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

North Mill Equipment Finance Announces
$353 Million Term Securitization

2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year. 

North Mill’s President and Chief Operating Officer, Mark Bonanno, explained, “The transaction was well-received by institutional investors with 31 unique investors, including 12 new investors in the NMEF shelf, making it NMEF’s largest ABS investor base of all time.

“We attribute this to the addition of a big-three rating agency with a 4% base case cumulative net loss assumption as well as a reduction of the base case loss assumption from KBRA from 6.1% - 6.6% on our last transaction down to 4.79% on NMEF 2022-B.”

Pier Snider, NMEF’s Chief Financial Officer added, “The transaction includes a $101MM 3-month post-close prefunding period that gives NMEF a fixed cost of funds for 4th quarter originations in a rising rate environment.”

NMEF’s Capital Markets team has now raised $1.4B in bonds since inception.  NMEF 2022-B featured fixed-rate asset backed securities across three classes of notes with the A note split into two tranches; an A-1 money market class, and a AAA/Aaa rated tranche by KBRA/Moody’s.  This was NMEF’s first ABS issuance to be rated by Moody’s.  It was also NMEF’s first transaction to include all investment grade tranches. 

About North Mill Equipment Finance
North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial, and material handling equipment. North Mill is majority owned by an affiliate of InterVest Capital Partners, Inc. (FKA Wafra Capital Partners Inc.).

The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com

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

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National Vehicle Leasing Assoc. 2022 Annual Conference
By Edward P. Kaye, Esq.

Tarry Shebesta (right) of Automobile Consumer Services

TUCSON, AZ – The National Vehicle Leasing Association (NVLA) held its 2022 annual conference, “Driving Success,” live and in-person last week at the Loews Ventana Canyon Resort, bringing together vehicle lessors, banks, service providers, and various industry participants. It was the second in-person conference since the pandemic, with substantially more attendees than last year.

While much in the industry has changed due to the pandemic, including various industry participants exiting the vehicle leasing business, many of the surviving firms have thrived, reporting record years in terms of profitability and growth. What’s more, there were a swell of new leasing companies in attendance that have developed unique business models in the hope of disrupting a traditionally conservative well established industry and curing inefficiencies in the marketplace. 

The keynote speaker, Steve Bench of Generational Consulting, kicked off the conference speaking about attracting and retaining millennial and Gen Z employees. The vehicle leasing industry is not alone is facing challenges in hiring and keeping employees, especially in attracting tomorrow’s talent.  Bench’s remarks focused on how to leverage differences among generations at work and how to build a culture to engage young professionals. Bench’s spirited, fast paced presentation set the tone for many of the sessions that followed.

Chris Brown, the Digital Editor of Automotive Fleet, Fleet Forward, and Auto Rental News, provided an overview of the current state of fleet electrification and a forecast on large scale EV adoption. While governments and large corporations have the budget and other resources to electrify their fleets, charging infrastructure has proven to be a big challenge. Brown believes some of the near term electrification target dates may be too optimistic and will eventually be extended.  Brown also provided a comprehensive list of independent commercial EV manufacturers including Lordstown Motors, Lightning eMotors, and Rivian to name a few, with the conclusion that the market is not big enough for all of them to survive. “It’s harder than we thought,” Brown concluded.

Kristen Lanzavecchia, of J.D. Power’s Valuation Services division, provided a comprehensive outlook on the current state of the U.S. automotive industry. J.D. Power acquired the Automotive Lease Guide (ALG) an industry standard residual guidebook utilized by captive and independent vehicle lessors alike. Chock full of data driven insight, Lanzavecchia’s presentation detailed the spikes and market trends due to the pandemic including increases in used vehicle sales, profit margins, and prices, and decreases in new vehicle sales due to supply chain issues and days vehicles are sitting in inventory on dealers’ lots. “Lease penetration is down because residual subvention is down and interest rates are up,” she said. “Leasing is not as attractive as long term loans in today’s market,” she added.

Additional session topics included lessee accounting under the new ASC842 rules, expanding revenue streams for lessors, sales training, non-prime auto leasing, and a legal and legislative update highlighting pending commercial financial disclosure laws impacting vehicle lessors in various states.  Notably, the conference also held its first ever Women in Leasing Rountable, established by my law partner, Sloan Schickler.

The Clemens-Pender Lessor of the Year Award was awarded to Tarry Shebesta of Automobile Consumer Services, a digital automotive retailing company. The award is given annually at the conference to the lessor who best exemplifies the principles for which Jack Clemens and Frank Pender, the NVLA’s founders, stood.  

Other than the occasional fist bump instead of handshake, it felt normal and nice to be back at the NVLA conference live and in person. There is no substitute for seeing your clients, colleagues and industry friends face to face and I’m glad I had the time and opportunity to attend.

Edward P. Kaye, Esq.
Schickler Kaye LLP
One Rockefeller Plaza
11th Floor
New York, NY 10020
 (212) 262-6397
ekaye@skfinancelaw.com
www.skfinancelaw.com

Ed Kaye is a longtime supporter of Leasing News and sits on its Advisory Board contributing articles as well as features.  He is a partner in the law firm, Schickler Kaye LLP (www.skfinancelaw.com), the former CEO and General Counsel of a prominent independent vehicle leasing company, and past president of the NVLA. He currently sits on the NVLA board of directors. Schickler Kaye LLP provides decades of experience representing and protecting lessors, banks and finance companies in all facets of the vehicle leasing and equipment financing business.  He can be reached at ekaye@skfinancelaw.com or 212-262-6397.

Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support/Work

 

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Rendering Top Service in Toughening Times

Sales Makes it Happen by Scott Wheeler, CLFP

Originators in the commercial equipment finance and leasing industry are successful because they offer cash flow savings to their customers. Top originators take the time to understand their client's specific needs and wants as they relate to specific cash flow requirements. Too often, average originators just quote and pray without knowing the specifics of a transaction, why a client is buying specific equipment, or what is required to win the transaction.

