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Equip. Finance Sales Exec. Grand Rapids, MI. Generate lease originations, call on individual lessees, branch associates, business bankers and commercial bankers, plus create third party vendor programs. Click here for a full job description and/or
to apply for the position.

About the Company: Huntington Bancshares Incorporated is a $31 billion regional bank holding company headquartered in Columbus, Ohio.


Monday, August 2, 2004




    Classified Ads---Credit

        Economic Events this Week

            Archives-Orix To Close Small Ticket Division

    Corporate  Capital Leasing Group Grows to 24 Offices

        Telecom Agents Assoc. Looking for “Leasing Legal Experts”

            Sales Task Force Report--Dennis Brown, ELA

    1st Source up 85.88 Percent in 2nd Quarter

        Fitch Rates L.A. County Cap. Asset Leasing Corp. 'A'

            Federal Reserve “Beige Report”

    News Briefs---

        Sports Briefs---

            "Gimme that Wine"

    This Day in American History

        Baseball Poem



########  surrounding the article denotes it is a “press release”





Classified Ads---Credit


Atlanta, GA.

VP Credit/Operations/Sr. Credit Officer. 15yrs exp. in equipment leasing. Strong financial analysis and management skills. Experience developing and maintaining profitable customer/vendor relationships.



Atlanta, GA.

Senior Credit Officer in middle-market equip. finance, vendor, 3rd party, specialty, flow credit to the fortune 1000. Team builder, originations capable, strong work ethic, ability to multi-task.




Atlanta, GA.

10 yrs experience in credit/collections/recovery/documentation in the leasing industry. P&L responsibility, team builder & strong portfolio mgnt skills.



Boston Ma.

Challenging position where my skills, professional experience, organization, leadership, strategic thinking, creativity, energy, passion, competitive nature will enable me to define opportunities and personal development.



Corona, CA.

VP credit Consumer Credit prime/sub prime Auto lending/leasing/mortgages. 20+yrs exp. If you are looking for someone to affect the bottom line I am that person. Will relocate.



Danbury, CT.

Skilled in team building, management & training. Seasoned credit, portfolio and risk management professional. Experienced

in developing, implementing underwriting, portfolio management policies & procedures.



Credit/Documentation: Fort Lee NJ

3 Years Experience. Looking in NJ/NY.



Los Angeles, CA

Over 15 years experience in Credit/Operations with Small Ticket and transactions up to $500,000.00. CLP, with excellent relationships with most major lenders.




Mill Valley, CA

Senior corporate officer with financial services credit background. M and A, fund raising and workout expertise.




New Jersey, NJ

Credit Analyst with 10+ years experience in small-ticket lending up to $500,000. Experience with both vendor-direct and with brokers.



New York, NY

3+ years of leasing credit / contracts experience. Currently in the leasing industry and moving to NY! Exp. working at both funding source and broker.



New York, NY.

V.P. Credit & Collections w/23 years exp.looking for a situation where I can utilize my varied & extensive knowledge of credit/ collections/risk-management & leasing.



Credit: Phoenix, AZ.

Leasing Manager- 8 years underwriting. Proven performer, strong negotiator and sales support. Worked with the best- Randy

Schiell, Chuck Brazier, Jim Lahti. Contact: Elizabeth Rose (480)510-7434



San Francisco, CA. 10+ years Credit Analyst experience underwriting for a direct lessor, regional bank and vendor leasing company. Have CLP and will make decisions

( won't rely on a FICO score for enlightenment.)



Credit Manager: Westlake, OH

7+ years Credit/Underwriting experience Comp lit. Please email me for copy of job description at


    full list:





Economic Events this Week



August 2

Construction Spending: June



August 3

Personal Income: June



August 5

Sales of Leading Retailers: July

Weekly Jobless Claims



August 6

Consumer Borrowing: June

Unemployment: July





Archives, August 2, 2000-


OrixCredit Alliance To Close Small Ticket Division


Orix Credit Alliance (OCAI) announced it will close its small ticket division based in Portland, OR, and exit the small ticket leasing business to focus on more attractive opportunities.


Jay Holmes, president and CEO of OCAI said, "This was a difficult decision to make, as it affects many valued OCAI employees. However, it was well thought out and influenced by numerous factors. One of the most compelling was the competitive nature of the small ticket business, which requires substantial and ongoing investments in order to recognize returns. OCAI determined that the prospect for long-term growth in the small ticket arena no longer justifies resources required to maintain the business and has decided to re-deploy those resources to more attractive business opportunities in the future."


Holmes further stated that small ticket lending attributes are not consistent with the company's long-term profitability objectives, and therefore, this action is in keeping with OCAI's desire to achieve more consistent, predictable quality earnings and returns for its shareholders.





Corporate  Capital Leasing Group Grows to 24 Offices



“In the last issue of Leasing News, you profiled the companies who offer training for people who want to get into our industry. That prompted me to write about a project we have been working on this past year. I have been in the leasing industry for 36 years and although our company has been what would be classified as a “small broker”, just like everyone else we had a desire to grow. I woke up on New Years day this year and had a thought about all of the talented people in this country who sadly were unemployed not only in our industry but in so many others. If we could only harness the experience and contacts of some of these people and apply it to leasing, the results could be enormous. The problem would be how to attract them. We could offer a training course like the companies you wrote about but to us the real payoff in our business is doing leases not training people to be our competition. A good salesperson could earn more for us in lease commissions than any amount we could charge to train them.



