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Asset Manager: Organized, decisive individual w/ asset mngt./ remarketing exper., covering wide range assets from manufacturing equipment to transportation, energy-related,, technology, retail, etc. Send your resume to: Kathy.odwyer@rbos.com About the Company: RBS Lombard, Inc., based in Chicago, is a member of The Royal Bank of Scotland Group, an AA rated company that is the 6th largest bank in the world by market capitalization as of January 14, 2005. Founded in 2002, RBS Lombard, Inc. has grown to net assets exceeding $2.8 billion and new business volume surpassing $1.1 billion in 2004. |
Tuesday, February 22, 2005
Headlines---
William "Bill" Hammond Passed Away
Classified Ads--Senior Management
Economic Events This Week
Results: Leasing Industry Regulation Questionnaire
Alexa Ranks Equipment Leasing Association Web Sites
Classified Ads—Help Wanted
the Industrial and Manufacturing Marketplace
Leasing Meetings Open to Non-Members
News Briefs---
"Gimme that Wine"
This Day in American History
Winter Poem
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William "Bill" Hammond Passed Away
“It is with much sadness that I am announcing the passing of one of our IFS colleagues. Yesterday, Bill Hammond passed away suddenly in Atlanta. Bill was a valued member of the IFS team and our local community. Our prayers go out to his family.
“Donations can be made to the American Heart Association in lieu of flowers.”
John Beville
john.beville@suntrust.com
“William Russell (Bill) Hammond, Jr., 61, of Duluth, GA, died February 17, 2005. The memorial service will be held at 3:00 p.m. Sunday, February 20th, at Crowell Brothers Peachtree Chapel in Norcross. The family will receive friends Sunday from 2:00 p.m. until time of service.
“ Mr. Hammond, a native of Cleveland, OH, was Leasing & Finance Agent for Ikon Office Solutions. He is survived by two sons and daughter-in-law, David Matthew Hammond of Alpharetta, GA and Derek Russell & Kim Hammond of Cumming, GA; daughter and son-in-law, Lisa & Glen Harris of Grayson, GA; and four grandchildren, Jessica Harris, Ryan Harris, Reese Hammond, and Luke Hammond. In lieu of flowers, contributions may be sent to the American Heart Association, P.O. Box 672648, Marietta, GA 30006-0045, (678) 385-2000. Arrangements by Crowell Brothers Peachtree Chapel Funeral Home, Norcross, GA. (770) 448- 5757. Online condolences may be expressed at www.crowellbrothers.com. “
Published in The Atlanta Journal-Constitution on 2/19/2005.
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Classified Ads--Senior Management
Baltimore, MD
25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)
Email: kellogg_md@yahoo.com
Denver, CO.
Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/ Southwest and Ca markets.
Email: legal@csotn.com
Hope, NJ.
25 years in optimizing call center operations, collections, billing, and back end revenue generation. Experienced in $7 + billion dollar portfolios. Verifiable achievements.
E-mail: cmate@nac.net
Irvine, CA.
Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager.
Email: lenhubbard@bigfoot.com
Jacksonville, FL.
15+yrs Collections/Customer Service Expert. InfoLease, CARMS, managed staffs excess 100 VERY successfully - will relocate WITHIN Florida for right position ~ SIMPLY THE BEST
Email: rafftink@aol.com
Long Island, NY
Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future.
Email: bob33483@yahoo.com
Senior Management: New York, NY, NJ, Ct Tri-State
Top Exec. middle and big ticket, top skills treasury,funding, ops, transaction detail, syndication, ready to max profit, help build quality operation. right now!
E-Mail: leasefinance@optonline.net
Philadelphia, PA.
27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank- owned small ticket leasing subsidiaries.
email: mccarthy2020@comcast.net
Portfolio Management Consultant;
25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise.
Email: efgefg@rogers.com
San Francisco, CA.,
25 years experience w/global leasing company, sales,marketing,business dev., P&L responsibility, asset mgmt, brokering and re- marketing. Interested in joining an est. firm with a future.
