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What I always loved of Hades from Norway is their approach to the Viking/black metal. Before changing into Hades Almighty, their style was great for this reason: they were always able to mix perfectly the most epic and obscure influences with a raw form of black metal. Yes, black metal. So, if you're into the harmless and annoying symphonic/epic/Viking Finnish bands, stay away for this because it's too black metal oriented in the production and sounds.
They were heavily influenced by Bathory in the period between "Under The sign of the Black Mark" and "Hammerheart". So, already form here we can understand that they are not into sugary, boring, fantasy melodies. We have no flutes, medieval instruments or feasting noises…the main point is to create epic but obscure melodies. The guitars and few keyboards are the maximum expression of their sound. Everything is quite bare-bone, musically talking and it's great just like that.
For example, check the introduction to "Pagan Triumph" were the drums rolls and few Viking chorus, united to the guitars, are enough to recreate the perfect epic atmosphere with always the gloom side in evidence. The same can be said for the following "Hecate (Queen Of Hades)". The tempo in these songs is never too fast and the maximum speed can be referred to the bass drum, that anyway, is never too monotonous and on the same patterns.
The guitars are always great for their work. They are the most important element in this sound I believe. The technique is the open chord one to create landscapes of darkness and epic visions at the same time. There are several parts on arpeggio, both on the acoustic and electric guitars. For this check the great and essential ones in "Glorious Again the Northland Shall Become". The atmosphere is cold and epic like never before. The track that differs the most is "The Ecstasy of an Astral Journey" because hides inside a lot of apocalyptic melodies that would have arisen with "Millennium Nocturne" album. Also the lyrics are different as you can see.
The few keys on the title track or the ones spread all over the album are prefect to support the dramatic and dark sound. Check "The Spirit of an Ancient Past" for this. The few fast tempo parts are never on pure up tempo or blast beats and I believe it's better to not cover the beautiful sound with unnecessary aggression. The vocals are again heavily influenced by Bathory but there is also a great component from the Immortal's debut album. By the way, even Immortal in the beginning were influenced by Bathory.
The bass sound is truly audible because it has a really strong distortion that adds more obscurity and heaviness to the several down tempo parts on this album. The melodic arpeggios supported by the electric guitars of "Be-Witched" and the instrumental, dark "In The Moonless Sky" are the final seals to this great album of pagan black metal. It's recommended to the lovers of not fast black metal with epic, essential melodies. I'd like to recommend this album also to those who use to listen to modern "Viking metal", just to have an idea of what the real "black Viking metal" was. It's a good occasion to go back to the roots of a genre.
I've had this album for about 6 years (roughly, the last decades been blurry), and this just never gets old for me. This is surely one of the best debuts of its era. I'd also go so far as to say this is one of the greatest albums of the early, mid-90's Norwegian scene hands down (hence its score). Recorded in Greighallen June/July '94 with engeneering, and production credits going out to Pytten (killer producer, one of the best), and some guy named David, and with this the sound of a genre was perfected. This is Viking Black Metal the way it was meant to be played. Seriously, if your a fan of Enslaved, Helheim, or Isengard I'm pretty sure you'll love this.
For the most part, this music is melodicly charged excellence. Thanks first to an awesome producer/production, and secondly to great musicians who had undenible ability. The songs really are able to capture a distinct Viking feel,... one crafted through reverence, and enhanced by intelligence. Just amazing structures weaving through perfect riff progressions, drowned in melodic dramatics, and layers offering one's pallete to either search through, or as a grand cloaking background to mentally drop out into. You know, for the guitar tone alone this rises above the fields of half ass, lame bands today, or then. The clean vocals are utillized much like the drums here (and keys which are very limitedly used), meaning they are there more to accent melodicly the rythms put forth, instead of being used as a lead element. The Blackend vocals are equally awesome as any aspect on here seems to me, and really capture a powerfully independent feel.
Every instrument is mixed perfectly, and was produced/recorded by very talented people. From the drums with their a-typical beats, and highly amped up presence, giving a feel of what it would sound like if Thor drew his hammer and had to crush some giants, to the guitars whose rythms, and melodic arrangements give off imagery of vast, snow covered Viking realms of fire, and ice... battle, and victory,... death, and glory. Every song on here is like a war march (well except for the outro-In the moonless sky, which is all keys).
In closing I'd just like to touch on a few thoughts again:
This has melodic structures built upon melodic structures, all of which drift through powerfull rythm progressions, and at base contain the essence of Viking Metal. This has truelly capable musicians who obviously had unique visions, and were talented enough to not only put it down in song, but excell at that. Undoubtedly one of the best products to come from their scene (which competition was tough to say the least), and one which didnt quite get the recognition it deserved. I'd recommend this to all fans of BM, and is essential to fans of Viking Black Metal. Actually, theres not too many other BM albums I'd recommend over this. Get this classic. Now.


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ANDOVER — Max Silveira has heard the talk.
But he's not buying that Central Catholic, Andover's opponent Thursday at Lawrence High in the semifinals of the 38th annual Greater Lawrence Boys Basketball Christmas Tourney, is unbeatable.
"I don't think that's the case at all," said the senior point guard. "We beat them in the summer and we've been playing real well. I think we have a very good chance."
It doesn't help that 6-4 Connor Merinder, one of the area's top sophomores, is out with a broken wrist. But Andover thinks it can offset the Raiders' intimidating height with its speed.
That quickness caused North Andover fits in the Golden Warriors' opening round overtime victory.
Silveira, who averaged 6.2 points as a part-time starter last year and was averaging 8.7 points in Andover's first three games, exploded for a career-high 17 points. He was 11 of 12 from the line, had a key late 3-point play and made a long pass to David Giribaldi for a late lay-up.
"That was definitely a big win," said Silveira, who is doing a little bit of everything this season with averages of 5 assists, 2 steals and 4 deflections a game. "In terms of them being No. 2 (ranking in Eastern Mass.), we don't look at rankings. We knew we had a good chance regardless of the rankings."
It's good he and the Golden Warriors don't look at the rankings, which admittedly can be quite subjective. But Central is No. 1, and nobody who follows Massachusetts boys basketball would dispute that. Both clubs enter with 4-0 records.
Andover coach David Fazio wasn't sure that Silveira would develop into a ballplayer when he moved to Andover from Wakefield four years ago.
"His improvement over the last four years has been remarkable," said the 18th-year Andover coach. "He's a much better athlete than anyone gives him credit for."

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After a two month break the WRC returns to the Motorsports world stage. With eight events down and eight to go, it's already been a see-saw battle for the lead. This year's championship is turning into a spectacular one with Marcus Gronholm leading the Drivers' championship by 9 points over his rival Sebastien Loeb.
Mid-Season Review
The 2007 World Rally Championship has reached its halfway point. The Mid-Season Review will get you caught up on all the action of the first eight events of the year, from the 75th running of the Monte Carlo Rallye to the Acropolis Rally.
Round 9 - Neste Oil Rally Finland
Finland is the fastest and most spectacular event of the year. Famous for its high speed gravel roads, crests and jumps, the 57th running of this rally will also see the debut of the new 2007 Ford Focus RS WRC car.
