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Classified Ads---Sales Jobs Wanted

    EAEL Down Eleven Members June to June

        Two More Commercial Finance Service Execs Arrested

            Originator supply, convexity sell off cheapens mortgages

                Trustees Seek to Reinforce Loan Servicing

            Decision Systems Bidding---Up-Date

        June: U.S. Housing Starts Continue Strong -


Loan Delinquencies Continue to Rise thru 2nd Quarter

    Alliance Financial 64% Increase in 2nd Q Net Income

        GE: Two New Transaction Mgrs to Cover 25 States Brings Leasing to the Used Car Online Marketplace

This Day in American History



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Classified Ads---Sales Jobs Wanted


Sales:Austin,Texas 24yrs equip leasing sales, vendor/direct, leasing high- tech to rolling stock. HP12C/17B. Small- Mid Ticket. Seeking Texas territory which can be covered from Austin home-base.


Sales: Atlanta, GA. Extensive experience, knowledge and success in the leasing industry covering several markets. Currently have a profitable book of business. Excellent sales skills and 19BII proficiency. email:


Sales: Atlanta, GA. Consistent top performer, results oriented with outstanding sourcing, structuring and negotiation skills. Direct& vendor development sales. Mid- market and above - Customers throughout Southeast.

Sales: Bakersfield, CA.

I have an extensive sales and management background in equipment leasing. My work history exhibits my major strength in small ticket equipment leasing. email:


Sales: Chicago, IL. Equipment leasing professional with 25+ years experience in sales, sales management and debt placement. Excellent communication skills, strong credit & financial understanding.


Sales: Chicago, IL. 12+ yrs multinational/ national sales & business development. Seeking role with captive lessor or global leasing company. Will relo right opportunity. Experience structuring complex transactions. email:


Sales: Denver, CO.

17 yr sales expr. in leasing sales (territory, NationalAccts., sales mgt) looking to bring experience to s sales/sales mgt role. Successful, accountable, ethical, aggressive, results.


Sales: Denver CO.

Experienced Equipment Leasing Broker looking for a in house leasing company. Can bring a book of business with me or develop new territory where needed. email:


Sales: Detroit, MI. 16-year lease veteran looking for opportunity in the Detroit area. Ability to bring on new accounts and manage existing base. Up to 60% travel acceptable.


Sales: Greensboro, N.C. Seeking direct & broker sales w/major finance companies in NC or southeast market. Small to mid- ticket range. Stable &family oriented. Will have series 6,63,65 license shortly.


Sales: Hartford, CT. 10+ yrs leasing sales exp.; multi-industry, small-large ticket, Direct, Vendor, and Captive exp. Seeking sales position with captive or independent company with equity investment capability. email:


Sales: Louisville, KY

I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and


Sales: Minneapolis, MN. 10+ yrs Equipment Leasing in Upper Midwest. Investment Grade Database. Previous vendor/small/middle market exp. Super Trump, 17B & account database exp. email:


Sales: Mission Viejo, CA

Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer


Sales: Orange County, CA. 20 yrs. in leasing. Skilled, persistent marketing rep. Great closer on deals from $100K to $5MM. Looking for middle market company.



Sales: Orange County, CA.

Skilled deal-closer at above-average rates. Entrepreneurial. Accomplished lease-structurer specializing in transportation. Exp. in direct/captive & syndicator environments servicing vendors, brokers, & end-users.


Sales: Central, NC.

7 yrs.equip leasing &finance; specialist in heavy construction equip for 2-top-5- specialty finance/lease companies, NC &VA territories. $10-15MM annual funding. Downsized in 2002, now independent broker with varied customer base. email:


Sales: Philadelphia , PA Seeking an open opportunity to advance in the automotive, commercial leasing & finance industry......... email:


Sales: Phoenix, AZ.

10+ years of leasing experience, currently in IT leasing, small/middle ticket, seeking direct lessor only, vendor/ direct business, 6 million in sales-2002.



Sales: Port St. Lucie, Southeast, FL.

Highly experience in middle market leasing sales. Consistent producer, strong credit, organizational and territory management skills. Seek position with bank related or captive organization.


Sales: Prairie Village, KS Have substantial deal flow and database of broker referral sources. Generated and closed over $22M LY. Seeking exclusive relationship w/direct founder.


Sales: St. Louis, MO

Proven equipment finance sales professional looking for a new challenge which rewards success. Equipment type and location open provided you want business.


Sales: San Bernardino, CA.

Account executive w/4 years exp. in small ticket &lower end middle market lease transactions, Outstanding ACT database compiled of over 500 vendors. Seeking a career driven position w/a reputable lessor email:


Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing.


Sales:Scottsdale, AZ.

19+ years in middle-market-leasing. Concentrations in Medical/Manufacturing/ IT& General in multiple geographic territories. Well versed in direct calling& closing efforts to C-Level& subordinate management.


Sales: Stuart, Fl. 17 years exp. leasing in small ticket and large ticket, portfolio management exp. along with sales management and administrative background, strong sales and marketing skills. email:


Sales: Tampa, FL. 27 years experience. Very adept in bank lease programs and direct sales in MM/LT. Looking to re- enter the industry. Will relocate to Texas. Hungry. email:


Complete 61 “Job Wanted” ads here:


posting is free for those seeking a leasing job:


Here are other places, some free, some fee: (available in many cities now, use scroll feature)



If you know of other sites for us to mention, please send and we will

share the information.





EAEL Down Eleven Members June to June


Eastern Association of Equipment Lessors had 202 members June, 2002.


Our six months plus numbers:

are as follows:

Lessors/ Brokers 127

Funding Sources 28

Service Providers 14

Attorneys 22


Total: 191


Alison Pryor, Executive Director




Eastern Association of Equipment Lessors

Eastern Association of Equipment Lessors

600 Mamaroneck Avenue

Harrison, NY 10528

P: 914-381-5830

F: 914-381-5829

Alison Pryor, Executive Director



At the end of 2002 the Eastern Association of Equipment Lessors

had 216 members.




The Eastern Association of Equipment Lessors is a trade association for

entrepreneurial leasing companies, banks, brokers and their services firms.

As of June 30 EAEL had 202 members:

132 Lessor/Broker

29 Funding Sources

18 Service Providers

23 Attorneys

Last June EAEL had 213 members, and the end of the year, 2001: 228 members.

This is not uncommon due the economic times, including mergers,

acquisitions, and failure of many large leasing companies.

EAEL is primarily a regional association with 67% in the Northeast (NY, NJ,

MA, CT), an additional 5% in PA and MD, and the remainder in 25 states and

Puerto Rico.

One important distinction in EAEL membership recruitment is that they do not solicit Brokers/ Lessors west of the Mississippi River.

Members share information, have a close bond, often join other leasing

associations in joint conferences.

There has been talk for years that this association would merge with

another, but there is a closeness among members that would be lost, and as

important, the membership dues overall are the lowest of the other three

leasing organization who would be their suitors.