“Of course if we didn’t charge anything then everyone would sign up and we would waste time in training people who would never produce for us or would take what we taught them and open across the street. So we decided on a modest investment that would be refundable. Don’t laugh but we advertised this opportunity on Ebay and offered a protected territory of their home state. They would pay $500 for a security deposit on the training materials and when they booked $50,000 in business, they would get a refund of their security deposit plus a bonus of $200. They get a 60 page manual, four CDs and samples of marketing pieces. They would sign a 10 page Agency Agreement which clearly spelled out what they could or could not do and how their commissions would be paid including splitting commissions between territories in case of an overlap.


“ The first month we had 4000 hits on the Ebay listing and over 90 people who were interested enough to ask for more information. The backgrounds and experience of some of these people would make a recruiter drool. We picked the people who’s experience would allow them to offer leasing to a niche market. For example one had traveled the Pacific Northwest selling computer programs to machine shops. Another had worked for 17 years for a construction equipment dealer arranging financing for their customers. One was in the sign business; another a CPA; another is a commercial mortgage broker. We have some who have experience selling trucks and trailers and one who has worked for 15 years selling farm equipment in Nebraska. One owns several businesses including an ambulance company and he is one of the founding members of an ambulance trade organization. Our people do nothing but identify prospects and take applications. When they get an application, they hand it off to us and we take it from there including direct contact with the Lessee.



“In 7 months we have established 24 offices in 27 states from New England to Hawaii and the results have not only been excellent, in a few cases they have been remarkable. We call our people Regional Managers and several have set up their own web sites in conjunction with ours. One closed a $100k lease the first day he was with us and another did $90k the first two weeks. Our guy in Texas now has two sales people working for him and other regions are planning the same. It’s not all good news though. A few have realized that this is something that they cannot do and have asked us to replace them which we have but some fall out was to be expected. We have some people selling leasing full time and others doing it part time until they build a base of business.


“We have stopped adding territories for the time being but there are still a few key states that I would like to see filled. We have set up an online bulleting board with 10 different categories so that our Regional Managers can communicate and draw from each others’ expertise. With apologies to you, I also write a “Sunday Sermon” which is usually marketing tips or announcements of accomplishments the previous week. I am in the process of moving my family and our main office from Rochester NY to Naples. Florida in August and hope to add a few back room people there. Our goal for the first full year of operation is for each of our 24 Regional Managers to average $100k a month. Do the math. Not bad for a “small broker”.


“ This all proves the theory that small ticket leasing is not complicated. It is a numbers game and if a salesman tells enough people that "we finance equipment" some will say "I'll take it". It also proves MY theory ‘You show me a salesman who is willing to get up in the morning and go out an sell leasing at his own expense with no draw or salary and all I ask for is 100 more just like him’."



Ken Glasgow


d/b/a Corporate Capital Leasing Group

24 Offices Nationwide







Your One stop solution for training and reference material for the Leasing Professional





Telecom Agents Assoc. Looking for “Leasing Legal Experts”


The latest newsletter of the Telecom Agents Association is devoted to the NorVergence “defense fund” and “legal co-op,” outlining recent leasing company suits regarding lessees no longer making lease payments for equipment not working and/or allegedly misrepresented.  Some involve “private label” contracts and others “third party.”  Thirty NorVergence customers have joined the “legal co-op” to date.


If you are interested in becoming a “Leasing Legal Expert” or would

like further information on the Telecom Agents Association position,

you will need to register. 


For further information, please go here:




Classified Ads---Help Wanted

Account Executive / Small ticket leasing account reps

Small ticket leasing account reps., nationwide. Seeking self starters with proven ability to work individually. Our technology gives you the flexibility to work from any location.  Aggressive compensation structure, travel exp.,health insurance, matching 401. Grow with us.
Send resume:  
In addition to our our internal lines, we are partnered with 20 premier funding sources.


Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required.

Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required.

Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience.

Send email or fax to Ryan Johnson, Corporate Recruiter.
Fax: (888) 462-4305

We are ready to hear from you and field any leasing questions that you may have.
Five Point Capital
10525 Vista Sorrento Pkwy
San Diego, CA 92121


Equipment Finance Sales Executive

Equip. Finance Sales Exec. Grand Rapids, MI. Generate lease originations, call on individual lessees, branch associates, business bankers and commercial bankers, plus create third party vendor programs. Click here for a full job description and/or
to apply for the position.

About the Company: Huntington Bancshares Incorporated is a $31 billion regional bank holding company headquartered in Columbus, Ohio.

Marketing Indirect Origination

New York. One of the largest ind. equip.lessors needs  motivated, self-starter to purchase single investor leases from institutional investors; min.transaction  $1 million; portfolio of primarily investment grade lessees/good "story credits". 
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing.

Senior Contract Specialist

Senior Contract Specialist, Los Angeles. Bachelor's Degree plus five years of leasing contract experience required.
Full description: here.
Email resume with salary history to




Sales Task Force Report

    Dennis Brown, Equipment Leasing Association


The Task Force established by the National Conference of State Legislatures (NCSL) to track Streamlined Sales Tax met during the NCSL Annual Meeting in Denver to review progress toward implementation.  In many respects it was a prelude to the upcoming meeting of the Conforming States Committee of the Implementing States scheduled to convene in Chicago immediately following the Streamlined Sales Tax Project on Thursday afternoon, August 5 and until about 1 PM on Friday, August 6.  This update will review:


       Conforming States Committee


       Federal Legislation

       Internet Quarrel


       Other Issues


Conforming States Committee


A status report was presented to the NCSL Task Force by former Ohio Senate President Richard Finan speaking in his role as Co-Chair of Conforming States Committee.  Senator Finan’s update was not only optimistic but demonstrated a considerable amount of work has been accomplished toward establishing a permanent organization to administer Streamlined Sales Tax, which the business community acknowledged as a basic step toward implementation.


