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Available by e-mail in a text format, sent
out at 3:00am, free:
http://www.leasingnews.org/addme-mailing-list.htm
Headlines---
Classified Ads-
Outsourcing--- Back Office
Tax
Free Wachovia to Enter 4 Urban Texas Markets
Weekly
Bulletin Board Complaint Report
UAEL North Bay Meeting
March 17th
Donna Halow New Prez/CEO
Trinity Capital
Fitch Sky Fin. Maintains
Neg. Outlook
Sky to Sell Dental Financing
to MBNA
Willis Lease Finance
Net Income Up 16%
Fitch Teleconf: Effect
of California's Budget today
###### surrounding
the article denotes it is a “press release”
Classified
Ads- Outsourcing--- Back Office
Backoffice: All Locations
Are
you a broker or a rep for a major lessor? Want to just market and leave
the backroom an packaging functions to us? Call us.
Backoffice:
Atlanta , GA. GlobalTech Portfolio Services provides world class lease,
loan administration and asset management for equipment and vehicles.
Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216
E-mail:azeppenfeld@globaltechfinancial.com
Back
Office: Atlanta, GA. Let Tax Partners handle your sales and use tax
compliance duties w/less risk and cost than in-house. Largest tax compliance
firm in US E- mail:sales@taxpartners.com
Backoffice:
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Property
Tax and sales and use tax administration services performance is guaranteed
and we will save you time and money or our service is free.
Backoffice:
Indianapolis, IN
JDR
Solutions, LLC specializes in delivering customized back-office lease
portfolio admin./ ASP services for lessors, banks, manufacturer captives:
other financial institutions.
Backoffice:
Jacksonville, FL.
CIT's
Portfolio Service Group: providing cost- effective lease/portfolio services:
Accounting, Tax Reporting, Collection svc, End of Lease Solutions, Front
End Documentation, Invoicing, and on-line reporting
E-mail:
vincente.dingianni@cit.com
Back
Office: Laughlin, NV. 20 years experience on funder/broker sides. Looking
for a relationship where I act as credit shop for smaller brokers when
financial statements are involved. E-mail:batarista@laughlin.net
Backoffice:New
Rochelle, NY
Proactive
management/administration of commercial/consumer
registrations,
sales/property taxes, tickets, collections, accounting, vehicle
disposition. Since 1975
E-mail:
Barrett@BarrettCapital.com
Back
Office: Northbrook, IL
Our
staff of CPA's and lease professionals can handle any or all portfolio
responsibilities incl. portfolio mgmt, invoicing, sales/property/ income
tax, accounting, etc. E- mail:ngeary@edwinsigel.com
Back
Office: San Rafael, CA
We
can run your back office from origination to final payoff. 30 years
experience in commercial equipment lease and loan portfolio management.
E-mail:gmartinez@phxa.com
Full listing of all “outsourcing classified
ads” at:
http://64.125.68.90/LeasingNews/JobPostingsOutsourcing.htm
-----------------------------------------------------------------------------
Tax Free Wachovia to Enter 4 Urban Texas
Markets
Wachovia, the nation’s fourth-largest banking
company and third-largest full-service brokerage, announced it will
move into Texas by the end of the year. The company will open wholesale
and retail banking operations in the areas of Dallas-Fort Worth, Houston,
Austin and San Antonio, with its state headquarters in Dallas.
In the PBS television documentary about
tax shelter abuse, Wachovia was highlighted for a sale/leaseback on
a Bochum, Germany under ground sewer, " But through other sources
we confirmed that the Bochum sewer lease was a half-billion dollar deal
involving the fifth largest U.S. bank -- Wachovia. (Last year, Wachovia's
annual report indicated that it paid no federal taxes on $3.6 billion
in profits. A big chunk of its tax savings came from its $3 billion
in leasing activities -- though how much was generated from cross-border
deals like Bochum's is impossible to tell.)"
Wachovia expects to add four to six retail
branches in Texas, staffed with more than 40 sales, risk and treasury
employees, by the end of 2004. Between 2005 and 2010, the bank expects
to add 30 to 50 new branches annually. Noting that Texas will be home
to12 percent of the nation’s total population growth in the next 25
years, bank officials say the cities it chose in Texas include 60 percent
of the state’s current population and 75 percent of its proposed growth.
This German tax shelter and others gives
it the opportunity to compete
in new markets, such as in Texas, home
of President George
Bush, because it allegedly paid no taxes
on $3.6 million in profits.
