Leasing News

Leasing Software Icon John McCue in SF Hospital

Former founder of McCue Systems, who sold his company to Netsol, retired, but

remains on the NetSol Board of Directors was taken to Cal Pacific Med Center Castro at 45 Castro (at Duboce), San Francisco, California, 94114. He is now out of emergency but in intensive care: room 314A. He has a form of a pneumonia virus that is consuming his lung tissue. Hopefully new anti-biotics may help, after an original misdiagnosis at another hospital.

"Now, in terms of communications. I very much appreciate all of your sentiments and support, however I DEFINATELY am not prepared to see visitors at this point, so please do not come.

"It takes a LOT of energy for me to talk on the phone. I also have conjunctivitis so don't see so well.....in my eye that limits my ability to read the laptop screen or the iphone.

"However, email at this account is the most effective. I have up and down times throughout the day and it is the easiest way for me to stay in touch with you and manage my energy.

"I know this is an unorthodox way of getting the word out, and it has taken me 10 days to get this communiqué together? I love you all and wanted to stay in touch."

dustyhmb@comcast.net

Classified Ads---Balboa Asset Manager among group

Massachusetts, MA
Started in credit and collections 30 years ago with a private agency. My skills are negotiating with Attorney's, Insurance Companies & Large & small companies.
cityofpa@earthlink.net | Resume

Minneapolis, MN
16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest.
golfadm@yahoo.com

Santa Barbara, Ca.
Full time/part time/Former Balboa/LEAF/Santa Barbara B&T, repossession, remarketing, liquidation.Top references; willing to relocate for excellent career opportunity.
Resume

United States
Financial service executive with over 25 years in the industry including banking, venture capital and equipment leasing.
RESUME | Email: dan@ggpglobal.com

For a full listing of all "job wanted" ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

To place a free "job wanted" Leasing News ad (free):
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm

Ken Bentsen's Farewell Leasing Numbers
by Christopher Menkin

(Leasing News Chart)

June to July, 2009 business was down 7.7%, $5.2 billion to $4.8 billion, according to the Equipment Leasing and Finance Association's (ELFA) Monthly Leasing and Finance Index ("MLFI-25.") New business volume for July declined by 35.1% percent when compared to the same period in 2008

(Click graph to enlarge)
(ELFA chart with July added by Leasing News)

"The July numbers seem to indicate that the steep decline in new business volume and portfolio deterioration may have crested in April," ELFA President Kenneth E. Bentsen, Jr., was quoted in a press release.

Hon. Kenneth E. Bentsen, Jr.

"While still declining on an annual basis, the trajectory of the decline is flattening, indicating possibly a sign of recovery in the capital equipment finance business."

Bentsen is scheduled to leave his post at ELFA after Labor Day. Leasing News is told he may work until Friday, September 11th. The former congressman will then start as The Securities Industry and Financial Markets Association Executive Vice President, Public Policy and Advocacy and head of their Washington, District of Columbia office. Certainly he will have the finance and leasing industry at heart as his new position, a move up-ward.

By the way, Bentsen's observation is "right on" the Leasing News quarterly chart under the headline. It appears the new business trend is flattening out, not deteriorating as previous quarters report. Perhaps the third quarter will be a little better or the same as the second quarter. The question will be answered in late September by Interim President Ralph Petta when the August numbers come out.

Credit approvals remained flat at 65.5 percent and declined from 73.3 percent in July 2008:

(Click graph to enlarge)
(ELFA chart)

Charge-offs decreased sharply to 1.67 percent from 2.44 percent in the prior month but rose by 56.1 percent compared to July 2008.

(Click graph to enlarge)
(ELFA chart)

The MLFI-25 reported receivables over 30 days decreased to 3.9 percent as compared to 4.1 percent in June. This represents the first consecutive month decrease since June 2008.

(Click graph to enlarge)
(ELFA chart)

Total headcount for equipment finance companies decreased slightly in the June-July period:

(Click graph to enlarge)
(ELFA chart)

ELFA quotes that the leasing industry is a $650 billion industry. The MLFI-25 chart (really 26) showed $75.68 billion in new business from the reporting leasing companies; about an 11.6% sample.