ELA has not raised their membership dues:

$300.00 FULL MEMBERSHIP (less than 3 employees)

$600.00 FULL MEMBERSHIP (less than 50 Employees)

$800.00 FULL MEMBERSHIP (more than 50 Employees)

$800.00 FULL MEMBERSHIP (funding source)

$800.00 SERVICE MEMBERSHIP (attorneys, accountants, etc.)

Many of their members now belong to other leasing associations, as is common in the industry, especially for funders and those companies with business

across the United States.

All the major leasing associations, except for the Association of Government Finance and Leasing, lost members---two years in a row, yet a new leasing

association is “in formation” in Arizona and there is rumblings of a new

one in California from a group that meets annually in San Francisco.




Two More Commercial Finance Service Execs Arrested


Two former executives of collapsed credit company Commercial Financial Services were arrested for defrauding investors and laundering money. Investors lost more than $1 billion when the company folded in 1999.


38 year old former investment relations director Gertrude Ann Brady faces 13 count. 49 year old former business development director Jimmy Bruce Hadden 10 charges of conspiracy, fraud and money laundering. They are both accused of falsely inflating the company's financial performance.


If convicted, Brady could receive up to a maximum of 195 years in prison, fines of up to twice the victims' losses and five years probation. Hadden faces up to a maximum of 135 years in prison plus the fines and probation.


Commercial Financial Services, which originally employed 3,900 workers in Tulsa and Oklahoma City, bought long-overdue accounts from credit card companies, then turned around and sold bonds based on its ability to collect those debts. The company had more than $2 billion in bonds, resulting in a profit of more than $750 million, according to the indictment. The company filed for bankruptcy in December 1998 and closed in June 1999.


Commercial Financial Services founder and chief executive 54 year old Bill Bartmann's was arrested last December 10. He faces 57 counts of conspiracy, fraud and money laundering. The government is also seeking forfeiture of $129.6 million he allegedly received through defrauding CFS investors. He has pleaded innocent.


Former CFS executive vice president Jay Lowell Jones was sentenced in May by a federal judge to five years in prison and ordered to pay $1.1 billion restitution.


Bartmann, Brady and Hadden are accused of setting up a bogus corporation, Dimat Inc., to secretly purchase credit card debt that Commercial Financial Services was unable to collect.


The alleged bogus sales to Dimat enabled the company to report a higher collection rate.





Originator supply, convexity sell off cheapens mortgages




Mortgages were slammed last week on the sell off, magnified by convexity-related selling from mortgage participants. Since Friday, July 11, the 10-year yield has backed up 35 basis points as of mid-day Thursday. At the same time, the increase in yields caused an avalanche of originator supply totaling more than $15 billion over the first half of the week. This was double the previous week’s level.


The increased market volatility and supply kept investors at the sidelines for most of the week. Institutional accounts started to appear late Wednesday to take advantage of the cheaper price levels. As a result, spreads widened about eight basis points on 30-year Fannie Mae 5s through 6s. Meanwhile, 15-year widening was limited for 4.5s and 5.5s, but similar for 5s.


In comments from RBS Greenwich Capital, analysts note that while the relative value of passthroughs is compelling, it may be wiser to wait for further weakness, as "cheap securities can get cheaper before they richen." Longer term, the sector remains favorable. As one trader noted, Chairman Alan Greenspan’s suggestion that the Fed intends to keep interest rates low for some time makes mortgages attractive, although directional.


In addition, the sector is still benefiting from technicals. According to JPMorgan Securities, July should be the highest prepayment month on record with nearly $200 billion in fixed-rate pay downs. Analysts argued that reinvestment dollars should be substantial, but there is a very real risk of a rate whipsaw due to high duration demand and declining MBS supply.


This latest sell off brought extension risk to the front burner (see related story on p.15). According to Lehman Brothers, the duration of the MBS market has extended by nearly $300 billion in 10-year equivalents. Another 50 basis point sell off will extend the market by an additional $330 billion in 10 years, calculates Lehman. An increase in rates to levels where less than 60% of the mortgage market is refinanceable will result in sharp extension risk, says the firm. At this time, Citigroup estimates that 60% of the mortgage universe is still refinanceable.


Mortgage applications mixed


For the week ending July 11, mortgage applications were down just slightly, according to the Mortgage Bankers Association (MBA). On a seasonally adjusted basis, the Purchase Index rose 8% to 447, while the Refi Index was down 1.6% to 6657. Analysts had expected the Refi Index to report in at the low-6000 area. On an unadjusted basis, the Purchase Index gained 23% and the Refi Index surged 35%. Citigroup suggests that the reason for the small decline in the Refi Index is that the MBA underestimated the strength of the holiday-related slowdown during the Fourth of July week.


As a percentage of total applications, refinancings were 70.1% versus 72.1% in the previous report. The ARM share rose to 15.4% to 13.6% as rates increased.


Of note in application activity, says Citigroup, is that the government index has grown faster — or decreased more slowly than the conventional index — over the past couple of months. This suggests that Ginnie Mae speeds may experience larger increases versus conventionals in July. This is supported by UBS Warburg, which calculates that speeds on 2002 GNMA 5.5s will increase 38% to 49% CPR and 6s will rise 22% to 67% CPR. Meanwhile, 2002 5.5% and 6% Fannies are predicted to increase 31% and 16%, respectively, to 36% and 71% CPR.


Mortgage rates increase more than expected


Freddie Mac reported a 15-basis point jump in fixed-rate mortgage rates for the week ending July 18. The 30-year fixed-rate mortgage rate reported in at 5.67% versus expectations of 5.55% to 5.60%. The 15-year fixed mortgage rate increased to 5.00% from 4.85%. Finally, the one-year ARM rate rose just three basis points to 3.58%.


Looking ahead to this week’s MBA report, Lehman expects the Refi Index to fall 15% to 20% due to the increase in mortgage rates.


The impact of higher rates is not expected to hit prepayments until the September report. Right now, Lehman predicts September speeds on 30-year Fannie Maes to be at or near June’s levels. The table shows their current expectations regarding prepayments for certain coupons and vintages.


Second-half outlook for CMBS


The CMBS sector has continued to benefit from strong technicals, which have moved spreads to record tight levels — 35 basis points over swaps for 10-year triple- A tranches, according to Credit Suisse First Boston. Lehman says that despite the strong run so far this year, it maintains a mild overweight recommendation for the sector. Furthermore, Lehman expects demand to remain strong in the second half of this year. As for issuance, CSFB expects domestic supply to be around $70 billion this year, up from $60 billion in 2002.


Within the CMBS sector, Lehman recommends a mild overweight to triple tranches. They predict that a strong bid for the sector will prevent significant spread widening. Regarding mezzanine classes, they recommend a mild underweight on concerns that new issue credit spreads are poised to widen. In addition, they believe there is increasing risk of downgrades on seasoned bonds.


Versus other sectors, Lehman recommends investors underweight mezzanine CMBS versus corporates, and to overweight triple-A current payers versus agency debentures. Finally, they are neutral relative to MBS.