Email: rcsteyer@yahoo.com
Syracuse, N.Y.
Int. equip. leasing exec. 25 yrs global P&L sr. mngt., including corporate turnarounds, strategic planning, new biz dev., structure finance, contract neg., vendor leasing specialist.
Email: jimh356094@aol.com
Wilmington, DE
Over 15 years experience managing Credit, Risk Management and
Fraud operations for large Financial Institution. Proven Results.
Anywhere between NYC and DC for right opportunity.
100 “Job Wanted” ads at:
http://64.125.68.90/LeasingNews/JobPostings.htm
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Economic Events This Week
Today
February 22
Consumer Confidence: February
Wednesday
February 23
Consumer Prices: January
Thursday
February 24
Durable Goods Orders: January
Weekly Jobless Claims
Friday
February 25
Real Economic Growth:4th Quarter
Existing Home Sales: January
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Results: Regulation of Leasing Industry Questionnaire
by Christopher Menkin
“We have met the enemy and he is us”
- Pogo.
63% of those who responded said the leasing industry should not be more regulated than it is today; 37% thought it should be. Those who said it should be more regulated, many said by the leasing associations.
In the column by whether the federal government or state government, 41% said by the federal government; 37%
by the state governments; 22% did not respond to either category.
54% were satisfied with the present regulation of the industry. 46% disagreed.
The dictionary definition of the word is “the act of regulating; a principle, rule, or law designed to control or govern conduct.”
By definition, those who felt the industry was “well-regulated,” the over-whelming majority, just don't like being told what they must do---especially by the government. It is ironic on this anniversary day of our country's first president birthday, that so many are against government rules and regulations, which was the purpose of the American Revolution and formation of the states to stop the imposition and taxation and form our own union.
Despite the news about companies cheating funders, brokers retaining “deposits” when leases are not approved, the various lawsuits, jail time of those who broke existing laws, and the many who apparently have, such as NorVergence, Commercial Money Center, MSM Capital, RW Professional, to name just a few (who all were members of one or more leasing associations,) including leasing companies who are well known for using deceptive sales tactics, did not influence their opinion. It appears they are afraid to join the government in making regulations concerning their industry on such issues as licensing, handling of advance rentals, and qualifications to enter the business.
“Don't ruin one of the last great entrepreneurial industries because of the actions of a few bad apples. The leasing industry still rewards innovators and people who work hard. With regulation, we'll all just become boring banker types who are afraid to take risks. (it is OK to print this).”
Darryl Kushner
Tri Counties Bank
Leasing Department
“The last thing we need is more regulation. There are enough headaches just trying to run a legitimate operation.” SPSLLC@AOL.COM
“ Self regulation works when people stay involved. We don't need the state and federal governments regulating something else they know very little about.”
japsey@federatedcapital.com
There also exists the belief the various leasing associations can handle the regulation by monitoring their members (no mention was
made about non-members.)
“The industry needs to continue to require individuals and corporations to adhere to using practices that are based on business ethics as defined by several industry associations. Each association should monitor its members to insure compliance by peer pressure.”
( name with held )
Others believed it was not up to leasing associations or the government, that the market would self-regulate itself:
“More regulation will not solve fraud problems. As all credit grantors know if someone wants to cheat you and if you do not check every fact, that person will get away with cheating you or others for a period of time. Ultimately, if the scam is continued it will fall apart and be exposed but in the interim, some people will be hurt.
“What will be gained by this regulation except increasing the cost burden on honest companies and individuals? As we know the existence of regulations will not stop cheating per se although it may increase the cost when a person is caught. The fact that numerous companies are now being forced to take losses on the Norvergence contracts will tend to make funders more cautious which will protect against unscrupulous practices. This more than any regulation will have the desired impact in the marketplace. “
“Norvergence is an aberration. It does not warrant any attempt to regulate the leasing industry. “
Robert.Krause@sterlingbancorp.com
“Generally the industry has provided an honest and competitive product in the marketplace. The NorVergence's of the world are rare and overreaction of government is not warranted. This is an objective lesson to the industry that has no desire to absorb such enormous losses and will be wiser the next time.
