Process, Eliminating Email

 
App to App and EF as a Service (EFaaS) Streamlines Application Processes and Enhances Efficiencies for Lenders

MINNEAPOLIS, MINNESOTA (- Northteq, Inc., a leading provider of Salesforce loan origination solutions, announces over 60 updates and upgrades to its comprehensive suite of loan origination products. With the latest feature updates, Northteq is taking a major step towards eliminating email from lending by streamlining the application process and creating enhanced efficiencies between lenders and their vendor partners.

Notable updates include a credit summary feature, providing lenders a snapshot of all their trusted credit information in one place, and three new application features designed to maximize the ease of deal submissions and expedite application creation. The application upgrades are a direct response to feedback gathered from equipment finance lenders, vendors, and brokers. The features are aimed to boost the relationship and productivity of application intake between lenders and their vendor and broker partners.

Highlighted features include:

• App to App drag and drop OCR technology enabling instant population of credit applications into Salesforce and eliminating paper-based applications.

• Equipment Finance as a Service (EFaaS) taking a deal from application to documents without human involvement utilizing a 100% API enabled integration.

• White-labeled credit applications meeting the needs of vendors and broker partners, allowing branded pdf applications through the partner portal, ensuring a seamless and personalized application process.

Northteq, Inc. is a Minneapolis, Minnesota-based fintech company that has helped over 175 lenders provide their customers, vendors, and employees with intuitive, thoughtfully designed lending solutions.

Northteq’s flagship product, Aurora, is an automated, Salesforce powered loan origination system and partner portal. They also offer turnkey Salesforce apps created through partnerships with fintech industry leaders including Middesk, PayNet, FICO, Equifax, Experian, D&B, TimeValue, Nintex, Ocrolus, Plaid, and many more. For more information visit northteq.com.

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Moorari K. Shah & Ken Weinberg Named 2023 Recipients of
the Edward A. Groobert Award for Legal Excellence
from the Equipment Leasing and Finance Association

Moorari Shah and Ken Weinberg accepting award
from ELFA CEO/President Ralph Petta

Washington, D.C.—The Equipment Leasing and Finance Association (ELFA) has awarded Moorari K. Shah, Partner at Sheppard Mullin Richter & Hampton LLC, and Ken Weinberg, Partner at Rimon, P.C., the Edward A. Groobert Award for Legal Excellence. ELFA Legal Committee Chair R. Scott Adams, Vice President of Legal & Compliance, North America at Volvo Financial Services, presented the award to Shah and Weinberg on May 8 at the ELFA Legal Forum in Fort Myers, Florida, in recognition of their significant contributions to the association and the equipment finance industry.

Moorari Shah
As a partner and co-leader of the Consumer Finance industry team based in the Orange County and San Francisco offices of Sheppard Mullin Richter & Hampton LLC, Moorari Shah specializes in representing fintech, mortgage companies, auto lenders and other non-bank institutions in a wide array of transactional, regulatory and government enforcement matters. Shah has been an active member of ELFA for 15 years. As a respected industry thought leader, he has served in a number of leadership roles within the association, including as Chair of the State Legislative and Regulatory Affairs Subcommittee and as a member of the following Committees: The Legal Committee, the Equipment Finance Regulatory and Compliance Subcommittee and the Motor Vehicle Subcommittee.

Shah also has played a critical role in promoting the equipment finance industry’s policy objectives. Most recently, as a leading authority on enhanced state financial disclosure requirements, Shah provided analysis and guidance to ELFA, its membership and specific issue workgroups. He has spoken on the topic at multiple ELFA events, including the Legal Forum, the Annual Convention, the Bank and Small Ticket Best Practices Roundtables, and a number of popular web seminars. He also has contributed numerous articles to the association’s Equipment Leasing & Finance magazine and the Equipment Leasing & Finance Foundation’s Journal of Equipment Lease Financing.

Shah received ELFA’s 2019 David H. Fenig Distinguished Service in Advocacy Award in recognition of his extraordinary contributions to the association’s state advocacy program. He received his J.D. from Boston University School of Law (cum laude) and his B.A. from Duke University. He is a Certified Information Privacy Professional (CIPP) and a certified Six Sigma Black Belt.