For the first six months of the year, domestic issuance totaled $40 billion, according to CSFB. They note that CMBS conduits in 2003 represented 58% of the market, floating-rate deals 17% and single-borrower transactions 7%. One of the more significant shifts in the sector, says CSFB, is the increase in fusion deals. These deals comprised 95% in 2003 versus 83% in 2002 and 68% in 2001.


Also of note has been the increase in the concentration of top 10 loans in conduits: 43.3% versus 37.9% in 2002. Aside from this, triple-A subordination levels also continue to decline. In 2003, it has averaged 16.9% versus 28.8% in 1998.


As stated above, current triple-A 10-year CMBS spreads are at their tightest level at 35 basis points over swaps. Meanwhile, double-A and triple-B spreads are at post-1998 tights, says CSFB, while single-A spreads are at their all-time tights of 49 basis points over swaps. On the other hand, triple-B minus spreads are wider than tights of 2002, 2000, and 1998.


As for the CMBS credit curve, CSFB says that the AAA/BBB credit curve has tightened 28 basis points since the end of 2002, and is just five basis points wider than its record 1998 tight of 55 basis points. In comparison, the BBB/BBB- gap has moved to 55 basis points from 40 basis points, the widest move since 1999. — Sally A. Runyan/MortgageData




Trustees Seek to Reinforce Loan Servicing




Some residential lenders may soon join the growing number of asset-backed issuers that are adding an extra layer of servicing to their deals as soon as they price.


Seeking to immediately offset the risk that the master servicers for their home-equity-loan and subprime-mortgage securitizations will fail, issuers, investment banks and trustees are in the early stages of determining the cost of adding "backup" servicers that could step in if a master servicer must be replaced. In most cases, the trustees would be responsible for hiring the backup servicers.


In the past, trustees haven't hired backup servicers until the master servicers ran into trouble. But as the rating agencies place added scrutiny on servicers - and servicing-related problems with several failed deals draw the attention of market players - trustees have become interested in adding backup servicers right off the bat. And they're asking the backups to be more active, working alongside the trustees and master servicers to monitor the performance of their deals' collateral all along.


A major catalyst in the trend has been the nervousness resulting from an investigation by the Federal Trade Commission and the U.S. Department of Housing and Urban Development's internal auditor into the practices of Fairbanks Capital, a major servicer of securitized home-equity loans and subprime mortgages. When S&P downgraded Fairbanks' servicer rating in May, it disqualified the company from acting as primary servicer unless an active backup is in place.


The most-obvious candidates for backup servicers among mortgage-related deals are offerings from low-rated or undercapitalized institutions, and those collateralized by subprime credits.


Backup servicers would also be desirable for issues involving loans from multiple institutions. In most cases, the various servicers for those deals hand over all servicing rights to the institution sponsoring the offering.


Master servicers oversee primary servicers, manage portfolios and - if necessary - step in as primary servicer if the original one fails to meet its responsibilities. Primary servicers handle payment collections and loan reporting. In some cases, there is no primary servicer, in which case those responsibilities are handled directly by the master servicer.


Backup servicers have become increasingly popular in other asset classes since the beginning of the year, although they still only work on a small number of issues. Industry participants believe that the presence of backup servicers can avert troubles arising from servicing transfers, fraud and insufficient reserves - and they point to deals by Heilig-Meyers, NextCard, National Century and Conseco as cases where a backup servicer could have helped. Before the issuers ran into trouble, the trustees for May offerings from medical-equipment lessor DVI Financial and subprime auto lender WFS Financial hired backup servicers for the companies' new securitizations for the first time. Several others are expected to follow suit.


Case in point: Officials at Portfolio Financial Servicing and Systems & Services Technologies, a unit of J.P. Morgan Chase, report that they have been snagging large numbers of backup servicing assignments - and that the mandates are coming as soon as deals hit the market. "We've been signed onto 20 deals during the past three or four months. Everyone wants [a backup servicer] now," said Jerry Hudspeth, president of Portfolio Financial.


For trustees, the trend could favor players with affiliated servicers, such as Wells Fargo and J.P. Morgan, since they could refer business to those units. Others are thinking about buying or setting up servicing arms.


As for issuers and underwriters of mortgage-related deals, much of the talk so far has revolved around structuring transactions to include payments for backup servicers. John Pennington, MBS product manager for Deutsche Bank's trustee unit, said that's been a real challenge, since an increasing number of issuers have been repackaging their deals' excess cashflows into net-interest-margin securitizations.


While other types of lenders extract servicing fees from their excess spreads, issuers of home-equity and subprime-mortgage bonds could end up paying their backup servicers upfront. That could cause the deals' pricing to shift, Pennington said. Backup servicers typically receive $1,000 to $3,000 per month, plus a one-time charge of $2,000 to $15,000 for transferring the collateral data. There are additional charges if they have to take over for the master services.


Officials at Moody's and Fitch said the presence of backup servicers would be encouraging, but that it wouldn't completely alleviate their concerns about various problems facing the market.




Decision Systems Bidding---Up-Date


Here is the latest posting from the London Stock Exchange


Twins Acquisition, Inc.


Recommended Increased Cash Offer by Twins Acquisition, Inc and (outside the United States) by Rothschild on its behalf to acquire IDS Group plc

Twins announces that the Increased Offer Document and the Revised Form of Acceptance, in respect of the Increased Offer of 27 pence for each IDS Share announced on 10 July 2003, was posted yesterday to IDS Shareholders and, for information only, to participants in the IDS Share Option Schemes.

The first closing date of the Increased Offer is 3.00 p.m. (London time) or 10.00 a.m. (New York City time) on 5 August 2003.

As at 3.00 p.m. (London time) and 10.00 a.m. (New York City time) on 18 July 2003, being the last business day prior to the date of the Increased Offer Document, valid acceptances had been received in respect of, in aggregate, 164,139 IDS Shares, representing approximately 0.29 per cent. of the issued IDS Shares.

Prior to the announcement of the Original Offer on 26 June 2003, Twins received irrevocable undertakings to accept, or procure the acceptance of, the Original Offer from James Horstmann and James Meinen in respect of, in aggregate, 149,000 IDS Shares, representing approximately 0.26 per cent. of the issued IDS Shares. These undertakings will remain binding even in the event of a competing offer being made for IDS. Valid acceptances have been received in respect of the 149,000 IDS Shares subject to these irrevocable undertakings and are included in the total number of valid acceptances referred to above.

On 10 July 2003,Twins received irrevocable undertakings to accept, or procure the acceptance of, the Increased Offer from John Borchers, Sarah Borchers and Oldswood Farm Limited Partnership, acting through Richard Borchers as General Partner, in respect of, in aggregate, 6,097,049 IDS Shares, representing approximately 10.72 per cent. of the issued IDS Shares. These irrevocable undertakings cease to be binding in the event a third party succeeds in acquiring more than 50.1 per cent. of the issued IDS Shares, where that party has made a higher offer for IDS and Twins does not make a further offer which is higher than such third party offer.

