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Leasing Industry Help Wanted
“Big Deal Bash” at the San Francisco Fairmont
by Victor Harris
Bay Area Lessors and Lenders Society
On October 1, 2003, the Bay Area Lessors and Lenders Society held its 5th
Annual Big Deal Bash at The Fairmont in San Francisco, California.
Since Kit Menkin noticed that I was planning to attend and he was unable to do so,
he requested me to report on the Bash. I met with the Co-Chairmen of the
Society, Bob Brown (of Vx Capital Partners) and Paul Weiss (of ICON Capital
Corp.). Bob stated that the Society's present purpose is to hold informal
gatherings of Bay Area equipment leasing professionals to share views, ideas
and experiences in an industry which is going through tough economic times.
He said that Susan Erwin (of ICON Capital Corp.) and Paul Weiss are the
"engines" behind the Society and complimented them on their efforts.
Pursuant to Paul's suggestion, I asked several attendees what they thought
about the current business environment in the local equipment leasing
The people with whom I spoke had different thoughts, depending on
the niche markets in which they are involved, with some stating they thought
the business environment is improving and others stating they have not seen
any improvement. Cocktails and hors d'oevres were served, musical
entertainment was provided, and the attendees were friendly.
The Bash was sponsored by Vx Capital Partners, ICON Capital Corp., Compass Capital Corp., Greene Radovsky Maloney & Share, and Comercia Bank.
Law Offices Of Victor Harris
1050 Northgate Drive, Suite 360
San Rafael, California 94903-2541
Tel. (415) 479-8000
Fax. (415) 479-8111
Victor said many of those attending did not want to be interviewed or quoted.
At this level, Leasing News has found they prefer to go through their
corporate public relations company. It took me several telephone calls,
interviews, just to interview John Settano, the new Director, Syndications
for Merrill Lynch Capital.. In the end, they cut much of the “meat” out of the interview as my agreement was to give them final approval of what was written.
Final attendance was approximately 100, according to co-host Paul Weiss,
who also wanted to thank the advisory board members Steve Bieneman, Russ Pollock
and John Sanders.
“ I'd really only want to add that anyone who did not get an invite that meets the criteria (has some legit leasing industry context in the Bay Area) should get on our mailing list by request to Susan.”
Susan Erwin, ICON Capital, 415-733-5063 email@example.com@iconcapital.com
GE Capital Buys CitiCapital—Not!
Rumors are flying that GE Capital has bought CitiCapital. Not true,
the rumors appear to have started with this news
GE Fleet Services Acquires CitiCapital Fleet Services
EDEN PRAIRIE, Minn--GE Fleet Services
announced today it signed an agreement on September 30, 2003, to purchase certain
assets of CitiCapital Fleet Services headquartered in Carrollton, Texas.
Details of the transaction were not disclosed.
"CitiCapital Fleet Services is highly regarded in the fleet industry for
its exceptional customer service. This fact coupled with GE Fleet Services'
unending commitment to the fleet industry means exciting opportunities for both
our customers and our employees," said Kathy Marinello, president and chief
executive officer of GE Fleet Services. "Our focus will be on providing
customers with best-in-class service and products by leveraging the strengths of both
CitiCapital Fleet Services is owned by Citigroup's CitiCapital unit and
represents approximately $1.2 billion in assets with more than 189,000 vehicles
under lease and service management in the United States. Other CitiCapital
Fleet Services office locations include a customer-services operations center in
San Mateo, Calif.
GE Fleet Services has been serving fleet customers since 1987 and has 885
employees throughout the United States.
GE Fleet Services, based in Eden Prairie, Minn., is a global fleet
management company with operations in the United States, Canada, Mexico, Europe,
Japan, Australia and New Zealand. GE Fleet Services is a unit of GE Equipment
Management, which helps customers finance and manage a wide variety of business
equipment, enabling them to drive growth and productivity worldwide. General
Electric Company (NYSE: GE) is a diversified services, technology and
manufacturing company with operations worldwide.
---Now if GE buys Transamerica, that’s another story.