Ken Weinberg
As a Partner at Rimon, P.C., Ken Weinberg’s areas of focus include equipment leasing and finance, banking and financial services and energy transactions. Weinberg has been an active member of ELFA for more than 20 years. A leader in his field who is conversant in a wide range of topics concerning equipment finance, he has contributed to ELFA and the equipment finance industry in many ways.

Weinberg has served as an information resource for ELFA members regarding legal issues impacting the equipment finance industry. He has participated in almost every ELFA Legal Forum since 2000, frequently serving as a speaker on a variety of topics, including the Uniform Commercial Code, suretyship and guaranties, structured finance and “merger up” transactions. In addition, Weinberg has contributed his expertise by writing approximately 100 articles on industry related topics, including for the Equipment Leasing & Finance Foundation's Journal of Equipment Lease Financing, with a focus on the Uniform Commercial Code, and was a research advisor to the Foundation’s study “The Impact of New Energy Production Technologies on Equipment Finance.”

Weinberg also has served in leadership roles within the association. From 2018 through 2021 he completed a term as a member of the Legal Committee. For the past five years he has been Vice Chair of the Energy Subcommittee of the Legal Committee, which keeps members abreast of developments in the leasing and financing of energy equipment and receivables.

Weinberg has been awarded an AV® Preeminent™ Peer Review rating by Martindale-Hubbell, which recognizes lawyers for their strong legal ability and high ethical standards. He also has been selected by American Lawyer Media and Martindale-Hubbell™ as a “Top Rated Lawyer in Lawyers in Banking & Finance Law.” He earned his J.D. from the University of Georgia School of Law (cum laude) where he was the Executive Articles Editor for the Journal of Intellectual Property, and a B.A. from Vanderbilt University (magna cum laude).

About the Award
The Edward A. Groobert Award for Legal Excellence is named for ELFA’s long-time Secretary and General Counsel Edward A. Groobert, who was active in the legal affairs of the association from the mid-1960s until his retirement in 2010.

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit https://www.elfaonline.org

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Crossbreed Mix
Milpitas Adopt-a-Dog

Isabella

ID 1922980
Female
1 Year 4 1/2 months old
Weight 18 lbs.
Spayed
Location:
Animal Comunity Center

About me
I am part of the Bridgerton Adoption Promo. My adoption fee is 50% off!

Isabela is a combination of cuddly and energetic. She will never turn down a warm lap and will keep you company during a long movie. She wants to be with you and will snuggle under the covers to keep you warm.

Isabela has made much progress in walking nicely on leash and loves long walks. She runs gracefully and would make a good running partner if you have the energy to keep up with her. We do not have another animal in the house. Isabela is very vocal when meeting new people entering the house. She quickly calms down when strangers give her treats. My favorite things to do with Isabela are long walks, training and sharing a lap. I will miss the many hours that Isabela spent in my lap. She gives a big sigh of contentment that makes me happy.

Humane Society Silicon Valley
901 Ames Avenue
Milpitas, CA 95035
408-262-2133
comments@hssv.org
https://www.hssv.org/adopt/?utm_content=shortcuturl_adopt

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California DFPI Announces Results
from Review of the Supervision and Closure of Silicon Valley Bank

SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today released its Review of DFPI’s Oversight and Regulation of Silicon Valley Bank (SVB).

The report summarizes DFPI’s supervision of SVB and reviews the circumstances that led to the failure of the bank.

Findings include:

• SVB was slow to remediate regulator-identified deficiencies and regulators did not take adequate steps to ensure the bank resolved problems as fast as possible;
• Recent rising interest rates led to SVB’s startup deposits decreasing and its investments losing value, contributing to liquidity challenges
• SVB’s unusually rapid growth was not sufficiently accounted for in risk assessments
• SVB’s high level of uninsured deposits contributed to the bank run; and
• Digital banking technology and social media accelerated the volume and speed of the run on SVB and contributed to its ultimate collapse

The report also outlines next steps for DFPI to improve its supervision of state-chartered banks for the future.

Through the report, the DFPI seeks to provide information for policymakers and stakeholders that may help to prevent future bank failures. In the interest of transparency, this report includes confidential supervisory information (CSI) about SVB, including summaries of examination reports, supervisory letters, and ratings downgrades, so that policymakers and the public are fully informed about the circumstances leading to the demise of SVB.

The report is available online at the DFPI website.