-------------------------------------------------------------------------------
Weekly
Bulletin Board Complaint Report
10% to ELFF Relief
E-mail
to Lisa Levine, Executive Director, Equipment Leasing and Finance Foundation,
with a cc: to Mike Fleming, President Equipment Leasing Association,
from Kit Menkin----
“As
you know, last year I tried to get those who we helped obtain money
reimbursed for "advance rentals," deposits,
or
service rendered to make a donation to the Equipment Leasing and
Finance Foundation, created in 1989 by the Equipment Leasing Association.
“We
were not successful, so Leasing News made a contribution itself, and
developed a new policy in 2004 which we would require a 10% cost to
be made payable to the Equipment Leasing and Finance Foundation.
We looked at this as a donation.
“Unfortunately,
I think I will have to ask you to release us from our promise.
We have had two persons who specifically told us their attorney would
handle it, and three who we spoke to, who were going to consider it,
had their money returned just by telling them we were going to publish
the complaint ( in reality,
we
hadn't even started to "investigate.")
“In
many of the instances, the person making the complaint had hired an
attorney, but I think it is more than a money issue. I think it
is an emotional issue. Number one, they don't have the lease and
the situation may be six months old, so they have gone through a lot
of turmoil to this point. They are frustrated. They are
angry. They either have the money for an attorney, or the cost
of getting the money back will be more than the legal expense, and as
important, they are upset. This applies
to
whether it is $6,000 or $50,000 that they have advance.
“So
from a public relations perspective, they appear to get the impression
the leasing industry is after more money from them. They don't view
this as a "donation," and more importantly,
many
say they will never lease again, obviously not caring to support the
Equipment Leasing and Finance Foundation.
“In
this view, I would like you to release the promise we made of charging
a 10% donation when we were successfully in having money returned..
Leasing News will continue to support ELFF, hopefully attract some donations,
too. We definitely appreciates all the work you, your staff, your board,
and foundation do for our industry.”
Kit
Menkin, editor/publisher
“You are certainly released from your promise. We appreciate your support of the Foundation
through your communication efforts and financially.
We are pleased to count on both avenues of support in the future.
Thanks!
Lisa A. Levine, CAE
Executive Director
Equipment Leasing and Finance Foundation - Your Eye On the Future
#1---A real estate brokerage company took
a 10k deposit to finance $1.4 million at 8.75%, “with no additional
brokerage fee ( all included ) the complaint said. Part of the package was an equipment lease.
After 71 days, the applicant was told they
would keep the lease portion, but try a bank using real estate.
“After over 100 days of false statements
on satus and rates...we asked for a refund of our $10k deposit per our
signed agreement. Now 116 days
into the ordeal, we are going
to file a complaint against ****
for fraudalent representations, and taking and not returning the money.”
After getting Ms. Levine clearance, we
told the complaintant we would
not require the 10%, did a check with the
real estate licenses, finance
lenders licensing, Better Business Bureau,
and in one telephone call,
the principal said it was not worth the
attorney expense or his time
to explain to us or a court about what
had happened, as he would
be sending back a check for $10,000 today
to the company who
made the complaint.
We told the person who made the complaint,
who later sent us
his e-mai:
“Hi. FYI, the copy of the refund check is faxed
to me.”
We
told him not to celebrate until it has been received and clears the
bank.
Classified---Help Wanted
Current Openings
Account Executives
|
We
are actively seeking experienced Account Executives as part of
a significant growth initiative for 2004. Candidates must be self-motivated,
hard working, and enjoy making some of the highest commission
splits in the industry. About the Company: Genesis Commercial Capital, LLC; 17910 Skypark Circle, Suite 105; Irvine, CA. 92614 www.gen-cap.com |
[Top]
Sales Representatives
|
About the Company: A successful, well-respected broker, well-established family owned broker with outstanding funding capabilities. Located in Scottsdale, AZ. www.mediacap.com |
[Top]
Senior Sales Executive
|
|
[Top]
Vendor Sales Manager
|
|
[Top]
http://64.125.68.90/LeasingNews/PostingFormWanted.asp
-----------------------------------------------------------------------------
*** announcement
**************************************
**** announcement *****************************************************
--------------------------------------------------------------------------
##### Press Release ###########################
DONNA HALOW NAMED PRESIDENT AND CEO
OF TRINITY CAPITAL
San Francisco, CA – After 23 years as President and CEO of Trinity
Capital Corporation, Jim Halow has retired (reported by Leasing News
on February 11,2004.) Donna Halow, his wife and partner since 1982 in
the San Francisco-based equipment leasing company, succeeds him in the
role.