Round 10 - ADAC Rallye Deutschland
The second asphalt rally of the season features one of the widest varieties of terrain in the Championship. Germany features long straights and hairpins, making handbraking skills essential. Drivers must pay special attention to the concrete hinklestein barriers which have caused some spectacular crashes in the past.
Format: Color, NTSC
Region: Region 1 (US)
Run Time: approx 156 mins.
Rated: NR (Not Rated)
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Henderson Bridge Co. v. Henderson CityAnnotate this Case
- Syllabus
- Case
U.S. Supreme Court
Henderson Bridge Co. v. Henderson City, 173 U.S. 592 (1899)
Henderson Bridge Company v. Henderson City
No. 82
Argued May 6, 9, 1898
Decided April 8, 1899
This Court has jurisdiction to review the final judgment of the state court in this case for the purpose of ascertaining whether it deprived the defendants of any right, privilege or immunity set up by them under the Constitution of the United States.
The City of Henderson had authority to tax so much of the property of the Henderson Bridge Company as was permanently between low water mark on the Kentucky shore and low water mark on the Indiana shore of the Ohio River, it being settled that the boundary of Kentucky extends to low water mark on the Indiana shore.
The declaration of the state court that Kentucky intended by its legislation to confer upon the City of Henderson a power of taxation for local purposes coextensive with its statutory boundary is binding in this Court.
In order to bring taxation imposed by a state within the scope of the Fourteenth Amendment of the National Constitution, the case should be so clearly and palpably an illegal encroachment upon private rights as to leave no doubt that such taxation, by its necessary operation, is really spoliation under the guise of exerting the power to tax.
The taxation by the city, as property of the Bridge Company, of the bridge and its appurtenances within the fixed boundary of the city between low water mark on the two sides of the Ohio River was not a taking of private property for public use without just compensation in violation of the Constitution of the United States.
The Bridge Company did not acquire by contract an exemption from local taxation in respect of its bridge situated between low water mark on the two shores of the Ohio River.
The provision in the city's charter that
"no land embraced within the city's limits, and outside of ten-acre lots as originally laid off shall be assessed and taxed by the city council unless the same is divided or laid out into lots of five acres or less and unless the same is actually used and devoted to farming purposes"
has no reference to bridges, their approaches, piers, etc.
The power of Kentucky to tax this bridge is not affected by the fact that it was erected under the authority or with the consent of Congress.
The statement of the case will be found in the opinion of
the Court.
MR. JUSTICE HARLAN delivered the opinion of the Court.
This case arises out of the taxation by the City of Henderson, a municipal corporation of Kentucky, of a railroad bridge (with its approaches, piers, etc.) extending from a point within that city on the Kentucky shore across the Ohio River to low water mark on the Indiana shore.
The property subjected to taxation belongs to the Henderson Bridge Company, a corporation of Kentucky, but is under the care, management, and control of the Louisville & Nashville Railroad Company, also a corporation of that commonwealth.
Those corporations insist that the final judgment of the court of appeals of Kentucky here for review, affirming a judgment rendered in the Circuit Court of Henderson County, is in derogation of rights secured to them by the Constitution of the United States. The grounds upon which this contention rests will appear from the statement presently to be made of the history of the litigation between the City of Henderson and the corporations named in respect of taxes assessed upon the bridge property in question.
The city contends not only that the assessment of taxes upon this property was in all respects valid, but that the matters here in dispute, including the questions of constitutional law raised by the bridge and railroad companies, have been conclusively determined in prior litigation between the parties.
The facts which it seems necessary to state in order to bring out clearly and fully the various questions raised by the pleadings and discussed by counsel are as follows:
The Henderson Bridge Company was incorporated by an act of the General Assembly of the Commonwealth of Kentucky
approved February 9, 1872, with authority to construct
"a bridge across the Ohio River, extending from some convenient point within the corporate limits of the City of Henderson to some convenient point on the Indiana side of said river opposite the City of Henderson."
Acts Kentucky 1871-72, Vol. 1, 314.
The city's boundary, as defined by its charter granted February 11, 1867, extended "to low water mark on the Ohio River on the Indiana shore," and it had the power (with certain exceptions not material to be noticed here) to levy and collect taxes at a prescribed rate upon all property within its limits made taxable by law for state purposes.
In 1882, an ordinance was passed by the common council of the city granting to the Henderson Bridge Company the right
"to construct on or over the center of Fourth Street in the City of Henderson, and of the line thereof extended to low water mark on the Indiana side of the Ohio River, such approaches, avenues, piers, trestles, abutments, toll houses, and other appurtenances necessary in the erection of, and for the business of, a bridge over the Ohio River from a point in the City of Henderson to some convenient point on the Indiana side of said river, and for such purposes, the use of said Fourth Street is hereby granted, subject to the terms and conditions hereinafter expressed;"
also, the right
"to use the space between Water Street, in said city, and low water mark in the Ohio River, extending one hundred feet below the center of Fourth Street extended and three hundred feet above the center of said street extended to the Ohio River for the purpose required by said company."
The company was also permitted to
"erect, or authorize or cause to be erected, grain elevators within said space above high water mark, and may construct therefrom to the river such apparatus and machinery as may be necessary to convey grain from boats to such elevators, and may have the use of said space for the landing of boats laden with freight for such elevators, and construct floating docks or use wharf boats within such space for the accommodation of such boats and the conduct of the business of such bridge and of the said elevators free of
wharfage, subject to the terms and conditions hereinafter expressed."
The fourth section of that ordinance declared that it should not be construed
"as waiving the right of the City of Henderson to levy and collect taxes on the approaches to said bridge, or any building erected by said bridge company within the corporate limits of said city, the bridge itself, and all appurtenances thereto, within the limits of said city."
The fifth section provided that before any of the rights or privileges so granted should inure to the benefit of or vest in the bridge company, the latter should, by proper authority, append to a certified copy of the ordinance their acceptance of, and agreement to abide by and faithfully keep, its terms and conditions, such acceptance and agreement to be acknowledged by the proper authority of the company, as provided in the case of a deed under the laws of Kentucky, and delivered to the clerk of the Henderson City Council.
The bridge company duly accepted the ordinance, with its terms and conditions, agreed to abide by and faithfully keep the same, and its acceptance was acknowledged and delivered to the city council.
In 1884, an agreement in writing was entered into between the bridge company and the Louisville & Nashville Railroad Company reciting that the former was about to proceed with the erection of a bridge over the Ohio River at or near Henderson and of a railroad connecting the Henderson Division of the Louisville & Nashville Railroad Company at Henderson with the Southeast & St. Louis Railway in or near Evansville, Indiana; that certain railroads, including the Louisville & Nashville Railroad Company, had by agreement guarantied to the bridge company an income from traffic amounting to $200,000 per annum, and that it was deemed for the interest of all parties, and had been requested by the bondholders under the mortgage placed on the bridge, that the Louisville & Nashville Railroad Company should assume the control, management, and care of the track of said railroad so to be constructed, and should effect the usual repairs to such bridge caused by
ordinary wear and tear, and pay taxes imposed on said track and the bridge on compensation being made therefor by the bridge company. By that agreement, the bridge company undertook to pay the railroad company absolutely and in each year during the continuance of the agreement, in equal quarter-yearly payments, the sum of $10,000 per annum, which amount, or such parts thereof as were required, the railroad company agreed to apply to the maintenance of the track and roadbed of said railroad in good condition and repair, and towards the usual and ordinary repairs of the bridge, and also to pay all taxes imposed on said track or bridge structure and each of them.
