18 DecSierra history: The Gold Rush winter of 1850 (part 2)

TAHOE-TRUCKEE, Calif. — The first big wave of Gold Rush Argonauts swarmed into California via ship or overland trails in 1849. Besides the stories of instant wealth, many forty-niners had also heard or read about California’s gentle, healthful Mediterranean climate.

“Health and wealth for all!” went a popular slogan of the era. Unfortunately for the miners and everyone else whose personal economics relied solely on the gold industry, soaking storms in November and December 1849 washed away most of the flumes that were used to facilitate gold production.

Heavy rain quickly filled streams and riverbeds and soon put men out of work. Some found luck in the dry diggings away from the swollen watercourses, but roads of mud made travel difficult. Others headed for San Francisco to wait out the winter.

The early storms were also a problem for forty-niners crossing the Northern Sierra that year. By 1849, everyone using Donner Pass or the nearby alternatives had been warned about reaching the mountains too late.

When TH Jefferson published his California Trail map in early 1849, he advised pioneers who arrived late and found snow on Donner Pass should return back to the desert (future site of Reno).

He warned, “The most difficult portion of the whole journey is the passage of the Californian Mountains, and particularly the descent of the western side. The only serious difficulty, however, is when you arrive late in the season, with a short supply of breadstuff, and encounter snow ten or fifteen feet deep.

“Those who expect to cross in safety must reach the Truckey Pass by the 1st of October. The snow does not usually begin falling till November, and remains upon the ground more or less till May.

“If you arrive late, however, and encounter snow, scatter at once into small parties and retreat to the eastern base of the mountains, where you will find fertile valleys free from snow, which afford game, salmon, and roots, enough for small parties. You can winter there, and cross at the Truckey Pass when the snow is gone.”

GOING GOLD CRAZY

Jefferson gave sage advice, but it was unlikely to be heeded by the hordes of gold-crazed young men who comprised the bulk of the forty-niners on the California Trail.

Fortunately, most crossed the Sierra in late summer and early fall when the weather was pleasant and safe. But when winter storms started in late October 1849, the heavy rain and high elevation snow threatened the lives of gold seekers still struggling on the trail, pushing wagons and wheelbarrows over the Sierra.

The late arriving Donner-led wagon company had spent the winter snowbound there, and many in the group died. After that the citizens and government of California had made a commitment that no one would ever be left behind to starve in the mountains again.

Philadelphia-born William Gambel was headed back to California during the gold rush of ’49, this time as a medically trained doctor.

He had first reached California by foot in 1842 as a 19-yeard old after traveling with a group of traders overland. His mission was to collect museum samples of life from beyond the 100th meridian for the Philadelphia Academy of Sciences.

Gambel had been the first naturalist to collect plant and bird samples from Catalina Island and the mainland (others had remained with their ships), and he was the first to make detailed ornithological descriptions of several species of California birds.

A CALIFORNIA PIONEER

In his letters, Gambel professed his joy of travel: “I have got through with safety, not even with a cold from laying on the ground, with nothing but the sky above and earth below.”

He returned east in 1845 to scientific acclaim and marriage, but then caught gold fever, which drew him west again. On the California Trail, Dr. Gambel treated ill travelers, some of whom were showing symptoms of cholera.

In late October 1849, Gambel’s party struggled in deep snow crossing the Sierra and was low on provisions. Several members of the party died. Gambel’s luck held, however, at least until he made it over the pass.

In December, while treating sick miners on the Feather River, Gambel contracted typhoid fever and died before his 27th birthday. Today, Dr. Gambel is considered California’s pioneering ornithologist, with plants and animals named after him.

The winter of 1850 produced incessant rains with record and near record precipitation totals in the months of November, December, January and March.

The storms generated Sacramento’s first major flood, with great loss of livestock and property. After 165 years, the winter of 1850 still ranks as the 15th wettest in San Francisco since records began, with a total 33.10 inches of rain.

