Leasing News

Some ex-Arrow Trucking drivers with lease-purchases to get trucks back

– By Clarissa Kell-Holland, staff writer
clarissa_kell-holland@landlinemag.com
www.landlinemag.com

“I can’t see myself ever signing up for a lease-purchase with a company again!"
- Arrow Trucking Driver Vincent McDonald

Some drivers who had lease-purchase agreements with Arrow Trucking are reporting the first bit of good news in their lives since the Tulsa-based motor carrier shuttered on Dec. 22, 2009.

Nearly 1,000 drivers were told to turn in their trucks to the nearest Freightliner or International dealership. Drivers who had lease-purchase agreements were left in a lurch when Arrow Trucking gave them no instructions about what they were to do with their trucks, which they had a vested interest in keeping.

Frantic drivers said they immediately contacted the finance companies about what they were supposed to do with their trucks, but were told there was no record of them having lease-purchase agreements with Arrow Trucking.

Bill Pelham of Phoenix City, AL, told Land Line recently that his “heart sank” when he heard that news. That’s because he showed that he owed less than $1,000 on his truck before it was to be his at the time of the company’s collapse.

However, Pelham said he and seven other drivers who had lease-purchase agreements with Arrow Trucking received some news from the finance company, Daimler Chrysler Financial Services, early this week that their luck may finally be changing.

In early January, Pelham and several others turned in their trucks for the 10-day waiting period while DCFS refinanced their trucks and they received the “repossession titles” when Arrow Trucking filed Chapter 7 bankruptcy. The bankruptcy slowed down their hopes of getting back on the road with their trucks.

On Feb. 12, the bankruptcy court lifted the “automatic stay” on certain trucks and trailers and determined that Arrow Trucking’s “interest in the fleet is hereby abandoned.”

“With the ruling of the judge, we are now in a position to refinance,” James Ryan, spokesman for Daimler Chrysler, told Land Line on Thursday, Feb. 18. “Contracts were sent for signing this week.”

In fact, Pelham was scheduled to pick up his truck on Friday.

Freddy Newhouse of Dallas, TX, was on his way to the Freightliner dealership in Dallas on Thursday. He said he had already paid nearly $70,000 for his 2005 Freightliner when Arrow Trucking abruptly shut down. He had a three-year payment plan set up with the company and was supposed to have his truck paid off in June.

While Newhouse isn’t thrilled that he has had to refinance his truck for another $30,000, he said he will be glad to have his truck back in his possession.

“I want to put this experience behind me,” Newhouse told Land Line on Thursday. “You wake up one day and you have no job, no truck, no nothing. It’s a bad feeling, let me tell you.”

Vincent McDonald of Jackson, MS, received a call from Daimler that his truck was waiting to be picked up at the dealership where he left it in early January in his hometown.

McDonald told Land Line he had just over a year and a half into his three-year lease-purchase agreement with Arrow Trucking at the time of its collapse. To lower his monthly payment, McDonald said at the time he signed the agreement he put down $10,000 of his own money.

“I knew there were some problems and they had changed some management and things were supposed to get better. But it seemed like it got worse; then it was over,” he said.

McDonald said having his truck hung up in all of this mess was a helpless feeling for him and the other drivers who had lease-purchase agreements with Arrow Trucking.

“I can’t see myself ever signing up for a lease-purchase with a company again. I learned my lesson,” he said. “From now on I am going to have my own truck, my own financing so if the company folds, I don’t have to go through this again.”

Bank Beat---A real mixture of four failed banks

The ten branches of La Jolla Bank, La Jolla, California was closed Friday with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits, became the 20th bank to fail in the U.S. this year. Formed December 5, 1985 the bank had 124 full time employees.

It went to the buyers of IndyMac, who many are making complaints about the profit they made from the purchase, and there also is talk that the reason for the takeover by the FDIC regarded not the financial condition of the bank, but legal “improprieties.”

According to mydesert.com (The Desert Sun, Palm Springs), “…the shutdown Friday (was) because its ‘financial management had rapidly deteriorated,’ and ‘fraudulent activity was recently discovered, FDIC spokesman Greg Hernandez said.”

The Office of Thrift Supervision said in a prepared statement. Of the $3.6 billion it lent, 21.6 percent was considered "non-performing" by the agency.

It does not appear from the numbers that the bank was in financial trouble. Net equity went from $297.7 million September 30, 2008 to $318.5, net income $47.9 million to $35.7 million after a charge off of almost $67.6 million ($43.7 million in real estate, $27 million in construction and land development, $10.4 million in 1-4 family residences. Tier 1: 9.30%. Net operating income: $35,713,000

The San Diego Union-Tribune states the bank is Rancho Santa Fe based, perhaps one of the most wealthy cities in the state, and notes now “…under the control of a group of billionaire investors who took over IndyMac and have since added the failed First Federal Bank of Santa Monica. “ (See a related story in today’s issue Feb. 22, 2010 News Briefs).

As of December 31, 2009, La Jolla Bank had approximately $3.6 billion in total assets and $2.8 billion in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $882.3 million.

http://www.fdic.gov/news/news/press/2010/pr10034.html

The four branches of George Washington Savings Bank, Orland Park, Illinois, were closed with FirstMerit Bank, National Association, Akron, Ohio to assume all deposits. Founded in January 1, 1890 they had 57 full time employees, with FDIC filings showing they were serving Chicago-Naperville-Joliet. They had cash due of $26 million from depository institutions on their balance sheet form filed with the FDIC as of September 30, 2009.