On 18 July 2003, being the last business day prior to the date of the Increased Offer Document, Twins owned 16,853,138 IDS Shares, representing approximately 29.64 per cent. of the issued IDS Shares.

Accordingly, Twins currently owns or has received irrevocable undertakings to accept, or procure the acceptance of, the Increased Offer or has received acceptances under the Original Offer in respect of, in aggregate, 23,114,326 IDS Shares, representing approximately 40.65 per cent. of the issued IDS Shares.

Prior to the Offer Period, Twins held no IDS Shares.




June: U.S. Housing Starts Continue Strong –


From: Al Schuler, U.S. Department of Agriculture


( Prediction from Economist: Housing to remain strong through 2003,

due primarily to low interest rates.)



June starts surprised some analysts by the size of the increase: starts were up 3.7 % to 1.803 million (SAAR) while single family (SF) was up a strong 5.3% to a very respectable 1.462 million (SAAR). The more volatile multi family (MF) sector fell 2.6% to .341 million (SAAR). Permits, an indicator of future activity, were up 0.8% to 1.82 million (SAAR). Regionally, all areas gained except the Midwest which fell less than 1%.


Analysis and outlook: The housing sector remains very strong, thanks to the lowest mortgage rates in 41 years and solid house price performance as noted by NAHB. In both SF and MF, the year to date pace is ahead of last year’s stellar performance.


The consensus-housing outlook for 2003 is about 1.70 million starts, with1.35 million, or almost 80 per cent being single-family units. The multi-family sector isn’t expected to improve this year, primarily because affordability and therefore, demand for single-family homes is so strong.


As I mentioned in last month’s report, the main concern going forward, is the weak job market. The unemployment rate has inched up to 6.4%, and it could go higher before improving. Since the beginning of the recovery (January 2002), 620,000 jobs have been lost, including 236,000 this year. Most analysts expect the economy to rebound in the 2nd half of this year and carry forward through 2004. But, that won’t happen in earnest until the job market improves, and corporate America won’t start hiring until existing capacity is better utilized (currently below 75%), and profits strengthen.


Housing is the main pillar supporting the economy today, and the question is – how much longer can it last? According to Dr. Belsky, Joint Center for Housing Studies at Harvard University, demographic support for housing demand (e.g. household formation) is about 1.77 million units annually for this decade, including manufactured homes (Hud code). The rate for the past 12 months has averaged 1.72 million conventional starts plus .15 million manufactured home shipments for a total of 1.87 million, or 100,000 units above sustainable demand. The bottom line is that housing can’t continue at the current pace, and eventually starts will trend down toward more sustainable levels. That may not happen for awhile longer, but sooner or later, it will. As the economy improves, interest rates will trend upward, and this will act as a minor drag on housing. After all is said and done, 2003 should turn out to be another record year for housing, but we should expect the housing sector to pull back some in 2004.













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


Loan Delinquencies Continue to Rise through 2nd Quarter


Fitch Ratings-New York-: The dollar balance of U.S. loans 60-or-more-days delinquent in 380 Fitch-rated transactions increased from $2.8 billion to almost $3.4 billion in the second quarter of 2003, bringing the Fitch Loan Delinquency Index to 1.62%. The Index was 1.39% at the end of the first quarter 2003. Fitch expects the Loan Delinquency Index to reach 2% by year end and to continue to rise in the first half of 2004.


Increased delinquencies occurred on loans in all major property types except retail. The delinquent balance on retail loans declined by 6%, to $724 million, down from $764 million at the end of first-quarter 2003.


'While delinquent hotel and retail loans continue to dominate the Index, making up 60% of the total delinquent balance, there have been substantial increases in the delinquent balances of office, industrial, and multifamily loans over the past three months,' said Mary O'Rourke, Senior Director, Fitch Ratings.


'Fitch expects loans secured by office and industrial properties to continue to demonstrate higher delinquency rates than they have experienced historically, while anticipating delinquencies in the retail sector will continue to level off over the remainder of the year unless there is another spate of large chain-store bankruptcies.'


The delinquent office loan balance grew by 42% between first and second quarters, and the industrial loan delinquent balance increased by 54%. With both of those property types continuing to experience the effects of falling rents and increasing vacancies, Fitch expects to see the delinquency balances in those categories to continue to rise through the remainder of 2003 and into mid-year 2004. Although Fitch expects the delinquency balance in multifamily loans to rise, it anticipates a less dramatic increase than is currently being witnessed in the office and industrial sectors.


The delinquent balance of hotel loans increased by 27% over the second quarter and now stands at $1.27 billion, up from $1 billion at the end of 2003 first quarter. Regarding hotel loans, O'Rourke noted that, 'hotel properties typically experience their peak occupancy during the summer months, so delinquencies in loans in that property sector should hold steady through third quarter, and barring any significant national or global events that negatively impact travel, hotel delinquencies could show some improvement by year end.'


The Fitch Loan Delinquency Index is calculated on the balance of loans 60 or more days delinquent, and includes properties in foreclosure and real estate owned, in 380 Fitch-rated transactions.


Contact: Mary O'Rourke +1-212-908-0711, New York.



### Press Releases ############################################



Alliance Financial Reports 64% Increase in Second Quarter Net Income



Alliance Financial Corporation (Nasdaq: ALNC), parent of Alliance Bank, N.A., reported net income for the quarter ended June 30, 2003 increased 64% to $2.8 million and diluted earnings per share increased 57% to $0.77 per share compared with the same period in 2002. Net income for the first six months of 2003 increased 35% and diluted earnings per share were up 33% year over year.


Earnings for the second quarter were positively impacted by the sale of the Whitney Point, N.Y. branch and the premium paid for the deposits, which were

included as a part of the sale. Excluding the gain associated with the sale of this branch, net income for the second quarter of 2003 rose 8.2%, and diluted

earnings per share were up 4.1% over the same period in the prior year.


The Company also reported that its return on average assets for the second quarter 2003 increased to 1.43% compared with 0.91% for the second quarter 2002,

while its return on average equity rose to 17.06% compared with 12.31% for the comparable periods. Excluding the gain on the branch sale, the return on average assets was 0.94% and the return on average equity was 11.23% for the quarter ended June 30, 2003.


Jack H. Webb, Chairman and CEO of Alliance Financial Corporation stated, "Our continued growth and profitable performance, in a less than favorableinterest rate climate and uncertain economy, are reflections of adherence to our strategic plan. The sale of the bank's Whitney Point branch signals

commencement of a new phase in our expansion plans that will target contiguous markets where we perceive attractive opportunities for further growth."

Year over year second quarter 2003 net interest income declined less than 1%, to $6.7 million as a consequence of a 3.6% increase in average earning assets, generating revenue that nearly offset the negative impact resulting from a 13 basis point decline in the net interest margin. The increase in average earning assets resulted as average loans grew at an 8.5% rate over the prior year second quarter. A decline of 63 basis points in overall asset yields, chiefly attributable to an increase in mortgage loan refinancings at lower market rates, contrasted with a 54-basis point decline in the average rate paid on interest bearing liabilities.


