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Monday,
October 25, 2004
Headlines---
32
jobs cuts in KeyCorp acquisition So Far
Why
Did Key Buy the American Express Leasing Unit?
Main
Street National Bank—Depping is Back !!!
NorVergence
Up-Date—CIT/Florida AG/NAELB
Lease
& Finance Consulting, LLC
######## surrounding the article denotes it is a “press
release”
|
Your One stop solution for training and reference material for the Leasing Professional
|
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-----------------------------------------------------------------------
Economic
Events This Week
Tuesday
October 26
Consumer Confidence:
October
Wednesday
October 27
Beige Book
Durable Goods Orders:
September
New Home Sales: September
Thursday
October 28
Weekly Jobless Claims
Friday
October 29
G.D.P.Third Quarter
------------------------------------------------------------------------
32
jobs cuts in KeyCorp acquisition So Far
By KEVIN HARLIN,
Business writer
Albany Times Union
ALBANY -- KeyCorp
will eliminate 32 positions in Albany by the end of March as part of
a deal announced Friday to acquire a business equipment leasing arm
from American Express Co.
It's unclear how
many layoffs will occur. Key Equipment Finance, the KeyCorp unit making
the acquisition, said it has offered to relocate 24 of its administrative
and sales people from their South Pearl Street office to operations
in Houston, Chicago and Boulder, Colo.
Those who choose
not to move, as well as eight other employees whose jobs are being phased
out, are being offered chances first to move to other KeyCorp positions
in the Capital Region, the company said.
Neither Key nor American
Express disclosed the terms of the deal for American Express Business
Finance Corp. It's expected to close in late November or early December,
pending regulatory approval.
The layoffs would
go into effect at the end of March, said Adam Warner, who will be president
and chief operating officer of Express Leasing Services, the name of
the merged American Express-Key business lines. It will be based at
Key's 66 S. Pearl St. office.
Warner said the positions
were being moved to take advantage of economies of scale to be gained
at the larger operations in those cities.
American Express
Business Finance has about 400 employees and a portfolio of about $1.5
billion. It serves small and midsized businesses, mostly in the health
care, information technology and construction segments.
Key Equipment Finance,
based in Boulder, has about $10 billion in its portfolio and about 675
employees worldwide, with almost 200 located in Albany.
-------------------------------------------------------------------------
Why
Did Key Buy the American Express Leasing Unit?
by Kit Menkin
Friday Leasing News
sent out a “flash” to all those on our
mailing list, plus
the official announcement to employees and internal
memo posted it on
our web site:
http://www.leasingnews.org/archives/October%202004/10-22-04a.htm
The last few weeks
we were getting e-mails that began:” American Express is for sale, but
you did not hear it from me.” Each time with more “inside” information.
For the last six months we have been told by people in the know that
the unit was up for sale. The RW Professional (they have a $20 million
law suit on hold, waiting for the criminal prosecution case to be resolved),
First Sierra/Sierra Cities, Rockford portfolio’s finally caught up,
then letting salesmen
Reaction so far has
been “so what else is new?:”
“I am ex AMEX from the closed office in
Santa Ana this past June. Key bank seems like a good fit, at least they
will know what they are doing. Rich Tambour admitted to us he didn't
know leasing when AMEX took over Rockford and Sierra.”
(name with held)
There are other indications
of more changes to come. We predicted
the former Republic Leasing of Southern California sale about the time
they came out with the name change. All the usual signs were plain to
see. It started with cutting
off brokers, changing direction, restricting types of leases and loans,
the bank getting more involved in what
As we have written about this same set of sequence for almost five
years, seeing it happen from "The List" posting, the sale
of the
It is not secret
the leasing division of American Express was
having not only trouble
with the portfolio’s that purchased
to buy into the equipment
leasing business, but salesmen
were running to conflicts
with American Express direct loans
and credit card operations. In addition, coordination of
various offices,
and unhappiness in performance was taking
its toll.
Just as UPS realized
they should not be in the equipment leasing
business because
of some of the credit and documentation problems,
the main thrust of
the business was not this avenue for rate of
return versus the
investment required.
Presently we are
working on a story that Greater Bay Bank is for sale and this may affect
the Matsco Companies, plus Sky Financial
management promised MBNA a lot bigger numbers than they are getting. The “off” and “on” important meeting for Dwight
Galloway’s
The current atmosphere
reminds me of the beginning of "The List," which originally
came from an "in house" memo from Tom Depping to his sales
managers that there was a lot of opportunity "out there" because
of the changes going on, leasing companies closing down
http://www.leasingnews.org/list.htm
KeyCorp affiliate
Key Equipment Finance last week announced that the company now manages
an equipment portfolio in excess of $10 billion.
"Reaching $10
billion in assets is an exciting milestone in our company's history,"
says Key Equipment Finance President and CEO Paul A. Larkins. "The
real accolades go to all of our professionals who are dedicated to providing
best-in-class products and services to our clients around the globe."
Key Equipment Finance
is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business
equipment financing solutions to businesses of many types and sizes.