On the 8th day of December, 1887, the city, by petition filed in the Circuit Court of Henderson County, Kentucky -- that mode of collecting taxes being authorized by the local law -- brought suit against the Henderson Bridge Company to recover the sum of $44,324 as the amount of taxes, with penalties thereon, due from the bridge company under ordinances passed by the city in 1885, 1886, and 1887, levying and assessing taxes for certain purposes. The petition referred to the above ordinance authorizing the construction of the bridge, and among other averments in it were the following:
"The defendant commenced the construction of said bridge in the year 1883, and completed same in the month of July, 1885, and at a cost of about $2,000,000, and on the ___ day of July, 1885, the first train ran over said bridge. The approach to said bridge is constructed over Fourth Street, near the principal portion of said city, commencing at the west line of Main street, and extending to the main structure of said bridge at Water Street (though, plaintiff claims, not in accordance with the terms of said ordinance). The rights and privileges granted by the plaintiff to the defendant were of great value, and the plaintiff was influenced and induced to so grant them by the belief in the right on the part of the plaintiff to tax said bridge as other property is taxed within the city limits. By the building of said bridge through the rights and privileges so granted by the plaintiff, the system of roads north of the Ohio River has been connected with the
Louisville & Nashville Railroad south of the river, and the said bridge company's property has become so valuable that its bonds, to the amount of about $2,000,000, are worth a premium of 8 1/2 percent"
The assessment against the bridge company on account of the bridge and its approaches was upon a valuation of $600,000 in 1885 and $1,000,000 in each of the years 1886 and 1887. In its petition, the city claimed a lien upon the bridge from the beginning of its approach at Main Street, in the City of Henderson, to low water mark on the Indiana side of the Ohio River, for said taxes and the penalties thereon.
The bridge company in its answer denied the material allegations of the petition, and alleged:
That the city had no authority to levy taxes for the purposes indicated in the ordinances referred to;
That the declaration in the ordinance granting the right to construct the bridge within the city's limits meant, and was intended to mean, nothing more than that the city did not waive any right to tax then possessed by it;
That the bridge was built only for the purpose of laying a single railroad track on which to move locomotives and cars between Kentucky and Indiana over the Ohio River;
That, except as to that part of the bridge commencing at the west line of Main Street, in the City of Henderson, and extending to the main structure at Water Street, the bridge company derived no assistance or protection from the city, and that part between the Kentucky and Indiana shores, upon stone piers and pillars resting upon the bed of the Ohio River, was not subject to taxation by the city;
That the bridge was located and constructed in conformity with the two acts of the Congress of the United States, the one entitled "An act to authorize the construction of bridges across the Ohio River and to prescribe the dimensions of the same," approved December 17, 1872, and the other entitled
"An act supplemental to an act approved December 17, 1872, entitled 'An act to authorize the construction of bridges across the Ohio River and to prescribe the dimensions of the same,'"
approved February 14, 1883, 17 Stat. 398, c. 44; 22 Stat. 414;
That the whole of said bridge between the Kentucky shore and the Indiana shore, 1,968 feet in length, was over the water of the Ohio River, except the piers or pillars that support it;
That the Ohio River was a navigable stream within the entire control and jurisdiction of Congress and the courts of the United States, and that assumption of control by the City of that part of the bridge for purposes of taxation, or for any purpose except for executing writs from its police authorities, would be in violation of the Constitution of the United States, the laws of Congress, and the rights of the defendants; and
That, as the bridge derived no profit, protection, or advantage from the government of the city, to subject it to city taxation would be to take private property for public use without just compensation, in violation of the Constitution of the United States as well as of the Constitution and laws of Kentucky and of the defendant's rights in the premises.
The answer of the bridge company further alleged:
That the Louisville & Nashville Railroad Company was a necessary party to that suit;
That, when it constructed its bridge, it was the settled law of Kentucky, as shown by the judgment of the Court of Appeals of Kentucky in Louisville Bridge Co. v. Louisville, 81 Ky. 189, that the part of the bridge erected over and across the Ohio River was not liable to municipal taxation;
That, relying upon such being the law of Kentucky, the defendant and the Louisville & Nashville Railroad Company entered into the above agreement of February 27, 1884; and
That to grant to the plaintiff the relief prayed for or any part thereof would be a direct impairment of the contract between the bridge company and the railroad company.
The railroad company, having been made a party, adopted the answer of the bridge company.
The state circuit court adjudged that, the bridge being in an incomplete condition on the 10th day of January, 1885, the city was not entitled to tax it for that year. But, as to the years 1886 and 1887, it was adjudged that the bridge and the approach thereto were subject to taxation for all the purposes
and for the amounts claimed in the city's petition, and that the city had a lien upon the bridge structure, masonry piers, and the approach thereto, situated within its boundary extending to low water mark on the Indiana side of the Ohio River, for the taxes assessed for the years 1886 and 1887, with interest and costs expended. The bridge company was directed to pay said sums, with interest and costs, to the plaintiff on or before a named day.
In a brief opinion of the state circuit court, it was said that the taxable boundary of the city was coextensive with its statutory boundary. Referring to the case of Louisville Bridge Co. v. Louisville, 81 Ky. 189, the court held that that case decided nothing more than that the legislature did not intend that the bridge there in question should be subject to taxation. It was further said:
"Several cases are relied on where the Court of Appeals have relieved parties from the payment of taxes on agricultural lands when the city limits had been extended without the owner's consent. The rule, if one has been established by those cases, should not be extended to cases where property has been voluntarily brought within such boundaries. The party thus bringing in his property should be treated as one who sanctioned the extension of a city so as to include his agricultural lands. All that can be deduced from these cases is that, in each extension of a town or city, the court will hear the complaints of any taxpayer, and grant or not grant him relief as the merits of his particular case may demand. In this case, the defendants voluntarily placed their property within the legally established limits of the city, and should pay the taxes assessed on other property holders of the city after 1885."
The bridge company and the railroad company prosecuted an appeal to the Court of Appeals of Kentucky, and the city was granted a cross-appeal from so much of the judgment as disallowed its claim of taxes for 1885.