The first two quarters of 2009 add up to $26 billion. The question then is what is the industry total volume today? And "flattened out," does that means the end of year new business volume from MFLI-25 will be $52 billion?

Many readers tell Leasing News the small to middle-size market are not in the ELFA survey numbers. In comparing the SEC reports to publically held leasing companies as well as findings in SEC reports on Caterpillar, CIT, HP Financial, John Deere, Key, Marlin, US Bancorp, to name a few of the "MLFI-25," their sales were down, some considerably, as well as layoffs (CIT at one point was 7,500 employees and is now below 4,500 with more being let go.) Leasing News has reported the leasing division numbers when disclosed in the SEC financial filings. They all have been down.

Whether readers question the validity representing the small and middle-market, the survey has significant value as it is the only one available, taking a lot of staff time to coordinate, and no matter the questions as to how "scientific," the MFLI-25 survey appears to be the best picture available about what is really happening in the industry. Business definitely could be better. Let's hope Bentsen remarks that it isn't getting worse holds true.

ELFA MLFI-25 Participants

ADP Credit Corporation
Bank of America
Bank of the West
Canon Financial Services
Caterpillar Financial Services Corporation
CIT
De Lage Landen Financial Services
Dell Financial Services
Fifth Third Bank
First American Equipment Finance
GreatAmerica
Hitachi Credit America
HP Financial Services
John Deere Credit Corporation
Key Equipment Finance
Marlin Leasing Corporation
National City Commercial Corp.
RBS Asset Finance
Regions Equipment Finance
Siemens Financial Services
Susquehanna Commercial Finance, Inc.
US Bancorp
Tygris Vendor Finance
Verizon Capital Corp
Volvo Financial Services
Wells Fargo Equipment Finance

Previous MLFI-25 Surveys:
http://www.leasingnews.org/Conscious-Top%20Stories/ELFA-Survey.htm

Sales Make it Happen
by Christopher Menkin

Changes in the Leasing Marketplace

In a previous column, I reported the trend toward "direct salesmen" rather than independent leasing brokers. This was not "anti-broker," but reporting on what was happening. Staff cut backs and stricter credit means more control of what is coming in the door.

A full-time professional independent leasing broker will always do well. The amateurs will not make it in today's marketplace.

The changing direction also affects leasing association membership as well as leasing conferences. One of the main purposes of leasing conferences was networking, or plainly giving funders and brokers and service providers an opportunity to meet each other and obtain business. With this mode down, and the changing of directions where business is originating, more companies not doing any leasing or interested in broker business, certainly not wanting to take "direct salesmen," look for conferences to have less attendance. Some also say there are too many leasing conferences.

Leasing News has heard from funding sources, as well as independents, many brokers are starting to do deals for other brokers just trying to survive. Anything to earn a fee. And in 9 out of 10 times this isn't being disclosed to their funding sources

Many direct salesmen and independent brokers email that they are looking for a source for a specific situation, some tell us they were able to do these type of transactions before, but not today. After several months of this, a trend can be made of the inquiries.

This is in a random order, not what is the most sought after, but what makes the trend toward "direct sales" attractive for finding these types of situations, and more importantly, the leadership or putting more heads together to find a solution rather than to be a lone cowboy.

"Application Only" has not disappeared, but high dollar approvals are almost gone. This has affected the sending out of "plastic" lease approval cards of up to $150,000, as well as telemarketing. The "app only" advertising is only to get the deal in the door and let the telemarketer collects more information. Switch and bait is very popular. Trigger leads are still abundant.

"Corp. Only" basically dead in today's marketplace. Even companies with ten years in business as a corporation, if privately owned, really are a proprietorship or partnership doing business as a corporation; personal guarantees will be required. Don't even ask.

Truck leasing, particularly owner-operator, is left to the "tough credit" marketplace. Start-ups, no way! Not being in business for two years. Bulldog Truck & Equipment Sales is perhaps the only active company, and mostly from their own inventory. Funders with their own money are having a field day.

Site Inspections---more of them. Also gone are the days when CapitalWerk's Jim "...Raeder used to tell me how he would have ******* send out equipment for a site and then retrieve it."
(quote from interview: Operation Lease Fleece.)