Promoted from Executive Vice President
and General Manager by the firm’s board of directors, Donna Halow had
been in charge of the company’s operations and major client relationships.
“Nobody is better qualified than Donna
Halow to take over this responsibility,” said Jerry Newell, chairman
of the Trinity Capital board and executive vice president of the equipment
leasing division at Trinity’s parent, Bank of the West. “The company
will have seamless management continuity following the retirement of
its
founder.”
Before joining Trinity Capital, Donna Halow
had management roles in finance and operations for Levi Strauss &
Co. After receiving her MBA from the University of Washington, she also
worked in finance for Ford Motor Co.
Before forming Trinity Capital, Jim Halow
was a vice president for U.S. Lease Financing, Inc., a subsidiary ofU.S.
Leasing International.
Trinity Capital was acquired by Bank of
the West in November 2002. As a subsidiary, Trinity has a portfolio
of $166 million in equipment leases and provides servicing for $1 billion
in leases for clients. Bank of the West, a San Francisco-based commercial
bank with assets of $29.3 billion and some 300 branches in six Western
states, had a lease portfolio of $730 million at year-end 2003.
(
According to a Bank of the West
spokesman the Trinity Capital operation was to remain
in tact in San Francisco. The purpose was to coordinate and take over
operations of Bank of the West Leasing expansion into the East Coast
and servicing the bank’s new branches in Southern California. The vendor
direct business and servicing
of leasing companies portfolio’s continues. editor )
A Bank of the West Company
Trinity Capital Corporation
475 Sansome Street, 19th Floor, San Francisco,
CA 94111
Phone (415) 956-5174 Fax (415) 956-5187
NEWS For Immediate Release
Contact: Bob Wolff (213) 972-0521
### Press Release #############################
Fitch Affirms Sky Financial Group's
Rtgs; Maintains Negative Outlook
Fitch Ratings-Chicago-: Fitch Ratings has
affirmed all ratings for Sky Financial Group, Inc. (SKYF, 'BBB'/'F3')
and its principal subsidiaries following SKYF's announcement today of
an agreement to sell its dental financing affiliate, Sky Financial Solutions
(SFS). Fitch also maintains a Negative Rating Outlook. A complete list
of ratings follows at the end of this release.
Fitch views the pending transaction (scheduled
to close in the first quarter of 2004) favorably in terms of the positive
impact on parent company liquidity and capital. The sale of SFS would
enable SKYF to reduce leverage, boost tangible capital, and redeploy
capital in its core operating businesses of providing retail and commercial
banking and insurance services within its footprint. However, Fitch
looks for SKYF to make continued progress in enhancing available bank
level liquidity sources, achieving core deposit growth, and augmenting
capital. The acquisition of Second Bancorp (SECD), scheduled to close
in the second quarter of this year, will reduce capital levels and delay
SKYF in rebuilding capital to more historical operating levels (6.5%
tangible common equity to tangible assets). Significant progress in
this regard along with improvement in Sky Bank's liquidity profile would
relieve the downward pressure on SKYF's ratings and would likely result
in a favorable resolution of the Rating Outlook.
Contact: Doris Hoffmann +1-312-368-2057
or David Spring +1-312-368-3194, Chicago.
### Press Release #########################
Sky Financial to Sell Dental Financing
Affiliate to MBNA
Sky Financial Group, Inc. announced the
execution of a definitive agreement for the sale of its dental financing
affiliate, Sky Financial Solutions to MBNA. The sale is expected to
close in the first quarter of this year.
A Sky Financial Group affiliate since 1996,
Sky Financial Solutions is an industry leader in providing dental professionals
with specialized financing for new office start-ups, equipment financing
and practice acquisition.
“Sky Financial Solutions was a strong performer
for Sky in 2003 and has continued to show earnings improvement since
it began retaining its loan originations in 2000, however, this was
a great opportunity for both Sky and MBNA,” stated Marty E. Adams, chairman,
president and CEO of Sky Financial Group. “MBNA is an excellent, high-performing
company known for its innovative products and the unique business niche
of Sky Financial Solutions will fit well in MBNA’s company portfolio.