In the coming months, competition is going to intensify for the highest quality assets. Order taking and throwing out commodity pricing will not be enough to win your fair share of business. Originators will outperform their competition by offering expertise and non-commoditized products which align with their customer's cash flow requirements. Originators will need to ask the tough questions up front and quickly tailor their products to meet the specific needs of each client.

These are times which will reward originators who know the most about credit requirements, pricing and structure, and their competition's strengths and weaknesses. Top originators can navigate change and enhance their outcomes by being advisors and sales professionals rather than order takers and processors.

I recently completed a profile of two originators working for the same company. Both have had exceptional production numbers for the last several years. However, one of the originator's production numbers has leveled off in the last six months, while the other originator's production has surged ahead. Both originators' activity and applications are similar, but the lead originator is winning more and higher quality transactions.

The lead originator is digging deeper into every potential transaction. He knows who and what he is competing against on most transactions; and is suggesting different structures, when appropriate, to win a transaction.

The lead originator is no longer taking a "one price fits all" approach or blindly quoting transactions without knowing the client's specific needs. His proactive professionalism and personal capabilities are winning him relationships with end-users and vendors who appreciate his expertise and industry knowledge.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Sales Makes it Happen articles:
http://www.leasingnews.org/Legacy/index.htm

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Top Ten Leasing News Read by Readers
October 10 to October 14

(1) Ascentium Alleges Major Kickback Scheme
By Ken Greene, Leasing News Legal Editor
https://leasingnews.org/archives/Oct2022/10_10.htm#asc

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Oct2022/10_12.htm#hires

(3) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Oct2022/10_14.htm#hires

(4) ELFA Conference (Day Two)
  from Orlando, Florida
By Nuria Blais, American Lease Insurance
https://leasingnews.org/archives/Oct2022/10_12.htm#elfa

(5) ELFA Conference Report from
  JW Marriott Grande Lakes Resort in Orlando, Florida
By Nuria Blais, American Lease Insurance
https://leasingnews.org/archives/Oct2022/10_10.htm#elfa

(6) A Person Who Feels Appreciated...
Placard
 https://leasingnews.org/archives/Oct2022/10_14.htm#person

(7) Kaylan Makam New Chief Executive Officer
Amur Equipment Finance
https://leasingnews.org/archives/Oct2022/10_10.htm#amur

(8) Full Circle Finance Is Now Employee Owned
Tim Cetto to Stay on as Board Member
https://leasingnews.org/archives/Oct2022/10_14.htm#full

(9) Federal Funds Rate Returns to
Levels Last Seen in 2008
https://leasingnews.org/archives/Oct2022/10_12.htm#fed

(10) Pawnee Leasing Updates
  Funders Taking "New" Broker Business List
Funder List "A" and Story Credit Lessors
https://leasingnews.org/archives/Oct2022/10_10.htm#pawnee

Fourth Quarter CLFP Circular
New CLFP's, Why I Became a CLFP
Messages and Meet Features

CLFP PDF

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Recap Diary of ELFA Annual Conference
By Nuria Blais, American Lease Insurance

This year’s Equipment Leasing and Finance Association (ELFA) Annual Conference was held in sunny Orlando, Florida October 9-11. Originally scheduled to take place in Marco Island, Hurricane Ian left ELFA with less than ten days during which to move, secure, and execute the conference somewhere new. The ELFA board and committees all doubled down and not only made the conference happen, but did a beautiful job of maintaining high quality events.

The JW Marriott Grande Lakes was a stellar location. No damage was visible in Orlando in the wake of Ian and the property was meticulously maintained. Lush gardens, happening bars and delicious restaurant offerings at not only this property but the adjoining Ritz Carlton left nothing to be desired. My personal favorite part of the Marriott was the central bar with its architectural designs and delicious pulled pastrami. With over 900 attendees and 37 exhibitors this conference was, by far, the largest one I’ve personally attended. Meeting and greeting 900 people in two days make me grateful for the Starbucks on site as well!

October 9th included several optional events for attendees. A number of people participated in a community service project early in the day which involved building fifteen guitars for local youth while many also participated in the golf tournament and sported some sun after a day out in the heat. Our team flew in, set up, settled in, and enjoyed the evening’s welcome reception.

It was wonderful to meet many new people, a bit overwhelming for a first-timer, but still quite nice. The best part of this day was recognizing the many faces I’ve come to know in the past year and getting to catch up with them. Something unique about this welcome reception for me was that it was held in the exhibit hall. This was likely because the hall was closed on Tuesday due to a booking scheduled at the JW Marriott prior to ELFA’s move there. This small difference certainly helped to maximize our time directly in front of attendees as an exhibitor.

In keeping with the conference’s focus “Welcoming Change as Opportunity,” a total of thirteen educational breakout sessions took place on Monday and Tuesday. The topics covered centered around change, diversity, technology, and risk management. With dynamic keynote speaker, Dex Hunter-Torricke formerly of SpaceX and current head of communications for the Oversight Board of Meta, the independent decisionmakers of decisions on Facebook and Instagram's most challenging content issues, attendees were instantly dropped into a tank of technological and economical Q&A’s.

The keynote sessions that followed (Ginny Clarke and Peter Zeihan) focused on diversity and inclusion as well as supply chain concerns and the war between Ukraine and Russia. I felt as though I had taken a drink of water through a firehouse, if you will, after the sheer number of statistics, facts and questions were fielded, answered, and posed during these speaker and breakout sessions. The final take of these for me, and likely for many, was equal parts drive and fear for what could be next in the world of business, finance, law and humanity.

Monday, October 10th marked the end of exhibiting and following shut down of the hall, everyone went their own ways for individually hosted events. After an incredibly informative and exhausting day, curling up with a book was wonderful as we prepared for a full final day on Tuesday. While I’ve mentioned the great deal of education over the two full days, I’ve got to touch on the incredible job that sponsors and hosts did at receptions, luncheons and gatherings. Between delicious burgers, salads, soups and decadent desserts, it was pretty amazing that all attendees didn’t need a second wardrobe from the hotel gift shops. The food was amazing.