Background

On March 10, 2023, the DFPI took possession of SVB, a California state-chartered regional bank based in Santa Clara, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. SVB became insolvent after an unprecedented run on SVB’s deposits. Within the span of eight hours on March 9, 2023, SVB received deposit withdrawal requests of approximately $42 billion, representing nearly 25 percent of SVB’s approximately $166 billion in total deposits. While many internal factors made SVB susceptible to a bank run, both social media and digital banking technology accelerated the volume and speed of the deposit outflows.

About DFPI 
The Department of Financial Protection and Innovation protects consumers, regulates financial services, and fosters responsible innovation. DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more at  https://dfpi.ca.gov/.

News Briefs---

Fleets Face Lending Limitations from Banks
    Fewer Lenders, Less Money
https://www.automotive-fleet.com/10198265/fleets-face-lending-limitations-from-banks

Element Reports Strong First Quarter Results,
    Raises Full-Year 2023 Results Guidancehttps://www.elementfleet.com/binaries/content/assets/elementfleet/investor-documents/q1-2023-earnings-pr_vf.pdf

Ryanair places its biggest order
    ever for Boeing aircraft
https://www.cnn.com/2023/05/09/business/ryanair-boeing-737-max-order/index.html

The Decline of the Five-Day Commute
    Is a Boon to Suburban Retail
https://www.wsj.com/articles/the-decline-of-the-five-day-commute-is-a-boon-to-suburban-retail-55e4dc89

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The Search for the Lost ‘Jeopardy!’ Tapes Is Over
    The Mystery Behind Them Endures
https://www.theringer.com/tv/2023/5/2/23705821/jeopardy-lost-tapes-barbara-lowe-mystery-champion

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Sports Briefs---

Bucks fire coach Mike Budenholzer after early exit
https://www.espn.com/nba/story/_/id/37424110/sources-bucks-fire-coach-mike-budenholzer-early-exit

Seven Big Questions for NFL Teams After the Draft
https://www.theringer.com/nfl-draft/2023/5/4/23710236/seven-big-questions-for-teams-after-2023-nfl-draft-aaron-rodgers-brock-purdy-mac-jones

The Warriors have their Jack Nicholson: Her name is Zendaya
https://www.sfchronicle.com/sports/warriors/article/the-warriors-jack-nicholson-her-name-zendaya-18080308.php

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California News Briefs---

Downtown San Francisco office building sells
    for far below estimated value
https://www.sfgate.com/local/article/350-california-sf-office-building-has-sold-1808704

Downtown S.F. has 18.4 million square feet of empty
office space. We mapped every vacancy
https://www.sfchronicle.com/sf/article/downtown-empty-offices-business-tech-17911258.php

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Gimme that Wine

 

Gloria Ferrer vineyards a Sonoma County pioneer
     in using AI to monitor crops
https://www.pressdemocrat.com/article/lifestyle/gloria-ferrer-vineyards-a-sonoma-county-pioneer-in-using-ai-to-monitor-crop/

The 15 Best Wines In 2023 So Far
https://www.tastingtable.com/1255933/best-wines-2023/

Archaeologists uncover elaborate ancient
winery among Roman ruins
https://www.thedrinksbusiness.com/2023/04/archaeologists-uncover-elaborate-ancient-winery-among-roman-ruins/

Oregon State researchers make breakthrough in
   understanding the chemistry of wildfire smoke in wine
https://today.oregonstate.edu/news/oregon-state-researchers-make-breakthrough-understanding-chemistry-wildfire-smoke-wine