For Sky, the transaction will allow us to devote our full financial
and management resources to our core business, which is providing banking,
insurance and wealth management services through our regional market
structure. In addition, the sale will strengthen Sky’s balance sheet,
improving our liquidity and capital positions,” said Adams.
As a result of the transaction, Sky expects
to record a net gain from discontinued operations of approximately $.18
to $.20 per share in the first quarter. However, until Sky can fully
redeploy the additional capital, earnings will be reduced approximately
$.01 per share on a quarterly basis. For the full year, Sky pro
Willis Lease Finance Reports 2003 Net Income
Increased 16% to $4.2 Million; 2003 Pretax Profit up 36% to $5.9 Million
### Press Release ###############################
Willis Lease Finance Net Income Up 16%
SAUSALITO, Calif.----Willis Lease Finance
Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines,
today reported net income rose 16% and pretax profit increased 36% in
2003 compared to 2002. Net income in 2003 was $4.2 million, or $0.47
per diluted share, compared to $3.6 million, or $0.41 per diluted share,
in 2002. Pretax income in 2003 improved to $5.9 million compared to
$4.3 million in 2002. Results in 2002 were significantly affected by
a $4.1 million pretax net gain on debt prepayment in the fourth quarter.
Current
Market and 2003 Highlights
"I
am very pleased with the company's performance in 2003," said Charles
F. Willis, President and CEO. "It wasn't easy, but we managed to
stay on course despite the lingering effects of the downturn in the
airline industry, the war in Iraq, SARS and more airline bankruptcies.
The strong improvement in both the level and quality of our profits
in 2003 was especially noteworthy given the difficult market conditions
of the past two years. We set some tough goals at the beginning of the
year to improve utilization, focus on cost control and develop other
sources of revenue. Our people worked very hard, and we can see the
results in our numbers.
"In
talking with our customers I sense a feeling of optimism that I haven't
heard for many months," said Willis. "Customers are talking
about, among other things, adding capacity and needing to catch up on
previously deferred engine overhauls. That has already translated into
increased demand for our engines. At the moment, our most popular engine
types are completely leased out except for those in the shop undergoing
repairs."
Portfolio
utilization showed significant improvement during 2003, hitting a high
of 90% in October before settling to 88% at December 31 compared to
86% at the end of the prior year. Average utilization for 2003 was 87%
compared to 82% in 2002. "Over the last two months, we have experienced
quite a pickup in demand for our engines," said Donald A. Nunemaker,
Chief Operating Officer. "As a consequence, our utilization rate
at the end of January was higher than it has been at any time since
August 2001, coming in at 91%. Given the mix between short and long
term leases in our portfolio, a reasonable utilization target would
be in the low ninety-percent range. While it is very gratifying to see
that we are back in that range, our experience tells us that the utilization
rate is subject to volatility from month to month as engines come on
and off lease.
"We
continue to focus most of our activity outside the United States, as
only 11% of our lease revenue in 2003 came from U.S. customers, compared
to 16% in 2002. Europe, at 45% of lease revenue, continues to represent
the largest source of our lease revenue, followed by Latin America at
21%. At the beginning of 2003, we were quite bullish on China, but the
SARS epidemic hit the Chinese carriers hard. Nevertheless, China has
recovered remarkably quickly from the SARS disruption and remains one
of our largest opportunities for future growth."
Results
from Operations
Lease
revenue in 2003 increased 3% to $57.0 million from $55.4 million. Sales
of equipment generated gains of $2.4 million during the year, compared
to $482,000 in 2002. Other income was $520,000 in 2003, compared to
zero the previous year. Comparing 2003 against 2002, lease revenue was
higher by $1.6 million, gains on sale of leased equipment were higher
by $1.9 million and other income was up by $520,000. The year over year
change in these revenue items totaled approximately $4.0 million. In
2002, the company recorded a $4.1 million net gain on debt prepayment.
Total
expenses in 2003 decreased 3% to $54.0 million compared to $55.6 million
in 2002. Depreciation increased 12% to $21.7 million from $19.4 million
in 2002 because of changes in estimates of useful lives and residual
values on certain older engine types. Writedowns of equipment were $1.3
million in 2003 compared to $3.1 million in 2002. General and administrative
expense in 2003 dropped 4% to $13.9 million compared to $14.4 million
a year ago. Net interest and finance costs declined 8% to $17.2 million
in 2003 from $18.7 million a year ago. In 2002, the company recognized
a one-time charge of approximately $700,000 associated with the refinancing
of a debt facility. Excluding this charge, net interest and finance
costs were down 5% reflecting the continuing favorable interest rate
environment.
