Monday, December 3, 2007

Headlines---

Classified ads--- Asset Management
    Aggregate Funding Sources---up-dated
        Top Stories --- November 26--November 30
    Classified ads—Help wanted
Cartoon---Cat and Dog walking together
    Mortgage write-offs not as bad as presented
        Leasing 102 by Mr. Terry Winders, CLP
      Questions for Potential Lessee--Part II
Holiday meetings—members/non-members
    OFC Capital adds Intermediary Finance
        WaMu dividend in danger?
    News Briefs---
You May have Missed---
    California Nuts Brief---
        Sports Briefs---
"Gimme that Wine"
    Calendar Events
        Snapple Real Facts
Today's Top Event in History
    This Day in American History
        Football Poem
SuDoku
    Daily Puzzle
        GasBuddy
News on Line---Internet Newspapers
Des Moines, Iowa

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

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Classified ads--- Asset Management

New York, NY
10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic.
Email: dln1031@nyc.rr.com

Seattle, WA
20 years combined experience in Asset Management and Collections. History of successfully maximizing the residual position through superior negotiation skills and remarketing.
Email: gcsprings@comcast.net

United States
Multi- talented individual looking to relocate back to mainland. Over 20 years of experience in Asset Management, Venture Leasing, Operations and Senior Management Positions. RESUME |
Email: dan@ggpglobal.com
http://www.leasingnews.org/Classified/Resumes/DanMonbergResume.doc

To place a free “job wanted” ad here, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

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

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Aggregate Funding Sources

There were over 25 in this category in 2001, when it was started. There are three that remain, but only Captara fits the full definition of strictly an on-line "broker" going to various funding sources to find the best rate, terms and conditions.  In Captara has evolved into offering other services than an automated site.

Govlease qualifies, but is basically only for governmental entities with qualified lenders in an online, sealed-bid environment.

Leasing.com is a "portal," leading to other companies and brokers that supply leasing services.  There were several such portals at one time, and the only one left (besides leasing associations who direct you to their members) is leasing.com

Top eLeasing companies as ranked by employees and volume

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Top Stories --- November 26--November 30

Here are the top ten stories most “opened” by readers last week:

(1) Oh, No! Mr. Bill!---More Fraud/CitiCapital
http://www.leasingnews.org/archives/November%202007/11-30-07.htm#mrbill

(2) Claims Mark McQuitty-Jim Raeder in business
http://www.leasingnews.org/archives/November%202007/11-26-07.htm#claim

(3) Operation Lease Fleece "Information" Explained
http://www.leasingnews.org/archives/November%202007/11-28-07.htm#busted

(4) Leasing Business is Flat
http://www.leasingnews.org/archives/November%202007/11-30-07.htm#flat

(5) Leasing 102 by Mr. Terry Winders, CLP
Questions for Potential Lessee-Part 1
http://www.leasingnews.org/archives/November%202007/11-26-07.htm#102

(6) New Boxing Leasing Company
http://www.leasingnews.org/archives/November%202007/11-26-07.htm#box

(7) Sales makes it Happen---by Steve Chriest
Don't Shoot The Sales Team!
http://www.leasingnews.org/archives/November%202007/11-28-07.htm#sales

(8) Equilease Acquires a Seasoned Portfolio
http://www.leasingnews.org/archives/November%202007/11-28-07.htm#efs

(9) Classified Ads---Senior Management
http://www.leasingnews.org/archives/November%202007/11-26-07.htm#ads

(10) Credit Quality in a Freefall
http://www.cfo.com/article.cfm/10234409/c_10208967?f=home_todayinfinance&x=1

Two Extra--not counted in the top ten for technical reasons:

LEAF buys Dolphin Capital
http://www.leasingnews.org/archives/November%202007/11-28-07.htm#leaf

NetBank stockholders to get nothing
http://www.leasingnews.org/archives/November%202007/11-28-07.htm#netb

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Leasing Industry Help Wanted

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Mortgage write-offs not as bad as presented

by Christopher Menkin

The huge mortgage losses are really not quite accurate.

Depending on the "down payment," the accuracy of the "appraisal," the current real estate market in the area, the recovery procedure, and the property itself, often it is not a 100% loss. To state that a bank or lender is going to have a $1 million or $2 billion loss may be accurate for accounting purposes, but not the reality of the situation.

Depending on the state law or federal law governing the mortgagor, the procedure will vary. Also depending on the size of the mortgagor, whether doing it themselves, through a collection agency, through a law office, a service provider or an auction on the county steps. It may involve other creditors, a bankruptcy trustee, and certainly time is a factor.

Step one, the mortgage goes into 30 days, then 60 days; may be classified as “doubtful,” and finally falls into the default area. At this point, most state and federal banks are required to write it off. Private companies may have up to a year to decide if it is a “write-off,” or may elect before filing their
tax return. There are circumstances for private companies that they can take a longer period of time. Publically held companies cannot and must follow the rules of the government body that
regulates them.