The Bank increased its provision for loan loss expense in the second quarter of 2003, expensing $608 thousand, compared with $534 thousand in the second quarter of 2002. The increase supported both growth and changes in qualitative factors in the loan portfolio. The 2003 second quarter provision expense, however, declined by $345 thousand, or 36%, compared to last quarter. For the quarter ended June 30, 2003, net loan charge-offs, as a percentage of average

annualized loans, were 0.29% and comparable with those reported for both the first quarter of 2003 as well as second quarter 2002. At June 30, 2003, theratio of non-performing loans to total loans was 1.22%, up from a year earlier, but down from 1.33% at the end of the previous quarter.


Non-interest income for the 2003 second quarter, more than doubled compared with the second quarter of 2002, with the significant increase reflecting the sale of the Whitney Point branch. Excluding this one-time event, non-interest income was up 21.6%, the result of increased security gains and growth in-service charge income. Non-interest expense for the comparable periods increased less than 1%, reflecting the Bank's focus on expense management.


As of June 30, 2003, total assets were $781.1 million, increasing $22 million, or 2.9%, compared with June 30, 2002. The growth in assets over the past 12 months reflects a $32.3 million, or 7.9%, increase in loans, partially offset by a reduction of $15.2 million, or 5%, in the investment portfolio. For the comparable periods, the majority of the growth in loans was reported in the

residential mortgage and indirect auto loan portfolios. During the quarter ended June 30, 2003, loan portfolio growth continued at a strong pace as total loans increased $17.7 million, or 4.2%. The portfolio growth during the quarter was driven by increases in residential mortgage, commercial, indirect auto, and home equity loan originations. Strong residential mortgage loan originations during the quarter also resulted in sales of $2.3 million to the secondary market. At

June 30, 2003, deposits of $542.6 million were down compared with a year ago, reflecting the sale of the Whitney Point branch deposits. Excluding deposits

associated with the branch sale, total deposits increased 3.2%. Borrowings of $159.4 million at June 30, 2003 were up 7.4% when compared to June 30, 2002.


Shareholders' equity at June 30, 2003 was $67.2 million, or 8.6% of assets, compared with $58.2 million, or 7.7% of assets on the same date the prior year.

An increase of $9 million, or 15.5%, in shareholders' equity over the past 12 months reflects the addition of net income after payment of dividends, proceeds

from the issuance of common stock, and increases in the market value of the Bank 's investment portfolio. On June 12, 2003, the Company declared its regular

quarterly dividend of $0.21 per share. The dividend was paid on July 10, 2003.


For a copy of this release including second quarter 2003 performance highlights and supporting financial information, please refer to the "Press

Releases" section of the "Investor Information" module on the Company's website at


Alliance Financial Corporation is an independent bank holding company with one subsidiary, Alliance Bank, N.A., that provides banking, commercial leasing, trust and investment services through 18 office locations in Central New York.




David P. Kershaw

Executive Vice President & Chief Financial Officer

(315) 475-4478


Joseph M. Russo

Vice President

Marketing and Investor Relations

(315) 475-6710



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


GE Commercial Equipment Financing Provides More Coverage and Customer Service with Addition of Two New Transaction Managers to Cover 25 States


GE Commercial Equipment Financing (CEF) is pleased to announce that Theresa Provencher and Matthew Fitzgerald have joined the GE CEF Third Party Originations (TPO) team as Vice Presidents and Senior Transaction Managers. Provencher and Fitzgerald will each be responsible for generating transactions for companies with sales of greater than $200 million from financial intermediaries.


GE CEF TPO focuses on buying equipment lease and loan transactions ranging in size from $500M to $25MM from financial intermediaries throughout the United States. Last Year, GE CEF TPO purchased over $1 billion in transactions, and is currently working to expand its coverage, and grow existing relationships and develop new ones.


Provencher will be responsible for business in 14 states: Alaska, Idaho, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North and South Dakota, Washington, Wisconsin, and Wyoming.

Fitzgerald will be responsible for business in 11 states: Arkansas, Indiana, Kentucky, Louisiana, Michigan, Mississippi, Ohio, Oklahoma, Pennsylvania, Texas, and West Virginia.


Provencher was most recently with NorLease, Inc. in Chicago where she was a Relationship Manager for five years. Prior to that, Provencher worked for Comdisco, Inc. for eight years, ultimately holding the position of Director of Lease Syndications. She holds a Bachelor of Science degree from the University of Illinois and a Master of Business Administration from Loyola University of Chicago.


Fitzgerald joins GE CEF Third Party Originations from Key Equipment Finance where he was a Relationship Manager since 1996. Fitzgerald has over 20 years experience in the leasing industry, having worked for Leaseway Transportation Corporation, Fleet Credit Corporation (now known as Fleet Capital Leasing), and US Bancorp. Fitzgerald holds a Bachelor of Arts degree from Siena College in Loudonville, New York.


About GE Commercial Equipment Financing:

Third Party Origination is part of GE Commercial Equipment Financing, a unit of GE Commercial Finance. For more information, visit GE (NYSE: GE) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE can be found at



### Press Release ###################################### Brings Leasing to the Used Car Online Marketplace



CINCINNATI,- Automobile Consumer Services, Inc. (ACS), an innovator in online, direct-to-consumer auto leasing, has launched . The website is an exclusive online marketplace for late-model, used vehicles that are available for purchase, finance or lease.


There are a number of websites out there selling used cars, but this site distinguishes itself in its all-in-one-package approach to leasing.


"This is a tremendous new opportunity for consumers seeking to lease a late-model vehicle," says Tarry Shebesta, president of ACS. "Without leaving their home or office, individuals can research price, options, and availability of pre-owned cars and arrange a competitively priced lease designed to fit their needs."


The process begins when private owners, dealers, and even lenders with cars coming-off-lease are invited to offer their vehicles for sale through There is no charge for listing vehicles and all of the sale information, including pictures, can be quickly entered through the website.


Shoppers visiting the site are immediately greeted with a number of recent listings and their specific lease or financing payments if they were to select that vehicle. Consumers with a specific car in mind can quickly search available "inventory" with multiple search options such as price range, mileage, year and distance from their location.


After a vehicle's details have been reviewed and a selection made, the consumer has a number of options. They may choose to contact the seller directly and arrange a deal. They may also choose to explore the costs of financing or leasing directly from the website. The consumer can apply the details of a particular car to an instant quote system that will calculate actual finance or lease payments. The specifics of each offer are provided for comparison.


When a shopper finds an appealing finance or lease deal on, they can initiate the process by applying for credit online. Once credit is approved, ACS facilitates the entire transaction.


"Many visitors to the site do choose the lease option," notes Shebesta. "When customers realize how much lower lease payments are, they find the decision to lease an easy one. A luxury vehicle lease payment can be hundreds of dollars less a month than a comparable loan payment."


About Automobile Consumer Services, Inc. ( )


Based in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading provider of consumer automotive services, including car buying and leasing, fleet resources, vehicle remarketing, and used vehicle sales.