### Press Release ####################################
GlobalTech Financial Appoints Hermann CFO
GlobalTech Financial, LLC Chairman and CEO Carolyn H. Byrd announces that Albert P. Hermann has been appointed Chief Financial Officer of the company. According to Byrd, "the addition of Al Hermann to our senior staff will enable GlobalTech Financial to accelerate the development of our current businesses, while exploring synergistic acquisition opportunities".
Hermann has extensive experience in finance and operations, having held significant management positions at Xerox and Lanier Worldwide. His over 30 years of continuing advancement encompasses roles from Controller to VP Finance to VP Client Services of a division of a large public company to CFO of a privately held company. He has broad experience in strategic planning, financial analysis, mergers and acquisitions. Additionally, Hermann oversaw the re-establishment of Lanier Financial Services as a captive leasing entity.
GlobalTech Financial was established in 2000 to provide servicing of loans and leases for Coca-Cola Financial Corporation and other financial institutions, credit corporations and companies looking to establish private label financing programs. The company is a recognized emerging leader in business process outsourcing (BPO) services. GlobalTech Financial employs leading edge systems, highly experienced management and staff, validated processes, and select strategic alliances to provide best in class service to clients of its four divisions: Portfolio Services, Collection Services, Mortgage Services and Consulting Services.
Alan. J. Zeppenfeld
Vice President and Operations Manager
Unusual Cooling of Earth’s Surface
At approximately 9:50 PM Eastern Standard Time yesterday, reports came
in from the Massachusetts Institute of Technology of an unusual cooling of the
earth's surface throughout the world.
Patrons celebrating the Red Sox playoff series win over the Oakland Athletics resolved the mysterious phenomenon puzzling many scientists and physicists. Hell has
### Press Release ######################################
NetBank, Inc. Reaches Definitive Agreement to Acquire Financial Technologies, Inc.; Acquisition Adds to Company's Growing Transaction Processing Business
ATLANTA----NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (www.netbank.com), today announced a definitive agreement to acquire Financial Technologies, Inc. (FTI), a privately held, leading provider of ATM services for retail and other non-bank businesses. Pending regulatory approval, FTI will operate as a subsidiary of NetBank. The transaction is expected to close within the fourth quarter and be immediately accretive.
"This deal is part of our ongoing revenue diversification strategy," said Douglas K. Freeman, chairman and CEO, NetBank, Inc. "The addition of FTI will allow us to further build out our transaction processing lines of business in a quick, cost-effective way. Our companies have a similar mission to provide small institutions or non-bank retail businesses the means of distributing ancillary financial services to their existing customers. There are also natural synergies with our own retail and small business banking services that we can realize over time."
"We're excited to join the NetBank, Inc. family of businesses," said Tommy Glenn, Jr., founder and president, FTI. "By leveraging NetBank's financial and intellectual capital, we have the opportunity to grow our core business and expand high-potential initiatives, such as our merchant processing and pre-paid services. This transaction is a win-win for our customers and employees."
NetBank, Inc. purchased FTI for cash and $1 million worth of restricted stock. The final agreement also provides for potential cash payments of contingent consideration based on the compound average annual growth rate of FTI's earnings over the next five years. Additional detail on the purchase agreement appears in the Form 8-K that NetBank, Inc. filed with the Securities Exchange Commission today.
FTI has been profitable in each year of its seven-year operating history. Its deployment of more than 4,300 ATMs across the country places it fifth among the top third-party, off-premise ATM providers in the U.S. On average, FTI machines process approximately 1.5 million or $60 million worth of transactions per month.
Following the successful completion of the acquisition, Glenn and his management team will continue to oversee the operations of FTI. The company will maintain its headquarters in Jackson, Miss.
About NetBank, Inc.
NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank(R) (www.netbank.com), the country's first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; and NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation's leading insurance companies. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders.
Headquartered in Jackson, Mississippi, FTI was recognized by Inc. Magazine in 2000 and 2001 as one of the 500 fastest growing, privately held companies in the United States and has been an industry leader in delivering advanced ATM functionality. Additionally, FTI is the nation's only single source provider for retail transaction processing equipment and services including electronic check conversion, check guarantee, check cashing services, credit/debit card processing, money orders, prepaid cellular service, prepaid long distance service, prepaid debit cards and gift/loyalty cards. For more detailed information on FTI and its products and services, call 800.523.2104 or visit the FTI website at www.fti.to.