Vendors: Lease Police has a list of vendors who pull "sale/leasebacks" as new equipment, or have other games, moving from state to state, or perhaps even more important, which vendors have the highest repossession rate, although their customers had excellent credit when the application was submitted. The Lease Police three year goal is almost met with a major list available immediately for a quick search and at a very low cost. Due Diligence at its finest!

Software only. A lot more "due diligence" and requirements, stricter credit with financial statements and tax returns on $20,000 transactions. And you want to include "training" and "installation?"

Private Party Sales. Gone. Perhaps a few "story credit" firms with high rates and additional collateral may consider. Don't hold your breathe.

New Restaurants. You've got to be kidding?

Expansion of Existing Businesses (new, second, third, fourth locations.) These are full financial packages with personal guarantees with personal financial statements and tax returns on all those who own 10% or more.

Additional locations of business (adjuncts to existing business). Same as above. Ditto.

People who work out of their homes. Better have a "Google" of the house, financial statements, tax returns, and often the vendor is required to not only fill out a credit application, but provide other information. See "Story Credits."

Relying on a guarantor to make the deal, even if the mother of the owner of the business. Be prepared for a heavy down, other collateral, and not to get it done!

Used equipment---All kinds, meaning forklifts, lathes, yellow iron, better be able to provide documentation or formal appraisal, plus provide collateral of the applicant's first born child.

Deals in American provinces like Guam and Puerto Rico, even if a physician, who's doing them today? Tell Keith Drayer over a Henry Schein.

Sales/Leasebacks. Only know Dakota Financial, who usually also wants real estate and/or a lot of saleable collateral.

Here is a list of Story Credit companies, some may do some of the deals mentioned above, but you will need to send in at least ten pounds of documentation to get the deal done if in one of the categories above. They actually weigh it and when enough, it is approved.
http://www.leasingnews.org/Story_Credit/Story_Credit.htm#forum

SuperBrokers (It is their marketplace today.):
http://www.leasingnews.org/Super_Brokers/Super_Brokers.htm

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

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

ELFF Finds Optimism from Leasing Leaders

(Click graph to enlarge)

Washington, DC -- The Equipment Leasing & Finance Foundation (the Foundation) released the August 2009 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) yesterday. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by the key executives from the $650 billion equipment finance sector. Overall, confidence in the equipment finance market rose to 54.9, up from 49.2 in July. This somewhat more optimistic outlook reflects respondents' belief that business conditions will not worsen over the coming quarter.

"Generally, [I am] feeling good about business, "said Anthony Cracchiolo, President US Bank Equipment Finance." I believe this is better then 3 months ago."

Anthony Cracchiolo, President US Bank Equipment Finance

"Our future in the short run will be determined by the credit quality of the business environment and the overall desire of the business community to continue capital equipment spending."

August 2009 Survey Results:
The overall Monthly Confidence Index of the Equipment Finance Industry (MCI-EFI) is 54.9, up from 49.2 in July 2009. Respondents indicate:

o When asked to assess if their current business conditions would remain the same over the next four months, 37.5% of executives responding said they believe business conditions will improve over the next four months, up from only 20% in July. 60% believe conditions will stay the same over the next four months, with only 2.5% indicating they believe business conditions will worsen over the next four months.

o The majority of survey respondents, 82.5%, up from 77.8% in July, believe demand for leases and loans to fund Capital Expenditures (Cap Ex) will remain the same over the next four months. Each month, since May 2009, this number is steadily increasing indicating a somewhat optimistic outlook.

o The majority of survey respondents, 95% expect the same or slightly more access to capital to fund equipment acquisitions over the next four months, up 8.3% from July.

o When asked, 27.5% of the executives reported they expect to have fewer employees in their company over the next few months, compared to July's response that 20% expected to reduce their workforce headcount over the next few months.

o The leadership's view of the current economy remains poor, but improving. 67.5% of the survey respondents assessed the U.S. economy as "poor" compared to 75.6% from July. 32.5% rated the current economy as "fair" vs. 24.4% who rated it as "fair" in July, and no respondents rated the current U.S. economy as good or excellent.

o A remarkable 50% of survey respondents now believe the U.S. economic conditions will get "better" over the next six months vs. only 37.8% who believed this in July. However 47.5 % believe the US economy will "stay the same" during the same period.

o 25% of respondents believe their company will increase spending on business development activities during the next six months, up 16.5% from July, while 70% believe their will be "no change" in business development spending.