Pretax
income rose 36% in 2003 to $5.9 million compared to $4.3 million in
2002. Income tax expense increased to $1.7 million from $738,000 in
2002 because of higher pretax income in 2003 and a tax benefit of $491,000
recognized in the fourth quarter of 2002 that reduced total income tax
expense for that year. Net income in 2003 was $4.2 million compared
to $3.6 million in 2002, an increase of 16%. Excluding the effect of
the 2002 tax benefit, net income, on a comparable basis, increased 35%
in 2003.
Fourth
Quarter 2003 Results
Fourth
quarter lease revenue was higher at $14.4 million compared to $14.2
million in the fourth quarter a year ago. Total revenue in this year's
fourth quarter was $16.0 million compared to $18.2 million in the same
period last year. Total revenue was lower in this year's fourth quarter
due to the $4.1 net gain on debt repayment in the fourth quarter of
2002. This gain was partially offset by higher gain on sale of leased
equipment and other income in the same quarter of 2003. Pre-tax earnings
in the fourth quarter were flat at $1.9 million compared to the fourth
quarter of 2002. Fourth quarter net income totaled $1.4 million, or
$0.16 per share, compared to $2.0 million, or $0.23 per share, in the
year ago period.
"Several
factors influenced fourth quarter results in 2002, making direct comparisons
difficult," said Monica J. Burke, Chief Financial Officer. "In
addition to the $4.1 million net gain on debt repayment in 2002, the
company recognized a $2.9 million writedown of equipment, and recognized
a $491,000 tax benefit related to state income tax accruals," Burke
noted.
Balance
Sheet & Liquidity
At
December 31, 2003, the company had 119 commercial jet engines, 4 aircraft
parts packages and 7 aircraft in its lease portfolio with a net book
value of $505.0 million, compared to $502.2 million at December 31,
2002, when the portfolio consisted of 120 commercial jet engines, 4
aircraft parts packages and 6 aircraft.
Assets
totaled $560.0 million at December 31, 2003, compared to $543.0 million
a year ago. Shareholders' equity increased 5% to $110.1 million, or
$12.44 per common share at December 31, 2003, compared to $104.9 million,
or $11.88 per common share, a year earlier.
The
company had warehouse and revolving credit facilities totaling $344.0
million, with approximately $30.0 million available at year-end, compared
to $375.0 million, with approximately $50.0 million available, a year
ago. The company's funded debt to equity ratio was 3.29 to 1 at December
31, 2003, compared to 3.48 to 1 at the end of 2002. The company had
$43.0 million of restricted and unrestricted cash and cash equivalents
at December 31, 2003, compared to $27.3 million at December 31, 2002.
"Capital management will be one of our key initiatives in 2004,
and we are exploring alternatives to provide additional financial resources
for growth," Burke noted.
About
Willis Lease Finance
Willis
Lease Finance Corporation leases spare commercial aircraft engines,
parts and aircraft to commercial airlines and maintenance, repair and
overhaul facilities. These leasing activities are integrated with the
purchase and resale of used and refurbished commercial aircraft engines.
CONTACT:Willis Lease Finance Corporation
Monica J. Burke, 415-331-5281
### Press Release ########################
Fitch Teleconf: Effect of California's
Proposed 04-05 Budget on Local Govts Today @ 1:30 p.m. EST
Fitch Ratings-San Francisco Fitch Ratings
will hold a teleconference to discuss Fitch's recently published report
on the effect of California's proposed 2004-2005 Budget on local governments.
The call will take place today at 1:30
p.m. EST. Fitch managing director, Amy Doppelt will host the call and
will also be joined by Mark Capell, director and Jenny Poree, analyst.
U.S. participants should call +1-888-266-4139
and non-U.S. participants should call +1-706-643-1860 five minutes prior
to the 1:30 p.m. EST start time. The password is either 'Fitch' or '5703330'.
In order to ensure there are sufficient telephone lines available, please
use internal conferencing capabilities, if possible, for multiple listeners
at a single location. A replay of the teleconference will be available
two hours after call ends, until Friday, March 5 at the close of the
business day at +1-800-642-1687 (U.S.) or +1-706-645-9291 (non-U.S.).
The passcode for the instant replay is '5703330'.