The company focuses on four distinct markets:
• businesses of all sizes in the U.S. and
Canada (from small
business to large corporate);
• equipment manufacturers, distributors and
value-added resellers
worldwide;
• federal, provincial, state and local governments
as well as other
public sector organizations; and
• lease advisory services for manufacturers’
captive leasing and
finance companies.
Headquartered outside Boulder, Colorado, Key Equipment Finance has annual originations of approximately $3.9 billion, and as noted earlier, manages a $10 billion equipment portfolio. The company has major management and operations bases in Toronto, Ontario; Albany, New York; London, England; and Sydney, Australia. The company, which operates in 24 countries and employs 675 people worldwide, has been in the equipment financing business for 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at
Cleveland-based KeyCorp
(NYSE: KEY) is one of the nation's largest bank- based financial services
companies, with assets of approximately $85 billion. Key companies provide
investment management, retail and commercial banking, consumer finance,
and investment banking products and services to individuals and companies
throughout the United States and, for certain businesses, internationally.
The company's businesses deliver their products and services through
KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking
centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account
access and financial products 24 hours a day.
Paul A. Larkins,
President and Chief Executive Officer of Key Equipment Finance, serves
as the vice chairman of the board of directors for the Equipment Leasing
Association, and as chairman of the ELA Government Affairs Council.
Here is the official
Press Release:
#### Press Release
#################
Key
Equipment Finance to Acquire
American
Express Business Finance
Key Equipment Finance
and American Express announced the signing of a definitive agreement
to acquire American
"This is a strategic
combination. It elevates Key Equipment Finance to a prominent position
in this client segment. Further, AEBF's principal business areas align
very well with KeyBank's commercial banking focus areas, in terms of
company size and industries," said Paul A. Larkins, KEF president
and chief executive officer.
"American Express
Business Finance has demonstrated a commitment to its vendor leasing
partners by implementing a state-of-the-art technology infrastructure,
exceptional customer service and strong financing solutions, characteristics
we share at KEF. AEBF's Express Financing, Vendor Manager, LeaseWARE
and CreditWARE proprietary offerings are certain to advance Key's ability
to serve the complex vendor distribution models inherent in small ticket
leasing." Larkins noted that AEBF clients will have access to KEF's
wide range of products and services, a team of industry-leading leasing
experts, and more than 20 years of experience customizing vendor finance
programs. Clients also will benefit from KEF's multinational reach.
KeyBank's small business
and corporate and investment banking business groups advise more than
220,000 companies and institutions across the U.S., he added.
"We are excited
to add capabilities and professionals of this caliber to the Key family,"
said Larkins. "American Express Business Finance is built on a
foundation of service and process excellence. Both of our companies
share a commitment to providing best-in-class products and business
equipment financing solutions to businesses of many types and sizes."
Susan Sobbott, president,
OPEN: The Small Business Network from American Express, the Company's
division dedicated to providing payment solutions to small business
owners, said, "Our Business Finance unit has been successfully
serving business owners through our vendor leasing partners strategy.
At this point in AEBF's business development, we believe it makes more
strategic sense for it to grow as part of a company where equipment
leasing is a core focus, and for OPEN from American Express to concentrate
on our strength - the small business payments business, where we have
been the leader in providing charge and credit cards to business owners
for nearly two decades."
### Press Release
######################
----------------------------------------------------------------
Main
Street National Bank—Depping is Back !!!
Confirmed that Thomas
J. Depping, former of First Sierra/Sierra
Cities has established
a bank in Houston, Texas, which he will
start to promote
as “ America’s Small Business Bank.”
While at Sierra Cities,
he had put in a bank application, but
the sale of his company,
and the changes in the portfolio,
right before the closing to American Express, put a damper
on
While they are still
in “organization,” the plan is to model it
after his former
company, seeking private label leases, portfolio’s,
and loan originations
nationwide.
He is not longer
the Gazelle, as he likened himself when his
company was sold
and he had resigned, he says he is not
afraid of jaguars
or other animals. He is back to being
the hunter. Along with Bob Quinn and Mike
he plans to build
a larger entity than Sierra Cities.
A press release may
be in the offering by early next month.
He spent Thursday
through Saturday at the United Association
of Equipment Leasing
Conference in Monterey, then headed
late Saturday for
the Equipment Leasing Association in Palm Desert,
California being held Sunday through Tuesday.
He was working the crowd as an astute politician would with
reports that he and
Bob Quinn were very well received by all.
-------------------------------------------------------------------------------
NorVergence
Up-Date—CIT/Florida AG/NAELB
At the up-coming
November 5th-6th Regional Conference
in Atlanta, Georgia, the National Association of Equipment Brokers (NAELB)
have recognized the historic importance of the “NorVergence Leasing
Phenomena.”
In addition to marketing,
training, and other education workshops, “The Lessons of NorVeregence”
is on the agenda, to be moderated by Barry Marks, former NAELB
Counsel:
“Signing D&As in advance, relying on the vendor for document execution and financing significant soft costs and services as part of the rent are common practices that may be tested in the NorVergence class action lawsuits. The Norvergence bankruptcy has already resulted in lawsuits, numerous government investigations and comment
on the internet.