August 2009 Survey Comments from Industry Executive Leadership:

From the Small-ticket segment:
"The industry is a vital link in the ongoing recovery of the economy. Those who focus on their core fundamentals will be served well." Donnie Bunn, First South Leasing LLC

From the Middle Market segment:
"Although demand is down, funding continues to be the primary problem. The banks continue to be very tight and the quality bar continues to rise. As long as the Regulators continue to be overbearing in loan classification, lending will not loosen up. Small to middle market companies continue to have extreme difficulty in collecting accounts receivables and will continue to falter without better liquidity." Explains George Booth, Black Rock Capital LLC

From the Large-ticket segment:
"The downward economic trends in many of the brown water marine and rail transportation areas appear to be 'bottoming out' but given state of other industries that are traditional users of equipment finance I don't expect to see significant improvements for our industry before early 2010."
Commented the president of a large ticket equipment lessor.

Survey Respondent Demographics:
Responses to company demographics may add up to more than 100% because respondents are able to "select all that apply."

Market Segment:

Market Segments Based on Transaction Size of New Business Volume " Large-Ticket (New Business Volume Avg. Transaction Size Over $5 Million) 13.2%
" Middle-Ticket (New Business Volume Avg. Transaction Size of $250,000 - $5 Million) 44.7%
" Small-Ticket (New Business Volume Avg. Transaction Size of $25,000 - $249,999) 42.1%

Organization Size (Based on Annual New Business Volume for Fiscal Year 2008):

Why an MCI-EFI?
Confidence in the U.S. economy and the capital markets is a critical driver to the equipment finance industry. Throughout the history, when confidence increases, consumers and businesses are more apt to acquire more consumer goods, equipment, and durables and invest at prevailing prices. When confidence decreases, spending and risk-taking tend to fall. Investors are said to be confident when the news about the future is good and stock prices are rising.
Who participates in the MCI-EFI?