Hiring staff and establishing a management structure for the Governing Board that will administer Streamlined Sales Tax faces the proverbial chicken and egg dilemma. These resources are needed prior to formation of the Governing Board to lay groundwork for launching the organization but revenue to acquire them will not be available until after the Board is functioning.


NCSL has joined with the National Governors’ Association (NGA) to fill the financial void by committing needed funds to hire an Executive Director, perhaps in September. One or two additional would be hired later.   To meet the transitory need for office space, the Federation of Tax Administrators (FTA) will provisionally house and provide other support services to this newly hired Executive Director. The Multistate Tax Commission (MTC) will pitch in computer system support with the Registration System but not engage in management duties.


The next step would be to incorporate with an early target being January 2005.  This would be followed by actual formation of the Governing Board possibly around mid-year with each state joining the Board becoming a member of the corporation.  At the start, one of three committees to be formed would be a Nominating Committee to recommend officers for a nine member Executive Committee currently envisioned as consisting of a President, 1st Vice President, 2nd Vice President, Secretary-Treasurer, four regional representatives and one At-Large Member.  The other two committees would be Membership and Finance.


At this point an initial fee charged to conforming states as they join the Governing Board will begin to provide a continuous revenue source needed to move the management structure beyond the first phase that was made possible by funds provided by NCSL and NGA.  The staff can look for permanent office space in a location selected by the Governing Board.  Non-member states will witness a functioning partnership of state governments and perhaps the federal government will realize states can manage best without congressional obstruction.




As always, telecommunications representatives arrived well versed and prepared.  The Task Force understood their arguments when adopting a policy statement declaring that imposing higher tax burdens on telecommunications services provided by “telecommunications providers” while imposing lower and even no tax burdens on similar services sold by non-traditional providers unfairly places governments in the position of picking winners and losers in the marketplace.  The Task Force adopted a telecom tax reform proposal calling upon state and local governments to refrain from imposing tax burdens that exceed those imposed on other competitive services and the general business community.  In the policy statement NCSL calls on state and local governments to bring telecommunications taxes in line with other general business taxes.


Federal Legislation


The Task Force briefly revisited discussion from the last meeting that arose when Streamlined Sales Tax Project (SSTP) representatives noted the Congressional legislation contains provisions different than similar provisions in the Streamlined Sales Tax Agreement as well as provisions absent from the Agreement.  It had been noted that the Agreement between states and Congressional legislation are separate documents negotiated between wholly different parties. Drafting the Congressional bill involved collaboration with organizations disconnected from SSTP meetings. Differences between the documents were therefore anticipated and accepted.


Since that time SSTP representatives have joined with other stakeholders in suggesting and in some cases adopting revisions to the federal legislation.  It was this report on discussions between stakeholder groups that subsequently raised objections from some Internet spokespersons.


Internet Quarrel


Realization that Streamlined Sales Tax is becoming reality has caused Internet players to be more assertive and revisions in the Small Business Exception were an issue that caused them to raise their voice.  An earlier draft allowed the exception when a seller and its affiliates collectively had no more than $5,000,000 in remote taxable sales in the preceding year but had been amended to no more than $5,000,000 in gross sales.  However, more than $50,000 in remote sales sourced to any single state would trigger a requirement to collect and remit sales and use taxes for that Member State.


What quickly became referenced as the Amazon Amendment was opposed by other Internet interests.  A counter presentation began to unravel when Task Force members refuted declarations by EBay of assistance given sellers to collect sales tax and EBay assertions that the revised language would force single moms to face child day care challenges.




Some questioned if Section 4 (e) of the report on federal legislation might involve classified advertisements in newspapers in the Small Business Exception.  That section deals with buyer or seller collectives where a seller is considered to participate in such a collective if the seller lists products that are aggregated.


Other Issues


A useful review of federal legislation occurred during a discussion with Congressman Chris Cannon, Chairman, Subcommittee on Commercial and Administrative Law, Judiciary Committee.  Perhaps the most enlightening moment was his comment that congressional action is likely during the next session.


The Task Force also heard updates on bundling issues and the sales price definition.  A discussion of how the Agreement impacts American Indian Tribal Governments was instructively conducted with the Reno-Sparks Tribal Council of Nevada.  Finally, it was interesting to hear a Republican legislator protest the scheduled appearance of conservative activist Grover Norquist of the Americans for Tax Reform on the program of the NCSL Annual Meeting.


Dennis Brown

Equipment Leasing Association



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


1st Source Corporation up 85.88 Percent in 2nd Quarter,

Increased Dividend Announced



SOUTH BEND, Ind.--( --1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, today reported net income of $8.72 million for the second quarter of 2004, up 85.88 percent over the $4.69 million reported in the second quarter of 2003. During the first six months of 2004, net income for 1st Source Corporation was $13.80 million, a 50.79 percent increase over the $9.15 million reported for the same period in 2003.


   Diluted net income per common share for the second quarter of 2004 amounted to $0.42, up 90.91 percent compared with $0.22 reported in the second quarter of 2003. Diluted net income per share for the first two quarters of 2004 was $0.66, an increase of 53.49 percent over the $0.43 reported in the same period a year ago.