Net equity of the bank went from $38.8 million September 30, 2008 to $30.7 million September 30, 2009. Net Income appears steady: $9.6 million the previous year, $9.2 million September 30, 2009, after a charge off of $12.4 million. Net operating income was a minus $11.7 million with a 7.27% Tier 1.

As of December 31, 2009, George Washington Savings Bank had approximately $412.8 million in total assets and $397.0 million in total deposits. The FDIC and FirstMerit Bank, N.A. entered into a loss-share transaction on $324.2 million of George Washington Savings Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $141.4 million
http://www.fdic.gov/news/news/press/2010/pr10033.html

Marco Island Beach

The sole office of Marco Community Bank, Marco Island, Florida, was closed Friday by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank, Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.

With more than $4 billion in assets, Mutual of Omaha Bank operates a network of full-service community banks in Arizona, California, Colorado, Florida, Nebraska, Nevada and Texas, and has loan production offices in Iowa and Kansas, a press release on Friday said. It is a subsidiary of Mutual of Omaha, a 100-year-old insurance and financial services company with more than $22 billion in total assets.

Marco was formed August 18, 2003, a relatively new bank with bank with 32 full time employees in an expanding Florida resort area (see photo above). Equity had gone from $15 million to $11 million from September 30, 2008 to September 30, 2009. The bank had a $2.6 million loss the prior period and $5 million loss the current period following an $8.6 million charge off ($4.5 million construction and land development, $2.5 million in 1-4 residential property). Tier 1 was 5.68%. It got caught in the Florida real estate boom bust.

The FDIC and Mutual of Omaha Bank entered into a loss-share transaction on $104.8 million of Marco Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.1 million.
http://www.fdic.gov/news/news/press/2010/pr10031.html

The La Coste National Bank, La Coste, Texas was closed with the Community National Bank, Hondo, Texas, to assume all of the deposits. The bank was formed May 7, 1912 to serve the San Antonio, Texas region and had 11 full time employees.

Income the previous period was $240,000 and $172,000 September 30, 2009, charging off $34 million the previous period and $15 million this current period, primarily in loans to individuals ($41 million the previous time period.) The bank had a net operating $159,000 and a tier 1 18.79%

As of December 31, 2009, The La Coste National Bank had approximately $53.9 million in total assets and $49.3 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.7 million.
http://www.fdic.gov/news/news/press/2010/pr10032.html

Previous Bank Beat columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

List of Bank Failures
http://www.fdic.gov/bank/individual/failed/banklist.html

Top Stories February 15--19

Here are the top ten stories opened by readers:

(1) Ability Capital Solutions (“ACS” formerly “Matrix”)
Long Beach, California –Bulletin Board Complaint
http://leasingnews.org/archives/Feb2010/2_15.htm#ability

(2) Matrix Business Capital, Long Beach, California
Bulletin Board Complaint
http://leasingnews.org/archives/Feb2010/2_15.htm#matrix

(3) Largest Monitor Lessor Cut to Junk by Fitch
http://www.businessweek.com/news/2010-02-18/ilfc-cut-to-junk-by-fitch-on-aig-s-limited-support-update1-.html

(Tie) (4) LEAF 1st Quarter Down 69%
Down to 271 employees to 377 year before
http://leasingnews.org/archives/Feb2010/2_17.htm#leaf

(Tie) (4) Marlin Leasing: “What Me! Worry?”
by Christopher Menkin
http://leasingnews.org/archives/Feb2010/2_17.htm#marlin

(Tie) (4) Attention: Allied Health Care Services, Inc.
http://leasingnews.org/archives/Feb2010/2_19.htm#allied

(5) Leasing 102 by Mr. Terry Winders, CLP
Problem Lease: The Residual
http://leasingnews.org/archives/Feb2010/2_15.htm#residual

(Tie) (6) Axis Capital/Triton/Sports Ill./Hayman $600MM Investment
by Christopher Menkin
http://leasingnews.org/archives/Feb2010/2_19.htm#axis

(Tie) (6) Bank Beat---Evans Bank Ceases effort to sell lease portfolio
http://leasingnews.org/archives/Feb2010/2_15.htm#bank_beat

(7) Lakeland Bank cuts down Leasing Business
http://www.northjersey.com/news/business/84287917_Getting_back_on_track.html

(8) Lease Broker Assistant joins “Back Office List”
http://leasingnews.org/archives/Feb2010/2_19.htm#lba

(9) Cracchiolo, US Bank Fin. CEO, equipment investment “weak”
http://www.cfo.com/article.cfm/14475074/c_14475974?f=home_todayinfinance

(10) From the Desk of Michael J. Witt, Esq.
Automatic Renewal: A Different Perspective
http://leasingnews.org/archives/Feb2010/2_19.htm#renewal

Leasing 102
by Mr. Terry Winders, CLP

End of the Lease Option “the Up-Grade Option”

One of the most difficult subjects to handle with a potential lessee on true leasing is the thought that at the end of the lease they may lose a lot of equity if the equipment is valued higher than the lessor’s residual. For those lessor’s that assume small residuals and find it hard to compete with lessor’s that assume large residuals, like captives lessor’s, the answer may be to offer an up-grade option.

An up- grade option must be handled carefully but it allows the lessee to act as “your agent”, upon a successful lease termination, to trade the equipment in and make the best deal they can on the replacement equipment. Because they are acting only as your agent the equipment ownership remains in the lessor’s name. You have the right to trade your equipment in for new equipment that you will own. The value of the original equipment over and above your residual will lower the cost of the new equipment which you could use to lower the payments on the new lease, making you more competitive because only you have the lower cost. This lower cost also allows you to increase rates without fear of losing the deal.