Tuesday’s closing party over dinner was so much fun as well with it’s dance floor, live music and arcade games. The party continued on the property’s citrus garden, a gorgeous outdoor space where Assurant hosted the After Glow Reception. Lively conversation buzzed as everyone chatted amidst the lovely garden with glow sticks and music. This was the perfect way to bid farewell to one another after a busy few days of learning and growing together.

Board members of ELFA addressed the attendees on a number of occasions throughout the conference. ELFA President and CEO Ralph Petta as well as Chairman of the Board of Directors Mike DiCecco announced upcoming plans for the coming 5-10 years at ELFA. They also spoke in depth about ELFA’s Knowledge Hub, a fantastic tool geared towards accessibility to education and industry career growth trajectory. I urge all who are not familiar to become so, especially young professionals looking to not only stay in but grow with this industry.

Finally, and most wonderful to me, was the announcement that in addition to donating 15 guitars to local youth, ELFA made a $15,000 donation to the Sea Turtle Conservancy and donated a portion of each conference registration fee collected to the recovery efforts following Hurricane Ian. Associations such as ELFA are not only working to grow membership and supply the industry with quality events such as this one, perpetuating growth, but they are also taking the time to give of themselves to those in need.

Bravo to ELFA for making this annual conference a fabulous success. See you in Nashville & Be well!

Nuria Blais, CLFP Associate
Business Development Manager
American Lease Insurance
Dedicated Dial 413-369-2182
nuria@aliac.net

Labrador Retriever Mix
Oakland, California  Adopt-a-Dog

Freddy

Male
5 Years old
90 lbs.

Our dearest Freddy is 5 a year-old Lab, currently weighing about 90lbs. He was rescued by his guardian angel who discovered him one hot afternoon living in a small, ‘shadeless” enclosed corner of her neighbor’s yard with a dry water bowl. Looking sad, dirty, and emaciated, he gave her a pleading gaze for food, water, and love. So we did what had to be done to get him out of there!

Hardly 1 month since his rescue, Freddy has already made so much progress. Poor diet and dirty living conditions caused him to have irritated skin and a lot of hair loss, but his hair is already growing back! A diet change, medicated baths, allergy meds, and a course of antibiotics are really all it took to get him on the mend. Freddy is a big boy, and he may already weigh 90lbs, but he was visibly underweight when he came to us, around 85lbs at the time. He is slowly gaining weight now that he is being fed well; we are guessing he should be about 100lbs as a healthy weight. Another month or so and he should be looking better then he probably ever has!

Freddy is ready to start looking for his forever home! He has some learning to do about being a house dog and a family pet. It’s clear to us that he hasn’t had much socialization or experienced much affection in his life. He can be a little timid when meeting new people but once he gets to know you he becomes so happy to see you he can’t contain himself. Once he trusts you he enjoys some good scratches and a belly rub. He is still learning what it means to be allowed inside of a house, he thinks that he belongs outside since that’s all he has ever known. His foster mom says he is making progress every day on how to be a dog and is learning to accept love!

Freddy is dog friendly, enjoys playing with toys, & is up for adventures! He knows some basic commands and is decent walking on-leash but could still use some work. He is a big strong boy who will definitely require someone who is strong enough to handle him. He would make a great dog for a family with teenage kids; he could definitely knock some small kids over when he gets excited! He still has some things to learn but he has so much love to give!

If you’re interested in being Freddy’s forever and would like to meet him, please fill out an application. His advocate will be in touch. (KM)

Rocket Dog Rescue
351 Foothill Blvd
Oakland, California 94601
510-698-4161
adopt@rocketdogrescue.org
https://www.rocketdogrescue.org/adopt/adoptees/

*Meet and greets at our facility are by appointment only.

Application Form:
https://www.shelterluv.com/matchme/adopt/RCKT/Dog

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Remember the NorVergence Scandal and Tom Salzano?
Now Charged with $650 Million Ponzi Scheme, 2,000 investors

Thomas Nicholas Salzona pictured at left

Yes, it is the same Tom Salzano found guilty in NorVergence Telephone Scheme that hit many banks and leasing companies as well as 11,000 small businesses in 20 States, plus other convictions. He now was indicted by the U.S. Attorney, District of New Jersey for a $650 Million Ponzi Scheme, involving 2,000 investors.

In 2006, Leasing News wrote about this scheme, which many leasing companies originally denied, but were soon out of millions of dollars and unable to collect on leases they had granted. A full collection of the articles appears at the end.

The press release with all the current details notes the sales director of Salzano’s firm pled guilty in the role of conspirator in the role in the conspiracy.

"NEWARK, N.J. – The president and a top officer of a real estate investment company were charged for their roles in a scheme to defraud more than 2,000 investors in a $650 million Ponzi scheme, and with conspiring to evade $26 million in tax liabilities, U.S. Attorney Philip R. Sellinger announced today.

"Thomas Nicholas Salzano, aka “Nicholas Salzano,” 64, of Secaucus, New Jersey, and Rey E. Grabato II, 43, of Hoboken, New Jersey, and the Republic of the Philippines, are charged in an 18-count indictment unsealed Oct. 12, 2022, with conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud, and conspiracy to defraud the United States. Salzano is also charged with two counts of aggravated identity theft, two counts of tax evasion, and five counts of subscribing to false tax returns.

"Salzano was arrested Oct. 12, 2022, and is scheduled to appear by videoconference this afternoon before U.S. Magistrate Judge Leda Dunn Wettre. Grabato remains at large."

Full Press Release:
https://www.justice.gov/usao-nj/pr/two-leaders-real-estate-investment-firm-indicted-650-million-ponzi-scheme-conspiracy

NorVergence Collection of Articles
https://leasingnews.org/Conscious-Top%20Stories/Novergence_main.htm

News Briefs---

FinTechs to Start Issuing 7(a) Loans Up to $5 Million
    If New SBA Rule Change Is Approved
https://www.inc.com/diana-ransom/small-business-loans-sba-backed-fintechs.html

Kroger and Albertsons agree on merger deal
    They talk about joining work load to save costs
https://www.9news.com/article/money/business/kroger-albertsons-merger/73-8047b3a6-57eb-4155-833f-6b5ace3b6c2d

Rivian Recalls Nearly Every Vehicle Sold
    a loose bolt issue could cause loss of vehicle control
https://www.automotive-fleet.com/10182935/rivian-recalls-pickups-for-loose-bolt?