“The panel will discuss
not only what happened and may be yet to come on the NorVergence deals,
but lessee claims in other leases and the lessons to be learned. The
NAELB considers keeping you abreast of major happenings in the industry
an important part of the work of the association.”
From the CIT Press Release:
CIT Announces Diluted
EPS of $0.86 for the Quarter, Up 25% From Last Year...
* The increase in
charge-offs for Specialty Finance - Commercial was due largely to charge-offs
taken with respect to leases to customers of
NorVergence, Inc.,
a bankrupt vendor currently subject to regulatory
investigations. At September 30, 2004, after taking into account
charge-offs and loan loss reserves, the remaining "outstandings"
of NorVergence customers is approximately $6.0 million.
The reserve for credit
losses increased in amount during the quarter
due to portfolio growth, but declined in percentage due to charge-offs
against the specific telecommunications reserve and continued
improvement in credit metrics. Total reserves rose to $637.9 million
(1.85% of finance receivables), compared to $621.0 million (1.95%) at
June 30, 2004.
·
Telecommunication charge-offs
were $11.2 million for the quarter, compared to $15.9 million last quarter,
and telecommunications non-performing accounts were $24.5 million, compared
to $48.5 million last quarter.
The Florida AG gets more serious :
### Press Release
####################
Crist
Sues 12 Leasing Companies Over NorVergence Contracts
TALLAHASSEE - Attorney General Charlie Crist today filed a civil
complaint against
a group of 12 leasing companies for violating Florida's deceptive and
unfair trade practices statute. The
leasing companies demanded payments from consumers for services despite
knowing that services were not being provided.
The leasing companies purchased contracts from NorVergence beginning
in 2003 after NorVergence had entered into agreements with approximately
700 small Florida businesses to provide local telephone, mobile phone
and high-speed Internet services at reduced rates. NorVergence allegedly
used high-pressure sales tactics, including claims that the offer was
for a limited duration and available only to a few select companies,
in order to finalize contracts that cost consumers as much as $1,000
per month.
"Small businesses were hurt by the false, deceptive, misleading
and unfair sales tactics used by NorVergence," said Crist. "The
leasing
NorVergence targeted small businesses that had good credit ratings
and that were owned by persons who were age 60 or older but lacked in-house
legal and technology personnel to protect them. The small business owners agreed to sign contracts
with NorVergence with an understanding of the following terms:
- They were obtaining
telephone services directly from NorVergence.
- NorVergence would
provide the consumers with unlimited long
distance, cell phone
and high-speed Internet at greatly reduced rates.
- In order to use the NorVergence services, customers would have to
rent a "Matrix"
box.
These business terms were later found to be inaccurate. Many
consumers never received telecommunication service, and in any event NorVergence terminated service when it went into bankruptcy. The company failed to install the Matrix box for consumers who had entered the agreement and thus failed to deliver the promised reduced rates. Additionally, it was found that the Matrix was nothing more than a commercial router that sells for $500 to $1,200, creating an unconscionably large disparity between the value of the box and the $1,000-per-month lease payments due under the
rental agreement.
In further violation of the agreement, the leasing companies
then
began demanding payments
for services that were never provided. When customers missed their monthly
bills, the leasing companies accelerated payments and demanded payment
in full, in sums ranging from $10,000 to more than $90,000. After receiving
subpoenas from the Attorney General, three leasing companies - CIT Technology
Financial Services, Inc., Northland Capital Financial Services and BB&T
Leasing Company - agreed to a moratorium
of the payment demands and are not currently facing charges.
The 12 leasing companies that the Attorney General is suing
are:
Wells Fargo, Commerce Commercial Leasing, LLC, Court Square Leasing Corporation, Dolphin Capital Corporation, IFC Credit Corporation, National City Commercial Capital Corporation (formerly known as Information Leasing Corporation), Irwin Business Finance, Liberty Bank Leasing, Patriot Leasing Co. Inc., Popular Leasing U.S.A., Inc., Preferred Leasing, LLC and Sterling
National Bank.
Each is charged with two counts of violating Florida's unfair
and
deceptive trade practices
statute. If convicted of the
charges, the
companies face a
$10,000 fine for each violation of the statute and a
$15,000 fine for
each violation involving a senior citizen, as well as
consumer restitution
and attorney fees and costs. The
Attorney General is also seeking an injunction to prevent the leasing
companies from making further efforts to collect on these unconscionable
agreements.
To view a copy of
the complaint, go to:
http://www.myfloridalegal.com/NorVergenceComplaint.pdf
# # #
Please note that
Florida has a broad public records law, and that all
correspondence to
me via email may be subject to disclosure.
Aaron Wische
Executive Producer
Investigations and
Special Projects
<<...OLE_Obj...>>
(813) 354-2914 (voice)
(813) 214-3784 (pager)
(813) 354-3020 (fax)
### Press Release
#######
Reportedly
after receiving subpoenas from the Attorney General, three leasing companies
-- CIT Technology Financial Services, Inc., Northland Capital Financial
Services and BB&T Leasing Company -- agreed to a moratorium of the
payment demands and are not currently facing charges.