It also proved once and for all that California’s well-deserved reputation for a mild, sunny climate also has a dark and stormy side.

Tahoe historian Mark McLaughlin is a nationally published author and professional speaker. His award-winning books are available at stores or at thestormking.com. Mark can be reached at mark@thestormking.com. Check out Marks blog: tahoenuggets.com.

18 DecNew Reporting Requirements Imposed on Foreign Direct Investments in the …

Tags: foreign direct investments, BE-13 reporting
requirement, BEA

The US Department of Commerce (Commerce) has
announced that foreign direct investments in the United States made
after January 1, 2014 will be subject to a reporting requirement.
Foreign direct investors will be required to file the Form
BE13, Survey of New Foreign Direct Investment in the United
States.1 A prior BE-13 reporting requirement was
discontinued in 2009 due to budgetary restrictions. Under the new
rule announced on November 26, 2014, a response is required from
persons subject to the BE-13 reporting requirement, whether or not
they are contacted by BEA.

BEA publishes comprehensive statistics on the US economy. The
new BE-13 reporting requirement collects data retroactively,
covering subject foreign investments made since January 1, 2014.
The final rule provides that the BE13 forms are due no later
than 45 days after the acquisition is completed, the new legal
entity is established, the expansion is begun, or certain other
reportable circumstances arise. For those investments completed
prior to November 26, 2014, the due date is January 12, 2015.

The BE-13 collects information on the acquisition or
establishment of US business enterprises by foreign investors, as
well as expansions by existing US affiliates of foreign companies
(which had not been a triggering event under the previous rule).
The final rule defines foreign direct investment in the
United States as the direct or indirect ownership or control
by one foreign person (foreign parent) of 10 percent or more of the
voting securities of an incorporated US business enterprise, or an
equivalent interest of an unincorporated US business enterprise,
including a branch. BEA issued six distinct versions of the Form
BE-13, distinguishing among different types of investment
transactions:

I. Form BE13AReport for a US business enterprise
when a foreign entity acquires a voting interest (directly, or
indirectly through an existing US affiliate) in that enterprise,
segment, or operating unit and (i) the total cost of the
acquisition is greater than $3 million, (ii) the US business
enterprise will operate as a separate legal entity, and (iii) by
this acquisition, at least 10 percent of the voting interest in the
acquired entity is now held (directly or indirectly) by the foreign
entity.

II. Form BE13BReport for a US business
enterprise when a foreign entity, or an existing US affiliate of
a foreign entity, establishes a new legal entity in the United
States and (i) the projected total cost to establish the new legal
entity is greater than $3 million, and (ii) the foreign entity owns
10 percent or more of the new business enterprise#39;s voting
interest (directly or indirectly).

III. Form BE13CReport for an existing US
affiliate of a foreign parent when it acquires a US business
enterprise or segment that it then merges into its operations and
the total cost to acquire the business enterprise is greater than
$3 million.

IV. Form BE13DReport for an existing US
affiliate of a foreign parent when it expands its operations to
include a new facility where business is conducted and the
projected total cost of the expansion is greater than $3
million.

V. Form BE13EReport for a US business enterprise
that previously filed a BE13B or BE13D indicating
that the established or expanded entity is still under
construction.

VI. Form BE13 Claim for ExemptionReport for a US
business enterprise that (i) was contacted by BEA but does not meet
the requirements for filing forms BE13A, BE13B,
BE13C, or BE13D, or (ii) whether or not contacted by
BEA, met all requirements for filing on Forms BE13A,
BE13B, BE13C, or E13D except the $3 million
reporting threshold.