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

    1791-John Fitch granted a patent for a steamboat after a dispute on the invention, but it wasn't until 1814 that Fulton and Livingston started
steam boating when they began to offer regular steamboat service between New Orleans , Louisiana and Natchez , Mississippi . The boats traveled at the rates of eight miles per hour downstream and three miles per hour upstream. It revolutionized commerce in the area, eventually spreading up the entire Mississippi and other tributaries.
http://memory.loc.gov/ammem/today/aug26.html
    1839 - The slave ship Amistad was captured off Long Island. The U.S.S. Washington, a U.S. Navy brig, seized the Amistad York, and escorted it to New London, Connecticut.
    1847 - Liberia was proclaimed an independent republic. Freed American slaves founded Liberia. They modeled their constitution after that of the US, copied the US flag, and named their capital Monrovia, after James Monroe, who financed early settlers. Over the decades 16,400 former slaves made the voyage. They assumed that the 16 native tribes were there to be exploited.
    1862 - The stage is set for the Second Battle of Bull Run on this day when Confederate cavalry under General Fitzhugh Lee enter Manassas Junction and capture the rail center. From August 26 until the beginning of Second Bull Run on August 29, Pope's men searched for Jackson, who had hidden his army in the trees along Bull Run. On August 29, Jackson surprised Pope and the battle was on. The rest of Lee's army showed up, and the result was a major victory for the Confederacy.
    1865 - Civil War ends with naval strength over 58,500 men and 600 ships.
    1867-The National Teachers Association was organized at a national convention attended by representatives of state teachers' association, who met in the Hall of the Controllers of the Public Schools in Philadelphia, PA. the organization was intended “ to elevate the character and advance the interest of the profession of teaching and to promote the cause of popular education in the United Sates. John L. Enos was chairman. At the conventional held in Cleveland , OH , on August 15, 1870, the name was change dot the National Education Association.
    1873-The birthday of DeForest Lee, a brilliant inventor, who's inventions include the electron tube, radio knife for surgery and the photoelectric cell and a pioneer in the creation of talking pictures and television. Born at Council Bluff, IA, DeForest was holder of hundreds of patents but perhaps best remembered by the moniker he gave himself in the title of his autobiography, “Father of Radio,” published in 1950. So unbelievable was the idea of wireless radio broadcasting that De Forest was accused of fraud and arrested for selling stock to underwrite his invention that late was to become an essential part of daily life. DeForest died at Hollywood , CA , June 30, 1961.
    1873-The first public school kindergarten class started this day by the Board of Education of St. Louis, MO, and officially opened September, 1873 in the Des Peres School, with an enrollment of 42. Susan Elizabeth Blow was the teacher. Dr. William Torrey Harris was the superintendent of schools. The
concept first started in Germany , thus the name of this organized and public “pre-school” class.
    1874--Birthday of Zona Gale was the first woman to have a play on Broadway and the first woman to win the Pulitzer (1921) for drama. An ardent feminist and activist. Her writing style evolved throughout her life and her later works appear to be the works of a different writer.
    1883-The biggest explosion in historic time, the eruption of the Indonesian volcanic island, Karakatoa(Krakatau) was heard 3,000 miles away, created tidal waves 120 feet high ( killing 36,000 people), hurled five cubic miles of earth fragments into the air ( some to a height of 50 miles ) and effected the oceans and the atmosphere for years.
    1901- The New Testament of the ASV (American Standard Version) Bible was first published. This U.S. edition of the 1881 English Revised Version (ERV) comprised the first major American Bible translation since the King James Version of 1611.
    1903-August 26, Singer Jimmy Rushing Birthday
http://www.harlem.org/people/rushing.html
http://www.blueflamecafe.com/index.html
http://www.bigbandmusic.com/malevocals/letterr/rushingjimmy.htm
    1904-Birthday of Christopher Ishherwood, who lived in the Pacific Palisades when I was growing up and we ran into him often in coffee shops with his close male companion. Isherwood was an author of short stories, plays and novels, born at High Lane Cheshire , England . The play and motion picture “I am a Camera” and the musical “Cabaret” were based on the short story, “Sally Bowles” in his collection from the 1930's titled “ Goodbye to Berlin,” which contained the line, “ I am a camera with its shutter open, quite passive, recording not thinking. “ Isherwood died at Santa Monica , CA , Jan 4, 1986.
    1904-Birthday of alto sax player Buster Smith, born Ellis County, Texas.
    1906-Birthday of American medical researcher Albert Bruce Sabin, born at Bialystok , Poland . He is most noted for his oral vaccine for polio, which replaced Jonas
Salk's injected vaccine because Sabin's provided lifetime protection. He was awarded the US National a Medal of Science in 1971. Sabin died March 3, 1993, at Washington , DC .