The
12 leasing companies that the Attorney General is suing are: Wells Fargo,
Commerce Commercial Leasing, LLC, Court Square Leasing Corporation,
Dolphin Capital Corporation, IFC Credit Corporation, National City Commercial
Capital Corporation (formerly known as Information Leasing Corporation),
Irwin Business Finance, Liberty Bank Leasing, Patriot Leasing Co. Inc.,
Popular Leasing U.S.A., Inc., Preferred Leasing, LLC and Sterling National
Bank.
At
the present time Illinois and New Jersey are also seeking
remedy. While ELA executives have visited with the
New
York
State Attorney General’s office both US Senators
have
requested action, plus local and national television
news
broadcasters have taken the story to their viewers.
Several
other state attorney generals have been reluctant
to
proceed, perhaps because their geographic area
has
not received many public complaints.
Of course,
they
watch the Florida action as all states are looking
for
“income.”
In
the meantime, the three class action against leasing
companies
is moving forward with almost 3,000 plaintiff’s joining
the
groups, also creating a large “war chest.”
On Wednesday, September 1, 2004, an Order to Show
Cause For Temporary Restraints to stop the leasing companies from enforcing
the leases or prosecuting filed individual actions was filed on behalf
of the class action. The 26 defendant leasing companies were then served
with the amended complaint and the Order to Show Cause.
The amended complaint includes a representative plaintiff for
each leasing company named.
An Order to Show Cause hearing regarding plaintiffs
request for a preliminary injunction has been scheduled for Monday,
November 1, 2004 at the United States District Court for the District
of New Jersey (Trenton Division).
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### Press Release
########################
McCue
Systems Announces LeasePak Productivity Suite
BURLINGAME, CA,
McCue Systems Inc.
of Burlingame, CA announces the release of the LeasePak Productivity
Suite, a family of products designed to help lessors streamline originations,
support sales, enhance customer service, manage risk, and reduce infrastructure
costs.
The LeasePak Productivity
Suite is comprised of 5 components:
ChannelIT - A web-based front-end origination manager. ChannelIT provides a browser-based origination tool for use by the lessor’s remotes sales force as well as a broker/ dealer network and vendor partners. With ChannelIT's seamless interface to LeasePak, the leasing operations staff and deal originators enjoy 24/7 web access to deal information, resulting in a significant reduction in decision turnaround times and the elimination of
data re-entry.
ViewIT - A complete
business intelligence toolset to give lessors the information they need
to monitor lease/loan portfolios. ViewIT gives lessors streamlined strategic
reporting, easy-to-use ad-hoc reporting, plus a data warehouse and executive
dashboard to deliver the kind of real-time reports equipment leasing
managers need to spot trends, manage risk, and monitor performance across
the enterprise.
ServIT - LeasePak's
customer portal enables LeasePak users to offer lessees the convenience
of web-based account self-management. ServIT reduces help desk costs
as customers use the web to check payments, update account information,
request payoff quotes, etc. Lessors will increase customer satisfaction
as they speed up customer service response times and reduce operating
overhead.
DocIT - Integrated
document generation for LeasePak. Allows lessors to auto-generate the
letters and documents they require to book and finalize deals. Using
private-label graphics and established document formatting, DocIT generates
and sends letters, invoices, and other documents to the appropriate
parties to the contract. In addition, documents are automatically scanned
and attached to each contract for archival and instantaneous retrieval
throughout the life of the lease, the asset, and the customer relationship.
LinkIT - A toolkit
of application interfaces to streamline the integration of the LeasePak
lease portfolio management system with best-of-breed 3rd-party tools
and enterprise applications. Designed to work with web services as well
as with the client-server architecture, LinkIT streamlines application
integration and reduces version-maintenance overhead.
"We are extremely
proud of this new extension of the capabilities and benefits of LeasePak,
our flagship lease/loan portfolio management system," states McCue
Systems CEO and founder John M. McCue. "As a member of the Board
of Directors of the Equipment Leasing Association, I often hear from
ELA members who need to improve operating efficiencies, expedite customer
service calls, streamline originations, and control infrastructure overhead.
The LeasePak Productivity Suite is designed to help lessors achieve
exactly these objectives," McCue adds.
The LeasePak Productivity
Suite is available to licensed users of LeasePak. The package will be
available for viewing at McCue Systems’ booth at the annual convention
of the Equipment Leasing Association, taking place October 24 – 27,
2004 in Palm Desert, California.
About McCue Systems
With over 30-plus
years of experience in developing business solutions for the leasing
industry, McCue Systems Inc. is the leading provider of lease/ loan
portfolio management software for banks, leasing companies, and manufacturers.
Its flagship product, LeasePak, simplifies lease/loan administration
and asset management by accurately tracking leases, loans, and equipment
from origination through end-of-term and disposition.
