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Leasing News is a website that posts information, news, and
entertainment for the commercial alternate financing,
bank, finance and leasing industries

Wednesday, October 30, 2019

Today's Leasing News Headlines

2.5 Million Without Power in California, We are Two of Them
   200,000 Evacuated from Sonoma County, Bay Area, Included
Looking to Improve Your Career
   Post a Free Position Wanted Here
Leasing News Top Stories
   October 21 - October 25
Leasing News Advisory Board Announces
  New Member
David C. Lee, North Mill Equipment Finance
Are There too Many Conferences?
   By Christopher Menkin
Leasing Industry Ads---Help Wanted
   Three Ads
Louisa Community Bank, Louisa, Kentucky
   Second FDIC Bank to Fail This Year
Resolute Bank, Maumee, Ohio, Fails
   3rd FDIC Insured Bank to Fail This Year
Allegiance CEO George Martinez leaves his post
What Can Save a Slowing U.S. Economy?
Dext Capital Closes $200 Million
   Credit Facility with Credit Suisse
Labrador Retriever
    Chicago, Illinois  Adopt-a-Dog
Over 125 Signed Up for Don Cosenza Webinar
    November 1 and November 4
News Briefs---
Many displaced residents in west
    Sonoma County allowed to return home
Another red flag warning issued for Sonoma County;
  strong winds could reinvigorate Kincade fire
Kincade Fire: Crews Race to Gain Ground
  as Another Windstorm Looms
California Fire Tracker
Essential California: Our state of emergency

Broker/Funder/Industry Lists | Features (wrilter's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
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 You May have Missed---
  Sports Brief----
   California Nuts Brief---
     "Gimme that Wine"
     This Day in History
       Daily Puzzle
         Weather, USA or specific area
          Traffic Live----

######## surrounding the article denotes it is a “press release,” it was not written by Leasing News nor has the information been verified. The source noted. When an article is signed by the writer, it is considered a “byline.” It reflects the opinion and research of the writer.

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2.5 Million Without Power in California, We are Two of Them
200,000 Evacuated from Sonoma County, Bay Area, Included

Will be attempting to put out two news edition this week. This edition was delayed due to last weekend shutoff, the third such shutoff event this month. Rick Jones, Associate Publisher and Webmaster, has power where he is located. Hopefully the Tuesday winds, PG&E says strongest ever, will not make things worse. Power on perhaps by this weekend in our area at the base of Santa Cruz Mountains where the Town of Los Gatos, Monte Sereno, and City of Saratoga meet.

   - Kit Menkin


Looking to Improve Your Career
   Post a Free Position Wanted Here

Free Career Positon Wanted goes into our Classified Ad section here

It also runs once a week in the News Edition.

Use your personal email address only. We encourage you to add a resume, although not necessary. If you do so, please make sure your name, address and telephone number are not included. If so, we will delete them. The reason is once the resume is placed on line: it remains in Google, as well in Leasing News Editions’ archives. A search of your name will bring up your posting, which will have your address and telephone number for years to come.

It is also a good idea to create an email for the ad specifically that you can delete after use.
This is “free” to those looking for a new position. Each ad is limited to (100) words.

To post your free position wanted, please email:


Top Ten Stories

(Stories most opened by readers)

(1) Lease Fleece Revisited
     By Christopher Menkin

(2) Leasing News Bulletin Board Complaints
     By Kit Menkin, editor

(3) New Hires/Promotions in the Leasing Business
      and Related Industries

(4) Temporary Administration Support Wanted
          Scottsdale, Arizona or Work Remotely

(5) Equipment Finance Industry Sees Cause for Concern
    as Trade War Impacts Acquisitions by

(6)  New Equipment Finance Division
      Announced by Atlantic Union Bank

(8) Sales Makes it Happen
       By a Successful Salesman

(9) Lightning Never Strikes Twice in the Same Place
            Or Does it!
    By Kevin F. Clune, CLFP

(10) Thirteen Entrepreneurial Lessons for Credit Execs
    By Rob Lawson, Credit Today Publisher



Leasing News Advisory Board Announces
New Member
David C. Lee, North Mill Equipment Finance

David C. Lee
Chairman and CEO
North Mill Equipment Finance
North Mill Equipment Finance LLC
50 Washington Street, 10th Floor
Norwalk, CT 06854

Mr. Lee has over 30 years of executive financial services experience as an investment banker, private equity investor, lender and operating executive.  He has served as the Chairman and CEO of NMEF since December 2016 and previously was the CEO of Colford Capital Holdings, the former parent company of NMEF and its asset-based lending affiliate, North Mill Capital, from 2012 until the sale of NMEF to Wafra Capital Partners in August 2018. 

Previously, Mr. Lee served as President of D.B. Zwirn & Co., a $6.5 billion AUM alternative asset manager and successfully navigated that firm through the 2008 financial crisis and eventual merger integration into Fortress Investment Group.  He was the Founding Managing Partner of Saturn Venture Partners and a Partner with the private equity firm of Sandler Capital. 

For the first half of his career, Mr. Lee was an investment banker, most recently serving as a Managing Director at Lazard, where he advised on M&A transactions valued in excess of $50 billion. 
Mr. Lee graduated magna cum laude from The Wharton School at the University of Pennsylvania in 1986.

Leasing News Advisory Board Members



Are There too Many Conferences?
By Christopher Menkin

Please note this is not a statement, but a question. Since the finance industry has moved from equipment leasing to more finance, thus the name changes, as well as the growth of Merchant Cash Advance and business loans, there are many more groups holding conferences. This is not limited to the long-time leasing and finance associations, but, to name a few, Money, Lendit, deBanked, American Association of Commercial Finance Association and many finance and leasing associations are holding one conference during the year. How can an attendee keep up?