For this example, at month four the $300,000 mortgage is “written off.” In reality, you still have the property (and other obligations, such as taxes owed, second or third mortgage, and their may be other claims on the property.) In addition, there are legal costs, re-marketing costs, advertising that
play a role, meaning the expenses to sell the property.

So if you originally had a $300,000 mortgage, and the house originally sold for $350,000, shall we say, and you sold it for $250,000---and there are real estate fees, marketing fees, loss of interest and/or
cost of interest and maybe you are now at $200,000 or $225,000 (say they only put $25,000 down or there is a second for $25,000) ---when you sell it, you recapture part of the loss.

If you re-write the mortgage, you are re-capturing fees and part of the profits that you expected and for accounting purposes claimed.

Assuming housing prices are going down, or the house was over appraised, the sale of the house certainly will change the numbers, but the fact is, it is not a 100% loss.

As to stories that “renters” are being evicted, this may also not be the case. If the lender takes over the property, certainly he is not going to evict the tenant to end whatever stream of payment he is collecting. If it is a “rent controlled” city, it may be to the lender’s advantage to evict the tenant and go through this procedure, but in reality, the faster cash flow is established, the better off the lender is to sell a property. A private mortgagor may be in position to take advantage of the situation, most financial institutions are not.

So when a lender is saying they are writing off $10 million or a $1 billion...it is accurate from a "reporting" standpoint, but if they are able to recapture a good portion, it may be half or even less
this amount.

In the $300 mortgage example, the loss is one/third...depending again on how long it takes you to sell, your costs involved in the marketing and upkeep, including interest costs...that cities and counties
will be the losers, not true either, as they are in the top to be paid first when the property is sold. If sold for less, the property tax most likely will go down, depending on how long the original owner had the house and when it was appraised last.

It is also true a home owner can ask the county assessor to reassess their house, if they believe prices have dropped. Most who have owned their house for long don’t want to see an assessor re-evaluate what they are paying in property tax.

In the leasing industry, we have found that the collateral is often not that valuable, and that basically we are "credit lenders." There are companies like Nassau who take equipment off lease ( residual or default) and get the best dollar for them.

I have not seen an article that explains the mortgage default process from the bank's viewpoint. The numbers thrown about are misleading. They are not lying, as they are required to write it off by the regulations---but in reality, they will be able to reduce their losses after the re-sale of the property.

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Leasing 102

by Mr. Terry Winders, CLP

Questions You Should Ask A Potential Lessee --Part II

An additional question is “Are the hours of use currently equal to the hours of use when it was acquired?” or “Do you think the use will remain steady on the new equipment?” By quizzing the actual quantity of use will give you information that will help with your residual assumptions and it may help you determine when there will be future additions and additional lease opportunities.

If possible, request how much they paid for the old equipment and get their assumption of its current value. Not only will this help with your residual value assumptions, it could tell you what type of “end of lease” options the customer would be most likely to exercise. Once again giving you information that will help with residual evaluations. Customers that think they are going to use the equipment until it drops are going to focus on your end of lease options whereas customers that have a definite term of use will probably plan to return the equipment and will want a replacement so talking about your upgrade option will take the sting out of their fear that they will pay to much rent and you will benefit from the equipments value at termination.

One comment about term! We tend to think in full year terms such as three, four, or five years when in fact most businesses have a seasonally to cash flow, business activity, or equipment use. One of the most important questions to ask is “when do you want the lease to end?” If I were leasing snow removal equipment I would probably chose April or May not July or August. If the lease were for a full term of years it would start and end in October or November. Loans would do this but leases should end when the use ends. Or, I may ask if there is a lower business activity time during the year to end the lease term so that equipment decisions and replacement could be reached with out detracting from important business activity. The term should be governed by equipment’s use not conventional lending terms. Remember leasing effects the expense whereas loans are usually cash items with expenses dictated by accounting and tax requirements.

I have also had accountants request a lease that ends at the end of their fiscal year. This creates easy to handle terms and expenses without creating a stub expense in the following year. It usually signals an interest in retaining the equipment at the end of the lease because the lease is not tied to the actual term of use. In small businesses accountants play a large role of advisor to the owner, and it may require you to obtain their blessing prior to a commitment from the customer. In larger companies they can kill a deal faster than anyone, so you should plan on presenting your case to them as part of the selling process.

Also when learning about the use of the old equipment ask if there where any times when it was out of service for maintenance, overhauls, seasonal use, or used by a separate company or sister corporation. Was it ever off-sight or out of service due to lack of spare parts? All of this may support the type of program or lease that you will offer.

Old equipment may not have any high tech attachments and therefore the original cost may not have contained any monies for software programs that will both affect the price, of the new equipment, and impact the residual value you place on the equipment. It may seem strange to raise the question, when discussing the old equipment, but the conversation allows the customer to discuss the reasons for the equipment change and will give you good insight as to the use of the new equipment.