Founded in 1989, ACS's mission is to provide services that enhance the experience of buying or leasing a car. ACS achieves this by leading the industry with innovative proprietary technology, superior customer service, and years of industry experience.


Web site:



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


GMAC CF Adds Two to Equipment Finance Division



GMAC Commercial Finance (GMAC CF -, part of General Motors Acceptance (GMAC) since 1999, announces that Thomas Fortunato and Peter Holloway have recently joined the company's Equipment Finance Division, Technology Finance Solutions group (TFSG) in their New York office.


The Technology Finance Solutions group will specialize in funding IT hardware, software and services. Transaction sizes will typically be from $1 million to $50 million and will be sourced through vendors in the technology sector.


Fortunato joins GMAC CF as a senior vice president and co-managing director of TFSG. With over 18 years of experience in the leasing industry, Fortunato most recently served at DrKW Finance Inc. as a member of the board of directors, head of operations and finance and held various directors positions on both the buy and sell sides. Previous to his work at DrKW Finance, Inc., Fortunato served as CFO for JWP Credit Corporation preceded by over five years with Citicorp of North America.


Holloway joins GMAC CF as a senior vice president and co-managing director of TFSG. With over 17 years of experience in the leasing industry, Holloway has held senior positions in Europe and the US. Previously president of DrKW Finance Inc., he was responsible for delivering 75 percent annual compound profit growth from 1999 to 2002.



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

Fleet Treasurer Douglas Jacobs Retires, Joseph R. Dewhirst Named Treasurer


Douglas L. Jacobs, executive vice president and treasurer of FleetBoston Financial, announced today that he will retire from the corporation at the end of the current quarter. Joseph R. Dewhirst, currently head of Asset/Liability Management (ALM), will succeed Jacobs as treasurer of the corporation.


As treasurer, Jacobs has been responsible for all balance sheet management activities, including Fleet's debt, capital, securities, derivatives, and residential mortgage portfolios, as well as asset/liability management. He also oversaw Fleet's Fixed Income Group, which specializes in short term securities

sales to commercial customers.


Dewhirst, a 21-year veteran of the Treasury Group at Fleet and its predecessor banks, has managed the Treasury ALM unit at Fleet since 1996. Prior to this position, he managed Fleet's portfolio of investment securities and

swaps. Before joining Fleet in 1993, Dewhirst worked for 11 years at Bank of Boston, first in money market trading and interest rate derivatives groups, and

later in asset-liability and portfolio management.


"Joe's vast knowledge and experience, both in the industry and with this institution, qualify him well to succeed Doug as treasurer. We look forward to a

smooth transition and to continued strong leadership in our Treasury Group," said H. Jay Sarles, chief administrative officer of FleetBoston Financial.


Sarles continued, "Doug has been a tremendous asset to Fleet. He has been instrumental in transforming our treasury-related businesses, effectively

managing our balance sheet risks while contributing strongly to the bottom line. The company has benefited greatly from his thoughtful leadership in this area.

We wish him well as he retires, and are confident that the transition of our Treasury activities to Joe will be seamless."


Jacobs has served as treasurer of Fleet since 1998. Prior to his appointment as treasurer, Jacobs served in a variety of roles at Fleet, including senior

vice president in charge of secondary marketing at Fleet Mortgage Group. From 1972 until 1988, he worked at Citibank, N.A. in corporate lending and investment

banking positions, most recently as division executive of Citicorp Investment Bank, where he was responsible for the development and oversight of the mortgage-backed securities division.


FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $197 billion. The company's principal businesses,

Personal Financial Services and Commercial Financial Services, offer a comprehensive array of innovative financial solutions to 20 million customers.

Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and

consumer lending services. These services are available through approximately 1,500 branches and more than 3,500 ATMs in the Northeast; through Fleet HomeLink(SM) online banking, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Commercial

Financial Services division provides commercial lending, syndications, capital raising and advisory, leasing, cash management, asset-based finance, foreign

exchange and interest rate derivatives to clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF)

and the Boston Stock Exchange (BSE: FBF).




John A. Kahwaty

Phone Number: (617) 434-3650



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


California Settles Score with Microsoft... Coupons


By Susan Kuchinskas


The State of California won its antitrust suit against Microsoft (Quote, Company Info). Now, the payoff: coupons good for cash off on still more hardware and software.


California consumers' four-year-old class action suit against Microsoft came to a close on Friday, when the San Francisco Superior Court granted preliminary approval of the settlement.


Starting today, Californians can call a toll-free number to file their claims and request vouchers worth from $5 to $29. Consumers and businesses that bought Microsoft software for use in California between February 1995 and December 2001 can apply for refund vouchers. The catch is, the vouchers can only be used to buy hardware or software -- from Microsoft or from competing vendors. The settlement could cost Redmond, Wash.-based Microsoft up to $1.1 billion.


This may seem like a huge settlement, but to Microsoft, it's just a scratch, according to UC Berkeley law professor Aaron Edlin. That's because the payout is in the form of coupons, not cash. Edlin pointed out that Microsoft could simply mark up its products a bit to make up the difference.


"Does that make the $10 coupon really equivalent to a $10 cash settlement? The answer is still no," Edlin said in a January opinion piece.


For example, if a California consumer used a $10 coupon to buy a Microsoft product that had been marked up an additional $3, he actually saved only $7. Meanwhile, that other $7 is more than made up for by the $3 markup on sales to consumers in other states who didn't get rebate coupons.


Furthermore, although the coupons are good for any manufacturer's hardware or software, Edlin said, because Microsoft dominates software and operating systems, almost any purchase kicks in something to its bottom line. Meanwhile, what little Microsoft does pay will end up in the pockets of other vendors -- not consumers.


"Remember that Microsoft has a monopoly of operating systems and a huge fraction of Office Suites. As a result, many customers will choose to use their coupon with Microsoft after all," Edlin said.


The effect, Edlin said, will most likely be to raise prices to non-Californians. What about making the attorneys take their fees in the same coupons their clients had to settle for? Not a chance. The lawyers will get cash.


Two-thirds of the amount not claimed will be donated to 4,700 of California schools, according to legal counsel who worked the case. Microsoft would keep the remaining third of any unclaimed portion.


Microsoft had previously proposed a nationwide settlement of the class-action lawsuits that was rejected by a judge in Baltimore a year ago. Microsoft still faces smaller claims that it overcharged consumers in Massachusetts.




This Day in American History


    1587-The second English colony established on Roanoke Island off North Carolina. The Roanoke Island Colony, sponsored by sir Walter Raleigh, was established on Roanoke Island, off the northeast coast of what is now North Carolina, under the leadership of Sir Richard Grenville and Sir Ralph Lane. the settlers fared badly and returned to England in June of 1586. In 1587, Raleigh sent out another group under John White, consisting of 117 men, women and

children, who landed this day. White returned to England for supplies, but was unable to get back to Roanoke until August 17, 1590, three years later. He found all the colonists gone; the only clue to their fate was the word Croton carved on a

tree. The meaning of this remains unexplained and no trace was ever found of the settlers. Whether they met their fate by Indians, a cold Winter, lack of food,

or disease is not known.