When I was Membership Chairman of the United Association of Equipment Lessors, we held meetings not by telephone but in a member's territory. One of the most memorable was held in my house in Saratoga, in the dining room. We all sat around the table.

My memory recalls many discussions and a great meeting with Dwight Galloway being very creative.  He said "Why are UAEL meetings for new members always first thing in the morning? No one shows up at 7:00am! They should be a cocktail get-togethers. We should have an "Ambassador" assigned to each new member to introduce them to others and take them around the conference. They should all wear a badge, showing a director, a speaker, and most important, a new member, so attendees will get them more involved. We then should have regional meetings with volunteers as regional chairman to hold local luncheons, dinners, whatever to introduce the new members, let funders make presentations and get to know them. All members can attend and meet the funders, too."

Now, I bring this up as it was successful for a year or two, maybe longer. But then, Executive Director Ray Williams said he was getting complaints from funders that there were too many of these meeting that they had to attend. While not required, they didn't want to be left out, but couldn't find the time or cost to go to all these "trade shows."

This was brought up to the board, who decided no more regional meetings; perhaps sports or social outings and the regional directors at the time were really not interested. So it died for a time.

Today, the Secured Finance Network and National Equipment Finance Association hold monthly meetings, while the Certified Lease and Finance Foundation has meetings, plus the Equipment Leasing and Finance Association has many education, committee, and other meetings.  The rest are in full blown conference meetings at hotels, flying there, getting a hotel room, paying expenses, and time away from actual selling. The questions is: which conference or workshop do you attend? Is it the best use of your time in this Financial Technology world?

If you are a funder, perhaps you don't have a choice, as you don't want to be left out. Or an attorney or accountant interested in not only keeping a client, but picking up a new one. In reality, most of these conferences have the same people coming to them. They are held and brokers, funders, service providers, and others attend, apparently as many as they can. Are they productive?

It goes back to the original question? Are there too many conferences?



Help Wanted



Louisa Community Bank, Louisa, Kentucky
Second FDIC Bank to Fail This Year

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million. Compared to other alternatives, Catlettsburg Kentucky Farmers Bank Corporation's acquisition was the least costly resolution for the FDIC's DIF.

As of June 30, 2019, Louisa Community Bank had approximately $29.7 million in total assets and $26.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Kentucky Farmers Bank Corporation agreed to purchase essentially all of the assets.

The last bank failure was Enloe State Bank in Cooper, Texas, on May 31. The last FDIC-insured institution closed in the state was First Federal Bank, Lexington, Ky. on April 19, 2013.



Resolute Bank, Maumee, Ohio, Fails
3rd FDIC Insured Bank to Fail This Year

As of June 30, 2019, Resolute Bank had approximately $27.1 million in total assets and $26.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Buckeye State Bank, Powell, Ohio, agreed to purchase essentially all of the assets.

Maumee is a city in Lucas County, Ohio, United States. Located along the Maumee River, it is about 10 miles southwest of Toledo. The population was 14,286 at the 2010 census. Maumee was declared an All-America City by the National Civic League in June 2006. Wikipedia

As of June 30, 2019, Resolute Bank had approximately $27.1 million in total assets and $26.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Buckeye State Bank agreed to purchase essentially all of the assets.

The sole branch of Resolute Bank will reopen as a branch of Buckeye State Bank during normal business hours. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.2 million. Compared to other alternatives, Buckeye State Bank's acquisition was the least costly resolution for the FDIC's DIF.




Allegiance CEO George Martinez leaves his post


  • Push-out Score determined
  • After around 12 years in the position
  • Praise and thanks for Martinez
  • Steve Retzloff taking over
  • Martinez will remain as Chairman at Allegiance
  • Martinez said 115 words

Houston, Texas, — George Martinez, Chief Executive Officer of Allegiance, will be leaving his position. As announced by Allegiance Bancshares Inc. in a news release and in a regulatory filing published on Friday, October 25, 2019, George Martinez leaves his post as Chief Executive Officer at the holding company of Allegiance Bank after around 12 years in the role, effective January 1, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 27% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.

George Martinez’s duties as CEO will be taken over by Steven F. (Steve) Retzloff, currently President of Allegiance Bancshares, Inc.

“Succession plan”
George Martinez’s departure from the CEO post is explained as follows. George Martinez said: “With the company in a strong financial position and with its outstanding culture and people in place, this is the right time for Allegiance to move forward with the next step in the succession plan we established twelve years ago when Steve and I co-founded the Bank.”

Martinez will remain as Chairman at Allegiance
“Mr. Martinez, age 77, will continue to serve as Chairman of Allegiance’s Board of Directors in 2020. In addition, Mr. Martinez will retire as Chief Executive Officer of the Bank and assume the role of Vice Chairman of the Bank on January 1, 2020,” Allegiance said.

Allegiance said: “Steven F. Retzloff, age 63, the current President of Allegiance, will be promoted to Chief Executive Officer, effective January 1, 2020, succeeding George Martinez in the role.”

Share price increase since January 2016
The announcement follows an increase in Allegiance Bancshares, Inc.’s share price of 57% since January 2016.

In the position of CEO since 2007
George Martinez became CEO of the Company in October 2007.
George Martinez is one of the organizers of the Bank and has been the Chairman of the Company’s board and the Company’s Chief Executive Officer since 2008 and Chief Executive Officer of the Bank since 2007.

Martinez began his banking career in 1974 as the co-founder of Sterling Bank, where he served as an Executive Vice President from 1974 to 1980, and then as Chief Executive Officer of Sterling Bancshares, Inc. a publicly traded multi-billion dollar financial institution, from 1980-2001 and as Chairman from 1992-2004.