McCue Systems leads
the leasing technology industry in the development of Web-enabled and
Web-based tools to deliver superior customer service, reduce operating
costs, streamline the lease management lifecycle, and support collaboration
with origination channel and asset partners. Alone in the industry,
McCue Systems offers a Web-based front-end system that integrates fully
with the system’s back-office database architecture.
By harnessing the most advanced technologies, McCue Systems can offer the right operating platform for almost any enterprise. LeasePak can be configured to run on HP-UX, SUN/Solaris or Linux as well as for Oracle and Sybase users. And, for unmatched scalability, McCue Systems offers the LeasePak Bronze, Silver, and Gold Editions for systems and portfolios of virtually all sizes
and complexities.
The leasing experts
at McCue Systems work closely with lessors to put the company’s leasing
expertise to work to streamline lease operations and enhance customer
retention at every stage of the lease lifecycle.
For further information,
please contact:
Andrew Lea, VP, Corporate
Communications
McCue Systems, Inc.
111 Anza Boulevard,
Suite 310
Burlingame, CA 94010-1932
Office: (650)348-0650
Ext 1171
Fax: (888) 730-2527
info@mccue.com
#### Press Release
#######################
Lease
& Finance Consulting, LLC
Ridgefield, CT -
- Lease & Finance Consulting, LLC, announces the creation of a consulting
advisory practice focused on servicing the financial services industry.
The company, located in Ridgefield, Connecticut, provides leasing support
and consulting services directly to the leasing industry and supports
users of leasing products by providing advisory services.
The management team,
headed by Lisa Lersner, former President of Golden Eagle Leasing, Inc.,
is comprised of leasing and electronic transaction industry veterans
with combined industry experience of over fifty years.
The company supports
users of leasing products by providing lessor and lease program selection
services, ongoing relationship audit and income sharing reviews and
general program management services. The company services the leasing
industry directly by providing services including; securing of financing,
business plan development, preparation of presentment material, due
diligence reviews, infrastructure/system development and lease administration
and collection servicing.
Additional information can be obtained through the company website,
www.leasefinanceconsulting.com and by contacting the company at
(203) 438-1574 or
info@leasefinanceconsulting.com.
About Lease &
Finance Consulting, LLC
Lease & Finance
Consulting, LLC, based in Ridgefield, CT, provides consulting advisory
services to the financial services industry with a focus in the electronic
transaction arena. Lease & Finance Consulting services both the
user and provider of leasing programs.
Sites of Reference:
http://www.leasefinanceconsulting.com
CONTACT:
Lisa R. Lersner
Lease & Finance
Consulting, LLC
Phone Number: 203-438-1574
Fax Number: 203-438-0574
E-mail: info@leasefinanceconsulting.com
### Press Release
#######################
 |
News
Briefs----
Charitable Donations
Rebound, Study Finds
http://www.washingtonpost.com/wp-dyn/articles/A59909-2004Oct24.html
CALIFORNIA CASINO’S
MAY OVERTAKE NEVADA, SOME SAY
http://www.mercurynews.com/mld/mercurynews/news/special_packages/
Survival guide for
workers on the edge
http://www.usatoday.com/money/perfi/general/2004-10-21-mym_x.htm
-------------------------------------------------------------------------------
Sports
Briers---
Morris, Cards no
match for Schilling
http://www.stltoday.com/stltoday/sports/stories.nsf/gordoszone/story/
85146FC6DC5A785F86256F38001373C1?OpenDocument&Headline=
Morris,+Cards+no+match+for+Schilling
Heading west 2 games
up
http://www.boston.com/sports/baseball/redsox/articles/
2004/10/25/heading_west_2_games_up/
Eagles oust Browns
34-31 in OT
http://www.usatoday.com/sports/football/games/
2004-10-24-eagles-browns_x.htm
SF Mayor sets stadium
deadline
Next 12 months 'crucial'
to 49ers' future in S.F.
http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/
-------------------------------------------------------------------------------
California
Nuts Brief---
FIRST LADY PAYS FOR
LOVE OF RED SOX
http://www.mercurynews.com/mld/mercurynews/news/10003057.htm
This
Day in American History
1741-Georg
Wilhelm Steller discovers the Kiska Island in the Aleutian Island chain
of present day Alaska.
http://memory.loc.gov/ammem/today/oct25.html
1764-Abigail
Smith married a young lawyer by the name of John Adams.
Their union launched
a vital 54-year partnership taking the couple from colonial Boston through
the politics of revolution, to Paris and London and the world of international
diplomacy, and finally to Washington, D.C., where they became the first
presidential couple to occupy the White House. A talented
commentator and chronicler of events with a broad knowledge of history,
Abigail Adams left an important account of many of the events of the
nation's founding in her letters. She and her husband corresponded regularly;
first when he attended the Continental
Congress and Constitutional Convention in Philadelphia between 1774
and 1783, and again from 1789 to 1800, when she traveled between the
family
home in Quincy, Massachusetts, and Philadelphia, where John Adams
was serving as the nation's first vice president before becoming its
second president in 1797.