Oil worker strikes leave France running on empty,
    test weakened Macron
https://www.courthousenews.com/oil-worker-strikes-leave-france-running-on-empty-test-weakened-macron/

AT&T to pay $23M to settle Illinois racketeering charge
    former president is also facing federal conspiracy charges
https://www.courthousenews.com/att-to-pay-23m-for-racketeering-in-illinois/

Economists Now Expect a Recession, Job Losses by Next Year
    Majority think Fed will start cutting rates in late 2023 or early 2024
https://www.wsj.com/articles/economists-now-expect-a-recession-job-losses-by-next-year-11665859869?st=ckubotq5ehwf1n6&reflink=desktopwebshare_permalink

 

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Whiplash in Stock Market Shows
Investors Are Still on Edge
https://www.wsj.com/articles/whiplash-in-stock-market-shows-investors-are-still-on-edge-11665871144?mod=hp_lead_pos1

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Sports Briefs---

Jets dominate Aaron Rodgers
    and Packers for statement win
https://nypost.com/2022/10/16/jets-dominate-aaron-rodgers-and-packers-for-statement-win/

49ers can’t rally around Garoppolo
as win streak ends
https://www.mercurynews.com/2022/10/16/falcons-28-49ers-14-win-streak-ends-as-offense-cant-rally-around-garoppolo/

To Chants of ‘Beat L.A.’, the Padres
Eliminate the Dodgers
https://www.nytimes.com/2022/10/16/sports/baseball/padres-eliminate-dodgers-nlds.html

Steelers QB Kenny Pickett suffers concussion
https://www.theredzone.org/Blog-Description/EntryId/25697/Steelers-QB-Kenny-Pickett-suffers-concussion

It took six games, but the Patriots are rounding into
form nicely after dominant win over the Browns
https://www.bostonglobe.com/2022/10/16/sports/patriots-are-rounding-into-form-nicely-after-dominant-win-over-browns/

With Patriots’ win over Browns, Bill Belichick ties
George Halas for second-most overall victories
https://www.bostonglobe.com/2022/10/16/sports/bill-belichick-all-time-wins/ 

Jake Cronenworth, Padres rally to stun
Dodgers 5-3 to reach NLCS
https://www.pressdemocrat.com/article/sports/jake-cronenworth-padres-rally-to-stun-dodgers-5-3-to-reach-nlcs/

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California Nuts Briefs---

Shasta Lake Helped Water California;
    Now Its Dryness Is a Threat to the State
https://www.wsj.com/articles/shasta-lake-helped-water-california-now-its-dryness-is-a-threat-to-the-state-11665864898?mod=hp_lead_pos9

Sonoma County dairy farmers face uncertain future
https://www.northbaybusinessjournal.com/article/article/sonoma-county-dairy-farmers-face-uncertain-future/?ref=mosthome

Why California drivers hate colorful cars
https://www.mercurynews.com/2022/10/15/why-california-drivers-hate-colorful-cars/

Affordable teacher housing development
in Los Gatos ‘move-in ready’
https://www.eastbaytimes.com/2022/10/16/los-gatos-affordable-teacher-housing-development-move-in-ready/

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"Gimme that wine"

Wine of the week: Highway 12, 2019 Merlot, Sonoma County
https://www.pressdemocrat.com/article/lifestyle/wine-of-the-week-highway-12-2019-merlot-sonoma-county/

Hiking meets wine tasting in the S.F. Bay Area’s Tri-Valley
https://www.eastbaytimes.com/2022/10/14/hiking-meets-wine-tasting-in-the-bay-areas-tri-valley/

Dan Berger On Wine: A magical historical tasting
at Beaulieu pays tribute to André Tchelistcheff
https://napavalleyregister.com/wine/dan-berger-on-wine-a-magical-historical-tasting-at-beaulieu-pays-tribute-to-andr-tchelistcheff/article_515ee678-4a67-11ed-8ef4-87d547ecf7ec.html