### Press Release ####################################
Regions Taps Sandy Wright to Head Treasury Services
BIRMINGHAM, Ala--Regions Financial Corp. (NYSE:RF) has named Sandy W. Wright senior vice president and director of Treasury Services with responsibility for sales, marketing, product management and customer service for commercial and corporate customers.
Wright, who has extensive experience in the financial services industry, will apply her knowledge and leadership as a part of Regions' Corporate Banking group at a time when the Fortune 500 company is strengthening its commitment to commercial banking.
"Regions is focused on ramping up commercial and corporate banking," said Doyle Rippee, executive vice president of corporate banking. "The addition of a strong leader in Treasury Services, Sandy Wright, will be a catalyst for growth throughout the bank.
"As Regions has grown, so have the opportunities for us to build corporate banking relationships," Rippee said. "We want to be the financial services provider of choice in each community we serve, and our markets are increasingly in need of the products and services we can provide in this area."
Rippee was named head of the corporate banking function at Regions in February after serving as managing director of investment banking and principal of the Morgan Keegan Mezzanine Fund for Regions subsidiary Morgan Keegan & Co. Inc.
Wright joins Regions from SouthTrust Bank in Birmingham, where she most recently served as group vice president and corporate cash management sales and marketing manager. She earned a bachelor's degree from the University of South Carolina and a master's degree in public and private management from Birmingham-Southern College.
Regions Financial Corp., with $49.5 billion in assets, ranks among the 25 largest financial services companies in the nation. Serving customers throughout the South, it provides traditional, commercial, and retail banking services and other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance, leasing and mortgage banking. Regions Bank offers banking services online from its Web site at www.regions.com and from more than 680 offices in Alabama, Arkansas, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. Regions provides investment and brokerage services from more than 140 offices of Morgan Keegan & Co. Inc., one of the South's largest investment firms. Regions ranks on both the Forbes 500 and Fortune 500 listings of America's largest companies; its common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol RF.
#### Press Release #####################################
Universal Express -USXP- Requests Congressional Oversight, Appeals For Investigation
NEW YORK--Universal Express, Inc. (OTCBB:USXP), Richard Altomare, President and Chief Executive Officer of Universal Express, Inc. (OTCBB:USXP) announced that he has written the leaders of the Senate Banking Committee and the House Financial Services Committee requesting Congressional oversight of certain activities of the Denver office of the Securities and Exchange Commission (SEC).
On September 23, a few hours after Mr. Altomare publicly called upon shareholders to contact their Congressional representatives and ask they stop illegal naked short selling, Mr. Hugh Beck of the SEC Denver office signed and issued a subpoena against the Company. The subpoena declared that USXP "must produce" within two days, subject to "fine and/or imprisonment" proof, that the Company's stock price was impacted by naked short selling. USXP responded completely.
Universal Express', Chief Executive Officer Richard Altomare wrote and appealed to Sue Kelley (R-NY), a champion of small business and the newly assigned Chair of the Oversight and Investigations Subcommittee of the House Committee on Financial Services. He also appealed to the Chairman of the Senate Banking Committee, Senator Shelby (R-AL.) and his ranking member Senator Sarbanes (D-MD.) as well as Chairman Oxley (R-OH.) and his ranking member, Congressman Barney Frank (D-MA.) of the House Committee on Financial Services. All were asked to investigate what is going on regarding the subpoena.
Mr. Altomare commented, "We hope for a hearing. We believe the subpoena is the tip of the iceberg of a misplaced focus on the small emerging businesses that are speaking out against illegal naked short sellers. We need Congress to get involved, gather the facts and encourage the new SEC leadership to focus the regulators on the perpetrators, not the victims. SEC neglect in overlooking the activities of broker dealers and market makers--largely a self-regulated lot--is permitting corrupt naked short selling practices. We need integrity restored. Billions of dollars and thousands of jobs are tied up in the economic terrorism associated with illegal naked short selling."
Universal Express has described naked short selling as the electronic churning downward of shares of small OTCBB companies by broker dealers and market makers who never intend to or fail to cover short sales. USXP contends that the practice amounts to counterfeiting stock and is distinct from legitimate short selling.