There will be two impacts for you to consider, the first is the book balance for the new equipment. You must take the new equipment cost and add the residual and subtract the trade-in value for your new book balance. Next, the value for income tax depreciation will be the same except the “undepreciated” value of the original equipment will be your starting point making your starting tax balance different than your book balance. This means that you will have to use a computer based tax pricing program to reconcile the transaction with a different book balance than the tax starting balance.

This is an excellent way to retain customers because you are trading upside benefits for customer retention. I usually get asked how this passes the tax test for true leasing benefits. The answer is that the ownership of the equipment never leaves the lessor so the only question that can be raised is if the rent is the fair value rent. Most of the tax rules are based on too high of rent not too low so there is little to draw the attention of the IRS. However you may get greedy and not pass all the benefits to the lessee.

The only problem comes from repeated leases when you keep lowering the rent due to the low residuals and the high trade-in values. Therefore it is not wise to give all the value to the lessee. Take your earnings out as higher rates.

This is, of course, an end of the lease option for true leases only. Please do not use it on bargain option leases.

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.

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

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

Al Schuler on the Housing Market Place

Economist Al Schuler, USDA Forest Service, who has been tracking the mortgage and home building market for five years and longer, reports have often been reporting in Leasing News. He is concerned about findings reported recently by the Congressional Oversight Panel, the bailout watchdog led by Harvard Law professor and middle-class advocate Elizabeth Warren:

Over the next five years, about $1.4 trillion in commercial real estate loans will reach the end of their terms and require new financing. Nearly half are "underwater," meaning the borrower owes more than the property is worth. Commercial property values have fallen more than 40 percent nationally since their 2007 peak. Vacancy rates are up and rents are down, further driving down the value of these properties.

“The bottom line housing is probably going to take another two years to fully recover, “ Schuler predicts. “Sorry to be so pessimistic, but, we have gotten ourselves into a real deep hole, and its going to take considerable time to get back to normal again. But, on the bright side, things could easily be much worse. Many people believe that we were on the precipice of an economic depression — that option is fairly mute now, but the remedies ( huge government spending/bailouts, etc.) have left the country with a debt reaching (public component plus interagency) approaching 90% of GDP.

“Paying off the debt will mean years of "belt tightening" higher taxes, some reduced services, and higher interest rates. I really believe we can come out of this a smarter electorate because, when all is said and done, we are still a free country ( thank God), and it is in our power to make the necessary changes ( legislation plus our own actions) to make things right again.”

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

FOR IMMEDIATE RELEASE FROM THE
NATIONAL ASSOCIATION OF EQUIPMENT LEASING BROKERS

The NAELB membership screening process contributes to averting potential equipment leasing broker regulations in Florida.

In January 2009 the news outlets in Tampa, FL were abuzz with news of an equipment leasing broker who had allegedly scammed millions of dollars in advanced deposits for leases that were never approved. The alleged procedure used an official looking “approval” for equipment leasing transactions, accompanied by several pages of small print asking for a check. After the check was sent, then the promised approval never materialized and the would-be lessee has lost their “deposit.”

A prominent Florida State Senator was made aware of this inappropriate business practice by the public outcry for the victims. The Senator stated he would introduce legislation that would regulate the industry in general, and specifically limit the amount of fees that a broker could accept. The Senator further posited that an application fee was the total limit any equipment lease broker should collect.

As part of their dedicated lobbying efforts, the Equipment Leasing and Finance Association invited industry representatives to correspond with the Senator and meet with the Senator in Florida. NAELB Past President and constituent of the Senator, Heather von Bargen attended the meeting in July 2009. At this meeting, the Senator was informed that the alleged party tried to join the NAELB twice and was twice denied membership each time as a result of the NAELB membership screening process that is applied to all applicants. Further, the NAELB Best Practices Broker™ designation and the robust NAELB Ethics enforcement program were also prominently discussed with the Senator.

The Senator took correspondence from NAELB and ELFA and the remarks made at the meeting under advisement, and this in fall 2009 indicated that his office had no immediate plans to introduce legislation.

It is important to support the NAELB’s membership efforts by volunteering to screen new member applications. Additionally, we encourage you to stand apart from the crowd by earning the Best Practices Broker™ designation as well as marketing your membership and adherence to our Code of Ethics in your marketing materials. Together, we can make a statement about Broker Practices.

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

Pawnee Leasing makes opportunities available to brokers and lessors

http://www.i-newswire.com/

Pawnee Leasing has made available a mini-ticket program for assets and industry classes that are considered less desirable by many funding sources.

(I-Newswire) - Pawnee Leasing Corporation makes new asset and industry opportunities available to broker/lessor community.

Pawnee Leasing Corporation (Pawnee) has made available a mini-ticket program for assets and industry classes that are considered less desirable by many funding sources. "This program affords our broker/lessor network new market penetration opportunities in asset and industry classes that generally receive less attention from traditional financing sources. These less competitive market spaces allow both Pawnee and our broker/lessor to command attractive, risk adjusted margins." said Gary Souverein, Pawnee’s President and COO.

The program was introduced on January 1, 2010 and encompasses a specific array of asset and industry classes including well defined pricing and lease structure within the program for transactions up to $15,000. Broker/lessors should direct inquiries for program information to their Marketing representative at Pawnee.

Pawnee Leasing Corporation, providing lease financing in the lower 48 states since 1982, purchases small-ticket "Start-Up" and "B" Credit transactions exclusively from a national network of brokers/lessors. For more information please contact Gary H. Souverein, at 800-864-4266.