( lower half of:
http://memory.loc.gov/ammem/today/oct25.html
)
1848- the first railroad to run west out of Chicago was the Galena and Chicago Union Railroad, a constituent company of the Chicago and North Western Railway. Its first train was hauled by “The Pioneer,” a 10-ton wood-burning locomotive, which left Chicago this day for Oak Park, five miles away. The North Western rails reached the Missouri River at Council Bluffs, IA,
in 1867.
1864-Confederate
President Jefferson Davis meets with General John Bell Hood at Hood's
Palmetto, Georgia, headquarters to discuss the recent misfortunes of
the Army of Tennessee. Since Hood had assumed command of the army in
July, he had launched an unsuccessful series of attacks on Union General
William T. Sherman's forces, endured a month-long siege in Atlanta,
and was finally forced to abandon the city. Now, Davis journeyed to
Georgia to shore up the sagging morale of his leader and troops. The
most pressing problem was dissent within the Confederate command. Leading
generals began feuding and pointing fingers to assign blame for the
disastrous Atlanta campaign. Hood blamed General William Hardee, commander
of one of Hood's three corps, for the loss of Atlanta, and Hardee demanded
removal from Hood's authority. After conferring with Hood, Davis reassigned
Hardee to the Department of South Carolina, Georgia, and Florida. Even
though Hardee was the most able corps commander, Davis personally selected
Hood to command the Army of Tennessee in July, and refused to admit
his mistake. Unfortunately for the Confederates, Hood invaded Tennessee
in the late fall, and by Christmas he saw his once-grand army virtually
destroyed. On his return trip to Richmond, Davis gave a speech at Columbia,
South Carolina, in which he gushed about Hood's prospects. In doing
so, he let slip important information, saying that Hood's eye was set
"upon a point far beyond that where he was assailed by the enemy."
Sherman read the quote in a newspaper a few days later and guessed,
correctly, that Hood intended to move back into Tennessee to cut Sherman's
supply lines. Sherman planned his fall strategy accordingly, sending
part of his army to deal with Hood while he took the rest across Georgia.
1914
-- Poet John Berryman born McAlester, Oklahoma.
http://www.poets.org/poets/poets.cfm?45442B7C000C00
1918-Bassist
Chubby Jackson born, New York City. Also wrote many tunes, including
the
1923-The
first meeting of the Senate subcommittee to investigate the Teapot Dome
oil leases was held, with Sen. Thomas UJ. Walsh, Democrat of Montana,
as chairman. Walsh had used
the 18 months since his appointment as chairman to study the case, and
during the time public interest in it had died down.
It was quickly reawakened by the hearings.
1926-
Reedman Jimmy Heath born, Philly.
1929-What became known in history as the “Tea Pot Dome” Scandal, this day Albert Bacon Fall, secretary of the interior in President Warren Harding’s, cabinet, was found guilty by Justice William Hitz of the District of Columbia Supreme Court for accepting a bribe of $100,000 from Edward Doheny of the Pan-American Petroleum and Transport Company for granting valuable oil leases in the Elk Hills Naval Oil Reserves in California. He was sentenced to one year in prison and was fined $100,000. Earlier, Harding, in a move subsequently deemed illegal by the Supreme Court, transferred responsibility for naval oil reserve lands to the Department of the Interior. The Secretary of the Interior, Albert B. Fall, went on to exploit those rights for his own gain, in 1922 secretly granting exclusive rights to the Teapot Dome reserve in Wyoming to the Mammoth Oil Company in exchange for cash and no interest "loans." He granted rights to the Elk Hills and Buena Vista Hills reserves in California to the Pan American Petroleum Company in 1921-22 for
similar compensation.
1930-Birthday
of Hanna Holborn Gray, as president of the University
of Chicago (1978) she became the first woman to head a major coeducational
university in the U.S. She had been acting president of Yale University
but took the Chicago post while the selection for Yale president was
underway. Rumor had it that SHE because she was a SHE was not going
to be named president. Yale officials deny it and have tried to claim
a woman president without actually having had one by counting Gay's
tenure as acting president as a regular president.
http://www.medaloffreedom.com/HannaHolbornGray.htm
http://www.teachtime.com/en/wikipedia/h/ha/hanna_holborn_gray.html
1939
- A west coast hurricane moved onshore south of Los Angeles bringing
unprecedented rains along the southern coast of California. Nearly five
and a half inches of rain drenched Los Angeles during a 24 hour period.
The hurricane caused two million dollars damage, mostly to structures
along the coast and to crops, and claimed 45 lives at sea. "El
Cordonazo" produced 5.66 inches of rain at Los Angeles and 11.6
inches of rain at Mount Wilson, both records for the month of September.
1940-
the first US Army general who was African-American was Benjamin Oliver
Davis, commanding officer of Harlem’s 369th Coast Artillery
( National Guard), was appointed to command a brigade in the 2nd
Cavalry Division at Fort Riley, KS, with the ran of brigadier general.