   Earnings for the second quarter of 2004 represent a return on average common shareholders' equity of 11.03 percent, as compared to 5.95 percent for the second quarter of 2003. Return on average total assets for the second quarter of 2004 was 1.08 percent versus 0.57 percent reported in the second quarter of 2003.


   Christopher J. Murphy III, Chairman and Chief Executive Officer, reported that at the July meeting, the Board of Directors approved an increase in the cash dividend for the second quarter to $0.11 per share from $0.10 per share last quarter. This is a 10.00 percent increase from the previous quarter's dividend and a 22.22 percent increase over the second quarter dividend of 2003. The increased cash dividend is reflective of the improving performance of the company and will be payable on August 16, 2004, to shareholders of record August 9, 2004.


   Mr. Murphy commented, "1st Source's financial performance continues to improve. We have worked diligently to strengthen our credit quality which has shown steady progress over the past year. We are still affected by decreased interest margins and volatility in the valuation of our mortgage servicing rights portfolio, but this quarter that volatility had a positive effect."


   Murphy concluded, "We have also continued to look for opportunities to grow our customer base and opened a new banking center on South Bend's south side in April. We continue to review and upgrade our systems and processes to help us provide outstanding customer service and better manage our businesses."


   1st Source's reserve for loan losses as of June 30, 2004 was 3.14 percent of total loans compared to 3.22 percent at the end of the first quarter of 2004 and 3.01 percent for the second quarter a year ago. 1st Source's provision for loan losses was $0.48 million this quarter compared to $4.90 million for the second quarter of 2003. Net charge-offs were $0.48 million for the second quarter 2004 compared to $6.48 million for the second quarter of 2003. The ratio of nonperforming assets to net loans and leases was 1.22 percent on June 30, 2004, compared to 2.65 percent on June 30, 2003.


   Tax-equivalent net interest income was $26.02 million for the second quarter of 2004, down 5.41 percent from 2003's second quarter. The net interest margin was 3.45 percent for the second quarter of 2004 versus 3.66 percent for the same period in 2003. For the first six months of 2004, tax-equivalent interest income was $52.49 million compared to $54.82 million for the first six months of 2003, a decrease of 4.24 percent. The net interest margin was 3.49 percent for the six months ending June 30, 2004, versus 3.69 percent for the same period in 2003.


   Noninterest income for the second quarter of 2004 was $20.22 million, down 7.74 percent from the second quarter of 2003. In the second quarter, equipment rental income decreased due to the shrinkage of the operating lease portfolio, while other income decreased with the elimination of securitization income, as 1st Source no longer securitizes any of its loan portfolio. Trading security income also declined in the second quarter. Mortgage banking income increased in the second quarter of 2004 compared to a year ago as mortgage servicing rights impairment recoveries of $3.78 million offset both a reduction in mortgage origination volume and reduced gains on the sale of mortgage loans into the secondary market.


   For the first six months of 2004, noninterest income was $34.24 million, down 18.39 percent from 2003. Significant items affecting comparability between six month periods included decreased income from mortgage banking, equipment rental, securitization and securities trading.


   Noninterest expense was $31.95 million for the second quarter of 2004, compared with $37.28 million for the second quarter of 2003. For the first six months, noninterest expense was $64.29 million, compared with $72.08 million for the same period in 2003. In general, noninterest expense improvements in 2004 reflect decreases in salaries and employee benefits expense, depreciation on leased equipment, and loan collection and repossession expenses partially offset by an increase in professional fees which are included in other expense.


   As of June 30, 2004, the 1st Source common equity-to-assets ratio was 9.50 percent compared to 9.63 percent a year ago. Common shareholders' equity was $314.94 million, down 0.70 percent from the $317.17 million a year ago, due to the repurchase of 103,733 shares of common stock and a decrease of $10.51 million in accumulated other comprehensive income. The decrease in accumulated other comprehensive income was a result of changes in unrealized gain or loss on securities in the available-for-sale portfolio. Total assets at the end of the second quarter of 2004 were $3.32 billion, up 0.63 percent from the same time last year. Total deposits were down 9.79 percent and total loans were up 6.27 percent over the comparable figures at the end of the second quarter of 2003.


   1st Source is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment. The Corporation includes 61 banking centers in 15 counties, 6 Trustcorp Mortgage offices in Indiana, Ohio and Michigan, and 22 locations nationwide for the 1st Source Bank Specialty Finance Group. With a history dating back to 1863, 1st Source Bank has a tradition of providing superior service to customers while playing a leadership role in the continued development of the communities in which it serves.


CONTACT:1st Source Corporation Larry Lentych, 574-235-2702 Andrea Short, 574-235-2348


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


Fitch Rates Los Angeles County Capital Asset Leasing Corp. 'A'



SAN FRANCISCO--Fitch rates Los Angeles County Capital Asset Leasing Corp., CA's $12,205,000 lease revenue bonds, 2004 series A (LAC-CAL Equipment Program) 'A'. The Rating Outlook is Stable. The bonds will be sold competitively on Aug. 3.


   The rating reflects Los Angeles County's (the county) economic diversification, recovery from a mild recessionary downturn, and improved financial controls and performance. However, financial operations remain narrowly balanced and pressures continue, particularly in the Department of Health Services (DHS). Restructuring efforts have reduced medical service costs, but sizable budget gaps remain. Lease features are strong and the county's experience with the equipment program is positive.


   Certificates are secured by county lease payments made for use of numerous pieces of equipment by several departments. Lease features are sound and the county's equipment lease financing program has a strong history. The leased equipment is essential to service delivery and all equipment currently is in use. The county covenants to budget and appropriate for the lease payments, and other features are similar to that of real property leases.