About Pawnee Leasing Corporation:
Pawnee Leasing Corporation (est. 1982), is a small-ticket funding source socializing in start-up business and less traditional credits up to $30,000.

Company Contact Information
Pawnee Leasing Corporation
Gary H. Souverein
700 Centre Avenue
Fort Collins, Co 80526
Phone : 9704822556

Press Release plan:
http://www.i-newswire.com/plans.php

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

Watertown, South Dakota---Adopt-a-Dog

Lady

Breed: Shar Pei / Shiba Inu Mix
Size: Med. 26-60 lbs (12-27 kg)
Color: Black
Sex: Female
Age: Adult

Lady is:
already spayed
Housetrained
good with kids
good with dogs
good with cats
up to date with shots

Lady's story...
"Approximately 2 years old -- female 'Spitz' Mix -- possible Shar Pei/Shiba Inu Cross
"Up to date on shots, spayed, housetrained
Has some separation anxiety -- does well kenneled when gone and is fine when you are home
"Little timid, warms up quickly, energetic and happy, very playful
"Needs some manners and obedience -- smart, but very stubborn!"

Contact this rescue group to adopt Lady ...
Rescue Group: Sarah's Treasures Rescue
Phone: (605) 940-6435
- Let 'em know you saw "Lady" on Adopt-a-Pet.com!
E-mail: sarahstreasures@hotmail.com
Website: http://www.sarahstreasuresrescue.webs.com
Address: PO Box 75
Watertown , SD
57201

About Our Rescue Group...
Sarah's Treasures Rescue is a private organization dedicated to rescuing and rehoming pets. We are located in the Watertown Area, but often extend our rescuing to many places across the Midwest or even the United States! Our rescue was founded by Sarah, who was shocked and horrified that some people who had dogs or cats and couldn't find homes for them would often decide to take them out in the country to dump and leave them to fend for themselves or even worse! She originally started by just taking a couple pets into her own personal home and then started looking for the 'best homes' for them. She did her research, spoke with several other rescues, and developed her own process in the way she felt was best for the pets. No, Sarah has the help of a small group of foster homes and volunteers. Sarah is still very involved in the rescue and help continue to advance the rescue and make an impact on the world of each pet coming into our rescue.

Sarah's Treasures Rescue does NOT have a shelter building. All of our pets are in foster homes. Our foster families provide valuable insight into each pet’s personality, temperament, and unique features which help place him/her in the best home possible.

Sarah's Treasures Rescue is incorporated in the state of South Dakota and we have applied for our non-profit status from the IRS. We have no paid staff or workers and 100% foster home and volunteer operated. All donations go directly to the pets.

http://www.adoptapet.com/pet-search-display?clan_id=1&clan_name=dog&country_code=US&end_number=50&geo_range=35& geo_range_km=55&is_dog=1&postal_code=57237&start_number=1&state_code=SD

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

((click on ad to learn more))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