    1920-The 19 th amendment was certified and became part of the US Constitution. Known as the Woman's Equality Act, it prohibits discrimination on the basis of sex with regard to voting. It was a long time coming, actually submitted in 1868 to Congress and at intervals thereafter without much success. It actually passed the Congress on May 21, 1919, and by the Senate on June 4. It was ratified by Illinois , Wisconsin , and Michigan on June 10. Tennessee was the 36 th state to ratify, on August 18, thus completing the necessary three-quarters of the states to put the amendment into effect. (not all the states ratified this amendment, by the way, while there were states that allowed women to vote in state and local elections, but not national elections ).
    1924-Birthday of singer Frances Wayne, born Boston , MA .
    1937- Pumping to build Treasure Island in San Francisco Bay is finished. The
original intention was to become the city airport, but holding the city's third World Fair took precedence. http://www.dictyon.com/treasure/#anchor1256920
    1927--Birthday of 1827 Annie Turner Wittenmeyer who spent at least $130,000 of her own money and personally carried food and supplies to the front as well as to wounded soldiers in hospitals during the Civil War. She developed special diet kitchens for army hospitals because the food was so bad.
    1939-The first major league baseball game to be shown on television was a double-header played at Ebbets Field, Brooklyn New York City between the Cincinnati Reds and the Brooklyn Dodges. Both games were televised by station W2XBS, New York City , using two cameras that alternated , according to the play. During the intermission, there were appearances by Leo Durocher, manager of the Dodges, William McKenchie, manager of the Reds, and several players. Walter Lanier “Red” Barber was the announcer.
    1943-Birthday of Charles Isbell, Sr., author of This Day in Black History,
born, Chattanooga , Tennessee .
http://www.isbell.org/~isbell/home_Charles.html
    1943-William Dawson elected Black Democratic Party vice-presidential candidate.
    1946-Birthday of composer, singer and producer Valerie Simpson Ashford.
    1947 - Don Bankhead became the first black pitcher in major-league baseball this day. The Brooklyn Dodger hurler helped his own cause by slamming a home run in his first appearance at the plate.
    1948-Valerie Simpson Bronx , singer, Ashford's partner (Like a Rock)
1950--HANDRICH, MELVIN O. Medal of Honor Rank and organization: Master Sergeant, U.S. Army, Company C, 5th Infantry Regiment. Place and date: Near Sobuk San Mountain, Korea, 25 and 26 August 1950. Entered service at: Manawa, Wis. Born: 26 January 1919, Manawa, Wis. G.O. No.: 60, 2 August 1951. Citation: M/Sgt. Handrich, Company C, distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action. His company was engaged in repulsing an estimated 150 enemy who were threatening to overrun its position. Near midnight on 25 August, a hostile group over 100 strong attempted to infiltrate the company perimeter. M/Sgt. Handrich, despite the heavy enemy fire, voluntarily left the comparative safety of the defensive area and moved to a forward position where he could direct mortar and artillery fire upon the advancing enemy. He remained at this post for 8 hours directing fire against the enemy who often approached to within 50 feet of his position. Again, on the morning of 26 August, another strong hostile force made an attempt to overrun the company's position. With complete disregard for his safety, M/Sgt. Handrich rose to his feet and from this exposed position fired his rifle and directed mortar and artillery fire on the attackers. At the peak of this action he observed elements of his company preparing to withdraw. He perilously made his way across fire-swept terrain to the defense area where, by example and forceful leadership, he reorganized the men to continue the fight. During the action M/Sgt. Handrich was severely wounded. Refusing to take cover or be evacuated, he returned to his forward position and continued to direct the company's fire. Later a determined enemy attack overran M/Sgt. Handrich's position and he was mortally wounded. When the position was retaken, over 70 enemy dead were counted in the area he had so intrepidly defended. M/Sgt. Handrich's sustained personal bravery, consummate courage, and gallant self-sacrifice reflect untold glory upon himself and the heroic traditions of the military service.     1950--HANDRICH, MELVIN O. Medal of Honor Rank and organization: Master Sergeant, U.S. Army, Company C, 5th Infantry Regiment. Place and date: Near Sobuk San Mountain, Korea, 25 and 26 August 1950. Entered service at: Manawa, Wis. Born: 26 January 1919, Manawa, Wis. G.O. No.: 60, 2 August 1951. Citation: M/Sgt. Handrich, Company C, distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action. His company was engaged in repulsing an estimated 150 enemy who were threatening to overrun its position. Near midnight on 25 August, a hostile group over 100 strong attempted to infiltrate the company perimeter. M/Sgt. Handrich, despite the heavy enemy fire, voluntarily left the comparative safety of the defensive area and moved to a forward position where he could direct mortar and artillery fire upon the advancing enemy. He remained at this post for 8 hours directing fire against the enemy who often approached to within 50 feet of his position. Again, on the morning of 26 August, another strong hostile force made an attempt to overrun the company's position. With complete disregard for his safety, M/Sgt. Handrich rose to his feet and from this exposed position fired his rifle and directed mortar and artillery fire on the attackers. At the peak of this action he observed elements of his company preparing to withdraw. He perilously made his way across fire-swept terrain to the defense area where, by example and forceful leadership, he reorganized the men to continue the fight. During the action M/Sgt. Handrich was severely wounded. Refusing to take cover or be evacuated, he returned to his forward position and continued to direct the company's fire. Later a determined enemy attack overran M/Sgt. Handrich's position and he was mortally wounded. When the position was retaken, over 70 enemy dead were counted in the area he had so intrepidly defended. M/Sgt. Handrich's sustained personal bravery, consummate courage, and gallant self-sacrifice reflect untold glory upon himself and the heroic traditions of the military service.