“Gimme that Wine”
http://www.youtube.com/watch?v=EJnQoi8DSE8

Free Wine App
https://www.nataliemaclean.com/mobileapp/

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

This Day in History

     1770 – Benjamin Wright (d. 1842) was born in Wethersfield, CT.  Chief engineer of the Erie Canal and the Chesapeake and Ohio Canal.  In 1969, the American Society of Civil Engineers declared him the "Father of American Civil Engineering."
    1798 - Secretary Benjamin Stoddert, first Secretary of the Navy, sent the first instructions to cutters acting in cooperation with the Navy in support of the Quasi-War with France, via the various collectors of customs. 
    1802 – The first non-Indian settlement is established in Oklahoma.
    1804 - A famous snow hurricane occurred. The unusual coastal storm caused northerly gales from Maine to New Jersey. Heavy snow fell across New England, with three feet reported at the crest of the Green Mountains. A foot of snow was reported in the Berkshires of southern New England, at Goshen
    1845 - The Naval Academy was established as The Naval School at Windmill Point, Fort Severn, Annapolis, MD, on a nine-acre site. It officially opened with 56 students. On July 1, 1850, the name was changed to the United States Naval Academy. The following year, the academy instituted a standard four-year program. From May 9, 1861 to September 9, 1865, while Maryland was part of the Confederacy, the academy was transferred to Newport, RI .
(Lower half of: http://memory.loc.gov/ammem/today/oct10.html)
    1846 – Triton, the largest moon of Neptune is discovered by English astronomer William Lassell.
    1850 - The Chesapeake & Ohio Canal was completed and opened for business along its entire 184.5 mile length from Washington, DC to Cumberland, Maryland. Sections of the canal opened for navigation as they were completed: from
Georgetown in Washington, DC to
Seneca, Maryland in 1831; then to
Harpers Ferry, WV in 1833; to
Hancock, MD in 1839; and finally to
Cumberland, MD in 1850.  
Commerce traveled primarily on the water, not roads which were subject to weather and “poor” even in the best of times as they were nothing more than unpaved, old footpaths that had been repeatedly driven over by horses and by wagon train.
http://memory.loc.gov/ammem/today/oct10.html 
    1855 - A mob in Columbia hanged John S. Barclay. The sheriff there tried to save the unfortunate man from the noose, but was repulsed. 
    1865 - The billiard ball was patented by John Wesley Hyatt.
    1874 - Beatrice Moses Hinkle (d. 1953) birthday, San Francisco.  As San Francisco's city physician, she was the first U.S. woman to hold a public health post. She was one of the two physicians who established the nation's first psychotherapeutic clinic. She was among the earliest Jungian analysts in America, having rejected Freud with whom she'd personally studied. She contributed to the conceptual framework of the theory. Her “Recreating of the Individual” (1923) took a strong stand regarding women’s individuality. It was noted particularly for its chapters on women and artists.
http://www.webster.edu/~woolflm/hinkle.html 
    1881 - U.S. fashion designer Ethel Traphagen’s birthday, born Ethel Leigh (d. 1963) in NYC.  Influential founder of Traphagen School of Fashion design.
http://askart.com/Biography.asp 
http://costume.osu.edu/The_Collection/traphagencollection.htm
http://tirocchi.stg.brown.edu/essays/shaw_12.html 
    1886 - Gris­wold Lorillard of Tuxedo Park, NY, fashioned the first tuxedo for men. Pierre Lorillard IV, heir to a tobacco fortune and the biggest landowner in town, asked his tailor to create four new formal black jackets modeled after the tailless red wool coats worn by English for hunters. Lorillard declined to wear the result, but his son Griswold Lorillard and three of his friends did along with waistcoats of scarlet satin, and the look caught on. Some say this is more fiction than fact, but history records the Tuxedo Club and Lorillard responding on wearing it that it was a Tuxedo.
http://www.invisibleheroes.com/hero.asp?issue=124 
    1887 - Thomas Edison organized the Edison Phonograph Company. 
    1900 – America’s First Lady of the Theater, Helen Hayes birthday, born Helen Hayes Brown (d. 1993), Washington, DC.  The winner of every award possible for an actor on the stage, in the movies, and TV. She began her acting career at age 5 and continued it for more than 85 years winning Academy Awards, Tonys, and Emmys. She received The Medal of Freedom (1986), the Kennedy Center Honors (1981), and even had a Broadway Theater was named after her. An award in her name established for achievement in professional theater.  Hayes's adopted son, James MacArthur (1937–2010), went on to a career in acting, starring in “Hawaii Five-O” as Danny Williams on television. 
http://www.cmgww.com/stars/hayes/about/biography.html 
http://www.cmgww.com/stars/hayes/ 
http://www.helenhayes.org/about/about_helen.html 
http://www.stevemoore.addr.com/hayes.html 
    1901 – Birthday of Frederic Douglass Patterson (d. 1988) in Washington, DC.  Orphaned at the age of two, by the age of 31, Patterson had attained three educational degrees: a Doctorate of Veterinary Medicine and Master of Science from Iowa State, and a Doctorate of Philosophy from Cornell University.  He would later become President, at age 33, of what is now Tuskegee University (1935–1953) and Founder of the United Negro College Fund (1944). In 1987, President Ronald Reagan awarded Dr. Patterson the Presidential Medal of Freedom, the nation’s highest civilian honor.   
    1902 - Kalamazoo, MI, mandolin maker Orville Gibson founds the Gibson Mandolin-Guitar Mfg. Co, Ltd. In 1936, it would create the first commercially successful electric guitar. 
    1902 – The bicycle frame is patented by I.R. Johnson.
    1904 – The New York Yankees, two games out of first, played the first-place Red Sox on a final day doubleheader.  The Yanks’ 41-game winner, Jack Chesbro, loses the first game and the chance at the pennant.  Chesbro’s win total remains the modern era single season record in the Majors. 
    1904 – The Liberty Theater opens at 234 W 42nd St. New York City.
    1905 - Birthday of Willie “The Devil” Wells (d. 1989), Baseball Hall of Fame shortstop, Austin, TX. Wells is generally considered the greatest shortstop to play in the Negro Leagues. As manager of the Newark Eagles, he developed several players who became Major Leaguers and taught Jackie Robinson how to turn the double play. Inducted into the Hall of Fame in 1997. 
    1910 – Tau Epsilon Phi Fraternity is founded at Columbia University in NYC.