“Time has proven this is an industry that can police itself for self preservation. “
bcallahan@nationalequipmentleasing.com
There were others who responded that the leasing industry was not being self-regulated well, but were still opposed to any government regulation:
“More regulation will not solve fraud problems. As all credit grantors know if someone wants to cheat you and if you do not check every fact, that person will get away with cheating you or others for a period of time. Ultimately, if the scam is continued it will fall apart and be exposed but in the interim, some people will be hurt.
“What will be gained by this regulation except increasing the cost burden on honest companies and individuals? As we know the existence of regulations will not stop cheating per se although it may increase the cost when a person is caught. The fact that numerous companies are now being forced to take losses on the Norvergence contracts will tend to make funders more cautious which will protect against unscrupulous practices. This more than any regulation will have the desired impact in the marketplace. “
“It is obvious that the industry is deaf to legitimate criticism. I took it to task over a year ago in several articles I submitted for publication. The articles were never published. They were surreptitiously criticized, and dismissed. I then published the article on my website NEFINSYS.COM. It criticized the MISFM of reporting leveraged leases. Thus far I have not had a single official response from any industry group as to the propriety of the criticism or lack thereof. Sadly, there is not even a forum to take criticism to where one can expect an open and fair exchange of ideas. This void ultimately results in people turning towards government in the form of a Mark Spitzer. The apparent lack of interest is characteristic of the problems besetting the industry. The legal and accounting professions have gone a long way towards helping to bring about this problem, however, the industry itself is not adequately policing itself. That was the question!
philtirino@aol.com
“While the majority did not want regulation, many voted, but did not make comments. This was not true in those who responded they were in favor of regulation and wanting to get involved in the process. They definitely explained their position:
“Lessors don't originate grand larceny; they simply suffer from the compulsive tendency to fund it. Benefit won't be realized through regulations designed to protect the lessee from the lessor, benefit will result from regulations that protect the lessor from themselves.
‘We have met the enemy and he is us' - Pogo.”
Howard O. Thomas - IFC Credit Corp.
tobney@ifccredit.com
“Way too many dishonest transactions by the same old people. “
datasduffy@sbcglobal.net
“Two many folks jump into this business with no knowledge or skills in order to make a quick buck. They hurt all of us.”
Rosanne@1stindependentleasing
“Most forms of commercial lending within the banking industry have some type of regulation. Not as cumbersome as consumer lending, but there are still certain compliance issues. Leasing is commercial lending and should be treated as such.”
“My 20+ yrs experience leads me to believe we should be regulated like a Real Estate Office with a licensed operator and trainees learning the business before given their Operating license. We can then, have our own checks and balances to police our Industry.”
“The equipment lease is a great financial instrument that can be used honestly to the advantage of both the user and the financing entity. The industry should be cleaned up.”
(banker: name with held )
“I read too much about sleaze in the finance world in general and, of course, in leasing specifically. Industry self regulation provides little protection in any field as the incentive is always to protect itself. When I call a customer and the customer asks if I use "commitment" fees as a way to make money without providing the financing sought by the customer then I think the dark side of financing is in the general population and more regulation and enforcement is required. “
jbernardy2@earthlink.net
“It's that same ol' scenario...a customer contracts for a 60 month term and magically they pay almost 61 payments. Or the lessor hides the fact that the lease has ended! Interim rent, evergreen clauses, and let's not forget forced insurance and blanket filings. it hurts everyone trying to provide a straightforward business approach to equipment financing.”
gsaulter@chaseindustries.com
“There are a number of abuses that occur on a small scale (areas of rate distortion, and also vendor programs that end up with end users holding the bag)-- if there were some sort of uniform disclosure standard that would be involved on a state by state basis, adopted like the UCC, that would address in large part the problem areas. By and large the industry needs a tune up in those areas and not an overhaul.”
(leasing attorney—name with held )
There were also those, while they voted there was not satisfactory regulation by the industry, it was up to the individuals to get more involved in the process.