The data collected on the BE-13 surveys are used to quantify new
foreign direct investment in the United States, assess the impact
on the US economy, and, based on this assessment, make informed
policy decisions regarding foreign direct investment in the United
States. The BE-13 was prescribed as a mandatory reporting
requirement in order to ensure that BEA obtains a comprehensive
view of the source, scope, and focus of foreign direct investments
in the United States. Foreign parties engaged in investment
transactions that potentially meet the definition for foreign
direct investment in the United States should be mindful of
this newly reinstated reporting obligation.2

1 Direct Investment Surveys: BE13, Survey of
New Foreign Direct Investment in the United States; Announcing OMB
Approval of Information Collection, 79 Fed. Reg. 69759 (Nov.
24, 2014). See also, Direct Investment Surveys: BE13, Survey of
New Foreign Direct Investment in the United States, 79 Fed.
Reg. 47573 (Aug. 14, 2014).
2 Copies of the various Forms BE-13 are available at
the BEA website, https://www.bea.gov/surveys/respondent_be13.htm.

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18 DecNew down-payment considerations for 1st-time buyers

An annual survey by the National Association of Realtors found that first-time buyers accounted for only 33 percent of home purchases from July 2013 through June 2014, the lowest amount since 1987. Other reasons for the absence of first-time buyers include a tough job market, heavy student loan debt and tight supplies of entry-level homes.

All of which means to say that although some mortgages will require a lower down payment, first-time buyers still face several other hurdles to owning a home.

The loans may expand opportunities at the margin, but I dont think they will have a massive impact on the marketplace, said Keith Gumbinger, vice president of HSH.com, which keeps tabs on home lending trends.

If youre shopping for your first home, real estate pros suggest first reviewing whether you will qualify for a loan.

Fannie Mae starting this month will begin accepting 3 percent down-payment loans that require a minimum FICO credit score of 620. To be considered a first-time buyer, you must not have owned a home for at least three years.

Freddie Mac requires a minimum FICO score of 660 and will not begin to offer the low down-payment loans until March. You do not necessarily have to be a first-time borrower to qualify, but first-time borrowers will have to complete homeownership education.

If your score is below 620, you may qualify for an FHA loan, which requires a down payment of 3.5 percent.

In addition to considering other loan requirements, you also want to think about fees. Borrowers who put down less than 20 percent of a homes purchase price are normally subject to mortgage insurance, and Fannie and Freddie loans are no exception.

Here, though, the fees may be lower than what FHA loans charge, Gumbinger says. Thats because FHA loans carry an upfront fee of 1.75 percent of the loan value, plus as much as 1.35 percent in annual insurance premiums for the life of the mortgage (on loan amounts of $625,000 or less and with a down payment of 5 percent or lower).

With Fannie and Freddie, theres no upfront fee and the mortgage insurance typically can be canceled after the borrower has a loan-to-value ratio of 80 percent or less but youll likely pay a higher interest rate since the average 30-year, fixed-rate conventional loan charges 4 percent today, compared with 3.75 percent for FHA loans.

Whats best for you? Youll have to shop around.

First-time buyers should meet with a knowledgeable local Realtor and mortgage broker who can help them determine what their best options are, said Bill Lublin, chief executive of Century 21 Advantage Gold in Philadelphia.

ctc-yourmoney@tribune.com

17 DecFloriza Genautis recruits growth

Editors note: Each issue of the Influential Women enewsletter will feature profiles of the Business Journals reigning 50 Most Influential Women in West Michigan. The profile first appeared in the event program.

Floriza Genautis is the principal and founder of Management Business Solutions, a Grand Rapids-based firm providing customized solutions for staffing and recruiting.

The firm

The successful firm has seen employee growth and an increase of sales, even during the downturn of the economy.

Genautis said her firm is stronger now in its eighth year, and she has plans to expand ownership within the firm. She believes the key to her success has been the collaboration of a dedicated and empowered team, which she assembled specifically with succession in mind.

A certified woman owned and minority-owned business, Management Business Solutions employs 100 percent women/minorities, consistently attracts skilled and diverse talent for clients and gives back to the community through active participation in various organizations and passionate support for diversity and inclusion.

Women in business

Genautis is also the co-founder of Women In Successful Enterprises, which works to foster connections and support for businesswomen through quarterly events and other resources.