This Day in American History

      1494 - Columbus discovered Jamaica in 1494, meeting the Arawak Indians, who reportedly celebrated the event with a rum drink. He would eventually enslave or kill all on the many islanders by disease or violence.
The European nations would then bring over mostly African slaves to do the work on the land. 
http://www.picturehistory.com/find/p/1405/mcms.html 
http://www.hartford-hwp.com/archives/41/038.html 
http://www.webster.edu/~corbetre/haiti/history/precolumbian/tainover.htm
    1780 – The second oldest learned society in the U.S., the American
    1847 - The American Medical Association was organized at a meeting at Philadelphia attended by 250 delegates. This was the first national medical convention in the US.
    1864 - The forces of Union General Ulysses S. Grant and Confederate General Robert E. Lee clash in the Wilderness, beginning an epic campaign for the capture of the Confederacy capital. Lee had hoped to meet the Federals, who plunged into the tangled Wilderness west of Chancellorsville, Virginia, the day before, in the dense woods to mitigate the nearly two-to-one advantage Grant possessed as the campaign opened. For the next six weeks, the battle continued off and on.
    1867 - Nelly Bly was born Elizabeth Cochran Seaman (d. 1922), Cochran’s Mill, PA.  The first woman superstar of journalism, she was a fighter for women's rights and the underdog. She once feigned insanity to get inside asylum to expose the dismal conditions for the emotionally ill. Her fame, however, rests on a publicity race around the world to beat the 80-day around the world fictional trip authored by Jules Verne. Her career started at $5 a week and reached a high point of $25,000 a year. Her first articles were about the slum life of her home area of Pittsburgh and the dismal conditions forced on the working girls of the city because of low wages and social stigmas. She then went to Mexico where she wrote of the poor there and the overt official corruption that kept so much of the culture in poverty while making others super rich. She was expelled from Mexico when the articles appeared. The articles were later collected in “Six Months in Mexico” (1888). She moved to New York to work for Joseph Pulitzer's New York World at a much higher salary. Her first assignment was feigning insanity and being committed to an asylum. Her exposes resulted in a grand jury hearing and some changes in care of the insane. The articles were collected in “Ten Days in a Mad House” (1887). Her career included exposes of sweatshops, the jail system (she was arrested after pretending to shoplift), and even the briberies inherent in the lobbying system that influences legislatures. Then came her high publicized trip around the world to break the Jules Verne fictional record of "Around the World in 80 Days." Traveling alone on whatever transportation was available, she sent back dispatches that were eagerly read by the public so that when she returned to New York in 72 days, 6 hours and 11 minutes, she was the most famous woman in America, perhaps in the world. She published her exploits in a successful “Nellie Bly's Book: Around the World in Seventy-two Days” (1890). She was 23 years old. She also described using a diving bell to descend into the ocean and then floating above the earth in a balloon. The pen name "Nellie Bly" came from a Stephen Foster song.
    1891 - The world-famous Carnegie Hall opened in New York. Designed by architect William B. Tuthill and built by philanthropist Andrew Carnegie, it is one of the most prestigious venues in the world for both classical music and popular music. Among the opening night attractions ... Tchaikovsky conducting his "Marche Solennelle." On this date in 1991, a 100th birthday celebration for the hall included two concerts, featuring the likes of violinist Isaac Stern, tenor Placido Domingo, soprano Jessye Norman, cellist Mstislav Rostropovich and conductor Zubin Mehta.
    1892 – Congress extended the Chinese Exclusion Act for 10 years. The first significant Chinese immigration to North America began with the California Gold Rush of 1848–1855 and it continued with subsequent large labor projects, such as the building of the Transcontinental Railroad.  During the early stages of the gold rush, when surface gold was plentiful, the Chinese were tolerated, if not well received.  As gold became harder to find and job competition increased, animosity toward the Chinese and other foreigners increased.  The Chinese Exclusion Act signed by President Chester A. Arthur on May 6, 1882, prohibiting all immigration of Chinese laborers. The act followed the Angell Treaty of 1890, a set of revisions to the US–China Burlingame Treaty of 1868 that allowed the US to suspend Chinese immigration. The act was initially intended to last for 10 years and this extension in the Geary Act was made permanent in 1902. The Chinese Exclusion Act was the first law implemented to prevent a specific ethnic group from immigrating to the United States. It was repealed by the Magnuson Act on December 17, 1943.