    1913 – President Woodrow Wilson triggered the explosion of the Gamboa Dike that ended the construction of the Panama Canal. 
    1914 – Ivory Joe Hunter’s (d. 1974) birthday in Kirbyville, TX.  After moving to LA, Hunter founded Pacific Records.  After signing with MGM Records, he recorded "I Almost Lost My Mind," which topped the 1950 R&B charts and would later (in the wake of Hunter's success with "Since I Met You Baby") be recorded by Pat Boone whose version became a number one pop hit. By 1954, he had recorded more than 100 songs and moved to Atlantic Records. His first song to cross over to the pop charts was "Since I Met You Baby" (1956). It was to be his only Top 40 pop song, climbing to # 12.  But since his death and the rise of Oldies nostalgia for 50s music, both songs are among the most-requested.  
    1915 - Famous Count Basie trumpeter and soloist Harry “Sweets” Edison (d. 1999) was born, Columbus, Ohio
    1917 - Pianist/composer Thelonious Monk (d. 1982) birthday, Rocky Mount, NC.   “Little Rootie Tootie,” “’Round Midnight” are among his most famous compositions
http://www.monkinstitute.com/ 
    1920 - Indians' Bill Wambsganss becomes the only player in World Series history to complete an unassisted triple play as he makes a leaping catch, steps on second base and then tags the runner from first base.  Also in this Series, the Indians’ Bill Smith hit the first grand slam HR in Series history.
    1921 - Birthday of bass player William Howard “Monk” Montgomery (d. 1982), Indianapolis, IN.
    1923 - In the first World Series game ever played at Yankee Stadium, veteran Giant outfielder and future Yankees’ manager Casey Stengel breaks a 4-4 deadlock in the top of the ninth inning with an inside-the-park HR off Joe Bush. This is the first World Series HR in Yankee Stadium history.  It is the first World Series game to be broadcast nationally.
    1924 – Birthday of writer James Clavell, born Charles Edmund Dumaresq Clavell (d. 1994), Sydney, Australia. Prolific novelist, screenwriter, director, and World War II veteran and prisoner of war. Clavell wrote the novel “King Rat” (1962) and “Shogun” (1975), scripted the science-fiction horror movie “The Fly” (1958) and wrote a war movie, “Five Gates To Hell” (1959).  Clavell was nominated for a Writers Guild Award for “The Great Escape” (1963).   He also screenwrote, directed, and produced the box office success, “To Sir, With Love” (1967).
    1924 – The Washington Senators won their only World Series, defeating the New York Giants, 4-3, in 12 innings. With the Senators behind 3–1 in the eighth, Bucky Harris hit a routine ground ball to third which hit a pebble and took a bad hop over Giants third baseman Freddie Lindstrom. Two runners scored on the play, tying the score at three. Walter Johnson then came in to pitch the ninth and held the Giants scoreless into extra innings. The winning run scored when a ball hit by Earl McNeely hit a pebble and bounced over Lindstrom’s head…again. 
    1926 – In one of baseball’s storied World Series games, a day after picking up his second complete-game victory of the Series, 39-year-old Grover Cleveland Alexander saved Game 7 and the World Series for the St. Louis Cardinals, fanning Tony Lazzeri with the bases loaded in the 7th inning, then proceeding to no-hit New York the rest of the way. Out much of the night celebrating his victory in Game 6 and suffering from seizures, Alexander had no expectation of pitching without rest.  He was summoned when the starter, Jess Haines, developed a blister and left the game.  During the Lazzeri at-bat, on the pitch before the strikeout, “Poosh ‘em Up” hit a screaming liner that just went foul.  The Series concluded with Babe Ruth, inexplicably being thrown out trying to steal.   
    1928 - The temperature at Minneapolis, MN, reached 90 degrees, their latest such reading of record. 
    1928 - Birthday of piano player Junior Mance, Chicago, IL
    1933 - Procter and Gamble, Cincinnati, OH developed the first synthetic laundry detergent, whose formula included a surfactant to emulsify dirt, and called it Dreft. The first effective powdered detergent made for use in washing machines, and the first to contain a phosphate compound as a water softener, was Tide, developed by Procter and Gamble in 1946.
    1933 - A United Airlines Boeing 247 is destroyed by sabotage, the first such proven case in the history of commercial aviation. 
    1935 - Premiere of jazz opera “Porgy and Bess,”by George Gershwin. One of Gershwin's greatest works, the opera blended African American folk music, jazz, Tin Pan Alley, and classical styles. The show included the classic song "Summertime," among other classics, brought modern by Gil Evans and Miles Davis.
    1939 - The real Eleanor Rigby died in her sleep of unknown causes at the age of 44. The 1966 Beatles' song that featured her name wasn't really written about her, as Paul McCartney's first draft of the song named the character Miss Daisy Hawkins. Eleanor Rigby's tombstone was noticed in the 1980s in the graveyard of St. Peter's Parish Church in Woolton, Liverpool, a few feet from where McCartney and Lennon had met for the first time in 1957. 
    1941 - The destroyer USS Kearney is attacked by a German submarine. In the attack, ten sailors are killed and scores injured. America suffers its first war casualties in World War II. Pearl Harbor is still seven weeks away. 
    1941 – Actor Peter Coyote, the narrative voice in many of Ken Burns’ television productions and 60s counter-culturist, was born Rachmil Pinchus Ben Mosha Cohon in NYC.  You’ll love this:  While at Grinnell College, Peter ingested peyote and had an hallucination in which he saw his footprints as coyote paw-prints. A few years later, he came across “Coyote's Journal,” a poetry magazine and recognized its logo as the same paw-prints he has seen during his drug-induced experience. It was this that caused him to change his name to Coyote, after meeting Rolling Thunder John Pope, a self-styled shaman, who felt that the experience was spiritually significant. 
       1944 - BONG, RICHARD I., (Air Mission).
Rank and organization: Major, U.S. Army Air Corps. Place and date: Over Borneo and Leyte, 10 October to 15 November 1944. Entered service at: Poplar, Wis. Birth: Poplar, Wis. G.O. No.: 90, 8 December 1944. Citation: For conspicuous gallantry and intrepidity in action above and beyond the call of duty in the Southwest Pacific area from 10 October to 15 November 1944. Though assigned to duty as gunnery instructor and neither required nor expected to perform combat duty, Maj. Bong voluntarily and at his own urgent request engaged in repeated combat missions, including unusually hazardous sorties over Balikpapan, Borneo, and in the Leyte area of the Philippines. His aggressiveness and daring resulted in his shooting down 8 enemy airplanes during this period.