She serves as board chair for the Womens Resource Center and conducts site visits and application reviews as a certification council member for the Women Business Enterprise Council Great Lakes.

Background

In these varied roles, she brings into play more than 20 years of experience and specialization in the professional staffing industry.

Prior to calling Grand Rapids home, she recruited for well-known technology companies in Silicon Valley.

She credits her independent and entrepreneurial ideals to her contrasting experiences growing up in Manila, Philippines and her emigrating to the US in 1990.

17 DecSalesforce introduces custom AppExchange storefronts

Salesforce today introduces AppExchange Store Builder, which lets any customer set up a curated storefront of their most favorite (or most required-by-business) enterprise apps — with Salesforces own analytics under the hood and its identity infrastructure gluing the whole thing together.

As every company becomes a technology company — or app company, as Salesforce puts it — Store Builder will make it easier to connect users in just a few clicks to the cloud-based tools changing the face of business. Its included in a customers existing Salesforce subscription and available today.

Building apps is only one half of being successful, said Jim Sinai, Salesforce senior director of AppExchange and platform.

This isnt the first time enterprise app stores have been tried. Good Technology, Apperian, BMC and several other vendors have taken a shot at the market. And while theyve certainly found a niche, no enterprise app store has yet risen to do for business what the Apple App Store or Google Play have done for the consumer.

Because of this, so many business apps are still downloaded and managed through a users iTunes or Google account. Thats not so good for any enterprise that wants to maintain a level of control over app deployment and centralization, Sinai said, and its especially not good in todays multi-platform, mobile/tablet/desktop/smart toaster world. 

It doesnt make sense to put [enterprise apps] in a place where consumers are buying apps, Sinai said. 

Enter AppExchange Store Builder, based on Salesforces own AppExchange app store, which lets customers of the companys flagship Salesforce1 platform distribute and manage web, desktop and mobile applications in a fully-branded, customized experience. Sinai boasts that setup is simple. Salesforces own logo falls to the side. Administrators can control what gets rolled out to whom. And with Salesforces own metrics and analytics engine, users can see whats getting downloaded and by whom.

Its all tied to a users Salesforce identity, letting users download their apps across iOS, Windows, OS X or Android with one password and minimal friction.

There are plenty of potential use-cases here: A company could use it to distribute apps to its own employees. A cloud services reseller can use it to offer apps to customers, accepting payment via integrations with ecommerce AppExchange solutions like Chargent, Linvio and Zuora. Or a company could use it to offer a selection of apps to outside business partners, making sure everyones on the same page with the same selection of software, Sinai said. 

The AppExchange Store Builder and enterprise app stores seem kind of inevitable. If apps are really leading the way toward new ways to work, new levels of productivity, and new opportunity for everybody there needs to be a better way to get them into the hands of workers.

This is especially crucial as enterprises increasingly turn to tools like Salesforce1s own Lightning Trailhead simple app development framework, or offerings like Xamarin, Kony, Appcelerator or FeedHenry. With the increase of home-grown apps built on user-friendly app building platforms, distribution and management may be the next great frontier. 

17 DecMagic City Marketplace

| 2013-03-11 — Its generally understood that a crash in the housing market help usher in the great recession. But now five years later, home lending around Birmingham still hasnt returned to pre-recession levels. We hear more in this weeks Magic City Marketplace.

17 DecClaudia Coffey to succeed Gale Lively as leader of apartment association

Gale Lively plans to retire as executive vice president of the Louisville Apartment Association.

The trade association represents apartment owners, vendors and apartment communities in Louisville. Lively, 71, has served as the executive vice president of the association for more than 37 years.

The apartment association advocates on behalf of the apartment industry through legislative lobbying on the local, state and national level. The Louisville organization is part of the National Apartment Association.

According to a biography of Lively provided by the Louisville Apartment Association, she has served on several committees of the National Apartment Association, including the legislative committee, conference committee, lease committee and membership committee. She also has been selected as the executive officer of the year and president of the association executive council by the National Apartment Association.