In the Court of Appeals of Kentucky, the judgment was affirmed. In its opinion, it is apparently conceded that the city could not, under its charter, tax the bridge structure over the river for ordinary municipal purposes -- that is, "for the support
of its government proper." But it was said that if the city was created a taxing district, it could do so. Referring to the contract or terms upon which the bridge company acquired the right to construct its bridge within its limits, and particularly to the clause declaring that the ordinance should not be construed as waiving the right of the city to tax the bridge and its appurtenances within the corporate limits of the city, the court said:
"The appellant contends it was only meant to reserve the right to tax such property of the appellant as was theretofore subject to taxation by the city government, and, as that part of the bridge situated on the water of the Ohio River was not, for the reason above indicated, subject to taxation, the reservation relates to that part of the bridge, etc., that the appellee had the right to tax under the law. It is evident that the contract was well considered and prudently drafted by men skilled in that kind of work, and it is not presumed that they engaged in a mere nudum pactum, but they meant to set forth a business transaction. Now that business transaction was evidently this: the appellant desired rights and privileges that it did not possess, and which it could not possess, without the consent of the appellee. So it said to the appellee: grant these privileges, and you may tax what? Only the approach to said bridge? No, because the appellee already had the right to tax that, and it had made no concessions that could possibly be construed as waiving that right. What right, then, was granted? Why the right to tax the 'bridge itself.' The bridge, as distinguished from its abutments and approaches, is that part that is over the water. Now the appellee, according to the Louisville Bridge case, in its municipal capacity had no right to tax that part of the bridge over the water. Why, then, say that it did not waive the right to tax it? To waive a right, there must be a claim of right to waive. Well, it is said, as the appellee had no right to tax the bridge, there was in fact no right to waive. As an abstract proposition of the right to tax the bridge on the water (according to said case), this contention is true, but it is equally true that the appellee had the right, if asserted and
agreed to, to claim that the bridge should be taxed in consideration of the privileges granted. This claim of right, it must be presumed, was asserted and agreed to and expressed in the contract by the term, 'not waiving the right.' If the contract does not mean this, then it means nothing. It is not supposed that the contracting parties only meant to reserve a right that they already had, and about which there was no possible ground of dispute, but when it is considered that the right to tax the bridge to the Indiana shore might be legitimately obtained by contract, and that the appellee granted to the appellant rights and privileges essential to its enterprise, designed to make money, and is making a large percent, it is entirely reasonable to suppose that the appellee would contract for the right to thus tax the appellant in consideration of granting these essential rights and privileges by which the appellant acquired the right to construct and operate so profitable a business enterprise. So it seems much more reasonable to suppose that the contracting parties intended to do this reasonable thing -- to-wit, to receive some consideration for the grant of privileges, rather than indulge in a mere nudum pactum. The appellant, at least, for the purpose of collecting taxes, should be considered as a part of a railroad -- consequently falls within the principle announced in Elizabethtown & Paducah Railroad v. Elizabethtown, 12 Bush, 239."
Chief Justice Holt delivered a separate opinion, in which he said:
"The legislature, by authorizing the imposition and collection of the railroad and school taxes upon the real estate within the city limits, created a taxing district. The power to collect these taxes was therefore conferred upon the appellee as such a district, and the appellant's property, being within it, is liable for them. As to the municipal taxes proper, the appellant's property is within the corporate limits, and, in my opinion, receives such benefits from the municipal government as render it both legally and justly liable for them."
The bridge company and the railroad company sued out a writ of error from this Court, but the writ was dismissed
upon the ground that although a federal question may have been raised in the state court, the judgment of the latter court rested upon grounds broad enough to sustain the decision without reference to any such question. Mr. Justice Blatchford, delivering the opinion of the Court, said:
"The opinion of the state court is based wholly upon the ground that the proper interpretation of the ordinance of February, 1882, was that the bridge company voluntarily agreed that the bridge should be liable to taxation. This does not involve a federal question, and is broad enough to dispose of the case without reference to any federal question. This Court cannot review the construction which was given to the ordinance as a contract by the state court. There is nothing in the suggestion that the taxation of the bridge is a regulation of commerce among the states, or is the taxation of any agency of the federal government. The case of Louisville Bridge Co. v. City of Louisville, 81 Ky. 189, was not decided until May, 1883, more than a year after the ordinance of the City of Henderson was accepted by the bridge company, in February, 1882. The contract of February, 1884, between the bridge company and the railroad company, was made more than two years after the ordinance of February, 1882, came into existence. Neither the opinion of the Court of Appeals in the present case nor that of Chief Justice Holt nor that of the circuit court of the state, puts the decision upon any federal question, and, on this writ of error to the state court, we are bound by its interpretation of the contract contained in the ordinance, in view of the Constitution and laws of Kentucky, and cannot review that question."
Henderson Bridge Co. v. Henderson,141 U. S. 679, 141 U. S. 689.
By an act of the General Assembly of Kentucky approved April 9, 1888, the charter of the City of Henderson was repealed, and the city reincorporated with the following boundaries:
"Beginning at a stone on the west side of the Madisonville Road; thence north 48
Official Supreme Court case law is only found in the print version of the United States Reports. Justia case law is provided for general informational purposes only, and may not reflect current legal developments, verdicts or settlements. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or information linked to from this site. Please check official sources.


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Barry's top dogs wanted to lead the way (From Barry And District News)
Get involved: send your pictures, video, news and views by texting BAR to 80360, or email us
Barry's top dogs wanted to lead the way
9:57am Thursday 26th June 2014 in News
A SEARCH has been launched for Barry dogs that scrub up a treat or hounds with personality.
Owners whose canine pals fit the bill are invited to walk the dog along for a photo shoot at Pet Hut, Barry Waterfront, with The Dog Portrait Company as quest for Barry's top dog begins.
Dogs will be photographed free of charge and there will be a chance to win a large framed photograph in the Dog Portrait Competition.
Dog Portrait Director Adrian Fuller said: "We are looking for all sorts of dogs to enter.
"The main criterion is for the resulting picture to bring a smile. This is a fabulous opportunity for dog owners to meet up, new puppies to socialise and generally have a good time. Our events are extremely popular and it is quite a while since we were last in Barry."
Dogs can be taken to The Pet Hut Unit 4, Waterfront Retail Park Barry, from 10am to 4pm on Saturday, June 21.


text:
Len Kasper
Kasper: Many Questions Surround Potential Cubs Trades
With the second-worst record in baseball, the Chicago Cubs don't really have a realistic chance of making the postseason.
Cubs Won't Turn To Complete Youth Movement
Although the Cubs have been playing better over their last few series, the club still sits under .500 and it's looking more and more like they won't be able to hang around and contend in the division.
Len Kasper Signs Five-Year Extension With Cubs
Cubs broadcaster Len Kasper has signed a five-year extension to remain with the team through 2016.
Kasper: Strikeouts Are 'Not As Bad As People Think'
As sabermetrics continue to become more and more commonplace, we're beginning to have a different view of the statistics that were once thought to be important when evaluating baseball players. One of these stats is strikeouts.
Kasper: Castro Doesn't Change Approach With Different Lineup
Not only is 21-year old Starlin Castro the Cubs' most promising player for the future, he can easily be considered the best player on the their roster right now. But through the first 42 games of the season, Castro has hit in five different spots in the lineup.
Len Kasper Talks About The Coming Cubs Season
The baseball season is fast approaching, and WGN-TV and Comcast SportsNet Cubs play-by-play announcer Len Kasper is talking about what to expect.