    1616-A smallpox epidemic among Indians relieved future New England colonies of the threat of major hostilities with the Indians. The tribes from the Penobscot River in Maine to Narragansett Bay in Rhode Island were virtually destroyed. It was not the white man that defeated the American natives but the diseases they brought with them from the old world.
    1618-In a move to compel church attendance, Governor Samuel Argall of Virginia decreed that all who failed to attend church service would be imprisoned in the guardhouse, “lying neck and heels in the Corps of Gard ye night following and be a slave ye week following.” Sunday dancing, fiddling, card playing, hunting, and fishing were also forbidden.
http://www.famousamericans.net/sirsamuelargall/
    1630 - Popcorn was introduced to English colonists by Quadequine, brother of Massasoit, who brought a bag of it to dinner.
http://ks.essortment.com/whatisthehist_rsdt.htm
http://www.factmonster.com/spot/popcorn1.html
    1631-The first public thanksgiving, a fast day, was celebrated in Massachusetts Bay Colony, though many private celebrations had been recorded before this.
    1656- Congregation Shearith Israel, the first Jewish congregation in America, consecrated the first Jewish cemetery in New York City. The plot occupied a piece of ground in the section now known as Chatham Square.
    1732 –Birthday of the United States first president, George Washington, ( "in war and peace"); however, the Julian ( Old Style) calendar was still in use in the colonies when he was born and the year began in March, so the date on the calendar when George Washington was born would be actually February 11, 1731. To reduce the amount of holidays, whereas for over a century Washington was revered as president and general, we now have President's day for both George Washington and Abraham Lincoln.
http://memory.loc.gov/ammem/today/feb22.html
    1773 - The memorable "Cold Sabbath" in New England history. Many persons froze extremities while going to church, according to weather historian David Ludlum
    1778- birthday of Rembrandt Peale, American portrait and historical painter, son of artist Charles Willson Peale, born at Bucks County, PA. Died at Philadelphia, PA, Oct 3, 1860.
    1784 - The Empress of China, first trading ship sent to China from the United States, set sail from New York on this day, arriving in China on August 28.
    1819- The Florida Purchase treaty was signed by Spain and the U.S. After having lost several decisive sea battles with the British, and the French, Spain was ready to abandon its several centuries of settlements in the new world. In a triumph of diplomacy by Secretary of State John Quincy Adams, Spain ceded the remainder of its old province of Florida at no cost beyond that of U.S. assumption of up to $5,000,0000 of the claims of U.S. citizens against Spain. Adams also obtained for the U.S., a transcontinental southern boundary that legitimized U.S. interests on the northern side of the line to the Pacific. Florida became a state in 1845.
    1819 -- James Russell Lowell, poet/essayist/diplomat, born Cambridge, Massachusetts.
http://www.lib.rochester.edu/camelot/auth/lowell.htm
http://www.selfknowledge.com/267au.htm
    1847- At the Battle of Buena Vista, U.S. forces under Gen. Zachary Taylor defeated the Mexicans under Gen. Antonio Lopez de Santa Anna. ( later in the year a battalion of U.S. Marines made its presence felt in Mexico at “the halls of Montezuma.). The war would end in 1948, by its terms Mexico recognized Texas a part of the US and ceded to the use 500,000 square miles of territory, including all of the future states of California, Nevada, and Utah, almost all of New Mexico and Arizona, and parts of Colorado and Wyoming. In return, the U.S. agreed to pay Mexico $15,000,000 . The war resulted in 1721 dead and 4102 wounded. In addition, some 11,115 Americans died of disease as a result of the war. The total cost of the war was estimated at $97,5000,000. The U.S. became an enormous continental republic, but the acquisition of the new territory aggravated the dispute between slavery and antislavery forces.
    1847- As one of his last official acts, Alcalde Bartlett certified the accuracy of the new town plan for San Francisco before the County Recorder.
    1864 –The second day/last day of Battle of Okolona, MS
http://www.cr.nps.gov/hps/abpp/battles/ms013.htm
    1864-- Battle at Dalton, Georgia. From Vicksburg, Mississippi, Sherman launched a campaign to take the important railroad center at Meridian and, if the situation was favorable, to push on to Selma and threaten Mobile, in order to prevent the shipment of Confederate men and supplies. To counter the threat, Confederate President Jefferson Davis ordered troops into the area. While these operations unfolded, Thomas determined to probe Gen. Johnston's army in the hope that Johnston's loss of two divisions, sent to reinforce Lt. Gen. Leonidas Polk as he withdrew from Meridian to Demopolis, Alabama, would make him vulnerable. Skirmishing and intense fighting occurred throughout the demonstration. At Crow Valley on the 25th, Union troops almost turned the Rebel right flank, but ultimately it held. On the 27th, Thomas's army withdrew, realizing that Johnston was ready and able to counter any assault.
    1865-- Battle of Wilmington NC (Fort Anderson) occupied by Federals ends with Confederate Gen. Braxton Bragg ordered the evacuation of Wilmington, burning cotton, tobacco, and government stores. A similar event happened in the burning of Atlanta, where union troops were blamed for the destruction, but in reality it was the fleeing confederate army not wanting to leave supplies, buildings or any aid to the occupying union army. The Union army captures Fort Fisher with the great help of the “colored infantry division.” Today the fort is an national historical site, also housing the famous North Carolina Aquarium, receiving over 1 million visitors each year.
http://www.cr.nps.gov/hps/abpp/battles/nc016.htm
http://www.powells.com/cgi-bin/biblio?inkey=1-1882810244-1
http://www.ah.dcr.state.nc.us/sections/hs/fisher/fisher.htm
http://www.ncaquariums.com/newsite/ff/ffindex.htm
    1876-Johns Hopkins University opens, the first research university in the United States.
http://webapps.jhu.edu/jhuniverse/information_about_hopkins/about_jhu/
a_brief_history_of_jhu/index.cfm
http://www.jhu.edu/