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express division), Universal Express Logistics, Inc. (The Virtual Bellhop, LLC and Luggage Express) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.
More information and web site locations are available at www.usxp.com.
CONTACT:Equitilink Mr. Ron Garner, 877-788-1940
SOURCE: Universal Express, Inc.
### Press Release ###################################
Fitch Rates Tri-State G&T's $740MM Lease Obligation 'A-'
NEW YORK----Fitch Ratings has assigned an 'A-' rating to $740 million 2003 pass-through certificates, series A and B, expected to be issued by two pass-through trusts for the benefit of Tri-State Generation and Transmission Association (Tri-State). The certificates' rating is based on the underlying senior unsecured rating of Tri-State pursuant to a leasing agreement between Tri-State (the lessee) and a Delaware limited liability company (representing the owner lessors). The certificate proceeds will be loaned to the owner lessors via 'lessor notes' and, along with privately provided equity (20% of total project cost or approximately $185 million), will fully fund the construction of a 400 MW, coal-fired generating unit at an existing site in Springerville, Arizona. Tri-State is leasing 100% of the facility for a 34-year period, and according to the leasing agreement is obligated to make rental payments (sufficient to meet debt service requirements) on the lessor notes as an operating expense of Tri-State.
The certificates are directly secured by a lien on and first priority interest in the Springerville facility, the site, and virtually all operative documents. Additionally, Tri-State has $1.45 billion of senior secured debt outstanding, of which, $77 million is publicly held secured pollution control bonds (issued by Moffat County and the City of Gallup), rated 'A' by Fitch. The Rating Outlook is Stable. The certificates are scheduled to price the week of Oct. 13, with Credit Suisse First Boston as sole underwriter.
While the rental payments on the certificates are paid ahead of Tri-State's own debt service along with other operating expenses, the lease obligation is rated a notch below the cooperative's senior secured rating due to several factors: (a) as an executory contract Tri-State may reject the operating lease in the event of a Tri-State bankruptcy, resulting in a damages claim equal in rank to Tri-State's other general unsecured creditors; (b) during the construction period (2003-2006), should Tri-State experience an event of default, then the cooperative's obligation to meet project costs may be reduced to 89.95% if the default is deemed a 'partial recourse event'; and (c) the plant operator and purchaser of 100 MW of the project's output under a five year contract is Tucson Electric Power Company (TECP), an entity rated below investment grade by Fitch.
The contractual structure of the transaction includes Tri-State entering into a 100 MW, 30-year power sales agreement with Salt River Project (shadow rating of 'AA' by Fitch), and a 100 MW 5-year power sales and put arrangement with TEPC. Tri-State will retain the remaining 200 MW of plant capacity to meet its native load requirements, and expects to utilize the 100MW of TECP's portion of the output for its own customers beginning in 2011. The cost of the new generating facility, including interest during construction, financing and legal expenses, and improvements to existing generating units at the site, is estimated at $925 million. The facility is expected to help Tri-State satisfy its members' power requirements particularly in southwest Colorado and New Mexico, where it has relied on power purchases since its merger with Plains Electric in 2000.
In 2002, Tri-State's power purchases met approximately 25% of total energy requirements via long-term contracts (with WAPA and Basin Electric Cooperative), and 10% via spot purchases. Springerville Unit 3 should help mitigate Tri-State's spot market power purchases in the future. In addition, Fitch expects that Springerville Unit 3 should remain a key component in Tri-State's resource mix given: (a) Tri-State's increasingly short power position with its members, (b) Tri-State's experience with the technology and fuel procurement for coal-fired power generation, and (c) the availability of transmission to wheel the power to its members.
Tri-State's credit strength stems from its competitive average wholesale rate (3.9 cents per kwh for 2002 including transmission), solid financial performance, a fiscally prudent Board and management team, and a growing, geographically and economically diverse customer base across four states. Credit weaknesses center on tightening projected financial protection measures, moderate industrial revenue concentration among its members' retail customers, and the pressure to continue to meet its members' growing power needs on a cost effective basis.