Once you have covered all that you can from questions on the old equipment, or if the equipment is new to the company, try and ask some of the same questions on the new equipment. To begin with ask if they have a brochure you may have or the name of the supplier, manufacturer, or distributor. Usually asking the customer for a complete description will not accomplish much so plan on contacting the supplier for the complete description. But it would be good to ask about the additional costs for freight, installation, wiring, and sight preparation, or training on equipment use. Also ask about other costs for taxes, additional attachments purchased from another vendor or used from the old replaced equipment. Lessor’s that do not investigate the cost and take a residual on freight expense have always amused me. Trust me, it is hard to collect a residual on freight expense.

Generally it is wise to ask about insurance coverage when discussing the equipment. The limits of coverage will tell you if the company believes that the equipment’s use may be hazardous or it contains, or is planning to transport hazardous material. You may also have to explain the need for an “Additional Insured Endorsement” in addition to the standard “Loss Payable Clause” (see insurance chapter for further explanation).

Occasionally the customer covers the installation cost so it will not have an impact on the equipment cost but recognizing the dis-installation cost will play a large part in determining the residual, and credit, risks.

Once the equipment description and use are determined, as best you can, then the discussion should begin to focus on the customers financial, and income tax position. I am not going to comment on credit questions, I will leave that to your companies to train you but we need to see how financial needs play a part in the structure of your lease.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.

Questions for Potential Lessee-Part 1
http://www.leasingnews.org/archives/November%202007/11-26-07.htm#102

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

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Holiday meetings—members/non-members

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

OFC Capital adds Intermediary Finance

ROSWELL, GA OFC Capital Corporation is pleased to announce that Greg Kavouras has joined our team as Senior Vice President. His primary focus will be Intermediary Finance. Kavouras, an experienced sales and marketing professional, will work on continuing the growth of this business segment at OFC
Capital, providing permanent financing to purchase or discount existing transactions. He will focus on one-off transactions and portfolio purchases. Prior to joining OFC Capital, Kavouras was an entrepreneur and owned a boutique lending company. Also, Kavouras spent several years with Citicorp, CIT, Wachovia, and GMAC.

“I have known Greg both professionally and personally for over 5 years and we are very excited about him joining our staff. His industry experience and knowledge will provide us with a great opportunity to continue growing the company,” said Robert “Chip” Leas, President and CEO of OFC Capital.

Kavouras may be contacted at (678) 722-2884 or at
greg.kavouras@ofccap.com.

(It should be noted that OFC Capital, Roswell Georgia, on its web site www.ofccap.com notes a power point presentation of loans to:
(Preferred Capital
$35,400,208
Venture Capital Lease portfolio
$21,902,224
$10,613,533
Northern Capital Associates
$28,661,692
Northern Leasing Systems
$14,428,081
Allegiant Partners
$11,848,946
$4,696,362
Axis Capital
$9,382,268
Leaf Asset Management
$6,716,634
Radiance Capital
$3,978,610
VenCore Solutions
$2,076,096
and many others)

http://www.ofccap.com/

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News Briefs----

WaMu dividend in danger?
http://seattletimes.nwsource.com/html/businesstechnology/2004046945_wamudividend02.html

FCC decision clears Tribune Co. sale to real estate billionaire Sam Zell
http://www.signonsandiego.com/news/business/20071130-1527-tribune-sale.html

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You May have Missed---

Spam’s End? Maybe, if Time Allows
http://www.nytimes.com/2007/12/03/technology/03kirsch.html?_r=1&ref=
business&oref=slogin

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Sports Briefs----

Redman sparkles in Falcons' defeat
http://www.ajc.com/sports/content/sports/falcons/stories/2007/12/02/falcons_1203.html

Bears let one slip away
http://www.chicagotribune.com/sports/

Raiders trounce Broncos 34-20; Russell makes debut
http://www.contracostatimes.com/ci_7618461

49ers revert to form in ugly loss
http://www.mercurynews.com/sportsheadlines/ci_7619982

Tatupu's 3 interceptions help Hawks beat Eagles
http://seattletimes.nwsource.com/html/sports/

Chiefly, Chargers ride big game from LT, defense
http://www.signonsandiego.com/sports/chargers/20071202-1348-fbn-chargers-chiefs.html

Rams earn first home win of 2007
http://www.stltoday.com/stltoday/sports/stories.nsf/rams/story/
042D056498ED142C862573A50076D436?OpenDocument

Tom Petty & the Heartbreakers to perform during halftime of Super Bowl
http://www.theredzone.org/absolutenm/templates/template.asp?articleid=368&zoneid=1

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California Nuts Briefs---

State's mega-casinos face first voter test On The Ballot
http://www1.pressdemocrat.com/article/20071202/NEWS/712020394/1033/NEWS01

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“Gimme that Wine”

Top 100 Wines on the West Coast
http://www.sfgate.com/wine/top100/

A week of some very good wine---Eric Asimov
http://thepour.blogs.nytimes.com/

Women wield the power in today's wine world
http://www.napavalleyregister.com/articles/2007/11/27/features/wine/
doc474503dc5ad27349876525.txt

Korbel: The tasting room: America's biggest sparkling wine house shines
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/11/30/WIIPTHVU2.DTL

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

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Calendar Events This Day

Central Africa Republic: National Day Observed
Commemorates Proclamation of the Republic, December 1, 2958. Usually observed on the first Monday in December.