If you would like to participate, please
e-mail pfconference.calls@fitchratings.com.
Additionally, a replay of the teleconference
will be archived on the Fitch Ratings web site for three months. Interested
parties can find the appropriate link at the 'Company Events & Online
Media' link which is located under the heading 'About Fitch' at 'www.fitchratings.com'.
Contact: Amy Doppelt +1-415-732-5612, San
Francisco.
### Press Release #############################
------------------------------------------------------------------------------------------
News
Briefs---
Greenspan
Warns Panel On Fannie, Freddie
http://www.washingtonpost.com/wp-dyn/articles/A3321-2004Feb24.html
Consumer
confidence drops in February
http://www.signonsandiego.com/news/business/20040224-1447-economy.html
Ex-Tyco
CFO says loan covered home costs
http://www.boston.com/business/articles/2004/02/24/ex_tyco_cfo_says_loan_covered_home_costs/
Foreign
accountants do U.S. tax returns
http://www.usatoday.com/money/perfi/taxes/2004-02-23-overseas-outsourcing_x.htm
Ten
Things Small Businesses Need To Know About Linux
http://www.smallbusinesscomputing.com/biztools/article.php/3316531
------------------------------------------------------------------------------------------------
“Gimme that Wine”
France's
wine industry in decline
http://www.guardian.co.uk/france/story/0,11882,1154500,00.html
2004
forecast to be 'great year' for Cal.
luxury wine profits
http://busjrnl.com/htmlos/003949.1.1454149196948615893
Virginia
Shenandoah Valley Winery Association Launches Wine Trail
http://www.vino.com/press/press_release.asp?PRID=279
Costco
Challenges Three Tier System in Washington State
http://www.winebusiness.com/news/sitearticle.cfm?AId=83753&issueId=83706
Wine-makers free to use European names
http://www.abc.net.au/news/newsitems/s1052038.htm
NZ:
Winegrowers expect record vintage
http://www.just-drinks.com/news_detail.asp?art=22293
This Day in American History
=========Early American
History=========
=========Colonial
Times=========
=========Westward
Expansion=========
=========Civil War—including
pre and post=========
=========Gilded
Age=========
=========World War
I --pre and post=========
=========FDR=========
=========1950’s=========
=========1960’s=========
=========1970’s=========
=========1980’s=========
=========1990’s=========
*******************************************************************************
=========Early American History=========
1643 -- Dutch massacre of friendly Indians
at Pavonia, near present-day Hackensack, New Jersey, is ordered by William
Kieft, Governor of New Netherlands. 120 Wecquaesgeek men, women and
children asleep in their wigwams die. Eyewitness David P. deVries noted:
"...about
midnight I heard a great shrieking, and I ran to the ramparts of the
fort... Saw nothing but firing, and heard the shrieks of the savages
murdered in their sleep. When it was day the soldiers returned to the
fort, having massacred or murdered 80 Indians, and considering they
had done a deed of Roman valor, in murdering so many in their sleep;
where infants were torn from mother's breasts, and hacked to pieces
in the presence of the parents, and the pieces thrown into the fire
and in the water, and other sucklings, being bound top small boards,
were cut, stuck, pierced, & miserably massacred in a manner to move
a heart of stone... “
http://www.ulster.net/~hrmm/halfmoon/lenape/effects.htm
http://www.getnj.com/jchist/19.shtml
http://www.nnp.org/newvtour/regions/Hudson/pavonia.html
=========Colonial Times=========
1779- George Clark captures Fort Sackville
at Vincennes, Indiana.
http://memory.loc.gov/ammem/today/feb25.html
1791- the charter of the first bank of the
US: The First Bank of the US at Philadelphia, Pennsylvania, Proposed as a national bank by Alexander Hamilton,
it lost its charter in 1811. The Second Bank of the US received a charter
in 1816 which expired in 1836. Since that time, the US has had no central
bank. Central banking functions are carried out by the Federal Reserve
System, established in 1913.
1804-
the Democratic-Republican party held their first caucus and elected
Thomas Jefferson of Virginia for president and George Clinton of New
York for vice-president. The
Federalist did
not
have a caucus but supported Charles Cotesworth Pinckney of South Carolina
and Rufus King of New York for vice-president.
Jefferson received 162 electoral votes and Pickney, 14.
=========Westward Expansion=========
1824 -The Baptist General Tract Society was
organized in Washington, D.C. In 1826 the society was moved to Philadelphia,
and by 1840, the organization had issued over 3.5 million copies of
162 different tracts.