   The county's adopted fiscal 2005 budget incorporates little growth and salary increases recently settled. However, no agreement has been reached with the deputy sheriffs group. The general fund budget reflects savings from lower caseloads in many social service programs offset by the salary increases and natural growth in other expenditures. The general fund budget is balanced using all of the estimated fiscal 2004 unallocated fund balance ($456.7 million), although the county historically performs better than budget. Adhering to the budget's austere spending plan will require strong fiscal discipline, which to date has been evident.


   Fitch views the county continuing struggle to restructure of its extensive health and hospital system as its greatest challenge. Board-approved actions including the closing of several facilities and inpatient bed reductions at others have been litigated, with the courts issuing temporary injunctions prohibiting any facility changes while the cases are pending. The county's fiscal 2005 budget fully funds all facilities as currently configured. Recent estimates reduce the projected health department operating deficit in fiscal 2008 to a still sizable $740.1 million operating deficit by fiscal 2008 if no action is taken. However, health system revenues are enhanced by county voters' approval of Measure B, a parcel tax dedicated to emergency and trauma medical care. Despite the board's determination to bring the sizable network under fiscal control, achieving self-sufficiency for the system will take continued diligence over several years. The county's ability to restructure its health care delivery system to operate within available and recurring resources will continue to be a sizable challenge, and a key component of credit quality.


   Overall, the county has made significant progress toward long-term financial stability in non-health areas. The general fund has run operating surpluses for each of the last seven years. The total ending general fund balance was $1.70 billion in fiscal 2003, a good 15.8% of the year's $10.75 billion in expenditures and transfers out. The unreserved portion also was sound at $1.35 billion or 12.5% of spending. While an operating loss is expected for fiscal 2004, the ending fund balance is expected to remain adequate.


   The county's economy is vast and performed relatively well during the recent downturn. Total employment dropped a small 2.1% from 2001-2003, with signs of recovery evident. The unemployment rate peaked at 7% in 2003, with the June, 2004 figure, 6.7%, lower than June 2003. Taxable property values continue to grow, rising 8.1% on average since 1999. The economy's size and the strength of its major industries, tourism, entertainment, and manufacturing, will continue to provide a sound base.


CONTACT:Fitch Ratings Amy S. Doppelt, 415-732-5612 (San Francisco)

James Jockle, 212-908-0547 (Media Relations, New York)


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



Federal Reserve “Beige Report”


The Philadelphia, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas Districts characterized growth rates as ranging from modest (Minneapolis) to solid (Chicago), while New York, Cleveland, Richmond, Kansas City, and San Francisco noted that growth rates slowed somewhat in their districts. Boston cited mixed reports from its business contacts. Reports of rising prices at the producer level continued to be common, though increases in retail prices were only infrequently reported. While wage gains remained generally flat, benefits costs continued to rise.


Retail sales were widely cited as having slowed; in particular, most districts reported that auto sales were flat to down. Manufacturing activity increased across the country, though there were pockets of weakness and gains were generally more measured than in the early spring


  Full Report:


  By Federal Reserve District


New York






St. Louis


Kansas City


San Francisco




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News Briefs----




Officials: U.S. Banking System Protected


Recent Layoff Rate Was Highest Since Early 1980's


Bill Would Raise Franchise Value of Sports Teams


Judge Orders Rocco Out of Rocco's




Sports Briefs---


Heat takes swing at senior golfers




Singh wins Buick Open at 23 under




“Gimme that Wine”




World's Largest Wine Bottle Holds over 173 Bottles of Beringer Vineyards Private Reserve Cabernet Sauvignon—To Tour 27 Morton’s Restaurants



Wineries seek to raise $750,000 to bring shipping wine out of state  to Supreme Court---Hire the Kevin Star



A Record Number of Wine Appellations Await U.S. Approval,1145,2549,00.html


Vinters Open a Wine Shop in Long Island


Halls unveil proposed plans for winery renovations





This Day in American History


August 2,1896— Trumpet player Anatie “ Natty” Dominique Birthday

    1769 - Gaspar de Portola, Spanish army captain, and Juan Crespi, a Franciscan priest, after landing in what we now call San Diego, arrived in L.A. He named the area Nuestra Senora la Reina de Los Angeles de Porciuncula. “ Juan Crespi named the area after a chapel in Italy (“Our Lady the Queen of the Angels of Porciuncula.”

    1775-The Declaration of Independent is signed.  Contrary to widespread misconceptions, and as reported July 3, the 56 signers did not sign as a group and did not do so on July 4, 1777.  John Hancock and Charles Thompson signed only draft copies that day, the official day the Declaration was adopted by Congress. There also were questions about identifying the signers as the war was not going well, and as a matter of fact, the British did occupy Philadelphia for a short time. This day fifty signed,

and later in the year, five more  signed separately. One added his name in a subsequent year.

    1832-Sauk followers of Black Hawk were massacred at the mouth of the Bad Axe River in Wisconsin by Illinois militia led by General Henry Atkinson.  Old men, women, and children were all killed without regard for pleas of mercy or white flags.   The Black Hawk war began on April 6 after the Sauk Indians, led by Black Hawk, faring poorly in Iowa where the government had moved them, re-crossed the Mississippi River and moved back to their former corn fields to plant a new crop. As tensions mounted, panicky settlers killed two Indians seeking a parley and bearing a white flag.  Black Hawk, enraged, began killing white settlers.   August 27, Black Hawk, deserted by his Winnebago allies, surrendered, thus ending the Black Hawk War.