    1944 - Nearly two hundred of Admiral Halsey's planes struck Naha, Okinawa's capital and principal city, in five separate waves. The city was almost totally devastated. The American war against Japan was coming inexorably closer to the Japanese homeland. 
    1948 - The largest crowd to this date to attend a Major League game, 86,288 fans, jams Cleveland's Municipal Stadium to witness Boston Braves hurler Warren Spahn beat Bob Feller and the Indians, 11-5 in Game 5 of the Fall Classic.  This was the only World Series between 1947 and 1958 that did not include a New York team.  Also, in this game, Indians’ pitcher Satchel Paige became the first African-American to play in a World Series, relieving in the 7th and getting the two batters he faced.
    1950 - Top Hits
“Goodnight Irene” - The Weavers
“La Vie En Rose” - Tony Martin
“Bonaparte's Retreat” - Kay Starr
“I'm Moving On” - Hank Snow
    1953 - Stan Freberg's "St. George and the Dragonet" hits #1 
    1953 – The US and The Republic of Korea agree to a Mutual Defense Treaty in Washington, DC.
    1954 – Ho Chi Minh enters Hanoi after the French troops leave.
    1956 - Elvis Presley's "Love Me Tender" entered the Billboard chart for a 19 week stay. It was #1 for 5 of those weeks. The song, from Presley's first film of the same name, was adapted from the tune "Aura Lee," written in 1861. 
    1957 - “Zorro” premiered on TV. Originally, he appeared in a McCulley novel and several films. Don Diego de la Vega (Guy Williams), a Spanish nobleman, is summoned to California by his father, Don Alejandro (George J. Lewis), to fight for the people. Diego's alter ego is Zorro, a dashing and assertive defender of the people. My father, Lawrence Menkin, wrote several of these episodes. He was well known as a TV Western writer, serving as story editor for “Wagon Train,” writing for “Bonanza,” “Death Valley Days,” “Cisco Kid,” among many others. Although the last telecast of “Zorro” was Sept 24, 1959, the series reappeared in later years, first as a remake and then as a sequel, and once again was made as a movie, titled “The Mask of Zorro,”in 1998.
    1957 – President Eisenhower apologized to Komla Agbeli Gbdemah, the finance minister of Ghana, after the official had been refused service in a Dover, DE, restaurant. 
    1957 -  Starting Game 7 on just two days’ rest, Lew Burdette pitches the Milwaukee Braves to a World Championship as he blanks the Bronx Bombers at Yankee Stadium, 5-0. The 30-year old right-hander, named the Series MVP, tosses 24 consecutive scoreless innings and posts a 0.64 ERA in his three Fall classic victories.  Turnabout… Burdette was signed by the Yanks in 1947 and, after making two relief appearances for the team in September, 1950, he was traded to the Braves in 1951 for four-time 20-game winner Johnny Sain. 
    1958 - Top Hits 
“It's All in the Game” - Tommy Edwards 
“Rock-in Robin” - Bobby Day 
“Tea for Two Cha-Cha” - The Tommy Dorsey Orchestra 
“Bird Dog” - The Everly Brothers
    1959 - Paul McCartney helps to force the last non-Beatle member of the Quarrymen, Ken Brown, from the skiffle group after Brown gets paid for an engagement at Liverpool's Casbah Club for which he was too sick to perform. This leaves the Quarrymen as John, Paul, and George; by May of the following year, the group, now featuring Stu Sutcliffe and Pete Best, would be known as the "Beatals." 
    1959 - Stan Kenton, June Christy, Four Freshman record “Road Show” album at Purdue University. 
    1959 - Pan American World Airways announced the beginning of the first global airline service.     
    1960 - A silly novelty song called "Mr. Custer" by Larry Verne was the number one single in America. The record told a story about a US cavalry trooper who tries to talk his way out of fighting the Sioux Indians at Little Big Horn in 1876. 
    1962 – “The Bob Newhart Show” premiered on TV. This half-hour variety series was hosted by Bob Newhart, a successful stand-up comedian famous for his trademark “telephone conversation” monologues. Regu­lars included Jackie Joseph, Kay Westfall, Jack Grinnage, Mickey Manners, Pearl Shear, June Ericson, Andy Albin and announcer Dan Sorkin. The show was critically acclaimed, winning both an Emmy and a Peabody in its short time on the air. Newhart later starred in situation comedies. In “The Bob Newhart Show,” which aired 1972—78, he played a psychologist.
    1962 -  In Game 5 of the World Series, Tom Tresh belts an eighth-inning homer off Jack Sanford to give the Bronx Bombers a 5-3 comeback win over the Giants at Yankee Stadium. The rookie shortstop's dad, Mike Tresh, who hit only two home runs in his dozen big league seasons, prior to the at bat left his seat behind home plate and moved to the standing-room section in Candlestick Park hoping to bring his son good luck.
    1963 – Birthday of journalist Daniel Pearl (d. 2002) at Princeton, NJ.  Pearl had dual US and Israeli citizenship. While working for “The Wall Street Journal,” he was kidnapped by Pakistani militants and later murdered in 2002 by Al-Qaeda member Khalid Sheikh Mohammed in Pakistan. 
    1964 - At Yankee Stadium, Mickey Mantle, facing Barney Schultz, slams the first pitch of the bottom of the ninth inning into the right field bleachers, giving New York a dramatic 2-1 walk-off victory and two games to one advantage over St. Louis in the Fall Classic. The Mick's game-winning round-tripper, his 16th Fall Classic round-tripper, breaking the previous mark set by Babe Ruth, makes him the fifth Major Leaguer to end a World Series game with a home run.
    1965 - Ronald Reagan spoke at Coalinga Junior College and called for an official declaration of war in Vietnam.
    1965 - The Supremes make the first of many appearances on “The Ed Sullivan Show.” 
    1965 – The Red Baron debuted in ”Peanuts.”
    1966 - Top Hits 
“Cherish” - The Association 
“Reach Out I'll Be There” - Four Tops 
“96 Tears - ?(Question Mark)” & The Mysterians 
“Almost Persuaded” - David Houston 
    1966 – The Beach Boys released “Good Vibrations.”
    1967 - The Outer Space Treaty, signed on January 27 by more than sixty nations, takes effect.
    1968 - Cardinal fireballer Bob Gibson sets the mark for total strikeouts (35) in a World Series, but loses the seventh and deciding game to Tigers, 4-1.