    1879- Frank Woolworth opened his first store at Utica, New York. The store was a great disappointment as it s sales after a few weeks were as low as $2.50 a day. Woolworth moved his store in June 1879 to Lancaster, PA, where it proved a success. He came up with the idea for a five-cent store on September 24,1878, in Watertown, NY, when he originated a “five-cent table” in the store of Moore and Smith during the week of the county fair. The first joint venture of the Woolworth brothers in Harrisburg, PA, was called the “Great 5 Cent Store.” In 1997, the closing of the chain was announced. Macy's, Montgomery Ward, K-Mart, the White House, among others have filed bankruptcy as Wal-Mart and Costco's have changed the "department store" business.
    1884- birthday of Abe Attell, boxer born Albert Knoehr at San Francisco, CA. Attell held the featherweight championship for 11 years in the early part of this century when boxing was not quite as organized as it could have been. A heavy gambler, he got involved in baseball's Black Sox scandal, actually delivering $10,000 to the player-conspirators. but he avoided prosecution, first by fleeing to Canada and then by convincing authorities that there were two Abe Attells and the other one was the guilty party. Dieted at Livingstone Manor, NY. Feb 6, 1970.
    1888- General A.M. Winn leads a parade in San Francisco, celebrating the passage of California's 8-hour word day law.
http://www.sfmuseum.org/hist8/earlylabor.html
    1889- President Cleveland signs the Omnibus Admissions Act to admit Dakotas, Montana and Washington state. One final amendment to the Omnibus Bill was particularly significant for Washington state. Representative Springer of Illinois, chairman of the House Committee on Territories, wanted to rename Washington as the state of Tacoma. The move sparked considerable controversy in Washington, including a letter by ex-governor Watson Squire charging that the Northern Pacific had chosen the name for the city of Tacoma, had wanted to change the name of Mt. Rainier to Tacoma, and now wanted to rename the state. Watson argued the importance of keeping the name as a "trademark" and in honor of George Washington: And is not this commonwealth one of the monuments erected to the father of the republic? Why impiously seek to tear it down? Is the monument unworthy of the name? Only an ignoramus could harbor the thought! The Omnibus Bill would have renamed the state Tacoma until the final vote on February 20, at which time the name of Washington was restored. It was signed by President Cleveland on the 22 nd to honor the first president of the United States.
http://www.appeal-law.com/constitution/voorhees.shtml
    1892- birthday of Edna St. Vincent Millay, American poet ("My candle burns at both ends . . ."), born at Rockland, ME. She died Oct 19, 1950, at Austerlitz, NY
    1900 - Hawaii became a US territory.
    1906-- Black evangelist William J. Seymour first arrived in Los Angeles and began holding revival meetings. The "Azusa Street Revival" later broke out under Seymour's leadership, in the Apostolic Faith Mission located at 312 Azusa Street in Los Angeles. It was one of the pioneering events in the history of 20th century American Pentecostalism.
    1907- birthday of trumpeter Rex Stewart, Philadelphia, PA
    1912-Thirty-five starving women and children were beaten and arrested at the train station of Lawrence, Massachusetts, when they tried to go to temporary homes in Philadelphia. Workers were striking the lowering of wages and poor working conditions in the textile plants.
    1915 –Tenor Saxophone player Buddy Tate birthday, born George Holmes Tate in Sherman, Texas, died February 3,2002
http://elvispelvis.com/buddytate.htm
    1918- birthday of Robert Wadlow, tallest man in recorded history, born at Alton, IL. Though only 9 lbs at birth, by age 10 Wadlow already stood over 6 feet tall and weighed 210 lbs. When Wadlow died at age 22, he was a remarkable 8 feet 11.1 inches tall, 490 lbs. His gentle, friendly manner in the face of constant public attention earned him the name "Gentle Giant." Wadlow died July 15, 1940, at Manistee, MI, of complications resulting from a foot infection.
    1920- honky-tonk piano player Del Wood, whose real name was Adelaide Hendricks, was born in Nashville, Tennessee. She recorded a ragtime version of a fiddle tune called "Down Yonder" in 1951 and came up with a million- seller. Jerry Lee Lewis has cited Del Wood as one of the artists he listened to in his early years. Wood died on October 3rd, 1989 of a stroke.
    1922-- Trumpeter Joe Wilder birthday, Colwyn, PA.
    1936 - Although heat and dust prevailed in the spring and summer, early 1936 brought record cold to parts of the U.S. Sioux Center IA reported 42 inches of snow on the ground, a state record.
    1937- Bobby Hendricks, one of the several lead singers of the original Drifters following the departure of Clyde McPhatter in 1955, was born in Columbus, Ohio. Hendricks was with the Drifters for eight months. He had earlier sung with the Swallows and the Five Crowns. In 1958, Bobby Hendricks had a hit on his own with "Itchy Twitchy Feeling."
    1944--MONTGOMERY, JACK C. Medal of Honor
Rank and organization: First Lieutenant, U.S. Army, 45th Infantry Division. Place and date: Near, Padiglione, Italy, 22 February 1944. Entered service at: Sallisaw, Okla. Birth: Long, Okla. G.O. No.: 5, 15 January 1945. Citation: For conspicuous gallantry and intrepidity at risk of life above and beyond the call of duty on 22 February 1944, near Padiglione, Italy. Two hours before daybreak a strong force of enemy infantry established themselves in 3 echelons at 50 yards, 100 yards, and 300 yards, respectively, in front of the rifle platoons commanded by 1st Lt. Montgomery. The closest position, consisting of 4 machineguns and 1 mortar, threatened the immediate security of the platoon position. Seizing an Ml rifle and several hand grenades, 1st Lt. Montgomery crawled up a ditch to within hand grenade range of the enemy. Then climbing boldly onto a little mound, he fired his rifle and threw his grenades so accurately that he killed 8 of the enemy and captured the remaining 4. Returning to his platoon, he called for artillery fire on a house, in and around which he suspected that the majority of the enemy had entrenched themselves. Arming himself with a carbine, he proceeded along the shallow ditch, as withering fire from the riflemen and machine gunners in the second position was concentrated on him. He attacked this position with such fury that 7 of the enemy surrendered to him, and both machineguns were silenced. Three German dead were found in the vicinity later that morning. 1st Lt. Montgomery continued boldly toward the house, 300 yards from his platoon position. It was now daylight, and the enemy observation was excellent across the flat open terrain which led to 1st Lt. Montgomery's objective. When the artillery barrage had lifted, 1st Lt. Montgomery ran fearlessly toward the strongly defended position. As the enemy started streaming out of the house, 1st Lt. Montgomery, unafraid of treacherous snipers, exposed himself daringly to assemble the surrendering enemy and send them to the rear. His fearless, aggressive, and intrepid actions that morning, accounted for a total of 11 enemy dead, 32 prisoners, and an unknown number of wounded. That night, while aiding an adjacent unit to repulse a counterattack, he was struck by mortar fragments and seriously wounded. The selflessness and courage exhibited by 1st Lt. Montgomery in alone attacking 3 strong enemy positions inspired his men to a degree beyond estimation.