    1893 - Stock Market Crash: Wall Street stock prices took a sudden drop. By the end of the year, 600 banks had closed. The Philadelphia and Reading, the Erie, the Northern Pacific, the Union Pacific and the Atchison, Topeka and Santa Fe railroads had gone into receivership; 15,000 other businesses went into bankruptcy. Other than the "Great Depression" of the 1930s, this was the worst economic crisis in US history; 15-20 percent of the workforce was unemployed.
    1895 - Margaret Francis “Peggy” Bacon (d. 1987) was born in Ridgefield, CT.  U.S. artist. Her main media were painting, dry point etching, and lithography. She once gave up painting because her husband derided her and made her think her efforts were inadequate. She was able to fashion a great career in caricatures and book illustrations. Her work was often featured in the New Yorker magazine. She resumed serious painting after her divorce at age 45. At age 80, in 1975, she became the first living woman to be given a retrospective at the National Museum of American Art. Her witty, much praised caricatures of the famous of her era were collected in the best-seller “Off with Their Heads” (1934).
    1903 - James Beard (d. 1985) birthday at Portland, OR.  The Father of American Cooking. In a long and busy culinary career, he penned more than 20 classic cookbooks, appeared on television's first cooking show in 1946 and was an enthusiastic ambassador for the American style of cooking. His Greenwich Village brownstone is America's only culinary historic landmark and serves as the headquarters of the James Beard Foundation.
    1904 - Denton True "Cy" Young pitched baseball's first perfect game, not allowing a single opposing player to reach first base. Young's outstanding performance led the Boston Americans in a 3-0 victory over Philadelphia in the American League. Young will eventually complete 24 straight hitless innings, still the record, and 45 shutout innings in a row, a record until broken by Jack Coombs’ 53 scoreless frames in 1910.  The Cy Young Award for pitching was named in his honor.
    1925 - High school science teacher John Scopes was arrested for teaching evolution in one of Tennessee's public schools
http://lcweb2.loc.gov/ammem/today/today.html
    1936 - The first bottle with a screw cap and a pour lip was patented by Edward A. Ravenscroft, Glencoe, Il. The bottles were manufactured by the Abbott Laboratories, North Chicago, Il.
    1938 - Soul singer Johnnie Taylor (d. 2000) was born in Crawfordville, Arkansas. One of the mainstays of the Stax-Volt label in Memphis during the late '60s, his best-known recording is his 1968 million-seller "Who's Making Love?"
    1942 - Country superstar Tammy Wynette was born Virginia Wynette Pugh (d. 1998) near Tupelo, Mississippi. "D-I-V-O-R-C-E" and "Stand by Your Man," which is also the title of her autobiography, are typical of her country ballads, backed by the lush orchestral arrangements of Billy Sherrill. "Stand by Your Man," which topped the country charts in 1968, was the biggest-selling single by a woman in the history of country music. Her other number-one hits include "The Ways to Love a Man" from 1969, "He Loves Me All the Way" from 1970 and "We're Gonna Hold On," a 1973 duet with George Jones. Wynette and Jones were married from 1968 to 1975. In 1992, she teamed up with pop-pranksters The KLF. Together they scored a modest hit with a reworking of "Stand by your Man," called "Justified and Ancient (Stand by the Jams)."
    1945 - In Lakeview, Oregon, Mrs. Elsie Mitchell and five neighborhood children are killed while attempting to drag a Japanese balloon out the woods. Unbeknownst to Mitchell and the children, the balloon was armed, and it exploded soon after they began tampering with it. They were the first and only known American civilians to be killed in the continental United States during World War II. The U.S. government eventually gave $5,000 in compensation to Mitchell's husband and $3,000 each to the families of Edward Engen, Sherman Shoemaker, Jay Gifford, and Richard and Ethel Patzke, the five slain children. The news was never printed in newspapers and other balloons were handled by the army. The Japanese were unaware that the balloons reached the United States. The explosive balloon found at Lakeview was a product of one of only a handful of Japanese attacks against the continental United States, which were conducted early in the war by Japanese submarines and later by high-altitude balloons carrying explosives or incendiaries. In comparison, three years earlier, on April 18, 1942, the first squadron of U.S. bombers dropped bombs on the Japanese cities of Tokyo, Kobe, and Nagoyo, surprising the Japanese military command, who believed their home islands to be out of reach of Allied air attacks. When the war ended on August 14, 1945, some 160,000 tons of conventional explosives and two atomic bombs had been dropped on Japan by the United States. Approximately 500,000 Japanese civilians were killed as a result of these bombing attacks.