    1957-The theme from the movie Tammy and the Bachelor, called simply "Tammy" by Debbie Reynolds sat at the top of both the Billboard record chart and Cashbox Magazine's best sellers list. Debbie was accompanied by only a piano on the single release, but the movie version included a full orchestra.
    1957 - The Ford Motor Company rolled out the first Edsel automobile. 110,847 of the cars were built before Ford pulled the plug due to lack of sales. The car was named Edsel for the company founder's son, Edsel Bryant Ford.
    1960-Birthday of musician Branford Marsalis, New Orleans , LA.
    1961 - The NHL Hockey Hall of Fame opened in Toronto , Canada .
    1964-Lyndon Baines Johnson was nominated at Democratic convention in Atlantic City , NJ , after assuming the presidency from the death of John F. Kennedy in 1968; Senator Hubert Humphrey of Minnesota was nominated for the vice-presidency. The Gulf of Tonkin Resolution , a joint resolution approving U>S. action in Southeast Asia , was passed by Congress less than twenty days earlier. In September, the Warren Commission would report the assassination of John F. Kennedy was by one lone person, Harvey Oswald, and that Jack Ruby, convicted murdered of Oswald, had had no prior contact with Oswald. In November, Johnson would gain 486 electoral votes over Sen. Barry M. Goldwater, 52, with a popular vote split of 43,126,506 to 27, 176,799. The Democrats would gain one senate seat for a 68-32 majority, and 37 House seats for a 296-140 majority. Johnson would think it was his “hawk” stand and being a “leader” that got him the position, not the television ads of the atomic bomb explosions that told this would happen if Goldwater were chosen. The death of JFK was still in everyone's mind, and Johnson being sworn in with Jackie Kennedy on the airplane was vivid.
    1966-13th Floor Elevator, Grace Slick and the Great Society, and Sopwith Camel at the San Francisco Fillmore Auditorium.
    1967-DAY, GEORGE E. Medal of Honor Rank and organization: Colonel (then Major), U.S. Air Force, Forward Air Controller Pilot of an F-100 aircraft. Place and date: North Vietnam, 26 August 1967. Entered service at: Sioux City, Iowa. Born: 24 February 1925, Sioux City, Iowa. Citation: On 26 August 1967, Col. Day was forced to eject from his aircraft over North Vietnam when it was hit by ground fire. His right arm was broken in 3 places, and his left knee was badly sprained. He was immediately captured by hostile forces and taken to a prison camp where he was interrogated and severely tortured. After causing the guards to relax their vigilance, Col. Day escaped into the jungle and began the trek toward South Vietnam. Despite injuries inflicted by fragments of a bomb or rocket, he continued southward surviving only on a few berries and uncooked frogs. He successfully evaded enemy patrols and reached the Ben Hai River, where he encountered U.S. artillery barrages. With the aid of a bamboo log float, Col. Day swam across the river and entered the demilitarized zone. Due to delirium, he lost his sense of direction and wandered aimlessly for several days. After several unsuccessful attempts to signal U.S. aircraft, he was ambushed and recaptured by the Viet Cong, sustaining gunshot wounds to his left hand and thigh. He was returned to the prison from which he had escaped and later was moved to Hanoi after giving his captors false information to questions put before him. Physically, Col. Day was totally debilitated and unable to perform even the simplest task for himself. Despite his many injuries, he continued to offer maximum resistance. His personal bravery in the face of deadly enemy pressure was significant in saving the lives of fellow aviators who were still flying against the enemy. Col. Day's conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty are in keeping with the highest traditions of the U.S. Air Force and reflect great credit upon himself and the U.S. Armed Forces.
    1967 -Jimi Hendrix's Purple Haze was released. Are You Experienced? (1968) The greatest psychedelic blues ever conceived. Classic Albums - The Jimi Hendrix Experience - Electric Ladyland DVD Great footage of Hendrix and The Experience. This DVD is a rare insight into one of the truest musical genius of the 20th century.
    1968- the first national political convention to propose African-Americans for the offices of president and vice-president took place at the Democratic convention in Chicago , IL . Rv. Channing Emery Phillips of Washington ,DC, received 67.5 of the 2,622 votes. Julian Bond of Atlanta , GA , was nominated on August 29, but declined, as he did not fulfill the necessary age requirement. Once considered the rising star on the political arena, he has all but disappeared from national view.