    1945--CHAMBERS, JUSTICE M. Medal of Honor
Rank and organization: Colonel. U.S. Marine Corps Reserve, 3rd Assault Battalion Landing Team. 25th Marines, 4th Marine Division. Place and date: On Iwo Jima, Volcano Islands. from 19 to 22 February 1945. Entered service at: Washington, D.C. Born: 2 February 1908, Huntington, W. Va. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commanding officer of the 3d Assault Battalion Landing Team, 25th Marines, 4th Marine Division, in action against enemy Japanese forces on Iwo Jima, Volcano Islands, from 19 to 22 February 1945. Under a furious barrage of enemy machinegun and small-arms fire from the commanding cliffs on the right, Col. Chambers (then Lt. Col.) landed immediately after the initial assault waves of his battalion on D-day to find the momentum of the assault threatened by heavy casualties from withering Japanese artillery, mortar rocket, machinegun, and rifle fire. Exposed to relentless hostile fire, he coolly reorganized his battle-weary men, inspiring them to heroic efforts by his own valor and leading them in an attack on the critical, impregnable high ground from which the enemy was pouring an increasing volume of fire directly onto troops ashore as well as amphibious craft in succeeding waves. Constantly in the front lines encouraging his men to push forward against the enemy's savage resistance, Col. Chambers led the 8-hour battle to carry the flanking ridge top and reduce the enemy's fields of aimed fire, thus protecting the vital foothold gained. In constant defiance of hostile fire while reconnoitering the entire regimental combat team zone of action, he maintained contact with adjacent units and forwarded vital information to the regimental commander. His zealous fighting spirit undiminished despite terrific casualties and the loss of most of his key officers, he again reorganized his troops for renewed attack against the enemy's main line of resistance and was directing the fire of the rocket platoon when he fell, critically wounded. Evacuated under heavy Japanese fire, Col. Chambers, by forceful leadership, courage, and fortitude in the face of staggering odds, was directly instrumental in insuring the success of subsequent operations of the 5th Amphibious Corps on Iwo Jima, thereby sustaining and enhancing the finest traditions of the U.S. Naval Service.
    1945—Birthday of '60s folk-rock singer Oliver, whose full name is William Oliver Swofford.
    1946- Dizzy Gillespie first records “ Night in Tunisia,” NYC ( Vi 40-0130 )
    1956--- Eighty well-known boycotters, including Rosa Parks, Martin Luther King, Jr., and Edward. Nixon marched to the sheriffs office in the Montgomery County, Alabama courthouse, where they gave themselves up for arrest. On Feb 20, 1956, white city leaders of Montgomery, Alabama, issued an ultimatum to black organizers of the three-month-old Montgomery bus boycott. They said if the boycott ended immediately there would be "no retaliation whatsoever." If it did not end, it was made clear they would begin arresting black leaders. Two days later, they were booked, finger printed and photographed. The next day the story was carried by newspapers all over the world.
    1956 - For the first time, Elvis Presley hit the music charts as "Heartbreak Hotel" began to climb to number one on pop charts. It reached the top on April 11, 1956, and stayed there for eight weeks.
    1956-Billboard reviews James Brown's debut record "Please, Please, Please": "A dynamic, religious fervor runs through the pleading solo here. Brown and the Famous Flames group let off plenty of steam.
    1957---Top Hits
Too Much - Elvis Presley
Young Love - Tab Hunter
Love is Strange - Mickey & Sylvia
Young Love - Sonny James
    1957- In a small club in Blytheville, Arkansas, Jerry Lee Lewis plays "Whole Lotta Shakin' Goin' On." Although Lewis did not write the tune, it was a favorite of his since he first heard it a year earlier. This is the first time Lewis adds his own words to replace those he has forgotten.
1957-Famed US dance instructor Arthur Murray reported that enrollment in his dance studios has increased ten percent since the "rock and roll craze" has swept the country.
    1957-The Film "Don't Knock the Rock," featuring appearances by Alan Freed, Little Richard and Bill Haley, opens at the Paramount Theatre in New York.
    1958-The Silhouettes topped Cash Box Magazine's Best Sellers Chart with "Get A Job" after Dick Clark started playing it on his TV show, American Bandstand. The group got their name from the 1957 song by The Rays, (covered by Herman's Hermits in the 60's) and the inspiration for the tune came from writer Rick Lewis' mother, when she chided her son to "get up in the morning and go out and get a job".
    1958-Roy Hamilton's "Don't Let Go" becomes the first stereo single to reach the Billboard chart when it entered at #13.
    1958 - Roy Hamilton's record, "Don't Let Go", hit #13 for its first week on record charts, making it the first stereo record to make the pop music charts. The year 1958 saw several stereo recordings, including: "Hang Up My Rock and Roll Shoes" by Chuck Willis, "Yakety Yak" by the Coasters, "Born Too Late", by The Poni-Tails, "It's All in the Game" by Tommy Edwards and "What Am I Living For" by Chuck Willis.
    1959 -The first running of the Daytona 500, the race that has become the most important event on the NASCAR calendar took place at the newly-opened Daytona International Speedway in Florida. Drivers lee Petty and Johnny Beauchamp crossed the finished line in what appeared to be a dead heat, but photographs and film, examined later, showed Petty to be the winner.
    1960-"Theme from A Summer Place" by Percy Faith began its nine week run at the top of the Billboard singles chart. It remains the longest-running number-one instrumental in the history of the chart and brought Faith a Grammy Award for Record of the Year in 1961.