“We need to self-regulate and make available a "hot line" accessible to lessors on issues.
“I am not sure we need more rules. But, I do think we need more oversight & and a way to weed out the bad apples (and keep them from returning).”
hlease@aol.com
“Our industry needs to regulate itself to a greater degree. Leasing companies and brokers must become more aggressive in reporting unfair practices to associations or other entities and then those practices made public to others. Governmental regulations require lots of administrative work but seldom correct practices until brought into a courtroom. This practice creates a poor image for our industry.”
“Lessors have stuck their heads in the sand for many years by not checking the backgrounds of key officers for their assignors, vendors and brokers, and by letting sales personnel override reasonable constraints. How in the world did NorVergence and its scam artists get in so deep with so many lessors? We need to have case law in states such as Texas remain in place and not be overridden by Article 2A or federal law. We need to have industry wide standards for the quality of vendors, brokers and credit and for lease documentation. Garbage credit decisions and documentation, coupled with continual dealing with bad vendors, has caused me to cease handling lease collection work on a contingency basis. We also need a statutory safe harbor which would allow lessors to compile and maintain a black list of bad vendors, brokers and their officers and employees without being subject to any sort of legal liability. We need to expel the hustlers and scam artists from the leasing industry. Distant forum abuse by NorVergence lessors and their attorneys with diseased floating forum selection clauses are already causing adverse case law which will hurt in the future. Another problem is lessors' use of attorneys who are not competent to handle important cases. They use contingency fee collection attorneys and large firm defense counsel who do not know what they are doing. The legacy of NorVergence will be not only millions of dollars in write-offs, but more adverse case law and far greater government scrutiny.”
Another in favor of regulation, also believes there is some regulations
that have not been mentioned:
“In true leasing, a good part of the return to Lessors is the Federal Tax deferral- and for some also the State tax deferral- when you look at leasing from a tax standpoint (VS an accounting standpoint)- without tax deferrals or tax exempt income from “muni” leases- the product is a loan- therefore I feel the Federal Government should and to some degree now- regulates the leasing industry. I have not seen much State legislation in favor of leasing- States have given ITC, to mainly users of equipment in the state rather than to owners (Lessors), local communities in a state have give Tax Abatements mainly to USERS of equipment. States like Ohio, do not give tax deferrals for bank lessors because of the way the banks are taxed- therefore they are not as competitive as other type Lessors, who are taxed on income. “
There were many who believed the leasing industry was well-regulated, but were in favor of “more” regulations:
“I think the equipment leasing brokers should be licensed like the mortgage industry. There are many unscrupulous brokers looking for the fast buck and don't care about the consequences of there actions which effect the funding sources or the lessee. This is giving the leasing industry a bad name.”
danb@1stchoiceleasing.com
“Regulation is never good when it involves the government but if there could be non-biased policing of the industry through the various associations then the red tape of the government will not be involved. Brokers that don't respond to inquiries made by associations regarding questionable practices would be put on a list of non-supported brokers in our market. The problem with this format is if the contact at the association is biased in any way. We have many less than ethical players in our industry and if our associations can't help then I am sure the Federal Government will be more than happy to jump in.
41% evidently choose the federal government over letting states set up their own criteria to match other existing state laws (37%). Several mentioned the reason for their vote was uniformity of compliance.
“Products are offered in the marketplace which do not comply with the laws or regulations. People are being promoted for volume not quality of product or knowledge. Unfortunately compliance should be at the Federal level because of the issues of trying to comply with 50 different regulations.”
e.pletzke@worldnet.att.net
To sum this up, it is worth repeating the observation made by Howard O.Thomas, IFC Credit Corp.:
“Lessors don't originate grand larceny; they simply suffer from the compulsive tendency to fund it. Benefit won't be realized through regulations designed to protect the lessee from the lessor, benefit will result from regulations that protect the lessor from themselves...”