1825 – New Harmony, Indiana. Robert Owen announces
New Harmony utopian plan in Indiana to government dignitaries in the
Hall of the US House of Representatives.
http://www-lib.iupui.edu/kade/newharmony/home.html
http://csf.colorado.edu/psn/marx/Bio/owen.html
http://www.avsands.com/Travel/Places/newharmonyindi_une_av.htm
1836- Samuel Colt obtained a patent for “
an improvement in revolving fire-arms.”
He
had invented the revolving cylinder pistol in 1830 while he was traveling
on the S.S. Carlo. With a pocket knife he whittled a wood model. He first obtained a patent from England in
1835. After his US patent, he
formed the Patent Arms manufacturing Company of Paterson, NJ, capitalized
at $230,000 to manufacture them The
first revolvers produced by the factory were .34-caliber models. The
company nearly failed in its first decade, but was revived by an order
from the government in 1847 for one hundred revolvers to use in the
Mexican-American War. The revolver was the first firearm that could
be used effectively by a man on horseback. Colt set up a new factory
in Connecticut and made a fortune after the war as ranchers, outlaws,
prospectors, and lawmen stormed into the newly acquired Western territories
with their six-shooters blazing.
1842 -- Famous
woman lighthouse keeper Ida Z. Lewis born, Newport, Rhode Island.
She
was the oldest daughter of the lighthouse keeper at Lime Rock in Newport,
R.I., who assumed her father's responsibilities when he suffered a paralytic
stroke when she was 15. By rowing her sister and brothers to school
and get supplies from the mainland she became an expert oarsperson.
Her ability to handle a boat even in the worst weather conditions enabled
her to rescue dozens of people from capsized boats in Newport Harbor.
Her fame spread throughout the country, and she was honored in numerous
ceremonies. President Grant and dignitaries of her area paid their respects
by personally visiting this great 19th century heroine. In 1879 after
22 years of keeping the Lime Rock Lighthouse she was officially designated
the first woman Keeper of the Light.
http://www.lkwdpl.org/wihohio/lewi-ida.htm
=========Civil War—including pre
and post=========
1859- the first temporary insanity defense
in a criminal case was used by Daniel Sickles, a congressman from New
York. On this date he shot and killed Philip Barton Key, the son of
Francis Scott Key, author of “The Star-Spangled Banner,” after he learned
the younger Key was having an affair with his wife.
His lawyer, James T. Brady, offered the defense of “temporary
insanity.” sickles was acquitted. He
eventually became a general in the Civil War, in which he lost a leg,
and served as minister to Spain.
1863- the first bank to take file as a National
Bank under “an act to provide a national currency”
was
the first National bank of Davenport, IA.
Austin Corbin was the first president.
For two days, the bank was the only national bank in operation
under the new act.
1870- 1870-Hiram Rhodes Revels of Mississippi
was sworn in as the first black U.S. senator and the first black representative
in Congress. Revels was elected to fill the office vacated by Jefferson
Davis. He served through March 1871, the remainder of Davis' vacated
term. The first African-American to serve a full term in the U.S. Senate,
Blanche Kelso Bruce (1875-1881), was also from Mississippi.
http://bioguide.congress.gov/scripts/biodisplay.pl?index=R000166
http://freepages.folklore.rootsweb.com/~docbratt/hiram_rhodes.htm
http://www.shider.com/history/revels.htm
http://ctct.essortment.com/africanamerican_pwr.htm
1873- Enrico Caruso, universally regarded
as the world's greatest operatic tenor, was born in Naples, Italy. He
became widely known in 1898 through his appearances in Milan, about
three years after his debut at Caserta, near Naples, in the role of
Faust. In 1902, he made his London debut and the following year he first
appeared in the U.S. He was very well received and actually bought a
house
here
as he made many tours and was extremely popular.
Caruso made his first recordings in 1901, and
was largely responsible for the public perceiving the phonograph as
a home entertainment medium rather than a toy. His recording of "Vesti
La Giubba (On With the Motley)" for the Victor Company in 1907
is believed to be among the first records to sell a million copies.