Kasper: Cubs Can Compete In NL Central
The Chicago Cubs' 2010 season was miserable, even by Cubs' standards. The team wasn't able to make a huge splash in free agency, but with a couple key acquisitions the team is setup to bounce back.


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For sale, first generation gloss Black Micromag in flawless condition
Comes with everything pictured EXCEPT FOR VALVE.
Will also include a right feed adapter,so you can use which ever you prefer, and a new ptp elbo.
Asking $260 pp shipped
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Last edited by Stevescuba; 07-01-2014 at 05:48 PM.
Price drop $260 takes it
Last drop, need sold $250 takes it.
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text: "A Christmas Story" Comes Home November 8, 2014 - January 4, 2015 Hammond, IN 8:00 AM – 5:00 AM The "A Christmas Story" Comes Home exhibit centers around 6 animatronic window displays from Macy's Department Store in New York featuring different scenes from "A Christmas Story". There are also a variety of events and activities going on. Visit the website for a list of… Read more


text:
Seven ate nine? Not if we can help it! Nine-year-olds will love playing and learning with incredible toys and activities that will amuse them for hours. Watch them grow and discover with toys, games, crafts and more.
By Geronimo Stilton
I knew from the start that it was no ordinary day, but I certainly didn't expect to find a golden staircase in my attic. Up at the top, there was a door. And beyond the door was a world I never could have imagined -- the Kingdom of Fantasy! Along with my guide, a frog named Scribblehopper, I set off on an incredible adventure to save the Queen of the Fairies. But along the way, I had to face giant scorpions, witches, sea serpents, pixies, and dozens of other creatures that I had only ever heard stories about. Holey cheese, what a journey! Could I save the Queen . . . And my own tail?
Hardcover, contains 288 pages.
It's that time of year again! Gearing up for school and finding just the right backpack and all the coolest stuff to fill my pencil box was such a fun time for me growing up. A brand new
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By Catholic Online (NEWS CONSORTIUM)
6/7/2013 (1 year ago)
Catholic Online (www.catholic.org)
In the United Kingdom, the controversy swirling around same-sex marriage has led to a vicar taking to his Facebook account to declare the Archbishop of Canterbury a "[Expletive Deleted]." The obscenity in question is a British term usually used to describe an "onanist." Reverend Marcus Ramshaw, who likewise trained for the priesthood at the same Durham College as Justin Welby, described him as a "massive mistake" in an online rant.
By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
6/7/2013 (1 year ago)
Published in Europe
Keywords: Archbishop of Canterbury, gay marriage, flame wars, Facebook, Reverend Marcus Ramshaw
LOS ANGELES, CA (Catholic Online) - Ramshaw demanded the Archbishop resigned after he spoke against gay marriage during a House of Lords debate. "He does not speak in my name and I think he is a [Expletive Deleted] but I'm not going to stop being a Christian or a priest."
In response, the Church of England's public relations team tracked him down because they were angry about his comments - and requested that he delete them.
"My attention has been drawn to your recent comments directed at Justin Welby," Reverend Arun Arora, head of communications for the Church of England said in a message.
"Clearly you are upset with the political stance of the C of E leadership. That much is clear. However that is no Justification for your language and vitriol.
"Calling another Christian a [Expletive Deleted] doesn't work for me as a priestly response.
"I hope you might find time to reconsider the expression of your anger and delete some of these posts."
Ramshaw replied, "I will, I don't know you at all but I see you are director of comms, please specify exactly what you wish me to withdraw and I will oblige."
Arora then said responded: "How about removing the line about Justin "a(n) [Expletive Deleted]?" He added "I think any right minded person would find a priest calling his archbishop an onanist to be utterly outrageous."
The Archbishop of Canterbury earlier this week warned that David Cameron's push for gay marriage would diminish the institution and weaken the family.
In his first major intervention on the Marriage (Same Sex Couples) Bill, the Most Reverend Justin Welby said he could not support the legislation "as it stands.
"Rather than adding a new and valued institution alongside it for same gender relationships, which I would personally strongly support to strengthen us all, this Bill weakens what exists and replaces it with a less good option that is neither equal nor effective," he said.
"The concept of marriage as a normative place for procreation is lost; the idea of marriage as covenant is diminished; the family in its normal sense, predating the state, and as our base community of society, as we have already heard, is weakened."
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By Vatican Radio
No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading
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Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading
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As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... continue reading
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In an especially revolting example of bad parenting, a 39-year-old British mom has been jailed for having sex with her 12-year-old son . while her partner watched on webcam, telling the mother what to do over headphones. The mother described the act as a "sex ... continue reading
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Archaeologists have made a gruesome discovery. The bones of ancient Iron Age warriors around the time of Christ were impaled on wooden stakes in a gruesome religious ritual. Four pelvic bones on a stick were discovered in an archaeological dig in Denmark. ... continue reading
By Deacon Keith A Fournier
Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church. This friend of Francis oversees the growing evangelical Church of the ... continue reading
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As the genocide of Iraqi Christians continues, the French government now says it is willing to grant asylum to Iraqi Christians. "We are assisting displaced persons who are fleeing the Islamic State's threats and seeking refuge in Kurdistan," Foreign Minister ... continue reading


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Learn the secret recipe for making a delicious fresh apple crisp, with a buttery crumb topping that you'll swoon over!
I'm having a one-sided emotional love affair…with a woman. I believe I've mentioned her once or twice or maybe a hundred times before today. Her name is Joy, and Brian not only knows about my infatuation with her, he's totally okay with it!! *thump thump* What a great guy he is!
Joy is everything I need in a relationship that can't already be found in my relationships with God or Brian. What? You don't believe me? Read on…I have PROOF!
Joy's got really great fashion sense. If I need to know what color lip gloss goes best with my eye and/or sweater color, I'm DEFINITELY not asking Brian for advice. His idea of high fashion is wearing knee high tube socks with his dress shorts.
I'd be willing to give up a slab of bacon that God doesn't really know or care much about the latest trends in Revlon colors, either. JOY knows her fashion and makeup, though. Based on photos I've seen, she rocks every book signing that she attends. Perfectly adorable hair, fashionable clothes, and the perfect application of makeup. I'll bet she looks totally adorable in a pair of skinny jeans, too. Speaking of skinny jeans, I think the last time I fit into a pair was back in the 6th grade. These days, I MIGHT be able to get an arm in there if I pushed really hard, but then I'd look like a butcher had shoved my arm into a sausage casing.
FAIR WARNING: Getting old isn't for sissies. Learn to love who you are now so that when your boobs start sagging to your stomach you can still look in the mirror and see your beautiful soul shining through. My sweet Joy has the whole package and then some. A fit body, adorable spirit, caring heart… *sigh* Ain't love grand?
She's also an incredible author. She owns the English language and knows how to use it! ROCK THOSE WORDS, girlfriend! I bet she's a hellion when she plays Words with Friends! Simply stated, her stories make my heart smile. Like the one she blogged about last week. She talked about Kitten. The story was so sweet, my teeth started to hurt a little. OH, and she didn't just TALK about her adorable cat. She gave us gorgeous photography to go with those beautiful words. Yet another thing I L-O-V-E about her. The photography on her blog is STUNNING. I think it goes without mentioning that she's an incredible cook, too. Why else would I have a desire to make EVERY recipe in her cookbook? Even the ones with coconut (of which I'm deathly allergic) were tempting for me to try.