From 1998 to 2008, Martinez served as President of Chrysalis Partners, LLC, an executive leadership consulting firm.

He currently serves on the Board of Directors of NCI Building Systems, Inc. (NCS:NYSE), Landmark Worldwide Enterprises, Inc. and the University of St. Thomas.

Martinez received a Bachelor of Business Administration and Economics degree from Rice University.

Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Allegiance and offered the company the opportunity to comment on the score.


What Can Save a Slowing U.S. Economy?

In the face of slowing growth and lingering trade tensions, commentary from CNN states that the U.S. economy needs housing to continue improving to “keep the current recovery alive.”

The National Association of Home Builders reported earlier in October that builder sentiment is at its highest level since February 2018 and this year’s increase is the biggest 10-month change in more than six years.   

“The housing rebound that began in the spring continues, supported by low mortgage rates, solid job growth and a reduction in new home inventory,” said Greg Ugalde, NAHB Chairman. 

Robert Dietz, NAHB Chief Economist, said the gains in single-family construction during the second half of 2019 are mirrored by the rise in builder sentiment over the past few months. Dietz, though, added builders “continue to remain cautious” due to ongoing supply considerations and concerns over an economic slowdown.
"With homebuilder sentiment so strong, it's hard to imagine that the economy is on the cusp of a downturn," said analysts at Bespoke Investment Group in the CNN report. 

CNN added that “there seems to be no end in sight” to the housing boom in many parts of the U.S. 

Additionally, CNN says that historically-low mortgage rates are a key factor in housing growth in 2019.

"There is no better sentiment than people willing to make 30-year commitments for a home," said JJ Kinahan, Chief Market Strategist with TD Ameritrade, in the piece. "When people have jobs, they are willing to spend money. The solid housing market is the side effect of a great job market."

In its latest release, however, Freddie Mac stated that the average rate of a 30-year fixed-rate mortgage rose to its highest level in 12 weeks to 3.75%. 

In an effort to stimulate the economy, the Fed cut interest rates twice in 2019, with the most recent decrease coming in September. The Fed lowered its overnight lending rate to a target rate of 1.75% to 2%. 

Despite the rate cut, which had been anticipated since the rate cut earlier this year, Reuters reports that seven of 17 policymakers projected one more quarter-point rate cut in 2019, signaling divisions in the Fed.



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

Dext Capital Closes $200 Million
Credit Facility with Credit Suisse

Portland, OR -- Dext Capital announced today that it has closed a facility with Credit Suisse to provide warehouse financing for commercial equipment loans and leases. The new facility increases the Company's borrowing capacity by $200 million and helps to support its continued growth and market expansion in the health and wellness markets.

Kyin Lok, Dext Capital's Chief Executive Officer, said,  "This credit facility, not only represents a significant vote of confidence from the financial community, but more importantly provides Dext Capital the flexibility and access to efficient capital that supports our immediate and long-term growth objectives.

Noting that the Company has an active and growing origination pipeline, he added, "Best of all, the line allows us to effectively address the financial needs of our underserved customers and manufacturer partners with greater speed, flexibility and transactional certainty."

Dext Capital is a privately-owned independent equipment finance company founded by a team of industry veterans with strong financial sponsorship from Sightway Capital, a Two Sigma company. As a direct non-bank lender, Dext Capital offers practical, flexible and future forward financial solutions for medical providers and manufacturers.

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

Assure the quality of your communication content…grammar, spelling, syntax, punctuation…hire an expert.

Whether website content, business or technical writings, take advantage of over forty years executive writing, proofreading and editing in the EFL industry…with the reader’s time and comprehension in focus.

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Associate Editor Leasing News, responsible for proofreading and editing each news edition, as well as contributing content.


Labrador Retriever
Chicago, Illinois  Adopt-a-Dog

"Toby is a 2 year old male lab mix.  He is super sweet and very playful. He loves attention and is happy just to be touched.  He is good with other dogs, is housebroken and crate trained."

ChicagoLand Lab Rescue
951-262-3446 (only vmail)
Adopt a Pet


Over 125 Signed Up for Don Cosenza Webinar
November 1 and November 4

North Mill Equipment Finance Chief Marketing Officer Don Cosenza is the scheduled speaker for two November webinars

"In our first broadcast we'll review North Mill’s expanded asset categories, technology upgrades and product developments, among other things. We'll discuss not only what's new, but how these changes may positively impact the daily operations of an active equipment finance brokerage.

"In our first broadcast we'll review North Mill’s expanded asset categories, technology upgrades and product developments, among other things. We'll discuss not only what's new, but how these changes may positively impact the daily operations of an active equipment finance brokerage.

Scheduled on two different dates to accommodate busy schedules, referral agents can register to attend the event on Friday, November 1 at 2:00 pm EST or Monday, November 4 at 2:00 pm EST. The presentation is the first in what will become the company’s ongoing webcast series intended to educate equipment finance brokers on company initiatives, industry topics, and business improvement practices.

Register for Webinar:
Friday, November 1 at 2:00 pm EST
Monday, November 4 at 2:00 pm EST.