    1969 – Much-traveled, oft-retired former Green Bay Packers’ QB Brett Favre’s birthday in Gulfport, MS.  Favre is the only player to win the NFL MVP Award three consecutive times (1995–97), and is one of only six quarterbacks to have won the award as well as the Super Bowl in the same season. He has led teams to eight division championships, five NFC Championships, and two Super Bowls, winning one (Super Bowl XXXI).  Favre holds many NFL records, including.  At the time of his retirement, he was the NFL's all-time leader in passing yards and touchdown passes, although both records have since been broken by Peyton Manning.  Favre was inducted into the Pro Football Hall of Fame in 2016.
    1970 - Neil Diamond reached the #1 spot on the pop music charts for the first time with "Cracklin' Rosie." In 1972, Diamond would reach a similar pinnacle with "Song Sung Blue."
    1971 - “Up-Stairs, Downstairs” premiered on TV. The 52 episodes of this “Mas­terpiece Theatre” series covered the years 1903 to 1930 in the life of a wealthy London family (“Upstairs') and their many ser­vants (“Downstairs”). Produced by London Weekend Television, cast members included Angela Baddeley, Pauline Collins, Gordon Jackson and Jean Marsh. Won a Golden Globe for Best Drama TV Show in 1975 and an Emmy for Outstanding Limited Series in 1976.  The last episode aired May 1, 1977, though the series has been rerun several times on PBS. 
    1971 – Sold, dismantled, and shipped, London Bridge re-opens at lake Havasu City, AZ.
    1973 –  Spiro Theodore Agnew became the second person to resign the office of Vice President of the United States. Agnew entered pleas of no contest to charges of income tax evasion for contract kickbacks received while he was Governor of Maryland and after he became Vice President. He was sentenced to pay a $10,000 fine and serve three years’ probation Agnew was elected vice president twice, serving under President Richard M. Nixon.
    1973 - Top Hits 
“I Honestly Love You” - Olivia Newton-John 
“Nothing from Nothing” - Billy Preston 
“Then Came You” - Dionne Warwicke & Spinners 
“I Love My Friend” - Charlie Rich.
    1973 – “Dancing With The Stars” champ and TV host Mario Lopez was born in San Diego.
    1974 - Birthday of Dale Earnhardt, Jr., race car driver, born Concord, NC.
    1979 - Fleetwood Mac receives a star on the Hollywood Walk of Fame.
    1979 - A motion picture called “The Rose,” starring Bette Midler as a rock singer, (transparently based on Janis Joplin) premieres in Los Angeles. 
    1979 – “Broadway Joe” Namath played his final NFL game, with the LA Rams.  Namath, a Hall of Fame QB largely on the strength of his career as NY Jets’ QB, engineered and predicted one of sports’ biggest upsets in 1969 in Super Bowl III.  The NFL Baltimore Colts were 18 ½ point favorites.  In the week leading to the game, Namath in front of an audience, stated clearly, “…let me tell you something.  We’re gonna beat ‘em, I guaranty it!”  Then he went out and did it, 16-7, in a game that was not nearly as close as the score would indicate, and one in which this famous passer did not throw a pass in the fourth quarter.  Many believe it was this game that provided the impetus for the AFL and NFL to merge.
    1979 – The Republic of Panama assumes control over the Panama Canal from the US.
    1979 – Hall of Famer Wayne Gretsky made his NHL debut with the Edmonton Oilers.
    1982 - Top Hits 
“Jack & Diane” - John Cougar 
“Eye in the Sky” - The Alan Parsons Project 
“I Keep Forgettin' (Every Time You're Near)” - Michael McDonald 
“Yesterday's Wine” - Merle Haggard/George Jones
    1984 – Birthday of Colorado Rockies’ SS Troy Tulowitski, Santa Clara, CA.
    1985 – US Navy jets intercept an Egyptian plane carrying the hijackers of the “Achille Lauro” cruise ship, and force it to land at a NATO base in Sicily where they are arrested. 
    1986 – Birthday of 2013 NL MVP, the Pittsburgh Pirates’ Andrew McCutcheon, Ft. Meade, FL.
    1987 – “The Boss,” Bruce Springsteen, released his ninth album, “Tunnel of Love.” 
    1987 – The SF Giants’ LF, Jeffrey Leonard, hits a HR in his fourth consecutive playoff game, a record.
    1989 - Thunderstorms produced torrential rains along the northeast coast of Florida. Augustine was deluged with 16.08 inches of rain. The heavy rain caused extensive flooding of homes and businesses, and left some roads under three feet of water. Ten cities from South Carolina to New England reported record low temperatures for the date, including Concord, NH with a reading of 23 degrees. Temperatures dipped into the 30s in the Carolinas. 
    1990 - Top Hits 
“Close to You” - Maxi Priest 
“Praying for Time” - George Michael 
“Something Happened on the Way to Heaven” - Phil Collins 
“Friends in Low Places” - Garth Brooks 
    1994 – The New York Football Giants retire LT’s #56 to honor Lawrence Taylor’s brilliant career as a linebacker.
    1996 – The cornerstone was laid for the US Holocaust Museum in Washington, DC.
    1999 - A charity auction selling Elvis Presley's belongings was held at The Grand Hotel in Las Vegas. His wristwatch sold for $32,500, a cigar box $25,000, an autographed baseball sold for $19,000 and his 1956 Lincoln Continental went for $250,000. 
    1999 - Scoring more than 19 NFL teams, the Red Sox establish a Major League record for most runs and biggest margin of victory in a post-season game as they rout the Indians, 23-7 to tie the 5-game AL Division Series at two games apiece.
    2003 – Conservative radio personality Rush Limbaugh announced that he was addicted to painkillers and that he was going to check into a rehab center.
    2006 - Google buys YouTube for $1.6B! 
    2015 - The Mets were cruising along with a 2-1 lead in the 7th inning of Game 2 of the NLDS when the Dodgers’ Chase Utley barreled into SS Ruben Tejada to break up a potential inning-ending double play. He not only succeeded, but also broke Tejada's leg in the process while the Mets vainly argued for an interference call. Major League Baseball ultimately suspended Utley for his unnecessarily violent slide, but in the meantime, Los Angeles took advantage of the controversial play to score four runs in the inning and ended up a 5-2 winner, evening the series.  The aftermath of this play broke with long-standing baseball traditions that allowed practically anything in pursuit of breaking up a double play.  MLB changed the rule, restricting the runner to the baseline and not allowing sliding beyond the bag to do so.  It also changed the long-standing “in the neighborhood” unwritten rule that allowed the out at second if the fielder was close to the bag during the relay to first. 

World Series Champions:
    1924 - Washington Senators 
    1926 - St. Louis Cardinals 
    1931 - St. Louis Cardinals 
    1937 - New York Yankees 
    1945 - Detroit Tigers 
    1951 - New York Yankees 
    1956 - New York Yankees 
    1957 - Milwaukee Braves 
    1968 - Detroit Tigers