        1846-General Vallejo was released from Fort Sutter, after being arrested and most of his property stolen from many of the settlers who he had helped.  A tragic story.

     1848-African-American William Leidesdorff  founds the first public education school in Portsmith Square, San Francisco.  He also built the city’s first hotel.

    1858 - The first mailboxes were installed along the streets of Boston and New York City. The idea of mailboxes began in Belgium in 1848.  Mail was delivered twice a day, except in rural areas, phased out in certain areas starting in the 1960’s.

    1873-First trial run of the San Francisco cable car, Clay Street between Kearny & Jones .

Castro Line abandoned 1939:

 Mayor Lapham in 1949 closed down more lines, for a full history:


     1876 - Wild Bill (James Butler) Hickok was gunned down by Jack McCall, a desperado from Texas, in Saloon #10 at Deadwood, in the Dakota Territory. Hickok was playing poker (with his back to the door) at the time of the shooting. McCall shot Wild Bill in the back, and was hanged for the shooting, never revealing his motive. The poker hand Hickok was holding when he died consisted of a pair of black aces and a pair of black eights. This combination became known as the dead man's hand.

      1896— Trumpet player Anatie “ Natty” Dominique Birthday

     1900-birthday of  Helen Morgan - U.S. vocalist. HM was the sensational American "torch" singer of the speakeasies and of Broadway and the movies. She introduced such song- standards as "Bill," "Can't Help Loving that Man," and "Why Was I Born?"  “The Helen Morgan Story” was made about her life starring Ann Blyth and Paul Newman.

     1905-Birthday of 905, Myrna Loy - U.S. actor and activist. Best known in the movies for her portrayal of the unflappable Nora Charles in the Thin Man series.  She stopped making movies during World War II to work for the Red Cross.

     1909- First  Lincoln head penny

      1914-Birthday of Felix Leclerc, perhaps one of the greatest French language singers and songwriters that Quebec has produced,  born in La Tuque. Several of his songs - "Le P'tit Bonheur," "Le Train du Nord" and "Bozo" - became popular in Quebec in the late 1940's. In 1950, Leclerc went to Paris where he soon became a superstar. He subsequently divided his time between Europe and Canada. Leclerc was awarded France's Grand Prix du disque in 1951 for his song, "Moi, mes souliers." Leclerc won the award twice more - in 1958 and in 1973. He is credited with revitalizing the popular song in France. Felix Leclerc died on August 8, 1988 at the age of 74.
     1920- Marcus Garvey presented his "Back To Africa" program in New York City.

    1921-- With the jurors lifting the men onto their shoulders, the eight White Sox players accused of throwing the 1919 World Series are acquitted by the jury. The next day, Commissioner Kennesaw Mountain Landis will say the overwhelming evidence clearly shows the Black Sox fixed the games with gamblers and all involved will be banned from playing professional baseball again.

    1922-Birthday of saxophonist Big Nick Nicolas, Lansing, MI

     1923-Birthday of vocalist Bixie Crawford, Oklahoma City, OK.

    1923-President Warren G. Harding died in office. For the first time since Zachary Taylor’s death in 1850, a president of the United States died in office of natural causes.  Pres. Warren G. Harding was in poor health.  His reputation was in decline because friends he had appointed to federal office had proven corrupt or incompetent.  Scandals were about to break all around him.  To get away from the unpleasantness, Harding began a tour  June 20 of the West and Alaska. He took ill on the return journey.  Accompanied by his wife, he didn’t trust him, but who also wanted to cure him, she had obtained a “electrical box”( later to be proven a hoax, but very popular in its day

as the inventor was a well-known Physician, to help cure him.) He evidently had early heart

disease, not known in its day, and was an over-eater, drinker, and well-known womanizer.  Here in

San Francisco at the Sheraton Palace Hotel,  he died at 58 of an embolism while recovering form an attack of ptomaine poisoning and pneumonia. There were rumors of foul play at the time.  At 2:43am on August 3, Vice-President Calvin Coolidge was sworn in as president by his father, a notary public, in the family home in Plymouth Vermont.  Harding was buried at Marion, Ohio on August 10. In a further bit of trivia, if you will, his wife Florence Kling De Wolfe Harding died on November 21, 1924, in Marion, Ohio, thereby creating the historical event to be the first president and first Lady to die during the term for which he had been elected ( March 4,1921-March 3,1925).

     1924- birthday of James Arthur Baldwin,  African- American author noted for descriptions of black life in the US. Born at New York, NY. His best-known work, “Go Tell It on the Mountain, “was published in 1953. He wrote many social commentary articles and was a leader of the movement in his day. Died at Saint PauI-de-Vence, France, Nov 30,1987.

    1924-Birthday of Carroll O’Connor, television, stage and screen actor born in New York, NY.  He was best-known for his portrayal of the bigoted, blue-collar Archie Bunker on “All in the Family.” He played the role of Bunker from 1971 to 1979, and was nominated  for eight Emmy Awards, winning four.  He won a fifth Emmy in 1989 for “ In the Heat of the Night.”  He was also inducted into the Television Hall of Fame in 1989.  He died in Culver City, CA on June 21, 2001.

     1924-Birthday of pianist Joe Harnell, whose "Fly Me to the Moon" was a top-20 hit in 1963.

    1926 - The first demonstration of the Vitaphone system, that combined picture and sound for movies, was held at the Warner Theatre in New York City. John Barrymore and Mary Astor starred in the demonstration film for the new moving picture projector.