News Briefs----

Many displaced residents in west
    Sonoma County allowed to return home

Another red flag warning issued for Sonoma County;
  strong winds could reinvigorate Kincade fire  

Kincade Fire: Crews Race to Gain Ground
  as Another Windstorm Looms

California Fire Tracker

Essential California: Our state of emergency



You May Have Missed---

Inside TurboTax’s 20-Year Fight to Stop Americans From Filing Their Taxes for Free


 World Series Wins

Yankees twenty- seven times
maybe some of them were crimes

Cardinals won eleven
taking their fans to heaven

and the Red Sox won eight
I do appreciate

a few teams tied with five
keeping the love alive


‘Respected again!’ 49ers fans, long dormant,
     emerging from coast to coast

12 times Bill Belichick outsmarted the entire NFL

Two Giants manager candidates reportedly get 2nd interviews


California Nuts Briefs---

Another red flag warning issued for Sonoma County;
  strong winds could reinvigorate Kincade fire

Getty Fire forces LeBron James and Arnold Schwarzenegger
    to evacuate mansions



“Gimme that Wine”

Wine of the Week: Bella Grace Vineyards
    2016 Amador County Old Vine Zinfandel

Free Wine App

Wine Prices by vintage

US/International Wine Events

Leasing News Wine & Spirits Page


This Day in History

   1682 - William Penn lands in what will become Pennsylvania. He originally called it Sylvania, but the King changed it to Pennsylvania in granted the charter.
    1815 - Birthday of Daniel Emmett DeCatur (d. 1904), born Mt. Vernon, OH.  Creator of words and music for the song “Dixie,” which became a fighting song for Confederate troops and unofficial “national anthem” of the South.
    1837 - Birthday of African-American folk artist Harriet Powers (d. 1910), now nationally recognized for her quilts, born in rural Georgia.
    1849 - In San Francisco, Rowe's Olympic Circus and the Ethiopian Serenaders opened today. The circus was situated in the block bounded by Kearny, Clay, Montgomery and Sacramento streets. Admission $3, a lot of money in its day.
    1850 - Grand celebration ball given by the citizens of San Francisco in honor of the admission of California into the Union. Col. Jonathan D. Stevenson was Grand Marshal. Elizabeth Maria Wills sang an ode written for the celebration.
    1859 – Charles Ebbets (d. 1925) was born in NYC.  He worked for the Brooklyn franchise when he was young, selling scorecards, taking tickets, etc.  Ebbets bought a small amount of stock in the club in 1890. became its secretary in 1896 and president in 1897, although he was still a minority stockholder. During the 1898 season, Ebbets decided to manage the club himself, without any notable success. Ebbets borrowed enough money in the early 1900s to buy the rest of the stock in the club. In August of 1912, Ebbets sold half of the club to the McKeever brothers for $100,000. He was the president of the ballclub, while Edward McKeever headed the company which owned the land and the ballpark. Ebbets Field was built in 1912-13 and named for him.
    1863 - Battle of Wauhatchie (Brown's Ferry) concludes: The troops of Union General Ulysses S. Grant open a supply line into Chattanooga, Tennessee when they drive away a Confederate attack by General James Longstreet. Although the Confederates still held the high ground above Chattanooga, the new supply line allowed the Union to hold the city and prepare for a major new offensive the next month. After the Battle of Chickamauga in northern Georgia on September 19 and 20, the defeated Union army of General William Rosecrans fled back to nearby Chattanooga. Braxton Bragg's Confederates took up positions along Lookout Mountain and Missionary Ridge to the east of the city. The Rebel lines made a semicircle around the city, and Confederate guns closed traffic on the Tennessee River. As a result, Union supplies had to come over a rugged mountainous route from the west. This line was vulnerable to a Confederate attack, and it made the Union's hold on Chattanooga tenuous at best. On October 23, Grant arrived as the new commander of all western forces. He immediately ordered two brigades to attack Brown's Ferry, where the Confederates were blocking river traffic to Chattanooga. The Yankees captured the ferry on October 27, then held off a counterattack to maintain control. On the night of October 28, Longstreet mounted a much larger attack to retake the crossing. The Confederates possessed superior numbers but could not pry the Union troops from the river. In the dark, the Yankees held and Longstreet withdrew his forces before dawn. The Union suffered 78 killed, 327 wounded, and 15 missing, while the Confederates suffered 34 killed, 305 wounded, and 69 missing. The Battle of Wauhatchie was one of the few Civil War engagements that took place at night. As a result of the battle, the Tennessee River was reopened for the Union and supplies reached Grant's troops. One month later, Grant drove the Confederates from the mountains around Chattanooga.
    1889 – The New York Giants became the first repeat World Series champions in Major League history by defeating the Brooklyn Bridegrooms in the best-of-11 matchup.
    1891 – Fanny Brice (d. 1951) was born Fania Borach in NYC.  Illustrated song model, comedienne, singer, theater, and film actress who made many stage, radio and film appearances and is known as the creator and star of the top-rated radio comedy series “The Baby Snooks Show.”  She was portrayed on the Broadway stage by Barbra Streisand in the 1964 musical “Funny Girl;” Streisand also starred in its 1968 film adaptation, for which she won an Oscar.
    1902 - Fredric Brown (d. 1972) was born in Cincinnati, OH.  American writer, one of the most ingenious American crime, mystery writers, and also wrote science fiction to overcome — as he said — the too real aspect of detective fiction. He also wrote television plays for Alfred Hitchcock series. “Martian Go Home” was one of his best sellers. His other notable novels include Night of the Jabberwock (1951) and The Deep End (1952)
    1917 - The temperature at Denver, CO, dipped to zero, and at Soda Butte, WY, the mercury plunged to 33 degrees below zero, a U.S. record for the month of October.