    1968-Jeannie C. Riley's "Harper Valley P.T.A." is certified Gold.
    1968-Democratic Party Convention in Chicago: Yippie activist Abbie Hoffman protested a decision to forcibly drive people out of the park. Tom Hayden was arrested in the afternoon for a certain squad car incident. Hoffman and Jerry Rubin allegedly urged demonstrators to hold Lincoln Park. Rennie Davis urged demonstrators "Don't let the pigs take the hill (high ground near a statue in the park)". About 3,000 demonstrators gathered chanting, singing songs, and talking and were attacked by police with clubs and tear gas after the 11 pm curfew.Meanwhile Mayor Richard Daley opened the Democratic National Convention.
    1970--In San Francisco, the Isle of Wight Pop Festival was underway; Jimi Hendrix made his last public appearance. Other Isle of Wight artists included The Who, John Sebastian, Donovan, Ten Years After, The Doors, Moody Blues, Kris Kristofferson, Miles Davis, Leonard Cohen, Tiny Tim, Emerson, Lake and Palmer, Joan Baez and Jethro Tull.
    1970 - Jimi Hendrix opened his recording studio in New York City . Because of its state-of-the-art 36-track recording capability, it attracted many top rock groups.
    1978- Italian Cardinal Albino Luciani, 65, was elevated to the papacy as John Paul I. His unexpected death only 34 days later left a profound sadness for millions of people who had been drawn to him by his warm personality.
    1978-Nearly sixteen years after he topped the US record charts with "Sherry", Frankie Valli had the number one song again, with the title track from the musical Grease. It went on to sell over 2 million in the States and was also a #3 hit in the UK.
    1987 - The Fuller Brush Company announced plans to open two retail stores in Dallas , TX . This was a first for the company that had sold its products door to door for 81 years.
    1987-Sonny Bono, who once said that he never voted until age 53, announced that he was running for mayor of Palm Springs, California. Sonny said he was frustrated over the red tape he faced for a remodeling project at his Italian restaurant. He would win the election in 1988 and serve until 1992. He failed in a Senate race later that year, but won a seat in Congress in 1996. Bono died in a skiing accident on January 6th, 1998, at the age of 62.
    1988 - A dozen cities in Texas, Colorado and California reported record high temperatures for the date, including readings of 100 degrees at Pueblo CO, 106 degrees at Wichita Falls TX, and 109 degrees at Redding CA. Afternoon thunderstorms in Utah deluged the town of Beaver with more than an inch of rain in twenty minutes.
    1992 - A no-fly zone was imposed on southern Iraq . Operation Southern Watch was orchestrated by the United States , France and Britain . The campaign supported U.N. Security Council resolutions containing Iraq , protecting Kuwait , and keeping pressure on Saddam Hussein's Iraqi regime
    2002 -The first video streaming coverage of a major league baseball game takes place on the internet. Approximately 30,000 fans visit MLB.com to see the Yankees defeat the Rangers, 10-3.
    2002- Derek Jeter becomes only the third player to score at least 100 runs in his first seven major league seasons. The Yankees' shortstop joins Hall of Fame outfielders Ted Williams (Red Sox, 1939-49) and Earle Combs (Yankees, 1925-32) as the only big leaguers to accomplish the feat.
    2003-Rolling Stone Magazine named Jimi Hendrix as the greatest guitarist in Rock history. Eric Clapton, Jimmy Page, Keith Richards, Chuck Berry, Stevie Ray Vaughan and Ry Cooder also made the top 10.

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