and his conclusion from the Walt Kelly cartoon character Pogo:
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Alexa Ranks Equipment Leasing Association Web Sites
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Alexa Ranks Leasing Association Web Sites
David G. Mayer's Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing News has its own individual web site, it will be included in the Alexa survey. These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself. Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year. The Alexa tool bar works on most browsers. You may download their free tool bar A graph and analysis of the last three months are available. ( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. ) |
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Classified Ads—Help Wanted
Leasing Sales Representative
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Associated banks are known for strong relationships with their communities, with many offices tracing their roots to the 1880s and 1890s. Associated Banc-Corp was founded in 1970. Associated employs approximately 4,000 people. |
National Account Manager
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Platform Business Manager / Asset Manager
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Asset Manager: Organized, decisive individual w/ asset mngt./ remarketing exper., covering wide range assets from manufacturing equipment to transportation, energy-related,, technology, retail, etc. Send your resume to: Kathy.odwyer@rbos.com About the Company: RBS Lombard, Inc., based in Chicago, is a member of The Royal Bank of Scotland Group, an AA rated company that is the 6th largest bank in the world by market capitalization as of January 14, 2005. Founded in 2002, RBS Lombard, Inc. has grown to net assets exceeding $2.8 billion and new business volume surpassing $1.1 billion in 2004. |
Sales Professionals
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Small Ticket Sales Representative
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Advantage Leasing is a 20 yr. old company located in West Chester, PA. We have multiple funding sources as well as internal financing. |
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What Lessors Are Saying About …the Industrial and Manufacturing Marketplace
ELTnews
With optimism in the air and continued economic improvement on the minds of every lessor, ELT E-news asked lessors what they are experiencing in the manufacturing and industrial market to see how this sector is faring.
Pedro Wasmer of Somerset Capital Group says he believes that “leasing in the industrial and manufacturing space is up, and not just in the ‘hard assets' department but also in regard to IT.”
“Similar to last year, our experience has been that we have seen just slight to modest growth in the industrial and manufacturing leasing marketplace,” says Larry Greer of Vision Financial Group. “With the exception of one very large multi million lease financing for a manufacturing facility owned by a local company the percentage of our business coming from this sector remained fairly flat in 2004. I also believe today that the recovery for this segment of our industry is still going to remain flat for most of 2005.”
Bradley R. Brolsma of Merchants Capital agrees that there will be more spent on technology, but that even with bonus depreciation provisions, the market will experience just modest growth. Bonus depreciation provisions weren't “the big economic drivers Congress originally intentioned.”
He adds “I don't envision any real growth in equipment financing opportunities within the industrial and manufacturing sector --- at least on a national scale. Certainly, the future looks a lot brighter for those institutions who provide equipment financing products on a global scale.”
Chuck Kiser of AmSouth Leasing Corporation. notes the use of leasing in the industrial and manufacturing markets are uneven based on the geographic location of the client and the size of the client or transaction. He says, “We find that clients located primarily in the Southeast, who are seeking small ticket or middle market leases are generally driving an increase in volume. Outside this geographic area, demand is uneven.”
The large ticket segment is all but dormant as a result of federal legislation passed late last year, he says. “As to the future, I believe that it again varies by market segment.” He also notes that uncertainties include legislative changes, regulatory changes --- both pending and current --- from FASB, Basel II and others, and the ability of the economy to continue to rebound and maintain a high level of manufacturing activity.
“We have seen some industries suffer from job relocation overseas as well,” says Kiser. Greer adds, “what I keep hearing is that China is chewing up a significant chunk of the world's resources utilized in the manufacturing sector, and that appears to be a common theme from companies in the industrial sectors with steel related businesses, in particular. I suspect that will continue to take its toll for some time. But if consumers begin to spend ‘consistently,' then the automotive and other manufacturers of consumer goods will expand quickly.”
The message from Vision clients, says Greer, is that leasing in the industrial and manufacturing sectors will remain flat in the worse case and a slim amount of growth in the best case.