Projected balance sheet and financial performance ratios are somewhat below historic levels. Tri-State plans to mitigate these risks by reducing patronage capital refunds in order to rebuild system equity from 12% in 2003 to a more solid 25% by 2010. Tri-State has available liquidity totaling $180 million in cash unused lines of credit, plus $300 million in approved, but undrawn, funds for capital projects. Tri-State's average wholesale rate will rise with the addition of the Springerville Unit 3, although based on reasonable assumptions regarding load growth, fuel prices, and power market prices, should remain competitive at less than 4.6 cents per kwh by 2012. Even under Fitch stress scenarios assuming reduced load growth, lower market power prices and higher fuel prices, the average wholesale rate did not exceed 5.0 cents per kwh through 2012. Under these scenarios, the lease would be a competitive source of energy for Tri-States's members when market prices for natural gas are at or above Fitch's base case forecast of $3.00 to $3.50 per mmBTU, but could become uneconomic in the unlikely event natural gas prices fall significantly below that level for a sustained period.
Tri-State is a taxable, not-for-profit wholesale electric generation and transmission cooperative providing service to 44 member distribution system cooperatives in four states: Colorado, Wyoming, New Mexico, and Nebraska. The member systems serve a population of approximately 1 million predominantly residential, agricultural and small commercial users. Wholesale power contracts require each member to purchase at least 95% of its requirements from Tri-State through 2040. Tri-State has its own rate-setting ability, but certain of the members are regulated by state utilities commissions.
CONTACT:Fitch Ratings, New York Lina Santoro, 212-908-0522 Alan Spen, 212-908-0594 James Jockle, 212-908-0547 (Media Relations)
### Press Release ####################################
**** announcement **********************************
The Lessors Network | Funding Alert Broadcast System
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Representatives from the following companies are registered to receive Funding Alert Broadcast
Advanced Commercial Credit International
Advantage Leasing Co.
Bank of America Leasing & Capital
Berma Capital Europe
Brentwood Capital, LLC
BLT & Associates
Butler Capital Corporation
Capital Funds Equipment Leasing
Capital Partners Financial Group
Capstar Capital Corp.
Captex Enterprise, LLC
CB Richard Ellis
CIT Technology Financing Services, Inc.
Coach Capital, LLC
Coast To Coast Funding
Comerica Leasing Corporation
Comco Equipment Leasing
Commonwealth Capital Corp.
Cooper Industries Inc
Diamond Lease USA, Inc.
Dolarian Business Group
Enterprise Funding Group
First Choice Equipment
First Federal Financial Services, Inc.
First Municipal Credit Corporation
First Prime Capital, LLC
Fuyo General Lease (USA) Inc.
GPD Capital Services, Inc.
GlobalTech Leasing, Inc.
Graybar Financial Services
Hallmark Capital Company
IBJTC Whitehall Business Credit
IFC Credit Corporation
Intech Funding Corp
Key Equipment Finance
Leasing Partners Capital
Leasing Unlimited Group, LLC
Leasource Financial Services
Lombard US Equipment Finance
M&I First National Leasing Corp.
North American Funding Corp.
North Shore Leasing & Funding Inc.
ORIX Financial Services, Inc.
ORIX Public Finance
Padco Lease Corp.
Pentech Financial Services, Inc.
PNC Leasing, LLC
Pure Markets Corporation
Residual Risk Solutions, LLC
Richlund & Associates, Inc.
Robert G. Yohe - Consulting
Specialty Finance Services
SunTrust Leasing Corp.
The Independent Bankers Bank
United Computer Capital Corp
Variant Leasing Corporation
Worldwide Leasing Inc.
Streamline Sales Tax Project—Dennis Brown
The importance of a spreadsheet developed by the Council On State
Taxation (COST) to outline state compliance with the interstate sales
and use tax agreement has gained added importance as COST foresees
delegates to the November meeting of the Streamlined Sales Tax
Implementing States (SSTIS) may be offered an amendment to the Agreement
allowing the Governing Board to begin limited administrative operations.
Volunteers are needed to work with revenue department officials in
Arkansas, Kansas, Nebraska, Nevada, Vermont, West Virginia, and Wyoming
to complete the checklist. Businesses and trade associations able to
assist in this verification process are urged to contact Steve Kranz of
COST at firstname.lastname@example.org
COST reports SSTIS leadership is likely to offer an amendment allowing
the Governing Board to begin limited administrative operations once 10
states with 20% of the population in sales tax states have "enacted"
legislation that brings those states into conformity with the Agreement
rather than after the "effective" dates of these statutes reach the
benchmark. This modification responds to unforeseen success in gaining
enactment by more than 10 states and crossing the population threshold
but with a variety of implementation dates. Although the
non-administrative provisions of the Agreement will not take effect
until enough legislative changes are "effective" in the states, the
amendment recognizes that much front-end work needs to be completed to
bring the Governing Board to life.