1942- Singer Helen Reddy Birthday
1949---Top
Hits
You’re Breaking My Heart - Vic Damone
That Lucky Old Sun - Frankie Laine
Someday - Vaughn Monroe
Slipping Around - Margaret Whiting & Jimmy Wakely
1955-Birthday of Robin Eubansk, Philadelphia,
PA
1955-The
Tappan Stove Company, Mansfield, OH introduced at a press conference
the first electronic range for consumers. A 220-volt electric current produced microwaves
that cooked eggs in 22 seconds, bacon in 90 seconds, frozen broccoli
in 4.5 minutes, and a five-pound roast in 30 minutes. The retail price of the range was$1,200. Earlier, in 1952, the first microwave for home
use was introduced by Tappan, selling for $1,295. This was the first electric and microwave oven
combined as
1957---Top
Hits
Honeycomb - Jimmie Rodgers
Jailhouse Rock - Elvis Presley
Hula Love - Buddy Knox
Wake Up Little Susie - The Everly Brothers.
1959-Mob
assassins shoot Little Augie Carfano to death in New York City on Meyer
Lansky's orders. Lansky, one of the few organized crime figures who
managed to survive at the top for several decades, was estimated to
have accumulated as much as $300,000,000 in ill-gotten gains by the
1970s.In June 1947, Lansky ordered the death of his old friend Bugsy
Siegel in Beverly Hills, California. Siegel, who had been sent to the
West Coast in order to establish a new mob presence, came up with the
idea of building The Flamingo, Las Vegas' first major casino. Although
built with mob money, Siegel refused to pay back the loan. When Lansky ordered the murder of Augie Carfano 12 years later,
Carfano had been intruding on Lansky's gambling interests in Florida
and Cuba. His death eliminated all competition and opened up emerging
markets for Lansky in South America. During the 1960s and 1970s, Lansky
made a special effort to stay out of the public eye and was fairly successful.
He died in 1983.
1960
-- Martin Luther King, Jr. jailed in Decatur, Georgia. Held over on
old traffic ticket charges, denied bail and sentenced to four months
hard labor
http://nobelprize.org/peace/laureates/1964/king-bio.html
1960-The
Accutron, the world's first electronic watch, went on sale. The watch,
produced by Bulova Watch Company in Jackson Heights, New York, used
transistorized electronic circuits and a miniature power cell, instead
of a spring and gears, to move the watch's hands.
1962--
American author John Steinbeck awarded Nobel Prize in literature
http://www.educeth.ch/english/readinglist/steinbeckj/
http://www.steinbeck.org/MainFrame.html
http://almaz.com/nobel/literature/1962a.html
http://donswa.home.pipeline.com/writers.steinbeck.html
http://www.sjsu.edu/depts/steinbec/chron.html
1962-
Aerial photos of offensive missile bases in Cuba were displayed to the
UN by Ambassador Adlai Stevenson. He demands USSR Ambassador Zorin to
answer regarding Cuban missile bases saying "I am prepared to wait
for my answer until hell freezes over" The next day the U.S. Navy boarded and searched a Soviet-chartered
freighter en route to Havana.
1964-
in a game between the Minnesota Vikings and the San Francisco 4934s,
Minnesota defensive end Jim Marshall picked up a fumble by 49er Quarterback
Billy Kilmer and ran 66 years into the wrong end zone. His gaffe resulted in a safety, 2 points for
San Francisco, but the Vikings still prevailed, 27-22.
1964-The
Rolling Stones make their first appearance on "The Ed Sullivan
Show"
1965---Top
Hits
Yesterday - The Beatles
A Lover’s Concerto - The Toys
Get Off of My Cloud - The Rolling Stones
Hello Vietnam - Johnny Wright
1970 - George Blanda replaced Daryle Lamonica, the Oakland Raiders injured quarterback. Blanda tossed three touchdown passes (19, 43 and 44 yards), taking the Raiders to an easy victory over the Pittsburgh Steelers,
31-14.
1971-"The
Allman Brothers Band Live at the Fillmore East" goes gold just
four days before leader Duane Allman loses his life in a motorcycle
accident.
1972-The
first women to became FBI agents completed training at Quantico, VA.
the new agents, Susan Lynn Roley and Joanne E. Pierce, graduated from
the 14-week course with a group of 45 men.
1973---Top
Hits
Angie - The Rolling Stones
Midnight Train to Georgia - Gladys Knight & The Pips
Keep on Truckin’ - Eddie Kendricks
Ridin’ My Thumb to Mexico - Johnny Rodriguez
1980
- Barbra Streisand’s "Woman in Love", from the number one
album, "Guilty", was the number one song in the U.S. Both
the album and the single were #1 for three weeks.
1981--
In Game 5, Pedro Guerrero and Steve Yeager's back-to-back solo home
runs give the Dodgers a 3-2 victory which they won in the next game,
making them world champions, beating the New York Yankees.