Illinois: Admission Day
Became 21st state in 1818.

National Roof over Your Head Day
http://holidayinsights.com/moreholidays/December/rooofoveryourhead.htm

United Nations: Internal Day of Disabled Persons
December 3 to be an annual observance to promote the continuation of integrating the disabled into general society. www.un.org
http://homeschooling.about.com/od/specneeds/Homeschooling_Special_Needs.htm

Saint feast Days

• St. John of Damascus
• St. Abbo
• St. Agricola
• St. Attalia
• St. Birinus
• St. Cassian
• Bl. Edward Coleman
• St. Eloque
• St. Lucius
• St. Mirocles

http://www.catholic.org/saints/f_day/dec.php

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The A&W of root beer fame stands for Allen and Wright.

http://www.rootbeer.com/history/

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Today's Top Event in History

1833- the first college to enroll women and men on equal terms was Oberlin Collegiate Institute, Oberlin, OH, with 44 students, 29 men and 15 women. March 21, 1930, the name of the school was changed to Oberlin College. It was the first school to advocate the abolition of slavery and to accept African-American men and women on equal terms with white students.

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This Day in American History

    1762 - France ceded to Spain all lands west of the Mississippi- the territory known as Upper Louisiana.
    1755-Birthday of Gilbert Charles Stuart, American portrait painter whose most famous painting is that of George Washington. He also painted portraits of Madison, Monroe, Jefferson and other important Americans. Stuart was born near Narragansett, RI, and died July 9, 1828 at Boston, MA.
    1775 - LT John Paul Jones raises the Grand Union flag on Alfred. First American flag raised over American naval vessel.
    1799--Birthday of Margaret O'Neale Eaton, either an adulteress or the victim of scandalous rumors. Her marriage to the man who would become a cabinet officer resulted in a scandal that caused Andrew Jackson to dismiss his entire cabinet, and that resulted in the permanent breach between Jackson and Calhoun which led to Martin Van Buren's becoming President rather than Calhoun.
    1818-Illinois became the 21st state. The strange but beautiful prairie lands east of the Mississippi and north of Lake Michigan presented a difficult challenge to the tide of westward-moving immigrants. Accustomed to the heavily forested lands of states like Kentucky and Tennessee, the early immigrants to Illinois did not know what to make of the vast treeless stretches of the prairie. Most pioneers believed that the fertility of soil revealed itself by the abundance of vegetation it supported, so they assumed that the lack of trees on the prairie signaled inferior farmland. Those brave souls who did try to farm the prairie found that their flimsy plows were inadequate to cut through prairie sod thickly knotted with deep roots. In an "age of wood," farmers also felt helpless without ready access to the trees they needed for their tools, homes, furniture, fences, and fuel. For all these reasons, most of the early Illinois settlers remained in the southern part of the state, where they built homes and farms near the trees that grew along the many creek and river bottoms. The development of heavy prairie plows and improved access to wood and other supplies through new shipping routes encouraged even more farmers to head out into the vast northern prairie lands of Illinois. By 1840, the center of population in Illinois had shifted decisively to the north, and the once insignificant hamlet of Chicago rapidly became a bustling city. The four giant prairie counties of northern Illinois, which were the last to be settled, boasted population densities of 18 people per square mile. Increasingly recognized as one of the nation's most fertile agricultural areas, the vast emptiness of the Illinois prairie was eagerly conquered by both pioneers and plows. The Railroad and Great Lakes made Chicago a significant center of transportation.
http://memory.loc.gov/ammem/today/dec03.html
    1826-Birthday of Union General George McClellan, born in Philadelphia. Although McClellan emerged early in the war as a Union hero, he failed to effectively prosecute the war in the East. McClellan graduated from West Point in 1846, second in his class. He served with distinction in the Mexican War under General Winfield Scott, and continued in the military until 1857. After retiring from the service, McClellan served as president of the Illinois Central Railroad, where he became acquainted with Abraham Lincoln, who was then an attorney for the company. When the war began, McClellan was appointed major general in charge of the Ohio volunteers. In 1861, he command Union forces in western Virginia, where his reputation grew as the Yankees won many small battles and secured control of the region. Although many historians have argued that it was McClellan's subordinates who deserved most of the credit, McClellan was elevated to commander of the main Union army in the east, the Army of the Potomac, following that army's humiliating defeat at the First Battle of Bull Run. 1979-. McClellan was beloved by his soldiers but was arrogant and contemptuous of Lincoln and the Republican leaders in Congress. A