     1929-Fats Waller records “ Ain’t Misbehavin’” ( Victor 22092)

1937 - Benny Goodman and his quartet (Lionel Hampton, Teddy Wilson, and Gene Krupa recorded "Smiles" for Victor Records. Goodman was the first “white” bandleader to feature black musicians.

    1937- Birthday of Garth Hudson, organist with The Band, born in London, Ontario. The Band began as The Hawks, the group that backed rockabilly singer Ronnie Hawkins from about 1959 until 1963. The Hawks then split from Hawkins, moved to the US and in 1965 became the back-up band for Bob Dylan. The Band also pursued a recording career of their own, beginning with the album "Music From the Big Pink" in 1968. The Band remained together until November 1976, when they played a final concert at the Winterland Ballroom in San Francisco. The event was filmed by director Martin Scorsese, and released as "The Last Waltz."

    1938-The Brooklyn Dodgers and the St. Louis Cardinals played a doubleheader in which they experimented with a yellow baseball in the first game.  They went back to the traditional white ball for the second game, and the Dodgers won both contests, 6-2 and 9-3.

     1939- Albert Einstein, world-famous scientist, a refugee from Nazi Germany, wrote a letter to US President Franklin D. Roosevelt, first mentioning a possible “new phenomenon ... chain reactions . . vast amounts of power.” “A single bomb of this type,” he wrote, “carried by boat and exploded in a port, might very well destroy the whole port together with some of the surrounding territory.” Six years and four days later, Aug 6,1945, the Japanese port of Hiroshima was destroyed by the first atomic bombing of a populated place.

    1943 - Lieutenant (j.g.) John F. Kennedy  "PT 109" was rammed and sunk by the Japanese destroyer "Amigiri". Kennedy suffered a back injury that plagued him for the rest of his life. The story of the "PT 109" was told in Hollywood style in the 1963 movie, "PT 109", starring Cliff Robertson as JFK.  There is another version that the crew was asleep and rammed by the destroyer.  Recently

discovered, it is not considered a “landmark” and the PT 109 will

not be brought to the surface.

    1944-birthday of bassist Albert Stinson.

   1945---Top Hits

The More I See You - Dick Haymes

Dream - The Pied Pipers

Sentimental Journey - The Les Brown Orchestra (vocal: Doris Day)

Oklahoma Hills - Jack Guthrie

    1945-Birthday of percussionist Nana Vasconcelos, Brazil

    1952-Five American boxers won gold medals at the summer Olympics in He3lsinki,Finland, giving the US the unofficial team championships for the first time.  The gold medalists were flyweight Nate Brooks, light welterweight Charley Adkins, middleweight Floyd Patterson, light heavyweight Norvell Lee and heavyweight Eddie Sanders.

    1953---Top Hits

I’m Walking Behind You - Eddie Fisher

No Other Love - Perry Como

Ruby - Richard Hayman

Rub-A-Dub-Dub - Hank Thompson

    1956-The US Virgin Island, including areas on St. John and St. Thomas, were established as a national park and preserve.  On October 5, 1962, he enlarged to include offshore areas, including coral reefs, shorelines and sea grass beds. 1987- Fans at a Billy Joel concert in Leningrad jumped up and down on their seats, breaking about 200 chairs. Members of the audience carried Joel out on their shoulders at the conclusion of his performance. Joel's manager said the singer would either pay for the damage or leave behind 500 folding chairs he brought with him to help accommodate overflow audiences on his Soviet tour.

    1961---Top Hits

Tossin’ and Turnin’ - Bobby Lewis

I Like It Like That - Chris Kenner

Dum Dum - Brenda Lee

Heartbreak U.S.A. - Kitty Wells

   1965-CBS Morley Safer's sends first Vietnam report indicating we are losing.

    1969---Top Hits

In the Year 2525 - Zager & Evans

Crystal Blue Persuasion - Tommy James & The Shondells

What Does It Take (To Win Your Love) - Jr. Walker & The All Stars

Johnny B. Goode - Buck Owens

    1969-Bob Dylan shows up unexpectedly to his 10-year high school reunion in Hibbing, Minnesota. He and his wife leave early when a drunk tried to pick a fight with him

    1973 - Rick DeMont captured the 400-meter freestyle event in 4 minutes, 2.9 seconds at the Los Angeles Invitational Swim Meet.

    1975- "One Of These Nights" by the Eagles hits #1 on the pop chart, while Lynyrd Skynyrd's "Saturday Night Special" peaks at #27

    1975- Billy Martin named manager of NY Yankees (1st time)

   1975 - Record heat gripped New England. Highs of 104 degrees at Providence, RI, and 107 degrees at Chester and New Bedford, MA, established state records. The heat along the coast of Maine was unprecedented, with afternoon highs of 101 degrees at Bar Harbor and 104 degrees at Jonesboro.

Hot weather continued in the central U.S. Fifteen cities reported record high temperatures for the date, including Concordia KS with a reading of 106 degrees, and Downtown Kansas City, MO, with a high of 105 degrees. Evening thunderstorms produced severe weather in the Ohio Valley and the north central U.S. Thunder- storms in South Dakota produced wind gusts to 70 mph at Philip, and hail two inches in diameter at Faulkton.
   1979 -Gilda Radner Live From New York opens on Broadway.

    1977---Top Hits

I Just Want to Be Your Everything - Andy Gibb

I’m in You - Peter Frampton

My Heart Belongs to Me - Barbra Streisand

It was Almost like a Song - Ronnie Milsap

    1984 - Charles Schulz’ award-winning comic strip was picked up by the "Daily Times" in Portsmouth, OH. With the addition of that paper, "Peanuts", featuring Charlie Brown, Snoopy, Lucy, Pigpen, Linus, Peppermint Pattie, Woodstock and the gang, became the first comic strip to appear in 2,000 newspapers.