Right about now, you may be shaking your head and wondering if I'm trying to embarrass the heck out of myself and/or Joy Wilson. I'm NOT trying to do that, Joy! Pinky swear. I realize that lots of you girls out there likely have wonderful FRIENDSHIPS with women who possess many of the same qualities as Joy, but I wonder…do you have dreams about your friend? Dreams where you're wearing matching aprons like this one?
Dreams where you and your friend are baking together in a cozy kitchen? Do you spend time at work daydreaming about yummilicious challenges where you taste test each other's lemon curd to see whose is best? Do you get a little giddy when you imagine dancing like a rock star with your girlfriend in the kitchen? I didn't think so….and apparently, Joy is more like you and less like me. I have proof of THAT, too.
The recipe I made from her cookbook this week is apple crisp. Not just ANY apple crisp, mind you. Joy calls it "MAN bait" apple crisp. Oh crap…my life may be ruined. *sigh* At least I have some of this crisp to feed my emotions with. It would make me feel a whole lot better if you bought a copy of Joy's book and made some of this crisp, too. At least then we'll have one more thing in common…a mutual affection for a girl named Joy. Pretty please?


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Aysgarth, United Kingdom
Aysgarth Falls Hotel, Aysgarth, DL8 3SR – Show map
Excellent location – rated 9.6/10! (score from 267 reviews)
Rated by guests after their stay at Aysgarth Falls Hotel.
|Room Type
|Superior King Room with Christmas Package
|Double Room
|Superior King Room
|Twin Room
|Small Superior Double Room
|Family Room (2 Adults + 2 Children)
|Deluxe King Room
|Superior King Room
|Superior Double Room
|Standard Double Room
|Superior Suite
|Superior King Room - Second Floor
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11 properties in Aysgarth
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267 verified reviews
We verify all reviews from guests who have stayed at Aysgarth Falls Hotel. Find out more.
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Aysgarth Falls Hotel's staff speak: English
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Sun Deck
Food & Drink
Special Diet Meals (upon request)
Free! WiFi is available in public areas and is free of charge.
Free! Free private parking is available on site (reservation is not needed).
Family Rooms
From 2:00 PM
Until 11:00 AM
Cancellation and prepayment policies vary according to room type. Please enter the dates of your stay and check what conditions apply to your preferred room.
Children and Extra Beds
All children are welcome.
Extra beds are not available.
Free! All children under 2 years stay free of charge in a crib.
There is no capacity for extra beds in the room.
The maximum number of cribs in a room is 1.
Pets are not allowed.
Cards accepted at this property
Aysgarth Falls Hotel accepts these cards and reserves the right to pre-authorize your card prior to arrival.
Ideal Alternatives for You
Based on 267 reviews
Value for money
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The Wheatsheaf Hotel is set in the beautiful Yorkshire Dales National Park. The restaurant serves dishes made using local recipes and produce, and the bar serves real ales.
Score from 174 reviews Very good
Thornsgill House Bed & BreakfastThornsgill House B&B is located in Askrigg, Wensleydale, in the middle of the picturesque Yorkshire Dales National Park.
Score from 10 reviews Exceptional
The Fountain Hotel is located in the market town of Hawes, within the Yorkshire Dales National Park. There is free parking and free WiFi access in all areas.
Score from 70 reviews Very good
Around 11 miles north of Skipton in the Yorkshire Dales, the Tennant Arms Hotel in Kilnsey offers well-appointed rooms and a cosy restaurant and bar.
Score from 65 reviews Very good
A warm welcome from very friendly staff. We stayed in room 9 which faces forward across the road with lovely views across the dale. There was some slight noise from the road but it's not the M25 and we slept really well. Very clean with a king size bed and great modern shower room with high pressure hot water and all the facilities you would expect. We ate dinner and breakfast in the restaurant, excellent food and attentive service.
There are some steep steps up to the second floor (third floor if you are from the US) not a problem for us but you need to be aware of it and get a room on a lower floor if it would bother you.
Top quality staff, room, bar, restaurant, location. Would recommend.
A bit pricey for evening dinner and drinks, but the quality was very high
Very helpful and professional staff. Nice touches like fridges with fresh milk on every floor.
Friendly staff. Pleasant interior. Good choice of food, including tasty breakfast. Comfortable. Great location for hiking and exploring the beautiful area.
We stayed at the hotel because a friend had her 80th birthday party at the hotel. The whole visit was excellant especially the food
Everything, beautiful clean hotel, very spacious comfortable bedrooms, high quality furnishings, excellent evening meal and breakfast, wonderful views from the conservatory dining room, friendly efficient staff.
Having to leave!!
The food was amazing and the service was lovely. I would definitely visit again. The falls were a beautiful sight and I can't wait to visit again. The only problem I had was that we were only staying one night. I would have loved to explore the area more
We found the hotel very confortable and friendly we would certainly stay again.
Beautifully appointed room, lovely bathroom, really clean and welcoming. Staff extremely helpful. Dinner was excellent-relaxed atmosphere in nicely busy bar. Superb menu and efficient service.
No negatives.
Position of the hotel Staff were excellent Room was really comfortable Food was very good Real milk always available for tea in the room Able to get whatever you want all day long
Our stay was too short
Beer and food friendly staff good atmosphere personal touches like drying room and fresh milk in corridors
The location was ideal for walking in the dales. Good food and service. Ask for a rear facing bedroom also has good views.
The bedroom was a bit noisey you could hear the taps, shower and toilet whenever they were used sometimes very early in the morning. This is room 8. The view from the bedroom window was lovely but faced a busy road.
The rooms at Aysgarth Falls Hotel were very comfortable and well equipped. We dined in the hotel both nights and the food was excellent. We sat in the bar after our meals and enjoyed the excellent Black Sheep ale. Unfortunately the weather was very wet, had it been as good as the hotel we would have had a fabulous time with the lovely scenery around us.
The room could have done with a full length mirror, a bit picky I know but we ladies like to see what impression we give before leaving the room. My first view of myself was at the bottom of the stairs where there was a large mirror on the wall.
Staff, food, comfort
The food was excellent. The bed was comfortable. The bathroom was modern. The room was faultless.
The weather!
1. Staff particularly friendly,helpful and cooperative. 2. Food was excellent with a good choice.
Stairs to upper rooms were steep and could be a problem for some people. This was,however, pointed out at time of booking.
The friendly welcome. The room was ready even though we arrived early. Room 4 was spacious and comfortable.
To get from the front door to the car involved a climb up an incline, not easy for elderly people.
Big range of choices at breakfast and the preparation and presentation. Restuarant menu also good and quality of preparation of vegetables excellent
The breakfast is amazing. The location is fantastic if you want to cycle up the Tour De France Buttertubs and Grinton moor.