COST has led the private sector in acknowledging that the administrative
provisions need work and that the early creation of the Governing Board
is necessary to accomplish that purpose. However, COST has reiterated
it is critical that a thorough review of state compliance with the
Agreement be shown before a vote on the Governing Board members and
prior to implementation of the non-administrative provisions.
Incomplete adoption deemed not substantially in compliance with
provisions of the Agreement would block a state from joining the system.
This will have significant impact, as only those considered in
compliance would be allowed to collect sales tax from remote sellers if
federal legislation is adopted to grant such authority.
Negotiations with the potential Certified Service Provider (CSP)
community developing system software are one reason to empower the
Governing Board with administrative capabilities. Recognition of the
need for software compatible with industry norms led the Equipment
Leasing Association (ELA) to form a working group of members able to
meet with prospective CSP's. Developing management procedures for the
myriad of daily inquiries is another administrative necessity.
As a reminder, SSTP meets again on Monday, November 17 and Tuesday,
November 18 followed by Implementing States of the Streamlined Sales Tax
Project on Wednesday, November 19, at the Embassy Suites Hotel
Phoenix-Scottsdale in Arizona. To make room reservations call the hotel
at 602/765-5800 and ask for the FTA Streamlined/Implementing States
meeting room block rate of $119 single or double occupancy. The deadline
for making hotel reservations is October 15.
Equipment Leasing Association
Places to Advertise to Help Find You a Job
You can also advertise for free if you are looking for a job at Leasing News.
We have helped salesmen, chief financial officers, attorneys, asset managers,
and others find work. Networking is best, but you need to let everyone know
you are looking. We want to help you find a job---no fee, no charges, no gimmick.
Ruling Opens Cable Lines/Internet Access Choices May Grow
Wine Without Barrels? Sacré Bleu!
After Collision, Course for Red Sox Is Bronx
Five Star Win
21 Point Rally in 4th Lifts Colts
Emmett Smith out indefinitely with fractured shoulder blade
Overseer of St. Louis stadium project covers all the bases
49ers click instead of clash---Skip Bayless
California Nuts Briefs----
Davis' fate in voters' hands
Margin Narrows: Last appeals made as polls show tight race
Arnold arrives at boisterous San Jose rally
This Day in American History
1728-Birthday of Rodney Caesar, singer of the Declaration of Independence, most famous for his midnight ride. Rodney's ride ended up at the doorstep of Independence Hall where he cast the decisive Delaware vote for Independence.. Born near Dover, DE, he died June 26, 1794. Rodney is on a quarter issued by the US Mint in 1999, the first in a series of quarters that will commemorate each of the 50 states.
1777-In the second Battle of Bemis Heights, near Saratoga, NY, the Americans routed a force of some 1500 British. Benedict Arnold was wounded while attempting to force an entrance into the Hessian camp, and British Gen. Simon Fraser was killed.
1780-British and Tory forces were defeated at King’s Mountain, South Carolina, by Americans under Col. William Campbell, Col. Isaac Shelby, and Col. Benjamin Cleveland. The British commander, Maj. Patrick Ferguson, and 160 others, were killed. Nearly 800 prisoners were taken.
1821-Birthday of William Still, chronicler of “The Underground Railroad Records,” born near Medford, in Burlington County, N.J
1832- Birthday of Charles Converse, American lawyer and sacred composer. Converse penned the hymn tune CONVERSE, to which we sing today "What a Friend We Have in Jesus."