    1920 – Boston Red Sox GM Ed Barrow became GM of the New York Yankees, mere months after they acquired Babe Ruth from the same Sox team.  Barrow remained GM until 1944 during which time he fashioned one of the greatest championship runs in modern sports history.  They played in 12 World Series, winning 10.  Barrow was inducted into the Baseball Hall of Fame in 1953.
    1921 – Birthday of Bill Mauldin (d. 2003), Mountain Park, NM.   Pulitzer Prize-winning editorial cartoonist [1945, 1959] who created G.I. Joe and Willie.   He is buried at Arlington National Cemetery in recognition of his contributions to military morale.
    1922 - Composer/arranger/trumpet player Neal Hefti (d. 2008) birthday, Hastings, NE.
    1923 - "Runnin' Wild" (introducing the Charleston) opens on Broadway.
    1925 - Tenor saxophone player Zoot Sims, born John Haley Sims (d. 1985) , Inglewood, CA.
    1925 - History records Howard Johnson's as the first franchise chain. The chain got its start when Howard Dearing Johnson, the proprietor of a drugstore in Quincy, MA, began making ice cream with a hand-held crank to sell at the soda fountain. Unable to finance additional restaurants on his own, he began franchising his name and the formulas for his ice cream and other specialties. The first restaurant to which he granted a franchise, in 1932, was on Cape Cod. Eventually, the chain had 600 restaurants across the country. Johnson's innovations included the use of a central commissary to supply all franchises with food of consistent quality and the location of diners along highways.  It was the largest restaurant chain in the U.S. throughout the 1960s and 1970s, with more than 1,000 combined company-owned and franchised outlets.  Howard Johnson hotels and motels are now part of Wyndham Worldwide. Howard Johnson's restaurants were franchised separately from the hotel brand beginning in 1986, but in the years that followed, severely dwindled in number and all but disappeared by the 21st century. Just one Howard Johnson's restaurant remains: in Lake George, NY.
    1929 - The New York Stock Exchange crashed in what will be called the Crash of 1929 or "Black Tuesday," four days after President Herbert Hoover had declared “The fundamental business of the country ... is on a sound and prosperous basis.” The Great Depression had begun as more than 16 million shares were dumped and billions of dollars were lost. The boom was over and the malaise lasted until World War II.  Some analysts had warned that the buying spree, with prices 15 to 150 times above earnings, had to stop at some point. Frightened investors ordered their brokers to sell at whatever price. The Great Depression enveloped North Amer­ica, Europe and other industrialized countries. In 1932, one out of four US workers was unemployed.,,301462,00.html
    1934 - Birthday of alto sax player Jimmy Woods (d. 2018), St. Louis, MO
    1936 - Singer Hank Snow makes his first recordings, "Lonesome Blue Yodel" & "Prisoned Cowboy."
    1942 – Branch Rickey resigned from the St. Louis Cardinals to become president of the Brooklyn Dodgers.
    1944 - HAJIRO, BARNEY F., Medal of Honor
Private Barney F. Hajiro distinguished himself by extraordinary heroism in action on 19, 22, and 29 October 1944, in the vicinity of Bruyeres and Biffontaine, eastern France. Private Hajiro, while acting as a sentry on top of an embankment on 19 October 1944, in the vicinity of Bruyeres, France, rendered assistance to allied troops attacking a house 200 yards away by exposing himself to enemy fire and directing fire at an enemy strong point. He assisted the unit on his right by firing his automatic rifle and killing or wounding two enemy snipers. On 22 October 1944, he and one comrade took up an outpost security position about 50 yards to the right front of their platoon, concealed themselves, and ambushed an 18-man, heavily armed, enemy patrol, killing two, wounding one, and taking the remainder as prisoners. On 29 October 1944, in a wooded area in the vicinity of Biffontaine, France, Private Hajiro initiated an attack up the slope of a hill referred to as "Suicide Hill" by running forward approximately 100 yards under fire. He then advanced ahead of his comrades about 10 yards, drawing fire and spotting camouflaged machine gun nests. He fearlessly met fire with fire and single-handedly destroyed two machine gun nests and killed two enemy snipers. As a result of Private Hajiro’s heroic actions, the attack was successful. Private Hajiro’s extraordinary heroism and devotion to duty are in keeping with the highest traditions of military service and reflect great credit upon him, his unit, and the United States Army.
    1944 - *OKUBO, JAMES K., Medal of Honor
Technician Fifth Grade James K. Okubo distinguished himself by extraordinary heroism in action on 28 and 29 October and 4 November 1944, in the Foret Domaniale de Champ, near Biffontaine, eastern France. On 28 October, under strong enemy fire coming from behind mine fields and roadblocks, Technician Fifth Grade Okubo, a medic, crawled 150 yards to within 40 yards of the enemy lines. Two grenades were thrown at him while he left his last covered position to carry back wounded comrades. Under constant barrages of enemy small arms and machine gun fire, he treated 17 men on 28 October and 8 more men on 29 October. On 4 November, Technician Fifth Grade Okubo ran 75 yards under grazing machine gun fire and, while exposed to hostile fire directed at him, evacuated and treated a seriously wounded crewman from a burning tank, who otherwise would have died. Technician Fifth Grade James K. Okubo’s extraordinary heroism and devotion to duty are in keeping with the highest traditions of military service and reflect great credit on him, his unit, and the United States Army.
    1944 - SAKATO, GEORGE T., Medal of Honor
Private George T. Sakato distinguished himself by extraordinary heroism in action on 29 October 1944, on hill 617 in the vicinity of Biffontaine, France. After his platoon had virtually destroyed two enemy defense lines, during which he personally killed five enemy soldiers and captured four, his unit was pinned down by heavy enemy fire. Disregarding the enemy fire, Private Sakato made a one-man rush that encouraged his platoon to charge and destroy the enemy strongpoint. While his platoon was reorganizing, he proved to be the inspiration of his squad in halting a counter-attack on the left flank during which his squad leader was killed. Taking charge of the squad, he continued his relentless tactics, using an enemy rifle and P-38 pistol to stop an organized enemy attack. During this entire action, he killed 12 and wounded two, personally captured four and assisted his platoon in taking 34 prisoners. By continuously ignoring enemy fire, and by his gallant courage and fighting spirit, he turned impending defeat into victory and helped his platoon complete its mission. Private Sakato’s extraordinary heroism and devotion to duty are in keeping with the highest traditions of military service and reflect great credit on him, his unit, and the United States Army.