This is a great hotel and there was nothing we really didn't like. Just little niggles that by no means spoilt our stay (can't please everyone all of the time). This is still one of the best b&bs we've stayed in.
Excellent first contact who showed us room ,very attentive & informative . All food was also excellent .
The whole package
Booked hotel to celebrate first anniversary, great choice as beautiful hotel, friendly staff, great location with amazing views. Lovely food and 10/10 for english breakfast. :)) Great value for money.
The peace, quiet and beautiful scenery was second to none, extremely well situated. Room was very comfortable and clean, the extensive breakfast menu was all you could have wished for, food was excellent. Staff very friendly & accommodating. Would happily stay at The Aysgarth again.
Staff were excellent. They couldn't do enough for us. One morning the baby was still asleep for breakfast so they offered to send the breakfast up to the room. Fresh milk always available for tea!!!! When leaving a staff member checked the route home on the computer for any traffic incidents.
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Preparations start on Morpeth flood defences
Preparation work began today ahead of new flood defences for Morpeth.
The work began with the removal of nine historic oak trees. The Collingwood Oaks were planted in 2005 to mark the 200th anniversary of the Battle of Trafalgar, in which Morpeth's Lord Collingwood led a fleet alongside Nelson.
The trees will be replanted in five local schools.
13 other mature trees will be taken down at High Stanners to allow the building of new flood bank and defence walls to protect local properties.
Building work is due to start in late April.
When it's finished the Morpeth flood scheme will protect more than a thousand homes and businesses from floods like those in 2008, which caused widespread flooding in the town. The £21million scheme is being funded by the Environment Agency and Northumberland County Council.


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Search Engine Marketing Definitions for Dummies
Don't understand SEM jargon? Have no fear! We are here to help explain all of it to you.
Don't understand SEM jargon? Have no fear! We are here to help explain all of it to you.
As long as your ads are showing to the right people, ad copy is the most important piece of the puzzle to getting more clicks, higher click-through-rates, lower costs and better page position.
If you're getting quite a few clicks on your PPC ads and still no conversions, one of the best ways to find out how to get better results is to actually take a look at your Google Analytics.
Ever Googled yourself? Of course you have. I do it every so often to see what comes up -- mostly links to social media and other stuff like that. However, not everyone has the luxury of a clean digital record - should our pasts be semi-permanent?
We've all been there -- you're on your favorite website, and suddenly you end up with a bunch of items in your shopping cart. If you manage to stop yourself before you enter in your credit card information, you might notice those concert tickets, jeans, or sandals following you around as you read the news, check your Facebook, or surf the web.
The Display Network is a powerful but commonly misused tool that can be an important aspect of your marketing mix.


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G-Unit's been going in on the remixes lately, this time over Trey Songz and Jeezy's "Ordinary Nigga." G-Unit is back!
More Singles On HipHopDX
Don't Shoot - The Game f. Rick Ross, 2 Chainz, Diddy, Fabolous, Wale, DJ Khaled, Swizz Beatz, Yo Gotti, Curren$y, Problem, King Pharaoh & TGT
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Presenting The Quote Stuffing Trading Strategy Of The NY Fed's Favorite Hedge Fund: CitadelSubmitted by Tyler Durden on 08/15/2014 17:32 -0400
As regular readers are well aware, when it comes to "more than arms length" equity market intervention in New Normal markets, the New York Fed's preferred "intermediary" of choice to, how should one say, boost investor sentiment aka "protect from a plunge", is none other than Chicago HFT powerhouse, Citadel. Yet one question had remained unanswered: just how does Citadel manipulated stocks? We now know the answer, and perhaps more importantly, it also links in to the true culprit behind the May 2010 Flash Crash, no not Waddell & Reed, but quote stuffing. Most importantly, the revelation that for Citadel quote stuffing is not just some byproduct of some "innocuous" HFT strategy, is that none other than the Nasdaq has now stated on the record, that the most leveraged hedge fund (at 9x regulatory to net assets), and the third largest after Bridgewater and Millennium, used quote stuffing as a "trading strategy."
- 39 comments
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- 11655 reads
Helen Davis Chaitman on "In Bed with Wall Street"Submitted by ilene on 08/13/2014 23:10 -0400
- Arthur Levitt
- Bank of America
- Bank of America
- Bond
- Citigroup
- Consumer lending
- Corruption
- Fail
- Fannie Mae
- Financial Crisis Inquiry Commission
- Freddie Mac
- Global Economy
- Goldman Sachs
- goldman sachs
- Insider Trading
- JPMorgan Chase
- Morgan Stanley
- New York Stock Exchange
- President Obama
- Robert Rubin
- Securities and Exchange Commission
- Too Big To Fail
- Wells Fargo
The stories make you want to take all of your money out of the stock market and put it in your mattress!
- ilene's blog
- 11 comments
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- 3927 reads
Suddenly, Wall Street Is Bailing On HousingSubmitted by Tyler Durden on 08/01/2014 21:35 -0400
Among this week's most notable moves was the decompression of high-yield credit spreads to near 9 month wides (and continued outflows). What went notably-under-reported by the mainstream media, however, was an even bigger selloff in US mortgage bonds. While JPMorgan is unable to see "any fundamental reason" for the plunge in prices, the worrying indication from the magnitude of the drop relative to volumes is that liquidity has evaporated. As Bloomberg notes, with dealer inventories sold down (due to new regulations that make repo and agency securities unpalatable), they have no way to 'smooth' the selling when investors want to exit positions. Weakness of this magnitude when the 10Y gained only 2bps on the week is a big wake-up call that traders are looking for the exits from housing debt and the door is very narrow.
- 74 comments
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- 27201 reads
Settlements and Fines from TBTF Institutions Since the CrisisSubmitted by StalingradandPoorski on 07/25/2014 19:26 -0400
Let's take a look at the amount of settlements/fines from various banks and financial institutions around the world since the crisis.
- StalingradandPoorski's blog
- 28 comments
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- 5536 reads
Lights Out At Barclays' Dark Pool: Volume Plummets By 79% From HighsSubmitted by Tyler Durden on 07/21/2014 07:51 -0400
A week ago, when we commented on the latest publicly available data for Barclays' fraud-embroiled LX dark pool, whose volume as we reported had tumbled 37% in the week of the lawsuit announcement, we said that the downward volume trend "is about to get a whole lot worse for Barclays as the trickle becomes an avalanche." Sure enough, following today's reported by Finra's ATS database for the week of June 30, we find just that, and one can largely say lights out to Barclays LX operation, whose total shares traded plummeted from 197 million (and 312 million the week before) to a paltry 66.4 million, a two-week drop of 79% from its recent highs, putting it, in 12th total dark pool volume place, below ITG and above BIDS trading. So much for any ambitions of becoming America's top dark pool. Last on the other hand...
- 19 comments
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- 6198 reads
What Happened To Barclays' Dark Pool Volume After It Got CaughtSubmitted by Tyler Durden on 07/14/2014 17:28 -0400
Barclays almost succeeded in its quest of becoming the top US dark pool at any cost, even criminal: in the week ending June 16 Barclays was second only to Credit Suisse' Crossfinder ATS with 312.1 million total shares traded on some 1.6 million in total trades. Unfortunately for Barclays it should put its ambitions on permanent halt, because as was revealed today by FINRA's new "ATS Transparency" database, Barclays total dark pool volume has plunged by a whopping 37% to under 200 million shares.