    1965---Top Hits
This Diamond Ring - Gary Lewis & The Playboys
My Girl - The Temptations
The Jolly Green Giant - The Kingsmen
I've Got a Tiger by the Tail - Buck Owens
    1965 - In the Bahamas, filming got underway for the Beatles' second movie, "HELP!" Other scenes were shot in England and Austria. The film opened in North America in August.
    1965 - The Rodgers and Hammerstein musical Cinderella, starring newcomer Lesley Ann Warren, debuted on CBS. It received a Nielsen rating of 42.3 and was among the highest-rating single programs in the history of television.
    1968-Genesis, a group formed as a songwriters' cooperative by three English schoolboys, Peter Gabriel, Tony Banks and Mike Rutherford, release its first single, "The Silent Sun."
    1969- The Foundations' "Build Me Up Buttercup" peaks at #3 on the pop chart
    1969- Barbara Jo Rubin became the first woman jockey to win a thoroughbred horse race in the United States. She rode Cohesion to victory by a neck over Reely Beeg in the ninth race at Charles Town Race Track in W3est Virginia.
    1969--FOX, WESLEY L. Medal of Honor
Rank and organization: Captain, U.S. Marine Corps, Company A, 1st Battalion, 9th Marines, 3d Marine Division. Place and date: Quang Tri Province, Republic of Vietnam, 22 February 1969. Entered service at: Leesburg, Va. Born: 30 September 1931, Herndon, Va. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as commanding officer of Company A, in action against the enemy in the northern A Shau Valley. Capt. (then 1st Lt.) Fox's company came under intense fire from a large well concealed enemy force. Capt. Fox maneuvered to a position from which he could assess the situation and confer with his platoon leaders. As they departed to execute the plan he had devised, the enemy attacked and Capt. Fox was wounded along with all of the other members of the command group, except the executive officer. Capt. Fox continued to direct the activity of his company. Advancing through heavy enemy fire, he personally neutralized 1 enemy position and calmly ordered an assault against the hostile emplacements. He then moved through the hazardous area coordinating aircraft support with the activities of his men. When his executive officer was mortally wounded, Capt. Fox reorganized the company and directed the fire of his men as they hurled grenades against the enemy and drove the hostile forces into retreat. Wounded again in the final assault, Capt. Fox refused medical attention, established a defensive posture, and supervised the preparation of casualties for medical evacuation. His indomitable courage, inspiring initiative, and unwavering devotion to duty in the face of grave personal danger inspired his marines to such aggressive action that they overcame all enemy resistance and destroyed a large bunker complex. Capt. Fox's heroic actions reflect great credit upon himself and the Marine Corps, and uphold the highest traditions of the U.S. Naval Service.
    1973-Roberta Flack receives a gold record for "Killing Me Softly With His Song" which was Number One for five weeks. It is rumored the quietly murdering artist in question is folkie Don McLean.
    1973---Top Hits
Crocodile Rock - Elton John
Oh, Babe, What Would You Say? - Hurricane Smith
Dueling Banjos - Eric Weissberg & Steve Mandell
I Wonder if They Ever Think of Me - Merle Haggard
   1974-- The first women's basketball game took place in Madison Square Garden and the management, convinced that the women couldn't draw a crowd, also scheduled a man's game afterwards. Following the women's game, the crowd of nearly 12,000 left and the men played before empty seats.
    1980- the Miracle on Ice...The US Olympic hockey team upset the team form the Soviet Union, 4-3 on the Lake Placid Winter Games to earn a victory often called the “Miracle on Ice.” the Americans went on to defeat Finland two days later and win the gold medal. The lit the fire at this year's winter games in Salt Lake City, Utah.
    1981- the Duke Ellington musical "Sophisticated Ladies," starring Phyllis Hyman, opened on Broadway. The Grammy's are awarded: Tracy Chapman wins Best New Artist; Bobby McFerrin's "Don't Worry Be Happy" wins Best Song and Record and Jethro Tull wins the first Hard Rock/Metal Grammy.
    1981---Top Hits
9 to 5 - Dolly Parton
I Love a Rainy Night - Eddie Rabbitt
Woman - John Lennon
Southern Rains - Mel Tillis
    1986 - A twelve siege of heavy rain and snow, which produced widespread flooding and mudslides across northern and central California, finally came to an end. The storm caused more than 400 million dollars property damage. Bucks Lake, located in the Sierra Nevada Range, received 49.6 inches of rain during the twelve day period.
    1989---Top Hits
Straight Up - Paula Abdul
Wild Thing - Tone Loc
Born to Be My Baby - Bon Jovi
Big Wheels in the Moonlight - Dan Seals
    1989-The Grammys are awarded: Tracy Chapman wins Best New Artist; Bobby McFerrin's "Don't Worry Be Happy" wins Best Song and Record and Jethro Tull wins the first Hard Rock/Metal Grammy
    1989 - Strong northwesterly winds ushering cold arctic air into the north central U.S. produced snow squalls in the Great Lakes Region, with heavy snow near Lake Michigan. Totals in northwest Indiana ranged up to 24 inches at Gary, and up to 16 inches buried northeastern Illinois.
    1992 - Kristi Yamaguchi of the United States won the gold medal in women's figure skating at the Albertville Olympics. Although she fell while performing a triple loop, she committed far fewer errors than her rivals, thus getting the gold medal. Midori Ito of Japan won the silver, Nancy Kerrigan of the United States the bronze. “Yamaguchi crafted her title on a feathery vision of artistic precision and elegance, with near total disdain for the latest trends in acrobatic jumping,” wrote Michael Janofsky in the New York Times.
    1994-- The Church of England announced officially that it would ordain women as priests. The first ordination of the 1,200 women in line for priesthood occurred 03-12-1994, with the first woman celebrating communion 03-13-1994, British Mother's day. The U.S. Episcopal Church had ordained 1,031 women by the time of the Church of England announcement. Thirty-five Anglican priests announced they would leave the church, some saying they would join the Roman Catholic Church and predicting as many as one-third of the men would leave over the ordination of women. It did not occur.
    1995---Top Hits
Take A Bow- Madonna
Creep- TLC
On Bended Knee- Boyz II Men
Another Night- Real McCoy

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