staunch Democrat, he was opposed to attacking the institution of slavery as a war measure. While his work as an administrator earned high marks, his weakness was revealed when he took the field with his army in the spring of 1862. He lost to Robert E. Lee during the Seven Days' battles, and as a field commander he was sluggish, hesitant, and timid. President Lincoln then moved most of McClellan's command to John Pope, but Pope was beaten badly by Lee at the Second Battle of Bull Run. When Lee invaded Maryland in September 1862, Lincoln restored McClellan's command. McClellan pursued Lee into western Maryland, and on September 17 the two armies fought to a standstill along Antietam Creek. Heavy loses forced Lee to return to Virginia, providing McClellan with a nominal victory. Shortly after the battle, Lincoln declared the Emancipation Proclamation, which converted the war into a crusade against slavery, a measure bitterly criticized by McClellan. The general's failure to pursue Lee into Virginia led Lincoln to order McClellan's permanent removal in November. The Democrats nominated McClellan for president in 1864. He ran against his old boss, but managed to garner only 21 of 233 electoral votes. After the war, he served as governor of New Jersey. He died on October 29, 1885, in Orange, New Jersey.
    1828-Andrew Jackson was elected seventh president of the United States. Jackson, a senator from Tennes­see until his nomination, received 647,231 popular votes and 178 electoral votes against 509,097 popular votes and 83 electoral votes for John Quincy Adams, candidate of the National Republican Party. John C. Calhoun was reelected vice president, receiving 171 electoral votes. Martin Van Buren of New York swung the election on the understanding that he would continue to exercise power in the state through the spoils system. Jackson was reelected in 1832. by 687,502 popular votes and 219 electoral votes, against 530,189 popular votes and 49 electoral votes for Henry Clay. Martin Van Buren was elected vice-president.
    1833- the first college to enroll women and men on equal terms was Oberlin Collegiate Institute, Oberlin, OH, with 44 students, 29 men and 15 women. March 21, 1930, the name of the school was changed to Oberlin College. It was the first school to advocate the abolition of slavery and to accept African-American men and women on equal terms with white students.
    1842--Birthday of Ellen Henrietta Richards, American chemist who founded the home economics movement and developed numerous standard anti-pollution methods. Virtually created the profession of dietician. Discovered process of naphtha dry cleaning. Instrumental in pioneer food and drug acts which led to the federal involvement. A founder of the American Association of University Women.
    1847-Frederick Douglass, along with Martin R Delaney, start The North Start, an anti-slavery paper.
http://www.famousamericans.net/frederickdouglass/
http://www.us-civilwar.com/douglass.htm
http://www.lib.rochester.edu/rbk/douglass/thompson.stm
http://itech.fgcu.edu/faculty/wohlpart/alra/douglass.htm
http://www.jameslandrith.com/freebies/fdouglass.html
    1864- Salmon P. Chase was appointed chief justice of the Supreme Court. His most significant achieve­ments came when he held the office of secretary of the treasury under Lincoln. He was partly responsible for saving the country from financial ruin with the Legal Tender Act, which he sponsored in 1862. The act allowed 150,000,000 greenbacks to be issued. The phrase “In God We Trust” was put on national coins by order of Chase.
    1868- Trial of Jefferson Davis starts; first blacks on US trial jury. He refused to honor the trial and sat in jail for two years. Horace Greely, democratic candidate for President of the United States, 1872. Founder and editor of the New York Tribune, became advocate of universal amnesty for Confederates, and in May 1867 offered bail for Jefferson Davis . He was pardoned by President Johnson under the influence of Southern Democrats who had swung the electoral vote in an alleged backroom deal. Some other “trivia,” Davis was the son-in-law of former president Zachary Taylor (who was prepared to hold the Union together by armed force rather than by compromise) and US Secretary of War (53-57).
(see Horace Greely: http://politicalgraveyard.com/bio/graybill-greely.html )
http://www.ngeorgia.com/people/davisj.html
http://www.whitehouse.gov/history/presidents/zt12.html
    1878- Settlers arrive at Petach Tikvah Israel from various parts of the world, including America.
    1879-Thomas Edison said he could invent a safe electric light bulb. Although electric arc lights had existed for more than ten years, their high intensity made them a fire hazard Financiers, including J.P. Morgan and the Vanderbilt family, took Edison at his word and established the Edison Electric Light Company later that year. After more than a year of experiments, Edison and his young assistant, Francis Upton, finally developed a carbon filament that would burn in a vacuum in a glass bulb for forty hours. They demonstrated the light bulb to their backers on Dec. 3, 1879, and by the end of the month, were exhibiting the invention to the public. On December 31, 1879, the Pennsylvania Railroad ran special trains to Edison's Menlo Park laboratory to let the public witness a demonstration of the invention.