    1945 - The War Department announces that about 400,000 troops will remain in Germany to form the US occupation force and 2,000,000 men will be discharged from the armed services, leaving 6,000,000 soldiers serving in the war against Japan.
    1946 - Birthday trumpet player, composer Jack Walrath, Stuart, FL.
http://shopping.yahoo.com/shop?d=produ
ct&id=1927006563&clink=dmmu.artist&a=b
http://www.jackwalrath.com/bio.htm
    1949 - Top Hits
“Cruising Down the River” - The Blue Barron Orchestra (vocal: ensemble)
“Forever and Ever” - Perry Como
“Again” - Doris Day
“Lovesick Blues” - Hank Williams
    1949 - “Stop the Music” Premiers. ABC's prime-time musical-game show hosted by Bert Parks. Featured the singing talents of Kay Armen, Jimmy Blaine, Betty Ann Grove, Estelle Loring, Jaye P. Morgan and June Valli, and the dancing numbers of Sonja and Courtney Van Horne. Harry Salter conducted the band.
    1955 - The musical, "Damn Yankees" opened in New York City for a successful run of 1,019 performances. The show, at the 42nd Street Theatre mixed both baseball and ballet. It is an adaptation of the book, "The Year the Yankees Lost the Pennant." Gwen Verdon starred in the role of Lola. “Whatever Lola Wants Lola Gets,” including the Tony for Best Actress in a musical for her performance. My mother took me to the matinee and Ray Walton as the devil was my favorite.
    1955 - Dodger rookie hurler Tommy Lasorda, making his Major League debut, ties a record by throwing three wild pitches in the first inning of a 4-3 victory over the Cardinals. The future Dodger Hall of Fame skipper doesn't get the decision and will end his playing days after the 1956 season with a lifetime record of 0-4.
    1957 - Top Hits
“All Shook Up” - Elvis Presley
“School Day” - Chuck Berry
“A White Sport Coat (And a Pink Carnation)” - Marty Robbins
“Gone” - Ferlin Husky
    1961 - Astronaut Alan B. Shepard Jr. became America's first space traveler as he made a 15-minute suborbital flight in a capsule launched from Cape Canaveral
http://www.nytimes.com/learning/general/onthisday/big/0505.html
    1962 - "West Side Story" soundtrack album goes to #1 and stays there for 54 weeks which is more than 20 weeks longer than any other album
    1962 - No. 1 Billboard Pop Hit: "Soldier Boy," The Shirelles.
    1965 - Top Hits
“Mrs. Brown, You've Got a Lovely Daughter” - Herman's Hermits
“I Know a Place” - Petula Clark
“I'll Never Find Another You” - The Seekers
“This is It” - Jim Reeves
    1966 - Willie Mays hit home run number 512 of his career. The San Francisco Giants' superstar became the greatest home run hitter in the National League to that time, passing New York Giant Mel Ott.
    1967 - "San Francisco" by Scott McKenzie enters the charts and will eventually hit #4. The song became kind of an anthem during the hippie movement.
    1968 - Buffalo Springfield played its final show in Long Beach, California. There were reports of persistent squabbling between group members Stephen Stills and Neil Young. But Stills and Young would go on to form Crosby, Stills, Nash and Young with David Crosby and Graham Nash. Buffalo Springfield was together only two years and released just three albums, but their 1967 hit "For What It's Worth" became an anthem for the hippie generation.
    1973 - Secretariat, ridden by Ron Turcotte, won the Kentucky Derby in record time of 1:59.2. “Big Red,” as he was known, beat Sham by 2 ½ lengths and went on to win the Triple Crown.
    1970 - No. 1 Billboard Pop Hit: "American Woman," Guess Who.
    1973 - Top Hits
“Tie a Yellow Ribbon Round the Ole Oak Tree” - Dawn featuring
   Tony Orlando
“The Cisco Kid” - War
“Little Willy” - The Sweet
“Behind Closed Doors” - Charlie Rich
    1973 - The University of Miami breaks away from the unstated but clearly understood rules and offers the first athletic scholarship ever made to an American WOMAN (Terry Williams). YES - the date was 1973.
    1978 - Pete Rose of the Cincinnati Reds got the 3,000th hit of his career, a single off Steve Rogers of the Montréal Expos. Rose played in the Majors from 1963 through 1986 and wound up with 4,256 hits, more than any other player.
    1979 - Thirteen years after the original duo of Peaches and Herb split up, Herb Feemster teamed up with a new Peaches, Linda Greene, to enjoy a four-week run at #1 on the US singles chart with "Reunited."
    1979 - 28-year-old Suzi Quatro reached #5 on the Hot 100 with a duet with Chris Norman called "Stumblin' In." It would be the only time she cracked the Top 40.