Former WHAS-TV news anchor Claudia Coffey has been chosen as Livelys successor.

Lively said she will remain with the Louisville Apartment Association for an extended period next year to assist with the transition in leadership. She has not set an official date for her retirement.

Lively said Coffey was chosen because of her role as a a public figure and her involvement in the community. She is expected to lead the organization into a new era of social media.

I just think she is a great choice, Lively said.

Coffey declined a request to be interviewed by Business First at this time.

Business First recently spoke with Lively about her time as leader of the organization.

What is your main role as executive vice president of the Louisville Apartment Association?

I have always felt my job was to help people excel in their job Lively said. My focus has always been on growing the association, growing the visibility of the association while at the same time protecting the interests of the association. We do a lot of legislative work on behalf of the industry.

Lively said the organization advocates on behalf of the industry on matters as varied as changes in building codes and rules for smoke detectors in apartments.

Sometimes things come along that you certainly dont expect, and many times the legislators are not aware of the impact, Lively said. We try to present the impact that it has on our industry.

The organization also provides educational certification programs for managers, leasing agents and maintenance workers in the Louisville apartment industry.

What do you hope is your legacy?

I hope to have made the industry more visible, Lively said. Weve come a long way. The Louisville Apartment Associations role in the community, I think, has grown tremendously.

What is the state of the apartment industry in Louisville?

It is as good as Ive seen it in probably the 38 years Ive been there, Lively said.

What is driving the success in the Louisville apartment industry right now?

Lively said part of the growth in apartment living results from changes in home lending practices.

With stricter lending practices for home mortgages, fewer people qualify for home loans and end up living in apartments, she explained.

I think many people who are not able to get loans (and) move into an apartment have learned to really like the lifestyle, Lively said. I think people have learned that its not like it was 10 or 20 years ago. We are really an upscale living alternative.

She said that along with not having to worry about the time, cost and effort of maintaining a home, the draw for many apartment residents is the amenities offered by communities.

What are the biggest changes youve seen in the Louisville apartment market during your tenure?

The industry has grown professionally, Lively said.

She explained that when she started in her role as the executive vice president of the Louisville Apartment Association, many of the managers worked in the same apartment complexes in which they lived. Today those managers have professional offices, and the industry provides more educational courses and certification programs so its members can continue to grow their businesses.

What are challenges facing the apartment industry?

Overbuilding is a potential challenge for the apartment industry in Louisville, Lively said.

She said that because of the strong state of the industry, builders and apartment developers want to jump in with new projects. But Lively is concerned that too many apartments could be developed.

Lively said housing is cyclical, and the industry is in an apartment cycle right now. But she expects the single-family housing industry to rebound.

I think some of (the residents) are going to go back to homes because thats just the way we are here in America, she said. Its always been the American dream to want to have a home.

Although Lively expects the single-family housing industry to rebound, she added that doesnt necessarily mean a downswing for the apartment industry.

I think people are changing their minds about apartment living, she said. People are so busy that they dont want all the yard responsibilities and all the maintenance responsibilities. They want to be able to come and go and travel and do things.

Braden Lammers covers these beats: Financial services, residential real estate, law, property and casualty insurance, construction, unions, engineers, architects and agriculture.

17 DecBusiness Enterprise Fund set to expand

A Yorkshire-based social enterprise, which has created more than 1,000 jobs in the region, is celebrating 10 years of lending by expanding into the North East.

The Business Enterprise Fund (BEF), which already has bases in Bradford, Leeds and York, is opening its fourth office in Stockton-on-Tees in a bid to support businesses across the North East.

Since 2004, BEF has supported more than 2,000 businesses in West and North Yorkshire which have been unable to raise finance from mainstream lenders and high street banks.

In 10 years, BEF has lent a total of £12m to companies, half of that in the last three years.