1981---Top
Hits
Arthur’s Theme (Best That You Can Do) - Christopher Cross
Start Me Up - The Rolling Stones
Step by Step - Eddie Rabbitt
Never Been So Loved (In All My Life) - Charley Pride
1982-
“Newhart” premiered on television.. Bob Newhart starred in this sitcom
as Dick Loudon, an author of “how-to’ books who moved with his wife,
Joanna (Mary Frann), to Vermont to take over the Stratford Inn. Regulars
included Tom Poston as George Utley, caretaker of the inn, Steven Kampmann
as Kirk Devane, the owner of the Minute Man Café, Jennifer Holmes as
the maid, Leslie Vanderkellen and Julia Duffy as “princess” Stephanie
Vanderkellen, who, through bad luck, had to take on the maid’s job.
Changes in the third season introduced the characters of Michael Harris
(Peter Scolari), producer of Dick’s talk show and Stephanie’s squeeze,
and the new owners of the cafe, Larry (William Sanderson) and his silent
brothers, both named Darryl (Tony Papenfuss and John Volstad). The
last telecast was Sept 8, 1990.
1983-
An invasion of Grenada, an island nation in the Caribbean, was
launched by U.S. forces a week after a bloody coup by pro-Cuban Marists.
The guerillas murdered Grenada’s top leaders. by Nov 2 the Department
of Defense reported the end of the hostilities.
U.S. casualties were listed as 18 dead, 115 wounded. The action was taken to restore order and protect
the 11000 US citizens, mostly students, on the island.
1984
- John Cougar Mellencamp reached the two-million-dollar sales mark with
his album, "Uh-Huh". Also, country group Alabama went to the
three-million-dollar mark with two albums this day: "Feels So Right"
and "Mountain Music". .
1986-The New York Mets won Game 6 of the World Series, 6-5, in
10 innings, over the Boston Red Sox.
The Mets made a dramatic comeback in the last inning, scoring
three runs after two were out. Twice down to their last strike, they
bunched three singles, a wild pitch and a ground ball by Mookie Wilson
that went through the legs of first baseman Bill Buckner to eke out
the victory. This event was selected as one of baseball's 30 most memorable
moments.
1986
- New Jersey-based rock band Bon Jovi rose to number one in the U.S.
with their "Slippery When Wet" album. It was the number one
album for eight -- count ’em -- eight weeks. Track listing: "Let
It Rock", "You Give Love a Bad Name", "Livin’ on
a Prayer", "Social Disease", "Wanted Dead or Alive",
"Raise Your Hands", "Without Love", "I’d Die
for You", "Never Say Goodbye", "Wild in the Streets".
1987
- The World Series began in a dome for the first time and the team with
the best record at home happened to play in that dome. The St. Louis
Cardinals were pounded in the first game, but fought back and forced
the series to seven games before the Minnesota Twins could claim the
championship -- their first -- on this day.. The franchise's last championship
came in 1924 as the Washington Senators.
http://www.sportingnews.com/archives/worldseries/1987.html
1987
- Hurricane Emily crossed the island of Bermuda during the early morning.
Emily, moving northeast at 45 mph, produced wind gusts to 115 mph at
Kindley Field. The thirty-five million dollars damage inflicted by Emily
made it the worst hurricane to strike Bermuda since 1948. Parts of Michigan
and Wisconsin experienced their first freeze of the autumn. Snow and
sleet were reported in the Sheffield and Sutton areas of northeastern
Vermont at midday.
1989---Top
Hits
Miss You Much - Janet Jackson
Love Song - The Cure
Sowing the Seeds of Love - Tears For Fears
Living Proof - Ricky Van Shelton
1989
- Twenty-three cities in the south central U.S. reported record low
temperatures for the date, including Topeka KS with a reading of 33
degrees, and Binghamton NY with a low of 25 degrees. Showers and thunderstorms
in the southeastern U.S. drenched Atlanta GA with 4.87 inches of rain,
their sixth highest total of record for any given day.
1993-
The Southern California fire season began viciously when fires swept
from the celebrity-studded beachfront homes of Malibu to the Mexican
border. Blown out of the desert by the fierce Santa Anna winds, the
fires destroyed suburban enclaves south of LA at Laguna Beach and northeast
of LA at Altadena. As winds died down, firefighters appeared to gain
control as the flames reached the Santa Monica Mountains, but the winds
roared again, spreading the fire into Malibu—often jumping the Pacific
Coast Highway to destroy the beachfront homes of the wealthy celebrities
who lived there. Damage from the fires was estimated at more than $1
billion.
1998 - For the first time, all of the top five songs of the week were new entries: 1) Cher, "Believe"; 2) George Michael, "Outside"; 3) U2, "Sweetest Thing"; 4) Culture Club, "I Just Wanna Be Loved"; 5) Alanis Morissette,
"Thank
U".
World Series This
Date
1987
Minnesota Twins
http://mlb.mlb.com/NASApp/mlb/mlb/history/postseason/
mlb_ws_recaps.jsp?feature=1987
Baseball
Poem
God
Protects Fools with Curveballs
by Tim Peeler
Going
after her
Was chasing
A bad pitch,
A sharp curve
That tailed off
Into the dirt,
Evaded
the end
Of
my whirling bat.
Thank goodness
I
only looked stupid
On the first strike.
Touching All Bases
Poems from Baseball
Tim Peeler
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