    1950 - Detroit's Wally Trippett established an NFL record with 294 kickoff return yards against Los Angeles. The record has since been broken by Tyrone Hughes but his average of 73.5 yards per return still stands.
    1953 - Top Hits
“You, You, You”- The Ames Brothers
“No Other Love” - Perry Como
“Oh” - Pee Wee Hunt
“I Forgot More Than You'll Ever Know” - The Davis Sisters
    1953 - The sale of the St. Louis Browns from Bill Veeck to a group of Baltimore investors was completed, and the American League's most hapless team became the Orioles.
    1954 - Dizzy Gillespie and Roy Eldridge record “Trumpet Kings” album, Verve.
    1955 - Billboard reviews Little Richard's "Tutti Frutti" and calls it "cleverly styled novelty with nonsense words, rapid fire delivery."
    1955 - Roger Williams' "Autumn Leaves" hits #1
    1956 - John Cameron Swayze and "The Camel News Caravan" were replaced by Chet Huntley and David Brinkley on NBC-TV. The "Huntley-Brinkley Report" clicked so well that the respected newsmen reported nightly until July of 1970. “Good night Chet. Good night David. And good night from NBC News.”
    1956 – Israeli armed forces push into Egypt toward the Suez Canal, initiating the Suez Crisis. They would soon be joined by French and British forces, creating a serious Cold War problem in the Middle East. The catalyst for the joint Israeli-British-French attack on Egypt was the nationalization of the Suez Canal by Egyptian leader General Gamal Abdel Nasser in July, 1956. The situation had been brewing for some time. Two years earlier, the Egyptian military had begun pressuring the British to end its military presence (which had been granted in the 1936 Anglo-Egyptian Treaty) in the canal zone. Nasser’s armed forces also engaged in sporadic battles with Israeli soldiers along the border between the two nations and the Egyptian leader did nothing to conceal his antipathy toward the Zionist nation. Supported by Soviet arms and money, and furious with the United States for reneging on a promise to provide funds for construction of the Aswan Dam on the Nile River, Nasser ordered the Suez Canal seized and nationalized. The British were angry with the move and sought the support of France (which believed that Nasser was supporting rebels in the French colony of Algeria), and Israel (which needed little provocation to strike at the enemy on its border), in an armed assault to retake the canal. The Israelis struck first but were shocked to find that British and French forces did not immediately follow behind them. Instead of a lightning strike by overwhelming force, the attack bogged down. The United Nations quickly passed a resolution calling for a cease-fire. The Soviet Union began to issue ominous threats about coming to Egypt’s aid. A dangerous situation developed quickly, one that the Eisenhower administration hoped to defuse before it turned into a Soviet-U.S. confrontation. Though the United States sternly warned the Soviet Union to stay out of the situation, Eisenhower also pressured the British, French, and Israeli governments to withdraw their troops. They eventually did so in late 1956 and early 1957.
    1957 - Bobby Helms records "Jingle Bell Rock." By December, it will be in the US Top 10, eventually selling over a million copies and becoming a Christmas standard.  As of November 25, 2016, total sales of the digital track of Helms' original Decca recording stand at 780,000 downloads, placing it ninth on the list of all-time best-selling Christmas/holiday digital singles in SoundScan history 
    1957 - Buddy Holly & the Crickets' "Oh Boy!" is released by Brunswick Records. It will peak at #10
    1957 - After his concert at Los Angeles' Pan Pacific Auditorium, Elvis Presley meets TV star -- and, thanks to Elvis' inspiration, recording artist -- Rick Nelson for the first time. "Man, I just love your new record," says Elvis, referring to "Be-Bop Baby." The King also mentions that he's a fan of Rick's Adventures of Ozzie and Harriet show and gives the young singer some advice on touring. 
    1958 - Elvis Presley attends a Bill Haley concert in Stuttgart, West Germany while stationed there with the US Army.
    1959 - First performance of the R.G. Davis Mime Studio and Troupe. The Troupe performs "Mime and Words" at the San Francisco Art Institute.… Diggers site
    1960 - Cassius Clay won his first pro bout -- over Tunney Hunsaker -- in six rounds in his hometown of Louisville, Kentucky.
    1961 - The top, pop song on the charts belonged to Dion DiMucci. "Runaround Sue" was in its second week at the tiptop of the top-tune tabulation (it was in the top 40 for three months).
    1961 - Top Hits
“Runaround Sue” - Dion
“Bristol Stomp” - The Dovells
“Big Bad John” - Jimmy Dean
“Walk on By” - Leroy Van Dyke
    1962 – John “Buck” O'Neil is the first black coach in Major League baseball, for the Chicago Cubs.
    1962 - Actor Sydney Poitier testifies before the House Committee on Education and Labor, condemning the lack of opportunities for black actors in Hollywood. Poitier was born in 1924 to poor farmers in the Bahamas. He dropped out of school at age 13 and later joined the U.S. Army. After his army stint, he became interested in performing and joined the American Negro Theater. He debuted on Broadway in 1946 and three years later made his film debut in a U.S. Army documentary. By the late 1950s, he was the leading African American actor in the country. In 1964, he became the first African American actor to win the Best Actor Oscar, for his role as a laborer who helps build a chapel in Lilies of the Field (1963). Other films include In the Heat of the Night (1967) and Guess Who's Coming to Dinner (1967). He began directing in 1971 with Buck and the Preacher. In 1992, he won the American Film Institute's Life Achievement Award, the first black actor and director to be so honored.