    1985---Top Hits

Everytime You Go Away - Paul Young

Shout - Tears For Fears

You Give Good Love - Whitney Houston

Love Don’t Care (Whose Heart It Breaks) - Earl Thomas Conley

     1986 -Jackie Joyner-Kersee (US) sets record for heptathlon (7161 pts).

    1987 -Michael Andretti runs fastest Indy car race in history (171.49 MPH)

     1987 - The 50-year-old Walt Disney movie classic, "Snow White and the Seven Dwarfs", was re-released. The film was the most popular animated film in motion picture history. It grossed almost $20 million in its first two weeks of re-release.

     1987- Fans at a Billy Joel concert in Leningrad jumped up and down on their seats, breaking about 200 chairs. Members of the audience carried Joel out on their shoulders at the conclusion of his performance. Joel's manager said the singer would either pay for the damage or leave behind 500 folding chairs he brought with him to help accommodate overflow audiences on his Soviet tour. Audience members carry Joel out on their shoulders at the end.

     1988 - Searing heat continued from the Middle and Upper Mississippi Valley to the Middle and Northern Atlantic Coast States. Twenty- six cities reported record high temperatures for the date. Chicago IL reported a record seven days of 100 degree heat for the year

    1989- Reds' outfielder Eric Davis becomes the seventh player to join the 30-30 club as he homers in the 5-4 victory over the Giants. No one had ever accomplished the feat with still nearly two months left to play in the season.

     1990-On President Saddam Hussein’s orders, the Iraqi army invaded Kuwait. Hussein claimed that Kuwait presented a serious threat to Iraq’s economic existence by overproducing oil and driving prices down on the world market. After conquering the capital, Kuwait City, Hussein installed a military government in Kuwait, prior to annexing it to Iraq on the claim that Kuwait was historically part of Iraq. The US and most other nations immediately condemned the aggression and the UN passed measures calling for broad economic sanctions against Iraq. As Iraqi forces began to mass along the border with Saudi Arabia, the US and other nations sent troops to Saudi Arabia to protect that country from invasion with an operation named Desert Shield. The multinational force included troops from other Arab countries such as Egypt, Syria and Morocco in addition to forces from Western governments with large economic interests in the region. Approximately 21,000 foreign nationals from several countries were detained by Iraq and were transported to various strategic locations to deter possible retaliatory attacks. The US military action was the largest mobilization of forces since the Vietnam War. The following January Desert Shield became Operation Desert Storm as the Allied forces went to war against Iraq.

      1995-- Long time coach Jimmie Reese, whose 23 years in an Angels uniform equals longest in club history is inducted into the Angels' Hall of Fame. The former roommate of Babe Ruth began his career as a batboy for the Pacific Coast League's Los Angeles Angels in 1917.




Baseball Poem



Dodger Blue


by Richard Aberdeen©(August 20, 2003)


Sung to the tune Deportee by Woodie Guthrie & Marting Hoffman

    The chalk lines are faded, the bleachers are empty

The parking lot's vacant at the ravine stadium

The fans have all taken up bad-mitten and checkers

On a hot summer evening there's nothin' else left for fun

The owners' and players' greed knows no boundaries

They've taken the fans on a phony hype ride

Though they both earn enough money to buy a jet airplane

'Till they have more than God, they won't be satisfied

Now, is this the best way to run America's pastime?

Is this fair to the fans who are loyal and true?

Like the late Billy Martin and Tommy Lasorda

There's no more real Yankees, no one bleeds Dodger Blue


Goodbye to Ty Cobb, Joe DiMaggio and Babe Ruth

Adios Lou Gehrig and true heroes for our youth

You won't see the great Clemente up on the big sports screen

The owners and players all want. . . more money


Now, us fans in the bleachers all want a solution

To stop all your whining and complaining on earth

Let's forget about salaries and pay by statistics

For hits, runs and outs, you'll be paid what you're worth

If you hit sixty homers, you'll get you're few million

But if you pitch more balls than strikes you'd better run

Down to apply at the nearest Del Taco

We're tired of big babies who ruin baseball's fun

Let's return our national pastime back to the fans

Give big bucks to the players only when they come through

And like the late Billy Martin and Tommy Lasorda

We'll cheer for real Yankees and bleed Dodger Blue


Goodbye to Ted Williams, Stan Musial and Cy Young

Adios Mickey Mantle, Willie Mays and Hank Aaron

You won't see Charlie Hustle up on the big sports screen

The owners and players all want. . . more money


The chalk lines are redrawn, the bleachers repainted

The big screen scoreboard is re-hooked to the juice

The parking lot's filled with limos and Mercedes

The owners and players have a temporary truce

Now, we want real heroes our children can look up to

We want fair owners who treat loyal fans right

People who love baseball and the values we stand for

With all of their heart and their soul and their might

If you don't care what happens to our time-honored pastime

Then get the hell out of the way of those of us who do

Like the late Billy Martin and Tommy Lasorda

We want to cheer for real Yankees and bleed Dodger Blue


Goodbye to Vin Scully, Branch Rickey and Bill Veeck

Adios Harry Caray and real baseball, but what the heck?

We won't see Jackie Robinson slide on the big sports screen

The owners and players all want. . . more money

Yeah, the owners and players all want. . . more money. . .

Are there any more real Yankees?

Does anyone bleed Dodger Blue?





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