    1981 - Top Hits
“Morning Train” (“Nine to Five”) - Sheena Easton
“Just the Two of Us” - Grover Washington, Jr./Bill Withers
“Being with You” - Smokey Robinson
“Rest Your Love on Me” - Conway Twitty
    1981 - Mobile, Alabama had its worst flash flooding ever as thunderstorms unloaded 8 to 16 inches of rain over the metro area in a couple of hours. Damage was $36 million.
    1982 - No. 1 Billboard Pop Hit: "Chariots of Fire," Vangelis. The performer, whose real name is Evangelos Papanthanassiou, wins an Academy Award for the score to the film "Chariots of Fire."
    1986 - Sacramento, California hit the 100 degree mark, breaking the previous record for this day of 92 degrees which was set in 1944. This is the earliest in the season Sacramento has hit the 100 mark.
    1987 - Unseasonably hot weather prevailed in the western U.S. A dozen cities in California reported record high temperatures for the date. Afternoon highs of 93 degrees at San Francisco, 98 degrees at San Jose, 100 degrees at Sacramento, and 101 degrees at Redding, were the warmest of record for so early in the season. The high of 94 degrees at Medford OR was also the warmest of record for so early in the season.
    1989 - Top Hits
“Like a Prayer” - Madonna
“I'll Be There for You” - Bon Jovi
“She Drives Me Crazy” - Fine Young Cannibals
“Young Love” - The Judds
    1989 - Thunderstorms swept across Georgia and the Carolinas during the late afternoon and evening hours spawning seventeen tornadoes. A tornado at Toccoa, GA injured 15 persons, and a tornado at Chesnee, SC killed two persons and injured 35 others. Five tornadoes in North Carolina accounted for five deaths, 88 injuries, and $60 million damage. Thunderstorms also produced baseball size hail at Lake Murray, SC, and wind gusts to 78 mph at Brooklyn, MD.
    1990 - A strong Pacific cold front moving rapidly inland caused weather conditions at the east end of the Strait of Juan de Fuca in Washington State to quickly change from sunny and calm to westerly winds of 60 mph and ten-foot waves. Three recreational fishing boats capsized in heavy seas off Port Angeles resulting in five deaths. In California, temperatures soared above 90 degrees across much of the state. The high of 101 degrees in downtown Los Angeles was eight degrees hotter than their previous record for the date
    1993 - Microsoft announced it would bundle its popular database software, Microsoft Access, with its Microsoft Office package, which already included MS Word and Excel. Microsoft's competitors, including Lotus and WordPerfect, also added database software to their office software suites.
    1995 - A supercell thunderstorm rapidly developed just ahead of a fast-moving bow echo squall line and blasted Tarrant County, Texas. Large hail up to 5 inches in diameter, driven by 80 mph winds, caused a tremendous amount of damage. 10,000 people were caught out in the open at Mayfest in Downtown Fort Worth, resulting in 109 injuries from the large hail. Torrential rains of up to 3 inches in 30 minutes and 5 inches in one hour across Dallas caused unprecedented flash flooding, resulting in 16 deaths. Total damage in Fort Worth alone was estimated at $2 billion, making this the costliest thunderstorm event in U.S. history. This was the third severe hailstorm to strike the area in only a little over a month.
    1997 - Crosby, Stills and Nash helped mark the 27th anniversary of the Kent State University shootings with a concert at the Ohio campus. The group performed their hit "Ohio," written by Neil Young after the killings of four students by National Guardsmen during an anti-war demonstration on May 4th, 1970.
    1999 - At the 34th annual Academy of Country Music Awards, Garth Brooks is named artist of the decade, Dixie Chicks' critically acclaimed multiplatinum debut "Wide Open Spaces," is named album of the year, and Faith Hill wins top female vocalist, as well as single and video of the year honors for "This Kiss."
    2000 - Cardinal first baseman Mark McGwire hits the longest home run in the 30-year history of Riverfront/Cinergy Field, but the 473-foot shot isn't enough as Ken Griffey Jr.'s homer leads the Reds past St. Louis, 3-2.
    2005 - Mavis Staples and Charlie Musselwhite lead the field with three trophies each at the 26th W.C. Handy Awards, held in Memphis.
    2013 - The world's first plastic gun, produced by a 3-D printer by Defense Distributed fired successfully in Austin, Texas. Security officials fear plastic weapons would not be detected at airport screenings.
    2020 - Global confirmed cases of COVID-19 reach 3.65 million, US cases pass 70,000 while the UK becomes the most affected in Europe with 29,427 known deaths.

NBA Champions:
    1969 - Boston Celtics
Stanley Cup Champions:
    1966 - Montréal Canadiens