    1965 - CAPTAIN HUMBERT R. VERSACE, Medal of Honor
UNITED STATES ARMY for conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty: Captain Humbert R. Versace distinguished himself by extraordinary heroism during the period of 29 October 1963 to 26 September 1965, while serving as S-2 Advisor, Military Assistance Advisory Group, Detachment 52, Ca Mau, Republic of Vietnam. While accompanying a Civilian Irregular Defense Group patrol engaged in combat operations in Thoi Binh District, An Xuyen Province, Captain Versace and the patrol came under sudden and intense mortar, automatic weapons, and small arms fire from elements of a heavily armed enemy battalion. As the battle raged, Captain Versace, although severely wounded in the knee and back by hostile fire, fought valiantly and continued to engage enemy targets. Weakened by his wounds and fatigued by the fierce firefight, Captain Versace stubbornly resisted capture by the over-powering Viet Cong force with the last full measure of his strength and ammunition. Taken prisoner by the Viet Cong, he exemplified the tenets of the Code of Conduct from the time he entered into Prisoner of War status. Captain Versace assumed command of his fellow American soldiers, scorned the enemy's exhaustive interrogation and indoctrination efforts, and made three unsuccessful attempts to escape, despite his weakened condition which was brought about by his wounds and the extreme privation and hardships he was forced to endure. During his captivity, Captain Versace was segregated in an isolated prisoner of war cage, manacled in irons for prolonged periods of time, and placed on extremely reduced ration. The enemy was unable to break his indomitable will, his faith in God, and his trust in the United States of America. Captain Versace, an American fighting man who epitomized the principles of his country and the Code of Conduct, was executed by the Viet Cong on 26 September 1965. Captain Versace's gallant actions in close contact with an enemy force and unyielding courage and bravery while a prisoner of war are in the highest traditions of the military service and reflect the utmost credit upon himself and the United States Army. 
    1966 - After topping the Cashbox Magazine Best Sellers Chart two weeks earlier, and the Mysterians "96 Tears" reached number one on the Billboard chart. Although he closely guarded his true identity at the time, the man known as Question Mark turned out to be Rudy Martinez, from Saginaw Valley, Michigan. 
    1966 - Formation of the National Organization for Women to "bring women into full participation in the mainstream of American society NOW!"
    1967 - Hair, An American Tribal Love-Rock Musical, opened at the Public Theater in New York City. The composer was Galt MacDermott. The musical, which appeared during the Vietnam War, carried an antiwar message and aroused some controversy for its glorification of “hippie” values, including a nude scene at the end of the first act. The production moved to Broadway's Biltmore Theater in April, 1968.
    1967 – In Oakland, Ca., police made a traffic stop on Black Panther leader Huey Newton. In a gun battle Newton was wounded and police officer John Frey was killed. Newton was convicted of voluntary manslaughter but the conviction was overturned. Gene McKinney (d. 2000 at 58) and Newton had driven out for takeout feed following a Black Panther Party fundraiser when they were pulled over. McKinney commandeered a passing car to get Newton to a hospital.
    1969 - Historians consider this the day the Internet was created. The first connection on what would become the world wide web was made on this day when bits of data flowed between computers at UCLA and the Stanford Research Institute. This was the beginning of ARPANET, the precursor to the Internet developed by the Department of Defense. By the end of 1969, four sites were connected: UCLA, the Stanford Research Institute, the University of California, Santa Barbara and the University of Utah. By the next year, there were 10 sites and soon there were applications like e­mail and file transfer utilities. The @ symbol was adopted in 1972 and a year later, 75 percent of ARPANET traffic was e-mail. ARPANET was decommissioned in 1990 and the National Science Foundation's NSFnet took over the role of backbone of the Internet.
    1969 - Top Hits
“I Can't Get Next to You” - The Temptations
“Hot Fun in the Summertime” - Sly & The Family Stone
“Suspicious Minds” - Elvis Presley
“The Ways to Love a Man” - Tammy Wynette
    1970 - Neil Diamond received a nice package: a gold record for the hit, "Cracklin' Rosie."
    1971 – The total number of U.S. troops remaining in Vietnam drops to 196,700 – the lowest level since January, 1966. This was a result of the Vietnamization program announced by President Richard Nixon at the June 1969 Midway Conference. U.S. troops were to be withdrawn as the South Vietnamese assumed more responsibility for the war. The first withdrawal included troops from the 9th Infantry Division, who departed in August, 1969. The withdrawals continued steadily, and by January, 1972 there were less than 75,000 U.S. troops remaining in South Vietnam.
    1973 - O.J. Simpson set two NFL records. The Buffalo Bills' star running back ran 39 times for 157 yards -- and he rushed for a total of over 1,000 yards in only seven games.
    1974 - President Gerald Ford signs law that forbids credit discrimination on the basis of sex. In November, the Federal Home Loan Bank Board announces an end to discrimination in mortgage lending. (1995 backlash finds many mortgage lenders reverting by insisting on spousal credit/income.) 
    1977 - Top Hits
“You Light Up My Life” - Debby Boone
“Nobody Does It Better” - Carly Simon
“That's Rock 'n' Roll” - Shaun Cassidy
“Heaven's Just a Sin Away” - The Kendalls
    1977 - A 30-year-old Rocker named Marvin Lee Aday, who uses the stage name Meat Loaf, releases his landmark album "Bat Out Of Hell." Since that time, the LP has sold over 43 million copies worldwide. 
    1981 - Loretta Lynn received a gold record for her album, "Greatest Hits, Vol. 2."
    1982 - Paul McCartney and Michael Jackson released "The Girl is Mine," which will rise to #2 on the Billboard Pop chart. 