    1896-Hermann Hollerith incorporated the Tabulating Machine Company. At age twenty-nine, Hollerith, who had worked at the Census Bureau in 1880, won a competition to develop the most efficient counting system for the 1890 census. His tabulating machine counted punched cards, inspired by a card system developed by Joseph Jacquard of France to program patterns into textile looms. Through a series of mergers and reorganizations, the Tabulating Machine Company eventually became IBM.
    1892--Birthday of Harriet Stratemeyer Adams, author of all 55 of the Nancy Drew mysteries and most of the Hardy Boys and Toms Swift Jr., series as well as numerous books in the Bobbsey Twins and other books in the Stratemeyer publishing empire. Took over the organization in 1930 when her father died. In all wrote almost 200 books under the names of Victoria Appleton II, May Hollis Barton, Franklin W. Dixon, Larua Lee Hope, Carolyn Keene, Ann Sheldon and Helen Louis Thorndyke.
    1902- Birthday of Mitsuo Fuchida, the pilot who flew the lead plane in Japan's air attack on Pearl Harbor (12/7/1941). Following WWII, through representatives of the Pocket Testament League, Fuchida was converted to Christianity in 1950.
    1902-Birthday of clarinet player Joe “Brother Cornbread” Thomas, New Orleans, LA
http://jazz-band.net/band.php?id=8d057992joethom4fe214b32a67f640d
    1903-Birthdday of trombone player Brad Gowans , Billerica, MA,
    1919-Birthday of piano player/composer Herbie Nichols, New York City, NY,died 1963.
http://ourworld.compuserve.com/homepages/damonshort/nichols.htm
http://www.amazon.com/exec/obidos/ASIN/193008000X/inktomi-bkasin-20/
002-5410374-3716044
    1922-The first movie in Technicolor that was considered released for commercial purpose plus was “really successful” was “ The Toll of the Sea,” released this day at the Rialto Theater, New York City. The process was developed by Dr. Herbert Thomas Kalmus, president and general manager of the Technicolor Motion Picture Corporation form its inception until 1959.
    1922-Birthday of Joseph Edward “Joe” Collins, baseball player born at Stanton, PA. As a first baseman for the New York Yankees, Collins played in seven World Series. He hit tow home runs off Don Newcome in Game 1of the 1955 series (I was there and remember it, too). August 30, 1989.
    1925 - The first jazz concerto for piano and orchestra was presented at Carnegie Hall in NYC. Commissioned by Walter Damrosch, American composer George Gershwin presented "Concerto In F", and was also the featured soloist playing a flugelhorn in a slow, bluesy style as one of his numbers.
    1929-Birthday of sax/clarinet player Clarence Ford, New Orleans, LA http://www.artistdirect.com/music/artist/card/0,,431599,00.html
    1929-Birthday of trombone player Fred Assunto , New Orleans, played with the Dukes of Dixieland http://www.jazzbymail.com/artists/dod.html
    1929- Showing extreme optimism, if not foresight, President Herbert Hoover declared to Congress that the nation had shaken off the impact of the recent stock market crash and regained its faith in the economy. “Happy Days Were Here Again,” he tried to make his theme song( Ironically, it became FDR’s theme song, along with “Brother Can You Spare a Dim.” ). The Teapot Dome scandal and trial under undermined his leadership, but it was his lack of understanding the
economy that did him in. In the 1930, he called a special session of Congress to take up tariff revisions, which he had promised in his presidential campaign the previous fall. Hoover primarily wanted to have tariff rates raised on agricultural products. By the time it was over, the Smooth-Hawley Act also included some of the highest rates in history on manufactured products. Hoover signed the act into law on June 17 despite the fact that on May 4 a petition singed by 1028 economists had been sent to Washington urging defeat of the proposed legislation. Within two years, 25 nations retaliated by raising duties on US Goods. The economic nationalism triggered by this legislation had been blamed for deepening the worldwide depression. A report in 1931 recommended repealing the anti-probation law, however, Hoover opposed it. In the 1932 election, Hoover received a popular vote of 15,761,841 with 59 electoral votes to Roosevelt’s 22,821,857 and 472 electoral vote. The democrats also gained 13 senate seats and 90 house seats.
http://www.utu.fi/hum/historia/yh/scarry/USDocuments/HappyDays.htm
    1930-Birthday of singer Andy Williams, born Walt Lake, IA. Platinum album: Love Story, 13 gold albums.
http://www.andywilliams.com/
    1932-Birthday of singer/actress Jaye P. Morgan, ( Mary Morgan )New York, NY, 1932. http://us.imdb.com/Name?Morgan,+Jaye+P.
http://www.darkpeak.freeserve.co.uk/forfemmes/page43.html
http://www.amazon.com/exec/obidos/ASIN/B0000036LU/avsearch-df1-9-20/
002-5410374-3716044
    1932-Birthday of trumpet player Webster Young, Columbia, SC
    1942- Frank Sinatra’s first solo engagement, Paramount Theater, New York City.
    1944---*WEICHT, ELLIS R. Medal of Honor