Brighouse-based fund director Stephen Waud said: “Alternative finance is fast becoming a mainstream option for businesses and as demand continues to soar, providers such as BEF are becoming a first choice for new and existing business owners.

“This demand for our services has seen us loan £4m across West and North Yorkshire in the last 12 months.

“Our York team has thrived on supporting businesses across North Yorkshire in the six months since the office opened. We’ve every expectation that Stockton-on-Tees, which is our fourth office, will continue the success of what is clearly a much needed financial service that is fuelling the regional economy, creating jobs and breathing new life and longevity into businesses.”

BEF, which has a team of nine investment managers across its four offices, has strong relationships with clients with many returning for top-up loans in order to develop their businesses further.

“Our expansion into the North East is further testament that we are providing a crucial lifeline for businesses in need of financial help and we’re looking forward to supporting even more companies over the next decade,” said Mr Waud.

16 DecInvestor’s Alert – Atmel (NASDAQ:ATML), Susquehanna Bancshares (NASDAQ …

Atmel Corporation (ATML), a worldwide leader in microcontroller and touch solutions, pronounced it will present at the subsequent investor conference during December:

On Dec. 9, Steve Skaggs will present at the Barclays Global Technology Conferenceat the Palace Hotel in San Francisco at 9:20 am Pacific Time.

The Dec. 9 presentations will be webcast live and archived on the Atmel Investor Relations website at http://ir.atmel.com/. Atmel Corporation (NASDAQ:ATML) finished last trade at $7.96, gaining +1.92%. Trading volume recorded for this company was about 4.95 million shares as compared to its average volume of 5.08 million shares. The share price rushed almost 0.38% in the last one month while its 52 week high is $9.76. The company has the total of 417.36 million outstanding shares while its market capitalization is now about $3.26 billion.

To receive alerts before the crowd, text the word CADDY to 33733

Susquehanna Bancshares, Inc. (NASDAQ:SUSQ) functions as the bank holding company for Susquehanna Bank that provides a range of retail and commercial banking, and financial products and services in the mid-Atlantic region. Its retail banking services comprise checking, savings, and club accounts; money market accounts, certificates of deposit, and individual retirement accounts; check cards and debit cards; and home equity lines of credit, residential mortgage loans, home improvement loans, automobile loans, and personal loans. Susquehanna Bancshares Inc (NASDAQ:SUSQ) traded with +0.77% gain to $13.15 in the latest trading session. It captured $2.36 billion in market value. The total number of shares traded on the latest trading day was about 4.92 million shares. The day started out with an opening price of $13.06 and changed hands at price range of $13.06 to $13.18 apiece.

For How Long SUSQ’s Gloss will Attract Investors ? Find out via this report

Spirit Realty Capital, Inc. (SRC) declared that certain subsidiaries have issued $510 million aggregate principal amount of net-lease mortgage notes under its Spirit Master Funding securitization structure in a transaction exempt from registration under the Securities Act and sold to Qualified Institutional Buyers under Rule 144A. The issuance was comprised of two classes of notes that were each rated A+ at issuance by Standard amp; Poors Rating Services, a division of McGraw-Hill Companies, Inc., and have a blended coupon rate of 4.4230% with a weighted average life of 9.4 years. Spirit Realty Capital, Inc (New) (NYSE:SRC) reported the decrease of -0.52% to close at $11.58 with the overall traded volume of 4.89 million shares. Its market capitalization on last close reached to $4.64 billion. The company has the total of 398.57 million outstanding shares. Its intraday-low price was $11.56 and its hit its days highest price at $11.69.

Will SRC Get Buyers Even After The Recent Decline? Find Out Here

To receive alerts before the crowd, text the word CADDY to 33733

16 DecJanus fund assets rise 100-fold since Bill Gross took over

But Gross is not yet into bragging rights territory — Pimcos main unconstrained fund had similar small gain over the two-month period, Morningstar data showed.

Banking and home lending news are among a variety of topics covered by @ScottReckard