    1982 - Car maker John DeLorean indicted for drug trafficking in a government sting operation; later acquitted.
    1983 - After four weeks at #1 on the pop music charts, Bonnie Tyler's "Total Eclipse of the Heart" slipped to #2 -- replaced by "Islands in the Stream" by Kenny Rogers and Dolly Parton.
    1983 - Pink Floyd's "Dark Side of the Moon" marks its 491st week on the Billboard album chart, surpassing the previous record holder, "Johnny's Greatest Hits" by Johnny Mathis. When it finally fell off of list in October 1988, "Dark Side" had set a record of 741 weeks on the chart. 
    1984 - Golfing great Tom Watson won his sixth PGA Player of the Year title; the most won by any golfer since the award was first given in 1948. Jack Nicklaus had accumulated five of those titles.
    1985 - Top Hits
“Saving All My Love for You” - Whitney Houston
“Part-Time Lover” - Stevie Wonder
“Miami Vice Theme” - Jan Hammer
“Touch a Hand, Make a Friend” - The Oak Ridge Boys
    1987 - Severe thunderstorms in Arizona produced wind gusts to 86 mph at the Glendale Airport near Phoenix, baseball size hail and 70 mph winds at Wickenburg, and up to an inch of rain in fifteen minutes in Yavapai County and northwest Maricopa County. Arizona Public Service alone reported 2.5 million dollars damage from the storms.
    1988 - Wintry weather prevailed in the Upper Midwest. South Bend, IN, equaled their record for October with a morning low of 23 degrees. International Falls MN reported a record low of 11 degrees in the morning, then dipped down to 8 degrees above zero late in the evening.
    1989 - Thunderstorms developing along a cold front produced severe weather in Oklahoma and north central Texas during the late afternoon and evening hours. Thunderstorms in Oklahoma produced weak tornadoes near Snyder and Davidson and produced hail two inches in diameter at Altus. Large hail damaged 60 to 80 percent of the cotton crop in Tillman County, OK. Nine cities in the northeastern U.S. reported record high temperatures for the date as readings warmed into the 70s. For Marquette, MI, it marked their fifth straight day of record warmth. Arctic cold invaded the western U.S. Lows of 7 degrees at Alamosa, CO and 9 degrees at Elko, NV were records for the date. (My daughter in nearby Lamoille said it was zero degrees.)
    1990 - The inductees for the sixth annual Rock and Roll Hall of Fame are announced, a list which includes Wilson Pickett, Ike and Tina Turner, The Byrds, The Impressions, LaVern Baker, Jimmy Reed, and John Lee Hooker.
    1996 - The National Basketball Association got set to launch its 50th anniversary with the announcement of the 50 Greatest Players of All Time, ten of whom spent significant portions of their careers with the Boston Celtics.
    1998 - Hurricane Mitch (Oct 22-Nov 4, 1998), one of the strongest Atlantic storms ever, made landfall, slamming into Honduras, Nicaragua, Guatemala, Belize, El Salvador and other Central American countries. The real story was not the wind but the rain. Slow movement of the storm caused heavy rain, resulting in widespread flooding and mudslides. Over 10,000 people were killed, another 10,000 were missing, and some two million people were affected in some way by the storm.
    1998 - The space shuttle Discovery blasted off, returning 77-year-old U.S. Senator John Glenn to space some 36 years after he became the first American in orbit. Glenn was part of a crew of seven astronauts shepherding scientific payloads on the shuttle mission.
    2001 – Arizona Diamondbacks’ Matt Williams becomes the first player in World Series history to hit home runs with three different teams. He homered in the Fall Classic for the Indians in 1997 and the Giants in 1989.
    2003 - Research by Professor James Kellaris, of the University of Cincinnati College of Business Administration, found that songs get stuck in our heads because they create a 'brain itch' that can only be scratched by repeating a tune over and over. Songs such as the Village People's "YMCA" and the Baha Men's "Who Let The Dogs Out," owe their success to their ability to create a 'cognitive itch.' 
    2008 – The Philadelphia Phillies won their first World Series since 1980 by defeating the Tampa Bay Devil Rays in five games.  Phils southpaw Cole Hamels was named Series MVP.
    2009 - Forbes Magazine reported that Michael Jackson had earned about $72 million since his death on June 6th. That was good enough for third place on their list of dead celebrities making the most money. Fashion designer Yves Saint Laurent came in first at $350 million, songwriters Richard Rodgers and Oscar Hammerstein were second with $235 million and Elvis Presley was fourth, earning $55 million.
    2009 - Derek Jeter is the recipient of this year's Roberto Clemente Award, an honor given to a player who best exemplifies the game of baseball, sportsmanship, and community involvement. The 35-year-old Yankee captain joins 13 Hall of Famers and former Bronx Bombers Ron Guidry and Don Baylor in winning the prestigious prize.
    2011 - New York City received one inch of snow, the earliest they had received that much snow since records began. It was also only the fourth times since the Civil War snow had fallen in New York City in October. The storm also left over three million people without power including 62% of the customers of Connecticut Light and Power.
    2012 – Hurricane Sandy hits the east coast of the United States, killing 148 directly and 138 indirectly, while leaving nearly $70 billion in damages and causing major power outages. it was the second-costliest hurricane on record in the United States until surpassed by Hurricanes Harvey and Maria 2017.
    2013 – NASDAQ was shut down for 44 minutes due to a human error that occurred while performing an operational function; the error was traced to the flawed delivery of data to the NASDAQ distribution system.
    2014 – The San Francisco Giants won their third World Series in five years, defeating the Kansas City Royals, 3-2.

World Series Champions:
    1889 – New York Giants
    2008 – Philadelphia Phillies
    2014 – San Francisco Giants




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     Phil Dushey, President, Global Financial Services
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