1833- Margaret Fox - U.S. spiritualist birthday. Along with her younger sister Catherine (1839) , they are both said to have invented the field of spiritualism. At least they were among the most popular and much sought-after spiritualists of the era of table tapping and sounds from the dead. Later in life Margaret turned to religion and sister Catherine recanted spiritualism and then recanted her recanting. As teen-agers they appeared to have attracted poltergeist-like manifestations. The primary divination method used by the Fox sisters in séances was table tapping - a method in which those in the spiritual (after death) realm used tapping sounds on the table, the walls and the floor to communicate. According to tradition, one of the sisters was able to snap her big toe on the floor to create the tapping sound. Horace Greeley was convinced the sisters were authentic and they got the backing of his New York Tribune. Later in life Margaret Fox revealed it started out as
a game and turned into outright charlatan.
1849 - Birthday of American Poet James Whitcomb Riley; died July 22, 1916.
1864- Naval Engagement at Bahia Harbor Brazil-CSS Florida vs USS Wachusett The Union warship Wachusett captures the famed Confederate raider Florida while the Rebel ship is in port at Bahia, Brazil. After the Yankee crew sailed the Florida out to sea, the Brazilian government protested the invasion of its neutrality. The Union returned the ship and crew to the Confederate government, but the Florida sunk six weeks later off Hampton Roads, Virginia.
1864 - Battle of Darbytown Road, Virginia
In the summer of 1864, the campaign between Lee and Union General Ulysses S. Grant ground to a halt at Petersburg, 25 miles south of Richmond. Seeking to halt the march to Richmond, Lee sent two divisions under Generals Charles Field and Robert Hoke to move around the end of the Union line and attacked 1,700 cavalrymen. The assault sent the Yankees into a quick retreat. The Confederates captured eight cannons and drove the Union troopers into the breastworks of General Alfred Terry. Alerted to the advancing Confederates, Terry summoned reinforcements to his position. By the time the Confederates worked their way through the thick foliage, they faced a strong Union force. Lee ordered an attack anyway. Brigades advanced one at a time, and the Yankee artillery tore the lines apart. By the afternoon, the Confederates withdrew to their original position. They lost 700 men while the Yankees lost only 400, and no ground was gained. Lee did not make another attempt to regain the ground and focused instead on setting up defenses closer to Richmond. (there seems to have been several skirmishes
around Darbytown Road, but here is from the writing on a solider of the
Fourth Oneida Regiment, New York, who was at the scene: “Efforts by the rebel forces to retake Fort Harrison on the 30th were not successful. General Grant decided not to renew the attack on the 30th, ordering the Army of the James to maintain its defensive position in preparation for General Lee's subsequent unsuccessful counterattack,” that followed.
1868-Cornell University welcomes its first student.
(lower half of:
1887-Birthday of African-American sculptor Sargent Johnson.
1896---Down Jones began reporting an average of the prices of 13 industrial stocks in the wall Street Journal. In the early years, these were largely railroad stocks. In 1928, Mr. Dow expanded the number of stocks to 30, where it remains today. Today, the large, frequently-traded stocks in the Down Jones Industrial Average represent about a fifth of the market values of all US stocks.
1911—Drummer Jonathan “Jo” Jones Birthday
1916-Georgia Tech University defeated Cumberland 222-0, in the most lopsided college football game of all time.
1924-Louis Armstrong’s first session with the Fletcher Henderson Orchestra.
1925-Birthday of drummer Alvin Stoller, New York City
1940 - Artie Shaw’s orchestra recorded Hoagy Carmichael’s standard, "Stardust" -- for Victor Records.
1942 - "TIME" magazine described "Command Performance", which debuted this day, as “...the best wartime program in radio.” The show was originally produced by the U.S. War Department in cooperation with Armed Forces Radio Services specifically for those in the military overseas. It continued until 1949 and was reprised for more than three decades in syndication. "Command Performance" was hosted by Bob Hope, Bing Crosby, Don Wilson and Harry Von Zell and featured just about every major Hollywood and Broadway star.
crew to cross was a patrol of the 1st Cavalry Division that crossed into the Kaesong Area, about 85 miles south of the Communist capital of Pyonsang, at 3:14pm. The crew members were Sergeant Homer Lee of Evansville, IN, Private First Class James Emerich of Sutton,WV, Sergeant Walter Hill of Fairmont,ND, Sergeant Charles Gissendanner of Autaughville,AL, and Corporal Clarence Johnson of Taylorsville, NC. the 38th parallel was the line of latitude that had divided North Korea form South Korea since the end of World War II.