    1620- A small congregation of English Separatists, led by John Robinson, began their emigration to the New World. Today, this historic group of religious refugees has come to be known as the 'Pilgrims.' Pastor John Robinson was the last face the Pilgrims saw as their ship left for the New World. He never made it to America, but this one man is credited with planting a single word — independence

    1667- New Netherland was ceded to England by the Dutch by the Peace of Breda, which ended the second Anglo-Dutch War (1665-1667). The British had

captured Fort Amsterdam and divided the territory into New Jersey and New York. Colonization was slow and the territory was re-organized in 1674.

    1724 The Alamo, to become famous as the site of a great battle of the war for Texan independence in 1836, was constructed at about this time as a Franciscan


    1796-Surveyors commissioned by General Moses Cleaveland (sic.) completed the plan for the town of Cleaveland (sic.), Ohio. ( lower half of: )

    1860- Mother Marie Joseph Butler - Irish-born Roman Catholic American nun. As the Mother General of the Congregation of the Sacred Heat of Mary, she began the Marymount school system. She opened 14 schools in the United States, three of which became colleges

    1861-An intention to issue an Emancipation Proclamation was announced by President Lincoln to his Cabinet. He read the entire proclamation. He wanted

to issued it the same day as strictly military effort to cripple Confederate manpower. His Cabinet persuaded him to wait as it was not good political

timing, both because the Union was not doing well in the war, and many

politicians were questioning the cause. Lincoln argued it needed to

be done soon, but was persuaded to wait for a more favorable military situation to avoid the appearance of “desperation.”

    1864- The Battle of Atlanta, GA. Young General John Bell Hood attacks General William Tecumseh Sherman, resulting in terrible loses for the Confederate Army; Estimated casualties: 12,140 (3,641 Union, 8,499 Confederate)

    1872-birthday of Tom “Boss” Pendergast, St. Joseph, MO\

    1882-birthday of painter Edward Hopper, Nyack, NY.

    1888-brithday detective novelist Raymond Chandler

    1890- Rose Kennedy Birthday. If you travel to Boston, be sure to see the

Italian section and where she grew up. Rose Kennedy became the epitome of a stalwart woman who maintained her dignity while her wealthy husband openly flaunted his many adulteries and somehow maintained her composure when three of her four sons were killed, her other son caused the death of a young woman, and a daughter proved to be mentally limited.

    1890- the observation “Everybody talks about the weather, but nobody does anything about it” was written by editor Charles Dudley Warner in the Hartford

Courant., The remark has wrongly attributed to his Hartford friend Mark Twain.

1893-birthday of Karl Menniger, American psychiatrist, born at Topeka, KS. Along with his father and brother, he founded the Menniger Clinic and Foundation at Topeka in the 1920s. He died July 18, 19990, at Topeka.

    1899-birthday of sculptor Alexander Calder.

    1906-Birthday of Writer and pilot Anne Morrow Lindbergh, Englewood, New Jersey. Lindbergh attended Smith College, where her writing won several coveted literary awards. At age 23, she married celebrated aviator Charles Lindbergh, who had made the first transatlantic solo flight in 1927. The couple flew frequently, and she became the first woman to receive a glider pilot's license. She got her airplane pilot's license in 1931 and published several books about her experiences, including North to the Orient (1935), about the couple's flight over Canada and Alaska to Asia. The couple's infant son was kidnapped for ransom in 1932, which led to his death. The tragedy affected the entire nation.

In 1934, she became the first woman to win the National Geographic Society Hubbard Gold Medal. Her 1944 book, “Gift from the Sea” became a bestseller and was reissued in a special anniversary edition 25 years after its publication.

    1908- Amy Vanderbilt birthday- U.S. author. AV wrote Vanderbilt's Complete Book of Etiquette that took a more modern approach to manners and etiquette than did Emily Post.

    1915-birthday of trumpet player/singer Taps Miller, Indianapolis, IN

    1916-A bombing in San Francisco during a Preparedness Day parade killed 10 persons and wounded 40. In 1917 labor leader Tom Mooney was sentenced to hang and Warren K. Billings was sentenced to life imprisonment for the dead. President Wilson commuted Mooney’s sentence to life imprisonment in 118, but because of confessions of perjured testimony at the trial, the case was an international cause celebre for many years. On January 8, 1939, Governor Culbert L. Olson of California pardoned Mooney. Billings was released a later in the year.

    1924- singer Margaret Whiting was born in Detroit. Her father was the famous songwriter Richard Whiting. She began her career in the early 1940's singing with the bands of Freddie Slack and Billy Butterfield. With trumpeter Butterfield, Whiting recorded the 1944 million-seller "Moonlight in Vermont." Her 1948 recording of "A Tree in the Meadow" also sold a million, as did her 1949 duet with Jimmy Wakely, "Slippin' Around."

    1917- trombonist Lou McGarity Birthday

    1924-birthday of pianist Al Haig, Newark,NJ

    1924-birthday of Tensor tax Bill Perkins.

    1930-The Philadelphia Athletics executed a triple steal in the first inning of a game against the Cleveland Indians and another one in the fourth inning. This is the only game in which two triple steals have occurred.

    1933-the first Opera prima donna who was African American was Caterina Jarboro (born Katherine Yarborough in Wilmington, North Carolina,) who appeared as Aida, the Ethiopian slave, in Giuseppe Verdi’s opera Aida, presented by Alfredo Salmaggi’s Chicago Opera Company at the New York Hippodrome, Sixth Avenue and 43rd Street, New York City. Caterina attended school in Wilmington (where she is noted in their “Walk of Fame” until, at age 13, she journeyed to New York to study music. During her illustrious career, she achieved international fame as a soprano and paved the way for other talented African-Americans in American opera. Caterina performed in many of the world's great opera houses, including Paris, Vienna, Warsaw, Madrid, Moscow and the United States. She also thrilled Wilmington audiences on two occasions by performing at the Academy of Music (Thalian Hall) and the Williston High School auditorium. Died August 23,1986

at the age of 88. Manhattan, NY

    1934-birthday of tenor sax player Herman “Junior” Cook, Pensacola, FL

Died February 4,1992.

    1936-birthday of Don Patterson, organ, Columbus, OH

    1937 - Hal Kemp and his orchestra recorded the now-standard, "Got a Date with an Angel", for Victor Records in Hollywood, California. The distinctive vocal on the tune is provided by Skinnay Ennis

    1939- the first judge who was an African-American woman was Jane Matilda Bolin, who on this day was appointed judge of the Court of Domestic Relations by Mayor Fiorello La Guardia of New York City. She was also the first African-American woman to graduate from Yale Law School and the first to be admitted to the New York City Bar.

    1941-Robert “Lefty” Grove of the Boston Red Sox won the 300th and last game of his major league career, defeating the Cleveland Indians, 10-6.

    1942-Harry James with Helen Forrest record “ I Had the Craziest Dream.”