Broslma says, “from my viewpoint, I really haven't really seen any significant change in leasing's share of equipment financing opportunities. Based upon our customers' recent financing decisions, those organizations that traditionally have leased equipment in past years continue to do so today, while those who have been more inclined to borrow, continue to finance new equipment acquisitions with some form of debt.
“We did see improved secondary market values during the second half of 2004, but no real changes with respect to sales cycles and plant retooling,” says Brolsma.
For business that is moving, most agree that sales cycles remain sluggish as inventory is down and transaction closings are longer.
“The sales cycle is about the same, but the closing of transactions for new, non-IT equipment is longer because the manufacturers of machine tools, materials-moving equipment, etc. are low on inventories and often have to manufacture for the order,” says Wasmer. “We have seen steady retention of these hard assets among our lessees, and have precious little to offer new clients from our used asset pool, except for some fork lifts.”
Phil Hillson of Machinery Systems Used Group says, “Based on [our] sales, 2004 was a very good year in both new and used machine tool sales. But, what is longer is the delivery times. Very few of the manufacturers of new machine tools will build on speculation. Due to that, new deliveries are out two to six months. That has had an impact on the used machine tool market as well.”
He adds, “demand is up although inventory levels are down. We now have customers ordering used CNC machine tools and waiting two to three months to get their machine. This is complete contrary to the past history of how the used market place works.”
Kiser says, “we are seeing longer delivery cycles thereby creating longer sales cycles. . .We are not seeing used equipment growing significantly in our markets. However, new equipment delivery lead times have been stretching for the past year.”
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Leasing Meetings Open to Non-Members
Wednesday, March 2nd 2005
United Association of Equipment Leasing
“Round Table”
from 1:00 pm – 4:30pm
Orange County, California
http://leasingnews.org/PDF/SoCalMarch05Flyer.pdf
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Your One stop solution for training and reference material for the Leasing Professional
|
News Briefs---
Storms pummel California, leaving four people dead
http://www.signonsandiego.com/news/state/
20050221-1928-ca-californiastorm.html
Dollar Slides to 4-Week Low Versus Euro
http://www.washingtonpost.com/wp-dyn/articles/
A42810-2005Feb21.html
Winn - Dixie Files Bankruptcy Reorganization
http://www.nytimes.com/aponline/business/
AP-Winn-Dixie-Reorganization.html?
Kaiser top employer on S.F. Bay Area scene
Nonprofit health care group boasts 33,000 on its payroll
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/
2005/02/22/EMPLOYER.TMP
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“Gimme that Wine”
31-year-old GM remaking Round Hill
http://www.sthelenastar.com/templates/index.cfm?template=story_
full&id=D5370D90-607E-489E-8684-AB0E68FA4FBE
Screw Top Winery starts distribution firm
http://www.sonomanews.com/articles/2005/02/17/news/
business/business01.txt
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This Day in American History
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.
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 he was born is 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.
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
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
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."
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.
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.
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.
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
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 - 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.
1995---Top Hits
Take A Bow- Madonna
Creep- TLC
On Bended Knee- Boyz II Men
Another Night- Real McCoy
---------------------------------------------------------------
Winter Poem
George Washington
a poem by James Russell Lowell
Soldier and statesman, rarest unison;
High-poised example of great duties done
Simply as breathing, a world's honors worn
As life's indifferent gifts to all men born;
Dumb for himself, unless it were to God,
But for his barefoot soldiers eloquent,
Tramping the snow to coral where they trod,
Held by his awe in hollow-eyed content;
Modest, yet firm as Nature's self; unblamed
Save by the men his nobler temper shamed;
Never seduced through show of present good
By other than unsetting lights to steer
New-trimmed in Heaven, nor than his steadfast mood
More steadfast, far from rashness as from fear,
Rigid, but with himself first, grasping still
In swerveless poise the wave-beat helm of will;
Not honored then or now because he wooed
The popular voice, but that he still withstood;
Broad-minded, higher-souled, there is but one
Who was all this and ours, and all men's - Washington
(note: Lowell was born on February 22, 1819,
but is perhaps best know for his biography
of Abraham Lincoln---)
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