1950-“The Frank Sinatra Show” premiered on TV. Singer Frank Sinatra’s first series was a musical variety show featuring regulars Erin O’Brien and comic Ben Blue. However, during the last season this show was cut from an hour to 30 minutes at it could not compete with “The Texaco Start Theater” with Milton Bearle, the most popular TV show of the time.
1955- The religious drama 'Crossroads' first aired over ABC television. An anthology which dramatized true experiences of clergymen of all denominations, the program ran for two years.
1956 - A U.S. House subcommittee began investigations of allegedly rigged TV quiz shows.
1960- "Route 66" premieres. Each week from 1960 through 1964, the “Route 66” television show came into the living rooms and dens of American homes. The series, written by Stirling Silliphant, tracked the adventures of two young men traveling down Route 66. The two drove from town to town along the route in a 1960 Chevrolet Corvette. The series, which lasted four seasons, shot a total of 116 episodes, 36 per year at 36 different locations every year. Before the “route 66” show became history in 1964, the show compiled an incredible 20.1 average rating, making it one of the highest rated shows of that time.
Originally starring George Maharis as Buz Murdock and Martin Milner as Tod Stiles. Maharis left the show in midseason to be replaced by Glenn Corbett as Linc Case. The stories centered around their travels on Route 66 in their corvette convertible, working at odd jobs and helping people, searching for adventure. Jazz was played predominately as background music. The theme was written
by Bobby Troupe and became a hit song again. http://www.tvtome.com/Route66/
1968-The movie industry adopts a film ratings system for the first time. The initial ratings were G (for general audiences), M (for mature audiences), R (no one under 16 admitted without an adult), and X (no one under 16 admitted). 1990, the Motion Picture Association of America replaced the X rating with NC-17, after its Code and Ratings System Administration gave 10 mainstream films the X rating. NC-17 was designed to indicate a non-pornographic film with sexual content that might be inappropriate for viewers under 17.
1973 - 40,000 football fans failed to use their pro-football tickets, opting instead to watch games on TV since legislation was signed lifting blackout rules of games. It was not soon after that the league re-introduced the “black out” rule if a game did not sell a certain percentage of tickets.
1975-Military service academies’ enrollment of women was authored by an act of Congress,” to insure that female individuals shall be eligible for appointment and admission to the service academies beginning with appointments to such academy for class being inning in calendar year 1976.”
1979-The the final day of the fall round up and trail drive for the Ninety-Six Ranch. The Ninety-Six lies along Martin Creek, a tributary of the Little Humboldt River in the upper section of Paradise Valley, Humboldt County, Nevada. Know
it very well as my late wife was from this area and we would visit her mother
who ran a restaurant near here, and owned land adjacent to Martin Creek in Paradise Valley, where she wanted to retire. (She lives today at 94 in Lamoille,
Nevada and still has plans of moving her trailer to Paradise Valley.)
1982-Cats opened n Broadway—The longest-running production in Broadway history. Cats was based on a book of poetry by T.S. Eliot and had a score by Andrew Lloyd Webber. More than 10 million theatergoers saw the New York City production, which closed September 10,2000, after 7,485 performances. Cats was also produced in 30 other countries.
1984-Running back Walter Payton of the Chicago Bears broke two records held by Jim Brown in the same game. He passed the mark of 12,312 career rushing yards and rushed for 100 yards or more for the 58th time in his career as the Bears beat the New Orleans Saints, 20-7.
1985-Lynette Woodland, captain of the gold-medal-winning US basketball team of the 1984 Olympics was selected to be the first woman to play for the Harlem Globetrotters.
1988- Robin Givens files for divorce after 8-month marriage to Mike Tyson
1993 - Toni Morrison was awarded the Nobel Prize in literature. She was the first black woman to received the award and one of America’s most significant novelists of the twentieth century. She is the Author of six major Novels, "The Bluest Eye", "Sula", "Song of Solomon", "Tar Baby", "Beloved" and "Jazz". "Song of Solomon" won the National Book Critics Circle Award in 1977 and "Beloved" won the Pulitzer Prize in 1988.
World Series Champions This Date
1933 New York Giants
1935 Detroit Tigers
1950-New York Yankees
1952-New York Yankees