    1943-Two weeks after the July 10 Allied invasion of Sicily, the principal northern town of Palermo was captured. Americans had cut off 50,000 Italian troops in the west, but Germans were escaping to the northeastern corner of the island After 39 days, on August 17, 1943, the entire island of Sicily was under the control of Allied forces. The official total of Germans and Italians captured was put at 130,000. The Germans, however, managed to transfer 50,000 of their 90,000 men back to the Italian mainland.

    1944 - The Bretton Woods (New Hampshire) Conference created the International Monetary Fund on this day. The IMF is “...a cooperative institution that [many] countries have voluntarily joined because they see the advantage of consulting with one another in this forum to maintain a stable system of buying and selling their currencies so that payments in foreign money can take place between countries smoothly and without delay.” The IMF was based on the ideas of the U.S. Treasury Department’s Director of Monetary Research, Harry Dexter White, John Maynard Keynes of England and the IBRD (International Bank for Reconstruction & Development). The IMF began operations in Washington, D.C. in May 1946 with 39 member countries.

    1945-birthday of guitarist Al DiMeola, Jersey City, NJ

    1947---Top Hits

Peg o’ My Heart - The Harmonicats

I Wonder, I Wonder, I Wonder - Eddy Howard

Chi-Baba, Chi-Baba - Perry Como

Smoke! Smoke! Smoke! (That Cigarette) - Tex Williams

    1948- Peggy Fleming birthday - U.S. figure skater, winner of 1968 Olympic singles gold medal. She became an outstanding business woman who revamped the ailing Ice Capades show into a profitable business. She lives right here

in Los Gatos, California, where she is active in the Silicon Valley Community


    1949-birthday of film score composer Alan Menken, New Rochelle, NY.

    1954- In an attempt to put more pop in the lineup, Casey Stengel inserts Mickey Mantle in the infield as the shortstop. The experiment works as the 'Commerce Comet' homers in the tenth inning giving the Yankees a 3-2 victory over the White Sox.

    1955---Top Hits

Rock Around the Clock - Bill Haley & His Comets

Honey-Babe - Art Mooney

The House of Blue Lights - Chuck Miller

I Don’t Care - Webb Pierce

    1962-Gary Player of South Africa became the first nonresident of the US to win the PGA championship. He defeated Bob Goalby by one stroke at Aronimink Golf Club in Newtown Square, PA.

    1963---Top Hits

Surf City - Jan & Dean

So Much in Love - The Tymes

Memphis - Lonnie Mack

Act Naturally - Buck Owens

    1963- history records the first bank to lease personal property was the Bank of

America, San Francisco, CA, which instituted the service this day, under the direction of Robert D’Oyly Syer. James Joseph Saxon comptroller of the currency, advised national banks on March 18, 1963, that they were permitted to lease personal property, buying equipment and leasing it directly to customers.

    1963 - World Heavyweight Champion Sonny Liston hung on to his boxing title by knocking out challenger Floyd Patterson in the first round of a bout in Las Vegas, NV.

    1965 - "Till Death Us Do Part" debuted on England’s BBC-TV. The show was so popular that it became a TV series in Great Britain and was the forerunner of the 1971-92 CBS-TV hit, "All In The Family", starring Carroll O’Connor and Jean Stapleton.

    1967- Using five pitchers in same inning, the Braves establish a major league mark for the number hurlers called upon in one inning. Ken Johnson, Ramon Hernandez, Claude Raymond, Dick Kelley and Cecil Upshaw all face the Cardinals in the ninth inning.

    1967 - The "Billboard" singles chart showed that "Windy", by The Association, was the most popular record in the U.S. for the fourth straight week. The Los Angeles-based sextet would make way for Jim Morrison and The Doors a week later when "Light My Fire" became the hottest record of the mid-summer.

    1969- The All-star game is postponed by rain for the first time in major league history.

    1971---Top Hits

It’s Too Late/I Feel the Earth Move - Carole King

You’ve Got a Friend - James Taylor

Don’t Pull Your Love - Hamilton, Joe Frank & Reynolds

When You’re Hot, You’re Hot - Jerry Reed

    1973 -The Reds All-Star shortstop Dave Concepcion will miss the rest of the season due to a broken ankle.

    1975 - Confederate General Robert E. Lee had his U.S. citizenship restored by the U.S. Congress.

    1977 - Tony Orlando announced his retirement from show business. Orlando was performing in Cohasset, MA when he said that he had finally decided to call it quits. Orlando had two solo hits in 1961 ("Halfway to Paradise" and "Bless You") and 14 hits with his backup singers (known as Dawn) through the mid-1970s. He also hosted a weekly TV variety show with Dawn (Telma Hopkins and Joyce Vincent) from 1974-1976.

    1979---Top Hits

Bad Girls - Donna Summer

Good Times - Chic

Makin’ It - David Naughton

Shadows in the Moonlight - Anne Murray

    1979- golfer Sam Snead, age 67, became the first to shoot below his age on a Professional Tour, on the fourth day of the Quad Cities Open Tournament at Coal City, IL. His score was 277 ( 70,67,74, 66 ).

    1983 -128ø F (-89ø C) recorded, Vostok, Antarctica (world record

    1984- Kathy Whitworth won the Rochester Open to become the all-time winningest professional golfer. Her 85th victory surpassed the 84 tournament wins of Sam Snead. Her picture made the Wheaties “Breakfast of Champions” box.,1977,839844,00.html

    1985- Bruce Springsteen's fans disabled the phone system in Washington, D-C by overloading the circuits with requests for tickets to the Boss's show at Robert F. Kennedy Stadium. The concert was sold out within an hour-and-a-half.

    1987---Top Hits

Alone - Heart

Shakedown - Bob Seger

Don’t Disturb This Groove - The System

I Know Where I’m Going - The Judds

    1988-The Atlanta Hawks began a 13-day trip through the Soviet Union by beating a Soviet team, 85-84. The Hawks won the second game but then lost the third to conclude the first such tour by an NBA team.

    1990 - Greg LeMond won his third Tour de France. He outdistanced all other cyclists by finishing in 90 hours, 43 minutes and 20 seconds. His time was slower than his past wins. LeMond won in 1986 and again in 1989 with his best time of 87 hours, 38 minutes and 35 seconds. It seems like you have to be French to win

    1994- more than 54-thousand fans jammed Giants Stadium in East Rutherford, New Jersey, as Billy Joel and Elton John performed the first of five concerts together. They duetted on "Your Song," "Honesty” and "I Guess That's Why They Call It the Blues."

    2002- Over 20,000 fans gather at Fenway for a two-hour tribute entitled, "Ted Williams: A Celebration of an American Hero," The two hour salute of the man many consider to be the greatest hitter in baseball history, a vet of the World War II and the Korean War and a generous supporter of the Jimmy Fund, in addition to moving music and video, includes comments from present and former Red Sox players and broadcasters, historian Ken Burns, and former U.S. Senator John Glenn, who was Ted's wing man during the Korean War.






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