Rank and organization: Sergeant, U.S. Army, Company F, 142d Infantry, 36th Infantry Division. Place and date St. Hippolyte, France, 3 December 1944. Entered service at: Bedford, Pa. Birth: Clearville, Pa. G.O. No.: 58, 19 July 1945. Citation: For commanding an assault squad in Company F's attack against the strategically important Alsatian town of St. Hippolyte on 3 December 1944. He aggressively led his men down a winding street, clearing the houses of opposition as he advanced. Upon rounding a bend, the group was suddenly brought under the fire of 2 machineguns emplaced in the door and window of a house 100 yards distant. While his squad members took cover, Sgt. Weicht moved rapidly forward to a high rock wall and, fearlessly exposing himself to the enemy action, fired 2 clips of ammunition from his rifle. His fire proving ineffective, he entered a house opposite the enemy gun position, and, firing from a window, killed the 2 hostile gunners. Continuing the attack, the advance was again halted when two 20-mm. guns opened fire on the company. An artillery observer ordered friendly troops to evacuate the area and then directed artillery fire upon the gun positions. Sgt. Weicht remained in the shelled area and continued to fire on the hostile weapons. When the barrage lifted and the enemy soldiers attempted to remove their gun, he killed 2 crewmembers and forced the others to flee. Sgt. Weicht continued to lead his squad forward until he spotted a road block approximate 125 yards away. Moving to the second floor of a nearby house and firing from a window, he killed 3 and wounded several of the enemy. Instantly becoming a target for heavy and direct fire, he disregarded personal safety to continue his fire, with unusual effectiveness, until he was killed by a direct hit from an antitank gun.
    1948—Top Hits
Buttons and Bows - Dinah Shore
On a Slow Boat to China - The Kay Kaiser Orchestra (vocal: Harry Babbitt & Gloria Wood
You Were Only Fooling - Kay Starr
One Has My Name (The Other Has My Heart) - Jimmy Wakely
    1948 - Ozzy Osbourne is born in Birmingham, England. His biggest pop hit is ``Close My Eyes Forever,'' a million-selling No. 8 duet with Lita Ford."
    1950 — Los Angeles wide receiver Tom Fears celebrates his 27th birthday by making an NFL record 18 receptions for 189 yards and two touchdowns in the Rams' 51-14 victory over Green Bay.
    1951- Paul Harvey begins his national radio broadcast.
http://www.paulharvey.com/
http://www.klmj.com/harvey.htm
    1953-President Eisenhower criticizes McCarthy for saying communists are in Republican party.
    1953 - "Kismet" opened on Broadway in New York. The show ran for 583 performances.
    1955 - Elvis Presley’s first release on RCA Victor Records was announced. No, it wasn’t "Hound Dog" or "Heartbreak Hotel". The first two sides were actually purchased from Sam Phillips of Sun Records: "Mystery Train" and "I Forgot to Remember to Forget". Elvis was described by his new record company as “The most talked about personality in recorded music in the last 10 years.”
    1956- Wilt Chamberlain's 1st collegiate basketball game (scores 52).
http://www.nba.com/history/chamberlain_bio.html
    1956 - No. 1 Billboard Pop Hit: ``Singing the Blues,'' Guy Mitchell. It stays at No. 1 for 10 weeks. The song is a pop version of country singer Marty Robbins' song.
    1956—Top Hits
Singing the Blues - Guy Mitchell
Blueberry Hill - Fats Domino
True Love - Bing Crosby & Grace Kelly
Singing the Blues - Marty Robbins
    1960 - "Camelot" opened at the Majestic Theatre in New York City. Richard Burton and Julie Andrews played the leading roles in the musical written by Lerner and Loewe. Robert Goulet also got rave reviews. "Camelot" had a run of 873 performances. Broadway went Hollywood in the 1967 film version of "Camelot". Its run was not quite as successful.
    1960-- Elvis Presley's "Are You Lonesome To-night?" hits #1
    1962- Roger Hilsman, director of the State Department Bureau of Intelligence and Research, sends a memorandum to Secretary of State Dean Rusk pointing out that the communist Viet Cong fighters are obviously prepared for a long struggle. Hilsman felt that a noncommunist coup against Diem "could occur at any time," and would seriously disrupt or reverse counterinsurgency momentum. As it turned out, Hilsman was eventually proven correct. On November 1, 1963, dissident South Vietnamese generals led a coup resulting in the murder of Diem. His death marked the end of civilian authority and political stability in South Vietnam. The succession of military juntas, coups, and attempted coups in 1964 and early 1965 weakened the government severely and disrupted the momentum of the counterinsurgency effort against the Viet Cong. While the administration had accurate intelligence reports, they ignored them as Lyndon B. Johnson feared being perceived as weak against communist expansion in the far east.
    1964- Police arrests 733 sit-in students at University of California at Berkeley
( I helped cover this for KFRC radio, San Francisco, stringing also for UPI audio/AP.
http://www.fsmitha.com/h2/ch28.htm
    1964—Top Hits
Leader of the Pack - The Shangri-Las
She’s Not There - The Zombies
Mr. Lonely - Bobby Vinton
Once a Day - Connie Smith
    1964-Police arrest 773 to end Free Speech Movement occupation of Sproul Hall on the University of California-Berkeley Campus. A student strike the next day closes the school. I was there covering for KFRC radio and UPI audio.