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- 8384 reads
Why An End To Dark Pools Would Be A Clear Nightmare For The FedSubmitted by Tyler Durden on 07/07/2014 08:45 -0400
Be careful what you wish for. As the Fed imbibes a sense of confidence in its ability to manage any bumps in the road on its perpetual bubble-blowing mission through the use of macro-prudential policies (big words that truly mean nothing) as stock valuations surge and the repo market is experiencing severe problems; it can always point to VIX as an indicator that all is well in the world and no real risk exists. The problem is - the world is beginning to wake up to the 'odd' micro-structure of the US equity markets and how 'dark pools' are beginning to dominate trading volume. As Barclays faces major legal problems over its alleged dark pool lies, lies, and more lies, the Fed must be growing concerned... as the following chart shows JPMorgan indicates there is evidence of an inverse relationship between equity volatility and the share of off-exchange trading.
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- 14457 reads
FINRA Unleashes Dark Pool Fury On Goldman Next With Whopping $800,000 FineSubmitted by Tyler Durden on 07/01/2014 10:27 -0400
In case there is still any confusion on whose behalf the US regulators work when they "fine" banks, the latest announcement from Finra should make it all clear. Recall the spectacle full of pomp and circumstance surrounding NY AG Scheinderman's demolition of Barclays after it was announced that the bank had lied to its customers to drive more traffic to Barclays LX, its dark pool, and allow HFT algos to frontrun buyside traffic. Yes, it was warranted, and the immediate result was the complete collapse in all buyside Barclays dark pool volume, meaning predatory HFT algos would have to find some other dark pool where to frontrun order flow. Such as Goldman's Sigma X. Which brings us to, well, Goldman's Sigma X, which moments ago, in a far less pompous presentation, was fined - not by the AG, not by the SEC, but by lowly Finra - for "Failing to Prevent Trade-Throughs in its Alternative Trading System." The impact: "In connection with the approximately 395,000 trade-throughs, Goldman Sachs returned $1.67 million to disadvantaged customers." The punchline, or rather, the "fine": $800,000.
- 55 comments
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- 8781 reads
Frontrunning: June 17Submitted by Tyler Durden on 06/17/2014 07:41 -0400
- American Express
- Apple
- Aviv REIT
- Barclays
- Boeing
- Bond
- China
- Citigroup
- Credit Suisse
- Crude
- default
- Dreamliner
- Eurozone
- Fail
- Federal Reserve
- General Electric
- General Motors
- Germany
- Hong Kong
- Housing Starts
- Insider Trading
- International Monetary Fund
- Iraq
- Keefe
- Lazard
- Merrill
- Morgan Stanley
- Natural Gas
- Private Equity
- Real estate
- Reuters
- Tender Offer
- Too Big To Fail
- Ukraine
- Wells Fargo
- Obama to tout manufacturing gains, highlight economic progress (Reuters)
- Iraq Gunmen Attack North of Baghdad as Obama Weighs Plan (BBG)
- Chinese Regulators Block Shipping Alliance Abandoned Deal (WSJ)
- Russian $8.2 Trillion Oil Trove Locked Without U.S. Tech (BBG)
- Ukrainian forces, rebels clash near Russian border (Reuters)
- M&A talk lifts stocks, Iraq tensions ease slightly (Reuters)
- Wealthy Clintons Use Trusts to Limit Estate Tax They Back (BBG)
- Argentina vows to service debt despite new legal blow (Reuters)
- Allergan's Bitter Pill for Morgan Stanley (WSJ)
- Islamists kill 50 in Kenya, some during World Cup screening (Reuters)
- American Express Revs Up Pursuit of the Masses (WSJ)
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- 4291 reads
Market Instability Rising Fast As "Limit Up, Limit Down" Halts SurgeSubmitted by Tyler Durden on 05/22/2014 09:46 -0400
While the defenders of HFT continue spouting their usual platitudes (with the latest piece of "anti-hyperbolic" fluff coming from "Mr. Quant" (but don't call him an HFTer) Cliff Asness himself who said overnight that "markets are "rigged" in favor of, not against, retail investors"... so - rigged?) the reality is that while one can debate the ethics of HFT frontrunning orderflow until one is blue in the face (or until Goldman tells the DOJ to slam the hammer on the high freaks once and for all), the biggest adverse impact from HFT continues to be the inherent instability that algo trading creates in the market. For empirical evidence of just this, we once again go to the usual source which everyone ignores until months after the fact is seen as having been right about everything, Nanex, which looks at one particular aspect of market instability, namely Limit Up, Limit Down circuit breakers and finds something very disturbing.
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Starting Monday, Billions In ETNs Are No Longer Marginable CollateralSubmitted by Tyler Durden on 05/16/2014 17:34 -0400
When is marginable collateral not marginable collateral? When it is an ETN, or Exchange Trade Note: the cousin of the Exchange Traded Fund (ETF). The very mutated, and unabashedly evil cousin of the ETF that is. At least such is the view of US brokerage Interactive Brokers " Pursuant to a recent decision by FINRA whereby Exchange Traded Notes (ETNs) will no longer be eligible for Portfolio Margining, these securities, including options having an ETN as an underlying, will be phased out of the program by OCC during the week of May 19, 2014."
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- 12774 reads
Big Brother is Coming To Your Brokerage AccountSubmitted by Tyler Durden on 05/07/2014 09:48 -0400
It now appears the status quo is moving to destroy any last semblance of privacy with regard to your personal brokerage accounts. Yep, in the name of "stopping fraud" and the practices of unscrupulous brokers, the Financial Industry Regulatory Authority (FINRA) wants to launch a program called Cards, or the Comprehensive Automated Risk Data System. This electronic system sounds a lot like the so-called metadata the NSA is collecting on everyone's internet usage. This "robocop" would collect a weekly "record of activity at all of the more than 4,100 brokerage firms nationwide." For your own good of course. Oh, and yeah, to stop terrorists or something...
- 79 comments
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- 12859 reads
In Bed with Wall StreetSubmitted by ilene on 05/04/2014 18:09 -0400
Capture, corruption, irreparable harm--and little hope for change.
- ilene's blog
- 42 comments
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- 7900 reads
FINRA Chief of Enforcement Compares HFT To Buying First Class Plane TicketsSubmitted by CalibratedConfidence on 04/26/2014 00:45 -0400
[J. Bradley Bennett]...compared high frequency trading to buying a first-class ticket on an airline..."Is there anything unfair about that? Doesn't sound like it to me."
- CalibratedConfidence's blog
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- 6952 reads
In "Flash Boys," Michael Lewis Misses the Point -- DeliberatelySubmitted by rcwhalen on 04/22/2014 21:50 -0400
"Flash Boys" is a book written for Hollywood instead of the history books or policy makers. Stay tuned for the movie.
- rcwhalen's blog
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- 13562 reads