For more than 30 years after his death in 1921, Caruso was one of the
Victor company's top-selling artists. The 1951 film "The Great
Caruso," with Mario Lanza, provided renewed interest in his records.
http://www.enricocarusomuseum.com/home.html
1874 -- Skokomish
Indian reservation established (near Shelton, Washington).
http://www.washington.edu/uwired/outreach/cspn/hstaa432/lesson_12/skokomish.html
http://www.pacificnet.net/jue/idontknow/answersexplanations/dogowa.html
http://www.newsdata.com/enernet/fishletter/documents/fl7doc8c.html
http://www.wavcc.org/wvc/cadre/WaStateHistory/course/tribes.htm
=========Gilded Age=========
1896-Singer/song writer Ida Cox (Ida Prather)
born Toccoa, GA, Died 1967.
http://www.blues.org/history/womenhistory/idacox.html
http://www.geocities.com/BourbonStreet/Delta/2541/blicox.htm
http://www.amazon.com/exec/obidos/ASIN/B00005K2D1/avsearch-df1-9-20/102-1682336-8966565
1900-pianist Hartzell “Tiny” Parham, born Winnipeg, Manitoba. Died April
4, 1943.
http://www.redhotjazz.com/tiny.html
http://www.musical-genre.com/tiny_parham.htm
1910- Millicent Fenwick, the inspiration
for Garry Trudeau's "Doonesbury" character Lacey Davenport,
birthday. Former fashion model,
author, member NJ General Assembly and US congresswoman, Millicent Fenwick
was born at New York, NY. A champion of liberal causes, Fenwick pointed
to her sponsorship of the resolution creating the commission to monitor
the 1975 Helsinki accords on human rights as her proudest achievement.
She fought for civil rights, peace in Vietnam, aid for the poor, reduction
of military programs, gun control and restrictions on capital punishment.
Fenwick, died at Bernardsville, NJ, Sept 16, 1992.
=========World War I --pre and
post=========
1913 – Federal Income Tax: The Congress shall
have power to lay and collect taxes on incomes, from whatever source
derived, without apportionment among the several states, and without
regard to any census or enumeration. The 16th Amendment to the United
States constitution was ratified on February 3 by Rhode Island
(interesting it was a Republican bluff that brought the bill
forward in the Rhode Island
legislature, as they thought the Democrats would be crazy passing it),permitting
the levying on income tax on individuals and businesses without apportionment
on the basis of the population of states. It did not go into effect
until February 12th. Officially
the Secretary of State Philander Knox on February 25, 1913 declared
it to be "in effect", but never stating it was lawfully ratified.
There were many legal issues from the various states that were never
resolved. The change did not come at once, however, for the first income
tax law specified graduated rtes of 1 to 6% of income. It was a flat tax. There is controversy that not all the states
ratified this amendment, although amendments to it were made
Congress.
http://www.freerepublic.com/forum/a3920a3ba708e.htm
http://www.scrapthecode.com/educating/history.html
http://www.scrapthecode.com/educating/history.html
http://caselaw.lp.findlaw.com/data/constitution/amendment16/01.html#1
http://www.16thamendment.com/intro.asp
1918- “Bobby” Riggs birthday, tennis player
born Robert Lormier Riggs at Los Angeles, CA. Riggs won the US National Singles Championship in 1939 and 1941,
and won three titles at Wimbledon in 1939.
After World War II, he turned pro successfully but won his great
fame as the male sexist for a pair of “Battle of the sexes” matches
in 1973. He won the first of these against Margaret
Court and lost the second to Billie Jean King. Died at Leucadia, CA.
Oct. 25, 1995.
1919-Oregon became the first state to impose
a state gasoline sales tax, placing one cent per gallon on all motor
fuel. The funds collected were used for road construction and maintenance.
1919 -Jazz
cellist Fred Katz Birthday
http://www.spaceagepop.com/katz.htm
http://www.emusic.com/cd/10735/10735030.html?fref=148694
1922- “Texas Rose” Bascom birthday, a Cherokee-Choctaw
Indian born at Covington County, MS, Rose Flynt married rodeo cowboy
Earl Bascom and learned trick roping, becoming known as the greatest
female trick roper in the world. She appeared on stage, in movies and
on early TV. She toured with the USO during WWII, performing at every
military base and military hospital in the US. After the war she entertained
servicemen stationed overseas. In 1981 she was inducted into the National
Cowgirl Hall of Fame (located at Hereford, TX). She died Sept 23, 1993,
at St. George, UT.
1922 - The temperature at Los Angeles, CA,
soared to 92 degrees to establish a record for the month of February.
1924 - Ty Cobb, issued