    1965-Birthday of Olympic gold medal figure skater Katrina Witt, born Karl-Marx-Stadt, East Germany.
    1966-- The New Vaudeville Band's "Winchester Cathedral" hits #1
    1966-- Paul Revere and the Raiders' "Good Thing" enters the pop charts
    1967- Dr. Christian Bernard, a South African surgeon, performed
the world's first successful heart transplantation at Cape Town, South Africa.
    1968-- *HOLCOMB, JOHN NOBLE Medal of Honor
Rank and organization: Sergeant, U.S. Army, Company D, 2d Battalion, 7th Cavalry, 1st Cavalry Division. Place and date: Near Quan Loi, Republic of Vietnam, 3 December 1968. Entered service at: Corvallis, Oreg. Born: 11 June 1946, Baker, Oreg. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Sgt. Holcomb distinguished himself while serving as a squad leader in Company D during a combat assault mission. Sgt. Holcomb's company assault had landed by helicopter and deployed into a hasty defensive position to organize for a reconnaissance-in-force mission when it was attacked from 3 sides by an estimated battalion-size enemy force. Sgt. Holcomb's squad was directly in the path of the main enemy attack. With complete disregard for the heavy fire, Sgt. Holcomb moved among his men giving encouragement and directing fire on the assaulting enemy. When his machine gunner was knocked out, Sgt. Holcomb seized the weapon, ran to a forward edge of the position, and placed withering fire on the enemy. His gallant actions caused the enemy to withdraw. Sgt. Holcomb treated and carried his wounded to a position of safety and reorganized his defensive sector despite a raging grass fire ignited by the incoming enemy mortar and rocket rounds. When the enemy assaulted the position a second time, Sgt. Holcomb again manned the forward machine gun, devastating the enemy attack and forcing the enemy to again break contact and withdraw. During the enemy withdrawal an enemy rocket hit Sgt. Holcomb's position, destroying his machine gun and severely wounding him. Despite his painful wounds, Sgt. Holcomb crawled through the grass fire and exploding mortar and rocket rounds to move the members of his squad, everyone of whom had been wounded, to more secure positions. Although grievously wounded and sustained solely by his indomitable will and courage, Sgt. Holcomb as the last surviving leader of his platoon organized his men to repel the enemy, crawled to the platoon radio and reported the third enemy assault on his position. His report brought friendly supporting fires on the charging enemy and broke the enemy attack. Sgt. Holcomb's inspiring leadership, fighting spirit, in action at the cost of his life were in keeping with the highest traditions of the military service and reflect great credit on himself, his unit, and the U.S. Army.
    1971-The Montreaux Casino burns to the ground during a show by Frank Zappa and the Mothers of Invention. The incident is immortalized by Deep Purple in their song "Smoke on the Water.
    1972—Top Hits
Papa Was a Rollin’ Stone - The Temptations
I Am Woman - Helen Reddy
If You Don’t Know Me by Now - Harold Melvin & The Bluenotes
She’s Too Good to Be True - Charley Pride
    1977 - After 29 weeks in the #1 position on the album charts (a record, literally...), "Rumours", by Fleetwood Mac, was replaced at the top spot by the album "Simple Dreams", sung by Linda Ronstadt.
    1979- Nearly a dozen young people are killed at concert of the rock band The Who in Cincinnati, Ohio. Eleven victims were trampled to death during a stampede for seats at the Riverfront Coliseum. The band was not informed of the deaths until after the show.
    1980—Top Hits
Woman in Love - Barbra Streisand
Another One Bites the Dust - Queen
He’s So Shy - Pointer Sisters
If You Ever Change Your Mind - Crystal Gayle
    1980-- Photographer Annie Leibovitz takes the last known photos of John Lennon and Yoko Ono together at their apartment in New York's Dakota building.
    1984 - Miss America 1971, Phyllis George, wife of the Governor of Kentucky and an heiress to the Kentucky Fried Chicken fortune, signed a multiyear contract with CBS-TV. Her work as co-anchor of the "CBS Morning News" began in January 1985.
    1986 - Bobby Knight led the Indiana Hoosiers past Notre Dame 67-62. For only the second time in his 22-year basketball-coaching career, Knight relied on a zone defense. He also threatened to throw 20 chairs onto the floor to trip Fighting Irish players, so maybe that had something to do with it, too.
    1988—Top Hits
Baby, I Love Your Way/Freebird Medley (Free Baby) - Will To Power
Look Away - Chicago
How Can I Fail? - Breathe
I Know How He Feels - Reba McEntire
    1989 - Heavy snow and high winds created blizzard conditions in northern New England. Snowfall totals in Maine ranged up to 31 inches, at Limestone. Presque Isle ME reported a record 30 inches of snow in 24 hours, along with wind gusts to 46 mph.
    1994 - "On Bended Knee", by Boyz II Men, hit number one on the "Billboard" "Hot 100". The smash was #1, off and on, thru January 1995.
    1997- Golden State Warrior guard Latrell Sprewell, four-year, $32 million, contract terminated for attacking his coach P J Carlesimo.
http://www.lawrenceville.org/special/thelawrence/98/01_16_98/sports.spoiled.html

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